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2021-08-03

Ye

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2021-08-02

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2021-07-30

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2021-07-29

Yea

S&P 500 ends off day's lows; Powell says Fed still a ways away from rate hikes<blockquote>标普500收于当日低点；鲍威尔称美联储距离加息还有很长的路要走</blockquote>

2021-07-28

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2021-07-27

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2021-07-25

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2021-07-23

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2021-07-21

Yea

Behind The Market's Furious Reversal: Record High Skew<blockquote>市场疯狂逆转的背后：创纪录的高位偏差</blockquote>

2021-07-20

Yea

Economic Data Scheduled For Tuesday<blockquote>经济数据定于周二公布</blockquote>

2021-07-19

Yea

What You Need to Know about SPACs – Wall Street’s Hottest Trend<blockquote>关于SPAC你需要知道什么——华尔街最热门的趋势</blockquote>

2021-07-17

Yea

'Bad Omen' For Meme Stocks And The Retail Trading Boom? Here's What The Data Says<blockquote>迷因股票和零售交易繁荣的“坏兆头”？数据是这么说的</blockquote>

2021-07-16

Yea

Coupa Shares Extend Losses After Post-Analyst Day Selloff<blockquote>分析师日抛售后，Coupa股价扩大跌幅</blockquote>

2021-07-11

Yea

The Meme Stock Trade Is Far From Over. What Investors Need to Know.<blockquote>模因股票交易还远未结束。投资者需要知道的。</blockquote>

2021-07-09

Yea

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2021-07-08

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2021-07-07

Hi

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2021-07-06

Hi

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2021-07-05

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2021-07-04

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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收于当日低点；鲍威尔称美联储距离加息还有很长的路要走</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3月19日-标普500周三收盘变化不大，但脱离盘中低点，此前美联储表示美国经济复苏仍在正轨上，主席杰罗姆<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路要走。</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预测收入增长放缓，股价下跌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，在退出美联储提供的经济支持之前，美国就业市场仍有“一些地方需要覆盖”。2020年春季，以应对冠状病毒大流行的经济冲击。</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)表示：“看起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病例激增可能会影响央行可能开始撤回刺激措施的计划。</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“暂时性因素”的结果。美联储将隔夜基准利率维持在零附近，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>The<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>由于广告支出激增帮助其公布了创纪录的季度业绩，Inc创下历史新高。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>美联储的声明是在最近一次为期两天的政策会议结束时发表的。</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>F.L.投资组合经理艾伦·哈森(Ellen Hazen)表示：“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，而且仍然是可预测的。”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>在其他财报消息中，<a href=\"https://laohu8.com/S/MSFT\">微软</a>尽管云服务的繁荣帮助其收入和盈利超出了华尔街的预期，但该公司收盘下跌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个交易日的全交易日平均成交量相似。</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股与下跌股的比例为1.85比1；在纳斯达克，2.61比1的比率有利于上涨者。</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，无新低；纳斯达克综合指数录得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收于当日低点；鲍威尔称美联储距离加息还有很长的路要走</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; 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}\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收于当日低点；鲍威尔称美联储距离加息还有很长的路要走</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3月19日-标普500周三收盘变化不大，但脱离盘中低点，此前美联储表示美国经济复苏仍在正轨上，主席杰罗姆<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路要走。</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预测收入增长放缓，股价下跌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，在退出美联储提供的经济支持之前，美国就业市场仍有“一些地方需要覆盖”。2020年春季，以应对冠状病毒大流行的经济冲击。</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)表示：“看起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病例激增可能会影响央行可能开始撤回刺激措施的计划。</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“暂时性因素”的结果。美联储将隔夜基准利率维持在零附近，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>The<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>由于广告支出激增帮助其公布了创纪录的季度业绩，Inc创下历史新高。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>美联储的声明是在最近一次为期两天的政策会议结束时发表的。</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>F.L.投资组合经理艾伦·哈森(Ellen Hazen)表示：“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，而且仍然是可预测的。”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>在其他财报消息中，<a href=\"https://laohu8.com/S/MSFT\">微软</a>尽管云服务的繁荣帮助其收入和盈利超出了华尔街的预期，但该公司收盘下跌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个交易日的全交易日平均成交量相似。</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股与下跌股的比例为1.85比1；在纳斯达克，2.61比1的比率有利于上涨者。</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，无新低；纳斯达克综合指数录得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","SH":"做空标普500-Proshares","OEX":"标普100","OEF":"标普100指数ETF-iShares","UPRO":"三倍做多标普500ETF-ProShares","SDS":"两倍做空标普500 ETF-ProShares","SSO":"2倍做多标普500ETF-ProShares","SPY":"标普500ETF",".DJI":"道琼斯","SPXU":"三倍做空标普500ETF-ProShares",".IXIC":"NASDAQ Composite","IVV":"标普500ETF-iShares",".SPX":"S&P 500 Index"},"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 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22:28","market":"us","language":"en","title":"Behind The Market's Furious Reversal: Record High Skew<blockquote>市场疯狂逆转的背后：创纪录的高位偏差</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1144363960","media":"zerohedge","summary":"At the end of June, when the S&P was making new all time highs day after day, and when the VIX was t","content":"<p>At the end of June, when the S&amp;P was making new all time highs day after day, and when the VIX was touching fresh 2021 lows, we cautioned that the skew index just hit a new all time high - meaning that put options have been unusually expensive relative to at-the-money options, helping support the put-heavy VIX index. As we further added, high skew, which compares put option prices with at-the-money option prices, has reached new all-time high,&nbsp;<b>and reflected investor perception that high volatility would return should markets sell off.</b></p><p><blockquote>6月底，当标准普尔指数日复一日地创下历史新高，当VIX触及2021年新低时，我们警告称，skew指数刚刚创下历史新高——这意味着看跌期权已经异常昂贵相对于平值期权，有助于支撑以看跌期权为主的VIX指数。正如我们进一步补充的那样，将看跌期权价格与平值期权价格进行比较的high skew已达到历史新高，<b>并反映了投资者的看法，即如果市场抛售，高波动性将会回归。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/b30d4664cf3c973cc1a86d743bcae379\" tg-width=\"746\" tg-height=\"464\" width=\"100%\" height=\"auto\">Commenting on this unusual move, we said that it shows that while on one hand traders seem complacent, they have never been more nervous that even a modest wobble in the market could start a crash. By extension,<b>\"</b><b><u>they have also never been more protected against a full-blown market crash</u></b><b>.\"</b></p><p><blockquote>在评论这一不寻常的举动时，我们说，这表明，虽然一方面交易者似乎自满，但他们从未如此紧张，即使市场的适度波动也可能引发崩盘。推而广之，<b>\"</b><b><u>他们也从未像现在这样免受全面市场崩盘的影响</u></b><b>.\"</b></blockquote></p><p> So fast forward to the violent, if brief, air pocket (and hardly a full-blown crash) the market experienced late last week and on Monday, which saw stocks tumble the most in months... only to soar right after. In retrospect, traders have the record high skew to thank for that because while risk reversed sharply on Tuesday and continuing today, traders were fully hedged and ready to pounce.</p><p><blockquote>快进到上周晚些时候和周一市场经历的剧烈（尽管短暂）的气穴（而不是全面崩盘），股市出现了几个月来的最大跌幅...只是在那之后飞翔。回想起来，交易者对此要感谢创纪录的高偏差，因为尽管风险在周二急剧逆转并持续到今天，但交易者已经完全对冲并准备好突袭。</blockquote></p><p> So following up on his observations from a month ago, when he first noted the record high skew, Goldman's derivatives strategist Rocky Fishman wrote that this week’s volatility pushed equity implied and realized volatility higher, with the VIX briefly hitting 25 during the day on Monday (19-Jul)...</p><p><blockquote>因此，继一个月前他首次注意到创纪录的高位偏差时的观察之后，高盛的衍生品策略师洛奇·菲什曼（Rocky Fishman）写道，本周的波动性推高了股票隐含波动性和已实现波动性，VIX在周一（7月19日）白天短暂触及25...</blockquote></p><p> <img src=\"https://static.tigerbbs.com/44c28ca21fe15a17f5b7fa1e3236e5ad\" tg-width=\"651\" tg-height=\"375\" width=\"100%\" height=\"auto\">... even if in absolute terms vol is not high: three-week SPX realized vol (12.1%) is still below year-to-date realized vol (13.4%),and Tuesday’s rally brought the VIX back under 20. More importantly,<b>in response to record downside skew correctly implying that a sell-off would bring much higher volatility, skew has now moved even higher - at least for the S&amp;P 500.</b></p><p><blockquote>...即使从绝对值来看，成交量并不高：三周SPX实现成交量（12.1%）仍低于年初至今实现成交量（13.4%），周二的反弹使VIX回到20以下。更重要的是，<b>为了应对创纪录的下行偏斜，正确地暗示抛售将带来更高的波动性，偏斜现在已经走得更高——至少对标普500来说是这样。</b></blockquote></p><p> Some more observations from Fishman: \"although Tuesday’s large SPX move and drop in implied vol has reduced vol risk premium, the VIX remains high relative to recent realized vol.\"</p><p><blockquote>Fishman的更多观察：“尽管周二SPX的大幅波动和隐含波动率的下降降低了波动率风险溢价，但VIX相对于最近实现的波动率仍然很高。”</blockquote></p><p> Furthermore, the SPX has not had one-month realized vol as high as the current VIX level (19.7) since November - indicating that options continue to be persistently expensive,<b>which also means that traders are hedging to outsized moves both higher and lower and any selloffs are likely to be fleeting as hedges are cashed in</b>.</p><p><blockquote>此外，自11月以来，SPX的一个月实现波动率从未达到当前VIX水平（19.7）的水平，这表明期权仍然持续昂贵，<b>这也意味着交易者正在对冲大幅上涨和下跌，随着对冲兑现，任何抛售都可能转瞬即逝</b>.</blockquote></p><p> <img src=\"https://static.tigerbbs.com/002e0c79da541efcfb85fe1e04e29088\" tg-width=\"644\" tg-height=\"397\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> That said, given the recent precedent for quick sell-offs to be followed quickly by low volatility, Goldman expects volatility to subside in the near term with more likelihood of a sustained increase in Q4, and a big reason for this is the persistently high index skew.</p><p><blockquote>尽管如此，考虑到最近快速抛售之后迅速出现低波动性的先例，高盛预计波动性将在短期内消退，第四季度持续上升的可能性更大，而造成这种情况的一个重要原因是指数持续高位倾斜。</blockquote></p><p>   SPX index skew continues to be at near-record levels, which we see as driven by a lack of downside sellers  <b>as much as demand for hedging.</b>The strong reaction of the VIX to Monday’s sell-off, with the VIX up over six points at one point intraday,  <b>proved that high skew was justified - at least on a very local level....</b>on a more persistent sell-off, it would be difficult to sustain the level of implied volatility that skew would indicate.  Meanwhile, from a cross-asset standpoint, Fishman adds that if interest rates staying this low has the potential to be a catalyst for further equity upside (unless they plunge<i><b>too</b></i>fast), leaving the potential for near-term asymmetry in SPX potential returns that is the opposite of what option markets are implying.</p><p><blockquote>SPX指数偏差继续处于接近创纪录水平，我们认为这是由缺乏下行卖家推动的<b>以及对冲的需求。</b>VIX对周一抛售的强烈反应，VIX盘中一度上涨超过6点，<b>证明了高偏斜是合理的——至少在非常局部的层面上....</b>如果出现更持续的抛售，则很难维持skew所指示的隐含波动率水平。与此同时，从跨资产的角度来看，菲什曼补充说，如果利率保持在如此低的水平，有可能成为股市进一步上涨的催化剂（除非利率暴跌<i><b>也</b></i>快速），使得SPX潜在回报存在近期不对称的可能性，这与期权市场的含义相反。</blockquote></p><p> So how does one trade the persistently sticky record high skew? Goldman continues to like levered risk reversals as a way to take advantage of this dynamic: Sell a 17-Sep 3800-strike put (12.1% OTM) to fund 2x 4550-strike (5.2% OTM) calls for zero net premium. The trade would be subject to dollar-for-dollar losses shouldthe SPX close below the downside strike at expiration.</p><p><blockquote>那么，如何交易持续粘性的创纪录高位偏差呢？高盛仍然喜欢杠杆风险逆转，以此作为利用这种动态的一种方式：出售9月17日3800执行权（12.1%OTM）的看跌期权，以零净溢价为2倍4550执行权（5.2%OTM）的评级提供资金。如果SPX指数在到期时收盘价低于下行价格，该交易将遭受美元对美元的损失。</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>Behind The Market's Furious Reversal: Record High Skew<blockquote>市场疯狂逆转的背后：创纪录的高位偏差</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\">\nBehind The Market's Furious Reversal: Record High Skew<blockquote>市场疯狂逆转的背后：创纪录的高位偏差</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-07-21 22:28</span>\n</p>\n</h4>\n</header>\n<article>\n<p>At the end of June, when the S&amp;P was making new all time highs day after day, and when the VIX was touching fresh 2021 lows, we cautioned that the skew index just hit a new all time high - meaning that put options have been unusually expensive relative to at-the-money options, helping support the put-heavy VIX index. As we further added, high skew, which compares put option prices with at-the-money option prices, has reached new all-time high,&nbsp;<b>and reflected investor perception that high volatility would return should markets sell off.</b></p><p><blockquote>6月底，当标准普尔指数日复一日地创下历史新高，当VIX触及2021年新低时，我们警告称，skew指数刚刚创下历史新高——这意味着看跌期权已经异常昂贵相对于平值期权，有助于支撑以看跌期权为主的VIX指数。正如我们进一步补充的那样，将看跌期权价格与平值期权价格进行比较的high skew已达到历史新高，<b>并反映了投资者的看法，即如果市场抛售，高波动性将会回归。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/b30d4664cf3c973cc1a86d743bcae379\" tg-width=\"746\" tg-height=\"464\" width=\"100%\" height=\"auto\">Commenting on this unusual move, we said that it shows that while on one hand traders seem complacent, they have never been more nervous that even a modest wobble in the market could start a crash. By extension,<b>\"</b><b><u>they have also never been more protected against a full-blown market crash</u></b><b>.\"</b></p><p><blockquote>在评论这一不寻常的举动时，我们说，这表明，虽然一方面交易者似乎自满，但他们从未如此紧张，即使市场的适度波动也可能引发崩盘。推而广之，<b>\"</b><b><u>他们也从未像现在这样免受全面市场崩盘的影响</u></b><b>.\"</b></blockquote></p><p> So fast forward to the violent, if brief, air pocket (and hardly a full-blown crash) the market experienced late last week and on Monday, which saw stocks tumble the most in months... only to soar right after. In retrospect, traders have the record high skew to thank for that because while risk reversed sharply on Tuesday and continuing today, traders were fully hedged and ready to pounce.</p><p><blockquote>快进到上周晚些时候和周一市场经历的剧烈（尽管短暂）的气穴（而不是全面崩盘），股市出现了几个月来的最大跌幅...只是在那之后飞翔。回想起来，交易者对此要感谢创纪录的高偏差，因为尽管风险在周二急剧逆转并持续到今天，但交易者已经完全对冲并准备好突袭。</blockquote></p><p> So following up on his observations from a month ago, when he first noted the record high skew, Goldman's derivatives strategist Rocky Fishman wrote that this week’s volatility pushed equity implied and realized volatility higher, with the VIX briefly hitting 25 during the day on Monday (19-Jul)...</p><p><blockquote>因此，继一个月前他首次注意到创纪录的高位偏差时的观察之后，高盛的衍生品策略师洛奇·菲什曼（Rocky Fishman）写道，本周的波动性推高了股票隐含波动性和已实现波动性，VIX在周一（7月19日）白天短暂触及25...</blockquote></p><p> <img src=\"https://static.tigerbbs.com/44c28ca21fe15a17f5b7fa1e3236e5ad\" tg-width=\"651\" tg-height=\"375\" width=\"100%\" height=\"auto\">... even if in absolute terms vol is not high: three-week SPX realized vol (12.1%) is still below year-to-date realized vol (13.4%),and Tuesday’s rally brought the VIX back under 20. More importantly,<b>in response to record downside skew correctly implying that a sell-off would bring much higher volatility, skew has now moved even higher - at least for the S&amp;P 500.</b></p><p><blockquote>...即使从绝对值来看，成交量并不高：三周SPX实现成交量（12.1%）仍低于年初至今实现成交量（13.4%），周二的反弹使VIX回到20以下。更重要的是，<b>为了应对创纪录的下行偏斜，正确地暗示抛售将带来更高的波动性，偏斜现在已经走得更高——至少对标普500来说是这样。</b></blockquote></p><p> Some more observations from Fishman: \"although Tuesday’s large SPX move and drop in implied vol has reduced vol risk premium, the VIX remains high relative to recent realized vol.\"</p><p><blockquote>Fishman的更多观察：“尽管周二SPX的大幅波动和隐含波动率的下降降低了波动率风险溢价，但VIX相对于最近实现的波动率仍然很高。”</blockquote></p><p> Furthermore, the SPX has not had one-month realized vol as high as the current VIX level (19.7) since November - indicating that options continue to be persistently expensive,<b>which also means that traders are hedging to outsized moves both higher and lower and any selloffs are likely to be fleeting as hedges are cashed in</b>.</p><p><blockquote>此外，自11月以来，SPX的一个月实现波动率从未达到当前VIX水平（19.7）的水平，这表明期权仍然持续昂贵，<b>这也意味着交易者正在对冲大幅上涨和下跌，随着对冲兑现，任何抛售都可能转瞬即逝</b>.</blockquote></p><p> <img src=\"https://static.tigerbbs.com/002e0c79da541efcfb85fe1e04e29088\" tg-width=\"644\" tg-height=\"397\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> That said, given the recent precedent for quick sell-offs to be followed quickly by low volatility, Goldman expects volatility to subside in the near term with more likelihood of a sustained increase in Q4, and a big reason for this is the persistently high index skew.</p><p><blockquote>尽管如此，考虑到最近快速抛售之后迅速出现低波动性的先例，高盛预计波动性将在短期内消退，第四季度持续上升的可能性更大，而造成这种情况的一个重要原因是指数持续高位倾斜。</blockquote></p><p>   SPX index skew continues to be at near-record levels, which we see as driven by a lack of downside sellers  <b>as much as demand for hedging.</b>The strong reaction of the VIX to Monday’s sell-off, with the VIX up over six points at one point intraday,  <b>proved that high skew was justified - at least on a very local level....</b>on a more persistent sell-off, it would be difficult to sustain the level of implied volatility that skew would indicate.  Meanwhile, from a cross-asset standpoint, Fishman adds that if interest rates staying this low has the potential to be a catalyst for further equity upside (unless they plunge<i><b>too</b></i>fast), leaving the potential for near-term asymmetry in SPX potential returns that is the opposite of what option markets are implying.</p><p><blockquote>SPX指数偏差继续处于接近创纪录水平，我们认为这是由缺乏下行卖家推动的<b>以及对冲的需求。</b>VIX对周一抛售的强烈反应，VIX盘中一度上涨超过6点，<b>证明了高偏斜是合理的——至少在非常局部的层面上....</b>如果出现更持续的抛售，则很难维持skew所指示的隐含波动率水平。与此同时，从跨资产的角度来看，菲什曼补充说，如果利率保持在如此低的水平，有可能成为股市进一步上涨的催化剂（除非利率暴跌<i><b>也</b></i>快速），使得SPX潜在回报存在近期不对称的可能性，这与期权市场的含义相反。</blockquote></p><p> So how does one trade the persistently sticky record high skew? Goldman continues to like levered risk reversals as a way to take advantage of this dynamic: Sell a 17-Sep 3800-strike put (12.1% OTM) to fund 2x 4550-strike (5.2% OTM) calls for zero net premium. The trade would be subject to dollar-for-dollar losses shouldthe SPX close below the downside strike at expiration.</p><p><blockquote>那么，如何交易持续粘性的创纪录高位偏差呢？高盛仍然喜欢杠杆风险逆转，以此作为利用这种动态的一种方式：出售9月17日3800执行权（12.1%OTM）的看跌期权，以零净溢价为2倍4550执行权（5.2%OTM）的评级提供资金。如果SPX指数在到期时收盘价低于下行价格，该交易将遭受美元对美元的损失。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/behind-markets-furious-reversal-record-high-skew?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29\">zerohedge</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://www.zerohedge.com/markets/behind-markets-furious-reversal-record-high-skew?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1144363960","content_text":"At the end of June, when the S&P was making new all time highs day after day, and when the VIX was touching fresh 2021 lows, we cautioned that the skew index just hit a new all time high - meaning that put options have been unusually expensive relative to at-the-money options, helping support the put-heavy VIX index. As we further added, high skew, which compares put option prices with at-the-money option prices, has reached new all-time high, and reflected investor perception that high volatility would return should markets sell off.\nCommenting on this unusual move, we said that it shows that while on one hand traders seem complacent, they have never been more nervous that even a modest wobble in the market could start a crash. By extension,\"they have also never been more protected against a full-blown market crash.\"\nSo fast forward to the violent, if brief, air pocket (and hardly a full-blown crash) the market experienced late last week and on Monday, which saw stocks tumble the most in months... only to soar right after. In retrospect, traders have the record high skew to thank for that because while risk reversed sharply on Tuesday and continuing today, traders were fully hedged and ready to pounce.\nSo following up on his observations from a month ago, when he first noted the record high skew, Goldman's derivatives strategist Rocky Fishman wrote that this week’s volatility pushed equity implied and realized volatility higher, with the VIX briefly hitting 25 during the day on Monday (19-Jul)...\n... even if in absolute terms vol is not high: three-week SPX realized vol (12.1%) is still below year-to-date realized vol (13.4%),and Tuesday’s rally brought the VIX back under 20. More importantly,in response to record downside skew correctly implying that a sell-off would bring much higher volatility, skew has now moved even higher - at least for the S&P 500.\nSome more observations from Fishman: \"although Tuesday’s large SPX move and drop in implied vol has reduced vol risk premium, the VIX remains high relative to recent realized vol.\"\nFurthermore, the SPX has not had one-month realized vol as high as the current VIX level (19.7) since November - indicating that options continue to be persistently expensive,which also means that traders are hedging to outsized moves both higher and lower and any selloffs are likely to be fleeting as hedges are cashed in.\n\nThat said, given the recent precedent for quick sell-offs to be followed quickly by low volatility, Goldman expects volatility to subside in the near term with more likelihood of a sustained increase in Q4, and a big reason for this is the persistently high index skew.\n\n SPX index skew continues to be at near-record levels, which we see as driven by a lack of downside sellers\n as much as demand for hedging.The strong reaction of the VIX to Monday’s sell-off, with the VIX up over six points at one point intraday,\n proved that high skew was justified - at least on a very local level....on a more persistent sell-off, it would be difficult to sustain the level of implied volatility that skew would indicate.\n\nMeanwhile, from a cross-asset standpoint, Fishman adds that if interest rates staying this low has the potential to be a catalyst for further equity upside (unless they plungetoofast), leaving the potential for near-term asymmetry in SPX potential returns that is the opposite of what option markets are implying.\nSo how does one trade the persistently sticky record high skew? Goldman continues to like levered risk reversals as a way to take advantage of this dynamic: Sell a 17-Sep 3800-strike put (12.1% OTM) to fund 2x 4550-strike (5.2% OTM) calls for zero net premium. The trade would be subject to dollar-for-dollar losses shouldthe SPX close below the downside strike at expiration.","news_type":1,"symbols_score_info":{".SPX":0.9,"SPY":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":2106,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":178092057,"gmtCreate":1626770394679,"gmtModify":1631891578074,"author":{"id":"3561349612413251","authorId":"3561349612413251","name":"Emfirefamily","avatar":"https://static.tigerbbs.com/4e15c42227c1a9b62ba5b357e07169cf","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3561349612413251","idStr":"3561349612413251"},"themes":[],"htmlText":"Yea","listText":"Yea","text":"Yea","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/178092057","repostId":"1117620888","repostType":4,"repost":{"id":"1117620888","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1626769963,"share":"https://www.laohu8.com/m/news/1117620888?lang=zh_CN&edition=full","pubTime":"2021-07-20 16:32","market":"us","language":"en","title":"Economic Data Scheduled For Tuesday<blockquote>经济数据定于周二公布</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1117620888","media":"Benzinga","summary":"Data on housing starts and permits for June will be released at 8:30 a.m. ET. A 1.590 million annual","content":"<p><ul>  <li>Data on housing starts and permits for June will be released at 8:30 a.m. ET. A 1.590 million annual is projected for starts in June up from May's 1.572 million rate. Analysts expect permits at 1.700 million in June compared to 1.683 million a month ago.</li>  <li>The Johnson Redbook Retail Sales Index for the latest week is scheduled for release at 8:55 a.m. ET.</li> </ul></p><p><blockquote><ul><li>美国东部时间上午8:30将公布6月份新屋开工和许可数据。预计6月份开工量为159.0万套，高于5月份的157.2万套。分析师预计6月份许可证数量为170万份，而一个月前为168.3万份。</li><li>最近一周的约翰逊红皮书零售销售指数定于美国东部时间上午8:55发布。</li></ul></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>Economic Data Scheduled For Tuesday<blockquote>经济数据定于周二公布</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\">\nEconomic Data Scheduled For Tuesday<blockquote>经济数据定于周二公布</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga </p>\n<p class=\"h-time smaller\">2021-07-20 16:32</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p><ul>  <li>Data on housing starts and permits for June will be released at 8:30 a.m. ET. A 1.590 million annual is projected for starts in June up from May's 1.572 million rate. Analysts expect permits at 1.700 million in June compared to 1.683 million a month ago.</li>  <li>The Johnson Redbook Retail Sales Index for the latest week is scheduled for release at 8:55 a.m. ET.</li> </ul></p><p><blockquote><ul><li>美国东部时间上午8:30将公布6月份新屋开工和许可数据。预计6月份开工量为159.0万套，高于5月份的157.2万套。分析师预计6月份许可证数量为170万份，而一个月前为168.3万份。</li><li>最近一周的约翰逊红皮书零售销售指数定于美国东部时间上午8:55发布。</li></ul></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index","SPY":"标普500ETF",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1117620888","content_text":"Data on housing starts and permits for June will be released at 8:30 a.m. ET. A 1.590 million annual is projected for starts in June up from May's 1.572 million rate. Analysts expect permits at 1.700 million in June compared to 1.683 million a month ago.\nThe Johnson Redbook Retail Sales Index for the latest week is scheduled for release at 8:55 a.m. ET.","news_type":1,"symbols_score_info":{".IXIC":0.9,".DJI":0.9,"SPY":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":2024,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":173208974,"gmtCreate":1626660201998,"gmtModify":1631893874514,"author":{"id":"3561349612413251","authorId":"3561349612413251","name":"Emfirefamily","avatar":"https://static.tigerbbs.com/4e15c42227c1a9b62ba5b357e07169cf","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3561349612413251","idStr":"3561349612413251"},"themes":[],"htmlText":"Yea","listText":"Yea","text":"Yea","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/173208974","repostId":"1136441155","repostType":4,"repost":{"id":"1136441155","kind":"news","pubTimestamp":1626659100,"share":"https://www.laohu8.com/m/news/1136441155?lang=zh_CN&edition=full","pubTime":"2021-07-19 09:45","market":"us","language":"en","title":"What You Need to Know about SPACs – Wall Street’s Hottest Trend<blockquote>关于SPAC你需要知道什么——华尔街最热门的趋势</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1136441155","media":"FX Empire","summary":"Recently, U.S cryptocurrency exchange “Bullish” announced it is aiming for a $9 billion listing on t","content":"<p>Recently, U.S cryptocurrency exchange “Bullish” announced it is aiming for a $9 billion listing on the&nbsp;New York Stock Exchangevia a merger with Far Peak Acquisition Corporation, a special purpose acquisition company (SPAC).</p><p><blockquote>最近，美国加密货币交易所“看涨”宣布，它的目标是通过与特殊目的收购公司（SPAC）Far Peak Acquisition Corporation合并，在纽约证券交易所上市90亿美元。</blockquote></p><p> While many were focusing on what this transaction will mean to the crypto industry, others were asking, what is a SPAC and why should I learn about it? Still, others want to know if it’s an investment strategy that’s here to stay or another Wall Street fad.</p><p><blockquote>当许多人关注这笔交易对加密行业意味着什么时，其他人则在问，什么是SPAC，我为什么要了解它？尽管如此，其他人想知道这是一种会持续下去的投资策略还是另一种华尔街时尚。</blockquote></p><p> <ul>  <li>What is a special purpose acquisition company (SPAC)?</p><p><blockquote><ul><li>什么是特殊目的收购公司(SPAC)？</li></ul></blockquote></p><p></li>  <li>How is a SPAC Formed?</p><p><blockquote><li>特殊目的收购公司是如何形成的？</li></blockquote></p><p></li>  <li>How Does a SPAC Operate?</p><p><blockquote><li>特殊目的收购公司如何运作？</li></blockquote></p><p></li>  <li>Time is of the Essence</p><p><blockquote><li>时间是至关重要的</li></blockquote></p><p></li>  <li>What are the Advantages of a SPAC and Who Benefits?</p><p><blockquote><li>特殊目的收购公司的优势是什么？谁受益？</li></blockquote></p><p></li>  <li>Are There Any Pitfalls?</p><p><blockquote><li>有什么坑吗？</li></blockquote></p><p></li>  <li>What are Some High-Profile Examples of SPACs?</p><p><blockquote><li>SPAC有哪些备受瞩目的例子？</li></blockquote></p><p></li> </ul> What is a Special Purpose Acquisition Company (SPAC)?</p><p><blockquote>什么是特殊目的收购公司(SPAC)？</blockquote></p><p> According to most legal sources, a special purpose acquisition company (SPAC) is a company with no commercial operations that is formed strictly to raise capital through an initial public offering (IPO) for the purpose of acquiring an existing company.</p><p><blockquote>根据大多数法律消息来源，特殊目的收购公司（SPAC）是一家没有商业运营的公司，其成立严格是为了通过首次公开募股（IPO）筹集资金，目的是收购现有公司。</blockquote></p><p> SPACs aren’t new. They have been around for decades, but have recently become more popular because low yields have driven investors to seek alternative ways to increase their capital. Not only have they become popular with sophisticated, high-wealth individuals, but they have also drawn the attention of underwriters who envision a big payday in the form of commissions and fees.</p><p><blockquote>SPAC并不新鲜。它们已经存在了几十年，但最近变得更受欢迎，因为低收益率促使投资者寻求其他方式来增加资本。它们不仅受到老练、高财富个人的欢迎，还引起了承销商的注意，他们设想以佣金和费用的形式获得丰厚的发薪日。</blockquote></p><p> SPAC IPOs have seen a resurgent interest since 2014, with increasing amounts of capital flowing to them.</p><p><blockquote>自2014年以来，SPAC IPO的兴趣重新燃起，越来越多的资本流向它们。</blockquote></p><p> <ul>  <li>2014:&nbsp; $1.8 billion across 12 SPAC IPOs</p><p><blockquote><ul><li>2014年：12次SPAC IPO募资18亿美元</li></ul></blockquote></p><p></li>  <li>2015:&nbsp; $3.9 billion across 20 SPAC IPOs</p><p><blockquote><li>2015年：20次SPAC IPO募资39亿美元</li></blockquote></p><p></li>  <li>2016:&nbsp; $3.5 billion across 13 SPAC IPOs</p><p><blockquote><li>2016年：13次SPAC IPO募资35亿美元</li></blockquote></p><p></li>  <li>2017:&nbsp; $10.1 billion across 34 SPAC IPOs</p><p><blockquote><li>2017年：34次SPAC IPO融资101亿美元</li></blockquote></p><p></li>  <li>2018:&nbsp; $10.7 billion across 46 SPAC IPOs</p><p><blockquote><li>2018年：46次SPAC IPO募资107亿美元</li></blockquote></p><p></li>  <li>2019:&nbsp; $13.6 billion across 59 SPAC IPOs</p><p><blockquote><li>2019年：59次SPAC IPO募资136亿美元</li></blockquote></p><p></li>  <li>2020:&nbsp; $83.3 billion across 248 SPAC IPO</p><p><blockquote><li>2020年：248家SPAC IPO募资833亿美元</li></blockquote></p><p></li> </ul> How is a SPAC Formed?</p><p><blockquote>特殊目的收购公司是如何形成的？</blockquote></p><p> A SPAC is created, or sponsored, by a team of institutional investors, Wall Street professionals from the world of private equity or hedge funds. They create this entity that has no commercial operations. It makes no products and does not sell anything. In fact, the SPAC’s only assets are typically the money raised in its own IPO, according to the Security and Exchange Commission (SEC).</p><p><blockquote>SPAC是由机构投资者、来自私募股权或对冲基金领域的华尔街专业人士团队创建或赞助的。他们创建了这个没有商业运作的实体。它不生产任何产品，也不销售任何东西。事实上，根据美国证券交易委员会(SEC)的说法，SPAC唯一的资产通常是其IPO筹集的资金。</blockquote></p><p> What’s interesting about a SPAC is that when it raises money, the investors buying into its IPO do not know what the eventual acquisition target company will be. That’s part of its mystique, however, since institutional investors with track records of success can more easily convince other investors to invest in the unknown. Due to this, a SPAC is also often called a “blank check company.”</p><p><blockquote>SPAC的有趣之处在于，当它筹集资金时，购买其IPO的投资者并不知道最终的收购目标公司是什么。然而，这也是其神秘之处的一部分，因为拥有成功记录的机构投资者可以更容易地说服其他投资者投资未知领域。因此，SPAC通常也被称为“空白支票公司”。</blockquote></p><p> How Does a SPAC Operate?</p><p><blockquote>特殊目的收购公司如何运作？</blockquote></p><p> After the SPAC is legally created, it now needs cash to create the capital needed to do the acquiring of another company, for example, in the future. Remember, the SPAC is not going to raise money to buy equipment, computers, software, or even pay rent. It needs the money to buy what is often referred to as the “eventual acquisition target company”.</p><p><blockquote>SPAC合法创建后，它现在需要现金来创造未来收购另一家公司所需的资本。请记住，SPAC不会筹集资金购买设备、计算机、软件，甚至支付租金。它需要这笔钱来收购通常被称为“最终收购目标公司”的公司。</blockquote></p><p> A SPAC will raise the money it needs through its own IPO. CNBC says that SPAC IPOs are usually priced at $10 a share. Once the initial capital is raised, the money goes into an interest-bearing trust account until the SPAC’s founders or management team finds a private company looking to go public through an acquisition.</p><p><blockquote>SPAC将通过自己的IPO筹集所需资金。CNBC表示，SPAC IPO的定价通常为每股10美元。一旦筹集到初始资本，资金就会进入计息信托账户，直到SPAC的创始人或管理团队找到一家希望通过收购上市的私营公司。</blockquote></p><p> Legal experts say that once an acquisition is completed (with SPAC shareholders voting to approve the deal), the SPAC’s investors can either swap their shares for shares of the merged company or redeem their SPAC shares to get back their original investment, plus the interest accrued while that money was in trust. The SPAC sponsors typically get about 20% stake in the final, merged company.</p><p><blockquote>法律专家表示，一旦收购完成（SPAC股东投票批准该交易），SPAC的投资者可以将其股票换成合并后公司的股票，也可以赎回其SPAC股票以收回原始投资，加上这笔钱托管时应计的利息。SPAC发起人通常会获得最终合并公司约20%的股份。</blockquote></p><p> Time is of the Essence</p><p><blockquote>时间是至关重要的</blockquote></p><p> Once SPAC sponsors raise the capital they need to go to work acquiring companies, they can’t sit on the funds forever, even if they are protected by trust and earning interest. SPAC sponsors also have a deadline by which they have to find a suitable deal, typically within about two years of the IPO. Otherwise, the SPAC is liquidated and investors get their money back with interest.</p><p><blockquote>一旦SPAC发起人筹集到了收购公司所需的资金，他们就不能永远坐拥这些资金，即使他们受到信任和赚取利息的保护。SPAC发起人也有一个必须找到合适交易的最后期限，通常是在IPO后两年内。否则，SPAC将被清算，投资者将连本带利收回资金。</blockquote></p><p> What are the Advantages of a SPAC and Who Benefits?</p><p><blockquote>特殊目的收购公司的优势是什么？谁受益？</blockquote></p><p> Owners of smaller companies find selling to a SPAC more profitable because the sale often adds about 20% to the price of the deal compared to a typical private equity deal. Additionally, being acquired by a SPAC can also offer business owners what is essentially a faster IPO process under the guidance of an experienced partner, with less worry about the swings in broader market sentiment.</p><p><blockquote>小公司的所有者发现出售给SPAC更有利可图，因为与典型的私募股权交易相比，出售通常会使交易价格增加约20%。此外，被SPAC收购还可以让企业主在经验丰富的合作伙伴的指导下加快IPO流程，减少对更广泛市场情绪波动的担忧。</blockquote></p><p></p><p> Business owners are often worried about extreme market volatility or the fear that weak investor sentiment could force the postponement of an IPO. By dealing directly with the SPAC, these worries are essentially eliminated.</p><p><blockquote>企业主经常担心市场极度波动，或者担心投资者情绪疲软可能迫使IPO推迟。通过直接与SPAC打交道，基本上消除了这些担忧。</blockquote></p><p> Furthermore, a deal with a SPAC can be wrapped up in just a few months versus the traditional process of registering an IPO with the SEC, which can take up to six months.</p><p><blockquote>此外，与SPAC的交易可以在短短几个月内完成，而传统的向SEC注册IPO的流程可能需要长达六个月的时间。</blockquote></p><p> Basically, the key advantage is a business owner can get his money faster and without a lot of government tape.</p><p><blockquote>基本上，关键的优势是企业主可以更快地拿到钱，而且没有很多政府磁带。</blockquote></p><p> Are There Any Pitfalls?</p><p><blockquote>有什么坑吗？</blockquote></p><p> Nothing is guaranteed and SPACs are no exception to that rule. Although they are extremely popular in 2021 for large institutional investors and other billionaire backers, this trend can go away quickly if “something better” comes along.</p><p><blockquote>没有什么是可以保证的，SPAC也不例外。尽管它们在2021年对大型机构投资者和其他亿万富翁支持者来说非常受欢迎，但如果“更好的东西”出现，这种趋势可能会很快消失。</blockquote></p><p> Other factors that could determine its long-term popularity include the fact that target companies run the risk of having their acquisition rejected by SPAC shareholders. Even the rich get cold feet about a deal. Furthermore, investors are literally going blindly into the investment.</p><p><blockquote>其他可能决定其长期受欢迎程度的因素包括目标公司面临收购被SPAC股东拒绝的风险。即使是富人也会对交易临阵退缩。此外，投资者实际上是盲目投资。</blockquote></p><p> SPACs will probably retain their popularity until the major players decide to let the smaller investors into the game. That’s usually when the rules change and the government regulations get tougher in order to protect undercapitalized investors from losing all their money.</p><p><blockquote>SPAC可能会保持其受欢迎程度，直到主要参与者决定让小投资者参与进来。这通常是规则发生变化，政府法规变得更加严格，以保护资本不足的投资者不损失所有资金。</blockquote></p><p> What are Some High-Profile Examples of SPACs?</p><p><blockquote>SPAC有哪些备受瞩目的例子？</blockquote></p><p> We don’t know yet how the SPAC for Bullish will play out because it was just announced. But since it involves cryptocurrencies, it will probably become a profitable venture since investors looking to get aboard the craze have been throwing money at the asset class.</p><p><blockquote>我们还不知道看涨的特殊目的收购公司将如何发展，因为它刚刚宣布。但由于它涉及加密货币，它可能会成为一项有利可图的投资，因为希望加入这一热潮的投资者一直在向这一资产类别投入资金。</blockquote></p><p> High-profile SPACs like&nbsp;DraftKings&nbsp;and&nbsp;Virgin Galactic&nbsp;have performed well for investors, but that hasn’t always been the case with average returns from SPAC mergers completed between 2015 and 2020 falling short of the average post-market return for investors from an IPO.</p><p><blockquote>DraftKings和维珍银河等备受瞩目的SPAC对投资者来说表现良好，但情况并非总是如此，2015年至2020年间完成的SPAC合并的平均回报低于投资者从IPO中获得的平均上市后回报。</blockquote></p><p> A noted prominent short-seller of SPACs said, “a business model that incentivizes promoters to do something – anything – with other people’s money is bound to lead to significant value destruction on occasion.”</p><p><blockquote>一位著名的SPAC卖空者表示，“激励发起人用别人的钱做某事——任何事情——的商业模式有时肯定会导致重大的价值破坏。”</blockquote></p><p> Like any investment, it pays to do your homework before putting money into a SPAC.</p><p><blockquote>与任何投资一样，在向SPAC投资之前做好功课是值得的。</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>What You Need to Know about SPACs – Wall Street’s Hottest Trend<blockquote>关于SPAC你需要知道什么——华尔街最热门的趋势</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhat You Need to Know about SPACs – Wall Street’s Hottest Trend<blockquote>关于SPAC你需要知道什么——华尔街最热门的趋势</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">FX Empire</strong><span class=\"h-time small\">2021-07-19 09:45</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Recently, U.S cryptocurrency exchange “Bullish” announced it is aiming for a $9 billion listing on the&nbsp;New York Stock Exchangevia a merger with Far Peak Acquisition Corporation, a special purpose acquisition company (SPAC).</p><p><blockquote>最近，美国加密货币交易所“看涨”宣布，它的目标是通过与特殊目的收购公司（SPAC）Far Peak Acquisition Corporation合并，在纽约证券交易所上市90亿美元。</blockquote></p><p> While many were focusing on what this transaction will mean to the crypto industry, others were asking, what is a SPAC and why should I learn about it? Still, others want to know if it’s an investment strategy that’s here to stay or another Wall Street fad.</p><p><blockquote>当许多人关注这笔交易对加密行业意味着什么时，其他人则在问，什么是SPAC，我为什么要了解它？尽管如此，其他人想知道这是一种会持续下去的投资策略还是另一种华尔街时尚。</blockquote></p><p> <ul>  <li>What is a special purpose acquisition company (SPAC)?</p><p><blockquote><ul><li>什么是特殊目的收购公司(SPAC)？</li></ul></blockquote></p><p></li>  <li>How is a SPAC Formed?</p><p><blockquote><li>特殊目的收购公司是如何形成的？</li></blockquote></p><p></li>  <li>How Does a SPAC Operate?</p><p><blockquote><li>特殊目的收购公司如何运作？</li></blockquote></p><p></li>  <li>Time is of the Essence</p><p><blockquote><li>时间是至关重要的</li></blockquote></p><p></li>  <li>What are the Advantages of a SPAC and Who Benefits?</p><p><blockquote><li>特殊目的收购公司的优势是什么？谁受益？</li></blockquote></p><p></li>  <li>Are There Any Pitfalls?</p><p><blockquote><li>有什么坑吗？</li></blockquote></p><p></li>  <li>What are Some High-Profile Examples of SPACs?</p><p><blockquote><li>SPAC有哪些备受瞩目的例子？</li></blockquote></p><p></li> </ul> What is a Special Purpose Acquisition Company (SPAC)?</p><p><blockquote>什么是特殊目的收购公司(SPAC)？</blockquote></p><p> According to most legal sources, a special purpose acquisition company (SPAC) is a company with no commercial operations that is formed strictly to raise capital through an initial public offering (IPO) for the purpose of acquiring an existing company.</p><p><blockquote>根据大多数法律消息来源，特殊目的收购公司（SPAC）是一家没有商业运营的公司，其成立严格是为了通过首次公开募股（IPO）筹集资金，目的是收购现有公司。</blockquote></p><p> SPACs aren’t new. They have been around for decades, but have recently become more popular because low yields have driven investors to seek alternative ways to increase their capital. Not only have they become popular with sophisticated, high-wealth individuals, but they have also drawn the attention of underwriters who envision a big payday in the form of commissions and fees.</p><p><blockquote>SPAC并不新鲜。它们已经存在了几十年，但最近变得更受欢迎，因为低收益率促使投资者寻求其他方式来增加资本。它们不仅受到老练、高财富个人的欢迎，还引起了承销商的注意，他们设想以佣金和费用的形式获得丰厚的发薪日。</blockquote></p><p> SPAC IPOs have seen a resurgent interest since 2014, with increasing amounts of capital flowing to them.</p><p><blockquote>自2014年以来，SPAC IPO的兴趣重新燃起，越来越多的资本流向它们。</blockquote></p><p> <ul>  <li>2014:&nbsp; $1.8 billion across 12 SPAC IPOs</p><p><blockquote><ul><li>2014年：12次SPAC IPO募资18亿美元</li></ul></blockquote></p><p></li>  <li>2015:&nbsp; $3.9 billion across 20 SPAC IPOs</p><p><blockquote><li>2015年：20次SPAC IPO募资39亿美元</li></blockquote></p><p></li>  <li>2016:&nbsp; $3.5 billion across 13 SPAC IPOs</p><p><blockquote><li>2016年：13次SPAC IPO募资35亿美元</li></blockquote></p><p></li>  <li>2017:&nbsp; $10.1 billion across 34 SPAC IPOs</p><p><blockquote><li>2017年：34次SPAC IPO融资101亿美元</li></blockquote></p><p></li>  <li>2018:&nbsp; $10.7 billion across 46 SPAC IPOs</p><p><blockquote><li>2018年：46次SPAC IPO募资107亿美元</li></blockquote></p><p></li>  <li>2019:&nbsp; $13.6 billion across 59 SPAC IPOs</p><p><blockquote><li>2019年：59次SPAC IPO募资136亿美元</li></blockquote></p><p></li>  <li>2020:&nbsp; $83.3 billion across 248 SPAC IPO</p><p><blockquote><li>2020年：248家SPAC IPO募资833亿美元</li></blockquote></p><p></li> </ul> How is a SPAC Formed?</p><p><blockquote>特殊目的收购公司是如何形成的？</blockquote></p><p> A SPAC is created, or sponsored, by a team of institutional investors, Wall Street professionals from the world of private equity or hedge funds. They create this entity that has no commercial operations. It makes no products and does not sell anything. In fact, the SPAC’s only assets are typically the money raised in its own IPO, according to the Security and Exchange Commission (SEC).</p><p><blockquote>SPAC是由机构投资者、来自私募股权或对冲基金领域的华尔街专业人士团队创建或赞助的。他们创建了这个没有商业运作的实体。它不生产任何产品，也不销售任何东西。事实上，根据美国证券交易委员会(SEC)的说法，SPAC唯一的资产通常是其IPO筹集的资金。</blockquote></p><p> What’s interesting about a SPAC is that when it raises money, the investors buying into its IPO do not know what the eventual acquisition target company will be. That’s part of its mystique, however, since institutional investors with track records of success can more easily convince other investors to invest in the unknown. Due to this, a SPAC is also often called a “blank check company.”</p><p><blockquote>SPAC的有趣之处在于，当它筹集资金时，购买其IPO的投资者并不知道最终的收购目标公司是什么。然而，这也是其神秘之处的一部分，因为拥有成功记录的机构投资者可以更容易地说服其他投资者投资未知领域。因此，SPAC通常也被称为“空白支票公司”。</blockquote></p><p> How Does a SPAC Operate?</p><p><blockquote>特殊目的收购公司如何运作？</blockquote></p><p> After the SPAC is legally created, it now needs cash to create the capital needed to do the acquiring of another company, for example, in the future. Remember, the SPAC is not going to raise money to buy equipment, computers, software, or even pay rent. It needs the money to buy what is often referred to as the “eventual acquisition target company”.</p><p><blockquote>SPAC合法创建后，它现在需要现金来创造未来收购另一家公司所需的资本。请记住，SPAC不会筹集资金购买设备、计算机、软件，甚至支付租金。它需要这笔钱来收购通常被称为“最终收购目标公司”的公司。</blockquote></p><p> A SPAC will raise the money it needs through its own IPO. CNBC says that SPAC IPOs are usually priced at $10 a share. Once the initial capital is raised, the money goes into an interest-bearing trust account until the SPAC’s founders or management team finds a private company looking to go public through an acquisition.</p><p><blockquote>SPAC将通过自己的IPO筹集所需资金。CNBC表示，SPAC IPO的定价通常为每股10美元。一旦筹集到初始资本，资金就会进入计息信托账户，直到SPAC的创始人或管理团队找到一家希望通过收购上市的私营公司。</blockquote></p><p> Legal experts say that once an acquisition is completed (with SPAC shareholders voting to approve the deal), the SPAC’s investors can either swap their shares for shares of the merged company or redeem their SPAC shares to get back their original investment, plus the interest accrued while that money was in trust. The SPAC sponsors typically get about 20% stake in the final, merged company.</p><p><blockquote>法律专家表示，一旦收购完成（SPAC股东投票批准该交易），SPAC的投资者可以将其股票换成合并后公司的股票，也可以赎回其SPAC股票以收回原始投资，加上这笔钱托管时应计的利息。SPAC发起人通常会获得最终合并公司约20%的股份。</blockquote></p><p> Time is of the Essence</p><p><blockquote>时间是至关重要的</blockquote></p><p> Once SPAC sponsors raise the capital they need to go to work acquiring companies, they can’t sit on the funds forever, even if they are protected by trust and earning interest. SPAC sponsors also have a deadline by which they have to find a suitable deal, typically within about two years of the IPO. Otherwise, the SPAC is liquidated and investors get their money back with interest.</p><p><blockquote>一旦SPAC发起人筹集到了收购公司所需的资金，他们就不能永远坐拥这些资金，即使他们受到信任和赚取利息的保护。SPAC发起人也有一个必须找到合适交易的最后期限，通常是在IPO后两年内。否则，SPAC将被清算，投资者将连本带利收回资金。</blockquote></p><p> What are the Advantages of a SPAC and Who Benefits?</p><p><blockquote>特殊目的收购公司的优势是什么？谁受益？</blockquote></p><p> Owners of smaller companies find selling to a SPAC more profitable because the sale often adds about 20% to the price of the deal compared to a typical private equity deal. Additionally, being acquired by a SPAC can also offer business owners what is essentially a faster IPO process under the guidance of an experienced partner, with less worry about the swings in broader market sentiment.</p><p><blockquote>小公司的所有者发现出售给SPAC更有利可图，因为与典型的私募股权交易相比，出售通常会使交易价格增加约20%。此外，被SPAC收购还可以让企业主在经验丰富的合作伙伴的指导下加快IPO流程，减少对更广泛市场情绪波动的担忧。</blockquote></p><p></p><p> Business owners are often worried about extreme market volatility or the fear that weak investor sentiment could force the postponement of an IPO. By dealing directly with the SPAC, these worries are essentially eliminated.</p><p><blockquote>企业主经常担心市场极度波动，或者担心投资者情绪疲软可能迫使IPO推迟。通过直接与SPAC打交道，基本上消除了这些担忧。</blockquote></p><p> Furthermore, a deal with a SPAC can be wrapped up in just a few months versus the traditional process of registering an IPO with the SEC, which can take up to six months.</p><p><blockquote>此外，与SPAC的交易可以在短短几个月内完成，而传统的向SEC注册IPO的流程可能需要长达六个月的时间。</blockquote></p><p> Basically, the key advantage is a business owner can get his money faster and without a lot of government tape.</p><p><blockquote>基本上，关键的优势是企业主可以更快地拿到钱，而且没有很多政府磁带。</blockquote></p><p> Are There Any Pitfalls?</p><p><blockquote>有什么坑吗？</blockquote></p><p> Nothing is guaranteed and SPACs are no exception to that rule. Although they are extremely popular in 2021 for large institutional investors and other billionaire backers, this trend can go away quickly if “something better” comes along.</p><p><blockquote>没有什么是可以保证的，SPAC也不例外。尽管它们在2021年对大型机构投资者和其他亿万富翁支持者来说非常受欢迎，但如果“更好的东西”出现，这种趋势可能会很快消失。</blockquote></p><p> Other factors that could determine its long-term popularity include the fact that target companies run the risk of having their acquisition rejected by SPAC shareholders. Even the rich get cold feet about a deal. Furthermore, investors are literally going blindly into the investment.</p><p><blockquote>其他可能决定其长期受欢迎程度的因素包括目标公司面临收购被SPAC股东拒绝的风险。即使是富人也会对交易临阵退缩。此外，投资者实际上是盲目投资。</blockquote></p><p> SPACs will probably retain their popularity until the major players decide to let the smaller investors into the game. That’s usually when the rules change and the government regulations get tougher in order to protect undercapitalized investors from losing all their money.</p><p><blockquote>SPAC可能会保持其受欢迎程度，直到主要参与者决定让小投资者参与进来。这通常是规则发生变化，政府法规变得更加严格，以保护资本不足的投资者不损失所有资金。</blockquote></p><p> What are Some High-Profile Examples of SPACs?</p><p><blockquote>SPAC有哪些备受瞩目的例子？</blockquote></p><p> We don’t know yet how the SPAC for Bullish will play out because it was just announced. But since it involves cryptocurrencies, it will probably become a profitable venture since investors looking to get aboard the craze have been throwing money at the asset class.</p><p><blockquote>我们还不知道看涨的特殊目的收购公司将如何发展，因为它刚刚宣布。但由于它涉及加密货币，它可能会成为一项有利可图的投资，因为希望加入这一热潮的投资者一直在向这一资产类别投入资金。</blockquote></p><p> High-profile SPACs like&nbsp;DraftKings&nbsp;and&nbsp;Virgin Galactic&nbsp;have performed well for investors, but that hasn’t always been the case with average returns from SPAC mergers completed between 2015 and 2020 falling short of the average post-market return for investors from an IPO.</p><p><blockquote>DraftKings和维珍银河等备受瞩目的SPAC对投资者来说表现良好，但情况并非总是如此，2015年至2020年间完成的SPAC合并的平均回报低于投资者从IPO中获得的平均上市后回报。</blockquote></p><p> A noted prominent short-seller of SPACs said, “a business model that incentivizes promoters to do something – anything – with other people’s money is bound to lead to significant value destruction on occasion.”</p><p><blockquote>一位著名的SPAC卖空者表示，“激励发起人用别人的钱做某事——任何事情——的商业模式有时肯定会导致重大的价值破坏。”</blockquote></p><p> Like any investment, it pays to do your homework before putting money into a SPAC.</p><p><blockquote>与任何投资一样，在向SPAC投资之前做好功课是值得的。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/know-spacs-wall-street-hottest-080757555.html\">FX Empire</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":{"FPAC":"Far Peak Acquisition Corp","DKNG":"DraftKings Inc.","SPCE":"维珍银河"},"source_url":"https://finance.yahoo.com/news/know-spacs-wall-street-hottest-080757555.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1136441155","content_text":"Recently, U.S cryptocurrency exchange “Bullish” announced it is aiming for a $9 billion listing on the New York Stock Exchangevia a merger with Far Peak Acquisition Corporation, a special purpose acquisition company (SPAC).\nWhile many were focusing on what this transaction will mean to the crypto industry, others were asking, what is a SPAC and why should I learn about it? Still, others want to know if it’s an investment strategy that’s here to stay or another Wall Street fad.\n\nWhat is a special purpose acquisition company (SPAC)?\nHow is a SPAC Formed?\nHow Does a SPAC Operate?\nTime is of the Essence\nWhat are the Advantages of a SPAC and Who Benefits?\nAre There Any Pitfalls?\nWhat are Some High-Profile Examples of SPACs?\n\nWhat is a Special Purpose Acquisition Company (SPAC)?\nAccording to most legal sources, a special purpose acquisition company (SPAC) is a company with no commercial operations that is formed strictly to raise capital through an initial public offering (IPO) for the purpose of acquiring an existing company.\nSPACs aren’t new. They have been around for decades, but have recently become more popular because low yields have driven investors to seek alternative ways to increase their capital. Not only have they become popular with sophisticated, high-wealth individuals, but they have also drawn the attention of underwriters who envision a big payday in the form of commissions and fees.\nSPAC IPOs have seen a resurgent interest since 2014, with increasing amounts of capital flowing to them.\n\n2014:  $1.8 billion across 12 SPAC IPOs\n2015:  $3.9 billion across 20 SPAC IPOs\n2016:  $3.5 billion across 13 SPAC IPOs\n2017:  $10.1 billion across 34 SPAC IPOs\n2018:  $10.7 billion across 46 SPAC IPOs\n2019:  $13.6 billion across 59 SPAC IPOs\n2020:  $83.3 billion across 248 SPAC IPO\n\nHow is a SPAC Formed?\nA SPAC is created, or sponsored, by a team of institutional investors, Wall Street professionals from the world of private equity or hedge funds. They create this entity that has no commercial operations. It makes no products and does not sell anything. In fact, the SPAC’s only assets are typically the money raised in its own IPO, according to the Security and Exchange Commission (SEC).\nWhat’s interesting about a SPAC is that when it raises money, the investors buying into its IPO do not know what the eventual acquisition target company will be. That’s part of its mystique, however, since institutional investors with track records of success can more easily convince other investors to invest in the unknown. Due to this, a SPAC is also often called a “blank check company.”\nHow Does a SPAC Operate?\nAfter the SPAC is legally created, it now needs cash to create the capital needed to do the acquiring of another company, for example, in the future. Remember, the SPAC is not going to raise money to buy equipment, computers, software, or even pay rent. It needs the money to buy what is often referred to as the “eventual acquisition target company”.\nA SPAC will raise the money it needs through its own IPO. CNBC says that SPAC IPOs are usually priced at $10 a share. Once the initial capital is raised, the money goes into an interest-bearing trust account until the SPAC’s founders or management team finds a private company looking to go public through an acquisition.\nLegal experts say that once an acquisition is completed (with SPAC shareholders voting to approve the deal), the SPAC’s investors can either swap their shares for shares of the merged company or redeem their SPAC shares to get back their original investment, plus the interest accrued while that money was in trust. The SPAC sponsors typically get about 20% stake in the final, merged company.\nTime is of the Essence\nOnce SPAC sponsors raise the capital they need to go to work acquiring companies, they can’t sit on the funds forever, even if they are protected by trust and earning interest. SPAC sponsors also have a deadline by which they have to find a suitable deal, typically within about two years of the IPO. Otherwise, the SPAC is liquidated and investors get their money back with interest.\nWhat are the Advantages of a SPAC and Who Benefits?\nOwners of smaller companies find selling to a SPAC more profitable because the sale often adds about 20% to the price of the deal compared to a typical private equity deal. Additionally, being acquired by a SPAC can also offer business owners what is essentially a faster IPO process under the guidance of an experienced partner, with less worry about the swings in broader market sentiment.\nBusiness owners are often worried about extreme market volatility or the fear that weak investor sentiment could force the postponement of an IPO. By dealing directly with the SPAC, these worries are essentially eliminated.\nFurthermore, a deal with a SPAC can be wrapped up in just a few months versus the traditional process of registering an IPO with the SEC, which can take up to six months.\nBasically, the key advantage is a business owner can get his money faster and without a lot of government tape.\nAre There Any Pitfalls?\nNothing is guaranteed and SPACs are no exception to that rule. Although they are extremely popular in 2021 for large institutional investors and other billionaire backers, this trend can go away quickly if “something better” comes along.\nOther factors that could determine its long-term popularity include the fact that target companies run the risk of having their acquisition rejected by SPAC shareholders. Even the rich get cold feet about a deal. Furthermore, investors are literally going blindly into the investment.\nSPACs will probably retain their popularity until the major players decide to let the smaller investors into the game. That’s usually when the rules change and the government regulations get tougher in order to protect undercapitalized investors from losing all their money.\nWhat are Some High-Profile Examples of SPACs?\nWe don’t know yet how the SPAC for Bullish will play out because it was just announced. But since it involves cryptocurrencies, it will probably become a profitable venture since investors looking to get aboard the craze have been throwing money at the asset class.\nHigh-profile SPACs like DraftKings and Virgin Galactic have performed well for investors, but that hasn’t always been the case with average returns from SPAC mergers completed between 2015 and 2020 falling short of the average post-market return for investors from an IPO.\nA noted prominent short-seller of SPACs said, “a business model that incentivizes promoters to do something – anything – with other people’s money is bound to lead to significant value destruction on occasion.”\nLike any investment, it pays to do your homework before putting money into a SPAC.","news_type":1,"symbols_score_info":{"FPAC":0.9,"SPCE":0.9,"DKNG":0.9}},"isVote":1,"tweetType":1,"viewCount":427,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":179845249,"gmtCreate":1626508287781,"gmtModify":1631893874524,"author":{"id":"3561349612413251","authorId":"3561349612413251","name":"Emfirefamily","avatar":"https://static.tigerbbs.com/4e15c42227c1a9b62ba5b357e07169cf","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3561349612413251","idStr":"3561349612413251"},"themes":[],"htmlText":"Yea","listText":"Yea","text":"Yea","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/179845249","repostId":"1159574501","repostType":4,"repost":{"id":"1159574501","kind":"news","pubTimestamp":1626484131,"share":"https://www.laohu8.com/m/news/1159574501?lang=zh_CN&edition=full","pubTime":"2021-07-17 09:08","market":"us","language":"en","title":"'Bad Omen' For Meme Stocks And The Retail Trading Boom? Here's What The Data Says<blockquote>迷因股票和零售交易繁荣的“坏兆头”？数据是这么说的</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1159574501","media":"Benzinga","summary":"Social media meme stocks GameStop Corp.(NYSE:GME) and AMC Entertainment Holdings Inc(NYSE:AMC) took ","content":"<p><div> Social media meme stocks GameStop Corp.(NYSE:GME) and AMC Entertainment Holdings Inc(NYSE:AMC) took a beating this week, with GameStop on track to finish the week down 9% and AMC set to lose 20.9% in ...</p><p><blockquote><div>社交媒体meme股票游戏驿站公司（纽约证券交易所代码：GME）和AMC院线控股公司（纽约证券交易所代码：AMC）本周遭受重创，游戏驿站本周将下跌9%，AMC将下跌20.9%。</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/analyst-ratings/analyst-color/21/07/22023662/bad-omen-for-meme-stocks-and-the-retail-trading-boom-heres-what-the-data-says\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/analyst-ratings/analyst-color/21/07/22023662/bad-omen-for-meme-stocks-and-the-retail-trading-boom-heres-what-the-data-says\">网页连接</a></blockquote></p><p></p>","source":"lsy1606299360108","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>'Bad Omen' For Meme Stocks And The Retail Trading Boom? Here's What The Data Says<blockquote>迷因股票和零售交易繁荣的“坏兆头”？数据是这么说的</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n'Bad Omen' For Meme Stocks And The Retail Trading Boom? Here's What The Data Says<blockquote>迷因股票和零售交易繁荣的“坏兆头”？数据是这么说的</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Benzinga</strong><span class=\"h-time small\">2021-07-17 09:08</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> Social media meme stocks GameStop Corp.(NYSE:GME) and AMC Entertainment Holdings Inc(NYSE:AMC) took a beating this week, with GameStop on track to finish the week down 9% and AMC set to lose 20.9% in ...</p><p><blockquote><div>社交媒体meme股票游戏驿站公司（纽约证券交易所代码：GME）和AMC院线控股公司（纽约证券交易所代码：AMC）本周遭受重创，游戏驿站本周将下跌9%，AMC将下跌20.9%。</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/analyst-ratings/analyst-color/21/07/22023662/bad-omen-for-meme-stocks-and-the-retail-trading-boom-heres-what-the-data-says\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/analyst-ratings/analyst-color/21/07/22023662/bad-omen-for-meme-stocks-and-the-retail-trading-boom-heres-what-the-data-says\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.benzinga.com/analyst-ratings/analyst-color/21/07/22023662/bad-omen-for-meme-stocks-and-the-retail-trading-boom-heres-what-the-data-says\">Benzinga</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TLRY":"Tilray Inc.","GME":"游戏驿站","AMC":"AMC院线"},"source_url":"https://www.benzinga.com/analyst-ratings/analyst-color/21/07/22023662/bad-omen-for-meme-stocks-and-the-retail-trading-boom-heres-what-the-data-says","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1159574501","content_text":"Social media meme stocks GameStop Corp.(NYSE:GME) and AMC Entertainment Holdings Inc(NYSE:AMC) took a beating this week, with GameStop on track to finish the week down 9% and AMC set to lose 20.9% in Friday afternoon trading.\nDataTrek Research co-founder Nicholas Colas said this week there is an ominous sign the meme stock phenomenon may be dying a slow death.\nRetail Trading Boom:DataTrek has been periodically tracking the boom in retail traders triggered during the pandemic in 2020 and 2021 by monitoring U.S. Google search volume for the keywords “invest” and “buy stock.” Colas said these basic search terms are a broad way to gauge marginal retail investor interest in the stock market.\nThe image below shows how search volume for those key phrases has changed since the beginning of 2020.\n\nColas said the search volume data clearly indicates the retail stock trading fad is completely over at this point, a “very bad omen” for AMC and GameStop. In fact, Google search volume is now back down to where it was before the pandemic started in early 2020.\nIn addition, search volumes are now down 75% from their peak levels during the initial short squeezes in AMC and GameStop back in January 2021.\nColas said meme stocks like AMC need new retail stock traders to join in the buying to support their stock prices else they could be headed for more volatility like they have experienced this week.\n“Bubbles need fresh money, or they deflate. Quickly,” Colas wrote. “Every craze needs new adherents (i.e., not just the same crowd) to keep it relevant, and the Google chart shows those are in increasingly short supply.”\nPMP Weighs In:Benzinga PreMarket Prep co-host Dennis Dick said a good story can carry a stock a long way, and some stocks can even become so hot that they become temporarily disconnected from the company’s underlying fundamentals.\n“We have seen that in a number of meme stocks this year. Story can drive price in the short run but stocks almost always return back to their fundamental value in the long run,” Dick said.\nThe type of disconnect between share price and underlying value that AMC and GameStop have experienced in 2021 is certainly nothing new. Canadian cannabis stock Tilray Inc(NASDAQ:TLRY) experienced a similar disconnect back in 2018 when a retail stock mania sent the stock skyrocketing up to $300. Today, Tilray is trading back down at around $13.90.\n“As the stock price begins to fall, momentum traders who have been chasing the hot story will begin to exit. But if the stock trades at an extreme valuation, there may be very few traders willing to buy. This is what we are starting to see in many meme stocks today,” Dick said.\nBenzinga's Take:If the story begins to get hot again, the stock prices of overvalued story stocks can always recover once again. But without any underlying fundamentals to support the valuation, these types of stocks need a constant stream of new buyers and an increasingly bullish story to generate fresh enthusiasm.","news_type":1,"symbols_score_info":{"GME":0.9,"AMC":0.9,"TLRY":0.9}},"isVote":1,"tweetType":1,"viewCount":366,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":170705305,"gmtCreate":1626449183807,"gmtModify":1631893874540,"author":{"id":"3561349612413251","authorId":"3561349612413251","name":"Emfirefamily","avatar":"https://static.tigerbbs.com/4e15c42227c1a9b62ba5b357e07169cf","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3561349612413251","idStr":"3561349612413251"},"themes":[],"htmlText":"Yea","listText":"Yea","text":"Yea","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/170705305","repostId":"1169536573","repostType":4,"repost":{"id":"1169536573","kind":"news","pubTimestamp":1626448731,"share":"https://www.laohu8.com/m/news/1169536573?lang=zh_CN&edition=full","pubTime":"2021-07-16 23:18","market":"us","language":"en","title":"Coupa Shares Extend Losses After Post-Analyst Day Selloff<blockquote>分析师日抛售后，Coupa股价扩大跌幅</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1169536573","media":"Thestreet","summary":"Coupa Software traded lower for a second day Friday, extending Thursday's near 10% loss, as analysts reassessed their outlooks for the financial management software company following a disappointing analyst day event.Coupa hosted a virtual analyst day on Thursday, when the platform provider shared additional detail about its Coupa Pay service, and also provided an update on its longer-term prospects.Analysts honed in on the more conservative outlook provided by Coupa's management team as the lik","content":"<p>Coupa Software(<b>COUP</b>)&nbsp;traded lower for a second day Friday, extending Thursday's near 10% loss, as analysts reassessed their outlooks for the financial management software company following a disappointing analyst day event.</p><p><blockquote>Coupa软件（<b>COUP</b>）周五连续第二天走低，延续了周四近10%的跌幅，分析师在经历了令人失望的分析师日活动后重新评估了对这家财务管理软件公司的前景。</blockquote></p><p> Coupa hosted a virtual analyst day on Thursday, when the platform provider shared additional detail about its Coupa Pay service, and also provided an update on its longer-term prospects.</p><p><blockquote>Coupa周四举办了虚拟分析师日，该平台提供商分享了有关其Coupa Pay服务的更多细节，并提供了有关其长期前景的最新信息。</blockquote></p><p> Analysts honed in on the more conservative outlook provided by Coupa's management team as the likely reason behind Thursday's selloff, though were generally sanguine about the company's longer-term prospects, with Piper Sandler one of the the few Wall Street investment firms to lower its one-year price target.</p><p><blockquote>分析师们认为Coupa管理团队提供的更为保守的前景可能是周四抛售背后的原因，但他们普遍对该公司的长期前景持乐观态度，Piper Sandler是少数几家下调一年股价的华尔街投资公司之一。价格目标。</blockquote></p><p> Piper Sandler analysts also focused on lack of progress with Coupa Pay, noting that “… considering the necessary conservatism that is needed to continue the well-known beat and raise cadence, the set-up was always less than ideal.” They held their overweight rating on the stock though lowered their price target to $295 from $300.</p><p><blockquote>Piper Sandler分析师还关注了Coupa Pay缺乏进展的问题，并指出“……考虑到继续众所周知的节拍和提高节奏所需的必要保守主义，这种设置总是不太理想。”他们维持对该股的跑赢大盘评级，但将目标价从300美元下调至295美元。</blockquote></p><p> Truist Securities was slightly more upbeat, though admitted investors “could have been disappointed by either what they heard from an attach rate perspective on Coupa Pay or potentially were disappointed that it’s likely a multi-year time line before Coupa Pay really moves the needle.” They held their buy rating and price target of $326.</p><p><blockquote>Truist Securities稍微乐观一些，尽管承认投资者“可能会对他们从Coupa Pay的附加利率角度听到的消息感到失望，或者可能会对Coupa Pay真正发挥作用可能需要多年时间线感到失望。”他们维持买入评级和326美元的目标价。</blockquote></p><p> Barclays analysts noted that while Coupa couldn’t meet “the very high expectations from the Street” for its Coupa Pay service it is maintaining its positive outlook. The investment bank held its equal weight rating on the shares and one-year price target of $250.</p><p><blockquote>巴克莱分析师指出，虽然Coupa无法满足“华尔街对其Coupa Pay服务的极高期望”，但它仍保持积极的前景。该投资银行维持该股等权重评级，一年目标价为250美元。</blockquote></p><p> Coupa shares plunged last monthafter the companyprovided a tepid forecastthat raised questions about its pace of billings growth.&nbsp;A number of analysts cut their price targets on the San Mateo, Calif., based company at the time, even after it reported a surprise profit and better-than-expected revenue forecasts.</p><p><blockquote>上个月，Coupa股价暴跌，此前该公司提供了一份不温不火的预测，引发了人们对其账单增长速度的质疑。当时，许多分析师下调了这家总部位于加州圣马特奥的公司的目标价，尽管该公司公布了意外的利润和好于预期的收入预测。</blockquote></p><p> At last check, Coupa shares were down 2.24% at $221.04. The stock has fallen 32.7% year to date.</p><p><blockquote>据上次检查，Coupa股价下跌2.24%，至221.04美元。该股今年迄今已下跌32.7%。</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>Coupa Shares Extend Losses After Post-Analyst Day Selloff<blockquote>分析师日抛售后，Coupa股价扩大跌幅</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; 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}\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\">\nCoupa Shares Extend Losses After Post-Analyst Day Selloff<blockquote>分析师日抛售后，Coupa股价扩大跌幅</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Thestreet</strong><span class=\"h-time small\">2021-07-16 23:18</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Coupa Software(<b>COUP</b>)&nbsp;traded lower for a second day Friday, extending Thursday's near 10% loss, as analysts reassessed their outlooks for the financial management software company following a disappointing analyst day event.</p><p><blockquote>Coupa软件（<b>COUP</b>）周五连续第二天走低，延续了周四近10%的跌幅，分析师在经历了令人失望的分析师日活动后重新评估了对这家财务管理软件公司的前景。</blockquote></p><p> Coupa hosted a virtual analyst day on Thursday, when the platform provider shared additional detail about its Coupa Pay service, and also provided an update on its longer-term prospects.</p><p><blockquote>Coupa周四举办了虚拟分析师日，该平台提供商分享了有关其Coupa Pay服务的更多细节，并提供了有关其长期前景的最新信息。</blockquote></p><p> Analysts honed in on the more conservative outlook provided by Coupa's management team as the likely reason behind Thursday's selloff, though were generally sanguine about the company's longer-term prospects, with Piper Sandler one of the the few Wall Street investment firms to lower its one-year price target.</p><p><blockquote>分析师们认为Coupa管理团队提供的更为保守的前景可能是周四抛售背后的原因，但他们普遍对该公司的长期前景持乐观态度，Piper Sandler是少数几家下调一年股价的华尔街投资公司之一。价格目标。</blockquote></p><p> Piper Sandler analysts also focused on lack of progress with Coupa Pay, noting that “… considering the necessary conservatism that is needed to continue the well-known beat and raise cadence, the set-up was always less than ideal.” They held their overweight rating on the stock though lowered their price target to $295 from $300.</p><p><blockquote>Piper Sandler分析师还关注了Coupa Pay缺乏进展的问题，并指出“……考虑到继续众所周知的节拍和提高节奏所需的必要保守主义，这种设置总是不太理想。”他们维持对该股的跑赢大盘评级，但将目标价从300美元下调至295美元。</blockquote></p><p> Truist Securities was slightly more upbeat, though admitted investors “could have been disappointed by either what they heard from an attach rate perspective on Coupa Pay or potentially were disappointed that it’s likely a multi-year time line before Coupa Pay really moves the needle.” They held their buy rating and price target of $326.</p><p><blockquote>Truist Securities稍微乐观一些，尽管承认投资者“可能会对他们从Coupa Pay的附加利率角度听到的消息感到失望，或者可能会对Coupa Pay真正发挥作用可能需要多年时间线感到失望。”他们维持买入评级和326美元的目标价。</blockquote></p><p> Barclays analysts noted that while Coupa couldn’t meet “the very high expectations from the Street” for its Coupa Pay service it is maintaining its positive outlook. The investment bank held its equal weight rating on the shares and one-year price target of $250.</p><p><blockquote>巴克莱分析师指出，虽然Coupa无法满足“华尔街对其Coupa Pay服务的极高期望”，但它仍保持积极的前景。该投资银行维持该股等权重评级，一年目标价为250美元。</blockquote></p><p> Coupa shares plunged last monthafter the companyprovided a tepid forecastthat raised questions about its pace of billings growth.&nbsp;A number of analysts cut their price targets on the San Mateo, Calif., based company at the time, even after it reported a surprise profit and better-than-expected revenue forecasts.</p><p><blockquote>上个月，Coupa股价暴跌，此前该公司提供了一份不温不火的预测，引发了人们对其账单增长速度的质疑。当时，许多分析师下调了这家总部位于加州圣马特奥的公司的目标价，尽管该公司公布了意外的利润和好于预期的收入预测。</blockquote></p><p> At last check, Coupa shares were down 2.24% at $221.04. The stock has fallen 32.7% year to date.</p><p><blockquote>据上次检查，Coupa股价下跌2.24%，至221.04美元。该股今年迄今已下跌32.7%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/investing/coupa-software-coup-rebound-selloff-analysts\">Thestreet</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":{"COUP":"Coupa Software Inc"},"source_url":"https://www.thestreet.com/investing/coupa-software-coup-rebound-selloff-analysts","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1169536573","content_text":"Coupa Software(COUP) traded lower for a second day Friday, extending Thursday's near 10% loss, as analysts reassessed their outlooks for the financial management software company following a disappointing analyst day event.\nCoupa hosted a virtual analyst day on Thursday, when the platform provider shared additional detail about its Coupa Pay service, and also provided an update on its longer-term prospects.\nAnalysts honed in on the more conservative outlook provided by Coupa's management team as the likely reason behind Thursday's selloff, though were generally sanguine about the company's longer-term prospects, with Piper Sandler one of the the few Wall Street investment firms to lower its one-year price target.\nPiper Sandler analysts also focused on lack of progress with Coupa Pay, noting that “… considering the necessary conservatism that is needed to continue the well-known beat and raise cadence, the set-up was always less than ideal.” They held their overweight rating on the stock though lowered their price target to $295 from $300.\nTruist Securities was slightly more upbeat, though admitted investors “could have been disappointed by either what they heard from an attach rate perspective on Coupa Pay or potentially were disappointed that it’s likely a multi-year time line before Coupa Pay really moves the needle.” They held their buy rating and price target of $326.\nBarclays analysts noted that while Coupa couldn’t meet “the very high expectations from the Street” for its Coupa Pay service it is maintaining its positive outlook. The investment bank held its equal weight rating on the shares and one-year price target of $250.\nCoupa shares plunged last monthafter the companyprovided a tepid forecastthat raised questions about its pace of billings growth. A number of analysts cut their price targets on the San Mateo, Calif., based company at the time, even after it reported a surprise profit and better-than-expected revenue forecasts.\nAt last check, Coupa shares were down 2.24% at $221.04. The stock has fallen 32.7% year to date.","news_type":1,"symbols_score_info":{"COUP":0.9}},"isVote":1,"tweetType":1,"viewCount":506,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":148715237,"gmtCreate":1626016740129,"gmtModify":1631893874549,"author":{"id":"3561349612413251","authorId":"3561349612413251","name":"Emfirefamily","avatar":"https://static.tigerbbs.com/4e15c42227c1a9b62ba5b357e07169cf","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3561349612413251","idStr":"3561349612413251"},"themes":[],"htmlText":"Yea","listText":"Yea","text":"Yea","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/148715237","repostId":"1112201050","repostType":4,"repost":{"id":"1112201050","kind":"news","pubTimestamp":1625966101,"share":"https://www.laohu8.com/m/news/1112201050?lang=zh_CN&edition=full","pubTime":"2021-07-11 09:15","market":"us","language":"en","title":"The Meme Stock Trade Is Far From Over. What Investors Need to Know.<blockquote>模因股票交易还远未结束。投资者需要知道的。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1112201050","media":"Barrons","summary":"It seemed to be only a matter of time.\nWhen GameStop (ticker: GME), BlackBerry (BB), and even the de","content":"<p>It seemed to be only a matter of time.</p><p><blockquote>这似乎只是时间问题。</blockquote></p><p> When GameStop (ticker: GME), BlackBerry (BB), and even the desiccated carcass of Blockbuster suddenly sprang to life in January, the clock was already ticking for when they would crash again. Would it be hours, days, or weeks?</p><p><blockquote>当游戏驿站（股票代码：GME）、黑莓（BB），甚至百视达（Blockbuster）的干涸尸体在一月份突然复活时，他们再次崩溃的时间已经在滴答作响。是几个小时、几天还是几周？</blockquote></p><p> It has now been half a year, and the core “meme stocks” are still trading at levels considered outrageous by people who have studied them for years. New names like&nbsp;Clover Health Investments(CLOV) and&nbsp;Newegg Commerce(NEGG) have recently popped up on message boards, and their stocks have popped, too.</p><p><blockquote>现在已经半年了，核心“模因股”的交易水平仍然被研究它们多年的人认为令人发指。Clover Health Investments(CLOV)和Newegg Commerce(NEGG)等新名字最近出现在留言板上，它们的股票也随之上涨。</blockquote></p><p> The collective efforts of millions of retail traders—long derided as “the dumb money”—have successfully held stocks aloft and forced naysayers to capitulate.</p><p><blockquote>数百万散户交易者——长期以来被嘲笑为“愚蠢的钱”——的集体努力成功地保持了股票的高位，并迫使反对者投降。</blockquote></p><p> That is true even as the companies they are betting on have shown scant signs of transforming their businesses, or turning profits that might justify their valuations. BlackBerry burned cash in its latest quarter and warned that its key cybersecurity division would hit the low end of its revenue guidance; the stock dipped on the news but has still more than doubled in the past year.</p><p><blockquote>尽管他们押注的公司几乎没有表现出业务转型或扭亏为盈的迹象，但情况确实如此。黑莓在最近一个季度烧钱，并警告其关键的网络安全部门将触及收入指引的低端；消息传出后，该股下跌，但在过去一年中仍上涨了一倍多。</blockquote></p><p> While trading volume at the big brokers has come down slightly from its February peak, it remains two to three times as high as it was before the pandemic. And a startling amount of that activity is occurring in stocks favored by retail traders. The average daily value of shares traded in&nbsp;AMC Entertainment Holdings(AMC), for example, reached $13.1 billion in June, more than&nbsp;Apple’s(AAPL) $9.5 billion and Amazon.com’s (AMZN) $10.3 billion.</p><p><blockquote>尽管大型经纪商的交易量较2月份的峰值略有下降，但仍是大流行前的两到三倍。散户交易者青睐的股票中发生了数量惊人的此类活动。例如，AMC院线控股公司(AMC)6月份股票日均交易价值达到131亿美元，超过苹果(AAPL)的95亿美元和亚马逊(AMZN)的103亿美元。</blockquote></p><p> Even as the coronavirus fades in the U.S., most new traders say they are committed to the hobby they learned during lockdown—58% of day traders in a Betterment survey said they are planning to trade even more in the future, and only 12% plan to trade less. Amateur pandemic bakers have stopped kneading sourdough loaves; traders are only getting hungrier.</p><p><blockquote>即使冠状病毒在美国消退，大多数新交易者表示，他们仍致力于他们在封锁期间学到的爱好——在一项Betterment调查中，58%的日内交易者表示，他们计划在未来进行更多交易，只有12%的人计划减少交易。业余疫情面包师已经停止揉酸面团面包；交易者只会越来越饥渴。</blockquote></p><p> A sustained bear market would spoil such an appetite, as it did when the dot-com bubble burst. For now, dips are reasons to hold or buy.</p><p><blockquote>持续的熊市会破坏这种胃口，就像互联网泡沫破裂时一样。就目前而言，下跌是持有或买入的理由。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/25a79e71371c165f9a3a5085931fc487\" tg-width=\"979\" tg-height=\"649\"></p><p><blockquote></blockquote></p><p> “I’ve seen that the ‘buy the dip’ sentiment hasn’t relented for a moment,” wrote Brandon Luczek, an electronics technician for the U.S. Navy who trades with friends online, in an email to&nbsp;Barron’s.</p><p><blockquote>“我发现‘逢低买入’的情绪一刻也没有减弱，”与朋友在线交易的美国海军电子技术员布兰登·卢泽克(Brandon Luczek)在给《巴伦周刊》的电子邮件中写道。</blockquote></p><p> The meme stock surge has been propelled by a rise in trading by retail investors. In 2020, online brokers signed clients at a record pace, with more than 10 million people opening new accounts. That record will almost certainly be broken in 2021. Brokers had already added more than 10 million accounts less than halfway into the year, some of the top firms have disclosed.</p><p><blockquote>散户投资者交易量的增加推动了模因股票的飙升。2020年，在线经纪商以创纪录的速度签约客户，新开户人数超过1000万人。这一纪录几乎肯定会在2021年被打破。一些顶级公司透露，今年不到一半，经纪商就已经增加了超过1000万个账户。</blockquote></p><p> Meme stocks are both the cart and the horse of this phenomenon. Their sudden price spikes are driven by new investors, and then that action drives even more new people to invest. Millions of people downloaded investing apps in late January and early February just to be a part of the fun. A recent&nbsp;Charles Schwab(SCHW) survey found that 15% of all current traders began investing after 2020.</p><p><blockquote>模因股票既是这一现象的马车，也是马。它们的价格突然飙升是由新投资者推动的，然后这种行为会推动更多的新人投资。数百万人在一月底和二月初下载了投资应用程序，只是为了享受乐趣。嘉信理财(SCHW)最近的一项调查发现，15%的当前交易者在2020年之后开始投资。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/167386c6881a258922ad62caaf7a05f4\" tg-width=\"971\" tg-height=\"644\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/8e29e3041b91070252ab9063d1a11fa2\" tg-width=\"975\" tg-height=\"642\"><img src=\"https://static.tigerbbs.com/f9cc1c0bd6368721c0eca87e25719f16\" tg-width=\"964\" tg-height=\"641\"></p><p><blockquote></blockquote></p><p> The most prominent player in the surge is Robinhood, which said it had added 5.5 million funded accounts in the first quarter alone. But it isn’t alone. Fidelity, for instance, announced that it had attracted 1.6 million new customers under the age of 35 in the first quarter, 223% more than a year before.</p><p><blockquote>这一激增中最突出的参与者是Robinhood，该公司表示仅在第一季度就增加了550万个受资助账户。但它并不孤单。例如，富达宣布第一季度吸引了160万35岁以下的新客户，比去年同期增长了223%。</blockquote></p><p> Under pressure from Robinhood’s zero-commission model, all of the major brokers cut commissions to zero in 2019. That opened the floodgates to a new group of customers—one that may not have as much spare cash to trade but is more active and diverse than its predecessors. And the brokers are cashing in. Fidelity is hoping to attract investors before they even have driver’s licenses, allowing children as young as 13 to open trading accounts. Robinhood is riding the momentum to an initial public offering that analysts expect to value it at more than 10 times its revenue.</p><p><blockquote>在Robinhood零佣金模式的压力下，所有主要经纪商都在2019年将佣金降至零。这为新的客户群体打开了闸门——他们可能没有那么多闲钱可供交易，但比前辈更加活跃和多样化。经纪人正在兑现。富达希望在投资者拥有驾驶执照之前就吸引他们，允许年仅13岁的儿童开设交易账户。Robinhood正在乘势进行首次公开募股，分析师预计其估值将超过其收入的10倍。</blockquote></p><p> These new customers act differently than their older peers. For years, there was a “big gravitation toward ETFs,” says Chris Larkin, head of trading at E*Trade, which is now owned by Morgan Stanley (MS). But picking single stocks is clearly “the big story of 2021.”</p><p><blockquote>这些新客户的行为与老客户不同。E*Trade（现归摩根士丹利(MS)所有）交易主管克里斯·拉金(Chris Larkin)表示，多年来，“ETF的吸引力很大”。但挑选个股显然是“2021年的大新闻”。</blockquote></p><p> To be sure, equity exchange-traded funds are still doing well, as investors around the world bet on the pandemic recovery and avoid weak bond yields.</p><p><blockquote>可以肯定的是，股票交易所交易基金仍然表现良好，因为世界各地的投资者都押注于疫情复苏，并避免债券收益率疲软。</blockquote></p><p></p><p> But ETFs don’t light up the message boards like stocks do. Not that it has been a one-way ride for the top names. GameStop did dip in February, and Wall Street enjoyed a moment of schadenfreude. It didn’t last.</p><p><blockquote>但ETF不像股票那样点亮留言板。对于顶级品牌来说，这并不是一条单程之旅。游戏驿站确实在二月份下跌，华尔街享受了一段幸灾乐祸的时刻。这并没有持续多久。</blockquote></p><p> “Like cicadas, meme traders returned in a wild blaze of activity after being seemingly underground for several months,” wrote Steve Sosnick, chief strategist at Interactive Brokers. Sosnick believes that the meme stocks tend to trade inversely to cryptocurrencies, because their fans rotate from one to the other as the momentum shifts.</p><p><blockquote>盈透证券(Interactive Brokers)首席策略师史蒂夫·索斯尼克(Steve Sosnick)写道：“就像蝉一样，模因交易者在看似地下几个月后，又以疯狂的活动回归。”索斯尼克认为，模因股票的交易往往与加密货币相反，因为随着势头的变化，它们的粉丝会从一种股票转向另一种股票。</blockquote></p><p> “I don’t think it’s strictly a coincidence that meme stocks roared back to life after a significant correction in Bitcoin and other cryptocurrencies,” he wrote.</p><p><blockquote>他写道：“我认为，在比特币和其他加密货币大幅调整后，模因股票重新焕发生机，这绝非巧合。”</blockquote></p><p> Sosnick considers meme stocks a “sector unto themselves,” one that he segregates on his computer monitor away from other stock tickers.</p><p><blockquote>索斯尼克认为模因股票是一个“独立的行业”，他在电脑显示器上将其与其他股票代码分开。</blockquote></p><p> Indeed, Wall Street’s reaction to the meme stock revolution has been to isolate the parts of the market that the pros deem irrational. Most short sellers won’t touch the stocks, and analysts are dropping coverage.</p><p><blockquote>事实上，华尔街对模因股票革命的反应是孤立市场中专业人士认为非理性的部分。大多数卖空者不会碰这些股票，分析师也放弃了报道。</blockquote></p><p> But Wall Street can’t swat the retail army away like cicadas, or count on them disappearing for the next 17 years. Stock trading has permanently shifted. This year, retail activity accounts for 24% of equity volume, up from 15% in 2019. Adherents to the new creed are not passive observers willing to let Wall Street manage the markets.</p><p><blockquote>但华尔街不能像蝉一样将零售大军赶走，也不能指望它们在未来17年消失。股票交易已经永久转移。今年，零售活动占股本的24%，高于2019年的15%。新信条的追随者并不是愿意让华尔街管理市场的被动观察者。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/710e642d3b685b74f8c9dcaf46ef3e0b\" tg-width=\"968\" tg-height=\"643\"></p><p><blockquote></blockquote></p><p> “What this really reflects is a reversal of the trends that we saw toward less and less engagement with individual companies,” says Joshua Mitts, a professor at Columbia Law School specializing in securities markets. “Technology is bringing the average investor closer to the companies in which he or she invests, and that’s just taking on new and unpredictable forms.”</p><p><blockquote>哥伦比亚大学法学院专门研究证券市场的教授约书亚·米茨(Joshua Mitts)表示：“这真正反映了我们看到的与个别公司的接触越来越少的趋势的逆转。”“技术正在拉近普通投资者与他或她投资的公司的距离，而这只是以新的、不可预测的形式出现。”</blockquote></p><p> The swings you get can definitely make you feel some sort of way.</p><p><blockquote>你得到的秋千肯定会让你有某种感觉。</blockquote></p><p> — Matt Kohrs, 26, who streams stock analysis daily on YouTube</p><p><blockquote>——Matt Kohrs，26岁，每天在YouTube上播放股票分析</blockquote></p><p> It is now changing the lives of those who got in early and are still riding the names higher.</p><p><blockquote>它现在正在改变那些早期进入的人的生活，并且仍然名气更高。</blockquote></p><p> Take Matt Kohrs, who had invested in AMC Entertainment early. He quit his job as a programmer in New York in February, moved to Philadelphia, and started streaming&nbsp;stock analysis on YouTube&nbsp;for seven hours a day.</p><p><blockquote>以马特·科尔斯（Matt Kohrs）为例，他很早就投资了AMC院线。今年2月，他辞去了在纽约的程序员工作，搬到了费城，并开始每天在YouTube上播放7个小时的股票分析。</blockquote></p><p> With 350,000 YouTube followers, it’s paying the bills. With his earnings from ads and from the stock, Kohrs says he can pull down roughly the same salary he made before. But he also knows that relying on earnings from stocks like this is nothing like a 9-to-5 job.</p><p><blockquote>它在YouTube上拥有35万粉丝，正在支付账单。科尔斯表示，凭借广告和股票的收入，他可以降低与以前大致相同的工资。但他也知道，像这样依赖股票的收益与朝九晚五的工作完全不同。</blockquote></p><p> “The swings you get can definitely make you feel some sort of way,” he says.</p><p><blockquote>“你得到的挥杆肯定会让你有某种感觉，”他说。</blockquote></p><p> Companies are starting to react more aggressively, too. They are either embracing their new owners or paying meme-ologists to understand the emoji-filled language of the new Wall Street so they can ward them off or appease them.</p><p><blockquote>公司也开始做出更积极的反应。他们要么拥抱他们的新主人，要么付钱给模因学家来理解新华尔街充满表情符号的语言，这样他们就可以避开他们或安抚他们。</blockquote></p><p> AMC even canceled a proposed equity raise this past week because the company apparently didn’t like the vibes it was getting from the Reddit crowd. AMC has already quintupled its share count over the past year. CEO Adam Aron tweeted that he had seen “many yes, many no” reactions to his proposal to issue 25 million more shares, so it will be canceled instead of being presented for a vote at AMC’s annual meeting later this month. The company did not respond to a question on how it had polled shareholders.</p><p><blockquote>AMC甚至在过去一周取消了拟议的股权融资，因为该公司显然不喜欢Reddit人群的氛围。过去一年，AMC的股票数量已经增加了五倍。首席执行官Adam Aron在推特上表示，他看到了对他增发2500万股股票的提议“许多是，许多不是”的反应，因此该提议将被取消，而不是在本月晚些时候的AMC年会上进行投票。该公司没有回应有关如何对股东进行民意调查的问题。</blockquote></p><p> Forget the boardroom. Corporate policy is now being determined in the chat room.</p><p><blockquote>忘了会议室吧。公司政策现在正在聊天室中确定。</blockquote></p><p> Big investors are spending more time tracking social-media discussions about stocks. Bank of America found in a survey this year that about 25% of institutions had already been tracking social-media sentiment, but that about 40% are interested in using it going forward.</p><p><blockquote>大投资者花更多时间跟踪社交媒体上有关股票的讨论。美国银行在今年的一项调查中发现，大约25%的机构已经在跟踪社交媒体情绪，但大约40%的机构有兴趣在未来使用它。</blockquote></p><p> In the past few months, Bank of America, Morgan Stanley, and J.P. Morgan have all produced reports on how to trade around the retail action, coming to somewhat different conclusions.</p><p><blockquote>在过去的几个月里，美国银行、摩根士丹利和摩根大通都发布了关于如何围绕散户行为进行交易的报告，得出了有些不同的结论。</blockquote></p><p> There can be “alpha in the signal,” as Morgan Stanley put it, but it can take some intense number-crunching to get there. Not all message-board chatter leads to sustained price gains, of course, and retail order flow cannot easily be separated from institutional flow without substantial data analysis. For investors with the tools to pinpoint which stocks retail investors are buying and which they are selling, J.P. Morgan suggests going long on the 20% of stocks with the most buying interest and short on the top 20% in selling interest.</p><p><blockquote>正如摩根士丹利所说，信号中可能存在“阿尔法”，但可能需要一些激烈的数字运算才能达到这一目标。当然，并非所有留言板上的喋喋不休都会导致价格持续上涨，而且在没有大量数据分析的情况下，零售订单流无法轻易与机构订单流分开。对于拥有工具来确定散户投资者正在买入和卖出哪些股票的投资者，摩根大通建议做多买入兴趣最高的20%的股票，做空卖出兴趣最高的20%的股票。</blockquote></p><p> For now, many of the institutions buying data on social-media sentiment appear to be trying to reduce their risks, as opposed to scouting new opportunities, according to Boris Spiwak of alternative data firm Thinknum, which offers products that track social-media sentiment. “They see it as almost like an insurance policy, to limit their downside risks,” he says.</p><p><blockquote>提供跟踪社交媒体情绪产品的另类数据公司Thinknum的鲍里斯·斯皮瓦克(Boris Spiwak)表示，目前，许多购买社交媒体情绪数据的机构似乎都在试图降低风险，而不是寻找新的机会。“他们认为这几乎就像一份保险单，以限制他们的下行风险，”他说。</blockquote></p><p></p><p> For retail traders, the method isn’t always scientific. The action is sustained by a community ethos. And the force behind it is as much emotional and moral as financial.</p><p><blockquote>对于散户来说，这种方法并不总是科学的。这一行动得到了社区精神的支持。其背后的力量既是经济上的，也是情感上的和道德上的。</blockquote></p><p> New investors say they are motivated by a desire to prove themselves and punish the old guard as much as by profits. They learn from one another about the market, sometimes amplifying or debunking conspiracy theories about Wall Street. Some link the meme-stock movement to continued mistrust of big financial institutions stemming from the 2008 financial crisis.</p><p><blockquote>新投资者表示，他们的动机是证明自己和惩罚保守派的愿望，就像利润一样。他们互相了解市场，有时会放大或揭穿有关华尔街的阴谋论。一些人将模因股票走势与2008年金融危机引发的对大型金融机构的持续不信任联系起来。</blockquote></p><p> “Wall Street brought our economy to its knees, and no one ever got in trouble for it,” says the 26-year-old Kohrs. “So, I think they view this as not only can we make money, but we can also make these hedge funds on Wall Street pay.”</p><p><blockquote>“华尔街让我们的经济陷入瘫痪，没有人因此惹上麻烦，”26岁的科尔斯说。“所以，我认为他们认为这不仅可以让我们赚钱，还可以让华尔街的这些对冲基金付钱。”</blockquote></p><p> Claire Hirschberg is a 28-year-old union organizer who bought about $50 worth of GameStop stock on Robinhood in January after hearing about it from friends. She liked the idea, but what really got her excited about it was the reaction of her father, a longtime money manager. “He was so mad I had bought GameStop and was refusing to sell,” she says, laughing. “And that just makes me want to hold it forever.”</p><p><blockquote>克莱尔·赫希伯格(Claire Hirschberg)是一名28岁的工会组织者，她在从朋友那里听说此事后，于1月份在Robinhood上购买了价值约50美元的游戏驿站股票。她喜欢这个想法，但真正让她兴奋的是她父亲的反应，他父亲是一位长期的资金经理。“他对我买下游戏驿站并拒绝出售感到非常生气，”她笑着说。“这让我想永远拥有它。”</blockquote></p><p> Just like old Wall Street has rituals and codes, the new one does, too. A new investment banking employee learns quickly that you don’t wear a Ferragamo tie until after you make associate. You never leave the office until the managing director does, and you don’t complain about the hours. And the bad guys are the regulators and Sen. Elizabeth Warren, and not in that order.</p><p><blockquote>就像旧华尔街有仪式和准则一样，新华尔街也有。一位新的投资银行员工很快就会知道，直到你成为合伙人后，你才会戴菲拉格慕领带。在总经理离开之前，你永远不会离开办公室，你也不会抱怨工作时间。坏人是监管者和参议员伊丽莎白·沃伦，而不是这个顺序。</blockquote></p><p> The new trading desk—the apps that millions of retail traders now use and the message boards where they congregate—have unspoken rules, too. Publicly acknowledging financial losses is a valiant act, evidence of internal fortitude and belief in the group. You don’t take yourself seriously and you don’t police language. You are part of an army of “apes” or “retards.” You hold through the crashes, even if it means you might lose everything. And the bad guys are the short sellers, the market makers, and the Wall Street elites, in that order.</p><p><blockquote>新的交易台——数百万零售交易者现在使用的应用程序和他们聚集的留言板——也有潜规则。公开承认经济损失是一种勇敢的行为，是内部坚韧和对集团信念的证明。你不把自己当回事，也不监管语言。你是“猿”或“弱智”大军的一员。你坚持住了崩溃，即使这意味着你可能会失去一切。坏人依次是卖空者、做市商和华尔街精英。</blockquote></p><p> The group action is not just for moral support. The trading strategy depends on people keeping up the buying pressure to force a short squeeze or to buy bullish options that trigger what’s known as a gamma squeeze.</p><p><blockquote>群体行动不仅仅是为了道义上的支持。交易策略取决于人们保持购买压力以迫使空头挤压或购买看涨期权，从而触发所谓的伽马挤压。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/75d79c78a14cc8f297e17397cc54bdb5\" tg-width=\"1260\" tg-height=\"840\"><span>Keith Gill became the face of the Reddit army of retail traders pushing shares of GameStop higher when he appeared virtually before a House Financial Services Committee hearing in February.</span></p><p><blockquote><p class=\"t-img-caption\"><span>基思·吉尔(Keith Gill)二月份几乎出现在众议院金融服务委员会听证会上，成为Reddit零售交易员大军的代言人，推动游戏驿站股价走高。</span></p></blockquote></p><p> Many short sellers say they won’t touch these stocks anymore. But clearly, others aren’t taking that advice and are giving the meme movement oxygen by repeatedly betting against the stocks. AMC’s short interest was at 17% of the stock’s float in mid-June, down from 28% in January, but not by much.</p><p><blockquote>许多卖空者表示，他们不会再碰这些股票了。但显然，其他人并没有采纳这一建议，而是通过反复做空股票来为模因运动提供氧气。6月中旬，AMC的空头利息占该股流通量的17%，低于1月份的28%，但幅度不大。</blockquote></p><p> As the price rises, the shorts can’t help themselves. They start “drooling, with flames coming out of their ears,” says Michael Pachter, a Wedbush Securities analyst who has covered GameStop for years. “What’s kind of shocked me is the definition of insanity, which is doing the same thing over and over and over again and hoping for a different outcome each time, and the shorts keep coming back,” he says. “And [GameStop bull] Keith Gill and his Reddit raiders keep squeezing them, and it keeps working.”</p><p><blockquote>随着价格的上涨，空头们也身不由己。Wedbush Securities分析师Michael Pachter表示，他们开始“流口水，耳朵里冒出火焰”，多年来一直关注游戏驿站。“让我有点震惊的是精神错乱的定义，即一遍又一遍地做同样的事情，每次都希望有不同的结果，而空头不断回来，”他说。“[游戏驿站公牛]基思·吉尔和他的Reddit攻略不断挤压他们，而且它一直在发挥作用。”</blockquote></p><p> To beat the short sellers, the Reddit crowd needs to hold together, but the community has been showing cracks at times. The two meme stocks with the most determined fan bases—GameStop and AMC—still have enormous armies of core believers who do not seem easily swayed. But other names seem to have more-fickle backers. Several stocks caught up in the meme madness have come crashing down to earth.Bed Bath &amp; Beyond(BBBY) spiked twice—in late January and early June—but now trades only slightly above its mid-January levels. People who bought during the upswings have lost money.</p><p><blockquote>为了击败卖空者，Reddit人群需要团结一致，但社区有时会出现裂痕。拥有最坚定粉丝群的两只模因股票——游戏驿站和AMC——仍然拥有庞大的核心信徒大军，他们似乎不容易动摇。但其他名字似乎有更多善变的支持者。几只陷入迷因疯狂的股票已经暴跌。Bed Bath&amp;Beyond(BBBY)在1月底和6月初两次飙升，但现在的交易价格仅略高于1月中旬的水平。在上涨期间买入的人已经赔钱了。</blockquote></p><p> Distrust has spread, and some traders worry that wallstreetbets— the original Reddit message board that inspired the GameStop frenzy—has grown so fast that it has lost its original spirit, and potentially grown vulnerable to manipulation. Some have moved to other message boards, like r/superstonk, in hopes of reclaiming the old community’s flavor.</p><p><blockquote>不信任已经蔓延，一些交易员担心wallstreetbets——最初引发游戏驿站狂热的Reddit留言板——发展如此之快，以至于失去了最初的精神，并可能变得容易受到操纵。一些人已经转移到其他留言板，如r/superstonk，希望恢复旧社区的风味。</blockquote></p><p> Travis Rehl, the founder of social-media tracking company Hype Equity, says that he tries to separate possible manipulators from more organic investor sentiment. Hype Equity is usually hired by public-relations firms representing companies that are being talked about online, he says. Now, he sees a growing trend of stocks that suddenly come up on message boards, receive positive chatter, and then disappear.</p><p><blockquote>社交媒体跟踪公司Hype Equity的创始人特拉维斯·雷尔(Travis Rehl)表示，他试图将可能的操纵者与更有机的投资者情绪区分开来。他说，炒作股权通常是由代表网上谈论的公司的公关公司雇佣的。现在，他看到越来越多的股票突然出现在留言板上，收到积极的议论，然后消失。</blockquote></p><p></p><p> “It’s called into question what is a true discussion versus what is something that somebody just wants to pump,” he says. The moderators of wallstreetbets forbid market manipulation on the platform, and Rehl say they appear to work hard to police misinformation. The moderators did not respond to a request from&nbsp;Barron’s&nbsp;for comment.</p><p><blockquote>“这引发了人们对什么是真正的讨论与什么是某人只是想炒作的讨论的质疑，”他说。wallstreetbets的版主禁止在该平台上进行市场操纵，Rehl表示，他们似乎正在努力监管错误信息。主持人没有回应《巴伦周刊》的置评请求。</blockquote></p><p> “If you can create enough buzz to get a stock that goes up 10%, 20%, even 50% in a short period of time, there’s a tremendous incentive to do that,” Sosnick says.</p><p><blockquote>索斯尼克表示：“如果你能制造足够的轰动效应，让股票在短时间内上涨10%、20%甚至50%，那么就有巨大的动力这样做。”</blockquote></p><p> The Securities and Exchange Commission is watching for funny business on the message boards. SEC Chairman Gary Gensler and some members of Congress have discussed changing market rules with the intention of adding transparency protecting retail traders—although changes could also anger the retail crowd if they slow down trading or make it more expensive.</p><p><blockquote>证券交易委员会正在留言板上关注有趣的事情。美国证券交易委员会主席加里·詹斯勒(Gary Gensler)和一些国会议员讨论了改变市场规则，旨在增加保护零售交易者的透明度——尽管如果这些变化减慢交易速度或提高交易成本，也可能会激怒散户。</blockquote></p><p> Regulations aren’t the only thing that could deflate this trend. Dan Egan, vice president of behavioral finance and investing at fintech Betterment, thinks the momentum may run out of steam in September. Even “apes” have responsibilities. “Kids start going back to schools; parents are free to go to work again,” he says. “That’s the next time there’s going to be some oxygen pulled out of the room.”</p><p><blockquote>监管并不是唯一可能抑制这一趋势的因素。fintech Betterment行为金融和投资副总裁丹·伊根(Dan Egan)认为，这一势头可能会在9月份失去动力。即使是“猿”也有责任。“孩子们开始回到学校；父母可以再次自由地去工作，”他说。“那是下一次从房间里抽出一些氧气的时候。”</blockquote></p><p> Traditional investors may be tempted to write off the entire phenomenon as temporary madness inspired by lockdowns and free government money. But that would be a mistake. If zero-commission brokerages and fun with GameStop broke down barriers for millions of new investors to open accounts, it’s almost certainly a good thing, as long as most people bet with money they don’t need immediately. Many new retail traders say they are teaching themselves how to trade, and have begun to diversify their holdings.</p><p><blockquote>传统投资者可能会倾向于将整个现象视为由封锁和免费政府资金激发的暂时疯狂。但那将是一个错误。如果零佣金经纪公司和游戏驿站的乐趣打破了数百万新投资者开户的障碍，这几乎肯定是一件好事，只要大多数人用他们并不立即需要的钱下注。许多新零售交易员表示，他们正在自学如何交易，并已开始分散持股。</blockquote></p><p> In one form or another, this is the future client base of Wall Street.</p><p><blockquote>以这样或那样的形式，这就是华尔街未来的客户群。</blockquote></p><p> Arizona State University professor Hendrik Bessembinder published groundbreaking&nbsp;research&nbsp;in 2018 that found that “a randomly selected stock in a randomly selected month is more likely to lose money than make money.” In short, picking single stocks and holding a concentrated portfolio tends to be a losing strategy.</p><p><blockquote>亚利桑那州立大学教授Hendrik Bessembinder在2018年发表了开创性的研究，发现“在随机选择的月份随机选择的股票更有可能亏损而不是赚钱。”简而言之，挑选单一股票并持有集中的投资组合往往是一种失败的策略。</blockquote></p><p> Even so, he’s encouraged by the new wave of trading. “I welcome the increase in retail trading, the idea of the stock market being a place with wide participation,” Bessembinder says. “Economists can’t tell people they shouldn’t get some fun.”</p><p><blockquote>即便如此，他还是受到了新一波交易的鼓舞。“我欢迎零售交易的增加，以及股票市场是一个广泛参与的地方的想法，”贝森宾德说。“经济学家不能告诉人们他们不应该找点乐子。”</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>The Meme Stock Trade Is Far From Over. What Investors Need to Know.<blockquote>模因股票交易还远未结束。投资者需要知道的。</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\">\nThe Meme Stock Trade Is Far From Over. What Investors Need to Know.<blockquote>模因股票交易还远未结束。投资者需要知道的。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-07-11 09:15</span>\n</p>\n</h4>\n</header>\n<article>\n<p>It seemed to be only a matter of time.</p><p><blockquote>这似乎只是时间问题。</blockquote></p><p> When GameStop (ticker: GME), BlackBerry (BB), and even the desiccated carcass of Blockbuster suddenly sprang to life in January, the clock was already ticking for when they would crash again. Would it be hours, days, or weeks?</p><p><blockquote>当游戏驿站（股票代码：GME）、黑莓（BB），甚至百视达（Blockbuster）的干涸尸体在一月份突然复活时，他们再次崩溃的时间已经在滴答作响。是几个小时、几天还是几周？</blockquote></p><p> It has now been half a year, and the core “meme stocks” are still trading at levels considered outrageous by people who have studied them for years. New names like&nbsp;Clover Health Investments(CLOV) and&nbsp;Newegg Commerce(NEGG) have recently popped up on message boards, and their stocks have popped, too.</p><p><blockquote>现在已经半年了，核心“模因股”的交易水平仍然被研究它们多年的人认为令人发指。Clover Health Investments(CLOV)和Newegg Commerce(NEGG)等新名字最近出现在留言板上，它们的股票也随之上涨。</blockquote></p><p> The collective efforts of millions of retail traders—long derided as “the dumb money”—have successfully held stocks aloft and forced naysayers to capitulate.</p><p><blockquote>数百万散户交易者——长期以来被嘲笑为“愚蠢的钱”——的集体努力成功地保持了股票的高位，并迫使反对者投降。</blockquote></p><p> That is true even as the companies they are betting on have shown scant signs of transforming their businesses, or turning profits that might justify their valuations. BlackBerry burned cash in its latest quarter and warned that its key cybersecurity division would hit the low end of its revenue guidance; the stock dipped on the news but has still more than doubled in the past year.</p><p><blockquote>尽管他们押注的公司几乎没有表现出业务转型或扭亏为盈的迹象，但情况确实如此。黑莓在最近一个季度烧钱，并警告其关键的网络安全部门将触及收入指引的低端；消息传出后，该股下跌，但在过去一年中仍上涨了一倍多。</blockquote></p><p> While trading volume at the big brokers has come down slightly from its February peak, it remains two to three times as high as it was before the pandemic. And a startling amount of that activity is occurring in stocks favored by retail traders. The average daily value of shares traded in&nbsp;AMC Entertainment Holdings(AMC), for example, reached $13.1 billion in June, more than&nbsp;Apple’s(AAPL) $9.5 billion and Amazon.com’s (AMZN) $10.3 billion.</p><p><blockquote>尽管大型经纪商的交易量较2月份的峰值略有下降，但仍是大流行前的两到三倍。散户交易者青睐的股票中发生了数量惊人的此类活动。例如，AMC院线控股公司(AMC)6月份股票日均交易价值达到131亿美元，超过苹果(AAPL)的95亿美元和亚马逊(AMZN)的103亿美元。</blockquote></p><p> Even as the coronavirus fades in the U.S., most new traders say they are committed to the hobby they learned during lockdown—58% of day traders in a Betterment survey said they are planning to trade even more in the future, and only 12% plan to trade less. Amateur pandemic bakers have stopped kneading sourdough loaves; traders are only getting hungrier.</p><p><blockquote>即使冠状病毒在美国消退，大多数新交易者表示，他们仍致力于他们在封锁期间学到的爱好——在一项Betterment调查中，58%的日内交易者表示，他们计划在未来进行更多交易，只有12%的人计划减少交易。业余疫情面包师已经停止揉酸面团面包；交易者只会越来越饥渴。</blockquote></p><p> A sustained bear market would spoil such an appetite, as it did when the dot-com bubble burst. For now, dips are reasons to hold or buy.</p><p><blockquote>持续的熊市会破坏这种胃口，就像互联网泡沫破裂时一样。就目前而言，下跌是持有或买入的理由。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/25a79e71371c165f9a3a5085931fc487\" tg-width=\"979\" tg-height=\"649\"></p><p><blockquote></blockquote></p><p> “I’ve seen that the ‘buy the dip’ sentiment hasn’t relented for a moment,” wrote Brandon Luczek, an electronics technician for the U.S. Navy who trades with friends online, in an email to&nbsp;Barron’s.</p><p><blockquote>“我发现‘逢低买入’的情绪一刻也没有减弱，”与朋友在线交易的美国海军电子技术员布兰登·卢泽克(Brandon Luczek)在给《巴伦周刊》的电子邮件中写道。</blockquote></p><p> The meme stock surge has been propelled by a rise in trading by retail investors. In 2020, online brokers signed clients at a record pace, with more than 10 million people opening new accounts. That record will almost certainly be broken in 2021. Brokers had already added more than 10 million accounts less than halfway into the year, some of the top firms have disclosed.</p><p><blockquote>散户投资者交易量的增加推动了模因股票的飙升。2020年，在线经纪商以创纪录的速度签约客户，新开户人数超过1000万人。这一纪录几乎肯定会在2021年被打破。一些顶级公司透露，今年不到一半，经纪商就已经增加了超过1000万个账户。</blockquote></p><p> Meme stocks are both the cart and the horse of this phenomenon. Their sudden price spikes are driven by new investors, and then that action drives even more new people to invest. Millions of people downloaded investing apps in late January and early February just to be a part of the fun. A recent&nbsp;Charles Schwab(SCHW) survey found that 15% of all current traders began investing after 2020.</p><p><blockquote>模因股票既是这一现象的马车，也是马。它们的价格突然飙升是由新投资者推动的，然后这种行为会推动更多的新人投资。数百万人在一月底和二月初下载了投资应用程序，只是为了享受乐趣。嘉信理财(SCHW)最近的一项调查发现，15%的当前交易者在2020年之后开始投资。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/167386c6881a258922ad62caaf7a05f4\" tg-width=\"971\" tg-height=\"644\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/8e29e3041b91070252ab9063d1a11fa2\" tg-width=\"975\" tg-height=\"642\"><img src=\"https://static.tigerbbs.com/f9cc1c0bd6368721c0eca87e25719f16\" tg-width=\"964\" tg-height=\"641\"></p><p><blockquote></blockquote></p><p> The most prominent player in the surge is Robinhood, which said it had added 5.5 million funded accounts in the first quarter alone. But it isn’t alone. Fidelity, for instance, announced that it had attracted 1.6 million new customers under the age of 35 in the first quarter, 223% more than a year before.</p><p><blockquote>这一激增中最突出的参与者是Robinhood，该公司表示仅在第一季度就增加了550万个受资助账户。但它并不孤单。例如，富达宣布第一季度吸引了160万35岁以下的新客户，比去年同期增长了223%。</blockquote></p><p> Under pressure from Robinhood’s zero-commission model, all of the major brokers cut commissions to zero in 2019. That opened the floodgates to a new group of customers—one that may not have as much spare cash to trade but is more active and diverse than its predecessors. And the brokers are cashing in. Fidelity is hoping to attract investors before they even have driver’s licenses, allowing children as young as 13 to open trading accounts. Robinhood is riding the momentum to an initial public offering that analysts expect to value it at more than 10 times its revenue.</p><p><blockquote>在Robinhood零佣金模式的压力下，所有主要经纪商都在2019年将佣金降至零。这为新的客户群体打开了闸门——他们可能没有那么多闲钱可供交易，但比前辈更加活跃和多样化。经纪人正在兑现。富达希望在投资者拥有驾驶执照之前就吸引他们，允许年仅13岁的儿童开设交易账户。Robinhood正在乘势进行首次公开募股，分析师预计其估值将超过其收入的10倍。</blockquote></p><p> These new customers act differently than their older peers. For years, there was a “big gravitation toward ETFs,” says Chris Larkin, head of trading at E*Trade, which is now owned by Morgan Stanley (MS). But picking single stocks is clearly “the big story of 2021.”</p><p><blockquote>这些新客户的行为与老客户不同。E*Trade（现归摩根士丹利(MS)所有）交易主管克里斯·拉金(Chris Larkin)表示，多年来，“ETF的吸引力很大”。但挑选个股显然是“2021年的大新闻”。</blockquote></p><p> To be sure, equity exchange-traded funds are still doing well, as investors around the world bet on the pandemic recovery and avoid weak bond yields.</p><p><blockquote>可以肯定的是，股票交易所交易基金仍然表现良好，因为世界各地的投资者都押注于疫情复苏，并避免债券收益率疲软。</blockquote></p><p></p><p> But ETFs don’t light up the message boards like stocks do. Not that it has been a one-way ride for the top names. GameStop did dip in February, and Wall Street enjoyed a moment of schadenfreude. It didn’t last.</p><p><blockquote>但ETF不像股票那样点亮留言板。对于顶级品牌来说，这并不是一条单程之旅。游戏驿站确实在二月份下跌，华尔街享受了一段幸灾乐祸的时刻。这并没有持续多久。</blockquote></p><p> “Like cicadas, meme traders returned in a wild blaze of activity after being seemingly underground for several months,” wrote Steve Sosnick, chief strategist at Interactive Brokers. Sosnick believes that the meme stocks tend to trade inversely to cryptocurrencies, because their fans rotate from one to the other as the momentum shifts.</p><p><blockquote>盈透证券(Interactive Brokers)首席策略师史蒂夫·索斯尼克(Steve Sosnick)写道：“就像蝉一样，模因交易者在看似地下几个月后，又以疯狂的活动回归。”索斯尼克认为，模因股票的交易往往与加密货币相反，因为随着势头的变化，它们的粉丝会从一种股票转向另一种股票。</blockquote></p><p> “I don’t think it’s strictly a coincidence that meme stocks roared back to life after a significant correction in Bitcoin and other cryptocurrencies,” he wrote.</p><p><blockquote>他写道：“我认为，在比特币和其他加密货币大幅调整后，模因股票重新焕发生机，这绝非巧合。”</blockquote></p><p> Sosnick considers meme stocks a “sector unto themselves,” one that he segregates on his computer monitor away from other stock tickers.</p><p><blockquote>索斯尼克认为模因股票是一个“独立的行业”，他在电脑显示器上将其与其他股票代码分开。</blockquote></p><p> Indeed, Wall Street’s reaction to the meme stock revolution has been to isolate the parts of the market that the pros deem irrational. Most short sellers won’t touch the stocks, and analysts are dropping coverage.</p><p><blockquote>事实上，华尔街对模因股票革命的反应是孤立市场中专业人士认为非理性的部分。大多数卖空者不会碰这些股票，分析师也放弃了报道。</blockquote></p><p> But Wall Street can’t swat the retail army away like cicadas, or count on them disappearing for the next 17 years. Stock trading has permanently shifted. This year, retail activity accounts for 24% of equity volume, up from 15% in 2019. Adherents to the new creed are not passive observers willing to let Wall Street manage the markets.</p><p><blockquote>但华尔街不能像蝉一样将零售大军赶走，也不能指望它们在未来17年消失。股票交易已经永久转移。今年，零售活动占股本的24%，高于2019年的15%。新信条的追随者并不是愿意让华尔街管理市场的被动观察者。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/710e642d3b685b74f8c9dcaf46ef3e0b\" tg-width=\"968\" tg-height=\"643\"></p><p><blockquote></blockquote></p><p> “What this really reflects is a reversal of the trends that we saw toward less and less engagement with individual companies,” says Joshua Mitts, a professor at Columbia Law School specializing in securities markets. “Technology is bringing the average investor closer to the companies in which he or she invests, and that’s just taking on new and unpredictable forms.”</p><p><blockquote>哥伦比亚大学法学院专门研究证券市场的教授约书亚·米茨(Joshua Mitts)表示：“这真正反映了我们看到的与个别公司的接触越来越少的趋势的逆转。”“技术正在拉近普通投资者与他或她投资的公司的距离，而这只是以新的、不可预测的形式出现。”</blockquote></p><p> The swings you get can definitely make you feel some sort of way.</p><p><blockquote>你得到的秋千肯定会让你有某种感觉。</blockquote></p><p> — Matt Kohrs, 26, who streams stock analysis daily on YouTube</p><p><blockquote>——Matt Kohrs，26岁，每天在YouTube上播放股票分析</blockquote></p><p> It is now changing the lives of those who got in early and are still riding the names higher.</p><p><blockquote>它现在正在改变那些早期进入的人的生活，并且仍然名气更高。</blockquote></p><p> Take Matt Kohrs, who had invested in AMC Entertainment early. He quit his job as a programmer in New York in February, moved to Philadelphia, and started streaming&nbsp;stock analysis on YouTube&nbsp;for seven hours a day.</p><p><blockquote>以马特·科尔斯（Matt Kohrs）为例，他很早就投资了AMC院线。今年2月，他辞去了在纽约的程序员工作，搬到了费城，并开始每天在YouTube上播放7个小时的股票分析。</blockquote></p><p> With 350,000 YouTube followers, it’s paying the bills. With his earnings from ads and from the stock, Kohrs says he can pull down roughly the same salary he made before. But he also knows that relying on earnings from stocks like this is nothing like a 9-to-5 job.</p><p><blockquote>它在YouTube上拥有35万粉丝，正在支付账单。科尔斯表示，凭借广告和股票的收入，他可以降低与以前大致相同的工资。但他也知道，像这样依赖股票的收益与朝九晚五的工作完全不同。</blockquote></p><p> “The swings you get can definitely make you feel some sort of way,” he says.</p><p><blockquote>“你得到的挥杆肯定会让你有某种感觉，”他说。</blockquote></p><p> Companies are starting to react more aggressively, too. They are either embracing their new owners or paying meme-ologists to understand the emoji-filled language of the new Wall Street so they can ward them off or appease them.</p><p><blockquote>公司也开始做出更积极的反应。他们要么拥抱他们的新主人，要么付钱给模因学家来理解新华尔街充满表情符号的语言，这样他们就可以避开他们或安抚他们。</blockquote></p><p> AMC even canceled a proposed equity raise this past week because the company apparently didn’t like the vibes it was getting from the Reddit crowd. AMC has already quintupled its share count over the past year. CEO Adam Aron tweeted that he had seen “many yes, many no” reactions to his proposal to issue 25 million more shares, so it will be canceled instead of being presented for a vote at AMC’s annual meeting later this month. The company did not respond to a question on how it had polled shareholders.</p><p><blockquote>AMC甚至在过去一周取消了拟议的股权融资，因为该公司显然不喜欢Reddit人群的氛围。过去一年，AMC的股票数量已经增加了五倍。首席执行官Adam Aron在推特上表示，他看到了对他增发2500万股股票的提议“许多是，许多不是”的反应，因此该提议将被取消，而不是在本月晚些时候的AMC年会上进行投票。该公司没有回应有关如何对股东进行民意调查的问题。</blockquote></p><p> Forget the boardroom. Corporate policy is now being determined in the chat room.</p><p><blockquote>忘了会议室吧。公司政策现在正在聊天室中确定。</blockquote></p><p> Big investors are spending more time tracking social-media discussions about stocks. Bank of America found in a survey this year that about 25% of institutions had already been tracking social-media sentiment, but that about 40% are interested in using it going forward.</p><p><blockquote>大投资者花更多时间跟踪社交媒体上有关股票的讨论。美国银行在今年的一项调查中发现，大约25%的机构已经在跟踪社交媒体情绪，但大约40%的机构有兴趣在未来使用它。</blockquote></p><p> In the past few months, Bank of America, Morgan Stanley, and J.P. Morgan have all produced reports on how to trade around the retail action, coming to somewhat different conclusions.</p><p><blockquote>在过去的几个月里，美国银行、摩根士丹利和摩根大通都发布了关于如何围绕散户行为进行交易的报告，得出了有些不同的结论。</blockquote></p><p> There can be “alpha in the signal,” as Morgan Stanley put it, but it can take some intense number-crunching to get there. Not all message-board chatter leads to sustained price gains, of course, and retail order flow cannot easily be separated from institutional flow without substantial data analysis. For investors with the tools to pinpoint which stocks retail investors are buying and which they are selling, J.P. Morgan suggests going long on the 20% of stocks with the most buying interest and short on the top 20% in selling interest.</p><p><blockquote>正如摩根士丹利所说，信号中可能存在“阿尔法”，但可能需要一些激烈的数字运算才能达到这一目标。当然，并非所有留言板上的喋喋不休都会导致价格持续上涨，而且在没有大量数据分析的情况下，零售订单流无法轻易与机构订单流分开。对于拥有工具来确定散户投资者正在买入和卖出哪些股票的投资者，摩根大通建议做多买入兴趣最高的20%的股票，做空卖出兴趣最高的20%的股票。</blockquote></p><p> For now, many of the institutions buying data on social-media sentiment appear to be trying to reduce their risks, as opposed to scouting new opportunities, according to Boris Spiwak of alternative data firm Thinknum, which offers products that track social-media sentiment. “They see it as almost like an insurance policy, to limit their downside risks,” he says.</p><p><blockquote>提供跟踪社交媒体情绪产品的另类数据公司Thinknum的鲍里斯·斯皮瓦克(Boris Spiwak)表示，目前，许多购买社交媒体情绪数据的机构似乎都在试图降低风险，而不是寻找新的机会。“他们认为这几乎就像一份保险单，以限制他们的下行风险，”他说。</blockquote></p><p></p><p> For retail traders, the method isn’t always scientific. The action is sustained by a community ethos. And the force behind it is as much emotional and moral as financial.</p><p><blockquote>对于散户来说，这种方法并不总是科学的。这一行动得到了社区精神的支持。其背后的力量既是经济上的，也是情感上的和道德上的。</blockquote></p><p> New investors say they are motivated by a desire to prove themselves and punish the old guard as much as by profits. They learn from one another about the market, sometimes amplifying or debunking conspiracy theories about Wall Street. Some link the meme-stock movement to continued mistrust of big financial institutions stemming from the 2008 financial crisis.</p><p><blockquote>新投资者表示，他们的动机是证明自己和惩罚保守派的愿望，就像利润一样。他们互相了解市场，有时会放大或揭穿有关华尔街的阴谋论。一些人将模因股票走势与2008年金融危机引发的对大型金融机构的持续不信任联系起来。</blockquote></p><p> “Wall Street brought our economy to its knees, and no one ever got in trouble for it,” says the 26-year-old Kohrs. “So, I think they view this as not only can we make money, but we can also make these hedge funds on Wall Street pay.”</p><p><blockquote>“华尔街让我们的经济陷入瘫痪，没有人因此惹上麻烦，”26岁的科尔斯说。“所以，我认为他们认为这不仅可以让我们赚钱，还可以让华尔街的这些对冲基金付钱。”</blockquote></p><p> Claire Hirschberg is a 28-year-old union organizer who bought about $50 worth of GameStop stock on Robinhood in January after hearing about it from friends. She liked the idea, but what really got her excited about it was the reaction of her father, a longtime money manager. “He was so mad I had bought GameStop and was refusing to sell,” she says, laughing. “And that just makes me want to hold it forever.”</p><p><blockquote>克莱尔·赫希伯格(Claire Hirschberg)是一名28岁的工会组织者，她在从朋友那里听说此事后，于1月份在Robinhood上购买了价值约50美元的游戏驿站股票。她喜欢这个想法，但真正让她兴奋的是她父亲的反应，他父亲是一位长期的资金经理。“他对我买下游戏驿站并拒绝出售感到非常生气，”她笑着说。“这让我想永远拥有它。”</blockquote></p><p> Just like old Wall Street has rituals and codes, the new one does, too. A new investment banking employee learns quickly that you don’t wear a Ferragamo tie until after you make associate. You never leave the office until the managing director does, and you don’t complain about the hours. And the bad guys are the regulators and Sen. Elizabeth Warren, and not in that order.</p><p><blockquote>就像旧华尔街有仪式和准则一样，新华尔街也有。一位新的投资银行员工很快就会知道，直到你成为合伙人后，你才会戴菲拉格慕领带。在总经理离开之前，你永远不会离开办公室，你也不会抱怨工作时间。坏人是监管者和参议员伊丽莎白·沃伦，而不是这个顺序。</blockquote></p><p> The new trading desk—the apps that millions of retail traders now use and the message boards where they congregate—have unspoken rules, too. Publicly acknowledging financial losses is a valiant act, evidence of internal fortitude and belief in the group. You don’t take yourself seriously and you don’t police language. You are part of an army of “apes” or “retards.” You hold through the crashes, even if it means you might lose everything. And the bad guys are the short sellers, the market makers, and the Wall Street elites, in that order.</p><p><blockquote>新的交易台——数百万零售交易者现在使用的应用程序和他们聚集的留言板——也有潜规则。公开承认经济损失是一种勇敢的行为，是内部坚韧和对集团信念的证明。你不把自己当回事，也不监管语言。你是“猿”或“弱智”大军的一员。你坚持住了崩溃，即使这意味着你可能会失去一切。坏人依次是卖空者、做市商和华尔街精英。</blockquote></p><p> The group action is not just for moral support. The trading strategy depends on people keeping up the buying pressure to force a short squeeze or to buy bullish options that trigger what’s known as a gamma squeeze.</p><p><blockquote>群体行动不仅仅是为了道义上的支持。交易策略取决于人们保持购买压力以迫使空头挤压或购买看涨期权，从而触发所谓的伽马挤压。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/75d79c78a14cc8f297e17397cc54bdb5\" tg-width=\"1260\" tg-height=\"840\"><span>Keith Gill became the face of the Reddit army of retail traders pushing shares of GameStop higher when he appeared virtually before a House Financial Services Committee hearing in February.</span></p><p><blockquote><p class=\"t-img-caption\"><span>基思·吉尔(Keith Gill)二月份几乎出现在众议院金融服务委员会听证会上，成为Reddit零售交易员大军的代言人，推动游戏驿站股价走高。</span></p></blockquote></p><p> Many short sellers say they won’t touch these stocks anymore. But clearly, others aren’t taking that advice and are giving the meme movement oxygen by repeatedly betting against the stocks. AMC’s short interest was at 17% of the stock’s float in mid-June, down from 28% in January, but not by much.</p><p><blockquote>许多卖空者表示，他们不会再碰这些股票了。但显然，其他人并没有采纳这一建议，而是通过反复做空股票来为模因运动提供氧气。6月中旬，AMC的空头利息占该股流通量的17%，低于1月份的28%，但幅度不大。</blockquote></p><p> As the price rises, the shorts can’t help themselves. They start “drooling, with flames coming out of their ears,” says Michael Pachter, a Wedbush Securities analyst who has covered GameStop for years. “What’s kind of shocked me is the definition of insanity, which is doing the same thing over and over and over again and hoping for a different outcome each time, and the shorts keep coming back,” he says. “And [GameStop bull] Keith Gill and his Reddit raiders keep squeezing them, and it keeps working.”</p><p><blockquote>随着价格的上涨，空头们也身不由己。Wedbush Securities分析师Michael Pachter表示，他们开始“流口水，耳朵里冒出火焰”，多年来一直关注游戏驿站。“让我有点震惊的是精神错乱的定义，即一遍又一遍地做同样的事情，每次都希望有不同的结果，而空头不断回来，”他说。“[游戏驿站公牛]基思·吉尔和他的Reddit攻略不断挤压他们，而且它一直在发挥作用。”</blockquote></p><p> To beat the short sellers, the Reddit crowd needs to hold together, but the community has been showing cracks at times. The two meme stocks with the most determined fan bases—GameStop and AMC—still have enormous armies of core believers who do not seem easily swayed. But other names seem to have more-fickle backers. Several stocks caught up in the meme madness have come crashing down to earth.Bed Bath &amp; Beyond(BBBY) spiked twice—in late January and early June—but now trades only slightly above its mid-January levels. People who bought during the upswings have lost money.</p><p><blockquote>为了击败卖空者，Reddit人群需要团结一致，但社区有时会出现裂痕。拥有最坚定粉丝群的两只模因股票——游戏驿站和AMC——仍然拥有庞大的核心信徒大军，他们似乎不容易动摇。但其他名字似乎有更多善变的支持者。几只陷入迷因疯狂的股票已经暴跌。Bed Bath&amp;Beyond(BBBY)在1月底和6月初两次飙升，但现在的交易价格仅略高于1月中旬的水平。在上涨期间买入的人已经赔钱了。</blockquote></p><p> Distrust has spread, and some traders worry that wallstreetbets— the original Reddit message board that inspired the GameStop frenzy—has grown so fast that it has lost its original spirit, and potentially grown vulnerable to manipulation. Some have moved to other message boards, like r/superstonk, in hopes of reclaiming the old community’s flavor.</p><p><blockquote>不信任已经蔓延，一些交易员担心wallstreetbets——最初引发游戏驿站狂热的Reddit留言板——发展如此之快，以至于失去了最初的精神，并可能变得容易受到操纵。一些人已经转移到其他留言板，如r/superstonk，希望恢复旧社区的风味。</blockquote></p><p> Travis Rehl, the founder of social-media tracking company Hype Equity, says that he tries to separate possible manipulators from more organic investor sentiment. Hype Equity is usually hired by public-relations firms representing companies that are being talked about online, he says. Now, he sees a growing trend of stocks that suddenly come up on message boards, receive positive chatter, and then disappear.</p><p><blockquote>社交媒体跟踪公司Hype Equity的创始人特拉维斯·雷尔(Travis Rehl)表示，他试图将可能的操纵者与更有机的投资者情绪区分开来。他说，炒作股权通常是由代表网上谈论的公司的公关公司雇佣的。现在，他看到越来越多的股票突然出现在留言板上，收到积极的议论，然后消失。</blockquote></p><p></p><p> “It’s called into question what is a true discussion versus what is something that somebody just wants to pump,” he says. The moderators of wallstreetbets forbid market manipulation on the platform, and Rehl say they appear to work hard to police misinformation. The moderators did not respond to a request from&nbsp;Barron’s&nbsp;for comment.</p><p><blockquote>“这引发了人们对什么是真正的讨论与什么是某人只是想炒作的讨论的质疑，”他说。wallstreetbets的版主禁止在该平台上进行市场操纵，Rehl表示，他们似乎正在努力监管错误信息。主持人没有回应《巴伦周刊》的置评请求。</blockquote></p><p> “If you can create enough buzz to get a stock that goes up 10%, 20%, even 50% in a short period of time, there’s a tremendous incentive to do that,” Sosnick says.</p><p><blockquote>索斯尼克表示：“如果你能制造足够的轰动效应，让股票在短时间内上涨10%、20%甚至50%，那么就有巨大的动力这样做。”</blockquote></p><p> The Securities and Exchange Commission is watching for funny business on the message boards. SEC Chairman Gary Gensler and some members of Congress have discussed changing market rules with the intention of adding transparency protecting retail traders—although changes could also anger the retail crowd if they slow down trading or make it more expensive.</p><p><blockquote>证券交易委员会正在留言板上关注有趣的事情。美国证券交易委员会主席加里·詹斯勒(Gary Gensler)和一些国会议员讨论了改变市场规则，旨在增加保护零售交易者的透明度——尽管如果这些变化减慢交易速度或提高交易成本，也可能会激怒散户。</blockquote></p><p> Regulations aren’t the only thing that could deflate this trend. Dan Egan, vice president of behavioral finance and investing at fintech Betterment, thinks the momentum may run out of steam in September. Even “apes” have responsibilities. “Kids start going back to schools; parents are free to go to work again,” he says. “That’s the next time there’s going to be some oxygen pulled out of the room.”</p><p><blockquote>监管并不是唯一可能抑制这一趋势的因素。fintech Betterment行为金融和投资副总裁丹·伊根(Dan Egan)认为，这一势头可能会在9月份失去动力。即使是“猿”也有责任。“孩子们开始回到学校；父母可以再次自由地去工作，”他说。“那是下一次从房间里抽出一些氧气的时候。”</blockquote></p><p> Traditional investors may be tempted to write off the entire phenomenon as temporary madness inspired by lockdowns and free government money. But that would be a mistake. If zero-commission brokerages and fun with GameStop broke down barriers for millions of new investors to open accounts, it’s almost certainly a good thing, as long as most people bet with money they don’t need immediately. Many new retail traders say they are teaching themselves how to trade, and have begun to diversify their holdings.</p><p><blockquote>传统投资者可能会倾向于将整个现象视为由封锁和免费政府资金激发的暂时疯狂。但那将是一个错误。如果零佣金经纪公司和游戏驿站的乐趣打破了数百万新投资者开户的障碍，这几乎肯定是一件好事，只要大多数人用他们并不立即需要的钱下注。许多新零售交易员表示，他们正在自学如何交易，并已开始分散持股。</blockquote></p><p> In one form or another, this is the future client base of Wall Street.</p><p><blockquote>以这样或那样的形式，这就是华尔街未来的客户群。</blockquote></p><p> Arizona State University professor Hendrik Bessembinder published groundbreaking&nbsp;research&nbsp;in 2018 that found that “a randomly selected stock in a randomly selected month is more likely to lose money than make money.” In short, picking single stocks and holding a concentrated portfolio tends to be a losing strategy.</p><p><blockquote>亚利桑那州立大学教授Hendrik Bessembinder在2018年发表了开创性的研究，发现“在随机选择的月份随机选择的股票更有可能亏损而不是赚钱。”简而言之，挑选单一股票并持有集中的投资组合往往是一种失败的策略。</blockquote></p><p> Even so, he’s encouraged by the new wave of trading. “I welcome the increase in retail trading, the idea of the stock market being a place with wide participation,” Bessembinder says. “Economists can’t tell people they shouldn’t get some fun.”</p><p><blockquote>即便如此，他还是受到了新一波交易的鼓舞。“我欢迎零售交易的增加，以及股票市场是一个广泛参与的地方的想法，”贝森宾德说。“经济学家不能告诉人们他们不应该找点乐子。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/the-meme-stock-trade-is-far-from-over-what-investors-need-to-know-51625875247?mod=hp_HERO\">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":{"GME":"游戏驿站","BBBY":"Bed Bath & Beyond, Inc.","NEGG":"Newegg Comm Inc.","CARV":"卡弗储蓄","BB":"黑莓","CLOV":"Clover Health Corp","WKHS":"Workhorse Group, Inc.","AMC":"AMC院线","SCHW":"嘉信理财"},"source_url":"https://www.barrons.com/articles/the-meme-stock-trade-is-far-from-over-what-investors-need-to-know-51625875247?mod=hp_HERO","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1112201050","content_text":"It seemed to be only a matter of time.\nWhen GameStop (ticker: GME), BlackBerry (BB), and even the desiccated carcass of Blockbuster suddenly sprang to life in January, the clock was already ticking for when they would crash again. Would it be hours, days, or weeks?\nIt has now been half a year, and the core “meme stocks” are still trading at levels considered outrageous by people who have studied them for years. New names like Clover Health Investments(CLOV) and Newegg Commerce(NEGG) have recently popped up on message boards, and their stocks have popped, too.\nThe collective efforts of millions of retail traders—long derided as “the dumb money”—have successfully held stocks aloft and forced naysayers to capitulate.\nThat is true even as the companies they are betting on have shown scant signs of transforming their businesses, or turning profits that might justify their valuations. BlackBerry burned cash in its latest quarter and warned that its key cybersecurity division would hit the low end of its revenue guidance; the stock dipped on the news but has still more than doubled in the past year.\nWhile trading volume at the big brokers has come down slightly from its February peak, it remains two to three times as high as it was before the pandemic. And a startling amount of that activity is occurring in stocks favored by retail traders. The average daily value of shares traded in AMC Entertainment Holdings(AMC), for example, reached $13.1 billion in June, more than Apple’s(AAPL) $9.5 billion and Amazon.com’s (AMZN) $10.3 billion.\nEven as the coronavirus fades in the U.S., most new traders say they are committed to the hobby they learned during lockdown—58% of day traders in a Betterment survey said they are planning to trade even more in the future, and only 12% plan to trade less. Amateur pandemic bakers have stopped kneading sourdough loaves; traders are only getting hungrier.\nA sustained bear market would spoil such an appetite, as it did when the dot-com bubble burst. For now, dips are reasons to hold or buy.\n\n“I’ve seen that the ‘buy the dip’ sentiment hasn’t relented for a moment,” wrote Brandon Luczek, an electronics technician for the U.S. Navy who trades with friends online, in an email to Barron’s.\nThe meme stock surge has been propelled by a rise in trading by retail investors. In 2020, online brokers signed clients at a record pace, with more than 10 million people opening new accounts. That record will almost certainly be broken in 2021. Brokers had already added more than 10 million accounts less than halfway into the year, some of the top firms have disclosed.\nMeme stocks are both the cart and the horse of this phenomenon. Their sudden price spikes are driven by new investors, and then that action drives even more new people to invest. Millions of people downloaded investing apps in late January and early February just to be a part of the fun. A recent Charles Schwab(SCHW) survey found that 15% of all current traders began investing after 2020.\n\nThe most prominent player in the surge is Robinhood, which said it had added 5.5 million funded accounts in the first quarter alone. But it isn’t alone. Fidelity, for instance, announced that it had attracted 1.6 million new customers under the age of 35 in the first quarter, 223% more than a year before.\nUnder pressure from Robinhood’s zero-commission model, all of the major brokers cut commissions to zero in 2019. That opened the floodgates to a new group of customers—one that may not have as much spare cash to trade but is more active and diverse than its predecessors. And the brokers are cashing in. Fidelity is hoping to attract investors before they even have driver’s licenses, allowing children as young as 13 to open trading accounts. Robinhood is riding the momentum to an initial public offering that analysts expect to value it at more than 10 times its revenue.\nThese new customers act differently than their older peers. For years, there was a “big gravitation toward ETFs,” says Chris Larkin, head of trading at E*Trade, which is now owned by Morgan Stanley (MS). But picking single stocks is clearly “the big story of 2021.”\nTo be sure, equity exchange-traded funds are still doing well, as investors around the world bet on the pandemic recovery and avoid weak bond yields.\nBut ETFs don’t light up the message boards like stocks do. Not that it has been a one-way ride for the top names. GameStop did dip in February, and Wall Street enjoyed a moment of schadenfreude. It didn’t last.\n“Like cicadas, meme traders returned in a wild blaze of activity after being seemingly underground for several months,” wrote Steve Sosnick, chief strategist at Interactive Brokers. Sosnick believes that the meme stocks tend to trade inversely to cryptocurrencies, because their fans rotate from one to the other as the momentum shifts.\n“I don’t think it’s strictly a coincidence that meme stocks roared back to life after a significant correction in Bitcoin and other cryptocurrencies,” he wrote.\nSosnick considers meme stocks a “sector unto themselves,” one that he segregates on his computer monitor away from other stock tickers.\nIndeed, Wall Street’s reaction to the meme stock revolution has been to isolate the parts of the market that the pros deem irrational. Most short sellers won’t touch the stocks, and analysts are dropping coverage.\nBut Wall Street can’t swat the retail army away like cicadas, or count on them disappearing for the next 17 years. Stock trading has permanently shifted. This year, retail activity accounts for 24% of equity volume, up from 15% in 2019. Adherents to the new creed are not passive observers willing to let Wall Street manage the markets.\n\n“What this really reflects is a reversal of the trends that we saw toward less and less engagement with individual companies,” says Joshua Mitts, a professor at Columbia Law School specializing in securities markets. “Technology is bringing the average investor closer to the companies in which he or she invests, and that’s just taking on new and unpredictable forms.”\nThe swings you get can definitely make you feel some sort of way.\n— Matt Kohrs, 26, who streams stock analysis daily on YouTube\nIt is now changing the lives of those who got in early and are still riding the names higher.\nTake Matt Kohrs, who had invested in AMC Entertainment early. He quit his job as a programmer in New York in February, moved to Philadelphia, and started streaming stock analysis on YouTube for seven hours a day.\nWith 350,000 YouTube followers, it’s paying the bills. With his earnings from ads and from the stock, Kohrs says he can pull down roughly the same salary he made before. But he also knows that relying on earnings from stocks like this is nothing like a 9-to-5 job.\n“The swings you get can definitely make you feel some sort of way,” he says.\nCompanies are starting to react more aggressively, too. They are either embracing their new owners or paying meme-ologists to understand the emoji-filled language of the new Wall Street so they can ward them off or appease them.\nAMC even canceled a proposed equity raise this past week because the company apparently didn’t like the vibes it was getting from the Reddit crowd. AMC has already quintupled its share count over the past year. CEO Adam Aron tweeted that he had seen “many yes, many no” reactions to his proposal to issue 25 million more shares, so it will be canceled instead of being presented for a vote at AMC’s annual meeting later this month. The company did not respond to a question on how it had polled shareholders.\nForget the boardroom. Corporate policy is now being determined in the chat room.\nBig investors are spending more time tracking social-media discussions about stocks. Bank of America found in a survey this year that about 25% of institutions had already been tracking social-media sentiment, but that about 40% are interested in using it going forward.\nIn the past few months, Bank of America, Morgan Stanley, and J.P. Morgan have all produced reports on how to trade around the retail action, coming to somewhat different conclusions.\nThere can be “alpha in the signal,” as Morgan Stanley put it, but it can take some intense number-crunching to get there. Not all message-board chatter leads to sustained price gains, of course, and retail order flow cannot easily be separated from institutional flow without substantial data analysis. For investors with the tools to pinpoint which stocks retail investors are buying and which they are selling, J.P. Morgan suggests going long on the 20% of stocks with the most buying interest and short on the top 20% in selling interest.\nFor now, many of the institutions buying data on social-media sentiment appear to be trying to reduce their risks, as opposed to scouting new opportunities, according to Boris Spiwak of alternative data firm Thinknum, which offers products that track social-media sentiment. “They see it as almost like an insurance policy, to limit their downside risks,” he says.\nFor retail traders, the method isn’t always scientific. The action is sustained by a community ethos. And the force behind it is as much emotional and moral as financial.\nNew investors say they are motivated by a desire to prove themselves and punish the old guard as much as by profits. They learn from one another about the market, sometimes amplifying or debunking conspiracy theories about Wall Street. Some link the meme-stock movement to continued mistrust of big financial institutions stemming from the 2008 financial crisis.\n“Wall Street brought our economy to its knees, and no one ever got in trouble for it,” says the 26-year-old Kohrs. “So, I think they view this as not only can we make money, but we can also make these hedge funds on Wall Street pay.”\nClaire Hirschberg is a 28-year-old union organizer who bought about $50 worth of GameStop stock on Robinhood in January after hearing about it from friends. She liked the idea, but what really got her excited about it was the reaction of her father, a longtime money manager. “He was so mad I had bought GameStop and was refusing to sell,” she says, laughing. “And that just makes me want to hold it forever.”\nJust like old Wall Street has rituals and codes, the new one does, too. A new investment banking employee learns quickly that you don’t wear a Ferragamo tie until after you make associate. You never leave the office until the managing director does, and you don’t complain about the hours. And the bad guys are the regulators and Sen. Elizabeth Warren, and not in that order.\nThe new trading desk—the apps that millions of retail traders now use and the message boards where they congregate—have unspoken rules, too. Publicly acknowledging financial losses is a valiant act, evidence of internal fortitude and belief in the group. You don’t take yourself seriously and you don’t police language. You are part of an army of “apes” or “retards.” You hold through the crashes, even if it means you might lose everything. And the bad guys are the short sellers, the market makers, and the Wall Street elites, in that order.\nThe group action is not just for moral support. The trading strategy depends on people keeping up the buying pressure to force a short squeeze or to buy bullish options that trigger what’s known as a gamma squeeze.\nKeith Gill became the face of the Reddit army of retail traders pushing shares of GameStop higher when he appeared virtually before a House Financial Services Committee hearing in February.\nMany short sellers say they won’t touch these stocks anymore. But clearly, others aren’t taking that advice and are giving the meme movement oxygen by repeatedly betting against the stocks. AMC’s short interest was at 17% of the stock’s float in mid-June, down from 28% in January, but not by much.\nAs the price rises, the shorts can’t help themselves. They start “drooling, with flames coming out of their ears,” says Michael Pachter, a Wedbush Securities analyst who has covered GameStop for years. “What’s kind of shocked me is the definition of insanity, which is doing the same thing over and over and over again and hoping for a different outcome each time, and the shorts keep coming back,” he says. “And [GameStop bull] Keith Gill and his Reddit raiders keep squeezing them, and it keeps working.”\nTo beat the short sellers, the Reddit crowd needs to hold together, but the community has been showing cracks at times. The two meme stocks with the most determined fan bases—GameStop and AMC—still have enormous armies of core believers who do not seem easily swayed. But other names seem to have more-fickle backers. Several stocks caught up in the meme madness have come crashing down to earth.Bed Bath & Beyond(BBBY) spiked twice—in late January and early June—but now trades only slightly above its mid-January levels. People who bought during the upswings have lost money.\nDistrust has spread, and some traders worry that wallstreetbets— the original Reddit message board that inspired the GameStop frenzy—has grown so fast that it has lost its original spirit, and potentially grown vulnerable to manipulation. Some have moved to other message boards, like r/superstonk, in hopes of reclaiming the old community’s flavor.\nTravis Rehl, the founder of social-media tracking company Hype Equity, says that he tries to separate possible manipulators from more organic investor sentiment. Hype Equity is usually hired by public-relations firms representing companies that are being talked about online, he says. Now, he sees a growing trend of stocks that suddenly come up on message boards, receive positive chatter, and then disappear.\n“It’s called into question what is a true discussion versus what is something that somebody just wants to pump,” he says. The moderators of wallstreetbets forbid market manipulation on the platform, and Rehl say they appear to work hard to police misinformation. The moderators did not respond to a request from Barron’s for comment.\n“If you can create enough buzz to get a stock that goes up 10%, 20%, even 50% in a short period of time, there’s a tremendous incentive to do that,” Sosnick says.\nThe Securities and Exchange Commission is watching for funny business on the message boards. SEC Chairman Gary Gensler and some members of Congress have discussed changing market rules with the intention of adding transparency protecting retail traders—although changes could also anger the retail crowd if they slow down trading or make it more expensive.\nRegulations aren’t the only thing that could deflate this trend. Dan Egan, vice president of behavioral finance and investing at fintech Betterment, thinks the momentum may run out of steam in September. Even “apes” have responsibilities. “Kids start going back to schools; parents are free to go to work again,” he says. “That’s the next time there’s going to be some oxygen pulled out of the room.”\nTraditional investors may be tempted to write off the entire phenomenon as temporary madness inspired by lockdowns and free government money. But that would be a mistake. If zero-commission brokerages and fun with GameStop broke down barriers for millions of new investors to open accounts, it’s almost certainly a good thing, as long as most people bet with money they don’t need immediately. Many new retail traders say they are teaching themselves how to trade, and have begun to diversify their holdings.\nIn one form or another, this is the future client base of Wall Street.\nArizona State University professor Hendrik Bessembinder published groundbreaking research in 2018 that found that “a randomly selected stock in a randomly selected month is more likely to lose money than make money.” In short, picking single stocks and holding a concentrated portfolio tends to be a losing strategy.\nEven so, he’s encouraged by the new wave of trading. “I welcome the increase in retail trading, the idea of the stock market being a place with wide participation,” Bessembinder says. “Economists can’t tell people they shouldn’t get some 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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":1619704562,"share":"https://www.laohu8.com/m/news/1185341489?lang=zh_CN&edition=full","pubTime":"2021-04-29 21:56","market":"us","language":"en","title":"Ford's stock price fell nearly 10% in early trading<blockquote>福特早盘股价跌近10%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1185341489","media":"Tiger Newspress","summary":"Ford fell nearly 10%, and the company warned that financial losses caused by a continuing global sho","content":"<p>Ford fell nearly 10%, and the company warned that financial losses caused by a continuing global shortage of computer chips could worsen.</p><p><blockquote>福特跌近10%，该公司警告称，全球电脑芯片持续短缺造成的财务损失可能恶化。</blockquote></p><p><img src=\"https://static.tigerbbs.com/ad9ee838f2fc2f518bb6066668c26fa3\" tg-width=\"1302\" tg-height=\"833\" 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>Ford's stock price fell nearly 10% in early trading<blockquote>福特早盘股价跌近10%</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{ 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0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nFord's stock price fell nearly 10% in early trading<blockquote>福特早盘股价跌近10%</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\">2021-04-29 21:56</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Ford fell nearly 10%, and the company warned that financial losses caused by a continuing global shortage of computer chips could worsen.</p><p><blockquote>福特跌近10%，该公司警告称，全球电脑芯片持续短缺造成的财务损失可能恶化。</blockquote></p><p><img src=\"https://static.tigerbbs.com/ad9ee838f2fc2f518bb6066668c26fa3\" tg-width=\"1302\" tg-height=\"833\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"F":"福特汽车"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1185341489","content_text":"Ford fell nearly 10%, and the company warned that financial losses caused by a continuing global shortage of computer chips could worsen.","news_type":1,"symbols_score_info":{"F":0.9}},"isVote":1,"tweetType":1,"viewCount":570,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":801440015,"gmtCreate":1627530398837,"gmtModify":1631891577999,"author":{"id":"3561349612413251","authorId":"3561349612413251","name":"Emfirefamily","avatar":"https://static.tigerbbs.com/4e15c42227c1a9b62ba5b357e07169cf","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3561349612413251","idStr":"3561349612413251"},"themes":[],"htmlText":"Yea","listText":"Yea","text":"Yea","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/801440015","repostId":"1127264445","repostType":4,"repost":{"id":"1127264445","kind":"news","pubTimestamp":1627514621,"share":"https://www.laohu8.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收于当日低点；鲍威尔称美联储距离加息还有很长的路要走</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3月19日-标普500周三收盘变化不大，但脱离盘中低点，此前美联储表示美国经济复苏仍在正轨上，主席杰罗姆<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路要走。</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预测收入增长放缓，股价下跌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，在退出美联储提供的经济支持之前，美国就业市场仍有“一些地方需要覆盖”。2020年春季，以应对冠状病毒大流行的经济冲击。</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)表示：“看起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病例激增可能会影响央行可能开始撤回刺激措施的计划。</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“暂时性因素”的结果。美联储将隔夜基准利率维持在零附近，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>The<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>由于广告支出激增帮助其公布了创纪录的季度业绩，Inc创下历史新高。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>美联储的声明是在最近一次为期两天的政策会议结束时发表的。</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>F.L.投资组合经理艾伦·哈森(Ellen Hazen)表示：“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，而且仍然是可预测的。”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>在其他财报消息中，<a href=\"https://laohu8.com/S/MSFT\">微软</a>尽管云服务的繁荣帮助其收入和盈利超出了华尔街的预期，但该公司收盘下跌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个交易日的全交易日平均成交量相似。</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股与下跌股的比例为1.85比1；在纳斯达克，2.61比1的比率有利于上涨者。</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，无新低；纳斯达克综合指数录得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收于当日低点；鲍威尔称美联储距离加息还有很长的路要走</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收于当日低点；鲍威尔称美联储距离加息还有很长的路要走</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3月19日-标普500周三收盘变化不大，但脱离盘中低点，此前美联储表示美国经济复苏仍在正轨上，主席杰罗姆<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路要走。</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预测收入增长放缓，股价下跌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，在退出美联储提供的经济支持之前，美国就业市场仍有“一些地方需要覆盖”。2020年春季，以应对冠状病毒大流行的经济冲击。</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)表示：“看起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病例激增可能会影响央行可能开始撤回刺激措施的计划。</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“暂时性因素”的结果。美联储将隔夜基准利率维持在零附近，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>The<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>由于广告支出激增帮助其公布了创纪录的季度业绩，Inc创下历史新高。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>美联储的声明是在最近一次为期两天的政策会议结束时发表的。</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>F.L.投资组合经理艾伦·哈森(Ellen Hazen)表示：“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，而且仍然是可预测的。”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>在其他财报消息中，<a href=\"https://laohu8.com/S/MSFT\">微软</a>尽管云服务的繁荣帮助其收入和盈利超出了华尔街的预期，但该公司收盘下跌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个交易日的全交易日平均成交量相似。</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股与下跌股的比例为1.85比1；在纳斯达克，2.61比1的比率有利于上涨者。</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，无新低；纳斯达克综合指数录得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","SH":"做空标普500-Proshares","OEX":"标普100","OEF":"标普100指数ETF-iShares","UPRO":"三倍做多标普500ETF-ProShares","SDS":"两倍做空标普500 ETF-ProShares","SSO":"2倍做多标普500ETF-ProShares","SPY":"标普500ETF",".DJI":"道琼斯","SPXU":"三倍做空标普500ETF-ProShares",".IXIC":"NASDAQ Composite","IVV":"标普500ETF-iShares",".SPX":"S&P 500 Index"},"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,"OEX":0.9,"SPXU":0.9,"ESmain":0.9,"IVV":0.9,"SDS":0.9,".IXIC":0.9,"OEF":0.9,"UPRO":0.9,".SPX":0.9,"SPY":0.9,".DJI":0.9,"SH":0.9,"SSO":0.9}},"isVote":1,"tweetType":1,"viewCount":2787,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":143931469,"gmtCreate":1625754862851,"gmtModify":1631893874574,"author":{"id":"3561349612413251","authorId":"3561349612413251","name":"Emfirefamily","avatar":"https://static.tigerbbs.com/4e15c42227c1a9b62ba5b357e07169cf","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3561349612413251","idStr":"3561349612413251"},"themes":[],"htmlText":"Yea","listText":"Yea","text":"Yea","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/143931469","repostId":"1162204971","repostType":4,"isVote":1,"tweetType":1,"viewCount":634,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":140711187,"gmtCreate":1625672857849,"gmtModify":1631893874585,"author":{"id":"3561349612413251","authorId":"3561349612413251","name":"Emfirefamily","avatar":"https://static.tigerbbs.com/4e15c42227c1a9b62ba5b357e07169cf","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3561349612413251","idStr":"3561349612413251"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/140711187","repostId":"2149313903","repostType":4,"isVote":1,"tweetType":1,"viewCount":448,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":126343847,"gmtCreate":1624545680289,"gmtModify":1634004564482,"author":{"id":"3561349612413251","authorId":"3561349612413251","name":"Emfirefamily","avatar":"https://static.tigerbbs.com/4e15c42227c1a9b62ba5b357e07169cf","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3561349612413251","idStr":"3561349612413251"},"themes":[],"htmlText":"Yea","listText":"Yea","text":"Yea","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/126343847","repostId":"1187819280","repostType":4,"repost":{"id":"1187819280","kind":"news","pubTimestamp":1624529642,"share":"https://www.laohu8.com/m/news/1187819280?lang=zh_CN&edition=full","pubTime":"2021-06-24 18:14","market":"us","language":"en","title":"The ‘shelter in suburbia’ trade is about to reverse — and these stocks will suffer<blockquote>“郊区避难所”交易即将逆转——这些股票将受到影响</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1187819280","media":"MarketWatch","summary":"5 reasons the pandemic megatrend is over.\n\nOne of the biggest investment stories of the COVID-19 pan","content":"<p>  <b>5 reasons the pandemic megatrend is over.</b>  One of the biggest investment stories of the COVID-19 pandemic has been the boom in consumer discretionary stocks with a “shelter in suburbia” theme. From e-commerce platforms to home improvement stores to furniture and housewares merchants, many of the top performers have fit this flavor.</p><p><blockquote><b>大流行大趋势结束的5个原因。</b>COVID-19大流行最大的投资故事之一是以“郊区避难所”为主题的非必需消费品股票的繁荣。从电商平台到家装店，再到家具和家居用品商家，许多表现最好的企业都符合这种口味。</blockquote></p><p> Take the broad-based Vanguard Consumer Discretionary Index Fund ETF VCR, +0.66% that surged more than 90% from March 2020 to March 2021. That was thanks to components like home improvement stocks Lowe’s LOW, -0.30% and Home Depot HD, -0.33% alongside retailers like TJX TJX, -0.08%.</p><p><blockquote>以基础广泛的Vanguard非必需消费品指数基金ETF VCR为例，+0.66%，从2020年3月到2021年3月飙升了90%以上。这要归功于家装股Lowe's LOW(-0.30%)和Home Depot HD(-0.33%)以及TJX TJX(-0.08%)等零售商。</blockquote></p><p> Lately, however, performance has started to lag for many of these names. In fact, since April 1 we’ve seen these three stocks all drift slightly into the red even as the S&amp;P 500 SPX, -0.11% has tacked on about 6% in the same period.</p><p><blockquote>然而，最近，其中许多名称的性能开始滞后。事实上，自4月1日以来，我们看到这三只股票都小幅下跌，尽管标普500 SPX指数-0.11%同期上涨了约6%。</blockquote></p><p> And some fear that may only be the beginning. As one Wall Street insider said recently in a Bloomberg interview, a “huge unwind” is coming for stay-at-home stocks, including hardware stores and home-goods merchants.</p><p><blockquote>有些人担心这可能只是开始。正如一位华尔街内部人士最近在接受彭博社采访时所说，包括五金店和家居用品商家在内的居家股票即将“大幅放松”。</blockquote></p><p> While some big-name “suburbia” trades are still relatively stable, signs of trouble are already emerging at the fringes. Century Communities CCS, -0.34% and Dream Finders Homes DFH, -2.55%, two mid-tier single family homebuilders, have seen shares crash by double digits over the last month. On the furnishings side, appliance giant Whirlpool Corporation WHR, -0.51% and department store Nordstrom JWN, +2.03% are down sharply from their spring highs.</p><p><blockquote>虽然一些知名的“郊区”交易仍然相对稳定，但麻烦的迹象已经在边缘出现。Century Communities CCS(-0.34%)和Dream Finders Homes DFH(-2.55%)这两家中型单户住宅建筑商的股价在上个月暴跌了两位数。家具方面，家电巨头惠而浦公司WHR(-0.51%)和百货公司Nordstrom JWN(+2.03%)均较春季高点大幅下跌。</blockquote></p><p> <b>Here are five big reasons why:</b></p><p><blockquote><b>以下是五大原因：</b></blockquote></p><p> <b>1.</b>&nbsp;<b>The upgrade cycle is over</b></p><p><blockquote><b>1.</b> <b>升级周期结束</b></blockquote></p><p> Last summer, white-collar workers who were stuck at home made note of overdue projects and took advantage of being able to easily meet with contractors. But in many ways, this growth is not sustainable.</p><p><blockquote>去年夏天，被困在家里的白领们记下了逾期的项目，并利用了能够轻松与承包商见面的机会。但在许多方面，这种增长是不可持续的。</blockquote></p><p> Consider the kind of purchases homeowners were making according to data from the NPD Group. Faucets, kitchen cabinets and even toilets were among the most popular products sold in 2020. Needless to say, even the most profligate homeowners aren’t going to follow this upgrade cycle of remodeling kitchens and bathrooms on an annual basis.</p><p><blockquote>根据NPD集团的数据，考虑一下房主的购买类型。水龙头、厨柜甚至马桶都是2020年销售的最受欢迎的产品。不用说，即使是最挥霍的房主也不会遵循每年改造厨房和浴室的升级周期。</blockquote></p><p> The same is true for furniture and other home goods. Internet giant Comscore recorded the highest visitation to related websites in history in May 2020 with 133 million web surfers shopping for some kind of home goods. Once again, a new couch or lamp is not an annual purchase — so this trend seems unsustainable for much longer.</p><p><blockquote>家具和其他家居用品也是如此。互联网巨头Comscore在2020年5月记录了历史上相关网站的最高访问量，1.33亿网络冲浪者购买了某种家居用品。再说一次，新沙发或台灯不是每年都会购买的——所以这种趋势似乎无法持续很长时间。</blockquote></p><p> <b>2.&nbsp;Valuations are stretched</b></p><p><blockquote><b>2.估值捉襟见肘</b></blockquote></p><p> Speaking of post-pandemic peaks for home-goods purveyors, we’ve seen the financials bear out these big increases via boosted profits and sales. However, we’ve also seen the stock of many related merchants surge even more — stretching their valuations from historical norms.</p><p><blockquote>谈到家居用品供应商的大流行后高峰，我们已经看到财务状况通过利润和销售额的增加证实了这些大幅增长。然而，我们也看到许多相关商家的股价飙升得更多——超出了历史标准的估值。</blockquote></p><p> Take TJX. Currently this discount retailer has a forward price-to-earnings ratio of more than 26, compared with a forward P/E of just 21 in spring 2020. Its trailing price-to-sales ratio is now 2.1 compared with 1.4.</p><p><blockquote>以TJX为例。目前，这家折扣零售商的远期市盈率超过26，而2020年春季的远期市盈率仅为21。其往绩市销率目前为2.1，而此前为1.4。</blockquote></p><p> What’s more, valuations for previous darlings like TJX are out of line with peers, too. Consider the forward P/E of the overall S&amp;P 500 index is 22 right now, and other similar names like Macy’s M, +0.70% and Big Lots BIG, -3.71% actually have forward P/E ratios well under 10. You can argue TJX is unique, of course… but you also may want to be aware of what “fair value” looks like for many other stocks outside fashionable stay-at-home trades right now.</p><p><blockquote>更重要的是，TJX等之前宠儿的估值也与同行不符。考虑到目前整个标普500指数的远期市盈率为22，而其他类似的公司，如梅西百货M，+0.70%和Big Lot Big，-3.71%，实际上其远期市盈率远低于10。当然，你可以说TJX是独一无二的……但你可能也想知道目前流行的居家交易之外的许多其他股票的“公允价值”是什么样的。</blockquote></p><p> <b>3.&nbsp;Delays and shortages</b></p><p><blockquote><b>3.延误和短缺</b></blockquote></p><p> Future growth from pandemic-fueled peaks in these stocks is not impossible, of course. But given supply chain disruptions it seems highly unlikely. There are a host of reasons for these delays, including overseas shipping delays as well as capacity and output crunches that are affecting many industries, but “stay at home” stocks seem particularly hard hit.</p><p><blockquote>当然，这些股票在大流行推动下达到峰值的未来增长并非不可能。但考虑到供应链中断，这似乎不太可能。造成这些延误的原因有很多，包括海外运输延误以及影响许多行业的产能和产量紧缩，但“呆在家里”的股票似乎受到的打击尤其严重。</blockquote></p><p> Home improvement products are simply nowhere to be found, with roughly 94% of builders reporting “at least some serious shortages of appliances” according to the National Association of Home Builders. Another 93% are running short on framing lumber and 87% say it is hard to obtain windows and doors.</p><p><blockquote>根据全国住宅建筑商协会的数据，家装产品根本无处可寻，大约94%的建筑商报告“至少有一些严重的电器短缺”。另有93%的人缺乏框架木材，87%的人表示很难获得门窗。</blockquote></p><p> Even if you can get past demand concerns, without the raw materials to get to work it’s very hard to see future growth in this category.</p><p><blockquote>即使你可以克服需求问题，如果没有原材料来发挥作用，也很难看到这一类别的未来增长。</blockquote></p><p> <b>4.&nbsp;Inflationary pressures</b></p><p><blockquote><b>4.通货膨胀压力</b></blockquote></p><p> For the people who haven’t already ponied up the cash for a contractor or made their peace with extended delays for their expensive new furniture, there is a pretty big disincentive right now for new shoppers: inflation.</p><p><blockquote>对于那些还没有为承包商支付现金或忍受昂贵的新家具长时间延误的人来说，现在对新购物者来说有一个相当大的抑制因素：通货膨胀。</blockquote></p><p></p><p> The cost of living as measured by the Consumer Price Index jumped 0.6% in May to run at a 5% annual rate. That was not only higher than expectations, but the fastest pace since the summer of 2008. The inflation risks were so pronounced that the Federal Reserve publicly stated it could move up the schedule for expected interest rate increases to keep the risks under wraps.</p><p><blockquote>5月份消费者价格指数衡量的生活成本上涨0.6%，年增长率为5%。这不仅高于预期，而且是自2008年夏季以来最快的速度。通胀风险如此明显，以至于美联储公开表示可能会提前预期加息的时间表，以掩盖风险。</blockquote></p><p> Inflation isn’t always a death knell, of course. But it has historically eroded purchasing power and could curtail some of the spending in “stay at home” stocks that we’ve seen in the last year or so.</p><p><blockquote>当然，通货膨胀并不总是丧钟。但从历史上看，它削弱了购买力，并可能减少我们在去年左右看到的“呆在家里”股票的一些支出。</blockquote></p><p> <b>5.&nbsp;Home-equity hubris</b></p><p><blockquote><b>5.房屋净值傲慢</b></blockquote></p><p> Speaking of red-hot inflation: In May, the median price for U.S. homes topped $350,000 for the first time ever — up 23.6% from 2020. What’s more, a Realtor.com survey showed roughly a third of selling homeowners expect to get more than their asking price, and roughly the same amount expect an offer within a week of listing.</p><p><blockquote>说到炙手可热的通货膨胀：5月份，美国房屋中值价格首次突破35万美元，比2020年上涨23.6%。此外，Realtor.com的一项调查显示，大约三分之一的待售房主希望得到高于要价的价格，大约相同数量的房主希望在上市一周内收到报价。</blockquote></p><p> Some of this is justifiable. Many articles have been written in recent years about the dearth of supply in attractive markets, and it’s important to acknowledge the remote work of the pandemic has indeed created some disruptive introspection into why people live where they do.</p><p><blockquote>其中一些是合理的。近年来，有许多文章都是关于有吸引力的市场供应短缺的，重要的是要承认疫情的远程工作确实对人们为什么住在他们居住的地方产生了一些破坏性的反思。</blockquote></p><p> But here’s where things get dicey: homeowners who have already spent the expected premium on their home’s price well in advance. According to Freddie Mac, about $152.7 billion in equity loans were taken out on U.S. houses last year, a massive increase of 41.7% from 2019 and the highest refinancing cash-out dollar amount since 2007.</p><p><blockquote>但事情变得危险的地方是：房主已经提前在房价上花费了预期的溢价。根据房地美的数据，去年美国房屋的股权贷款约为1527亿美元，比2019年大幅增长41.7%，是自2007年以来最高的再融资套现金额。</blockquote></p><p> Anyone remember what happened to the real-estate market in 2007? Or the similar sense of seller entitlement from those days? There’s no clear signs of a bubble bursting just yet, but there’s real risk American homeowners may be overly optimistic about what their homes are worth — and a chance this home equity loan free-for-all simply isn’t sustainable for much longer.</p><p><blockquote>有人记得2007年房地产市场发生了什么吗？还是当年类似的卖家权利感？目前还没有明显的泡沫破裂迹象，但美国房主可能对自己房屋的价值过于乐观，而且这种免费的房屋净值贷款可能不会持续太久。</blockquote></p><p></p>","source":"lsy1603348471595","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>The ‘shelter in suburbia’ trade is about to reverse — and these stocks will suffer<blockquote>“郊区避难所”交易即将逆转——这些股票将受到影响</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\">\nThe ‘shelter in suburbia’ trade is about to reverse — and these stocks will suffer<blockquote>“郊区避难所”交易即将逆转——这些股票将受到影响</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-06-24 18:14</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>5 reasons the pandemic megatrend is over.</b>  One of the biggest investment stories of the COVID-19 pandemic has been the boom in consumer discretionary stocks with a “shelter in suburbia” theme. From e-commerce platforms to home improvement stores to furniture and housewares merchants, many of the top performers have fit this flavor.</p><p><blockquote><b>大流行大趋势结束的5个原因。</b>COVID-19大流行最大的投资故事之一是以“郊区避难所”为主题的非必需消费品股票的繁荣。从电商平台到家装店，再到家具和家居用品商家，许多表现最好的企业都符合这种口味。</blockquote></p><p> Take the broad-based Vanguard Consumer Discretionary Index Fund ETF VCR, +0.66% that surged more than 90% from March 2020 to March 2021. That was thanks to components like home improvement stocks Lowe’s LOW, -0.30% and Home Depot HD, -0.33% alongside retailers like TJX TJX, -0.08%.</p><p><blockquote>以基础广泛的Vanguard非必需消费品指数基金ETF VCR为例，+0.66%，从2020年3月到2021年3月飙升了90%以上。这要归功于家装股Lowe's LOW(-0.30%)和Home Depot HD(-0.33%)以及TJX TJX(-0.08%)等零售商。</blockquote></p><p> Lately, however, performance has started to lag for many of these names. In fact, since April 1 we’ve seen these three stocks all drift slightly into the red even as the S&amp;P 500 SPX, -0.11% has tacked on about 6% in the same period.</p><p><blockquote>然而，最近，其中许多名称的性能开始滞后。事实上，自4月1日以来，我们看到这三只股票都小幅下跌，尽管标普500 SPX指数-0.11%同期上涨了约6%。</blockquote></p><p> And some fear that may only be the beginning. As one Wall Street insider said recently in a Bloomberg interview, a “huge unwind” is coming for stay-at-home stocks, including hardware stores and home-goods merchants.</p><p><blockquote>有些人担心这可能只是开始。正如一位华尔街内部人士最近在接受彭博社采访时所说，包括五金店和家居用品商家在内的居家股票即将“大幅放松”。</blockquote></p><p> While some big-name “suburbia” trades are still relatively stable, signs of trouble are already emerging at the fringes. Century Communities CCS, -0.34% and Dream Finders Homes DFH, -2.55%, two mid-tier single family homebuilders, have seen shares crash by double digits over the last month. On the furnishings side, appliance giant Whirlpool Corporation WHR, -0.51% and department store Nordstrom JWN, +2.03% are down sharply from their spring highs.</p><p><blockquote>虽然一些知名的“郊区”交易仍然相对稳定，但麻烦的迹象已经在边缘出现。Century Communities CCS(-0.34%)和Dream Finders Homes DFH(-2.55%)这两家中型单户住宅建筑商的股价在上个月暴跌了两位数。家具方面，家电巨头惠而浦公司WHR(-0.51%)和百货公司Nordstrom JWN(+2.03%)均较春季高点大幅下跌。</blockquote></p><p> <b>Here are five big reasons why:</b></p><p><blockquote><b>以下是五大原因：</b></blockquote></p><p> <b>1.</b>&nbsp;<b>The upgrade cycle is over</b></p><p><blockquote><b>1.</b> <b>升级周期结束</b></blockquote></p><p> Last summer, white-collar workers who were stuck at home made note of overdue projects and took advantage of being able to easily meet with contractors. But in many ways, this growth is not sustainable.</p><p><blockquote>去年夏天，被困在家里的白领们记下了逾期的项目，并利用了能够轻松与承包商见面的机会。但在许多方面，这种增长是不可持续的。</blockquote></p><p> Consider the kind of purchases homeowners were making according to data from the NPD Group. Faucets, kitchen cabinets and even toilets were among the most popular products sold in 2020. Needless to say, even the most profligate homeowners aren’t going to follow this upgrade cycle of remodeling kitchens and bathrooms on an annual basis.</p><p><blockquote>根据NPD集团的数据，考虑一下房主的购买类型。水龙头、厨柜甚至马桶都是2020年销售的最受欢迎的产品。不用说，即使是最挥霍的房主也不会遵循每年改造厨房和浴室的升级周期。</blockquote></p><p> The same is true for furniture and other home goods. Internet giant Comscore recorded the highest visitation to related websites in history in May 2020 with 133 million web surfers shopping for some kind of home goods. Once again, a new couch or lamp is not an annual purchase — so this trend seems unsustainable for much longer.</p><p><blockquote>家具和其他家居用品也是如此。互联网巨头Comscore在2020年5月记录了历史上相关网站的最高访问量，1.33亿网络冲浪者购买了某种家居用品。再说一次，新沙发或台灯不是每年都会购买的——所以这种趋势似乎无法持续很长时间。</blockquote></p><p> <b>2.&nbsp;Valuations are stretched</b></p><p><blockquote><b>2.估值捉襟见肘</b></blockquote></p><p> Speaking of post-pandemic peaks for home-goods purveyors, we’ve seen the financials bear out these big increases via boosted profits and sales. However, we’ve also seen the stock of many related merchants surge even more — stretching their valuations from historical norms.</p><p><blockquote>谈到家居用品供应商的大流行后高峰，我们已经看到财务状况通过利润和销售额的增加证实了这些大幅增长。然而，我们也看到许多相关商家的股价飙升得更多——超出了历史标准的估值。</blockquote></p><p> Take TJX. Currently this discount retailer has a forward price-to-earnings ratio of more than 26, compared with a forward P/E of just 21 in spring 2020. Its trailing price-to-sales ratio is now 2.1 compared with 1.4.</p><p><blockquote>以TJX为例。目前，这家折扣零售商的远期市盈率超过26，而2020年春季的远期市盈率仅为21。其往绩市销率目前为2.1，而此前为1.4。</blockquote></p><p> What’s more, valuations for previous darlings like TJX are out of line with peers, too. Consider the forward P/E of the overall S&amp;P 500 index is 22 right now, and other similar names like Macy’s M, +0.70% and Big Lots BIG, -3.71% actually have forward P/E ratios well under 10. You can argue TJX is unique, of course… but you also may want to be aware of what “fair value” looks like for many other stocks outside fashionable stay-at-home trades right now.</p><p><blockquote>更重要的是，TJX等之前宠儿的估值也与同行不符。考虑到目前整个标普500指数的远期市盈率为22，而其他类似的公司，如梅西百货M，+0.70%和Big Lot Big，-3.71%，实际上其远期市盈率远低于10。当然，你可以说TJX是独一无二的……但你可能也想知道目前流行的居家交易之外的许多其他股票的“公允价值”是什么样的。</blockquote></p><p> <b>3.&nbsp;Delays and shortages</b></p><p><blockquote><b>3.延误和短缺</b></blockquote></p><p> Future growth from pandemic-fueled peaks in these stocks is not impossible, of course. But given supply chain disruptions it seems highly unlikely. There are a host of reasons for these delays, including overseas shipping delays as well as capacity and output crunches that are affecting many industries, but “stay at home” stocks seem particularly hard hit.</p><p><blockquote>当然，这些股票在大流行推动下达到峰值的未来增长并非不可能。但考虑到供应链中断，这似乎不太可能。造成这些延误的原因有很多，包括海外运输延误以及影响许多行业的产能和产量紧缩，但“呆在家里”的股票似乎受到的打击尤其严重。</blockquote></p><p> Home improvement products are simply nowhere to be found, with roughly 94% of builders reporting “at least some serious shortages of appliances” according to the National Association of Home Builders. Another 93% are running short on framing lumber and 87% say it is hard to obtain windows and doors.</p><p><blockquote>根据全国住宅建筑商协会的数据，家装产品根本无处可寻，大约94%的建筑商报告“至少有一些严重的电器短缺”。另有93%的人缺乏框架木材，87%的人表示很难获得门窗。</blockquote></p><p> Even if you can get past demand concerns, without the raw materials to get to work it’s very hard to see future growth in this category.</p><p><blockquote>即使你可以克服需求问题，如果没有原材料来发挥作用，也很难看到这一类别的未来增长。</blockquote></p><p> <b>4.&nbsp;Inflationary pressures</b></p><p><blockquote><b>4.通货膨胀压力</b></blockquote></p><p> For the people who haven’t already ponied up the cash for a contractor or made their peace with extended delays for their expensive new furniture, there is a pretty big disincentive right now for new shoppers: inflation.</p><p><blockquote>对于那些还没有为承包商支付现金或忍受昂贵的新家具长时间延误的人来说，现在对新购物者来说有一个相当大的抑制因素：通货膨胀。</blockquote></p><p></p><p> The cost of living as measured by the Consumer Price Index jumped 0.6% in May to run at a 5% annual rate. That was not only higher than expectations, but the fastest pace since the summer of 2008. The inflation risks were so pronounced that the Federal Reserve publicly stated it could move up the schedule for expected interest rate increases to keep the risks under wraps.</p><p><blockquote>5月份消费者价格指数衡量的生活成本上涨0.6%，年增长率为5%。这不仅高于预期，而且是自2008年夏季以来最快的速度。通胀风险如此明显，以至于美联储公开表示可能会提前预期加息的时间表，以掩盖风险。</blockquote></p><p> Inflation isn’t always a death knell, of course. But it has historically eroded purchasing power and could curtail some of the spending in “stay at home” stocks that we’ve seen in the last year or so.</p><p><blockquote>当然，通货膨胀并不总是丧钟。但从历史上看，它削弱了购买力，并可能减少我们在去年左右看到的“呆在家里”股票的一些支出。</blockquote></p><p> <b>5.&nbsp;Home-equity hubris</b></p><p><blockquote><b>5.房屋净值傲慢</b></blockquote></p><p> Speaking of red-hot inflation: In May, the median price for U.S. homes topped $350,000 for the first time ever — up 23.6% from 2020. What’s more, a Realtor.com survey showed roughly a third of selling homeowners expect to get more than their asking price, and roughly the same amount expect an offer within a week of listing.</p><p><blockquote>说到炙手可热的通货膨胀：5月份，美国房屋中值价格首次突破35万美元，比2020年上涨23.6%。此外，Realtor.com的一项调查显示，大约三分之一的待售房主希望得到高于要价的价格，大约相同数量的房主希望在上市一周内收到报价。</blockquote></p><p> Some of this is justifiable. Many articles have been written in recent years about the dearth of supply in attractive markets, and it’s important to acknowledge the remote work of the pandemic has indeed created some disruptive introspection into why people live where they do.</p><p><blockquote>其中一些是合理的。近年来，有许多文章都是关于有吸引力的市场供应短缺的，重要的是要承认疫情的远程工作确实对人们为什么住在他们居住的地方产生了一些破坏性的反思。</blockquote></p><p> But here’s where things get dicey: homeowners who have already spent the expected premium on their home’s price well in advance. According to Freddie Mac, about $152.7 billion in equity loans were taken out on U.S. houses last year, a massive increase of 41.7% from 2019 and the highest refinancing cash-out dollar amount since 2007.</p><p><blockquote>但事情变得危险的地方是：房主已经提前在房价上花费了预期的溢价。根据房地美的数据，去年美国房屋的股权贷款约为1527亿美元，比2019年大幅增长41.7%，是自2007年以来最高的再融资套现金额。</blockquote></p><p> Anyone remember what happened to the real-estate market in 2007? Or the similar sense of seller entitlement from those days? There’s no clear signs of a bubble bursting just yet, but there’s real risk American homeowners may be overly optimistic about what their homes are worth — and a chance this home equity loan free-for-all simply isn’t sustainable for much longer.</p><p><blockquote>有人记得2007年房地产市场发生了什么吗？还是当年类似的卖家权利感？目前还没有明显的泡沫破裂迹象，但美国房主可能对自己房屋的价值过于乐观，而且这种免费的房屋净值贷款可能不会持续太久。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/the-shelter-in-suburbia-trade-is-about-to-reverse-and-these-stocks-will-suffer-11624457411?siteid=yhoof2\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://www.marketwatch.com/story/the-shelter-in-suburbia-trade-is-about-to-reverse-and-these-stocks-will-suffer-11624457411?siteid=yhoof2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1187819280","content_text":"5 reasons the pandemic megatrend is over.\n\nOne of the biggest investment stories of the COVID-19 pandemic has been the boom in consumer discretionary stocks with a “shelter in suburbia” theme. From e-commerce platforms to home improvement stores to furniture and housewares merchants, many of the top performers have fit this flavor.\nTake the broad-based Vanguard Consumer Discretionary Index Fund ETF VCR, +0.66% that surged more than 90% from March 2020 to March 2021. That was thanks to components like home improvement stocks Lowe’s LOW, -0.30% and Home Depot HD, -0.33% alongside retailers like TJX TJX, -0.08%.\nLately, however, performance has started to lag for many of these names. In fact, since April 1 we’ve seen these three stocks all drift slightly into the red even as the S&P 500 SPX, -0.11% has tacked on about 6% in the same period.\nAnd some fear that may only be the beginning. As one Wall Street insider said recently in a Bloomberg interview, a “huge unwind” is coming for stay-at-home stocks, including hardware stores and home-goods merchants.\nWhile some big-name “suburbia” trades are still relatively stable, signs of trouble are already emerging at the fringes. Century Communities CCS, -0.34% and Dream Finders Homes DFH, -2.55%, two mid-tier single family homebuilders, have seen shares crash by double digits over the last month. On the furnishings side, appliance giant Whirlpool Corporation WHR, -0.51% and department store Nordstrom JWN, +2.03% are down sharply from their spring highs.\nHere are five big reasons why:\n1. The upgrade cycle is over\nLast summer, white-collar workers who were stuck at home made note of overdue projects and took advantage of being able to easily meet with contractors. But in many ways, this growth is not sustainable.\nConsider the kind of purchases homeowners were making according to data from the NPD Group. Faucets, kitchen cabinets and even toilets were among the most popular products sold in 2020. Needless to say, even the most profligate homeowners aren’t going to follow this upgrade cycle of remodeling kitchens and bathrooms on an annual basis.\nThe same is true for furniture and other home goods. Internet giant Comscore recorded the highest visitation to related websites in history in May 2020 with 133 million web surfers shopping for some kind of home goods. Once again, a new couch or lamp is not an annual purchase — so this trend seems unsustainable for much longer.\n2. Valuations are stretched\nSpeaking of post-pandemic peaks for home-goods purveyors, we’ve seen the financials bear out these big increases via boosted profits and sales. However, we’ve also seen the stock of many related merchants surge even more — stretching their valuations from historical norms.\nTake TJX. Currently this discount retailer has a forward price-to-earnings ratio of more than 26, compared with a forward P/E of just 21 in spring 2020. Its trailing price-to-sales ratio is now 2.1 compared with 1.4.\nWhat’s more, valuations for previous darlings like TJX are out of line with peers, too. Consider the forward P/E of the overall S&P 500 index is 22 right now, and other similar names like Macy’s M, +0.70% and Big Lots BIG, -3.71% actually have forward P/E ratios well under 10. You can argue TJX is unique, of course… but you also may want to be aware of what “fair value” looks like for many other stocks outside fashionable stay-at-home trades right now.\n3. Delays and shortages\nFuture growth from pandemic-fueled peaks in these stocks is not impossible, of course. But given supply chain disruptions it seems highly unlikely. There are a host of reasons for these delays, including overseas shipping delays as well as capacity and output crunches that are affecting many industries, but “stay at home” stocks seem particularly hard hit.\nHome improvement products are simply nowhere to be found, with roughly 94% of builders reporting “at least some serious shortages of appliances” according to the National Association of Home Builders. Another 93% are running short on framing lumber and 87% say it is hard to obtain windows and doors.\nEven if you can get past demand concerns, without the raw materials to get to work it’s very hard to see future growth in this category.\n4. Inflationary pressures\nFor the people who haven’t already ponied up the cash for a contractor or made their peace with extended delays for their expensive new furniture, there is a pretty big disincentive right now for new shoppers: inflation.\nThe cost of living as measured by the Consumer Price Index jumped 0.6% in May to run at a 5% annual rate. That was not only higher than expectations, but the fastest pace since the summer of 2008. The inflation risks were so pronounced that the Federal Reserve publicly stated it could move up the schedule for expected interest rate increases to keep the risks under wraps.\nInflation isn’t always a death knell, of course. But it has historically eroded purchasing power and could curtail some of the spending in “stay at home” stocks that we’ve seen in the last year or so.\n5. Home-equity hubris\nSpeaking of red-hot inflation: In May, the median price for U.S. homes topped $350,000 for the first time ever — up 23.6% from 2020. What’s more, a Realtor.com survey showed roughly a third of selling homeowners expect to get more than their asking price, and roughly the same amount expect an offer within a week of listing.\nSome of this is justifiable. Many articles have been written in recent years about the dearth of supply in attractive markets, and it’s important to acknowledge the remote work of the pandemic has indeed created some disruptive introspection into why people live where they do.\nBut here’s where things get dicey: homeowners who have already spent the expected premium on their home’s price well in advance. According to Freddie Mac, about $152.7 billion in equity loans were taken out on U.S. houses last year, a massive increase of 41.7% from 2019 and the highest refinancing cash-out dollar amount since 2007.\nAnyone remember what happened to the real-estate market in 2007? Or the similar sense of seller entitlement from those days? There’s no clear signs of a bubble bursting just yet, but there’s real risk American homeowners may be overly optimistic about what their homes are worth — and a chance this home equity loan free-for-all simply isn’t sustainable for much longer.","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,".IXIC":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":445,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":176683890,"gmtCreate":1626879973410,"gmtModify":1631891578061,"author":{"id":"3561349612413251","authorId":"3561349612413251","name":"Emfirefamily","avatar":"https://static.tigerbbs.com/4e15c42227c1a9b62ba5b357e07169cf","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3561349612413251","idStr":"3561349612413251"},"themes":[],"htmlText":"Yea","listText":"Yea","text":"Yea","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/176683890","repostId":"1144363960","repostType":4,"repost":{"id":"1144363960","kind":"news","pubTimestamp":1626877711,"share":"https://www.laohu8.com/m/news/1144363960?lang=zh_CN&edition=full","pubTime":"2021-07-21 22:28","market":"us","language":"en","title":"Behind The Market's Furious Reversal: Record High Skew<blockquote>市场疯狂逆转的背后：创纪录的高位偏差</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1144363960","media":"zerohedge","summary":"At the end of June, when the S&P was making new all time highs day after day, and when the VIX was t","content":"<p>At the end of June, when the S&amp;P was making new all time highs day after day, and when the VIX was touching fresh 2021 lows, we cautioned that the skew index just hit a new all time high - meaning that put options have been unusually expensive relative to at-the-money options, helping support the put-heavy VIX index. As we further added, high skew, which compares put option prices with at-the-money option prices, has reached new all-time high,&nbsp;<b>and reflected investor perception that high volatility would return should markets sell off.</b></p><p><blockquote>6月底，当标准普尔指数日复一日地创下历史新高，当VIX触及2021年新低时，我们警告称，skew指数刚刚创下历史新高——这意味着看跌期权已经异常昂贵相对于平值期权，有助于支撑以看跌期权为主的VIX指数。正如我们进一步补充的那样，将看跌期权价格与平值期权价格进行比较的high skew已达到历史新高，<b>并反映了投资者的看法，即如果市场抛售，高波动性将会回归。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/b30d4664cf3c973cc1a86d743bcae379\" tg-width=\"746\" tg-height=\"464\" width=\"100%\" height=\"auto\">Commenting on this unusual move, we said that it shows that while on one hand traders seem complacent, they have never been more nervous that even a modest wobble in the market could start a crash. By extension,<b>\"</b><b><u>they have also never been more protected against a full-blown market crash</u></b><b>.\"</b></p><p><blockquote>在评论这一不寻常的举动时，我们说，这表明，虽然一方面交易者似乎自满，但他们从未如此紧张，即使市场的适度波动也可能引发崩盘。推而广之，<b>\"</b><b><u>他们也从未像现在这样免受全面市场崩盘的影响</u></b><b>.\"</b></blockquote></p><p> So fast forward to the violent, if brief, air pocket (and hardly a full-blown crash) the market experienced late last week and on Monday, which saw stocks tumble the most in months... only to soar right after. In retrospect, traders have the record high skew to thank for that because while risk reversed sharply on Tuesday and continuing today, traders were fully hedged and ready to pounce.</p><p><blockquote>快进到上周晚些时候和周一市场经历的剧烈（尽管短暂）的气穴（而不是全面崩盘），股市出现了几个月来的最大跌幅...只是在那之后飞翔。回想起来，交易者对此要感谢创纪录的高偏差，因为尽管风险在周二急剧逆转并持续到今天，但交易者已经完全对冲并准备好突袭。</blockquote></p><p> So following up on his observations from a month ago, when he first noted the record high skew, Goldman's derivatives strategist Rocky Fishman wrote that this week’s volatility pushed equity implied and realized volatility higher, with the VIX briefly hitting 25 during the day on Monday (19-Jul)...</p><p><blockquote>因此，继一个月前他首次注意到创纪录的高位偏差时的观察之后，高盛的衍生品策略师洛奇·菲什曼（Rocky Fishman）写道，本周的波动性推高了股票隐含波动性和已实现波动性，VIX在周一（7月19日）白天短暂触及25...</blockquote></p><p> <img src=\"https://static.tigerbbs.com/44c28ca21fe15a17f5b7fa1e3236e5ad\" tg-width=\"651\" tg-height=\"375\" width=\"100%\" height=\"auto\">... even if in absolute terms vol is not high: three-week SPX realized vol (12.1%) is still below year-to-date realized vol (13.4%),and Tuesday’s rally brought the VIX back under 20. More importantly,<b>in response to record downside skew correctly implying that a sell-off would bring much higher volatility, skew has now moved even higher - at least for the S&amp;P 500.</b></p><p><blockquote>...即使从绝对值来看，成交量并不高：三周SPX实现成交量（12.1%）仍低于年初至今实现成交量（13.4%），周二的反弹使VIX回到20以下。更重要的是，<b>为了应对创纪录的下行偏斜，正确地暗示抛售将带来更高的波动性，偏斜现在已经走得更高——至少对标普500来说是这样。</b></blockquote></p><p> Some more observations from Fishman: \"although Tuesday’s large SPX move and drop in implied vol has reduced vol risk premium, the VIX remains high relative to recent realized vol.\"</p><p><blockquote>Fishman的更多观察：“尽管周二SPX的大幅波动和隐含波动率的下降降低了波动率风险溢价，但VIX相对于最近实现的波动率仍然很高。”</blockquote></p><p> Furthermore, the SPX has not had one-month realized vol as high as the current VIX level (19.7) since November - indicating that options continue to be persistently expensive,<b>which also means that traders are hedging to outsized moves both higher and lower and any selloffs are likely to be fleeting as hedges are cashed in</b>.</p><p><blockquote>此外，自11月以来，SPX的一个月实现波动率从未达到当前VIX水平（19.7）的水平，这表明期权仍然持续昂贵，<b>这也意味着交易者正在对冲大幅上涨和下跌，随着对冲兑现，任何抛售都可能转瞬即逝</b>.</blockquote></p><p> <img src=\"https://static.tigerbbs.com/002e0c79da541efcfb85fe1e04e29088\" tg-width=\"644\" tg-height=\"397\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> That said, given the recent precedent for quick sell-offs to be followed quickly by low volatility, Goldman expects volatility to subside in the near term with more likelihood of a sustained increase in Q4, and a big reason for this is the persistently high index skew.</p><p><blockquote>尽管如此，考虑到最近快速抛售之后迅速出现低波动性的先例，高盛预计波动性将在短期内消退，第四季度持续上升的可能性更大，而造成这种情况的一个重要原因是指数持续高位倾斜。</blockquote></p><p>   SPX index skew continues to be at near-record levels, which we see as driven by a lack of downside sellers  <b>as much as demand for hedging.</b>The strong reaction of the VIX to Monday’s sell-off, with the VIX up over six points at one point intraday,  <b>proved that high skew was justified - at least on a very local level....</b>on a more persistent sell-off, it would be difficult to sustain the level of implied volatility that skew would indicate.  Meanwhile, from a cross-asset standpoint, Fishman adds that if interest rates staying this low has the potential to be a catalyst for further equity upside (unless they plunge<i><b>too</b></i>fast), leaving the potential for near-term asymmetry in SPX potential returns that is the opposite of what option markets are implying.</p><p><blockquote>SPX指数偏差继续处于接近创纪录水平，我们认为这是由缺乏下行卖家推动的<b>以及对冲的需求。</b>VIX对周一抛售的强烈反应，VIX盘中一度上涨超过6点，<b>证明了高偏斜是合理的——至少在非常局部的层面上....</b>如果出现更持续的抛售，则很难维持skew所指示的隐含波动率水平。与此同时，从跨资产的角度来看，菲什曼补充说，如果利率保持在如此低的水平，有可能成为股市进一步上涨的催化剂（除非利率暴跌<i><b>也</b></i>快速），使得SPX潜在回报存在近期不对称的可能性，这与期权市场的含义相反。</blockquote></p><p> So how does one trade the persistently sticky record high skew? Goldman continues to like levered risk reversals as a way to take advantage of this dynamic: Sell a 17-Sep 3800-strike put (12.1% OTM) to fund 2x 4550-strike (5.2% OTM) calls for zero net premium. The trade would be subject to dollar-for-dollar losses shouldthe SPX close below the downside strike at expiration.</p><p><blockquote>那么，如何交易持续粘性的创纪录高位偏差呢？高盛仍然喜欢杠杆风险逆转，以此作为利用这种动态的一种方式：出售9月17日3800执行权（12.1%OTM）的看跌期权，以零净溢价为2倍4550执行权（5.2%OTM）的评级提供资金。如果SPX指数在到期时收盘价低于下行价格，该交易将遭受美元对美元的损失。</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>Behind The Market's Furious Reversal: Record High Skew<blockquote>市场疯狂逆转的背后：创纪录的高位偏差</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\">\nBehind The Market's Furious Reversal: Record High Skew<blockquote>市场疯狂逆转的背后：创纪录的高位偏差</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-07-21 22:28</span>\n</p>\n</h4>\n</header>\n<article>\n<p>At the end of June, when the S&amp;P was making new all time highs day after day, and when the VIX was touching fresh 2021 lows, we cautioned that the skew index just hit a new all time high - meaning that put options have been unusually expensive relative to at-the-money options, helping support the put-heavy VIX index. As we further added, high skew, which compares put option prices with at-the-money option prices, has reached new all-time high,&nbsp;<b>and reflected investor perception that high volatility would return should markets sell off.</b></p><p><blockquote>6月底，当标准普尔指数日复一日地创下历史新高，当VIX触及2021年新低时，我们警告称，skew指数刚刚创下历史新高——这意味着看跌期权已经异常昂贵相对于平值期权，有助于支撑以看跌期权为主的VIX指数。正如我们进一步补充的那样，将看跌期权价格与平值期权价格进行比较的high skew已达到历史新高，<b>并反映了投资者的看法，即如果市场抛售，高波动性将会回归。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/b30d4664cf3c973cc1a86d743bcae379\" tg-width=\"746\" tg-height=\"464\" width=\"100%\" height=\"auto\">Commenting on this unusual move, we said that it shows that while on one hand traders seem complacent, they have never been more nervous that even a modest wobble in the market could start a crash. By extension,<b>\"</b><b><u>they have also never been more protected against a full-blown market crash</u></b><b>.\"</b></p><p><blockquote>在评论这一不寻常的举动时，我们说，这表明，虽然一方面交易者似乎自满，但他们从未如此紧张，即使市场的适度波动也可能引发崩盘。推而广之，<b>\"</b><b><u>他们也从未像现在这样免受全面市场崩盘的影响</u></b><b>.\"</b></blockquote></p><p> So fast forward to the violent, if brief, air pocket (and hardly a full-blown crash) the market experienced late last week and on Monday, which saw stocks tumble the most in months... only to soar right after. In retrospect, traders have the record high skew to thank for that because while risk reversed sharply on Tuesday and continuing today, traders were fully hedged and ready to pounce.</p><p><blockquote>快进到上周晚些时候和周一市场经历的剧烈（尽管短暂）的气穴（而不是全面崩盘），股市出现了几个月来的最大跌幅...只是在那之后飞翔。回想起来，交易者对此要感谢创纪录的高偏差，因为尽管风险在周二急剧逆转并持续到今天，但交易者已经完全对冲并准备好突袭。</blockquote></p><p> So following up on his observations from a month ago, when he first noted the record high skew, Goldman's derivatives strategist Rocky Fishman wrote that this week’s volatility pushed equity implied and realized volatility higher, with the VIX briefly hitting 25 during the day on Monday (19-Jul)...</p><p><blockquote>因此，继一个月前他首次注意到创纪录的高位偏差时的观察之后，高盛的衍生品策略师洛奇·菲什曼（Rocky Fishman）写道，本周的波动性推高了股票隐含波动性和已实现波动性，VIX在周一（7月19日）白天短暂触及25...</blockquote></p><p> <img src=\"https://static.tigerbbs.com/44c28ca21fe15a17f5b7fa1e3236e5ad\" tg-width=\"651\" tg-height=\"375\" width=\"100%\" height=\"auto\">... even if in absolute terms vol is not high: three-week SPX realized vol (12.1%) is still below year-to-date realized vol (13.4%),and Tuesday’s rally brought the VIX back under 20. More importantly,<b>in response to record downside skew correctly implying that a sell-off would bring much higher volatility, skew has now moved even higher - at least for the S&amp;P 500.</b></p><p><blockquote>...即使从绝对值来看，成交量并不高：三周SPX实现成交量（12.1%）仍低于年初至今实现成交量（13.4%），周二的反弹使VIX回到20以下。更重要的是，<b>为了应对创纪录的下行偏斜，正确地暗示抛售将带来更高的波动性，偏斜现在已经走得更高——至少对标普500来说是这样。</b></blockquote></p><p> Some more observations from Fishman: \"although Tuesday’s large SPX move and drop in implied vol has reduced vol risk premium, the VIX remains high relative to recent realized vol.\"</p><p><blockquote>Fishman的更多观察：“尽管周二SPX的大幅波动和隐含波动率的下降降低了波动率风险溢价，但VIX相对于最近实现的波动率仍然很高。”</blockquote></p><p> Furthermore, the SPX has not had one-month realized vol as high as the current VIX level (19.7) since November - indicating that options continue to be persistently expensive,<b>which also means that traders are hedging to outsized moves both higher and lower and any selloffs are likely to be fleeting as hedges are cashed in</b>.</p><p><blockquote>此外，自11月以来，SPX的一个月实现波动率从未达到当前VIX水平（19.7）的水平，这表明期权仍然持续昂贵，<b>这也意味着交易者正在对冲大幅上涨和下跌，随着对冲兑现，任何抛售都可能转瞬即逝</b>.</blockquote></p><p> <img src=\"https://static.tigerbbs.com/002e0c79da541efcfb85fe1e04e29088\" tg-width=\"644\" tg-height=\"397\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> That said, given the recent precedent for quick sell-offs to be followed quickly by low volatility, Goldman expects volatility to subside in the near term with more likelihood of a sustained increase in Q4, and a big reason for this is the persistently high index skew.</p><p><blockquote>尽管如此，考虑到最近快速抛售之后迅速出现低波动性的先例，高盛预计波动性将在短期内消退，第四季度持续上升的可能性更大，而造成这种情况的一个重要原因是指数持续高位倾斜。</blockquote></p><p>   SPX index skew continues to be at near-record levels, which we see as driven by a lack of downside sellers  <b>as much as demand for hedging.</b>The strong reaction of the VIX to Monday’s sell-off, with the VIX up over six points at one point intraday,  <b>proved that high skew was justified - at least on a very local level....</b>on a more persistent sell-off, it would be difficult to sustain the level of implied volatility that skew would indicate.  Meanwhile, from a cross-asset standpoint, Fishman adds that if interest rates staying this low has the potential to be a catalyst for further equity upside (unless they plunge<i><b>too</b></i>fast), leaving the potential for near-term asymmetry in SPX potential returns that is the opposite of what option markets are implying.</p><p><blockquote>SPX指数偏差继续处于接近创纪录水平，我们认为这是由缺乏下行卖家推动的<b>以及对冲的需求。</b>VIX对周一抛售的强烈反应，VIX盘中一度上涨超过6点，<b>证明了高偏斜是合理的——至少在非常局部的层面上....</b>如果出现更持续的抛售，则很难维持skew所指示的隐含波动率水平。与此同时，从跨资产的角度来看，菲什曼补充说，如果利率保持在如此低的水平，有可能成为股市进一步上涨的催化剂（除非利率暴跌<i><b>也</b></i>快速），使得SPX潜在回报存在近期不对称的可能性，这与期权市场的含义相反。</blockquote></p><p> So how does one trade the persistently sticky record high skew? Goldman continues to like levered risk reversals as a way to take advantage of this dynamic: Sell a 17-Sep 3800-strike put (12.1% OTM) to fund 2x 4550-strike (5.2% OTM) calls for zero net premium. The trade would be subject to dollar-for-dollar losses shouldthe SPX close below the downside strike at expiration.</p><p><blockquote>那么，如何交易持续粘性的创纪录高位偏差呢？高盛仍然喜欢杠杆风险逆转，以此作为利用这种动态的一种方式：出售9月17日3800执行权（12.1%OTM）的看跌期权，以零净溢价为2倍4550执行权（5.2%OTM）的评级提供资金。如果SPX指数在到期时收盘价低于下行价格，该交易将遭受美元对美元的损失。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/behind-markets-furious-reversal-record-high-skew?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29\">zerohedge</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://www.zerohedge.com/markets/behind-markets-furious-reversal-record-high-skew?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1144363960","content_text":"At the end of June, when the S&P was making new all time highs day after day, and when the VIX was touching fresh 2021 lows, we cautioned that the skew index just hit a new all time high - meaning that put options have been unusually expensive relative to at-the-money options, helping support the put-heavy VIX index. As we further added, high skew, which compares put option prices with at-the-money option prices, has reached new all-time high, and reflected investor perception that high volatility would return should markets sell off.\nCommenting on this unusual move, we said that it shows that while on one hand traders seem complacent, they have never been more nervous that even a modest wobble in the market could start a crash. By extension,\"they have also never been more protected against a full-blown market crash.\"\nSo fast forward to the violent, if brief, air pocket (and hardly a full-blown crash) the market experienced late last week and on Monday, which saw stocks tumble the most in months... only to soar right after. In retrospect, traders have the record high skew to thank for that because while risk reversed sharply on Tuesday and continuing today, traders were fully hedged and ready to pounce.\nSo following up on his observations from a month ago, when he first noted the record high skew, Goldman's derivatives strategist Rocky Fishman wrote that this week’s volatility pushed equity implied and realized volatility higher, with the VIX briefly hitting 25 during the day on Monday (19-Jul)...\n... even if in absolute terms vol is not high: three-week SPX realized vol (12.1%) is still below year-to-date realized vol (13.4%),and Tuesday’s rally brought the VIX back under 20. More importantly,in response to record downside skew correctly implying that a sell-off would bring much higher volatility, skew has now moved even higher - at least for the S&P 500.\nSome more observations from Fishman: \"although Tuesday’s large SPX move and drop in implied vol has reduced vol risk premium, the VIX remains high relative to recent realized vol.\"\nFurthermore, the SPX has not had one-month realized vol as high as the current VIX level (19.7) since November - indicating that options continue to be persistently expensive,which also means that traders are hedging to outsized moves both higher and lower and any selloffs are likely to be fleeting as hedges are cashed in.\n\nThat said, given the recent precedent for quick sell-offs to be followed quickly by low volatility, Goldman expects volatility to subside in the near term with more likelihood of a sustained increase in Q4, and a big reason for this is the persistently high index skew.\n\n SPX index skew continues to be at near-record levels, which we see as driven by a lack of downside sellers\n as much as demand for hedging.The strong reaction of the VIX to Monday’s sell-off, with the VIX up over six points at one point intraday,\n proved that high skew was justified - at least on a very local level....on a more persistent sell-off, it would be difficult to sustain the level of implied volatility that skew would indicate.\n\nMeanwhile, from a cross-asset standpoint, Fishman adds that if interest rates staying this low has the potential to be a catalyst for further equity upside (unless they plungetoofast), leaving the potential for near-term asymmetry in SPX potential returns that is the opposite of what option markets are implying.\nSo how does one trade the persistently sticky record high skew? Goldman continues to like levered risk reversals as a way to take advantage of this dynamic: Sell a 17-Sep 3800-strike put (12.1% OTM) to fund 2x 4550-strike (5.2% OTM) calls for zero net premium. The trade would be subject to dollar-for-dollar losses shouldthe SPX close below the downside strike at expiration.","news_type":1,"symbols_score_info":{".SPX":0.9,"SPY":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":2106,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":178092057,"gmtCreate":1626770394679,"gmtModify":1631891578074,"author":{"id":"3561349612413251","authorId":"3561349612413251","name":"Emfirefamily","avatar":"https://static.tigerbbs.com/4e15c42227c1a9b62ba5b357e07169cf","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3561349612413251","idStr":"3561349612413251"},"themes":[],"htmlText":"Yea","listText":"Yea","text":"Yea","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/178092057","repostId":"1117620888","repostType":4,"repost":{"id":"1117620888","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1626769963,"share":"https://www.laohu8.com/m/news/1117620888?lang=zh_CN&edition=full","pubTime":"2021-07-20 16:32","market":"us","language":"en","title":"Economic Data Scheduled For Tuesday<blockquote>经济数据定于周二公布</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1117620888","media":"Benzinga","summary":"Data on housing starts and permits for June will be released at 8:30 a.m. ET. A 1.590 million annual","content":"<p><ul>  <li>Data on housing starts and permits for June will be released at 8:30 a.m. ET. A 1.590 million annual is projected for starts in June up from May's 1.572 million rate. Analysts expect permits at 1.700 million in June compared to 1.683 million a month ago.</li>  <li>The Johnson Redbook Retail Sales Index for the latest week is scheduled for release at 8:55 a.m. ET.</li> </ul></p><p><blockquote><ul><li>美国东部时间上午8:30将公布6月份新屋开工和许可数据。预计6月份开工量为159.0万套，高于5月份的157.2万套。分析师预计6月份许可证数量为170万份，而一个月前为168.3万份。</li><li>最近一周的约翰逊红皮书零售销售指数定于美国东部时间上午8:55发布。</li></ul></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>Economic Data Scheduled For Tuesday<blockquote>经济数据定于周二公布</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\">\nEconomic Data Scheduled For Tuesday<blockquote>经济数据定于周二公布</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga </p>\n<p class=\"h-time smaller\">2021-07-20 16:32</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p><ul>  <li>Data on housing starts and permits for June will be released at 8:30 a.m. ET. A 1.590 million annual is projected for starts in June up from May's 1.572 million rate. Analysts expect permits at 1.700 million in June compared to 1.683 million a month ago.</li>  <li>The Johnson Redbook Retail Sales Index for the latest week is scheduled for release at 8:55 a.m. ET.</li> </ul></p><p><blockquote><ul><li>美国东部时间上午8:30将公布6月份新屋开工和许可数据。预计6月份开工量为159.0万套，高于5月份的157.2万套。分析师预计6月份许可证数量为170万份，而一个月前为168.3万份。</li><li>最近一周的约翰逊红皮书零售销售指数定于美国东部时间上午8:55发布。</li></ul></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index","SPY":"标普500ETF",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1117620888","content_text":"Data on housing starts and permits for June will be released at 8:30 a.m. ET. A 1.590 million annual is projected for starts in June up from May's 1.572 million rate. Analysts expect permits at 1.700 million in June compared to 1.683 million a month ago.\nThe Johnson Redbook Retail Sales Index for the latest week is scheduled for release at 8:55 a.m. ET.","news_type":1,"symbols_score_info":{".IXIC":0.9,".DJI":0.9,"SPY":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":2024,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":148715237,"gmtCreate":1626016740129,"gmtModify":1631893874549,"author":{"id":"3561349612413251","authorId":"3561349612413251","name":"Emfirefamily","avatar":"https://static.tigerbbs.com/4e15c42227c1a9b62ba5b357e07169cf","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3561349612413251","idStr":"3561349612413251"},"themes":[],"htmlText":"Yea","listText":"Yea","text":"Yea","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/148715237","repostId":"1112201050","repostType":4,"repost":{"id":"1112201050","kind":"news","pubTimestamp":1625966101,"share":"https://www.laohu8.com/m/news/1112201050?lang=zh_CN&edition=full","pubTime":"2021-07-11 09:15","market":"us","language":"en","title":"The Meme Stock Trade Is Far From Over. What Investors Need to Know.<blockquote>模因股票交易还远未结束。投资者需要知道的。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1112201050","media":"Barrons","summary":"It seemed to be only a matter of time.\nWhen GameStop (ticker: GME), BlackBerry (BB), and even the de","content":"<p>It seemed to be only a matter of time.</p><p><blockquote>这似乎只是时间问题。</blockquote></p><p> When GameStop (ticker: GME), BlackBerry (BB), and even the desiccated carcass of Blockbuster suddenly sprang to life in January, the clock was already ticking for when they would crash again. Would it be hours, days, or weeks?</p><p><blockquote>当游戏驿站（股票代码：GME）、黑莓（BB），甚至百视达（Blockbuster）的干涸尸体在一月份突然复活时，他们再次崩溃的时间已经在滴答作响。是几个小时、几天还是几周？</blockquote></p><p> It has now been half a year, and the core “meme stocks” are still trading at levels considered outrageous by people who have studied them for years. New names like&nbsp;Clover Health Investments(CLOV) and&nbsp;Newegg Commerce(NEGG) have recently popped up on message boards, and their stocks have popped, too.</p><p><blockquote>现在已经半年了，核心“模因股”的交易水平仍然被研究它们多年的人认为令人发指。Clover Health Investments(CLOV)和Newegg Commerce(NEGG)等新名字最近出现在留言板上，它们的股票也随之上涨。</blockquote></p><p> The collective efforts of millions of retail traders—long derided as “the dumb money”—have successfully held stocks aloft and forced naysayers to capitulate.</p><p><blockquote>数百万散户交易者——长期以来被嘲笑为“愚蠢的钱”——的集体努力成功地保持了股票的高位，并迫使反对者投降。</blockquote></p><p> That is true even as the companies they are betting on have shown scant signs of transforming their businesses, or turning profits that might justify their valuations. BlackBerry burned cash in its latest quarter and warned that its key cybersecurity division would hit the low end of its revenue guidance; the stock dipped on the news but has still more than doubled in the past year.</p><p><blockquote>尽管他们押注的公司几乎没有表现出业务转型或扭亏为盈的迹象，但情况确实如此。黑莓在最近一个季度烧钱，并警告其关键的网络安全部门将触及收入指引的低端；消息传出后，该股下跌，但在过去一年中仍上涨了一倍多。</blockquote></p><p> While trading volume at the big brokers has come down slightly from its February peak, it remains two to three times as high as it was before the pandemic. And a startling amount of that activity is occurring in stocks favored by retail traders. The average daily value of shares traded in&nbsp;AMC Entertainment Holdings(AMC), for example, reached $13.1 billion in June, more than&nbsp;Apple’s(AAPL) $9.5 billion and Amazon.com’s (AMZN) $10.3 billion.</p><p><blockquote>尽管大型经纪商的交易量较2月份的峰值略有下降，但仍是大流行前的两到三倍。散户交易者青睐的股票中发生了数量惊人的此类活动。例如，AMC院线控股公司(AMC)6月份股票日均交易价值达到131亿美元，超过苹果(AAPL)的95亿美元和亚马逊(AMZN)的103亿美元。</blockquote></p><p> Even as the coronavirus fades in the U.S., most new traders say they are committed to the hobby they learned during lockdown—58% of day traders in a Betterment survey said they are planning to trade even more in the future, and only 12% plan to trade less. Amateur pandemic bakers have stopped kneading sourdough loaves; traders are only getting hungrier.</p><p><blockquote>即使冠状病毒在美国消退，大多数新交易者表示，他们仍致力于他们在封锁期间学到的爱好——在一项Betterment调查中，58%的日内交易者表示，他们计划在未来进行更多交易，只有12%的人计划减少交易。业余疫情面包师已经停止揉酸面团面包；交易者只会越来越饥渴。</blockquote></p><p> A sustained bear market would spoil such an appetite, as it did when the dot-com bubble burst. For now, dips are reasons to hold or buy.</p><p><blockquote>持续的熊市会破坏这种胃口，就像互联网泡沫破裂时一样。就目前而言，下跌是持有或买入的理由。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/25a79e71371c165f9a3a5085931fc487\" tg-width=\"979\" tg-height=\"649\"></p><p><blockquote></blockquote></p><p> “I’ve seen that the ‘buy the dip’ sentiment hasn’t relented for a moment,” wrote Brandon Luczek, an electronics technician for the U.S. Navy who trades with friends online, in an email to&nbsp;Barron’s.</p><p><blockquote>“我发现‘逢低买入’的情绪一刻也没有减弱，”与朋友在线交易的美国海军电子技术员布兰登·卢泽克(Brandon Luczek)在给《巴伦周刊》的电子邮件中写道。</blockquote></p><p> The meme stock surge has been propelled by a rise in trading by retail investors. In 2020, online brokers signed clients at a record pace, with more than 10 million people opening new accounts. That record will almost certainly be broken in 2021. Brokers had already added more than 10 million accounts less than halfway into the year, some of the top firms have disclosed.</p><p><blockquote>散户投资者交易量的增加推动了模因股票的飙升。2020年，在线经纪商以创纪录的速度签约客户，新开户人数超过1000万人。这一纪录几乎肯定会在2021年被打破。一些顶级公司透露，今年不到一半，经纪商就已经增加了超过1000万个账户。</blockquote></p><p> Meme stocks are both the cart and the horse of this phenomenon. Their sudden price spikes are driven by new investors, and then that action drives even more new people to invest. Millions of people downloaded investing apps in late January and early February just to be a part of the fun. A recent&nbsp;Charles Schwab(SCHW) survey found that 15% of all current traders began investing after 2020.</p><p><blockquote>模因股票既是这一现象的马车，也是马。它们的价格突然飙升是由新投资者推动的，然后这种行为会推动更多的新人投资。数百万人在一月底和二月初下载了投资应用程序，只是为了享受乐趣。嘉信理财(SCHW)最近的一项调查发现，15%的当前交易者在2020年之后开始投资。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/167386c6881a258922ad62caaf7a05f4\" tg-width=\"971\" tg-height=\"644\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/8e29e3041b91070252ab9063d1a11fa2\" tg-width=\"975\" tg-height=\"642\"><img src=\"https://static.tigerbbs.com/f9cc1c0bd6368721c0eca87e25719f16\" tg-width=\"964\" tg-height=\"641\"></p><p><blockquote></blockquote></p><p> The most prominent player in the surge is Robinhood, which said it had added 5.5 million funded accounts in the first quarter alone. But it isn’t alone. Fidelity, for instance, announced that it had attracted 1.6 million new customers under the age of 35 in the first quarter, 223% more than a year before.</p><p><blockquote>这一激增中最突出的参与者是Robinhood，该公司表示仅在第一季度就增加了550万个受资助账户。但它并不孤单。例如，富达宣布第一季度吸引了160万35岁以下的新客户，比去年同期增长了223%。</blockquote></p><p> Under pressure from Robinhood’s zero-commission model, all of the major brokers cut commissions to zero in 2019. That opened the floodgates to a new group of customers—one that may not have as much spare cash to trade but is more active and diverse than its predecessors. And the brokers are cashing in. Fidelity is hoping to attract investors before they even have driver’s licenses, allowing children as young as 13 to open trading accounts. Robinhood is riding the momentum to an initial public offering that analysts expect to value it at more than 10 times its revenue.</p><p><blockquote>在Robinhood零佣金模式的压力下，所有主要经纪商都在2019年将佣金降至零。这为新的客户群体打开了闸门——他们可能没有那么多闲钱可供交易，但比前辈更加活跃和多样化。经纪人正在兑现。富达希望在投资者拥有驾驶执照之前就吸引他们，允许年仅13岁的儿童开设交易账户。Robinhood正在乘势进行首次公开募股，分析师预计其估值将超过其收入的10倍。</blockquote></p><p> These new customers act differently than their older peers. For years, there was a “big gravitation toward ETFs,” says Chris Larkin, head of trading at E*Trade, which is now owned by Morgan Stanley (MS). But picking single stocks is clearly “the big story of 2021.”</p><p><blockquote>这些新客户的行为与老客户不同。E*Trade（现归摩根士丹利(MS)所有）交易主管克里斯·拉金(Chris Larkin)表示，多年来，“ETF的吸引力很大”。但挑选个股显然是“2021年的大新闻”。</blockquote></p><p> To be sure, equity exchange-traded funds are still doing well, as investors around the world bet on the pandemic recovery and avoid weak bond yields.</p><p><blockquote>可以肯定的是，股票交易所交易基金仍然表现良好，因为世界各地的投资者都押注于疫情复苏，并避免债券收益率疲软。</blockquote></p><p></p><p> But ETFs don’t light up the message boards like stocks do. Not that it has been a one-way ride for the top names. GameStop did dip in February, and Wall Street enjoyed a moment of schadenfreude. It didn’t last.</p><p><blockquote>但ETF不像股票那样点亮留言板。对于顶级品牌来说，这并不是一条单程之旅。游戏驿站确实在二月份下跌，华尔街享受了一段幸灾乐祸的时刻。这并没有持续多久。</blockquote></p><p> “Like cicadas, meme traders returned in a wild blaze of activity after being seemingly underground for several months,” wrote Steve Sosnick, chief strategist at Interactive Brokers. Sosnick believes that the meme stocks tend to trade inversely to cryptocurrencies, because their fans rotate from one to the other as the momentum shifts.</p><p><blockquote>盈透证券(Interactive Brokers)首席策略师史蒂夫·索斯尼克(Steve Sosnick)写道：“就像蝉一样，模因交易者在看似地下几个月后，又以疯狂的活动回归。”索斯尼克认为，模因股票的交易往往与加密货币相反，因为随着势头的变化，它们的粉丝会从一种股票转向另一种股票。</blockquote></p><p> “I don’t think it’s strictly a coincidence that meme stocks roared back to life after a significant correction in Bitcoin and other cryptocurrencies,” he wrote.</p><p><blockquote>他写道：“我认为，在比特币和其他加密货币大幅调整后，模因股票重新焕发生机，这绝非巧合。”</blockquote></p><p> Sosnick considers meme stocks a “sector unto themselves,” one that he segregates on his computer monitor away from other stock tickers.</p><p><blockquote>索斯尼克认为模因股票是一个“独立的行业”，他在电脑显示器上将其与其他股票代码分开。</blockquote></p><p> Indeed, Wall Street’s reaction to the meme stock revolution has been to isolate the parts of the market that the pros deem irrational. Most short sellers won’t touch the stocks, and analysts are dropping coverage.</p><p><blockquote>事实上，华尔街对模因股票革命的反应是孤立市场中专业人士认为非理性的部分。大多数卖空者不会碰这些股票，分析师也放弃了报道。</blockquote></p><p> But Wall Street can’t swat the retail army away like cicadas, or count on them disappearing for the next 17 years. Stock trading has permanently shifted. This year, retail activity accounts for 24% of equity volume, up from 15% in 2019. Adherents to the new creed are not passive observers willing to let Wall Street manage the markets.</p><p><blockquote>但华尔街不能像蝉一样将零售大军赶走，也不能指望它们在未来17年消失。股票交易已经永久转移。今年，零售活动占股本的24%，高于2019年的15%。新信条的追随者并不是愿意让华尔街管理市场的被动观察者。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/710e642d3b685b74f8c9dcaf46ef3e0b\" tg-width=\"968\" tg-height=\"643\"></p><p><blockquote></blockquote></p><p> “What this really reflects is a reversal of the trends that we saw toward less and less engagement with individual companies,” says Joshua Mitts, a professor at Columbia Law School specializing in securities markets. “Technology is bringing the average investor closer to the companies in which he or she invests, and that’s just taking on new and unpredictable forms.”</p><p><blockquote>哥伦比亚大学法学院专门研究证券市场的教授约书亚·米茨(Joshua Mitts)表示：“这真正反映了我们看到的与个别公司的接触越来越少的趋势的逆转。”“技术正在拉近普通投资者与他或她投资的公司的距离，而这只是以新的、不可预测的形式出现。”</blockquote></p><p> The swings you get can definitely make you feel some sort of way.</p><p><blockquote>你得到的秋千肯定会让你有某种感觉。</blockquote></p><p> — Matt Kohrs, 26, who streams stock analysis daily on YouTube</p><p><blockquote>——Matt Kohrs，26岁，每天在YouTube上播放股票分析</blockquote></p><p> It is now changing the lives of those who got in early and are still riding the names higher.</p><p><blockquote>它现在正在改变那些早期进入的人的生活，并且仍然名气更高。</blockquote></p><p> Take Matt Kohrs, who had invested in AMC Entertainment early. He quit his job as a programmer in New York in February, moved to Philadelphia, and started streaming&nbsp;stock analysis on YouTube&nbsp;for seven hours a day.</p><p><blockquote>以马特·科尔斯（Matt Kohrs）为例，他很早就投资了AMC院线。今年2月，他辞去了在纽约的程序员工作，搬到了费城，并开始每天在YouTube上播放7个小时的股票分析。</blockquote></p><p> With 350,000 YouTube followers, it’s paying the bills. With his earnings from ads and from the stock, Kohrs says he can pull down roughly the same salary he made before. But he also knows that relying on earnings from stocks like this is nothing like a 9-to-5 job.</p><p><blockquote>它在YouTube上拥有35万粉丝，正在支付账单。科尔斯表示，凭借广告和股票的收入，他可以降低与以前大致相同的工资。但他也知道，像这样依赖股票的收益与朝九晚五的工作完全不同。</blockquote></p><p> “The swings you get can definitely make you feel some sort of way,” he says.</p><p><blockquote>“你得到的挥杆肯定会让你有某种感觉，”他说。</blockquote></p><p> Companies are starting to react more aggressively, too. They are either embracing their new owners or paying meme-ologists to understand the emoji-filled language of the new Wall Street so they can ward them off or appease them.</p><p><blockquote>公司也开始做出更积极的反应。他们要么拥抱他们的新主人，要么付钱给模因学家来理解新华尔街充满表情符号的语言，这样他们就可以避开他们或安抚他们。</blockquote></p><p> AMC even canceled a proposed equity raise this past week because the company apparently didn’t like the vibes it was getting from the Reddit crowd. AMC has already quintupled its share count over the past year. CEO Adam Aron tweeted that he had seen “many yes, many no” reactions to his proposal to issue 25 million more shares, so it will be canceled instead of being presented for a vote at AMC’s annual meeting later this month. The company did not respond to a question on how it had polled shareholders.</p><p><blockquote>AMC甚至在过去一周取消了拟议的股权融资，因为该公司显然不喜欢Reddit人群的氛围。过去一年，AMC的股票数量已经增加了五倍。首席执行官Adam Aron在推特上表示，他看到了对他增发2500万股股票的提议“许多是，许多不是”的反应，因此该提议将被取消，而不是在本月晚些时候的AMC年会上进行投票。该公司没有回应有关如何对股东进行民意调查的问题。</blockquote></p><p> Forget the boardroom. Corporate policy is now being determined in the chat room.</p><p><blockquote>忘了会议室吧。公司政策现在正在聊天室中确定。</blockquote></p><p> Big investors are spending more time tracking social-media discussions about stocks. Bank of America found in a survey this year that about 25% of institutions had already been tracking social-media sentiment, but that about 40% are interested in using it going forward.</p><p><blockquote>大投资者花更多时间跟踪社交媒体上有关股票的讨论。美国银行在今年的一项调查中发现，大约25%的机构已经在跟踪社交媒体情绪，但大约40%的机构有兴趣在未来使用它。</blockquote></p><p> In the past few months, Bank of America, Morgan Stanley, and J.P. Morgan have all produced reports on how to trade around the retail action, coming to somewhat different conclusions.</p><p><blockquote>在过去的几个月里，美国银行、摩根士丹利和摩根大通都发布了关于如何围绕散户行为进行交易的报告，得出了有些不同的结论。</blockquote></p><p> There can be “alpha in the signal,” as Morgan Stanley put it, but it can take some intense number-crunching to get there. Not all message-board chatter leads to sustained price gains, of course, and retail order flow cannot easily be separated from institutional flow without substantial data analysis. For investors with the tools to pinpoint which stocks retail investors are buying and which they are selling, J.P. Morgan suggests going long on the 20% of stocks with the most buying interest and short on the top 20% in selling interest.</p><p><blockquote>正如摩根士丹利所说，信号中可能存在“阿尔法”，但可能需要一些激烈的数字运算才能达到这一目标。当然，并非所有留言板上的喋喋不休都会导致价格持续上涨，而且在没有大量数据分析的情况下，零售订单流无法轻易与机构订单流分开。对于拥有工具来确定散户投资者正在买入和卖出哪些股票的投资者，摩根大通建议做多买入兴趣最高的20%的股票，做空卖出兴趣最高的20%的股票。</blockquote></p><p> For now, many of the institutions buying data on social-media sentiment appear to be trying to reduce their risks, as opposed to scouting new opportunities, according to Boris Spiwak of alternative data firm Thinknum, which offers products that track social-media sentiment. “They see it as almost like an insurance policy, to limit their downside risks,” he says.</p><p><blockquote>提供跟踪社交媒体情绪产品的另类数据公司Thinknum的鲍里斯·斯皮瓦克(Boris Spiwak)表示，目前，许多购买社交媒体情绪数据的机构似乎都在试图降低风险，而不是寻找新的机会。“他们认为这几乎就像一份保险单，以限制他们的下行风险，”他说。</blockquote></p><p></p><p> For retail traders, the method isn’t always scientific. The action is sustained by a community ethos. And the force behind it is as much emotional and moral as financial.</p><p><blockquote>对于散户来说，这种方法并不总是科学的。这一行动得到了社区精神的支持。其背后的力量既是经济上的，也是情感上的和道德上的。</blockquote></p><p> New investors say they are motivated by a desire to prove themselves and punish the old guard as much as by profits. They learn from one another about the market, sometimes amplifying or debunking conspiracy theories about Wall Street. Some link the meme-stock movement to continued mistrust of big financial institutions stemming from the 2008 financial crisis.</p><p><blockquote>新投资者表示，他们的动机是证明自己和惩罚保守派的愿望，就像利润一样。他们互相了解市场，有时会放大或揭穿有关华尔街的阴谋论。一些人将模因股票走势与2008年金融危机引发的对大型金融机构的持续不信任联系起来。</blockquote></p><p> “Wall Street brought our economy to its knees, and no one ever got in trouble for it,” says the 26-year-old Kohrs. “So, I think they view this as not only can we make money, but we can also make these hedge funds on Wall Street pay.”</p><p><blockquote>“华尔街让我们的经济陷入瘫痪，没有人因此惹上麻烦，”26岁的科尔斯说。“所以，我认为他们认为这不仅可以让我们赚钱，还可以让华尔街的这些对冲基金付钱。”</blockquote></p><p> Claire Hirschberg is a 28-year-old union organizer who bought about $50 worth of GameStop stock on Robinhood in January after hearing about it from friends. She liked the idea, but what really got her excited about it was the reaction of her father, a longtime money manager. “He was so mad I had bought GameStop and was refusing to sell,” she says, laughing. “And that just makes me want to hold it forever.”</p><p><blockquote>克莱尔·赫希伯格(Claire Hirschberg)是一名28岁的工会组织者，她在从朋友那里听说此事后，于1月份在Robinhood上购买了价值约50美元的游戏驿站股票。她喜欢这个想法，但真正让她兴奋的是她父亲的反应，他父亲是一位长期的资金经理。“他对我买下游戏驿站并拒绝出售感到非常生气，”她笑着说。“这让我想永远拥有它。”</blockquote></p><p> Just like old Wall Street has rituals and codes, the new one does, too. A new investment banking employee learns quickly that you don’t wear a Ferragamo tie until after you make associate. You never leave the office until the managing director does, and you don’t complain about the hours. And the bad guys are the regulators and Sen. Elizabeth Warren, and not in that order.</p><p><blockquote>就像旧华尔街有仪式和准则一样，新华尔街也有。一位新的投资银行员工很快就会知道，直到你成为合伙人后，你才会戴菲拉格慕领带。在总经理离开之前，你永远不会离开办公室，你也不会抱怨工作时间。坏人是监管者和参议员伊丽莎白·沃伦，而不是这个顺序。</blockquote></p><p> The new trading desk—the apps that millions of retail traders now use and the message boards where they congregate—have unspoken rules, too. Publicly acknowledging financial losses is a valiant act, evidence of internal fortitude and belief in the group. You don’t take yourself seriously and you don’t police language. You are part of an army of “apes” or “retards.” You hold through the crashes, even if it means you might lose everything. And the bad guys are the short sellers, the market makers, and the Wall Street elites, in that order.</p><p><blockquote>新的交易台——数百万零售交易者现在使用的应用程序和他们聚集的留言板——也有潜规则。公开承认经济损失是一种勇敢的行为，是内部坚韧和对集团信念的证明。你不把自己当回事，也不监管语言。你是“猿”或“弱智”大军的一员。你坚持住了崩溃，即使这意味着你可能会失去一切。坏人依次是卖空者、做市商和华尔街精英。</blockquote></p><p> The group action is not just for moral support. The trading strategy depends on people keeping up the buying pressure to force a short squeeze or to buy bullish options that trigger what’s known as a gamma squeeze.</p><p><blockquote>群体行动不仅仅是为了道义上的支持。交易策略取决于人们保持购买压力以迫使空头挤压或购买看涨期权，从而触发所谓的伽马挤压。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/75d79c78a14cc8f297e17397cc54bdb5\" tg-width=\"1260\" tg-height=\"840\"><span>Keith Gill became the face of the Reddit army of retail traders pushing shares of GameStop higher when he appeared virtually before a House Financial Services Committee hearing in February.</span></p><p><blockquote><p class=\"t-img-caption\"><span>基思·吉尔(Keith Gill)二月份几乎出现在众议院金融服务委员会听证会上，成为Reddit零售交易员大军的代言人，推动游戏驿站股价走高。</span></p></blockquote></p><p> Many short sellers say they won’t touch these stocks anymore. But clearly, others aren’t taking that advice and are giving the meme movement oxygen by repeatedly betting against the stocks. AMC’s short interest was at 17% of the stock’s float in mid-June, down from 28% in January, but not by much.</p><p><blockquote>许多卖空者表示，他们不会再碰这些股票了。但显然，其他人并没有采纳这一建议，而是通过反复做空股票来为模因运动提供氧气。6月中旬，AMC的空头利息占该股流通量的17%，低于1月份的28%，但幅度不大。</blockquote></p><p> As the price rises, the shorts can’t help themselves. They start “drooling, with flames coming out of their ears,” says Michael Pachter, a Wedbush Securities analyst who has covered GameStop for years. “What’s kind of shocked me is the definition of insanity, which is doing the same thing over and over and over again and hoping for a different outcome each time, and the shorts keep coming back,” he says. “And [GameStop bull] Keith Gill and his Reddit raiders keep squeezing them, and it keeps working.”</p><p><blockquote>随着价格的上涨，空头们也身不由己。Wedbush Securities分析师Michael Pachter表示，他们开始“流口水，耳朵里冒出火焰”，多年来一直关注游戏驿站。“让我有点震惊的是精神错乱的定义，即一遍又一遍地做同样的事情，每次都希望有不同的结果，而空头不断回来，”他说。“[游戏驿站公牛]基思·吉尔和他的Reddit攻略不断挤压他们，而且它一直在发挥作用。”</blockquote></p><p> To beat the short sellers, the Reddit crowd needs to hold together, but the community has been showing cracks at times. The two meme stocks with the most determined fan bases—GameStop and AMC—still have enormous armies of core believers who do not seem easily swayed. But other names seem to have more-fickle backers. Several stocks caught up in the meme madness have come crashing down to earth.Bed Bath &amp; Beyond(BBBY) spiked twice—in late January and early June—but now trades only slightly above its mid-January levels. People who bought during the upswings have lost money.</p><p><blockquote>为了击败卖空者，Reddit人群需要团结一致，但社区有时会出现裂痕。拥有最坚定粉丝群的两只模因股票——游戏驿站和AMC——仍然拥有庞大的核心信徒大军，他们似乎不容易动摇。但其他名字似乎有更多善变的支持者。几只陷入迷因疯狂的股票已经暴跌。Bed Bath&amp;Beyond(BBBY)在1月底和6月初两次飙升，但现在的交易价格仅略高于1月中旬的水平。在上涨期间买入的人已经赔钱了。</blockquote></p><p> Distrust has spread, and some traders worry that wallstreetbets— the original Reddit message board that inspired the GameStop frenzy—has grown so fast that it has lost its original spirit, and potentially grown vulnerable to manipulation. Some have moved to other message boards, like r/superstonk, in hopes of reclaiming the old community’s flavor.</p><p><blockquote>不信任已经蔓延，一些交易员担心wallstreetbets——最初引发游戏驿站狂热的Reddit留言板——发展如此之快，以至于失去了最初的精神，并可能变得容易受到操纵。一些人已经转移到其他留言板，如r/superstonk，希望恢复旧社区的风味。</blockquote></p><p> Travis Rehl, the founder of social-media tracking company Hype Equity, says that he tries to separate possible manipulators from more organic investor sentiment. Hype Equity is usually hired by public-relations firms representing companies that are being talked about online, he says. Now, he sees a growing trend of stocks that suddenly come up on message boards, receive positive chatter, and then disappear.</p><p><blockquote>社交媒体跟踪公司Hype Equity的创始人特拉维斯·雷尔(Travis Rehl)表示，他试图将可能的操纵者与更有机的投资者情绪区分开来。他说，炒作股权通常是由代表网上谈论的公司的公关公司雇佣的。现在，他看到越来越多的股票突然出现在留言板上，收到积极的议论，然后消失。</blockquote></p><p></p><p> “It’s called into question what is a true discussion versus what is something that somebody just wants to pump,” he says. The moderators of wallstreetbets forbid market manipulation on the platform, and Rehl say they appear to work hard to police misinformation. The moderators did not respond to a request from&nbsp;Barron’s&nbsp;for comment.</p><p><blockquote>“这引发了人们对什么是真正的讨论与什么是某人只是想炒作的讨论的质疑，”他说。wallstreetbets的版主禁止在该平台上进行市场操纵，Rehl表示，他们似乎正在努力监管错误信息。主持人没有回应《巴伦周刊》的置评请求。</blockquote></p><p> “If you can create enough buzz to get a stock that goes up 10%, 20%, even 50% in a short period of time, there’s a tremendous incentive to do that,” Sosnick says.</p><p><blockquote>索斯尼克表示：“如果你能制造足够的轰动效应，让股票在短时间内上涨10%、20%甚至50%，那么就有巨大的动力这样做。”</blockquote></p><p> The Securities and Exchange Commission is watching for funny business on the message boards. SEC Chairman Gary Gensler and some members of Congress have discussed changing market rules with the intention of adding transparency protecting retail traders—although changes could also anger the retail crowd if they slow down trading or make it more expensive.</p><p><blockquote>证券交易委员会正在留言板上关注有趣的事情。美国证券交易委员会主席加里·詹斯勒(Gary Gensler)和一些国会议员讨论了改变市场规则，旨在增加保护零售交易者的透明度——尽管如果这些变化减慢交易速度或提高交易成本，也可能会激怒散户。</blockquote></p><p> Regulations aren’t the only thing that could deflate this trend. Dan Egan, vice president of behavioral finance and investing at fintech Betterment, thinks the momentum may run out of steam in September. Even “apes” have responsibilities. “Kids start going back to schools; parents are free to go to work again,” he says. “That’s the next time there’s going to be some oxygen pulled out of the room.”</p><p><blockquote>监管并不是唯一可能抑制这一趋势的因素。fintech Betterment行为金融和投资副总裁丹·伊根(Dan Egan)认为，这一势头可能会在9月份失去动力。即使是“猿”也有责任。“孩子们开始回到学校；父母可以再次自由地去工作，”他说。“那是下一次从房间里抽出一些氧气的时候。”</blockquote></p><p> Traditional investors may be tempted to write off the entire phenomenon as temporary madness inspired by lockdowns and free government money. But that would be a mistake. If zero-commission brokerages and fun with GameStop broke down barriers for millions of new investors to open accounts, it’s almost certainly a good thing, as long as most people bet with money they don’t need immediately. Many new retail traders say they are teaching themselves how to trade, and have begun to diversify their holdings.</p><p><blockquote>传统投资者可能会倾向于将整个现象视为由封锁和免费政府资金激发的暂时疯狂。但那将是一个错误。如果零佣金经纪公司和游戏驿站的乐趣打破了数百万新投资者开户的障碍，这几乎肯定是一件好事，只要大多数人用他们并不立即需要的钱下注。许多新零售交易员表示，他们正在自学如何交易，并已开始分散持股。</blockquote></p><p> In one form or another, this is the future client base of Wall Street.</p><p><blockquote>以这样或那样的形式，这就是华尔街未来的客户群。</blockquote></p><p> Arizona State University professor Hendrik Bessembinder published groundbreaking&nbsp;research&nbsp;in 2018 that found that “a randomly selected stock in a randomly selected month is more likely to lose money than make money.” In short, picking single stocks and holding a concentrated portfolio tends to be a losing strategy.</p><p><blockquote>亚利桑那州立大学教授Hendrik Bessembinder在2018年发表了开创性的研究，发现“在随机选择的月份随机选择的股票更有可能亏损而不是赚钱。”简而言之，挑选单一股票并持有集中的投资组合往往是一种失败的策略。</blockquote></p><p> Even so, he’s encouraged by the new wave of trading. “I welcome the increase in retail trading, the idea of the stock market being a place with wide participation,” Bessembinder says. “Economists can’t tell people they shouldn’t get some fun.”</p><p><blockquote>即便如此，他还是受到了新一波交易的鼓舞。“我欢迎零售交易的增加，以及股票市场是一个广泛参与的地方的想法，”贝森宾德说。“经济学家不能告诉人们他们不应该找点乐子。”</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>The Meme Stock Trade Is Far From Over. What Investors Need to Know.<blockquote>模因股票交易还远未结束。投资者需要知道的。</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\">\nThe Meme Stock Trade Is Far From Over. What Investors Need to Know.<blockquote>模因股票交易还远未结束。投资者需要知道的。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-07-11 09:15</span>\n</p>\n</h4>\n</header>\n<article>\n<p>It seemed to be only a matter of time.</p><p><blockquote>这似乎只是时间问题。</blockquote></p><p> When GameStop (ticker: GME), BlackBerry (BB), and even the desiccated carcass of Blockbuster suddenly sprang to life in January, the clock was already ticking for when they would crash again. Would it be hours, days, or weeks?</p><p><blockquote>当游戏驿站（股票代码：GME）、黑莓（BB），甚至百视达（Blockbuster）的干涸尸体在一月份突然复活时，他们再次崩溃的时间已经在滴答作响。是几个小时、几天还是几周？</blockquote></p><p> It has now been half a year, and the core “meme stocks” are still trading at levels considered outrageous by people who have studied them for years. New names like&nbsp;Clover Health Investments(CLOV) and&nbsp;Newegg Commerce(NEGG) have recently popped up on message boards, and their stocks have popped, too.</p><p><blockquote>现在已经半年了，核心“模因股”的交易水平仍然被研究它们多年的人认为令人发指。Clover Health Investments(CLOV)和Newegg Commerce(NEGG)等新名字最近出现在留言板上，它们的股票也随之上涨。</blockquote></p><p> The collective efforts of millions of retail traders—long derided as “the dumb money”—have successfully held stocks aloft and forced naysayers to capitulate.</p><p><blockquote>数百万散户交易者——长期以来被嘲笑为“愚蠢的钱”——的集体努力成功地保持了股票的高位，并迫使反对者投降。</blockquote></p><p> That is true even as the companies they are betting on have shown scant signs of transforming their businesses, or turning profits that might justify their valuations. BlackBerry burned cash in its latest quarter and warned that its key cybersecurity division would hit the low end of its revenue guidance; the stock dipped on the news but has still more than doubled in the past year.</p><p><blockquote>尽管他们押注的公司几乎没有表现出业务转型或扭亏为盈的迹象，但情况确实如此。黑莓在最近一个季度烧钱，并警告其关键的网络安全部门将触及收入指引的低端；消息传出后，该股下跌，但在过去一年中仍上涨了一倍多。</blockquote></p><p> While trading volume at the big brokers has come down slightly from its February peak, it remains two to three times as high as it was before the pandemic. And a startling amount of that activity is occurring in stocks favored by retail traders. The average daily value of shares traded in&nbsp;AMC Entertainment Holdings(AMC), for example, reached $13.1 billion in June, more than&nbsp;Apple’s(AAPL) $9.5 billion and Amazon.com’s (AMZN) $10.3 billion.</p><p><blockquote>尽管大型经纪商的交易量较2月份的峰值略有下降，但仍是大流行前的两到三倍。散户交易者青睐的股票中发生了数量惊人的此类活动。例如，AMC院线控股公司(AMC)6月份股票日均交易价值达到131亿美元，超过苹果(AAPL)的95亿美元和亚马逊(AMZN)的103亿美元。</blockquote></p><p> Even as the coronavirus fades in the U.S., most new traders say they are committed to the hobby they learned during lockdown—58% of day traders in a Betterment survey said they are planning to trade even more in the future, and only 12% plan to trade less. Amateur pandemic bakers have stopped kneading sourdough loaves; traders are only getting hungrier.</p><p><blockquote>即使冠状病毒在美国消退，大多数新交易者表示，他们仍致力于他们在封锁期间学到的爱好——在一项Betterment调查中，58%的日内交易者表示，他们计划在未来进行更多交易，只有12%的人计划减少交易。业余疫情面包师已经停止揉酸面团面包；交易者只会越来越饥渴。</blockquote></p><p> A sustained bear market would spoil such an appetite, as it did when the dot-com bubble burst. For now, dips are reasons to hold or buy.</p><p><blockquote>持续的熊市会破坏这种胃口，就像互联网泡沫破裂时一样。就目前而言，下跌是持有或买入的理由。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/25a79e71371c165f9a3a5085931fc487\" tg-width=\"979\" tg-height=\"649\"></p><p><blockquote></blockquote></p><p> “I’ve seen that the ‘buy the dip’ sentiment hasn’t relented for a moment,” wrote Brandon Luczek, an electronics technician for the U.S. Navy who trades with friends online, in an email to&nbsp;Barron’s.</p><p><blockquote>“我发现‘逢低买入’的情绪一刻也没有减弱，”与朋友在线交易的美国海军电子技术员布兰登·卢泽克(Brandon Luczek)在给《巴伦周刊》的电子邮件中写道。</blockquote></p><p> The meme stock surge has been propelled by a rise in trading by retail investors. In 2020, online brokers signed clients at a record pace, with more than 10 million people opening new accounts. That record will almost certainly be broken in 2021. Brokers had already added more than 10 million accounts less than halfway into the year, some of the top firms have disclosed.</p><p><blockquote>散户投资者交易量的增加推动了模因股票的飙升。2020年，在线经纪商以创纪录的速度签约客户，新开户人数超过1000万人。这一纪录几乎肯定会在2021年被打破。一些顶级公司透露，今年不到一半，经纪商就已经增加了超过1000万个账户。</blockquote></p><p> Meme stocks are both the cart and the horse of this phenomenon. Their sudden price spikes are driven by new investors, and then that action drives even more new people to invest. Millions of people downloaded investing apps in late January and early February just to be a part of the fun. A recent&nbsp;Charles Schwab(SCHW) survey found that 15% of all current traders began investing after 2020.</p><p><blockquote>模因股票既是这一现象的马车，也是马。它们的价格突然飙升是由新投资者推动的，然后这种行为会推动更多的新人投资。数百万人在一月底和二月初下载了投资应用程序，只是为了享受乐趣。嘉信理财(SCHW)最近的一项调查发现，15%的当前交易者在2020年之后开始投资。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/167386c6881a258922ad62caaf7a05f4\" tg-width=\"971\" tg-height=\"644\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/8e29e3041b91070252ab9063d1a11fa2\" tg-width=\"975\" tg-height=\"642\"><img src=\"https://static.tigerbbs.com/f9cc1c0bd6368721c0eca87e25719f16\" tg-width=\"964\" tg-height=\"641\"></p><p><blockquote></blockquote></p><p> The most prominent player in the surge is Robinhood, which said it had added 5.5 million funded accounts in the first quarter alone. But it isn’t alone. Fidelity, for instance, announced that it had attracted 1.6 million new customers under the age of 35 in the first quarter, 223% more than a year before.</p><p><blockquote>这一激增中最突出的参与者是Robinhood，该公司表示仅在第一季度就增加了550万个受资助账户。但它并不孤单。例如，富达宣布第一季度吸引了160万35岁以下的新客户，比去年同期增长了223%。</blockquote></p><p> Under pressure from Robinhood’s zero-commission model, all of the major brokers cut commissions to zero in 2019. That opened the floodgates to a new group of customers—one that may not have as much spare cash to trade but is more active and diverse than its predecessors. And the brokers are cashing in. Fidelity is hoping to attract investors before they even have driver’s licenses, allowing children as young as 13 to open trading accounts. Robinhood is riding the momentum to an initial public offering that analysts expect to value it at more than 10 times its revenue.</p><p><blockquote>在Robinhood零佣金模式的压力下，所有主要经纪商都在2019年将佣金降至零。这为新的客户群体打开了闸门——他们可能没有那么多闲钱可供交易，但比前辈更加活跃和多样化。经纪人正在兑现。富达希望在投资者拥有驾驶执照之前就吸引他们，允许年仅13岁的儿童开设交易账户。Robinhood正在乘势进行首次公开募股，分析师预计其估值将超过其收入的10倍。</blockquote></p><p> These new customers act differently than their older peers. For years, there was a “big gravitation toward ETFs,” says Chris Larkin, head of trading at E*Trade, which is now owned by Morgan Stanley (MS). But picking single stocks is clearly “the big story of 2021.”</p><p><blockquote>这些新客户的行为与老客户不同。E*Trade（现归摩根士丹利(MS)所有）交易主管克里斯·拉金(Chris Larkin)表示，多年来，“ETF的吸引力很大”。但挑选个股显然是“2021年的大新闻”。</blockquote></p><p> To be sure, equity exchange-traded funds are still doing well, as investors around the world bet on the pandemic recovery and avoid weak bond yields.</p><p><blockquote>可以肯定的是，股票交易所交易基金仍然表现良好，因为世界各地的投资者都押注于疫情复苏，并避免债券收益率疲软。</blockquote></p><p></p><p> But ETFs don’t light up the message boards like stocks do. Not that it has been a one-way ride for the top names. GameStop did dip in February, and Wall Street enjoyed a moment of schadenfreude. It didn’t last.</p><p><blockquote>但ETF不像股票那样点亮留言板。对于顶级品牌来说，这并不是一条单程之旅。游戏驿站确实在二月份下跌，华尔街享受了一段幸灾乐祸的时刻。这并没有持续多久。</blockquote></p><p> “Like cicadas, meme traders returned in a wild blaze of activity after being seemingly underground for several months,” wrote Steve Sosnick, chief strategist at Interactive Brokers. Sosnick believes that the meme stocks tend to trade inversely to cryptocurrencies, because their fans rotate from one to the other as the momentum shifts.</p><p><blockquote>盈透证券(Interactive Brokers)首席策略师史蒂夫·索斯尼克(Steve Sosnick)写道：“就像蝉一样，模因交易者在看似地下几个月后，又以疯狂的活动回归。”索斯尼克认为，模因股票的交易往往与加密货币相反，因为随着势头的变化，它们的粉丝会从一种股票转向另一种股票。</blockquote></p><p> “I don’t think it’s strictly a coincidence that meme stocks roared back to life after a significant correction in Bitcoin and other cryptocurrencies,” he wrote.</p><p><blockquote>他写道：“我认为，在比特币和其他加密货币大幅调整后，模因股票重新焕发生机，这绝非巧合。”</blockquote></p><p> Sosnick considers meme stocks a “sector unto themselves,” one that he segregates on his computer monitor away from other stock tickers.</p><p><blockquote>索斯尼克认为模因股票是一个“独立的行业”，他在电脑显示器上将其与其他股票代码分开。</blockquote></p><p> Indeed, Wall Street’s reaction to the meme stock revolution has been to isolate the parts of the market that the pros deem irrational. Most short sellers won’t touch the stocks, and analysts are dropping coverage.</p><p><blockquote>事实上，华尔街对模因股票革命的反应是孤立市场中专业人士认为非理性的部分。大多数卖空者不会碰这些股票，分析师也放弃了报道。</blockquote></p><p> But Wall Street can’t swat the retail army away like cicadas, or count on them disappearing for the next 17 years. Stock trading has permanently shifted. This year, retail activity accounts for 24% of equity volume, up from 15% in 2019. Adherents to the new creed are not passive observers willing to let Wall Street manage the markets.</p><p><blockquote>但华尔街不能像蝉一样将零售大军赶走，也不能指望它们在未来17年消失。股票交易已经永久转移。今年，零售活动占股本的24%，高于2019年的15%。新信条的追随者并不是愿意让华尔街管理市场的被动观察者。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/710e642d3b685b74f8c9dcaf46ef3e0b\" tg-width=\"968\" tg-height=\"643\"></p><p><blockquote></blockquote></p><p> “What this really reflects is a reversal of the trends that we saw toward less and less engagement with individual companies,” says Joshua Mitts, a professor at Columbia Law School specializing in securities markets. “Technology is bringing the average investor closer to the companies in which he or she invests, and that’s just taking on new and unpredictable forms.”</p><p><blockquote>哥伦比亚大学法学院专门研究证券市场的教授约书亚·米茨(Joshua Mitts)表示：“这真正反映了我们看到的与个别公司的接触越来越少的趋势的逆转。”“技术正在拉近普通投资者与他或她投资的公司的距离，而这只是以新的、不可预测的形式出现。”</blockquote></p><p> The swings you get can definitely make you feel some sort of way.</p><p><blockquote>你得到的秋千肯定会让你有某种感觉。</blockquote></p><p> — Matt Kohrs, 26, who streams stock analysis daily on YouTube</p><p><blockquote>——Matt Kohrs，26岁，每天在YouTube上播放股票分析</blockquote></p><p> It is now changing the lives of those who got in early and are still riding the names higher.</p><p><blockquote>它现在正在改变那些早期进入的人的生活，并且仍然名气更高。</blockquote></p><p> Take Matt Kohrs, who had invested in AMC Entertainment early. He quit his job as a programmer in New York in February, moved to Philadelphia, and started streaming&nbsp;stock analysis on YouTube&nbsp;for seven hours a day.</p><p><blockquote>以马特·科尔斯（Matt Kohrs）为例，他很早就投资了AMC院线。今年2月，他辞去了在纽约的程序员工作，搬到了费城，并开始每天在YouTube上播放7个小时的股票分析。</blockquote></p><p> With 350,000 YouTube followers, it’s paying the bills. With his earnings from ads and from the stock, Kohrs says he can pull down roughly the same salary he made before. But he also knows that relying on earnings from stocks like this is nothing like a 9-to-5 job.</p><p><blockquote>它在YouTube上拥有35万粉丝，正在支付账单。科尔斯表示，凭借广告和股票的收入，他可以降低与以前大致相同的工资。但他也知道，像这样依赖股票的收益与朝九晚五的工作完全不同。</blockquote></p><p> “The swings you get can definitely make you feel some sort of way,” he says.</p><p><blockquote>“你得到的挥杆肯定会让你有某种感觉，”他说。</blockquote></p><p> Companies are starting to react more aggressively, too. They are either embracing their new owners or paying meme-ologists to understand the emoji-filled language of the new Wall Street so they can ward them off or appease them.</p><p><blockquote>公司也开始做出更积极的反应。他们要么拥抱他们的新主人，要么付钱给模因学家来理解新华尔街充满表情符号的语言，这样他们就可以避开他们或安抚他们。</blockquote></p><p> AMC even canceled a proposed equity raise this past week because the company apparently didn’t like the vibes it was getting from the Reddit crowd. AMC has already quintupled its share count over the past year. CEO Adam Aron tweeted that he had seen “many yes, many no” reactions to his proposal to issue 25 million more shares, so it will be canceled instead of being presented for a vote at AMC’s annual meeting later this month. The company did not respond to a question on how it had polled shareholders.</p><p><blockquote>AMC甚至在过去一周取消了拟议的股权融资，因为该公司显然不喜欢Reddit人群的氛围。过去一年，AMC的股票数量已经增加了五倍。首席执行官Adam Aron在推特上表示，他看到了对他增发2500万股股票的提议“许多是，许多不是”的反应，因此该提议将被取消，而不是在本月晚些时候的AMC年会上进行投票。该公司没有回应有关如何对股东进行民意调查的问题。</blockquote></p><p> Forget the boardroom. Corporate policy is now being determined in the chat room.</p><p><blockquote>忘了会议室吧。公司政策现在正在聊天室中确定。</blockquote></p><p> Big investors are spending more time tracking social-media discussions about stocks. Bank of America found in a survey this year that about 25% of institutions had already been tracking social-media sentiment, but that about 40% are interested in using it going forward.</p><p><blockquote>大投资者花更多时间跟踪社交媒体上有关股票的讨论。美国银行在今年的一项调查中发现，大约25%的机构已经在跟踪社交媒体情绪，但大约40%的机构有兴趣在未来使用它。</blockquote></p><p> In the past few months, Bank of America, Morgan Stanley, and J.P. Morgan have all produced reports on how to trade around the retail action, coming to somewhat different conclusions.</p><p><blockquote>在过去的几个月里，美国银行、摩根士丹利和摩根大通都发布了关于如何围绕散户行为进行交易的报告，得出了有些不同的结论。</blockquote></p><p> There can be “alpha in the signal,” as Morgan Stanley put it, but it can take some intense number-crunching to get there. Not all message-board chatter leads to sustained price gains, of course, and retail order flow cannot easily be separated from institutional flow without substantial data analysis. For investors with the tools to pinpoint which stocks retail investors are buying and which they are selling, J.P. Morgan suggests going long on the 20% of stocks with the most buying interest and short on the top 20% in selling interest.</p><p><blockquote>正如摩根士丹利所说，信号中可能存在“阿尔法”，但可能需要一些激烈的数字运算才能达到这一目标。当然，并非所有留言板上的喋喋不休都会导致价格持续上涨，而且在没有大量数据分析的情况下，零售订单流无法轻易与机构订单流分开。对于拥有工具来确定散户投资者正在买入和卖出哪些股票的投资者，摩根大通建议做多买入兴趣最高的20%的股票，做空卖出兴趣最高的20%的股票。</blockquote></p><p> For now, many of the institutions buying data on social-media sentiment appear to be trying to reduce their risks, as opposed to scouting new opportunities, according to Boris Spiwak of alternative data firm Thinknum, which offers products that track social-media sentiment. “They see it as almost like an insurance policy, to limit their downside risks,” he says.</p><p><blockquote>提供跟踪社交媒体情绪产品的另类数据公司Thinknum的鲍里斯·斯皮瓦克(Boris Spiwak)表示，目前，许多购买社交媒体情绪数据的机构似乎都在试图降低风险，而不是寻找新的机会。“他们认为这几乎就像一份保险单，以限制他们的下行风险，”他说。</blockquote></p><p></p><p> For retail traders, the method isn’t always scientific. The action is sustained by a community ethos. And the force behind it is as much emotional and moral as financial.</p><p><blockquote>对于散户来说，这种方法并不总是科学的。这一行动得到了社区精神的支持。其背后的力量既是经济上的，也是情感上的和道德上的。</blockquote></p><p> New investors say they are motivated by a desire to prove themselves and punish the old guard as much as by profits. They learn from one another about the market, sometimes amplifying or debunking conspiracy theories about Wall Street. Some link the meme-stock movement to continued mistrust of big financial institutions stemming from the 2008 financial crisis.</p><p><blockquote>新投资者表示，他们的动机是证明自己和惩罚保守派的愿望，就像利润一样。他们互相了解市场，有时会放大或揭穿有关华尔街的阴谋论。一些人将模因股票走势与2008年金融危机引发的对大型金融机构的持续不信任联系起来。</blockquote></p><p> “Wall Street brought our economy to its knees, and no one ever got in trouble for it,” says the 26-year-old Kohrs. “So, I think they view this as not only can we make money, but we can also make these hedge funds on Wall Street pay.”</p><p><blockquote>“华尔街让我们的经济陷入瘫痪，没有人因此惹上麻烦，”26岁的科尔斯说。“所以，我认为他们认为这不仅可以让我们赚钱，还可以让华尔街的这些对冲基金付钱。”</blockquote></p><p> Claire Hirschberg is a 28-year-old union organizer who bought about $50 worth of GameStop stock on Robinhood in January after hearing about it from friends. She liked the idea, but what really got her excited about it was the reaction of her father, a longtime money manager. “He was so mad I had bought GameStop and was refusing to sell,” she says, laughing. “And that just makes me want to hold it forever.”</p><p><blockquote>克莱尔·赫希伯格(Claire Hirschberg)是一名28岁的工会组织者，她在从朋友那里听说此事后，于1月份在Robinhood上购买了价值约50美元的游戏驿站股票。她喜欢这个想法，但真正让她兴奋的是她父亲的反应，他父亲是一位长期的资金经理。“他对我买下游戏驿站并拒绝出售感到非常生气，”她笑着说。“这让我想永远拥有它。”</blockquote></p><p> Just like old Wall Street has rituals and codes, the new one does, too. A new investment banking employee learns quickly that you don’t wear a Ferragamo tie until after you make associate. You never leave the office until the managing director does, and you don’t complain about the hours. And the bad guys are the regulators and Sen. Elizabeth Warren, and not in that order.</p><p><blockquote>就像旧华尔街有仪式和准则一样，新华尔街也有。一位新的投资银行员工很快就会知道，直到你成为合伙人后，你才会戴菲拉格慕领带。在总经理离开之前，你永远不会离开办公室，你也不会抱怨工作时间。坏人是监管者和参议员伊丽莎白·沃伦，而不是这个顺序。</blockquote></p><p> The new trading desk—the apps that millions of retail traders now use and the message boards where they congregate—have unspoken rules, too. Publicly acknowledging financial losses is a valiant act, evidence of internal fortitude and belief in the group. You don’t take yourself seriously and you don’t police language. You are part of an army of “apes” or “retards.” You hold through the crashes, even if it means you might lose everything. And the bad guys are the short sellers, the market makers, and the Wall Street elites, in that order.</p><p><blockquote>新的交易台——数百万零售交易者现在使用的应用程序和他们聚集的留言板——也有潜规则。公开承认经济损失是一种勇敢的行为，是内部坚韧和对集团信念的证明。你不把自己当回事，也不监管语言。你是“猿”或“弱智”大军的一员。你坚持住了崩溃，即使这意味着你可能会失去一切。坏人依次是卖空者、做市商和华尔街精英。</blockquote></p><p> The group action is not just for moral support. The trading strategy depends on people keeping up the buying pressure to force a short squeeze or to buy bullish options that trigger what’s known as a gamma squeeze.</p><p><blockquote>群体行动不仅仅是为了道义上的支持。交易策略取决于人们保持购买压力以迫使空头挤压或购买看涨期权，从而触发所谓的伽马挤压。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/75d79c78a14cc8f297e17397cc54bdb5\" tg-width=\"1260\" tg-height=\"840\"><span>Keith Gill became the face of the Reddit army of retail traders pushing shares of GameStop higher when he appeared virtually before a House Financial Services Committee hearing in February.</span></p><p><blockquote><p class=\"t-img-caption\"><span>基思·吉尔(Keith Gill)二月份几乎出现在众议院金融服务委员会听证会上，成为Reddit零售交易员大军的代言人，推动游戏驿站股价走高。</span></p></blockquote></p><p> Many short sellers say they won’t touch these stocks anymore. But clearly, others aren’t taking that advice and are giving the meme movement oxygen by repeatedly betting against the stocks. AMC’s short interest was at 17% of the stock’s float in mid-June, down from 28% in January, but not by much.</p><p><blockquote>许多卖空者表示，他们不会再碰这些股票了。但显然，其他人并没有采纳这一建议，而是通过反复做空股票来为模因运动提供氧气。6月中旬，AMC的空头利息占该股流通量的17%，低于1月份的28%，但幅度不大。</blockquote></p><p> As the price rises, the shorts can’t help themselves. They start “drooling, with flames coming out of their ears,” says Michael Pachter, a Wedbush Securities analyst who has covered GameStop for years. “What’s kind of shocked me is the definition of insanity, which is doing the same thing over and over and over again and hoping for a different outcome each time, and the shorts keep coming back,” he says. “And [GameStop bull] Keith Gill and his Reddit raiders keep squeezing them, and it keeps working.”</p><p><blockquote>随着价格的上涨，空头们也身不由己。Wedbush Securities分析师Michael Pachter表示，他们开始“流口水，耳朵里冒出火焰”，多年来一直关注游戏驿站。“让我有点震惊的是精神错乱的定义，即一遍又一遍地做同样的事情，每次都希望有不同的结果，而空头不断回来，”他说。“[游戏驿站公牛]基思·吉尔和他的Reddit攻略不断挤压他们，而且它一直在发挥作用。”</blockquote></p><p> To beat the short sellers, the Reddit crowd needs to hold together, but the community has been showing cracks at times. The two meme stocks with the most determined fan bases—GameStop and AMC—still have enormous armies of core believers who do not seem easily swayed. But other names seem to have more-fickle backers. Several stocks caught up in the meme madness have come crashing down to earth.Bed Bath &amp; Beyond(BBBY) spiked twice—in late January and early June—but now trades only slightly above its mid-January levels. People who bought during the upswings have lost money.</p><p><blockquote>为了击败卖空者，Reddit人群需要团结一致，但社区有时会出现裂痕。拥有最坚定粉丝群的两只模因股票——游戏驿站和AMC——仍然拥有庞大的核心信徒大军，他们似乎不容易动摇。但其他名字似乎有更多善变的支持者。几只陷入迷因疯狂的股票已经暴跌。Bed Bath&amp;Beyond(BBBY)在1月底和6月初两次飙升，但现在的交易价格仅略高于1月中旬的水平。在上涨期间买入的人已经赔钱了。</blockquote></p><p> Distrust has spread, and some traders worry that wallstreetbets— the original Reddit message board that inspired the GameStop frenzy—has grown so fast that it has lost its original spirit, and potentially grown vulnerable to manipulation. Some have moved to other message boards, like r/superstonk, in hopes of reclaiming the old community’s flavor.</p><p><blockquote>不信任已经蔓延，一些交易员担心wallstreetbets——最初引发游戏驿站狂热的Reddit留言板——发展如此之快，以至于失去了最初的精神，并可能变得容易受到操纵。一些人已经转移到其他留言板，如r/superstonk，希望恢复旧社区的风味。</blockquote></p><p> Travis Rehl, the founder of social-media tracking company Hype Equity, says that he tries to separate possible manipulators from more organic investor sentiment. Hype Equity is usually hired by public-relations firms representing companies that are being talked about online, he says. Now, he sees a growing trend of stocks that suddenly come up on message boards, receive positive chatter, and then disappear.</p><p><blockquote>社交媒体跟踪公司Hype Equity的创始人特拉维斯·雷尔(Travis Rehl)表示，他试图将可能的操纵者与更有机的投资者情绪区分开来。他说，炒作股权通常是由代表网上谈论的公司的公关公司雇佣的。现在，他看到越来越多的股票突然出现在留言板上，收到积极的议论，然后消失。</blockquote></p><p></p><p> “It’s called into question what is a true discussion versus what is something that somebody just wants to pump,” he says. The moderators of wallstreetbets forbid market manipulation on the platform, and Rehl say they appear to work hard to police misinformation. The moderators did not respond to a request from&nbsp;Barron’s&nbsp;for comment.</p><p><blockquote>“这引发了人们对什么是真正的讨论与什么是某人只是想炒作的讨论的质疑，”他说。wallstreetbets的版主禁止在该平台上进行市场操纵，Rehl表示，他们似乎正在努力监管错误信息。主持人没有回应《巴伦周刊》的置评请求。</blockquote></p><p> “If you can create enough buzz to get a stock that goes up 10%, 20%, even 50% in a short period of time, there’s a tremendous incentive to do that,” Sosnick says.</p><p><blockquote>索斯尼克表示：“如果你能制造足够的轰动效应，让股票在短时间内上涨10%、20%甚至50%，那么就有巨大的动力这样做。”</blockquote></p><p> The Securities and Exchange Commission is watching for funny business on the message boards. SEC Chairman Gary Gensler and some members of Congress have discussed changing market rules with the intention of adding transparency protecting retail traders—although changes could also anger the retail crowd if they slow down trading or make it more expensive.</p><p><blockquote>证券交易委员会正在留言板上关注有趣的事情。美国证券交易委员会主席加里·詹斯勒(Gary Gensler)和一些国会议员讨论了改变市场规则，旨在增加保护零售交易者的透明度——尽管如果这些变化减慢交易速度或提高交易成本，也可能会激怒散户。</blockquote></p><p> Regulations aren’t the only thing that could deflate this trend. Dan Egan, vice president of behavioral finance and investing at fintech Betterment, thinks the momentum may run out of steam in September. Even “apes” have responsibilities. “Kids start going back to schools; parents are free to go to work again,” he says. “That’s the next time there’s going to be some oxygen pulled out of the room.”</p><p><blockquote>监管并不是唯一可能抑制这一趋势的因素。fintech Betterment行为金融和投资副总裁丹·伊根(Dan Egan)认为，这一势头可能会在9月份失去动力。即使是“猿”也有责任。“孩子们开始回到学校；父母可以再次自由地去工作，”他说。“那是下一次从房间里抽出一些氧气的时候。”</blockquote></p><p> Traditional investors may be tempted to write off the entire phenomenon as temporary madness inspired by lockdowns and free government money. But that would be a mistake. If zero-commission brokerages and fun with GameStop broke down barriers for millions of new investors to open accounts, it’s almost certainly a good thing, as long as most people bet with money they don’t need immediately. Many new retail traders say they are teaching themselves how to trade, and have begun to diversify their holdings.</p><p><blockquote>传统投资者可能会倾向于将整个现象视为由封锁和免费政府资金激发的暂时疯狂。但那将是一个错误。如果零佣金经纪公司和游戏驿站的乐趣打破了数百万新投资者开户的障碍，这几乎肯定是一件好事，只要大多数人用他们并不立即需要的钱下注。许多新零售交易员表示，他们正在自学如何交易，并已开始分散持股。</blockquote></p><p> In one form or another, this is the future client base of Wall Street.</p><p><blockquote>以这样或那样的形式，这就是华尔街未来的客户群。</blockquote></p><p> Arizona State University professor Hendrik Bessembinder published groundbreaking&nbsp;research&nbsp;in 2018 that found that “a randomly selected stock in a randomly selected month is more likely to lose money than make money.” In short, picking single stocks and holding a concentrated portfolio tends to be a losing strategy.</p><p><blockquote>亚利桑那州立大学教授Hendrik Bessembinder在2018年发表了开创性的研究，发现“在随机选择的月份随机选择的股票更有可能亏损而不是赚钱。”简而言之，挑选单一股票并持有集中的投资组合往往是一种失败的策略。</blockquote></p><p> Even so, he’s encouraged by the new wave of trading. “I welcome the increase in retail trading, the idea of the stock market being a place with wide participation,” Bessembinder says. “Economists can’t tell people they shouldn’t get some fun.”</p><p><blockquote>即便如此，他还是受到了新一波交易的鼓舞。“我欢迎零售交易的增加，以及股票市场是一个广泛参与的地方的想法，”贝森宾德说。“经济学家不能告诉人们他们不应该找点乐子。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/the-meme-stock-trade-is-far-from-over-what-investors-need-to-know-51625875247?mod=hp_HERO\">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":{"GME":"游戏驿站","BBBY":"Bed Bath & Beyond, Inc.","NEGG":"Newegg Comm Inc.","CARV":"卡弗储蓄","BB":"黑莓","CLOV":"Clover Health Corp","WKHS":"Workhorse Group, Inc.","AMC":"AMC院线","SCHW":"嘉信理财"},"source_url":"https://www.barrons.com/articles/the-meme-stock-trade-is-far-from-over-what-investors-need-to-know-51625875247?mod=hp_HERO","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1112201050","content_text":"It seemed to be only a matter of time.\nWhen GameStop (ticker: GME), BlackBerry (BB), and even the desiccated carcass of Blockbuster suddenly sprang to life in January, the clock was already ticking for when they would crash again. Would it be hours, days, or weeks?\nIt has now been half a year, and the core “meme stocks” are still trading at levels considered outrageous by people who have studied them for years. New names like Clover Health Investments(CLOV) and Newegg Commerce(NEGG) have recently popped up on message boards, and their stocks have popped, too.\nThe collective efforts of millions of retail traders—long derided as “the dumb money”—have successfully held stocks aloft and forced naysayers to capitulate.\nThat is true even as the companies they are betting on have shown scant signs of transforming their businesses, or turning profits that might justify their valuations. BlackBerry burned cash in its latest quarter and warned that its key cybersecurity division would hit the low end of its revenue guidance; the stock dipped on the news but has still more than doubled in the past year.\nWhile trading volume at the big brokers has come down slightly from its February peak, it remains two to three times as high as it was before the pandemic. And a startling amount of that activity is occurring in stocks favored by retail traders. The average daily value of shares traded in AMC Entertainment Holdings(AMC), for example, reached $13.1 billion in June, more than Apple’s(AAPL) $9.5 billion and Amazon.com’s (AMZN) $10.3 billion.\nEven as the coronavirus fades in the U.S., most new traders say they are committed to the hobby they learned during lockdown—58% of day traders in a Betterment survey said they are planning to trade even more in the future, and only 12% plan to trade less. Amateur pandemic bakers have stopped kneading sourdough loaves; traders are only getting hungrier.\nA sustained bear market would spoil such an appetite, as it did when the dot-com bubble burst. For now, dips are reasons to hold or buy.\n\n“I’ve seen that the ‘buy the dip’ sentiment hasn’t relented for a moment,” wrote Brandon Luczek, an electronics technician for the U.S. Navy who trades with friends online, in an email to Barron’s.\nThe meme stock surge has been propelled by a rise in trading by retail investors. In 2020, online brokers signed clients at a record pace, with more than 10 million people opening new accounts. That record will almost certainly be broken in 2021. Brokers had already added more than 10 million accounts less than halfway into the year, some of the top firms have disclosed.\nMeme stocks are both the cart and the horse of this phenomenon. Their sudden price spikes are driven by new investors, and then that action drives even more new people to invest. Millions of people downloaded investing apps in late January and early February just to be a part of the fun. A recent Charles Schwab(SCHW) survey found that 15% of all current traders began investing after 2020.\n\nThe most prominent player in the surge is Robinhood, which said it had added 5.5 million funded accounts in the first quarter alone. But it isn’t alone. Fidelity, for instance, announced that it had attracted 1.6 million new customers under the age of 35 in the first quarter, 223% more than a year before.\nUnder pressure from Robinhood’s zero-commission model, all of the major brokers cut commissions to zero in 2019. That opened the floodgates to a new group of customers—one that may not have as much spare cash to trade but is more active and diverse than its predecessors. And the brokers are cashing in. Fidelity is hoping to attract investors before they even have driver’s licenses, allowing children as young as 13 to open trading accounts. Robinhood is riding the momentum to an initial public offering that analysts expect to value it at more than 10 times its revenue.\nThese new customers act differently than their older peers. For years, there was a “big gravitation toward ETFs,” says Chris Larkin, head of trading at E*Trade, which is now owned by Morgan Stanley (MS). But picking single stocks is clearly “the big story of 2021.”\nTo be sure, equity exchange-traded funds are still doing well, as investors around the world bet on the pandemic recovery and avoid weak bond yields.\nBut ETFs don’t light up the message boards like stocks do. Not that it has been a one-way ride for the top names. GameStop did dip in February, and Wall Street enjoyed a moment of schadenfreude. It didn’t last.\n“Like cicadas, meme traders returned in a wild blaze of activity after being seemingly underground for several months,” wrote Steve Sosnick, chief strategist at Interactive Brokers. Sosnick believes that the meme stocks tend to trade inversely to cryptocurrencies, because their fans rotate from one to the other as the momentum shifts.\n“I don’t think it’s strictly a coincidence that meme stocks roared back to life after a significant correction in Bitcoin and other cryptocurrencies,” he wrote.\nSosnick considers meme stocks a “sector unto themselves,” one that he segregates on his computer monitor away from other stock tickers.\nIndeed, Wall Street’s reaction to the meme stock revolution has been to isolate the parts of the market that the pros deem irrational. Most short sellers won’t touch the stocks, and analysts are dropping coverage.\nBut Wall Street can’t swat the retail army away like cicadas, or count on them disappearing for the next 17 years. Stock trading has permanently shifted. This year, retail activity accounts for 24% of equity volume, up from 15% in 2019. Adherents to the new creed are not passive observers willing to let Wall Street manage the markets.\n\n“What this really reflects is a reversal of the trends that we saw toward less and less engagement with individual companies,” says Joshua Mitts, a professor at Columbia Law School specializing in securities markets. “Technology is bringing the average investor closer to the companies in which he or she invests, and that’s just taking on new and unpredictable forms.”\nThe swings you get can definitely make you feel some sort of way.\n— Matt Kohrs, 26, who streams stock analysis daily on YouTube\nIt is now changing the lives of those who got in early and are still riding the names higher.\nTake Matt Kohrs, who had invested in AMC Entertainment early. He quit his job as a programmer in New York in February, moved to Philadelphia, and started streaming stock analysis on YouTube for seven hours a day.\nWith 350,000 YouTube followers, it’s paying the bills. With his earnings from ads and from the stock, Kohrs says he can pull down roughly the same salary he made before. But he also knows that relying on earnings from stocks like this is nothing like a 9-to-5 job.\n“The swings you get can definitely make you feel some sort of way,” he says.\nCompanies are starting to react more aggressively, too. They are either embracing their new owners or paying meme-ologists to understand the emoji-filled language of the new Wall Street so they can ward them off or appease them.\nAMC even canceled a proposed equity raise this past week because the company apparently didn’t like the vibes it was getting from the Reddit crowd. AMC has already quintupled its share count over the past year. CEO Adam Aron tweeted that he had seen “many yes, many no” reactions to his proposal to issue 25 million more shares, so it will be canceled instead of being presented for a vote at AMC’s annual meeting later this month. The company did not respond to a question on how it had polled shareholders.\nForget the boardroom. Corporate policy is now being determined in the chat room.\nBig investors are spending more time tracking social-media discussions about stocks. Bank of America found in a survey this year that about 25% of institutions had already been tracking social-media sentiment, but that about 40% are interested in using it going forward.\nIn the past few months, Bank of America, Morgan Stanley, and J.P. Morgan have all produced reports on how to trade around the retail action, coming to somewhat different conclusions.\nThere can be “alpha in the signal,” as Morgan Stanley put it, but it can take some intense number-crunching to get there. Not all message-board chatter leads to sustained price gains, of course, and retail order flow cannot easily be separated from institutional flow without substantial data analysis. For investors with the tools to pinpoint which stocks retail investors are buying and which they are selling, J.P. Morgan suggests going long on the 20% of stocks with the most buying interest and short on the top 20% in selling interest.\nFor now, many of the institutions buying data on social-media sentiment appear to be trying to reduce their risks, as opposed to scouting new opportunities, according to Boris Spiwak of alternative data firm Thinknum, which offers products that track social-media sentiment. “They see it as almost like an insurance policy, to limit their downside risks,” he says.\nFor retail traders, the method isn’t always scientific. The action is sustained by a community ethos. And the force behind it is as much emotional and moral as financial.\nNew investors say they are motivated by a desire to prove themselves and punish the old guard as much as by profits. They learn from one another about the market, sometimes amplifying or debunking conspiracy theories about Wall Street. Some link the meme-stock movement to continued mistrust of big financial institutions stemming from the 2008 financial crisis.\n“Wall Street brought our economy to its knees, and no one ever got in trouble for it,” says the 26-year-old Kohrs. “So, I think they view this as not only can we make money, but we can also make these hedge funds on Wall Street pay.”\nClaire Hirschberg is a 28-year-old union organizer who bought about $50 worth of GameStop stock on Robinhood in January after hearing about it from friends. She liked the idea, but what really got her excited about it was the reaction of her father, a longtime money manager. “He was so mad I had bought GameStop and was refusing to sell,” she says, laughing. “And that just makes me want to hold it forever.”\nJust like old Wall Street has rituals and codes, the new one does, too. A new investment banking employee learns quickly that you don’t wear a Ferragamo tie until after you make associate. You never leave the office until the managing director does, and you don’t complain about the hours. And the bad guys are the regulators and Sen. Elizabeth Warren, and not in that order.\nThe new trading desk—the apps that millions of retail traders now use and the message boards where they congregate—have unspoken rules, too. Publicly acknowledging financial losses is a valiant act, evidence of internal fortitude and belief in the group. You don’t take yourself seriously and you don’t police language. You are part of an army of “apes” or “retards.” You hold through the crashes, even if it means you might lose everything. And the bad guys are the short sellers, the market makers, and the Wall Street elites, in that order.\nThe group action is not just for moral support. The trading strategy depends on people keeping up the buying pressure to force a short squeeze or to buy bullish options that trigger what’s known as a gamma squeeze.\nKeith Gill became the face of the Reddit army of retail traders pushing shares of GameStop higher when he appeared virtually before a House Financial Services Committee hearing in February.\nMany short sellers say they won’t touch these stocks anymore. But clearly, others aren’t taking that advice and are giving the meme movement oxygen by repeatedly betting against the stocks. AMC’s short interest was at 17% of the stock’s float in mid-June, down from 28% in January, but not by much.\nAs the price rises, the shorts can’t help themselves. They start “drooling, with flames coming out of their ears,” says Michael Pachter, a Wedbush Securities analyst who has covered GameStop for years. “What’s kind of shocked me is the definition of insanity, which is doing the same thing over and over and over again and hoping for a different outcome each time, and the shorts keep coming back,” he says. “And [GameStop bull] Keith Gill and his Reddit raiders keep squeezing them, and it keeps working.”\nTo beat the short sellers, the Reddit crowd needs to hold together, but the community has been showing cracks at times. The two meme stocks with the most determined fan bases—GameStop and AMC—still have enormous armies of core believers who do not seem easily swayed. But other names seem to have more-fickle backers. Several stocks caught up in the meme madness have come crashing down to earth.Bed Bath & Beyond(BBBY) spiked twice—in late January and early June—but now trades only slightly above its mid-January levels. People who bought during the upswings have lost money.\nDistrust has spread, and some traders worry that wallstreetbets— the original Reddit message board that inspired the GameStop frenzy—has grown so fast that it has lost its original spirit, and potentially grown vulnerable to manipulation. Some have moved to other message boards, like r/superstonk, in hopes of reclaiming the old community’s flavor.\nTravis Rehl, the founder of social-media tracking company Hype Equity, says that he tries to separate possible manipulators from more organic investor sentiment. Hype Equity is usually hired by public-relations firms representing companies that are being talked about online, he says. Now, he sees a growing trend of stocks that suddenly come up on message boards, receive positive chatter, and then disappear.\n“It’s called into question what is a true discussion versus what is something that somebody just wants to pump,” he says. The moderators of wallstreetbets forbid market manipulation on the platform, and Rehl say they appear to work hard to police misinformation. The moderators did not respond to a request from Barron’s for comment.\n“If you can create enough buzz to get a stock that goes up 10%, 20%, even 50% in a short period of time, there’s a tremendous incentive to do that,” Sosnick says.\nThe Securities and Exchange Commission is watching for funny business on the message boards. SEC Chairman Gary Gensler and some members of Congress have discussed changing market rules with the intention of adding transparency protecting retail traders—although changes could also anger the retail crowd if they slow down trading or make it more expensive.\nRegulations aren’t the only thing that could deflate this trend. Dan Egan, vice president of behavioral finance and investing at fintech Betterment, thinks the momentum may run out of steam in September. Even “apes” have responsibilities. “Kids start going back to schools; parents are free to go to work again,” he says. “That’s the next time there’s going to be some oxygen pulled out of the room.”\nTraditional investors may be tempted to write off the entire phenomenon as temporary madness inspired by lockdowns and free government money. But that would be a mistake. If zero-commission brokerages and fun with GameStop broke down barriers for millions of new investors to open accounts, it’s almost certainly a good thing, as long as most people bet with money they don’t need immediately. Many new retail traders say they are teaching themselves how to trade, and have begun to diversify their holdings.\nIn one form or another, this is the future client base of Wall Street.\nArizona State University professor Hendrik Bessembinder published groundbreaking research in 2018 that found that “a randomly selected stock in a randomly selected month is more likely to lose money than make money.” In short, picking single stocks and holding a concentrated portfolio tends to be a losing strategy.\nEven so, he’s encouraged by the new wave of trading. “I welcome the increase in retail trading, the idea of the stock market being a place with wide participation,” Bessembinder says. “Economists can’t tell people they shouldn’t get some fun.”","news_type":1,"symbols_score_info":{"CLOV":0.9,"CARV":0.9,"MRIN":0.9,"AMC":0.9,"BBBY":0.9,"GME":0.9,"NEGG":0.9,"BB":0.9,"SCHW":0.9,"WKHS":0.9}},"isVote":1,"tweetType":1,"viewCount":574,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}