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Stanley1981

Stanley1981

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2021-04-21

$Zomedica Pharmaceuticals Corp.(ZOM)$Come on

2021-11-30

$SINGAPORE EXCHANGE LIMITED(S68.SI)$How low you want to go? Wheres the bottom?

2021-11-30

$COMFORTDELGRO CORPORATION LTD(C52.SI)$Sg stocks all dropped like birdshit

2021-11-19

$SINGAPORE EXCHANGE LIMITED(S68.SI)$Why r u keep falling lol

2021-06-13

Oh

Markets await the Fed’s meeting before making the next big move in the week ahead

2021-04-17

Like pls

Einhorn: "The Market Is Fractured And In The Process Of Breaking Completely"

2021-11-24

$SINGAPORE EXCHANGE LIMITED(S68.SI)$Everyday drop zzz

2021-06-13

Huat ah

抱歉，原内容已删除

2021-04-17

Is this good or bad?

Airbnb CEO says company is going to need millions more hosts to meet surging demand

2021-10-05

$SINGAPORE EXCHANGE LIMITED(S68.SI)$what cause the drop today?

2021-06-13

Ok

抱歉，原内容已删除

2021-06-13

Oh

抱歉，原内容已删除

2021-04-25

Hopefully Nio to the moon

2021-04-21

Good to enter

2021-04-19

$Walt Disney(DIS)$：）

去老虎APP查看更多动态

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charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>As America reopens, businesses—from airlines to arenas—see an uptick in bad behavior</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; 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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\">\nAs America reopens, businesses—from airlines to arenas—see an uptick in bad behavior\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-12 07:07 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/06/11/as-america-reopens-businesses-see-an-uptick-in-bad-behavior-.html><strong>cnbc</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>KEY POINTS\n\nAmerican and Southwest airlines recently stopped serving alcohol after an uptick in violence during flights.\nRowdy NBA fans involved in recent incidents have been banned from arenas, some ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/11/as-america-reopens-businesses-see-an-uptick-in-bad-behavior-.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://www.cnbc.com/2021/06/11/as-america-reopens-businesses-see-an-uptick-in-bad-behavior-.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1177806573","content_text":"KEY POINTS\n\nAmerican and Southwest airlines recently stopped serving alcohol after an uptick in violence during flights.\nRowdy NBA fans involved in recent incidents have been banned from arenas, some even arrested.\nTarget pulled back on selling sports trading cards after a violent dispute.\n\nCrime’s up. Tempers are up.\nAcross the United States, businesses are grappling with an astonishing rise in what can only be called “people behaving badly.”\nRetail workers have been subjected to horrifying attacks based on their race, gender identity or disability. Flight attendants have been verbally — and occasionally physically — assaulted. Aggressive driving has led to road rage, with deadly consequences. Shoppers are brawling in the aisles.\nExperts are pointing to soaring stress levels as the trigger for the rise in these types of incidents.\nThe not-so-friendly skies\nIn May, aflight attendantforSouthwest Airlineshadtwo teeth knocked out by a furious passenger,according to law enforcement who arrested the woman in San Diego. It was just one of the latest examples as airlines struggle with an unprecedented onslaught of confrontations.\n“We can say with confidence that the number of reports we’ve received during the past several months are significantly higher than the numbers we’ve seen in the past,” said Ian Gregor, a spokesman for the Federal Aviation Administration.\nThe FAA tracks incidentswith problem passengers and says issues surrounding face masks have been a contributing factor.\nUnion reps have described the situation as an “epidemic of aggression and assault.”\nAlcohol also can be a factor. Both Southwest andAmerican Airlineshave decidednot to resume in-flight alcohol salesright now because of the unruly behavior.\nIndefinite bans for NBA fans\nNBA fans returning to arenas is a welcome sight for the league, which was reportedly$1.5 billion short of revenue expectationslast season as the pandemic resulted in lost ticket sales. Yet, the return of fans has brought a host of new problems.\nFor example, in Boston, a 21-year-old Celtics fan wascharged with assault and batteryby means of a dangerous weapon, after heaving a water bottle at Brooklyn Nets star Kyrie Irving as he left the court at TD Garden.\nIn New York, Atlanta Hawks guardTrae Young got spit onduring a playoff game against the Knicks at Madison Square Garden. And Washington Wizards starRussell Westbrookgot popcorn dumped on him by a fan as he left the court with an injury.\n“To be completely honest, this s--- is getting out of hand. ... The amount of disrespect, the amount of fans just doing whatever the f--- they want to do ... it’s just out of pocket,” Westbrook said in a postgame press conference.\nThe league issueda statementon the recent behavior and made changes to its fan code of conduct as a result.\n“The return of more NBA fans to our arenas has brought great excitement and energy to the start of the playoffs, but it is critical that we all show respect for players, officials and our fellow fans,” the NBA said.\nMany of the teams impacted are not tolerating the bad behavior,placing indefinite bans on rude fansattending future games.\n“Something’s gonna happen to the wrong person and it’s not gonna be good,” warned Portland star Damian Lillard.\nRetailers team up\nIt’s not just sports stadiums and arenas. The retail industry is also seeing an uptick in bad behavior, often targeted toward employees. According to Emily May, co-founder and executive director of the nonprofitHollaback!, retailers are seeing an alarming rise in discrimination where floor staff are being targeted for who they are when enforcing safety measures.\n“Given the rise in hate violence — which is at an all-time high — frontline workers are more vulnerable than ever,” she said in a statement.\nIt’s gotten so bad that at least a dozen retailers includingGap,Dick’s Sporting Goodsand Sephora have teamed up to collaborate on a campaign with the nonprofitOpen to All.\n“We are trying to create a movement where everyone comes together around the values of inclusion and safety, where we all can be safe and accepted and belong for who we are,” said director Calla Devlin Rongerude.\n“We haven’t been in crowds, we haven’t negotiated spaces with a lot of other people for quite a while. I think we’re out of practice with how to be human with each other,” she added.\nAs part of the campaign, the participating retailers will have access to a toolkit and other resources to support front-line workers.\nGrown men fighting over Pokemon cards\nAs theresale value of Pokemon and sports cards has skyrocketedduring the pandemic, retailers such asTargetandWalmarthave seen firsthand the impact: grown men getting in physical altercations over these cards.\nLast month, a 35-year-old manpulled a gunwhen he was attacked by a group of men in a trading-card related fight. It forced Target to temporarily pull the trading cards from its stores.\n“The safety of our guests and team members is our top priority,” Target said in a statement.\nThe retailer said Pokemon cards have since returned to the store but customers are subject to strict purchase limits of two packs per guest. The sale of MLB, NFL and NBA trading cards is still limited to Target’s website.\nRemember ‘the Golden Rule’\nWhether it’s aggressive driving or tempers on full display in restaurants, gas stations or Little League games, the bad behavior is caused by a confluence of factors, according to Thomas Plante, a psychology professor at the University of Santa Clara.\n“We’ve got a tsunami of mental health issues out there, with anxiety and depression,” Plante said, adding that our collective stress levels have never been higher.\nPeople are juggling multiple stressors, he said. Among them: the pandemic, death, illness, job loss, homeschooling kids, isolation and other challenges. That frustration can lead to aggression.\nThere’s also “observational learning,” Plante said, explaining that when people see bad behavior all around them, even by so-called role models, they are more likely to repeat it.\n“People model behavior of others, especially highly valued models, like ... well-known politicians,” Plante said. “People look at how they behave, which has been pretty bad, and they go and do likewise.”\nWhat will reverse the trend? Plante’s suggestion sounds like something one might hear from the pulpit or a parent: Treat others the way you want to be treated.\n“People have kind of gotten out of practice about how to behave in public, and how to behave in a polite, civil society,” Plante said.\nThe Golden Rule can help us get back on track.","news_type":1},"isVote":1,"tweetType":1,"viewCount":356,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":182547717,"gmtCreate":1623593082439,"gmtModify":1634031345877,"author":{"id":"3581734146965135","authorId":"3581734146965135","name":"Stanley1981","avatar":"https://static.tigerbbs.com/97bdc08c4285eac7a082e2745975bcfc","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581734146965135","authorIdStr":"3581734146965135"},"themes":[],"htmlText":"&nbsp;Oh","listText":"&nbsp;Oh","text":"Oh","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/182547717","repostId":"1102961449","repostType":4,"repost":{"id":"1102961449","kind":"news","pubTimestamp":1623469034,"share":"https://www.laohu8.com/m/news/1102961449?lang=&edition=full","pubTime":"2021-06-12 11:37","market":"us","language":"en","title":"Jim Cramer: Be patient with bitcoin, approach the S&P with caution","url":"https://stock-news.laohu8.com/highlight/detail?id=1102961449","media":"cnbc","summary":"KEY POINTS\n\nCNBC’s Jim Cramer reviewed chart analysis to gauge a bottom in bitcoin and peak in the S","content":"<div>\n<p>KEY POINTS\n\nCNBC’s Jim Cramer reviewed chart analysis to gauge a bottom in bitcoin and peak in the S&P 500.\n“The charts, as interpreted by Tom DeMark, suggest that Bitcoin might take another month to ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/11/jim-cramer-be-patient-with-bitcoin-approach-the-sp-with-caution.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Jim Cramer: Be patient with bitcoin, approach the S&P with caution</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; 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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\">\nJim Cramer: Be patient with bitcoin, approach the S&P with caution\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-12 11:37 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/06/11/jim-cramer-be-patient-with-bitcoin-approach-the-sp-with-caution.html><strong>cnbc</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>KEY POINTS\n\nCNBC’s Jim Cramer reviewed chart analysis to gauge a bottom in bitcoin and peak in the S&P 500.\n“The charts, as interpreted by Tom DeMark, suggest that Bitcoin might take another month to ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/11/jim-cramer-be-patient-with-bitcoin-approach-the-sp-with-caution.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index","SPY":"标普500ETF"},"source_url":"https://www.cnbc.com/2021/06/11/jim-cramer-be-patient-with-bitcoin-approach-the-sp-with-caution.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1102961449","content_text":"KEY POINTS\n\nCNBC’s Jim Cramer reviewed chart analysis to gauge a bottom in bitcoin and peak in the S&P 500.\n“The charts, as interpreted by Tom DeMark, suggest that Bitcoin might take another month to bottom, while the S&P 500 could peak as soon as next week,” he said on “Mad Money.′\n“Considering Tom’s track record, that’s a good reason to be patient with bitcoin and approach the S&P with some caution,” he said.\n\nCNBC’s Jim Cramer is advising that investors who are searching for entry and exit points keep a close eye on both stock and cryptocurrency trades in the coming weeks.\nThe “Mad Money” host on Friday reviewed chart analysis from Tom DeMark, the founder and head of DeMark Analytics.\n“The charts, as interpreted by Tom DeMark, suggest thatbitcoinmight take another month to bottom, while the S&P 500 could peak as soon as next week,” he said. “Considering Tom’s track record, that’s a good reason to be patient with bitcoin and approach the S&P with some caution.”\nDeMark invented the DeMark Indicator, which some traders use to time the market. The methodology, which follows patterns to project when a trend could change course, is popular among crypto traders to spot highs and lows, Cramer said.\nCramer reviewed the daily chart action for bitcoin, which peaked at around $65,000 in mid-April. The digital coin is now trading above $37,300 as of Friday after falling to $30,000 in mid-May.\nDeMark, who said the drop in bitcoin resembles the crash of 1987, projected that the decline could bring the token’s value to a floor of $32,000 — or $24,000 in the worst case. He now thinks that bitcoin will generally hold above the May 19th low, Cramer said.\nIn what’s known as “Black Monday,” the Dow Jones Industrial Average plummeted more than 20% on Oct. 19, 1987. It was the bookend of a 36% decline in the blue-chip index from August that year.\n“If DeMark’s right, you could get a chance to buy bitcoin in the not-too-distant future, and I might take it,” Cramer said. “I think this ’87 analogy is good news. After the crash of ’87, the stock market bounced back fast.”\nAs for the S&P 500, which closed at a record for the second-straight day, DeMark’s indicator suggests the index could be close to a top, Cramer said. DeMark has price targets of $4,335 and $4,344, about 2% higher than Friday’s finish.","news_type":1},"isVote":1,"tweetType":1,"viewCount":381,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":182547353,"gmtCreate":1623593035472,"gmtModify":1634031346368,"author":{"id":"3581734146965135","authorId":"3581734146965135","name":"Stanley1981","avatar":"https://static.tigerbbs.com/97bdc08c4285eac7a082e2745975bcfc","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581734146965135","authorIdStr":"3581734146965135"},"themes":[],"htmlText":"Oh","listText":"Oh","text":"Oh","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/182547353","repostId":"1124998394","repostType":4,"isVote":1,"tweetType":1,"viewCount":214,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":182546604,"gmtCreate":1623592600708,"gmtModify":1634031350049,"author":{"id":"3581734146965135","authorId":"3581734146965135","name":"Stanley1981","avatar":"https://static.tigerbbs.com/97bdc08c4285eac7a082e2745975bcfc","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581734146965135","authorIdStr":"3581734146965135"},"themes":[],"htmlText":"Huat ah","listText":"Huat ah","text":"Huat ah","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/182546604","repostId":"2142378818","repostType":4,"isVote":1,"tweetType":1,"viewCount":412,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":375265567,"gmtCreate":1619349365259,"gmtModify":1634274076253,"author":{"id":"3581734146965135","authorId":"3581734146965135","name":"Stanley1981","avatar":"https://static.tigerbbs.com/97bdc08c4285eac7a082e2745975bcfc","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581734146965135","authorIdStr":"3581734146965135"},"themes":[],"htmlText":"Hopefully Nio to the moon","listText":"Hopefully Nio to the moon","text":"Hopefully Nio to the moon","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/375265567","isVote":1,"tweetType":1,"viewCount":139,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":378075734,"gmtCreate":1618986075228,"gmtModify":1631885579144,"author":{"id":"3581734146965135","authorId":"3581734146965135","name":"Stanley1981","avatar":"https://static.tigerbbs.com/97bdc08c4285eac7a082e2745975bcfc","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581734146965135","authorIdStr":"3581734146965135"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/ZOM\">$Zomedica Pharmaceuticals Corp.(ZOM)$</a>Come on","listText":"<a href=\"https://laohu8.com/S/ZOM\">$Zomedica Pharmaceuticals Corp.(ZOM)$</a>Come on","text":"$Zomedica Pharmaceuticals Corp.(ZOM)$Come on","images":[{"img":"https://static.tigerbbs.com/dbf4ab39133105de11c981259e613cc4","width":"1284","height":"2223"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/378075734","isVote":1,"tweetType":1,"viewCount":218,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3518437135749434","authorId":"3518437135749434","name":"els","avatar":"https://static.tigerbbs.com/46ffce4cf3a3c17473797ed78ccb14b5","crmLevel":1,"crmLevelSwitch":0,"idStr":"3518437135749434","authorIdStr":"3518437135749434"},"content":"Congrats, your bought ZOM at very low/attractive price>just wait for the ✈️","text":"Congrats, your bought ZOM at very low/attractive price>just wait for the ✈️","html":"Congrats, your bought ZOM at very low/attractive price>just wait for the ✈️"}],"imageCount":1,"langContent":"EN","totalScore":0},{"id":378075644,"gmtCreate":1618986034888,"gmtModify":1634289397834,"author":{"id":"3581734146965135","authorId":"3581734146965135","name":"Stanley1981","avatar":"https://static.tigerbbs.com/97bdc08c4285eac7a082e2745975bcfc","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581734146965135","authorIdStr":"3581734146965135"},"themes":[],"htmlText":"Good to enter","listText":"Good to enter","text":"Good to 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Disney(DIS)$：）","images":[{"img":"https://static.tigerbbs.com/67f59d58178320be652374a0408ad37e","width":"1284","height":"2223"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/373330335","isVote":1,"tweetType":1,"viewCount":237,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":379027133,"gmtCreate":1618641512222,"gmtModify":1634291579710,"author":{"id":"3581734146965135","authorId":"3581734146965135","name":"Stanley1981","avatar":"https://static.tigerbbs.com/97bdc08c4285eac7a082e2745975bcfc","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581734146965135","authorIdStr":"3581734146965135"},"themes":[],"htmlText":"Is this good or bad?","listText":"Is this good or bad?","text":"Is this good or bad?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/379027133","repostId":"1179330583","repostType":4,"isVote":1,"tweetType":1,"viewCount":143,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":379022779,"gmtCreate":1618641231791,"gmtModify":1634291581783,"author":{"id":"3581734146965135","authorId":"3581734146965135","name":"Stanley1981","avatar":"https://static.tigerbbs.com/97bdc08c4285eac7a082e2745975bcfc","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581734146965135","authorIdStr":"3581734146965135"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/379022779","repostId":"1156411249","repostType":4,"repost":{"id":"1156411249","kind":"news","pubTimestamp":1618562497,"share":"https://www.laohu8.com/m/news/1156411249?lang=&edition=full","pubTime":"2021-04-16 16:41","market":"us","language":"en","title":"Einhorn: \"The Market Is Fractured And In The Process Of Breaking Completely\"","url":"https://stock-news.laohu8.com/highlight/detail?id=1156411249","media":"zerohedge","summary":"In many ways, David Einhorn's Greenlight appears to be back to its \"new normal\" - in a letter sent t","content":"<p>In many ways, David Einhorn's Greenlight appears to be back to its \"new normal\" - in a letter sent to investors, Einhorn writes that Greenlight again underperformed the market and returned -0.1% in the first quarter, badly underperforming the 6.2% return for the S&amp;P 500 index, before proceeding to bash the Fed, broken markets, Chamath and Elon, the basket of short stocks and much more.</p><p>That said, even though as Einhorn writes Greenlight made only a handful of portfolio changes and essentially broke even, \"a lot happened. In general, the investment environment – especially from mid-February through the end of the quarter – was favorable as value outperformed growth, and interest rates and inflation expectations rose.\"</p><p>He then asks if the tide has<i><b>finally</b></i>turned from Growth to Value, noting that \"after a very tough decade, we have only just begun a recovery as shown in this 45-year chart from Goldman Sachs research:\"</p><p><img src=\"https://static.tigerbbs.com/a5db342a0e7b68b8405ce6d4041b71a0\" tg-width=\"500\" tg-height=\"339\" referrerpolicy=\"no-referrer\">Part of the shift from growth to value, Einhorn writes, may be coming from higher inflation and inflation expectations. As measured by the inflation swap market, 10-year inflation expectations fell from 2.9% in September 2012 to 0.8% in March 2020. The only significant intervening bounce came in 2016, when expectations jumped from 1.5% to 2.3% on expectations of a major stimulus deal from the Trump admin (which never materialized). It is hardly a coincidence that that was the only year in the last decade in which value outperformed growth, as the Greenlight head notes. Fast forward to now, when after bottoming in March 2020, inflation expectations have recovered to 2.5%. The trend became clearer in the middle of May, and value started outperforming growth then, and especially since the middle of February. Indeed, aince May 15, the value-heavy Greenlight returned 80% of the S&amp;P 500 index with half the net exposure.</p><p>Einhorn is even more optimistic about the future when it comes to the \"growth to value\" rotation:</p><blockquote><i>When the time comes, we will have to figure out how to perform better in deflationary periods. But for now, we believe inflation is only going one way – higher – and we are optimistic about our prospects. The wind is now at our backs. The economy is in full recovery mode. Household balance sheets are stronger than they have been in a long time and household income growth was up 13% in February compared to last year. And this is before the latest $1.9 trillion – with a “T” – pandemic relief stimulus. Corporate capital spending is booming. There are shortages and bottlenecks everywhere. Last month nearly one million jobs returned. There are signs of an emerging labor shortage.</i></blockquote><p>As for the Fed, the Greenlight boss writes that \"it fundamentally changed its framework last August. It no longer seems to care that monetary policy works with a lag. Actually, it has embraced an asymmetrical inflation policy: The Fed wants to be ahead of the curve on the downside to protect<s>the stock market and corporate bondholders</s>the economy. Behind the curve is fine on the way up no matter how frothy the stock market the recovery is. Now, it says it is only going to react to actual inflation that exceeds its 2% target for a period of time.\"</p><p>The letter then goes on to muse how the Fed will know when it is blowing the next bubble, and to stop:</p><blockquote><i>... the Fed has indicated that it believes any abnormally high inflation will be transitory. We wonder, how will the Fed know?</i> <i><b>Do price increases come with a label that says “transitory”?</b></i> <i>Our sense is that no matter how hot inflation gets in the coming months, the Fed will continue with zero interest rates and large-scale asset purchases. After all, the U.S. Treasury has a lot of debt to sell and it isn’t clear who, other than the Fed, can absorb the supply.</i></blockquote><p>It's not just Powell who is throwing caution to the wind: so are such mainstream econ \"experts\" as John Oliver:</p><blockquote><i>The bipartisan idea that deficits don’t matter has even reached popular culture. John Oliverdedicated an entire episodeof Last Week Tonight to browbeating anyone who is concerned about the growing national debt. His argument boiled down to: (1) nobody knows how much debt is too much; (2) we have a good need to spend money now; and (3) it won’t be a problem until inflation shows up, and we can deal with it then.</i></blockquote><p>To this, Einhorn's response is simple: \"Though one can debate whether the official government statistics are contrived to avoid capturing inflation\" - and as we have repeatedly noted, inflation is now decidedly a political measurement, one which has been gamed for decades to make it appears as low as possible \"shortages and bottlenecks accompanied by rising demand can only be solved through increased capacity and higher prices. We have also reset the baseline income for non-working adults; it will take higher wages to bring those marginally attached to the labor force back to work.\"</p><p>Concluding this part of the letter, Einhorn writes that while the Fed says it has the tools to fight inflation (and according to Bernanke can cut it in<i>15 minutes</i>), \"it remains to be seen if it will have the stomach to use them when the time comes. That<b>is a discussion for another day. Right now, we remain positioned for rising inflation and inflation expectations.</b>\"</p><p>The Greenlight letter then goes on to lay out just how it plans to capture these rising inflation expectations, listing its top positions as follows, and how they performed in the frist quarter:</p><ul><li><b>Brighthouse Financial (BHF, +22%)</b>benefitted from rising interest rates;</li><li><b>Danimer Scientific (DNMR, +61%)</b>began its life as a public company;</li><li><b>Concentrix (CNXC, +52%)</b>benefitted from strong demand and rising estimates;</li><li><b>Resideo Technologies (REZI, +33%)</b>was helped by the strong housing market;</li><li><b>Change Healthcare (CHNG, +18%)</b>agreed to be acquired by UnitedHealthcare;</li><li><b>AerCap Holdings (AER, +29%)</b>agreed to acquire GE Capital’s aircraft leasing business (GECAS) at a discount; and</li><li><b>An undisclosed healthcare short (-41%)</b>fell due to reduced government reimbursement for its product.</li></ul><p><i>(incidentally, at quarter-end, Greenlight's largest disclosed long positions were Atlas Air Worldwide, Brighthouse Financial, Change Healthcare, Danimer Scientific and Green Brick Partners, with a net average exposure of 118% long and 81% short).</i></p><p>Which is not to say that there were no glitches. One was underperformance by homebuilder and land-developer GRBK, the fund's largest position (more on this in the full letter below). The other performance drag was - as usual- Greenlight's \"short basket\" of bubble stocks.</p><p>What follows next is a tour de force from Einhorn lashing out at all the ways the market is broken, and how the Reddit insanity of Q1 exposed it for all to see:</p><blockquote><i>In late January, the market came to focus on companies with large short interests. Despite having a diversified portfolio, a number of our positions fell into this group and experienced sudden, sharp rises. We adjusted to the dynamic by reducing our exposure to single name shorts, both in number and sizing. To mitigate the potentially uncomfortable net long bias that would have resulted, we added macro hedges of market index and index option shorts. While we do not expect this to be a permanent change, we will evaluate and modify as we go.</i> <i><b>The performance of our short portfolio in 2020 and in early 2021 was unacceptable, so change is certainly needed.</b></i> <i>If we swing a little less hard, we should hit more balls. We have also revised our internal analyst incentive structure to fully emphasize alpha creation.Much has been made of the short-squeezes in late January. In fact, Congress held hearings, where it called the leaders of Robinhood, Melvin Capital and Citadel and an individual investor who made a great call on GameStop (GME) to testify. We have a few thoughts about this to share.</i> <i><b>First, it is very healthy for market participants to discuss and debate stocks.</b></i> <i>This is true both privately and publicly. There are rules about fraud and manipulation that need to be followed,</i> <i><b>but investors discussing why they think GME (or any other stock) should go up or down ought to be encouraged. There is no reason to drag anyone before Congress for making a stock pick.</b></i> <i>Second, it is also fine to make bad stock picks.</i> <i><b>If a hedge fund takes a big position in a stock and is wrong, it loses money. Isn’t this how it is supposed to work?</b></i> <i>Third,</i> <i><b>payment for order flow is just disguised commissions.</b></i> <i>We are in a world where consumers, especially young ones, expect internet services to be free, or at least free to them. A quote widely attributed to Richard Serra about commercial TV in 1973 says it best: “You’re not the customer; you’re the product.”</i> <i><b>If you want the broker to work for you, pay a commission.</b></i> <i>Fourth, Robinhood suspended trading in certain stocks because it was undercapitalized. It is possible that it wasn’t following the regulatory requirements. A regulatory sanction is probably appropriate – but as we’ll discuss below, we won’t be holding our breath.</i></blockquote><p>The punchline:<i>Einhorn slamming Chamath and Elon for pouring the \"real jet fuel\" on the GME squeeze:</i></p><blockquote><i>Finally, we note that the real jet fuel on the GME squeeze came from Chamath Palihapitiya and Elon Musk, whose appearances on TV and Twitter, respectively, at a critical moment further destabilized the situation.</i> <i><b>Mr. Palihapitiya controls SoFi, which competes with Robinhood, and left us with the impression that by destabilizing GME he could harm a competitor.</b></i> <i>As for Mr. Musk,</i> <i><b>we are going to defend him, half-heartedly. If regulators wanted Elon Musk to stop manipulating stocks, they should have done so with more than a light slap on the wrist when they accused him of manipulating Tesla’s shares in 2018. The laws don’t apply to him and he can do whatever he wants.</b></i> <i>Many who would never support defunding the police have supported – and for all intents and purposes have succeeded – in almost completely defanging, if not defunding, the regulators. For the most part, quasi-anarchy appears to rule in markets.</i> <i><b>Sure, Dr. Michael Burry, famed for his role in The Big Short, reportedly received a visit from the SEC after tweeting warnings about recent market trends – and decided to stop publicly speaking truth to power. But for the most part, there is no cop on the beat.</b></i> <i>It’s as if there are no financial fraud prosecutors; companies and managements that are emboldened enough to engage in malfeasance have little to fear.</i></blockquote><p>Einhorn then concludes with three anecdotes to demonstrate his argument that this is not only an \"anything goes\" market where crime is rampant, but proving just how broken the market has become.</p><p>First, consider the investigation of Tether by the Office of the Attorney General of New York (OAG). As Einhorn explains, \"tether is a cryptocurrency that is always worth a dollar (the value is “tethered” to the dollar). Tether is one of the largest cryptocurrencies with about $40 billion outstanding, yet it has not been audited or regulated in any serious manner. In theory, Tether is supposed to have $1 of cash backing every Tether issued. Except it didn’t, at least when it was investigated.\" Incidentally, for anyone still confused, Tether is how theChinese launder billions in domestic funds abroad and outside the Chinese firewallas we explained in December, although so far few have the desire to expose this reality. In any case, here is Einhorn's lament:</p><blockquote><i>The OAG conducted a two-year probe and found that Tether deceived clients and the market by overstating reserves and hiding approximately $850 million of losses around the globe. Tether and its sponsor, Bitfinex, “recklessly and unlawfully covered up massive financial losses to keep their scheme going and protect their bottom lines,” said the OAG. Further, “Tether’s claims that its virtual currency was fully backed by U.S. dollars at all times was a lie.”Did the OAG shut down Tether? Did anyone get arrested or even lose their job? Was the regulatory infrastructure changed to make sure this doesn’t happen again? No, of course not. The OAG assessed an $18.5 million penalty and Tether agreed to discontinue “any trading activity with New Yorkers.” It was as if Bernie Madoff had been told to pay a small fine and stop ripping off New Yorkers, but to go ahead and have fun with the Palm Beach crowd.</i></blockquote><p>Einhorn next highlights one of the stocks most hated by the bearish community: GSX:</p><blockquote>The media is focused on how the banks allowed excessive leverage and poorly (or properly) managed their risks. The real story is how Arch-Egos was able to buy up most of the float of GSX Techedu, <b>causing the stock to soar 400% in the face of unrefuted allegations of massive fraud.</b>The SEC has an ongoing investigation of GSX but appears to not have noticed a single fund (or a small group of funds) essentially cornering the market. A traditionalist could say this was market manipulation and transparently illegal.</blockquote><p>The professional poker player finally points out some of the insane moves observed in pennystocks in Q1, focusing on a tiny deli owner in rural NJ:</p><blockquote><i>Strange things happen to all kinds of stocks. Last year, on one day in June, the stocks of about a dozen bankrupt companies roughly doubled on enormous volume. Recently, the Wall Street Journal reported a boom in penny stocks.Someone pointed us to Hometown International (HWIN), which owns a single deli in rural New Jersey. The deli had $21,772 in sales in 2019 and only $13,976 in 2020, as it was closed due to COVID from March to September.</i> <i><b>HWIN reached a market cap of $113 million on February 8.</b></i> <i>The largest shareholder is also the CEO/CFO/Treasurer and a Director, who also happens to be the wrestling coach of the high school next door to the deli. The pastrami must be amazing. Small investors who get sucked into these situations are likely to be harmed eventually, yet the regulators – who are supposed to be protecting investors – appear to be neither present nor curious.</i></blockquote><p>We don't find it at all surprising that Einhorn's conclusion from his capital markets observations over the past quarter is<i>identical</i>to ours, when we discussed the insane stock moves that dominated much of January and February:</p><blockquote><i><b>\"From a traditional perspective, the market is fractured and possibly in the process of breaking completely.\"</b></i></blockquote><p>Einhorn's full letter is below:</p><p><img src=\"https://static.tigerbbs.com/519bd51d93865787f487bbfdc930c706\" tg-width=\"946\" tg-height=\"496\"><img src=\"https://static.tigerbbs.com/1691d37b71b28794a2bc900aaf5b313e\" tg-width=\"857\" tg-height=\"687\"><img src=\"https://static.tigerbbs.com/a5d1e93a00a6d64936e9c09b9b940dbf\" tg-width=\"891\" tg-height=\"719\"><img src=\"https://static.tigerbbs.com/0c11ad8e34545a98ba8ee9c4fa8a78d9\" tg-width=\"909\" tg-height=\"477\"><img src=\"https://static.tigerbbs.com/fc8253cd105c8e2727495e1d34c6769b\" tg-width=\"887\" tg-height=\"719\"><img src=\"https://static.tigerbbs.com/e120ac355802479930a1b1e84bf46e3e\" tg-width=\"901\" tg-height=\"528\"><img src=\"https://static.tigerbbs.com/28989c8e07df2deede3e092055e09e70\" tg-width=\"895\" tg-height=\"564\"><img src=\"https://static.tigerbbs.com/7d526b287d859e129d81853c0be2ace0\" tg-width=\"869\" tg-height=\"559\"><img src=\"https://static.tigerbbs.com/8599ce79c9573aed1ca3b1266bd3400a\" tg-width=\"871\" tg-height=\"534\"><img src=\"https://static.tigerbbs.com/3ae554a242066a92e4095f35260ce325\" tg-width=\"917\" tg-height=\"639\"><img src=\"https://static.tigerbbs.com/df45fd1c31a9a0b5a376ec0fe6037598\" tg-width=\"883\" tg-height=\"522\"><img src=\"https://static.tigerbbs.com/b72d0f63d22768ed27882dca1e9f6048\" tg-width=\"878\" tg-height=\"420\"><img src=\"https://static.tigerbbs.com/cf93a682ea1bc652b5107e7ecf902b84\" tg-width=\"862\" tg-height=\"456\"><img src=\"https://static.tigerbbs.com/f0326abf9ee7f93425e7d4cb20e1f375\" tg-width=\"900\" tg-height=\"657\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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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\">\nEinhorn: \"The Market Is Fractured And In The Process Of Breaking Completely\"\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-16 16:41 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/einhorn-market-fractured-and-process-breaking-completely><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>In many ways, David Einhorn's Greenlight appears to be back to its \"new normal\" - in a letter sent to investors, Einhorn writes that Greenlight again underperformed the market and returned -0.1% in ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/einhorn-market-fractured-and-process-breaking-completely\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://www.zerohedge.com/markets/einhorn-market-fractured-and-process-breaking-completely","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1156411249","content_text":"In many ways, David Einhorn's Greenlight appears to be back to its \"new normal\" - in a letter sent to investors, Einhorn writes that Greenlight again underperformed the market and returned -0.1% in the first quarter, badly underperforming the 6.2% return for the S&P 500 index, before proceeding to bash the Fed, broken markets, Chamath and Elon, the basket of short stocks and much more.That said, even though as Einhorn writes Greenlight made only a handful of portfolio changes and essentially broke even, \"a lot happened. In general, the investment environment – especially from mid-February through the end of the quarter – was favorable as value outperformed growth, and interest rates and inflation expectations rose.\"He then asks if the tide hasfinallyturned from Growth to Value, noting that \"after a very tough decade, we have only just begun a recovery as shown in this 45-year chart from Goldman Sachs research:\"Part of the shift from growth to value, Einhorn writes, may be coming from higher inflation and inflation expectations. As measured by the inflation swap market, 10-year inflation expectations fell from 2.9% in September 2012 to 0.8% in March 2020. The only significant intervening bounce came in 2016, when expectations jumped from 1.5% to 2.3% on expectations of a major stimulus deal from the Trump admin (which never materialized). It is hardly a coincidence that that was the only year in the last decade in which value outperformed growth, as the Greenlight head notes. Fast forward to now, when after bottoming in March 2020, inflation expectations have recovered to 2.5%. The trend became clearer in the middle of May, and value started outperforming growth then, and especially since the middle of February. Indeed, aince May 15, the value-heavy Greenlight returned 80% of the S&P 500 index with half the net exposure.Einhorn is even more optimistic about the future when it comes to the \"growth to value\" rotation:When the time comes, we will have to figure out how to perform better in deflationary periods. But for now, we believe inflation is only going one way – higher – and we are optimistic about our prospects. The wind is now at our backs. The economy is in full recovery mode. Household balance sheets are stronger than they have been in a long time and household income growth was up 13% in February compared to last year. And this is before the latest $1.9 trillion – with a “T” – pandemic relief stimulus. Corporate capital spending is booming. There are shortages and bottlenecks everywhere. Last month nearly one million jobs returned. There are signs of an emerging labor shortage.As for the Fed, the Greenlight boss writes that \"it fundamentally changed its framework last August. It no longer seems to care that monetary policy works with a lag. Actually, it has embraced an asymmetrical inflation policy: The Fed wants to be ahead of the curve on the downside to protectthe stock market and corporate bondholdersthe economy. Behind the curve is fine on the way up no matter how frothy the stock market the recovery is. Now, it says it is only going to react to actual inflation that exceeds its 2% target for a period of time.\"The letter then goes on to muse how the Fed will know when it is blowing the next bubble, and to stop:... the Fed has indicated that it believes any abnormally high inflation will be transitory. We wonder, how will the Fed know? Do price increases come with a label that says “transitory”? Our sense is that no matter how hot inflation gets in the coming months, the Fed will continue with zero interest rates and large-scale asset purchases. After all, the U.S. Treasury has a lot of debt to sell and it isn’t clear who, other than the Fed, can absorb the supply.It's not just Powell who is throwing caution to the wind: so are such mainstream econ \"experts\" as John Oliver:The bipartisan idea that deficits don’t matter has even reached popular culture. John Oliverdedicated an entire episodeof Last Week Tonight to browbeating anyone who is concerned about the growing national debt. His argument boiled down to: (1) nobody knows how much debt is too much; (2) we have a good need to spend money now; and (3) it won’t be a problem until inflation shows up, and we can deal with it then.To this, Einhorn's response is simple: \"Though one can debate whether the official government statistics are contrived to avoid capturing inflation\" - and as we have repeatedly noted, inflation is now decidedly a political measurement, one which has been gamed for decades to make it appears as low as possible \"shortages and bottlenecks accompanied by rising demand can only be solved through increased capacity and higher prices. We have also reset the baseline income for non-working adults; it will take higher wages to bring those marginally attached to the labor force back to work.\"Concluding this part of the letter, Einhorn writes that while the Fed says it has the tools to fight inflation (and according to Bernanke can cut it in15 minutes), \"it remains to be seen if it will have the stomach to use them when the time comes. Thatis a discussion for another day. Right now, we remain positioned for rising inflation and inflation expectations.\"The Greenlight letter then goes on to lay out just how it plans to capture these rising inflation expectations, listing its top positions as follows, and how they performed in the frist quarter:Brighthouse Financial (BHF, +22%)benefitted from rising interest rates;Danimer Scientific (DNMR, +61%)began its life as a public company;Concentrix (CNXC, +52%)benefitted from strong demand and rising estimates;Resideo Technologies (REZI, +33%)was helped by the strong housing market;Change Healthcare (CHNG, +18%)agreed to be acquired by UnitedHealthcare;AerCap Holdings (AER, +29%)agreed to acquire GE Capital’s aircraft leasing business (GECAS) at a discount; andAn undisclosed healthcare short (-41%)fell due to reduced government reimbursement for its product.(incidentally, at quarter-end, Greenlight's largest disclosed long positions were Atlas Air Worldwide, Brighthouse Financial, Change Healthcare, Danimer Scientific and Green Brick Partners, with a net average exposure of 118% long and 81% short).Which is not to say that there were no glitches. One was underperformance by homebuilder and land-developer GRBK, the fund's largest position (more on this in the full letter below). The other performance drag was - as usual- Greenlight's \"short basket\" of bubble stocks.What follows next is a tour de force from Einhorn lashing out at all the ways the market is broken, and how the Reddit insanity of Q1 exposed it for all to see:In late January, the market came to focus on companies with large short interests. Despite having a diversified portfolio, a number of our positions fell into this group and experienced sudden, sharp rises. We adjusted to the dynamic by reducing our exposure to single name shorts, both in number and sizing. To mitigate the potentially uncomfortable net long bias that would have resulted, we added macro hedges of market index and index option shorts. While we do not expect this to be a permanent change, we will evaluate and modify as we go. The performance of our short portfolio in 2020 and in early 2021 was unacceptable, so change is certainly needed. If we swing a little less hard, we should hit more balls. We have also revised our internal analyst incentive structure to fully emphasize alpha creation.Much has been made of the short-squeezes in late January. In fact, Congress held hearings, where it called the leaders of Robinhood, Melvin Capital and Citadel and an individual investor who made a great call on GameStop (GME) to testify. We have a few thoughts about this to share. First, it is very healthy for market participants to discuss and debate stocks. This is true both privately and publicly. There are rules about fraud and manipulation that need to be followed, but investors discussing why they think GME (or any other stock) should go up or down ought to be encouraged. There is no reason to drag anyone before Congress for making a stock pick. Second, it is also fine to make bad stock picks. If a hedge fund takes a big position in a stock and is wrong, it loses money. Isn’t this how it is supposed to work? Third, payment for order flow is just disguised commissions. We are in a world where consumers, especially young ones, expect internet services to be free, or at least free to them. A quote widely attributed to Richard Serra about commercial TV in 1973 says it best: “You’re not the customer; you’re the product.” If you want the broker to work for you, pay a commission. Fourth, Robinhood suspended trading in certain stocks because it was undercapitalized. It is possible that it wasn’t following the regulatory requirements. A regulatory sanction is probably appropriate – but as we’ll discuss below, we won’t be holding our breath.The punchline:Einhorn slamming Chamath and Elon for pouring the \"real jet fuel\" on the GME squeeze:Finally, we note that the real jet fuel on the GME squeeze came from Chamath Palihapitiya and Elon Musk, whose appearances on TV and Twitter, respectively, at a critical moment further destabilized the situation. Mr. Palihapitiya controls SoFi, which competes with Robinhood, and left us with the impression that by destabilizing GME he could harm a competitor. As for Mr. Musk, we are going to defend him, half-heartedly. If regulators wanted Elon Musk to stop manipulating stocks, they should have done so with more than a light slap on the wrist when they accused him of manipulating Tesla’s shares in 2018. The laws don’t apply to him and he can do whatever he wants. Many who would never support defunding the police have supported – and for all intents and purposes have succeeded – in almost completely defanging, if not defunding, the regulators. For the most part, quasi-anarchy appears to rule in markets. Sure, Dr. Michael Burry, famed for his role in The Big Short, reportedly received a visit from the SEC after tweeting warnings about recent market trends – and decided to stop publicly speaking truth to power. But for the most part, there is no cop on the beat. It’s as if there are no financial fraud prosecutors; companies and managements that are emboldened enough to engage in malfeasance have little to fear.Einhorn then concludes with three anecdotes to demonstrate his argument that this is not only an \"anything goes\" market where crime is rampant, but proving just how broken the market has become.First, consider the investigation of Tether by the Office of the Attorney General of New York (OAG). As Einhorn explains, \"tether is a cryptocurrency that is always worth a dollar (the value is “tethered” to the dollar). Tether is one of the largest cryptocurrencies with about $40 billion outstanding, yet it has not been audited or regulated in any serious manner. In theory, Tether is supposed to have $1 of cash backing every Tether issued. Except it didn’t, at least when it was investigated.\" Incidentally, for anyone still confused, Tether is how theChinese launder billions in domestic funds abroad and outside the Chinese firewallas we explained in December, although so far few have the desire to expose this reality. In any case, here is Einhorn's lament:The OAG conducted a two-year probe and found that Tether deceived clients and the market by overstating reserves and hiding approximately $850 million of losses around the globe. Tether and its sponsor, Bitfinex, “recklessly and unlawfully covered up massive financial losses to keep their scheme going and protect their bottom lines,” said the OAG. Further, “Tether’s claims that its virtual currency was fully backed by U.S. dollars at all times was a lie.”Did the OAG shut down Tether? Did anyone get arrested or even lose their job? Was the regulatory infrastructure changed to make sure this doesn’t happen again? No, of course not. The OAG assessed an $18.5 million penalty and Tether agreed to discontinue “any trading activity with New Yorkers.” It was as if Bernie Madoff had been told to pay a small fine and stop ripping off New Yorkers, but to go ahead and have fun with the Palm Beach crowd.Einhorn next highlights one of the stocks most hated by the bearish community: GSX:The media is focused on how the banks allowed excessive leverage and poorly (or properly) managed their risks. The real story is how Arch-Egos was able to buy up most of the float of GSX Techedu, causing the stock to soar 400% in the face of unrefuted allegations of massive fraud.The SEC has an ongoing investigation of GSX but appears to not have noticed a single fund (or a small group of funds) essentially cornering the market. A traditionalist could say this was market manipulation and transparently illegal.The professional poker player finally points out some of the insane moves observed in pennystocks in Q1, focusing on a tiny deli owner in rural NJ:Strange things happen to all kinds of stocks. Last year, on one day in June, the stocks of about a dozen bankrupt companies roughly doubled on enormous volume. Recently, the Wall Street Journal reported a boom in penny stocks.Someone pointed us to Hometown International (HWIN), which owns a single deli in rural New Jersey. The deli had $21,772 in sales in 2019 and only $13,976 in 2020, as it was closed due to COVID from March to September. HWIN reached a market cap of $113 million on February 8. The largest shareholder is also the CEO/CFO/Treasurer and a Director, who also happens to be the wrestling coach of the high school next door to the deli. The pastrami must be amazing. Small investors who get sucked into these situations are likely to be harmed eventually, yet the regulators – who are supposed to be protecting investors – appear to be neither present nor curious.We don't find it at all surprising that Einhorn's conclusion from his capital markets observations over the past quarter isidenticalto ours, when we discussed the insane stock moves that dominated much of January and February:\"From a traditional perspective, the market is fractured and possibly in the process of breaking completely.\"Einhorn's full letter is below:","news_type":1},"isVote":1,"tweetType":1,"viewCount":74,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":378075734,"gmtCreate":1618986075228,"gmtModify":1631885579144,"author":{"id":"3581734146965135","authorId":"3581734146965135","name":"Stanley1981","avatar":"https://static.tigerbbs.com/97bdc08c4285eac7a082e2745975bcfc","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581734146965135","authorIdStr":"3581734146965135"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/ZOM\">$Zomedica Pharmaceuticals Corp.(ZOM)$</a>Come on","listText":"<a href=\"https://laohu8.com/S/ZOM\">$Zomedica Pharmaceuticals Corp.(ZOM)$</a>Come on","text":"$Zomedica Pharmaceuticals Corp.(ZOM)$Come on","images":[{"img":"https://static.tigerbbs.com/dbf4ab39133105de11c981259e613cc4","width":"1284","height":"2223"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/378075734","isVote":1,"tweetType":1,"viewCount":218,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3518437135749434","authorId":"3518437135749434","name":"els","avatar":"https://static.tigerbbs.com/46ffce4cf3a3c17473797ed78ccb14b5","crmLevel":1,"crmLevelSwitch":0,"idStr":"3518437135749434","authorIdStr":"3518437135749434"},"content":"Congrats, your bought ZOM at very low/attractive price>just wait for the ✈️","text":"Congrats, your bought ZOM at very low/attractive price>just wait for the ✈️","html":"Congrats, your bought ZOM at very low/attractive price>just wait for the ✈️"}],"imageCount":1,"langContent":"EN","totalScore":0},{"id":609176715,"gmtCreate":1638259621690,"gmtModify":1638259630294,"author":{"id":"3581734146965135","authorId":"3581734146965135","name":"Stanley1981","avatar":"https://static.tigerbbs.com/97bdc08c4285eac7a082e2745975bcfc","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581734146965135","authorIdStr":"3581734146965135"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/S68.SI\">$SINGAPORE EXCHANGE LIMITED(S68.SI)$</a>How low you want to go? Wheres the bottom?","listText":"<a href=\"https://laohu8.com/S/S68.SI\">$SINGAPORE EXCHANGE LIMITED(S68.SI)$</a>How low you want to go? Wheres the bottom?","text":"$SINGAPORE EXCHANGE LIMITED(S68.SI)$How low you want to go? Wheres the bottom?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/609176715","isVote":1,"tweetType":1,"viewCount":702,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":609836745,"gmtCreate":1638262709391,"gmtModify":1638262715723,"author":{"id":"3581734146965135","authorId":"3581734146965135","name":"Stanley1981","avatar":"https://static.tigerbbs.com/97bdc08c4285eac7a082e2745975bcfc","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581734146965135","authorIdStr":"3581734146965135"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/C52.SI\">$COMFORTDELGRO CORPORATION LTD(C52.SI)$</a>Sg stocks all dropped like birdshit","listText":"<a href=\"https://laohu8.com/S/C52.SI\">$COMFORTDELGRO CORPORATION LTD(C52.SI)$</a>Sg stocks all dropped like birdshit","text":"$COMFORTDELGRO CORPORATION LTD(C52.SI)$Sg stocks all dropped like birdshit","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/609836745","isVote":1,"tweetType":1,"viewCount":254,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":876687397,"gmtCreate":1637305411517,"gmtModify":1637305411517,"author":{"id":"3581734146965135","authorId":"3581734146965135","name":"Stanley1981","avatar":"https://static.tigerbbs.com/97bdc08c4285eac7a082e2745975bcfc","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581734146965135","authorIdStr":"3581734146965135"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/S68.SI\">$SINGAPORE EXCHANGE LIMITED(S68.SI)$</a>Why r u keep falling lol","listText":"<a href=\"https://laohu8.com/S/S68.SI\">$SINGAPORE EXCHANGE LIMITED(S68.SI)$</a>Why r u keep falling lol","text":"$SINGAPORE EXCHANGE LIMITED(S68.SI)$Why r u keep falling lol","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/876687397","isVote":1,"tweetType":1,"viewCount":425,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":182547353,"gmtCreate":1623593035472,"gmtModify":1634031346368,"author":{"id":"3581734146965135","authorId":"3581734146965135","name":"Stanley1981","avatar":"https://static.tigerbbs.com/97bdc08c4285eac7a082e2745975bcfc","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581734146965135","authorIdStr":"3581734146965135"},"themes":[],"htmlText":"Oh","listText":"Oh","text":"Oh","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/182547353","repostId":"1124998394","repostType":4,"repost":{"id":"1124998394","kind":"news","pubTimestamp":1623468911,"share":"https://www.laohu8.com/m/news/1124998394?lang=&edition=full","pubTime":"2021-06-12 11:35","market":"us","language":"en","title":"Markets await the Fed’s meeting before making the next big move in the week ahead","url":"https://stock-news.laohu8.com/highlight/detail?id=1124998394","media":"cnbc","summary":"KEY POINTS\n\nThe Federal Reserve’s June meeting is the big event for markets in the week ahead, thoug","content":"<div>\n<p>KEY POINTS\n\nThe Federal Reserve’s June meeting is the big event for markets in the week ahead, though it is not expected to take any action.\nStocks meandered Friday, and traders see the potential for ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/11/markets-await-the-feds-meeting-in-the-week-ahead.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Markets await the Fed’s meeting before making the next big move in the week ahead</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; 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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 await the Fed’s meeting before making the next big move in the week ahead\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-12 11:35 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/06/11/markets-await-the-feds-meeting-in-the-week-ahead.html><strong>cnbc</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>KEY POINTS\n\nThe Federal Reserve’s June meeting is the big event for markets in the week ahead, though it is not expected to take any action.\nStocks meandered Friday, and traders see the potential for ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/11/markets-await-the-feds-meeting-in-the-week-ahead.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://www.cnbc.com/2021/06/11/markets-await-the-feds-meeting-in-the-week-ahead.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1124998394","content_text":"KEY POINTS\n\nThe Federal Reserve’s June meeting is the big event for markets in the week ahead, though it is not expected to take any action.\nStocks meandered Friday, and traders see the potential for a sideways move early next week as investors await the outcome of the central bank’s meeting Wednesday afternoon.\nMarket pros are watching to see if the Fed tweaks its forecasts for interest rates or inflation.\n\nStocks could trade sideways as investors await the outcome of the Federal Reserve’s June meeting next Wednesday afternoon.\nThe Fed’s two-day meeting is the big event for markets in the week ahead. Although the central bank is not expected to take any action, it could make tweaks to its forecasts for interest rates and inflation that market pros say could be market moving.\nStocks meandered Friday and theS&P 500finished at a new high, garnering a 0.4% gain for the week.\n“Markets have to get past Wednesday before anyone makes huge bets,” said Scott Redler, chief strategic officer at T3Live.com. “It’s really that the Street’s looking at the next big obstacle — which is the Fed.”\nThe market is attuned to any discussion about the central bank’s bond-buying program. The program was initiated during the pandemic to provide liquidity to the markets and keep interest rates low. TheFed is widely expected to acknowledgeit will start tapering back on that so-called quantitative easing program later this year.\nOnce the central bank signals it will cut back on its $120 billion monthly bond purchases, it is basically signaling a major shift in its policy from easing to tightening. The Fed is expected to signal a taper well before it takes any action, and its own forecast for interest rates does not show any increases through 2023.\nFed Chairman Jerome Powell briefs journalists after the central bank issues its statement at 2 p.m. ET on Wednesday. He is expected to sound dovish and assure markets the Fed’s policy will remain easy .\n“Let’s say for some reason Powell intimates tapering could happen late this year, not just talk about it but do it,” said Mike Schumacher, head of rate strategy at Wells Fargo. “That would spook the market, or if we get a big increase in inflation projections that would get the markets a little spooked.”\nEconomic calendar\nThere are a few economic reports worth watching, particularlyTuesday’s retail sales for Mayand theproducer price index— a look at producer level inflation.\nThe Federal Reserve will also release itsindustrial production index data, which measures production and capacity in manufacturing, mining and other industries, on Tuesday.\n“Essentially, I think nominal retail sales might be strong,” said Aneta Markowska, chief financial economist at Jefferies. “I just think the only thing that thing the market cares about right now is employment because that’s the only thing that can move the needle on the Fed.”\nThemarkets this past week shrugged off a super hot consumer inflation readingfor May, reported Thursday. Economists said the 5% jump in the consumer price index appears to be a temporary reaction to the reopening economy, supply chain disruptions and pent-up demand. But they also said it will take a few more reports to make sure it is not more persistent than the Fed currently expects.\nThe central bank has said it expects inflation to be high for a short period before falling back down, closer to 2%. The Fed will likely raise its forecast of2.2% for this year, given the jump in recent inflation readings.\nIt also predicts that core inflation, as measured by thepersonal consumption expenditures price index, will be at 2% in 2022 and 2.1% in 2023.\nWells Fargo’s Schumacher said he is closely watching that inflation forecast, particularly for 2023. According to the Fed’s interest rate forecast, that is also the first time a group of central bank officials see the potential for an increase in the fed funds target rate.\nSo if inflation is higher in their view, the outlook for interest rates could be as well. That could move forward the forecast for the first rate hike, now forecast by a majority of the Fed in 2024.\n“If that number goes up a tenth, that’s a non-event. If it goes up 0.3, it’s a lot in terms of the way the Fed looks at the world,” Schumacher said. The Fed has said it would tolerate inflation above its 2% target for a period of time before it acts.\nMarkowska of Jefferies doubts the Fed rate forecast will shift. The forecast is presented in a so-called “dot plot” with anonymous entries from central bank officials.\nShe noted in March, Federal Open Market Committee participants weresplit 11 to 7 against a 2023 hike, which means three officials would have to change their mind in order to move the median forecast.\n“My base case is it won’t move,” she said. “I just feel like there hasn’t been enough definitive change in the data to really change the Fed’s forecast. Having said that, you just need three people to change their mind. Even if that median forecast goes up, Powell is just going to downplay it during the press conference.”\nShe pointed to thedisappointing May employment report, which showed 559,000 jobs were added, 100,000 less than expected.\nWatch bonds\nStocks finished the past week mixed, with theDowdown 0.8% at 34,479, and theS&P 500eking out a gain of 0.4% to finish the week at a record 4,247. TheNasdaq,boosted by tech, gained nearly 1.9% to reach 14,069. Meanwhile the small-capRussell 2000outperformed the other indices, increasing by 2.2% for the week and landing at 2,335.\nREITs were the best performing major sector for the week, up 2%, followed by the health care sector’s 1.9% gain. Consumer discretionary stocks rose 1.6%. Tech climbed 1.4%, helped by a decline in interest rates.\nBut the financial sector lost 2.4% as interest rates fell, and it was the worst performing sector this week. Financials fell with other cyclicals, like materials, off 2% for the week and industrials off 1.7%.\nMeme stocks remained in the headlinesand continued to trade with a high level of volatility.GameStophit a high of $344.66 Tuesday and dropped as low as $206.13 Friday before closing at $233.34 per share.\nBesides the wild ride by meme stocks in the past week, the market to watch was Treasurys, as yields took a surprising slide. There was a fairly dramatic move in the rate of the benchmark10-year,watched most closely by investors, as it influences mortgages and other important lending rates.\nThe 10-year Treasury yield dipped under 1.43% on Friday. Yields move opposite price, so the move downward represented a buying surge.\n“I feel like this entire move in Treasurys is technical and has nothing to do with fundamentals,” said Jefferies’ Markowska. She said institutions are finding super low yields in Treasury bills and the overnight rates markets. “There’s just an excess of cash that is spilling out to the longer maturities,” she said. “People are still very short.”\nMarkowska said the weaker than expected May jobs report spurred buying that forced some short investors, who bet on higher yields, to cover those positions as rates fell.\nThe fall in the 10-year yield, which hit a high of 1.75% in late March, has been a positive for stocks. It also hasdrawn some stock investors to tech and growth sectors,which had fallen out of favor.\n“Most people in the market will tell you yields will rise significantly at some point. The question is when,” said Schumacher. Many forecasters expect the 10-year yield to reach 2% by the end of the year.\nFinally, investors will also be watching headlines from President Joe Biden’s trip to the U.K. and Europe, where he is attending the G-7 and a meeting with NATO allies. He willhold a summitwith Russian President Vladimir Putin on Wednesday in Geneva.\nWeek ahead calendar\nTuesday\nThe Federal Open Market Committee begins two-day meeting\nEarnings:Oracle,La-Z-Boy, H&R Block\n8:30 a.m. Retail sales\n8:30 a.m. PPI\n9:15 a.m. Empire State manufacturing\n10:00 a.m. Industrial production\n10:00 a.m. Business inventories\n10:00 a.m. NAHB survey\n4:00 p.m. TIC data\nWednesday\nEarnings:Lennar,The Honest Company\n8:30 a.m. Housing starts\n8:30 a.m. Import prices\n8:30 a.m. Business leaders survey\n2:00 p.m. FOMC statement\n2:30 p.m. Fed Chairman Jerome Powell briefing\nThursday\nEarnings:Adobe,Kroger,Jabil,Commercial Metals, Smith and Wesson\n8:30 a.m. Initial jobless claims\n8:30 a.m. Philadelphia Fed manufacturing","news_type":1},"isVote":1,"tweetType":1,"viewCount":214,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":379022779,"gmtCreate":1618641231791,"gmtModify":1634291581783,"author":{"id":"3581734146965135","authorId":"3581734146965135","name":"Stanley1981","avatar":"https://static.tigerbbs.com/97bdc08c4285eac7a082e2745975bcfc","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581734146965135","authorIdStr":"3581734146965135"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/379022779","repostId":"1156411249","repostType":4,"repost":{"id":"1156411249","kind":"news","pubTimestamp":1618562497,"share":"https://www.laohu8.com/m/news/1156411249?lang=&edition=full","pubTime":"2021-04-16 16:41","market":"us","language":"en","title":"Einhorn: \"The Market Is Fractured And In The Process Of Breaking Completely\"","url":"https://stock-news.laohu8.com/highlight/detail?id=1156411249","media":"zerohedge","summary":"In many ways, David Einhorn's Greenlight appears to be back to its \"new normal\" - in a letter sent t","content":"<p>In many ways, David Einhorn's Greenlight appears to be back to its \"new normal\" - in a letter sent to investors, Einhorn writes that Greenlight again underperformed the market and returned -0.1% in the first quarter, badly underperforming the 6.2% return for the S&amp;P 500 index, before proceeding to bash the Fed, broken markets, Chamath and Elon, the basket of short stocks and much more.</p><p>That said, even though as Einhorn writes Greenlight made only a handful of portfolio changes and essentially broke even, \"a lot happened. In general, the investment environment – especially from mid-February through the end of the quarter – was favorable as value outperformed growth, and interest rates and inflation expectations rose.\"</p><p>He then asks if the tide has<i><b>finally</b></i>turned from Growth to Value, noting that \"after a very tough decade, we have only just begun a recovery as shown in this 45-year chart from Goldman Sachs research:\"</p><p><img src=\"https://static.tigerbbs.com/a5db342a0e7b68b8405ce6d4041b71a0\" tg-width=\"500\" tg-height=\"339\" referrerpolicy=\"no-referrer\">Part of the shift from growth to value, Einhorn writes, may be coming from higher inflation and inflation expectations. As measured by the inflation swap market, 10-year inflation expectations fell from 2.9% in September 2012 to 0.8% in March 2020. The only significant intervening bounce came in 2016, when expectations jumped from 1.5% to 2.3% on expectations of a major stimulus deal from the Trump admin (which never materialized). It is hardly a coincidence that that was the only year in the last decade in which value outperformed growth, as the Greenlight head notes. Fast forward to now, when after bottoming in March 2020, inflation expectations have recovered to 2.5%. The trend became clearer in the middle of May, and value started outperforming growth then, and especially since the middle of February. Indeed, aince May 15, the value-heavy Greenlight returned 80% of the S&amp;P 500 index with half the net exposure.</p><p>Einhorn is even more optimistic about the future when it comes to the \"growth to value\" rotation:</p><blockquote><i>When the time comes, we will have to figure out how to perform better in deflationary periods. But for now, we believe inflation is only going one way – higher – and we are optimistic about our prospects. The wind is now at our backs. The economy is in full recovery mode. Household balance sheets are stronger than they have been in a long time and household income growth was up 13% in February compared to last year. And this is before the latest $1.9 trillion – with a “T” – pandemic relief stimulus. Corporate capital spending is booming. There are shortages and bottlenecks everywhere. Last month nearly one million jobs returned. There are signs of an emerging labor shortage.</i></blockquote><p>As for the Fed, the Greenlight boss writes that \"it fundamentally changed its framework last August. It no longer seems to care that monetary policy works with a lag. Actually, it has embraced an asymmetrical inflation policy: The Fed wants to be ahead of the curve on the downside to protect<s>the stock market and corporate bondholders</s>the economy. Behind the curve is fine on the way up no matter how frothy the stock market the recovery is. Now, it says it is only going to react to actual inflation that exceeds its 2% target for a period of time.\"</p><p>The letter then goes on to muse how the Fed will know when it is blowing the next bubble, and to stop:</p><blockquote><i>... the Fed has indicated that it believes any abnormally high inflation will be transitory. We wonder, how will the Fed know?</i> <i><b>Do price increases come with a label that says “transitory”?</b></i> <i>Our sense is that no matter how hot inflation gets in the coming months, the Fed will continue with zero interest rates and large-scale asset purchases. After all, the U.S. Treasury has a lot of debt to sell and it isn’t clear who, other than the Fed, can absorb the supply.</i></blockquote><p>It's not just Powell who is throwing caution to the wind: so are such mainstream econ \"experts\" as John Oliver:</p><blockquote><i>The bipartisan idea that deficits don’t matter has even reached popular culture. John Oliverdedicated an entire episodeof Last Week Tonight to browbeating anyone who is concerned about the growing national debt. His argument boiled down to: (1) nobody knows how much debt is too much; (2) we have a good need to spend money now; and (3) it won’t be a problem until inflation shows up, and we can deal with it then.</i></blockquote><p>To this, Einhorn's response is simple: \"Though one can debate whether the official government statistics are contrived to avoid capturing inflation\" - and as we have repeatedly noted, inflation is now decidedly a political measurement, one which has been gamed for decades to make it appears as low as possible \"shortages and bottlenecks accompanied by rising demand can only be solved through increased capacity and higher prices. We have also reset the baseline income for non-working adults; it will take higher wages to bring those marginally attached to the labor force back to work.\"</p><p>Concluding this part of the letter, Einhorn writes that while the Fed says it has the tools to fight inflation (and according to Bernanke can cut it in<i>15 minutes</i>), \"it remains to be seen if it will have the stomach to use them when the time comes. That<b>is a discussion for another day. Right now, we remain positioned for rising inflation and inflation expectations.</b>\"</p><p>The Greenlight letter then goes on to lay out just how it plans to capture these rising inflation expectations, listing its top positions as follows, and how they performed in the frist quarter:</p><ul><li><b>Brighthouse Financial (BHF, +22%)</b>benefitted from rising interest rates;</li><li><b>Danimer Scientific (DNMR, +61%)</b>began its life as a public company;</li><li><b>Concentrix (CNXC, +52%)</b>benefitted from strong demand and rising estimates;</li><li><b>Resideo Technologies (REZI, +33%)</b>was helped by the strong housing market;</li><li><b>Change Healthcare (CHNG, +18%)</b>agreed to be acquired by UnitedHealthcare;</li><li><b>AerCap Holdings (AER, +29%)</b>agreed to acquire GE Capital’s aircraft leasing business (GECAS) at a discount; and</li><li><b>An undisclosed healthcare short (-41%)</b>fell due to reduced government reimbursement for its product.</li></ul><p><i>(incidentally, at quarter-end, Greenlight's largest disclosed long positions were Atlas Air Worldwide, Brighthouse Financial, Change Healthcare, Danimer Scientific and Green Brick Partners, with a net average exposure of 118% long and 81% short).</i></p><p>Which is not to say that there were no glitches. One was underperformance by homebuilder and land-developer GRBK, the fund's largest position (more on this in the full letter below). The other performance drag was - as usual- Greenlight's \"short basket\" of bubble stocks.</p><p>What follows next is a tour de force from Einhorn lashing out at all the ways the market is broken, and how the Reddit insanity of Q1 exposed it for all to see:</p><blockquote><i>In late January, the market came to focus on companies with large short interests. Despite having a diversified portfolio, a number of our positions fell into this group and experienced sudden, sharp rises. We adjusted to the dynamic by reducing our exposure to single name shorts, both in number and sizing. To mitigate the potentially uncomfortable net long bias that would have resulted, we added macro hedges of market index and index option shorts. While we do not expect this to be a permanent change, we will evaluate and modify as we go.</i> <i><b>The performance of our short portfolio in 2020 and in early 2021 was unacceptable, so change is certainly needed.</b></i> <i>If we swing a little less hard, we should hit more balls. We have also revised our internal analyst incentive structure to fully emphasize alpha creation.Much has been made of the short-squeezes in late January. In fact, Congress held hearings, where it called the leaders of Robinhood, Melvin Capital and Citadel and an individual investor who made a great call on GameStop (GME) to testify. We have a few thoughts about this to share.</i> <i><b>First, it is very healthy for market participants to discuss and debate stocks.</b></i> <i>This is true both privately and publicly. There are rules about fraud and manipulation that need to be followed,</i> <i><b>but investors discussing why they think GME (or any other stock) should go up or down ought to be encouraged. There is no reason to drag anyone before Congress for making a stock pick.</b></i> <i>Second, it is also fine to make bad stock picks.</i> <i><b>If a hedge fund takes a big position in a stock and is wrong, it loses money. Isn’t this how it is supposed to work?</b></i> <i>Third,</i> <i><b>payment for order flow is just disguised commissions.</b></i> <i>We are in a world where consumers, especially young ones, expect internet services to be free, or at least free to them. A quote widely attributed to Richard Serra about commercial TV in 1973 says it best: “You’re not the customer; you’re the product.”</i> <i><b>If you want the broker to work for you, pay a commission.</b></i> <i>Fourth, Robinhood suspended trading in certain stocks because it was undercapitalized. It is possible that it wasn’t following the regulatory requirements. A regulatory sanction is probably appropriate – but as we’ll discuss below, we won’t be holding our breath.</i></blockquote><p>The punchline:<i>Einhorn slamming Chamath and Elon for pouring the \"real jet fuel\" on the GME squeeze:</i></p><blockquote><i>Finally, we note that the real jet fuel on the GME squeeze came from Chamath Palihapitiya and Elon Musk, whose appearances on TV and Twitter, respectively, at a critical moment further destabilized the situation.</i> <i><b>Mr. Palihapitiya controls SoFi, which competes with Robinhood, and left us with the impression that by destabilizing GME he could harm a competitor.</b></i> <i>As for Mr. Musk,</i> <i><b>we are going to defend him, half-heartedly. If regulators wanted Elon Musk to stop manipulating stocks, they should have done so with more than a light slap on the wrist when they accused him of manipulating Tesla’s shares in 2018. The laws don’t apply to him and he can do whatever he wants.</b></i> <i>Many who would never support defunding the police have supported – and for all intents and purposes have succeeded – in almost completely defanging, if not defunding, the regulators. For the most part, quasi-anarchy appears to rule in markets.</i> <i><b>Sure, Dr. Michael Burry, famed for his role in The Big Short, reportedly received a visit from the SEC after tweeting warnings about recent market trends – and decided to stop publicly speaking truth to power. But for the most part, there is no cop on the beat.</b></i> <i>It’s as if there are no financial fraud prosecutors; companies and managements that are emboldened enough to engage in malfeasance have little to fear.</i></blockquote><p>Einhorn then concludes with three anecdotes to demonstrate his argument that this is not only an \"anything goes\" market where crime is rampant, but proving just how broken the market has become.</p><p>First, consider the investigation of Tether by the Office of the Attorney General of New York (OAG). As Einhorn explains, \"tether is a cryptocurrency that is always worth a dollar (the value is “tethered” to the dollar). Tether is one of the largest cryptocurrencies with about $40 billion outstanding, yet it has not been audited or regulated in any serious manner. In theory, Tether is supposed to have $1 of cash backing every Tether issued. Except it didn’t, at least when it was investigated.\" Incidentally, for anyone still confused, Tether is how theChinese launder billions in domestic funds abroad and outside the Chinese firewallas we explained in December, although so far few have the desire to expose this reality. In any case, here is Einhorn's lament:</p><blockquote><i>The OAG conducted a two-year probe and found that Tether deceived clients and the market by overstating reserves and hiding approximately $850 million of losses around the globe. Tether and its sponsor, Bitfinex, “recklessly and unlawfully covered up massive financial losses to keep their scheme going and protect their bottom lines,” said the OAG. Further, “Tether’s claims that its virtual currency was fully backed by U.S. dollars at all times was a lie.”Did the OAG shut down Tether? Did anyone get arrested or even lose their job? Was the regulatory infrastructure changed to make sure this doesn’t happen again? No, of course not. The OAG assessed an $18.5 million penalty and Tether agreed to discontinue “any trading activity with New Yorkers.” It was as if Bernie Madoff had been told to pay a small fine and stop ripping off New Yorkers, but to go ahead and have fun with the Palm Beach crowd.</i></blockquote><p>Einhorn next highlights one of the stocks most hated by the bearish community: GSX:</p><blockquote>The media is focused on how the banks allowed excessive leverage and poorly (or properly) managed their risks. The real story is how Arch-Egos was able to buy up most of the float of GSX Techedu, <b>causing the stock to soar 400% in the face of unrefuted allegations of massive fraud.</b>The SEC has an ongoing investigation of GSX but appears to not have noticed a single fund (or a small group of funds) essentially cornering the market. A traditionalist could say this was market manipulation and transparently illegal.</blockquote><p>The professional poker player finally points out some of the insane moves observed in pennystocks in Q1, focusing on a tiny deli owner in rural NJ:</p><blockquote><i>Strange things happen to all kinds of stocks. Last year, on one day in June, the stocks of about a dozen bankrupt companies roughly doubled on enormous volume. Recently, the Wall Street Journal reported a boom in penny stocks.Someone pointed us to Hometown International (HWIN), which owns a single deli in rural New Jersey. The deli had $21,772 in sales in 2019 and only $13,976 in 2020, as it was closed due to COVID from March to September.</i> <i><b>HWIN reached a market cap of $113 million on February 8.</b></i> <i>The largest shareholder is also the CEO/CFO/Treasurer and a Director, who also happens to be the wrestling coach of the high school next door to the deli. The pastrami must be amazing. Small investors who get sucked into these situations are likely to be harmed eventually, yet the regulators – who are supposed to be protecting investors – appear to be neither present nor curious.</i></blockquote><p>We don't find it at all surprising that Einhorn's conclusion from his capital markets observations over the past quarter is<i>identical</i>to ours, when we discussed the insane stock moves that dominated much of January and February:</p><blockquote><i><b>\"From a traditional perspective, the market is fractured and possibly in the process of breaking completely.\"</b></i></blockquote><p>Einhorn's full letter is below:</p><p><img src=\"https://static.tigerbbs.com/519bd51d93865787f487bbfdc930c706\" tg-width=\"946\" tg-height=\"496\"><img src=\"https://static.tigerbbs.com/1691d37b71b28794a2bc900aaf5b313e\" tg-width=\"857\" tg-height=\"687\"><img src=\"https://static.tigerbbs.com/a5d1e93a00a6d64936e9c09b9b940dbf\" tg-width=\"891\" tg-height=\"719\"><img src=\"https://static.tigerbbs.com/0c11ad8e34545a98ba8ee9c4fa8a78d9\" tg-width=\"909\" tg-height=\"477\"><img src=\"https://static.tigerbbs.com/fc8253cd105c8e2727495e1d34c6769b\" tg-width=\"887\" tg-height=\"719\"><img src=\"https://static.tigerbbs.com/e120ac355802479930a1b1e84bf46e3e\" tg-width=\"901\" tg-height=\"528\"><img src=\"https://static.tigerbbs.com/28989c8e07df2deede3e092055e09e70\" tg-width=\"895\" tg-height=\"564\"><img src=\"https://static.tigerbbs.com/7d526b287d859e129d81853c0be2ace0\" tg-width=\"869\" tg-height=\"559\"><img src=\"https://static.tigerbbs.com/8599ce79c9573aed1ca3b1266bd3400a\" tg-width=\"871\" tg-height=\"534\"><img src=\"https://static.tigerbbs.com/3ae554a242066a92e4095f35260ce325\" tg-width=\"917\" tg-height=\"639\"><img src=\"https://static.tigerbbs.com/df45fd1c31a9a0b5a376ec0fe6037598\" tg-width=\"883\" tg-height=\"522\"><img src=\"https://static.tigerbbs.com/b72d0f63d22768ed27882dca1e9f6048\" tg-width=\"878\" tg-height=\"420\"><img src=\"https://static.tigerbbs.com/cf93a682ea1bc652b5107e7ecf902b84\" tg-width=\"862\" tg-height=\"456\"><img src=\"https://static.tigerbbs.com/f0326abf9ee7f93425e7d4cb20e1f375\" tg-width=\"900\" tg-height=\"657\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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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\">\nEinhorn: \"The Market Is Fractured And In The Process Of Breaking Completely\"\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-16 16:41 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/einhorn-market-fractured-and-process-breaking-completely><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>In many ways, David Einhorn's Greenlight appears to be back to its \"new normal\" - in a letter sent to investors, Einhorn writes that Greenlight again underperformed the market and returned -0.1% in ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/einhorn-market-fractured-and-process-breaking-completely\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://www.zerohedge.com/markets/einhorn-market-fractured-and-process-breaking-completely","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1156411249","content_text":"In many ways, David Einhorn's Greenlight appears to be back to its \"new normal\" - in a letter sent to investors, Einhorn writes that Greenlight again underperformed the market and returned -0.1% in the first quarter, badly underperforming the 6.2% return for the S&P 500 index, before proceeding to bash the Fed, broken markets, Chamath and Elon, the basket of short stocks and much more.That said, even though as Einhorn writes Greenlight made only a handful of portfolio changes and essentially broke even, \"a lot happened. In general, the investment environment – especially from mid-February through the end of the quarter – was favorable as value outperformed growth, and interest rates and inflation expectations rose.\"He then asks if the tide hasfinallyturned from Growth to Value, noting that \"after a very tough decade, we have only just begun a recovery as shown in this 45-year chart from Goldman Sachs research:\"Part of the shift from growth to value, Einhorn writes, may be coming from higher inflation and inflation expectations. As measured by the inflation swap market, 10-year inflation expectations fell from 2.9% in September 2012 to 0.8% in March 2020. The only significant intervening bounce came in 2016, when expectations jumped from 1.5% to 2.3% on expectations of a major stimulus deal from the Trump admin (which never materialized). It is hardly a coincidence that that was the only year in the last decade in which value outperformed growth, as the Greenlight head notes. Fast forward to now, when after bottoming in March 2020, inflation expectations have recovered to 2.5%. The trend became clearer in the middle of May, and value started outperforming growth then, and especially since the middle of February. Indeed, aince May 15, the value-heavy Greenlight returned 80% of the S&P 500 index with half the net exposure.Einhorn is even more optimistic about the future when it comes to the \"growth to value\" rotation:When the time comes, we will have to figure out how to perform better in deflationary periods. But for now, we believe inflation is only going one way – higher – and we are optimistic about our prospects. The wind is now at our backs. The economy is in full recovery mode. Household balance sheets are stronger than they have been in a long time and household income growth was up 13% in February compared to last year. And this is before the latest $1.9 trillion – with a “T” – pandemic relief stimulus. Corporate capital spending is booming. There are shortages and bottlenecks everywhere. Last month nearly one million jobs returned. There are signs of an emerging labor shortage.As for the Fed, the Greenlight boss writes that \"it fundamentally changed its framework last August. It no longer seems to care that monetary policy works with a lag. Actually, it has embraced an asymmetrical inflation policy: The Fed wants to be ahead of the curve on the downside to protectthe stock market and corporate bondholdersthe economy. Behind the curve is fine on the way up no matter how frothy the stock market the recovery is. Now, it says it is only going to react to actual inflation that exceeds its 2% target for a period of time.\"The letter then goes on to muse how the Fed will know when it is blowing the next bubble, and to stop:... the Fed has indicated that it believes any abnormally high inflation will be transitory. We wonder, how will the Fed know? Do price increases come with a label that says “transitory”? Our sense is that no matter how hot inflation gets in the coming months, the Fed will continue with zero interest rates and large-scale asset purchases. After all, the U.S. Treasury has a lot of debt to sell and it isn’t clear who, other than the Fed, can absorb the supply.It's not just Powell who is throwing caution to the wind: so are such mainstream econ \"experts\" as John Oliver:The bipartisan idea that deficits don’t matter has even reached popular culture. John Oliverdedicated an entire episodeof Last Week Tonight to browbeating anyone who is concerned about the growing national debt. His argument boiled down to: (1) nobody knows how much debt is too much; (2) we have a good need to spend money now; and (3) it won’t be a problem until inflation shows up, and we can deal with it then.To this, Einhorn's response is simple: \"Though one can debate whether the official government statistics are contrived to avoid capturing inflation\" - and as we have repeatedly noted, inflation is now decidedly a political measurement, one which has been gamed for decades to make it appears as low as possible \"shortages and bottlenecks accompanied by rising demand can only be solved through increased capacity and higher prices. We have also reset the baseline income for non-working adults; it will take higher wages to bring those marginally attached to the labor force back to work.\"Concluding this part of the letter, Einhorn writes that while the Fed says it has the tools to fight inflation (and according to Bernanke can cut it in15 minutes), \"it remains to be seen if it will have the stomach to use them when the time comes. Thatis a discussion for another day. Right now, we remain positioned for rising inflation and inflation expectations.\"The Greenlight letter then goes on to lay out just how it plans to capture these rising inflation expectations, listing its top positions as follows, and how they performed in the frist quarter:Brighthouse Financial (BHF, +22%)benefitted from rising interest rates;Danimer Scientific (DNMR, +61%)began its life as a public company;Concentrix (CNXC, +52%)benefitted from strong demand and rising estimates;Resideo Technologies (REZI, +33%)was helped by the strong housing market;Change Healthcare (CHNG, +18%)agreed to be acquired by UnitedHealthcare;AerCap Holdings (AER, +29%)agreed to acquire GE Capital’s aircraft leasing business (GECAS) at a discount; andAn undisclosed healthcare short (-41%)fell due to reduced government reimbursement for its product.(incidentally, at quarter-end, Greenlight's largest disclosed long positions were Atlas Air Worldwide, Brighthouse Financial, Change Healthcare, Danimer Scientific and Green Brick Partners, with a net average exposure of 118% long and 81% short).Which is not to say that there were no glitches. One was underperformance by homebuilder and land-developer GRBK, the fund's largest position (more on this in the full letter below). The other performance drag was - as usual- Greenlight's \"short basket\" of bubble stocks.What follows next is a tour de force from Einhorn lashing out at all the ways the market is broken, and how the Reddit insanity of Q1 exposed it for all to see:In late January, the market came to focus on companies with large short interests. Despite having a diversified portfolio, a number of our positions fell into this group and experienced sudden, sharp rises. We adjusted to the dynamic by reducing our exposure to single name shorts, both in number and sizing. To mitigate the potentially uncomfortable net long bias that would have resulted, we added macro hedges of market index and index option shorts. While we do not expect this to be a permanent change, we will evaluate and modify as we go. The performance of our short portfolio in 2020 and in early 2021 was unacceptable, so change is certainly needed. If we swing a little less hard, we should hit more balls. We have also revised our internal analyst incentive structure to fully emphasize alpha creation.Much has been made of the short-squeezes in late January. In fact, Congress held hearings, where it called the leaders of Robinhood, Melvin Capital and Citadel and an individual investor who made a great call on GameStop (GME) to testify. We have a few thoughts about this to share. First, it is very healthy for market participants to discuss and debate stocks. This is true both privately and publicly. There are rules about fraud and manipulation that need to be followed, but investors discussing why they think GME (or any other stock) should go up or down ought to be encouraged. There is no reason to drag anyone before Congress for making a stock pick. Second, it is also fine to make bad stock picks. If a hedge fund takes a big position in a stock and is wrong, it loses money. Isn’t this how it is supposed to work? Third, payment for order flow is just disguised commissions. We are in a world where consumers, especially young ones, expect internet services to be free, or at least free to them. A quote widely attributed to Richard Serra about commercial TV in 1973 says it best: “You’re not the customer; you’re the product.” If you want the broker to work for you, pay a commission. Fourth, Robinhood suspended trading in certain stocks because it was undercapitalized. It is possible that it wasn’t following the regulatory requirements. A regulatory sanction is probably appropriate – but as we’ll discuss below, we won’t be holding our breath.The punchline:Einhorn slamming Chamath and Elon for pouring the \"real jet fuel\" on the GME squeeze:Finally, we note that the real jet fuel on the GME squeeze came from Chamath Palihapitiya and Elon Musk, whose appearances on TV and Twitter, respectively, at a critical moment further destabilized the situation. Mr. Palihapitiya controls SoFi, which competes with Robinhood, and left us with the impression that by destabilizing GME he could harm a competitor. As for Mr. Musk, we are going to defend him, half-heartedly. If regulators wanted Elon Musk to stop manipulating stocks, they should have done so with more than a light slap on the wrist when they accused him of manipulating Tesla’s shares in 2018. The laws don’t apply to him and he can do whatever he wants. Many who would never support defunding the police have supported – and for all intents and purposes have succeeded – in almost completely defanging, if not defunding, the regulators. For the most part, quasi-anarchy appears to rule in markets. Sure, Dr. Michael Burry, famed for his role in The Big Short, reportedly received a visit from the SEC after tweeting warnings about recent market trends – and decided to stop publicly speaking truth to power. But for the most part, there is no cop on the beat. It’s as if there are no financial fraud prosecutors; companies and managements that are emboldened enough to engage in malfeasance have little to fear.Einhorn then concludes with three anecdotes to demonstrate his argument that this is not only an \"anything goes\" market where crime is rampant, but proving just how broken the market has become.First, consider the investigation of Tether by the Office of the Attorney General of New York (OAG). As Einhorn explains, \"tether is a cryptocurrency that is always worth a dollar (the value is “tethered” to the dollar). Tether is one of the largest cryptocurrencies with about $40 billion outstanding, yet it has not been audited or regulated in any serious manner. In theory, Tether is supposed to have $1 of cash backing every Tether issued. Except it didn’t, at least when it was investigated.\" Incidentally, for anyone still confused, Tether is how theChinese launder billions in domestic funds abroad and outside the Chinese firewallas we explained in December, although so far few have the desire to expose this reality. In any case, here is Einhorn's lament:The OAG conducted a two-year probe and found that Tether deceived clients and the market by overstating reserves and hiding approximately $850 million of losses around the globe. Tether and its sponsor, Bitfinex, “recklessly and unlawfully covered up massive financial losses to keep their scheme going and protect their bottom lines,” said the OAG. Further, “Tether’s claims that its virtual currency was fully backed by U.S. dollars at all times was a lie.”Did the OAG shut down Tether? Did anyone get arrested or even lose their job? Was the regulatory infrastructure changed to make sure this doesn’t happen again? No, of course not. The OAG assessed an $18.5 million penalty and Tether agreed to discontinue “any trading activity with New Yorkers.” It was as if Bernie Madoff had been told to pay a small fine and stop ripping off New Yorkers, but to go ahead and have fun with the Palm Beach crowd.Einhorn next highlights one of the stocks most hated by the bearish community: GSX:The media is focused on how the banks allowed excessive leverage and poorly (or properly) managed their risks. The real story is how Arch-Egos was able to buy up most of the float of GSX Techedu, causing the stock to soar 400% in the face of unrefuted allegations of massive fraud.The SEC has an ongoing investigation of GSX but appears to not have noticed a single fund (or a small group of funds) essentially cornering the market. A traditionalist could say this was market manipulation and transparently illegal.The professional poker player finally points out some of the insane moves observed in pennystocks in Q1, focusing on a tiny deli owner in rural NJ:Strange things happen to all kinds of stocks. Last year, on one day in June, the stocks of about a dozen bankrupt companies roughly doubled on enormous volume. Recently, the Wall Street Journal reported a boom in penny stocks.Someone pointed us to Hometown International (HWIN), which owns a single deli in rural New Jersey. The deli had $21,772 in sales in 2019 and only $13,976 in 2020, as it was closed due to COVID from March to September. HWIN reached a market cap of $113 million on February 8. The largest shareholder is also the CEO/CFO/Treasurer and a Director, who also happens to be the wrestling coach of the high school next door to the deli. The pastrami must be amazing. Small investors who get sucked into these situations are likely to be harmed eventually, yet the regulators – who are supposed to be protecting investors – appear to be neither present nor curious.We don't find it at all surprising that Einhorn's conclusion from his capital markets observations over the past quarter isidenticalto ours, when we discussed the insane stock moves that dominated much of January and February:\"From a traditional perspective, the market is fractured and possibly in the process of breaking completely.\"Einhorn's full letter is below:","news_type":1},"isVote":1,"tweetType":1,"viewCount":74,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":874189058,"gmtCreate":1637743558874,"gmtModify":1637745582068,"author":{"id":"3581734146965135","authorId":"3581734146965135","name":"Stanley1981","avatar":"https://static.tigerbbs.com/97bdc08c4285eac7a082e2745975bcfc","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581734146965135","authorIdStr":"3581734146965135"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/S68.SI\">$SINGAPORE EXCHANGE LIMITED(S68.SI)$</a>Everyday drop zzz","listText":"<a href=\"https://laohu8.com/S/S68.SI\">$SINGAPORE EXCHANGE LIMITED(S68.SI)$</a>Everyday drop zzz","text":"$SINGAPORE EXCHANGE LIMITED(S68.SI)$Everyday drop zzz","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/874189058","isVote":1,"tweetType":1,"viewCount":503,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":182546604,"gmtCreate":1623592600708,"gmtModify":1634031350049,"author":{"id":"3581734146965135","authorId":"3581734146965135","name":"Stanley1981","avatar":"https://static.tigerbbs.com/97bdc08c4285eac7a082e2745975bcfc","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581734146965135","authorIdStr":"3581734146965135"},"themes":[],"htmlText":"Huat ah","listText":"Huat ah","text":"Huat ah","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/182546604","repostId":"2142378818","repostType":4,"isVote":1,"tweetType":1,"viewCount":412,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":379027133,"gmtCreate":1618641512222,"gmtModify":1634291579710,"author":{"id":"3581734146965135","authorId":"3581734146965135","name":"Stanley1981","avatar":"https://static.tigerbbs.com/97bdc08c4285eac7a082e2745975bcfc","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581734146965135","authorIdStr":"3581734146965135"},"themes":[],"htmlText":"Is this good or bad?","listText":"Is this good or bad?","text":"Is this good or bad?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/379027133","repostId":"1179330583","repostType":4,"repost":{"id":"1179330583","kind":"news","pubTimestamp":1618588042,"share":"https://www.laohu8.com/m/news/1179330583?lang=&edition=full","pubTime":"2021-04-16 23:47","market":"us","language":"en","title":"Airbnb CEO says company is going to need millions more hosts to meet surging demand","url":"https://stock-news.laohu8.com/highlight/detail?id=1179330583","media":"cnbc","summary":"KEY POINTS\n\nAirbnb is going to need millions of new hosts to meet incoming demand as travel picks up","content":"<div>\n<p>KEY POINTS\n\nAirbnb is going to need millions of new hosts to meet incoming demand as travel picks up again, CEO Brian Chesky told CNBC.\n\"To meet the demand over the coming years, we're going to need ...</p>\n\n<a href=\"https://www.cnbc.com/2021/04/16/airbnb-ceo-says-company-is-going-to-need-millions-more-hosts-to-meet-demand.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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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\">\nAirbnb CEO says company is going to need millions more hosts to meet surging demand\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-16 23:47 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/04/16/airbnb-ceo-says-company-is-going-to-need-millions-more-hosts-to-meet-demand.html><strong>cnbc</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>KEY POINTS\n\nAirbnb is going to need millions of new hosts to meet incoming demand as travel picks up again, CEO Brian Chesky told CNBC.\n\"To meet the demand over the coming years, we're going to need ...</p>\n\n<a href=\"https://www.cnbc.com/2021/04/16/airbnb-ceo-says-company-is-going-to-need-millions-more-hosts-to-meet-demand.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ABNB":"爱彼迎"},"source_url":"https://www.cnbc.com/2021/04/16/airbnb-ceo-says-company-is-going-to-need-millions-more-hosts-to-meet-demand.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1179330583","content_text":"KEY POINTS\n\nAirbnb is going to need millions of new hosts to meet incoming demand as travel picks up again, CEO Brian Chesky told CNBC.\n\"To meet the demand over the coming years, we're going to need millions more hosts,\" Chesky said in an interview that aired Friday on \"TechCheck.\"\nCurrently, the home-sharing platform has 4 million hosts.\n\nAirbnbis going to need millions of new hosts to meet incoming demand as travel picks up again, CEO Brian Chesky told CNBC.\n\"To meet the demand over the coming years, we're going to need millions more hosts,\" Chesky said in an interview that aired Friday on CNBC's \"TechCheck.\" Currently, the home-sharing platform has 4 million hosts.\n“I think that we probably will have a high cost problem where there will probably be more guests coming to Airbnb than we’ll have hosts for because what we think is we think there’s going to be a travel rebound coming that’s unlike anything we’ve ever seen,” Chesky added. “We are working our hardest to get more hosts on the platform.”\nThe travel industry is seeing an uptick in business as more Americans get vaccinated and state restrictions ease. But for Airbnb, which relies on people to open their homes to guests, the company will need to ramp up its number of hosts instead of building out more real estate or adding flights to meet demand.\nIt’s a similar problem faced by other companies in the gig economy likeUber, which recently announced a$250 million stimulusin an effort to bring more drivers to its platform.\n“As vaccination rates increase in the United States, we are observing that consumer demand for Mobility is recovering faster than driver availability, and consumer demand for Delivery continues to exceed courier availability,”Uber saidin a filing with the Securities and Exchange Commission.\nChesky said Airbnb isn’t likely to offer “a lot of incentives” to bring new hosts on board since there’s already a huge amount of demand for service.\n“I think that all we have to do is just continue to tell our story of Airbnb, and the benefits of hosting. And we are seeing a lot of interest,” he said.\nAs part of that, Chesky said the company has done things like launch its “made possible by hosts” ad campaign. The company rolled out a number of advertisements using photographs from Airbnb guests staying in homes around the world, in an effort to create a sense of nostalgia.","news_type":1},"isVote":1,"tweetType":1,"viewCount":143,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":820434071,"gmtCreate":1633413565828,"gmtModify":1633413565910,"author":{"id":"3581734146965135","authorId":"3581734146965135","name":"Stanley1981","avatar":"https://static.tigerbbs.com/97bdc08c4285eac7a082e2745975bcfc","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581734146965135","authorIdStr":"3581734146965135"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/S68.SI\">$SINGAPORE EXCHANGE LIMITED(S68.SI)$</a>what cause the drop today?&nbsp;","listText":"<a href=\"https://laohu8.com/S/S68.SI\">$SINGAPORE EXCHANGE LIMITED(S68.SI)$</a>what cause the drop today?&nbsp;","text":"$SINGAPORE EXCHANGE LIMITED(S68.SI)$what cause the drop 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