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2021-12-16

Disagree

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2021-11-23

😂

抱歉，原内容已删除

2021-06-13

Share

@小虎活动:【老虎7周年】集卡瓜分百万奖金

2021-06-12

Cool stuff

@小虎活动:【老虎7周年】集卡瓜分百万奖金

2021-06-12

Seen this?

@小虎活动:【老虎7周年】集卡瓜分百万奖金

2021-06-12

FYI

@小虎活动:【老虎7周年】集卡瓜分百万奖金

2021-05-19

💎🙌🏻

抱歉，原内容已删除

2021-03-22

Old ppl denying the future.

Crypto Stocks fell rapidly<blockquote>加密货币股票迅速下跌</blockquote>

2021-03-19

Bad

Fed Disappoints Market, Lets SLR Relief Expire: What Happens Next<blockquote>美联储令市场失望，让 SLR 救济到期：接下来会发生什么</blockquote>

2021-03-05

Buy!

U.S. Stocks open up, as strong jobs report boosts reopening optimism<blockquote>美国股市开盘，强劲的就业报告提振了重新开放的乐观情绪</blockquote>

2021-03-04

Lol

Why Rocket Companies Stock Crashed Today<blockquote>为什么火箭公司股票今天暴跌</blockquote>

2021-03-01

Rocket ready and loaded. Are we ready guys?

'Build Me An Ark': The Tsunami Of Risk Of Tesla-Bitcoin-Cathie Wood Is Coming<blockquote>“为我建造一艘方舟”：特斯拉-比特币-凯西·伍德的风险海啸即将到来</blockquote>

2021-02-26

Buy!

抱歉，原内容已删除

2021-02-23

Lol

Why AMC Stock Soared Today<blockquote>为什么 AMC 股票今天飙升</blockquote>

2021-02-20

Coin

GameStop hearing challenges assumptions about rookie investors<blockquote>游戏驿站听证会挑战有关新手投资者的假设</blockquote>

2021-02-19

Cool. Ok coin

抱歉，原内容已删除

2021-02-18

Coin

抱歉，原内容已删除

去老虎APP查看更多动态

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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）。 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this?","listText":"Seen this?","text":"Seen this?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/186268729","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,"idStr":"36984908995200","authorIdStr":"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）。 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<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":2362,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":197897074,"gmtCreate":1621437895398,"gmtModify":1634189133653,"author":{"id":"3560333271175805","authorId":"3560333271175805","name":"UsernameHere","avatar":"https://static.tigerbbs.com/d364fcef5f5752caa1c344e47f129ccf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560333271175805","authorIdStr":"3560333271175805"},"themes":[],"title":"","htmlText":"💎🙌🏻","listText":"💎🙌🏻","text":"💎🙌🏻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/197897074","repostId":"2136196839","repostType":4,"isVote":1,"tweetType":1,"viewCount":1941,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":359786334,"gmtCreate":1616424050428,"gmtModify":1634525886127,"author":{"id":"3560333271175805","authorId":"3560333271175805","name":"UsernameHere","avatar":"https://static.tigerbbs.com/d364fcef5f5752caa1c344e47f129ccf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560333271175805","authorIdStr":"3560333271175805"},"themes":[],"title":"","htmlText":"Old ppl denying the future.","listText":"Old ppl denying the future.","text":"Old ppl denying the future.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/359786334","repostId":"1144300867","repostType":4,"repost":{"id":"1144300867","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1616422110,"share":"https://www.laohunote.com/m/news/1144300867?lang=zh_CN&edition=full","pubTime":"2021-03-22 22:08","market":"us","language":"en","title":"Crypto Stocks fell rapidly<blockquote>加密货币股票迅速下跌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1144300867","media":"Tiger Newspress","summary":"Crypto assets are more for speculation, not as means of payment,Federal Reserve chair Jerome Powell ","content":"<p>Crypto assets are more for speculation, not as means of payment,Federal Reserve chair Jerome Powell said on Monday.</p><p><blockquote>美联储主席杰罗姆·鲍威尔周一表示，加密资产更多的是用于投机，而不是作为支付手段。</blockquote></p><p>Crypto Stocks fell rapidly&nbsp;in Monday morning trading.Canaan Inc. fell more&nbsp;8%, Xunlei&nbsp;fell more than 7%,Riot Blockchain&nbsp;and&nbsp;The9&nbsp;Fell more than 5%.</p><p><blockquote>周一早盘交易中，加密货币股票迅速下跌。迦南公司下跌超过8%，迅雷下跌超过7%，Riot Blockchain和第九城市下跌超过5%。</blockquote></p><p>Bitcoin fell about $500 in the short term to $56754.10 per coin.</p><p><blockquote>比特币短期内下跌约500美元，至每枚56754.10美元。</blockquote></p><p><img src=\"https://static.tigerbbs.com/6d888fd90764150569defc2bed3abce2\" tg-width=\"370\" tg-height=\"725\" referrerpolicy=\"no-referrer\"></p><p><blockquote></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>Crypto Stocks fell rapidly<blockquote>加密货币股票迅速下跌</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{ 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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\">\nCrypto Stocks fell rapidly<blockquote>加密货币股票迅速下跌</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-03-22 22:08</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Crypto assets are more for speculation, not as means of payment,Federal Reserve chair Jerome Powell said on Monday.</p><p><blockquote>美联储主席杰罗姆·鲍威尔周一表示，加密资产更多的是用于投机，而不是作为支付手段。</blockquote></p><p>Crypto Stocks fell rapidly&nbsp;in Monday morning trading.Canaan Inc. fell more&nbsp;8%, Xunlei&nbsp;fell more than 7%,Riot Blockchain&nbsp;and&nbsp;The9&nbsp;Fell more than 5%.</p><p><blockquote>周一早盘交易中，加密货币股票迅速下跌。迦南公司下跌超过8%，迅雷下跌超过7%，Riot Blockchain和第九城市下跌超过5%。</blockquote></p><p>Bitcoin fell about $500 in the short term to $56754.10 per coin.</p><p><blockquote>比特币短期内下跌约500美元，至每枚56754.10美元。</blockquote></p><p><img src=\"https://static.tigerbbs.com/6d888fd90764150569defc2bed3abce2\" tg-width=\"370\" tg-height=\"725\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"比特币ETF-Grayscale","XNET":"迅雷","NCTY":"第九城市","CAN":"嘉楠科技","RIOT":"Riot Platforms"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1144300867","content_text":"Crypto assets are more for speculation, not as means of payment,Federal Reserve chair Jerome Powell said on Monday.Crypto Stocks fell rapidly in Monday morning trading.Canaan Inc. fell more 8%, Xunlei fell more than 7%,Riot Blockchain and The9 Fell more than 5%.Bitcoin fell about $500 in the short term to $56754.10 per coin.","news_type":1,"symbols_score_info":{"BTCmain":0.9,"CAN":0.9,"XNET":0.9,"GBTC":0.9,"RIOT":0.9,"NCTY":0.9,"XBTmain":0.9}},"isVote":1,"tweetType":1,"viewCount":1871,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":350194249,"gmtCreate":1616164860081,"gmtModify":1634526909804,"author":{"id":"3560333271175805","authorId":"3560333271175805","name":"UsernameHere","avatar":"https://static.tigerbbs.com/d364fcef5f5752caa1c344e47f129ccf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560333271175805","authorIdStr":"3560333271175805"},"themes":[],"title":"","htmlText":"Bad","listText":"Bad","text":"Bad","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/350194249","repostId":"1199154789","repostType":4,"repost":{"id":"1199154789","kind":"news","pubTimestamp":1616164372,"share":"https://www.laohunote.com/m/news/1199154789?lang=zh_CN&edition=full","pubTime":"2021-03-19 22:32","market":"us","language":"en","title":"Fed Disappoints Market, Lets SLR Relief Expire: What Happens Next<blockquote>美联储令市场失望，让 SLR 救济到期：接下来会发生什么</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1199154789","media":"zerohedge","summary":"As washinted at, and discussed in depth here,the Fed decided - under political pressure from progressive Democrats such asElizabeth Warren and Sherrod Brown- to let the temporary Supplementary Leverage Ratio  exemption expire as scheduled on March 31, the one year anniversary of the rule change.The federal bank regulatory agencies today announced that the temporary change to the supplementary leverage ratio, or SLR, for depository institutions issued on May 15, 2020, will expire as scheduled on ","content":"<p>As washinted at, and discussed in depth here,the Fed decided - under political pressure from progressive Democrats such asElizabeth Warren and Sherrod Brown- to let the temporary Supplementary Leverage Ratio (SLR) exemption expire as scheduled on March 31, the one year anniversary of the rule change.</p><p><blockquote>正如这里所讨论和深入讨论的那样，在伊丽莎白·沃伦和谢罗德·布朗等进步民主党人的政治压力下，美联储决定让临时补充杠杆率（SLR）豁免如期于3月31日到期，即规则变更一周年纪念日。</blockquote></p><p>The federal bank regulatory agencies today announced that the temporary change to the supplementary leverage ratio, or SLR, for depository institutions issued on May 15, 2020, will expire as scheduled on March 31, 2021.The temporary change was made to provide flexibility for depository institutions to provide credit to households and businesses in light of the COVID-19 event.<img src=\"https://static.tigerbbs.com/b822960da59d651f093b5113cd0c3fd0\" tg-width=\"500\" tg-height=\"319\" referrerpolicy=\"no-referrer\">This outcome is theone (again) correctly predictedby former NY Fed guru Zoltan Pozsar who following the FOMC said that \"the fact that the Fed made this adjustment practically preemptively – the o/n RRP facility is not being used at the moment, so there are no capacity constraints yet, while repo and bill yields aren’t trading negative yet –<b>suggests that the Fed is “foaming the runway” for the end of SLR exemption</b>.\"</p><p><blockquote>美联储银行监管机构今天宣布，2020年5月15日发布的存款机构补充杠杆率（SLR）临时变更将于2021年3月31日如期到期。鉴于 COVID-19 事件，做出临时改变是为了让存款机构能够灵活地向家庭和企业提供信贷。纽约联储前大师佐尔坦-波萨尔（Zoltan Pozsar）（再次）正确预测了这一结果，他在联邦公开市场委员会（FOMC）之后表示，“事实上，美联储做出这一调整实际上是先发制人的--o/n RRP工具目前没有被使用，因此还没有能力限制，而回购和票据收益率还没有出现负值交易--<b>这表明美联储正在为终止 SLR 豁免“铺平道路”</b>.\"</blockquote></p><p>Knowing well this would be a very hot button issue for the market, the Fed published thefollowing statementto ease trader nerves, noting that while the SLR special treatment will expire on March 31, the Fed is \"inviting public comment on several potential SLR modifications\" and furthermore, \"<b>Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability</b>\" - in short, if yields spike, the Fed will re-introduce the SLR without delay:</p><p><blockquote>美联储深知这对市场来说将是一个非常热门的问题，因此发表了以下声明以缓解交易员的紧张情绪，指出虽然 SLR 特殊待遇将于 3 月 31 日到期，但美联储正在“邀请公众对几项潜在的 SLR 修改发表评论”，此外，“<b>随着时间的推移，董事会可能需要解决 SLR 的当前设计和校准问题，以防止出现可能制约经济增长和破坏金融稳定的压力</b>“——简而言之，如果收益率飙升，美联储将立即重新推出 SLR：</blockquote></p><p>The Federal Reserve Board on Friday announced that the temporary change to its supplementary leverage ratio, or SLR, for bank holding companies will expire as scheduled on March 31. <b>Additionally, the Board will shortly seek comment on measures to adjust the SLR. The Board will take appropriate actions to assure that any changes to the SLR do not erode the overall strength of bank capital requirements.</b>To ease strains in the Treasury market resulting from the COVID-19 pandemic and to promote lending to households and businesses, the Board temporarily modified the SLR last year to exclude U.S. Treasury securities and central bank reserves. Since that time, the Treasury market has stabilized. <b>However, because of recent growth in the supply of central bank reserves and the issuance of Treasury securities, the Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability.To ensure that the SLR—which was established in 2014 as an additional capital requirement—remains effective in an environment of higher reserves, the Board will soon be inviting public comment on several potential SLR modifications.</b>The proposal and comments will contribute to ongoing discussions with the Department of the Treasury and other regulators on future work to ensure the resiliency of the Treasury market.The Fed's soothing wods notwithstanding,<b>having been primed for a favorable outcome, the Fed's disappointing announcement was hardly the news traders were hoping for and stocks tumbled...</b></p><p><blockquote>美联储周五宣布，银行控股公司补充杠杆率（SLR）的临时变化将于3月31日如期到期。<b>此外，董事会将很快就调整SLR的措施征求意见。董事会将采取适当行动，确保SLR的任何变更不会削弱银行资本要求的整体实力。</b>为了缓解新冠肺炎疫情造成的国债市场压力，并促进对家庭和企业的贷款，董事会去年暂时修改了SLR，将美国国债和央行储备排除在外。此后，国债市场趋于稳定。<b>然而，由于最近央行储备供应和国债发行的增加，董事会可能需要随着时间的推移解决SLR的当前设计和校准问题，以防止出现可能制约经济增长和破坏金融稳定的压力。为了确保 SLR（作为额外资本要求于 2014 年设立）在储备较高的环境下仍然有效，董事会将很快就几项潜在的 SLR 修改征求公众意见。</b>该提案和意见将有助于与财政部和其他监管机构就未来确保国债市场弹性的工作进行持续讨论。尽管美联储提出了宽慰的要求，<b>在为有利的结果做好准备后，美联储令人失望的声明几乎不是交易员所希望的消息，股市暴跌……</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/c341c3843a5031cd1599c2c89e198050\" tg-width=\"500\" tg-height=\"305\" referrerpolicy=\"no-referrer\">Bond yields spiked...</p><p><blockquote>债券收益率飙升……</blockquote></p><p><img src=\"https://static.tigerbbs.com/14173c1ce587fb45efe4c30ecc1dfbab\" tg-width=\"500\" tg-height=\"284\" referrerpolicy=\"no-referrer\">... while the stock of JPM, which is the most exposed bank to SLR relief (as noted yesterday in \"Facing Up To JP Morgan's Leverage Relief Threats\")...</p><p><blockquote>...而摩根大通的股票是最容易受到SLR减免的银行（正如昨天在“面临摩根大通杠杆减免威胁”中所指出的）...</blockquote></p><p><img src=\"https://static.tigerbbs.com/32811183fba3dbddf1c440836298c7f3\" tg-width=\"500\" tg-height=\"602\" referrerpolicy=\"no-referrer\">.... slumped.</p><p><blockquote>....崩溃了。</blockquote></p><p><img src=\"https://static.tigerbbs.com/2fba41463f15e79d2b8436cdd6a526fc\" tg-width=\"500\" tg-height=\"306\" referrerpolicy=\"no-referrer\">In case you've been living under a rock, here's why you should care about the SLR decision: First, for those whomissed our primer on the issue, some background from JPM (ironically the one bank that has the most to lose from the Fed's decision) the bottom line is that without SLR relief,<b>banks may have to delever, raise new capital, halt buybacks, sell preferred stock, turn down deposits and generally push back on reserves (not necessarily all of these, and not in that order) just as the Fed is injecting hundreds of billions of reserves into the market as the Treasury depletes its TGA account.</b></p><p><blockquote>如果您一直生活在岩石下，以下是您应该关心 SLR 决定的原因：首先，对于那些阅读我们有关该问题的入门读物的人来说，摩根大通的一些背景（具有讽刺意味的是，摩根大通是一家因美联储的决定而损失最大的银行）底线是，如果没有 SLR 救济，<b>银行可能不得不去杠杆化、筹集新资本、停止回购、出售优先股、拒绝存款并普遍减少准备金（不一定是所有这些，也不是按顺序），就像美联储正在向市场注入数千亿美元的储备随着财政部耗尽其 TGA 账户。</b></blockquote></p><p></p><p>The massive expansion of the Fed’s balance that has occurred implied an equally massive growth in bank reserves held at Federal Reserve banks. <b>The expiration of the regulatory relief would add ~$2.1tn of leverage exposure across the 8 GSIBs. As well, TGA reduction and continued QE could add another ~$2.35tn of deposits to the system during 2021.</b><img src=\"https://static.tigerbbs.com/392342c2f3e1dd008b2276172a9b3ecf\" tg-width=\"500\" tg-height=\"253\" referrerpolicy=\"no-referrer\">While the expiry of the carve-out on March 31 would not have an immediate impact on GSIBs, the continued increase in leverage assets throughout the course of the year would increase long-term debt (LTD) and preferred requirements. Here, JPM takes an optimistic view and writes that<b>\"even the “worst” case issuance scenario as very manageable, with LTD needs of $35bn for TLAC requirements and preferred needs of $15-$20bn to maintain the industry-wide SLR at 5.6%.</b></p><p><blockquote>美联储资产负债表的大幅扩张意味着联邦储备银行持有的银行存款也将大幅增长。<b>监管救济的到期将使 8 个 GSIB 增加约 2.1 万亿美元的杠杆风险。此外，TGA 的减少和持续的量化宽松可能会在 2021 年为系统增加约 2.35 万亿美元的存款。</b>虽然 3 月 31 日豁免到期不会对 GSIB 产生直接影响，但全年杠杆资产的持续增长将增加长期债务 (LTD) 和优先要求。在此，摩根大通持乐观态度并写道<b>“即使是‘最坏’的案例发行情况也是非常可控的，LTD 需要 350 亿美元来满足 TLAC 要求，而优先需要 150 亿至 200 亿美元才能将全行业 SLR 的比例维持在 5.6%。</b></blockquote></p><p>The constraint is greater at the bank entity, where the capacity to grow leverage exposure to be ~$765bn at 6.2% SLR.\"Goldman's take was more troubling: the bank estimated that under the continued QE regime, there would be a shortfall of some $2 trillion in reserve capacity, mainly in the form of deposits which the banks would be unable to accept as part of ongoing QE (much more in Goldman'sfull take of the SLR quandary).</p><p><blockquote>银行实体的限制更大，以 6.2% 的 SLR 计算，增加杠杆风险的能力约为 7,650 亿美元。”高盛的做法更令人不安：该银行估计，在持续的量化宽松制度下，将出现约 2 万亿美元的储备能力缺口，主要以银行无法接受的存款形式作为正在进行的量化宽松的一部分（高盛对 SLR 困境的全面理解要多得多）。</blockquote></p><p><b>So what happens next?</b></p><p><blockquote><b>那么接下来会发生什么呢？</b></blockquote></p><p>Addressing this topic, yesterday Curvature's Scott Skyrm wrote that \"<i>the largest banks are enjoying much larger balance sheets, but there are political factors in Washington that are against an extension of the exemption.... Here are a couple of scenarios and their implications on the Repo market</i>:</p><p><blockquote>昨天Curvature的Scott Skyrm在谈到这个话题时写道：<i>最大的银行享有更大的资产负债表，但华盛顿有政治因素反对延长豁免…….以下是几个场景及其对回购市场的影响</i>:</blockquote></p><p>The exemption is extended 3 months or 6 months - No impact on the Repo market. It's already fully priced-in.The exemption is continued for reserves, but ended for Treasurys. <b>Since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise. Volatility increases as Repo assets move from the largest banks to the other Repo market participants.The exemption is ended for both reserves and Treasurys. Same as above.</b>In other words, Skyrm has a relatively downbeat view, warning that \"since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise.\" Additionally, volatility is likely to increase as repo assets move from the largest banks to the other Repo market participants...</p><p><blockquote>豁免延长3个月或6个月——对回购市场没有影响。它已经全价了。准备金的豁免继续，但国债的豁免结束。<b>由于大型银行是回购市场上最大的现金提供者，因此进入市场的现金减少，回购利率上升。随着回购资产从最大的银行转移到其他回购市场参与者，波动性增加。准备金和国库的豁免都结束了。同上。</b>换句话说，Skyrm持相对悲观的观点，警告称“由于大型银行是回购市场上最大的现金提供者，因此进入市场的现金减少，回购利率上升。”此外，随着回购资产从最大的银行转移到其他回购市场参与者，波动性可能会增加……</blockquote></p><p>Perhaps a bit too draconian? Well, last week, JPMorgan laid out 5 scenarios for SLR, of which two predicted the end of SLR relief on March 31, as follow:</p><p><blockquote>也许有点太严厉了？那么，上周摩根大通为SLR布局了5种情景，其中两种情景预测SLR救济将在3月31日结束，具体如下：</blockquote></p><p><u><b>3. Relief ends March 31, banks fully raise capital</b></u> <b>Impact on BanksRatesFront-End Rates</b> <u><b>4. Relief ends March 31, banks raise capital &amp; de-lever</b></u> <b>Impact on BanksRatesFront-End Rates</b>Going back to Zoltan, let's recallthat the repo gurualso cautioned that \"ending the exemption of reserves and Treasuries from the calculation of the SLR may mean that U.S. banks will turn away deposits and reserves on the margin (not Treasuries) to leave more room for market-making activities,<b>and these flows will swell further money funds’ inflows coming from TGA drawdowns.</b>\"</p><p><blockquote><u><b>3.救助3月31日结束，银行全面募资</b></u><b>对银行利率的影响前端利率</b><u><b>4.救助3月31日结束，银行增资去杠杆</b></u><b>对银行利率的影响前端利率</b>回到佐尔坦，让我们回顾一下，回购大师还警告说，“结束准备金和国债在 SLR 计算中的豁免可能意味着美国银行将拒绝保证金存款和准备金（而不是国债），以留出更多空间进行做市活动，<b>这些资金流动将进一步扩大 TGA 提款带来的货币资金流入。</b>\"</blockquote></p><p>More importantly, Zoltan does not expect broad chaos in repo or broader markets, and instead provides a more benign view on the negligible impact the SLR has had (and will be if it is eliminated), as he explained in a note from Tuesday.</p><p><blockquote>更重要的是，佐尔坦预计回购或更广泛的市场不会出现大范围的混乱，而是对单反相机已经产生的微不足道的影响（如果被淘汰，将会产生）提供了更温和的观点，正如他在周二的一份报告中所解释的那样。</blockquote></p><p><img src=\"https://static.tigerbbs.com/caeeb2b1290e084832f29d61cea6a90b\" tg-width=\"500\" tg-height=\"534\" referrerpolicy=\"no-referrer\">How to determine if Zoltan's benign view is correct? He concluded his note by writing that \"given that our call for a zero-to-negative FRA-OIS spread by the end of June was predicated on the end of SLR extension and an assumption that the Fed will try to fix a quantity problem with prices, not quantities, today’s adjustments mean that FRA-OIS won’t trade all the way down to zero or negative territory.\"</p><p><blockquote>如何确定佐尔坦的良性观点是否正确？他在笔记的最后写道：“鉴于我们在 6 月底之前将 FRA-OIS 利差从零变为负的看涨期权是基于 SLR 延期结束，以及美联储将试图用价格而非数量来解决数量问题的假设，今天的调整意味着 FRA-OIS 不会一路跌至零或负区域”。</blockquote></p><p>FRA-OIS from here will be a function of how tight FX swaps will trade relative to OIS, but Treasury bills trading at deeply sub-zero rates is no longer a risk...While Bills have occasionally dipped into the negative territory on occasion, so far they have avoided a fullblown plunge into NIRP, which may be just the positive sign the market is waiting for to ease the nerves associated with the sudden and largely unexpected end of the SLR exemption.</p><p><blockquote>从这里开始，FRA-OIS将取决于外汇掉期相对于OIS的交易强度，但以远低于零的利率交易的国库券不再是一种风险……虽然法案偶尔会陷入负值区域，但到目前为止，它们已经避免了NIRP的全面暴跌，这可能只是市场正在等待的积极迹象，以缓解与SLR豁免突然且基本上出乎意料的结束相关的紧张情绪。</blockquote></p><p>* *&nbsp; *</p><p><blockquote>** *</blockquote></p><p></p><p>Finally, for those curious what the immediate market impact will be, NatWest strategist Blake Gwinn writes that the Fed announcement that they’re letting regulatory exemptions for banks expire at the end of the month \"really threads the needle and \"assuages concerns about the potential long-term impact on the markets\" as<b>the SLR \"ends it but defuses a lot of the knee-jerk market reaction” by pledging to address the current design and calibration of the supplementary leverage ratio to prevent strains from developing</b>.</p><p><blockquote>最后，对于那些好奇会对市场产生什么直接影响的人来说，NatWest 策略师布莱克-格温（Blake Gwinn）写道，美联储宣布将让银行的监管豁免在本月底到期，“确实穿针引线，并 “缓解了对市场潜在长期影响的担忧”。<b>SLR“结束了它，但化解了许多下意识的市场反应”，承诺解决补充杠杆率的当前设计和校准问题，以防止应变发展</b>.</blockquote></p><p>“I was never worried about a day-one bank puke of Treasuries or drawdown in repo or anything like that on no renewal,” Gwinn said. “My concern was the longer run,” like as reserves continue to rise, would the SLR “become a nuisance and drag on Treasuries and spreads” Gwinn concludes that with the statement, the Fed is<b>\"really speaking to those fears and basically saying, ‘don’t worry, we are on it’.”</b></p><p><blockquote>“格温说：”我从来没有担心过银行会在一天之内抛售国债，或者在不续签的情况下提取回购或类似的事情。格温总结说，“我担心的是，从长远来看，”随着外汇储备的继续上升，SLR 是否会 “成为一种麻烦，拖累国债和利差”。<b>“真正面对这些恐惧，基本上是在说，‘别担心，我们会做到的’。”</b></blockquote></p><p>Well, with yields spiking to HOD in early quad-witch trading, the market sure seems quite skeptical that the Fed is on anything.</p><p><blockquote>好吧，随着收益率在早期四巫交易中飙升至 HOD，市场似乎对美联储的任何行动都相当怀疑。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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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\">\nFed Disappoints Market, Lets SLR Relief Expire: What Happens Next<blockquote>美联储令市场失望，让 SLR 救济到期：接下来会发生什么</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-03-19 22:32</span>\n</p>\n</h4>\n</header>\n<article>\n<p>As washinted at, and discussed in depth here,the Fed decided - under political pressure from progressive Democrats such asElizabeth Warren and Sherrod Brown- to let the temporary Supplementary Leverage Ratio (SLR) exemption expire as scheduled on March 31, the one year anniversary of the rule change.</p><p><blockquote>正如这里所讨论和深入讨论的那样，在伊丽莎白·沃伦和谢罗德·布朗等进步民主党人的政治压力下，美联储决定让临时补充杠杆率（SLR）豁免如期于3月31日到期，即规则变更一周年纪念日。</blockquote></p><p>The federal bank regulatory agencies today announced that the temporary change to the supplementary leverage ratio, or SLR, for depository institutions issued on May 15, 2020, will expire as scheduled on March 31, 2021.The temporary change was made to provide flexibility for depository institutions to provide credit to households and businesses in light of the COVID-19 event.<img src=\"https://static.tigerbbs.com/b822960da59d651f093b5113cd0c3fd0\" tg-width=\"500\" tg-height=\"319\" referrerpolicy=\"no-referrer\">This outcome is theone (again) correctly predictedby former NY Fed guru Zoltan Pozsar who following the FOMC said that \"the fact that the Fed made this adjustment practically preemptively – the o/n RRP facility is not being used at the moment, so there are no capacity constraints yet, while repo and bill yields aren’t trading negative yet –<b>suggests that the Fed is “foaming the runway” for the end of SLR exemption</b>.\"</p><p><blockquote>美联储银行监管机构今天宣布，2020年5月15日发布的存款机构补充杠杆率（SLR）临时变更将于2021年3月31日如期到期。鉴于 COVID-19 事件，做出临时改变是为了让存款机构能够灵活地向家庭和企业提供信贷。纽约联储前大师佐尔坦-波萨尔（Zoltan Pozsar）（再次）正确预测了这一结果，他在联邦公开市场委员会（FOMC）之后表示，“事实上，美联储做出这一调整实际上是先发制人的--o/n RRP工具目前没有被使用，因此还没有能力限制，而回购和票据收益率还没有出现负值交易--<b>这表明美联储正在为终止 SLR 豁免“铺平道路”</b>.\"</blockquote></p><p>Knowing well this would be a very hot button issue for the market, the Fed published thefollowing statementto ease trader nerves, noting that while the SLR special treatment will expire on March 31, the Fed is \"inviting public comment on several potential SLR modifications\" and furthermore, \"<b>Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability</b>\" - in short, if yields spike, the Fed will re-introduce the SLR without delay:</p><p><blockquote>美联储深知这对市场来说将是一个非常热门的问题，因此发表了以下声明以缓解交易员的紧张情绪，指出虽然 SLR 特殊待遇将于 3 月 31 日到期，但美联储正在“邀请公众对几项潜在的 SLR 修改发表评论”，此外，“<b>随着时间的推移，董事会可能需要解决 SLR 的当前设计和校准问题，以防止出现可能制约经济增长和破坏金融稳定的压力</b>“——简而言之，如果收益率飙升，美联储将立即重新推出 SLR：</blockquote></p><p>The Federal Reserve Board on Friday announced that the temporary change to its supplementary leverage ratio, or SLR, for bank holding companies will expire as scheduled on March 31. <b>Additionally, the Board will shortly seek comment on measures to adjust the SLR. The Board will take appropriate actions to assure that any changes to the SLR do not erode the overall strength of bank capital requirements.</b>To ease strains in the Treasury market resulting from the COVID-19 pandemic and to promote lending to households and businesses, the Board temporarily modified the SLR last year to exclude U.S. Treasury securities and central bank reserves. Since that time, the Treasury market has stabilized. <b>However, because of recent growth in the supply of central bank reserves and the issuance of Treasury securities, the Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability.To ensure that the SLR—which was established in 2014 as an additional capital requirement—remains effective in an environment of higher reserves, the Board will soon be inviting public comment on several potential SLR modifications.</b>The proposal and comments will contribute to ongoing discussions with the Department of the Treasury and other regulators on future work to ensure the resiliency of the Treasury market.The Fed's soothing wods notwithstanding,<b>having been primed for a favorable outcome, the Fed's disappointing announcement was hardly the news traders were hoping for and stocks tumbled...</b></p><p><blockquote>美联储周五宣布，银行控股公司补充杠杆率（SLR）的临时变化将于3月31日如期到期。<b>此外，董事会将很快就调整SLR的措施征求意见。董事会将采取适当行动，确保SLR的任何变更不会削弱银行资本要求的整体实力。</b>为了缓解新冠肺炎疫情造成的国债市场压力，并促进对家庭和企业的贷款，董事会去年暂时修改了SLR，将美国国债和央行储备排除在外。此后，国债市场趋于稳定。<b>然而，由于最近央行储备供应和国债发行的增加，董事会可能需要随着时间的推移解决SLR的当前设计和校准问题，以防止出现可能制约经济增长和破坏金融稳定的压力。为了确保 SLR（作为额外资本要求于 2014 年设立）在储备较高的环境下仍然有效，董事会将很快就几项潜在的 SLR 修改征求公众意见。</b>该提案和意见将有助于与财政部和其他监管机构就未来确保国债市场弹性的工作进行持续讨论。尽管美联储提出了宽慰的要求，<b>在为有利的结果做好准备后，美联储令人失望的声明几乎不是交易员所希望的消息，股市暴跌……</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/c341c3843a5031cd1599c2c89e198050\" tg-width=\"500\" tg-height=\"305\" referrerpolicy=\"no-referrer\">Bond yields spiked...</p><p><blockquote>债券收益率飙升……</blockquote></p><p><img src=\"https://static.tigerbbs.com/14173c1ce587fb45efe4c30ecc1dfbab\" tg-width=\"500\" tg-height=\"284\" referrerpolicy=\"no-referrer\">... while the stock of JPM, which is the most exposed bank to SLR relief (as noted yesterday in \"Facing Up To JP Morgan's Leverage Relief Threats\")...</p><p><blockquote>...而摩根大通的股票是最容易受到SLR减免的银行（正如昨天在“面临摩根大通杠杆减免威胁”中所指出的）...</blockquote></p><p><img src=\"https://static.tigerbbs.com/32811183fba3dbddf1c440836298c7f3\" tg-width=\"500\" tg-height=\"602\" referrerpolicy=\"no-referrer\">.... slumped.</p><p><blockquote>....崩溃了。</blockquote></p><p><img src=\"https://static.tigerbbs.com/2fba41463f15e79d2b8436cdd6a526fc\" tg-width=\"500\" tg-height=\"306\" referrerpolicy=\"no-referrer\">In case you've been living under a rock, here's why you should care about the SLR decision: First, for those whomissed our primer on the issue, some background from JPM (ironically the one bank that has the most to lose from the Fed's decision) the bottom line is that without SLR relief,<b>banks may have to delever, raise new capital, halt buybacks, sell preferred stock, turn down deposits and generally push back on reserves (not necessarily all of these, and not in that order) just as the Fed is injecting hundreds of billions of reserves into the market as the Treasury depletes its TGA account.</b></p><p><blockquote>如果您一直生活在岩石下，以下是您应该关心 SLR 决定的原因：首先，对于那些阅读我们有关该问题的入门读物的人来说，摩根大通的一些背景（具有讽刺意味的是，摩根大通是一家因美联储的决定而损失最大的银行）底线是，如果没有 SLR 救济，<b>银行可能不得不去杠杆化、筹集新资本、停止回购、出售优先股、拒绝存款并普遍减少准备金（不一定是所有这些，也不是按顺序），就像美联储正在向市场注入数千亿美元的储备随着财政部耗尽其 TGA 账户。</b></blockquote></p><p></p><p>The massive expansion of the Fed’s balance that has occurred implied an equally massive growth in bank reserves held at Federal Reserve banks. <b>The expiration of the regulatory relief would add ~$2.1tn of leverage exposure across the 8 GSIBs. As well, TGA reduction and continued QE could add another ~$2.35tn of deposits to the system during 2021.</b><img src=\"https://static.tigerbbs.com/392342c2f3e1dd008b2276172a9b3ecf\" tg-width=\"500\" tg-height=\"253\" referrerpolicy=\"no-referrer\">While the expiry of the carve-out on March 31 would not have an immediate impact on GSIBs, the continued increase in leverage assets throughout the course of the year would increase long-term debt (LTD) and preferred requirements. Here, JPM takes an optimistic view and writes that<b>\"even the “worst” case issuance scenario as very manageable, with LTD needs of $35bn for TLAC requirements and preferred needs of $15-$20bn to maintain the industry-wide SLR at 5.6%.</b></p><p><blockquote>美联储资产负债表的大幅扩张意味着联邦储备银行持有的银行存款也将大幅增长。<b>监管救济的到期将使 8 个 GSIB 增加约 2.1 万亿美元的杠杆风险。此外，TGA 的减少和持续的量化宽松可能会在 2021 年为系统增加约 2.35 万亿美元的存款。</b>虽然 3 月 31 日豁免到期不会对 GSIB 产生直接影响，但全年杠杆资产的持续增长将增加长期债务 (LTD) 和优先要求。在此，摩根大通持乐观态度并写道<b>“即使是‘最坏’的案例发行情况也是非常可控的，LTD 需要 350 亿美元来满足 TLAC 要求，而优先需要 150 亿至 200 亿美元才能将全行业 SLR 的比例维持在 5.6%。</b></blockquote></p><p>The constraint is greater at the bank entity, where the capacity to grow leverage exposure to be ~$765bn at 6.2% SLR.\"Goldman's take was more troubling: the bank estimated that under the continued QE regime, there would be a shortfall of some $2 trillion in reserve capacity, mainly in the form of deposits which the banks would be unable to accept as part of ongoing QE (much more in Goldman'sfull take of the SLR quandary).</p><p><blockquote>银行实体的限制更大，以 6.2% 的 SLR 计算，增加杠杆风险的能力约为 7,650 亿美元。”高盛的做法更令人不安：该银行估计，在持续的量化宽松制度下，将出现约 2 万亿美元的储备能力缺口，主要以银行无法接受的存款形式作为正在进行的量化宽松的一部分（高盛对 SLR 困境的全面理解要多得多）。</blockquote></p><p><b>So what happens next?</b></p><p><blockquote><b>那么接下来会发生什么呢？</b></blockquote></p><p>Addressing this topic, yesterday Curvature's Scott Skyrm wrote that \"<i>the largest banks are enjoying much larger balance sheets, but there are political factors in Washington that are against an extension of the exemption.... Here are a couple of scenarios and their implications on the Repo market</i>:</p><p><blockquote>昨天Curvature的Scott Skyrm在谈到这个话题时写道：<i>最大的银行享有更大的资产负债表，但华盛顿有政治因素反对延长豁免…….以下是几个场景及其对回购市场的影响</i>:</blockquote></p><p>The exemption is extended 3 months or 6 months - No impact on the Repo market. It's already fully priced-in.The exemption is continued for reserves, but ended for Treasurys. <b>Since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise. Volatility increases as Repo assets move from the largest banks to the other Repo market participants.The exemption is ended for both reserves and Treasurys. Same as above.</b>In other words, Skyrm has a relatively downbeat view, warning that \"since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise.\" Additionally, volatility is likely to increase as repo assets move from the largest banks to the other Repo market participants...</p><p><blockquote>豁免延长3个月或6个月——对回购市场没有影响。它已经全价了。准备金的豁免继续，但国债的豁免结束。<b>由于大型银行是回购市场上最大的现金提供者，因此进入市场的现金减少，回购利率上升。随着回购资产从最大的银行转移到其他回购市场参与者，波动性增加。准备金和国库的豁免都结束了。同上。</b>换句话说，Skyrm持相对悲观的观点，警告称“由于大型银行是回购市场上最大的现金提供者，因此进入市场的现金减少，回购利率上升。”此外，随着回购资产从最大的银行转移到其他回购市场参与者，波动性可能会增加……</blockquote></p><p>Perhaps a bit too draconian? Well, last week, JPMorgan laid out 5 scenarios for SLR, of which two predicted the end of SLR relief on March 31, as follow:</p><p><blockquote>也许有点太严厉了？那么，上周摩根大通为SLR布局了5种情景，其中两种情景预测SLR救济将在3月31日结束，具体如下：</blockquote></p><p><u><b>3. Relief ends March 31, banks fully raise capital</b></u> <b>Impact on BanksRatesFront-End Rates</b> <u><b>4. Relief ends March 31, banks raise capital &amp; de-lever</b></u> <b>Impact on BanksRatesFront-End Rates</b>Going back to Zoltan, let's recallthat the repo gurualso cautioned that \"ending the exemption of reserves and Treasuries from the calculation of the SLR may mean that U.S. banks will turn away deposits and reserves on the margin (not Treasuries) to leave more room for market-making activities,<b>and these flows will swell further money funds’ inflows coming from TGA drawdowns.</b>\"</p><p><blockquote><u><b>3.救助3月31日结束，银行全面募资</b></u><b>对银行利率的影响前端利率</b><u><b>4.救助3月31日结束，银行增资去杠杆</b></u><b>对银行利率的影响前端利率</b>回到佐尔坦，让我们回顾一下，回购大师还警告说，“结束准备金和国债在 SLR 计算中的豁免可能意味着美国银行将拒绝保证金存款和准备金（而不是国债），以留出更多空间进行做市活动，<b>这些资金流动将进一步扩大 TGA 提款带来的货币资金流入。</b>\"</blockquote></p><p>More importantly, Zoltan does not expect broad chaos in repo or broader markets, and instead provides a more benign view on the negligible impact the SLR has had (and will be if it is eliminated), as he explained in a note from Tuesday.</p><p><blockquote>更重要的是，佐尔坦预计回购或更广泛的市场不会出现大范围的混乱，而是对单反相机已经产生的微不足道的影响（如果被淘汰，将会产生）提供了更温和的观点，正如他在周二的一份报告中所解释的那样。</blockquote></p><p><img src=\"https://static.tigerbbs.com/caeeb2b1290e084832f29d61cea6a90b\" tg-width=\"500\" tg-height=\"534\" referrerpolicy=\"no-referrer\">How to determine if Zoltan's benign view is correct? He concluded his note by writing that \"given that our call for a zero-to-negative FRA-OIS spread by the end of June was predicated on the end of SLR extension and an assumption that the Fed will try to fix a quantity problem with prices, not quantities, today’s adjustments mean that FRA-OIS won’t trade all the way down to zero or negative territory.\"</p><p><blockquote>如何确定佐尔坦的良性观点是否正确？他在笔记的最后写道：“鉴于我们在 6 月底之前将 FRA-OIS 利差从零变为负的看涨期权是基于 SLR 延期结束，以及美联储将试图用价格而非数量来解决数量问题的假设，今天的调整意味着 FRA-OIS 不会一路跌至零或负区域”。</blockquote></p><p>FRA-OIS from here will be a function of how tight FX swaps will trade relative to OIS, but Treasury bills trading at deeply sub-zero rates is no longer a risk...While Bills have occasionally dipped into the negative territory on occasion, so far they have avoided a fullblown plunge into NIRP, which may be just the positive sign the market is waiting for to ease the nerves associated with the sudden and largely unexpected end of the SLR exemption.</p><p><blockquote>从这里开始，FRA-OIS将取决于外汇掉期相对于OIS的交易强度，但以远低于零的利率交易的国库券不再是一种风险……虽然法案偶尔会陷入负值区域，但到目前为止，它们已经避免了NIRP的全面暴跌，这可能只是市场正在等待的积极迹象，以缓解与SLR豁免突然且基本上出乎意料的结束相关的紧张情绪。</blockquote></p><p>* *&nbsp; *</p><p><blockquote>** *</blockquote></p><p></p><p>Finally, for those curious what the immediate market impact will be, NatWest strategist Blake Gwinn writes that the Fed announcement that they’re letting regulatory exemptions for banks expire at the end of the month \"really threads the needle and \"assuages concerns about the potential long-term impact on the markets\" as<b>the SLR \"ends it but defuses a lot of the knee-jerk market reaction” by pledging to address the current design and calibration of the supplementary leverage ratio to prevent strains from developing</b>.</p><p><blockquote>最后，对于那些好奇会对市场产生什么直接影响的人来说，NatWest 策略师布莱克-格温（Blake Gwinn）写道，美联储宣布将让银行的监管豁免在本月底到期，“确实穿针引线，并 “缓解了对市场潜在长期影响的担忧”。<b>SLR“结束了它，但化解了许多下意识的市场反应”，承诺解决补充杠杆率的当前设计和校准问题，以防止应变发展</b>.</blockquote></p><p>“I was never worried about a day-one bank puke of Treasuries or drawdown in repo or anything like that on no renewal,” Gwinn said. “My concern was the longer run,” like as reserves continue to rise, would the SLR “become a nuisance and drag on Treasuries and spreads” Gwinn concludes that with the statement, the Fed is<b>\"really speaking to those fears and basically saying, ‘don’t worry, we are on it’.”</b></p><p><blockquote>“格温说：”我从来没有担心过银行会在一天之内抛售国债，或者在不续签的情况下提取回购或类似的事情。格温总结说，“我担心的是，从长远来看，”随着外汇储备的继续上升，SLR 是否会 “成为一种麻烦，拖累国债和利差”。<b>“真正面对这些恐惧，基本上是在说，‘别担心，我们会做到的’。”</b></blockquote></p><p>Well, with yields spiking to HOD in early quad-witch trading, the market sure seems quite skeptical that the Fed is on anything.</p><p><blockquote>好吧，随着收益率在早期四巫交易中飙升至 HOD，市场似乎对美联储的任何行动都相当怀疑。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/stocks-bopnds-tank-after-fed-lets-slr-relief-expire\">zerohedge</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.zerohedge.com/markets/stocks-bopnds-tank-after-fed-lets-slr-relief-expire","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1199154789","content_text":"As washinted at, and discussed in depth here,the Fed decided - under political pressure from progressive Democrats such asElizabeth Warren and Sherrod Brown- to let the temporary Supplementary Leverage Ratio (SLR) exemption expire as scheduled on March 31, the one year anniversary of the rule change.The federal bank regulatory agencies today announced that the temporary change to the supplementary leverage ratio, or SLR, for depository institutions issued on May 15, 2020, will expire as scheduled on March 31, 2021.The temporary change was made to provide flexibility for depository institutions to provide credit to households and businesses in light of the COVID-19 event.This outcome is theone (again) correctly predictedby former NY Fed guru Zoltan Pozsar who following the FOMC said that \"the fact that the Fed made this adjustment practically preemptively – the o/n RRP facility is not being used at the moment, so there are no capacity constraints yet, while repo and bill yields aren’t trading negative yet –suggests that the Fed is “foaming the runway” for the end of SLR exemption.\"Knowing well this would be a very hot button issue for the market, the Fed published thefollowing statementto ease trader nerves, noting that while the SLR special treatment will expire on March 31, the Fed is \"inviting public comment on several potential SLR modifications\" and furthermore, \"Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability\" - in short, if yields spike, the Fed will re-introduce the SLR without delay:The Federal Reserve Board on Friday announced that the temporary change to its supplementary leverage ratio, or SLR, for bank holding companies will expire as scheduled on March 31. Additionally, the Board will shortly seek comment on measures to adjust the SLR. The Board will take appropriate actions to assure that any changes to the SLR do not erode the overall strength of bank capital requirements.To ease strains in the Treasury market resulting from the COVID-19 pandemic and to promote lending to households and businesses, the Board temporarily modified the SLR last year to exclude U.S. Treasury securities and central bank reserves. Since that time, the Treasury market has stabilized. However, because of recent growth in the supply of central bank reserves and the issuance of Treasury securities, the Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability.To ensure that the SLR—which was established in 2014 as an additional capital requirement—remains effective in an environment of higher reserves, the Board will soon be inviting public comment on several potential SLR modifications.The proposal and comments will contribute to ongoing discussions with the Department of the Treasury and other regulators on future work to ensure the resiliency of the Treasury market.The Fed's soothing wods notwithstanding,having been primed for a favorable outcome, the Fed's disappointing announcement was hardly the news traders were hoping for and stocks tumbled...Bond yields spiked...... while the stock of JPM, which is the most exposed bank to SLR relief (as noted yesterday in \"Facing Up To JP Morgan's Leverage Relief Threats\")....... slumped.In case you've been living under a rock, here's why you should care about the SLR decision: First, for those whomissed our primer on the issue, some background from JPM (ironically the one bank that has the most to lose from the Fed's decision) the bottom line is that without SLR relief,banks may have to delever, raise new capital, halt buybacks, sell preferred stock, turn down deposits and generally push back on reserves (not necessarily all of these, and not in that order) just as the Fed is injecting hundreds of billions of reserves into the market as the Treasury depletes its TGA account.The massive expansion of the Fed’s balance that has occurred implied an equally massive growth in bank reserves held at Federal Reserve banks. The expiration of the regulatory relief would add ~$2.1tn of leverage exposure across the 8 GSIBs. As well, TGA reduction and continued QE could add another ~$2.35tn of deposits to the system during 2021.While the expiry of the carve-out on March 31 would not have an immediate impact on GSIBs, the continued increase in leverage assets throughout the course of the year would increase long-term debt (LTD) and preferred requirements. Here, JPM takes an optimistic view and writes that\"even the “worst” case issuance scenario as very manageable, with LTD needs of $35bn for TLAC requirements and preferred needs of $15-$20bn to maintain the industry-wide SLR at 5.6%.The constraint is greater at the bank entity, where the capacity to grow leverage exposure to be ~$765bn at 6.2% SLR.\"Goldman's take was more troubling: the bank estimated that under the continued QE regime, there would be a shortfall of some $2 trillion in reserve capacity, mainly in the form of deposits which the banks would be unable to accept as part of ongoing QE (much more in Goldman'sfull take of the SLR quandary).So what happens next?Addressing this topic, yesterday Curvature's Scott Skyrm wrote that \"the largest banks are enjoying much larger balance sheets, but there are political factors in Washington that are against an extension of the exemption.... Here are a couple of scenarios and their implications on the Repo market:The exemption is extended 3 months or 6 months - No impact on the Repo market. It's already fully priced-in.The exemption is continued for reserves, but ended for Treasurys. Since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise. Volatility increases as Repo assets move from the largest banks to the other Repo market participants.The exemption is ended for both reserves and Treasurys. Same as above.In other words, Skyrm has a relatively downbeat view, warning that \"since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise.\" Additionally, volatility is likely to increase as repo assets move from the largest banks to the other Repo market participants...Perhaps a bit too draconian? Well, last week, JPMorgan laid out 5 scenarios for SLR, of which two predicted the end of SLR relief on March 31, as follow:3. Relief ends March 31, banks fully raise capital Impact on BanksRatesFront-End Rates 4. Relief ends March 31, banks raise capital & de-lever Impact on BanksRatesFront-End RatesGoing back to Zoltan, let's recallthat the repo gurualso cautioned that \"ending the exemption of reserves and Treasuries from the calculation of the SLR may mean that U.S. banks will turn away deposits and reserves on the margin (not Treasuries) to leave more room for market-making activities,and these flows will swell further money funds’ inflows coming from TGA drawdowns.\"More importantly, Zoltan does not expect broad chaos in repo or broader markets, and instead provides a more benign view on the negligible impact the SLR has had (and will be if it is eliminated), as he explained in a note from Tuesday.How to determine if Zoltan's benign view is correct? He concluded his note by writing that \"given that our call for a zero-to-negative FRA-OIS spread by the end of June was predicated on the end of SLR extension and an assumption that the Fed will try to fix a quantity problem with prices, not quantities, today’s adjustments mean that FRA-OIS won’t trade all the way down to zero or negative territory.\"FRA-OIS from here will be a function of how tight FX swaps will trade relative to OIS, but Treasury bills trading at deeply sub-zero rates is no longer a risk...While Bills have occasionally dipped into the negative territory on occasion, so far they have avoided a fullblown plunge into NIRP, which may be just the positive sign the market is waiting for to ease the nerves associated with the sudden and largely unexpected end of the SLR exemption.* *  *Finally, for those curious what the immediate market impact will be, NatWest strategist Blake Gwinn writes that the Fed announcement that they’re letting regulatory exemptions for banks expire at the end of the month \"really threads the needle and \"assuages concerns about the potential long-term impact on the markets\" asthe SLR \"ends it but defuses a lot of the knee-jerk market reaction” by pledging to address the current design and calibration of the supplementary leverage ratio to prevent strains from developing.“I was never worried about a day-one bank puke of Treasuries or drawdown in repo or anything like that on no renewal,” Gwinn said. “My concern was the longer run,” like as reserves continue to rise, would the SLR “become a nuisance and drag on Treasuries and spreads” Gwinn concludes that with the statement, the Fed is\"really speaking to those fears and basically saying, ‘don’t worry, we are on it’.”Well, with yields spiking to HOD in early quad-witch trading, the market sure seems quite skeptical that the Fed is on anything.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2804,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":367265027,"gmtCreate":1614954981969,"gmtModify":1703483434309,"author":{"id":"3560333271175805","authorId":"3560333271175805","name":"UsernameHere","avatar":"https://static.tigerbbs.com/d364fcef5f5752caa1c344e47f129ccf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560333271175805","authorIdStr":"3560333271175805"},"themes":[],"title":"","htmlText":"Buy!","listText":"Buy!","text":"Buy!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/367265027","repostId":"1116017255","repostType":4,"repost":{"id":"1116017255","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1614954925,"share":"https://www.laohunote.com/m/news/1116017255?lang=zh_CN&edition=full","pubTime":"2021-03-05 22:35","market":"us","language":"en","title":"U.S. Stocks open up, as strong jobs report boosts reopening optimism<blockquote>美国股市开盘，强劲的就业报告提振了重新开放的乐观情绪</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1116017255","media":"老虎资讯综合","summary":"(March 5) Stocks were set to rebound after a stronger-than-expected jobs report boosted optimism abo","content":"<p>(March 5)&nbsp;Stocks were set to rebound after a stronger-than-expected jobs report boosted optimism about a faster economic reopening.</p><p><blockquote>（3月5日）强于预期的就业报告提振了人们对经济更快重新开放的乐观情绪，股市将反弹。</blockquote></p><p>The Dow up 0.93%, the S&amp;P 500 rose 1.05%, and the Nasdaq Composite jumped 1.13%.</p><p><blockquote>道琼斯指数上涨0.93%，标普500指数上涨1.05%，纳斯达克综合指数上涨1.13%。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f5a0f3bfa9164920f4899e3f22741e69\" tg-width=\"1242\" tg-height=\"572\" referrerpolicy=\"no-referrer\"><span>*Source From Tiger Trade, EST 09:30</span></p><p><blockquote><p class=\"t-img-caption\"><span>*来源：Tiger Trade，美国东部时间 09:30</span></p></blockquote></p><p>The U.S. 10-year Treasury yield popped above 1.6% after the February jobs report. The Labor Department on Fridayreportedthat nonfarm payrolls jumped by 379,000 for the month and the unemployment rate fell to 6.2%. That compared to expectations of 210,000 new jobs and the unemployment rate to hold steady from the 6.3% rate in January, according to Dow Jones.</p><p><blockquote>2月份就业报告公布后，美国10年期国债收益率飙升至1.6%以上。美国劳工部周五报告称，当月非农就业人数增加37.9万人，失业率降至6.2%。根据道琼斯的数据，相比之下，预计将新增 21 万个就业岗位，失业率将从 1 月份的 6.3% 保持稳定。</blockquote></p><p>As rates jumped, tech shares with high valuations got hit again in the premarket, continuing the pattern this week. Tesla and Peloton shares fell declined.</p><p><blockquote>随着利率上涨，高估值的科技股在盘前再次受到打击，延续了本周的模式。特斯拉和 Peloton 股价下跌。</blockquote></p><p>The move in futures followed a sharp sell-off on Thursday triggered by Federal Reserve Chair Jerome Powell’s remarks on rising bond yields. The Fed chair said the recent runup caught his attention but he didn’t give any indication of how the central bank would rein it in. Some investors had expected Powell to signal his willingness to adjust the Fed’s asset purchase program.</p><p><blockquote>周四，美联储主席杰罗姆-鲍威尔（Jerome Powell）关于债券收益率上升的言论引发了期货大幅抛售。美联储主席说，最近的涨势引起了他的注意，但他没有暗示央行将如何控制涨势。一些投资者原本预计鲍威尔会表示愿意调整美联储的资产购买计划。</blockquote></p><p>The economic reopening could&nbsp;“create some upward pressure on prices,” Powell said in a Wall Street Journal webinar Thursday. Even if the economy sees “transitory increases in inflation … I expect that we will be patient,” he added.</p><p><blockquote>鲍威尔周四在《华尔街日报》网络研讨会上表示，经济重新开放可能会 “给物价带来一些上行压力”。他补充说，即使经济出现 “通胀暂时上升.我希望我们会保持耐心”。</blockquote></p><p>“Equity investors, in our conversations, are really grappling with two things they may not have had to deal with for the last 10 years,” said Tom Lee, Fundstrat’s co-founder head of research. “One is the potential for inflation to actually have to be priced into equities. I think there’s a lot of confusion.”</p><p><blockquote>“Fundstrat 联合创始人兼研究主管汤姆-李（Tom Lee）说：”在我们的谈话中，股权投资者确实在努力应对两件他们在过去 10 年中可能不必面对的事情。“一是通货膨胀的潜力实际上必须计入股票价格。我认为这有很多困惑”。</blockquote></p><p>“Then it’s a bond market that seems to be testing the Fed, which kind of scares people,” added Lee, who believes the sell-off this week is a buying opportunity.</p><p><blockquote>李补充说：“然后是债券市场似乎在考验美联储，这让人们感到害怕。”他认为本周的抛售是一个买入机会。</blockquote></p><p>Tech stocks led the market decline Thursday, especially those with high valuations and small or no profitability. The Nasdaq Composite dropped 2.1% Thursday, bringing its losses this week to 3.6%. The tech-heavy benchmark also turned negative for the year and fell into correction territory, or down 10% from a recent high, on an intraday basis.</p><p><blockquote>科技股周四领跌市场，尤其是那些估值较高、盈利能力较小或没有盈利能力的科技股。纳斯达克综合指数周四下跌 2.1%，本周跌幅达 3.6%。以科技股为主的基准今年也转为负值，并在盘中跌入修正区域，即较近期高点下跌 10%。</blockquote></p><p>Tesla shares were off their lows in Friday premarket trading but still down 0.3%.</p><p><blockquote>特斯拉股价在周五盘前交易中脱离低点，但仍下跌 0.3%。</blockquote></p><p>The S&amp;P 500 and the Dow both fell more than 1% Thursday, headed for a losing week. Energy outperformed with a 2.5% gain in the previous session amid a jump in oil prices.</p><p><blockquote>标普500和道琼斯指数周四均下跌超过1%，本周下跌。由于油价上涨，能源板块前一交易日表现优异，上涨 2.5%。</blockquote></p><p>“Rates soared once again, which opened the door for more selling of technology stocks,” said Ryan Detrick, chief market strategist at LPL Financial. “The bright side is the economy continues to improve and leadership from financials and energy is something that suggests this isn’t a sell everything moment.”</p><p><blockquote>“LPL Financial 首席市场策略师 Ryan Detrick 说：”利率再次飙升，这为更多科技股的抛售打开了大门。“好的一面是，经济持续改善，金融和能源行业的领导力表明，现在不是卖掉一切的时候。”</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>U.S. Stocks open up, as strong jobs report boosts reopening optimism<blockquote>美国股市开盘，强劲的就业报告提振了重新开放的乐观情绪</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\">\nU.S. Stocks open up, as strong jobs report boosts reopening optimism<blockquote>美国股市开盘，强劲的就业报告提振了重新开放的乐观情绪</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-03-05 22:35</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(March 5)&nbsp;Stocks were set to rebound after a stronger-than-expected jobs report boosted optimism about a faster economic reopening.</p><p><blockquote>（3月5日）强于预期的就业报告提振了人们对经济更快重新开放的乐观情绪，股市将反弹。</blockquote></p><p>The Dow up 0.93%, the S&amp;P 500 rose 1.05%, and the Nasdaq Composite jumped 1.13%.</p><p><blockquote>道琼斯指数上涨0.93%，标普500指数上涨1.05%，纳斯达克综合指数上涨1.13%。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f5a0f3bfa9164920f4899e3f22741e69\" tg-width=\"1242\" tg-height=\"572\" referrerpolicy=\"no-referrer\"><span>*Source From Tiger Trade, EST 09:30</span></p><p><blockquote><p class=\"t-img-caption\"><span>*来源：Tiger Trade，美国东部时间 09:30</span></p></blockquote></p><p>The U.S. 10-year Treasury yield popped above 1.6% after the February jobs report. The Labor Department on Fridayreportedthat nonfarm payrolls jumped by 379,000 for the month and the unemployment rate fell to 6.2%. That compared to expectations of 210,000 new jobs and the unemployment rate to hold steady from the 6.3% rate in January, according to Dow Jones.</p><p><blockquote>2月份就业报告公布后，美国10年期国债收益率飙升至1.6%以上。美国劳工部周五报告称，当月非农就业人数增加37.9万人，失业率降至6.2%。根据道琼斯的数据，相比之下，预计将新增 21 万个就业岗位，失业率将从 1 月份的 6.3% 保持稳定。</blockquote></p><p>As rates jumped, tech shares with high valuations got hit again in the premarket, continuing the pattern this week. Tesla and Peloton shares fell declined.</p><p><blockquote>随着利率上涨，高估值的科技股在盘前再次受到打击，延续了本周的模式。特斯拉和 Peloton 股价下跌。</blockquote></p><p>The move in futures followed a sharp sell-off on Thursday triggered by Federal Reserve Chair Jerome Powell’s remarks on rising bond yields. The Fed chair said the recent runup caught his attention but he didn’t give any indication of how the central bank would rein it in. Some investors had expected Powell to signal his willingness to adjust the Fed’s asset purchase program.</p><p><blockquote>周四，美联储主席杰罗姆-鲍威尔（Jerome Powell）关于债券收益率上升的言论引发了期货大幅抛售。美联储主席说，最近的涨势引起了他的注意，但他没有暗示央行将如何控制涨势。一些投资者原本预计鲍威尔会表示愿意调整美联储的资产购买计划。</blockquote></p><p>The economic reopening could&nbsp;“create some upward pressure on prices,” Powell said in a Wall Street Journal webinar Thursday. Even if the economy sees “transitory increases in inflation … I expect that we will be patient,” he added.</p><p><blockquote>鲍威尔周四在《华尔街日报》网络研讨会上表示，经济重新开放可能会 “给物价带来一些上行压力”。他补充说，即使经济出现 “通胀暂时上升.我希望我们会保持耐心”。</blockquote></p><p>“Equity investors, in our conversations, are really grappling with two things they may not have had to deal with for the last 10 years,” said Tom Lee, Fundstrat’s co-founder head of research. “One is the potential for inflation to actually have to be priced into equities. I think there’s a lot of confusion.”</p><p><blockquote>“Fundstrat 联合创始人兼研究主管汤姆-李（Tom Lee）说：”在我们的谈话中，股权投资者确实在努力应对两件他们在过去 10 年中可能不必面对的事情。“一是通货膨胀的潜力实际上必须计入股票价格。我认为这有很多困惑”。</blockquote></p><p>“Then it’s a bond market that seems to be testing the Fed, which kind of scares people,” added Lee, who believes the sell-off this week is a buying opportunity.</p><p><blockquote>李补充说：“然后是债券市场似乎在考验美联储，这让人们感到害怕。”他认为本周的抛售是一个买入机会。</blockquote></p><p>Tech stocks led the market decline Thursday, especially those with high valuations and small or no profitability. The Nasdaq Composite dropped 2.1% Thursday, bringing its losses this week to 3.6%. The tech-heavy benchmark also turned negative for the year and fell into correction territory, or down 10% from a recent high, on an intraday basis.</p><p><blockquote>科技股周四领跌市场，尤其是那些估值较高、盈利能力较小或没有盈利能力的科技股。纳斯达克综合指数周四下跌 2.1%，本周跌幅达 3.6%。以科技股为主的基准今年也转为负值，并在盘中跌入修正区域，即较近期高点下跌 10%。</blockquote></p><p>Tesla shares were off their lows in Friday premarket trading but still down 0.3%.</p><p><blockquote>特斯拉股价在周五盘前交易中脱离低点，但仍下跌 0.3%。</blockquote></p><p>The S&amp;P 500 and the Dow both fell more than 1% Thursday, headed for a losing week. Energy outperformed with a 2.5% gain in the previous session amid a jump in oil prices.</p><p><blockquote>标普500和道琼斯指数周四均下跌超过1%，本周下跌。由于油价上涨，能源板块前一交易日表现优异，上涨 2.5%。</blockquote></p><p>“Rates soared once again, which opened the door for more selling of technology stocks,” said Ryan Detrick, chief market strategist at LPL Financial. “The bright side is the economy continues to improve and leadership from financials and energy is something that suggests this isn’t a sell everything moment.”</p><p><blockquote>“LPL Financial 首席市场策略师 Ryan Detrick 说：”利率再次飙升，这为更多科技股的抛售打开了大门。“好的一面是，经济持续改善，金融和能源行业的领导力表明，现在不是卖掉一切的时候。”</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1116017255","content_text":"(March 5) Stocks were set to rebound after a stronger-than-expected jobs report boosted optimism about a faster economic reopening.The Dow up 0.93%, the S&P 500 rose 1.05%, and the Nasdaq Composite jumped 1.13%.*Source From Tiger Trade, EST 09:30The U.S. 10-year Treasury yield popped above 1.6% after the February jobs report. The Labor Department on Fridayreportedthat nonfarm payrolls jumped by 379,000 for the month and the unemployment rate fell to 6.2%. That compared to expectations of 210,000 new jobs and the unemployment rate to hold steady from the 6.3% rate in January, according to Dow Jones.As rates jumped, tech shares with high valuations got hit again in the premarket, continuing the pattern this week. Tesla and Peloton shares fell declined.The move in futures followed a sharp sell-off on Thursday triggered by Federal Reserve Chair Jerome Powell’s remarks on rising bond yields. The Fed chair said the recent runup caught his attention but he didn’t give any indication of how the central bank would rein it in. Some investors had expected Powell to signal his willingness to adjust the Fed’s asset purchase program.The economic reopening could “create some upward pressure on prices,” Powell said in a Wall Street Journal webinar Thursday. Even if the economy sees “transitory increases in inflation … I expect that we will be patient,” he added.“Equity investors, in our conversations, are really grappling with two things they may not have had to deal with for the last 10 years,” said Tom Lee, Fundstrat’s co-founder head of research. “One is the potential for inflation to actually have to be priced into equities. I think there’s a lot of confusion.”“Then it’s a bond market that seems to be testing the Fed, which kind of scares people,” added Lee, who believes the sell-off this week is a buying opportunity.Tech stocks led the market decline Thursday, especially those with high valuations and small or no profitability. The Nasdaq Composite dropped 2.1% Thursday, bringing its losses this week to 3.6%. The tech-heavy benchmark also turned negative for the year and fell into correction territory, or down 10% from a recent high, on an intraday basis.Tesla shares were off their lows in Friday premarket trading but still down 0.3%.The S&P 500 and the Dow both fell more than 1% Thursday, headed for a losing week. Energy outperformed with a 2.5% gain in the previous session amid a jump in oil prices.“Rates soared once again, which opened the door for more selling of technology stocks,” said Ryan Detrick, chief market strategist at LPL Financial. “The bright side is the economy continues to improve and leadership from financials and energy is something that suggests this isn’t a sell everything moment.”","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1663,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":364685198,"gmtCreate":1614847943214,"gmtModify":1703481883427,"author":{"id":"3560333271175805","authorId":"3560333271175805","name":"UsernameHere","avatar":"https://static.tigerbbs.com/d364fcef5f5752caa1c344e47f129ccf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560333271175805","authorIdStr":"3560333271175805"},"themes":[],"title":"","htmlText":"Lol","listText":"Lol","text":"Lol","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/364685198","repostId":"1146182231","repostType":4,"repost":{"id":"1146182231","kind":"news","pubTimestamp":1614845690,"share":"https://www.laohunote.com/m/news/1146182231?lang=zh_CN&edition=full","pubTime":"2021-03-04 16:14","market":"us","language":"en","title":"Why Rocket Companies Stock Crashed Today<blockquote>为什么火箭公司股票今天暴跌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1146182231","media":"Motley Fool","summary":"What happenedRocket Companies plunged 33% on Wednesday after analysts warned that the stock had come","content":"<p><b>What happened</b></p><p><blockquote><b>发生了什么事</b></blockquote></p><p><b><a href=\"https://laohu8.com/S/RKT\">Rocket Companies</a> </b>plunged 33% on Wednesday after analysts warned that the stock had come too far, too fast.</p><p><blockquote><b><a href=\"https://laohu8.com/S/RKT\">火箭公司</a></b>在分析师警告该股涨幅太大、太快后，周三暴跌 33%。</blockquote></p><p><b>So what</b></p><p><blockquote><b>那又怎样</b></blockquote></p><p>Rocket's share price surged more than 70% on Tuesday in what appeared to be another Reddit-fueledshort squeeze. Yet late last night, RBC Capital analyst Daniel Perlin cut his rating on Rocket's stock from outperform to sector perform and reiterated his $30 price forecast. That was 28% below where Rocket's stock closed yesterday.</p><p><blockquote>Rocket 的股价周二飙升超过 70%，这似乎是 Reddit 推动的又一次空头挤压。然而，昨晚深夜，加拿大皇家银行资本分析师丹尼尔·佩林 (Daniel Perlin) 将 Rocket 股票的评级从跑赢大盘下调至行业表现，并重申了 30 美元的价格预测。这比 Rocket 股票昨天的收盘价低 28%。</blockquote></p><p>Perlin argued that the risk-to-reward potential forinvestorswas \"now more balanced, if not skewed to the downside\" following the stock's rapid ascent.</p><p><blockquote>佩林认为，在该股快速上涨之后，投资者的风险回报潜力“现在更加平衡，如果不是向下倾斜的话”。</blockquote></p><p>Analysts at&nbsp;<b>JPMorgan</b>&nbsp;went even further. \"In light of the sharp rise in share prices, we believe fundamental investors should take profits,\" JPMorgan strategist Richard Shane said on Wednesday morning.</p><p><blockquote>分析师<b>摩根大通</b>走得更远。摩根大通策略师理查德·谢恩周三上午表示：“鉴于股价大幅上涨，我们认为基本面投资者应该获利了结。”</blockquote></p><p>Many traders apparently took these analysts' comments as a reason to sell their shares today.</p><p><blockquote>许多交易员显然将这些分析师的评论视为今天出售股票的理由。</blockquote></p><p><b>Now what</b></p><p><blockquote><b>现在呢</b></blockquote></p><p>Many individual investors are taking part in coordinated buying campaigns on Reddit and other social media platforms. This is a dangerous game -- one that often ends in disaster.</p><p><blockquote>许多个人投资者正在Reddit和其他社交媒体平台上参与协调购买活动。这是一个危险的游戏——一个经常以灾难告终的游戏。</blockquote></p><p>These crowdsourced buying frenzies can certainly help to drive a stock's price sharply higher -- for a while -- as we've seen with<b>GameStop</b>and now Rocket Companies. But many of these traders will hype a stock to pump up its price -- and then dump it on unsuspecting investors when they eventually move on to their next target.</p><p><blockquote>这些众包购买狂潮肯定有助于在一段时间内推动股票价格大幅上涨，正如我们所看到的那样<b>游戏驿站</b>现在是火箭公司。但这些交易者中的许多人会炒作一只股票来抬高其价格，然后在他们最终转向下一个目标时将其抛售给毫无戒心的投资者。</blockquote></p><p>The worst part? Shareholders who buy later in these manipulated rallies and don't sell in time can suffer devastating losses.</p><p><blockquote>最糟糕的部分？在这些被操纵的反弹中后期买入但没有及时卖出的股东可能会遭受毁灭性的损失。</blockquote></p><p><img src=\"https://static.tigerbbs.com/7ac579f88585159e103759fdb00ab39c\" tg-width=\"709\" tg-height=\"517\" referrerpolicy=\"no-referrer\"></p><p><blockquote></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 Rocket Companies Stock Crashed Today<blockquote>为什么火箭公司股票今天暴跌</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 Rocket Companies Stock Crashed Today<blockquote>为什么火箭公司股票今天暴跌</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\">2021-03-04 16:14</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>What happened</b></p><p><blockquote><b>发生了什么事</b></blockquote></p><p><b><a href=\"https://laohu8.com/S/RKT\">Rocket Companies</a> </b>plunged 33% on Wednesday after analysts warned that the stock had come too far, too fast.</p><p><blockquote><b><a href=\"https://laohu8.com/S/RKT\">火箭公司</a></b>在分析师警告该股涨幅太大、太快后，周三暴跌 33%。</blockquote></p><p><b>So what</b></p><p><blockquote><b>那又怎样</b></blockquote></p><p>Rocket's share price surged more than 70% on Tuesday in what appeared to be another Reddit-fueledshort squeeze. Yet late last night, RBC Capital analyst Daniel Perlin cut his rating on Rocket's stock from outperform to sector perform and reiterated his $30 price forecast. That was 28% below where Rocket's stock closed yesterday.</p><p><blockquote>Rocket 的股价周二飙升超过 70%，这似乎是 Reddit 推动的又一次空头挤压。然而，昨晚深夜，加拿大皇家银行资本分析师丹尼尔·佩林 (Daniel Perlin) 将 Rocket 股票的评级从跑赢大盘下调至行业表现，并重申了 30 美元的价格预测。这比 Rocket 股票昨天的收盘价低 28%。</blockquote></p><p>Perlin argued that the risk-to-reward potential forinvestorswas \"now more balanced, if not skewed to the downside\" following the stock's rapid ascent.</p><p><blockquote>佩林认为，在该股快速上涨之后，投资者的风险回报潜力“现在更加平衡，如果不是向下倾斜的话”。</blockquote></p><p>Analysts at&nbsp;<b>JPMorgan</b>&nbsp;went even further. \"In light of the sharp rise in share prices, we believe fundamental investors should take profits,\" JPMorgan strategist Richard Shane said on Wednesday morning.</p><p><blockquote>分析师<b>摩根大通</b>走得更远。摩根大通策略师理查德·谢恩周三上午表示：“鉴于股价大幅上涨，我们认为基本面投资者应该获利了结。”</blockquote></p><p>Many traders apparently took these analysts' comments as a reason to sell their shares today.</p><p><blockquote>许多交易员显然将这些分析师的评论视为今天出售股票的理由。</blockquote></p><p><b>Now what</b></p><p><blockquote><b>现在呢</b></blockquote></p><p>Many individual investors are taking part in coordinated buying campaigns on Reddit and other social media platforms. This is a dangerous game -- one that often ends in disaster.</p><p><blockquote>许多个人投资者正在Reddit和其他社交媒体平台上参与协调购买活动。这是一个危险的游戏——一个经常以灾难告终的游戏。</blockquote></p><p>These crowdsourced buying frenzies can certainly help to drive a stock's price sharply higher -- for a while -- as we've seen with<b>GameStop</b>and now Rocket Companies. But many of these traders will hype a stock to pump up its price -- and then dump it on unsuspecting investors when they eventually move on to their next target.</p><p><blockquote>这些众包购买狂潮肯定有助于在一段时间内推动股票价格大幅上涨，正如我们所看到的那样<b>游戏驿站</b>现在是火箭公司。但这些交易者中的许多人会炒作一只股票来抬高其价格，然后在他们最终转向下一个目标时将其抛售给毫无戒心的投资者。</blockquote></p><p>The worst part? Shareholders who buy later in these manipulated rallies and don't sell in time can suffer devastating losses.</p><p><blockquote>最糟糕的部分？在这些被操纵的反弹中后期买入但没有及时卖出的股东可能会遭受毁灭性的损失。</blockquote></p><p><img src=\"https://static.tigerbbs.com/7ac579f88585159e103759fdb00ab39c\" tg-width=\"709\" tg-height=\"517\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/03/03/why-rocket-companies-stock-crashed-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":{"RKT":"Rocket Companies"},"source_url":"https://www.fool.com/investing/2021/03/03/why-rocket-companies-stock-crashed-today/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1146182231","content_text":"What happenedRocket Companies plunged 33% on Wednesday after analysts warned that the stock had come too far, too fast.So whatRocket's share price surged more than 70% on Tuesday in what appeared to be another Reddit-fueledshort squeeze. Yet late last night, RBC Capital analyst Daniel Perlin cut his rating on Rocket's stock from outperform to sector perform and reiterated his $30 price forecast. That was 28% below where Rocket's stock closed yesterday.Perlin argued that the risk-to-reward potential forinvestorswas \"now more balanced, if not skewed to the downside\" following the stock's rapid ascent.Analysts at JPMorgan went even further. \"In light of the sharp rise in share prices, we believe fundamental investors should take profits,\" JPMorgan strategist Richard Shane said on Wednesday morning.Many traders apparently took these analysts' comments as a reason to sell their shares today.Now whatMany individual investors are taking part in coordinated buying campaigns on Reddit and other social media platforms. This is a dangerous game -- one that often ends in disaster.These crowdsourced buying frenzies can certainly help to drive a stock's price sharply higher -- for a while -- as we've seen withGameStopand now Rocket Companies. But many of these traders will hype a stock to pump up its price -- and then dump it on unsuspecting investors when they eventually move on to their next target.The worst part? Shareholders who buy later in these manipulated rallies and don't sell in time can suffer devastating losses.","news_type":1,"symbols_score_info":{"RKT":0.9}},"isVote":1,"tweetType":1,"viewCount":462,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":362186876,"gmtCreate":1614607727895,"gmtModify":1703478785271,"author":{"id":"3560333271175805","authorId":"3560333271175805","name":"UsernameHere","avatar":"https://static.tigerbbs.com/d364fcef5f5752caa1c344e47f129ccf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560333271175805","authorIdStr":"3560333271175805"},"themes":[],"title":"","htmlText":"Rocket ready and loaded. Are we ready guys?","listText":"Rocket ready and loaded. Are we ready guys?","text":"Rocket ready and loaded. Are we ready guys?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/362186876","repostId":"1105841550","repostType":4,"repost":{"id":"1105841550","kind":"news","pubTimestamp":1614600153,"share":"https://www.laohunote.com/m/news/1105841550?lang=zh_CN&edition=full","pubTime":"2021-03-01 20:02","market":"us","language":"en","title":"'Build Me An Ark': The Tsunami Of Risk Of Tesla-Bitcoin-Cathie Wood Is Coming<blockquote>“为我建造一艘方舟”：特斯拉-比特币-凯西·伍德的风险海啸即将到来</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1105841550","media":"zerohedge","summary":"Summary:\n\n In today's equity update we are following up on our\n analysis of the Tesla-Bitcoin-Ark ri","content":"<p><u><b>Summary:</b></u></p><p><blockquote><u><b>总结：</b></u></blockquote></p><p>   In today's equity update we are following up on our  <b>analysis of the Tesla-Bitcoin-Ark risk cluster</b>showing an updated positions analysis, cross-correlations in the flagship Ark Innovation ETF, and an drawdown analysis. Yesterday, was another bad session for this risk cluster and Ark Invest had a day with outflows across all their ETFs highlighting that risk sentiment has changed. With the founder's bold move to increase the position in Tesla during the week the risk has gone up that this risk cluster could turn into an ugly forced selling dynamic causing pain in not only Tesla, Bitcoin, and Ark funds, but also US biotechnology stocks where Ark Invest is a major holder with high ownership in selected names.  A little over a month ago we first flagged the Tesla-Bitcoin-Ark risk cluster as something to take note off as short-term correlation between Tesla and Bitcoin was shooting up. A survey from Charles Schwab also confirmed our suspicion that there is a big overlap as these two instruments are among the top five holdings by millennials. Our analysis quickly led us to Ark Invest with its famous Ark Innovation ETF which had a big position in Tesla and its charismatic founder Cathie Wood is a big believer in the so-called disruptive innovation culture of Silicon Valley. This class of people believe firmly in technology as mainly good for society in all its aspects and that&nbsp;Bitcoin is a protection against future wealth confiscation&nbsp;which is most likely inevitable due to historically high wealth inequality.</p><p><blockquote>在今天的股权更新中，我们将跟进我们的<b>特斯拉-比特币-方舟风险聚类分析</b>显示最新的头寸分析、旗舰 Ark Innovation ETF 中的交叉相关性以及回撤分析。昨天，对于这个风险集群来说，又是一个糟糕的交易日，Ark Invest 的所有 ETF 都出现了资金流出，突显出风险情绪已经发生了变化。随着创始人本周大胆增加在特斯拉的头寸，这一风险集群可能会变成丑陋的强制抛售动态，不仅给特斯拉、比特币和方舟基金带来痛苦，也给美国生物技术股票带来痛苦。方舟投资是其中的主要持有者，在选定的名称中拥有较高的所有权。一个多月前，我们首次将特斯拉-比特币-方舟风险集群标记为值得注意的事情，因为特斯拉和比特币之间的短期相关性正在飙升。嘉信理财的一项调查也证实了我们的怀疑，即存在很大的重叠，因为这两种工具都是千禧一代持有的前五大工具之一。我们的分析很快让我们找到了 Ark Invest，其著名的 Ark Innovation ETF 在特斯拉拥有大量头寸，其魅力四射的创始人 Cathie Wood 是硅谷所谓颠覆性创新文化的坚定信徒。这类人坚信技术主要对社会的各个方面都有好处，比特币是防止未来财富被没收的一种保护，由于历史上的高度财富不平等，这很可能是不可避免的。</blockquote></p><p> This disruptive innovation culture is powerful. It is presented by some of the wealthiest people of this planet. Endless presentation about innovation and institutions like the Singularity University promote these views. Behind Bitcoin you find a huge online marketing machine sucking ordinary people into the game. Recently wealthy people such as Elon Musk has openly supported Bitcoin, first in writing and later in action adding $1.5bn to Tesla’s balance sheet and thereby significantly increasing its earnings volatility. The triangle of Tesla-Bitcoin-Ark and their respective momentum has reinforced each other creating a positive feedback loop luring more investors into these instruments. As we have seen this week the ‘tower of risk’ is beginning to show cracks.</p><p><blockquote>这种颠覆性的创新文化是强大的。它是由这个星球上一些最富有的人提出的。关于创新和像奇点大学这样的机构的无休止的介绍促进了这些观点。在比特币背后，你会发现一个巨大的网络营销机器将普通人吸入游戏。最近，埃隆-马斯克（Elon Musk）等富人公开支持比特币，先是以书面形式，后来又以实际行动为特斯拉的资产负债表增加了 15 亿美元，从而大大增加了其盈利波动性。特斯拉-比特币-方舟三角及其各自的势头相互促进，形成了正反馈循环，吸引更多投资者进入这些工具。正如我们本周所看到的，“风险之塔 ”开始出现裂缝。</blockquote></p><p> <b>Ark position update and Cathie Wood’s bold move and the risk to biotechnology</b></p><p><blockquote><b>方舟立场更新、凯西-伍德的大胆举动以及生物技术面临的风险</b></blockquote></p><p> This week Tesla-Bitcoin-Ark all came under pressure from negative voices in governments over Bitcoin and beginning noise over real competition for Tesla in the coming years. The risk cluster was clearly moving together, and correlations started rising. On Tuesday, volatility picked up across the board and at one point Cathie Wood felt it was necessary to go public supporting her funds and said that&nbsp;she had increased their position in Tesla&nbsp;using big numbers in the future to justify increasing the risk. This is a bold move, but it increases the risk considerably. When you are at risk of seeing sizeable outflows, you should start reducing the most illiquid positions first while you can control the situation. Because if you are forced to do it by redemptions the game changes dramatically.</p><p><blockquote>本周，特斯拉-比特币-方舟都面临着来自政府对比特币的负面声音的压力，以及对未来几年特斯拉真正竞争的担忧。风险集群显然在一起移动，相关性开始上升。周二，波动性全面上升，凯西·伍德一度认为有必要公开支持她的基金，并表示她已经增加了他们在特斯拉的头寸，未来使用大量数字来证明增加风险的合理性。这是一个大胆的举动，但它大大增加了风险。当你有看到大量资金流出的风险时，你应该首先开始减少流动性最差的头寸，同时你可以控制局面。因为如果你被迫通过救赎来做这件事，游戏就会发生巨大的变化。</blockquote></p><p> The tables below show updated Ark Invest positions as of yesterday’s close. There are still 26 stocks where Ark Invest holds more than 10% of the outstanding shares. This could become a serious problem if Ark Invest is suddenly caught in a negative feedback loop together with Tesla and Bitcoin. But also note how US biotechnology stocks are overrepresented in this list of stocks with high ownership in percentage of outstanding shares. If Ark Invest suddenly experience across the board outflows, like it did yesterday, then they can suddenly be the forced seller in US biotechnology stocks where they are the whale. This could cascade into the overall US biotechnology segment although the group is diverse.</p><p><blockquote>下表显示了截至昨天收盘时 Ark Invest 的最新持仓情况。方舟投资持有流通股10%以上的股票仍有26只。如果方舟投资突然与特斯拉和比特币一起陷入负面反馈循环，这可能会成为一个严重的问题。但也要注意，美国生物技术股票在这份流通股比例较高的股票名单中所占比例过高。如果 Ark Invest 突然经历全面资金外流，就像昨天一样，那么他们可能会突然成为美国生物技术股票的被迫卖家，而他们是鲸鱼。尽管该集团是多元化的，但这可能会蔓延到整个美国生物技术领域。</blockquote></p><p> <i>Stocks held by Ark Invest funds with combined ownership above 10% of outstanding shares</i></p><p><blockquote><i>方舟投资基金持有的合并所有权超过流通股10%的股票</i></blockquote></p><p> <img src=\"https://static.tigerbbs.com/b97684f80243d32efc06f3379d51d4fb\" tg-width=\"500\" tg-height=\"353\">Source: Ark Invest, Bloomberg, and Saxo Group</p><p><blockquote>资料来源：Ark Invest、彭博社和盛宝集团</blockquote></p><p></p><p> The table below shows the largest positions across all funds. Here Tesla has now jumped to 7% of AUM and the first five positions now account for 21.6% of AUM. The five biggest stocks are Tesla, Teladoc Health, Square, Roku, and Baidu. Square just recently reported disappointing Q4 earnings and announced the purchase of $170mn of Bitcoin increasing the risk and feedback loop further in this risk cluster. In the Ark Innovation ETF itself, Tesla is now 10.2% of assets and together with Roku (6%) and Square (5.4%) these three stocks represent 21.6% of assets. If you look at the 10 largest positions in the Ark Innovation ETF then the red thread is that they all come with very high equity valuations and thus low implied equity risk premiums. They are all also mostly equity financed, except for Tesla, which means that the WACC, cost of capital, predominantly come from the cost of equity. With low implied equity risk premiums, the risk-free rate dominates much more than for a company such as say Microsoft or Apple. This means that the rising interest rates could suddenly cause a huge shift in equity valuations. Not because the future is different but because the cost of capital has changed.</p><p><blockquote>下表显示了所有基金的最大头寸。在这里，特斯拉现在已经跃升到资产管理规模的7%，前五名现在占资产管理规模的21.6%。最大的五只股票是特斯拉、Teladoc Health、Square、Roku和百度。Square 最近刚刚公布了令人失望的第四季度收益，并宣布以 1.7 亿美元收购比特币，进一步增加了该风险集群的风险和反馈循环。在方舟创新 ETF 本身中，特斯拉目前占资产的 10.2%，加上Roku (6%) 和 Square (5.4%)，这三只股票占资产的 21.6%。如果你看看方舟创新ETF中的10个最大头寸，那么共同的主线是它们都具有非常高的股票估值，因此隐含的股票风险溢价很低。除了特斯拉，它们也主要是股权融资，这意味着WACC（资本成本）主要来自股权成本。由于隐含股票风险溢价较低，无风险利率比微软或苹果等公司更具主导地位。这意味着利率上升可能会突然导致股票估值发生巨大变化。不是因为未来不同，而是因为资本成本变了。</blockquote></p><p> <i>Top positions in terms of Ark Invest AUM across all funds</i></p><p><blockquote><i>Ark Invest AUM 在所有基金中排名靠前</i></blockquote></p><p> <img src=\"https://static.tigerbbs.com/7e06fcb66d5a52e629b48c9cab492586\" tg-width=\"500\" tg-height=\"302\">Source: Ark Invest, Bloomberg, and Saxo Group</p><p><blockquote>资料来源：Ark Invest、彭博社和盛宝集团</blockquote></p><p> <u><b>Correlations on the rise and drawdown outlier</b></u></p><p><blockquote><u><b>上升和下降异常值的相关性</b></u></blockquote></p><p> The best sign of risk going haywire is always fast rising cross-correlations whether it is on asset classes or single stocks. The chart below shows the 10-day moving cross-correlation in the Ark Innovation ETF since early 2020. It has recently moved to around 0.6 and while it is not a new record the direction is up and has been fast coming from only 0.2 from a few weeks ago. The next week will be critical for the Tesla-Bitcoin-Ark risk cluster as negative feedback loops can be violent and very unpredictable in their outcome.</p><p><blockquote>风险失控的最佳迹象总是快速上升，无论是资产类别还是单只股票。下图显示了自 2020 年初以来 Ark Innovation ETF 的 10 天移动互相关。它最近已经上升到0.6左右，虽然这不是一个新的记录，但方向是上升的，并且从几周前的0.2迅速上升。下周对于特斯拉-比特币-方舟风险集群来说至关重要，因为负反馈循环可能是暴力的，其结果非常不可预测。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/ab96aaafda10c2371b1d3a1a14c4a48a\" tg-width=\"500\" tg-height=\"280\"><i>Source: Bloomberg and Saxo Group</i></p><p><blockquote><i>资料来源：彭博社和盛宝集团</i></blockquote></p><p> Another way of looking at risk is by plotting Ark Innovation ETF drawdowns against that of Nasdaq 100 since December 2015.<b>The ETF has typically experienced a drawdown that is 1.22 times larger than that of Nasdaq 100</b>. As of yesterday, the ratio stands at 2.44 and thus illustrates that something idiosyncratic is taking place at Ark Innovation ETF.</p><p><blockquote>另一种看待风险的方法是绘制自 2015 年 12 月以来 Ark Innovation ETF 与纳斯达克 100 指数的回撤情况。<b>ETF 的回撤幅度通常是纳斯达克 100 指数的 1.22 倍</b>截至昨天，该比率为 2.44，因此表明 Ark Innovation ETF 正在发生一些特殊情况。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/80db26e42e2910071718ff22a1ff3f2b\" tg-width=\"500\" tg-height=\"308\"><b>If outflows continue today and Tesla comes under pressure again then this indicator could very well hit a new record in terms of being an outlier signaling a negative feedback loop on risk has started.</b></p><p><blockquote><b>如果今天资金流出继续，特斯拉再次面临压力，那么该指标很可能会创下新纪录，因为它是一个异常值，表明风险的负反馈循环已经开始。</b></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>'Build Me An Ark': The Tsunami Of Risk Of Tesla-Bitcoin-Cathie Wood Is Coming<blockquote>“为我建造一艘方舟”：特斯拉-比特币-凯西·伍德的风险海啸即将到来</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\">\n'Build Me An Ark': The Tsunami Of Risk Of Tesla-Bitcoin-Cathie Wood Is Coming<blockquote>“为我建造一艘方舟”：特斯拉-比特币-凯西·伍德的风险海啸即将到来</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-03-01 20:02</span>\n</p>\n</h4>\n</header>\n<article>\n<p><u><b>Summary:</b></u></p><p><blockquote><u><b>总结：</b></u></blockquote></p><p>   In today's equity update we are following up on our  <b>analysis of the Tesla-Bitcoin-Ark risk cluster</b>showing an updated positions analysis, cross-correlations in the flagship Ark Innovation ETF, and an drawdown analysis. Yesterday, was another bad session for this risk cluster and Ark Invest had a day with outflows across all their ETFs highlighting that risk sentiment has changed. With the founder's bold move to increase the position in Tesla during the week the risk has gone up that this risk cluster could turn into an ugly forced selling dynamic causing pain in not only Tesla, Bitcoin, and Ark funds, but also US biotechnology stocks where Ark Invest is a major holder with high ownership in selected names.  A little over a month ago we first flagged the Tesla-Bitcoin-Ark risk cluster as something to take note off as short-term correlation between Tesla and Bitcoin was shooting up. A survey from Charles Schwab also confirmed our suspicion that there is a big overlap as these two instruments are among the top five holdings by millennials. Our analysis quickly led us to Ark Invest with its famous Ark Innovation ETF which had a big position in Tesla and its charismatic founder Cathie Wood is a big believer in the so-called disruptive innovation culture of Silicon Valley. This class of people believe firmly in technology as mainly good for society in all its aspects and that&nbsp;Bitcoin is a protection against future wealth confiscation&nbsp;which is most likely inevitable due to historically high wealth inequality.</p><p><blockquote>在今天的股权更新中，我们将跟进我们的<b>特斯拉-比特币-方舟风险聚类分析</b>显示最新的头寸分析、旗舰 Ark Innovation ETF 中的交叉相关性以及回撤分析。昨天，对于这个风险集群来说，又是一个糟糕的交易日，Ark Invest 的所有 ETF 都出现了资金流出，突显出风险情绪已经发生了变化。随着创始人本周大胆增加在特斯拉的头寸，这一风险集群可能会变成丑陋的强制抛售动态，不仅给特斯拉、比特币和方舟基金带来痛苦，也给美国生物技术股票带来痛苦。方舟投资是其中的主要持有者，在选定的名称中拥有较高的所有权。一个多月前，我们首次将特斯拉-比特币-方舟风险集群标记为值得注意的事情，因为特斯拉和比特币之间的短期相关性正在飙升。嘉信理财的一项调查也证实了我们的怀疑，即存在很大的重叠，因为这两种工具都是千禧一代持有的前五大工具之一。我们的分析很快让我们找到了 Ark Invest，其著名的 Ark Innovation ETF 在特斯拉拥有大量头寸，其魅力四射的创始人 Cathie Wood 是硅谷所谓颠覆性创新文化的坚定信徒。这类人坚信技术主要对社会的各个方面都有好处，比特币是防止未来财富被没收的一种保护，由于历史上的高度财富不平等，这很可能是不可避免的。</blockquote></p><p> This disruptive innovation culture is powerful. It is presented by some of the wealthiest people of this planet. Endless presentation about innovation and institutions like the Singularity University promote these views. Behind Bitcoin you find a huge online marketing machine sucking ordinary people into the game. Recently wealthy people such as Elon Musk has openly supported Bitcoin, first in writing and later in action adding $1.5bn to Tesla’s balance sheet and thereby significantly increasing its earnings volatility. The triangle of Tesla-Bitcoin-Ark and their respective momentum has reinforced each other creating a positive feedback loop luring more investors into these instruments. As we have seen this week the ‘tower of risk’ is beginning to show cracks.</p><p><blockquote>这种颠覆性的创新文化是强大的。它是由这个星球上一些最富有的人提出的。关于创新和像奇点大学这样的机构的无休止的介绍促进了这些观点。在比特币背后，你会发现一个巨大的网络营销机器将普通人吸入游戏。最近，埃隆-马斯克（Elon Musk）等富人公开支持比特币，先是以书面形式，后来又以实际行动为特斯拉的资产负债表增加了 15 亿美元，从而大大增加了其盈利波动性。特斯拉-比特币-方舟三角及其各自的势头相互促进，形成了正反馈循环，吸引更多投资者进入这些工具。正如我们本周所看到的，“风险之塔 ”开始出现裂缝。</blockquote></p><p> <b>Ark position update and Cathie Wood’s bold move and the risk to biotechnology</b></p><p><blockquote><b>方舟立场更新、凯西-伍德的大胆举动以及生物技术面临的风险</b></blockquote></p><p> This week Tesla-Bitcoin-Ark all came under pressure from negative voices in governments over Bitcoin and beginning noise over real competition for Tesla in the coming years. The risk cluster was clearly moving together, and correlations started rising. On Tuesday, volatility picked up across the board and at one point Cathie Wood felt it was necessary to go public supporting her funds and said that&nbsp;she had increased their position in Tesla&nbsp;using big numbers in the future to justify increasing the risk. This is a bold move, but it increases the risk considerably. When you are at risk of seeing sizeable outflows, you should start reducing the most illiquid positions first while you can control the situation. Because if you are forced to do it by redemptions the game changes dramatically.</p><p><blockquote>本周，特斯拉-比特币-方舟都面临着来自政府对比特币的负面声音的压力，以及对未来几年特斯拉真正竞争的担忧。风险集群显然在一起移动，相关性开始上升。周二，波动性全面上升，凯西·伍德一度认为有必要公开支持她的基金，并表示她已经增加了他们在特斯拉的头寸，未来使用大量数字来证明增加风险的合理性。这是一个大胆的举动，但它大大增加了风险。当你有看到大量资金流出的风险时，你应该首先开始减少流动性最差的头寸，同时你可以控制局面。因为如果你被迫通过救赎来做这件事，游戏就会发生巨大的变化。</blockquote></p><p> The tables below show updated Ark Invest positions as of yesterday’s close. There are still 26 stocks where Ark Invest holds more than 10% of the outstanding shares. This could become a serious problem if Ark Invest is suddenly caught in a negative feedback loop together with Tesla and Bitcoin. But also note how US biotechnology stocks are overrepresented in this list of stocks with high ownership in percentage of outstanding shares. If Ark Invest suddenly experience across the board outflows, like it did yesterday, then they can suddenly be the forced seller in US biotechnology stocks where they are the whale. This could cascade into the overall US biotechnology segment although the group is diverse.</p><p><blockquote>下表显示了截至昨天收盘时 Ark Invest 的最新持仓情况。方舟投资持有流通股10%以上的股票仍有26只。如果方舟投资突然与特斯拉和比特币一起陷入负面反馈循环，这可能会成为一个严重的问题。但也要注意，美国生物技术股票在这份流通股比例较高的股票名单中所占比例过高。如果 Ark Invest 突然经历全面资金外流，就像昨天一样，那么他们可能会突然成为美国生物技术股票的被迫卖家，而他们是鲸鱼。尽管该集团是多元化的，但这可能会蔓延到整个美国生物技术领域。</blockquote></p><p> <i>Stocks held by Ark Invest funds with combined ownership above 10% of outstanding shares</i></p><p><blockquote><i>方舟投资基金持有的合并所有权超过流通股10%的股票</i></blockquote></p><p> <img src=\"https://static.tigerbbs.com/b97684f80243d32efc06f3379d51d4fb\" tg-width=\"500\" tg-height=\"353\">Source: Ark Invest, Bloomberg, and Saxo Group</p><p><blockquote>资料来源：Ark Invest、彭博社和盛宝集团</blockquote></p><p></p><p> The table below shows the largest positions across all funds. Here Tesla has now jumped to 7% of AUM and the first five positions now account for 21.6% of AUM. The five biggest stocks are Tesla, Teladoc Health, Square, Roku, and Baidu. Square just recently reported disappointing Q4 earnings and announced the purchase of $170mn of Bitcoin increasing the risk and feedback loop further in this risk cluster. In the Ark Innovation ETF itself, Tesla is now 10.2% of assets and together with Roku (6%) and Square (5.4%) these three stocks represent 21.6% of assets. If you look at the 10 largest positions in the Ark Innovation ETF then the red thread is that they all come with very high equity valuations and thus low implied equity risk premiums. They are all also mostly equity financed, except for Tesla, which means that the WACC, cost of capital, predominantly come from the cost of equity. With low implied equity risk premiums, the risk-free rate dominates much more than for a company such as say Microsoft or Apple. This means that the rising interest rates could suddenly cause a huge shift in equity valuations. Not because the future is different but because the cost of capital has changed.</p><p><blockquote>下表显示了所有基金的最大头寸。在这里，特斯拉现在已经跃升到资产管理规模的7%，前五名现在占资产管理规模的21.6%。最大的五只股票是特斯拉、Teladoc Health、Square、Roku和百度。Square 最近刚刚公布了令人失望的第四季度收益，并宣布以 1.7 亿美元收购比特币，进一步增加了该风险集群的风险和反馈循环。在方舟创新 ETF 本身中，特斯拉目前占资产的 10.2%，加上Roku (6%) 和 Square (5.4%)，这三只股票占资产的 21.6%。如果你看看方舟创新ETF中的10个最大头寸，那么共同的主线是它们都具有非常高的股票估值，因此隐含的股票风险溢价很低。除了特斯拉，它们也主要是股权融资，这意味着WACC（资本成本）主要来自股权成本。由于隐含股票风险溢价较低，无风险利率比微软或苹果等公司更具主导地位。这意味着利率上升可能会突然导致股票估值发生巨大变化。不是因为未来不同，而是因为资本成本变了。</blockquote></p><p> <i>Top positions in terms of Ark Invest AUM across all funds</i></p><p><blockquote><i>Ark Invest AUM 在所有基金中排名靠前</i></blockquote></p><p> <img src=\"https://static.tigerbbs.com/7e06fcb66d5a52e629b48c9cab492586\" tg-width=\"500\" tg-height=\"302\">Source: Ark Invest, Bloomberg, and Saxo Group</p><p><blockquote>资料来源：Ark Invest、彭博社和盛宝集团</blockquote></p><p> <u><b>Correlations on the rise and drawdown outlier</b></u></p><p><blockquote><u><b>上升和下降异常值的相关性</b></u></blockquote></p><p> The best sign of risk going haywire is always fast rising cross-correlations whether it is on asset classes or single stocks. The chart below shows the 10-day moving cross-correlation in the Ark Innovation ETF since early 2020. It has recently moved to around 0.6 and while it is not a new record the direction is up and has been fast coming from only 0.2 from a few weeks ago. The next week will be critical for the Tesla-Bitcoin-Ark risk cluster as negative feedback loops can be violent and very unpredictable in their outcome.</p><p><blockquote>风险失控的最佳迹象总是快速上升，无论是资产类别还是单只股票。下图显示了自 2020 年初以来 Ark Innovation ETF 的 10 天移动互相关。它最近已经上升到0.6左右，虽然这不是一个新的记录，但方向是上升的，并且从几周前的0.2迅速上升。下周对于特斯拉-比特币-方舟风险集群来说至关重要，因为负反馈循环可能是暴力的，其结果非常不可预测。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/ab96aaafda10c2371b1d3a1a14c4a48a\" tg-width=\"500\" tg-height=\"280\"><i>Source: Bloomberg and Saxo Group</i></p><p><blockquote><i>资料来源：彭博社和盛宝集团</i></blockquote></p><p> Another way of looking at risk is by plotting Ark Innovation ETF drawdowns against that of Nasdaq 100 since December 2015.<b>The ETF has typically experienced a drawdown that is 1.22 times larger than that of Nasdaq 100</b>. As of yesterday, the ratio stands at 2.44 and thus illustrates that something idiosyncratic is taking place at Ark Innovation ETF.</p><p><blockquote>另一种看待风险的方法是绘制自 2015 年 12 月以来 Ark Innovation ETF 与纳斯达克 100 指数的回撤情况。<b>ETF 的回撤幅度通常是纳斯达克 100 指数的 1.22 倍</b>截至昨天，该比率为 2.44，因此表明 Ark Innovation ETF 正在发生一些特殊情况。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/80db26e42e2910071718ff22a1ff3f2b\" tg-width=\"500\" tg-height=\"308\"><b>If outflows continue today and Tesla comes under pressure again then this indicator could very well hit a new record in terms of being an outlier signaling a negative feedback loop on risk has started.</b></p><p><blockquote><b>如果今天资金流出继续，特斯拉再次面临压力，那么该指标很可能会创下新纪录，因为它是一个异常值，表明风险的负反馈循环已经开始。</b></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/build-me-ark-tsunami-risk-tesla-bitcoin-cathie-wood-coming\">zerohedge</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":{"TSLA":"特斯拉","ARKQ":"ARK Autonomous Technology & Robotics ETF","ARKF":"ARK Fintech Innovation ETF","GBTC":"比特币ETF-Grayscale","ARKK":"ARK Innovation ETF","ARKW":"ARK Next Generation Internet ETF","ARKG":"ARK Genomic Revolution ETF","ARKR":"Ark Restaurants Corp"},"source_url":"https://www.zerohedge.com/markets/build-me-ark-tsunami-risk-tesla-bitcoin-cathie-wood-coming","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1105841550","content_text":"Summary:\n\n In today's equity update we are following up on our\n analysis of the Tesla-Bitcoin-Ark risk clustershowing an updated positions analysis, cross-correlations in the flagship Ark Innovation ETF, and an drawdown analysis. Yesterday, was another bad session for this risk cluster and Ark Invest had a day with outflows across all their ETFs highlighting that risk sentiment has changed. With the founder's bold move to increase the position in Tesla during the week the risk has gone up that this risk cluster could turn into an ugly forced selling dynamic causing pain in not only Tesla, Bitcoin, and Ark funds, but also US biotechnology stocks where Ark Invest is a major holder with high ownership in selected names.\n\nA little over a month ago we first flagged the Tesla-Bitcoin-Ark risk cluster as something to take note off as short-term correlation between Tesla and Bitcoin was shooting up. A survey from Charles Schwab also confirmed our suspicion that there is a big overlap as these two instruments are among the top five holdings by millennials. Our analysis quickly led us to Ark Invest with its famous Ark Innovation ETF which had a big position in Tesla and its charismatic founder Cathie Wood is a big believer in the so-called disruptive innovation culture of Silicon Valley. This class of people believe firmly in technology as mainly good for society in all its aspects and that Bitcoin is a protection against future wealth confiscation which is most likely inevitable due to historically high wealth inequality.\nThis disruptive innovation culture is powerful. It is presented by some of the wealthiest people of this planet. Endless presentation about innovation and institutions like the Singularity University promote these views. Behind Bitcoin you find a huge online marketing machine sucking ordinary people into the game. Recently wealthy people such as Elon Musk has openly supported Bitcoin, first in writing and later in action adding $1.5bn to Tesla’s balance sheet and thereby significantly increasing its earnings volatility. The triangle of Tesla-Bitcoin-Ark and their respective momentum has reinforced each other creating a positive feedback loop luring more investors into these instruments. As we have seen this week the ‘tower of risk’ is beginning to show cracks.\nArk position update and Cathie Wood’s bold move and the risk to biotechnology\nThis week Tesla-Bitcoin-Ark all came under pressure from negative voices in governments over Bitcoin and beginning noise over real competition for Tesla in the coming years. The risk cluster was clearly moving together, and correlations started rising. On Tuesday, volatility picked up across the board and at one point Cathie Wood felt it was necessary to go public supporting her funds and said that she had increased their position in Tesla using big numbers in the future to justify increasing the risk. This is a bold move, but it increases the risk considerably. When you are at risk of seeing sizeable outflows, you should start reducing the most illiquid positions first while you can control the situation. Because if you are forced to do it by redemptions the game changes dramatically.\nThe tables below show updated Ark Invest positions as of yesterday’s close. There are still 26 stocks where Ark Invest holds more than 10% of the outstanding shares. This could become a serious problem if Ark Invest is suddenly caught in a negative feedback loop together with Tesla and Bitcoin. But also note how US biotechnology stocks are overrepresented in this list of stocks with high ownership in percentage of outstanding shares. If Ark Invest suddenly experience across the board outflows, like it did yesterday, then they can suddenly be the forced seller in US biotechnology stocks where they are the whale. This could cascade into the overall US biotechnology segment although the group is diverse.\nStocks held by Ark Invest funds with combined ownership above 10% of outstanding shares\nSource: Ark Invest, Bloomberg, and Saxo Group\nThe table below shows the largest positions across all funds. Here Tesla has now jumped to 7% of AUM and the first five positions now account for 21.6% of AUM. The five biggest stocks are Tesla, Teladoc Health, Square, Roku, and Baidu. Square just recently reported disappointing Q4 earnings and announced the purchase of $170mn of Bitcoin increasing the risk and feedback loop further in this risk cluster. In the Ark Innovation ETF itself, Tesla is now 10.2% of assets and together with Roku (6%) and Square (5.4%) these three stocks represent 21.6% of assets. If you look at the 10 largest positions in the Ark Innovation ETF then the red thread is that they all come with very high equity valuations and thus low implied equity risk premiums. They are all also mostly equity financed, except for Tesla, which means that the WACC, cost of capital, predominantly come from the cost of equity. With low implied equity risk premiums, the risk-free rate dominates much more than for a company such as say Microsoft or Apple. This means that the rising interest rates could suddenly cause a huge shift in equity valuations. Not because the future is different but because the cost of capital has changed.\nTop positions in terms of Ark Invest AUM across all funds\nSource: Ark Invest, Bloomberg, and Saxo Group\nCorrelations on the rise and drawdown outlier\nThe best sign of risk going haywire is always fast rising cross-correlations whether it is on asset classes or single stocks. The chart below shows the 10-day moving cross-correlation in the Ark Innovation ETF since early 2020. It has recently moved to around 0.6 and while it is not a new record the direction is up and has been fast coming from only 0.2 from a few weeks ago. The next week will be critical for the Tesla-Bitcoin-Ark risk cluster as negative feedback loops can be violent and very unpredictable in their outcome.\nSource: Bloomberg and Saxo Group\nAnother way of looking at risk is by plotting Ark Innovation ETF drawdowns against that of Nasdaq 100 since December 2015.The ETF has typically experienced a drawdown that is 1.22 times larger than that of Nasdaq 100. As of yesterday, the ratio stands at 2.44 and thus illustrates that something idiosyncratic is taking place at Ark Innovation ETF.\nIf outflows continue today and Tesla comes under pressure again then this indicator could very well hit a new record in terms of being an outlier signaling a negative feedback loop on risk has started.","news_type":1,"symbols_score_info":{"ARKW":0.9,"TSLA":0.9,"ARKF":0.9,"GBTC":0.9,"ARKG":0.9,"ARKR":0.9,"ARKK":0.9,"ARKQ":0.9}},"isVote":1,"tweetType":1,"viewCount":601,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":368569835,"gmtCreate":1614339006527,"gmtModify":1703476577470,"author":{"id":"3560333271175805","authorId":"3560333271175805","name":"UsernameHere","avatar":"https://static.tigerbbs.com/d364fcef5f5752caa1c344e47f129ccf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560333271175805","authorIdStr":"3560333271175805"},"themes":[],"title":"","htmlText":"Buy!","listText":"Buy!","text":"Buy!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/368569835","repostId":"2114371822","repostType":4,"isVote":1,"tweetType":1,"viewCount":720,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":369509648,"gmtCreate":1614054215284,"gmtModify":1634551377282,"author":{"id":"3560333271175805","authorId":"3560333271175805","name":"UsernameHere","avatar":"https://static.tigerbbs.com/d364fcef5f5752caa1c344e47f129ccf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560333271175805","authorIdStr":"3560333271175805"},"themes":[],"title":"","htmlText":"Lol","listText":"Lol","text":"Lol","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/369509648","repostId":"1122871036","repostType":4,"repost":{"id":"1122871036","kind":"news","pubTimestamp":1614052907,"share":"https://www.laohunote.com/m/news/1122871036?lang=zh_CN&edition=full","pubTime":"2021-02-23 12:01","market":"us","language":"en","title":"Why AMC Stock Soared Today<blockquote>为什么 AMC 股票今天飙升</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1122871036","media":"Motley Fool ","summary":"The theater chain is set to resume operations in a major market.\nWhat happened\nShares of AMC Enterta","content":"<p>The theater chain is set to resume operations in a major market.</p><p><blockquote>这家连锁影院将在一个主要市场恢复运营。</blockquote></p><p> <b>What happened</b></p><p><blockquote><b>发生了什么事</b></blockquote></p><p> Shares of&nbsp;<b>AMC Entertainment</b>&nbsp;(NYSE:AMC)&nbsp;jumped 14.9% on Monday after Governor Andrew Cuomo said movie theaters could reopen in New York City on March 5.</p><p><blockquote>股份<b>AMC院线</b>（纽约证券交易所股票代码：AMC）周一上涨 14.9%，此前州长安德鲁·科莫表示纽约市电影院可能于 3 月 5 日重新开放。</blockquote></p><p> <b>So what</b></p><p><blockquote><b>那又怎样</b></blockquote></p><p> New York's reopening plan comes with some stipulations. Theaters can operate at 25% capacity, while guests will be limited to a maximum of 50 people per screen. \"Assigned seating, social distancing, and other health precautions will be in place,\" Cuomo said.</p><p><blockquote>纽约的重新开放计划有一些规定。影院可以以25%的容量运营，而每个屏幕最多只能容纳50人。科莫说：“分配座位、社交距离和其他健康预防措施将到位。”</blockquote></p><p> Still,investors&nbsp;cheered the news, and rightfully so. The ability to once again operate its venues in a major market is certainly a positive for the struggling movie theater chain. AMC moved quickly to seize the opportunity.</p><p><blockquote>尽管如此，投资者对这一消息欢欣鼓舞，这是理所当然的。对于陷入困境的连锁电影院来说，能够再次在一个主要市场运营其场馆无疑是一个积极因素。AMC迅速行动，抓住机遇。</blockquote></p><p> AMC said it would reopen all 13 of its theaters in New York City starting on March 5. \"Governor Cuomo's announcement that movie theaters can reopen in New York City in the first week of March is another important step toward restoring the health of the movie theater industry and of our company,\" AMC CEO Adam Aron said in a press release.</p><p><blockquote>AMC表示，将从3月5日开始重新开放纽约市的所有13家影院。AMC 首席执行官亚当·阿伦 (Adam Aron) 在一份新闻稿中表示：“科莫州长宣布纽约市电影院可以在三月的第一周重新开放，这是恢复电影院行业和我们公司健康的又一重要步骤。”</blockquote></p><p> <b>Now what</b></p><p><blockquote><b>现在呢</b></blockquote></p><p> AMC will implement new health and safety procedures that it developed in collaboration with&nbsp;<b>Clorox</b>&nbsp;and Harvard University. These include social distancing measures, mandatory mask-wearing, upgraded air filtration systems, and increased sanitization efforts.</p><p><blockquote>AMC 将实施其与以下机构合作开发的新健康和安全程序<b>高乐氏</b>和哈佛大学。这些措施包括社交距离措施、强制戴口罩、升级空气过滤系统和加大消毒力度。</blockquote></p><p> However, while necessary, the cost of these procedures will likely weigh on AMC's profitability. It also remains to be seen whether people will rush back to theaters during the coronavirus pandemic or simply watch movies in the comfort and safety of their own homes. Although the chance to open more of its theaters is a step toward a potential recovery, AMC's stock remains a high-risk investment.</p><p><blockquote>然而，虽然有必要，但这些程序的成本可能会影响 AMC 的盈利能力。在冠状病毒疫情期间，人们是会匆忙回到电影院，还是只是在自己舒适安全的家中看电影，还有待观察。尽管开放更多影院的机会是迈向潜在复苏的一步，但 AMC 的股票仍然是一项高风险投资。</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 AMC Stock Soared Today<blockquote>为什么 AMC 股票今天飙升</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 AMC Stock Soared Today<blockquote>为什么 AMC 股票今天飙升</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\">2021-02-23 12:01</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The theater chain is set to resume operations in a major market.</p><p><blockquote>这家连锁影院将在一个主要市场恢复运营。</blockquote></p><p> <b>What happened</b></p><p><blockquote><b>发生了什么事</b></blockquote></p><p> Shares of&nbsp;<b>AMC Entertainment</b>&nbsp;(NYSE:AMC)&nbsp;jumped 14.9% on Monday after Governor Andrew Cuomo said movie theaters could reopen in New York City on March 5.</p><p><blockquote>股份<b>AMC院线</b>（纽约证券交易所股票代码：AMC）周一上涨 14.9%，此前州长安德鲁·科莫表示纽约市电影院可能于 3 月 5 日重新开放。</blockquote></p><p> <b>So what</b></p><p><blockquote><b>那又怎样</b></blockquote></p><p> New York's reopening plan comes with some stipulations. Theaters can operate at 25% capacity, while guests will be limited to a maximum of 50 people per screen. \"Assigned seating, social distancing, and other health precautions will be in place,\" Cuomo said.</p><p><blockquote>纽约的重新开放计划有一些规定。影院可以以25%的容量运营，而每个屏幕最多只能容纳50人。科莫说：“分配座位、社交距离和其他健康预防措施将到位。”</blockquote></p><p> Still,investors&nbsp;cheered the news, and rightfully so. The ability to once again operate its venues in a major market is certainly a positive for the struggling movie theater chain. AMC moved quickly to seize the opportunity.</p><p><blockquote>尽管如此，投资者对这一消息欢欣鼓舞，这是理所当然的。对于陷入困境的连锁电影院来说，能够再次在一个主要市场运营其场馆无疑是一个积极因素。AMC迅速行动，抓住机遇。</blockquote></p><p> AMC said it would reopen all 13 of its theaters in New York City starting on March 5. \"Governor Cuomo's announcement that movie theaters can reopen in New York City in the first week of March is another important step toward restoring the health of the movie theater industry and of our company,\" AMC CEO Adam Aron said in a press release.</p><p><blockquote>AMC表示，将从3月5日开始重新开放纽约市的所有13家影院。AMC 首席执行官亚当·阿伦 (Adam Aron) 在一份新闻稿中表示：“科莫州长宣布纽约市电影院可以在三月的第一周重新开放，这是恢复电影院行业和我们公司健康的又一重要步骤。”</blockquote></p><p> <b>Now what</b></p><p><blockquote><b>现在呢</b></blockquote></p><p> AMC will implement new health and safety procedures that it developed in collaboration with&nbsp;<b>Clorox</b>&nbsp;and Harvard University. These include social distancing measures, mandatory mask-wearing, upgraded air filtration systems, and increased sanitization efforts.</p><p><blockquote>AMC 将实施其与以下机构合作开发的新健康和安全程序<b>高乐氏</b>和哈佛大学。这些措施包括社交距离措施、强制戴口罩、升级空气过滤系统和加大消毒力度。</blockquote></p><p> However, while necessary, the cost of these procedures will likely weigh on AMC's profitability. It also remains to be seen whether people will rush back to theaters during the coronavirus pandemic or simply watch movies in the comfort and safety of their own homes. Although the chance to open more of its theaters is a step toward a potential recovery, AMC's stock remains a high-risk investment.</p><p><blockquote>然而，虽然有必要，但这些程序的成本可能会影响 AMC 的盈利能力。在冠状病毒疫情期间，人们是会匆忙回到电影院，还是只是在自己舒适安全的家中看电影，还有待观察。尽管开放更多影院的机会是迈向潜在复苏的一步，但 AMC 的股票仍然是一项高风险投资。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/02/22/why-amc-stock-soared-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":{"AMC":"AMC院线"},"source_url":"https://www.fool.com/investing/2021/02/22/why-amc-stock-soared-today/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1122871036","content_text":"The theater chain is set to resume operations in a major market.\nWhat happened\nShares of AMC Entertainment (NYSE:AMC) jumped 14.9% on Monday after Governor Andrew Cuomo said movie theaters could reopen in New York City on March 5.\nSo what\nNew York's reopening plan comes with some stipulations. Theaters can operate at 25% capacity, while guests will be limited to a maximum of 50 people per screen. \"Assigned seating, social distancing, and other health precautions will be in place,\" Cuomo said.\nStill,investors cheered the news, and rightfully so. The ability to once again operate its venues in a major market is certainly a positive for the struggling movie theater chain. AMC moved quickly to seize the opportunity.\nAMC said it would reopen all 13 of its theaters in New York City starting on March 5. \"Governor Cuomo's announcement that movie theaters can reopen in New York City in the first week of March is another important step toward restoring the health of the movie theater industry and of our company,\" AMC CEO Adam Aron said in a press release.\nNow what\nAMC will implement new health and safety procedures that it developed in collaboration with Clorox and Harvard University. These include social distancing measures, mandatory mask-wearing, upgraded air filtration systems, and increased sanitization efforts.\nHowever, while necessary, the cost of these procedures will likely weigh on AMC's profitability. It also remains to be seen whether people will rush back to theaters during the coronavirus pandemic or simply watch movies in the comfort and safety of their own homes. Although the chance to open more of its theaters is a step toward a potential recovery, AMC's stock remains a high-risk investment.","news_type":1,"symbols_score_info":{"AMC":0.9}},"isVote":1,"tweetType":1,"viewCount":520,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":360983640,"gmtCreate":1613809894480,"gmtModify":1634552130081,"author":{"id":"3560333271175805","authorId":"3560333271175805","name":"UsernameHere","avatar":"https://static.tigerbbs.com/d364fcef5f5752caa1c344e47f129ccf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560333271175805","authorIdStr":"3560333271175805"},"themes":[],"title":"","htmlText":"Coin","listText":"Coin","text":"Coin","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/360983640","repostId":"1103921295","repostType":4,"repost":{"id":"1103921295","kind":"news","pubTimestamp":1613706165,"share":"https://www.laohunote.com/m/news/1103921295?lang=zh_CN&edition=full","pubTime":"2021-02-19 11:42","market":"us","language":"en","title":"GameStop hearing challenges assumptions about rookie investors<blockquote>游戏驿站听证会挑战有关新手投资者的假设</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1103921295","media":"Marketwatch","summary":"Robinhood CEO Vlad Tenev discussed average account sizes and user demographics during a congressiona","content":"<p>  <b>Robinhood CEO Vlad Tenev discussed average account sizes and user demographics during a congressional hearing on GameStop’s rise and fall.</b>  YOLO? Maybe not quite so.</p><p><blockquote><b>Robinhood 首席执行官 Vlad Tenev 在国会关于游戏驿站兴衰的听证会上讨论了平均账户规模和用户人口统计数据。</b>YOLO？也许不完全是这样。</blockquote></p><p> During the GameStop trading frenzy, some observers worried many rookie retail investors banding together on sites like Reddit’s WallStreetBets would bet big — a so-called “YOLO trade” in the forum’sslang— andend up losing badly.</p><p><blockquote>在游戏驿站交易狂潮期间，一些观察家担心，许多在 Reddit 的 WallStreetBets 等网站上聚集在一起的新手散户投资者会下大注--用论坛术语来说就是所谓的 “YOLO 交易”--最终损失惨重。</blockquote></p><p> No doubt, this wasa serious event that rocked the stock market, bringing it “dangerously close” to collapse, according to Thomas Peterffy, founder and chairman of Interactive Brokers Group.</p><p><blockquote>盈透证券集团（Interactive Brokers Group）创始人兼董事长托马斯-彼得菲（Thomas Peterffy）表示，毫无疑问，这一 wasa 严重事件震撼了股市，使股市 “危险地 ”接近崩溃。</blockquote></p><p> But at a closely-watched congressional hearing Thursday on the rise and fall of GameStop shares and other so-called “meme stocks,” statements by one of the key players in the trading firestorm revealed that young investors generally aren’t betting big to reap quick gains.</p><p><blockquote>但在周四就游戏驿站股票和其他所谓 “迷因股票 ”的涨跌举行的备受关注的国会听证会上，这场交易风暴的关键人物之一的声明显示，年轻投资者一般不会为了快速获利而下大赌注。</blockquote></p><p> “Contrary to some very misleading and highly uninformed reports, we see evidence that most of our customers are investing for the long term,” said Vlad Tenev, CEO of Robinhood, the popular trading platform that caughtmassive irefor temporarily restricting trades on GameStopGME,-11.43%,AMC EntertainmentAMC,-0.72%and several other companies. As the hearing continued, he repeated that point under lawmaker questions.</p><p><blockquote>“Robinhood 的首席执行官弗拉德-特涅夫（Vlad Tenev）说：”与一些非常误导性和高度不知情的报道相反，我们看到的证据表明，我们的大多数客户都在进行长期投资。随着听证会的继续，他在立法者的提问下重复了这一点。</blockquote></p><p> “What we see is generally not consistent with popular memes suggesting that most of our brokerage customers are unsophisticated day traders taking inordinate risks with large sums of money on complex financial products,”Tenev wrote in prepared testimony submitted ahead of the hearing,pushing back on the idea that his companyencouraged reckless tradingon a platform with 13 million users.</p><p><blockquote>“特内夫在听证会前提交的准备好的证词中写道：”我们所看到的情况总体上与流行的备忘录不一致，这些备忘录认为我们的大多数经纪客户都是不成熟的日内交易者，他们在复杂的金融产品上投入大量资金，承担过大的风险，”特内夫反驳了他的公司鼓励在一个拥有 1300 万用户的平台上进行鲁莽交易的说法。</blockquote></p><p> Just 2% of Robinhood users qualified as “pattern day traders” who made four or more trades within five business days, he said. Thirteen percent traded basic options contracts, which can be higher risk, higher reward than straight-ahead buying or selling.</p><p><blockquote>他说，只有 2% 的 Robinhood 用户有资格成为 “模式日交易者 ”，他们在五个工作日内进行了四笔或四笔以上的交易。13%的人交易基本期权合约，这可能比直接买入或卖出风险更高，回报更高。</blockquote></p><p> In the face of some pointed questions, he also insisted Robinhood isn’t trying to turn the user experience into a game. “We know investing is serious and that’s why most of our customers are buy and hold,” he said.</p><p><blockquote>面对一些尖锐的问题，他还坚称 Robinhood 并没有试图将用户体验变成游戏。“他说：”我们知道投资是严肃的，这也是我们大多数客户买入并持有的原因。</blockquote></p><p> (Before the GameStop saga, Massachusetts state regulators filed a complaint against Robinhood for allegedly making trading seem too fun until loses occur. The company previously said itdisputes the allegation.)</p><p><blockquote>（在游戏驿站事件发生之前，马萨诸塞州监管机构对 Robinhood 提起诉讼，指控其在亏损发生之前让交易显得过于有趣。该公司此前曾表示对这一指控提出异议。）</blockquote></p><p> Tenev and lawmakershave sparredon what Robinhood should and shouldn’t have done during the GameStop saga. GameStop shares once traded at a high point of $483. By Thursday’s market close, GameStop shares were $40.69.</p><p><blockquote>特内夫和立法者们争论罗宾汉在游戏驿站事件中应该做什么和不应该做什么。游戏驿站股价一度触及483美元的高点。截至周四收盘，游戏驿站股价为 40.69 美元。</blockquote></p><p> But either way, Tenev’s testimony gave an interesting peek at who the newest retail investors are and how much money they are pouring into the market. After all, retail investors were already increasingly entering the stock market before the GameStop drama started.</p><p><blockquote>但无论如何，特内夫的证词都让我们有趣地看到了最新的散户投资者是谁，以及他们向市场投入了多少资金。毕竟，在游戏驿站闹剧开始之前，散户投资者已经越来越多地进入股市。</blockquote></p><p> Fifty-five percent of Americans directly own stock, according to aGallup surveylast year, while 32% of 18- to 29-year-olds said they owned stock.</p><p><blockquote>根据阿盖洛普去年的调查，55%的美国人直接拥有股票，而32%的18至29岁的人表示他们拥有股票。</blockquote></p><p> The median age of Robinhood investors is 31 and half of users say they are first-time investors. The median account size is about $240, according to Tenev’s statement, and the average account size is about $5,000.</p><p><blockquote>Robinhood 投资者的平均年龄为 31 岁，一半的用户表示他们是首次投资者。根据 Tenev 的声明，账户规模中位数约为 240 美元，平均账户规模约为 5000 美元。</blockquote></p><p> The fact that 13% of Robinhood users are trading options gives some advocates pause. Barbara Roper, director of investor protection at the Consumer Federation of America,saidthat “strikes us as a pretty high percentage when you consider the characteristics of Robinhood’s customer base (disproportionately young, first-time investors with small accounts).”</p><p><blockquote>13% 的 Robinhood 用户正在交易期权，这一事实让一些支持者犹豫不决。美国消费者联合会投资者保护主管芭芭拉-罗珀（Barbara Roper）说，“考虑到 Robinhood 客户群的特点（不成比例的年轻、账户较小的首次投资者），我们会发现这一比例相当高”。</blockquote></p><p> Robinhood investors also tend to be a slightly more racially diverse crowd, according to Tenev’s testimony. Nine percent of users are Black, compared to 3% at other firms and 16% are Hispanic, versus 7% at other firms, according to Tenev’s statement.</p><p><blockquote>根据 Tenev 的证词，Robinhood 的投资者也往往是一个种族稍微多样化的群体。根据 Tenev 的声明，9% 的用户是黑人，其他公司的这一比例为 3%，16% 是西班牙裔，而其他公司的这一比例为 7%。</blockquote></p><p> “Retail investors making up this new surge are different,” testified Jennifer Schulp, the Cato Institute’s director of financial regulation studies.</p><p><blockquote>“卡托研究所（Cato Institute）金融监管研究主任詹妮弗-舒尔普（Jennifer Schulp）作证说：”构成这一新一轮激增的散户投资者与众不同。</blockquote></p><p> Retail investors are nicknamed as“dumb money”on Wall Street, Schulp said. “I think it’s insulting. I think the term needs to go out the window. I think the GameStop situation is proof the retail investors are revolutionizing the market …. I think the retail investors here are learning by doing, which is one of the best ways to learn.”</p><p><blockquote>舒尔普说，散户投资者在华尔街被戏称为 “傻钱 ”。“我认为这是一种侮辱。我认为这个词需要被淘汰。我认为游戏驿站的情况证明散户投资者正在彻底改变市场.我认为这里的散户投资者正在边做边学，这是最好的学习方式之一。”</blockquote></p><p> She pointed to research from theFINRA Investor Education Foundationreleased earlier this month digging into the demographics and account balances of new retail investors.</p><p><blockquote>她指出，FINRA 投资者教育基金会本月早些时候发布的研究深入研究了新散户投资者的人口统计数据和账户余额。</blockquote></p><p> One-third of new investors who opened a taxable investment account for the first time in 2020 said they had account balances of less than $500, versus 16% of experienced investors. Twenty-three percent of new investors had account balances up to $2,000. Twenty percent of experienced investors had account balances up to $2,000.</p><p><blockquote>2020 年首次开设应税投资账户的新投资者中有三分之一表示，他们的账户余额低于 500 美元，而经验丰富的投资者这一比例为 16%。23%的新投资者账户余额高达2000美元。20% 有经验的投资者的账户余额高达 2,000 美元。</blockquote></p><p></p><p> The survey found a more racially diverse set of new investors, with 17% of new investors being Black. Seven percent of experienced investors are Black, the poll said.</p><p><blockquote>调查发现，新投资者的种族更加多样化，17%的新投资者是黑人。民意调查显示，7% 的经验丰富的投资者是黑人。</blockquote></p><p> As the hearing continued, some lawmakers questioned whether more guardrails need to be in place, while others said lawmakers shouldn’t condescend to retail investors and assume they know best.</p><p><blockquote>随着听证会的继续，一些立法者质疑是否需要设置更多的护栏，而另一些立法者则表示，立法者不应屈尊于散户投资者，并认为他们最了解情况。</blockquote></p><p> “Many Americans feel that the system is stacked against them and no matter what, Wall Street always wins,” said Rep. Maxine Waters, who chairs the House Financial Services Committee. “In this instance, many retail investors appeared motivated by a desire to beat Wall Street at its own game and given the losses that many retail investors have sustained as a result of volatility in the system, there are many whose beliefs that the system is rigged against them has been reinforced.”</p><p><blockquote>“众议院金融服务委员会主席、众议员玛克辛-沃特斯（Maxine Waters）说：”许多美国人认为这个体系对他们不利，无论如何，华尔街总是会赢。“在这种情况下，许多散户投资者似乎是出于在自己的游戏中击败华尔街的愿望，考虑到许多散户投资者因系统波动而遭受的损失，许多人认为系统被操纵了，对他们不利。”</blockquote></p><p> The GameStop saga was a “fundamental change,” said Rep. Patrick McHenry, the ranking Republican on the committee. The swell in trading was propelled by social media and a wealth of new information at investors’ fingertips.</p><p><blockquote>委员会中排名第一的共和党众议员帕特里克-麦克亨利（Patrick McHenry）说，游戏驿站事件是一个 “根本性的变化”。交易量的激增是由社交媒体和投资者唾手可得的大量新信息推动的。</blockquote></p><p> “I think if we’ve learned anything from these past few weeks, it’s that these average everyday investors are pretty darn sophisticated,” McHenry said. “There is wisdom to the crowd.”</p><p><blockquote>“麦克亨利说：”我认为，如果说我们从过去几周中学到了什么，那就是这些普通的日常投资者都非常老练。“人群中有智慧”。</blockquote></p><p> The government needs to make it easier for everyday investors to buy into the market, he said. “Instead of shutting the American public out through new regulations, new forms of taxation or so-called protections, let’s use this opprotunity to side with them.”</p><p><blockquote>他说，政府需要让普通投资者更容易入市。“与其通过新的法规、新的税收形式或所谓的保护措施将美国公众拒之门外，让我们利用这个机会站在他们一边”。</blockquote></p><p> One of the witnesses was Keith Gill, a 34-year-old independent investor with online handles like “Roaring Kitty” who turned his GameStop investment into millions. He made all his investment decisions based on publicly-availabile information, he told Congress.</p><p><blockquote>证人之一是基思-吉尔（Keith Gill），他是一位 34 岁的独立投资者，在网上拥有 “咆哮的小猫 ”这样的账号，他将自己在游戏驿站的投资变成了数百万美元。他告诉国会，他所有的投资决策都是根据公开信息做出的。</blockquote></p><p> “I would be the first to acknowledge that investing in stocks and options is incredibly risky, and it’s so important for people to do their own thorough research before investing,” Gill said. “Folks should be able to freely express their views on a stock, and they should be able to buy or not buy a stock based on those views.”</p><p><blockquote>“吉尔说：”我会第一个承认投资股票和期权风险极大，人们在投资前进行彻底的研究非常重要。“人们应该能够自由地表达自己对股票的看法，他们应该能够根据这些看法购买或不购买股票”。</blockquote></p><p> GameStop shares are up nearly 116% year-to-date. The Dow Jones Industrial Average&nbsp;is up nearly 3% and the S&amp;P 500&nbsp;is up more than 4% in 2021.</p><p><blockquote>今年迄今为止，游戏驿站股价已上涨近 116%。2021年，道琼斯工业平均指数上涨近3%，标普500上涨超过4%。</blockquote></p><p></p>","source":"market_watch","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>GameStop hearing challenges assumptions about rookie investors<blockquote>游戏驿站听证会挑战有关新手投资者的假设</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\">\nGameStop hearing challenges assumptions about rookie investors<blockquote>游戏驿站听证会挑战有关新手投资者的假设</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Marketwatch</strong><span class=\"h-time small\">2021-02-19 11:42</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>Robinhood CEO Vlad Tenev discussed average account sizes and user demographics during a congressional hearing on GameStop’s rise and fall.</b>  YOLO? Maybe not quite so.</p><p><blockquote><b>Robinhood 首席执行官 Vlad Tenev 在国会关于游戏驿站兴衰的听证会上讨论了平均账户规模和用户人口统计数据。</b>YOLO？也许不完全是这样。</blockquote></p><p> During the GameStop trading frenzy, some observers worried many rookie retail investors banding together on sites like Reddit’s WallStreetBets would bet big — a so-called “YOLO trade” in the forum’sslang— andend up losing badly.</p><p><blockquote>在游戏驿站交易狂潮期间，一些观察家担心，许多在 Reddit 的 WallStreetBets 等网站上聚集在一起的新手散户投资者会下大注--用论坛术语来说就是所谓的 “YOLO 交易”--最终损失惨重。</blockquote></p><p> No doubt, this wasa serious event that rocked the stock market, bringing it “dangerously close” to collapse, according to Thomas Peterffy, founder and chairman of Interactive Brokers Group.</p><p><blockquote>盈透证券集团（Interactive Brokers Group）创始人兼董事长托马斯-彼得菲（Thomas Peterffy）表示，毫无疑问，这一 wasa 严重事件震撼了股市，使股市 “危险地 ”接近崩溃。</blockquote></p><p> But at a closely-watched congressional hearing Thursday on the rise and fall of GameStop shares and other so-called “meme stocks,” statements by one of the key players in the trading firestorm revealed that young investors generally aren’t betting big to reap quick gains.</p><p><blockquote>但在周四就游戏驿站股票和其他所谓 “迷因股票 ”的涨跌举行的备受关注的国会听证会上，这场交易风暴的关键人物之一的声明显示，年轻投资者一般不会为了快速获利而下大赌注。</blockquote></p><p> “Contrary to some very misleading and highly uninformed reports, we see evidence that most of our customers are investing for the long term,” said Vlad Tenev, CEO of Robinhood, the popular trading platform that caughtmassive irefor temporarily restricting trades on GameStopGME,-11.43%,AMC EntertainmentAMC,-0.72%and several other companies. As the hearing continued, he repeated that point under lawmaker questions.</p><p><blockquote>“Robinhood 的首席执行官弗拉德-特涅夫（Vlad Tenev）说：”与一些非常误导性和高度不知情的报道相反，我们看到的证据表明，我们的大多数客户都在进行长期投资。随着听证会的继续，他在立法者的提问下重复了这一点。</blockquote></p><p> “What we see is generally not consistent with popular memes suggesting that most of our brokerage customers are unsophisticated day traders taking inordinate risks with large sums of money on complex financial products,”Tenev wrote in prepared testimony submitted ahead of the hearing,pushing back on the idea that his companyencouraged reckless tradingon a platform with 13 million users.</p><p><blockquote>“特内夫在听证会前提交的准备好的证词中写道：”我们所看到的情况总体上与流行的备忘录不一致，这些备忘录认为我们的大多数经纪客户都是不成熟的日内交易者，他们在复杂的金融产品上投入大量资金，承担过大的风险，”特内夫反驳了他的公司鼓励在一个拥有 1300 万用户的平台上进行鲁莽交易的说法。</blockquote></p><p> Just 2% of Robinhood users qualified as “pattern day traders” who made four or more trades within five business days, he said. Thirteen percent traded basic options contracts, which can be higher risk, higher reward than straight-ahead buying or selling.</p><p><blockquote>他说，只有 2% 的 Robinhood 用户有资格成为 “模式日交易者 ”，他们在五个工作日内进行了四笔或四笔以上的交易。13%的人交易基本期权合约，这可能比直接买入或卖出风险更高，回报更高。</blockquote></p><p> In the face of some pointed questions, he also insisted Robinhood isn’t trying to turn the user experience into a game. “We know investing is serious and that’s why most of our customers are buy and hold,” he said.</p><p><blockquote>面对一些尖锐的问题，他还坚称 Robinhood 并没有试图将用户体验变成游戏。“他说：”我们知道投资是严肃的，这也是我们大多数客户买入并持有的原因。</blockquote></p><p> (Before the GameStop saga, Massachusetts state regulators filed a complaint against Robinhood for allegedly making trading seem too fun until loses occur. The company previously said itdisputes the allegation.)</p><p><blockquote>（在游戏驿站事件发生之前，马萨诸塞州监管机构对 Robinhood 提起诉讼，指控其在亏损发生之前让交易显得过于有趣。该公司此前曾表示对这一指控提出异议。）</blockquote></p><p> Tenev and lawmakershave sparredon what Robinhood should and shouldn’t have done during the GameStop saga. GameStop shares once traded at a high point of $483. By Thursday’s market close, GameStop shares were $40.69.</p><p><blockquote>特内夫和立法者们争论罗宾汉在游戏驿站事件中应该做什么和不应该做什么。游戏驿站股价一度触及483美元的高点。截至周四收盘，游戏驿站股价为 40.69 美元。</blockquote></p><p> But either way, Tenev’s testimony gave an interesting peek at who the newest retail investors are and how much money they are pouring into the market. After all, retail investors were already increasingly entering the stock market before the GameStop drama started.</p><p><blockquote>但无论如何，特内夫的证词都让我们有趣地看到了最新的散户投资者是谁，以及他们向市场投入了多少资金。毕竟，在游戏驿站闹剧开始之前，散户投资者已经越来越多地进入股市。</blockquote></p><p> Fifty-five percent of Americans directly own stock, according to aGallup surveylast year, while 32% of 18- to 29-year-olds said they owned stock.</p><p><blockquote>根据阿盖洛普去年的调查，55%的美国人直接拥有股票，而32%的18至29岁的人表示他们拥有股票。</blockquote></p><p> The median age of Robinhood investors is 31 and half of users say they are first-time investors. The median account size is about $240, according to Tenev’s statement, and the average account size is about $5,000.</p><p><blockquote>Robinhood 投资者的平均年龄为 31 岁，一半的用户表示他们是首次投资者。根据 Tenev 的声明，账户规模中位数约为 240 美元，平均账户规模约为 5000 美元。</blockquote></p><p> The fact that 13% of Robinhood users are trading options gives some advocates pause. Barbara Roper, director of investor protection at the Consumer Federation of America,saidthat “strikes us as a pretty high percentage when you consider the characteristics of Robinhood’s customer base (disproportionately young, first-time investors with small accounts).”</p><p><blockquote>13% 的 Robinhood 用户正在交易期权，这一事实让一些支持者犹豫不决。美国消费者联合会投资者保护主管芭芭拉-罗珀（Barbara Roper）说，“考虑到 Robinhood 客户群的特点（不成比例的年轻、账户较小的首次投资者），我们会发现这一比例相当高”。</blockquote></p><p> Robinhood investors also tend to be a slightly more racially diverse crowd, according to Tenev’s testimony. Nine percent of users are Black, compared to 3% at other firms and 16% are Hispanic, versus 7% at other firms, according to Tenev’s statement.</p><p><blockquote>根据 Tenev 的证词，Robinhood 的投资者也往往是一个种族稍微多样化的群体。根据 Tenev 的声明，9% 的用户是黑人，其他公司的这一比例为 3%，16% 是西班牙裔，而其他公司的这一比例为 7%。</blockquote></p><p> “Retail investors making up this new surge are different,” testified Jennifer Schulp, the Cato Institute’s director of financial regulation studies.</p><p><blockquote>“卡托研究所（Cato Institute）金融监管研究主任詹妮弗-舒尔普（Jennifer Schulp）作证说：”构成这一新一轮激增的散户投资者与众不同。</blockquote></p><p> Retail investors are nicknamed as“dumb money”on Wall Street, Schulp said. “I think it’s insulting. I think the term needs to go out the window. I think the GameStop situation is proof the retail investors are revolutionizing the market …. I think the retail investors here are learning by doing, which is one of the best ways to learn.”</p><p><blockquote>舒尔普说，散户投资者在华尔街被戏称为 “傻钱 ”。“我认为这是一种侮辱。我认为这个词需要被淘汰。我认为游戏驿站的情况证明散户投资者正在彻底改变市场.我认为这里的散户投资者正在边做边学，这是最好的学习方式之一。”</blockquote></p><p> She pointed to research from theFINRA Investor Education Foundationreleased earlier this month digging into the demographics and account balances of new retail investors.</p><p><blockquote>她指出，FINRA 投资者教育基金会本月早些时候发布的研究深入研究了新散户投资者的人口统计数据和账户余额。</blockquote></p><p> One-third of new investors who opened a taxable investment account for the first time in 2020 said they had account balances of less than $500, versus 16% of experienced investors. Twenty-three percent of new investors had account balances up to $2,000. Twenty percent of experienced investors had account balances up to $2,000.</p><p><blockquote>2020 年首次开设应税投资账户的新投资者中有三分之一表示，他们的账户余额低于 500 美元，而经验丰富的投资者这一比例为 16%。23%的新投资者账户余额高达2000美元。20% 有经验的投资者的账户余额高达 2,000 美元。</blockquote></p><p></p><p> The survey found a more racially diverse set of new investors, with 17% of new investors being Black. Seven percent of experienced investors are Black, the poll said.</p><p><blockquote>调查发现，新投资者的种族更加多样化，17%的新投资者是黑人。民意调查显示，7% 的经验丰富的投资者是黑人。</blockquote></p><p> As the hearing continued, some lawmakers questioned whether more guardrails need to be in place, while others said lawmakers shouldn’t condescend to retail investors and assume they know best.</p><p><blockquote>随着听证会的继续，一些立法者质疑是否需要设置更多的护栏，而另一些立法者则表示，立法者不应屈尊于散户投资者，并认为他们最了解情况。</blockquote></p><p> “Many Americans feel that the system is stacked against them and no matter what, Wall Street always wins,” said Rep. Maxine Waters, who chairs the House Financial Services Committee. “In this instance, many retail investors appeared motivated by a desire to beat Wall Street at its own game and given the losses that many retail investors have sustained as a result of volatility in the system, there are many whose beliefs that the system is rigged against them has been reinforced.”</p><p><blockquote>“众议院金融服务委员会主席、众议员玛克辛-沃特斯（Maxine Waters）说：”许多美国人认为这个体系对他们不利，无论如何，华尔街总是会赢。“在这种情况下，许多散户投资者似乎是出于在自己的游戏中击败华尔街的愿望，考虑到许多散户投资者因系统波动而遭受的损失，许多人认为系统被操纵了，对他们不利。”</blockquote></p><p> The GameStop saga was a “fundamental change,” said Rep. Patrick McHenry, the ranking Republican on the committee. The swell in trading was propelled by social media and a wealth of new information at investors’ fingertips.</p><p><blockquote>委员会中排名第一的共和党众议员帕特里克-麦克亨利（Patrick McHenry）说，游戏驿站事件是一个 “根本性的变化”。交易量的激增是由社交媒体和投资者唾手可得的大量新信息推动的。</blockquote></p><p> “I think if we’ve learned anything from these past few weeks, it’s that these average everyday investors are pretty darn sophisticated,” McHenry said. “There is wisdom to the crowd.”</p><p><blockquote>“麦克亨利说：”我认为，如果说我们从过去几周中学到了什么，那就是这些普通的日常投资者都非常老练。“人群中有智慧”。</blockquote></p><p> The government needs to make it easier for everyday investors to buy into the market, he said. “Instead of shutting the American public out through new regulations, new forms of taxation or so-called protections, let’s use this opprotunity to side with them.”</p><p><blockquote>他说，政府需要让普通投资者更容易入市。“与其通过新的法规、新的税收形式或所谓的保护措施将美国公众拒之门外，让我们利用这个机会站在他们一边”。</blockquote></p><p> One of the witnesses was Keith Gill, a 34-year-old independent investor with online handles like “Roaring Kitty” who turned his GameStop investment into millions. He made all his investment decisions based on publicly-availabile information, he told Congress.</p><p><blockquote>证人之一是基思-吉尔（Keith Gill），他是一位 34 岁的独立投资者，在网上拥有 “咆哮的小猫 ”这样的账号，他将自己在游戏驿站的投资变成了数百万美元。他告诉国会，他所有的投资决策都是根据公开信息做出的。</blockquote></p><p> “I would be the first to acknowledge that investing in stocks and options is incredibly risky, and it’s so important for people to do their own thorough research before investing,” Gill said. “Folks should be able to freely express their views on a stock, and they should be able to buy or not buy a stock based on those views.”</p><p><blockquote>“吉尔说：”我会第一个承认投资股票和期权风险极大，人们在投资前进行彻底的研究非常重要。“人们应该能够自由地表达自己对股票的看法，他们应该能够根据这些看法购买或不购买股票”。</blockquote></p><p> GameStop shares are up nearly 116% year-to-date. The Dow Jones Industrial Average&nbsp;is up nearly 3% and the S&amp;P 500&nbsp;is up more than 4% in 2021.</p><p><blockquote>今年迄今为止，游戏驿站股价已上涨近 116%。2021年，道琼斯工业平均指数上涨近3%，标普500上涨超过4%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/gamestop-hearing-challenges-assumptions-about-rookie-investors-retail-investors-making-up-this-new-surge-are-different-11613680041?mod=home-page\">Marketwatch</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":{"GME":"游戏驿站"},"source_url":"https://www.marketwatch.com/story/gamestop-hearing-challenges-assumptions-about-rookie-investors-retail-investors-making-up-this-new-surge-are-different-11613680041?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"1103921295","content_text":"Robinhood CEO Vlad Tenev discussed average account sizes and user demographics during a congressional hearing on GameStop’s rise and fall.\n\nYOLO? Maybe not quite so.\nDuring the GameStop trading frenzy, some observers worried many rookie retail investors banding together on sites like Reddit’s WallStreetBets would bet big — a so-called “YOLO trade” in the forum’sslang— andend up losing badly.\nNo doubt, this wasa serious event that rocked the stock market, bringing it “dangerously close” to collapse, according to Thomas Peterffy, founder and chairman of Interactive Brokers Group.\nBut at a closely-watched congressional hearing Thursday on the rise and fall of GameStop shares and other so-called “meme stocks,” statements by one of the key players in the trading firestorm revealed that young investors generally aren’t betting big to reap quick gains.\n“Contrary to some very misleading and highly uninformed reports, we see evidence that most of our customers are investing for the long term,” said Vlad Tenev, CEO of Robinhood, the popular trading platform that caughtmassive irefor temporarily restricting trades on GameStopGME,-11.43%,AMC EntertainmentAMC,-0.72%and several other companies. As the hearing continued, he repeated that point under lawmaker questions.\n“What we see is generally not consistent with popular memes suggesting that most of our brokerage customers are unsophisticated day traders taking inordinate risks with large sums of money on complex financial products,”Tenev wrote in prepared testimony submitted ahead of the hearing,pushing back on the idea that his companyencouraged reckless tradingon a platform with 13 million users.\nJust 2% of Robinhood users qualified as “pattern day traders” who made four or more trades within five business days, he said. Thirteen percent traded basic options contracts, which can be higher risk, higher reward than straight-ahead buying or selling.\nIn the face of some pointed questions, he also insisted Robinhood isn’t trying to turn the user experience into a game. “We know investing is serious and that’s why most of our customers are buy and hold,” he said.\n(Before the GameStop saga, Massachusetts state regulators filed a complaint against Robinhood for allegedly making trading seem too fun until loses occur. The company previously said itdisputes the allegation.)\nTenev and lawmakershave sparredon what Robinhood should and shouldn’t have done during the GameStop saga. GameStop shares once traded at a high point of $483. By Thursday’s market close, GameStop shares were $40.69.\nBut either way, Tenev’s testimony gave an interesting peek at who the newest retail investors are and how much money they are pouring into the market. After all, retail investors were already increasingly entering the stock market before the GameStop drama started.\nFifty-five percent of Americans directly own stock, according to aGallup surveylast year, while 32% of 18- to 29-year-olds said they owned stock.\nThe median age of Robinhood investors is 31 and half of users say they are first-time investors. The median account size is about $240, according to Tenev’s statement, and the average account size is about $5,000.\nThe fact that 13% of Robinhood users are trading options gives some advocates pause. Barbara Roper, director of investor protection at the Consumer Federation of America,saidthat “strikes us as a pretty high percentage when you consider the characteristics of Robinhood’s customer base (disproportionately young, first-time investors with small accounts).”\nRobinhood investors also tend to be a slightly more racially diverse crowd, according to Tenev’s testimony. Nine percent of users are Black, compared to 3% at other firms and 16% are Hispanic, versus 7% at other firms, according to Tenev’s statement.\n“Retail investors making up this new surge are different,” testified Jennifer Schulp, the Cato Institute’s director of financial regulation studies.\nRetail investors are nicknamed as“dumb money”on Wall Street, Schulp said. “I think it’s insulting. I think the term needs to go out the window. I think the GameStop situation is proof the retail investors are revolutionizing the market …. I think the retail investors here are learning by doing, which is one of the best ways to learn.”\nShe pointed to research from theFINRA Investor Education Foundationreleased earlier this month digging into the demographics and account balances of new retail investors.\nOne-third of new investors who opened a taxable investment account for the first time in 2020 said they had account balances of less than $500, versus 16% of experienced investors. Twenty-three percent of new investors had account balances up to $2,000. Twenty percent of experienced investors had account balances up to $2,000.\nThe survey found a more racially diverse set of new investors, with 17% of new investors being Black. Seven percent of experienced investors are Black, the poll said.\nAs the hearing continued, some lawmakers questioned whether more guardrails need to be in place, while others said lawmakers shouldn’t condescend to retail investors and assume they know best.\n“Many Americans feel that the system is stacked against them and no matter what, Wall Street always wins,” said Rep. Maxine Waters, who chairs the House Financial Services Committee. “In this instance, many retail investors appeared motivated by a desire to beat Wall Street at its own game and given the losses that many retail investors have sustained as a result of volatility in the system, there are many whose beliefs that the system is rigged against them has been reinforced.”\nThe GameStop saga was a “fundamental change,” said Rep. Patrick McHenry, the ranking Republican on the committee. The swell in trading was propelled by social media and a wealth of new information at investors’ fingertips.\n“I think if we’ve learned anything from these past few weeks, it’s that these average everyday investors are pretty darn sophisticated,” McHenry said. “There is wisdom to the crowd.”\nThe government needs to make it easier for everyday investors to buy into the market, he said. “Instead of shutting the American public out through new regulations, new forms of taxation or so-called protections, let’s use this opprotunity to side with them.”\nOne of the witnesses was Keith Gill, a 34-year-old independent investor with online handles like “Roaring Kitty” who turned his GameStop investment into millions. He made all his investment decisions based on publicly-availabile information, he told Congress.\n“I would be the first to acknowledge that investing in stocks and options is incredibly risky, and it’s so important for people to do their own thorough research before investing,” Gill said. “Folks should be able to freely express their views on a stock, and they should be able to buy or not buy a stock based on those views.”\nGameStop shares are up nearly 116% year-to-date. The Dow Jones Industrial Average is up nearly 3% and the S&P 500 is up more than 4% in 2021.","news_type":1,"symbols_score_info":{"GME":0.9}},"isVote":1,"tweetType":1,"viewCount":674,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":387847686,"gmtCreate":1613741128345,"gmtModify":1634552417188,"author":{"id":"3560333271175805","authorId":"3560333271175805","name":"UsernameHere","avatar":"https://static.tigerbbs.com/d364fcef5f5752caa1c344e47f129ccf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560333271175805","authorIdStr":"3560333271175805"},"themes":[],"title":"","htmlText":"Cool. Ok coin&nbsp;","listText":"Cool. Ok coin&nbsp;","text":"Cool. Ok coin","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/387847686","repostId":"1194607255","repostType":4,"isVote":1,"tweetType":1,"viewCount":515,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":384643918,"gmtCreate":1613651227134,"gmtModify":1634552790471,"author":{"id":"3560333271175805","authorId":"3560333271175805","name":"UsernameHere","avatar":"https://static.tigerbbs.com/d364fcef5f5752caa1c344e47f129ccf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560333271175805","authorIdStr":"3560333271175805"},"themes":[],"title":"","htmlText":"Coin","listText":"Coin","text":"Coin","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/384643918","repostId":"1102078157","repostType":4,"isVote":1,"tweetType":1,"viewCount":402,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":359786334,"gmtCreate":1616424050428,"gmtModify":1634525886127,"author":{"id":"3560333271175805","authorId":"3560333271175805","name":"UsernameHere","avatar":"https://static.tigerbbs.com/d364fcef5f5752caa1c344e47f129ccf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560333271175805","authorIdStr":"3560333271175805"},"themes":[],"title":"","htmlText":"Old ppl denying the future.","listText":"Old ppl denying the future.","text":"Old ppl denying the future.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/359786334","repostId":"1144300867","repostType":4,"repost":{"id":"1144300867","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1616422110,"share":"https://www.laohunote.com/m/news/1144300867?lang=zh_CN&edition=full","pubTime":"2021-03-22 22:08","market":"us","language":"en","title":"Crypto Stocks fell rapidly<blockquote>加密货币股票迅速下跌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1144300867","media":"Tiger Newspress","summary":"Crypto assets are more for speculation, not as means of payment,Federal Reserve chair Jerome Powell ","content":"<p>Crypto assets are more for speculation, not as means of payment,Federal Reserve chair Jerome Powell said on Monday.</p><p><blockquote>美联储主席杰罗姆·鲍威尔周一表示，加密资产更多的是用于投机，而不是作为支付手段。</blockquote></p><p>Crypto Stocks fell rapidly&nbsp;in Monday morning trading.Canaan Inc. fell more&nbsp;8%, Xunlei&nbsp;fell more than 7%,Riot Blockchain&nbsp;and&nbsp;The9&nbsp;Fell more than 5%.</p><p><blockquote>周一早盘交易中，加密货币股票迅速下跌。迦南公司下跌超过8%，迅雷下跌超过7%，Riot Blockchain和第九城市下跌超过5%。</blockquote></p><p>Bitcoin fell about $500 in the short term to $56754.10 per coin.</p><p><blockquote>比特币短期内下跌约500美元，至每枚56754.10美元。</blockquote></p><p><img src=\"https://static.tigerbbs.com/6d888fd90764150569defc2bed3abce2\" tg-width=\"370\" tg-height=\"725\" referrerpolicy=\"no-referrer\"></p><p><blockquote></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>Crypto Stocks fell rapidly<blockquote>加密货币股票迅速下跌</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\">\nCrypto Stocks fell rapidly<blockquote>加密货币股票迅速下跌</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-03-22 22:08</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Crypto assets are more for speculation, not as means of payment,Federal Reserve chair Jerome Powell said on Monday.</p><p><blockquote>美联储主席杰罗姆·鲍威尔周一表示，加密资产更多的是用于投机，而不是作为支付手段。</blockquote></p><p>Crypto Stocks fell rapidly&nbsp;in Monday morning trading.Canaan Inc. fell more&nbsp;8%, Xunlei&nbsp;fell more than 7%,Riot Blockchain&nbsp;and&nbsp;The9&nbsp;Fell more than 5%.</p><p><blockquote>周一早盘交易中，加密货币股票迅速下跌。迦南公司下跌超过8%，迅雷下跌超过7%，Riot Blockchain和第九城市下跌超过5%。</blockquote></p><p>Bitcoin fell about $500 in the short term to $56754.10 per coin.</p><p><blockquote>比特币短期内下跌约500美元，至每枚56754.10美元。</blockquote></p><p><img src=\"https://static.tigerbbs.com/6d888fd90764150569defc2bed3abce2\" tg-width=\"370\" tg-height=\"725\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"比特币ETF-Grayscale","XNET":"迅雷","NCTY":"第九城市","CAN":"嘉楠科技","RIOT":"Riot Platforms"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1144300867","content_text":"Crypto assets are more for speculation, not as means of payment,Federal Reserve chair Jerome Powell said on Monday.Crypto Stocks fell rapidly in Monday morning trading.Canaan Inc. fell more 8%, Xunlei fell more than 7%,Riot Blockchain and The9 Fell more than 5%.Bitcoin fell about $500 in the short term to $56754.10 per coin.","news_type":1,"symbols_score_info":{"BTCmain":0.9,"CAN":0.9,"XNET":0.9,"GBTC":0.9,"RIOT":0.9,"NCTY":0.9,"XBTmain":0.9}},"isVote":1,"tweetType":1,"viewCount":1871,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":690087801,"gmtCreate":1639614098841,"gmtModify":1639614098841,"author":{"id":"3560333271175805","authorId":"3560333271175805","name":"UsernameHere","avatar":"https://static.tigerbbs.com/d364fcef5f5752caa1c344e47f129ccf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560333271175805","authorIdStr":"3560333271175805"},"themes":[],"title":"","htmlText":"Disagree","listText":"Disagree","text":"Disagree","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/690087801","repostId":"1143795954","repostType":2,"isVote":1,"tweetType":1,"viewCount":3702,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":364685198,"gmtCreate":1614847943214,"gmtModify":1703481883427,"author":{"id":"3560333271175805","authorId":"3560333271175805","name":"UsernameHere","avatar":"https://static.tigerbbs.com/d364fcef5f5752caa1c344e47f129ccf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560333271175805","authorIdStr":"3560333271175805"},"themes":[],"title":"","htmlText":"Lol","listText":"Lol","text":"Lol","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/364685198","repostId":"1146182231","repostType":4,"repost":{"id":"1146182231","kind":"news","pubTimestamp":1614845690,"share":"https://www.laohunote.com/m/news/1146182231?lang=zh_CN&edition=full","pubTime":"2021-03-04 16:14","market":"us","language":"en","title":"Why Rocket Companies Stock Crashed Today<blockquote>为什么火箭公司股票今天暴跌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1146182231","media":"Motley Fool","summary":"What happenedRocket Companies plunged 33% on Wednesday after analysts warned that the stock had come","content":"<p><b>What happened</b></p><p><blockquote><b>发生了什么事</b></blockquote></p><p><b><a href=\"https://laohu8.com/S/RKT\">Rocket Companies</a> </b>plunged 33% on Wednesday after analysts warned that the stock had come too far, too fast.</p><p><blockquote><b><a href=\"https://laohu8.com/S/RKT\">火箭公司</a></b>在分析师警告该股涨幅太大、太快后，周三暴跌 33%。</blockquote></p><p><b>So what</b></p><p><blockquote><b>那又怎样</b></blockquote></p><p>Rocket's share price surged more than 70% on Tuesday in what appeared to be another Reddit-fueledshort squeeze. Yet late last night, RBC Capital analyst Daniel Perlin cut his rating on Rocket's stock from outperform to sector perform and reiterated his $30 price forecast. That was 28% below where Rocket's stock closed yesterday.</p><p><blockquote>Rocket 的股价周二飙升超过 70%，这似乎是 Reddit 推动的又一次空头挤压。然而，昨晚深夜，加拿大皇家银行资本分析师丹尼尔·佩林 (Daniel Perlin) 将 Rocket 股票的评级从跑赢大盘下调至行业表现，并重申了 30 美元的价格预测。这比 Rocket 股票昨天的收盘价低 28%。</blockquote></p><p>Perlin argued that the risk-to-reward potential forinvestorswas \"now more balanced, if not skewed to the downside\" following the stock's rapid ascent.</p><p><blockquote>佩林认为，在该股快速上涨之后，投资者的风险回报潜力“现在更加平衡，如果不是向下倾斜的话”。</blockquote></p><p>Analysts at&nbsp;<b>JPMorgan</b>&nbsp;went even further. \"In light of the sharp rise in share prices, we believe fundamental investors should take profits,\" JPMorgan strategist Richard Shane said on Wednesday morning.</p><p><blockquote>分析师<b>摩根大通</b>走得更远。摩根大通策略师理查德·谢恩周三上午表示：“鉴于股价大幅上涨，我们认为基本面投资者应该获利了结。”</blockquote></p><p>Many traders apparently took these analysts' comments as a reason to sell their shares today.</p><p><blockquote>许多交易员显然将这些分析师的评论视为今天出售股票的理由。</blockquote></p><p><b>Now what</b></p><p><blockquote><b>现在呢</b></blockquote></p><p>Many individual investors are taking part in coordinated buying campaigns on Reddit and other social media platforms. This is a dangerous game -- one that often ends in disaster.</p><p><blockquote>许多个人投资者正在Reddit和其他社交媒体平台上参与协调购买活动。这是一个危险的游戏——一个经常以灾难告终的游戏。</blockquote></p><p>These crowdsourced buying frenzies can certainly help to drive a stock's price sharply higher -- for a while -- as we've seen with<b>GameStop</b>and now Rocket Companies. But many of these traders will hype a stock to pump up its price -- and then dump it on unsuspecting investors when they eventually move on to their next target.</p><p><blockquote>这些众包购买狂潮肯定有助于在一段时间内推动股票价格大幅上涨，正如我们所看到的那样<b>游戏驿站</b>现在是火箭公司。但这些交易者中的许多人会炒作一只股票来抬高其价格，然后在他们最终转向下一个目标时将其抛售给毫无戒心的投资者。</blockquote></p><p>The worst part? Shareholders who buy later in these manipulated rallies and don't sell in time can suffer devastating losses.</p><p><blockquote>最糟糕的部分？在这些被操纵的反弹中后期买入但没有及时卖出的股东可能会遭受毁灭性的损失。</blockquote></p><p><img src=\"https://static.tigerbbs.com/7ac579f88585159e103759fdb00ab39c\" tg-width=\"709\" tg-height=\"517\" referrerpolicy=\"no-referrer\"></p><p><blockquote></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 Rocket Companies Stock Crashed Today<blockquote>为什么火箭公司股票今天暴跌</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 Rocket Companies Stock Crashed Today<blockquote>为什么火箭公司股票今天暴跌</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\">2021-03-04 16:14</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>What happened</b></p><p><blockquote><b>发生了什么事</b></blockquote></p><p><b><a href=\"https://laohu8.com/S/RKT\">Rocket Companies</a> </b>plunged 33% on Wednesday after analysts warned that the stock had come too far, too fast.</p><p><blockquote><b><a href=\"https://laohu8.com/S/RKT\">火箭公司</a></b>在分析师警告该股涨幅太大、太快后，周三暴跌 33%。</blockquote></p><p><b>So what</b></p><p><blockquote><b>那又怎样</b></blockquote></p><p>Rocket's share price surged more than 70% on Tuesday in what appeared to be another Reddit-fueledshort squeeze. Yet late last night, RBC Capital analyst Daniel Perlin cut his rating on Rocket's stock from outperform to sector perform and reiterated his $30 price forecast. That was 28% below where Rocket's stock closed yesterday.</p><p><blockquote>Rocket 的股价周二飙升超过 70%，这似乎是 Reddit 推动的又一次空头挤压。然而，昨晚深夜，加拿大皇家银行资本分析师丹尼尔·佩林 (Daniel Perlin) 将 Rocket 股票的评级从跑赢大盘下调至行业表现，并重申了 30 美元的价格预测。这比 Rocket 股票昨天的收盘价低 28%。</blockquote></p><p>Perlin argued that the risk-to-reward potential forinvestorswas \"now more balanced, if not skewed to the downside\" following the stock's rapid ascent.</p><p><blockquote>佩林认为，在该股快速上涨之后，投资者的风险回报潜力“现在更加平衡，如果不是向下倾斜的话”。</blockquote></p><p>Analysts at&nbsp;<b>JPMorgan</b>&nbsp;went even further. \"In light of the sharp rise in share prices, we believe fundamental investors should take profits,\" JPMorgan strategist Richard Shane said on Wednesday morning.</p><p><blockquote>分析师<b>摩根大通</b>走得更远。摩根大通策略师理查德·谢恩周三上午表示：“鉴于股价大幅上涨，我们认为基本面投资者应该获利了结。”</blockquote></p><p>Many traders apparently took these analysts' comments as a reason to sell their shares today.</p><p><blockquote>许多交易员显然将这些分析师的评论视为今天出售股票的理由。</blockquote></p><p><b>Now what</b></p><p><blockquote><b>现在呢</b></blockquote></p><p>Many individual investors are taking part in coordinated buying campaigns on Reddit and other social media platforms. This is a dangerous game -- one that often ends in disaster.</p><p><blockquote>许多个人投资者正在Reddit和其他社交媒体平台上参与协调购买活动。这是一个危险的游戏——一个经常以灾难告终的游戏。</blockquote></p><p>These crowdsourced buying frenzies can certainly help to drive a stock's price sharply higher -- for a while -- as we've seen with<b>GameStop</b>and now Rocket Companies. But many of these traders will hype a stock to pump up its price -- and then dump it on unsuspecting investors when they eventually move on to their next target.</p><p><blockquote>这些众包购买狂潮肯定有助于在一段时间内推动股票价格大幅上涨，正如我们所看到的那样<b>游戏驿站</b>现在是火箭公司。但这些交易者中的许多人会炒作一只股票来抬高其价格，然后在他们最终转向下一个目标时将其抛售给毫无戒心的投资者。</blockquote></p><p>The worst part? Shareholders who buy later in these manipulated rallies and don't sell in time can suffer devastating losses.</p><p><blockquote>最糟糕的部分？在这些被操纵的反弹中后期买入但没有及时卖出的股东可能会遭受毁灭性的损失。</blockquote></p><p><img src=\"https://static.tigerbbs.com/7ac579f88585159e103759fdb00ab39c\" tg-width=\"709\" tg-height=\"517\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/03/03/why-rocket-companies-stock-crashed-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":{"RKT":"Rocket Companies"},"source_url":"https://www.fool.com/investing/2021/03/03/why-rocket-companies-stock-crashed-today/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1146182231","content_text":"What happenedRocket Companies plunged 33% on Wednesday after analysts warned that the stock had come too far, too fast.So whatRocket's share price surged more than 70% on Tuesday in what appeared to be another Reddit-fueledshort squeeze. Yet late last night, RBC Capital analyst Daniel Perlin cut his rating on Rocket's stock from outperform to sector perform and reiterated his $30 price forecast. That was 28% below where Rocket's stock closed yesterday.Perlin argued that the risk-to-reward potential forinvestorswas \"now more balanced, if not skewed to the downside\" following the stock's rapid ascent.Analysts at JPMorgan went even further. \"In light of the sharp rise in share prices, we believe fundamental investors should take profits,\" JPMorgan strategist Richard Shane said on Wednesday morning.Many traders apparently took these analysts' comments as a reason to sell their shares today.Now whatMany individual investors are taking part in coordinated buying campaigns on Reddit and other social media platforms. This is a dangerous game -- one that often ends in disaster.These crowdsourced buying frenzies can certainly help to drive a stock's price sharply higher -- for a while -- as we've seen withGameStopand now Rocket Companies. But many of these traders will hype a stock to pump up its price -- and then dump it on unsuspecting investors when they eventually move on to their next target.The worst part? Shareholders who buy later in these manipulated rallies and don't sell in time can suffer devastating losses.","news_type":1,"symbols_score_info":{"RKT":0.9}},"isVote":1,"tweetType":1,"viewCount":462,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":369509648,"gmtCreate":1614054215284,"gmtModify":1634551377282,"author":{"id":"3560333271175805","authorId":"3560333271175805","name":"UsernameHere","avatar":"https://static.tigerbbs.com/d364fcef5f5752caa1c344e47f129ccf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560333271175805","authorIdStr":"3560333271175805"},"themes":[],"title":"","htmlText":"Lol","listText":"Lol","text":"Lol","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/369509648","repostId":"1122871036","repostType":4,"repost":{"id":"1122871036","kind":"news","pubTimestamp":1614052907,"share":"https://www.laohunote.com/m/news/1122871036?lang=zh_CN&edition=full","pubTime":"2021-02-23 12:01","market":"us","language":"en","title":"Why AMC Stock Soared Today<blockquote>为什么 AMC 股票今天飙升</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1122871036","media":"Motley Fool ","summary":"The theater chain is set to resume operations in a major market.\nWhat happened\nShares of AMC Enterta","content":"<p>The theater chain is set to resume operations in a major market.</p><p><blockquote>这家连锁影院将在一个主要市场恢复运营。</blockquote></p><p> <b>What happened</b></p><p><blockquote><b>发生了什么事</b></blockquote></p><p> Shares of&nbsp;<b>AMC Entertainment</b>&nbsp;(NYSE:AMC)&nbsp;jumped 14.9% on Monday after Governor Andrew Cuomo said movie theaters could reopen in New York City on March 5.</p><p><blockquote>股份<b>AMC院线</b>（纽约证券交易所股票代码：AMC）周一上涨 14.9%，此前州长安德鲁·科莫表示纽约市电影院可能于 3 月 5 日重新开放。</blockquote></p><p> <b>So what</b></p><p><blockquote><b>那又怎样</b></blockquote></p><p> New York's reopening plan comes with some stipulations. Theaters can operate at 25% capacity, while guests will be limited to a maximum of 50 people per screen. \"Assigned seating, social distancing, and other health precautions will be in place,\" Cuomo said.</p><p><blockquote>纽约的重新开放计划有一些规定。影院可以以25%的容量运营，而每个屏幕最多只能容纳50人。科莫说：“分配座位、社交距离和其他健康预防措施将到位。”</blockquote></p><p> Still,investors&nbsp;cheered the news, and rightfully so. The ability to once again operate its venues in a major market is certainly a positive for the struggling movie theater chain. AMC moved quickly to seize the opportunity.</p><p><blockquote>尽管如此，投资者对这一消息欢欣鼓舞，这是理所当然的。对于陷入困境的连锁电影院来说，能够再次在一个主要市场运营其场馆无疑是一个积极因素。AMC迅速行动，抓住机遇。</blockquote></p><p> AMC said it would reopen all 13 of its theaters in New York City starting on March 5. \"Governor Cuomo's announcement that movie theaters can reopen in New York City in the first week of March is another important step toward restoring the health of the movie theater industry and of our company,\" AMC CEO Adam Aron said in a press release.</p><p><blockquote>AMC表示，将从3月5日开始重新开放纽约市的所有13家影院。AMC 首席执行官亚当·阿伦 (Adam Aron) 在一份新闻稿中表示：“科莫州长宣布纽约市电影院可以在三月的第一周重新开放，这是恢复电影院行业和我们公司健康的又一重要步骤。”</blockquote></p><p> <b>Now what</b></p><p><blockquote><b>现在呢</b></blockquote></p><p> AMC will implement new health and safety procedures that it developed in collaboration with&nbsp;<b>Clorox</b>&nbsp;and Harvard University. These include social distancing measures, mandatory mask-wearing, upgraded air filtration systems, and increased sanitization efforts.</p><p><blockquote>AMC 将实施其与以下机构合作开发的新健康和安全程序<b>高乐氏</b>和哈佛大学。这些措施包括社交距离措施、强制戴口罩、升级空气过滤系统和加大消毒力度。</blockquote></p><p> However, while necessary, the cost of these procedures will likely weigh on AMC's profitability. It also remains to be seen whether people will rush back to theaters during the coronavirus pandemic or simply watch movies in the comfort and safety of their own homes. Although the chance to open more of its theaters is a step toward a potential recovery, AMC's stock remains a high-risk investment.</p><p><blockquote>然而，虽然有必要，但这些程序的成本可能会影响 AMC 的盈利能力。在冠状病毒疫情期间，人们是会匆忙回到电影院，还是只是在自己舒适安全的家中看电影，还有待观察。尽管开放更多影院的机会是迈向潜在复苏的一步，但 AMC 的股票仍然是一项高风险投资。</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 AMC Stock Soared Today<blockquote>为什么 AMC 股票今天飙升</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 AMC Stock Soared Today<blockquote>为什么 AMC 股票今天飙升</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\">2021-02-23 12:01</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The theater chain is set to resume operations in a major market.</p><p><blockquote>这家连锁影院将在一个主要市场恢复运营。</blockquote></p><p> <b>What happened</b></p><p><blockquote><b>发生了什么事</b></blockquote></p><p> Shares of&nbsp;<b>AMC Entertainment</b>&nbsp;(NYSE:AMC)&nbsp;jumped 14.9% on Monday after Governor Andrew Cuomo said movie theaters could reopen in New York City on March 5.</p><p><blockquote>股份<b>AMC院线</b>（纽约证券交易所股票代码：AMC）周一上涨 14.9%，此前州长安德鲁·科莫表示纽约市电影院可能于 3 月 5 日重新开放。</blockquote></p><p> <b>So what</b></p><p><blockquote><b>那又怎样</b></blockquote></p><p> New York's reopening plan comes with some stipulations. Theaters can operate at 25% capacity, while guests will be limited to a maximum of 50 people per screen. \"Assigned seating, social distancing, and other health precautions will be in place,\" Cuomo said.</p><p><blockquote>纽约的重新开放计划有一些规定。影院可以以25%的容量运营，而每个屏幕最多只能容纳50人。科莫说：“分配座位、社交距离和其他健康预防措施将到位。”</blockquote></p><p> Still,investors&nbsp;cheered the news, and rightfully so. The ability to once again operate its venues in a major market is certainly a positive for the struggling movie theater chain. AMC moved quickly to seize the opportunity.</p><p><blockquote>尽管如此，投资者对这一消息欢欣鼓舞，这是理所当然的。对于陷入困境的连锁电影院来说，能够再次在一个主要市场运营其场馆无疑是一个积极因素。AMC迅速行动，抓住机遇。</blockquote></p><p> AMC said it would reopen all 13 of its theaters in New York City starting on March 5. \"Governor Cuomo's announcement that movie theaters can reopen in New York City in the first week of March is another important step toward restoring the health of the movie theater industry and of our company,\" AMC CEO Adam Aron said in a press release.</p><p><blockquote>AMC表示，将从3月5日开始重新开放纽约市的所有13家影院。AMC 首席执行官亚当·阿伦 (Adam Aron) 在一份新闻稿中表示：“科莫州长宣布纽约市电影院可以在三月的第一周重新开放，这是恢复电影院行业和我们公司健康的又一重要步骤。”</blockquote></p><p> <b>Now what</b></p><p><blockquote><b>现在呢</b></blockquote></p><p> AMC will implement new health and safety procedures that it developed in collaboration with&nbsp;<b>Clorox</b>&nbsp;and Harvard University. These include social distancing measures, mandatory mask-wearing, upgraded air filtration systems, and increased sanitization efforts.</p><p><blockquote>AMC 将实施其与以下机构合作开发的新健康和安全程序<b>高乐氏</b>和哈佛大学。这些措施包括社交距离措施、强制戴口罩、升级空气过滤系统和加大消毒力度。</blockquote></p><p> However, while necessary, the cost of these procedures will likely weigh on AMC's profitability. It also remains to be seen whether people will rush back to theaters during the coronavirus pandemic or simply watch movies in the comfort and safety of their own homes. Although the chance to open more of its theaters is a step toward a potential recovery, AMC's stock remains a high-risk investment.</p><p><blockquote>然而，虽然有必要，但这些程序的成本可能会影响 AMC 的盈利能力。在冠状病毒疫情期间，人们是会匆忙回到电影院，还是只是在自己舒适安全的家中看电影，还有待观察。尽管开放更多影院的机会是迈向潜在复苏的一步，但 AMC 的股票仍然是一项高风险投资。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/02/22/why-amc-stock-soared-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":{"AMC":"AMC院线"},"source_url":"https://www.fool.com/investing/2021/02/22/why-amc-stock-soared-today/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1122871036","content_text":"The theater chain is set to resume operations in a major market.\nWhat happened\nShares of AMC Entertainment (NYSE:AMC) jumped 14.9% on Monday after Governor Andrew Cuomo said movie theaters could reopen in New York City on March 5.\nSo what\nNew York's reopening plan comes with some stipulations. Theaters can operate at 25% capacity, while guests will be limited to a maximum of 50 people per screen. \"Assigned seating, social distancing, and other health precautions will be in place,\" Cuomo said.\nStill,investors cheered the news, and rightfully so. The ability to once again operate its venues in a major market is certainly a positive for the struggling movie theater chain. AMC moved quickly to seize the opportunity.\nAMC said it would reopen all 13 of its theaters in New York City starting on March 5. \"Governor Cuomo's announcement that movie theaters can reopen in New York City in the first week of March is another important step toward restoring the health of the movie theater industry and of our company,\" AMC CEO Adam Aron said in a press release.\nNow what\nAMC will implement new health and safety procedures that it developed in collaboration with Clorox and Harvard University. These include social distancing measures, mandatory mask-wearing, upgraded air filtration systems, and increased sanitization efforts.\nHowever, while necessary, the cost of these procedures will likely weigh on AMC's profitability. It also remains to be seen whether people will rush back to theaters during the coronavirus pandemic or simply watch movies in the comfort and safety of their own homes. Although the chance to open more of its theaters is a step toward a potential recovery, AMC's stock remains a high-risk investment.","news_type":1,"symbols_score_info":{"AMC":0.9}},"isVote":1,"tweetType":1,"viewCount":520,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":384643918,"gmtCreate":1613651227134,"gmtModify":1634552790471,"author":{"id":"3560333271175805","authorId":"3560333271175805","name":"UsernameHere","avatar":"https://static.tigerbbs.com/d364fcef5f5752caa1c344e47f129ccf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560333271175805","authorIdStr":"3560333271175805"},"themes":[],"title":"","htmlText":"Coin","listText":"Coin","text":"Coin","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/384643918","repostId":"1102078157","repostType":4,"isVote":1,"tweetType":1,"viewCount":402,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":350194249,"gmtCreate":1616164860081,"gmtModify":1634526909804,"author":{"id":"3560333271175805","authorId":"3560333271175805","name":"UsernameHere","avatar":"https://static.tigerbbs.com/d364fcef5f5752caa1c344e47f129ccf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560333271175805","authorIdStr":"3560333271175805"},"themes":[],"title":"","htmlText":"Bad","listText":"Bad","text":"Bad","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/350194249","repostId":"1199154789","repostType":4,"repost":{"id":"1199154789","kind":"news","pubTimestamp":1616164372,"share":"https://www.laohunote.com/m/news/1199154789?lang=zh_CN&edition=full","pubTime":"2021-03-19 22:32","market":"us","language":"en","title":"Fed Disappoints Market, Lets SLR Relief Expire: What Happens Next<blockquote>美联储令市场失望，让 SLR 救济到期：接下来会发生什么</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1199154789","media":"zerohedge","summary":"As washinted at, and discussed in depth here,the Fed decided - under political pressure from progressive Democrats such asElizabeth Warren and Sherrod Brown- to let the temporary Supplementary Leverage Ratio  exemption expire as scheduled on March 31, the one year anniversary of the rule change.The federal bank regulatory agencies today announced that the temporary change to the supplementary leverage ratio, or SLR, for depository institutions issued on May 15, 2020, will expire as scheduled on ","content":"<p>As washinted at, and discussed in depth here,the Fed decided - under political pressure from progressive Democrats such asElizabeth Warren and Sherrod Brown- to let the temporary Supplementary Leverage Ratio (SLR) exemption expire as scheduled on March 31, the one year anniversary of the rule change.</p><p><blockquote>正如这里所讨论和深入讨论的那样，在伊丽莎白·沃伦和谢罗德·布朗等进步民主党人的政治压力下，美联储决定让临时补充杠杆率（SLR）豁免如期于3月31日到期，即规则变更一周年纪念日。</blockquote></p><p>The federal bank regulatory agencies today announced that the temporary change to the supplementary leverage ratio, or SLR, for depository institutions issued on May 15, 2020, will expire as scheduled on March 31, 2021.The temporary change was made to provide flexibility for depository institutions to provide credit to households and businesses in light of the COVID-19 event.<img src=\"https://static.tigerbbs.com/b822960da59d651f093b5113cd0c3fd0\" tg-width=\"500\" tg-height=\"319\" referrerpolicy=\"no-referrer\">This outcome is theone (again) correctly predictedby former NY Fed guru Zoltan Pozsar who following the FOMC said that \"the fact that the Fed made this adjustment practically preemptively – the o/n RRP facility is not being used at the moment, so there are no capacity constraints yet, while repo and bill yields aren’t trading negative yet –<b>suggests that the Fed is “foaming the runway” for the end of SLR exemption</b>.\"</p><p><blockquote>美联储银行监管机构今天宣布，2020年5月15日发布的存款机构补充杠杆率（SLR）临时变更将于2021年3月31日如期到期。鉴于 COVID-19 事件，做出临时改变是为了让存款机构能够灵活地向家庭和企业提供信贷。纽约联储前大师佐尔坦-波萨尔（Zoltan Pozsar）（再次）正确预测了这一结果，他在联邦公开市场委员会（FOMC）之后表示，“事实上，美联储做出这一调整实际上是先发制人的--o/n RRP工具目前没有被使用，因此还没有能力限制，而回购和票据收益率还没有出现负值交易--<b>这表明美联储正在为终止 SLR 豁免“铺平道路”</b>.\"</blockquote></p><p>Knowing well this would be a very hot button issue for the market, the Fed published thefollowing statementto ease trader nerves, noting that while the SLR special treatment will expire on March 31, the Fed is \"inviting public comment on several potential SLR modifications\" and furthermore, \"<b>Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability</b>\" - in short, if yields spike, the Fed will re-introduce the SLR without delay:</p><p><blockquote>美联储深知这对市场来说将是一个非常热门的问题，因此发表了以下声明以缓解交易员的紧张情绪，指出虽然 SLR 特殊待遇将于 3 月 31 日到期，但美联储正在“邀请公众对几项潜在的 SLR 修改发表评论”，此外，“<b>随着时间的推移，董事会可能需要解决 SLR 的当前设计和校准问题，以防止出现可能制约经济增长和破坏金融稳定的压力</b>“——简而言之，如果收益率飙升，美联储将立即重新推出 SLR：</blockquote></p><p>The Federal Reserve Board on Friday announced that the temporary change to its supplementary leverage ratio, or SLR, for bank holding companies will expire as scheduled on March 31. <b>Additionally, the Board will shortly seek comment on measures to adjust the SLR. The Board will take appropriate actions to assure that any changes to the SLR do not erode the overall strength of bank capital requirements.</b>To ease strains in the Treasury market resulting from the COVID-19 pandemic and to promote lending to households and businesses, the Board temporarily modified the SLR last year to exclude U.S. Treasury securities and central bank reserves. Since that time, the Treasury market has stabilized. <b>However, because of recent growth in the supply of central bank reserves and the issuance of Treasury securities, the Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability.To ensure that the SLR—which was established in 2014 as an additional capital requirement—remains effective in an environment of higher reserves, the Board will soon be inviting public comment on several potential SLR modifications.</b>The proposal and comments will contribute to ongoing discussions with the Department of the Treasury and other regulators on future work to ensure the resiliency of the Treasury market.The Fed's soothing wods notwithstanding,<b>having been primed for a favorable outcome, the Fed's disappointing announcement was hardly the news traders were hoping for and stocks tumbled...</b></p><p><blockquote>美联储周五宣布，银行控股公司补充杠杆率（SLR）的临时变化将于3月31日如期到期。<b>此外，董事会将很快就调整SLR的措施征求意见。董事会将采取适当行动，确保SLR的任何变更不会削弱银行资本要求的整体实力。</b>为了缓解新冠肺炎疫情造成的国债市场压力，并促进对家庭和企业的贷款，董事会去年暂时修改了SLR，将美国国债和央行储备排除在外。此后，国债市场趋于稳定。<b>然而，由于最近央行储备供应和国债发行的增加，董事会可能需要随着时间的推移解决SLR的当前设计和校准问题，以防止出现可能制约经济增长和破坏金融稳定的压力。为了确保 SLR（作为额外资本要求于 2014 年设立）在储备较高的环境下仍然有效，董事会将很快就几项潜在的 SLR 修改征求公众意见。</b>该提案和意见将有助于与财政部和其他监管机构就未来确保国债市场弹性的工作进行持续讨论。尽管美联储提出了宽慰的要求，<b>在为有利的结果做好准备后，美联储令人失望的声明几乎不是交易员所希望的消息，股市暴跌……</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/c341c3843a5031cd1599c2c89e198050\" tg-width=\"500\" tg-height=\"305\" referrerpolicy=\"no-referrer\">Bond yields spiked...</p><p><blockquote>债券收益率飙升……</blockquote></p><p><img src=\"https://static.tigerbbs.com/14173c1ce587fb45efe4c30ecc1dfbab\" tg-width=\"500\" tg-height=\"284\" referrerpolicy=\"no-referrer\">... while the stock of JPM, which is the most exposed bank to SLR relief (as noted yesterday in \"Facing Up To JP Morgan's Leverage Relief Threats\")...</p><p><blockquote>...而摩根大通的股票是最容易受到SLR减免的银行（正如昨天在“面临摩根大通杠杆减免威胁”中所指出的）...</blockquote></p><p><img src=\"https://static.tigerbbs.com/32811183fba3dbddf1c440836298c7f3\" tg-width=\"500\" tg-height=\"602\" referrerpolicy=\"no-referrer\">.... slumped.</p><p><blockquote>....崩溃了。</blockquote></p><p><img src=\"https://static.tigerbbs.com/2fba41463f15e79d2b8436cdd6a526fc\" tg-width=\"500\" tg-height=\"306\" referrerpolicy=\"no-referrer\">In case you've been living under a rock, here's why you should care about the SLR decision: First, for those whomissed our primer on the issue, some background from JPM (ironically the one bank that has the most to lose from the Fed's decision) the bottom line is that without SLR relief,<b>banks may have to delever, raise new capital, halt buybacks, sell preferred stock, turn down deposits and generally push back on reserves (not necessarily all of these, and not in that order) just as the Fed is injecting hundreds of billions of reserves into the market as the Treasury depletes its TGA account.</b></p><p><blockquote>如果您一直生活在岩石下，以下是您应该关心 SLR 决定的原因：首先，对于那些阅读我们有关该问题的入门读物的人来说，摩根大通的一些背景（具有讽刺意味的是，摩根大通是一家因美联储的决定而损失最大的银行）底线是，如果没有 SLR 救济，<b>银行可能不得不去杠杆化、筹集新资本、停止回购、出售优先股、拒绝存款并普遍减少准备金（不一定是所有这些，也不是按顺序），就像美联储正在向市场注入数千亿美元的储备随着财政部耗尽其 TGA 账户。</b></blockquote></p><p></p><p>The massive expansion of the Fed’s balance that has occurred implied an equally massive growth in bank reserves held at Federal Reserve banks. <b>The expiration of the regulatory relief would add ~$2.1tn of leverage exposure across the 8 GSIBs. As well, TGA reduction and continued QE could add another ~$2.35tn of deposits to the system during 2021.</b><img src=\"https://static.tigerbbs.com/392342c2f3e1dd008b2276172a9b3ecf\" tg-width=\"500\" tg-height=\"253\" referrerpolicy=\"no-referrer\">While the expiry of the carve-out on March 31 would not have an immediate impact on GSIBs, the continued increase in leverage assets throughout the course of the year would increase long-term debt (LTD) and preferred requirements. Here, JPM takes an optimistic view and writes that<b>\"even the “worst” case issuance scenario as very manageable, with LTD needs of $35bn for TLAC requirements and preferred needs of $15-$20bn to maintain the industry-wide SLR at 5.6%.</b></p><p><blockquote>美联储资产负债表的大幅扩张意味着联邦储备银行持有的银行存款也将大幅增长。<b>监管救济的到期将使 8 个 GSIB 增加约 2.1 万亿美元的杠杆风险。此外，TGA 的减少和持续的量化宽松可能会在 2021 年为系统增加约 2.35 万亿美元的存款。</b>虽然 3 月 31 日豁免到期不会对 GSIB 产生直接影响，但全年杠杆资产的持续增长将增加长期债务 (LTD) 和优先要求。在此，摩根大通持乐观态度并写道<b>“即使是‘最坏’的案例发行情况也是非常可控的，LTD 需要 350 亿美元来满足 TLAC 要求，而优先需要 150 亿至 200 亿美元才能将全行业 SLR 的比例维持在 5.6%。</b></blockquote></p><p>The constraint is greater at the bank entity, where the capacity to grow leverage exposure to be ~$765bn at 6.2% SLR.\"Goldman's take was more troubling: the bank estimated that under the continued QE regime, there would be a shortfall of some $2 trillion in reserve capacity, mainly in the form of deposits which the banks would be unable to accept as part of ongoing QE (much more in Goldman'sfull take of the SLR quandary).</p><p><blockquote>银行实体的限制更大，以 6.2% 的 SLR 计算，增加杠杆风险的能力约为 7,650 亿美元。”高盛的做法更令人不安：该银行估计，在持续的量化宽松制度下，将出现约 2 万亿美元的储备能力缺口，主要以银行无法接受的存款形式作为正在进行的量化宽松的一部分（高盛对 SLR 困境的全面理解要多得多）。</blockquote></p><p><b>So what happens next?</b></p><p><blockquote><b>那么接下来会发生什么呢？</b></blockquote></p><p>Addressing this topic, yesterday Curvature's Scott Skyrm wrote that \"<i>the largest banks are enjoying much larger balance sheets, but there are political factors in Washington that are against an extension of the exemption.... Here are a couple of scenarios and their implications on the Repo market</i>:</p><p><blockquote>昨天Curvature的Scott Skyrm在谈到这个话题时写道：<i>最大的银行享有更大的资产负债表，但华盛顿有政治因素反对延长豁免…….以下是几个场景及其对回购市场的影响</i>:</blockquote></p><p>The exemption is extended 3 months or 6 months - No impact on the Repo market. It's already fully priced-in.The exemption is continued for reserves, but ended for Treasurys. <b>Since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise. Volatility increases as Repo assets move from the largest banks to the other Repo market participants.The exemption is ended for both reserves and Treasurys. Same as above.</b>In other words, Skyrm has a relatively downbeat view, warning that \"since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise.\" Additionally, volatility is likely to increase as repo assets move from the largest banks to the other Repo market participants...</p><p><blockquote>豁免延长3个月或6个月——对回购市场没有影响。它已经全价了。准备金的豁免继续，但国债的豁免结束。<b>由于大型银行是回购市场上最大的现金提供者，因此进入市场的现金减少，回购利率上升。随着回购资产从最大的银行转移到其他回购市场参与者，波动性增加。准备金和国库的豁免都结束了。同上。</b>换句话说，Skyrm持相对悲观的观点，警告称“由于大型银行是回购市场上最大的现金提供者，因此进入市场的现金减少，回购利率上升。”此外，随着回购资产从最大的银行转移到其他回购市场参与者，波动性可能会增加……</blockquote></p><p>Perhaps a bit too draconian? Well, last week, JPMorgan laid out 5 scenarios for SLR, of which two predicted the end of SLR relief on March 31, as follow:</p><p><blockquote>也许有点太严厉了？那么，上周摩根大通为SLR布局了5种情景，其中两种情景预测SLR救济将在3月31日结束，具体如下：</blockquote></p><p><u><b>3. Relief ends March 31, banks fully raise capital</b></u> <b>Impact on BanksRatesFront-End Rates</b> <u><b>4. Relief ends March 31, banks raise capital &amp; de-lever</b></u> <b>Impact on BanksRatesFront-End Rates</b>Going back to Zoltan, let's recallthat the repo gurualso cautioned that \"ending the exemption of reserves and Treasuries from the calculation of the SLR may mean that U.S. banks will turn away deposits and reserves on the margin (not Treasuries) to leave more room for market-making activities,<b>and these flows will swell further money funds’ inflows coming from TGA drawdowns.</b>\"</p><p><blockquote><u><b>3.救助3月31日结束，银行全面募资</b></u><b>对银行利率的影响前端利率</b><u><b>4.救助3月31日结束，银行增资去杠杆</b></u><b>对银行利率的影响前端利率</b>回到佐尔坦，让我们回顾一下，回购大师还警告说，“结束准备金和国债在 SLR 计算中的豁免可能意味着美国银行将拒绝保证金存款和准备金（而不是国债），以留出更多空间进行做市活动，<b>这些资金流动将进一步扩大 TGA 提款带来的货币资金流入。</b>\"</blockquote></p><p>More importantly, Zoltan does not expect broad chaos in repo or broader markets, and instead provides a more benign view on the negligible impact the SLR has had (and will be if it is eliminated), as he explained in a note from Tuesday.</p><p><blockquote>更重要的是，佐尔坦预计回购或更广泛的市场不会出现大范围的混乱，而是对单反相机已经产生的微不足道的影响（如果被淘汰，将会产生）提供了更温和的观点，正如他在周二的一份报告中所解释的那样。</blockquote></p><p><img src=\"https://static.tigerbbs.com/caeeb2b1290e084832f29d61cea6a90b\" tg-width=\"500\" tg-height=\"534\" referrerpolicy=\"no-referrer\">How to determine if Zoltan's benign view is correct? He concluded his note by writing that \"given that our call for a zero-to-negative FRA-OIS spread by the end of June was predicated on the end of SLR extension and an assumption that the Fed will try to fix a quantity problem with prices, not quantities, today’s adjustments mean that FRA-OIS won’t trade all the way down to zero or negative territory.\"</p><p><blockquote>如何确定佐尔坦的良性观点是否正确？他在笔记的最后写道：“鉴于我们在 6 月底之前将 FRA-OIS 利差从零变为负的看涨期权是基于 SLR 延期结束，以及美联储将试图用价格而非数量来解决数量问题的假设，今天的调整意味着 FRA-OIS 不会一路跌至零或负区域”。</blockquote></p><p>FRA-OIS from here will be a function of how tight FX swaps will trade relative to OIS, but Treasury bills trading at deeply sub-zero rates is no longer a risk...While Bills have occasionally dipped into the negative territory on occasion, so far they have avoided a fullblown plunge into NIRP, which may be just the positive sign the market is waiting for to ease the nerves associated with the sudden and largely unexpected end of the SLR exemption.</p><p><blockquote>从这里开始，FRA-OIS将取决于外汇掉期相对于OIS的交易强度，但以远低于零的利率交易的国库券不再是一种风险……虽然法案偶尔会陷入负值区域，但到目前为止，它们已经避免了NIRP的全面暴跌，这可能只是市场正在等待的积极迹象，以缓解与SLR豁免突然且基本上出乎意料的结束相关的紧张情绪。</blockquote></p><p>* *&nbsp; *</p><p><blockquote>** *</blockquote></p><p></p><p>Finally, for those curious what the immediate market impact will be, NatWest strategist Blake Gwinn writes that the Fed announcement that they’re letting regulatory exemptions for banks expire at the end of the month \"really threads the needle and \"assuages concerns about the potential long-term impact on the markets\" as<b>the SLR \"ends it but defuses a lot of the knee-jerk market reaction” by pledging to address the current design and calibration of the supplementary leverage ratio to prevent strains from developing</b>.</p><p><blockquote>最后，对于那些好奇会对市场产生什么直接影响的人来说，NatWest 策略师布莱克-格温（Blake Gwinn）写道，美联储宣布将让银行的监管豁免在本月底到期，“确实穿针引线，并 “缓解了对市场潜在长期影响的担忧”。<b>SLR“结束了它，但化解了许多下意识的市场反应”，承诺解决补充杠杆率的当前设计和校准问题，以防止应变发展</b>.</blockquote></p><p>“I was never worried about a day-one bank puke of Treasuries or drawdown in repo or anything like that on no renewal,” Gwinn said. “My concern was the longer run,” like as reserves continue to rise, would the SLR “become a nuisance and drag on Treasuries and spreads” Gwinn concludes that with the statement, the Fed is<b>\"really speaking to those fears and basically saying, ‘don’t worry, we are on it’.”</b></p><p><blockquote>“格温说：”我从来没有担心过银行会在一天之内抛售国债，或者在不续签的情况下提取回购或类似的事情。格温总结说，“我担心的是，从长远来看，”随着外汇储备的继续上升，SLR 是否会 “成为一种麻烦，拖累国债和利差”。<b>“真正面对这些恐惧，基本上是在说，‘别担心，我们会做到的’。”</b></blockquote></p><p>Well, with yields spiking to HOD in early quad-witch trading, the market sure seems quite skeptical that the Fed is on anything.</p><p><blockquote>好吧，随着收益率在早期四巫交易中飙升至 HOD，市场似乎对美联储的任何行动都相当怀疑。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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The Board will take appropriate actions to assure that any changes to the SLR do not erode the overall strength of bank capital requirements.</b>To ease strains in the Treasury market resulting from the COVID-19 pandemic and to promote lending to households and businesses, the Board temporarily modified the SLR last year to exclude U.S. Treasury securities and central bank reserves. Since that time, the Treasury market has stabilized. <b>However, because of recent growth in the supply of central bank reserves and the issuance of Treasury securities, the Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability.To ensure that the SLR—which was established in 2014 as an additional capital requirement—remains effective in an environment of higher reserves, the Board will soon be inviting public comment on several potential SLR modifications.</b>The proposal and comments will contribute to ongoing discussions with the Department of the Treasury and other regulators on future work to ensure the resiliency of the Treasury market.The Fed's soothing wods notwithstanding,<b>having been primed for a favorable outcome, the Fed's disappointing announcement was hardly the news traders were hoping for and stocks tumbled...</b></p><p><blockquote>美联储周五宣布，银行控股公司补充杠杆率（SLR）的临时变化将于3月31日如期到期。<b>此外，董事会将很快就调整SLR的措施征求意见。董事会将采取适当行动，确保SLR的任何变更不会削弱银行资本要求的整体实力。</b>为了缓解新冠肺炎疫情造成的国债市场压力，并促进对家庭和企业的贷款，董事会去年暂时修改了SLR，将美国国债和央行储备排除在外。此后，国债市场趋于稳定。<b>然而，由于最近央行储备供应和国债发行的增加，董事会可能需要随着时间的推移解决SLR的当前设计和校准问题，以防止出现可能制约经济增长和破坏金融稳定的压力。为了确保 SLR（作为额外资本要求于 2014 年设立）在储备较高的环境下仍然有效，董事会将很快就几项潜在的 SLR 修改征求公众意见。</b>该提案和意见将有助于与财政部和其他监管机构就未来确保国债市场弹性的工作进行持续讨论。尽管美联储提出了宽慰的要求，<b>在为有利的结果做好准备后，美联储令人失望的声明几乎不是交易员所希望的消息，股市暴跌……</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/c341c3843a5031cd1599c2c89e198050\" tg-width=\"500\" tg-height=\"305\" referrerpolicy=\"no-referrer\">Bond yields spiked...</p><p><blockquote>债券收益率飙升……</blockquote></p><p><img src=\"https://static.tigerbbs.com/14173c1ce587fb45efe4c30ecc1dfbab\" tg-width=\"500\" tg-height=\"284\" referrerpolicy=\"no-referrer\">... while the stock of JPM, which is the most exposed bank to SLR relief (as noted yesterday in \"Facing Up To JP Morgan's Leverage Relief Threats\")...</p><p><blockquote>...而摩根大通的股票是最容易受到SLR减免的银行（正如昨天在“面临摩根大通杠杆减免威胁”中所指出的）...</blockquote></p><p><img src=\"https://static.tigerbbs.com/32811183fba3dbddf1c440836298c7f3\" tg-width=\"500\" tg-height=\"602\" referrerpolicy=\"no-referrer\">.... slumped.</p><p><blockquote>....崩溃了。</blockquote></p><p><img src=\"https://static.tigerbbs.com/2fba41463f15e79d2b8436cdd6a526fc\" tg-width=\"500\" tg-height=\"306\" referrerpolicy=\"no-referrer\">In case you've been living under a rock, here's why you should care about the SLR decision: First, for those whomissed our primer on the issue, some background from JPM (ironically the one bank that has the most to lose from the Fed's decision) the bottom line is that without SLR relief,<b>banks may have to delever, raise new capital, halt buybacks, sell preferred stock, turn down deposits and generally push back on reserves (not necessarily all of these, and not in that order) just as the Fed is injecting hundreds of billions of reserves into the market as the Treasury depletes its TGA account.</b></p><p><blockquote>如果您一直生活在岩石下，以下是您应该关心 SLR 决定的原因：首先，对于那些阅读我们有关该问题的入门读物的人来说，摩根大通的一些背景（具有讽刺意味的是，摩根大通是一家因美联储的决定而损失最大的银行）底线是，如果没有 SLR 救济，<b>银行可能不得不去杠杆化、筹集新资本、停止回购、出售优先股、拒绝存款并普遍减少准备金（不一定是所有这些，也不是按顺序），就像美联储正在向市场注入数千亿美元的储备随着财政部耗尽其 TGA 账户。</b></blockquote></p><p></p><p>The massive expansion of the Fed’s balance that has occurred implied an equally massive growth in bank reserves held at Federal Reserve banks. <b>The expiration of the regulatory relief would add ~$2.1tn of leverage exposure across the 8 GSIBs. As well, TGA reduction and continued QE could add another ~$2.35tn of deposits to the system during 2021.</b><img src=\"https://static.tigerbbs.com/392342c2f3e1dd008b2276172a9b3ecf\" tg-width=\"500\" tg-height=\"253\" referrerpolicy=\"no-referrer\">While the expiry of the carve-out on March 31 would not have an immediate impact on GSIBs, the continued increase in leverage assets throughout the course of the year would increase long-term debt (LTD) and preferred requirements. Here, JPM takes an optimistic view and writes that<b>\"even the “worst” case issuance scenario as very manageable, with LTD needs of $35bn for TLAC requirements and preferred needs of $15-$20bn to maintain the industry-wide SLR at 5.6%.</b></p><p><blockquote>美联储资产负债表的大幅扩张意味着联邦储备银行持有的银行存款也将大幅增长。<b>监管救济的到期将使 8 个 GSIB 增加约 2.1 万亿美元的杠杆风险。此外，TGA 的减少和持续的量化宽松可能会在 2021 年为系统增加约 2.35 万亿美元的存款。</b>虽然 3 月 31 日豁免到期不会对 GSIB 产生直接影响，但全年杠杆资产的持续增长将增加长期债务 (LTD) 和优先要求。在此，摩根大通持乐观态度并写道<b>“即使是‘最坏’的案例发行情况也是非常可控的，LTD 需要 350 亿美元来满足 TLAC 要求，而优先需要 150 亿至 200 亿美元才能将全行业 SLR 的比例维持在 5.6%。</b></blockquote></p><p>The constraint is greater at the bank entity, where the capacity to grow leverage exposure to be ~$765bn at 6.2% SLR.\"Goldman's take was more troubling: the bank estimated that under the continued QE regime, there would be a shortfall of some $2 trillion in reserve capacity, mainly in the form of deposits which the banks would be unable to accept as part of ongoing QE (much more in Goldman'sfull take of the SLR quandary).</p><p><blockquote>银行实体的限制更大，以 6.2% 的 SLR 计算，增加杠杆风险的能力约为 7,650 亿美元。”高盛的做法更令人不安：该银行估计，在持续的量化宽松制度下，将出现约 2 万亿美元的储备能力缺口，主要以银行无法接受的存款形式作为正在进行的量化宽松的一部分（高盛对 SLR 困境的全面理解要多得多）。</blockquote></p><p><b>So what happens next?</b></p><p><blockquote><b>那么接下来会发生什么呢？</b></blockquote></p><p>Addressing this topic, yesterday Curvature's Scott Skyrm wrote that \"<i>the largest banks are enjoying much larger balance sheets, but there are political factors in Washington that are against an extension of the exemption.... Here are a couple of scenarios and their implications on the Repo market</i>:</p><p><blockquote>昨天Curvature的Scott Skyrm在谈到这个话题时写道：<i>最大的银行享有更大的资产负债表，但华盛顿有政治因素反对延长豁免…….以下是几个场景及其对回购市场的影响</i>:</blockquote></p><p>The exemption is extended 3 months or 6 months - No impact on the Repo market. It's already fully priced-in.The exemption is continued for reserves, but ended for Treasurys. <b>Since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise. Volatility increases as Repo assets move from the largest banks to the other Repo market participants.The exemption is ended for both reserves and Treasurys. Same as above.</b>In other words, Skyrm has a relatively downbeat view, warning that \"since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise.\" Additionally, volatility is likely to increase as repo assets move from the largest banks to the other Repo market participants...</p><p><blockquote>豁免延长3个月或6个月——对回购市场没有影响。它已经全价了。准备金的豁免继续，但国债的豁免结束。<b>由于大型银行是回购市场上最大的现金提供者，因此进入市场的现金减少，回购利率上升。随着回购资产从最大的银行转移到其他回购市场参与者，波动性增加。准备金和国库的豁免都结束了。同上。</b>换句话说，Skyrm持相对悲观的观点，警告称“由于大型银行是回购市场上最大的现金提供者，因此进入市场的现金减少，回购利率上升。”此外，随着回购资产从最大的银行转移到其他回购市场参与者，波动性可能会增加……</blockquote></p><p>Perhaps a bit too draconian? Well, last week, JPMorgan laid out 5 scenarios for SLR, of which two predicted the end of SLR relief on March 31, as follow:</p><p><blockquote>也许有点太严厉了？那么，上周摩根大通为SLR布局了5种情景，其中两种情景预测SLR救济将在3月31日结束，具体如下：</blockquote></p><p><u><b>3. Relief ends March 31, banks fully raise capital</b></u> <b>Impact on BanksRatesFront-End Rates</b> <u><b>4. Relief ends March 31, banks raise capital &amp; de-lever</b></u> <b>Impact on BanksRatesFront-End Rates</b>Going back to Zoltan, let's recallthat the repo gurualso cautioned that \"ending the exemption of reserves and Treasuries from the calculation of the SLR may mean that U.S. banks will turn away deposits and reserves on the margin (not Treasuries) to leave more room for market-making activities,<b>and these flows will swell further money funds’ inflows coming from TGA drawdowns.</b>\"</p><p><blockquote><u><b>3.救助3月31日结束，银行全面募资</b></u><b>对银行利率的影响前端利率</b><u><b>4.救助3月31日结束，银行增资去杠杆</b></u><b>对银行利率的影响前端利率</b>回到佐尔坦，让我们回顾一下，回购大师还警告说，“结束准备金和国债在 SLR 计算中的豁免可能意味着美国银行将拒绝保证金存款和准备金（而不是国债），以留出更多空间进行做市活动，<b>这些资金流动将进一步扩大 TGA 提款带来的货币资金流入。</b>\"</blockquote></p><p>More importantly, Zoltan does not expect broad chaos in repo or broader markets, and instead provides a more benign view on the negligible impact the SLR has had (and will be if it is eliminated), as he explained in a note from Tuesday.</p><p><blockquote>更重要的是，佐尔坦预计回购或更广泛的市场不会出现大范围的混乱，而是对单反相机已经产生的微不足道的影响（如果被淘汰，将会产生）提供了更温和的观点，正如他在周二的一份报告中所解释的那样。</blockquote></p><p><img src=\"https://static.tigerbbs.com/caeeb2b1290e084832f29d61cea6a90b\" tg-width=\"500\" tg-height=\"534\" referrerpolicy=\"no-referrer\">How to determine if Zoltan's benign view is correct? He concluded his note by writing that \"given that our call for a zero-to-negative FRA-OIS spread by the end of June was predicated on the end of SLR extension and an assumption that the Fed will try to fix a quantity problem with prices, not quantities, today’s adjustments mean that FRA-OIS won’t trade all the way down to zero or negative territory.\"</p><p><blockquote>如何确定佐尔坦的良性观点是否正确？他在笔记的最后写道：“鉴于我们在 6 月底之前将 FRA-OIS 利差从零变为负的看涨期权是基于 SLR 延期结束，以及美联储将试图用价格而非数量来解决数量问题的假设，今天的调整意味着 FRA-OIS 不会一路跌至零或负区域”。</blockquote></p><p>FRA-OIS from here will be a function of how tight FX swaps will trade relative to OIS, but Treasury bills trading at deeply sub-zero rates is no longer a risk...While Bills have occasionally dipped into the negative territory on occasion, so far they have avoided a fullblown plunge into NIRP, which may be just the positive sign the market is waiting for to ease the nerves associated with the sudden and largely unexpected end of the SLR exemption.</p><p><blockquote>从这里开始，FRA-OIS将取决于外汇掉期相对于OIS的交易强度，但以远低于零的利率交易的国库券不再是一种风险……虽然法案偶尔会陷入负值区域，但到目前为止，它们已经避免了NIRP的全面暴跌，这可能只是市场正在等待的积极迹象，以缓解与SLR豁免突然且基本上出乎意料的结束相关的紧张情绪。</blockquote></p><p>* *&nbsp; *</p><p><blockquote>** *</blockquote></p><p></p><p>Finally, for those curious what the immediate market impact will be, NatWest strategist Blake Gwinn writes that the Fed announcement that they’re letting regulatory exemptions for banks expire at the end of the month \"really threads the needle and \"assuages concerns about the potential long-term impact on the markets\" as<b>the SLR \"ends it but defuses a lot of the knee-jerk market reaction” by pledging to address the current design and calibration of the supplementary leverage ratio to prevent strains from developing</b>.</p><p><blockquote>最后，对于那些好奇会对市场产生什么直接影响的人来说，NatWest 策略师布莱克-格温（Blake Gwinn）写道，美联储宣布将让银行的监管豁免在本月底到期，“确实穿针引线，并 “缓解了对市场潜在长期影响的担忧”。<b>SLR“结束了它，但化解了许多下意识的市场反应”，承诺解决补充杠杆率的当前设计和校准问题，以防止应变发展</b>.</blockquote></p><p>“I was never worried about a day-one bank puke of Treasuries or drawdown in repo or anything like that on no renewal,” Gwinn said. “My concern was the longer run,” like as reserves continue to rise, would the SLR “become a nuisance and drag on Treasuries and spreads” Gwinn concludes that with the statement, the Fed is<b>\"really speaking to those fears and basically saying, ‘don’t worry, we are on it’.”</b></p><p><blockquote>“格温说：”我从来没有担心过银行会在一天之内抛售国债，或者在不续签的情况下提取回购或类似的事情。格温总结说，“我担心的是，从长远来看，”随着外汇储备的继续上升，SLR 是否会 “成为一种麻烦，拖累国债和利差”。<b>“真正面对这些恐惧，基本上是在说，‘别担心，我们会做到的’。”</b></blockquote></p><p>Well, with yields spiking to HOD in early quad-witch trading, the market sure seems quite skeptical that the Fed is on anything.</p><p><blockquote>好吧，随着收益率在早期四巫交易中飙升至 HOD，市场似乎对美联储的任何行动都相当怀疑。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/stocks-bopnds-tank-after-fed-lets-slr-relief-expire\">zerohedge</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.zerohedge.com/markets/stocks-bopnds-tank-after-fed-lets-slr-relief-expire","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1199154789","content_text":"As washinted at, and discussed in depth here,the Fed decided - under political pressure from progressive Democrats such asElizabeth Warren and Sherrod Brown- to let the temporary Supplementary Leverage Ratio (SLR) exemption expire as scheduled on March 31, the one year anniversary of the rule change.The federal bank regulatory agencies today announced that the temporary change to the supplementary leverage ratio, or SLR, for depository institutions issued on May 15, 2020, will expire as scheduled on March 31, 2021.The temporary change was made to provide flexibility for depository institutions to provide credit to households and businesses in light of the COVID-19 event.This outcome is theone (again) correctly predictedby former NY Fed guru Zoltan Pozsar who following the FOMC said that \"the fact that the Fed made this adjustment practically preemptively – the o/n RRP facility is not being used at the moment, so there are no capacity constraints yet, while repo and bill yields aren’t trading negative yet –suggests that the Fed is “foaming the runway” for the end of SLR exemption.\"Knowing well this would be a very hot button issue for the market, the Fed published thefollowing statementto ease trader nerves, noting that while the SLR special treatment will expire on March 31, the Fed is \"inviting public comment on several potential SLR modifications\" and furthermore, \"Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability\" - in short, if yields spike, the Fed will re-introduce the SLR without delay:The Federal Reserve Board on Friday announced that the temporary change to its supplementary leverage ratio, or SLR, for bank holding companies will expire as scheduled on March 31. Additionally, the Board will shortly seek comment on measures to adjust the SLR. The Board will take appropriate actions to assure that any changes to the SLR do not erode the overall strength of bank capital requirements.To ease strains in the Treasury market resulting from the COVID-19 pandemic and to promote lending to households and businesses, the Board temporarily modified the SLR last year to exclude U.S. Treasury securities and central bank reserves. Since that time, the Treasury market has stabilized. However, because of recent growth in the supply of central bank reserves and the issuance of Treasury securities, the Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability.To ensure that the SLR—which was established in 2014 as an additional capital requirement—remains effective in an environment of higher reserves, the Board will soon be inviting public comment on several potential SLR modifications.The proposal and comments will contribute to ongoing discussions with the Department of the Treasury and other regulators on future work to ensure the resiliency of the Treasury market.The Fed's soothing wods notwithstanding,having been primed for a favorable outcome, the Fed's disappointing announcement was hardly the news traders were hoping for and stocks tumbled...Bond yields spiked...... while the stock of JPM, which is the most exposed bank to SLR relief (as noted yesterday in \"Facing Up To JP Morgan's Leverage Relief Threats\")....... slumped.In case you've been living under a rock, here's why you should care about the SLR decision: First, for those whomissed our primer on the issue, some background from JPM (ironically the one bank that has the most to lose from the Fed's decision) the bottom line is that without SLR relief,banks may have to delever, raise new capital, halt buybacks, sell preferred stock, turn down deposits and generally push back on reserves (not necessarily all of these, and not in that order) just as the Fed is injecting hundreds of billions of reserves into the market as the Treasury depletes its TGA account.The massive expansion of the Fed’s balance that has occurred implied an equally massive growth in bank reserves held at Federal Reserve banks. The expiration of the regulatory relief would add ~$2.1tn of leverage exposure across the 8 GSIBs. As well, TGA reduction and continued QE could add another ~$2.35tn of deposits to the system during 2021.While the expiry of the carve-out on March 31 would not have an immediate impact on GSIBs, the continued increase in leverage assets throughout the course of the year would increase long-term debt (LTD) and preferred requirements. Here, JPM takes an optimistic view and writes that\"even the “worst” case issuance scenario as very manageable, with LTD needs of $35bn for TLAC requirements and preferred needs of $15-$20bn to maintain the industry-wide SLR at 5.6%.The constraint is greater at the bank entity, where the capacity to grow leverage exposure to be ~$765bn at 6.2% SLR.\"Goldman's take was more troubling: the bank estimated that under the continued QE regime, there would be a shortfall of some $2 trillion in reserve capacity, mainly in the form of deposits which the banks would be unable to accept as part of ongoing QE (much more in Goldman'sfull take of the SLR quandary).So what happens next?Addressing this topic, yesterday Curvature's Scott Skyrm wrote that \"the largest banks are enjoying much larger balance sheets, but there are political factors in Washington that are against an extension of the exemption.... Here are a couple of scenarios and their implications on the Repo market:The exemption is extended 3 months or 6 months - No impact on the Repo market. It's already fully priced-in.The exemption is continued for reserves, but ended for Treasurys. Since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise. Volatility increases as Repo assets move from the largest banks to the other Repo market participants.The exemption is ended for both reserves and Treasurys. Same as above.In other words, Skyrm has a relatively downbeat view, warning that \"since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise.\" Additionally, volatility is likely to increase as repo assets move from the largest banks to the other Repo market participants...Perhaps a bit too draconian? Well, last week, JPMorgan laid out 5 scenarios for SLR, of which two predicted the end of SLR relief on March 31, as follow:3. Relief ends March 31, banks fully raise capital Impact on BanksRatesFront-End Rates 4. Relief ends March 31, banks raise capital & de-lever Impact on BanksRatesFront-End RatesGoing back to Zoltan, let's recallthat the repo gurualso cautioned that \"ending the exemption of reserves and Treasuries from the calculation of the SLR may mean that U.S. banks will turn away deposits and reserves on the margin (not Treasuries) to leave more room for market-making activities,and these flows will swell further money funds’ inflows coming from TGA drawdowns.\"More importantly, Zoltan does not expect broad chaos in repo or broader markets, and instead provides a more benign view on the negligible impact the SLR has had (and will be if it is eliminated), as he explained in a note from Tuesday.How to determine if Zoltan's benign view is correct? He concluded his note by writing that \"given that our call for a zero-to-negative FRA-OIS spread by the end of June was predicated on the end of SLR extension and an assumption that the Fed will try to fix a quantity problem with prices, not quantities, today’s adjustments mean that FRA-OIS won’t trade all the way down to zero or negative territory.\"FRA-OIS from here will be a function of how tight FX swaps will trade relative to OIS, but Treasury bills trading at deeply sub-zero rates is no longer a risk...While Bills have occasionally dipped into the negative territory on occasion, so far they have avoided a fullblown plunge into NIRP, which may be just the positive sign the market is waiting for to ease the nerves associated with the sudden and largely unexpected end of the SLR exemption.* *  *Finally, for those curious what the immediate market impact will be, NatWest strategist Blake Gwinn writes that the Fed announcement that they’re letting regulatory exemptions for banks expire at the end of the month \"really threads the needle and \"assuages concerns about the potential long-term impact on the markets\" asthe SLR \"ends it but defuses a lot of the knee-jerk market reaction” by pledging to address the current design and calibration of the supplementary leverage ratio to prevent strains from developing.“I was never worried about a day-one bank puke of Treasuries or drawdown in repo or anything like that on no renewal,” Gwinn said. “My concern was the longer run,” like as reserves continue to rise, would the SLR “become a nuisance and drag on Treasuries and spreads” Gwinn concludes that with the statement, the Fed is\"really speaking to those fears and basically saying, ‘don’t worry, we are on it’.”Well, with yields spiking to HOD in early quad-witch trading, the market sure seems quite skeptical that the Fed is on anything.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2804,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":197897074,"gmtCreate":1621437895398,"gmtModify":1634189133653,"author":{"id":"3560333271175805","authorId":"3560333271175805","name":"UsernameHere","avatar":"https://static.tigerbbs.com/d364fcef5f5752caa1c344e47f129ccf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560333271175805","authorIdStr":"3560333271175805"},"themes":[],"title":"","htmlText":"💎🙌🏻","listText":"💎🙌🏻","text":"💎🙌🏻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/197897074","repostId":"2136196839","repostType":4,"isVote":1,"tweetType":1,"viewCount":1941,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":367265027,"gmtCreate":1614954981969,"gmtModify":1703483434309,"author":{"id":"3560333271175805","authorId":"3560333271175805","name":"UsernameHere","avatar":"https://static.tigerbbs.com/d364fcef5f5752caa1c344e47f129ccf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560333271175805","authorIdStr":"3560333271175805"},"themes":[],"title":"","htmlText":"Buy!","listText":"Buy!","text":"Buy!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/367265027","repostId":"1116017255","repostType":4,"repost":{"id":"1116017255","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1614954925,"share":"https://www.laohunote.com/m/news/1116017255?lang=zh_CN&edition=full","pubTime":"2021-03-05 22:35","market":"us","language":"en","title":"U.S. Stocks open up, as strong jobs report boosts reopening optimism<blockquote>美国股市开盘，强劲的就业报告提振了重新开放的乐观情绪</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1116017255","media":"老虎资讯综合","summary":"(March 5) Stocks were set to rebound after a stronger-than-expected jobs report boosted optimism abo","content":"<p>(March 5)&nbsp;Stocks were set to rebound after a stronger-than-expected jobs report boosted optimism about a faster economic reopening.</p><p><blockquote>（3月5日）强于预期的就业报告提振了人们对经济更快重新开放的乐观情绪，股市将反弹。</blockquote></p><p>The Dow up 0.93%, the S&amp;P 500 rose 1.05%, and the Nasdaq Composite jumped 1.13%.</p><p><blockquote>道琼斯指数上涨0.93%，标普500指数上涨1.05%，纳斯达克综合指数上涨1.13%。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f5a0f3bfa9164920f4899e3f22741e69\" tg-width=\"1242\" tg-height=\"572\" referrerpolicy=\"no-referrer\"><span>*Source From Tiger Trade, EST 09:30</span></p><p><blockquote><p class=\"t-img-caption\"><span>*来源：Tiger Trade，美国东部时间 09:30</span></p></blockquote></p><p>The U.S. 10-year Treasury yield popped above 1.6% after the February jobs report. The Labor Department on Fridayreportedthat nonfarm payrolls jumped by 379,000 for the month and the unemployment rate fell to 6.2%. That compared to expectations of 210,000 new jobs and the unemployment rate to hold steady from the 6.3% rate in January, according to Dow Jones.</p><p><blockquote>2月份就业报告公布后，美国10年期国债收益率飙升至1.6%以上。美国劳工部周五报告称，当月非农就业人数增加37.9万人，失业率降至6.2%。根据道琼斯的数据，相比之下，预计将新增 21 万个就业岗位，失业率将从 1 月份的 6.3% 保持稳定。</blockquote></p><p>As rates jumped, tech shares with high valuations got hit again in the premarket, continuing the pattern this week. Tesla and Peloton shares fell declined.</p><p><blockquote>随着利率上涨，高估值的科技股在盘前再次受到打击，延续了本周的模式。特斯拉和 Peloton 股价下跌。</blockquote></p><p>The move in futures followed a sharp sell-off on Thursday triggered by Federal Reserve Chair Jerome Powell’s remarks on rising bond yields. The Fed chair said the recent runup caught his attention but he didn’t give any indication of how the central bank would rein it in. Some investors had expected Powell to signal his willingness to adjust the Fed’s asset purchase program.</p><p><blockquote>周四，美联储主席杰罗姆-鲍威尔（Jerome Powell）关于债券收益率上升的言论引发了期货大幅抛售。美联储主席说，最近的涨势引起了他的注意，但他没有暗示央行将如何控制涨势。一些投资者原本预计鲍威尔会表示愿意调整美联储的资产购买计划。</blockquote></p><p>The economic reopening could&nbsp;“create some upward pressure on prices,” Powell said in a Wall Street Journal webinar Thursday. Even if the economy sees “transitory increases in inflation … I expect that we will be patient,” he added.</p><p><blockquote>鲍威尔周四在《华尔街日报》网络研讨会上表示，经济重新开放可能会 “给物价带来一些上行压力”。他补充说，即使经济出现 “通胀暂时上升.我希望我们会保持耐心”。</blockquote></p><p>“Equity investors, in our conversations, are really grappling with two things they may not have had to deal with for the last 10 years,” said Tom Lee, Fundstrat’s co-founder head of research. “One is the potential for inflation to actually have to be priced into equities. I think there’s a lot of confusion.”</p><p><blockquote>“Fundstrat 联合创始人兼研究主管汤姆-李（Tom Lee）说：”在我们的谈话中，股权投资者确实在努力应对两件他们在过去 10 年中可能不必面对的事情。“一是通货膨胀的潜力实际上必须计入股票价格。我认为这有很多困惑”。</blockquote></p><p>“Then it’s a bond market that seems to be testing the Fed, which kind of scares people,” added Lee, who believes the sell-off this week is a buying opportunity.</p><p><blockquote>李补充说：“然后是债券市场似乎在考验美联储，这让人们感到害怕。”他认为本周的抛售是一个买入机会。</blockquote></p><p>Tech stocks led the market decline Thursday, especially those with high valuations and small or no profitability. The Nasdaq Composite dropped 2.1% Thursday, bringing its losses this week to 3.6%. The tech-heavy benchmark also turned negative for the year and fell into correction territory, or down 10% from a recent high, on an intraday basis.</p><p><blockquote>科技股周四领跌市场，尤其是那些估值较高、盈利能力较小或没有盈利能力的科技股。纳斯达克综合指数周四下跌 2.1%，本周跌幅达 3.6%。以科技股为主的基准今年也转为负值，并在盘中跌入修正区域，即较近期高点下跌 10%。</blockquote></p><p>Tesla shares were off their lows in Friday premarket trading but still down 0.3%.</p><p><blockquote>特斯拉股价在周五盘前交易中脱离低点，但仍下跌 0.3%。</blockquote></p><p>The S&amp;P 500 and the Dow both fell more than 1% Thursday, headed for a losing week. Energy outperformed with a 2.5% gain in the previous session amid a jump in oil prices.</p><p><blockquote>标普500和道琼斯指数周四均下跌超过1%，本周下跌。由于油价上涨，能源板块前一交易日表现优异，上涨 2.5%。</blockquote></p><p>“Rates soared once again, which opened the door for more selling of technology stocks,” said Ryan Detrick, chief market strategist at LPL Financial. “The bright side is the economy continues to improve and leadership from financials and energy is something that suggests this isn’t a sell everything moment.”</p><p><blockquote>“LPL Financial 首席市场策略师 Ryan Detrick 说：”利率再次飙升，这为更多科技股的抛售打开了大门。“好的一面是，经济持续改善，金融和能源行业的领导力表明，现在不是卖掉一切的时候。”</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>U.S. Stocks open up, as strong jobs report boosts reopening optimism<blockquote>美国股市开盘，强劲的就业报告提振了重新开放的乐观情绪</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\">\nU.S. Stocks open up, as strong jobs report boosts reopening optimism<blockquote>美国股市开盘，强劲的就业报告提振了重新开放的乐观情绪</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-03-05 22:35</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(March 5)&nbsp;Stocks were set to rebound after a stronger-than-expected jobs report boosted optimism about a faster economic reopening.</p><p><blockquote>（3月5日）强于预期的就业报告提振了人们对经济更快重新开放的乐观情绪，股市将反弹。</blockquote></p><p>The Dow up 0.93%, the S&amp;P 500 rose 1.05%, and the Nasdaq Composite jumped 1.13%.</p><p><blockquote>道琼斯指数上涨0.93%，标普500指数上涨1.05%，纳斯达克综合指数上涨1.13%。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f5a0f3bfa9164920f4899e3f22741e69\" tg-width=\"1242\" tg-height=\"572\" referrerpolicy=\"no-referrer\"><span>*Source From Tiger Trade, EST 09:30</span></p><p><blockquote><p class=\"t-img-caption\"><span>*来源：Tiger Trade，美国东部时间 09:30</span></p></blockquote></p><p>The U.S. 10-year Treasury yield popped above 1.6% after the February jobs report. The Labor Department on Fridayreportedthat nonfarm payrolls jumped by 379,000 for the month and the unemployment rate fell to 6.2%. That compared to expectations of 210,000 new jobs and the unemployment rate to hold steady from the 6.3% rate in January, according to Dow Jones.</p><p><blockquote>2月份就业报告公布后，美国10年期国债收益率飙升至1.6%以上。美国劳工部周五报告称，当月非农就业人数增加37.9万人，失业率降至6.2%。根据道琼斯的数据，相比之下，预计将新增 21 万个就业岗位，失业率将从 1 月份的 6.3% 保持稳定。</blockquote></p><p>As rates jumped, tech shares with high valuations got hit again in the premarket, continuing the pattern this week. Tesla and Peloton shares fell declined.</p><p><blockquote>随着利率上涨，高估值的科技股在盘前再次受到打击，延续了本周的模式。特斯拉和 Peloton 股价下跌。</blockquote></p><p>The move in futures followed a sharp sell-off on Thursday triggered by Federal Reserve Chair Jerome Powell’s remarks on rising bond yields. The Fed chair said the recent runup caught his attention but he didn’t give any indication of how the central bank would rein it in. Some investors had expected Powell to signal his willingness to adjust the Fed’s asset purchase program.</p><p><blockquote>周四，美联储主席杰罗姆-鲍威尔（Jerome Powell）关于债券收益率上升的言论引发了期货大幅抛售。美联储主席说，最近的涨势引起了他的注意，但他没有暗示央行将如何控制涨势。一些投资者原本预计鲍威尔会表示愿意调整美联储的资产购买计划。</blockquote></p><p>The economic reopening could&nbsp;“create some upward pressure on prices,” Powell said in a Wall Street Journal webinar Thursday. Even if the economy sees “transitory increases in inflation … I expect that we will be patient,” he added.</p><p><blockquote>鲍威尔周四在《华尔街日报》网络研讨会上表示，经济重新开放可能会 “给物价带来一些上行压力”。他补充说，即使经济出现 “通胀暂时上升.我希望我们会保持耐心”。</blockquote></p><p>“Equity investors, in our conversations, are really grappling with two things they may not have had to deal with for the last 10 years,” said Tom Lee, Fundstrat’s co-founder head of research. “One is the potential for inflation to actually have to be priced into equities. I think there’s a lot of confusion.”</p><p><blockquote>“Fundstrat 联合创始人兼研究主管汤姆-李（Tom Lee）说：”在我们的谈话中，股权投资者确实在努力应对两件他们在过去 10 年中可能不必面对的事情。“一是通货膨胀的潜力实际上必须计入股票价格。我认为这有很多困惑”。</blockquote></p><p>“Then it’s a bond market that seems to be testing the Fed, which kind of scares people,” added Lee, who believes the sell-off this week is a buying opportunity.</p><p><blockquote>李补充说：“然后是债券市场似乎在考验美联储，这让人们感到害怕。”他认为本周的抛售是一个买入机会。</blockquote></p><p>Tech stocks led the market decline Thursday, especially those with high valuations and small or no profitability. The Nasdaq Composite dropped 2.1% Thursday, bringing its losses this week to 3.6%. The tech-heavy benchmark also turned negative for the year and fell into correction territory, or down 10% from a recent high, on an intraday basis.</p><p><blockquote>科技股周四领跌市场，尤其是那些估值较高、盈利能力较小或没有盈利能力的科技股。纳斯达克综合指数周四下跌 2.1%，本周跌幅达 3.6%。以科技股为主的基准今年也转为负值，并在盘中跌入修正区域，即较近期高点下跌 10%。</blockquote></p><p>Tesla shares were off their lows in Friday premarket trading but still down 0.3%.</p><p><blockquote>特斯拉股价在周五盘前交易中脱离低点，但仍下跌 0.3%。</blockquote></p><p>The S&amp;P 500 and the Dow both fell more than 1% Thursday, headed for a losing week. Energy outperformed with a 2.5% gain in the previous session amid a jump in oil prices.</p><p><blockquote>标普500和道琼斯指数周四均下跌超过1%，本周下跌。由于油价上涨，能源板块前一交易日表现优异，上涨 2.5%。</blockquote></p><p>“Rates soared once again, which opened the door for more selling of technology stocks,” said Ryan Detrick, chief market strategist at LPL Financial. “The bright side is the economy continues to improve and leadership from financials and energy is something that suggests this isn’t a sell everything moment.”</p><p><blockquote>“LPL Financial 首席市场策略师 Ryan Detrick 说：”利率再次飙升，这为更多科技股的抛售打开了大门。“好的一面是，经济持续改善，金融和能源行业的领导力表明，现在不是卖掉一切的时候。”</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1116017255","content_text":"(March 5) Stocks were set to rebound after a stronger-than-expected jobs report boosted optimism about a faster economic reopening.The Dow up 0.93%, the S&P 500 rose 1.05%, and the Nasdaq Composite jumped 1.13%.*Source From Tiger Trade, EST 09:30The U.S. 10-year Treasury yield popped above 1.6% after the February jobs report. The Labor Department on Fridayreportedthat nonfarm payrolls jumped by 379,000 for the month and the unemployment rate fell to 6.2%. That compared to expectations of 210,000 new jobs and the unemployment rate to hold steady from the 6.3% rate in January, according to Dow Jones.As rates jumped, tech shares with high valuations got hit again in the premarket, continuing the pattern this week. Tesla and Peloton shares fell declined.The move in futures followed a sharp sell-off on Thursday triggered by Federal Reserve Chair Jerome Powell’s remarks on rising bond yields. The Fed chair said the recent runup caught his attention but he didn’t give any indication of how the central bank would rein it in. Some investors had expected Powell to signal his willingness to adjust the Fed’s asset purchase program.The economic reopening could “create some upward pressure on prices,” Powell said in a Wall Street Journal webinar Thursday. Even if the economy sees “transitory increases in inflation … I expect that we will be patient,” he added.“Equity investors, in our conversations, are really grappling with two things they may not have had to deal with for the last 10 years,” said Tom Lee, Fundstrat’s co-founder head of research. “One is the potential for inflation to actually have to be priced into equities. I think there’s a lot of confusion.”“Then it’s a bond market that seems to be testing the Fed, which kind of scares people,” added Lee, who believes the sell-off this week is a buying opportunity.Tech stocks led the market decline Thursday, especially those with high valuations and small or no profitability. The Nasdaq Composite dropped 2.1% Thursday, bringing its losses this week to 3.6%. The tech-heavy benchmark also turned negative for the year and fell into correction territory, or down 10% from a recent high, on an intraday basis.Tesla shares were off their lows in Friday premarket trading but still down 0.3%.The S&P 500 and the Dow both fell more than 1% Thursday, headed for a losing week. Energy outperformed with a 2.5% gain in the previous session amid a jump in oil prices.“Rates soared once again, which opened the door for more selling of technology stocks,” said Ryan Detrick, chief market strategist at LPL Financial. “The bright side is the economy continues to improve and leadership from financials and energy is something that suggests this isn’t a sell everything moment.”","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1663,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":362186876,"gmtCreate":1614607727895,"gmtModify":1703478785271,"author":{"id":"3560333271175805","authorId":"3560333271175805","name":"UsernameHere","avatar":"https://static.tigerbbs.com/d364fcef5f5752caa1c344e47f129ccf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560333271175805","authorIdStr":"3560333271175805"},"themes":[],"title":"","htmlText":"Rocket ready and loaded. Are we ready guys?","listText":"Rocket ready and loaded. Are we ready guys?","text":"Rocket ready and loaded. Are we ready guys?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/362186876","repostId":"1105841550","repostType":4,"repost":{"id":"1105841550","kind":"news","pubTimestamp":1614600153,"share":"https://www.laohunote.com/m/news/1105841550?lang=zh_CN&edition=full","pubTime":"2021-03-01 20:02","market":"us","language":"en","title":"'Build Me An Ark': The Tsunami Of Risk Of Tesla-Bitcoin-Cathie Wood Is Coming<blockquote>“为我建造一艘方舟”：特斯拉-比特币-凯西·伍德的风险海啸即将到来</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1105841550","media":"zerohedge","summary":"Summary:\n\n In today's equity update we are following up on our\n analysis of the Tesla-Bitcoin-Ark ri","content":"<p><u><b>Summary:</b></u></p><p><blockquote><u><b>总结：</b></u></blockquote></p><p>   In today's equity update we are following up on our  <b>analysis of the Tesla-Bitcoin-Ark risk cluster</b>showing an updated positions analysis, cross-correlations in the flagship Ark Innovation ETF, and an drawdown analysis. Yesterday, was another bad session for this risk cluster and Ark Invest had a day with outflows across all their ETFs highlighting that risk sentiment has changed. With the founder's bold move to increase the position in Tesla during the week the risk has gone up that this risk cluster could turn into an ugly forced selling dynamic causing pain in not only Tesla, Bitcoin, and Ark funds, but also US biotechnology stocks where Ark Invest is a major holder with high ownership in selected names.  A little over a month ago we first flagged the Tesla-Bitcoin-Ark risk cluster as something to take note off as short-term correlation between Tesla and Bitcoin was shooting up. A survey from Charles Schwab also confirmed our suspicion that there is a big overlap as these two instruments are among the top five holdings by millennials. Our analysis quickly led us to Ark Invest with its famous Ark Innovation ETF which had a big position in Tesla and its charismatic founder Cathie Wood is a big believer in the so-called disruptive innovation culture of Silicon Valley. This class of people believe firmly in technology as mainly good for society in all its aspects and that&nbsp;Bitcoin is a protection against future wealth confiscation&nbsp;which is most likely inevitable due to historically high wealth inequality.</p><p><blockquote>在今天的股权更新中，我们将跟进我们的<b>特斯拉-比特币-方舟风险聚类分析</b>显示最新的头寸分析、旗舰 Ark Innovation ETF 中的交叉相关性以及回撤分析。昨天，对于这个风险集群来说，又是一个糟糕的交易日，Ark Invest 的所有 ETF 都出现了资金流出，突显出风险情绪已经发生了变化。随着创始人本周大胆增加在特斯拉的头寸，这一风险集群可能会变成丑陋的强制抛售动态，不仅给特斯拉、比特币和方舟基金带来痛苦，也给美国生物技术股票带来痛苦。方舟投资是其中的主要持有者，在选定的名称中拥有较高的所有权。一个多月前，我们首次将特斯拉-比特币-方舟风险集群标记为值得注意的事情，因为特斯拉和比特币之间的短期相关性正在飙升。嘉信理财的一项调查也证实了我们的怀疑，即存在很大的重叠，因为这两种工具都是千禧一代持有的前五大工具之一。我们的分析很快让我们找到了 Ark Invest，其著名的 Ark Innovation ETF 在特斯拉拥有大量头寸，其魅力四射的创始人 Cathie Wood 是硅谷所谓颠覆性创新文化的坚定信徒。这类人坚信技术主要对社会的各个方面都有好处，比特币是防止未来财富被没收的一种保护，由于历史上的高度财富不平等，这很可能是不可避免的。</blockquote></p><p> This disruptive innovation culture is powerful. It is presented by some of the wealthiest people of this planet. Endless presentation about innovation and institutions like the Singularity University promote these views. Behind Bitcoin you find a huge online marketing machine sucking ordinary people into the game. Recently wealthy people such as Elon Musk has openly supported Bitcoin, first in writing and later in action adding $1.5bn to Tesla’s balance sheet and thereby significantly increasing its earnings volatility. The triangle of Tesla-Bitcoin-Ark and their respective momentum has reinforced each other creating a positive feedback loop luring more investors into these instruments. As we have seen this week the ‘tower of risk’ is beginning to show cracks.</p><p><blockquote>这种颠覆性的创新文化是强大的。它是由这个星球上一些最富有的人提出的。关于创新和像奇点大学这样的机构的无休止的介绍促进了这些观点。在比特币背后，你会发现一个巨大的网络营销机器将普通人吸入游戏。最近，埃隆-马斯克（Elon Musk）等富人公开支持比特币，先是以书面形式，后来又以实际行动为特斯拉的资产负债表增加了 15 亿美元，从而大大增加了其盈利波动性。特斯拉-比特币-方舟三角及其各自的势头相互促进，形成了正反馈循环，吸引更多投资者进入这些工具。正如我们本周所看到的，“风险之塔 ”开始出现裂缝。</blockquote></p><p> <b>Ark position update and Cathie Wood’s bold move and the risk to biotechnology</b></p><p><blockquote><b>方舟立场更新、凯西-伍德的大胆举动以及生物技术面临的风险</b></blockquote></p><p> This week Tesla-Bitcoin-Ark all came under pressure from negative voices in governments over Bitcoin and beginning noise over real competition for Tesla in the coming years. The risk cluster was clearly moving together, and correlations started rising. On Tuesday, volatility picked up across the board and at one point Cathie Wood felt it was necessary to go public supporting her funds and said that&nbsp;she had increased their position in Tesla&nbsp;using big numbers in the future to justify increasing the risk. This is a bold move, but it increases the risk considerably. When you are at risk of seeing sizeable outflows, you should start reducing the most illiquid positions first while you can control the situation. Because if you are forced to do it by redemptions the game changes dramatically.</p><p><blockquote>本周，特斯拉-比特币-方舟都面临着来自政府对比特币的负面声音的压力，以及对未来几年特斯拉真正竞争的担忧。风险集群显然在一起移动，相关性开始上升。周二，波动性全面上升，凯西·伍德一度认为有必要公开支持她的基金，并表示她已经增加了他们在特斯拉的头寸，未来使用大量数字来证明增加风险的合理性。这是一个大胆的举动，但它大大增加了风险。当你有看到大量资金流出的风险时，你应该首先开始减少流动性最差的头寸，同时你可以控制局面。因为如果你被迫通过救赎来做这件事，游戏就会发生巨大的变化。</blockquote></p><p> The tables below show updated Ark Invest positions as of yesterday’s close. There are still 26 stocks where Ark Invest holds more than 10% of the outstanding shares. This could become a serious problem if Ark Invest is suddenly caught in a negative feedback loop together with Tesla and Bitcoin. But also note how US biotechnology stocks are overrepresented in this list of stocks with high ownership in percentage of outstanding shares. If Ark Invest suddenly experience across the board outflows, like it did yesterday, then they can suddenly be the forced seller in US biotechnology stocks where they are the whale. This could cascade into the overall US biotechnology segment although the group is diverse.</p><p><blockquote>下表显示了截至昨天收盘时 Ark Invest 的最新持仓情况。方舟投资持有流通股10%以上的股票仍有26只。如果方舟投资突然与特斯拉和比特币一起陷入负面反馈循环，这可能会成为一个严重的问题。但也要注意，美国生物技术股票在这份流通股比例较高的股票名单中所占比例过高。如果 Ark Invest 突然经历全面资金外流，就像昨天一样，那么他们可能会突然成为美国生物技术股票的被迫卖家，而他们是鲸鱼。尽管该集团是多元化的，但这可能会蔓延到整个美国生物技术领域。</blockquote></p><p> <i>Stocks held by Ark Invest funds with combined ownership above 10% of outstanding shares</i></p><p><blockquote><i>方舟投资基金持有的合并所有权超过流通股10%的股票</i></blockquote></p><p> <img src=\"https://static.tigerbbs.com/b97684f80243d32efc06f3379d51d4fb\" tg-width=\"500\" tg-height=\"353\">Source: Ark Invest, Bloomberg, and Saxo Group</p><p><blockquote>资料来源：Ark Invest、彭博社和盛宝集团</blockquote></p><p></p><p> The table below shows the largest positions across all funds. Here Tesla has now jumped to 7% of AUM and the first five positions now account for 21.6% of AUM. The five biggest stocks are Tesla, Teladoc Health, Square, Roku, and Baidu. Square just recently reported disappointing Q4 earnings and announced the purchase of $170mn of Bitcoin increasing the risk and feedback loop further in this risk cluster. In the Ark Innovation ETF itself, Tesla is now 10.2% of assets and together with Roku (6%) and Square (5.4%) these three stocks represent 21.6% of assets. If you look at the 10 largest positions in the Ark Innovation ETF then the red thread is that they all come with very high equity valuations and thus low implied equity risk premiums. They are all also mostly equity financed, except for Tesla, which means that the WACC, cost of capital, predominantly come from the cost of equity. With low implied equity risk premiums, the risk-free rate dominates much more than for a company such as say Microsoft or Apple. This means that the rising interest rates could suddenly cause a huge shift in equity valuations. Not because the future is different but because the cost of capital has changed.</p><p><blockquote>下表显示了所有基金的最大头寸。在这里，特斯拉现在已经跃升到资产管理规模的7%，前五名现在占资产管理规模的21.6%。最大的五只股票是特斯拉、Teladoc Health、Square、Roku和百度。Square 最近刚刚公布了令人失望的第四季度收益，并宣布以 1.7 亿美元收购比特币，进一步增加了该风险集群的风险和反馈循环。在方舟创新 ETF 本身中，特斯拉目前占资产的 10.2%，加上Roku (6%) 和 Square (5.4%)，这三只股票占资产的 21.6%。如果你看看方舟创新ETF中的10个最大头寸，那么共同的主线是它们都具有非常高的股票估值，因此隐含的股票风险溢价很低。除了特斯拉，它们也主要是股权融资，这意味着WACC（资本成本）主要来自股权成本。由于隐含股票风险溢价较低，无风险利率比微软或苹果等公司更具主导地位。这意味着利率上升可能会突然导致股票估值发生巨大变化。不是因为未来不同，而是因为资本成本变了。</blockquote></p><p> <i>Top positions in terms of Ark Invest AUM across all funds</i></p><p><blockquote><i>Ark Invest AUM 在所有基金中排名靠前</i></blockquote></p><p> <img src=\"https://static.tigerbbs.com/7e06fcb66d5a52e629b48c9cab492586\" tg-width=\"500\" tg-height=\"302\">Source: Ark Invest, Bloomberg, and Saxo Group</p><p><blockquote>资料来源：Ark Invest、彭博社和盛宝集团</blockquote></p><p> <u><b>Correlations on the rise and drawdown outlier</b></u></p><p><blockquote><u><b>上升和下降异常值的相关性</b></u></blockquote></p><p> The best sign of risk going haywire is always fast rising cross-correlations whether it is on asset classes or single stocks. The chart below shows the 10-day moving cross-correlation in the Ark Innovation ETF since early 2020. It has recently moved to around 0.6 and while it is not a new record the direction is up and has been fast coming from only 0.2 from a few weeks ago. The next week will be critical for the Tesla-Bitcoin-Ark risk cluster as negative feedback loops can be violent and very unpredictable in their outcome.</p><p><blockquote>风险失控的最佳迹象总是快速上升，无论是资产类别还是单只股票。下图显示了自 2020 年初以来 Ark Innovation ETF 的 10 天移动互相关。它最近已经上升到0.6左右，虽然这不是一个新的记录，但方向是上升的，并且从几周前的0.2迅速上升。下周对于特斯拉-比特币-方舟风险集群来说至关重要，因为负反馈循环可能是暴力的，其结果非常不可预测。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/ab96aaafda10c2371b1d3a1a14c4a48a\" tg-width=\"500\" tg-height=\"280\"><i>Source: Bloomberg and Saxo Group</i></p><p><blockquote><i>资料来源：彭博社和盛宝集团</i></blockquote></p><p> Another way of looking at risk is by plotting Ark Innovation ETF drawdowns against that of Nasdaq 100 since December 2015.<b>The ETF has typically experienced a drawdown that is 1.22 times larger than that of Nasdaq 100</b>. As of yesterday, the ratio stands at 2.44 and thus illustrates that something idiosyncratic is taking place at Ark Innovation ETF.</p><p><blockquote>另一种看待风险的方法是绘制自 2015 年 12 月以来 Ark Innovation ETF 与纳斯达克 100 指数的回撤情况。<b>ETF 的回撤幅度通常是纳斯达克 100 指数的 1.22 倍</b>截至昨天，该比率为 2.44，因此表明 Ark Innovation ETF 正在发生一些特殊情况。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/80db26e42e2910071718ff22a1ff3f2b\" tg-width=\"500\" tg-height=\"308\"><b>If outflows continue today and Tesla comes under pressure again then this indicator could very well hit a new record in terms of being an outlier signaling a negative feedback loop on risk has started.</b></p><p><blockquote><b>如果今天资金流出继续，特斯拉再次面临压力，那么该指标很可能会创下新纪录，因为它是一个异常值，表明风险的负反馈循环已经开始。</b></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>'Build Me An Ark': The Tsunami Of Risk Of Tesla-Bitcoin-Cathie Wood Is Coming<blockquote>“为我建造一艘方舟”：特斯拉-比特币-凯西·伍德的风险海啸即将到来</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\">\n'Build Me An Ark': The Tsunami Of Risk Of Tesla-Bitcoin-Cathie Wood Is Coming<blockquote>“为我建造一艘方舟”：特斯拉-比特币-凯西·伍德的风险海啸即将到来</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-03-01 20:02</span>\n</p>\n</h4>\n</header>\n<article>\n<p><u><b>Summary:</b></u></p><p><blockquote><u><b>总结：</b></u></blockquote></p><p>   In today's equity update we are following up on our  <b>analysis of the Tesla-Bitcoin-Ark risk cluster</b>showing an updated positions analysis, cross-correlations in the flagship Ark Innovation ETF, and an drawdown analysis. Yesterday, was another bad session for this risk cluster and Ark Invest had a day with outflows across all their ETFs highlighting that risk sentiment has changed. With the founder's bold move to increase the position in Tesla during the week the risk has gone up that this risk cluster could turn into an ugly forced selling dynamic causing pain in not only Tesla, Bitcoin, and Ark funds, but also US biotechnology stocks where Ark Invest is a major holder with high ownership in selected names.  A little over a month ago we first flagged the Tesla-Bitcoin-Ark risk cluster as something to take note off as short-term correlation between Tesla and Bitcoin was shooting up. A survey from Charles Schwab also confirmed our suspicion that there is a big overlap as these two instruments are among the top five holdings by millennials. Our analysis quickly led us to Ark Invest with its famous Ark Innovation ETF which had a big position in Tesla and its charismatic founder Cathie Wood is a big believer in the so-called disruptive innovation culture of Silicon Valley. This class of people believe firmly in technology as mainly good for society in all its aspects and that&nbsp;Bitcoin is a protection against future wealth confiscation&nbsp;which is most likely inevitable due to historically high wealth inequality.</p><p><blockquote>在今天的股权更新中，我们将跟进我们的<b>特斯拉-比特币-方舟风险聚类分析</b>显示最新的头寸分析、旗舰 Ark Innovation ETF 中的交叉相关性以及回撤分析。昨天，对于这个风险集群来说，又是一个糟糕的交易日，Ark Invest 的所有 ETF 都出现了资金流出，突显出风险情绪已经发生了变化。随着创始人本周大胆增加在特斯拉的头寸，这一风险集群可能会变成丑陋的强制抛售动态，不仅给特斯拉、比特币和方舟基金带来痛苦，也给美国生物技术股票带来痛苦。方舟投资是其中的主要持有者，在选定的名称中拥有较高的所有权。一个多月前，我们首次将特斯拉-比特币-方舟风险集群标记为值得注意的事情，因为特斯拉和比特币之间的短期相关性正在飙升。嘉信理财的一项调查也证实了我们的怀疑，即存在很大的重叠，因为这两种工具都是千禧一代持有的前五大工具之一。我们的分析很快让我们找到了 Ark Invest，其著名的 Ark Innovation ETF 在特斯拉拥有大量头寸，其魅力四射的创始人 Cathie Wood 是硅谷所谓颠覆性创新文化的坚定信徒。这类人坚信技术主要对社会的各个方面都有好处，比特币是防止未来财富被没收的一种保护，由于历史上的高度财富不平等，这很可能是不可避免的。</blockquote></p><p> This disruptive innovation culture is powerful. It is presented by some of the wealthiest people of this planet. Endless presentation about innovation and institutions like the Singularity University promote these views. Behind Bitcoin you find a huge online marketing machine sucking ordinary people into the game. Recently wealthy people such as Elon Musk has openly supported Bitcoin, first in writing and later in action adding $1.5bn to Tesla’s balance sheet and thereby significantly increasing its earnings volatility. The triangle of Tesla-Bitcoin-Ark and their respective momentum has reinforced each other creating a positive feedback loop luring more investors into these instruments. As we have seen this week the ‘tower of risk’ is beginning to show cracks.</p><p><blockquote>这种颠覆性的创新文化是强大的。它是由这个星球上一些最富有的人提出的。关于创新和像奇点大学这样的机构的无休止的介绍促进了这些观点。在比特币背后，你会发现一个巨大的网络营销机器将普通人吸入游戏。最近，埃隆-马斯克（Elon Musk）等富人公开支持比特币，先是以书面形式，后来又以实际行动为特斯拉的资产负债表增加了 15 亿美元，从而大大增加了其盈利波动性。特斯拉-比特币-方舟三角及其各自的势头相互促进，形成了正反馈循环，吸引更多投资者进入这些工具。正如我们本周所看到的，“风险之塔 ”开始出现裂缝。</blockquote></p><p> <b>Ark position update and Cathie Wood’s bold move and the risk to biotechnology</b></p><p><blockquote><b>方舟立场更新、凯西-伍德的大胆举动以及生物技术面临的风险</b></blockquote></p><p> This week Tesla-Bitcoin-Ark all came under pressure from negative voices in governments over Bitcoin and beginning noise over real competition for Tesla in the coming years. The risk cluster was clearly moving together, and correlations started rising. On Tuesday, volatility picked up across the board and at one point Cathie Wood felt it was necessary to go public supporting her funds and said that&nbsp;she had increased their position in Tesla&nbsp;using big numbers in the future to justify increasing the risk. This is a bold move, but it increases the risk considerably. When you are at risk of seeing sizeable outflows, you should start reducing the most illiquid positions first while you can control the situation. Because if you are forced to do it by redemptions the game changes dramatically.</p><p><blockquote>本周，特斯拉-比特币-方舟都面临着来自政府对比特币的负面声音的压力，以及对未来几年特斯拉真正竞争的担忧。风险集群显然在一起移动，相关性开始上升。周二，波动性全面上升，凯西·伍德一度认为有必要公开支持她的基金，并表示她已经增加了他们在特斯拉的头寸，未来使用大量数字来证明增加风险的合理性。这是一个大胆的举动，但它大大增加了风险。当你有看到大量资金流出的风险时，你应该首先开始减少流动性最差的头寸，同时你可以控制局面。因为如果你被迫通过救赎来做这件事，游戏就会发生巨大的变化。</blockquote></p><p> The tables below show updated Ark Invest positions as of yesterday’s close. There are still 26 stocks where Ark Invest holds more than 10% of the outstanding shares. This could become a serious problem if Ark Invest is suddenly caught in a negative feedback loop together with Tesla and Bitcoin. But also note how US biotechnology stocks are overrepresented in this list of stocks with high ownership in percentage of outstanding shares. If Ark Invest suddenly experience across the board outflows, like it did yesterday, then they can suddenly be the forced seller in US biotechnology stocks where they are the whale. This could cascade into the overall US biotechnology segment although the group is diverse.</p><p><blockquote>下表显示了截至昨天收盘时 Ark Invest 的最新持仓情况。方舟投资持有流通股10%以上的股票仍有26只。如果方舟投资突然与特斯拉和比特币一起陷入负面反馈循环，这可能会成为一个严重的问题。但也要注意，美国生物技术股票在这份流通股比例较高的股票名单中所占比例过高。如果 Ark Invest 突然经历全面资金外流，就像昨天一样，那么他们可能会突然成为美国生物技术股票的被迫卖家，而他们是鲸鱼。尽管该集团是多元化的，但这可能会蔓延到整个美国生物技术领域。</blockquote></p><p> <i>Stocks held by Ark Invest funds with combined ownership above 10% of outstanding shares</i></p><p><blockquote><i>方舟投资基金持有的合并所有权超过流通股10%的股票</i></blockquote></p><p> <img src=\"https://static.tigerbbs.com/b97684f80243d32efc06f3379d51d4fb\" tg-width=\"500\" tg-height=\"353\">Source: Ark Invest, Bloomberg, and Saxo Group</p><p><blockquote>资料来源：Ark Invest、彭博社和盛宝集团</blockquote></p><p></p><p> The table below shows the largest positions across all funds. Here Tesla has now jumped to 7% of AUM and the first five positions now account for 21.6% of AUM. The five biggest stocks are Tesla, Teladoc Health, Square, Roku, and Baidu. Square just recently reported disappointing Q4 earnings and announced the purchase of $170mn of Bitcoin increasing the risk and feedback loop further in this risk cluster. In the Ark Innovation ETF itself, Tesla is now 10.2% of assets and together with Roku (6%) and Square (5.4%) these three stocks represent 21.6% of assets. If you look at the 10 largest positions in the Ark Innovation ETF then the red thread is that they all come with very high equity valuations and thus low implied equity risk premiums. They are all also mostly equity financed, except for Tesla, which means that the WACC, cost of capital, predominantly come from the cost of equity. With low implied equity risk premiums, the risk-free rate dominates much more than for a company such as say Microsoft or Apple. This means that the rising interest rates could suddenly cause a huge shift in equity valuations. Not because the future is different but because the cost of capital has changed.</p><p><blockquote>下表显示了所有基金的最大头寸。在这里，特斯拉现在已经跃升到资产管理规模的7%，前五名现在占资产管理规模的21.6%。最大的五只股票是特斯拉、Teladoc Health、Square、Roku和百度。Square 最近刚刚公布了令人失望的第四季度收益，并宣布以 1.7 亿美元收购比特币，进一步增加了该风险集群的风险和反馈循环。在方舟创新 ETF 本身中，特斯拉目前占资产的 10.2%，加上Roku (6%) 和 Square (5.4%)，这三只股票占资产的 21.6%。如果你看看方舟创新ETF中的10个最大头寸，那么共同的主线是它们都具有非常高的股票估值，因此隐含的股票风险溢价很低。除了特斯拉，它们也主要是股权融资，这意味着WACC（资本成本）主要来自股权成本。由于隐含股票风险溢价较低，无风险利率比微软或苹果等公司更具主导地位。这意味着利率上升可能会突然导致股票估值发生巨大变化。不是因为未来不同，而是因为资本成本变了。</blockquote></p><p> <i>Top positions in terms of Ark Invest AUM across all funds</i></p><p><blockquote><i>Ark Invest AUM 在所有基金中排名靠前</i></blockquote></p><p> <img src=\"https://static.tigerbbs.com/7e06fcb66d5a52e629b48c9cab492586\" tg-width=\"500\" tg-height=\"302\">Source: Ark Invest, Bloomberg, and Saxo Group</p><p><blockquote>资料来源：Ark Invest、彭博社和盛宝集团</blockquote></p><p> <u><b>Correlations on the rise and drawdown outlier</b></u></p><p><blockquote><u><b>上升和下降异常值的相关性</b></u></blockquote></p><p> The best sign of risk going haywire is always fast rising cross-correlations whether it is on asset classes or single stocks. The chart below shows the 10-day moving cross-correlation in the Ark Innovation ETF since early 2020. It has recently moved to around 0.6 and while it is not a new record the direction is up and has been fast coming from only 0.2 from a few weeks ago. The next week will be critical for the Tesla-Bitcoin-Ark risk cluster as negative feedback loops can be violent and very unpredictable in their outcome.</p><p><blockquote>风险失控的最佳迹象总是快速上升，无论是资产类别还是单只股票。下图显示了自 2020 年初以来 Ark Innovation ETF 的 10 天移动互相关。它最近已经上升到0.6左右，虽然这不是一个新的记录，但方向是上升的，并且从几周前的0.2迅速上升。下周对于特斯拉-比特币-方舟风险集群来说至关重要，因为负反馈循环可能是暴力的，其结果非常不可预测。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/ab96aaafda10c2371b1d3a1a14c4a48a\" tg-width=\"500\" tg-height=\"280\"><i>Source: Bloomberg and Saxo Group</i></p><p><blockquote><i>资料来源：彭博社和盛宝集团</i></blockquote></p><p> Another way of looking at risk is by plotting Ark Innovation ETF drawdowns against that of Nasdaq 100 since December 2015.<b>The ETF has typically experienced a drawdown that is 1.22 times larger than that of Nasdaq 100</b>. As of yesterday, the ratio stands at 2.44 and thus illustrates that something idiosyncratic is taking place at Ark Innovation ETF.</p><p><blockquote>另一种看待风险的方法是绘制自 2015 年 12 月以来 Ark Innovation ETF 与纳斯达克 100 指数的回撤情况。<b>ETF 的回撤幅度通常是纳斯达克 100 指数的 1.22 倍</b>截至昨天，该比率为 2.44，因此表明 Ark Innovation ETF 正在发生一些特殊情况。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/80db26e42e2910071718ff22a1ff3f2b\" tg-width=\"500\" tg-height=\"308\"><b>If outflows continue today and Tesla comes under pressure again then this indicator could very well hit a new record in terms of being an outlier signaling a negative feedback loop on risk has started.</b></p><p><blockquote><b>如果今天资金流出继续，特斯拉再次面临压力，那么该指标很可能会创下新纪录，因为它是一个异常值，表明风险的负反馈循环已经开始。</b></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/build-me-ark-tsunami-risk-tesla-bitcoin-cathie-wood-coming\">zerohedge</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":{"TSLA":"特斯拉","ARKQ":"ARK Autonomous Technology & Robotics ETF","ARKF":"ARK Fintech Innovation ETF","GBTC":"比特币ETF-Grayscale","ARKK":"ARK Innovation ETF","ARKW":"ARK Next Generation Internet ETF","ARKG":"ARK Genomic Revolution ETF","ARKR":"Ark Restaurants Corp"},"source_url":"https://www.zerohedge.com/markets/build-me-ark-tsunami-risk-tesla-bitcoin-cathie-wood-coming","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1105841550","content_text":"Summary:\n\n In today's equity update we are following up on our\n analysis of the Tesla-Bitcoin-Ark risk clustershowing an updated positions analysis, cross-correlations in the flagship Ark Innovation ETF, and an drawdown analysis. Yesterday, was another bad session for this risk cluster and Ark Invest had a day with outflows across all their ETFs highlighting that risk sentiment has changed. With the founder's bold move to increase the position in Tesla during the week the risk has gone up that this risk cluster could turn into an ugly forced selling dynamic causing pain in not only Tesla, Bitcoin, and Ark funds, but also US biotechnology stocks where Ark Invest is a major holder with high ownership in selected names.\n\nA little over a month ago we first flagged the Tesla-Bitcoin-Ark risk cluster as something to take note off as short-term correlation between Tesla and Bitcoin was shooting up. A survey from Charles Schwab also confirmed our suspicion that there is a big overlap as these two instruments are among the top five holdings by millennials. Our analysis quickly led us to Ark Invest with its famous Ark Innovation ETF which had a big position in Tesla and its charismatic founder Cathie Wood is a big believer in the so-called disruptive innovation culture of Silicon Valley. This class of people believe firmly in technology as mainly good for society in all its aspects and that Bitcoin is a protection against future wealth confiscation which is most likely inevitable due to historically high wealth inequality.\nThis disruptive innovation culture is powerful. It is presented by some of the wealthiest people of this planet. Endless presentation about innovation and institutions like the Singularity University promote these views. Behind Bitcoin you find a huge online marketing machine sucking ordinary people into the game. Recently wealthy people such as Elon Musk has openly supported Bitcoin, first in writing and later in action adding $1.5bn to Tesla’s balance sheet and thereby significantly increasing its earnings volatility. The triangle of Tesla-Bitcoin-Ark and their respective momentum has reinforced each other creating a positive feedback loop luring more investors into these instruments. As we have seen this week the ‘tower of risk’ is beginning to show cracks.\nArk position update and Cathie Wood’s bold move and the risk to biotechnology\nThis week Tesla-Bitcoin-Ark all came under pressure from negative voices in governments over Bitcoin and beginning noise over real competition for Tesla in the coming years. The risk cluster was clearly moving together, and correlations started rising. On Tuesday, volatility picked up across the board and at one point Cathie Wood felt it was necessary to go public supporting her funds and said that she had increased their position in Tesla using big numbers in the future to justify increasing the risk. This is a bold move, but it increases the risk considerably. When you are at risk of seeing sizeable outflows, you should start reducing the most illiquid positions first while you can control the situation. Because if you are forced to do it by redemptions the game changes dramatically.\nThe tables below show updated Ark Invest positions as of yesterday’s close. There are still 26 stocks where Ark Invest holds more than 10% of the outstanding shares. This could become a serious problem if Ark Invest is suddenly caught in a negative feedback loop together with Tesla and Bitcoin. But also note how US biotechnology stocks are overrepresented in this list of stocks with high ownership in percentage of outstanding shares. If Ark Invest suddenly experience across the board outflows, like it did yesterday, then they can suddenly be the forced seller in US biotechnology stocks where they are the whale. This could cascade into the overall US biotechnology segment although the group is diverse.\nStocks held by Ark Invest funds with combined ownership above 10% of outstanding shares\nSource: Ark Invest, Bloomberg, and Saxo Group\nThe table below shows the largest positions across all funds. Here Tesla has now jumped to 7% of AUM and the first five positions now account for 21.6% of AUM. The five biggest stocks are Tesla, Teladoc Health, Square, Roku, and Baidu. Square just recently reported disappointing Q4 earnings and announced the purchase of $170mn of Bitcoin increasing the risk and feedback loop further in this risk cluster. In the Ark Innovation ETF itself, Tesla is now 10.2% of assets and together with Roku (6%) and Square (5.4%) these three stocks represent 21.6% of assets. If you look at the 10 largest positions in the Ark Innovation ETF then the red thread is that they all come with very high equity valuations and thus low implied equity risk premiums. They are all also mostly equity financed, except for Tesla, which means that the WACC, cost of capital, predominantly come from the cost of equity. With low implied equity risk premiums, the risk-free rate dominates much more than for a company such as say Microsoft or Apple. This means that the rising interest rates could suddenly cause a huge shift in equity valuations. Not because the future is different but because the cost of capital has changed.\nTop positions in terms of Ark Invest AUM across all funds\nSource: Ark Invest, Bloomberg, and Saxo Group\nCorrelations on the rise and drawdown outlier\nThe best sign of risk going haywire is always fast rising cross-correlations whether it is on asset classes or single stocks. The chart below shows the 10-day moving cross-correlation in the Ark Innovation ETF since early 2020. It has recently moved to around 0.6 and while it is not a new record the direction is up and has been fast coming from only 0.2 from a few weeks ago. The next week will be critical for the Tesla-Bitcoin-Ark risk cluster as negative feedback loops can be violent and very unpredictable in their outcome.\nSource: Bloomberg and Saxo Group\nAnother way of looking at risk is by plotting Ark Innovation ETF drawdowns against that of Nasdaq 100 since December 2015.The ETF has typically experienced a drawdown that is 1.22 times larger than that of Nasdaq 100. As of yesterday, the ratio stands at 2.44 and thus illustrates that something idiosyncratic is taking place at Ark Innovation ETF.\nIf outflows continue today and Tesla comes under pressure again then this indicator could very well hit a new record in terms of being an outlier signaling a negative feedback loop on risk has started.","news_type":1,"symbols_score_info":{"ARKW":0.9,"TSLA":0.9,"ARKF":0.9,"GBTC":0.9,"ARKG":0.9,"ARKR":0.9,"ARKK":0.9,"ARKQ":0.9}},"isVote":1,"tweetType":1,"viewCount":601,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":875504213,"gmtCreate":1637665285001,"gmtModify":1637665285001,"author":{"id":"3560333271175805","authorId":"3560333271175805","name":"UsernameHere","avatar":"https://static.tigerbbs.com/d364fcef5f5752caa1c344e47f129ccf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560333271175805","authorIdStr":"3560333271175805"},"themes":[],"title":"","htmlText":"😂","listText":"😂","text":"😂","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/875504213","repostId":"1170981862","repostType":2,"isVote":1,"tweetType":1,"viewCount":3849,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}