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2021-03-19

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Tesla Is Down. GM and Ford Are Up. How Interest Rates Play With Stocks.<blockquote>特斯拉倒下了。通用汽车和福特都上涨了。利率如何影响股票。</blockquote>

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{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":327489018,"tweetId":"327489018","gmtCreate":1616116925534,"gmtModify":1634527156281,"author":{"id":3576548175644067,"idStr":"3576548175644067","authorId":3576548175644067,"authorIdStr":"3576548175644067","name":"keenantk","avatar":"https://static.tigerbbs.com/787e3ed2de1cb43850fe4007d0a935b3","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":3,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body>like and comment thanks</body></html>","htmlText":"<html><head></head><body>like and comment thanks</body></html>","text":"like and comment thanks","highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/327489018","repostId":1191602834,"repostType":4,"repost":{"id":"1191602834","kind":"news","pubTimestamp":1616115492,"share":"https://www.laohu8.com/m/news/1191602834?lang=zh_CN&edition=full","pubTime":"2021-03-19 08:58","market":"us","language":"en","title":"Tesla Is Down. GM and Ford Are Up. How Interest Rates Play With Stocks.<blockquote>特斯拉倒下了。通用汽车和福特都上涨了。利率如何影响股票。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1191602834","media":"Barrons","summary":"Tesla stock is down again in late Thursday trading---the stock of yet another richly valued, high-gr","content":"Tesla&nbsp;stock is down again in late Thursday trading---the stock of yet another richly valued, high-growth company battered byrising interest rates.<blockquote>特斯拉股价在周四晚间交易中再次下跌——又一家估值丰厚、高增长的公司的股价受到利率上升的打击。</blockquote>Tesla (ticker: TSLA) stock is down about 7%. The&nbsp;Nasdaq Composite&nbsp;is off 3%. The&nbsp;S&amp;P 500&nbsp;is down 1.5%. Only the&nbsp;Dow Jones Industrial Average&nbsp;is hanging on, down only 0.5%. The&nbsp;Invesco QQQ ETF(QQQ), which tracks the 100 largest stocks in the Nasdaq, was down 3%.<blockquote>特斯拉（股票代码：TSLA）股价下跌约7%。纳斯达克综合指数下跌3%。标准普尔500指数下跌1.5%。只有道琼斯工业平均指数还在坚持，仅下跌0.5%。追踪纳斯达克100只最大股票的景顺QQQ ETF(QQQ)下跌3%。</blockquote>The Dow-Nasdaq performance illustrates what’s going on with shares of Tesla, the electric vehicle pioneer, as well as tradition automakers General Motors (GM) andFordMotor (F).<blockquote>道琼斯-纳斯达克的表现说明了电动汽车先驱特斯拉以及传统汽车制造商通用汽车(GM)和福特汽车(F)的股价走势。</blockquote>The Nasdaq is a market-capitalization weighted index. A handful of big tech names, including Tesla, make up about 40% of the index. The Dow, on the other hand, is weighted by stock price--UnitedHealth(UNH),Boeing(BA),Amgen(AMGN),Goldman Sachs(GS) and&nbsp;Home Depot(HD) are its biggest weightings.<blockquote>纳斯达克是一个市值加权指数。包括特斯拉在内的少数大型科技公司约占该指数的40%。另一方面，道琼斯指数按股价加权——联合健康（UNH）、波音（BA）、安进（AMGN）、高盛（GS）和家得宝（HD）是其最大的权重。</blockquote>Higher interest rates hurt growth stocks more than others for two reasons. First, high-growth companies typically need new capital to finance growth, and higher interest rates makes that more expensive. Second, higher-growth companies generate most of their free cash flow far in the future, which is worth less--relatively speaking--than cash generated right now by more mature companies.<blockquote>较高的利率对成长型股票的伤害比其他股票更大，原因有二。首先，高增长公司通常需要新资本来为增长提供资金，而较高的利率会使其成本更高。其次，高增长公司的大部分自由现金流是在遥远的未来产生的，相对而言，其价值低于更成熟公司目前产生的现金。</blockquote>The U.S. 10-year Treasury Bond yield rose higher than 1.7% Thursday, up from 1.3% about a month ago. The rise is playing havoc on EV stock prices. Tesla shares are down about 15% over the past month.NIO&nbsp;(NIO) stock is down 22%. And&nbsp;XPeng&nbsp;(XPEV) stock is off by about 13%.<blockquote>美国10年期国债收益率周四升至1.7%以上，高于约一个月前的1.3%。这种上涨对电动汽车股价造成了严重破坏。特斯拉股价在过去一个月下跌了约15%。蔚来（蔚来）股价下跌了22%。小鹏汽车(XPEV)股价下跌约13%。</blockquote>Higher rates haven’thurt traditional auto maker stocks--at all. General Motors shares are up about 14% over the past month. Ford shares have gained 10%.<blockquote>更高的利率根本没有伤害传统汽车制造商的股票。通用汽车股价在过去一个月上涨了约14%。福特股价上涨10%。</blockquote>Higher rates also help GM and Ford because of their large pension obligations.<blockquote>更高的利率也有助于通用汽车和福特，因为它们有大量的养老金义务。</blockquote>GM and Ford pensions, on a combined bases, are about $20 billion underfunded. They have promised pension payments to employees that are worth roughly $175 billion. The two have set aside assets to pay worth about $155 billion.<blockquote>通用汽车和福特的养老金合计约有200亿美元资金不足。他们承诺向员工支付价值约1750亿美元的养老金。两人已拨出价值约1550亿美元的资产进行支付。</blockquote>That’s a lot of money, but pension deficits are helped by rising rates.<blockquote>这是一大笔钱，但养老金赤字得益于利率上升。</blockquote>Pension obligations are a stream of cash flows paid far into the future. There’s no maturity date, like with a bond, when the company owes a large fixed amount. In addition, regulators require companies to discount the pension obligations at low rates of interest. Here’s the logic: The cash should be discounted at a government bond yield because that rate will determine the size of the cash pile needed if all the pension assets were invested in those government bonds.<blockquote>养老金义务是在遥远的未来支付的现金流。当公司欠下大量固定金额时，就像债券一样，没有到期日。此外，监管机构要求公司以低利率贴现养老金义务。逻辑如下：现金应该按政府债券收益率贴现，因为如果所有养老金资产都投资于这些政府债券，该利率将决定所需现金储备的规模。</blockquote>When interest rates are low, the cash pile needs to be huge. Consider, the 10-year treasury bond yield is about 1.6%, and GM and Ford pay out roughly $10 billion in pension benefits combined. If they bought 10-year bonds to make the payments, they would need $630 billion to pay obligations using just the interest on those bonds. But if government bonds yielded 5%, the cash pile would need to be only $200 billion.<blockquote>当利率较低时，现金储备需要巨大。考虑一下，10年期国债收益率约为1.6%，通用汽车和福特总共支付了约100亿美元的养老金福利。如果他们购买10年期债券来支付款项，仅使用这些债券的利息，他们就需要6300亿美元来支付债务。但如果政府债券收益率为5%，现金储备只需2000亿美元。</blockquote>However, the auto makers, and other companies with pension obligations, invest pension assets in stocks and corporate bonds and have earned much more than government bond yields historically. In that way, the pension deficit is always overstated. A good rule of thumb for investors is that if a pension plan detailed in an annual report is 85% or 90% funded, then extra cash won’t be needed to top up pension assets and the company’s plan is in pretty good shape.<blockquote>然而，汽车制造商和其他负有养老金义务的公司将养老金资产投资于股票和公司债券，历史上获得的收益远高于政府债券收益率。这样一来，养老金赤字总是被夸大了。对于投资者来说，一个很好的经验法则是，如果年度报告中详细说明的养老金计划有85%或90%的资金到位，那么就不需要额外现金来补充养老金资产，而且公司的计划状况良好。</blockquote>It’s an odd reason that investors have to cheer for higher interest rates in the case of GM and Ford. But, for now, they are a little better off than Tesla.<blockquote>就通用汽车和福特而言，投资者不得不为更高的利率欢呼，这是一个奇怪的原因。但是，就目前而言，他们的情况比特斯拉好一点。</blockquote>","source":"lsy1601382232898","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>Tesla Is Down. GM and Ford Are Up. How Interest Rates Play With Stocks.<blockquote>特斯拉倒下了。通用汽车和福特都上涨了。利率如何影响股票。</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\">\nTesla Is Down. GM and Ford Are Up. How Interest Rates Play With Stocks.<blockquote>特斯拉倒下了。通用汽车和福特都上涨了。利率如何影响股票。</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-03-19 08:58\n\n</h4>\n</header>\n<article>\nTesla&nbsp;stock is down again in late Thursday trading---the stock of yet another richly valued, high-growth company battered byrising interest rates.<blockquote>特斯拉股价在周四晚间交易中再次下跌——又一家估值丰厚、高增长的公司的股价受到利率上升的打击。</blockquote>Tesla (ticker: TSLA) stock is down about 7%. The&nbsp;Nasdaq Composite&nbsp;is off 3%. The&nbsp;S&amp;P 500&nbsp;is down 1.5%. Only the&nbsp;Dow Jones Industrial Average&nbsp;is hanging on, down only 0.5%. The&nbsp;Invesco QQQ ETF(QQQ), which tracks the 100 largest stocks in the Nasdaq, was down 3%.<blockquote>特斯拉（股票代码：TSLA）股价下跌约7%。纳斯达克综合指数下跌3%。标准普尔500指数下跌1.5%。只有道琼斯工业平均指数还在坚持，仅下跌0.5%。追踪纳斯达克100只最大股票的景顺QQQ ETF(QQQ)下跌3%。</blockquote>The Dow-Nasdaq performance illustrates what’s going on with shares of Tesla, the electric vehicle pioneer, as well as tradition automakers General Motors (GM) andFordMotor (F).<blockquote>道琼斯-纳斯达克的表现说明了电动汽车先驱特斯拉以及传统汽车制造商通用汽车(GM)和福特汽车(F)的股价走势。</blockquote>The Nasdaq is a market-capitalization weighted index. A handful of big tech names, including Tesla, make up about 40% of the index. The Dow, on the other hand, is weighted by stock price--UnitedHealth(UNH),Boeing(BA),Amgen(AMGN),Goldman Sachs(GS) and&nbsp;Home Depot(HD) are its biggest weightings.<blockquote>纳斯达克是一个市值加权指数。包括特斯拉在内的少数大型科技公司约占该指数的40%。另一方面，道琼斯指数按股价加权——联合健康（UNH）、波音（BA）、安进（AMGN）、高盛（GS）和家得宝（HD）是其最大的权重。</blockquote>Higher interest rates hurt growth stocks more than others for two reasons. First, high-growth companies typically need new capital to finance growth, and higher interest rates makes that more expensive. Second, higher-growth companies generate most of their free cash flow far in the future, which is worth less--relatively speaking--than cash generated right now by more mature companies.<blockquote>较高的利率对成长型股票的伤害比其他股票更大，原因有二。首先，高增长公司通常需要新资本来为增长提供资金，而较高的利率会使其成本更高。其次，高增长公司的大部分自由现金流是在遥远的未来产生的，相对而言，其价值低于更成熟公司目前产生的现金。</blockquote>The U.S. 10-year Treasury Bond yield rose higher than 1.7% Thursday, up from 1.3% about a month ago. The rise is playing havoc on EV stock prices. Tesla shares are down about 15% over the past month.NIO&nbsp;(NIO) stock is down 22%. And&nbsp;XPeng&nbsp;(XPEV) stock is off by about 13%.<blockquote>美国10年期国债收益率周四升至1.7%以上，高于约一个月前的1.3%。这种上涨对电动汽车股价造成了严重破坏。特斯拉股价在过去一个月下跌了约15%。蔚来（蔚来）股价下跌了22%。小鹏汽车(XPEV)股价下跌约13%。</blockquote>Higher rates haven’thurt traditional auto maker stocks--at all. General Motors shares are up about 14% over the past month. Ford shares have gained 10%.<blockquote>更高的利率根本没有伤害传统汽车制造商的股票。通用汽车股价在过去一个月上涨了约14%。福特股价上涨10%。</blockquote>Higher rates also help GM and Ford because of their large pension obligations.<blockquote>更高的利率也有助于通用汽车和福特，因为它们有大量的养老金义务。</blockquote>GM and Ford pensions, on a combined bases, are about $20 billion underfunded. They have promised pension payments to employees that are worth roughly $175 billion. The two have set aside assets to pay worth about $155 billion.<blockquote>通用汽车和福特的养老金合计约有200亿美元资金不足。他们承诺向员工支付价值约1750亿美元的养老金。两人已拨出价值约1550亿美元的资产进行支付。</blockquote>That’s a lot of money, but pension deficits are helped by rising rates.<blockquote>这是一大笔钱，但养老金赤字得益于利率上升。</blockquote>Pension obligations are a stream of cash flows paid far into the future. There’s no maturity date, like with a bond, when the company owes a large fixed amount. In addition, regulators require companies to discount the pension obligations at low rates of interest. Here’s the logic: The cash should be discounted at a government bond yield because that rate will determine the size of the cash pile needed if all the pension assets were invested in those government bonds.<blockquote>养老金义务是在遥远的未来支付的现金流。当公司欠下大量固定金额时，就像债券一样，没有到期日。此外，监管机构要求公司以低利率贴现养老金义务。逻辑如下：现金应该按政府债券收益率贴现，因为如果所有养老金资产都投资于这些政府债券，该利率将决定所需现金储备的规模。</blockquote>When interest rates are low, the cash pile needs to be huge. Consider, the 10-year treasury bond yield is about 1.6%, and GM and Ford pay out roughly $10 billion in pension benefits combined. If they bought 10-year bonds to make the payments, they would need $630 billion to pay obligations using just the interest on those bonds. But if government bonds yielded 5%, the cash pile would need to be only $200 billion.<blockquote>当利率较低时，现金储备需要巨大。考虑一下，10年期国债收益率约为1.6%，通用汽车和福特总共支付了约100亿美元的养老金福利。如果他们购买10年期债券来支付款项，仅使用这些债券的利息，他们就需要6300亿美元来支付债务。但如果政府债券收益率为5%，现金储备只需2000亿美元。</blockquote>However, the auto makers, and other companies with pension obligations, invest pension assets in stocks and corporate bonds and have earned much more than government bond yields historically. In that way, the pension deficit is always overstated. A good rule of thumb for investors is that if a pension plan detailed in an annual report is 85% or 90% funded, then extra cash won’t be needed to top up pension assets and the company’s plan is in pretty good shape.<blockquote>然而，汽车制造商和其他负有养老金义务的公司将养老金资产投资于股票和公司债券，历史上获得的收益远高于政府债券收益率。这样一来，养老金赤字总是被夸大了。对于投资者来说，一个很好的经验法则是，如果年度报告中详细说明的养老金计划有85%或90%的资金到位，那么就不需要额外现金来补充养老金资产，而且公司的计划状况良好。</blockquote>It’s an odd reason that investors have to cheer for higher interest rates in the case of GM and Ford. But, for now, they are a little better off than Tesla.<blockquote>就通用汽车和福特而言，投资者不得不为更高的利率欢呼，这是一个奇怪的原因。但是，就目前而言，他们的情况比特斯拉好一点。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/tesla-is-down-gm-and-ford-are-up-how-rates-play-with-stocks-51616110622?mod=hp_LEAD_4\">Barrons</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","QQQ":"纳指100ETF","XPEV":"小鹏汽车","F":"福特汽车","GM":"通用汽车","NIO":"蔚来"},"source_url":"https://www.barrons.com/articles/tesla-is-down-gm-and-ford-are-up-how-rates-play-with-stocks-51616110622?mod=hp_LEAD_4","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1191602834","content_text":"Tesla stock is down again in late Thursday trading---the stock of yet another richly valued, high-growth company battered byrising interest rates.Tesla (ticker: TSLA) stock is down about 7%. The Nasdaq Composite is off 3%. The S&P 500 is down 1.5%. Only the Dow Jones Industrial Average is hanging on, down only 0.5%. The Invesco QQQ ETF(QQQ), which tracks the 100 largest stocks in the Nasdaq, was down 3%.The Dow-Nasdaq performance illustrates what’s going on with shares of Tesla, the electric vehicle pioneer, as well as tradition automakers General Motors (GM) andFordMotor (F).The Nasdaq is a market-capitalization weighted index. A handful of big tech names, including Tesla, make up about 40% of the index. The Dow, on the other hand, is weighted by stock price--UnitedHealth(UNH),Boeing(BA),Amgen(AMGN),Goldman Sachs(GS) and Home Depot(HD) are its biggest weightings.Higher interest rates hurt growth stocks more than others for two reasons. First, high-growth companies typically need new capital to finance growth, and higher interest rates makes that more expensive. Second, higher-growth companies generate most of their free cash flow far in the future, which is worth less--relatively speaking--than cash generated right now by more mature companies.The U.S. 10-year Treasury Bond yield rose higher than 1.7% Thursday, up from 1.3% about a month ago. The rise is playing havoc on EV stock prices. Tesla shares are down about 15% over the past month.NIO (NIO) stock is down 22%. And XPeng (XPEV) stock is off by about 13%.Higher rates haven’thurt traditional auto maker stocks--at all. General Motors shares are up about 14% over the past month. Ford shares have gained 10%.Higher rates also help GM and Ford because of their large pension obligations.GM and Ford pensions, on a combined bases, are about $20 billion underfunded. They have promised pension payments to employees that are worth roughly $175 billion. The two have set aside assets to pay worth about $155 billion.That’s a lot of money, but pension deficits are helped by rising rates.Pension obligations are a stream of cash flows paid far into the future. There’s no maturity date, like with a bond, when the company owes a large fixed amount. In addition, regulators require companies to discount the pension obligations at low rates of interest. Here’s the logic: The cash should be discounted at a government bond yield because that rate will determine the size of the cash pile needed if all the pension assets were invested in those government bonds.When interest rates are low, the cash pile needs to be huge. Consider, the 10-year treasury bond yield is about 1.6%, and GM and Ford pay out roughly $10 billion in pension benefits combined. If they bought 10-year bonds to make the payments, they would need $630 billion to pay obligations using just the interest on those bonds. But if government bonds yielded 5%, the cash pile would need to be only $200 billion.However, the auto makers, and other companies with pension obligations, invest pension assets in stocks and corporate bonds and have earned much more than government bond yields historically. In that way, the pension deficit is always overstated. A good rule of thumb for investors is that if a pension plan detailed in an annual report is 85% or 90% funded, then extra cash won’t be needed to top up pension assets and the company’s plan is in pretty good shape.It’s an odd reason that investors have to cheer for higher interest rates in the case of GM and Ford. But, for now, they are a little better off than Tesla.","news_type":1,"symbols_score_info":{"TSLA":0.9,"F":0.9,"XPEV":0.9,"GM":0.9,"QQQ":0.9,"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":557,"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":20,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/327489018"}