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2021-04-20

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The Market Has Been Forgiving for Way Too Long<blockquote>市场已经宽容太久了</blockquote>

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Remember that small-cap or momentum stock you loved a few weeks ago? Do you love it more down 20% or 30% or are you hitting eject?<blockquote>如果你还没有意识到，最近市场的转变将考验你的信念。还记得几周前您喜欢的小盘股或动量股吗？你更喜欢下跌20%或30%，还是你想退出？</blockquote>We feel like we're trapped in a death by a thousand papercuts trading environment. While indexes are near highs, my momentum watchlists have bled lower a considerable amount. This is when a question of conviction comes into play. Do you not only know what you own but why you own it?<blockquote>我们觉得自己被困在了一个千刀万剐的交易环境中。虽然指数接近高点，但我的动量观察列表已经大幅下跌。这就是信念问题发挥作用的时候。你不仅知道你拥有什么，还知道你为什么拥有它吗？</blockquote>The market has been forgiving for way too long. When you can get bailed out of a bad purchase simply because everything else rallied around it, you develop bad habits. You buy tickers instead of companies. That's fine when you are trading, not so much if you're holding.<blockquote>市场已经宽容太久了。当你仅仅因为其他一切都围绕着它而从一次糟糕的购买中解脱出来时，你就养成了坏习惯。您购买股票而不是公司。当你交易时这很好，如果你持有就没那么好了。</blockquote>I know I'm getting beat up on many of my small and midcap holdings, but I'm not losing sleep over it. Do I get a bit annoyed watching the bleed? Of course. That's natural. But I won't pull the plug unless the story changes. Much of that revolves around the market as a whole. Most of my small picks that are getting beat up are just a half-dozen of thousands that have gotten slammed. They aren't down because something in their business misfired. They are lower because the risk appetite for the market has shifted away from entire sectors and market cap sizes.<blockquote>我知道我持有的许多中小型股都受到了打击，但我并没有因此而失眠。我看着流血会不会有点烦？当然可以。那很自然。但我不会拔掉插头，除非故事发生变化。这在很大程度上围绕着整个市场。我的大多数被击败的小选择只是六个被抨击的几千个。他们失败并不是因为他们的业务出了问题。它们较低是因为市场的风险偏好已经从整个行业和市值规模转移。</blockquote>It's possible I'll add as we continue to fall. Fortunately, I haven't leveraged anything to own the names. Could I watch them go to zero and not have my life altered? Yes and no. Financially, I could still pay my bills and continue my same lifestyle. Emotionally, I'll kick myself if I ride anything to zero. That means I missed a change in the story, or worse, ignored it.<blockquote>随着我们继续下跌，我可能会补充。幸运的是，我没有利用任何东西来拥有这些名字。我能看着它们归零而不改变我的生活吗？是也不是。在经济上，我仍然可以支付账单并继续我同样的生活方式。情感上，如果我骑到零，我会踢自己。这意味着我错过了故事中的一个变化，或者更糟，忽略了它。</blockquote>However, when I look at a small name like Draganfly (DFLYF) , a company that reported earnings over the weekend, I see they grew revenues over 200%, hit the target range of their forecasts, have a run rate that points to another 200%-300% revenue gains for 2021, and continues to execute. Despite this, shares have been cut in half over the past six weeks. Nothing changed in terms of the story or the financial models, so I'm only a seller here if technicals are my driving factors. Rarely, if ever, do I let technicals drive the bus for a small or microcap stock that I plan to hold for months or years.<blockquote>然而，当我查看像Draganfly(DFLYF)这样的小公司（一家在周末公布收益的公司）时，我发现他们的收入增长了200%以上，达到了预测的目标范围，其运行率指向另一个200%-300%2021年收入增长，并继续执行。尽管如此，股价在过去六周内已减半。故事或财务模型没有任何变化，所以如果技术因素是我的驱动因素，我只是这里的卖家。我很少（如果有的话）让技术人员来驾驶我计划持有数月或数年的小型或微型股票。</blockquote>At some point, the momentum and frothy traders will return, but the current action should be a solid lesson. You'll likely need itchy trigger fingers on the sell side. If you're going to buy names without a disciplined stop, then make sure you're buying stories you believe in and you follow those stories closely. When they change, you need to be ready to bail and if the stocks get unfairly beaten, then you should be ready to add.<blockquote>在某个时候，势头和泡沫交易者将会回归，但目前的行动应该是一个坚实的教训。在卖方，你可能需要发痒的扳机手指。如果你打算在没有纪律的情况下购买名字，那么确保你购买的是你相信的故事，并且你密切关注这些故事。当它们发生变化时，你需要准备好退出，如果股票受到不公平的打击，那么你应该准备好补充。</blockquote>","source":"lsy1610613172068","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 Market Has Been Forgiving for Way Too Long<blockquote>市场已经宽容太久了</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 Market Has Been Forgiving for Way Too Long<blockquote>市场已经宽容太久了</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nThe Street2021-04-20 12:36\n\n</h4>\n</header>\n<article>\nAt some point, the momentum and frothy traders will return, but the current action should be a solid lesson.Stocks quotes in this article:DFLYF<blockquote>在某个时候，势头和泡沫交易者将会回归，但当前的行动应该是一个坚实的教训。本文股票报价：DFLYF</blockquote>If you haven't realized it already, the recent shift of the market will put convictions to test. Remember that small-cap or momentum stock you loved a few weeks ago? Do you love it more down 20% or 30% or are you hitting eject?<blockquote>如果你还没有意识到，最近市场的转变将考验你的信念。还记得几周前您喜欢的小盘股或动量股吗？你更喜欢下跌20%或30%，还是你想退出？</blockquote>We feel like we're trapped in a death by a thousand papercuts trading environment. While indexes are near highs, my momentum watchlists have bled lower a considerable amount. This is when a question of conviction comes into play. Do you not only know what you own but why you own it?<blockquote>我们觉得自己被困在了一个千刀万剐的交易环境中。虽然指数接近高点，但我的动量观察列表已经大幅下跌。这就是信念问题发挥作用的时候。你不仅知道你拥有什么，还知道你为什么拥有它吗？</blockquote>The market has been forgiving for way too long. When you can get bailed out of a bad purchase simply because everything else rallied around it, you develop bad habits. You buy tickers instead of companies. That's fine when you are trading, not so much if you're holding.<blockquote>市场已经宽容太久了。当你仅仅因为其他一切都围绕着它而从一次糟糕的购买中解脱出来时，你就养成了坏习惯。您购买股票而不是公司。当你交易时这很好，如果你持有就没那么好了。</blockquote>I know I'm getting beat up on many of my small and midcap holdings, but I'm not losing sleep over it. Do I get a bit annoyed watching the bleed? Of course. That's natural. But I won't pull the plug unless the story changes. Much of that revolves around the market as a whole. Most of my small picks that are getting beat up are just a half-dozen of thousands that have gotten slammed. They aren't down because something in their business misfired. They are lower because the risk appetite for the market has shifted away from entire sectors and market cap sizes.<blockquote>我知道我持有的许多中小型股都受到了打击，但我并没有因此而失眠。我看着流血会不会有点烦？当然可以。那很自然。但我不会拔掉插头，除非故事发生变化。这在很大程度上围绕着整个市场。我的大多数被击败的小选择只是六个被抨击的几千个。他们失败并不是因为他们的业务出了问题。它们较低是因为市场的风险偏好已经从整个行业和市值规模转移。</blockquote>It's possible I'll add as we continue to fall. Fortunately, I haven't leveraged anything to own the names. Could I watch them go to zero and not have my life altered? Yes and no. Financially, I could still pay my bills and continue my same lifestyle. Emotionally, I'll kick myself if I ride anything to zero. That means I missed a change in the story, or worse, ignored it.<blockquote>随着我们继续下跌，我可能会补充。幸运的是，我没有利用任何东西来拥有这些名字。我能看着它们归零而不改变我的生活吗？是也不是。在经济上，我仍然可以支付账单并继续我同样的生活方式。情感上，如果我骑到零，我会踢自己。这意味着我错过了故事中的一个变化，或者更糟，忽略了它。</blockquote>However, when I look at a small name like Draganfly (DFLYF) , a company that reported earnings over the weekend, I see they grew revenues over 200%, hit the target range of their forecasts, have a run rate that points to another 200%-300% revenue gains for 2021, and continues to execute. Despite this, shares have been cut in half over the past six weeks. Nothing changed in terms of the story or the financial models, so I'm only a seller here if technicals are my driving factors. Rarely, if ever, do I let technicals drive the bus for a small or microcap stock that I plan to hold for months or years.<blockquote>然而，当我查看像Draganfly(DFLYF)这样的小公司（一家在周末公布收益的公司）时，我发现他们的收入增长了200%以上，达到了预测的目标范围，其运行率指向另一个200%-300%2021年收入增长，并继续执行。尽管如此，股价在过去六周内已减半。故事或财务模型没有任何变化，所以如果技术因素是我的驱动因素，我只是这里的卖家。我很少（如果有的话）让技术人员来驾驶我计划持有数月或数年的小型或微型股票。</blockquote>At some point, the momentum and frothy traders will return, but the current action should be a solid lesson. You'll likely need itchy trigger fingers on the sell side. If you're going to buy names without a disciplined stop, then make sure you're buying stories you believe in and you follow those stories closely. When they change, you need to be ready to bail and if the stocks get unfairly beaten, then you should be ready to add.<blockquote>在某个时候，势头和泡沫交易者将会回归，但目前的行动应该是一个坚实的教训。在卖方，你可能需要发痒的扳机手指。如果你打算在没有纪律的情况下购买名字，那么确保你购买的是你相信的故事，并且你密切关注这些故事。当它们发生变化时，你需要准备好退出，如果股票受到不公平的打击，那么你应该准备好补充。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://realmoney.thestreet.com/investing/the-market-has-been-forgiving-for-way-too-long-15628221\">The Street</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":{".DJI":"道琼斯","SPY":"标普500ETF",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://realmoney.thestreet.com/investing/the-market-has-been-forgiving-for-way-too-long-15628221","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1149811397","content_text":"At some point, the momentum and frothy traders will return, but the current action should be a solid lesson.Stocks quotes in this article:DFLYFIf you haven't realized it already, the recent shift of the market will put convictions to test. Remember that small-cap or momentum stock you loved a few weeks ago? Do you love it more down 20% or 30% or are you hitting eject?We feel like we're trapped in a death by a thousand papercuts trading environment. While indexes are near highs, my momentum watchlists have bled lower a considerable amount. This is when a question of conviction comes into play. Do you not only know what you own but why you own it?The market has been forgiving for way too long. When you can get bailed out of a bad purchase simply because everything else rallied around it, you develop bad habits. You buy tickers instead of companies. That's fine when you are trading, not so much if you're holding.I know I'm getting beat up on many of my small and midcap holdings, but I'm not losing sleep over it. Do I get a bit annoyed watching the bleed? Of course. That's natural. But I won't pull the plug unless the story changes. Much of that revolves around the market as a whole. Most of my small picks that are getting beat up are just a half-dozen of thousands that have gotten slammed. They aren't down because something in their business misfired. They are lower because the risk appetite for the market has shifted away from entire sectors and market cap sizes.It's possible I'll add as we continue to fall. Fortunately, I haven't leveraged anything to own the names. Could I watch them go to zero and not have my life altered? Yes and no. Financially, I could still pay my bills and continue my same lifestyle. Emotionally, I'll kick myself if I ride anything to zero. That means I missed a change in the story, or worse, ignored it.However, when I look at a small name like Draganfly (DFLYF) , a company that reported earnings over the weekend, I see they grew revenues over 200%, hit the target range of their forecasts, have a run rate that points to another 200%-300% revenue gains for 2021, and continues to execute. Despite this, shares have been cut in half over the past six weeks. Nothing changed in terms of the story or the financial models, so I'm only a seller here if technicals are my driving factors. Rarely, if ever, do I let technicals drive the bus for a small or microcap stock that I plan to hold for months or years.At some point, the momentum and frothy traders will return, but the current action should be a solid lesson. You'll likely need itchy trigger fingers on the sell side. If you're going to buy names without a disciplined stop, then make sure you're buying stories you believe in and you follow those stories closely. When they change, you need to be ready to bail and if the stocks get unfairly beaten, then you should be ready to add.","news_type":1,"symbols_score_info":{".IXIC":0.9,"SPY":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":561,"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":9,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/371073438"}