hoyeah的个人主页 - 老虎社区

hoyeah

hoyeah

huat

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167关注

342粉丝

1主题

0勋章

2021-08-03

Help to like pls

Can Bloated U.S. Large Caps Make Room For Small Caps?<blockquote>臃肿的美国大盘能否为小盘腾出空间？</blockquote>

2021-01-30

Why liddat Elon

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2021-02-05

What this lmao

Luckin Coffee’s Restructuring Efforts Move Forward with Commencement of its Chapter 15 Case in the United States<blockquote>随着美国破产法第15章案件的启动，瑞星咖啡的重组工作向前推进</blockquote>

2021-01-22

Wow

Why Airbnb Stock Is Flying Higher<blockquote>为什么爱彼迎股价飞涨</blockquote>

2021-02-25

Huat big big

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2021-02-01

Rip tesla

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2021-07-07

Pls like

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2021-02-21

Help me

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2021-02-18

Rip

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2021-05-05

Oof

This Day In Market History: Panic Of 1893 Crashes Stock Market<blockquote>市场历史上的这一天：1893年的恐慌导致股市崩盘</blockquote>

2021-01-23

$$$$

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2021-09-26

Nice leh

China Declares Cryptocurrency-Related Activities Illegal<blockquote>中国宣布加密货币相关活动为非法</blockquote>

2021-08-02

Like me

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2021-07-08

Help to likeeee

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2021-06-02

Both lor

Apple Stock Vs. Google Stock: Which Is The Better Buy?<blockquote>苹果股票与谷歌股票：哪个更值得购买？</blockquote>

2021-05-21

Huat ah

2021-05-13

Like meeeeee

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2021-04-06

Huat ah

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2021-02-11

Damn

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2021-02-09

See la

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去老虎APP查看更多动态

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leh","listText":"Nice leh","text":"Nice leh","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/868338167","repostId":"2170611891","repostType":4,"repost":{"id":"2170611891","kind":"highlight","weMediaInfo":{"introduction":"新型财经科技信息服务提供商，专注TMT。技术改变商业，商业改变世界，我们纪录这个过程，并聚集这些改变世界的人。","home_visible":1,"media_name":"TMTPost","id":"1065587721","head_image":"https://static.tigerbbs.com/72948639b39fd795a430fcaa2772851c"},"pubTimestamp":1632526620,"share":"https://www.laohu8.com/m/news/2170611891?lang=zh_CN&edition=full","pubTime":"2021-09-25 07:37","market":"hk","language":"en","title":"China Declares Cryptocurrency-Related Activities Illegal<blockquote>中国宣布加密货币相关活动为非法</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2170611891","media":"TMTPost","summary":"BEIJING, September 23 (TMTPOST) — The People's Bank of China, the country’s central bank, has releas","content":"<p>BEIJING, September 23 (TMTPOST) — The People's Bank of China, the country’s central bank, has released the Notice on Further Regulating and Preventing Risks Posed by Cryptocurrency Transactions, which stresses that cryptocurrency-related activities are illegal financial activities.</p><p><blockquote>北京9月23日电（钛媒体）——中国央行中国人民银行发布《关于进一步规范和防范加密货币交易风险的通知》，强调加密货币相关活动属于非法金融活动。</blockquote></p><p> According to the notice, cryptocurrency does not enjoy the legal status that fiat money has. Cryptocurrencies are decentralized digital money based on blockchain technology. They are not issued by the authority and therefore do not enjoy the legal recognition that fiat money has. Cryptocurrencies should not be used as money in the market and enter circulation. Financial activities that involve cryptocurrencies are all illegal activities, the central bank stated in the notice. Financial services that facilitate the exchange between cryptocurrency and fiat money, exchange of information on cryptocurrency trading, pricing of cryptocurrency, trading of cryptocurrency derivatives, and financing through cryptocurrency are forbidden and considered illegal. Criminal liabilities can be imposed if relevant violations constitute a criminal offense.</p><p><blockquote>根据通知，加密货币不享有法定货币所具有的法律地位。加密货币是基于区块链技术的去中心化数字货币。它们不是由当局发行的，因此不享有法定货币所享有的法律承认。加密货币不应作为货币在市场上使用，进入流通。央行在通知中表示，涉及加密货币的金融活动都是非法活动。促进加密货币和法定货币之间交换、加密货币交易信息交换、加密货币定价、加密货币衍生品交易以及通过加密货币融资的金融服务是被禁止的，并被视为非法。相关违法行为构成刑事犯罪的，可以追究刑事责任。</blockquote></p><p> The notice also states that it is also considered an illegal financial activity for overseas cryptocurrency exchange organizations to provide exchange services through the Internet for residents within China. Employees of such overseas exchange organizations who knowingly engage in cryptocurrency services and provide services on the marketing of cryptocurrency, payment, and technical support are punishable by law.</p><p><blockquote>通知还称，境外加密货币兑换机构通过互联网为中国境内居民提供兑换服务，也属于非法金融活动。此类境外交易所机构的员工明知从事加密货币服务，提供加密货币营销、支付、技术支持等服务的，将受到法律处罚。</blockquote></p><p> The notice calls for more efforts in establishing a working mechanism in response to cryptocurrency trading as well. The notice states that it is important to establish coordination between government departments, and between the central government and local governments to monitor cryptocurrency activities.</p><p><blockquote>通知评级在建立应对加密货币交易的工作机制方面也做出了更多努力。该通知指出，在政府部门之间以及中央政府和地方政府之间建立协调以监控加密货币活动非常重要。</blockquote></p><p> In addition, a risk forecast on cryptocurrency trading should be built, according to the notice. The central bank and the Cyberspace Administration of China should optimize their monitoring technology that targets cryptocurrency activities. Financial institutions and non-bank payment organizations should also enhance their efforts in monitoring cryptocurrency activities.</p><p><blockquote>此外，根据通知，应建立加密货币交易风险预测。央行和国家互联网信息办公室应优化其针对加密货币活动的监控技术。金融机构和非银行支付组织也应加大对加密货币活动的监控力度。</blockquote></p><p> Lastly, the notice calls for the development of a multi-level mechanism to prevent cryptocurrency trading and enforce relevant laws and regulations. The multi-level mechanism should involve financial management departments, telecom departments, law enforcement, and market regulators, etc.</p><p><blockquote>最后，通知评级制定多层次机制，防止加密货币交易并执行相关法律法规。多层次的机制应涉及金融管理部门、电信部门、执法部门、市场监管机构等。</blockquote></p><p></p>","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>China Declares Cryptocurrency-Related Activities Illegal<blockquote>中国宣布加密货币相关活动为非法</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\">\nChina Declares Cryptocurrency-Related Activities Illegal<blockquote>中国宣布加密货币相关活动为非法</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1065587721\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/72948639b39fd795a430fcaa2772851c);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">TMTPost </p>\n<p class=\"h-time smaller\">2021-09-25 07:37</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>BEIJING, September 23 (TMTPOST) — The People's Bank of China, the country’s central bank, has released the Notice on Further Regulating and Preventing Risks Posed by Cryptocurrency Transactions, which stresses that cryptocurrency-related activities are illegal financial activities.</p><p><blockquote>北京9月23日电（钛媒体）——中国央行中国人民银行发布《关于进一步规范和防范加密货币交易风险的通知》，强调加密货币相关活动属于非法金融活动。</blockquote></p><p> According to the notice, cryptocurrency does not enjoy the legal status that fiat money has. Cryptocurrencies are decentralized digital money based on blockchain technology. They are not issued by the authority and therefore do not enjoy the legal recognition that fiat money has. Cryptocurrencies should not be used as money in the market and enter circulation. Financial activities that involve cryptocurrencies are all illegal activities, the central bank stated in the notice. Financial services that facilitate the exchange between cryptocurrency and fiat money, exchange of information on cryptocurrency trading, pricing of cryptocurrency, trading of cryptocurrency derivatives, and financing through cryptocurrency are forbidden and considered illegal. Criminal liabilities can be imposed if relevant violations constitute a criminal offense.</p><p><blockquote>根据通知，加密货币不享有法定货币所具有的法律地位。加密货币是基于区块链技术的去中心化数字货币。它们不是由当局发行的，因此不享有法定货币所享有的法律承认。加密货币不应作为货币在市场上使用，进入流通。央行在通知中表示，涉及加密货币的金融活动都是非法活动。促进加密货币和法定货币之间交换、加密货币交易信息交换、加密货币定价、加密货币衍生品交易以及通过加密货币融资的金融服务是被禁止的，并被视为非法。相关违法行为构成刑事犯罪的，可以追究刑事责任。</blockquote></p><p> The notice also states that it is also considered an illegal financial activity for overseas cryptocurrency exchange organizations to provide exchange services through the Internet for residents within China. Employees of such overseas exchange organizations who knowingly engage in cryptocurrency services and provide services on the marketing of cryptocurrency, payment, and technical support are punishable by law.</p><p><blockquote>通知还称，境外加密货币兑换机构通过互联网为中国境内居民提供兑换服务，也属于非法金融活动。此类境外交易所机构的员工明知从事加密货币服务，提供加密货币营销、支付、技术支持等服务的，将受到法律处罚。</blockquote></p><p> The notice calls for more efforts in establishing a working mechanism in response to cryptocurrency trading as well. The notice states that it is important to establish coordination between government departments, and between the central government and local governments to monitor cryptocurrency activities.</p><p><blockquote>通知评级在建立应对加密货币交易的工作机制方面也做出了更多努力。该通知指出，在政府部门之间以及中央政府和地方政府之间建立协调以监控加密货币活动非常重要。</blockquote></p><p> In addition, a risk forecast on cryptocurrency trading should be built, according to the notice. The central bank and the Cyberspace Administration of China should optimize their monitoring technology that targets cryptocurrency activities. Financial institutions and non-bank payment organizations should also enhance their efforts in monitoring cryptocurrency activities.</p><p><blockquote>此外，根据通知，应建立加密货币交易风险预测。央行和国家互联网信息办公室应优化其针对加密货币活动的监控技术。金融机构和非银行支付组织也应加大对加密货币活动的监控力度。</blockquote></p><p> Lastly, the notice calls for the development of a multi-level mechanism to prevent cryptocurrency trading and enforce relevant laws and regulations. The multi-level mechanism should involve financial management departments, telecom departments, law enforcement, and market regulators, etc.</p><p><blockquote>最后，通知评级制定多层次机制，防止加密货币交易并执行相关法律法规。多层次的机制应涉及金融管理部门、电信部门、执法部门、市场监管机构等。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CAAS":"中汽系统"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2170611891","content_text":"BEIJING, September 23 (TMTPOST) — The People's Bank of China, the country’s central bank, has released the Notice on Further Regulating and Preventing Risks Posed by Cryptocurrency Transactions, which stresses that cryptocurrency-related activities are illegal financial activities.\nAccording to the notice, cryptocurrency does not enjoy the legal status that fiat money has. Cryptocurrencies are decentralized digital money based on blockchain technology. They are not issued by the authority and therefore do not enjoy the legal recognition that fiat money has. Cryptocurrencies should not be used as money in the market and enter circulation. Financial activities that involve cryptocurrencies are all illegal activities, the central bank stated in the notice. Financial services that facilitate the exchange between cryptocurrency and fiat money, exchange of information on cryptocurrency trading, pricing of cryptocurrency, trading of cryptocurrency derivatives, and financing through cryptocurrency are forbidden and considered illegal. Criminal liabilities can be imposed if relevant violations constitute a criminal offense.\nThe notice also states that it is also considered an illegal financial activity for overseas cryptocurrency exchange organizations to provide exchange services through the Internet for residents within China. Employees of such overseas exchange organizations who knowingly engage in cryptocurrency services and provide services on the marketing of cryptocurrency, payment, and technical support are punishable by law.\nThe notice calls for more efforts in establishing a working mechanism in response to cryptocurrency trading as well. The notice states that it is important to establish coordination between government departments, and between the central government and local governments to monitor cryptocurrency activities.\nIn addition, a risk forecast on cryptocurrency trading should be built, according to the notice. The central bank and the Cyberspace Administration of China should optimize their monitoring technology that targets cryptocurrency activities. Financial institutions and non-bank payment organizations should also enhance their efforts in monitoring cryptocurrency activities.\nLastly, the notice calls for the development of a multi-level mechanism to prevent cryptocurrency trading and enforce relevant laws and regulations. The multi-level mechanism should involve financial management departments, telecom departments, law enforcement, and market regulators, etc.","news_type":1,"symbols_score_info":{"CAAS":0.9}},"isVote":1,"tweetType":1,"viewCount":2207,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":897319859,"gmtCreate":1628880578871,"gmtModify":1631890553789,"author":{"id":"3556190733280473","authorId":"3556190733280473","name":"hoyeah","avatar":"https://static.tigerbbs.com/b8ab28e9eb24a11ed26fa5c3597602fa","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3556190733280473","idStr":"3556190733280473"},"themes":[],"htmlText":"No Huat&nbsp;","listText":"No Huat&nbsp;","text":"No Huat","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/897319859","isVote":1,"tweetType":1,"viewCount":2809,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":804449906,"gmtCreate":1627975485105,"gmtModify":1631890553792,"author":{"id":"3556190733280473","authorId":"3556190733280473","name":"hoyeah","avatar":"https://static.tigerbbs.com/b8ab28e9eb24a11ed26fa5c3597602fa","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3556190733280473","idStr":"3556190733280473"},"themes":[],"htmlText":"Help to like pls","listText":"Help to like pls","text":"Help to like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/804449906","repostId":"1105113028","repostType":4,"repost":{"id":"1105113028","kind":"news","pubTimestamp":1627975176,"share":"https://www.laohu8.com/m/news/1105113028?lang=zh_CN&edition=full","pubTime":"2021-08-03 15:19","market":"us","language":"en","title":"Can Bloated U.S. Large Caps Make Room For Small Caps?<blockquote>臃肿的美国大盘能否为小盘腾出空间？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1105113028","media":"seekingalpha","summary":"Summary\n\nUntil recently, small caps were this year’s darling, comfortably outperforming their large-","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Until recently, small caps were this year’s darling, comfortably outperforming their large-cap brethren as the economic recovery manifested.</li>  <li>The S&amp;P SmallCap 600 finished the first half strong, posting its best performance through the first six months of any year since it was created.</li>  <li>But the proverbial tortoise caught up to the hare at the start of the second half, as the S&amp;P 500 Index virtually erased its underperformance relative to the S&amp;P SmallCap 600 over the last two weeks.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fefa76b6b80fbad76b9427f757e402bd\" tg-width=\"768\" tg-height=\"512\" width=\"100%\" height=\"auto\"><span>primeimages/E+ via Getty Images</span></p><p><blockquote><ul><li>直到最近，小盘股还是今年的宠儿，随着经济复苏的显现，它们的表现轻松优于大盘股。</li><li>S&amp;P SmallCap 600指数上半年表现强劲，创下自成立以来前六个月的最佳表现。</li><li>但众所周知的乌龟在下半年开始时追上了兔子，标普500指数在过去两周几乎抹去了相对于标准普尔小型股600指数的不佳表现。</li></ul><p class=\"t-img-caption\"><span>PrimeMages/E+来自Getty Images</span></p></blockquote></p><p> Over the last few weeks, U.S. equities have staged a reversal within the very markets that have been this year’s most reliable trade.</p><p><blockquote>过去几周，美国股市在今年最可靠交易的市场中出现了逆转。</blockquote></p><p> Until recently, small caps were this year’s darling, comfortably outperforming their large-cap brethren as the economic recovery manifested. The S&amp;P SmallCap 600 finished the first half strong, posting its best performance through the first six months of any year since it was created.</p><p><blockquote>直到最近，小盘股还是今年的宠儿，随着经济复苏的显现，它们的表现轻松优于大盘股。S&amp;P SmallCap 600指数上半年表现强劲，创下自成立以来前六个月的最佳表现。</blockquote></p><p> <b>S&amp;P SmallCap 600 - Return Through First 6 Months of the Year</b></p><p><blockquote><b>S&amp;P SmallCap 600-今年前6个月的回报</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/74af8ccc0d1010e404c1f6e38a1dde47\" tg-width=\"600\" tg-height=\"403\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> But the proverbial tortoise caught up to the hare at the start of the second half, as the S&amp;P 500 Index virtually erased its underperformance relative to the S&amp;P SmallCap 600 over the last two weeks.</p><p><blockquote>但众所周知的乌龟在下半年开始时追上了兔子，标普500指数在过去两周几乎抹去了相对于标准普尔小型股600指数的不佳表现。</blockquote></p><p> The change in market leadership is the result of a number of factors: surging cases of the COVID-19 delta variant, impressive Q2 earnings results from large-cap stalwarts and perhaps even some small-cap investors booking gains after a stellar first half.</p><p><blockquote>市场领导地位的变化是多种因素的结果：COVID-19德尔塔变异毒株病例激增、大盘股中坚力量令人印象深刻的第二季度盈利结果，甚至一些小盘股投资者在上半年表现出色后录得收益。</blockquote></p><p> No matter the narrative, however, there are already significant implications of the swift, sudden reversal. One cautionary flag is already being waved: after their recent rally, U.S. large caps are the most expensive they have ever been, relative to small caps, since the 2001 tech bubble.</p><p><blockquote>然而，无论叙述如何，这种迅速、突然的逆转已经产生了重大影响。一个警告信号已经在挥舞：在最近的反弹之后，美国大盘股相对于小盘股来说是自2001年科技泡沫以来最昂贵的。</blockquote></p><p> <b>S&amp;P 500 Forward P/E / S&amp;P 600 Forward P/E</b></p><p><blockquote><b>标普500远期市盈率/标准普尔600远期市盈率</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/39a4e15c427952c240d02916954deeeb\" tg-width=\"600\" tg-height=\"389\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Specifically, the forward P/E of the S&amp;P 500 relative to that of the S&amp;P SmallCap 600 is measuring at levels last seen at the end of the 2001. Similar relative valuations temporarily spiked at the onset of the COVID-19 pandemic in March 2020 but corrected quickly.</p><p><blockquote>具体来说，标普500相对于S&amp;P SmallCap 600指数的远期市盈率处于2001年底的水平。类似的相对估值在2020年3月COVID-19大流行爆发时暂时飙升，但很快就得到了纠正。</blockquote></p><p> The recent run-up would be less concerning if the gauge was less than 1. Historically, large caps often commanded a lower valuation than small caps, since the latter were perceived to be riskier (hence, lower earnings in the ratio’s denominator). The former, with higher earnings and perceived relative safety, had their valuations kept in check.</p><p><blockquote>如果该指标小于1，最近的上涨就不那么令人担忧了。从历史上看，大盘股的估值往往低于小盘股，因为后者被认为风险更高（因此，该比率的分母收益较低）。前者收益较高，被认为相对安全，其估值受到控制。</blockquote></p><p> But this trend has also been reversed, with large caps now trading at a forward P/E premium to small caps of about 20%. If history is any indication, this may signal that there are frothy and bloated valuations in the large-cap market, with small caps perhaps due for a tailwind or the former for a correction.</p><p><blockquote>但这一趋势也发生了逆转，目前大盘股的远期市盈率较小盘股溢价约为20%。如果历史有任何迹象的话，这可能表明大盘股市场存在泡沫和估值膨胀，而小盘股可能会迎来顺风，或者前者可能会出现调整。</blockquote></p><p> It’s hard to ignore the opportunity that this creates for small caps, and only reinforces our optimism on the “reopening” trade: bullish on cyclical sectors, value and small caps. While fears over the surging COVID-19 delta variant have given investors pause, we think that this may just delay the economic recovery, rather than derail it.</p><p><blockquote>很难忽视这为小盘股创造的机会，只会增强我们对“重新开放”交易的乐观情绪：看好周期性板块、价值股和小盘股。虽然对COVID-19德尔塔变异毒株飙升的担忧让投资者犹豫不决，但我们认为这可能只会推迟经济复苏，而不是破坏经济复苏。</blockquote></p><p> Once fears of the delta variant subside and the recovery continues, we believe that small caps may continue this year’s upward trajectory as important pieces of the economic recovery. Until then, be wary of prevailing large-cap valuations in your portfolio.</p><p><blockquote>一旦对德尔塔变异毒株的担忧消退，复苏继续，我们认为小盘股可能会延续今年的上升轨迹，成为经济复苏的重要组成部分。在此之前，请警惕您投资组合中普遍存在的大盘股估值。</blockquote></p><p></p>","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>Can Bloated U.S. Large Caps Make Room For Small Caps?<blockquote>臃肿的美国大盘能否为小盘腾出空间？</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\">\nCan Bloated U.S. Large Caps Make Room For Small Caps?<blockquote>臃肿的美国大盘能否为小盘腾出空间？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-08-03 15:19</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Until recently, small caps were this year’s darling, comfortably outperforming their large-cap brethren as the economic recovery manifested.</li>  <li>The S&amp;P SmallCap 600 finished the first half strong, posting its best performance through the first six months of any year since it was created.</li>  <li>But the proverbial tortoise caught up to the hare at the start of the second half, as the S&amp;P 500 Index virtually erased its underperformance relative to the S&amp;P SmallCap 600 over the last two weeks.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fefa76b6b80fbad76b9427f757e402bd\" tg-width=\"768\" tg-height=\"512\" width=\"100%\" height=\"auto\"><span>primeimages/E+ via Getty Images</span></p><p><blockquote><ul><li>直到最近，小盘股还是今年的宠儿，随着经济复苏的显现，它们的表现轻松优于大盘股。</li><li>S&amp;P SmallCap 600指数上半年表现强劲，创下自成立以来前六个月的最佳表现。</li><li>但众所周知的乌龟在下半年开始时追上了兔子，标普500指数在过去两周几乎抹去了相对于标准普尔小型股600指数的不佳表现。</li></ul><p class=\"t-img-caption\"><span>PrimeMages/E+来自Getty Images</span></p></blockquote></p><p> Over the last few weeks, U.S. equities have staged a reversal within the very markets that have been this year’s most reliable trade.</p><p><blockquote>过去几周，美国股市在今年最可靠交易的市场中出现了逆转。</blockquote></p><p> Until recently, small caps were this year’s darling, comfortably outperforming their large-cap brethren as the economic recovery manifested. The S&amp;P SmallCap 600 finished the first half strong, posting its best performance through the first six months of any year since it was created.</p><p><blockquote>直到最近，小盘股还是今年的宠儿，随着经济复苏的显现，它们的表现轻松优于大盘股。S&amp;P SmallCap 600指数上半年表现强劲，创下自成立以来前六个月的最佳表现。</blockquote></p><p> <b>S&amp;P SmallCap 600 - Return Through First 6 Months of the Year</b></p><p><blockquote><b>S&amp;P SmallCap 600-今年前6个月的回报</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/74af8ccc0d1010e404c1f6e38a1dde47\" tg-width=\"600\" tg-height=\"403\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> But the proverbial tortoise caught up to the hare at the start of the second half, as the S&amp;P 500 Index virtually erased its underperformance relative to the S&amp;P SmallCap 600 over the last two weeks.</p><p><blockquote>但众所周知的乌龟在下半年开始时追上了兔子，标普500指数在过去两周几乎抹去了相对于标准普尔小型股600指数的不佳表现。</blockquote></p><p> The change in market leadership is the result of a number of factors: surging cases of the COVID-19 delta variant, impressive Q2 earnings results from large-cap stalwarts and perhaps even some small-cap investors booking gains after a stellar first half.</p><p><blockquote>市场领导地位的变化是多种因素的结果：COVID-19德尔塔变异毒株病例激增、大盘股中坚力量令人印象深刻的第二季度盈利结果，甚至一些小盘股投资者在上半年表现出色后录得收益。</blockquote></p><p> No matter the narrative, however, there are already significant implications of the swift, sudden reversal. One cautionary flag is already being waved: after their recent rally, U.S. large caps are the most expensive they have ever been, relative to small caps, since the 2001 tech bubble.</p><p><blockquote>然而，无论叙述如何，这种迅速、突然的逆转已经产生了重大影响。一个警告信号已经在挥舞：在最近的反弹之后，美国大盘股相对于小盘股来说是自2001年科技泡沫以来最昂贵的。</blockquote></p><p> <b>S&amp;P 500 Forward P/E / S&amp;P 600 Forward P/E</b></p><p><blockquote><b>标普500远期市盈率/标准普尔600远期市盈率</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/39a4e15c427952c240d02916954deeeb\" tg-width=\"600\" tg-height=\"389\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Specifically, the forward P/E of the S&amp;P 500 relative to that of the S&amp;P SmallCap 600 is measuring at levels last seen at the end of the 2001. Similar relative valuations temporarily spiked at the onset of the COVID-19 pandemic in March 2020 but corrected quickly.</p><p><blockquote>具体来说，标普500相对于S&amp;P SmallCap 600指数的远期市盈率处于2001年底的水平。类似的相对估值在2020年3月COVID-19大流行爆发时暂时飙升，但很快就得到了纠正。</blockquote></p><p> The recent run-up would be less concerning if the gauge was less than 1. Historically, large caps often commanded a lower valuation than small caps, since the latter were perceived to be riskier (hence, lower earnings in the ratio’s denominator). The former, with higher earnings and perceived relative safety, had their valuations kept in check.</p><p><blockquote>如果该指标小于1，最近的上涨就不那么令人担忧了。从历史上看，大盘股的估值往往低于小盘股，因为后者被认为风险更高（因此，该比率的分母收益较低）。前者收益较高，被认为相对安全，其估值受到控制。</blockquote></p><p> But this trend has also been reversed, with large caps now trading at a forward P/E premium to small caps of about 20%. If history is any indication, this may signal that there are frothy and bloated valuations in the large-cap market, with small caps perhaps due for a tailwind or the former for a correction.</p><p><blockquote>但这一趋势也发生了逆转，目前大盘股的远期市盈率较小盘股溢价约为20%。如果历史有任何迹象的话，这可能表明大盘股市场存在泡沫和估值膨胀，而小盘股可能会迎来顺风，或者前者可能会出现调整。</blockquote></p><p> It’s hard to ignore the opportunity that this creates for small caps, and only reinforces our optimism on the “reopening” trade: bullish on cyclical sectors, value and small caps. While fears over the surging COVID-19 delta variant have given investors pause, we think that this may just delay the economic recovery, rather than derail it.</p><p><blockquote>很难忽视这为小盘股创造的机会，只会增强我们对“重新开放”交易的乐观情绪：看好周期性板块、价值股和小盘股。虽然对COVID-19德尔塔变异毒株飙升的担忧让投资者犹豫不决，但我们认为这可能只会推迟经济复苏，而不是破坏经济复苏。</blockquote></p><p> Once fears of the delta variant subside and the recovery continues, we believe that small caps may continue this year’s upward trajectory as important pieces of the economic recovery. Until then, be wary of prevailing large-cap valuations in your portfolio.</p><p><blockquote>一旦对德尔塔变异毒株的担忧消退，复苏继续，我们认为小盘股可能会延续今年的上升轨迹，成为经济复苏的重要组成部分。在此之前，请警惕您投资组合中普遍存在的大盘股估值。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4444194-can-bloated-us-large-caps-make-room-for-small-caps\">seekingalpha</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":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://seekingalpha.com/article/4444194-can-bloated-us-large-caps-make-room-for-small-caps","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1105113028","content_text":"Summary\n\nUntil recently, small caps were this year’s darling, comfortably outperforming their large-cap brethren as the economic recovery manifested.\nThe S&P SmallCap 600 finished the first half strong, posting its best performance through the first six months of any year since it was created.\nBut the proverbial tortoise caught up to the hare at the start of the second half, as the S&P 500 Index virtually erased its underperformance relative to the S&P SmallCap 600 over the last two weeks.\n\nprimeimages/E+ via Getty Images\nOver the last few weeks, U.S. equities have staged a reversal within the very markets that have been this year’s most reliable trade.\nUntil recently, small caps were this year’s darling, comfortably outperforming their large-cap brethren as the economic recovery manifested. The S&P SmallCap 600 finished the first half strong, posting its best performance through the first six months of any year since it was created.\nS&P SmallCap 600 - Return Through First 6 Months of the Year\n\nBut the proverbial tortoise caught up to the hare at the start of the second half, as the S&P 500 Index virtually erased its underperformance relative to the S&P SmallCap 600 over the last two weeks.\nThe change in market leadership is the result of a number of factors: surging cases of the COVID-19 delta variant, impressive Q2 earnings results from large-cap stalwarts and perhaps even some small-cap investors booking gains after a stellar first half.\nNo matter the narrative, however, there are already significant implications of the swift, sudden reversal. One cautionary flag is already being waved: after their recent rally, U.S. large caps are the most expensive they have ever been, relative to small caps, since the 2001 tech bubble.\nS&P 500 Forward P/E / S&P 600 Forward P/E\n\nSpecifically, the forward P/E of the S&P 500 relative to that of the S&P SmallCap 600 is measuring at levels last seen at the end of the 2001. Similar relative valuations temporarily spiked at the onset of the COVID-19 pandemic in March 2020 but corrected quickly.\nThe recent run-up would be less concerning if the gauge was less than 1. Historically, large caps often commanded a lower valuation than small caps, since the latter were perceived to be riskier (hence, lower earnings in the ratio’s denominator). The former, with higher earnings and perceived relative safety, had their valuations kept in check.\nBut this trend has also been reversed, with large caps now trading at a forward P/E premium to small caps of about 20%. If history is any indication, this may signal that there are frothy and bloated valuations in the large-cap market, with small caps perhaps due for a tailwind or the former for a correction.\nIt’s hard to ignore the opportunity that this creates for small caps, and only reinforces our optimism on the “reopening” trade: bullish on cyclical sectors, value and small caps. While fears over the surging COVID-19 delta variant have given investors pause, we think that this may just delay the economic recovery, rather than derail it.\nOnce fears of the delta variant subside and the recovery continues, we believe that small caps may continue this year’s upward trajectory as important pieces of the economic recovery. 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post","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/187154018","repostId":"114899451","repostType":1,"repost":{"id":114899451,"gmtCreate":1623063308869,"gmtModify":1631884627596,"author":{"id":"36984908995200","authorId":"36984908995200","name":"小虎活动","avatar":"https://static.tigerbbs.com/9e396d03155923b283948d2dec9191f8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"36984908995200","idStr":"36984908995200"},"themes":[],"title":"【老虎7周年】集卡瓜分百万奖金","htmlText":"老虎7周年给大家发福利了，集齐TIGER五个字母即有机会瓜分百万奖金，你准备好了吗？ <a href=\"https://www.itiger.com/activity/market/2021/7th-anniversary?lang=zh_CN\" target=\"_blank\">戳我即可参与活动</a> &#x1;如何参与？ 用户可通过完成活动页面展示的当日任务列表来获得字母卡，每完成一个任务即可随机获得一个字母，用户集齐“TIGER”五个字母即可参与瓜分百万股票代金券，每个用户单日最多可获得20张字母卡（不包括好友赠予和魔法卡）。 用户在活动期间邀请累计7名好友完成注册并开户（注册时间和开户时间均在活动期间），即可获得一张魔法卡（每人仅可获得一张魔法卡）。魔法卡可用于兑换TIGER中的任意一个字母。&#x1;如果用户的某一字母卡数量为0，则字母卡为灰色，用户可通过点击灰色的字母卡向好友索要卡片；如果用户的字母卡数量大于0，则字母卡为彩色，用户可通过点击彩色的字母卡向好友赠送卡片。当用户集齐TIGER之后将无法再索要卡片或者赠送卡片。 &#x1; &#x1;如何获得奖励？ 用户可在2021年7月1日至2021年7月2日期间进行开奖，所有集齐TIGER的客户可点击活动页面的“开奖”按钮，即可查看自己瓜分到的股票代金券奖励。在开奖时间段内未点击开奖的用户将无法获得奖励。&#x1; 奖励发放： 股票代金券将在开奖后的1个工作日内发放至用户的奖励中心，用户需要在奖励发放后的20天内前往【Tiger Trade APP &gt; 我的 &gt; 活动奖励】领取，过期未领取的奖励将自动失效。 重要提示： 本次7周年活动涉及不同国家和地区，由于各地区的监管要求不同，不同地区的活动奖励会有所区别。欲知详情，请点击下方活动链接，登陆您的账号，并点击“活动规则“查看详情。","listText":"老虎7周年给大家发福利了，集齐TIGER五个字母即有机会瓜分百万奖金，你准备好了吗？ <a href=\"https://www.itiger.com/activity/market/2021/7th-anniversary?lang=zh_CN\" target=\"_blank\">戳我即可参与活动</a> &#x1;如何参与？ 用户可通过完成活动页面展示的当日任务列表来获得字母卡，每完成一个任务即可随机获得一个字母，用户集齐“TIGER”五个字母即可参与瓜分百万股票代金券，每个用户单日最多可获得20张字母卡（不包括好友赠予和魔法卡）。 用户在活动期间邀请累计7名好友完成注册并开户（注册时间和开户时间均在活动期间），即可获得一张魔法卡（每人仅可获得一张魔法卡）。魔法卡可用于兑换TIGER中的任意一个字母。&#x1;如果用户的某一字母卡数量为0，则字母卡为灰色，用户可通过点击灰色的字母卡向好友索要卡片；如果用户的字母卡数量大于0，则字母卡为彩色，用户可通过点击彩色的字母卡向好友赠送卡片。当用户集齐TIGER之后将无法再索要卡片或者赠送卡片。 &#x1; &#x1;如何获得奖励？ 用户可在2021年7月1日至2021年7月2日期间进行开奖，所有集齐TIGER的客户可点击活动页面的“开奖”按钮，即可查看自己瓜分到的股票代金券奖励。在开奖时间段内未点击开奖的用户将无法获得奖励。&#x1; 奖励发放： 股票代金券将在开奖后的1个工作日内发放至用户的奖励中心，用户需要在奖励发放后的20天内前往【Tiger Trade APP &gt; 我的 &gt; 活动奖励】领取，过期未领取的奖励将自动失效。 重要提示： 本次7周年活动涉及不同国家和地区，由于各地区的监管要求不同，不同地区的活动奖励会有所区别。欲知详情，请点击下方活动链接，登陆您的账号，并点击“活动规则“查看详情。","text":"老虎7周年给大家发福利了，集齐TIGER五个字母即有机会瓜分百万奖金，你准备好了吗？ 戳我即可参与活动 \u0001如何参与？ 用户可通过完成活动页面展示的当日任务列表来获得字母卡，每完成一个任务即可随机获得一个字母，用户集齐“TIGER”五个字母即可参与瓜分百万股票代金券，每个用户单日最多可获得20张字母卡（不包括好友赠予和魔法卡）。 用户在活动期间邀请累计7名好友完成注册并开户（注册时间和开户时间均在活动期间），即可获得一张魔法卡（每人仅可获得一张魔法卡）。魔法卡可用于兑换TIGER中的任意一个字母。\u0001如果用户的某一字母卡数量为0，则字母卡为灰色，用户可通过点击灰色的字母卡向好友索要卡片；如果用户的字母卡数量大于0，则字母卡为彩色，用户可通过点击彩色的字母卡向好友赠送卡片。当用户集齐TIGER之后将无法再索要卡片或者赠送卡片。 \u0001 \u0001如何获得奖励？ 用户可在2021年7月1日至2021年7月2日期间进行开奖，所有集齐TIGER的客户可点击活动页面的“开奖”按钮，即可查看自己瓜分到的股票代金券奖励。在开奖时间段内未点击开奖的用户将无法获得奖励。\u0001 奖励发放： 股票代金券将在开奖后的1个工作日内发放至用户的奖励中心，用户需要在奖励发放后的20天内前往【Tiger Trade APP > 我的 > 活动奖励】领取，过期未领取的奖励将自动失效。 重要提示： 本次7周年活动涉及不同国家和地区，由于各地区的监管要求不同，不同地区的活动奖励会有所区别。欲知详情，请点击下方活动链接，登陆您的账号，并点击“活动规则“查看详情。","images":[{"img":"https://static.tigerbbs.com/ab28db31a19b458d604a8bf02becddd3","width":"415","height":"125"},{"img":"https://static.tigerbbs.com/5227ebb594fe55b532c840acef147d7b","width":"415","height":"495"},{"img":"https://static.tigerbbs.com/92e88357b534f504b3088bc22f577a83","width":"415","height":"326"}],"top":1,"highlighted":2,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/114899451","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":8,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1580,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":182507584,"gmtCreate":1623585574648,"gmtModify":1631890553807,"author":{"id":"3556190733280473","authorId":"3556190733280473","name":"hoyeah","avatar":"https://static.tigerbbs.com/b8ab28e9eb24a11ed26fa5c3597602fa","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3556190733280473","idStr":"3556190733280473"},"themes":[],"htmlText":"Yes 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crypto","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/112420357","isVote":1,"tweetType":1,"viewCount":536,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":111426445,"gmtCreate":1622694081787,"gmtModify":1634099058799,"author":{"id":"3556190733280473","authorId":"3556190733280473","name":"hoyeah","avatar":"https://static.tigerbbs.com/b8ab28e9eb24a11ed26fa5c3597602fa","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3556190733280473","idStr":"3556190733280473"},"themes":[],"htmlText":"Rip 500","listText":"Rip 500","text":"Rip 500","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/111426445","isVote":1,"tweetType":1,"viewCount":458,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":113538258,"gmtCreate":1622624940774,"gmtModify":1634099825788,"author":{"id":"3556190733280473","authorId":"3556190733280473","name":"hoyeah","avatar":"https://static.tigerbbs.com/b8ab28e9eb24a11ed26fa5c3597602fa","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3556190733280473","idStr":"3556190733280473"},"themes":[],"htmlText":"Both lor","listText":"Both lor","text":"Both lor","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/113538258","repostId":"1152687413","repostType":4,"repost":{"id":"1152687413","kind":"news","pubTimestamp":1622624555,"share":"https://www.laohu8.com/m/news/1152687413?lang=zh_CN&edition=full","pubTime":"2021-06-02 17:02","market":"us","language":"en","title":"Apple Stock Vs. Google Stock: Which Is The Better Buy?<blockquote>苹果股票与谷歌股票：哪个更值得购买？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1152687413","media":"seekingalpha","summary":"Summary\n\nApple is generally the most owned stock by retail investors at any given time. Google, also","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Apple is generally the most owned stock by retail investors at any given time. Google, also known as Alphabet, is a favorite of institutional investors.</li>  <li>Both companies have made tens of thousands of employees and shareholders multi-millionaires, but going forward, I believe one stock offers better prospects than the other.</li>  <li>I compare Apple and Google on valuation, growth prospects, institutional ownership, and volatility.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c1d1935740482372c9374a4036065586\" tg-width=\"768\" tg-height=\"511\"><span>Photo by dicus63/iStock via Getty Images</span></p><p><blockquote><ul><li>苹果通常是散户投资者在任何特定时间持有最多的股票。谷歌，也被称为Alphabet，是机构投资者的最爱。</li><li>两家公司都让数以万计的员工和股东成为了千万富翁，但展望未来，我相信一只股票比另一只股票提供了更好的前景。</li><li>我比较了苹果和谷歌的估值、增长前景、机构所有权和波动性。</li></ul><p class=\"t-img-caption\"><span>摄影：dicus63/iStock，来自Getty Images</span></p></blockquote></p><p> Apple (AAPL) and Google (GOOG) are two great American success stories, with each making tens of thousands of shareholders and employees multimillionaires. A 2012 analysis by&nbsp;<i>Reuters</i>&nbsp;ballparked the average Apple corporate employee as having vested over their career about&nbsp;$3.4 million in AAPL before taxes, today with the 10x higher share price but more employees to divide by, I would guess this number would probably be around $10-$20 million before taxes (with senior people obviously having earned more and junior having earned less). Google is known for being even more generous with stock grants. When the company went public, the<i>New York Times</i>reported that stock options made the company&nbsp;masseuse a multi-millionaire, among many other employees. Google and Apple created great wealth, but Microsoft (MSFT) takes the cake for employee millionaires,creating over 10,000 millionaires. As fate would have it, my dad lived in Seattle in the 1980s when Microsoft was in its early days–he turned down a job offer from Microsoft for reasons unknown.</p><p><blockquote>苹果（AAPL）和谷歌（GOOG）是美国两个伟大的成功故事，每一个都让数以万计的股东和员工成为千万富翁。2012年分析<i>路透社</i>据估计，苹果公司员工的平均职业生涯在AAPL的税前收益约为340万美元，如今股价上涨了10倍，但要除以更多员工，我猜这个数字可能在税前10-2000万美元左右（高年级学生显然挣得更多，低年级学生挣得更少）。众所周知，谷歌在股票授予方面更加慷慨。公司上市时，<i>纽约时报</i>报道称，股票期权使公司按摩师和许多其他员工成为千万富翁。谷歌和苹果创造了巨大的财富，但微软(MSFT)却为员工百万富翁锦上添花，创造了超过10,000名百万富翁。正如命运安排的那样，我父亲在20世纪80年代住在西雅图，当时微软正处于起步阶段——他拒绝了微软的一份工作，原因不明。</blockquote></p><p> Here in the<i>Seeking Alpha</i>comment section, there are more than a few shareholders who have become multi-millionaires from investing in technology stocks, especially Apple. Since 2004 (when Google went public), both Google and Apple have seen remarkable success, with Apple returning about $240 (including dividends) on a $1 investment as of my writing this, and Google returning $47. Google clearly executed its business plan well, but Apple hit a home run when they launched the best-selling product of all time (iPhone).</p><p><blockquote>在这里<i>寻求阿尔法</i>评论区，通过投资科技股成为千万富翁的股民不在少数，尤其是苹果。自2004年（谷歌上市）以来，谷歌和苹果都取得了显著的成功，截至我撰写本文时，苹果1美元投资回报约240美元（包括股息），谷歌回报47美元。谷歌显然很好地执行了它的商业计划，但苹果在推出有史以来最畅销的产品（iPhone）时打出了全垒打。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b68434cfa2b94b754cfa88ed1118e7ea\" tg-width=\"635\" tg-height=\"452\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Their success didn't happen overnight, however, rather it accumulated over time. This gave savvy investors many chances (and second chances) to buy in and join in the party. Apple, in particular, did not see a linear path to success, the company we know today would barely be recognizable in 1997 (before the graph starts) when Steve Jobs returned to a company&nbsp;at the brink of bankruptcy. Google, on the other hand, executed far more quietly, with less drama, intrigue, and publicity.</p><p><blockquote>然而，他们的成功不是一夜之间发生的，而是随着时间的推移积累起来的。这给了精明的投资者很多机会（和第二次机会）买入并加入这个派对。尤其是苹果，他没有看到通往成功的线性路径，我们今天所知道的公司在1997年（图表开始之前）几乎认不出来，当时史蒂夫·乔布斯回到了一家濒临破产的公司。另一方面，谷歌的执行要安静得多，没有那么戏剧性、阴谋和宣传。</blockquote></p><p> Let's start our analysis by looking at valuations for both Apple and Google.</p><p><blockquote>让我们从苹果和谷歌的估值开始我们的分析。</blockquote></p><p> <b>Valuation: Apple Vs. Google</b></p><p><blockquote><b>估值：苹果与谷歌</b></blockquote></p><p> Apple currently trades for&nbsp;24x 2021 earnings estimates. For reference, the S&amp;P 500 (SPY) trades for about 21.5x earnings.</p><p><blockquote>苹果目前的交易价格为2021年盈利预期的24倍。作为参考，标普500（SPDR标普500指数ETF）的市盈率约为21.5倍。</blockquote></p><p> <ul>  <li>For most of the past decade, Apple has traded between&nbsp;10x and 20x earnings.</li>  <li>As recently as 2018, Apple traded for 12-13x earnings.</li>  <li>Apple's valuation has risen in large part due to the growth in its services segment, which allows Apple to make money from existing iPhones rather than having to go out and sell tons of new phones every year.</li>  <li>Apple probably deserves to trade at a higher valuation than before, but 24x seems a little high to me because their growth in earnings per share has been driven in large part by share buybacks (which require a low valuation to be very effective in the long run), and while overall&nbsp;net income for the company has grown over the last 5 years, it has been a bumpy ride–one that was helped greatly by the cut in the US corporate tax rate in 2017.</li> </ul> Google Class A stock (GOOGL),which is the class you should buy&nbsp;currently trades for 27x its 2021 earnings estimates.</p><p><blockquote><ul><li>在过去十年的大部分时间里，苹果的市盈率在10倍到20倍之间。</li><li>就在2018年，苹果的市盈率为12-13倍。</li><li>苹果的估值上升很大程度上是由于其服务部门的增长，这使得苹果能够从现有的iPhone中赚钱，而不必每年出去销售大量的新手机。</li><li>苹果可能应该以比以前更高的估值进行交易，但24倍对我来说似乎有点高，因为他们每股收益的增长在很大程度上是由股票回购推动的（从长远来看，这需要较低的估值才能非常有效）），虽然该公司的整体净利润在过去5年中有所增长，但这是一段坎坷的旅程——这在很大程度上得益于2017年美国企业税率的下调。</li></ul>谷歌A类股票（GOOGL）是您应该购买的类别，目前的交易价格是其2021年盈利预期的27倍。</blockquote></p><p> <ul>  <li>Googlehas generally tradedat 20-30x earnings in the past decade.</li>  <li>Google is a lot more of a traditional growth stock in the smoothness and growth rate over recent years.</li>  <li>Google's P/E ratio has declined over time as the company has grown larger, while Apple's has increased.</li>  <li>Google has a higher expected earnings growth rate than Apple does.</li> </ul> <b>Apple Vs. Google Earnings Growth Prospects</b></p><p><blockquote><ul><li>过去十年，谷歌的市盈率通常为20-30倍。</li><li>近年来，谷歌的平稳性和增长率更像是一只传统的成长型股票。</li><li>随着时间的推移，谷歌的市盈率随着公司规模的扩大而下降，而苹果的市盈率则有所上升。</li><li>谷歌的预期盈利增长率高于苹果。</li></ul><b>苹果与谷歌盈利增长前景</b></blockquote></p><p> Apple's best bet for growth is to sell a ton of iPhones to consumers and then get them paying for services, which they've been successful at doing thus far in the 2020s. Consensus analyst estimates for Apple go out to 2023, and they show growth, but nothing crazy. Estimates have risen greatly since the pandemic lows.</p><p><blockquote>苹果增长的最佳选择是向消费者销售大量iPhone，然后让他们为服务付费，这是他们在2020年代迄今为止成功做到的。分析师对苹果的普遍预测是到2023年，它们显示出增长，但没有什么疯狂的。自大流行低点以来，估计已大幅上升。</blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b0a757e1d090a7852ba8eea5d581221c\" tg-width=\"635\" tg-height=\"436\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> One irony of Apple's services revenue is that Google is their largest customer, paying somewhere in the neighborhood of a billion dollars per month to be the default search engine on iPhones. Apple essentially collects a royalty on its iPhones from Google, but how Google makes its money is interesting as well, from selling ads. Apple&nbsp;has discussed starting their own search engine, but they would give up the passive money Google gives them, which is pure profit for Apple and around 15-20 percent of its net income, for the entire company. One potential downside risk for both companies is that the US government declares them to be monopolies and breaks them up in one way or another. I view this as a remote possibility, but a possibility nonetheless.</p><p><blockquote>苹果服务收入的一个讽刺是，谷歌是他们最大的客户，每月支付近10亿美元成为iPhones上的默认搜索引擎。苹果基本上是从谷歌那里收取iPhone的版税，但谷歌通过销售广告赚钱的方式也很有趣。苹果已经讨论过启动自己的搜索引擎，但他们将放弃谷歌给他们的被动资金，这是苹果的纯利润，约占整个公司净利润的15-20%。这两家公司的一个潜在下行风险是，美国政府宣布它们为垄断企业，并以这样或那样的方式拆分它们。我认为这是一个遥远的可能性，但仍然是一个可能性。</blockquote></p><p> According to analysts, Google's growth prospects are sunnier, with advertising revenue expected to grow more or less like clockwork over time.</p><p><blockquote>分析师表示，谷歌的增长前景更加光明，随着时间的推移，广告收入预计将或多或少像时钟一样增长。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d4b74f5aab048ea890930972845c281d\" tg-width=\"635\" tg-height=\"436\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Google is expected to see healthy growth in revenue and net income, and fundamentally, there are continued tailwinds for earnings.</p><p><blockquote>谷歌预计收入和净利润将健康增长，从根本上说，盈利将持续有利。</blockquote></p><p> <ul>  <li>The pandemic helped Google as advertisers found that Google, YouTube, etc. is a more effective way to advertise than traditional outlets like TV.</li>  <li>As more people globally get internet access and the global economies grow, Google benefits from a double tailwind.</li> </ul> <b>AAPL Vs. GOOGL: Institutional Ownership and Volatility</b></p><p><blockquote><ul><li>疫情帮助了谷歌，因为广告商发现谷歌、YouTube等。是一种比电视等传统媒体更有效的广告方式。</li><li>随着全球越来越多的人接入互联网和全球经济的增长，谷歌受益于双重顺风。</li></ul><b>AAPL与GOOGL：机构所有权和波动性</b></blockquote></p><p> Back when&nbsp;Robintrack&nbsp;still had data, it generally indicated that Apple was the most widely held stock by retail investors. On<i>Seeking Alpha</i>, Apple has the greatest number of followers of any ticker, so I generally think that Apple is the most commonly held stock by retail investors. Retail investors have strange taste in stocks, besides Apple, they generally love automakers and airlines, as well as whatever is going up the fastest at the moment, be it Dogecoin (DOGE-USD),AMC, or GameStop(NYSE:GME). In the case of Apple, anyone who bought and held would have made a killing. Another factor that kept retail investors out of Google in the past is the high share price. Many of the best-performing stocks in the market have high share prices because they don't split their stock. With fractional shares today, this is far less of an issue.</p><p><blockquote>当Robintrack还有数据时，它通常表明苹果是散户投资者持有最广泛的股票。在<i>寻求阿尔法</i>，苹果拥有所有股票中最多的关注者，所以我通常认为苹果是散户投资者最常持有的股票。散户投资者对股票的品味很奇怪，除了苹果之外，他们通常喜欢汽车制造商和航空公司，以及目前上涨最快的股票，无论是狗狗币（DOGE-USD）、AMC还是游戏驿站（NYSE：GME）。就苹果而言，任何买入并持有的人都会大赚一笔。过去让散户投资者远离谷歌的另一个因素是股价高企。市场上许多表现最好的股票之所以股价很高，是因为它们不拆股。对于今天的碎股来说，这已经不是什么问题了。</blockquote></p><p> Institutional investors like university endowments and pension funds have their own biases, but overall they tend to invest in the fastest-growing stocks.Popular stocks with institutional investors&nbsp;are perennial favorites like PayPal(NASDAQ:PYPL), Google, Visa(NYSE:V), and Mastercard(NYSE:MA). Google is one of the most popular stocks among institutional investors, while Apple is one of the most popular stocks with retail investors. I owned Apple stock for a long time, but with the current valuation, I'd honestly like to see it at or below $100 before I'd commit money to it. With Google, the current valuation may look high, but growth in earnings could easily make the purchase price look like a bargain 2-3 years down the road.</p><p><blockquote>大学捐赠基金和养老基金等机构投资者有自己的偏见，但总体而言，他们倾向于投资增长最快的股票。受机构投资者欢迎的股票是PayPal（纳斯达克股票代码：PYPL）、谷歌、Visa（纽约证券交易所股票代码：V）和万事达卡（纽约证券交易所股票代码：MA）等长期受欢迎的股票。谷歌是最受机构投资者欢迎的股票之一，而苹果是最受散户投资者欢迎的股票之一。我持有苹果股票很长时间了，但以目前的估值，老实说，我希望在投资之前看到它达到或低于100美元。对于谷歌来说，目前的估值可能看起来很高，但盈利的增长很容易让2-3年后的收购价格看起来很便宜。</blockquote></p><p> Apple is more volatile than Google, and this effect has increased in recent years. Apple's&nbsp;worst drawdown&nbsp;in the past decade is about 40 percent, while Google's worst drawdown is about 28 percent. I'd give an advantage to Google here.</p><p><blockquote>苹果的波动性比谷歌更大，而且这种效应近年来有所增加。苹果在过去十年中最严重的缩水约为40%，而谷歌最严重的缩水约为28%。我会给谷歌一个优势。</blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> Apple and Google are both popular tech stocks. Apple is a fan favorite with retail investors, while Google is popular with institutions. Both trade for slightly higher valuations than the S&amp;P 500 as a whole, and Google is slightly more expensive relative to earnings than Apple. The analyst consensus is that Google has better growth prospects than Apple at the moment, and I agree with this. Apple has returned more than Google has since Google became publicly traded in 2004. Apple stock is more volatile than Google and has historically seen more drawdowns and threats to its business.</p><p><blockquote>苹果和谷歌都是受欢迎的科技股。苹果是散户投资者的最爱，而谷歌则受到机构的欢迎。两者的估值均略高于整个标普500，而相对于盈利而言，谷歌的估值略高于苹果。分析师的共识是，谷歌目前的增长前景比苹果更好，我同意这一点。自2004年谷歌上市以来，苹果的回报超过了谷歌。苹果股票的波动性比谷歌更大，历史上其业务也经历过更多的回撤和威胁。</blockquote></p><p> Overall, I find Google a buy at current prices and would wait for a pullback to $100 to buy Apple.</p><p><blockquote>总体而言，我认为谷歌以当前价格值得买入，并会等待股价回落至100美元后再买入苹果。</blockquote></p><p></p>","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>Apple Stock Vs. Google Stock: Which Is The Better Buy?<blockquote>苹果股票与谷歌股票：哪个更值得购买？</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\">\nApple Stock Vs. Google Stock: Which Is The Better Buy?<blockquote>苹果股票与谷歌股票：哪个更值得购买？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-06-02 17:02</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Apple is generally the most owned stock by retail investors at any given time. Google, also known as Alphabet, is a favorite of institutional investors.</li>  <li>Both companies have made tens of thousands of employees and shareholders multi-millionaires, but going forward, I believe one stock offers better prospects than the other.</li>  <li>I compare Apple and Google on valuation, growth prospects, institutional ownership, and volatility.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c1d1935740482372c9374a4036065586\" tg-width=\"768\" tg-height=\"511\"><span>Photo by dicus63/iStock via Getty Images</span></p><p><blockquote><ul><li>苹果通常是散户投资者在任何特定时间持有最多的股票。谷歌，也被称为Alphabet，是机构投资者的最爱。</li><li>两家公司都让数以万计的员工和股东成为了千万富翁，但展望未来，我相信一只股票比另一只股票提供了更好的前景。</li><li>我比较了苹果和谷歌的估值、增长前景、机构所有权和波动性。</li></ul><p class=\"t-img-caption\"><span>摄影：dicus63/iStock，来自Getty Images</span></p></blockquote></p><p> Apple (AAPL) and Google (GOOG) are two great American success stories, with each making tens of thousands of shareholders and employees multimillionaires. A 2012 analysis by&nbsp;<i>Reuters</i>&nbsp;ballparked the average Apple corporate employee as having vested over their career about&nbsp;$3.4 million in AAPL before taxes, today with the 10x higher share price but more employees to divide by, I would guess this number would probably be around $10-$20 million before taxes (with senior people obviously having earned more and junior having earned less). Google is known for being even more generous with stock grants. When the company went public, the<i>New York Times</i>reported that stock options made the company&nbsp;masseuse a multi-millionaire, among many other employees. Google and Apple created great wealth, but Microsoft (MSFT) takes the cake for employee millionaires,creating over 10,000 millionaires. As fate would have it, my dad lived in Seattle in the 1980s when Microsoft was in its early days–he turned down a job offer from Microsoft for reasons unknown.</p><p><blockquote>苹果（AAPL）和谷歌（GOOG）是美国两个伟大的成功故事，每一个都让数以万计的股东和员工成为千万富翁。2012年分析<i>路透社</i>据估计，苹果公司员工的平均职业生涯在AAPL的税前收益约为340万美元，如今股价上涨了10倍，但要除以更多员工，我猜这个数字可能在税前10-2000万美元左右（高年级学生显然挣得更多，低年级学生挣得更少）。众所周知，谷歌在股票授予方面更加慷慨。公司上市时，<i>纽约时报</i>报道称，股票期权使公司按摩师和许多其他员工成为千万富翁。谷歌和苹果创造了巨大的财富，但微软(MSFT)却为员工百万富翁锦上添花，创造了超过10,000名百万富翁。正如命运安排的那样，我父亲在20世纪80年代住在西雅图，当时微软正处于起步阶段——他拒绝了微软的一份工作，原因不明。</blockquote></p><p> Here in the<i>Seeking Alpha</i>comment section, there are more than a few shareholders who have become multi-millionaires from investing in technology stocks, especially Apple. Since 2004 (when Google went public), both Google and Apple have seen remarkable success, with Apple returning about $240 (including dividends) on a $1 investment as of my writing this, and Google returning $47. Google clearly executed its business plan well, but Apple hit a home run when they launched the best-selling product of all time (iPhone).</p><p><blockquote>在这里<i>寻求阿尔法</i>评论区，通过投资科技股成为千万富翁的股民不在少数，尤其是苹果。自2004年（谷歌上市）以来，谷歌和苹果都取得了显著的成功，截至我撰写本文时，苹果1美元投资回报约240美元（包括股息），谷歌回报47美元。谷歌显然很好地执行了它的商业计划，但苹果在推出有史以来最畅销的产品（iPhone）时打出了全垒打。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b68434cfa2b94b754cfa88ed1118e7ea\" tg-width=\"635\" tg-height=\"452\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Their success didn't happen overnight, however, rather it accumulated over time. This gave savvy investors many chances (and second chances) to buy in and join in the party. Apple, in particular, did not see a linear path to success, the company we know today would barely be recognizable in 1997 (before the graph starts) when Steve Jobs returned to a company&nbsp;at the brink of bankruptcy. Google, on the other hand, executed far more quietly, with less drama, intrigue, and publicity.</p><p><blockquote>然而，他们的成功不是一夜之间发生的，而是随着时间的推移积累起来的。这给了精明的投资者很多机会（和第二次机会）买入并加入这个派对。尤其是苹果，他没有看到通往成功的线性路径，我们今天所知道的公司在1997年（图表开始之前）几乎认不出来，当时史蒂夫·乔布斯回到了一家濒临破产的公司。另一方面，谷歌的执行要安静得多，没有那么戏剧性、阴谋和宣传。</blockquote></p><p> Let's start our analysis by looking at valuations for both Apple and Google.</p><p><blockquote>让我们从苹果和谷歌的估值开始我们的分析。</blockquote></p><p> <b>Valuation: Apple Vs. Google</b></p><p><blockquote><b>估值：苹果与谷歌</b></blockquote></p><p> Apple currently trades for&nbsp;24x 2021 earnings estimates. For reference, the S&amp;P 500 (SPY) trades for about 21.5x earnings.</p><p><blockquote>苹果目前的交易价格为2021年盈利预期的24倍。作为参考，标普500（SPDR标普500指数ETF）的市盈率约为21.5倍。</blockquote></p><p> <ul>  <li>For most of the past decade, Apple has traded between&nbsp;10x and 20x earnings.</li>  <li>As recently as 2018, Apple traded for 12-13x earnings.</li>  <li>Apple's valuation has risen in large part due to the growth in its services segment, which allows Apple to make money from existing iPhones rather than having to go out and sell tons of new phones every year.</li>  <li>Apple probably deserves to trade at a higher valuation than before, but 24x seems a little high to me because their growth in earnings per share has been driven in large part by share buybacks (which require a low valuation to be very effective in the long run), and while overall&nbsp;net income for the company has grown over the last 5 years, it has been a bumpy ride–one that was helped greatly by the cut in the US corporate tax rate in 2017.</li> </ul> Google Class A stock (GOOGL),which is the class you should buy&nbsp;currently trades for 27x its 2021 earnings estimates.</p><p><blockquote><ul><li>在过去十年的大部分时间里，苹果的市盈率在10倍到20倍之间。</li><li>就在2018年，苹果的市盈率为12-13倍。</li><li>苹果的估值上升很大程度上是由于其服务部门的增长，这使得苹果能够从现有的iPhone中赚钱，而不必每年出去销售大量的新手机。</li><li>苹果可能应该以比以前更高的估值进行交易，但24倍对我来说似乎有点高，因为他们每股收益的增长在很大程度上是由股票回购推动的（从长远来看，这需要较低的估值才能非常有效）），虽然该公司的整体净利润在过去5年中有所增长，但这是一段坎坷的旅程——这在很大程度上得益于2017年美国企业税率的下调。</li></ul>谷歌A类股票（GOOGL）是您应该购买的类别，目前的交易价格是其2021年盈利预期的27倍。</blockquote></p><p> <ul>  <li>Googlehas generally tradedat 20-30x earnings in the past decade.</li>  <li>Google is a lot more of a traditional growth stock in the smoothness and growth rate over recent years.</li>  <li>Google's P/E ratio has declined over time as the company has grown larger, while Apple's has increased.</li>  <li>Google has a higher expected earnings growth rate than Apple does.</li> </ul> <b>Apple Vs. Google Earnings Growth Prospects</b></p><p><blockquote><ul><li>过去十年，谷歌的市盈率通常为20-30倍。</li><li>近年来，谷歌的平稳性和增长率更像是一只传统的成长型股票。</li><li>随着时间的推移，谷歌的市盈率随着公司规模的扩大而下降，而苹果的市盈率则有所上升。</li><li>谷歌的预期盈利增长率高于苹果。</li></ul><b>苹果与谷歌盈利增长前景</b></blockquote></p><p> Apple's best bet for growth is to sell a ton of iPhones to consumers and then get them paying for services, which they've been successful at doing thus far in the 2020s. Consensus analyst estimates for Apple go out to 2023, and they show growth, but nothing crazy. Estimates have risen greatly since the pandemic lows.</p><p><blockquote>苹果增长的最佳选择是向消费者销售大量iPhone，然后让他们为服务付费，这是他们在2020年代迄今为止成功做到的。分析师对苹果的普遍预测是到2023年，它们显示出增长，但没有什么疯狂的。自大流行低点以来，估计已大幅上升。</blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b0a757e1d090a7852ba8eea5d581221c\" tg-width=\"635\" tg-height=\"436\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> One irony of Apple's services revenue is that Google is their largest customer, paying somewhere in the neighborhood of a billion dollars per month to be the default search engine on iPhones. Apple essentially collects a royalty on its iPhones from Google, but how Google makes its money is interesting as well, from selling ads. Apple&nbsp;has discussed starting their own search engine, but they would give up the passive money Google gives them, which is pure profit for Apple and around 15-20 percent of its net income, for the entire company. One potential downside risk for both companies is that the US government declares them to be monopolies and breaks them up in one way or another. I view this as a remote possibility, but a possibility nonetheless.</p><p><blockquote>苹果服务收入的一个讽刺是，谷歌是他们最大的客户，每月支付近10亿美元成为iPhones上的默认搜索引擎。苹果基本上是从谷歌那里收取iPhone的版税，但谷歌通过销售广告赚钱的方式也很有趣。苹果已经讨论过启动自己的搜索引擎，但他们将放弃谷歌给他们的被动资金，这是苹果的纯利润，约占整个公司净利润的15-20%。这两家公司的一个潜在下行风险是，美国政府宣布它们为垄断企业，并以这样或那样的方式拆分它们。我认为这是一个遥远的可能性，但仍然是一个可能性。</blockquote></p><p> According to analysts, Google's growth prospects are sunnier, with advertising revenue expected to grow more or less like clockwork over time.</p><p><blockquote>分析师表示，谷歌的增长前景更加光明，随着时间的推移，广告收入预计将或多或少像时钟一样增长。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d4b74f5aab048ea890930972845c281d\" tg-width=\"635\" tg-height=\"436\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Google is expected to see healthy growth in revenue and net income, and fundamentally, there are continued tailwinds for earnings.</p><p><blockquote>谷歌预计收入和净利润将健康增长，从根本上说，盈利将持续有利。</blockquote></p><p> <ul>  <li>The pandemic helped Google as advertisers found that Google, YouTube, etc. is a more effective way to advertise than traditional outlets like TV.</li>  <li>As more people globally get internet access and the global economies grow, Google benefits from a double tailwind.</li> </ul> <b>AAPL Vs. GOOGL: Institutional Ownership and Volatility</b></p><p><blockquote><ul><li>疫情帮助了谷歌，因为广告商发现谷歌、YouTube等。是一种比电视等传统媒体更有效的广告方式。</li><li>随着全球越来越多的人接入互联网和全球经济的增长，谷歌受益于双重顺风。</li></ul><b>AAPL与GOOGL：机构所有权和波动性</b></blockquote></p><p> Back when&nbsp;Robintrack&nbsp;still had data, it generally indicated that Apple was the most widely held stock by retail investors. On<i>Seeking Alpha</i>, Apple has the greatest number of followers of any ticker, so I generally think that Apple is the most commonly held stock by retail investors. Retail investors have strange taste in stocks, besides Apple, they generally love automakers and airlines, as well as whatever is going up the fastest at the moment, be it Dogecoin (DOGE-USD),AMC, or GameStop(NYSE:GME). In the case of Apple, anyone who bought and held would have made a killing. Another factor that kept retail investors out of Google in the past is the high share price. Many of the best-performing stocks in the market have high share prices because they don't split their stock. With fractional shares today, this is far less of an issue.</p><p><blockquote>当Robintrack还有数据时，它通常表明苹果是散户投资者持有最广泛的股票。在<i>寻求阿尔法</i>，苹果拥有所有股票中最多的关注者，所以我通常认为苹果是散户投资者最常持有的股票。散户投资者对股票的品味很奇怪，除了苹果之外，他们通常喜欢汽车制造商和航空公司，以及目前上涨最快的股票，无论是狗狗币（DOGE-USD）、AMC还是游戏驿站（NYSE：GME）。就苹果而言，任何买入并持有的人都会大赚一笔。过去让散户投资者远离谷歌的另一个因素是股价高企。市场上许多表现最好的股票之所以股价很高，是因为它们不拆股。对于今天的碎股来说，这已经不是什么问题了。</blockquote></p><p> Institutional investors like university endowments and pension funds have their own biases, but overall they tend to invest in the fastest-growing stocks.Popular stocks with institutional investors&nbsp;are perennial favorites like PayPal(NASDAQ:PYPL), Google, Visa(NYSE:V), and Mastercard(NYSE:MA). Google is one of the most popular stocks among institutional investors, while Apple is one of the most popular stocks with retail investors. I owned Apple stock for a long time, but with the current valuation, I'd honestly like to see it at or below $100 before I'd commit money to it. With Google, the current valuation may look high, but growth in earnings could easily make the purchase price look like a bargain 2-3 years down the road.</p><p><blockquote>大学捐赠基金和养老基金等机构投资者有自己的偏见，但总体而言，他们倾向于投资增长最快的股票。受机构投资者欢迎的股票是PayPal（纳斯达克股票代码：PYPL）、谷歌、Visa（纽约证券交易所股票代码：V）和万事达卡（纽约证券交易所股票代码：MA）等长期受欢迎的股票。谷歌是最受机构投资者欢迎的股票之一，而苹果是最受散户投资者欢迎的股票之一。我持有苹果股票很长时间了，但以目前的估值，老实说，我希望在投资之前看到它达到或低于100美元。对于谷歌来说，目前的估值可能看起来很高，但盈利的增长很容易让2-3年后的收购价格看起来很便宜。</blockquote></p><p> Apple is more volatile than Google, and this effect has increased in recent years. Apple's&nbsp;worst drawdown&nbsp;in the past decade is about 40 percent, while Google's worst drawdown is about 28 percent. I'd give an advantage to Google here.</p><p><blockquote>苹果的波动性比谷歌更大，而且这种效应近年来有所增加。苹果在过去十年中最严重的缩水约为40%，而谷歌最严重的缩水约为28%。我会给谷歌一个优势。</blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> Apple and Google are both popular tech stocks. Apple is a fan favorite with retail investors, while Google is popular with institutions. Both trade for slightly higher valuations than the S&amp;P 500 as a whole, and Google is slightly more expensive relative to earnings than Apple. The analyst consensus is that Google has better growth prospects than Apple at the moment, and I agree with this. Apple has returned more than Google has since Google became publicly traded in 2004. Apple stock is more volatile than Google and has historically seen more drawdowns and threats to its business.</p><p><blockquote>苹果和谷歌都是受欢迎的科技股。苹果是散户投资者的最爱，而谷歌则受到机构的欢迎。两者的估值均略高于整个标普500，而相对于盈利而言，谷歌的估值略高于苹果。分析师的共识是，谷歌目前的增长前景比苹果更好，我同意这一点。自2004年谷歌上市以来，苹果的回报超过了谷歌。苹果股票的波动性比谷歌更大，历史上其业务也经历过更多的回撤和威胁。</blockquote></p><p> Overall, I find Google a buy at current prices and would wait for a pullback to $100 to buy Apple.</p><p><blockquote>总体而言，我认为谷歌以当前价格值得买入，并会等待股价回落至100美元后再买入苹果。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4432451-google-stock-vs-apple-stock-better-buy\">seekingalpha</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":{"AAPL":"苹果","GOOGL":"谷歌A","GOOG":"谷歌"},"source_url":"https://seekingalpha.com/article/4432451-google-stock-vs-apple-stock-better-buy","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1152687413","content_text":"Summary\n\nApple is generally the most owned stock by retail investors at any given time. Google, also known as Alphabet, is a favorite of institutional investors.\nBoth companies have made tens of thousands of employees and shareholders multi-millionaires, but going forward, I believe one stock offers better prospects than the other.\nI compare Apple and Google on valuation, growth prospects, institutional ownership, and volatility.\n\nPhoto by dicus63/iStock via Getty Images\nApple (AAPL) and Google (GOOG) are two great American success stories, with each making tens of thousands of shareholders and employees multimillionaires. A 2012 analysis by Reuters ballparked the average Apple corporate employee as having vested over their career about $3.4 million in AAPL before taxes, today with the 10x higher share price but more employees to divide by, I would guess this number would probably be around $10-$20 million before taxes (with senior people obviously having earned more and junior having earned less). Google is known for being even more generous with stock grants. When the company went public, theNew York Timesreported that stock options made the company masseuse a multi-millionaire, among many other employees. Google and Apple created great wealth, but Microsoft (MSFT) takes the cake for employee millionaires,creating over 10,000 millionaires. As fate would have it, my dad lived in Seattle in the 1980s when Microsoft was in its early days–he turned down a job offer from Microsoft for reasons unknown.\nHere in theSeeking Alphacomment section, there are more than a few shareholders who have become multi-millionaires from investing in technology stocks, especially Apple. Since 2004 (when Google went public), both Google and Apple have seen remarkable success, with Apple returning about $240 (including dividends) on a $1 investment as of my writing this, and Google returning $47. Google clearly executed its business plan well, but Apple hit a home run when they launched the best-selling product of all time (iPhone).\nData by YCharts\nTheir success didn't happen overnight, however, rather it accumulated over time. This gave savvy investors many chances (and second chances) to buy in and join in the party. Apple, in particular, did not see a linear path to success, the company we know today would barely be recognizable in 1997 (before the graph starts) when Steve Jobs returned to a company at the brink of bankruptcy. Google, on the other hand, executed far more quietly, with less drama, intrigue, and publicity.\nLet's start our analysis by looking at valuations for both Apple and Google.\nValuation: Apple Vs. Google\nApple currently trades for 24x 2021 earnings estimates. For reference, the S&P 500 (SPY) trades for about 21.5x earnings.\n\nFor most of the past decade, Apple has traded between 10x and 20x earnings.\nAs recently as 2018, Apple traded for 12-13x earnings.\nApple's valuation has risen in large part due to the growth in its services segment, which allows Apple to make money from existing iPhones rather than having to go out and sell tons of new phones every year.\nApple probably deserves to trade at a higher valuation than before, but 24x seems a little high to me because their growth in earnings per share has been driven in large part by share buybacks (which require a low valuation to be very effective in the long run), and while overall net income for the company has grown over the last 5 years, it has been a bumpy ride–one that was helped greatly by the cut in the US corporate tax rate in 2017.\n\nGoogle Class A stock (GOOGL),which is the class you should buy currently trades for 27x its 2021 earnings estimates.\n\nGooglehas generally tradedat 20-30x earnings in the past decade.\nGoogle is a lot more of a traditional growth stock in the smoothness and growth rate over recent years.\nGoogle's P/E ratio has declined over time as the company has grown larger, while Apple's has increased.\nGoogle has a higher expected earnings growth rate than Apple does.\n\nApple Vs. Google Earnings Growth Prospects\nApple's best bet for growth is to sell a ton of iPhones to consumers and then get them paying for services, which they've been successful at doing thus far in the 2020s. Consensus analyst estimates for Apple go out to 2023, and they show growth, but nothing crazy. Estimates have risen greatly since the pandemic lows.\nData by YCharts\nOne irony of Apple's services revenue is that Google is their largest customer, paying somewhere in the neighborhood of a billion dollars per month to be the default search engine on iPhones. Apple essentially collects a royalty on its iPhones from Google, but how Google makes its money is interesting as well, from selling ads. Apple has discussed starting their own search engine, but they would give up the passive money Google gives them, which is pure profit for Apple and around 15-20 percent of its net income, for the entire company. One potential downside risk for both companies is that the US government declares them to be monopolies and breaks them up in one way or another. I view this as a remote possibility, but a possibility nonetheless.\nAccording to analysts, Google's growth prospects are sunnier, with advertising revenue expected to grow more or less like clockwork over time.\nData by YCharts\nGoogle is expected to see healthy growth in revenue and net income, and fundamentally, there are continued tailwinds for earnings.\n\nThe pandemic helped Google as advertisers found that Google, YouTube, etc. is a more effective way to advertise than traditional outlets like TV.\nAs more people globally get internet access and the global economies grow, Google benefits from a double tailwind.\n\nAAPL Vs. GOOGL: Institutional Ownership and Volatility\nBack when Robintrack still had data, it generally indicated that Apple was the most widely held stock by retail investors. OnSeeking Alpha, Apple has the greatest number of followers of any ticker, so I generally think that Apple is the most commonly held stock by retail investors. Retail investors have strange taste in stocks, besides Apple, they generally love automakers and airlines, as well as whatever is going up the fastest at the moment, be it Dogecoin (DOGE-USD),AMC, or GameStop(NYSE:GME). In the case of Apple, anyone who bought and held would have made a killing. Another factor that kept retail investors out of Google in the past is the high share price. Many of the best-performing stocks in the market have high share prices because they don't split their stock. With fractional shares today, this is far less of an issue.\nInstitutional investors like university endowments and pension funds have their own biases, but overall they tend to invest in the fastest-growing stocks.Popular stocks with institutional investors are perennial favorites like PayPal(NASDAQ:PYPL), Google, Visa(NYSE:V), and Mastercard(NYSE:MA). Google is one of the most popular stocks among institutional investors, while Apple is one of the most popular stocks with retail investors. I owned Apple stock for a long time, but with the current valuation, I'd honestly like to see it at or below $100 before I'd commit money to it. With Google, the current valuation may look high, but growth in earnings could easily make the purchase price look like a bargain 2-3 years down the road.\nApple is more volatile than Google, and this effect has increased in recent years. Apple's worst drawdown in the past decade is about 40 percent, while Google's worst drawdown is about 28 percent. I'd give an advantage to Google here.\nConclusion\nApple and Google are both popular tech stocks. Apple is a fan favorite with retail investors, while Google is popular with institutions. Both trade for slightly higher valuations than the S&P 500 as a whole, and Google is slightly more expensive relative to earnings than Apple. The analyst consensus is that Google has better growth prospects than Apple at the moment, and I agree with this. Apple has returned more than Google has since Google became publicly traded in 2004. Apple stock is more volatile than Google and has historically seen more drawdowns and threats to its business.\nOverall, I find Google a buy at current prices and would wait for a pullback to $100 to buy Apple.","news_type":1,"symbols_score_info":{"AAPL":0.9,"GOOG":0.9,"GOOGL":0.9}},"isVote":1,"tweetType":1,"viewCount":769,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":119884717,"gmtCreate":1622535939339,"gmtModify":1634100727682,"author":{"id":"3556190733280473","authorId":"3556190733280473","name":"hoyeah","avatar":"https://static.tigerbbs.com/b8ab28e9eb24a11ed26fa5c3597602fa","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3556190733280473","idStr":"3556190733280473"},"themes":[],"htmlText":"Today huat?","listText":"Today huat?","text":"Today huat?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/119884717","isVote":1,"tweetType":1,"viewCount":779,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":110875634,"gmtCreate":1622444646228,"gmtModify":1634101424481,"author":{"id":"3556190733280473","authorId":"3556190733280473","name":"hoyeah","avatar":"https://static.tigerbbs.com/b8ab28e9eb24a11ed26fa5c3597602fa","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3556190733280473","idStr":"3556190733280473"},"themes":[],"htmlText":"Wow ifast&nbsp;","listText":"Wow ifast&nbsp;","text":"Wow ifast","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/110875634","isVote":1,"tweetType":1,"viewCount":466,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":137434644,"gmtCreate":1622375164488,"gmtModify":1634101953332,"author":{"id":"3556190733280473","authorId":"3556190733280473","name":"hoyeah","avatar":"https://static.tigerbbs.com/b8ab28e9eb24a11ed26fa5c3597602fa","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3556190733280473","idStr":"3556190733280473"},"themes":[],"htmlText":"Rip btc","listText":"Rip btc","text":"Rip btc","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/137434644","isVote":1,"tweetType":1,"viewCount":367,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":804449906,"gmtCreate":1627975485105,"gmtModify":1631890553792,"author":{"id":"3556190733280473","authorId":"3556190733280473","name":"hoyeah","avatar":"https://static.tigerbbs.com/b8ab28e9eb24a11ed26fa5c3597602fa","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3556190733280473","idStr":"3556190733280473"},"themes":[],"htmlText":"Help to like pls","listText":"Help to like pls","text":"Help to like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/804449906","repostId":"1105113028","repostType":4,"repost":{"id":"1105113028","kind":"news","pubTimestamp":1627975176,"share":"https://www.laohu8.com/m/news/1105113028?lang=zh_CN&edition=full","pubTime":"2021-08-03 15:19","market":"us","language":"en","title":"Can Bloated U.S. Large Caps Make Room For Small Caps?<blockquote>臃肿的美国大盘能否为小盘腾出空间？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1105113028","media":"seekingalpha","summary":"Summary\n\nUntil recently, small caps were this year’s darling, comfortably outperforming their large-","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Until recently, small caps were this year’s darling, comfortably outperforming their large-cap brethren as the economic recovery manifested.</li>  <li>The S&amp;P SmallCap 600 finished the first half strong, posting its best performance through the first six months of any year since it was created.</li>  <li>But the proverbial tortoise caught up to the hare at the start of the second half, as the S&amp;P 500 Index virtually erased its underperformance relative to the S&amp;P SmallCap 600 over the last two weeks.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fefa76b6b80fbad76b9427f757e402bd\" tg-width=\"768\" tg-height=\"512\" width=\"100%\" height=\"auto\"><span>primeimages/E+ via Getty Images</span></p><p><blockquote><ul><li>直到最近，小盘股还是今年的宠儿，随着经济复苏的显现，它们的表现轻松优于大盘股。</li><li>S&amp;P SmallCap 600指数上半年表现强劲，创下自成立以来前六个月的最佳表现。</li><li>但众所周知的乌龟在下半年开始时追上了兔子，标普500指数在过去两周几乎抹去了相对于标准普尔小型股600指数的不佳表现。</li></ul><p class=\"t-img-caption\"><span>PrimeMages/E+来自Getty Images</span></p></blockquote></p><p> Over the last few weeks, U.S. equities have staged a reversal within the very markets that have been this year’s most reliable trade.</p><p><blockquote>过去几周，美国股市在今年最可靠交易的市场中出现了逆转。</blockquote></p><p> Until recently, small caps were this year’s darling, comfortably outperforming their large-cap brethren as the economic recovery manifested. The S&amp;P SmallCap 600 finished the first half strong, posting its best performance through the first six months of any year since it was created.</p><p><blockquote>直到最近，小盘股还是今年的宠儿，随着经济复苏的显现，它们的表现轻松优于大盘股。S&amp;P SmallCap 600指数上半年表现强劲，创下自成立以来前六个月的最佳表现。</blockquote></p><p> <b>S&amp;P SmallCap 600 - Return Through First 6 Months of the Year</b></p><p><blockquote><b>S&amp;P SmallCap 600-今年前6个月的回报</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/74af8ccc0d1010e404c1f6e38a1dde47\" tg-width=\"600\" tg-height=\"403\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> But the proverbial tortoise caught up to the hare at the start of the second half, as the S&amp;P 500 Index virtually erased its underperformance relative to the S&amp;P SmallCap 600 over the last two weeks.</p><p><blockquote>但众所周知的乌龟在下半年开始时追上了兔子，标普500指数在过去两周几乎抹去了相对于标准普尔小型股600指数的不佳表现。</blockquote></p><p> The change in market leadership is the result of a number of factors: surging cases of the COVID-19 delta variant, impressive Q2 earnings results from large-cap stalwarts and perhaps even some small-cap investors booking gains after a stellar first half.</p><p><blockquote>市场领导地位的变化是多种因素的结果：COVID-19德尔塔变异毒株病例激增、大盘股中坚力量令人印象深刻的第二季度盈利结果，甚至一些小盘股投资者在上半年表现出色后录得收益。</blockquote></p><p> No matter the narrative, however, there are already significant implications of the swift, sudden reversal. One cautionary flag is already being waved: after their recent rally, U.S. large caps are the most expensive they have ever been, relative to small caps, since the 2001 tech bubble.</p><p><blockquote>然而，无论叙述如何，这种迅速、突然的逆转已经产生了重大影响。一个警告信号已经在挥舞：在最近的反弹之后，美国大盘股相对于小盘股来说是自2001年科技泡沫以来最昂贵的。</blockquote></p><p> <b>S&amp;P 500 Forward P/E / S&amp;P 600 Forward P/E</b></p><p><blockquote><b>标普500远期市盈率/标准普尔600远期市盈率</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/39a4e15c427952c240d02916954deeeb\" tg-width=\"600\" tg-height=\"389\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Specifically, the forward P/E of the S&amp;P 500 relative to that of the S&amp;P SmallCap 600 is measuring at levels last seen at the end of the 2001. Similar relative valuations temporarily spiked at the onset of the COVID-19 pandemic in March 2020 but corrected quickly.</p><p><blockquote>具体来说，标普500相对于S&amp;P SmallCap 600指数的远期市盈率处于2001年底的水平。类似的相对估值在2020年3月COVID-19大流行爆发时暂时飙升，但很快就得到了纠正。</blockquote></p><p> The recent run-up would be less concerning if the gauge was less than 1. Historically, large caps often commanded a lower valuation than small caps, since the latter were perceived to be riskier (hence, lower earnings in the ratio’s denominator). The former, with higher earnings and perceived relative safety, had their valuations kept in check.</p><p><blockquote>如果该指标小于1，最近的上涨就不那么令人担忧了。从历史上看，大盘股的估值往往低于小盘股，因为后者被认为风险更高（因此，该比率的分母收益较低）。前者收益较高，被认为相对安全，其估值受到控制。</blockquote></p><p> But this trend has also been reversed, with large caps now trading at a forward P/E premium to small caps of about 20%. If history is any indication, this may signal that there are frothy and bloated valuations in the large-cap market, with small caps perhaps due for a tailwind or the former for a correction.</p><p><blockquote>但这一趋势也发生了逆转，目前大盘股的远期市盈率较小盘股溢价约为20%。如果历史有任何迹象的话，这可能表明大盘股市场存在泡沫和估值膨胀，而小盘股可能会迎来顺风，或者前者可能会出现调整。</blockquote></p><p> It’s hard to ignore the opportunity that this creates for small caps, and only reinforces our optimism on the “reopening” trade: bullish on cyclical sectors, value and small caps. While fears over the surging COVID-19 delta variant have given investors pause, we think that this may just delay the economic recovery, rather than derail it.</p><p><blockquote>很难忽视这为小盘股创造的机会，只会增强我们对“重新开放”交易的乐观情绪：看好周期性板块、价值股和小盘股。虽然对COVID-19德尔塔变异毒株飙升的担忧让投资者犹豫不决，但我们认为这可能只会推迟经济复苏，而不是破坏经济复苏。</blockquote></p><p> Once fears of the delta variant subside and the recovery continues, we believe that small caps may continue this year’s upward trajectory as important pieces of the economic recovery. Until then, be wary of prevailing large-cap valuations in your portfolio.</p><p><blockquote>一旦对德尔塔变异毒株的担忧消退，复苏继续，我们认为小盘股可能会延续今年的上升轨迹，成为经济复苏的重要组成部分。在此之前，请警惕您投资组合中普遍存在的大盘股估值。</blockquote></p><p></p>","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>Can Bloated U.S. Large Caps Make Room For Small Caps?<blockquote>臃肿的美国大盘能否为小盘腾出空间？</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\">\nCan Bloated U.S. Large Caps Make Room For Small Caps?<blockquote>臃肿的美国大盘能否为小盘腾出空间？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-08-03 15:19</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Until recently, small caps were this year’s darling, comfortably outperforming their large-cap brethren as the economic recovery manifested.</li>  <li>The S&amp;P SmallCap 600 finished the first half strong, posting its best performance through the first six months of any year since it was created.</li>  <li>But the proverbial tortoise caught up to the hare at the start of the second half, as the S&amp;P 500 Index virtually erased its underperformance relative to the S&amp;P SmallCap 600 over the last two weeks.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fefa76b6b80fbad76b9427f757e402bd\" tg-width=\"768\" tg-height=\"512\" width=\"100%\" height=\"auto\"><span>primeimages/E+ via Getty Images</span></p><p><blockquote><ul><li>直到最近，小盘股还是今年的宠儿，随着经济复苏的显现，它们的表现轻松优于大盘股。</li><li>S&amp;P SmallCap 600指数上半年表现强劲，创下自成立以来前六个月的最佳表现。</li><li>但众所周知的乌龟在下半年开始时追上了兔子，标普500指数在过去两周几乎抹去了相对于标准普尔小型股600指数的不佳表现。</li></ul><p class=\"t-img-caption\"><span>PrimeMages/E+来自Getty Images</span></p></blockquote></p><p> Over the last few weeks, U.S. equities have staged a reversal within the very markets that have been this year’s most reliable trade.</p><p><blockquote>过去几周，美国股市在今年最可靠交易的市场中出现了逆转。</blockquote></p><p> Until recently, small caps were this year’s darling, comfortably outperforming their large-cap brethren as the economic recovery manifested. The S&amp;P SmallCap 600 finished the first half strong, posting its best performance through the first six months of any year since it was created.</p><p><blockquote>直到最近，小盘股还是今年的宠儿，随着经济复苏的显现，它们的表现轻松优于大盘股。S&amp;P SmallCap 600指数上半年表现强劲，创下自成立以来前六个月的最佳表现。</blockquote></p><p> <b>S&amp;P SmallCap 600 - Return Through First 6 Months of the Year</b></p><p><blockquote><b>S&amp;P SmallCap 600-今年前6个月的回报</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/74af8ccc0d1010e404c1f6e38a1dde47\" tg-width=\"600\" tg-height=\"403\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> But the proverbial tortoise caught up to the hare at the start of the second half, as the S&amp;P 500 Index virtually erased its underperformance relative to the S&amp;P SmallCap 600 over the last two weeks.</p><p><blockquote>但众所周知的乌龟在下半年开始时追上了兔子，标普500指数在过去两周几乎抹去了相对于标准普尔小型股600指数的不佳表现。</blockquote></p><p> The change in market leadership is the result of a number of factors: surging cases of the COVID-19 delta variant, impressive Q2 earnings results from large-cap stalwarts and perhaps even some small-cap investors booking gains after a stellar first half.</p><p><blockquote>市场领导地位的变化是多种因素的结果：COVID-19德尔塔变异毒株病例激增、大盘股中坚力量令人印象深刻的第二季度盈利结果，甚至一些小盘股投资者在上半年表现出色后录得收益。</blockquote></p><p> No matter the narrative, however, there are already significant implications of the swift, sudden reversal. One cautionary flag is already being waved: after their recent rally, U.S. large caps are the most expensive they have ever been, relative to small caps, since the 2001 tech bubble.</p><p><blockquote>然而，无论叙述如何，这种迅速、突然的逆转已经产生了重大影响。一个警告信号已经在挥舞：在最近的反弹之后，美国大盘股相对于小盘股来说是自2001年科技泡沫以来最昂贵的。</blockquote></p><p> <b>S&amp;P 500 Forward P/E / S&amp;P 600 Forward P/E</b></p><p><blockquote><b>标普500远期市盈率/标准普尔600远期市盈率</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/39a4e15c427952c240d02916954deeeb\" tg-width=\"600\" tg-height=\"389\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Specifically, the forward P/E of the S&amp;P 500 relative to that of the S&amp;P SmallCap 600 is measuring at levels last seen at the end of the 2001. Similar relative valuations temporarily spiked at the onset of the COVID-19 pandemic in March 2020 but corrected quickly.</p><p><blockquote>具体来说，标普500相对于S&amp;P SmallCap 600指数的远期市盈率处于2001年底的水平。类似的相对估值在2020年3月COVID-19大流行爆发时暂时飙升，但很快就得到了纠正。</blockquote></p><p> The recent run-up would be less concerning if the gauge was less than 1. Historically, large caps often commanded a lower valuation than small caps, since the latter were perceived to be riskier (hence, lower earnings in the ratio’s denominator). The former, with higher earnings and perceived relative safety, had their valuations kept in check.</p><p><blockquote>如果该指标小于1，最近的上涨就不那么令人担忧了。从历史上看，大盘股的估值往往低于小盘股，因为后者被认为风险更高（因此，该比率的分母收益较低）。前者收益较高，被认为相对安全，其估值受到控制。</blockquote></p><p> But this trend has also been reversed, with large caps now trading at a forward P/E premium to small caps of about 20%. If history is any indication, this may signal that there are frothy and bloated valuations in the large-cap market, with small caps perhaps due for a tailwind or the former for a correction.</p><p><blockquote>但这一趋势也发生了逆转，目前大盘股的远期市盈率较小盘股溢价约为20%。如果历史有任何迹象的话，这可能表明大盘股市场存在泡沫和估值膨胀，而小盘股可能会迎来顺风，或者前者可能会出现调整。</blockquote></p><p> It’s hard to ignore the opportunity that this creates for small caps, and only reinforces our optimism on the “reopening” trade: bullish on cyclical sectors, value and small caps. While fears over the surging COVID-19 delta variant have given investors pause, we think that this may just delay the economic recovery, rather than derail it.</p><p><blockquote>很难忽视这为小盘股创造的机会，只会增强我们对“重新开放”交易的乐观情绪：看好周期性板块、价值股和小盘股。虽然对COVID-19德尔塔变异毒株飙升的担忧让投资者犹豫不决，但我们认为这可能只会推迟经济复苏，而不是破坏经济复苏。</blockquote></p><p> Once fears of the delta variant subside and the recovery continues, we believe that small caps may continue this year’s upward trajectory as important pieces of the economic recovery. Until then, be wary of prevailing large-cap valuations in your portfolio.</p><p><blockquote>一旦对德尔塔变异毒株的担忧消退，复苏继续，我们认为小盘股可能会延续今年的上升轨迹，成为经济复苏的重要组成部分。在此之前，请警惕您投资组合中普遍存在的大盘股估值。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4444194-can-bloated-us-large-caps-make-room-for-small-caps\">seekingalpha</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":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://seekingalpha.com/article/4444194-can-bloated-us-large-caps-make-room-for-small-caps","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1105113028","content_text":"Summary\n\nUntil recently, small caps were this year’s darling, comfortably outperforming their large-cap brethren as the economic recovery manifested.\nThe S&P SmallCap 600 finished the first half strong, posting its best performance through the first six months of any year since it was created.\nBut the proverbial tortoise caught up to the hare at the start of the second half, as the S&P 500 Index virtually erased its underperformance relative to the S&P SmallCap 600 over the last two weeks.\n\nprimeimages/E+ via Getty Images\nOver the last few weeks, U.S. equities have staged a reversal within the very markets that have been this year’s most reliable trade.\nUntil recently, small caps were this year’s darling, comfortably outperforming their large-cap brethren as the economic recovery manifested. The S&P SmallCap 600 finished the first half strong, posting its best performance through the first six months of any year since it was created.\nS&P SmallCap 600 - Return Through First 6 Months of the Year\n\nBut the proverbial tortoise caught up to the hare at the start of the second half, as the S&P 500 Index virtually erased its underperformance relative to the S&P SmallCap 600 over the last two weeks.\nThe change in market leadership is the result of a number of factors: surging cases of the COVID-19 delta variant, impressive Q2 earnings results from large-cap stalwarts and perhaps even some small-cap investors booking gains after a stellar first half.\nNo matter the narrative, however, there are already significant implications of the swift, sudden reversal. One cautionary flag is already being waved: after their recent rally, U.S. large caps are the most expensive they have ever been, relative to small caps, since the 2001 tech bubble.\nS&P 500 Forward P/E / S&P 600 Forward P/E\n\nSpecifically, the forward P/E of the S&P 500 relative to that of the S&P SmallCap 600 is measuring at levels last seen at the end of the 2001. Similar relative valuations temporarily spiked at the onset of the COVID-19 pandemic in March 2020 but corrected quickly.\nThe recent run-up would be less concerning if the gauge was less than 1. Historically, large caps often commanded a lower valuation than small caps, since the latter were perceived to be riskier (hence, lower earnings in the ratio’s denominator). The former, with higher earnings and perceived relative safety, had their valuations kept in check.\nBut this trend has also been reversed, with large caps now trading at a forward P/E premium to small caps of about 20%. If history is any indication, this may signal that there are frothy and bloated valuations in the large-cap market, with small caps perhaps due for a tailwind or the former for a correction.\nIt’s hard to ignore the opportunity that this creates for small caps, and only reinforces our optimism on the “reopening” trade: bullish on cyclical sectors, value and small caps. While fears over the surging COVID-19 delta variant have given investors pause, we think that this may just delay the economic recovery, rather than derail it.\nOnce fears of the delta variant subside and the recovery continues, we believe that small caps may continue this year’s upward trajectory as important pieces of the economic recovery. Until then, be wary of prevailing large-cap valuations in your portfolio.","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":2297,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":316478042,"gmtCreate":1611949946486,"gmtModify":1703757018118,"author":{"id":"3556190733280473","authorId":"3556190733280473","name":"hoyeah","avatar":"https://static.tigerbbs.com/b8ab28e9eb24a11ed26fa5c3597602fa","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3556190733280473","idStr":"3556190733280473"},"themes":[],"htmlText":"Why liddat Elon&nbsp;","listText":"Why liddat Elon&nbsp;","text":"Why liddat Elon","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/316478042","repostId":"2107428241","repostType":2,"isVote":1,"tweetType":1,"viewCount":471,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":380636918,"gmtCreate":1612536646234,"gmtModify":1703763324268,"author":{"id":"3556190733280473","authorId":"3556190733280473","name":"hoyeah","avatar":"https://static.tigerbbs.com/b8ab28e9eb24a11ed26fa5c3597602fa","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3556190733280473","idStr":"3556190733280473"},"themes":[],"htmlText":"What this lmao","listText":"What this lmao","text":"What this lmao","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/380636918","repostId":"1142907763","repostType":4,"repost":{"id":"1142907763","kind":"news","pubTimestamp":1612514969,"share":"https://www.laohu8.com/m/news/1142907763?lang=zh_CN&edition=full","pubTime":"2021-02-05 16:49","market":"us","language":"en","title":"Luckin Coffee’s Restructuring Efforts Move Forward with Commencement of its Chapter 15 Case in the United States<blockquote>随着美国破产法第15章案件的启动，瑞星咖啡的重组工作向前推进</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1142907763","media":"globenewswire","summary":"Coordination between the Cayman Court and the U.S. Bankruptcy Court to Protect the Interests of Stak","content":"<p><i>Coordination between the Cayman Court and the U.S. Bankruptcy Court to Protect the Interests of Stakeholders and Facilitate LuckinCoffee’s Restructuring of its Financial Obligations</i></p><p><blockquote><i>开曼法院与美国破产法院之间的协调，以保护利益相关者的利益并促进瑞幸咖啡重组其财务义务</i></blockquote></p><p> <i>All Company Stores Remain Open and Serving Customers in China; No Material Impact on Daily Operations Expected</i></p><p><blockquote><i>公司所有门店保持营业并为中国客户提供服务；预计不会对日常运营产生重大影响</i></blockquote></p><p> <i>Company Continues to Meet Trade Obligations in the Ordinary Course of Business, Including Paying Suppliers, Vendors and Employees</i></p><p><blockquote><i>公司在日常业务过程中继续履行贸易义务，包括向供应商、销售商和员工付款</i></blockquote></p><p> BEIJING, Feb. 05, 2021 (GLOBE NEWSWIRE) -- The Joint Provisional Liquidators (the “JPLs”) of Luckin Coffee Inc. (the “Company”) (OTC:LKNCY), Alexander Lawson of Alvarez &amp; Marsal Cayman Islands Limited and Wing Sze Tiffany Wong of Alvarez &amp; Marsal Asia Limited, today filed a verified petition under chapter 15 of title 11 of the United States Code (the “Chapter 15 Petition”) with the United States Bankruptcy Court for the Southern District of New York (the “U.S. Bankruptcy Court”). The Chapter 15 Petition seeks, among other things, recognition in the United States of the Company’s provisional liquidation pending before the Grand Court of the Cayman Islands (the “Cayman Court”), Financial Services Division, Cause No. 157 of 2020 (ASCJ) (the “Cayman Proceeding”)1and related relief.</p><p><blockquote>北京，2021年2月5日(环球通讯社)--瑞星咖啡公司（“公司”）（场外交易代码：LKNCY）的联合临时清算人（“JPLs”）、Alvarez&amp;Marsal Cayman Islands Limited的Alexander Lawson和Alvarez&amp;Marsal Asia Limited的Wing Sze Tiffany Wong今天根据美国法典第11篇第15章向美国纽约南区破产法院（“美国破产法院”）提交了一份经过验证的请愿书（“第15章请愿书”）。第15章呈请寻求（其中包括）美国承认本公司在开曼群岛大法院（“开曼法院”）金融服务部2020年第157号案件（ASCJ）（“开曼程序”）1待决的临时清算及相关救济。</blockquote></p><p> The Company is negotiating with its stakeholders regarding the restructuring of the Company’s financial obligations, to strengthen the Company’s balance sheet and enable it to emerge from the Cayman Proceeding as a going concern, for the benefit of all stakeholders. The relief sought in the Chapter 15 Petition is an important component of the Company’s restructuring. This relief will promote centralized administration of the Company’s assets by permitting coordination between the Cayman Court and the U.S. Bankruptcy Court, to protect the interests of stakeholders while facilitating the Company’s restructuring.</p><p><blockquote>为了所有利益相关者的利益，公司正在与其利益相关者就公司财务义务的重组进行谈判，以加强公司的资产负债表，并使其能够作为持续经营企业摆脱开曼诉讼。第15章申请中寻求的救济是公司重组的重要组成部分。这项救济将通过允许开曼法院和美国破产法院之间的协调来促进公司资产的集中管理，以保护利益相关者的利益，同时促进公司的重组。</blockquote></p><p> All Company stores remain open for business, offering products with high quality, affordability and convenience to its customers in China. The filing of the Chapter 15 Petition is not expected to materially impact the Company’s day-to-day operations. The Company continues to meet its trade obligations in the ordinary course of business, including paying suppliers, vendors and employees.</p><p><blockquote>公司的所有商店仍然营业，为中国的客户提供高质量、实惠和便利的产品。根据美国破产法第15章提交请愿书预计不会对公司的日常运营产生重大影响。公司在日常业务过程中继续履行其贸易义务，包括向供应商、销售商和员工付款。</blockquote></p><p> ______</p><p><blockquote>______</blockquote></p><p> 1The Company previously disclosed the commencement of the Cayman Proceeding on July 15, 2020.</p><p><blockquote>1本公司早前披露开曼诉讼于2020年7月15日展开。</blockquote></p><p> <b>Safe Harbor Statement</b></p><p><blockquote><b>安全港声明</b></blockquote></p><p></p><p> This announcement contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “potential,” “continue,” “ongoing,” “targets,” “guidance” and similar statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties, including Joint Provisional Liquidators. Any statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the expense, timing and outcome of existing or future legal and governmental proceedings, investigations in connection with the Company; the outcome and effect of the ongoing restructuring of the Company’s financial obligations; the Company’s growth strategies; its future business development, results of operations and financial condition; the effect of the non-reliance identified in, and the resultant restatement of, certain of the Company’s previously issued financial results; the timing of the completion or outcome of the audit of the Company’s financial statements; the effectiveness of its internal control; its ability to retain and attract its customers; its ability to maintain and enhance the recognition and reputation of its brand; its ability to maintain and improve quality control policies and measures; its ability to establish and maintain relationships with its suppliers and business partners; trends and competition in China’s coffee industry or China’s food and beverage sector in general; changes in its revenues and certain cost or expense items; the expected growth of China’s coffee industry or China’s food and beverage sector in general; PRC governmental policies and regulations relating to the Company’s industry; the potential effects of COVID-19; and general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law.</p><p><blockquote>本公告包含经修订的1934年证券交易法第21E节含义内的前瞻性陈述。这些前瞻性陈述是根据1995年美国私人证券诉讼改革法案的“安全港”条款做出的。这些陈述可以通过术语来识别，例如“将”、“期望”、“预期”、“未来”、“打算”、“计划”、“相信”、“估计”、“潜力”、“继续”、“正在进行”、“目标”、“指导”和类似的陈述。公司还可能在向美国证券交易委员会（“SEC”）提交的定期报告、向股东提交的年度报告、新闻稿和其他书面材料以及口头声明中做出书面或口头前瞻性陈述。其管理人员、董事或员工向第三方（包括联合临时清算人）。任何非历史事实的陈述，包括有关公司信念和期望的陈述，都是前瞻性陈述。前瞻性陈述涉及固有的风险和不确定性。许多因素可能导致实际结果与任何前瞻性陈述中包含的结果存在重大差异，包括但不限于以下内容：与公司相关的现有或未来法律和政府诉讼、调查的费用、时间和结果；公司财务义务正在进行的重组的结果和影响；公司的增长战略；其未来业务发展、经营业绩及财务状况；公司之前发布的某些财务业绩中识别的非依赖以及由此导致的重述的影响；公司财务报表审计的完成时间或结果；内部控制的有效性；其留住和吸引客户的能力；其维持及提升其品牌知名度及声誉的能力；其维持和改进质量控制政策和措施的能力；其与供应商和业务合作伙伴建立和维护关系的能力；中国咖啡行业或中国食品及饮料行业的趋势及竞争；其收入和某些成本或费用项目的变化；中国咖啡行业或中国食品及饮料行业整体的预期增长；与本公司所处行业有关的中国政府政策及法规；新冠肺炎的潜在影响以及全球和中国的总体经济和商业状况以及与上述任何内容相关或相关的假设。有关这些和其他风险、不确定性或因素的更多信息包含在公司向SEC提交的文件中。本新闻稿和附件中提供的所有信息均截至本新闻稿发布之日，公司不承担更新任何前瞻性声明的义务，除非适用法律要求。</blockquote></p><p> <b>About Luckin Coffee Inc.</b></p><p><blockquote><b>关于瑞星咖啡公司。</b></blockquote></p><p> Luckin Coffee Inc.&nbsp;(OTC:LKNCY) has pioneered a technology-driven retail network to provide coffee and other products of high quality, high affordability, and high convenience to customers. Empowered by big data analytics, AI, and proprietary technologies, the Company pursues its mission to be part of everyone’s everyday life, starting with coffee. The Company was founded in 2017 and is based in&nbsp;China. </p><p><blockquote>瑞星咖啡公司（场外交易代码：LKNCY）开创了一个技术驱动的零售网络，为顾客提供高品质、高性价比和高便利性的咖啡和其他产品。在大数据分析、人工智能和专有技术的支持下，该公司追求成为每个人日常生活一部分的使命，从咖啡开始。该公司成立于2017年，总部位于中国。</blockquote></p><p></p>","source":"lsy1573717531661","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>Luckin Coffee’s Restructuring Efforts Move Forward with Commencement of its Chapter 15 Case in the United States<blockquote>随着美国破产法第15章案件的启动，瑞星咖啡的重组工作向前推进</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\">\nLuckin Coffee’s Restructuring Efforts Move Forward with Commencement of its Chapter 15 Case in the United States<blockquote>随着美国破产法第15章案件的启动，瑞星咖啡的重组工作向前推进</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">globenewswire</strong><span class=\"h-time small\">2021-02-05 16:49</span>\n</p>\n</h4>\n</header>\n<article>\n<p><i>Coordination between the Cayman Court and the U.S. Bankruptcy Court to Protect the Interests of Stakeholders and Facilitate LuckinCoffee’s Restructuring of its Financial Obligations</i></p><p><blockquote><i>开曼法院与美国破产法院之间的协调，以保护利益相关者的利益并促进瑞幸咖啡重组其财务义务</i></blockquote></p><p> <i>All Company Stores Remain Open and Serving Customers in China; No Material Impact on Daily Operations Expected</i></p><p><blockquote><i>公司所有门店保持营业并为中国客户提供服务；预计不会对日常运营产生重大影响</i></blockquote></p><p> <i>Company Continues to Meet Trade Obligations in the Ordinary Course of Business, Including Paying Suppliers, Vendors and Employees</i></p><p><blockquote><i>公司在日常业务过程中继续履行贸易义务，包括向供应商、销售商和员工付款</i></blockquote></p><p> BEIJING, Feb. 05, 2021 (GLOBE NEWSWIRE) -- The Joint Provisional Liquidators (the “JPLs”) of Luckin Coffee Inc. (the “Company”) (OTC:LKNCY), Alexander Lawson of Alvarez &amp; Marsal Cayman Islands Limited and Wing Sze Tiffany Wong of Alvarez &amp; Marsal Asia Limited, today filed a verified petition under chapter 15 of title 11 of the United States Code (the “Chapter 15 Petition”) with the United States Bankruptcy Court for the Southern District of New York (the “U.S. Bankruptcy Court”). The Chapter 15 Petition seeks, among other things, recognition in the United States of the Company’s provisional liquidation pending before the Grand Court of the Cayman Islands (the “Cayman Court”), Financial Services Division, Cause No. 157 of 2020 (ASCJ) (the “Cayman Proceeding”)1and related relief.</p><p><blockquote>北京，2021年2月5日(环球通讯社)--瑞星咖啡公司（“公司”）（场外交易代码：LKNCY）的联合临时清算人（“JPLs”）、Alvarez&amp;Marsal Cayman Islands Limited的Alexander Lawson和Alvarez&amp;Marsal Asia Limited的Wing Sze Tiffany Wong今天根据美国法典第11篇第15章向美国纽约南区破产法院（“美国破产法院”）提交了一份经过验证的请愿书（“第15章请愿书”）。第15章呈请寻求（其中包括）美国承认本公司在开曼群岛大法院（“开曼法院”）金融服务部2020年第157号案件（ASCJ）（“开曼程序”）1待决的临时清算及相关救济。</blockquote></p><p> The Company is negotiating with its stakeholders regarding the restructuring of the Company’s financial obligations, to strengthen the Company’s balance sheet and enable it to emerge from the Cayman Proceeding as a going concern, for the benefit of all stakeholders. The relief sought in the Chapter 15 Petition is an important component of the Company’s restructuring. This relief will promote centralized administration of the Company’s assets by permitting coordination between the Cayman Court and the U.S. Bankruptcy Court, to protect the interests of stakeholders while facilitating the Company’s restructuring.</p><p><blockquote>为了所有利益相关者的利益，公司正在与其利益相关者就公司财务义务的重组进行谈判，以加强公司的资产负债表，并使其能够作为持续经营企业摆脱开曼诉讼。第15章申请中寻求的救济是公司重组的重要组成部分。这项救济将通过允许开曼法院和美国破产法院之间的协调来促进公司资产的集中管理，以保护利益相关者的利益，同时促进公司的重组。</blockquote></p><p> All Company stores remain open for business, offering products with high quality, affordability and convenience to its customers in China. The filing of the Chapter 15 Petition is not expected to materially impact the Company’s day-to-day operations. The Company continues to meet its trade obligations in the ordinary course of business, including paying suppliers, vendors and employees.</p><p><blockquote>公司的所有商店仍然营业，为中国的客户提供高质量、实惠和便利的产品。根据美国破产法第15章提交请愿书预计不会对公司的日常运营产生重大影响。公司在日常业务过程中继续履行其贸易义务，包括向供应商、销售商和员工付款。</blockquote></p><p> ______</p><p><blockquote>______</blockquote></p><p> 1The Company previously disclosed the commencement of the Cayman Proceeding on July 15, 2020.</p><p><blockquote>1本公司早前披露开曼诉讼于2020年7月15日展开。</blockquote></p><p> <b>Safe Harbor Statement</b></p><p><blockquote><b>安全港声明</b></blockquote></p><p></p><p> This announcement contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “potential,” “continue,” “ongoing,” “targets,” “guidance” and similar statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties, including Joint Provisional Liquidators. Any statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the expense, timing and outcome of existing or future legal and governmental proceedings, investigations in connection with the Company; the outcome and effect of the ongoing restructuring of the Company’s financial obligations; the Company’s growth strategies; its future business development, results of operations and financial condition; the effect of the non-reliance identified in, and the resultant restatement of, certain of the Company’s previously issued financial results; the timing of the completion or outcome of the audit of the Company’s financial statements; the effectiveness of its internal control; its ability to retain and attract its customers; its ability to maintain and enhance the recognition and reputation of its brand; its ability to maintain and improve quality control policies and measures; its ability to establish and maintain relationships with its suppliers and business partners; trends and competition in China’s coffee industry or China’s food and beverage sector in general; changes in its revenues and certain cost or expense items; the expected growth of China’s coffee industry or China’s food and beverage sector in general; PRC governmental policies and regulations relating to the Company’s industry; the potential effects of COVID-19; and general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law.</p><p><blockquote>本公告包含经修订的1934年证券交易法第21E节含义内的前瞻性陈述。这些前瞻性陈述是根据1995年美国私人证券诉讼改革法案的“安全港”条款做出的。这些陈述可以通过术语来识别，例如“将”、“期望”、“预期”、“未来”、“打算”、“计划”、“相信”、“估计”、“潜力”、“继续”、“正在进行”、“目标”、“指导”和类似的陈述。公司还可能在向美国证券交易委员会（“SEC”）提交的定期报告、向股东提交的年度报告、新闻稿和其他书面材料以及口头声明中做出书面或口头前瞻性陈述。其管理人员、董事或员工向第三方（包括联合临时清算人）。任何非历史事实的陈述，包括有关公司信念和期望的陈述，都是前瞻性陈述。前瞻性陈述涉及固有的风险和不确定性。许多因素可能导致实际结果与任何前瞻性陈述中包含的结果存在重大差异，包括但不限于以下内容：与公司相关的现有或未来法律和政府诉讼、调查的费用、时间和结果；公司财务义务正在进行的重组的结果和影响；公司的增长战略；其未来业务发展、经营业绩及财务状况；公司之前发布的某些财务业绩中识别的非依赖以及由此导致的重述的影响；公司财务报表审计的完成时间或结果；内部控制的有效性；其留住和吸引客户的能力；其维持及提升其品牌知名度及声誉的能力；其维持和改进质量控制政策和措施的能力；其与供应商和业务合作伙伴建立和维护关系的能力；中国咖啡行业或中国食品及饮料行业的趋势及竞争；其收入和某些成本或费用项目的变化；中国咖啡行业或中国食品及饮料行业整体的预期增长；与本公司所处行业有关的中国政府政策及法规；新冠肺炎的潜在影响以及全球和中国的总体经济和商业状况以及与上述任何内容相关或相关的假设。有关这些和其他风险、不确定性或因素的更多信息包含在公司向SEC提交的文件中。本新闻稿和附件中提供的所有信息均截至本新闻稿发布之日，公司不承担更新任何前瞻性声明的义务，除非适用法律要求。</blockquote></p><p> <b>About Luckin Coffee Inc.</b></p><p><blockquote><b>关于瑞星咖啡公司。</b></blockquote></p><p> Luckin Coffee Inc.&nbsp;(OTC:LKNCY) has pioneered a technology-driven retail network to provide coffee and other products of high quality, high affordability, and high convenience to customers. Empowered by big data analytics, AI, and proprietary technologies, the Company pursues its mission to be part of everyone’s everyday life, starting with coffee. The Company was founded in 2017 and is based in&nbsp;China. </p><p><blockquote>瑞星咖啡公司（场外交易代码：LKNCY）开创了一个技术驱动的零售网络，为顾客提供高品质、高性价比和高便利性的咖啡和其他产品。在大数据分析、人工智能和专有技术的支持下，该公司追求成为每个人日常生活一部分的使命，从咖啡开始。该公司成立于2017年，总部位于中国。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"http://www.globenewswire.com/news-release/2021/02/05/2170477/0/en/Luckin-Coffee-s-Restructuring-Efforts-Move-Forward-with-Commencement-of-its-Chapter-15-Case-in-the-United-States.html\">globenewswire</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":"https://static.tigerbbs.com/3d12f820102df1859c1d25e4011ee104","relate_stocks":{"LKNCY":"瑞幸咖啡"},"source_url":"http://www.globenewswire.com/news-release/2021/02/05/2170477/0/en/Luckin-Coffee-s-Restructuring-Efforts-Move-Forward-with-Commencement-of-its-Chapter-15-Case-in-the-United-States.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1142907763","content_text":"Coordination between the Cayman Court and the U.S. Bankruptcy Court to Protect the Interests of Stakeholders and Facilitate LuckinCoffee’s Restructuring of its Financial Obligations\nAll Company Stores Remain Open and Serving Customers in China; No Material Impact on Daily Operations Expected\nCompany Continues to Meet Trade Obligations in the Ordinary Course of Business, Including Paying Suppliers, Vendors and Employees\nBEIJING, Feb. 05, 2021 (GLOBE NEWSWIRE) -- The Joint Provisional Liquidators (the “JPLs”) of Luckin Coffee Inc. (the “Company”) (OTC:LKNCY), Alexander Lawson of Alvarez & Marsal Cayman Islands Limited and Wing Sze Tiffany Wong of Alvarez & Marsal Asia Limited, today filed a verified petition under chapter 15 of title 11 of the United States Code (the “Chapter 15 Petition”) with the United States Bankruptcy Court for the Southern District of New York (the “U.S. Bankruptcy Court”). The Chapter 15 Petition seeks, among other things, recognition in the United States of the Company’s provisional liquidation pending before the Grand Court of the Cayman Islands (the “Cayman Court”), Financial Services Division, Cause No. 157 of 2020 (ASCJ) (the “Cayman Proceeding”)1and related relief.\nThe Company is negotiating with its stakeholders regarding the restructuring of the Company’s financial obligations, to strengthen the Company’s balance sheet and enable it to emerge from the Cayman Proceeding as a going concern, for the benefit of all stakeholders. The relief sought in the Chapter 15 Petition is an important component of the Company’s restructuring. This relief will promote centralized administration of the Company’s assets by permitting coordination between the Cayman Court and the U.S. Bankruptcy Court, to protect the interests of stakeholders while facilitating the Company’s restructuring.\nAll Company stores remain open for business, offering products with high quality, affordability and convenience to its customers in China. The filing of the Chapter 15 Petition is not expected to materially impact the Company’s day-to-day operations. The Company continues to meet its trade obligations in the ordinary course of business, including paying suppliers, vendors and employees.\n______\n1The Company previously disclosed the commencement of the Cayman Proceeding on July 15, 2020.\nSafe Harbor Statement\nThis announcement contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “potential,” “continue,” “ongoing,” “targets,” “guidance” and similar statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties, including Joint Provisional Liquidators. Any statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the expense, timing and outcome of existing or future legal and governmental proceedings, investigations in connection with the Company; the outcome and effect of the ongoing restructuring of the Company’s financial obligations; the Company’s growth strategies; its future business development, results of operations and financial condition; the effect of the non-reliance identified in, and the resultant restatement of, certain of the Company’s previously issued financial results; the timing of the completion or outcome of the audit of the Company’s financial statements; the effectiveness of its internal control; its ability to retain and attract its customers; its ability to maintain and enhance the recognition and reputation of its brand; its ability to maintain and improve quality control policies and measures; its ability to establish and maintain relationships with its suppliers and business partners; trends and competition in China’s coffee industry or China’s food and beverage sector in general; changes in its revenues and certain cost or expense items; the expected growth of China’s coffee industry or China’s food and beverage sector in general; PRC governmental policies and regulations relating to the Company’s industry; the potential effects of COVID-19; and general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law.\nAbout Luckin Coffee Inc.\nLuckin Coffee Inc. (OTC:LKNCY) has pioneered a technology-driven retail network to provide coffee and other products of high quality, high affordability, and high convenience to customers. Empowered by big data analytics, AI, and proprietary technologies, the Company pursues its mission to be part of everyone’s everyday life, starting with coffee. The Company was founded in 2017 and is based in China.","news_type":1,"symbols_score_info":{"LK":0.9,"LKNCY":0.9}},"isVote":1,"tweetType":1,"viewCount":552,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":310810680,"gmtCreate":1611303634240,"gmtModify":1703749546442,"author":{"id":"3556190733280473","authorId":"3556190733280473","name":"hoyeah","avatar":"https://static.tigerbbs.com/b8ab28e9eb24a11ed26fa5c3597602fa","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3556190733280473","idStr":"3556190733280473"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/310810680","repostId":"1180123742","repostType":4,"repost":{"id":"1180123742","kind":"news","pubTimestamp":1611286767,"share":"https://www.laohu8.com/m/news/1180123742?lang=zh_CN&edition=full","pubTime":"2021-01-22 11:39","market":"us","language":"en","title":"Why Airbnb Stock Is Flying Higher<blockquote>为什么爱彼迎股价飞涨</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1180123742","media":"Motley Fool","summary":"What happenedShares of Airbnb(NASDAQ:ABNB) enjoyed a strong rally today, benefiting from the absence","content":"<p><b>What happened</b></p><p><blockquote><b>发生了什么</b></blockquote></p><p>Shares of&nbsp;<b>Airbnb</b>(NASDAQ:ABNB)&nbsp;enjoyed a strong rally today, benefiting from the absence of the bad news that's weighed on the stock for the past week. On Thursday, Airbnb stock was up 11.5%.</p><p><blockquote>本公司之股份<b>爱彼迎</b>（纳斯达克：ABNB）今天强劲反弹，受益于过去一周没有给该股带来压力的坏消息。周四，爱彼迎股价上涨11.5%。</blockquote></p><p><b>So what</b></p><p><blockquote><b>那又怎样</b></blockquote></p><p>Airbnb shares have had a rough week, beginning with the company's announcement just prior to the inauguration that it was canceling room reservations in Washington and refunding its hosts for revenue lost from guests who would no longer be coming.</p><p><blockquote>爱彼迎股价经历了艰难的一周，首先是该公司在就职典礼前宣布取消华盛顿州的客房预订，并向东道主退还因不再前来的客人造成的收入损失。</blockquote></p><p>One day later, analysts at Truist Securities initiated coverage of the stock with a below-market target price of $154 a share, warning that all the positive expectations are already priced into the stock.</p><p><blockquote>一天后，Truist Securities的分析师开始对该股进行评级，目标价低于市场，为每股154美元，并警告称，所有积极预期都已反映在该股的价格中。</blockquote></p><p>And earlier this week, research firm Redburn, according toTheFly.com, initiated coverage of Airbnb shares with a sell rating and a price target of $74.</p><p><blockquote>据TheFly.com报道，本周早些时候，研究公司Redburn首次对爱彼迎股票进行了卖出评级，目标价为74美元。</blockquote></p><p><b>Now what</b></p><p><blockquote><b>现在怎么办</b></blockquote></p><p>That last one must have really spooked investors, because the day after it came out, Airbnb shares dropped 7%. But was Redburn right to be so pessimistic about Airbnb?</p><p><blockquote>最后一条肯定吓坏了投资者，因为它出来的第二天，爱彼迎股价下跌了7%。但是雷德伯恩对爱彼迎如此悲观是正确的吗？</blockquote></p><p>On the one hand, yes, Airbnb looks to be in pretty dire straits right now. An exceedingly inconveniently timed pandemic has thenew IPOstaring at a probable loss of more than $12 per share for 2020, according to analysts polled byS&amp;P Global Market Intelligence.</p><p><blockquote>一方面，是的，爱彼迎现在看起来陷入了相当可怕的困境。S&amp;P Global Market Intelligence调查的分析师表示，一场极其不方便的疫情导致新IPO在2020年每股亏损可能超过12美元。</blockquote></p><p>But with a hoped-for recovery on the way, this year's losses should be as little as one-sixth that size. Within just a couple of years, analysts foresee Airbnb turning at leastpro formaprofitable. And by 2024, they're calling for actualGAAPprofitability and nearly $2 billion in positivefree cash flow.</p><p><blockquote>但随着预期的复苏即将到来，今年的损失应该只有六分之一。分析师预计，在短短几年内，爱彼迎至少将实现盈利。到2024年，他们呼吁实现实际的盈利能力和近20亿美元的正自由现金流。</blockquote></p><p>The future's looking up for Airbnb, and today's price action reflects that.</p><p><blockquote>爱彼迎的未来正在好转，今天的价格走势反映了这一点。</blockquote></p><p></p>","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>Why Airbnb Stock Is Flying Higher<blockquote>为什么爱彼迎股价飞涨</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\">\nWhy Airbnb Stock Is Flying Higher<blockquote>为什么爱彼迎股价飞涨</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-01-22 11:39</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>What happened</b></p><p><blockquote><b>发生了什么</b></blockquote></p><p>Shares of&nbsp;<b>Airbnb</b>(NASDAQ:ABNB)&nbsp;enjoyed a strong rally today, benefiting from the absence of the bad news that's weighed on the stock for the past week. On Thursday, Airbnb stock was up 11.5%.</p><p><blockquote>本公司之股份<b>爱彼迎</b>（纳斯达克：ABNB）今天强劲反弹，受益于过去一周没有给该股带来压力的坏消息。周四，爱彼迎股价上涨11.5%。</blockquote></p><p><b>So what</b></p><p><blockquote><b>那又怎样</b></blockquote></p><p>Airbnb shares have had a rough week, beginning with the company's announcement just prior to the inauguration that it was canceling room reservations in Washington and refunding its hosts for revenue lost from guests who would no longer be coming.</p><p><blockquote>爱彼迎股价经历了艰难的一周，首先是该公司在就职典礼前宣布取消华盛顿州的客房预订，并向东道主退还因不再前来的客人造成的收入损失。</blockquote></p><p>One day later, analysts at Truist Securities initiated coverage of the stock with a below-market target price of $154 a share, warning that all the positive expectations are already priced into the stock.</p><p><blockquote>一天后，Truist Securities的分析师开始对该股进行评级，目标价低于市场，为每股154美元，并警告称，所有积极预期都已反映在该股的价格中。</blockquote></p><p>And earlier this week, research firm Redburn, according toTheFly.com, initiated coverage of Airbnb shares with a sell rating and a price target of $74.</p><p><blockquote>据TheFly.com报道，本周早些时候，研究公司Redburn首次对爱彼迎股票进行了卖出评级，目标价为74美元。</blockquote></p><p><b>Now what</b></p><p><blockquote><b>现在怎么办</b></blockquote></p><p>That last one must have really spooked investors, because the day after it came out, Airbnb shares dropped 7%. But was Redburn right to be so pessimistic about Airbnb?</p><p><blockquote>最后一条肯定吓坏了投资者，因为它出来的第二天，爱彼迎股价下跌了7%。但是雷德伯恩对爱彼迎如此悲观是正确的吗？</blockquote></p><p>On the one hand, yes, Airbnb looks to be in pretty dire straits right now. An exceedingly inconveniently timed pandemic has thenew IPOstaring at a probable loss of more than $12 per share for 2020, according to analysts polled byS&amp;P Global Market Intelligence.</p><p><blockquote>一方面，是的，爱彼迎现在看起来陷入了相当可怕的困境。S&amp;P Global Market Intelligence调查的分析师表示，一场极其不方便的疫情导致新IPO在2020年每股亏损可能超过12美元。</blockquote></p><p>But with a hoped-for recovery on the way, this year's losses should be as little as one-sixth that size. Within just a couple of years, analysts foresee Airbnb turning at leastpro formaprofitable. And by 2024, they're calling for actualGAAPprofitability and nearly $2 billion in positivefree cash flow.</p><p><blockquote>但随着预期的复苏即将到来，今年的损失应该只有六分之一。分析师预计，在短短几年内，爱彼迎至少将实现盈利。到2024年，他们呼吁实现实际的盈利能力和近20亿美元的正自由现金流。</blockquote></p><p>The future's looking up for Airbnb, and today's price action reflects that.</p><p><blockquote>爱彼迎的未来正在好转，今天的价格走势反映了这一点。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/01/21/why-airbnb-stock-is-flying-higher-today/\">Motley Fool</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":{"ABNB":"爱彼迎"},"source_url":"https://www.fool.com/investing/2021/01/21/why-airbnb-stock-is-flying-higher-today/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1180123742","content_text":"What happenedShares of Airbnb(NASDAQ:ABNB) enjoyed a strong rally today, benefiting from the absence of the bad news that's weighed on the stock for the past week. On Thursday, Airbnb stock was up 11.5%.So whatAirbnb shares have had a rough week, beginning with the company's announcement just prior to the inauguration that it was canceling room reservations in Washington and refunding its hosts for revenue lost from guests who would no longer be coming.One day later, analysts at Truist Securities initiated coverage of the stock with a below-market target price of $154 a share, warning that all the positive expectations are already priced into the stock.And earlier this week, research firm Redburn, according toTheFly.com, initiated coverage of Airbnb shares with a sell rating and a price target of $74.Now whatThat last one must have really spooked investors, because the day after it came out, Airbnb shares dropped 7%. But was Redburn right to be so pessimistic about Airbnb?On the one hand, yes, Airbnb looks to be in pretty dire straits right now. An exceedingly inconveniently timed pandemic has thenew IPOstaring at a probable loss of more than $12 per share for 2020, according to analysts polled byS&P Global Market Intelligence.But with a hoped-for recovery on the way, this year's losses should be as little as one-sixth that size. Within just a couple of years, analysts foresee Airbnb turning at leastpro formaprofitable. And by 2024, they're calling for actualGAAPprofitability and nearly $2 billion in positivefree cash flow.The future's looking up for Airbnb, and today's price action reflects that.","news_type":1,"symbols_score_info":{"ABNB":0.9}},"isVote":1,"tweetType":1,"viewCount":669,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3527667803686145","authorId":"3527667803686145","name":"社区成长助手","avatar":"https://static.tigerbbs.com/2b7c7106b5c0c8b0037faa67439d898f","crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"3527667803686145","idStr":"3527667803686145"},"content":"终于等到了您的初发帖[比心][比心]发帖时关联相关股票或者相关话题，可以获得更多曝光哦～如果您想创作优质文章，请查看老虎社区创作指引","text":"终于等到了您的初发帖[比心][比心]发帖时关联相关股票或者相关话题，可以获得更多曝光哦～如果您想创作优质文章，请查看老虎社区创作指引","html":"终于等到了您的初发帖[比心][比心]发帖时关联相关股票或者相关话题，可以获得更多曝光哦～如果您想创作优质文章，请查看老虎社区创作指引"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":361535751,"gmtCreate":1614245336273,"gmtModify":1634550509794,"author":{"id":"3556190733280473","authorId":"3556190733280473","name":"hoyeah","avatar":"https://static.tigerbbs.com/b8ab28e9eb24a11ed26fa5c3597602fa","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3556190733280473","idStr":"3556190733280473"},"themes":[],"htmlText":"Huat 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22:22","market":"us","language":"en","title":"This Day In Market History: Panic Of 1893 Crashes Stock Market<blockquote>市场历史上的这一天：1893年的恐慌导致股市崩盘</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1148686352","media":"benzinga","summary":"What Happened?On this day in 1893, U.S. stocks suffered their worst intraday loss in history at the ","content":"<p><div> What Happened?On this day in 1893, U.S. stocks suffered their worst intraday loss in history at the time. Where The Market Was:The Dow finished the day at 30.02. What Else Was Going On In The World?In...</p><p><blockquote><div>怎么回事？1893年的这一天，美股遭遇了当时历史上最严重的盘中跌幅。市场位置：道琼斯指数当天收于30.02点。世界上还发生了什么？在……</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/general/education/21/05/20964728/this-day-in-market-history-panic-of-1893-crashes-stock-market\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/general/education/21/05/20964728/this-day-in-market-history-panic-of-1893-crashes-stock-market\">网页连接</a></blockquote></p><p></p>","source":"lsy1606299360108","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>This Day In Market History: Panic Of 1893 Crashes Stock Market<blockquote>市场历史上的这一天：1893年的恐慌导致股市崩盘</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\">\nThis Day In Market History: Panic Of 1893 Crashes Stock Market<blockquote>市场历史上的这一天：1893年的恐慌导致股市崩盘</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">benzinga</strong><span class=\"h-time small\">2021-05-05 22:22</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> What Happened?On this day in 1893, U.S. stocks suffered their worst intraday loss in history at the time. Where The Market Was:The Dow finished the day at 30.02. What Else Was Going On In The World?In...</p><p><blockquote><div>怎么回事？1893年的这一天，美股遭遇了当时历史上最严重的盘中跌幅。市场位置：道琼斯指数当天收于30.02点。世界上还发生了什么？在……</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/general/education/21/05/20964728/this-day-in-market-history-panic-of-1893-crashes-stock-market\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/general/education/21/05/20964728/this-day-in-market-history-panic-of-1893-crashes-stock-market\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.benzinga.com/general/education/21/05/20964728/this-day-in-market-history-panic-of-1893-crashes-stock-market\">benzinga</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":{},"source_url":"https://www.benzinga.com/general/education/21/05/20964728/this-day-in-market-history-panic-of-1893-crashes-stock-market","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148686352","content_text":"What Happened?On this day in 1893, U.S. stocks suffered their worst intraday loss in history at the time.\nWhere The Market Was:The Dow finished the day at 30.02.\nWhat Else Was Going On In The World?In 1893, Thomas Edison completed the world’s first movie studio in West Orange, New Jersey. Lizzie Borden was acquitted of the ax murders of her father and stepmother. A fresh, one-pound beef steak cost 10 cents.\nPanic Of 1893:On May 5, 1893, the Dow Jones Index dropped more than 24% from 39.90 to 30.02. It would mark the worst intraday sell-off in U.S. history at the time, a record that would stand until 1929.\nThe Panic of 1893 was triggered in part by falling gold reserves in the U.S. Treasury. At the time, the U.S. was on the gold standard, meaning U.S. dollars could be redeemed for physical gold. When Treasury gold reserves dropped from $190 million in 1890 to $100 million by 1893, Americans grew concerned that the Treasury might run out of gold and began withdrawing bank notes and converting them to gold, placing extreme strain on the U.S. banking industry and credit markets.\nThe May 5 sell-off was triggered in part by the bankruptcy of Nation Cordage the day before.General Electric CompanyGE 0.34%shares dropped 28% on the day from $80 to $58.\nFortunately for investors, the Panic of 1893 didn’t last for long. By the end of the day, the market nearly completely recovered its losses. GE, for example, closed the session at $78.50.\nThe Panic of 1893 would ravage the U.S. economy, triggering a severe four-year depression. Roughly 14,000 U.S. businesses closed, and unemployment rose to 20%. The event would mark the worst economic downturn in U.S. history until the Great Depression began in 1929.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":749,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":319015930,"gmtCreate":1611410485220,"gmtModify":1703750409237,"author":{"id":"3556190733280473","authorId":"3556190733280473","name":"hoyeah","avatar":"https://static.tigerbbs.com/b8ab28e9eb24a11ed26fa5c3597602fa","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3556190733280473","idStr":"3556190733280473"},"themes":[],"htmlText":"$$$$","listText":"$$$$","text":"$$$$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/319015930","repostId":"1122580665","repostType":4,"isVote":1,"tweetType":1,"viewCount":730,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":868338167,"gmtCreate":1632593059659,"gmtModify":1632654326298,"author":{"id":"3556190733280473","authorId":"3556190733280473","name":"hoyeah","avatar":"https://static.tigerbbs.com/b8ab28e9eb24a11ed26fa5c3597602fa","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3556190733280473","idStr":"3556190733280473"},"themes":[],"htmlText":"Nice leh","listText":"Nice leh","text":"Nice leh","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/868338167","repostId":"2170611891","repostType":4,"repost":{"id":"2170611891","kind":"highlight","weMediaInfo":{"introduction":"新型财经科技信息服务提供商，专注TMT。技术改变商业，商业改变世界，我们纪录这个过程，并聚集这些改变世界的人。","home_visible":1,"media_name":"TMTPost","id":"1065587721","head_image":"https://static.tigerbbs.com/72948639b39fd795a430fcaa2772851c"},"pubTimestamp":1632526620,"share":"https://www.laohu8.com/m/news/2170611891?lang=zh_CN&edition=full","pubTime":"2021-09-25 07:37","market":"hk","language":"en","title":"China Declares Cryptocurrency-Related Activities Illegal<blockquote>中国宣布加密货币相关活动为非法</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2170611891","media":"TMTPost","summary":"BEIJING, September 23 (TMTPOST) — The People's Bank of China, the country’s central bank, has releas","content":"<p>BEIJING, September 23 (TMTPOST) — The People's Bank of China, the country’s central bank, has released the Notice on Further Regulating and Preventing Risks Posed by Cryptocurrency Transactions, which stresses that cryptocurrency-related activities are illegal financial activities.</p><p><blockquote>北京9月23日电（钛媒体）——中国央行中国人民银行发布《关于进一步规范和防范加密货币交易风险的通知》，强调加密货币相关活动属于非法金融活动。</blockquote></p><p> According to the notice, cryptocurrency does not enjoy the legal status that fiat money has. Cryptocurrencies are decentralized digital money based on blockchain technology. They are not issued by the authority and therefore do not enjoy the legal recognition that fiat money has. Cryptocurrencies should not be used as money in the market and enter circulation. Financial activities that involve cryptocurrencies are all illegal activities, the central bank stated in the notice. Financial services that facilitate the exchange between cryptocurrency and fiat money, exchange of information on cryptocurrency trading, pricing of cryptocurrency, trading of cryptocurrency derivatives, and financing through cryptocurrency are forbidden and considered illegal. Criminal liabilities can be imposed if relevant violations constitute a criminal offense.</p><p><blockquote>根据通知，加密货币不享有法定货币所具有的法律地位。加密货币是基于区块链技术的去中心化数字货币。它们不是由当局发行的，因此不享有法定货币所享有的法律承认。加密货币不应作为货币在市场上使用，进入流通。央行在通知中表示，涉及加密货币的金融活动都是非法活动。促进加密货币和法定货币之间交换、加密货币交易信息交换、加密货币定价、加密货币衍生品交易以及通过加密货币融资的金融服务是被禁止的，并被视为非法。相关违法行为构成刑事犯罪的，可以追究刑事责任。</blockquote></p><p> The notice also states that it is also considered an illegal financial activity for overseas cryptocurrency exchange organizations to provide exchange services through the Internet for residents within China. Employees of such overseas exchange organizations who knowingly engage in cryptocurrency services and provide services on the marketing of cryptocurrency, payment, and technical support are punishable by law.</p><p><blockquote>通知还称，境外加密货币兑换机构通过互联网为中国境内居民提供兑换服务，也属于非法金融活动。此类境外交易所机构的员工明知从事加密货币服务，提供加密货币营销、支付、技术支持等服务的，将受到法律处罚。</blockquote></p><p> The notice calls for more efforts in establishing a working mechanism in response to cryptocurrency trading as well. The notice states that it is important to establish coordination between government departments, and between the central government and local governments to monitor cryptocurrency activities.</p><p><blockquote>通知评级在建立应对加密货币交易的工作机制方面也做出了更多努力。该通知指出，在政府部门之间以及中央政府和地方政府之间建立协调以监控加密货币活动非常重要。</blockquote></p><p> In addition, a risk forecast on cryptocurrency trading should be built, according to the notice. The central bank and the Cyberspace Administration of China should optimize their monitoring technology that targets cryptocurrency activities. Financial institutions and non-bank payment organizations should also enhance their efforts in monitoring cryptocurrency activities.</p><p><blockquote>此外，根据通知，应建立加密货币交易风险预测。央行和国家互联网信息办公室应优化其针对加密货币活动的监控技术。金融机构和非银行支付组织也应加大对加密货币活动的监控力度。</blockquote></p><p> Lastly, the notice calls for the development of a multi-level mechanism to prevent cryptocurrency trading and enforce relevant laws and regulations. The multi-level mechanism should involve financial management departments, telecom departments, law enforcement, and market regulators, etc.</p><p><blockquote>最后，通知评级制定多层次机制，防止加密货币交易并执行相关法律法规。多层次的机制应涉及金融管理部门、电信部门、执法部门、市场监管机构等。</blockquote></p><p></p>","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>China Declares Cryptocurrency-Related Activities Illegal<blockquote>中国宣布加密货币相关活动为非法</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\">\nChina Declares Cryptocurrency-Related Activities Illegal<blockquote>中国宣布加密货币相关活动为非法</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1065587721\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/72948639b39fd795a430fcaa2772851c);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">TMTPost </p>\n<p class=\"h-time smaller\">2021-09-25 07:37</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>BEIJING, September 23 (TMTPOST) — The People's Bank of China, the country’s central bank, has released the Notice on Further Regulating and Preventing Risks Posed by Cryptocurrency Transactions, which stresses that cryptocurrency-related activities are illegal financial activities.</p><p><blockquote>北京9月23日电（钛媒体）——中国央行中国人民银行发布《关于进一步规范和防范加密货币交易风险的通知》，强调加密货币相关活动属于非法金融活动。</blockquote></p><p> According to the notice, cryptocurrency does not enjoy the legal status that fiat money has. Cryptocurrencies are decentralized digital money based on blockchain technology. They are not issued by the authority and therefore do not enjoy the legal recognition that fiat money has. Cryptocurrencies should not be used as money in the market and enter circulation. Financial activities that involve cryptocurrencies are all illegal activities, the central bank stated in the notice. Financial services that facilitate the exchange between cryptocurrency and fiat money, exchange of information on cryptocurrency trading, pricing of cryptocurrency, trading of cryptocurrency derivatives, and financing through cryptocurrency are forbidden and considered illegal. Criminal liabilities can be imposed if relevant violations constitute a criminal offense.</p><p><blockquote>根据通知，加密货币不享有法定货币所具有的法律地位。加密货币是基于区块链技术的去中心化数字货币。它们不是由当局发行的，因此不享有法定货币所享有的法律承认。加密货币不应作为货币在市场上使用，进入流通。央行在通知中表示，涉及加密货币的金融活动都是非法活动。促进加密货币和法定货币之间交换、加密货币交易信息交换、加密货币定价、加密货币衍生品交易以及通过加密货币融资的金融服务是被禁止的，并被视为非法。相关违法行为构成刑事犯罪的，可以追究刑事责任。</blockquote></p><p> The notice also states that it is also considered an illegal financial activity for overseas cryptocurrency exchange organizations to provide exchange services through the Internet for residents within China. Employees of such overseas exchange organizations who knowingly engage in cryptocurrency services and provide services on the marketing of cryptocurrency, payment, and technical support are punishable by law.</p><p><blockquote>通知还称，境外加密货币兑换机构通过互联网为中国境内居民提供兑换服务，也属于非法金融活动。此类境外交易所机构的员工明知从事加密货币服务，提供加密货币营销、支付、技术支持等服务的，将受到法律处罚。</blockquote></p><p> The notice calls for more efforts in establishing a working mechanism in response to cryptocurrency trading as well. The notice states that it is important to establish coordination between government departments, and between the central government and local governments to monitor cryptocurrency activities.</p><p><blockquote>通知评级在建立应对加密货币交易的工作机制方面也做出了更多努力。该通知指出，在政府部门之间以及中央政府和地方政府之间建立协调以监控加密货币活动非常重要。</blockquote></p><p> In addition, a risk forecast on cryptocurrency trading should be built, according to the notice. The central bank and the Cyberspace Administration of China should optimize their monitoring technology that targets cryptocurrency activities. Financial institutions and non-bank payment organizations should also enhance their efforts in monitoring cryptocurrency activities.</p><p><blockquote>此外，根据通知，应建立加密货币交易风险预测。央行和国家互联网信息办公室应优化其针对加密货币活动的监控技术。金融机构和非银行支付组织也应加大对加密货币活动的监控力度。</blockquote></p><p> Lastly, the notice calls for the development of a multi-level mechanism to prevent cryptocurrency trading and enforce relevant laws and regulations. The multi-level mechanism should involve financial management departments, telecom departments, law enforcement, and market regulators, etc.</p><p><blockquote>最后，通知评级制定多层次机制，防止加密货币交易并执行相关法律法规。多层次的机制应涉及金融管理部门、电信部门、执法部门、市场监管机构等。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CAAS":"中汽系统"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2170611891","content_text":"BEIJING, September 23 (TMTPOST) — The People's Bank of China, the country’s central bank, has released the Notice on Further Regulating and Preventing Risks Posed by Cryptocurrency Transactions, which stresses that cryptocurrency-related activities are illegal financial activities.\nAccording to the notice, cryptocurrency does not enjoy the legal status that fiat money has. Cryptocurrencies are decentralized digital money based on blockchain technology. They are not issued by the authority and therefore do not enjoy the legal recognition that fiat money has. Cryptocurrencies should not be used as money in the market and enter circulation. Financial activities that involve cryptocurrencies are all illegal activities, the central bank stated in the notice. Financial services that facilitate the exchange between cryptocurrency and fiat money, exchange of information on cryptocurrency trading, pricing of cryptocurrency, trading of cryptocurrency derivatives, and financing through cryptocurrency are forbidden and considered illegal. Criminal liabilities can be imposed if relevant violations constitute a criminal offense.\nThe notice also states that it is also considered an illegal financial activity for overseas cryptocurrency exchange organizations to provide exchange services through the Internet for residents within China. Employees of such overseas exchange organizations who knowingly engage in cryptocurrency services and provide services on the marketing of cryptocurrency, payment, and technical support are punishable by law.\nThe notice calls for more efforts in establishing a working mechanism in response to cryptocurrency trading as well. The notice states that it is important to establish coordination between government departments, and between the central government and local governments to monitor cryptocurrency activities.\nIn addition, a risk forecast on cryptocurrency trading should be built, according to the notice. The central bank and the Cyberspace Administration of China should optimize their monitoring technology that targets cryptocurrency activities. Financial institutions and non-bank payment organizations should also enhance their efforts in monitoring cryptocurrency activities.\nLastly, the notice calls for the development of a multi-level mechanism to prevent cryptocurrency trading and enforce relevant laws and regulations. The multi-level mechanism should involve financial management departments, telecom departments, law enforcement, and market regulators, etc.","news_type":1,"symbols_score_info":{"CAAS":0.9}},"isVote":1,"tweetType":1,"viewCount":2207,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":805704461,"gmtCreate":1627904514353,"gmtModify":1631890553799,"author":{"id":"3556190733280473","authorId":"3556190733280473","name":"hoyeah","avatar":"https://static.tigerbbs.com/b8ab28e9eb24a11ed26fa5c3597602fa","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3556190733280473","idStr":"3556190733280473"},"themes":[],"htmlText":"Like me","listText":"Like me","text":"Like me","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/805704461","repostId":"1148493066","repostType":4,"isVote":1,"tweetType":1,"viewCount":1250,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":149655153,"gmtCreate":1625724953272,"gmtModify":1631890553797,"author":{"id":"3556190733280473","authorId":"3556190733280473","name":"hoyeah","avatar":"https://static.tigerbbs.com/b8ab28e9eb24a11ed26fa5c3597602fa","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3556190733280473","idStr":"3556190733280473"},"themes":[],"htmlText":"Help to likeeee","listText":"Help to likeeee","text":"Help to likeeee","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/149655153","repostId":"2149132523","repostType":4,"isVote":1,"tweetType":1,"viewCount":3343,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":113538258,"gmtCreate":1622624940774,"gmtModify":1634099825788,"author":{"id":"3556190733280473","authorId":"3556190733280473","name":"hoyeah","avatar":"https://static.tigerbbs.com/b8ab28e9eb24a11ed26fa5c3597602fa","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3556190733280473","idStr":"3556190733280473"},"themes":[],"htmlText":"Both lor","listText":"Both lor","text":"Both lor","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/113538258","repostId":"1152687413","repostType":4,"repost":{"id":"1152687413","kind":"news","pubTimestamp":1622624555,"share":"https://www.laohu8.com/m/news/1152687413?lang=zh_CN&edition=full","pubTime":"2021-06-02 17:02","market":"us","language":"en","title":"Apple Stock Vs. Google Stock: Which Is The Better Buy?<blockquote>苹果股票与谷歌股票：哪个更值得购买？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1152687413","media":"seekingalpha","summary":"Summary\n\nApple is generally the most owned stock by retail investors at any given time. Google, also","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Apple is generally the most owned stock by retail investors at any given time. Google, also known as Alphabet, is a favorite of institutional investors.</li>  <li>Both companies have made tens of thousands of employees and shareholders multi-millionaires, but going forward, I believe one stock offers better prospects than the other.</li>  <li>I compare Apple and Google on valuation, growth prospects, institutional ownership, and volatility.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c1d1935740482372c9374a4036065586\" tg-width=\"768\" tg-height=\"511\"><span>Photo by dicus63/iStock via Getty Images</span></p><p><blockquote><ul><li>苹果通常是散户投资者在任何特定时间持有最多的股票。谷歌，也被称为Alphabet，是机构投资者的最爱。</li><li>两家公司都让数以万计的员工和股东成为了千万富翁，但展望未来，我相信一只股票比另一只股票提供了更好的前景。</li><li>我比较了苹果和谷歌的估值、增长前景、机构所有权和波动性。</li></ul><p class=\"t-img-caption\"><span>摄影：dicus63/iStock，来自Getty Images</span></p></blockquote></p><p> Apple (AAPL) and Google (GOOG) are two great American success stories, with each making tens of thousands of shareholders and employees multimillionaires. A 2012 analysis by&nbsp;<i>Reuters</i>&nbsp;ballparked the average Apple corporate employee as having vested over their career about&nbsp;$3.4 million in AAPL before taxes, today with the 10x higher share price but more employees to divide by, I would guess this number would probably be around $10-$20 million before taxes (with senior people obviously having earned more and junior having earned less). Google is known for being even more generous with stock grants. When the company went public, the<i>New York Times</i>reported that stock options made the company&nbsp;masseuse a multi-millionaire, among many other employees. Google and Apple created great wealth, but Microsoft (MSFT) takes the cake for employee millionaires,creating over 10,000 millionaires. As fate would have it, my dad lived in Seattle in the 1980s when Microsoft was in its early days–he turned down a job offer from Microsoft for reasons unknown.</p><p><blockquote>苹果（AAPL）和谷歌（GOOG）是美国两个伟大的成功故事，每一个都让数以万计的股东和员工成为千万富翁。2012年分析<i>路透社</i>据估计，苹果公司员工的平均职业生涯在AAPL的税前收益约为340万美元，如今股价上涨了10倍，但要除以更多员工，我猜这个数字可能在税前10-2000万美元左右（高年级学生显然挣得更多，低年级学生挣得更少）。众所周知，谷歌在股票授予方面更加慷慨。公司上市时，<i>纽约时报</i>报道称，股票期权使公司按摩师和许多其他员工成为千万富翁。谷歌和苹果创造了巨大的财富，但微软(MSFT)却为员工百万富翁锦上添花，创造了超过10,000名百万富翁。正如命运安排的那样，我父亲在20世纪80年代住在西雅图，当时微软正处于起步阶段——他拒绝了微软的一份工作，原因不明。</blockquote></p><p> Here in the<i>Seeking Alpha</i>comment section, there are more than a few shareholders who have become multi-millionaires from investing in technology stocks, especially Apple. Since 2004 (when Google went public), both Google and Apple have seen remarkable success, with Apple returning about $240 (including dividends) on a $1 investment as of my writing this, and Google returning $47. Google clearly executed its business plan well, but Apple hit a home run when they launched the best-selling product of all time (iPhone).</p><p><blockquote>在这里<i>寻求阿尔法</i>评论区，通过投资科技股成为千万富翁的股民不在少数，尤其是苹果。自2004年（谷歌上市）以来，谷歌和苹果都取得了显著的成功，截至我撰写本文时，苹果1美元投资回报约240美元（包括股息），谷歌回报47美元。谷歌显然很好地执行了它的商业计划，但苹果在推出有史以来最畅销的产品（iPhone）时打出了全垒打。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b68434cfa2b94b754cfa88ed1118e7ea\" tg-width=\"635\" tg-height=\"452\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Their success didn't happen overnight, however, rather it accumulated over time. This gave savvy investors many chances (and second chances) to buy in and join in the party. Apple, in particular, did not see a linear path to success, the company we know today would barely be recognizable in 1997 (before the graph starts) when Steve Jobs returned to a company&nbsp;at the brink of bankruptcy. Google, on the other hand, executed far more quietly, with less drama, intrigue, and publicity.</p><p><blockquote>然而，他们的成功不是一夜之间发生的，而是随着时间的推移积累起来的。这给了精明的投资者很多机会（和第二次机会）买入并加入这个派对。尤其是苹果，他没有看到通往成功的线性路径，我们今天所知道的公司在1997年（图表开始之前）几乎认不出来，当时史蒂夫·乔布斯回到了一家濒临破产的公司。另一方面，谷歌的执行要安静得多，没有那么戏剧性、阴谋和宣传。</blockquote></p><p> Let's start our analysis by looking at valuations for both Apple and Google.</p><p><blockquote>让我们从苹果和谷歌的估值开始我们的分析。</blockquote></p><p> <b>Valuation: Apple Vs. Google</b></p><p><blockquote><b>估值：苹果与谷歌</b></blockquote></p><p> Apple currently trades for&nbsp;24x 2021 earnings estimates. For reference, the S&amp;P 500 (SPY) trades for about 21.5x earnings.</p><p><blockquote>苹果目前的交易价格为2021年盈利预期的24倍。作为参考，标普500（SPDR标普500指数ETF）的市盈率约为21.5倍。</blockquote></p><p> <ul>  <li>For most of the past decade, Apple has traded between&nbsp;10x and 20x earnings.</li>  <li>As recently as 2018, Apple traded for 12-13x earnings.</li>  <li>Apple's valuation has risen in large part due to the growth in its services segment, which allows Apple to make money from existing iPhones rather than having to go out and sell tons of new phones every year.</li>  <li>Apple probably deserves to trade at a higher valuation than before, but 24x seems a little high to me because their growth in earnings per share has been driven in large part by share buybacks (which require a low valuation to be very effective in the long run), and while overall&nbsp;net income for the company has grown over the last 5 years, it has been a bumpy ride–one that was helped greatly by the cut in the US corporate tax rate in 2017.</li> </ul> Google Class A stock (GOOGL),which is the class you should buy&nbsp;currently trades for 27x its 2021 earnings estimates.</p><p><blockquote><ul><li>在过去十年的大部分时间里，苹果的市盈率在10倍到20倍之间。</li><li>就在2018年，苹果的市盈率为12-13倍。</li><li>苹果的估值上升很大程度上是由于其服务部门的增长，这使得苹果能够从现有的iPhone中赚钱，而不必每年出去销售大量的新手机。</li><li>苹果可能应该以比以前更高的估值进行交易，但24倍对我来说似乎有点高，因为他们每股收益的增长在很大程度上是由股票回购推动的（从长远来看，这需要较低的估值才能非常有效）），虽然该公司的整体净利润在过去5年中有所增长，但这是一段坎坷的旅程——这在很大程度上得益于2017年美国企业税率的下调。</li></ul>谷歌A类股票（GOOGL）是您应该购买的类别，目前的交易价格是其2021年盈利预期的27倍。</blockquote></p><p> <ul>  <li>Googlehas generally tradedat 20-30x earnings in the past decade.</li>  <li>Google is a lot more of a traditional growth stock in the smoothness and growth rate over recent years.</li>  <li>Google's P/E ratio has declined over time as the company has grown larger, while Apple's has increased.</li>  <li>Google has a higher expected earnings growth rate than Apple does.</li> </ul> <b>Apple Vs. Google Earnings Growth Prospects</b></p><p><blockquote><ul><li>过去十年，谷歌的市盈率通常为20-30倍。</li><li>近年来，谷歌的平稳性和增长率更像是一只传统的成长型股票。</li><li>随着时间的推移，谷歌的市盈率随着公司规模的扩大而下降，而苹果的市盈率则有所上升。</li><li>谷歌的预期盈利增长率高于苹果。</li></ul><b>苹果与谷歌盈利增长前景</b></blockquote></p><p> Apple's best bet for growth is to sell a ton of iPhones to consumers and then get them paying for services, which they've been successful at doing thus far in the 2020s. Consensus analyst estimates for Apple go out to 2023, and they show growth, but nothing crazy. Estimates have risen greatly since the pandemic lows.</p><p><blockquote>苹果增长的最佳选择是向消费者销售大量iPhone，然后让他们为服务付费，这是他们在2020年代迄今为止成功做到的。分析师对苹果的普遍预测是到2023年，它们显示出增长，但没有什么疯狂的。自大流行低点以来，估计已大幅上升。</blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b0a757e1d090a7852ba8eea5d581221c\" tg-width=\"635\" tg-height=\"436\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> One irony of Apple's services revenue is that Google is their largest customer, paying somewhere in the neighborhood of a billion dollars per month to be the default search engine on iPhones. Apple essentially collects a royalty on its iPhones from Google, but how Google makes its money is interesting as well, from selling ads. Apple&nbsp;has discussed starting their own search engine, but they would give up the passive money Google gives them, which is pure profit for Apple and around 15-20 percent of its net income, for the entire company. One potential downside risk for both companies is that the US government declares them to be monopolies and breaks them up in one way or another. I view this as a remote possibility, but a possibility nonetheless.</p><p><blockquote>苹果服务收入的一个讽刺是，谷歌是他们最大的客户，每月支付近10亿美元成为iPhones上的默认搜索引擎。苹果基本上是从谷歌那里收取iPhone的版税，但谷歌通过销售广告赚钱的方式也很有趣。苹果已经讨论过启动自己的搜索引擎，但他们将放弃谷歌给他们的被动资金，这是苹果的纯利润，约占整个公司净利润的15-20%。这两家公司的一个潜在下行风险是，美国政府宣布它们为垄断企业，并以这样或那样的方式拆分它们。我认为这是一个遥远的可能性，但仍然是一个可能性。</blockquote></p><p> According to analysts, Google's growth prospects are sunnier, with advertising revenue expected to grow more or less like clockwork over time.</p><p><blockquote>分析师表示，谷歌的增长前景更加光明，随着时间的推移，广告收入预计将或多或少像时钟一样增长。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d4b74f5aab048ea890930972845c281d\" tg-width=\"635\" tg-height=\"436\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Google is expected to see healthy growth in revenue and net income, and fundamentally, there are continued tailwinds for earnings.</p><p><blockquote>谷歌预计收入和净利润将健康增长，从根本上说，盈利将持续有利。</blockquote></p><p> <ul>  <li>The pandemic helped Google as advertisers found that Google, YouTube, etc. is a more effective way to advertise than traditional outlets like TV.</li>  <li>As more people globally get internet access and the global economies grow, Google benefits from a double tailwind.</li> </ul> <b>AAPL Vs. GOOGL: Institutional Ownership and Volatility</b></p><p><blockquote><ul><li>疫情帮助了谷歌，因为广告商发现谷歌、YouTube等。是一种比电视等传统媒体更有效的广告方式。</li><li>随着全球越来越多的人接入互联网和全球经济的增长，谷歌受益于双重顺风。</li></ul><b>AAPL与GOOGL：机构所有权和波动性</b></blockquote></p><p> Back when&nbsp;Robintrack&nbsp;still had data, it generally indicated that Apple was the most widely held stock by retail investors. On<i>Seeking Alpha</i>, Apple has the greatest number of followers of any ticker, so I generally think that Apple is the most commonly held stock by retail investors. Retail investors have strange taste in stocks, besides Apple, they generally love automakers and airlines, as well as whatever is going up the fastest at the moment, be it Dogecoin (DOGE-USD),AMC, or GameStop(NYSE:GME). In the case of Apple, anyone who bought and held would have made a killing. Another factor that kept retail investors out of Google in the past is the high share price. Many of the best-performing stocks in the market have high share prices because they don't split their stock. With fractional shares today, this is far less of an issue.</p><p><blockquote>当Robintrack还有数据时，它通常表明苹果是散户投资者持有最广泛的股票。在<i>寻求阿尔法</i>，苹果拥有所有股票中最多的关注者，所以我通常认为苹果是散户投资者最常持有的股票。散户投资者对股票的品味很奇怪，除了苹果之外，他们通常喜欢汽车制造商和航空公司，以及目前上涨最快的股票，无论是狗狗币（DOGE-USD）、AMC还是游戏驿站（NYSE：GME）。就苹果而言，任何买入并持有的人都会大赚一笔。过去让散户投资者远离谷歌的另一个因素是股价高企。市场上许多表现最好的股票之所以股价很高，是因为它们不拆股。对于今天的碎股来说，这已经不是什么问题了。</blockquote></p><p> Institutional investors like university endowments and pension funds have their own biases, but overall they tend to invest in the fastest-growing stocks.Popular stocks with institutional investors&nbsp;are perennial favorites like PayPal(NASDAQ:PYPL), Google, Visa(NYSE:V), and Mastercard(NYSE:MA). Google is one of the most popular stocks among institutional investors, while Apple is one of the most popular stocks with retail investors. I owned Apple stock for a long time, but with the current valuation, I'd honestly like to see it at or below $100 before I'd commit money to it. With Google, the current valuation may look high, but growth in earnings could easily make the purchase price look like a bargain 2-3 years down the road.</p><p><blockquote>大学捐赠基金和养老基金等机构投资者有自己的偏见，但总体而言，他们倾向于投资增长最快的股票。受机构投资者欢迎的股票是PayPal（纳斯达克股票代码：PYPL）、谷歌、Visa（纽约证券交易所股票代码：V）和万事达卡（纽约证券交易所股票代码：MA）等长期受欢迎的股票。谷歌是最受机构投资者欢迎的股票之一，而苹果是最受散户投资者欢迎的股票之一。我持有苹果股票很长时间了，但以目前的估值，老实说，我希望在投资之前看到它达到或低于100美元。对于谷歌来说，目前的估值可能看起来很高，但盈利的增长很容易让2-3年后的收购价格看起来很便宜。</blockquote></p><p> Apple is more volatile than Google, and this effect has increased in recent years. Apple's&nbsp;worst drawdown&nbsp;in the past decade is about 40 percent, while Google's worst drawdown is about 28 percent. I'd give an advantage to Google here.</p><p><blockquote>苹果的波动性比谷歌更大，而且这种效应近年来有所增加。苹果在过去十年中最严重的缩水约为40%，而谷歌最严重的缩水约为28%。我会给谷歌一个优势。</blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> Apple and Google are both popular tech stocks. Apple is a fan favorite with retail investors, while Google is popular with institutions. Both trade for slightly higher valuations than the S&amp;P 500 as a whole, and Google is slightly more expensive relative to earnings than Apple. The analyst consensus is that Google has better growth prospects than Apple at the moment, and I agree with this. Apple has returned more than Google has since Google became publicly traded in 2004. Apple stock is more volatile than Google and has historically seen more drawdowns and threats to its business.</p><p><blockquote>苹果和谷歌都是受欢迎的科技股。苹果是散户投资者的最爱，而谷歌则受到机构的欢迎。两者的估值均略高于整个标普500，而相对于盈利而言，谷歌的估值略高于苹果。分析师的共识是，谷歌目前的增长前景比苹果更好，我同意这一点。自2004年谷歌上市以来，苹果的回报超过了谷歌。苹果股票的波动性比谷歌更大，历史上其业务也经历过更多的回撤和威胁。</blockquote></p><p> Overall, I find Google a buy at current prices and would wait for a pullback to $100 to buy Apple.</p><p><blockquote>总体而言，我认为谷歌以当前价格值得买入，并会等待股价回落至100美元后再买入苹果。</blockquote></p><p></p>","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>Apple Stock Vs. Google Stock: Which Is The Better Buy?<blockquote>苹果股票与谷歌股票：哪个更值得购买？</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\">\nApple Stock Vs. Google Stock: Which Is The Better Buy?<blockquote>苹果股票与谷歌股票：哪个更值得购买？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-06-02 17:02</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Apple is generally the most owned stock by retail investors at any given time. Google, also known as Alphabet, is a favorite of institutional investors.</li>  <li>Both companies have made tens of thousands of employees and shareholders multi-millionaires, but going forward, I believe one stock offers better prospects than the other.</li>  <li>I compare Apple and Google on valuation, growth prospects, institutional ownership, and volatility.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c1d1935740482372c9374a4036065586\" tg-width=\"768\" tg-height=\"511\"><span>Photo by dicus63/iStock via Getty Images</span></p><p><blockquote><ul><li>苹果通常是散户投资者在任何特定时间持有最多的股票。谷歌，也被称为Alphabet，是机构投资者的最爱。</li><li>两家公司都让数以万计的员工和股东成为了千万富翁，但展望未来，我相信一只股票比另一只股票提供了更好的前景。</li><li>我比较了苹果和谷歌的估值、增长前景、机构所有权和波动性。</li></ul><p class=\"t-img-caption\"><span>摄影：dicus63/iStock，来自Getty Images</span></p></blockquote></p><p> Apple (AAPL) and Google (GOOG) are two great American success stories, with each making tens of thousands of shareholders and employees multimillionaires. A 2012 analysis by&nbsp;<i>Reuters</i>&nbsp;ballparked the average Apple corporate employee as having vested over their career about&nbsp;$3.4 million in AAPL before taxes, today with the 10x higher share price but more employees to divide by, I would guess this number would probably be around $10-$20 million before taxes (with senior people obviously having earned more and junior having earned less). Google is known for being even more generous with stock grants. When the company went public, the<i>New York Times</i>reported that stock options made the company&nbsp;masseuse a multi-millionaire, among many other employees. Google and Apple created great wealth, but Microsoft (MSFT) takes the cake for employee millionaires,creating over 10,000 millionaires. As fate would have it, my dad lived in Seattle in the 1980s when Microsoft was in its early days–he turned down a job offer from Microsoft for reasons unknown.</p><p><blockquote>苹果（AAPL）和谷歌（GOOG）是美国两个伟大的成功故事，每一个都让数以万计的股东和员工成为千万富翁。2012年分析<i>路透社</i>据估计，苹果公司员工的平均职业生涯在AAPL的税前收益约为340万美元，如今股价上涨了10倍，但要除以更多员工，我猜这个数字可能在税前10-2000万美元左右（高年级学生显然挣得更多，低年级学生挣得更少）。众所周知，谷歌在股票授予方面更加慷慨。公司上市时，<i>纽约时报</i>报道称，股票期权使公司按摩师和许多其他员工成为千万富翁。谷歌和苹果创造了巨大的财富，但微软(MSFT)却为员工百万富翁锦上添花，创造了超过10,000名百万富翁。正如命运安排的那样，我父亲在20世纪80年代住在西雅图，当时微软正处于起步阶段——他拒绝了微软的一份工作，原因不明。</blockquote></p><p> Here in the<i>Seeking Alpha</i>comment section, there are more than a few shareholders who have become multi-millionaires from investing in technology stocks, especially Apple. Since 2004 (when Google went public), both Google and Apple have seen remarkable success, with Apple returning about $240 (including dividends) on a $1 investment as of my writing this, and Google returning $47. Google clearly executed its business plan well, but Apple hit a home run when they launched the best-selling product of all time (iPhone).</p><p><blockquote>在这里<i>寻求阿尔法</i>评论区，通过投资科技股成为千万富翁的股民不在少数，尤其是苹果。自2004年（谷歌上市）以来，谷歌和苹果都取得了显著的成功，截至我撰写本文时，苹果1美元投资回报约240美元（包括股息），谷歌回报47美元。谷歌显然很好地执行了它的商业计划，但苹果在推出有史以来最畅销的产品（iPhone）时打出了全垒打。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b68434cfa2b94b754cfa88ed1118e7ea\" tg-width=\"635\" tg-height=\"452\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Their success didn't happen overnight, however, rather it accumulated over time. This gave savvy investors many chances (and second chances) to buy in and join in the party. Apple, in particular, did not see a linear path to success, the company we know today would barely be recognizable in 1997 (before the graph starts) when Steve Jobs returned to a company&nbsp;at the brink of bankruptcy. Google, on the other hand, executed far more quietly, with less drama, intrigue, and publicity.</p><p><blockquote>然而，他们的成功不是一夜之间发生的，而是随着时间的推移积累起来的。这给了精明的投资者很多机会（和第二次机会）买入并加入这个派对。尤其是苹果，他没有看到通往成功的线性路径，我们今天所知道的公司在1997年（图表开始之前）几乎认不出来，当时史蒂夫·乔布斯回到了一家濒临破产的公司。另一方面，谷歌的执行要安静得多，没有那么戏剧性、阴谋和宣传。</blockquote></p><p> Let's start our analysis by looking at valuations for both Apple and Google.</p><p><blockquote>让我们从苹果和谷歌的估值开始我们的分析。</blockquote></p><p> <b>Valuation: Apple Vs. Google</b></p><p><blockquote><b>估值：苹果与谷歌</b></blockquote></p><p> Apple currently trades for&nbsp;24x 2021 earnings estimates. For reference, the S&amp;P 500 (SPY) trades for about 21.5x earnings.</p><p><blockquote>苹果目前的交易价格为2021年盈利预期的24倍。作为参考，标普500（SPDR标普500指数ETF）的市盈率约为21.5倍。</blockquote></p><p> <ul>  <li>For most of the past decade, Apple has traded between&nbsp;10x and 20x earnings.</li>  <li>As recently as 2018, Apple traded for 12-13x earnings.</li>  <li>Apple's valuation has risen in large part due to the growth in its services segment, which allows Apple to make money from existing iPhones rather than having to go out and sell tons of new phones every year.</li>  <li>Apple probably deserves to trade at a higher valuation than before, but 24x seems a little high to me because their growth in earnings per share has been driven in large part by share buybacks (which require a low valuation to be very effective in the long run), and while overall&nbsp;net income for the company has grown over the last 5 years, it has been a bumpy ride–one that was helped greatly by the cut in the US corporate tax rate in 2017.</li> </ul> Google Class A stock (GOOGL),which is the class you should buy&nbsp;currently trades for 27x its 2021 earnings estimates.</p><p><blockquote><ul><li>在过去十年的大部分时间里，苹果的市盈率在10倍到20倍之间。</li><li>就在2018年，苹果的市盈率为12-13倍。</li><li>苹果的估值上升很大程度上是由于其服务部门的增长，这使得苹果能够从现有的iPhone中赚钱，而不必每年出去销售大量的新手机。</li><li>苹果可能应该以比以前更高的估值进行交易，但24倍对我来说似乎有点高，因为他们每股收益的增长在很大程度上是由股票回购推动的（从长远来看，这需要较低的估值才能非常有效）），虽然该公司的整体净利润在过去5年中有所增长，但这是一段坎坷的旅程——这在很大程度上得益于2017年美国企业税率的下调。</li></ul>谷歌A类股票（GOOGL）是您应该购买的类别，目前的交易价格是其2021年盈利预期的27倍。</blockquote></p><p> <ul>  <li>Googlehas generally tradedat 20-30x earnings in the past decade.</li>  <li>Google is a lot more of a traditional growth stock in the smoothness and growth rate over recent years.</li>  <li>Google's P/E ratio has declined over time as the company has grown larger, while Apple's has increased.</li>  <li>Google has a higher expected earnings growth rate than Apple does.</li> </ul> <b>Apple Vs. Google Earnings Growth Prospects</b></p><p><blockquote><ul><li>过去十年，谷歌的市盈率通常为20-30倍。</li><li>近年来，谷歌的平稳性和增长率更像是一只传统的成长型股票。</li><li>随着时间的推移，谷歌的市盈率随着公司规模的扩大而下降，而苹果的市盈率则有所上升。</li><li>谷歌的预期盈利增长率高于苹果。</li></ul><b>苹果与谷歌盈利增长前景</b></blockquote></p><p> Apple's best bet for growth is to sell a ton of iPhones to consumers and then get them paying for services, which they've been successful at doing thus far in the 2020s. Consensus analyst estimates for Apple go out to 2023, and they show growth, but nothing crazy. Estimates have risen greatly since the pandemic lows.</p><p><blockquote>苹果增长的最佳选择是向消费者销售大量iPhone，然后让他们为服务付费，这是他们在2020年代迄今为止成功做到的。分析师对苹果的普遍预测是到2023年，它们显示出增长，但没有什么疯狂的。自大流行低点以来，估计已大幅上升。</blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b0a757e1d090a7852ba8eea5d581221c\" tg-width=\"635\" tg-height=\"436\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> One irony of Apple's services revenue is that Google is their largest customer, paying somewhere in the neighborhood of a billion dollars per month to be the default search engine on iPhones. Apple essentially collects a royalty on its iPhones from Google, but how Google makes its money is interesting as well, from selling ads. Apple&nbsp;has discussed starting their own search engine, but they would give up the passive money Google gives them, which is pure profit for Apple and around 15-20 percent of its net income, for the entire company. One potential downside risk for both companies is that the US government declares them to be monopolies and breaks them up in one way or another. I view this as a remote possibility, but a possibility nonetheless.</p><p><blockquote>苹果服务收入的一个讽刺是，谷歌是他们最大的客户，每月支付近10亿美元成为iPhones上的默认搜索引擎。苹果基本上是从谷歌那里收取iPhone的版税，但谷歌通过销售广告赚钱的方式也很有趣。苹果已经讨论过启动自己的搜索引擎，但他们将放弃谷歌给他们的被动资金，这是苹果的纯利润，约占整个公司净利润的15-20%。这两家公司的一个潜在下行风险是，美国政府宣布它们为垄断企业，并以这样或那样的方式拆分它们。我认为这是一个遥远的可能性，但仍然是一个可能性。</blockquote></p><p> According to analysts, Google's growth prospects are sunnier, with advertising revenue expected to grow more or less like clockwork over time.</p><p><blockquote>分析师表示，谷歌的增长前景更加光明，随着时间的推移，广告收入预计将或多或少像时钟一样增长。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d4b74f5aab048ea890930972845c281d\" tg-width=\"635\" tg-height=\"436\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Google is expected to see healthy growth in revenue and net income, and fundamentally, there are continued tailwinds for earnings.</p><p><blockquote>谷歌预计收入和净利润将健康增长，从根本上说，盈利将持续有利。</blockquote></p><p> <ul>  <li>The pandemic helped Google as advertisers found that Google, YouTube, etc. is a more effective way to advertise than traditional outlets like TV.</li>  <li>As more people globally get internet access and the global economies grow, Google benefits from a double tailwind.</li> </ul> <b>AAPL Vs. GOOGL: Institutional Ownership and Volatility</b></p><p><blockquote><ul><li>疫情帮助了谷歌，因为广告商发现谷歌、YouTube等。是一种比电视等传统媒体更有效的广告方式。</li><li>随着全球越来越多的人接入互联网和全球经济的增长，谷歌受益于双重顺风。</li></ul><b>AAPL与GOOGL：机构所有权和波动性</b></blockquote></p><p> Back when&nbsp;Robintrack&nbsp;still had data, it generally indicated that Apple was the most widely held stock by retail investors. On<i>Seeking Alpha</i>, Apple has the greatest number of followers of any ticker, so I generally think that Apple is the most commonly held stock by retail investors. Retail investors have strange taste in stocks, besides Apple, they generally love automakers and airlines, as well as whatever is going up the fastest at the moment, be it Dogecoin (DOGE-USD),AMC, or GameStop(NYSE:GME). In the case of Apple, anyone who bought and held would have made a killing. Another factor that kept retail investors out of Google in the past is the high share price. Many of the best-performing stocks in the market have high share prices because they don't split their stock. With fractional shares today, this is far less of an issue.</p><p><blockquote>当Robintrack还有数据时，它通常表明苹果是散户投资者持有最广泛的股票。在<i>寻求阿尔法</i>，苹果拥有所有股票中最多的关注者，所以我通常认为苹果是散户投资者最常持有的股票。散户投资者对股票的品味很奇怪，除了苹果之外，他们通常喜欢汽车制造商和航空公司，以及目前上涨最快的股票，无论是狗狗币（DOGE-USD）、AMC还是游戏驿站（NYSE：GME）。就苹果而言，任何买入并持有的人都会大赚一笔。过去让散户投资者远离谷歌的另一个因素是股价高企。市场上许多表现最好的股票之所以股价很高，是因为它们不拆股。对于今天的碎股来说，这已经不是什么问题了。</blockquote></p><p> Institutional investors like university endowments and pension funds have their own biases, but overall they tend to invest in the fastest-growing stocks.Popular stocks with institutional investors&nbsp;are perennial favorites like PayPal(NASDAQ:PYPL), Google, Visa(NYSE:V), and Mastercard(NYSE:MA). Google is one of the most popular stocks among institutional investors, while Apple is one of the most popular stocks with retail investors. I owned Apple stock for a long time, but with the current valuation, I'd honestly like to see it at or below $100 before I'd commit money to it. With Google, the current valuation may look high, but growth in earnings could easily make the purchase price look like a bargain 2-3 years down the road.</p><p><blockquote>大学捐赠基金和养老基金等机构投资者有自己的偏见，但总体而言，他们倾向于投资增长最快的股票。受机构投资者欢迎的股票是PayPal（纳斯达克股票代码：PYPL）、谷歌、Visa（纽约证券交易所股票代码：V）和万事达卡（纽约证券交易所股票代码：MA）等长期受欢迎的股票。谷歌是最受机构投资者欢迎的股票之一，而苹果是最受散户投资者欢迎的股票之一。我持有苹果股票很长时间了，但以目前的估值，老实说，我希望在投资之前看到它达到或低于100美元。对于谷歌来说，目前的估值可能看起来很高，但盈利的增长很容易让2-3年后的收购价格看起来很便宜。</blockquote></p><p> Apple is more volatile than Google, and this effect has increased in recent years. Apple's&nbsp;worst drawdown&nbsp;in the past decade is about 40 percent, while Google's worst drawdown is about 28 percent. I'd give an advantage to Google here.</p><p><blockquote>苹果的波动性比谷歌更大，而且这种效应近年来有所增加。苹果在过去十年中最严重的缩水约为40%，而谷歌最严重的缩水约为28%。我会给谷歌一个优势。</blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> Apple and Google are both popular tech stocks. Apple is a fan favorite with retail investors, while Google is popular with institutions. Both trade for slightly higher valuations than the S&amp;P 500 as a whole, and Google is slightly more expensive relative to earnings than Apple. The analyst consensus is that Google has better growth prospects than Apple at the moment, and I agree with this. Apple has returned more than Google has since Google became publicly traded in 2004. Apple stock is more volatile than Google and has historically seen more drawdowns and threats to its business.</p><p><blockquote>苹果和谷歌都是受欢迎的科技股。苹果是散户投资者的最爱，而谷歌则受到机构的欢迎。两者的估值均略高于整个标普500，而相对于盈利而言，谷歌的估值略高于苹果。分析师的共识是，谷歌目前的增长前景比苹果更好，我同意这一点。自2004年谷歌上市以来，苹果的回报超过了谷歌。苹果股票的波动性比谷歌更大，历史上其业务也经历过更多的回撤和威胁。</blockquote></p><p> Overall, I find Google a buy at current prices and would wait for a pullback to $100 to buy Apple.</p><p><blockquote>总体而言，我认为谷歌以当前价格值得买入，并会等待股价回落至100美元后再买入苹果。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4432451-google-stock-vs-apple-stock-better-buy\">seekingalpha</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":{"AAPL":"苹果","GOOGL":"谷歌A","GOOG":"谷歌"},"source_url":"https://seekingalpha.com/article/4432451-google-stock-vs-apple-stock-better-buy","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1152687413","content_text":"Summary\n\nApple is generally the most owned stock by retail investors at any given time. Google, also known as Alphabet, is a favorite of institutional investors.\nBoth companies have made tens of thousands of employees and shareholders multi-millionaires, but going forward, I believe one stock offers better prospects than the other.\nI compare Apple and Google on valuation, growth prospects, institutional ownership, and volatility.\n\nPhoto by dicus63/iStock via Getty Images\nApple (AAPL) and Google (GOOG) are two great American success stories, with each making tens of thousands of shareholders and employees multimillionaires. A 2012 analysis by Reuters ballparked the average Apple corporate employee as having vested over their career about $3.4 million in AAPL before taxes, today with the 10x higher share price but more employees to divide by, I would guess this number would probably be around $10-$20 million before taxes (with senior people obviously having earned more and junior having earned less). Google is known for being even more generous with stock grants. When the company went public, theNew York Timesreported that stock options made the company masseuse a multi-millionaire, among many other employees. Google and Apple created great wealth, but Microsoft (MSFT) takes the cake for employee millionaires,creating over 10,000 millionaires. As fate would have it, my dad lived in Seattle in the 1980s when Microsoft was in its early days–he turned down a job offer from Microsoft for reasons unknown.\nHere in theSeeking Alphacomment section, there are more than a few shareholders who have become multi-millionaires from investing in technology stocks, especially Apple. Since 2004 (when Google went public), both Google and Apple have seen remarkable success, with Apple returning about $240 (including dividends) on a $1 investment as of my writing this, and Google returning $47. Google clearly executed its business plan well, but Apple hit a home run when they launched the best-selling product of all time (iPhone).\nData by YCharts\nTheir success didn't happen overnight, however, rather it accumulated over time. This gave savvy investors many chances (and second chances) to buy in and join in the party. Apple, in particular, did not see a linear path to success, the company we know today would barely be recognizable in 1997 (before the graph starts) when Steve Jobs returned to a company at the brink of bankruptcy. Google, on the other hand, executed far more quietly, with less drama, intrigue, and publicity.\nLet's start our analysis by looking at valuations for both Apple and Google.\nValuation: Apple Vs. Google\nApple currently trades for 24x 2021 earnings estimates. For reference, the S&P 500 (SPY) trades for about 21.5x earnings.\n\nFor most of the past decade, Apple has traded between 10x and 20x earnings.\nAs recently as 2018, Apple traded for 12-13x earnings.\nApple's valuation has risen in large part due to the growth in its services segment, which allows Apple to make money from existing iPhones rather than having to go out and sell tons of new phones every year.\nApple probably deserves to trade at a higher valuation than before, but 24x seems a little high to me because their growth in earnings per share has been driven in large part by share buybacks (which require a low valuation to be very effective in the long run), and while overall net income for the company has grown over the last 5 years, it has been a bumpy ride–one that was helped greatly by the cut in the US corporate tax rate in 2017.\n\nGoogle Class A stock (GOOGL),which is the class you should buy currently trades for 27x its 2021 earnings estimates.\n\nGooglehas generally tradedat 20-30x earnings in the past decade.\nGoogle is a lot more of a traditional growth stock in the smoothness and growth rate over recent years.\nGoogle's P/E ratio has declined over time as the company has grown larger, while Apple's has increased.\nGoogle has a higher expected earnings growth rate than Apple does.\n\nApple Vs. Google Earnings Growth Prospects\nApple's best bet for growth is to sell a ton of iPhones to consumers and then get them paying for services, which they've been successful at doing thus far in the 2020s. Consensus analyst estimates for Apple go out to 2023, and they show growth, but nothing crazy. Estimates have risen greatly since the pandemic lows.\nData by YCharts\nOne irony of Apple's services revenue is that Google is their largest customer, paying somewhere in the neighborhood of a billion dollars per month to be the default search engine on iPhones. Apple essentially collects a royalty on its iPhones from Google, but how Google makes its money is interesting as well, from selling ads. Apple has discussed starting their own search engine, but they would give up the passive money Google gives them, which is pure profit for Apple and around 15-20 percent of its net income, for the entire company. One potential downside risk for both companies is that the US government declares them to be monopolies and breaks them up in one way or another. I view this as a remote possibility, but a possibility nonetheless.\nAccording to analysts, Google's growth prospects are sunnier, with advertising revenue expected to grow more or less like clockwork over time.\nData by YCharts\nGoogle is expected to see healthy growth in revenue and net income, and fundamentally, there are continued tailwinds for earnings.\n\nThe pandemic helped Google as advertisers found that Google, YouTube, etc. is a more effective way to advertise than traditional outlets like TV.\nAs more people globally get internet access and the global economies grow, Google benefits from a double tailwind.\n\nAAPL Vs. GOOGL: Institutional Ownership and Volatility\nBack when Robintrack still had data, it generally indicated that Apple was the most widely held stock by retail investors. OnSeeking Alpha, Apple has the greatest number of followers of any ticker, so I generally think that Apple is the most commonly held stock by retail investors. Retail investors have strange taste in stocks, besides Apple, they generally love automakers and airlines, as well as whatever is going up the fastest at the moment, be it Dogecoin (DOGE-USD),AMC, or GameStop(NYSE:GME). In the case of Apple, anyone who bought and held would have made a killing. Another factor that kept retail investors out of Google in the past is the high share price. Many of the best-performing stocks in the market have high share prices because they don't split their stock. With fractional shares today, this is far less of an issue.\nInstitutional investors like university endowments and pension funds have their own biases, but overall they tend to invest in the fastest-growing stocks.Popular stocks with institutional investors are perennial favorites like PayPal(NASDAQ:PYPL), Google, Visa(NYSE:V), and Mastercard(NYSE:MA). Google is one of the most popular stocks among institutional investors, while Apple is one of the most popular stocks with retail investors. I owned Apple stock for a long time, but with the current valuation, I'd honestly like to see it at or below $100 before I'd commit money to it. With Google, the current valuation may look high, but growth in earnings could easily make the purchase price look like a bargain 2-3 years down the road.\nApple is more volatile than Google, and this effect has increased in recent years. Apple's worst drawdown in the past decade is about 40 percent, while Google's worst drawdown is about 28 percent. I'd give an advantage to Google here.\nConclusion\nApple and Google are both popular tech stocks. Apple is a fan favorite with retail investors, while Google is popular with institutions. Both trade for slightly higher valuations than the S&P 500 as a whole, and Google is slightly more expensive relative to earnings than Apple. The analyst consensus is that Google has better growth prospects than Apple at the moment, and I agree with this. Apple has returned more than Google has since Google became publicly traded in 2004. Apple stock is more volatile than Google and has historically seen more drawdowns and threats to its business.\nOverall, I find Google a buy at current prices and would wait for a pullback to $100 to buy Apple.","news_type":1,"symbols_score_info":{"AAPL":0.9,"GOOG":0.9,"GOOGL":0.9}},"isVote":1,"tweetType":1,"viewCount":769,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":130642063,"gmtCreate":1621548422252,"gmtModify":1634188308782,"author":{"id":"3556190733280473","authorId":"3556190733280473","name":"hoyeah","avatar":"https://static.tigerbbs.com/b8ab28e9eb24a11ed26fa5c3597602fa","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3556190733280473","idStr":"3556190733280473"},"themes":[],"htmlText":"Huat ah","listText":"Huat ah","text":"Huat ah","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/130642063","isVote":1,"tweetType":1,"viewCount":421,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":191230803,"gmtCreate":1620879437802,"gmtModify":1634195609739,"author":{"id":"3556190733280473","authorId":"3556190733280473","name":"hoyeah","avatar":"https://static.tigerbbs.com/b8ab28e9eb24a11ed26fa5c3597602fa","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3556190733280473","idStr":"3556190733280473"},"themes":[],"htmlText":"Like meeeeee","listText":"Like meeeeee","text":"Like meeeeee","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/191230803","repostId":"2135646642","repostType":4,"isVote":1,"tweetType":1,"viewCount":559,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":343224194,"gmtCreate":1617720032218,"gmtModify":1634296917146,"author":{"id":"3556190733280473","authorId":"3556190733280473","name":"hoyeah","avatar":"https://static.tigerbbs.com/b8ab28e9eb24a11ed26fa5c3597602fa","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3556190733280473","idStr":"3556190733280473"},"themes":[],"htmlText":"Huat ah","listText":"Huat ah","text":"Huat ah","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/343224194","repostId":"2125902437","repostType":4,"isVote":1,"tweetType":1,"viewCount":389,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":388890238,"gmtCreate":1613043853824,"gmtModify":1703768703446,"author":{"id":"3556190733280473","authorId":"3556190733280473","name":"hoyeah","avatar":"https://static.tigerbbs.com/b8ab28e9eb24a11ed26fa5c3597602fa","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3556190733280473","idStr":"3556190733280473"},"themes":[],"htmlText":"Damn","listText":"Damn","text":"Damn","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/388890238","repostId":"2110204192","repostType":4,"isVote":1,"tweetType":1,"viewCount":469,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":383110357,"gmtCreate":1612850358779,"gmtModify":1703765805651,"author":{"id":"3556190733280473","authorId":"3556190733280473","name":"hoyeah","avatar":"https://static.tigerbbs.com/b8ab28e9eb24a11ed26fa5c3597602fa","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3556190733280473","idStr":"3556190733280473"},"themes":[],"htmlText":"See la","listText":"See la","text":"See la","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/383110357","repostId":"1198347296","repostType":4,"isVote":1,"tweetType":1,"viewCount":715,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}