IreneCQ
2021-04-07
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The GameStop Frenzy Appears to be Over. What Retail Investors Are Buying Instead.<blockquote>游戏驿站的狂热似乎已经结束。散户投资者正在购买什么。</blockquote>
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What Retail Investors Are Buying Instead.<blockquote>游戏驿站的狂热似乎已经结束。散户投资者正在购买什么。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1130533248","media":"Barrons","summary":"The much-vaunted stimulus-driven boom in stock trading is turning out to be something of a bust.\nWit","content":"<p>The much-vaunted stimulus-driven boom in stock trading is turning out to be something of a bust.</p><p><blockquote>被大肆吹嘘的刺激措施推动的股票交易繁荣被证明是一场萧条。</blockquote></p><p> With the major averages steadily setting records, individual investors still appear to be pouring money into equities. But it appears they’re now investing in traditional mutual funds and exchange-traded funds. At the same time, they have slowed their previous manic buying of single stocks that sent once-obscure names such as GameStop (ticker: GME) soaring earlier in the year.</p><p><blockquote>随着主要股指稳步创下纪录，个人投资者似乎仍在向股市投入资金。但他们现在似乎正在投资传统的共同基金和交易所交易基金。与此同时，他们放缓了之前对单一股票的疯狂购买，这些股票导致游戏驿站（股票代码：GME）等曾经默默无闻的股票在今年早些时候飙升。</blockquote></p><p> According to a new report from J.P. Morgan’s global market strategy team, some of the most recent federal stimulus checks might have been deployed into funds rather than into individual stocks or options, as had been the case for much of the past year. Individual investors appear to be reverting to their pre-pandemic practice of buying funds.</p><p><blockquote>根据摩根大通全球市场策略团队的一份新报告，最近的一些联邦刺激支票可能被部署到基金中，而不是像过去一年大部分时间的情况那样部署到个股或期权中。个人投资者似乎正在恢复大流行前购买基金的做法。</blockquote></p><p> A month ago, this column highlighted research from Deutsche Bankthat found younger recipients of the $1,400 payments from Uncle Sam planned to put as much as half of the checks into stocks. The New York Times noted the same datamore than two weeks later, which, as it turns out, was just after individual investors’ trading activity appeared to peak, according to the J.P. Morgan report lead-authored by Nikolaos Panigirtzgolou.</p><p><blockquote>一个月前，本专栏重点介绍了德意志银行的研究，该研究发现，收到山姆大叔1,400美元付款的年轻接受者计划将多达一半的支票投资于股票。根据尼古拉斯·帕尼吉尔茨戈卢(Nikolaos Panigirtzgolou)牵头撰写的摩根大通报告，两周多后，《纽约时报》也注意到了同样的数据，事实证明，就在个人投资者的交易活动似乎达到顶峰之后。</blockquote></p><p> While fund buying has been strong,small trades in call options(10 contracts or less) have fallen off sharply from their peak in January, according to Options Clearing data cited by the bank. At the same time, a basket of stocks favored on retail trading platforms such as Robinhood has been moving sideways overall while theS&P 500has continued to rise to records.</p><p><blockquote>根据该行援引的期权清算数据，尽管基金买盘强劲，但看涨期权期权的小额交易（10份或更少）已从1月份的峰值大幅下降。与此同时，Robinhood等零售交易平台青睐的一篮子股票整体横盘整理，而标准普尔500指数则继续上涨至创纪录水平。</blockquote></p><p> Meanwhile, retail flows into U.S. equities and exchange-traded funds have fallen to a five-day average of $380 million, based on estimates from J.P. Morgan’s global quantitative and derivatives strategy team. That’s down from the peak of $670 million a day in the five days ended March 16, but still above the 12-month daily average of $250 million.</p><p><blockquote>与此同时，根据摩根大通全球量化和衍生品策略团队的估计，流入美国股票和交易所交易基金的散户资金已降至五天平均3.8亿美元。这低于截至3月16日的五天内每天6.7亿美元的峰值，但仍高于12个月的日均2.5亿美元。</blockquote></p><p> This marks a switch back to individuals’ preference to their pre-pandemic buying of traditional equity funds from single stocks and options. Stock ETFs drew $199 billion in the first quarter, compared with $231.8 billion for all of 2020, according toMorningstar.</p><p><blockquote>这标志着个人对大流行前购买传统股票基金的偏好从单一股票和期权转向。根据晨星公司的数据，股票ETF在第一季度筹集了1,990亿美元，而2020年全年为2,318亿美元。</blockquote></p><p> Why the switch back from stocks to funds? Here are a few guesses. Americans are getting back to work, as evidenced by the 916,000 jump in nonfarm payrolls in March reported last week. That would leave people with less time to play the market but still wanting to invest via ETFs. Or maybe some of them got caught up in their brackets for NCAA basketball March Madness. Or perhaps some saw their previous gains slip away as the favorite meme stocks rolled over.</p><p><blockquote>为什么要从股票转回基金？这里有一些猜测。美国人正在重返工作岗位，上周报告的3月份非农就业人数增加916,000人就证明了这一点。这将使人们参与市场的时间减少，但仍希望通过ETF进行投资。或者也许他们中的一些人陷入了NCAA篮球疯狂三月的行列。或者，随着最受欢迎的模因股票的滚动，一些人可能看到他们之前的涨幅消失了。</blockquote></p><p> Whatever avenue they took, U.S. investors are fully invested in the stock market based on several other indicators cited by the bank. Equity holdings of hybrid mutual funds have rebounded to over 60%, in line with highs at previous market peaks in 2018, 2007, and 2000. U.S. households’ equity allocations of their financial assets are also at a record, according to the latest Federal Reserve data, topping the 2000 dot-com era peak. Meanwhile, net margin debt also is elevated by historical standards.</p><p><blockquote>无论采取何种途径，根据该行引用的其他几项指标，美国投资者都会全力投资股市。混合型共同基金的股票持有量已反弹至60%以上，与2018年、2007年和2000年之前市场峰值的高点一致。根据美联储的最新数据，美国家庭对金融资产的股票配置也创历史新高，超过了2000年互联网时代的峰值。与此同时，按照历史标准，净利润率债务也有所上升。</blockquote></p><p> Taking into account those three factors, “there appears clear evidence of elevated equity positioning by retail investors and thus a vulnerability for the equity market going forward,” the report said. When the public is all-in, that’s a signal for contrarians to take some chips off the table.</p><p><blockquote>报告称，考虑到这三个因素，“有明确的证据表明散户投资者的股票仓位增加，因此股市未来存在脆弱性”。当公众全押时，这是逆向投资者拿走一些筹码的信号。</blockquote></p><p></p>","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>The GameStop Frenzy Appears to be Over. What Retail Investors Are Buying Instead.<blockquote>游戏驿站的狂热似乎已经结束。散户投资者正在购买什么。</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\">\nThe GameStop Frenzy Appears to be Over. What Retail Investors Are Buying Instead.<blockquote>游戏驿站的狂热似乎已经结束。散户投资者正在购买什么。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-04-07 20:51</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The much-vaunted stimulus-driven boom in stock trading is turning out to be something of a bust.</p><p><blockquote>被大肆吹嘘的刺激措施推动的股票交易繁荣被证明是一场萧条。</blockquote></p><p> With the major averages steadily setting records, individual investors still appear to be pouring money into equities. But it appears they’re now investing in traditional mutual funds and exchange-traded funds. At the same time, they have slowed their previous manic buying of single stocks that sent once-obscure names such as GameStop (ticker: GME) soaring earlier in the year.</p><p><blockquote>随着主要股指稳步创下纪录，个人投资者似乎仍在向股市投入资金。但他们现在似乎正在投资传统的共同基金和交易所交易基金。与此同时，他们放缓了之前对单一股票的疯狂购买，这些股票导致游戏驿站（股票代码：GME）等曾经默默无闻的股票在今年早些时候飙升。</blockquote></p><p> According to a new report from J.P. Morgan’s global market strategy team, some of the most recent federal stimulus checks might have been deployed into funds rather than into individual stocks or options, as had been the case for much of the past year. Individual investors appear to be reverting to their pre-pandemic practice of buying funds.</p><p><blockquote>根据摩根大通全球市场策略团队的一份新报告，最近的一些联邦刺激支票可能被部署到基金中，而不是像过去一年大部分时间的情况那样部署到个股或期权中。个人投资者似乎正在恢复大流行前购买基金的做法。</blockquote></p><p> A month ago, this column highlighted research from Deutsche Bankthat found younger recipients of the $1,400 payments from Uncle Sam planned to put as much as half of the checks into stocks. The New York Times noted the same datamore than two weeks later, which, as it turns out, was just after individual investors’ trading activity appeared to peak, according to the J.P. Morgan report lead-authored by Nikolaos Panigirtzgolou.</p><p><blockquote>一个月前，本专栏重点介绍了德意志银行的研究，该研究发现，收到山姆大叔1,400美元付款的年轻接受者计划将多达一半的支票投资于股票。根据尼古拉斯·帕尼吉尔茨戈卢(Nikolaos Panigirtzgolou)牵头撰写的摩根大通报告，两周多后，《纽约时报》也注意到了同样的数据，事实证明，就在个人投资者的交易活动似乎达到顶峰之后。</blockquote></p><p> While fund buying has been strong,small trades in call options(10 contracts or less) have fallen off sharply from their peak in January, according to Options Clearing data cited by the bank. At the same time, a basket of stocks favored on retail trading platforms such as Robinhood has been moving sideways overall while theS&P 500has continued to rise to records.</p><p><blockquote>根据该行援引的期权清算数据，尽管基金买盘强劲，但看涨期权期权的小额交易（10份或更少）已从1月份的峰值大幅下降。与此同时，Robinhood等零售交易平台青睐的一篮子股票整体横盘整理，而标准普尔500指数则继续上涨至创纪录水平。</blockquote></p><p> Meanwhile, retail flows into U.S. equities and exchange-traded funds have fallen to a five-day average of $380 million, based on estimates from J.P. Morgan’s global quantitative and derivatives strategy team. That’s down from the peak of $670 million a day in the five days ended March 16, but still above the 12-month daily average of $250 million.</p><p><blockquote>与此同时，根据摩根大通全球量化和衍生品策略团队的估计，流入美国股票和交易所交易基金的散户资金已降至五天平均3.8亿美元。这低于截至3月16日的五天内每天6.7亿美元的峰值，但仍高于12个月的日均2.5亿美元。</blockquote></p><p> This marks a switch back to individuals’ preference to their pre-pandemic buying of traditional equity funds from single stocks and options. Stock ETFs drew $199 billion in the first quarter, compared with $231.8 billion for all of 2020, according toMorningstar.</p><p><blockquote>这标志着个人对大流行前购买传统股票基金的偏好从单一股票和期权转向。根据晨星公司的数据，股票ETF在第一季度筹集了1,990亿美元，而2020年全年为2,318亿美元。</blockquote></p><p> Why the switch back from stocks to funds? Here are a few guesses. Americans are getting back to work, as evidenced by the 916,000 jump in nonfarm payrolls in March reported last week. That would leave people with less time to play the market but still wanting to invest via ETFs. Or maybe some of them got caught up in their brackets for NCAA basketball March Madness. Or perhaps some saw their previous gains slip away as the favorite meme stocks rolled over.</p><p><blockquote>为什么要从股票转回基金？这里有一些猜测。美国人正在重返工作岗位，上周报告的3月份非农就业人数增加916,000人就证明了这一点。这将使人们参与市场的时间减少，但仍希望通过ETF进行投资。或者也许他们中的一些人陷入了NCAA篮球疯狂三月的行列。或者，随着最受欢迎的模因股票的滚动，一些人可能看到他们之前的涨幅消失了。</blockquote></p><p> Whatever avenue they took, U.S. investors are fully invested in the stock market based on several other indicators cited by the bank. Equity holdings of hybrid mutual funds have rebounded to over 60%, in line with highs at previous market peaks in 2018, 2007, and 2000. U.S. households’ equity allocations of their financial assets are also at a record, according to the latest Federal Reserve data, topping the 2000 dot-com era peak. Meanwhile, net margin debt also is elevated by historical standards.</p><p><blockquote>无论采取何种途径，根据该行引用的其他几项指标，美国投资者都会全力投资股市。混合型共同基金的股票持有量已反弹至60%以上，与2018年、2007年和2000年之前市场峰值的高点一致。根据美联储的最新数据，美国家庭对金融资产的股票配置也创历史新高，超过了2000年互联网时代的峰值。与此同时，按照历史标准，净利润率债务也有所上升。</blockquote></p><p> Taking into account those three factors, “there appears clear evidence of elevated equity positioning by retail investors and thus a vulnerability for the equity market going forward,” the report said. When the public is all-in, that’s a signal for contrarians to take some chips off the table.</p><p><blockquote>报告称，考虑到这三个因素，“有明确的证据表明散户投资者的股票仓位增加，因此股市未来存在脆弱性”。当公众全押时，这是逆向投资者拿走一些筹码的信号。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/the-gamestop-frenzy-appears-to-be-over-what-retail-investors-are-buying-instead-51617797462?mod=RTA\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index","GME":"游戏驿站",".IXIC":"NASDAQ Composite"},"source_url":"https://www.barrons.com/articles/the-gamestop-frenzy-appears-to-be-over-what-retail-investors-are-buying-instead-51617797462?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1130533248","content_text":"The much-vaunted stimulus-driven boom in stock trading is turning out to be something of a bust.\nWith the major averages steadily setting records, individual investors still appear to be pouring money into equities. But it appears they’re now investing in traditional mutual funds and exchange-traded funds. At the same time, they have slowed their previous manic buying of single stocks that sent once-obscure names such as GameStop (ticker: GME) soaring earlier in the year.\nAccording to a new report from J.P. Morgan’s global market strategy team, some of the most recent federal stimulus checks might have been deployed into funds rather than into individual stocks or options, as had been the case for much of the past year. Individual investors appear to be reverting to their pre-pandemic practice of buying funds.\nA month ago, this column highlighted research from Deutsche Bankthat found younger recipients of the $1,400 payments from Uncle Sam planned to put as much as half of the checks into stocks. The New York Times noted the same datamore than two weeks later, which, as it turns out, was just after individual investors’ trading activity appeared to peak, according to the J.P. Morgan report lead-authored by Nikolaos Panigirtzgolou.\nWhile fund buying has been strong,small trades in call options(10 contracts or less) have fallen off sharply from their peak in January, according to Options Clearing data cited by the bank. At the same time, a basket of stocks favored on retail trading platforms such as Robinhood has been moving sideways overall while theS&P 500has continued to rise to records.\nMeanwhile, retail flows into U.S. equities and exchange-traded funds have fallen to a five-day average of $380 million, based on estimates from J.P. Morgan’s global quantitative and derivatives strategy team. That’s down from the peak of $670 million a day in the five days ended March 16, but still above the 12-month daily average of $250 million.\nThis marks a switch back to individuals’ preference to their pre-pandemic buying of traditional equity funds from single stocks and options. Stock ETFs drew $199 billion in the first quarter, compared with $231.8 billion for all of 2020, according toMorningstar.\nWhy the switch back from stocks to funds? Here are a few guesses. Americans are getting back to work, as evidenced by the 916,000 jump in nonfarm payrolls in March reported last week. That would leave people with less time to play the market but still wanting to invest via ETFs. Or maybe some of them got caught up in their brackets for NCAA basketball March Madness. Or perhaps some saw their previous gains slip away as the favorite meme stocks rolled over.\nWhatever avenue they took, U.S. investors are fully invested in the stock market based on several other indicators cited by the bank. Equity holdings of hybrid mutual funds have rebounded to over 60%, in line with highs at previous market peaks in 2018, 2007, and 2000. U.S. households’ equity allocations of their financial assets are also at a record, according to the latest Federal Reserve data, topping the 2000 dot-com era peak. Meanwhile, net margin debt also is elevated by historical standards.\nTaking into account those three factors, “there appears clear evidence of elevated equity positioning by retail investors and thus a vulnerability for the equity market going forward,” the report said. When the public is all-in, that’s a signal for contrarians to take some chips off the table.","news_type":1,"symbols_score_info":{".IXIC":0.9,".DJI":0.9,".SPX":0.9,"GME":0.9}},"isVote":1,"tweetType":1,"viewCount":140,"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":36,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/341893566"}
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