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2021-09-27

Good

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2021-09-20

Good news

Nike, Costco, FedEx, Salesforce, and Other Stocks for Investors to Watch This Week<blockquote>耐克、好市多、联邦快递、Salesforce 和其他投资者本周值得关注的股票</blockquote>

2021-09-07

Maybe

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2021-08-27

Not again

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2021-08-25

Nice

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2021-08-18

Not again

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2021-08-10

Will be a good month

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2021-08-01

That’s good

SIA, SIAE, Singtel potential candidates for company restructuring: Maybank<blockquote>SIA、SIAE、Singtel 公司重组的潜在候选者：马来亚银行</blockquote>

2021-07-31

Pls like n comment

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2021-07-29

Banks up

2021-07-29

Interest rates again

S&P 500 ends off day's lows; Powell says Fed still a ways away from rate hikes<blockquote>标普500结束当日低点；鲍威尔表示美联储距离加息还有一段路要走</blockquote>

2021-07-25

Here we go again

GameStop: The Game Is Far From Over<blockquote>游戏驿站：比赛远未结束</blockquote>

2021-07-20

Will be good closer to month

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2021-07-19

Nice

How the Federal Reserve can really help America<blockquote>美联储如何真正帮助美国</blockquote>

2021-07-17

Buy the dip

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2021-07-16

Will be green soon?

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2021-07-15

That’s great! Pls like n comment

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2021-07-13

Pls like

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2021-07-08

Pls like n comment

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2021-07-07

Pls like n comment

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news","listText":"Good news","text":"Good news","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/887439051","repostId":"1194891884","repostType":4,"repost":{"id":"1194891884","kind":"news","pubTimestamp":1632091615,"share":"https://www.laohunote.com/m/news/1194891884?lang=zh_CN&edition=full","pubTime":"2021-09-20 06:46","market":"us","language":"en","title":"Nike, Costco, FedEx, Salesforce, and Other Stocks for Investors to Watch This Week<blockquote>耐克、好市多、联邦快递、Salesforce 和其他投资者本周值得关注的股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1194891884","media":"Barrons","summary":"The main event this week will be the Federal Reserve’s September policy meeting. Investors will also","content":"<p>The main event this week will be the Federal Reserve’s September policy meeting. Investors will also be watching for several corporate earnings releases, investor days, and the latest economic data.</p><p><blockquote>本周的重头戏将是美联储 9 月份的政策会议。投资者还将关注多项企业财报发布、投资者日和最新经济数据。</blockquote></p><p> Lennar reports quarterly earnings on Monday, followed by results from Adobe, AutoZone, and FedEx on Tuesday. General Mills goes on Wednesday, then Nike, Accenture, Costco Wholesale, and Darden Restaurants report&nbsp;on Thursday. Investor days this week include&nbsp;Biogen on Tuesday,&nbsp;Weyerhaeuser on Wednesday, and&nbsp;Salesforce.com on Thursday.</p><p><blockquote>Lennar 将于周一公布季度收益，随后 Adobe、AutoZone 和 FedEx 将于周二公布业绩。通用磨坊周三发布报告，耐克、埃森哲、好市多批发和达顿餐厅周四发布报告。本周的投资者日包括周二的百健、周三的惠好和周四的 Salesforce.com。</blockquote></p><p> The Federal Reserve’s monetary policy committee meets on Tuesday and Wednesday this week. The central bank is unlikely&nbsp;to change its target interest rate range, but could give an update on its plans to begin reducing its monthly asset purchases. Wednesday afternoon’s&nbsp;press conference with Fed chair Jerome Powell will be closely&nbsp;watched.</p><p><blockquote>美联储货币政策委员会将于本周二和周三召开会议。央行不太可能改变其目标利率区间，但可能会更新其开始减少每月资产购买的计划。周三下午美联储主席杰罗姆-鲍威尔（Jerome Powell）的新闻发布会将受到密切关注。</blockquote></p><p> Economic data out this week include the Conference Board’s Leading Economic Index for August on Thursday. There will also be several updates on the U.S. housing market including the National Association of Home Builders’ Housing Market Index for September on Monday, the Census Bureau’s new residential construction data for August on Tuesday, and the National Association of Realtors’&nbsp;existing-home sales for August on Wednesday.</p><p><blockquote>本周公布的经济数据包括世界大型企业联合会周四公布的 8 月份领先经济指数。美国房地产市场还将发布多项最新消息，包括周一公布的全国房屋建筑商协会（National Association of Home Builders）9 月份住房市场指数、周二公布的人口普查局（Census Bureau）8 月份新住宅建设数据以及周三公布的全国房地产经纪人协会（National Association of Realtors）8 月份成屋销售数据。</blockquote></p><p> <b>Monday 9/20</b></p><p><blockquote><b>9/20星期一</b></blockquote></p><p> Lennar reports third-quarter fiscal-2021 results.</p><p><blockquote>Lennar 报告 2021 财年第三季度业绩。</blockquote></p><p> Merck presents data on its portfolio of cancer drugs, in conjunction with the European Society for Medical Oncology’s 2021 Congress.</p><p><blockquote>默克公司在欧洲肿瘤医学学会 2021 年大会上展示了其癌症药物组合的数据。</blockquote></p><p> <b>The National Association</b>&nbsp;of Home Builders releases its Housing Market Index for September. Economists forecast a 73 reading, two points below August’s figure, which was the lowest in more than a year.</p><p><blockquote><b>全国协会</b>Home Builders 发布 9 月份房地产市场指数。经济学家预测读数为 73，比 8 月份的数字低 2 个百分点，8 月份是一年多来的最低值。</blockquote></p><p> <b>Tuesday 9/21</b></p><p><blockquote><b>9月21日星期二</b></blockquote></p><p> Adobe, AutoZone, and FedEx release earnings.</p><p><blockquote>Adobe、AutoZone 和联邦快递发布财报。</blockquote></p><p> Biogen hosts an investor day to discuss its pipeline of neuroscience therapeutics.</p><p><blockquote>百健举办投资者日活动，讨论其神经科学疗法管道。</blockquote></p><p> <b>The Census Bureau</b>&nbsp;reports on new residential construction for August. Consensus estimate is for a seasonally adjusted annual rate of 1.55 million housing starts, 1% higher than the July level. Housing starts are down from their post–financial crisis peak of 1.725 million, reached in March of this year.</p><p><blockquote><b>人口普查局</b>8月份新住宅建设报告。普遍估计，经季节性调整后的新屋开工年率为 155 万套，比 7 月份的水平高出 1%。新屋开工率低于今年 3 月达到的金融危机后峰值 172.5 万套。</blockquote></p><p> <b>Wednesday 9/22</b></p><p><blockquote><b>9月22日星期三</b></blockquote></p><p> <b>The FOMC announces</b>&nbsp;its monetary-policy decision. The Federal Reserve is likely to keep the federal-funds rate unchanged at near zero, but might signal that it will pare its asset purchases later this year.</p><p><blockquote><b>联邦公开市场委员会宣布</b>其货币政策决定。美联储可能会将联邦基金利率维持在接近于零的水平不变，但可能会暗示将在今年晚些时候削减资产购买。</blockquote></p><p> General Mills reports first-quarter fiscal-2022 results.</p><p><blockquote>通用磨坊公布 2022 财年第一季度业绩。</blockquote></p><p> Boston Scientific,Weyerhaeuser, and&nbsp;Yum China Holdings&nbsp;host their 2021 investor days.</p><p><blockquote>波士顿科学、惠好和百胜中国控股公司举办 2021 年投资者日。</blockquote></p><p> <b>TheBank of Japan</b>&nbsp;announces its monetary-policy decision. The BOJ is widely expected to keep its key short-term interest rate unchanged at minus 0.1%, as Tokyo and other regions remain in a state of emergency through the end of September due to the Covid-19 Delta variant.</p><p><blockquote><b>日本银行</b>宣布货币政策决定。人们普遍预计日本央行将维持其关键短期利率在负0.1%不变，因为由于新冠肺炎德尔塔变异毒株，东京都和其他地区在9月底前仍处于紧急状态。</blockquote></p><p> <b>The National Association</b>&nbsp;of Realtors reports existing-home sales for August. Expectations are for a seasonally adjusted annual rate of 578,000 homes sold, down 3.5%&nbsp;from July’s 599,000.</p><p><blockquote><b>全国协会</b>房地产经纪人报告8月份的现房销售情况。经季节性调整后，预计全年售出房屋57.8万套，比7月份的59.9万套下降3.5%。</blockquote></p><p> <b>Thursday 9/23</b></p><p><blockquote><b>9月23日星期四</b></blockquote></p><p> Accenture, Costco Wholesale, Darden Restaurants, and Nike hold conference calls to discuss their quarterly results.</p><p><blockquote>埃森哲、好市多批发、达顿餐厅和耐克公司在评级举行会议，讨论他们的季度业绩。</blockquote></p><p> Salesforce.com holds its 2021 investor day. CEO Marc Benioff and Slack CEO Stewart Butterfield will be among the participants. Salesforce completed its $28 billion acquisition of Slack this summer.</p><p><blockquote>Salesforce.com 举办 2021 年投资者日。首席执行官马克·贝尼奥夫和Slack首席执行官斯图尔特·巴特菲尔德将出席。Salesforce 今年夏天完成了对 Slack 的 280 亿美元收购。</blockquote></p><p> <b>The Conference Board</b>&nbsp;releases its Leading Economic Index for August. Economists forecast a 0.5% month-over-month rise, after a 0.9% increase in July. The Conference Board currently projects 6% gross-domestic-product growth for 2021, and 4% for 2022.</p><p><blockquote><b>会议委员会</b>发布8月份领先经济指数。经济学家预测，继 7 月份上涨 0.9% 之后，环比上涨 0.5%。世界大型企业联合会目前预计 2021 年国内生产总值增长 6%，2022 年增长 4%。</blockquote></p><p> <b>Friday 9/24</b></p><p><blockquote><b>9月24日星期五</b></blockquote></p><p> Kansas City Southernhosts a special shareholder meeting to vote on a proposed merger withCanadian Pacific Railway.</p><p><blockquote>堪萨斯城南方公司召开特别股东大会，就与加拿大太平洋铁路公司的合并提案进行投票。</blockquote></p><p></p>","source":"lsy1601382232898","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>Nike, Costco, FedEx, Salesforce, and Other Stocks for Investors to Watch This Week<blockquote>耐克、好市多、联邦快递、Salesforce 和其他投资者本周值得关注的股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNike, Costco, FedEx, Salesforce, and Other Stocks for Investors to Watch This Week<blockquote>耐克、好市多、联邦快递、Salesforce 和其他投资者本周值得关注的股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-09-20 06:46</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The main event this week will be the Federal Reserve’s September policy meeting. Investors will also be watching for several corporate earnings releases, investor days, and the latest economic data.</p><p><blockquote>本周的重头戏将是美联储 9 月份的政策会议。投资者还将关注多项企业财报发布、投资者日和最新经济数据。</blockquote></p><p> Lennar reports quarterly earnings on Monday, followed by results from Adobe, AutoZone, and FedEx on Tuesday. General Mills goes on Wednesday, then Nike, Accenture, Costco Wholesale, and Darden Restaurants report&nbsp;on Thursday. Investor days this week include&nbsp;Biogen on Tuesday,&nbsp;Weyerhaeuser on Wednesday, and&nbsp;Salesforce.com on Thursday.</p><p><blockquote>Lennar 将于周一公布季度收益，随后 Adobe、AutoZone 和 FedEx 将于周二公布业绩。通用磨坊周三发布报告，耐克、埃森哲、好市多批发和达顿餐厅周四发布报告。本周的投资者日包括周二的百健、周三的惠好和周四的 Salesforce.com。</blockquote></p><p> The Federal Reserve’s monetary policy committee meets on Tuesday and Wednesday this week. The central bank is unlikely&nbsp;to change its target interest rate range, but could give an update on its plans to begin reducing its monthly asset purchases. Wednesday afternoon’s&nbsp;press conference with Fed chair Jerome Powell will be closely&nbsp;watched.</p><p><blockquote>美联储货币政策委员会将于本周二和周三召开会议。央行不太可能改变其目标利率区间，但可能会更新其开始减少每月资产购买的计划。周三下午美联储主席杰罗姆-鲍威尔（Jerome Powell）的新闻发布会将受到密切关注。</blockquote></p><p> Economic data out this week include the Conference Board’s Leading Economic Index for August on Thursday. There will also be several updates on the U.S. housing market including the National Association of Home Builders’ Housing Market Index for September on Monday, the Census Bureau’s new residential construction data for August on Tuesday, and the National Association of Realtors’&nbsp;existing-home sales for August on Wednesday.</p><p><blockquote>本周公布的经济数据包括世界大型企业联合会周四公布的 8 月份领先经济指数。美国房地产市场还将发布多项最新消息，包括周一公布的全国房屋建筑商协会（National Association of Home Builders）9 月份住房市场指数、周二公布的人口普查局（Census Bureau）8 月份新住宅建设数据以及周三公布的全国房地产经纪人协会（National Association of Realtors）8 月份成屋销售数据。</blockquote></p><p> <b>Monday 9/20</b></p><p><blockquote><b>9/20星期一</b></blockquote></p><p> Lennar reports third-quarter fiscal-2021 results.</p><p><blockquote>Lennar 报告 2021 财年第三季度业绩。</blockquote></p><p> Merck presents data on its portfolio of cancer drugs, in conjunction with the European Society for Medical Oncology’s 2021 Congress.</p><p><blockquote>默克公司在欧洲肿瘤医学学会 2021 年大会上展示了其癌症药物组合的数据。</blockquote></p><p> <b>The National Association</b>&nbsp;of Home Builders releases its Housing Market Index for September. Economists forecast a 73 reading, two points below August’s figure, which was the lowest in more than a year.</p><p><blockquote><b>全国协会</b>Home Builders 发布 9 月份房地产市场指数。经济学家预测读数为 73，比 8 月份的数字低 2 个百分点，8 月份是一年多来的最低值。</blockquote></p><p> <b>Tuesday 9/21</b></p><p><blockquote><b>9月21日星期二</b></blockquote></p><p> Adobe, AutoZone, and FedEx release earnings.</p><p><blockquote>Adobe、AutoZone 和联邦快递发布财报。</blockquote></p><p> Biogen hosts an investor day to discuss its pipeline of neuroscience therapeutics.</p><p><blockquote>百健举办投资者日活动，讨论其神经科学疗法管道。</blockquote></p><p> <b>The Census Bureau</b>&nbsp;reports on new residential construction for August. Consensus estimate is for a seasonally adjusted annual rate of 1.55 million housing starts, 1% higher than the July level. Housing starts are down from their post–financial crisis peak of 1.725 million, reached in March of this year.</p><p><blockquote><b>人口普查局</b>8月份新住宅建设报告。普遍估计，经季节性调整后的新屋开工年率为 155 万套，比 7 月份的水平高出 1%。新屋开工率低于今年 3 月达到的金融危机后峰值 172.5 万套。</blockquote></p><p> <b>Wednesday 9/22</b></p><p><blockquote><b>9月22日星期三</b></blockquote></p><p> <b>The FOMC announces</b>&nbsp;its monetary-policy decision. The Federal Reserve is likely to keep the federal-funds rate unchanged at near zero, but might signal that it will pare its asset purchases later this year.</p><p><blockquote><b>联邦公开市场委员会宣布</b>其货币政策决定。美联储可能会将联邦基金利率维持在接近于零的水平不变，但可能会暗示将在今年晚些时候削减资产购买。</blockquote></p><p> General Mills reports first-quarter fiscal-2022 results.</p><p><blockquote>通用磨坊公布 2022 财年第一季度业绩。</blockquote></p><p> Boston Scientific,Weyerhaeuser, and&nbsp;Yum China Holdings&nbsp;host their 2021 investor days.</p><p><blockquote>波士顿科学、惠好和百胜中国控股公司举办 2021 年投资者日。</blockquote></p><p> <b>TheBank of Japan</b>&nbsp;announces its monetary-policy decision. The BOJ is widely expected to keep its key short-term interest rate unchanged at minus 0.1%, as Tokyo and other regions remain in a state of emergency through the end of September due to the Covid-19 Delta variant.</p><p><blockquote><b>日本银行</b>宣布货币政策决定。人们普遍预计日本央行将维持其关键短期利率在负0.1%不变，因为由于新冠肺炎德尔塔变异毒株，东京都和其他地区在9月底前仍处于紧急状态。</blockquote></p><p> <b>The National Association</b>&nbsp;of Realtors reports existing-home sales for August. Expectations are for a seasonally adjusted annual rate of 578,000 homes sold, down 3.5%&nbsp;from July’s 599,000.</p><p><blockquote><b>全国协会</b>房地产经纪人报告8月份的现房销售情况。经季节性调整后，预计全年售出房屋57.8万套，比7月份的59.9万套下降3.5%。</blockquote></p><p> <b>Thursday 9/23</b></p><p><blockquote><b>9月23日星期四</b></blockquote></p><p> Accenture, Costco Wholesale, Darden Restaurants, and Nike hold conference calls to discuss their quarterly results.</p><p><blockquote>埃森哲、好市多批发、达顿餐厅和耐克公司在评级举行会议，讨论他们的季度业绩。</blockquote></p><p> Salesforce.com holds its 2021 investor day. CEO Marc Benioff and Slack CEO Stewart Butterfield will be among the participants. Salesforce completed its $28 billion acquisition of Slack this summer.</p><p><blockquote>Salesforce.com 举办 2021 年投资者日。首席执行官马克·贝尼奥夫和Slack首席执行官斯图尔特·巴特菲尔德将出席。Salesforce 今年夏天完成了对 Slack 的 280 亿美元收购。</blockquote></p><p> <b>The Conference Board</b>&nbsp;releases its Leading Economic Index for August. Economists forecast a 0.5% month-over-month rise, after a 0.9% increase in July. The Conference Board currently projects 6% gross-domestic-product growth for 2021, and 4% for 2022.</p><p><blockquote><b>会议委员会</b>发布8月份领先经济指数。经济学家预测，继 7 月份上涨 0.9% 之后，环比上涨 0.5%。世界大型企业联合会目前预计 2021 年国内生产总值增长 6%，2022 年增长 4%。</blockquote></p><p> <b>Friday 9/24</b></p><p><blockquote><b>9月24日星期五</b></blockquote></p><p> Kansas City Southernhosts a special shareholder meeting to vote on a proposed merger withCanadian Pacific Railway.</p><p><blockquote>堪萨斯城南方公司召开特别股东大会，就与加拿大太平洋铁路公司的合并提案进行投票。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/nike-costco-fedex-salesforce-and-other-stocks-for-investors-to-watch-this-week-51632078208?mod=hp_LEAD_2\">Barrons</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":{"ADBE":"Adobe","CRM":"赛富时","NKE":"耐克",".DJI":"道琼斯","COST":"好市多",".IXIC":"NASDAQ Composite","FDX":"联邦快递",".SPX":"S&P 500 Index"},"source_url":"https://www.barrons.com/articles/nike-costco-fedex-salesforce-and-other-stocks-for-investors-to-watch-this-week-51632078208?mod=hp_LEAD_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1194891884","content_text":"The main event this week will be the Federal Reserve’s September policy meeting. Investors will also be watching for several corporate earnings releases, investor days, and the latest economic data.\nLennar reports quarterly earnings on Monday, followed by results from Adobe, AutoZone, and FedEx on Tuesday. General Mills goes on Wednesday, then Nike, Accenture, Costco Wholesale, and Darden Restaurants report on Thursday. Investor days this week include Biogen on Tuesday, Weyerhaeuser on Wednesday, and Salesforce.com on Thursday.\nThe Federal Reserve’s monetary policy committee meets on Tuesday and Wednesday this week. The central bank is unlikely to change its target interest rate range, but could give an update on its plans to begin reducing its monthly asset purchases. Wednesday afternoon’s press conference with Fed chair Jerome Powell will be closely watched.\nEconomic data out this week include the Conference Board’s Leading Economic Index for August on Thursday. There will also be several updates on the U.S. housing market including the National Association of Home Builders’ Housing Market Index for September on Monday, the Census Bureau’s new residential construction data for August on Tuesday, and the National Association of Realtors’ existing-home sales for August on Wednesday.\nMonday 9/20\nLennar reports third-quarter fiscal-2021 results.\nMerck presents data on its portfolio of cancer drugs, in conjunction with the European Society for Medical Oncology’s 2021 Congress.\nThe National Association of Home Builders releases its Housing Market Index for September. Economists forecast a 73 reading, two points below August’s figure, which was the lowest in more than a year.\nTuesday 9/21\nAdobe, AutoZone, and FedEx release earnings.\nBiogen hosts an investor day to discuss its pipeline of neuroscience therapeutics.\nThe Census Bureau reports on new residential construction for August. Consensus estimate is for a seasonally adjusted annual rate of 1.55 million housing starts, 1% higher than the July level. Housing starts are down from their post–financial crisis peak of 1.725 million, reached in March of this year.\nWednesday 9/22\nThe FOMC announces its monetary-policy decision. The Federal Reserve is likely to keep the federal-funds rate unchanged at near zero, but might signal that it will pare its asset purchases later this year.\nGeneral Mills reports first-quarter fiscal-2022 results.\nBoston Scientific,Weyerhaeuser, and Yum China Holdings host their 2021 investor days.\nTheBank of Japan announces its monetary-policy decision. The BOJ is widely expected to keep its key short-term interest rate unchanged at minus 0.1%, as Tokyo and other regions remain in a state of emergency through the end of September due to the Covid-19 Delta variant.\nThe National Association of Realtors reports existing-home sales for August. Expectations are for a seasonally adjusted annual rate of 578,000 homes sold, down 3.5% from July’s 599,000.\nThursday 9/23\nAccenture, Costco Wholesale, Darden Restaurants, and Nike hold conference calls to discuss their quarterly results.\nSalesforce.com holds its 2021 investor day. CEO Marc Benioff and Slack CEO Stewart Butterfield will be among the participants. Salesforce completed its $28 billion acquisition of Slack this summer.\nThe Conference Board releases its Leading Economic Index for August. Economists forecast a 0.5% month-over-month rise, after a 0.9% increase in July. The Conference Board currently projects 6% gross-domestic-product growth for 2021, and 4% for 2022.\nFriday 9/24\nKansas City Southernhosts a special shareholder meeting to vote on a proposed merger withCanadian Pacific Railway.","news_type":1,"symbols_score_info":{"FDX":0.9,"ADBE":0.9,"NKE":0.9,".IXIC":0.9,"CRM":0.9,".SPX":0.9,".DJI":0.9,"COST":0.9}},"isVote":1,"tweetType":1,"viewCount":2014,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":817438113,"gmtCreate":1630979353232,"gmtModify":1631890577949,"author":{"id":"3560400655314166","authorId":"3560400655314166","name":"TL1M","avatar":"https://static.tigerbbs.com/ac25b2b0f6be3ec28a06c38fb7c8ed9e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560400655314166","authorIdStr":"3560400655314166"},"themes":[],"title":"","htmlText":"Maybe","listText":"Maybe","text":"Maybe","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":11,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/817438113","repostId":"2165877953","repostType":4,"isVote":1,"tweetType":1,"viewCount":2828,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":819063579,"gmtCreate":1630022881291,"gmtModify":1704954664693,"author":{"id":"3560400655314166","authorId":"3560400655314166","name":"TL1M","avatar":"https://static.tigerbbs.com/ac25b2b0f6be3ec28a06c38fb7c8ed9e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560400655314166","authorIdStr":"3560400655314166"},"themes":[],"title":"","htmlText":"Not again","listText":"Not again","text":"Not again","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/819063579","repostId":"2162847016","repostType":4,"isVote":1,"tweetType":1,"viewCount":2452,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":837078499,"gmtCreate":1629850429411,"gmtModify":1631890577981,"author":{"id":"3560400655314166","authorId":"3560400655314166","name":"TL1M","avatar":"https://static.tigerbbs.com/ac25b2b0f6be3ec28a06c38fb7c8ed9e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560400655314166","authorIdStr":"3560400655314166"},"themes":[],"title":"","htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/837078499","repostId":"2162080686","repostType":4,"isVote":1,"tweetType":1,"viewCount":2557,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":833268827,"gmtCreate":1629245766269,"gmtModify":1631890577996,"author":{"id":"3560400655314166","authorId":"3560400655314166","name":"TL1M","avatar":"https://static.tigerbbs.com/ac25b2b0f6be3ec28a06c38fb7c8ed9e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560400655314166","authorIdStr":"3560400655314166"},"themes":[],"title":"","htmlText":"Not again","listText":"Not again","text":"Not again","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/833268827","repostId":"2160880977","repostType":4,"isVote":1,"tweetType":1,"viewCount":2080,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":896393515,"gmtCreate":1628554895937,"gmtModify":1631890578007,"author":{"id":"3560400655314166","authorId":"3560400655314166","name":"TL1M","avatar":"https://static.tigerbbs.com/ac25b2b0f6be3ec28a06c38fb7c8ed9e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560400655314166","authorIdStr":"3560400655314166"},"themes":[],"title":"","htmlText":"Will be a good month","listText":"Will be a good month","text":"Will be a good month","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/896393515","repostId":"1142685473","repostType":4,"isVote":1,"tweetType":1,"viewCount":3430,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802585663,"gmtCreate":1627788566352,"gmtModify":1631890578017,"author":{"id":"3560400655314166","authorId":"3560400655314166","name":"TL1M","avatar":"https://static.tigerbbs.com/ac25b2b0f6be3ec28a06c38fb7c8ed9e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560400655314166","authorIdStr":"3560400655314166"},"themes":[],"title":"","htmlText":"That’s good","listText":"That’s good","text":"That’s good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/802585663","repostId":"1153879814","repostType":4,"repost":{"id":"1153879814","kind":"news","pubTimestamp":1627784753,"share":"https://www.laohunote.com/m/news/1153879814?lang=zh_CN&edition=full","pubTime":"2021-08-01 10:25","market":"sg","language":"en","title":"SIA, SIAE, Singtel potential candidates for company restructuring: Maybank<blockquote>SIA、SIAE、Singtel 公司重组的潜在候选者：马来亚银行</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1153879814","media":"Singapore Business","summary":"Who will follow in SPH, Keppel and Sembcorp steps in corporate restructuring?\n\nDrivers are in play f","content":"<p>  <b><i>Who will follow in SPH, Keppel and Sembcorp steps in corporate restructuring?</i></b>  Drivers are in play for more corporate restructuring from Singapore firms following the major restructuring plans of Singapore Press Holdings (SPH) and a possible merger between Keppel Offshore &amp; Marine and Sembcorp Marine Ltd, according to a report by Maybank Kim Eng.</p><p><blockquote><b><i>谁将跟随SPH、吉宝和胜科的公司重组步骤？</i></b>根据 Maybank Kim Eng 的一份报告，在新加坡报业控股公司 (SPH) 的重大重组计划以及吉宝近海与胜科海事有限公司可能合并之后，新加坡公司进行更多企业重组的驱动力正在发挥作用。</blockquote></p><p> According to the report, the drivers catalyzing these restructurings remain in play and are unlikely to retreat in the near-term.</p><p><blockquote>报告称，催化这些重组的驱动因素仍在发挥作用，短期内不太可能消退。</blockquote></p><p> Some Singapore companies named by Maybank that are potential candidates for a corporate restructuring are Singtel, Singapore Airlines Group and the Singapore Institute of Aerospace Engineers.</p><p><blockquote>马来亚银行点名的一些新加坡公司是公司重组的潜在候选人，包括新加坡电信、新加坡航空集团和新加坡航空航天工程师学会。</blockquote></p><p> Maybank said Singtel is currently exploring options to review its stakes in associates and infrastructure assets to unlock latent value.</p><p><blockquote>马来亚银行表示，新加坡电信目前正在探索审查其在联营公司和基础设施资产中的股份，以释放潜在价值。</blockquote></p><p> Continued weakness and expected long lead time to recovery of international air travel may force certain rationalization for SIA and SIAE. Meanwhile, big developers like CityDev and UOL also have sizable development businesses similar to CAPL.</p><p><blockquote>持续疲软以及预计国际航空旅行复苏的较长准备时间可能会迫使新航和新航进行某些合理化。与此同时，像CityDev和UOL这样的大型开发商也有类似CAPL的可观开发业务。</blockquote></p><p></p>","source":"lsy1618986048053","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>SIA, SIAE, Singtel potential candidates for company restructuring: Maybank<blockquote>SIA、SIAE、Singtel 公司重组的潜在候选者：马来亚银行</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\">\nSIA, SIAE, Singtel potential candidates for company restructuring: Maybank<blockquote>SIA、SIAE、Singtel 公司重组的潜在候选者：马来亚银行</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Singapore Business</strong><span class=\"h-time small\">2021-08-01 10:25</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b><i>Who will follow in SPH, Keppel and Sembcorp steps in corporate restructuring?</i></b>  Drivers are in play for more corporate restructuring from Singapore firms following the major restructuring plans of Singapore Press Holdings (SPH) and a possible merger between Keppel Offshore &amp; Marine and Sembcorp Marine Ltd, according to a report by Maybank Kim Eng.</p><p><blockquote><b><i>谁将跟随SPH、吉宝和胜科的公司重组步骤？</i></b>根据 Maybank Kim Eng 的一份报告，在新加坡报业控股公司 (SPH) 的重大重组计划以及吉宝近海与胜科海事有限公司可能合并之后，新加坡公司进行更多企业重组的驱动力正在发挥作用。</blockquote></p><p> According to the report, the drivers catalyzing these restructurings remain in play and are unlikely to retreat in the near-term.</p><p><blockquote>报告称，催化这些重组的驱动因素仍在发挥作用，短期内不太可能消退。</blockquote></p><p> Some Singapore companies named by Maybank that are potential candidates for a corporate restructuring are Singtel, Singapore Airlines Group and the Singapore Institute of Aerospace Engineers.</p><p><blockquote>马来亚银行点名的一些新加坡公司是公司重组的潜在候选人，包括新加坡电信、新加坡航空集团和新加坡航空航天工程师学会。</blockquote></p><p> Maybank said Singtel is currently exploring options to review its stakes in associates and infrastructure assets to unlock latent value.</p><p><blockquote>马来亚银行表示，新加坡电信目前正在探索审查其在联营公司和基础设施资产中的股份，以释放潜在价值。</blockquote></p><p> Continued weakness and expected long lead time to recovery of international air travel may force certain rationalization for SIA and SIAE. Meanwhile, big developers like CityDev and UOL also have sizable development businesses similar to CAPL.</p><p><blockquote>持续疲软以及预计国际航空旅行复苏的较长准备时间可能会迫使新航和新航进行某些合理化。与此同时，像CityDev和UOL这样的大型开发商也有类似CAPL的可观开发业务。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://sbr.com.sg/economy/news/sia-siae-singtel-potential-candidates-company-restructuring-maybank\">Singapore Business</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":{"C6L.SI":"新加坡航空公司"},"source_url":"https://sbr.com.sg/economy/news/sia-siae-singtel-potential-candidates-company-restructuring-maybank","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1153879814","content_text":"Who will follow in SPH, Keppel and Sembcorp steps in corporate restructuring?\n\nDrivers are in play for more corporate restructuring from Singapore firms following the major restructuring plans of Singapore Press Holdings (SPH) and a possible merger between Keppel Offshore & Marine and Sembcorp Marine Ltd, according to a report by Maybank Kim Eng.\nAccording to the report, the drivers catalyzing these restructurings remain in play and are unlikely to retreat in the near-term.\nSome Singapore companies named by Maybank that are potential candidates for a corporate restructuring are Singtel, Singapore Airlines Group and the Singapore Institute of Aerospace Engineers.\nMaybank said Singtel is currently exploring options to review its stakes in associates and infrastructure assets to unlock latent value.\nContinued weakness and expected long lead time to recovery of international air travel may force certain rationalization for SIA and SIAE. Meanwhile, big developers like CityDev and UOL also have sizable development businesses similar to CAPL.","news_type":1,"symbols_score_info":{"C6L.SI":0.9}},"isVote":1,"tweetType":1,"viewCount":1937,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":806754722,"gmtCreate":1627696217266,"gmtModify":1631890578031,"author":{"id":"3560400655314166","authorId":"3560400655314166","name":"TL1M","avatar":"https://static.tigerbbs.com/ac25b2b0f6be3ec28a06c38fb7c8ed9e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560400655314166","authorIdStr":"3560400655314166"},"themes":[],"title":"","htmlText":"Pls like n comment","listText":"Pls like n comment","text":"Pls like n comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/806754722","repostId":"2155001152","repostType":4,"isVote":1,"tweetType":1,"viewCount":3694,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":801525077,"gmtCreate":1627523980999,"gmtModify":1631890578037,"author":{"id":"3560400655314166","authorId":"3560400655314166","name":"TL1M","avatar":"https://static.tigerbbs.com/ac25b2b0f6be3ec28a06c38fb7c8ed9e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560400655314166","authorIdStr":"3560400655314166"},"themes":[],"title":"","htmlText":"Banks up","listText":"Banks up","text":"Banks up","images":[{"img":"https://static.tigerbbs.com/859842af058aaf9dec49ad8c91324657","width":"1125","height":"2875"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/801525077","isVote":1,"tweetType":1,"viewCount":3160,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":801528509,"gmtCreate":1627523885301,"gmtModify":1631890578051,"author":{"id":"3560400655314166","authorId":"3560400655314166","name":"TL1M","avatar":"https://static.tigerbbs.com/ac25b2b0f6be3ec28a06c38fb7c8ed9e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560400655314166","authorIdStr":"3560400655314166"},"themes":[],"title":"","htmlText":"Interest rates again","listText":"Interest rates again","text":"Interest rates again","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/801528509","repostId":"1127264445","repostType":4,"repost":{"id":"1127264445","kind":"news","pubTimestamp":1627514621,"share":"https://www.laohunote.com/m/news/1127264445?lang=zh_CN&edition=full","pubTime":"2021-07-29 07:23","market":"us","language":"en","title":"S&P 500 ends off day's lows; Powell says Fed still a ways away from rate hikes<blockquote>标普500结束当日低点；鲍威尔表示美联储距离加息还有一段路要走</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1127264445","media":"Reuters","summary":"NEW YORK (Reuters) - The S&P 500 ended little changed on Wednesday but off its session lows after th","content":"<p>NEW YORK (Reuters) - The S&amp;P 500 ended little changed on Wednesday but off its session lows after the Federal Reserve said the U.S. economic recovery remains on track and Chair Jerome <a href=\"https://laohu8.com/S/POWL\">Powell</a> said the central bank was still a ways away from considering raising interest rates.</p><p><blockquote>路透纽约2月29日 - 标普500周三收盘变化不大，但在美联储表示美国经济复苏仍在轨道上，美联储主席Jerome<a href=\"https://laohu8.com/S/POWL\">鲍威尔</a>表示央行距离考虑加息还有一段距离。</blockquote></p><p> Keeping the market in check, shares of tech giant <a href=\"https://laohu8.com/S/AAPL\">Apple</a> Inc fell 1.2% after it forecast slowing revenue growth.</p><p><blockquote>控制市场，科技巨头的股票<a href=\"https://laohu8.com/S/AAPL\">苹果</a>Inc 在预测收入增长放缓后下跌 1.2%。</blockquote></p><p> In a news conference following the release of a new policy statement from the Fed, Powell also said the U.S. job market still had “some ground to cover” before it would be time to pull back from the economic support the U.S. central bank put in place in the spring of 2020 to battle the coronavirus pandemic’s economic shocks.</p><p><blockquote>在美联储发布新政策声明后的新闻发布会上，鲍威尔还表示，在美国央行于 2020 年春季为应对冠状病毒大流行带来的经济冲击而实施的经济支持之前，美国就业市场仍有 “一些需要填补的空间”。</blockquote></p><p> “It looks like probably the most positive thing for the market was that they are nowhere near increasing interest rates,” said Alan Lancz, president, Alan B. Lancz &amp; Associates Inc, an investment advisory firm based in Toledo, Ohio.</p><p><blockquote>“总部位于俄亥俄州托莱多的投资咨询公司 Alan B. Lancz &amp; Associates Inc. 总裁艾伦-兰茨（Alan Lancz）说：”看来，对市场来说最积极的事情可能是，他们远未加息。</blockquote></p><p> Right after the Fed statement, the S&amp;P 500 index reversed slight declines though it still ended a hair lower on the day.</p><p><blockquote>美联储声明发布后，标普500指数扭转了小幅跌势，但当天收盘仍小幅下跌。</blockquote></p><p> <a href=\"https://laohu8.com/S/ISBC\">Investors</a> have been worried about how rising inflation and a spike in COVID-19 cases might impact the central bank’s plan to potentially start withdrawing its stimulus.</p><p><blockquote><a href=\"https://laohu8.com/S/ISBC\">投资者</a>一直担心通胀上升和 COVID-19 病例激增会如何影响央行可能开始撤回刺激计划的计划。</blockquote></p><p> The central bank also said that higher inflation remained the result of “transitory factors.” The Fed kept its overnight benchmark interest rate near zero and left unchanged its bond-buying program.</p><p><blockquote>央行还表示，通胀上升仍然是 “暂时因素 ”的结果。美联储将隔夜基准利率维持在接近于零的水平，并维持债券购买计划不变。</blockquote></p><p> The <a href=\"https://laohu8.com/S/NDAQ\">Nasdaq</a> ended higher and shares of Google parent <a href=\"https://laohu8.com/S/GOOG\">Alphabet</a> Inc hit an all-time high as a surge in advertising spending helped it post record quarterly results. The stock ended up 3.2%.</p><p><blockquote>这个<a href=\"https://laohu8.com/S/NDAQ\">纳斯达克</a>谷歌母公司股价收高<a href=\"https://laohu8.com/S/GOOG\">Alphabet</a>Inc 创下历史新高，广告支出激增帮助其公布了创纪录的季度业绩。该股收盘上涨3.2%。</blockquote></p><p> The Dow Jones Industrial Average fell 127.59 points, or 0.36%, to 34,930.93, the S&amp;P 500 lost 0.82 point, or 0.02%, to 4,400.64 and the Nasdaq Composite added 102.01 points, or 0.7%, to 14,762.58.</p><p><blockquote>道琼斯工业平均指数下跌127.59点，跌幅0.36%，至34,930.93点；标普500指数下跌0.82点，跌幅0.02%，至4,400.64点；纳斯达克综合指数上涨102.01点，跌幅0.7%，至14,762.58点。</blockquote></p><p> The Fed’s statement came at the conclusion of its latest two-day policy meeting.</p><p><blockquote>美联储是在最近一次为期两天的政策会议结束时发表上述声明的。</blockquote></p><p> “They had a chance to signal they were going to become more hawkish and they chose not to take it. The most important thing is they are predictable and they are remaining predictable,” said Ellen Hazen, portfolio manager at F.L. Putnam Investment Management in <a href=\"https://laohu8.com/S/WEBK\">Wellesley</a>, Massachusetts.</p><p><blockquote>“他们有机会发出信号，表明他们将变得更加鹰派，但他们选择不接受。最重要的是，他们是可预测的，而且他们仍然是可预测的，”F.L. 的投资组合经理艾伦-哈森（Ellen Hazen）说。普特南投资管理公司<a href=\"https://laohu8.com/S/WEBK\">韦尔斯利</a>马萨诸塞州。</blockquote></p><p> In other earnings news, <a href=\"https://laohu8.com/S/MSFT\">Microsoft</a> Corp ended down 0.1% even as a boom in cloud services helped it beat Wall Street expectations for revenue and earnings.</p><p><blockquote>在其他财报新闻中，<a href=\"https://laohu8.com/S/MSFT\">微软</a>尽管云服务的繁荣帮助该公司的收入和盈利超出了华尔街的预期，但该公司最终下跌了 0.1%。</blockquote></p><p> Volume on U.S. exchanges was 9.86 billion shares, compared with a similar average for the full session over the last 20 trading days.</p><p><blockquote>美国交易所的成交量为 98.6 亿股，而过去 20 个交易日整个交易日的平均成交量也类似。</blockquote></p><p> Advancing issues outnumbered declining ones on the NYSE by a 1.85-to-1 ratio; on Nasdaq, a 2.61-to-1 ratio favored advancers.</p><p><blockquote>纽约证券交易所上涨发行量超过下跌发行量，比例为 1.85 比 1；在纳斯达克，2.61比1的比率有利于进步人士。</blockquote></p><p> The S&amp;P 500 posted 42 new 52-week highs and no new lows; the Nasdaq Composite recorded 44 new highs and 67 new lows.</p><p><blockquote>标普500创下42个52周新高，没有新低；纳斯达克综合指数创下44个新高和67个新低。</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>S&P 500 ends off day's lows; Powell says Fed still a ways away from rate hikes<blockquote>标普500结束当日低点；鲍威尔表示美联储距离加息还有一段路要走</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\">\nS&P 500 ends off day's lows; Powell says Fed still a ways away from rate hikes<blockquote>标普500结束当日低点；鲍威尔表示美联储距离加息还有一段路要走</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-07-29 07:23</span>\n</p>\n</h4>\n</header>\n<article>\n<p>NEW YORK (Reuters) - The S&amp;P 500 ended little changed on Wednesday but off its session lows after the Federal Reserve said the U.S. economic recovery remains on track and Chair Jerome <a href=\"https://laohu8.com/S/POWL\">Powell</a> said the central bank was still a ways away from considering raising interest rates.</p><p><blockquote>路透纽约2月29日 - 标普500周三收盘变化不大，但在美联储表示美国经济复苏仍在轨道上，美联储主席Jerome<a href=\"https://laohu8.com/S/POWL\">鲍威尔</a>表示央行距离考虑加息还有一段距离。</blockquote></p><p> Keeping the market in check, shares of tech giant <a href=\"https://laohu8.com/S/AAPL\">Apple</a> Inc fell 1.2% after it forecast slowing revenue growth.</p><p><blockquote>控制市场，科技巨头的股票<a href=\"https://laohu8.com/S/AAPL\">苹果</a>Inc 在预测收入增长放缓后下跌 1.2%。</blockquote></p><p> In a news conference following the release of a new policy statement from the Fed, Powell also said the U.S. job market still had “some ground to cover” before it would be time to pull back from the economic support the U.S. central bank put in place in the spring of 2020 to battle the coronavirus pandemic’s economic shocks.</p><p><blockquote>在美联储发布新政策声明后的新闻发布会上，鲍威尔还表示，在美国央行于 2020 年春季为应对冠状病毒大流行带来的经济冲击而实施的经济支持之前，美国就业市场仍有 “一些需要填补的空间”。</blockquote></p><p> “It looks like probably the most positive thing for the market was that they are nowhere near increasing interest rates,” said Alan Lancz, president, Alan B. Lancz &amp; Associates Inc, an investment advisory firm based in Toledo, Ohio.</p><p><blockquote>“总部位于俄亥俄州托莱多的投资咨询公司 Alan B. Lancz &amp; Associates Inc. 总裁艾伦-兰茨（Alan Lancz）说：”看来，对市场来说最积极的事情可能是，他们远未加息。</blockquote></p><p> Right after the Fed statement, the S&amp;P 500 index reversed slight declines though it still ended a hair lower on the day.</p><p><blockquote>美联储声明发布后，标普500指数扭转了小幅跌势，但当天收盘仍小幅下跌。</blockquote></p><p> <a href=\"https://laohu8.com/S/ISBC\">Investors</a> have been worried about how rising inflation and a spike in COVID-19 cases might impact the central bank’s plan to potentially start withdrawing its stimulus.</p><p><blockquote><a href=\"https://laohu8.com/S/ISBC\">投资者</a>一直担心通胀上升和 COVID-19 病例激增会如何影响央行可能开始撤回刺激计划的计划。</blockquote></p><p> The central bank also said that higher inflation remained the result of “transitory factors.” The Fed kept its overnight benchmark interest rate near zero and left unchanged its bond-buying program.</p><p><blockquote>央行还表示，通胀上升仍然是 “暂时因素 ”的结果。美联储将隔夜基准利率维持在接近于零的水平，并维持债券购买计划不变。</blockquote></p><p> The <a href=\"https://laohu8.com/S/NDAQ\">Nasdaq</a> ended higher and shares of Google parent <a href=\"https://laohu8.com/S/GOOG\">Alphabet</a> Inc hit an all-time high as a surge in advertising spending helped it post record quarterly results. The stock ended up 3.2%.</p><p><blockquote>这个<a href=\"https://laohu8.com/S/NDAQ\">纳斯达克</a>谷歌母公司股价收高<a href=\"https://laohu8.com/S/GOOG\">Alphabet</a>Inc 创下历史新高，广告支出激增帮助其公布了创纪录的季度业绩。该股收盘上涨3.2%。</blockquote></p><p> The Dow Jones Industrial Average fell 127.59 points, or 0.36%, to 34,930.93, the S&amp;P 500 lost 0.82 point, or 0.02%, to 4,400.64 and the Nasdaq Composite added 102.01 points, or 0.7%, to 14,762.58.</p><p><blockquote>道琼斯工业平均指数下跌127.59点，跌幅0.36%，至34,930.93点；标普500指数下跌0.82点，跌幅0.02%，至4,400.64点；纳斯达克综合指数上涨102.01点，跌幅0.7%，至14,762.58点。</blockquote></p><p> The Fed’s statement came at the conclusion of its latest two-day policy meeting.</p><p><blockquote>美联储是在最近一次为期两天的政策会议结束时发表上述声明的。</blockquote></p><p> “They had a chance to signal they were going to become more hawkish and they chose not to take it. The most important thing is they are predictable and they are remaining predictable,” said Ellen Hazen, portfolio manager at F.L. Putnam Investment Management in <a href=\"https://laohu8.com/S/WEBK\">Wellesley</a>, Massachusetts.</p><p><blockquote>“他们有机会发出信号，表明他们将变得更加鹰派，但他们选择不接受。最重要的是，他们是可预测的，而且他们仍然是可预测的，”F.L. 的投资组合经理艾伦-哈森（Ellen Hazen）说。普特南投资管理公司<a href=\"https://laohu8.com/S/WEBK\">韦尔斯利</a>马萨诸塞州。</blockquote></p><p> In other earnings news, <a href=\"https://laohu8.com/S/MSFT\">Microsoft</a> Corp ended down 0.1% even as a boom in cloud services helped it beat Wall Street expectations for revenue and earnings.</p><p><blockquote>在其他财报新闻中，<a href=\"https://laohu8.com/S/MSFT\">微软</a>尽管云服务的繁荣帮助该公司的收入和盈利超出了华尔街的预期，但该公司最终下跌了 0.1%。</blockquote></p><p> Volume on U.S. exchanges was 9.86 billion shares, compared with a similar average for the full session over the last 20 trading days.</p><p><blockquote>美国交易所的成交量为 98.6 亿股，而过去 20 个交易日整个交易日的平均成交量也类似。</blockquote></p><p> Advancing issues outnumbered declining ones on the NYSE by a 1.85-to-1 ratio; on Nasdaq, a 2.61-to-1 ratio favored advancers.</p><p><blockquote>纽约证券交易所上涨发行量超过下跌发行量，比例为 1.85 比 1；在纳斯达克，2.61比1的比率有利于进步人士。</blockquote></p><p> The S&amp;P 500 posted 42 new 52-week highs and no new lows; the Nasdaq Composite recorded 44 new highs and 67 new lows.</p><p><blockquote>标普500创下42个52周新高，没有新低；纳斯达克综合指数创下44个新高和67个新低。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.reuters.com/article/usa-stocks/us-stocks-sp-500-ends-off-days-lows-powell-says-fed-still-a-ways-away-from-rate-hikes-idUSL1N2P435H\">Reuters</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":{"161125":"标普500","SPXU":"三倍做空标普500ETF-ProShares",".DJI":"道琼斯",".IXIC":"NASDAQ Composite","OEX":"标普100","SH":"做空标普500-Proshares","IVV":"标普500ETF-iShares","UPRO":"三倍做多标普500ETF-ProShares","SPY":"标普500ETF",".SPX":"S&P 500 Index","SSO":"2倍做多标普500ETF-ProShares","SDS":"两倍做空标普500 ETF-ProShares","OEF":"标普100指数ETF-iShares"},"source_url":"https://www.reuters.com/article/usa-stocks/us-stocks-sp-500-ends-off-days-lows-powell-says-fed-still-a-ways-away-from-rate-hikes-idUSL1N2P435H","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1127264445","content_text":"NEW YORK (Reuters) - The S&P 500 ended little changed on Wednesday but off its session lows after the Federal Reserve said the U.S. economic recovery remains on track and Chair Jerome Powell said the central bank was still a ways away from considering raising interest rates.\nKeeping the market in check, shares of tech giant Apple Inc fell 1.2% after it forecast slowing revenue growth.\nIn a news conference following the release of a new policy statement from the Fed, Powell also said the U.S. job market still had “some ground to cover” before it would be time to pull back from the economic support the U.S. central bank put in place in the spring of 2020 to battle the coronavirus pandemic’s economic shocks.\n“It looks like probably the most positive thing for the market was that they are nowhere near increasing interest rates,” said Alan Lancz, president, Alan B. Lancz & Associates Inc, an investment advisory firm based in Toledo, Ohio.\nRight after the Fed statement, the S&P 500 index reversed slight declines though it still ended a hair lower on the day.\nInvestors have been worried about how rising inflation and a spike in COVID-19 cases might impact the central bank’s plan to potentially start withdrawing its stimulus.\nThe central bank also said that higher inflation remained the result of “transitory factors.” The Fed kept its overnight benchmark interest rate near zero and left unchanged its bond-buying program.\nThe Nasdaq ended higher and shares of Google parent Alphabet Inc hit an all-time high as a surge in advertising spending helped it post record quarterly results. The stock ended up 3.2%.\nThe Dow Jones Industrial Average fell 127.59 points, or 0.36%, to 34,930.93, the S&P 500 lost 0.82 point, or 0.02%, to 4,400.64 and the Nasdaq Composite added 102.01 points, or 0.7%, to 14,762.58.\nThe Fed’s statement came at the conclusion of its latest two-day policy meeting.\n“They had a chance to signal they were going to become more hawkish and they chose not to take it. The most important thing is they are predictable and they are remaining predictable,” said Ellen Hazen, portfolio manager at F.L. Putnam Investment Management in Wellesley, Massachusetts.\nIn other earnings news, Microsoft Corp ended down 0.1% even as a boom in cloud services helped it beat Wall Street expectations for revenue and earnings.\nVolume on U.S. exchanges was 9.86 billion shares, compared with a similar average for the full session over the last 20 trading days.\nAdvancing issues outnumbered declining ones on the NYSE by a 1.85-to-1 ratio; on Nasdaq, a 2.61-to-1 ratio favored advancers.\nThe S&P 500 posted 42 new 52-week highs and no new lows; the Nasdaq Composite recorded 44 new highs and 67 new lows.","news_type":1,"symbols_score_info":{"161125":0.9,"SH":0.9,"IVV":0.9,".IXIC":0.9,"SPXU":0.9,"UPRO":0.9,"OEX":0.9,"OEF":0.9,".SPX":0.9,"SDS":0.9,"SPY":0.9,"SSO":0.9,".DJI":0.9,"ESmain":0.9}},"isVote":1,"tweetType":1,"viewCount":784,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":177308332,"gmtCreate":1627178914726,"gmtModify":1631890578061,"author":{"id":"3560400655314166","authorId":"3560400655314166","name":"TL1M","avatar":"https://static.tigerbbs.com/ac25b2b0f6be3ec28a06c38fb7c8ed9e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560400655314166","authorIdStr":"3560400655314166"},"themes":[],"title":"","htmlText":"Here we go again","listText":"Here we go again","text":"Here we go again","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/177308332","repostId":"1107345366","repostType":4,"repost":{"id":"1107345366","kind":"news","pubTimestamp":1627176839,"share":"https://www.laohunote.com/m/news/1107345366?lang=zh_CN&edition=full","pubTime":"2021-07-25 09:33","market":"us","language":"en","title":"GameStop: The Game Is Far From Over<blockquote>游戏驿站：比赛远未结束</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1107345366","media":"seekingalpha","summary":"Summary\n\nGameStop has revamped itself to progressively move towards to become a major e-commerce pla","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>GameStop has revamped itself to progressively move towards to become a major e-commerce player.</li>  <li>We think the company may possibly be at an inflection point, if the management team is able to successfully execute its new e-commerce pivot.</li>  <li>In addition, we exhort the bears to pay special attention to the Reddit community, given its growing user base and influence in their investors' decision-making process.</li>  <li>While we don't have a position in GameStop, we don't think the game is over for the company.</li> </ul> <b>Investment Thesis</b></p><p><blockquote><ul><li>游戏驿站已经进行了自我改造，逐步成为一个主要的电子商务公司。</li><li>我们认为，如果管理团队能够成功执行其新的电子商务支点，该公司可能正处于拐点。</li><li>此外，鉴于 Reddit 社区不断增长的用户群及其对投资者决策过程的影响力，我们建议空头特别关注该社区。</li><li>虽然我们在游戏驿站没有立足之地，但我们认为公司的游戏还没有结束。</li></ul><b>投资论文</b></blockquote></p><p> The speculation fervor behind GameStop’s (GME) meteoric rise to the stratospheric levels of $480 per share last seen in Jan has subsided significantly, as the stock last traded at the $178 price level, a 63% decline from the ATH reached during the January mania.</p><p><blockquote>游戏驿站（GME）在 1 月份飙升至每股 480 美元的平流层水平，其背后的投机热情已大大消退，因为该股最后一次交易价格为 178 美元，比 1 月份狂热期间的 ATH 下跌了 63%。</blockquote></p><p> While we agree to a large extent with the Street’s valuation opinion, that this stock seems to be significantly overvalued (The Street’s mean target price is $37.5), we would also like to highlight that we don’t think we presently have a valuation model that can comprehensively incorporate the underlying factors driving the company’s stock price, and therefore would not boldly proclaim to investors who have an interest in meme stocks, to stay away from GME.</p><p><blockquote>虽然我们在很大程度上同意华尔街的估值意见，即这只股票似乎被严重高估了（华尔街的平均目标价为 37.5 美元），但我们也想强调的是，我们认为目前还没有一个能够全面纳入推动公司股价的潜在因素的估值模型，因此不会大胆地向对 meme 股票感兴趣的投资者宣布远离 GME。</blockquote></p><p> We thinkeMarketerdelineated in this recent piece in June, what factors they thought could have driven the underlying demand behind meme stocks in Reddit forums like GME:</p><p><blockquote>我们认为 Marketer 在 6 月份最近的一篇文章中概述了他们认为哪些因素可能推动了 GME 等 Reddit 论坛上 meme 股票背后的潜在需求：</blockquote></p><p>   Punishing short sellers. Clover Health (CLOV) short-sellers, who believed the stock was overvalued, were down $438 million in mark-to-market losses. GameStop short sellers lost over $5 billion.Perplexing the markets “for the memes”—i.e., it’s just funny. Reddit posts on r/WallStreetBets highlight how members make seemingly irrational investment decisions for the joy of duping financial institutions.Pump and dump. The artificially inflated share prices can maximize profit for the lucky few who invest early.  We think investors who have been schooled in fundamental analysis would never be able to develop models that could fully factor in the above, as these investors think the long term value of stocks are driven by the long term strength and the competitive moat of their underlying businesses, but not with the \"ludicrous\" methods adopted by the Redditors in the way they analyze stocks.</p><p><blockquote>惩罚卖空者。Clover Health (CLOV) 卖空者认为该股被高估，按市值计算损失减少了 4.38 亿美元。游戏驿站卖空者损失了超过 50 亿美元。让市场感到困惑 “迷惑”--也就是说，这只是有趣的。r/WallStreetBets 上的 Reddit 帖子强调了会员如何为了杜平金融机构的喜悦而做出看似非理性的投资决策。人为膨胀的股价可以让早期投资的少数幸运儿实现利润最大化。我们认为，接受过基本面分析培训的投资者永远无法开发出能够充分考虑上述因素的模型，因为这些投资者认为股票的长期价值是由其基础业务的长期实力和竞争护城河驱动的，但不是Redditors在分析股票时采用的“可笑”方法。</blockquote></p><p> In this article, we dive deeper to look at the key fundamental drivers underpinning GME's business, and how we think the Reddit community's participation and influence in meme stocks like GME would continue to disrupt the valuation outlook for the company moving forward.</p><p><blockquote>在本文中，我们将更深入地了解支撑 GME 业务的关键基本驱动因素，以及我们认为 Reddit 社区对 GME 等模因股票的参与和影响将如何继续扰乱该公司未来的估值前景。</blockquote></p><p> What Has Changed for GameStop since the January Mania?</p><p><blockquote>自一月狂热以来，游戏驿站发生了什么变化？</blockquote></p><p> GME recently appointed2 key veteranexecutives from Amazon (AMZN): Matt Furlong and Mike Recupero as its CEO and CFO, respectively, as part of Chairman Ryan Cohen's strategic revamp of GME's business model to pivot towards becoming a major \"e-commerce powerhouse.\"</p><p><blockquote>GME 最近任命了亚马逊 (AMZN) 的两名资深高管：Matt Furlong 和 Mike Recupero 分别担任首席执行官和首席财务官，这是董事长 Ryan Cohen 对 GME 商业模式进行战略改造的一部分，旨在转向成为主要的“电子商务巨头”。</blockquote></p><p> While the guidance from the new management may have been sparse so far, the team has certainly gotten down to work quickly, to put in place the necessary building blocks to gradually move GME into a major e-commerce player, as they have started to expand itsfulfillment centers, with two new recent facilities in Reno, Nevada and York, Pennsylvania, that have given the company a total capacity of more than 1.2M square feet.</p><p><blockquote>虽然到目前为止，新管理层的指导可能很少，但团队肯定已经迅速着手工作，建立必要的基础，逐步将GME转变为主要的电子商务公司，因为他们已经开始扩大其履行中心，最近在内华达州里诺和宾夕法尼亚州约克新建了两个设施，使该公司的总产能超过120万平方英尺。</blockquote></p><p> Ryan Cohen has also made it clear that the company wouldn't be specifying intricate details on its overhaul plans to its competitors, but instead appealing to investors to judge the team on their actions, as he emphasized:</p><p><blockquote>瑞安·科恩 (Ryan Cohen) 还明确表示，公司不会向竞争对手详细说明其检修计划的复杂细节，而是呼吁投资者根据团队的行动来评判团队，他强调：</blockquote></p><p>   You won’t find ustalking a big game, making a bunch of lofty promises or telegraphing our strategy to the competition...We have a lot of work in front of us. Moving forward, we want you to judge GameStop based on our actions -- not our words.  However, the Street was hardly convinced with Ryan Cohen or the company’s strategy, asWedbush Securitiesarticulated recently: “I think it got away from him. I think his ego’s gotten in the way and now he's going to prove [to] everybody [that he] knows what he's doing. If there [was] a strategy, it's shocking that he hasn't told us. We were supposed to hear about this five months ago. What is such a secret?”</p><p><blockquote>你不会发现我们在谈论一个大游戏，做出一堆崇高的承诺，或者向竞争对手传达我们的战略....我们面前有很多工作要做。展望未来，我们希望你们根据我们的行动而不是我们的言语来评判游戏驿站。然而，正如 WedBush Securities 最近所阐述的那样，华尔街几乎不相信瑞安-科恩或公司的战略： “我认为这已经从他身上溜走了。我认为他的自尊心挡住了去路，现在他要向所有人证明（他）知道自己在做什么。如果说有什么策略，那他竟然没有告诉我们，真是令人震惊。我们五个月前就应该听说了。这是什么秘密？”</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/213a840d218039b67bebc984532ecf5f\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Quarterly revenues. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>季度收入。数据来源：S&amp;P Capital IQ</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c46f7322b39c6468f6929c1fd414921b\" tg-width=\"640\" tg-height=\"354\" width=\"100%\" height=\"auto\"><span>LTM revenue. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>LTM收入。数据来源：S&amp;P Capital IQ</span></p></blockquote></p><p></p><p> We could observe that the company seems to have been able to arrest the declining trend in its revenue in Q4'21 and Q1'22 (GME defines its FY differently from its CY), which took place well before the new management was in place. The company's Q4'21 revenue of $2.12B was its strong quarter over the last 3 years, while Q1'22's revenue grew 25% YoY. Therefore, when we plotted it over an LTM basis, we think that there's hope over the horizon, that perhaps the new management team may have an encouraging start, in the company's quest to become an important e-commerce competitor. We think investors should continue monitoring this space closely, especially on the build-up of the company's fulfillment centers, which is highly integral towards its e-commerce ambitions.</p><p><blockquote>我们可以观察到，该公司似乎已经能够在 21 年第四季度和 22 年第一季度阻止收入下降的趋势（GME 对其财年的定义与其 CY 不同），这发生在新管理层到位之前很久。该公司 21 年第四季度的收入为 $2.12B，是过去 3 年的强劲季度，而 22 年第一季度的收入同比增长 25%。因此，当我们在 LTM 基础上绘制它时，我们认为在地平线上有希望，也许新的管理团队在公司寻求成为重要的电子商务竞争对手的过程中可能会有一个令人鼓舞的开端。我们认为投资者应继续密切关注这一领域，特别是该公司履行中心的建设，这对于其电子商务雄心至关重要。</blockquote></p><p> LTM EBIT margins trend. Data Source: S&amp;P Capital IQ</p><p><blockquote>LTM EBIT 利润率趋势。数据来源：S&amp;P Capital IQ</blockquote></p><p> While the company's EBIT margin trend has certainly been of major concern, we think this is an area certainly worth watching, as yet again we observed an improvement in the LTM trend, as the company posted an LTM EBIT margin of -3.5% in Q1'22, as compared to its LTM EBIT margin of -4.9% in Q4'21. While we don't think the company is out of the woods yet, but we think the company may have stopped the rot, at least for now.</p><p><blockquote>虽然该公司的息税前利润率趋势无疑是一个值得关注的领域，但我们认为这是一个值得关注的领域，因为我们再次观察到 LTM 趋势有所改善，因为该公司公布的 LTM 息税前利润率为 -3.5% 2022 年第一季度，而 LTM 息税前利润率为 -4.9%。虽然我们认为该公司还没有走出困境，但我们认为该公司可能已经停止了腐烂，至少目前是这样。</blockquote></p><p> Debt to Equity Ratio. Source:Simply Wall St</p><p><blockquote>债务股本比率。来源：Simply Wall St</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8eaacbe2d43de887038c30e9ab4bcfa2\" tg-width=\"640\" tg-height=\"353\" width=\"100%\" height=\"auto\"><span>LTM Levered FCF margin. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>LTM 杠杆 FCF 保证金。数据来源：S&amp;P Capital IQ</span></p></blockquote></p><p> The company has also astutely capitalized on its share price to completetwo equity offeringsto buttress its balance sheet. As a result, the company's debt to equity ratio has improved significantly to 5.5%, with a debt balance of just $48.1M, while having a cash and ST investments balance of $694.7M (as of 1 May 21, before both equity offerings which raised a total of $1.677B, and before paring down of debt). In addition, the company has also never really been bleeding cash, as its levered FCF margins trend has always been relatively healthy while having also improved its LTM levered FCF margin at the recent quarter to 1.6%.</p><p><blockquote>该公司还巧妙地利用其股价完成了两次股权发行，以支撑其资产负债表。因此，该公司的债务股本比率已显着改善至5.5%，债务余额仅为4810万美元，而现金和ST投资余额为6.947亿美元（截至21年5月1日，在两次股权发行之前，共筹集了1.677亿美元，在削减债务之前）。此外，该公司也从未真正流失过现金，因为其杠杆自由现金流利润率趋势一直相对健康，同时最近一个季度还将其 LTM 杠杆自由现金流利润率提高到 1.6%。</blockquote></p><p> Therefore, we think GME looks well-positioned to take advantage of its strategic overhaul towards its new e-commerce pivot if the management can successfully execute moving forward. While we are not too sure at this point on the roadmap ahead for GME, the Reddit community seems to be ready to continue supporting this company, as we shall go into detail how the Reddit community would continue to be a highly important force to be reckoned with, in their quest to bolster the stock price of the company, such that even Ryan Cohen made it a point to pay a special tribute to the Reddit community:</p><p><blockquote>因此，我们认为，如果管理层能够成功推进，GME 看起来处于有利地位，可以利用其新的电子商务支点的战略改革。虽然我们目前对 GME 的未来路线图还不太确定，但 Reddit 社区似乎已准备好继续支持这家公司，因为我们将详细介绍 Reddit 社区如何继续成为一股非常重要的力量，在他们寻求提振公司股价的过程中，甚至连 Ryan Cohen 都特意向 Reddit 社区致敬：</blockquote></p><p>   We’re fortunateto have such a special group of investors holding the company’s shares, you guys inspire us to think bigger, fight harder and work longer each day.  <b>The Reddit Community Grew by 25.9% in 2020</b></p><p><blockquote>我们很幸运有这样一群特殊的投资者持有公司股票，你们每天都激励我们想得更远、更努力、更长时间。<b>Reddit社区在2020年增长了25.9%</b></blockquote></p><p> US social network user growth, by platform 2020 &amp; 2021. Source:eMarketer</p><p><blockquote>2020年和2021年美国社交网络用户增长。来源：eMarketer</blockquote></p><p> Investors should be able to observe that Reddit posted highly remarkable growth in 2020, as users on its platform grew by 25.9% YoY, andeMarketeralso expects the Reddit community to grow by 14.4% in 2021, to reach 43.3M users. We think the increasing popularity towards the adoption of Reddit would continue to sustain investors' interest in meme stocks like GME, moving forward.</p><p><blockquote>投资者应该能够观察到 Reddit 在 2020 年实现了非常显着的增长，其平台上的用户同比增长 25.9%，Marketer 还预计 Reddit 社区在 2021 年将增长 14.4%，达到 4330 万用户。我们认为，Reddit 越来越受欢迎，这将继续维持投资者对 GME 等模因股票的兴趣。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4f886ecf993efe35532771c132d94a6a\" tg-width=\"600\" tg-height=\"371\" width=\"100%\" height=\"auto\"><span>Population distribution in the US in 2019, by generation. Data source: US Census Bureau</span></p><p><blockquote><p class=\"t-img-caption\"><span>2019年美国人口分布，按世代划分。数据来源：美国人口普查局</span></p></blockquote></p><p> We believe that Reddit has certainly benefited from the secular drivers underpinning digitization, which has also led to significant growth and popularity in trading platforms like Robinhood (HOOD), where theaverage agein 2020 is 31 years old. This puts the average age of Robinhood users right within the age group of the Millennials, who were born between 1981 and 1996 (25 to 40 years old), and accounted for 21.97% of the US population, based on the 2019 census.</p><p><blockquote>我们相信，Reddit 无疑受益于支撑数字化的长期驱动因素，这也导致了 Robinhood (HOOD) 等交易平台的显着增长和受欢迎程度，该平台 2020 年的平均年龄为 31 岁。根据2019年的人口普查，这使得Robinhood用户的平均年龄正好在千禧一代的年龄组内，千禧一代出生于1981年至1996年之间（25至40岁），占美国人口的21.97%。</blockquote></p><p> Importantly, we could also observe that Millennial investors are interested in stocks that are not the “safe and steady” stocks that a typical investor is expected to hold if I could put it that way. We don’t think valuations form the most important considerations to these investors as we could observe from the above.</p><p><blockquote>重要的是，我们还可以观察到，千禧一代投资者对股票感兴趣，而这些股票并不是典型投资者应该持有的 “安全稳定 ”股票。从上文可以看出，我们认为估值并不是这些投资者最重要的考虑因素。</blockquote></p><p> According to a report byApex Clearing, Tesla (TSLA) formed the largest holdings of their Millennials portfolio in Q1’21, with a 28.3% share, a stock that we think investors would not typically say it’s cheap. While AAPL was the second-largest holding with a 14.5% share, GME also rounded up the top 4 with a 5.2% share, lending support to our opinion that Millennial investors’ motivations are driven by factors beyond just fundamentals and valuations.</p><p><blockquote>根据 Apex Clearing 的一份报告，特斯拉（TSLA）在 21 年第一季度的千禧一代投资组合中持股最多，持股比例为 28.3%，我们认为投资者通常不会说这只股票便宜。AAPL 以 14.5% 的份额位居第二，而 GME 也以 5.2% 的份额位居前四，这支持了我们的观点，即千禧一代投资者的动机不仅仅是基本面和估值。</blockquote></p><p></p><p> Among the holdings in the Millennials portfolio, we could observe many other examples that corroborate these investors' interests in premium stocks, like Nvidia (NVDA), another meme stock like AMC Entertainment (AMC), Churchill Capital Corp (CCIV), its third-largest holding; Nio (NIO), Palantir (PLTR), and even Square (SQ), stocks we think investors would not typically ascribe as value stocks.</p><p><blockquote>在千禧一代投资组合中的持股中，我们可以观察到许多其他例子，这些例子证实了这些投资者对优质股票的兴趣，例如英伟达 (NVDA)、AMC院线 (AMC) 等另一只模因股票、丘吉尔资本公司 (CCIV)，其第三大持股；蔚来（蔚来）、Palantir（PLTR），甚至 Square（SQ），我们认为投资者通常不会将这些股票归类为价值股。</blockquote></p><p> Therefore, we think the general investor community needs to understand that there’s a huge and growing base of investors whose understanding and expectations of fundamentals and valuations are certainly quite different from what our typical valuation models could account for.</p><p><blockquote>因此，我们认为广大投资者群体需要明白，有大量且不断增长的投资者群体，他们对基本面和估值的理解和期望肯定与我们典型的估值模型所能解释的大相径庭。</blockquote></p><p> We think the market is definitely bigger and much more complex than what we know, and it’s just not possible to use the same fundamental analysis and valuation methods to value meme stocks like GME and say that they are way overvalued, a process that we honestly think is quite meaningless in the world of meme stocks investment.</p><p><blockquote>我们认为，这个市场肯定比我们所知道的要大得多，也复杂得多，只是不可能用同样的基本面分析和估值方法对 GME 这样的 meme 股票进行估值，然后说它们被高估了，老实说，我们认为这个过程在 meme 股票投资领域毫无意义。</blockquote></p><p> <b>Analyzing the Reddit Opinion</b></p><p><blockquote><b>分析 Reddit 意见</b></blockquote></p><p> Individual investors’ opinion on Reddit after GameStop short squeeze in the US, UK, and Canada as of Feb 21, by age. Data source:Brunswick</p><p><blockquote>截至 2 月 21 日，游戏驿站在美国、英国和加拿大做空后，Reddit 上个人投资者的看法（按年龄划分）。数据来源：布伦瑞克</blockquote></p><p> According to a survey by Brunswick, we could observe the importance of the Reddit forums as an investment tool for investors, especially among the younger investors within the age group of 18-29 years old. About 14% of all investors “trust Reddit as a media alternative,” and the share even shot up to 31% among the younger investors. In addition, a good proportion (25%) of the younger investors also took part in the GME opportunities, while 20% of them think that the GME events “represent a fundamental shift of power in the market.” While these opinions may belong within the minority of investors, we think the proportion of investors is certainly large enough to raise the eyebrows of the general investment community, and therefore we think the power of the Reddit forums is certainly a force to be reckoned with moving ahead.</p><p><blockquote>根据Brunswick的一项调查，我们可以观察到Reddit论坛作为投资者投资工具的重要性，尤其是在18-29岁年龄组的年轻投资者中。约 14% 的投资者 “相信 Reddit 是一种媒体替代品”，在年轻投资者中，这一比例甚至飙升至 31%。此外，相当比例（25%）的年轻投资者也参加了 GME 机会，而 20% 的年轻投资者认为 GME 活动 “代表了市场力量的根本性转移”。虽然这些观点可能属于少数投资者，但我们认为投资者的比例肯定大到足以引起一般投资界的惊讶，因此我们认为Reddit论坛的力量肯定是前进中不可忽视的力量。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/aa3108c1a56bc4c6221a4d8297e018d3\" tg-width=\"826\" tg-height=\"511\" width=\"100%\" height=\"auto\"><span>Share of institutional investors using Reddit to investigate an issue in the US, UK, and Canada. Data source: Brunswick</span></p><p><blockquote><p class=\"t-img-caption\"><span>使用 Reddit 调查美国、英国和加拿大问题的机构投资者比例。数据来源：布伦瑞克</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e72f250f4fe70ca9af575b6828bace0d\" tg-width=\"600\" tg-height=\"371\" width=\"100%\" height=\"auto\"><span>Average trust score assigned by institutional investors to Reddit in the US, UK, and Canada. Data source: Brunswick</span></p><p><blockquote><p class=\"t-img-caption\"><span>美国、英国和加拿大机构投资者对 Reddit 的平均信任得分。数据来源：布伦瑞克</span></p></blockquote></p><p> We could observe Reddit’s increasing influence even among institutional investors, as 27% of them used Reddit to “investigate an issue”, which increased discernibly from the previous years, even though their trust in the platform dropped markedly from an average score of 3.5 in 2019 to 2.0 in 2021. We think this shows that institutional investors consider Reddit’s increasing influence in the general investment community’s decision-making process, but they don’t trust those things going on in those forums as meaningful enough for their \"well-developed\" processes, as compared to individual investors shown earlier.</p><p><blockquote>即使在机构投资者中，我们也可以观察到 Reddit 的影响力越来越大，因为 27% 的机构投资者使用 Reddit 来 “调查问题”，尽管他们对该平台的信任度从 2019 年的平均得分 3.5 分明显下降到 2021 年的 2.0 分，但这一比例比前几年有了明显增加。我们认为，这表明机构投资者认为 Reddit 在一般投资界决策过程中的影响力越来越大，但与前面显示的个人投资者相比，他们并不认为这些论坛上发生的事情对他们 “发达 ”的过程有足够的意义。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a87f8665c27d127566189bd21a035158\" tg-width=\"956\" tg-height=\"591\" width=\"100%\" height=\"auto\"><span>Institutional investors' attitude towards members of the Reddit wallstreetbets community. Data source: Brunswick</span></p><p><blockquote><p class=\"t-img-caption\"><span>机构投资者对 Reddit wallstreetbets 社区成员的态度。数据来源：布伦瑞克</span></p></blockquote></p><p> While 48% of institutional investors think that the Redditors “might have a short term influence, but they won’t be able to sustain it,” 27% developed some curiosity regarding Reddit influence among the investors’ community, and 13% of them developed some form of respect for the way the Redditors were able to amass an army to outgun some of Wall Street’s brightest minds. We were therefore not surprised to find that 20% of these institutional investors were frustrated with what they considered as “market manipulation” by the Redditors.</p><p><blockquote>虽然 48% 的机构投资者认为 Redditors “可能会有短期影响力，但他们无法维持”，但 27% 的机构投资者对 Redditors 在投资者群体中的影响力产生了一些好奇，13% 的机构投资者对 Redditors 能够组建一支军队，击败华尔街一些最聪明的头脑的方式产生了某种形式的尊重。因此，我们毫不奇怪地发现，这些机构投资者中有 20% 对 Redditors 的 “市场操纵 ”感到沮丧。</blockquote></p><p> <b>Looking Ahead</b></p><p><blockquote><b>展望未来</b></blockquote></p><p> Ownership breakdown. Source:Simply Wall St</p><p><blockquote>所有权分解。来源：Simply Wall St</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a1dd4930d00083121d28ea6d57285bc5\" tg-width=\"1280\" tg-height=\"501\" width=\"100%\" height=\"auto\"><span>Institutional ownership changes. Source:Marketbeat</span></p><p><blockquote><p class=\"t-img-caption\"><span>机构所有权变更。资料来源：Marketbeat</span></p></blockquote></p><p></p><p> Moving forward, we think meme stocks like GME would continue to feature prominently within the Reddit forums and remain one of their “flagship” stocks in their fight against the Street. Retail investors now hold the largest share of ownership of GME stock, accounting for 45.1% of total ownership. Interestingly, there’s still a sizable proportion (36.4%) of institutional investors that remain vested in GME, which includes GME’s largest shareholder: Blackrock, which owns 12.36% of GME stock. While GME witnessed a significant outflow of $1.93B of institutional capital in Q2’21, the stock price remained well above the closing price of $17.25, on the first trading day of 2021.</p><p><blockquote>展望未来，我们认为像 GME 这样的备忘录股票将继续在 Reddit 论坛上占据重要地位，并继续成为他们与街头抗争的 “旗舰 ”股票之一。散户投资者目前持有 GME 股票的最大份额，占总持股量的 45.1%。有趣的是，仍有相当一部分（36.4%）的机构投资者仍然持有 GME，其中包括 GME 的最大股东：贝莱德（Blackrock），该公司拥有 GME 12.36% 的股票。虽然 GME 在 21 年第二季度的机构资本大量流出 19.3 亿美元，但其股价仍远高于 2021 年第一个交易日 17.25 美元的收盘价。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a708e62291662e5d4e2bce79492dc93a\" tg-width=\"1244\" tg-height=\"656\" width=\"100%\" height=\"auto\"><span>Percentage of float shorted over time. Source:Marketbeat</span></p><p><blockquote><p class=\"t-img-caption\"><span>随着时间的推移做空的流通量百分比。资料来源：Marketbeat</span></p></blockquote></p><p> Importantly, the price continues to be sustained even though the short percentage of float has dropped significantly from 41.96% in Jan, to “just” 14.18% at the end of June, its lowest recorded two-week period in 2021.</p><p><blockquote>重要的是，尽管空头流通量百分比已从 1 月份的 41.96% 大幅下降至 6 月底的 “仅 ”14.18%，这是 2021 年两周以来最低的记录，但价格仍在持续。</blockquote></p><p> Other than the 45.1% of retail investors who are vested in GME, the stock is also supported by Ryan Cohen’s 12.13% share, which makes him the second-largest shareholder of GME stock, behind Blackrock, even though the purchase price for his last batch of 1.274M shares in Dec 20 is about $14.24, which certainly gives him a huge margin of safety if we consider GME’s last closing price of $178.85.</p><p><blockquote>除了 45.1% 的散户投资者持有 GME 股票外，瑞安-科恩（Ryan Cohen）还持有 12.13% 的股份，这使他成为 GME 股票的第二大股东，仅次于贝莱德（Blackrock），尽管他在 12 月 20 日购买的最后一批 127.4 万股股票的价格约为 14.24 美元，如果考虑到 GME 的最新收盘价 178.85 美元，这无疑给了他巨大的安全边际。</blockquote></p><p> <b>Price Action and Trend Analysis</b></p><p><blockquote><b>价格行为和趋势分析</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fe5e54ac5cfe6504ec07c334a8c52668\" tg-width=\"1280\" tg-height=\"786\" width=\"100%\" height=\"auto\"><span>Source: TradingView</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：TradingView</span></p></blockquote></p><p> Ever since the mania we witnessed at the start of the year, GME has settled down and seems to have developed an uptrend bias, with a support level that has attracted strong buying interest between the $130 and $160 price level previously. It is a level that we expect the buyers to continue defending strongly, based on our price action analysis. For investors who are keen to take a position in GME, we think they may consider an entry within that buy range that we highlighted.</p><p><blockquote>自从我们在年初目睹的狂热以来，GME 已经稳定下来，似乎已经形成了上升趋势，支撑位在之前的 130 美元至 160 美元价格水平之间吸引了强烈的买入兴趣。根据我们的价格行为分析，我们预计买家将继续强力捍卫这一水平。对于热衷于持有 GME 头寸的投资者，我们认为他们可能会考虑在我们强调的买入范围内进行入场。</blockquote></p><p> While we are convinced that the volatility in GameStop’s price is likely to continue moving ahead, we think the stock has incredibly found huge buying interest among the retail community that has shaken the foundations of the institutional investors, asStenham Asset Managementarticulated:</p><p><blockquote>斯坦汉姆资产管理公司（Stenham Asset Management）表示，虽然我们确信游戏驿站的价格波动可能会继续下去，但我们认为该股在零售社区中引起了难以置信的巨大购买兴趣，这动摇了机构投资者的基础：</blockquote></p><p>   \"In the current environment, you are being negligent if you don’t measure and manage your exposure on the short side to both crowding and retail interest,\" and we think one of the multibillion-dollar US hedge fund also succinctly summed up the rising influence of the Reddit community: “[We] are absolutely looking at forums such as WSB, we are monitoring that extremely closely.”  In GameStop, we think the game is certainly far from being over.</p><p><blockquote>“在当前环境下，如果你不衡量和管理你在人群和散户兴趣方面的空头风险，你就是在疏忽，”我们认为，一家价值数十亿美元的美国对冲基金也简洁地总结了 Reddit 社区日益增长的影响力： “[我们]绝对会关注 WSB 等论坛，我们正在密切关注。”在游戏驿站，我们认为这场比赛肯定还远未结束。</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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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: The Game Is Far From Over<blockquote>游戏驿站：比赛远未结束</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-07-25 09:33</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>GameStop has revamped itself to progressively move towards to become a major e-commerce player.</li>  <li>We think the company may possibly be at an inflection point, if the management team is able to successfully execute its new e-commerce pivot.</li>  <li>In addition, we exhort the bears to pay special attention to the Reddit community, given its growing user base and influence in their investors' decision-making process.</li>  <li>While we don't have a position in GameStop, we don't think the game is over for the company.</li> </ul> <b>Investment Thesis</b></p><p><blockquote><ul><li>游戏驿站已经进行了自我改造，逐步成为一个主要的电子商务公司。</li><li>我们认为，如果管理团队能够成功执行其新的电子商务支点，该公司可能正处于拐点。</li><li>此外，鉴于 Reddit 社区不断增长的用户群及其对投资者决策过程的影响力，我们建议空头特别关注该社区。</li><li>虽然我们在游戏驿站没有立足之地，但我们认为公司的游戏还没有结束。</li></ul><b>投资论文</b></blockquote></p><p> The speculation fervor behind GameStop’s (GME) meteoric rise to the stratospheric levels of $480 per share last seen in Jan has subsided significantly, as the stock last traded at the $178 price level, a 63% decline from the ATH reached during the January mania.</p><p><blockquote>游戏驿站（GME）在 1 月份飙升至每股 480 美元的平流层水平，其背后的投机热情已大大消退，因为该股最后一次交易价格为 178 美元，比 1 月份狂热期间的 ATH 下跌了 63%。</blockquote></p><p> While we agree to a large extent with the Street’s valuation opinion, that this stock seems to be significantly overvalued (The Street’s mean target price is $37.5), we would also like to highlight that we don’t think we presently have a valuation model that can comprehensively incorporate the underlying factors driving the company’s stock price, and therefore would not boldly proclaim to investors who have an interest in meme stocks, to stay away from GME.</p><p><blockquote>虽然我们在很大程度上同意华尔街的估值意见，即这只股票似乎被严重高估了（华尔街的平均目标价为 37.5 美元），但我们也想强调的是，我们认为目前还没有一个能够全面纳入推动公司股价的潜在因素的估值模型，因此不会大胆地向对 meme 股票感兴趣的投资者宣布远离 GME。</blockquote></p><p> We thinkeMarketerdelineated in this recent piece in June, what factors they thought could have driven the underlying demand behind meme stocks in Reddit forums like GME:</p><p><blockquote>我们认为 Marketer 在 6 月份最近的一篇文章中概述了他们认为哪些因素可能推动了 GME 等 Reddit 论坛上 meme 股票背后的潜在需求：</blockquote></p><p>   Punishing short sellers. Clover Health (CLOV) short-sellers, who believed the stock was overvalued, were down $438 million in mark-to-market losses. GameStop short sellers lost over $5 billion.Perplexing the markets “for the memes”—i.e., it’s just funny. Reddit posts on r/WallStreetBets highlight how members make seemingly irrational investment decisions for the joy of duping financial institutions.Pump and dump. The artificially inflated share prices can maximize profit for the lucky few who invest early.  We think investors who have been schooled in fundamental analysis would never be able to develop models that could fully factor in the above, as these investors think the long term value of stocks are driven by the long term strength and the competitive moat of their underlying businesses, but not with the \"ludicrous\" methods adopted by the Redditors in the way they analyze stocks.</p><p><blockquote>惩罚卖空者。Clover Health (CLOV) 卖空者认为该股被高估，按市值计算损失减少了 4.38 亿美元。游戏驿站卖空者损失了超过 50 亿美元。让市场感到困惑 “迷惑”--也就是说，这只是有趣的。r/WallStreetBets 上的 Reddit 帖子强调了会员如何为了杜平金融机构的喜悦而做出看似非理性的投资决策。人为膨胀的股价可以让早期投资的少数幸运儿实现利润最大化。我们认为，接受过基本面分析培训的投资者永远无法开发出能够充分考虑上述因素的模型，因为这些投资者认为股票的长期价值是由其基础业务的长期实力和竞争护城河驱动的，但不是Redditors在分析股票时采用的“可笑”方法。</blockquote></p><p> In this article, we dive deeper to look at the key fundamental drivers underpinning GME's business, and how we think the Reddit community's participation and influence in meme stocks like GME would continue to disrupt the valuation outlook for the company moving forward.</p><p><blockquote>在本文中，我们将更深入地了解支撑 GME 业务的关键基本驱动因素，以及我们认为 Reddit 社区对 GME 等模因股票的参与和影响将如何继续扰乱该公司未来的估值前景。</blockquote></p><p> What Has Changed for GameStop since the January Mania?</p><p><blockquote>自一月狂热以来，游戏驿站发生了什么变化？</blockquote></p><p> GME recently appointed2 key veteranexecutives from Amazon (AMZN): Matt Furlong and Mike Recupero as its CEO and CFO, respectively, as part of Chairman Ryan Cohen's strategic revamp of GME's business model to pivot towards becoming a major \"e-commerce powerhouse.\"</p><p><blockquote>GME 最近任命了亚马逊 (AMZN) 的两名资深高管：Matt Furlong 和 Mike Recupero 分别担任首席执行官和首席财务官，这是董事长 Ryan Cohen 对 GME 商业模式进行战略改造的一部分，旨在转向成为主要的“电子商务巨头”。</blockquote></p><p> While the guidance from the new management may have been sparse so far, the team has certainly gotten down to work quickly, to put in place the necessary building blocks to gradually move GME into a major e-commerce player, as they have started to expand itsfulfillment centers, with two new recent facilities in Reno, Nevada and York, Pennsylvania, that have given the company a total capacity of more than 1.2M square feet.</p><p><blockquote>虽然到目前为止，新管理层的指导可能很少，但团队肯定已经迅速着手工作，建立必要的基础，逐步将GME转变为主要的电子商务公司，因为他们已经开始扩大其履行中心，最近在内华达州里诺和宾夕法尼亚州约克新建了两个设施，使该公司的总产能超过120万平方英尺。</blockquote></p><p> Ryan Cohen has also made it clear that the company wouldn't be specifying intricate details on its overhaul plans to its competitors, but instead appealing to investors to judge the team on their actions, as he emphasized:</p><p><blockquote>瑞安·科恩 (Ryan Cohen) 还明确表示，公司不会向竞争对手详细说明其检修计划的复杂细节，而是呼吁投资者根据团队的行动来评判团队，他强调：</blockquote></p><p>   You won’t find ustalking a big game, making a bunch of lofty promises or telegraphing our strategy to the competition...We have a lot of work in front of us. Moving forward, we want you to judge GameStop based on our actions -- not our words.  However, the Street was hardly convinced with Ryan Cohen or the company’s strategy, asWedbush Securitiesarticulated recently: “I think it got away from him. I think his ego’s gotten in the way and now he's going to prove [to] everybody [that he] knows what he's doing. If there [was] a strategy, it's shocking that he hasn't told us. We were supposed to hear about this five months ago. What is such a secret?”</p><p><blockquote>你不会发现我们在谈论一个大游戏，做出一堆崇高的承诺，或者向竞争对手传达我们的战略....我们面前有很多工作要做。展望未来，我们希望你们根据我们的行动而不是我们的言语来评判游戏驿站。然而，正如 WedBush Securities 最近所阐述的那样，华尔街几乎不相信瑞安-科恩或公司的战略： “我认为这已经从他身上溜走了。我认为他的自尊心挡住了去路，现在他要向所有人证明（他）知道自己在做什么。如果说有什么策略，那他竟然没有告诉我们，真是令人震惊。我们五个月前就应该听说了。这是什么秘密？”</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/213a840d218039b67bebc984532ecf5f\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Quarterly revenues. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>季度收入。数据来源：S&amp;P Capital IQ</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c46f7322b39c6468f6929c1fd414921b\" tg-width=\"640\" tg-height=\"354\" width=\"100%\" height=\"auto\"><span>LTM revenue. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>LTM收入。数据来源：S&amp;P Capital IQ</span></p></blockquote></p><p></p><p> We could observe that the company seems to have been able to arrest the declining trend in its revenue in Q4'21 and Q1'22 (GME defines its FY differently from its CY), which took place well before the new management was in place. The company's Q4'21 revenue of $2.12B was its strong quarter over the last 3 years, while Q1'22's revenue grew 25% YoY. Therefore, when we plotted it over an LTM basis, we think that there's hope over the horizon, that perhaps the new management team may have an encouraging start, in the company's quest to become an important e-commerce competitor. We think investors should continue monitoring this space closely, especially on the build-up of the company's fulfillment centers, which is highly integral towards its e-commerce ambitions.</p><p><blockquote>我们可以观察到，该公司似乎已经能够在 21 年第四季度和 22 年第一季度阻止收入下降的趋势（GME 对其财年的定义与其 CY 不同），这发生在新管理层到位之前很久。该公司 21 年第四季度的收入为 $2.12B，是过去 3 年的强劲季度，而 22 年第一季度的收入同比增长 25%。因此，当我们在 LTM 基础上绘制它时，我们认为在地平线上有希望，也许新的管理团队在公司寻求成为重要的电子商务竞争对手的过程中可能会有一个令人鼓舞的开端。我们认为投资者应继续密切关注这一领域，特别是该公司履行中心的建设，这对于其电子商务雄心至关重要。</blockquote></p><p> LTM EBIT margins trend. Data Source: S&amp;P Capital IQ</p><p><blockquote>LTM EBIT 利润率趋势。数据来源：S&amp;P Capital IQ</blockquote></p><p> While the company's EBIT margin trend has certainly been of major concern, we think this is an area certainly worth watching, as yet again we observed an improvement in the LTM trend, as the company posted an LTM EBIT margin of -3.5% in Q1'22, as compared to its LTM EBIT margin of -4.9% in Q4'21. While we don't think the company is out of the woods yet, but we think the company may have stopped the rot, at least for now.</p><p><blockquote>虽然该公司的息税前利润率趋势无疑是一个值得关注的领域，但我们认为这是一个值得关注的领域，因为我们再次观察到 LTM 趋势有所改善，因为该公司公布的 LTM 息税前利润率为 -3.5% 2022 年第一季度，而 LTM 息税前利润率为 -4.9%。虽然我们认为该公司还没有走出困境，但我们认为该公司可能已经停止了腐烂，至少目前是这样。</blockquote></p><p> Debt to Equity Ratio. Source:Simply Wall St</p><p><blockquote>债务股本比率。来源：Simply Wall St</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8eaacbe2d43de887038c30e9ab4bcfa2\" tg-width=\"640\" tg-height=\"353\" width=\"100%\" height=\"auto\"><span>LTM Levered FCF margin. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>LTM 杠杆 FCF 保证金。数据来源：S&amp;P Capital IQ</span></p></blockquote></p><p> The company has also astutely capitalized on its share price to completetwo equity offeringsto buttress its balance sheet. As a result, the company's debt to equity ratio has improved significantly to 5.5%, with a debt balance of just $48.1M, while having a cash and ST investments balance of $694.7M (as of 1 May 21, before both equity offerings which raised a total of $1.677B, and before paring down of debt). In addition, the company has also never really been bleeding cash, as its levered FCF margins trend has always been relatively healthy while having also improved its LTM levered FCF margin at the recent quarter to 1.6%.</p><p><blockquote>该公司还巧妙地利用其股价完成了两次股权发行，以支撑其资产负债表。因此，该公司的债务股本比率已显着改善至5.5%，债务余额仅为4810万美元，而现金和ST投资余额为6.947亿美元（截至21年5月1日，在两次股权发行之前，共筹集了1.677亿美元，在削减债务之前）。此外，该公司也从未真正流失过现金，因为其杠杆自由现金流利润率趋势一直相对健康，同时最近一个季度还将其 LTM 杠杆自由现金流利润率提高到 1.6%。</blockquote></p><p> Therefore, we think GME looks well-positioned to take advantage of its strategic overhaul towards its new e-commerce pivot if the management can successfully execute moving forward. While we are not too sure at this point on the roadmap ahead for GME, the Reddit community seems to be ready to continue supporting this company, as we shall go into detail how the Reddit community would continue to be a highly important force to be reckoned with, in their quest to bolster the stock price of the company, such that even Ryan Cohen made it a point to pay a special tribute to the Reddit community:</p><p><blockquote>因此，我们认为，如果管理层能够成功推进，GME 看起来处于有利地位，可以利用其新的电子商务支点的战略改革。虽然我们目前对 GME 的未来路线图还不太确定，但 Reddit 社区似乎已准备好继续支持这家公司，因为我们将详细介绍 Reddit 社区如何继续成为一股非常重要的力量，在他们寻求提振公司股价的过程中，甚至连 Ryan Cohen 都特意向 Reddit 社区致敬：</blockquote></p><p>   We’re fortunateto have such a special group of investors holding the company’s shares, you guys inspire us to think bigger, fight harder and work longer each day.  <b>The Reddit Community Grew by 25.9% in 2020</b></p><p><blockquote>我们很幸运有这样一群特殊的投资者持有公司股票，你们每天都激励我们想得更远、更努力、更长时间。<b>Reddit社区在2020年增长了25.9%</b></blockquote></p><p> US social network user growth, by platform 2020 &amp; 2021. Source:eMarketer</p><p><blockquote>2020年和2021年美国社交网络用户增长。来源：eMarketer</blockquote></p><p> Investors should be able to observe that Reddit posted highly remarkable growth in 2020, as users on its platform grew by 25.9% YoY, andeMarketeralso expects the Reddit community to grow by 14.4% in 2021, to reach 43.3M users. We think the increasing popularity towards the adoption of Reddit would continue to sustain investors' interest in meme stocks like GME, moving forward.</p><p><blockquote>投资者应该能够观察到 Reddit 在 2020 年实现了非常显着的增长，其平台上的用户同比增长 25.9%，Marketer 还预计 Reddit 社区在 2021 年将增长 14.4%，达到 4330 万用户。我们认为，Reddit 越来越受欢迎，这将继续维持投资者对 GME 等模因股票的兴趣。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4f886ecf993efe35532771c132d94a6a\" tg-width=\"600\" tg-height=\"371\" width=\"100%\" height=\"auto\"><span>Population distribution in the US in 2019, by generation. Data source: US Census Bureau</span></p><p><blockquote><p class=\"t-img-caption\"><span>2019年美国人口分布，按世代划分。数据来源：美国人口普查局</span></p></blockquote></p><p> We believe that Reddit has certainly benefited from the secular drivers underpinning digitization, which has also led to significant growth and popularity in trading platforms like Robinhood (HOOD), where theaverage agein 2020 is 31 years old. This puts the average age of Robinhood users right within the age group of the Millennials, who were born between 1981 and 1996 (25 to 40 years old), and accounted for 21.97% of the US population, based on the 2019 census.</p><p><blockquote>我们相信，Reddit 无疑受益于支撑数字化的长期驱动因素，这也导致了 Robinhood (HOOD) 等交易平台的显着增长和受欢迎程度，该平台 2020 年的平均年龄为 31 岁。根据2019年的人口普查，这使得Robinhood用户的平均年龄正好在千禧一代的年龄组内，千禧一代出生于1981年至1996年之间（25至40岁），占美国人口的21.97%。</blockquote></p><p> Importantly, we could also observe that Millennial investors are interested in stocks that are not the “safe and steady” stocks that a typical investor is expected to hold if I could put it that way. We don’t think valuations form the most important considerations to these investors as we could observe from the above.</p><p><blockquote>重要的是，我们还可以观察到，千禧一代投资者对股票感兴趣，而这些股票并不是典型投资者应该持有的 “安全稳定 ”股票。从上文可以看出，我们认为估值并不是这些投资者最重要的考虑因素。</blockquote></p><p> According to a report byApex Clearing, Tesla (TSLA) formed the largest holdings of their Millennials portfolio in Q1’21, with a 28.3% share, a stock that we think investors would not typically say it’s cheap. While AAPL was the second-largest holding with a 14.5% share, GME also rounded up the top 4 with a 5.2% share, lending support to our opinion that Millennial investors’ motivations are driven by factors beyond just fundamentals and valuations.</p><p><blockquote>根据 Apex Clearing 的一份报告，特斯拉（TSLA）在 21 年第一季度的千禧一代投资组合中持股最多，持股比例为 28.3%，我们认为投资者通常不会说这只股票便宜。AAPL 以 14.5% 的份额位居第二，而 GME 也以 5.2% 的份额位居前四，这支持了我们的观点，即千禧一代投资者的动机不仅仅是基本面和估值。</blockquote></p><p></p><p> Among the holdings in the Millennials portfolio, we could observe many other examples that corroborate these investors' interests in premium stocks, like Nvidia (NVDA), another meme stock like AMC Entertainment (AMC), Churchill Capital Corp (CCIV), its third-largest holding; Nio (NIO), Palantir (PLTR), and even Square (SQ), stocks we think investors would not typically ascribe as value stocks.</p><p><blockquote>在千禧一代投资组合中的持股中，我们可以观察到许多其他例子，这些例子证实了这些投资者对优质股票的兴趣，例如英伟达 (NVDA)、AMC院线 (AMC) 等另一只模因股票、丘吉尔资本公司 (CCIV)，其第三大持股；蔚来（蔚来）、Palantir（PLTR），甚至 Square（SQ），我们认为投资者通常不会将这些股票归类为价值股。</blockquote></p><p> Therefore, we think the general investor community needs to understand that there’s a huge and growing base of investors whose understanding and expectations of fundamentals and valuations are certainly quite different from what our typical valuation models could account for.</p><p><blockquote>因此，我们认为广大投资者群体需要明白，有大量且不断增长的投资者群体，他们对基本面和估值的理解和期望肯定与我们典型的估值模型所能解释的大相径庭。</blockquote></p><p> We think the market is definitely bigger and much more complex than what we know, and it’s just not possible to use the same fundamental analysis and valuation methods to value meme stocks like GME and say that they are way overvalued, a process that we honestly think is quite meaningless in the world of meme stocks investment.</p><p><blockquote>我们认为，这个市场肯定比我们所知道的要大得多，也复杂得多，只是不可能用同样的基本面分析和估值方法对 GME 这样的 meme 股票进行估值，然后说它们被高估了，老实说，我们认为这个过程在 meme 股票投资领域毫无意义。</blockquote></p><p> <b>Analyzing the Reddit Opinion</b></p><p><blockquote><b>分析 Reddit 意见</b></blockquote></p><p> Individual investors’ opinion on Reddit after GameStop short squeeze in the US, UK, and Canada as of Feb 21, by age. Data source:Brunswick</p><p><blockquote>截至 2 月 21 日，游戏驿站在美国、英国和加拿大做空后，Reddit 上个人投资者的看法（按年龄划分）。数据来源：布伦瑞克</blockquote></p><p> According to a survey by Brunswick, we could observe the importance of the Reddit forums as an investment tool for investors, especially among the younger investors within the age group of 18-29 years old. About 14% of all investors “trust Reddit as a media alternative,” and the share even shot up to 31% among the younger investors. In addition, a good proportion (25%) of the younger investors also took part in the GME opportunities, while 20% of them think that the GME events “represent a fundamental shift of power in the market.” While these opinions may belong within the minority of investors, we think the proportion of investors is certainly large enough to raise the eyebrows of the general investment community, and therefore we think the power of the Reddit forums is certainly a force to be reckoned with moving ahead.</p><p><blockquote>根据Brunswick的一项调查，我们可以观察到Reddit论坛作为投资者投资工具的重要性，尤其是在18-29岁年龄组的年轻投资者中。约 14% 的投资者 “相信 Reddit 是一种媒体替代品”，在年轻投资者中，这一比例甚至飙升至 31%。此外，相当比例（25%）的年轻投资者也参加了 GME 机会，而 20% 的年轻投资者认为 GME 活动 “代表了市场力量的根本性转移”。虽然这些观点可能属于少数投资者，但我们认为投资者的比例肯定大到足以引起一般投资界的惊讶，因此我们认为Reddit论坛的力量肯定是前进中不可忽视的力量。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/aa3108c1a56bc4c6221a4d8297e018d3\" tg-width=\"826\" tg-height=\"511\" width=\"100%\" height=\"auto\"><span>Share of institutional investors using Reddit to investigate an issue in the US, UK, and Canada. Data source: Brunswick</span></p><p><blockquote><p class=\"t-img-caption\"><span>使用 Reddit 调查美国、英国和加拿大问题的机构投资者比例。数据来源：布伦瑞克</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e72f250f4fe70ca9af575b6828bace0d\" tg-width=\"600\" tg-height=\"371\" width=\"100%\" height=\"auto\"><span>Average trust score assigned by institutional investors to Reddit in the US, UK, and Canada. Data source: Brunswick</span></p><p><blockquote><p class=\"t-img-caption\"><span>美国、英国和加拿大机构投资者对 Reddit 的平均信任得分。数据来源：布伦瑞克</span></p></blockquote></p><p> We could observe Reddit’s increasing influence even among institutional investors, as 27% of them used Reddit to “investigate an issue”, which increased discernibly from the previous years, even though their trust in the platform dropped markedly from an average score of 3.5 in 2019 to 2.0 in 2021. We think this shows that institutional investors consider Reddit’s increasing influence in the general investment community’s decision-making process, but they don’t trust those things going on in those forums as meaningful enough for their \"well-developed\" processes, as compared to individual investors shown earlier.</p><p><blockquote>即使在机构投资者中，我们也可以观察到 Reddit 的影响力越来越大，因为 27% 的机构投资者使用 Reddit 来 “调查问题”，尽管他们对该平台的信任度从 2019 年的平均得分 3.5 分明显下降到 2021 年的 2.0 分，但这一比例比前几年有了明显增加。我们认为，这表明机构投资者认为 Reddit 在一般投资界决策过程中的影响力越来越大，但与前面显示的个人投资者相比，他们并不认为这些论坛上发生的事情对他们 “发达 ”的过程有足够的意义。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a87f8665c27d127566189bd21a035158\" tg-width=\"956\" tg-height=\"591\" width=\"100%\" height=\"auto\"><span>Institutional investors' attitude towards members of the Reddit wallstreetbets community. Data source: Brunswick</span></p><p><blockquote><p class=\"t-img-caption\"><span>机构投资者对 Reddit wallstreetbets 社区成员的态度。数据来源：布伦瑞克</span></p></blockquote></p><p> While 48% of institutional investors think that the Redditors “might have a short term influence, but they won’t be able to sustain it,” 27% developed some curiosity regarding Reddit influence among the investors’ community, and 13% of them developed some form of respect for the way the Redditors were able to amass an army to outgun some of Wall Street’s brightest minds. We were therefore not surprised to find that 20% of these institutional investors were frustrated with what they considered as “market manipulation” by the Redditors.</p><p><blockquote>虽然 48% 的机构投资者认为 Redditors “可能会有短期影响力，但他们无法维持”，但 27% 的机构投资者对 Redditors 在投资者群体中的影响力产生了一些好奇，13% 的机构投资者对 Redditors 能够组建一支军队，击败华尔街一些最聪明的头脑的方式产生了某种形式的尊重。因此，我们毫不奇怪地发现，这些机构投资者中有 20% 对 Redditors 的 “市场操纵 ”感到沮丧。</blockquote></p><p> <b>Looking Ahead</b></p><p><blockquote><b>展望未来</b></blockquote></p><p> Ownership breakdown. Source:Simply Wall St</p><p><blockquote>所有权分解。来源：Simply Wall St</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a1dd4930d00083121d28ea6d57285bc5\" tg-width=\"1280\" tg-height=\"501\" width=\"100%\" height=\"auto\"><span>Institutional ownership changes. Source:Marketbeat</span></p><p><blockquote><p class=\"t-img-caption\"><span>机构所有权变更。资料来源：Marketbeat</span></p></blockquote></p><p></p><p> Moving forward, we think meme stocks like GME would continue to feature prominently within the Reddit forums and remain one of their “flagship” stocks in their fight against the Street. Retail investors now hold the largest share of ownership of GME stock, accounting for 45.1% of total ownership. Interestingly, there’s still a sizable proportion (36.4%) of institutional investors that remain vested in GME, which includes GME’s largest shareholder: Blackrock, which owns 12.36% of GME stock. While GME witnessed a significant outflow of $1.93B of institutional capital in Q2’21, the stock price remained well above the closing price of $17.25, on the first trading day of 2021.</p><p><blockquote>展望未来，我们认为像 GME 这样的备忘录股票将继续在 Reddit 论坛上占据重要地位，并继续成为他们与街头抗争的 “旗舰 ”股票之一。散户投资者目前持有 GME 股票的最大份额，占总持股量的 45.1%。有趣的是，仍有相当一部分（36.4%）的机构投资者仍然持有 GME，其中包括 GME 的最大股东：贝莱德（Blackrock），该公司拥有 GME 12.36% 的股票。虽然 GME 在 21 年第二季度的机构资本大量流出 19.3 亿美元，但其股价仍远高于 2021 年第一个交易日 17.25 美元的收盘价。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a708e62291662e5d4e2bce79492dc93a\" tg-width=\"1244\" tg-height=\"656\" width=\"100%\" height=\"auto\"><span>Percentage of float shorted over time. Source:Marketbeat</span></p><p><blockquote><p class=\"t-img-caption\"><span>随着时间的推移做空的流通量百分比。资料来源：Marketbeat</span></p></blockquote></p><p> Importantly, the price continues to be sustained even though the short percentage of float has dropped significantly from 41.96% in Jan, to “just” 14.18% at the end of June, its lowest recorded two-week period in 2021.</p><p><blockquote>重要的是，尽管空头流通量百分比已从 1 月份的 41.96% 大幅下降至 6 月底的 “仅 ”14.18%，这是 2021 年两周以来最低的记录，但价格仍在持续。</blockquote></p><p> Other than the 45.1% of retail investors who are vested in GME, the stock is also supported by Ryan Cohen’s 12.13% share, which makes him the second-largest shareholder of GME stock, behind Blackrock, even though the purchase price for his last batch of 1.274M shares in Dec 20 is about $14.24, which certainly gives him a huge margin of safety if we consider GME’s last closing price of $178.85.</p><p><blockquote>除了 45.1% 的散户投资者持有 GME 股票外，瑞安-科恩（Ryan Cohen）还持有 12.13% 的股份，这使他成为 GME 股票的第二大股东，仅次于贝莱德（Blackrock），尽管他在 12 月 20 日购买的最后一批 127.4 万股股票的价格约为 14.24 美元，如果考虑到 GME 的最新收盘价 178.85 美元，这无疑给了他巨大的安全边际。</blockquote></p><p> <b>Price Action and Trend Analysis</b></p><p><blockquote><b>价格行为和趋势分析</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fe5e54ac5cfe6504ec07c334a8c52668\" tg-width=\"1280\" tg-height=\"786\" width=\"100%\" height=\"auto\"><span>Source: TradingView</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：TradingView</span></p></blockquote></p><p> Ever since the mania we witnessed at the start of the year, GME has settled down and seems to have developed an uptrend bias, with a support level that has attracted strong buying interest between the $130 and $160 price level previously. It is a level that we expect the buyers to continue defending strongly, based on our price action analysis. For investors who are keen to take a position in GME, we think they may consider an entry within that buy range that we highlighted.</p><p><blockquote>自从我们在年初目睹的狂热以来，GME 已经稳定下来，似乎已经形成了上升趋势，支撑位在之前的 130 美元至 160 美元价格水平之间吸引了强烈的买入兴趣。根据我们的价格行为分析，我们预计买家将继续强力捍卫这一水平。对于热衷于持有 GME 头寸的投资者，我们认为他们可能会考虑在我们强调的买入范围内进行入场。</blockquote></p><p> While we are convinced that the volatility in GameStop’s price is likely to continue moving ahead, we think the stock has incredibly found huge buying interest among the retail community that has shaken the foundations of the institutional investors, asStenham Asset Managementarticulated:</p><p><blockquote>斯坦汉姆资产管理公司（Stenham Asset Management）表示，虽然我们确信游戏驿站的价格波动可能会继续下去，但我们认为该股在零售社区中引起了难以置信的巨大购买兴趣，这动摇了机构投资者的基础：</blockquote></p><p>   \"In the current environment, you are being negligent if you don’t measure and manage your exposure on the short side to both crowding and retail interest,\" and we think one of the multibillion-dollar US hedge fund also succinctly summed up the rising influence of the Reddit community: “[We] are absolutely looking at forums such as WSB, we are monitoring that extremely closely.”  In GameStop, we think the game is certainly far from being over.</p><p><blockquote>“在当前环境下，如果你不衡量和管理你在人群和散户兴趣方面的空头风险，你就是在疏忽，”我们认为，一家价值数十亿美元的美国对冲基金也简洁地总结了 Reddit 社区日益增长的影响力： “[我们]绝对会关注 WSB 等论坛，我们正在密切关注。”在游戏驿站，我们认为这场比赛肯定还远未结束。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4441170-gamestop-the-game-is-far-from-over\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GME":"游戏驿站"},"source_url":"https://seekingalpha.com/article/4441170-gamestop-the-game-is-far-from-over","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1107345366","content_text":"Summary\n\nGameStop has revamped itself to progressively move towards to become a major e-commerce player.\nWe think the company may possibly be at an inflection point, if the management team is able to successfully execute its new e-commerce pivot.\nIn addition, we exhort the bears to pay special attention to the Reddit community, given its growing user base and influence in their investors' decision-making process.\nWhile we don't have a position in GameStop, we don't think the game is over for the company.\n\nInvestment Thesis\nThe speculation fervor behind GameStop’s (GME) meteoric rise to the stratospheric levels of $480 per share last seen in Jan has subsided significantly, as the stock last traded at the $178 price level, a 63% decline from the ATH reached during the January mania.\nWhile we agree to a large extent with the Street’s valuation opinion, that this stock seems to be significantly overvalued (The Street’s mean target price is $37.5), we would also like to highlight that we don’t think we presently have a valuation model that can comprehensively incorporate the underlying factors driving the company’s stock price, and therefore would not boldly proclaim to investors who have an interest in meme stocks, to stay away from GME.\nWe thinkeMarketerdelineated in this recent piece in June, what factors they thought could have driven the underlying demand behind meme stocks in Reddit forums like GME:\n\n Punishing short sellers. Clover Health (CLOV) short-sellers, who believed the stock was overvalued, were down $438 million in mark-to-market losses. GameStop short sellers lost over $5 billion.Perplexing the markets “for the memes”—i.e., it’s just funny. Reddit posts on r/WallStreetBets highlight how members make seemingly irrational investment decisions for the joy of duping financial institutions.Pump and dump. The artificially inflated share prices can maximize profit for the lucky few who invest early.\n\nWe think investors who have been schooled in fundamental analysis would never be able to develop models that could fully factor in the above, as these investors think the long term value of stocks are driven by the long term strength and the competitive moat of their underlying businesses, but not with the \"ludicrous\" methods adopted by the Redditors in the way they analyze stocks.\nIn this article, we dive deeper to look at the key fundamental drivers underpinning GME's business, and how we think the Reddit community's participation and influence in meme stocks like GME would continue to disrupt the valuation outlook for the company moving forward.\nWhat Has Changed for GameStop since the January Mania?\nGME recently appointed2 key veteranexecutives from Amazon (AMZN): Matt Furlong and Mike Recupero as its CEO and CFO, respectively, as part of Chairman Ryan Cohen's strategic revamp of GME's business model to pivot towards becoming a major \"e-commerce powerhouse.\"\nWhile the guidance from the new management may have been sparse so far, the team has certainly gotten down to work quickly, to put in place the necessary building blocks to gradually move GME into a major e-commerce player, as they have started to expand itsfulfillment centers, with two new recent facilities in Reno, Nevada and York, Pennsylvania, that have given the company a total capacity of more than 1.2M square feet.\nRyan Cohen has also made it clear that the company wouldn't be specifying intricate details on its overhaul plans to its competitors, but instead appealing to investors to judge the team on their actions, as he emphasized:\n\n You won’t find ustalking a big game, making a bunch of lofty promises or telegraphing our strategy to the competition...We have a lot of work in front of us. Moving forward, we want you to judge GameStop based on our actions -- not our words.\n\nHowever, the Street was hardly convinced with Ryan Cohen or the company’s strategy, asWedbush Securitiesarticulated recently: “I think it got away from him. I think his ego’s gotten in the way and now he's going to prove [to] everybody [that he] knows what he's doing. If there [was] a strategy, it's shocking that he hasn't told us. We were supposed to hear about this five months ago. What is such a secret?”\nQuarterly revenues. Data source: S&P Capital IQ\nLTM revenue. Data source: S&P Capital IQ\nWe could observe that the company seems to have been able to arrest the declining trend in its revenue in Q4'21 and Q1'22 (GME defines its FY differently from its CY), which took place well before the new management was in place. The company's Q4'21 revenue of $2.12B was its strong quarter over the last 3 years, while Q1'22's revenue grew 25% YoY. Therefore, when we plotted it over an LTM basis, we think that there's hope over the horizon, that perhaps the new management team may have an encouraging start, in the company's quest to become an important e-commerce competitor. We think investors should continue monitoring this space closely, especially on the build-up of the company's fulfillment centers, which is highly integral towards its e-commerce ambitions.\nLTM EBIT margins trend. Data Source: S&P Capital IQ\nWhile the company's EBIT margin trend has certainly been of major concern, we think this is an area certainly worth watching, as yet again we observed an improvement in the LTM trend, as the company posted an LTM EBIT margin of -3.5% in Q1'22, as compared to its LTM EBIT margin of -4.9% in Q4'21. While we don't think the company is out of the woods yet, but we think the company may have stopped the rot, at least for now.\nDebt to Equity Ratio. Source:Simply Wall St\nLTM Levered FCF margin. Data source: S&P Capital IQ\nThe company has also astutely capitalized on its share price to completetwo equity offeringsto buttress its balance sheet. As a result, the company's debt to equity ratio has improved significantly to 5.5%, with a debt balance of just $48.1M, while having a cash and ST investments balance of $694.7M (as of 1 May 21, before both equity offerings which raised a total of $1.677B, and before paring down of debt). In addition, the company has also never really been bleeding cash, as its levered FCF margins trend has always been relatively healthy while having also improved its LTM levered FCF margin at the recent quarter to 1.6%.\nTherefore, we think GME looks well-positioned to take advantage of its strategic overhaul towards its new e-commerce pivot if the management can successfully execute moving forward. While we are not too sure at this point on the roadmap ahead for GME, the Reddit community seems to be ready to continue supporting this company, as we shall go into detail how the Reddit community would continue to be a highly important force to be reckoned with, in their quest to bolster the stock price of the company, such that even Ryan Cohen made it a point to pay a special tribute to the Reddit community:\n\n We’re fortunateto have such a special group of investors holding the company’s shares, you guys inspire us to think bigger, fight harder and work longer each day.\n\nThe Reddit Community Grew by 25.9% in 2020\nUS social network user growth, by platform 2020 & 2021. Source:eMarketer\nInvestors should be able to observe that Reddit posted highly remarkable growth in 2020, as users on its platform grew by 25.9% YoY, andeMarketeralso expects the Reddit community to grow by 14.4% in 2021, to reach 43.3M users. We think the increasing popularity towards the adoption of Reddit would continue to sustain investors' interest in meme stocks like GME, moving forward.\nPopulation distribution in the US in 2019, by generation. Data source: US Census Bureau\nWe believe that Reddit has certainly benefited from the secular drivers underpinning digitization, which has also led to significant growth and popularity in trading platforms like Robinhood (HOOD), where theaverage agein 2020 is 31 years old. This puts the average age of Robinhood users right within the age group of the Millennials, who were born between 1981 and 1996 (25 to 40 years old), and accounted for 21.97% of the US population, based on the 2019 census.\nImportantly, we could also observe that Millennial investors are interested in stocks that are not the “safe and steady” stocks that a typical investor is expected to hold if I could put it that way. We don’t think valuations form the most important considerations to these investors as we could observe from the above.\nAccording to a report byApex Clearing, Tesla (TSLA) formed the largest holdings of their Millennials portfolio in Q1’21, with a 28.3% share, a stock that we think investors would not typically say it’s cheap. While AAPL was the second-largest holding with a 14.5% share, GME also rounded up the top 4 with a 5.2% share, lending support to our opinion that Millennial investors’ motivations are driven by factors beyond just fundamentals and valuations.\nAmong the holdings in the Millennials portfolio, we could observe many other examples that corroborate these investors' interests in premium stocks, like Nvidia (NVDA), another meme stock like AMC Entertainment (AMC), Churchill Capital Corp (CCIV), its third-largest holding; Nio (NIO), Palantir (PLTR), and even Square (SQ), stocks we think investors would not typically ascribe as value stocks.\nTherefore, we think the general investor community needs to understand that there’s a huge and growing base of investors whose understanding and expectations of fundamentals and valuations are certainly quite different from what our typical valuation models could account for.\nWe think the market is definitely bigger and much more complex than what we know, and it’s just not possible to use the same fundamental analysis and valuation methods to value meme stocks like GME and say that they are way overvalued, a process that we honestly think is quite meaningless in the world of meme stocks investment.\nAnalyzing the Reddit Opinion\nIndividual investors’ opinion on Reddit after GameStop short squeeze in the US, UK, and Canada as of Feb 21, by age. Data source:Brunswick\nAccording to a survey by Brunswick, we could observe the importance of the Reddit forums as an investment tool for investors, especially among the younger investors within the age group of 18-29 years old. About 14% of all investors “trust Reddit as a media alternative,” and the share even shot up to 31% among the younger investors. In addition, a good proportion (25%) of the younger investors also took part in the GME opportunities, while 20% of them think that the GME events “represent a fundamental shift of power in the market.” While these opinions may belong within the minority of investors, we think the proportion of investors is certainly large enough to raise the eyebrows of the general investment community, and therefore we think the power of the Reddit forums is certainly a force to be reckoned with moving ahead.\nShare of institutional investors using Reddit to investigate an issue in the US, UK, and Canada. Data source: Brunswick\nAverage trust score assigned by institutional investors to Reddit in the US, UK, and Canada. Data source: Brunswick\nWe could observe Reddit’s increasing influence even among institutional investors, as 27% of them used Reddit to “investigate an issue”, which increased discernibly from the previous years, even though their trust in the platform dropped markedly from an average score of 3.5 in 2019 to 2.0 in 2021. We think this shows that institutional investors consider Reddit’s increasing influence in the general investment community’s decision-making process, but they don’t trust those things going on in those forums as meaningful enough for their \"well-developed\" processes, as compared to individual investors shown earlier.\nInstitutional investors' attitude towards members of the Reddit wallstreetbets community. Data source: Brunswick\nWhile 48% of institutional investors think that the Redditors “might have a short term influence, but they won’t be able to sustain it,” 27% developed some curiosity regarding Reddit influence among the investors’ community, and 13% of them developed some form of respect for the way the Redditors were able to amass an army to outgun some of Wall Street’s brightest minds. We were therefore not surprised to find that 20% of these institutional investors were frustrated with what they considered as “market manipulation” by the Redditors.\nLooking Ahead\nOwnership breakdown. Source:Simply Wall St\nInstitutional ownership changes. Source:Marketbeat\nMoving forward, we think meme stocks like GME would continue to feature prominently within the Reddit forums and remain one of their “flagship” stocks in their fight against the Street. Retail investors now hold the largest share of ownership of GME stock, accounting for 45.1% of total ownership. Interestingly, there’s still a sizable proportion (36.4%) of institutional investors that remain vested in GME, which includes GME’s largest shareholder: Blackrock, which owns 12.36% of GME stock. While GME witnessed a significant outflow of $1.93B of institutional capital in Q2’21, the stock price remained well above the closing price of $17.25, on the first trading day of 2021.\nPercentage of float shorted over time. Source:Marketbeat\nImportantly, the price continues to be sustained even though the short percentage of float has dropped significantly from 41.96% in Jan, to “just” 14.18% at the end of June, its lowest recorded two-week period in 2021.\nOther than the 45.1% of retail investors who are vested in GME, the stock is also supported by Ryan Cohen’s 12.13% share, which makes him the second-largest shareholder of GME stock, behind Blackrock, even though the purchase price for his last batch of 1.274M shares in Dec 20 is about $14.24, which certainly gives him a huge margin of safety if we consider GME’s last closing price of $178.85.\nPrice Action and Trend Analysis\nSource: TradingView\nEver since the mania we witnessed at the start of the year, GME has settled down and seems to have developed an uptrend bias, with a support level that has attracted strong buying interest between the $130 and $160 price level previously. It is a level that we expect the buyers to continue defending strongly, based on our price action analysis. For investors who are keen to take a position in GME, we think they may consider an entry within that buy range that we highlighted.\nWhile we are convinced that the volatility in GameStop’s price is likely to continue moving ahead, we think the stock has incredibly found huge buying interest among the retail community that has shaken the foundations of the institutional investors, asStenham Asset Managementarticulated:\n\n \"In the current environment, you are being negligent if you don’t measure and manage your exposure on the short side to both crowding and retail interest,\" and we think one of the multibillion-dollar US hedge fund also succinctly summed up the rising influence of the Reddit community: “[We] are absolutely looking at forums such as WSB, we are monitoring that extremely closely.”\n\nIn GameStop, we think the game is certainly far from being over.","news_type":1,"symbols_score_info":{"GME":0.9}},"isVote":1,"tweetType":1,"viewCount":1137,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":171229704,"gmtCreate":1626746882308,"gmtModify":1633771440043,"author":{"id":"3560400655314166","authorId":"3560400655314166","name":"TL1M","avatar":"https://static.tigerbbs.com/ac25b2b0f6be3ec28a06c38fb7c8ed9e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560400655314166","authorIdStr":"3560400655314166"},"themes":[],"title":"","htmlText":"Will be good closer to month&nbsp;","listText":"Will be good closer to month&nbsp;","text":"Will be good closer to month","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/171229704","repostId":"2152652683","repostType":4,"isVote":1,"tweetType":1,"viewCount":1204,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":173850130,"gmtCreate":1626654065620,"gmtModify":1633925274314,"author":{"id":"3560400655314166","authorId":"3560400655314166","name":"TL1M","avatar":"https://static.tigerbbs.com/ac25b2b0f6be3ec28a06c38fb7c8ed9e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560400655314166","authorIdStr":"3560400655314166"},"themes":[],"title":"","htmlText":"&nbsp;Nice","listText":"&nbsp;Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/173850130","repostId":"1123760994","repostType":4,"repost":{"id":"1123760994","kind":"news","pubTimestamp":1626652367,"share":"https://www.laohunote.com/m/news/1123760994?lang=zh_CN&edition=full","pubTime":"2021-07-19 07:52","market":"us","language":"en","title":"How the Federal Reserve can really help America<blockquote>美联储如何真正帮助美国</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1123760994","media":"finance.yahoo","summary":"1913 was a big year for America. On October 7, Henry Ford introduced the world’s first moving car as","content":"<p>1913 was a big year for America. On October 7, Henry Ford introduced the world’s first moving car assembly line in Highland Park, Michigan. Then two months later, on December 23, Congress passed the Federal Reserve Act creating our nation’s central bank.</p><p><blockquote>1913年对美国来说是重要的一年。10 月 7 日，亨利-福特在密歇根州高地公园推出了世界上第一条移动汽车装配线。两个月后，即 12 月 23 日，国会通过了《美联储法案》，成立了我们国家的中央银行。</blockquote></p><p> The evolution of the automobile over the past 108 years, from the Ford Model T to Tesla's Model X, has been nothing short of stunning. The Federal Reserve’s advances have been, well, let’s just say slower. Much slower.</p><p><blockquote>过去 108 年来，从福特 T 型车到特斯拉 X 型车，汽车的演变令人惊叹。美联储的进度，嗯，只能说放缓了。慢得多。</blockquote></p><p> Which brings me to my point: Yes, the Federal Reserve has greatly aided our economic well-being (by cushioning us from and even helping us avoid economic catastrophe) and yes it has expanded its influence over the decades (particularly in the 1930s and after the Great Recession in 2008/2009) but its primary modus operandi when it comes to guiding the economy have remained constant.</p><p><blockquote>这就引出了我的观点：是的，美联储极大地帮助了我们的经济福祉（通过缓冲我们甚至帮助我们避免经济灾难），是的，它在几十年来扩大了其影响力（特别是在20世纪30年代和2008/2009年大衰退之后），但它在引导经济方面的主要运作方式保持不变。</blockquote></p><p> I would argue those policies are now outmoded and potentially even detrimental. Yes, there has always been some downside to the Fed’s work, but now — and here’s the crux of it — because of dramatic and unprecedented moves by the central bank recently, the collateral damage may be coming close to outweighing the benefits of the moves themselves.</p><p><blockquote>我认为这些政策现在已经过时，甚至可能有害。是的，美联储的工作总是有一些负面影响，但现在--这就是问题的症结所在--由于美联储最近采取了前所未有的戏剧性举措，附带损害可能接近于这些举措本身的好处。</blockquote></p><p> Specifically, the Fed’s boosting of the economy by keeping interest rates low disproportionately helps rich people and thereby actually disadvantages those in need. To put a fine point on it, hedge fund types, corporate executives, hotshot techies and the like are becoming way, way richer, while working people, people with only a high school degree, people of color are falling further and further behind. This isn’t socialist bleating. These are facts, and the Fed is a party to it. As such, the Fed needs a wake-up call, or maybe a reset is a better way to put it.</p><p><blockquote>具体来说，美联储通过保持低利率来提振经济，这不成比例地帮助了富人，从而实际上使有需要的人处于不利地位。更确切地说，对冲基金类型、公司高管、炙手可热的技术人员等正在变得越来越富有，而工薪阶层、只有高中学历的人、有色人种却越来越落后。这不是社会主义者的抱怨。这些都是事实，美联储是其中的一方。因此，美联储需要一个唤醒看涨期权，或者重置可能是一个更好的说法。</blockquote></p><p> I generally abhor Fed bashing. There is an entire cottage industry of mostly conspiracy-minded wingnuts, who howl that the Fed is either moving too early or too late or too much or too little, or is in cahoots with the Trilateral Commission to take over the world. I pay this little heed and suggest you do the same.</p><p><blockquote>我通常讨厌抨击美联储。有一个主要由阴谋论者组成的家庭手工业，他们嚎叫着美联储要么行动太早，要么行动太晚，要么行动太多，要么行动太少，要么与三边委员会勾结接管世界。我注意到这一点，并建议你也这样做。</blockquote></p><p> What I’m talking about though has nothing to do with harebrained stuff, rather it concerns a sophisticated, highly-regarded institution that has become locked into policies, which though well-intentioned are now producing consequences that can be construed as harmful to our society and economy.</p><p><blockquote>我所说的与脑筋急转直下的事情无关，而是与一个老练、备受推崇的机构有关，这个机构已经陷入了政策的泥潭，这些政策虽然出发点是好的，但现在却产生了对我们的社会和经济有害的后果。</blockquote></p><p> Before I get into the particulars, let’s first be clear about what the Federal Reserve is. For one thingthe Fed is a large and complex,(a “messy system”the Washington Post calls it), with “a dozen reserve banks based around the country, plus 20 smaller branch locations… and around 20,000 employees and $2.3 billion worth of real estate.</p><p><blockquote>在我深入探讨细节之前，让我们先弄清楚什么是美联储。首先，美联储是一个庞大而复杂的机构（《华盛顿邮报》评级称这是一个 “混乱的系统”），“全国各地有十几家储备银行，加上 20 个较小的分支机构.还有大约 2 万名员工和价值 23 亿美元的房地产。</blockquote></p><p> The Fed states that it “provides the nation with a safe, flexible and stable monetary and financial system.” To fulfill that role, the central bank performsa number of functionsincluding regulating banks, settling payments between financial institutions like banks and promoting consumer protection. But when it comes to actually shepherding the economy, the central bank is informed by what’s called the Fed mandate, that being employment and stable prices.</p><p><blockquote>美联储表示，它 “为国家提供了一个安全、灵活和稳定的货币和金融体系”。为了履行这一角色，中央银行履行了许多职能，包括监管银行、结算银行等金融机构之间的支付以及促进消费者保护。但在实际引导经济时，美联储的任务是创造就业和稳定物价。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/f77ed796f6c2d18bfa7317337191de5c\" tg-width=\"705\" tg-height=\"470\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\">FILE - In this May 4, 2021, file photo is the Federal Reserve in Washington. The Federal Reserve's latest nationwide business survey found that the economy strengthened further in late May and early June, despite supply-chain bottlenecks that led to price hikes. The Fed said Wednesday, July 14, 2021 that seven of its 12 regional bank districts reported strong price increases, with the other five reporting moderate gains in prices. (AP Photo/Patrick Semansky, File)More</p><p><blockquote>文件——2021年5月4日，文件照片是华盛顿的美联储。美联储最新的全国商业调查发现，尽管供应链瓶颈导致价格上涨，但经济在5月底和6月初进一步走强。美联储于2021年7月14日星期三表示，其12个地区银行区中有7个报告价格强劲上涨，其他5个报告价格温和上涨。（美联社照片/帕特里克·塞曼斯基，档案）更多</blockquote></p><p> Congress spelled this out by establishing the mandate in theThe Full Employment and Balanced Growth Act of 1978(the Humphrey-Hawkins Act) which “establishes price stability and full employment as national economic policy objectives.” Essentially that means trying to ensure as many people as possible have jobs and guarding against too much inflation (or deflation.) A key third objective is to provide for moderate long-term interest rates.</p><p><blockquote>国会在 1978 年的《充分就业与平衡增长法案》（汉弗莱-霍金斯法案）中规定了这一任务，该法案 “将价格稳定和充分就业确立为国家经济政策目标”。从本质上讲，这意味着努力确保尽可能多的人有工作，并防止过度通胀（或通货紧缩）。）关键的第三个目标是提供适度的长期利率。</blockquote></p><p> To accomplish these objectives, the Fed has utilized two primary mechanisms. The first has been to lower interest rates to boost the economy when it is slow, or slowing down, and raise them to prevent it from overheating. Since 2008 the Fed has kept rates rock bottom low to help the fragile economy, battered first by the Great Recession and recently by the pandemic.</p><p><blockquote>为了实现这些目标，美联储利用了两种主要机制。第一个是在经济放缓或放缓时降低利率以提振经济，并提高利率以防止经济过热。自2008年以来，美联储一直将利率保持在最低水平，以帮助脆弱的经济，该经济首先受到大衰退的打击，最近又受到疫情的打击。</blockquote></p><p></p><p> The second strategy is buying and selling financial instruments and assets like bonds from banks, or what is known as quantitative easing (when it buys) and quantitative tightening (when it sells.) Buying serves to flood the financial system with cash that spurs the economy, which is what the Fed has been doing so much of lately.</p><p><blockquote>第二种策略是买卖金融工具和资产，如银行债券，或者所谓的量化宽松（买入时）和量化紧缩（卖出时）。）购买有助于向金融体系注入刺激经济的现金，这就是美联储最近一直在做的事情。</blockquote></p><p> Karen Petrou, managing partner of Federal Financial Analytics and the author of “Engine of Inequality: The Fed and the Future of Wealth in America,” notes in heropinion piece in the New York Timesthis week that: “assets the Fed has taken out of the economy as part of Q.E. (quantitative easing or buying) now stand at $8.1 trillion, or about one-third ofgross domestic product.” That’s a lot.</p><p><blockquote>联邦金融分析公司（Federal Financial Analytics）执行合伙人、《不平等引擎：美联储与美国财富的未来》一书的作者卡伦-彼得鲁（Karen Petrou）在本周《纽约时报》的一篇评论文章中指出： “美联储作为Q.E.（量化宽松或购买）的一部分从经济中撤出的资产目前已达8.1万亿美元，约占国内生产总值的三分之一”。太多了。</blockquote></p><p> It’s important to note here that low rates and goosing the economy does help people of color, lower educated women and other less wealthy groups, argues Michael Weber, an associate professor of finance at the University of Chicago’s Booth School of Business. It’s just that it benefits the already advantaged more.</p><p><blockquote>芝加哥大学布斯商学院（University of Chicago's Booth School of Business）金融学副教授迈克尔-韦伯（Michael Weber）认为，值得注意的是，低利率和刺激经济确实有助于有色人种、受教育程度较低的女性和其他不太富裕的群体。只是它对已经占据优势的人更有利。</blockquote></p><p> “Higher income and wealthier people hold stock, particularly white college educated Americans,” Weber says. “They benefit disproportionately more from loose monetary policy. If you put the pieces together, you would indeed see in the data lax monetary policy tends to increase income and wealth inequality.”</p><p><blockquote>“韦伯说：”收入较高、较富裕的人持有股票，尤其是受过大学教育的美国白人。“他们从宽松的货币政策中获益过多。如果你把这些因素放在一起，你确实会从数据中看到，宽松的货币政策往往会加剧收入和财富不平等。”</blockquote></p><p> Many economists poo-poo the idea of trickle down economics, but in a sense that’s what the Fed's policies really are. It puts money into the hands of banks and wealthy people and then hopes they use that money to boost the economy by expanding businesses, hiring workers and giving them raises. But guess what? Banks and rich people haven’t done this enough. How do I know? Simple: Because wealth inequality keeps rising.</p><p><blockquote>许多经济学家对涓滴经济的想法嗤之以鼻，但从某种意义上说，这才是美联储的真正政策。它把钱交到银行和富人手中，然后希望他们用这笔钱来通过扩大业务、雇佣工人和给他们加薪来提振经济。但你猜怎么着？银行和富人在这方面做得还不够。我怎么知道？很简单：因为财富不平等不断上升。</blockquote></p><p> To be fair, much of the blame and responsibility here rests with Congress, which can employ its fiscal policy tools (such tax policy, the earned income tax credit and even a program like universal basic income — where every citizen would receive a government check each month.) It’s also the case that the Fed is using the tools it has at its disposal. Furthermore, of course the Fed doesn’t want to exacerbate wealth inequality. And yet that’s exactly what it keeps doing. It kind of reminds me of that old definition of insanity, as in doing the same thing over and over and expecting a different outcome.</p><p><blockquote>公平地说，这里的大部分责任和责任在于国会，国会可以利用其财政政策工具（如税收政策、所得税抵免，甚至像全民基本收入这样的计划--每个公民每月都会收到一张政府支票）。此外，美联储当然不想加剧财富不平等。然而，这正是它一直在做的事情。这让我想起了疯狂的旧定义，比如一遍又一遍地做同样的事情，却期待不同的结果。</blockquote></p><p> The notion of inequality being linked to Fed actions has been getting more visibility. A year ago, then presidential candidateJoe Biden proposedthat Congress amend the Federal Reserve Act to “add to that responsibility and aggressively target persistent racial gaps in job, wages, and wealth.”</p><p><blockquote>不平等与美联储行动挂钩的概念越来越引人注目。一年前，时任总统候选人乔-拜登（Joe Biden）提议国会修改《美联储法案》，以 “增加这一责任，并积极解决就业、工资和财富方面长期存在的种族差距”。</blockquote></p><p> 'We need to achieve more inclusive prosperity'</p><p><blockquote>我们需要实现更具包容性的繁荣</blockquote></p><p> The Fed itself seems to realize that it needs to change. In August 2020, it released a new strategic framework that suggests it will look at better ways of measuring a successful agenda, which would include all its programs benefiting all Americans. Fed Chair Jay Powell says that means it will look more closely at employment across gender and ethnic groups.</p><p><blockquote>美联储本身似乎意识到它需要改变。2020年8月，它发布了一个新的战略框架，表明它将寻找衡量成功议程的更好方法，其中将包括所有惠及所有美国人的项目。美联储主席杰伊·鲍威尔表示，这意味着它将更密切地关注跨性别和种族群体的就业情况。</blockquote></p><p> Last October, Federal Reserve Bank of San FranciscoCEO Mary Daly,gave a speech titled“Is the Federal Reserve Contributing to Economic Inequality?”(which she did not answer directly, btw.) Daly did acknowledge however that the Fed needed to do more, noting that “we will not take the punch bowl away while so many remain on the economic sidelines.” (This is a reference to former Fed chairWilliam McChesney Martinwho in 1955 essentially said it was the job of the Fed to take away the punch bowl just as the party gets going. Meaning it should raise interest rates sooner rather than later to prevent an economic recovery from overheating.)</p><p><blockquote>去年 10 月，旧金山联邦储备银行首席执行官玛丽-戴利（Mary Daly）发表了题为 “美联储是否导致了经济不平等？”的演讲（顺便说一句，她没有直接回答这个问题）。不过，戴利确实承认美联储需要做得更多，并指出 “当这么多人还在经济边缘时，我们不会把潘趣酒拿走”。（这是指美联储前主席威廉·麦克切斯尼·马丁，他在 1955 年基本上说，美联储的工作就是在派对开始时拿走潘趣酒碗。这意味着美联储应该尽快加息，以防止经济复苏过热。）</blockquote></p><p> Daly went on to say:</p><p><blockquote>戴利接着说：</blockquote></p><p>   <i>“But the most critical aspect of our new framework is not about specific policies. Rather, it is about commitment. The commitment to regularly review our strategy to ensure it continues meeting the needs of the American people.</i>    <i>The ingredients of this ongoing review are simple. We need to listen, research, and engage. Keep our minds open to what we hear, bring the best data and analysis to the problems we find, and have hard, action-oriented conversations around the issues holding us back from achieving our full economic potential.”</i>  Again, a little short on specifics and action points but fair enough.</p><p><blockquote><i>“但我们新框架最关键的方面不是具体政策。而是承诺。承诺定期审查我们的战略，以确保其继续满足美国人民的需求。</i><i>这项正在进行的审查的内容很简单。我们需要倾听、研究和参与。对我们所听到的内容保持开放的心态，对我们发现的问题提供最好的数据和分析，并围绕那些阻碍我们充分发挥经济潜力的问题进行艰难的、以行动为导向的对话。”</i>同样，在细节和行动点上有点短，但足够公平。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/fd858593f64461e93e08798e95aa414c\" tg-width=\"705\" tg-height=\"470\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\">SAN FRANCISCO, CA - JANUARY 10: Mary Daly, president of the San Francisco Federal Reserve Bank, poses for a photograph. (Photo by Nick Otto for the Washington Post)</p><p><blockquote>加利福尼亚州旧金山 - 1 月 10 日：旧金山联邦储备银行行长玛丽·戴利合影留念。（尼克·奥托为《华盛顿邮报》拍摄）</blockquote></p><p></p><p> Fed Chair Powell himself recently acknowledged that wealth inequality needed to be addressed: “There’s a growing realization, really across the political spectrum, that we need to achieve more inclusive prosperity,” Mr. Powell remarked to Congress last month,noted the New York Times. But he said the Fed couldn’t be expected to accomplish this on its own and that Congress would need to enact “a much broader set of policies.”</p><p><blockquote>美联储主席鲍威尔本人最近也承认，需要解决财富不平等问题： “《纽约时报》指出，鲍威尔先生上个月在国会发表讲话时说：”实际上，整个政治派别都越来越意识到，我们需要实现更具包容性的繁荣。但他表示，不能指望美联储独自实现这一目标，国会需要制定 “一套更广泛的政策”。</blockquote></p><p> There seems to be a louder drumbeat coming from the media ranks as well. Besides Petrou’s Times piece,Frontline released “The Power of the Fed,”this week, which questions why the stock market players et al. benefit inordinately when the Fed “continues to pump billions of dollars into the financial system daily…” (Watch the trailer to hear theWill Lymannarration. I love his voice.)</p><p><blockquote>媒体队伍中似乎也传来了更响亮的鼓声。除了彼得鲁在《泰晤士报》上发表的文章外，Frontline 本周还发布了《美联储的力量》，其中质疑为什么当美联储 “每天继续向金融体系注入数十亿美元.”时，股市参与者等人会从中获益匪浅（观看预告片，聆听威尔-莱曼的旁白。我喜欢他的声音）。</blockquote></p><p> OK, so what in fact should the Fed do? Some close to the central bank, like David Wilcox,senior fellow at the Peterson Institute for International Economics, former director of the Federal Reserve’s domestic economics division, and senior adviser to the past three Federal Reserve Chairs (Jerome Powell, Janet Yellen, and Ben Bernanke), say not much more than it’s already doing.</p><p><blockquote>好吧，那么美联储实际上应该怎么做呢？一些与美联储关系密切的人士，如彼得森国际经济研究所（Peterson Institute for International Economics）高级研究员、美联储国内经济部门前主任、前三任美联储主席（杰罗姆-鲍威尔、珍妮特-耶伦和本-伯南克）的高级顾问大卫-威尔科克斯（David Wilcox），并没有说太多。</blockquote></p><p> “Economic inequality is a serious problem, it’s something that has been trending in the wrong direction for many decades,” Wilcox says. “It’s something I believe should be addressed. It’s something that requires focused government policy actions to fix. But all of that is largely outside the range of capabilities that the Federal Reserve has.\"</p><p><blockquote>“威尔科克斯说：”经济不平等是一个严重的问题，几十年来一直朝着错误的方向发展。“我认为这是应该解决的问题。这需要政府采取有针对性的政策行动来解决。但所有这些在很大程度上超出了美联储的能力范围”。</blockquote></p><p> “The best that the Fed can do to promote economic equality is to try to ensure as best it can that everybody who wants a job can find one, and that prices are going up at a slow, steady, and predictable pace. The only thing worse for inequality than the Fed doing its job would be for the Fed not to do its job. I don’t think the Fed should be given a broader set of powers.”</p><p><blockquote>“美联储在促进经济平等方面所能做的最好的事情就是尽力确保每个想找工作的人都能找到工作，并确保物价上涨速度缓慢、稳定且可预测。对不平等来说，唯一比美联储履行职责更糟糕的事情就是美联储不履行职责。我认为不应该赋予美联储更广泛的权力。”</blockquote></p><p> And what about the idea of different interest rates for specific regions of the country or for groups with less wealth versus those with more wealth, to pinpoint the Fed’s policies, we ask Wilcox?</p><p><blockquote>我们问威尔科克斯，为了确定美联储的政策，对美国的特定地区或财富较少的群体和财富较多的群体采用不同的利率的想法又如何呢？</blockquote></p><p> “I’m not going to buy into the premise of the question,” he responds. “For one thing, it would be extremely difficult to design a system that would actually have its intended effect. It’s essential those policy tools you’re talking about be wielded by elected representatives of the people. If the Congress has been unable to meaningfully address these issues that to me is a strong signal that there is no political consensus around how best to address these issues.”</p><p><blockquote>“他回答说：”我不会相信这个问题的前提。“首先，要设计出一个能真正达到预期效果的系统是极其困难的。你所说的那些政策工具必须由人民的民选代表来使用。如果国会一直无法有意义地解决这些问题，那么对我来说，这是一个强烈的信号，表明在如何最好地解决这些问题上还没有达成政治共识。”</blockquote></p><p> I’m not sure I agree with that last point. Consider all the things in which Congress can’t achieve consensus. Is there any reason that another branch of government, independent or otherwise — executive, judicial or the Fed — shouldn’t take action to address a pressing need?</p><p><blockquote>我不确定我是否同意最后一点。考虑一下国会无法达成共识的所有事情。政府的另一个部门，无论是独立的还是其他的--行政部门、司法部门或美联储--有任何理由不采取行动来解决迫切的需求？</blockquote></p><p> Petrou, on the other hand, envisions a Fed which is more open to changing its stripes. First, she believes that the Fed is not interpreting its own mandate correctly. “If you read the law, you will see the first mandate varies between full and maximum employment, but is described as a job for every person who wants to work, which means paying attention to the labor participation rate, not just the nominal unemployment numbers,” she says. That means Petrou thinks the Fed should be holding itself to a higher standard when it comes to employment. Further Petrou says when it comes to interest rates, the third mandate speaks to moderate rates. “No way that rates close to zero are moderate,” she says.</p><p><blockquote>另一方面，彼得鲁设想的美联储更愿意改变其条纹。首先，她认为美联储没有正确解释自己的使命。“她说：”如果你阅读法律，你会发现第一项规定在充分就业和最大限度就业之间有所不同，但它被描述为每个想工作的人都有一份工作，这意味着要关注劳动参与率，而不仅仅是名义上的失业率。这意味着彼得鲁认为美联储在就业方面应该坚持更高的标准。彼得鲁进一步表示，当谈到利率时，第三项任务谈到了温和的利率。“她说：”接近于零的利率绝不是适度的。</blockquote></p><p> So then what should the Fed do, Ms. Petrou? First like Wilcox, she does not believe in targeting specific groups with specific interest rates. “It’s structurally impossible, and from a policy perspective inadvisable,\" she says. “The less the Fed picks winners and losers, the better. They’re unelected, unaccountable, they should stick to their mission and make that mission as small a part of the macro economy as possible.”</p><p><blockquote>那么美联储应该怎么做，彼得鲁女士？首先，像威尔科克斯一样，她不相信以特定的利率瞄准特定的群体。“她说：”这在结构上是不可能的，从政策角度来看也是不明智的。“美联储挑选赢家和输家的次数越少越好。他们未经选举产生，不负责任，他们应该坚持自己的使命，让这一使命在宏观经济中占据尽可能少的份额。</blockquote></p><p> Having said that, Petrou is prescriptive to a degree. “First, the Fed has made a series of egregious analytical errors,” she says. For example, “it showed household income up because more people were working more hours, but not because wages had risen. Another fix is the gradual but significant reduction in the Fed portfolio. So it no longer owns the market; the market owns itself.\"</p><p><blockquote>话虽如此，彼得鲁在某种程度上是规定性的。“她说：”首先，美联储犯了一系列令人震惊的分析错误。例如，“它显示家庭收入上升是因为更多的人工作时间更长，而不是因为工资上涨。另一个解决办法是美联储逐步但大幅减少投资组合。因此，美联储不再拥有市场；市场拥有自己”。</blockquote></p><p> “Another fix is that the Fed does not provide an iron safety net beneath the market, and allows bonds and other markets to correct themselves, so market discipline returns. The Fed has set markets up for asset price bubbles — that’s very dangerous and it needs to step back.\"</p><p><blockquote>“另一个解决办法是，美联储不在市场之下提供铁安全网，而是允许债券和其他市场自我修正，从而恢复市场纪律。美联储为资产价格泡沫埋下了伏笔--这非常危险，需要后退。”</blockquote></p><p> “Those fixes are all very doable,” she says. “I do not think it will lead to anything other than perhaps a slight slow down or market correction. Frankly, what's the alternative? Like a drug addict, it hurts, but what do you do, keep taking? You have to stop.”</p><p><blockquote>“她说：”这些解决方案都是非常可行的。“我不认为这会导致任何其他情况，只会导致轻微的放缓或市场调整。坦率地说，还有什么选择呢？就像吸毒者一样，这很痛，但你该怎么办，继续吸毒？你必须停止”。</blockquote></p><p></p><p> Tough medicine indeed. The question is, would this withdrawal hurt just the wealthy and speculators, or those on the lower rungs of the economic ladder as well?</p><p><blockquote>的确是难药。问题是，这种退出会伤害富人和投机者，还是会伤害那些处于经济阶梯下层的人？</blockquote></p><p> Certainly that is unclear.</p><p><blockquote>当然这还不清楚。</blockquote></p><p> What if the Fed, Treasury Secretary (and former Fed chair) Janet Yellen and congressional leaders from both parties, convened a summit on how the federal government should address inequality? I think it would be great. Unfortunately I also think it’s a pipe dream.</p><p><blockquote>如果美联储、财政部长（兼前美联储主席）珍妮特·耶伦和两党国会领导人召开一次峰会，讨论联邦政府应如何解决不平等问题，会发生什么？我觉得会很棒。不幸的是，我也认为这是一个白日梦。</blockquote></p><p> Getting back to the Fed, though, it is a remarkable institution filled with whip-smart folks who can run circles around this pea-brain writer. Like any 100-year-old entity, however, it can get stuck in its ways. Consider the Fed’s take on what it sees as slow gains in productivity in our economy. I remember hearing former Fed vice chair, Stanley Fischer,insisting that technology and cellphones had not really improved productivity. Fischer said the Fed couldn't find any significant gains brought on by laptop or cellphone use in their data. (That made me snarkily wonder if Fischer &amp; Co. had ever even used these items.) The real question though is if you can’t see the effects in the way you measure something and it is blindingly obvious there is an effect, maybe your means of measuring are deficient or flawed and it’s time to change the way you do things.</p><p><blockquote>不过，回到美联储，这是一个非凡的机构，里面充满了聪明的人，他们可以围着这位豌豆脑作家兜圈子。然而，像任何有100年历史的实体一样，它可能会陷入困境。想想美联储对经济生产率增长缓慢的看法。我记得听到前美联储副主席斯坦利·费舍尔坚持认为科技和手机并没有真正提高生产力。费舍尔表示，美联储在其数据中找不到笔记本电脑或手机使用带来的任何显着收益。(这让我不禁怀疑费舍尔公司是否曾经使用过这些物品）。但真正的问题是，如果你在测量某件事物的方式中看不到影响，而且很明显存在影响，那么也许你的测量方法有缺陷或缺陷，是时候改变你的做事方式了。</blockquote></p><p> Ditto when it comes to the Fed changing the way it addresses inequality.</p><p><blockquote>美联储改变解决不平等问题的方式也是如此。</blockquote></p><p></p>","source":"lsy1612507957220","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>How the Federal Reserve can really help America<blockquote>美联储如何真正帮助美国</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\">\nHow the Federal Reserve can really help America<blockquote>美联储如何真正帮助美国</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">finance.yahoo</strong><span class=\"h-time small\">2021-07-19 07:52</span>\n</p>\n</h4>\n</header>\n<article>\n<p>1913 was a big year for America. On October 7, Henry Ford introduced the world’s first moving car assembly line in Highland Park, Michigan. Then two months later, on December 23, Congress passed the Federal Reserve Act creating our nation’s central bank.</p><p><blockquote>1913年对美国来说是重要的一年。10 月 7 日，亨利-福特在密歇根州高地公园推出了世界上第一条移动汽车装配线。两个月后，即 12 月 23 日，国会通过了《美联储法案》，成立了我们国家的中央银行。</blockquote></p><p> The evolution of the automobile over the past 108 years, from the Ford Model T to Tesla's Model X, has been nothing short of stunning. The Federal Reserve’s advances have been, well, let’s just say slower. Much slower.</p><p><blockquote>过去 108 年来，从福特 T 型车到特斯拉 X 型车，汽车的演变令人惊叹。美联储的进度，嗯，只能说放缓了。慢得多。</blockquote></p><p> Which brings me to my point: Yes, the Federal Reserve has greatly aided our economic well-being (by cushioning us from and even helping us avoid economic catastrophe) and yes it has expanded its influence over the decades (particularly in the 1930s and after the Great Recession in 2008/2009) but its primary modus operandi when it comes to guiding the economy have remained constant.</p><p><blockquote>这就引出了我的观点：是的，美联储极大地帮助了我们的经济福祉（通过缓冲我们甚至帮助我们避免经济灾难），是的，它在几十年来扩大了其影响力（特别是在20世纪30年代和2008/2009年大衰退之后），但它在引导经济方面的主要运作方式保持不变。</blockquote></p><p> I would argue those policies are now outmoded and potentially even detrimental. Yes, there has always been some downside to the Fed’s work, but now — and here’s the crux of it — because of dramatic and unprecedented moves by the central bank recently, the collateral damage may be coming close to outweighing the benefits of the moves themselves.</p><p><blockquote>我认为这些政策现在已经过时，甚至可能有害。是的，美联储的工作总是有一些负面影响，但现在--这就是问题的症结所在--由于美联储最近采取了前所未有的戏剧性举措，附带损害可能接近于这些举措本身的好处。</blockquote></p><p> Specifically, the Fed’s boosting of the economy by keeping interest rates low disproportionately helps rich people and thereby actually disadvantages those in need. To put a fine point on it, hedge fund types, corporate executives, hotshot techies and the like are becoming way, way richer, while working people, people with only a high school degree, people of color are falling further and further behind. This isn’t socialist bleating. These are facts, and the Fed is a party to it. As such, the Fed needs a wake-up call, or maybe a reset is a better way to put it.</p><p><blockquote>具体来说，美联储通过保持低利率来提振经济，这不成比例地帮助了富人，从而实际上使有需要的人处于不利地位。更确切地说，对冲基金类型、公司高管、炙手可热的技术人员等正在变得越来越富有，而工薪阶层、只有高中学历的人、有色人种却越来越落后。这不是社会主义者的抱怨。这些都是事实，美联储是其中的一方。因此，美联储需要一个唤醒看涨期权，或者重置可能是一个更好的说法。</blockquote></p><p> I generally abhor Fed bashing. There is an entire cottage industry of mostly conspiracy-minded wingnuts, who howl that the Fed is either moving too early or too late or too much or too little, or is in cahoots with the Trilateral Commission to take over the world. I pay this little heed and suggest you do the same.</p><p><blockquote>我通常讨厌抨击美联储。有一个主要由阴谋论者组成的家庭手工业，他们嚎叫着美联储要么行动太早，要么行动太晚，要么行动太多，要么行动太少，要么与三边委员会勾结接管世界。我注意到这一点，并建议你也这样做。</blockquote></p><p> What I’m talking about though has nothing to do with harebrained stuff, rather it concerns a sophisticated, highly-regarded institution that has become locked into policies, which though well-intentioned are now producing consequences that can be construed as harmful to our society and economy.</p><p><blockquote>我所说的与脑筋急转直下的事情无关，而是与一个老练、备受推崇的机构有关，这个机构已经陷入了政策的泥潭，这些政策虽然出发点是好的，但现在却产生了对我们的社会和经济有害的后果。</blockquote></p><p> Before I get into the particulars, let’s first be clear about what the Federal Reserve is. For one thingthe Fed is a large and complex,(a “messy system”the Washington Post calls it), with “a dozen reserve banks based around the country, plus 20 smaller branch locations… and around 20,000 employees and $2.3 billion worth of real estate.</p><p><blockquote>在我深入探讨细节之前，让我们先弄清楚什么是美联储。首先，美联储是一个庞大而复杂的机构（《华盛顿邮报》评级称这是一个 “混乱的系统”），“全国各地有十几家储备银行，加上 20 个较小的分支机构.还有大约 2 万名员工和价值 23 亿美元的房地产。</blockquote></p><p> The Fed states that it “provides the nation with a safe, flexible and stable monetary and financial system.” To fulfill that role, the central bank performsa number of functionsincluding regulating banks, settling payments between financial institutions like banks and promoting consumer protection. But when it comes to actually shepherding the economy, the central bank is informed by what’s called the Fed mandate, that being employment and stable prices.</p><p><blockquote>美联储表示，它 “为国家提供了一个安全、灵活和稳定的货币和金融体系”。为了履行这一角色，中央银行履行了许多职能，包括监管银行、结算银行等金融机构之间的支付以及促进消费者保护。但在实际引导经济时，美联储的任务是创造就业和稳定物价。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/f77ed796f6c2d18bfa7317337191de5c\" tg-width=\"705\" tg-height=\"470\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\">FILE - In this May 4, 2021, file photo is the Federal Reserve in Washington. The Federal Reserve's latest nationwide business survey found that the economy strengthened further in late May and early June, despite supply-chain bottlenecks that led to price hikes. The Fed said Wednesday, July 14, 2021 that seven of its 12 regional bank districts reported strong price increases, with the other five reporting moderate gains in prices. (AP Photo/Patrick Semansky, File)More</p><p><blockquote>文件——2021年5月4日，文件照片是华盛顿的美联储。美联储最新的全国商业调查发现，尽管供应链瓶颈导致价格上涨，但经济在5月底和6月初进一步走强。美联储于2021年7月14日星期三表示，其12个地区银行区中有7个报告价格强劲上涨，其他5个报告价格温和上涨。（美联社照片/帕特里克·塞曼斯基，档案）更多</blockquote></p><p> Congress spelled this out by establishing the mandate in theThe Full Employment and Balanced Growth Act of 1978(the Humphrey-Hawkins Act) which “establishes price stability and full employment as national economic policy objectives.” Essentially that means trying to ensure as many people as possible have jobs and guarding against too much inflation (or deflation.) A key third objective is to provide for moderate long-term interest rates.</p><p><blockquote>国会在 1978 年的《充分就业与平衡增长法案》（汉弗莱-霍金斯法案）中规定了这一任务，该法案 “将价格稳定和充分就业确立为国家经济政策目标”。从本质上讲，这意味着努力确保尽可能多的人有工作，并防止过度通胀（或通货紧缩）。）关键的第三个目标是提供适度的长期利率。</blockquote></p><p> To accomplish these objectives, the Fed has utilized two primary mechanisms. The first has been to lower interest rates to boost the economy when it is slow, or slowing down, and raise them to prevent it from overheating. Since 2008 the Fed has kept rates rock bottom low to help the fragile economy, battered first by the Great Recession and recently by the pandemic.</p><p><blockquote>为了实现这些目标，美联储利用了两种主要机制。第一个是在经济放缓或放缓时降低利率以提振经济，并提高利率以防止经济过热。自2008年以来，美联储一直将利率保持在最低水平，以帮助脆弱的经济，该经济首先受到大衰退的打击，最近又受到疫情的打击。</blockquote></p><p></p><p> The second strategy is buying and selling financial instruments and assets like bonds from banks, or what is known as quantitative easing (when it buys) and quantitative tightening (when it sells.) Buying serves to flood the financial system with cash that spurs the economy, which is what the Fed has been doing so much of lately.</p><p><blockquote>第二种策略是买卖金融工具和资产，如银行债券，或者所谓的量化宽松（买入时）和量化紧缩（卖出时）。）购买有助于向金融体系注入刺激经济的现金，这就是美联储最近一直在做的事情。</blockquote></p><p> Karen Petrou, managing partner of Federal Financial Analytics and the author of “Engine of Inequality: The Fed and the Future of Wealth in America,” notes in heropinion piece in the New York Timesthis week that: “assets the Fed has taken out of the economy as part of Q.E. (quantitative easing or buying) now stand at $8.1 trillion, or about one-third ofgross domestic product.” That’s a lot.</p><p><blockquote>联邦金融分析公司（Federal Financial Analytics）执行合伙人、《不平等引擎：美联储与美国财富的未来》一书的作者卡伦-彼得鲁（Karen Petrou）在本周《纽约时报》的一篇评论文章中指出： “美联储作为Q.E.（量化宽松或购买）的一部分从经济中撤出的资产目前已达8.1万亿美元，约占国内生产总值的三分之一”。太多了。</blockquote></p><p> It’s important to note here that low rates and goosing the economy does help people of color, lower educated women and other less wealthy groups, argues Michael Weber, an associate professor of finance at the University of Chicago’s Booth School of Business. It’s just that it benefits the already advantaged more.</p><p><blockquote>芝加哥大学布斯商学院（University of Chicago's Booth School of Business）金融学副教授迈克尔-韦伯（Michael Weber）认为，值得注意的是，低利率和刺激经济确实有助于有色人种、受教育程度较低的女性和其他不太富裕的群体。只是它对已经占据优势的人更有利。</blockquote></p><p> “Higher income and wealthier people hold stock, particularly white college educated Americans,” Weber says. “They benefit disproportionately more from loose monetary policy. If you put the pieces together, you would indeed see in the data lax monetary policy tends to increase income and wealth inequality.”</p><p><blockquote>“韦伯说：”收入较高、较富裕的人持有股票，尤其是受过大学教育的美国白人。“他们从宽松的货币政策中获益过多。如果你把这些因素放在一起，你确实会从数据中看到，宽松的货币政策往往会加剧收入和财富不平等。”</blockquote></p><p> Many economists poo-poo the idea of trickle down economics, but in a sense that’s what the Fed's policies really are. It puts money into the hands of banks and wealthy people and then hopes they use that money to boost the economy by expanding businesses, hiring workers and giving them raises. But guess what? Banks and rich people haven’t done this enough. How do I know? Simple: Because wealth inequality keeps rising.</p><p><blockquote>许多经济学家对涓滴经济的想法嗤之以鼻，但从某种意义上说，这才是美联储的真正政策。它把钱交到银行和富人手中，然后希望他们用这笔钱来通过扩大业务、雇佣工人和给他们加薪来提振经济。但你猜怎么着？银行和富人在这方面做得还不够。我怎么知道？很简单：因为财富不平等不断上升。</blockquote></p><p> To be fair, much of the blame and responsibility here rests with Congress, which can employ its fiscal policy tools (such tax policy, the earned income tax credit and even a program like universal basic income — where every citizen would receive a government check each month.) It’s also the case that the Fed is using the tools it has at its disposal. Furthermore, of course the Fed doesn’t want to exacerbate wealth inequality. And yet that’s exactly what it keeps doing. It kind of reminds me of that old definition of insanity, as in doing the same thing over and over and expecting a different outcome.</p><p><blockquote>公平地说，这里的大部分责任和责任在于国会，国会可以利用其财政政策工具（如税收政策、所得税抵免，甚至像全民基本收入这样的计划--每个公民每月都会收到一张政府支票）。此外，美联储当然不想加剧财富不平等。然而，这正是它一直在做的事情。这让我想起了疯狂的旧定义，比如一遍又一遍地做同样的事情，却期待不同的结果。</blockquote></p><p> The notion of inequality being linked to Fed actions has been getting more visibility. A year ago, then presidential candidateJoe Biden proposedthat Congress amend the Federal Reserve Act to “add to that responsibility and aggressively target persistent racial gaps in job, wages, and wealth.”</p><p><blockquote>不平等与美联储行动挂钩的概念越来越引人注目。一年前，时任总统候选人乔-拜登（Joe Biden）提议国会修改《美联储法案》，以 “增加这一责任，并积极解决就业、工资和财富方面长期存在的种族差距”。</blockquote></p><p> 'We need to achieve more inclusive prosperity'</p><p><blockquote>我们需要实现更具包容性的繁荣</blockquote></p><p> The Fed itself seems to realize that it needs to change. In August 2020, it released a new strategic framework that suggests it will look at better ways of measuring a successful agenda, which would include all its programs benefiting all Americans. Fed Chair Jay Powell says that means it will look more closely at employment across gender and ethnic groups.</p><p><blockquote>美联储本身似乎意识到它需要改变。2020年8月，它发布了一个新的战略框架，表明它将寻找衡量成功议程的更好方法，其中将包括所有惠及所有美国人的项目。美联储主席杰伊·鲍威尔表示，这意味着它将更密切地关注跨性别和种族群体的就业情况。</blockquote></p><p> Last October, Federal Reserve Bank of San FranciscoCEO Mary Daly,gave a speech titled“Is the Federal Reserve Contributing to Economic Inequality?”(which she did not answer directly, btw.) Daly did acknowledge however that the Fed needed to do more, noting that “we will not take the punch bowl away while so many remain on the economic sidelines.” (This is a reference to former Fed chairWilliam McChesney Martinwho in 1955 essentially said it was the job of the Fed to take away the punch bowl just as the party gets going. Meaning it should raise interest rates sooner rather than later to prevent an economic recovery from overheating.)</p><p><blockquote>去年 10 月，旧金山联邦储备银行首席执行官玛丽-戴利（Mary Daly）发表了题为 “美联储是否导致了经济不平等？”的演讲（顺便说一句，她没有直接回答这个问题）。不过，戴利确实承认美联储需要做得更多，并指出 “当这么多人还在经济边缘时，我们不会把潘趣酒拿走”。（这是指美联储前主席威廉·麦克切斯尼·马丁，他在 1955 年基本上说，美联储的工作就是在派对开始时拿走潘趣酒碗。这意味着美联储应该尽快加息，以防止经济复苏过热。）</blockquote></p><p> Daly went on to say:</p><p><blockquote>戴利接着说：</blockquote></p><p>   <i>“But the most critical aspect of our new framework is not about specific policies. Rather, it is about commitment. The commitment to regularly review our strategy to ensure it continues meeting the needs of the American people.</i>    <i>The ingredients of this ongoing review are simple. We need to listen, research, and engage. Keep our minds open to what we hear, bring the best data and analysis to the problems we find, and have hard, action-oriented conversations around the issues holding us back from achieving our full economic potential.”</i>  Again, a little short on specifics and action points but fair enough.</p><p><blockquote><i>“但我们新框架最关键的方面不是具体政策。而是承诺。承诺定期审查我们的战略，以确保其继续满足美国人民的需求。</i><i>这项正在进行的审查的内容很简单。我们需要倾听、研究和参与。对我们所听到的内容保持开放的心态，对我们发现的问题提供最好的数据和分析，并围绕那些阻碍我们充分发挥经济潜力的问题进行艰难的、以行动为导向的对话。”</i>同样，在细节和行动点上有点短，但足够公平。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/fd858593f64461e93e08798e95aa414c\" tg-width=\"705\" tg-height=\"470\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\">SAN FRANCISCO, CA - JANUARY 10: Mary Daly, president of the San Francisco Federal Reserve Bank, poses for a photograph. (Photo by Nick Otto for the Washington Post)</p><p><blockquote>加利福尼亚州旧金山 - 1 月 10 日：旧金山联邦储备银行行长玛丽·戴利合影留念。（尼克·奥托为《华盛顿邮报》拍摄）</blockquote></p><p></p><p> Fed Chair Powell himself recently acknowledged that wealth inequality needed to be addressed: “There’s a growing realization, really across the political spectrum, that we need to achieve more inclusive prosperity,” Mr. Powell remarked to Congress last month,noted the New York Times. But he said the Fed couldn’t be expected to accomplish this on its own and that Congress would need to enact “a much broader set of policies.”</p><p><blockquote>美联储主席鲍威尔本人最近也承认，需要解决财富不平等问题： “《纽约时报》指出，鲍威尔先生上个月在国会发表讲话时说：”实际上，整个政治派别都越来越意识到，我们需要实现更具包容性的繁荣。但他表示，不能指望美联储独自实现这一目标，国会需要制定 “一套更广泛的政策”。</blockquote></p><p> There seems to be a louder drumbeat coming from the media ranks as well. Besides Petrou’s Times piece,Frontline released “The Power of the Fed,”this week, which questions why the stock market players et al. benefit inordinately when the Fed “continues to pump billions of dollars into the financial system daily…” (Watch the trailer to hear theWill Lymannarration. I love his voice.)</p><p><blockquote>媒体队伍中似乎也传来了更响亮的鼓声。除了彼得鲁在《泰晤士报》上发表的文章外，Frontline 本周还发布了《美联储的力量》，其中质疑为什么当美联储 “每天继续向金融体系注入数十亿美元.”时，股市参与者等人会从中获益匪浅（观看预告片，聆听威尔-莱曼的旁白。我喜欢他的声音）。</blockquote></p><p> OK, so what in fact should the Fed do? Some close to the central bank, like David Wilcox,senior fellow at the Peterson Institute for International Economics, former director of the Federal Reserve’s domestic economics division, and senior adviser to the past three Federal Reserve Chairs (Jerome Powell, Janet Yellen, and Ben Bernanke), say not much more than it’s already doing.</p><p><blockquote>好吧，那么美联储实际上应该怎么做呢？一些与美联储关系密切的人士，如彼得森国际经济研究所（Peterson Institute for International Economics）高级研究员、美联储国内经济部门前主任、前三任美联储主席（杰罗姆-鲍威尔、珍妮特-耶伦和本-伯南克）的高级顾问大卫-威尔科克斯（David Wilcox），并没有说太多。</blockquote></p><p> “Economic inequality is a serious problem, it’s something that has been trending in the wrong direction for many decades,” Wilcox says. “It’s something I believe should be addressed. It’s something that requires focused government policy actions to fix. But all of that is largely outside the range of capabilities that the Federal Reserve has.\"</p><p><blockquote>“威尔科克斯说：”经济不平等是一个严重的问题，几十年来一直朝着错误的方向发展。“我认为这是应该解决的问题。这需要政府采取有针对性的政策行动来解决。但所有这些在很大程度上超出了美联储的能力范围”。</blockquote></p><p> “The best that the Fed can do to promote economic equality is to try to ensure as best it can that everybody who wants a job can find one, and that prices are going up at a slow, steady, and predictable pace. The only thing worse for inequality than the Fed doing its job would be for the Fed not to do its job. I don’t think the Fed should be given a broader set of powers.”</p><p><blockquote>“美联储在促进经济平等方面所能做的最好的事情就是尽力确保每个想找工作的人都能找到工作，并确保物价上涨速度缓慢、稳定且可预测。对不平等来说，唯一比美联储履行职责更糟糕的事情就是美联储不履行职责。我认为不应该赋予美联储更广泛的权力。”</blockquote></p><p> And what about the idea of different interest rates for specific regions of the country or for groups with less wealth versus those with more wealth, to pinpoint the Fed’s policies, we ask Wilcox?</p><p><blockquote>我们问威尔科克斯，为了确定美联储的政策，对美国的特定地区或财富较少的群体和财富较多的群体采用不同的利率的想法又如何呢？</blockquote></p><p> “I’m not going to buy into the premise of the question,” he responds. “For one thing, it would be extremely difficult to design a system that would actually have its intended effect. It’s essential those policy tools you’re talking about be wielded by elected representatives of the people. If the Congress has been unable to meaningfully address these issues that to me is a strong signal that there is no political consensus around how best to address these issues.”</p><p><blockquote>“他回答说：”我不会相信这个问题的前提。“首先，要设计出一个能真正达到预期效果的系统是极其困难的。你所说的那些政策工具必须由人民的民选代表来使用。如果国会一直无法有意义地解决这些问题，那么对我来说，这是一个强烈的信号，表明在如何最好地解决这些问题上还没有达成政治共识。”</blockquote></p><p> I’m not sure I agree with that last point. Consider all the things in which Congress can’t achieve consensus. Is there any reason that another branch of government, independent or otherwise — executive, judicial or the Fed — shouldn’t take action to address a pressing need?</p><p><blockquote>我不确定我是否同意最后一点。考虑一下国会无法达成共识的所有事情。政府的另一个部门，无论是独立的还是其他的--行政部门、司法部门或美联储--有任何理由不采取行动来解决迫切的需求？</blockquote></p><p> Petrou, on the other hand, envisions a Fed which is more open to changing its stripes. First, she believes that the Fed is not interpreting its own mandate correctly. “If you read the law, you will see the first mandate varies between full and maximum employment, but is described as a job for every person who wants to work, which means paying attention to the labor participation rate, not just the nominal unemployment numbers,” she says. That means Petrou thinks the Fed should be holding itself to a higher standard when it comes to employment. Further Petrou says when it comes to interest rates, the third mandate speaks to moderate rates. “No way that rates close to zero are moderate,” she says.</p><p><blockquote>另一方面，彼得鲁设想的美联储更愿意改变其条纹。首先，她认为美联储没有正确解释自己的使命。“她说：”如果你阅读法律，你会发现第一项规定在充分就业和最大限度就业之间有所不同，但它被描述为每个想工作的人都有一份工作，这意味着要关注劳动参与率，而不仅仅是名义上的失业率。这意味着彼得鲁认为美联储在就业方面应该坚持更高的标准。彼得鲁进一步表示，当谈到利率时，第三项任务谈到了温和的利率。“她说：”接近于零的利率绝不是适度的。</blockquote></p><p> So then what should the Fed do, Ms. Petrou? First like Wilcox, she does not believe in targeting specific groups with specific interest rates. “It’s structurally impossible, and from a policy perspective inadvisable,\" she says. “The less the Fed picks winners and losers, the better. They’re unelected, unaccountable, they should stick to their mission and make that mission as small a part of the macro economy as possible.”</p><p><blockquote>那么美联储应该怎么做，彼得鲁女士？首先，像威尔科克斯一样，她不相信以特定的利率瞄准特定的群体。“她说：”这在结构上是不可能的，从政策角度来看也是不明智的。“美联储挑选赢家和输家的次数越少越好。他们未经选举产生，不负责任，他们应该坚持自己的使命，让这一使命在宏观经济中占据尽可能少的份额。</blockquote></p><p> Having said that, Petrou is prescriptive to a degree. “First, the Fed has made a series of egregious analytical errors,” she says. For example, “it showed household income up because more people were working more hours, but not because wages had risen. Another fix is the gradual but significant reduction in the Fed portfolio. So it no longer owns the market; the market owns itself.\"</p><p><blockquote>话虽如此，彼得鲁在某种程度上是规定性的。“她说：”首先，美联储犯了一系列令人震惊的分析错误。例如，“它显示家庭收入上升是因为更多的人工作时间更长，而不是因为工资上涨。另一个解决办法是美联储逐步但大幅减少投资组合。因此，美联储不再拥有市场；市场拥有自己”。</blockquote></p><p> “Another fix is that the Fed does not provide an iron safety net beneath the market, and allows bonds and other markets to correct themselves, so market discipline returns. The Fed has set markets up for asset price bubbles — that’s very dangerous and it needs to step back.\"</p><p><blockquote>“另一个解决办法是，美联储不在市场之下提供铁安全网，而是允许债券和其他市场自我修正，从而恢复市场纪律。美联储为资产价格泡沫埋下了伏笔--这非常危险，需要后退。”</blockquote></p><p> “Those fixes are all very doable,” she says. “I do not think it will lead to anything other than perhaps a slight slow down or market correction. Frankly, what's the alternative? Like a drug addict, it hurts, but what do you do, keep taking? You have to stop.”</p><p><blockquote>“她说：”这些解决方案都是非常可行的。“我不认为这会导致任何其他情况，只会导致轻微的放缓或市场调整。坦率地说，还有什么选择呢？就像吸毒者一样，这很痛，但你该怎么办，继续吸毒？你必须停止”。</blockquote></p><p></p><p> Tough medicine indeed. The question is, would this withdrawal hurt just the wealthy and speculators, or those on the lower rungs of the economic ladder as well?</p><p><blockquote>的确是难药。问题是，这种退出会伤害富人和投机者，还是会伤害那些处于经济阶梯下层的人？</blockquote></p><p> Certainly that is unclear.</p><p><blockquote>当然这还不清楚。</blockquote></p><p> What if the Fed, Treasury Secretary (and former Fed chair) Janet Yellen and congressional leaders from both parties, convened a summit on how the federal government should address inequality? I think it would be great. Unfortunately I also think it’s a pipe dream.</p><p><blockquote>如果美联储、财政部长（兼前美联储主席）珍妮特·耶伦和两党国会领导人召开一次峰会，讨论联邦政府应如何解决不平等问题，会发生什么？我觉得会很棒。不幸的是，我也认为这是一个白日梦。</blockquote></p><p> Getting back to the Fed, though, it is a remarkable institution filled with whip-smart folks who can run circles around this pea-brain writer. Like any 100-year-old entity, however, it can get stuck in its ways. Consider the Fed’s take on what it sees as slow gains in productivity in our economy. I remember hearing former Fed vice chair, Stanley Fischer,insisting that technology and cellphones had not really improved productivity. Fischer said the Fed couldn't find any significant gains brought on by laptop or cellphone use in their data. (That made me snarkily wonder if Fischer &amp; Co. had ever even used these items.) The real question though is if you can’t see the effects in the way you measure something and it is blindingly obvious there is an effect, maybe your means of measuring are deficient or flawed and it’s time to change the way you do things.</p><p><blockquote>不过，回到美联储，这是一个非凡的机构，里面充满了聪明的人，他们可以围着这位豌豆脑作家兜圈子。然而，像任何有100年历史的实体一样，它可能会陷入困境。想想美联储对经济生产率增长缓慢的看法。我记得听到前美联储副主席斯坦利·费舍尔坚持认为科技和手机并没有真正提高生产力。费舍尔表示，美联储在其数据中找不到笔记本电脑或手机使用带来的任何显着收益。(这让我不禁怀疑费舍尔公司是否曾经使用过这些物品）。但真正的问题是，如果你在测量某件事物的方式中看不到影响，而且很明显存在影响，那么也许你的测量方法有缺陷或缺陷，是时候改变你的做事方式了。</blockquote></p><p> Ditto when it comes to the Fed changing the way it addresses inequality.</p><p><blockquote>美联储改变解决不平等问题的方式也是如此。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/how-the-federal-reserve-can-really-help-america-100301361.html\">finance.yahoo</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":{".DJI":"道琼斯"},"source_url":"https://finance.yahoo.com/news/how-the-federal-reserve-can-really-help-america-100301361.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1123760994","content_text":"1913 was a big year for America. On October 7, Henry Ford introduced the world’s first moving car assembly line in Highland Park, Michigan. Then two months later, on December 23, Congress passed the Federal Reserve Act creating our nation’s central bank.\nThe evolution of the automobile over the past 108 years, from the Ford Model T to Tesla's Model X, has been nothing short of stunning. The Federal Reserve’s advances have been, well, let’s just say slower. Much slower.\nWhich brings me to my point: Yes, the Federal Reserve has greatly aided our economic well-being (by cushioning us from and even helping us avoid economic catastrophe) and yes it has expanded its influence over the decades (particularly in the 1930s and after the Great Recession in 2008/2009) but its primary modus operandi when it comes to guiding the economy have remained constant.\nI would argue those policies are now outmoded and potentially even detrimental. Yes, there has always been some downside to the Fed’s work, but now — and here’s the crux of it — because of dramatic and unprecedented moves by the central bank recently, the collateral damage may be coming close to outweighing the benefits of the moves themselves.\nSpecifically, the Fed’s boosting of the economy by keeping interest rates low disproportionately helps rich people and thereby actually disadvantages those in need. To put a fine point on it, hedge fund types, corporate executives, hotshot techies and the like are becoming way, way richer, while working people, people with only a high school degree, people of color are falling further and further behind. This isn’t socialist bleating. These are facts, and the Fed is a party to it. As such, the Fed needs a wake-up call, or maybe a reset is a better way to put it.\nI generally abhor Fed bashing. There is an entire cottage industry of mostly conspiracy-minded wingnuts, who howl that the Fed is either moving too early or too late or too much or too little, or is in cahoots with the Trilateral Commission to take over the world. I pay this little heed and suggest you do the same.\nWhat I’m talking about though has nothing to do with harebrained stuff, rather it concerns a sophisticated, highly-regarded institution that has become locked into policies, which though well-intentioned are now producing consequences that can be construed as harmful to our society and economy.\nBefore I get into the particulars, let’s first be clear about what the Federal Reserve is. For one thingthe Fed is a large and complex,(a “messy system”the Washington Post calls it), with “a dozen reserve banks based around the country, plus 20 smaller branch locations… and around 20,000 employees and $2.3 billion worth of real estate.\nThe Fed states that it “provides the nation with a safe, flexible and stable monetary and financial system.” To fulfill that role, the central bank performsa number of functionsincluding regulating banks, settling payments between financial institutions like banks and promoting consumer protection. But when it comes to actually shepherding the economy, the central bank is informed by what’s called the Fed mandate, that being employment and stable prices.\nFILE - In this May 4, 2021, file photo is the Federal Reserve in Washington. The Federal Reserve's latest nationwide business survey found that the economy strengthened further in late May and early June, despite supply-chain bottlenecks that led to price hikes. The Fed said Wednesday, July 14, 2021 that seven of its 12 regional bank districts reported strong price increases, with the other five reporting moderate gains in prices. (AP Photo/Patrick Semansky, File)More\nCongress spelled this out by establishing the mandate in theThe Full Employment and Balanced Growth Act of 1978(the Humphrey-Hawkins Act) which “establishes price stability and full employment as national economic policy objectives.” Essentially that means trying to ensure as many people as possible have jobs and guarding against too much inflation (or deflation.) A key third objective is to provide for moderate long-term interest rates.\nTo accomplish these objectives, the Fed has utilized two primary mechanisms. The first has been to lower interest rates to boost the economy when it is slow, or slowing down, and raise them to prevent it from overheating. Since 2008 the Fed has kept rates rock bottom low to help the fragile economy, battered first by the Great Recession and recently by the pandemic.\nThe second strategy is buying and selling financial instruments and assets like bonds from banks, or what is known as quantitative easing (when it buys) and quantitative tightening (when it sells.) Buying serves to flood the financial system with cash that spurs the economy, which is what the Fed has been doing so much of lately.\nKaren Petrou, managing partner of Federal Financial Analytics and the author of “Engine of Inequality: The Fed and the Future of Wealth in America,” notes in heropinion piece in the New York Timesthis week that: “assets the Fed has taken out of the economy as part of Q.E. (quantitative easing or buying) now stand at $8.1 trillion, or about one-third ofgross domestic product.” That’s a lot.\nIt’s important to note here that low rates and goosing the economy does help people of color, lower educated women and other less wealthy groups, argues Michael Weber, an associate professor of finance at the University of Chicago’s Booth School of Business. It’s just that it benefits the already advantaged more.\n“Higher income and wealthier people hold stock, particularly white college educated Americans,” Weber says. “They benefit disproportionately more from loose monetary policy. If you put the pieces together, you would indeed see in the data lax monetary policy tends to increase income and wealth inequality.”\nMany economists poo-poo the idea of trickle down economics, but in a sense that’s what the Fed's policies really are. It puts money into the hands of banks and wealthy people and then hopes they use that money to boost the economy by expanding businesses, hiring workers and giving them raises. But guess what? Banks and rich people haven’t done this enough. How do I know? Simple: Because wealth inequality keeps rising.\nTo be fair, much of the blame and responsibility here rests with Congress, which can employ its fiscal policy tools (such tax policy, the earned income tax credit and even a program like universal basic income — where every citizen would receive a government check each month.) It’s also the case that the Fed is using the tools it has at its disposal. Furthermore, of course the Fed doesn’t want to exacerbate wealth inequality. And yet that’s exactly what it keeps doing. It kind of reminds me of that old definition of insanity, as in doing the same thing over and over and expecting a different outcome.\nThe notion of inequality being linked to Fed actions has been getting more visibility. A year ago, then presidential candidateJoe Biden proposedthat Congress amend the Federal Reserve Act to “add to that responsibility and aggressively target persistent racial gaps in job, wages, and wealth.”\n'We need to achieve more inclusive prosperity'\nThe Fed itself seems to realize that it needs to change. In August 2020, it released a new strategic framework that suggests it will look at better ways of measuring a successful agenda, which would include all its programs benefiting all Americans. Fed Chair Jay Powell says that means it will look more closely at employment across gender and ethnic groups.\nLast October, Federal Reserve Bank of San FranciscoCEO Mary Daly,gave a speech titled“Is the Federal Reserve Contributing to Economic Inequality?”(which she did not answer directly, btw.) Daly did acknowledge however that the Fed needed to do more, noting that “we will not take the punch bowl away while so many remain on the economic sidelines.” (This is a reference to former Fed chairWilliam McChesney Martinwho in 1955 essentially said it was the job of the Fed to take away the punch bowl just as the party gets going. Meaning it should raise interest rates sooner rather than later to prevent an economic recovery from overheating.)\nDaly went on to say:\n\n“But the most critical aspect of our new framework is not about specific policies. Rather, it is about commitment. The commitment to regularly review our strategy to ensure it continues meeting the needs of the American people.\n\n\nThe ingredients of this ongoing review are simple. We need to listen, research, and engage. Keep our minds open to what we hear, bring the best data and analysis to the problems we find, and have hard, action-oriented conversations around the issues holding us back from achieving our full economic potential.”\n\nAgain, a little short on specifics and action points but fair enough.\nSAN FRANCISCO, CA - JANUARY 10: Mary Daly, president of the San Francisco Federal Reserve Bank, poses for a photograph. (Photo by Nick Otto for the Washington Post)\nFed Chair Powell himself recently acknowledged that wealth inequality needed to be addressed: “There’s a growing realization, really across the political spectrum, that we need to achieve more inclusive prosperity,” Mr. Powell remarked to Congress last month,noted the New York Times. But he said the Fed couldn’t be expected to accomplish this on its own and that Congress would need to enact “a much broader set of policies.”\nThere seems to be a louder drumbeat coming from the media ranks as well. Besides Petrou’s Times piece,Frontline released “The Power of the Fed,”this week, which questions why the stock market players et al. benefit inordinately when the Fed “continues to pump billions of dollars into the financial system daily…” (Watch the trailer to hear theWill Lymannarration. I love his voice.)\nOK, so what in fact should the Fed do? Some close to the central bank, like David Wilcox,senior fellow at the Peterson Institute for International Economics, former director of the Federal Reserve’s domestic economics division, and senior adviser to the past three Federal Reserve Chairs (Jerome Powell, Janet Yellen, and Ben Bernanke), say not much more than it’s already doing.\n“Economic inequality is a serious problem, it’s something that has been trending in the wrong direction for many decades,” Wilcox says. “It’s something I believe should be addressed. It’s something that requires focused government policy actions to fix. But all of that is largely outside the range of capabilities that the Federal Reserve has.\"\n“The best that the Fed can do to promote economic equality is to try to ensure as best it can that everybody who wants a job can find one, and that prices are going up at a slow, steady, and predictable pace. The only thing worse for inequality than the Fed doing its job would be for the Fed not to do its job. I don’t think the Fed should be given a broader set of powers.”\nAnd what about the idea of different interest rates for specific regions of the country or for groups with less wealth versus those with more wealth, to pinpoint the Fed’s policies, we ask Wilcox?\n“I’m not going to buy into the premise of the question,” he responds. “For one thing, it would be extremely difficult to design a system that would actually have its intended effect. It’s essential those policy tools you’re talking about be wielded by elected representatives of the people. If the Congress has been unable to meaningfully address these issues that to me is a strong signal that there is no political consensus around how best to address these issues.”\nI’m not sure I agree with that last point. Consider all the things in which Congress can’t achieve consensus. Is there any reason that another branch of government, independent or otherwise — executive, judicial or the Fed — shouldn’t take action to address a pressing need?\nPetrou, on the other hand, envisions a Fed which is more open to changing its stripes. First, she believes that the Fed is not interpreting its own mandate correctly. “If you read the law, you will see the first mandate varies between full and maximum employment, but is described as a job for every person who wants to work, which means paying attention to the labor participation rate, not just the nominal unemployment numbers,” she says. That means Petrou thinks the Fed should be holding itself to a higher standard when it comes to employment. Further Petrou says when it comes to interest rates, the third mandate speaks to moderate rates. “No way that rates close to zero are moderate,” she says.\nSo then what should the Fed do, Ms. Petrou? First like Wilcox, she does not believe in targeting specific groups with specific interest rates. “It’s structurally impossible, and from a policy perspective inadvisable,\" she says. “The less the Fed picks winners and losers, the better. They’re unelected, unaccountable, they should stick to their mission and make that mission as small a part of the macro economy as possible.”\nHaving said that, Petrou is prescriptive to a degree. “First, the Fed has made a series of egregious analytical errors,” she says. For example, “it showed household income up because more people were working more hours, but not because wages had risen. Another fix is the gradual but significant reduction in the Fed portfolio. So it no longer owns the market; the market owns itself.\"\n“Another fix is that the Fed does not provide an iron safety net beneath the market, and allows bonds and other markets to correct themselves, so market discipline returns. The Fed has set markets up for asset price bubbles — that’s very dangerous and it needs to step back.\"\n“Those fixes are all very doable,” she says. “I do not think it will lead to anything other than perhaps a slight slow down or market correction. Frankly, what's the alternative? Like a drug addict, it hurts, but what do you do, keep taking? You have to stop.”\nTough medicine indeed. The question is, would this withdrawal hurt just the wealthy and speculators, or those on the lower rungs of the economic ladder as well?\nCertainly that is unclear.\nWhat if the Fed, Treasury Secretary (and former Fed chair) Janet Yellen and congressional leaders from both parties, convened a summit on how the federal government should address inequality? I think it would be great. Unfortunately I also think it’s a pipe dream.\nGetting back to the Fed, though, it is a remarkable institution filled with whip-smart folks who can run circles around this pea-brain writer. Like any 100-year-old entity, however, it can get stuck in its ways. Consider the Fed’s take on what it sees as slow gains in productivity in our economy. I remember hearing former Fed vice chair, Stanley Fischer,insisting that technology and cellphones had not really improved productivity. Fischer said the Fed couldn't find any significant gains brought on by laptop or cellphone use in their data. (That made me snarkily wonder if Fischer & Co. had ever even used these items.) The real question though is if you can’t see the effects in the way you measure something and it is blindingly obvious there is an effect, maybe your means of measuring are deficient or flawed and it’s time to change the way you do things.\nDitto when it comes to the Fed changing the way it addresses inequality.","news_type":1,"symbols_score_info":{".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":1221,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":179954310,"gmtCreate":1626483198530,"gmtModify":1633926399360,"author":{"id":"3560400655314166","authorId":"3560400655314166","name":"TL1M","avatar":"https://static.tigerbbs.com/ac25b2b0f6be3ec28a06c38fb7c8ed9e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560400655314166","authorIdStr":"3560400655314166"},"themes":[],"title":"","htmlText":"Buy the dip","listText":"Buy the dip","text":"Buy the dip","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/179954310","repostId":"1198202103","repostType":4,"isVote":1,"tweetType":1,"viewCount":941,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":170033267,"gmtCreate":1626394826959,"gmtModify":1633927208917,"author":{"id":"3560400655314166","authorId":"3560400655314166","name":"TL1M","avatar":"https://static.tigerbbs.com/ac25b2b0f6be3ec28a06c38fb7c8ed9e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560400655314166","authorIdStr":"3560400655314166"},"themes":[],"title":"","htmlText":"Will be green soon?","listText":"Will be green soon?","text":"Will be green soon?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/170033267","repostId":"2151573133","repostType":4,"isVote":1,"tweetType":1,"viewCount":695,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":144526351,"gmtCreate":1626307059673,"gmtModify":1633928102461,"author":{"id":"3560400655314166","authorId":"3560400655314166","name":"TL1M","avatar":"https://static.tigerbbs.com/ac25b2b0f6be3ec28a06c38fb7c8ed9e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560400655314166","authorIdStr":"3560400655314166"},"themes":[],"title":"","htmlText":"That’s great! Pls like n comment","listText":"That’s great! Pls like n comment","text":"That’s great! 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comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/356542189","repostId":"1141686975","repostType":4,"repost":{"id":"1141686975","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":1616780260,"share":"https://www.laohunote.com/m/news/1141686975?lang=zh_CN&edition=full","pubTime":"2021-03-27 01:37","market":"us","language":"en","title":"Zhihu Technology fall on its first day of trading<blockquote>知乎科技首日交易下跌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1141686975","media":"Tiger Newspress","summary":"Zhihu Technology shares opened at $8.02 each on Friday, about 15.6% lower than the company’s IPO pri","content":"<p>Zhihu Technology shares opened at $8.02&nbsp;each on Friday, about 15.6% lower than the company’s IPO price&nbsp;$9.5.Zhihu IPO prices at low end of the range, valuing company at about $5.3 billion.</p><p><blockquote>知乎科技股价周五开盘价为每股 8.02 美元，比公司 9.5 美元的 IPO 价格低约 15.6%。知乎的 IPO 价格处于区间的低端，公司估值约为 53 亿美元。</blockquote></p><p><img src=\"https://static.tigerbbs.com/4672a089b4ebb0a889cbfbeb32b48594\" tg-width=\"1920\" tg-height=\"959\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>Zhihu Inc.&nbsp;announced Friday the pricing of its initial public offering, at $9.50 per American depositary share, which was at the low end of the expected range. The China-based online content company offered 55 million ADS in the IPO to raise $522.5 million, while the pricing valued the company at about $5.31 billion.</p><p><blockquote>知乎公司周五公布了首次公开募股的定价，为每股美国存托股9.50美元，处于预期范围的低端。这家总部位于中国的在线内容公司在IPO中提供了5500万份广告，筹集了5.225亿美元，而定价对该公司的估值约为53.1亿美元。</blockquote></p><p>Zhihu has a similar business model as Quora where millions of people ask questions and exchange their views and experiences. Zhihu has become the largest online question and answer community in China.</p><p><blockquote>知乎有一个类似于Quora的商业模式，数百万人提出问题，交流他们的观点和经验。知乎已经成为中国最大的在线问答社区。</blockquote></p><p><b>Sales Breakdown</b></p><p><blockquote><b>销售明细</b></blockquote></p><p>Advertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. We estimate advertising as a percentage of revenues to gradually decline in the next five years as it is offset by the faster growing Paid Memberships and Content Commerce Solutions. We estimate advertising as a percentage of sales to decline to 34.1% in 2021 and 22.3% in 2025.</p><p><blockquote>广告和付费会员占该公司收入的最大部分。于二零一九年及二零二零年，广告分别占总收入的86.1%及62.4%。我们预计广告占收入的百分比将在未来五年逐渐下降，因为它被更快增长的付费会员和内容商务解决方案所抵消。我们估计广告占销售额的百分比将在2021年下降至34.1%，在2025年下降至22.3%。</blockquote></p><p>Paid Memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. We have assumed Paid Membership revenues as a percentage of total revenues to increase to 31.5% in 2021 and 37.8% in 2025.</p><p><blockquote>付费会员占2019年总收入的13.1%，2020年增至总收入的23.7%。我们假设付费会员收入占总收入的百分比将在2021年增加到31.5%，在2025年增加到37.8%。</blockquote></p><p>Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans. We have assumed Content Commerce Solutions as a percentage of total revenue to jump from 10% in 2020 to 17.8% in 2021 and 32.3% in 2025.</p><p><blockquote>内容商务解决方案和其他销售额在2020年也大幅增长。内容商务解决方案收入由2019年的人民币60万元跃升至2020年的人民币1.358亿元。2020年初，该公司推出了内容商务解决方案，为商家和品牌提供一站式服务，满足他们所有的销售和营销需求，包括营销计划。我们假设内容商务解决方案占总收入的百分比将从2020年的10%跃升至2021年的17.8%和2025年的32.3%。</blockquote></p><p><b>Gross Margins</b></p><p><blockquote><b>毛利率</b></blockquote></p><p>The company's gross margins improved from 46.6% in 2019 to 56.0% in 2020, driven by an overall improving business scalability. We have assumed further improvements in gross margins to 57.4% in 2021 and 62.3% in 2025.</p><p><blockquote>在业务可扩展性整体提升的推动下，公司毛利率由2019年的46.6%提升至2020年的56.0%。我们假设毛利率将进一步提高至2021年的57.4%和2025年的62.3%。</blockquote></p><p><b>Total Operating Expenses and Operating Margins</b></p><p><blockquote><b>总营业费用及营业利润率</b></blockquote></p><p>Total operating expenses as a percentage of revenues declined significantly from 204.4% in 2019 to 100.6% in 2020. We expect this ratio to improve further to 79% in 2021, 69.2% in 2022, and 57.2% in 2025. The bulk of the improvements in operating expenses is coming from lower SG&amp;A and R&amp;D expenses as a percentage of revenues in the next five years.</p><p><blockquote>总营运开支占收入的百分比由二零一九年的204.4%大幅下降至二零二零年的100.6%。我们预计这一比率将在2021年进一步提高至79%，2022年达到69.2%，2025年达到57.2%。运营费用的大部分改善来自于未来五年SG&amp;A和R&amp;D费用占收入百分比的降低。</blockquote></p><p><img src=\"https://static.tigerbbs.com/c019cc86f4d4c1d9ffe15d3b4a4bfa75\" tg-width=\"772\" tg-height=\"480\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/ef629be32d2c34d625cb287ad648206d\" tg-width=\"757\" tg-height=\"488\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/b9561a02993fbc88c2cad88e68c08730\" tg-width=\"920\" tg-height=\"485\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Company Background</b></p><p><blockquote><b>公司背景</b></blockquote></p><p>At the end of 2020, Zhihu had more than 43.1 million cumulative content creators that contributed 315 million questions and answers. In 4Q 2020, the company had 75.7 million average monthly active users, up 33% YoY. One of the key strengths of the company is that it is recognized as one of the most trustworthy online content communities and regarded as providing one of the highest quality content in China. Zhihu has tried to capitalize on its large user base to provide numerous multimedia functions including live streaming, e-commerce, online education, and other video content.</p><p><blockquote>截至2020年底，知乎累计拥有超过4310万内容创作者，贡献了3.15亿个问答。2020年第四季度，该公司平均月活跃用户7570万，同比增长33%。该公司的主要优势之一是它被公认为最值得信赖的在线内容社区之一，并被认为提供中国最高质量的内容之一。知乎试图利用其庞大的用户群提供众多多媒体功能，包括直播、电子商务、在线教育和其他视频内容。</blockquote></p><p>In August 2019, Zhihu received $434 million in funding from leading investors including Baidu and Kuaishou Technology, valuing the company at $3.5 billion. Given that the company had $97 million in sales in 2019, this would suggest a P/S valuation multiple of 36x. If we take the same P/S multiple apply to the company's 2020 sales of $207 million, this would suggest an implied valuation of $7.5 billion.</p><p><blockquote>2019年8月，知乎从百度和快手科技等领先投资者那里获得了4.34亿美元的资金，公司估值为35亿美元。鉴于该公司2019年的销售额为9700万美元，这意味着市盈率为36倍。如果我们将相同的市盈率应用于该公司 2020 年 2.07 亿美元的销售额，这将表明隐含估值为 75 亿美元。</blockquote></p><p>Zhihu was originally developed as a question and answer online community in 2010. At the end of 2020, there were a total of 315 million Q&amp;As spanning more than 1,000 verticals and 571,000 topics. Zhihu is one of the top five comprehensive online content communities in China, in terms of average mobile MAUs and revenue in 2020. The company uses artificial intelligence, cloud, and big data algorithms to improve the optimization of its content and services.</p><p><blockquote>知乎最初开发于2010年，是一个问答在线社区。截至2020年底，共有3.15亿条问答，涵盖1000多个垂直领域和57.1万个主题。就2020年的平均移动MAU和收入而言，知乎是中国五大综合在线内容社区之一。该公司使用人工智能、云和大数据算法来提高其内容和服务的优化。</blockquote></p><p><b>Major Shareholders of Zhihu</b></p><p><blockquote><b>知乎主要股东</b></blockquote></p><p>The founder &amp; CEO&nbsp;Zhou Yuanowns an 8.2% stake in the company (but 46.6% voting rights). Sinovation Ventures owns a 13.1% stake and Tencent Holdings Ltd. owns a 12.3% stake of Zhihu.</p><p><blockquote>创始人兼首席执行官周源拥有该公司8.2%的股份（但拥有46.6%的投票权）。创新工场拥有知乎13.1%的股份，腾讯控股控股有限公司拥有知乎12.3%的股份。</blockquote></p><p><b>Key Demographics</b></p><p><blockquote><b>主要人口统计</b></blockquote></p><p></p><p>The diagram below provides some of the key demographics of Zhihu user base. Males accounted for 56.9% of total users. People under 30 years old accounted for 78.7% of its total user base. Tier I and new tier I cities represented 52.6% of total user base. Many of the users of Zhihu are students and white collar professionals.</p><p><blockquote>下图提供了知乎用户群的一些关键人口统计数据。男性占用户总数的56.9%。30岁以下的人占其总用户群的78.7%。一线及新一线城市占总用户群的52.6%。知乎的很多用户都是学生和白领职场人士。</blockquote></p><p><img src=\"https://static.tigerbbs.com/524d689472daad1c99491d74dfdbfe24\" tg-width=\"295\" tg-height=\"389\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Revenue Breakdown</b></p><p><blockquote><b>收入明细</b></blockquote></p><p>Advertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. The company's advertising revenue is mainly driven by its MAUs and advertising revenue per MAU. The company's MAUs increased by 42.7% YoY to 68.5 million in 2020. The company started its online advertising business in 2016 and introduced paid content in 2018.</p><p><blockquote>广告和付费会员占该公司收入的最大部分。于二零一九年及二零二零年，广告分别占总收入的86.1%及62.4%。本公司的广告收入主要由其每月活跃用户及每月活跃用户的广告收入推动。2020年，该公司的MAU同比增长42.7%至6850万。该公司于2016年开始在线广告业务，并于2018年推出付费内容。</blockquote></p><p>Paid memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. Average monthly members jumped by 311.5% YoY to 2.36 million in 2020, which is a testament of an increasing number of customers that value the premium content available on Zhihu.</p><p><blockquote>付费会员占2019年总收入的13.1%，2020年增至总收入的23.7%。2020年，平均每月会员人数同比增长311.5%至236万，这证明越来越多的客户重视知乎上的优质内容。</blockquote></p><p>In March 2019, the company introduced the Yan Selection membership program, making it the first payment-based questions &amp; answers community. It provides its members with unlimited access to about 3.4 million paid content including online lectures, columns, audio books, and e-journals. This is one of the biggest strengths of the company as it shows how high quality data and content can generate serious amount of revenues and it also provides a more steady monthly revenue inflow.</p><p><blockquote>2019年3月，该公司推出了Yan Selection会员计划，使其成为第一个基于付费的问答社区。它为会员提供了无限制访问约340万个付费内容的机会，包括在线讲座、专栏、有声读物和电子期刊。这是该公司最大的优势之一，因为它展示了高质量的数据和内容如何产生大量的收入，并且还提供了更稳定的每月收入流入。</blockquote></p><p>Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans, assigning the most relevant content creators to interested users, and facilitating content creation.</p><p><blockquote>内容商务解决方案和其他销售额在2020年也大幅增长。内容商务解决方案收入由2019年的人民币60万元跃升至2020年的人民币1.358亿元。2020年初，该公司推出了内容商务解决方案，为商家和品牌提供一站式服务，满足他们所有的销售和营销需求，包括营销计划、将最相关的内容创作者分配给感兴趣的用户以及促进内容创作。</blockquote></p><p>China's content-commerce solution market is expected to be one of the fastest growing sectors in the next several years. According to CIC Consultancy, China's content-commerce solution market is expected to enjoy a strong CAGR growth of 46.4% from 2019 to 2025 (112.3 billion RMB).</p><p><blockquote>中国的内容商务解决方案市场预计将是未来几年增长最快的行业之一。根据灼识谘询，预计2019年至2025年，中国内容商务解决方案市场将实现46.4%的强劲复合年增长率（1,123亿元人民币）。</blockquote></p><p><b>Market Opportunities</b></p><p><blockquote><b>市场机会</b></blockquote></p><p><b>China’s Online Content Communities Market Size</b></p><p><blockquote><b>中国在线内容社区市场规模</b></blockquote></p><p>Online content communities refer to UGC (user generated content)-focused (including PUGC (professional user generated content) focused online content market players where content creators are also users, who are actively engaged within the communities. The content communities generally can stimulate higher level of user engagement, more interactive user experience, and enjoy lower content cost, compared to PGC (professionally generated content) players. PGC is content created by the branded company or organization.</p><p><blockquote>在线内容社区是指以UGC（用户生成内容）为中心的（包括PUGC（专业用户生成内容）为中心的在线内容市场参与者，其中内容创建者也是用户，他们在社区内积极参与。与PGC（专业生成内容）玩家相比，内容社区通常可以刺激更高水平的用户参与、更多交互式的用户体验，并享受更低的内容成本。PGC是由品牌公司或组织创建的内容。</blockquote></p><p>China's online content communities market size increased from 38.6 billion RMB in 2015 to 275.8 billion RMB in 2019 and is further expected to rise to 1.3 trillion RMB in 2025, representing a CAGR of 30.3% from 2019 to 2025, which is higher than the overall online content market growth.</p><p><blockquote>中国在线内容社区市场规模由二零一五年的386亿元人民币增长至二零一九年的2758亿元人民币，预计二零二五年将进一步增长至1.3万亿元人民币，二零一九年至二零二五年的复合年增长率为30.3%，高于整体在线内容市场的增长。</blockquote></p><p>China's online content community market has more diversified monetization channels including online advertising, paid membership, content e-commerce, content-commerce solutions, virtual gifting in live streaming, online games, and online education services. In comparison, the US online content community's monetization is mainly through advertising.</p><p><blockquote>中国在线内容社区市场拥有更多元化的变现渠道，包括在线广告、付费会员、内容电子商务、内容商务解决方案、直播中的虚拟礼物、网络游戏和在线教育服务。相比之下，美国在线内容社区的变现主要是通过广告。</blockquote></p><p>One of the major positives about the company is the growing trend of more Chinese consumers that are willing to pay money for higher quality content. The number of paying users in China’s online content communities is expected to increase at a CAGR of 17.1% between 2019 and 2025, which means an increase of 360.4 million extra paying users of online content communities to 588.2 million in 2025.</p><p><blockquote>该公司的一大积极因素是越来越多的中国消费者愿意为更高质量的内容付费。2019 年至 2025 年间，中国在线内容社区的付费用户数量预计将以 17.1% 的复合年增长率增长，这意味着到 2025 年，在线内容社区的付费用户数量将增加 3.604 亿，达到 5.882 亿。</blockquote></p><p><b>China's Online Content Market</b></p><p><blockquote><b>中国网络内容市场</b></blockquote></p><p>China's online content market tripled from 2015 to reach 1.2 trillion RMB in 2019. This market is expected to increase to 3.7 trillion RMB in 2025, representing a CAGR of 21.4% from 2019 to 2025.</p><p><blockquote>中国在线内容市场从2015年增长了两倍，到2019年达到1.2万亿元人民币。该市场预计将于2025年增长至3.7万亿元人民币，2019年至2025年的复合年增长率为21.4%。</blockquote></p><p><b>China’s Online Content Market Size (in terms of revenue), 2015-2025E</b></p><p><blockquote><b>2015-2025年中国在线内容市场规模（按收入计）</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/69a7db9cacf26245273702a255aabdb8\" tg-width=\"573\" tg-height=\"258\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Market Size of China’s Online Content Communities (in terms of revenue),2015-2025E</b></p><p><blockquote><b>2015-2025年中国在线内容社区市场规模（按收入计）</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/aee42792caf4aa2cbdcd17f757a75727\" tg-width=\"584\" tg-height=\"285\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>China’s Paid Membership Market Size (in terms of revenue), 2015-2025E</b></p><p><blockquote><b>2015-2025年中国付费会员市场规模（按收入计）</b></blockquote></p><p></p><p><img src=\"https://static.tigerbbs.com/77ff121d78cb1dd922d524a78570152e\" tg-width=\"520\" tg-height=\"286\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Content-commerce solutions</b></p><p><blockquote><b>内容商务解决方案</b></blockquote></p><p>To provide integrated marketing services, the online content communities provide content-commerce solutions for content creation, content distribution, and content conversion. The company provides integrated content-commerce solutions, providing merchants and brands one-stop services for all their sales and marketing needs, from making marketing plans, facilitating content creation, assigning the most relevant content creators, to distributing to the interested users. China's content commerce solution market is expected to grow from 11.4 billion RMB in 2019 to 112.3 billion RMB in 2025, at a CAGR of 46.4%.</p><p><blockquote>为了提供整合营销服务，在线内容社区为内容创建、内容分发和内容转换提供内容商务解决方案。该公司提供集成的内容商务解决方案，为商家和品牌的所有销售和营销需求提供一站式服务，从制定营销计划、促进内容创作、分配最相关的内容创作者，到分发给感兴趣的用户。中国内容商务解决方案市场预计将从2019年的114亿元人民币增长至2025年的1123亿元人民币，复合年增长率为46.4%。</blockquote></p><p><b>China’s Content-Commerce Solution Market Size (in terms of revenue), 2015-2025E</b></p><p><blockquote><b>中国内容商务解决方案市场规模（按收入计），2015-2025E</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/01a230d3fb2d4cf4aeeebfd5c3c691c3\" tg-width=\"520\" tg-height=\"269\" 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>Zhihu Technology fall on its first day of trading<blockquote>知乎科技首日交易下跌</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\">\nZhihu Technology fall on its first day of trading<blockquote>知乎科技首日交易下跌</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\">2021-03-27 01:37</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Zhihu Technology shares opened at $8.02&nbsp;each on Friday, about 15.6% lower than the company’s IPO price&nbsp;$9.5.Zhihu IPO prices at low end of the range, valuing company at about $5.3 billion.</p><p><blockquote>知乎科技股价周五开盘价为每股 8.02 美元，比公司 9.5 美元的 IPO 价格低约 15.6%。知乎的 IPO 价格处于区间的低端，公司估值约为 53 亿美元。</blockquote></p><p><img src=\"https://static.tigerbbs.com/4672a089b4ebb0a889cbfbeb32b48594\" tg-width=\"1920\" tg-height=\"959\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>Zhihu Inc.&nbsp;announced Friday the pricing of its initial public offering, at $9.50 per American depositary share, which was at the low end of the expected range. The China-based online content company offered 55 million ADS in the IPO to raise $522.5 million, while the pricing valued the company at about $5.31 billion.</p><p><blockquote>知乎公司周五公布了首次公开募股的定价，为每股美国存托股9.50美元，处于预期范围的低端。这家总部位于中国的在线内容公司在IPO中提供了5500万份广告，筹集了5.225亿美元，而定价对该公司的估值约为53.1亿美元。</blockquote></p><p>Zhihu has a similar business model as Quora where millions of people ask questions and exchange their views and experiences. Zhihu has become the largest online question and answer community in China.</p><p><blockquote>知乎有一个类似于Quora的商业模式，数百万人提出问题，交流他们的观点和经验。知乎已经成为中国最大的在线问答社区。</blockquote></p><p><b>Sales Breakdown</b></p><p><blockquote><b>销售明细</b></blockquote></p><p>Advertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. We estimate advertising as a percentage of revenues to gradually decline in the next five years as it is offset by the faster growing Paid Memberships and Content Commerce Solutions. We estimate advertising as a percentage of sales to decline to 34.1% in 2021 and 22.3% in 2025.</p><p><blockquote>广告和付费会员占该公司收入的最大部分。于二零一九年及二零二零年，广告分别占总收入的86.1%及62.4%。我们预计广告占收入的百分比将在未来五年逐渐下降，因为它被更快增长的付费会员和内容商务解决方案所抵消。我们估计广告占销售额的百分比将在2021年下降至34.1%，在2025年下降至22.3%。</blockquote></p><p>Paid Memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. We have assumed Paid Membership revenues as a percentage of total revenues to increase to 31.5% in 2021 and 37.8% in 2025.</p><p><blockquote>付费会员占2019年总收入的13.1%，2020年增至总收入的23.7%。我们假设付费会员收入占总收入的百分比将在2021年增加到31.5%，在2025年增加到37.8%。</blockquote></p><p>Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans. We have assumed Content Commerce Solutions as a percentage of total revenue to jump from 10% in 2020 to 17.8% in 2021 and 32.3% in 2025.</p><p><blockquote>内容商务解决方案和其他销售额在2020年也大幅增长。内容商务解决方案收入由2019年的人民币60万元跃升至2020年的人民币1.358亿元。2020年初，该公司推出了内容商务解决方案，为商家和品牌提供一站式服务，满足他们所有的销售和营销需求，包括营销计划。我们假设内容商务解决方案占总收入的百分比将从2020年的10%跃升至2021年的17.8%和2025年的32.3%。</blockquote></p><p><b>Gross Margins</b></p><p><blockquote><b>毛利率</b></blockquote></p><p>The company's gross margins improved from 46.6% in 2019 to 56.0% in 2020, driven by an overall improving business scalability. We have assumed further improvements in gross margins to 57.4% in 2021 and 62.3% in 2025.</p><p><blockquote>在业务可扩展性整体提升的推动下，公司毛利率由2019年的46.6%提升至2020年的56.0%。我们假设毛利率将进一步提高至2021年的57.4%和2025年的62.3%。</blockquote></p><p><b>Total Operating Expenses and Operating Margins</b></p><p><blockquote><b>总营业费用及营业利润率</b></blockquote></p><p>Total operating expenses as a percentage of revenues declined significantly from 204.4% in 2019 to 100.6% in 2020. We expect this ratio to improve further to 79% in 2021, 69.2% in 2022, and 57.2% in 2025. The bulk of the improvements in operating expenses is coming from lower SG&amp;A and R&amp;D expenses as a percentage of revenues in the next five years.</p><p><blockquote>总营运开支占收入的百分比由二零一九年的204.4%大幅下降至二零二零年的100.6%。我们预计这一比率将在2021年进一步提高至79%，2022年达到69.2%，2025年达到57.2%。运营费用的大部分改善来自于未来五年SG&amp;A和R&amp;D费用占收入百分比的降低。</blockquote></p><p><img src=\"https://static.tigerbbs.com/c019cc86f4d4c1d9ffe15d3b4a4bfa75\" tg-width=\"772\" tg-height=\"480\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/ef629be32d2c34d625cb287ad648206d\" tg-width=\"757\" tg-height=\"488\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/b9561a02993fbc88c2cad88e68c08730\" tg-width=\"920\" tg-height=\"485\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Company Background</b></p><p><blockquote><b>公司背景</b></blockquote></p><p>At the end of 2020, Zhihu had more than 43.1 million cumulative content creators that contributed 315 million questions and answers. In 4Q 2020, the company had 75.7 million average monthly active users, up 33% YoY. One of the key strengths of the company is that it is recognized as one of the most trustworthy online content communities and regarded as providing one of the highest quality content in China. Zhihu has tried to capitalize on its large user base to provide numerous multimedia functions including live streaming, e-commerce, online education, and other video content.</p><p><blockquote>截至2020年底，知乎累计拥有超过4310万内容创作者，贡献了3.15亿个问答。2020年第四季度，该公司平均月活跃用户7570万，同比增长33%。该公司的主要优势之一是它被公认为最值得信赖的在线内容社区之一，并被认为提供中国最高质量的内容之一。知乎试图利用其庞大的用户群提供众多多媒体功能，包括直播、电子商务、在线教育和其他视频内容。</blockquote></p><p>In August 2019, Zhihu received $434 million in funding from leading investors including Baidu and Kuaishou Technology, valuing the company at $3.5 billion. Given that the company had $97 million in sales in 2019, this would suggest a P/S valuation multiple of 36x. If we take the same P/S multiple apply to the company's 2020 sales of $207 million, this would suggest an implied valuation of $7.5 billion.</p><p><blockquote>2019年8月，知乎从百度和快手科技等领先投资者那里获得了4.34亿美元的资金，公司估值为35亿美元。鉴于该公司2019年的销售额为9700万美元，这意味着市盈率为36倍。如果我们将相同的市盈率应用于该公司 2020 年 2.07 亿美元的销售额，这将表明隐含估值为 75 亿美元。</blockquote></p><p>Zhihu was originally developed as a question and answer online community in 2010. At the end of 2020, there were a total of 315 million Q&amp;As spanning more than 1,000 verticals and 571,000 topics. Zhihu is one of the top five comprehensive online content communities in China, in terms of average mobile MAUs and revenue in 2020. The company uses artificial intelligence, cloud, and big data algorithms to improve the optimization of its content and services.</p><p><blockquote>知乎最初开发于2010年，是一个问答在线社区。截至2020年底，共有3.15亿条问答，涵盖1000多个垂直领域和57.1万个主题。就2020年的平均移动MAU和收入而言，知乎是中国五大综合在线内容社区之一。该公司使用人工智能、云和大数据算法来提高其内容和服务的优化。</blockquote></p><p><b>Major Shareholders of Zhihu</b></p><p><blockquote><b>知乎主要股东</b></blockquote></p><p>The founder &amp; CEO&nbsp;Zhou Yuanowns an 8.2% stake in the company (but 46.6% voting rights). Sinovation Ventures owns a 13.1% stake and Tencent Holdings Ltd. owns a 12.3% stake of Zhihu.</p><p><blockquote>创始人兼首席执行官周源拥有该公司8.2%的股份（但拥有46.6%的投票权）。创新工场拥有知乎13.1%的股份，腾讯控股控股有限公司拥有知乎12.3%的股份。</blockquote></p><p><b>Key Demographics</b></p><p><blockquote><b>主要人口统计</b></blockquote></p><p></p><p>The diagram below provides some of the key demographics of Zhihu user base. Males accounted for 56.9% of total users. People under 30 years old accounted for 78.7% of its total user base. Tier I and new tier I cities represented 52.6% of total user base. Many of the users of Zhihu are students and white collar professionals.</p><p><blockquote>下图提供了知乎用户群的一些关键人口统计数据。男性占用户总数的56.9%。30岁以下的人占其总用户群的78.7%。一线及新一线城市占总用户群的52.6%。知乎的很多用户都是学生和白领职场人士。</blockquote></p><p><img src=\"https://static.tigerbbs.com/524d689472daad1c99491d74dfdbfe24\" tg-width=\"295\" tg-height=\"389\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Revenue Breakdown</b></p><p><blockquote><b>收入明细</b></blockquote></p><p>Advertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. The company's advertising revenue is mainly driven by its MAUs and advertising revenue per MAU. The company's MAUs increased by 42.7% YoY to 68.5 million in 2020. The company started its online advertising business in 2016 and introduced paid content in 2018.</p><p><blockquote>广告和付费会员占该公司收入的最大部分。于二零一九年及二零二零年，广告分别占总收入的86.1%及62.4%。本公司的广告收入主要由其每月活跃用户及每月活跃用户的广告收入推动。2020年，该公司的MAU同比增长42.7%至6850万。该公司于2016年开始在线广告业务，并于2018年推出付费内容。</blockquote></p><p>Paid memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. Average monthly members jumped by 311.5% YoY to 2.36 million in 2020, which is a testament of an increasing number of customers that value the premium content available on Zhihu.</p><p><blockquote>付费会员占2019年总收入的13.1%，2020年增至总收入的23.7%。2020年，平均每月会员人数同比增长311.5%至236万，这证明越来越多的客户重视知乎上的优质内容。</blockquote></p><p>In March 2019, the company introduced the Yan Selection membership program, making it the first payment-based questions &amp; answers community. It provides its members with unlimited access to about 3.4 million paid content including online lectures, columns, audio books, and e-journals. This is one of the biggest strengths of the company as it shows how high quality data and content can generate serious amount of revenues and it also provides a more steady monthly revenue inflow.</p><p><blockquote>2019年3月，该公司推出了Yan Selection会员计划，使其成为第一个基于付费的问答社区。它为会员提供了无限制访问约340万个付费内容的机会，包括在线讲座、专栏、有声读物和电子期刊。这是该公司最大的优势之一，因为它展示了高质量的数据和内容如何产生大量的收入，并且还提供了更稳定的每月收入流入。</blockquote></p><p>Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans, assigning the most relevant content creators to interested users, and facilitating content creation.</p><p><blockquote>内容商务解决方案和其他销售额在2020年也大幅增长。内容商务解决方案收入由2019年的人民币60万元跃升至2020年的人民币1.358亿元。2020年初，该公司推出了内容商务解决方案，为商家和品牌提供一站式服务，满足他们所有的销售和营销需求，包括营销计划、将最相关的内容创作者分配给感兴趣的用户以及促进内容创作。</blockquote></p><p>China's content-commerce solution market is expected to be one of the fastest growing sectors in the next several years. According to CIC Consultancy, China's content-commerce solution market is expected to enjoy a strong CAGR growth of 46.4% from 2019 to 2025 (112.3 billion RMB).</p><p><blockquote>中国的内容商务解决方案市场预计将是未来几年增长最快的行业之一。根据灼识谘询，预计2019年至2025年，中国内容商务解决方案市场将实现46.4%的强劲复合年增长率（1,123亿元人民币）。</blockquote></p><p><b>Market Opportunities</b></p><p><blockquote><b>市场机会</b></blockquote></p><p><b>China’s Online Content Communities Market Size</b></p><p><blockquote><b>中国在线内容社区市场规模</b></blockquote></p><p>Online content communities refer to UGC (user generated content)-focused (including PUGC (professional user generated content) focused online content market players where content creators are also users, who are actively engaged within the communities. The content communities generally can stimulate higher level of user engagement, more interactive user experience, and enjoy lower content cost, compared to PGC (professionally generated content) players. PGC is content created by the branded company or organization.</p><p><blockquote>在线内容社区是指以UGC（用户生成内容）为中心的（包括PUGC（专业用户生成内容）为中心的在线内容市场参与者，其中内容创建者也是用户，他们在社区内积极参与。与PGC（专业生成内容）玩家相比，内容社区通常可以刺激更高水平的用户参与、更多交互式的用户体验，并享受更低的内容成本。PGC是由品牌公司或组织创建的内容。</blockquote></p><p>China's online content communities market size increased from 38.6 billion RMB in 2015 to 275.8 billion RMB in 2019 and is further expected to rise to 1.3 trillion RMB in 2025, representing a CAGR of 30.3% from 2019 to 2025, which is higher than the overall online content market growth.</p><p><blockquote>中国在线内容社区市场规模由二零一五年的386亿元人民币增长至二零一九年的2758亿元人民币，预计二零二五年将进一步增长至1.3万亿元人民币，二零一九年至二零二五年的复合年增长率为30.3%，高于整体在线内容市场的增长。</blockquote></p><p>China's online content community market has more diversified monetization channels including online advertising, paid membership, content e-commerce, content-commerce solutions, virtual gifting in live streaming, online games, and online education services. In comparison, the US online content community's monetization is mainly through advertising.</p><p><blockquote>中国在线内容社区市场拥有更多元化的变现渠道，包括在线广告、付费会员、内容电子商务、内容商务解决方案、直播中的虚拟礼物、网络游戏和在线教育服务。相比之下，美国在线内容社区的变现主要是通过广告。</blockquote></p><p>One of the major positives about the company is the growing trend of more Chinese consumers that are willing to pay money for higher quality content. The number of paying users in China’s online content communities is expected to increase at a CAGR of 17.1% between 2019 and 2025, which means an increase of 360.4 million extra paying users of online content communities to 588.2 million in 2025.</p><p><blockquote>该公司的一大积极因素是越来越多的中国消费者愿意为更高质量的内容付费。2019 年至 2025 年间，中国在线内容社区的付费用户数量预计将以 17.1% 的复合年增长率增长，这意味着到 2025 年，在线内容社区的付费用户数量将增加 3.604 亿，达到 5.882 亿。</blockquote></p><p><b>China's Online Content Market</b></p><p><blockquote><b>中国网络内容市场</b></blockquote></p><p>China's online content market tripled from 2015 to reach 1.2 trillion RMB in 2019. This market is expected to increase to 3.7 trillion RMB in 2025, representing a CAGR of 21.4% from 2019 to 2025.</p><p><blockquote>中国在线内容市场从2015年增长了两倍，到2019年达到1.2万亿元人民币。该市场预计将于2025年增长至3.7万亿元人民币，2019年至2025年的复合年增长率为21.4%。</blockquote></p><p><b>China’s Online Content Market Size (in terms of revenue), 2015-2025E</b></p><p><blockquote><b>2015-2025年中国在线内容市场规模（按收入计）</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/69a7db9cacf26245273702a255aabdb8\" tg-width=\"573\" tg-height=\"258\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Market Size of China’s Online Content Communities (in terms of revenue),2015-2025E</b></p><p><blockquote><b>2015-2025年中国在线内容社区市场规模（按收入计）</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/aee42792caf4aa2cbdcd17f757a75727\" tg-width=\"584\" tg-height=\"285\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>China’s Paid Membership Market Size (in terms of revenue), 2015-2025E</b></p><p><blockquote><b>2015-2025年中国付费会员市场规模（按收入计）</b></blockquote></p><p></p><p><img src=\"https://static.tigerbbs.com/77ff121d78cb1dd922d524a78570152e\" tg-width=\"520\" tg-height=\"286\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Content-commerce solutions</b></p><p><blockquote><b>内容商务解决方案</b></blockquote></p><p>To provide integrated marketing services, the online content communities provide content-commerce solutions for content creation, content distribution, and content conversion. The company provides integrated content-commerce solutions, providing merchants and brands one-stop services for all their sales and marketing needs, from making marketing plans, facilitating content creation, assigning the most relevant content creators, to distributing to the interested users. China's content commerce solution market is expected to grow from 11.4 billion RMB in 2019 to 112.3 billion RMB in 2025, at a CAGR of 46.4%.</p><p><blockquote>为了提供整合营销服务，在线内容社区为内容创建、内容分发和内容转换提供内容商务解决方案。该公司提供集成的内容商务解决方案，为商家和品牌的所有销售和营销需求提供一站式服务，从制定营销计划、促进内容创作、分配最相关的内容创作者，到分发给感兴趣的用户。中国内容商务解决方案市场预计将从2019年的114亿元人民币增长至2025年的1123亿元人民币，复合年增长率为46.4%。</blockquote></p><p><b>China’s Content-Commerce Solution Market Size (in terms of revenue), 2015-2025E</b></p><p><blockquote><b>中国内容商务解决方案市场规模（按收入计），2015-2025E</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/01a230d3fb2d4cf4aeeebfd5c3c691c3\" tg-width=\"520\" tg-height=\"269\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ZH":"知乎"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1141686975","content_text":"Zhihu Technology shares opened at $8.02 each on Friday, about 15.6% lower than the company’s IPO price $9.5.Zhihu IPO prices at low end of the range, valuing company at about $5.3 billion.Zhihu Inc. announced Friday the pricing of its initial public offering, at $9.50 per American depositary share, which was at the low end of the expected range. The China-based online content company offered 55 million ADS in the IPO to raise $522.5 million, while the pricing valued the company at about $5.31 billion.Zhihu has a similar business model as Quora where millions of people ask questions and exchange their views and experiences. Zhihu has become the largest online question and answer community in China.Sales BreakdownAdvertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. We estimate advertising as a percentage of revenues to gradually decline in the next five years as it is offset by the faster growing Paid Memberships and Content Commerce Solutions. We estimate advertising as a percentage of sales to decline to 34.1% in 2021 and 22.3% in 2025.Paid Memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. We have assumed Paid Membership revenues as a percentage of total revenues to increase to 31.5% in 2021 and 37.8% in 2025.Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans. We have assumed Content Commerce Solutions as a percentage of total revenue to jump from 10% in 2020 to 17.8% in 2021 and 32.3% in 2025.Gross MarginsThe company's gross margins improved from 46.6% in 2019 to 56.0% in 2020, driven by an overall improving business scalability. We have assumed further improvements in gross margins to 57.4% in 2021 and 62.3% in 2025.Total Operating Expenses and Operating MarginsTotal operating expenses as a percentage of revenues declined significantly from 204.4% in 2019 to 100.6% in 2020. We expect this ratio to improve further to 79% in 2021, 69.2% in 2022, and 57.2% in 2025. The bulk of the improvements in operating expenses is coming from lower SG&A and R&D expenses as a percentage of revenues in the next five years.Company BackgroundAt the end of 2020, Zhihu had more than 43.1 million cumulative content creators that contributed 315 million questions and answers. In 4Q 2020, the company had 75.7 million average monthly active users, up 33% YoY. One of the key strengths of the company is that it is recognized as one of the most trustworthy online content communities and regarded as providing one of the highest quality content in China. Zhihu has tried to capitalize on its large user base to provide numerous multimedia functions including live streaming, e-commerce, online education, and other video content.In August 2019, Zhihu received $434 million in funding from leading investors including Baidu and Kuaishou Technology, valuing the company at $3.5 billion. Given that the company had $97 million in sales in 2019, this would suggest a P/S valuation multiple of 36x. If we take the same P/S multiple apply to the company's 2020 sales of $207 million, this would suggest an implied valuation of $7.5 billion.Zhihu was originally developed as a question and answer online community in 2010. At the end of 2020, there were a total of 315 million Q&As spanning more than 1,000 verticals and 571,000 topics. Zhihu is one of the top five comprehensive online content communities in China, in terms of average mobile MAUs and revenue in 2020. The company uses artificial intelligence, cloud, and big data algorithms to improve the optimization of its content and services.Major Shareholders of ZhihuThe founder & CEO Zhou Yuanowns an 8.2% stake in the company (but 46.6% voting rights). Sinovation Ventures owns a 13.1% stake and Tencent Holdings Ltd. owns a 12.3% stake of Zhihu.Key DemographicsThe diagram below provides some of the key demographics of Zhihu user base. Males accounted for 56.9% of total users. People under 30 years old accounted for 78.7% of its total user base. Tier I and new tier I cities represented 52.6% of total user base. Many of the users of Zhihu are students and white collar professionals.Revenue BreakdownAdvertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. The company's advertising revenue is mainly driven by its MAUs and advertising revenue per MAU. The company's MAUs increased by 42.7% YoY to 68.5 million in 2020. The company started its online advertising business in 2016 and introduced paid content in 2018.Paid memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. Average monthly members jumped by 311.5% YoY to 2.36 million in 2020, which is a testament of an increasing number of customers that value the premium content available on Zhihu.In March 2019, the company introduced the Yan Selection membership program, making it the first payment-based questions & answers community. It provides its members with unlimited access to about 3.4 million paid content including online lectures, columns, audio books, and e-journals. This is one of the biggest strengths of the company as it shows how high quality data and content can generate serious amount of revenues and it also provides a more steady monthly revenue inflow.Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans, assigning the most relevant content creators to interested users, and facilitating content creation.China's content-commerce solution market is expected to be one of the fastest growing sectors in the next several years. According to CIC Consultancy, China's content-commerce solution market is expected to enjoy a strong CAGR growth of 46.4% from 2019 to 2025 (112.3 billion RMB).Market OpportunitiesChina’s Online Content Communities Market SizeOnline content communities refer to UGC (user generated content)-focused (including PUGC (professional user generated content) focused online content market players where content creators are also users, who are actively engaged within the communities. The content communities generally can stimulate higher level of user engagement, more interactive user experience, and enjoy lower content cost, compared to PGC (professionally generated content) players. PGC is content created by the branded company or organization.China's online content communities market size increased from 38.6 billion RMB in 2015 to 275.8 billion RMB in 2019 and is further expected to rise to 1.3 trillion RMB in 2025, representing a CAGR of 30.3% from 2019 to 2025, which is higher than the overall online content market growth.China's online content community market has more diversified monetization channels including online advertising, paid membership, content e-commerce, content-commerce solutions, virtual gifting in live streaming, online games, and online education services. In comparison, the US online content community's monetization is mainly through advertising.One of the major positives about the company is the growing trend of more Chinese consumers that are willing to pay money for higher quality content. The number of paying users in China’s online content communities is expected to increase at a CAGR of 17.1% between 2019 and 2025, which means an increase of 360.4 million extra paying users of online content communities to 588.2 million in 2025.China's Online Content MarketChina's online content market tripled from 2015 to reach 1.2 trillion RMB in 2019. This market is expected to increase to 3.7 trillion RMB in 2025, representing a CAGR of 21.4% from 2019 to 2025.China’s Online Content Market Size (in terms of revenue), 2015-2025EMarket Size of China’s Online Content Communities (in terms of revenue),2015-2025EChina’s Paid Membership Market Size (in terms of revenue), 2015-2025EContent-commerce solutionsTo provide integrated marketing services, the online content communities provide content-commerce solutions for content creation, content distribution, and content conversion. The company provides integrated content-commerce solutions, providing merchants and brands one-stop services for all their sales and marketing needs, from making marketing plans, facilitating content creation, assigning the most relevant content creators, to distributing to the interested users. China's content commerce solution market is expected to grow from 11.4 billion RMB in 2019 to 112.3 billion RMB in 2025, at a CAGR of 46.4%.China’s Content-Commerce Solution Market Size (in terms of revenue), 2015-2025E","news_type":1,"symbols_score_info":{"ZH":0.9}},"isVote":1,"tweetType":1,"viewCount":556,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":327521221,"gmtCreate":1616111723563,"gmtModify":1634527212605,"author":{"id":"3560400655314166","authorId":"3560400655314166","name":"TL1M","avatar":"https://static.tigerbbs.com/ac25b2b0f6be3ec28a06c38fb7c8ed9e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560400655314166","authorIdStr":"3560400655314166"},"themes":[],"title":"","htmlText":"Will be red today for SG stocks?Pls like n comment","listText":"Will be red today for SG stocks?Pls like n comment","text":"Will be red today for SG stocks?Pls like n comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/327521221","repostId":"2120162321","repostType":4,"isVote":1,"tweetType":1,"viewCount":459,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":149924126,"gmtCreate":1625702374465,"gmtModify":1633938279956,"author":{"id":"3560400655314166","authorId":"3560400655314166","name":"TL1M","avatar":"https://static.tigerbbs.com/ac25b2b0f6be3ec28a06c38fb7c8ed9e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560400655314166","authorIdStr":"3560400655314166"},"themes":[],"title":"","htmlText":"Pls like n comment","listText":"Pls like n comment","text":"Pls like n comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":11,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/149924126","repostId":"1176865752","repostType":4,"isVote":1,"tweetType":1,"viewCount":938,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":130513975,"gmtCreate":1621556407997,"gmtModify":1634188184641,"author":{"id":"3560400655314166","authorId":"3560400655314166","name":"TL1M","avatar":"https://static.tigerbbs.com/ac25b2b0f6be3ec28a06c38fb7c8ed9e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560400655314166","authorIdStr":"3560400655314166"},"themes":[],"title":"","htmlText":"Rebounding! Pls like n comment","listText":"Rebounding! Pls like n comment","text":"Rebounding! Pls like n comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/130513975","repostId":"2137763179","repostType":4,"isVote":1,"tweetType":1,"viewCount":582,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":103097539,"gmtCreate":1619737965621,"gmtModify":1634210382291,"author":{"id":"3560400655314166","authorId":"3560400655314166","name":"TL1M","avatar":"https://static.tigerbbs.com/ac25b2b0f6be3ec28a06c38fb7c8ed9e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560400655314166","authorIdStr":"3560400655314166"},"themes":[],"title":"","htmlText":"Amazing! Pls like n comment!","listText":"Amazing! Pls like n comment!","text":"Amazing! Pls like n comment!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/103097539","repostId":"1188611661","repostType":4,"repost":{"id":"1188611661","kind":"news","pubTimestamp":1619734487,"share":"https://www.laohunote.com/m/news/1188611661?lang=zh_CN&edition=full","pubTime":"2021-04-30 06:14","market":"us","language":"en","title":"Amazon sales surge 44% as it smashes earnings expectations<blockquote>亚马逊销售额飙升 44%，超出盈利预期</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1188611661","media":"CNBC","summary":"Amazon released first-quarter results on Thursday that trounced analysts’ expectations.\nThe company ","content":"<p><ul>  <li>Amazon released first-quarter results on Thursday that trounced analysts’ expectations.</li>  <li>The company confirmed that this year’s Prime Day will take place in June, which will likely help year over year comparisons for revenue in the second quarter.</li> </ul> Amazonshares climbed more than 3.5% in extended trading Thursday after the company&nbsp;released&nbsp;its first-quarter earnings, beating Wall Street’s expectations for earnings and revenue.</p><p><blockquote><ul><li>亚马逊周四发布的第一季度业绩超出了分析师的预期。</li><li>该公司证实，今年的 Prime Day 将在 6 月举行，这可能有助于第二季度的收入同比比较。</li></ul>亚马逊公布第一季度财报后，该公司股价在周四盘后交易中攀升超过 3.5%，超出了华尔街对盈利和收入的预期。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/798d7f0536203d2ae33b543f4dabf204\" tg-width=\"1281\" tg-height=\"591\"></p><p><blockquote></blockquote></p><p> Here’s how the e-commerce giant fared, relative to analyst estimates compiled by Refinitiv:</p><p><blockquote>以下是这家电子商务巨头相对于 Refinitiv 编制的分析师估计的表现：</blockquote></p><p> <ul>  <li><b>Earnings:</b>$15.79 per share vs. $9.54 per share expected</li>  <li><b>Revenue:</b>$108.52 billion vs. $104.47 billion expected</li> </ul> Few companies have benefited from the pandemic-fueled surge of online shoppingas much as Amazon. Its first-quarter results showed the company’s business continues to be buoyed by the pandemic, with sales soaring 44% year-over-year to $108.5 billion.</p><p><blockquote><ul><li><b>收益：</b>每股 15.79 美元，预计每股 9.54 美元</li><li><b>收入：</b>1,085.2 亿美元，而预期为 1,044.7 亿美元</li></ul>很少有公司能像亚马逊那样从疫情推动的在线购物激增中受益。第一季度业绩显示，该公司的业务继续受到大流行病的提振，销售额同比飙升 44%，达到 1085 亿美元。</blockquote></p><p> Amazon’s guidance for the second quarter implies that it expects the momentum to continue, which should help allay investor fears that business could slow in a post-pandemic environment. The company expects to post revenue between $110 billion and $116 billion, surpassing Wall Street’s projection $108.6 billion.</p><p><blockquote>亚马逊对第二季度的业绩指引意味着，它预计这一势头将继续下去，这将有助于减轻投资者对大流行后环境下业务可能放缓的担忧。该公司预计营收将在 1100 亿至 1160 亿美元之间，超过华尔街预测的 1086 亿美元。</blockquote></p><p> Crucially, Amazon confirmed in its guidance that this year’s Prime Day will take place in June, which will likely help year-over-year comparisons for revenue in the second quarter. Typically, Amazon’s annual, two-day discount bonanza takes place in July, but the company postponed the event to October last year amid pandemic-related uncertainty.</p><p><blockquote>至关重要的是，亚马逊在指引中确认，今年的 Prime Day 将在 6 月举行，这可能有助于第二季度的收入同比比较。通常情况下，亚马逊一年一度的为期两天的折扣活动会在 7 月举行，但由于大流行病相关的不确定性，该公司将活动推迟到了去年 10 月。</blockquote></p><p> When asked about the Prime Day timing, CFO Brian Olsavsky said on a call with investors: “In many areas, July is vacation month, so it might be better for customers, sellers and vendors to experiment with a different time period. We believe that it might be better timing later in [the second quarter], so that’s what we’re testing this year.”</p><p><blockquote>当被问及 Prime Day 的时间安排时，首席财务官 Brian Olsavsky 在与投资者的看涨期权上说： “在许多地区，7 月是假期月，因此顾客、卖家和供应商尝试不同的时间段可能会更好。我们相信，[第二季度]晚些时候可能会更好，所以这就是我们今年正在测试的内容”。</blockquote></p><p> Outside of its core retail segment, Amazon’s cloud-computing and advertising businesses continue to boom. Amazon Web Servicessawnet sales of $13.5 billion during the quarter, up 32% year over year. Amazon doesn’t disclose advertising sales, but it’s included in the company’s “Other” category, which saw its revenues grow 77% year over year to $6.9 billion.</p><p><blockquote>除了核心零售业务，亚马逊的云计算和广告业务也在继续蓬勃发展。亚马逊网络服务本季度销售额为 135 亿美元，同比增长 32%。亚马逊没有披露广告销售额，但它被列入该公司的 “其他 ”类别，该类别的收入同比增长 77%，达到 69 亿美元。</blockquote></p><p> Amazon CEO Jeff Bezos also gave a rare glimpse into how the company’s streaming business has fared during the pandemic, as stuck-at-home consumers relied on online entertainment to keep busy. “As Prime Video turns 10, over 175 million Prime members have streamed shows and movies in the past year, and streaming hours are up more than 70% year over year,” he said.</p><p><blockquote>亚马逊首席执行官杰夫·贝索斯也罕见地透露了该公司流媒体业务在大流行病期间的表现，因为宅在家里的消费者依靠在线娱乐来保持忙碌。“他说：”随着 Prime Video 年满 10 岁，在过去的一年里，超过 1.75 亿 Prime 会员观看了流媒体节目和电影，流媒体时长同比增长了 70% 以上。</blockquote></p><p> Amazon’s streaming service, Prime Video, is a key offering of the company’s Prime subscription service, which costs $119 a year and includes a range of other benefits like free, two-day shipping. Bezos disclosed earlier this month that the company now has 200 million Prime subscribers, 50 million more than it had at the start of 2020.</p><p><blockquote>亚马逊的流媒体服务 Prime Video 是该公司 Prime 订阅服务的主要产品，该服务每年收费 119 美元，还包括一系列其他优惠，如免费两天送货。贝佐斯本月早些时候透露，该公司目前拥有 2 亿 Prime 用户，比 2020 年初增加了 5000 万。</blockquote></p><p> Physical stores revenue, which includes Whole Foods Market and other brick-and-mortar offerings like Amazon Books, continued to fall. Sales slumped 16% to $3.9 billion. The category excludes online delivery, Olsavsky said.</p><p><blockquote>包括全食超市和亚马逊图书等其他实体店在内的实体店收入继续下降。销售额下降 16% 至 39 亿美元。奥尔萨夫斯基说，这一类别不包括在线交付。</blockquote></p><p> During the quarter, Amazon’s sales grew faster internationally than they did in North America. International revenue surged 60% year over year, more than any other segment, while North America revenue climbed 40%.</p><p><blockquote>本季度，亚马逊的国际销售额增长速度快于北美。国际收入同比增长 60%，超过任何其他细分市场，而北美收入增长 40%。</blockquote></p><p> As expected, Amazon will incur fewer costs this year related to coronavirus safety measures. Operating income is forecast to be between $4.5 billion and $8 billion in the second quarter, assuming $1.5 billion of costs related to Covid-19. That’s in line with what Amazon executives predicted last quarter.</p><p><blockquote>正如预期的那样，亚马逊今年与冠状病毒安全措施相关的成本将会减少。假设与 Covid-19 相关的成本为 15 亿美元，预计经营利润第二季度的营收将在 45 亿至 80 亿美元之间。这与亚马逊高管上个季度的预测一致。</blockquote></p><p> AmazonsaidWednesday it would spend more than $1 billion on raising wages for over half a million of its U.S. operations workers. On a call with reporters, Olsavsky said it decided to move up the pay increase from the fall to this spring as volumes remain just as strong as they were at the beginning of the pandemic.</p><p><blockquote>亚马逊周三表示，将斥资超过 10 亿美元为超过 50 万美国运营工人提高工资。奥尔萨夫斯基在与记者的看涨期权上表示，公司决定将加薪时间从秋季提前到今年春季，因为加薪量仍然像疫情开始时一样强劲。</blockquote></p><p> Olsavsky declined to comment on Amazon’s CEO transition plans, which will come into play once Bezossteps down in the third quarter. Bezos will turn the helm over to AWS CEO Andy Jassy and assume the role of executive chairman of Amazon’s board.</p><p><blockquote>奥尔萨夫斯基拒绝就亚马逊首席执行官过渡计划发表评论，该计划将在贝佐斯第三季度下台后生效。贝佐斯将把领导权移交给 AWS 首席执行官安迪-贾西（Andy Jassy），并担任亚马逊董事会执行主席。</blockquote></p><p></p>","source":"lsy1609915699154","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>Amazon sales surge 44% as it smashes earnings expectations<blockquote>亚马逊销售额飙升 44%，超出盈利预期</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\">\nAmazon sales surge 44% as it smashes earnings expectations<blockquote>亚马逊销售额飙升 44%，超出盈利预期</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">CNBC</strong><span class=\"h-time small\">2021-04-30 06:14</span>\n</p>\n</h4>\n</header>\n<article>\n<p><ul>  <li>Amazon released first-quarter results on Thursday that trounced analysts’ expectations.</li>  <li>The company confirmed that this year’s Prime Day will take place in June, which will likely help year over year comparisons for revenue in the second quarter.</li> </ul> Amazonshares climbed more than 3.5% in extended trading Thursday after the company&nbsp;released&nbsp;its first-quarter earnings, beating Wall Street’s expectations for earnings and revenue.</p><p><blockquote><ul><li>亚马逊周四发布的第一季度业绩超出了分析师的预期。</li><li>该公司证实，今年的 Prime Day 将在 6 月举行，这可能有助于第二季度的收入同比比较。</li></ul>亚马逊公布第一季度财报后，该公司股价在周四盘后交易中攀升超过 3.5%，超出了华尔街对盈利和收入的预期。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/798d7f0536203d2ae33b543f4dabf204\" tg-width=\"1281\" tg-height=\"591\"></p><p><blockquote></blockquote></p><p> Here’s how the e-commerce giant fared, relative to analyst estimates compiled by Refinitiv:</p><p><blockquote>以下是这家电子商务巨头相对于 Refinitiv 编制的分析师估计的表现：</blockquote></p><p> <ul>  <li><b>Earnings:</b>$15.79 per share vs. $9.54 per share expected</li>  <li><b>Revenue:</b>$108.52 billion vs. $104.47 billion expected</li> </ul> Few companies have benefited from the pandemic-fueled surge of online shoppingas much as Amazon. Its first-quarter results showed the company’s business continues to be buoyed by the pandemic, with sales soaring 44% year-over-year to $108.5 billion.</p><p><blockquote><ul><li><b>收益：</b>每股 15.79 美元，预计每股 9.54 美元</li><li><b>收入：</b>1,085.2 亿美元，而预期为 1,044.7 亿美元</li></ul>很少有公司能像亚马逊那样从疫情推动的在线购物激增中受益。第一季度业绩显示，该公司的业务继续受到大流行病的提振，销售额同比飙升 44%，达到 1085 亿美元。</blockquote></p><p> Amazon’s guidance for the second quarter implies that it expects the momentum to continue, which should help allay investor fears that business could slow in a post-pandemic environment. The company expects to post revenue between $110 billion and $116 billion, surpassing Wall Street’s projection $108.6 billion.</p><p><blockquote>亚马逊对第二季度的业绩指引意味着，它预计这一势头将继续下去，这将有助于减轻投资者对大流行后环境下业务可能放缓的担忧。该公司预计营收将在 1100 亿至 1160 亿美元之间，超过华尔街预测的 1086 亿美元。</blockquote></p><p> Crucially, Amazon confirmed in its guidance that this year’s Prime Day will take place in June, which will likely help year-over-year comparisons for revenue in the second quarter. Typically, Amazon’s annual, two-day discount bonanza takes place in July, but the company postponed the event to October last year amid pandemic-related uncertainty.</p><p><blockquote>至关重要的是，亚马逊在指引中确认，今年的 Prime Day 将在 6 月举行，这可能有助于第二季度的收入同比比较。通常情况下，亚马逊一年一度的为期两天的折扣活动会在 7 月举行，但由于大流行病相关的不确定性，该公司将活动推迟到了去年 10 月。</blockquote></p><p> When asked about the Prime Day timing, CFO Brian Olsavsky said on a call with investors: “In many areas, July is vacation month, so it might be better for customers, sellers and vendors to experiment with a different time period. We believe that it might be better timing later in [the second quarter], so that’s what we’re testing this year.”</p><p><blockquote>当被问及 Prime Day 的时间安排时，首席财务官 Brian Olsavsky 在与投资者的看涨期权上说： “在许多地区，7 月是假期月，因此顾客、卖家和供应商尝试不同的时间段可能会更好。我们相信，[第二季度]晚些时候可能会更好，所以这就是我们今年正在测试的内容”。</blockquote></p><p> Outside of its core retail segment, Amazon’s cloud-computing and advertising businesses continue to boom. Amazon Web Servicessawnet sales of $13.5 billion during the quarter, up 32% year over year. Amazon doesn’t disclose advertising sales, but it’s included in the company’s “Other” category, which saw its revenues grow 77% year over year to $6.9 billion.</p><p><blockquote>除了核心零售业务，亚马逊的云计算和广告业务也在继续蓬勃发展。亚马逊网络服务本季度销售额为 135 亿美元，同比增长 32%。亚马逊没有披露广告销售额，但它被列入该公司的 “其他 ”类别，该类别的收入同比增长 77%，达到 69 亿美元。</blockquote></p><p> Amazon CEO Jeff Bezos also gave a rare glimpse into how the company’s streaming business has fared during the pandemic, as stuck-at-home consumers relied on online entertainment to keep busy. “As Prime Video turns 10, over 175 million Prime members have streamed shows and movies in the past year, and streaming hours are up more than 70% year over year,” he said.</p><p><blockquote>亚马逊首席执行官杰夫·贝索斯也罕见地透露了该公司流媒体业务在大流行病期间的表现，因为宅在家里的消费者依靠在线娱乐来保持忙碌。“他说：”随着 Prime Video 年满 10 岁，在过去的一年里，超过 1.75 亿 Prime 会员观看了流媒体节目和电影，流媒体时长同比增长了 70% 以上。</blockquote></p><p> Amazon’s streaming service, Prime Video, is a key offering of the company’s Prime subscription service, which costs $119 a year and includes a range of other benefits like free, two-day shipping. Bezos disclosed earlier this month that the company now has 200 million Prime subscribers, 50 million more than it had at the start of 2020.</p><p><blockquote>亚马逊的流媒体服务 Prime Video 是该公司 Prime 订阅服务的主要产品，该服务每年收费 119 美元，还包括一系列其他优惠，如免费两天送货。贝佐斯本月早些时候透露，该公司目前拥有 2 亿 Prime 用户，比 2020 年初增加了 5000 万。</blockquote></p><p> Physical stores revenue, which includes Whole Foods Market and other brick-and-mortar offerings like Amazon Books, continued to fall. Sales slumped 16% to $3.9 billion. The category excludes online delivery, Olsavsky said.</p><p><blockquote>包括全食超市和亚马逊图书等其他实体店在内的实体店收入继续下降。销售额下降 16% 至 39 亿美元。奥尔萨夫斯基说，这一类别不包括在线交付。</blockquote></p><p> During the quarter, Amazon’s sales grew faster internationally than they did in North America. International revenue surged 60% year over year, more than any other segment, while North America revenue climbed 40%.</p><p><blockquote>本季度，亚马逊的国际销售额增长速度快于北美。国际收入同比增长 60%，超过任何其他细分市场，而北美收入增长 40%。</blockquote></p><p> As expected, Amazon will incur fewer costs this year related to coronavirus safety measures. Operating income is forecast to be between $4.5 billion and $8 billion in the second quarter, assuming $1.5 billion of costs related to Covid-19. That’s in line with what Amazon executives predicted last quarter.</p><p><blockquote>正如预期的那样，亚马逊今年与冠状病毒安全措施相关的成本将会减少。假设与 Covid-19 相关的成本为 15 亿美元，预计经营利润第二季度的营收将在 45 亿至 80 亿美元之间。这与亚马逊高管上个季度的预测一致。</blockquote></p><p> AmazonsaidWednesday it would spend more than $1 billion on raising wages for over half a million of its U.S. operations workers. On a call with reporters, Olsavsky said it decided to move up the pay increase from the fall to this spring as volumes remain just as strong as they were at the beginning of the pandemic.</p><p><blockquote>亚马逊周三表示，将斥资超过 10 亿美元为超过 50 万美国运营工人提高工资。奥尔萨夫斯基在与记者的看涨期权上表示，公司决定将加薪时间从秋季提前到今年春季，因为加薪量仍然像疫情开始时一样强劲。</blockquote></p><p> Olsavsky declined to comment on Amazon’s CEO transition plans, which will come into play once Bezossteps down in the third quarter. Bezos will turn the helm over to AWS CEO Andy Jassy and assume the role of executive chairman of Amazon’s board.</p><p><blockquote>奥尔萨夫斯基拒绝就亚马逊首席执行官过渡计划发表评论，该计划将在贝佐斯第三季度下台后生效。贝佐斯将把领导权移交给 AWS 首席执行官安迪-贾西（Andy Jassy），并担任亚马逊董事会执行主席。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.cnbc.com/2021/04/29/amazon-amzn-earnings-q1-2021.html\">CNBC</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":{"AMZN":"亚马逊"},"source_url":"https://www.cnbc.com/2021/04/29/amazon-amzn-earnings-q1-2021.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188611661","content_text":"Amazon released first-quarter results on Thursday that trounced analysts’ expectations.\nThe company confirmed that this year’s Prime Day will take place in June, which will likely help year over year comparisons for revenue in the second quarter.\n\nAmazonshares climbed more than 3.5% in extended trading Thursday after the company released its first-quarter earnings, beating Wall Street’s expectations for earnings and revenue.\n\nHere’s how the e-commerce giant fared, relative to analyst estimates compiled by Refinitiv:\n\nEarnings:$15.79 per share vs. $9.54 per share expected\nRevenue:$108.52 billion vs. $104.47 billion expected\n\nFew companies have benefited from the pandemic-fueled surge of online shoppingas much as Amazon. Its first-quarter results showed the company’s business continues to be buoyed by the pandemic, with sales soaring 44% year-over-year to $108.5 billion.\nAmazon’s guidance for the second quarter implies that it expects the momentum to continue, which should help allay investor fears that business could slow in a post-pandemic environment. The company expects to post revenue between $110 billion and $116 billion, surpassing Wall Street’s projection $108.6 billion.\nCrucially, Amazon confirmed in its guidance that this year’s Prime Day will take place in June, which will likely help year-over-year comparisons for revenue in the second quarter. Typically, Amazon’s annual, two-day discount bonanza takes place in July, but the company postponed the event to October last year amid pandemic-related uncertainty.\nWhen asked about the Prime Day timing, CFO Brian Olsavsky said on a call with investors: “In many areas, July is vacation month, so it might be better for customers, sellers and vendors to experiment with a different time period. We believe that it might be better timing later in [the second quarter], so that’s what we’re testing this year.”\nOutside of its core retail segment, Amazon’s cloud-computing and advertising businesses continue to boom. Amazon Web Servicessawnet sales of $13.5 billion during the quarter, up 32% year over year. Amazon doesn’t disclose advertising sales, but it’s included in the company’s “Other” category, which saw its revenues grow 77% year over year to $6.9 billion.\nAmazon CEO Jeff Bezos also gave a rare glimpse into how the company’s streaming business has fared during the pandemic, as stuck-at-home consumers relied on online entertainment to keep busy. “As Prime Video turns 10, over 175 million Prime members have streamed shows and movies in the past year, and streaming hours are up more than 70% year over year,” he said.\nAmazon’s streaming service, Prime Video, is a key offering of the company’s Prime subscription service, which costs $119 a year and includes a range of other benefits like free, two-day shipping. Bezos disclosed earlier this month that the company now has 200 million Prime subscribers, 50 million more than it had at the start of 2020.\nPhysical stores revenue, which includes Whole Foods Market and other brick-and-mortar offerings like Amazon Books, continued to fall. Sales slumped 16% to $3.9 billion. The category excludes online delivery, Olsavsky said.\nDuring the quarter, Amazon’s sales grew faster internationally than they did in North America. International revenue surged 60% year over year, more than any other segment, while North America revenue climbed 40%.\nAs expected, Amazon will incur fewer costs this year related to coronavirus safety measures. Operating income is forecast to be between $4.5 billion and $8 billion in the second quarter, assuming $1.5 billion of costs related to Covid-19. That’s in line with what Amazon executives predicted last quarter.\nAmazonsaidWednesday it would spend more than $1 billion on raising wages for over half a million of its U.S. operations workers. On a call with reporters, Olsavsky said it decided to move up the pay increase from the fall to this spring as volumes remain just as strong as they were at the beginning of the pandemic.\nOlsavsky declined to comment on Amazon’s CEO transition plans, which will come into play once Bezossteps down in the third quarter. Bezos will turn the helm over to AWS CEO Andy Jassy and assume the role of executive chairman of Amazon’s board.","news_type":1,"symbols_score_info":{"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":988,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":817438113,"gmtCreate":1630979353232,"gmtModify":1631890577949,"author":{"id":"3560400655314166","authorId":"3560400655314166","name":"TL1M","avatar":"https://static.tigerbbs.com/ac25b2b0f6be3ec28a06c38fb7c8ed9e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560400655314166","authorIdStr":"3560400655314166"},"themes":[],"title":"","htmlText":"Maybe","listText":"Maybe","text":"Maybe","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":11,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/817438113","repostId":"2165877953","repostType":4,"isVote":1,"tweetType":1,"viewCount":2828,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":131195079,"gmtCreate":1621832995091,"gmtModify":1634186224879,"author":{"id":"3560400655314166","authorId":"3560400655314166","name":"TL1M","avatar":"https://static.tigerbbs.com/ac25b2b0f6be3ec28a06c38fb7c8ed9e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560400655314166","authorIdStr":"3560400655314166"},"themes":[],"title":"","htmlText":"Rebound soon pls like n comment&nbsp;","listText":"Rebound soon pls like n comment&nbsp;","text":"Rebound soon pls like n comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/131195079","repostId":"2137827351","repostType":4,"isVote":1,"tweetType":1,"viewCount":460,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":344001091,"gmtCreate":1618358183813,"gmtModify":1634293539374,"author":{"id":"3560400655314166","authorId":"3560400655314166","name":"TL1M","avatar":"https://static.tigerbbs.com/ac25b2b0f6be3ec28a06c38fb7c8ed9e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560400655314166","authorIdStr":"3560400655314166"},"themes":[],"title":"","htmlText":"Will be a good week! Pls like n comment&nbsp;","listText":"Will be a good week! Pls like n comment&nbsp;","text":"Will be a good week! Pls like n comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/344001091","repostId":"1176504888","repostType":4,"isVote":1,"tweetType":1,"viewCount":872,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":343048463,"gmtCreate":1617666399152,"gmtModify":1634297280517,"author":{"id":"3560400655314166","authorId":"3560400655314166","name":"TL1M","avatar":"https://static.tigerbbs.com/ac25b2b0f6be3ec28a06c38fb7c8ed9e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560400655314166","authorIdStr":"3560400655314166"},"themes":[],"title":"","htmlText":"Tesla has great vision n continue to grow! Pls like n comment.","listText":"Tesla has great vision n continue to grow! Pls like n comment.","text":"Tesla has great vision n continue to grow! Pls like n comment.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/343048463","repostId":"1123709980","repostType":4,"isVote":1,"tweetType":1,"viewCount":585,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}