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BabyHuatHuat

BabyHuatHuat

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2021-12-24

Good

Singapore Stock Market Has A Green Light For Friday's Trade<blockquote>新加坡股市周五交易开绿灯</blockquote>

2021-12-24

👍

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2021-05-19

Whyyyy....i buy up it went down, i buy down it went up...🥲

2021-05-17

Whats new...[摊手] up amd down loke a rollar coaster...

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2021-05-16

Dame..

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2021-05-11

So how many people is on the verge on commit sucide...[喷血]

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2021-05-09

Long or short...[思考]

Peloton Analysts Bullish After Earnings Beat: 'Recalls Not As Bad As Feared'<blockquote>Peloton分析师在盈利超出预期后看涨：“召回并不像人们担心的那么糟糕”</blockquote>

2021-05-08

Like and comment for the coin.thanks

What Happens to Stocks and Cryptocurrencies When the Fed Stops Raining Money?<blockquote>当美联储停止投放资金时，股票和加密货币会发生什么？</blockquote>

2021-05-07

Like amd comment for the coin.thanks

Amazon: The Most Clearly Undervalued Company<blockquote>亚马逊：最明显被低估的公司</blockquote>

2021-05-06

When will be the next bull run...am tired of losing...[捂脸]

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2021-05-04

Playing stocks is mental and physcial tourture...[笑哭]

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2021-05-02

Ready for the moon!!!

1 Question Tesla Investors Need to Ask Themselves<blockquote>特斯拉投资者需要问自己的1个问题</blockquote>

2021-04-30

FAANG go go go!!! Bring Nasdaq up!!!

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2021-04-25

Go go go for the coins....

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2021-04-24

To the moon..

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2021-04-23

Red seeaa...

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2021-04-21

Nice products, but i am broke in the market..

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2021-04-19

Like and comment for the coins

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2021-04-18

Mr market go go go!!!

$544 Billion In Options Expire Today: Here's What Will Move<blockquote>5440亿美元期权今天到期：以下是将发生的变化</blockquote>

2021-04-17

For the coins, to the moon

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The Straits Times Index now sits just above the 3,095-point plateau and it may extend its gains on Friday.</p><p><blockquote>新加坡股市连续三个交易日收高，上涨近25点或0.8%。海峡时报指数目前略高于3,095点的高位，周五可能会延续涨幅。</blockquote></p><p> The global forecast for the Asian&nbsp;markets&nbsp;is upbeat on easing virus concerns, rising crude oil prices and solid economic data. The European and U.S. markets were up and the Asian markets are expected to open in similar fashion.</p><p><blockquote>由于病毒担忧缓解、原油价格上涨和稳健的经济数据，全球对亚洲市场的预测是乐观的。欧洲和美国市场上涨，预计亚洲市场也将以类似的方式开盘。</blockquote></p><p> The STI finished modestly higher on Thursday following gains from the financial shares, property stocks and plantations.</p><p><blockquote>继金融股、房地产股和种植园上涨后，海指周四小幅收高。</blockquote></p><p> For the day, the index rose 9.30 points or 0.30 percent to finish at 3,096.81 after trading between 3,090.25 and 3,104.18. Volume was 878.5 million shares worth S$515.8 million. There were 265 gainers and 169 decliners.</p><p><blockquote>当天，该指数在3,090.25点至3,104.18点之间交易后，上涨9.30点或0.30%，收于3,096.81点。成交量为8.785亿股，价值5.158亿新元。上涨265家，下跌169家。</blockquote></p><p> Among the actives, Ascendas REIT fell 0.34 percent, while CapitaLand Integrated Commercial Trust and Mapletree Commercial Trust both gained 0.51 percent, City Developments jumped 0.76 percent, Comfort DelGro climbed 0.74 percent, Dairy Farm International surged 2.23 percent, DBS Group increased 0.37 percent, Genting Singapore advanced 0.66 percent, Hongkong Land rallied 1.17 percent, Keppel Corp rose 0.39 percent, Mapletree Logistics Trust added 0.54 percent, Oversea-Chinese Banking Corporation collected 0.44 percent, SATS accelerated 1.32 percent, SembCorp Industries shed 0.50 percent, Singapore Airlines spiked 1.45 percent, Singapore Exchange was up 0.11 percent, Singapore Press Holdings lost 0.43 percent, Thai Beverage sank 0.75 percent, Wilmar International soared 1.50 percent and Yangzijiang Shipbuilding, Singapore Technologies Engineering, United Overseas Bank and SingTel were unchanged.</p><p><blockquote>活跃股中，腾飞房地产投资信托下跌0.34%，凯德综合商业信托和丰树商业信托均上涨0.51%，城市发展上涨0.76%，Comfort DelGro上涨0.74%，Dairy Farm International飙升2.23%，星展集团上涨0.37%，云顶新加坡上涨0.66%，香港置地上涨1.17%，吉宝企业上涨0.39%，丰树物流信托上涨0.54%，华侨银行收集0.44%，胜科工业下跌0.50%，新加坡航空飙升1.45%，新加坡报业控股下跌0.43%，泰国饮料下跌0.75%，丰益国际飙升1.50%，扬子江造船、新加坡技术工程、大华银行和新加坡电信持平。</blockquote></p><p> The lead from Wall Street is positive as the major averages opened higher on Thursday and remained comfortably in the green throughout the session, ending near record highs.</p><p><blockquote>华尔街的领先是积极的，主要股指周四开盘走高，并在整个交易日轻松保持绿色，收盘接近历史高点。</blockquote></p><p> The Dow jumped 196.67 points or 0.55 percent to finish at 35,950.56, while the NASDAQ climbed 131.48 points or 0.85 percent to close at 15,653.37 and the S&amp;P 500 rose 29.23 points or 0.62 percent to end at 4,725.79. For the holiday-shortened week, the NASDAQ spiked 3.2 percent, the S&amp;P improved 2.3 percent and the Dow gained 1.7 percent.</p><p><blockquote>道琼斯指数上涨196.67点或0.55%，收于35,950.56点；纳斯达克上涨131.48点或0.85%，收于15,653.37点；标普500上涨29.23点或0.62%，收于4,725.79点。在假期缩短的一周，纳斯达克上涨3.2%，标准普尔指数上涨2.3%，道琼斯指数上涨1.7%。</blockquote></p><p> Easing concerns about the Omicron variant of the&nbsp;coronavirus&nbsp;contributed to the continued strength on Wall Street, as separate studies have indicated the new strain poses a lower risk of severe disease and hospitalization than the Delta variant.</p><p><blockquote>对冠状病毒奥密克戎变种的担忧缓解导致华尔街持续走强，因为单独的研究表明，与德尔塔变异毒株相比，新毒株造成严重疾病和住院的风险更低。</blockquote></p><p> Traders were also reacting to a slew of economic data, including a Labor Department report showing first-time claims for U.S. jobless benefits came in flat last week. Also, the Commerce Department said new orders for U.S. manufactured durable goods spiked much more than expected in November.</p><p><blockquote>交易员还对一系列经济数据做出了反应，包括劳工部的一份报告显示，上周美国首次申请失业救济人数持平。此外，商务部表示，11月份美国制造耐用品的新订单增幅远高于预期。</blockquote></p><p> Meanwhile, the Commerce Department also noted a continued acceleration in the pace of core consumer price growth last month, and also that new home sales skyrocketed.</p><p><blockquote>与此同时，商务部还指出，上个月核心消费者价格增长步伐持续加快，新房销售飙升。</blockquote></p><p> Crude oil futures extended gains to a third straight day amid hopes about outlook for energy demand as concerns about Omicron variant of the coronavirus faded. West Texas Intermediate Crude oil futures for February ended higher by $1.03 or 1.4 percent at $73.79 a barrel.</p><p><blockquote>随着对冠状病毒奥密克戎变种的担忧消退，人们对能源需求前景抱有希望，原油期货连续第三天扩大涨幅。西德克萨斯中质原油2月期货收高1.03美元或1.4%，报每桶73.79美元。</blockquote></p><p></p>","source":"lsy1626938412129","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>Singapore Stock Market Has A Green Light For Friday's Trade<blockquote>新加坡股市周五交易开绿灯</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\">\nSingapore Stock Market Has A Green Light For Friday's Trade<blockquote>新加坡股市周五交易开绿灯</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">RTTNews</strong><span class=\"h-time small\">2021-12-24 08:07</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The Singapore stock market has finished higher in three straight sessions, gathering almost 25 points or 0.8 percent along the way. The Straits Times Index now sits just above the 3,095-point plateau and it may extend its gains on Friday.</p><p><blockquote>新加坡股市连续三个交易日收高，上涨近25点或0.8%。海峡时报指数目前略高于3,095点的高位，周五可能会延续涨幅。</blockquote></p><p> The global forecast for the Asian&nbsp;markets&nbsp;is upbeat on easing virus concerns, rising crude oil prices and solid economic data. The European and U.S. markets were up and the Asian markets are expected to open in similar fashion.</p><p><blockquote>由于病毒担忧缓解、原油价格上涨和稳健的经济数据，全球对亚洲市场的预测是乐观的。欧洲和美国市场上涨，预计亚洲市场也将以类似的方式开盘。</blockquote></p><p> The STI finished modestly higher on Thursday following gains from the financial shares, property stocks and plantations.</p><p><blockquote>继金融股、房地产股和种植园上涨后，海指周四小幅收高。</blockquote></p><p> For the day, the index rose 9.30 points or 0.30 percent to finish at 3,096.81 after trading between 3,090.25 and 3,104.18. Volume was 878.5 million shares worth S$515.8 million. There were 265 gainers and 169 decliners.</p><p><blockquote>当天，该指数在3,090.25点至3,104.18点之间交易后，上涨9.30点或0.30%，收于3,096.81点。成交量为8.785亿股，价值5.158亿新元。上涨265家，下跌169家。</blockquote></p><p> Among the actives, Ascendas REIT fell 0.34 percent, while CapitaLand Integrated Commercial Trust and Mapletree Commercial Trust both gained 0.51 percent, City Developments jumped 0.76 percent, Comfort DelGro climbed 0.74 percent, Dairy Farm International surged 2.23 percent, DBS Group increased 0.37 percent, Genting Singapore advanced 0.66 percent, Hongkong Land rallied 1.17 percent, Keppel Corp rose 0.39 percent, Mapletree Logistics Trust added 0.54 percent, Oversea-Chinese Banking Corporation collected 0.44 percent, SATS accelerated 1.32 percent, SembCorp Industries shed 0.50 percent, Singapore Airlines spiked 1.45 percent, Singapore Exchange was up 0.11 percent, Singapore Press Holdings lost 0.43 percent, Thai Beverage sank 0.75 percent, Wilmar International soared 1.50 percent and Yangzijiang Shipbuilding, Singapore Technologies Engineering, United Overseas Bank and SingTel were unchanged.</p><p><blockquote>活跃股中，腾飞房地产投资信托下跌0.34%，凯德综合商业信托和丰树商业信托均上涨0.51%，城市发展上涨0.76%，Comfort DelGro上涨0.74%，Dairy Farm International飙升2.23%，星展集团上涨0.37%，云顶新加坡上涨0.66%，香港置地上涨1.17%，吉宝企业上涨0.39%，丰树物流信托上涨0.54%，华侨银行收集0.44%，胜科工业下跌0.50%，新加坡航空飙升1.45%，新加坡报业控股下跌0.43%，泰国饮料下跌0.75%，丰益国际飙升1.50%，扬子江造船、新加坡技术工程、大华银行和新加坡电信持平。</blockquote></p><p> The lead from Wall Street is positive as the major averages opened higher on Thursday and remained comfortably in the green throughout the session, ending near record highs.</p><p><blockquote>华尔街的领先是积极的，主要股指周四开盘走高，并在整个交易日轻松保持绿色，收盘接近历史高点。</blockquote></p><p> The Dow jumped 196.67 points or 0.55 percent to finish at 35,950.56, while the NASDAQ climbed 131.48 points or 0.85 percent to close at 15,653.37 and the S&amp;P 500 rose 29.23 points or 0.62 percent to end at 4,725.79. For the holiday-shortened week, the NASDAQ spiked 3.2 percent, the S&amp;P improved 2.3 percent and the Dow gained 1.7 percent.</p><p><blockquote>道琼斯指数上涨196.67点或0.55%，收于35,950.56点；纳斯达克上涨131.48点或0.85%，收于15,653.37点；标普500上涨29.23点或0.62%，收于4,725.79点。在假期缩短的一周，纳斯达克上涨3.2%，标准普尔指数上涨2.3%，道琼斯指数上涨1.7%。</blockquote></p><p> Easing concerns about the Omicron variant of the&nbsp;coronavirus&nbsp;contributed to the continued strength on Wall Street, as separate studies have indicated the new strain poses a lower risk of severe disease and hospitalization than the Delta variant.</p><p><blockquote>对冠状病毒奥密克戎变种的担忧缓解导致华尔街持续走强，因为单独的研究表明，与德尔塔变异毒株相比，新毒株造成严重疾病和住院的风险更低。</blockquote></p><p> Traders were also reacting to a slew of economic data, including a Labor Department report showing first-time claims for U.S. jobless benefits came in flat last week. Also, the Commerce Department said new orders for U.S. manufactured durable goods spiked much more than expected in November.</p><p><blockquote>交易员还对一系列经济数据做出了反应，包括劳工部的一份报告显示，上周美国首次申请失业救济人数持平。此外，商务部表示，11月份美国制造耐用品的新订单增幅远高于预期。</blockquote></p><p> Meanwhile, the Commerce Department also noted a continued acceleration in the pace of core consumer price growth last month, and also that new home sales skyrocketed.</p><p><blockquote>与此同时，商务部还指出，上个月核心消费者价格增长步伐持续加快，新房销售飙升。</blockquote></p><p> Crude oil futures extended gains to a third straight day amid hopes about outlook for energy demand as concerns about Omicron variant of the coronavirus faded. West Texas Intermediate Crude oil futures for February ended higher by $1.03 or 1.4 percent at $73.79 a barrel.</p><p><blockquote>随着对冠状病毒奥密克戎变种的担忧消退，人们对能源需求前景抱有希望，原油期货连续第三天扩大涨幅。西德克萨斯中质原油2月期货收高1.03美元或1.4%，报每桶73.79美元。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.rttnews.com/3251425/singapore-stock-market-has-a-green-light-for-friday-s-trade.aspx\">RTTNews</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":{"STI.SI":"富时新加坡海峡指数"},"source_url":"https://www.rttnews.com/3251425/singapore-stock-market-has-a-green-light-for-friday-s-trade.aspx","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1125729979","content_text":"The Singapore stock market has finished higher in three straight sessions, gathering almost 25 points or 0.8 percent along the way. The Straits Times Index now sits just above the 3,095-point plateau and it may extend its gains on Friday.\nThe global forecast for the Asian markets is upbeat on easing virus concerns, rising crude oil prices and solid economic data. The European and U.S. markets were up and the Asian markets are expected to open in similar fashion.\nThe STI finished modestly higher on Thursday following gains from the financial shares, property stocks and plantations.\nFor the day, the index rose 9.30 points or 0.30 percent to finish at 3,096.81 after trading between 3,090.25 and 3,104.18. Volume was 878.5 million shares worth S$515.8 million. There were 265 gainers and 169 decliners.\nAmong the actives, Ascendas REIT fell 0.34 percent, while CapitaLand Integrated Commercial Trust and Mapletree Commercial Trust both gained 0.51 percent, City Developments jumped 0.76 percent, Comfort DelGro climbed 0.74 percent, Dairy Farm International surged 2.23 percent, DBS Group increased 0.37 percent, Genting Singapore advanced 0.66 percent, Hongkong Land rallied 1.17 percent, Keppel Corp rose 0.39 percent, Mapletree Logistics Trust added 0.54 percent, Oversea-Chinese Banking Corporation collected 0.44 percent, SATS accelerated 1.32 percent, SembCorp Industries shed 0.50 percent, Singapore Airlines spiked 1.45 percent, Singapore Exchange was up 0.11 percent, Singapore Press Holdings lost 0.43 percent, Thai Beverage sank 0.75 percent, Wilmar International soared 1.50 percent and Yangzijiang Shipbuilding, Singapore Technologies Engineering, United Overseas Bank and SingTel were unchanged.\nThe lead from Wall Street is positive as the major averages opened higher on Thursday and remained comfortably in the green throughout the session, ending near record highs.\nThe Dow jumped 196.67 points or 0.55 percent to finish at 35,950.56, while the NASDAQ climbed 131.48 points or 0.85 percent to close at 15,653.37 and the S&P 500 rose 29.23 points or 0.62 percent to end at 4,725.79. For the holiday-shortened week, the NASDAQ spiked 3.2 percent, the S&P improved 2.3 percent and the Dow gained 1.7 percent.\nEasing concerns about the Omicron variant of the coronavirus contributed to the continued strength on Wall Street, as separate studies have indicated the new strain poses a lower risk of severe disease and hospitalization than the Delta variant.\nTraders were also reacting to a slew of economic data, including a Labor Department report showing first-time claims for U.S. jobless benefits came in flat last week. Also, the Commerce Department said new orders for U.S. manufactured durable goods spiked much more than expected in November.\nMeanwhile, the Commerce Department also noted a continued acceleration in the pace of core consumer price growth last month, and also that new home sales skyrocketed.\nCrude oil futures extended gains to a third straight day amid hopes about outlook for energy demand as concerns about Omicron variant of the coronavirus faded. West Texas Intermediate Crude oil futures for February ended higher by $1.03 or 1.4 percent at $73.79 a barrel.","news_type":1,"symbols_score_info":{"STI.SI":0.9}},"isVote":1,"tweetType":1,"viewCount":2453,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":698349836,"gmtCreate":1640310177594,"gmtModify":1640310214361,"author":{"id":"3565865195004220","authorId":"3565865195004220","name":"BabyHuatHuat","avatar":"https://static.tigerbbs.com/49ee3c00396b80f7a3b8f686f8cb8102","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3565865195004220","authorIdStr":"3565865195004220"},"themes":[],"htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/698349836","repostId":"2193283301","repostType":4,"isVote":1,"tweetType":1,"viewCount":4016,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":197023506,"gmtCreate":1621412168605,"gmtModify":1634189358467,"author":{"id":"3565865195004220","authorId":"3565865195004220","name":"BabyHuatHuat","avatar":"https://static.tigerbbs.com/49ee3c00396b80f7a3b8f686f8cb8102","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3565865195004220","authorIdStr":"3565865195004220"},"themes":[],"htmlText":"Whyyyy....i buy up it went down, i buy down it went up...🥲","listText":"Whyyyy....i buy up it went down, i buy down it went up...🥲","text":"Whyyyy....i buy up it went down, i buy down it went up...🥲","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/197023506","isVote":1,"tweetType":1,"viewCount":4066,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3521547763506220","authorId":"3521547763506220","name":"梅西点球打飞","avatar":"https://static.tigerbbs.com/4d9e9ee5b672c7e226d0fa33581c3ed5","crmLevel":1,"crmLevelSwitch":0,"idStr":"3521547763506220","authorIdStr":"3521547763506220"},"content":"half buy and see","text":"half buy and see","html":"half buy and see"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":195367852,"gmtCreate":1621258619776,"gmtModify":1634192983488,"author":{"id":"3565865195004220","authorId":"3565865195004220","name":"BabyHuatHuat","avatar":"https://static.tigerbbs.com/49ee3c00396b80f7a3b8f686f8cb8102","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3565865195004220","authorIdStr":"3565865195004220"},"themes":[],"htmlText":"Whats new...[摊手]&nbsp;&nbsp;up amd down loke a rollar coaster...","listText":"Whats new...[摊手]&nbsp;&nbsp;up amd down loke a rollar coaster...","text":"Whats new...[摊手] up amd down loke a rollar coaster...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/195367852","repostId":"1102919222","repostType":4,"isVote":1,"tweetType":1,"viewCount":2321,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":196447515,"gmtCreate":1621107722037,"gmtModify":1634194029441,"author":{"id":"3565865195004220","authorId":"3565865195004220","name":"BabyHuatHuat","avatar":"https://static.tigerbbs.com/49ee3c00396b80f7a3b8f686f8cb8102","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3565865195004220","authorIdStr":"3565865195004220"},"themes":[],"htmlText":"Dame..","listText":"Dame..","text":"Dame..","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/196447515","repostId":"2135069756","repostType":4,"isVote":1,"tweetType":1,"viewCount":2196,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":199723307,"gmtCreate":1620735550609,"gmtModify":1634196743506,"author":{"id":"3565865195004220","authorId":"3565865195004220","name":"BabyHuatHuat","avatar":"https://static.tigerbbs.com/49ee3c00396b80f7a3b8f686f8cb8102","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3565865195004220","authorIdStr":"3565865195004220"},"themes":[],"htmlText":"So how many people is on the verge on commit sucide...[喷血]&nbsp;","listText":"So how many people is on the verge on commit sucide...[喷血]&nbsp;","text":"So how many people is on the verge on commit sucide...[喷血]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/199723307","repostId":"2134551566","repostType":4,"isVote":1,"tweetType":1,"viewCount":2946,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":190914162,"gmtCreate":1620569369056,"gmtModify":1634197989748,"author":{"id":"3565865195004220","authorId":"3565865195004220","name":"BabyHuatHuat","avatar":"https://static.tigerbbs.com/49ee3c00396b80f7a3b8f686f8cb8102","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3565865195004220","authorIdStr":"3565865195004220"},"themes":[],"htmlText":"Long or short...[思考]&nbsp;","listText":"Long or short...[思考]&nbsp;","text":"Long or short...[思考]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/190914162","repostId":"1148594255","repostType":4,"repost":{"id":"1148594255","kind":"news","pubTimestamp":1620450875,"share":"https://www.laohu8.com/m/news/1148594255?lang=zh_CN&edition=full","pubTime":"2021-05-08 13:14","market":"us","language":"en","title":"Peloton Analysts Bullish After Earnings Beat: 'Recalls Not As Bad As Feared'<blockquote>Peloton分析师在盈利超出预期后看涨：“召回并不像人们担心的那么糟糕”</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1148594255","media":"Benzinga","summary":"Peloton Interactive Inc shares rebounded by 2.6% on Friday after the company reported impressive fis","content":"<p><div> Peloton Interactive Inc shares rebounded by 2.6% on Friday after the company reported impressive fiscal third-quarter sales growth and assured investors it’s working quickly to resolve safety issues ...</p><p><blockquote><div>Peloton Interactive Inc.股价周五反弹2.6%，此前该公司报告了令人印象深刻的第三财季销售增长，并向投资者保证正在迅速解决安全问题...</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/analyst-ratings/analyst-color/21/05/21017432/peloton-analysts-bullish-after-earnings-beat-recalls-not-as-bad-as-feared\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/analyst-ratings/analyst-color/21/05/21017432/peloton-analysts-bullish-after-earnings-beat-recalls-not-as-bad-as-feared\">网页连接</a></blockquote></p><p></p>","source":"lsy1606299360108","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Peloton Analysts Bullish After Earnings Beat: 'Recalls Not As Bad As Feared'<blockquote>Peloton分析师在盈利超出预期后看涨：“召回并不像人们担心的那么糟糕”</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\">\nPeloton Analysts Bullish After Earnings Beat: 'Recalls Not As Bad As Feared'<blockquote>Peloton分析师在盈利超出预期后看涨：“召回并不像人们担心的那么糟糕”</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Benzinga</strong><span class=\"h-time small\">2021-05-08 13:14</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> Peloton Interactive Inc shares rebounded by 2.6% on Friday after the company reported impressive fiscal third-quarter sales growth and assured investors it’s working quickly to resolve safety issues ...</p><p><blockquote><div>Peloton Interactive Inc.股价周五反弹2.6%，此前该公司报告了令人印象深刻的第三财季销售增长，并向投资者保证正在迅速解决安全问题...</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/analyst-ratings/analyst-color/21/05/21017432/peloton-analysts-bullish-after-earnings-beat-recalls-not-as-bad-as-feared\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/analyst-ratings/analyst-color/21/05/21017432/peloton-analysts-bullish-after-earnings-beat-recalls-not-as-bad-as-feared\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.benzinga.com/analyst-ratings/analyst-color/21/05/21017432/peloton-analysts-bullish-after-earnings-beat-recalls-not-as-bad-as-feared\">Benzinga</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PTON":"Peloton Interactive, Inc."},"source_url":"https://www.benzinga.com/analyst-ratings/analyst-color/21/05/21017432/peloton-analysts-bullish-after-earnings-beat-recalls-not-as-bad-as-feared","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148594255","content_text":"Peloton Interactive Inc shares rebounded by 2.6% on Friday after the company reported impressive fiscal third-quarter sales growth and assured investors it’s working quickly to resolve safety issues with its treadmills.\nFor the fiscal third quarter, Peloton reported a 3-cent EPS loss, beating the 12-cent loss analysts had expected. Peloton also reported $1.26 billion in revenue, ahead of the $1.1 billion consensus analyst estimate. Revenue was up 141% from a year ago.\nPeloton reported $1.02 billion in connected fitness revenue, up 140%. The company also reported $239.4 million in subscription revenue in the quarter, up 144%.\nPeloton’s earnings report comes the same week the company issued a recall of all of its treadmill products that the company said will have a $165 million impact on its fiscal fourth-quarter sales. Peloton is now guiding for $915 million in fourth-quarter revenue. \nNear-Term Headwinds:Bank of America analyst Justin Post said Peloton’s third-quarter numbers were impressive, but negative treadmill press, difficult comps and gym reopenings will all be near-term headwinds for the stock.\n“F3Q was very strong (churn was especially impressive, in our view), the financial impact of tread recall was likely well below worst-case fears, and we think management did a commendable job outlining fixes and showing optimism on the business,” Post wrote.\nRaymond James analyst Aaron Kessler said the treadmill recall overshadowed what was otherwise a very impressive quarter.\n“F3Q21 revenue was well ahead of expectations, driven by strong demand for Bike, as well as a $125M revenue pull-forward as a result of reduced delivery backlogs,” Kessler wrote.\nKeyBanc analyst Edward Yruma said investors can expect more near-term noise, but Peloton remains an excellent long-term opportunity.\n“While Peloton’s issues with the Tread are exacerbating already volatile COVID-19 reopening shifts, we think the risk/reward is highly attractive for LT investors,” Yruma wrote.\nTreadmill Relaunch Ahead:Telsey Advisory Group analyst Dana Telsey said the financial impact of the treadmill recall is “not as bad as feared,” and the stock has likely bottomed.\n“Importantly, the company believes the Tread launch could proceed in the US this summer, potentially as early as July, earlier than we anticipated,” Telsey wrote.\nNeedham analyst Bernie McTernan said the relaunched treadmill will be a transformative product for Peloton.\n“With more clarity on the recall, which we assume will largely be confined to the FY4Q, we like the risk reward at these levels as we are closing in on the launch of the value tread in July, we assume,” McTernan wrote.\nRatings And Price Targets:\n\nBank of America has a Neutral rating and a $100 target.\nRaymond James has a Market Perform rating.\nTelsey has an Outperform rating and a $120 target.\nNeedham has a Buy rating and a $125 target.\nKeyBanc has an Overweight rating and a $185 target.","news_type":1,"symbols_score_info":{"PTON":0.9}},"isVote":1,"tweetType":1,"viewCount":2828,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":107840269,"gmtCreate":1620470858851,"gmtModify":1634198527988,"author":{"id":"3565865195004220","authorId":"3565865195004220","name":"BabyHuatHuat","avatar":"https://static.tigerbbs.com/49ee3c00396b80f7a3b8f686f8cb8102","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3565865195004220","authorIdStr":"3565865195004220"},"themes":[],"htmlText":"Like and comment for the coin.thanks","listText":"Like and comment for the coin.thanks","text":"Like and comment for the coin.thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/107840269","repostId":"1122089368","repostType":4,"repost":{"id":"1122089368","kind":"news","pubTimestamp":1620457397,"share":"https://www.laohu8.com/m/news/1122089368?lang=zh_CN&edition=full","pubTime":"2021-05-08 15:03","market":"us","language":"en","title":"What Happens to Stocks and Cryptocurrencies When the Fed Stops Raining Money?<blockquote>当美联储停止投放资金时，股票和加密货币会发生什么？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1122089368","media":"The Wall Street Journal","summary":"To veterans of financial bubbles, there is plenty familiar about the present. Stock valuations are t","content":"<p>To veterans of financial bubbles, there is plenty familiar about the present. Stock valuations are their richest since the dot-com bubble in 2000. Home prices are back to their pre-financial crisis peak. Risky companies can borrow at the lowest rates on record. Individual investors are pouring money into green energy and cryptocurrency.</p><p><blockquote>对于金融泡沫的老手来说，现在有很多熟悉的东西。股票估值是自2000年互联网泡沫以来最高的。房价回到了金融危机前的峰值。高风险公司可以以有记录以来的最低利率借款。个人投资者正在向绿色能源和加密货币投入资金。</blockquote></p><p>This boom has some legitimate explanations, from the advances in digital commerce to fiscally greased growth that will likely be the strongest since 1983.</p><p><blockquote>这种繁荣有一些合理的解释，从数字商务的进步到可能是1983年以来最强劲的财政增长。</blockquote></p><p>But there is one driver above all: the Federal Reserve. Easy monetary policy has regularly fueled financial booms, and it is exceptionally easy now. The Fed has kept interest rates near zero for the past year and signaled rates won’t change for at least two more years. It is buying hundreds of billions of dollars of bonds. As a result, the 10-year Treasury bond yield is well below inflation—that is, real yields are deeply negative —for only the second time in 40 years.</p><p><blockquote>但最重要的是一个驱动因素：美联储。宽松的货币政策经常推动金融繁荣，现在尤其容易。美联储在过去一年中将利率维持在接近零的水平，并暗示利率至少在两年内不会改变。它正在购买数千亿美元的债券。因此，10年期国债收益率远低于通胀——即实际收益率深度为负——这是40年来的第二次。</blockquote></p><p>There are good reasons why rates are so low. The Fed acted in response to a pandemic that at its most intense threatened even more damage than the 2007-09 financial crisis. Yet in great part thanks to the Fed and Congress, which has passed some $5 trillion in fiscal stimulus, this recovery looks much healthier than the last. That could undermine the reasons for such low rates, threatening the underpinnings of market.</p><p><blockquote>利率如此之低是有充分理由的。美联储采取行动是为了应对一场疫情，这场疫情在最严重的时候可能造成的损害甚至比2007-09年的金融危机还要大。然而，这在很大程度上要归功于美联储和国会通过了约5万亿美元的财政刺激计划，这次复苏看起来比上次要健康得多。这可能会削弱利率如此之低的原因，威胁市场的基础。</blockquote></p><p>“Equity markets at a minimum are priced to perfection on the assumption rates will be low for a long time,” said Harvard University economist Jeremy Stein, who served as a Fed governor alongside now-chairman Jerome Powell. “And certainly you get the sense the Fed is trying really hard to say, ‘Everything is fine, we’re in no rush to raise rates.’ But while I don’t think we’re headed for sustained high inflation it’s completely possible we’ll have several quarters of hot readings on inflation.”</p><p><blockquote>与现任主席杰罗姆·鲍威尔一起担任美联储理事的哈佛大学经济学家杰里米·斯坦表示：“假设利率将长期处于低位，股市的定价至少是完美的。”“当然，你会感觉到美联储非常努力地说，‘一切都很好，我们不急于加息。’但虽然我不认为我们会走向持续的高通胀，但这是完全有可能的。我们将有几个季度的通胀热点数据。”</blockquote></p><p>Since stocks’ valuations are only justified if interest rates stay extremely low, how do they reprice if the Fed has to tighten monetary policy to combat inflation and bond yields rise one to 1.5 percentage points, he asked. “You could get a serious correction in asset prices.”</p><p><blockquote>他问道，由于只有在利率保持极低水平的情况下，股票估值才是合理的，因此如果美联储不得不收紧货币政策以对抗通胀并且债券收益率上升1至1.5个百分点，股票如何重新定价。“资产价格可能会出现严重调整。”</blockquote></p><p><b>‘A bit frothy’</b></p><p><blockquote><b>“有点泡沫”</b></blockquote></p><p>The Fed has been here before. In the late 1990s its willingness to cut rates in response to the Asian financial crisis and the near collapse of the hedge fund Long-Term Capital Management was seen by some as an implicit market backstop, inflating the ensuing dot-com bubble. Its low-rate policy in the wake of that collapsed bubble was then blamed for driving up housing prices. Both times Fed officials defended their policy, arguing that to raise rates (or not cut them) simply to prevent bubbles would compromise their main goals of low unemployment and inflation, and do more harm than letting the bubble deflate on its own.</p><p><blockquote>美联储以前也来过这里。20世纪90年代末，为了应对亚洲金融危机和对冲基金长期资本管理公司几近崩溃，它愿意降息，这被一些人视为隐性的市场支持，助长了随后的互联网泡沫。泡沫破裂后的低利率政策被指责推高了房价。两次美联储官员都为自己的政策辩护，认为仅仅为了防止泡沫而加息（或不降息）会损害他们低失业率和通胀的主要目标，而且比让泡沫自行破灭造成的危害更大。</blockquote></p><p>As for this year, in a report this week the central bank warned asset “valuations are generally high” and “vulnerable to significant declines should investor risk appetite fall, progress on containing the virus disappoint, or the recovery stall.” On April 28 Mr. Powell acknowledged markets look “a bit frothy” and the Fed might be one of the reasons: “I won’t say it has nothing to do with monetary policy, but it has a tremendous amount to do with vaccination and reopening of the economy.” But he gave no hint the Fed was about to dial back its stimulus: “The economy is a long way from our goals.” A Labor Department report Friday showing that far fewer jobs were created in April than Wall Street expected underlined that.</p><p><blockquote>至于今年，央行在本周的一份报告中警告称，资产“估值普遍较高”，“如果投资者风险偏好下降、遏制病毒进展令人失望或复苏停滞，资产估值很容易大幅下跌”。4月28日，鲍威尔承认市场看起来“有点泡沫”，美联储可能是原因之一：“我不会说这与货币政策无关，但它与疫苗接种有很大关系和经济重新开放。”但他没有暗示美联储将缩减刺激措施：“经济距离我们的目标还有很长的路要走。”劳工部周五的一份报告显示，4月份创造的就业机会远低于华尔街的预期，这突显了这一点。</blockquote></p><p>The Fed’s choices are heavily influenced by the financial crisis. While the Fed cut rates to near zero and bought bonds then as well, it was battling powerful headwinds as households, banks, and governments sought to pay down debts. That held back spending and pushed inflation below the Fed’s 2% target. Deeper-seated forces such as aging populations also held down growth and interest rates, a combination some dubbed “secular stagnation.”</p><p><blockquote>美联储的选择深受金融危机的影响。尽管美联储当时将利率降至接近零的水平并购买了债券，但随着家庭、银行和政府寻求偿还债务，美联储正面临强大的阻力。这抑制了支出，并将通胀率推至美联储2%的目标以下。人口老龄化等深层次力量也抑制了经济增长和利率，一些人将这种组合称为“长期停滞”。</blockquote></p><p>The pandemic shutdown a year ago triggered a hit to economic output that was initially worse than the financial crisis. But after two months, economic activity began to recover as restrictions eased and businesses adapted to social distancing. The Fed initiated new lending programs and Congress passed the $2.2 trillion Cares Act. Vaccines arrived sooner than expected. The U.S. economy is likely to hit its pre-pandemic size in the current quarter, two years faster than after the financial crisis.</p><p><blockquote>一年前的疫情关闭引发了对经济产出的打击，最初比金融危机还要严重。但两个月后，随着限制放松和企业适应社交距离，经济活动开始复苏。美联储启动了新的贷款计划，国会通过了2.2万亿美元的Cares法案。疫苗比预期的更早到达。美国经济可能会在本季度达到大流行前的规模，比金融危机后快两年。</blockquote></p><p>And yet even as the outlook has improved, the fiscal and monetary taps remain wide open. Democrats first proposed an additional $3 trillion in stimulus last May when output was expected to fall 6% last year. It actually fell less than half that, but Democrats, after winning both the White House and Congress, pressed ahead with the same size stimulus.</p><p><blockquote>然而，即使前景有所改善，财政和货币的水龙头仍然敞开着。去年5月，民主党人首次提出额外3万亿美元的刺激计划，当时预计去年产出将下降6%。实际上下降了不到一半，但民主党在赢得白宫和国会后，继续推进同样规模的刺激计划。</blockquote></p><p></p><p>The Fed began buying bonds in March, 2020 to counter chaotic conditions in markets. In late summer, with markets functioning normally, it extended the program while tilting the rationale toward keeping bond yields low.</p><p><blockquote>美联储于2020年3月开始购买债券，以应对市场的混乱状况。夏末，随着市场正常运转，它延长了该计划，同时将理由转向保持低债券收益率。</blockquote></p><p>At the same time it unveiled a new framework: After years of inflation running below 2%, it would aim to push inflation not just back to 2% but higher, so that over time average and expected inflation would both stabilize at 2%. To that end, it promised not to raise rates until full employment had been restored and inflation was 2% and headed higher. Officials predicted that would not happen before 2024 and have since stuck to that guidance despite a significantly improving outlook.</p><p><blockquote>与此同时，它公布了一个新框架：在通胀率多年低于2%之后，它的目标是将通胀率不仅推回到2%，而且更高，以便随着时间的推移，平均通胀率和预期通胀率都稳定在2%。为此，它承诺在充分就业恢复、通胀率达到2%并走高之前不会加息。官员们预测这种情况在2024年之前不会发生，尽管前景显着改善，但此后仍坚持这一指导。</blockquote></p><p><b>Running of the bulls</b></p><p><blockquote><b>奔牛节</b></blockquote></p><p>This injection of unprecedented monetary and fiscal stimulus into an economy already rebounding thanks to vaccinations is why Wall Street strategists are their most bullish on stocks since before the last financial crisis, according to a survey byBank of AmericaCorp.While profit forecasts have risen briskly, stocks have risen more. The S&amp;P 500 stock index now trades at about 22 times the coming year’s profits, according to FactSet, a level only exceeded at the peak of the dot-com boom in 2000.</p><p><blockquote>美国银行的一项调查显示，向因疫苗接种而已经反弹的经济注入前所未有的货币和财政刺激措施，这就是华尔街策略师自上次金融危机前以来最看好股市的原因。虽然盈利预测大幅上升，但股市涨幅更大。根据FactSet的数据，标普500股票指数目前的交易价格约为来年利润的22倍，这一水平仅在2000年互联网繁荣的顶峰时期才超过。</blockquote></p><p>Other asset markets are similarly stretched. Investors are willing to buy the bonds of junk-rated companies at the lowest yields since at least 1995, and the narrowest spread above safe Treasurys since 2007, according to Bloomberg Barclays data. Residential and commercial property prices, adjusted for inflation, are around the peak reached in 2006.</p><p><blockquote>其他资产市场也同样捉襟见肘。根据彭博巴克莱的数据，投资者愿意以至少1995年以来的最低收益率以及自2007年以来与安全国债的最窄利差购买垃圾级公司的债券。经通胀调整后，住宅和商业地产价格接近2006年达到的峰值。</blockquote></p><p>Stock and property valuations are more justifiable today than in 2000 or in 2006 because the returns on riskless Treasury bonds are so much lower. In that sense, the Fed’s policies are working precisely as intended: improving both the economic outlook, which is good for profits, housing demand, and corporate creditworthiness; and the appetite for risk.</p><p><blockquote>今天的股票和房地产估值比2000年或2006年更加合理，因为无风险国债的回报率要低得多。从这个意义上说，美联储的政策完全按照预期发挥作用：改善经济前景，这有利于利润、住房需求和企业信誉；和风险偏好。</blockquote></p><p>Nonetheless, low rates are no longer sufficient to justify some asset valuations. Instead, bulls invoke alternative metrics.</p><p><blockquote>尽管如此，低利率不再足以证明某些资产估值的合理性。相反，多头会调用替代指标。</blockquote></p><p>Bank of America recently noted companies with relatively low carbon emissions and higher water efficiency earn higher valuations. These valuations aren’t the result of superior cash flow or profit prospects, but a tidal wave of funds invested according to environmental, social and governance, or ESG, criteria.</p><p><blockquote>美国银行最近指出，碳排放量相对较低、用水效率较高的公司估值较高。这些估值并不是优越的现金流或利润前景的结果，而是根据环境、社会和治理（ESG）标准投资的资金浪潮。</blockquote></p><p>Conventional valuation is also useless for cryptocurrencies which earn no interest, rent or dividends. Instead, advocates claim digital currencies will displace the fiat currencies issued by central banks as a transaction medium and store of value. “Crypto has the potential to be as revolutionary and widely adopted as the internet,” claims the prospectus of the initial public offering of crypto exchangeCoinbase GlobalInc.,in language reminiscent of internet-related IPOs more than two decades earlier. Cryptocurrencies as of April 29 were worth more than $2 trillion, according to CoinDesk, an information service, roughly equivalent to all U.S. dollars in circulation.</p><p><blockquote>对于不赚取利息、租金或股息的加密货币，传统估值也毫无用处。相反，倡导者声称数字货币将取代央行发行的法定货币作为交易媒介和价值储存手段。“加密货币有可能像互联网一样具有革命性并被广泛采用，”加密货币交易所Coinbase GlobalInc.首次公开募股的招股说明书称，其语言让人想起二十多年前与互联网相关的IPO。根据信息服务机构CoinDesk的数据，截至4月29日，加密货币的价值超过2万亿美元，大致相当于流通中的所有美元。</blockquote></p><p>Financial innovation is also at work, as it has been in past financial booms. Portfolio insurance, a strategy designed to hedge against market losses, amplified selling during the 1987 stock market crash. In the 1990s, internet stockbrokers fueled tech stocks and in the 2000s, subprime mortgage derivatives helped finance housing. The equivalent today are zero commission brokers such as Robinhood Markets Inc., fractional ownership and social media, all of which have empowered individual investors.</p><p><blockquote>金融创新也在发挥作用，就像过去的金融繁荣一样。投资组合保险是一种旨在对冲市场损失的策略，在1987年股市崩盘期间放大了抛售。20世纪90年代，互联网股票经纪人推动了科技股的上涨，而在21世纪初，次级抵押贷款衍生品帮助为住房融资。今天的等价物是零佣金经纪商，如Robinhood Markets Inc.、部分所有权和社交媒体，所有这些都赋予了个人投资者权力。</blockquote></p><p>Such investors increasingly influence the overall market’s direction, according to a recent report by the Bank for International Settlements, a consortium of the world’s central banks. It found, for example, that since 2017 trading volume in exchange-traded funds that track the S&amp;P 500, a favorite of institutional investors, has flattened while the volume in its component stocks, which individual investors prefer, has climbed. Individuals, it noted, are more likely to buy a company’s shares for reasons unrelated to its underlying business—because, for example, its name is similar to another stock that is on the rise.</p><p><blockquote>根据世界各国央行组成的财团国际清算银行最近的一份报告，此类投资者越来越多地影响整体市场的走向。例如，它发现，自2017年以来，跟踪机构投资者最喜欢的标普500的交易所交易基金的交易量已经持平，而个人投资者更喜欢的成分股的交易量却在攀升。报告指出，个人更有可能出于与其基础业务无关的原因购买一家公司的股票，例如，因为该公司的名称与另一只正在上涨的股票相似。</blockquote></p><p>While such speculation is often blamed on the Fed, drawing a direct line is difficult. Not so with fiscal stimulus. Jim Bianco, the head of financial research firm Bianco Research, said flows into exchange-traded funds and mutual funds jumped in March as the Treasury distributed $1,400 stimulus checks. “The first thing you do with your check is deposit it in your account and in 2021 that’s your brokerage account,” said Mr. Bianco.</p><p><blockquote>虽然这种猜测经常被归咎于美联储，但很难划清界限。财政刺激则不然。金融研究公司Bianco Research的负责人Jim Bianco表示，随着财政部发放1400美元的刺激支票，3月份流入交易所交易基金和共同基金的资金激增。“你用支票做的第一件事就是将其存入你的账户，到2021年，这就是你的经纪账户，”比安科先生说。</blockquote></p><p><b>Facing the future</b></p><p><blockquote><b>面向未来</b></blockquote></p><p></p><p>It’s impossible to predict how, or even whether, this all ends. It doesn’t have to: High-priced stocks could eventually earn the profits necessary to justify today’s valuations, especially with the economy’s current head of steam. In he meantime, more extreme pockets of speculation may collapse under their own weight as profits disappoint or competition emerges.</p><p><blockquote>无法预测这一切将如何结束，甚至是否会结束。事实并非如此：高价股票最终可能会赚取必要的利润来证明当今的估值是合理的，尤其是在经济目前处于领先地位的情况下。与此同时，随着利润令人失望或竞争的出现，更极端的投机领域可能会在自身压力下崩溃。</blockquote></p><p>Bitcoin once threatened to displace the dollar; now numerous competitors purport to do the same.TeslaInc.was once about the only stock you could buy to bet on electric vehicles; now there is China’s NIO Inc.,NikolaCorp., andFiskerInc.,not to mention established manufacturers such as Volkswagen AG andGeneral MotorsCo.that are rolling out ever more electric models.</p><p><blockquote>比特币曾威胁要取代美元；现在，许多竞争对手也声称要做同样的事情。特斯拉公司曾经是你唯一可以购买来押注电动汽车的股票；现在有蔚来、NikolaCorp.和FiskerInc.，更不用说大众汽车公司和通用汽车公司等老牌制造商正在推出越来越多的电动车型。</blockquote></p><p>But for assets across the board to fall would likely involve some sort of macroeconomic event, such as a recession, financial crisis, or inflation.</p><p><blockquote>但资产全面下跌可能涉及某种宏观经济事件，例如经济衰退、金融危机或通货膨胀。</blockquote></p><p>The Fed report this past week said the virus remains the biggest threat to the economy and thus the financial system. April’s jobs disappointment was a reminder of how unsettled the economic outlook remains. Still, with the virus in retreat, a recession seems unlikely now. A financial crisis linked to some hidden fragility can’t be ruled out. Still, banks have so much capital and mortgage underwriting is so tight that something similar to the 2007-09 financial crisis, which began with defaulting mortgages, seems remote. If junk bonds, cryptocoins or tech stocks are bought primarily with borrowed money, a plunge in their values could precipitate a wave of forced selling, bankruptcies and potentially a crisis. But that doesn’t seem to have happened. The recent collapse of Archegos Capital Management from reversals on derivatives-based stock investments inflicted losses on its lenders. But it didn’t threaten their survival or trigger contagion to similarly situated firms.</p><p><blockquote>美联储上周的报告称，该病毒仍然是对经济乃至金融体系的最大威胁。4月份的就业令人失望提醒人们经济前景仍然多么不稳定。尽管如此，随着病毒的消退，经济衰退现在似乎不太可能发生。不能排除与一些隐藏的脆弱性相关的金融危机。尽管如此，银行拥有如此多的资本，而抵押贷款承销又如此紧张，以至于类似于2007-09年始于抵押贷款违约的金融危机似乎很遥远。如果垃圾债券、加密货币或科技股主要是用借来的钱购买的，其价值暴跌可能会引发一波强制抛售、破产和潜在的危机。但这似乎并没有发生。Archegos Capital Management最近因衍生品股票投资逆转而倒闭，给其贷方造成了损失。但这并没有威胁到他们的生存，也没有引发对处境相似的公司的蔓延。</blockquote></p><p>“Where’s the second Archegos?” said Mr. Bianco. “There hasn’t been one yet.”</p><p><blockquote>“第二个阿尔奇戈斯在哪里？”比安科先生说。“还没有。”</blockquote></p><p>That leaves inflation. Fear of inflation is widespread now with shortages of semiconductors, lumber, and workers all putting upward pressure on prices and costs. Most forecasters, and the Fed, think those pressures will ease once the economy has reopened and normal spending patterns resume. Nonetheless, the difference between yields on regular and inflation-indexed bond yields suggest investors are expecting inflation in coming years to average about 2.5%. That is hardly a repeat of the 1970s, and compatible with the Fed’s new goal of average 2% inflation over the long term. Nonetheless, it would be a clear break from the sub-2% range of the last decade.</p><p><blockquote>这就剩下通货膨胀了。由于半导体、木材和工人的短缺都给价格和成本带来了上行压力，对通胀的担忧现在很普遍。大多数预测者和美联储认为，一旦经济重新开放和正常支出模式恢复，这些压力将会缓解。尽管如此，常规债券收益率和通胀指数债券收益率之间的差异表明，投资者预计未来几年的通胀率平均约为2.5%。这很难是20世纪70年代的重演，也符合美联储长期平均通胀率2%的新目标。尽管如此，这将明显打破过去十年低于2%的区间。</blockquote></p><p>Slightly higher inflation would result in the Fed setting short-term interest rates also slightly higher, which need not hurt stock valuations. More worrisome: Long-term bond yields, which are critical to stock values, might rise significantly more. Since the late 1990s, bond and stock prices have tended to move in opposite directions. That is because when inflation isn’t a concern, economic shocks tend to drive both bond yields (which move in the opposite direction to prices) and stock prices down. Bonds thus act as an insurance policy against losses on stocks, for which investors are willing to accept lower yields. If inflation becomes a problem again, then bonds lose that insurance value and their yields will rise. In recent months that stock-bond correlation, in place for most of the last few decades, began to disappear, said Brian Sack, a former Fed economist who is now with hedge fund D.E. Shaw &amp; Co. LP. He attributes that, in part, to inflation concerns.</p><p><blockquote>通胀略高将导致美联储将短期利率也略高，这不一定会损害股票估值。更令人担忧的是：对股票价值至关重要的长期债券收益率可能会大幅上升。自20世纪90年代末以来，债券和股票价格往往朝着相反的方向波动。这是因为当通胀不是问题时，经济冲击往往会压低债券收益率（与价格走势相反）和股票价格。因此，债券充当了抵御股票损失的保险政策，投资者愿意接受较低的收益率。如果通货膨胀再次成为一个问题，那么债券就会失去保险价值，其收益率就会上升。前美联储经济学家、现就职于对冲基金D.E.的布莱恩·萨克(Brian Sack)表示，近几个月来，过去几十年大部分时间里存在的股债相关性开始消失。肖公司。他将此部分归因于通胀担忧。</blockquote></p><p>The many years since inflation dominated the financial landscape have led investors to price assets as if inflation never will have that sway again. They may be right. But if the unprecedented combination of monetary and fiscal stimulus succeeds in jolting the economy out of the last decade’s pattern, that complacency could prove quite costly.</p><p><blockquote>多年来，通货膨胀主导了金融领域，这导致投资者对资产定价，就好像通货膨胀再也不会产生这种影响一样。他们可能是对的。但如果史无前例的货币和财政刺激组合成功地使经济摆脱了过去十年的模式，这种自满可能会付出相当大的代价。</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>What Happens to Stocks and Cryptocurrencies When the Fed Stops Raining Money?<blockquote>当美联储停止投放资金时，股票和加密货币会发生什么？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhat Happens to Stocks and Cryptocurrencies When the Fed Stops Raining Money?<blockquote>当美联储停止投放资金时，股票和加密货币会发生什么？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Wall Street Journal</strong><span class=\"h-time small\">2021-05-08 15:03</span>\n</p>\n</h4>\n</header>\n<article>\n<p>To veterans of financial bubbles, there is plenty familiar about the present. Stock valuations are their richest since the dot-com bubble in 2000. Home prices are back to their pre-financial crisis peak. Risky companies can borrow at the lowest rates on record. Individual investors are pouring money into green energy and cryptocurrency.</p><p><blockquote>对于金融泡沫的老手来说，现在有很多熟悉的东西。股票估值是自2000年互联网泡沫以来最高的。房价回到了金融危机前的峰值。高风险公司可以以有记录以来的最低利率借款。个人投资者正在向绿色能源和加密货币投入资金。</blockquote></p><p>This boom has some legitimate explanations, from the advances in digital commerce to fiscally greased growth that will likely be the strongest since 1983.</p><p><blockquote>这种繁荣有一些合理的解释，从数字商务的进步到可能是1983年以来最强劲的财政增长。</blockquote></p><p>But there is one driver above all: the Federal Reserve. Easy monetary policy has regularly fueled financial booms, and it is exceptionally easy now. The Fed has kept interest rates near zero for the past year and signaled rates won’t change for at least two more years. It is buying hundreds of billions of dollars of bonds. As a result, the 10-year Treasury bond yield is well below inflation—that is, real yields are deeply negative —for only the second time in 40 years.</p><p><blockquote>但最重要的是一个驱动因素：美联储。宽松的货币政策经常推动金融繁荣，现在尤其容易。美联储在过去一年中将利率维持在接近零的水平，并暗示利率至少在两年内不会改变。它正在购买数千亿美元的债券。因此，10年期国债收益率远低于通胀——即实际收益率深度为负——这是40年来的第二次。</blockquote></p><p>There are good reasons why rates are so low. The Fed acted in response to a pandemic that at its most intense threatened even more damage than the 2007-09 financial crisis. Yet in great part thanks to the Fed and Congress, which has passed some $5 trillion in fiscal stimulus, this recovery looks much healthier than the last. That could undermine the reasons for such low rates, threatening the underpinnings of market.</p><p><blockquote>利率如此之低是有充分理由的。美联储采取行动是为了应对一场疫情，这场疫情在最严重的时候可能造成的损害甚至比2007-09年的金融危机还要大。然而，这在很大程度上要归功于美联储和国会通过了约5万亿美元的财政刺激计划，这次复苏看起来比上次要健康得多。这可能会削弱利率如此之低的原因，威胁市场的基础。</blockquote></p><p>“Equity markets at a minimum are priced to perfection on the assumption rates will be low for a long time,” said Harvard University economist Jeremy Stein, who served as a Fed governor alongside now-chairman Jerome Powell. “And certainly you get the sense the Fed is trying really hard to say, ‘Everything is fine, we’re in no rush to raise rates.’ But while I don’t think we’re headed for sustained high inflation it’s completely possible we’ll have several quarters of hot readings on inflation.”</p><p><blockquote>与现任主席杰罗姆·鲍威尔一起担任美联储理事的哈佛大学经济学家杰里米·斯坦表示：“假设利率将长期处于低位，股市的定价至少是完美的。”“当然，你会感觉到美联储非常努力地说，‘一切都很好，我们不急于加息。’但虽然我不认为我们会走向持续的高通胀，但这是完全有可能的。我们将有几个季度的通胀热点数据。”</blockquote></p><p>Since stocks’ valuations are only justified if interest rates stay extremely low, how do they reprice if the Fed has to tighten monetary policy to combat inflation and bond yields rise one to 1.5 percentage points, he asked. “You could get a serious correction in asset prices.”</p><p><blockquote>他问道，由于只有在利率保持极低水平的情况下，股票估值才是合理的，因此如果美联储不得不收紧货币政策以对抗通胀并且债券收益率上升1至1.5个百分点，股票如何重新定价。“资产价格可能会出现严重调整。”</blockquote></p><p><b>‘A bit frothy’</b></p><p><blockquote><b>“有点泡沫”</b></blockquote></p><p>The Fed has been here before. In the late 1990s its willingness to cut rates in response to the Asian financial crisis and the near collapse of the hedge fund Long-Term Capital Management was seen by some as an implicit market backstop, inflating the ensuing dot-com bubble. Its low-rate policy in the wake of that collapsed bubble was then blamed for driving up housing prices. Both times Fed officials defended their policy, arguing that to raise rates (or not cut them) simply to prevent bubbles would compromise their main goals of low unemployment and inflation, and do more harm than letting the bubble deflate on its own.</p><p><blockquote>美联储以前也来过这里。20世纪90年代末，为了应对亚洲金融危机和对冲基金长期资本管理公司几近崩溃，它愿意降息，这被一些人视为隐性的市场支持，助长了随后的互联网泡沫。泡沫破裂后的低利率政策被指责推高了房价。两次美联储官员都为自己的政策辩护，认为仅仅为了防止泡沫而加息（或不降息）会损害他们低失业率和通胀的主要目标，而且比让泡沫自行破灭造成的危害更大。</blockquote></p><p>As for this year, in a report this week the central bank warned asset “valuations are generally high” and “vulnerable to significant declines should investor risk appetite fall, progress on containing the virus disappoint, or the recovery stall.” On April 28 Mr. Powell acknowledged markets look “a bit frothy” and the Fed might be one of the reasons: “I won’t say it has nothing to do with monetary policy, but it has a tremendous amount to do with vaccination and reopening of the economy.” But he gave no hint the Fed was about to dial back its stimulus: “The economy is a long way from our goals.” A Labor Department report Friday showing that far fewer jobs were created in April than Wall Street expected underlined that.</p><p><blockquote>至于今年，央行在本周的一份报告中警告称，资产“估值普遍较高”，“如果投资者风险偏好下降、遏制病毒进展令人失望或复苏停滞，资产估值很容易大幅下跌”。4月28日，鲍威尔承认市场看起来“有点泡沫”，美联储可能是原因之一：“我不会说这与货币政策无关，但它与疫苗接种有很大关系和经济重新开放。”但他没有暗示美联储将缩减刺激措施：“经济距离我们的目标还有很长的路要走。”劳工部周五的一份报告显示，4月份创造的就业机会远低于华尔街的预期，这突显了这一点。</blockquote></p><p>The Fed’s choices are heavily influenced by the financial crisis. While the Fed cut rates to near zero and bought bonds then as well, it was battling powerful headwinds as households, banks, and governments sought to pay down debts. That held back spending and pushed inflation below the Fed’s 2% target. Deeper-seated forces such as aging populations also held down growth and interest rates, a combination some dubbed “secular stagnation.”</p><p><blockquote>美联储的选择深受金融危机的影响。尽管美联储当时将利率降至接近零的水平并购买了债券，但随着家庭、银行和政府寻求偿还债务，美联储正面临强大的阻力。这抑制了支出，并将通胀率推至美联储2%的目标以下。人口老龄化等深层次力量也抑制了经济增长和利率，一些人将这种组合称为“长期停滞”。</blockquote></p><p>The pandemic shutdown a year ago triggered a hit to economic output that was initially worse than the financial crisis. But after two months, economic activity began to recover as restrictions eased and businesses adapted to social distancing. The Fed initiated new lending programs and Congress passed the $2.2 trillion Cares Act. Vaccines arrived sooner than expected. The U.S. economy is likely to hit its pre-pandemic size in the current quarter, two years faster than after the financial crisis.</p><p><blockquote>一年前的疫情关闭引发了对经济产出的打击，最初比金融危机还要严重。但两个月后，随着限制放松和企业适应社交距离，经济活动开始复苏。美联储启动了新的贷款计划，国会通过了2.2万亿美元的Cares法案。疫苗比预期的更早到达。美国经济可能会在本季度达到大流行前的规模，比金融危机后快两年。</blockquote></p><p>And yet even as the outlook has improved, the fiscal and monetary taps remain wide open. Democrats first proposed an additional $3 trillion in stimulus last May when output was expected to fall 6% last year. It actually fell less than half that, but Democrats, after winning both the White House and Congress, pressed ahead with the same size stimulus.</p><p><blockquote>然而，即使前景有所改善，财政和货币的水龙头仍然敞开着。去年5月，民主党人首次提出额外3万亿美元的刺激计划，当时预计去年产出将下降6%。实际上下降了不到一半，但民主党在赢得白宫和国会后，继续推进同样规模的刺激计划。</blockquote></p><p></p><p>The Fed began buying bonds in March, 2020 to counter chaotic conditions in markets. In late summer, with markets functioning normally, it extended the program while tilting the rationale toward keeping bond yields low.</p><p><blockquote>美联储于2020年3月开始购买债券，以应对市场的混乱状况。夏末，随着市场正常运转，它延长了该计划，同时将理由转向保持低债券收益率。</blockquote></p><p>At the same time it unveiled a new framework: After years of inflation running below 2%, it would aim to push inflation not just back to 2% but higher, so that over time average and expected inflation would both stabilize at 2%. To that end, it promised not to raise rates until full employment had been restored and inflation was 2% and headed higher. Officials predicted that would not happen before 2024 and have since stuck to that guidance despite a significantly improving outlook.</p><p><blockquote>与此同时，它公布了一个新框架：在通胀率多年低于2%之后，它的目标是将通胀率不仅推回到2%，而且更高，以便随着时间的推移，平均通胀率和预期通胀率都稳定在2%。为此，它承诺在充分就业恢复、通胀率达到2%并走高之前不会加息。官员们预测这种情况在2024年之前不会发生，尽管前景显着改善，但此后仍坚持这一指导。</blockquote></p><p><b>Running of the bulls</b></p><p><blockquote><b>奔牛节</b></blockquote></p><p>This injection of unprecedented monetary and fiscal stimulus into an economy already rebounding thanks to vaccinations is why Wall Street strategists are their most bullish on stocks since before the last financial crisis, according to a survey byBank of AmericaCorp.While profit forecasts have risen briskly, stocks have risen more. The S&amp;P 500 stock index now trades at about 22 times the coming year’s profits, according to FactSet, a level only exceeded at the peak of the dot-com boom in 2000.</p><p><blockquote>美国银行的一项调查显示，向因疫苗接种而已经反弹的经济注入前所未有的货币和财政刺激措施，这就是华尔街策略师自上次金融危机前以来最看好股市的原因。虽然盈利预测大幅上升，但股市涨幅更大。根据FactSet的数据，标普500股票指数目前的交易价格约为来年利润的22倍，这一水平仅在2000年互联网繁荣的顶峰时期才超过。</blockquote></p><p>Other asset markets are similarly stretched. Investors are willing to buy the bonds of junk-rated companies at the lowest yields since at least 1995, and the narrowest spread above safe Treasurys since 2007, according to Bloomberg Barclays data. Residential and commercial property prices, adjusted for inflation, are around the peak reached in 2006.</p><p><blockquote>其他资产市场也同样捉襟见肘。根据彭博巴克莱的数据，投资者愿意以至少1995年以来的最低收益率以及自2007年以来与安全国债的最窄利差购买垃圾级公司的债券。经通胀调整后，住宅和商业地产价格接近2006年达到的峰值。</blockquote></p><p>Stock and property valuations are more justifiable today than in 2000 or in 2006 because the returns on riskless Treasury bonds are so much lower. In that sense, the Fed’s policies are working precisely as intended: improving both the economic outlook, which is good for profits, housing demand, and corporate creditworthiness; and the appetite for risk.</p><p><blockquote>今天的股票和房地产估值比2000年或2006年更加合理，因为无风险国债的回报率要低得多。从这个意义上说，美联储的政策完全按照预期发挥作用：改善经济前景，这有利于利润、住房需求和企业信誉；和风险偏好。</blockquote></p><p>Nonetheless, low rates are no longer sufficient to justify some asset valuations. Instead, bulls invoke alternative metrics.</p><p><blockquote>尽管如此，低利率不再足以证明某些资产估值的合理性。相反，多头会调用替代指标。</blockquote></p><p>Bank of America recently noted companies with relatively low carbon emissions and higher water efficiency earn higher valuations. These valuations aren’t the result of superior cash flow or profit prospects, but a tidal wave of funds invested according to environmental, social and governance, or ESG, criteria.</p><p><blockquote>美国银行最近指出，碳排放量相对较低、用水效率较高的公司估值较高。这些估值并不是优越的现金流或利润前景的结果，而是根据环境、社会和治理（ESG）标准投资的资金浪潮。</blockquote></p><p>Conventional valuation is also useless for cryptocurrencies which earn no interest, rent or dividends. Instead, advocates claim digital currencies will displace the fiat currencies issued by central banks as a transaction medium and store of value. “Crypto has the potential to be as revolutionary and widely adopted as the internet,” claims the prospectus of the initial public offering of crypto exchangeCoinbase GlobalInc.,in language reminiscent of internet-related IPOs more than two decades earlier. Cryptocurrencies as of April 29 were worth more than $2 trillion, according to CoinDesk, an information service, roughly equivalent to all U.S. dollars in circulation.</p><p><blockquote>对于不赚取利息、租金或股息的加密货币，传统估值也毫无用处。相反，倡导者声称数字货币将取代央行发行的法定货币作为交易媒介和价值储存手段。“加密货币有可能像互联网一样具有革命性并被广泛采用，”加密货币交易所Coinbase GlobalInc.首次公开募股的招股说明书称，其语言让人想起二十多年前与互联网相关的IPO。根据信息服务机构CoinDesk的数据，截至4月29日，加密货币的价值超过2万亿美元，大致相当于流通中的所有美元。</blockquote></p><p>Financial innovation is also at work, as it has been in past financial booms. Portfolio insurance, a strategy designed to hedge against market losses, amplified selling during the 1987 stock market crash. In the 1990s, internet stockbrokers fueled tech stocks and in the 2000s, subprime mortgage derivatives helped finance housing. The equivalent today are zero commission brokers such as Robinhood Markets Inc., fractional ownership and social media, all of which have empowered individual investors.</p><p><blockquote>金融创新也在发挥作用，就像过去的金融繁荣一样。投资组合保险是一种旨在对冲市场损失的策略，在1987年股市崩盘期间放大了抛售。20世纪90年代，互联网股票经纪人推动了科技股的上涨，而在21世纪初，次级抵押贷款衍生品帮助为住房融资。今天的等价物是零佣金经纪商，如Robinhood Markets Inc.、部分所有权和社交媒体，所有这些都赋予了个人投资者权力。</blockquote></p><p>Such investors increasingly influence the overall market’s direction, according to a recent report by the Bank for International Settlements, a consortium of the world’s central banks. It found, for example, that since 2017 trading volume in exchange-traded funds that track the S&amp;P 500, a favorite of institutional investors, has flattened while the volume in its component stocks, which individual investors prefer, has climbed. Individuals, it noted, are more likely to buy a company’s shares for reasons unrelated to its underlying business—because, for example, its name is similar to another stock that is on the rise.</p><p><blockquote>根据世界各国央行组成的财团国际清算银行最近的一份报告，此类投资者越来越多地影响整体市场的走向。例如，它发现，自2017年以来，跟踪机构投资者最喜欢的标普500的交易所交易基金的交易量已经持平，而个人投资者更喜欢的成分股的交易量却在攀升。报告指出，个人更有可能出于与其基础业务无关的原因购买一家公司的股票，例如，因为该公司的名称与另一只正在上涨的股票相似。</blockquote></p><p>While such speculation is often blamed on the Fed, drawing a direct line is difficult. Not so with fiscal stimulus. Jim Bianco, the head of financial research firm Bianco Research, said flows into exchange-traded funds and mutual funds jumped in March as the Treasury distributed $1,400 stimulus checks. “The first thing you do with your check is deposit it in your account and in 2021 that’s your brokerage account,” said Mr. Bianco.</p><p><blockquote>虽然这种猜测经常被归咎于美联储，但很难划清界限。财政刺激则不然。金融研究公司Bianco Research的负责人Jim Bianco表示，随着财政部发放1400美元的刺激支票，3月份流入交易所交易基金和共同基金的资金激增。“你用支票做的第一件事就是将其存入你的账户，到2021年，这就是你的经纪账户，”比安科先生说。</blockquote></p><p><b>Facing the future</b></p><p><blockquote><b>面向未来</b></blockquote></p><p></p><p>It’s impossible to predict how, or even whether, this all ends. It doesn’t have to: High-priced stocks could eventually earn the profits necessary to justify today’s valuations, especially with the economy’s current head of steam. In he meantime, more extreme pockets of speculation may collapse under their own weight as profits disappoint or competition emerges.</p><p><blockquote>无法预测这一切将如何结束，甚至是否会结束。事实并非如此：高价股票最终可能会赚取必要的利润来证明当今的估值是合理的，尤其是在经济目前处于领先地位的情况下。与此同时，随着利润令人失望或竞争的出现，更极端的投机领域可能会在自身压力下崩溃。</blockquote></p><p>Bitcoin once threatened to displace the dollar; now numerous competitors purport to do the same.TeslaInc.was once about the only stock you could buy to bet on electric vehicles; now there is China’s NIO Inc.,NikolaCorp., andFiskerInc.,not to mention established manufacturers such as Volkswagen AG andGeneral MotorsCo.that are rolling out ever more electric models.</p><p><blockquote>比特币曾威胁要取代美元；现在，许多竞争对手也声称要做同样的事情。特斯拉公司曾经是你唯一可以购买来押注电动汽车的股票；现在有蔚来、NikolaCorp.和FiskerInc.，更不用说大众汽车公司和通用汽车公司等老牌制造商正在推出越来越多的电动车型。</blockquote></p><p>But for assets across the board to fall would likely involve some sort of macroeconomic event, such as a recession, financial crisis, or inflation.</p><p><blockquote>但资产全面下跌可能涉及某种宏观经济事件，例如经济衰退、金融危机或通货膨胀。</blockquote></p><p>The Fed report this past week said the virus remains the biggest threat to the economy and thus the financial system. April’s jobs disappointment was a reminder of how unsettled the economic outlook remains. Still, with the virus in retreat, a recession seems unlikely now. A financial crisis linked to some hidden fragility can’t be ruled out. Still, banks have so much capital and mortgage underwriting is so tight that something similar to the 2007-09 financial crisis, which began with defaulting mortgages, seems remote. If junk bonds, cryptocoins or tech stocks are bought primarily with borrowed money, a plunge in their values could precipitate a wave of forced selling, bankruptcies and potentially a crisis. But that doesn’t seem to have happened. The recent collapse of Archegos Capital Management from reversals on derivatives-based stock investments inflicted losses on its lenders. But it didn’t threaten their survival or trigger contagion to similarly situated firms.</p><p><blockquote>美联储上周的报告称，该病毒仍然是对经济乃至金融体系的最大威胁。4月份的就业令人失望提醒人们经济前景仍然多么不稳定。尽管如此，随着病毒的消退，经济衰退现在似乎不太可能发生。不能排除与一些隐藏的脆弱性相关的金融危机。尽管如此，银行拥有如此多的资本，而抵押贷款承销又如此紧张，以至于类似于2007-09年始于抵押贷款违约的金融危机似乎很遥远。如果垃圾债券、加密货币或科技股主要是用借来的钱购买的，其价值暴跌可能会引发一波强制抛售、破产和潜在的危机。但这似乎并没有发生。Archegos Capital Management最近因衍生品股票投资逆转而倒闭，给其贷方造成了损失。但这并没有威胁到他们的生存，也没有引发对处境相似的公司的蔓延。</blockquote></p><p>“Where’s the second Archegos?” said Mr. Bianco. “There hasn’t been one yet.”</p><p><blockquote>“第二个阿尔奇戈斯在哪里？”比安科先生说。“还没有。”</blockquote></p><p>That leaves inflation. Fear of inflation is widespread now with shortages of semiconductors, lumber, and workers all putting upward pressure on prices and costs. Most forecasters, and the Fed, think those pressures will ease once the economy has reopened and normal spending patterns resume. Nonetheless, the difference between yields on regular and inflation-indexed bond yields suggest investors are expecting inflation in coming years to average about 2.5%. That is hardly a repeat of the 1970s, and compatible with the Fed’s new goal of average 2% inflation over the long term. Nonetheless, it would be a clear break from the sub-2% range of the last decade.</p><p><blockquote>这就剩下通货膨胀了。由于半导体、木材和工人的短缺都给价格和成本带来了上行压力，对通胀的担忧现在很普遍。大多数预测者和美联储认为，一旦经济重新开放和正常支出模式恢复，这些压力将会缓解。尽管如此，常规债券收益率和通胀指数债券收益率之间的差异表明，投资者预计未来几年的通胀率平均约为2.5%。这很难是20世纪70年代的重演，也符合美联储长期平均通胀率2%的新目标。尽管如此，这将明显打破过去十年低于2%的区间。</blockquote></p><p>Slightly higher inflation would result in the Fed setting short-term interest rates also slightly higher, which need not hurt stock valuations. More worrisome: Long-term bond yields, which are critical to stock values, might rise significantly more. Since the late 1990s, bond and stock prices have tended to move in opposite directions. That is because when inflation isn’t a concern, economic shocks tend to drive both bond yields (which move in the opposite direction to prices) and stock prices down. Bonds thus act as an insurance policy against losses on stocks, for which investors are willing to accept lower yields. If inflation becomes a problem again, then bonds lose that insurance value and their yields will rise. In recent months that stock-bond correlation, in place for most of the last few decades, began to disappear, said Brian Sack, a former Fed economist who is now with hedge fund D.E. Shaw &amp; Co. LP. He attributes that, in part, to inflation concerns.</p><p><blockquote>通胀略高将导致美联储将短期利率也略高，这不一定会损害股票估值。更令人担忧的是：对股票价值至关重要的长期债券收益率可能会大幅上升。自20世纪90年代末以来，债券和股票价格往往朝着相反的方向波动。这是因为当通胀不是问题时，经济冲击往往会压低债券收益率（与价格走势相反）和股票价格。因此，债券充当了抵御股票损失的保险政策，投资者愿意接受较低的收益率。如果通货膨胀再次成为一个问题，那么债券就会失去保险价值，其收益率就会上升。前美联储经济学家、现就职于对冲基金D.E.的布莱恩·萨克(Brian Sack)表示，近几个月来，过去几十年大部分时间里存在的股债相关性开始消失。肖公司。他将此部分归因于通胀担忧。</blockquote></p><p>The many years since inflation dominated the financial landscape have led investors to price assets as if inflation never will have that sway again. They may be right. But if the unprecedented combination of monetary and fiscal stimulus succeeds in jolting the economy out of the last decade’s pattern, that complacency could prove quite costly.</p><p><blockquote>多年来，通货膨胀主导了金融领域，这导致投资者对资产定价，就好像通货膨胀再也不会产生这种影响一样。他们可能是对的。但如果史无前例的货币和财政刺激组合成功地使经济摆脱了过去十年的模式，这种自满可能会付出相当大的代价。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/what-happens-to-stocks-and-cryptocurrencies-when-the-fed-stops-raining-money-11620446420?mod=itp_wsj\">The Wall Street Journal</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.wsj.com/articles/what-happens-to-stocks-and-cryptocurrencies-when-the-fed-stops-raining-money-11620446420?mod=itp_wsj","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1122089368","content_text":"To veterans of financial bubbles, there is plenty familiar about the present. Stock valuations are their richest since the dot-com bubble in 2000. Home prices are back to their pre-financial crisis peak. Risky companies can borrow at the lowest rates on record. Individual investors are pouring money into green energy and cryptocurrency.This boom has some legitimate explanations, from the advances in digital commerce to fiscally greased growth that will likely be the strongest since 1983.But there is one driver above all: the Federal Reserve. Easy monetary policy has regularly fueled financial booms, and it is exceptionally easy now. The Fed has kept interest rates near zero for the past year and signaled rates won’t change for at least two more years. It is buying hundreds of billions of dollars of bonds. As a result, the 10-year Treasury bond yield is well below inflation—that is, real yields are deeply negative —for only the second time in 40 years.There are good reasons why rates are so low. The Fed acted in response to a pandemic that at its most intense threatened even more damage than the 2007-09 financial crisis. Yet in great part thanks to the Fed and Congress, which has passed some $5 trillion in fiscal stimulus, this recovery looks much healthier than the last. That could undermine the reasons for such low rates, threatening the underpinnings of market.“Equity markets at a minimum are priced to perfection on the assumption rates will be low for a long time,” said Harvard University economist Jeremy Stein, who served as a Fed governor alongside now-chairman Jerome Powell. “And certainly you get the sense the Fed is trying really hard to say, ‘Everything is fine, we’re in no rush to raise rates.’ But while I don’t think we’re headed for sustained high inflation it’s completely possible we’ll have several quarters of hot readings on inflation.”Since stocks’ valuations are only justified if interest rates stay extremely low, how do they reprice if the Fed has to tighten monetary policy to combat inflation and bond yields rise one to 1.5 percentage points, he asked. “You could get a serious correction in asset prices.”‘A bit frothy’The Fed has been here before. In the late 1990s its willingness to cut rates in response to the Asian financial crisis and the near collapse of the hedge fund Long-Term Capital Management was seen by some as an implicit market backstop, inflating the ensuing dot-com bubble. Its low-rate policy in the wake of that collapsed bubble was then blamed for driving up housing prices. Both times Fed officials defended their policy, arguing that to raise rates (or not cut them) simply to prevent bubbles would compromise their main goals of low unemployment and inflation, and do more harm than letting the bubble deflate on its own.As for this year, in a report this week the central bank warned asset “valuations are generally high” and “vulnerable to significant declines should investor risk appetite fall, progress on containing the virus disappoint, or the recovery stall.” On April 28 Mr. Powell acknowledged markets look “a bit frothy” and the Fed might be one of the reasons: “I won’t say it has nothing to do with monetary policy, but it has a tremendous amount to do with vaccination and reopening of the economy.” But he gave no hint the Fed was about to dial back its stimulus: “The economy is a long way from our goals.” A Labor Department report Friday showing that far fewer jobs were created in April than Wall Street expected underlined that.The Fed’s choices are heavily influenced by the financial crisis. While the Fed cut rates to near zero and bought bonds then as well, it was battling powerful headwinds as households, banks, and governments sought to pay down debts. That held back spending and pushed inflation below the Fed’s 2% target. Deeper-seated forces such as aging populations also held down growth and interest rates, a combination some dubbed “secular stagnation.”The pandemic shutdown a year ago triggered a hit to economic output that was initially worse than the financial crisis. But after two months, economic activity began to recover as restrictions eased and businesses adapted to social distancing. The Fed initiated new lending programs and Congress passed the $2.2 trillion Cares Act. Vaccines arrived sooner than expected. The U.S. economy is likely to hit its pre-pandemic size in the current quarter, two years faster than after the financial crisis.And yet even as the outlook has improved, the fiscal and monetary taps remain wide open. Democrats first proposed an additional $3 trillion in stimulus last May when output was expected to fall 6% last year. It actually fell less than half that, but Democrats, after winning both the White House and Congress, pressed ahead with the same size stimulus.The Fed began buying bonds in March, 2020 to counter chaotic conditions in markets. In late summer, with markets functioning normally, it extended the program while tilting the rationale toward keeping bond yields low.At the same time it unveiled a new framework: After years of inflation running below 2%, it would aim to push inflation not just back to 2% but higher, so that over time average and expected inflation would both stabilize at 2%. To that end, it promised not to raise rates until full employment had been restored and inflation was 2% and headed higher. Officials predicted that would not happen before 2024 and have since stuck to that guidance despite a significantly improving outlook.Running of the bullsThis injection of unprecedented monetary and fiscal stimulus into an economy already rebounding thanks to vaccinations is why Wall Street strategists are their most bullish on stocks since before the last financial crisis, according to a survey byBank of AmericaCorp.While profit forecasts have risen briskly, stocks have risen more. The S&P 500 stock index now trades at about 22 times the coming year’s profits, according to FactSet, a level only exceeded at the peak of the dot-com boom in 2000.Other asset markets are similarly stretched. Investors are willing to buy the bonds of junk-rated companies at the lowest yields since at least 1995, and the narrowest spread above safe Treasurys since 2007, according to Bloomberg Barclays data. Residential and commercial property prices, adjusted for inflation, are around the peak reached in 2006.Stock and property valuations are more justifiable today than in 2000 or in 2006 because the returns on riskless Treasury bonds are so much lower. In that sense, the Fed’s policies are working precisely as intended: improving both the economic outlook, which is good for profits, housing demand, and corporate creditworthiness; and the appetite for risk.Nonetheless, low rates are no longer sufficient to justify some asset valuations. Instead, bulls invoke alternative metrics.Bank of America recently noted companies with relatively low carbon emissions and higher water efficiency earn higher valuations. These valuations aren’t the result of superior cash flow or profit prospects, but a tidal wave of funds invested according to environmental, social and governance, or ESG, criteria.Conventional valuation is also useless for cryptocurrencies which earn no interest, rent or dividends. Instead, advocates claim digital currencies will displace the fiat currencies issued by central banks as a transaction medium and store of value. “Crypto has the potential to be as revolutionary and widely adopted as the internet,” claims the prospectus of the initial public offering of crypto exchangeCoinbase GlobalInc.,in language reminiscent of internet-related IPOs more than two decades earlier. Cryptocurrencies as of April 29 were worth more than $2 trillion, according to CoinDesk, an information service, roughly equivalent to all U.S. dollars in circulation.Financial innovation is also at work, as it has been in past financial booms. Portfolio insurance, a strategy designed to hedge against market losses, amplified selling during the 1987 stock market crash. In the 1990s, internet stockbrokers fueled tech stocks and in the 2000s, subprime mortgage derivatives helped finance housing. The equivalent today are zero commission brokers such as Robinhood Markets Inc., fractional ownership and social media, all of which have empowered individual investors.Such investors increasingly influence the overall market’s direction, according to a recent report by the Bank for International Settlements, a consortium of the world’s central banks. It found, for example, that since 2017 trading volume in exchange-traded funds that track the S&P 500, a favorite of institutional investors, has flattened while the volume in its component stocks, which individual investors prefer, has climbed. Individuals, it noted, are more likely to buy a company’s shares for reasons unrelated to its underlying business—because, for example, its name is similar to another stock that is on the rise.While such speculation is often blamed on the Fed, drawing a direct line is difficult. Not so with fiscal stimulus. Jim Bianco, the head of financial research firm Bianco Research, said flows into exchange-traded funds and mutual funds jumped in March as the Treasury distributed $1,400 stimulus checks. “The first thing you do with your check is deposit it in your account and in 2021 that’s your brokerage account,” said Mr. Bianco.Facing the futureIt’s impossible to predict how, or even whether, this all ends. It doesn’t have to: High-priced stocks could eventually earn the profits necessary to justify today’s valuations, especially with the economy’s current head of steam. In he meantime, more extreme pockets of speculation may collapse under their own weight as profits disappoint or competition emerges.Bitcoin once threatened to displace the dollar; now numerous competitors purport to do the same.TeslaInc.was once about the only stock you could buy to bet on electric vehicles; now there is China’s NIO Inc.,NikolaCorp., andFiskerInc.,not to mention established manufacturers such as Volkswagen AG andGeneral MotorsCo.that are rolling out ever more electric models.But for assets across the board to fall would likely involve some sort of macroeconomic event, such as a recession, financial crisis, or inflation.The Fed report this past week said the virus remains the biggest threat to the economy and thus the financial system. April’s jobs disappointment was a reminder of how unsettled the economic outlook remains. Still, with the virus in retreat, a recession seems unlikely now. A financial crisis linked to some hidden fragility can’t be ruled out. Still, banks have so much capital and mortgage underwriting is so tight that something similar to the 2007-09 financial crisis, which began with defaulting mortgages, seems remote. If junk bonds, cryptocoins or tech stocks are bought primarily with borrowed money, a plunge in their values could precipitate a wave of forced selling, bankruptcies and potentially a crisis. But that doesn’t seem to have happened. The recent collapse of Archegos Capital Management from reversals on derivatives-based stock investments inflicted losses on its lenders. But it didn’t threaten their survival or trigger contagion to similarly situated firms.“Where’s the second Archegos?” said Mr. Bianco. “There hasn’t been one yet.”That leaves inflation. Fear of inflation is widespread now with shortages of semiconductors, lumber, and workers all putting upward pressure on prices and costs. Most forecasters, and the Fed, think those pressures will ease once the economy has reopened and normal spending patterns resume. Nonetheless, the difference between yields on regular and inflation-indexed bond yields suggest investors are expecting inflation in coming years to average about 2.5%. That is hardly a repeat of the 1970s, and compatible with the Fed’s new goal of average 2% inflation over the long term. Nonetheless, it would be a clear break from the sub-2% range of the last decade.Slightly higher inflation would result in the Fed setting short-term interest rates also slightly higher, which need not hurt stock valuations. More worrisome: Long-term bond yields, which are critical to stock values, might rise significantly more. Since the late 1990s, bond and stock prices have tended to move in opposite directions. That is because when inflation isn’t a concern, economic shocks tend to drive both bond yields (which move in the opposite direction to prices) and stock prices down. Bonds thus act as an insurance policy against losses on stocks, for which investors are willing to accept lower yields. If inflation becomes a problem again, then bonds lose that insurance value and their yields will rise. In recent months that stock-bond correlation, in place for most of the last few decades, began to disappear, said Brian Sack, a former Fed economist who is now with hedge fund D.E. Shaw & Co. LP. He attributes that, in part, to inflation concerns.The many years since inflation dominated the financial landscape have led investors to price assets as if inflation never will have that sway again. They may be right. But if the unprecedented combination of monetary and fiscal stimulus succeeds in jolting the economy out of the last decade’s pattern, that complacency could prove quite costly.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2788,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":104207284,"gmtCreate":1620391375248,"gmtModify":1634205584017,"author":{"id":"3565865195004220","authorId":"3565865195004220","name":"BabyHuatHuat","avatar":"https://static.tigerbbs.com/49ee3c00396b80f7a3b8f686f8cb8102","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3565865195004220","authorIdStr":"3565865195004220"},"themes":[],"htmlText":"Like amd comment for the coin.thanks","listText":"Like amd comment for the coin.thanks","text":"Like amd comment for the coin.thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/104207284","repostId":"1157328258","repostType":4,"repost":{"id":"1157328258","kind":"news","pubTimestamp":1620360165,"share":"https://www.laohu8.com/m/news/1157328258?lang=zh_CN&edition=full","pubTime":"2021-05-07 12:02","market":"us","language":"en","title":"Amazon: The Most Clearly Undervalued Company<blockquote>亚马逊：最明显被低估的公司</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1157328258","media":"Seeking alpha","summary":"SummaryAmazon is one of the companies whose growth has not yet reached its limit and not even entere","content":"<p>Summary</p><p><blockquote>总结</blockquote></p><p><ul><li>Amazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase.</li><li>In terms of comparative valuation, AMZN is undervalued against the market.</li><li>DCF-based Amazon stock price target suggests 30% upside potential. But I think this is not even a basic scenario, but a pessimistic scenario.</li></ul>I present my comprehensive Amazon (AMZN) analysis in light of the results of the last quarter.</p><p><blockquote><ul><li>亚马逊是增长尚未达到极限，甚至还没有进入平台期的公司之一。</li><li>就比较估值而言，AMZN相对于市场被低估。</li><li>基于DCF的亚马逊股价目标显示30%的上涨潜力。但我认为这甚至不是一个基本的情景，而是一个悲观的情景。</li></ul>我根据上个季度的业绩对亚马逊（AMZN）进行了全面的分析。</blockquote></p><p>#1 Price vs. Growth</p><p><blockquote>#1价格与增长</blockquote></p><p>First of all, let's assess whether we can statistically state that Amazon's growth has accelerated or slowed down in the last quarter. To do this, let's compare the revenue growth trends of the key segments of the company with and without the results of the last four quarters.</p><p><blockquote>首先，我们来评估一下我们是否可以从统计数据上说明亚马逊上个季度的增长是加速还是放缓。为此，让我们比较一下有和没有过去四个季度业绩的公司关键部门的收入增长趋势。</blockquote></p><p>The dynamics of the 'Online Stores' segment showed a qualitative breakthrough. Without taking into account the last four quarters, a near-linear trend was observed here. Now, it has become exponential:</p><p><blockquote>“在线商店”部分的动态显示出质的突破。在不考虑过去四个季度的情况下，这里观察到了接近线性的趋势。现在，它已经成为指数级增长：</blockquote></p><p><img src=\"https://static.tigerbbs.com/bac49a9df0e5b978dc15e20bedfce3da\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The 'Third-Party Seller Services' segment - the exponential growth continues:</p><p><blockquote>“第三方卖家服务”细分市场——指数级增长仍在继续：</blockquote></p><p><img src=\"https://static.tigerbbs.com/6b58df42726bc01c8a5e5c2940d0476d\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The 'Subscription Services' (Amazon Prime) segment - here the acceleration remains, and the result of the last quarter was better than the trend:</p><p><blockquote>“订阅服务”（Amazon Prime）细分市场——这里的加速仍然存在，上个季度的结果好于趋势：</blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The 'Other' (advertising services) segment has also showed a significant acceleration:<img src=\"https://static.tigerbbs.com/a58095394bdd79d561166a74942a9e55\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote>“其他”（广告服务）部门也显示出显着的加速：</blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The growth trend of 'Amazon Web Services' has slowed down, but judging by the results of the last quarter, there is a gradual return to the previous trend:</p><p><blockquote>‘Amazon Web Services’的增长趋势有所放缓，但从上个季度的结果来看，有逐渐回归之前的趋势：</blockquote></p><p><img src=\"https://static.tigerbbs.com/07069ccaab37c32eed56da69881e7bce\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>Geographically, Amazon's revenue was also significantly better than the trend:</p><p><blockquote>从地域上看，亚马逊的营收也明显好于趋势：</blockquote></p><p><img src=\"https://static.tigerbbs.com/a1d9246e5c01aac6c62e49ad7cd73e2c\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/0e7276161a3d2b2159ab3d727d3cb7d9\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p><i>So, statistically, not subjectively, we should recognize the acceleration of the company's growth</i><i><b>in all key segments</b></i><i>. In my opinion, this is exactly what is expected from Amazon.</i></p><p><blockquote><i>因此，从统计上，而不是主观上，我们应该认识到公司增长的加速</i><i><b>在所有关键细分市场</b></i><i>.在我看来，这正是人们对亚马逊的期望。</i></blockquote></p><p>Further. Over the last 10 years, Amazon's capitalization has been in a qualitative linear relationship with its revenue:</p><p><blockquote>更远地。在过去10年中，亚马逊的资本化与其收入呈定性线性关系：</blockquote></p><p><img src=\"https://static.tigerbbs.com/f105c314902d29dae4d0f0e400aa2245\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>There is also a certain influence of the company's revenue growth rate on its multiples:</p><p><blockquote>公司营收增速对其倍数也有一定影响：</blockquote></p><p><img src=\"https://static.tigerbbs.com/8beca01b5624a15aab79465c580ded6b\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>Based on these two relationships and taking into account the influence of the growth of theM2 money stockin the US, it is possible to build another model that allows us to determine the balanced level of the company's capitalization. In addition, this model allows to model the growth of the company's capitalization based on the current expectations of analysts regarding the company's revenue growth in the next four quarters. Here is this model:</p><p><blockquote>基于这两种关系，并考虑到美国货币存量增长的影响，有可能建立另一个模型，使我们能够确定公司资本化的平衡水平。此外，该模型允许根据分析师当前对公司未来四个季度收入增长的预期来模拟公司资本的增长。这是这个模型：</blockquote></p><p><img src=\"https://static.tigerbbs.com/083fa1dc350e5e54cc7d3145744c9e4c\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d63f0cff5e0dd83343d26ee90552a033\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p><i>As you can see, firstly, this model indicates that the company's current price is already</i><i><b>below the balanced level</b></i><i>. And secondly, it assumes a</i><i><b>25% growth</b></i><i>in capitalization in the next four quarters.</i></p><p><blockquote><i>正如你所看到的，首先，这个模型表明公司当前的价格已经</i><i><b>低于平衡水平</b></i><i>其次，它假设</i><i><b>25%增长</b></i><i>未来四个季度的资本化。</i></blockquote></p><p>#2 Comparative Valuation</p><p><blockquote>#2比较估值</blockquote></p><p>In the previous block, I modeled Amazon's balanced price based on revenue. What is remarkable is that if we apply the same approach to the comparative valuation of the company using multiples, we will fail. At least I have not been able to find a single revenue-based multiple that would make it possible to successfully compare Amazon to other companies. But the forward P/E (next FY) multiple adjusted by the expected EPS annual growth rate made it possible to find a suitable model:</p><p><blockquote>在上一个模块中，我根据收入对亚马逊的均衡价格进行了建模。值得注意的是，如果我们用同样的方法使用倍数对公司进行比较估值，我们就会失败。至少我还没有找到一个基于收入的倍数来成功地将亚马逊与其他公司进行比较。但根据预期每股收益年增长率调整后的远期市盈率（下一财年）倍数使得找到合适的模型成为可能：</blockquote></p><p></p><p><img src=\"https://static.tigerbbs.com/97ac0310bcef622e12c8c21d46979f7e\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/8d7573ff8a7fc00719a51042f09fc989\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p><i>As you can see, judging by this multiple, Amazon is significantly undervalued.</i></p><p><blockquote><i>正如你所看到的，从这个倍数来看，亚马逊被严重低估了。</i></blockquote></p><p>#3 Discounted Cash Flow Model</p><p><blockquote>#3贴现现金流模型</blockquote></p><p>When predicting Amazon's revenue for the next decade, I proceeded from the average expectations ofanalysts:</p><p><blockquote>在预测亚马逊未来十年的收入时，我从分析师的平均预期出发：</blockquote></p><p><img src=\"https://static.tigerbbs.com/9f41298db73dbcd92469026cc4e767c4\" tg-width=\"640\" tg-height=\"323\" referrerpolicy=\"no-referrer\"><i>Source: Seeking Alpha Pro</i></p><p><blockquote><i>资料来源：寻求Alpha Pro</i></blockquote></p><p>When predicting the dynamics of Amazon's operating margin, I also proceeded from analysts'expectationsregarding the growth of the company's EPS, and taking into account the gradual increase in the tax rate to 25%. In my opinion, a gradual increase in the operating margin to 8% in the terminal year is a very realistic scenario.</p><p><blockquote>在预测亚马逊营业利润率的动态时，我也从分析师对公司每股收益增长的预期出发，并考虑到税率逐渐提高到25%。在我看来，在终端年将营业利润率逐步提高到8%是一个非常现实的情况。</blockquote></p><p>Here is the calculation of the Weighted Average Cost of Capital:</p><p><blockquote>以下是加权平均资本成本的计算：</blockquote></p><p><img src=\"https://static.tigerbbs.com/759163398701e54efd7cfabd11a0867d\" tg-width=\"480\" tg-height=\"374\" referrerpolicy=\"no-referrer\"><i>Source: Author</i></p><p><blockquote><i>来源：作者</i></blockquote></p><p>Some explanations:</p><p><blockquote>一些解释：</blockquote></p><p><ul><li>In order to calculate the market rate of return, I used values of equityriskpremium (4.72%) and the current yield of UST10 as a risk-free rate (1.6%).</li><li>I used the currentvalueof the three-year beta coefficient (0.92). For the terminal year, I used Beta equal to 1.</li><li>To calculate the Cost of Debt, I used the interest expense for 2019 and 2020 divided by the debt value for the same years.</li></ul>Here is the model itself:</p><p><blockquote><ul><li>为了计算市场回报率，我使用了equityriskpremium（4.72%）和UST10的当前收益率作为无风险利率（1.6%）。</li><li>我使用了三年贝塔系数的当前值（0.92）。在最后一年，我使用Beta等于1。</li><li>为了计算债务成本，我使用2019年和2020年的利息支出除以同年的债务价值。</li></ul>以下是模型本身：</blockquote></p><p><img src=\"https://static.tigerbbs.com/0df02bca01b3ef74d3b640d95eb00590\" tg-width=\"640\" tg-height=\"528\" referrerpolicy=\"no-referrer\">(In high resolution)</p><p><blockquote>（高分辨率）</blockquote></p><p><i>Source: Author</i></p><p><blockquote><i>来源：作者</i></blockquote></p><p><i>The DCF-based target price of Amazon's shares is $4,280, offering 29% upside.</i></p><p><blockquote><i>亚马逊股票基于DCF的目标价为4,280美元，上涨空间为29%。</i></blockquote></p><p>Final thoughts</p><p><blockquote>最后的想法</blockquote></p><p><ol><li>Amazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase. In a sense, this is a startup with $73 billion cash.</li><li>The fact that Amazon remains in the acceleration phase does not mean that its capitalization is constantly undervalued. But in this case, based on the patterns between the company's capitalization and the parameters of its revenue, we can conclude that the company is<b>undervalued</b>.</li><li>Comparing Amazon to other companies through the prism of expected EPS growth, it must be admitted that the company is<b>much cheaper</b>than the market.</li><li>DCF model based on average expectations analysts indicate a 30% undervaluation. At the start of the year, a similarmodelindicated a 20% undervaluation.</li><li>When you look at Amazon's revenue forecast for the next decade, you realize that the company will face growth problems. But in my opinion,<i>it is better to invest in a company facing growth problems than aging problems</i>.</li></ol></p><p><blockquote><ol><li>亚马逊是增长尚未达到极限，甚至还没有进入平台期的公司之一。从某种意义上说，这是一家拥有730亿美元现金的初创公司。</li><li>亚马逊仍处于加速阶段的事实并不意味着其市值不断被低估。但在这种情况下，根据公司的资本化和收入参数之间的模式，我们可以得出结论，公司是<b>被低估</b>.</li><li>通过预期每股收益增长的棱镜将亚马逊与其他公司进行比较，必须承认该公司是<b>便宜多了</b>比市场。</li><li>基于平均预期的DCF模型分析师表示低估了30%。今年年初，类似的模型显示估值被低估了20%。</li><li>当你看亚马逊未来十年的收入预测时，你会意识到该公司将面临增长问题。但在我看来，<i>投资一家面临增长问题的公司比投资老龄化问题的公司更好</i>.</li></ol></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>Amazon: The Most Clearly Undervalued Company<blockquote>亚马逊：最明显被低估的公司</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAmazon: The Most Clearly Undervalued Company<blockquote>亚马逊：最明显被低估的公司</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking alpha</strong><span class=\"h-time small\">2021-05-07 12:02</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Summary</p><p><blockquote>总结</blockquote></p><p><ul><li>Amazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase.</li><li>In terms of comparative valuation, AMZN is undervalued against the market.</li><li>DCF-based Amazon stock price target suggests 30% upside potential. But I think this is not even a basic scenario, but a pessimistic scenario.</li></ul>I present my comprehensive Amazon (AMZN) analysis in light of the results of the last quarter.</p><p><blockquote><ul><li>亚马逊是增长尚未达到极限，甚至还没有进入平台期的公司之一。</li><li>就比较估值而言，AMZN相对于市场被低估。</li><li>基于DCF的亚马逊股价目标显示30%的上涨潜力。但我认为这甚至不是一个基本的情景，而是一个悲观的情景。</li></ul>我根据上个季度的业绩对亚马逊（AMZN）进行了全面的分析。</blockquote></p><p>#1 Price vs. Growth</p><p><blockquote>#1价格与增长</blockquote></p><p>First of all, let's assess whether we can statistically state that Amazon's growth has accelerated or slowed down in the last quarter. To do this, let's compare the revenue growth trends of the key segments of the company with and without the results of the last four quarters.</p><p><blockquote>首先，我们来评估一下我们是否可以从统计数据上说明亚马逊上个季度的增长是加速还是放缓。为此，让我们比较一下有和没有过去四个季度业绩的公司关键部门的收入增长趋势。</blockquote></p><p>The dynamics of the 'Online Stores' segment showed a qualitative breakthrough. Without taking into account the last four quarters, a near-linear trend was observed here. Now, it has become exponential:</p><p><blockquote>“在线商店”部分的动态显示出质的突破。在不考虑过去四个季度的情况下，这里观察到了接近线性的趋势。现在，它已经成为指数级增长：</blockquote></p><p><img src=\"https://static.tigerbbs.com/bac49a9df0e5b978dc15e20bedfce3da\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The 'Third-Party Seller Services' segment - the exponential growth continues:</p><p><blockquote>“第三方卖家服务”细分市场——指数级增长仍在继续：</blockquote></p><p><img src=\"https://static.tigerbbs.com/6b58df42726bc01c8a5e5c2940d0476d\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The 'Subscription Services' (Amazon Prime) segment - here the acceleration remains, and the result of the last quarter was better than the trend:</p><p><blockquote>“订阅服务”（Amazon Prime）细分市场——这里的加速仍然存在，上个季度的结果好于趋势：</blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The 'Other' (advertising services) segment has also showed a significant acceleration:<img src=\"https://static.tigerbbs.com/a58095394bdd79d561166a74942a9e55\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote>“其他”（广告服务）部门也显示出显着的加速：</blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The growth trend of 'Amazon Web Services' has slowed down, but judging by the results of the last quarter, there is a gradual return to the previous trend:</p><p><blockquote>‘Amazon Web Services’的增长趋势有所放缓，但从上个季度的结果来看，有逐渐回归之前的趋势：</blockquote></p><p><img src=\"https://static.tigerbbs.com/07069ccaab37c32eed56da69881e7bce\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>Geographically, Amazon's revenue was also significantly better than the trend:</p><p><blockquote>从地域上看，亚马逊的营收也明显好于趋势：</blockquote></p><p><img src=\"https://static.tigerbbs.com/a1d9246e5c01aac6c62e49ad7cd73e2c\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/0e7276161a3d2b2159ab3d727d3cb7d9\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p><i>So, statistically, not subjectively, we should recognize the acceleration of the company's growth</i><i><b>in all key segments</b></i><i>. In my opinion, this is exactly what is expected from Amazon.</i></p><p><blockquote><i>因此，从统计上，而不是主观上，我们应该认识到公司增长的加速</i><i><b>在所有关键细分市场</b></i><i>.在我看来，这正是人们对亚马逊的期望。</i></blockquote></p><p>Further. Over the last 10 years, Amazon's capitalization has been in a qualitative linear relationship with its revenue:</p><p><blockquote>更远地。在过去10年中，亚马逊的资本化与其收入呈定性线性关系：</blockquote></p><p><img src=\"https://static.tigerbbs.com/f105c314902d29dae4d0f0e400aa2245\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>There is also a certain influence of the company's revenue growth rate on its multiples:</p><p><blockquote>公司营收增速对其倍数也有一定影响：</blockquote></p><p><img src=\"https://static.tigerbbs.com/8beca01b5624a15aab79465c580ded6b\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>Based on these two relationships and taking into account the influence of the growth of theM2 money stockin the US, it is possible to build another model that allows us to determine the balanced level of the company's capitalization. In addition, this model allows to model the growth of the company's capitalization based on the current expectations of analysts regarding the company's revenue growth in the next four quarters. Here is this model:</p><p><blockquote>基于这两种关系，并考虑到美国货币存量增长的影响，有可能建立另一个模型，使我们能够确定公司资本化的平衡水平。此外，该模型允许根据分析师当前对公司未来四个季度收入增长的预期来模拟公司资本的增长。这是这个模型：</blockquote></p><p><img src=\"https://static.tigerbbs.com/083fa1dc350e5e54cc7d3145744c9e4c\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d63f0cff5e0dd83343d26ee90552a033\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p><i>As you can see, firstly, this model indicates that the company's current price is already</i><i><b>below the balanced level</b></i><i>. And secondly, it assumes a</i><i><b>25% growth</b></i><i>in capitalization in the next four quarters.</i></p><p><blockquote><i>正如你所看到的，首先，这个模型表明公司当前的价格已经</i><i><b>低于平衡水平</b></i><i>其次，它假设</i><i><b>25%增长</b></i><i>未来四个季度的资本化。</i></blockquote></p><p>#2 Comparative Valuation</p><p><blockquote>#2比较估值</blockquote></p><p>In the previous block, I modeled Amazon's balanced price based on revenue. What is remarkable is that if we apply the same approach to the comparative valuation of the company using multiples, we will fail. At least I have not been able to find a single revenue-based multiple that would make it possible to successfully compare Amazon to other companies. But the forward P/E (next FY) multiple adjusted by the expected EPS annual growth rate made it possible to find a suitable model:</p><p><blockquote>在上一个模块中，我根据收入对亚马逊的均衡价格进行了建模。值得注意的是，如果我们用同样的方法使用倍数对公司进行比较估值，我们就会失败。至少我还没有找到一个基于收入的倍数来成功地将亚马逊与其他公司进行比较。但根据预期每股收益年增长率调整后的远期市盈率（下一财年）倍数使得找到合适的模型成为可能：</blockquote></p><p></p><p><img src=\"https://static.tigerbbs.com/97ac0310bcef622e12c8c21d46979f7e\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/8d7573ff8a7fc00719a51042f09fc989\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p><i>As you can see, judging by this multiple, Amazon is significantly undervalued.</i></p><p><blockquote><i>正如你所看到的，从这个倍数来看，亚马逊被严重低估了。</i></blockquote></p><p>#3 Discounted Cash Flow Model</p><p><blockquote>#3贴现现金流模型</blockquote></p><p>When predicting Amazon's revenue for the next decade, I proceeded from the average expectations ofanalysts:</p><p><blockquote>在预测亚马逊未来十年的收入时，我从分析师的平均预期出发：</blockquote></p><p><img src=\"https://static.tigerbbs.com/9f41298db73dbcd92469026cc4e767c4\" tg-width=\"640\" tg-height=\"323\" referrerpolicy=\"no-referrer\"><i>Source: Seeking Alpha Pro</i></p><p><blockquote><i>资料来源：寻求Alpha Pro</i></blockquote></p><p>When predicting the dynamics of Amazon's operating margin, I also proceeded from analysts'expectationsregarding the growth of the company's EPS, and taking into account the gradual increase in the tax rate to 25%. In my opinion, a gradual increase in the operating margin to 8% in the terminal year is a very realistic scenario.</p><p><blockquote>在预测亚马逊营业利润率的动态时，我也从分析师对公司每股收益增长的预期出发，并考虑到税率逐渐提高到25%。在我看来，在终端年将营业利润率逐步提高到8%是一个非常现实的情况。</blockquote></p><p>Here is the calculation of the Weighted Average Cost of Capital:</p><p><blockquote>以下是加权平均资本成本的计算：</blockquote></p><p><img src=\"https://static.tigerbbs.com/759163398701e54efd7cfabd11a0867d\" tg-width=\"480\" tg-height=\"374\" referrerpolicy=\"no-referrer\"><i>Source: Author</i></p><p><blockquote><i>来源：作者</i></blockquote></p><p>Some explanations:</p><p><blockquote>一些解释：</blockquote></p><p><ul><li>In order to calculate the market rate of return, I used values of equityriskpremium (4.72%) and the current yield of UST10 as a risk-free rate (1.6%).</li><li>I used the currentvalueof the three-year beta coefficient (0.92). For the terminal year, I used Beta equal to 1.</li><li>To calculate the Cost of Debt, I used the interest expense for 2019 and 2020 divided by the debt value for the same years.</li></ul>Here is the model itself:</p><p><blockquote><ul><li>为了计算市场回报率，我使用了equityriskpremium（4.72%）和UST10的当前收益率作为无风险利率（1.6%）。</li><li>我使用了三年贝塔系数的当前值（0.92）。在最后一年，我使用Beta等于1。</li><li>为了计算债务成本，我使用2019年和2020年的利息支出除以同年的债务价值。</li></ul>以下是模型本身：</blockquote></p><p><img src=\"https://static.tigerbbs.com/0df02bca01b3ef74d3b640d95eb00590\" tg-width=\"640\" tg-height=\"528\" referrerpolicy=\"no-referrer\">(In high resolution)</p><p><blockquote>（高分辨率）</blockquote></p><p><i>Source: Author</i></p><p><blockquote><i>来源：作者</i></blockquote></p><p><i>The DCF-based target price of Amazon's shares is $4,280, offering 29% upside.</i></p><p><blockquote><i>亚马逊股票基于DCF的目标价为4,280美元，上涨空间为29%。</i></blockquote></p><p>Final thoughts</p><p><blockquote>最后的想法</blockquote></p><p><ol><li>Amazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase. In a sense, this is a startup with $73 billion cash.</li><li>The fact that Amazon remains in the acceleration phase does not mean that its capitalization is constantly undervalued. But in this case, based on the patterns between the company's capitalization and the parameters of its revenue, we can conclude that the company is<b>undervalued</b>.</li><li>Comparing Amazon to other companies through the prism of expected EPS growth, it must be admitted that the company is<b>much cheaper</b>than the market.</li><li>DCF model based on average expectations analysts indicate a 30% undervaluation. At the start of the year, a similarmodelindicated a 20% undervaluation.</li><li>When you look at Amazon's revenue forecast for the next decade, you realize that the company will face growth problems. But in my opinion,<i>it is better to invest in a company facing growth problems than aging problems</i>.</li></ol></p><p><blockquote><ol><li>亚马逊是增长尚未达到极限，甚至还没有进入平台期的公司之一。从某种意义上说，这是一家拥有730亿美元现金的初创公司。</li><li>亚马逊仍处于加速阶段的事实并不意味着其市值不断被低估。但在这种情况下，根据公司的资本化和收入参数之间的模式，我们可以得出结论，公司是<b>被低估</b>.</li><li>通过预期每股收益增长的棱镜将亚马逊与其他公司进行比较，必须承认该公司是<b>便宜多了</b>比市场。</li><li>基于平均预期的DCF模型分析师表示低估了30%。今年年初，类似的模型显示估值被低估了20%。</li><li>当你看亚马逊未来十年的收入预测时，你会意识到该公司将面临增长问题。但在我看来，<i>投资一家面临增长问题的公司比投资老龄化问题的公司更好</i>.</li></ol></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4424794-amazon-clearly-undervalued-company\">Seeking alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMZN":"亚马逊"},"source_url":"https://seekingalpha.com/article/4424794-amazon-clearly-undervalued-company","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1157328258","content_text":"SummaryAmazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase.In terms of comparative valuation, AMZN is undervalued against the market.DCF-based Amazon stock price target suggests 30% upside potential. But I think this is not even a basic scenario, but a pessimistic scenario.I present my comprehensive Amazon (AMZN) analysis in light of the results of the last quarter.#1 Price vs. GrowthFirst of all, let's assess whether we can statistically state that Amazon's growth has accelerated or slowed down in the last quarter. To do this, let's compare the revenue growth trends of the key segments of the company with and without the results of the last four quarters.The dynamics of the 'Online Stores' segment showed a qualitative breakthrough. Without taking into account the last four quarters, a near-linear trend was observed here. Now, it has become exponential:Source: VisualizedAnalytics.comThe 'Third-Party Seller Services' segment - the exponential growth continues:Source: VisualizedAnalytics.comThe 'Subscription Services' (Amazon Prime) segment - here the acceleration remains, and the result of the last quarter was better than the trend:Source: VisualizedAnalytics.comThe 'Other' (advertising services) segment has also showed a significant acceleration:Source: VisualizedAnalytics.comThe growth trend of 'Amazon Web Services' has slowed down, but judging by the results of the last quarter, there is a gradual return to the previous trend:Source: VisualizedAnalytics.comGeographically, Amazon's revenue was also significantly better than the trend:Source: VisualizedAnalytics.comSo, statistically, not subjectively, we should recognize the acceleration of the company's growthin all key segments. In my opinion, this is exactly what is expected from Amazon.Further. Over the last 10 years, Amazon's capitalization has been in a qualitative linear relationship with its revenue:Source: VisualizedAnalytics.comThere is also a certain influence of the company's revenue growth rate on its multiples:Source: VisualizedAnalytics.comBased on these two relationships and taking into account the influence of the growth of theM2 money stockin the US, it is possible to build another model that allows us to determine the balanced level of the company's capitalization. In addition, this model allows to model the growth of the company's capitalization based on the current expectations of analysts regarding the company's revenue growth in the next four quarters. Here is this model:Source: VisualizedAnalytics.comAs you can see, firstly, this model indicates that the company's current price is alreadybelow the balanced level. And secondly, it assumes a25% growthin capitalization in the next four quarters.#2 Comparative ValuationIn the previous block, I modeled Amazon's balanced price based on revenue. What is remarkable is that if we apply the same approach to the comparative valuation of the company using multiples, we will fail. At least I have not been able to find a single revenue-based multiple that would make it possible to successfully compare Amazon to other companies. But the forward P/E (next FY) multiple adjusted by the expected EPS annual growth rate made it possible to find a suitable model:Source: VisualizedAnalytics.comAs you can see, judging by this multiple, Amazon is significantly undervalued.#3 Discounted Cash Flow ModelWhen predicting Amazon's revenue for the next decade, I proceeded from the average expectations ofanalysts:Source: Seeking Alpha ProWhen predicting the dynamics of Amazon's operating margin, I also proceeded from analysts'expectationsregarding the growth of the company's EPS, and taking into account the gradual increase in the tax rate to 25%. In my opinion, a gradual increase in the operating margin to 8% in the terminal year is a very realistic scenario.Here is the calculation of the Weighted Average Cost of Capital:Source: AuthorSome explanations:In order to calculate the market rate of return, I used values of equityriskpremium (4.72%) and the current yield of UST10 as a risk-free rate (1.6%).I used the currentvalueof the three-year beta coefficient (0.92). For the terminal year, I used Beta equal to 1.To calculate the Cost of Debt, I used the interest expense for 2019 and 2020 divided by the debt value for the same years.Here is the model itself:(In high resolution)Source: AuthorThe DCF-based target price of Amazon's shares is $4,280, offering 29% upside.Final thoughtsAmazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase. In a sense, this is a startup with $73 billion cash.The fact that Amazon remains in the acceleration phase does not mean that its capitalization is constantly undervalued. But in this case, based on the patterns between the company's capitalization and the parameters of its revenue, we can conclude that the company isundervalued.Comparing Amazon to other companies through the prism of expected EPS growth, it must be admitted that the company ismuch cheaperthan the market.DCF model based on average expectations analysts indicate a 30% undervaluation. At the start of the year, a similarmodelindicated a 20% undervaluation.When you look at Amazon's revenue forecast for the next decade, you realize that the company will face growth problems. But in my opinion,it is better to invest in a company facing growth problems than aging problems.","news_type":1,"symbols_score_info":{"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":1434,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":105893778,"gmtCreate":1620286010294,"gmtModify":1634206371433,"author":{"id":"3565865195004220","authorId":"3565865195004220","name":"BabyHuatHuat","avatar":"https://static.tigerbbs.com/49ee3c00396b80f7a3b8f686f8cb8102","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3565865195004220","authorIdStr":"3565865195004220"},"themes":[],"htmlText":"When will be the next bull run...am tired of losing...[捂脸]&nbsp;","listText":"When will be the next bull run...am tired of losing...[捂脸]&nbsp;","text":"When will be the next bull run...am tired of losing...[捂脸]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/105893778","repostId":"2133152526","repostType":2,"isVote":1,"tweetType":1,"viewCount":2409,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":106265534,"gmtCreate":1620125692528,"gmtModify":1634207638669,"author":{"id":"3565865195004220","authorId":"3565865195004220","name":"BabyHuatHuat","avatar":"https://static.tigerbbs.com/49ee3c00396b80f7a3b8f686f8cb8102","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3565865195004220","authorIdStr":"3565865195004220"},"themes":[],"htmlText":"Playing stocks is mental and physcial tourture...[笑哭]&nbsp;","listText":"Playing stocks is mental and physcial tourture...[笑哭]&nbsp;","text":"Playing stocks is mental and physcial tourture...[笑哭]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/106265534","repostId":"1167630680","repostType":4,"isVote":1,"tweetType":1,"viewCount":1551,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":101877740,"gmtCreate":1619885119880,"gmtModify":1634209304390,"author":{"id":"3565865195004220","authorId":"3565865195004220","name":"BabyHuatHuat","avatar":"https://static.tigerbbs.com/49ee3c00396b80f7a3b8f686f8cb8102","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3565865195004220","authorIdStr":"3565865195004220"},"themes":[],"htmlText":"Ready for the moon!!!","listText":"Ready for the moon!!!","text":"Ready for the moon!!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/101877740","repostId":"1146129324","repostType":4,"repost":{"id":"1146129324","kind":"news","pubTimestamp":1619795610,"share":"https://www.laohu8.com/m/news/1146129324?lang=zh_CN&edition=full","pubTime":"2021-04-30 23:13","market":"us","language":"en","title":"1 Question Tesla Investors Need to Ask Themselves<blockquote>特斯拉投资者需要问自己的1个问题</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1146129324","media":"Motley Fool","summary":"Electric-car companyTeslahas now produced a profit for seven consecutive quarters. Tesla managed aGAAPnet income of $438 million in the first quarter, up from just $16 million one-year prior. It would appear, at least at first glance, that the electric-vehicle  pioneer is on the right track in terms of profitability.The problem is that these profits aren't really coming from the cars that Tesla sells. The company currently generates hundreds of millions of dollars in pure profit each quarter fro","content":"<p>Electric-car company<b>Tesla</b>(NASDAQ:TSLA)has now produced a profit for seven consecutive quarters. Tesla managed aGAAPnet income of $438 million in the first quarter, up from just $16 million one-year prior. It would appear, at least at first glance, that the electric-vehicle (EV) pioneer is on the right track in terms of profitability.</p><p><blockquote>电动汽车公司<b>特斯拉</b>（纳斯达克：TSLA）现已连续七个季度盈利。特斯拉第一季度管理的AGAAP净收入为4.38亿美元，高于一年前的1600万美元。至少乍一看，这家电动汽车（EV）先驱在盈利能力方面似乎走在正确的轨道上。</blockquote></p><p> The problem is that these profits aren't really coming from the cars that Tesla sells. The company currently generates hundreds of millions of dollars in pure profit each quarter from the sale of regulatory credits, a side effect of other automakers not making enough zero-emission vehicles to meet regulatory requirements.</p><p><blockquote>问题是这些利润并不是真正来自特斯拉销售的汽车。该公司目前每个季度都从销售监管信用中获得数亿美元的净利润，这是其他汽车制造商没有生产足够的零排放汽车来满足监管要求的副作用。</blockquote></p><p> Regulatory credit sales totaled $518 million in the first quarter, accounting for all of Tesla's profit and then some. This has been the case in previous quarters, as well. In fact, after backing out regulatory credits from Tesla's net income, the company has been unprofitable for six-straight quarters.</p><p><blockquote>第一季度监管信贷销售额总计5.18亿美元，占特斯拉全部利润甚至部分利润。前几个季度也是如此。事实上，在从特斯拉净利润中收回监管信贷后，该公司已连续六个季度不盈利。</blockquote></p><p> Tesla's bottom line got an additional boost in the first quarter from a gain onthe sale of<b>Bitcoin</b>to the tune of $101 million, which showed up as a reduction in costs. The picture doesn't look so rosy when both regulatory credits and Bitcoin gains are excluded:</p><p><blockquote>特斯拉第一季度的利润因出售<b>比特币</b>高达1.01亿美元，这表现为成本的降低。当排除监管信贷和比特币收益时，情况看起来并不那么乐观：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/b0906160cab581f4c8a599b7d0965d34\" tg-width=\"700\" tg-height=\"467\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> DATA SOURCE: TESLA. CHART BY AUTHOR.</p><p><blockquote>数据来源：特斯拉。作者图表。</blockquote></p><p> There's no question that Tesla's growth is impressive, but there's also no question that the core business of making and selling cars is not turning a profit. The question Tesla investors need to ask themselves is: If Tesla isn't profitable now, when there's little to no competition in electric vehicles in the United States, what's going to happen when a deluge of competition fromtraditional automakersarrives?</p><p><blockquote>毫无疑问，特斯拉的增长令人印象深刻，但毫无疑问，制造和销售汽车的核心业务并未盈利。特斯拉投资者需要问自己的问题是：如果特斯拉现在没有盈利，当美国电动汽车几乎没有竞争时，当传统汽车制造商的大量竞争到来时会发生什么？</blockquote></p><p> A ton of competition is coming</p><p><blockquote>大量的竞争即将到来</blockquote></p><p> Tesla's brand has a cult following, so some people will be buying Tesla vehicles regardless of the other options available. But that's not likely to be the case for most people.</p><p><blockquote>特斯拉的品牌拥有狂热的追随者，因此无论其他选择如何，有些人都会购买特斯拉汽车。但对大多数人来说，情况不太可能如此。</blockquote></p><p> The number of electric vehicles available for purchase in the U.S. is set to explode in the coming years.<b>General Motors</b>(NYSE:GM)is planning to launch 30 EVs globally by 2025, with two-thirds set to be sold in North America. The company is aiming to sell 1 million EVs annually in North America by 2025.</p><p><blockquote>未来几年，美国可供购买的电动汽车数量将呈爆炸式增长。<b>通用汽车</b>（纽约证券交易所股票代码：GM）计划到2025年在全球推出30款电动汽车，其中三分之二将在北美销售。该公司的目标是到2025年在北美每年销售100万辆电动汽车。</blockquote></p><p> Those models include electric versions of the company's GMC Hummer and Chevrolet Silverado pickup truck. Tesla has a loyal customer base, but so does GM. Someone who's been a GM truck buyer for years is likely to stick with GM when they decide to switch to an electric vehicle.</p><p><blockquote>这些车型包括该公司GMC悍马和雪佛兰索罗德皮卡的电动版本。特斯拉拥有忠实的客户群，但通用汽车也是如此。多年来一直购买通用汽车卡车的人在决定转向电动汽车时可能会坚持使用通用汽车。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/c651279799dfdf96552379a7b5d448a9\" tg-width=\"700\" tg-height=\"466\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> IMAGE SOURCE: GM.</p><p><blockquote>图片来源：通用汽车。</blockquote></p><p> <b>Ford</b>(NYSE:F)is also pouring resources into electric vehicles, allocating $29 billion for electric and autonomous vehicles through 2025. The company's plans include anelectric version of its F-150 pickup truck, which should hit the production lines by mid-2022. Given GM's and Ford's plans, it will not be easy for Tesla to steal away market share in the lucrative pickup-truck segment.</p><p><blockquote><b>福特</b>（纽约证券交易所股票代码：F）也在向电动汽车投入资源，到2025年为电动和自动驾驶汽车拨款290亿美元。该公司的计划包括F-150皮卡车的电动版本，预计将于2022年中期投入生产线。鉴于通用和福特的计划，特斯拉要抢走利润丰厚的皮卡市场份额并不容易。</blockquote></p><p> Other car companies have big plans, as well.<b>Volkswagen</b>(OTC:VWAGY)already sells over 200,000 EVs annually andexpects that number to double this year. The company is aiming to sell roughly 2 million EVs annually by 2025 and expects to launch 70 EV models by 2030.<b>Toyota</b>(NYSE:TM)willlaunch 15 new electric vehicles by 2025, some of which will be under the new Toyota bZ sub-brand. The list goes on.</p><p><blockquote>其他汽车公司也有宏伟的计划。<b>大众汽车</b>(OTC：VWAGY)每年已销售超过200,000辆电动汽车，预计今年这一数字将翻一番。该公司的目标是到2025年每年销售约200万辆电动汽车，并预计到2030年推出70款电动汽车车型。<b>丰田</b>(NYSE：TM)将在2025年之前推出15款新电动汽车，其中一些将属于新的丰田bZ子品牌。这样的例子不胜枚举。</blockquote></p><p> Not only will all these electric vehicles provide consumers with a bevy of options beyond Tesla, but they'll also deprive Tesla of its regulatory-credit income as other automakers churn out an increasing number of EVs.</p><p><blockquote>所有这些电动汽车不仅将为消费者提供特斯拉之外的一系列选择，而且随着其他汽车制造商生产越来越多的电动汽车，它们还将剥夺特斯拉的监管信贷收入。</blockquote></p><p> None of this is to say that Tesla can't be successful in a world where it faces more competition. But turning a profit is is going to get harder with each passing year.</p><p><blockquote>这并不是说特斯拉不能在一个面临更多竞争的世界中取得成功。但每年盈利都会变得越来越困难。</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>1 Question Tesla Investors Need to Ask Themselves<blockquote>特斯拉投资者需要问自己的1个问题</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\">\n1 Question Tesla Investors Need to Ask Themselves<blockquote>特斯拉投资者需要问自己的1个问题</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-04-30 23:13</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Electric-car company<b>Tesla</b>(NASDAQ:TSLA)has now produced a profit for seven consecutive quarters. Tesla managed aGAAPnet income of $438 million in the first quarter, up from just $16 million one-year prior. It would appear, at least at first glance, that the electric-vehicle (EV) pioneer is on the right track in terms of profitability.</p><p><blockquote>电动汽车公司<b>特斯拉</b>（纳斯达克：TSLA）现已连续七个季度盈利。特斯拉第一季度管理的AGAAP净收入为4.38亿美元，高于一年前的1600万美元。至少乍一看，这家电动汽车（EV）先驱在盈利能力方面似乎走在正确的轨道上。</blockquote></p><p> The problem is that these profits aren't really coming from the cars that Tesla sells. The company currently generates hundreds of millions of dollars in pure profit each quarter from the sale of regulatory credits, a side effect of other automakers not making enough zero-emission vehicles to meet regulatory requirements.</p><p><blockquote>问题是这些利润并不是真正来自特斯拉销售的汽车。该公司目前每个季度都从销售监管信用中获得数亿美元的净利润，这是其他汽车制造商没有生产足够的零排放汽车来满足监管要求的副作用。</blockquote></p><p> Regulatory credit sales totaled $518 million in the first quarter, accounting for all of Tesla's profit and then some. This has been the case in previous quarters, as well. In fact, after backing out regulatory credits from Tesla's net income, the company has been unprofitable for six-straight quarters.</p><p><blockquote>第一季度监管信贷销售额总计5.18亿美元，占特斯拉全部利润甚至部分利润。前几个季度也是如此。事实上，在从特斯拉净利润中收回监管信贷后，该公司已连续六个季度不盈利。</blockquote></p><p> Tesla's bottom line got an additional boost in the first quarter from a gain onthe sale of<b>Bitcoin</b>to the tune of $101 million, which showed up as a reduction in costs. The picture doesn't look so rosy when both regulatory credits and Bitcoin gains are excluded:</p><p><blockquote>特斯拉第一季度的利润因出售<b>比特币</b>高达1.01亿美元，这表现为成本的降低。当排除监管信贷和比特币收益时，情况看起来并不那么乐观：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/b0906160cab581f4c8a599b7d0965d34\" tg-width=\"700\" tg-height=\"467\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> DATA SOURCE: TESLA. CHART BY AUTHOR.</p><p><blockquote>数据来源：特斯拉。作者图表。</blockquote></p><p> There's no question that Tesla's growth is impressive, but there's also no question that the core business of making and selling cars is not turning a profit. The question Tesla investors need to ask themselves is: If Tesla isn't profitable now, when there's little to no competition in electric vehicles in the United States, what's going to happen when a deluge of competition fromtraditional automakersarrives?</p><p><blockquote>毫无疑问，特斯拉的增长令人印象深刻，但毫无疑问，制造和销售汽车的核心业务并未盈利。特斯拉投资者需要问自己的问题是：如果特斯拉现在没有盈利，当美国电动汽车几乎没有竞争时，当传统汽车制造商的大量竞争到来时会发生什么？</blockquote></p><p> A ton of competition is coming</p><p><blockquote>大量的竞争即将到来</blockquote></p><p> Tesla's brand has a cult following, so some people will be buying Tesla vehicles regardless of the other options available. But that's not likely to be the case for most people.</p><p><blockquote>特斯拉的品牌拥有狂热的追随者，因此无论其他选择如何，有些人都会购买特斯拉汽车。但对大多数人来说，情况不太可能如此。</blockquote></p><p> The number of electric vehicles available for purchase in the U.S. is set to explode in the coming years.<b>General Motors</b>(NYSE:GM)is planning to launch 30 EVs globally by 2025, with two-thirds set to be sold in North America. The company is aiming to sell 1 million EVs annually in North America by 2025.</p><p><blockquote>未来几年，美国可供购买的电动汽车数量将呈爆炸式增长。<b>通用汽车</b>（纽约证券交易所股票代码：GM）计划到2025年在全球推出30款电动汽车，其中三分之二将在北美销售。该公司的目标是到2025年在北美每年销售100万辆电动汽车。</blockquote></p><p> Those models include electric versions of the company's GMC Hummer and Chevrolet Silverado pickup truck. Tesla has a loyal customer base, but so does GM. Someone who's been a GM truck buyer for years is likely to stick with GM when they decide to switch to an electric vehicle.</p><p><blockquote>这些车型包括该公司GMC悍马和雪佛兰索罗德皮卡的电动版本。特斯拉拥有忠实的客户群，但通用汽车也是如此。多年来一直购买通用汽车卡车的人在决定转向电动汽车时可能会坚持使用通用汽车。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/c651279799dfdf96552379a7b5d448a9\" tg-width=\"700\" tg-height=\"466\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> IMAGE SOURCE: GM.</p><p><blockquote>图片来源：通用汽车。</blockquote></p><p> <b>Ford</b>(NYSE:F)is also pouring resources into electric vehicles, allocating $29 billion for electric and autonomous vehicles through 2025. The company's plans include anelectric version of its F-150 pickup truck, which should hit the production lines by mid-2022. Given GM's and Ford's plans, it will not be easy for Tesla to steal away market share in the lucrative pickup-truck segment.</p><p><blockquote><b>福特</b>（纽约证券交易所股票代码：F）也在向电动汽车投入资源，到2025年为电动和自动驾驶汽车拨款290亿美元。该公司的计划包括F-150皮卡车的电动版本，预计将于2022年中期投入生产线。鉴于通用和福特的计划，特斯拉要抢走利润丰厚的皮卡市场份额并不容易。</blockquote></p><p> Other car companies have big plans, as well.<b>Volkswagen</b>(OTC:VWAGY)already sells over 200,000 EVs annually andexpects that number to double this year. The company is aiming to sell roughly 2 million EVs annually by 2025 and expects to launch 70 EV models by 2030.<b>Toyota</b>(NYSE:TM)willlaunch 15 new electric vehicles by 2025, some of which will be under the new Toyota bZ sub-brand. The list goes on.</p><p><blockquote>其他汽车公司也有宏伟的计划。<b>大众汽车</b>(OTC：VWAGY)每年已销售超过200,000辆电动汽车，预计今年这一数字将翻一番。该公司的目标是到2025年每年销售约200万辆电动汽车，并预计到2030年推出70款电动汽车车型。<b>丰田</b>(NYSE：TM)将在2025年之前推出15款新电动汽车，其中一些将属于新的丰田bZ子品牌。这样的例子不胜枚举。</blockquote></p><p> Not only will all these electric vehicles provide consumers with a bevy of options beyond Tesla, but they'll also deprive Tesla of its regulatory-credit income as other automakers churn out an increasing number of EVs.</p><p><blockquote>所有这些电动汽车不仅将为消费者提供特斯拉之外的一系列选择，而且随着其他汽车制造商生产越来越多的电动汽车，它们还将剥夺特斯拉的监管信贷收入。</blockquote></p><p> None of this is to say that Tesla can't be successful in a world where it faces more competition. But turning a profit is is going to get harder with each passing year.</p><p><blockquote>这并不是说特斯拉不能在一个面临更多竞争的世界中取得成功。但每年盈利都会变得越来越困难。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/04/30/1-question-tesla-investors-need-to-ask-themselves/\">Motley Fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.fool.com/investing/2021/04/30/1-question-tesla-investors-need-to-ask-themselves/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1146129324","content_text":"Electric-car companyTesla(NASDAQ:TSLA)has now produced a profit for seven consecutive quarters. Tesla managed aGAAPnet income of $438 million in the first quarter, up from just $16 million one-year prior. It would appear, at least at first glance, that the electric-vehicle (EV) pioneer is on the right track in terms of profitability.\nThe problem is that these profits aren't really coming from the cars that Tesla sells. The company currently generates hundreds of millions of dollars in pure profit each quarter from the sale of regulatory credits, a side effect of other automakers not making enough zero-emission vehicles to meet regulatory requirements.\nRegulatory credit sales totaled $518 million in the first quarter, accounting for all of Tesla's profit and then some. This has been the case in previous quarters, as well. In fact, after backing out regulatory credits from Tesla's net income, the company has been unprofitable for six-straight quarters.\nTesla's bottom line got an additional boost in the first quarter from a gain onthe sale ofBitcointo the tune of $101 million, which showed up as a reduction in costs. The picture doesn't look so rosy when both regulatory credits and Bitcoin gains are excluded:\n\nDATA SOURCE: TESLA. CHART BY AUTHOR.\nThere's no question that Tesla's growth is impressive, but there's also no question that the core business of making and selling cars is not turning a profit. The question Tesla investors need to ask themselves is: If Tesla isn't profitable now, when there's little to no competition in electric vehicles in the United States, what's going to happen when a deluge of competition fromtraditional automakersarrives?\nA ton of competition is coming\nTesla's brand has a cult following, so some people will be buying Tesla vehicles regardless of the other options available. But that's not likely to be the case for most people.\nThe number of electric vehicles available for purchase in the U.S. is set to explode in the coming years.General Motors(NYSE:GM)is planning to launch 30 EVs globally by 2025, with two-thirds set to be sold in North America. The company is aiming to sell 1 million EVs annually in North America by 2025.\nThose models include electric versions of the company's GMC Hummer and Chevrolet Silverado pickup truck. Tesla has a loyal customer base, but so does GM. Someone who's been a GM truck buyer for years is likely to stick with GM when they decide to switch to an electric vehicle.\n\nIMAGE SOURCE: GM.\nFord(NYSE:F)is also pouring resources into electric vehicles, allocating $29 billion for electric and autonomous vehicles through 2025. The company's plans include anelectric version of its F-150 pickup truck, which should hit the production lines by mid-2022. Given GM's and Ford's plans, it will not be easy for Tesla to steal away market share in the lucrative pickup-truck segment.\nOther car companies have big plans, as well.Volkswagen(OTC:VWAGY)already sells over 200,000 EVs annually andexpects that number to double this year. The company is aiming to sell roughly 2 million EVs annually by 2025 and expects to launch 70 EV models by 2030.Toyota(NYSE:TM)willlaunch 15 new electric vehicles by 2025, some of which will be under the new Toyota bZ sub-brand. The list goes on.\nNot only will all these electric vehicles provide consumers with a bevy of options beyond Tesla, but they'll also deprive Tesla of its regulatory-credit income as other automakers churn out an increasing number of EVs.\nNone of this is to say that Tesla can't be successful in a world where it faces more competition. But turning a profit is is going to get harder with each passing year.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":666,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":103839216,"gmtCreate":1619764146835,"gmtModify":1631884484259,"author":{"id":"3565865195004220","authorId":"3565865195004220","name":"BabyHuatHuat","avatar":"https://static.tigerbbs.com/49ee3c00396b80f7a3b8f686f8cb8102","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3565865195004220","authorIdStr":"3565865195004220"},"themes":[],"htmlText":"FAANG go go go!!! Bring Nasdaq up!!!","listText":"FAANG go go go!!! Bring Nasdaq up!!!","text":"FAANG go go go!!! Bring Nasdaq up!!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/103839216","repostId":"1153490597","repostType":4,"isVote":1,"tweetType":1,"viewCount":680,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":375849864,"gmtCreate":1619326880958,"gmtModify":1634274206849,"author":{"id":"3565865195004220","authorId":"3565865195004220","name":"BabyHuatHuat","avatar":"https://static.tigerbbs.com/49ee3c00396b80f7a3b8f686f8cb8102","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3565865195004220","authorIdStr":"3565865195004220"},"themes":[],"htmlText":"Go go go for the coins....","listText":"Go go go for the coins....","text":"Go go go for the coins....","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/375849864","repostId":"1184404050","repostType":4,"isVote":1,"tweetType":1,"viewCount":697,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":372730406,"gmtCreate":1619240551705,"gmtModify":1634287491871,"author":{"id":"3565865195004220","authorId":"3565865195004220","name":"BabyHuatHuat","avatar":"https://static.tigerbbs.com/49ee3c00396b80f7a3b8f686f8cb8102","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3565865195004220","authorIdStr":"3565865195004220"},"themes":[],"htmlText":"To the moon..","listText":"To the moon..","text":"To the moon..","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/372730406","repostId":"1149578575","repostType":4,"isVote":1,"tweetType":1,"viewCount":518,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":376721048,"gmtCreate":1619150540684,"gmtModify":1634288161366,"author":{"id":"3565865195004220","authorId":"3565865195004220","name":"BabyHuatHuat","avatar":"https://static.tigerbbs.com/49ee3c00396b80f7a3b8f686f8cb8102","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3565865195004220","authorIdStr":"3565865195004220"},"themes":[],"htmlText":"Red seeaa...","listText":"Red seeaa...","text":"Red seeaa...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/376721048","repostId":"1141178573","repostType":4,"isVote":1,"tweetType":1,"viewCount":693,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":378044761,"gmtCreate":1618984916153,"gmtModify":1634289403607,"author":{"id":"3565865195004220","authorId":"3565865195004220","name":"BabyHuatHuat","avatar":"https://static.tigerbbs.com/49ee3c00396b80f7a3b8f686f8cb8102","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3565865195004220","authorIdStr":"3565865195004220"},"themes":[],"htmlText":"Nice products, but i am broke in the market..","listText":"Nice products, but i am broke in the market..","text":"Nice products, but i am broke in the market..","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/378044761","repostId":"1193736432","repostType":4,"isVote":1,"tweetType":1,"viewCount":431,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":373330648,"gmtCreate":1618820362384,"gmtModify":1634290700185,"author":{"id":"3565865195004220","authorId":"3565865195004220","name":"BabyHuatHuat","avatar":"https://static.tigerbbs.com/49ee3c00396b80f7a3b8f686f8cb8102","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3565865195004220","authorIdStr":"3565865195004220"},"themes":[],"htmlText":"Like and comment for the coins","listText":"Like and comment for the coins","text":"Like and comment for the coins","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/373330648","repostId":"2128525488","repostType":4,"isVote":1,"tweetType":1,"viewCount":373,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":379268899,"gmtCreate":1618747743911,"gmtModify":1634291127487,"author":{"id":"3565865195004220","authorId":"3565865195004220","name":"BabyHuatHuat","avatar":"https://static.tigerbbs.com/49ee3c00396b80f7a3b8f686f8cb8102","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3565865195004220","authorIdStr":"3565865195004220"},"themes":[],"htmlText":"Mr market go go go!!!","listText":"Mr market go go go!!!","text":"Mr market go go go!!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/379268899","repostId":"1175692875","repostType":4,"repost":{"id":"1175692875","kind":"news","pubTimestamp":1618582708,"share":"https://www.laohu8.com/m/news/1175692875?lang=zh_CN&edition=full","pubTime":"2021-04-16 22:18","market":"us","language":"en","title":"$544 Billion In Options Expire Today: Here's What Will Move<blockquote>5440亿美元期权今天到期：以下是将发生的变化</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1175692875","media":"zerohedge","summary":"While it's not quad (or even triple) witching day, today's a whole lot of weekly options will expire","content":"<p>While it's not quad (or even triple) witching day, today's a whole lot of weekly options will expire, may of which will be worthless, and others will be providing a supporting \"pin\" to underlying prices. It's why, even though we are enjoying a beautiful spring week, Goldman notes that single stock options trading activity is elevated relative to historical levels. To wit, daily options volumes are up 70% in April, up from YTD lows of $2.4bn on 30-Mar.</p><p><blockquote>虽然这不是四（甚至三）巫术日，但今天的大量每周期权将到期，其中可能一文不值，其他期权将为基础价格提供支持“引脚”。这就是为什么，尽管我们正在享受一个美丽的春季周，高盛指出，单一股票期权交易活动相对于历史水平有所上升。也就是说，4月份每日期权交易量增长了70%，高于3月30日年初至今24亿美元的低点。</blockquote></p><p><b>In total, across single stocks, $544BN of options are set to expiry today, including $305BN calls.</b>As such, today’s expiry could be important for stocks with large open interest in at-the-money(ATM) options, as market makers delta-hedging their unusually large options portfolios will be active. This flow is likely to dampen volatility in some names while exacerbating stock price moves in others.</p><p><blockquote><b>总体而言，单个股票中有5440亿美元的期权将于今天到期，其中包括3050亿美元的评级。</b>因此，今天的到期对于平值（ATM）期权持有大量未平仓合约的股票可能很重要，因为做市商对其异常大的期权投资组合进行delta对冲将会很活跃。这种流动可能会抑制某些股票的波动，同时加剧其他股票的股价波动。</blockquote></p><p>How to trade this?</p><p><blockquote>这个怎么交易？</blockquote></p><p>As Goldman's Vishal Vivek writes, at major expirations, options traders track situations where<b>a large amount of open interest is set to expire.</b>In situations where there is a significant amount of expiring open interest in at-the-money strikes (strike prices at or very near the current stockprice), delta-hedging activity can impact the underlying stock’s trading that day. If market makers or other options traders who delta-hedge their positions are net long ATM options, expiration-related flow could have the effect of dampening stock price movements, causing the stock price to settle near the strike with large open interest. This situation is often referred to as a “pin” and can be an ideal situation fora large investor trying to enter/exit a stock position. Alternatively, if delta-hedgers are net short ATM options (have a “negative gamma” position), their hedging activity could exacerbate stock price moves.</p><p><blockquote>正如高盛的维沙尔·维韦克（Vishal Vivek）所写，在重大到期时，期权交易者会跟踪以下情况：<b>大量未平仓合约即将到期。</b>在平价执行（执行价格等于或非常接近当前股价）中存在大量到期未平仓合约的情况下，delta对冲活动可能会影响标的股票当天的交易。如果做市商或其他对其头寸进行delta对冲的期权交易者是净多头ATM期权，则与到期相关的流量可能会产生抑制股价走势的效果，导致股价以大量未平仓合约在行权附近结算。这种情况通常被称为“pin”，对于试图进入/退出股票头寸的大型投资者来说是理想的情况。或者，如果delta对冲者是ATM期权的净空头（具有“负伽马”头寸），他们的对冲活动可能会加剧股价波动。</blockquote></p><p>What that means it expiration-related trades may cause trading activity to aggressively pick up for stocks with a significant amount of ATM open interest.</p><p><blockquote>这意味着与到期相关的交易可能会导致具有大量ATM未平仓合约的股票的交易活动大幅回升。</blockquote></p><p>So to help traders looking to hop on for daytrading opportunities, here is a table identifying possible focus stocks with large ATM open interest expiring today, which is compared to the average daily volume of the underlying stocks. As Goldman puts it, \"<i>expiration-related activity is likely to have more of an impact if the open interest represents a significant percentage of the stock’s volume.\"</i></p><p><blockquote>因此，为了帮助寻求日内交易机会的交易者，这里有一个表格，列出了今天到期的ATM未平仓合约较大的可能焦点股票，并与标的股票的日均交易量进行了比较。正如高盛所说，“<i>如果未平仓合约占股票交易量的很大一部分，那么与到期相关的活动可能会产生更大的影响。”</i></blockquote></p><p><img src=\"https://static.tigerbbs.com/0dac61cb87c2f2700d8a0e8e64324f81\" tg-width=\"500\" tg-height=\"638\" referrerpolicy=\"no-referrer\">Finally, for what it's worth, this morning our friends at SpotGamma write that this has been a rather strange OPEX cycle, \"with a consistent almost mechanical bid pushing markets higher. We’ve not seen the Call Wall “breached” this many times before, but there are other aberrations that we’ve mentioned in previous notes – like net put sales. We’ve got some theories on this we are posting in a longer form piece.\"</p><p><blockquote>最后，值得一提的是，今天早上我们在SpotGamma的朋友写道，这是一个相当奇怪的运营支出周期，“持续的几乎机械的出价推动市场走高。我们以前从未见过看涨期权墙“突破”过很多次，但我们在之前的笔记中提到过其他异常现象，例如净看跌期权销售。我们对此有一些理论，我们将在一篇更长的文章中发布。”</blockquote></p><p>According to SG, because implied volatility has now compressed (ie VIX at new lows) there is now more potential for “long term” volatility. Recall how as of late any sharp, violent drop in markets was bought so quickly (see chart below).<b>These bursts lower coincided with record VIX spikes, but a reflective snap-back bid would bring a market recovery of equal force as the VIX&nbsp; (i.e. implied volatility) reversed.</b></p><p><blockquote>根据SG的说法，由于隐含波动率现在已经压缩（即VIX处于新低），现在“长期”波动的潜力更大。回想一下最近市场的任何剧烈下跌都是如何被如此迅速地买入的（见下图）。<b>这些大幅走低与创纪录的VIX飙升同时发生，但随着VIX（即隐含波动率）的逆转，反射性的snap回调将带来同等力度的市场复苏。</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/ae7a60d873792b825bdda669cafa0ed3\" tg-width=\"500\" tg-height=\"297\" referrerpolicy=\"no-referrer\">And one other curious observation from SpotGamma:</p><p><blockquote>SpotGamma的另一个奇怪观察：</blockquote></p><p>When implied volatility is very high, its very sensitive to market moves and also signaling that markets are expecting more large moves ahead. As soon as markets would pause or catch a support level, that implied volatility would quickly reverse lower. <b>We often think of this analogy that if a shark stops swimming, it sinks ( partially true!). If the market stops dropping then Implied volatility sinks.</b>With this, as we often talk about, lower implied volatility (ie lower VIX) signals market makers have to buy back short hedges which fuels rallies. SG's conclusion: this current level of lower implied volatility now gives the market more downside firepower.&nbsp; Starting with a lower implied volatility “slows down” that responsive “snap-back” buying mechanism.&nbsp; Additionally, gamma is higher when IV is lower so gamma flips may have more juice.</p><p><blockquote>当隐含波动率非常高时，它对市场走势非常敏感，也表明市场预计未来会有更大的波动。一旦市场暂停或抓住支撑位，隐含波动率就会迅速反转走低。<b>我们经常想到这样一个类比，如果鲨鱼停止游泳，它就会下沉（部分正确！）.如果市场停止下跌，那么隐含波动率就会下降。</b>正如我们经常谈论的那样，较低的隐含波动率（即较低的VIX）表明做市商必须回购空头对冲，从而推动反弹。SG的结论是：目前较低的隐含波动率水平给了市场更多的下行火力。从较低的隐含波动率开始会“减缓”反应性的“snap回”购买机制。此外，当IV较低时，伽马较高，因此伽马翻转可能有更多的果汁。</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>$544 Billion In Options Expire Today: Here's What Will Move<blockquote>5440亿美元期权今天到期：以下是将发生的变化</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n$544 Billion In Options Expire Today: Here's What Will Move<blockquote>5440亿美元期权今天到期：以下是将发生的变化</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-04-16 22:18</span>\n</p>\n</h4>\n</header>\n<article>\n<p>While it's not quad (or even triple) witching day, today's a whole lot of weekly options will expire, may of which will be worthless, and others will be providing a supporting \"pin\" to underlying prices. It's why, even though we are enjoying a beautiful spring week, Goldman notes that single stock options trading activity is elevated relative to historical levels. To wit, daily options volumes are up 70% in April, up from YTD lows of $2.4bn on 30-Mar.</p><p><blockquote>虽然这不是四（甚至三）巫术日，但今天的大量每周期权将到期，其中可能一文不值，其他期权将为基础价格提供支持“引脚”。这就是为什么，尽管我们正在享受一个美丽的春季周，高盛指出，单一股票期权交易活动相对于历史水平有所上升。也就是说，4月份每日期权交易量增长了70%，高于3月30日年初至今24亿美元的低点。</blockquote></p><p><b>In total, across single stocks, $544BN of options are set to expiry today, including $305BN calls.</b>As such, today’s expiry could be important for stocks with large open interest in at-the-money(ATM) options, as market makers delta-hedging their unusually large options portfolios will be active. This flow is likely to dampen volatility in some names while exacerbating stock price moves in others.</p><p><blockquote><b>总体而言，单个股票中有5440亿美元的期权将于今天到期，其中包括3050亿美元的评级。</b>因此，今天的到期对于平值（ATM）期权持有大量未平仓合约的股票可能很重要，因为做市商对其异常大的期权投资组合进行delta对冲将会很活跃。这种流动可能会抑制某些股票的波动，同时加剧其他股票的股价波动。</blockquote></p><p>How to trade this?</p><p><blockquote>这个怎么交易？</blockquote></p><p>As Goldman's Vishal Vivek writes, at major expirations, options traders track situations where<b>a large amount of open interest is set to expire.</b>In situations where there is a significant amount of expiring open interest in at-the-money strikes (strike prices at or very near the current stockprice), delta-hedging activity can impact the underlying stock’s trading that day. If market makers or other options traders who delta-hedge their positions are net long ATM options, expiration-related flow could have the effect of dampening stock price movements, causing the stock price to settle near the strike with large open interest. This situation is often referred to as a “pin” and can be an ideal situation fora large investor trying to enter/exit a stock position. Alternatively, if delta-hedgers are net short ATM options (have a “negative gamma” position), their hedging activity could exacerbate stock price moves.</p><p><blockquote>正如高盛的维沙尔·维韦克（Vishal Vivek）所写，在重大到期时，期权交易者会跟踪以下情况：<b>大量未平仓合约即将到期。</b>在平价执行（执行价格等于或非常接近当前股价）中存在大量到期未平仓合约的情况下，delta对冲活动可能会影响标的股票当天的交易。如果做市商或其他对其头寸进行delta对冲的期权交易者是净多头ATM期权，则与到期相关的流量可能会产生抑制股价走势的效果，导致股价以大量未平仓合约在行权附近结算。这种情况通常被称为“pin”，对于试图进入/退出股票头寸的大型投资者来说是理想的情况。或者，如果delta对冲者是ATM期权的净空头（具有“负伽马”头寸），他们的对冲活动可能会加剧股价波动。</blockquote></p><p>What that means it expiration-related trades may cause trading activity to aggressively pick up for stocks with a significant amount of ATM open interest.</p><p><blockquote>这意味着与到期相关的交易可能会导致具有大量ATM未平仓合约的股票的交易活动大幅回升。</blockquote></p><p>So to help traders looking to hop on for daytrading opportunities, here is a table identifying possible focus stocks with large ATM open interest expiring today, which is compared to the average daily volume of the underlying stocks. As Goldman puts it, \"<i>expiration-related activity is likely to have more of an impact if the open interest represents a significant percentage of the stock’s volume.\"</i></p><p><blockquote>因此，为了帮助寻求日内交易机会的交易者，这里有一个表格，列出了今天到期的ATM未平仓合约较大的可能焦点股票，并与标的股票的日均交易量进行了比较。正如高盛所说，“<i>如果未平仓合约占股票交易量的很大一部分，那么与到期相关的活动可能会产生更大的影响。”</i></blockquote></p><p><img src=\"https://static.tigerbbs.com/0dac61cb87c2f2700d8a0e8e64324f81\" tg-width=\"500\" tg-height=\"638\" referrerpolicy=\"no-referrer\">Finally, for what it's worth, this morning our friends at SpotGamma write that this has been a rather strange OPEX cycle, \"with a consistent almost mechanical bid pushing markets higher. We’ve not seen the Call Wall “breached” this many times before, but there are other aberrations that we’ve mentioned in previous notes – like net put sales. We’ve got some theories on this we are posting in a longer form piece.\"</p><p><blockquote>最后，值得一提的是，今天早上我们在SpotGamma的朋友写道，这是一个相当奇怪的运营支出周期，“持续的几乎机械的出价推动市场走高。我们以前从未见过看涨期权墙“突破”过很多次，但我们在之前的笔记中提到过其他异常现象，例如净看跌期权销售。我们对此有一些理论，我们将在一篇更长的文章中发布。”</blockquote></p><p>According to SG, because implied volatility has now compressed (ie VIX at new lows) there is now more potential for “long term” volatility. Recall how as of late any sharp, violent drop in markets was bought so quickly (see chart below).<b>These bursts lower coincided with record VIX spikes, but a reflective snap-back bid would bring a market recovery of equal force as the VIX&nbsp; (i.e. implied volatility) reversed.</b></p><p><blockquote>根据SG的说法，由于隐含波动率现在已经压缩（即VIX处于新低），现在“长期”波动的潜力更大。回想一下最近市场的任何剧烈下跌都是如何被如此迅速地买入的（见下图）。<b>这些大幅走低与创纪录的VIX飙升同时发生，但随着VIX（即隐含波动率）的逆转，反射性的snap回调将带来同等力度的市场复苏。</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/ae7a60d873792b825bdda669cafa0ed3\" tg-width=\"500\" tg-height=\"297\" referrerpolicy=\"no-referrer\">And one other curious observation from SpotGamma:</p><p><blockquote>SpotGamma的另一个奇怪观察：</blockquote></p><p>When implied volatility is very high, its very sensitive to market moves and also signaling that markets are expecting more large moves ahead. As soon as markets would pause or catch a support level, that implied volatility would quickly reverse lower. <b>We often think of this analogy that if a shark stops swimming, it sinks ( partially true!). If the market stops dropping then Implied volatility sinks.</b>With this, as we often talk about, lower implied volatility (ie lower VIX) signals market makers have to buy back short hedges which fuels rallies. SG's conclusion: this current level of lower implied volatility now gives the market more downside firepower.&nbsp; Starting with a lower implied volatility “slows down” that responsive “snap-back” buying mechanism.&nbsp; Additionally, gamma is higher when IV is lower so gamma flips may have more juice.</p><p><blockquote>当隐含波动率非常高时，它对市场走势非常敏感，也表明市场预计未来会有更大的波动。一旦市场暂停或抓住支撑位，隐含波动率就会迅速反转走低。<b>我们经常想到这样一个类比，如果鲨鱼停止游泳，它就会下沉（部分正确！）.如果市场停止下跌，那么隐含波动率就会下降。</b>正如我们经常谈论的那样，较低的隐含波动率（即较低的VIX）表明做市商必须回购空头对冲，从而推动反弹。SG的结论是：目前较低的隐含波动率水平给了市场更多的下行火力。从较低的隐含波动率开始会“减缓”反应性的“snap回”购买机制。此外，当IV较低时，伽马较高，因此伽马翻转可能有更多的果汁。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/544-billion-options-expire-today-heres-what-will-move?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29\">zerohedge</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯","SPY":"标普500ETF",".SPX":"S&P 500 Index"},"source_url":"https://www.zerohedge.com/markets/544-billion-options-expire-today-heres-what-will-move?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175692875","content_text":"While it's not quad (or even triple) witching day, today's a whole lot of weekly options will expire, may of which will be worthless, and others will be providing a supporting \"pin\" to underlying prices. It's why, even though we are enjoying a beautiful spring week, Goldman notes that single stock options trading activity is elevated relative to historical levels. To wit, daily options volumes are up 70% in April, up from YTD lows of $2.4bn on 30-Mar.In total, across single stocks, $544BN of options are set to expiry today, including $305BN calls.As such, today’s expiry could be important for stocks with large open interest in at-the-money(ATM) options, as market makers delta-hedging their unusually large options portfolios will be active. This flow is likely to dampen volatility in some names while exacerbating stock price moves in others.How to trade this?As Goldman's Vishal Vivek writes, at major expirations, options traders track situations wherea large amount of open interest is set to expire.In situations where there is a significant amount of expiring open interest in at-the-money strikes (strike prices at or very near the current stockprice), delta-hedging activity can impact the underlying stock’s trading that day. If market makers or other options traders who delta-hedge their positions are net long ATM options, expiration-related flow could have the effect of dampening stock price movements, causing the stock price to settle near the strike with large open interest. This situation is often referred to as a “pin” and can be an ideal situation fora large investor trying to enter/exit a stock position. Alternatively, if delta-hedgers are net short ATM options (have a “negative gamma” position), their hedging activity could exacerbate stock price moves.What that means it expiration-related trades may cause trading activity to aggressively pick up for stocks with a significant amount of ATM open interest.So to help traders looking to hop on for daytrading opportunities, here is a table identifying possible focus stocks with large ATM open interest expiring today, which is compared to the average daily volume of the underlying stocks. As Goldman puts it, \"expiration-related activity is likely to have more of an impact if the open interest represents a significant percentage of the stock’s volume.\"Finally, for what it's worth, this morning our friends at SpotGamma write that this has been a rather strange OPEX cycle, \"with a consistent almost mechanical bid pushing markets higher. We’ve not seen the Call Wall “breached” this many times before, but there are other aberrations that we’ve mentioned in previous notes – like net put sales. We’ve got some theories on this we are posting in a longer form piece.\"According to SG, because implied volatility has now compressed (ie VIX at new lows) there is now more potential for “long term” volatility. Recall how as of late any sharp, violent drop in markets was bought so quickly (see chart below).These bursts lower coincided with record VIX spikes, but a reflective snap-back bid would bring a market recovery of equal force as the VIX  (i.e. implied volatility) reversed.And one other curious observation from SpotGamma:When implied volatility is very high, its very sensitive to market moves and also signaling that markets are expecting more large moves ahead. As soon as markets would pause or catch a support level, that implied volatility would quickly reverse lower. We often think of this analogy that if a shark stops swimming, it sinks ( partially true!). If the market stops dropping then Implied volatility sinks.With this, as we often talk about, lower implied volatility (ie lower VIX) signals market makers have to buy back short hedges which fuels rallies. SG's conclusion: this current level of lower implied volatility now gives the market more downside firepower.  Starting with a lower implied volatility “slows down” that responsive “snap-back” buying mechanism.  Additionally, gamma is higher when IV is lower so gamma flips may have more juice.","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,"SPY":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":641,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":379988472,"gmtCreate":1618653677396,"gmtModify":1634291524793,"author":{"id":"3565865195004220","authorId":"3565865195004220","name":"BabyHuatHuat","avatar":"https://static.tigerbbs.com/49ee3c00396b80f7a3b8f686f8cb8102","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3565865195004220","authorIdStr":"3565865195004220"},"themes":[],"htmlText":"For the coins, to the moon","listText":"For the coins, to the moon","text":"For the coins, to the moon","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/379988472","isVote":1,"tweetType":1,"viewCount":714,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":107840269,"gmtCreate":1620470858851,"gmtModify":1634198527988,"author":{"id":"3565865195004220","authorId":"3565865195004220","name":"BabyHuatHuat","avatar":"https://static.tigerbbs.com/49ee3c00396b80f7a3b8f686f8cb8102","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3565865195004220","idStr":"3565865195004220"},"themes":[],"htmlText":"Like and comment for the coin.thanks","listText":"Like and comment for the coin.thanks","text":"Like and comment for the coin.thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/107840269","repostId":"1122089368","repostType":4,"repost":{"id":"1122089368","kind":"news","pubTimestamp":1620457397,"share":"https://www.laohu8.com/m/news/1122089368?lang=zh_CN&edition=full","pubTime":"2021-05-08 15:03","market":"us","language":"en","title":"What Happens to Stocks and Cryptocurrencies When the Fed Stops Raining Money?<blockquote>当美联储停止投放资金时，股票和加密货币会发生什么？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1122089368","media":"The Wall Street Journal","summary":"To veterans of financial bubbles, there is plenty familiar about the present. Stock valuations are t","content":"<p>To veterans of financial bubbles, there is plenty familiar about the present. Stock valuations are their richest since the dot-com bubble in 2000. Home prices are back to their pre-financial crisis peak. Risky companies can borrow at the lowest rates on record. Individual investors are pouring money into green energy and cryptocurrency.</p><p><blockquote>对于金融泡沫的老手来说，现在有很多熟悉的东西。股票估值是自2000年互联网泡沫以来最高的。房价回到了金融危机前的峰值。高风险公司可以以有记录以来的最低利率借款。个人投资者正在向绿色能源和加密货币投入资金。</blockquote></p><p>This boom has some legitimate explanations, from the advances in digital commerce to fiscally greased growth that will likely be the strongest since 1983.</p><p><blockquote>这种繁荣有一些合理的解释，从数字商务的进步到可能是1983年以来最强劲的财政增长。</blockquote></p><p>But there is one driver above all: the Federal Reserve. Easy monetary policy has regularly fueled financial booms, and it is exceptionally easy now. The Fed has kept interest rates near zero for the past year and signaled rates won’t change for at least two more years. It is buying hundreds of billions of dollars of bonds. As a result, the 10-year Treasury bond yield is well below inflation—that is, real yields are deeply negative —for only the second time in 40 years.</p><p><blockquote>但最重要的是一个驱动因素：美联储。宽松的货币政策经常推动金融繁荣，现在尤其容易。美联储在过去一年中将利率维持在接近零的水平，并暗示利率至少在两年内不会改变。它正在购买数千亿美元的债券。因此，10年期国债收益率远低于通胀——即实际收益率深度为负——这是40年来的第二次。</blockquote></p><p>There are good reasons why rates are so low. The Fed acted in response to a pandemic that at its most intense threatened even more damage than the 2007-09 financial crisis. Yet in great part thanks to the Fed and Congress, which has passed some $5 trillion in fiscal stimulus, this recovery looks much healthier than the last. That could undermine the reasons for such low rates, threatening the underpinnings of market.</p><p><blockquote>利率如此之低是有充分理由的。美联储采取行动是为了应对一场疫情，这场疫情在最严重的时候可能造成的损害甚至比2007-09年的金融危机还要大。然而，这在很大程度上要归功于美联储和国会通过了约5万亿美元的财政刺激计划，这次复苏看起来比上次要健康得多。这可能会削弱利率如此之低的原因，威胁市场的基础。</blockquote></p><p>“Equity markets at a minimum are priced to perfection on the assumption rates will be low for a long time,” said Harvard University economist Jeremy Stein, who served as a Fed governor alongside now-chairman Jerome Powell. “And certainly you get the sense the Fed is trying really hard to say, ‘Everything is fine, we’re in no rush to raise rates.’ But while I don’t think we’re headed for sustained high inflation it’s completely possible we’ll have several quarters of hot readings on inflation.”</p><p><blockquote>与现任主席杰罗姆·鲍威尔一起担任美联储理事的哈佛大学经济学家杰里米·斯坦表示：“假设利率将长期处于低位，股市的定价至少是完美的。”“当然，你会感觉到美联储非常努力地说，‘一切都很好，我们不急于加息。’但虽然我不认为我们会走向持续的高通胀，但这是完全有可能的。我们将有几个季度的通胀热点数据。”</blockquote></p><p>Since stocks’ valuations are only justified if interest rates stay extremely low, how do they reprice if the Fed has to tighten monetary policy to combat inflation and bond yields rise one to 1.5 percentage points, he asked. “You could get a serious correction in asset prices.”</p><p><blockquote>他问道，由于只有在利率保持极低水平的情况下，股票估值才是合理的，因此如果美联储不得不收紧货币政策以对抗通胀并且债券收益率上升1至1.5个百分点，股票如何重新定价。“资产价格可能会出现严重调整。”</blockquote></p><p><b>‘A bit frothy’</b></p><p><blockquote><b>“有点泡沫”</b></blockquote></p><p>The Fed has been here before. In the late 1990s its willingness to cut rates in response to the Asian financial crisis and the near collapse of the hedge fund Long-Term Capital Management was seen by some as an implicit market backstop, inflating the ensuing dot-com bubble. Its low-rate policy in the wake of that collapsed bubble was then blamed for driving up housing prices. Both times Fed officials defended their policy, arguing that to raise rates (or not cut them) simply to prevent bubbles would compromise their main goals of low unemployment and inflation, and do more harm than letting the bubble deflate on its own.</p><p><blockquote>美联储以前也来过这里。20世纪90年代末，为了应对亚洲金融危机和对冲基金长期资本管理公司几近崩溃，它愿意降息，这被一些人视为隐性的市场支持，助长了随后的互联网泡沫。泡沫破裂后的低利率政策被指责推高了房价。两次美联储官员都为自己的政策辩护，认为仅仅为了防止泡沫而加息（或不降息）会损害他们低失业率和通胀的主要目标，而且比让泡沫自行破灭造成的危害更大。</blockquote></p><p>As for this year, in a report this week the central bank warned asset “valuations are generally high” and “vulnerable to significant declines should investor risk appetite fall, progress on containing the virus disappoint, or the recovery stall.” On April 28 Mr. Powell acknowledged markets look “a bit frothy” and the Fed might be one of the reasons: “I won’t say it has nothing to do with monetary policy, but it has a tremendous amount to do with vaccination and reopening of the economy.” But he gave no hint the Fed was about to dial back its stimulus: “The economy is a long way from our goals.” A Labor Department report Friday showing that far fewer jobs were created in April than Wall Street expected underlined that.</p><p><blockquote>至于今年，央行在本周的一份报告中警告称，资产“估值普遍较高”，“如果投资者风险偏好下降、遏制病毒进展令人失望或复苏停滞，资产估值很容易大幅下跌”。4月28日，鲍威尔承认市场看起来“有点泡沫”，美联储可能是原因之一：“我不会说这与货币政策无关，但它与疫苗接种有很大关系和经济重新开放。”但他没有暗示美联储将缩减刺激措施：“经济距离我们的目标还有很长的路要走。”劳工部周五的一份报告显示，4月份创造的就业机会远低于华尔街的预期，这突显了这一点。</blockquote></p><p>The Fed’s choices are heavily influenced by the financial crisis. While the Fed cut rates to near zero and bought bonds then as well, it was battling powerful headwinds as households, banks, and governments sought to pay down debts. That held back spending and pushed inflation below the Fed’s 2% target. Deeper-seated forces such as aging populations also held down growth and interest rates, a combination some dubbed “secular stagnation.”</p><p><blockquote>美联储的选择深受金融危机的影响。尽管美联储当时将利率降至接近零的水平并购买了债券，但随着家庭、银行和政府寻求偿还债务，美联储正面临强大的阻力。这抑制了支出，并将通胀率推至美联储2%的目标以下。人口老龄化等深层次力量也抑制了经济增长和利率，一些人将这种组合称为“长期停滞”。</blockquote></p><p>The pandemic shutdown a year ago triggered a hit to economic output that was initially worse than the financial crisis. But after two months, economic activity began to recover as restrictions eased and businesses adapted to social distancing. The Fed initiated new lending programs and Congress passed the $2.2 trillion Cares Act. Vaccines arrived sooner than expected. The U.S. economy is likely to hit its pre-pandemic size in the current quarter, two years faster than after the financial crisis.</p><p><blockquote>一年前的疫情关闭引发了对经济产出的打击，最初比金融危机还要严重。但两个月后，随着限制放松和企业适应社交距离，经济活动开始复苏。美联储启动了新的贷款计划，国会通过了2.2万亿美元的Cares法案。疫苗比预期的更早到达。美国经济可能会在本季度达到大流行前的规模，比金融危机后快两年。</blockquote></p><p>And yet even as the outlook has improved, the fiscal and monetary taps remain wide open. Democrats first proposed an additional $3 trillion in stimulus last May when output was expected to fall 6% last year. It actually fell less than half that, but Democrats, after winning both the White House and Congress, pressed ahead with the same size stimulus.</p><p><blockquote>然而，即使前景有所改善，财政和货币的水龙头仍然敞开着。去年5月，民主党人首次提出额外3万亿美元的刺激计划，当时预计去年产出将下降6%。实际上下降了不到一半，但民主党在赢得白宫和国会后，继续推进同样规模的刺激计划。</blockquote></p><p></p><p>The Fed began buying bonds in March, 2020 to counter chaotic conditions in markets. In late summer, with markets functioning normally, it extended the program while tilting the rationale toward keeping bond yields low.</p><p><blockquote>美联储于2020年3月开始购买债券，以应对市场的混乱状况。夏末，随着市场正常运转，它延长了该计划，同时将理由转向保持低债券收益率。</blockquote></p><p>At the same time it unveiled a new framework: After years of inflation running below 2%, it would aim to push inflation not just back to 2% but higher, so that over time average and expected inflation would both stabilize at 2%. To that end, it promised not to raise rates until full employment had been restored and inflation was 2% and headed higher. Officials predicted that would not happen before 2024 and have since stuck to that guidance despite a significantly improving outlook.</p><p><blockquote>与此同时，它公布了一个新框架：在通胀率多年低于2%之后，它的目标是将通胀率不仅推回到2%，而且更高，以便随着时间的推移，平均通胀率和预期通胀率都稳定在2%。为此，它承诺在充分就业恢复、通胀率达到2%并走高之前不会加息。官员们预测这种情况在2024年之前不会发生，尽管前景显着改善，但此后仍坚持这一指导。</blockquote></p><p><b>Running of the bulls</b></p><p><blockquote><b>奔牛节</b></blockquote></p><p>This injection of unprecedented monetary and fiscal stimulus into an economy already rebounding thanks to vaccinations is why Wall Street strategists are their most bullish on stocks since before the last financial crisis, according to a survey byBank of AmericaCorp.While profit forecasts have risen briskly, stocks have risen more. The S&amp;P 500 stock index now trades at about 22 times the coming year’s profits, according to FactSet, a level only exceeded at the peak of the dot-com boom in 2000.</p><p><blockquote>美国银行的一项调查显示，向因疫苗接种而已经反弹的经济注入前所未有的货币和财政刺激措施，这就是华尔街策略师自上次金融危机前以来最看好股市的原因。虽然盈利预测大幅上升，但股市涨幅更大。根据FactSet的数据，标普500股票指数目前的交易价格约为来年利润的22倍，这一水平仅在2000年互联网繁荣的顶峰时期才超过。</blockquote></p><p>Other asset markets are similarly stretched. Investors are willing to buy the bonds of junk-rated companies at the lowest yields since at least 1995, and the narrowest spread above safe Treasurys since 2007, according to Bloomberg Barclays data. Residential and commercial property prices, adjusted for inflation, are around the peak reached in 2006.</p><p><blockquote>其他资产市场也同样捉襟见肘。根据彭博巴克莱的数据，投资者愿意以至少1995年以来的最低收益率以及自2007年以来与安全国债的最窄利差购买垃圾级公司的债券。经通胀调整后，住宅和商业地产价格接近2006年达到的峰值。</blockquote></p><p>Stock and property valuations are more justifiable today than in 2000 or in 2006 because the returns on riskless Treasury bonds are so much lower. In that sense, the Fed’s policies are working precisely as intended: improving both the economic outlook, which is good for profits, housing demand, and corporate creditworthiness; and the appetite for risk.</p><p><blockquote>今天的股票和房地产估值比2000年或2006年更加合理，因为无风险国债的回报率要低得多。从这个意义上说，美联储的政策完全按照预期发挥作用：改善经济前景，这有利于利润、住房需求和企业信誉；和风险偏好。</blockquote></p><p>Nonetheless, low rates are no longer sufficient to justify some asset valuations. Instead, bulls invoke alternative metrics.</p><p><blockquote>尽管如此，低利率不再足以证明某些资产估值的合理性。相反，多头会调用替代指标。</blockquote></p><p>Bank of America recently noted companies with relatively low carbon emissions and higher water efficiency earn higher valuations. These valuations aren’t the result of superior cash flow or profit prospects, but a tidal wave of funds invested according to environmental, social and governance, or ESG, criteria.</p><p><blockquote>美国银行最近指出，碳排放量相对较低、用水效率较高的公司估值较高。这些估值并不是优越的现金流或利润前景的结果，而是根据环境、社会和治理（ESG）标准投资的资金浪潮。</blockquote></p><p>Conventional valuation is also useless for cryptocurrencies which earn no interest, rent or dividends. Instead, advocates claim digital currencies will displace the fiat currencies issued by central banks as a transaction medium and store of value. “Crypto has the potential to be as revolutionary and widely adopted as the internet,” claims the prospectus of the initial public offering of crypto exchangeCoinbase GlobalInc.,in language reminiscent of internet-related IPOs more than two decades earlier. Cryptocurrencies as of April 29 were worth more than $2 trillion, according to CoinDesk, an information service, roughly equivalent to all U.S. dollars in circulation.</p><p><blockquote>对于不赚取利息、租金或股息的加密货币，传统估值也毫无用处。相反，倡导者声称数字货币将取代央行发行的法定货币作为交易媒介和价值储存手段。“加密货币有可能像互联网一样具有革命性并被广泛采用，”加密货币交易所Coinbase GlobalInc.首次公开募股的招股说明书称，其语言让人想起二十多年前与互联网相关的IPO。根据信息服务机构CoinDesk的数据，截至4月29日，加密货币的价值超过2万亿美元，大致相当于流通中的所有美元。</blockquote></p><p>Financial innovation is also at work, as it has been in past financial booms. Portfolio insurance, a strategy designed to hedge against market losses, amplified selling during the 1987 stock market crash. In the 1990s, internet stockbrokers fueled tech stocks and in the 2000s, subprime mortgage derivatives helped finance housing. The equivalent today are zero commission brokers such as Robinhood Markets Inc., fractional ownership and social media, all of which have empowered individual investors.</p><p><blockquote>金融创新也在发挥作用，就像过去的金融繁荣一样。投资组合保险是一种旨在对冲市场损失的策略，在1987年股市崩盘期间放大了抛售。20世纪90年代，互联网股票经纪人推动了科技股的上涨，而在21世纪初，次级抵押贷款衍生品帮助为住房融资。今天的等价物是零佣金经纪商，如Robinhood Markets Inc.、部分所有权和社交媒体，所有这些都赋予了个人投资者权力。</blockquote></p><p>Such investors increasingly influence the overall market’s direction, according to a recent report by the Bank for International Settlements, a consortium of the world’s central banks. It found, for example, that since 2017 trading volume in exchange-traded funds that track the S&amp;P 500, a favorite of institutional investors, has flattened while the volume in its component stocks, which individual investors prefer, has climbed. Individuals, it noted, are more likely to buy a company’s shares for reasons unrelated to its underlying business—because, for example, its name is similar to another stock that is on the rise.</p><p><blockquote>根据世界各国央行组成的财团国际清算银行最近的一份报告，此类投资者越来越多地影响整体市场的走向。例如，它发现，自2017年以来，跟踪机构投资者最喜欢的标普500的交易所交易基金的交易量已经持平，而个人投资者更喜欢的成分股的交易量却在攀升。报告指出，个人更有可能出于与其基础业务无关的原因购买一家公司的股票，例如，因为该公司的名称与另一只正在上涨的股票相似。</blockquote></p><p>While such speculation is often blamed on the Fed, drawing a direct line is difficult. Not so with fiscal stimulus. Jim Bianco, the head of financial research firm Bianco Research, said flows into exchange-traded funds and mutual funds jumped in March as the Treasury distributed $1,400 stimulus checks. “The first thing you do with your check is deposit it in your account and in 2021 that’s your brokerage account,” said Mr. Bianco.</p><p><blockquote>虽然这种猜测经常被归咎于美联储，但很难划清界限。财政刺激则不然。金融研究公司Bianco Research的负责人Jim Bianco表示，随着财政部发放1400美元的刺激支票，3月份流入交易所交易基金和共同基金的资金激增。“你用支票做的第一件事就是将其存入你的账户，到2021年，这就是你的经纪账户，”比安科先生说。</blockquote></p><p><b>Facing the future</b></p><p><blockquote><b>面向未来</b></blockquote></p><p></p><p>It’s impossible to predict how, or even whether, this all ends. It doesn’t have to: High-priced stocks could eventually earn the profits necessary to justify today’s valuations, especially with the economy’s current head of steam. In he meantime, more extreme pockets of speculation may collapse under their own weight as profits disappoint or competition emerges.</p><p><blockquote>无法预测这一切将如何结束，甚至是否会结束。事实并非如此：高价股票最终可能会赚取必要的利润来证明当今的估值是合理的，尤其是在经济目前处于领先地位的情况下。与此同时，随着利润令人失望或竞争的出现，更极端的投机领域可能会在自身压力下崩溃。</blockquote></p><p>Bitcoin once threatened to displace the dollar; now numerous competitors purport to do the same.TeslaInc.was once about the only stock you could buy to bet on electric vehicles; now there is China’s NIO Inc.,NikolaCorp., andFiskerInc.,not to mention established manufacturers such as Volkswagen AG andGeneral MotorsCo.that are rolling out ever more electric models.</p><p><blockquote>比特币曾威胁要取代美元；现在，许多竞争对手也声称要做同样的事情。特斯拉公司曾经是你唯一可以购买来押注电动汽车的股票；现在有蔚来、NikolaCorp.和FiskerInc.，更不用说大众汽车公司和通用汽车公司等老牌制造商正在推出越来越多的电动车型。</blockquote></p><p>But for assets across the board to fall would likely involve some sort of macroeconomic event, such as a recession, financial crisis, or inflation.</p><p><blockquote>但资产全面下跌可能涉及某种宏观经济事件，例如经济衰退、金融危机或通货膨胀。</blockquote></p><p>The Fed report this past week said the virus remains the biggest threat to the economy and thus the financial system. April’s jobs disappointment was a reminder of how unsettled the economic outlook remains. Still, with the virus in retreat, a recession seems unlikely now. A financial crisis linked to some hidden fragility can’t be ruled out. Still, banks have so much capital and mortgage underwriting is so tight that something similar to the 2007-09 financial crisis, which began with defaulting mortgages, seems remote. If junk bonds, cryptocoins or tech stocks are bought primarily with borrowed money, a plunge in their values could precipitate a wave of forced selling, bankruptcies and potentially a crisis. But that doesn’t seem to have happened. The recent collapse of Archegos Capital Management from reversals on derivatives-based stock investments inflicted losses on its lenders. But it didn’t threaten their survival or trigger contagion to similarly situated firms.</p><p><blockquote>美联储上周的报告称，该病毒仍然是对经济乃至金融体系的最大威胁。4月份的就业令人失望提醒人们经济前景仍然多么不稳定。尽管如此，随着病毒的消退，经济衰退现在似乎不太可能发生。不能排除与一些隐藏的脆弱性相关的金融危机。尽管如此，银行拥有如此多的资本，而抵押贷款承销又如此紧张，以至于类似于2007-09年始于抵押贷款违约的金融危机似乎很遥远。如果垃圾债券、加密货币或科技股主要是用借来的钱购买的，其价值暴跌可能会引发一波强制抛售、破产和潜在的危机。但这似乎并没有发生。Archegos Capital Management最近因衍生品股票投资逆转而倒闭，给其贷方造成了损失。但这并没有威胁到他们的生存，也没有引发对处境相似的公司的蔓延。</blockquote></p><p>“Where’s the second Archegos?” said Mr. Bianco. “There hasn’t been one yet.”</p><p><blockquote>“第二个阿尔奇戈斯在哪里？”比安科先生说。“还没有。”</blockquote></p><p>That leaves inflation. Fear of inflation is widespread now with shortages of semiconductors, lumber, and workers all putting upward pressure on prices and costs. Most forecasters, and the Fed, think those pressures will ease once the economy has reopened and normal spending patterns resume. Nonetheless, the difference between yields on regular and inflation-indexed bond yields suggest investors are expecting inflation in coming years to average about 2.5%. That is hardly a repeat of the 1970s, and compatible with the Fed’s new goal of average 2% inflation over the long term. Nonetheless, it would be a clear break from the sub-2% range of the last decade.</p><p><blockquote>这就剩下通货膨胀了。由于半导体、木材和工人的短缺都给价格和成本带来了上行压力，对通胀的担忧现在很普遍。大多数预测者和美联储认为，一旦经济重新开放和正常支出模式恢复，这些压力将会缓解。尽管如此，常规债券收益率和通胀指数债券收益率之间的差异表明，投资者预计未来几年的通胀率平均约为2.5%。这很难是20世纪70年代的重演，也符合美联储长期平均通胀率2%的新目标。尽管如此，这将明显打破过去十年低于2%的区间。</blockquote></p><p>Slightly higher inflation would result in the Fed setting short-term interest rates also slightly higher, which need not hurt stock valuations. More worrisome: Long-term bond yields, which are critical to stock values, might rise significantly more. Since the late 1990s, bond and stock prices have tended to move in opposite directions. That is because when inflation isn’t a concern, economic shocks tend to drive both bond yields (which move in the opposite direction to prices) and stock prices down. Bonds thus act as an insurance policy against losses on stocks, for which investors are willing to accept lower yields. If inflation becomes a problem again, then bonds lose that insurance value and their yields will rise. In recent months that stock-bond correlation, in place for most of the last few decades, began to disappear, said Brian Sack, a former Fed economist who is now with hedge fund D.E. Shaw &amp; Co. LP. He attributes that, in part, to inflation concerns.</p><p><blockquote>通胀略高将导致美联储将短期利率也略高，这不一定会损害股票估值。更令人担忧的是：对股票价值至关重要的长期债券收益率可能会大幅上升。自20世纪90年代末以来，债券和股票价格往往朝着相反的方向波动。这是因为当通胀不是问题时，经济冲击往往会压低债券收益率（与价格走势相反）和股票价格。因此，债券充当了抵御股票损失的保险政策，投资者愿意接受较低的收益率。如果通货膨胀再次成为一个问题，那么债券就会失去保险价值，其收益率就会上升。前美联储经济学家、现就职于对冲基金D.E.的布莱恩·萨克(Brian Sack)表示，近几个月来，过去几十年大部分时间里存在的股债相关性开始消失。肖公司。他将此部分归因于通胀担忧。</blockquote></p><p>The many years since inflation dominated the financial landscape have led investors to price assets as if inflation never will have that sway again. They may be right. But if the unprecedented combination of monetary and fiscal stimulus succeeds in jolting the economy out of the last decade’s pattern, that complacency could prove quite costly.</p><p><blockquote>多年来，通货膨胀主导了金融领域，这导致投资者对资产定价，就好像通货膨胀再也不会产生这种影响一样。他们可能是对的。但如果史无前例的货币和财政刺激组合成功地使经济摆脱了过去十年的模式，这种自满可能会付出相当大的代价。</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>What Happens to Stocks and Cryptocurrencies When the Fed Stops Raining Money?<blockquote>当美联储停止投放资金时，股票和加密货币会发生什么？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhat Happens to Stocks and Cryptocurrencies When the Fed Stops Raining Money?<blockquote>当美联储停止投放资金时，股票和加密货币会发生什么？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Wall Street Journal</strong><span class=\"h-time small\">2021-05-08 15:03</span>\n</p>\n</h4>\n</header>\n<article>\n<p>To veterans of financial bubbles, there is plenty familiar about the present. Stock valuations are their richest since the dot-com bubble in 2000. Home prices are back to their pre-financial crisis peak. Risky companies can borrow at the lowest rates on record. Individual investors are pouring money into green energy and cryptocurrency.</p><p><blockquote>对于金融泡沫的老手来说，现在有很多熟悉的东西。股票估值是自2000年互联网泡沫以来最高的。房价回到了金融危机前的峰值。高风险公司可以以有记录以来的最低利率借款。个人投资者正在向绿色能源和加密货币投入资金。</blockquote></p><p>This boom has some legitimate explanations, from the advances in digital commerce to fiscally greased growth that will likely be the strongest since 1983.</p><p><blockquote>这种繁荣有一些合理的解释，从数字商务的进步到可能是1983年以来最强劲的财政增长。</blockquote></p><p>But there is one driver above all: the Federal Reserve. Easy monetary policy has regularly fueled financial booms, and it is exceptionally easy now. The Fed has kept interest rates near zero for the past year and signaled rates won’t change for at least two more years. It is buying hundreds of billions of dollars of bonds. As a result, the 10-year Treasury bond yield is well below inflation—that is, real yields are deeply negative —for only the second time in 40 years.</p><p><blockquote>但最重要的是一个驱动因素：美联储。宽松的货币政策经常推动金融繁荣，现在尤其容易。美联储在过去一年中将利率维持在接近零的水平，并暗示利率至少在两年内不会改变。它正在购买数千亿美元的债券。因此，10年期国债收益率远低于通胀——即实际收益率深度为负——这是40年来的第二次。</blockquote></p><p>There are good reasons why rates are so low. The Fed acted in response to a pandemic that at its most intense threatened even more damage than the 2007-09 financial crisis. Yet in great part thanks to the Fed and Congress, which has passed some $5 trillion in fiscal stimulus, this recovery looks much healthier than the last. That could undermine the reasons for such low rates, threatening the underpinnings of market.</p><p><blockquote>利率如此之低是有充分理由的。美联储采取行动是为了应对一场疫情，这场疫情在最严重的时候可能造成的损害甚至比2007-09年的金融危机还要大。然而，这在很大程度上要归功于美联储和国会通过了约5万亿美元的财政刺激计划，这次复苏看起来比上次要健康得多。这可能会削弱利率如此之低的原因，威胁市场的基础。</blockquote></p><p>“Equity markets at a minimum are priced to perfection on the assumption rates will be low for a long time,” said Harvard University economist Jeremy Stein, who served as a Fed governor alongside now-chairman Jerome Powell. “And certainly you get the sense the Fed is trying really hard to say, ‘Everything is fine, we’re in no rush to raise rates.’ But while I don’t think we’re headed for sustained high inflation it’s completely possible we’ll have several quarters of hot readings on inflation.”</p><p><blockquote>与现任主席杰罗姆·鲍威尔一起担任美联储理事的哈佛大学经济学家杰里米·斯坦表示：“假设利率将长期处于低位，股市的定价至少是完美的。”“当然，你会感觉到美联储非常努力地说，‘一切都很好，我们不急于加息。’但虽然我不认为我们会走向持续的高通胀，但这是完全有可能的。我们将有几个季度的通胀热点数据。”</blockquote></p><p>Since stocks’ valuations are only justified if interest rates stay extremely low, how do they reprice if the Fed has to tighten monetary policy to combat inflation and bond yields rise one to 1.5 percentage points, he asked. “You could get a serious correction in asset prices.”</p><p><blockquote>他问道，由于只有在利率保持极低水平的情况下，股票估值才是合理的，因此如果美联储不得不收紧货币政策以对抗通胀并且债券收益率上升1至1.5个百分点，股票如何重新定价。“资产价格可能会出现严重调整。”</blockquote></p><p><b>‘A bit frothy’</b></p><p><blockquote><b>“有点泡沫”</b></blockquote></p><p>The Fed has been here before. In the late 1990s its willingness to cut rates in response to the Asian financial crisis and the near collapse of the hedge fund Long-Term Capital Management was seen by some as an implicit market backstop, inflating the ensuing dot-com bubble. Its low-rate policy in the wake of that collapsed bubble was then blamed for driving up housing prices. Both times Fed officials defended their policy, arguing that to raise rates (or not cut them) simply to prevent bubbles would compromise their main goals of low unemployment and inflation, and do more harm than letting the bubble deflate on its own.</p><p><blockquote>美联储以前也来过这里。20世纪90年代末，为了应对亚洲金融危机和对冲基金长期资本管理公司几近崩溃，它愿意降息，这被一些人视为隐性的市场支持，助长了随后的互联网泡沫。泡沫破裂后的低利率政策被指责推高了房价。两次美联储官员都为自己的政策辩护，认为仅仅为了防止泡沫而加息（或不降息）会损害他们低失业率和通胀的主要目标，而且比让泡沫自行破灭造成的危害更大。</blockquote></p><p>As for this year, in a report this week the central bank warned asset “valuations are generally high” and “vulnerable to significant declines should investor risk appetite fall, progress on containing the virus disappoint, or the recovery stall.” On April 28 Mr. Powell acknowledged markets look “a bit frothy” and the Fed might be one of the reasons: “I won’t say it has nothing to do with monetary policy, but it has a tremendous amount to do with vaccination and reopening of the economy.” But he gave no hint the Fed was about to dial back its stimulus: “The economy is a long way from our goals.” A Labor Department report Friday showing that far fewer jobs were created in April than Wall Street expected underlined that.</p><p><blockquote>至于今年，央行在本周的一份报告中警告称，资产“估值普遍较高”，“如果投资者风险偏好下降、遏制病毒进展令人失望或复苏停滞，资产估值很容易大幅下跌”。4月28日，鲍威尔承认市场看起来“有点泡沫”，美联储可能是原因之一：“我不会说这与货币政策无关，但它与疫苗接种有很大关系和经济重新开放。”但他没有暗示美联储将缩减刺激措施：“经济距离我们的目标还有很长的路要走。”劳工部周五的一份报告显示，4月份创造的就业机会远低于华尔街的预期，这突显了这一点。</blockquote></p><p>The Fed’s choices are heavily influenced by the financial crisis. While the Fed cut rates to near zero and bought bonds then as well, it was battling powerful headwinds as households, banks, and governments sought to pay down debts. That held back spending and pushed inflation below the Fed’s 2% target. Deeper-seated forces such as aging populations also held down growth and interest rates, a combination some dubbed “secular stagnation.”</p><p><blockquote>美联储的选择深受金融危机的影响。尽管美联储当时将利率降至接近零的水平并购买了债券，但随着家庭、银行和政府寻求偿还债务，美联储正面临强大的阻力。这抑制了支出，并将通胀率推至美联储2%的目标以下。人口老龄化等深层次力量也抑制了经济增长和利率，一些人将这种组合称为“长期停滞”。</blockquote></p><p>The pandemic shutdown a year ago triggered a hit to economic output that was initially worse than the financial crisis. But after two months, economic activity began to recover as restrictions eased and businesses adapted to social distancing. The Fed initiated new lending programs and Congress passed the $2.2 trillion Cares Act. Vaccines arrived sooner than expected. The U.S. economy is likely to hit its pre-pandemic size in the current quarter, two years faster than after the financial crisis.</p><p><blockquote>一年前的疫情关闭引发了对经济产出的打击，最初比金融危机还要严重。但两个月后，随着限制放松和企业适应社交距离，经济活动开始复苏。美联储启动了新的贷款计划，国会通过了2.2万亿美元的Cares法案。疫苗比预期的更早到达。美国经济可能会在本季度达到大流行前的规模，比金融危机后快两年。</blockquote></p><p>And yet even as the outlook has improved, the fiscal and monetary taps remain wide open. Democrats first proposed an additional $3 trillion in stimulus last May when output was expected to fall 6% last year. It actually fell less than half that, but Democrats, after winning both the White House and Congress, pressed ahead with the same size stimulus.</p><p><blockquote>然而，即使前景有所改善，财政和货币的水龙头仍然敞开着。去年5月，民主党人首次提出额外3万亿美元的刺激计划，当时预计去年产出将下降6%。实际上下降了不到一半，但民主党在赢得白宫和国会后，继续推进同样规模的刺激计划。</blockquote></p><p></p><p>The Fed began buying bonds in March, 2020 to counter chaotic conditions in markets. In late summer, with markets functioning normally, it extended the program while tilting the rationale toward keeping bond yields low.</p><p><blockquote>美联储于2020年3月开始购买债券，以应对市场的混乱状况。夏末，随着市场正常运转，它延长了该计划，同时将理由转向保持低债券收益率。</blockquote></p><p>At the same time it unveiled a new framework: After years of inflation running below 2%, it would aim to push inflation not just back to 2% but higher, so that over time average and expected inflation would both stabilize at 2%. To that end, it promised not to raise rates until full employment had been restored and inflation was 2% and headed higher. Officials predicted that would not happen before 2024 and have since stuck to that guidance despite a significantly improving outlook.</p><p><blockquote>与此同时，它公布了一个新框架：在通胀率多年低于2%之后，它的目标是将通胀率不仅推回到2%，而且更高，以便随着时间的推移，平均通胀率和预期通胀率都稳定在2%。为此，它承诺在充分就业恢复、通胀率达到2%并走高之前不会加息。官员们预测这种情况在2024年之前不会发生，尽管前景显着改善，但此后仍坚持这一指导。</blockquote></p><p><b>Running of the bulls</b></p><p><blockquote><b>奔牛节</b></blockquote></p><p>This injection of unprecedented monetary and fiscal stimulus into an economy already rebounding thanks to vaccinations is why Wall Street strategists are their most bullish on stocks since before the last financial crisis, according to a survey byBank of AmericaCorp.While profit forecasts have risen briskly, stocks have risen more. The S&amp;P 500 stock index now trades at about 22 times the coming year’s profits, according to FactSet, a level only exceeded at the peak of the dot-com boom in 2000.</p><p><blockquote>美国银行的一项调查显示，向因疫苗接种而已经反弹的经济注入前所未有的货币和财政刺激措施，这就是华尔街策略师自上次金融危机前以来最看好股市的原因。虽然盈利预测大幅上升，但股市涨幅更大。根据FactSet的数据，标普500股票指数目前的交易价格约为来年利润的22倍，这一水平仅在2000年互联网繁荣的顶峰时期才超过。</blockquote></p><p>Other asset markets are similarly stretched. Investors are willing to buy the bonds of junk-rated companies at the lowest yields since at least 1995, and the narrowest spread above safe Treasurys since 2007, according to Bloomberg Barclays data. Residential and commercial property prices, adjusted for inflation, are around the peak reached in 2006.</p><p><blockquote>其他资产市场也同样捉襟见肘。根据彭博巴克莱的数据，投资者愿意以至少1995年以来的最低收益率以及自2007年以来与安全国债的最窄利差购买垃圾级公司的债券。经通胀调整后，住宅和商业地产价格接近2006年达到的峰值。</blockquote></p><p>Stock and property valuations are more justifiable today than in 2000 or in 2006 because the returns on riskless Treasury bonds are so much lower. In that sense, the Fed’s policies are working precisely as intended: improving both the economic outlook, which is good for profits, housing demand, and corporate creditworthiness; and the appetite for risk.</p><p><blockquote>今天的股票和房地产估值比2000年或2006年更加合理，因为无风险国债的回报率要低得多。从这个意义上说，美联储的政策完全按照预期发挥作用：改善经济前景，这有利于利润、住房需求和企业信誉；和风险偏好。</blockquote></p><p>Nonetheless, low rates are no longer sufficient to justify some asset valuations. Instead, bulls invoke alternative metrics.</p><p><blockquote>尽管如此，低利率不再足以证明某些资产估值的合理性。相反，多头会调用替代指标。</blockquote></p><p>Bank of America recently noted companies with relatively low carbon emissions and higher water efficiency earn higher valuations. These valuations aren’t the result of superior cash flow or profit prospects, but a tidal wave of funds invested according to environmental, social and governance, or ESG, criteria.</p><p><blockquote>美国银行最近指出，碳排放量相对较低、用水效率较高的公司估值较高。这些估值并不是优越的现金流或利润前景的结果，而是根据环境、社会和治理（ESG）标准投资的资金浪潮。</blockquote></p><p>Conventional valuation is also useless for cryptocurrencies which earn no interest, rent or dividends. Instead, advocates claim digital currencies will displace the fiat currencies issued by central banks as a transaction medium and store of value. “Crypto has the potential to be as revolutionary and widely adopted as the internet,” claims the prospectus of the initial public offering of crypto exchangeCoinbase GlobalInc.,in language reminiscent of internet-related IPOs more than two decades earlier. Cryptocurrencies as of April 29 were worth more than $2 trillion, according to CoinDesk, an information service, roughly equivalent to all U.S. dollars in circulation.</p><p><blockquote>对于不赚取利息、租金或股息的加密货币，传统估值也毫无用处。相反，倡导者声称数字货币将取代央行发行的法定货币作为交易媒介和价值储存手段。“加密货币有可能像互联网一样具有革命性并被广泛采用，”加密货币交易所Coinbase GlobalInc.首次公开募股的招股说明书称，其语言让人想起二十多年前与互联网相关的IPO。根据信息服务机构CoinDesk的数据，截至4月29日，加密货币的价值超过2万亿美元，大致相当于流通中的所有美元。</blockquote></p><p>Financial innovation is also at work, as it has been in past financial booms. Portfolio insurance, a strategy designed to hedge against market losses, amplified selling during the 1987 stock market crash. In the 1990s, internet stockbrokers fueled tech stocks and in the 2000s, subprime mortgage derivatives helped finance housing. The equivalent today are zero commission brokers such as Robinhood Markets Inc., fractional ownership and social media, all of which have empowered individual investors.</p><p><blockquote>金融创新也在发挥作用，就像过去的金融繁荣一样。投资组合保险是一种旨在对冲市场损失的策略，在1987年股市崩盘期间放大了抛售。20世纪90年代，互联网股票经纪人推动了科技股的上涨，而在21世纪初，次级抵押贷款衍生品帮助为住房融资。今天的等价物是零佣金经纪商，如Robinhood Markets Inc.、部分所有权和社交媒体，所有这些都赋予了个人投资者权力。</blockquote></p><p>Such investors increasingly influence the overall market’s direction, according to a recent report by the Bank for International Settlements, a consortium of the world’s central banks. It found, for example, that since 2017 trading volume in exchange-traded funds that track the S&amp;P 500, a favorite of institutional investors, has flattened while the volume in its component stocks, which individual investors prefer, has climbed. Individuals, it noted, are more likely to buy a company’s shares for reasons unrelated to its underlying business—because, for example, its name is similar to another stock that is on the rise.</p><p><blockquote>根据世界各国央行组成的财团国际清算银行最近的一份报告，此类投资者越来越多地影响整体市场的走向。例如，它发现，自2017年以来，跟踪机构投资者最喜欢的标普500的交易所交易基金的交易量已经持平，而个人投资者更喜欢的成分股的交易量却在攀升。报告指出，个人更有可能出于与其基础业务无关的原因购买一家公司的股票，例如，因为该公司的名称与另一只正在上涨的股票相似。</blockquote></p><p>While such speculation is often blamed on the Fed, drawing a direct line is difficult. Not so with fiscal stimulus. Jim Bianco, the head of financial research firm Bianco Research, said flows into exchange-traded funds and mutual funds jumped in March as the Treasury distributed $1,400 stimulus checks. “The first thing you do with your check is deposit it in your account and in 2021 that’s your brokerage account,” said Mr. Bianco.</p><p><blockquote>虽然这种猜测经常被归咎于美联储，但很难划清界限。财政刺激则不然。金融研究公司Bianco Research的负责人Jim Bianco表示，随着财政部发放1400美元的刺激支票，3月份流入交易所交易基金和共同基金的资金激增。“你用支票做的第一件事就是将其存入你的账户，到2021年，这就是你的经纪账户，”比安科先生说。</blockquote></p><p><b>Facing the future</b></p><p><blockquote><b>面向未来</b></blockquote></p><p></p><p>It’s impossible to predict how, or even whether, this all ends. It doesn’t have to: High-priced stocks could eventually earn the profits necessary to justify today’s valuations, especially with the economy’s current head of steam. In he meantime, more extreme pockets of speculation may collapse under their own weight as profits disappoint or competition emerges.</p><p><blockquote>无法预测这一切将如何结束，甚至是否会结束。事实并非如此：高价股票最终可能会赚取必要的利润来证明当今的估值是合理的，尤其是在经济目前处于领先地位的情况下。与此同时，随着利润令人失望或竞争的出现，更极端的投机领域可能会在自身压力下崩溃。</blockquote></p><p>Bitcoin once threatened to displace the dollar; now numerous competitors purport to do the same.TeslaInc.was once about the only stock you could buy to bet on electric vehicles; now there is China’s NIO Inc.,NikolaCorp., andFiskerInc.,not to mention established manufacturers such as Volkswagen AG andGeneral MotorsCo.that are rolling out ever more electric models.</p><p><blockquote>比特币曾威胁要取代美元；现在，许多竞争对手也声称要做同样的事情。特斯拉公司曾经是你唯一可以购买来押注电动汽车的股票；现在有蔚来、NikolaCorp.和FiskerInc.，更不用说大众汽车公司和通用汽车公司等老牌制造商正在推出越来越多的电动车型。</blockquote></p><p>But for assets across the board to fall would likely involve some sort of macroeconomic event, such as a recession, financial crisis, or inflation.</p><p><blockquote>但资产全面下跌可能涉及某种宏观经济事件，例如经济衰退、金融危机或通货膨胀。</blockquote></p><p>The Fed report this past week said the virus remains the biggest threat to the economy and thus the financial system. April’s jobs disappointment was a reminder of how unsettled the economic outlook remains. Still, with the virus in retreat, a recession seems unlikely now. A financial crisis linked to some hidden fragility can’t be ruled out. Still, banks have so much capital and mortgage underwriting is so tight that something similar to the 2007-09 financial crisis, which began with defaulting mortgages, seems remote. If junk bonds, cryptocoins or tech stocks are bought primarily with borrowed money, a plunge in their values could precipitate a wave of forced selling, bankruptcies and potentially a crisis. But that doesn’t seem to have happened. The recent collapse of Archegos Capital Management from reversals on derivatives-based stock investments inflicted losses on its lenders. But it didn’t threaten their survival or trigger contagion to similarly situated firms.</p><p><blockquote>美联储上周的报告称，该病毒仍然是对经济乃至金融体系的最大威胁。4月份的就业令人失望提醒人们经济前景仍然多么不稳定。尽管如此，随着病毒的消退，经济衰退现在似乎不太可能发生。不能排除与一些隐藏的脆弱性相关的金融危机。尽管如此，银行拥有如此多的资本，而抵押贷款承销又如此紧张，以至于类似于2007-09年始于抵押贷款违约的金融危机似乎很遥远。如果垃圾债券、加密货币或科技股主要是用借来的钱购买的，其价值暴跌可能会引发一波强制抛售、破产和潜在的危机。但这似乎并没有发生。Archegos Capital Management最近因衍生品股票投资逆转而倒闭，给其贷方造成了损失。但这并没有威胁到他们的生存，也没有引发对处境相似的公司的蔓延。</blockquote></p><p>“Where’s the second Archegos?” said Mr. Bianco. “There hasn’t been one yet.”</p><p><blockquote>“第二个阿尔奇戈斯在哪里？”比安科先生说。“还没有。”</blockquote></p><p>That leaves inflation. Fear of inflation is widespread now with shortages of semiconductors, lumber, and workers all putting upward pressure on prices and costs. Most forecasters, and the Fed, think those pressures will ease once the economy has reopened and normal spending patterns resume. Nonetheless, the difference between yields on regular and inflation-indexed bond yields suggest investors are expecting inflation in coming years to average about 2.5%. That is hardly a repeat of the 1970s, and compatible with the Fed’s new goal of average 2% inflation over the long term. Nonetheless, it would be a clear break from the sub-2% range of the last decade.</p><p><blockquote>这就剩下通货膨胀了。由于半导体、木材和工人的短缺都给价格和成本带来了上行压力，对通胀的担忧现在很普遍。大多数预测者和美联储认为，一旦经济重新开放和正常支出模式恢复，这些压力将会缓解。尽管如此，常规债券收益率和通胀指数债券收益率之间的差异表明，投资者预计未来几年的通胀率平均约为2.5%。这很难是20世纪70年代的重演，也符合美联储长期平均通胀率2%的新目标。尽管如此，这将明显打破过去十年低于2%的区间。</blockquote></p><p>Slightly higher inflation would result in the Fed setting short-term interest rates also slightly higher, which need not hurt stock valuations. More worrisome: Long-term bond yields, which are critical to stock values, might rise significantly more. Since the late 1990s, bond and stock prices have tended to move in opposite directions. That is because when inflation isn’t a concern, economic shocks tend to drive both bond yields (which move in the opposite direction to prices) and stock prices down. Bonds thus act as an insurance policy against losses on stocks, for which investors are willing to accept lower yields. If inflation becomes a problem again, then bonds lose that insurance value and their yields will rise. In recent months that stock-bond correlation, in place for most of the last few decades, began to disappear, said Brian Sack, a former Fed economist who is now with hedge fund D.E. Shaw &amp; Co. LP. He attributes that, in part, to inflation concerns.</p><p><blockquote>通胀略高将导致美联储将短期利率也略高，这不一定会损害股票估值。更令人担忧的是：对股票价值至关重要的长期债券收益率可能会大幅上升。自20世纪90年代末以来，债券和股票价格往往朝着相反的方向波动。这是因为当通胀不是问题时，经济冲击往往会压低债券收益率（与价格走势相反）和股票价格。因此，债券充当了抵御股票损失的保险政策，投资者愿意接受较低的收益率。如果通货膨胀再次成为一个问题，那么债券就会失去保险价值，其收益率就会上升。前美联储经济学家、现就职于对冲基金D.E.的布莱恩·萨克(Brian Sack)表示，近几个月来，过去几十年大部分时间里存在的股债相关性开始消失。肖公司。他将此部分归因于通胀担忧。</blockquote></p><p>The many years since inflation dominated the financial landscape have led investors to price assets as if inflation never will have that sway again. They may be right. But if the unprecedented combination of monetary and fiscal stimulus succeeds in jolting the economy out of the last decade’s pattern, that complacency could prove quite costly.</p><p><blockquote>多年来，通货膨胀主导了金融领域，这导致投资者对资产定价，就好像通货膨胀再也不会产生这种影响一样。他们可能是对的。但如果史无前例的货币和财政刺激组合成功地使经济摆脱了过去十年的模式，这种自满可能会付出相当大的代价。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/what-happens-to-stocks-and-cryptocurrencies-when-the-fed-stops-raining-money-11620446420?mod=itp_wsj\">The Wall Street Journal</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.wsj.com/articles/what-happens-to-stocks-and-cryptocurrencies-when-the-fed-stops-raining-money-11620446420?mod=itp_wsj","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1122089368","content_text":"To veterans of financial bubbles, there is plenty familiar about the present. Stock valuations are their richest since the dot-com bubble in 2000. Home prices are back to their pre-financial crisis peak. Risky companies can borrow at the lowest rates on record. Individual investors are pouring money into green energy and cryptocurrency.This boom has some legitimate explanations, from the advances in digital commerce to fiscally greased growth that will likely be the strongest since 1983.But there is one driver above all: the Federal Reserve. Easy monetary policy has regularly fueled financial booms, and it is exceptionally easy now. The Fed has kept interest rates near zero for the past year and signaled rates won’t change for at least two more years. It is buying hundreds of billions of dollars of bonds. As a result, the 10-year Treasury bond yield is well below inflation—that is, real yields are deeply negative —for only the second time in 40 years.There are good reasons why rates are so low. The Fed acted in response to a pandemic that at its most intense threatened even more damage than the 2007-09 financial crisis. Yet in great part thanks to the Fed and Congress, which has passed some $5 trillion in fiscal stimulus, this recovery looks much healthier than the last. That could undermine the reasons for such low rates, threatening the underpinnings of market.“Equity markets at a minimum are priced to perfection on the assumption rates will be low for a long time,” said Harvard University economist Jeremy Stein, who served as a Fed governor alongside now-chairman Jerome Powell. “And certainly you get the sense the Fed is trying really hard to say, ‘Everything is fine, we’re in no rush to raise rates.’ But while I don’t think we’re headed for sustained high inflation it’s completely possible we’ll have several quarters of hot readings on inflation.”Since stocks’ valuations are only justified if interest rates stay extremely low, how do they reprice if the Fed has to tighten monetary policy to combat inflation and bond yields rise one to 1.5 percentage points, he asked. “You could get a serious correction in asset prices.”‘A bit frothy’The Fed has been here before. In the late 1990s its willingness to cut rates in response to the Asian financial crisis and the near collapse of the hedge fund Long-Term Capital Management was seen by some as an implicit market backstop, inflating the ensuing dot-com bubble. Its low-rate policy in the wake of that collapsed bubble was then blamed for driving up housing prices. Both times Fed officials defended their policy, arguing that to raise rates (or not cut them) simply to prevent bubbles would compromise their main goals of low unemployment and inflation, and do more harm than letting the bubble deflate on its own.As for this year, in a report this week the central bank warned asset “valuations are generally high” and “vulnerable to significant declines should investor risk appetite fall, progress on containing the virus disappoint, or the recovery stall.” On April 28 Mr. Powell acknowledged markets look “a bit frothy” and the Fed might be one of the reasons: “I won’t say it has nothing to do with monetary policy, but it has a tremendous amount to do with vaccination and reopening of the economy.” But he gave no hint the Fed was about to dial back its stimulus: “The economy is a long way from our goals.” A Labor Department report Friday showing that far fewer jobs were created in April than Wall Street expected underlined that.The Fed’s choices are heavily influenced by the financial crisis. While the Fed cut rates to near zero and bought bonds then as well, it was battling powerful headwinds as households, banks, and governments sought to pay down debts. That held back spending and pushed inflation below the Fed’s 2% target. Deeper-seated forces such as aging populations also held down growth and interest rates, a combination some dubbed “secular stagnation.”The pandemic shutdown a year ago triggered a hit to economic output that was initially worse than the financial crisis. But after two months, economic activity began to recover as restrictions eased and businesses adapted to social distancing. The Fed initiated new lending programs and Congress passed the $2.2 trillion Cares Act. Vaccines arrived sooner than expected. The U.S. economy is likely to hit its pre-pandemic size in the current quarter, two years faster than after the financial crisis.And yet even as the outlook has improved, the fiscal and monetary taps remain wide open. Democrats first proposed an additional $3 trillion in stimulus last May when output was expected to fall 6% last year. It actually fell less than half that, but Democrats, after winning both the White House and Congress, pressed ahead with the same size stimulus.The Fed began buying bonds in March, 2020 to counter chaotic conditions in markets. In late summer, with markets functioning normally, it extended the program while tilting the rationale toward keeping bond yields low.At the same time it unveiled a new framework: After years of inflation running below 2%, it would aim to push inflation not just back to 2% but higher, so that over time average and expected inflation would both stabilize at 2%. To that end, it promised not to raise rates until full employment had been restored and inflation was 2% and headed higher. Officials predicted that would not happen before 2024 and have since stuck to that guidance despite a significantly improving outlook.Running of the bullsThis injection of unprecedented monetary and fiscal stimulus into an economy already rebounding thanks to vaccinations is why Wall Street strategists are their most bullish on stocks since before the last financial crisis, according to a survey byBank of AmericaCorp.While profit forecasts have risen briskly, stocks have risen more. The S&P 500 stock index now trades at about 22 times the coming year’s profits, according to FactSet, a level only exceeded at the peak of the dot-com boom in 2000.Other asset markets are similarly stretched. Investors are willing to buy the bonds of junk-rated companies at the lowest yields since at least 1995, and the narrowest spread above safe Treasurys since 2007, according to Bloomberg Barclays data. Residential and commercial property prices, adjusted for inflation, are around the peak reached in 2006.Stock and property valuations are more justifiable today than in 2000 or in 2006 because the returns on riskless Treasury bonds are so much lower. In that sense, the Fed’s policies are working precisely as intended: improving both the economic outlook, which is good for profits, housing demand, and corporate creditworthiness; and the appetite for risk.Nonetheless, low rates are no longer sufficient to justify some asset valuations. Instead, bulls invoke alternative metrics.Bank of America recently noted companies with relatively low carbon emissions and higher water efficiency earn higher valuations. These valuations aren’t the result of superior cash flow or profit prospects, but a tidal wave of funds invested according to environmental, social and governance, or ESG, criteria.Conventional valuation is also useless for cryptocurrencies which earn no interest, rent or dividends. Instead, advocates claim digital currencies will displace the fiat currencies issued by central banks as a transaction medium and store of value. “Crypto has the potential to be as revolutionary and widely adopted as the internet,” claims the prospectus of the initial public offering of crypto exchangeCoinbase GlobalInc.,in language reminiscent of internet-related IPOs more than two decades earlier. Cryptocurrencies as of April 29 were worth more than $2 trillion, according to CoinDesk, an information service, roughly equivalent to all U.S. dollars in circulation.Financial innovation is also at work, as it has been in past financial booms. Portfolio insurance, a strategy designed to hedge against market losses, amplified selling during the 1987 stock market crash. In the 1990s, internet stockbrokers fueled tech stocks and in the 2000s, subprime mortgage derivatives helped finance housing. The equivalent today are zero commission brokers such as Robinhood Markets Inc., fractional ownership and social media, all of which have empowered individual investors.Such investors increasingly influence the overall market’s direction, according to a recent report by the Bank for International Settlements, a consortium of the world’s central banks. It found, for example, that since 2017 trading volume in exchange-traded funds that track the S&P 500, a favorite of institutional investors, has flattened while the volume in its component stocks, which individual investors prefer, has climbed. Individuals, it noted, are more likely to buy a company’s shares for reasons unrelated to its underlying business—because, for example, its name is similar to another stock that is on the rise.While such speculation is often blamed on the Fed, drawing a direct line is difficult. Not so with fiscal stimulus. Jim Bianco, the head of financial research firm Bianco Research, said flows into exchange-traded funds and mutual funds jumped in March as the Treasury distributed $1,400 stimulus checks. “The first thing you do with your check is deposit it in your account and in 2021 that’s your brokerage account,” said Mr. Bianco.Facing the futureIt’s impossible to predict how, or even whether, this all ends. It doesn’t have to: High-priced stocks could eventually earn the profits necessary to justify today’s valuations, especially with the economy’s current head of steam. In he meantime, more extreme pockets of speculation may collapse under their own weight as profits disappoint or competition emerges.Bitcoin once threatened to displace the dollar; now numerous competitors purport to do the same.TeslaInc.was once about the only stock you could buy to bet on electric vehicles; now there is China’s NIO Inc.,NikolaCorp., andFiskerInc.,not to mention established manufacturers such as Volkswagen AG andGeneral MotorsCo.that are rolling out ever more electric models.But for assets across the board to fall would likely involve some sort of macroeconomic event, such as a recession, financial crisis, or inflation.The Fed report this past week said the virus remains the biggest threat to the economy and thus the financial system. April’s jobs disappointment was a reminder of how unsettled the economic outlook remains. Still, with the virus in retreat, a recession seems unlikely now. A financial crisis linked to some hidden fragility can’t be ruled out. Still, banks have so much capital and mortgage underwriting is so tight that something similar to the 2007-09 financial crisis, which began with defaulting mortgages, seems remote. If junk bonds, cryptocoins or tech stocks are bought primarily with borrowed money, a plunge in their values could precipitate a wave of forced selling, bankruptcies and potentially a crisis. But that doesn’t seem to have happened. The recent collapse of Archegos Capital Management from reversals on derivatives-based stock investments inflicted losses on its lenders. But it didn’t threaten their survival or trigger contagion to similarly situated firms.“Where’s the second Archegos?” said Mr. Bianco. “There hasn’t been one yet.”That leaves inflation. Fear of inflation is widespread now with shortages of semiconductors, lumber, and workers all putting upward pressure on prices and costs. Most forecasters, and the Fed, think those pressures will ease once the economy has reopened and normal spending patterns resume. Nonetheless, the difference between yields on regular and inflation-indexed bond yields suggest investors are expecting inflation in coming years to average about 2.5%. That is hardly a repeat of the 1970s, and compatible with the Fed’s new goal of average 2% inflation over the long term. Nonetheless, it would be a clear break from the sub-2% range of the last decade.Slightly higher inflation would result in the Fed setting short-term interest rates also slightly higher, which need not hurt stock valuations. More worrisome: Long-term bond yields, which are critical to stock values, might rise significantly more. Since the late 1990s, bond and stock prices have tended to move in opposite directions. That is because when inflation isn’t a concern, economic shocks tend to drive both bond yields (which move in the opposite direction to prices) and stock prices down. Bonds thus act as an insurance policy against losses on stocks, for which investors are willing to accept lower yields. If inflation becomes a problem again, then bonds lose that insurance value and their yields will rise. In recent months that stock-bond correlation, in place for most of the last few decades, began to disappear, said Brian Sack, a former Fed economist who is now with hedge fund D.E. Shaw & Co. LP. He attributes that, in part, to inflation concerns.The many years since inflation dominated the financial landscape have led investors to price assets as if inflation never will have that sway again. They may be right. But if the unprecedented combination of monetary and fiscal stimulus succeeds in jolting the economy out of the last decade’s pattern, that complacency could prove quite costly.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2788,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":101877740,"gmtCreate":1619885119880,"gmtModify":1634209304390,"author":{"id":"3565865195004220","authorId":"3565865195004220","name":"BabyHuatHuat","avatar":"https://static.tigerbbs.com/49ee3c00396b80f7a3b8f686f8cb8102","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3565865195004220","idStr":"3565865195004220"},"themes":[],"htmlText":"Ready for the moon!!!","listText":"Ready for the moon!!!","text":"Ready for the moon!!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/101877740","repostId":"1146129324","repostType":4,"repost":{"id":"1146129324","kind":"news","pubTimestamp":1619795610,"share":"https://www.laohu8.com/m/news/1146129324?lang=zh_CN&edition=full","pubTime":"2021-04-30 23:13","market":"us","language":"en","title":"1 Question Tesla Investors Need to Ask Themselves<blockquote>特斯拉投资者需要问自己的1个问题</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1146129324","media":"Motley Fool","summary":"Electric-car companyTeslahas now produced a profit for seven consecutive quarters. Tesla managed aGAAPnet income of $438 million in the first quarter, up from just $16 million one-year prior. It would appear, at least at first glance, that the electric-vehicle  pioneer is on the right track in terms of profitability.The problem is that these profits aren't really coming from the cars that Tesla sells. The company currently generates hundreds of millions of dollars in pure profit each quarter fro","content":"<p>Electric-car company<b>Tesla</b>(NASDAQ:TSLA)has now produced a profit for seven consecutive quarters. Tesla managed aGAAPnet income of $438 million in the first quarter, up from just $16 million one-year prior. It would appear, at least at first glance, that the electric-vehicle (EV) pioneer is on the right track in terms of profitability.</p><p><blockquote>电动汽车公司<b>特斯拉</b>（纳斯达克：TSLA）现已连续七个季度盈利。特斯拉第一季度管理的AGAAP净收入为4.38亿美元，高于一年前的1600万美元。至少乍一看，这家电动汽车（EV）先驱在盈利能力方面似乎走在正确的轨道上。</blockquote></p><p> The problem is that these profits aren't really coming from the cars that Tesla sells. The company currently generates hundreds of millions of dollars in pure profit each quarter from the sale of regulatory credits, a side effect of other automakers not making enough zero-emission vehicles to meet regulatory requirements.</p><p><blockquote>问题是这些利润并不是真正来自特斯拉销售的汽车。该公司目前每个季度都从销售监管信用中获得数亿美元的净利润，这是其他汽车制造商没有生产足够的零排放汽车来满足监管要求的副作用。</blockquote></p><p> Regulatory credit sales totaled $518 million in the first quarter, accounting for all of Tesla's profit and then some. This has been the case in previous quarters, as well. In fact, after backing out regulatory credits from Tesla's net income, the company has been unprofitable for six-straight quarters.</p><p><blockquote>第一季度监管信贷销售额总计5.18亿美元，占特斯拉全部利润甚至部分利润。前几个季度也是如此。事实上，在从特斯拉净利润中收回监管信贷后，该公司已连续六个季度不盈利。</blockquote></p><p> Tesla's bottom line got an additional boost in the first quarter from a gain onthe sale of<b>Bitcoin</b>to the tune of $101 million, which showed up as a reduction in costs. The picture doesn't look so rosy when both regulatory credits and Bitcoin gains are excluded:</p><p><blockquote>特斯拉第一季度的利润因出售<b>比特币</b>高达1.01亿美元，这表现为成本的降低。当排除监管信贷和比特币收益时，情况看起来并不那么乐观：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/b0906160cab581f4c8a599b7d0965d34\" tg-width=\"700\" tg-height=\"467\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> DATA SOURCE: TESLA. CHART BY AUTHOR.</p><p><blockquote>数据来源：特斯拉。作者图表。</blockquote></p><p> There's no question that Tesla's growth is impressive, but there's also no question that the core business of making and selling cars is not turning a profit. The question Tesla investors need to ask themselves is: If Tesla isn't profitable now, when there's little to no competition in electric vehicles in the United States, what's going to happen when a deluge of competition fromtraditional automakersarrives?</p><p><blockquote>毫无疑问，特斯拉的增长令人印象深刻，但毫无疑问，制造和销售汽车的核心业务并未盈利。特斯拉投资者需要问自己的问题是：如果特斯拉现在没有盈利，当美国电动汽车几乎没有竞争时，当传统汽车制造商的大量竞争到来时会发生什么？</blockquote></p><p> A ton of competition is coming</p><p><blockquote>大量的竞争即将到来</blockquote></p><p> Tesla's brand has a cult following, so some people will be buying Tesla vehicles regardless of the other options available. But that's not likely to be the case for most people.</p><p><blockquote>特斯拉的品牌拥有狂热的追随者，因此无论其他选择如何，有些人都会购买特斯拉汽车。但对大多数人来说，情况不太可能如此。</blockquote></p><p> The number of electric vehicles available for purchase in the U.S. is set to explode in the coming years.<b>General Motors</b>(NYSE:GM)is planning to launch 30 EVs globally by 2025, with two-thirds set to be sold in North America. The company is aiming to sell 1 million EVs annually in North America by 2025.</p><p><blockquote>未来几年，美国可供购买的电动汽车数量将呈爆炸式增长。<b>通用汽车</b>（纽约证券交易所股票代码：GM）计划到2025年在全球推出30款电动汽车，其中三分之二将在北美销售。该公司的目标是到2025年在北美每年销售100万辆电动汽车。</blockquote></p><p> Those models include electric versions of the company's GMC Hummer and Chevrolet Silverado pickup truck. Tesla has a loyal customer base, but so does GM. Someone who's been a GM truck buyer for years is likely to stick with GM when they decide to switch to an electric vehicle.</p><p><blockquote>这些车型包括该公司GMC悍马和雪佛兰索罗德皮卡的电动版本。特斯拉拥有忠实的客户群，但通用汽车也是如此。多年来一直购买通用汽车卡车的人在决定转向电动汽车时可能会坚持使用通用汽车。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/c651279799dfdf96552379a7b5d448a9\" tg-width=\"700\" tg-height=\"466\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> IMAGE SOURCE: GM.</p><p><blockquote>图片来源：通用汽车。</blockquote></p><p> <b>Ford</b>(NYSE:F)is also pouring resources into electric vehicles, allocating $29 billion for electric and autonomous vehicles through 2025. The company's plans include anelectric version of its F-150 pickup truck, which should hit the production lines by mid-2022. Given GM's and Ford's plans, it will not be easy for Tesla to steal away market share in the lucrative pickup-truck segment.</p><p><blockquote><b>福特</b>（纽约证券交易所股票代码：F）也在向电动汽车投入资源，到2025年为电动和自动驾驶汽车拨款290亿美元。该公司的计划包括F-150皮卡车的电动版本，预计将于2022年中期投入生产线。鉴于通用和福特的计划，特斯拉要抢走利润丰厚的皮卡市场份额并不容易。</blockquote></p><p> Other car companies have big plans, as well.<b>Volkswagen</b>(OTC:VWAGY)already sells over 200,000 EVs annually andexpects that number to double this year. The company is aiming to sell roughly 2 million EVs annually by 2025 and expects to launch 70 EV models by 2030.<b>Toyota</b>(NYSE:TM)willlaunch 15 new electric vehicles by 2025, some of which will be under the new Toyota bZ sub-brand. The list goes on.</p><p><blockquote>其他汽车公司也有宏伟的计划。<b>大众汽车</b>(OTC：VWAGY)每年已销售超过200,000辆电动汽车，预计今年这一数字将翻一番。该公司的目标是到2025年每年销售约200万辆电动汽车，并预计到2030年推出70款电动汽车车型。<b>丰田</b>(NYSE：TM)将在2025年之前推出15款新电动汽车，其中一些将属于新的丰田bZ子品牌。这样的例子不胜枚举。</blockquote></p><p> Not only will all these electric vehicles provide consumers with a bevy of options beyond Tesla, but they'll also deprive Tesla of its regulatory-credit income as other automakers churn out an increasing number of EVs.</p><p><blockquote>所有这些电动汽车不仅将为消费者提供特斯拉之外的一系列选择，而且随着其他汽车制造商生产越来越多的电动汽车，它们还将剥夺特斯拉的监管信贷收入。</blockquote></p><p> None of this is to say that Tesla can't be successful in a world where it faces more competition. But turning a profit is is going to get harder with each passing year.</p><p><blockquote>这并不是说特斯拉不能在一个面临更多竞争的世界中取得成功。但每年盈利都会变得越来越困难。</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>1 Question Tesla Investors Need to Ask Themselves<blockquote>特斯拉投资者需要问自己的1个问题</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\">\n1 Question Tesla Investors Need to Ask Themselves<blockquote>特斯拉投资者需要问自己的1个问题</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-04-30 23:13</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Electric-car company<b>Tesla</b>(NASDAQ:TSLA)has now produced a profit for seven consecutive quarters. Tesla managed aGAAPnet income of $438 million in the first quarter, up from just $16 million one-year prior. It would appear, at least at first glance, that the electric-vehicle (EV) pioneer is on the right track in terms of profitability.</p><p><blockquote>电动汽车公司<b>特斯拉</b>（纳斯达克：TSLA）现已连续七个季度盈利。特斯拉第一季度管理的AGAAP净收入为4.38亿美元，高于一年前的1600万美元。至少乍一看，这家电动汽车（EV）先驱在盈利能力方面似乎走在正确的轨道上。</blockquote></p><p> The problem is that these profits aren't really coming from the cars that Tesla sells. The company currently generates hundreds of millions of dollars in pure profit each quarter from the sale of regulatory credits, a side effect of other automakers not making enough zero-emission vehicles to meet regulatory requirements.</p><p><blockquote>问题是这些利润并不是真正来自特斯拉销售的汽车。该公司目前每个季度都从销售监管信用中获得数亿美元的净利润，这是其他汽车制造商没有生产足够的零排放汽车来满足监管要求的副作用。</blockquote></p><p> Regulatory credit sales totaled $518 million in the first quarter, accounting for all of Tesla's profit and then some. This has been the case in previous quarters, as well. In fact, after backing out regulatory credits from Tesla's net income, the company has been unprofitable for six-straight quarters.</p><p><blockquote>第一季度监管信贷销售额总计5.18亿美元，占特斯拉全部利润甚至部分利润。前几个季度也是如此。事实上，在从特斯拉净利润中收回监管信贷后，该公司已连续六个季度不盈利。</blockquote></p><p> Tesla's bottom line got an additional boost in the first quarter from a gain onthe sale of<b>Bitcoin</b>to the tune of $101 million, which showed up as a reduction in costs. The picture doesn't look so rosy when both regulatory credits and Bitcoin gains are excluded:</p><p><blockquote>特斯拉第一季度的利润因出售<b>比特币</b>高达1.01亿美元，这表现为成本的降低。当排除监管信贷和比特币收益时，情况看起来并不那么乐观：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/b0906160cab581f4c8a599b7d0965d34\" tg-width=\"700\" tg-height=\"467\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> DATA SOURCE: TESLA. CHART BY AUTHOR.</p><p><blockquote>数据来源：特斯拉。作者图表。</blockquote></p><p> There's no question that Tesla's growth is impressive, but there's also no question that the core business of making and selling cars is not turning a profit. The question Tesla investors need to ask themselves is: If Tesla isn't profitable now, when there's little to no competition in electric vehicles in the United States, what's going to happen when a deluge of competition fromtraditional automakersarrives?</p><p><blockquote>毫无疑问，特斯拉的增长令人印象深刻，但毫无疑问，制造和销售汽车的核心业务并未盈利。特斯拉投资者需要问自己的问题是：如果特斯拉现在没有盈利，当美国电动汽车几乎没有竞争时，当传统汽车制造商的大量竞争到来时会发生什么？</blockquote></p><p> A ton of competition is coming</p><p><blockquote>大量的竞争即将到来</blockquote></p><p> Tesla's brand has a cult following, so some people will be buying Tesla vehicles regardless of the other options available. But that's not likely to be the case for most people.</p><p><blockquote>特斯拉的品牌拥有狂热的追随者，因此无论其他选择如何，有些人都会购买特斯拉汽车。但对大多数人来说，情况不太可能如此。</blockquote></p><p> The number of electric vehicles available for purchase in the U.S. is set to explode in the coming years.<b>General Motors</b>(NYSE:GM)is planning to launch 30 EVs globally by 2025, with two-thirds set to be sold in North America. The company is aiming to sell 1 million EVs annually in North America by 2025.</p><p><blockquote>未来几年，美国可供购买的电动汽车数量将呈爆炸式增长。<b>通用汽车</b>（纽约证券交易所股票代码：GM）计划到2025年在全球推出30款电动汽车，其中三分之二将在北美销售。该公司的目标是到2025年在北美每年销售100万辆电动汽车。</blockquote></p><p> Those models include electric versions of the company's GMC Hummer and Chevrolet Silverado pickup truck. Tesla has a loyal customer base, but so does GM. Someone who's been a GM truck buyer for years is likely to stick with GM when they decide to switch to an electric vehicle.</p><p><blockquote>这些车型包括该公司GMC悍马和雪佛兰索罗德皮卡的电动版本。特斯拉拥有忠实的客户群，但通用汽车也是如此。多年来一直购买通用汽车卡车的人在决定转向电动汽车时可能会坚持使用通用汽车。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/c651279799dfdf96552379a7b5d448a9\" tg-width=\"700\" tg-height=\"466\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> IMAGE SOURCE: GM.</p><p><blockquote>图片来源：通用汽车。</blockquote></p><p> <b>Ford</b>(NYSE:F)is also pouring resources into electric vehicles, allocating $29 billion for electric and autonomous vehicles through 2025. The company's plans include anelectric version of its F-150 pickup truck, which should hit the production lines by mid-2022. Given GM's and Ford's plans, it will not be easy for Tesla to steal away market share in the lucrative pickup-truck segment.</p><p><blockquote><b>福特</b>（纽约证券交易所股票代码：F）也在向电动汽车投入资源，到2025年为电动和自动驾驶汽车拨款290亿美元。该公司的计划包括F-150皮卡车的电动版本，预计将于2022年中期投入生产线。鉴于通用和福特的计划，特斯拉要抢走利润丰厚的皮卡市场份额并不容易。</blockquote></p><p> Other car companies have big plans, as well.<b>Volkswagen</b>(OTC:VWAGY)already sells over 200,000 EVs annually andexpects that number to double this year. The company is aiming to sell roughly 2 million EVs annually by 2025 and expects to launch 70 EV models by 2030.<b>Toyota</b>(NYSE:TM)willlaunch 15 new electric vehicles by 2025, some of which will be under the new Toyota bZ sub-brand. The list goes on.</p><p><blockquote>其他汽车公司也有宏伟的计划。<b>大众汽车</b>(OTC：VWAGY)每年已销售超过200,000辆电动汽车，预计今年这一数字将翻一番。该公司的目标是到2025年每年销售约200万辆电动汽车，并预计到2030年推出70款电动汽车车型。<b>丰田</b>(NYSE：TM)将在2025年之前推出15款新电动汽车，其中一些将属于新的丰田bZ子品牌。这样的例子不胜枚举。</blockquote></p><p> Not only will all these electric vehicles provide consumers with a bevy of options beyond Tesla, but they'll also deprive Tesla of its regulatory-credit income as other automakers churn out an increasing number of EVs.</p><p><blockquote>所有这些电动汽车不仅将为消费者提供特斯拉之外的一系列选择，而且随着其他汽车制造商生产越来越多的电动汽车，它们还将剥夺特斯拉的监管信贷收入。</blockquote></p><p> None of this is to say that Tesla can't be successful in a world where it faces more competition. But turning a profit is is going to get harder with each passing year.</p><p><blockquote>这并不是说特斯拉不能在一个面临更多竞争的世界中取得成功。但每年盈利都会变得越来越困难。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/04/30/1-question-tesla-investors-need-to-ask-themselves/\">Motley Fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.fool.com/investing/2021/04/30/1-question-tesla-investors-need-to-ask-themselves/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1146129324","content_text":"Electric-car companyTesla(NASDAQ:TSLA)has now produced a profit for seven consecutive quarters. Tesla managed aGAAPnet income of $438 million in the first quarter, up from just $16 million one-year prior. It would appear, at least at first glance, that the electric-vehicle (EV) pioneer is on the right track in terms of profitability.\nThe problem is that these profits aren't really coming from the cars that Tesla sells. The company currently generates hundreds of millions of dollars in pure profit each quarter from the sale of regulatory credits, a side effect of other automakers not making enough zero-emission vehicles to meet regulatory requirements.\nRegulatory credit sales totaled $518 million in the first quarter, accounting for all of Tesla's profit and then some. This has been the case in previous quarters, as well. In fact, after backing out regulatory credits from Tesla's net income, the company has been unprofitable for six-straight quarters.\nTesla's bottom line got an additional boost in the first quarter from a gain onthe sale ofBitcointo the tune of $101 million, which showed up as a reduction in costs. The picture doesn't look so rosy when both regulatory credits and Bitcoin gains are excluded:\n\nDATA SOURCE: TESLA. CHART BY AUTHOR.\nThere's no question that Tesla's growth is impressive, but there's also no question that the core business of making and selling cars is not turning a profit. The question Tesla investors need to ask themselves is: If Tesla isn't profitable now, when there's little to no competition in electric vehicles in the United States, what's going to happen when a deluge of competition fromtraditional automakersarrives?\nA ton of competition is coming\nTesla's brand has a cult following, so some people will be buying Tesla vehicles regardless of the other options available. But that's not likely to be the case for most people.\nThe number of electric vehicles available for purchase in the U.S. is set to explode in the coming years.General Motors(NYSE:GM)is planning to launch 30 EVs globally by 2025, with two-thirds set to be sold in North America. The company is aiming to sell 1 million EVs annually in North America by 2025.\nThose models include electric versions of the company's GMC Hummer and Chevrolet Silverado pickup truck. Tesla has a loyal customer base, but so does GM. Someone who's been a GM truck buyer for years is likely to stick with GM when they decide to switch to an electric vehicle.\n\nIMAGE SOURCE: GM.\nFord(NYSE:F)is also pouring resources into electric vehicles, allocating $29 billion for electric and autonomous vehicles through 2025. The company's plans include anelectric version of its F-150 pickup truck, which should hit the production lines by mid-2022. Given GM's and Ford's plans, it will not be easy for Tesla to steal away market share in the lucrative pickup-truck segment.\nOther car companies have big plans, as well.Volkswagen(OTC:VWAGY)already sells over 200,000 EVs annually andexpects that number to double this year. The company is aiming to sell roughly 2 million EVs annually by 2025 and expects to launch 70 EV models by 2030.Toyota(NYSE:TM)willlaunch 15 new electric vehicles by 2025, some of which will be under the new Toyota bZ sub-brand. The list goes on.\nNot only will all these electric vehicles provide consumers with a bevy of options beyond Tesla, but they'll also deprive Tesla of its regulatory-credit income as other automakers churn out an increasing number of EVs.\nNone of this is to say that Tesla can't be successful in a world where it faces more competition. But turning a profit is is going to get harder with each passing year.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":666,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":373330648,"gmtCreate":1618820362384,"gmtModify":1634290700185,"author":{"id":"3565865195004220","authorId":"3565865195004220","name":"BabyHuatHuat","avatar":"https://static.tigerbbs.com/49ee3c00396b80f7a3b8f686f8cb8102","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3565865195004220","idStr":"3565865195004220"},"themes":[],"htmlText":"Like and comment for the coins","listText":"Like and comment for the coins","text":"Like and comment for the coins","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/373330648","repostId":"2128525488","repostType":4,"isVote":1,"tweetType":1,"viewCount":373,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":104207284,"gmtCreate":1620391375248,"gmtModify":1634205584017,"author":{"id":"3565865195004220","authorId":"3565865195004220","name":"BabyHuatHuat","avatar":"https://static.tigerbbs.com/49ee3c00396b80f7a3b8f686f8cb8102","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3565865195004220","idStr":"3565865195004220"},"themes":[],"htmlText":"Like amd comment for the coin.thanks","listText":"Like amd comment for the coin.thanks","text":"Like amd comment for the coin.thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/104207284","repostId":"1157328258","repostType":4,"repost":{"id":"1157328258","kind":"news","pubTimestamp":1620360165,"share":"https://www.laohu8.com/m/news/1157328258?lang=zh_CN&edition=full","pubTime":"2021-05-07 12:02","market":"us","language":"en","title":"Amazon: The Most Clearly Undervalued Company<blockquote>亚马逊：最明显被低估的公司</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1157328258","media":"Seeking alpha","summary":"SummaryAmazon is one of the companies whose growth has not yet reached its limit and not even entere","content":"<p>Summary</p><p><blockquote>总结</blockquote></p><p><ul><li>Amazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase.</li><li>In terms of comparative valuation, AMZN is undervalued against the market.</li><li>DCF-based Amazon stock price target suggests 30% upside potential. But I think this is not even a basic scenario, but a pessimistic scenario.</li></ul>I present my comprehensive Amazon (AMZN) analysis in light of the results of the last quarter.</p><p><blockquote><ul><li>亚马逊是增长尚未达到极限，甚至还没有进入平台期的公司之一。</li><li>就比较估值而言，AMZN相对于市场被低估。</li><li>基于DCF的亚马逊股价目标显示30%的上涨潜力。但我认为这甚至不是一个基本的情景，而是一个悲观的情景。</li></ul>我根据上个季度的业绩对亚马逊（AMZN）进行了全面的分析。</blockquote></p><p>#1 Price vs. Growth</p><p><blockquote>#1价格与增长</blockquote></p><p>First of all, let's assess whether we can statistically state that Amazon's growth has accelerated or slowed down in the last quarter. To do this, let's compare the revenue growth trends of the key segments of the company with and without the results of the last four quarters.</p><p><blockquote>首先，我们来评估一下我们是否可以从统计数据上说明亚马逊上个季度的增长是加速还是放缓。为此，让我们比较一下有和没有过去四个季度业绩的公司关键部门的收入增长趋势。</blockquote></p><p>The dynamics of the 'Online Stores' segment showed a qualitative breakthrough. Without taking into account the last four quarters, a near-linear trend was observed here. Now, it has become exponential:</p><p><blockquote>“在线商店”部分的动态显示出质的突破。在不考虑过去四个季度的情况下，这里观察到了接近线性的趋势。现在，它已经成为指数级增长：</blockquote></p><p><img src=\"https://static.tigerbbs.com/bac49a9df0e5b978dc15e20bedfce3da\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The 'Third-Party Seller Services' segment - the exponential growth continues:</p><p><blockquote>“第三方卖家服务”细分市场——指数级增长仍在继续：</blockquote></p><p><img src=\"https://static.tigerbbs.com/6b58df42726bc01c8a5e5c2940d0476d\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The 'Subscription Services' (Amazon Prime) segment - here the acceleration remains, and the result of the last quarter was better than the trend:</p><p><blockquote>“订阅服务”（Amazon Prime）细分市场——这里的加速仍然存在，上个季度的结果好于趋势：</blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The 'Other' (advertising services) segment has also showed a significant acceleration:<img src=\"https://static.tigerbbs.com/a58095394bdd79d561166a74942a9e55\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote>“其他”（广告服务）部门也显示出显着的加速：</blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The growth trend of 'Amazon Web Services' has slowed down, but judging by the results of the last quarter, there is a gradual return to the previous trend:</p><p><blockquote>‘Amazon Web Services’的增长趋势有所放缓，但从上个季度的结果来看，有逐渐回归之前的趋势：</blockquote></p><p><img src=\"https://static.tigerbbs.com/07069ccaab37c32eed56da69881e7bce\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>Geographically, Amazon's revenue was also significantly better than the trend:</p><p><blockquote>从地域上看，亚马逊的营收也明显好于趋势：</blockquote></p><p><img src=\"https://static.tigerbbs.com/a1d9246e5c01aac6c62e49ad7cd73e2c\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/0e7276161a3d2b2159ab3d727d3cb7d9\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p><i>So, statistically, not subjectively, we should recognize the acceleration of the company's growth</i><i><b>in all key segments</b></i><i>. In my opinion, this is exactly what is expected from Amazon.</i></p><p><blockquote><i>因此，从统计上，而不是主观上，我们应该认识到公司增长的加速</i><i><b>在所有关键细分市场</b></i><i>.在我看来，这正是人们对亚马逊的期望。</i></blockquote></p><p>Further. Over the last 10 years, Amazon's capitalization has been in a qualitative linear relationship with its revenue:</p><p><blockquote>更远地。在过去10年中，亚马逊的资本化与其收入呈定性线性关系：</blockquote></p><p><img src=\"https://static.tigerbbs.com/f105c314902d29dae4d0f0e400aa2245\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>There is also a certain influence of the company's revenue growth rate on its multiples:</p><p><blockquote>公司营收增速对其倍数也有一定影响：</blockquote></p><p><img src=\"https://static.tigerbbs.com/8beca01b5624a15aab79465c580ded6b\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>Based on these two relationships and taking into account the influence of the growth of theM2 money stockin the US, it is possible to build another model that allows us to determine the balanced level of the company's capitalization. In addition, this model allows to model the growth of the company's capitalization based on the current expectations of analysts regarding the company's revenue growth in the next four quarters. Here is this model:</p><p><blockquote>基于这两种关系，并考虑到美国货币存量增长的影响，有可能建立另一个模型，使我们能够确定公司资本化的平衡水平。此外，该模型允许根据分析师当前对公司未来四个季度收入增长的预期来模拟公司资本的增长。这是这个模型：</blockquote></p><p><img src=\"https://static.tigerbbs.com/083fa1dc350e5e54cc7d3145744c9e4c\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d63f0cff5e0dd83343d26ee90552a033\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p><i>As you can see, firstly, this model indicates that the company's current price is already</i><i><b>below the balanced level</b></i><i>. And secondly, it assumes a</i><i><b>25% growth</b></i><i>in capitalization in the next four quarters.</i></p><p><blockquote><i>正如你所看到的，首先，这个模型表明公司当前的价格已经</i><i><b>低于平衡水平</b></i><i>其次，它假设</i><i><b>25%增长</b></i><i>未来四个季度的资本化。</i></blockquote></p><p>#2 Comparative Valuation</p><p><blockquote>#2比较估值</blockquote></p><p>In the previous block, I modeled Amazon's balanced price based on revenue. What is remarkable is that if we apply the same approach to the comparative valuation of the company using multiples, we will fail. At least I have not been able to find a single revenue-based multiple that would make it possible to successfully compare Amazon to other companies. But the forward P/E (next FY) multiple adjusted by the expected EPS annual growth rate made it possible to find a suitable model:</p><p><blockquote>在上一个模块中，我根据收入对亚马逊的均衡价格进行了建模。值得注意的是，如果我们用同样的方法使用倍数对公司进行比较估值，我们就会失败。至少我还没有找到一个基于收入的倍数来成功地将亚马逊与其他公司进行比较。但根据预期每股收益年增长率调整后的远期市盈率（下一财年）倍数使得找到合适的模型成为可能：</blockquote></p><p></p><p><img src=\"https://static.tigerbbs.com/97ac0310bcef622e12c8c21d46979f7e\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/8d7573ff8a7fc00719a51042f09fc989\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p><i>As you can see, judging by this multiple, Amazon is significantly undervalued.</i></p><p><blockquote><i>正如你所看到的，从这个倍数来看，亚马逊被严重低估了。</i></blockquote></p><p>#3 Discounted Cash Flow Model</p><p><blockquote>#3贴现现金流模型</blockquote></p><p>When predicting Amazon's revenue for the next decade, I proceeded from the average expectations ofanalysts:</p><p><blockquote>在预测亚马逊未来十年的收入时，我从分析师的平均预期出发：</blockquote></p><p><img src=\"https://static.tigerbbs.com/9f41298db73dbcd92469026cc4e767c4\" tg-width=\"640\" tg-height=\"323\" referrerpolicy=\"no-referrer\"><i>Source: Seeking Alpha Pro</i></p><p><blockquote><i>资料来源：寻求Alpha Pro</i></blockquote></p><p>When predicting the dynamics of Amazon's operating margin, I also proceeded from analysts'expectationsregarding the growth of the company's EPS, and taking into account the gradual increase in the tax rate to 25%. In my opinion, a gradual increase in the operating margin to 8% in the terminal year is a very realistic scenario.</p><p><blockquote>在预测亚马逊营业利润率的动态时，我也从分析师对公司每股收益增长的预期出发，并考虑到税率逐渐提高到25%。在我看来，在终端年将营业利润率逐步提高到8%是一个非常现实的情况。</blockquote></p><p>Here is the calculation of the Weighted Average Cost of Capital:</p><p><blockquote>以下是加权平均资本成本的计算：</blockquote></p><p><img src=\"https://static.tigerbbs.com/759163398701e54efd7cfabd11a0867d\" tg-width=\"480\" tg-height=\"374\" referrerpolicy=\"no-referrer\"><i>Source: Author</i></p><p><blockquote><i>来源：作者</i></blockquote></p><p>Some explanations:</p><p><blockquote>一些解释：</blockquote></p><p><ul><li>In order to calculate the market rate of return, I used values of equityriskpremium (4.72%) and the current yield of UST10 as a risk-free rate (1.6%).</li><li>I used the currentvalueof the three-year beta coefficient (0.92). For the terminal year, I used Beta equal to 1.</li><li>To calculate the Cost of Debt, I used the interest expense for 2019 and 2020 divided by the debt value for the same years.</li></ul>Here is the model itself:</p><p><blockquote><ul><li>为了计算市场回报率，我使用了equityriskpremium（4.72%）和UST10的当前收益率作为无风险利率（1.6%）。</li><li>我使用了三年贝塔系数的当前值（0.92）。在最后一年，我使用Beta等于1。</li><li>为了计算债务成本，我使用2019年和2020年的利息支出除以同年的债务价值。</li></ul>以下是模型本身：</blockquote></p><p><img src=\"https://static.tigerbbs.com/0df02bca01b3ef74d3b640d95eb00590\" tg-width=\"640\" tg-height=\"528\" referrerpolicy=\"no-referrer\">(In high resolution)</p><p><blockquote>（高分辨率）</blockquote></p><p><i>Source: Author</i></p><p><blockquote><i>来源：作者</i></blockquote></p><p><i>The DCF-based target price of Amazon's shares is $4,280, offering 29% upside.</i></p><p><blockquote><i>亚马逊股票基于DCF的目标价为4,280美元，上涨空间为29%。</i></blockquote></p><p>Final thoughts</p><p><blockquote>最后的想法</blockquote></p><p><ol><li>Amazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase. In a sense, this is a startup with $73 billion cash.</li><li>The fact that Amazon remains in the acceleration phase does not mean that its capitalization is constantly undervalued. But in this case, based on the patterns between the company's capitalization and the parameters of its revenue, we can conclude that the company is<b>undervalued</b>.</li><li>Comparing Amazon to other companies through the prism of expected EPS growth, it must be admitted that the company is<b>much cheaper</b>than the market.</li><li>DCF model based on average expectations analysts indicate a 30% undervaluation. At the start of the year, a similarmodelindicated a 20% undervaluation.</li><li>When you look at Amazon's revenue forecast for the next decade, you realize that the company will face growth problems. But in my opinion,<i>it is better to invest in a company facing growth problems than aging problems</i>.</li></ol></p><p><blockquote><ol><li>亚马逊是增长尚未达到极限，甚至还没有进入平台期的公司之一。从某种意义上说，这是一家拥有730亿美元现金的初创公司。</li><li>亚马逊仍处于加速阶段的事实并不意味着其市值不断被低估。但在这种情况下，根据公司的资本化和收入参数之间的模式，我们可以得出结论，公司是<b>被低估</b>.</li><li>通过预期每股收益增长的棱镜将亚马逊与其他公司进行比较，必须承认该公司是<b>便宜多了</b>比市场。</li><li>基于平均预期的DCF模型分析师表示低估了30%。今年年初，类似的模型显示估值被低估了20%。</li><li>当你看亚马逊未来十年的收入预测时，你会意识到该公司将面临增长问题。但在我看来，<i>投资一家面临增长问题的公司比投资老龄化问题的公司更好</i>.</li></ol></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>Amazon: The Most Clearly Undervalued Company<blockquote>亚马逊：最明显被低估的公司</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAmazon: The Most Clearly Undervalued Company<blockquote>亚马逊：最明显被低估的公司</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking alpha</strong><span class=\"h-time small\">2021-05-07 12:02</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Summary</p><p><blockquote>总结</blockquote></p><p><ul><li>Amazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase.</li><li>In terms of comparative valuation, AMZN is undervalued against the market.</li><li>DCF-based Amazon stock price target suggests 30% upside potential. But I think this is not even a basic scenario, but a pessimistic scenario.</li></ul>I present my comprehensive Amazon (AMZN) analysis in light of the results of the last quarter.</p><p><blockquote><ul><li>亚马逊是增长尚未达到极限，甚至还没有进入平台期的公司之一。</li><li>就比较估值而言，AMZN相对于市场被低估。</li><li>基于DCF的亚马逊股价目标显示30%的上涨潜力。但我认为这甚至不是一个基本的情景，而是一个悲观的情景。</li></ul>我根据上个季度的业绩对亚马逊（AMZN）进行了全面的分析。</blockquote></p><p>#1 Price vs. Growth</p><p><blockquote>#1价格与增长</blockquote></p><p>First of all, let's assess whether we can statistically state that Amazon's growth has accelerated or slowed down in the last quarter. To do this, let's compare the revenue growth trends of the key segments of the company with and without the results of the last four quarters.</p><p><blockquote>首先，我们来评估一下我们是否可以从统计数据上说明亚马逊上个季度的增长是加速还是放缓。为此，让我们比较一下有和没有过去四个季度业绩的公司关键部门的收入增长趋势。</blockquote></p><p>The dynamics of the 'Online Stores' segment showed a qualitative breakthrough. Without taking into account the last four quarters, a near-linear trend was observed here. Now, it has become exponential:</p><p><blockquote>“在线商店”部分的动态显示出质的突破。在不考虑过去四个季度的情况下，这里观察到了接近线性的趋势。现在，它已经成为指数级增长：</blockquote></p><p><img src=\"https://static.tigerbbs.com/bac49a9df0e5b978dc15e20bedfce3da\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The 'Third-Party Seller Services' segment - the exponential growth continues:</p><p><blockquote>“第三方卖家服务”细分市场——指数级增长仍在继续：</blockquote></p><p><img src=\"https://static.tigerbbs.com/6b58df42726bc01c8a5e5c2940d0476d\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The 'Subscription Services' (Amazon Prime) segment - here the acceleration remains, and the result of the last quarter was better than the trend:</p><p><blockquote>“订阅服务”（Amazon Prime）细分市场——这里的加速仍然存在，上个季度的结果好于趋势：</blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The 'Other' (advertising services) segment has also showed a significant acceleration:<img src=\"https://static.tigerbbs.com/a58095394bdd79d561166a74942a9e55\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote>“其他”（广告服务）部门也显示出显着的加速：</blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The growth trend of 'Amazon Web Services' has slowed down, but judging by the results of the last quarter, there is a gradual return to the previous trend:</p><p><blockquote>‘Amazon Web Services’的增长趋势有所放缓，但从上个季度的结果来看，有逐渐回归之前的趋势：</blockquote></p><p><img src=\"https://static.tigerbbs.com/07069ccaab37c32eed56da69881e7bce\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>Geographically, Amazon's revenue was also significantly better than the trend:</p><p><blockquote>从地域上看，亚马逊的营收也明显好于趋势：</blockquote></p><p><img src=\"https://static.tigerbbs.com/a1d9246e5c01aac6c62e49ad7cd73e2c\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/0e7276161a3d2b2159ab3d727d3cb7d9\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p><i>So, statistically, not subjectively, we should recognize the acceleration of the company's growth</i><i><b>in all key segments</b></i><i>. In my opinion, this is exactly what is expected from Amazon.</i></p><p><blockquote><i>因此，从统计上，而不是主观上，我们应该认识到公司增长的加速</i><i><b>在所有关键细分市场</b></i><i>.在我看来，这正是人们对亚马逊的期望。</i></blockquote></p><p>Further. Over the last 10 years, Amazon's capitalization has been in a qualitative linear relationship with its revenue:</p><p><blockquote>更远地。在过去10年中，亚马逊的资本化与其收入呈定性线性关系：</blockquote></p><p><img src=\"https://static.tigerbbs.com/f105c314902d29dae4d0f0e400aa2245\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>There is also a certain influence of the company's revenue growth rate on its multiples:</p><p><blockquote>公司营收增速对其倍数也有一定影响：</blockquote></p><p><img src=\"https://static.tigerbbs.com/8beca01b5624a15aab79465c580ded6b\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>Based on these two relationships and taking into account the influence of the growth of theM2 money stockin the US, it is possible to build another model that allows us to determine the balanced level of the company's capitalization. In addition, this model allows to model the growth of the company's capitalization based on the current expectations of analysts regarding the company's revenue growth in the next four quarters. Here is this model:</p><p><blockquote>基于这两种关系，并考虑到美国货币存量增长的影响，有可能建立另一个模型，使我们能够确定公司资本化的平衡水平。此外，该模型允许根据分析师当前对公司未来四个季度收入增长的预期来模拟公司资本的增长。这是这个模型：</blockquote></p><p><img src=\"https://static.tigerbbs.com/083fa1dc350e5e54cc7d3145744c9e4c\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d63f0cff5e0dd83343d26ee90552a033\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p><i>As you can see, firstly, this model indicates that the company's current price is already</i><i><b>below the balanced level</b></i><i>. And secondly, it assumes a</i><i><b>25% growth</b></i><i>in capitalization in the next four quarters.</i></p><p><blockquote><i>正如你所看到的，首先，这个模型表明公司当前的价格已经</i><i><b>低于平衡水平</b></i><i>其次，它假设</i><i><b>25%增长</b></i><i>未来四个季度的资本化。</i></blockquote></p><p>#2 Comparative Valuation</p><p><blockquote>#2比较估值</blockquote></p><p>In the previous block, I modeled Amazon's balanced price based on revenue. What is remarkable is that if we apply the same approach to the comparative valuation of the company using multiples, we will fail. At least I have not been able to find a single revenue-based multiple that would make it possible to successfully compare Amazon to other companies. But the forward P/E (next FY) multiple adjusted by the expected EPS annual growth rate made it possible to find a suitable model:</p><p><blockquote>在上一个模块中，我根据收入对亚马逊的均衡价格进行了建模。值得注意的是，如果我们用同样的方法使用倍数对公司进行比较估值，我们就会失败。至少我还没有找到一个基于收入的倍数来成功地将亚马逊与其他公司进行比较。但根据预期每股收益年增长率调整后的远期市盈率（下一财年）倍数使得找到合适的模型成为可能：</blockquote></p><p></p><p><img src=\"https://static.tigerbbs.com/97ac0310bcef622e12c8c21d46979f7e\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/8d7573ff8a7fc00719a51042f09fc989\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p><i>As you can see, judging by this multiple, Amazon is significantly undervalued.</i></p><p><blockquote><i>正如你所看到的，从这个倍数来看，亚马逊被严重低估了。</i></blockquote></p><p>#3 Discounted Cash Flow Model</p><p><blockquote>#3贴现现金流模型</blockquote></p><p>When predicting Amazon's revenue for the next decade, I proceeded from the average expectations ofanalysts:</p><p><blockquote>在预测亚马逊未来十年的收入时，我从分析师的平均预期出发：</blockquote></p><p><img src=\"https://static.tigerbbs.com/9f41298db73dbcd92469026cc4e767c4\" tg-width=\"640\" tg-height=\"323\" referrerpolicy=\"no-referrer\"><i>Source: Seeking Alpha Pro</i></p><p><blockquote><i>资料来源：寻求Alpha Pro</i></blockquote></p><p>When predicting the dynamics of Amazon's operating margin, I also proceeded from analysts'expectationsregarding the growth of the company's EPS, and taking into account the gradual increase in the tax rate to 25%. In my opinion, a gradual increase in the operating margin to 8% in the terminal year is a very realistic scenario.</p><p><blockquote>在预测亚马逊营业利润率的动态时，我也从分析师对公司每股收益增长的预期出发，并考虑到税率逐渐提高到25%。在我看来，在终端年将营业利润率逐步提高到8%是一个非常现实的情况。</blockquote></p><p>Here is the calculation of the Weighted Average Cost of Capital:</p><p><blockquote>以下是加权平均资本成本的计算：</blockquote></p><p><img src=\"https://static.tigerbbs.com/759163398701e54efd7cfabd11a0867d\" tg-width=\"480\" tg-height=\"374\" referrerpolicy=\"no-referrer\"><i>Source: Author</i></p><p><blockquote><i>来源：作者</i></blockquote></p><p>Some explanations:</p><p><blockquote>一些解释：</blockquote></p><p><ul><li>In order to calculate the market rate of return, I used values of equityriskpremium (4.72%) and the current yield of UST10 as a risk-free rate (1.6%).</li><li>I used the currentvalueof the three-year beta coefficient (0.92). For the terminal year, I used Beta equal to 1.</li><li>To calculate the Cost of Debt, I used the interest expense for 2019 and 2020 divided by the debt value for the same years.</li></ul>Here is the model itself:</p><p><blockquote><ul><li>为了计算市场回报率，我使用了equityriskpremium（4.72%）和UST10的当前收益率作为无风险利率（1.6%）。</li><li>我使用了三年贝塔系数的当前值（0.92）。在最后一年，我使用Beta等于1。</li><li>为了计算债务成本，我使用2019年和2020年的利息支出除以同年的债务价值。</li></ul>以下是模型本身：</blockquote></p><p><img src=\"https://static.tigerbbs.com/0df02bca01b3ef74d3b640d95eb00590\" tg-width=\"640\" tg-height=\"528\" referrerpolicy=\"no-referrer\">(In high resolution)</p><p><blockquote>（高分辨率）</blockquote></p><p><i>Source: Author</i></p><p><blockquote><i>来源：作者</i></blockquote></p><p><i>The DCF-based target price of Amazon's shares is $4,280, offering 29% upside.</i></p><p><blockquote><i>亚马逊股票基于DCF的目标价为4,280美元，上涨空间为29%。</i></blockquote></p><p>Final thoughts</p><p><blockquote>最后的想法</blockquote></p><p><ol><li>Amazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase. In a sense, this is a startup with $73 billion cash.</li><li>The fact that Amazon remains in the acceleration phase does not mean that its capitalization is constantly undervalued. But in this case, based on the patterns between the company's capitalization and the parameters of its revenue, we can conclude that the company is<b>undervalued</b>.</li><li>Comparing Amazon to other companies through the prism of expected EPS growth, it must be admitted that the company is<b>much cheaper</b>than the market.</li><li>DCF model based on average expectations analysts indicate a 30% undervaluation. At the start of the year, a similarmodelindicated a 20% undervaluation.</li><li>When you look at Amazon's revenue forecast for the next decade, you realize that the company will face growth problems. But in my opinion,<i>it is better to invest in a company facing growth problems than aging problems</i>.</li></ol></p><p><blockquote><ol><li>亚马逊是增长尚未达到极限，甚至还没有进入平台期的公司之一。从某种意义上说，这是一家拥有730亿美元现金的初创公司。</li><li>亚马逊仍处于加速阶段的事实并不意味着其市值不断被低估。但在这种情况下，根据公司的资本化和收入参数之间的模式，我们可以得出结论，公司是<b>被低估</b>.</li><li>通过预期每股收益增长的棱镜将亚马逊与其他公司进行比较，必须承认该公司是<b>便宜多了</b>比市场。</li><li>基于平均预期的DCF模型分析师表示低估了30%。今年年初，类似的模型显示估值被低估了20%。</li><li>当你看亚马逊未来十年的收入预测时，你会意识到该公司将面临增长问题。但在我看来，<i>投资一家面临增长问题的公司比投资老龄化问题的公司更好</i>.</li></ol></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4424794-amazon-clearly-undervalued-company\">Seeking alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMZN":"亚马逊"},"source_url":"https://seekingalpha.com/article/4424794-amazon-clearly-undervalued-company","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1157328258","content_text":"SummaryAmazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase.In terms of comparative valuation, AMZN is undervalued against the market.DCF-based Amazon stock price target suggests 30% upside potential. But I think this is not even a basic scenario, but a pessimistic scenario.I present my comprehensive Amazon (AMZN) analysis in light of the results of the last quarter.#1 Price vs. GrowthFirst of all, let's assess whether we can statistically state that Amazon's growth has accelerated or slowed down in the last quarter. To do this, let's compare the revenue growth trends of the key segments of the company with and without the results of the last four quarters.The dynamics of the 'Online Stores' segment showed a qualitative breakthrough. Without taking into account the last four quarters, a near-linear trend was observed here. Now, it has become exponential:Source: VisualizedAnalytics.comThe 'Third-Party Seller Services' segment - the exponential growth continues:Source: VisualizedAnalytics.comThe 'Subscription Services' (Amazon Prime) segment - here the acceleration remains, and the result of the last quarter was better than the trend:Source: VisualizedAnalytics.comThe 'Other' (advertising services) segment has also showed a significant acceleration:Source: VisualizedAnalytics.comThe growth trend of 'Amazon Web Services' has slowed down, but judging by the results of the last quarter, there is a gradual return to the previous trend:Source: VisualizedAnalytics.comGeographically, Amazon's revenue was also significantly better than the trend:Source: VisualizedAnalytics.comSo, statistically, not subjectively, we should recognize the acceleration of the company's growthin all key segments. In my opinion, this is exactly what is expected from Amazon.Further. Over the last 10 years, Amazon's capitalization has been in a qualitative linear relationship with its revenue:Source: VisualizedAnalytics.comThere is also a certain influence of the company's revenue growth rate on its multiples:Source: VisualizedAnalytics.comBased on these two relationships and taking into account the influence of the growth of theM2 money stockin the US, it is possible to build another model that allows us to determine the balanced level of the company's capitalization. In addition, this model allows to model the growth of the company's capitalization based on the current expectations of analysts regarding the company's revenue growth in the next four quarters. Here is this model:Source: VisualizedAnalytics.comAs you can see, firstly, this model indicates that the company's current price is alreadybelow the balanced level. And secondly, it assumes a25% growthin capitalization in the next four quarters.#2 Comparative ValuationIn the previous block, I modeled Amazon's balanced price based on revenue. What is remarkable is that if we apply the same approach to the comparative valuation of the company using multiples, we will fail. At least I have not been able to find a single revenue-based multiple that would make it possible to successfully compare Amazon to other companies. But the forward P/E (next FY) multiple adjusted by the expected EPS annual growth rate made it possible to find a suitable model:Source: VisualizedAnalytics.comAs you can see, judging by this multiple, Amazon is significantly undervalued.#3 Discounted Cash Flow ModelWhen predicting Amazon's revenue for the next decade, I proceeded from the average expectations ofanalysts:Source: Seeking Alpha ProWhen predicting the dynamics of Amazon's operating margin, I also proceeded from analysts'expectationsregarding the growth of the company's EPS, and taking into account the gradual increase in the tax rate to 25%. In my opinion, a gradual increase in the operating margin to 8% in the terminal year is a very realistic scenario.Here is the calculation of the Weighted Average Cost of Capital:Source: AuthorSome explanations:In order to calculate the market rate of return, I used values of equityriskpremium (4.72%) and the current yield of UST10 as a risk-free rate (1.6%).I used the currentvalueof the three-year beta coefficient (0.92). For the terminal year, I used Beta equal to 1.To calculate the Cost of Debt, I used the interest expense for 2019 and 2020 divided by the debt value for the same years.Here is the model itself:(In high resolution)Source: AuthorThe DCF-based target price of Amazon's shares is $4,280, offering 29% upside.Final thoughtsAmazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase. In a sense, this is a startup with $73 billion cash.The fact that Amazon remains in the acceleration phase does not mean that its capitalization is constantly undervalued. But in this case, based on the patterns between the company's capitalization and the parameters of its revenue, we can conclude that the company isundervalued.Comparing Amazon to other companies through the prism of expected EPS growth, it must be admitted that the company ismuch cheaperthan the market.DCF model based on average expectations analysts indicate a 30% undervaluation. At the start of the year, a similarmodelindicated a 20% undervaluation.When you look at Amazon's revenue forecast for the next decade, you realize that the company will face growth problems. But in my opinion,it is better to invest in a company facing growth problems than aging problems.","news_type":1,"symbols_score_info":{"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":1434,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":345144718,"gmtCreate":1618292790134,"gmtModify":1634293898397,"author":{"id":"3565865195004220","authorId":"3565865195004220","name":"BabyHuatHuat","avatar":"https://static.tigerbbs.com/49ee3c00396b80f7a3b8f686f8cb8102","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3565865195004220","idStr":"3565865195004220"},"themes":[],"htmlText":"Like amd comment...thanks","listText":"Like amd comment...thanks","text":"Like amd comment...thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/345144718","repostId":"1146450605","repostType":4,"isVote":1,"tweetType":1,"viewCount":266,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":348086483,"gmtCreate":1617869244042,"gmtModify":1634296057002,"author":{"id":"3565865195004220","authorId":"3565865195004220","name":"BabyHuatHuat","avatar":"https://static.tigerbbs.com/49ee3c00396b80f7a3b8f686f8cb8102","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3565865195004220","idStr":"3565865195004220"},"themes":[],"htmlText":"Like for the coins..","listText":"Like for the coins..","text":"Like for the coins..","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/348086483","repostId":"1112389819","repostType":4,"repost":{"id":"1112389819","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1617854410,"share":"https://www.laohu8.com/m/news/1112389819?lang=zh_CN&edition=full","pubTime":"2021-04-08 12:00","market":"us","language":"en","title":"Cathie Wood Adds These Stocks To The Newly-Created Space Exploration ETF And Others<blockquote>Cathie Wood将这些股票添加到新创建的太空探索ETF等中</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1112389819","media":"Benzinga","summary":"Cathie Wood’s Ark Investment Management sends out an email every night listing the stocks that were ","content":"<p>Cathie Wood’s Ark Investment Management sends out an email every night listing the stocks that were bought or sold by the firm's ETFs that day. In recent months, the emails have known to cause certain stocks to see a spike in the after-hours session. Here’s a list of 35 stocks that the hedge fund bought and sold on Wednesday.</p><p><blockquote>Cathie Wood的Ark Investment Management每天晚上都会发送一封电子邮件，列出该公司ETF当天买入或卖出的股票。近几个月来，众所周知，这些电子邮件会导致某些股票在盘后交易中飙升。以下是该对冲基金周三买卖的35只股票的列表。</blockquote></p><p> Trades For<b>ArkSpace Exploration &amp; Innovation ETF</b>ARKX 1.32%:</p><p><blockquote>交易为<b>ArkSpace探索与创新ETF</b>ARKX 1.32%：</blockquote></p><p> <b>Atlas Crest Investment Corp</b>ACIC 1.35%: Bought 141,100 shares of the blank check company, representing about 0.2503% of the ETF.</p><p><blockquote><b>阿特拉斯克雷斯特投资公司</b>ACIC 1.35%：购买了空白支票公司141,100股股票，约占ETF的0.2503%。</blockquote></p><p> Atlas Crest shares closed 1.57% lower at $10.06 on Wednesday and were up 1.89% in after-hours trading. The stock has a 52-week high of $18.60 and low of $9.73.</p><p><blockquote>Atlas Crest股价周三收盘下跌1.57%，至10.06美元，盘后交易中上涨1.89%。该股52周高点为18.60美元，低点为9.73美元。</blockquote></p><p> <b>Jaws Spitfire Acquisition Corp</b>SPFR 0.38%: Bought 241,618 shares of the blank check company, representing about 0.4389% of the ETF.</p><p><blockquote><b>大白鲨喷火收购公司</b>SPFR 0.38%：购买了the blank check company的241,618股股票，约占ETF的0.4389%。</blockquote></p><p> Jaws stock closed 0.3% higher at $10.46 on Wednesday and rose 1.91% in the after-hours. It has a 52-week high of $12.10 and low of $9.95.</p><p><blockquote>Jaws股价周三收盘上涨0.3%，至10.46美元，盘后上涨1.91%。52周高点为12.10美元，低点为9.95美元。</blockquote></p><p> <b>Iridium Communications Inc</b>IRDM 2.05%: Bought 35,963 shares of the mobile<b>satellite communications</b>services, representing about 0.2525% of the ETF.</p><p><blockquote><b>铱星通信公司</b>IRDM 2.05%：购买35,963股mobile股票<b>卫星通信</b>服务，约占ETF的0.2525%。</blockquote></p><p> <i>See Also:The First 39 Companies In Cathie Wood's Ark Invest Space ETF</i></p><p><blockquote><i>另请参阅：Cathie Wood的Ark Invest Space ETF中的前39家公司</i></blockquote></p><p> Iridium shares closed 2.05% lower at $40.07 and were up 1.07% in after-hours trading. The stock has a 52-week high of $54.65 and low of $19.18.</p><p><blockquote>铱星股价收盘下跌2.05%，至40.07美元，盘后交易中上涨1.07%。该股52周高点为54.65美元，低点为19.18美元。</blockquote></p><p> <b>Reinvent Technology Partners</b>RTP 0.2%: Bought 140,900 shares of the blank-check company, representing 0.2496% of the ETF.</p><p><blockquote><b>重塑技术合作伙伴</b>RTP 0.2%：购买了空白支票公司140,900股股票，占ETF的0.2496%。</blockquote></p><p> Reinvent shares closed 0.39% lower at $10.11 and were up 1% in after-hours trading. The stock has a 52-week high of $17 and low of $9.86.</p><p><blockquote>Reinvent股价收盘下跌0.39%，至10.11美元，盘后交易中上涨1%。该股52周高点为17美元，低点为9.86美元。</blockquote></p><p> <b>Teradyne Inc</b>TER 0.45%: Sold 11,302 shares of the equipment design and manufacturing company, representing about 0.259% of the ETF.</p><p><blockquote><b>泰瑞达公司</b>TER 0.45%：出售了这家设备设计和制造公司的11,302股股票，约占ETF的0.259%。</blockquote></p><p> Teradyne shares closed 0.45% lower at $131.78. The stock has a 52-week high of $147.90 and low of $56.42.</p><p><blockquote>泰瑞达股价收盘下跌0.45%，至131.78美元。该股52周高点为147.90美元，低点为56.42美元。</blockquote></p><p> <b>Deere &amp; Co</b>DE 0.28%: Sold 7,781 shares of the agriculture, construction and forestry equipment maker, representing about 0.5072% of the ETF.</p><p><blockquote><b>Deere公司</b>DE 0.28%：出售7,781股农业、建筑和林业设备制造商股票，约占ETF的0.5072%。</blockquote></p><p> Deere shares closed 0.22% lower at $374.79.The stock has a 52-week high of $392.42 and low of $117.85.</p><p><blockquote>Deere股价收盘下跌0.22%，至374.79美元。该股52周高点为392.42美元，低点为117.85美元。</blockquote></p><p> <b>AeroVironment Inc</b>AVAV 3.44%: Sold 5,100 shares in the California-headquartered defense contractor, representing about 0.10% of the ETF.</p><p><blockquote><b>航空环境公司</b>AVAV 3.44%：出售了这家总部位于加州的国防承包商的5,100股股票，约占ETF的0.10%。</blockquote></p><p> AeroVironment stock closed 3.44% lower at $113.37 on Wednesday. It has a 52-week high of $143.72 and low of $53.15.</p><p><blockquote>AeroVironment股价周三收盘下跌3.44%，至113.37美元。52周高点为143.72美元，低点为53.15美元。</blockquote></p><p> <b>Taiwan Semiconductor Mfg. Co</b>TSM 2.06%: Sold 28,749 shares in the semiconductor manufacturing and design company, representing about 0.603% of the ETF.</p><p><blockquote><b>台积电制造公司。Co</b>TSM 2.06%：出售这家半导体制造和设计公司的28,749股股票，约占ETF的0.603%。</blockquote></p><p> Taiwan Semiconductor stock closed 2.08% lower at $119.89 on Wednesday. It has a 52-week high of $142.20 and low of $47.72.</p><p><blockquote>台积电股价周三收盘下跌2.08%，至119.89美元。52周高点为142.20美元，低点为47.72美元。</blockquote></p><p> Trades For<b>Ark Fintech Innovation ETF</b>ARKF 1.24%:</p><p><blockquote>交易为<b>方舟金融科技创新ETF</b>ARKF 1.24%：</blockquote></p><p> <b>Base Inc</b>BAINF 0.97%: Bought 313,000 shares in Tokyo of the online services company that develops and builds e-commerce platforms, representing about 0.1195% of the ETF.</p><p><blockquote><b>基地公司</b>BAINF 0.97%：购买了东京一家开发和建设电子商务平台的在线服务公司的313,000股股票，约占ETF的0.1195%。</blockquote></p><p> Base OTC stock closed 0.97% higher at $15.65 on Wednesday. It has a 52-week high of $179 and low of $14.61.</p><p><blockquote>周三，基础场外交易股票收盘上涨0.97%，至15.65美元。52周高点为179美元，低点为14.61美元。</blockquote></p><p> <b>Yeahka Ltd</b>YHEKF: Bought 997,200 shares in Hong Kong of the payment-based technology platform, representing about 0.18% of the ETF.</p><p><blockquote><b>移卡有限公司</b>YHEKF：在香港购买了997,200股基于支付的技术平台，约占ETF的0.18%。</blockquote></p><p> Yeahka stock closed 0.64% lower at $7.75 on Wednesday. It has a 52-week high of $15.28 and low of $4.78.</p><p><blockquote>移卡股价周三收盘下跌0.64%，至7.75美元。52周高点为15.28美元，低点为4.78美元。</blockquote></p><p> <b>LendingClub Corp</b>LC 0.95%: Bought 204,348 shares of the peer-to-peer lending company, representing about 0.0789% of the ETF.</p><p><blockquote><b>LendingClub公司</b>LC 0.95%：购买了204,348股P2P借贷公司股票，约占ETF的0.0789%。</blockquote></p><p> LendingClub stock closed 0.88% lower at $15.7 on Wednesday. It has a 52-week high of $22.68 and low of $4.32.</p><p><blockquote>LendingClub股价周三收盘下跌0.88%，至15.7美元。52周高点为22.68美元，低点为4.32美元。</blockquote></p><p> <b>LendingTree Inc</b>TREE 5.34%: Sold 15,762 shares of the online lending marketplace company, representing about 0.0824% of the ETF.</p><p><blockquote><b>LendingTree公司</b>TREE 5.34%：出售在线借贷市场公司15,762股股票，约占ETF的0.0824%。</blockquote></p><p> LendingTree stock closed 5.34% higher at $229.26 on Wednesday. It has a 52-week high of $372.64 and low of $175.</p><p><blockquote>LendingTree股价周三收盘上涨5.34%，至229.26美元。52周高点为372.64美元，低点为175美元。</blockquote></p><p> Trades For<b>Ark Genomic Revolution ETF</b>ARKG 3.26%:</p><p><blockquote>交易为<b>方舟基因组革命ETF</b>ARKG 3.26%：</blockquote></p><p> <b>10X Genomics Inc</b>TXG 6.03%: Bought 78,908 shares of the gene sequencing biotechnology company, representing about 0.1526% of the ETF.</p><p><blockquote><b>10X基因组学公司</b>TXG 6.03%：买入基因测序生物技术公司78,908股，约占ETF的0.1526%。</blockquote></p><p> 10X shares closed 6.03% lower at $185.34 on Wednesday. It has a 52-week high of $201.70 and low of $58.11.</p><p><blockquote>10X股价周三收盘下跌6.03%，至185.34美元。52周高点为201.70美元，低点为58.11美元。</blockquote></p><p> <b>Signify Health Inc</b>SGFY 3.65%: Bought 182,193 shares of the healthcare tech company, representing about 0.0508% of the ETF.</p><p><blockquote><b>昕诺飞健康公司</b>SGFY 3.65%：购买了这家医疗保健科技公司的182,193股股票，约占ETF的0.0508%。</blockquote></p><p> Signify shares closed 4.08% lower at $26.35 on Wednesday and were up 0.53% in after-hours. It has a 52-week high of $40.79 and low of $22.13.</p><p><blockquote>Signify股价周三收盘下跌4.08%，至26.35美元，盘后上涨0.53%。52周高点为40.79美元，低点为22.13美元。</blockquote></p><p> <b>Repare Therapeutics Inc</b>RPTX 0.78%: Bought 10,700 shares of the Canadian oncology company, representing about 0.0035% of the ETF.</p><p><blockquote><b>修复治疗公司</b>RPTX 0.78%：购买了加拿大肿瘤公司10,700股股票，约占ETF的0.0035%。</blockquote></p><p> Repare stock closed 0.78% higher at $30.96 on Wednesday. It has a 52-week high of $46.44 and low of $21.45.</p><p><blockquote>Repare股价周三收盘上涨0.78%，至30.96美元。52周高点为46.44美元，低点为21.45美元。</blockquote></p><p> <b>908 Devices Inc</b>MASS 6.18%: Bought 51,661 shares of the purpose-built handheld and devices for chemical and biomolecular analysis maker, representing about 0.0273% of the ETF.</p><p><blockquote><b>908设备公司</b>MASS 6.18%：购买了这家化学和生物分子分析专用手持设备和设备制造商的51,661股股票，约占ETF的0.0273%。</blockquote></p><p> 908 Devices stock closed 6.18% lower at $46.95 on Wednesday. It has a 52-week high of $79.60 and low of $38.88.</p><p><blockquote>908 Devices股价周三收盘下跌6.18%，至46.95美元。52周高点为79.60美元，低点为38.88美元。</blockquote></p><p></p><p> <b>Pluristem Therapeutics Inc</b>PSTI 2.09%: Sold 2,220 shares of the Israel-based stemcell company, representing about 0.0001% of the ETF.</p><p><blockquote><b>Pluristem治疗公司</b>PSTI 2.09%：出售2,220股以色列干细胞公司股票，约占ETF的0.0001%。</blockquote></p><p> Pluristem stock closed 2.09% higher at $4.89 on Wednesday. It has a 52-week high of $13.29 and low of $3.95.</p><p><blockquote>Pluristem股价周三收盘上涨2.09%，至4.89美元。52周高点为13.29美元，低点为3.95美元。</blockquote></p><p> Trades For<b>ArkInnovation ETF</b>ARKK 2.33%:</p><p><blockquote>交易为<b>ArkInnovation ETF</b>ARKK 2.33%：</blockquote></p><p> <b>Zoom Video Communications Inc</b>ZM 2.03%: Bought 98,500 shares of the video calling company, representing about 0.1326% of the ETF.</p><p><blockquote><b>Zoom Video通信公司</b>ZM 2.03%：购买了98,500股视频通话公司股票，约占ETF的0.1326%。</blockquote></p><p> Zoom stock closed 2.03% lower at $323.08 on Wednesday. It has a 52-week high of $588.84 and low of $109.57.</p><p><blockquote>Zoom股价周三收盘下跌2.03%，至323.08美元。52周高点为588.84美元，低点为109.57美元。</blockquote></p><p> <b>10X Genomics Inc</b>TXG 6.03%: Bought 111,047 shares of the gene sequencing biotechnology company, representing about 0.0865% of the ETF.</p><p><blockquote><b>10X基因组学公司</b>TXG 6.03%：买入基因测序生物技术公司111,047股，约占ETF的0.0865%。</blockquote></p><p> 10X shares closed 6.03% lower at $185.34 on Wednesday. It has a 52-week high of $201.70 and low of $58.11.</p><p><blockquote>10X股价周三收盘下跌6.03%，至185.34美元。52周高点为201.70美元，低点为58.11美元。</blockquote></p><p> <b>Trimble Inc</b>TRMB 3.84%: Bought 237,782 shares of the California-based hardware, software and services technology company, representing about 0.0813% of the ETF.</p><p><blockquote><b>天宝公司</b>TRMB 3.84%：购买了这家总部位于加州的硬件、软件和服务技术公司的237,782股股票，约占ETF的0.0813%。</blockquote></p><p> Trimble shares closed 3.84% lower at $79.74 on Wednesday. It has a 52-week high of $84.86 and low of $30.87.</p><p><blockquote>Trimble股价周三收盘下跌3.84%，至79.74美元。52周高点为84.86美元，低点为30.87美元。</blockquote></p><p> <b>Palantir Technologies Inc</b>PLTR 1.57%: Bought 1,045,600 shares of the big data analytics company, representing about 0.1007% of the ETF.</p><p><blockquote><b>Palantir技术公司</b>PLTR 1.57%：购买了这家大数据分析公司1,045,600股股票，约占ETF的0.1007%。</blockquote></p><p> Palantir shares closed 1.59% lower at $22.90 on Wednesday and rose 1.05% in the after-hours. It has a 52-week high of $45 and low of $8.90.</p><p><blockquote>Palantir股价周三收盘下跌1.59%，至22.90美元，盘后上涨1.05%。52周高点为45美元，低点为8.90美元。</blockquote></p><p> <b>Docusign Inc</b>DOCU: Bought 103,783 shares of the online signature services company, representing about 0.0891% of the ETF.</p><p><blockquote><b>Docusign公司</b>DOCU：购买了在线签名服务公司103,783股，约占ETF的0.0891%。</blockquote></p><p> Docusign shares closed flat at $205.71 on Wednesday and were up 0.63% in after-hours trading. The stock has a 52-week high of $290.23 and low of $85.84.</p><p><blockquote>Docusign股价周三收于205.71美元，盘后交易中上涨0.63%。该股52周高点为290.23美元，低点为85.84美元。</blockquote></p><p> <b>DraftKings Inc</b>DKNG 2.68%: Bought 610,847 shares of the daily fantasy sports company, representing about 0.1595% of the ETF.</p><p><blockquote><b>DraftKings公司</b>DKNG 2.68%：购买每日幻想体育公司610,847股，约占ETF的0.1595%。</blockquote></p><p> DraftKings shares closed 2.68% lower at $62.09 on Wednesday and were up 0.64% in the after-hours. It has a 52-week high of $74.38 and low of $12.68.</p><p><blockquote>DraftKings股价周三收盘下跌2.68%，至62.09美元，盘后上涨0.64%。52周高点为74.38美元，低点为12.68美元。</blockquote></p><p> Trades for<b>ARK Autonomous Technology &amp; Robotics ETF</b>(BATS:ARKQ):</p><p><blockquote>交易为<b>ARK自主技术与机器人ETF</b>（蝙蝠：ARKQ）：</blockquote></p><p> <b>Atlas Crest Investment Corp</b>ACIC 1.35%: Bought 71,635 shares of the blank check company, representing about 0.0214% of the ETF.</p><p><blockquote><b>阿特拉斯克雷斯特投资公司</b>ACIC 1.35%：购买了71,635股空白支票公司股票，约占ETF的0.0214%。</blockquote></p><p> Atlas Crest shares closed 1.57% lower at $10.06 on Wednesday and were up 1.89% in after-hours trading. The stock has a 52-week high of $18.60 and low of $9.73.</p><p><blockquote>Atlas Crest股价周三收盘下跌1.57%，至10.06美元，盘后交易中上涨1.89%。该股52周高点为18.60美元，低点为9.73美元。</blockquote></p><p> <b>Alphabet Inc</b>GOOGL 1.35%GOOG 1.12%: Sold 16,651 Class C shares of the Google parent company, representing about 1.10% of the ETF.</p><p><blockquote><b>Alphabet公司</b>GOOGL 1.35%GOOG 1.12%：出售16,651股谷歌母公司C类股票，约占ETF的1.10%。</blockquote></p><p> Alphabet shares closed 1.35% higher at $2239.03 on Wednesday and were up 0.40% in the after-hours. The stock has a 52-week high of $2,244.50 and low of $1,177.25.</p><p><blockquote>Alphabet股价周三收盘上涨1.35%，至2239.03美元，盘后上涨0.40%。该股52周高点为2,244.50美元，低点为1,177.25美元。</blockquote></p><p> <b>Iridium Communications Inc</b>IRDM 2.05%: Bought 59,521 shares of the mobile<b>satellite communications</b>services, representing about 0.0705% of the ETF.</p><p><blockquote><b>铱星通信公司</b>IRDM 2.05%：购买59,521股mobile股票<b>卫星通信</b>服务，约占ETF的0.0705%。</blockquote></p><p> Iridium shares closed 2.05% lower at $40.07 and were up 1.07% in after-hours trading. The stock has a 52-week high of $54.65 and low of $19.18.</p><p><blockquote>铱星股价收盘下跌2.05%，至40.07美元，盘后交易中上涨1.07%。该股52周高点为54.65美元，低点为19.18美元。</blockquote></p><p> <b>Kratos Defense &amp; Security Solutions</b>KTOS 2.34%: Bought 313,506 shares of the U.S. defense contractor and security systems integrator company, representing about 0.2583% of the company.</p><p><blockquote><b>奎托斯防御与安全解决方案</b>KTOS 2.34%：购买了这家美国国防承包商和安全系统集成商公司的313,506股股票，约占该公司的0.2583%。</blockquote></p><p> Kratos Defense shares closed 2.34% lower at $27.97 on Wednesday and were up 1.07% in the after-hours. The stock has a 52-week high of $34.11 and low of $13.34.</p><p><blockquote>Kratos Defense股价周三收盘下跌2.34%，至27.97美元，盘后上涨1.07%。该股52周高点为34.11美元，低点为13.34美元。</blockquote></p><p> <b>Taiwan Semiconductor Mfg. Co</b>TSM 2.06%: Sold 97,700 shares in the semiconductor manufacturing and design company, representing about 0.3467% of the ETF.</p><p><blockquote><b>台积电制造公司。Co</b>TSM 2.06%：出售这家半导体制造和设计公司的97,700股股票，约占ETF的0.3467%。</blockquote></p><p> Taiwan Semiconductor stock closed 2.08% lower at $119.89 on Wednesday. It has a 52-week high of $142.20 and low of $47.72.</p><p><blockquote>台积电股价周三收盘下跌2.08%，至119.89美元。52周高点为142.20美元，低点为47.72美元。</blockquote></p><p> <b>Teradyne Inc</b>TER 0.45%: Sold 98,161 shares of the equipment design and manufacturing company, representing about 0.3802% of the ETF.</p><p><blockquote><b>泰瑞达公司</b>TER 0.45%：出售这家设备设计和制造公司的98,161股，约占ETF的0.3802%。</blockquote></p><p> Teradyne shares closed 0.45% lower at $131.78. The stock has a 52-week high of $147.90 and low of $56.42.</p><p><blockquote>泰瑞达股价收盘下跌0.45%，至131.78美元。该股52周高点为147.90美元，低点为56.42美元。</blockquote></p><p> <b>Deere &amp; Co</b>DE 0.28%: Sold 37,795 shares of the agriculture, construction and forestry equipment maker, representing about 0.4162% of the ETF.</p><p><blockquote><b>Deere公司</b>DE 0.28%：出售这家农业、建筑和林业设备制造商的37,795股股票，约占ETF的0.4162%。</blockquote></p><p> Deere shares closed 0.22% lower at $374.79.The stock has a 52-week high of $392.42 and low of $117.85.</p><p><blockquote>Deere股价收盘下跌0.22%，至374.79美元。该股52周高点为392.42美元，低点为117.85美元。</blockquote></p><p> <b>Caterpillar Inc</b>CAT 0.11%: Sold 59,610 shares of the agriculture, construction, mining and forestry equipment maker, representing about 0.4051% of the ETF.</p><p><blockquote><b>卡特彼勒公司</b>CAT 0.11%：出售了这家农业、建筑、采矿和林业设备制造商的59,610股股票，约占ETF的0.4051%。</blockquote></p><p> Caterpillar shares closed 0.1% lower at $230.41.The stock has a 52-week high of $237.78 and low of $100.22.</p><p><blockquote>卡特彼勒股价收盘下跌0.1%，至230.41美元。该股52周高点为237.78美元，低点为100.22美元。</blockquote></p><p> Trades For<b>ARK Next Generation Internet ETF</b>ARKW 1.62%</p><p><blockquote>交易为<b>方舟下一代互联网ETF</b>ARKW 1.62%</blockquote></p><p> <b>Trade Desk Inc</b>TTD 1.23%: Bought 23,750 shares of the technology platform for ad buyers company, representing about 0.23% of the ETF.</p><p><blockquote><b>贸易台公司</b>TTD 1.23%：为广告买家公司购买了23,750股技术平台股票，约占ETF的0.23%。</blockquote></p><p> Trade Desk shares closed 1.23% higher at $677.87 on Wednesday and were up 0.31% in after-hours. It has a 52-week high of $972.80 and low of $190.29.</p><p><blockquote>Trade Desk股价周三收盘上涨1.23%，至677.87美元，盘后上涨0.31%。52周高点为972.80美元，低点为190.29美元。</blockquote></p><p> <b>LendingClub Corp</b>LC 0.95%: Bought 150,245 shares of the peer-to-peer lending company, representing about 0.0337% of the ETF.</p><p><blockquote><b>LendingClub公司</b>LC 0.95%：购买了150,245股P2P借贷公司股票，约占ETF的0.0337%。</blockquote></p><p></p><p> LendingClub stock closed 0.88% lower at $15.7 on Wednesday. It has a 52-week high of $22.68 and low of $4.32.</p><p><blockquote>LendingClub股价周三收盘下跌0.88%，至15.7美元。52周高点为22.68美元，低点为4.32美元。</blockquote></p><p> <b>Synopsys Inc</b>SNPS 0.14%: Sold 70,396 shares of the electronic design automation company, representing about 0.2588% of the ETF.</p><p><blockquote><b>新思科技公司</b>SNPS 0.14%：出售70,396股电子设计自动化公司股票，约占ETF的0.2588%。</blockquote></p><p> Synopsys shares closed 0.14% lower at $257 on Wednesday. It has a 52-week high of $300.91 and low of $133.27.</p><p><blockquote>Synopsys股价周三收盘下跌0.14%，至257美元。52周高点为300.91美元，低点为133.27美元。</blockquote></p><p> <b>LendingTree Inc</b>TREE 5.34%: Sold 12,129 shares of the online lending marketplace company, representing about 0.0406% of the ETF.</p><p><blockquote><b>LendingTree公司</b>TREE 5.34%：出售在线借贷市场公司12,129股股票，约占ETF的0.0406%。</blockquote></p><p> LendingTree stock closed 5.34% higher at $229.26 on Wednesday. It has a 52-week high of $372.64 and low of $175.</p><p><blockquote>LendingTree股价周三收盘上涨5.34%，至229.26美元。52周高点为372.64美元，低点为175美元。</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>Cathie Wood Adds These Stocks To The Newly-Created Space Exploration ETF And Others<blockquote>Cathie Wood将这些股票添加到新创建的太空探索ETF等中</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\">\nCathie Wood Adds These Stocks To The Newly-Created Space Exploration ETF And Others<blockquote>Cathie Wood将这些股票添加到新创建的太空探索ETF等中</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga </p>\n<p class=\"h-time smaller\">2021-04-08 12:00</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p>Cathie Wood’s Ark Investment Management sends out an email every night listing the stocks that were bought or sold by the firm's ETFs that day. In recent months, the emails have known to cause certain stocks to see a spike in the after-hours session. Here’s a list of 35 stocks that the hedge fund bought and sold on Wednesday.</p><p><blockquote>Cathie Wood的Ark Investment Management每天晚上都会发送一封电子邮件，列出该公司ETF当天买入或卖出的股票。近几个月来，众所周知，这些电子邮件会导致某些股票在盘后交易中飙升。以下是该对冲基金周三买卖的35只股票的列表。</blockquote></p><p> Trades For<b>ArkSpace Exploration &amp; Innovation ETF</b>ARKX 1.32%:</p><p><blockquote>交易为<b>ArkSpace探索与创新ETF</b>ARKX 1.32%：</blockquote></p><p> <b>Atlas Crest Investment Corp</b>ACIC 1.35%: Bought 141,100 shares of the blank check company, representing about 0.2503% of the ETF.</p><p><blockquote><b>阿特拉斯克雷斯特投资公司</b>ACIC 1.35%：购买了空白支票公司141,100股股票，约占ETF的0.2503%。</blockquote></p><p> Atlas Crest shares closed 1.57% lower at $10.06 on Wednesday and were up 1.89% in after-hours trading. The stock has a 52-week high of $18.60 and low of $9.73.</p><p><blockquote>Atlas Crest股价周三收盘下跌1.57%，至10.06美元，盘后交易中上涨1.89%。该股52周高点为18.60美元，低点为9.73美元。</blockquote></p><p> <b>Jaws Spitfire Acquisition Corp</b>SPFR 0.38%: Bought 241,618 shares of the blank check company, representing about 0.4389% of the ETF.</p><p><blockquote><b>大白鲨喷火收购公司</b>SPFR 0.38%：购买了the blank check company的241,618股股票，约占ETF的0.4389%。</blockquote></p><p> Jaws stock closed 0.3% higher at $10.46 on Wednesday and rose 1.91% in the after-hours. It has a 52-week high of $12.10 and low of $9.95.</p><p><blockquote>Jaws股价周三收盘上涨0.3%，至10.46美元，盘后上涨1.91%。52周高点为12.10美元，低点为9.95美元。</blockquote></p><p> <b>Iridium Communications Inc</b>IRDM 2.05%: Bought 35,963 shares of the mobile<b>satellite communications</b>services, representing about 0.2525% of the ETF.</p><p><blockquote><b>铱星通信公司</b>IRDM 2.05%：购买35,963股mobile股票<b>卫星通信</b>服务，约占ETF的0.2525%。</blockquote></p><p> <i>See Also:The First 39 Companies In Cathie Wood's Ark Invest Space ETF</i></p><p><blockquote><i>另请参阅：Cathie Wood的Ark Invest Space ETF中的前39家公司</i></blockquote></p><p> Iridium shares closed 2.05% lower at $40.07 and were up 1.07% in after-hours trading. The stock has a 52-week high of $54.65 and low of $19.18.</p><p><blockquote>铱星股价收盘下跌2.05%，至40.07美元，盘后交易中上涨1.07%。该股52周高点为54.65美元，低点为19.18美元。</blockquote></p><p> <b>Reinvent Technology Partners</b>RTP 0.2%: Bought 140,900 shares of the blank-check company, representing 0.2496% of the ETF.</p><p><blockquote><b>重塑技术合作伙伴</b>RTP 0.2%：购买了空白支票公司140,900股股票，占ETF的0.2496%。</blockquote></p><p> Reinvent shares closed 0.39% lower at $10.11 and were up 1% in after-hours trading. The stock has a 52-week high of $17 and low of $9.86.</p><p><blockquote>Reinvent股价收盘下跌0.39%，至10.11美元，盘后交易中上涨1%。该股52周高点为17美元，低点为9.86美元。</blockquote></p><p> <b>Teradyne Inc</b>TER 0.45%: Sold 11,302 shares of the equipment design and manufacturing company, representing about 0.259% of the ETF.</p><p><blockquote><b>泰瑞达公司</b>TER 0.45%：出售了这家设备设计和制造公司的11,302股股票，约占ETF的0.259%。</blockquote></p><p> Teradyne shares closed 0.45% lower at $131.78. The stock has a 52-week high of $147.90 and low of $56.42.</p><p><blockquote>泰瑞达股价收盘下跌0.45%，至131.78美元。该股52周高点为147.90美元，低点为56.42美元。</blockquote></p><p> <b>Deere &amp; Co</b>DE 0.28%: Sold 7,781 shares of the agriculture, construction and forestry equipment maker, representing about 0.5072% of the ETF.</p><p><blockquote><b>Deere公司</b>DE 0.28%：出售7,781股农业、建筑和林业设备制造商股票，约占ETF的0.5072%。</blockquote></p><p> Deere shares closed 0.22% lower at $374.79.The stock has a 52-week high of $392.42 and low of $117.85.</p><p><blockquote>Deere股价收盘下跌0.22%，至374.79美元。该股52周高点为392.42美元，低点为117.85美元。</blockquote></p><p> <b>AeroVironment Inc</b>AVAV 3.44%: Sold 5,100 shares in the California-headquartered defense contractor, representing about 0.10% of the ETF.</p><p><blockquote><b>航空环境公司</b>AVAV 3.44%：出售了这家总部位于加州的国防承包商的5,100股股票，约占ETF的0.10%。</blockquote></p><p> AeroVironment stock closed 3.44% lower at $113.37 on Wednesday. It has a 52-week high of $143.72 and low of $53.15.</p><p><blockquote>AeroVironment股价周三收盘下跌3.44%，至113.37美元。52周高点为143.72美元，低点为53.15美元。</blockquote></p><p> <b>Taiwan Semiconductor Mfg. Co</b>TSM 2.06%: Sold 28,749 shares in the semiconductor manufacturing and design company, representing about 0.603% of the ETF.</p><p><blockquote><b>台积电制造公司。Co</b>TSM 2.06%：出售这家半导体制造和设计公司的28,749股股票，约占ETF的0.603%。</blockquote></p><p> Taiwan Semiconductor stock closed 2.08% lower at $119.89 on Wednesday. It has a 52-week high of $142.20 and low of $47.72.</p><p><blockquote>台积电股价周三收盘下跌2.08%，至119.89美元。52周高点为142.20美元，低点为47.72美元。</blockquote></p><p> Trades For<b>Ark Fintech Innovation ETF</b>ARKF 1.24%:</p><p><blockquote>交易为<b>方舟金融科技创新ETF</b>ARKF 1.24%：</blockquote></p><p> <b>Base Inc</b>BAINF 0.97%: Bought 313,000 shares in Tokyo of the online services company that develops and builds e-commerce platforms, representing about 0.1195% of the ETF.</p><p><blockquote><b>基地公司</b>BAINF 0.97%：购买了东京一家开发和建设电子商务平台的在线服务公司的313,000股股票，约占ETF的0.1195%。</blockquote></p><p> Base OTC stock closed 0.97% higher at $15.65 on Wednesday. It has a 52-week high of $179 and low of $14.61.</p><p><blockquote>周三，基础场外交易股票收盘上涨0.97%，至15.65美元。52周高点为179美元，低点为14.61美元。</blockquote></p><p> <b>Yeahka Ltd</b>YHEKF: Bought 997,200 shares in Hong Kong of the payment-based technology platform, representing about 0.18% of the ETF.</p><p><blockquote><b>移卡有限公司</b>YHEKF：在香港购买了997,200股基于支付的技术平台，约占ETF的0.18%。</blockquote></p><p> Yeahka stock closed 0.64% lower at $7.75 on Wednesday. It has a 52-week high of $15.28 and low of $4.78.</p><p><blockquote>移卡股价周三收盘下跌0.64%，至7.75美元。52周高点为15.28美元，低点为4.78美元。</blockquote></p><p> <b>LendingClub Corp</b>LC 0.95%: Bought 204,348 shares of the peer-to-peer lending company, representing about 0.0789% of the ETF.</p><p><blockquote><b>LendingClub公司</b>LC 0.95%：购买了204,348股P2P借贷公司股票，约占ETF的0.0789%。</blockquote></p><p> LendingClub stock closed 0.88% lower at $15.7 on Wednesday. It has a 52-week high of $22.68 and low of $4.32.</p><p><blockquote>LendingClub股价周三收盘下跌0.88%，至15.7美元。52周高点为22.68美元，低点为4.32美元。</blockquote></p><p> <b>LendingTree Inc</b>TREE 5.34%: Sold 15,762 shares of the online lending marketplace company, representing about 0.0824% of the ETF.</p><p><blockquote><b>LendingTree公司</b>TREE 5.34%：出售在线借贷市场公司15,762股股票，约占ETF的0.0824%。</blockquote></p><p> LendingTree stock closed 5.34% higher at $229.26 on Wednesday. It has a 52-week high of $372.64 and low of $175.</p><p><blockquote>LendingTree股价周三收盘上涨5.34%，至229.26美元。52周高点为372.64美元，低点为175美元。</blockquote></p><p> Trades For<b>Ark Genomic Revolution ETF</b>ARKG 3.26%:</p><p><blockquote>交易为<b>方舟基因组革命ETF</b>ARKG 3.26%：</blockquote></p><p> <b>10X Genomics Inc</b>TXG 6.03%: Bought 78,908 shares of the gene sequencing biotechnology company, representing about 0.1526% of the ETF.</p><p><blockquote><b>10X基因组学公司</b>TXG 6.03%：买入基因测序生物技术公司78,908股，约占ETF的0.1526%。</blockquote></p><p> 10X shares closed 6.03% lower at $185.34 on Wednesday. It has a 52-week high of $201.70 and low of $58.11.</p><p><blockquote>10X股价周三收盘下跌6.03%，至185.34美元。52周高点为201.70美元，低点为58.11美元。</blockquote></p><p> <b>Signify Health Inc</b>SGFY 3.65%: Bought 182,193 shares of the healthcare tech company, representing about 0.0508% of the ETF.</p><p><blockquote><b>昕诺飞健康公司</b>SGFY 3.65%：购买了这家医疗保健科技公司的182,193股股票，约占ETF的0.0508%。</blockquote></p><p> Signify shares closed 4.08% lower at $26.35 on Wednesday and were up 0.53% in after-hours. It has a 52-week high of $40.79 and low of $22.13.</p><p><blockquote>Signify股价周三收盘下跌4.08%，至26.35美元，盘后上涨0.53%。52周高点为40.79美元，低点为22.13美元。</blockquote></p><p> <b>Repare Therapeutics Inc</b>RPTX 0.78%: Bought 10,700 shares of the Canadian oncology company, representing about 0.0035% of the ETF.</p><p><blockquote><b>修复治疗公司</b>RPTX 0.78%：购买了加拿大肿瘤公司10,700股股票，约占ETF的0.0035%。</blockquote></p><p> Repare stock closed 0.78% higher at $30.96 on Wednesday. It has a 52-week high of $46.44 and low of $21.45.</p><p><blockquote>Repare股价周三收盘上涨0.78%，至30.96美元。52周高点为46.44美元，低点为21.45美元。</blockquote></p><p> <b>908 Devices Inc</b>MASS 6.18%: Bought 51,661 shares of the purpose-built handheld and devices for chemical and biomolecular analysis maker, representing about 0.0273% of the ETF.</p><p><blockquote><b>908设备公司</b>MASS 6.18%：购买了这家化学和生物分子分析专用手持设备和设备制造商的51,661股股票，约占ETF的0.0273%。</blockquote></p><p> 908 Devices stock closed 6.18% lower at $46.95 on Wednesday. It has a 52-week high of $79.60 and low of $38.88.</p><p><blockquote>908 Devices股价周三收盘下跌6.18%，至46.95美元。52周高点为79.60美元，低点为38.88美元。</blockquote></p><p></p><p> <b>Pluristem Therapeutics Inc</b>PSTI 2.09%: Sold 2,220 shares of the Israel-based stemcell company, representing about 0.0001% of the ETF.</p><p><blockquote><b>Pluristem治疗公司</b>PSTI 2.09%：出售2,220股以色列干细胞公司股票，约占ETF的0.0001%。</blockquote></p><p> Pluristem stock closed 2.09% higher at $4.89 on Wednesday. It has a 52-week high of $13.29 and low of $3.95.</p><p><blockquote>Pluristem股价周三收盘上涨2.09%，至4.89美元。52周高点为13.29美元，低点为3.95美元。</blockquote></p><p> Trades For<b>ArkInnovation ETF</b>ARKK 2.33%:</p><p><blockquote>交易为<b>ArkInnovation ETF</b>ARKK 2.33%：</blockquote></p><p> <b>Zoom Video Communications Inc</b>ZM 2.03%: Bought 98,500 shares of the video calling company, representing about 0.1326% of the ETF.</p><p><blockquote><b>Zoom Video通信公司</b>ZM 2.03%：购买了98,500股视频通话公司股票，约占ETF的0.1326%。</blockquote></p><p> Zoom stock closed 2.03% lower at $323.08 on Wednesday. It has a 52-week high of $588.84 and low of $109.57.</p><p><blockquote>Zoom股价周三收盘下跌2.03%，至323.08美元。52周高点为588.84美元，低点为109.57美元。</blockquote></p><p> <b>10X Genomics Inc</b>TXG 6.03%: Bought 111,047 shares of the gene sequencing biotechnology company, representing about 0.0865% of the ETF.</p><p><blockquote><b>10X基因组学公司</b>TXG 6.03%：买入基因测序生物技术公司111,047股，约占ETF的0.0865%。</blockquote></p><p> 10X shares closed 6.03% lower at $185.34 on Wednesday. It has a 52-week high of $201.70 and low of $58.11.</p><p><blockquote>10X股价周三收盘下跌6.03%，至185.34美元。52周高点为201.70美元，低点为58.11美元。</blockquote></p><p> <b>Trimble Inc</b>TRMB 3.84%: Bought 237,782 shares of the California-based hardware, software and services technology company, representing about 0.0813% of the ETF.</p><p><blockquote><b>天宝公司</b>TRMB 3.84%：购买了这家总部位于加州的硬件、软件和服务技术公司的237,782股股票，约占ETF的0.0813%。</blockquote></p><p> Trimble shares closed 3.84% lower at $79.74 on Wednesday. It has a 52-week high of $84.86 and low of $30.87.</p><p><blockquote>Trimble股价周三收盘下跌3.84%，至79.74美元。52周高点为84.86美元，低点为30.87美元。</blockquote></p><p> <b>Palantir Technologies Inc</b>PLTR 1.57%: Bought 1,045,600 shares of the big data analytics company, representing about 0.1007% of the ETF.</p><p><blockquote><b>Palantir技术公司</b>PLTR 1.57%：购买了这家大数据分析公司1,045,600股股票，约占ETF的0.1007%。</blockquote></p><p> Palantir shares closed 1.59% lower at $22.90 on Wednesday and rose 1.05% in the after-hours. It has a 52-week high of $45 and low of $8.90.</p><p><blockquote>Palantir股价周三收盘下跌1.59%，至22.90美元，盘后上涨1.05%。52周高点为45美元，低点为8.90美元。</blockquote></p><p> <b>Docusign Inc</b>DOCU: Bought 103,783 shares of the online signature services company, representing about 0.0891% of the ETF.</p><p><blockquote><b>Docusign公司</b>DOCU：购买了在线签名服务公司103,783股，约占ETF的0.0891%。</blockquote></p><p> Docusign shares closed flat at $205.71 on Wednesday and were up 0.63% in after-hours trading. The stock has a 52-week high of $290.23 and low of $85.84.</p><p><blockquote>Docusign股价周三收于205.71美元，盘后交易中上涨0.63%。该股52周高点为290.23美元，低点为85.84美元。</blockquote></p><p> <b>DraftKings Inc</b>DKNG 2.68%: Bought 610,847 shares of the daily fantasy sports company, representing about 0.1595% of the ETF.</p><p><blockquote><b>DraftKings公司</b>DKNG 2.68%：购买每日幻想体育公司610,847股，约占ETF的0.1595%。</blockquote></p><p> DraftKings shares closed 2.68% lower at $62.09 on Wednesday and were up 0.64% in the after-hours. It has a 52-week high of $74.38 and low of $12.68.</p><p><blockquote>DraftKings股价周三收盘下跌2.68%，至62.09美元，盘后上涨0.64%。52周高点为74.38美元，低点为12.68美元。</blockquote></p><p> Trades for<b>ARK Autonomous Technology &amp; Robotics ETF</b>(BATS:ARKQ):</p><p><blockquote>交易为<b>ARK自主技术与机器人ETF</b>（蝙蝠：ARKQ）：</blockquote></p><p> <b>Atlas Crest Investment Corp</b>ACIC 1.35%: Bought 71,635 shares of the blank check company, representing about 0.0214% of the ETF.</p><p><blockquote><b>阿特拉斯克雷斯特投资公司</b>ACIC 1.35%：购买了71,635股空白支票公司股票，约占ETF的0.0214%。</blockquote></p><p> Atlas Crest shares closed 1.57% lower at $10.06 on Wednesday and were up 1.89% in after-hours trading. The stock has a 52-week high of $18.60 and low of $9.73.</p><p><blockquote>Atlas Crest股价周三收盘下跌1.57%，至10.06美元，盘后交易中上涨1.89%。该股52周高点为18.60美元，低点为9.73美元。</blockquote></p><p> <b>Alphabet Inc</b>GOOGL 1.35%GOOG 1.12%: Sold 16,651 Class C shares of the Google parent company, representing about 1.10% of the ETF.</p><p><blockquote><b>Alphabet公司</b>GOOGL 1.35%GOOG 1.12%：出售16,651股谷歌母公司C类股票，约占ETF的1.10%。</blockquote></p><p> Alphabet shares closed 1.35% higher at $2239.03 on Wednesday and were up 0.40% in the after-hours. The stock has a 52-week high of $2,244.50 and low of $1,177.25.</p><p><blockquote>Alphabet股价周三收盘上涨1.35%，至2239.03美元，盘后上涨0.40%。该股52周高点为2,244.50美元，低点为1,177.25美元。</blockquote></p><p> <b>Iridium Communications Inc</b>IRDM 2.05%: Bought 59,521 shares of the mobile<b>satellite communications</b>services, representing about 0.0705% of the ETF.</p><p><blockquote><b>铱星通信公司</b>IRDM 2.05%：购买59,521股mobile股票<b>卫星通信</b>服务，约占ETF的0.0705%。</blockquote></p><p> Iridium shares closed 2.05% lower at $40.07 and were up 1.07% in after-hours trading. The stock has a 52-week high of $54.65 and low of $19.18.</p><p><blockquote>铱星股价收盘下跌2.05%，至40.07美元，盘后交易中上涨1.07%。该股52周高点为54.65美元，低点为19.18美元。</blockquote></p><p> <b>Kratos Defense &amp; Security Solutions</b>KTOS 2.34%: Bought 313,506 shares of the U.S. defense contractor and security systems integrator company, representing about 0.2583% of the company.</p><p><blockquote><b>奎托斯防御与安全解决方案</b>KTOS 2.34%：购买了这家美国国防承包商和安全系统集成商公司的313,506股股票，约占该公司的0.2583%。</blockquote></p><p> Kratos Defense shares closed 2.34% lower at $27.97 on Wednesday and were up 1.07% in the after-hours. The stock has a 52-week high of $34.11 and low of $13.34.</p><p><blockquote>Kratos Defense股价周三收盘下跌2.34%，至27.97美元，盘后上涨1.07%。该股52周高点为34.11美元，低点为13.34美元。</blockquote></p><p> <b>Taiwan Semiconductor Mfg. Co</b>TSM 2.06%: Sold 97,700 shares in the semiconductor manufacturing and design company, representing about 0.3467% of the ETF.</p><p><blockquote><b>台积电制造公司。Co</b>TSM 2.06%：出售这家半导体制造和设计公司的97,700股股票，约占ETF的0.3467%。</blockquote></p><p> Taiwan Semiconductor stock closed 2.08% lower at $119.89 on Wednesday. It has a 52-week high of $142.20 and low of $47.72.</p><p><blockquote>台积电股价周三收盘下跌2.08%，至119.89美元。52周高点为142.20美元，低点为47.72美元。</blockquote></p><p> <b>Teradyne Inc</b>TER 0.45%: Sold 98,161 shares of the equipment design and manufacturing company, representing about 0.3802% of the ETF.</p><p><blockquote><b>泰瑞达公司</b>TER 0.45%：出售这家设备设计和制造公司的98,161股，约占ETF的0.3802%。</blockquote></p><p> Teradyne shares closed 0.45% lower at $131.78. The stock has a 52-week high of $147.90 and low of $56.42.</p><p><blockquote>泰瑞达股价收盘下跌0.45%，至131.78美元。该股52周高点为147.90美元，低点为56.42美元。</blockquote></p><p> <b>Deere &amp; Co</b>DE 0.28%: Sold 37,795 shares of the agriculture, construction and forestry equipment maker, representing about 0.4162% of the ETF.</p><p><blockquote><b>Deere公司</b>DE 0.28%：出售这家农业、建筑和林业设备制造商的37,795股股票，约占ETF的0.4162%。</blockquote></p><p> Deere shares closed 0.22% lower at $374.79.The stock has a 52-week high of $392.42 and low of $117.85.</p><p><blockquote>Deere股价收盘下跌0.22%，至374.79美元。该股52周高点为392.42美元，低点为117.85美元。</blockquote></p><p> <b>Caterpillar Inc</b>CAT 0.11%: Sold 59,610 shares of the agriculture, construction, mining and forestry equipment maker, representing about 0.4051% of the ETF.</p><p><blockquote><b>卡特彼勒公司</b>CAT 0.11%：出售了这家农业、建筑、采矿和林业设备制造商的59,610股股票，约占ETF的0.4051%。</blockquote></p><p> Caterpillar shares closed 0.1% lower at $230.41.The stock has a 52-week high of $237.78 and low of $100.22.</p><p><blockquote>卡特彼勒股价收盘下跌0.1%，至230.41美元。该股52周高点为237.78美元，低点为100.22美元。</blockquote></p><p> Trades For<b>ARK Next Generation Internet ETF</b>ARKW 1.62%</p><p><blockquote>交易为<b>方舟下一代互联网ETF</b>ARKW 1.62%</blockquote></p><p> <b>Trade Desk Inc</b>TTD 1.23%: Bought 23,750 shares of the technology platform for ad buyers company, representing about 0.23% of the ETF.</p><p><blockquote><b>贸易台公司</b>TTD 1.23%：为广告买家公司购买了23,750股技术平台股票，约占ETF的0.23%。</blockquote></p><p> Trade Desk shares closed 1.23% higher at $677.87 on Wednesday and were up 0.31% in after-hours. It has a 52-week high of $972.80 and low of $190.29.</p><p><blockquote>Trade Desk股价周三收盘上涨1.23%，至677.87美元，盘后上涨0.31%。52周高点为972.80美元，低点为190.29美元。</blockquote></p><p> <b>LendingClub Corp</b>LC 0.95%: Bought 150,245 shares of the peer-to-peer lending company, representing about 0.0337% of the ETF.</p><p><blockquote><b>LendingClub公司</b>LC 0.95%：购买了150,245股P2P借贷公司股票，约占ETF的0.0337%。</blockquote></p><p></p><p> LendingClub stock closed 0.88% lower at $15.7 on Wednesday. It has a 52-week high of $22.68 and low of $4.32.</p><p><blockquote>LendingClub股价周三收盘下跌0.88%，至15.7美元。52周高点为22.68美元，低点为4.32美元。</blockquote></p><p> <b>Synopsys Inc</b>SNPS 0.14%: Sold 70,396 shares of the electronic design automation company, representing about 0.2588% of the ETF.</p><p><blockquote><b>新思科技公司</b>SNPS 0.14%：出售70,396股电子设计自动化公司股票，约占ETF的0.2588%。</blockquote></p><p> Synopsys shares closed 0.14% lower at $257 on Wednesday. It has a 52-week high of $300.91 and low of $133.27.</p><p><blockquote>Synopsys股价周三收盘下跌0.14%，至257美元。52周高点为300.91美元，低点为133.27美元。</blockquote></p><p> <b>LendingTree Inc</b>TREE 5.34%: Sold 12,129 shares of the online lending marketplace company, representing about 0.0406% of the ETF.</p><p><blockquote><b>LendingTree公司</b>TREE 5.34%：出售在线借贷市场公司12,129股股票，约占ETF的0.0406%。</blockquote></p><p> LendingTree stock closed 5.34% higher at $229.26 on Wednesday. It has a 52-week high of $372.64 and low of $175.</p><p><blockquote>LendingTree股价周三收盘上涨5.34%，至229.26美元。52周高点为372.64美元，低点为175美元。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1112389819","content_text":"Cathie Wood’s Ark Investment Management sends out an email every night listing the stocks that were bought or sold by the firm's ETFs that day. In recent months, the emails have known to cause certain stocks to see a spike in the after-hours session. Here’s a list of 35 stocks that the hedge fund bought and sold on Wednesday.\nTrades ForArkSpace Exploration & Innovation ETFARKX 1.32%:\nAtlas Crest Investment CorpACIC 1.35%: Bought 141,100 shares of the blank check company, representing about 0.2503% of the ETF.\nAtlas Crest shares closed 1.57% lower at $10.06 on Wednesday and were up 1.89% in after-hours trading. The stock has a 52-week high of $18.60 and low of $9.73.\nJaws Spitfire Acquisition CorpSPFR 0.38%: Bought 241,618 shares of the blank check company, representing about 0.4389% of the ETF.\nJaws stock closed 0.3% higher at $10.46 on Wednesday and rose 1.91% in the after-hours. It has a 52-week high of $12.10 and low of $9.95.\nIridium Communications IncIRDM 2.05%: Bought 35,963 shares of the mobilesatellite communicationsservices, representing about 0.2525% of the ETF.\nSee Also:The First 39 Companies In Cathie Wood's Ark Invest Space ETF\nIridium shares closed 2.05% lower at $40.07 and were up 1.07% in after-hours trading. The stock has a 52-week high of $54.65 and low of $19.18.\nReinvent Technology PartnersRTP 0.2%: Bought 140,900 shares of the blank-check company, representing 0.2496% of the ETF.\nReinvent shares closed 0.39% lower at $10.11 and were up 1% in after-hours trading. The stock has a 52-week high of $17 and low of $9.86.\nTeradyne IncTER 0.45%: Sold 11,302 shares of the equipment design and manufacturing company, representing about 0.259% of the ETF.\nTeradyne shares closed 0.45% lower at $131.78. The stock has a 52-week high of $147.90 and low of $56.42.\nDeere & CoDE 0.28%: Sold 7,781 shares of the agriculture, construction and forestry equipment maker, representing about 0.5072% of the ETF.\nDeere shares closed 0.22% lower at $374.79.The stock has a 52-week high of $392.42 and low of $117.85.\nAeroVironment IncAVAV 3.44%: Sold 5,100 shares in the California-headquartered defense contractor, representing about 0.10% of the ETF.\nAeroVironment stock closed 3.44% lower at $113.37 on Wednesday. It has a 52-week high of $143.72 and low of $53.15.\nTaiwan Semiconductor Mfg. CoTSM 2.06%: Sold 28,749 shares in the semiconductor manufacturing and design company, representing about 0.603% of the ETF.\nTaiwan Semiconductor stock closed 2.08% lower at $119.89 on Wednesday. It has a 52-week high of $142.20 and low of $47.72.\nTrades ForArk Fintech Innovation ETFARKF 1.24%:\nBase IncBAINF 0.97%: Bought 313,000 shares in Tokyo of the online services company that develops and builds e-commerce platforms, representing about 0.1195% of the ETF.\nBase OTC stock closed 0.97% higher at $15.65 on Wednesday. It has a 52-week high of $179 and low of $14.61.\nYeahka LtdYHEKF: Bought 997,200 shares in Hong Kong of the payment-based technology platform, representing about 0.18% of the ETF.\nYeahka stock closed 0.64% lower at $7.75 on Wednesday. It has a 52-week high of $15.28 and low of $4.78.\nLendingClub CorpLC 0.95%: Bought 204,348 shares of the peer-to-peer lending company, representing about 0.0789% of the ETF.\nLendingClub stock closed 0.88% lower at $15.7 on Wednesday. It has a 52-week high of $22.68 and low of $4.32.\nLendingTree IncTREE 5.34%: Sold 15,762 shares of the online lending marketplace company, representing about 0.0824% of the ETF.\nLendingTree stock closed 5.34% higher at $229.26 on Wednesday. It has a 52-week high of $372.64 and low of $175.\nTrades ForArk Genomic Revolution ETFARKG 3.26%:\n10X Genomics IncTXG 6.03%: Bought 78,908 shares of the gene sequencing biotechnology company, representing about 0.1526% of the ETF.\n10X shares closed 6.03% lower at $185.34 on Wednesday. It has a 52-week high of $201.70 and low of $58.11.\nSignify Health IncSGFY 3.65%: Bought 182,193 shares of the healthcare tech company, representing about 0.0508% of the ETF.\nSignify shares closed 4.08% lower at $26.35 on Wednesday and were up 0.53% in after-hours. It has a 52-week high of $40.79 and low of $22.13.\nRepare Therapeutics IncRPTX 0.78%: Bought 10,700 shares of the Canadian oncology company, representing about 0.0035% of the ETF.\nRepare stock closed 0.78% higher at $30.96 on Wednesday. It has a 52-week high of $46.44 and low of $21.45.\n908 Devices IncMASS 6.18%: Bought 51,661 shares of the purpose-built handheld and devices for chemical and biomolecular analysis maker, representing about 0.0273% of the ETF.\n908 Devices stock closed 6.18% lower at $46.95 on Wednesday. It has a 52-week high of $79.60 and low of $38.88.\nPluristem Therapeutics IncPSTI 2.09%: Sold 2,220 shares of the Israel-based stemcell company, representing about 0.0001% of the ETF.\nPluristem stock closed 2.09% higher at $4.89 on Wednesday. It has a 52-week high of $13.29 and low of $3.95.\nTrades ForArkInnovation ETFARKK 2.33%:\nZoom Video Communications IncZM 2.03%: Bought 98,500 shares of the video calling company, representing about 0.1326% of the ETF.\nZoom stock closed 2.03% lower at $323.08 on Wednesday. It has a 52-week high of $588.84 and low of $109.57.\n10X Genomics IncTXG 6.03%: Bought 111,047 shares of the gene sequencing biotechnology company, representing about 0.0865% of the ETF.\n10X shares closed 6.03% lower at $185.34 on Wednesday. It has a 52-week high of $201.70 and low of $58.11.\nTrimble IncTRMB 3.84%: Bought 237,782 shares of the California-based hardware, software and services technology company, representing about 0.0813% of the ETF.\nTrimble shares closed 3.84% lower at $79.74 on Wednesday. It has a 52-week high of $84.86 and low of $30.87.\nPalantir Technologies IncPLTR 1.57%: Bought 1,045,600 shares of the big data analytics company, representing about 0.1007% of the ETF.\nPalantir shares closed 1.59% lower at $22.90 on Wednesday and rose 1.05% in the after-hours. It has a 52-week high of $45 and low of $8.90.\nDocusign IncDOCU: Bought 103,783 shares of the online signature services company, representing about 0.0891% of the ETF.\nDocusign shares closed flat at $205.71 on Wednesday and were up 0.63% in after-hours trading. The stock has a 52-week high of $290.23 and low of $85.84.\nDraftKings IncDKNG 2.68%: Bought 610,847 shares of the daily fantasy sports company, representing about 0.1595% of the ETF.\nDraftKings shares closed 2.68% lower at $62.09 on Wednesday and were up 0.64% in the after-hours. It has a 52-week high of $74.38 and low of $12.68.\nTrades forARK Autonomous Technology & Robotics ETF(BATS:ARKQ):\nAtlas Crest Investment CorpACIC 1.35%: Bought 71,635 shares of the blank check company, representing about 0.0214% of the ETF.\nAtlas Crest shares closed 1.57% lower at $10.06 on Wednesday and were up 1.89% in after-hours trading. The stock has a 52-week high of $18.60 and low of $9.73.\nAlphabet IncGOOGL 1.35%GOOG 1.12%: Sold 16,651 Class C shares of the Google parent company, representing about 1.10% of the ETF.\nAlphabet shares closed 1.35% higher at $2239.03 on Wednesday and were up 0.40% in the after-hours. The stock has a 52-week high of $2,244.50 and low of $1,177.25.\nIridium Communications IncIRDM 2.05%: Bought 59,521 shares of the mobilesatellite communicationsservices, representing about 0.0705% of the ETF.\nIridium shares closed 2.05% lower at $40.07 and were up 1.07% in after-hours trading. The stock has a 52-week high of $54.65 and low of $19.18.\nKratos Defense & Security SolutionsKTOS 2.34%: Bought 313,506 shares of the U.S. defense contractor and security systems integrator company, representing about 0.2583% of the company.\nKratos Defense shares closed 2.34% lower at $27.97 on Wednesday and were up 1.07% in the after-hours. The stock has a 52-week high of $34.11 and low of $13.34.\nTaiwan Semiconductor Mfg. CoTSM 2.06%: Sold 97,700 shares in the semiconductor manufacturing and design company, representing about 0.3467% of the ETF.\nTaiwan Semiconductor stock closed 2.08% lower at $119.89 on Wednesday. It has a 52-week high of $142.20 and low of $47.72.\nTeradyne IncTER 0.45%: Sold 98,161 shares of the equipment design and manufacturing company, representing about 0.3802% of the ETF.\nTeradyne shares closed 0.45% lower at $131.78. The stock has a 52-week high of $147.90 and low of $56.42.\nDeere & CoDE 0.28%: Sold 37,795 shares of the agriculture, construction and forestry equipment maker, representing about 0.4162% of the ETF.\nDeere shares closed 0.22% lower at $374.79.The stock has a 52-week high of $392.42 and low of $117.85.\nCaterpillar IncCAT 0.11%: Sold 59,610 shares of the agriculture, construction, mining and forestry equipment maker, representing about 0.4051% of the ETF.\nCaterpillar shares closed 0.1% lower at $230.41.The stock has a 52-week high of $237.78 and low of $100.22.\nTrades ForARK Next Generation Internet ETFARKW 1.62%\nTrade Desk IncTTD 1.23%: Bought 23,750 shares of the technology platform for ad buyers company, representing about 0.23% of the ETF.\nTrade Desk shares closed 1.23% higher at $677.87 on Wednesday and were up 0.31% in after-hours. It has a 52-week high of $972.80 and low of $190.29.\nLendingClub CorpLC 0.95%: Bought 150,245 shares of the peer-to-peer lending company, representing about 0.0337% of the ETF.\nLendingClub stock closed 0.88% lower at $15.7 on Wednesday. It has a 52-week high of $22.68 and low of $4.32.\nSynopsys IncSNPS 0.14%: Sold 70,396 shares of the electronic design automation company, representing about 0.2588% of the ETF.\nSynopsys shares closed 0.14% lower at $257 on Wednesday. It has a 52-week high of $300.91 and low of $133.27.\nLendingTree IncTREE 5.34%: Sold 12,129 shares of the online lending marketplace company, representing about 0.0406% of the ETF.\nLendingTree stock closed 5.34% higher at $229.26 on Wednesday. It has a 52-week high of $372.64 and low of $175.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":320,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":103839216,"gmtCreate":1619764146835,"gmtModify":1631884484259,"author":{"id":"3565865195004220","authorId":"3565865195004220","name":"BabyHuatHuat","avatar":"https://static.tigerbbs.com/49ee3c00396b80f7a3b8f686f8cb8102","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3565865195004220","idStr":"3565865195004220"},"themes":[],"htmlText":"FAANG go go go!!! Bring Nasdaq up!!!","listText":"FAANG go go go!!! Bring Nasdaq up!!!","text":"FAANG go go go!!! Bring Nasdaq up!!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/103839216","repostId":"1153490597","repostType":4,"isVote":1,"tweetType":1,"viewCount":680,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":346658959,"gmtCreate":1618034539971,"gmtModify":1634295110691,"author":{"id":"3565865195004220","authorId":"3565865195004220","name":"BabyHuatHuat","avatar":"https://static.tigerbbs.com/49ee3c00396b80f7a3b8f686f8cb8102","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3565865195004220","idStr":"3565865195004220"},"themes":[],"htmlText":"Like for the coin","listText":"Like for the coin","text":"Like for the coin","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/346658959","repostId":"1142324412","repostType":4,"isVote":1,"tweetType":1,"viewCount":388,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":354215680,"gmtCreate":1617178196440,"gmtModify":1634522245971,"author":{"id":"3565865195004220","authorId":"3565865195004220","name":"BabyHuatHuat","avatar":"https://static.tigerbbs.com/49ee3c00396b80f7a3b8f686f8cb8102","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3565865195004220","idStr":"3565865195004220"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/354215680","repostId":"1113806067","repostType":4,"isVote":1,"tweetType":1,"viewCount":327,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":385229784,"gmtCreate":1613556204748,"gmtModify":1634553179139,"author":{"id":"3565865195004220","authorId":"3565865195004220","name":"BabyHuatHuat","avatar":"https://static.tigerbbs.com/49ee3c00396b80f7a3b8f686f8cb8102","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3565865195004220","idStr":"3565865195004220"},"themes":[],"htmlText":"Best time for tesla","listText":"Best time for tesla","text":"Best time for tesla","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/385229784","repostId":"2112074833","repostType":2,"repost":{"id":"2112074833","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1613547086,"share":"https://www.laohu8.com/m/news/2112074833?lang=zh_CN&edition=full","pubTime":"2021-02-17 15:31","market":"us","language":"en","title":"Tesla May Have Already Made More In Profits From Bitcoin Than Electric Vehicles<blockquote>特斯拉从比特币获得的利润可能已经超过了电动汽车</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2112074833","media":"Benzinga","summary":"Tesla Inc made waves earlier this month by announcing it had purchased $1.5 billion in Bitcoin. The ","content":"<p><b>Tesla Inc</b>&nbsp;made waves earlier this month by announcing it had purchased $1.5 billion in Bitcoin. The move sent the cryptocurrency higher and has also turned in some impressive profits for the electric vehicle maker.</p><p><blockquote><b>特斯拉公司</b>本月早些时候，该公司宣布斥资15亿美元收购比特币，引起了轩然大波。此举推高了加密货币，也为这家电动汽车制造商带来了一些可观的利润。</blockquote></p><p> <b>What Happened:</b>Bitcoinhit $50,000 for thefirst time everon Tuesday, continuing a 2021 rally that has sent the largest cryptocurrency higher on increased adoption and public companies placing bets on the future.</p><p><blockquote><b>发生了什么：</b>比特币周二首次触及50,000美元，延续了2021年的涨势，由于采用率的增加和上市公司对未来的押注，比特币走高。</blockquote></p><p> Tesla&nbsp;purchased$1.5 billion in Bitcoin in the month of January, although the company hasn't revealed its average purchase price of how many Bitcoin it holds.</p><p><blockquote>特斯拉在1月份购买了15亿美元的比特币，尽管该公司尚未透露其持有多少比特币的平均购买价格。</blockquote></p><p> <b>Gains From Bitcoin:</b>In the month of January, Bitcoin traded between $29,333 and $37,020. A $1.5-billion purchase could have gotten Tesla anywhere between 37,020 and 51,137 Bitcoin. The average would come out to 44,079 Bitcoin.</p><p><blockquote><b>比特币收益：</b>1月份，比特币的交易价格在29,333美元至37,020美元之间。15亿美元的收购可能会让特斯拉获得37,020至51,137辆比特币。平均人数为44,079名比特币。</blockquote></p><p> Based on these scenarios, the value of Tesla’s Bitcoin is worth the following with the&nbsp;current Bitcoin price&nbsp;of $48,450.</p><p><blockquote>根据这些情况，特斯拉比特币的价值如下，目前比特币价格为48,450美元。</blockquote></p><p> <ul>  <li>51,137 Bitcoin: $2.48 billion, profit of $0.98 billion</li>  <li>44,079 Bitcoin: $2.14 billion, profit of $0.64 billion</li>  <li>37,020 Bitcoin: $1.79 billion, profit of $0.29 billion</li> </ul> <b>Why It’s Important:</b>Tesla’s Bitcoin purchase created validation of the cryptocurrency for some and is seen as a stepping stone for other publicly traded companies to also make a similar move. The gain on the Bitcoin purchase is also notable as it may be more than Tesla made from its entire business in fiscal 2020.</p><p><blockquote><ul><li>51,137比特币：24.8亿美元，利润9.8亿美元</li><li>44,079比特币：21.4亿美元，利润6.4亿美元</li><li>37,020比特币：17.9亿美元，利润2.9亿美元</li></ul><b>为什么它很重要：</b>特斯拉对比特币的收购为一些人创造了对加密货币的认可，并被视为其他上市公司也采取类似举措的垫脚石。收购比特币的收益也值得注意，因为它可能超过特斯拉在2020财年从其整个业务中获得的收益。</blockquote></p><p> Tesla&nbsp;reported&nbsp;its first profitable year&nbsp;in fiscal 2020 with $721 million, which came after a loss of $862 million in fiscal 2019. Tesla&nbsp;reported&nbsp;only a couple of quarterly profits prior to fiscal 2020.</p><p><blockquote>特斯拉报告称，继2019财年亏损8.62亿美元之后，2020财年首次盈利7.21亿美元。特斯拉在2020财年之前仅公布了几个季度利润。</blockquote></p><p> Given the years of net losses from its business, it’s possible&nbsp;Tesla made more in profit off of its single $1.5 billion Bitcoin purchase than it did off the profits from its cars in the last decade.</p><p><blockquote>考虑到其业务多年来的净亏损，特斯拉从单笔15亿美元收购比特币中获得的利润可能比过去十年从其汽车中获得的利润还要多。</blockquote></p><p> Time will tell how many Bitcoin Tesla owns and if the company is planning to hold for the long haul or will sell some for profits.</p><p><blockquote>时间会证明特斯拉拥有多少比特币股份，以及该公司是否计划长期持有或出售部分股份以获取利润。</blockquote></p><p> <b>TSLA Price Action:</b>Shares of Tesla were down 2% to $796.22 on Tuesday.</p><p><blockquote><b>特斯拉价格走势：</b>特斯拉股价周二下跌2%，至796.22美元。</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>Tesla May Have Already Made More In Profits From Bitcoin Than Electric Vehicles<blockquote>特斯拉从比特币获得的利润可能已经超过了电动汽车</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\">\nTesla May Have Already Made More In Profits From Bitcoin Than Electric Vehicles<blockquote>特斯拉从比特币获得的利润可能已经超过了电动汽车</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga </p>\n<p class=\"h-time smaller\">2021-02-17 15:31</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p><b>Tesla Inc</b>&nbsp;made waves earlier this month by announcing it had purchased $1.5 billion in Bitcoin. The move sent the cryptocurrency higher and has also turned in some impressive profits for the electric vehicle maker.</p><p><blockquote><b>特斯拉公司</b>本月早些时候，该公司宣布斥资15亿美元收购比特币，引起了轩然大波。此举推高了加密货币，也为这家电动汽车制造商带来了一些可观的利润。</blockquote></p><p> <b>What Happened:</b>Bitcoinhit $50,000 for thefirst time everon Tuesday, continuing a 2021 rally that has sent the largest cryptocurrency higher on increased adoption and public companies placing bets on the future.</p><p><blockquote><b>发生了什么：</b>比特币周二首次触及50,000美元，延续了2021年的涨势，由于采用率的增加和上市公司对未来的押注，比特币走高。</blockquote></p><p> Tesla&nbsp;purchased$1.5 billion in Bitcoin in the month of January, although the company hasn't revealed its average purchase price of how many Bitcoin it holds.</p><p><blockquote>特斯拉在1月份购买了15亿美元的比特币，尽管该公司尚未透露其持有多少比特币的平均购买价格。</blockquote></p><p> <b>Gains From Bitcoin:</b>In the month of January, Bitcoin traded between $29,333 and $37,020. A $1.5-billion purchase could have gotten Tesla anywhere between 37,020 and 51,137 Bitcoin. The average would come out to 44,079 Bitcoin.</p><p><blockquote><b>比特币收益：</b>1月份，比特币的交易价格在29,333美元至37,020美元之间。15亿美元的收购可能会让特斯拉获得37,020至51,137辆比特币。平均人数为44,079名比特币。</blockquote></p><p> Based on these scenarios, the value of Tesla’s Bitcoin is worth the following with the&nbsp;current Bitcoin price&nbsp;of $48,450.</p><p><blockquote>根据这些情况，特斯拉比特币的价值如下，目前比特币价格为48,450美元。</blockquote></p><p> <ul>  <li>51,137 Bitcoin: $2.48 billion, profit of $0.98 billion</li>  <li>44,079 Bitcoin: $2.14 billion, profit of $0.64 billion</li>  <li>37,020 Bitcoin: $1.79 billion, profit of $0.29 billion</li> </ul> <b>Why It’s Important:</b>Tesla’s Bitcoin purchase created validation of the cryptocurrency for some and is seen as a stepping stone for other publicly traded companies to also make a similar move. The gain on the Bitcoin purchase is also notable as it may be more than Tesla made from its entire business in fiscal 2020.</p><p><blockquote><ul><li>51,137比特币：24.8亿美元，利润9.8亿美元</li><li>44,079比特币：21.4亿美元，利润6.4亿美元</li><li>37,020比特币：17.9亿美元，利润2.9亿美元</li></ul><b>为什么它很重要：</b>特斯拉对比特币的收购为一些人创造了对加密货币的认可，并被视为其他上市公司也采取类似举措的垫脚石。收购比特币的收益也值得注意，因为它可能超过特斯拉在2020财年从其整个业务中获得的收益。</blockquote></p><p> Tesla&nbsp;reported&nbsp;its first profitable year&nbsp;in fiscal 2020 with $721 million, which came after a loss of $862 million in fiscal 2019. Tesla&nbsp;reported&nbsp;only a couple of quarterly profits prior to fiscal 2020.</p><p><blockquote>特斯拉报告称，继2019财年亏损8.62亿美元之后，2020财年首次盈利7.21亿美元。特斯拉在2020财年之前仅公布了几个季度利润。</blockquote></p><p> Given the years of net losses from its business, it’s possible&nbsp;Tesla made more in profit off of its single $1.5 billion Bitcoin purchase than it did off the profits from its cars in the last decade.</p><p><blockquote>考虑到其业务多年来的净亏损，特斯拉从单笔15亿美元收购比特币中获得的利润可能比过去十年从其汽车中获得的利润还要多。</blockquote></p><p> Time will tell how many Bitcoin Tesla owns and if the company is planning to hold for the long haul or will sell some for profits.</p><p><blockquote>时间会证明特斯拉拥有多少比特币股份，以及该公司是否计划长期持有或出售部分股份以获取利润。</blockquote></p><p> <b>TSLA Price Action:</b>Shares of Tesla were down 2% to $796.22 on Tuesday.</p><p><blockquote><b>特斯拉价格走势：</b>特斯拉股价周二下跌2%，至796.22美元。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2112074833","content_text":"Tesla Inc made waves earlier this month by announcing it had purchased $1.5 billion in Bitcoin. The move sent the cryptocurrency higher and has also turned in some impressive profits for the electric vehicle maker.\nWhat Happened:Bitcoinhit $50,000 for thefirst time everon Tuesday, continuing a 2021 rally that has sent the largest cryptocurrency higher on increased adoption and public companies placing bets on the future.\nTesla purchased$1.5 billion in Bitcoin in the month of January, although the company hasn't revealed its average purchase price of how many Bitcoin it holds.\nGains From Bitcoin:In the month of January, Bitcoin traded between $29,333 and $37,020. A $1.5-billion purchase could have gotten Tesla anywhere between 37,020 and 51,137 Bitcoin. The average would come out to 44,079 Bitcoin.\nBased on these scenarios, the value of Tesla’s Bitcoin is worth the following with the current Bitcoin price of $48,450.\n\n51,137 Bitcoin: $2.48 billion, profit of $0.98 billion\n44,079 Bitcoin: $2.14 billion, profit of $0.64 billion\n37,020 Bitcoin: $1.79 billion, profit of $0.29 billion\n\nWhy It’s Important:Tesla’s Bitcoin purchase created validation of the cryptocurrency for some and is seen as a stepping stone for other publicly traded companies to also make a similar move. The gain on the Bitcoin purchase is also notable as it may be more than Tesla made from its entire business in fiscal 2020.\nTesla reported its first profitable year in fiscal 2020 with $721 million, which came after a loss of $862 million in fiscal 2019. Tesla reported only a couple of quarterly profits prior to fiscal 2020.\nGiven the years of net losses from its business, it’s possible Tesla made more in profit off of its single $1.5 billion Bitcoin purchase than it did off the profits from its cars in the last decade.\nTime will tell how many Bitcoin Tesla owns and if the company is planning to hold for the long haul or will sell some for profits.\nTSLA Price Action:Shares of Tesla were down 2% to $796.22 on Tuesday.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":324,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":376721048,"gmtCreate":1619150540684,"gmtModify":1634288161366,"author":{"id":"3565865195004220","authorId":"3565865195004220","name":"BabyHuatHuat","avatar":"https://static.tigerbbs.com/49ee3c00396b80f7a3b8f686f8cb8102","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3565865195004220","idStr":"3565865195004220"},"themes":[],"htmlText":"Red seeaa...","listText":"Red seeaa...","text":"Red seeaa...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/376721048","repostId":"1141178573","repostType":4,"isVote":1,"tweetType":1,"viewCount":693,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":197023506,"gmtCreate":1621412168605,"gmtModify":1634189358467,"author":{"id":"3565865195004220","authorId":"3565865195004220","name":"BabyHuatHuat","avatar":"https://static.tigerbbs.com/49ee3c00396b80f7a3b8f686f8cb8102","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3565865195004220","idStr":"3565865195004220"},"themes":[],"htmlText":"Whyyyy....i buy up it went down, i buy down it went up...🥲","listText":"Whyyyy....i buy up it went down, i buy down it went up...🥲","text":"Whyyyy....i buy up it went down, i buy down it went up...🥲","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/197023506","isVote":1,"tweetType":1,"viewCount":4066,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3521547763506220","authorId":"3521547763506220","name":"梅西点球打飞","avatar":"https://static.tigerbbs.com/4d9e9ee5b672c7e226d0fa33581c3ed5","crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"3521547763506220","idStr":"3521547763506220"},"content":"half buy and see","text":"half buy and see","html":"half buy and see"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":105893778,"gmtCreate":1620286010294,"gmtModify":1634206371433,"author":{"id":"3565865195004220","authorId":"3565865195004220","name":"BabyHuatHuat","avatar":"https://static.tigerbbs.com/49ee3c00396b80f7a3b8f686f8cb8102","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3565865195004220","idStr":"3565865195004220"},"themes":[],"htmlText":"When will be the next bull run...am tired of losing...[捂脸]&nbsp;","listText":"When will be the next bull run...am tired of losing...[捂脸]&nbsp;","text":"When will be the next bull run...am tired of losing...[捂脸]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/105893778","repostId":"2133152526","repostType":2,"isVote":1,"tweetType":1,"viewCount":2409,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":378044761,"gmtCreate":1618984916153,"gmtModify":1634289403607,"author":{"id":"3565865195004220","authorId":"3565865195004220","name":"BabyHuatHuat","avatar":"https://static.tigerbbs.com/49ee3c00396b80f7a3b8f686f8cb8102","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3565865195004220","idStr":"3565865195004220"},"themes":[],"htmlText":"Nice products, but i am broke in the market..","listText":"Nice products, but i am broke in the market..","text":"Nice products, but i am broke in the market..","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/378044761","repostId":"1193736432","repostType":4,"isVote":1,"tweetType":1,"viewCount":431,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":342696676,"gmtCreate":1618206764295,"gmtModify":1634294425954,"author":{"id":"3565865195004220","authorId":"3565865195004220","name":"BabyHuatHuat","avatar":"https://static.tigerbbs.com/49ee3c00396b80f7a3b8f686f8cb8102","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3565865195004220","idStr":"3565865195004220"},"themes":[],"htmlText":"Like for the coins. .","listText":"Like for the coins. .","text":"Like for the coins. .","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/342696676","repostId":"1137529737","repostType":4,"repost":{"id":"1137529737","kind":"news","pubTimestamp":1618184239,"share":"https://www.laohu8.com/m/news/1137529737?lang=zh_CN&edition=full","pubTime":"2021-04-12 07:37","market":"us","language":"en","title":"JPMorgan Chase, Nvidia, Goldman Sachs, Coinbase, and Other Stocks for Investors to Watch This Week<blockquote>摩根大通、英伟达、高盛、Coinbase等本周值得投资者关注的股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1137529737","media":"Barrons","summary":"First-quarter earnings season kicks off this week, beginning as always with results from several of ","content":"<p>First-quarter earnings season kicks off this week, beginning as always with results from several of the largest U.S. banks. Goldman Sachs Group, JPMorgan Chase, and Wells Fargo report on Wednesday, followed&nbsp;by Bank of&nbsp;America and Citigroup on Thursday and Morgan Stanley on Friday.</p><p><blockquote>第一季度财报季将于本周拉开帷幕，一如既往地以美国几家最大银行的业绩开始。高盛集团、摩根大通和富国银行周三发布报告，美国银行和花旗集团周四发布报告，摩根士丹利周五发布报告。</blockquote></p><p>Other notable companies reporting this week include industrial&nbsp;supplier&nbsp;Fastenalon Tuesday.Delta Air Lines,PepsiCo,and&nbsp;UnitedHealth Group&nbsp;publish results on Thursday. And&nbsp;Kansas City Southern&nbsp;reports on Friday.&nbsp; A total of 22&nbsp;S&amp;P 500&nbsp;companies report this week, followed by 64 next week.</p><p><blockquote>本周发布报告的其他著名公司包括工业供应商Fastenalon Tuesday。达美航空、百事可乐和联合健康集团周四公布业绩。堪萨斯城南方周五发布报告。本周共有22家标准普尔500指数公司发布报告，下周将有64家公司发布报告。</blockquote></p><p><img src=\"https://static.tigerbbs.com/ac3c413681d3a9e134223c4d1a02d883\" tg-width=\"1410\" tg-height=\"586\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>It’s also a busy week for economic data. On Tuesday, the Bureau of Labor Statistics reports the consumer price index for March and the National Federation of Independent Business releases its Small Business Optimism Index for March. Then on Thursday, the Census Bureau reports retail sales data for March. And on Friday, the University of Michigan releases its Consumer Sentiment Index for April.</p><p><blockquote>对于经济数据来说，这也是忙碌的一周。周二，美国劳工统计局公布3月份消费者价格指数，全国独立企业联合会发布3月份小企业乐观指数。周四，人口普查局将公布3月份零售销售数据。周五，密歇根大学发布了四月份的消费者信心指数。</blockquote></p><p>Housing-market data out this week include the National Association of Home Builders’ NAHB/Wells Fargo Housing Market Index for April on Thursday and the Census Bureau’s new residential construction data for March on Friday.</p><p><blockquote>本周公布的房地产市场数据包括周四公布的全国住宅建筑商协会NAHB/富国银行4月份住房市场指数和周五公布的人口普查局3月份新住宅建设数据。</blockquote></p><p><b>Monday 4/12</b></p><p><blockquote><b>星期一4/12</b></blockquote></p><p>Nvidia&nbsp;hosts its 2021 investor day in conjunction with its GPU Technology conference. Nvidia CEO Jensen Huang will give the keynote address.</p><p><blockquote>英伟达在GPU技术会议的同时举办了2021年投资者日。英伟达首席执行官黄仁勋将发表主题演讲。</blockquote></p><p><b>Tuesday 4/13</b></p><p><blockquote><b>星期二4/13</b></blockquote></p><p>Fastenal reports quarterly results.</p><p><blockquote>Fastenal报告季度业绩。</blockquote></p><p><b>The Bureau of Labor</b>&nbsp;Statistics reports the consumer price index for March. Economists forecast a 0.4% monthly increase, matching the February data. The core CPI, which excludes volatile food and energy prices, is expected to rise 0.2%, after edging up 0.1% in February.</p><p><blockquote><b>劳工局</b>统计局报告了三月份的消费者价格指数。经济学家预测月度增长0.4%，与2月份数据一致。剔除波动较大的食品和能源价格的核心CPI预计将上涨0.2%，2月份小幅上涨0.1%。</blockquote></p><p><b>The National Federation</b>&nbsp;of Independent Business releases its Small Business Optimism Index for March. Consensus estimate is for a 98 reading, higher than February’s 95.8.</p><p><blockquote><b>全国联合会</b>独立企业发布三月份小企业乐观指数。普遍估计为98，高于2月份的95.8。</blockquote></p><p><b>Wednesday 4/14</b></p><p><blockquote><b>星期三4/14</b></blockquote></p><p><b>Earnings season begins</b>&nbsp;in earnest with some of the largest money-center and investment banks reporting. JPMorgan Chase, Wells Fargo, and Goldman Sachs Group release first-quarter results before the market open.</p><p><blockquote><b>财报季开始</b>一些最大的货币中心和投资银行认真报告。摩根大通、富国银行、高盛集团盘前发布一季度业绩。</blockquote></p><p>First Republic Bankreleases earnings.</p><p><blockquote>第一共和银行发布收益。</blockquote></p><p><b>Coinbase Global</b>&nbsp;is set to&nbsp;make its Wall Street debut&nbsp;on Wednesday through a direct listing of its shares on the Nasdaq.</p><p><blockquote><b>比特币基地全球</b>该公司将于周三通过在纳斯达克直接上市的方式首次亮相华尔街。</blockquote></p><p><b>The BLS reports</b>&nbsp;export and import price data for March. Expectations are for a 1% month-over-month rise in export prices, while import prices are seen increasing 0.8%. This compares with gains of 1.6% and 1.3%, respectively, in February.</p><p><blockquote><b>劳工统计局报告</b>3月进出口价格数据。预计出口价格环比上涨1%，而进口价格预计上涨0.8%。相比之下，2月份分别上涨1.6%和1.3%。</blockquote></p><p><b>The Federal Reserve</b>&nbsp;releases the beige book for the second of eight times this year. The beige book gathers anecdotal information on current economic conditions from the 12 Fed districts.</p><p><blockquote><b>美联储</b>今年发布了八次褐皮书中的第二次。褐皮书从12个美联储区收集了有关当前经济状况的轶事信息。</blockquote></p><p><b>Thursday 4/15</b></p><p><blockquote><b>星期四4/15</b></blockquote></p><p>Bank of America,BlackRock,Charles Schwab,Citigroup, Delta Air Lines, PepsiCo,PPG Industries,Truist Financial,U.S. Bancorp,and UnitedHealth Group report quarterly results.</p><p><blockquote>美国银行、贝莱德、嘉信理财、花旗集团、达美航空、百事可乐、PPG Industries、Truist Financial、美国。合众银行和联合健康集团报告季度业绩。</blockquote></p><p><b>The National Association</b>&nbsp;of Home Builders releases its NAHB/Wells Fargo Housing Market Index for April. Economists forecast an 84.5 reading, greater than the March data. Any reading above 50 indicates that home builders are bullish on the housing market for the next six months.</p><p><blockquote><b>全国协会</b>房屋建筑商协会发布了4月份NAHB/富国银行住房市场指数。经济学家预测为84.5，高于3月份的数据。任何高于50的读数都表明房屋建筑商看好未来六个月的房地产市场。</blockquote></p><p><b>The Census Bureau</b>&nbsp;reports retail sales data for March. The consensus call is for consumer spending to rise 1.3% month over month, after declining 3% in February.</p><p><blockquote><b>人口普查局</b>报告3月份零售销售数据。看涨期权普遍认为消费者支出继2月份下降3%后，环比将增长1.3%。</blockquote></p><p><b>Friday 4/16</b></p><p><blockquote><b>星期五4/16</b></blockquote></p><p>Bank of New York Mellon,Citizens Financial Group,Kansas City Southern, Morgan Stanley,PNC Financial Services Group,and&nbsp;State Street&nbsp;hold conference calls to discuss earnings.</p><p><blockquote>纽约梅隆银行、公民金融集团、堪萨斯南方银行、摩根士丹利、PNC金融服务集团和道富银行在评级召开会议讨论收益。</blockquote></p><p><b>The University of Michigan</b>&nbsp;releases its Consumer Sentiment Index for April. Expectations are for an 88 reading. March’s 84.9 figure was the highest since a year earlier.</p><p><blockquote><b>密歇根大学</b>发布四月份消费者信心指数。预期读数为88。3月份的84.9是一年前以来的最高水平。</blockquote></p><p><b>The Census Bureau</b>&nbsp;reports new residential construction data for March. Economists forecast a seasonally adjusted annual rate of 1.61 million housing starts, a 13% month-over-month increase.</p><p><blockquote><b>人口普查局</b>报告3月份新住宅建设数据。经济学家预测，经季节调整后的新屋开工年率为161万套，环比增长13%。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>JPMorgan Chase, Nvidia, Goldman Sachs, Coinbase, and Other Stocks for Investors to Watch This Week<blockquote>摩根大通、英伟达、高盛、Coinbase等本周值得投资者关注的股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nJPMorgan Chase, Nvidia, Goldman Sachs, Coinbase, and Other Stocks for Investors to Watch This Week<blockquote>摩根大通、英伟达、高盛、Coinbase等本周值得投资者关注的股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-04-12 07:37</span>\n</p>\n</h4>\n</header>\n<article>\n<p>First-quarter earnings season kicks off this week, beginning as always with results from several of the largest U.S. banks. Goldman Sachs Group, JPMorgan Chase, and Wells Fargo report on Wednesday, followed&nbsp;by Bank of&nbsp;America and Citigroup on Thursday and Morgan Stanley on Friday.</p><p><blockquote>第一季度财报季将于本周拉开帷幕，一如既往地以美国几家最大银行的业绩开始。高盛集团、摩根大通和富国银行周三发布报告，美国银行和花旗集团周四发布报告，摩根士丹利周五发布报告。</blockquote></p><p>Other notable companies reporting this week include industrial&nbsp;supplier&nbsp;Fastenalon Tuesday.Delta Air Lines,PepsiCo,and&nbsp;UnitedHealth Group&nbsp;publish results on Thursday. And&nbsp;Kansas City Southern&nbsp;reports on Friday.&nbsp; A total of 22&nbsp;S&amp;P 500&nbsp;companies report this week, followed by 64 next week.</p><p><blockquote>本周发布报告的其他著名公司包括工业供应商Fastenalon Tuesday。达美航空、百事可乐和联合健康集团周四公布业绩。堪萨斯城南方周五发布报告。本周共有22家标准普尔500指数公司发布报告，下周将有64家公司发布报告。</blockquote></p><p><img src=\"https://static.tigerbbs.com/ac3c413681d3a9e134223c4d1a02d883\" tg-width=\"1410\" tg-height=\"586\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>It’s also a busy week for economic data. On Tuesday, the Bureau of Labor Statistics reports the consumer price index for March and the National Federation of Independent Business releases its Small Business Optimism Index for March. Then on Thursday, the Census Bureau reports retail sales data for March. And on Friday, the University of Michigan releases its Consumer Sentiment Index for April.</p><p><blockquote>对于经济数据来说，这也是忙碌的一周。周二，美国劳工统计局公布3月份消费者价格指数，全国独立企业联合会发布3月份小企业乐观指数。周四，人口普查局将公布3月份零售销售数据。周五，密歇根大学发布了四月份的消费者信心指数。</blockquote></p><p>Housing-market data out this week include the National Association of Home Builders’ NAHB/Wells Fargo Housing Market Index for April on Thursday and the Census Bureau’s new residential construction data for March on Friday.</p><p><blockquote>本周公布的房地产市场数据包括周四公布的全国住宅建筑商协会NAHB/富国银行4月份住房市场指数和周五公布的人口普查局3月份新住宅建设数据。</blockquote></p><p><b>Monday 4/12</b></p><p><blockquote><b>星期一4/12</b></blockquote></p><p>Nvidia&nbsp;hosts its 2021 investor day in conjunction with its GPU Technology conference. Nvidia CEO Jensen Huang will give the keynote address.</p><p><blockquote>英伟达在GPU技术会议的同时举办了2021年投资者日。英伟达首席执行官黄仁勋将发表主题演讲。</blockquote></p><p><b>Tuesday 4/13</b></p><p><blockquote><b>星期二4/13</b></blockquote></p><p>Fastenal reports quarterly results.</p><p><blockquote>Fastenal报告季度业绩。</blockquote></p><p><b>The Bureau of Labor</b>&nbsp;Statistics reports the consumer price index for March. Economists forecast a 0.4% monthly increase, matching the February data. The core CPI, which excludes volatile food and energy prices, is expected to rise 0.2%, after edging up 0.1% in February.</p><p><blockquote><b>劳工局</b>统计局报告了三月份的消费者价格指数。经济学家预测月度增长0.4%，与2月份数据一致。剔除波动较大的食品和能源价格的核心CPI预计将上涨0.2%，2月份小幅上涨0.1%。</blockquote></p><p><b>The National Federation</b>&nbsp;of Independent Business releases its Small Business Optimism Index for March. Consensus estimate is for a 98 reading, higher than February’s 95.8.</p><p><blockquote><b>全国联合会</b>独立企业发布三月份小企业乐观指数。普遍估计为98，高于2月份的95.8。</blockquote></p><p><b>Wednesday 4/14</b></p><p><blockquote><b>星期三4/14</b></blockquote></p><p><b>Earnings season begins</b>&nbsp;in earnest with some of the largest money-center and investment banks reporting. JPMorgan Chase, Wells Fargo, and Goldman Sachs Group release first-quarter results before the market open.</p><p><blockquote><b>财报季开始</b>一些最大的货币中心和投资银行认真报告。摩根大通、富国银行、高盛集团盘前发布一季度业绩。</blockquote></p><p>First Republic Bankreleases earnings.</p><p><blockquote>第一共和银行发布收益。</blockquote></p><p><b>Coinbase Global</b>&nbsp;is set to&nbsp;make its Wall Street debut&nbsp;on Wednesday through a direct listing of its shares on the Nasdaq.</p><p><blockquote><b>比特币基地全球</b>该公司将于周三通过在纳斯达克直接上市的方式首次亮相华尔街。</blockquote></p><p><b>The BLS reports</b>&nbsp;export and import price data for March. Expectations are for a 1% month-over-month rise in export prices, while import prices are seen increasing 0.8%. This compares with gains of 1.6% and 1.3%, respectively, in February.</p><p><blockquote><b>劳工统计局报告</b>3月进出口价格数据。预计出口价格环比上涨1%，而进口价格预计上涨0.8%。相比之下，2月份分别上涨1.6%和1.3%。</blockquote></p><p><b>The Federal Reserve</b>&nbsp;releases the beige book for the second of eight times this year. The beige book gathers anecdotal information on current economic conditions from the 12 Fed districts.</p><p><blockquote><b>美联储</b>今年发布了八次褐皮书中的第二次。褐皮书从12个美联储区收集了有关当前经济状况的轶事信息。</blockquote></p><p><b>Thursday 4/15</b></p><p><blockquote><b>星期四4/15</b></blockquote></p><p>Bank of America,BlackRock,Charles Schwab,Citigroup, Delta Air Lines, PepsiCo,PPG Industries,Truist Financial,U.S. Bancorp,and UnitedHealth Group report quarterly results.</p><p><blockquote>美国银行、贝莱德、嘉信理财、花旗集团、达美航空、百事可乐、PPG Industries、Truist Financial、美国。合众银行和联合健康集团报告季度业绩。</blockquote></p><p><b>The National Association</b>&nbsp;of Home Builders releases its NAHB/Wells Fargo Housing Market Index for April. Economists forecast an 84.5 reading, greater than the March data. Any reading above 50 indicates that home builders are bullish on the housing market for the next six months.</p><p><blockquote><b>全国协会</b>房屋建筑商协会发布了4月份NAHB/富国银行住房市场指数。经济学家预测为84.5，高于3月份的数据。任何高于50的读数都表明房屋建筑商看好未来六个月的房地产市场。</blockquote></p><p><b>The Census Bureau</b>&nbsp;reports retail sales data for March. The consensus call is for consumer spending to rise 1.3% month over month, after declining 3% in February.</p><p><blockquote><b>人口普查局</b>报告3月份零售销售数据。看涨期权普遍认为消费者支出继2月份下降3%后，环比将增长1.3%。</blockquote></p><p><b>Friday 4/16</b></p><p><blockquote><b>星期五4/16</b></blockquote></p><p>Bank of New York Mellon,Citizens Financial Group,Kansas City Southern, Morgan Stanley,PNC Financial Services Group,and&nbsp;State Street&nbsp;hold conference calls to discuss earnings.</p><p><blockquote>纽约梅隆银行、公民金融集团、堪萨斯南方银行、摩根士丹利、PNC金融服务集团和道富银行在评级召开会议讨论收益。</blockquote></p><p><b>The University of Michigan</b>&nbsp;releases its Consumer Sentiment Index for April. Expectations are for an 88 reading. March’s 84.9 figure was the highest since a year earlier.</p><p><blockquote><b>密歇根大学</b>发布四月份消费者信心指数。预期读数为88。3月份的84.9是一年前以来的最高水平。</blockquote></p><p><b>The Census Bureau</b>&nbsp;reports new residential construction data for March. Economists forecast a seasonally adjusted annual rate of 1.61 million housing starts, a 13% month-over-month increase.</p><p><blockquote><b>人口普查局</b>报告3月份新住宅建设数据。经济学家预测，经季节调整后的新屋开工年率为161万套，环比增长13%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/jpmorgan-chase-nvidia-goldman-sachs-delta-and-other-stocks-for-investors-to-watch-this-week-51618167609?mod=hp_LEAD_2\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"WFC":"富国银行",".DJI":"道琼斯",".IXIC":"NASDAQ Composite","MS":"摩根士丹利","NVDA":"英伟达","COIN":"Coinbase Global, Inc.","GS":"高盛","JPM":"摩根大通",".SPX":"S&P 500 Index"},"source_url":"https://www.barrons.com/articles/jpmorgan-chase-nvidia-goldman-sachs-delta-and-other-stocks-for-investors-to-watch-this-week-51618167609?mod=hp_LEAD_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1137529737","content_text":"First-quarter earnings season kicks off this week, beginning as always with results from several of the largest U.S. banks. Goldman Sachs Group, JPMorgan Chase, and Wells Fargo report on Wednesday, followed by Bank of America and Citigroup on Thursday and Morgan Stanley on Friday.Other notable companies reporting this week include industrial supplier Fastenalon Tuesday.Delta Air Lines,PepsiCo,and UnitedHealth Group publish results on Thursday. And Kansas City Southern reports on Friday.  A total of 22 S&P 500 companies report this week, followed by 64 next week.It’s also a busy week for economic data. On Tuesday, the Bureau of Labor Statistics reports the consumer price index for March and the National Federation of Independent Business releases its Small Business Optimism Index for March. Then on Thursday, the Census Bureau reports retail sales data for March. And on Friday, the University of Michigan releases its Consumer Sentiment Index for April.Housing-market data out this week include the National Association of Home Builders’ NAHB/Wells Fargo Housing Market Index for April on Thursday and the Census Bureau’s new residential construction data for March on Friday.Monday 4/12Nvidia hosts its 2021 investor day in conjunction with its GPU Technology conference. Nvidia CEO Jensen Huang will give the keynote address.Tuesday 4/13Fastenal reports quarterly results.The Bureau of Labor Statistics reports the consumer price index for March. Economists forecast a 0.4% monthly increase, matching the February data. The core CPI, which excludes volatile food and energy prices, is expected to rise 0.2%, after edging up 0.1% in February.The National Federation of Independent Business releases its Small Business Optimism Index for March. Consensus estimate is for a 98 reading, higher than February’s 95.8.Wednesday 4/14Earnings season begins in earnest with some of the largest money-center and investment banks reporting. JPMorgan Chase, Wells Fargo, and Goldman Sachs Group release first-quarter results before the market open.First Republic Bankreleases earnings.Coinbase Global is set to make its Wall Street debut on Wednesday through a direct listing of its shares on the Nasdaq.The BLS reports export and import price data for March. Expectations are for a 1% month-over-month rise in export prices, while import prices are seen increasing 0.8%. This compares with gains of 1.6% and 1.3%, respectively, in February.The Federal Reserve releases the beige book for the second of eight times this year. The beige book gathers anecdotal information on current economic conditions from the 12 Fed districts.Thursday 4/15Bank of America,BlackRock,Charles Schwab,Citigroup, Delta Air Lines, PepsiCo,PPG Industries,Truist Financial,U.S. Bancorp,and UnitedHealth Group report quarterly results.The National Association of Home Builders releases its NAHB/Wells Fargo Housing Market Index for April. Economists forecast an 84.5 reading, greater than the March data. Any reading above 50 indicates that home builders are bullish on the housing market for the next six months.The Census Bureau reports retail sales data for March. The consensus call is for consumer spending to rise 1.3% month over month, after declining 3% in February.Friday 4/16Bank of New York Mellon,Citizens Financial Group,Kansas City Southern, Morgan Stanley,PNC Financial Services Group,and State Street hold conference calls to discuss earnings.The University of Michigan releases its Consumer Sentiment Index for April. Expectations are for an 88 reading. March’s 84.9 figure was the highest since a year earlier.The Census Bureau reports new residential construction data for March. Economists forecast a seasonally adjusted annual rate of 1.61 million housing starts, a 13% month-over-month increase.","news_type":1,"symbols_score_info":{"NVDA":0.9,"COIN":0.9,".SPX":0.9,"JPM":0.9,".IXIC":0.9,"MS":0.9,"WFC":0.9,".DJI":0.9,"GS":0.9}},"isVote":1,"tweetType":1,"viewCount":357,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":196447515,"gmtCreate":1621107722037,"gmtModify":1634194029441,"author":{"id":"3565865195004220","authorId":"3565865195004220","name":"BabyHuatHuat","avatar":"https://static.tigerbbs.com/49ee3c00396b80f7a3b8f686f8cb8102","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3565865195004220","idStr":"3565865195004220"},"themes":[],"htmlText":"Dame..","listText":"Dame..","text":"Dame..","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/196447515","repostId":"2135069756","repostType":4,"isVote":1,"tweetType":1,"viewCount":2196,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":379268899,"gmtCreate":1618747743911,"gmtModify":1634291127487,"author":{"id":"3565865195004220","authorId":"3565865195004220","name":"BabyHuatHuat","avatar":"https://static.tigerbbs.com/49ee3c00396b80f7a3b8f686f8cb8102","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3565865195004220","idStr":"3565865195004220"},"themes":[],"htmlText":"Mr market go go go!!!","listText":"Mr market go go go!!!","text":"Mr market go go go!!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/379268899","repostId":"1175692875","repostType":4,"repost":{"id":"1175692875","kind":"news","pubTimestamp":1618582708,"share":"https://www.laohu8.com/m/news/1175692875?lang=zh_CN&edition=full","pubTime":"2021-04-16 22:18","market":"us","language":"en","title":"$544 Billion In Options Expire Today: Here's What Will Move<blockquote>5440亿美元期权今天到期：以下是将发生的变化</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1175692875","media":"zerohedge","summary":"While it's not quad (or even triple) witching day, today's a whole lot of weekly options will expire","content":"<p>While it's not quad (or even triple) witching day, today's a whole lot of weekly options will expire, may of which will be worthless, and others will be providing a supporting \"pin\" to underlying prices. It's why, even though we are enjoying a beautiful spring week, Goldman notes that single stock options trading activity is elevated relative to historical levels. To wit, daily options volumes are up 70% in April, up from YTD lows of $2.4bn on 30-Mar.</p><p><blockquote>虽然这不是四（甚至三）巫术日，但今天的大量每周期权将到期，其中可能一文不值，其他期权将为基础价格提供支持“引脚”。这就是为什么，尽管我们正在享受一个美丽的春季周，高盛指出，单一股票期权交易活动相对于历史水平有所上升。也就是说，4月份每日期权交易量增长了70%，高于3月30日年初至今24亿美元的低点。</blockquote></p><p><b>In total, across single stocks, $544BN of options are set to expiry today, including $305BN calls.</b>As such, today’s expiry could be important for stocks with large open interest in at-the-money(ATM) options, as market makers delta-hedging their unusually large options portfolios will be active. This flow is likely to dampen volatility in some names while exacerbating stock price moves in others.</p><p><blockquote><b>总体而言，单个股票中有5440亿美元的期权将于今天到期，其中包括3050亿美元的评级。</b>因此，今天的到期对于平值（ATM）期权持有大量未平仓合约的股票可能很重要，因为做市商对其异常大的期权投资组合进行delta对冲将会很活跃。这种流动可能会抑制某些股票的波动，同时加剧其他股票的股价波动。</blockquote></p><p>How to trade this?</p><p><blockquote>这个怎么交易？</blockquote></p><p>As Goldman's Vishal Vivek writes, at major expirations, options traders track situations where<b>a large amount of open interest is set to expire.</b>In situations where there is a significant amount of expiring open interest in at-the-money strikes (strike prices at or very near the current stockprice), delta-hedging activity can impact the underlying stock’s trading that day. If market makers or other options traders who delta-hedge their positions are net long ATM options, expiration-related flow could have the effect of dampening stock price movements, causing the stock price to settle near the strike with large open interest. This situation is often referred to as a “pin” and can be an ideal situation fora large investor trying to enter/exit a stock position. Alternatively, if delta-hedgers are net short ATM options (have a “negative gamma” position), their hedging activity could exacerbate stock price moves.</p><p><blockquote>正如高盛的维沙尔·维韦克（Vishal Vivek）所写，在重大到期时，期权交易者会跟踪以下情况：<b>大量未平仓合约即将到期。</b>在平价执行（执行价格等于或非常接近当前股价）中存在大量到期未平仓合约的情况下，delta对冲活动可能会影响标的股票当天的交易。如果做市商或其他对其头寸进行delta对冲的期权交易者是净多头ATM期权，则与到期相关的流量可能会产生抑制股价走势的效果，导致股价以大量未平仓合约在行权附近结算。这种情况通常被称为“pin”，对于试图进入/退出股票头寸的大型投资者来说是理想的情况。或者，如果delta对冲者是ATM期权的净空头（具有“负伽马”头寸），他们的对冲活动可能会加剧股价波动。</blockquote></p><p>What that means it expiration-related trades may cause trading activity to aggressively pick up for stocks with a significant amount of ATM open interest.</p><p><blockquote>这意味着与到期相关的交易可能会导致具有大量ATM未平仓合约的股票的交易活动大幅回升。</blockquote></p><p>So to help traders looking to hop on for daytrading opportunities, here is a table identifying possible focus stocks with large ATM open interest expiring today, which is compared to the average daily volume of the underlying stocks. As Goldman puts it, \"<i>expiration-related activity is likely to have more of an impact if the open interest represents a significant percentage of the stock’s volume.\"</i></p><p><blockquote>因此，为了帮助寻求日内交易机会的交易者，这里有一个表格，列出了今天到期的ATM未平仓合约较大的可能焦点股票，并与标的股票的日均交易量进行了比较。正如高盛所说，“<i>如果未平仓合约占股票交易量的很大一部分，那么与到期相关的活动可能会产生更大的影响。”</i></blockquote></p><p><img src=\"https://static.tigerbbs.com/0dac61cb87c2f2700d8a0e8e64324f81\" tg-width=\"500\" tg-height=\"638\" referrerpolicy=\"no-referrer\">Finally, for what it's worth, this morning our friends at SpotGamma write that this has been a rather strange OPEX cycle, \"with a consistent almost mechanical bid pushing markets higher. We’ve not seen the Call Wall “breached” this many times before, but there are other aberrations that we’ve mentioned in previous notes – like net put sales. We’ve got some theories on this we are posting in a longer form piece.\"</p><p><blockquote>最后，值得一提的是，今天早上我们在SpotGamma的朋友写道，这是一个相当奇怪的运营支出周期，“持续的几乎机械的出价推动市场走高。我们以前从未见过看涨期权墙“突破”过很多次，但我们在之前的笔记中提到过其他异常现象，例如净看跌期权销售。我们对此有一些理论，我们将在一篇更长的文章中发布。”</blockquote></p><p>According to SG, because implied volatility has now compressed (ie VIX at new lows) there is now more potential for “long term” volatility. Recall how as of late any sharp, violent drop in markets was bought so quickly (see chart below).<b>These bursts lower coincided with record VIX spikes, but a reflective snap-back bid would bring a market recovery of equal force as the VIX&nbsp; (i.e. implied volatility) reversed.</b></p><p><blockquote>根据SG的说法，由于隐含波动率现在已经压缩（即VIX处于新低），现在“长期”波动的潜力更大。回想一下最近市场的任何剧烈下跌都是如何被如此迅速地买入的（见下图）。<b>这些大幅走低与创纪录的VIX飙升同时发生，但随着VIX（即隐含波动率）的逆转，反射性的snap回调将带来同等力度的市场复苏。</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/ae7a60d873792b825bdda669cafa0ed3\" tg-width=\"500\" tg-height=\"297\" referrerpolicy=\"no-referrer\">And one other curious observation from SpotGamma:</p><p><blockquote>SpotGamma的另一个奇怪观察：</blockquote></p><p>When implied volatility is very high, its very sensitive to market moves and also signaling that markets are expecting more large moves ahead. As soon as markets would pause or catch a support level, that implied volatility would quickly reverse lower. <b>We often think of this analogy that if a shark stops swimming, it sinks ( partially true!). If the market stops dropping then Implied volatility sinks.</b>With this, as we often talk about, lower implied volatility (ie lower VIX) signals market makers have to buy back short hedges which fuels rallies. SG's conclusion: this current level of lower implied volatility now gives the market more downside firepower.&nbsp; Starting with a lower implied volatility “slows down” that responsive “snap-back” buying mechanism.&nbsp; Additionally, gamma is higher when IV is lower so gamma flips may have more juice.</p><p><blockquote>当隐含波动率非常高时，它对市场走势非常敏感，也表明市场预计未来会有更大的波动。一旦市场暂停或抓住支撑位，隐含波动率就会迅速反转走低。<b>我们经常想到这样一个类比，如果鲨鱼停止游泳，它就会下沉（部分正确！）.如果市场停止下跌，那么隐含波动率就会下降。</b>正如我们经常谈论的那样，较低的隐含波动率（即较低的VIX）表明做市商必须回购空头对冲，从而推动反弹。SG的结论是：目前较低的隐含波动率水平给了市场更多的下行火力。从较低的隐含波动率开始会“减缓”反应性的“snap回”购买机制。此外，当IV较低时，伽马较高，因此伽马翻转可能有更多的果汁。</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>$544 Billion In Options Expire Today: Here's What Will Move<blockquote>5440亿美元期权今天到期：以下是将发生的变化</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n$544 Billion In Options Expire Today: Here's What Will Move<blockquote>5440亿美元期权今天到期：以下是将发生的变化</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-04-16 22:18</span>\n</p>\n</h4>\n</header>\n<article>\n<p>While it's not quad (or even triple) witching day, today's a whole lot of weekly options will expire, may of which will be worthless, and others will be providing a supporting \"pin\" to underlying prices. It's why, even though we are enjoying a beautiful spring week, Goldman notes that single stock options trading activity is elevated relative to historical levels. To wit, daily options volumes are up 70% in April, up from YTD lows of $2.4bn on 30-Mar.</p><p><blockquote>虽然这不是四（甚至三）巫术日，但今天的大量每周期权将到期，其中可能一文不值，其他期权将为基础价格提供支持“引脚”。这就是为什么，尽管我们正在享受一个美丽的春季周，高盛指出，单一股票期权交易活动相对于历史水平有所上升。也就是说，4月份每日期权交易量增长了70%，高于3月30日年初至今24亿美元的低点。</blockquote></p><p><b>In total, across single stocks, $544BN of options are set to expiry today, including $305BN calls.</b>As such, today’s expiry could be important for stocks with large open interest in at-the-money(ATM) options, as market makers delta-hedging their unusually large options portfolios will be active. This flow is likely to dampen volatility in some names while exacerbating stock price moves in others.</p><p><blockquote><b>总体而言，单个股票中有5440亿美元的期权将于今天到期，其中包括3050亿美元的评级。</b>因此，今天的到期对于平值（ATM）期权持有大量未平仓合约的股票可能很重要，因为做市商对其异常大的期权投资组合进行delta对冲将会很活跃。这种流动可能会抑制某些股票的波动，同时加剧其他股票的股价波动。</blockquote></p><p>How to trade this?</p><p><blockquote>这个怎么交易？</blockquote></p><p>As Goldman's Vishal Vivek writes, at major expirations, options traders track situations where<b>a large amount of open interest is set to expire.</b>In situations where there is a significant amount of expiring open interest in at-the-money strikes (strike prices at or very near the current stockprice), delta-hedging activity can impact the underlying stock’s trading that day. If market makers or other options traders who delta-hedge their positions are net long ATM options, expiration-related flow could have the effect of dampening stock price movements, causing the stock price to settle near the strike with large open interest. This situation is often referred to as a “pin” and can be an ideal situation fora large investor trying to enter/exit a stock position. Alternatively, if delta-hedgers are net short ATM options (have a “negative gamma” position), their hedging activity could exacerbate stock price moves.</p><p><blockquote>正如高盛的维沙尔·维韦克（Vishal Vivek）所写，在重大到期时，期权交易者会跟踪以下情况：<b>大量未平仓合约即将到期。</b>在平价执行（执行价格等于或非常接近当前股价）中存在大量到期未平仓合约的情况下，delta对冲活动可能会影响标的股票当天的交易。如果做市商或其他对其头寸进行delta对冲的期权交易者是净多头ATM期权，则与到期相关的流量可能会产生抑制股价走势的效果，导致股价以大量未平仓合约在行权附近结算。这种情况通常被称为“pin”，对于试图进入/退出股票头寸的大型投资者来说是理想的情况。或者，如果delta对冲者是ATM期权的净空头（具有“负伽马”头寸），他们的对冲活动可能会加剧股价波动。</blockquote></p><p>What that means it expiration-related trades may cause trading activity to aggressively pick up for stocks with a significant amount of ATM open interest.</p><p><blockquote>这意味着与到期相关的交易可能会导致具有大量ATM未平仓合约的股票的交易活动大幅回升。</blockquote></p><p>So to help traders looking to hop on for daytrading opportunities, here is a table identifying possible focus stocks with large ATM open interest expiring today, which is compared to the average daily volume of the underlying stocks. As Goldman puts it, \"<i>expiration-related activity is likely to have more of an impact if the open interest represents a significant percentage of the stock’s volume.\"</i></p><p><blockquote>因此，为了帮助寻求日内交易机会的交易者，这里有一个表格，列出了今天到期的ATM未平仓合约较大的可能焦点股票，并与标的股票的日均交易量进行了比较。正如高盛所说，“<i>如果未平仓合约占股票交易量的很大一部分，那么与到期相关的活动可能会产生更大的影响。”</i></blockquote></p><p><img src=\"https://static.tigerbbs.com/0dac61cb87c2f2700d8a0e8e64324f81\" tg-width=\"500\" tg-height=\"638\" referrerpolicy=\"no-referrer\">Finally, for what it's worth, this morning our friends at SpotGamma write that this has been a rather strange OPEX cycle, \"with a consistent almost mechanical bid pushing markets higher. We’ve not seen the Call Wall “breached” this many times before, but there are other aberrations that we’ve mentioned in previous notes – like net put sales. We’ve got some theories on this we are posting in a longer form piece.\"</p><p><blockquote>最后，值得一提的是，今天早上我们在SpotGamma的朋友写道，这是一个相当奇怪的运营支出周期，“持续的几乎机械的出价推动市场走高。我们以前从未见过看涨期权墙“突破”过很多次，但我们在之前的笔记中提到过其他异常现象，例如净看跌期权销售。我们对此有一些理论，我们将在一篇更长的文章中发布。”</blockquote></p><p>According to SG, because implied volatility has now compressed (ie VIX at new lows) there is now more potential for “long term” volatility. Recall how as of late any sharp, violent drop in markets was bought so quickly (see chart below).<b>These bursts lower coincided with record VIX spikes, but a reflective snap-back bid would bring a market recovery of equal force as the VIX&nbsp; (i.e. implied volatility) reversed.</b></p><p><blockquote>根据SG的说法，由于隐含波动率现在已经压缩（即VIX处于新低），现在“长期”波动的潜力更大。回想一下最近市场的任何剧烈下跌都是如何被如此迅速地买入的（见下图）。<b>这些大幅走低与创纪录的VIX飙升同时发生，但随着VIX（即隐含波动率）的逆转，反射性的snap回调将带来同等力度的市场复苏。</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/ae7a60d873792b825bdda669cafa0ed3\" tg-width=\"500\" tg-height=\"297\" referrerpolicy=\"no-referrer\">And one other curious observation from SpotGamma:</p><p><blockquote>SpotGamma的另一个奇怪观察：</blockquote></p><p>When implied volatility is very high, its very sensitive to market moves and also signaling that markets are expecting more large moves ahead. As soon as markets would pause or catch a support level, that implied volatility would quickly reverse lower. <b>We often think of this analogy that if a shark stops swimming, it sinks ( partially true!). If the market stops dropping then Implied volatility sinks.</b>With this, as we often talk about, lower implied volatility (ie lower VIX) signals market makers have to buy back short hedges which fuels rallies. SG's conclusion: this current level of lower implied volatility now gives the market more downside firepower.&nbsp; Starting with a lower implied volatility “slows down” that responsive “snap-back” buying mechanism.&nbsp; Additionally, gamma is higher when IV is lower so gamma flips may have more juice.</p><p><blockquote>当隐含波动率非常高时，它对市场走势非常敏感，也表明市场预计未来会有更大的波动。一旦市场暂停或抓住支撑位，隐含波动率就会迅速反转走低。<b>我们经常想到这样一个类比，如果鲨鱼停止游泳，它就会下沉（部分正确！）.如果市场停止下跌，那么隐含波动率就会下降。</b>正如我们经常谈论的那样，较低的隐含波动率（即较低的VIX）表明做市商必须回购空头对冲，从而推动反弹。SG的结论是：目前较低的隐含波动率水平给了市场更多的下行火力。从较低的隐含波动率开始会“减缓”反应性的“snap回”购买机制。此外，当IV较低时，伽马较高，因此伽马翻转可能有更多的果汁。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/544-billion-options-expire-today-heres-what-will-move?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29\">zerohedge</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯","SPY":"标普500ETF",".SPX":"S&P 500 Index"},"source_url":"https://www.zerohedge.com/markets/544-billion-options-expire-today-heres-what-will-move?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175692875","content_text":"While it's not quad (or even triple) witching day, today's a whole lot of weekly options will expire, may of which will be worthless, and others will be providing a supporting \"pin\" to underlying prices. It's why, even though we are enjoying a beautiful spring week, Goldman notes that single stock options trading activity is elevated relative to historical levels. To wit, daily options volumes are up 70% in April, up from YTD lows of $2.4bn on 30-Mar.In total, across single stocks, $544BN of options are set to expiry today, including $305BN calls.As such, today’s expiry could be important for stocks with large open interest in at-the-money(ATM) options, as market makers delta-hedging their unusually large options portfolios will be active. This flow is likely to dampen volatility in some names while exacerbating stock price moves in others.How to trade this?As Goldman's Vishal Vivek writes, at major expirations, options traders track situations wherea large amount of open interest is set to expire.In situations where there is a significant amount of expiring open interest in at-the-money strikes (strike prices at or very near the current stockprice), delta-hedging activity can impact the underlying stock’s trading that day. If market makers or other options traders who delta-hedge their positions are net long ATM options, expiration-related flow could have the effect of dampening stock price movements, causing the stock price to settle near the strike with large open interest. This situation is often referred to as a “pin” and can be an ideal situation fora large investor trying to enter/exit a stock position. Alternatively, if delta-hedgers are net short ATM options (have a “negative gamma” position), their hedging activity could exacerbate stock price moves.What that means it expiration-related trades may cause trading activity to aggressively pick up for stocks with a significant amount of ATM open interest.So to help traders looking to hop on for daytrading opportunities, here is a table identifying possible focus stocks with large ATM open interest expiring today, which is compared to the average daily volume of the underlying stocks. As Goldman puts it, \"expiration-related activity is likely to have more of an impact if the open interest represents a significant percentage of the stock’s volume.\"Finally, for what it's worth, this morning our friends at SpotGamma write that this has been a rather strange OPEX cycle, \"with a consistent almost mechanical bid pushing markets higher. We’ve not seen the Call Wall “breached” this many times before, but there are other aberrations that we’ve mentioned in previous notes – like net put sales. We’ve got some theories on this we are posting in a longer form piece.\"According to SG, because implied volatility has now compressed (ie VIX at new lows) there is now more potential for “long term” volatility. Recall how as of late any sharp, violent drop in markets was bought so quickly (see chart below).These bursts lower coincided with record VIX spikes, but a reflective snap-back bid would bring a market recovery of equal force as the VIX  (i.e. implied volatility) reversed.And one other curious observation from SpotGamma:When implied volatility is very high, its very sensitive to market moves and also signaling that markets are expecting more large moves ahead. As soon as markets would pause or catch a support level, that implied volatility would quickly reverse lower. We often think of this analogy that if a shark stops swimming, it sinks ( partially true!). If the market stops dropping then Implied volatility sinks.With this, as we often talk about, lower implied volatility (ie lower VIX) signals market makers have to buy back short hedges which fuels rallies. SG's conclusion: this current level of lower implied volatility now gives the market more downside firepower.  Starting with a lower implied volatility “slows down” that responsive “snap-back” buying mechanism.  Additionally, gamma is higher when IV is lower so gamma flips may have more juice.","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,"SPY":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":641,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":328947887,"gmtCreate":1615483082349,"gmtModify":1703489857932,"author":{"id":"3565865195004220","authorId":"3565865195004220","name":"BabyHuatHuat","avatar":"https://static.tigerbbs.com/49ee3c00396b80f7a3b8f686f8cb8102","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3565865195004220","idStr":"3565865195004220"},"themes":[],"htmlText":"Thank you for allowing me to sleep earlier... 😴","listText":"Thank you for allowing me to sleep earlier... 😴","text":"Thank you for allowing me to sleep earlier... 😴","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/328947887","repostId":"1199156489","repostType":4,"repost":{"id":"1199156489","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1615452861,"share":"https://www.laohu8.com/m/news/1199156489?lang=zh_CN&edition=full","pubTime":"2021-03-11 16:54","market":"us","language":"en","title":"US Daylight Saving Time<blockquote>美国夏令时</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1199156489","media":"Tiger Newspress","summary":"From 02:00 U.S. East time March 14(this Sunday),the North America region entered daylight saving tim","content":"<p>From&nbsp;02:00&nbsp;U.S.&nbsp;East&nbsp;time&nbsp;March&nbsp;14(this&nbsp;Sunday),the&nbsp;North America&nbsp;region&nbsp;entered&nbsp;daylight saving&nbsp;time,until&nbsp;02:00&nbsp;U.S.&nbsp;East&nbsp;time&nbsp;ends&nbsp;on&nbsp;November&nbsp;7,2021.</p><p><blockquote>从美国东部时间3月14日（本周日）02：00开始，北美地区进入夏令时，直到美国东部时间2021年11月7日02：00结束。</blockquote></p><p>So,starting&nbsp;on&nbsp;Monday,March&nbsp;14,the&nbsp;U.S.&nbsp;market&nbsp;will&nbsp;open&nbsp;and&nbsp;close&nbsp;one&nbsp;hour&nbsp;ahead&nbsp;of&nbsp;schedule&nbsp;during&nbsp;north&nbsp;american&nbsp;daylight saving time,i.e.,U.S.&nbsp;trading&nbsp;time&nbsp;will&nbsp;be&nbsp;changed&nbsp;to&nbsp;21:30&nbsp;beijing&nbsp;time&nbsp;to&nbsp;04:00&nbsp;a.m.the&nbsp;next&nbsp;day,pre-trade&nbsp;time&nbsp;will&nbsp;be&nbsp;16:00&nbsp;to&nbsp;21:30,after-trade&nbsp;time&nbsp;will&nbsp;be&nbsp;04:00&nbsp;to&nbsp;8:00.</p><p><blockquote>于是，从3月14日周一开始，美国市场将在北美夏令时期间提前一小时开盘和收盘，即美国交易时间改为北京时间21:30至次日凌晨04:00，交易前时间为16:00至21:30，交易后时间为04:00至8:00。</blockquote></p><p><b>What is daylight saving time?</b></p><p><blockquote><b>什么是夏令时？</b></blockquote></p><p>The DST is the practice of moving clocks forward by one hour during summer months so that daylight lasts longer into evening. Most of North America and Europe follows the custom, while the majority of countries elsewhere do not.</p><p><blockquote>夏令时是在夏季将时钟拨快一小时的做法，这样白天会持续更长时间到晚上。北美和欧洲的大部分地区遵循这一习俗，而其他地方的大多数国家则不这样做。</blockquote></p><p>Hawaii, American Samoa, Guam, Puerto Rico, the US Virgin Islands and most of Arizona don’t observe daylight saving time. It’s incumbent to stick with the status quo.</p><p><blockquote>夏威夷、美属萨摩亚、关岛、波多黎各、美属维尔京群岛和亚利桑那州大部分地区不实行夏令时。坚持现状是义不容辞的责任。</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>US Daylight Saving Time<blockquote>美国夏令时</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\">\nUS Daylight Saving Time<blockquote>美国夏令时</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-03-11 16:54</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>From&nbsp;02:00&nbsp;U.S.&nbsp;East&nbsp;time&nbsp;March&nbsp;14(this&nbsp;Sunday),the&nbsp;North America&nbsp;region&nbsp;entered&nbsp;daylight saving&nbsp;time,until&nbsp;02:00&nbsp;U.S.&nbsp;East&nbsp;time&nbsp;ends&nbsp;on&nbsp;November&nbsp;7,2021.</p><p><blockquote>从美国东部时间3月14日（本周日）02：00开始，北美地区进入夏令时，直到美国东部时间2021年11月7日02：00结束。</blockquote></p><p>So,starting&nbsp;on&nbsp;Monday,March&nbsp;14,the&nbsp;U.S.&nbsp;market&nbsp;will&nbsp;open&nbsp;and&nbsp;close&nbsp;one&nbsp;hour&nbsp;ahead&nbsp;of&nbsp;schedule&nbsp;during&nbsp;north&nbsp;american&nbsp;daylight saving time,i.e.,U.S.&nbsp;trading&nbsp;time&nbsp;will&nbsp;be&nbsp;changed&nbsp;to&nbsp;21:30&nbsp;beijing&nbsp;time&nbsp;to&nbsp;04:00&nbsp;a.m.the&nbsp;next&nbsp;day,pre-trade&nbsp;time&nbsp;will&nbsp;be&nbsp;16:00&nbsp;to&nbsp;21:30,after-trade&nbsp;time&nbsp;will&nbsp;be&nbsp;04:00&nbsp;to&nbsp;8:00.</p><p><blockquote>于是，从3月14日周一开始，美国市场将在北美夏令时期间提前一小时开盘和收盘，即美国交易时间改为北京时间21:30至次日凌晨04:00，交易前时间为16:00至21:30，交易后时间为04:00至8:00。</blockquote></p><p><b>What is daylight saving time?</b></p><p><blockquote><b>什么是夏令时？</b></blockquote></p><p>The DST is the practice of moving clocks forward by one hour during summer months so that daylight lasts longer into evening. Most of North America and Europe follows the custom, while the majority of countries elsewhere do not.</p><p><blockquote>夏令时是在夏季将时钟拨快一小时的做法，这样白天会持续更长时间到晚上。北美和欧洲的大部分地区遵循这一习俗，而其他地方的大多数国家则不这样做。</blockquote></p><p>Hawaii, American Samoa, Guam, Puerto Rico, the US Virgin Islands and most of Arizona don’t observe daylight saving time. It’s incumbent to stick with the status quo.</p><p><blockquote>夏威夷、美属萨摩亚、关岛、波多黎各、美属维尔京群岛和亚利桑那州大部分地区不实行夏令时。坚持现状是义不容辞的责任。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1199156489","content_text":"From 02:00 U.S. East time March 14(this Sunday),the North America region entered daylight saving time,until 02:00 U.S. East time ends on November 7,2021.So,starting on Monday,March 14,the U.S. market will open and close one hour ahead of schedule during north american daylight saving time,i.e.,U.S. trading time will be changed to 21:30 beijing time to 04:00 a.m.the next day,pre-trade time will be 16:00 to 21:30,after-trade time will be 04:00 to 8:00.What is daylight saving time?The DST is the practice of moving clocks forward by one hour during summer months so that daylight lasts longer into evening. Most of North America and Europe follows the custom, while the majority of countries elsewhere do not.Hawaii, American Samoa, Guam, Puerto Rico, the US Virgin Islands and most of Arizona don’t observe daylight saving time. It’s incumbent to stick with the status quo.","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":296,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":323319541,"gmtCreate":1615302966283,"gmtModify":1703487081752,"author":{"id":"3565865195004220","authorId":"3565865195004220","name":"BabyHuatHuat","avatar":"https://static.tigerbbs.com/49ee3c00396b80f7a3b8f686f8cb8102","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3565865195004220","idStr":"3565865195004220"},"themes":[],"htmlText":"Go Go Go!!!&nbsp;","listText":"Go Go Go!!!&nbsp;","text":"Go Go Go!!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/323319541","repostId":"1179750666","repostType":4,"repost":{"id":"1179750666","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1615300337,"share":"https://www.laohu8.com/m/news/1179750666?lang=zh_CN&edition=full","pubTime":"2021-03-09 22:32","market":"us","language":"en","title":"Nasdaq jumps at open as tech stocks gain ground<blockquote>随着科技股上涨，纳斯达克开盘上涨</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1179750666","media":"老虎资讯综合","summary":"U.S. stocks jumped on Tuesday after bond yields declined, causing investors to buy the dip in beaten","content":"<p>U.S. stocks jumped on Tuesday after bond yields declined, causing investors to buy the dip in beaten-up technology shares.</p><p><blockquote>债券收益率下降后，美国股市周二上涨，导致投资者逢低买入遭受重创的科技股。</blockquote></p><p>The Dow Jones Industrial Average rose 152 points, or 0.5%. The S&amp;P 500 gained 1.2%. The tech-heavy Nasdaq Composite climbed 2.5%. Tesla shares popped 6.8%, while Apple, Amazon, Microsoft, Netflix and Alphabet all gained at least 2%.</p><p><blockquote>道琼斯工业平均指数上涨152点，涨幅0.5%。标普500上涨1.2%。以科技股为主的纳斯达克综合指数上涨2.5%。特斯拉股价上涨6.8%，而苹果、亚马逊、微软、Netflix和Alphabet均上涨至少2%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/bd0341e7bb4c802052f3c5aeb75c7435\" tg-width=\"1080\" tg-height=\"456\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>Technology shares rebounded from sharp losses as bond yields stabilized. The&nbsp;10-year Treasury yield&nbsp;fell more than 6 basis points to 1.52%. It traded as high as 1.62% on Monday.</p><p><blockquote>随着债券收益率企稳，科技股从大幅下跌中反弹。10年期国债收益率跌逾6个基点至1.52%。周一交易价格高达1.62%。</blockquote></p><p>\"A lot of these tech stocks have become oversold on a short-term basis.&nbsp;Therefore, it's not a big surprise that they're seeing a nice bounce,\" said Matt Maley, chief market strategist at Miller Tabak. \"The question will be whether this bounce is a strong one...or a 'dead cat bounce' that doesn't last very long at all.\"</p><p><blockquote>Miller Tabak首席市场策略师马特·马利(Matt Maley)表示：“许多科技股在短期内已经超卖。因此，它们出现良好的反弹也就不足为奇了。”“问题是这次反弹是一次强劲的反弹……还是一次根本不会持续很长时间的‘死猫反弹’。”</blockquote></p><p>On Monday, the Dow rallied more than 300 points on investor optimism about the economic comeback from the pandemic. Yet tech shares didn't participate on Monday, with the Nasdaq Composite shedding 2% as a rapid rise in rates caused investors to rotate out of pricey tech shares.</p><p><blockquote>周一，由于投资者对经济从疫情中复苏持乐观态度，道琼斯指数上涨300多点。然而，科技股周一并未参与其中，由于利率快速上升导致投资者纷纷退出昂贵的科技股，纳斯达克综合指数下跌2%。</blockquote></p><p>The tech benchmark closed more than 10% below its Feb.12 closing high, falling into correction territory. High-growth names have been pressured lately as rising rates make their future profits less valuable today, compressing the stocks' lofty valuations.</p><p><blockquote>该科技指数收盘较2月12日收盘高点下跌逾10%，跌入回调区域。高增长股票最近面临压力，因为利率上升使其未来利润在今天变得不那么有价值，从而压缩了股票的高估值。</blockquote></p><p>\"Right now the market is broadening out and we think in an underlying sense the bull market is strengthening and that will play to our benefit over the longer term,\" said Cathie Wood of Ark Investment Management on CNBC's \"Closing Bell\" on Monday.</p><p><blockquote>Ark Investment Management的凯西·伍德(Cathie Wood)周一在CNBC的“收盘钟声”节目中表示：“目前市场正在扩大，我们认为从根本上来说，牛市正在走强，从长远来看，这将对我们有利。”</blockquote></p><p>“We are getting great opportunities” in the sell-off to buy the pure play names in the funds,added Wood, who focuses on disruptive technology stocks. Wood’s flagship fund Ark Innovation (ARKK) gained 4%.</p><p><blockquote>专注于颠覆性科技股的伍德补充道，“我们在抛售中获得了很好的机会”来购买基金中的纯股票。伍德的旗舰基金方舟创新(ARKK)上涨4%。</blockquote></p><p>Hedge fund manager David Tepper said on Monday the recent sharp rise in rates is likely over&nbsp;and it’s hard to be bearish on stocks right now. Tepper noted names like Amazon were starting to look attractive.</p><p><blockquote>对冲基金经理David Tepper周一表示，最近的利率大幅上升可能已经结束，目前很难看空股市。泰珀指出，像亚马逊这样的名字开始看起来有吸引力。</blockquote></p><p>Over the weekend, the Senate passed a&nbsp;$1.9 trillion economic relief and stimulus bill, which is set to include another round of stimulus checks. President Joe Biden is expected to sign the bill into law by March 14.</p><p><blockquote>周末，参议院通过了一项1.9万亿美元的经济救济和刺激法案，其中将包括另一轮刺激检查。总统乔·拜登预计将在3月14日之前签署该法案成为法律。</blockquote></p><p>The stimulus news prompted investors to rotate into reopening plays and cyclical stocks to bet on a sharp economic rebound. Banks, airlines, cruise lines and retailers led the gains on Monday.</p><p><blockquote>刺激消息促使投资者转向重新开放的股票和周期性股票，押注经济大幅反弹。银行、航空公司、邮轮公司和零售商周一领涨。</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>Nasdaq jumps at open as tech stocks gain ground<blockquote>随着科技股上涨，纳斯达克开盘上涨</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNasdaq jumps at open as tech stocks gain ground<blockquote>随着科技股上涨，纳斯达克开盘上涨</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-03-09 22:32</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>U.S. stocks jumped on Tuesday after bond yields declined, causing investors to buy the dip in beaten-up technology shares.</p><p><blockquote>债券收益率下降后，美国股市周二上涨，导致投资者逢低买入遭受重创的科技股。</blockquote></p><p>The Dow Jones Industrial Average rose 152 points, or 0.5%. The S&amp;P 500 gained 1.2%. The tech-heavy Nasdaq Composite climbed 2.5%. Tesla shares popped 6.8%, while Apple, Amazon, Microsoft, Netflix and Alphabet all gained at least 2%.</p><p><blockquote>道琼斯工业平均指数上涨152点，涨幅0.5%。标普500上涨1.2%。以科技股为主的纳斯达克综合指数上涨2.5%。特斯拉股价上涨6.8%，而苹果、亚马逊、微软、Netflix和Alphabet均上涨至少2%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/bd0341e7bb4c802052f3c5aeb75c7435\" tg-width=\"1080\" tg-height=\"456\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>Technology shares rebounded from sharp losses as bond yields stabilized. The&nbsp;10-year Treasury yield&nbsp;fell more than 6 basis points to 1.52%. It traded as high as 1.62% on Monday.</p><p><blockquote>随着债券收益率企稳，科技股从大幅下跌中反弹。10年期国债收益率跌逾6个基点至1.52%。周一交易价格高达1.62%。</blockquote></p><p>\"A lot of these tech stocks have become oversold on a short-term basis.&nbsp;Therefore, it's not a big surprise that they're seeing a nice bounce,\" said Matt Maley, chief market strategist at Miller Tabak. \"The question will be whether this bounce is a strong one...or a 'dead cat bounce' that doesn't last very long at all.\"</p><p><blockquote>Miller Tabak首席市场策略师马特·马利(Matt Maley)表示：“许多科技股在短期内已经超卖。因此，它们出现良好的反弹也就不足为奇了。”“问题是这次反弹是一次强劲的反弹……还是一次根本不会持续很长时间的‘死猫反弹’。”</blockquote></p><p>On Monday, the Dow rallied more than 300 points on investor optimism about the economic comeback from the pandemic. Yet tech shares didn't participate on Monday, with the Nasdaq Composite shedding 2% as a rapid rise in rates caused investors to rotate out of pricey tech shares.</p><p><blockquote>周一，由于投资者对经济从疫情中复苏持乐观态度，道琼斯指数上涨300多点。然而，科技股周一并未参与其中，由于利率快速上升导致投资者纷纷退出昂贵的科技股，纳斯达克综合指数下跌2%。</blockquote></p><p>The tech benchmark closed more than 10% below its Feb.12 closing high, falling into correction territory. High-growth names have been pressured lately as rising rates make their future profits less valuable today, compressing the stocks' lofty valuations.</p><p><blockquote>该科技指数收盘较2月12日收盘高点下跌逾10%，跌入回调区域。高增长股票最近面临压力，因为利率上升使其未来利润在今天变得不那么有价值，从而压缩了股票的高估值。</blockquote></p><p>\"Right now the market is broadening out and we think in an underlying sense the bull market is strengthening and that will play to our benefit over the longer term,\" said Cathie Wood of Ark Investment Management on CNBC's \"Closing Bell\" on Monday.</p><p><blockquote>Ark Investment Management的凯西·伍德(Cathie Wood)周一在CNBC的“收盘钟声”节目中表示：“目前市场正在扩大，我们认为从根本上来说，牛市正在走强，从长远来看，这将对我们有利。”</blockquote></p><p>“We are getting great opportunities” in the sell-off to buy the pure play names in the funds,added Wood, who focuses on disruptive technology stocks. Wood’s flagship fund Ark Innovation (ARKK) gained 4%.</p><p><blockquote>专注于颠覆性科技股的伍德补充道，“我们在抛售中获得了很好的机会”来购买基金中的纯股票。伍德的旗舰基金方舟创新(ARKK)上涨4%。</blockquote></p><p>Hedge fund manager David Tepper said on Monday the recent sharp rise in rates is likely over&nbsp;and it’s hard to be bearish on stocks right now. Tepper noted names like Amazon were starting to look attractive.</p><p><blockquote>对冲基金经理David Tepper周一表示，最近的利率大幅上升可能已经结束，目前很难看空股市。泰珀指出，像亚马逊这样的名字开始看起来有吸引力。</blockquote></p><p>Over the weekend, the Senate passed a&nbsp;$1.9 trillion economic relief and stimulus bill, which is set to include another round of stimulus checks. President Joe Biden is expected to sign the bill into law by March 14.</p><p><blockquote>周末，参议院通过了一项1.9万亿美元的经济救济和刺激法案，其中将包括另一轮刺激检查。总统乔·拜登预计将在3月14日之前签署该法案成为法律。</blockquote></p><p>The stimulus news prompted investors to rotate into reopening plays and cyclical stocks to bet on a sharp economic rebound. Banks, airlines, cruise lines and retailers led the gains on Monday.</p><p><blockquote>刺激消息促使投资者转向重新开放的股票和周期性股票，押注经济大幅反弹。银行、航空公司、邮轮公司和零售商周一领涨。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1179750666","content_text":"U.S. stocks jumped on Tuesday after bond yields declined, causing investors to buy the dip in beaten-up technology shares.The Dow Jones Industrial Average rose 152 points, or 0.5%. The S&P 500 gained 1.2%. The tech-heavy Nasdaq Composite climbed 2.5%. Tesla shares popped 6.8%, while Apple, Amazon, Microsoft, Netflix and Alphabet all gained at least 2%.Technology shares rebounded from sharp losses as bond yields stabilized. The 10-year Treasury yield fell more than 6 basis points to 1.52%. It traded as high as 1.62% on Monday.\"A lot of these tech stocks have become oversold on a short-term basis. Therefore, it's not a big surprise that they're seeing a nice bounce,\" said Matt Maley, chief market strategist at Miller Tabak. \"The question will be whether this bounce is a strong one...or a 'dead cat bounce' that doesn't last very long at all.\"On Monday, the Dow rallied more than 300 points on investor optimism about the economic comeback from the pandemic. Yet tech shares didn't participate on Monday, with the Nasdaq Composite shedding 2% as a rapid rise in rates caused investors to rotate out of pricey tech shares.The tech benchmark closed more than 10% below its Feb.12 closing high, falling into correction territory. High-growth names have been pressured lately as rising rates make their future profits less valuable today, compressing the stocks' lofty valuations.\"Right now the market is broadening out and we think in an underlying sense the bull market is strengthening and that will play to our benefit over the longer term,\" said Cathie Wood of Ark Investment Management on CNBC's \"Closing Bell\" on Monday.“We are getting great opportunities” in the sell-off to buy the pure play names in the funds,added Wood, who focuses on disruptive technology stocks. Wood’s flagship fund Ark Innovation (ARKK) gained 4%.Hedge fund manager David Tepper said on Monday the recent sharp rise in rates is likely over and it’s hard to be bearish on stocks right now. Tepper noted names like Amazon were starting to look attractive.Over the weekend, the Senate passed a $1.9 trillion economic relief and stimulus bill, which is set to include another round of stimulus checks. President Joe Biden is expected to sign the bill into law by March 14.The stimulus news prompted investors to rotate into reopening plays and cyclical stocks to bet on a sharp economic rebound. Banks, airlines, cruise lines and retailers led the gains on Monday.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":136,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":317500340,"gmtCreate":1612452986080,"gmtModify":1703762187778,"author":{"id":"3565865195004220","authorId":"3565865195004220","name":"BabyHuatHuat","avatar":"https://static.tigerbbs.com/49ee3c00396b80f7a3b8f686f8cb8102","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3565865195004220","idStr":"3565865195004220"},"themes":[],"htmlText":"[流泪]&nbsp;miss the 🚀","listText":"[流泪]&nbsp;miss the 🚀","text":"[流泪] miss the 🚀","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/317500340","repostId":"1180680925","repostType":4,"isVote":1,"tweetType":1,"viewCount":1355,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}