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2021-12-13

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2021-11-23

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Dick’s Sporting Goods reports strong Q3 earnings<blockquote>Dick's Sporting Goods 公布强劲第三季度收益</blockquote>

2021-11-18

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2021-10-25

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2021-10-08

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2021-09-17

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Apple Stock To Crumble Along With S&P 500, Says One Expert<blockquote>一位专家表示，苹果股价将与标普500一起暴跌</blockquote>

2021-08-25

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2021-08-19

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How to Hedge Your Stock Portfolio Before Interest Rates Start Rising<blockquote>如何在利率开始上升之前对冲您的股票投资组合</blockquote>

2021-07-30

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2021-07-28

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2021-07-26

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2021-07-22

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Delta Variant Can Still Clip U.S. Economy’s Wings<blockquote>德尔塔变异毒株仍然可以夹住美国经济的翅膀</blockquote>

2021-07-21

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2021-07-19

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Morgan Stanley: This Cycle Will Be "Hotter But Shorter" Than Usual<blockquote>摩根士丹利：这个周期将比往常“更热但更短”</blockquote>

2021-07-18

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2021-07-16

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Oil Heads for Biggest Weekly Loss Since March on Virus Comeback<blockquote>由于病毒卷土重来，油价将创三月份以来最大单周跌幅</blockquote>

2021-07-13

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2021-07-12

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2021-07-09

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2021-07-07

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21:15","market":"us","language":"en","title":"Dick’s Sporting Goods reports strong Q3 earnings<blockquote>Dick's Sporting Goods 公布强劲第三季度收益</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1177043452","media":"fashionunited","summary":"Net sales for the third quarter at Dick’s Sporting Goods were 2.75 billion dollars, an increase of 1","content":"<p>Net sales for the third quarter at Dick’s Sporting Goods were 2.75 billion dollars, an increase of 13.9 percent compared to the third quarter of 2020 and a 40 percent increase compared to the third quarter of 2019. Consolidated same store sales for the quarter increased 12.2 percent.</p><p><blockquote>迪克体育用品公司第三季度净销售额为 27.5 亿美元，比 2020 年第三季度增长 13.9%，比 2019 年第三季度增长 40%。本季度的综合同店销售额增长了12.2%。</blockquote></p><p> “We are extremely pleased to announce a record third quarter in which we delivered significant sales and earnings growth over both last year and 2019. Consumer demand remained strong, and our differentiated product assortment continued to drive exceptional sales and merchandise margin momentum,” said Lauren Hobart, the company’s president and chief executive officer.</p><p><blockquote>“公司总裁兼首席执行官劳伦-霍巴特（Lauren Hobart）说：”我们非常高兴地宣布，第三季度的销售额和盈利都比去年和 2019 年实现了显著增长。消费者需求依然强劲，我们差异化的产品组合继续推动着销售额和商品利润率的出色增长。</blockquote></p><p> Dick’s Sporting Goods reports rise in Q3 earnings</p><p><blockquote>Dick's Sporting Goods 报告第三季度收益增长</blockquote></p><p> The company’s ecommerce sales increased 97 percent compared to the third quarter of 2019 and 1 percent compared to the third quarter of 2020.</p><p><blockquote>与 2019 年第三季度相比，该公司的电子商务销售额增长了 97%，与 2020 年第三季度相比增长了 1%。</blockquote></p><p> Driven by strong sales and gross margin rate expansion, the company reported consolidated net income of 316.5 million dollars or 2.78 dollars per diluted share compared to 177.2 million dollars or 1.84 dollars per diluted share last year. The company reported consolidated net income for the third quarter of fiscal 2019 of 57.6 million dollars or 66 cents per diluted share.</p><p><blockquote>在强劲的销售和毛利率扩张的推动下，该公司公布的合并净利润为 3.165 亿美元，即稀释后每股收益 2.78 美元，而去年为 1.772 亿美元，即稀释后每股收益 1.84 美元。该公司公布 2019 财年第三季度合并净利润为 5760 万美元，即稀释后每股 66 美分。</blockquote></p><p> On a non-GAAP basis, the company reported consolidated net income for the quarter ended October 30, 2021 of 322.2 million dollars or 3.19 dollars per diluted share compared to 182.2 million dollars or 2.01 dollars per diluted share, for the quarter ended October 31, 2020.</p><p><blockquote>在非 GAAP 基础上，该公司报告截至 2021 年 10 月 30 日的季度合并净利润为 3.222 亿美元，即稀释后每股 3.19 美元，而截至 2020 年 10 月 31 日的季度合并净利润为 1.822 亿美元，即稀释后每股 2.01 美元。</blockquote></p><p> Dick’s Sporting Goods net sales increase 38.4 percent for nine-months</p><p><blockquote>迪克体育用品公司九个月净销售额增长 38.4%</blockquote></p><p> Net sales for the 39 weeks ended October 30, 2021 were 8.94 billion dollars, an increase of 38.4 percent compared to the 39 weeks ended October 31, 2020 and a 45.6 percent increase compared to the 39 weeks ended November 2, 2019. Consolidated same store sales increased 36.6 percent compared to the 2020 period, which followed a consolidated same store sales increase of 5.8 percent for the 2020 period and a 3.1 percent increase for the 2019 period.</p><p><blockquote>截至2021年10月30日的39周净销售额为89.4亿美元，与截至2020年10月31日的39周相比增长38.4%，与截至2019年11月2日的39周相比增长45.6%。与2020年期间相比，综合同店销售额增长了36.6%，此前2020年期间的综合同店销售额增长了5.8%，2019年期间的综合同店销售额增长了3.1%。</blockquote></p><p> Ecommerce sales increased 115 percent compared to 2019 but decreased 8 percent compared to the 39 weeks ended October 31, 2020, which included a period of temporary store closures in March, April and May.</p><p><blockquote>与2019年相比，电子商务销售额增长了115%，但与截至2020年10月31日的39周相比下降了8%，其中包括3月、4月和5月的临时商店关闭期。</blockquote></p><p> The company reported consolidated net income of 1.17 billion dollars or 10.70 dollars per diluted share, compared to 310.6 million dollars or 3.44 dollars per diluted share. The company reported consolidated net income for the 39 weeks ended November 2, 2019 of 227.6 million dollars or 2.53 dollars per diluted share.</p><p><blockquote>该公司公布的合并净利润为 11.7 亿美元，即稀释后每股收益 10.70 美元，而稀释后每股收益为 3.106 亿美元，即稀释后每股收益 3.44 美元。该公司报告截至 2019 年 11 月 2 日的 39 周合并净利润为 2.276 亿美元，即稀释后每股 2.53 美元。</blockquote></p><p> On a non-GAAP basis, the company reported consolidated net income of 1.19 billion dollars or 12.06 dollars per diluted share, for the 39 weeks ended October 30, 2021, and 321.3 million dollars or 3.65 dollars per diluted share, for the 39 weeks ended October 31, 2020. For the 39 weeks ended November 2, 2019, the company reported non-GAAP consolidated net income of 215.8 million dollars or 2.39 dollars per diluted share.</p><p><blockquote>在非 GAAP 基础上，该公司报告截至 2021 年 10 月 30 日的 39 周内合并净利润为 11.9 亿美元，即稀释后每股收益 12.06 美元；截至 2020 年 10 月 31 日的 39 周内合并净利润为 3.213 亿美元，即稀释后每股收益 3.65 美元。截至 2019 年 11 月 2 日的 39 周内，该公司报告非 GAAP 合并净利润为 2.158 亿美元，即稀释后每股收益 2.39 美元。</blockquote></p><p></p>","source":"lsy1637673370523","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>Dick’s Sporting Goods reports strong Q3 earnings<blockquote>Dick's Sporting Goods 公布强劲第三季度收益</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\">\nDick’s Sporting Goods reports strong Q3 earnings<blockquote>Dick's Sporting Goods 公布强劲第三季度收益</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">fashionunited</strong><span class=\"h-time small\">2021-11-23 21:15</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Net sales for the third quarter at Dick’s Sporting Goods were 2.75 billion dollars, an increase of 13.9 percent compared to the third quarter of 2020 and a 40 percent increase compared to the third quarter of 2019. Consolidated same store sales for the quarter increased 12.2 percent.</p><p><blockquote>迪克体育用品公司第三季度净销售额为 27.5 亿美元，比 2020 年第三季度增长 13.9%，比 2019 年第三季度增长 40%。本季度的综合同店销售额增长了12.2%。</blockquote></p><p> “We are extremely pleased to announce a record third quarter in which we delivered significant sales and earnings growth over both last year and 2019. Consumer demand remained strong, and our differentiated product assortment continued to drive exceptional sales and merchandise margin momentum,” said Lauren Hobart, the company’s president and chief executive officer.</p><p><blockquote>“公司总裁兼首席执行官劳伦-霍巴特（Lauren Hobart）说：”我们非常高兴地宣布，第三季度的销售额和盈利都比去年和 2019 年实现了显著增长。消费者需求依然强劲，我们差异化的产品组合继续推动着销售额和商品利润率的出色增长。</blockquote></p><p> Dick’s Sporting Goods reports rise in Q3 earnings</p><p><blockquote>Dick's Sporting Goods 报告第三季度收益增长</blockquote></p><p> The company’s ecommerce sales increased 97 percent compared to the third quarter of 2019 and 1 percent compared to the third quarter of 2020.</p><p><blockquote>与 2019 年第三季度相比，该公司的电子商务销售额增长了 97%，与 2020 年第三季度相比增长了 1%。</blockquote></p><p> Driven by strong sales and gross margin rate expansion, the company reported consolidated net income of 316.5 million dollars or 2.78 dollars per diluted share compared to 177.2 million dollars or 1.84 dollars per diluted share last year. The company reported consolidated net income for the third quarter of fiscal 2019 of 57.6 million dollars or 66 cents per diluted share.</p><p><blockquote>在强劲的销售和毛利率扩张的推动下，该公司公布的合并净利润为 3.165 亿美元，即稀释后每股收益 2.78 美元，而去年为 1.772 亿美元，即稀释后每股收益 1.84 美元。该公司公布 2019 财年第三季度合并净利润为 5760 万美元，即稀释后每股 66 美分。</blockquote></p><p> On a non-GAAP basis, the company reported consolidated net income for the quarter ended October 30, 2021 of 322.2 million dollars or 3.19 dollars per diluted share compared to 182.2 million dollars or 2.01 dollars per diluted share, for the quarter ended October 31, 2020.</p><p><blockquote>在非 GAAP 基础上，该公司报告截至 2021 年 10 月 30 日的季度合并净利润为 3.222 亿美元，即稀释后每股 3.19 美元，而截至 2020 年 10 月 31 日的季度合并净利润为 1.822 亿美元，即稀释后每股 2.01 美元。</blockquote></p><p> Dick’s Sporting Goods net sales increase 38.4 percent for nine-months</p><p><blockquote>迪克体育用品公司九个月净销售额增长 38.4%</blockquote></p><p> Net sales for the 39 weeks ended October 30, 2021 were 8.94 billion dollars, an increase of 38.4 percent compared to the 39 weeks ended October 31, 2020 and a 45.6 percent increase compared to the 39 weeks ended November 2, 2019. Consolidated same store sales increased 36.6 percent compared to the 2020 period, which followed a consolidated same store sales increase of 5.8 percent for the 2020 period and a 3.1 percent increase for the 2019 period.</p><p><blockquote>截至2021年10月30日的39周净销售额为89.4亿美元，与截至2020年10月31日的39周相比增长38.4%，与截至2019年11月2日的39周相比增长45.6%。与2020年期间相比，综合同店销售额增长了36.6%，此前2020年期间的综合同店销售额增长了5.8%，2019年期间的综合同店销售额增长了3.1%。</blockquote></p><p> Ecommerce sales increased 115 percent compared to 2019 but decreased 8 percent compared to the 39 weeks ended October 31, 2020, which included a period of temporary store closures in March, April and May.</p><p><blockquote>与2019年相比，电子商务销售额增长了115%，但与截至2020年10月31日的39周相比下降了8%，其中包括3月、4月和5月的临时商店关闭期。</blockquote></p><p> The company reported consolidated net income of 1.17 billion dollars or 10.70 dollars per diluted share, compared to 310.6 million dollars or 3.44 dollars per diluted share. The company reported consolidated net income for the 39 weeks ended November 2, 2019 of 227.6 million dollars or 2.53 dollars per diluted share.</p><p><blockquote>该公司公布的合并净利润为 11.7 亿美元，即稀释后每股收益 10.70 美元，而稀释后每股收益为 3.106 亿美元，即稀释后每股收益 3.44 美元。该公司报告截至 2019 年 11 月 2 日的 39 周合并净利润为 2.276 亿美元，即稀释后每股 2.53 美元。</blockquote></p><p> On a non-GAAP basis, the company reported consolidated net income of 1.19 billion dollars or 12.06 dollars per diluted share, for the 39 weeks ended October 30, 2021, and 321.3 million dollars or 3.65 dollars per diluted share, for the 39 weeks ended October 31, 2020. For the 39 weeks ended November 2, 2019, the company reported non-GAAP consolidated net income of 215.8 million dollars or 2.39 dollars per diluted share.</p><p><blockquote>在非 GAAP 基础上，该公司报告截至 2021 年 10 月 30 日的 39 周内合并净利润为 11.9 亿美元，即稀释后每股收益 12.06 美元；截至 2020 年 10 月 31 日的 39 周内合并净利润为 3.213 亿美元，即稀释后每股收益 3.65 美元。截至 2019 年 11 月 2 日的 39 周内，该公司报告非 GAAP 合并净利润为 2.158 亿美元，即稀释后每股收益 2.39 美元。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://fashionunited.uk/news/business/dick-s-sporting-goods-reports-strong-q3-earnings/2021112359536\">fashionunited</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":{"DKS":"迪克体育用品"},"source_url":"https://fashionunited.uk/news/business/dick-s-sporting-goods-reports-strong-q3-earnings/2021112359536","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1177043452","content_text":"Net sales for the third quarter at Dick’s Sporting Goods were 2.75 billion dollars, an increase of 13.9 percent compared to the third quarter of 2020 and a 40 percent increase compared to the third quarter of 2019. Consolidated same store sales for the quarter increased 12.2 percent.\n“We are extremely pleased to announce a record third quarter in which we delivered significant sales and earnings growth over both last year and 2019. Consumer demand remained strong, and our differentiated product assortment continued to drive exceptional sales and merchandise margin momentum,” said Lauren Hobart, the company’s president and chief executive officer.\nDick’s Sporting Goods reports rise in Q3 earnings\nThe company’s ecommerce sales increased 97 percent compared to the third quarter of 2019 and 1 percent compared to the third quarter of 2020.\nDriven by strong sales and gross margin rate expansion, the company reported consolidated net income of 316.5 million dollars or 2.78 dollars per diluted share compared to 177.2 million dollars or 1.84 dollars per diluted share last year. The company reported consolidated net income for the third quarter of fiscal 2019 of 57.6 million dollars or 66 cents per diluted share.\nOn a non-GAAP basis, the company reported consolidated net income for the quarter ended October 30, 2021 of 322.2 million dollars or 3.19 dollars per diluted share compared to 182.2 million dollars or 2.01 dollars per diluted share, for the quarter ended October 31, 2020.\nDick’s Sporting Goods net sales increase 38.4 percent for nine-months\nNet sales for the 39 weeks ended October 30, 2021 were 8.94 billion dollars, an increase of 38.4 percent compared to the 39 weeks ended October 31, 2020 and a 45.6 percent increase compared to the 39 weeks ended November 2, 2019. Consolidated same store sales increased 36.6 percent compared to the 2020 period, which followed a consolidated same store sales increase of 5.8 percent for the 2020 period and a 3.1 percent increase for the 2019 period.\nEcommerce sales increased 115 percent compared to 2019 but decreased 8 percent compared to the 39 weeks ended October 31, 2020, which included a period of temporary store closures in March, April and May.\nThe company reported consolidated net income of 1.17 billion dollars or 10.70 dollars per diluted share, compared to 310.6 million dollars or 3.44 dollars per diluted share. The company reported consolidated net income for the 39 weeks ended November 2, 2019 of 227.6 million dollars or 2.53 dollars per diluted share.\nOn a non-GAAP basis, the company reported consolidated net income of 1.19 billion dollars or 12.06 dollars per diluted share, for the 39 weeks ended October 30, 2021, and 321.3 million dollars or 3.65 dollars per diluted share, for the 39 weeks ended October 31, 2020. For the 39 weeks ended November 2, 2019, the company reported non-GAAP consolidated net income of 215.8 million dollars or 2.39 dollars per diluted share.","news_type":1,"symbols_score_info":{"DKS":0.9}},"isVote":1,"tweetType":1,"viewCount":3352,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":878728499,"gmtCreate":1637235751614,"gmtModify":1637235751716,"author":{"id":"3562791266647459","authorId":"3562791266647459","name":"Atsc89","avatar":"https://static.tigerbbs.com/9ec47b1c36e59ba1ef8caac8ab619319","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562791266647459","authorIdStr":"3562791266647459"},"themes":[],"title":"","htmlText":"I love this and like my post&nbsp;","listText":"I love this and like my post&nbsp;","text":"I love this and like my post","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/878728499","repostId":"1123139623","repostType":4,"isVote":1,"tweetType":1,"viewCount":4121,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":856944355,"gmtCreate":1635146449498,"gmtModify":1635146449874,"author":{"id":"3562791266647459","authorId":"3562791266647459","name":"Atsc89","avatar":"https://static.tigerbbs.com/9ec47b1c36e59ba1ef8caac8ab619319","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562791266647459","authorIdStr":"3562791266647459"},"themes":[],"title":"","htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/856944355","repostId":"2178302447","repostType":4,"isVote":1,"tweetType":1,"viewCount":3232,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":823545765,"gmtCreate":1633651576864,"gmtModify":1633651577190,"author":{"id":"3562791266647459","authorId":"3562791266647459","name":"Atsc89","avatar":"https://static.tigerbbs.com/9ec47b1c36e59ba1ef8caac8ab619319","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562791266647459","authorIdStr":"3562791266647459"},"themes":[],"title":"","htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/823545765","repostId":"1142831373","repostType":4,"isVote":1,"tweetType":1,"viewCount":3397,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":884854234,"gmtCreate":1631882459828,"gmtModify":1632805614207,"author":{"id":"3562791266647459","authorId":"3562791266647459","name":"Atsc89","avatar":"https://static.tigerbbs.com/9ec47b1c36e59ba1ef8caac8ab619319","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562791266647459","authorIdStr":"3562791266647459"},"themes":[],"title":"","htmlText":"Like and comment","listText":"Like and comment","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/884854234","repostId":"1160944962","repostType":4,"repost":{"id":"1160944962","kind":"news","pubTimestamp":1631881684,"share":"https://www.laohunote.com/m/news/1160944962?lang=zh_CN&edition=full","pubTime":"2021-09-17 20:28","market":"us","language":"en","title":"Apple Stock To Crumble Along With S&P 500, Says One Expert<blockquote>一位专家表示，苹果股价将与标普500一起暴跌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1160944962","media":"TheStreet","summary":"Famed portfolio manager Dan Niles thinks that Apple stock is going down, as the broad market correct","content":"<p>Famed portfolio manager Dan Niles thinks that Apple stock is going down, as the broad market corrects up to 20%. Could his bearishness come to fruition?</p><p><blockquote>著名投资组合经理丹·奈尔斯 (Dan Niles) 认为，随着大盘调整高达 20%，苹果股价正在下跌。他的悲观情绪能奏效吗？</blockquote></p><p> Apple stock&nbsp;is about to take a dive alongside the rest of the market. At least this is what Satori Fund’s portfolio manager Dan Niles&nbsp;believes&nbsp;in, as he unveiled his short position on AAPL during a CNBC interview earlier this week.</p><p><blockquote>苹果股票即将与市场其他股票一起暴跌。至少 Satori Fund 的投资组合经理丹-奈尔斯（Dan Niles）是这么认为的，他在本周早些时候接受 CNBC 采访时公布了自己对 AAPL 的空头头寸。</blockquote></p><p> Today, the Apple Maven looks at the bearish case and assesses whether Dan’s concerns might have merits.</p><p><blockquote>今天，这位苹果专家将探讨看跌案例，并评估丹的担忧是否有道理。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ab3d6af5118ba8435cff4b332c3525a5\" tg-width=\"1240\" tg-height=\"600\" width=\"100%\" height=\"auto\"><span>Figure 1: Dan Niles interview on Squawk Box CNBC.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图 1：丹·奈尔斯在 Squawk Box CNBC 上接受采访。</span></p></blockquote></p><p> <b>AAPL: pressure from all sides</b></p><p><blockquote><b>AAPL：来自各方的压力</b></blockquote></p><p> Dan Niles’ list of reasons why Apple stock and the S&amp;P 500 will likely dip is long. It all starts with an assessment of the Cupertino company’s share price behavior, following the September 14 announcement of the iPhone 13.</p><p><blockquote>丹-奈尔斯（Dan Niles）列举了苹果股票和标普500可能下跌的原因。这一切都始于对这家库比蒂诺公司在 9 月 14 日发布 iPhone 13 后股价表现的评估。</blockquote></p><p> According to Mr. Niles, AAPL tends to succumb to sell-the-news pressures around this time of the year. His observation is well founded. The chart below,provided by Stock Rover, shows that Apple stock has underperformed the S&amp;P 500 the most in the last few months of the year, at least over the past decade.</p><p><blockquote>奈尔斯表示，苹果公司往往会在每年的这个时候屈服于抛售新闻的压力。他的观察是有根据的。下图由 Stock Rover 提供，显示苹果股票在今年最后几个月的表现逊于标普500，至少在过去十年中是如此。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5adebbd41107c35aa1e2b02a79a54ad1\" tg-width=\"906\" tg-height=\"300\" width=\"100%\" height=\"auto\"><span>Figure 2: AAPL average monthly return vs. S&amp;P (seasonality).</span></p><p><blockquote><p class=\"t-img-caption\"><span>图 2：AAPL 平均月回报率与标准普尔（季节性）。</span></p></blockquote></p><p> Still on short term performance, the portfolio manager thinks that Apple stock is priced too aggressively ahead of what he believes will be tough COVID-19 comps. Apple delivered outstanding results during and right after the holiday period last year, as the chart below depicts. Topping such performance will be hard, if not nearly impossible.</p><p><blockquote>投资组合经理仍然从短期表现来看，他认为在他认为艰难的 COVID-19 竞争之前，苹果股票的定价过于激进。如下图所示，苹果在去年假期期间和假期后取得了出色的业绩。超越这样的性能将是困难的，如果不是几乎不可能的话。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/af89400f036896ebbb02d811348863dc\" tg-width=\"541\" tg-height=\"364\" width=\"100%\" height=\"auto\"><span>Figure 3: AAPL total revenue growth.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图 3：AAPL 总收入增长。</span></p></blockquote></p><p> On this topic, experts seem to be split between a bullish majority and a bearish minority. Wedbush’s Dan Ives, for example, would likely disagree with Dan Niles. According to the Wall Street analyst – and I tend to agree with him – the digital transformation and&nbsp;5G upgrade cycle should last years, not only a few atypical pandemic months.</p><p><blockquote>在这个话题上，专家们似乎分为看涨的多数人和看跌的少数人。例如，韦德布什的丹-艾夫斯（Dan Ives）很可能不同意丹-奈尔斯（Dan Niles）的观点。根据这位华尔街分析师的说法——我倾向于同意他的观点——数字化转型和5G升级周期应该会持续数年，而不仅仅是几个非典型的疫情月份。</blockquote></p><p> <b>S&amp;P 500: pricey and facing headwinds</b></p><p><blockquote><b>标普500：价格昂贵且面临阻力</b></blockquote></p><p> While Dan Niles’ bearish arguments on AAPL shares could stand alone, his pessimism towards the broad market might be the one-two punch that knocks Apple stock down. Mr. Niles sees the S&amp;P 500 correcting between 10% and 20% by the end of this year.</p><p><blockquote>虽然丹-奈尔斯（Dan Niles）对苹果公司（AAPL）股票的看跌论点可以独立存在，但他对大盘的悲观情绪可能是击垮苹果股票的一举两得。奈尔斯预计，到今年年底，标普500将修正 10% 至 20%。</blockquote></p><p> At the top of his list of reasons why this could happen is a deadly combo: inflation, COVID-19 worries and high valuations. I sympathize with his concerns, as all three have been key risk factors for the markets since at least the beginning of this year, if not longer.</p><p><blockquote>在他列出的可能发生这种情况的原因中，最重要的是一个致命的组合：通货膨胀、COVID-19 担忧和高估值。我同情他的担忧，因为至少自今年年初以来，这三个因素一直是市场的关键风险因素，如果不是更长时间的话。</blockquote></p><p> The better news for bulls, in my view, is that none of the above is “new news” to investors. Equities have endured the headwinds very well through several months in 2021 so far, which I take as a positive sign that any potential worry may have already been priced in.</p><p><blockquote>在我看来，对多头来说更好的消息是，以上这些对投资者来说都不是 “新消息”。到目前为止，股市在 2021 年的几个月里很好地抵御了逆风，我认为这是一个积极的迹象，表明任何潜在的担忧可能已经被消化。</blockquote></p><p> This is not to say, of course, that risks should be dismissed. Rather, I just don’t believe that the market or Apple stock investors will suddenly dump their positions based on old information – unless something drastic and unexpected, such as substantially higher inflation or interest rates, were to happen.</p><p><blockquote>当然，这并不是说应该忽略风险。相反，我只是不相信市场或苹果股票投资者会根据旧信息突然抛售头寸--除非发生一些剧烈和意想不到的事情，比如通货膨胀或利率大幅上升。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple Stock To Crumble Along With S&P 500, Says One Expert<blockquote>一位专家表示，苹果股价将与标普500一起暴跌</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple Stock To Crumble Along With S&P 500, Says One Expert<blockquote>一位专家表示，苹果股价将与标普500一起暴跌</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">TheStreet</strong><span class=\"h-time small\">2021-09-17 20:28</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Famed portfolio manager Dan Niles thinks that Apple stock is going down, as the broad market corrects up to 20%. Could his bearishness come to fruition?</p><p><blockquote>著名投资组合经理丹·奈尔斯 (Dan Niles) 认为，随着大盘调整高达 20%，苹果股价正在下跌。他的悲观情绪能奏效吗？</blockquote></p><p> Apple stock&nbsp;is about to take a dive alongside the rest of the market. At least this is what Satori Fund’s portfolio manager Dan Niles&nbsp;believes&nbsp;in, as he unveiled his short position on AAPL during a CNBC interview earlier this week.</p><p><blockquote>苹果股票即将与市场其他股票一起暴跌。至少 Satori Fund 的投资组合经理丹-奈尔斯（Dan Niles）是这么认为的，他在本周早些时候接受 CNBC 采访时公布了自己对 AAPL 的空头头寸。</blockquote></p><p> Today, the Apple Maven looks at the bearish case and assesses whether Dan’s concerns might have merits.</p><p><blockquote>今天，这位苹果专家将探讨看跌案例，并评估丹的担忧是否有道理。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ab3d6af5118ba8435cff4b332c3525a5\" tg-width=\"1240\" tg-height=\"600\" width=\"100%\" height=\"auto\"><span>Figure 1: Dan Niles interview on Squawk Box CNBC.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图 1：丹·奈尔斯在 Squawk Box CNBC 上接受采访。</span></p></blockquote></p><p> <b>AAPL: pressure from all sides</b></p><p><blockquote><b>AAPL：来自各方的压力</b></blockquote></p><p> Dan Niles’ list of reasons why Apple stock and the S&amp;P 500 will likely dip is long. It all starts with an assessment of the Cupertino company’s share price behavior, following the September 14 announcement of the iPhone 13.</p><p><blockquote>丹-奈尔斯（Dan Niles）列举了苹果股票和标普500可能下跌的原因。这一切都始于对这家库比蒂诺公司在 9 月 14 日发布 iPhone 13 后股价表现的评估。</blockquote></p><p> According to Mr. Niles, AAPL tends to succumb to sell-the-news pressures around this time of the year. His observation is well founded. The chart below,provided by Stock Rover, shows that Apple stock has underperformed the S&amp;P 500 the most in the last few months of the year, at least over the past decade.</p><p><blockquote>奈尔斯表示，苹果公司往往会在每年的这个时候屈服于抛售新闻的压力。他的观察是有根据的。下图由 Stock Rover 提供，显示苹果股票在今年最后几个月的表现逊于标普500，至少在过去十年中是如此。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5adebbd41107c35aa1e2b02a79a54ad1\" tg-width=\"906\" tg-height=\"300\" width=\"100%\" height=\"auto\"><span>Figure 2: AAPL average monthly return vs. S&amp;P (seasonality).</span></p><p><blockquote><p class=\"t-img-caption\"><span>图 2：AAPL 平均月回报率与标准普尔（季节性）。</span></p></blockquote></p><p> Still on short term performance, the portfolio manager thinks that Apple stock is priced too aggressively ahead of what he believes will be tough COVID-19 comps. Apple delivered outstanding results during and right after the holiday period last year, as the chart below depicts. Topping such performance will be hard, if not nearly impossible.</p><p><blockquote>投资组合经理仍然从短期表现来看，他认为在他认为艰难的 COVID-19 竞争之前，苹果股票的定价过于激进。如下图所示，苹果在去年假期期间和假期后取得了出色的业绩。超越这样的性能将是困难的，如果不是几乎不可能的话。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/af89400f036896ebbb02d811348863dc\" tg-width=\"541\" tg-height=\"364\" width=\"100%\" height=\"auto\"><span>Figure 3: AAPL total revenue growth.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图 3：AAPL 总收入增长。</span></p></blockquote></p><p> On this topic, experts seem to be split between a bullish majority and a bearish minority. Wedbush’s Dan Ives, for example, would likely disagree with Dan Niles. According to the Wall Street analyst – and I tend to agree with him – the digital transformation and&nbsp;5G upgrade cycle should last years, not only a few atypical pandemic months.</p><p><blockquote>在这个话题上，专家们似乎分为看涨的多数人和看跌的少数人。例如，韦德布什的丹-艾夫斯（Dan Ives）很可能不同意丹-奈尔斯（Dan Niles）的观点。根据这位华尔街分析师的说法——我倾向于同意他的观点——数字化转型和5G升级周期应该会持续数年，而不仅仅是几个非典型的疫情月份。</blockquote></p><p> <b>S&amp;P 500: pricey and facing headwinds</b></p><p><blockquote><b>标普500：价格昂贵且面临阻力</b></blockquote></p><p> While Dan Niles’ bearish arguments on AAPL shares could stand alone, his pessimism towards the broad market might be the one-two punch that knocks Apple stock down. Mr. Niles sees the S&amp;P 500 correcting between 10% and 20% by the end of this year.</p><p><blockquote>虽然丹-奈尔斯（Dan Niles）对苹果公司（AAPL）股票的看跌论点可以独立存在，但他对大盘的悲观情绪可能是击垮苹果股票的一举两得。奈尔斯预计，到今年年底，标普500将修正 10% 至 20%。</blockquote></p><p> At the top of his list of reasons why this could happen is a deadly combo: inflation, COVID-19 worries and high valuations. I sympathize with his concerns, as all three have been key risk factors for the markets since at least the beginning of this year, if not longer.</p><p><blockquote>在他列出的可能发生这种情况的原因中，最重要的是一个致命的组合：通货膨胀、COVID-19 担忧和高估值。我同情他的担忧，因为至少自今年年初以来，这三个因素一直是市场的关键风险因素，如果不是更长时间的话。</blockquote></p><p> The better news for bulls, in my view, is that none of the above is “new news” to investors. Equities have endured the headwinds very well through several months in 2021 so far, which I take as a positive sign that any potential worry may have already been priced in.</p><p><blockquote>在我看来，对多头来说更好的消息是，以上这些对投资者来说都不是 “新消息”。到目前为止，股市在 2021 年的几个月里很好地抵御了逆风，我认为这是一个积极的迹象，表明任何潜在的担忧可能已经被消化。</blockquote></p><p> This is not to say, of course, that risks should be dismissed. Rather, I just don’t believe that the market or Apple stock investors will suddenly dump their positions based on old information – unless something drastic and unexpected, such as substantially higher inflation or interest rates, were to happen.</p><p><blockquote>当然，这并不是说应该忽略风险。相反，我只是不相信市场或苹果股票投资者会根据旧信息突然抛售头寸--除非发生一些剧烈和意想不到的事情，比如通货膨胀或利率大幅上升。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/apple/news/apple-stock-to-crumble-along-with-s-p-500-says-one-expert\">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":{"AAPL":"苹果"},"source_url":"https://www.thestreet.com/apple/news/apple-stock-to-crumble-along-with-s-p-500-says-one-expert","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1160944962","content_text":"Famed portfolio manager Dan Niles thinks that Apple stock is going down, as the broad market corrects up to 20%. Could his bearishness come to fruition?\nApple stock is about to take a dive alongside the rest of the market. At least this is what Satori Fund’s portfolio manager Dan Niles believes in, as he unveiled his short position on AAPL during a CNBC interview earlier this week.\nToday, the Apple Maven looks at the bearish case and assesses whether Dan’s concerns might have merits.\nFigure 1: Dan Niles interview on Squawk Box CNBC.\nAAPL: pressure from all sides\nDan Niles’ list of reasons why Apple stock and the S&P 500 will likely dip is long. It all starts with an assessment of the Cupertino company’s share price behavior, following the September 14 announcement of the iPhone 13.\nAccording to Mr. Niles, AAPL tends to succumb to sell-the-news pressures around this time of the year. His observation is well founded. The chart below,provided by Stock Rover, shows that Apple stock has underperformed the S&P 500 the most in the last few months of the year, at least over the past decade.\nFigure 2: AAPL average monthly return vs. S&P (seasonality).\nStill on short term performance, the portfolio manager thinks that Apple stock is priced too aggressively ahead of what he believes will be tough COVID-19 comps. Apple delivered outstanding results during and right after the holiday period last year, as the chart below depicts. Topping such performance will be hard, if not nearly impossible.\nFigure 3: AAPL total revenue growth.\nOn this topic, experts seem to be split between a bullish majority and a bearish minority. Wedbush’s Dan Ives, for example, would likely disagree with Dan Niles. According to the Wall Street analyst – and I tend to agree with him – the digital transformation and 5G upgrade cycle should last years, not only a few atypical pandemic months.\nS&P 500: pricey and facing headwinds\nWhile Dan Niles’ bearish arguments on AAPL shares could stand alone, his pessimism towards the broad market might be the one-two punch that knocks Apple stock down. Mr. Niles sees the S&P 500 correcting between 10% and 20% by the end of this year.\nAt the top of his list of reasons why this could happen is a deadly combo: inflation, COVID-19 worries and high valuations. I sympathize with his concerns, as all three have been key risk factors for the markets since at least the beginning of this year, if not longer.\nThe better news for bulls, in my view, is that none of the above is “new news” to investors. Equities have endured the headwinds very well through several months in 2021 so far, which I take as a positive sign that any potential worry may have already been priced in.\nThis is not to say, of course, that risks should be dismissed. Rather, I just don’t believe that the market or Apple stock investors will suddenly dump their positions based on old information – unless something drastic and unexpected, such as substantially higher inflation or interest rates, were to happen.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":2469,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":837692766,"gmtCreate":1629880784555,"gmtModify":1631889080883,"author":{"id":"3562791266647459","authorId":"3562791266647459","name":"Atsc89","avatar":"https://static.tigerbbs.com/9ec47b1c36e59ba1ef8caac8ab619319","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562791266647459","authorIdStr":"3562791266647459"},"themes":[],"title":"","htmlText":"Done","listText":"Done","text":"Done","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/837692766","repostId":"2162087564","repostType":4,"isVote":1,"tweetType":1,"viewCount":2482,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":838997972,"gmtCreate":1629363241696,"gmtModify":1631889080888,"author":{"id":"3562791266647459","authorId":"3562791266647459","name":"Atsc89","avatar":"https://static.tigerbbs.com/9ec47b1c36e59ba1ef8caac8ab619319","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562791266647459","authorIdStr":"3562791266647459"},"themes":[],"title":"","htmlText":"Give me a like","listText":"Give me a like","text":"Give me a like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/838997972","repostId":"1118120303","repostType":4,"repost":{"id":"1118120303","kind":"news","pubTimestamp":1629362423,"share":"https://www.laohunote.com/m/news/1118120303?lang=zh_CN&edition=full","pubTime":"2021-08-19 16:40","market":"us","language":"en","title":"How to Hedge Your Stock Portfolio Before Interest Rates Start Rising<blockquote>如何在利率开始上升之前对冲您的股票投资组合</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1118120303","media":"Barron's","summary":"If fairy tales were made into parables about investing, the boy who cried wolf would run a tail-risk","content":"<p>If fairy tales were made into parables about investing, the boy who cried wolf would run a tail-risk fund.</p><p><blockquote>如果把童话故事变成关于投资的寓言，《狼来了的男孩》就会经营一只尾部风险基金。</blockquote></p><p> To protect his stocks, the vigilant boy would perpetually buybearish options contractsin anticipation that stock prices would fall. He would now be very busy, as many ominous events are bounding across the world’s stage.</p><p><blockquote>为了保护自己的股票，这个警惕的男孩会永远购买看跌的期权合约，预期股价会下跌。他现在会非常忙碌，因为许多不祥的事件正在世界舞台上演。</blockquote></p><p> Thefall of Afghanistanis a potentially destabilizing market event, especially ahead of the 20th anniversary of the Sept. 11 terrorist attack on the U.S.</p><p><blockquote>阿富汗人的陨落可能会破坏市场稳定，尤其是在美国遭受 9·11 恐怖袭击 20 周年纪念日之前。</blockquote></p><p> The resurgence of Covid-19, weakening retail sales, China saber-rattling toward Taiwan, China mocking America’s sloppy Afghanistan withdrawal, andsigns of sticky inflationare all reasons for extra vigilance.</p><p><blockquote>Covid-19 的死灰复燃、零售销售疲软、中国对台湾的咄咄逼人、中国嘲笑美国从阿富汗草率撤军，以及粘性通胀的迹象，都值得格外警惕。</blockquote></p><p> But the major event that would most alarm our hero would be the Federal Reserve’smeeting in Jackson Hole, Wyo., at the end of the month. Jerome Powell, the Fed’s chairman, is expected to speak. He is the big, bad wolf of this reimagined story.</p><p><blockquote>但最让我们的英雄感到震惊的重大事件将是本月底在怀俄明州杰克逊霍尔举行的美联储会议。美联储主席杰罗姆-鲍威尔预计将发表讲话。他是这个重新想象的故事中的大灰狼。</blockquote></p><p> Powell’s speech might offer concrete clues about potential changes to monetary policy—which could pummel stocks.</p><p><blockquote>鲍威尔的讲话可能会提供有关货币政策潜在变化的具体线索--这可能会打击股市。</blockquote></p><p> When interest rates are low, as they are now, investors can move far out on the so-called risk curve. It’s cheap to borrow money and thus relatively easy to make money doing something as simple asbuying dividend-paying stocksand as complex as quantitative trading. With rates low enough, even Bitcoin and emerging market debt can be attractive.</p><p><blockquote>当利率较低时，就像现在一样，投资者可以在所谓的风险曲线上走得很远。借钱很便宜，因此赚钱相对容易，简单的事情比如购买派息股票，复杂的事情比如量化交易。如果利率足够低，即使是比特币和新兴市场债务也可能具有吸引力。</blockquote></p><p> Yet this time, even if the boy who cried wolf is wrong, investors need to be aware that many others will be listening to himahead of expected changes to interest rates.</p><p><blockquote>然而这一次，即使狼来了的男孩是错的，投资者也需要意识到，许多其他人将听取希玛黑德关于利率预期变化的预测。</blockquote></p><p> Stock prices are generally dancing around record highs—a phrase used in this column year after year—as historically low interest rates remain the central defining fact of the market.</p><p><blockquote>由于历史低利率仍然是市场的核心决定性事实，股票价格通常在历史高点附近徘徊（本专栏年复一年地使用这个短语）。</blockquote></p><p> But it seems that the more investors talk about corrections, or why corrections won’t happen, the bearish narrative prevails, at least for a bit.</p><p><blockquote>但似乎越多的投资者谈论调整，或者为什么调整不会发生，看跌的说法就越盛行，至少在一段时间内是这样。</blockquote></p><p> Expectations that something will soon happen to easy-money rates are leading to a burst of hedging activity.</p><p><blockquote>宽松货币利率很快就会发生变化的预期导致了对冲活动的爆发。</blockquote></p><p> One major investor has created a bearish position in theSPDR S&amp;P 500exchange-traded fund (ticker: SPY) that would prove profitable if the stock market fell about 4% by Sept. 3. The investor sold 25,000 September $427 put options and bought 25,000 $440 puts, all expiring on Sept. 3, to cover the Fed’s Jackson Hole symposium from Aug. 26 to Aug. 28.</p><p><blockquote>一位主要投资者在 PDR S&amp;P 500 交易所交易基金（股票代码：SPDR标普500指数ETF）中建立了看跌头寸，如果股市在 9 月 3 日之前下跌约 4%，该基金将被证明是有利可图的。该投资者卖出了 2.5 万份 9 月份 427 美元的看跌期权，并买入了 2.5 万份 440 美元的看跌期权，全部将于 9 月 3 日到期，以应对 8 月 26 日至 8 月 28 日举行的美联储杰克逊霍尔研讨会。</blockquote></p><p> This column has rarely offered a suggestion to hedge portfolios. It has almost always seemed better to us to sell puts to anxious investors and use the proceeds to buy upside call options to profit from stock advances.</p><p><blockquote>本专栏很少提供对冲投资组合的建议。在我们看来，向焦虑的投资者出售看跌期权，并用所得款项购买上行看涨期权期权，以从股票预付款中获利，几乎总是更好。</blockquote></p><p> Similarly, we have been hesitant to recommend stock-replacement strategies. Because low interest rates always seemed the key ingredient in the bull market, there was seldom a strategic reason for selling stocks and buying calls.</p><p><blockquote>同样，我们在推荐股票替代策略方面也一直犹豫不决。由于低利率似乎总是牛市的关键因素，因此很少有出售股票和购买评级的战略理由。</blockquote></p><p> But now, using upside calls as stock surrogates does indeed seem attractive for anyone who thinks that rates could rise. The strategy is worth pondering for investors with substantial stock profits.</p><p><blockquote>但现在，对于任何认为利率可能上升的人来说，使用上行评级作为股票替代品确实很有吸引力。该策略值得拥有可观股票利润的投资者深思。</blockquote></p><p> If this resonates, review your stocks. Sell enough shares to realize a profit of, say, 50% to 100% on your initial investment. If you sold 500 shares to lock in gains, for example, buy a corresponding number of upside calls that expire in, say, three months. This will buy you just enough time to see how the stock—and the market—performs.</p><p><blockquote>如果这引起了共鸣，请回顾您的股票。出售足够的股票，以实现初始投资 50% 到 100% 的利润。例如，如果您出售 500 股以锁定收益，则购买相应数量的上行评级，这些评级将在三个月内到期。这将为您赢得足够的时间来了解股票和市场的表现。</blockquote></p><p> The goal is not to be scared of wolves, and to make sure that your appetite for volatility is aligned with your investment timeline.</p><p><blockquote>目标是不要害怕狼，并确保您对波动性的兴趣与您的投资时间表一致。</blockquote></p><p> <i>Steven M. Sears is the president and chief operating officer of Options Solutions, a specialized asset-management firm. Neither he nor the firm has a position in the options or underlying securities mentioned in this column.</i></p><p><blockquote><i>Steven M. Sears 是专业资产管理公司 Options Solutions 的总裁兼首席运营官。他和公司都没有持有本专栏提到的期权或基础证券的头寸。</i></blockquote></p><p></p>","source":"lsy1610680873436","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>How to Hedge Your Stock Portfolio Before Interest Rates Start Rising<blockquote>如何在利率开始上升之前对冲您的股票投资组合</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHow to Hedge Your Stock Portfolio Before Interest Rates Start Rising<blockquote>如何在利率开始上升之前对冲您的股票投资组合</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barron's</strong><span class=\"h-time small\">2021-08-19 16:40</span>\n</p>\n</h4>\n</header>\n<article>\n<p>If fairy tales were made into parables about investing, the boy who cried wolf would run a tail-risk fund.</p><p><blockquote>如果把童话故事变成关于投资的寓言，《狼来了的男孩》就会经营一只尾部风险基金。</blockquote></p><p> To protect his stocks, the vigilant boy would perpetually buybearish options contractsin anticipation that stock prices would fall. He would now be very busy, as many ominous events are bounding across the world’s stage.</p><p><blockquote>为了保护自己的股票，这个警惕的男孩会永远购买看跌的期权合约，预期股价会下跌。他现在会非常忙碌，因为许多不祥的事件正在世界舞台上演。</blockquote></p><p> Thefall of Afghanistanis a potentially destabilizing market event, especially ahead of the 20th anniversary of the Sept. 11 terrorist attack on the U.S.</p><p><blockquote>阿富汗人的陨落可能会破坏市场稳定，尤其是在美国遭受 9·11 恐怖袭击 20 周年纪念日之前。</blockquote></p><p> The resurgence of Covid-19, weakening retail sales, China saber-rattling toward Taiwan, China mocking America’s sloppy Afghanistan withdrawal, andsigns of sticky inflationare all reasons for extra vigilance.</p><p><blockquote>Covid-19 的死灰复燃、零售销售疲软、中国对台湾的咄咄逼人、中国嘲笑美国从阿富汗草率撤军，以及粘性通胀的迹象，都值得格外警惕。</blockquote></p><p> But the major event that would most alarm our hero would be the Federal Reserve’smeeting in Jackson Hole, Wyo., at the end of the month. Jerome Powell, the Fed’s chairman, is expected to speak. He is the big, bad wolf of this reimagined story.</p><p><blockquote>但最让我们的英雄感到震惊的重大事件将是本月底在怀俄明州杰克逊霍尔举行的美联储会议。美联储主席杰罗姆-鲍威尔预计将发表讲话。他是这个重新想象的故事中的大灰狼。</blockquote></p><p> Powell’s speech might offer concrete clues about potential changes to monetary policy—which could pummel stocks.</p><p><blockquote>鲍威尔的讲话可能会提供有关货币政策潜在变化的具体线索--这可能会打击股市。</blockquote></p><p> When interest rates are low, as they are now, investors can move far out on the so-called risk curve. It’s cheap to borrow money and thus relatively easy to make money doing something as simple asbuying dividend-paying stocksand as complex as quantitative trading. With rates low enough, even Bitcoin and emerging market debt can be attractive.</p><p><blockquote>当利率较低时，就像现在一样，投资者可以在所谓的风险曲线上走得很远。借钱很便宜，因此赚钱相对容易，简单的事情比如购买派息股票，复杂的事情比如量化交易。如果利率足够低，即使是比特币和新兴市场债务也可能具有吸引力。</blockquote></p><p> Yet this time, even if the boy who cried wolf is wrong, investors need to be aware that many others will be listening to himahead of expected changes to interest rates.</p><p><blockquote>然而这一次，即使狼来了的男孩是错的，投资者也需要意识到，许多其他人将听取希玛黑德关于利率预期变化的预测。</blockquote></p><p> Stock prices are generally dancing around record highs—a phrase used in this column year after year—as historically low interest rates remain the central defining fact of the market.</p><p><blockquote>由于历史低利率仍然是市场的核心决定性事实，股票价格通常在历史高点附近徘徊（本专栏年复一年地使用这个短语）。</blockquote></p><p> But it seems that the more investors talk about corrections, or why corrections won’t happen, the bearish narrative prevails, at least for a bit.</p><p><blockquote>但似乎越多的投资者谈论调整，或者为什么调整不会发生，看跌的说法就越盛行，至少在一段时间内是这样。</blockquote></p><p> Expectations that something will soon happen to easy-money rates are leading to a burst of hedging activity.</p><p><blockquote>宽松货币利率很快就会发生变化的预期导致了对冲活动的爆发。</blockquote></p><p> One major investor has created a bearish position in theSPDR S&amp;P 500exchange-traded fund (ticker: SPY) that would prove profitable if the stock market fell about 4% by Sept. 3. The investor sold 25,000 September $427 put options and bought 25,000 $440 puts, all expiring on Sept. 3, to cover the Fed’s Jackson Hole symposium from Aug. 26 to Aug. 28.</p><p><blockquote>一位主要投资者在 PDR S&amp;P 500 交易所交易基金（股票代码：SPDR标普500指数ETF）中建立了看跌头寸，如果股市在 9 月 3 日之前下跌约 4%，该基金将被证明是有利可图的。该投资者卖出了 2.5 万份 9 月份 427 美元的看跌期权，并买入了 2.5 万份 440 美元的看跌期权，全部将于 9 月 3 日到期，以应对 8 月 26 日至 8 月 28 日举行的美联储杰克逊霍尔研讨会。</blockquote></p><p> This column has rarely offered a suggestion to hedge portfolios. It has almost always seemed better to us to sell puts to anxious investors and use the proceeds to buy upside call options to profit from stock advances.</p><p><blockquote>本专栏很少提供对冲投资组合的建议。在我们看来，向焦虑的投资者出售看跌期权，并用所得款项购买上行看涨期权期权，以从股票预付款中获利，几乎总是更好。</blockquote></p><p> Similarly, we have been hesitant to recommend stock-replacement strategies. Because low interest rates always seemed the key ingredient in the bull market, there was seldom a strategic reason for selling stocks and buying calls.</p><p><blockquote>同样，我们在推荐股票替代策略方面也一直犹豫不决。由于低利率似乎总是牛市的关键因素，因此很少有出售股票和购买评级的战略理由。</blockquote></p><p> But now, using upside calls as stock surrogates does indeed seem attractive for anyone who thinks that rates could rise. The strategy is worth pondering for investors with substantial stock profits.</p><p><blockquote>但现在，对于任何认为利率可能上升的人来说，使用上行评级作为股票替代品确实很有吸引力。该策略值得拥有可观股票利润的投资者深思。</blockquote></p><p> If this resonates, review your stocks. Sell enough shares to realize a profit of, say, 50% to 100% on your initial investment. If you sold 500 shares to lock in gains, for example, buy a corresponding number of upside calls that expire in, say, three months. This will buy you just enough time to see how the stock—and the market—performs.</p><p><blockquote>如果这引起了共鸣，请回顾您的股票。出售足够的股票，以实现初始投资 50% 到 100% 的利润。例如，如果您出售 500 股以锁定收益，则购买相应数量的上行评级，这些评级将在三个月内到期。这将为您赢得足够的时间来了解股票和市场的表现。</blockquote></p><p> The goal is not to be scared of wolves, and to make sure that your appetite for volatility is aligned with your investment timeline.</p><p><blockquote>目标是不要害怕狼，并确保您对波动性的兴趣与您的投资时间表一致。</blockquote></p><p> <i>Steven M. Sears is the president and chief operating officer of Options Solutions, a specialized asset-management firm. Neither he nor the firm has a position in the options or underlying securities mentioned in this column.</i></p><p><blockquote><i>Steven M. Sears 是专业资产管理公司 Options Solutions 的总裁兼首席运营官。他和公司都没有持有本专栏提到的期权或基础证券的头寸。</i></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/articles/how-to-hedge-your-stock-portfolio-before-interest-rates-start-rising-51629361806?mod=mw_latestnews\">Barron's</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.marketwatch.com/articles/how-to-hedge-your-stock-portfolio-before-interest-rates-start-rising-51629361806?mod=mw_latestnews","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1118120303","content_text":"If fairy tales were made into parables about investing, the boy who cried wolf would run a tail-risk fund.\nTo protect his stocks, the vigilant boy would perpetually buybearish options contractsin anticipation that stock prices would fall. He would now be very busy, as many ominous events are bounding across the world’s stage.\nThefall of Afghanistanis a potentially destabilizing market event, especially ahead of the 20th anniversary of the Sept. 11 terrorist attack on the U.S.\nThe resurgence of Covid-19, weakening retail sales, China saber-rattling toward Taiwan, China mocking America’s sloppy Afghanistan withdrawal, andsigns of sticky inflationare all reasons for extra vigilance.\nBut the major event that would most alarm our hero would be the Federal Reserve’smeeting in Jackson Hole, Wyo., at the end of the month. Jerome Powell, the Fed’s chairman, is expected to speak. He is the big, bad wolf of this reimagined story.\nPowell’s speech might offer concrete clues about potential changes to monetary policy—which could pummel stocks.\nWhen interest rates are low, as they are now, investors can move far out on the so-called risk curve. It’s cheap to borrow money and thus relatively easy to make money doing something as simple asbuying dividend-paying stocksand as complex as quantitative trading. With rates low enough, even Bitcoin and emerging market debt can be attractive.\nYet this time, even if the boy who cried wolf is wrong, investors need to be aware that many others will be listening to himahead of expected changes to interest rates.\nStock prices are generally dancing around record highs—a phrase used in this column year after year—as historically low interest rates remain the central defining fact of the market.\nBut it seems that the more investors talk about corrections, or why corrections won’t happen, the bearish narrative prevails, at least for a bit.\nExpectations that something will soon happen to easy-money rates are leading to a burst of hedging activity.\nOne major investor has created a bearish position in theSPDR S&P 500exchange-traded fund (ticker: SPY) that would prove profitable if the stock market fell about 4% by Sept. 3. The investor sold 25,000 September $427 put options and bought 25,000 $440 puts, all expiring on Sept. 3, to cover the Fed’s Jackson Hole symposium from Aug. 26 to Aug. 28.\nThis column has rarely offered a suggestion to hedge portfolios. It has almost always seemed better to us to sell puts to anxious investors and use the proceeds to buy upside call options to profit from stock advances.\nSimilarly, we have been hesitant to recommend stock-replacement strategies. Because low interest rates always seemed the key ingredient in the bull market, there was seldom a strategic reason for selling stocks and buying calls.\nBut now, using upside calls as stock surrogates does indeed seem attractive for anyone who thinks that rates could rise. The strategy is worth pondering for investors with substantial stock profits.\nIf this resonates, review your stocks. Sell enough shares to realize a profit of, say, 50% to 100% on your initial investment. If you sold 500 shares to lock in gains, for example, buy a corresponding number of upside calls that expire in, say, three months. This will buy you just enough time to see how the stock—and the market—performs.\nThe goal is not to be scared of wolves, and to make sure that your appetite for volatility is aligned with your investment timeline.\nSteven M. Sears is the president and chief operating officer of Options Solutions, a specialized asset-management firm. Neither he nor the firm has a position in the options or underlying securities mentioned in this column.","news_type":1,"symbols_score_info":{"SPY":0.9,".DJI":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":2387,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":806000057,"gmtCreate":1627613828179,"gmtModify":1631889080891,"author":{"id":"3562791266647459","authorId":"3562791266647459","name":"Atsc89","avatar":"https://static.tigerbbs.com/9ec47b1c36e59ba1ef8caac8ab619319","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562791266647459","authorIdStr":"3562791266647459"},"themes":[],"title":"","htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/806000057","repostId":"2155184148","repostType":4,"isVote":1,"tweetType":1,"viewCount":2868,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":803210982,"gmtCreate":1627440666646,"gmtModify":1631889080894,"author":{"id":"3562791266647459","authorId":"3562791266647459","name":"Atsc89","avatar":"https://static.tigerbbs.com/9ec47b1c36e59ba1ef8caac8ab619319","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562791266647459","authorIdStr":"3562791266647459"},"themes":[],"title":"","htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/803210982","repostId":"2154991792","repostType":4,"isVote":1,"tweetType":1,"viewCount":3850,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":800863837,"gmtCreate":1627291369329,"gmtModify":1631889080900,"author":{"id":"3562791266647459","authorId":"3562791266647459","name":"Atsc89","avatar":"https://static.tigerbbs.com/9ec47b1c36e59ba1ef8caac8ab619319","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562791266647459","authorIdStr":"3562791266647459"},"themes":[],"title":"","htmlText":"Like pla","listText":"Like pla","text":"Like pla","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/800863837","repostId":"1130284909","repostType":4,"isVote":1,"tweetType":1,"viewCount":1073,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":172648710,"gmtCreate":1626960907430,"gmtModify":1631889080902,"author":{"id":"3562791266647459","authorId":"3562791266647459","name":"Atsc89","avatar":"https://static.tigerbbs.com/9ec47b1c36e59ba1ef8caac8ab619319","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562791266647459","authorIdStr":"3562791266647459"},"themes":[],"title":"","htmlText":"Done","listText":"Done","text":"Done","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/172648710","repostId":"1170462111","repostType":4,"repost":{"id":"1170462111","kind":"news","pubTimestamp":1626960206,"share":"https://www.laohunote.com/m/news/1170462111?lang=zh_CN&edition=full","pubTime":"2021-07-22 21:23","market":"us","language":"en","title":"Delta Variant Can Still Clip U.S. Economy’s Wings<blockquote>德尔塔变异毒株仍然可以夹住美国经济的翅膀</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1170462111","media":"The Wall Street Journal","summary":"Variant might not have the same impact as previous surges, but spotty rates of vaccination mean it c","content":"<p>  Variant might not have the same impact as previous surges, but spotty rates of vaccination mean it could slow growth.  The Delta variant of the coronavirus probablywon’t derail the U.S. economy. That doesn’t mean it can’t damage parts of it.</p><p><blockquote>变异可能不会产生与以前激增相同的影响，但疫苗接种率不稳定意味着它可能会减缓增长。冠状病毒的德尔塔变异毒株可能不会使美国经济脱轨。这并不意味着它不能损坏它的某些部分。</blockquote></p><p> For a while, America’s progress against the Covid-19 pandemic looked very good. Millions of people were getting vaccinated each day, Covid-19 cases, hospitalizations and deaths were falling, and a return to something like normal beckoned. But then the vaccine rollout slowed markedly just as the far more contagiousDelta variant took hold. Cases, hospitalizations and deaths have begun to rise.</p><p><blockquote>有一段时间，美国在抗击 Covid-19 大流行病方面的进展看起来非常好。每天都有数百万人接种疫苗，新冠肺炎病例、住院和死亡人数都在下降，恢复正常的呼唤着。但随后，随着传染性更强的三角洲变种的出现，疫苗的推出明显放缓。病例、住院和死亡人数开始上升。</blockquote></p><p> It is tempting to imagine the Delta variant won’t dent the economy at all.</p><p><blockquote>人们很容易想象，德尔塔变异毒株根本不会削弱经济。</blockquote></p><p> Across the board, state and local officials seem far less apt to dial up restrictions in response to rising Covid-19 cases than they were a year ago, while the places with low vaccine uptake also happen to be the places that are most resistant to restrictions. Moreover, many people are vaccinated—particularly the elderly—and with the apparent efficacy of current vaccines against the Delta variant, the U.S. seems unlikely to revisit the staggering mortality statistics of the sort it experienced before vaccines became widely available. Finally, the savings many Americans built up over the past year left them with ample money to throw around, while businesses’ scramble for workers points to a labor market that should keep generating income gains.</p><p><blockquote>总体而言，与一年前相比，州和地方官员似乎不太倾向于加强限制来应对不断上升的新冠肺炎病例，而疫苗接种率低的地方也恰好是最抵制限制的地方。此外，许多人接种了疫苗——尤其是老年人——鉴于当前疫苗对德尔塔变异毒株病毒的明显疗效，美国似乎不太可能重温疫苗广泛使用之前经历的惊人死亡率统计数据。最后，许多美国人在过去一年中积累的储蓄让他们有充足的资金可以挥霍，而企业对工人的争抢则表明劳动力市场应该会继续产生收入增长。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/dc6f808b2d4e2353d6504f76af7f3af0\" tg-width=\"737\" tg-height=\"511\" width=\"100%\" height=\"auto\">Those are all things that should ensure the economy continues to grow, but it probably won’t grow as swiftly as it otherwise could have. Worries about the Delta variant will lead some people to refrain from entering crowded settings, such as restaurants or airplanes, while also making them more cautious about spending down any savings. Some companieswill delay their return to the office, as Apple just did, and that will hurt downtown restaurants and the like that depend on office workers’ business.</p><p><blockquote>这些都是确保经济持续增长的因素，但经济可能不会像其他情况下那样快速增长。对德尔塔变异毒株的担忧将导致一些人避免进入餐馆或飞机等拥挤的场所，同时也使他们对花掉任何积蓄更加谨慎。一些公司会推迟重返办公室，就像苹果刚才所做的那样，这将损害市中心的餐馆等依赖上班族生意的场所。</blockquote></p><p> Bear in mind that the places where vaccine hesitancy is high and Covid-19 worries low aren’t monolithic: Some share of the population will up their caution, in some cases even if they are fully vaccinated for fear of a breakthrough infection. And the more new cases there are in their communities, the more cautious they will become.</p><p><blockquote>请记住，疫苗犹豫不决程度高、Covid-19 担忧程度低的地方并不是铁板一块的： 在某些情况下，即使他们因为害怕突破性感染而完全接种了疫苗，也会更加谨慎。他们社区的新病例越多，他们就会变得越谨慎。</blockquote></p><p> Nor are places where vaccination rates are better necessarily going to avoid the fallout from the contagious Delta variant. Around 72% of the 18 and over population of Los Angeles County have received at least once shot, more than the country at large, yet with case rates and hospitalizations rising, last week it reinstatedan order to wear masks indoorsin businesses and public places.</p><p><blockquote>疫苗接种率较高的地方也不一定能避免传染性德尔塔变异毒株的影响。洛杉矶县 18 岁及以上人口中约有 72% 至少接受过一次注射，比全国平均水平还要多，但随着病例率和住院人数的上升，上周该县恢复了在商店和公共场所室内戴口罩的命令。</blockquote></p><p> Then there is the question of what the start of the coming school year might look like. Children under the age of 12 aren’t eligible for vaccination, and authorization for children between 5 and 11 looks as if it won’t comeuntil sometime in the fall, at the earliest. Most schools intend to return to in-person classes, with some offering remote options, but the Delta variant could upend some of those plans.</p><p><blockquote>然后是下一个学年的开始会是什么样子的问题。12 岁以下的儿童没有资格接种疫苗，5 至 11 岁儿童的授权似乎要到秋季的某个时候才能获得。大多数学校打算恢复面对面授课，有些学校提供远程选择，但德尔塔变异毒株可能会颠覆其中一些计划。</blockquote></p><p> At the very least parents might need to prepare for the possibility of a positive Covid test shutting down a classroom, leaving their children, and them, stuck at home. Strategists at Evercore ISI point out that the return to school this fall was supposed to free parents for work, boosting the labor supply. But some of the job growth and easing of hiring strains that could create might now be deferred.</p><p><blockquote>至少，家长可能需要为新冠病毒检测呈阳性的可能性做好准备，从而关闭教室，让他们的孩子和他们自己被困在家里。Evercore ISI的策略师指出，今年秋天重返校园应该可以让家长们免去工作，从而增加劳动力供应。但可能造成的一些就业增长和招聘压力的缓解现在可能会被推迟。</blockquote></p><p> The economy has been growing since April last year—a point brought home by the National Bureau of Economic Research’srecent determinationthat that was when the brief, severe recession the pandemic brought on ended. It kept growing despite a new surge in Covid-19 infections last summer and another wave in the late fall through winter. Unlike in those previous surges, many Americans have been vaccinated so the impact won’t be as severe as it otherwise might have been.</p><p><blockquote>自去年 4 月以来，美国经济一直在增长--美国国家经济研究局（National Bureau of Economic Research）最近认定，到那时，大流行病带来的短暂而严重的衰退已经结束。尽管去年夏天 Covid-19 感染人数再次激增，并在深秋至冬季出现另一波疫情，但疫情仍在持续增长。与以往的激增不同，许多美国人已经接种了疫苗，因此影响不会像其他情况下那么严重。</blockquote></p><p> But things could have been so much better.</p><p><blockquote>但是事情本可以好得多。</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>Delta Variant Can Still Clip U.S. Economy’s Wings<blockquote>德尔塔变异毒株仍然可以夹住美国经济的翅膀</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\">\nDelta Variant Can Still Clip U.S. Economy’s Wings<blockquote>德尔塔变异毒株仍然可以夹住美国经济的翅膀</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Wall Street Journal</strong><span class=\"h-time small\">2021-07-22 21:23</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  Variant might not have the same impact as previous surges, but spotty rates of vaccination mean it could slow growth.  The Delta variant of the coronavirus probablywon’t derail the U.S. economy. That doesn’t mean it can’t damage parts of it.</p><p><blockquote>变异可能不会产生与以前激增相同的影响，但疫苗接种率不稳定意味着它可能会减缓增长。冠状病毒的德尔塔变异毒株可能不会使美国经济脱轨。这并不意味着它不能损坏它的某些部分。</blockquote></p><p> For a while, America’s progress against the Covid-19 pandemic looked very good. Millions of people were getting vaccinated each day, Covid-19 cases, hospitalizations and deaths were falling, and a return to something like normal beckoned. But then the vaccine rollout slowed markedly just as the far more contagiousDelta variant took hold. Cases, hospitalizations and deaths have begun to rise.</p><p><blockquote>有一段时间，美国在抗击 Covid-19 大流行病方面的进展看起来非常好。每天都有数百万人接种疫苗，新冠肺炎病例、住院和死亡人数都在下降，恢复正常的呼唤着。但随后，随着传染性更强的三角洲变种的出现，疫苗的推出明显放缓。病例、住院和死亡人数开始上升。</blockquote></p><p> It is tempting to imagine the Delta variant won’t dent the economy at all.</p><p><blockquote>人们很容易想象，德尔塔变异毒株根本不会削弱经济。</blockquote></p><p> Across the board, state and local officials seem far less apt to dial up restrictions in response to rising Covid-19 cases than they were a year ago, while the places with low vaccine uptake also happen to be the places that are most resistant to restrictions. Moreover, many people are vaccinated—particularly the elderly—and with the apparent efficacy of current vaccines against the Delta variant, the U.S. seems unlikely to revisit the staggering mortality statistics of the sort it experienced before vaccines became widely available. Finally, the savings many Americans built up over the past year left them with ample money to throw around, while businesses’ scramble for workers points to a labor market that should keep generating income gains.</p><p><blockquote>总体而言，与一年前相比，州和地方官员似乎不太倾向于加强限制来应对不断上升的新冠肺炎病例，而疫苗接种率低的地方也恰好是最抵制限制的地方。此外，许多人接种了疫苗——尤其是老年人——鉴于当前疫苗对德尔塔变异毒株病毒的明显疗效，美国似乎不太可能重温疫苗广泛使用之前经历的惊人死亡率统计数据。最后，许多美国人在过去一年中积累的储蓄让他们有充足的资金可以挥霍，而企业对工人的争抢则表明劳动力市场应该会继续产生收入增长。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/dc6f808b2d4e2353d6504f76af7f3af0\" tg-width=\"737\" tg-height=\"511\" width=\"100%\" height=\"auto\">Those are all things that should ensure the economy continues to grow, but it probably won’t grow as swiftly as it otherwise could have. Worries about the Delta variant will lead some people to refrain from entering crowded settings, such as restaurants or airplanes, while also making them more cautious about spending down any savings. Some companieswill delay their return to the office, as Apple just did, and that will hurt downtown restaurants and the like that depend on office workers’ business.</p><p><blockquote>这些都是确保经济持续增长的因素，但经济可能不会像其他情况下那样快速增长。对德尔塔变异毒株的担忧将导致一些人避免进入餐馆或飞机等拥挤的场所，同时也使他们对花掉任何积蓄更加谨慎。一些公司会推迟重返办公室，就像苹果刚才所做的那样，这将损害市中心的餐馆等依赖上班族生意的场所。</blockquote></p><p> Bear in mind that the places where vaccine hesitancy is high and Covid-19 worries low aren’t monolithic: Some share of the population will up their caution, in some cases even if they are fully vaccinated for fear of a breakthrough infection. And the more new cases there are in their communities, the more cautious they will become.</p><p><blockquote>请记住，疫苗犹豫不决程度高、Covid-19 担忧程度低的地方并不是铁板一块的： 在某些情况下，即使他们因为害怕突破性感染而完全接种了疫苗，也会更加谨慎。他们社区的新病例越多，他们就会变得越谨慎。</blockquote></p><p> Nor are places where vaccination rates are better necessarily going to avoid the fallout from the contagious Delta variant. Around 72% of the 18 and over population of Los Angeles County have received at least once shot, more than the country at large, yet with case rates and hospitalizations rising, last week it reinstatedan order to wear masks indoorsin businesses and public places.</p><p><blockquote>疫苗接种率较高的地方也不一定能避免传染性德尔塔变异毒株的影响。洛杉矶县 18 岁及以上人口中约有 72% 至少接受过一次注射，比全国平均水平还要多，但随着病例率和住院人数的上升，上周该县恢复了在商店和公共场所室内戴口罩的命令。</blockquote></p><p> Then there is the question of what the start of the coming school year might look like. Children under the age of 12 aren’t eligible for vaccination, and authorization for children between 5 and 11 looks as if it won’t comeuntil sometime in the fall, at the earliest. Most schools intend to return to in-person classes, with some offering remote options, but the Delta variant could upend some of those plans.</p><p><blockquote>然后是下一个学年的开始会是什么样子的问题。12 岁以下的儿童没有资格接种疫苗，5 至 11 岁儿童的授权似乎要到秋季的某个时候才能获得。大多数学校打算恢复面对面授课，有些学校提供远程选择，但德尔塔变异毒株可能会颠覆其中一些计划。</blockquote></p><p> At the very least parents might need to prepare for the possibility of a positive Covid test shutting down a classroom, leaving their children, and them, stuck at home. Strategists at Evercore ISI point out that the return to school this fall was supposed to free parents for work, boosting the labor supply. But some of the job growth and easing of hiring strains that could create might now be deferred.</p><p><blockquote>至少，家长可能需要为新冠病毒检测呈阳性的可能性做好准备，从而关闭教室，让他们的孩子和他们自己被困在家里。Evercore ISI的策略师指出，今年秋天重返校园应该可以让家长们免去工作，从而增加劳动力供应。但可能造成的一些就业增长和招聘压力的缓解现在可能会被推迟。</blockquote></p><p> The economy has been growing since April last year—a point brought home by the National Bureau of Economic Research’srecent determinationthat that was when the brief, severe recession the pandemic brought on ended. It kept growing despite a new surge in Covid-19 infections last summer and another wave in the late fall through winter. Unlike in those previous surges, many Americans have been vaccinated so the impact won’t be as severe as it otherwise might have been.</p><p><blockquote>自去年 4 月以来，美国经济一直在增长--美国国家经济研究局（National Bureau of Economic Research）最近认定，到那时，大流行病带来的短暂而严重的衰退已经结束。尽管去年夏天 Covid-19 感染人数再次激增，并在深秋至冬季出现另一波疫情，但疫情仍在持续增长。与以往的激增不同，许多美国人已经接种了疫苗，因此影响不会像其他情况下那么严重。</blockquote></p><p> But things could have been so much better.</p><p><blockquote>但是事情本可以好得多。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/delta-variant-can-still-clip-u-s-economys-wings-11626959045?mod=rss_markets_main\">The Wall Street Journal</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯","SPY":"标普500ETF",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://www.wsj.com/articles/delta-variant-can-still-clip-u-s-economys-wings-11626959045?mod=rss_markets_main","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170462111","content_text":"Variant might not have the same impact as previous surges, but spotty rates of vaccination mean it could slow growth.\n\nThe Delta variant of the coronavirus probablywon’t derail the U.S. economy. That doesn’t mean it can’t damage parts of it.\nFor a while, America’s progress against the Covid-19 pandemic looked very good. Millions of people were getting vaccinated each day, Covid-19 cases, hospitalizations and deaths were falling, and a return to something like normal beckoned. But then the vaccine rollout slowed markedly just as the far more contagiousDelta variant took hold. Cases, hospitalizations and deaths have begun to rise.\nIt is tempting to imagine the Delta variant won’t dent the economy at all.\nAcross the board, state and local officials seem far less apt to dial up restrictions in response to rising Covid-19 cases than they were a year ago, while the places with low vaccine uptake also happen to be the places that are most resistant to restrictions. Moreover, many people are vaccinated—particularly the elderly—and with the apparent efficacy of current vaccines against the Delta variant, the U.S. seems unlikely to revisit the staggering mortality statistics of the sort it experienced before vaccines became widely available. Finally, the savings many Americans built up over the past year left them with ample money to throw around, while businesses’ scramble for workers points to a labor market that should keep generating income gains.\nThose are all things that should ensure the economy continues to grow, but it probably won’t grow as swiftly as it otherwise could have. Worries about the Delta variant will lead some people to refrain from entering crowded settings, such as restaurants or airplanes, while also making them more cautious about spending down any savings. Some companieswill delay their return to the office, as Apple just did, and that will hurt downtown restaurants and the like that depend on office workers’ business.\nBear in mind that the places where vaccine hesitancy is high and Covid-19 worries low aren’t monolithic: Some share of the population will up their caution, in some cases even if they are fully vaccinated for fear of a breakthrough infection. And the more new cases there are in their communities, the more cautious they will become.\nNor are places where vaccination rates are better necessarily going to avoid the fallout from the contagious Delta variant. Around 72% of the 18 and over population of Los Angeles County have received at least once shot, more than the country at large, yet with case rates and hospitalizations rising, last week it reinstatedan order to wear masks indoorsin businesses and public places.\nThen there is the question of what the start of the coming school year might look like. Children under the age of 12 aren’t eligible for vaccination, and authorization for children between 5 and 11 looks as if it won’t comeuntil sometime in the fall, at the earliest. Most schools intend to return to in-person classes, with some offering remote options, but the Delta variant could upend some of those plans.\nAt the very least parents might need to prepare for the possibility of a positive Covid test shutting down a classroom, leaving their children, and them, stuck at home. Strategists at Evercore ISI point out that the return to school this fall was supposed to free parents for work, boosting the labor supply. But some of the job growth and easing of hiring strains that could create might now be deferred.\nThe economy has been growing since April last year—a point brought home by the National Bureau of Economic Research’srecent determinationthat that was when the brief, severe recession the pandemic brought on ended. It kept growing despite a new surge in Covid-19 infections last summer and another wave in the late fall through winter. Unlike in those previous surges, many Americans have been vaccinated so the impact won’t be as severe as it otherwise might have been.\nBut things could have been so much better.","news_type":1,"symbols_score_info":{".IXIC":0.9,".DJI":0.9,"SPY":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":948,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":176803431,"gmtCreate":1626874853523,"gmtModify":1631889080904,"author":{"id":"3562791266647459","authorId":"3562791266647459","name":"Atsc89","avatar":"https://static.tigerbbs.com/9ec47b1c36e59ba1ef8caac8ab619319","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562791266647459","authorIdStr":"3562791266647459"},"themes":[],"title":"","htmlText":"Give me a like","listText":"Give me a like","text":"Give me a like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/176803431","repostId":"2153646615","repostType":4,"isVote":1,"tweetType":1,"viewCount":802,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":171934206,"gmtCreate":1626701932605,"gmtModify":1631889080907,"author":{"id":"3562791266647459","authorId":"3562791266647459","name":"Atsc89","avatar":"https://static.tigerbbs.com/9ec47b1c36e59ba1ef8caac8ab619319","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562791266647459","authorIdStr":"3562791266647459"},"themes":[],"title":"","htmlText":"Like pls&nbsp;","listText":"Like pls&nbsp;","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/171934206","repostId":"1146536243","repostType":4,"repost":{"id":"1146536243","kind":"news","pubTimestamp":1626683272,"share":"https://www.laohunote.com/m/news/1146536243?lang=zh_CN&edition=full","pubTime":"2021-07-19 16:27","market":"us","language":"en","title":"Morgan Stanley: This Cycle Will Be \"Hotter But Shorter\" Than Usual<blockquote>摩根士丹利：这个周期将比往常“更热但更短”</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1146536243","media":"zerohedge","summary":"This cycle is unusual. Most 'normal' cycles are. We think that the recovery is sustainable and more likely to be ‘hotter and shorter’. Sell Treasuries and trust the expansion.","content":"<p>We think that this economic cycle will be normal, strong and short. Each of these assumptions is being hotly debated by the market. Each is key to our investment strategy.</p><p><blockquote>我们认为本轮经济周期将是正常的、强劲的、短暂的。这些假设中的每一个都受到了市场的激烈争论。每一个都是我们投资策略的关键。</blockquote></p><p> The debate over cycle 'normalcy' is self-explanatory. The pandemic created, without exaggeration, the single sharpest decline in output in recorded history. Then activity raced back, helped by policy support. The case for viewing this situation as unique, and distinct from other cyclical experiences, is based on the view that a fall and rise this violent never allowed for a traditional 'reset'.</p><p><blockquote>关于周期“常态”的争论是不言自明的。毫不夸张地说，疫情创造了有记录以来产出最急剧下降的一次。随后，在政策支持的帮助下，活动迅速回升。将这种情况视为独特的，不同于其他周期性经历的理由是，这种剧烈的下跌和上涨从来不允许传统的“重置”。</blockquote></p><p> But 'normal' in markets is a funny concept, with the rough edges of memory often smoothed and polished by the passage of time. The cycle of 2003-07 ended with the largest banking and housing crisis since the Great Depression. The cycle of 1992-2000 ended with the bursting of an enormous equity bubble, widespread accounting fraud and unspeakable tragedy. 'Normal' cycles are nice in theory, harder in practice.</p><p><blockquote>但市场上的“正常”是一个有趣的概念，记忆的粗糙边缘往往会随着时间的推移而变得平滑和打磨。2003-07年的周期以大萧条以来最大的银行和房地产危机告终。1992-2000年的周期以巨大的股票泡沫破裂、广泛的会计欺诈和难以言表的悲剧而告终。“正常”周期在理论上很好，但在实践中更难。</blockquote></p><p> Instead, let’s consider why we use the term ‘cycle’ at all. Economies and markets tend to follow cyclical patterns, patterns that tend to show up in market performance. It is those patterns we care about, and if they still apply, they can provide a useful guide in uncertain terrain.</p><p><blockquote>相反，让我们考虑一下为什么要使用 “周期 ”这个词。经济和市场倾向于遵循周期性模式，这种模式往往会出现在市场表现中。我们关心的是这些模式，如果它们仍然适用，它们可以在不确定的地形中提供有用的指导。</blockquote></p><p> Was last year’s recession preceded by late-cycle conditions such as an inverted yield curve, low volatility, low unemployment, high consumer confidence and narrowing equity market breadth? It was. Did the resulting troughs in equities, credit, yields and yield curves match the usual cadence between market and economic lows? They did. And were the leaders of the ensuing rally the usual early-cycle winners, like small and cyclical stocks, high yield credit and industrial metals? They were.</p><p><blockquote>去年的经济衰退之前是否存在收益率曲线倒挂、低波动性、低失业率、高消费者信心和股市广度收窄等后期周期条件？确实如此。由此产生的股票、信贷、收益率和收益率曲线的低谷是否与市场和经济低点之间的通常节奏相匹配？他们做到了。随后反弹的领头羊是通常的早期周期赢家吗，比如小盘股和周期性股票、高收益信贷和工业金属？他们是。</blockquote></p><p> If it walks like a duck and quacks like a duck, we think that it’s a normal cycle. Or as normal as these things realistically are.&nbsp;If a lot of 'normal' cycle behavior has played out so far, it should&nbsp;<i>continue</i>&nbsp;to do so.</p><p><blockquote>如果它像鸭子一样走路，像鸭子一样嘎嘎叫，我们认为这是一个正常的循环。或者像这些事情实际上一样正常。如果到目前为止已经出现了很多“正常”的循环行为，它应该<i>继续</i>这样做。</blockquote></p><p> Specifically, this relates to patterns of performance as the market recovers. And as that recovery advances, those patterns should shift. As noted by my colleague Michael Wilson, we think that we are moving to a mid-cycle market, despite being just 16 months removed from the lows of economic activity. We see a number of similarities between current conditions and 1H04, a mid-cycle period that followed a large, reflationary rally. And importantly, despite recent fears about growth, we think that the global recovery will keep pushing on (see&nbsp;The Growth Scare Anniversary, July 11, 2021).</p><p><blockquote>具体来说，这与市场复苏时的表现模式有关。随着复苏进展，这些模式应该会改变。正如我的同事迈克尔·威尔逊 (Michael Wilson) 指出的那样，我们认为我们正在进入周期中期市场，尽管距离经济活动低点仅 16 个月。我们看到当前情况与 2004 年上半年有许多相似之处，上半年是继大规模通货膨胀反弹之后的中期周期。重要的是，尽管最近对增长感到担忧，但我们认为全球复苏将继续推进（参见2021年7月11日的增长恐慌周年纪念日）。</blockquote></p><p> Because one can always find an indicator that fits their particular cycle view, we’ve long been fans of a composite. That’s our ‘cycle model’, which combines ten US metrics across macro, the credit cycle and corporate aggression to gauge where we are in the market cycle. After moving into late-cycle ‘downturn’ in June 2019, and early-cycle ‘repair’ in April 2020, it’s rocketed higher.<b>It has risen so fast that it’s blown right past what should be the next phase ('recovery'), and moved right into ‘expansion’.</b></p><p><blockquote>因为总能找到适合自己特定周期观点的指标，所以我们一直都喜欢复合指标。这就是我们的 “周期模型”，它结合了宏观经济、信贷周期和企业侵略性的十项美国指标，以衡量我们在市场周期中的位置。在 2019 年 6 月进入周期后期 “低迷 ”和 2020 年 4 月进入周期早期 “修复 ”之后，该指数一路飙升。<b>它的崛起如此之快，以至于刚刚度过了下一阶段（'复苏'），直接进入了'扩张'。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/41879c4f66b33597ee236bdd52841004\" tg-width=\"904\" tg-height=\"490\" referrerpolicy=\"no-referrer\">Thisis unusual. ‘Expansion’ is meant to capture conditions that are 'better than normal, and improving',<b>and since 1980, it has taken an average of 35 months to get there after 'downturn' ends</b>. Its speedy arrival speaks to a speedy recovery powered by enormous policy support.<b>It also hints at another possibility:&nbsp;this hotter cycle could be shorter.</b>This is our thesis, and it’s showing up in our quantitative measure.</p><p><blockquote>不寻常的论文。“扩展 ”意味着捕捉 “比正常情况更好，并且正在改善 ”的条件、<b>自1980年以来，“经济衰退”结束后平均需要35个月才能到达那里</b>它的迅速到来表明，在巨大的政策支持下，经济正在迅速复苏。<b>这也暗示了另一种可能性：这个更热的周期可能会更短。</b>这就是我们的论点，也体现在我们的定量测量中。</blockquote></p><p> All this has a number of implications:</p><p><blockquote>所有这些都有许多含义：</blockquote></p><p></p><p> <ul>  <li><b>The shorter the cycle, the worse for credit relative to other risky assets; credit enjoys fewer of the gains from the 'boom', is exposed if the next downturn is early, and faces more supply as corporate confidence increases</b>. In the ‘expansion’ phase of our cycle model, US IG and HY credit N12M excess returns are 29bp and 161bp worse than average, respectively.</li>  <li><b>In many of those periods, more mixed credit performance occurs despite default rates remaining low</b>. Investors should try to take default risk over spread risk: our credit strategists like owning CDX HY 0-15%, and hedging with CDX IG payer spreads.</li>  <li><b>In equities, we think that our model supports more balance in portfolios</b>. We like healthcare in both the US and Europe as a sector with several nice factor exposures: quality, low valuation, high carry and low volatility. Globally, equities in Europe and Japan have tended to outperform 'mid-cycle', and we think that they can do so again.</li>  <li><b>Interest rates are too pessimistic on the recovery. US 10-year Treasury N12M returns are 97bp worse than average during the ‘expansion’ phase of our cycle model</b>. Guneet Dhingra and our US interest rate strategy team have moved underweight US 10-year Treasuries, and we in turn have moved back underweight government bonds in our global asset allocation.</li> </ul> This cycle is unusual. Most 'normal' cycles are. We think that the recovery is sustainable and more likely to be ‘hotter and shorter’. Sell Treasuries and trust the expansion.</p><p><blockquote><ul><li><b>周期越短，相对于其他风险资产，信贷越差；信贷从“繁荣”中获得的收益较少，如果下一次经济衰退提前，信贷就会面临风险，并且随着企业信心的增强，信贷将面临更多供应</b>.在我们的周期模型的“扩张”阶段，美国IG和HY信贷N1200万超额回报率分别比平均水平差29bp和161bp。</li><li><b>在其中许多时期，尽管违约率仍然很低，但信贷表现更加喜忧参半</b>投资者应尝试承担违约风险而不是利差风险：我们的信贷策略师喜欢持有 CDX HY 0-15%，并用 CDX IG 付款人利差进行对冲。</li><li><b>在股票方面，我们认为我们的模型支持投资组合的更大平衡</b>我们喜欢美国和欧洲的医疗保健行业，因为它有几个有利的因素：质量、低估值、高套利和低波动性。从全球来看，欧洲和日本的股市往往表现优于“周期中期”，我们认为它们可以再次做到这一点。</li><li><b>利率对复苏过于悲观。在我们的周期模型的“扩张”阶段，美国10年期国债1200万奈拉的收益率比平均水平低97个基点</b>. Guneet Dhingra 和我们的美国利率策略团队已将跑输大盘美国 10 年期国债移至我们的全球资产配置中，我们反过来又将跑输大盘国债移回。</li></ul>这个周期是不寻常的。大多数“正常”周期是。我们认为复苏是可持续的，而且更有可能“更热、更短”。出售国债并相信扩张。</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>Morgan Stanley: This Cycle Will Be \"Hotter But Shorter\" Than Usual<blockquote>摩根士丹利：这个周期将比往常“更热但更短”</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\">\nMorgan Stanley: This Cycle Will Be \"Hotter But Shorter\" Than Usual<blockquote>摩根士丹利：这个周期将比往常“更热但更短”</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-07-19 16:27</span>\n</p>\n</h4>\n</header>\n<article>\n<p>We think that this economic cycle will be normal, strong and short. Each of these assumptions is being hotly debated by the market. Each is key to our investment strategy.</p><p><blockquote>我们认为本轮经济周期将是正常的、强劲的、短暂的。这些假设中的每一个都受到了市场的激烈争论。每一个都是我们投资策略的关键。</blockquote></p><p> The debate over cycle 'normalcy' is self-explanatory. The pandemic created, without exaggeration, the single sharpest decline in output in recorded history. Then activity raced back, helped by policy support. The case for viewing this situation as unique, and distinct from other cyclical experiences, is based on the view that a fall and rise this violent never allowed for a traditional 'reset'.</p><p><blockquote>关于周期“常态”的争论是不言自明的。毫不夸张地说，疫情创造了有记录以来产出最急剧下降的一次。随后，在政策支持的帮助下，活动迅速回升。将这种情况视为独特的，不同于其他周期性经历的理由是，这种剧烈的下跌和上涨从来不允许传统的“重置”。</blockquote></p><p> But 'normal' in markets is a funny concept, with the rough edges of memory often smoothed and polished by the passage of time. The cycle of 2003-07 ended with the largest banking and housing crisis since the Great Depression. The cycle of 1992-2000 ended with the bursting of an enormous equity bubble, widespread accounting fraud and unspeakable tragedy. 'Normal' cycles are nice in theory, harder in practice.</p><p><blockquote>但市场上的“正常”是一个有趣的概念，记忆的粗糙边缘往往会随着时间的推移而变得平滑和打磨。2003-07年的周期以大萧条以来最大的银行和房地产危机告终。1992-2000年的周期以巨大的股票泡沫破裂、广泛的会计欺诈和难以言表的悲剧而告终。“正常”周期在理论上很好，但在实践中更难。</blockquote></p><p> Instead, let’s consider why we use the term ‘cycle’ at all. Economies and markets tend to follow cyclical patterns, patterns that tend to show up in market performance. It is those patterns we care about, and if they still apply, they can provide a useful guide in uncertain terrain.</p><p><blockquote>相反，让我们考虑一下为什么要使用 “周期 ”这个词。经济和市场倾向于遵循周期性模式，这种模式往往会出现在市场表现中。我们关心的是这些模式，如果它们仍然适用，它们可以在不确定的地形中提供有用的指导。</blockquote></p><p> Was last year’s recession preceded by late-cycle conditions such as an inverted yield curve, low volatility, low unemployment, high consumer confidence and narrowing equity market breadth? It was. Did the resulting troughs in equities, credit, yields and yield curves match the usual cadence between market and economic lows? They did. And were the leaders of the ensuing rally the usual early-cycle winners, like small and cyclical stocks, high yield credit and industrial metals? They were.</p><p><blockquote>去年的经济衰退之前是否存在收益率曲线倒挂、低波动性、低失业率、高消费者信心和股市广度收窄等后期周期条件？确实如此。由此产生的股票、信贷、收益率和收益率曲线的低谷是否与市场和经济低点之间的通常节奏相匹配？他们做到了。随后反弹的领头羊是通常的早期周期赢家吗，比如小盘股和周期性股票、高收益信贷和工业金属？他们是。</blockquote></p><p> If it walks like a duck and quacks like a duck, we think that it’s a normal cycle. Or as normal as these things realistically are.&nbsp;If a lot of 'normal' cycle behavior has played out so far, it should&nbsp;<i>continue</i>&nbsp;to do so.</p><p><blockquote>如果它像鸭子一样走路，像鸭子一样嘎嘎叫，我们认为这是一个正常的循环。或者像这些事情实际上一样正常。如果到目前为止已经出现了很多“正常”的循环行为，它应该<i>继续</i>这样做。</blockquote></p><p> Specifically, this relates to patterns of performance as the market recovers. And as that recovery advances, those patterns should shift. As noted by my colleague Michael Wilson, we think that we are moving to a mid-cycle market, despite being just 16 months removed from the lows of economic activity. We see a number of similarities between current conditions and 1H04, a mid-cycle period that followed a large, reflationary rally. And importantly, despite recent fears about growth, we think that the global recovery will keep pushing on (see&nbsp;The Growth Scare Anniversary, July 11, 2021).</p><p><blockquote>具体来说，这与市场复苏时的表现模式有关。随着复苏进展，这些模式应该会改变。正如我的同事迈克尔·威尔逊 (Michael Wilson) 指出的那样，我们认为我们正在进入周期中期市场，尽管距离经济活动低点仅 16 个月。我们看到当前情况与 2004 年上半年有许多相似之处，上半年是继大规模通货膨胀反弹之后的中期周期。重要的是，尽管最近对增长感到担忧，但我们认为全球复苏将继续推进（参见2021年7月11日的增长恐慌周年纪念日）。</blockquote></p><p> Because one can always find an indicator that fits their particular cycle view, we’ve long been fans of a composite. That’s our ‘cycle model’, which combines ten US metrics across macro, the credit cycle and corporate aggression to gauge where we are in the market cycle. After moving into late-cycle ‘downturn’ in June 2019, and early-cycle ‘repair’ in April 2020, it’s rocketed higher.<b>It has risen so fast that it’s blown right past what should be the next phase ('recovery'), and moved right into ‘expansion’.</b></p><p><blockquote>因为总能找到适合自己特定周期观点的指标，所以我们一直都喜欢复合指标。这就是我们的 “周期模型”，它结合了宏观经济、信贷周期和企业侵略性的十项美国指标，以衡量我们在市场周期中的位置。在 2019 年 6 月进入周期后期 “低迷 ”和 2020 年 4 月进入周期早期 “修复 ”之后，该指数一路飙升。<b>它的崛起如此之快，以至于刚刚度过了下一阶段（'复苏'），直接进入了'扩张'。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/41879c4f66b33597ee236bdd52841004\" tg-width=\"904\" tg-height=\"490\" referrerpolicy=\"no-referrer\">Thisis unusual. ‘Expansion’ is meant to capture conditions that are 'better than normal, and improving',<b>and since 1980, it has taken an average of 35 months to get there after 'downturn' ends</b>. Its speedy arrival speaks to a speedy recovery powered by enormous policy support.<b>It also hints at another possibility:&nbsp;this hotter cycle could be shorter.</b>This is our thesis, and it’s showing up in our quantitative measure.</p><p><blockquote>不寻常的论文。“扩展 ”意味着捕捉 “比正常情况更好，并且正在改善 ”的条件、<b>自1980年以来，“经济衰退”结束后平均需要35个月才能到达那里</b>它的迅速到来表明，在巨大的政策支持下，经济正在迅速复苏。<b>这也暗示了另一种可能性：这个更热的周期可能会更短。</b>这就是我们的论点，也体现在我们的定量测量中。</blockquote></p><p> All this has a number of implications:</p><p><blockquote>所有这些都有许多含义：</blockquote></p><p></p><p> <ul>  <li><b>The shorter the cycle, the worse for credit relative to other risky assets; credit enjoys fewer of the gains from the 'boom', is exposed if the next downturn is early, and faces more supply as corporate confidence increases</b>. In the ‘expansion’ phase of our cycle model, US IG and HY credit N12M excess returns are 29bp and 161bp worse than average, respectively.</li>  <li><b>In many of those periods, more mixed credit performance occurs despite default rates remaining low</b>. Investors should try to take default risk over spread risk: our credit strategists like owning CDX HY 0-15%, and hedging with CDX IG payer spreads.</li>  <li><b>In equities, we think that our model supports more balance in portfolios</b>. We like healthcare in both the US and Europe as a sector with several nice factor exposures: quality, low valuation, high carry and low volatility. Globally, equities in Europe and Japan have tended to outperform 'mid-cycle', and we think that they can do so again.</li>  <li><b>Interest rates are too pessimistic on the recovery. US 10-year Treasury N12M returns are 97bp worse than average during the ‘expansion’ phase of our cycle model</b>. Guneet Dhingra and our US interest rate strategy team have moved underweight US 10-year Treasuries, and we in turn have moved back underweight government bonds in our global asset allocation.</li> </ul> This cycle is unusual. Most 'normal' cycles are. We think that the recovery is sustainable and more likely to be ‘hotter and shorter’. Sell Treasuries and trust the expansion.</p><p><blockquote><ul><li><b>周期越短，相对于其他风险资产，信贷越差；信贷从“繁荣”中获得的收益较少，如果下一次经济衰退提前，信贷就会面临风险，并且随着企业信心的增强，信贷将面临更多供应</b>.在我们的周期模型的“扩张”阶段，美国IG和HY信贷N1200万超额回报率分别比平均水平差29bp和161bp。</li><li><b>在其中许多时期，尽管违约率仍然很低，但信贷表现更加喜忧参半</b>投资者应尝试承担违约风险而不是利差风险：我们的信贷策略师喜欢持有 CDX HY 0-15%，并用 CDX IG 付款人利差进行对冲。</li><li><b>在股票方面，我们认为我们的模型支持投资组合的更大平衡</b>我们喜欢美国和欧洲的医疗保健行业，因为它有几个有利的因素：质量、低估值、高套利和低波动性。从全球来看，欧洲和日本的股市往往表现优于“周期中期”，我们认为它们可以再次做到这一点。</li><li><b>利率对复苏过于悲观。在我们的周期模型的“扩张”阶段，美国10年期国债1200万奈拉的收益率比平均水平低97个基点</b>. Guneet Dhingra 和我们的美国利率策略团队已将跑输大盘美国 10 年期国债移至我们的全球资产配置中，我们反过来又将跑输大盘国债移回。</li></ul>这个周期是不寻常的。大多数“正常”周期是。我们认为复苏是可持续的，而且更有可能“更热、更短”。出售国债并相信扩张。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/morgan-stanley-cycle-will-be-hotter-shorter-usual\">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":{"SPY":"标普500ETF",".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.zerohedge.com/markets/morgan-stanley-cycle-will-be-hotter-shorter-usual","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1146536243","content_text":"We think that this economic cycle will be normal, strong and short. Each of these assumptions is being hotly debated by the market. Each is key to our investment strategy.\nThe debate over cycle 'normalcy' is self-explanatory. The pandemic created, without exaggeration, the single sharpest decline in output in recorded history. Then activity raced back, helped by policy support. The case for viewing this situation as unique, and distinct from other cyclical experiences, is based on the view that a fall and rise this violent never allowed for a traditional 'reset'.\nBut 'normal' in markets is a funny concept, with the rough edges of memory often smoothed and polished by the passage of time. The cycle of 2003-07 ended with the largest banking and housing crisis since the Great Depression. The cycle of 1992-2000 ended with the bursting of an enormous equity bubble, widespread accounting fraud and unspeakable tragedy. 'Normal' cycles are nice in theory, harder in practice.\nInstead, let’s consider why we use the term ‘cycle’ at all. Economies and markets tend to follow cyclical patterns, patterns that tend to show up in market performance. It is those patterns we care about, and if they still apply, they can provide a useful guide in uncertain terrain.\nWas last year’s recession preceded by late-cycle conditions such as an inverted yield curve, low volatility, low unemployment, high consumer confidence and narrowing equity market breadth? It was. Did the resulting troughs in equities, credit, yields and yield curves match the usual cadence between market and economic lows? They did. And were the leaders of the ensuing rally the usual early-cycle winners, like small and cyclical stocks, high yield credit and industrial metals? They were.\nIf it walks like a duck and quacks like a duck, we think that it’s a normal cycle. Or as normal as these things realistically are. If a lot of 'normal' cycle behavior has played out so far, it should continue to do so.\nSpecifically, this relates to patterns of performance as the market recovers. And as that recovery advances, those patterns should shift. As noted by my colleague Michael Wilson, we think that we are moving to a mid-cycle market, despite being just 16 months removed from the lows of economic activity. We see a number of similarities between current conditions and 1H04, a mid-cycle period that followed a large, reflationary rally. And importantly, despite recent fears about growth, we think that the global recovery will keep pushing on (see The Growth Scare Anniversary, July 11, 2021).\nBecause one can always find an indicator that fits their particular cycle view, we’ve long been fans of a composite. That’s our ‘cycle model’, which combines ten US metrics across macro, the credit cycle and corporate aggression to gauge where we are in the market cycle. After moving into late-cycle ‘downturn’ in June 2019, and early-cycle ‘repair’ in April 2020, it’s rocketed higher.It has risen so fast that it’s blown right past what should be the next phase ('recovery'), and moved right into ‘expansion’.\nThisis unusual. ‘Expansion’ is meant to capture conditions that are 'better than normal, and improving',and since 1980, it has taken an average of 35 months to get there after 'downturn' ends. Its speedy arrival speaks to a speedy recovery powered by enormous policy support.It also hints at another possibility: this hotter cycle could be shorter.This is our thesis, and it’s showing up in our quantitative measure.\nAll this has a number of implications:\n\nThe shorter the cycle, the worse for credit relative to other risky assets; credit enjoys fewer of the gains from the 'boom', is exposed if the next downturn is early, and faces more supply as corporate confidence increases. In the ‘expansion’ phase of our cycle model, US IG and HY credit N12M excess returns are 29bp and 161bp worse than average, respectively.\nIn many of those periods, more mixed credit performance occurs despite default rates remaining low. Investors should try to take default risk over spread risk: our credit strategists like owning CDX HY 0-15%, and hedging with CDX IG payer spreads.\nIn equities, we think that our model supports more balance in portfolios. We like healthcare in both the US and Europe as a sector with several nice factor exposures: quality, low valuation, high carry and low volatility. Globally, equities in Europe and Japan have tended to outperform 'mid-cycle', and we think that they can do so again.\nInterest rates are too pessimistic on the recovery. US 10-year Treasury N12M returns are 97bp worse than average during the ‘expansion’ phase of our cycle model. Guneet Dhingra and our US interest rate strategy team have moved underweight US 10-year Treasuries, and we in turn have moved back underweight government bonds in our global asset allocation.\n\nThis cycle is unusual. Most 'normal' cycles are. We think that the recovery is sustainable and more likely to be ‘hotter and shorter’. Sell Treasuries and trust the expansion.","news_type":1,"symbols_score_info":{".DJI":0.9,"SPY":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":901,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":179571455,"gmtCreate":1626568497277,"gmtModify":1631889080912,"author":{"id":"3562791266647459","authorId":"3562791266647459","name":"Atsc89","avatar":"https://static.tigerbbs.com/9ec47b1c36e59ba1ef8caac8ab619319","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562791266647459","authorIdStr":"3562791266647459"},"themes":[],"title":"","htmlText":"Done","listText":"Done","text":"Done","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/179571455","repostId":"1183956332","repostType":4,"isVote":1,"tweetType":1,"viewCount":961,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":170246325,"gmtCreate":1626439155767,"gmtModify":1631889080915,"author":{"id":"3562791266647459","authorId":"3562791266647459","name":"Atsc89","avatar":"https://static.tigerbbs.com/9ec47b1c36e59ba1ef8caac8ab619319","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562791266647459","authorIdStr":"3562791266647459"},"themes":[],"title":"","htmlText":"Give me a like","listText":"Give me a like","text":"Give me a like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/170246325","repostId":"1143386164","repostType":4,"repost":{"id":"1143386164","kind":"news","pubTimestamp":1626436074,"share":"https://www.laohunote.com/m/news/1143386164?lang=zh_CN&edition=full","pubTime":"2021-07-16 19:47","market":"fut","language":"en","title":"Oil Heads for Biggest Weekly Loss Since March on Virus Comeback<blockquote>由于病毒卷土重来，油价将创三月份以来最大单周跌幅</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1143386164","media":"Bloomberg","summary":"(Bloomberg) -- Oil headed for the biggest weekly loss since mid-March as a resurgence of Covid-19 th","content":"<p>(Bloomberg) -- Oil headed for the biggest weekly loss since mid-March as a resurgence of Covid-19 threatened the outlook for global fuel demand demand.</p><p><blockquote>（彭博社）——由于 Covid-19 的死灰复燃威胁到全球燃料需求前景，油价将创下 3 月中旬以来最大单周跌幅。</blockquote></p><p> Futures traded around $72 a barrel in New York, and are heading for a weekly decline of 3.4%. The fast-spreading delta variant is triggering renewed restrictions on movement as it sweeps across the globe, eroding fuel consumption in several Asian countries that had buoyed the recovery.</p><p><blockquote>纽约期货价格约为每桶 72 美元，周下跌 3.4%。迅速蔓延的德尔塔变异毒株席卷全球，引发了新的行动限制，侵蚀了几个亚洲国家的燃料消耗，而这些国家曾促进了经济复苏。</blockquote></p><p> At the same time, crude markets face the prospect of extra supplies from the OPEC+ coalition, as the United Arab Emirates and Saudi Arabia repair a rift that has stymied the group’s decision-making process.</p><p><blockquote>与此同时，随着阿拉伯联合酋长国和沙特阿拉伯修复阻碍该组织决策过程的裂痕，原油市场面临着来自欧佩克+联盟额外供应的前景。</blockquote></p><p> Price picked up on Friday as the dollar gave up some of this week’s gains, boosting the appeal of commodities priced in the U.S. currency.</p><p><blockquote>由于美元回吐了本周的部分涨幅，周五价格有所回升，提高了以美元计价的大宗商品的吸引力。</blockquote></p><p> Amid the concerns over demand, the structure of U.S. crude prices has faltered. While there’s still a premium on the most immediate contracts -- a condition known as backwardation that signals tight supplies -- it has eased significantly in some parts of the forward curve. The prompt premium stands at just 22 cents a barrel, from 75 cents a week ago.</p><p><blockquote>由于对需求的担忧，美国原油价格结构出现动摇。虽然最直接的合同仍然存在溢价--这种情况被称为滞后溢价，表明供应紧张--但在远期曲线的某些部分，溢价已经明显缓解。即期溢价仅为每桶 22 美分，而一周前为 75 美分。</blockquote></p><p> “Oil prices have been under pressure,” said Carsten Fritsch, an analyst at Commerzbank AG in Frankfurt. “We could quickly end up with too much oil being placed on the market.”</p><p><blockquote>“法兰克福德国商业银行分析师卡斯滕-弗里奇（Carsten Fritsch）说：”油价一直面临压力。“我们可能很快就会有太多的石油投放市场”。</blockquote></p><p> Still, crude has rallied almost 50% this year as the vaccine rollout helps restore economic activity, and forecasters from the International Energy Agency to Citigroup Inc. predict that the market will get tighter in coming months. The Organization of Petroleum Exporting Countries itself expects the recovery in demand for its crude will continue into next year.</p><p><blockquote>尽管如此，随着疫苗的推出有助于恢复经济活动，原油今年仍上涨了近 50%，从国际能源署到花旗集团的预测者预测，未来几个月市场将变得更加紧张。石油输出国组织本身预计，其原油需求的复苏将持续到明年。</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>Oil Heads for Biggest Weekly Loss Since March on Virus Comeback<blockquote>由于病毒卷土重来，油价将创三月份以来最大单周跌幅</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; 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\">\nOil Heads for Biggest Weekly Loss Since March on Virus Comeback<blockquote>由于病毒卷土重来，油价将创三月份以来最大单周跌幅</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Bloomberg</strong><span class=\"h-time small\">2021-07-16 19:47</span>\n</p>\n</h4>\n</header>\n<article>\n<p>(Bloomberg) -- Oil headed for the biggest weekly loss since mid-March as a resurgence of Covid-19 threatened the outlook for global fuel demand demand.</p><p><blockquote>（彭博社）——由于 Covid-19 的死灰复燃威胁到全球燃料需求前景，油价将创下 3 月中旬以来最大单周跌幅。</blockquote></p><p> Futures traded around $72 a barrel in New York, and are heading for a weekly decline of 3.4%. The fast-spreading delta variant is triggering renewed restrictions on movement as it sweeps across the globe, eroding fuel consumption in several Asian countries that had buoyed the recovery.</p><p><blockquote>纽约期货价格约为每桶 72 美元，周下跌 3.4%。迅速蔓延的德尔塔变异毒株席卷全球，引发了新的行动限制，侵蚀了几个亚洲国家的燃料消耗，而这些国家曾促进了经济复苏。</blockquote></p><p> At the same time, crude markets face the prospect of extra supplies from the OPEC+ coalition, as the United Arab Emirates and Saudi Arabia repair a rift that has stymied the group’s decision-making process.</p><p><blockquote>与此同时，随着阿拉伯联合酋长国和沙特阿拉伯修复阻碍该组织决策过程的裂痕，原油市场面临着来自欧佩克+联盟额外供应的前景。</blockquote></p><p> Price picked up on Friday as the dollar gave up some of this week’s gains, boosting the appeal of commodities priced in the U.S. currency.</p><p><blockquote>由于美元回吐了本周的部分涨幅，周五价格有所回升，提高了以美元计价的大宗商品的吸引力。</blockquote></p><p> Amid the concerns over demand, the structure of U.S. crude prices has faltered. While there’s still a premium on the most immediate contracts -- a condition known as backwardation that signals tight supplies -- it has eased significantly in some parts of the forward curve. The prompt premium stands at just 22 cents a barrel, from 75 cents a week ago.</p><p><blockquote>由于对需求的担忧，美国原油价格结构出现动摇。虽然最直接的合同仍然存在溢价--这种情况被称为滞后溢价，表明供应紧张--但在远期曲线的某些部分，溢价已经明显缓解。即期溢价仅为每桶 22 美分，而一周前为 75 美分。</blockquote></p><p> “Oil prices have been under pressure,” said Carsten Fritsch, an analyst at Commerzbank AG in Frankfurt. “We could quickly end up with too much oil being placed on the market.”</p><p><blockquote>“法兰克福德国商业银行分析师卡斯滕-弗里奇（Carsten Fritsch）说：”油价一直面临压力。“我们可能很快就会有太多的石油投放市场”。</blockquote></p><p> Still, crude has rallied almost 50% this year as the vaccine rollout helps restore economic activity, and forecasters from the International Energy Agency to Citigroup Inc. predict that the market will get tighter in coming months. The Organization of Petroleum Exporting Countries itself expects the recovery in demand for its crude will continue into next year.</p><p><blockquote>尽管如此，随着疫苗的推出有助于恢复经济活动，原油今年仍上涨了近 50%，从国际能源署到花旗集团的预测者预测，未来几个月市场将变得更加紧张。石油输出国组织本身预计，其原油需求的复苏将持续到明年。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/oil-set-worst-week-since-000148698.html\">Bloomberg</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":{"XOM":"埃克森美孚"},"source_url":"https://finance.yahoo.com/news/oil-set-worst-week-since-000148698.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1143386164","content_text":"(Bloomberg) -- Oil headed for the biggest weekly loss since mid-March as a resurgence of Covid-19 threatened the outlook for global fuel demand demand.\nFutures traded around $72 a barrel in New York, and are heading for a weekly decline of 3.4%. The fast-spreading delta variant is triggering renewed restrictions on movement as it sweeps across the globe, eroding fuel consumption in several Asian countries that had buoyed the recovery.\nAt the same time, crude markets face the prospect of extra supplies from the OPEC+ coalition, as the United Arab Emirates and Saudi Arabia repair a rift that has stymied the group’s decision-making process.\nPrice picked up on Friday as the dollar gave up some of this week’s gains, boosting the appeal of commodities priced in the U.S. currency.\nAmid the concerns over demand, the structure of U.S. crude prices has faltered. While there’s still a premium on the most immediate contracts -- a condition known as backwardation that signals tight supplies -- it has eased significantly in some parts of the forward curve. The prompt premium stands at just 22 cents a barrel, from 75 cents a week ago.\n“Oil prices have been under pressure,” said Carsten Fritsch, an analyst at Commerzbank AG in Frankfurt. “We could quickly end up with too much oil being placed on the market.”\nStill, crude has rallied almost 50% this year as the vaccine rollout helps restore economic activity, and forecasters from the International Energy Agency to Citigroup Inc. predict that the market will get tighter in coming months. The Organization of Petroleum Exporting Countries itself expects the recovery in demand for its crude will continue into next year.","news_type":1,"symbols_score_info":{"XOM":0.9,"CLmain":0.9}},"isVote":1,"tweetType":1,"viewCount":968,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":145039036,"gmtCreate":1626182142325,"gmtModify":1633929341304,"author":{"id":"3562791266647459","authorId":"3562791266647459","name":"Atsc89","avatar":"https://static.tigerbbs.com/9ec47b1c36e59ba1ef8caac8ab619319","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562791266647459","authorIdStr":"3562791266647459"},"themes":[],"title":"","htmlText":"Give me a like","listText":"Give me a like","text":"Give me a like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/145039036","repostId":"2151566352","repostType":4,"isVote":1,"tweetType":1,"viewCount":981,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":146585843,"gmtCreate":1626091217482,"gmtModify":1633930260776,"author":{"id":"3562791266647459","authorId":"3562791266647459","name":"Atsc89","avatar":"https://static.tigerbbs.com/9ec47b1c36e59ba1ef8caac8ab619319","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562791266647459","authorIdStr":"3562791266647459"},"themes":[],"title":"","htmlText":"Give me a like","listText":"Give me a like","text":"Give me a like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/146585843","repostId":"1114863871","repostType":4,"isVote":1,"tweetType":1,"viewCount":1185,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":143133738,"gmtCreate":1625778347824,"gmtModify":1633937522269,"author":{"id":"3562791266647459","authorId":"3562791266647459","name":"Atsc89","avatar":"https://static.tigerbbs.com/9ec47b1c36e59ba1ef8caac8ab619319","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562791266647459","authorIdStr":"3562791266647459"},"themes":[],"title":"","htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":7,"repostSize":0,"link":"https://laohu8.com/post/143133738","repostId":"1145034030","repostType":4,"isVote":1,"tweetType":1,"viewCount":776,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":140370725,"gmtCreate":1625633308667,"gmtModify":1633938855711,"author":{"id":"3562791266647459","authorId":"3562791266647459","name":"Atsc89","avatar":"https://static.tigerbbs.com/9ec47b1c36e59ba1ef8caac8ab619319","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562791266647459","authorIdStr":"3562791266647459"},"themes":[],"title":"","htmlText":"Like pls&nbsp;","listText":"Like pls&nbsp;","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/140370725","repostId":"1163143630","repostType":4,"isVote":1,"tweetType":1,"viewCount":964,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":143133738,"gmtCreate":1625778347824,"gmtModify":1633937522269,"author":{"id":"3562791266647459","authorId":"3562791266647459","name":"Atsc89","avatar":"https://static.tigerbbs.com/9ec47b1c36e59ba1ef8caac8ab619319","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3562791266647459","idStr":"3562791266647459"},"themes":[],"title":"","htmlText":"Like pls","listText":"Like pls","text":"Like 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fan","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/357746057","repostId":"1118806094","repostType":4,"isVote":1,"tweetType":1,"viewCount":1207,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":359805253,"gmtCreate":1616378696872,"gmtModify":1634526166893,"author":{"id":"3562791266647459","authorId":"3562791266647459","name":"Atsc89","avatar":"https://static.tigerbbs.com/9ec47b1c36e59ba1ef8caac8ab619319","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3562791266647459","idStr":"3562791266647459"},"themes":[],"title":"","htmlText":"Seriously? Hahaha buy? Comment","listText":"Seriously? Hahaha buy? Comment","text":"Seriously? Hahaha buy? Comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/359805253","repostId":"2121140614","repostType":4,"isVote":1,"tweetType":1,"viewCount":872,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":325076718,"gmtCreate":1615854431434,"gmtModify":1703493968414,"author":{"id":"3562791266647459","authorId":"3562791266647459","name":"Atsc89","avatar":"https://static.tigerbbs.com/9ec47b1c36e59ba1ef8caac8ab619319","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3562791266647459","idStr":"3562791266647459"},"themes":[],"title":"","htmlText":"Awesom! Give me a comment","listText":"Awesom! Give me a comment","text":"Awesom! Give me a comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/325076718","repostId":"1189586894","repostType":4,"isVote":1,"tweetType":1,"viewCount":883,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":806000057,"gmtCreate":1627613828179,"gmtModify":1631889080891,"author":{"id":"3562791266647459","authorId":"3562791266647459","name":"Atsc89","avatar":"https://static.tigerbbs.com/9ec47b1c36e59ba1ef8caac8ab619319","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3562791266647459","idStr":"3562791266647459"},"themes":[],"title":"","htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/806000057","repostId":"2155184148","repostType":4,"isVote":1,"tweetType":1,"viewCount":2868,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":116055227,"gmtCreate":1622767354269,"gmtModify":1634098260192,"author":{"id":"3562791266647459","authorId":"3562791266647459","name":"Atsc89","avatar":"https://static.tigerbbs.com/9ec47b1c36e59ba1ef8caac8ab619319","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3562791266647459","idStr":"3562791266647459"},"themes":[],"title":"","htmlText":"Like and comment","listText":"Like and comment","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/116055227","repostId":"1182667134","repostType":4,"isVote":1,"tweetType":1,"viewCount":396,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":324743693,"gmtCreate":1616033848512,"gmtModify":1703496656135,"author":{"id":"3562791266647459","authorId":"3562791266647459","name":"Atsc89","avatar":"https://static.tigerbbs.com/9ec47b1c36e59ba1ef8caac8ab619319","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3562791266647459","idStr":"3562791266647459"},"themes":[],"title":"","htmlText":"Give me ur comment","listText":"Give me ur comment","text":"Give me ur comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/324743693","repostId":"1148211036","repostType":4,"repost":{"id":"1148211036","kind":"news","pubTimestamp":1616033425,"share":"https://www.laohunote.com/m/news/1148211036?lang=zh_CN&edition=full","pubTime":"2021-03-18 10:10","market":"us","language":"en","title":"Why Virgin Galactic Stock Popped Wednesday<blockquote>为什么维珍银河股价周三暴涨</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1148211036","media":"Motley Fool","summary":"Was it general market optimism or analyst bullishness?\nWhat happened\nOn Wednesday,Virgin Galactic (N","content":"<p>Was it general market optimism or analyst bullishness?</p><p><blockquote>是市场普遍乐观还是分析师看涨？</blockquote></p><p> <b>What happened</b></p><p><blockquote><b>发生了什么事</b></blockquote></p><p> On Wednesday,<b>Virgin Galactic</b>&nbsp;(NYSE:SPCE)&nbsp;stock bounced back from Tuesday's sell-off. Because the share price really took off after 2 p.m. EDT, chances are that most of those gains (3.8% by the closing bell) came in response to news that the Federal Reserve plans to keep its benchmark fed funds interest rate near 0% through 2023 -- a policy that will limit the degree to which&nbsp;bonds will be competing&nbsp;with&nbsp;stocks&nbsp;for investors' attention. That announcement left investors generally ebullient about the stock market's prospects.</p><p><blockquote>周三，<b>维珍银河</b>（纽约证券交易所股票代码：SPCE）股价从周二的抛售中反弹。因为股价在下午 2 点后才真正起飞。美国东部时间，这些涨幅（收盘时上涨 3.8%）很可能是对美联储计划在 2023 年之前将联邦基金基准利率维持在 0% 附近的消息做出的反应——这一政策将限制债券将与股票争夺投资者注意力的程度。该公告让投资者普遍对股市前景感到兴奋。</blockquote></p><p> But there was also some company-specific good news for Virgin Galactic.</p><p><blockquote>但维珍银河也有一些公司特有的好消息。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9fd2dbdf32c3daf753c45305e30b90ea\" tg-width=\"2000\" tg-height=\"1334\"><span>IMAGE SOURCE: VIRGIN GALACTIC.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：维珍银河。</span></p></blockquote></p><p> <b>So what</b></p><p><blockquote><b>那又怎样</b></blockquote></p><p> Specifically,StreetInsider.com&nbsp;reported that after the close of trading Tuesday, analysts at Truist Securities (formerly BB&amp;T Securities, prior to BB&amp;T's merger with SunTrust),initiated coverage&nbsp;of Virgin Galactic stock with a buy rating and a $50 price target.</p><p><blockquote>具体来说，StreetInsider.com 报道称，周二收盘后，Truist Securities（BB&amp;T 与 SunTrust 合并之前的前身为 BB&amp;T Securities）的分析师开始对维珍银河股票进行买入评级，目标价为 50 美元。</blockquote></p><p> As \"one of the first market entrants, with proprietary technology, vertically integrated operations\" (such as an integrated spaceship-building operation -- The Spaceship Company), and \"plans for a consumer-oriented experience leveraging the Virgin brand,\" the Truist analysts predict that by 2030, Virgin Galactic will control 50% of the space tourism market.</p><p><blockquote>作为“首批拥有专有技术、垂直整合运营的市场进入者之一”（例如综合航天器建造运营——航天器公司），以及“利用维珍品牌提供面向消费者的体验计划”，Truist分析师预测，到2030年，维珍银河将控制太空旅游市场50%的份额。</blockquote></p><p> <b>Now what</b></p><p><blockquote><b>现在呢</b></blockquote></p><p> So far, so good. The space tourism market doesn't really exist yet, after all, and only two companies have clearly stated their intention to create one -- Virgin Galactic and Jeff Bezos's Blue Origin. In a situation like this one, guesstimating that these two competitors might split the market 50-50 seems perfectly logical -- especially if you give the companies most of a decade to work out the kinks and begin sending tourists to space.</p><p><blockquote>到目前为止，一切顺利。毕竟，太空旅游市场还没有真正存在，只有两家公司明确表示打算创建一个——维珍银河和杰夫·贝佐斯的蓝色起源。在这种情况下，猜测这两个竞争对手可能会将市场分成 50-50 似乎是完全合乎逻辑的——特别是如果你给这些公司十年的大部分时间来解决问题并开始将游客送入太空。</blockquote></p><p> In the nearer term, meanwhile, Truist stated an opinion held by some Virgin Galactic skeptics: The fact that the company has&nbsp;postponed test flight operations into May 2021&nbsp;probably means that it won't be able to begin flying commercially this year. In Truist's view, a commercial start-up is more \"likely ... in early 2022.\"</p><p><blockquote>与此同时，在短期内，Truist 表达了一些维珍银河怀疑论者的观点：该公司已将试飞运营推迟到 2021 年 5 月，这可能意味着它今年无法开始商业飞行。在 Truist 看来，商业初创公司“更有可能……在 2022 年初”。</blockquote></p><p> Near term, that sounds more like a bear argument to me -- but it's not preventing Truist from rating Virgin Galactic stock a buy.</p><p><blockquote>短期内，对我来说，这听起来更像是一个看跌论点，但这并不能阻止 Truist 将维珍银河股票评级为买入。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Virgin Galactic Stock Popped Wednesday<blockquote>为什么维珍银河股价周三暴涨</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Virgin Galactic Stock Popped Wednesday<blockquote>为什么维珍银河股价周三暴涨</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-03-18 10:10</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Was it general market optimism or analyst bullishness?</p><p><blockquote>是市场普遍乐观还是分析师看涨？</blockquote></p><p> <b>What happened</b></p><p><blockquote><b>发生了什么事</b></blockquote></p><p> On Wednesday,<b>Virgin Galactic</b>&nbsp;(NYSE:SPCE)&nbsp;stock bounced back from Tuesday's sell-off. Because the share price really took off after 2 p.m. EDT, chances are that most of those gains (3.8% by the closing bell) came in response to news that the Federal Reserve plans to keep its benchmark fed funds interest rate near 0% through 2023 -- a policy that will limit the degree to which&nbsp;bonds will be competing&nbsp;with&nbsp;stocks&nbsp;for investors' attention. That announcement left investors generally ebullient about the stock market's prospects.</p><p><blockquote>周三，<b>维珍银河</b>（纽约证券交易所股票代码：SPCE）股价从周二的抛售中反弹。因为股价在下午 2 点后才真正起飞。美国东部时间，这些涨幅（收盘时上涨 3.8%）很可能是对美联储计划在 2023 年之前将联邦基金基准利率维持在 0% 附近的消息做出的反应——这一政策将限制债券将与股票争夺投资者注意力的程度。该公告让投资者普遍对股市前景感到兴奋。</blockquote></p><p> But there was also some company-specific good news for Virgin Galactic.</p><p><blockquote>但维珍银河也有一些公司特有的好消息。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9fd2dbdf32c3daf753c45305e30b90ea\" tg-width=\"2000\" tg-height=\"1334\"><span>IMAGE SOURCE: VIRGIN GALACTIC.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：维珍银河。</span></p></blockquote></p><p> <b>So what</b></p><p><blockquote><b>那又怎样</b></blockquote></p><p> Specifically,StreetInsider.com&nbsp;reported that after the close of trading Tuesday, analysts at Truist Securities (formerly BB&amp;T Securities, prior to BB&amp;T's merger with SunTrust),initiated coverage&nbsp;of Virgin Galactic stock with a buy rating and a $50 price target.</p><p><blockquote>具体来说，StreetInsider.com 报道称，周二收盘后，Truist Securities（BB&amp;T 与 SunTrust 合并之前的前身为 BB&amp;T Securities）的分析师开始对维珍银河股票进行买入评级，目标价为 50 美元。</blockquote></p><p> As \"one of the first market entrants, with proprietary technology, vertically integrated operations\" (such as an integrated spaceship-building operation -- The Spaceship Company), and \"plans for a consumer-oriented experience leveraging the Virgin brand,\" the Truist analysts predict that by 2030, Virgin Galactic will control 50% of the space tourism market.</p><p><blockquote>作为“首批拥有专有技术、垂直整合运营的市场进入者之一”（例如综合航天器建造运营——航天器公司），以及“利用维珍品牌提供面向消费者的体验计划”，Truist分析师预测，到2030年，维珍银河将控制太空旅游市场50%的份额。</blockquote></p><p> <b>Now what</b></p><p><blockquote><b>现在呢</b></blockquote></p><p> So far, so good. The space tourism market doesn't really exist yet, after all, and only two companies have clearly stated their intention to create one -- Virgin Galactic and Jeff Bezos's Blue Origin. In a situation like this one, guesstimating that these two competitors might split the market 50-50 seems perfectly logical -- especially if you give the companies most of a decade to work out the kinks and begin sending tourists to space.</p><p><blockquote>到目前为止，一切顺利。毕竟，太空旅游市场还没有真正存在，只有两家公司明确表示打算创建一个——维珍银河和杰夫·贝佐斯的蓝色起源。在这种情况下，猜测这两个竞争对手可能会将市场分成 50-50 似乎是完全合乎逻辑的——特别是如果你给这些公司十年的大部分时间来解决问题并开始将游客送入太空。</blockquote></p><p> In the nearer term, meanwhile, Truist stated an opinion held by some Virgin Galactic skeptics: The fact that the company has&nbsp;postponed test flight operations into May 2021&nbsp;probably means that it won't be able to begin flying commercially this year. In Truist's view, a commercial start-up is more \"likely ... in early 2022.\"</p><p><blockquote>与此同时，在短期内，Truist 表达了一些维珍银河怀疑论者的观点：该公司已将试飞运营推迟到 2021 年 5 月，这可能意味着它今年无法开始商业飞行。在 Truist 看来，商业初创公司“更有可能……在 2022 年初”。</blockquote></p><p> Near term, that sounds more like a bear argument to me -- but it's not preventing Truist from rating Virgin Galactic stock a buy.</p><p><blockquote>短期内，对我来说，这听起来更像是一个看跌论点，但这并不能阻止 Truist 将维珍银河股票评级为买入。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/03/17/why-virgin-galactic-stock-popped-today/\">Motley Fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPCE":"维珍银河"},"source_url":"https://www.fool.com/investing/2021/03/17/why-virgin-galactic-stock-popped-today/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148211036","content_text":"Was it general market optimism or analyst bullishness?\nWhat happened\nOn Wednesday,Virgin Galactic (NYSE:SPCE) stock bounced back from Tuesday's sell-off. Because the share price really took off after 2 p.m. EDT, chances are that most of those gains (3.8% by the closing bell) came in response to news that the Federal Reserve plans to keep its benchmark fed funds interest rate near 0% through 2023 -- a policy that will limit the degree to which bonds will be competing with stocks for investors' attention. That announcement left investors generally ebullient about the stock market's prospects.\nBut there was also some company-specific good news for Virgin Galactic.\nIMAGE SOURCE: VIRGIN GALACTIC.\nSo what\nSpecifically,StreetInsider.com reported that after the close of trading Tuesday, analysts at Truist Securities (formerly BB&T Securities, prior to BB&T's merger with SunTrust),initiated coverage of Virgin Galactic stock with a buy rating and a $50 price target.\nAs \"one of the first market entrants, with proprietary technology, vertically integrated operations\" (such as an integrated spaceship-building operation -- The Spaceship Company), and \"plans for a consumer-oriented experience leveraging the Virgin brand,\" the Truist analysts predict that by 2030, Virgin Galactic will control 50% of the space tourism market.\nNow what\nSo far, so good. The space tourism market doesn't really exist yet, after all, and only two companies have clearly stated their intention to create one -- Virgin Galactic and Jeff Bezos's Blue Origin. In a situation like this one, guesstimating that these two competitors might split the market 50-50 seems perfectly logical -- especially if you give the companies most of a decade to work out the kinks and begin sending tourists to space.\nIn the nearer term, meanwhile, Truist stated an opinion held by some Virgin Galactic skeptics: The fact that the company has postponed test flight operations into May 2021 probably means that it won't be able to begin flying commercially this year. In Truist's view, a commercial start-up is more \"likely ... in early 2022.\"\nNear term, that sounds more like a bear argument to me -- but it's not preventing Truist from rating Virgin Galactic stock a buy.","news_type":1,"symbols_score_info":{"SPCE":0.9}},"isVote":1,"tweetType":1,"viewCount":623,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":823545765,"gmtCreate":1633651576864,"gmtModify":1633651577190,"author":{"id":"3562791266647459","authorId":"3562791266647459","name":"Atsc89","avatar":"https://static.tigerbbs.com/9ec47b1c36e59ba1ef8caac8ab619319","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3562791266647459","idStr":"3562791266647459"},"themes":[],"title":"","htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/823545765","repostId":"1142831373","repostType":4,"repost":{"id":"1142831373","kind":"news","pubTimestamp":1633650912,"share":"https://www.laohunote.com/m/news/1142831373?lang=zh_CN&edition=full","pubTime":"2021-10-08 07:55","market":"us","language":"en","title":"Undervalued Corsair Gaming: a Meme Stock That Isn't One?<blockquote>被低估的海盗船游戏：一只不是模因股票的模因股票？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1142831373","media":"TheStreet","summary":"According to Wall Street, Corsair Gaming stock is far from its fair value and investors should expec","content":"<p>According to Wall Street, Corsair Gaming stock is far from its fair value and investors should expect gains ahead. Wall Street Memes discusses the opportunity.</p><p><blockquote>据华尔街报道，Corsair Gaming 股票距离其公允价值还很远，投资者应该预计未来会上涨。华尔街迷因讨论了这个机会。</blockquote></p><p> Corsair Gaming stock&nbsp;shares one key feature with the likes of AMC and GameStop: they have been very popular on the main discussion boards lately. However, business fundamentals and recent price action suggest that CRSR does not quite deserve the label “meme stock”.</p><p><blockquote>Corsair Gaming 股票与 AMC 和游戏驿站等公司有一个关键特点：它们最近在主要讨论板上非常受欢迎。然而，商业基本面和近期的价格走势表明，CRSR 并不完全配得上 “模因股票 ”的标签。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b4524f69dcb99f2a1c856c0c42af1061\" tg-width=\"1240\" tg-height=\"698\" width=\"100%\" height=\"auto\"><span>Figure 1: Corsair gaming PC.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1：海盗船游戏电脑。</span></p></blockquote></p><p> CRSR probably draws the attention of the Reddit crowd due to its very high short interest of 37% of the float, along with cheap valuations. Partly for these reasons, Wall Street analysts have been calling for significant upside potential in Corsair stock, as we detail below.</p><p><blockquote>CRSR 可能会吸引 Reddit 人群的注意，因为它的空头权益非常高，占流通股的 37%，而且估值很低。部分出于这些原因，华尔街分析师一直呼吁海盗船股票具有巨大的上涨潜力，我们将在下面详细介绍。</blockquote></p><p> <b>Bullishness despite earnings miss</b></p><p><blockquote><b>尽管盈利未达预期，但看涨</b></blockquote></p><p> Based on four reports in the last 2 months, Corsair stock has a&nbsp;consensus&nbsp;share price target of $39, which implies 52% upside from current levels. Three out of four analysts rate the stock a buy, while one of them holds a neutral stance.</p><p><blockquote>根据过去 2 个月的四份报告，Corsair 股票的一致目标股价为 39 美元，这意味着较当前水平上涨 52%。四分之三的分析师将该股评级为买入，其中一位分析师持中性立场。</blockquote></p><p> Despite advocating for 63% upside potential and a buy recommendation,<b>Barclays</b>&nbsp;analyst Mario Lu&nbsp;lowered&nbsp;his price target to $42 from $47 recently. The second quarter earnings miss weighed on his price projection, especially due to lack of guidance. However, he highlighted that Corsair gained share in the components category in Q2 and maintaining share in peripherals, while the entire industry faced increasing shipping costs.</p><p><blockquote>尽管主张有 63% 的上涨潜力并建议买入，<b>巴克莱</b>分析师 Mario Lu 将目标价从最近的 47 美元下调至 42 美元。第二季度盈利低迷给他的价格预测带来了压力，特别是由于缺乏指导。不过，他强调，Corsair 在第二季度增加了零部件类别的份额，并保持了外围设备的份额，而整个行业面临着不断上涨的运输成本。</blockquote></p><p> <b>Baird</b>&nbsp;analyst Colin Sebastian was another who&nbsp;lowered&nbsp;the firm's price target to $38 from $48. The analyst still recommends a buy based on longer-term prospects. The pros of investing, which include new product introductions and direct-to-consumer opportunities, outweigh the current supply chain bottlenecks and higher logistics and freight costs.</p><p><blockquote><b>贝尔德</b>分析师科林·塞巴斯蒂安（Colin Sebastian）是另一位将该公司目标价从 48 美元下调至 38 美元的人。该分析师仍然根据长期前景建议买入。投资的好处包括新产品推出和直接面向消费者的机会，超过了当前的供应链瓶颈以及更高的物流和运费成本。</blockquote></p><p> The last bull on the radar is&nbsp;<b>Wedbush</b>’s Michael Pachter. The analyst&nbsp;pulled back&nbsp;on his very bullish $55 price target but maintained his buy recommendation, following Corsair second quarter earnings results miss. Still, the analyst sees upside potential of over 70%.</p><p><blockquote>雷达上的最后一头公牛是<b>韦德布什</b>迈克尔·帕切特。在 Corsair 第二季度盈利业绩未达预期后，该分析师收回了非常看涨的 55 美元目标价，但维持了买入建议。尽管如此，分析师认为上涨潜力超过 70%。</blockquote></p><p> The skeptical one is&nbsp;<b>Credit Suisse’</b>s Matthew Cabral, who&nbsp;lowered&nbsp;his price target to $31 from $43 and also downgraded the stock from buy to neutral. Weighing on his decision were a revenue and EBITDA misses, while Gaming and Creator Peripherals sales growth decelerated. The analyst suggested that fading tailwinds from the stay-at-home days impacted Corsair’s demand.</p><p><blockquote>持怀疑态度的是<b>瑞士信贷</b>马修·卡布拉尔将目标价从 43 美元下调至 31 美元，并将该股评级从买入下调至中性。影响他决定的是收入和 EBITDA 未能达标，而游戏和创作者外围设备销售增长放缓。这位分析师认为，居家生活带来的利好减弱影响了 Corsair 的需求。</blockquote></p><p> <b>Wall Street Memes view</b></p><p><blockquote><b>华尔街模因视图</b></blockquote></p><p> Even with a slightly miss on second quarter results, Corsair Gaming remained a solid bet in the eyes of Wall Street experts. Trailing P/E of 14 times compares favorably to an average P/E of 25 times in the gaming industry. Considering solid growth opportunities – global gaming is expected to reach $257 billion by 2025 – Corsair’s earnings multiple does not look overly stretched.</p><p><blockquote>即使第二季度业绩略有下滑，Corsair Gaming 在华尔街专家眼中仍然是一个可靠的赌注。14 倍的追踪市盈率与博彩业 25 倍的平均市盈率相比有利。考虑到稳健的增长机会--到 2025 年，全球博彩业预计将达到 2570 亿美元--Corsair 的盈利倍数看起来并没有过度捉襟见肘。</blockquote></p><p> Lastly,short interest&nbsp;of 37% of the float seems too high for a decent company that is far from being in trouble. Due to CRSR being a short selling target, bulls could benefit not only from the strong business fundamentals, but also from a possible short squeeze ahead.</p><p><blockquote>最后， 对于一家还远未陷入困境的体面公司来说， 37% 的流通股空头利息似乎太高了。由于 CRSR 是卖空目标，多头不仅可以受益于强劲的商业基本面，还可以受益于未来可能的空头挤压。</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>Undervalued Corsair Gaming: a Meme Stock That Isn't One?<blockquote>被低估的海盗船游戏：一只不是模因股票的模因股票？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nUndervalued Corsair Gaming: a Meme Stock That Isn't One?<blockquote>被低估的海盗船游戏：一只不是模因股票的模因股票？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">TheStreet</strong><span class=\"h-time small\">2021-10-08 07:55</span>\n</p>\n</h4>\n</header>\n<article>\n<p>According to Wall Street, Corsair Gaming stock is far from its fair value and investors should expect gains ahead. Wall Street Memes discusses the opportunity.</p><p><blockquote>据华尔街报道，Corsair Gaming 股票距离其公允价值还很远，投资者应该预计未来会上涨。华尔街迷因讨论了这个机会。</blockquote></p><p> Corsair Gaming stock&nbsp;shares one key feature with the likes of AMC and GameStop: they have been very popular on the main discussion boards lately. However, business fundamentals and recent price action suggest that CRSR does not quite deserve the label “meme stock”.</p><p><blockquote>Corsair Gaming 股票与 AMC 和游戏驿站等公司有一个关键特点：它们最近在主要讨论板上非常受欢迎。然而，商业基本面和近期的价格走势表明，CRSR 并不完全配得上 “模因股票 ”的标签。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b4524f69dcb99f2a1c856c0c42af1061\" tg-width=\"1240\" tg-height=\"698\" width=\"100%\" height=\"auto\"><span>Figure 1: Corsair gaming PC.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1：海盗船游戏电脑。</span></p></blockquote></p><p> CRSR probably draws the attention of the Reddit crowd due to its very high short interest of 37% of the float, along with cheap valuations. Partly for these reasons, Wall Street analysts have been calling for significant upside potential in Corsair stock, as we detail below.</p><p><blockquote>CRSR 可能会吸引 Reddit 人群的注意，因为它的空头权益非常高，占流通股的 37%，而且估值很低。部分出于这些原因，华尔街分析师一直呼吁海盗船股票具有巨大的上涨潜力，我们将在下面详细介绍。</blockquote></p><p> <b>Bullishness despite earnings miss</b></p><p><blockquote><b>尽管盈利未达预期，但看涨</b></blockquote></p><p> Based on four reports in the last 2 months, Corsair stock has a&nbsp;consensus&nbsp;share price target of $39, which implies 52% upside from current levels. Three out of four analysts rate the stock a buy, while one of them holds a neutral stance.</p><p><blockquote>根据过去 2 个月的四份报告，Corsair 股票的一致目标股价为 39 美元，这意味着较当前水平上涨 52%。四分之三的分析师将该股评级为买入，其中一位分析师持中性立场。</blockquote></p><p> Despite advocating for 63% upside potential and a buy recommendation,<b>Barclays</b>&nbsp;analyst Mario Lu&nbsp;lowered&nbsp;his price target to $42 from $47 recently. The second quarter earnings miss weighed on his price projection, especially due to lack of guidance. However, he highlighted that Corsair gained share in the components category in Q2 and maintaining share in peripherals, while the entire industry faced increasing shipping costs.</p><p><blockquote>尽管主张有 63% 的上涨潜力并建议买入，<b>巴克莱</b>分析师 Mario Lu 将目标价从最近的 47 美元下调至 42 美元。第二季度盈利低迷给他的价格预测带来了压力，特别是由于缺乏指导。不过，他强调，Corsair 在第二季度增加了零部件类别的份额，并保持了外围设备的份额，而整个行业面临着不断上涨的运输成本。</blockquote></p><p> <b>Baird</b>&nbsp;analyst Colin Sebastian was another who&nbsp;lowered&nbsp;the firm's price target to $38 from $48. The analyst still recommends a buy based on longer-term prospects. The pros of investing, which include new product introductions and direct-to-consumer opportunities, outweigh the current supply chain bottlenecks and higher logistics and freight costs.</p><p><blockquote><b>贝尔德</b>分析师科林·塞巴斯蒂安（Colin Sebastian）是另一位将该公司目标价从 48 美元下调至 38 美元的人。该分析师仍然根据长期前景建议买入。投资的好处包括新产品推出和直接面向消费者的机会，超过了当前的供应链瓶颈以及更高的物流和运费成本。</blockquote></p><p> The last bull on the radar is&nbsp;<b>Wedbush</b>’s Michael Pachter. The analyst&nbsp;pulled back&nbsp;on his very bullish $55 price target but maintained his buy recommendation, following Corsair second quarter earnings results miss. Still, the analyst sees upside potential of over 70%.</p><p><blockquote>雷达上的最后一头公牛是<b>韦德布什</b>迈克尔·帕切特。在 Corsair 第二季度盈利业绩未达预期后，该分析师收回了非常看涨的 55 美元目标价，但维持了买入建议。尽管如此，分析师认为上涨潜力超过 70%。</blockquote></p><p> The skeptical one is&nbsp;<b>Credit Suisse’</b>s Matthew Cabral, who&nbsp;lowered&nbsp;his price target to $31 from $43 and also downgraded the stock from buy to neutral. Weighing on his decision were a revenue and EBITDA misses, while Gaming and Creator Peripherals sales growth decelerated. The analyst suggested that fading tailwinds from the stay-at-home days impacted Corsair’s demand.</p><p><blockquote>持怀疑态度的是<b>瑞士信贷</b>马修·卡布拉尔将目标价从 43 美元下调至 31 美元，并将该股评级从买入下调至中性。影响他决定的是收入和 EBITDA 未能达标，而游戏和创作者外围设备销售增长放缓。这位分析师认为，居家生活带来的利好减弱影响了 Corsair 的需求。</blockquote></p><p> <b>Wall Street Memes view</b></p><p><blockquote><b>华尔街模因视图</b></blockquote></p><p> Even with a slightly miss on second quarter results, Corsair Gaming remained a solid bet in the eyes of Wall Street experts. Trailing P/E of 14 times compares favorably to an average P/E of 25 times in the gaming industry. Considering solid growth opportunities – global gaming is expected to reach $257 billion by 2025 – Corsair’s earnings multiple does not look overly stretched.</p><p><blockquote>即使第二季度业绩略有下滑，Corsair Gaming 在华尔街专家眼中仍然是一个可靠的赌注。14 倍的追踪市盈率与博彩业 25 倍的平均市盈率相比有利。考虑到稳健的增长机会--到 2025 年，全球博彩业预计将达到 2570 亿美元--Corsair 的盈利倍数看起来并没有过度捉襟见肘。</blockquote></p><p> Lastly,short interest&nbsp;of 37% of the float seems too high for a decent company that is far from being in trouble. Due to CRSR being a short selling target, bulls could benefit not only from the strong business fundamentals, but also from a possible short squeeze ahead.</p><p><blockquote>最后， 对于一家还远未陷入困境的体面公司来说， 37% 的流通股空头利息似乎太高了。由于 CRSR 是卖空目标，多头不仅可以受益于强劲的商业基本面，还可以受益于未来可能的空头挤压。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/memestocks/other-memes/corsair-stock-has-50-upside-says-wall-street\">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":{"CRSR":"Corsair Gaming, Inc."},"source_url":"https://www.thestreet.com/memestocks/other-memes/corsair-stock-has-50-upside-says-wall-street","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1142831373","content_text":"According to Wall Street, Corsair Gaming stock is far from its fair value and investors should expect gains ahead. Wall Street Memes discusses the opportunity.\nCorsair Gaming stock shares one key feature with the likes of AMC and GameStop: they have been very popular on the main discussion boards lately. However, business fundamentals and recent price action suggest that CRSR does not quite deserve the label “meme stock”.\nFigure 1: Corsair gaming PC.\nCRSR probably draws the attention of the Reddit crowd due to its very high short interest of 37% of the float, along with cheap valuations. Partly for these reasons, Wall Street analysts have been calling for significant upside potential in Corsair stock, as we detail below.\nBullishness despite earnings miss\nBased on four reports in the last 2 months, Corsair stock has a consensus share price target of $39, which implies 52% upside from current levels. Three out of four analysts rate the stock a buy, while one of them holds a neutral stance.\nDespite advocating for 63% upside potential and a buy recommendation,Barclays analyst Mario Lu lowered his price target to $42 from $47 recently. The second quarter earnings miss weighed on his price projection, especially due to lack of guidance. However, he highlighted that Corsair gained share in the components category in Q2 and maintaining share in peripherals, while the entire industry faced increasing shipping costs.\nBaird analyst Colin Sebastian was another who lowered the firm's price target to $38 from $48. The analyst still recommends a buy based on longer-term prospects. The pros of investing, which include new product introductions and direct-to-consumer opportunities, outweigh the current supply chain bottlenecks and higher logistics and freight costs.\nThe last bull on the radar is Wedbush’s Michael Pachter. The analyst pulled back on his very bullish $55 price target but maintained his buy recommendation, following Corsair second quarter earnings results miss. Still, the analyst sees upside potential of over 70%.\nThe skeptical one is Credit Suisse’s Matthew Cabral, who lowered his price target to $31 from $43 and also downgraded the stock from buy to neutral. Weighing on his decision were a revenue and EBITDA misses, while Gaming and Creator Peripherals sales growth decelerated. The analyst suggested that fading tailwinds from the stay-at-home days impacted Corsair’s demand.\nWall Street Memes view\nEven with a slightly miss on second quarter results, Corsair Gaming remained a solid bet in the eyes of Wall Street experts. Trailing P/E of 14 times compares favorably to an average P/E of 25 times in the gaming industry. Considering solid growth opportunities – global gaming is expected to reach $257 billion by 2025 – Corsair’s earnings multiple does not look overly stretched.\nLastly,short interest of 37% of the float seems too high for a decent company that is far from being in trouble. Due to CRSR being a short selling target, bulls could benefit not only from the strong business fundamentals, but also from a possible short squeeze ahead.","news_type":1,"symbols_score_info":{"CRSR":0.9}},"isVote":1,"tweetType":1,"viewCount":3397,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":838997972,"gmtCreate":1629363241696,"gmtModify":1631889080888,"author":{"id":"3562791266647459","authorId":"3562791266647459","name":"Atsc89","avatar":"https://static.tigerbbs.com/9ec47b1c36e59ba1ef8caac8ab619319","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3562791266647459","idStr":"3562791266647459"},"themes":[],"title":"","htmlText":"Give me a like","listText":"Give me a like","text":"Give me a like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/838997972","repostId":"1118120303","repostType":4,"repost":{"id":"1118120303","kind":"news","pubTimestamp":1629362423,"share":"https://www.laohunote.com/m/news/1118120303?lang=zh_CN&edition=full","pubTime":"2021-08-19 16:40","market":"us","language":"en","title":"How to Hedge Your Stock Portfolio Before Interest Rates Start Rising<blockquote>如何在利率开始上升之前对冲您的股票投资组合</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1118120303","media":"Barron's","summary":"If fairy tales were made into parables about investing, the boy who cried wolf would run a tail-risk","content":"<p>If fairy tales were made into parables about investing, the boy who cried wolf would run a tail-risk fund.</p><p><blockquote>如果把童话故事变成关于投资的寓言，《狼来了的男孩》就会经营一只尾部风险基金。</blockquote></p><p> To protect his stocks, the vigilant boy would perpetually buybearish options contractsin anticipation that stock prices would fall. He would now be very busy, as many ominous events are bounding across the world’s stage.</p><p><blockquote>为了保护自己的股票，这个警惕的男孩会永远购买看跌的期权合约，预期股价会下跌。他现在会非常忙碌，因为许多不祥的事件正在世界舞台上演。</blockquote></p><p> Thefall of Afghanistanis a potentially destabilizing market event, especially ahead of the 20th anniversary of the Sept. 11 terrorist attack on the U.S.</p><p><blockquote>阿富汗人的陨落可能会破坏市场稳定，尤其是在美国遭受 9·11 恐怖袭击 20 周年纪念日之前。</blockquote></p><p> The resurgence of Covid-19, weakening retail sales, China saber-rattling toward Taiwan, China mocking America’s sloppy Afghanistan withdrawal, andsigns of sticky inflationare all reasons for extra vigilance.</p><p><blockquote>Covid-19 的死灰复燃、零售销售疲软、中国对台湾的咄咄逼人、中国嘲笑美国从阿富汗草率撤军，以及粘性通胀的迹象，都值得格外警惕。</blockquote></p><p> But the major event that would most alarm our hero would be the Federal Reserve’smeeting in Jackson Hole, Wyo., at the end of the month. Jerome Powell, the Fed’s chairman, is expected to speak. He is the big, bad wolf of this reimagined story.</p><p><blockquote>但最让我们的英雄感到震惊的重大事件将是本月底在怀俄明州杰克逊霍尔举行的美联储会议。美联储主席杰罗姆-鲍威尔预计将发表讲话。他是这个重新想象的故事中的大灰狼。</blockquote></p><p> Powell’s speech might offer concrete clues about potential changes to monetary policy—which could pummel stocks.</p><p><blockquote>鲍威尔的讲话可能会提供有关货币政策潜在变化的具体线索--这可能会打击股市。</blockquote></p><p> When interest rates are low, as they are now, investors can move far out on the so-called risk curve. It’s cheap to borrow money and thus relatively easy to make money doing something as simple asbuying dividend-paying stocksand as complex as quantitative trading. With rates low enough, even Bitcoin and emerging market debt can be attractive.</p><p><blockquote>当利率较低时，就像现在一样，投资者可以在所谓的风险曲线上走得很远。借钱很便宜，因此赚钱相对容易，简单的事情比如购买派息股票，复杂的事情比如量化交易。如果利率足够低，即使是比特币和新兴市场债务也可能具有吸引力。</blockquote></p><p> Yet this time, even if the boy who cried wolf is wrong, investors need to be aware that many others will be listening to himahead of expected changes to interest rates.</p><p><blockquote>然而这一次，即使狼来了的男孩是错的，投资者也需要意识到，许多其他人将听取希玛黑德关于利率预期变化的预测。</blockquote></p><p> Stock prices are generally dancing around record highs—a phrase used in this column year after year—as historically low interest rates remain the central defining fact of the market.</p><p><blockquote>由于历史低利率仍然是市场的核心决定性事实，股票价格通常在历史高点附近徘徊（本专栏年复一年地使用这个短语）。</blockquote></p><p> But it seems that the more investors talk about corrections, or why corrections won’t happen, the bearish narrative prevails, at least for a bit.</p><p><blockquote>但似乎越多的投资者谈论调整，或者为什么调整不会发生，看跌的说法就越盛行，至少在一段时间内是这样。</blockquote></p><p> Expectations that something will soon happen to easy-money rates are leading to a burst of hedging activity.</p><p><blockquote>宽松货币利率很快就会发生变化的预期导致了对冲活动的爆发。</blockquote></p><p> One major investor has created a bearish position in theSPDR S&amp;P 500exchange-traded fund (ticker: SPY) that would prove profitable if the stock market fell about 4% by Sept. 3. The investor sold 25,000 September $427 put options and bought 25,000 $440 puts, all expiring on Sept. 3, to cover the Fed’s Jackson Hole symposium from Aug. 26 to Aug. 28.</p><p><blockquote>一位主要投资者在 PDR S&amp;P 500 交易所交易基金（股票代码：SPDR标普500指数ETF）中建立了看跌头寸，如果股市在 9 月 3 日之前下跌约 4%，该基金将被证明是有利可图的。该投资者卖出了 2.5 万份 9 月份 427 美元的看跌期权，并买入了 2.5 万份 440 美元的看跌期权，全部将于 9 月 3 日到期，以应对 8 月 26 日至 8 月 28 日举行的美联储杰克逊霍尔研讨会。</blockquote></p><p> This column has rarely offered a suggestion to hedge portfolios. It has almost always seemed better to us to sell puts to anxious investors and use the proceeds to buy upside call options to profit from stock advances.</p><p><blockquote>本专栏很少提供对冲投资组合的建议。在我们看来，向焦虑的投资者出售看跌期权，并用所得款项购买上行看涨期权期权，以从股票预付款中获利，几乎总是更好。</blockquote></p><p> Similarly, we have been hesitant to recommend stock-replacement strategies. Because low interest rates always seemed the key ingredient in the bull market, there was seldom a strategic reason for selling stocks and buying calls.</p><p><blockquote>同样，我们在推荐股票替代策略方面也一直犹豫不决。由于低利率似乎总是牛市的关键因素，因此很少有出售股票和购买评级的战略理由。</blockquote></p><p> But now, using upside calls as stock surrogates does indeed seem attractive for anyone who thinks that rates could rise. The strategy is worth pondering for investors with substantial stock profits.</p><p><blockquote>但现在，对于任何认为利率可能上升的人来说，使用上行评级作为股票替代品确实很有吸引力。该策略值得拥有可观股票利润的投资者深思。</blockquote></p><p> If this resonates, review your stocks. Sell enough shares to realize a profit of, say, 50% to 100% on your initial investment. If you sold 500 shares to lock in gains, for example, buy a corresponding number of upside calls that expire in, say, three months. This will buy you just enough time to see how the stock—and the market—performs.</p><p><blockquote>如果这引起了共鸣，请回顾您的股票。出售足够的股票，以实现初始投资 50% 到 100% 的利润。例如，如果您出售 500 股以锁定收益，则购买相应数量的上行评级，这些评级将在三个月内到期。这将为您赢得足够的时间来了解股票和市场的表现。</blockquote></p><p> The goal is not to be scared of wolves, and to make sure that your appetite for volatility is aligned with your investment timeline.</p><p><blockquote>目标是不要害怕狼，并确保您对波动性的兴趣与您的投资时间表一致。</blockquote></p><p> <i>Steven M. Sears is the president and chief operating officer of Options Solutions, a specialized asset-management firm. Neither he nor the firm has a position in the options or underlying securities mentioned in this column.</i></p><p><blockquote><i>Steven M. Sears 是专业资产管理公司 Options Solutions 的总裁兼首席运营官。他和公司都没有持有本专栏提到的期权或基础证券的头寸。</i></blockquote></p><p></p>","source":"lsy1610680873436","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>How to Hedge Your Stock Portfolio Before Interest Rates Start Rising<blockquote>如何在利率开始上升之前对冲您的股票投资组合</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHow to Hedge Your Stock Portfolio Before Interest Rates Start Rising<blockquote>如何在利率开始上升之前对冲您的股票投资组合</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barron's</strong><span class=\"h-time small\">2021-08-19 16:40</span>\n</p>\n</h4>\n</header>\n<article>\n<p>If fairy tales were made into parables about investing, the boy who cried wolf would run a tail-risk fund.</p><p><blockquote>如果把童话故事变成关于投资的寓言，《狼来了的男孩》就会经营一只尾部风险基金。</blockquote></p><p> To protect his stocks, the vigilant boy would perpetually buybearish options contractsin anticipation that stock prices would fall. He would now be very busy, as many ominous events are bounding across the world’s stage.</p><p><blockquote>为了保护自己的股票，这个警惕的男孩会永远购买看跌的期权合约，预期股价会下跌。他现在会非常忙碌，因为许多不祥的事件正在世界舞台上演。</blockquote></p><p> Thefall of Afghanistanis a potentially destabilizing market event, especially ahead of the 20th anniversary of the Sept. 11 terrorist attack on the U.S.</p><p><blockquote>阿富汗人的陨落可能会破坏市场稳定，尤其是在美国遭受 9·11 恐怖袭击 20 周年纪念日之前。</blockquote></p><p> The resurgence of Covid-19, weakening retail sales, China saber-rattling toward Taiwan, China mocking America’s sloppy Afghanistan withdrawal, andsigns of sticky inflationare all reasons for extra vigilance.</p><p><blockquote>Covid-19 的死灰复燃、零售销售疲软、中国对台湾的咄咄逼人、中国嘲笑美国从阿富汗草率撤军，以及粘性通胀的迹象，都值得格外警惕。</blockquote></p><p> But the major event that would most alarm our hero would be the Federal Reserve’smeeting in Jackson Hole, Wyo., at the end of the month. Jerome Powell, the Fed’s chairman, is expected to speak. He is the big, bad wolf of this reimagined story.</p><p><blockquote>但最让我们的英雄感到震惊的重大事件将是本月底在怀俄明州杰克逊霍尔举行的美联储会议。美联储主席杰罗姆-鲍威尔预计将发表讲话。他是这个重新想象的故事中的大灰狼。</blockquote></p><p> Powell’s speech might offer concrete clues about potential changes to monetary policy—which could pummel stocks.</p><p><blockquote>鲍威尔的讲话可能会提供有关货币政策潜在变化的具体线索--这可能会打击股市。</blockquote></p><p> When interest rates are low, as they are now, investors can move far out on the so-called risk curve. It’s cheap to borrow money and thus relatively easy to make money doing something as simple asbuying dividend-paying stocksand as complex as quantitative trading. With rates low enough, even Bitcoin and emerging market debt can be attractive.</p><p><blockquote>当利率较低时，就像现在一样，投资者可以在所谓的风险曲线上走得很远。借钱很便宜，因此赚钱相对容易，简单的事情比如购买派息股票，复杂的事情比如量化交易。如果利率足够低，即使是比特币和新兴市场债务也可能具有吸引力。</blockquote></p><p> Yet this time, even if the boy who cried wolf is wrong, investors need to be aware that many others will be listening to himahead of expected changes to interest rates.</p><p><blockquote>然而这一次，即使狼来了的男孩是错的，投资者也需要意识到，许多其他人将听取希玛黑德关于利率预期变化的预测。</blockquote></p><p> Stock prices are generally dancing around record highs—a phrase used in this column year after year—as historically low interest rates remain the central defining fact of the market.</p><p><blockquote>由于历史低利率仍然是市场的核心决定性事实，股票价格通常在历史高点附近徘徊（本专栏年复一年地使用这个短语）。</blockquote></p><p> But it seems that the more investors talk about corrections, or why corrections won’t happen, the bearish narrative prevails, at least for a bit.</p><p><blockquote>但似乎越多的投资者谈论调整，或者为什么调整不会发生，看跌的说法就越盛行，至少在一段时间内是这样。</blockquote></p><p> Expectations that something will soon happen to easy-money rates are leading to a burst of hedging activity.</p><p><blockquote>宽松货币利率很快就会发生变化的预期导致了对冲活动的爆发。</blockquote></p><p> One major investor has created a bearish position in theSPDR S&amp;P 500exchange-traded fund (ticker: SPY) that would prove profitable if the stock market fell about 4% by Sept. 3. The investor sold 25,000 September $427 put options and bought 25,000 $440 puts, all expiring on Sept. 3, to cover the Fed’s Jackson Hole symposium from Aug. 26 to Aug. 28.</p><p><blockquote>一位主要投资者在 PDR S&amp;P 500 交易所交易基金（股票代码：SPDR标普500指数ETF）中建立了看跌头寸，如果股市在 9 月 3 日之前下跌约 4%，该基金将被证明是有利可图的。该投资者卖出了 2.5 万份 9 月份 427 美元的看跌期权，并买入了 2.5 万份 440 美元的看跌期权，全部将于 9 月 3 日到期，以应对 8 月 26 日至 8 月 28 日举行的美联储杰克逊霍尔研讨会。</blockquote></p><p> This column has rarely offered a suggestion to hedge portfolios. It has almost always seemed better to us to sell puts to anxious investors and use the proceeds to buy upside call options to profit from stock advances.</p><p><blockquote>本专栏很少提供对冲投资组合的建议。在我们看来，向焦虑的投资者出售看跌期权，并用所得款项购买上行看涨期权期权，以从股票预付款中获利，几乎总是更好。</blockquote></p><p> Similarly, we have been hesitant to recommend stock-replacement strategies. Because low interest rates always seemed the key ingredient in the bull market, there was seldom a strategic reason for selling stocks and buying calls.</p><p><blockquote>同样，我们在推荐股票替代策略方面也一直犹豫不决。由于低利率似乎总是牛市的关键因素，因此很少有出售股票和购买评级的战略理由。</blockquote></p><p> But now, using upside calls as stock surrogates does indeed seem attractive for anyone who thinks that rates could rise. The strategy is worth pondering for investors with substantial stock profits.</p><p><blockquote>但现在，对于任何认为利率可能上升的人来说，使用上行评级作为股票替代品确实很有吸引力。该策略值得拥有可观股票利润的投资者深思。</blockquote></p><p> If this resonates, review your stocks. Sell enough shares to realize a profit of, say, 50% to 100% on your initial investment. If you sold 500 shares to lock in gains, for example, buy a corresponding number of upside calls that expire in, say, three months. This will buy you just enough time to see how the stock—and the market—performs.</p><p><blockquote>如果这引起了共鸣，请回顾您的股票。出售足够的股票，以实现初始投资 50% 到 100% 的利润。例如，如果您出售 500 股以锁定收益，则购买相应数量的上行评级，这些评级将在三个月内到期。这将为您赢得足够的时间来了解股票和市场的表现。</blockquote></p><p> The goal is not to be scared of wolves, and to make sure that your appetite for volatility is aligned with your investment timeline.</p><p><blockquote>目标是不要害怕狼，并确保您对波动性的兴趣与您的投资时间表一致。</blockquote></p><p> <i>Steven M. Sears is the president and chief operating officer of Options Solutions, a specialized asset-management firm. Neither he nor the firm has a position in the options or underlying securities mentioned in this column.</i></p><p><blockquote><i>Steven M. Sears 是专业资产管理公司 Options Solutions 的总裁兼首席运营官。他和公司都没有持有本专栏提到的期权或基础证券的头寸。</i></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/articles/how-to-hedge-your-stock-portfolio-before-interest-rates-start-rising-51629361806?mod=mw_latestnews\">Barron's</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.marketwatch.com/articles/how-to-hedge-your-stock-portfolio-before-interest-rates-start-rising-51629361806?mod=mw_latestnews","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1118120303","content_text":"If fairy tales were made into parables about investing, the boy who cried wolf would run a tail-risk fund.\nTo protect his stocks, the vigilant boy would perpetually buybearish options contractsin anticipation that stock prices would fall. He would now be very busy, as many ominous events are bounding across the world’s stage.\nThefall of Afghanistanis a potentially destabilizing market event, especially ahead of the 20th anniversary of the Sept. 11 terrorist attack on the U.S.\nThe resurgence of Covid-19, weakening retail sales, China saber-rattling toward Taiwan, China mocking America’s sloppy Afghanistan withdrawal, andsigns of sticky inflationare all reasons for extra vigilance.\nBut the major event that would most alarm our hero would be the Federal Reserve’smeeting in Jackson Hole, Wyo., at the end of the month. Jerome Powell, the Fed’s chairman, is expected to speak. He is the big, bad wolf of this reimagined story.\nPowell’s speech might offer concrete clues about potential changes to monetary policy—which could pummel stocks.\nWhen interest rates are low, as they are now, investors can move far out on the so-called risk curve. It’s cheap to borrow money and thus relatively easy to make money doing something as simple asbuying dividend-paying stocksand as complex as quantitative trading. With rates low enough, even Bitcoin and emerging market debt can be attractive.\nYet this time, even if the boy who cried wolf is wrong, investors need to be aware that many others will be listening to himahead of expected changes to interest rates.\nStock prices are generally dancing around record highs—a phrase used in this column year after year—as historically low interest rates remain the central defining fact of the market.\nBut it seems that the more investors talk about corrections, or why corrections won’t happen, the bearish narrative prevails, at least for a bit.\nExpectations that something will soon happen to easy-money rates are leading to a burst of hedging activity.\nOne major investor has created a bearish position in theSPDR S&P 500exchange-traded fund (ticker: SPY) that would prove profitable if the stock market fell about 4% by Sept. 3. The investor sold 25,000 September $427 put options and bought 25,000 $440 puts, all expiring on Sept. 3, to cover the Fed’s Jackson Hole symposium from Aug. 26 to Aug. 28.\nThis column has rarely offered a suggestion to hedge portfolios. It has almost always seemed better to us to sell puts to anxious investors and use the proceeds to buy upside call options to profit from stock advances.\nSimilarly, we have been hesitant to recommend stock-replacement strategies. Because low interest rates always seemed the key ingredient in the bull market, there was seldom a strategic reason for selling stocks and buying calls.\nBut now, using upside calls as stock surrogates does indeed seem attractive for anyone who thinks that rates could rise. The strategy is worth pondering for investors with substantial stock profits.\nIf this resonates, review your stocks. Sell enough shares to realize a profit of, say, 50% to 100% on your initial investment. If you sold 500 shares to lock in gains, for example, buy a corresponding number of upside calls that expire in, say, three months. This will buy you just enough time to see how the stock—and the market—performs.\nThe goal is not to be scared of wolves, and to make sure that your appetite for volatility is aligned with your investment timeline.\nSteven M. Sears is the president and chief operating officer of Options Solutions, a specialized asset-management firm. Neither he nor the firm has a position in the options or underlying securities mentioned in this column.","news_type":1,"symbols_score_info":{"SPY":0.9,".DJI":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":2387,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":146585843,"gmtCreate":1626091217482,"gmtModify":1633930260776,"author":{"id":"3562791266647459","authorId":"3562791266647459","name":"Atsc89","avatar":"https://static.tigerbbs.com/9ec47b1c36e59ba1ef8caac8ab619319","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3562791266647459","idStr":"3562791266647459"},"themes":[],"title":"","htmlText":"Give me a like","listText":"Give me a like","text":"Give me a like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/146585843","repostId":"1114863871","repostType":4,"isVote":1,"tweetType":1,"viewCount":1185,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}