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{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":877936040,"tweetId":"877936040","gmtCreate":1637856056916,"gmtModify":1637856057002,"author":{"id":3582600581738317,"idStr":"3582600581738317","authorId":3582600581738317,"authorIdStr":"3582600581738317","name":"andrewshum","avatar":"https://static.tigerbbs.com/3a4a9224853eb7bf5293363b761f6ba1","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[],"fanSize":10,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"title":"","extraTitle":"","html":"<html><head></head><body>&nbsp;like</body></html>","htmlText":"<html><head></head><body>&nbsp;like</body></html>","text":"like","highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/877936040","repostId":1143924299,"repostType":4,"repost":{"id":"1143924299","kind":"news","pubTimestamp":1637846658,"share":"https://www.laohunote.com/m/news/1143924299?lang=zh_CN&edition=full","pubTime":"2021-11-25 21:24","market":"us","language":"en","title":"What Inflation? Small Investors Keep Piling Into Flashy Growth Stocks<blockquote>什么通货膨胀？小投资者不断涌入浮华的成长型股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1143924299","media":"WSJ","summary":"Conventional Wall Street wisdom says inflation is bad for growth and technology stocks. Many small i","content":"Conventional Wall Street wisdom says inflation is bad for growth and technology stocks. Many small investors don’t care.<blockquote>华尔街的传统观点认为，通货膨胀不利于增长和科技股。许多小投资者并不在乎。</blockquote> Individual investors continue to stampede into shares of growth companies, the types of buzzy stocks that have enjoyed explosive price gains this year. Advanced Micro Devices Inc.,&nbsp;Nvidia Corp. and Apple Inc. are the three stocks most purchased this month by individual investors, according to VandaTrack, a Vanda Research flow tracker that measures net purchases.<blockquote>个人投资者继续涌入成长型公司股票，这些类型的热门股票今年享受了爆炸性的价格上涨。根据衡量净购买量的 Vanda Research 流量跟踪器 VandaTrack 的数据，Advanced Micro Devices Inc.、Nvidia Corp. 和苹果公司是本月个人投资者购买最多的三只股票。</blockquote> Growth stocks are typically companies—often tech firms—that are expected to deliver faster-than-average profit growth in the future. They tend to flourish in a low-rate environment, including over the past year and a half. Investors are typically willing to pay higher prices for such companies when they don’t see many alternatives for making sizable profits.<blockquote>成长型股票通常是预计未来利润增长将高于平均水平的公司（通常是科技公司）。它们往往在低利率环境中蓬勃发展，包括过去一年半。当投资者看不到其他可观利润的选择时，他们通常愿意为这类公司支付更高的价格。</blockquote> For example, 18 of the stocks that are most favored by individual investors, including the chip makers AMD and Nvidia, trade on average at nearly 13 times their trailing 12-month sales, according to an analysis by Dow Jones Market Data. Stocks in the S&amp;P 500 trade at an average of three times their sales.<blockquote>例如，根据道琼斯市场数据分析，包括芯片制造商 AMD 和 Nvidia 在内的 18 只最受个人投资者青睐的股票的平均交易价格是其过去 12 个月销售额的近 13 倍。标普500的股票平均交易价格是其销售价格的三倍。</blockquote> But mounting inflation can be troublesome for growth stocks. That is because inflation brings the prospect of higher interest rates and higher bond yields, making the future cash flows of growth stocks less attractive. Traders, in turn, typically shuffle their portfolios to include other investments that stand to benefit from rising rates.<blockquote>但不断上升的通胀可能会给成长型股票带来麻烦。这是因为通货膨胀带来了更高利率和更高债券收益率的前景，使得成长型股票未来的现金流吸引力降低。反过来，交易员通常会调整投资组合，以纳入其他将受益于利率上升的投资。</blockquote> A government report this month showed that the consumer-price index jumped 6.2% in October from a year earlier, climbing atthe fastest pace in three decades. Fund-flow tracker EPFR, whose data captures mostly institutional investor behavior, estimates that investors responded by yanking more than $2 billion out of U.S. tech-focused mutual and exchange-traded funds in the two weeks ended Nov. 17. That marks the worst stretch since a two-week period ended in early January 2019.<blockquote>本月的一份政府报告显示，10月份消费者价格指数同比上涨6.2%，以三十年来最快的速度攀升。资金流动追踪机构 EPFR 的数据主要捕捉机构投资者的行为，该机构估计，在截至 11 月 17 日的两周内，投资者的反应是从美国以科技为重点的共同基金和交易所交易基金中撤出超过 20 亿美元。这是自 2019 年 1 月初结束的两周以来最糟糕的一段时间。</blockquote> At the same time, institutional investors are pumping money into more value-oriented sectors, such as consumer goods, healthcare and utilities, EPFR data show. Those industries tend to trade at lower valuations and tend to be more defensive moves for investors during times of heightened uncertainty.<blockquote>EPFR 数据显示，与此同时，机构投资者正在向消费品、医疗保健和公用事业等更注重价值的行业注入资金。这些行业往往以较低的估值进行交易，并且在不确定性加剧的时期，投资者往往会采取更多的防御性举措。</blockquote> Greg Hahn, chief investment officer of Indianapolis-based Winthrop Capital Management, said his team has been paring back exposure to large-cap technology stocks.<blockquote>总部位于印第安纳波利斯的温思罗普资本管理公司首席投资官格雷格·哈恩表示，他的团队一直在减少对大盘科技股的投资。</blockquote> “We’re shifting out of growth,” Mr. Hahn said. Instead, the firm is focused on finding quality companies that have reasonable valuations and strong balance sheets—ones that are “sustainable in a potentially rough next market cycle,” he said.<blockquote>“哈恩先生说：”我们正在摆脱增长。他说，相反，该公司专注于寻找估值合理、资产负债表稳健的优质公司--这些公司 “在下一个潜在的艰难市场周期中具有可持续性 ”。</blockquote> Recently, Mr. Hahn said, he has added exposure to a company that manufactures engines and generators and a pharmaceutical company that produces medicines and other products for animals.<blockquote>哈恩先生说，最近，他增加了对一家制造发动机和发电机的公司以及一家为动物生产药品和其他产品的制药公司的投资。</blockquote> To be sure, U.S. stocks are still hovering near records, bond yields remain historically low and&nbsp;an earlier rally in gold prices&nbsp;has subsided. That suggests that inflation fears haven’t yet spurred many professional investors to entirely upend their playbooks. Some 61% of fund managers surveyed this month believe inflation is transitory, according to Bank of America Global Research.<blockquote>可以肯定的是，美国股市仍徘徊在创纪录水平附近，债券收益率仍处于历史低位，金价早些时候的涨势已经消退。这表明，对通胀的担忧尚未促使许多专业投资者完全颠覆他们的策略。根据美国银行全球研究部的数据，本月接受调查的约 61% 的基金经理认为通胀是暂时的。</blockquote> Still, the recent divergence in strategy between professional and individual investors is the latest example of&nbsp;the unusual dynamics that have played out in financial markets&nbsp;this year. Repeatedly, small investors&nbsp;have upended longstanding trading strategies&nbsp;by sending stocks such asGameStopCorp.andHertz Global HoldingsInc.HTZ11.06%soaring, with little regard for the companies’ underlying value. Some rely on classic momentum investing—a strategy of buying assets simply because they are rising.<blockquote>尽管如此，最近专业投资者和个人投资者之间的策略分歧是今年金融市场不寻常动态的最新例子。小投资者一再颠覆长期的交易策略，让 GameStopCorp. 和 Hertz Global HoldingsInc.HTZ11.06% 等股票飙升，而很少考虑这些公司的潜在价值。有些人依赖于经典的动量投资——一种仅仅因为资产上涨就购买资产的策略。</blockquote> It isn’t uncommon for stocks favored by individual investors to be volatile. But those stocks can pay off too: AMD and Nvidia are each up 28% or more month-to-date, while Apple has climbed 8.1%. That compares with a 2.1% rise for the S&amp;P 500.<blockquote>受个人投资者青睐的股票波动并不少见。但这些股票也能带来回报：AMD 和 Nvidia 本月迄今均上涨 28% 或更多，而苹果则上涨了 8.1%。相比之下，标普500的涨幅为 2.1%。</blockquote> “The lesson we’ve learned over the past 12 to 18 months…is that IPOs, fiscal stimulus and other micro [events] are much bigger drivers for retail investor behavior” than inflation readings, said Viraj Patel, global macro strategist at Vanda Research. “We’ve never woken up the day after the CPI and seen huge selling from retail investors.”<blockquote>“万达研究公司（Vanda Research）全球宏观策略师维拉杰-帕特尔（Viraj Patel）说：”我们在过去 12 到 18 个月中吸取的教训.是，首次公开募股、财政刺激和其他微观[事件]对散户投资者行为的驱动力要大得多。“我们从未在 CPI 公布后的第二天醒来，看到散户投资者的大量抛售”。</blockquote> Matt Delao, a 28-year-old individual investor from California, said he has followed data on inflation and supply-chain snarls this year. But he said his trading strategy has focused mostly on screening for stocks that appear priced for a significant move. Recently, he has traded options for AMD and bitcoin-mining companyRiot Blockchain&nbsp;Inc.<blockquote>来自加利福尼亚州的 28 岁个人投资者马特·德劳 (Matt Delao) 表示，他一直在关注今年的通胀和供应链混乱数据。但他表示，他的交易策略主要集中在筛选那些价格似乎有望大幅波动的股票上。最近，他交易了 AMD 和比特币矿业公司 Riot Blockchain Inc. 的期权。</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>What Inflation? Small Investors Keep Piling Into Flashy Growth Stocks<blockquote>什么通货膨胀？小投资者不断涌入浮华的成长型股票</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\">\nWhat Inflation? Small Investors Keep Piling Into Flashy Growth Stocks<blockquote>什么通货膨胀？小投资者不断涌入浮华的成长型股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nWSJ2021-11-25 21:24\n\n</h4>\n</header>\n<article>\nConventional Wall Street wisdom says inflation is bad for growth and technology stocks. Many small investors don’t care.<blockquote>华尔街的传统观点认为，通货膨胀不利于增长和科技股。许多小投资者并不在乎。</blockquote> Individual investors continue to stampede into shares of growth companies, the types of buzzy stocks that have enjoyed explosive price gains this year. Advanced Micro Devices Inc.,&nbsp;Nvidia Corp. and Apple Inc. are the three stocks most purchased this month by individual investors, according to VandaTrack, a Vanda Research flow tracker that measures net purchases.<blockquote>个人投资者继续涌入成长型公司股票，这些类型的热门股票今年享受了爆炸性的价格上涨。根据衡量净购买量的 Vanda Research 流量跟踪器 VandaTrack 的数据，Advanced Micro Devices Inc.、Nvidia Corp. 和苹果公司是本月个人投资者购买最多的三只股票。</blockquote> Growth stocks are typically companies—often tech firms—that are expected to deliver faster-than-average profit growth in the future. They tend to flourish in a low-rate environment, including over the past year and a half. Investors are typically willing to pay higher prices for such companies when they don’t see many alternatives for making sizable profits.<blockquote>成长型股票通常是预计未来利润增长将高于平均水平的公司（通常是科技公司）。它们往往在低利率环境中蓬勃发展，包括过去一年半。当投资者看不到其他可观利润的选择时，他们通常愿意为这类公司支付更高的价格。</blockquote> For example, 18 of the stocks that are most favored by individual investors, including the chip makers AMD and Nvidia, trade on average at nearly 13 times their trailing 12-month sales, according to an analysis by Dow Jones Market Data. Stocks in the S&amp;P 500 trade at an average of three times their sales.<blockquote>例如，根据道琼斯市场数据分析，包括芯片制造商 AMD 和 Nvidia 在内的 18 只最受个人投资者青睐的股票的平均交易价格是其过去 12 个月销售额的近 13 倍。标普500的股票平均交易价格是其销售价格的三倍。</blockquote> But mounting inflation can be troublesome for growth stocks. That is because inflation brings the prospect of higher interest rates and higher bond yields, making the future cash flows of growth stocks less attractive. Traders, in turn, typically shuffle their portfolios to include other investments that stand to benefit from rising rates.<blockquote>但不断上升的通胀可能会给成长型股票带来麻烦。这是因为通货膨胀带来了更高利率和更高债券收益率的前景，使得成长型股票未来的现金流吸引力降低。反过来，交易员通常会调整投资组合，以纳入其他将受益于利率上升的投资。</blockquote> A government report this month showed that the consumer-price index jumped 6.2% in October from a year earlier, climbing atthe fastest pace in three decades. Fund-flow tracker EPFR, whose data captures mostly institutional investor behavior, estimates that investors responded by yanking more than $2 billion out of U.S. tech-focused mutual and exchange-traded funds in the two weeks ended Nov. 17. That marks the worst stretch since a two-week period ended in early January 2019.<blockquote>本月的一份政府报告显示，10月份消费者价格指数同比上涨6.2%，以三十年来最快的速度攀升。资金流动追踪机构 EPFR 的数据主要捕捉机构投资者的行为，该机构估计，在截至 11 月 17 日的两周内，投资者的反应是从美国以科技为重点的共同基金和交易所交易基金中撤出超过 20 亿美元。这是自 2019 年 1 月初结束的两周以来最糟糕的一段时间。</blockquote> At the same time, institutional investors are pumping money into more value-oriented sectors, such as consumer goods, healthcare and utilities, EPFR data show. Those industries tend to trade at lower valuations and tend to be more defensive moves for investors during times of heightened uncertainty.<blockquote>EPFR 数据显示，与此同时，机构投资者正在向消费品、医疗保健和公用事业等更注重价值的行业注入资金。这些行业往往以较低的估值进行交易，并且在不确定性加剧的时期，投资者往往会采取更多的防御性举措。</blockquote> Greg Hahn, chief investment officer of Indianapolis-based Winthrop Capital Management, said his team has been paring back exposure to large-cap technology stocks.<blockquote>总部位于印第安纳波利斯的温思罗普资本管理公司首席投资官格雷格·哈恩表示，他的团队一直在减少对大盘科技股的投资。</blockquote> “We’re shifting out of growth,” Mr. Hahn said. Instead, the firm is focused on finding quality companies that have reasonable valuations and strong balance sheets—ones that are “sustainable in a potentially rough next market cycle,” he said.<blockquote>“哈恩先生说：”我们正在摆脱增长。他说，相反，该公司专注于寻找估值合理、资产负债表稳健的优质公司--这些公司 “在下一个潜在的艰难市场周期中具有可持续性 ”。</blockquote> Recently, Mr. Hahn said, he has added exposure to a company that manufactures engines and generators and a pharmaceutical company that produces medicines and other products for animals.<blockquote>哈恩先生说，最近，他增加了对一家制造发动机和发电机的公司以及一家为动物生产药品和其他产品的制药公司的投资。</blockquote> To be sure, U.S. stocks are still hovering near records, bond yields remain historically low and&nbsp;an earlier rally in gold prices&nbsp;has subsided. That suggests that inflation fears haven’t yet spurred many professional investors to entirely upend their playbooks. Some 61% of fund managers surveyed this month believe inflation is transitory, according to Bank of America Global Research.<blockquote>可以肯定的是，美国股市仍徘徊在创纪录水平附近，债券收益率仍处于历史低位，金价早些时候的涨势已经消退。这表明，对通胀的担忧尚未促使许多专业投资者完全颠覆他们的策略。根据美国银行全球研究部的数据，本月接受调查的约 61% 的基金经理认为通胀是暂时的。</blockquote> Still, the recent divergence in strategy between professional and individual investors is the latest example of&nbsp;the unusual dynamics that have played out in financial markets&nbsp;this year. Repeatedly, small investors&nbsp;have upended longstanding trading strategies&nbsp;by sending stocks such asGameStopCorp.andHertz Global HoldingsInc.HTZ11.06%soaring, with little regard for the companies’ underlying value. Some rely on classic momentum investing—a strategy of buying assets simply because they are rising.<blockquote>尽管如此，最近专业投资者和个人投资者之间的策略分歧是今年金融市场不寻常动态的最新例子。小投资者一再颠覆长期的交易策略，让 GameStopCorp. 和 Hertz Global HoldingsInc.HTZ11.06% 等股票飙升，而很少考虑这些公司的潜在价值。有些人依赖于经典的动量投资——一种仅仅因为资产上涨就购买资产的策略。</blockquote> It isn’t uncommon for stocks favored by individual investors to be volatile. But those stocks can pay off too: AMD and Nvidia are each up 28% or more month-to-date, while Apple has climbed 8.1%. That compares with a 2.1% rise for the S&amp;P 500.<blockquote>受个人投资者青睐的股票波动并不少见。但这些股票也能带来回报：AMD 和 Nvidia 本月迄今均上涨 28% 或更多，而苹果则上涨了 8.1%。相比之下，标普500的涨幅为 2.1%。</blockquote> “The lesson we’ve learned over the past 12 to 18 months…is that IPOs, fiscal stimulus and other micro [events] are much bigger drivers for retail investor behavior” than inflation readings, said Viraj Patel, global macro strategist at Vanda Research. “We’ve never woken up the day after the CPI and seen huge selling from retail investors.”<blockquote>“万达研究公司（Vanda Research）全球宏观策略师维拉杰-帕特尔（Viraj Patel）说：”我们在过去 12 到 18 个月中吸取的教训.是，首次公开募股、财政刺激和其他微观[事件]对散户投资者行为的驱动力要大得多。“我们从未在 CPI 公布后的第二天醒来，看到散户投资者的大量抛售”。</blockquote> Matt Delao, a 28-year-old individual investor from California, said he has followed data on inflation and supply-chain snarls this year. But he said his trading strategy has focused mostly on screening for stocks that appear priced for a significant move. Recently, he has traded options for AMD and bitcoin-mining companyRiot Blockchain&nbsp;Inc.<blockquote>来自加利福尼亚州的 28 岁个人投资者马特·德劳 (Matt Delao) 表示，他一直在关注今年的通胀和供应链混乱数据。但他表示，他的交易策略主要集中在筛选那些价格似乎有望大幅波动的股票上。最近，他交易了 AMD 和比特币矿业公司 Riot Blockchain Inc. 的期权。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.wsj.com/articles/what-inflation-small-investors-keep-piling-into-flashy-growth-stocks-11637836200?siteid=yhoof2\">WSJ</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":{"AMD":"美国超微公司","AAPL":"苹果","NVDA":"英伟达"},"source_url":"https://www.wsj.com/articles/what-inflation-small-investors-keep-piling-into-flashy-growth-stocks-11637836200?siteid=yhoof2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1143924299","content_text":"Conventional Wall Street wisdom says inflation is bad for growth and technology stocks. Many small investors don’t care.\nIndividual investors continue to stampede into shares of growth companies, the types of buzzy stocks that have enjoyed explosive price gains this year. Advanced Micro Devices Inc., Nvidia Corp. and Apple Inc. are the three stocks most purchased this month by individual investors, according to VandaTrack, a Vanda Research flow tracker that measures net purchases.\nGrowth stocks are typically companies—often tech firms—that are expected to deliver faster-than-average profit growth in the future. They tend to flourish in a low-rate environment, including over the past year and a half. Investors are typically willing to pay higher prices for such companies when they don’t see many alternatives for making sizable profits.\nFor example, 18 of the stocks that are most favored by individual investors, including the chip makers AMD and Nvidia, trade on average at nearly 13 times their trailing 12-month sales, according to an analysis by Dow Jones Market Data. Stocks in the S&P 500 trade at an average of three times their sales.\nBut mounting inflation can be troublesome for growth stocks. That is because inflation brings the prospect of higher interest rates and higher bond yields, making the future cash flows of growth stocks less attractive. Traders, in turn, typically shuffle their portfolios to include other investments that stand to benefit from rising rates.\nA government report this month showed that the consumer-price index jumped 6.2% in October from a year earlier, climbing atthe fastest pace in three decades. Fund-flow tracker EPFR, whose data captures mostly institutional investor behavior, estimates that investors responded by yanking more than $2 billion out of U.S. tech-focused mutual and exchange-traded funds in the two weeks ended Nov. 17. That marks the worst stretch since a two-week period ended in early January 2019.\nAt the same time, institutional investors are pumping money into more value-oriented sectors, such as consumer goods, healthcare and utilities, EPFR data show. Those industries tend to trade at lower valuations and tend to be more defensive moves for investors during times of heightened uncertainty.\nGreg Hahn, chief investment officer of Indianapolis-based Winthrop Capital Management, said his team has been paring back exposure to large-cap technology stocks.\n“We’re shifting out of growth,” Mr. Hahn said. Instead, the firm is focused on finding quality companies that have reasonable valuations and strong balance sheets—ones that are “sustainable in a potentially rough next market cycle,” he said.\nRecently, Mr. Hahn said, he has added exposure to a company that manufactures engines and generators and a pharmaceutical company that produces medicines and other products for animals.\nTo be sure, U.S. stocks are still hovering near records, bond yields remain historically low and an earlier rally in gold prices has subsided. That suggests that inflation fears haven’t yet spurred many professional investors to entirely upend their playbooks. Some 61% of fund managers surveyed this month believe inflation is transitory, according to Bank of America Global Research.\nStill, the recent divergence in strategy between professional and individual investors is the latest example of the unusual dynamics that have played out in financial markets this year. Repeatedly, small investors have upended longstanding trading strategies by sending stocks such asGameStopCorp.andHertz Global HoldingsInc.HTZ11.06%soaring, with little regard for the companies’ underlying value. Some rely on classic momentum investing—a strategy of buying assets simply because they are rising.\nIt isn’t uncommon for stocks favored by individual investors to be volatile. But those stocks can pay off too: AMD and Nvidia are each up 28% or more month-to-date, while Apple has climbed 8.1%. That compares with a 2.1% rise for the S&P 500.\n“The lesson we’ve learned over the past 12 to 18 months…is that IPOs, fiscal stimulus and other micro [events] are much bigger drivers for retail investor behavior” than inflation readings, said Viraj Patel, global macro strategist at Vanda Research. “We’ve never woken up the day after the CPI and seen huge selling from retail investors.”\nMatt Delao, a 28-year-old individual investor from California, said he has followed data on inflation and supply-chain snarls this year. But he said his trading strategy has focused mostly on screening for stocks that appear priced for a significant move. Recently, he has traded options for AMD and bitcoin-mining companyRiot Blockchain Inc.","news_type":1,"symbols_score_info":{"NVDA":0.9,"AAPL":0.9,"AMD":0.9}},"isVote":1,"tweetType":1,"viewCount":1364,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":4,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/877936040"}