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T7
2021-03-15
To the moon
In The Know: Is Crypto A Speculative Play, Or Here To Stay?
T7
2021-03-15
Good
Markets set up for disappointment from Fed meeting as bond yields renew rise
T7
2021-03-15
Good
It's time to retire comparisons between Apple and Tesla, once and for all
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We posed these and other questions to Franklin Equity Group Research Analyst Anthony Hardy, who shares his thoughts.</p>\n<p><b>Q:</b> Since you first began following cryptocurrencies in 2011, the price of a bitcoin has surged from under $1 to more than $50,000. What do you see as some of the reasons for this strong long-term performance?</p>\n<p><b>Hardy:</b> There are many factors behind the strong long-term performance of bitcoin. The path certainly hasn't been straight up though - there have been several bull and bear markets along the journey. Demand has significantly grown over the past decade, but at the highest level, there is currently a fixed supply of 21 million bitcoins, the majority of which have already been mined. So, the price will naturally rise because of that.</p>\n<p>At a more granular level though, there is a confluence of factors driving the runup over the past few quarters. On the macro side, there is a search for inflation hedges given the unprecedented amounts of money printing from the central banks, and also a search for returns given the low interest-rate environment and frothy equity and bond markets.</p>\n<p>On the technology side, there are developments such as the most recent bitcoin halving, the rise of decentralized finance or DeFi - an alternate financial system using public blockchains rather than financial intermediaries such as banks-and advancements in custody that have played a role in driving up demand.</p>\n<p>On the ecosystem side, there have been announcements of large institutions investing in bitcoin on their balance sheets, popular consumer fintech apps making it easier to buy, sell, and pay with crypto, and the upcoming Coinbase initial public offering driving attention to the space. Last, but certainly not least, there is an element of FOMO (fear of missing out) in the crypto market, which can also help drive crypto prices higher.</p>\n<p><b>Q:</b> Do you think we're witnessing the birth of a new financial and internet ecosystem, or a crypto bubble that is about to burst?</p>\n<p><b>Hardy:</b> My view is that crypto is here to stay. There will undoubtedly be future bull and bear markets, but in my view, the technological feat of solving for digital scarcity and the innovations currently happening in the space cannot be forgotten. I think we will see the birth of a new financial and internet ecosystem, but I also believe that it will coexist with the current one. These trends will likely play out over the course of many years, and possibly a decade or more, so it's still very in the early days despite the rapid growth the ecosystem has seen over the past few years.</p>\n<p><b>Q:</b> In apodcast from 2018, you said companies are continuously coming up with new applications for cryptocurrencies. What do you see as some of the most innovative ones today?</p>\n<p><b>Hardy:</b> As a general comment, the ability to use tokens to build new networks/communities and incentivize adoption is fascinating. Two applications that I've been paying attention to recently are what's known as \"yield farming\" and non-fungible tokens. Yield farming is a type of lending activity, wherein one with crypto assets lends them to someone else, in order to generate profit. Having a liquid market with active borrowers and lenders is an important building block in a financial ecosystem, so yield farming is helping to build that leg of the stool in crypto. Non-fungible tokens are unique and not interchangeable - they take the innovation around digital scarcity and apply it to the collectibles-use case. With some of the new platforms out there, you can have a provably unique piece of digital artwork or own a clip of a famous sports moment, for example. I grew up collecting physical baseball cards, so it's fascinating to see the world of digital collectibles develop.</p>\n<p><b>Q:</b> Many younger investors in particular seem to be interested in both cryptocurrencies and environmental, social and governance (ESG) factors, but may not be aware of the massive carbon footprint that comes with cryptocurrency. On the other hand, blockchain technology could be used to better evaluate and manage ESG risks. Can you explain the interaction here?</p>\n<p><b>Hardy:</b> A lot of attention has been placed on the fact that bitcoin mining requires a substantial amount of energy use to maintain the security of the network. This is obviously not ideal from an environmental perspective. One response from the crypto ecosystem to reduce the environmental burden of mining is to shift the consensus mechanism for Ethereum, the second largest cryptoasset, to proof-of-stake, which is significantly less energy-intensive. Proof of stake is a type of consensus mechanism blockchain networks use, and it represents a heavy technical lift that has been years in the making. On the positive side, crypto has the potential to make a meaningful impact on the social and governance side by democratizing access to financial services and innovating around how companies/projects/networks are governed.</p>\n<p><b>Q:</b> Why do you think people are investing in crypto currencies today? Do you think they understand what exactly they are investing in - and the risks?</p>\n<p><b>Hardy:</b> Similar to what we've witnessed in the traditional equity markets over the past few quarters, there has been a large influx of new investors into the crypto markets. In my view, this is a good thing over the long run, as market participation is an important factor in compounding wealth over one's lifetime. There is certainly a risk that some people don't fully understand what they're investing in, but at the same time, bitcoin has a relatively easy to understand use case of being a digital store of value, which is something that investors are looking for in the current market environment. Digital store of value is the first major use case of crypto. Over the next few years we will see other use cases become more prevalent, especially as large platforms like PayPal(NASDAQ:PYPL)and Square(NYSE:SQ)bring more users into the ecosystem and enable merchants to accept crypto as a means of payment.</p>\n<p><b>What Are the Risks?</b></p>\n<p>All investments involve risk, including possible loss of principal. The value of investments can go down as well as up, and investors may not get back the full amount invested. Stock prices fluctuate, sometimes rapidly and dramatically, due to factors affecting individual companies, particular industries or sectors, or general market conditions. The technology industry can be significantly affected by obsolescence of existing technology, short product cycles, falling prices and profits, competition from new market entrants as well as general economic conditions. Buying and using blockchain-enabled digital currency carries risks, including the loss of principal. Speculative trading in bitcoins and other forms of cryptocurrencies, many of which have exhibited extreme price volatility, carries significant risk. Among other risks, interactions with companies claiming to offer cryptocurrency payment platforms or other cryptocurrency-related products and services may expose users to fraud. Blockchain technology is a new and relatively untested technology and may never be implemented to a scale that provides identifiable benefits. Investing in cryptocurrencies and ICOs is highly speculative and an investor can lose the entire amount of their investment. If a cryptocurrency is deemed a security, it may be deemed to violate federal securities laws. There may be a limited or no secondary market for cryptocurrencies.</p>","source":"seekingalpha","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>In The Know: Is Crypto A Speculative Play, Or Here To Stay?</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\">\nIn The Know: Is Crypto A Speculative Play, Or Here To Stay?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-15 15:30 GMT+8 <a href=https://seekingalpha.com/article/4413826-in-the-know-is-crypto-a-speculative-play-or-here-to-stay><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nMy view is that crypto is here to stay.\nI think we will see the birth of a new financial and internet ecosystem, but I also believe that it will coexist with the current one.\nTwo applications...</p>\n\n<a href=\"https://seekingalpha.com/article/4413826-in-the-know-is-crypto-a-speculative-play-or-here-to-stay\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"Grayscale Bitcoin Trust"},"source_url":"https://seekingalpha.com/article/4413826-in-the-know-is-crypto-a-speculative-play-or-here-to-stay","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1196607935","content_text":"Summary\n\nMy view is that crypto is here to stay.\nI think we will see the birth of a new financial and internet ecosystem, but I also believe that it will coexist with the current one.\nTwo applications that I've been paying attention to recently are what's known as \"yield farming\" and non-fungible tokens.\n\nBy Anthony Hardy, Research Analyst with Franklin Equity Group\nIn the past few years, cryptocurrencies have certainly attracted speculators given their dramatic price moves, but is there a long-term case for crypto from a practical standpoint, and for more traditional investors? We posed these and other questions to Franklin Equity Group Research Analyst Anthony Hardy, who shares his thoughts.\nQ: Since you first began following cryptocurrencies in 2011, the price of a bitcoin has surged from under $1 to more than $50,000. What do you see as some of the reasons for this strong long-term performance?\nHardy: There are many factors behind the strong long-term performance of bitcoin. The path certainly hasn't been straight up though - there have been several bull and bear markets along the journey. Demand has significantly grown over the past decade, but at the highest level, there is currently a fixed supply of 21 million bitcoins, the majority of which have already been mined. So, the price will naturally rise because of that.\nAt a more granular level though, there is a confluence of factors driving the runup over the past few quarters. On the macro side, there is a search for inflation hedges given the unprecedented amounts of money printing from the central banks, and also a search for returns given the low interest-rate environment and frothy equity and bond markets.\nOn the technology side, there are developments such as the most recent bitcoin halving, the rise of decentralized finance or DeFi - an alternate financial system using public blockchains rather than financial intermediaries such as banks-and advancements in custody that have played a role in driving up demand.\nOn the ecosystem side, there have been announcements of large institutions investing in bitcoin on their balance sheets, popular consumer fintech apps making it easier to buy, sell, and pay with crypto, and the upcoming Coinbase initial public offering driving attention to the space. Last, but certainly not least, there is an element of FOMO (fear of missing out) in the crypto market, which can also help drive crypto prices higher.\nQ: Do you think we're witnessing the birth of a new financial and internet ecosystem, or a crypto bubble that is about to burst?\nHardy: My view is that crypto is here to stay. There will undoubtedly be future bull and bear markets, but in my view, the technological feat of solving for digital scarcity and the innovations currently happening in the space cannot be forgotten. I think we will see the birth of a new financial and internet ecosystem, but I also believe that it will coexist with the current one. These trends will likely play out over the course of many years, and possibly a decade or more, so it's still very in the early days despite the rapid growth the ecosystem has seen over the past few years.\nQ: In apodcast from 2018, you said companies are continuously coming up with new applications for cryptocurrencies. What do you see as some of the most innovative ones today?\nHardy: As a general comment, the ability to use tokens to build new networks/communities and incentivize adoption is fascinating. Two applications that I've been paying attention to recently are what's known as \"yield farming\" and non-fungible tokens. Yield farming is a type of lending activity, wherein one with crypto assets lends them to someone else, in order to generate profit. Having a liquid market with active borrowers and lenders is an important building block in a financial ecosystem, so yield farming is helping to build that leg of the stool in crypto. Non-fungible tokens are unique and not interchangeable - they take the innovation around digital scarcity and apply it to the collectibles-use case. With some of the new platforms out there, you can have a provably unique piece of digital artwork or own a clip of a famous sports moment, for example. I grew up collecting physical baseball cards, so it's fascinating to see the world of digital collectibles develop.\nQ: Many younger investors in particular seem to be interested in both cryptocurrencies and environmental, social and governance (ESG) factors, but may not be aware of the massive carbon footprint that comes with cryptocurrency. On the other hand, blockchain technology could be used to better evaluate and manage ESG risks. Can you explain the interaction here?\nHardy: A lot of attention has been placed on the fact that bitcoin mining requires a substantial amount of energy use to maintain the security of the network. This is obviously not ideal from an environmental perspective. One response from the crypto ecosystem to reduce the environmental burden of mining is to shift the consensus mechanism for Ethereum, the second largest cryptoasset, to proof-of-stake, which is significantly less energy-intensive. Proof of stake is a type of consensus mechanism blockchain networks use, and it represents a heavy technical lift that has been years in the making. On the positive side, crypto has the potential to make a meaningful impact on the social and governance side by democratizing access to financial services and innovating around how companies/projects/networks are governed.\nQ: Why do you think people are investing in crypto currencies today? Do you think they understand what exactly they are investing in - and the risks?\nHardy: Similar to what we've witnessed in the traditional equity markets over the past few quarters, there has been a large influx of new investors into the crypto markets. In my view, this is a good thing over the long run, as market participation is an important factor in compounding wealth over one's lifetime. There is certainly a risk that some people don't fully understand what they're investing in, but at the same time, bitcoin has a relatively easy to understand use case of being a digital store of value, which is something that investors are looking for in the current market environment. Digital store of value is the first major use case of crypto. Over the next few years we will see other use cases become more prevalent, especially as large platforms like PayPal(NASDAQ:PYPL)and Square(NYSE:SQ)bring more users into the ecosystem and enable merchants to accept crypto as a means of payment.\nWhat Are the Risks?\nAll investments involve risk, including possible loss of principal. The value of investments can go down as well as up, and investors may not get back the full amount invested. Stock prices fluctuate, sometimes rapidly and dramatically, due to factors affecting individual companies, particular industries or sectors, or general market conditions. The technology industry can be significantly affected by obsolescence of existing technology, short product cycles, falling prices and profits, competition from new market entrants as well as general economic conditions. Buying and using blockchain-enabled digital currency carries risks, including the loss of principal. Speculative trading in bitcoins and other forms of cryptocurrencies, many of which have exhibited extreme price volatility, carries significant risk. Among other risks, interactions with companies claiming to offer cryptocurrency payment platforms or other cryptocurrency-related products and services may expose users to fraud. Blockchain technology is a new and relatively untested technology and may never be implemented to a scale that provides identifiable benefits. Investing in cryptocurrencies and ICOs is highly speculative and an investor can lose the entire amount of their investment. If a cryptocurrency is deemed a security, it may be deemed to violate federal securities laws. There may be a limited or no secondary market for cryptocurrencies.","news_type":1},"isVote":1,"tweetType":1,"viewCount":126,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":322821190,"gmtCreate":1615796700810,"gmtModify":1703493061255,"author":{"id":"3577786788036892","authorId":"3577786788036892","name":"T7","avatar":"https://static.tigerbbs.com/f468c1dc664e21928a7937dcee48c838","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577786788036892","idStr":"3577786788036892"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/322821190","repostId":"2119983619","repostType":4,"repost":{"id":"2119983619","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":1615796100,"share":"https://www.laohu8.com/m/news/2119983619?lang=&edition=full","pubTime":"2021-03-15 16:15","market":"us","language":"en","title":"Markets set up for disappointment from Fed meeting as bond yields renew rise","url":"https://stock-news.laohu8.com/highlight/detail?id=2119983619","media":"Dow Jones","summary":"The Fed 'is going to be resistant to being pushed around'.\n\nAll eyes will be on the Federal Reserve'","content":"<blockquote>\n <b>The Fed 'is going to be resistant to being pushed around'.</b>\n</blockquote>\n<p>All eyes will be on the Federal Reserve's meeting next week as traders put pressure on the central bank to prevent a de-stabilizing rise in bond yields.</p>\n<p>Yet the U.S. central bank is likely to stick to its messaging that higher yields reflect the rosier economic outlook, suggesting the clash between recalcitrant bond traders and a patient central bank will continue.</p>\n<p>\"The Fed is aiming for higher inflation which means higher interest rates. I think the market has misread the Fed in thinking about yield curve control,\" said Steven Ricchiuto, chief U.S. economist for Mizuho, in e-mailed comments.</p>\n<p>The central bank's unwillingness to push back against the bond market's speculation has ended up sapping investor sentiment, with the sharp rise in long-term bond yields this year causing momentary panic across technology stocks, corporate bonds and emerging markets.</p>\n<p>Some of these market nerves reflect worries that a further disorderly increase in long-term yields could hamstring a recovering and highly leveraged economy, ill-prepared to deal with a rise in borrowing costs.</p>\n<p>The 10-year U.S. Treasury note yield rose to around a <a href=\"https://laohu8.com/S/AONE\">one</a>-year high of 1.63% at the end of the week, The benchmark maturity is up around 70 basis points where it traded at the start of 2021.</p>\n<p>Meanwhile, the S&P 500 and Dow finished at another record on Friday, after rebounding from last week's slump when investors were rattled by the prospect of further selling in the bond market.</p>\n<p>Analysts anticipate Fed Chairman Jerome Powell will repeat the mantra that the central bank remains far away from reaching its employment and inflation goals at his press conference after the policy meeting on March 17.</p>\n<p>Perhaps more pertinently, the Fed is unlikely to meet the calls of bond traders to announce tweaks to the Supplementary Leverage Ratio, which was adjusted last year to help banks deal with the coronavirus crisis, or to change the composition of its monthly purchases of U.S. Treasurys and mortgage bonds.</p>\n<p>\"They're going to be resistant to being pushed around. The last thing they want to do is fight the market. As long as [the rise in yields] is orderly and as long as credit markets are operating well, the Fed is getting what it wanted,\" Gregory Staples, head of fixed income North America at <a href=\"https://laohu8.com/S/DWS.AU\">DWS</a>, told MarketWatch.</p>\n<p>Still, <a href=\"https://laohu8.com/S/AONE.U\">one</a> place where investors may see the central bank moving closer towards the bond market's vision of the economy is in the summary of economic projections and the so-called dot plot, where members of the Fed's policymaking committee forecast where policy interest rates are headed.</p>\n<p>The December dot plot shows most members of the FOMC are penciling in their first rate hike in 2024.</p>\n<p>With a $1.9 trillion stimulus bill now signed into law by President Joe Biden, some senior Fed officials may choose to move their expected timeline for the first interest rate hike since the pandemic began into 2023. But such a move still remains far away from the market's more hawkish expectations, with short-term money markets penciling in a rate increase as early as the end of 2022.</p>\n<p>\"It creates a discrepancy what the Fed is projecting and the markets are projecting,\" said Lauren Goodwin, economist and portfolio strategist at New York Life Investments, told MarketWatch.</p>\n<p>Yet it's unclear if this tension has the potential to drive further market turbulence in the way it has in the past few weeks, according to Jefferies' Aneta Markowska.</p>\n<p>She argued the bond market's dizzying selloff so far had reached levels that indicated investors had already digested the economic boost from the stimulus bill. Until the Fed started the conversation on tapering its asset purchases, she didn't see yields moving higher.</p>\n<p>In the end, the heated debate on where interest rates are headed may turn out to be a sideshow for stock-market investors momentarily dazed by the rise in long-term bond yields.</p>\n<p>If the jump in bond yields reflects a surge in economic growth, corporate earnings are likely to see a marked improvement, making higher borrowing costs less relevant for the equities market.</p>\n<p>\"You don't need rates to stay at historic lows for earnings to improve,\" said Goodwin.</p>\n<p>Next week, investors will digest some major U.S. economic data releases, including February retail sales and industrial production on Tuesday and February housing starts on Wednesday.</p>\n<p>The corporate earnings reporting calendar will be thin, though a handful of large companies may draw attention. Nike Inc. <a href=\"https://laohu8.com/S/NKE\">$(NKE)$</a> , Accenture <a href=\"https://laohu8.com/S/PLC\">PLC</a> <a href=\"https://laohu8.com/S/ACN\">$(ACN)$</a> and Fedex Corp. <a href=\"https://laohu8.com/S/FDX\">$(FDX)$</a> will report results next week.</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>Markets set up for disappointment from Fed meeting as bond yields renew rise</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\">\nMarkets set up for disappointment from Fed meeting as bond yields renew rise\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\">2021-03-15 16:15</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<blockquote>\n <b>The Fed 'is going to be resistant to being pushed around'.</b>\n</blockquote>\n<p>All eyes will be on the Federal Reserve's meeting next week as traders put pressure on the central bank to prevent a de-stabilizing rise in bond yields.</p>\n<p>Yet the U.S. central bank is likely to stick to its messaging that higher yields reflect the rosier economic outlook, suggesting the clash between recalcitrant bond traders and a patient central bank will continue.</p>\n<p>\"The Fed is aiming for higher inflation which means higher interest rates. I think the market has misread the Fed in thinking about yield curve control,\" said Steven Ricchiuto, chief U.S. economist for Mizuho, in e-mailed comments.</p>\n<p>The central bank's unwillingness to push back against the bond market's speculation has ended up sapping investor sentiment, with the sharp rise in long-term bond yields this year causing momentary panic across technology stocks, corporate bonds and emerging markets.</p>\n<p>Some of these market nerves reflect worries that a further disorderly increase in long-term yields could hamstring a recovering and highly leveraged economy, ill-prepared to deal with a rise in borrowing costs.</p>\n<p>The 10-year U.S. Treasury note yield rose to around a <a href=\"https://laohu8.com/S/AONE\">one</a>-year high of 1.63% at the end of the week, The benchmark maturity is up around 70 basis points where it traded at the start of 2021.</p>\n<p>Meanwhile, the S&P 500 and Dow finished at another record on Friday, after rebounding from last week's slump when investors were rattled by the prospect of further selling in the bond market.</p>\n<p>Analysts anticipate Fed Chairman Jerome Powell will repeat the mantra that the central bank remains far away from reaching its employment and inflation goals at his press conference after the policy meeting on March 17.</p>\n<p>Perhaps more pertinently, the Fed is unlikely to meet the calls of bond traders to announce tweaks to the Supplementary Leverage Ratio, which was adjusted last year to help banks deal with the coronavirus crisis, or to change the composition of its monthly purchases of U.S. Treasurys and mortgage bonds.</p>\n<p>\"They're going to be resistant to being pushed around. The last thing they want to do is fight the market. As long as [the rise in yields] is orderly and as long as credit markets are operating well, the Fed is getting what it wanted,\" Gregory Staples, head of fixed income North America at <a href=\"https://laohu8.com/S/DWS.AU\">DWS</a>, told MarketWatch.</p>\n<p>Still, <a href=\"https://laohu8.com/S/AONE.U\">one</a> place where investors may see the central bank moving closer towards the bond market's vision of the economy is in the summary of economic projections and the so-called dot plot, where members of the Fed's policymaking committee forecast where policy interest rates are headed.</p>\n<p>The December dot plot shows most members of the FOMC are penciling in their first rate hike in 2024.</p>\n<p>With a $1.9 trillion stimulus bill now signed into law by President Joe Biden, some senior Fed officials may choose to move their expected timeline for the first interest rate hike since the pandemic began into 2023. But such a move still remains far away from the market's more hawkish expectations, with short-term money markets penciling in a rate increase as early as the end of 2022.</p>\n<p>\"It creates a discrepancy what the Fed is projecting and the markets are projecting,\" said Lauren Goodwin, economist and portfolio strategist at New York Life Investments, told MarketWatch.</p>\n<p>Yet it's unclear if this tension has the potential to drive further market turbulence in the way it has in the past few weeks, according to Jefferies' Aneta Markowska.</p>\n<p>She argued the bond market's dizzying selloff so far had reached levels that indicated investors had already digested the economic boost from the stimulus bill. Until the Fed started the conversation on tapering its asset purchases, she didn't see yields moving higher.</p>\n<p>In the end, the heated debate on where interest rates are headed may turn out to be a sideshow for stock-market investors momentarily dazed by the rise in long-term bond yields.</p>\n<p>If the jump in bond yields reflects a surge in economic growth, corporate earnings are likely to see a marked improvement, making higher borrowing costs less relevant for the equities market.</p>\n<p>\"You don't need rates to stay at historic lows for earnings to improve,\" said Goodwin.</p>\n<p>Next week, investors will digest some major U.S. economic data releases, including February retail sales and industrial production on Tuesday and February housing starts on Wednesday.</p>\n<p>The corporate earnings reporting calendar will be thin, though a handful of large companies may draw attention. Nike Inc. <a href=\"https://laohu8.com/S/NKE\">$(NKE)$</a> , Accenture <a href=\"https://laohu8.com/S/PLC\">PLC</a> <a href=\"https://laohu8.com/S/ACN\">$(ACN)$</a> and Fedex Corp. <a href=\"https://laohu8.com/S/FDX\">$(FDX)$</a> will report results next week.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2119983619","content_text":"The Fed 'is going to be resistant to being pushed around'.\n\nAll eyes will be on the Federal Reserve's meeting next week as traders put pressure on the central bank to prevent a de-stabilizing rise in bond yields.\nYet the U.S. central bank is likely to stick to its messaging that higher yields reflect the rosier economic outlook, suggesting the clash between recalcitrant bond traders and a patient central bank will continue.\n\"The Fed is aiming for higher inflation which means higher interest rates. I think the market has misread the Fed in thinking about yield curve control,\" said Steven Ricchiuto, chief U.S. economist for Mizuho, in e-mailed comments.\nThe central bank's unwillingness to push back against the bond market's speculation has ended up sapping investor sentiment, with the sharp rise in long-term bond yields this year causing momentary panic across technology stocks, corporate bonds and emerging markets.\nSome of these market nerves reflect worries that a further disorderly increase in long-term yields could hamstring a recovering and highly leveraged economy, ill-prepared to deal with a rise in borrowing costs.\nThe 10-year U.S. Treasury note yield rose to around a one-year high of 1.63% at the end of the week, The benchmark maturity is up around 70 basis points where it traded at the start of 2021.\nMeanwhile, the S&P 500 and Dow finished at another record on Friday, after rebounding from last week's slump when investors were rattled by the prospect of further selling in the bond market.\nAnalysts anticipate Fed Chairman Jerome Powell will repeat the mantra that the central bank remains far away from reaching its employment and inflation goals at his press conference after the policy meeting on March 17.\nPerhaps more pertinently, the Fed is unlikely to meet the calls of bond traders to announce tweaks to the Supplementary Leverage Ratio, which was adjusted last year to help banks deal with the coronavirus crisis, or to change the composition of its monthly purchases of U.S. Treasurys and mortgage bonds.\n\"They're going to be resistant to being pushed around. The last thing they want to do is fight the market. As long as [the rise in yields] is orderly and as long as credit markets are operating well, the Fed is getting what it wanted,\" Gregory Staples, head of fixed income North America at DWS, told MarketWatch.\nStill, one place where investors may see the central bank moving closer towards the bond market's vision of the economy is in the summary of economic projections and the so-called dot plot, where members of the Fed's policymaking committee forecast where policy interest rates are headed.\nThe December dot plot shows most members of the FOMC are penciling in their first rate hike in 2024.\nWith a $1.9 trillion stimulus bill now signed into law by President Joe Biden, some senior Fed officials may choose to move their expected timeline for the first interest rate hike since the pandemic began into 2023. But such a move still remains far away from the market's more hawkish expectations, with short-term money markets penciling in a rate increase as early as the end of 2022.\n\"It creates a discrepancy what the Fed is projecting and the markets are projecting,\" said Lauren Goodwin, economist and portfolio strategist at New York Life Investments, told MarketWatch.\nYet it's unclear if this tension has the potential to drive further market turbulence in the way it has in the past few weeks, according to Jefferies' Aneta Markowska.\nShe argued the bond market's dizzying selloff so far had reached levels that indicated investors had already digested the economic boost from the stimulus bill. Until the Fed started the conversation on tapering its asset purchases, she didn't see yields moving higher.\nIn the end, the heated debate on where interest rates are headed may turn out to be a sideshow for stock-market investors momentarily dazed by the rise in long-term bond yields.\nIf the jump in bond yields reflects a surge in economic growth, corporate earnings are likely to see a marked improvement, making higher borrowing costs less relevant for the equities market.\n\"You don't need rates to stay at historic lows for earnings to improve,\" said Goodwin.\nNext week, investors will digest some major U.S. economic data releases, including February retail sales and industrial production on Tuesday and February housing starts on Wednesday.\nThe corporate earnings reporting calendar will be thin, though a handful of large companies may draw attention. Nike Inc. $(NKE)$ , Accenture PLC $(ACN)$ and Fedex Corp. $(FDX)$ will report results next week.","news_type":1},"isVote":1,"tweetType":1,"viewCount":212,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":322829596,"gmtCreate":1615796628215,"gmtModify":1703493058830,"author":{"id":"3577786788036892","authorId":"3577786788036892","name":"T7","avatar":"https://static.tigerbbs.com/f468c1dc664e21928a7937dcee48c838","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577786788036892","idStr":"3577786788036892"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/322829596","repostId":"1172789560","repostType":4,"repost":{"id":"1172789560","pubTimestamp":1615796196,"share":"https://www.laohu8.com/m/news/1172789560?lang=&edition=full","pubTime":"2021-03-15 16:16","market":"us","language":"en","title":"It's time to retire comparisons between Apple and Tesla, once and for all","url":"https://stock-news.laohu8.com/highlight/detail?id=1172789560","media":"Business Insider","summary":"Elon Musk isn't the new Steve Jobs, and neither is Apple CEO Tim Cook. Brendan Smialowski/AFP, Richa","content":"<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c74d37d3e997373fc7f930732b0c554c\" tg-width=\"1300\" tg-height=\"974\"><span>Elon Musk isn't the new Steve Jobs, and neither is Apple CEO Tim Cook. Brendan Smialowski/AFP, Richard Drew/Associated Press</span></p>\n<ul>\n <li>Tesla is often compared with Apple.</li>\n <li>Tesla CEO Elon Musk has been called the new Steve Jobs.</li>\n <li>But the comparisons make no sense — Tesla is nothing like Apple.</li>\n</ul>\n<p>For years, comparisons between Apple and Tesla haven't merely been commonplace — they've been expected.</p>\n<p>Some of this could be chalked up to timing. Apple co-founder and CEO Steve Jobs died in 2011, leaving the tech world with a visionary vacuum. Tesla was on the verge of launching its first original vehicle, the Model S sedan, positioning Elon Musk to assume Jobs' role as America's reigning business futurist.</p>\n<p>Tesla was also a creation of Silicon Valley. The indigenous US auto industry was represented by the Big Three — General Motors, Ford, and Chrysler — which had emerged in Detroit a century before, when California was better known for a burgeoning film industry and as an agricultural powerhouse.</p>\n<p>Tesla was, therefore, the new Apple, Musk the next Jobs, and the goal of creating an all-electric automobile that would rescue the planet from global warming was the 21st-century version of the personal computer revolution that Apple had led in the 1980s.</p>\n<p>It sounded great, but there was a problem: Musk wasn't playing along.</p>\n<p>Instead, he was to emulate a much, much older American visionary: Henry Ford.</p>\n<p>Elon wants to be more like Henry — Henry Ford</p>\n<p>Ford pioneered the moving assembly line to build the Model T, cutting production time to 90 minutes and making it the most successful vehicle of its age. Later, Ford created the paradigm for what we now call \"vertical integration\" in manufacturing: the River Rouge plant in Michigan, which was completed in 1928 and at one point literally had train cars filled with iron ore rolling up to one end of the facility, finished cars rolling out the other.</p>\n<p>Musk is obsessed with this famous factory's legacy, in part because the global car business completely abandoned vertical integration in the 1980s. Toyota developed a new production system that emphasized greatly reduced inventories and enabled automakers to dial-up or dial-down manufacturing depending on consumer demand. In combination with far-flung global supply chains, a new process called \"lean\" manufacturing displaced vertical integration.</p>\n<p>ButMusk wants Tesla to push manufacturing into a new, highly automated, 21st-century iteration, and for that, he needs to control far more of what goes into every Tesla vehicle, from batteries to seats, software to windshield glass, self-driving sensors to chassis components.</p>\n<p>This back-to-the-future approach means that Tesla is, in fact, doing the opposite of what Apple has done. Cupertino is certainly invested in owning the user experience, establishing what's often termed a \"walled garden\" ecosystem where an Apple person lives in an all-Apple world.</p>\n<p>However, Apple in essence is a design, software, and marketing company that manufactures effectively nothing except intellectual property and staggering profit margins. Millions of iPhones have been assembled by partners in Asia, and it's a testament to CEO Tim Cook's genius and supply-chain management that Apple has thrived in the post-Job era.</p>\n<p>Tesla, meanwhile, is trending toward manufacturing just about everything that goes into its vehicles. In fact, Musk has frequently complained that the carmaker's progress has a speed limit set by exactly one obstacle: the company's slowest supplier.</p>\n<p>Elon sticks to his gameplan</p>\n<p>Musk has been admirably stubborn in sticking to his gameplan, going so far as to openly criticize the so-called Toyota Production System, a jaw-dropping but understandable move.He thinks Tesla can do better, with quickly built factories that are filled with robots rather than human workers. He dreams of cars being built like Coca-Cola is currently bottled, on whirring automated assembly lines, and Tesla has started to explore this innovation in the fabrication of its new, larger lithium-ion battery cells. (Tesla has also seen the dream turn nightmarish when it attempted to automate the assembly line for its Model 3 sedan in 2017 and had to resort to throwing up a legitimately Henry Ford-era temporary line under a tent in its parking lot.)</p>\n<p>That doesn't mean competitors aren't looking to emulate the Apple model and produce the iPhone of cars. Apple itself is probably looking to follow its own model,with its fraught Project Titan effort. Serial entrepreneur Henrik Fisker has stressed that his new company, Fisker Inc.,is pursuing an \"asset-light\" approach, partnering with Canada's Magna International to build a debut vehicle, the Ocean SUV, by 2022, and joining with noted iPhone-maker Foxconn to produce another, dubbed \"Project PEAR,\" by 2023.</p>\n<p>The traditional auto industry is splitting the difference.General Motors is investing $27 billion to roll out 30 EVs by 2025— and the automaking giant is both converting existing factories to EV production whilepartnering with battery supplier LG Chem to build a new factory in Ohio. If you wanted to break it down, you could say that GM is aiming to be asset-medium, versus Fisker's asset-light and Tesla's asset-heavy.</p>\n<p>Each system has a reasonable shot at winning. GM knows what it's doing. Tesla could slash the amount of time it takes to get factories up and running and cars rolling off the lines. Fisker could rapidly establish a fresh transportation brand, accomplishing in two years what Tesla needed two decades to achieve.</p>\n<p>But one thing is for sure: Tesla is absolutely, positively not the Apple of cars. It's about time to retire that comparison, once and for all.</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>It's time to retire comparisons between Apple and Tesla, once and for all</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\">\nIt's time to retire comparisons between Apple and Tesla, once and for all\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-15 16:16 GMT+8 <a href=http://businessinsider.com/its-time-to-retire-comparisons-between-apple-and-tesla-2021-3><strong>Business Insider</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Elon Musk isn't the new Steve Jobs, and neither is Apple CEO Tim Cook. Brendan Smialowski/AFP, Richard Drew/Associated Press\n\nTesla is often compared with Apple.\nTesla CEO Elon Musk has been called ...</p>\n\n<a href=\"http://businessinsider.com/its-time-to-retire-comparisons-between-apple-and-tesla-2021-3\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果","TSLA":"特斯拉"},"source_url":"http://businessinsider.com/its-time-to-retire-comparisons-between-apple-and-tesla-2021-3","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1172789560","content_text":"Elon Musk isn't the new Steve Jobs, and neither is Apple CEO Tim Cook. Brendan Smialowski/AFP, Richard Drew/Associated Press\n\nTesla is often compared with Apple.\nTesla CEO Elon Musk has been called the new Steve Jobs.\nBut the comparisons make no sense — Tesla is nothing like Apple.\n\nFor years, comparisons between Apple and Tesla haven't merely been commonplace — they've been expected.\nSome of this could be chalked up to timing. Apple co-founder and CEO Steve Jobs died in 2011, leaving the tech world with a visionary vacuum. Tesla was on the verge of launching its first original vehicle, the Model S sedan, positioning Elon Musk to assume Jobs' role as America's reigning business futurist.\nTesla was also a creation of Silicon Valley. The indigenous US auto industry was represented by the Big Three — General Motors, Ford, and Chrysler — which had emerged in Detroit a century before, when California was better known for a burgeoning film industry and as an agricultural powerhouse.\nTesla was, therefore, the new Apple, Musk the next Jobs, and the goal of creating an all-electric automobile that would rescue the planet from global warming was the 21st-century version of the personal computer revolution that Apple had led in the 1980s.\nIt sounded great, but there was a problem: Musk wasn't playing along.\nInstead, he was to emulate a much, much older American visionary: Henry Ford.\nElon wants to be more like Henry — Henry Ford\nFord pioneered the moving assembly line to build the Model T, cutting production time to 90 minutes and making it the most successful vehicle of its age. Later, Ford created the paradigm for what we now call \"vertical integration\" in manufacturing: the River Rouge plant in Michigan, which was completed in 1928 and at one point literally had train cars filled with iron ore rolling up to one end of the facility, finished cars rolling out the other.\nMusk is obsessed with this famous factory's legacy, in part because the global car business completely abandoned vertical integration in the 1980s. Toyota developed a new production system that emphasized greatly reduced inventories and enabled automakers to dial-up or dial-down manufacturing depending on consumer demand. In combination with far-flung global supply chains, a new process called \"lean\" manufacturing displaced vertical integration.\nButMusk wants Tesla to push manufacturing into a new, highly automated, 21st-century iteration, and for that, he needs to control far more of what goes into every Tesla vehicle, from batteries to seats, software to windshield glass, self-driving sensors to chassis components.\nThis back-to-the-future approach means that Tesla is, in fact, doing the opposite of what Apple has done. Cupertino is certainly invested in owning the user experience, establishing what's often termed a \"walled garden\" ecosystem where an Apple person lives in an all-Apple world.\nHowever, Apple in essence is a design, software, and marketing company that manufactures effectively nothing except intellectual property and staggering profit margins. Millions of iPhones have been assembled by partners in Asia, and it's a testament to CEO Tim Cook's genius and supply-chain management that Apple has thrived in the post-Job era.\nTesla, meanwhile, is trending toward manufacturing just about everything that goes into its vehicles. In fact, Musk has frequently complained that the carmaker's progress has a speed limit set by exactly one obstacle: the company's slowest supplier.\nElon sticks to his gameplan\nMusk has been admirably stubborn in sticking to his gameplan, going so far as to openly criticize the so-called Toyota Production System, a jaw-dropping but understandable move.He thinks Tesla can do better, with quickly built factories that are filled with robots rather than human workers. He dreams of cars being built like Coca-Cola is currently bottled, on whirring automated assembly lines, and Tesla has started to explore this innovation in the fabrication of its new, larger lithium-ion battery cells. (Tesla has also seen the dream turn nightmarish when it attempted to automate the assembly line for its Model 3 sedan in 2017 and had to resort to throwing up a legitimately Henry Ford-era temporary line under a tent in its parking lot.)\nThat doesn't mean competitors aren't looking to emulate the Apple model and produce the iPhone of cars. Apple itself is probably looking to follow its own model,with its fraught Project Titan effort. Serial entrepreneur Henrik Fisker has stressed that his new company, Fisker Inc.,is pursuing an \"asset-light\" approach, partnering with Canada's Magna International to build a debut vehicle, the Ocean SUV, by 2022, and joining with noted iPhone-maker Foxconn to produce another, dubbed \"Project PEAR,\" by 2023.\nThe traditional auto industry is splitting the difference.General Motors is investing $27 billion to roll out 30 EVs by 2025— and the automaking giant is both converting existing factories to EV production whilepartnering with battery supplier LG Chem to build a new factory in Ohio. If you wanted to break it down, you could say that GM is aiming to be asset-medium, versus Fisker's asset-light and Tesla's asset-heavy.\nEach system has a reasonable shot at winning. GM knows what it's doing. Tesla could slash the amount of time it takes to get factories up and running and cars rolling off the lines. Fisker could rapidly establish a fresh transportation brand, accomplishing in two years what Tesla needed two decades to achieve.\nBut one thing is for sure: Tesla is absolutely, positively not the Apple of cars. It's about time to retire that comparison, once and for all.","news_type":1},"isVote":1,"tweetType":1,"viewCount":172,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":322829596,"gmtCreate":1615796628215,"gmtModify":1703493058830,"author":{"id":"3577786788036892","authorId":"3577786788036892","name":"T7","avatar":"https://static.tigerbbs.com/f468c1dc664e21928a7937dcee48c838","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577786788036892","idStr":"3577786788036892"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/322829596","repostId":"1172789560","repostType":4,"repost":{"id":"1172789560","pubTimestamp":1615796196,"share":"https://www.laohu8.com/m/news/1172789560?lang=&edition=full","pubTime":"2021-03-15 16:16","market":"us","language":"en","title":"It's time to retire comparisons between Apple and Tesla, once and for all","url":"https://stock-news.laohu8.com/highlight/detail?id=1172789560","media":"Business Insider","summary":"Elon Musk isn't the new Steve Jobs, and neither is Apple CEO Tim Cook. Brendan Smialowski/AFP, Richa","content":"<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c74d37d3e997373fc7f930732b0c554c\" tg-width=\"1300\" tg-height=\"974\"><span>Elon Musk isn't the new Steve Jobs, and neither is Apple CEO Tim Cook. Brendan Smialowski/AFP, Richard Drew/Associated Press</span></p>\n<ul>\n <li>Tesla is often compared with Apple.</li>\n <li>Tesla CEO Elon Musk has been called the new Steve Jobs.</li>\n <li>But the comparisons make no sense — Tesla is nothing like Apple.</li>\n</ul>\n<p>For years, comparisons between Apple and Tesla haven't merely been commonplace — they've been expected.</p>\n<p>Some of this could be chalked up to timing. Apple co-founder and CEO Steve Jobs died in 2011, leaving the tech world with a visionary vacuum. Tesla was on the verge of launching its first original vehicle, the Model S sedan, positioning Elon Musk to assume Jobs' role as America's reigning business futurist.</p>\n<p>Tesla was also a creation of Silicon Valley. The indigenous US auto industry was represented by the Big Three — General Motors, Ford, and Chrysler — which had emerged in Detroit a century before, when California was better known for a burgeoning film industry and as an agricultural powerhouse.</p>\n<p>Tesla was, therefore, the new Apple, Musk the next Jobs, and the goal of creating an all-electric automobile that would rescue the planet from global warming was the 21st-century version of the personal computer revolution that Apple had led in the 1980s.</p>\n<p>It sounded great, but there was a problem: Musk wasn't playing along.</p>\n<p>Instead, he was to emulate a much, much older American visionary: Henry Ford.</p>\n<p>Elon wants to be more like Henry — Henry Ford</p>\n<p>Ford pioneered the moving assembly line to build the Model T, cutting production time to 90 minutes and making it the most successful vehicle of its age. Later, Ford created the paradigm for what we now call \"vertical integration\" in manufacturing: the River Rouge plant in Michigan, which was completed in 1928 and at one point literally had train cars filled with iron ore rolling up to one end of the facility, finished cars rolling out the other.</p>\n<p>Musk is obsessed with this famous factory's legacy, in part because the global car business completely abandoned vertical integration in the 1980s. Toyota developed a new production system that emphasized greatly reduced inventories and enabled automakers to dial-up or dial-down manufacturing depending on consumer demand. In combination with far-flung global supply chains, a new process called \"lean\" manufacturing displaced vertical integration.</p>\n<p>ButMusk wants Tesla to push manufacturing into a new, highly automated, 21st-century iteration, and for that, he needs to control far more of what goes into every Tesla vehicle, from batteries to seats, software to windshield glass, self-driving sensors to chassis components.</p>\n<p>This back-to-the-future approach means that Tesla is, in fact, doing the opposite of what Apple has done. Cupertino is certainly invested in owning the user experience, establishing what's often termed a \"walled garden\" ecosystem where an Apple person lives in an all-Apple world.</p>\n<p>However, Apple in essence is a design, software, and marketing company that manufactures effectively nothing except intellectual property and staggering profit margins. Millions of iPhones have been assembled by partners in Asia, and it's a testament to CEO Tim Cook's genius and supply-chain management that Apple has thrived in the post-Job era.</p>\n<p>Tesla, meanwhile, is trending toward manufacturing just about everything that goes into its vehicles. In fact, Musk has frequently complained that the carmaker's progress has a speed limit set by exactly one obstacle: the company's slowest supplier.</p>\n<p>Elon sticks to his gameplan</p>\n<p>Musk has been admirably stubborn in sticking to his gameplan, going so far as to openly criticize the so-called Toyota Production System, a jaw-dropping but understandable move.He thinks Tesla can do better, with quickly built factories that are filled with robots rather than human workers. He dreams of cars being built like Coca-Cola is currently bottled, on whirring automated assembly lines, and Tesla has started to explore this innovation in the fabrication of its new, larger lithium-ion battery cells. (Tesla has also seen the dream turn nightmarish when it attempted to automate the assembly line for its Model 3 sedan in 2017 and had to resort to throwing up a legitimately Henry Ford-era temporary line under a tent in its parking lot.)</p>\n<p>That doesn't mean competitors aren't looking to emulate the Apple model and produce the iPhone of cars. Apple itself is probably looking to follow its own model,with its fraught Project Titan effort. Serial entrepreneur Henrik Fisker has stressed that his new company, Fisker Inc.,is pursuing an \"asset-light\" approach, partnering with Canada's Magna International to build a debut vehicle, the Ocean SUV, by 2022, and joining with noted iPhone-maker Foxconn to produce another, dubbed \"Project PEAR,\" by 2023.</p>\n<p>The traditional auto industry is splitting the difference.General Motors is investing $27 billion to roll out 30 EVs by 2025— and the automaking giant is both converting existing factories to EV production whilepartnering with battery supplier LG Chem to build a new factory in Ohio. If you wanted to break it down, you could say that GM is aiming to be asset-medium, versus Fisker's asset-light and Tesla's asset-heavy.</p>\n<p>Each system has a reasonable shot at winning. GM knows what it's doing. Tesla could slash the amount of time it takes to get factories up and running and cars rolling off the lines. Fisker could rapidly establish a fresh transportation brand, accomplishing in two years what Tesla needed two decades to achieve.</p>\n<p>But one thing is for sure: Tesla is absolutely, positively not the Apple of cars. It's about time to retire that comparison, once and for all.</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>It's time to retire comparisons between Apple and Tesla, once and for all</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\">\nIt's time to retire comparisons between Apple and Tesla, once and for all\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-15 16:16 GMT+8 <a href=http://businessinsider.com/its-time-to-retire-comparisons-between-apple-and-tesla-2021-3><strong>Business Insider</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Elon Musk isn't the new Steve Jobs, and neither is Apple CEO Tim Cook. Brendan Smialowski/AFP, Richard Drew/Associated Press\n\nTesla is often compared with Apple.\nTesla CEO Elon Musk has been called ...</p>\n\n<a href=\"http://businessinsider.com/its-time-to-retire-comparisons-between-apple-and-tesla-2021-3\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果","TSLA":"特斯拉"},"source_url":"http://businessinsider.com/its-time-to-retire-comparisons-between-apple-and-tesla-2021-3","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1172789560","content_text":"Elon Musk isn't the new Steve Jobs, and neither is Apple CEO Tim Cook. Brendan Smialowski/AFP, Richard Drew/Associated Press\n\nTesla is often compared with Apple.\nTesla CEO Elon Musk has been called the new Steve Jobs.\nBut the comparisons make no sense — Tesla is nothing like Apple.\n\nFor years, comparisons between Apple and Tesla haven't merely been commonplace — they've been expected.\nSome of this could be chalked up to timing. Apple co-founder and CEO Steve Jobs died in 2011, leaving the tech world with a visionary vacuum. Tesla was on the verge of launching its first original vehicle, the Model S sedan, positioning Elon Musk to assume Jobs' role as America's reigning business futurist.\nTesla was also a creation of Silicon Valley. The indigenous US auto industry was represented by the Big Three — General Motors, Ford, and Chrysler — which had emerged in Detroit a century before, when California was better known for a burgeoning film industry and as an agricultural powerhouse.\nTesla was, therefore, the new Apple, Musk the next Jobs, and the goal of creating an all-electric automobile that would rescue the planet from global warming was the 21st-century version of the personal computer revolution that Apple had led in the 1980s.\nIt sounded great, but there was a problem: Musk wasn't playing along.\nInstead, he was to emulate a much, much older American visionary: Henry Ford.\nElon wants to be more like Henry — Henry Ford\nFord pioneered the moving assembly line to build the Model T, cutting production time to 90 minutes and making it the most successful vehicle of its age. Later, Ford created the paradigm for what we now call \"vertical integration\" in manufacturing: the River Rouge plant in Michigan, which was completed in 1928 and at one point literally had train cars filled with iron ore rolling up to one end of the facility, finished cars rolling out the other.\nMusk is obsessed with this famous factory's legacy, in part because the global car business completely abandoned vertical integration in the 1980s. Toyota developed a new production system that emphasized greatly reduced inventories and enabled automakers to dial-up or dial-down manufacturing depending on consumer demand. In combination with far-flung global supply chains, a new process called \"lean\" manufacturing displaced vertical integration.\nButMusk wants Tesla to push manufacturing into a new, highly automated, 21st-century iteration, and for that, he needs to control far more of what goes into every Tesla vehicle, from batteries to seats, software to windshield glass, self-driving sensors to chassis components.\nThis back-to-the-future approach means that Tesla is, in fact, doing the opposite of what Apple has done. Cupertino is certainly invested in owning the user experience, establishing what's often termed a \"walled garden\" ecosystem where an Apple person lives in an all-Apple world.\nHowever, Apple in essence is a design, software, and marketing company that manufactures effectively nothing except intellectual property and staggering profit margins. Millions of iPhones have been assembled by partners in Asia, and it's a testament to CEO Tim Cook's genius and supply-chain management that Apple has thrived in the post-Job era.\nTesla, meanwhile, is trending toward manufacturing just about everything that goes into its vehicles. In fact, Musk has frequently complained that the carmaker's progress has a speed limit set by exactly one obstacle: the company's slowest supplier.\nElon sticks to his gameplan\nMusk has been admirably stubborn in sticking to his gameplan, going so far as to openly criticize the so-called Toyota Production System, a jaw-dropping but understandable move.He thinks Tesla can do better, with quickly built factories that are filled with robots rather than human workers. He dreams of cars being built like Coca-Cola is currently bottled, on whirring automated assembly lines, and Tesla has started to explore this innovation in the fabrication of its new, larger lithium-ion battery cells. (Tesla has also seen the dream turn nightmarish when it attempted to automate the assembly line for its Model 3 sedan in 2017 and had to resort to throwing up a legitimately Henry Ford-era temporary line under a tent in its parking lot.)\nThat doesn't mean competitors aren't looking to emulate the Apple model and produce the iPhone of cars. Apple itself is probably looking to follow its own model,with its fraught Project Titan effort. Serial entrepreneur Henrik Fisker has stressed that his new company, Fisker Inc.,is pursuing an \"asset-light\" approach, partnering with Canada's Magna International to build a debut vehicle, the Ocean SUV, by 2022, and joining with noted iPhone-maker Foxconn to produce another, dubbed \"Project PEAR,\" by 2023.\nThe traditional auto industry is splitting the difference.General Motors is investing $27 billion to roll out 30 EVs by 2025— and the automaking giant is both converting existing factories to EV production whilepartnering with battery supplier LG Chem to build a new factory in Ohio. If you wanted to break it down, you could say that GM is aiming to be asset-medium, versus Fisker's asset-light and Tesla's asset-heavy.\nEach system has a reasonable shot at winning. GM knows what it's doing. Tesla could slash the amount of time it takes to get factories up and running and cars rolling off the lines. Fisker could rapidly establish a fresh transportation brand, accomplishing in two years what Tesla needed two decades to achieve.\nBut one thing is for sure: Tesla is absolutely, positively not the Apple of cars. It's about time to retire that comparison, once and for all.","news_type":1},"isVote":1,"tweetType":1,"viewCount":172,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":322828478,"gmtCreate":1615796824194,"gmtModify":1703493062989,"author":{"id":"3577786788036892","authorId":"3577786788036892","name":"T7","avatar":"https://static.tigerbbs.com/f468c1dc664e21928a7937dcee48c838","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577786788036892","idStr":"3577786788036892"},"themes":[],"htmlText":"To the moon","listText":"To the moon","text":"To the moon","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/322828478","repostId":"1196607935","repostType":4,"repost":{"id":"1196607935","pubTimestamp":1615793457,"share":"https://www.laohu8.com/m/news/1196607935?lang=&edition=full","pubTime":"2021-03-15 15:30","market":"us","language":"en","title":"In The Know: Is Crypto A Speculative Play, Or Here To Stay?","url":"https://stock-news.laohu8.com/highlight/detail?id=1196607935","media":"seekingalpha","summary":"Summary\n\nMy view is that crypto is here to stay.\nI think we will see the birth of a new financial an","content":"<p><b>Summary</b></p>\n<ul>\n <li>My view is that crypto is here to stay.</li>\n <li>I think we will see the birth of a new financial and internet ecosystem, but I also believe that it will coexist with the current one.</li>\n <li>Two applications that I've been paying attention to recently are what's known as \"yield farming\" and non-fungible tokens.</li>\n</ul>\n<p><i>By Anthony Hardy, Research Analyst with Franklin Equity Group</i></p>\n<p>In the past few years, cryptocurrencies have certainly attracted speculators given their dramatic price moves, but is there a long-term case for crypto from a practical standpoint, and for more traditional investors? We posed these and other questions to Franklin Equity Group Research Analyst Anthony Hardy, who shares his thoughts.</p>\n<p><b>Q:</b> Since you first began following cryptocurrencies in 2011, the price of a bitcoin has surged from under $1 to more than $50,000. What do you see as some of the reasons for this strong long-term performance?</p>\n<p><b>Hardy:</b> There are many factors behind the strong long-term performance of bitcoin. The path certainly hasn't been straight up though - there have been several bull and bear markets along the journey. Demand has significantly grown over the past decade, but at the highest level, there is currently a fixed supply of 21 million bitcoins, the majority of which have already been mined. So, the price will naturally rise because of that.</p>\n<p>At a more granular level though, there is a confluence of factors driving the runup over the past few quarters. On the macro side, there is a search for inflation hedges given the unprecedented amounts of money printing from the central banks, and also a search for returns given the low interest-rate environment and frothy equity and bond markets.</p>\n<p>On the technology side, there are developments such as the most recent bitcoin halving, the rise of decentralized finance or DeFi - an alternate financial system using public blockchains rather than financial intermediaries such as banks-and advancements in custody that have played a role in driving up demand.</p>\n<p>On the ecosystem side, there have been announcements of large institutions investing in bitcoin on their balance sheets, popular consumer fintech apps making it easier to buy, sell, and pay with crypto, and the upcoming Coinbase initial public offering driving attention to the space. Last, but certainly not least, there is an element of FOMO (fear of missing out) in the crypto market, which can also help drive crypto prices higher.</p>\n<p><b>Q:</b> Do you think we're witnessing the birth of a new financial and internet ecosystem, or a crypto bubble that is about to burst?</p>\n<p><b>Hardy:</b> My view is that crypto is here to stay. There will undoubtedly be future bull and bear markets, but in my view, the technological feat of solving for digital scarcity and the innovations currently happening in the space cannot be forgotten. I think we will see the birth of a new financial and internet ecosystem, but I also believe that it will coexist with the current one. These trends will likely play out over the course of many years, and possibly a decade or more, so it's still very in the early days despite the rapid growth the ecosystem has seen over the past few years.</p>\n<p><b>Q:</b> In apodcast from 2018, you said companies are continuously coming up with new applications for cryptocurrencies. What do you see as some of the most innovative ones today?</p>\n<p><b>Hardy:</b> As a general comment, the ability to use tokens to build new networks/communities and incentivize adoption is fascinating. Two applications that I've been paying attention to recently are what's known as \"yield farming\" and non-fungible tokens. Yield farming is a type of lending activity, wherein one with crypto assets lends them to someone else, in order to generate profit. Having a liquid market with active borrowers and lenders is an important building block in a financial ecosystem, so yield farming is helping to build that leg of the stool in crypto. Non-fungible tokens are unique and not interchangeable - they take the innovation around digital scarcity and apply it to the collectibles-use case. With some of the new platforms out there, you can have a provably unique piece of digital artwork or own a clip of a famous sports moment, for example. I grew up collecting physical baseball cards, so it's fascinating to see the world of digital collectibles develop.</p>\n<p><b>Q:</b> Many younger investors in particular seem to be interested in both cryptocurrencies and environmental, social and governance (ESG) factors, but may not be aware of the massive carbon footprint that comes with cryptocurrency. On the other hand, blockchain technology could be used to better evaluate and manage ESG risks. Can you explain the interaction here?</p>\n<p><b>Hardy:</b> A lot of attention has been placed on the fact that bitcoin mining requires a substantial amount of energy use to maintain the security of the network. This is obviously not ideal from an environmental perspective. One response from the crypto ecosystem to reduce the environmental burden of mining is to shift the consensus mechanism for Ethereum, the second largest cryptoasset, to proof-of-stake, which is significantly less energy-intensive. Proof of stake is a type of consensus mechanism blockchain networks use, and it represents a heavy technical lift that has been years in the making. On the positive side, crypto has the potential to make a meaningful impact on the social and governance side by democratizing access to financial services and innovating around how companies/projects/networks are governed.</p>\n<p><b>Q:</b> Why do you think people are investing in crypto currencies today? Do you think they understand what exactly they are investing in - and the risks?</p>\n<p><b>Hardy:</b> Similar to what we've witnessed in the traditional equity markets over the past few quarters, there has been a large influx of new investors into the crypto markets. In my view, this is a good thing over the long run, as market participation is an important factor in compounding wealth over one's lifetime. There is certainly a risk that some people don't fully understand what they're investing in, but at the same time, bitcoin has a relatively easy to understand use case of being a digital store of value, which is something that investors are looking for in the current market environment. Digital store of value is the first major use case of crypto. Over the next few years we will see other use cases become more prevalent, especially as large platforms like PayPal(NASDAQ:PYPL)and Square(NYSE:SQ)bring more users into the ecosystem and enable merchants to accept crypto as a means of payment.</p>\n<p><b>What Are the Risks?</b></p>\n<p>All investments involve risk, including possible loss of principal. The value of investments can go down as well as up, and investors may not get back the full amount invested. Stock prices fluctuate, sometimes rapidly and dramatically, due to factors affecting individual companies, particular industries or sectors, or general market conditions. The technology industry can be significantly affected by obsolescence of existing technology, short product cycles, falling prices and profits, competition from new market entrants as well as general economic conditions. Buying and using blockchain-enabled digital currency carries risks, including the loss of principal. Speculative trading in bitcoins and other forms of cryptocurrencies, many of which have exhibited extreme price volatility, carries significant risk. Among other risks, interactions with companies claiming to offer cryptocurrency payment platforms or other cryptocurrency-related products and services may expose users to fraud. Blockchain technology is a new and relatively untested technology and may never be implemented to a scale that provides identifiable benefits. Investing in cryptocurrencies and ICOs is highly speculative and an investor can lose the entire amount of their investment. If a cryptocurrency is deemed a security, it may be deemed to violate federal securities laws. There may be a limited or no secondary market for cryptocurrencies.</p>","source":"seekingalpha","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>In The Know: Is Crypto A Speculative Play, Or Here To Stay?</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\">\nIn The Know: Is Crypto A Speculative Play, Or Here To Stay?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-15 15:30 GMT+8 <a href=https://seekingalpha.com/article/4413826-in-the-know-is-crypto-a-speculative-play-or-here-to-stay><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nMy view is that crypto is here to stay.\nI think we will see the birth of a new financial and internet ecosystem, but I also believe that it will coexist with the current one.\nTwo applications...</p>\n\n<a href=\"https://seekingalpha.com/article/4413826-in-the-know-is-crypto-a-speculative-play-or-here-to-stay\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"Grayscale Bitcoin Trust"},"source_url":"https://seekingalpha.com/article/4413826-in-the-know-is-crypto-a-speculative-play-or-here-to-stay","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1196607935","content_text":"Summary\n\nMy view is that crypto is here to stay.\nI think we will see the birth of a new financial and internet ecosystem, but I also believe that it will coexist with the current one.\nTwo applications that I've been paying attention to recently are what's known as \"yield farming\" and non-fungible tokens.\n\nBy Anthony Hardy, Research Analyst with Franklin Equity Group\nIn the past few years, cryptocurrencies have certainly attracted speculators given their dramatic price moves, but is there a long-term case for crypto from a practical standpoint, and for more traditional investors? We posed these and other questions to Franklin Equity Group Research Analyst Anthony Hardy, who shares his thoughts.\nQ: Since you first began following cryptocurrencies in 2011, the price of a bitcoin has surged from under $1 to more than $50,000. What do you see as some of the reasons for this strong long-term performance?\nHardy: There are many factors behind the strong long-term performance of bitcoin. The path certainly hasn't been straight up though - there have been several bull and bear markets along the journey. Demand has significantly grown over the past decade, but at the highest level, there is currently a fixed supply of 21 million bitcoins, the majority of which have already been mined. So, the price will naturally rise because of that.\nAt a more granular level though, there is a confluence of factors driving the runup over the past few quarters. On the macro side, there is a search for inflation hedges given the unprecedented amounts of money printing from the central banks, and also a search for returns given the low interest-rate environment and frothy equity and bond markets.\nOn the technology side, there are developments such as the most recent bitcoin halving, the rise of decentralized finance or DeFi - an alternate financial system using public blockchains rather than financial intermediaries such as banks-and advancements in custody that have played a role in driving up demand.\nOn the ecosystem side, there have been announcements of large institutions investing in bitcoin on their balance sheets, popular consumer fintech apps making it easier to buy, sell, and pay with crypto, and the upcoming Coinbase initial public offering driving attention to the space. Last, but certainly not least, there is an element of FOMO (fear of missing out) in the crypto market, which can also help drive crypto prices higher.\nQ: Do you think we're witnessing the birth of a new financial and internet ecosystem, or a crypto bubble that is about to burst?\nHardy: My view is that crypto is here to stay. There will undoubtedly be future bull and bear markets, but in my view, the technological feat of solving for digital scarcity and the innovations currently happening in the space cannot be forgotten. I think we will see the birth of a new financial and internet ecosystem, but I also believe that it will coexist with the current one. These trends will likely play out over the course of many years, and possibly a decade or more, so it's still very in the early days despite the rapid growth the ecosystem has seen over the past few years.\nQ: In apodcast from 2018, you said companies are continuously coming up with new applications for cryptocurrencies. What do you see as some of the most innovative ones today?\nHardy: As a general comment, the ability to use tokens to build new networks/communities and incentivize adoption is fascinating. Two applications that I've been paying attention to recently are what's known as \"yield farming\" and non-fungible tokens. Yield farming is a type of lending activity, wherein one with crypto assets lends them to someone else, in order to generate profit. Having a liquid market with active borrowers and lenders is an important building block in a financial ecosystem, so yield farming is helping to build that leg of the stool in crypto. Non-fungible tokens are unique and not interchangeable - they take the innovation around digital scarcity and apply it to the collectibles-use case. With some of the new platforms out there, you can have a provably unique piece of digital artwork or own a clip of a famous sports moment, for example. I grew up collecting physical baseball cards, so it's fascinating to see the world of digital collectibles develop.\nQ: Many younger investors in particular seem to be interested in both cryptocurrencies and environmental, social and governance (ESG) factors, but may not be aware of the massive carbon footprint that comes with cryptocurrency. On the other hand, blockchain technology could be used to better evaluate and manage ESG risks. Can you explain the interaction here?\nHardy: A lot of attention has been placed on the fact that bitcoin mining requires a substantial amount of energy use to maintain the security of the network. This is obviously not ideal from an environmental perspective. One response from the crypto ecosystem to reduce the environmental burden of mining is to shift the consensus mechanism for Ethereum, the second largest cryptoasset, to proof-of-stake, which is significantly less energy-intensive. Proof of stake is a type of consensus mechanism blockchain networks use, and it represents a heavy technical lift that has been years in the making. On the positive side, crypto has the potential to make a meaningful impact on the social and governance side by democratizing access to financial services and innovating around how companies/projects/networks are governed.\nQ: Why do you think people are investing in crypto currencies today? Do you think they understand what exactly they are investing in - and the risks?\nHardy: Similar to what we've witnessed in the traditional equity markets over the past few quarters, there has been a large influx of new investors into the crypto markets. In my view, this is a good thing over the long run, as market participation is an important factor in compounding wealth over one's lifetime. There is certainly a risk that some people don't fully understand what they're investing in, but at the same time, bitcoin has a relatively easy to understand use case of being a digital store of value, which is something that investors are looking for in the current market environment. Digital store of value is the first major use case of crypto. Over the next few years we will see other use cases become more prevalent, especially as large platforms like PayPal(NASDAQ:PYPL)and Square(NYSE:SQ)bring more users into the ecosystem and enable merchants to accept crypto as a means of payment.\nWhat Are the Risks?\nAll investments involve risk, including possible loss of principal. The value of investments can go down as well as up, and investors may not get back the full amount invested. Stock prices fluctuate, sometimes rapidly and dramatically, due to factors affecting individual companies, particular industries or sectors, or general market conditions. The technology industry can be significantly affected by obsolescence of existing technology, short product cycles, falling prices and profits, competition from new market entrants as well as general economic conditions. Buying and using blockchain-enabled digital currency carries risks, including the loss of principal. Speculative trading in bitcoins and other forms of cryptocurrencies, many of which have exhibited extreme price volatility, carries significant risk. Among other risks, interactions with companies claiming to offer cryptocurrency payment platforms or other cryptocurrency-related products and services may expose users to fraud. Blockchain technology is a new and relatively untested technology and may never be implemented to a scale that provides identifiable benefits. Investing in cryptocurrencies and ICOs is highly speculative and an investor can lose the entire amount of their investment. If a cryptocurrency is deemed a security, it may be deemed to violate federal securities laws. There may be a limited or no secondary market for cryptocurrencies.","news_type":1},"isVote":1,"tweetType":1,"viewCount":126,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":322821190,"gmtCreate":1615796700810,"gmtModify":1703493061255,"author":{"id":"3577786788036892","authorId":"3577786788036892","name":"T7","avatar":"https://static.tigerbbs.com/f468c1dc664e21928a7937dcee48c838","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577786788036892","idStr":"3577786788036892"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/322821190","repostId":"2119983619","repostType":4,"repost":{"id":"2119983619","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":1615796100,"share":"https://www.laohu8.com/m/news/2119983619?lang=&edition=full","pubTime":"2021-03-15 16:15","market":"us","language":"en","title":"Markets set up for disappointment from Fed meeting as bond yields renew rise","url":"https://stock-news.laohu8.com/highlight/detail?id=2119983619","media":"Dow Jones","summary":"The Fed 'is going to be resistant to being pushed around'.\n\nAll eyes will be on the Federal Reserve'","content":"<blockquote>\n <b>The Fed 'is going to be resistant to being pushed around'.</b>\n</blockquote>\n<p>All eyes will be on the Federal Reserve's meeting next week as traders put pressure on the central bank to prevent a de-stabilizing rise in bond yields.</p>\n<p>Yet the U.S. central bank is likely to stick to its messaging that higher yields reflect the rosier economic outlook, suggesting the clash between recalcitrant bond traders and a patient central bank will continue.</p>\n<p>\"The Fed is aiming for higher inflation which means higher interest rates. I think the market has misread the Fed in thinking about yield curve control,\" said Steven Ricchiuto, chief U.S. economist for Mizuho, in e-mailed comments.</p>\n<p>The central bank's unwillingness to push back against the bond market's speculation has ended up sapping investor sentiment, with the sharp rise in long-term bond yields this year causing momentary panic across technology stocks, corporate bonds and emerging markets.</p>\n<p>Some of these market nerves reflect worries that a further disorderly increase in long-term yields could hamstring a recovering and highly leveraged economy, ill-prepared to deal with a rise in borrowing costs.</p>\n<p>The 10-year U.S. Treasury note yield rose to around a <a href=\"https://laohu8.com/S/AONE\">one</a>-year high of 1.63% at the end of the week, The benchmark maturity is up around 70 basis points where it traded at the start of 2021.</p>\n<p>Meanwhile, the S&P 500 and Dow finished at another record on Friday, after rebounding from last week's slump when investors were rattled by the prospect of further selling in the bond market.</p>\n<p>Analysts anticipate Fed Chairman Jerome Powell will repeat the mantra that the central bank remains far away from reaching its employment and inflation goals at his press conference after the policy meeting on March 17.</p>\n<p>Perhaps more pertinently, the Fed is unlikely to meet the calls of bond traders to announce tweaks to the Supplementary Leverage Ratio, which was adjusted last year to help banks deal with the coronavirus crisis, or to change the composition of its monthly purchases of U.S. Treasurys and mortgage bonds.</p>\n<p>\"They're going to be resistant to being pushed around. The last thing they want to do is fight the market. As long as [the rise in yields] is orderly and as long as credit markets are operating well, the Fed is getting what it wanted,\" Gregory Staples, head of fixed income North America at <a href=\"https://laohu8.com/S/DWS.AU\">DWS</a>, told MarketWatch.</p>\n<p>Still, <a href=\"https://laohu8.com/S/AONE.U\">one</a> place where investors may see the central bank moving closer towards the bond market's vision of the economy is in the summary of economic projections and the so-called dot plot, where members of the Fed's policymaking committee forecast where policy interest rates are headed.</p>\n<p>The December dot plot shows most members of the FOMC are penciling in their first rate hike in 2024.</p>\n<p>With a $1.9 trillion stimulus bill now signed into law by President Joe Biden, some senior Fed officials may choose to move their expected timeline for the first interest rate hike since the pandemic began into 2023. But such a move still remains far away from the market's more hawkish expectations, with short-term money markets penciling in a rate increase as early as the end of 2022.</p>\n<p>\"It creates a discrepancy what the Fed is projecting and the markets are projecting,\" said Lauren Goodwin, economist and portfolio strategist at New York Life Investments, told MarketWatch.</p>\n<p>Yet it's unclear if this tension has the potential to drive further market turbulence in the way it has in the past few weeks, according to Jefferies' Aneta Markowska.</p>\n<p>She argued the bond market's dizzying selloff so far had reached levels that indicated investors had already digested the economic boost from the stimulus bill. Until the Fed started the conversation on tapering its asset purchases, she didn't see yields moving higher.</p>\n<p>In the end, the heated debate on where interest rates are headed may turn out to be a sideshow for stock-market investors momentarily dazed by the rise in long-term bond yields.</p>\n<p>If the jump in bond yields reflects a surge in economic growth, corporate earnings are likely to see a marked improvement, making higher borrowing costs less relevant for the equities market.</p>\n<p>\"You don't need rates to stay at historic lows for earnings to improve,\" said Goodwin.</p>\n<p>Next week, investors will digest some major U.S. economic data releases, including February retail sales and industrial production on Tuesday and February housing starts on Wednesday.</p>\n<p>The corporate earnings reporting calendar will be thin, though a handful of large companies may draw attention. Nike Inc. <a href=\"https://laohu8.com/S/NKE\">$(NKE)$</a> , Accenture <a href=\"https://laohu8.com/S/PLC\">PLC</a> <a href=\"https://laohu8.com/S/ACN\">$(ACN)$</a> and Fedex Corp. <a href=\"https://laohu8.com/S/FDX\">$(FDX)$</a> will report results next week.</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>Markets set up for disappointment from Fed meeting as bond yields renew rise</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\">\nMarkets set up for disappointment from Fed meeting as bond yields renew rise\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\">2021-03-15 16:15</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<blockquote>\n <b>The Fed 'is going to be resistant to being pushed around'.</b>\n</blockquote>\n<p>All eyes will be on the Federal Reserve's meeting next week as traders put pressure on the central bank to prevent a de-stabilizing rise in bond yields.</p>\n<p>Yet the U.S. central bank is likely to stick to its messaging that higher yields reflect the rosier economic outlook, suggesting the clash between recalcitrant bond traders and a patient central bank will continue.</p>\n<p>\"The Fed is aiming for higher inflation which means higher interest rates. I think the market has misread the Fed in thinking about yield curve control,\" said Steven Ricchiuto, chief U.S. economist for Mizuho, in e-mailed comments.</p>\n<p>The central bank's unwillingness to push back against the bond market's speculation has ended up sapping investor sentiment, with the sharp rise in long-term bond yields this year causing momentary panic across technology stocks, corporate bonds and emerging markets.</p>\n<p>Some of these market nerves reflect worries that a further disorderly increase in long-term yields could hamstring a recovering and highly leveraged economy, ill-prepared to deal with a rise in borrowing costs.</p>\n<p>The 10-year U.S. Treasury note yield rose to around a <a href=\"https://laohu8.com/S/AONE\">one</a>-year high of 1.63% at the end of the week, The benchmark maturity is up around 70 basis points where it traded at the start of 2021.</p>\n<p>Meanwhile, the S&P 500 and Dow finished at another record on Friday, after rebounding from last week's slump when investors were rattled by the prospect of further selling in the bond market.</p>\n<p>Analysts anticipate Fed Chairman Jerome Powell will repeat the mantra that the central bank remains far away from reaching its employment and inflation goals at his press conference after the policy meeting on March 17.</p>\n<p>Perhaps more pertinently, the Fed is unlikely to meet the calls of bond traders to announce tweaks to the Supplementary Leverage Ratio, which was adjusted last year to help banks deal with the coronavirus crisis, or to change the composition of its monthly purchases of U.S. Treasurys and mortgage bonds.</p>\n<p>\"They're going to be resistant to being pushed around. The last thing they want to do is fight the market. As long as [the rise in yields] is orderly and as long as credit markets are operating well, the Fed is getting what it wanted,\" Gregory Staples, head of fixed income North America at <a href=\"https://laohu8.com/S/DWS.AU\">DWS</a>, told MarketWatch.</p>\n<p>Still, <a href=\"https://laohu8.com/S/AONE.U\">one</a> place where investors may see the central bank moving closer towards the bond market's vision of the economy is in the summary of economic projections and the so-called dot plot, where members of the Fed's policymaking committee forecast where policy interest rates are headed.</p>\n<p>The December dot plot shows most members of the FOMC are penciling in their first rate hike in 2024.</p>\n<p>With a $1.9 trillion stimulus bill now signed into law by President Joe Biden, some senior Fed officials may choose to move their expected timeline for the first interest rate hike since the pandemic began into 2023. But such a move still remains far away from the market's more hawkish expectations, with short-term money markets penciling in a rate increase as early as the end of 2022.</p>\n<p>\"It creates a discrepancy what the Fed is projecting and the markets are projecting,\" said Lauren Goodwin, economist and portfolio strategist at New York Life Investments, told MarketWatch.</p>\n<p>Yet it's unclear if this tension has the potential to drive further market turbulence in the way it has in the past few weeks, according to Jefferies' Aneta Markowska.</p>\n<p>She argued the bond market's dizzying selloff so far had reached levels that indicated investors had already digested the economic boost from the stimulus bill. Until the Fed started the conversation on tapering its asset purchases, she didn't see yields moving higher.</p>\n<p>In the end, the heated debate on where interest rates are headed may turn out to be a sideshow for stock-market investors momentarily dazed by the rise in long-term bond yields.</p>\n<p>If the jump in bond yields reflects a surge in economic growth, corporate earnings are likely to see a marked improvement, making higher borrowing costs less relevant for the equities market.</p>\n<p>\"You don't need rates to stay at historic lows for earnings to improve,\" said Goodwin.</p>\n<p>Next week, investors will digest some major U.S. economic data releases, including February retail sales and industrial production on Tuesday and February housing starts on Wednesday.</p>\n<p>The corporate earnings reporting calendar will be thin, though a handful of large companies may draw attention. Nike Inc. <a href=\"https://laohu8.com/S/NKE\">$(NKE)$</a> , Accenture <a href=\"https://laohu8.com/S/PLC\">PLC</a> <a href=\"https://laohu8.com/S/ACN\">$(ACN)$</a> and Fedex Corp. <a href=\"https://laohu8.com/S/FDX\">$(FDX)$</a> will report results next week.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2119983619","content_text":"The Fed 'is going to be resistant to being pushed around'.\n\nAll eyes will be on the Federal Reserve's meeting next week as traders put pressure on the central bank to prevent a de-stabilizing rise in bond yields.\nYet the U.S. central bank is likely to stick to its messaging that higher yields reflect the rosier economic outlook, suggesting the clash between recalcitrant bond traders and a patient central bank will continue.\n\"The Fed is aiming for higher inflation which means higher interest rates. I think the market has misread the Fed in thinking about yield curve control,\" said Steven Ricchiuto, chief U.S. economist for Mizuho, in e-mailed comments.\nThe central bank's unwillingness to push back against the bond market's speculation has ended up sapping investor sentiment, with the sharp rise in long-term bond yields this year causing momentary panic across technology stocks, corporate bonds and emerging markets.\nSome of these market nerves reflect worries that a further disorderly increase in long-term yields could hamstring a recovering and highly leveraged economy, ill-prepared to deal with a rise in borrowing costs.\nThe 10-year U.S. Treasury note yield rose to around a one-year high of 1.63% at the end of the week, The benchmark maturity is up around 70 basis points where it traded at the start of 2021.\nMeanwhile, the S&P 500 and Dow finished at another record on Friday, after rebounding from last week's slump when investors were rattled by the prospect of further selling in the bond market.\nAnalysts anticipate Fed Chairman Jerome Powell will repeat the mantra that the central bank remains far away from reaching its employment and inflation goals at his press conference after the policy meeting on March 17.\nPerhaps more pertinently, the Fed is unlikely to meet the calls of bond traders to announce tweaks to the Supplementary Leverage Ratio, which was adjusted last year to help banks deal with the coronavirus crisis, or to change the composition of its monthly purchases of U.S. Treasurys and mortgage bonds.\n\"They're going to be resistant to being pushed around. The last thing they want to do is fight the market. As long as [the rise in yields] is orderly and as long as credit markets are operating well, the Fed is getting what it wanted,\" Gregory Staples, head of fixed income North America at DWS, told MarketWatch.\nStill, one place where investors may see the central bank moving closer towards the bond market's vision of the economy is in the summary of economic projections and the so-called dot plot, where members of the Fed's policymaking committee forecast where policy interest rates are headed.\nThe December dot plot shows most members of the FOMC are penciling in their first rate hike in 2024.\nWith a $1.9 trillion stimulus bill now signed into law by President Joe Biden, some senior Fed officials may choose to move their expected timeline for the first interest rate hike since the pandemic began into 2023. But such a move still remains far away from the market's more hawkish expectations, with short-term money markets penciling in a rate increase as early as the end of 2022.\n\"It creates a discrepancy what the Fed is projecting and the markets are projecting,\" said Lauren Goodwin, economist and portfolio strategist at New York Life Investments, told MarketWatch.\nYet it's unclear if this tension has the potential to drive further market turbulence in the way it has in the past few weeks, according to Jefferies' Aneta Markowska.\nShe argued the bond market's dizzying selloff so far had reached levels that indicated investors had already digested the economic boost from the stimulus bill. Until the Fed started the conversation on tapering its asset purchases, she didn't see yields moving higher.\nIn the end, the heated debate on where interest rates are headed may turn out to be a sideshow for stock-market investors momentarily dazed by the rise in long-term bond yields.\nIf the jump in bond yields reflects a surge in economic growth, corporate earnings are likely to see a marked improvement, making higher borrowing costs less relevant for the equities market.\n\"You don't need rates to stay at historic lows for earnings to improve,\" said Goodwin.\nNext week, investors will digest some major U.S. economic data releases, including February retail sales and industrial production on Tuesday and February housing starts on Wednesday.\nThe corporate earnings reporting calendar will be thin, though a handful of large companies may draw attention. Nike Inc. $(NKE)$ , Accenture PLC $(ACN)$ and Fedex Corp. $(FDX)$ will report results next week.","news_type":1},"isVote":1,"tweetType":1,"viewCount":212,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}
