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2021-08-22

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Penny Stocks: Why You Should Always Stay Away<blockquote>细价股：为什么你应该永远远离</blockquote>

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{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":832331812,"tweetId":"832331812","gmtCreate":1629589072136,"gmtModify":1631893387579,"author":{"id":4089870956727770,"idStr":"4089870956727770","authorId":4089870956727770,"authorIdStr":"4089870956727770","name":"Chasiu","avatar":"https://static.tigerbbs.com/74c3d711eeaf968a5bdba4ff5db8150b","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":10,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body>Thanks&nbsp;</body></html>","htmlText":"<html><head></head><body>Thanks&nbsp;</body></html>","text":"Thanks","highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/832331812","repostId":1172699620,"repostType":4,"repost":{"id":"1172699620","kind":"news","pubTimestamp":1629450202,"share":"https://www.laohu8.com/m/news/1172699620?lang=zh_CN&edition=full","pubTime":"2021-08-20 17:03","market":"us","language":"en","title":"Penny Stocks: Why You Should Always Stay Away<blockquote>细价股：为什么你应该永远远离</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1172699620","media":"Kiplinger","summary":"Penny stocks – those stocks that trade for low prices, often with share prices of less than a dollar","content":"Penny stocks – those stocks that trade for low prices, often with share prices of less than a dollar per share – are dangerous. Period. Indeed, with a few exceptions, investors should steer clear of these uber-cheap stocks, which typically trade over-the-counter and not on a major exchange.<blockquote>细价股——那些低价交易的股票，通常每股股价不到一美元——是危险的。周期。事实上，除了少数例外，投资者应该避开这些超便宜的股票，这些股票通常在场外交易，而不是在主要交易所交易。</blockquote> Call them penny stocks, microcaps or OTC stocks; by any name, they’re bad news. Promises of quick and easy riches are easier to fall for when an investment can be made with so little money up front. An investor might think, \"How risky could it be?\"<blockquote>看涨期权他们细价股、微型股或场外交易股票；不管叫什么名字，都是坏消息。当前期投入如此之少的资金就可以进行投资时，快速轻松致富的承诺更容易上当。投资者可能会想，“风险有多大？”</blockquote> Plenty. Per the Securities and Exchange Commission: “Academic studies find that OTC stocks tend to be highly illiquid; are frequent targets of alleged market manipulation; generate negative and volatile investment returns on average; and rarely grow into a large company or transition to listing on a stock exchange.”<blockquote>大量。根据美国证券交易委员会的说法：“学术研究发现，场外交易股票往往流动性极差；经常成为涉嫌市场操纵的目标；平均产生负面且不稳定的投资回报；并且很少成长为大公司或过渡到在证券交易所上市。”</blockquote> We’ll break down what all that means below, but suffice to say, the SEC is not a fan.<blockquote>我们将在下面详细说明这一切的含义，但我只想说，SEC并不热衷于此。</blockquote> <h3>Why Penny Stocks Are So Dangerous</h3> To be clear, this is not to say that every penny stock or OTC company is a scam. The danger is that the over-the-counter market is where the scam stocks live. Think of it as a bad neighborhood. Being there can make you a mark for a con.<blockquote><h3>为什么细价股如此危险</h3>需要明确的是，这并不是说每个细价股或场外交易公司都是骗局。危险在于，场外市场是骗局股票的生存之地。把它想象成一个糟糕的社区。在那里会让你成为骗子的标志。</blockquote> For some background, the OTC market is different from exchanges like the New York Stock Exchange or Nasdaq, where trading is centralized. There is no one OTC exchange. Instead, the OTC connects buyers and sellers over a computer- and telephone-based system. Any stock that does not trade on the NYSE, Nasdaq or other established U.S. exchange can trade over-the-counter. These securities also are known as “unlisted stocks.”<blockquote>在某些背景下，场外交易市场不同于纽约证券交易所或纳斯达克等交易集中的交易所。没有一个OTC交易所。相反，场外交易通过基于计算机和电话的系统将买家和卖家联系起来。任何不在纽约证券交易所、纳斯达克或其他美国成熟交易所交易的股票都可以进行场外交易。这些证券也被称为“非上市股票”。</blockquote> Typically, OTC stocks tend to be highly risky microcap stocks (the shares of small companies with market capitalizations of under $300 million), which include nanocap stocks (those with market values of under $50 million).<blockquote>通常，场外交易股票往往是高风险的微型股（市值低于3亿美元的小公司股票），其中包括纳米股（市值低于5000万美元的股票）。</blockquote> The SEC has long warned investors about the high risks associated with such stocks. The Financial Industry Regulatory Authority (FINRA), the industry’s self-regulatory agency, likewise waves a red flag over the buying and trading of OTC securities.<blockquote>美国证券交易委员会长期以来一直警告投资者此类股票的高风险。该行业的自律机构金融业监管局（FINRA）同样对场外证券的购买和交易发出了危险信号。</blockquote> That’s because companies that list on the OTC aren’t required to file periodic or audited financial reports as they must do if they are listed on a major exchange, such as the NYSE or the Nasdaq. In other words, there’s no way to know if they’re telling the truth when they claim to have sales and profits. The major exchanges also have listing requirements; OTC stocks don’t. For example, a company must have at least 400 shareholders and a market value of at least $40 million to get a listing on the New York Stock Exchange. The OTC makes no such requirements.<blockquote>这是因为在场外交易市场上市的公司不需要像在纽约证券交易所或纳斯达克等主要交易所上市的公司那样提交定期或经审计的财务报告。换句话说，当他们声称有销售额和利润时，没有办法知道他们是否在说实话。各大交易所也有上市要求；场外交易股票则不然。例如，一家公司必须拥有至少400名股东且市值至少4000万美元才能在纽约证券交易所上市。OTC没有这样的要求。</blockquote> Put it all together, and it makes it easier for unscrupulous managers to lie about their business prospects or commit securities fraud.<blockquote>综上所述，这使得无良的管理者更容易谎报业务前景或实施证券欺诈。</blockquote> But that’s not all. The shares that exchange hands on the OTC tend to be “illiquid,” meaning they often trade in low volumes and have a limited number of buyers and sellers. That can make it difficult or impossible for investors to buy or sell shares at the prices they want.<blockquote>但这还不是全部。在场外交易的股票往往“缺乏流动性”，这意味着它们的交易量通常很低，买家和卖家数量有限。这可能会使投资者很难或不可能以他们想要的价格买卖股票。</blockquote> That lack of liquidity also makes many OTC stocks the perfect vehicle for “pump-and-dump” schemes where stock promoters lure investors to buy shares, increasing the stock price. Then, when the price gets high enough, the pumper sells his shares, causing the stock to fall and leaving investors with poor returns, or even losses. Anyone here see&nbsp;The Wolf of Wall Street?<blockquote>流动性的缺乏也使许多场外交易股票成为“拉高抛售”计划的完美工具，即股票发起人引诱投资者购买股票，从而提高股价。然后，当价格足够高时，抽水者出售他的股票，导致股票下跌，给投资者留下糟糕的回报，甚至亏损。这里有人看到了吗华尔街之狼？</blockquote> To protect investors from falling for these schemes, the SEC suspended trading of more than 800 microcap stocks – more than 8% of the OTC market – between 2012 and 2015. Once a stock has been suspended from trading, it cannot be relisted unless the company provides updated financial information to prove it’s actually operational. Since that rarely happens, trading suspensions essentially render the shares useless to scam artists.<blockquote>为了保护投资者不上当受骗，SEC在2012年至2015年间暂停了800多只微型股（占场外交易市场的8%以上）的交易。股票一旦暂停交易，就不能重新上市，除非公司提供最新的财务信息来证明其实际运营。由于这种情况很少发生，交易暂停基本上使股票对诈骗艺术家毫无用处。</blockquote> <h3>Legitimate OTCs</h3> Be that as it may, there is one segment of the OTC market that investors need not fear.<blockquote><h3>合法OTC</h3>尽管如此，场外交易市场的一部分投资者不必担心。</blockquote> Amidst the riff-raff, some of the biggest, most respected foreign companies in the world list their U.S. shares over-the-counter instead of on the major U.S. exchanges. Here, you’ll find shares of&nbsp;The <a href=\"https://laohu8.com/S/IDCBY\">Industrial and Commercial Bank of China Ltd.</a>&nbsp;(IDCBY), which happens to be the biggest bank in the world. You also can buy shares of Switzerland’sNestlé(NSRGY), the largest food company in the world; China’s&nbsp;<a href=\"https://laohu8.com/S/TCEHY\">Tencent Holding Ltd.</a>&nbsp;(TCEHY), one of the country’s largest internet service providers; and Japanese gaming giant&nbsp;<a href=\"https://laohu8.com/S/NTDOY\">Nintendo Co., Ltd.</a> (NTDOY).<blockquote>在混混中，一些世界上最大、最受尊敬的外国公司将其美国股票在场外交易而不是在美国主要交易所上市。在这里，您可以找到The<a href=\"https://laohu8.com/S/IDCBY\">中国工商银行。</a>（IDCBY），恰好是世界上最大的银行。您还可以购买瑞士的股票雀巢（NSRGY），全球最大的食品公司；中国的<a href=\"https://laohu8.com/S/TCEHY\">腾讯控股控股有限公司。</a>(TCEHY)，该国最大的互联网服务提供商之一；和日本游戏巨头<a href=\"https://laohu8.com/S/NTDOY\">任天堂有限公司。</a>（NTDOY）。</blockquote> Why would major, international publicly traded companies rub shoulders with firms that issue highly speculative penny stocks?<blockquote>为什么大型国际上市公司会与发行高度投机性细价股的公司合作？</blockquote> The reason has to do with cost and convenience. For example, a foreign firm listing on the NYSE or Nasdaq must prepare two sets of audited financial statements for everything it does – one to conform with international accounting standards, and another that adheres to the generally accepted accounting principles (GAAP) used in the U.S. That isn’t a requirement over-the-counter.<blockquote>原因与成本和便利性有关。例如，在纽约证券交易所或纳斯达克上市的外国公司必须为其所做的一切准备两套经审计的财务报表——一套符合国际会计准则，另一套符合公认会计原则(GAAP)在美国，这不是非处方药的要求。</blockquote> With an OTC listing, a foreign company gains access to the vast pool of U.S. equity investors at a fraction of the cost and effort.<blockquote>通过场外交易上市，外国公司可以以很低的成本和精力接触到庞大的美国股票投资者。</blockquote> The bottom line is that with the exception of large, established foreign firms, OTC stocks come with too many risks. It’s not possible for the average investor to know if the company is on the up and up. And even legitimate tiny companies can fail virtually overnight. The pitfalls of trading OTC stocks just aren’t worth it.<blockquote>最重要的是，除了大型老牌外国公司，场外交易股票风险太大。普通投资者不可能知道公司是否在上升。即使是合法的小公司也可能在一夜之间倒闭。场外交易股票的陷阱根本不值得。</blockquote> It’s easy enough to lose money investing in stocks. Why make it easier?<blockquote>投资股票很容易赔钱。为什么要让它更容易？</blockquote>","source":"lsy1629449927514","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>Penny Stocks: Why You Should Always Stay Away<blockquote>细价股：为什么你应该永远远离</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\">\nPenny Stocks: Why You Should Always Stay Away<blockquote>细价股：为什么你应该永远远离</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nKiplinger2021-08-20 17:03\n\n</h4>\n</header>\n<article>\nPenny stocks – those stocks that trade for low prices, often with share prices of less than a dollar per share – are dangerous. Period. Indeed, with a few exceptions, investors should steer clear of these uber-cheap stocks, which typically trade over-the-counter and not on a major exchange.<blockquote>细价股——那些低价交易的股票，通常每股股价不到一美元——是危险的。周期。事实上，除了少数例外，投资者应该避开这些超便宜的股票，这些股票通常在场外交易，而不是在主要交易所交易。</blockquote> Call them penny stocks, microcaps or OTC stocks; by any name, they’re bad news. Promises of quick and easy riches are easier to fall for when an investment can be made with so little money up front. An investor might think, \"How risky could it be?\"<blockquote>看涨期权他们细价股、微型股或场外交易股票；不管叫什么名字，都是坏消息。当前期投入如此之少的资金就可以进行投资时，快速轻松致富的承诺更容易上当。投资者可能会想，“风险有多大？”</blockquote> Plenty. Per the Securities and Exchange Commission: “Academic studies find that OTC stocks tend to be highly illiquid; are frequent targets of alleged market manipulation; generate negative and volatile investment returns on average; and rarely grow into a large company or transition to listing on a stock exchange.”<blockquote>大量。根据美国证券交易委员会的说法：“学术研究发现，场外交易股票往往流动性极差；经常成为涉嫌市场操纵的目标；平均产生负面且不稳定的投资回报；并且很少成长为大公司或过渡到在证券交易所上市。”</blockquote> We’ll break down what all that means below, but suffice to say, the SEC is not a fan.<blockquote>我们将在下面详细说明这一切的含义，但我只想说，SEC并不热衷于此。</blockquote> <h3>Why Penny Stocks Are So Dangerous</h3> To be clear, this is not to say that every penny stock or OTC company is a scam. The danger is that the over-the-counter market is where the scam stocks live. Think of it as a bad neighborhood. Being there can make you a mark for a con.<blockquote><h3>为什么细价股如此危险</h3>需要明确的是，这并不是说每个细价股或场外交易公司都是骗局。危险在于，场外市场是骗局股票的生存之地。把它想象成一个糟糕的社区。在那里会让你成为骗子的标志。</blockquote> For some background, the OTC market is different from exchanges like the New York Stock Exchange or Nasdaq, where trading is centralized. There is no one OTC exchange. Instead, the OTC connects buyers and sellers over a computer- and telephone-based system. Any stock that does not trade on the NYSE, Nasdaq or other established U.S. exchange can trade over-the-counter. These securities also are known as “unlisted stocks.”<blockquote>在某些背景下，场外交易市场不同于纽约证券交易所或纳斯达克等交易集中的交易所。没有一个OTC交易所。相反，场外交易通过基于计算机和电话的系统将买家和卖家联系起来。任何不在纽约证券交易所、纳斯达克或其他美国成熟交易所交易的股票都可以进行场外交易。这些证券也被称为“非上市股票”。</blockquote> Typically, OTC stocks tend to be highly risky microcap stocks (the shares of small companies with market capitalizations of under $300 million), which include nanocap stocks (those with market values of under $50 million).<blockquote>通常，场外交易股票往往是高风险的微型股（市值低于3亿美元的小公司股票），其中包括纳米股（市值低于5000万美元的股票）。</blockquote> The SEC has long warned investors about the high risks associated with such stocks. The Financial Industry Regulatory Authority (FINRA), the industry’s self-regulatory agency, likewise waves a red flag over the buying and trading of OTC securities.<blockquote>美国证券交易委员会长期以来一直警告投资者此类股票的高风险。该行业的自律机构金融业监管局（FINRA）同样对场外证券的购买和交易发出了危险信号。</blockquote> That’s because companies that list on the OTC aren’t required to file periodic or audited financial reports as they must do if they are listed on a major exchange, such as the NYSE or the Nasdaq. In other words, there’s no way to know if they’re telling the truth when they claim to have sales and profits. The major exchanges also have listing requirements; OTC stocks don’t. For example, a company must have at least 400 shareholders and a market value of at least $40 million to get a listing on the New York Stock Exchange. The OTC makes no such requirements.<blockquote>这是因为在场外交易市场上市的公司不需要像在纽约证券交易所或纳斯达克等主要交易所上市的公司那样提交定期或经审计的财务报告。换句话说，当他们声称有销售额和利润时，没有办法知道他们是否在说实话。各大交易所也有上市要求；场外交易股票则不然。例如，一家公司必须拥有至少400名股东且市值至少4000万美元才能在纽约证券交易所上市。OTC没有这样的要求。</blockquote> Put it all together, and it makes it easier for unscrupulous managers to lie about their business prospects or commit securities fraud.<blockquote>综上所述，这使得无良的管理者更容易谎报业务前景或实施证券欺诈。</blockquote> But that’s not all. The shares that exchange hands on the OTC tend to be “illiquid,” meaning they often trade in low volumes and have a limited number of buyers and sellers. That can make it difficult or impossible for investors to buy or sell shares at the prices they want.<blockquote>但这还不是全部。在场外交易的股票往往“缺乏流动性”，这意味着它们的交易量通常很低，买家和卖家数量有限。这可能会使投资者很难或不可能以他们想要的价格买卖股票。</blockquote> That lack of liquidity also makes many OTC stocks the perfect vehicle for “pump-and-dump” schemes where stock promoters lure investors to buy shares, increasing the stock price. Then, when the price gets high enough, the pumper sells his shares, causing the stock to fall and leaving investors with poor returns, or even losses. Anyone here see&nbsp;The Wolf of Wall Street?<blockquote>流动性的缺乏也使许多场外交易股票成为“拉高抛售”计划的完美工具，即股票发起人引诱投资者购买股票，从而提高股价。然后，当价格足够高时，抽水者出售他的股票，导致股票下跌，给投资者留下糟糕的回报，甚至亏损。这里有人看到了吗华尔街之狼？</blockquote> To protect investors from falling for these schemes, the SEC suspended trading of more than 800 microcap stocks – more than 8% of the OTC market – between 2012 and 2015. Once a stock has been suspended from trading, it cannot be relisted unless the company provides updated financial information to prove it’s actually operational. Since that rarely happens, trading suspensions essentially render the shares useless to scam artists.<blockquote>为了保护投资者不上当受骗，SEC在2012年至2015年间暂停了800多只微型股（占场外交易市场的8%以上）的交易。股票一旦暂停交易，就不能重新上市，除非公司提供最新的财务信息来证明其实际运营。由于这种情况很少发生，交易暂停基本上使股票对诈骗艺术家毫无用处。</blockquote> <h3>Legitimate OTCs</h3> Be that as it may, there is one segment of the OTC market that investors need not fear.<blockquote><h3>合法OTC</h3>尽管如此，场外交易市场的一部分投资者不必担心。</blockquote> Amidst the riff-raff, some of the biggest, most respected foreign companies in the world list their U.S. shares over-the-counter instead of on the major U.S. exchanges. Here, you’ll find shares of&nbsp;The <a href=\"https://laohu8.com/S/IDCBY\">Industrial and Commercial Bank of China Ltd.</a>&nbsp;(IDCBY), which happens to be the biggest bank in the world. You also can buy shares of Switzerland’sNestlé(NSRGY), the largest food company in the world; China’s&nbsp;<a href=\"https://laohu8.com/S/TCEHY\">Tencent Holding Ltd.</a>&nbsp;(TCEHY), one of the country’s largest internet service providers; and Japanese gaming giant&nbsp;<a href=\"https://laohu8.com/S/NTDOY\">Nintendo Co., Ltd.</a> (NTDOY).<blockquote>在混混中，一些世界上最大、最受尊敬的外国公司将其美国股票在场外交易而不是在美国主要交易所上市。在这里，您可以找到The<a href=\"https://laohu8.com/S/IDCBY\">中国工商银行。</a>（IDCBY），恰好是世界上最大的银行。您还可以购买瑞士的股票雀巢（NSRGY），全球最大的食品公司；中国的<a href=\"https://laohu8.com/S/TCEHY\">腾讯控股控股有限公司。</a>(TCEHY)，该国最大的互联网服务提供商之一；和日本游戏巨头<a href=\"https://laohu8.com/S/NTDOY\">任天堂有限公司。</a>（NTDOY）。</blockquote> Why would major, international publicly traded companies rub shoulders with firms that issue highly speculative penny stocks?<blockquote>为什么大型国际上市公司会与发行高度投机性细价股的公司合作？</blockquote> The reason has to do with cost and convenience. For example, a foreign firm listing on the NYSE or Nasdaq must prepare two sets of audited financial statements for everything it does – one to conform with international accounting standards, and another that adheres to the generally accepted accounting principles (GAAP) used in the U.S. That isn’t a requirement over-the-counter.<blockquote>原因与成本和便利性有关。例如，在纽约证券交易所或纳斯达克上市的外国公司必须为其所做的一切准备两套经审计的财务报表——一套符合国际会计准则，另一套符合公认会计原则(GAAP)在美国，这不是非处方药的要求。</blockquote> With an OTC listing, a foreign company gains access to the vast pool of U.S. equity investors at a fraction of the cost and effort.<blockquote>通过场外交易上市，外国公司可以以很低的成本和精力接触到庞大的美国股票投资者。</blockquote> The bottom line is that with the exception of large, established foreign firms, OTC stocks come with too many risks. It’s not possible for the average investor to know if the company is on the up and up. And even legitimate tiny companies can fail virtually overnight. The pitfalls of trading OTC stocks just aren’t worth it.<blockquote>最重要的是，除了大型老牌外国公司，场外交易股票风险太大。普通投资者不可能知道公司是否在上升。即使是合法的小公司也可能在一夜之间倒闭。场外交易股票的陷阱根本不值得。</blockquote> It’s easy enough to lose money investing in stocks. Why make it easier?<blockquote>投资股票很容易赔钱。为什么要让它更容易？</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.kiplinger.com/investing/603303/penny-stocks-always-stay-away\">Kiplinger</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":{"NTDOY":"任天堂","IDCBY":"工商银行ADR","TCEHY":"腾讯控股ADR"},"source_url":"https://www.kiplinger.com/investing/603303/penny-stocks-always-stay-away","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1172699620","content_text":"Penny stocks – those stocks that trade for low prices, often with share prices of less than a dollar per share – are dangerous. Period. Indeed, with a few exceptions, investors should steer clear of these uber-cheap stocks, which typically trade over-the-counter and not on a major exchange.\nCall them penny stocks, microcaps or OTC stocks; by any name, they’re bad news. Promises of quick and easy riches are easier to fall for when an investment can be made with so little money up front. An investor might think, \"How risky could it be?\"\nPlenty. Per the Securities and Exchange Commission: “Academic studies find that OTC stocks tend to be highly illiquid; are frequent targets of alleged market manipulation; generate negative and volatile investment returns on average; and rarely grow into a large company or transition to listing on a stock exchange.”\nWe’ll break down what all that means below, but suffice to say, the SEC is not a fan.\nWhy Penny Stocks Are So Dangerous\nTo be clear, this is not to say that every penny stock or OTC company is a scam. The danger is that the over-the-counter market is where the scam stocks live. Think of it as a bad neighborhood. Being there can make you a mark for a con.\nFor some background, the OTC market is different from exchanges like the New York Stock Exchange or Nasdaq, where trading is centralized. There is no one OTC exchange. Instead, the OTC connects buyers and sellers over a computer- and telephone-based system. Any stock that does not trade on the NYSE, Nasdaq or other established U.S. exchange can trade over-the-counter. These securities also are known as “unlisted stocks.”\nTypically, OTC stocks tend to be highly risky microcap stocks (the shares of small companies with market capitalizations of under $300 million), which include nanocap stocks (those with market values of under $50 million).\nThe SEC has long warned investors about the high risks associated with such stocks. The Financial Industry Regulatory Authority (FINRA), the industry’s self-regulatory agency, likewise waves a red flag over the buying and trading of OTC securities.\nThat’s because companies that list on the OTC aren’t required to file periodic or audited financial reports as they must do if they are listed on a major exchange, such as the NYSE or the Nasdaq. In other words, there’s no way to know if they’re telling the truth when they claim to have sales and profits. The major exchanges also have listing requirements; OTC stocks don’t. For example, a company must have at least 400 shareholders and a market value of at least $40 million to get a listing on the New York Stock Exchange. The OTC makes no such requirements.\nPut it all together, and it makes it easier for unscrupulous managers to lie about their business prospects or commit securities fraud.\nBut that’s not all. The shares that exchange hands on the OTC tend to be “illiquid,” meaning they often trade in low volumes and have a limited number of buyers and sellers. That can make it difficult or impossible for investors to buy or sell shares at the prices they want.\nThat lack of liquidity also makes many OTC stocks the perfect vehicle for “pump-and-dump” schemes where stock promoters lure investors to buy shares, increasing the stock price. Then, when the price gets high enough, the pumper sells his shares, causing the stock to fall and leaving investors with poor returns, or even losses. Anyone here see The Wolf of Wall Street?\nTo protect investors from falling for these schemes, the SEC suspended trading of more than 800 microcap stocks – more than 8% of the OTC market – between 2012 and 2015. Once a stock has been suspended from trading, it cannot be relisted unless the company provides updated financial information to prove it’s actually operational. Since that rarely happens, trading suspensions essentially render the shares useless to scam artists.\nLegitimate OTCs\nBe that as it may, there is one segment of the OTC market that investors need not fear.\nAmidst the riff-raff, some of the biggest, most respected foreign companies in the world list their U.S. shares over-the-counter instead of on the major U.S. exchanges. Here, you’ll find shares of The Industrial and Commercial Bank of China Ltd. (IDCBY), which happens to be the biggest bank in the world. You also can buy shares of Switzerland’sNestlé(NSRGY), the largest food company in the world; China’s Tencent Holding Ltd. (TCEHY), one of the country’s largest internet service providers; and Japanese gaming giant Nintendo Co., Ltd. (NTDOY).\nWhy would major, international publicly traded companies rub shoulders with firms that issue highly speculative penny stocks?\nThe reason has to do with cost and convenience. For example, a foreign firm listing on the NYSE or Nasdaq must prepare two sets of audited financial statements for everything it does – one to conform with international accounting standards, and another that adheres to the generally accepted accounting principles (GAAP) used in the U.S. That isn’t a requirement over-the-counter.\nWith an OTC listing, a foreign company gains access to the vast pool of U.S. equity investors at a fraction of the cost and effort.\nThe bottom line is that with the exception of large, established foreign firms, OTC stocks come with too many risks. It’s not possible for the average investor to know if the company is on the up and up. And even legitimate tiny companies can fail virtually overnight. The pitfalls of trading OTC stocks just aren’t worth it.\nIt’s easy enough to lose money investing in stocks. Why make it easier?","news_type":1,"symbols_score_info":{"NTDOY":0.9,"TCEHY":0.9,"IDCBY":0.9}},"isVote":1,"tweetType":1,"viewCount":685,"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":6,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/832331812"}