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2021-03-18

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VW Shares Continue To Scorch Higher On EV Promise As Tesla Slumps<blockquote>随着特斯拉的下滑，大众股价因电动汽车承诺而继续走高</blockquote>

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{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":324426741,"tweetId":"324426741","gmtCreate":1616026624583,"gmtModify":1703496486891,"author":{"id":3575581511094836,"idStr":"3575581511094836","authorId":3575581511094836,"authorIdStr":"3575581511094836","name":"Teruwa","avatar":"https://static.tigerbbs.com/88dfe40f779bb792adcca626b50b5b72","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[],"fanSize":1,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"title":"","extraTitle":"","html":"<html><head></head><body>interestingly&nbsp;</body></html>","htmlText":"<html><head></head><body>interestingly&nbsp;</body></html>","text":"interestingly","highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/324426741","repostId":1179080939,"repostType":4,"repost":{"id":"1179080939","kind":"news","pubTimestamp":1615991600,"share":"https://www.laohunote.com/m/news/1179080939?lang=zh_CN&edition=full","pubTime":"2021-03-17 22:33","market":"us","language":"en","title":"VW Shares Continue To Scorch Higher On EV Promise As Tesla Slumps<blockquote>随着特斯拉的下滑，大众股价因电动汽车承诺而继续走高</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1179080939","media":"zerohedg","summary":"It was inevitable that somereversion to the mean would have to happen between names like Tesla and, ","content":"It was inevitable that&nbsp;somereversion to the mean would have to happen between names like Tesla and, well, the rest of the auto industry. While Tesla shares are lower on Wednesday in early trade, VW might be the leading frontrunner to meet the mean from the other direction. Shares of VW common and preferred have continued to scorch higher, adding to yesterday's gains.<blockquote>这是不可避免的一些像特斯拉这样的公司和汽车行业的其他公司之间必须回归平均水平。尽管特斯拉股价周三早盘走低，但大众汽车可能是迎接另一个方向平均值的领跑者。大众普通股和优先股的股价继续走高，扩大了昨天的涨幅。</blockquote> <img src=\"https://static.tigerbbs.com/9c08ac7151c24e77c8d56d29034d05f5\" tg-width=\"685\" tg-height=\"496\"><blockquote></blockquote> This extendsyesterday's monster gainswhich saw VW shares climb over 30% at one point. And, as you can see below, VW is starting to look a bit like Tesla's chart over the last 18 months. The key exception is, of course, that VW is a consistently cash generating legacy automaker with decades of history behind it.<blockquote>这延续了昨天的巨幅涨幅，大众汽车股价一度攀升超过 30%。而且，正如您在下面看到的，大众汽车在过去 18 个月里开始看起来有点像特斯拉的图表。当然，关键的例外是，大众汽车是一家拥有数十年历史的持续创收传统汽车制造商。</blockquote> <img src=\"https://static.tigerbbs.com/2eca047b9aff188d55c809f9e9855ea1\" tg-width=\"500\" tg-height=\"307\">The reversion to the mean could be very bad news for Tesla, as VW could be just the first of many valuation \"reality checks\" that Musk's company could be in for. Eventually, people are destined to realize that legacy automakers can make quality EVs that are inevitably going to compete - seriously - with Tesla. Recall, names like Apple, BMW, Jaguar and Audi - just to name a few - are also throwing their hats into the respective ring.<blockquote>回归均值对特斯拉来说可能是一个非常糟糕的消息，因为大众汽车可能只是马斯克的公司可能面临的众多估值“现实检查”中的第一个。最终，人们注定会意识到，传统汽车制造商可以生产出高质量的电动汽车，这些汽车不可避免地会与特斯拉展开激烈竞争。回想一下，苹果、宝马、捷豹和奥迪等品牌也纷纷加入各自的行列。</blockquote> Yesterday VW upgraded its profit guidance laid out plans for expanding the company's EV offering out through 2030 which also includes dethroning Tesla as the reigning EV world champ. VW hosted its \"Power Day\" yesterday and revealed plans to build six \"gigafactories\" with a total capacity of 240 gigawatt hours per year.<blockquote>昨天，大众汽车上调了利润指引，制定了到 2030 年扩大公司电动汽车产品的计划，其中还包括推翻特斯拉作为卫冕电动汽车世界冠军的地位。大众汽车昨天举办了“电力日”，并透露了建设六座“超级工厂”的计划，总产能为每年 240 吉瓦时。</blockquote> \"The company is aiming to achieve an operating margin between 7% and 8% after 2021. VOW also confirmed it is looking to finish the year at the upper and of a 5% - 6.5% range in 2021. Higher profitability will be achieved through lower costs with as much as 2 billion euros savings identified for 2023 compared to 2020,\" the company said yesterday, according to&nbsp;StreetInsider.<blockquote>“公司的目标是在 2021 年后实现 7% 至 8% 的营业利润率。VOW 还确认，希望在 2021 年达到 5% 至 6.5% 的上限。通过降低成本实现更高的盈利能力，与 2020 年相比，2023 年可节省多达 20 亿欧元，”据 StreetInsider 报道，该公司昨天表示。</blockquote> Chief Executive Herbert Diess said on CNBC:&nbsp;“This period is probably the most crucial for the whole industry. Within the next 15 years we will see a total turnover of the industry. Electric cars are taking the lead and then software really becomes the core driver of the industry.”<blockquote>首席执行官赫伯特·迪斯在 CNBC 上表示： “这个时期可能是整个行业最关键的时期。在未来15年内，我们将看到该行业的总营业额。电动汽车正在引领潮流，然后软件将真正成为这个行业的核心驱动力。”</blockquote> “Electric cars already today are very, very competitive and they’re becoming more competitive over time. that gives us the certainty that this is the right way going forward. Electric cars actually will bring down the cost of individual mobility further,” he continued.<blockquote>“如今，电动汽车已经非常非常有竞争力，而且随着时间的推移，它们的竞争力还会越来越强。这让我们确信这是正确的发展方向。电动汽车实际上将进一步降低个人出行的成本，”他继续说道。</blockquote> VW also disclosed yesterday that it was working on a \"new unified battery cell\" to be launched in 2023. Diess said:&nbsp;\"The one size fits almost all cell design will radically reduce battery costs ... by up to 50% compared to today. Lower prices for batteries means more affordable cars, which makes electric vehicles more attractive for customers.\"<blockquote>大众汽车昨天还透露，正在研发将于 2023 年推出的“新型统一电池”。迪斯说：“几乎适合所有电池设计的一种尺寸将从根本上降低电池成本……与现在相比降低高达 50%。电池价格降低意味着汽车更实惠，这使得电动汽车对客户更具吸引力。”</blockquote> Also probably contributing to its ascent is the fact that VW is a \"less liquid\" share listing, as Bloomberg notes that it is \"owned by major shareholders Porsche SE, the German state of Lower Saxony and Qatar\".<blockquote>大众汽车是一家“流动性较低”的股票上市公司，彭博社指出，它“由主要股东保时捷股份公司、德国下萨克森州和卡塔尔所有”，这也可能导致其上涨。</blockquote> The move is also part of a general hysteria surrounding EV stocks. Recall,&nbsp;we wrote days ago&nbsp;that Rob Arnott of Research Affiliates referred to it as a \"big delusion\". Arnott's predictions could eventually rope in valuations across the board in EVs, not just for any one player.<blockquote>此举也是围绕电动汽车股票普遍歇斯底里的一部分。回想一下，我们几天前写过，研究附属公司的罗布·阿诺特称之为“大错觉”。阿诺特的预测最终可能会拉动电动汽车的全面估值，而不仅仅是针对任何一家公司。</blockquote> Current valuations in EVs are due to \"pricing delusion\", Arnott said in a&nbsp;new paper&nbsp;calling EVs the \"Big Market Delusion\"&nbsp;last week.&nbsp;“The electric vehicle industry, with its astronomical growth in market-cap over the 12 months ending January 31, 2021, is a prime example of a big market delusion,” he wrote.<blockquote>阿诺特上周在一篇将电动汽车称为 “大市场错觉”的新论文中说，目前电动汽车的估值是由于 “定价错觉”造成的。“他写道：”在截至 2021 年 1 月 31 日的 12 个月里，电动汽车行业的市值呈天文数字增长，是市场大错觉的典型例子。</blockquote> <img src=\"https://static.tigerbbs.com/d2a5f96a4a5704f2233e4c71ce2f7610\" tg-width=\"500\" tg-height=\"317\">In his paper, he defines a big market delusion as \"when all the firms in an evolving industry rise together, despite that fact that they are competing against each other.\" He used airlines as an example of the BMD in the past. Technology&nbsp;“does not translate into great fortunes for investors unless it is associated with barriers to entry that allow a company to earn returns significantly in excess of the cost of capital for an extended period,” he argued.<blockquote>在他的论文中，他将大市场错觉定义为“当一个不断发展的行业中的所有公司一起崛起时，尽管事实上它们正在相互竞争。”他过去用航空公司作为BMD的例子。他认为，技术 “不会为投资者带来巨大的财富，除非它与进入壁垒联系在一起，使公司能够在很长一段时间内获得远远超过资本成本的回报”。</blockquote>","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>VW Shares Continue To Scorch Higher On EV Promise As Tesla Slumps<blockquote>随着特斯拉的下滑，大众股价因电动汽车承诺而继续走高</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nVW Shares Continue To Scorch Higher On EV Promise As Tesla Slumps<blockquote>随着特斯拉的下滑，大众股价因电动汽车承诺而继续走高</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nzerohedg2021-03-17 22:33\n\n</h4>\n</header>\n<article>\nIt was inevitable that&nbsp;somereversion to the mean would have to happen between names like Tesla and, well, the rest of the auto industry. While Tesla shares are lower on Wednesday in early trade, VW might be the leading frontrunner to meet the mean from the other direction. Shares of VW common and preferred have continued to scorch higher, adding to yesterday's gains.<blockquote>这是不可避免的一些像特斯拉这样的公司和汽车行业的其他公司之间必须回归平均水平。尽管特斯拉股价周三早盘走低，但大众汽车可能是迎接另一个方向平均值的领跑者。大众普通股和优先股的股价继续走高，扩大了昨天的涨幅。</blockquote> <img src=\"https://static.tigerbbs.com/9c08ac7151c24e77c8d56d29034d05f5\" tg-width=\"685\" tg-height=\"496\"><blockquote></blockquote> This extendsyesterday's monster gainswhich saw VW shares climb over 30% at one point. And, as you can see below, VW is starting to look a bit like Tesla's chart over the last 18 months. The key exception is, of course, that VW is a consistently cash generating legacy automaker with decades of history behind it.<blockquote>这延续了昨天的巨幅涨幅，大众汽车股价一度攀升超过 30%。而且，正如您在下面看到的，大众汽车在过去 18 个月里开始看起来有点像特斯拉的图表。当然，关键的例外是，大众汽车是一家拥有数十年历史的持续创收传统汽车制造商。</blockquote> <img src=\"https://static.tigerbbs.com/2eca047b9aff188d55c809f9e9855ea1\" tg-width=\"500\" tg-height=\"307\">The reversion to the mean could be very bad news for Tesla, as VW could be just the first of many valuation \"reality checks\" that Musk's company could be in for. Eventually, people are destined to realize that legacy automakers can make quality EVs that are inevitably going to compete - seriously - with Tesla. Recall, names like Apple, BMW, Jaguar and Audi - just to name a few - are also throwing their hats into the respective ring.<blockquote>回归均值对特斯拉来说可能是一个非常糟糕的消息，因为大众汽车可能只是马斯克的公司可能面临的众多估值“现实检查”中的第一个。最终，人们注定会意识到，传统汽车制造商可以生产出高质量的电动汽车，这些汽车不可避免地会与特斯拉展开激烈竞争。回想一下，苹果、宝马、捷豹和奥迪等品牌也纷纷加入各自的行列。</blockquote> Yesterday VW upgraded its profit guidance laid out plans for expanding the company's EV offering out through 2030 which also includes dethroning Tesla as the reigning EV world champ. VW hosted its \"Power Day\" yesterday and revealed plans to build six \"gigafactories\" with a total capacity of 240 gigawatt hours per year.<blockquote>昨天，大众汽车上调了利润指引，制定了到 2030 年扩大公司电动汽车产品的计划，其中还包括推翻特斯拉作为卫冕电动汽车世界冠军的地位。大众汽车昨天举办了“电力日”，并透露了建设六座“超级工厂”的计划，总产能为每年 240 吉瓦时。</blockquote> \"The company is aiming to achieve an operating margin between 7% and 8% after 2021. VOW also confirmed it is looking to finish the year at the upper and of a 5% - 6.5% range in 2021. Higher profitability will be achieved through lower costs with as much as 2 billion euros savings identified for 2023 compared to 2020,\" the company said yesterday, according to&nbsp;StreetInsider.<blockquote>“公司的目标是在 2021 年后实现 7% 至 8% 的营业利润率。VOW 还确认，希望在 2021 年达到 5% 至 6.5% 的上限。通过降低成本实现更高的盈利能力，与 2020 年相比，2023 年可节省多达 20 亿欧元，”据 StreetInsider 报道，该公司昨天表示。</blockquote> Chief Executive Herbert Diess said on CNBC:&nbsp;“This period is probably the most crucial for the whole industry. Within the next 15 years we will see a total turnover of the industry. Electric cars are taking the lead and then software really becomes the core driver of the industry.”<blockquote>首席执行官赫伯特·迪斯在 CNBC 上表示： “这个时期可能是整个行业最关键的时期。在未来15年内，我们将看到该行业的总营业额。电动汽车正在引领潮流，然后软件将真正成为这个行业的核心驱动力。”</blockquote> “Electric cars already today are very, very competitive and they’re becoming more competitive over time. that gives us the certainty that this is the right way going forward. Electric cars actually will bring down the cost of individual mobility further,” he continued.<blockquote>“如今，电动汽车已经非常非常有竞争力，而且随着时间的推移，它们的竞争力还会越来越强。这让我们确信这是正确的发展方向。电动汽车实际上将进一步降低个人出行的成本，”他继续说道。</blockquote> VW also disclosed yesterday that it was working on a \"new unified battery cell\" to be launched in 2023. Diess said:&nbsp;\"The one size fits almost all cell design will radically reduce battery costs ... by up to 50% compared to today. Lower prices for batteries means more affordable cars, which makes electric vehicles more attractive for customers.\"<blockquote>大众汽车昨天还透露，正在研发将于 2023 年推出的“新型统一电池”。迪斯说：“几乎适合所有电池设计的一种尺寸将从根本上降低电池成本……与现在相比降低高达 50%。电池价格降低意味着汽车更实惠，这使得电动汽车对客户更具吸引力。”</blockquote> Also probably contributing to its ascent is the fact that VW is a \"less liquid\" share listing, as Bloomberg notes that it is \"owned by major shareholders Porsche SE, the German state of Lower Saxony and Qatar\".<blockquote>大众汽车是一家“流动性较低”的股票上市公司，彭博社指出，它“由主要股东保时捷股份公司、德国下萨克森州和卡塔尔所有”，这也可能导致其上涨。</blockquote> The move is also part of a general hysteria surrounding EV stocks. Recall,&nbsp;we wrote days ago&nbsp;that Rob Arnott of Research Affiliates referred to it as a \"big delusion\". Arnott's predictions could eventually rope in valuations across the board in EVs, not just for any one player.<blockquote>此举也是围绕电动汽车股票普遍歇斯底里的一部分。回想一下，我们几天前写过，研究附属公司的罗布·阿诺特称之为“大错觉”。阿诺特的预测最终可能会拉动电动汽车的全面估值，而不仅仅是针对任何一家公司。</blockquote> Current valuations in EVs are due to \"pricing delusion\", Arnott said in a&nbsp;new paper&nbsp;calling EVs the \"Big Market Delusion\"&nbsp;last week.&nbsp;“The electric vehicle industry, with its astronomical growth in market-cap over the 12 months ending January 31, 2021, is a prime example of a big market delusion,” he wrote.<blockquote>阿诺特上周在一篇将电动汽车称为 “大市场错觉”的新论文中说，目前电动汽车的估值是由于 “定价错觉”造成的。“他写道：”在截至 2021 年 1 月 31 日的 12 个月里，电动汽车行业的市值呈天文数字增长，是市场大错觉的典型例子。</blockquote> <img src=\"https://static.tigerbbs.com/d2a5f96a4a5704f2233e4c71ce2f7610\" tg-width=\"500\" tg-height=\"317\">In his paper, he defines a big market delusion as \"when all the firms in an evolving industry rise together, despite that fact that they are competing against each other.\" He used airlines as an example of the BMD in the past. Technology&nbsp;“does not translate into great fortunes for investors unless it is associated with barriers to entry that allow a company to earn returns significantly in excess of the cost of capital for an extended period,” he argued.<blockquote>在他的论文中，他将大市场错觉定义为“当一个不断发展的行业中的所有公司一起崛起时，尽管事实上它们正在相互竞争。”他过去用航空公司作为BMD的例子。他认为，技术 “不会为投资者带来巨大的财富，除非它与进入壁垒联系在一起，使公司能够在很长一段时间内获得远远超过资本成本的回报”。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.zerohedge.com/markets/vw-shares-continue-scorch-higher\">zerohedg</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉","VLKAY":"大众汽车"},"source_url":"https://www.zerohedge.com/markets/vw-shares-continue-scorch-higher","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1179080939","content_text":"It was inevitable that somereversion to the mean would have to happen between names like Tesla and, well, the rest of the auto industry. While Tesla shares are lower on Wednesday in early trade, VW might be the leading frontrunner to meet the mean from the other direction. Shares of VW common and preferred have continued to scorch higher, adding to yesterday's gains.\n\nThis extendsyesterday's monster gainswhich saw VW shares climb over 30% at one point. And, as you can see below, VW is starting to look a bit like Tesla's chart over the last 18 months. The key exception is, of course, that VW is a consistently cash generating legacy automaker with decades of history behind it.\nThe reversion to the mean could be very bad news for Tesla, as VW could be just the first of many valuation \"reality checks\" that Musk's company could be in for. Eventually, people are destined to realize that legacy automakers can make quality EVs that are inevitably going to compete - seriously - with Tesla. Recall, names like Apple, BMW, Jaguar and Audi - just to name a few - are also throwing their hats into the respective ring.\nYesterday VW upgraded its profit guidance laid out plans for expanding the company's EV offering out through 2030 which also includes dethroning Tesla as the reigning EV world champ. VW hosted its \"Power Day\" yesterday and revealed plans to build six \"gigafactories\" with a total capacity of 240 gigawatt hours per year.\n\"The company is aiming to achieve an operating margin between 7% and 8% after 2021. VOW also confirmed it is looking to finish the year at the upper and of a 5% - 6.5% range in 2021. Higher profitability will be achieved through lower costs with as much as 2 billion euros savings identified for 2023 compared to 2020,\" the company said yesterday, according to StreetInsider.\nChief Executive Herbert Diess said on CNBC: “This period is probably the most crucial for the whole industry. Within the next 15 years we will see a total turnover of the industry. Electric cars are taking the lead and then software really becomes the core driver of the industry.”\n“Electric cars already today are very, very competitive and they’re becoming more competitive over time. that gives us the certainty that this is the right way going forward. Electric cars actually will bring down the cost of individual mobility further,” he continued.\nVW also disclosed yesterday that it was working on a \"new unified battery cell\" to be launched in 2023. Diess said: \"The one size fits almost all cell design will radically reduce battery costs ... by up to 50% compared to today. Lower prices for batteries means more affordable cars, which makes electric vehicles more attractive for customers.\"\nAlso probably contributing to its ascent is the fact that VW is a \"less liquid\" share listing, as Bloomberg notes that it is \"owned by major shareholders Porsche SE, the German state of Lower Saxony and Qatar\".\nThe move is also part of a general hysteria surrounding EV stocks. Recall, we wrote days ago that Rob Arnott of Research Affiliates referred to it as a \"big delusion\". Arnott's predictions could eventually rope in valuations across the board in EVs, not just for any one player.\nCurrent valuations in EVs are due to \"pricing delusion\", Arnott said in a new paper calling EVs the \"Big Market Delusion\" last week. “The electric vehicle industry, with its astronomical growth in market-cap over the 12 months ending January 31, 2021, is a prime example of a big market delusion,” he wrote.\nIn his paper, he defines a big market delusion as \"when all the firms in an evolving industry rise together, despite that fact that they are competing against each other.\" He used airlines as an example of the BMD in the past. Technology “does not translate into great fortunes for investors unless it is associated with barriers to entry that allow a company to earn returns significantly in excess of the cost of capital for an extended period,” he argued.","news_type":1,"symbols_score_info":{"VLKAY":0.9,"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":800,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":13,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/324426741"}