Kelyn的个人主页 - 老虎社区

Kelyn

Kelyn

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0勋章

2021-05-14

$SEA LTD(SE)$Waitttttt

2021-05-05

good

Why Amazon and Alphabet may need to split their high-priced stocks<blockquote>为什么亚马逊和Alphabet可能需要分割他们的高价股票</blockquote>

2021-05-19

$SEA LTD(SE)$For the coins ❤️

2021-05-05

good read

Bill and Melinda Gates’s divorce was a predictable market phenomenon and bullish for GameStop — allow us to explain<blockquote>比尔·盖茨和梅琳达·盖茨的离婚是一个可以预见的市场现象，对游戏驿站有利——请允许我们解释一下</blockquote>

2021-02-22

good read

抱歉，原内容已删除

2021-02-20

$SEA LTD(SE)$Owhhhh yes! Cheers

2021-07-09

$SEA LTD(SE)$Wan to buy more!

2021-05-15

$SEA LTD(SE)$Yay

2021-02-20

$Zoom(ZM)$Please come back!

2021-02-17

Okay learn something

Index funds don’t buy IPOs but here’s why they should<blockquote>指数基金不购买首次公开募股，但这就是为什么它们应该购买</blockquote>

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Painfullll","images":[{"img":"https://static.tigerbbs.com/163330a6f4e688fea7b9d854cdc6d27a","width":"1242","height":"2001"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/105982332","isVote":1,"tweetType":1,"viewCount":420,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":102883160,"gmtCreate":1620193268550,"gmtModify":1634207065167,"author":{"id":"3562993249814393","authorId":"3562993249814393","name":"Kelyn","avatar":"https://static.tigerbbs.com/725a4b728e7da1601fb909c628ee0ccb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3562993249814393","idStr":"3562993249814393"},"themes":[],"htmlText":"good read","listText":"good read","text":"good read","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/102883160","repostId":"1186808828","repostType":4,"isVote":1,"tweetType":1,"viewCount":510,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":102883944,"gmtCreate":1620193249688,"gmtModify":1634207065289,"author":{"id":"3562993249814393","authorId":"3562993249814393","name":"Kelyn","avatar":"https://static.tigerbbs.com/725a4b728e7da1601fb909c628ee0ccb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3562993249814393","idStr":"3562993249814393"},"themes":[],"htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/102883944","repostId":"1106669817","repostType":4,"repost":{"id":"1106669817","kind":"news","pubTimestamp":1620186328,"share":"https://www.laohu8.com/m/news/1106669817?lang=zh_CN&edition=full","pubTime":"2021-05-05 11:45","market":"us","language":"en","title":"Why Amazon and Alphabet may need to split their high-priced stocks<blockquote>为什么亚马逊和Alphabet可能需要分割他们的高价股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1106669817","media":"CNN","summary":"New York Amazon and Google owner Alphabet are two of the most valuable companies on the planet. They dominate their industries, generate tons of cash and are obscenely profitable. Yet neither of the companies are in the prestigious Dow Jones Industrial Average — and for a good reason.That's whatAppledid in 2014, and it wasadded to the Dow in early 2015. Applesplit its stock again last year. Elon Musk'sTeslaexecuted its ownstock splitlast year to make its surging stock more accessible to individu","content":"<p>New York (CNN Business)Amazon and Google owner Alphabet are two of the most valuable companies on the planet. They dominate their industries, generate tons of cash and are obscenely profitable. Yet neither of the companies are in the prestigious Dow Jones Industrial Average — and for a good reason.</p><p><blockquote>纽约（CNN商业）亚马逊和谷歌所有者Alphabet是地球上最有价值的两家公司。他们主导着自己的行业，产生大量现金，利润丰厚。然而，这两家公司都没有进入著名的道琼斯工业平均指数——这是有充分理由的。</blockquote></p><p> BothAmazon(AMZN)andAlphabet(GOOGL)have stock prices in the quadruple digits. That makes them a no-go for the Dow, which weights its 30 components by share price rather than market value.So if either Amazon (currently priced north of $3,300 a share) or Alphabet (trading at just under $2,300) joined theDow, they would immediately have an outsized impact on the Dow.It wouldn't even be close: The priciest Dow stock currently isUnitedHealth(UNH), and at just over $400 a share, it makes up about 8% of the Dow's weighting.The case for splitting sharesBut if Amazon and Alphabet wanted to join the Dow, there's a solution to this price problem: The companies could announce a stock split, which increases the number of shares of the company has while cutting the price of each share to a more affordable level. It wouldn't change the companies' value.</p><p><blockquote>亚马逊（AMZN）和Alphabet（GOOGL）的股价都达到了四位数。这使得它们成为道琼斯指数的禁忌，道琼斯指数根据股价而不是市值来衡量其30个成分股的权重。因此，如果亚马逊（目前每股定价超过3,300美元）或Alphabet（交易价格略低于2,300美元）加入道琼斯指数，它们将立即对道琼斯指数产生巨大影响。甚至还差得远：目前道指最贵的股票是联合健康(UNH)，每股略高于400美元，约占道指权重的8%。但如果亚马逊和Alphabet想加入道琼斯指数，这个价格问题有一个解决方案：两家公司可以宣布股票分割，增加公司的股票数量，同时将每股价格降低到更实惠的水平。这不会改变公司的价值。</blockquote></p><p> That's whatApple(AAPL)did in 2014, and it wasadded to the Dow in early 2015. Applesplit its stock again last year. Elon Musk'sTesla(TSLA)executed its ownstock splitlast year to make its surging stock more accessible to individual investors.</p><p><blockquote>这就是苹果(AAPL)在2014年所做的，并于2015年初被纳入道琼斯指数。苹果去年再次分割了股票。Elon Musk的特斯拉(TSLA)去年进行了股票分割，以使个人投资者更容易购买其飙升的股票。</blockquote></p><p> Beyond the Dow question, splits can be compelling because some experts argue that having a more affordable price for a single share could attract even more investors. But that's admittedly less of an issue due to fractional trading, in which investors can buy a small piece of a company's shares through online brokers like Robinhood, Fidelity or Charles Schwab.There have been rumors about Amazon potentially announcing a split soon, especially now that Jeff Bezos is getting ready tohand over the CEO reinsto AWS headAndy Jassy. But Amazon didn't mention anything about a potential split when the companyreported earnings last week.Amazon was not immediately available for comment when asked by CNN Business if the company was considering a stock split, while a spokesperson for Alphabet declined to comment.High profile companies are 'split' on whether to splitThe pair of tech giants aren't the only companies trading at sky-high stock prices. Priceline ownerBooking(BKNG),Chipotle(CMG)andAutoZone(AZO)are also prominent companies in the S&amp;P 500 with stock prices in excess of $1,000 a share.A Booking spokesperson, when asked by CNN Business about a future stock split, said the company has \"considered this but have not really seen the need to do so as of now.\"Chipotle chief financial officer Jack Hartung said in an email to CNN Business that \"we do not have any plans to split our stock at this time, but if we see an opportunity to enhance shareholder value and remove impediments to interested investors owning our stock, we will discuss the opportunity with our Board.\"</p><p><blockquote>除了道琼斯指数的问题之外，分拆也可能引人注目，因为一些专家认为，单股价格更实惠可能会吸引更多投资者。但不可否认的是，由于部分交易，投资者可以通过Robinhood、Fidelity或Charles Schwab等在线经纪商购买公司的一小部分股票，这不是什么问题。有传言称亚马逊可能很快就会宣布分拆，尤其是现在杰夫·贝索斯正准备将首席执行官移交给AWS负责人安迪·贾西(Andy Jassy)。但亚马逊在上周公布财报时没有提及任何有关潜在分拆的内容。当CNN Business询问该公司是否正在考虑股票分拆时，亚马逊没有立即发表评论，而Alphabet发言人拒绝置评。知名公司在是否分拆的问题上存在“分歧”这两家科技巨头并不是唯一股价极高的公司。Priceline所有者Booking(BKNG)、Chipotle(CMG)和AutoZone(AZO)也是标普500的知名公司，股价超过每股1,000美元。当CNN Business问及未来的股票分割时，Booking发言人表示该公司“已经考虑过这一点，但目前还没有真正认为有必要这样做。”Chipotle首席财务官Jack Hartung在给CNN Business的电子邮件中表示，“我们目前没有任何分割股票的计划，但如果我们看到有机会提高股东价值并消除感兴趣的投资者持有我们股票的障碍，我们将与董事会讨论这个机会。”</blockquote></p><p> AutoZone was not immediately available for comment.Meanwhile, several other high-profile companies in addition to Apple and Tesla have announced stock splits lately.Spice companyMcCormick(MKC)split its stock in December — its first split in about 20 years. Paint giantSherwin-Williams(SHW)split in April \"to make the stock more accessible to employees and a broader base of investors,\" senior vice president of investor relations James Jaye said on a conference call with analysts last month.And railroadCanadian Pacific(CP), which is in a bidding war with rivalCanadian National(CNI)forKansas City Southern(KSU), is preparing for a split later this month. The stock is currently trading around $375 and will split 5 for 1, which will lower the price to around $75 a share.\"The share split will encourage greater liquidity for CP's common shares and provide enhanced opportunities for ownership by a wider group of investors,\" said chief financial officer Nadeem Velani in a recent conference call with analysts.More trouble than they're worth?Not all company leaders are on board with stock splits. At least one major CEO has publicly called them a waste of time.PNC(PNC)CEO William Demchak said at the bank's shareholder meeting last month that \"there's not really a compelling case to be made for a stock split.\" One PNC share costs about $190.\"At one time, the conventional thinking was that when a company's share price got to a certain level, the company would split the stock as a way of foreshadowing expectations of growth and in order to make it more affordable for retail shareholders,\" he said.But Demchak added that \"all the stock split really does is increase costs because it doubles the cost of the mechanics that go into servicing every share.\"\"The split might result in some positive short-term public relations that brings about maybe a short-term bump,\" he added. \"But long term, it would appear that the cost is more than it's worth.\"</p><p><blockquote>AutoZone没有立即发表评论。与此同时，除了苹果和特斯拉之外，其他几家知名公司最近也宣布了股票分割。香料公司麦考密克(MKC)于12月进行了股票分割，这是大约20年来的首次股票分割。投资者关系高级副总裁James Jaye上个月在与分析师的电话会议上表示，涂料巨头宣伟(SHW)于4月份进行了分拆，“以使员工和更广泛的投资者更容易购买该股票”。加拿大太平洋铁路公司(CP)正在与竞争对手加拿大国家铁路公司(CNI)争夺堪萨斯城南方铁路公司(KSU)进行竞购战，正准备在本月晚些时候进行分拆。该股目前交易价格约为375美元，将进行5比1的拆股，这将使价格降至每股75美元左右。首席财务官纳迪姆·维拉尼(Nadeem Velani)在最近与分析师的电话会议中表示：“股票分割将鼓励CP普通股的更大流动性，并为更广泛的投资者群体提供更多的所有权机会。”并非所有公司领导人都支持股票分割。至少有一位主要首席执行官公开称其为浪费时间。PNC(PNC)首席执行官威廉·德姆查克(William Demchak)在上个月的银行股东大会上表示，“确实没有令人信服的理由进行股票分割。”一股PNC股票的价格约为190美元。“曾经，传统的想法是，当一家公司的股价达到一定水平时，公司会分割股票，以此来预示增长预期，并使其更实惠对于散户股东来说，”但德姆查克补充说，“股票分割实际上只会增加成本，因为它使为每股提供服务的机械成本增加了一倍。”“分拆可能会带来一些积极的短期公共关系，从而可能带来短期增长，”他补充道。“但从长远来看，成本似乎超过了它的价值。”</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Amazon and Alphabet may need to split their high-priced stocks<blockquote>为什么亚马逊和Alphabet可能需要分割他们的高价股票</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\">\nWhy Amazon and Alphabet may need to split their high-priced stocks<blockquote>为什么亚马逊和Alphabet可能需要分割他们的高价股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">CNN</strong><span class=\"h-time small\">2021-05-05 11:45</span>\n</p>\n</h4>\n</header>\n<article>\n<p>New York (CNN Business)Amazon and Google owner Alphabet are two of the most valuable companies on the planet. They dominate their industries, generate tons of cash and are obscenely profitable. Yet neither of the companies are in the prestigious Dow Jones Industrial Average — and for a good reason.</p><p><blockquote>纽约（CNN商业）亚马逊和谷歌所有者Alphabet是地球上最有价值的两家公司。他们主导着自己的行业，产生大量现金，利润丰厚。然而，这两家公司都没有进入著名的道琼斯工业平均指数——这是有充分理由的。</blockquote></p><p> BothAmazon(AMZN)andAlphabet(GOOGL)have stock prices in the quadruple digits. That makes them a no-go for the Dow, which weights its 30 components by share price rather than market value.So if either Amazon (currently priced north of $3,300 a share) or Alphabet (trading at just under $2,300) joined theDow, they would immediately have an outsized impact on the Dow.It wouldn't even be close: The priciest Dow stock currently isUnitedHealth(UNH), and at just over $400 a share, it makes up about 8% of the Dow's weighting.The case for splitting sharesBut if Amazon and Alphabet wanted to join the Dow, there's a solution to this price problem: The companies could announce a stock split, which increases the number of shares of the company has while cutting the price of each share to a more affordable level. It wouldn't change the companies' value.</p><p><blockquote>亚马逊（AMZN）和Alphabet（GOOGL）的股价都达到了四位数。这使得它们成为道琼斯指数的禁忌，道琼斯指数根据股价而不是市值来衡量其30个成分股的权重。因此，如果亚马逊（目前每股定价超过3,300美元）或Alphabet（交易价格略低于2,300美元）加入道琼斯指数，它们将立即对道琼斯指数产生巨大影响。甚至还差得远：目前道指最贵的股票是联合健康(UNH)，每股略高于400美元，约占道指权重的8%。但如果亚马逊和Alphabet想加入道琼斯指数，这个价格问题有一个解决方案：两家公司可以宣布股票分割，增加公司的股票数量，同时将每股价格降低到更实惠的水平。这不会改变公司的价值。</blockquote></p><p> That's whatApple(AAPL)did in 2014, and it wasadded to the Dow in early 2015. Applesplit its stock again last year. Elon Musk'sTesla(TSLA)executed its ownstock splitlast year to make its surging stock more accessible to individual investors.</p><p><blockquote>这就是苹果(AAPL)在2014年所做的，并于2015年初被纳入道琼斯指数。苹果去年再次分割了股票。Elon Musk的特斯拉(TSLA)去年进行了股票分割，以使个人投资者更容易购买其飙升的股票。</blockquote></p><p> Beyond the Dow question, splits can be compelling because some experts argue that having a more affordable price for a single share could attract even more investors. But that's admittedly less of an issue due to fractional trading, in which investors can buy a small piece of a company's shares through online brokers like Robinhood, Fidelity or Charles Schwab.There have been rumors about Amazon potentially announcing a split soon, especially now that Jeff Bezos is getting ready tohand over the CEO reinsto AWS headAndy Jassy. But Amazon didn't mention anything about a potential split when the companyreported earnings last week.Amazon was not immediately available for comment when asked by CNN Business if the company was considering a stock split, while a spokesperson for Alphabet declined to comment.High profile companies are 'split' on whether to splitThe pair of tech giants aren't the only companies trading at sky-high stock prices. Priceline ownerBooking(BKNG),Chipotle(CMG)andAutoZone(AZO)are also prominent companies in the S&amp;P 500 with stock prices in excess of $1,000 a share.A Booking spokesperson, when asked by CNN Business about a future stock split, said the company has \"considered this but have not really seen the need to do so as of now.\"Chipotle chief financial officer Jack Hartung said in an email to CNN Business that \"we do not have any plans to split our stock at this time, but if we see an opportunity to enhance shareholder value and remove impediments to interested investors owning our stock, we will discuss the opportunity with our Board.\"</p><p><blockquote>除了道琼斯指数的问题之外，分拆也可能引人注目，因为一些专家认为，单股价格更实惠可能会吸引更多投资者。但不可否认的是，由于部分交易，投资者可以通过Robinhood、Fidelity或Charles Schwab等在线经纪商购买公司的一小部分股票，这不是什么问题。有传言称亚马逊可能很快就会宣布分拆，尤其是现在杰夫·贝索斯正准备将首席执行官移交给AWS负责人安迪·贾西(Andy Jassy)。但亚马逊在上周公布财报时没有提及任何有关潜在分拆的内容。当CNN Business询问该公司是否正在考虑股票分拆时，亚马逊没有立即发表评论，而Alphabet发言人拒绝置评。知名公司在是否分拆的问题上存在“分歧”这两家科技巨头并不是唯一股价极高的公司。Priceline所有者Booking(BKNG)、Chipotle(CMG)和AutoZone(AZO)也是标普500的知名公司，股价超过每股1,000美元。当CNN Business问及未来的股票分割时，Booking发言人表示该公司“已经考虑过这一点，但目前还没有真正认为有必要这样做。”Chipotle首席财务官Jack Hartung在给CNN Business的电子邮件中表示，“我们目前没有任何分割股票的计划，但如果我们看到有机会提高股东价值并消除感兴趣的投资者持有我们股票的障碍，我们将与董事会讨论这个机会。”</blockquote></p><p> AutoZone was not immediately available for comment.Meanwhile, several other high-profile companies in addition to Apple and Tesla have announced stock splits lately.Spice companyMcCormick(MKC)split its stock in December — its first split in about 20 years. Paint giantSherwin-Williams(SHW)split in April \"to make the stock more accessible to employees and a broader base of investors,\" senior vice president of investor relations James Jaye said on a conference call with analysts last month.And railroadCanadian Pacific(CP), which is in a bidding war with rivalCanadian National(CNI)forKansas City Southern(KSU), is preparing for a split later this month. The stock is currently trading around $375 and will split 5 for 1, which will lower the price to around $75 a share.\"The share split will encourage greater liquidity for CP's common shares and provide enhanced opportunities for ownership by a wider group of investors,\" said chief financial officer Nadeem Velani in a recent conference call with analysts.More trouble than they're worth?Not all company leaders are on board with stock splits. At least one major CEO has publicly called them a waste of time.PNC(PNC)CEO William Demchak said at the bank's shareholder meeting last month that \"there's not really a compelling case to be made for a stock split.\" One PNC share costs about $190.\"At one time, the conventional thinking was that when a company's share price got to a certain level, the company would split the stock as a way of foreshadowing expectations of growth and in order to make it more affordable for retail shareholders,\" he said.But Demchak added that \"all the stock split really does is increase costs because it doubles the cost of the mechanics that go into servicing every share.\"\"The split might result in some positive short-term public relations that brings about maybe a short-term bump,\" he added. \"But long term, it would appear that the cost is more than it's worth.\"</p><p><blockquote>AutoZone没有立即发表评论。与此同时，除了苹果和特斯拉之外，其他几家知名公司最近也宣布了股票分割。香料公司麦考密克(MKC)于12月进行了股票分割，这是大约20年来的首次股票分割。投资者关系高级副总裁James Jaye上个月在与分析师的电话会议上表示，涂料巨头宣伟(SHW)于4月份进行了分拆，“以使员工和更广泛的投资者更容易购买该股票”。加拿大太平洋铁路公司(CP)正在与竞争对手加拿大国家铁路公司(CNI)争夺堪萨斯城南方铁路公司(KSU)进行竞购战，正准备在本月晚些时候进行分拆。该股目前交易价格约为375美元，将进行5比1的拆股，这将使价格降至每股75美元左右。首席财务官纳迪姆·维拉尼(Nadeem Velani)在最近与分析师的电话会议中表示：“股票分割将鼓励CP普通股的更大流动性，并为更广泛的投资者群体提供更多的所有权机会。”并非所有公司领导人都支持股票分割。至少有一位主要首席执行官公开称其为浪费时间。PNC(PNC)首席执行官威廉·德姆查克(William Demchak)在上个月的银行股东大会上表示，“确实没有令人信服的理由进行股票分割。”一股PNC股票的价格约为190美元。“曾经，传统的想法是，当一家公司的股价达到一定水平时，公司会分割股票，以此来预示增长预期，并使其更实惠对于散户股东来说，”但德姆查克补充说，“股票分割实际上只会增加成本，因为它使为每股提供服务的机械成本增加了一倍。”“分拆可能会带来一些积极的短期公共关系，从而可能带来短期增长，”他补充道。“但从长远来看，成本似乎超过了它的价值。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://edition.cnn.com/2021/05/04/investing/amazon-alphabet-google-stock-split/index.html\">CNN</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":{"GOOGL":"谷歌A","GOOG":"谷歌","AMZN":"亚马逊"},"source_url":"https://edition.cnn.com/2021/05/04/investing/amazon-alphabet-google-stock-split/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106669817","content_text":"New York (CNN Business)Amazon and Google owner Alphabet are two of the most valuable companies on the planet. They dominate their industries, generate tons of cash and are obscenely profitable. Yet neither of the companies are in the prestigious Dow Jones Industrial Average — and for a good reason.\nBothAmazon(AMZN)andAlphabet(GOOGL)have stock prices in the quadruple digits. That makes them a no-go for the Dow, which weights its 30 components by share price rather than market value.So if either Amazon (currently priced north of $3,300 a share) or Alphabet (trading at just under $2,300) joined theDow, they would immediately have an outsized impact on the Dow.It wouldn't even be close: The priciest Dow stock currently isUnitedHealth(UNH), and at just over $400 a share, it makes up about 8% of the Dow's weighting.The case for splitting sharesBut if Amazon and Alphabet wanted to join the Dow, there's a solution to this price problem: The companies could announce a stock split, which increases the number of shares of the company has while cutting the price of each share to a more affordable level. It wouldn't change the companies' value.\nThat's whatApple(AAPL)did in 2014, and it wasadded to the Dow in early 2015. Applesplit its stock again last year. Elon Musk'sTesla(TSLA)executed its ownstock splitlast year to make its surging stock more accessible to individual investors.\nBeyond the Dow question, splits can be compelling because some experts argue that having a more affordable price for a single share could attract even more investors. But that's admittedly less of an issue due to fractional trading, in which investors can buy a small piece of a company's shares through online brokers like Robinhood, Fidelity or Charles Schwab.There have been rumors about Amazon potentially announcing a split soon, especially now that Jeff Bezos is getting ready tohand over the CEO reinsto AWS headAndy Jassy. But Amazon didn't mention anything about a potential split when the companyreported earnings last week.Amazon was not immediately available for comment when asked by CNN Business if the company was considering a stock split, while a spokesperson for Alphabet declined to comment.High profile companies are 'split' on whether to splitThe pair of tech giants aren't the only companies trading at sky-high stock prices. Priceline ownerBooking(BKNG),Chipotle(CMG)andAutoZone(AZO)are also prominent companies in the S&P 500 with stock prices in excess of $1,000 a share.A Booking spokesperson, when asked by CNN Business about a future stock split, said the company has \"considered this but have not really seen the need to do so as of now.\"Chipotle chief financial officer Jack Hartung said in an email to CNN Business that \"we do not have any plans to split our stock at this time, but if we see an opportunity to enhance shareholder value and remove impediments to interested investors owning our stock, we will discuss the opportunity with our Board.\"\nAutoZone was not immediately available for comment.Meanwhile, several other high-profile companies in addition to Apple and Tesla have announced stock splits lately.Spice companyMcCormick(MKC)split its stock in December — its first split in about 20 years. Paint giantSherwin-Williams(SHW)split in April \"to make the stock more accessible to employees and a broader base of investors,\" senior vice president of investor relations James Jaye said on a conference call with analysts last month.And railroadCanadian Pacific(CP), which is in a bidding war with rivalCanadian National(CNI)forKansas City Southern(KSU), is preparing for a split later this month. The stock is currently trading around $375 and will split 5 for 1, which will lower the price to around $75 a share.\"The share split will encourage greater liquidity for CP's common shares and provide enhanced opportunities for ownership by a wider group of investors,\" said chief financial officer Nadeem Velani in a recent conference call with analysts.More trouble than they're worth?Not all company leaders are on board with stock splits. At least one major CEO has publicly called them a waste of time.PNC(PNC)CEO William Demchak said at the bank's shareholder meeting last month that \"there's not really a compelling case to be made for a stock split.\" One PNC share costs about $190.\"At one time, the conventional thinking was that when a company's share price got to a certain level, the company would split the stock as a way of foreshadowing expectations of growth and in order to make it more affordable for retail shareholders,\" he said.But Demchak added that \"all the stock split really does is increase costs because it doubles the cost of the mechanics that go into servicing every share.\"\"The split might result in some positive short-term public relations that brings about maybe a short-term bump,\" he added. \"But long term, it would appear that the cost is more than it's worth.\"","news_type":1,"symbols_score_info":{"GOOGL":0.9,"AMZN":0.9,"GOOG":0.9}},"isVote":1,"tweetType":1,"viewCount":478,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":103895735,"gmtCreate":1619763636527,"gmtModify":1634210086540,"author":{"id":"3562993249814393","authorId":"3562993249814393","name":"Kelyn","avatar":"https://static.tigerbbs.com/725a4b728e7da1601fb909c628ee0ccb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3562993249814393","idStr":"3562993249814393"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TSLA\">$Tesla Motors(TSLA)$</a>market dropped so much in a day [Cry]&nbsp;","listText":"<a href=\"https://laohu8.com/S/TSLA\">$Tesla Motors(TSLA)$</a>market dropped so much in a day [Cry]&nbsp;","text":"$Tesla Motors(TSLA)$market dropped so much in a day [Cry]","images":[{"img":"https://static.tigerbbs.com/186de61a9187836e27c092bb192c28bd","width":"1242","height":"2001"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/103895735","isVote":1,"tweetType":1,"viewCount":582,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":100650178,"gmtCreate":1619611507094,"gmtModify":1634211362492,"author":{"id":"3562993249814393","authorId":"3562993249814393","name":"Kelyn","avatar":"https://static.tigerbbs.com/725a4b728e7da1601fb909c628ee0ccb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3562993249814393","idStr":"3562993249814393"},"themes":[],"htmlText":"sigh ppl disappointed with tesla","listText":"sigh ppl disappointed with tesla","text":"sigh ppl disappointed with tesla","images":[{"img":"https://static.tigerbbs.com/bc921fe5bcee1661e8adb210340ac2f8","width":"1242","height":"1767"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/100650178","isVote":1,"tweetType":1,"viewCount":491,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0}],"hots":[{"id":196033315,"gmtCreate":1620998709637,"gmtModify":1634194683417,"author":{"id":"3562993249814393","authorId":"3562993249814393","name":"Kelyn","avatar":"https://static.tigerbbs.com/725a4b728e7da1601fb909c628ee0ccb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3562993249814393","idStr":"3562993249814393"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/SE\">$SEA LTD(SE)$</a>Waitttttt","listText":"<a href=\"https://laohu8.com/S/SE\">$SEA LTD(SE)$</a>Waitttttt","text":"$SEA LTD(SE)$Waitttttt","images":[{"img":"https://static.tigerbbs.com/58cdd30dc9f13b0b42c9f84fa274d313","width":"1242","height":"2001"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/196033315","isVote":1,"tweetType":1,"viewCount":489,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":102883944,"gmtCreate":1620193249688,"gmtModify":1634207065289,"author":{"id":"3562993249814393","authorId":"3562993249814393","name":"Kelyn","avatar":"https://static.tigerbbs.com/725a4b728e7da1601fb909c628ee0ccb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3562993249814393","idStr":"3562993249814393"},"themes":[],"htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/102883944","repostId":"1106669817","repostType":4,"repost":{"id":"1106669817","kind":"news","pubTimestamp":1620186328,"share":"https://www.laohu8.com/m/news/1106669817?lang=zh_CN&edition=full","pubTime":"2021-05-05 11:45","market":"us","language":"en","title":"Why Amazon and Alphabet may need to split their high-priced stocks<blockquote>为什么亚马逊和Alphabet可能需要分割他们的高价股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1106669817","media":"CNN","summary":"New York Amazon and Google owner Alphabet are two of the most valuable companies on the planet. They dominate their industries, generate tons of cash and are obscenely profitable. Yet neither of the companies are in the prestigious Dow Jones Industrial Average — and for a good reason.That's whatAppledid in 2014, and it wasadded to the Dow in early 2015. Applesplit its stock again last year. Elon Musk'sTeslaexecuted its ownstock splitlast year to make its surging stock more accessible to individu","content":"<p>New York (CNN Business)Amazon and Google owner Alphabet are two of the most valuable companies on the planet. They dominate their industries, generate tons of cash and are obscenely profitable. Yet neither of the companies are in the prestigious Dow Jones Industrial Average — and for a good reason.</p><p><blockquote>纽约（CNN商业）亚马逊和谷歌所有者Alphabet是地球上最有价值的两家公司。他们主导着自己的行业，产生大量现金，利润丰厚。然而，这两家公司都没有进入著名的道琼斯工业平均指数——这是有充分理由的。</blockquote></p><p> BothAmazon(AMZN)andAlphabet(GOOGL)have stock prices in the quadruple digits. That makes them a no-go for the Dow, which weights its 30 components by share price rather than market value.So if either Amazon (currently priced north of $3,300 a share) or Alphabet (trading at just under $2,300) joined theDow, they would immediately have an outsized impact on the Dow.It wouldn't even be close: The priciest Dow stock currently isUnitedHealth(UNH), and at just over $400 a share, it makes up about 8% of the Dow's weighting.The case for splitting sharesBut if Amazon and Alphabet wanted to join the Dow, there's a solution to this price problem: The companies could announce a stock split, which increases the number of shares of the company has while cutting the price of each share to a more affordable level. It wouldn't change the companies' value.</p><p><blockquote>亚马逊（AMZN）和Alphabet（GOOGL）的股价都达到了四位数。这使得它们成为道琼斯指数的禁忌，道琼斯指数根据股价而不是市值来衡量其30个成分股的权重。因此，如果亚马逊（目前每股定价超过3,300美元）或Alphabet（交易价格略低于2,300美元）加入道琼斯指数，它们将立即对道琼斯指数产生巨大影响。甚至还差得远：目前道指最贵的股票是联合健康(UNH)，每股略高于400美元，约占道指权重的8%。但如果亚马逊和Alphabet想加入道琼斯指数，这个价格问题有一个解决方案：两家公司可以宣布股票分割，增加公司的股票数量，同时将每股价格降低到更实惠的水平。这不会改变公司的价值。</blockquote></p><p> That's whatApple(AAPL)did in 2014, and it wasadded to the Dow in early 2015. Applesplit its stock again last year. Elon Musk'sTesla(TSLA)executed its ownstock splitlast year to make its surging stock more accessible to individual investors.</p><p><blockquote>这就是苹果(AAPL)在2014年所做的，并于2015年初被纳入道琼斯指数。苹果去年再次分割了股票。Elon Musk的特斯拉(TSLA)去年进行了股票分割，以使个人投资者更容易购买其飙升的股票。</blockquote></p><p> Beyond the Dow question, splits can be compelling because some experts argue that having a more affordable price for a single share could attract even more investors. But that's admittedly less of an issue due to fractional trading, in which investors can buy a small piece of a company's shares through online brokers like Robinhood, Fidelity or Charles Schwab.There have been rumors about Amazon potentially announcing a split soon, especially now that Jeff Bezos is getting ready tohand over the CEO reinsto AWS headAndy Jassy. But Amazon didn't mention anything about a potential split when the companyreported earnings last week.Amazon was not immediately available for comment when asked by CNN Business if the company was considering a stock split, while a spokesperson for Alphabet declined to comment.High profile companies are 'split' on whether to splitThe pair of tech giants aren't the only companies trading at sky-high stock prices. Priceline ownerBooking(BKNG),Chipotle(CMG)andAutoZone(AZO)are also prominent companies in the S&amp;P 500 with stock prices in excess of $1,000 a share.A Booking spokesperson, when asked by CNN Business about a future stock split, said the company has \"considered this but have not really seen the need to do so as of now.\"Chipotle chief financial officer Jack Hartung said in an email to CNN Business that \"we do not have any plans to split our stock at this time, but if we see an opportunity to enhance shareholder value and remove impediments to interested investors owning our stock, we will discuss the opportunity with our Board.\"</p><p><blockquote>除了道琼斯指数的问题之外，分拆也可能引人注目，因为一些专家认为，单股价格更实惠可能会吸引更多投资者。但不可否认的是，由于部分交易，投资者可以通过Robinhood、Fidelity或Charles Schwab等在线经纪商购买公司的一小部分股票，这不是什么问题。有传言称亚马逊可能很快就会宣布分拆，尤其是现在杰夫·贝索斯正准备将首席执行官移交给AWS负责人安迪·贾西(Andy Jassy)。但亚马逊在上周公布财报时没有提及任何有关潜在分拆的内容。当CNN Business询问该公司是否正在考虑股票分拆时，亚马逊没有立即发表评论，而Alphabet发言人拒绝置评。知名公司在是否分拆的问题上存在“分歧”这两家科技巨头并不是唯一股价极高的公司。Priceline所有者Booking(BKNG)、Chipotle(CMG)和AutoZone(AZO)也是标普500的知名公司，股价超过每股1,000美元。当CNN Business问及未来的股票分割时，Booking发言人表示该公司“已经考虑过这一点，但目前还没有真正认为有必要这样做。”Chipotle首席财务官Jack Hartung在给CNN Business的电子邮件中表示，“我们目前没有任何分割股票的计划，但如果我们看到有机会提高股东价值并消除感兴趣的投资者持有我们股票的障碍，我们将与董事会讨论这个机会。”</blockquote></p><p> AutoZone was not immediately available for comment.Meanwhile, several other high-profile companies in addition to Apple and Tesla have announced stock splits lately.Spice companyMcCormick(MKC)split its stock in December — its first split in about 20 years. Paint giantSherwin-Williams(SHW)split in April \"to make the stock more accessible to employees and a broader base of investors,\" senior vice president of investor relations James Jaye said on a conference call with analysts last month.And railroadCanadian Pacific(CP), which is in a bidding war with rivalCanadian National(CNI)forKansas City Southern(KSU), is preparing for a split later this month. The stock is currently trading around $375 and will split 5 for 1, which will lower the price to around $75 a share.\"The share split will encourage greater liquidity for CP's common shares and provide enhanced opportunities for ownership by a wider group of investors,\" said chief financial officer Nadeem Velani in a recent conference call with analysts.More trouble than they're worth?Not all company leaders are on board with stock splits. At least one major CEO has publicly called them a waste of time.PNC(PNC)CEO William Demchak said at the bank's shareholder meeting last month that \"there's not really a compelling case to be made for a stock split.\" One PNC share costs about $190.\"At one time, the conventional thinking was that when a company's share price got to a certain level, the company would split the stock as a way of foreshadowing expectations of growth and in order to make it more affordable for retail shareholders,\" he said.But Demchak added that \"all the stock split really does is increase costs because it doubles the cost of the mechanics that go into servicing every share.\"\"The split might result in some positive short-term public relations that brings about maybe a short-term bump,\" he added. \"But long term, it would appear that the cost is more than it's worth.\"</p><p><blockquote>AutoZone没有立即发表评论。与此同时，除了苹果和特斯拉之外，其他几家知名公司最近也宣布了股票分割。香料公司麦考密克(MKC)于12月进行了股票分割，这是大约20年来的首次股票分割。投资者关系高级副总裁James Jaye上个月在与分析师的电话会议上表示，涂料巨头宣伟(SHW)于4月份进行了分拆，“以使员工和更广泛的投资者更容易购买该股票”。加拿大太平洋铁路公司(CP)正在与竞争对手加拿大国家铁路公司(CNI)争夺堪萨斯城南方铁路公司(KSU)进行竞购战，正准备在本月晚些时候进行分拆。该股目前交易价格约为375美元，将进行5比1的拆股，这将使价格降至每股75美元左右。首席财务官纳迪姆·维拉尼(Nadeem Velani)在最近与分析师的电话会议中表示：“股票分割将鼓励CP普通股的更大流动性，并为更广泛的投资者群体提供更多的所有权机会。”并非所有公司领导人都支持股票分割。至少有一位主要首席执行官公开称其为浪费时间。PNC(PNC)首席执行官威廉·德姆查克(William Demchak)在上个月的银行股东大会上表示，“确实没有令人信服的理由进行股票分割。”一股PNC股票的价格约为190美元。“曾经，传统的想法是，当一家公司的股价达到一定水平时，公司会分割股票，以此来预示增长预期，并使其更实惠对于散户股东来说，”但德姆查克补充说，“股票分割实际上只会增加成本，因为它使为每股提供服务的机械成本增加了一倍。”“分拆可能会带来一些积极的短期公共关系，从而可能带来短期增长，”他补充道。“但从长远来看，成本似乎超过了它的价值。”</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Amazon and Alphabet may need to split their high-priced stocks<blockquote>为什么亚马逊和Alphabet可能需要分割他们的高价股票</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\">\nWhy Amazon and Alphabet may need to split their high-priced stocks<blockquote>为什么亚马逊和Alphabet可能需要分割他们的高价股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">CNN</strong><span class=\"h-time small\">2021-05-05 11:45</span>\n</p>\n</h4>\n</header>\n<article>\n<p>New York (CNN Business)Amazon and Google owner Alphabet are two of the most valuable companies on the planet. They dominate their industries, generate tons of cash and are obscenely profitable. Yet neither of the companies are in the prestigious Dow Jones Industrial Average — and for a good reason.</p><p><blockquote>纽约（CNN商业）亚马逊和谷歌所有者Alphabet是地球上最有价值的两家公司。他们主导着自己的行业，产生大量现金，利润丰厚。然而，这两家公司都没有进入著名的道琼斯工业平均指数——这是有充分理由的。</blockquote></p><p> BothAmazon(AMZN)andAlphabet(GOOGL)have stock prices in the quadruple digits. That makes them a no-go for the Dow, which weights its 30 components by share price rather than market value.So if either Amazon (currently priced north of $3,300 a share) or Alphabet (trading at just under $2,300) joined theDow, they would immediately have an outsized impact on the Dow.It wouldn't even be close: The priciest Dow stock currently isUnitedHealth(UNH), and at just over $400 a share, it makes up about 8% of the Dow's weighting.The case for splitting sharesBut if Amazon and Alphabet wanted to join the Dow, there's a solution to this price problem: The companies could announce a stock split, which increases the number of shares of the company has while cutting the price of each share to a more affordable level. It wouldn't change the companies' value.</p><p><blockquote>亚马逊（AMZN）和Alphabet（GOOGL）的股价都达到了四位数。这使得它们成为道琼斯指数的禁忌，道琼斯指数根据股价而不是市值来衡量其30个成分股的权重。因此，如果亚马逊（目前每股定价超过3,300美元）或Alphabet（交易价格略低于2,300美元）加入道琼斯指数，它们将立即对道琼斯指数产生巨大影响。甚至还差得远：目前道指最贵的股票是联合健康(UNH)，每股略高于400美元，约占道指权重的8%。但如果亚马逊和Alphabet想加入道琼斯指数，这个价格问题有一个解决方案：两家公司可以宣布股票分割，增加公司的股票数量，同时将每股价格降低到更实惠的水平。这不会改变公司的价值。</blockquote></p><p> That's whatApple(AAPL)did in 2014, and it wasadded to the Dow in early 2015. Applesplit its stock again last year. Elon Musk'sTesla(TSLA)executed its ownstock splitlast year to make its surging stock more accessible to individual investors.</p><p><blockquote>这就是苹果(AAPL)在2014年所做的，并于2015年初被纳入道琼斯指数。苹果去年再次分割了股票。Elon Musk的特斯拉(TSLA)去年进行了股票分割，以使个人投资者更容易购买其飙升的股票。</blockquote></p><p> Beyond the Dow question, splits can be compelling because some experts argue that having a more affordable price for a single share could attract even more investors. But that's admittedly less of an issue due to fractional trading, in which investors can buy a small piece of a company's shares through online brokers like Robinhood, Fidelity or Charles Schwab.There have been rumors about Amazon potentially announcing a split soon, especially now that Jeff Bezos is getting ready tohand over the CEO reinsto AWS headAndy Jassy. But Amazon didn't mention anything about a potential split when the companyreported earnings last week.Amazon was not immediately available for comment when asked by CNN Business if the company was considering a stock split, while a spokesperson for Alphabet declined to comment.High profile companies are 'split' on whether to splitThe pair of tech giants aren't the only companies trading at sky-high stock prices. Priceline ownerBooking(BKNG),Chipotle(CMG)andAutoZone(AZO)are also prominent companies in the S&amp;P 500 with stock prices in excess of $1,000 a share.A Booking spokesperson, when asked by CNN Business about a future stock split, said the company has \"considered this but have not really seen the need to do so as of now.\"Chipotle chief financial officer Jack Hartung said in an email to CNN Business that \"we do not have any plans to split our stock at this time, but if we see an opportunity to enhance shareholder value and remove impediments to interested investors owning our stock, we will discuss the opportunity with our Board.\"</p><p><blockquote>除了道琼斯指数的问题之外，分拆也可能引人注目，因为一些专家认为，单股价格更实惠可能会吸引更多投资者。但不可否认的是，由于部分交易，投资者可以通过Robinhood、Fidelity或Charles Schwab等在线经纪商购买公司的一小部分股票，这不是什么问题。有传言称亚马逊可能很快就会宣布分拆，尤其是现在杰夫·贝索斯正准备将首席执行官移交给AWS负责人安迪·贾西(Andy Jassy)。但亚马逊在上周公布财报时没有提及任何有关潜在分拆的内容。当CNN Business询问该公司是否正在考虑股票分拆时，亚马逊没有立即发表评论，而Alphabet发言人拒绝置评。知名公司在是否分拆的问题上存在“分歧”这两家科技巨头并不是唯一股价极高的公司。Priceline所有者Booking(BKNG)、Chipotle(CMG)和AutoZone(AZO)也是标普500的知名公司，股价超过每股1,000美元。当CNN Business问及未来的股票分割时，Booking发言人表示该公司“已经考虑过这一点，但目前还没有真正认为有必要这样做。”Chipotle首席财务官Jack Hartung在给CNN Business的电子邮件中表示，“我们目前没有任何分割股票的计划，但如果我们看到有机会提高股东价值并消除感兴趣的投资者持有我们股票的障碍，我们将与董事会讨论这个机会。”</blockquote></p><p> AutoZone was not immediately available for comment.Meanwhile, several other high-profile companies in addition to Apple and Tesla have announced stock splits lately.Spice companyMcCormick(MKC)split its stock in December — its first split in about 20 years. Paint giantSherwin-Williams(SHW)split in April \"to make the stock more accessible to employees and a broader base of investors,\" senior vice president of investor relations James Jaye said on a conference call with analysts last month.And railroadCanadian Pacific(CP), which is in a bidding war with rivalCanadian National(CNI)forKansas City Southern(KSU), is preparing for a split later this month. The stock is currently trading around $375 and will split 5 for 1, which will lower the price to around $75 a share.\"The share split will encourage greater liquidity for CP's common shares and provide enhanced opportunities for ownership by a wider group of investors,\" said chief financial officer Nadeem Velani in a recent conference call with analysts.More trouble than they're worth?Not all company leaders are on board with stock splits. At least one major CEO has publicly called them a waste of time.PNC(PNC)CEO William Demchak said at the bank's shareholder meeting last month that \"there's not really a compelling case to be made for a stock split.\" One PNC share costs about $190.\"At one time, the conventional thinking was that when a company's share price got to a certain level, the company would split the stock as a way of foreshadowing expectations of growth and in order to make it more affordable for retail shareholders,\" he said.But Demchak added that \"all the stock split really does is increase costs because it doubles the cost of the mechanics that go into servicing every share.\"\"The split might result in some positive short-term public relations that brings about maybe a short-term bump,\" he added. \"But long term, it would appear that the cost is more than it's worth.\"</p><p><blockquote>AutoZone没有立即发表评论。与此同时，除了苹果和特斯拉之外，其他几家知名公司最近也宣布了股票分割。香料公司麦考密克(MKC)于12月进行了股票分割，这是大约20年来的首次股票分割。投资者关系高级副总裁James Jaye上个月在与分析师的电话会议上表示，涂料巨头宣伟(SHW)于4月份进行了分拆，“以使员工和更广泛的投资者更容易购买该股票”。加拿大太平洋铁路公司(CP)正在与竞争对手加拿大国家铁路公司(CNI)争夺堪萨斯城南方铁路公司(KSU)进行竞购战，正准备在本月晚些时候进行分拆。该股目前交易价格约为375美元，将进行5比1的拆股，这将使价格降至每股75美元左右。首席财务官纳迪姆·维拉尼(Nadeem Velani)在最近与分析师的电话会议中表示：“股票分割将鼓励CP普通股的更大流动性，并为更广泛的投资者群体提供更多的所有权机会。”并非所有公司领导人都支持股票分割。至少有一位主要首席执行官公开称其为浪费时间。PNC(PNC)首席执行官威廉·德姆查克(William Demchak)在上个月的银行股东大会上表示，“确实没有令人信服的理由进行股票分割。”一股PNC股票的价格约为190美元。“曾经，传统的想法是，当一家公司的股价达到一定水平时，公司会分割股票，以此来预示增长预期，并使其更实惠对于散户股东来说，”但德姆查克补充说，“股票分割实际上只会增加成本，因为它使为每股提供服务的机械成本增加了一倍。”“分拆可能会带来一些积极的短期公共关系，从而可能带来短期增长，”他补充道。“但从长远来看，成本似乎超过了它的价值。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://edition.cnn.com/2021/05/04/investing/amazon-alphabet-google-stock-split/index.html\">CNN</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":{"GOOGL":"谷歌A","GOOG":"谷歌","AMZN":"亚马逊"},"source_url":"https://edition.cnn.com/2021/05/04/investing/amazon-alphabet-google-stock-split/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106669817","content_text":"New York (CNN Business)Amazon and Google owner Alphabet are two of the most valuable companies on the planet. They dominate their industries, generate tons of cash and are obscenely profitable. Yet neither of the companies are in the prestigious Dow Jones Industrial Average — and for a good reason.\nBothAmazon(AMZN)andAlphabet(GOOGL)have stock prices in the quadruple digits. That makes them a no-go for the Dow, which weights its 30 components by share price rather than market value.So if either Amazon (currently priced north of $3,300 a share) or Alphabet (trading at just under $2,300) joined theDow, they would immediately have an outsized impact on the Dow.It wouldn't even be close: The priciest Dow stock currently isUnitedHealth(UNH), and at just over $400 a share, it makes up about 8% of the Dow's weighting.The case for splitting sharesBut if Amazon and Alphabet wanted to join the Dow, there's a solution to this price problem: The companies could announce a stock split, which increases the number of shares of the company has while cutting the price of each share to a more affordable level. It wouldn't change the companies' value.\nThat's whatApple(AAPL)did in 2014, and it wasadded to the Dow in early 2015. Applesplit its stock again last year. Elon Musk'sTesla(TSLA)executed its ownstock splitlast year to make its surging stock more accessible to individual investors.\nBeyond the Dow question, splits can be compelling because some experts argue that having a more affordable price for a single share could attract even more investors. But that's admittedly less of an issue due to fractional trading, in which investors can buy a small piece of a company's shares through online brokers like Robinhood, Fidelity or Charles Schwab.There have been rumors about Amazon potentially announcing a split soon, especially now that Jeff Bezos is getting ready tohand over the CEO reinsto AWS headAndy Jassy. But Amazon didn't mention anything about a potential split when the companyreported earnings last week.Amazon was not immediately available for comment when asked by CNN Business if the company was considering a stock split, while a spokesperson for Alphabet declined to comment.High profile companies are 'split' on whether to splitThe pair of tech giants aren't the only companies trading at sky-high stock prices. Priceline ownerBooking(BKNG),Chipotle(CMG)andAutoZone(AZO)are also prominent companies in the S&P 500 with stock prices in excess of $1,000 a share.A Booking spokesperson, when asked by CNN Business about a future stock split, said the company has \"considered this but have not really seen the need to do so as of now.\"Chipotle chief financial officer Jack Hartung said in an email to CNN Business that \"we do not have any plans to split our stock at this time, but if we see an opportunity to enhance shareholder value and remove impediments to interested investors owning our stock, we will discuss the opportunity with our Board.\"\nAutoZone was not immediately available for comment.Meanwhile, several other high-profile companies in addition to Apple and Tesla have announced stock splits lately.Spice companyMcCormick(MKC)split its stock in December — its first split in about 20 years. Paint giantSherwin-Williams(SHW)split in April \"to make the stock more accessible to employees and a broader base of investors,\" senior vice president of investor relations James Jaye said on a conference call with analysts last month.And railroadCanadian Pacific(CP), which is in a bidding war with rivalCanadian National(CNI)forKansas City Southern(KSU), is preparing for a split later this month. The stock is currently trading around $375 and will split 5 for 1, which will lower the price to around $75 a share.\"The share split will encourage greater liquidity for CP's common shares and provide enhanced opportunities for ownership by a wider group of investors,\" said chief financial officer Nadeem Velani in a recent conference call with analysts.More trouble than they're worth?Not all company leaders are on board with stock splits. At least one major CEO has publicly called them a waste of time.PNC(PNC)CEO William Demchak said at the bank's shareholder meeting last month that \"there's not really a compelling case to be made for a stock split.\" One PNC share costs about $190.\"At one time, the conventional thinking was that when a company's share price got to a certain level, the company would split the stock as a way of foreshadowing expectations of growth and in order to make it more affordable for retail shareholders,\" he said.But Demchak added that \"all the stock split really does is increase costs because it doubles the cost of the mechanics that go into servicing every share.\"\"The split might result in some positive short-term public relations that brings about maybe a short-term bump,\" he added. \"But long term, it would appear that the cost is more than it's worth.\"","news_type":1,"symbols_score_info":{"GOOGL":0.9,"AMZN":0.9,"GOOG":0.9}},"isVote":1,"tweetType":1,"viewCount":478,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":194528261,"gmtCreate":1621387963453,"gmtModify":1631892619311,"author":{"id":"3562993249814393","authorId":"3562993249814393","name":"Kelyn","avatar":"https://static.tigerbbs.com/725a4b728e7da1601fb909c628ee0ccb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3562993249814393","idStr":"3562993249814393"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/SE\">$SEA LTD(SE)$</a>For the coins ❤️","listText":"<a href=\"https://laohu8.com/S/SE\">$SEA LTD(SE)$</a>For the coins ❤️","text":"$SEA LTD(SE)$For the coins ❤️","images":[{"img":"https://static.tigerbbs.com/3e4a75990148ca6112ca99521f8fc58f","width":"1242","height":"2001"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/194528261","isVote":1,"tweetType":1,"viewCount":3036,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":102883160,"gmtCreate":1620193268550,"gmtModify":1634207065167,"author":{"id":"3562993249814393","authorId":"3562993249814393","name":"Kelyn","avatar":"https://static.tigerbbs.com/725a4b728e7da1601fb909c628ee0ccb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3562993249814393","idStr":"3562993249814393"},"themes":[],"htmlText":"good read","listText":"good read","text":"good read","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/102883160","repostId":"1186808828","repostType":4,"repost":{"id":"1186808828","kind":"news","pubTimestamp":1620185185,"share":"https://www.laohu8.com/m/news/1186808828?lang=zh_CN&edition=full","pubTime":"2021-05-05 11:26","market":"us","language":"en","title":"Bill and Melinda Gates’s divorce was a predictable market phenomenon and bullish for GameStop — allow us to explain<blockquote>比尔·盖茨和梅琳达·盖茨的离婚是一个可以预见的市场现象，对游戏驿站有利——请允许我们解释一下</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1186808828","media":"Market Wacth","summary":"The end of Bill and Melinda Gates’s marriage is just the first in what will be a slew of billionaire","content":"<p>The end of Bill and Melinda Gates’s marriage is just the first in what will be a slew of billionaire divorces, and it’s all bullish for GameStop’s stockGME,-0.91%.</p><p><blockquote>比尔·盖茨和梅琳达·盖茨婚姻的结束只是一系列亿万富翁离婚事件中的第一起，这一切都利好游戏驿站股票GME，-0.91%。</blockquote></p><p> It’s just another Tuesday on retail-investor social media.</p><p><blockquote>这只是散户社交媒体上的又一个星期二。</blockquote></p><p> The announcement that Bill and Melinda Gates are divorcing caught the whole world by surprise, but by Monday evening members of the Reddit board r/GME had unearthed an almost 2-month-old post by user Jobom3 tying a spike in borrowed GameStop shares to the likelihood that billionaire hedge funders and their wealthy investors were increasing their short positions as part of a plan to prepare for their impending divorces.</p><p><blockquote>Bill和Melinda Gates离婚的消息震惊了全世界，但到周一晚上，Reddit董事会r/GME的成员发现了用户Jobom3近两个月前的帖子，该帖子将借入的游戏驿站股票飙升与亿万富翁对冲基金及其富有的投资者增加空头头寸的可能性联系起来，作为为即将到来的离婚做准备的计划的一部分。</blockquote></p><p> On the morning of March 11, a Reddit post pointed out that more than 1 million GameStop shares had been borrowed in premarket action, a signal that pro-GameStop “redditors” interpreted as a signal of a new skirmish in the ongoing conflict between hedge funds trying to short GameStop into oblivion and Regular Joe investors hell-bent on proving that the videogame retailer is fundamentally undervalued and should not be killed off by wealthy Wall Street traders playing a rigged game.</p><p><blockquote>3月11日上午，Reddit上的一篇帖子指出，超过100万股游戏驿站股票在盘前行动中被借入，亲游戏驿站的“redditors”将这一信号解读为对冲基金之间持续冲突中爆发新冲突的信号。试图让游戏驿站被遗忘，而普通投资者则执意证明这家视频游戏零售商从根本上被低估，不应该被玩操纵游戏的富有的华尔街交易员杀死。</blockquote></p><p> “Another 1 million shares borrowed from ETFs in pre-market …” blared a Reddit post headline that morning, with a screenshot appearing to show the availability of GameStop shares from ETFs exposed to the stock.</p><p><blockquote>“盘前又从ETF借入了100万股……”当天早上，Reddit帖子的标题响亮地写道，其中一张屏幕截图似乎显示了游戏驿站股票从ETF中获得的股票。</blockquote></p><p> Minutes later, Jobom3 piped up with this theory: “I think they are just buying time to secure their personal assets,” read the comment. “Moving them to offshore or divorce their wives and put the money in their name. Tricks like that. At least that’s what I would do.”</p><p><blockquote>几分钟后，Jobom3提出了这个理论：“我认为他们只是在争取时间来保护他们的个人资产，”评论中写道。“把他们转移到海外，或者和他们的妻子离婚，把钱放在他们的名下。诸如此类的伎俩。至少我会这么做。”</blockquote></p><p> While the comment did not receive much attention on March 11, it blew up late Monday after news of the Gates’s split dropped, and users clamored to give Jobom3 credit for seeing the bombshell coming.</p><p><blockquote>虽然这条评论在3月11日没有受到太多关注，但在盖茨夫妇分手的消息传出后，它在周一晚间爆炸了，用户们吵着要称赞Jobom3看到了这一重磅炸弹的到来。</blockquote></p><p> “WHAT ELSE DOES THE PROPHIT KNOW” replied one user late Monday night.</p><p><blockquote>周一深夜，一位用户回答说：“PROPHIT还知道什么？”</blockquote></p><p> “Bill Gates and Melinda Gates is just a start???” posited another.</p><p><blockquote>“比尔·盖茨和梅林达·盖茨只是一个开始？？？”假设另一个。</blockquote></p><p> “My man got all the infinity stones,” added another.</p><p><blockquote>“我的人得到了所有的无限宝石，”另一个人补充道。</blockquote></p><p> Those comments quickly turned into a bull case for GameStop’s value, with users coalescing around the theory that that Bill Gates’s getting unhitched is a huge data point in support of Jobom3’s thesis that at least some wealthy short sellers of GameStop are fighting the short squeeze as a cover to protect their assets from the possibility of a market implosion that will lead to an army of greedy future ex-spouses.</p><p><blockquote>这些评论很快变成了游戏驿站价值的看涨理由，用户们一致认为比尔·盖茨的离婚是一个巨大的数据点，支持Jobom3的论点，即至少一些富有的游戏驿站卖空者正在与空头挤压作斗争。保护他们的资产免受市场崩溃的可能性的影响，市场崩溃将导致贪婪的未来前配偶大军。</blockquote></p><p> Rickety markets have historically been bad indicators for hedge-fund managers, and seeing two of the wealthiest men in the world, Gates and Jeff Bezos, announcing the ends of long marriages in less than two years’ time can be interpreted by the willing as a trend that is still kicking up steam.</p><p><blockquote>摇摇欲坠的市场历来对对冲基金经理来说是一个糟糕的指标，看到世界上最富有的两个人盖茨和杰夫·贝索斯在不到两年的时间里宣布结束长期婚姻，人们可以将其解读为一种趋势。仍在加速发展。</blockquote></p><p> But while tying the coming joy of white-shoe divorce lawyers to GameStop’s performance might seem difficult, it was easier than it might appear to GameStop’s Reddit army.</p><p><blockquote>但是，尽管将白鞋离婚律师即将到来的喜悦与游戏驿站的表现联系起来似乎很困难，但对于游戏驿站的Reddit大军来说，这比看起来要容易。</blockquote></p><p> “Maybe not directly to GME,” mused one user “But [Bill Gates] probably has money tied up in hedge funds and other investments that are going down when they all get liquidated and the market crashes.”</p><p><blockquote>“也许不是直接针对GME，”一位用户沉思道，“但[比尔·盖茨]可能将资金投入对冲基金和其他投资，当它们全部清算和市场崩溃时，这些投资就会下跌。”</blockquote></p><p> Gates does invest the majority of his family wealth through Cascade Investment LLC, one of the largest family offices in the world with more than $50 billion in assets and, according to regulatory filings, mostly invested in large-cap stocks like Deere &amp; Co.DE,+1.55%,Berkshire HathawayBRK.B,+0.39%and Canadian National RailwayCNI,-0.37%.</p><p><blockquote>盖茨确实通过Cascade Investment LLC投资了大部分家族财富，Cascade Investment LLC是全球最大的家族办公室之一，资产超过500亿美元，根据监管文件，盖茨主要投资于Deere等大盘股。DE，+1.55%，Berkshire HathawayBRK.B，+0.39%，加拿大国家铁路CNI，-0.37%。</blockquote></p><p> While any GameStop exposure, either direct or indirect, in Gates’s portfolio is difficult to see, the stock is having an interesting day.</p><p><blockquote>虽然盖茨的投资组合中很难看到任何直接或间接的游戏驿站敞口，但该股的日子很有趣。</blockquote></p><p> After falling by more than 5%, GameStop bounced back in afternoon trading and was down just over 1% going into the closing bell.</p><p><blockquote>在下跌超过5%后，游戏驿站在下午交易中反弹，截至收盘时下跌略高于1%。</blockquote></p><p></p>","source":"lsy1604288433698","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>Bill and Melinda Gates’s divorce was a predictable market phenomenon and bullish for GameStop — allow us to explain<blockquote>比尔·盖茨和梅琳达·盖茨的离婚是一个可以预见的市场现象，对游戏驿站有利——请允许我们解释一下</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBill and Melinda Gates’s divorce was a predictable market phenomenon and bullish for GameStop — allow us to explain<blockquote>比尔·盖茨和梅琳达·盖茨的离婚是一个可以预见的市场现象，对游戏驿站有利——请允许我们解释一下</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Market Wacth</strong><span class=\"h-time small\">2021-05-05 11:26</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The end of Bill and Melinda Gates’s marriage is just the first in what will be a slew of billionaire divorces, and it’s all bullish for GameStop’s stockGME,-0.91%.</p><p><blockquote>比尔·盖茨和梅琳达·盖茨婚姻的结束只是一系列亿万富翁离婚事件中的第一起，这一切都利好游戏驿站股票GME，-0.91%。</blockquote></p><p> It’s just another Tuesday on retail-investor social media.</p><p><blockquote>这只是散户社交媒体上的又一个星期二。</blockquote></p><p> The announcement that Bill and Melinda Gates are divorcing caught the whole world by surprise, but by Monday evening members of the Reddit board r/GME had unearthed an almost 2-month-old post by user Jobom3 tying a spike in borrowed GameStop shares to the likelihood that billionaire hedge funders and their wealthy investors were increasing their short positions as part of a plan to prepare for their impending divorces.</p><p><blockquote>Bill和Melinda Gates离婚的消息震惊了全世界，但到周一晚上，Reddit董事会r/GME的成员发现了用户Jobom3近两个月前的帖子，该帖子将借入的游戏驿站股票飙升与亿万富翁对冲基金及其富有的投资者增加空头头寸的可能性联系起来，作为为即将到来的离婚做准备的计划的一部分。</blockquote></p><p> On the morning of March 11, a Reddit post pointed out that more than 1 million GameStop shares had been borrowed in premarket action, a signal that pro-GameStop “redditors” interpreted as a signal of a new skirmish in the ongoing conflict between hedge funds trying to short GameStop into oblivion and Regular Joe investors hell-bent on proving that the videogame retailer is fundamentally undervalued and should not be killed off by wealthy Wall Street traders playing a rigged game.</p><p><blockquote>3月11日上午，Reddit上的一篇帖子指出，超过100万股游戏驿站股票在盘前行动中被借入，亲游戏驿站的“redditors”将这一信号解读为对冲基金之间持续冲突中爆发新冲突的信号。试图让游戏驿站被遗忘，而普通投资者则执意证明这家视频游戏零售商从根本上被低估，不应该被玩操纵游戏的富有的华尔街交易员杀死。</blockquote></p><p> “Another 1 million shares borrowed from ETFs in pre-market …” blared a Reddit post headline that morning, with a screenshot appearing to show the availability of GameStop shares from ETFs exposed to the stock.</p><p><blockquote>“盘前又从ETF借入了100万股……”当天早上，Reddit帖子的标题响亮地写道，其中一张屏幕截图似乎显示了游戏驿站股票从ETF中获得的股票。</blockquote></p><p> Minutes later, Jobom3 piped up with this theory: “I think they are just buying time to secure their personal assets,” read the comment. “Moving them to offshore or divorce their wives and put the money in their name. Tricks like that. At least that’s what I would do.”</p><p><blockquote>几分钟后，Jobom3提出了这个理论：“我认为他们只是在争取时间来保护他们的个人资产，”评论中写道。“把他们转移到海外，或者和他们的妻子离婚，把钱放在他们的名下。诸如此类的伎俩。至少我会这么做。”</blockquote></p><p> While the comment did not receive much attention on March 11, it blew up late Monday after news of the Gates’s split dropped, and users clamored to give Jobom3 credit for seeing the bombshell coming.</p><p><blockquote>虽然这条评论在3月11日没有受到太多关注，但在盖茨夫妇分手的消息传出后，它在周一晚间爆炸了，用户们吵着要称赞Jobom3看到了这一重磅炸弹的到来。</blockquote></p><p> “WHAT ELSE DOES THE PROPHIT KNOW” replied one user late Monday night.</p><p><blockquote>周一深夜，一位用户回答说：“PROPHIT还知道什么？”</blockquote></p><p> “Bill Gates and Melinda Gates is just a start???” posited another.</p><p><blockquote>“比尔·盖茨和梅林达·盖茨只是一个开始？？？”假设另一个。</blockquote></p><p> “My man got all the infinity stones,” added another.</p><p><blockquote>“我的人得到了所有的无限宝石，”另一个人补充道。</blockquote></p><p> Those comments quickly turned into a bull case for GameStop’s value, with users coalescing around the theory that that Bill Gates’s getting unhitched is a huge data point in support of Jobom3’s thesis that at least some wealthy short sellers of GameStop are fighting the short squeeze as a cover to protect their assets from the possibility of a market implosion that will lead to an army of greedy future ex-spouses.</p><p><blockquote>这些评论很快变成了游戏驿站价值的看涨理由，用户们一致认为比尔·盖茨的离婚是一个巨大的数据点，支持Jobom3的论点，即至少一些富有的游戏驿站卖空者正在与空头挤压作斗争。保护他们的资产免受市场崩溃的可能性的影响，市场崩溃将导致贪婪的未来前配偶大军。</blockquote></p><p> Rickety markets have historically been bad indicators for hedge-fund managers, and seeing two of the wealthiest men in the world, Gates and Jeff Bezos, announcing the ends of long marriages in less than two years’ time can be interpreted by the willing as a trend that is still kicking up steam.</p><p><blockquote>摇摇欲坠的市场历来对对冲基金经理来说是一个糟糕的指标，看到世界上最富有的两个人盖茨和杰夫·贝索斯在不到两年的时间里宣布结束长期婚姻，人们可以将其解读为一种趋势。仍在加速发展。</blockquote></p><p> But while tying the coming joy of white-shoe divorce lawyers to GameStop’s performance might seem difficult, it was easier than it might appear to GameStop’s Reddit army.</p><p><blockquote>但是，尽管将白鞋离婚律师即将到来的喜悦与游戏驿站的表现联系起来似乎很困难，但对于游戏驿站的Reddit大军来说，这比看起来要容易。</blockquote></p><p> “Maybe not directly to GME,” mused one user “But [Bill Gates] probably has money tied up in hedge funds and other investments that are going down when they all get liquidated and the market crashes.”</p><p><blockquote>“也许不是直接针对GME，”一位用户沉思道，“但[比尔·盖茨]可能将资金投入对冲基金和其他投资，当它们全部清算和市场崩溃时，这些投资就会下跌。”</blockquote></p><p> Gates does invest the majority of his family wealth through Cascade Investment LLC, one of the largest family offices in the world with more than $50 billion in assets and, according to regulatory filings, mostly invested in large-cap stocks like Deere &amp; Co.DE,+1.55%,Berkshire HathawayBRK.B,+0.39%and Canadian National RailwayCNI,-0.37%.</p><p><blockquote>盖茨确实通过Cascade Investment LLC投资了大部分家族财富，Cascade Investment LLC是全球最大的家族办公室之一，资产超过500亿美元，根据监管文件，盖茨主要投资于Deere等大盘股。DE，+1.55%，Berkshire HathawayBRK.B，+0.39%，加拿大国家铁路CNI，-0.37%。</blockquote></p><p> While any GameStop exposure, either direct or indirect, in Gates’s portfolio is difficult to see, the stock is having an interesting day.</p><p><blockquote>虽然盖茨的投资组合中很难看到任何直接或间接的游戏驿站敞口，但该股的日子很有趣。</blockquote></p><p> After falling by more than 5%, GameStop bounced back in afternoon trading and was down just over 1% going into the closing bell.</p><p><blockquote>在下跌超过5%后，游戏驿站在下午交易中反弹，截至收盘时下跌略高于1%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/bill-and-melinda-gates-divorce-was-a-predictable-market-phenomenon-and-bullish-for-gamestopwe-can-explain-11620158462?mod=home-page\">Market Wacth</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.marketwatch.com/story/bill-and-melinda-gates-divorce-was-a-predictable-market-phenomenon-and-bullish-for-gamestopwe-can-explain-11620158462?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1186808828","content_text":"The end of Bill and Melinda Gates’s marriage is just the first in what will be a slew of billionaire divorces, and it’s all bullish for GameStop’s stockGME,-0.91%.\nIt’s just another Tuesday on retail-investor social media.\nThe announcement that Bill and Melinda Gates are divorcing caught the whole world by surprise, but by Monday evening members of the Reddit board r/GME had unearthed an almost 2-month-old post by user Jobom3 tying a spike in borrowed GameStop shares to the likelihood that billionaire hedge funders and their wealthy investors were increasing their short positions as part of a plan to prepare for their impending divorces.\nOn the morning of March 11, a Reddit post pointed out that more than 1 million GameStop shares had been borrowed in premarket action, a signal that pro-GameStop “redditors” interpreted as a signal of a new skirmish in the ongoing conflict between hedge funds trying to short GameStop into oblivion and Regular Joe investors hell-bent on proving that the videogame retailer is fundamentally undervalued and should not be killed off by wealthy Wall Street traders playing a rigged game.\n“Another 1 million shares borrowed from ETFs in pre-market …” blared a Reddit post headline that morning, with a screenshot appearing to show the availability of GameStop shares from ETFs exposed to the stock.\nMinutes later, Jobom3 piped up with this theory: “I think they are just buying time to secure their personal assets,” read the comment. “Moving them to offshore or divorce their wives and put the money in their name. Tricks like that. At least that’s what I would do.”\nWhile the comment did not receive much attention on March 11, it blew up late Monday after news of the Gates’s split dropped, and users clamored to give Jobom3 credit for seeing the bombshell coming.\n“WHAT ELSE DOES THE PROPHIT KNOW” replied one user late Monday night.\n“Bill Gates and Melinda Gates is just a start???” posited another.\n“My man got all the infinity stones,” added another.\nThose comments quickly turned into a bull case for GameStop’s value, with users coalescing around the theory that that Bill Gates’s getting unhitched is a huge data point in support of Jobom3’s thesis that at least some wealthy short sellers of GameStop are fighting the short squeeze as a cover to protect their assets from the possibility of a market implosion that will lead to an army of greedy future ex-spouses.\nRickety markets have historically been bad indicators for hedge-fund managers, and seeing two of the wealthiest men in the world, Gates and Jeff Bezos, announcing the ends of long marriages in less than two years’ time can be interpreted by the willing as a trend that is still kicking up steam.\nBut while tying the coming joy of white-shoe divorce lawyers to GameStop’s performance might seem difficult, it was easier than it might appear to GameStop’s Reddit army.\n“Maybe not directly to GME,” mused one user “But [Bill Gates] probably has money tied up in hedge funds and other investments that are going down when they all get liquidated and the market crashes.”\nGates does invest the majority of his family wealth through Cascade Investment LLC, one of the largest family offices in the world with more than $50 billion in assets and, according to regulatory filings, mostly invested in large-cap stocks like Deere & Co.DE,+1.55%,Berkshire HathawayBRK.B,+0.39%and Canadian National RailwayCNI,-0.37%.\nWhile any GameStop exposure, either direct or indirect, in Gates’s portfolio is difficult to see, the stock is having an interesting day.\nAfter falling by more than 5%, GameStop bounced back in afternoon trading and was down just over 1% going into the closing bell.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":510,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":360508116,"gmtCreate":1613952224035,"gmtModify":1634551810929,"author":{"id":"3562993249814393","authorId":"3562993249814393","name":"Kelyn","avatar":"https://static.tigerbbs.com/725a4b728e7da1601fb909c628ee0ccb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3562993249814393","idStr":"3562993249814393"},"themes":[],"htmlText":"good read","listText":"good read","text":"good read","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/360508116","repostId":"1143100356","repostType":4,"isVote":1,"tweetType":1,"viewCount":421,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":360072848,"gmtCreate":1613802535984,"gmtModify":1634552152160,"author":{"id":"3562993249814393","authorId":"3562993249814393","name":"Kelyn","avatar":"https://static.tigerbbs.com/725a4b728e7da1601fb909c628ee0ccb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3562993249814393","idStr":"3562993249814393"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/SE\">$SEA LTD(SE)$</a>Owhhhh yes! Cheers","listText":"<a href=\"https://laohu8.com/S/SE\">$SEA LTD(SE)$</a>Owhhhh yes! Cheers","text":"$SEA LTD(SE)$Owhhhh yes! Cheers","images":[{"img":"https://static.tigerbbs.com/7ec0fc89d905eabae77d8168c789e862","width":"1242","height":"1767"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/360072848","isVote":1,"tweetType":1,"viewCount":411,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":143245327,"gmtCreate":1625798056169,"gmtModify":1631892619275,"author":{"id":"3562993249814393","authorId":"3562993249814393","name":"Kelyn","avatar":"https://static.tigerbbs.com/725a4b728e7da1601fb909c628ee0ccb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3562993249814393","idStr":"3562993249814393"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/SE\">$SEA LTD(SE)$</a>Wan to buy more!","listText":"<a href=\"https://laohu8.com/S/SE\">$SEA LTD(SE)$</a>Wan to buy more!","text":"$SEA LTD(SE)$Wan to buy more!","images":[{"img":"https://static.tigerbbs.com/9ffe199e698772129fc711d7d87536f5","width":"1242","height":"2001"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/143245327","isVote":1,"tweetType":1,"viewCount":2975,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":196633838,"gmtCreate":1621046957024,"gmtModify":1631892619310,"author":{"id":"3562993249814393","authorId":"3562993249814393","name":"Kelyn","avatar":"https://static.tigerbbs.com/725a4b728e7da1601fb909c628ee0ccb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3562993249814393","idStr":"3562993249814393"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/SE\">$SEA LTD(SE)$</a>Yay","listText":"<a href=\"https://laohu8.com/S/SE\">$SEA LTD(SE)$</a>Yay","text":"$SEA LTD(SE)$Yay","images":[{"img":"https://static.tigerbbs.com/44bc8576f6325abeb57f47a1625c8402","width":"1242","height":"2001"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/196633838","isVote":1,"tweetType":1,"viewCount":577,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":360075000,"gmtCreate":1613802611400,"gmtModify":1634552151669,"author":{"id":"3562993249814393","authorId":"3562993249814393","name":"Kelyn","avatar":"https://static.tigerbbs.com/725a4b728e7da1601fb909c628ee0ccb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3562993249814393","idStr":"3562993249814393"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/ZM\">$Zoom(ZM)$</a>Please come back!","listText":"<a href=\"https://laohu8.com/S/ZM\">$Zoom(ZM)$</a>Please come back!","text":"$Zoom(ZM)$Please come back!","images":[{"img":"https://static.tigerbbs.com/2bc143a23ee9a1b16b9a3258c51e52f7","width":"1242","height":"2001"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/360075000","isVote":1,"tweetType":1,"viewCount":578,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":385464486,"gmtCreate":1613572821245,"gmtModify":1634553102475,"author":{"id":"3562993249814393","authorId":"3562993249814393","name":"Kelyn","avatar":"https://static.tigerbbs.com/725a4b728e7da1601fb909c628ee0ccb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3562993249814393","idStr":"3562993249814393"},"themes":[],"htmlText":"Okay learn something","listText":"Okay learn something","text":"Okay learn something","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/385464486","repostId":"1195476575","repostType":4,"repost":{"id":"1195476575","kind":"news","pubTimestamp":1613555269,"share":"https://www.laohu8.com/m/news/1195476575?lang=zh_CN&edition=full","pubTime":"2021-02-17 17:47","market":"us","language":"en","title":"Index funds don’t buy IPOs but here’s why they should<blockquote>指数基金不购买首次公开募股，但这就是为什么它们应该购买</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1195476575","media":"MarketWatch","summary":"How indexed mutual funds and ETFs can capture the powerful gains when a company goes public\nThe U.S.","content":"<p>How indexed mutual funds and ETFs can capture the powerful gains when a company goes public</p><p><blockquote>指数共同基金和ETF如何在公司上市时获取强劲收益</blockquote></p><p> The U.S. market for IPOs (initial public offerings) was red hot in 2020.&nbsp; Excluding special purpose acquisition vehicles, U.S. IPOs last year raised $83 billion in gross proceeds.&nbsp; The prices of these IPOs jumped during the initial day of trading by 36% on average.</p><p><blockquote>2020年，美国IPO（首次公开募股）市场非常火爆。不包括特殊目的收购工具，去年美国IPO筹集了830亿美元的总收益。这些IPO的价格在交易首日平均上涨了36%。</blockquote></p><p> Despite these high returns, index funds — including mutual funds and exchange-traded funds — almost never bought IPOs at their initial offering price.&nbsp; Instead, index funds waited to buy IPO stocks until near the date on which they were added to the relevant index — typically at the end of a quarter within six months to a year after the IPO.</p><p><blockquote>尽管有这些高回报，指数基金——包括共同基金和交易所交易基金——几乎从未以首次发行价购买IPO。相反，指数基金等到IPO股票被添加到相关指数的日期附近才购买IPO股票——通常是在IPO后六个月至一年内的季度末。</blockquote></p><p> Yet as the index inclusion date nears for any IPO, its price typically surges in anticipation of a barrage of purchases — driving up the price that index funds must pay for that stock.&nbsp; For example, the price of Tesla&nbsp;spiked once it became likely that the company would be added to the S&amp;P500.</p><p><blockquote>然而，随着任何IPO指数纳入日期的临近，其价格通常会因预期会出现大量购买而飙升，从而推高指数基金必须为该股票支付的价格。例如，一旦特斯拉有可能被纳入标准普尔500指数，该公司的价格就会飙升。</blockquote></p><p> In this article, I outline the data from 2010 to 2018 about the high initial returns for IPOs as well as the concerns holding back index funds from buying IPOs before they are included in the index.&nbsp; Then, I make a path-breaking proposal — allowing any index fund that tracks the Russell 1000 Index&nbsp;to meet these concerns by early buying of IPOs if, and only if, they are large relative to the size of the index.</p><p><blockquote>在这篇文章中，我概述了2010年至2018年关于IPO高初始回报的数据，以及阻碍指数基金在IPO被纳入指数之前购买IPO的担忧。然后，我提出了一个开创性的建议——允许任何跟踪罗素1000指数的指数基金通过早期购买IPO来满足这些担忧，当且仅当IPO相对于指数规模较大时。</blockquote></p><p> Like many other studies,the study that I co-authored with two experts on indexing&nbsp;found high returns in IPO stock prices during the initial day of trading. After this initial day of trading, the study evaluated IPO returns by a measure known as the index-adjusted performance (IAP) — the difference between the total return of the security and the total return of the index from the closing price on the first day of trading to the closing price of any following day.&nbsp; For example, a positive IAP would signal that an IPO has outperformed the index from the close of the first day of trading until the date the IPO is included in the relevant index.</p><p><blockquote>与许多其他研究一样，我与两位指数专家合著的研究发现，IPO股价在交易的第一天就有很高的回报。在第一个交易日之后，该研究通过一种称为指数调整表现（IAP）的衡量标准评估了IPO回报，即证券的总回报与指数从交易第一天的收盘价到随后任何一天的收盘价的总回报之间的差额。例如，正的IAP表明，从第一个交易日收盘到IPO被纳入相关指数之日，IPO的表现优于指数。</blockquote></p><p> The study calculated these two metrics of returns for all 932 U.S. IPOs offered in the nine years between January 2010 and December 2018.&nbsp; Of these 932 IPOs, 115 were included in the Russell 1000 within the first six months of trading.</p><p><blockquote>该研究计算了2010年1月至2018年12月9年间所有932家美国IPO的这两个回报指标。在这932家IPO中，有115家在交易的前六个月内被纳入罗素1000指数。</blockquote></p><p> The study used the Russell 1000 because it includes 92% of the total market capitalization of all listed stocks in the U.S. equity market.&nbsp; The Russell 1000 contains the top 1000 publicly traded U.S. companies according to market capitalization.&nbsp; IPOs are considered for inclusion at the end of each quarter, strictly based on their market capitalization.</p><p><blockquote>这项研究使用了罗素1000指数，因为它包括了美国股市所有上市股票总市值的92%。罗素1000指数包含了按市值排名前1000的美国公开交易公司。严格根据其市值，IPO在每个季度末被考虑纳入。</blockquote></p><p> The first-day return for these 115 IPOs was highly positive — 22% on average with a median gain of 10%. &nbsp;Similarly, looking at the IAP for these 115 IPOs included in the Russell 1000, the study found a positive trend — with an average IAP of 6.89% and median of 5.24% between the IPO and the index inclusion date.</p><p><blockquote>这115家IPO的首日回报率非常高——平均为22%，中位数为10%。同样，研究发现了罗素1000指数中这115家IPO的IAP，发现了积极的趋势——IPO和指数纳入日期之间的平均IAP为6.89%，中位数为5.24%。</blockquote></p><p> Both of these trends show that index funds could generate excess return by buying IPOs before they are added to the index.&nbsp; The greatest return could be realized by buying IPOs at the initial offering price and holding them through the index inclusion date.&nbsp; Index funds could also realize significant excess returns by buying IPOs after their first day of trading and holding them through the index inclusion date.</p><p><blockquote>这两种趋势都表明，指数基金可以通过在IPO被纳入指数之前购买IPO来产生超额回报。最大的回报可以通过以初始发行价购买IPO并持有至指数纳入日来实现。指数基金也可以通过在IPO首日交易后购买IPO并持有至指数纳入日来实现显著的超额回报。</blockquote></p><p> <b>Risks in the returns</b></p><p><blockquote><b>回报中的风险</b></blockquote></p><p> Index funds would face several risks associated with such early purchases of IPOs.</p><p><blockquote>指数基金将面临与这种早期购买IPO相关的几个风险。</blockquote></p><p> First, and most importantly, no one knows which IPOs will be added to the index at the time of the IPO.&nbsp; An index fund might purchase an IPO stock that doesn’t get added to the index.&nbsp; In that event, the fund would have to sell the IPO stock, potentially at a loss. The price of the IPO stock would decline because there would no longer be the expectation that other index funds would be required to buy that stock when it is added to the index.</p><p><blockquote>首先，也是最重要的一点，没有人知道哪些IPO会在IPO时被添加到指数中。指数基金可能会购买没有被添加到指数中的IPO股票。在这种情况下，该基金将不得不出售IPO股票，可能会亏本出售。IPO股票的价格将会下跌，因为当该股票被添加到指数中时，不再需要其他指数基金购买该股票。</blockquote></p><p> A second concern is that an index fund would not get a large enough allocation in an IPO to reflect the stock’s future position in the index — for example, when a popular tech company goes public.&nbsp;Even so, an index fund can still generate excess returns by buying more of such a stock on the day following an IPO and holding that stock until it is added to the index.</p><p><blockquote>第二个担忧是，指数基金在IPO中不会获得足够大的配置来反映该股在指数中的未来地位——例如，当一家受欢迎的科技公司上市时。即便如此，指数基金仍然可以通过在IPO后的第二天购买更多此类股票并持有该股票直到其被纳入指数来产生超额回报。</blockquote></p><p> Third, since the index fund would be holding stocks that are not included in the index — at least for several months — the fund would experience tracking error.&nbsp; Tracking error occurs when the returns on an index fund portfolio differ materially from those of the index it is benchmarked against.&nbsp; But investors would probably not be overly concerned if the fund beat the index it was designed to track.</p><p><blockquote>第三，由于指数基金将持有不包括在指数中的股票——至少在几个月内——该基金将经历跟踪误差。当指数基金投资组合的回报与其基准指数的回报存在重大差异时，就会出现跟踪误差。但如果该基金跑赢了它旨在跟踪的指数，投资者可能不会过度担心。</blockquote></p><p></p><p> Of course, the prospectus of such an index fund would have to make clear that it would be buying stocks in the initial offerings of IPOs and after their first day of trading. The prospectus should also delineate the risks involved when the fund buys IPOs before they are included in the index.</p><p><blockquote>当然，这种指数基金的招股说明书必须明确，它将在首次公开募股和首日交易后购买股票。招股说明书还应描述基金在首次公开募股纳入指数之前购买所涉及的风险。</blockquote></p><p> To mitigate the most important risk — that the IPO will not be included in the index — I recommend that index funds should purchase an IPO only if its expected weight in the Russell 1000 is relatively large. The expected weight equals the gross proceeds raised by the IPO, divided by the total freely traded float of stocks in the index. &nbsp; Since the Russell 1000 Index is composed of the top 1000 U.S. companies by market capitalization, the larger the IPO is relative to the index, the more likely that the IPO will be added to that index.</p><p><blockquote>为了减轻最重要的风险——IPO不会被纳入指数——我建议指数基金只有在IPO在罗素1000指数中的预期权重相对较大的情况下才应该购买IPO。预期权重等于IPO筹集的总收益除以指数中自由交易股票的总流通量。由于罗素1000指数由市值排名前1000的美国公司组成，IPO相对于该指数的规模越大，IPO被加入该指数的可能性就越大。</blockquote></p><p> This strategy could be adapted to varying risk tolerances of index funds by adjusting the size threshold for early purchases of an IPO.&nbsp; In a conservative strategy, the index fund would purchase only IPOs with the largest expected weight in the index, since they are most likely to be included in the index.&nbsp; In a more aggressive strategy, by contrast, the size threshold for buying IPOs would be lower.</p><p><blockquote>这种策略可以通过调整早期购买IPO的规模阈值来适应指数基金不同的风险承受能力。在保守策略中，指数基金将只购买指数中预期权重最大的IPO，因为它们最有可能被纳入指数。相比之下，在更激进的策略中，购买IPO的规模阈值会更低。</blockquote></p><p> The study examined three thresholds for risk appetite, defined in terms of the expected weight of the IPO in the index: 1.0 basis point for conservative; 0.75 basis point for pragmatic and 0.50 basis point for aggressive. (One basis point equals 1/100 of 1%)</p><p><blockquote>该研究考察了风险偏好的三个阈值，根据IPO在指数中的预期权重来定义：保守1.0个基点；务实为0.75个基点，进取为0.50个基点。（一个基点等于1%的1/100）</blockquote></p><p> The results, summarized in the table below, show that this strategy would have been successful at generating excess returns without significant risks during the period from 2010 through 2018.</p><p><blockquote>下表总结的结果表明，在2010年至2018年期间，该策略将成功产生超额回报，而不会产生重大风险。</blockquote></p><p> For example, 100% of the largest IPOs that would have been purchased under the conservative strategy during this period were added to the index within the first six months and generated excess returns above 15%.&nbsp; Under the aggressive strategy, 88% of the IPOs that would have been purchased during this period were included in the index within six months and generated excess returns of close to 17%.</p><p><blockquote>例如，在保守策略下本应在此期间购买的最大IPO 100%在前六个月内被纳入指数，并产生了15%以上的超额回报。在激进策略下，本应在此期间购买的88%的IPO在六个月内被纳入指数，并产生了接近17%的超额回报。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/0fc52461985f7a3ca10fac53ba2ccf05\" tg-width=\"1260\" tg-height=\"476\"></p><p><blockquote></blockquote></p><p> My recommendation is that an index fund based on the Russell 1000 buy relatively large IPOs in their initial offerings or, if necessary, immediately after their first day of trading. Although there is a modest risk that such IPOs will not subsequently be included in that index, the excess returns from this strategy outweigh the risks.</p><p><blockquote>我的建议是，基于罗素1000指数的指数基金在首次发行时购买相对较大的IPO，或者如有必要，在第一天交易后立即购买。尽管此类IPO随后不会被纳入该指数的风险不大，但该策略的超额回报超过了风险。</blockquote></p><p> I would not recommend that any index fund use this strategy to buy an IPO effected by merging a private company with a special acquisition vehicle.&nbsp;I also would not recommend this strategy for any index fund based on other indices where it is more difficult to predict when and whether IPO stocks will be included in the index, such as the S&amp;P 500, where stocks included are chosen by a committee.</p><p><blockquote>我不建议任何指数基金使用这种策略来购买通过将私人公司与特殊收购工具合并而实现的IPO。我也不建议任何基于其他指数的指数基金采用这种策略，因为这些指数很难预测IPO股票何时以及是否会被纳入指数，例如标普500，纳入的股票是由一个委员会选择的。</blockquote></p><p></p>","source":"market_watch","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Index funds don’t buy IPOs but here’s why they should<blockquote>指数基金不购买首次公开募股，但这就是为什么它们应该购买</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIndex funds don’t buy IPOs but here’s why they should<blockquote>指数基金不购买首次公开募股，但这就是为什么它们应该购买</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-02-17 17:47</span>\n</p>\n</h4>\n</header>\n<article>\n<p>How indexed mutual funds and ETFs can capture the powerful gains when a company goes public</p><p><blockquote>指数共同基金和ETF如何在公司上市时获取强劲收益</blockquote></p><p> The U.S. market for IPOs (initial public offerings) was red hot in 2020.&nbsp; Excluding special purpose acquisition vehicles, U.S. IPOs last year raised $83 billion in gross proceeds.&nbsp; The prices of these IPOs jumped during the initial day of trading by 36% on average.</p><p><blockquote>2020年，美国IPO（首次公开募股）市场非常火爆。不包括特殊目的收购工具，去年美国IPO筹集了830亿美元的总收益。这些IPO的价格在交易首日平均上涨了36%。</blockquote></p><p> Despite these high returns, index funds — including mutual funds and exchange-traded funds — almost never bought IPOs at their initial offering price.&nbsp; Instead, index funds waited to buy IPO stocks until near the date on which they were added to the relevant index — typically at the end of a quarter within six months to a year after the IPO.</p><p><blockquote>尽管有这些高回报，指数基金——包括共同基金和交易所交易基金——几乎从未以首次发行价购买IPO。相反，指数基金等到IPO股票被添加到相关指数的日期附近才购买IPO股票——通常是在IPO后六个月至一年内的季度末。</blockquote></p><p> Yet as the index inclusion date nears for any IPO, its price typically surges in anticipation of a barrage of purchases — driving up the price that index funds must pay for that stock.&nbsp; For example, the price of Tesla&nbsp;spiked once it became likely that the company would be added to the S&amp;P500.</p><p><blockquote>然而，随着任何IPO指数纳入日期的临近，其价格通常会因预期会出现大量购买而飙升，从而推高指数基金必须为该股票支付的价格。例如，一旦特斯拉有可能被纳入标准普尔500指数，该公司的价格就会飙升。</blockquote></p><p> In this article, I outline the data from 2010 to 2018 about the high initial returns for IPOs as well as the concerns holding back index funds from buying IPOs before they are included in the index.&nbsp; Then, I make a path-breaking proposal — allowing any index fund that tracks the Russell 1000 Index&nbsp;to meet these concerns by early buying of IPOs if, and only if, they are large relative to the size of the index.</p><p><blockquote>在这篇文章中，我概述了2010年至2018年关于IPO高初始回报的数据，以及阻碍指数基金在IPO被纳入指数之前购买IPO的担忧。然后，我提出了一个开创性的建议——允许任何跟踪罗素1000指数的指数基金通过早期购买IPO来满足这些担忧，当且仅当IPO相对于指数规模较大时。</blockquote></p><p> Like many other studies,the study that I co-authored with two experts on indexing&nbsp;found high returns in IPO stock prices during the initial day of trading. After this initial day of trading, the study evaluated IPO returns by a measure known as the index-adjusted performance (IAP) — the difference between the total return of the security and the total return of the index from the closing price on the first day of trading to the closing price of any following day.&nbsp; For example, a positive IAP would signal that an IPO has outperformed the index from the close of the first day of trading until the date the IPO is included in the relevant index.</p><p><blockquote>与许多其他研究一样，我与两位指数专家合著的研究发现，IPO股价在交易的第一天就有很高的回报。在第一个交易日之后，该研究通过一种称为指数调整表现（IAP）的衡量标准评估了IPO回报，即证券的总回报与指数从交易第一天的收盘价到随后任何一天的收盘价的总回报之间的差额。例如，正的IAP表明，从第一个交易日收盘到IPO被纳入相关指数之日，IPO的表现优于指数。</blockquote></p><p> The study calculated these two metrics of returns for all 932 U.S. IPOs offered in the nine years between January 2010 and December 2018.&nbsp; Of these 932 IPOs, 115 were included in the Russell 1000 within the first six months of trading.</p><p><blockquote>该研究计算了2010年1月至2018年12月9年间所有932家美国IPO的这两个回报指标。在这932家IPO中，有115家在交易的前六个月内被纳入罗素1000指数。</blockquote></p><p> The study used the Russell 1000 because it includes 92% of the total market capitalization of all listed stocks in the U.S. equity market.&nbsp; The Russell 1000 contains the top 1000 publicly traded U.S. companies according to market capitalization.&nbsp; IPOs are considered for inclusion at the end of each quarter, strictly based on their market capitalization.</p><p><blockquote>这项研究使用了罗素1000指数，因为它包括了美国股市所有上市股票总市值的92%。罗素1000指数包含了按市值排名前1000的美国公开交易公司。严格根据其市值，IPO在每个季度末被考虑纳入。</blockquote></p><p> The first-day return for these 115 IPOs was highly positive — 22% on average with a median gain of 10%. &nbsp;Similarly, looking at the IAP for these 115 IPOs included in the Russell 1000, the study found a positive trend — with an average IAP of 6.89% and median of 5.24% between the IPO and the index inclusion date.</p><p><blockquote>这115家IPO的首日回报率非常高——平均为22%，中位数为10%。同样，研究发现了罗素1000指数中这115家IPO的IAP，发现了积极的趋势——IPO和指数纳入日期之间的平均IAP为6.89%，中位数为5.24%。</blockquote></p><p> Both of these trends show that index funds could generate excess return by buying IPOs before they are added to the index.&nbsp; The greatest return could be realized by buying IPOs at the initial offering price and holding them through the index inclusion date.&nbsp; Index funds could also realize significant excess returns by buying IPOs after their first day of trading and holding them through the index inclusion date.</p><p><blockquote>这两种趋势都表明，指数基金可以通过在IPO被纳入指数之前购买IPO来产生超额回报。最大的回报可以通过以初始发行价购买IPO并持有至指数纳入日来实现。指数基金也可以通过在IPO首日交易后购买IPO并持有至指数纳入日来实现显著的超额回报。</blockquote></p><p> <b>Risks in the returns</b></p><p><blockquote><b>回报中的风险</b></blockquote></p><p> Index funds would face several risks associated with such early purchases of IPOs.</p><p><blockquote>指数基金将面临与这种早期购买IPO相关的几个风险。</blockquote></p><p> First, and most importantly, no one knows which IPOs will be added to the index at the time of the IPO.&nbsp; An index fund might purchase an IPO stock that doesn’t get added to the index.&nbsp; In that event, the fund would have to sell the IPO stock, potentially at a loss. The price of the IPO stock would decline because there would no longer be the expectation that other index funds would be required to buy that stock when it is added to the index.</p><p><blockquote>首先，也是最重要的一点，没有人知道哪些IPO会在IPO时被添加到指数中。指数基金可能会购买没有被添加到指数中的IPO股票。在这种情况下，该基金将不得不出售IPO股票，可能会亏本出售。IPO股票的价格将会下跌，因为当该股票被添加到指数中时，不再需要其他指数基金购买该股票。</blockquote></p><p> A second concern is that an index fund would not get a large enough allocation in an IPO to reflect the stock’s future position in the index — for example, when a popular tech company goes public.&nbsp;Even so, an index fund can still generate excess returns by buying more of such a stock on the day following an IPO and holding that stock until it is added to the index.</p><p><blockquote>第二个担忧是，指数基金在IPO中不会获得足够大的配置来反映该股在指数中的未来地位——例如，当一家受欢迎的科技公司上市时。即便如此，指数基金仍然可以通过在IPO后的第二天购买更多此类股票并持有该股票直到其被纳入指数来产生超额回报。</blockquote></p><p> Third, since the index fund would be holding stocks that are not included in the index — at least for several months — the fund would experience tracking error.&nbsp; Tracking error occurs when the returns on an index fund portfolio differ materially from those of the index it is benchmarked against.&nbsp; But investors would probably not be overly concerned if the fund beat the index it was designed to track.</p><p><blockquote>第三，由于指数基金将持有不包括在指数中的股票——至少在几个月内——该基金将经历跟踪误差。当指数基金投资组合的回报与其基准指数的回报存在重大差异时，就会出现跟踪误差。但如果该基金跑赢了它旨在跟踪的指数，投资者可能不会过度担心。</blockquote></p><p></p><p> Of course, the prospectus of such an index fund would have to make clear that it would be buying stocks in the initial offerings of IPOs and after their first day of trading. The prospectus should also delineate the risks involved when the fund buys IPOs before they are included in the index.</p><p><blockquote>当然，这种指数基金的招股说明书必须明确，它将在首次公开募股和首日交易后购买股票。招股说明书还应描述基金在首次公开募股纳入指数之前购买所涉及的风险。</blockquote></p><p> To mitigate the most important risk — that the IPO will not be included in the index — I recommend that index funds should purchase an IPO only if its expected weight in the Russell 1000 is relatively large. The expected weight equals the gross proceeds raised by the IPO, divided by the total freely traded float of stocks in the index. &nbsp; Since the Russell 1000 Index is composed of the top 1000 U.S. companies by market capitalization, the larger the IPO is relative to the index, the more likely that the IPO will be added to that index.</p><p><blockquote>为了减轻最重要的风险——IPO不会被纳入指数——我建议指数基金只有在IPO在罗素1000指数中的预期权重相对较大的情况下才应该购买IPO。预期权重等于IPO筹集的总收益除以指数中自由交易股票的总流通量。由于罗素1000指数由市值排名前1000的美国公司组成，IPO相对于该指数的规模越大，IPO被加入该指数的可能性就越大。</blockquote></p><p> This strategy could be adapted to varying risk tolerances of index funds by adjusting the size threshold for early purchases of an IPO.&nbsp; In a conservative strategy, the index fund would purchase only IPOs with the largest expected weight in the index, since they are most likely to be included in the index.&nbsp; In a more aggressive strategy, by contrast, the size threshold for buying IPOs would be lower.</p><p><blockquote>这种策略可以通过调整早期购买IPO的规模阈值来适应指数基金不同的风险承受能力。在保守策略中，指数基金将只购买指数中预期权重最大的IPO，因为它们最有可能被纳入指数。相比之下，在更激进的策略中，购买IPO的规模阈值会更低。</blockquote></p><p> The study examined three thresholds for risk appetite, defined in terms of the expected weight of the IPO in the index: 1.0 basis point for conservative; 0.75 basis point for pragmatic and 0.50 basis point for aggressive. (One basis point equals 1/100 of 1%)</p><p><blockquote>该研究考察了风险偏好的三个阈值，根据IPO在指数中的预期权重来定义：保守1.0个基点；务实为0.75个基点，进取为0.50个基点。（一个基点等于1%的1/100）</blockquote></p><p> The results, summarized in the table below, show that this strategy would have been successful at generating excess returns without significant risks during the period from 2010 through 2018.</p><p><blockquote>下表总结的结果表明，在2010年至2018年期间，该策略将成功产生超额回报，而不会产生重大风险。</blockquote></p><p> For example, 100% of the largest IPOs that would have been purchased under the conservative strategy during this period were added to the index within the first six months and generated excess returns above 15%.&nbsp; Under the aggressive strategy, 88% of the IPOs that would have been purchased during this period were included in the index within six months and generated excess returns of close to 17%.</p><p><blockquote>例如，在保守策略下本应在此期间购买的最大IPO 100%在前六个月内被纳入指数，并产生了15%以上的超额回报。在激进策略下，本应在此期间购买的88%的IPO在六个月内被纳入指数，并产生了接近17%的超额回报。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/0fc52461985f7a3ca10fac53ba2ccf05\" tg-width=\"1260\" tg-height=\"476\"></p><p><blockquote></blockquote></p><p> My recommendation is that an index fund based on the Russell 1000 buy relatively large IPOs in their initial offerings or, if necessary, immediately after their first day of trading. Although there is a modest risk that such IPOs will not subsequently be included in that index, the excess returns from this strategy outweigh the risks.</p><p><blockquote>我的建议是，基于罗素1000指数的指数基金在首次发行时购买相对较大的IPO，或者如有必要，在第一天交易后立即购买。尽管此类IPO随后不会被纳入该指数的风险不大，但该策略的超额回报超过了风险。</blockquote></p><p> I would not recommend that any index fund use this strategy to buy an IPO effected by merging a private company with a special acquisition vehicle.&nbsp;I also would not recommend this strategy for any index fund based on other indices where it is more difficult to predict when and whether IPO stocks will be included in the index, such as the S&amp;P 500, where stocks included are chosen by a committee.</p><p><blockquote>我不建议任何指数基金使用这种策略来购买通过将私人公司与特殊收购工具合并而实现的IPO。我也不建议任何基于其他指数的指数基金采用这种策略，因为这些指数很难预测IPO股票何时以及是否会被纳入指数，例如标普500，纳入的股票是由一个委员会选择的。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/index-funds-dont-buy-ipos-but-heres-why-they-should-11613194940?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://www.marketwatch.com/story/index-funds-dont-buy-ipos-but-heres-why-they-should-11613194940?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"1195476575","content_text":"How indexed mutual funds and ETFs can capture the powerful gains when a company goes public\nThe U.S. market for IPOs (initial public offerings) was red hot in 2020.  Excluding special purpose acquisition vehicles, U.S. IPOs last year raised $83 billion in gross proceeds.  The prices of these IPOs jumped during the initial day of trading by 36% on average.\nDespite these high returns, index funds — including mutual funds and exchange-traded funds — almost never bought IPOs at their initial offering price.  Instead, index funds waited to buy IPO stocks until near the date on which they were added to the relevant index — typically at the end of a quarter within six months to a year after the IPO.\nYet as the index inclusion date nears for any IPO, its price typically surges in anticipation of a barrage of purchases — driving up the price that index funds must pay for that stock.  For example, the price of Tesla spiked once it became likely that the company would be added to the S&P500.\nIn this article, I outline the data from 2010 to 2018 about the high initial returns for IPOs as well as the concerns holding back index funds from buying IPOs before they are included in the index.  Then, I make a path-breaking proposal — allowing any index fund that tracks the Russell 1000 Index to meet these concerns by early buying of IPOs if, and only if, they are large relative to the size of the index.\nLike many other studies,the study that I co-authored with two experts on indexing found high returns in IPO stock prices during the initial day of trading. After this initial day of trading, the study evaluated IPO returns by a measure known as the index-adjusted performance (IAP) — the difference between the total return of the security and the total return of the index from the closing price on the first day of trading to the closing price of any following day.  For example, a positive IAP would signal that an IPO has outperformed the index from the close of the first day of trading until the date the IPO is included in the relevant index.\nThe study calculated these two metrics of returns for all 932 U.S. IPOs offered in the nine years between January 2010 and December 2018.  Of these 932 IPOs, 115 were included in the Russell 1000 within the first six months of trading.\nThe study used the Russell 1000 because it includes 92% of the total market capitalization of all listed stocks in the U.S. equity market.  The Russell 1000 contains the top 1000 publicly traded U.S. companies according to market capitalization.  IPOs are considered for inclusion at the end of each quarter, strictly based on their market capitalization.\nThe first-day return for these 115 IPOs was highly positive — 22% on average with a median gain of 10%.  Similarly, looking at the IAP for these 115 IPOs included in the Russell 1000, the study found a positive trend — with an average IAP of 6.89% and median of 5.24% between the IPO and the index inclusion date.\nBoth of these trends show that index funds could generate excess return by buying IPOs before they are added to the index.  The greatest return could be realized by buying IPOs at the initial offering price and holding them through the index inclusion date.  Index funds could also realize significant excess returns by buying IPOs after their first day of trading and holding them through the index inclusion date.\nRisks in the returns\nIndex funds would face several risks associated with such early purchases of IPOs.\nFirst, and most importantly, no one knows which IPOs will be added to the index at the time of the IPO.  An index fund might purchase an IPO stock that doesn’t get added to the index.  In that event, the fund would have to sell the IPO stock, potentially at a loss. The price of the IPO stock would decline because there would no longer be the expectation that other index funds would be required to buy that stock when it is added to the index.\nA second concern is that an index fund would not get a large enough allocation in an IPO to reflect the stock’s future position in the index — for example, when a popular tech company goes public. Even so, an index fund can still generate excess returns by buying more of such a stock on the day following an IPO and holding that stock until it is added to the index.\nThird, since the index fund would be holding stocks that are not included in the index — at least for several months — the fund would experience tracking error.  Tracking error occurs when the returns on an index fund portfolio differ materially from those of the index it is benchmarked against.  But investors would probably not be overly concerned if the fund beat the index it was designed to track.\nOf course, the prospectus of such an index fund would have to make clear that it would be buying stocks in the initial offerings of IPOs and after their first day of trading. The prospectus should also delineate the risks involved when the fund buys IPOs before they are included in the index.\nTo mitigate the most important risk — that the IPO will not be included in the index — I recommend that index funds should purchase an IPO only if its expected weight in the Russell 1000 is relatively large. The expected weight equals the gross proceeds raised by the IPO, divided by the total freely traded float of stocks in the index.   Since the Russell 1000 Index is composed of the top 1000 U.S. companies by market capitalization, the larger the IPO is relative to the index, the more likely that the IPO will be added to that index.\nThis strategy could be adapted to varying risk tolerances of index funds by adjusting the size threshold for early purchases of an IPO.  In a conservative strategy, the index fund would purchase only IPOs with the largest expected weight in the index, since they are most likely to be included in the index.  In a more aggressive strategy, by contrast, the size threshold for buying IPOs would be lower.\nThe study examined three thresholds for risk appetite, defined in terms of the expected weight of the IPO in the index: 1.0 basis point for conservative; 0.75 basis point for pragmatic and 0.50 basis point for aggressive. (One basis point equals 1/100 of 1%)\nThe results, summarized in the table below, show that this strategy would have been successful at generating excess returns without significant risks during the period from 2010 through 2018.\nFor example, 100% of the largest IPOs that would have been purchased under the conservative strategy during this period were added to the index within the first six months and generated excess returns above 15%.  Under the aggressive strategy, 88% of the IPOs that would have been purchased during this period were included in the index within six months and generated excess returns of close to 17%.\n\nMy recommendation is that an index fund based on the Russell 1000 buy relatively large IPOs in their initial offerings or, if necessary, immediately after their first day of trading. Although there is a modest risk that such IPOs will not subsequently be included in that index, the excess returns from this strategy outweigh the risks.\nI would not recommend that any index fund use this strategy to buy an IPO effected by merging a private company with a special acquisition vehicle. I also would not recommend this strategy for any index fund based on other indices where it is more difficult to predict when and whether IPO stocks will be included in the index, such as the S&P 500, where stocks included are chosen by a committee.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":352,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}