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Jtcs1989
2021-03-09
[开心]
SoftBank's SVF Investment Corp. 2 Announces Pricing of $200 Million Initial Public Offering
Jtcs1989
2021-03-09
[开心]
How Toyota thrives when the chips are down
Jtcs1989
2021-03-09
[美金]
7 reasons to buy stock-market dips even as yields rise, says Fundstrat's Tom Lee
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","listText":"[开心] ","text":"[开心]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/329285551","repostId":"2118970816","repostType":4,"repost":{"id":"2118970816","pubTimestamp":1615248780,"share":"https://www.laohu8.com/m/news/2118970816?lang=&edition=full","pubTime":"2021-03-09 08:13","market":"us","language":"en","title":"SoftBank's SVF Investment Corp. 2 Announces Pricing of $200 Million Initial Public Offering","url":"https://stock-news.laohu8.com/highlight/detail?id=2118970816","media":"StreetInsider","summary":"SAN CARLOS, Calif., March 8, 2021 /PRNewswire/ -- SVF Investment Corp. 2 (the \"Company\") announced t","content":"<p>SAN CARLOS, Calif., March 8, 2021 /PRNewswire/ -- <a href=\"https://laohu8.com/S/SVFAU\">SVF Investment Corp.</a> 2 (the \"Company\") announced today the pricing of its initial public offering of 20,000,000 Class A ordinary shares at $10.00 per share. The shares will be listed on the Nasdaq Capital Market (\"Nasdaq\") in the United States and trade under the ticker symbol \"SVFB\" beginning on March 9, 2021.</p>\n<p>The Company is sponsored by SoftBank Investment Advisers (\"SBIA\"), the investment manager to the SoftBank Vision Funds. The Company was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with <a href=\"https://laohu8.com/S/AONE\">one</a> or more businesses in a technology-enabled sector. The company is led by Munish Varma, Managing Partner for SBIA, and Navneet Govil, the CFO of SBIA. Sunil Gulati and Fred Hochberg will serve on the board as independent directors.</p>\n<p>In addition, an affiliate of the sponsor entered into a forward purchase agreement with us on March 8, 2021 that provides for the purchase of up to $150,000,000 forward purchase Class A ordinary shares, for $10.00 per share, in a private placement to close substantially concurrently with the closing of the initial business combination.</p>\n<p>Citigroup Global Markets Inc., UBS Securities LLC, Deutsche Bank Securities Inc., Cantor Fitzgerald & Co., and Mizuho Securities USA LLC are acting as book-running managers in the offering. The Company has granted the underwriters a 45-day option to purchase up to 3,000,000 additional shares at the initial public offering price to cover over-allotments, if any.</p>\n<p>The public offering is being made only by means of a prospectus. Copies of the prospectus relating to the offering may be obtained for free from the U.S. Securities and Exchange Commission website http://www.sec.gov; Citigroup Global Markets Inc., c/o 388 Greenwich Street, New York, New York, 10013, Telephone: 1-646-291-1469; UBS Securities LLC, 1285 Avenue of the Americas, New York, New York 10019, Attention: Syndicate , Fax +1 (212) 713-3371; Deutsche Bank Securities Inc., 60 Wall Street, 2nd Floor, New York, New York 10005, Attention: Equity Capital Markets – Syndicate Desk, with a copy to Deutsche Bank Securities Inc., 60 Wall Street, 36th Floor, New York, New York 10005, Attention: General Counsel, Fax: +1 (646) 374-1071; Cantor Fitzgerald & Co., Attention: Capital Markets, 499 Park Avenue, 5th Floor New York, New York 10022; Email: prospectus@cantor.com; and Mizuho Securities USA LLC, 1271 Avenue of the Americas, New York, NY 10020, Attention: Equity Capital Markets.</p>\n<p>A registration statement relating to the securities sold in the initial public offering has been declared effective by the U.S. Securities and Exchange Commission on March 8, 2021. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.</p>\n<p>For more information, please see www.svfinvestmentcorp.com.</p>","source":"highlight_streetinsider","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>SoftBank's SVF Investment Corp. 2 Announces Pricing of $200 Million Initial Public Offering</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\">\nSoftBank's SVF Investment Corp. 2 Announces Pricing of $200 Million Initial Public Offering\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-09 08:13 GMT+8 <a href=https://www.streetinsider.com/dr/news.php?id=18097217><strong>StreetInsider</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SAN CARLOS, Calif., March 8, 2021 /PRNewswire/ -- SVF Investment Corp. 2 (the \"Company\") announced today the pricing of its initial public offering of 20,000,000 Class A ordinary shares at $10.00 per ...</p>\n\n<a href=\"https://www.streetinsider.com/dr/news.php?id=18097217\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SVFA":"SVF Investment Corp","SVFAU":"SVF Investment Corp.","SVFAW":"SVF Investment Corp"},"source_url":"https://www.streetinsider.com/dr/news.php?id=18097217","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2118970816","content_text":"SAN CARLOS, Calif., March 8, 2021 /PRNewswire/ -- SVF Investment Corp. 2 (the \"Company\") announced today the pricing of its initial public offering of 20,000,000 Class A ordinary shares at $10.00 per share. The shares will be listed on the Nasdaq Capital Market (\"Nasdaq\") in the United States and trade under the ticker symbol \"SVFB\" beginning on March 9, 2021.\nThe Company is sponsored by SoftBank Investment Advisers (\"SBIA\"), the investment manager to the SoftBank Vision Funds. The Company was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses in a technology-enabled sector. The company is led by Munish Varma, Managing Partner for SBIA, and Navneet Govil, the CFO of SBIA. Sunil Gulati and Fred Hochberg will serve on the board as independent directors.\nIn addition, an affiliate of the sponsor entered into a forward purchase agreement with us on March 8, 2021 that provides for the purchase of up to $150,000,000 forward purchase Class A ordinary shares, for $10.00 per share, in a private placement to close substantially concurrently with the closing of the initial business combination.\nCitigroup Global Markets Inc., UBS Securities LLC, Deutsche Bank Securities Inc., Cantor Fitzgerald & Co., and Mizuho Securities USA LLC are acting as book-running managers in the offering. The Company has granted the underwriters a 45-day option to purchase up to 3,000,000 additional shares at the initial public offering price to cover over-allotments, if any.\nThe public offering is being made only by means of a prospectus. Copies of the prospectus relating to the offering may be obtained for free from the U.S. Securities and Exchange Commission website http://www.sec.gov; Citigroup Global Markets Inc., c/o 388 Greenwich Street, New York, New York, 10013, Telephone: 1-646-291-1469; UBS Securities LLC, 1285 Avenue of the Americas, New York, New York 10019, Attention: Syndicate , Fax +1 (212) 713-3371; Deutsche Bank Securities Inc., 60 Wall Street, 2nd Floor, New York, New York 10005, Attention: Equity Capital Markets – Syndicate Desk, with a copy to Deutsche Bank Securities Inc., 60 Wall Street, 36th Floor, New York, New York 10005, Attention: General Counsel, Fax: +1 (646) 374-1071; Cantor Fitzgerald & Co., Attention: Capital Markets, 499 Park Avenue, 5th Floor New York, New York 10022; Email: prospectus@cantor.com; and Mizuho Securities USA LLC, 1271 Avenue of the Americas, New York, NY 10020, Attention: Equity Capital Markets.\nA registration statement relating to the securities sold in the initial public offering has been declared effective by the U.S. Securities and Exchange Commission on March 8, 2021. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.\nFor more information, please see www.svfinvestmentcorp.com.","news_type":1},"isVote":1,"tweetType":1,"viewCount":77,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":329289615,"gmtCreate":1615250913037,"gmtModify":1703486228544,"author":{"id":"3574935920558060","authorId":"3574935920558060","name":"Jtcs1989","avatar":"https://static.tigerbbs.com/92e98a4a4c76b8010a873875aa9e5abb","crmLevel":6,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"[开心] ","listText":"[开心] ","text":"[开心]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/329289615","repostId":"2118069745","repostType":4,"repost":{"id":"2118069745","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1615248000,"share":"https://www.laohu8.com/m/news/2118069745?lang=&edition=full","pubTime":"2021-03-09 08:00","market":"us","language":"en","title":"How Toyota thrives when the chips are down","url":"https://stock-news.laohu8.com/highlight/detail?id=2118069745","media":"Reuters","summary":"Toyota also developed in-house chip expertise decades ago. March 9 - Toyota may have pioneered the just-in-time manufacturing strategy but when it comes to chips, its decision to stockpile what have become key components in cars goes back a decade to the Fukushima disaster.After the catastrophe severed Toyota's supply chains on March 11, 2011, the world's biggest automaker realised the lead-time for semiconductors was way too long to cope with devastating shocks such as natural disasters.That's","content":"<ul>\n <li>Toyota relatively unscathed by global chip shortages</li>\n <li>Continuity planning dates back to Fukushima disaster</li>\n <li>Toyota also developed in-house chip expertise decades ago</li>\n</ul>\n<p>March 9 (Reuters) - Toyota may have pioneered the just-in-time manufacturing strategy but when it comes to chips, its decision to stockpile what have become key components in cars goes back a decade to the Fukushima disaster.</p>\n<p>After the catastrophe severed Toyota's supply chains on March 11, 2011, the world's biggest automaker realised the lead-time for semiconductors was way too long to cope with devastating shocks such as natural disasters.</p>\n<p>That's why Toyota came up with a business continuity plan (BCP) that required suppliers to stockpile anywhere from two to six months' worth of chips for the Japanese carmaker, depending on the time it takes from order to delivery, four sources said.</p>\n<p>And that's why Toyota has so far been largely unscathed by a global shortage of semiconductors following a surge in demand for electrical goods under coronavirus lockdowns that has forced many rival automakers to suspend production, the sources said.</p>\n<p>\"Toyota was, as far as we can tell, the only automaker properly equipped to deal with chip shortages,\" said a person familiar with Harman International, which specialises in car audio systems, displays and driver assistance technology.</p>\n<p>Two of the sources who spoke to Reuters are Toyota engineers and the others are at companies involved in the chip business.</p>\n<p>Toyota surprised rivals and investors last month when it said its output would not be disrupted significantly by chip shortages even as Volkswagen , General Motors , Ford , Honda and Stellantis , among others, have been forced to slow or suspend some production.</p>\n<p>Toyota, meanwhile, has raised its vehicle output for the fiscal year ending this month and jacked up its full-year earnings forecast by 54%.</p>\n<p><b>CLASSIC LEAN SOLUTION</b></p>\n<p>The source familiar with Harman said the company, part of South Korea's Samsung Electronics , was experiencing shortages of central processing units (CPUs) and power management integrated circuits as early as November last year.</p>\n<p>While Harman doesn't make chips, because of its continuity deal with Toyota, it was obliged to prioritise the carmaker and ensure it had enough semiconductors to maintain supplies of its digital systems for four months, or more, the source said.</p>\n<p>The chips in especially short supply now are microcontroller units (MCUs) which control an array of functions such as braking, acceleration, steering, ignition, combustion, tire pressure gauges and rain sensors, the four sources told Reuters.</p>\n<p>However, Toyota changed the way it buys MCUs and other microchips after the 2011 earthquake, which caused a tsunami that killed more than 22,000 people and triggered a deadly meltdown at Fukushima's nuclear power plant.</p>\n<p>In the aftermath of the quake, Toyota estimated its procurement of more than 1,200 parts and materials might be affected and it drew up a list of 500 priority items that would need secure supply in the future, including semiconductors made by key Japanese chip supplier Renesas Electronics .</p>\n<p>The repercussions of the disaster were so severe it took six months for Toyota to get production outside Japan back to normal levels, having done so at home two months earlier.</p>\n<p>It was a big shock to Toyota's just-in-time system because a smooth flow of components from suppliers to factories to assembly lines - as well as lean inventories - were central to its emergence as an industry leader for efficiency and quality.</p>\n<p>At a time when supply chain risk is now front and centre in almost every industry, the move shows how Toyota was ready to throw out its own rule book when it came to semiconductors - and is reaping the rewards.</p>\n<p>A Toyota spokesman said <a href=\"https://laohu8.com/S/AONE\">one</a> of the goals of its lean inventories strategy was to become sensitive to inefficiencies and risks in supply chains, identify the most potentially damaging bottlenecks and figure out how to avoid them.</p>\n<p>\"The BCP for us was a classic lean solution,\" he said.</p>\n<p><b>NO BLACK BOXES</b></p>\n<p>Toyota pays for its stockpiling arrangement with chip suppliers by returning a portion of the cost cuts it demands from them each year during the life cycle of any car model under so-called annual cost-down programmes, the sources said.</p>\n<p>Inventories of MCU chips - which often combine multiple technologies, CPUs, flash memory and other devices - are held for Toyota by parts suppliers such as Denso , which is partially owned by Toyota Group, chip makers like Renesas and Taiwan Semiconductor Manufacturing , and chip traders.</p>\n<p>While there are different kinds of MCUs, those in short supply now are not cutting-edge chips but more mainstream ones with semiconductor nodes ranging from 28 to 40 nanometres, the sources said.</p>\n<p>Toyota's continuity plans for chips has also cushioned it from the impact of natural disasters exacerbated by climate change, such as fiercer typhoons and rain storms which often cause floods and landslides across Japan, including the southern Kyushu region manufacturing hub where Renesas also makes chips.</p>\n<p>One of the sources involved in semiconductor supply, said Toyota and its affiliates had become \"extra risk averse and sensitive\" to the impact of climate change. But natural disasters and are not the only threat on the horizon.</p>\n<p>Automakers fear there will be more disruptions to chip supplies because of rising demand as cars become more digital and electric, as well as fierce rivalry for chips from makers of smart phones to computers to aircraft to industrial robots.</p>\n<p>The sources said Toyota has another advantage over some rivals when it comes to chips thanks to its long-standing policy of ensuring it understands all the technology used in its cars, rather than relying on suppliers to provide \"black boxes\".</p>\n<p>\"This basic approach sets us apart,\" said <a href=\"https://laohu8.com/S/AONE.U\">one</a> of the sources, a Toyota engineer.</p>\n<p>\"From what causes flaws in semiconductors to gory details about production processes like what gases and chemicals you use to make the process work, we understand the technology inside and out. It's a different level of knowledge that you can't simply gain if you're just buying those technologies.\"</p>\n<p><b>'LOSING OUR GRIP?'</b></p>\n<p>There has been an explosion in the use of semiconductors and digital technologies by automakers this century thanks to the rise of hybrid and fully electric vehicles, as well as autonomous driving and connected car functions.</p>\n<p>Those innovations require even more computing power and use in part a new category of semiconductors called system on a chip, or SoC, which roughly speaking combines multiple CPUs on one logic board.</p>\n<p>The technology is so new and specialised many carmakers have left it to big parts suppliers to manage the risks.</p>\n<p>In keeping with its no black box approach, however, Toyota developed a deep in-house understanding of semiconductors to prepare for the launch of its successful Prius hybrid in 1997.</p>\n<p>Years before, it poached engineering talent from the chip industry and opened a semiconductor plant in 1989 to help design and manufacture MCUs used to control Prius powertrain systems.</p>\n<p>Toyota designed and manufactured its own MCUs and other chips for three decades until it transferred its chip-making plant to Denso in 2019 to consolidate the supplier's operations.</p>\n<p>The four sources said Toyota's early drive to develop a deep understanding of semiconductor design and manufacturing processes was a major reason why it has managed to avoid being hit by the shortages, in addition to its continuity contracts.</p>\n<p>Two of the sources, however, said they were worried the Denso deal might indicate that Toyota was finally willing to ditch its no black box approach, even though the supplier is part of the broader Toyota Group.</p>\n<p>\"We were okay this time, but who knows what awaits us in the future?\" one source said. \"We may be losing our grip on technology in the name of technological development efficiency.\"</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>How Toyota thrives when the chips are down</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\">\nHow Toyota thrives when the chips are down\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2021-03-09 08:00</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<ul>\n <li>Toyota relatively unscathed by global chip shortages</li>\n <li>Continuity planning dates back to Fukushima disaster</li>\n <li>Toyota also developed in-house chip expertise decades ago</li>\n</ul>\n<p>March 9 (Reuters) - Toyota may have pioneered the just-in-time manufacturing strategy but when it comes to chips, its decision to stockpile what have become key components in cars goes back a decade to the Fukushima disaster.</p>\n<p>After the catastrophe severed Toyota's supply chains on March 11, 2011, the world's biggest automaker realised the lead-time for semiconductors was way too long to cope with devastating shocks such as natural disasters.</p>\n<p>That's why Toyota came up with a business continuity plan (BCP) that required suppliers to stockpile anywhere from two to six months' worth of chips for the Japanese carmaker, depending on the time it takes from order to delivery, four sources said.</p>\n<p>And that's why Toyota has so far been largely unscathed by a global shortage of semiconductors following a surge in demand for electrical goods under coronavirus lockdowns that has forced many rival automakers to suspend production, the sources said.</p>\n<p>\"Toyota was, as far as we can tell, the only automaker properly equipped to deal with chip shortages,\" said a person familiar with Harman International, which specialises in car audio systems, displays and driver assistance technology.</p>\n<p>Two of the sources who spoke to Reuters are Toyota engineers and the others are at companies involved in the chip business.</p>\n<p>Toyota surprised rivals and investors last month when it said its output would not be disrupted significantly by chip shortages even as Volkswagen , General Motors , Ford , Honda and Stellantis , among others, have been forced to slow or suspend some production.</p>\n<p>Toyota, meanwhile, has raised its vehicle output for the fiscal year ending this month and jacked up its full-year earnings forecast by 54%.</p>\n<p><b>CLASSIC LEAN SOLUTION</b></p>\n<p>The source familiar with Harman said the company, part of South Korea's Samsung Electronics , was experiencing shortages of central processing units (CPUs) and power management integrated circuits as early as November last year.</p>\n<p>While Harman doesn't make chips, because of its continuity deal with Toyota, it was obliged to prioritise the carmaker and ensure it had enough semiconductors to maintain supplies of its digital systems for four months, or more, the source said.</p>\n<p>The chips in especially short supply now are microcontroller units (MCUs) which control an array of functions such as braking, acceleration, steering, ignition, combustion, tire pressure gauges and rain sensors, the four sources told Reuters.</p>\n<p>However, Toyota changed the way it buys MCUs and other microchips after the 2011 earthquake, which caused a tsunami that killed more than 22,000 people and triggered a deadly meltdown at Fukushima's nuclear power plant.</p>\n<p>In the aftermath of the quake, Toyota estimated its procurement of more than 1,200 parts and materials might be affected and it drew up a list of 500 priority items that would need secure supply in the future, including semiconductors made by key Japanese chip supplier Renesas Electronics .</p>\n<p>The repercussions of the disaster were so severe it took six months for Toyota to get production outside Japan back to normal levels, having done so at home two months earlier.</p>\n<p>It was a big shock to Toyota's just-in-time system because a smooth flow of components from suppliers to factories to assembly lines - as well as lean inventories - were central to its emergence as an industry leader for efficiency and quality.</p>\n<p>At a time when supply chain risk is now front and centre in almost every industry, the move shows how Toyota was ready to throw out its own rule book when it came to semiconductors - and is reaping the rewards.</p>\n<p>A Toyota spokesman said <a href=\"https://laohu8.com/S/AONE\">one</a> of the goals of its lean inventories strategy was to become sensitive to inefficiencies and risks in supply chains, identify the most potentially damaging bottlenecks and figure out how to avoid them.</p>\n<p>\"The BCP for us was a classic lean solution,\" he said.</p>\n<p><b>NO BLACK BOXES</b></p>\n<p>Toyota pays for its stockpiling arrangement with chip suppliers by returning a portion of the cost cuts it demands from them each year during the life cycle of any car model under so-called annual cost-down programmes, the sources said.</p>\n<p>Inventories of MCU chips - which often combine multiple technologies, CPUs, flash memory and other devices - are held for Toyota by parts suppliers such as Denso , which is partially owned by Toyota Group, chip makers like Renesas and Taiwan Semiconductor Manufacturing , and chip traders.</p>\n<p>While there are different kinds of MCUs, those in short supply now are not cutting-edge chips but more mainstream ones with semiconductor nodes ranging from 28 to 40 nanometres, the sources said.</p>\n<p>Toyota's continuity plans for chips has also cushioned it from the impact of natural disasters exacerbated by climate change, such as fiercer typhoons and rain storms which often cause floods and landslides across Japan, including the southern Kyushu region manufacturing hub where Renesas also makes chips.</p>\n<p>One of the sources involved in semiconductor supply, said Toyota and its affiliates had become \"extra risk averse and sensitive\" to the impact of climate change. But natural disasters and are not the only threat on the horizon.</p>\n<p>Automakers fear there will be more disruptions to chip supplies because of rising demand as cars become more digital and electric, as well as fierce rivalry for chips from makers of smart phones to computers to aircraft to industrial robots.</p>\n<p>The sources said Toyota has another advantage over some rivals when it comes to chips thanks to its long-standing policy of ensuring it understands all the technology used in its cars, rather than relying on suppliers to provide \"black boxes\".</p>\n<p>\"This basic approach sets us apart,\" said <a href=\"https://laohu8.com/S/AONE.U\">one</a> of the sources, a Toyota engineer.</p>\n<p>\"From what causes flaws in semiconductors to gory details about production processes like what gases and chemicals you use to make the process work, we understand the technology inside and out. It's a different level of knowledge that you can't simply gain if you're just buying those technologies.\"</p>\n<p><b>'LOSING OUR GRIP?'</b></p>\n<p>There has been an explosion in the use of semiconductors and digital technologies by automakers this century thanks to the rise of hybrid and fully electric vehicles, as well as autonomous driving and connected car functions.</p>\n<p>Those innovations require even more computing power and use in part a new category of semiconductors called system on a chip, or SoC, which roughly speaking combines multiple CPUs on one logic board.</p>\n<p>The technology is so new and specialised many carmakers have left it to big parts suppliers to manage the risks.</p>\n<p>In keeping with its no black box approach, however, Toyota developed a deep in-house understanding of semiconductors to prepare for the launch of its successful Prius hybrid in 1997.</p>\n<p>Years before, it poached engineering talent from the chip industry and opened a semiconductor plant in 1989 to help design and manufacture MCUs used to control Prius powertrain systems.</p>\n<p>Toyota designed and manufactured its own MCUs and other chips for three decades until it transferred its chip-making plant to Denso in 2019 to consolidate the supplier's operations.</p>\n<p>The four sources said Toyota's early drive to develop a deep understanding of semiconductor design and manufacturing processes was a major reason why it has managed to avoid being hit by the shortages, in addition to its continuity contracts.</p>\n<p>Two of the sources, however, said they were worried the Denso deal might indicate that Toyota was finally willing to ditch its no black box approach, even though the supplier is part of the broader Toyota Group.</p>\n<p>\"We were okay this time, but who knows what awaits us in the future?\" one source said. \"We may be losing our grip on technology in the name of technological development efficiency.\"</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TM":"丰田汽车","F":"福特汽车","GM":"通用汽车","03160":"华夏日股对冲"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2118069745","content_text":"Toyota relatively unscathed by global chip shortages\nContinuity planning dates back to Fukushima disaster\nToyota also developed in-house chip expertise decades ago\n\nMarch 9 (Reuters) - Toyota may have pioneered the just-in-time manufacturing strategy but when it comes to chips, its decision to stockpile what have become key components in cars goes back a decade to the Fukushima disaster.\nAfter the catastrophe severed Toyota's supply chains on March 11, 2011, the world's biggest automaker realised the lead-time for semiconductors was way too long to cope with devastating shocks such as natural disasters.\nThat's why Toyota came up with a business continuity plan (BCP) that required suppliers to stockpile anywhere from two to six months' worth of chips for the Japanese carmaker, depending on the time it takes from order to delivery, four sources said.\nAnd that's why Toyota has so far been largely unscathed by a global shortage of semiconductors following a surge in demand for electrical goods under coronavirus lockdowns that has forced many rival automakers to suspend production, the sources said.\n\"Toyota was, as far as we can tell, the only automaker properly equipped to deal with chip shortages,\" said a person familiar with Harman International, which specialises in car audio systems, displays and driver assistance technology.\nTwo of the sources who spoke to Reuters are Toyota engineers and the others are at companies involved in the chip business.\nToyota surprised rivals and investors last month when it said its output would not be disrupted significantly by chip shortages even as Volkswagen , General Motors , Ford , Honda and Stellantis , among others, have been forced to slow or suspend some production.\nToyota, meanwhile, has raised its vehicle output for the fiscal year ending this month and jacked up its full-year earnings forecast by 54%.\nCLASSIC LEAN SOLUTION\nThe source familiar with Harman said the company, part of South Korea's Samsung Electronics , was experiencing shortages of central processing units (CPUs) and power management integrated circuits as early as November last year.\nWhile Harman doesn't make chips, because of its continuity deal with Toyota, it was obliged to prioritise the carmaker and ensure it had enough semiconductors to maintain supplies of its digital systems for four months, or more, the source said.\nThe chips in especially short supply now are microcontroller units (MCUs) which control an array of functions such as braking, acceleration, steering, ignition, combustion, tire pressure gauges and rain sensors, the four sources told Reuters.\nHowever, Toyota changed the way it buys MCUs and other microchips after the 2011 earthquake, which caused a tsunami that killed more than 22,000 people and triggered a deadly meltdown at Fukushima's nuclear power plant.\nIn the aftermath of the quake, Toyota estimated its procurement of more than 1,200 parts and materials might be affected and it drew up a list of 500 priority items that would need secure supply in the future, including semiconductors made by key Japanese chip supplier Renesas Electronics .\nThe repercussions of the disaster were so severe it took six months for Toyota to get production outside Japan back to normal levels, having done so at home two months earlier.\nIt was a big shock to Toyota's just-in-time system because a smooth flow of components from suppliers to factories to assembly lines - as well as lean inventories - were central to its emergence as an industry leader for efficiency and quality.\nAt a time when supply chain risk is now front and centre in almost every industry, the move shows how Toyota was ready to throw out its own rule book when it came to semiconductors - and is reaping the rewards.\nA Toyota spokesman said one of the goals of its lean inventories strategy was to become sensitive to inefficiencies and risks in supply chains, identify the most potentially damaging bottlenecks and figure out how to avoid them.\n\"The BCP for us was a classic lean solution,\" he said.\nNO BLACK BOXES\nToyota pays for its stockpiling arrangement with chip suppliers by returning a portion of the cost cuts it demands from them each year during the life cycle of any car model under so-called annual cost-down programmes, the sources said.\nInventories of MCU chips - which often combine multiple technologies, CPUs, flash memory and other devices - are held for Toyota by parts suppliers such as Denso , which is partially owned by Toyota Group, chip makers like Renesas and Taiwan Semiconductor Manufacturing , and chip traders.\nWhile there are different kinds of MCUs, those in short supply now are not cutting-edge chips but more mainstream ones with semiconductor nodes ranging from 28 to 40 nanometres, the sources said.\nToyota's continuity plans for chips has also cushioned it from the impact of natural disasters exacerbated by climate change, such as fiercer typhoons and rain storms which often cause floods and landslides across Japan, including the southern Kyushu region manufacturing hub where Renesas also makes chips.\nOne of the sources involved in semiconductor supply, said Toyota and its affiliates had become \"extra risk averse and sensitive\" to the impact of climate change. But natural disasters and are not the only threat on the horizon.\nAutomakers fear there will be more disruptions to chip supplies because of rising demand as cars become more digital and electric, as well as fierce rivalry for chips from makers of smart phones to computers to aircraft to industrial robots.\nThe sources said Toyota has another advantage over some rivals when it comes to chips thanks to its long-standing policy of ensuring it understands all the technology used in its cars, rather than relying on suppliers to provide \"black boxes\".\n\"This basic approach sets us apart,\" said one of the sources, a Toyota engineer.\n\"From what causes flaws in semiconductors to gory details about production processes like what gases and chemicals you use to make the process work, we understand the technology inside and out. It's a different level of knowledge that you can't simply gain if you're just buying those technologies.\"\n'LOSING OUR GRIP?'\nThere has been an explosion in the use of semiconductors and digital technologies by automakers this century thanks to the rise of hybrid and fully electric vehicles, as well as autonomous driving and connected car functions.\nThose innovations require even more computing power and use in part a new category of semiconductors called system on a chip, or SoC, which roughly speaking combines multiple CPUs on one logic board.\nThe technology is so new and specialised many carmakers have left it to big parts suppliers to manage the risks.\nIn keeping with its no black box approach, however, Toyota developed a deep in-house understanding of semiconductors to prepare for the launch of its successful Prius hybrid in 1997.\nYears before, it poached engineering talent from the chip industry and opened a semiconductor plant in 1989 to help design and manufacture MCUs used to control Prius powertrain systems.\nToyota designed and manufactured its own MCUs and other chips for three decades until it transferred its chip-making plant to Denso in 2019 to consolidate the supplier's operations.\nThe four sources said Toyota's early drive to develop a deep understanding of semiconductor design and manufacturing processes was a major reason why it has managed to avoid being hit by the shortages, in addition to its continuity contracts.\nTwo of the sources, however, said they were worried the Denso deal might indicate that Toyota was finally willing to ditch its no black box approach, even though the supplier is part of the broader Toyota Group.\n\"We were okay this time, but who knows what awaits us in the future?\" one source said. \"We may be losing our grip on technology in the name of technological development efficiency.\"","news_type":1},"isVote":1,"tweetType":1,"viewCount":309,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":329289326,"gmtCreate":1615250889065,"gmtModify":1703486227857,"author":{"id":"3574935920558060","authorId":"3574935920558060","name":"Jtcs1989","avatar":"https://static.tigerbbs.com/92e98a4a4c76b8010a873875aa9e5abb","crmLevel":6,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"[美金] ","listText":"[美金] ","text":"[美金]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/329289326","repostId":"2118669701","repostType":4,"repost":{"id":"2118669701","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1615249800,"share":"https://www.laohu8.com/m/news/2118669701?lang=&edition=full","pubTime":"2021-03-09 08:30","market":"us","language":"en","title":"7 reasons to buy stock-market dips even as yields rise, says Fundstrat's Tom Lee","url":"https://stock-news.laohu8.com/highlight/detail?id=2118669701","media":"Dow Jones","summary":"Volatility is the name of the game in March, and knowing how best to play those dips may be the name","content":"<p>Volatility is the name of the game in March, and knowing how best to play those dips may be the name of the game in 2021.</p>\n<p>After a strong start to the year, the past several weeks have given way to outsize market swings as a rise in rates for benchmark Treasurys makes high-flying, speculative investments that prospered at the onset of the COVID-19 pandemic in the U.S. look awfully pricey.</p>\n<p>The 10-year note yield briefly rose as high as 1.610% on Monday, surpassing the 1.609% hit when Treasurys sold off sharply on Feb. 25, according to Tradeweb. The yield has climbed for five straight weeks and pushed up from a 0.915% at the start of 2020 to its present lofty level. Bond prices fall as yields rise.</p>\n<p>The rise in rates has been blamed for a violent rotation out of highflying growth stocks into more cyclical, value-oriented names.</p>\n<p>Wild swings in the market, indicative of the rotation under way, was on display Monday, with the Dow Jones Industrial Average surging to nearly 32,000, while the S&P 500 index slipped 0.5% and the tech-heavy Nasdaq Composite traded sharply lower.</p>\n<p>Intraday and interday swings have been pronounced as well.</p>\n<p>Against that backdrop, Thomas Lee, founder of Fundstrat Global Advisors, offers seven reasons why investors should buy the dips that play out:</p>\n<p>1. Washington is moving forward with passing a large fiscal relief package, and Treasury Secretary Janet Yellen has made a forceful case for it.</p>\n<p>2. The Federal Reserve has been vocal in its policy stance (last week's minutes affirmed) and the Fed is patient.</p>\n<p>3. U.S. economy is reopening and economic momentum is strong -- so strong, JPMorgan's Chief Economist, Bruce Kasman, says the U.S. V-shape recovery will soon surpass China. Wow.</p>\n<p>4. There remains a substantial perception gap between policy makers/media and COVID-19 realized data, and a closing of this gap is positive for risk assets.</p>\n<p>5. Millennials are steadily allocating assets toward equities, and the surge in retail brokerage account openings is evidence of this.</p>\n<p>6. Bonds are becoming less attractive total return vehicles as inflationary expectation are increasing, boosting the attractiveness of equities.</p>\n<p>7. The Cboe Volatility Index , or VIX, should ultimately steadily decline in 2021, and as we pointed out in our 2021 Outlook, periods of declining volatility historically led to big equity gains, particularly for cyclicals.</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>7 reasons to buy stock-market dips even as yields rise, says Fundstrat's Tom Lee</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\">\n7 reasons to buy stock-market dips even as yields rise, says Fundstrat's Tom Lee\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2021-03-09 08:30</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<p>Volatility is the name of the game in March, and knowing how best to play those dips may be the name of the game in 2021.</p>\n<p>After a strong start to the year, the past several weeks have given way to outsize market swings as a rise in rates for benchmark Treasurys makes high-flying, speculative investments that prospered at the onset of the COVID-19 pandemic in the U.S. look awfully pricey.</p>\n<p>The 10-year note yield briefly rose as high as 1.610% on Monday, surpassing the 1.609% hit when Treasurys sold off sharply on Feb. 25, according to Tradeweb. The yield has climbed for five straight weeks and pushed up from a 0.915% at the start of 2020 to its present lofty level. Bond prices fall as yields rise.</p>\n<p>The rise in rates has been blamed for a violent rotation out of highflying growth stocks into more cyclical, value-oriented names.</p>\n<p>Wild swings in the market, indicative of the rotation under way, was on display Monday, with the Dow Jones Industrial Average surging to nearly 32,000, while the S&P 500 index slipped 0.5% and the tech-heavy Nasdaq Composite traded sharply lower.</p>\n<p>Intraday and interday swings have been pronounced as well.</p>\n<p>Against that backdrop, Thomas Lee, founder of Fundstrat Global Advisors, offers seven reasons why investors should buy the dips that play out:</p>\n<p>1. Washington is moving forward with passing a large fiscal relief package, and Treasury Secretary Janet Yellen has made a forceful case for it.</p>\n<p>2. The Federal Reserve has been vocal in its policy stance (last week's minutes affirmed) and the Fed is patient.</p>\n<p>3. U.S. economy is reopening and economic momentum is strong -- so strong, JPMorgan's Chief Economist, Bruce Kasman, says the U.S. V-shape recovery will soon surpass China. Wow.</p>\n<p>4. There remains a substantial perception gap between policy makers/media and COVID-19 realized data, and a closing of this gap is positive for risk assets.</p>\n<p>5. Millennials are steadily allocating assets toward equities, and the surge in retail brokerage account openings is evidence of this.</p>\n<p>6. Bonds are becoming less attractive total return vehicles as inflationary expectation are increasing, boosting the attractiveness of equities.</p>\n<p>7. The Cboe Volatility Index , or VIX, should ultimately steadily decline in 2021, and as we pointed out in our 2021 Outlook, periods of declining volatility historically led to big equity gains, particularly for cyclicals.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2118669701","content_text":"Volatility is the name of the game in March, and knowing how best to play those dips may be the name of the game in 2021.\nAfter a strong start to the year, the past several weeks have given way to outsize market swings as a rise in rates for benchmark Treasurys makes high-flying, speculative investments that prospered at the onset of the COVID-19 pandemic in the U.S. look awfully pricey.\nThe 10-year note yield briefly rose as high as 1.610% on Monday, surpassing the 1.609% hit when Treasurys sold off sharply on Feb. 25, according to Tradeweb. The yield has climbed for five straight weeks and pushed up from a 0.915% at the start of 2020 to its present lofty level. Bond prices fall as yields rise.\nThe rise in rates has been blamed for a violent rotation out of highflying growth stocks into more cyclical, value-oriented names.\nWild swings in the market, indicative of the rotation under way, was on display Monday, with the Dow Jones Industrial Average surging to nearly 32,000, while the S&P 500 index slipped 0.5% and the tech-heavy Nasdaq Composite traded sharply lower.\nIntraday and interday swings have been pronounced as well.\nAgainst that backdrop, Thomas Lee, founder of Fundstrat Global Advisors, offers seven reasons why investors should buy the dips that play out:\n1. Washington is moving forward with passing a large fiscal relief package, and Treasury Secretary Janet Yellen has made a forceful case for it.\n2. The Federal Reserve has been vocal in its policy stance (last week's minutes affirmed) and the Fed is patient.\n3. U.S. economy is reopening and economic momentum is strong -- so strong, JPMorgan's Chief Economist, Bruce Kasman, says the U.S. V-shape recovery will soon surpass China. Wow.\n4. There remains a substantial perception gap between policy makers/media and COVID-19 realized data, and a closing of this gap is positive for risk assets.\n5. Millennials are steadily allocating assets toward equities, and the surge in retail brokerage account openings is evidence of this.\n6. Bonds are becoming less attractive total return vehicles as inflationary expectation are increasing, boosting the attractiveness of equities.\n7. The Cboe Volatility Index , or VIX, should ultimately steadily decline in 2021, and as we pointed out in our 2021 Outlook, periods of declining volatility historically led to big equity gains, particularly for cyclicals.","news_type":1},"isVote":1,"tweetType":1,"viewCount":96,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":329285551,"gmtCreate":1615251385073,"gmtModify":1703486237638,"author":{"id":"3574935920558060","authorId":"3574935920558060","name":"Jtcs1989","avatar":"https://static.tigerbbs.com/92e98a4a4c76b8010a873875aa9e5abb","crmLevel":6,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"[开心] ","listText":"[开心] ","text":"[开心]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/329285551","repostId":"2118970816","repostType":4,"isVote":1,"tweetType":1,"viewCount":77,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":329289615,"gmtCreate":1615250913037,"gmtModify":1703486228544,"author":{"id":"3574935920558060","authorId":"3574935920558060","name":"Jtcs1989","avatar":"https://static.tigerbbs.com/92e98a4a4c76b8010a873875aa9e5abb","crmLevel":6,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"[开心] ","listText":"[开心] ","text":"[开心]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/329289615","repostId":"2118069745","repostType":4,"isVote":1,"tweetType":1,"viewCount":309,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":329289326,"gmtCreate":1615250889065,"gmtModify":1703486227857,"author":{"id":"3574935920558060","authorId":"3574935920558060","name":"Jtcs1989","avatar":"https://static.tigerbbs.com/92e98a4a4c76b8010a873875aa9e5abb","crmLevel":6,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"[美金] ","listText":"[美金] ","text":"[美金]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/329289326","repostId":"2118669701","repostType":4,"isVote":1,"tweetType":1,"viewCount":96,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}
