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2021-06-15

Wow

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2021-06-11

Gogo

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2021-06-11

Gogo

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2021-02-25

Need a like thanks

Why J.P. Morgan Says Now Is the Time to Bet on the S&P 500<blockquote>为什么摩根大通表示现在是押注标普500的时候了</blockquote>

2021-02-24

For comments and likes pls

Why J.P. Morgan Says Now Is the Time to Bet on the S&P 500<blockquote>为什么摩根大通表示现在是押注标普500的时候了</blockquote>

2021-02-23

As usual

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2021-02-22

Comment and like pls

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2021-02-20

Comment and likes

Goldman Sachs is joining the robo-investing party — should you?<blockquote>高盛正在加入机器人投资队伍——你应该吗？</blockquote>

2021-02-19

Yields need to stay low Pls like and comment for coins

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2021-02-17

For comments but damn on trimming AAPL

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2021-02-16

For comments, will appreciate replies and likes

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2021-02-15

Need a like pls

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2021-02-14

For comments and likes

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2021-02-13

Need a reply

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2021-02-12

For comments

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2021-02-11

Always tumbling

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2021-02-11

For comment

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2021-02-09

Buy the chipmakers!

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2021-02-08

Hopeful for it to end stronger

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2021-02-07

Crazy gain

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a like thanks&nbsp;","listText":"Need a like thanks&nbsp;","text":"Need a like thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/361108528","repostId":"1129467108","repostType":4,"repost":{"id":"1129467108","kind":"news","pubTimestamp":1614164417,"share":"https://www.laohunote.com/m/news/1129467108?lang=zh_CN&edition=full","pubTime":"2021-02-24 19:00","market":"us","language":"en","title":"Why J.P. Morgan Says Now Is the Time to Bet on the S&P 500<blockquote>为什么摩根大通表示现在是押注标普500的时候了</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1129467108","media":"Barrons","summary":"Don’t worry. Be greedy.Even though investor fears are rising, and the stock market is getting bullie","content":"<p>Don’t worry. Be greedy.</p><p><blockquote>别担心。贪婪。</blockquote></p><p>Even though investor fears are rising, and the stock market is getting bullied by rising bond yields,J.P. Morganstrategists have told their clients that now is the time to embrace stocks.</p><p><blockquote>尽管投资者的担忧正在加剧，而且股市也受到债券收益率上升的影响，但摩根大通。摩根策略师告诉他们的客户，现在是拥抱股票的时候了。</blockquote></p><p>TheS&amp;P 500may be waffling around 3875, but the bank is standing by its 2021 year-end price target of 4400 on a range of 4200 to 4600. Its numbers aren’t merely some derivative of the stock market’s expected earnings. Instead, they reflect America’s economic reawakening after the Covid-19 pandemic.</p><p><blockquote>标准普尔 500 指数可能在 3875 点左右徘徊，但该银行将 2021 年底目标价定为 4400，区间为 4200 至 4600。它的数字不仅仅是股市预期收益的衍生品。相反，它们反映了美国在 Covid-19 大流行后的经济觉醒。</blockquote></p><p>Shawn Quigg, a J.P. Morgan derivatives strategist, recently told clients that there is little to stand in the way of the market’s achievement of “such gains sooner than later, particularly considering the numerous catalysts ahead, their impact on volatility, and the implications that will have on investor positioning.”</p><p><blockquote>摩根大通（J.P. Morgan）衍生品策略师肖恩-奎格（Shawn Quigg）最近告诉客户，市场实现 “这种收益迟早不到，尤其是考虑到未来的众多催化剂、它们对波动性的影响以及它们将对投资者定位产生的影响”，几乎没有什么阻碍。</blockquote></p><p>As President Joe Biden’s administration&nbsp;champions a $1.9 trillion stimulus program, and Covid-19 infections and hospitalizations decline, Quigg anticipates stocks surging. His view is somewhat at odds with recent trading. Stocks have declined as the 10-year Treasury note yield has increased to about 1.38%, a move&nbsp;that is fanning inflation fearsand worries about stock slumps.</p><p><blockquote>随着乔-拜登总统的政府支持 1.9 万亿美元的经济刺激计划，以及 Covid-19 感染和住院人数的下降，奎格预计股市将飙升。他的观点与近期的交易有些不一致。随着 10 年期国债收益率升至 1.38% 左右，股市下跌，此举加剧了通胀担忧和对股市暴跌的担忧。</blockquote></p><p>Quigg likes taking advantage of the fear and the pending stimulus program, which Biden has begun to defend against concerns that it is too large. In various interviews, the president has challenged critics to tell him what to cut at a time when so much of the nation is suffering. The Biden administration is now warning that the greatest risk isn’t a large stimulus package, but one that is too small and thus doesn’t meaningfully stimulate economic growth.</p><p><blockquote>奎格喜欢利用这种恐惧和悬而未决的刺激计划，拜登已经开始为该计划辩护，以应对其规模过大的担忧。在各种采访中，总统向批评者发出挑战，要求他们告诉他在全国如此多的人遭受苦难的时候应该削减什么。拜登政府现在警告说，最大的风险不是大规模的刺激计划，而是规模太小，因此不能有意义地刺激经济增长。</blockquote></p><p>To position for the stock market to surge higher, Quigg advised clients to consider selling one of the&nbsp;SPDR S&amp;P 500 ETF‘s (ticker: SPY) May $353 put options and buying 15 May $450 call options. When the ETF was at $392.39, the leveraged risk-reversal strategy—that is,selling one put and buying many more calls&nbsp;with a higher strike price but the same expiration—could be done for no cost. In other words, the money received for selling the put was enough to buy 15 bullish calls.</p><p><blockquote>为了让股市飙升，奎格建议客户考虑出售SPDR标普500 ETF（股票代码：SPDR标普500指数ETF）5月353美元的看跌期权，并购买5月15日450美元的看涨期权期权。当 ETF 价格为 392.39 美元时，杠杆风险逆转策略（即卖出一份看跌期权并购买更多执行价格更高但到期日相同的评级）可以免费完成。换句话说，卖出看跌期权收到的资金足以购买 15 个看涨评级。</blockquote></p><p>The trade expresses high conviction that the ETF—which was recently trading around $387—will reach $450 by May 21, when May options expire. At $460, the call is worth $10.</p><p><blockquote>该交易表示坚信，该 ETF（最近交易价格约为 387 美元）将在 5 月 21 日（可能期权到期时）达到 450 美元。看涨期权售价 460 美元，价值 10 美元。</blockquote></p><p>Should the ETF decline, say, because current fears push the market below the $353 strike price, investors would be obligated to buy it at the lower price, or to cover or adjust the puts.</p><p><blockquote>例如，如果 ETF 因当前担忧将市场推至 353 美元执行价格以下而下跌，投资者将有义务以较低的价格买入，或者对冲或调整看跌期权。</blockquote></p><p>Quigg’s trade idea has a lot to admire.</p><p><blockquote>奎格的交易理念有很多值得钦佩的地方。</blockquote></p><p>For one, the trade carried zero cost when it was recommended late last week. Yes, prices have moved since the Feb. 18 note was published, but investors can recast strike prices to create similar pricing. The markets change, and that’s why there are so many different strike prices that are listed.</p><p><blockquote>首先，该交易在上周晚些时候被推荐时成本为零。是的，自 2 月 18 日报告发布以来，价格已经发生了变化，但投资者可以重新制定执行价格以创建类似的定价。市场会发生变化，这就是为什么会有这么多不同的执行价格。</blockquote></p><p>Moreover, if J.P. Morgan’s base view of the economic reawakening proves true, owning a bundle of upside calls that cost nothing could be quite lucrative. Should the market succumb to the current fears that are weakening prices, owning S&amp;P 500 stocks at lower prices isn’t terrible, either.</p><p><blockquote>此外，如果摩根大通关于经济复苏的基本观点被证明是正确的，那么拥有一揽子上涨的评级可能会非常有利可图。如果市场屈服于当前对价格走弱的担忧，那么以较低的价格持有标普500股票也并不可怕。</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>Why J.P. Morgan Says Now Is the Time to Bet on the S&P 500<blockquote>为什么摩根大通表示现在是押注标普500的时候了</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy J.P. Morgan Says Now Is the Time to Bet on the S&P 500<blockquote>为什么摩根大通表示现在是押注标普500的时候了</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-02-24 19:00</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Don’t worry. Be greedy.</p><p><blockquote>别担心。贪婪。</blockquote></p><p>Even though investor fears are rising, and the stock market is getting bullied by rising bond yields,J.P. Morganstrategists have told their clients that now is the time to embrace stocks.</p><p><blockquote>尽管投资者的担忧正在加剧，而且股市也受到债券收益率上升的影响，但摩根大通。摩根策略师告诉他们的客户，现在是拥抱股票的时候了。</blockquote></p><p>TheS&amp;P 500may be waffling around 3875, but the bank is standing by its 2021 year-end price target of 4400 on a range of 4200 to 4600. Its numbers aren’t merely some derivative of the stock market’s expected earnings. Instead, they reflect America’s economic reawakening after the Covid-19 pandemic.</p><p><blockquote>标准普尔 500 指数可能在 3875 点左右徘徊，但该银行将 2021 年底目标价定为 4400，区间为 4200 至 4600。它的数字不仅仅是股市预期收益的衍生品。相反，它们反映了美国在 Covid-19 大流行后的经济觉醒。</blockquote></p><p>Shawn Quigg, a J.P. Morgan derivatives strategist, recently told clients that there is little to stand in the way of the market’s achievement of “such gains sooner than later, particularly considering the numerous catalysts ahead, their impact on volatility, and the implications that will have on investor positioning.”</p><p><blockquote>摩根大通（J.P. Morgan）衍生品策略师肖恩-奎格（Shawn Quigg）最近告诉客户，市场实现 “这种收益迟早不到，尤其是考虑到未来的众多催化剂、它们对波动性的影响以及它们将对投资者定位产生的影响”，几乎没有什么阻碍。</blockquote></p><p>As President Joe Biden’s administration&nbsp;champions a $1.9 trillion stimulus program, and Covid-19 infections and hospitalizations decline, Quigg anticipates stocks surging. His view is somewhat at odds with recent trading. Stocks have declined as the 10-year Treasury note yield has increased to about 1.38%, a move&nbsp;that is fanning inflation fearsand worries about stock slumps.</p><p><blockquote>随着乔-拜登总统的政府支持 1.9 万亿美元的经济刺激计划，以及 Covid-19 感染和住院人数的下降，奎格预计股市将飙升。他的观点与近期的交易有些不一致。随着 10 年期国债收益率升至 1.38% 左右，股市下跌，此举加剧了通胀担忧和对股市暴跌的担忧。</blockquote></p><p>Quigg likes taking advantage of the fear and the pending stimulus program, which Biden has begun to defend against concerns that it is too large. In various interviews, the president has challenged critics to tell him what to cut at a time when so much of the nation is suffering. The Biden administration is now warning that the greatest risk isn’t a large stimulus package, but one that is too small and thus doesn’t meaningfully stimulate economic growth.</p><p><blockquote>奎格喜欢利用这种恐惧和悬而未决的刺激计划，拜登已经开始为该计划辩护，以应对其规模过大的担忧。在各种采访中，总统向批评者发出挑战，要求他们告诉他在全国如此多的人遭受苦难的时候应该削减什么。拜登政府现在警告说，最大的风险不是大规模的刺激计划，而是规模太小，因此不能有意义地刺激经济增长。</blockquote></p><p>To position for the stock market to surge higher, Quigg advised clients to consider selling one of the&nbsp;SPDR S&amp;P 500 ETF‘s (ticker: SPY) May $353 put options and buying 15 May $450 call options. When the ETF was at $392.39, the leveraged risk-reversal strategy—that is,selling one put and buying many more calls&nbsp;with a higher strike price but the same expiration—could be done for no cost. In other words, the money received for selling the put was enough to buy 15 bullish calls.</p><p><blockquote>为了让股市飙升，奎格建议客户考虑出售SPDR标普500 ETF（股票代码：SPDR标普500指数ETF）5月353美元的看跌期权，并购买5月15日450美元的看涨期权期权。当 ETF 价格为 392.39 美元时，杠杆风险逆转策略（即卖出一份看跌期权并购买更多执行价格更高但到期日相同的评级）可以免费完成。换句话说，卖出看跌期权收到的资金足以购买 15 个看涨评级。</blockquote></p><p>The trade expresses high conviction that the ETF—which was recently trading around $387—will reach $450 by May 21, when May options expire. At $460, the call is worth $10.</p><p><blockquote>该交易表示坚信，该 ETF（最近交易价格约为 387 美元）将在 5 月 21 日（可能期权到期时）达到 450 美元。看涨期权售价 460 美元，价值 10 美元。</blockquote></p><p>Should the ETF decline, say, because current fears push the market below the $353 strike price, investors would be obligated to buy it at the lower price, or to cover or adjust the puts.</p><p><blockquote>例如，如果 ETF 因当前担忧将市场推至 353 美元执行价格以下而下跌，投资者将有义务以较低的价格买入，或者对冲或调整看跌期权。</blockquote></p><p>Quigg’s trade idea has a lot to admire.</p><p><blockquote>奎格的交易理念有很多值得钦佩的地方。</blockquote></p><p>For one, the trade carried zero cost when it was recommended late last week. Yes, prices have moved since the Feb. 18 note was published, but investors can recast strike prices to create similar pricing. The markets change, and that’s why there are so many different strike prices that are listed.</p><p><blockquote>首先，该交易在上周晚些时候被推荐时成本为零。是的，自 2 月 18 日报告发布以来，价格已经发生了变化，但投资者可以重新制定执行价格以创建类似的定价。市场会发生变化，这就是为什么会有这么多不同的执行价格。</blockquote></p><p>Moreover, if J.P. Morgan’s base view of the economic reawakening proves true, owning a bundle of upside calls that cost nothing could be quite lucrative. Should the market succumb to the current fears that are weakening prices, owning S&amp;P 500 stocks at lower prices isn’t terrible, either.</p><p><blockquote>此外，如果摩根大通关于经济复苏的基本观点被证明是正确的，那么拥有一揽子上涨的评级可能会非常有利可图。如果市场屈服于当前对价格走弱的担忧，那么以较低的价格持有标普500股票也并不可怕。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/why-j-p-morgan-says-now-is-the-time-to-bet-on-the-s-p-500-51614090217?mod=RTA\">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":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.barrons.com/articles/why-j-p-morgan-says-now-is-the-time-to-bet-on-the-s-p-500-51614090217?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129467108","content_text":"Don’t worry. Be greedy.Even though investor fears are rising, and the stock market is getting bullied by rising bond yields,J.P. Morganstrategists have told their clients that now is the time to embrace stocks.TheS&P 500may be waffling around 3875, but the bank is standing by its 2021 year-end price target of 4400 on a range of 4200 to 4600. Its numbers aren’t merely some derivative of the stock market’s expected earnings. Instead, they reflect America’s economic reawakening after the Covid-19 pandemic.Shawn Quigg, a J.P. Morgan derivatives strategist, recently told clients that there is little to stand in the way of the market’s achievement of “such gains sooner than later, particularly considering the numerous catalysts ahead, their impact on volatility, and the implications that will have on investor positioning.”As President Joe Biden’s administration champions a $1.9 trillion stimulus program, and Covid-19 infections and hospitalizations decline, Quigg anticipates stocks surging. His view is somewhat at odds with recent trading. Stocks have declined as the 10-year Treasury note yield has increased to about 1.38%, a move that is fanning inflation fearsand worries about stock slumps.Quigg likes taking advantage of the fear and the pending stimulus program, which Biden has begun to defend against concerns that it is too large. In various interviews, the president has challenged critics to tell him what to cut at a time when so much of the nation is suffering. The Biden administration is now warning that the greatest risk isn’t a large stimulus package, but one that is too small and thus doesn’t meaningfully stimulate economic growth.To position for the stock market to surge higher, Quigg advised clients to consider selling one of the SPDR S&P 500 ETF‘s (ticker: SPY) May $353 put options and buying 15 May $450 call options. When the ETF was at $392.39, the leveraged risk-reversal strategy—that is,selling one put and buying many more calls with a higher strike price but the same expiration—could be done for no cost. In other words, the money received for selling the put was enough to buy 15 bullish calls.The trade expresses high conviction that the ETF—which was recently trading around $387—will reach $450 by May 21, when May options expire. At $460, the call is worth $10.Should the ETF decline, say, because current fears push the market below the $353 strike price, investors would be obligated to buy it at the lower price, or to cover or adjust the puts.Quigg’s trade idea has a lot to admire.For one, the trade carried zero cost when it was recommended late last week. Yes, prices have moved since the Feb. 18 note was published, but investors can recast strike prices to create similar pricing. The markets change, and that’s why there are so many different strike prices that are listed.Moreover, if J.P. Morgan’s base view of the economic reawakening proves true, owning a bundle of upside calls that cost nothing could be quite lucrative. Should the market succumb to the current fears that are weakening prices, owning S&P 500 stocks at lower prices isn’t terrible, either.","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":1946,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":363793975,"gmtCreate":1614170529697,"gmtModify":1634550899479,"author":{"id":"3570654056264733","authorId":"3570654056264733","name":"JTE","avatar":"https://static.tigerbbs.com/03e6cacf7bf56246b33ac7dbd30171a1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570654056264733","idStr":"3570654056264733"},"themes":[],"title":"","htmlText":"For comments and likes pls","listText":"For comments and likes pls","text":"For comments and likes pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/363793975","repostId":"1129467108","repostType":4,"repost":{"id":"1129467108","kind":"news","pubTimestamp":1614164417,"share":"https://www.laohunote.com/m/news/1129467108?lang=zh_CN&edition=full","pubTime":"2021-02-24 19:00","market":"us","language":"en","title":"Why J.P. Morgan Says Now Is the Time to Bet on the S&P 500<blockquote>为什么摩根大通表示现在是押注标普500的时候了</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1129467108","media":"Barrons","summary":"Don’t worry. Be greedy.Even though investor fears are rising, and the stock market is getting bullie","content":"<p>Don’t worry. Be greedy.</p><p><blockquote>别担心。贪婪。</blockquote></p><p>Even though investor fears are rising, and the stock market is getting bullied by rising bond yields,J.P. Morganstrategists have told their clients that now is the time to embrace stocks.</p><p><blockquote>尽管投资者的担忧正在加剧，而且股市也受到债券收益率上升的影响，但摩根大通。摩根策略师告诉他们的客户，现在是拥抱股票的时候了。</blockquote></p><p>TheS&amp;P 500may be waffling around 3875, but the bank is standing by its 2021 year-end price target of 4400 on a range of 4200 to 4600. Its numbers aren’t merely some derivative of the stock market’s expected earnings. Instead, they reflect America’s economic reawakening after the Covid-19 pandemic.</p><p><blockquote>标准普尔 500 指数可能在 3875 点左右徘徊，但该银行将 2021 年底目标价定为 4400，区间为 4200 至 4600。它的数字不仅仅是股市预期收益的衍生品。相反，它们反映了美国在 Covid-19 大流行后的经济觉醒。</blockquote></p><p>Shawn Quigg, a J.P. Morgan derivatives strategist, recently told clients that there is little to stand in the way of the market’s achievement of “such gains sooner than later, particularly considering the numerous catalysts ahead, their impact on volatility, and the implications that will have on investor positioning.”</p><p><blockquote>摩根大通（J.P. Morgan）衍生品策略师肖恩-奎格（Shawn Quigg）最近告诉客户，市场实现 “这种收益迟早不到，尤其是考虑到未来的众多催化剂、它们对波动性的影响以及它们将对投资者定位产生的影响”，几乎没有什么阻碍。</blockquote></p><p>As President Joe Biden’s administration&nbsp;champions a $1.9 trillion stimulus program, and Covid-19 infections and hospitalizations decline, Quigg anticipates stocks surging. His view is somewhat at odds with recent trading. Stocks have declined as the 10-year Treasury note yield has increased to about 1.38%, a move&nbsp;that is fanning inflation fearsand worries about stock slumps.</p><p><blockquote>随着乔-拜登总统的政府支持 1.9 万亿美元的经济刺激计划，以及 Covid-19 感染和住院人数的下降，奎格预计股市将飙升。他的观点与近期的交易有些不一致。随着 10 年期国债收益率升至 1.38% 左右，股市下跌，此举加剧了通胀担忧和对股市暴跌的担忧。</blockquote></p><p>Quigg likes taking advantage of the fear and the pending stimulus program, which Biden has begun to defend against concerns that it is too large. In various interviews, the president has challenged critics to tell him what to cut at a time when so much of the nation is suffering. The Biden administration is now warning that the greatest risk isn’t a large stimulus package, but one that is too small and thus doesn’t meaningfully stimulate economic growth.</p><p><blockquote>奎格喜欢利用这种恐惧和悬而未决的刺激计划，拜登已经开始为该计划辩护，以应对其规模过大的担忧。在各种采访中，总统向批评者发出挑战，要求他们告诉他在全国如此多的人遭受苦难的时候应该削减什么。拜登政府现在警告说，最大的风险不是大规模的刺激计划，而是规模太小，因此不能有意义地刺激经济增长。</blockquote></p><p>To position for the stock market to surge higher, Quigg advised clients to consider selling one of the&nbsp;SPDR S&amp;P 500 ETF‘s (ticker: SPY) May $353 put options and buying 15 May $450 call options. When the ETF was at $392.39, the leveraged risk-reversal strategy—that is,selling one put and buying many more calls&nbsp;with a higher strike price but the same expiration—could be done for no cost. In other words, the money received for selling the put was enough to buy 15 bullish calls.</p><p><blockquote>为了让股市飙升，奎格建议客户考虑出售SPDR标普500 ETF（股票代码：SPDR标普500指数ETF）5月353美元的看跌期权，并购买5月15日450美元的看涨期权期权。当 ETF 价格为 392.39 美元时，杠杆风险逆转策略（即卖出一份看跌期权并购买更多执行价格更高但到期日相同的评级）可以免费完成。换句话说，卖出看跌期权收到的资金足以购买 15 个看涨评级。</blockquote></p><p>The trade expresses high conviction that the ETF—which was recently trading around $387—will reach $450 by May 21, when May options expire. At $460, the call is worth $10.</p><p><blockquote>该交易表示坚信，该 ETF（最近交易价格约为 387 美元）将在 5 月 21 日（可能期权到期时）达到 450 美元。看涨期权售价 460 美元，价值 10 美元。</blockquote></p><p>Should the ETF decline, say, because current fears push the market below the $353 strike price, investors would be obligated to buy it at the lower price, or to cover or adjust the puts.</p><p><blockquote>例如，如果 ETF 因当前担忧将市场推至 353 美元执行价格以下而下跌，投资者将有义务以较低的价格买入，或者对冲或调整看跌期权。</blockquote></p><p>Quigg’s trade idea has a lot to admire.</p><p><blockquote>奎格的交易理念有很多值得钦佩的地方。</blockquote></p><p>For one, the trade carried zero cost when it was recommended late last week. Yes, prices have moved since the Feb. 18 note was published, but investors can recast strike prices to create similar pricing. The markets change, and that’s why there are so many different strike prices that are listed.</p><p><blockquote>首先，该交易在上周晚些时候被推荐时成本为零。是的，自 2 月 18 日报告发布以来，价格已经发生了变化，但投资者可以重新制定执行价格以创建类似的定价。市场会发生变化，这就是为什么会有这么多不同的执行价格。</blockquote></p><p>Moreover, if J.P. Morgan’s base view of the economic reawakening proves true, owning a bundle of upside calls that cost nothing could be quite lucrative. Should the market succumb to the current fears that are weakening prices, owning S&amp;P 500 stocks at lower prices isn’t terrible, either.</p><p><blockquote>此外，如果摩根大通关于经济复苏的基本观点被证明是正确的，那么拥有一揽子上涨的评级可能会非常有利可图。如果市场屈服于当前对价格走弱的担忧，那么以较低的价格持有标普500股票也并不可怕。</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>Why J.P. Morgan Says Now Is the Time to Bet on the S&P 500<blockquote>为什么摩根大通表示现在是押注标普500的时候了</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy J.P. Morgan Says Now Is the Time to Bet on the S&P 500<blockquote>为什么摩根大通表示现在是押注标普500的时候了</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-02-24 19:00</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Don’t worry. Be greedy.</p><p><blockquote>别担心。贪婪。</blockquote></p><p>Even though investor fears are rising, and the stock market is getting bullied by rising bond yields,J.P. Morganstrategists have told their clients that now is the time to embrace stocks.</p><p><blockquote>尽管投资者的担忧正在加剧，而且股市也受到债券收益率上升的影响，但摩根大通。摩根策略师告诉他们的客户，现在是拥抱股票的时候了。</blockquote></p><p>TheS&amp;P 500may be waffling around 3875, but the bank is standing by its 2021 year-end price target of 4400 on a range of 4200 to 4600. Its numbers aren’t merely some derivative of the stock market’s expected earnings. Instead, they reflect America’s economic reawakening after the Covid-19 pandemic.</p><p><blockquote>标准普尔 500 指数可能在 3875 点左右徘徊，但该银行将 2021 年底目标价定为 4400，区间为 4200 至 4600。它的数字不仅仅是股市预期收益的衍生品。相反，它们反映了美国在 Covid-19 大流行后的经济觉醒。</blockquote></p><p>Shawn Quigg, a J.P. Morgan derivatives strategist, recently told clients that there is little to stand in the way of the market’s achievement of “such gains sooner than later, particularly considering the numerous catalysts ahead, their impact on volatility, and the implications that will have on investor positioning.”</p><p><blockquote>摩根大通（J.P. Morgan）衍生品策略师肖恩-奎格（Shawn Quigg）最近告诉客户，市场实现 “这种收益迟早不到，尤其是考虑到未来的众多催化剂、它们对波动性的影响以及它们将对投资者定位产生的影响”，几乎没有什么阻碍。</blockquote></p><p>As President Joe Biden’s administration&nbsp;champions a $1.9 trillion stimulus program, and Covid-19 infections and hospitalizations decline, Quigg anticipates stocks surging. His view is somewhat at odds with recent trading. Stocks have declined as the 10-year Treasury note yield has increased to about 1.38%, a move&nbsp;that is fanning inflation fearsand worries about stock slumps.</p><p><blockquote>随着乔-拜登总统的政府支持 1.9 万亿美元的经济刺激计划，以及 Covid-19 感染和住院人数的下降，奎格预计股市将飙升。他的观点与近期的交易有些不一致。随着 10 年期国债收益率升至 1.38% 左右，股市下跌，此举加剧了通胀担忧和对股市暴跌的担忧。</blockquote></p><p>Quigg likes taking advantage of the fear and the pending stimulus program, which Biden has begun to defend against concerns that it is too large. In various interviews, the president has challenged critics to tell him what to cut at a time when so much of the nation is suffering. The Biden administration is now warning that the greatest risk isn’t a large stimulus package, but one that is too small and thus doesn’t meaningfully stimulate economic growth.</p><p><blockquote>奎格喜欢利用这种恐惧和悬而未决的刺激计划，拜登已经开始为该计划辩护，以应对其规模过大的担忧。在各种采访中，总统向批评者发出挑战，要求他们告诉他在全国如此多的人遭受苦难的时候应该削减什么。拜登政府现在警告说，最大的风险不是大规模的刺激计划，而是规模太小，因此不能有意义地刺激经济增长。</blockquote></p><p>To position for the stock market to surge higher, Quigg advised clients to consider selling one of the&nbsp;SPDR S&amp;P 500 ETF‘s (ticker: SPY) May $353 put options and buying 15 May $450 call options. When the ETF was at $392.39, the leveraged risk-reversal strategy—that is,selling one put and buying many more calls&nbsp;with a higher strike price but the same expiration—could be done for no cost. In other words, the money received for selling the put was enough to buy 15 bullish calls.</p><p><blockquote>为了让股市飙升，奎格建议客户考虑出售SPDR标普500 ETF（股票代码：SPDR标普500指数ETF）5月353美元的看跌期权，并购买5月15日450美元的看涨期权期权。当 ETF 价格为 392.39 美元时，杠杆风险逆转策略（即卖出一份看跌期权并购买更多执行价格更高但到期日相同的评级）可以免费完成。换句话说，卖出看跌期权收到的资金足以购买 15 个看涨评级。</blockquote></p><p>The trade expresses high conviction that the ETF—which was recently trading around $387—will reach $450 by May 21, when May options expire. At $460, the call is worth $10.</p><p><blockquote>该交易表示坚信，该 ETF（最近交易价格约为 387 美元）将在 5 月 21 日（可能期权到期时）达到 450 美元。看涨期权售价 460 美元，价值 10 美元。</blockquote></p><p>Should the ETF decline, say, because current fears push the market below the $353 strike price, investors would be obligated to buy it at the lower price, or to cover or adjust the puts.</p><p><blockquote>例如，如果 ETF 因当前担忧将市场推至 353 美元执行价格以下而下跌，投资者将有义务以较低的价格买入，或者对冲或调整看跌期权。</blockquote></p><p>Quigg’s trade idea has a lot to admire.</p><p><blockquote>奎格的交易理念有很多值得钦佩的地方。</blockquote></p><p>For one, the trade carried zero cost when it was recommended late last week. Yes, prices have moved since the Feb. 18 note was published, but investors can recast strike prices to create similar pricing. The markets change, and that’s why there are so many different strike prices that are listed.</p><p><blockquote>首先，该交易在上周晚些时候被推荐时成本为零。是的，自 2 月 18 日报告发布以来，价格已经发生了变化，但投资者可以重新制定执行价格以创建类似的定价。市场会发生变化，这就是为什么会有这么多不同的执行价格。</blockquote></p><p>Moreover, if J.P. Morgan’s base view of the economic reawakening proves true, owning a bundle of upside calls that cost nothing could be quite lucrative. Should the market succumb to the current fears that are weakening prices, owning S&amp;P 500 stocks at lower prices isn’t terrible, either.</p><p><blockquote>此外，如果摩根大通关于经济复苏的基本观点被证明是正确的，那么拥有一揽子上涨的评级可能会非常有利可图。如果市场屈服于当前对价格走弱的担忧，那么以较低的价格持有标普500股票也并不可怕。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/why-j-p-morgan-says-now-is-the-time-to-bet-on-the-s-p-500-51614090217?mod=RTA\">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":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.barrons.com/articles/why-j-p-morgan-says-now-is-the-time-to-bet-on-the-s-p-500-51614090217?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129467108","content_text":"Don’t worry. Be greedy.Even though investor fears are rising, and the stock market is getting bullied by rising bond yields,J.P. Morganstrategists have told their clients that now is the time to embrace stocks.TheS&P 500may be waffling around 3875, but the bank is standing by its 2021 year-end price target of 4400 on a range of 4200 to 4600. Its numbers aren’t merely some derivative of the stock market’s expected earnings. Instead, they reflect America’s economic reawakening after the Covid-19 pandemic.Shawn Quigg, a J.P. Morgan derivatives strategist, recently told clients that there is little to stand in the way of the market’s achievement of “such gains sooner than later, particularly considering the numerous catalysts ahead, their impact on volatility, and the implications that will have on investor positioning.”As President Joe Biden’s administration champions a $1.9 trillion stimulus program, and Covid-19 infections and hospitalizations decline, Quigg anticipates stocks surging. His view is somewhat at odds with recent trading. Stocks have declined as the 10-year Treasury note yield has increased to about 1.38%, a move that is fanning inflation fearsand worries about stock slumps.Quigg likes taking advantage of the fear and the pending stimulus program, which Biden has begun to defend against concerns that it is too large. In various interviews, the president has challenged critics to tell him what to cut at a time when so much of the nation is suffering. The Biden administration is now warning that the greatest risk isn’t a large stimulus package, but one that is too small and thus doesn’t meaningfully stimulate economic growth.To position for the stock market to surge higher, Quigg advised clients to consider selling one of the SPDR S&P 500 ETF‘s (ticker: SPY) May $353 put options and buying 15 May $450 call options. When the ETF was at $392.39, the leveraged risk-reversal strategy—that is,selling one put and buying many more calls with a higher strike price but the same expiration—could be done for no cost. In other words, the money received for selling the put was enough to buy 15 bullish calls.The trade expresses high conviction that the ETF—which was recently trading around $387—will reach $450 by May 21, when May options expire. At $460, the call is worth $10.Should the ETF decline, say, because current fears push the market below the $353 strike price, investors would be obligated to buy it at the lower price, or to cover or adjust the puts.Quigg’s trade idea has a lot to admire.For one, the trade carried zero cost when it was recommended late last week. Yes, prices have moved since the Feb. 18 note was published, but investors can recast strike prices to create similar pricing. The markets change, and that’s why there are so many different strike prices that are listed.Moreover, if J.P. Morgan’s base view of the economic reawakening proves true, owning a bundle of upside calls that cost nothing could be quite lucrative. Should the market succumb to the current fears that are weakening prices, owning S&P 500 stocks at lower prices isn’t terrible, either.","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":3767,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":369612652,"gmtCreate":1614039078676,"gmtModify":1634551461990,"author":{"id":"3570654056264733","authorId":"3570654056264733","name":"JTE","avatar":"https://static.tigerbbs.com/03e6cacf7bf56246b33ac7dbd30171a1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570654056264733","idStr":"3570654056264733"},"themes":[],"title":"","htmlText":"As usual","listText":"As usual","text":"As usual","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/369612652","repostId":"1155156489","repostType":4,"isVote":1,"tweetType":1,"viewCount":2927,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":360582977,"gmtCreate":1613956490799,"gmtModify":1634551785632,"author":{"id":"3570654056264733","authorId":"3570654056264733","name":"JTE","avatar":"https://static.tigerbbs.com/03e6cacf7bf56246b33ac7dbd30171a1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570654056264733","idStr":"3570654056264733"},"themes":[],"title":"","htmlText":"Comment and like pls","listText":"Comment and like pls","text":"Comment and like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/360582977","repostId":"1143100356","repostType":4,"isVote":1,"tweetType":1,"viewCount":2728,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":387785728,"gmtCreate":1613786894064,"gmtModify":1634552237074,"author":{"id":"3570654056264733","authorId":"3570654056264733","name":"JTE","avatar":"https://static.tigerbbs.com/03e6cacf7bf56246b33ac7dbd30171a1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570654056264733","idStr":"3570654056264733"},"themes":[],"title":"","htmlText":"Comment and likes","listText":"Comment and likes","text":"Comment and likes","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/387785728","repostId":"1161529893","repostType":4,"repost":{"id":"1161529893","kind":"news","pubTimestamp":1613733842,"share":"https://www.laohunote.com/m/news/1161529893?lang=zh_CN&edition=full","pubTime":"2021-02-19 19:24","market":"us","language":"en","title":"Goldman Sachs is joining the robo-investing party — should you?<blockquote>高盛正在加入机器人投资队伍——你应该吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1161529893","media":"Marketwatch","summary":"‘Much like in Vegas, the house generally wins,” said Vance Barse, a San Diego, California-based financial advisor who runs a company called Your Dedicated Fiduciary.Robo investing has become increasingly ubiquitous on practically every brokerage platform. Until Tuesday, Goldman Sachs GS, -0.91% restricted its robo-advisory service, Marcus, to people who had at least $10 million to invest.Now anyone with at least $1,000 to invest in can access the same trading algorithms that have been used by so","content":"<p>  ‘Much like in Vegas, the house generally wins,” said Vance Barse, a San Diego, California-based financial advisor who runs a company called Your Dedicated Fiduciary.  Robo investing has become increasingly ubiquitous on practically every brokerage platform. Until Tuesday, Goldman Sachs GS, -0.91% restricted its robo-advisory service, Marcus, to people who had at least $10 million to invest.</p><p><blockquote>“就像在拉斯维加斯一样，房子通常会赢，”加利福尼亚州圣地亚哥的财务顾问万斯·巴尔斯说，他经营着一家名为Your Dedicated Fiduciary的公司。机器人投资在几乎每个经纪平台上都变得越来越普遍。直到周二，高盛 GS（-0.91%）将其机器人咨询服务 Marcus 限制为至少有 1000 万美元可投资的人。</blockquote></p><p> Now anyone with at least $1,000 to invest in can access the same trading algorithms that have been used by some of Goldman Sachs’ wealthiest clients for a 0.35% annual advisory fee. But investing experts say there are more costs to consider before jumping on the robo-investing train.</p><p><blockquote>现在，任何拥有至少 1000 美元投资的人都可以使用与高盛一些最富有的客户使用的相同的交易算法，每年只需支付 0.35% 的咨询费。但投资专家表示，在搭上机器人投资列车之前，还有更多成本需要考虑。</blockquote></p><p> “Much like in Vegas, the house generally wins,” said Vance Barse, a San Diego, California-based financial advisor who runs a company called Your Dedicated Fiduciary.</p><p><blockquote>“加利福尼亚州圣地亚哥的财务顾问万斯-巴尔斯（Vance Barse）说：”就像在拉斯维加斯一样，房子通常会赢。</blockquote></p><p> Although the 35 basis-point price tag is a “loss leader” to Goldman Sachs, he said companies typically make such offers in order to attract clients to cross-sell them banking products.</p><p><blockquote>虽然 35 个基点的价格标签对高盛来说是 “亏损领先”，但他说，公司通常会提出这样的报价，以吸引客户向他们交叉销售银行产品。</blockquote></p><p> “People forget that banks are ultimately in the business of making money,” he said.</p><p><blockquote>“他说：”人们忘记了银行的最终生意是赚钱。</blockquote></p><p> Goldman Sachs declined to comment.</p><p><blockquote>高盛拒绝置评。</blockquote></p><p> The company is among other major financial-services firms offering digital advisers, including Vanguard, Fidelity and Schwab SCHW, +1.03% and startups such as Betterment and Wealthfront.</p><p><blockquote>该公司是其他提供数字顾问的主要金融服务公司之一，包括 Vanguard、Fidelity 和 Schwab SCHW，+1.03%，以及 Betterment 和 Wealthfront 等初创公司。</blockquote></p><p> Fees for robo advisers can start at around 0.25%, and increase to 1% and above for traditional brokers. A survey of nearly 1,000 financial planners by Inside Information, a trade publication, found that the bigger the portfolio, the lower the percentage clients paid in fees.</p><p><blockquote>机器人顾问的费用从0.25%左右开始，传统经纪人的费用会增加到1%或以上。行业出版物《Inside Information》对近 1,000 名理财规划师进行的一项调查发现，投资组合越大，客户支付的费用比例就越低。</blockquote></p><p> The median annual charge hovered at around 1% for portfolios of $1 million or less, and 0.5% for portfolios worth $5 million to $10 million.</p><p><blockquote>对于100万美元或以下的投资组合，年费中位数徘徊在1%左右，对于价值500万至1000万美元的投资组合，年费中位数徘徊在0.5%左右。</blockquote></p><p> Robo advisers like those on offer from Goldman Sachs and Betterment differ from robo platforms like Robinhood. The former suggest portfolios focused on exchange-traded funds, while Robinhood allows users to invest in individual ETFs, stocks, options and even cryptocurrencies.</p><p><blockquote>高盛和 Betterment 提供的机器人顾问与 Robinhood 等机器人平台不同。前者建议投资组合专注于交易所交易基金，而 Robinhood 允许用户投资单个 ETF、股票、期权甚至加密货币。</blockquote></p><p> <b>Robo investing as a self-driving car</b></p><p><blockquote><b>机器人投资自动驾驶汽车</b></blockquote></p><p> Consumers have turned to robo-investing at unprecedented levels during the pandemic.</p><p><blockquote>在疫情期间，消费者以前所未有的水平转向机器人投资。</blockquote></p><p> The rate of new accounts opened jumped between 50% and 300% during the first quarter of 2020 compared to the fourth quarter of last year, according to a May report published by research and advisory firm Aite Group.</p><p><blockquote>根据研究和咨询公司艾特集团5月份发布的一份报告，与去年第四季度相比，2020年第一季度新开户率跃升了50%至300%。</blockquote></p><p> So what is rob-investing? Think of it like a self-driving car.</p><p><blockquote>那么什么是抢劫投资呢？把它想象成自动驾驶汽车。</blockquote></p><p> You put in your destination, buckle up in the backseat and your driver (robo adviser) will get there. You, the passenger, can’t easily slam the breaks if you fear your driver is leading you in the wrong direction. Nor can you put your foot on the gas pedal if you’re in a rush and want to get to your destination faster.</p><p><blockquote>你输入目的地，在后座系好安全带，你的司机（机器人顾问）就会到达那里。作为乘客，如果你担心司机把你引向错误的方向，你就不能轻易踩下刹车。如果您赶时间，想更快地到达目的地，也不能踩油门。</blockquote></p><p> Robo-investing platforms use advanced-trading algorithm software to design investment portfolios based on factors such as an individual’s appetite for risk-taking and desired short-term and long-term returns.</p><p><blockquote>机器人投资平台使用先进的交易算法软件，根据个人的风险偏好和期望的短期和长期回报等因素设计投资组合。</blockquote></p><p> There are over 200 platforms that provide these services charging typically no more than a 0.5% annual advisory fee, compared to the 1% annual fee human investment advisors charge.</p><p><blockquote>有200多个平台提供这些服务，通常收取不超过0.5%的年费，而人力投资顾问的年费为1%。</blockquote></p><p> And rather than investing entirely on your own, which can become a second job and lead to emotional investment decisions, robo advisers handle buying and selling assets.</p><p><blockquote>机器人顾问处理资产的买卖，而不是完全自己投资，这可能会成为第二份工作并导致情绪化的投资决策。</blockquote></p><p> Cynthia Loh, Schwab vice president of Digital Advice and Innovation, disagrees, and argues that robo investing doesn’t mean giving technology control of your money. Schwab, she said, has a team of investment experts who oversee investment strategy and keep watch during periods of market volatility, although some services have more input from humans than others.</p><p><blockquote>嘉信理财数字咨询和创新副总裁辛西娅-洛（Cynthia Loh）不同意这种观点，她认为机器人投资并不意味着让技术控制你的资金。她说，嘉信理财拥有一支投资专家团队，负责监督投资策略并在市场波动期间进行监控，尽管有些服务比其他服务拥有更多来自人类的投入。</blockquote></p><p> As she recently wrote on MarketWatch: “One common misconception about automated investing is that choosing a robo adviser essentially means handing control of your money over to robots. The truth is that robo solutions have a combination of automated and human components running things behind the scenes.”</p><p><blockquote>正如她最近在 MarketWatch 上所写： “关于自动化投资的一个常见误解是，选择机器人顾问实质上意味着将资金控制权交给机器人。事实是，机器人解决方案结合了自动化组件和人工组件，在幕后运行。”</blockquote></p><p> <b>Robos appeal to inexperienced investors</b></p><p><blockquote><b>机器人吸引缺乏经验的投资者</b></blockquote></p><p> Robo investing tends to appeal to inexperienced investors or ones who don’t have the time or energy to manage their own portfolios. These investors can take comfort in the “set it and forget it approach to investing and overtime let the markets do their thing,” Barse said.</p><p><blockquote>机器人投资往往吸引缺乏经验或没有时间或精力管理自己投资组合的投资者。巴尔斯说，这些投资者可以从 “一劳永逸”的投资方式中得到安慰，让市场自行其是。</blockquote></p><p> That makes it much easier to stomach market volatility knowing that you don’t necessarily have to make spur-of-the-moment decisions to buy or sell assets, said Tiffany Lam-Balfour, an investing and retirement specialist at NerdWallet.</p><p><blockquote>NerdWallet 的投资和退休专家蒂芙尼-林-贝尔福（Tiffany Lam-Balfour）说，这使得你更容易承受市场波动，因为你知道你不一定要一时冲动地做出买卖资产的决定。</blockquote></p><p> “When you’re investing, you don’t want to keep looking at the market and going ‘Oh I need to get out of this,’” she said. “You want to leave it to the professionals to get you through it because they know what your time horizon is, and they’ll adjust your portfolio automatically for you.”</p><p><blockquote>“她说：”当你投资时，你不会想一直盯着市场看，然后说'哦，我需要摆脱困境'。“你想让专业人士帮你渡过难关，因为他们知道你的时间范围，他们会自动为你调整你的投资组合”。</blockquote></p><p></p><p> That said, “you can’t just expect your investments will only go up. Even if you had the world’s best human financial adviser you can’t expect that.”</p><p><blockquote>也就是说，“你不能指望你的投资只会增加。即使你有世界上最优秀的理财顾问，你也不能指望这一点”。</blockquote></p><p> Others disagree, and say robo advisers appeal to older investors. “Planning for and paying yourself in retirement is complex. There are many options out there to help investors through it, and robo investing is one of them,” Loh said.</p><p><blockquote>其他人不同意，并表示机器人顾问对年长投资者有吸引力。“退休后的规划和支付是很复杂的。有很多选择可以帮助投资者度过难关，机器人投资就是其中之一，”Loh 说。</blockquote></p><p> “Many thoughtful, long-term investors have discovered that they want a more modern, streamlined, and inexpensive way to invest, and robo investing fits the bill. They are happy to let technology handle the mundane activities that are harder and more time-consuming for investors to do themselves,” she added.</p><p><blockquote>“许多深思熟虑的长期投资者发现，他们想要一种更现代、更精简、更便宜的投资方式，而机器人投资正好符合要求。他们很乐意让技术来处理投资者自己动手更难、更耗时的平凡活动，”她补充道。</blockquote></p><p> <b>There is often no door to knock on</b></p><p><blockquote><b>经常没有门可以敲</b></blockquote></p><p> Your robo adviser only knows what you tell it. The simplistic questionnaire you’re required to fill out will on most robo-investing platforms will collect information on your annual income, desired age to retire and the level of risk you’re willing to take on.</p><p><blockquote>你的机器人顾问只知道你告诉它什么。在大多数机器人投资平台上，您需要填写的简单问卷将收集有关您的年收入、理想退休年龄和您愿意承担的风险水平的信息。</blockquote></p><p> It won’t however know if you just had a child and would like to begin saving for their education down the road or if you recently lost your job.</p><p><blockquote>不过，它不会知道你是刚刚有了孩子，想开始为孩子以后的教育存钱，还是最近失业了。</blockquote></p><p> “The question then becomes to whom does that person go to for advice and does that platform offer that and if so, to what level of complexity?” said Barse.</p><p><blockquote>“那么问题就变成了，这个人会向谁寻求建议，该平台是否提供建议，如果提供，复杂程度如何？”巴斯说。</blockquote></p><p> Not all platforms give individualized investment advice and the hybrid models that do offer advice from a human tend to charge higher annual fees.</p><p><blockquote>并非所有平台都提供个性化的投资建议，而提供人工建议的混合模式往往会收取更高的年费。</blockquote></p><p> Additionally, a robo adviser won’t necessarily “manage your money with tax efficiency at front of mind,” said Roger Ma, a certified financial planner at Lifelaidout, a New York City-based financial advisory group.</p><p><blockquote>此外，总部位于纽约市的财务咨询集团 Lifelaidout 的注册财务规划师罗杰-马（Roger Ma）说，机器人顾问不一定 “在管理资金时考虑到税收效率”。</blockquote></p><p> For instance, one common way investors offset the taxes they pay on long-term investments is by selling assets that have accrued losses. Traditional advisers often specialize in constructing portfolios that lead to the most tax-efficient outcomes, said Ma, who is the author of “Work Your Money, Not Your Life”.</p><p><blockquote>例如，投资者抵消长期投资税款的一种常见方式是出售累积亏损的资产。《工作你的钱，而不是你的生活》一书的作者马云说，传统顾问通常专门构建投资组合，以获得最节税的结果。</blockquote></p><p> But with robo investing, the trades that are made for you are the same ones that are being made for a slew of other investors who may fall under a different tax-bracket than you.</p><p><blockquote>但对于机器人投资，为您进行的交易与为许多其他投资者进行的交易相同，这些投资者可能与您处于不同的税级。</blockquote></p><p> On top of that, while robo investing may feel like a simplistic way to get into investing, especially for beginners it can “overcomplicate investing,” Ma said.</p><p><blockquote>最重要的是，虽然机器人投资可能感觉像是一种简单的投资方式，但尤其是对初学者来说，它可能会 “使投资过于复杂”，马云说。</blockquote></p><p> “If you are just looking to dip your toe in and you want to feel like you’re invested in a diversified portfolio, I wouldn’t say definitely don’t do a robo adviser,” he said.</p><p><blockquote>“他说：”如果你只是想尝试一下，想感觉自己投资的是一个多元化的投资组合，我不会说绝对不要做机器人顾问。</blockquote></p><p> Don’t rule out investing through a target-date fund that selects a single fund to invest in and adjusts the position over time based on their investment goals, he added.</p><p><blockquote>他补充说，不要排除通过目标日期基金进行投资，该基金会选择单一基金进行投资，并根据投资目标随着时间的推移调整仓位。</blockquote></p><p> But not everyone can tell the difference between robo advice and advice from a human being. In 2015, MarketWatch asked four prominent robo advisers and four of the traditional, flesh-and-blood variety to construct portfolios for a hypothetical 35-year-old investor with $40,000 to invest.</p><p><blockquote>但并不是每个人都能区分机器人建议和人类建议。2015 年，MarketWatch 邀请了四位著名的机器人顾问和四位传统的有血有肉的机器人顾问，为一位假设的 35 岁、拥有 40,000 美元投资的投资者构建投资组合。</blockquote></p><p> The results were, perhaps, surprising for critics of robo advisers. The robots’ suggestions were “not massively different” from what the human advisers proposed, said Michael Kitces, Pinnacle Advisory Group’s research director, after reviewing the results.</p><p><blockquote>结果也许让机器人顾问的批评者感到惊讶。Pinnacle Advisory Group 的研究总监迈克尔-基茨（Michael Kitces）在审查了结果后说，机器人的建议与人类顾问的建议 “没有太大不同”。</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Goldman Sachs is joining the robo-investing party — should you?<blockquote>高盛正在加入机器人投资队伍——你应该吗？</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\">\nGoldman Sachs is joining the robo-investing party — should you?<blockquote>高盛正在加入机器人投资队伍——你应该吗？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Marketwatch</strong><span class=\"h-time small\">2021-02-19 19:24</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  ‘Much like in Vegas, the house generally wins,” said Vance Barse, a San Diego, California-based financial advisor who runs a company called Your Dedicated Fiduciary.  Robo investing has become increasingly ubiquitous on practically every brokerage platform. Until Tuesday, Goldman Sachs GS, -0.91% restricted its robo-advisory service, Marcus, to people who had at least $10 million to invest.</p><p><blockquote>“就像在拉斯维加斯一样，房子通常会赢，”加利福尼亚州圣地亚哥的财务顾问万斯·巴尔斯说，他经营着一家名为Your Dedicated Fiduciary的公司。机器人投资在几乎每个经纪平台上都变得越来越普遍。直到周二，高盛 GS（-0.91%）将其机器人咨询服务 Marcus 限制为至少有 1000 万美元可投资的人。</blockquote></p><p> Now anyone with at least $1,000 to invest in can access the same trading algorithms that have been used by some of Goldman Sachs’ wealthiest clients for a 0.35% annual advisory fee. But investing experts say there are more costs to consider before jumping on the robo-investing train.</p><p><blockquote>现在，任何拥有至少 1000 美元投资的人都可以使用与高盛一些最富有的客户使用的相同的交易算法，每年只需支付 0.35% 的咨询费。但投资专家表示，在搭上机器人投资列车之前，还有更多成本需要考虑。</blockquote></p><p> “Much like in Vegas, the house generally wins,” said Vance Barse, a San Diego, California-based financial advisor who runs a company called Your Dedicated Fiduciary.</p><p><blockquote>“加利福尼亚州圣地亚哥的财务顾问万斯-巴尔斯（Vance Barse）说：”就像在拉斯维加斯一样，房子通常会赢。</blockquote></p><p> Although the 35 basis-point price tag is a “loss leader” to Goldman Sachs, he said companies typically make such offers in order to attract clients to cross-sell them banking products.</p><p><blockquote>虽然 35 个基点的价格标签对高盛来说是 “亏损领先”，但他说，公司通常会提出这样的报价，以吸引客户向他们交叉销售银行产品。</blockquote></p><p> “People forget that banks are ultimately in the business of making money,” he said.</p><p><blockquote>“他说：”人们忘记了银行的最终生意是赚钱。</blockquote></p><p> Goldman Sachs declined to comment.</p><p><blockquote>高盛拒绝置评。</blockquote></p><p> The company is among other major financial-services firms offering digital advisers, including Vanguard, Fidelity and Schwab SCHW, +1.03% and startups such as Betterment and Wealthfront.</p><p><blockquote>该公司是其他提供数字顾问的主要金融服务公司之一，包括 Vanguard、Fidelity 和 Schwab SCHW，+1.03%，以及 Betterment 和 Wealthfront 等初创公司。</blockquote></p><p> Fees for robo advisers can start at around 0.25%, and increase to 1% and above for traditional brokers. A survey of nearly 1,000 financial planners by Inside Information, a trade publication, found that the bigger the portfolio, the lower the percentage clients paid in fees.</p><p><blockquote>机器人顾问的费用从0.25%左右开始，传统经纪人的费用会增加到1%或以上。行业出版物《Inside Information》对近 1,000 名理财规划师进行的一项调查发现，投资组合越大，客户支付的费用比例就越低。</blockquote></p><p> The median annual charge hovered at around 1% for portfolios of $1 million or less, and 0.5% for portfolios worth $5 million to $10 million.</p><p><blockquote>对于100万美元或以下的投资组合，年费中位数徘徊在1%左右，对于价值500万至1000万美元的投资组合，年费中位数徘徊在0.5%左右。</blockquote></p><p> Robo advisers like those on offer from Goldman Sachs and Betterment differ from robo platforms like Robinhood. The former suggest portfolios focused on exchange-traded funds, while Robinhood allows users to invest in individual ETFs, stocks, options and even cryptocurrencies.</p><p><blockquote>高盛和 Betterment 提供的机器人顾问与 Robinhood 等机器人平台不同。前者建议投资组合专注于交易所交易基金，而 Robinhood 允许用户投资单个 ETF、股票、期权甚至加密货币。</blockquote></p><p> <b>Robo investing as a self-driving car</b></p><p><blockquote><b>机器人投资自动驾驶汽车</b></blockquote></p><p> Consumers have turned to robo-investing at unprecedented levels during the pandemic.</p><p><blockquote>在疫情期间，消费者以前所未有的水平转向机器人投资。</blockquote></p><p> The rate of new accounts opened jumped between 50% and 300% during the first quarter of 2020 compared to the fourth quarter of last year, according to a May report published by research and advisory firm Aite Group.</p><p><blockquote>根据研究和咨询公司艾特集团5月份发布的一份报告，与去年第四季度相比，2020年第一季度新开户率跃升了50%至300%。</blockquote></p><p> So what is rob-investing? Think of it like a self-driving car.</p><p><blockquote>那么什么是抢劫投资呢？把它想象成自动驾驶汽车。</blockquote></p><p> You put in your destination, buckle up in the backseat and your driver (robo adviser) will get there. You, the passenger, can’t easily slam the breaks if you fear your driver is leading you in the wrong direction. Nor can you put your foot on the gas pedal if you’re in a rush and want to get to your destination faster.</p><p><blockquote>你输入目的地，在后座系好安全带，你的司机（机器人顾问）就会到达那里。作为乘客，如果你担心司机把你引向错误的方向，你就不能轻易踩下刹车。如果您赶时间，想更快地到达目的地，也不能踩油门。</blockquote></p><p> Robo-investing platforms use advanced-trading algorithm software to design investment portfolios based on factors such as an individual’s appetite for risk-taking and desired short-term and long-term returns.</p><p><blockquote>机器人投资平台使用先进的交易算法软件，根据个人的风险偏好和期望的短期和长期回报等因素设计投资组合。</blockquote></p><p> There are over 200 platforms that provide these services charging typically no more than a 0.5% annual advisory fee, compared to the 1% annual fee human investment advisors charge.</p><p><blockquote>有200多个平台提供这些服务，通常收取不超过0.5%的年费，而人力投资顾问的年费为1%。</blockquote></p><p> And rather than investing entirely on your own, which can become a second job and lead to emotional investment decisions, robo advisers handle buying and selling assets.</p><p><blockquote>机器人顾问处理资产的买卖，而不是完全自己投资，这可能会成为第二份工作并导致情绪化的投资决策。</blockquote></p><p> Cynthia Loh, Schwab vice president of Digital Advice and Innovation, disagrees, and argues that robo investing doesn’t mean giving technology control of your money. Schwab, she said, has a team of investment experts who oversee investment strategy and keep watch during periods of market volatility, although some services have more input from humans than others.</p><p><blockquote>嘉信理财数字咨询和创新副总裁辛西娅-洛（Cynthia Loh）不同意这种观点，她认为机器人投资并不意味着让技术控制你的资金。她说，嘉信理财拥有一支投资专家团队，负责监督投资策略并在市场波动期间进行监控，尽管有些服务比其他服务拥有更多来自人类的投入。</blockquote></p><p> As she recently wrote on MarketWatch: “One common misconception about automated investing is that choosing a robo adviser essentially means handing control of your money over to robots. The truth is that robo solutions have a combination of automated and human components running things behind the scenes.”</p><p><blockquote>正如她最近在 MarketWatch 上所写： “关于自动化投资的一个常见误解是，选择机器人顾问实质上意味着将资金控制权交给机器人。事实是，机器人解决方案结合了自动化组件和人工组件，在幕后运行。”</blockquote></p><p> <b>Robos appeal to inexperienced investors</b></p><p><blockquote><b>机器人吸引缺乏经验的投资者</b></blockquote></p><p> Robo investing tends to appeal to inexperienced investors or ones who don’t have the time or energy to manage their own portfolios. These investors can take comfort in the “set it and forget it approach to investing and overtime let the markets do their thing,” Barse said.</p><p><blockquote>机器人投资往往吸引缺乏经验或没有时间或精力管理自己投资组合的投资者。巴尔斯说，这些投资者可以从 “一劳永逸”的投资方式中得到安慰，让市场自行其是。</blockquote></p><p> That makes it much easier to stomach market volatility knowing that you don’t necessarily have to make spur-of-the-moment decisions to buy or sell assets, said Tiffany Lam-Balfour, an investing and retirement specialist at NerdWallet.</p><p><blockquote>NerdWallet 的投资和退休专家蒂芙尼-林-贝尔福（Tiffany Lam-Balfour）说，这使得你更容易承受市场波动，因为你知道你不一定要一时冲动地做出买卖资产的决定。</blockquote></p><p> “When you’re investing, you don’t want to keep looking at the market and going ‘Oh I need to get out of this,’” she said. “You want to leave it to the professionals to get you through it because they know what your time horizon is, and they’ll adjust your portfolio automatically for you.”</p><p><blockquote>“她说：”当你投资时，你不会想一直盯着市场看，然后说'哦，我需要摆脱困境'。“你想让专业人士帮你渡过难关，因为他们知道你的时间范围，他们会自动为你调整你的投资组合”。</blockquote></p><p></p><p> That said, “you can’t just expect your investments will only go up. Even if you had the world’s best human financial adviser you can’t expect that.”</p><p><blockquote>也就是说，“你不能指望你的投资只会增加。即使你有世界上最优秀的理财顾问，你也不能指望这一点”。</blockquote></p><p> Others disagree, and say robo advisers appeal to older investors. “Planning for and paying yourself in retirement is complex. There are many options out there to help investors through it, and robo investing is one of them,” Loh said.</p><p><blockquote>其他人不同意，并表示机器人顾问对年长投资者有吸引力。“退休后的规划和支付是很复杂的。有很多选择可以帮助投资者度过难关，机器人投资就是其中之一，”Loh 说。</blockquote></p><p> “Many thoughtful, long-term investors have discovered that they want a more modern, streamlined, and inexpensive way to invest, and robo investing fits the bill. They are happy to let technology handle the mundane activities that are harder and more time-consuming for investors to do themselves,” she added.</p><p><blockquote>“许多深思熟虑的长期投资者发现，他们想要一种更现代、更精简、更便宜的投资方式，而机器人投资正好符合要求。他们很乐意让技术来处理投资者自己动手更难、更耗时的平凡活动，”她补充道。</blockquote></p><p> <b>There is often no door to knock on</b></p><p><blockquote><b>经常没有门可以敲</b></blockquote></p><p> Your robo adviser only knows what you tell it. The simplistic questionnaire you’re required to fill out will on most robo-investing platforms will collect information on your annual income, desired age to retire and the level of risk you’re willing to take on.</p><p><blockquote>你的机器人顾问只知道你告诉它什么。在大多数机器人投资平台上，您需要填写的简单问卷将收集有关您的年收入、理想退休年龄和您愿意承担的风险水平的信息。</blockquote></p><p> It won’t however know if you just had a child and would like to begin saving for their education down the road or if you recently lost your job.</p><p><blockquote>不过，它不会知道你是刚刚有了孩子，想开始为孩子以后的教育存钱，还是最近失业了。</blockquote></p><p> “The question then becomes to whom does that person go to for advice and does that platform offer that and if so, to what level of complexity?” said Barse.</p><p><blockquote>“那么问题就变成了，这个人会向谁寻求建议，该平台是否提供建议，如果提供，复杂程度如何？”巴斯说。</blockquote></p><p> Not all platforms give individualized investment advice and the hybrid models that do offer advice from a human tend to charge higher annual fees.</p><p><blockquote>并非所有平台都提供个性化的投资建议，而提供人工建议的混合模式往往会收取更高的年费。</blockquote></p><p> Additionally, a robo adviser won’t necessarily “manage your money with tax efficiency at front of mind,” said Roger Ma, a certified financial planner at Lifelaidout, a New York City-based financial advisory group.</p><p><blockquote>此外，总部位于纽约市的财务咨询集团 Lifelaidout 的注册财务规划师罗杰-马（Roger Ma）说，机器人顾问不一定 “在管理资金时考虑到税收效率”。</blockquote></p><p> For instance, one common way investors offset the taxes they pay on long-term investments is by selling assets that have accrued losses. Traditional advisers often specialize in constructing portfolios that lead to the most tax-efficient outcomes, said Ma, who is the author of “Work Your Money, Not Your Life”.</p><p><blockquote>例如，投资者抵消长期投资税款的一种常见方式是出售累积亏损的资产。《工作你的钱，而不是你的生活》一书的作者马云说，传统顾问通常专门构建投资组合，以获得最节税的结果。</blockquote></p><p> But with robo investing, the trades that are made for you are the same ones that are being made for a slew of other investors who may fall under a different tax-bracket than you.</p><p><blockquote>但对于机器人投资，为您进行的交易与为许多其他投资者进行的交易相同，这些投资者可能与您处于不同的税级。</blockquote></p><p> On top of that, while robo investing may feel like a simplistic way to get into investing, especially for beginners it can “overcomplicate investing,” Ma said.</p><p><blockquote>最重要的是，虽然机器人投资可能感觉像是一种简单的投资方式，但尤其是对初学者来说，它可能会 “使投资过于复杂”，马云说。</blockquote></p><p> “If you are just looking to dip your toe in and you want to feel like you’re invested in a diversified portfolio, I wouldn’t say definitely don’t do a robo adviser,” he said.</p><p><blockquote>“他说：”如果你只是想尝试一下，想感觉自己投资的是一个多元化的投资组合，我不会说绝对不要做机器人顾问。</blockquote></p><p> Don’t rule out investing through a target-date fund that selects a single fund to invest in and adjusts the position over time based on their investment goals, he added.</p><p><blockquote>他补充说，不要排除通过目标日期基金进行投资，该基金会选择单一基金进行投资，并根据投资目标随着时间的推移调整仓位。</blockquote></p><p> But not everyone can tell the difference between robo advice and advice from a human being. In 2015, MarketWatch asked four prominent robo advisers and four of the traditional, flesh-and-blood variety to construct portfolios for a hypothetical 35-year-old investor with $40,000 to invest.</p><p><blockquote>但并不是每个人都能区分机器人建议和人类建议。2015 年，MarketWatch 邀请了四位著名的机器人顾问和四位传统的有血有肉的机器人顾问，为一位假设的 35 岁、拥有 40,000 美元投资的投资者构建投资组合。</blockquote></p><p> The results were, perhaps, surprising for critics of robo advisers. The robots’ suggestions were “not massively different” from what the human advisers proposed, said Michael Kitces, Pinnacle Advisory Group’s research director, after reviewing the results.</p><p><blockquote>结果也许让机器人顾问的批评者感到惊讶。Pinnacle Advisory Group 的研究总监迈克尔-基茨（Michael Kitces）在审查了结果后说，机器人的建议与人类顾问的建议 “没有太大不同”。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/goldman-sachs-is-joining-the-robo-investing-party-should-you-11613658128?mod=home-page\">Marketwatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.marketwatch.com/story/goldman-sachs-is-joining-the-robo-investing-party-should-you-11613658128?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1161529893","content_text":"‘Much like in Vegas, the house generally wins,” said Vance Barse, a San Diego, California-based financial advisor who runs a company called Your Dedicated Fiduciary.\n\nRobo investing has become increasingly ubiquitous on practically every brokerage platform. Until Tuesday, Goldman Sachs GS, -0.91% restricted its robo-advisory service, Marcus, to people who had at least $10 million to invest.\nNow anyone with at least $1,000 to invest in can access the same trading algorithms that have been used by some of Goldman Sachs’ wealthiest clients for a 0.35% annual advisory fee. But investing experts say there are more costs to consider before jumping on the robo-investing train.\n“Much like in Vegas, the house generally wins,” said Vance Barse, a San Diego, California-based financial advisor who runs a company called Your Dedicated Fiduciary.\nAlthough the 35 basis-point price tag is a “loss leader” to Goldman Sachs, he said companies typically make such offers in order to attract clients to cross-sell them banking products.\n“People forget that banks are ultimately in the business of making money,” he said.\nGoldman Sachs declined to comment.\nThe company is among other major financial-services firms offering digital advisers, including Vanguard, Fidelity and Schwab SCHW, +1.03% and startups such as Betterment and Wealthfront.\nFees for robo advisers can start at around 0.25%, and increase to 1% and above for traditional brokers. A survey of nearly 1,000 financial planners by Inside Information, a trade publication, found that the bigger the portfolio, the lower the percentage clients paid in fees.\nThe median annual charge hovered at around 1% for portfolios of $1 million or less, and 0.5% for portfolios worth $5 million to $10 million.\nRobo advisers like those on offer from Goldman Sachs and Betterment differ from robo platforms like Robinhood. The former suggest portfolios focused on exchange-traded funds, while Robinhood allows users to invest in individual ETFs, stocks, options and even cryptocurrencies.\nRobo investing as a self-driving car\nConsumers have turned to robo-investing at unprecedented levels during the pandemic.\nThe rate of new accounts opened jumped between 50% and 300% during the first quarter of 2020 compared to the fourth quarter of last year, according to a May report published by research and advisory firm Aite Group.\nSo what is rob-investing? Think of it like a self-driving car.\nYou put in your destination, buckle up in the backseat and your driver (robo adviser) will get there. You, the passenger, can’t easily slam the breaks if you fear your driver is leading you in the wrong direction. Nor can you put your foot on the gas pedal if you’re in a rush and want to get to your destination faster.\nRobo-investing platforms use advanced-trading algorithm software to design investment portfolios based on factors such as an individual’s appetite for risk-taking and desired short-term and long-term returns.\nThere are over 200 platforms that provide these services charging typically no more than a 0.5% annual advisory fee, compared to the 1% annual fee human investment advisors charge.\nAnd rather than investing entirely on your own, which can become a second job and lead to emotional investment decisions, robo advisers handle buying and selling assets.\nCynthia Loh, Schwab vice president of Digital Advice and Innovation, disagrees, and argues that robo investing doesn’t mean giving technology control of your money. Schwab, she said, has a team of investment experts who oversee investment strategy and keep watch during periods of market volatility, although some services have more input from humans than others.\nAs she recently wrote on MarketWatch: “One common misconception about automated investing is that choosing a robo adviser essentially means handing control of your money over to robots. The truth is that robo solutions have a combination of automated and human components running things behind the scenes.”\nRobos appeal to inexperienced investors\nRobo investing tends to appeal to inexperienced investors or ones who don’t have the time or energy to manage their own portfolios. These investors can take comfort in the “set it and forget it approach to investing and overtime let the markets do their thing,” Barse said.\nThat makes it much easier to stomach market volatility knowing that you don’t necessarily have to make spur-of-the-moment decisions to buy or sell assets, said Tiffany Lam-Balfour, an investing and retirement specialist at NerdWallet.\n“When you’re investing, you don’t want to keep looking at the market and going ‘Oh I need to get out of this,’” she said. “You want to leave it to the professionals to get you through it because they know what your time horizon is, and they’ll adjust your portfolio automatically for you.”\nThat said, “you can’t just expect your investments will only go up. Even if you had the world’s best human financial adviser you can’t expect that.”\nOthers disagree, and say robo advisers appeal to older investors. “Planning for and paying yourself in retirement is complex. There are many options out there to help investors through it, and robo investing is one of them,” Loh said.\n“Many thoughtful, long-term investors have discovered that they want a more modern, streamlined, and inexpensive way to invest, and robo investing fits the bill. They are happy to let technology handle the mundane activities that are harder and more time-consuming for investors to do themselves,” she added.\nThere is often no door to knock on\nYour robo adviser only knows what you tell it. The simplistic questionnaire you’re required to fill out will on most robo-investing platforms will collect information on your annual income, desired age to retire and the level of risk you’re willing to take on.\nIt won’t however know if you just had a child and would like to begin saving for their education down the road or if you recently lost your job.\n“The question then becomes to whom does that person go to for advice and does that platform offer that and if so, to what level of complexity?” said Barse.\nNot all platforms give individualized investment advice and the hybrid models that do offer advice from a human tend to charge higher annual fees.\nAdditionally, a robo adviser won’t necessarily “manage your money with tax efficiency at front of mind,” said Roger Ma, a certified financial planner at Lifelaidout, a New York City-based financial advisory group.\nFor instance, one common way investors offset the taxes they pay on long-term investments is by selling assets that have accrued losses. Traditional advisers often specialize in constructing portfolios that lead to the most tax-efficient outcomes, said Ma, who is the author of “Work Your Money, Not Your Life”.\nBut with robo investing, the trades that are made for you are the same ones that are being made for a slew of other investors who may fall under a different tax-bracket than you.\nOn top of that, while robo investing may feel like a simplistic way to get into investing, especially for beginners it can “overcomplicate investing,” Ma said.\n“If you are just looking to dip your toe in and you want to feel like you’re invested in a diversified portfolio, I wouldn’t say definitely don’t do a robo adviser,” he said.\nDon’t rule out investing through a target-date fund that selects a single fund to invest in and adjusts the position over time based on their investment goals, he added.\nBut not everyone can tell the difference between robo advice and advice from a human being. In 2015, MarketWatch asked four prominent robo advisers and four of the traditional, flesh-and-blood variety to construct portfolios for a hypothetical 35-year-old investor with $40,000 to invest.\nThe results were, perhaps, surprising for critics of robo advisers. The robots’ suggestions were “not massively different” from what the human advisers proposed, said Michael Kitces, Pinnacle Advisory Group’s research director, after reviewing the results.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2718,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":387990123,"gmtCreate":1613705946362,"gmtModify":1634552570035,"author":{"id":"3570654056264733","authorId":"3570654056264733","name":"JTE","avatar":"https://static.tigerbbs.com/03e6cacf7bf56246b33ac7dbd30171a1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570654056264733","idStr":"3570654056264733"},"themes":[],"title":"","htmlText":"Yields need to stay low&nbsp;Pls like and comment for coins","listText":"Yields need to stay low&nbsp;Pls like and comment for coins","text":"Yields need to stay low Pls like and comment for 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10:46","market":"us","language":"en","title":"Short-sellers were pulling back even before Reddit’s GameStop squeeze<blockquote>甚至在 Reddit 挤压游戏驿站之前，卖空者就已经撤回了</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1172237562","media":"marketwatch","summary":"Short-sellers in GameStopGME,-60.00%and other targeted stocks have been beaten up recently, but shor","content":"<p>Short-sellers in GameStopGME,-60.00%and other targeted stocks have been beaten up recently, but short-selling may be helping to keep the bull market alive.</p><p><blockquote>GameStopGME,-60.00% 和其他目标股票的卖空者最近遭受了打击，但卖空可能有助于维持牛市。</blockquote></p><p> Short-selling, according to academic research, has strong predictive power for the U.S. stock market’s subsequent 12-month return. Right now, short interest is unusually low, says Matthew Ringgenberg, a finance professor at the University of Utah.</p><p><blockquote>根据学术研究，卖空对美国股市随后的 12 个月回报率具有很强的预测能力。犹他大学金融学教授马修·林根伯格表示，目前，空头利息异常低。</blockquote></p><p> Ringgenberg is a leading expert on the behavior of short sellers. In an interview, he observed: “Even before the recent short squeezes, short interest in December and January was approaching historically low levels. In fact, with the exception of December 2018, this is the lowest short interest has been since before the 2008 crisis.” The data to which he is referring are plotted in the chart below.</p><p><blockquote>林根伯格是研究卖空者行为的权威专家。他在接受采访时指出： “即使在最近的空头挤压之前，12 月和 1 月的空头兴趣也已接近历史最低水平。事实上，除 2018 年 12 月外，这是自 2008 年危机前以来的最低水平。”他所指的数据绘制在下图中。</blockquote></p><p> Be wary of contrarian investors who interpret low short interest as bearish. Ringgenberg says the contrarians are wrong; his research has found that the short sellers on balance are more right than not.</p><p><blockquote>警惕将低空头利息解释为看跌的逆向投资者。林根伯格说逆向投资者是错误的；他的研究发现，平衡上的卖空者是正确的。</blockquote></p><p> Note carefully that the chart focuses on the raw short interest ratio. As I have reported in prior columns about Ringgenberg’s research, he has found that the predictive power of the ratio can be improved by calculating where it stands relative to its underlying trend. This adjusted ratio, he adds, is even more bullish than the raw unadjusted ratio.</p><p><blockquote>请注意，该图表重点关注原始空头利率。正如我在之前关于林根伯格研究的专栏中所报道的那样，他发现可以通过计算该比率相对于潜在趋势的位置来提高该比率的预测能力。他补充说，这个调整后的比率甚至比原始的未经调整的比率更乐观。</blockquote></p><p> Note also that the investment horizon for which this adjusted ratio has shown explanatory power is 12 months. So even if the current prediction is spot-on, it tells us nothing about the path the market takes along the way. It could be, for example, that the S&amp;P 500SPX,+1.39%is higher in 12 months while suffering a steep decline along the way. That’s what happened over the past year.</p><p><blockquote>另请注意，该经调整比率具有解释力的投资期限为12个月。因此，即使目前的预测是准确的，它也没有告诉我们任何关于市场前进道路的信息。例如，标准普尔 500SPX 指数可能在 12 个月内上涨 1.39%，同时一路大幅下跌。这就是过去一年发生的事情。</blockquote></p><p> <b>One big caveat</b></p><p><blockquote><b>一个大警告</b></blockquote></p><p> Ringgenberg says that on rare occasions, short sellers are particularly bearish but nevertheless choose not to aggressively sell short. This occurs most typically when investor sentiment is exuberant, the market is volatile, and when certain stocks are trading without any discernible relationship to their underlying fundamentals. During such times, he said, the already-high risks that short sellers face grow to intolerable levels—and many of them retreat to the sidelines.</p><p><blockquote>林根伯格表示，在极少数情况下，卖空者特别悲观，但仍然选择不积极卖空。这种情况最常发生在投资者情绪高涨、市场波动以及某些股票的交易与其基本面没有任何明显关系时。他说，在这样的时期，卖空者面临的本已很高的风险会增长到无法忍受的水平，其中许多人退居幕后。</blockquote></p><p> I mentioned this phenomenon, referred to as the “limits to arbitrage,” in acolumn last week about the GameStop saga. Perhaps the most prominent historical example of it came at the end of the internet bubble when a number of dot-com companies with no assets, revenue or business plan were propelled to sky-high valuations. The short interest ratio actually declined from 1998 through 2000 despite ever-rising valuations.</p><p><blockquote>我在上周关于游戏驿站事件的专栏中提到了这种被称为 “套利极限 ”的现象。也许最突出的历史例子出现在互联网泡沫末期，当时许多没有资产、收入或商业计划的互联网公司被推向了天价估值。尽管估值不断上升，但从1998年到2000年，空头利率实际上有所下降。</blockquote></p><p> There are some who currently believe we’re in a bubble similar to the late 1990s. If they’re right, then we should not make too much of short sellers’ lack of aggressiveness. Absent that possibility, the message of the short-sale ratio is bullish for the next 12 months.</p><p><blockquote>目前有些人认为，我们正处于类似于 20 世纪 90 年代末的泡沫之中。如果他们是对的，那么我们就不应该过分夸大卖空者缺乏进取心。如果不存在这种可能性，卖空比率的信息在未来 12 个月内是看涨的。</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Short-sellers were pulling back even before Reddit’s GameStop squeeze<blockquote>甚至在 Reddit 挤压游戏驿站之前，卖空者就已经撤回了</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\">\nShort-sellers were pulling back even before Reddit’s GameStop squeeze<blockquote>甚至在 Reddit 挤压游戏驿站之前，卖空者就已经撤回了</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">marketwatch</strong><span class=\"h-time small\">2021-02-03 10:46</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Short-sellers in GameStopGME,-60.00%and other targeted stocks have been beaten up recently, but short-selling may be helping to keep the bull market alive.</p><p><blockquote>GameStopGME,-60.00% 和其他目标股票的卖空者最近遭受了打击，但卖空可能有助于维持牛市。</blockquote></p><p> Short-selling, according to academic research, has strong predictive power for the U.S. stock market’s subsequent 12-month return. Right now, short interest is unusually low, says Matthew Ringgenberg, a finance professor at the University of Utah.</p><p><blockquote>根据学术研究，卖空对美国股市随后的 12 个月回报率具有很强的预测能力。犹他大学金融学教授马修·林根伯格表示，目前，空头利息异常低。</blockquote></p><p> Ringgenberg is a leading expert on the behavior of short sellers. In an interview, he observed: “Even before the recent short squeezes, short interest in December and January was approaching historically low levels. In fact, with the exception of December 2018, this is the lowest short interest has been since before the 2008 crisis.” The data to which he is referring are plotted in the chart below.</p><p><blockquote>林根伯格是研究卖空者行为的权威专家。他在接受采访时指出： “即使在最近的空头挤压之前，12 月和 1 月的空头兴趣也已接近历史最低水平。事实上，除 2018 年 12 月外，这是自 2008 年危机前以来的最低水平。”他所指的数据绘制在下图中。</blockquote></p><p> Be wary of contrarian investors who interpret low short interest as bearish. Ringgenberg says the contrarians are wrong; his research has found that the short sellers on balance are more right than not.</p><p><blockquote>警惕将低空头利息解释为看跌的逆向投资者。林根伯格说逆向投资者是错误的；他的研究发现，平衡上的卖空者是正确的。</blockquote></p><p> Note carefully that the chart focuses on the raw short interest ratio. As I have reported in prior columns about Ringgenberg’s research, he has found that the predictive power of the ratio can be improved by calculating where it stands relative to its underlying trend. This adjusted ratio, he adds, is even more bullish than the raw unadjusted ratio.</p><p><blockquote>请注意，该图表重点关注原始空头利率。正如我在之前关于林根伯格研究的专栏中所报道的那样，他发现可以通过计算该比率相对于潜在趋势的位置来提高该比率的预测能力。他补充说，这个调整后的比率甚至比原始的未经调整的比率更乐观。</blockquote></p><p> Note also that the investment horizon for which this adjusted ratio has shown explanatory power is 12 months. So even if the current prediction is spot-on, it tells us nothing about the path the market takes along the way. It could be, for example, that the S&amp;P 500SPX,+1.39%is higher in 12 months while suffering a steep decline along the way. That’s what happened over the past year.</p><p><blockquote>另请注意，该经调整比率具有解释力的投资期限为12个月。因此，即使目前的预测是准确的，它也没有告诉我们任何关于市场前进道路的信息。例如，标准普尔 500SPX 指数可能在 12 个月内上涨 1.39%，同时一路大幅下跌。这就是过去一年发生的事情。</blockquote></p><p> <b>One big caveat</b></p><p><blockquote><b>一个大警告</b></blockquote></p><p> Ringgenberg says that on rare occasions, short sellers are particularly bearish but nevertheless choose not to aggressively sell short. This occurs most typically when investor sentiment is exuberant, the market is volatile, and when certain stocks are trading without any discernible relationship to their underlying fundamentals. During such times, he said, the already-high risks that short sellers face grow to intolerable levels—and many of them retreat to the sidelines.</p><p><blockquote>林根伯格表示，在极少数情况下，卖空者特别悲观，但仍然选择不积极卖空。这种情况最常发生在投资者情绪高涨、市场波动以及某些股票的交易与其基本面没有任何明显关系时。他说，在这样的时期，卖空者面临的本已很高的风险会增长到无法忍受的水平，其中许多人退居幕后。</blockquote></p><p> I mentioned this phenomenon, referred to as the “limits to arbitrage,” in acolumn last week about the GameStop saga. Perhaps the most prominent historical example of it came at the end of the internet bubble when a number of dot-com companies with no assets, revenue or business plan were propelled to sky-high valuations. The short interest ratio actually declined from 1998 through 2000 despite ever-rising valuations.</p><p><blockquote>我在上周关于游戏驿站事件的专栏中提到了这种被称为 “套利极限 ”的现象。也许最突出的历史例子出现在互联网泡沫末期，当时许多没有资产、收入或商业计划的互联网公司被推向了天价估值。尽管估值不断上升，但从1998年到2000年，空头利率实际上有所下降。</blockquote></p><p> There are some who currently believe we’re in a bubble similar to the late 1990s. If they’re right, then we should not make too much of short sellers’ lack of aggressiveness. Absent that possibility, the message of the short-sale ratio is bullish for the next 12 months.</p><p><blockquote>目前有些人认为，我们正处于类似于 20 世纪 90 年代末的泡沫之中。如果他们是对的，那么我们就不应该过分夸大卖空者缺乏进取心。如果不存在这种可能性，卖空比率的信息在未来 12 个月内是看涨的。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/short-sellers-were-pulling-back-even-before-reddits-gamestop-squeeze-11612233719?mod=home-page\">marketwatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9f274618dde80cee69492990094f7510","relate_stocks":{"GME":"游戏驿站"},"source_url":"https://www.marketwatch.com/story/short-sellers-were-pulling-back-even-before-reddits-gamestop-squeeze-11612233719?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1172237562","content_text":"Short-sellers in GameStopGME,-60.00%and other targeted stocks have been beaten up recently, but short-selling may be helping to keep the bull market alive.\nShort-selling, according to academic research, has strong predictive power for the U.S. stock market’s subsequent 12-month return. Right now, short interest is unusually low, says Matthew Ringgenberg, a finance professor at the University of Utah.\nRinggenberg is a leading expert on the behavior of short sellers. In an interview, he observed: “Even before the recent short squeezes, short interest in December and January was approaching historically low levels. In fact, with the exception of December 2018, this is the lowest short interest has been since before the 2008 crisis.” The data to which he is referring are plotted in the chart below.\nBe wary of contrarian investors who interpret low short interest as bearish. Ringgenberg says the contrarians are wrong; his research has found that the short sellers on balance are more right than not.\nNote carefully that the chart focuses on the raw short interest ratio. As I have reported in prior columns about Ringgenberg’s research, he has found that the predictive power of the ratio can be improved by calculating where it stands relative to its underlying trend. This adjusted ratio, he adds, is even more bullish than the raw unadjusted ratio.\nNote also that the investment horizon for which this adjusted ratio has shown explanatory power is 12 months. So even if the current prediction is spot-on, it tells us nothing about the path the market takes along the way. It could be, for example, that the S&P 500SPX,+1.39%is higher in 12 months while suffering a steep decline along the way. That’s what happened over the past year.\nOne big caveat\nRinggenberg says that on rare occasions, short sellers are particularly bearish but nevertheless choose not to aggressively sell short. This occurs most typically when investor sentiment is exuberant, the market is volatile, and when certain stocks are trading without any discernible relationship to their underlying fundamentals. During such times, he said, the already-high risks that short sellers face grow to intolerable levels—and many of them retreat to the sidelines.\nI mentioned this phenomenon, referred to as the “limits to arbitrage,” in acolumn last week about the GameStop saga. Perhaps the most prominent historical example of it came at the end of the internet bubble when a number of dot-com companies with no assets, revenue or business plan were propelled to sky-high valuations. The short interest ratio actually declined from 1998 through 2000 despite ever-rising valuations.\nThere are some who currently believe we’re in a bubble similar to the late 1990s. If they’re right, then we should not make too much of short sellers’ lack of aggressiveness. Absent that possibility, the message of the short-sale ratio is bullish for the next 12 months.","news_type":1,"symbols_score_info":{"GME":0.9}},"isVote":1,"tweetType":1,"viewCount":656,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":363793975,"gmtCreate":1614170529697,"gmtModify":1634550899479,"author":{"id":"3570654056264733","authorId":"3570654056264733","name":"JTE","avatar":"https://static.tigerbbs.com/03e6cacf7bf56246b33ac7dbd30171a1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3570654056264733","authorIdStr":"3570654056264733"},"themes":[],"title":"","htmlText":"For comments and likes pls","listText":"For comments and likes pls","text":"For comments and likes pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/363793975","repostId":"1129467108","repostType":4,"repost":{"id":"1129467108","kind":"news","pubTimestamp":1614164417,"share":"https://www.laohunote.com/m/news/1129467108?lang=zh_CN&edition=full","pubTime":"2021-02-24 19:00","market":"us","language":"en","title":"Why J.P. Morgan Says Now Is the Time to Bet on the S&P 500<blockquote>为什么摩根大通表示现在是押注标普500的时候了</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1129467108","media":"Barrons","summary":"Don’t worry. Be greedy.Even though investor fears are rising, and the stock market is getting bullie","content":"<p>Don’t worry. Be greedy.</p><p><blockquote>别担心。贪婪。</blockquote></p><p>Even though investor fears are rising, and the stock market is getting bullied by rising bond yields,J.P. Morganstrategists have told their clients that now is the time to embrace stocks.</p><p><blockquote>尽管投资者的担忧正在加剧，而且股市也受到债券收益率上升的影响，但摩根大通。摩根策略师告诉他们的客户，现在是拥抱股票的时候了。</blockquote></p><p>TheS&amp;P 500may be waffling around 3875, but the bank is standing by its 2021 year-end price target of 4400 on a range of 4200 to 4600. Its numbers aren’t merely some derivative of the stock market’s expected earnings. Instead, they reflect America’s economic reawakening after the Covid-19 pandemic.</p><p><blockquote>标准普尔 500 指数可能在 3875 点左右徘徊，但该银行将 2021 年底目标价定为 4400，区间为 4200 至 4600。它的数字不仅仅是股市预期收益的衍生品。相反，它们反映了美国在 Covid-19 大流行后的经济觉醒。</blockquote></p><p>Shawn Quigg, a J.P. Morgan derivatives strategist, recently told clients that there is little to stand in the way of the market’s achievement of “such gains sooner than later, particularly considering the numerous catalysts ahead, their impact on volatility, and the implications that will have on investor positioning.”</p><p><blockquote>摩根大通（J.P. Morgan）衍生品策略师肖恩-奎格（Shawn Quigg）最近告诉客户，市场实现 “这种收益迟早不到，尤其是考虑到未来的众多催化剂、它们对波动性的影响以及它们将对投资者定位产生的影响”，几乎没有什么阻碍。</blockquote></p><p>As President Joe Biden’s administration&nbsp;champions a $1.9 trillion stimulus program, and Covid-19 infections and hospitalizations decline, Quigg anticipates stocks surging. His view is somewhat at odds with recent trading. Stocks have declined as the 10-year Treasury note yield has increased to about 1.38%, a move&nbsp;that is fanning inflation fearsand worries about stock slumps.</p><p><blockquote>随着乔-拜登总统的政府支持 1.9 万亿美元的经济刺激计划，以及 Covid-19 感染和住院人数的下降，奎格预计股市将飙升。他的观点与近期的交易有些不一致。随着 10 年期国债收益率升至 1.38% 左右，股市下跌，此举加剧了通胀担忧和对股市暴跌的担忧。</blockquote></p><p>Quigg likes taking advantage of the fear and the pending stimulus program, which Biden has begun to defend against concerns that it is too large. In various interviews, the president has challenged critics to tell him what to cut at a time when so much of the nation is suffering. The Biden administration is now warning that the greatest risk isn’t a large stimulus package, but one that is too small and thus doesn’t meaningfully stimulate economic growth.</p><p><blockquote>奎格喜欢利用这种恐惧和悬而未决的刺激计划，拜登已经开始为该计划辩护，以应对其规模过大的担忧。在各种采访中，总统向批评者发出挑战，要求他们告诉他在全国如此多的人遭受苦难的时候应该削减什么。拜登政府现在警告说，最大的风险不是大规模的刺激计划，而是规模太小，因此不能有意义地刺激经济增长。</blockquote></p><p>To position for the stock market to surge higher, Quigg advised clients to consider selling one of the&nbsp;SPDR S&amp;P 500 ETF‘s (ticker: SPY) May $353 put options and buying 15 May $450 call options. When the ETF was at $392.39, the leveraged risk-reversal strategy—that is,selling one put and buying many more calls&nbsp;with a higher strike price but the same expiration—could be done for no cost. In other words, the money received for selling the put was enough to buy 15 bullish calls.</p><p><blockquote>为了让股市飙升，奎格建议客户考虑出售SPDR标普500 ETF（股票代码：SPDR标普500指数ETF）5月353美元的看跌期权，并购买5月15日450美元的看涨期权期权。当 ETF 价格为 392.39 美元时，杠杆风险逆转策略（即卖出一份看跌期权并购买更多执行价格更高但到期日相同的评级）可以免费完成。换句话说，卖出看跌期权收到的资金足以购买 15 个看涨评级。</blockquote></p><p>The trade expresses high conviction that the ETF—which was recently trading around $387—will reach $450 by May 21, when May options expire. At $460, the call is worth $10.</p><p><blockquote>该交易表示坚信，该 ETF（最近交易价格约为 387 美元）将在 5 月 21 日（可能期权到期时）达到 450 美元。看涨期权售价 460 美元，价值 10 美元。</blockquote></p><p>Should the ETF decline, say, because current fears push the market below the $353 strike price, investors would be obligated to buy it at the lower price, or to cover or adjust the puts.</p><p><blockquote>例如，如果 ETF 因当前担忧将市场推至 353 美元执行价格以下而下跌，投资者将有义务以较低的价格买入，或者对冲或调整看跌期权。</blockquote></p><p>Quigg’s trade idea has a lot to admire.</p><p><blockquote>奎格的交易理念有很多值得钦佩的地方。</blockquote></p><p>For one, the trade carried zero cost when it was recommended late last week. Yes, prices have moved since the Feb. 18 note was published, but investors can recast strike prices to create similar pricing. The markets change, and that’s why there are so many different strike prices that are listed.</p><p><blockquote>首先，该交易在上周晚些时候被推荐时成本为零。是的，自 2 月 18 日报告发布以来，价格已经发生了变化，但投资者可以重新制定执行价格以创建类似的定价。市场会发生变化，这就是为什么会有这么多不同的执行价格。</blockquote></p><p>Moreover, if J.P. Morgan’s base view of the economic reawakening proves true, owning a bundle of upside calls that cost nothing could be quite lucrative. Should the market succumb to the current fears that are weakening prices, owning S&amp;P 500 stocks at lower prices isn’t terrible, either.</p><p><blockquote>此外，如果摩根大通关于经济复苏的基本观点被证明是正确的，那么拥有一揽子上涨的评级可能会非常有利可图。如果市场屈服于当前对价格走弱的担忧，那么以较低的价格持有标普500股票也并不可怕。</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>Why J.P. Morgan Says Now Is the Time to Bet on the S&P 500<blockquote>为什么摩根大通表示现在是押注标普500的时候了</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy J.P. Morgan Says Now Is the Time to Bet on the S&P 500<blockquote>为什么摩根大通表示现在是押注标普500的时候了</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-02-24 19:00</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Don’t worry. Be greedy.</p><p><blockquote>别担心。贪婪。</blockquote></p><p>Even though investor fears are rising, and the stock market is getting bullied by rising bond yields,J.P. Morganstrategists have told their clients that now is the time to embrace stocks.</p><p><blockquote>尽管投资者的担忧正在加剧，而且股市也受到债券收益率上升的影响，但摩根大通。摩根策略师告诉他们的客户，现在是拥抱股票的时候了。</blockquote></p><p>TheS&amp;P 500may be waffling around 3875, but the bank is standing by its 2021 year-end price target of 4400 on a range of 4200 to 4600. Its numbers aren’t merely some derivative of the stock market’s expected earnings. Instead, they reflect America’s economic reawakening after the Covid-19 pandemic.</p><p><blockquote>标准普尔 500 指数可能在 3875 点左右徘徊，但该银行将 2021 年底目标价定为 4400，区间为 4200 至 4600。它的数字不仅仅是股市预期收益的衍生品。相反，它们反映了美国在 Covid-19 大流行后的经济觉醒。</blockquote></p><p>Shawn Quigg, a J.P. Morgan derivatives strategist, recently told clients that there is little to stand in the way of the market’s achievement of “such gains sooner than later, particularly considering the numerous catalysts ahead, their impact on volatility, and the implications that will have on investor positioning.”</p><p><blockquote>摩根大通（J.P. Morgan）衍生品策略师肖恩-奎格（Shawn Quigg）最近告诉客户，市场实现 “这种收益迟早不到，尤其是考虑到未来的众多催化剂、它们对波动性的影响以及它们将对投资者定位产生的影响”，几乎没有什么阻碍。</blockquote></p><p>As President Joe Biden’s administration&nbsp;champions a $1.9 trillion stimulus program, and Covid-19 infections and hospitalizations decline, Quigg anticipates stocks surging. His view is somewhat at odds with recent trading. Stocks have declined as the 10-year Treasury note yield has increased to about 1.38%, a move&nbsp;that is fanning inflation fearsand worries about stock slumps.</p><p><blockquote>随着乔-拜登总统的政府支持 1.9 万亿美元的经济刺激计划，以及 Covid-19 感染和住院人数的下降，奎格预计股市将飙升。他的观点与近期的交易有些不一致。随着 10 年期国债收益率升至 1.38% 左右，股市下跌，此举加剧了通胀担忧和对股市暴跌的担忧。</blockquote></p><p>Quigg likes taking advantage of the fear and the pending stimulus program, which Biden has begun to defend against concerns that it is too large. In various interviews, the president has challenged critics to tell him what to cut at a time when so much of the nation is suffering. The Biden administration is now warning that the greatest risk isn’t a large stimulus package, but one that is too small and thus doesn’t meaningfully stimulate economic growth.</p><p><blockquote>奎格喜欢利用这种恐惧和悬而未决的刺激计划，拜登已经开始为该计划辩护，以应对其规模过大的担忧。在各种采访中，总统向批评者发出挑战，要求他们告诉他在全国如此多的人遭受苦难的时候应该削减什么。拜登政府现在警告说，最大的风险不是大规模的刺激计划，而是规模太小，因此不能有意义地刺激经济增长。</blockquote></p><p>To position for the stock market to surge higher, Quigg advised clients to consider selling one of the&nbsp;SPDR S&amp;P 500 ETF‘s (ticker: SPY) May $353 put options and buying 15 May $450 call options. When the ETF was at $392.39, the leveraged risk-reversal strategy—that is,selling one put and buying many more calls&nbsp;with a higher strike price but the same expiration—could be done for no cost. In other words, the money received for selling the put was enough to buy 15 bullish calls.</p><p><blockquote>为了让股市飙升，奎格建议客户考虑出售SPDR标普500 ETF（股票代码：SPDR标普500指数ETF）5月353美元的看跌期权，并购买5月15日450美元的看涨期权期权。当 ETF 价格为 392.39 美元时，杠杆风险逆转策略（即卖出一份看跌期权并购买更多执行价格更高但到期日相同的评级）可以免费完成。换句话说，卖出看跌期权收到的资金足以购买 15 个看涨评级。</blockquote></p><p>The trade expresses high conviction that the ETF—which was recently trading around $387—will reach $450 by May 21, when May options expire. At $460, the call is worth $10.</p><p><blockquote>该交易表示坚信，该 ETF（最近交易价格约为 387 美元）将在 5 月 21 日（可能期权到期时）达到 450 美元。看涨期权售价 460 美元，价值 10 美元。</blockquote></p><p>Should the ETF decline, say, because current fears push the market below the $353 strike price, investors would be obligated to buy it at the lower price, or to cover or adjust the puts.</p><p><blockquote>例如，如果 ETF 因当前担忧将市场推至 353 美元执行价格以下而下跌，投资者将有义务以较低的价格买入，或者对冲或调整看跌期权。</blockquote></p><p>Quigg’s trade idea has a lot to admire.</p><p><blockquote>奎格的交易理念有很多值得钦佩的地方。</blockquote></p><p>For one, the trade carried zero cost when it was recommended late last week. Yes, prices have moved since the Feb. 18 note was published, but investors can recast strike prices to create similar pricing. The markets change, and that’s why there are so many different strike prices that are listed.</p><p><blockquote>首先，该交易在上周晚些时候被推荐时成本为零。是的，自 2 月 18 日报告发布以来，价格已经发生了变化，但投资者可以重新制定执行价格以创建类似的定价。市场会发生变化，这就是为什么会有这么多不同的执行价格。</blockquote></p><p>Moreover, if J.P. Morgan’s base view of the economic reawakening proves true, owning a bundle of upside calls that cost nothing could be quite lucrative. Should the market succumb to the current fears that are weakening prices, owning S&amp;P 500 stocks at lower prices isn’t terrible, either.</p><p><blockquote>此外，如果摩根大通关于经济复苏的基本观点被证明是正确的，那么拥有一揽子上涨的评级可能会非常有利可图。如果市场屈服于当前对价格走弱的担忧，那么以较低的价格持有标普500股票也并不可怕。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/why-j-p-morgan-says-now-is-the-time-to-bet-on-the-s-p-500-51614090217?mod=RTA\">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":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.barrons.com/articles/why-j-p-morgan-says-now-is-the-time-to-bet-on-the-s-p-500-51614090217?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129467108","content_text":"Don’t worry. Be greedy.Even though investor fears are rising, and the stock market is getting bullied by rising bond yields,J.P. Morganstrategists have told their clients that now is the time to embrace stocks.TheS&P 500may be waffling around 3875, but the bank is standing by its 2021 year-end price target of 4400 on a range of 4200 to 4600. Its numbers aren’t merely some derivative of the stock market’s expected earnings. Instead, they reflect America’s economic reawakening after the Covid-19 pandemic.Shawn Quigg, a J.P. Morgan derivatives strategist, recently told clients that there is little to stand in the way of the market’s achievement of “such gains sooner than later, particularly considering the numerous catalysts ahead, their impact on volatility, and the implications that will have on investor positioning.”As President Joe Biden’s administration champions a $1.9 trillion stimulus program, and Covid-19 infections and hospitalizations decline, Quigg anticipates stocks surging. His view is somewhat at odds with recent trading. Stocks have declined as the 10-year Treasury note yield has increased to about 1.38%, a move that is fanning inflation fearsand worries about stock slumps.Quigg likes taking advantage of the fear and the pending stimulus program, which Biden has begun to defend against concerns that it is too large. In various interviews, the president has challenged critics to tell him what to cut at a time when so much of the nation is suffering. The Biden administration is now warning that the greatest risk isn’t a large stimulus package, but one that is too small and thus doesn’t meaningfully stimulate economic growth.To position for the stock market to surge higher, Quigg advised clients to consider selling one of the SPDR S&P 500 ETF‘s (ticker: SPY) May $353 put options and buying 15 May $450 call options. When the ETF was at $392.39, the leveraged risk-reversal strategy—that is,selling one put and buying many more calls with a higher strike price but the same expiration—could be done for no cost. In other words, the money received for selling the put was enough to buy 15 bullish calls.The trade expresses high conviction that the ETF—which was recently trading around $387—will reach $450 by May 21, when May options expire. At $460, the call is worth $10.Should the ETF decline, say, because current fears push the market below the $353 strike price, investors would be obligated to buy it at the lower price, or to cover or adjust the puts.Quigg’s trade idea has a lot to admire.For one, the trade carried zero cost when it was recommended late last week. Yes, prices have moved since the Feb. 18 note was published, but investors can recast strike prices to create similar pricing. The markets change, and that’s why there are so many different strike prices that are listed.Moreover, if J.P. Morgan’s base view of the economic reawakening proves true, owning a bundle of upside calls that cost nothing could be quite lucrative. Should the market succumb to the current fears that are weakening prices, owning S&P 500 stocks at lower prices isn’t terrible, either.","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":3767,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":369612652,"gmtCreate":1614039078676,"gmtModify":1634551461990,"author":{"id":"3570654056264733","authorId":"3570654056264733","name":"JTE","avatar":"https://static.tigerbbs.com/03e6cacf7bf56246b33ac7dbd30171a1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3570654056264733","authorIdStr":"3570654056264733"},"themes":[],"title":"","htmlText":"As usual","listText":"As usual","text":"As usual","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/369612652","repostId":"1155156489","repostType":4,"isVote":1,"tweetType":1,"viewCount":2927,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":317702005,"gmtCreate":1612482795707,"gmtModify":1703762463697,"author":{"id":"3570654056264733","authorId":"3570654056264733","name":"JTE","avatar":"https://static.tigerbbs.com/03e6cacf7bf56246b33ac7dbd30171a1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3570654056264733","authorIdStr":"3570654056264733"},"themes":[],"title":"","htmlText":"Tough industry","listText":"Tough industry","text":"Tough industry","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/317702005","repostId":"1162866028","repostType":4,"isVote":1,"tweetType":1,"viewCount":369,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":315818152,"gmtCreate":1612230553576,"gmtModify":1703759055485,"author":{"id":"3570654056264733","authorId":"3570654056264733","name":"JTE","avatar":"https://static.tigerbbs.com/03e6cacf7bf56246b33ac7dbd30171a1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3570654056264733","authorIdStr":"3570654056264733"},"themes":[],"title":"","htmlText":"Am sure that instis are in too","listText":"Am sure that instis are in too","text":"Am sure that instis are in too","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/315818152","repostId":"1150739186","repostType":4,"isVote":1,"tweetType":1,"viewCount":467,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":313642989,"gmtCreate":1611714003641,"gmtModify":1703752562717,"author":{"id":"3570654056264733","authorId":"3570654056264733","name":"JTE","avatar":"https://static.tigerbbs.com/03e6cacf7bf56246b33ac7dbd30171a1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3570654056264733","authorIdStr":"3570654056264733"},"themes":[],"title":"","htmlText":"Crazy cray","listText":"Crazy cray","text":"Crazy cray","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/313642989","repostId":"1141309013","repostType":4,"repost":{"id":"1141309013","kind":"news","pubTimestamp":1611655201,"share":"https://www.laohunote.com/m/news/1141309013?lang=zh_CN&edition=full","pubTime":"2021-01-26 18:00","market":"sg","language":"en","title":"Apple Stock Could Surge 62% to $225, According to This Analyst<blockquote>这位分析师表示，苹果股价可能飙升 62% 至 225 美元</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1141309013","media":"nasdaq","summary":"Shares ofApple(NASDAQ: AAPL)have already climbed 79% over the past year, but will surge to new all-t","content":"<p>Shares of<b>Apple</b>(NASDAQ: AAPL)have already climbed 79% over the past year, but will surge to new all-time highs in 2021.</p><p><blockquote>股份<b>苹果</b>（纳斯达克：AAPL）过去一年已经上涨了 79%，但将在 2021 年飙升至历史新高。</blockquote></p><p>That's according to Wedbush analyst Daniel Ives. Today, Ives raised his price target on Apple's stock to $175 from $160, but also laid out a bull case for why the stock could climb to as high as $225. His new base target represents potential gains for investors of roughly 26% over the stock's closing price of about $139 on Friday. It's his compelling argument for the bull case, however, that should have investors more excited.</p><p><blockquote>这是韦德布什分析师丹尼尔·艾夫斯的说法。今天，艾夫斯将苹果股票的目标价从 160 美元上调至 175 美元，但也阐述了该股为何可能攀升至 225 美元的看涨理由。他的新基本目标代表着投资者比该股周五约 139 美元的收盘价可能上涨约 26%。然而，这是他对牛市的令人信服的论点，这应该会让投资者更加兴奋。</blockquote></p><p>Ives cited the potential for \"eye-popping\" iPhone sales, saying that checks of Apple's supply chain in Asia showed strong demand for the device. The analyst now believes Apple could have sold as many as 90 million iPhones during the December quarter, roughly 35% over the analyst's already robust forecast. Ives sees this upward trend continuing over the March and June quarters.</p><p><blockquote>艾夫斯引用了“令人瞠目结舌”的 iPhone 销售潜力，称对苹果在亚洲供应链的检查显示，对该设备的需求强劲。该分析师现在认为，苹果在 12 月份季度可能售出多达 9000 万部 iPhone，比分析师本已强劲的预测高出约 35%。艾夫斯认为这种上升趋势将在三月和六月季度持续下去。</blockquote></p><p>\"We believe based on the current trajectory and in a bull case Cupertino has potential to sell north of 240 million units (~250 million could be in the cards -- an eye-popping figure)\" Ives wrote in a note to clients, \"which would easily eclipse the previous Apple record of 231 million units sold in [fiscal year 2015].\"</p><p><blockquote>艾夫斯在给客户的一份报告中写道：“我们相信，根据目前的发展轨迹，在牛市的情况下，库比蒂诺有潜力销量超过 2.4 亿辆（可能会达到约 2.5 亿辆——这是一个令人瞠目结舌的数字），”这将很容易超越苹果此前创下的 [2015 财年] 销量 2.31 亿辆的纪录。”</blockquote></p><p>Will Apple stock hit $225?</p><p><blockquote>苹果股票会触及 225 美元吗？</blockquote></p><p>There have long been prognostications of a supercycle for the iPhone maker. It has an installed base of more than 1.4 billion active devices, with the iPhone accounting for an estimated 950 million of those.</p><p><blockquote>长期以来，人们一直预测这家 iPhone 制造商将迎来超级周期。它拥有超过14亿台活跃设备的安装基础，其中iPhone约占9.5亿台。</blockquote></p><p>The current thinking suggests that as many as 350 million iPhone buyers could upgrade their device this year. To put that number in context, Apple sold roughly 185 million iPhones in 2019. Given the demand for a 5G-enabled iPhone, and the number of devices due for an upgrade, it's certainly possible Apple could sell 89% more iPhones in 2021 -- but that's certainly a high bar.</p><p><blockquote>目前的想法表明，今年多达3.5亿iPhone购买者可能会升级他们的设备。结合这个数字来看，苹果在 2019 年售出了大约 1.85 亿部 iPhone。考虑到对支持5G的iPhone的需求，以及需要升级的设备数量，苹果肯定有可能在2021年多销售89%的iPhone，但这肯定是一个很高的门槛。</blockquote></p><p></p>","source":"lsy1603171495471","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple Stock Could Surge 62% to $225, According to This Analyst<blockquote>这位分析师表示，苹果股价可能飙升 62% 至 225 美元</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple Stock Could Surge 62% to $225, According to This Analyst<blockquote>这位分析师表示，苹果股价可能飙升 62% 至 225 美元</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">nasdaq</strong><span class=\"h-time small\">2021-01-26 18:00</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Shares of<b>Apple</b>(NASDAQ: AAPL)have already climbed 79% over the past year, but will surge to new all-time highs in 2021.</p><p><blockquote>股份<b>苹果</b>（纳斯达克：AAPL）过去一年已经上涨了 79%，但将在 2021 年飙升至历史新高。</blockquote></p><p>That's according to Wedbush analyst Daniel Ives. Today, Ives raised his price target on Apple's stock to $175 from $160, but also laid out a bull case for why the stock could climb to as high as $225. His new base target represents potential gains for investors of roughly 26% over the stock's closing price of about $139 on Friday. It's his compelling argument for the bull case, however, that should have investors more excited.</p><p><blockquote>这是韦德布什分析师丹尼尔·艾夫斯的说法。今天，艾夫斯将苹果股票的目标价从 160 美元上调至 175 美元，但也阐述了该股为何可能攀升至 225 美元的看涨理由。他的新基本目标代表着投资者比该股周五约 139 美元的收盘价可能上涨约 26%。然而，这是他对牛市的令人信服的论点，这应该会让投资者更加兴奋。</blockquote></p><p>Ives cited the potential for \"eye-popping\" iPhone sales, saying that checks of Apple's supply chain in Asia showed strong demand for the device. The analyst now believes Apple could have sold as many as 90 million iPhones during the December quarter, roughly 35% over the analyst's already robust forecast. Ives sees this upward trend continuing over the March and June quarters.</p><p><blockquote>艾夫斯引用了“令人瞠目结舌”的 iPhone 销售潜力，称对苹果在亚洲供应链的检查显示，对该设备的需求强劲。该分析师现在认为，苹果在 12 月份季度可能售出多达 9000 万部 iPhone，比分析师本已强劲的预测高出约 35%。艾夫斯认为这种上升趋势将在三月和六月季度持续下去。</blockquote></p><p>\"We believe based on the current trajectory and in a bull case Cupertino has potential to sell north of 240 million units (~250 million could be in the cards -- an eye-popping figure)\" Ives wrote in a note to clients, \"which would easily eclipse the previous Apple record of 231 million units sold in [fiscal year 2015].\"</p><p><blockquote>艾夫斯在给客户的一份报告中写道：“我们相信，根据目前的发展轨迹，在牛市的情况下，库比蒂诺有潜力销量超过 2.4 亿辆（可能会达到约 2.5 亿辆——这是一个令人瞠目结舌的数字），”这将很容易超越苹果此前创下的 [2015 财年] 销量 2.31 亿辆的纪录。”</blockquote></p><p>Will Apple stock hit $225?</p><p><blockquote>苹果股票会触及 225 美元吗？</blockquote></p><p>There have long been prognostications of a supercycle for the iPhone maker. It has an installed base of more than 1.4 billion active devices, with the iPhone accounting for an estimated 950 million of those.</p><p><blockquote>长期以来，人们一直预测这家 iPhone 制造商将迎来超级周期。它拥有超过14亿台活跃设备的安装基础，其中iPhone约占9.5亿台。</blockquote></p><p>The current thinking suggests that as many as 350 million iPhone buyers could upgrade their device this year. To put that number in context, Apple sold roughly 185 million iPhones in 2019. Given the demand for a 5G-enabled iPhone, and the number of devices due for an upgrade, it's certainly possible Apple could sell 89% more iPhones in 2021 -- but that's certainly a high bar.</p><p><blockquote>目前的想法表明，今年多达3.5亿iPhone购买者可能会升级他们的设备。结合这个数字来看，苹果在 2019 年售出了大约 1.85 亿部 iPhone。考虑到对支持5G的iPhone的需求，以及需要升级的设备数量，苹果肯定有可能在2021年多销售89%的iPhone，但这肯定是一个很高的门槛。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.nasdaq.com/articles/apple-stock-could-surge-62-to-%24225-according-to-this-analyst-2021-01-25\">nasdaq</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.nasdaq.com/articles/apple-stock-could-surge-62-to-%24225-according-to-this-analyst-2021-01-25","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1141309013","content_text":"Shares ofApple(NASDAQ: AAPL)have already climbed 79% over the past year, but will surge to new all-time highs in 2021.That's according to Wedbush analyst Daniel Ives. Today, Ives raised his price target on Apple's stock to $175 from $160, but also laid out a bull case for why the stock could climb to as high as $225. His new base target represents potential gains for investors of roughly 26% over the stock's closing price of about $139 on Friday. It's his compelling argument for the bull case, however, that should have investors more excited.Ives cited the potential for \"eye-popping\" iPhone sales, saying that checks of Apple's supply chain in Asia showed strong demand for the device. The analyst now believes Apple could have sold as many as 90 million iPhones during the December quarter, roughly 35% over the analyst's already robust forecast. Ives sees this upward trend continuing over the March and June quarters.\"We believe based on the current trajectory and in a bull case Cupertino has potential to sell north of 240 million units (~250 million could be in the cards -- an eye-popping figure)\" Ives wrote in a note to clients, \"which would easily eclipse the previous Apple record of 231 million units sold in [fiscal year 2015].\"Will Apple stock hit $225?There have long been prognostications of a supercycle for the iPhone maker. It has an installed base of more than 1.4 billion active devices, with the iPhone accounting for an estimated 950 million of those.The current thinking suggests that as many as 350 million iPhone buyers could upgrade their device this year. To put that number in context, Apple sold roughly 185 million iPhones in 2019. Given the demand for a 5G-enabled iPhone, and the number of devices due for an upgrade, it's certainly possible Apple could sell 89% more iPhones in 2021 -- but that's certainly a high bar.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":733,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3527667803686145","authorId":"3527667803686145","name":"社区成长助手","avatar":"https://static.tigerbbs.com/2b7c7106b5c0c8b0037faa67439d898f","crmLevel":1,"crmLevelSwitch":0,"idStr":"3527667803686145","authorIdStr":"3527667803686145"},"content":"终于等到了您的初发帖[比心][比心]发帖时关联相关股票或者相关话题，可以获得更多曝光哦～如果您想创作优质文章，请查看老虎社区创作指引","text":"终于等到了您的初发帖[比心][比心]发帖时关联相关股票或者相关话题，可以获得更多曝光哦～如果您想创作优质文章，请查看老虎社区创作指引","html":"终于等到了您的初发帖[比心][比心]发帖时关联相关股票或者相关话题，可以获得更多曝光哦～如果您想创作优质文章，请查看老虎社区创作指引"}],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}