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2021-10-03

[Happy]

3 Stocks That Can Double Again in the Fourth Quarter<blockquote>3只股票第四季度可能再次翻倍</blockquote>

2021-10-03

[Smile]

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2021-08-11

Great insides, good read

The Ark Funds' Actions to Lighten up China Concepts Stocks<blockquote>方舟基金减轻中国概念股的行动</blockquote>

2021-07-27

[Happy]

抱歉，原内容已删除

2021-07-20

Interesting insides of the current market [Strong]

What If This Is The Economic End-Cycle<blockquote>如果这是经济的结束周期呢</blockquote>

2021-07-11

[Glance]

The Meme Stock Trade Is Far From Over. What Investors Need to Know.<blockquote>模因股票交易远未结束。投资者需要了解的内容。</blockquote>

2021-07-05

China stocks got so much regulatory risk…….haiz [Sigh]

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2021-07-01

[Smile]

抱歉，原内容已删除

2021-06-26

Like for the title

抱歉，原内容已删除

2021-06-21

Nice, sth to take note this week

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2021-05-27

Hmm

抱歉，原内容已删除

2021-05-27

That’s gd news~

U.S. weekly jobless claims drop sharply; second-quarter GDP growth unrevised at 6.4 pct<blockquote>美国每周申请失业救济人数大幅下降；第二季度未经修正的GDP增长率为6.4%</blockquote>

2021-04-26

Reminders to ownself

The 10 basic rules that made Warren Buffett $100 billion<blockquote>让沃伦·巴菲特赚 1000 亿美元的 10 条基本规则</blockquote>

2021-04-24

Fingers crossed

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2021-04-24

Good reads

抱歉，原内容已删除

2021-04-23

Good info

Why Apple Chip Supplier TSMC's Board Approved $2.8B Spending<blockquote>为什么苹果芯片供应商台积电董事会批准 $2.8B 支出</blockquote>

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13:35","market":"sh","language":"en","title":"3 Stocks That Can Double Again in the Fourth Quarter<blockquote>3只股票第四季度可能再次翻倍</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1134305481","media":"The motley fool","summary":"Key Points\n\nCrocs has jacked up its guidance every quarter this year. It reports again later this mo","content":"<p>Key Points</p><p><blockquote>要点</blockquote></p><p> <ul>  <li>Crocs has jacked up its guidance every quarter this year. It reports again later this month.</li>  <li>AMC would have to double from here to revisit its June highs. Check the upcoming theatrical release slate to know why movie theaters are about to get a whole lot better.</li>  <li>Upstart is revolutionizing the way creditworthiness is determined in consumer loans, and it's laughing all the way to the bank.</li> </ul> </p><p><blockquote><ul><li>Crocs 今年每个季度都上调了指引。它将于本月晚些时候再次报道。</li><li>AMC 必须从这里开始翻倍才能重返 6 月份的高点。查看即将到来的影院上映名单，了解为什么电影院会变得更好。</li><li>Upstart 正在彻底改变消费贷款中确定信用度的方式，并且一路嘲笑银行。</li></ul></blockquote></p><p> It's been a volatile year for stocks, but naturally some investments have fared better than others. Over 300 stocks have more than doubled in 2021. Many of those winning investments will be lucky if they can hold those gains through the final three months of the year, but what about the names that have the potential to double again?</p><p><blockquote>对于股市来说，这是动荡的一年，但自然有些投资比其他投资表现更好。2021 年，超过 300 只股票的股价上涨了一倍多。如果许多获胜的投资能够在今年的最后三个月保持这些收益，他们将是幸运的，但那些有可能再次翻倍的名字呢？</blockquote></p><p> <b>Crocs</b>&nbsp;(NASDAQ:CROX),<b>AMC Entertainment</b>(NYSE:AMC), and<b>Upstart</b>&nbsp;(NASDAQ:UPST)have more than doubled in value through the first nine months of 2021. Let's see why they have what it takes to possibly repeat the feat in the fourth quarter.</p><p><blockquote><b>洞洞鞋</b>（纳斯达克股票代码：CROX）<b>AMC院线</b>（纽约证券交易所代码：AMC），以及<b>暴发户</b>（纳斯达克股票代码：UPST）2021 年前 9 个月的价值增长了一倍多。让我们看看为什么他们有能力在第四季度重复这一壮举。</blockquote></p><p> 1. Crocs</p><p><blockquote>1. 洞洞鞋</blockquote></p><p> Remember those bright rubbery shoes with holes in them? They're back in a big way. Crocs sales are booming since the pandemic began, and the stock is following suit with a 129% increase through the first nine months of 2021.</p><p><blockquote>还记得那些有洞的明亮橡胶鞋吗？他们又回来了。自疫情爆发以来，Crocs 的销量一直在蓬勃发展，2021 年前 9 个月，该股也随之上涨了 129%。</blockquote></p><p> The comfortable resin shoes were already making a comeback before the COVID-19 crisis with double-digit revenue growth in 2019 before repeating the feat in 2020. Momentum is what's really taking Crocs to a higher level in 2021.</p><p><blockquote>在 COVID-19 危机之前，舒适的树脂鞋已经卷土重来，2019 年实现了两位数的收入增长，然后在 2020 年再次实现这一壮举。2021年，动力才是真正让Crocs更上一层楼的原因。</blockquote></p><p> The year began with the footwear maker projecting 20%-to-25% top-line growth for the entire year back in February. Guidance was bumped higher -- to between 40% and 50% growth -- the following quarter. It happened again this summer, with Crocs now targeting a 60%-to-65% surge in revenue for all of 2021. What do you think will happen if those targets get pushed even higher when it reports third-quarter results later this month?</p><p><blockquote>今年年初，这家鞋类制造商在 2 月份预计全年营收增长 20% 至 25%。接下来的一个季度，指引上调至 40% 至 50% 之间。今年夏天，这种情况再次发生，Crocs 现在的目标是 2021 年全年收入增长 60% 至 65%。您认为如果在本月晚些时候公布第三季度业绩时这些目标被推得更高，会发生什么？</blockquote></p><p> Despite a stock that has popped nearly sixfold since the start of 2019, Crocs is reasonably priced given its accelerating growth. It's trading at 21 times this year's earnings and just 17 times next year's target. There's clearly room to increase those multiples, and Wall Street's finally as comfortable with Crocs as an investment as its customers are in its shoes.</p><p><blockquote>尽管该股自 2019 年初以来已上涨近六倍，但考虑到其加速增长，Crocs 的定价还是合理的。该公司的交易价格是今年市盈率的 21 倍，而明年目标仅为 17 倍。显然还有增加这些倍数的空间，华尔街终于对 Crocs 作为一项投资感到满意，就像其客户对 Crocs 的看法一样。</blockquote></p><p> 2. AMC Entertainment</p><p><blockquote>2.AMC院线</blockquote></p><p> You may be surprised to find the country's leading multiplex operator on this list, but plot twists are what make movies so good. It's certainly true that AMC Entertainment has appreciated -- in terms of both stock price and a fivefold explosion in shares outstanding -- to the point where its valuation is out of whack relative to its peers'. If you want a pure investing play on the movie theater industry's recovery, you will find more attractively priced stocks toscratchthatitch.</p><p><blockquote>你可能会惊讶地发现这个国家领先的多厅影院运营商出现在这个名单上，但情节转折是电影如此出色的原因。AMC院线确实已经升值——无论是股价还是流通股的五倍爆炸式增长——到了其估值相对于同行来说已经失控的地步。如果你想对电影院行业的复苏进行纯粹的投资，你会发现价格更具吸引力的股票。</blockquote></p><p> However, as ameme stockand cultural phenomenon it's hard to argue against what AMC has done to translate its popularity among retail investors into a legitimate market share grab in the recovery process. No company has seen its market cap inflate as much as AMC has this year, but this is also a stock that enters the fourth quarter with a stock price that is a little more than half of what it was when it peaked in June. In short, it would have to double from here to revisit its all-time high -- but isn't that always possible with the poster child for 2021 momentum stocks?</p><p><blockquote>然而，作为 ameme 股票和文化现象，很难反驳 AMC 在复苏过程中将其在散户投资者中的受欢迎程度转化为合法的市场份额抢占所做的事情。今年没有一家公司的市值像 AMC 那样膨胀，但这也是一只进入第四季度的股票，其股价仅为 6 月份峰值时的一半多一点。简而言之，它必须从这里翻倍才能重新创下历史高点——但对于 2021 年动量股票的海报儿童来说，这不总是可能的吗？</blockquote></p><p> Fundamentally speaking, the catalysts are also there.<i>Shang-Chi and the Legend of the Ten Rings</i>shattered box office records over Labor Day weekend, but the initial excitement fizzled out when subsequent weekends were abysmal. However, it's all about the pipeline. Studios pushed out September releases into October and beyond when the delta variant resulted in a spike in COVID-19 cases. We're now seeing the highly anticipated films start to come back, starting with the new James Bond movie next weekend. The fourth quarter should be a lot stronger for the industry than the naysayers think, and if AMC stock gets back to where it was in early June -- fundamentally earned this time -- it will have to double from here.</p><p><blockquote>从根本上说，催化剂也在那里。<i>尚气与十环传说</i>劳动节周末打破了票房记录，但当随后的周末表现糟糕时，最初的兴奋就消失了。然而，这都是关于管道的。当德尔塔变异毒株导致新冠肺炎病例激增时，电影公司将9月份的上映推迟到10月份及以后。我们现在看到备受期待的电影开始回归，从下周末的新詹姆斯·邦德电影开始。第四季度对该行业来说应该比反对者想象的要强劲得多，如果 AMC 股价回到 6 月初的水平（这次基本上是盈利的），它将不得不从这里翻一番。</blockquote></p><p> 3. Upstart</p><p><blockquote>3. 新贵</blockquote></p><p> I love when industries ripe for disruption get upended, and that's what Upstart is doing with the lending industry. Upstart usesartificial intelligenceand machine learning to make better calls on assessing risk profiles and creditworthiness for folks who don't typically get approved for consumer loans.</p><p><blockquote>我喜欢颠覆时机成熟的行业被颠覆，这就是 Upstart 对贷款行业所做的事情。Upstart 使用人工智能和机器学习来更好地评级，为那些通常无法获得消费贷款批准的人评估风险状况和信用度。</blockquote></p><p> Growth is bonkers. Revenue seemed to be decelerating sharply, with slowing growth spurts of 89%, 52%, and 27% in the last three years respectively. Now that consumers are becoming aware of Upstart as a better alternative to payday loans and other predatory lending products, business is skyrocketing. Revenue rose 90% in the first quarter, only to surge 1,018% in its latest report. And no, that's not a typo.</p><p><blockquote>增长是疯狂的。收入似乎急剧放缓，过去三年增长速度分别放缓了 89%、52% 和 27%。现在，消费者开始意识到Upstart是发薪日贷款和其他掠夺性贷款产品的更好替代品，业务正在飙升。第一季度收入增长 90%，但在最新报告中却猛增 1,018%。不，那不是错别字。</blockquote></p><p></p><p> With Upstart now expanding into the auto loans market, the potential for its better alternative to stodgy credit scores is just getting started. The stock has been a seven-bagger through the first three quarters of 2021, but the runway is long for this disruptive jet.</p><p><blockquote>随着Upstart现在扩展到汽车贷款市场，其更好的替代乏味信用评分的潜力才刚刚开始。2021 年前三个季度，该股上涨了七袋，但这架颠覆性喷气式飞机的跑道还很长。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>3 Stocks That Can Double Again in the Fourth Quarter<blockquote>3只股票第四季度可能再次翻倍</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\">\n3 Stocks That Can Double Again in the Fourth Quarter<blockquote>3只股票第四季度可能再次翻倍</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The motley fool</strong><span class=\"h-time small\">2021-10-02 13:35</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Key Points</p><p><blockquote>要点</blockquote></p><p> <ul>  <li>Crocs has jacked up its guidance every quarter this year. It reports again later this month.</li>  <li>AMC would have to double from here to revisit its June highs. Check the upcoming theatrical release slate to know why movie theaters are about to get a whole lot better.</li>  <li>Upstart is revolutionizing the way creditworthiness is determined in consumer loans, and it's laughing all the way to the bank.</li> </ul> </p><p><blockquote><ul><li>Crocs 今年每个季度都上调了指引。它将于本月晚些时候再次报道。</li><li>AMC 必须从这里开始翻倍才能重返 6 月份的高点。查看即将到来的影院上映名单，了解为什么电影院会变得更好。</li><li>Upstart 正在彻底改变消费贷款中确定信用度的方式，并且一路嘲笑银行。</li></ul></blockquote></p><p> It's been a volatile year for stocks, but naturally some investments have fared better than others. Over 300 stocks have more than doubled in 2021. Many of those winning investments will be lucky if they can hold those gains through the final three months of the year, but what about the names that have the potential to double again?</p><p><blockquote>对于股市来说，这是动荡的一年，但自然有些投资比其他投资表现更好。2021 年，超过 300 只股票的股价上涨了一倍多。如果许多获胜的投资能够在今年的最后三个月保持这些收益，他们将是幸运的，但那些有可能再次翻倍的名字呢？</blockquote></p><p> <b>Crocs</b>&nbsp;(NASDAQ:CROX),<b>AMC Entertainment</b>(NYSE:AMC), and<b>Upstart</b>&nbsp;(NASDAQ:UPST)have more than doubled in value through the first nine months of 2021. Let's see why they have what it takes to possibly repeat the feat in the fourth quarter.</p><p><blockquote><b>洞洞鞋</b>（纳斯达克股票代码：CROX）<b>AMC院线</b>（纽约证券交易所代码：AMC），以及<b>暴发户</b>（纳斯达克股票代码：UPST）2021 年前 9 个月的价值增长了一倍多。让我们看看为什么他们有能力在第四季度重复这一壮举。</blockquote></p><p> 1. Crocs</p><p><blockquote>1. 洞洞鞋</blockquote></p><p> Remember those bright rubbery shoes with holes in them? They're back in a big way. Crocs sales are booming since the pandemic began, and the stock is following suit with a 129% increase through the first nine months of 2021.</p><p><blockquote>还记得那些有洞的明亮橡胶鞋吗？他们又回来了。自疫情爆发以来，Crocs 的销量一直在蓬勃发展，2021 年前 9 个月，该股也随之上涨了 129%。</blockquote></p><p> The comfortable resin shoes were already making a comeback before the COVID-19 crisis with double-digit revenue growth in 2019 before repeating the feat in 2020. Momentum is what's really taking Crocs to a higher level in 2021.</p><p><blockquote>在 COVID-19 危机之前，舒适的树脂鞋已经卷土重来，2019 年实现了两位数的收入增长，然后在 2020 年再次实现这一壮举。2021年，动力才是真正让Crocs更上一层楼的原因。</blockquote></p><p> The year began with the footwear maker projecting 20%-to-25% top-line growth for the entire year back in February. Guidance was bumped higher -- to between 40% and 50% growth -- the following quarter. It happened again this summer, with Crocs now targeting a 60%-to-65% surge in revenue for all of 2021. What do you think will happen if those targets get pushed even higher when it reports third-quarter results later this month?</p><p><blockquote>今年年初，这家鞋类制造商在 2 月份预计全年营收增长 20% 至 25%。接下来的一个季度，指引上调至 40% 至 50% 之间。今年夏天，这种情况再次发生，Crocs 现在的目标是 2021 年全年收入增长 60% 至 65%。您认为如果在本月晚些时候公布第三季度业绩时这些目标被推得更高，会发生什么？</blockquote></p><p> Despite a stock that has popped nearly sixfold since the start of 2019, Crocs is reasonably priced given its accelerating growth. It's trading at 21 times this year's earnings and just 17 times next year's target. There's clearly room to increase those multiples, and Wall Street's finally as comfortable with Crocs as an investment as its customers are in its shoes.</p><p><blockquote>尽管该股自 2019 年初以来已上涨近六倍，但考虑到其加速增长，Crocs 的定价还是合理的。该公司的交易价格是今年市盈率的 21 倍，而明年目标仅为 17 倍。显然还有增加这些倍数的空间，华尔街终于对 Crocs 作为一项投资感到满意，就像其客户对 Crocs 的看法一样。</blockquote></p><p> 2. AMC Entertainment</p><p><blockquote>2.AMC院线</blockquote></p><p> You may be surprised to find the country's leading multiplex operator on this list, but plot twists are what make movies so good. It's certainly true that AMC Entertainment has appreciated -- in terms of both stock price and a fivefold explosion in shares outstanding -- to the point where its valuation is out of whack relative to its peers'. If you want a pure investing play on the movie theater industry's recovery, you will find more attractively priced stocks toscratchthatitch.</p><p><blockquote>你可能会惊讶地发现这个国家领先的多厅影院运营商出现在这个名单上，但情节转折是电影如此出色的原因。AMC院线确实已经升值——无论是股价还是流通股的五倍爆炸式增长——到了其估值相对于同行来说已经失控的地步。如果你想对电影院行业的复苏进行纯粹的投资，你会发现价格更具吸引力的股票。</blockquote></p><p> However, as ameme stockand cultural phenomenon it's hard to argue against what AMC has done to translate its popularity among retail investors into a legitimate market share grab in the recovery process. No company has seen its market cap inflate as much as AMC has this year, but this is also a stock that enters the fourth quarter with a stock price that is a little more than half of what it was when it peaked in June. In short, it would have to double from here to revisit its all-time high -- but isn't that always possible with the poster child for 2021 momentum stocks?</p><p><blockquote>然而，作为 ameme 股票和文化现象，很难反驳 AMC 在复苏过程中将其在散户投资者中的受欢迎程度转化为合法的市场份额抢占所做的事情。今年没有一家公司的市值像 AMC 那样膨胀，但这也是一只进入第四季度的股票，其股价仅为 6 月份峰值时的一半多一点。简而言之，它必须从这里翻倍才能重新创下历史高点——但对于 2021 年动量股票的海报儿童来说，这不总是可能的吗？</blockquote></p><p> Fundamentally speaking, the catalysts are also there.<i>Shang-Chi and the Legend of the Ten Rings</i>shattered box office records over Labor Day weekend, but the initial excitement fizzled out when subsequent weekends were abysmal. However, it's all about the pipeline. Studios pushed out September releases into October and beyond when the delta variant resulted in a spike in COVID-19 cases. We're now seeing the highly anticipated films start to come back, starting with the new James Bond movie next weekend. The fourth quarter should be a lot stronger for the industry than the naysayers think, and if AMC stock gets back to where it was in early June -- fundamentally earned this time -- it will have to double from here.</p><p><blockquote>从根本上说，催化剂也在那里。<i>尚气与十环传说</i>劳动节周末打破了票房记录，但当随后的周末表现糟糕时，最初的兴奋就消失了。然而，这都是关于管道的。当德尔塔变异毒株导致新冠肺炎病例激增时，电影公司将9月份的上映推迟到10月份及以后。我们现在看到备受期待的电影开始回归，从下周末的新詹姆斯·邦德电影开始。第四季度对该行业来说应该比反对者想象的要强劲得多，如果 AMC 股价回到 6 月初的水平（这次基本上是盈利的），它将不得不从这里翻一番。</blockquote></p><p> 3. Upstart</p><p><blockquote>3. 新贵</blockquote></p><p> I love when industries ripe for disruption get upended, and that's what Upstart is doing with the lending industry. Upstart usesartificial intelligenceand machine learning to make better calls on assessing risk profiles and creditworthiness for folks who don't typically get approved for consumer loans.</p><p><blockquote>我喜欢颠覆时机成熟的行业被颠覆，这就是 Upstart 对贷款行业所做的事情。Upstart 使用人工智能和机器学习来更好地评级，为那些通常无法获得消费贷款批准的人评估风险状况和信用度。</blockquote></p><p> Growth is bonkers. Revenue seemed to be decelerating sharply, with slowing growth spurts of 89%, 52%, and 27% in the last three years respectively. Now that consumers are becoming aware of Upstart as a better alternative to payday loans and other predatory lending products, business is skyrocketing. Revenue rose 90% in the first quarter, only to surge 1,018% in its latest report. And no, that's not a typo.</p><p><blockquote>增长是疯狂的。收入似乎急剧放缓，过去三年增长速度分别放缓了 89%、52% 和 27%。现在，消费者开始意识到Upstart是发薪日贷款和其他掠夺性贷款产品的更好替代品，业务正在飙升。第一季度收入增长 90%，但在最新报告中却猛增 1,018%。不，那不是错别字。</blockquote></p><p></p><p> With Upstart now expanding into the auto loans market, the potential for its better alternative to stodgy credit scores is just getting started. The stock has been a seven-bagger through the first three quarters of 2021, but the runway is long for this disruptive jet.</p><p><blockquote>随着Upstart现在扩展到汽车贷款市场，其更好的替代乏味信用评分的潜力才刚刚开始。2021 年前三个季度，该股上涨了七袋，但这架颠覆性喷气式飞机的跑道还很长。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/10/01/3-stocks-that-can-double-again-in-the-fourth-quart/\">The motley fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CROX":"卡骆驰","AMC":"AMC院线","UPST":"Upstart Holdings, Inc."},"source_url":"https://www.fool.com/investing/2021/10/01/3-stocks-that-can-double-again-in-the-fourth-quart/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1134305481","content_text":"Key Points\n\nCrocs has jacked up its guidance every quarter this year. It reports again later this month.\nAMC would have to double from here to revisit its June highs. Check the upcoming theatrical release slate to know why movie theaters are about to get a whole lot better.\nUpstart is revolutionizing the way creditworthiness is determined in consumer loans, and it's laughing all the way to the bank.\n\n\nIt's been a volatile year for stocks, but naturally some investments have fared better than others. Over 300 stocks have more than doubled in 2021. Many of those winning investments will be lucky if they can hold those gains through the final three months of the year, but what about the names that have the potential to double again?\nCrocs (NASDAQ:CROX),AMC Entertainment(NYSE:AMC), andUpstart (NASDAQ:UPST)have more than doubled in value through the first nine months of 2021. Let's see why they have what it takes to possibly repeat the feat in the fourth quarter.\n1. Crocs\nRemember those bright rubbery shoes with holes in them? They're back in a big way. Crocs sales are booming since the pandemic began, and the stock is following suit with a 129% increase through the first nine months of 2021.\nThe comfortable resin shoes were already making a comeback before the COVID-19 crisis with double-digit revenue growth in 2019 before repeating the feat in 2020. Momentum is what's really taking Crocs to a higher level in 2021.\nThe year began with the footwear maker projecting 20%-to-25% top-line growth for the entire year back in February. Guidance was bumped higher -- to between 40% and 50% growth -- the following quarter. It happened again this summer, with Crocs now targeting a 60%-to-65% surge in revenue for all of 2021. What do you think will happen if those targets get pushed even higher when it reports third-quarter results later this month?\nDespite a stock that has popped nearly sixfold since the start of 2019, Crocs is reasonably priced given its accelerating growth. It's trading at 21 times this year's earnings and just 17 times next year's target. There's clearly room to increase those multiples, and Wall Street's finally as comfortable with Crocs as an investment as its customers are in its shoes.\n2. AMC Entertainment\nYou may be surprised to find the country's leading multiplex operator on this list, but plot twists are what make movies so good. It's certainly true that AMC Entertainment has appreciated -- in terms of both stock price and a fivefold explosion in shares outstanding -- to the point where its valuation is out of whack relative to its peers'. If you want a pure investing play on the movie theater industry's recovery, you will find more attractively priced stocks toscratchthatitch.\nHowever, as ameme stockand cultural phenomenon it's hard to argue against what AMC has done to translate its popularity among retail investors into a legitimate market share grab in the recovery process. No company has seen its market cap inflate as much as AMC has this year, but this is also a stock that enters the fourth quarter with a stock price that is a little more than half of what it was when it peaked in June. In short, it would have to double from here to revisit its all-time high -- but isn't that always possible with the poster child for 2021 momentum stocks?\nFundamentally speaking, the catalysts are also there.Shang-Chi and the Legend of the Ten Ringsshattered box office records over Labor Day weekend, but the initial excitement fizzled out when subsequent weekends were abysmal. However, it's all about the pipeline. Studios pushed out September releases into October and beyond when the delta variant resulted in a spike in COVID-19 cases. We're now seeing the highly anticipated films start to come back, starting with the new James Bond movie next weekend. The fourth quarter should be a lot stronger for the industry than the naysayers think, and if AMC stock gets back to where it was in early June -- fundamentally earned this time -- it will have to double from here.\n3. Upstart\nI love when industries ripe for disruption get upended, and that's what Upstart is doing with the lending industry. Upstart usesartificial intelligenceand machine learning to make better calls on assessing risk profiles and creditworthiness for folks who don't typically get approved for consumer loans.\nGrowth is bonkers. Revenue seemed to be decelerating sharply, with slowing growth spurts of 89%, 52%, and 27% in the last three years respectively. Now that consumers are becoming aware of Upstart as a better alternative to payday loans and other predatory lending products, business is skyrocketing. Revenue rose 90% in the first quarter, only to surge 1,018% in its latest report. And no, that's not a typo.\nWith Upstart now expanding into the auto loans market, the potential for its better alternative to stodgy credit scores is just getting started. The stock has been a seven-bagger through the first three quarters of 2021, but the runway is long for this disruptive jet.","news_type":1,"symbols_score_info":{"CROX":0.9,"UPST":0.9,"AMC":0.9}},"isVote":1,"tweetType":1,"viewCount":3349,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":867945919,"gmtCreate":1633194636222,"gmtModify":1633194636384,"author":{"id":"3570704273473153","authorId":"3570704273473153","name":"NanSheng","avatar":"https://static.tigerbbs.com/3b9c7cbd5f4701e1436aa63c6c6c7fc5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3570704273473153","authorIdStr":"3570704273473153"},"themes":[],"title":"","htmlText":"[Smile]&nbsp;","listText":"[Smile]&nbsp;","text":"[Smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/867945919","repostId":"2172964582","repostType":4,"isVote":1,"tweetType":1,"viewCount":2558,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":892626453,"gmtCreate":1628657026772,"gmtModify":1631890434690,"author":{"id":"3570704273473153","authorId":"3570704273473153","name":"NanSheng","avatar":"https://static.tigerbbs.com/3b9c7cbd5f4701e1436aa63c6c6c7fc5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3570704273473153","authorIdStr":"3570704273473153"},"themes":[],"title":"","htmlText":"Great insides, good read","listText":"Great insides, good read","text":"Great insides, good read","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/892626453","repostId":"1163924715","repostType":4,"repost":{"id":"1163924715","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1628654753,"share":"https://www.laohunote.com/m/news/1163924715?lang=zh_CN&edition=full","pubTime":"2021-08-11 12:05","market":"sh","language":"en","title":"The Ark Funds' Actions to Lighten up China Concepts Stocks<blockquote>方舟基金减轻中国概念股的行动</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1163924715","media":"Tiger Newspress","summary":"Pre-market overview\nU.S. stocks fell in the pre-market trading, and the U.S. 10-Year Government Bond","content":"<p><b>Pre-market overview</b></p><p><blockquote><b>上市前概述</b></blockquote></p><p> U.S.&nbsp;stocks fell in the pre-market trading, and the&nbsp;U.S.&nbsp;10-Year&nbsp;Government&nbsp;Bond Yields dropped again in Asias&nbsp;hours, pulling down the prices of commodities with crude oil falling up to 5%.&nbsp;China Concepts Stocks rose slightly in the pre-market trading.</p><p><blockquote>美股盘前交易下跌，亚洲时段美国10年期国债收益率再度下跌，拖累大宗商品价格，原油跌幅高达5%，中国概念股盘前交易小幅上涨。</blockquote></p><p> In the&nbsp;secondary market, there are two types of US funds willing to make investments&nbsp;in China. Thereinto, one of them has liquidated or been gradually liquidating&nbsp;their holdings. According to the daily operations of the Ark Funds, it has been&nbsp;reducing its positions in China Concepts Stocks including Tencent, and has&nbsp;never increased its positions, although the afore-mentioned stocks have&nbsp;rebounded to some extent recently. A more pleasing signal appeared lately is&nbsp;that the Ark Funds has stopped lightening up Chinese stocks.</p><p><blockquote>在二级市场上，有两类美国基金愿意在中国进行投资。其中，其中一人已清盘或正在逐步清盘其持有的股份。从方舟基金的日常操作来看，其一直在减仓包括腾讯控股在内的中概股，从未加仓，尽管上述个股近期出现了一定程度的反弹。最近出现的一个更令人鼓舞的信号是，方舟基金已经停止减持中国股票。</blockquote></p><p> On July 1st, a&nbsp;total of 10 Chinese stocks listed in the U.S. are covered by the Ark Funds, including&nbsp;8 China Concept Stocks and 2 Hong Kong stocks traded in U.S. over-the-counter (OTC).&nbsp;Based on the closing price of the day, these 10 stocks totaled $1.8 billion, as&nbsp;shown in the following figure.</p><p><blockquote>7月1日，共有10只在美国上市的中国股票被方舟基金覆盖，其中包括8只中国概念股和2只在美国场外交易（OTC）交易的港股，以当日收盘价计算，这10只股票合计18亿美元，如下图所示。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/5be54c5dfdf52cd1c4ea28364f2dc37a\" tg-width=\"622\" tg-height=\"320\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>About Its Positions</b></p><p><blockquote><b>关于其立场</b></blockquote></p><p> As a fund that&nbsp;is not active enough to invest in Chinese stocks, it is hard to say that the size&nbsp;of $1.8-billion position is small. The largest mutual fund that invests in&nbsp;emerging markets is the Invesco Developing Markets Fund, which has an&nbsp;investment of $15 billion in China, covering China Concepts Stocks, Hong Kong Stocks&nbsp;and A shares. Therefore, Ark's investment in China is not trivial.</p><p><blockquote>作为一只投资中国股票不够积极的基金，18亿美元的仓位规模很难说小。投资新兴市场的最大共同基金是景顺新兴市场基金，在华投资150亿美元，涵盖中概股、港股和A股。因此，方舟在中国的投资并非微不足道。</blockquote></p><p> The Ark Funds&nbsp;claims to be technology-based, but it seems that the Funds does not fully trust&nbsp;China's technology. By analyzing its holdings on Chinese stocks, the most positions&nbsp;held by the Ark Funds now are stocks of e-commerce which owns vast purchasing&nbsp;power, rather than those of technology companies. Cathie Wood, an American&nbsp;investor as well as the CEO &amp; CIO of Ark Invest, once praised Baidu's&nbsp;driverless technology on TV, while their position in Baidu’s stock is not so&nbsp;large. Then, here comes the new energy vehicles of China. The investment target&nbsp;of the Ark Funds is not the Chinese EV trio including <a href=\"https://laohu8.com/S/LI\">Li Auto</a>, <a href=\"https://laohu8.com/S/NIO\">NIO Inc.</a> and&nbsp;<a href=\"https://laohu8.com/S/XPEV\">XPeng Inc.</a>, but NIU Technologies. The electric vehicles produced by <a href=\"https://laohu8.com/S/NIU\">Niu Technologies</a> are good sellers in New York, while another three makers have not&nbsp;yet expanded into the United States. Once again, it reflects Cathie Wood's&nbsp;skeptical attitude towards China's \"technology\".</p><p><blockquote>方舟基金号称以技术为基础，但基金似乎并不完全信任中国的技术。通过分析其持有的中国股票，方舟基金现在持有的最多头寸是拥有巨大购买力的电子商务股票，而不是科技公司的股票。美国投资者、Ark Invest 首席执行官兼首席信息官凯西-伍德（Cathie Wood）曾在电视上称赞百度的无人驾驶技术，而他们对百度股票的持仓并没有那么大。然后，中国的新能源汽车来了。方舟基金的投资目标并非中国电动汽车三驾马车，包括<a href=\"https://laohu8.com/S/LI\">理想汽车</a>,<a href=\"https://laohu8.com/S/NIO\">蔚来</a>和<a href=\"https://laohu8.com/S/XPEV\">小鹏汽车</a>但是小牛电动。生产的电动汽车<a href=\"https://laohu8.com/S/NIU\">小牛电动</a>在纽约很畅销，而另外三家制造商尚未扩展到美国。这再次反映了凯西·伍德对中国“技术”的怀疑态度。</blockquote></p><p> <b>Let’s look into&nbsp;the lightening of the Ark Funds</b></p><p><blockquote><b>让我们来看看方舟基金的闪电</b></blockquote></p><p> 10 stocks are&nbsp;chosen to analyze their share changes. 5 stocks with the largest positions on&nbsp;July 1 (JD, TCEHY, BEKE, PDD, and BIDU) are shown in Figure 1, totaling $1.5&nbsp;billion, accounting for about 80%.&nbsp;Another 5 stocks are BABA, NIU, HUYA,&nbsp;BYDDY, and BZ, totaling $300 million, accounting for about 20% (Figure 2). Key&nbsp;dates are marked below.</p><p><blockquote>选择了10只股票来分析它们的份额变化。7月1日持仓最多的5只个股（京东、TCEHY、贝科、PDD、百度）如图1所示，合计15亿美元，约占80%，另外5只个股分别是阿里巴巴、小牛、虎牙、比亚迪、百度，合计3亿美元，约占20%（图2）。关键日期标记在下面。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/41b4d86b2c5953dc32e4a31fb13ee410\" tg-width=\"554\" tg-height=\"269\" referrerpolicy=\"no-referrer\"><span>Figure 1</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/09631c97e67c3aa9711d607bca310526\" tg-width=\"554\" tg-height=\"252\" referrerpolicy=\"no-referrer\"><span>Figure 2</span></p><p><blockquote><p class=\"t-img-caption\"><span>图2</span></p></blockquote></p><p> The Ark Funds cleared&nbsp;all its positions in HUYA on July 13 and 14 (marked in the Figure above). The&nbsp;news of the failed merger between Huya and DouYu was announced on July 12, but the&nbsp;Ark Funds did not substantially lighten up its position on the day, and&nbsp;continued the pace in the past few days.&nbsp;</p><p><blockquote>方舟基金于7月13日、14日清仓虎牙全部持仓（上图标注）。虎牙与斗鱼合并失败的消息在7月12日公布，但方舟基金当天并未实质性减仓，延续了过去几天的步伐。</blockquote></p><p> Another marked&nbsp;date is July 26 (Figure 1). The Chinese education stocks plummeted over 50% on&nbsp;Friday, July 23. On that day, few people realized that a chain reaction had&nbsp;occurred, and Chinese stocks listed in Hong Kong would slump in the following&nbsp;week. The Ark Funds failed to realize it, either. On July 26, the Ark Funds had&nbsp;to lighten up its positions. The top 5 largest positions were all reduced by&nbsp;Ark, with Ke Holdings standing in the breach. This reflects Cathie Wood's&nbsp;suspicion of high-growth companies in China.</p><p><blockquote>另一个标记的日期是7月26日（图1）。7月23日星期五，中国教育股暴跌超过50%。那一天，很少有人意识到连锁反应已经发生，在香港上市的中国股票将在接下来的一周内暴跌。方舟基金也没有意识到这一点。7月26日，方舟基金不得不减仓。前5大持仓均被方舟减仓，科控股站上破位。这反映出Cathie Wood对中国高成长性公司的怀疑。</blockquote></p><p></p><p> The third marked&nbsp;date is July 28, as shown in Figure 2. In this round of turmoil, the Ark Funds&nbsp;only lightened up its positions in the stocks of BOSS Zhipin&nbsp;(<a href=\"https://laohu8.com/S/BZ\">Kanzhun Limited</a>), which is also a&nbsp;company with a relatively small market value. Meanwhile, Cathie Wood is still&nbsp;very insistent on the investments in NIU Technologies.</p><p><blockquote>第三个标记日期是7月28日，如图2所示。在这一轮风波中，方舟基金仅减仓了老板直聘股票（<a href=\"https://laohu8.com/S/BZ\">看准有限公司</a>），这也是一家市值相对较小的公司。与此同时，凯西·伍德仍然非常坚持在小牛电动的投资。</blockquote></p><p> In the past&nbsp;week, the prices of China Concepts Stocks still hovered at a low level, but the&nbsp;Ark Funds no longer lightened up their positions. At present, there are only 7&nbsp;stocks left. Based on the closing price last Friday, the position is $450&nbsp;million, which is a 75% decrease compared to that of July 1.</p><p><blockquote>近一周，中国概念股价格仍在低位徘徊，但方舟基金不再减仓。目前只剩下7只股票。以上周五收盘价计算，仓位为4.5亿美元，较7月1日减少75%。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Ark Funds' Actions to Lighten up China Concepts Stocks<blockquote>方舟基金减轻中国概念股的行动</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Ark Funds' Actions to Lighten up China Concepts Stocks<blockquote>方舟基金减轻中国概念股的行动</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-08-11 12:05</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><b>Pre-market overview</b></p><p><blockquote><b>上市前概述</b></blockquote></p><p> U.S.&nbsp;stocks fell in the pre-market trading, and the&nbsp;U.S.&nbsp;10-Year&nbsp;Government&nbsp;Bond Yields dropped again in Asias&nbsp;hours, pulling down the prices of commodities with crude oil falling up to 5%.&nbsp;China Concepts Stocks rose slightly in the pre-market trading.</p><p><blockquote>美股盘前交易下跌，亚洲时段美国10年期国债收益率再度下跌，拖累大宗商品价格，原油跌幅高达5%，中国概念股盘前交易小幅上涨。</blockquote></p><p> In the&nbsp;secondary market, there are two types of US funds willing to make investments&nbsp;in China. Thereinto, one of them has liquidated or been gradually liquidating&nbsp;their holdings. According to the daily operations of the Ark Funds, it has been&nbsp;reducing its positions in China Concepts Stocks including Tencent, and has&nbsp;never increased its positions, although the afore-mentioned stocks have&nbsp;rebounded to some extent recently. A more pleasing signal appeared lately is&nbsp;that the Ark Funds has stopped lightening up Chinese stocks.</p><p><blockquote>在二级市场上，有两类美国基金愿意在中国进行投资。其中，其中一人已清盘或正在逐步清盘其持有的股份。从方舟基金的日常操作来看，其一直在减仓包括腾讯控股在内的中概股，从未加仓，尽管上述个股近期出现了一定程度的反弹。最近出现的一个更令人鼓舞的信号是，方舟基金已经停止减持中国股票。</blockquote></p><p> On July 1st, a&nbsp;total of 10 Chinese stocks listed in the U.S. are covered by the Ark Funds, including&nbsp;8 China Concept Stocks and 2 Hong Kong stocks traded in U.S. over-the-counter (OTC).&nbsp;Based on the closing price of the day, these 10 stocks totaled $1.8 billion, as&nbsp;shown in the following figure.</p><p><blockquote>7月1日，共有10只在美国上市的中国股票被方舟基金覆盖，其中包括8只中国概念股和2只在美国场外交易（OTC）交易的港股，以当日收盘价计算，这10只股票合计18亿美元，如下图所示。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/5be54c5dfdf52cd1c4ea28364f2dc37a\" tg-width=\"622\" tg-height=\"320\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>About Its Positions</b></p><p><blockquote><b>关于其立场</b></blockquote></p><p> As a fund that&nbsp;is not active enough to invest in Chinese stocks, it is hard to say that the size&nbsp;of $1.8-billion position is small. The largest mutual fund that invests in&nbsp;emerging markets is the Invesco Developing Markets Fund, which has an&nbsp;investment of $15 billion in China, covering China Concepts Stocks, Hong Kong Stocks&nbsp;and A shares. Therefore, Ark's investment in China is not trivial.</p><p><blockquote>作为一只投资中国股票不够积极的基金，18亿美元的仓位规模很难说小。投资新兴市场的最大共同基金是景顺新兴市场基金，在华投资150亿美元，涵盖中概股、港股和A股。因此，方舟在中国的投资并非微不足道。</blockquote></p><p> The Ark Funds&nbsp;claims to be technology-based, but it seems that the Funds does not fully trust&nbsp;China's technology. By analyzing its holdings on Chinese stocks, the most positions&nbsp;held by the Ark Funds now are stocks of e-commerce which owns vast purchasing&nbsp;power, rather than those of technology companies. Cathie Wood, an American&nbsp;investor as well as the CEO &amp; CIO of Ark Invest, once praised Baidu's&nbsp;driverless technology on TV, while their position in Baidu’s stock is not so&nbsp;large. Then, here comes the new energy vehicles of China. The investment target&nbsp;of the Ark Funds is not the Chinese EV trio including <a href=\"https://laohu8.com/S/LI\">Li Auto</a>, <a href=\"https://laohu8.com/S/NIO\">NIO Inc.</a> and&nbsp;<a href=\"https://laohu8.com/S/XPEV\">XPeng Inc.</a>, but NIU Technologies. The electric vehicles produced by <a href=\"https://laohu8.com/S/NIU\">Niu Technologies</a> are good sellers in New York, while another three makers have not&nbsp;yet expanded into the United States. Once again, it reflects Cathie Wood's&nbsp;skeptical attitude towards China's \"technology\".</p><p><blockquote>方舟基金号称以技术为基础，但基金似乎并不完全信任中国的技术。通过分析其持有的中国股票，方舟基金现在持有的最多头寸是拥有巨大购买力的电子商务股票，而不是科技公司的股票。美国投资者、Ark Invest 首席执行官兼首席信息官凯西-伍德（Cathie Wood）曾在电视上称赞百度的无人驾驶技术，而他们对百度股票的持仓并没有那么大。然后，中国的新能源汽车来了。方舟基金的投资目标并非中国电动汽车三驾马车，包括<a href=\"https://laohu8.com/S/LI\">理想汽车</a>,<a href=\"https://laohu8.com/S/NIO\">蔚来</a>和<a href=\"https://laohu8.com/S/XPEV\">小鹏汽车</a>但是小牛电动。生产的电动汽车<a href=\"https://laohu8.com/S/NIU\">小牛电动</a>在纽约很畅销，而另外三家制造商尚未扩展到美国。这再次反映了凯西·伍德对中国“技术”的怀疑态度。</blockquote></p><p> <b>Let’s look into&nbsp;the lightening of the Ark Funds</b></p><p><blockquote><b>让我们来看看方舟基金的闪电</b></blockquote></p><p> 10 stocks are&nbsp;chosen to analyze their share changes. 5 stocks with the largest positions on&nbsp;July 1 (JD, TCEHY, BEKE, PDD, and BIDU) are shown in Figure 1, totaling $1.5&nbsp;billion, accounting for about 80%.&nbsp;Another 5 stocks are BABA, NIU, HUYA,&nbsp;BYDDY, and BZ, totaling $300 million, accounting for about 20% (Figure 2). Key&nbsp;dates are marked below.</p><p><blockquote>选择了10只股票来分析它们的份额变化。7月1日持仓最多的5只个股（京东、TCEHY、贝科、PDD、百度）如图1所示，合计15亿美元，约占80%，另外5只个股分别是阿里巴巴、小牛、虎牙、比亚迪、百度，合计3亿美元，约占20%（图2）。关键日期标记在下面。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/41b4d86b2c5953dc32e4a31fb13ee410\" tg-width=\"554\" tg-height=\"269\" referrerpolicy=\"no-referrer\"><span>Figure 1</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/09631c97e67c3aa9711d607bca310526\" tg-width=\"554\" tg-height=\"252\" referrerpolicy=\"no-referrer\"><span>Figure 2</span></p><p><blockquote><p class=\"t-img-caption\"><span>图2</span></p></blockquote></p><p> The Ark Funds cleared&nbsp;all its positions in HUYA on July 13 and 14 (marked in the Figure above). The&nbsp;news of the failed merger between Huya and DouYu was announced on July 12, but the&nbsp;Ark Funds did not substantially lighten up its position on the day, and&nbsp;continued the pace in the past few days.&nbsp;</p><p><blockquote>方舟基金于7月13日、14日清仓虎牙全部持仓（上图标注）。虎牙与斗鱼合并失败的消息在7月12日公布，但方舟基金当天并未实质性减仓，延续了过去几天的步伐。</blockquote></p><p> Another marked&nbsp;date is July 26 (Figure 1). The Chinese education stocks plummeted over 50% on&nbsp;Friday, July 23. On that day, few people realized that a chain reaction had&nbsp;occurred, and Chinese stocks listed in Hong Kong would slump in the following&nbsp;week. The Ark Funds failed to realize it, either. On July 26, the Ark Funds had&nbsp;to lighten up its positions. The top 5 largest positions were all reduced by&nbsp;Ark, with Ke Holdings standing in the breach. This reflects Cathie Wood's&nbsp;suspicion of high-growth companies in China.</p><p><blockquote>另一个标记的日期是7月26日（图1）。7月23日星期五，中国教育股暴跌超过50%。那一天，很少有人意识到连锁反应已经发生，在香港上市的中国股票将在接下来的一周内暴跌。方舟基金也没有意识到这一点。7月26日，方舟基金不得不减仓。前5大持仓均被方舟减仓，科控股站上破位。这反映出Cathie Wood对中国高成长性公司的怀疑。</blockquote></p><p></p><p> The third marked&nbsp;date is July 28, as shown in Figure 2. In this round of turmoil, the Ark Funds&nbsp;only lightened up its positions in the stocks of BOSS Zhipin&nbsp;(<a href=\"https://laohu8.com/S/BZ\">Kanzhun Limited</a>), which is also a&nbsp;company with a relatively small market value. Meanwhile, Cathie Wood is still&nbsp;very insistent on the investments in NIU Technologies.</p><p><blockquote>第三个标记日期是7月28日，如图2所示。在这一轮风波中，方舟基金仅减仓了老板直聘股票（<a href=\"https://laohu8.com/S/BZ\">看准有限公司</a>），这也是一家市值相对较小的公司。与此同时，凯西·伍德仍然非常坚持在小牛电动的投资。</blockquote></p><p> In the past&nbsp;week, the prices of China Concepts Stocks still hovered at a low level, but the&nbsp;Ark Funds no longer lightened up their positions. At present, there are only 7&nbsp;stocks left. Based on the closing price last Friday, the position is $450&nbsp;million, which is a 75% decrease compared to that of July 1.</p><p><blockquote>近一周，中国概念股价格仍在低位徘徊，但方舟基金不再减仓。目前只剩下7只股票。以上周五收盘价计算，仓位为4.5亿美元，较7月1日减少75%。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BZ":"BOSS直聘","LI":"理想汽车","XPEV":"小鹏集团","NIU":"小牛电动","NIO":"蔚来"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1163924715","content_text":"Pre-market overview\nU.S. stocks fell in the pre-market trading, and the U.S. 10-Year Government Bond Yields dropped again in Asias hours, pulling down the prices of commodities with crude oil falling up to 5%. China Concepts Stocks rose slightly in the pre-market trading.\nIn the secondary market, there are two types of US funds willing to make investments in China. Thereinto, one of them has liquidated or been gradually liquidating their holdings. According to the daily operations of the Ark Funds, it has been reducing its positions in China Concepts Stocks including Tencent, and has never increased its positions, although the afore-mentioned stocks have rebounded to some extent recently. A more pleasing signal appeared lately is that the Ark Funds has stopped lightening up Chinese stocks.\nOn July 1st, a total of 10 Chinese stocks listed in the U.S. are covered by the Ark Funds, including 8 China Concept Stocks and 2 Hong Kong stocks traded in U.S. over-the-counter (OTC). Based on the closing price of the day, these 10 stocks totaled $1.8 billion, as shown in the following figure.\n\nAbout Its Positions\nAs a fund that is not active enough to invest in Chinese stocks, it is hard to say that the size of $1.8-billion position is small. The largest mutual fund that invests in emerging markets is the Invesco Developing Markets Fund, which has an investment of $15 billion in China, covering China Concepts Stocks, Hong Kong Stocks and A shares. Therefore, Ark's investment in China is not trivial.\nThe Ark Funds claims to be technology-based, but it seems that the Funds does not fully trust China's technology. By analyzing its holdings on Chinese stocks, the most positions held by the Ark Funds now are stocks of e-commerce which owns vast purchasing power, rather than those of technology companies. Cathie Wood, an American investor as well as the CEO & CIO of Ark Invest, once praised Baidu's driverless technology on TV, while their position in Baidu’s stock is not so large. Then, here comes the new energy vehicles of China. The investment target of the Ark Funds is not the Chinese EV trio including Li Auto, NIO Inc. and XPeng Inc., but NIU Technologies. The electric vehicles produced by Niu Technologies are good sellers in New York, while another three makers have not yet expanded into the United States. Once again, it reflects Cathie Wood's skeptical attitude towards China's \"technology\".\nLet’s look into the lightening of the Ark Funds\n10 stocks are chosen to analyze their share changes. 5 stocks with the largest positions on July 1 (JD, TCEHY, BEKE, PDD, and BIDU) are shown in Figure 1, totaling $1.5 billion, accounting for about 80%. Another 5 stocks are BABA, NIU, HUYA, BYDDY, and BZ, totaling $300 million, accounting for about 20% (Figure 2). Key dates are marked below.\nFigure 1\nFigure 2\nThe Ark Funds cleared all its positions in HUYA on July 13 and 14 (marked in the Figure above). The news of the failed merger between Huya and DouYu was announced on July 12, but the Ark Funds did not substantially lighten up its position on the day, and continued the pace in the past few days. \nAnother marked date is July 26 (Figure 1). The Chinese education stocks plummeted over 50% on Friday, July 23. On that day, few people realized that a chain reaction had occurred, and Chinese stocks listed in Hong Kong would slump in the following week. The Ark Funds failed to realize it, either. On July 26, the Ark Funds had to lighten up its positions. The top 5 largest positions were all reduced by Ark, with Ke Holdings standing in the breach. This reflects Cathie Wood's suspicion of high-growth companies in China.\nThe third marked date is July 28, as shown in Figure 2. In this round of turmoil, the Ark Funds only lightened up its positions in the stocks of BOSS Zhipin (Kanzhun Limited), which is also a company with a relatively small market value. Meanwhile, Cathie Wood is still very insistent on the investments in NIU Technologies.\nIn the past week, the prices of China Concepts Stocks still hovered at a low level, but the Ark Funds no longer lightened up their positions. At present, there are only 7 stocks left. Based on the closing price last Friday, the position is $450 million, which is a 75% decrease compared to that of July 1.","news_type":1,"symbols_score_info":{"NIU":0.9,"NIO":0.9,"LI":0.9,"BZ":0.9,"XPEV":0.9}},"isVote":1,"tweetType":1,"viewCount":1537,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":809759123,"gmtCreate":1627394085562,"gmtModify":1631890434694,"author":{"id":"3570704273473153","authorId":"3570704273473153","name":"NanSheng","avatar":"https://static.tigerbbs.com/3b9c7cbd5f4701e1436aa63c6c6c7fc5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3570704273473153","authorIdStr":"3570704273473153"},"themes":[],"title":"","htmlText":"[Happy]&nbsp;","listText":"[Happy]&nbsp;","text":"[Happy]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/809759123","repostId":"1108884592","repostType":4,"isVote":1,"tweetType":1,"viewCount":2357,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":178181556,"gmtCreate":1626791903775,"gmtModify":1631890434698,"author":{"id":"3570704273473153","authorId":"3570704273473153","name":"NanSheng","avatar":"https://static.tigerbbs.com/3b9c7cbd5f4701e1436aa63c6c6c7fc5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3570704273473153","authorIdStr":"3570704273473153"},"themes":[],"title":"","htmlText":"Interesting insides of the current market [Strong]&nbsp;","listText":"Interesting insides of the current market [Strong]&nbsp;","text":"Interesting insides of the current market [Strong]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/178181556","repostId":"1184882386","repostType":4,"repost":{"id":"1184882386","kind":"news","pubTimestamp":1626790245,"share":"https://www.laohunote.com/m/news/1184882386?lang=zh_CN&edition=full","pubTime":"2021-07-20 22:10","market":"us","language":"en","title":"What If This Is The Economic End-Cycle<blockquote>如果这是经济的结束周期呢</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1184882386","media":"zerohedge","summary":"A few months ago, Morgan Stanley's chief equity strategist Michael Wilson, who also recently emerged","content":"<p>A few months ago, Morgan Stanley's chief equity strategist Michael Wilson, who also recently emerged as the biggest Wall Street bear warning that the \"rolling corrections\" in themarket presage a 10-20% drop in stocks, summarized the current economic state simply as \"mid cycle\"...</p><p><blockquote>几个月前，摩根士丹利首席股票策略师迈克尔·威尔逊（Michael Wilson）将当前的经济状况简单地总结为“中期周期”...</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d95f296e4d1300cd3c95485a2333d270\" tg-width=\"906\" tg-height=\"571\" width=\"100%\" height=\"auto\">... which of course is the best place to be, as the initial euphoric surge higher in stocks tapers to a slow and steady grind as the economy chugs along at a modest pace.</p><p><blockquote>...这当然是最好的选择，因为随着经济以适度的速度前进，股市最初的欣喜若狂的飙升逐渐缓慢而稳定。</blockquote></p><p> But what if he is wrong? After all, yesterday the NBER determined that the covid recession - at just 2 months - was the fastest on record (even as 14 million Americans are out of a job and still collect unemployment benefits) and we are already well into the mid cycle, if not approaching the end.</p><p><blockquote>但如果他错了呢？毕竟，昨天NBER确定，仅持续2个月的covid衰退是有记录以来最快的（尽管1400万美国人失业，仍在领取失业救济金），我们已经进入了周期中期，如果不是接近尾声的话。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e47d11bc07779a51cede0a73e7ddf627\" tg-width=\"971\" tg-height=\"562\" width=\"100%\" height=\"auto\">Also it is none other than Wilson's own employer Morgan Stanley, which has also said recently that this cycle will be \"<b>hotter but shorter</b>\" than usual.</p><p><blockquote>同样是威尔逊自己的雇主摩根士丹利，摩根士丹利最近也表示，这一周期将是“<b>更热但更短</b>“比平时多。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/41879c4f66b33597ee236bdd52841004\" tg-width=\"904\" tg-height=\"490\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Does it not stand to reason then, that the economic cycle is now so truncated - courtesy of $30 trillion in global stimulus - that we have blasted right through the midcycle phase and are now nearing the end?</p><p><blockquote>那么，由于全球30万亿美元的刺激措施，经济周期现在被如此缩短，以至于我们已经度过了周期中期阶段，现在已经接近尾声，这难道不是合乎逻辑的吗？</blockquote></p><p> That is the question Deutsche Bank's credit strategist Jim Reid asked overnight, when he described this recovery as \"undoubtedly the most unusual in history with many sectors of the economy already running ahead of their pre-recession trend\" even though several serviced based ones are still well behind though. More importantly, according to Reid and DB economists,<i>the output and employment gap will likely close in the next couple of quarters which will be the quickest for both in observable economic history.</i></p><p><blockquote>这是德意志银行信贷策略师吉姆·里德（Jim Reid）一夜之间提出的问题，他将这次复苏描述为“毫无疑问是历史上最不寻常的，许多经济部门已经领先于衰退前的趋势”，尽管几个基于服务的部门仍然远远落后。更重要的是，根据Reid和DB经济学家的说法，<i>产出和就业差距可能会在未来几个季度缩小，这将是可观察到的经济史上最快的。</i></blockquote></p><p> Reid then takes a look at where real GDP, nominal GDP, CPI, unemployment, retail sales, equities, household wealth, housing, treasuries and commodities are against all other recoveries for most variables goes back over 100 years. The chart below shows real GDP and as Reid explains, \"for most of these, this current post covid recovery is near the top\"<b>making this recovery neck and neck with the fastest post-WWII expansion.</b></p><p><blockquote>然后，里德研究了实际GDP、名义GDP、CPI、失业、零售销售、股票、家庭财富、住房、国债和大宗商品与100多年来大多数变量的所有其他复苏相比。下图显示了实际 GDP，正如 Reid 解释的那样，“对于其中大多数人来说，当前新冠疫情后的复苏已接近顶峰”<b>使这种复苏与二战后最快的扩张并驾齐驱。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/48279d702e3f7b92c743f063b26661ad\" tg-width=\"868\" tg-height=\"411\" width=\"100%\" height=\"auto\">As Reid puts it, \"clearly this cycle saw a big drawdown due to the pandemic but so did the GFC and its notable that the post-GFC recovery was around the weakest at the same stage\" which begs the question: \"should this be seen as the start of a new cycle or a continuation of the last cycle after a period of covid related hibernation?<b>The answer to this will give us clues as to how long this cycle lasts, future Fed activity, and on the inflationary consequences of the current strong rebound.\"</b></p><p><blockquote>正如里德所说，“显然，由于疫情，这个周期出现了大幅下滑，但GFC也是如此，值得注意的是，GFC后的复苏在同一阶段处于最弱状态”，这就引出了一个问题：“这应该被视为一个新周期的开始，还是在一段时间与covid相关的冬眠之后上一个周期的延续？<b>这个问题的答案将为我们提供有关这个周期持续多久、美联储未来活动以及当前强劲反弹的通胀后果的线索。”</b></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>What If This Is The Economic End-Cycle<blockquote>如果这是经济的结束周期呢</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; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhat If This Is The Economic End-Cycle<blockquote>如果这是经济的结束周期呢</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-07-20 22:10</span>\n</p>\n</h4>\n</header>\n<article>\n<p>A few months ago, Morgan Stanley's chief equity strategist Michael Wilson, who also recently emerged as the biggest Wall Street bear warning that the \"rolling corrections\" in themarket presage a 10-20% drop in stocks, summarized the current economic state simply as \"mid cycle\"...</p><p><blockquote>几个月前，摩根士丹利首席股票策略师迈克尔·威尔逊（Michael Wilson）将当前的经济状况简单地总结为“中期周期”...</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d95f296e4d1300cd3c95485a2333d270\" tg-width=\"906\" tg-height=\"571\" width=\"100%\" height=\"auto\">... which of course is the best place to be, as the initial euphoric surge higher in stocks tapers to a slow and steady grind as the economy chugs along at a modest pace.</p><p><blockquote>...这当然是最好的选择，因为随着经济以适度的速度前进，股市最初的欣喜若狂的飙升逐渐缓慢而稳定。</blockquote></p><p> But what if he is wrong? After all, yesterday the NBER determined that the covid recession - at just 2 months - was the fastest on record (even as 14 million Americans are out of a job and still collect unemployment benefits) and we are already well into the mid cycle, if not approaching the end.</p><p><blockquote>但如果他错了呢？毕竟，昨天NBER确定，仅持续2个月的covid衰退是有记录以来最快的（尽管1400万美国人失业，仍在领取失业救济金），我们已经进入了周期中期，如果不是接近尾声的话。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e47d11bc07779a51cede0a73e7ddf627\" tg-width=\"971\" tg-height=\"562\" width=\"100%\" height=\"auto\">Also it is none other than Wilson's own employer Morgan Stanley, which has also said recently that this cycle will be \"<b>hotter but shorter</b>\" than usual.</p><p><blockquote>同样是威尔逊自己的雇主摩根士丹利，摩根士丹利最近也表示，这一周期将是“<b>更热但更短</b>“比平时多。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/41879c4f66b33597ee236bdd52841004\" tg-width=\"904\" tg-height=\"490\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Does it not stand to reason then, that the economic cycle is now so truncated - courtesy of $30 trillion in global stimulus - that we have blasted right through the midcycle phase and are now nearing the end?</p><p><blockquote>那么，由于全球30万亿美元的刺激措施，经济周期现在被如此缩短，以至于我们已经度过了周期中期阶段，现在已经接近尾声，这难道不是合乎逻辑的吗？</blockquote></p><p> That is the question Deutsche Bank's credit strategist Jim Reid asked overnight, when he described this recovery as \"undoubtedly the most unusual in history with many sectors of the economy already running ahead of their pre-recession trend\" even though several serviced based ones are still well behind though. More importantly, according to Reid and DB economists,<i>the output and employment gap will likely close in the next couple of quarters which will be the quickest for both in observable economic history.</i></p><p><blockquote>这是德意志银行信贷策略师吉姆·里德（Jim Reid）一夜之间提出的问题，他将这次复苏描述为“毫无疑问是历史上最不寻常的，许多经济部门已经领先于衰退前的趋势”，尽管几个基于服务的部门仍然远远落后。更重要的是，根据Reid和DB经济学家的说法，<i>产出和就业差距可能会在未来几个季度缩小，这将是可观察到的经济史上最快的。</i></blockquote></p><p> Reid then takes a look at where real GDP, nominal GDP, CPI, unemployment, retail sales, equities, household wealth, housing, treasuries and commodities are against all other recoveries for most variables goes back over 100 years. The chart below shows real GDP and as Reid explains, \"for most of these, this current post covid recovery is near the top\"<b>making this recovery neck and neck with the fastest post-WWII expansion.</b></p><p><blockquote>然后，里德研究了实际GDP、名义GDP、CPI、失业、零售销售、股票、家庭财富、住房、国债和大宗商品与100多年来大多数变量的所有其他复苏相比。下图显示了实际 GDP，正如 Reid 解释的那样，“对于其中大多数人来说，当前新冠疫情后的复苏已接近顶峰”<b>使这种复苏与二战后最快的扩张并驾齐驱。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/48279d702e3f7b92c743f063b26661ad\" tg-width=\"868\" tg-height=\"411\" width=\"100%\" height=\"auto\">As Reid puts it, \"clearly this cycle saw a big drawdown due to the pandemic but so did the GFC and its notable that the post-GFC recovery was around the weakest at the same stage\" which begs the question: \"should this be seen as the start of a new cycle or a continuation of the last cycle after a period of covid related hibernation?<b>The answer to this will give us clues as to how long this cycle lasts, future Fed activity, and on the inflationary consequences of the current strong rebound.\"</b></p><p><blockquote>正如里德所说，“显然，由于疫情，这个周期出现了大幅下滑，但GFC也是如此，值得注意的是，GFC后的复苏在同一阶段处于最弱状态”，这就引出了一个问题：“这应该被视为一个新周期的开始，还是在一段时间与covid相关的冬眠之后上一个周期的延续？<b>这个问题的答案将为我们提供有关这个周期持续多久、美联储未来活动以及当前强劲反弹的通胀后果的线索。”</b></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/what-if-economic-end-cycle\">zerohedge</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".DJI":"道琼斯"},"source_url":"https://www.zerohedge.com/markets/what-if-economic-end-cycle","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1184882386","content_text":"A few months ago, Morgan Stanley's chief equity strategist Michael Wilson, who also recently emerged as the biggest Wall Street bear warning that the \"rolling corrections\" in themarket presage a 10-20% drop in stocks, summarized the current economic state simply as \"mid cycle\"...\n... which of course is the best place to be, as the initial euphoric surge higher in stocks tapers to a slow and steady grind as the economy chugs along at a modest pace.\nBut what if he is wrong? After all, yesterday the NBER determined that the covid recession - at just 2 months - was the fastest on record (even as 14 million Americans are out of a job and still collect unemployment benefits) and we are already well into the mid cycle, if not approaching the end.\nAlso it is none other than Wilson's own employer Morgan Stanley, which has also said recently that this cycle will be \"hotter but shorter\" than usual.\n\nDoes it not stand to reason then, that the economic cycle is now so truncated - courtesy of $30 trillion in global stimulus - that we have blasted right through the midcycle phase and are now nearing the end?\nThat is the question Deutsche Bank's credit strategist Jim Reid asked overnight, when he described this recovery as \"undoubtedly the most unusual in history with many sectors of the economy already running ahead of their pre-recession trend\" even though several serviced based ones are still well behind though. More importantly, according to Reid and DB economists,the output and employment gap will likely close in the next couple of quarters which will be the quickest for both in observable economic history.\nReid then takes a look at where real GDP, nominal GDP, CPI, unemployment, retail sales, equities, household wealth, housing, treasuries and commodities are against all other recoveries for most variables goes back over 100 years. The chart below shows real GDP and as Reid explains, \"for most of these, this current post covid recovery is near the top\"making this recovery neck and neck with the fastest post-WWII expansion.\nAs Reid puts it, \"clearly this cycle saw a big drawdown due to the pandemic but so did the GFC and its notable that the post-GFC recovery was around the weakest at the same stage\" which begs the question: \"should this be seen as the start of a new cycle or a continuation of the last cycle after a period of covid related hibernation?The answer to this will give us clues as to how long this cycle lasts, future Fed activity, and on the inflationary consequences of the current strong rebound.\"","news_type":1,"symbols_score_info":{"SPY":0.9,".SPX":0.9,".DJI":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":2514,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":148462748,"gmtCreate":1626007207984,"gmtModify":1631890434698,"author":{"id":"3570704273473153","authorId":"3570704273473153","name":"NanSheng","avatar":"https://static.tigerbbs.com/3b9c7cbd5f4701e1436aa63c6c6c7fc5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3570704273473153","authorIdStr":"3570704273473153"},"themes":[],"title":"","htmlText":"[Glance]&nbsp;","listText":"[Glance]&nbsp;","text":"[Glance]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/148462748","repostId":"1112201050","repostType":4,"repost":{"id":"1112201050","kind":"news","pubTimestamp":1625966101,"share":"https://www.laohunote.com/m/news/1112201050?lang=zh_CN&edition=full","pubTime":"2021-07-11 09:15","market":"us","language":"en","title":"The Meme Stock Trade Is Far From Over. What Investors Need to Know.<blockquote>模因股票交易远未结束。投资者需要了解的内容。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1112201050","media":"Barrons","summary":"It seemed to be only a matter of time.\nWhen GameStop (ticker: GME), BlackBerry (BB), and even the de","content":"<p>It seemed to be only a matter of time.</p><p><blockquote>这似乎只是时间问题。</blockquote></p><p> When GameStop (ticker: GME), BlackBerry (BB), and even the desiccated carcass of Blockbuster suddenly sprang to life in January, the clock was already ticking for when they would crash again. Would it be hours, days, or weeks?</p><p><blockquote>当游戏驿站（股票代码：GME）、黑莓（BB），甚至百视达的干涸尸体在一月份突然复活时，它们何时会再次坠毁的时间已经在流逝。会是几个小时、几天还是几周？</blockquote></p><p> It has now been half a year, and the core “meme stocks” are still trading at levels considered outrageous by people who have studied them for years. New names like&nbsp;Clover Health Investments(CLOV) and&nbsp;Newegg Commerce(NEGG) have recently popped up on message boards, and their stocks have popped, too.</p><p><blockquote>现在已经过去半年了，核心 “备忘录股票 ”的交易价格仍然处于研究这些股票多年的人认为离谱的水平。Clover Health Investments (CLOV) 和 Newegg Commerce (NEGG) 等新名称最近出现在留言板上，它们的股票也随之上涨。</blockquote></p><p> The collective efforts of millions of retail traders—long derided as “the dumb money”—have successfully held stocks aloft and forced naysayers to capitulate.</p><p><blockquote>数百万散户交易员--长期以来被嘲笑为 “哑巴钱 ”--的集体努力成功地让股市飙升，并迫使反对者投降。</blockquote></p><p> That is true even as the companies they are betting on have shown scant signs of transforming their businesses, or turning profits that might justify their valuations. BlackBerry burned cash in its latest quarter and warned that its key cybersecurity division would hit the low end of its revenue guidance; the stock dipped on the news but has still more than doubled in the past year.</p><p><blockquote>尽管他们押注的公司几乎没有表现出业务转型的迹象，也没有表现出足以证明其估值的利润，但情况确实如此。黑莓在最近一个季度烧钱，并警告称其关键的网络安全部门将达到收入指导的低端；消息传出后，该股下跌，但在过去一年中仍上涨了一倍多。</blockquote></p><p> While trading volume at the big brokers has come down slightly from its February peak, it remains two to three times as high as it was before the pandemic. And a startling amount of that activity is occurring in stocks favored by retail traders. The average daily value of shares traded in&nbsp;AMC Entertainment Holdings(AMC), for example, reached $13.1 billion in June, more than&nbsp;Apple’s(AAPL) $9.5 billion and Amazon.com’s (AMZN) $10.3 billion.</p><p><blockquote>虽然大型经纪商的交易量较 2 月份的峰值略有下降，但仍高于疫情爆发前的两到三倍。数量惊人的这种活动发生在散户交易者青睐的股票中。例如，AMC院线控股公司（AMC）6 月份的日均交易额达到 131 亿美元，超过了苹果（AAPL）的 95 亿美元和亚马逊（AMZN）的 103 亿美元。</blockquote></p><p> Even as the coronavirus fades in the U.S., most new traders say they are committed to the hobby they learned during lockdown—58% of day traders in a Betterment survey said they are planning to trade even more in the future, and only 12% plan to trade less. Amateur pandemic bakers have stopped kneading sourdough loaves; traders are only getting hungrier.</p><p><blockquote>即使冠状病毒在美国消退，大多数新交易者表示，他们仍然致力于他们在封锁期间学到的爱好——在一项Betterment调查中，58%的日内交易者表示，他们计划在未来进行更多的交易，只有12%的人计划减少交易。业余疫情面包师已经停止揉捏酸面团面包；交易者只会变得越来越饥饿。</blockquote></p><p> A sustained bear market would spoil such an appetite, as it did when the dot-com bubble burst. For now, dips are reasons to hold or buy.</p><p><blockquote>持续的熊市会破坏这种食欲，就像互联网泡沫破裂时一样。目前，下跌是持有或买入的理由。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/25a79e71371c165f9a3a5085931fc487\" tg-width=\"979\" tg-height=\"649\"></p><p><blockquote></blockquote></p><p> “I’ve seen that the ‘buy the dip’ sentiment hasn’t relented for a moment,” wrote Brandon Luczek, an electronics technician for the U.S. Navy who trades with friends online, in an email to&nbsp;Barron’s.</p><p><blockquote>“美国海军电子技术员布兰登-卢切克（Brandon Luczek）在给《巴伦周刊》的一封电子邮件中写道：”我看到'逢低买入'的情绪一刻也没有减弱。</blockquote></p><p> The meme stock surge has been propelled by a rise in trading by retail investors. In 2020, online brokers signed clients at a record pace, with more than 10 million people opening new accounts. That record will almost certainly be broken in 2021. Brokers had already added more than 10 million accounts less than halfway into the year, some of the top firms have disclosed.</p><p><blockquote>迷因股票飙升是由散户投资者交易的增加推动的。2020年，在线经纪商以创纪录的速度签约客户，超过1000万人开设了新账户。这一记录几乎肯定会在2021年被打破。一些顶级公司透露，在今年不到一半的时间里，经纪商已经增加了超过 1000 万个账户。</blockquote></p><p> Meme stocks are both the cart and the horse of this phenomenon. Their sudden price spikes are driven by new investors, and then that action drives even more new people to invest. Millions of people downloaded investing apps in late January and early February just to be a part of the fun. A recent&nbsp;Charles Schwab(SCHW) survey found that 15% of all current traders began investing after 2020.</p><p><blockquote>模因股票既是这种现象的推车，也是马。他们的价格突然飙升是由新投资者推动的，然后这一行动推动更多的新人投资。数百万人在 1 月底和 2 月初下载了投资应用程序，只是为了享受乐趣。嘉信理财（SCHW）最近的一项调查发现，15%的现有交易者在2020年后开始投资。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/167386c6881a258922ad62caaf7a05f4\" tg-width=\"971\" tg-height=\"644\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/8e29e3041b91070252ab9063d1a11fa2\" tg-width=\"975\" tg-height=\"642\"><img src=\"https://static.tigerbbs.com/f9cc1c0bd6368721c0eca87e25719f16\" tg-width=\"964\" tg-height=\"641\"></p><p><blockquote></blockquote></p><p> The most prominent player in the surge is Robinhood, which said it had added 5.5 million funded accounts in the first quarter alone. But it isn’t alone. Fidelity, for instance, announced that it had attracted 1.6 million new customers under the age of 35 in the first quarter, 223% more than a year before.</p><p><blockquote>激增中最突出的参与者是 Robinhood，该公司表示仅在第一季度就增加了 550 万个资金账户。但它并不孤单。例如，富达宣布，第一季度吸引了 160 万 35 岁以下的新客户，比去年同期增长了 223%。</blockquote></p><p> Under pressure from Robinhood’s zero-commission model, all of the major brokers cut commissions to zero in 2019. That opened the floodgates to a new group of customers—one that may not have as much spare cash to trade but is more active and diverse than its predecessors. And the brokers are cashing in. Fidelity is hoping to attract investors before they even have driver’s licenses, allowing children as young as 13 to open trading accounts. Robinhood is riding the momentum to an initial public offering that analysts expect to value it at more than 10 times its revenue.</p><p><blockquote>在 Robinhood 零佣金模式的压力下，所有主要经纪商都在 2019 年将佣金降至零。这为新客户群体打开了闸门——他们可能没有那么多闲置现金进行交易，但比前辈更加活跃和多样化。经纪人正在套现。富达希望在投资者获得驾照之前就吸引他们，允许年仅 13 岁的儿童开设交易账户。Robinhood 正在乘势而上进行首次公开募股，分析师预计其估值将超过其收入的 10 倍。</blockquote></p><p> These new customers act differently than their older peers. For years, there was a “big gravitation toward ETFs,” says Chris Larkin, head of trading at E*Trade, which is now owned by Morgan Stanley (MS). But picking single stocks is clearly “the big story of 2021.”</p><p><blockquote>这些新客户的行为与他们的老同行不同。E*Trade 交易主管克里斯-拉金（Chris Larkin）说，多年来，“ETF 一直备受青睐”，E*Trade 现归摩根士丹利（MS）所有。但挑选个股显然是 “2021 年的大新闻”。</blockquote></p><p> To be sure, equity exchange-traded funds are still doing well, as investors around the world bet on the pandemic recovery and avoid weak bond yields.</p><p><blockquote>可以肯定的是，随着世界各地的投资者押注疫情复苏并避免疲软的债券收益率，股票交易所交易基金仍然表现良好。</blockquote></p><p></p><p> But ETFs don’t light up the message boards like stocks do. Not that it has been a one-way ride for the top names. GameStop did dip in February, and Wall Street enjoyed a moment of schadenfreude. It didn’t last.</p><p><blockquote>但 ETF 不像股票那样点亮留言板。这并不是说顶级公司的单行道。游戏驿站二月份确实下跌，华尔街享受了幸灾乐祸的时刻。它并没有持续多久。</blockquote></p><p> “Like cicadas, meme traders returned in a wild blaze of activity after being seemingly underground for several months,” wrote Steve Sosnick, chief strategist at Interactive Brokers. Sosnick believes that the meme stocks tend to trade inversely to cryptocurrencies, because their fans rotate from one to the other as the momentum shifts.</p><p><blockquote>“盈透证券（Interactive Brokers）首席策略师史蒂夫-索斯尼克（Steve Sosnick）写道：”就像蝉一样，备忘录交易者在表面上隐匿了几个月后又重新活跃起来。索斯尼克认为，模因股票的交易往往与加密货币相反，因为随着势头的变化，它们的粉丝会从一种货币转向另一种货币。</blockquote></p><p> “I don’t think it’s strictly a coincidence that meme stocks roared back to life after a significant correction in Bitcoin and other cryptocurrencies,” he wrote.</p><p><blockquote>“他写道：”我不认为，在比特币和其他加密货币大幅回调后，备忘录股票卷土重来完全是巧合。</blockquote></p><p> Sosnick considers meme stocks a “sector unto themselves,” one that he segregates on his computer monitor away from other stock tickers.</p><p><blockquote>索斯尼克认为备忘录股票是一个 “独立的板块”，他在电脑显示器上将其与其他股票代码分开。</blockquote></p><p> Indeed, Wall Street’s reaction to the meme stock revolution has been to isolate the parts of the market that the pros deem irrational. Most short sellers won’t touch the stocks, and analysts are dropping coverage.</p><p><blockquote>事实上，华尔街对备忘录股票革命的反应一直是孤立专业人士认为不理性的市场部分。大多数卖空者不会碰这些股票，分析师也在放弃报道。</blockquote></p><p> But Wall Street can’t swat the retail army away like cicadas, or count on them disappearing for the next 17 years. Stock trading has permanently shifted. This year, retail activity accounts for 24% of equity volume, up from 15% in 2019. Adherents to the new creed are not passive observers willing to let Wall Street manage the markets.</p><p><blockquote>但华尔街不能像蝉一样把零售大军赶走，也不能指望它们在未来 17 年内消失。股票交易已经发生了永久性的变化。今年，零售活动占股本量的 24%，高于 2019 年的 15%。新信条的追随者不是愿意让华尔街管理市场的被动观察者。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/710e642d3b685b74f8c9dcaf46ef3e0b\" tg-width=\"968\" tg-height=\"643\"></p><p><blockquote></blockquote></p><p> “What this really reflects is a reversal of the trends that we saw toward less and less engagement with individual companies,” says Joshua Mitts, a professor at Columbia Law School specializing in securities markets. “Technology is bringing the average investor closer to the companies in which he or she invests, and that’s just taking on new and unpredictable forms.”</p><p><blockquote>“哥伦比亚法学院（Columbia Law School）专门研究证券市场的教授约书亚-米茨（Joshua Mitts）说：”这实际上反映了我们所看到的趋势的逆转，即与个别公司的接触越来越少。“技术正在拉近普通投资者与他或她所投资的公司的距离，而这只是以新的、不可预测的形式出现。”</blockquote></p><p> The swings you get can definitely make you feel some sort of way.</p><p><blockquote>你得到的秋千肯定会让你有某种感觉。</blockquote></p><p> — Matt Kohrs, 26, who streams stock analysis daily on YouTube</p><p><blockquote>— Matt Kohrs，26 岁，每天在 YouTube 上直播股票分析</blockquote></p><p> It is now changing the lives of those who got in early and are still riding the names higher.</p><p><blockquote>它现在正在改变那些早早加入的人的生活，并且仍然在更高的名字上。</blockquote></p><p> Take Matt Kohrs, who had invested in AMC Entertainment early. He quit his job as a programmer in New York in February, moved to Philadelphia, and started streaming&nbsp;stock analysis on YouTube&nbsp;for seven hours a day.</p><p><blockquote>以马特·科尔斯为例，他很早就投资了AMC院线。今年2月，他辞去了纽约程序员的工作，搬到了费城，并开始在YouTube上每天7个小时直播股票分析。</blockquote></p><p> With 350,000 YouTube followers, it’s paying the bills. With his earnings from ads and from the stock, Kohrs says he can pull down roughly the same salary he made before. But he also knows that relying on earnings from stocks like this is nothing like a 9-to-5 job.</p><p><blockquote>YouTube 拥有 35 万粉丝，它正在支付账单。科尔斯说，凭借广告和股票的收入，他可以拿到与以前大致相同的工资。但他也知道，像这样依赖股票收益与朝九晚五的工作完全不同。</blockquote></p><p> “The swings you get can definitely make you feel some sort of way,” he says.</p><p><blockquote>“他说：”你得到的秋千肯定会让你有某种感觉。</blockquote></p><p> Companies are starting to react more aggressively, too. They are either embracing their new owners or paying meme-ologists to understand the emoji-filled language of the new Wall Street so they can ward them off or appease them.</p><p><blockquote>公司也开始做出更积极的反应。他们要么拥抱他们的新主人，要么付钱给迷因学家来理解新华尔街充满表情符号的语言，这样他们就可以阻止他们或安抚他们。</blockquote></p><p> AMC even canceled a proposed equity raise this past week because the company apparently didn’t like the vibes it was getting from the Reddit crowd. AMC has already quintupled its share count over the past year. CEO Adam Aron tweeted that he had seen “many yes, many no” reactions to his proposal to issue 25 million more shares, so it will be canceled instead of being presented for a vote at AMC’s annual meeting later this month. The company did not respond to a question on how it had polled shareholders.</p><p><blockquote>AMC 甚至在上周取消了一项拟议的股权融资，因为该公司显然不喜欢 Reddit 人群的反响。过去一年，AMC 的股票数量已经增加了五倍。首席执行官亚当-阿伦（Adam Aron）在推特上表示，他看到了 “许多人赞成，许多人反对 ”对他增发 2500 万股股票的提议的反应，因此该提议将被取消，而不是在本月晚些时候的 AMC 年会上进行表决。该公司没有回答有关如何调查股东的问题。</blockquote></p><p> Forget the boardroom. Corporate policy is now being determined in the chat room.</p><p><blockquote>忘了会议室吧。公司政策现在正在聊天室里决定。</blockquote></p><p> Big investors are spending more time tracking social-media discussions about stocks. Bank of America found in a survey this year that about 25% of institutions had already been tracking social-media sentiment, but that about 40% are interested in using it going forward.</p><p><blockquote>大投资者正在花费更多时间跟踪社交媒体上有关股票的讨论。美国银行在今年的一项调查中发现，大约25%的机构已经在跟踪社交媒体情绪，但大约40%的机构有兴趣在未来使用它。</blockquote></p><p> In the past few months, Bank of America, Morgan Stanley, and J.P. Morgan have all produced reports on how to trade around the retail action, coming to somewhat different conclusions.</p><p><blockquote>在过去的几个月里，美国银行、摩根士丹利和摩根大通都发布了关于如何围绕零售行动进行交易的报告，得出了有些不同的结论。</blockquote></p><p> There can be “alpha in the signal,” as Morgan Stanley put it, but it can take some intense number-crunching to get there. Not all message-board chatter leads to sustained price gains, of course, and retail order flow cannot easily be separated from institutional flow without substantial data analysis. For investors with the tools to pinpoint which stocks retail investors are buying and which they are selling, J.P. Morgan suggests going long on the 20% of stocks with the most buying interest and short on the top 20% in selling interest.</p><p><blockquote>正如摩根士丹利所说，信号中可能存在 “阿尔法”，但要实现这一目标可能需要一些紧张的数字运算。当然，并不是所有的留言板聊天都会导致价格持续上涨，如果没有大量的数据分析，零售订单流很难与机构流分开。对于拥有工具来确定散户投资者正在购买哪些股票和正在出售哪些股票的投资者来说，摩根大通建议做多买入兴趣最高的 20% 的股票，做空卖出兴趣最高的 20% 的股票。</blockquote></p><p> For now, many of the institutions buying data on social-media sentiment appear to be trying to reduce their risks, as opposed to scouting new opportunities, according to Boris Spiwak of alternative data firm Thinknum, which offers products that track social-media sentiment. “They see it as almost like an insurance policy, to limit their downside risks,” he says.</p><p><blockquote>提供跟踪社交媒体情绪产品的另类数据公司Thinknum的鲍里斯·斯皮瓦克(Boris Spiwak)表示，目前，许多购买社交媒体情绪数据的机构似乎都在试图降低风险，而不是寻找新的机会。“他说：”他们认为这几乎就像一份保险，以限制他们的下行风险。</blockquote></p><p></p><p> For retail traders, the method isn’t always scientific. The action is sustained by a community ethos. And the force behind it is as much emotional and moral as financial.</p><p><blockquote>对于零售商来说，这种方法并不总是科学的。这一行动是由社区精神支撑的。其背后的力量既是情感上的，也是道德上的，也是经济上的。</blockquote></p><p> New investors say they are motivated by a desire to prove themselves and punish the old guard as much as by profits. They learn from one another about the market, sometimes amplifying or debunking conspiracy theories about Wall Street. Some link the meme-stock movement to continued mistrust of big financial institutions stemming from the 2008 financial crisis.</p><p><blockquote>新投资者表示，他们的动机是希望证明自己，并像利润一样惩罚保守派。他们互相学习市场，有时会放大或揭穿关于华尔街的阴谋论。一些人将模因股票运动与2008年金融危机引发的对大型金融机构的持续不信任联系起来。</blockquote></p><p> “Wall Street brought our economy to its knees, and no one ever got in trouble for it,” says the 26-year-old Kohrs. “So, I think they view this as not only can we make money, but we can also make these hedge funds on Wall Street pay.”</p><p><blockquote>“26 岁的科尔斯说：”华尔街让我们的经济陷入困境，但没有人因此惹上麻烦。“所以，我认为他们认为我们不仅可以赚钱，还可以让华尔街的这些对冲基金付钱。”</blockquote></p><p> Claire Hirschberg is a 28-year-old union organizer who bought about $50 worth of GameStop stock on Robinhood in January after hearing about it from friends. She liked the idea, but what really got her excited about it was the reaction of her father, a longtime money manager. “He was so mad I had bought GameStop and was refusing to sell,” she says, laughing. “And that just makes me want to hold it forever.”</p><p><blockquote>克莱尔·赫希伯格 (Claire Hirschberg) 是一名 28 岁的工会组织者，她在 1 月份从朋友那里听说 Robinhood 上购买了价值约 50 美元的游戏驿站股票。她喜欢这个想法，但真正让她兴奋的是她父亲的反应，他是一名长期的资金经理。“她笑着说：”他很生气我买了游戏驿站，还不肯卖。“这让我想永远拿着它。”</blockquote></p><p> Just like old Wall Street has rituals and codes, the new one does, too. A new investment banking employee learns quickly that you don’t wear a Ferragamo tie until after you make associate. You never leave the office until the managing director does, and you don’t complain about the hours. And the bad guys are the regulators and Sen. Elizabeth Warren, and not in that order.</p><p><blockquote>就像老华尔街有仪式和准则一样，新华尔街也有。一位新的投资银行员工很快就会知道，在你成为合伙人之前，你不会打菲拉格慕领带。在总经理离开之前，你从不离开办公室，你也不会抱怨工作时间。坏人是监管者和参议员伊丽莎白·沃伦，而且不是按顺序。</blockquote></p><p> The new trading desk—the apps that millions of retail traders now use and the message boards where they congregate—have unspoken rules, too. Publicly acknowledging financial losses is a valiant act, evidence of internal fortitude and belief in the group. You don’t take yourself seriously and you don’t police language. You are part of an army of “apes” or “retards.” You hold through the crashes, even if it means you might lose everything. And the bad guys are the short sellers, the market makers, and the Wall Street elites, in that order.</p><p><blockquote>新的交易台——数百万散户交易者现在使用的应用程序和他们聚集的留言板——也有潜规则。公开承认财务损失是一种勇敢的行为，是内部坚韧和对本集团信念的证明。你不把自己当回事，也不规范语言。你是 “猿类 ”或 “弱智 ”大军的一员。你坚持住，即使这意味着你可能会失去一切。坏人依次是卖空者、做市商和华尔街精英。</blockquote></p><p> The group action is not just for moral support. The trading strategy depends on people keeping up the buying pressure to force a short squeeze or to buy bullish options that trigger what’s known as a gamma squeeze.</p><p><blockquote>集体行动不仅仅是为了精神支持。交易策略取决于人们保持买入压力，迫使做空，或买入看涨期权，从而引发所谓的伽马挤压。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/75d79c78a14cc8f297e17397cc54bdb5\" tg-width=\"1260\" tg-height=\"840\"><span>Keith Gill became the face of the Reddit army of retail traders pushing shares of GameStop higher when he appeared virtually before a House Financial Services Committee hearing in February.</span></p><p><blockquote><p class=\"t-img-caption\"><span>基思·吉尔 (Keith Gill) 在二月份众议院金融服务委员会听证会上虚拟露面，成为 Reddit 散户交易员大军推高游戏驿站股价的代言人。</span></p></blockquote></p><p> Many short sellers say they won’t touch these stocks anymore. But clearly, others aren’t taking that advice and are giving the meme movement oxygen by repeatedly betting against the stocks. AMC’s short interest was at 17% of the stock’s float in mid-June, down from 28% in January, but not by much.</p><p><blockquote>许多卖空者表示，他们不会再碰这些股票了。但显然，其他人并没有采纳这一建议，而是通过反复做空股票来给备忘录运动注入氧气。6 月中旬，AMC 的空头权益占该股流通量的 17%，低于 1 月份的 28%，但降幅不大。</blockquote></p><p> As the price rises, the shorts can’t help themselves. They start “drooling, with flames coming out of their ears,” says Michael Pachter, a Wedbush Securities analyst who has covered GameStop for years. “What’s kind of shocked me is the definition of insanity, which is doing the same thing over and over and over again and hoping for a different outcome each time, and the shorts keep coming back,” he says. “And [GameStop bull] Keith Gill and his Reddit raiders keep squeezing them, and it keeps working.”</p><p><blockquote>随着价格上涨，空头们也控制不住自己。多年来一直关注游戏驿站的韦德布什证券分析师迈克尔-帕切特（Michael Pachter）说，他们开始 “流口水，耳朵里冒出火焰”。“他说：”让我感到震惊的是精神错乱的定义，就是一遍又一遍地做同样的事情，每次都希望有不同的结果，而空头却不断出现。“[游戏驿站公牛]基思-吉尔（Keith Gill）和他的 Reddit raiders 一直在挤压他们，而且一直在起作用。”</blockquote></p><p> To beat the short sellers, the Reddit crowd needs to hold together, but the community has been showing cracks at times. The two meme stocks with the most determined fan bases—GameStop and AMC—still have enormous armies of core believers who do not seem easily swayed. But other names seem to have more-fickle backers. Several stocks caught up in the meme madness have come crashing down to earth.Bed Bath &amp; Beyond(BBBY) spiked twice—in late January and early June—but now trades only slightly above its mid-January levels. People who bought during the upswings have lost money.</p><p><blockquote>为了击败卖空者，Reddit 人群需要团结起来，但该社区有时会出现裂缝。拥有最坚定粉丝群的两只模因股票——游戏驿站和 AMC——仍然拥有庞大的核心信徒大军，他们似乎不容易动摇。但其他名字似乎有更善变的支持者。几只陷入迷因疯狂的股票已经崩溃。 Bed Bath &amp; Beyond (BBBY) 在 1 月底和 6 月初两次飙升，但现在的交易价格仅略高于 1 月中旬的水平。在上涨期间买入的人已经赔钱了。</blockquote></p><p> Distrust has spread, and some traders worry that wallstreetbets— the original Reddit message board that inspired the GameStop frenzy—has grown so fast that it has lost its original spirit, and potentially grown vulnerable to manipulation. Some have moved to other message boards, like r/superstonk, in hopes of reclaiming the old community’s flavor.</p><p><blockquote>不信任已经蔓延，一些交易员担心 wallstreetbets——激发游戏驿站狂热的最初 Reddit 留言板——发展如此之快，以至于它已经失去了最初的精神，并可能变得容易受到操纵。有些人搬到了其他留言板，如 r/superstonk，希望能重现老社区的风味。</blockquote></p><p> Travis Rehl, the founder of social-media tracking company Hype Equity, says that he tries to separate possible manipulators from more organic investor sentiment. Hype Equity is usually hired by public-relations firms representing companies that are being talked about online, he says. Now, he sees a growing trend of stocks that suddenly come up on message boards, receive positive chatter, and then disappear.</p><p><blockquote>社交媒体跟踪公司 Hype Equity 的创始人特拉维斯·雷尔 (Travis Rehl) 表示，他试图将可能的操纵者与更有机的投资者情绪区分开来。他说，炒作股权通常由代表网上谈论的公司的公关公司雇佣。现在，他看到了一种不断增长的趋势，即股票突然出现在留言板上，收到积极的聊天，然后消失。</blockquote></p><p></p><p> “It’s called into question what is a true discussion versus what is something that somebody just wants to pump,” he says. The moderators of wallstreetbets forbid market manipulation on the platform, and Rehl say they appear to work hard to police misinformation. The moderators did not respond to a request from&nbsp;Barron’s&nbsp;for comment.</p><p><blockquote>“他说：”这让人怀疑什么是真正的讨论，什么是某人只想炒作的东西。wallstreetbets 的版主禁止在该平台上操纵市场，Rehl 表示，他们似乎正在努力遏制错误信息。主持人没有回应《巴伦周刊》的置评请求。</blockquote></p><p> “If you can create enough buzz to get a stock that goes up 10%, 20%, even 50% in a short period of time, there’s a tremendous incentive to do that,” Sosnick says.</p><p><blockquote>“索斯尼克说：”如果你能制造足够的轰动效应，让一只股票在短时间内上涨 10%、20%，甚至 50%，那么你就有巨大的动力去做这件事。</blockquote></p><p> The Securities and Exchange Commission is watching for funny business on the message boards. SEC Chairman Gary Gensler and some members of Congress have discussed changing market rules with the intention of adding transparency protecting retail traders—although changes could also anger the retail crowd if they slow down trading or make it more expensive.</p><p><blockquote>美国证券交易委员会正在关注留言板上的有趣交易。美国证券交易委员会主席加里·詹斯勒（Gary Gensler）和一些国会议员讨论了改变市场规则，目的是增加保护散户交易者的透明度——尽管如果这些变化减缓交易速度或使交易成本更高，也可能激怒零售人群。</blockquote></p><p> Regulations aren’t the only thing that could deflate this trend. Dan Egan, vice president of behavioral finance and investing at fintech Betterment, thinks the momentum may run out of steam in September. Even “apes” have responsibilities. “Kids start going back to schools; parents are free to go to work again,” he says. “That’s the next time there’s going to be some oxygen pulled out of the room.”</p><p><blockquote>监管并不是唯一能遏制这一趋势的因素。fintech Betterment 行为金融和投资副总裁丹·伊根 (Dan Egan) 认为，这种势头可能会在 9 月份耗尽。即使是 “猿猴 ”也有责任。“他说：”孩子们开始重返校园；家长们也可以自由地再次上班了。“那是下一次从房间里抽出氧气的时候了。”</blockquote></p><p> Traditional investors may be tempted to write off the entire phenomenon as temporary madness inspired by lockdowns and free government money. But that would be a mistake. If zero-commission brokerages and fun with GameStop broke down barriers for millions of new investors to open accounts, it’s almost certainly a good thing, as long as most people bet with money they don’t need immediately. Many new retail traders say they are teaching themselves how to trade, and have begun to diversify their holdings.</p><p><blockquote>传统投资者可能会倾向于将整个现象视为由封锁和免费政府资金引发的暂时疯狂。但那将是一个错误。如果零佣金经纪和游戏驿站乐趣打破了数百万新投资者开户的障碍，那么只要大多数人用他们并不立即需要的钱下注，这几乎肯定是一件好事。许多新零售商表示，他们正在自学如何交易，并开始分散持股。</blockquote></p><p> In one form or another, this is the future client base of Wall Street.</p><p><blockquote>无论如何，这是华尔街未来的客户群。</blockquote></p><p> Arizona State University professor Hendrik Bessembinder published groundbreaking&nbsp;research&nbsp;in 2018 that found that “a randomly selected stock in a randomly selected month is more likely to lose money than make money.” In short, picking single stocks and holding a concentrated portfolio tends to be a losing strategy.</p><p><blockquote>亚利桑那州立大学教授亨德里克-贝森宾德（Hendrik Bessembinder）在2018年发表了一项开创性的研究，发现“在随机选择的月份随机选择的股票，亏损的可能性大于赚钱的可能性”。简而言之，挑选单只股票并持有集中投资组合往往是一种失败的策略。</blockquote></p><p> Even so, he’s encouraged by the new wave of trading. “I welcome the increase in retail trading, the idea of the stock market being a place with wide participation,” Bessembinder says. “Economists can’t tell people they shouldn’t get some fun.”</p><p><blockquote>即便如此，他还是对新一波交易感到鼓舞。“贝森宾德说：”我欢迎零售交易的增加，欢迎股票市场成为一个广泛参与的地方。“经济学家不能告诉人们他们不应该找点乐子”。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Meme Stock Trade Is Far From Over. What Investors Need to Know.<blockquote>模因股票交易远未结束。投资者需要了解的内容。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Meme Stock Trade Is Far From Over. What Investors Need to Know.<blockquote>模因股票交易远未结束。投资者需要了解的内容。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-07-11 09:15</span>\n</p>\n</h4>\n</header>\n<article>\n<p>It seemed to be only a matter of time.</p><p><blockquote>这似乎只是时间问题。</blockquote></p><p> When GameStop (ticker: GME), BlackBerry (BB), and even the desiccated carcass of Blockbuster suddenly sprang to life in January, the clock was already ticking for when they would crash again. Would it be hours, days, or weeks?</p><p><blockquote>当游戏驿站（股票代码：GME）、黑莓（BB），甚至百视达的干涸尸体在一月份突然复活时，它们何时会再次坠毁的时间已经在流逝。会是几个小时、几天还是几周？</blockquote></p><p> It has now been half a year, and the core “meme stocks” are still trading at levels considered outrageous by people who have studied them for years. New names like&nbsp;Clover Health Investments(CLOV) and&nbsp;Newegg Commerce(NEGG) have recently popped up on message boards, and their stocks have popped, too.</p><p><blockquote>现在已经过去半年了，核心 “备忘录股票 ”的交易价格仍然处于研究这些股票多年的人认为离谱的水平。Clover Health Investments (CLOV) 和 Newegg Commerce (NEGG) 等新名称最近出现在留言板上，它们的股票也随之上涨。</blockquote></p><p> The collective efforts of millions of retail traders—long derided as “the dumb money”—have successfully held stocks aloft and forced naysayers to capitulate.</p><p><blockquote>数百万散户交易员--长期以来被嘲笑为 “哑巴钱 ”--的集体努力成功地让股市飙升，并迫使反对者投降。</blockquote></p><p> That is true even as the companies they are betting on have shown scant signs of transforming their businesses, or turning profits that might justify their valuations. BlackBerry burned cash in its latest quarter and warned that its key cybersecurity division would hit the low end of its revenue guidance; the stock dipped on the news but has still more than doubled in the past year.</p><p><blockquote>尽管他们押注的公司几乎没有表现出业务转型的迹象，也没有表现出足以证明其估值的利润，但情况确实如此。黑莓在最近一个季度烧钱，并警告称其关键的网络安全部门将达到收入指导的低端；消息传出后，该股下跌，但在过去一年中仍上涨了一倍多。</blockquote></p><p> While trading volume at the big brokers has come down slightly from its February peak, it remains two to three times as high as it was before the pandemic. And a startling amount of that activity is occurring in stocks favored by retail traders. The average daily value of shares traded in&nbsp;AMC Entertainment Holdings(AMC), for example, reached $13.1 billion in June, more than&nbsp;Apple’s(AAPL) $9.5 billion and Amazon.com’s (AMZN) $10.3 billion.</p><p><blockquote>虽然大型经纪商的交易量较 2 月份的峰值略有下降，但仍高于疫情爆发前的两到三倍。数量惊人的这种活动发生在散户交易者青睐的股票中。例如，AMC院线控股公司（AMC）6 月份的日均交易额达到 131 亿美元，超过了苹果（AAPL）的 95 亿美元和亚马逊（AMZN）的 103 亿美元。</blockquote></p><p> Even as the coronavirus fades in the U.S., most new traders say they are committed to the hobby they learned during lockdown—58% of day traders in a Betterment survey said they are planning to trade even more in the future, and only 12% plan to trade less. Amateur pandemic bakers have stopped kneading sourdough loaves; traders are only getting hungrier.</p><p><blockquote>即使冠状病毒在美国消退，大多数新交易者表示，他们仍然致力于他们在封锁期间学到的爱好——在一项Betterment调查中，58%的日内交易者表示，他们计划在未来进行更多的交易，只有12%的人计划减少交易。业余疫情面包师已经停止揉捏酸面团面包；交易者只会变得越来越饥饿。</blockquote></p><p> A sustained bear market would spoil such an appetite, as it did when the dot-com bubble burst. For now, dips are reasons to hold or buy.</p><p><blockquote>持续的熊市会破坏这种食欲，就像互联网泡沫破裂时一样。目前，下跌是持有或买入的理由。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/25a79e71371c165f9a3a5085931fc487\" tg-width=\"979\" tg-height=\"649\"></p><p><blockquote></blockquote></p><p> “I’ve seen that the ‘buy the dip’ sentiment hasn’t relented for a moment,” wrote Brandon Luczek, an electronics technician for the U.S. Navy who trades with friends online, in an email to&nbsp;Barron’s.</p><p><blockquote>“美国海军电子技术员布兰登-卢切克（Brandon Luczek）在给《巴伦周刊》的一封电子邮件中写道：”我看到'逢低买入'的情绪一刻也没有减弱。</blockquote></p><p> The meme stock surge has been propelled by a rise in trading by retail investors. In 2020, online brokers signed clients at a record pace, with more than 10 million people opening new accounts. That record will almost certainly be broken in 2021. Brokers had already added more than 10 million accounts less than halfway into the year, some of the top firms have disclosed.</p><p><blockquote>迷因股票飙升是由散户投资者交易的增加推动的。2020年，在线经纪商以创纪录的速度签约客户，超过1000万人开设了新账户。这一记录几乎肯定会在2021年被打破。一些顶级公司透露，在今年不到一半的时间里，经纪商已经增加了超过 1000 万个账户。</blockquote></p><p> Meme stocks are both the cart and the horse of this phenomenon. Their sudden price spikes are driven by new investors, and then that action drives even more new people to invest. Millions of people downloaded investing apps in late January and early February just to be a part of the fun. A recent&nbsp;Charles Schwab(SCHW) survey found that 15% of all current traders began investing after 2020.</p><p><blockquote>模因股票既是这种现象的推车，也是马。他们的价格突然飙升是由新投资者推动的，然后这一行动推动更多的新人投资。数百万人在 1 月底和 2 月初下载了投资应用程序，只是为了享受乐趣。嘉信理财（SCHW）最近的一项调查发现，15%的现有交易者在2020年后开始投资。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/167386c6881a258922ad62caaf7a05f4\" tg-width=\"971\" tg-height=\"644\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/8e29e3041b91070252ab9063d1a11fa2\" tg-width=\"975\" tg-height=\"642\"><img src=\"https://static.tigerbbs.com/f9cc1c0bd6368721c0eca87e25719f16\" tg-width=\"964\" tg-height=\"641\"></p><p><blockquote></blockquote></p><p> The most prominent player in the surge is Robinhood, which said it had added 5.5 million funded accounts in the first quarter alone. But it isn’t alone. Fidelity, for instance, announced that it had attracted 1.6 million new customers under the age of 35 in the first quarter, 223% more than a year before.</p><p><blockquote>激增中最突出的参与者是 Robinhood，该公司表示仅在第一季度就增加了 550 万个资金账户。但它并不孤单。例如，富达宣布，第一季度吸引了 160 万 35 岁以下的新客户，比去年同期增长了 223%。</blockquote></p><p> Under pressure from Robinhood’s zero-commission model, all of the major brokers cut commissions to zero in 2019. That opened the floodgates to a new group of customers—one that may not have as much spare cash to trade but is more active and diverse than its predecessors. And the brokers are cashing in. Fidelity is hoping to attract investors before they even have driver’s licenses, allowing children as young as 13 to open trading accounts. Robinhood is riding the momentum to an initial public offering that analysts expect to value it at more than 10 times its revenue.</p><p><blockquote>在 Robinhood 零佣金模式的压力下，所有主要经纪商都在 2019 年将佣金降至零。这为新客户群体打开了闸门——他们可能没有那么多闲置现金进行交易，但比前辈更加活跃和多样化。经纪人正在套现。富达希望在投资者获得驾照之前就吸引他们，允许年仅 13 岁的儿童开设交易账户。Robinhood 正在乘势而上进行首次公开募股，分析师预计其估值将超过其收入的 10 倍。</blockquote></p><p> These new customers act differently than their older peers. For years, there was a “big gravitation toward ETFs,” says Chris Larkin, head of trading at E*Trade, which is now owned by Morgan Stanley (MS). But picking single stocks is clearly “the big story of 2021.”</p><p><blockquote>这些新客户的行为与他们的老同行不同。E*Trade 交易主管克里斯-拉金（Chris Larkin）说，多年来，“ETF 一直备受青睐”，E*Trade 现归摩根士丹利（MS）所有。但挑选个股显然是 “2021 年的大新闻”。</blockquote></p><p> To be sure, equity exchange-traded funds are still doing well, as investors around the world bet on the pandemic recovery and avoid weak bond yields.</p><p><blockquote>可以肯定的是，随着世界各地的投资者押注疫情复苏并避免疲软的债券收益率，股票交易所交易基金仍然表现良好。</blockquote></p><p></p><p> But ETFs don’t light up the message boards like stocks do. Not that it has been a one-way ride for the top names. GameStop did dip in February, and Wall Street enjoyed a moment of schadenfreude. It didn’t last.</p><p><blockquote>但 ETF 不像股票那样点亮留言板。这并不是说顶级公司的单行道。游戏驿站二月份确实下跌，华尔街享受了幸灾乐祸的时刻。它并没有持续多久。</blockquote></p><p> “Like cicadas, meme traders returned in a wild blaze of activity after being seemingly underground for several months,” wrote Steve Sosnick, chief strategist at Interactive Brokers. Sosnick believes that the meme stocks tend to trade inversely to cryptocurrencies, because their fans rotate from one to the other as the momentum shifts.</p><p><blockquote>“盈透证券（Interactive Brokers）首席策略师史蒂夫-索斯尼克（Steve Sosnick）写道：”就像蝉一样，备忘录交易者在表面上隐匿了几个月后又重新活跃起来。索斯尼克认为，模因股票的交易往往与加密货币相反，因为随着势头的变化，它们的粉丝会从一种货币转向另一种货币。</blockquote></p><p> “I don’t think it’s strictly a coincidence that meme stocks roared back to life after a significant correction in Bitcoin and other cryptocurrencies,” he wrote.</p><p><blockquote>“他写道：”我不认为，在比特币和其他加密货币大幅回调后，备忘录股票卷土重来完全是巧合。</blockquote></p><p> Sosnick considers meme stocks a “sector unto themselves,” one that he segregates on his computer monitor away from other stock tickers.</p><p><blockquote>索斯尼克认为备忘录股票是一个 “独立的板块”，他在电脑显示器上将其与其他股票代码分开。</blockquote></p><p> Indeed, Wall Street’s reaction to the meme stock revolution has been to isolate the parts of the market that the pros deem irrational. Most short sellers won’t touch the stocks, and analysts are dropping coverage.</p><p><blockquote>事实上，华尔街对备忘录股票革命的反应一直是孤立专业人士认为不理性的市场部分。大多数卖空者不会碰这些股票，分析师也在放弃报道。</blockquote></p><p> But Wall Street can’t swat the retail army away like cicadas, or count on them disappearing for the next 17 years. Stock trading has permanently shifted. This year, retail activity accounts for 24% of equity volume, up from 15% in 2019. Adherents to the new creed are not passive observers willing to let Wall Street manage the markets.</p><p><blockquote>但华尔街不能像蝉一样把零售大军赶走，也不能指望它们在未来 17 年内消失。股票交易已经发生了永久性的变化。今年，零售活动占股本量的 24%，高于 2019 年的 15%。新信条的追随者不是愿意让华尔街管理市场的被动观察者。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/710e642d3b685b74f8c9dcaf46ef3e0b\" tg-width=\"968\" tg-height=\"643\"></p><p><blockquote></blockquote></p><p> “What this really reflects is a reversal of the trends that we saw toward less and less engagement with individual companies,” says Joshua Mitts, a professor at Columbia Law School specializing in securities markets. “Technology is bringing the average investor closer to the companies in which he or she invests, and that’s just taking on new and unpredictable forms.”</p><p><blockquote>“哥伦比亚法学院（Columbia Law School）专门研究证券市场的教授约书亚-米茨（Joshua Mitts）说：”这实际上反映了我们所看到的趋势的逆转，即与个别公司的接触越来越少。“技术正在拉近普通投资者与他或她所投资的公司的距离，而这只是以新的、不可预测的形式出现。”</blockquote></p><p> The swings you get can definitely make you feel some sort of way.</p><p><blockquote>你得到的秋千肯定会让你有某种感觉。</blockquote></p><p> — Matt Kohrs, 26, who streams stock analysis daily on YouTube</p><p><blockquote>— Matt Kohrs，26 岁，每天在 YouTube 上直播股票分析</blockquote></p><p> It is now changing the lives of those who got in early and are still riding the names higher.</p><p><blockquote>它现在正在改变那些早早加入的人的生活，并且仍然在更高的名字上。</blockquote></p><p> Take Matt Kohrs, who had invested in AMC Entertainment early. He quit his job as a programmer in New York in February, moved to Philadelphia, and started streaming&nbsp;stock analysis on YouTube&nbsp;for seven hours a day.</p><p><blockquote>以马特·科尔斯为例，他很早就投资了AMC院线。今年2月，他辞去了纽约程序员的工作，搬到了费城，并开始在YouTube上每天7个小时直播股票分析。</blockquote></p><p> With 350,000 YouTube followers, it’s paying the bills. With his earnings from ads and from the stock, Kohrs says he can pull down roughly the same salary he made before. But he also knows that relying on earnings from stocks like this is nothing like a 9-to-5 job.</p><p><blockquote>YouTube 拥有 35 万粉丝，它正在支付账单。科尔斯说，凭借广告和股票的收入，他可以拿到与以前大致相同的工资。但他也知道，像这样依赖股票收益与朝九晚五的工作完全不同。</blockquote></p><p> “The swings you get can definitely make you feel some sort of way,” he says.</p><p><blockquote>“他说：”你得到的秋千肯定会让你有某种感觉。</blockquote></p><p> Companies are starting to react more aggressively, too. They are either embracing their new owners or paying meme-ologists to understand the emoji-filled language of the new Wall Street so they can ward them off or appease them.</p><p><blockquote>公司也开始做出更积极的反应。他们要么拥抱他们的新主人，要么付钱给迷因学家来理解新华尔街充满表情符号的语言，这样他们就可以阻止他们或安抚他们。</blockquote></p><p> AMC even canceled a proposed equity raise this past week because the company apparently didn’t like the vibes it was getting from the Reddit crowd. AMC has already quintupled its share count over the past year. CEO Adam Aron tweeted that he had seen “many yes, many no” reactions to his proposal to issue 25 million more shares, so it will be canceled instead of being presented for a vote at AMC’s annual meeting later this month. The company did not respond to a question on how it had polled shareholders.</p><p><blockquote>AMC 甚至在上周取消了一项拟议的股权融资，因为该公司显然不喜欢 Reddit 人群的反响。过去一年，AMC 的股票数量已经增加了五倍。首席执行官亚当-阿伦（Adam Aron）在推特上表示，他看到了 “许多人赞成，许多人反对 ”对他增发 2500 万股股票的提议的反应，因此该提议将被取消，而不是在本月晚些时候的 AMC 年会上进行表决。该公司没有回答有关如何调查股东的问题。</blockquote></p><p> Forget the boardroom. Corporate policy is now being determined in the chat room.</p><p><blockquote>忘了会议室吧。公司政策现在正在聊天室里决定。</blockquote></p><p> Big investors are spending more time tracking social-media discussions about stocks. Bank of America found in a survey this year that about 25% of institutions had already been tracking social-media sentiment, but that about 40% are interested in using it going forward.</p><p><blockquote>大投资者正在花费更多时间跟踪社交媒体上有关股票的讨论。美国银行在今年的一项调查中发现，大约25%的机构已经在跟踪社交媒体情绪，但大约40%的机构有兴趣在未来使用它。</blockquote></p><p> In the past few months, Bank of America, Morgan Stanley, and J.P. Morgan have all produced reports on how to trade around the retail action, coming to somewhat different conclusions.</p><p><blockquote>在过去的几个月里，美国银行、摩根士丹利和摩根大通都发布了关于如何围绕零售行动进行交易的报告，得出了有些不同的结论。</blockquote></p><p> There can be “alpha in the signal,” as Morgan Stanley put it, but it can take some intense number-crunching to get there. Not all message-board chatter leads to sustained price gains, of course, and retail order flow cannot easily be separated from institutional flow without substantial data analysis. For investors with the tools to pinpoint which stocks retail investors are buying and which they are selling, J.P. Morgan suggests going long on the 20% of stocks with the most buying interest and short on the top 20% in selling interest.</p><p><blockquote>正如摩根士丹利所说，信号中可能存在 “阿尔法”，但要实现这一目标可能需要一些紧张的数字运算。当然，并不是所有的留言板聊天都会导致价格持续上涨，如果没有大量的数据分析，零售订单流很难与机构流分开。对于拥有工具来确定散户投资者正在购买哪些股票和正在出售哪些股票的投资者来说，摩根大通建议做多买入兴趣最高的 20% 的股票，做空卖出兴趣最高的 20% 的股票。</blockquote></p><p> For now, many of the institutions buying data on social-media sentiment appear to be trying to reduce their risks, as opposed to scouting new opportunities, according to Boris Spiwak of alternative data firm Thinknum, which offers products that track social-media sentiment. “They see it as almost like an insurance policy, to limit their downside risks,” he says.</p><p><blockquote>提供跟踪社交媒体情绪产品的另类数据公司Thinknum的鲍里斯·斯皮瓦克(Boris Spiwak)表示，目前，许多购买社交媒体情绪数据的机构似乎都在试图降低风险，而不是寻找新的机会。“他说：”他们认为这几乎就像一份保险，以限制他们的下行风险。</blockquote></p><p></p><p> For retail traders, the method isn’t always scientific. The action is sustained by a community ethos. And the force behind it is as much emotional and moral as financial.</p><p><blockquote>对于零售商来说，这种方法并不总是科学的。这一行动是由社区精神支撑的。其背后的力量既是情感上的，也是道德上的，也是经济上的。</blockquote></p><p> New investors say they are motivated by a desire to prove themselves and punish the old guard as much as by profits. They learn from one another about the market, sometimes amplifying or debunking conspiracy theories about Wall Street. Some link the meme-stock movement to continued mistrust of big financial institutions stemming from the 2008 financial crisis.</p><p><blockquote>新投资者表示，他们的动机是希望证明自己，并像利润一样惩罚保守派。他们互相学习市场，有时会放大或揭穿关于华尔街的阴谋论。一些人将模因股票运动与2008年金融危机引发的对大型金融机构的持续不信任联系起来。</blockquote></p><p> “Wall Street brought our economy to its knees, and no one ever got in trouble for it,” says the 26-year-old Kohrs. “So, I think they view this as not only can we make money, but we can also make these hedge funds on Wall Street pay.”</p><p><blockquote>“26 岁的科尔斯说：”华尔街让我们的经济陷入困境，但没有人因此惹上麻烦。“所以，我认为他们认为我们不仅可以赚钱，还可以让华尔街的这些对冲基金付钱。”</blockquote></p><p> Claire Hirschberg is a 28-year-old union organizer who bought about $50 worth of GameStop stock on Robinhood in January after hearing about it from friends. She liked the idea, but what really got her excited about it was the reaction of her father, a longtime money manager. “He was so mad I had bought GameStop and was refusing to sell,” she says, laughing. “And that just makes me want to hold it forever.”</p><p><blockquote>克莱尔·赫希伯格 (Claire Hirschberg) 是一名 28 岁的工会组织者，她在 1 月份从朋友那里听说 Robinhood 上购买了价值约 50 美元的游戏驿站股票。她喜欢这个想法，但真正让她兴奋的是她父亲的反应，他是一名长期的资金经理。“她笑着说：”他很生气我买了游戏驿站，还不肯卖。“这让我想永远拿着它。”</blockquote></p><p> Just like old Wall Street has rituals and codes, the new one does, too. A new investment banking employee learns quickly that you don’t wear a Ferragamo tie until after you make associate. You never leave the office until the managing director does, and you don’t complain about the hours. And the bad guys are the regulators and Sen. Elizabeth Warren, and not in that order.</p><p><blockquote>就像老华尔街有仪式和准则一样，新华尔街也有。一位新的投资银行员工很快就会知道，在你成为合伙人之前，你不会打菲拉格慕领带。在总经理离开之前，你从不离开办公室，你也不会抱怨工作时间。坏人是监管者和参议员伊丽莎白·沃伦，而且不是按顺序。</blockquote></p><p> The new trading desk—the apps that millions of retail traders now use and the message boards where they congregate—have unspoken rules, too. Publicly acknowledging financial losses is a valiant act, evidence of internal fortitude and belief in the group. You don’t take yourself seriously and you don’t police language. You are part of an army of “apes” or “retards.” You hold through the crashes, even if it means you might lose everything. And the bad guys are the short sellers, the market makers, and the Wall Street elites, in that order.</p><p><blockquote>新的交易台——数百万散户交易者现在使用的应用程序和他们聚集的留言板——也有潜规则。公开承认财务损失是一种勇敢的行为，是内部坚韧和对本集团信念的证明。你不把自己当回事，也不规范语言。你是 “猿类 ”或 “弱智 ”大军的一员。你坚持住，即使这意味着你可能会失去一切。坏人依次是卖空者、做市商和华尔街精英。</blockquote></p><p> The group action is not just for moral support. The trading strategy depends on people keeping up the buying pressure to force a short squeeze or to buy bullish options that trigger what’s known as a gamma squeeze.</p><p><blockquote>集体行动不仅仅是为了精神支持。交易策略取决于人们保持买入压力，迫使做空，或买入看涨期权，从而引发所谓的伽马挤压。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/75d79c78a14cc8f297e17397cc54bdb5\" tg-width=\"1260\" tg-height=\"840\"><span>Keith Gill became the face of the Reddit army of retail traders pushing shares of GameStop higher when he appeared virtually before a House Financial Services Committee hearing in February.</span></p><p><blockquote><p class=\"t-img-caption\"><span>基思·吉尔 (Keith Gill) 在二月份众议院金融服务委员会听证会上虚拟露面，成为 Reddit 散户交易员大军推高游戏驿站股价的代言人。</span></p></blockquote></p><p> Many short sellers say they won’t touch these stocks anymore. But clearly, others aren’t taking that advice and are giving the meme movement oxygen by repeatedly betting against the stocks. AMC’s short interest was at 17% of the stock’s float in mid-June, down from 28% in January, but not by much.</p><p><blockquote>许多卖空者表示，他们不会再碰这些股票了。但显然，其他人并没有采纳这一建议，而是通过反复做空股票来给备忘录运动注入氧气。6 月中旬，AMC 的空头权益占该股流通量的 17%，低于 1 月份的 28%，但降幅不大。</blockquote></p><p> As the price rises, the shorts can’t help themselves. They start “drooling, with flames coming out of their ears,” says Michael Pachter, a Wedbush Securities analyst who has covered GameStop for years. “What’s kind of shocked me is the definition of insanity, which is doing the same thing over and over and over again and hoping for a different outcome each time, and the shorts keep coming back,” he says. “And [GameStop bull] Keith Gill and his Reddit raiders keep squeezing them, and it keeps working.”</p><p><blockquote>随着价格上涨，空头们也控制不住自己。多年来一直关注游戏驿站的韦德布什证券分析师迈克尔-帕切特（Michael Pachter）说，他们开始 “流口水，耳朵里冒出火焰”。“他说：”让我感到震惊的是精神错乱的定义，就是一遍又一遍地做同样的事情，每次都希望有不同的结果，而空头却不断出现。“[游戏驿站公牛]基思-吉尔（Keith Gill）和他的 Reddit raiders 一直在挤压他们，而且一直在起作用。”</blockquote></p><p> To beat the short sellers, the Reddit crowd needs to hold together, but the community has been showing cracks at times. The two meme stocks with the most determined fan bases—GameStop and AMC—still have enormous armies of core believers who do not seem easily swayed. But other names seem to have more-fickle backers. Several stocks caught up in the meme madness have come crashing down to earth.Bed Bath &amp; Beyond(BBBY) spiked twice—in late January and early June—but now trades only slightly above its mid-January levels. People who bought during the upswings have lost money.</p><p><blockquote>为了击败卖空者，Reddit 人群需要团结起来，但该社区有时会出现裂缝。拥有最坚定粉丝群的两只模因股票——游戏驿站和 AMC——仍然拥有庞大的核心信徒大军，他们似乎不容易动摇。但其他名字似乎有更善变的支持者。几只陷入迷因疯狂的股票已经崩溃。 Bed Bath &amp; Beyond (BBBY) 在 1 月底和 6 月初两次飙升，但现在的交易价格仅略高于 1 月中旬的水平。在上涨期间买入的人已经赔钱了。</blockquote></p><p> Distrust has spread, and some traders worry that wallstreetbets— the original Reddit message board that inspired the GameStop frenzy—has grown so fast that it has lost its original spirit, and potentially grown vulnerable to manipulation. Some have moved to other message boards, like r/superstonk, in hopes of reclaiming the old community’s flavor.</p><p><blockquote>不信任已经蔓延，一些交易员担心 wallstreetbets——激发游戏驿站狂热的最初 Reddit 留言板——发展如此之快，以至于它已经失去了最初的精神，并可能变得容易受到操纵。有些人搬到了其他留言板，如 r/superstonk，希望能重现老社区的风味。</blockquote></p><p> Travis Rehl, the founder of social-media tracking company Hype Equity, says that he tries to separate possible manipulators from more organic investor sentiment. Hype Equity is usually hired by public-relations firms representing companies that are being talked about online, he says. Now, he sees a growing trend of stocks that suddenly come up on message boards, receive positive chatter, and then disappear.</p><p><blockquote>社交媒体跟踪公司 Hype Equity 的创始人特拉维斯·雷尔 (Travis Rehl) 表示，他试图将可能的操纵者与更有机的投资者情绪区分开来。他说，炒作股权通常由代表网上谈论的公司的公关公司雇佣。现在，他看到了一种不断增长的趋势，即股票突然出现在留言板上，收到积极的聊天，然后消失。</blockquote></p><p></p><p> “It’s called into question what is a true discussion versus what is something that somebody just wants to pump,” he says. The moderators of wallstreetbets forbid market manipulation on the platform, and Rehl say they appear to work hard to police misinformation. The moderators did not respond to a request from&nbsp;Barron’s&nbsp;for comment.</p><p><blockquote>“他说：”这让人怀疑什么是真正的讨论，什么是某人只想炒作的东西。wallstreetbets 的版主禁止在该平台上操纵市场，Rehl 表示，他们似乎正在努力遏制错误信息。主持人没有回应《巴伦周刊》的置评请求。</blockquote></p><p> “If you can create enough buzz to get a stock that goes up 10%, 20%, even 50% in a short period of time, there’s a tremendous incentive to do that,” Sosnick says.</p><p><blockquote>“索斯尼克说：”如果你能制造足够的轰动效应，让一只股票在短时间内上涨 10%、20%，甚至 50%，那么你就有巨大的动力去做这件事。</blockquote></p><p> The Securities and Exchange Commission is watching for funny business on the message boards. SEC Chairman Gary Gensler and some members of Congress have discussed changing market rules with the intention of adding transparency protecting retail traders—although changes could also anger the retail crowd if they slow down trading or make it more expensive.</p><p><blockquote>美国证券交易委员会正在关注留言板上的有趣交易。美国证券交易委员会主席加里·詹斯勒（Gary Gensler）和一些国会议员讨论了改变市场规则，目的是增加保护散户交易者的透明度——尽管如果这些变化减缓交易速度或使交易成本更高，也可能激怒零售人群。</blockquote></p><p> Regulations aren’t the only thing that could deflate this trend. Dan Egan, vice president of behavioral finance and investing at fintech Betterment, thinks the momentum may run out of steam in September. Even “apes” have responsibilities. “Kids start going back to schools; parents are free to go to work again,” he says. “That’s the next time there’s going to be some oxygen pulled out of the room.”</p><p><blockquote>监管并不是唯一能遏制这一趋势的因素。fintech Betterment 行为金融和投资副总裁丹·伊根 (Dan Egan) 认为，这种势头可能会在 9 月份耗尽。即使是 “猿猴 ”也有责任。“他说：”孩子们开始重返校园；家长们也可以自由地再次上班了。“那是下一次从房间里抽出氧气的时候了。”</blockquote></p><p> Traditional investors may be tempted to write off the entire phenomenon as temporary madness inspired by lockdowns and free government money. But that would be a mistake. If zero-commission brokerages and fun with GameStop broke down barriers for millions of new investors to open accounts, it’s almost certainly a good thing, as long as most people bet with money they don’t need immediately. Many new retail traders say they are teaching themselves how to trade, and have begun to diversify their holdings.</p><p><blockquote>传统投资者可能会倾向于将整个现象视为由封锁和免费政府资金引发的暂时疯狂。但那将是一个错误。如果零佣金经纪和游戏驿站乐趣打破了数百万新投资者开户的障碍，那么只要大多数人用他们并不立即需要的钱下注，这几乎肯定是一件好事。许多新零售商表示，他们正在自学如何交易，并开始分散持股。</blockquote></p><p> In one form or another, this is the future client base of Wall Street.</p><p><blockquote>无论如何，这是华尔街未来的客户群。</blockquote></p><p> Arizona State University professor Hendrik Bessembinder published groundbreaking&nbsp;research&nbsp;in 2018 that found that “a randomly selected stock in a randomly selected month is more likely to lose money than make money.” In short, picking single stocks and holding a concentrated portfolio tends to be a losing strategy.</p><p><blockquote>亚利桑那州立大学教授亨德里克-贝森宾德（Hendrik Bessembinder）在2018年发表了一项开创性的研究，发现“在随机选择的月份随机选择的股票，亏损的可能性大于赚钱的可能性”。简而言之，挑选单只股票并持有集中投资组合往往是一种失败的策略。</blockquote></p><p> Even so, he’s encouraged by the new wave of trading. “I welcome the increase in retail trading, the idea of the stock market being a place with wide participation,” Bessembinder says. “Economists can’t tell people they shouldn’t get some fun.”</p><p><blockquote>即便如此，他还是对新一波交易感到鼓舞。“贝森宾德说：”我欢迎零售交易的增加，欢迎股票市场成为一个广泛参与的地方。“经济学家不能告诉人们他们不应该找点乐子”。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/the-meme-stock-trade-is-far-from-over-what-investors-need-to-know-51625875247?mod=hp_HERO\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CARV":"卡弗储蓄","AMC":"AMC院线","SCHW":"嘉信理财","NEGG":"Newegg Comm Inc.","CLOV":"Clover Health Corp","WKHS":"Workhorse Group, Inc.","BB":"黑莓","GME":"游戏驿站"},"source_url":"https://www.barrons.com/articles/the-meme-stock-trade-is-far-from-over-what-investors-need-to-know-51625875247?mod=hp_HERO","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1112201050","content_text":"It seemed to be only a matter of time.\nWhen GameStop (ticker: GME), BlackBerry (BB), and even the desiccated carcass of Blockbuster suddenly sprang to life in January, the clock was already ticking for when they would crash again. Would it be hours, days, or weeks?\nIt has now been half a year, and the core “meme stocks” are still trading at levels considered outrageous by people who have studied them for years. New names like Clover Health Investments(CLOV) and Newegg Commerce(NEGG) have recently popped up on message boards, and their stocks have popped, too.\nThe collective efforts of millions of retail traders—long derided as “the dumb money”—have successfully held stocks aloft and forced naysayers to capitulate.\nThat is true even as the companies they are betting on have shown scant signs of transforming their businesses, or turning profits that might justify their valuations. BlackBerry burned cash in its latest quarter and warned that its key cybersecurity division would hit the low end of its revenue guidance; the stock dipped on the news but has still more than doubled in the past year.\nWhile trading volume at the big brokers has come down slightly from its February peak, it remains two to three times as high as it was before the pandemic. And a startling amount of that activity is occurring in stocks favored by retail traders. The average daily value of shares traded in AMC Entertainment Holdings(AMC), for example, reached $13.1 billion in June, more than Apple’s(AAPL) $9.5 billion and Amazon.com’s (AMZN) $10.3 billion.\nEven as the coronavirus fades in the U.S., most new traders say they are committed to the hobby they learned during lockdown—58% of day traders in a Betterment survey said they are planning to trade even more in the future, and only 12% plan to trade less. Amateur pandemic bakers have stopped kneading sourdough loaves; traders are only getting hungrier.\nA sustained bear market would spoil such an appetite, as it did when the dot-com bubble burst. For now, dips are reasons to hold or buy.\n\n“I’ve seen that the ‘buy the dip’ sentiment hasn’t relented for a moment,” wrote Brandon Luczek, an electronics technician for the U.S. Navy who trades with friends online, in an email to Barron’s.\nThe meme stock surge has been propelled by a rise in trading by retail investors. In 2020, online brokers signed clients at a record pace, with more than 10 million people opening new accounts. That record will almost certainly be broken in 2021. Brokers had already added more than 10 million accounts less than halfway into the year, some of the top firms have disclosed.\nMeme stocks are both the cart and the horse of this phenomenon. Their sudden price spikes are driven by new investors, and then that action drives even more new people to invest. Millions of people downloaded investing apps in late January and early February just to be a part of the fun. A recent Charles Schwab(SCHW) survey found that 15% of all current traders began investing after 2020.\n\nThe most prominent player in the surge is Robinhood, which said it had added 5.5 million funded accounts in the first quarter alone. But it isn’t alone. Fidelity, for instance, announced that it had attracted 1.6 million new customers under the age of 35 in the first quarter, 223% more than a year before.\nUnder pressure from Robinhood’s zero-commission model, all of the major brokers cut commissions to zero in 2019. That opened the floodgates to a new group of customers—one that may not have as much spare cash to trade but is more active and diverse than its predecessors. And the brokers are cashing in. Fidelity is hoping to attract investors before they even have driver’s licenses, allowing children as young as 13 to open trading accounts. Robinhood is riding the momentum to an initial public offering that analysts expect to value it at more than 10 times its revenue.\nThese new customers act differently than their older peers. For years, there was a “big gravitation toward ETFs,” says Chris Larkin, head of trading at E*Trade, which is now owned by Morgan Stanley (MS). But picking single stocks is clearly “the big story of 2021.”\nTo be sure, equity exchange-traded funds are still doing well, as investors around the world bet on the pandemic recovery and avoid weak bond yields.\nBut ETFs don’t light up the message boards like stocks do. Not that it has been a one-way ride for the top names. GameStop did dip in February, and Wall Street enjoyed a moment of schadenfreude. It didn’t last.\n“Like cicadas, meme traders returned in a wild blaze of activity after being seemingly underground for several months,” wrote Steve Sosnick, chief strategist at Interactive Brokers. Sosnick believes that the meme stocks tend to trade inversely to cryptocurrencies, because their fans rotate from one to the other as the momentum shifts.\n“I don’t think it’s strictly a coincidence that meme stocks roared back to life after a significant correction in Bitcoin and other cryptocurrencies,” he wrote.\nSosnick considers meme stocks a “sector unto themselves,” one that he segregates on his computer monitor away from other stock tickers.\nIndeed, Wall Street’s reaction to the meme stock revolution has been to isolate the parts of the market that the pros deem irrational. Most short sellers won’t touch the stocks, and analysts are dropping coverage.\nBut Wall Street can’t swat the retail army away like cicadas, or count on them disappearing for the next 17 years. Stock trading has permanently shifted. This year, retail activity accounts for 24% of equity volume, up from 15% in 2019. Adherents to the new creed are not passive observers willing to let Wall Street manage the markets.\n\n“What this really reflects is a reversal of the trends that we saw toward less and less engagement with individual companies,” says Joshua Mitts, a professor at Columbia Law School specializing in securities markets. “Technology is bringing the average investor closer to the companies in which he or she invests, and that’s just taking on new and unpredictable forms.”\nThe swings you get can definitely make you feel some sort of way.\n— Matt Kohrs, 26, who streams stock analysis daily on YouTube\nIt is now changing the lives of those who got in early and are still riding the names higher.\nTake Matt Kohrs, who had invested in AMC Entertainment early. He quit his job as a programmer in New York in February, moved to Philadelphia, and started streaming stock analysis on YouTube for seven hours a day.\nWith 350,000 YouTube followers, it’s paying the bills. With his earnings from ads and from the stock, Kohrs says he can pull down roughly the same salary he made before. But he also knows that relying on earnings from stocks like this is nothing like a 9-to-5 job.\n“The swings you get can definitely make you feel some sort of way,” he says.\nCompanies are starting to react more aggressively, too. They are either embracing their new owners or paying meme-ologists to understand the emoji-filled language of the new Wall Street so they can ward them off or appease them.\nAMC even canceled a proposed equity raise this past week because the company apparently didn’t like the vibes it was getting from the Reddit crowd. AMC has already quintupled its share count over the past year. CEO Adam Aron tweeted that he had seen “many yes, many no” reactions to his proposal to issue 25 million more shares, so it will be canceled instead of being presented for a vote at AMC’s annual meeting later this month. The company did not respond to a question on how it had polled shareholders.\nForget the boardroom. Corporate policy is now being determined in the chat room.\nBig investors are spending more time tracking social-media discussions about stocks. Bank of America found in a survey this year that about 25% of institutions had already been tracking social-media sentiment, but that about 40% are interested in using it going forward.\nIn the past few months, Bank of America, Morgan Stanley, and J.P. Morgan have all produced reports on how to trade around the retail action, coming to somewhat different conclusions.\nThere can be “alpha in the signal,” as Morgan Stanley put it, but it can take some intense number-crunching to get there. Not all message-board chatter leads to sustained price gains, of course, and retail order flow cannot easily be separated from institutional flow without substantial data analysis. For investors with the tools to pinpoint which stocks retail investors are buying and which they are selling, J.P. Morgan suggests going long on the 20% of stocks with the most buying interest and short on the top 20% in selling interest.\nFor now, many of the institutions buying data on social-media sentiment appear to be trying to reduce their risks, as opposed to scouting new opportunities, according to Boris Spiwak of alternative data firm Thinknum, which offers products that track social-media sentiment. “They see it as almost like an insurance policy, to limit their downside risks,” he says.\nFor retail traders, the method isn’t always scientific. The action is sustained by a community ethos. And the force behind it is as much emotional and moral as financial.\nNew investors say they are motivated by a desire to prove themselves and punish the old guard as much as by profits. They learn from one another about the market, sometimes amplifying or debunking conspiracy theories about Wall Street. Some link the meme-stock movement to continued mistrust of big financial institutions stemming from the 2008 financial crisis.\n“Wall Street brought our economy to its knees, and no one ever got in trouble for it,” says the 26-year-old Kohrs. “So, I think they view this as not only can we make money, but we can also make these hedge funds on Wall Street pay.”\nClaire Hirschberg is a 28-year-old union organizer who bought about $50 worth of GameStop stock on Robinhood in January after hearing about it from friends. She liked the idea, but what really got her excited about it was the reaction of her father, a longtime money manager. “He was so mad I had bought GameStop and was refusing to sell,” she says, laughing. “And that just makes me want to hold it forever.”\nJust like old Wall Street has rituals and codes, the new one does, too. A new investment banking employee learns quickly that you don’t wear a Ferragamo tie until after you make associate. You never leave the office until the managing director does, and you don’t complain about the hours. And the bad guys are the regulators and Sen. Elizabeth Warren, and not in that order.\nThe new trading desk—the apps that millions of retail traders now use and the message boards where they congregate—have unspoken rules, too. Publicly acknowledging financial losses is a valiant act, evidence of internal fortitude and belief in the group. You don’t take yourself seriously and you don’t police language. You are part of an army of “apes” or “retards.” You hold through the crashes, even if it means you might lose everything. And the bad guys are the short sellers, the market makers, and the Wall Street elites, in that order.\nThe group action is not just for moral support. The trading strategy depends on people keeping up the buying pressure to force a short squeeze or to buy bullish options that trigger what’s known as a gamma squeeze.\nKeith Gill became the face of the Reddit army of retail traders pushing shares of GameStop higher when he appeared virtually before a House Financial Services Committee hearing in February.\nMany short sellers say they won’t touch these stocks anymore. But clearly, others aren’t taking that advice and are giving the meme movement oxygen by repeatedly betting against the stocks. AMC’s short interest was at 17% of the stock’s float in mid-June, down from 28% in January, but not by much.\nAs the price rises, the shorts can’t help themselves. They start “drooling, with flames coming out of their ears,” says Michael Pachter, a Wedbush Securities analyst who has covered GameStop for years. “What’s kind of shocked me is the definition of insanity, which is doing the same thing over and over and over again and hoping for a different outcome each time, and the shorts keep coming back,” he says. “And [GameStop bull] Keith Gill and his Reddit raiders keep squeezing them, and it keeps working.”\nTo beat the short sellers, the Reddit crowd needs to hold together, but the community has been showing cracks at times. The two meme stocks with the most determined fan bases—GameStop and AMC—still have enormous armies of core believers who do not seem easily swayed. But other names seem to have more-fickle backers. Several stocks caught up in the meme madness have come crashing down to earth.Bed Bath & Beyond(BBBY) spiked twice—in late January and early June—but now trades only slightly above its mid-January levels. People who bought during the upswings have lost money.\nDistrust has spread, and some traders worry that wallstreetbets— the original Reddit message board that inspired the GameStop frenzy—has grown so fast that it has lost its original spirit, and potentially grown vulnerable to manipulation. Some have moved to other message boards, like r/superstonk, in hopes of reclaiming the old community’s flavor.\nTravis Rehl, the founder of social-media tracking company Hype Equity, says that he tries to separate possible manipulators from more organic investor sentiment. Hype Equity is usually hired by public-relations firms representing companies that are being talked about online, he says. Now, he sees a growing trend of stocks that suddenly come up on message boards, receive positive chatter, and then disappear.\n“It’s called into question what is a true discussion versus what is something that somebody just wants to pump,” he says. The moderators of wallstreetbets forbid market manipulation on the platform, and Rehl say they appear to work hard to police misinformation. The moderators did not respond to a request from Barron’s for comment.\n“If you can create enough buzz to get a stock that goes up 10%, 20%, even 50% in a short period of time, there’s a tremendous incentive to do that,” Sosnick says.\nThe Securities and Exchange Commission is watching for funny business on the message boards. SEC Chairman Gary Gensler and some members of Congress have discussed changing market rules with the intention of adding transparency protecting retail traders—although changes could also anger the retail crowd if they slow down trading or make it more expensive.\nRegulations aren’t the only thing that could deflate this trend. Dan Egan, vice president of behavioral finance and investing at fintech Betterment, thinks the momentum may run out of steam in September. Even “apes” have responsibilities. “Kids start going back to schools; parents are free to go to work again,” he says. “That’s the next time there’s going to be some oxygen pulled out of the room.”\nTraditional investors may be tempted to write off the entire phenomenon as temporary madness inspired by lockdowns and free government money. But that would be a mistake. If zero-commission brokerages and fun with GameStop broke down barriers for millions of new investors to open accounts, it’s almost certainly a good thing, as long as most people bet with money they don’t need immediately. Many new retail traders say they are teaching themselves how to trade, and have begun to diversify their holdings.\nIn one form or another, this is the future client base of Wall Street.\nArizona State University professor Hendrik Bessembinder published groundbreaking research in 2018 that found that “a randomly selected stock in a randomly selected month is more likely to lose money than make money.” In short, picking single stocks and holding a concentrated portfolio tends to be a losing strategy.\nEven so, he’s encouraged by the new wave of trading. “I welcome the increase in retail trading, the idea of the stock market being a place with wide participation,” Bessembinder says. “Economists can’t tell people they shouldn’t get some fun.”","news_type":1,"symbols_score_info":{"MRIN":0.9,"NEGG":0.9,"BBBY":0.9,"BB":0.9,"CARV":0.9,"AMC":0.9,"GME":0.9,"CLOV":0.9,"WKHS":0.9,"SCHW":0.9}},"isVote":1,"tweetType":1,"viewCount":2390,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":155743402,"gmtCreate":1625456442506,"gmtModify":1631884665635,"author":{"id":"3570704273473153","authorId":"3570704273473153","name":"NanSheng","avatar":"https://static.tigerbbs.com/3b9c7cbd5f4701e1436aa63c6c6c7fc5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3570704273473153","authorIdStr":"3570704273473153"},"themes":[],"title":"","htmlText":"China stocks got so much regulatory risk…….haiz [Sigh]&nbsp;","listText":"China stocks got so much regulatory risk…….haiz [Sigh]&nbsp;","text":"China stocks got so much regulatory risk…….haiz [Sigh]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/155743402","repostId":"1169840279","repostType":4,"isVote":1,"tweetType":1,"viewCount":1874,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":158871915,"gmtCreate":1625146524137,"gmtModify":1631890434701,"author":{"id":"3570704273473153","authorId":"3570704273473153","name":"NanSheng","avatar":"https://static.tigerbbs.com/3b9c7cbd5f4701e1436aa63c6c6c7fc5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3570704273473153","authorIdStr":"3570704273473153"},"themes":[],"title":"","htmlText":"[Smile]&nbsp;","listText":"[Smile]&nbsp;","text":"[Smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/158871915","repostId":"2148840288","repostType":4,"isVote":1,"tweetType":1,"viewCount":2727,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":125502054,"gmtCreate":1624678417878,"gmtModify":1631890434705,"author":{"id":"3570704273473153","authorId":"3570704273473153","name":"NanSheng","avatar":"https://static.tigerbbs.com/3b9c7cbd5f4701e1436aa63c6c6c7fc5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3570704273473153","authorIdStr":"3570704273473153"},"themes":[],"title":"","htmlText":"Like for the title&nbsp;","listText":"Like for the title&nbsp;","text":"Like for the title","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/125502054","repostId":"1177764085","repostType":4,"isVote":1,"tweetType":1,"viewCount":2339,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":167719819,"gmtCreate":1624284496331,"gmtModify":1631890434706,"author":{"id":"3570704273473153","authorId":"3570704273473153","name":"NanSheng","avatar":"https://static.tigerbbs.com/3b9c7cbd5f4701e1436aa63c6c6c7fc5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3570704273473153","authorIdStr":"3570704273473153"},"themes":[],"title":"","htmlText":"Nice, sth to take note this week","listText":"Nice, sth to take note this week","text":"Nice, sth to take note this week","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/167719819","repostId":"1154249454","repostType":4,"isVote":1,"tweetType":1,"viewCount":3222,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":135060641,"gmtCreate":1622122754983,"gmtModify":1631890434712,"author":{"id":"3570704273473153","authorId":"3570704273473153","name":"NanSheng","avatar":"https://static.tigerbbs.com/3b9c7cbd5f4701e1436aa63c6c6c7fc5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3570704273473153","authorIdStr":"3570704273473153"},"themes":[],"title":"","htmlText":"Hmm","listText":"Hmm","text":"Hmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/135060641","repostId":"1189362899","repostType":4,"isVote":1,"tweetType":1,"viewCount":611,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":135087696,"gmtCreate":1622122727715,"gmtModify":1631890434714,"author":{"id":"3570704273473153","authorId":"3570704273473153","name":"NanSheng","avatar":"https://static.tigerbbs.com/3b9c7cbd5f4701e1436aa63c6c6c7fc5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3570704273473153","authorIdStr":"3570704273473153"},"themes":[],"title":"","htmlText":"That’s gd news~","listText":"That’s gd news~","text":"That’s gd news~","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/135087696","repostId":"1159820095","repostType":4,"repost":{"id":"1159820095","kind":"news","pubTimestamp":1622119735,"share":"https://www.laohunote.com/m/news/1159820095?lang=zh_CN&edition=full","pubTime":"2021-05-27 20:48","market":"us","language":"en","title":"U.S. weekly jobless claims drop sharply; second-quarter GDP growth unrevised at 6.4 pct<blockquote>美国每周申请失业救济人数大幅下降；第二季度未经修正的GDP增长率为6.4%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1159820095","media":"Reuters","summary":"WASHINGTON (Reuters) - The number of Americans filing new claims for unemployment benefits dropped m","content":"<p>WASHINGTON (Reuters) - The number of Americans filing new claims for unemployment benefits dropped more than expected last week as layoffs subsided, with companies desperate for workers to meet surging demand unleashed by a rapidly reopening economy.</p><p><blockquote>华盛顿（路透社） - 随着裁员消退，上周申请失业救济的美国人数量降幅超过预期，企业急需工人来满足经济快速重新开放释放的激增需求。</blockquote></p><p>Initial claims for state unemployment benefits totaled a seasonally adjusted 406,000 for the week ended May 22, compared to 478,000 in the prior week, the Labor Department said on Thursday. That was the lowest since mid-March 2020 and kept claims below 500,000 for three straight weeks.</p><p><blockquote>美国劳工部周四表示，截至 5 月 22 日当周，经季节性调整后，首次申请州失业救济人数为 40.6 万人，而前一周为 47.8 万人。这是自 2020 年 3 月中旬以来的最低水平，并连续三周将申请人数保持在 50 万以下。</blockquote></p><p>Economists polled by Reuters had forecast 425,000 applications for the latest week. Though claims remain well above the 200,000 to 250,000 range that is viewed as consistent with healthy labor market conditions, they have dropped from a record 6.149 million in early April 2020.</p><p><blockquote>路透社调查的经济学家预测最近一周将有42.5万份申请。尽管申请失业救济人数仍远高于 20 万至 25 万人的范围，这被认为与健康的劳动力市场条件一致，但已从 2020 年 4 月初创纪录的 614.9 万人有所下降。</blockquote></p><p>Pandemic-related restrictions on businesses have been rolled back, with more than half of adults in the United States fully vaccinated against COVID-19, leaving factories, construction sites, restaurants and bars, among many, clamoring for workers.</p><p><blockquote>与大流行相关的企业限制已经取消，美国一半以上的成年人已经完全接种了 COVID-19 疫苗，工厂、建筑工地、餐馆和酒吧等地都在呼唤工人。</blockquote></p><p>The labor shortage, despite nearly 10 million Americans being officially unemployed, has been blamed on the safety net, strengthened during the pandemic by the government, to provide a temporary lifeline following the unprecedented economic and human carnage caused by the virus.</p><p><blockquote>尽管有近1000万美国人正式失业，但劳动力短缺被归咎于政府在疫情期间加强的安全网，以在病毒造成前所未有的经济和人类大屠杀后提供临时生命线。</blockquote></p><p>Republican governors in at least 23 states, including Florida and Texas, have announced they are ending unemployment programs funded by the federal government next month, including a weekly $300 subsidy, which businesses say are discouraging the jobless from seeking work.</p><p><blockquote>包括佛罗里达州和德克萨斯州在内的至少23个州的共和党州长宣布，他们将于下个月终止联邦政府资助的失业计划，包括每周300美元的补贴，企业表示这阻碍了失业者寻找工作。</blockquote></p><p>There is, however, no consensus that the generous unemployment benefits are keeping people home.</p><p><blockquote>然而，人们并不认为丰厚的失业救济金让人们呆在家里。</blockquote></p><p>According to JPMorgan economist, Daniel Silver, an analysis of unemployment rates, wage growth and labor force participation rates in the 23 states suggested the early termination of the special benefits programs was driven by politics rather than economics.</p><p><blockquote>根据摩根大通经济学家丹尼尔·西尔弗的说法，对23个州的失业率、工资增长和劳动力参与率的分析表明，提前终止特别福利计划是由政治而不是经济驱动的。</blockquote></p><p>“While some of these states have tight labor markets and strong earnings growth, many of them do not,” said Silver. “It therefore looks like politics, rather than economics, is driving decisions regarding the early ends to these programs.”</p><p><blockquote>“西尔弗说：”虽然其中一些州的劳动力市场紧张，收入增长强劲，但许多州却并非如此。“因此，推动这些计划提前结束的决定似乎是政治因素，而不是经济因素”。</blockquote></p><p>BACK AT WORK</p><p><blockquote>回去工作</blockquote></p><p>A survey by Poachedjobs.com, a national job board for the restaurant/hospitality industry, found most had returned to work, with a full schedule of 30-40 hours a week.</p><p><blockquote>Poachedjobs.com 是一家全国性的餐饮/酒店业就业委员会，其调查发现，大多数人已经重返工作岗位，每周工作 30-40 小时。</blockquote></p><p>For others, uncertainty about future restrictions on indoor dining and fears contracting the virus, whether they are vaccinated or not, were keeping them away.</p><p><blockquote>对于其他人来说，未来室内用餐限制的不确定性以及对感染病毒的恐惧，无论他们是否接种疫苗，都让他们远离。</blockquote></p><p>“Workers are returning to work,” said Ashley Lange</p><p><blockquote>“阿什利-兰格说：”工人们正在重返工作岗位。</blockquote></p><p>associate product manager at Poachedjobs.com. “It’s just happening at a slower pace than restaurant job creation, but this is a growing pain of millions of restaurants reopening at the same moment.”</p><p><blockquote>Poachedjobs.com的助理产品经理。“这只是发生的速度比餐馆创造就业机会的速度要慢，但对于数百万家餐馆同时重新开业来说，这是一个越来越大的痛苦”。</blockquote></p><p>The labor shortage is blamed for the modest 266,000 jobs created in April, a slowdown from the 770,000 added in March. Economists expect the early termination of the government-funded benefits and broadening economic re-engagement, will push claims even lower and shrink the jobless rolls in the months ahead.</p><p><blockquote>劳动力短缺是4月份创造的26.6万个就业岗位的原因，比3月份增加的77万个有所放缓。经济学家预计，政府资助的福利提前终止和扩大经济再参与将进一步推低申请人数，并在未来几个月减少失业人数。</blockquote></p><p>In addition to the pandemic’s easing grip, economic activity is also being fueled by nearly $6 trillion in relief provided by the government over the past year.</p><p><blockquote>除了大流行病的缓解外，政府在过去一年中提供了近 6 万亿美元的救济资金，也刺激了经济活动。</blockquote></p><p>A separate report from the Commerce Department on Thursday confirmed economic growth accelerated in the first quarter, thanks to the massive fiscal stimulus.</p><p><blockquote>美国商务部周四发布的另一份报告证实，得益于大规模财政刺激措施，第一季度经济增长加速。</blockquote></p><p>Gross domestic product increased at a 6.4% annualized rate last quarter, the government said in its second estimate for the first three months of the year. That was unrevised from the estimate reported last month and followed a 4.3% growth rate in the fourth quarter.</p><p><blockquote>政府在今年前三个月的第二次估计中表示，上季度国内生产总值按年率计算增长了 6.4%。这一数字与上个月报告的预测相比没有进行修正，第四季度的增长率为 4.3%。</blockquote></p><p>It was the second-fastest GDP growth since the third quarter of 2003 and kept the economy on track to pull above its pre-pandemic level this quarter.</p><p><blockquote>这是自 2003 年第三季度以来第二快的 GDP 增长，并使本季度经济有望超过疫情前的水平。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>U.S. weekly jobless claims drop sharply; second-quarter GDP growth unrevised at 6.4 pct<blockquote>美国每周申请失业救济人数大幅下降；第二季度未经修正的GDP增长率为6.4%</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\">\nU.S. weekly jobless claims drop sharply; second-quarter GDP growth unrevised at 6.4 pct<blockquote>美国每周申请失业救济人数大幅下降；第二季度未经修正的GDP增长率为6.4%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-05-27 20:48</span>\n</p>\n</h4>\n</header>\n<article>\n<p>WASHINGTON (Reuters) - The number of Americans filing new claims for unemployment benefits dropped more than expected last week as layoffs subsided, with companies desperate for workers to meet surging demand unleashed by a rapidly reopening economy.</p><p><blockquote>华盛顿（路透社） - 随着裁员消退，上周申请失业救济的美国人数量降幅超过预期，企业急需工人来满足经济快速重新开放释放的激增需求。</blockquote></p><p>Initial claims for state unemployment benefits totaled a seasonally adjusted 406,000 for the week ended May 22, compared to 478,000 in the prior week, the Labor Department said on Thursday. That was the lowest since mid-March 2020 and kept claims below 500,000 for three straight weeks.</p><p><blockquote>美国劳工部周四表示，截至 5 月 22 日当周，经季节性调整后，首次申请州失业救济人数为 40.6 万人，而前一周为 47.8 万人。这是自 2020 年 3 月中旬以来的最低水平，并连续三周将申请人数保持在 50 万以下。</blockquote></p><p>Economists polled by Reuters had forecast 425,000 applications for the latest week. Though claims remain well above the 200,000 to 250,000 range that is viewed as consistent with healthy labor market conditions, they have dropped from a record 6.149 million in early April 2020.</p><p><blockquote>路透社调查的经济学家预测最近一周将有42.5万份申请。尽管申请失业救济人数仍远高于 20 万至 25 万人的范围，这被认为与健康的劳动力市场条件一致，但已从 2020 年 4 月初创纪录的 614.9 万人有所下降。</blockquote></p><p>Pandemic-related restrictions on businesses have been rolled back, with more than half of adults in the United States fully vaccinated against COVID-19, leaving factories, construction sites, restaurants and bars, among many, clamoring for workers.</p><p><blockquote>与大流行相关的企业限制已经取消，美国一半以上的成年人已经完全接种了 COVID-19 疫苗，工厂、建筑工地、餐馆和酒吧等地都在呼唤工人。</blockquote></p><p>The labor shortage, despite nearly 10 million Americans being officially unemployed, has been blamed on the safety net, strengthened during the pandemic by the government, to provide a temporary lifeline following the unprecedented economic and human carnage caused by the virus.</p><p><blockquote>尽管有近1000万美国人正式失业，但劳动力短缺被归咎于政府在疫情期间加强的安全网，以在病毒造成前所未有的经济和人类大屠杀后提供临时生命线。</blockquote></p><p>Republican governors in at least 23 states, including Florida and Texas, have announced they are ending unemployment programs funded by the federal government next month, including a weekly $300 subsidy, which businesses say are discouraging the jobless from seeking work.</p><p><blockquote>包括佛罗里达州和德克萨斯州在内的至少23个州的共和党州长宣布，他们将于下个月终止联邦政府资助的失业计划，包括每周300美元的补贴，企业表示这阻碍了失业者寻找工作。</blockquote></p><p>There is, however, no consensus that the generous unemployment benefits are keeping people home.</p><p><blockquote>然而，人们并不认为丰厚的失业救济金让人们呆在家里。</blockquote></p><p>According to JPMorgan economist, Daniel Silver, an analysis of unemployment rates, wage growth and labor force participation rates in the 23 states suggested the early termination of the special benefits programs was driven by politics rather than economics.</p><p><blockquote>根据摩根大通经济学家丹尼尔·西尔弗的说法，对23个州的失业率、工资增长和劳动力参与率的分析表明，提前终止特别福利计划是由政治而不是经济驱动的。</blockquote></p><p>“While some of these states have tight labor markets and strong earnings growth, many of them do not,” said Silver. “It therefore looks like politics, rather than economics, is driving decisions regarding the early ends to these programs.”</p><p><blockquote>“西尔弗说：”虽然其中一些州的劳动力市场紧张，收入增长强劲，但许多州却并非如此。“因此，推动这些计划提前结束的决定似乎是政治因素，而不是经济因素”。</blockquote></p><p>BACK AT WORK</p><p><blockquote>回去工作</blockquote></p><p>A survey by Poachedjobs.com, a national job board for the restaurant/hospitality industry, found most had returned to work, with a full schedule of 30-40 hours a week.</p><p><blockquote>Poachedjobs.com 是一家全国性的餐饮/酒店业就业委员会，其调查发现，大多数人已经重返工作岗位，每周工作 30-40 小时。</blockquote></p><p>For others, uncertainty about future restrictions on indoor dining and fears contracting the virus, whether they are vaccinated or not, were keeping them away.</p><p><blockquote>对于其他人来说，未来室内用餐限制的不确定性以及对感染病毒的恐惧，无论他们是否接种疫苗，都让他们远离。</blockquote></p><p>“Workers are returning to work,” said Ashley Lange</p><p><blockquote>“阿什利-兰格说：”工人们正在重返工作岗位。</blockquote></p><p>associate product manager at Poachedjobs.com. “It’s just happening at a slower pace than restaurant job creation, but this is a growing pain of millions of restaurants reopening at the same moment.”</p><p><blockquote>Poachedjobs.com的助理产品经理。“这只是发生的速度比餐馆创造就业机会的速度要慢，但对于数百万家餐馆同时重新开业来说，这是一个越来越大的痛苦”。</blockquote></p><p>The labor shortage is blamed for the modest 266,000 jobs created in April, a slowdown from the 770,000 added in March. Economists expect the early termination of the government-funded benefits and broadening economic re-engagement, will push claims even lower and shrink the jobless rolls in the months ahead.</p><p><blockquote>劳动力短缺是4月份创造的26.6万个就业岗位的原因，比3月份增加的77万个有所放缓。经济学家预计，政府资助的福利提前终止和扩大经济再参与将进一步推低申请人数，并在未来几个月减少失业人数。</blockquote></p><p>In addition to the pandemic’s easing grip, economic activity is also being fueled by nearly $6 trillion in relief provided by the government over the past year.</p><p><blockquote>除了大流行病的缓解外，政府在过去一年中提供了近 6 万亿美元的救济资金，也刺激了经济活动。</blockquote></p><p>A separate report from the Commerce Department on Thursday confirmed economic growth accelerated in the first quarter, thanks to the massive fiscal stimulus.</p><p><blockquote>美国商务部周四发布的另一份报告证实，得益于大规模财政刺激措施，第一季度经济增长加速。</blockquote></p><p>Gross domestic product increased at a 6.4% annualized rate last quarter, the government said in its second estimate for the first three months of the year. That was unrevised from the estimate reported last month and followed a 4.3% growth rate in the fourth quarter.</p><p><blockquote>政府在今年前三个月的第二次估计中表示，上季度国内生产总值按年率计算增长了 6.4%。这一数字与上个月报告的预测相比没有进行修正，第四季度的增长率为 4.3%。</blockquote></p><p>It was the second-fastest GDP growth since the third quarter of 2003 and kept the economy on track to pull above its pre-pandemic level this quarter.</p><p><blockquote>这是自 2003 年第三季度以来第二快的 GDP 增长，并使本季度经济有望超过疫情前的水平。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.reuters.com/article/usa-economy/wrapup-1-u-s-weekly-jobless-claims-drop-sharply-second-quarter-gdp-growth-unrevised-at-6-4-pct-idUSL2N2ND2D4\">Reuters</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.reuters.com/article/usa-economy/wrapup-1-u-s-weekly-jobless-claims-drop-sharply-second-quarter-gdp-growth-unrevised-at-6-4-pct-idUSL2N2ND2D4","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1159820095","content_text":"WASHINGTON (Reuters) - The number of Americans filing new claims for unemployment benefits dropped more than expected last week as layoffs subsided, with companies desperate for workers to meet surging demand unleashed by a rapidly reopening economy.Initial claims for state unemployment benefits totaled a seasonally adjusted 406,000 for the week ended May 22, compared to 478,000 in the prior week, the Labor Department said on Thursday. That was the lowest since mid-March 2020 and kept claims below 500,000 for three straight weeks.Economists polled by Reuters had forecast 425,000 applications for the latest week. Though claims remain well above the 200,000 to 250,000 range that is viewed as consistent with healthy labor market conditions, they have dropped from a record 6.149 million in early April 2020.Pandemic-related restrictions on businesses have been rolled back, with more than half of adults in the United States fully vaccinated against COVID-19, leaving factories, construction sites, restaurants and bars, among many, clamoring for workers.The labor shortage, despite nearly 10 million Americans being officially unemployed, has been blamed on the safety net, strengthened during the pandemic by the government, to provide a temporary lifeline following the unprecedented economic and human carnage caused by the virus.Republican governors in at least 23 states, including Florida and Texas, have announced they are ending unemployment programs funded by the federal government next month, including a weekly $300 subsidy, which businesses say are discouraging the jobless from seeking work.There is, however, no consensus that the generous unemployment benefits are keeping people home.According to JPMorgan economist, Daniel Silver, an analysis of unemployment rates, wage growth and labor force participation rates in the 23 states suggested the early termination of the special benefits programs was driven by politics rather than economics.“While some of these states have tight labor markets and strong earnings growth, many of them do not,” said Silver. “It therefore looks like politics, rather than economics, is driving decisions regarding the early ends to these programs.”BACK AT WORKA survey by Poachedjobs.com, a national job board for the restaurant/hospitality industry, found most had returned to work, with a full schedule of 30-40 hours a week.For others, uncertainty about future restrictions on indoor dining and fears contracting the virus, whether they are vaccinated or not, were keeping them away.“Workers are returning to work,” said Ashley Langeassociate product manager at Poachedjobs.com. “It’s just happening at a slower pace than restaurant job creation, but this is a growing pain of millions of restaurants reopening at the same moment.”The labor shortage is blamed for the modest 266,000 jobs created in April, a slowdown from the 770,000 added in March. Economists expect the early termination of the government-funded benefits and broadening economic re-engagement, will push claims even lower and shrink the jobless rolls in the months ahead.In addition to the pandemic’s easing grip, economic activity is also being fueled by nearly $6 trillion in relief provided by the government over the past year.A separate report from the Commerce Department on Thursday confirmed economic growth accelerated in the first quarter, thanks to the massive fiscal stimulus.Gross domestic product increased at a 6.4% annualized rate last quarter, the government said in its second estimate for the first three months of the year. That was unrevised from the estimate reported last month and followed a 4.3% growth rate in the fourth quarter.It was the second-fastest GDP growth since the third quarter of 2003 and kept the economy on track to pull above its pre-pandemic level this quarter.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":793,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":374678093,"gmtCreate":1619446305212,"gmtModify":1631890434717,"author":{"id":"3570704273473153","authorId":"3570704273473153","name":"NanSheng","avatar":"https://static.tigerbbs.com/3b9c7cbd5f4701e1436aa63c6c6c7fc5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3570704273473153","authorIdStr":"3570704273473153"},"themes":[],"title":"","htmlText":"Reminders to ownself&nbsp;","listText":"Reminders to ownself&nbsp;","text":"Reminders to ownself","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/374678093","repostId":"1176959555","repostType":4,"repost":{"id":"1176959555","kind":"news","pubTimestamp":1619444660,"share":"https://www.laohunote.com/m/news/1176959555?lang=zh_CN&edition=full","pubTime":"2021-04-26 21:44","market":"us","language":"en","title":"The 10 basic rules that made Warren Buffett $100 billion<blockquote>让沃伦·巴菲特赚 1000 亿美元的 10 条基本规则</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1176959555","media":"Yahoo","summary":"Warren Buffett's fortune recently surpassed $100 billion, as shares of his company Berkshire Hathawa","content":"<p>Warren Buffett&#x27;s fortune recently surpassed $100 billion, as shares of his company Berkshire Hathaway hit an all-time high.</p><p><blockquote>沃伦·巴菲特的财富最近超过了 1000 亿美元，他的公司伯克希尔·哈撒韦公司的股价创下了历史新高。</blockquote></p><p>It&#x27;s an incredibly rare achievement — and yet the &quot;Oracle of Omaha&quot; is actually a pretty simple guy. He still lives in his hometown. He eats fast food and guzzles soda &quot;like a 6-year-old.&quot; And his strategies for smart investing aren&#x27;t too complicated.</p><p><blockquote>这是一项极其罕见的成就——然而“奥马哈先知”实际上是一个非常简单的人。他仍然住在他的家乡。他吃快餐，喝汽水，“像一个6岁的孩子”。他的聪明投资策略并不太复杂。</blockquote></p><p>If it&#x27;s so easy, why aren&#x27;t more people as rich as Buffett? Because his approach takes the kind of discipline and patience that many people either don&#x27;t have or are unwilling to develop.</p><p><blockquote>如果这么容易，为什么没有更多的人像巴菲特一样富有？因为他的方法需要许多人没有或不愿意培养的那种纪律和耐心。</blockquote></p><p>Take a look at 10 of his money-making rules and see whether you can be just a little bit more like Buffett.</p><p><blockquote>看看他的 10 条赚钱法则，看看你是否可以更像巴菲特一点点。</blockquote></p><p><img src=\"https://static.tigerbbs.com/7170795bae7bf6adf6fd60aecb1d0122\" tg-width=\"959\" tg-height=\"426\" referrerPolicy=\"no-referrer\"/></p><p><blockquote></blockquote></p><p>1. It all starts with good communication</p><p><blockquote>1. 这一切都始于良好的沟通</blockquote></p><p>Buffett&#x27;s first key to prosperity has little to do with picking stocks. He says you need to become a strong communicator: Wield words as your most important tools.</p><p><blockquote>巴菲特的第一把繁荣钥匙与选股关系不大。他说你需要成为一个强大的沟通者：把语言作为你最重要的工具。</blockquote></p><p>&quot;Without good communication skills, you won’t be able to convince people to follow you even though you see over the mountain and they don&#x27;t,&quot; Buffett once told a Stanford MBA student.</p><p><blockquote>“如果没有良好的沟通技巧，你将无法说服人们关注你，即使你看到了山的另一边，而他们却看不到，”巴菲特曾对斯坦福大学的一名MBA学生说。</blockquote></p><p>While this may seem like sage advice for financial planners, it&#x27;s good for helping anyone develop leadership skills and the ability to think in stressful situations.</p><p><blockquote>虽然这对财务规划师来说似乎是明智的建议，但它有助于帮助任何人发展领导技能和在压力情况下思考的能力。</blockquote></p><p>2. Look forward, not to the past</p><p><blockquote>2.向前看，而不是向前看</blockquote></p><p>Buffett famously stated in the 1950s that &quot;the investor of today does not profit from yesterday&#x27;s growth.&quot; This maxim still holds true today.</p><p><blockquote>巴菲特在 20 世纪 50 年代有句名言：“今天的投资者不会从昨天的增长中获利。”这句格言今天仍然适用。</blockquote></p><p>According to Buffett, following past trends is much less important than identifying new opportunities. When deciding whether to invest in a company, focus on what&#x27;s in its future, not its history.</p><p><blockquote>巴菲特认为，追随过去的趋势远不如发现新的机会重要。当决定是否投资一家公司时，关注它的未来，而不是它的历史。</blockquote></p><p>Don&#x27;t stay stuck in the past when it comes to your mortgage either. If you&#x27;ve had your home loan for more than a year, you&#x27;re probably overdue on a refinance to take advantage oftoday&#x27;s historically low mortgage rates.</p><p><blockquote>当涉及到你的抵押贷款时，也不要停留在过去。如果您的房屋贷款已经超过一年，您可能已经逾期再融资，以利用当今历史最低的抵押贷款利率。</blockquote></p><p>3. When investing, innovate — don&#x27;t follow</p><p><blockquote>3. 投资时，创新——不要跟风</blockquote></p><p>Adopting a herd mentality is a surefire way to get middling results, Buffett believes. &quot;You need to divorce your mind from the crowd,&quot; he has said.</p><p><blockquote>巴菲特认为，采用从众心态是获得中等结果的万无一失的方法。“你需要把你的思想从人群中分离出来，”他说。</blockquote></p><p>It&#x27;s tough, but you have to break out from the pack by developing your own investing strategy based on your knowledge and experience. &quot;To be a successful investor you must divorce yourself from the fears and greed of the people around you, although it is almost impossible,&quot; Buffett says.</p><p><blockquote>这很难，但你必须根据自己的知识和经验制定自己的投资策略，从而脱颖而出。“要成为一名成功的投资者，你必须摆脱周围人的恐惧和贪婪，尽管这几乎是不可能的，”巴菲特说。</blockquote></p><p>At the same time, be open to good advice. Financial planning services — which todayare affordable and available online— can help guide you toward your dream retirement.</p><p><blockquote>同时，对好的建议持开放态度。财务规划服务——如今价格实惠且可在网上获得——可以帮助您实现梦想中的退休生活。</blockquote></p><p>4. Live frugally</p><p><blockquote>4.节俭生活</blockquote></p><p>Buffett famously lives well below his means. He has been known to drive an older, modest car. He still resides in the house he bought in Omaha, Nebraska, for $31,500 in 1958, and he picks up breakfast at a McDonald&#x27;s drive-thru almost every day.</p><p><blockquote>众所周知，巴菲特的生活远远低于他的收入。众所周知，他开的是一辆老式、普通的汽车。他仍然住在他1958年在内布拉斯加州奥马哈花31500美元买的房子里，他几乎每天都在麦当劳得来速餐厅买早餐。</blockquote></p><p>5. Always be willing to learn new things</p><p><blockquote>5. 总是愿意学习新事物</blockquote></p><p>Buffett likes to say that knowledge accumulates just like interest in the bank. He starts each day with a newspaper, and he reads books on various topics every day.</p><p><blockquote>巴菲特喜欢说，知识的积累就像银行里的利息一样。他每天从一份报纸开始，每天阅读各种主题的书籍。</blockquote></p><p>Consuming information will not only influence your investing, but it also will prepare you for success in all areas of life. Soak up what others can tell you about new technologies and new strategies.</p><p><blockquote>消费信息不仅会影响你的投资，还会让你在生活的各个领域取得成功。吸收别人能告诉你的关于新技术和新战略的信息。</blockquote></p><p>Those who avoid learning new things risk becoming obsolete. Be like Buffett, and you&#x27;ll never grow too old to learn a new trick.</p><p><blockquote>那些逃避学习新事物的人有过时的风险。像巴菲特一样，你永远不会老到学不了新把戏。</blockquote></p><p>6. Know when to fold &#x27;em</p><p><blockquote>6. 知道何时弃牌</blockquote></p><p>Don&#x27;t get the wrong idea — Buffett does sell stocks when he has to. When the pandemic hit, Berkshire Hathaway sold the entirety of its equity position in the U.S. airline industry.</p><p><blockquote>不要误解——巴菲特确实会在必要时出售股票。当疫情来袭时，伯克希尔哈撒韦公司出售了其在美国航空业的全部股权头寸。</blockquote></p><p>The trick for long-term investing success is knowing when to walk away. Buffett learned these lessons as a young man betting on horse races. He tried to make up for losses by increasing his bets, and he lost more money.</p><p><blockquote>长期投资成功的秘诀是知道何时退出。巴菲特在年轻时赌马时就学到了这些教训。他试图通过增加赌注来弥补损失，结果输了更多的钱。</blockquote></p><p>Recognize when a stock is a genuine loser, so you can walk away and minimize your losses. If you use an app that allows you toinvest your spare change, your portfolio will be adjusted automatically to protect you when a stock is in trouble.</p><p><blockquote>认识到一只股票何时是真正的输家，这样你就可以走开并将损失降至最低。如果您使用允许您投资备用零钱的应用程序，您的投资组合将自动调整，以在股票遇到麻烦时保护您。</blockquote></p><p>7. Think loooooooong term</p><p><blockquote>7. 思考这个术语</blockquote></p><p>&quot;Buy and hold&quot; is a common, long-term investment strategy that calls for sticking with a stock even when it&#x27;s having a bad day — or month.</p><p><blockquote>“买入并持有”是评级常见的长期投资策略，即使股票表现不佳，也要坚持持有。</blockquote></p><p>Buffett&#x27;s approach might be called &quot;buy and hold and hold.&quot; As he likes to tell his Berkshire Hathaway shareholders, &quot;Our favorite holding period is forever.&quot;</p><p><blockquote>巴菲特的方法可能被称为“买入并持有并持有”。正如他喜欢告诉伯克希尔哈撒韦公司股东的那样，“我们最喜欢的持有期是永远。”</blockquote></p><p>He doesn&#x27;t mind when a stock takes an occasional tumble, because those are good opportunities to buy more shares at a discount.</p><p><blockquote>他不介意股票偶尔下跌，因为这是以折扣价购买更多股票的好机会。</blockquote></p><p>8. Never invest borrowed money</p><p><blockquote>8. 永远不要投资借来的钱</blockquote></p><p></p><p>When investing, use your own money. Buffett says it&#x27;s &quot;crazy&quot; to borrow. &quot;It&#x27;s insane to risk what you have and need for something you don&#x27;t really need,&quot; he told CNBC.</p><p><blockquote>投资时，用自己的钱。巴菲特说借钱是“疯狂的”。他告诉 CNBC：“拿你所拥有和需要的东西冒险去买你并不真正需要的东西是疯狂的。”</blockquote></p><p>If you borrow to invest, your strategies will be too closely tied to your need to repay the money. Some investments require long-term planning and holding out for growth, which is difficult with a debt hanging over your head.</p><p><blockquote>如果你借钱投资，你的策略将与你偿还资金的需求紧密相连。有些投资需要长期规划和坚持增长，而债务压在头上是很难做到的。</blockquote></p><p>Doug WhitemanMon, April 26, 2021, 2:00 AM<span>·6 min read</span>The 10 basic rules that made Warren Buffett $100 billion</p><p><blockquote>道格·怀特曼2021 年 4 月 26 日星期一凌晨 2:00<span>·6分钟阅读</span>让沃伦·巴菲特赚 1000 亿美元的 10 条基本规则</blockquote></p><p>Warren Buffett&#x27;s fortune recently surpassed $100 billion, as shares of his company Berkshire Hathaway hit an all-time high.</p><p><blockquote>沃伦·巴菲特的财富最近超过了 1000 亿美元，他的公司伯克希尔·哈撒韦公司的股价创下了历史新高。</blockquote></p><p>It&#x27;s an incredibly rare achievement — and yet the &quot;Oracle of Omaha&quot; is actually a pretty simple guy. He still lives in his hometown. He eats fast food and guzzles soda &quot;like a 6-year-old.&quot; And his strategies for smart investing aren&#x27;t too complicated.</p><p><blockquote>这是一项极其罕见的成就——然而“奥马哈先知”实际上是一个非常简单的人。他仍然住在他的家乡。他吃快餐，喝汽水，“像一个6岁的孩子”。他的聪明投资策略并不太复杂。</blockquote></p><p>If it&#x27;s so easy, why aren&#x27;t more people as rich as Buffett? Because his approach takes the kind of discipline and patience that many people either don&#x27;t have or are unwilling to develop.</p><p><blockquote>如果这么容易，为什么没有更多的人像巴菲特一样富有？因为他的方法需要许多人没有或不愿意培养的那种纪律和耐心。</blockquote></p><p>Take a look at 10 of his money-making rules and see whether you can be just a little bit more like Buffett.</p><p><blockquote>看看他的 10 条赚钱法则，看看你是否可以更像巴菲特一点点。</blockquote></p><p>1. It all starts with good communication<span data-src=\"https://s.yimg.com/ny/api/res/1.2/uRshPZB155tDIZjlUXI4TQ--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTQwMDtjZj13ZWJw/https://s.yimg.com/uu/api/res/1.2/dWO12XpIJ5O63exAuCTJgA--~B/aD01MDA7dz0xMjAwO2FwcGlkPXl0YWNoeW9u/https://media.zenfs.com/en/moneywise_327/ffc38207cfc053443e9573b9e27c69b4\"><<<图片加载中。。。>>></span>Becoming Warren Buffett / HBO</p><p><blockquote>1. 这一切都始于良好的沟通<span data-src=\"https://s.yimg.com/ny/api/res/1.2/uRshPZB155tDIZjlUXI4TQ--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTQwMDtjZj13ZWJw/https://s.yimg.com/uu/api/res/1.2/dWO12XpIJ5O63exAuCTJgA--~B/aD01MDA7dz0xMjAwO2FwcGlkPXl0YWNoeW9u/https://media.zenfs.com/en/moneywise_327/ffc38207cfc053443e9573b9e27c69b4\">&lt;&lt;&lt;图片加载中。。。&gt;&gt;&gt;</span>成为沃伦·巴菲特 / HBO</blockquote></p><p>Buffett says you need to develop good communication skills if you want to lead.</p><p><blockquote>巴菲特说，如果你想领导，你需要培养良好的沟通技巧。</blockquote></p><p>Buffett&#x27;s first key to prosperity has little to do with picking stocks. He says you need to become a strong communicator: Wield words as your most important tools.</p><p><blockquote>巴菲特的第一把繁荣钥匙与选股关系不大。他说你需要成为一个强大的沟通者：把语言作为你最重要的工具。</blockquote></p><p>&quot;Without good communication skills, you won’t be able to convince people to follow you even though you see over the mountain and they don&#x27;t,&quot; Buffett once told a Stanford MBA student.</p><p><blockquote>“如果没有良好的沟通技巧，你将无法说服人们关注你，即使你看到了山的另一边，而他们却看不到，”巴菲特曾对斯坦福大学的一名MBA学生说。</blockquote></p><p>While this may seem like sage advice for financial planners, it&#x27;s good for helping anyone develop leadership skills and the ability to think in stressful situations.</p><p><blockquote>虽然这对财务规划师来说似乎是明智的建议，但它有助于帮助任何人发展领导技能和在压力情况下思考的能力。</blockquote></p><p>2. Look forward, not to the past</p><p><blockquote>2.向前看，而不是向前看</blockquote></p><p>Buffett famously stated in the 1950s that &quot;the investor of today does not profit from yesterday&#x27;s growth.&quot; This maxim still holds true today.</p><p><blockquote>巴菲特在 20 世纪 50 年代有句名言：“今天的投资者不会从昨天的增长中获利。”这句格言今天仍然适用。</blockquote></p><p>According to Buffett, following past trends is much less important than identifying new opportunities. When deciding whether to invest in a company, focus on what&#x27;s in its future, not its history.</p><p><blockquote>巴菲特认为，追随过去的趋势远不如发现新的机会重要。当决定是否投资一家公司时，关注它的未来，而不是它的历史。</blockquote></p><p>Don&#x27;t stay stuck in the past when it comes to your mortgage either. If you&#x27;ve had your home loan for more than a year, you&#x27;re probably overdue on a refinance to take advantage oftoday&#x27;s historically low mortgage rates.</p><p><blockquote>当涉及到你的抵押贷款时，也不要停留在过去。如果您的房屋贷款已经超过一年，您可能已经逾期再融资，以利用当今历史最低的抵押贷款利率。</blockquote></p><p>3. When investing, innovate — don&#x27;t follow<span data-src=\"https://s.yimg.com/ny/api/res/1.2/UOI38H8ptEjnxlbJieZC7Q--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTQwMDtjZj13ZWJw/https://s.yimg.com/uu/api/res/1.2/cGXsoalKIXTT6w5hdOFzCQ--~B/aD01MDA7dz0xMjAwO2FwcGlkPXl0YWNoeW9u/https://media.zenfs.com/en/moneywise_327/6862636f789bacfd899eb109dd9d8997\"><<<图片加载中。。。>>></span>Marjolijne / Shutterstock</p><p><blockquote>3. 投资时，创新——不要跟风<span data-src=\"https://s.yimg.com/ny/api/res/1.2/UOI38H8ptEjnxlbJieZC7Q--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTQwMDtjZj13ZWJw/https://s.yimg.com/uu/api/res/1.2/cGXsoalKIXTT6w5hdOFzCQ--~B/aD01MDA7dz0xMjAwO2FwcGlkPXl0YWNoeW9u/https://media.zenfs.com/en/moneywise_327/6862636f789bacfd899eb109dd9d8997\">&lt;&lt;&lt;图片加载中。。。&gt;&gt;&gt;</span>玛乔琳 / Shutterstock</blockquote></p><p>Warren Buffett was never one to follow the herd.</p><p><blockquote>沃伦·巴菲特从来不是随波逐流的人。</blockquote></p><p>Adopting a herd mentality is a surefire way to get middling results, Buffett believes. &quot;You need to divorce your mind from the crowd,&quot; he has said.</p><p><blockquote>巴菲特认为，采用从众心态是获得中等结果的万无一失的方法。“你需要把你的思想从人群中分离出来，”他说。</blockquote></p><p>It&#x27;s tough, but you have to break out from the pack by developing your own investing strategy based on your knowledge and experience. &quot;To be a successful investor you must divorce yourself from the fears and greed of the people around you, although it is almost impossible,&quot; Buffett says.</p><p><blockquote>这很难，但你必须根据自己的知识和经验制定自己的投资策略，从而脱颖而出。“要成为一名成功的投资者，你必须摆脱周围人的恐惧和贪婪，尽管这几乎是不可能的，”巴菲特说。</blockquote></p><p>At the same time, be open to good advice. Financial planning services — which todayare affordable and available online— can help guide you toward your dream retirement.</p><p><blockquote>同时，对好的建议持开放态度。财务规划服务——如今价格实惠且可在网上获得——可以帮助您实现梦想中的退休生活。</blockquote></p><p>4. Live frugally</p><p><blockquote>4.节俭生活</blockquote></p><p>Buffett famously lives well below his means. He has been known to drive an older, modest car. He still resides in the house he bought in Omaha, Nebraska, for $31,500 in 1958, and he picks up breakfast at a McDonald&#x27;s drive-thru almost every day.</p><p><blockquote>众所周知，巴菲特的生活远远低于他的收入。众所周知，他开的是一辆老式、普通的汽车。他仍然住在他1958年在内布拉斯加州奥马哈花31500美元买的房子里，他几乎每天都在麦当劳得来速餐厅买早餐。</blockquote></p><p>You can follow his example by looking for new ways to stretch your dollars. For example:</p><p><blockquote>你可以效仿他，寻找新的方法来增加你的钱。例如：</blockquote></p><p><ul><li>When shopping for life insurance,choose an inexpensive term life policy.</p><p><blockquote><ul><li>购买人寿保险时， 选择便宜的定期人寿保险。</li></ul></blockquote></p><p></li><li>Use a free browser extensionthat will search for lower prices when you shop online.</p><p><blockquote><li>使用免费的浏览器扩展，当你网上购物时，它会搜索更低的价格。</li></blockquote></p><p></li><li>Download an app that willgive you cash backfor taking photos of your receipts.</p><p><blockquote><li>下载一个应用程序，它会给你现金返还给你拍照的收据。</li></blockquote></p><p></p><p></li></ul>5. Always be willing to learn new things<span data-src=\"https://s.yimg.com/ny/api/res/1.2/XD6zelv2eAEM6e3EJJAY9g--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTQwMDtjZj13ZWJw/https://s.yimg.com/uu/api/res/1.2/2spZzG489lrwB7qyF2YeXQ--~B/aD01MDA7dz0xMjAwO2FwcGlkPXl0YWNoeW9u/https://media.zenfs.com/en/moneywise_327/d72a7c6ebd482efdef2a25ed24c9b4a2\"><<<图片加载中。。。>>></span>Becoming Warren Buffett / HBO</p><p><blockquote>5. 总是愿意学习新事物<span data-src=\"https://s.yimg.com/ny/api/res/1.2/XD6zelv2eAEM6e3EJJAY9g--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTQwMDtjZj13ZWJw/https://s.yimg.com/uu/api/res/1.2/2spZzG489lrwB7qyF2YeXQ--~B/aD01MDA7dz0xMjAwO2FwcGlkPXl0YWNoeW9u/https://media.zenfs.com/en/moneywise_327/d72a7c6ebd482efdef2a25ed24c9b4a2\">&lt;&lt;&lt;图片加载中。。。&gt;&gt;&gt;</span>成为沃伦·巴菲特 / HBO</blockquote></p><p>Warren Buffett begins each day by reading a newspaper.</p><p><blockquote>沃伦·巴菲特每天都以阅读报纸开始。</blockquote></p><p>Buffett likes to say that knowledge accumulates just like interest in the bank. He starts each day with a newspaper, and he reads books on various topics every day.</p><p><blockquote>巴菲特喜欢说，知识的积累就像银行里的利息一样。他每天从一份报纸开始，每天阅读各种主题的书籍。</blockquote></p><p>Consuming information will not only influence your investing, but it also will prepare you for success in all areas of life. Soak up what others can tell you about new technologies and new strategies.</p><p><blockquote>消费信息不仅会影响你的投资，还会让你在生活的各个领域取得成功。吸收别人能告诉你的关于新技术和新战略的信息。</blockquote></p><p>Those who avoid learning new things risk becoming obsolete. Be like Buffett, and you&#x27;ll never grow too old to learn a new trick.</p><p><blockquote>那些逃避学习新事物的人有过时的风险。像巴菲特一样，你永远不会老到学不了新把戏。</blockquote></p><p>6. Know when to fold &#x27;em</p><p><blockquote>6. 知道何时弃牌</blockquote></p><p>Don&#x27;t get the wrong idea — Buffett does sell stocks when he has to. When the pandemic hit, Berkshire Hathaway sold the entirety of its equity position in the U.S. airline industry.</p><p><blockquote>不要误解——巴菲特确实会在必要时出售股票。当疫情来袭时，伯克希尔哈撒韦公司出售了其在美国航空业的全部股权头寸。</blockquote></p><p>The trick for long-term investing success is knowing when to walk away. Buffett learned these lessons as a young man betting on horse races. He tried to make up for losses by increasing his bets, and he lost more money.</p><p><blockquote>长期投资成功的秘诀是知道何时退出。巴菲特在年轻时赌马时就学到了这些教训。他试图通过增加赌注来弥补损失，结果输了更多的钱。</blockquote></p><p>Recognize when a stock is a genuine loser, so you can walk away and minimize your losses. If you use an app that allows you toinvest your spare change, your portfolio will be adjusted automatically to protect you when a stock is in trouble.</p><p><blockquote>认识到一只股票何时是真正的输家，这样你就可以走开并将损失降至最低。如果您使用允许您投资备用零钱的应用程序，您的投资组合将自动调整，以在股票遇到麻烦时保护您。</blockquote></p><p>7. Think loooooooong term<span data-src=\"https://s.yimg.com/ny/api/res/1.2/tkB3q4PKWgd677Jbf8EjLg--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTQwMDtjZj13ZWJw/https://s.yimg.com/uu/api/res/1.2/HMhux8eZD3A5PJHuymmAYg--~B/aD01MDA7dz0xMjAwO2FwcGlkPXl0YWNoeW9u/https://media.zenfs.com/en/moneywise_327/75593ac123e93772e4d4fe517c669b53\"><<<图片加载中。。。>>></span>Bennian / Shutterstock</p><p><blockquote>7. 思考这个术语<span data-src=\"https://s.yimg.com/ny/api/res/1.2/tkB3q4PKWgd677Jbf8EjLg--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTQwMDtjZj13ZWJw/https://s.yimg.com/uu/api/res/1.2/HMhux8eZD3A5PJHuymmAYg--~B/aD01MDA7dz0xMjAwO2FwcGlkPXl0YWNoeW9u/https://media.zenfs.com/en/moneywise_327/75593ac123e93772e4d4fe517c669b53\">&lt;&lt;&lt;图片加载中。。。&gt;&gt;&gt;</span>本年 / Shutterstock</blockquote></p><p>Buffett says invest for the long term and don&#x27;t get caught up in the stock market&#x27;s day-to-day moves.</p><p><blockquote>巴菲特表示，要长期投资，不要被股市的日常波动所困扰。</blockquote></p><p>&quot;Buy and hold&quot; is a common, long-term investment strategy that calls for sticking with a stock even when it&#x27;s having a bad day — or month.</p><p><blockquote>“买入并持有”是评级常见的长期投资策略，即使股票表现不佳，也要坚持持有。</blockquote></p><p>Buffett&#x27;s approach might be called &quot;buy and hold and hold.&quot; As he likes to tell his Berkshire Hathaway shareholders, &quot;Our favorite holding period is forever.&quot;</p><p><blockquote>巴菲特的方法可能被称为“买入并持有并持有”。正如他喜欢告诉伯克希尔哈撒韦公司股东的那样，“我们最喜欢的持有期是永远。”</blockquote></p><p>He doesn&#x27;t mind when a stock takes an occasional tumble, because those are good opportunities to buy more shares at a discount.</p><p><blockquote>他不介意股票偶尔下跌，因为这是以折扣价购买更多股票的好机会。</blockquote></p><p>8. Never invest borrowed money</p><p><blockquote>8. 永远不要投资借来的钱</blockquote></p><p>When investing, use your own money. Buffett says it&#x27;s &quot;crazy&quot; to borrow. &quot;It&#x27;s insane to risk what you have and need for something you don&#x27;t really need,&quot; he told CNBC.</p><p><blockquote>投资时，用自己的钱。巴菲特说借钱是“疯狂的”。他告诉 CNBC：“拿你所拥有和需要的东西冒险去买你并不真正需要的东西是疯狂的。”</blockquote></p><p>If you borrow to invest, your strategies will be too closely tied to your need to repay the money. Some investments require long-term planning and holding out for growth, which is difficult with a debt hanging over your head.</p><p><blockquote>如果你借钱投资，你的策略将与你偿还资金的需求紧密相连。有些投资需要长期规划和坚持增长，而债务压在头上是很难做到的。</blockquote></p><p>You don&#x27;t need much money to invest if youuse a popular stock trading appthat will allow you to buy fractions of shares for as little as $1 or charges you lower-to-no commission on trades.</p><p><blockquote>如果你使用一个流行的股票交易应用程序，你不需要投入很多钱，它可以让你以低至1美元的价格购买一小部分股票，或者向你收取较低的交易佣金。</blockquote></p><p>9. Dividends are key to long-term growth</p><p><blockquote>9. 股息是长期增长的关键</blockquote></p><p>Warren Buffett loves stocks that pay dividends. His company, Berkshire Hathaway, gets hundreds of millions of dollars each year from Coca-Cola in the form of dividends.</p><p><blockquote>沃伦·巴菲特喜欢支付股息的股票。他的公司伯克希尔·哈撒韦公司每年从可口可乐获得数亿美元的股息。</blockquote></p><p>Dividends come from reliable companies that consistently meet or exceed their goals. Their stocks may not make you a lot of money quickly, but their dividends can put your investing on autopilot.</p><p><blockquote>股息来自持续达到或超过目标的可靠公司。他们的股票可能不会很快让你赚很多钱，但他们的股息可以让你的投资自动驾驶。</blockquote></p><p>Other high-dividend-paying companies include Caterpillar, AT&amp;T, Verizon and the investment firm BlackRock Capital — though, ironically, not Berkshire Hathaway.</p><p><blockquote>其他支付高股息的公司包括卡特彼勒、美国电话电报公司、威瑞森和投资公司贝莱德资本——但具有讽刺意味的是，伯克希尔哈撒韦公司却没有。</blockquote></p><p>10. Remember, anything is possible</p><p><blockquote>10.记住，一切皆有可能</blockquote></p><p>Buffett is known to plaster his walls with what he calls &quot;instructional art.&quot; This includes newspaper front pages with screaming headlines about stock market crashes.</p><p><blockquote>众所周知，巴菲特用他评级的“教学艺术”粉刷他的墙壁。这包括报纸头版刊登有关股市崩盘的尖锐标题。</blockquote></p><p>They remind him that, in investing and in life, you need to be ready because anything can happen. If you keep this in mind, then you&#x27;ll proceed with caution and make informed decisions about your investments.</p><p><blockquote>他们提醒他，在投资和生活中，你需要做好准备，因为任何事情都可能发生。如果你记住这一点，那么你就会谨慎行事，并对你的投资做出明智的决定。</blockquote></p><p>You&#x27;ll avoid taking ondebt you can&#x27;t handle, won&#x27;t live an unsustainably lavish lifestyle, and will be able to withstand market fluctuations — just like Warren Buffett.</p><p><blockquote>你将避免背负你无法承受的债务，不会过着不可持续的奢侈生活方式，并且能够承受市场波动——就像沃伦·巴菲特一样。</blockquote></p><p></p>","source":"lsy1584348713084","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The 10 basic rules that made Warren Buffett $100 billion<blockquote>让沃伦·巴菲特赚 1000 亿美元的 10 条基本规则</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe 10 basic rules that made Warren Buffett $100 billion<blockquote>让沃伦·巴菲特赚 1000 亿美元的 10 条基本规则</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Yahoo</strong><span class=\"h-time small\">2021-04-26 21:44</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Warren Buffett&#x27;s fortune recently surpassed $100 billion, as shares of his company Berkshire Hathaway hit an all-time high.</p><p><blockquote>沃伦·巴菲特的财富最近超过了 1000 亿美元，他的公司伯克希尔·哈撒韦公司的股价创下了历史新高。</blockquote></p><p>It&#x27;s an incredibly rare achievement — and yet the &quot;Oracle of Omaha&quot; is actually a pretty simple guy. He still lives in his hometown. He eats fast food and guzzles soda &quot;like a 6-year-old.&quot; And his strategies for smart investing aren&#x27;t too complicated.</p><p><blockquote>这是一项极其罕见的成就——然而“奥马哈先知”实际上是一个非常简单的人。他仍然住在他的家乡。他吃快餐，喝汽水，“像一个6岁的孩子”。他的聪明投资策略并不太复杂。</blockquote></p><p>If it&#x27;s so easy, why aren&#x27;t more people as rich as Buffett? Because his approach takes the kind of discipline and patience that many people either don&#x27;t have or are unwilling to develop.</p><p><blockquote>如果这么容易，为什么没有更多的人像巴菲特一样富有？因为他的方法需要许多人没有或不愿意培养的那种纪律和耐心。</blockquote></p><p>Take a look at 10 of his money-making rules and see whether you can be just a little bit more like Buffett.</p><p><blockquote>看看他的 10 条赚钱法则，看看你是否可以更像巴菲特一点点。</blockquote></p><p><img src=\"https://static.tigerbbs.com/7170795bae7bf6adf6fd60aecb1d0122\" tg-width=\"959\" tg-height=\"426\" referrerPolicy=\"no-referrer\"/></p><p><blockquote></blockquote></p><p>1. It all starts with good communication</p><p><blockquote>1. 这一切都始于良好的沟通</blockquote></p><p>Buffett&#x27;s first key to prosperity has little to do with picking stocks. He says you need to become a strong communicator: Wield words as your most important tools.</p><p><blockquote>巴菲特的第一把繁荣钥匙与选股关系不大。他说你需要成为一个强大的沟通者：把语言作为你最重要的工具。</blockquote></p><p>&quot;Without good communication skills, you won’t be able to convince people to follow you even though you see over the mountain and they don&#x27;t,&quot; Buffett once told a Stanford MBA student.</p><p><blockquote>“如果没有良好的沟通技巧，你将无法说服人们关注你，即使你看到了山的另一边，而他们却看不到，”巴菲特曾对斯坦福大学的一名MBA学生说。</blockquote></p><p>While this may seem like sage advice for financial planners, it&#x27;s good for helping anyone develop leadership skills and the ability to think in stressful situations.</p><p><blockquote>虽然这对财务规划师来说似乎是明智的建议，但它有助于帮助任何人发展领导技能和在压力情况下思考的能力。</blockquote></p><p>2. Look forward, not to the past</p><p><blockquote>2.向前看，而不是向前看</blockquote></p><p>Buffett famously stated in the 1950s that &quot;the investor of today does not profit from yesterday&#x27;s growth.&quot; This maxim still holds true today.</p><p><blockquote>巴菲特在 20 世纪 50 年代有句名言：“今天的投资者不会从昨天的增长中获利。”这句格言今天仍然适用。</blockquote></p><p>According to Buffett, following past trends is much less important than identifying new opportunities. When deciding whether to invest in a company, focus on what&#x27;s in its future, not its history.</p><p><blockquote>巴菲特认为，追随过去的趋势远不如发现新的机会重要。当决定是否投资一家公司时，关注它的未来，而不是它的历史。</blockquote></p><p>Don&#x27;t stay stuck in the past when it comes to your mortgage either. If you&#x27;ve had your home loan for more than a year, you&#x27;re probably overdue on a refinance to take advantage oftoday&#x27;s historically low mortgage rates.</p><p><blockquote>当涉及到你的抵押贷款时，也不要停留在过去。如果您的房屋贷款已经超过一年，您可能已经逾期再融资，以利用当今历史最低的抵押贷款利率。</blockquote></p><p>3. When investing, innovate — don&#x27;t follow</p><p><blockquote>3. 投资时，创新——不要跟风</blockquote></p><p>Adopting a herd mentality is a surefire way to get middling results, Buffett believes. &quot;You need to divorce your mind from the crowd,&quot; he has said.</p><p><blockquote>巴菲特认为，采用从众心态是获得中等结果的万无一失的方法。“你需要把你的思想从人群中分离出来，”他说。</blockquote></p><p>It&#x27;s tough, but you have to break out from the pack by developing your own investing strategy based on your knowledge and experience. &quot;To be a successful investor you must divorce yourself from the fears and greed of the people around you, although it is almost impossible,&quot; Buffett says.</p><p><blockquote>这很难，但你必须根据自己的知识和经验制定自己的投资策略，从而脱颖而出。“要成为一名成功的投资者，你必须摆脱周围人的恐惧和贪婪，尽管这几乎是不可能的，”巴菲特说。</blockquote></p><p>At the same time, be open to good advice. Financial planning services — which todayare affordable and available online— can help guide you toward your dream retirement.</p><p><blockquote>同时，对好的建议持开放态度。财务规划服务——如今价格实惠且可在网上获得——可以帮助您实现梦想中的退休生活。</blockquote></p><p>4. Live frugally</p><p><blockquote>4.节俭生活</blockquote></p><p>Buffett famously lives well below his means. He has been known to drive an older, modest car. He still resides in the house he bought in Omaha, Nebraska, for $31,500 in 1958, and he picks up breakfast at a McDonald&#x27;s drive-thru almost every day.</p><p><blockquote>众所周知，巴菲特的生活远远低于他的收入。众所周知，他开的是一辆老式、普通的汽车。他仍然住在他1958年在内布拉斯加州奥马哈花31500美元买的房子里，他几乎每天都在麦当劳得来速餐厅买早餐。</blockquote></p><p>5. Always be willing to learn new things</p><p><blockquote>5. 总是愿意学习新事物</blockquote></p><p>Buffett likes to say that knowledge accumulates just like interest in the bank. He starts each day with a newspaper, and he reads books on various topics every day.</p><p><blockquote>巴菲特喜欢说，知识的积累就像银行里的利息一样。他每天从一份报纸开始，每天阅读各种主题的书籍。</blockquote></p><p>Consuming information will not only influence your investing, but it also will prepare you for success in all areas of life. Soak up what others can tell you about new technologies and new strategies.</p><p><blockquote>消费信息不仅会影响你的投资，还会让你在生活的各个领域取得成功。吸收别人能告诉你的关于新技术和新战略的信息。</blockquote></p><p>Those who avoid learning new things risk becoming obsolete. Be like Buffett, and you&#x27;ll never grow too old to learn a new trick.</p><p><blockquote>那些逃避学习新事物的人有过时的风险。像巴菲特一样，你永远不会老到学不了新把戏。</blockquote></p><p>6. Know when to fold &#x27;em</p><p><blockquote>6. 知道何时弃牌</blockquote></p><p>Don&#x27;t get the wrong idea — Buffett does sell stocks when he has to. When the pandemic hit, Berkshire Hathaway sold the entirety of its equity position in the U.S. airline industry.</p><p><blockquote>不要误解——巴菲特确实会在必要时出售股票。当疫情来袭时，伯克希尔哈撒韦公司出售了其在美国航空业的全部股权头寸。</blockquote></p><p>The trick for long-term investing success is knowing when to walk away. Buffett learned these lessons as a young man betting on horse races. He tried to make up for losses by increasing his bets, and he lost more money.</p><p><blockquote>长期投资成功的秘诀是知道何时退出。巴菲特在年轻时赌马时就学到了这些教训。他试图通过增加赌注来弥补损失，结果输了更多的钱。</blockquote></p><p>Recognize when a stock is a genuine loser, so you can walk away and minimize your losses. If you use an app that allows you toinvest your spare change, your portfolio will be adjusted automatically to protect you when a stock is in trouble.</p><p><blockquote>认识到一只股票何时是真正的输家，这样你就可以走开并将损失降至最低。如果您使用允许您投资备用零钱的应用程序，您的投资组合将自动调整，以在股票遇到麻烦时保护您。</blockquote></p><p>7. Think loooooooong term</p><p><blockquote>7. 思考这个术语</blockquote></p><p>&quot;Buy and hold&quot; is a common, long-term investment strategy that calls for sticking with a stock even when it&#x27;s having a bad day — or month.</p><p><blockquote>“买入并持有”是评级常见的长期投资策略，即使股票表现不佳，也要坚持持有。</blockquote></p><p>Buffett&#x27;s approach might be called &quot;buy and hold and hold.&quot; As he likes to tell his Berkshire Hathaway shareholders, &quot;Our favorite holding period is forever.&quot;</p><p><blockquote>巴菲特的方法可能被称为“买入并持有并持有”。正如他喜欢告诉伯克希尔哈撒韦公司股东的那样，“我们最喜欢的持有期是永远。”</blockquote></p><p>He doesn&#x27;t mind when a stock takes an occasional tumble, because those are good opportunities to buy more shares at a discount.</p><p><blockquote>他不介意股票偶尔下跌，因为这是以折扣价购买更多股票的好机会。</blockquote></p><p>8. Never invest borrowed money</p><p><blockquote>8. 永远不要投资借来的钱</blockquote></p><p></p><p>When investing, use your own money. Buffett says it&#x27;s &quot;crazy&quot; to borrow. &quot;It&#x27;s insane to risk what you have and need for something you don&#x27;t really need,&quot; he told CNBC.</p><p><blockquote>投资时，用自己的钱。巴菲特说借钱是“疯狂的”。他告诉 CNBC：“拿你所拥有和需要的东西冒险去买你并不真正需要的东西是疯狂的。”</blockquote></p><p>If you borrow to invest, your strategies will be too closely tied to your need to repay the money. Some investments require long-term planning and holding out for growth, which is difficult with a debt hanging over your head.</p><p><blockquote>如果你借钱投资，你的策略将与你偿还资金的需求紧密相连。有些投资需要长期规划和坚持增长，而债务压在头上是很难做到的。</blockquote></p><p>Doug WhitemanMon, April 26, 2021, 2:00 AM<span>·6 min read</span>The 10 basic rules that made Warren Buffett $100 billion</p><p><blockquote>道格·怀特曼2021 年 4 月 26 日星期一凌晨 2:00<span>·6分钟阅读</span>让沃伦·巴菲特赚 1000 亿美元的 10 条基本规则</blockquote></p><p>Warren Buffett&#x27;s fortune recently surpassed $100 billion, as shares of his company Berkshire Hathaway hit an all-time high.</p><p><blockquote>沃伦·巴菲特的财富最近超过了 1000 亿美元，他的公司伯克希尔·哈撒韦公司的股价创下了历史新高。</blockquote></p><p>It&#x27;s an incredibly rare achievement — and yet the &quot;Oracle of Omaha&quot; is actually a pretty simple guy. He still lives in his hometown. He eats fast food and guzzles soda &quot;like a 6-year-old.&quot; And his strategies for smart investing aren&#x27;t too complicated.</p><p><blockquote>这是一项极其罕见的成就——然而“奥马哈先知”实际上是一个非常简单的人。他仍然住在他的家乡。他吃快餐，喝汽水，“像一个6岁的孩子”。他的聪明投资策略并不太复杂。</blockquote></p><p>If it&#x27;s so easy, why aren&#x27;t more people as rich as Buffett? Because his approach takes the kind of discipline and patience that many people either don&#x27;t have or are unwilling to develop.</p><p><blockquote>如果这么容易，为什么没有更多的人像巴菲特一样富有？因为他的方法需要许多人没有或不愿意培养的那种纪律和耐心。</blockquote></p><p>Take a look at 10 of his money-making rules and see whether you can be just a little bit more like Buffett.</p><p><blockquote>看看他的 10 条赚钱法则，看看你是否可以更像巴菲特一点点。</blockquote></p><p>1. It all starts with good communication<span data-src=\"https://s.yimg.com/ny/api/res/1.2/uRshPZB155tDIZjlUXI4TQ--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTQwMDtjZj13ZWJw/https://s.yimg.com/uu/api/res/1.2/dWO12XpIJ5O63exAuCTJgA--~B/aD01MDA7dz0xMjAwO2FwcGlkPXl0YWNoeW9u/https://media.zenfs.com/en/moneywise_327/ffc38207cfc053443e9573b9e27c69b4\"><<<图片加载中。。。>>></span>Becoming Warren Buffett / HBO</p><p><blockquote>1. 这一切都始于良好的沟通<span data-src=\"https://s.yimg.com/ny/api/res/1.2/uRshPZB155tDIZjlUXI4TQ--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTQwMDtjZj13ZWJw/https://s.yimg.com/uu/api/res/1.2/dWO12XpIJ5O63exAuCTJgA--~B/aD01MDA7dz0xMjAwO2FwcGlkPXl0YWNoeW9u/https://media.zenfs.com/en/moneywise_327/ffc38207cfc053443e9573b9e27c69b4\">&lt;&lt;&lt;图片加载中。。。&gt;&gt;&gt;</span>成为沃伦·巴菲特 / HBO</blockquote></p><p>Buffett says you need to develop good communication skills if you want to lead.</p><p><blockquote>巴菲特说，如果你想领导，你需要培养良好的沟通技巧。</blockquote></p><p>Buffett&#x27;s first key to prosperity has little to do with picking stocks. He says you need to become a strong communicator: Wield words as your most important tools.</p><p><blockquote>巴菲特的第一把繁荣钥匙与选股关系不大。他说你需要成为一个强大的沟通者：把语言作为你最重要的工具。</blockquote></p><p>&quot;Without good communication skills, you won’t be able to convince people to follow you even though you see over the mountain and they don&#x27;t,&quot; Buffett once told a Stanford MBA student.</p><p><blockquote>“如果没有良好的沟通技巧，你将无法说服人们关注你，即使你看到了山的另一边，而他们却看不到，”巴菲特曾对斯坦福大学的一名MBA学生说。</blockquote></p><p>While this may seem like sage advice for financial planners, it&#x27;s good for helping anyone develop leadership skills and the ability to think in stressful situations.</p><p><blockquote>虽然这对财务规划师来说似乎是明智的建议，但它有助于帮助任何人发展领导技能和在压力情况下思考的能力。</blockquote></p><p>2. Look forward, not to the past</p><p><blockquote>2.向前看，而不是向前看</blockquote></p><p>Buffett famously stated in the 1950s that &quot;the investor of today does not profit from yesterday&#x27;s growth.&quot; This maxim still holds true today.</p><p><blockquote>巴菲特在 20 世纪 50 年代有句名言：“今天的投资者不会从昨天的增长中获利。”这句格言今天仍然适用。</blockquote></p><p>According to Buffett, following past trends is much less important than identifying new opportunities. When deciding whether to invest in a company, focus on what&#x27;s in its future, not its history.</p><p><blockquote>巴菲特认为，追随过去的趋势远不如发现新的机会重要。当决定是否投资一家公司时，关注它的未来，而不是它的历史。</blockquote></p><p>Don&#x27;t stay stuck in the past when it comes to your mortgage either. If you&#x27;ve had your home loan for more than a year, you&#x27;re probably overdue on a refinance to take advantage oftoday&#x27;s historically low mortgage rates.</p><p><blockquote>当涉及到你的抵押贷款时，也不要停留在过去。如果您的房屋贷款已经超过一年，您可能已经逾期再融资，以利用当今历史最低的抵押贷款利率。</blockquote></p><p>3. When investing, innovate — don&#x27;t follow<span data-src=\"https://s.yimg.com/ny/api/res/1.2/UOI38H8ptEjnxlbJieZC7Q--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTQwMDtjZj13ZWJw/https://s.yimg.com/uu/api/res/1.2/cGXsoalKIXTT6w5hdOFzCQ--~B/aD01MDA7dz0xMjAwO2FwcGlkPXl0YWNoeW9u/https://media.zenfs.com/en/moneywise_327/6862636f789bacfd899eb109dd9d8997\"><<<图片加载中。。。>>></span>Marjolijne / Shutterstock</p><p><blockquote>3. 投资时，创新——不要跟风<span data-src=\"https://s.yimg.com/ny/api/res/1.2/UOI38H8ptEjnxlbJieZC7Q--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTQwMDtjZj13ZWJw/https://s.yimg.com/uu/api/res/1.2/cGXsoalKIXTT6w5hdOFzCQ--~B/aD01MDA7dz0xMjAwO2FwcGlkPXl0YWNoeW9u/https://media.zenfs.com/en/moneywise_327/6862636f789bacfd899eb109dd9d8997\">&lt;&lt;&lt;图片加载中。。。&gt;&gt;&gt;</span>玛乔琳 / Shutterstock</blockquote></p><p>Warren Buffett was never one to follow the herd.</p><p><blockquote>沃伦·巴菲特从来不是随波逐流的人。</blockquote></p><p>Adopting a herd mentality is a surefire way to get middling results, Buffett believes. &quot;You need to divorce your mind from the crowd,&quot; he has said.</p><p><blockquote>巴菲特认为，采用从众心态是获得中等结果的万无一失的方法。“你需要把你的思想从人群中分离出来，”他说。</blockquote></p><p>It&#x27;s tough, but you have to break out from the pack by developing your own investing strategy based on your knowledge and experience. &quot;To be a successful investor you must divorce yourself from the fears and greed of the people around you, although it is almost impossible,&quot; Buffett says.</p><p><blockquote>这很难，但你必须根据自己的知识和经验制定自己的投资策略，从而脱颖而出。“要成为一名成功的投资者，你必须摆脱周围人的恐惧和贪婪，尽管这几乎是不可能的，”巴菲特说。</blockquote></p><p>At the same time, be open to good advice. Financial planning services — which todayare affordable and available online— can help guide you toward your dream retirement.</p><p><blockquote>同时，对好的建议持开放态度。财务规划服务——如今价格实惠且可在网上获得——可以帮助您实现梦想中的退休生活。</blockquote></p><p>4. Live frugally</p><p><blockquote>4.节俭生活</blockquote></p><p>Buffett famously lives well below his means. He has been known to drive an older, modest car. He still resides in the house he bought in Omaha, Nebraska, for $31,500 in 1958, and he picks up breakfast at a McDonald&#x27;s drive-thru almost every day.</p><p><blockquote>众所周知，巴菲特的生活远远低于他的收入。众所周知，他开的是一辆老式、普通的汽车。他仍然住在他1958年在内布拉斯加州奥马哈花31500美元买的房子里，他几乎每天都在麦当劳得来速餐厅买早餐。</blockquote></p><p>You can follow his example by looking for new ways to stretch your dollars. For example:</p><p><blockquote>你可以效仿他，寻找新的方法来增加你的钱。例如：</blockquote></p><p><ul><li>When shopping for life insurance,choose an inexpensive term life policy.</p><p><blockquote><ul><li>购买人寿保险时， 选择便宜的定期人寿保险。</li></ul></blockquote></p><p></li><li>Use a free browser extensionthat will search for lower prices when you shop online.</p><p><blockquote><li>使用免费的浏览器扩展，当你网上购物时，它会搜索更低的价格。</li></blockquote></p><p></li><li>Download an app that willgive you cash backfor taking photos of your receipts.</p><p><blockquote><li>下载一个应用程序，它会给你现金返还给你拍照的收据。</li></blockquote></p><p></p><p></li></ul>5. Always be willing to learn new things<span data-src=\"https://s.yimg.com/ny/api/res/1.2/XD6zelv2eAEM6e3EJJAY9g--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTQwMDtjZj13ZWJw/https://s.yimg.com/uu/api/res/1.2/2spZzG489lrwB7qyF2YeXQ--~B/aD01MDA7dz0xMjAwO2FwcGlkPXl0YWNoeW9u/https://media.zenfs.com/en/moneywise_327/d72a7c6ebd482efdef2a25ed24c9b4a2\"><<<图片加载中。。。>>></span>Becoming Warren Buffett / HBO</p><p><blockquote>5. 总是愿意学习新事物<span data-src=\"https://s.yimg.com/ny/api/res/1.2/XD6zelv2eAEM6e3EJJAY9g--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTQwMDtjZj13ZWJw/https://s.yimg.com/uu/api/res/1.2/2spZzG489lrwB7qyF2YeXQ--~B/aD01MDA7dz0xMjAwO2FwcGlkPXl0YWNoeW9u/https://media.zenfs.com/en/moneywise_327/d72a7c6ebd482efdef2a25ed24c9b4a2\">&lt;&lt;&lt;图片加载中。。。&gt;&gt;&gt;</span>成为沃伦·巴菲特 / HBO</blockquote></p><p>Warren Buffett begins each day by reading a newspaper.</p><p><blockquote>沃伦·巴菲特每天都以阅读报纸开始。</blockquote></p><p>Buffett likes to say that knowledge accumulates just like interest in the bank. He starts each day with a newspaper, and he reads books on various topics every day.</p><p><blockquote>巴菲特喜欢说，知识的积累就像银行里的利息一样。他每天从一份报纸开始，每天阅读各种主题的书籍。</blockquote></p><p>Consuming information will not only influence your investing, but it also will prepare you for success in all areas of life. Soak up what others can tell you about new technologies and new strategies.</p><p><blockquote>消费信息不仅会影响你的投资，还会让你在生活的各个领域取得成功。吸收别人能告诉你的关于新技术和新战略的信息。</blockquote></p><p>Those who avoid learning new things risk becoming obsolete. Be like Buffett, and you&#x27;ll never grow too old to learn a new trick.</p><p><blockquote>那些逃避学习新事物的人有过时的风险。像巴菲特一样，你永远不会老到学不了新把戏。</blockquote></p><p>6. Know when to fold &#x27;em</p><p><blockquote>6. 知道何时弃牌</blockquote></p><p>Don&#x27;t get the wrong idea — Buffett does sell stocks when he has to. When the pandemic hit, Berkshire Hathaway sold the entirety of its equity position in the U.S. airline industry.</p><p><blockquote>不要误解——巴菲特确实会在必要时出售股票。当疫情来袭时，伯克希尔哈撒韦公司出售了其在美国航空业的全部股权头寸。</blockquote></p><p>The trick for long-term investing success is knowing when to walk away. Buffett learned these lessons as a young man betting on horse races. He tried to make up for losses by increasing his bets, and he lost more money.</p><p><blockquote>长期投资成功的秘诀是知道何时退出。巴菲特在年轻时赌马时就学到了这些教训。他试图通过增加赌注来弥补损失，结果输了更多的钱。</blockquote></p><p>Recognize when a stock is a genuine loser, so you can walk away and minimize your losses. If you use an app that allows you toinvest your spare change, your portfolio will be adjusted automatically to protect you when a stock is in trouble.</p><p><blockquote>认识到一只股票何时是真正的输家，这样你就可以走开并将损失降至最低。如果您使用允许您投资备用零钱的应用程序，您的投资组合将自动调整，以在股票遇到麻烦时保护您。</blockquote></p><p>7. Think loooooooong term<span data-src=\"https://s.yimg.com/ny/api/res/1.2/tkB3q4PKWgd677Jbf8EjLg--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTQwMDtjZj13ZWJw/https://s.yimg.com/uu/api/res/1.2/HMhux8eZD3A5PJHuymmAYg--~B/aD01MDA7dz0xMjAwO2FwcGlkPXl0YWNoeW9u/https://media.zenfs.com/en/moneywise_327/75593ac123e93772e4d4fe517c669b53\"><<<图片加载中。。。>>></span>Bennian / Shutterstock</p><p><blockquote>7. 思考这个术语<span data-src=\"https://s.yimg.com/ny/api/res/1.2/tkB3q4PKWgd677Jbf8EjLg--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTQwMDtjZj13ZWJw/https://s.yimg.com/uu/api/res/1.2/HMhux8eZD3A5PJHuymmAYg--~B/aD01MDA7dz0xMjAwO2FwcGlkPXl0YWNoeW9u/https://media.zenfs.com/en/moneywise_327/75593ac123e93772e4d4fe517c669b53\">&lt;&lt;&lt;图片加载中。。。&gt;&gt;&gt;</span>本年 / Shutterstock</blockquote></p><p>Buffett says invest for the long term and don&#x27;t get caught up in the stock market&#x27;s day-to-day moves.</p><p><blockquote>巴菲特表示，要长期投资，不要被股市的日常波动所困扰。</blockquote></p><p>&quot;Buy and hold&quot; is a common, long-term investment strategy that calls for sticking with a stock even when it&#x27;s having a bad day — or month.</p><p><blockquote>“买入并持有”是评级常见的长期投资策略，即使股票表现不佳，也要坚持持有。</blockquote></p><p>Buffett&#x27;s approach might be called &quot;buy and hold and hold.&quot; As he likes to tell his Berkshire Hathaway shareholders, &quot;Our favorite holding period is forever.&quot;</p><p><blockquote>巴菲特的方法可能被称为“买入并持有并持有”。正如他喜欢告诉伯克希尔哈撒韦公司股东的那样，“我们最喜欢的持有期是永远。”</blockquote></p><p>He doesn&#x27;t mind when a stock takes an occasional tumble, because those are good opportunities to buy more shares at a discount.</p><p><blockquote>他不介意股票偶尔下跌，因为这是以折扣价购买更多股票的好机会。</blockquote></p><p>8. Never invest borrowed money</p><p><blockquote>8. 永远不要投资借来的钱</blockquote></p><p>When investing, use your own money. Buffett says it&#x27;s &quot;crazy&quot; to borrow. &quot;It&#x27;s insane to risk what you have and need for something you don&#x27;t really need,&quot; he told CNBC.</p><p><blockquote>投资时，用自己的钱。巴菲特说借钱是“疯狂的”。他告诉 CNBC：“拿你所拥有和需要的东西冒险去买你并不真正需要的东西是疯狂的。”</blockquote></p><p>If you borrow to invest, your strategies will be too closely tied to your need to repay the money. Some investments require long-term planning and holding out for growth, which is difficult with a debt hanging over your head.</p><p><blockquote>如果你借钱投资，你的策略将与你偿还资金的需求紧密相连。有些投资需要长期规划和坚持增长，而债务压在头上是很难做到的。</blockquote></p><p>You don&#x27;t need much money to invest if youuse a popular stock trading appthat will allow you to buy fractions of shares for as little as $1 or charges you lower-to-no commission on trades.</p><p><blockquote>如果你使用一个流行的股票交易应用程序，你不需要投入很多钱，它可以让你以低至1美元的价格购买一小部分股票，或者向你收取较低的交易佣金。</blockquote></p><p>9. Dividends are key to long-term growth</p><p><blockquote>9. 股息是长期增长的关键</blockquote></p><p>Warren Buffett loves stocks that pay dividends. His company, Berkshire Hathaway, gets hundreds of millions of dollars each year from Coca-Cola in the form of dividends.</p><p><blockquote>沃伦·巴菲特喜欢支付股息的股票。他的公司伯克希尔·哈撒韦公司每年从可口可乐获得数亿美元的股息。</blockquote></p><p>Dividends come from reliable companies that consistently meet or exceed their goals. Their stocks may not make you a lot of money quickly, but their dividends can put your investing on autopilot.</p><p><blockquote>股息来自持续达到或超过目标的可靠公司。他们的股票可能不会很快让你赚很多钱，但他们的股息可以让你的投资自动驾驶。</blockquote></p><p>Other high-dividend-paying companies include Caterpillar, AT&amp;T, Verizon and the investment firm BlackRock Capital — though, ironically, not Berkshire Hathaway.</p><p><blockquote>其他支付高股息的公司包括卡特彼勒、美国电话电报公司、威瑞森和投资公司贝莱德资本——但具有讽刺意味的是，伯克希尔哈撒韦公司却没有。</blockquote></p><p>10. Remember, anything is possible</p><p><blockquote>10.记住，一切皆有可能</blockquote></p><p>Buffett is known to plaster his walls with what he calls &quot;instructional art.&quot; This includes newspaper front pages with screaming headlines about stock market crashes.</p><p><blockquote>众所周知，巴菲特用他评级的“教学艺术”粉刷他的墙壁。这包括报纸头版刊登有关股市崩盘的尖锐标题。</blockquote></p><p>They remind him that, in investing and in life, you need to be ready because anything can happen. If you keep this in mind, then you&#x27;ll proceed with caution and make informed decisions about your investments.</p><p><blockquote>他们提醒他，在投资和生活中，你需要做好准备，因为任何事情都可能发生。如果你记住这一点，那么你就会谨慎行事，并对你的投资做出明智的决定。</blockquote></p><p>You&#x27;ll avoid taking ondebt you can&#x27;t handle, won&#x27;t live an unsustainably lavish lifestyle, and will be able to withstand market fluctuations — just like Warren Buffett.</p><p><blockquote>你将避免背负你无法承受的债务，不会过着不可持续的奢侈生活方式，并且能够承受市场波动——就像沃伦·巴菲特一样。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/warren-buffetts-net-worth-hit-011700408.html\">Yahoo</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":{"BRK.B":"伯克希尔B","BRK.A":"伯克希尔"},"source_url":"https://finance.yahoo.com/news/warren-buffetts-net-worth-hit-011700408.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1176959555","content_text":"Warren Buffett's fortune recently surpassed $100 billion, as shares of his company Berkshire Hathaway hit an all-time high.It's an incredibly rare achievement — and yet the \"Oracle of Omaha\" is actually a pretty simple guy. He still lives in his hometown. He eats fast food and guzzles soda \"like a 6-year-old.\" And his strategies for smart investing aren't too complicated.If it's so easy, why aren't more people as rich as Buffett? Because his approach takes the kind of discipline and patience that many people either don't have or are unwilling to develop.Take a look at 10 of his money-making rules and see whether you can be just a little bit more like Buffett.1. It all starts with good communicationBuffett's first key to prosperity has little to do with picking stocks. He says you need to become a strong communicator: Wield words as your most important tools.\"Without good communication skills, you won’t be able to convince people to follow you even though you see over the mountain and they don't,\" Buffett once told a Stanford MBA student.While this may seem like sage advice for financial planners, it's good for helping anyone develop leadership skills and the ability to think in stressful situations.2. Look forward, not to the pastBuffett famously stated in the 1950s that \"the investor of today does not profit from yesterday's growth.\" This maxim still holds true today.According to Buffett, following past trends is much less important than identifying new opportunities. When deciding whether to invest in a company, focus on what's in its future, not its history.Don't stay stuck in the past when it comes to your mortgage either. If you've had your home loan for more than a year, you're probably overdue on a refinance to take advantage oftoday's historically low mortgage rates.3. When investing, innovate — don't followAdopting a herd mentality is a surefire way to get middling results, Buffett believes. \"You need to divorce your mind from the crowd,\" he has said.It's tough, but you have to break out from the pack by developing your own investing strategy based on your knowledge and experience. \"To be a successful investor you must divorce yourself from the fears and greed of the people around you, although it is almost impossible,\" Buffett says.At the same time, be open to good advice. Financial planning services — which todayare affordable and available online— can help guide you toward your dream retirement.4. Live frugallyBuffett famously lives well below his means. He has been known to drive an older, modest car. He still resides in the house he bought in Omaha, Nebraska, for $31,500 in 1958, and he picks up breakfast at a McDonald's drive-thru almost every day.5. Always be willing to learn new thingsBuffett likes to say that knowledge accumulates just like interest in the bank. He starts each day with a newspaper, and he reads books on various topics every day.Consuming information will not only influence your investing, but it also will prepare you for success in all areas of life. Soak up what others can tell you about new technologies and new strategies.Those who avoid learning new things risk becoming obsolete. Be like Buffett, and you'll never grow too old to learn a new trick.6. Know when to fold 'emDon't get the wrong idea — Buffett does sell stocks when he has to. When the pandemic hit, Berkshire Hathaway sold the entirety of its equity position in the U.S. airline industry.The trick for long-term investing success is knowing when to walk away. Buffett learned these lessons as a young man betting on horse races. He tried to make up for losses by increasing his bets, and he lost more money.Recognize when a stock is a genuine loser, so you can walk away and minimize your losses. If you use an app that allows you toinvest your spare change, your portfolio will be adjusted automatically to protect you when a stock is in trouble.7. Think loooooooong term\"Buy and hold\" is a common, long-term investment strategy that calls for sticking with a stock even when it's having a bad day — or month.Buffett's approach might be called \"buy and hold and hold.\" As he likes to tell his Berkshire Hathaway shareholders, \"Our favorite holding period is forever.\"He doesn't mind when a stock takes an occasional tumble, because those are good opportunities to buy more shares at a discount.8. Never invest borrowed moneyWhen investing, use your own money. Buffett says it's \"crazy\" to borrow. \"It's insane to risk what you have and need for something you don't really need,\" he told CNBC.If you borrow to invest, your strategies will be too closely tied to your need to repay the money. Some investments require long-term planning and holding out for growth, which is difficult with a debt hanging over your head.Doug WhitemanMon, April 26, 2021, 2:00 AM·6 min readThe 10 basic rules that made Warren Buffett $100 billionWarren Buffett's fortune recently surpassed $100 billion, as shares of his company Berkshire Hathaway hit an all-time high.It's an incredibly rare achievement — and yet the \"Oracle of Omaha\" is actually a pretty simple guy. He still lives in his hometown. He eats fast food and guzzles soda \"like a 6-year-old.\" And his strategies for smart investing aren't too complicated.If it's so easy, why aren't more people as rich as Buffett? Because his approach takes the kind of discipline and patience that many people either don't have or are unwilling to develop.Take a look at 10 of his money-making rules and see whether you can be just a little bit more like Buffett.1. It all starts with good communication<<<图片加载中。。。>>>Becoming Warren Buffett / HBOBuffett says you need to develop good communication skills if you want to lead.Buffett's first key to prosperity has little to do with picking stocks. He says you need to become a strong communicator: Wield words as your most important tools.\"Without good communication skills, you won’t be able to convince people to follow you even though you see over the mountain and they don't,\" Buffett once told a Stanford MBA student.While this may seem like sage advice for financial planners, it's good for helping anyone develop leadership skills and the ability to think in stressful situations.2. Look forward, not to the pastBuffett famously stated in the 1950s that \"the investor of today does not profit from yesterday's growth.\" This maxim still holds true today.According to Buffett, following past trends is much less important than identifying new opportunities. When deciding whether to invest in a company, focus on what's in its future, not its history.Don't stay stuck in the past when it comes to your mortgage either. If you've had your home loan for more than a year, you're probably overdue on a refinance to take advantage oftoday's historically low mortgage rates.3. When investing, innovate — don't follow<<<图片加载中。。。>>>Marjolijne / ShutterstockWarren Buffett was never one to follow the herd.Adopting a herd mentality is a surefire way to get middling results, Buffett believes. \"You need to divorce your mind from the crowd,\" he has said.It's tough, but you have to break out from the pack by developing your own investing strategy based on your knowledge and experience. \"To be a successful investor you must divorce yourself from the fears and greed of the people around you, although it is almost impossible,\" Buffett says.At the same time, be open to good advice. Financial planning services — which todayare affordable and available online— can help guide you toward your dream retirement.4. Live frugallyBuffett famously lives well below his means. He has been known to drive an older, modest car. He still resides in the house he bought in Omaha, Nebraska, for $31,500 in 1958, and he picks up breakfast at a McDonald's drive-thru almost every day.You can follow his example by looking for new ways to stretch your dollars. For example:When shopping for life insurance,choose an inexpensive term life policy.Use a free browser extensionthat will search for lower prices when you shop online.Download an app that willgive you cash backfor taking photos of your receipts.5. Always be willing to learn new things<<<图片加载中。。。>>>Becoming Warren Buffett / HBOWarren Buffett begins each day by reading a newspaper.Buffett likes to say that knowledge accumulates just like interest in the bank. He starts each day with a newspaper, and he reads books on various topics every day.Consuming information will not only influence your investing, but it also will prepare you for success in all areas of life. Soak up what others can tell you about new technologies and new strategies.Those who avoid learning new things risk becoming obsolete. Be like Buffett, and you'll never grow too old to learn a new trick.6. Know when to fold 'emDon't get the wrong idea — Buffett does sell stocks when he has to. When the pandemic hit, Berkshire Hathaway sold the entirety of its equity position in the U.S. airline industry.The trick for long-term investing success is knowing when to walk away. Buffett learned these lessons as a young man betting on horse races. He tried to make up for losses by increasing his bets, and he lost more money.Recognize when a stock is a genuine loser, so you can walk away and minimize your losses. If you use an app that allows you toinvest your spare change, your portfolio will be adjusted automatically to protect you when a stock is in trouble.7. Think loooooooong term<<<图片加载中。。。>>>Bennian / ShutterstockBuffett says invest for the long term and don't get caught up in the stock market's day-to-day moves.\"Buy and hold\" is a common, long-term investment strategy that calls for sticking with a stock even when it's having a bad day — or month.Buffett's approach might be called \"buy and hold and hold.\" As he likes to tell his Berkshire Hathaway shareholders, \"Our favorite holding period is forever.\"He doesn't mind when a stock takes an occasional tumble, because those are good opportunities to buy more shares at a discount.8. Never invest borrowed moneyWhen investing, use your own money. Buffett says it's \"crazy\" to borrow. \"It's insane to risk what you have and need for something you don't really need,\" he told CNBC.If you borrow to invest, your strategies will be too closely tied to your need to repay the money. Some investments require long-term planning and holding out for growth, which is difficult with a debt hanging over your head.You don't need much money to invest if youuse a popular stock trading appthat will allow you to buy fractions of shares for as little as $1 or charges you lower-to-no commission on trades.9. Dividends are key to long-term growthWarren Buffett loves stocks that pay dividends. His company, Berkshire Hathaway, gets hundreds of millions of dollars each year from Coca-Cola in the form of dividends.Dividends come from reliable companies that consistently meet or exceed their goals. Their stocks may not make you a lot of money quickly, but their dividends can put your investing on autopilot.Other high-dividend-paying companies include Caterpillar, AT&T, Verizon and the investment firm BlackRock Capital — though, ironically, not Berkshire Hathaway.10. Remember, anything is possibleBuffett is known to plaster his walls with what he calls \"instructional art.\" This includes newspaper front pages with screaming headlines about stock market crashes.They remind him that, in investing and in life, you need to be ready because anything can happen. If you keep this in mind, then you'll proceed with caution and make informed decisions about your investments.You'll avoid taking ondebt you can't handle, won't live an unsustainably lavish lifestyle, and will be able to withstand market fluctuations — just like Warren Buffett.","news_type":1,"symbols_score_info":{"BRK.A":0.9,"BRK.B":0.9}},"isVote":1,"tweetType":1,"viewCount":708,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":372703170,"gmtCreate":1619238806490,"gmtModify":1631892727764,"author":{"id":"3570704273473153","authorId":"3570704273473153","name":"NanSheng","avatar":"https://static.tigerbbs.com/3b9c7cbd5f4701e1436aa63c6c6c7fc5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3570704273473153","authorIdStr":"3570704273473153"},"themes":[],"title":"","htmlText":"Fingers crossed&nbsp;","listText":"Fingers crossed&nbsp;","text":"Fingers crossed","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/372703170","repostId":"1166519043","repostType":4,"isVote":1,"tweetType":1,"viewCount":687,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":372456159,"gmtCreate":1619236397971,"gmtModify":1631892727779,"author":{"id":"3570704273473153","authorId":"3570704273473153","name":"NanSheng","avatar":"https://static.tigerbbs.com/3b9c7cbd5f4701e1436aa63c6c6c7fc5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3570704273473153","authorIdStr":"3570704273473153"},"themes":[],"title":"","htmlText":"Good reads","listText":"Good reads","text":"Good reads","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/372456159","repostId":"1170805005","repostType":2,"isVote":1,"tweetType":1,"viewCount":906,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":372094787,"gmtCreate":1619155623849,"gmtModify":1631892727791,"author":{"id":"3570704273473153","authorId":"3570704273473153","name":"NanSheng","avatar":"https://static.tigerbbs.com/3b9c7cbd5f4701e1436aa63c6c6c7fc5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3570704273473153","authorIdStr":"3570704273473153"},"themes":[],"title":"","htmlText":"Good info","listText":"Good info","text":"Good info","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/372094787","repostId":"1148495591","repostType":4,"repost":{"id":"1148495591","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga Earnings","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1619152161,"share":"https://www.laohunote.com/m/news/1148495591?lang=zh_CN&edition=full","pubTime":"2021-04-23 12:29","market":"us","language":"en","title":"Why Apple Chip Supplier TSMC's Board Approved $2.8B Spending<blockquote>为什么苹果芯片供应商台积电董事会批准 $2.8B 支出</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1148495591","media":"Benzinga Earnings","summary":"Taiwan Semiconductor Mfg. Co. Ltd.TSM 1.88%, a foundry that supplies chips to the likes ofApple IncA","content":"<p><b>Taiwan Semiconductor Mfg. Co. Ltd.</b>TSM 1.88%, a foundry that supplies chips to the likes of<b>Apple Inc</b>AAPL 1.17%, is taking steps to alleviate thechip shortage&nbsp;which&nbsp;has come to plague companies cutting across sectors.</p><p><blockquote><b>台积电制造公司。有限公司。</b>TSM 1.88%，一家向以下公司供应芯片的代工厂<b>苹果公司</b>AAPL 1.17%，正在采取措施缓解困扰各行各业公司的芯片短缺问题。</blockquote></p><p> <b>What Happened:</b>At a special meeting of TSMC's board held Thursday, the board approved a $2.89 billion capital spending plan. The company said the investment will be made toward installing mature technology capacity.</p><p><blockquote><b>发生了什么：</b>在周四举行的台积电董事会特别会议上，董事会批准了28.9亿美元的资本支出计划。该公司表示，这项投资将用于安装成熟的技术能力。</blockquote></p><p> The company approved in January a CapEx plan of $25 billion to $28 billion to develop advanced chips and building plant capacity.</p><p><blockquote>该公司一月份批准了一项250亿至280亿美元的资本支出计划，用于开发先进芯片和建设工厂产能。</blockquote></p><p> Earlier this month, TSMC said it would allocate $100 billion over the next three years to increase production capacity.</p><p><blockquote>本月早些时候，台积电表示将在未来三年内拨款1000亿美元来提高产能。</blockquote></p><p> <b>Why It's Important:</b>&nbsp;Theautomobile, as well as consumer electronics industries,&nbsp;are reeling from chip shortage, which has forced production shutdowns and delayed launches.</p><p><blockquote><b>为什么重要：</b>汽车和消费电子行业正受到芯片短缺的困扰，这迫使生产停产并推迟发布。</blockquote></p><p> Chipmakers have stepped up to resolve this crisis.<b>Intel Corporation</b>INTC 1.77%announced a $20 billion investment plan to build new fabs in Arizona, as it committed to a hybrid manufacturing model.</p><p><blockquote>芯片制造商已经加紧解决这一危机。<b>英特尔公司</b>INTC 1.77% 宣布了一项 200 亿美元的投资计划，在亚利桑那州建造新晶圆厂，致力于混合制造模式。</blockquote></p><p> The capacity expansion will likely help the Taiwanese foundry to take advantage of the opportunity presented by the chip crunch.</p><p><blockquote>产能扩张可能会帮助台湾代工厂利用芯片紧缩带来的机遇。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Apple Chip Supplier TSMC's Board Approved $2.8B Spending<blockquote>为什么苹果芯片供应商台积电董事会批准 $2.8B 支出</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 Apple Chip Supplier TSMC's Board Approved $2.8B Spending<blockquote>为什么苹果芯片供应商台积电董事会批准 $2.8B 支出</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga Earnings </p>\n<p class=\"h-time smaller\">2021-04-23 12:29</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p><b>Taiwan Semiconductor Mfg. Co. Ltd.</b>TSM 1.88%, a foundry that supplies chips to the likes of<b>Apple Inc</b>AAPL 1.17%, is taking steps to alleviate thechip shortage&nbsp;which&nbsp;has come to plague companies cutting across sectors.</p><p><blockquote><b>台积电制造公司。有限公司。</b>TSM 1.88%，一家向以下公司供应芯片的代工厂<b>苹果公司</b>AAPL 1.17%，正在采取措施缓解困扰各行各业公司的芯片短缺问题。</blockquote></p><p> <b>What Happened:</b>At a special meeting of TSMC's board held Thursday, the board approved a $2.89 billion capital spending plan. The company said the investment will be made toward installing mature technology capacity.</p><p><blockquote><b>发生了什么：</b>在周四举行的台积电董事会特别会议上，董事会批准了28.9亿美元的资本支出计划。该公司表示，这项投资将用于安装成熟的技术能力。</blockquote></p><p> The company approved in January a CapEx plan of $25 billion to $28 billion to develop advanced chips and building plant capacity.</p><p><blockquote>该公司一月份批准了一项250亿至280亿美元的资本支出计划，用于开发先进芯片和建设工厂产能。</blockquote></p><p> Earlier this month, TSMC said it would allocate $100 billion over the next three years to increase production capacity.</p><p><blockquote>本月早些时候，台积电表示将在未来三年内拨款1000亿美元来提高产能。</blockquote></p><p> <b>Why It's Important:</b>&nbsp;Theautomobile, as well as consumer electronics industries,&nbsp;are reeling from chip shortage, which has forced production shutdowns and delayed launches.</p><p><blockquote><b>为什么重要：</b>汽车和消费电子行业正受到芯片短缺的困扰，这迫使生产停产并推迟发布。</blockquote></p><p> Chipmakers have stepped up to resolve this crisis.<b>Intel Corporation</b>INTC 1.77%announced a $20 billion investment plan to build new fabs in Arizona, as it committed to a hybrid manufacturing model.</p><p><blockquote>芯片制造商已经加紧解决这一危机。<b>英特尔公司</b>INTC 1.77% 宣布了一项 200 亿美元的投资计划，在亚利桑那州建造新晶圆厂，致力于混合制造模式。</blockquote></p><p> The capacity expansion will likely help the Taiwanese foundry to take advantage of the opportunity presented by the chip crunch.</p><p><blockquote>产能扩张可能会帮助台湾代工厂利用芯片紧缩带来的机遇。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSM":"台积电"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148495591","content_text":"Taiwan Semiconductor Mfg. Co. Ltd.TSM 1.88%, a foundry that supplies chips to the likes ofApple IncAAPL 1.17%, is taking steps to alleviate thechip shortage which has come to plague companies cutting across sectors.\nWhat Happened:At a special meeting of TSMC's board held Thursday, the board approved a $2.89 billion capital spending plan. The company said the investment will be made toward installing mature technology capacity.\nThe company approved in January a CapEx plan of $25 billion to $28 billion to develop advanced chips and building plant capacity.\nEarlier this month, TSMC said it would allocate $100 billion over the next three years to increase production capacity.\nWhy It's Important: Theautomobile, as well as consumer electronics industries, are reeling from chip shortage, which has forced production shutdowns and delayed launches.\nChipmakers have stepped up to resolve this crisis.Intel CorporationINTC 1.77%announced a $20 billion investment plan to build new fabs in Arizona, as it committed to a hybrid manufacturing model.\nThe capacity expansion will likely help the Taiwanese foundry to take advantage of the opportunity presented by the chip crunch.","news_type":1,"symbols_score_info":{"TSM":0.9}},"isVote":1,"tweetType":1,"viewCount":928,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":158871915,"gmtCreate":1625146524137,"gmtModify":1631890434701,"author":{"id":"3570704273473153","authorId":"3570704273473153","name":"NanSheng","avatar":"https://static.tigerbbs.com/3b9c7cbd5f4701e1436aa63c6c6c7fc5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3570704273473153","authorIdStr":"3570704273473153"},"themes":[],"title":"","htmlText":"[Smile]&nbsp;","listText":"[Smile]&nbsp;","text":"[Smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/158871915","repostId":"2148840288","repostType":4,"isVote":1,"tweetType":1,"viewCount":2727,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":867945639,"gmtCreate":1633194670345,"gmtModify":1633194670492,"author":{"id":"3570704273473153","authorId":"3570704273473153","name":"NanSheng","avatar":"https://static.tigerbbs.com/3b9c7cbd5f4701e1436aa63c6c6c7fc5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3570704273473153","authorIdStr":"3570704273473153"},"themes":[],"title":"","htmlText":"[Happy]&nbsp;","listText":"[Happy]&nbsp;","text":"[Happy]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/867945639","repostId":"1134305481","repostType":4,"repost":{"id":"1134305481","kind":"news","pubTimestamp":1633152909,"share":"https://www.laohunote.com/m/news/1134305481?lang=zh_CN&edition=full","pubTime":"2021-10-02 13:35","market":"sh","language":"en","title":"3 Stocks That Can Double Again in the Fourth Quarter<blockquote>3只股票第四季度可能再次翻倍</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1134305481","media":"The motley fool","summary":"Key Points\n\nCrocs has jacked up its guidance every quarter this year. It reports again later this mo","content":"<p>Key Points</p><p><blockquote>要点</blockquote></p><p> <ul>  <li>Crocs has jacked up its guidance every quarter this year. It reports again later this month.</li>  <li>AMC would have to double from here to revisit its June highs. Check the upcoming theatrical release slate to know why movie theaters are about to get a whole lot better.</li>  <li>Upstart is revolutionizing the way creditworthiness is determined in consumer loans, and it's laughing all the way to the bank.</li> </ul> </p><p><blockquote><ul><li>Crocs 今年每个季度都上调了指引。它将于本月晚些时候再次报道。</li><li>AMC 必须从这里开始翻倍才能重返 6 月份的高点。查看即将到来的影院上映名单，了解为什么电影院会变得更好。</li><li>Upstart 正在彻底改变消费贷款中确定信用度的方式，并且一路嘲笑银行。</li></ul></blockquote></p><p> It's been a volatile year for stocks, but naturally some investments have fared better than others. Over 300 stocks have more than doubled in 2021. Many of those winning investments will be lucky if they can hold those gains through the final three months of the year, but what about the names that have the potential to double again?</p><p><blockquote>对于股市来说，这是动荡的一年，但自然有些投资比其他投资表现更好。2021 年，超过 300 只股票的股价上涨了一倍多。如果许多获胜的投资能够在今年的最后三个月保持这些收益，他们将是幸运的，但那些有可能再次翻倍的名字呢？</blockquote></p><p> <b>Crocs</b>&nbsp;(NASDAQ:CROX),<b>AMC Entertainment</b>(NYSE:AMC), and<b>Upstart</b>&nbsp;(NASDAQ:UPST)have more than doubled in value through the first nine months of 2021. Let's see why they have what it takes to possibly repeat the feat in the fourth quarter.</p><p><blockquote><b>洞洞鞋</b>（纳斯达克股票代码：CROX）<b>AMC院线</b>（纽约证券交易所代码：AMC），以及<b>暴发户</b>（纳斯达克股票代码：UPST）2021 年前 9 个月的价值增长了一倍多。让我们看看为什么他们有能力在第四季度重复这一壮举。</blockquote></p><p> 1. Crocs</p><p><blockquote>1. 洞洞鞋</blockquote></p><p> Remember those bright rubbery shoes with holes in them? They're back in a big way. Crocs sales are booming since the pandemic began, and the stock is following suit with a 129% increase through the first nine months of 2021.</p><p><blockquote>还记得那些有洞的明亮橡胶鞋吗？他们又回来了。自疫情爆发以来，Crocs 的销量一直在蓬勃发展，2021 年前 9 个月，该股也随之上涨了 129%。</blockquote></p><p> The comfortable resin shoes were already making a comeback before the COVID-19 crisis with double-digit revenue growth in 2019 before repeating the feat in 2020. Momentum is what's really taking Crocs to a higher level in 2021.</p><p><blockquote>在 COVID-19 危机之前，舒适的树脂鞋已经卷土重来，2019 年实现了两位数的收入增长，然后在 2020 年再次实现这一壮举。2021年，动力才是真正让Crocs更上一层楼的原因。</blockquote></p><p> The year began with the footwear maker projecting 20%-to-25% top-line growth for the entire year back in February. Guidance was bumped higher -- to between 40% and 50% growth -- the following quarter. It happened again this summer, with Crocs now targeting a 60%-to-65% surge in revenue for all of 2021. What do you think will happen if those targets get pushed even higher when it reports third-quarter results later this month?</p><p><blockquote>今年年初，这家鞋类制造商在 2 月份预计全年营收增长 20% 至 25%。接下来的一个季度，指引上调至 40% 至 50% 之间。今年夏天，这种情况再次发生，Crocs 现在的目标是 2021 年全年收入增长 60% 至 65%。您认为如果在本月晚些时候公布第三季度业绩时这些目标被推得更高，会发生什么？</blockquote></p><p> Despite a stock that has popped nearly sixfold since the start of 2019, Crocs is reasonably priced given its accelerating growth. It's trading at 21 times this year's earnings and just 17 times next year's target. There's clearly room to increase those multiples, and Wall Street's finally as comfortable with Crocs as an investment as its customers are in its shoes.</p><p><blockquote>尽管该股自 2019 年初以来已上涨近六倍，但考虑到其加速增长，Crocs 的定价还是合理的。该公司的交易价格是今年市盈率的 21 倍，而明年目标仅为 17 倍。显然还有增加这些倍数的空间，华尔街终于对 Crocs 作为一项投资感到满意，就像其客户对 Crocs 的看法一样。</blockquote></p><p> 2. AMC Entertainment</p><p><blockquote>2.AMC院线</blockquote></p><p> You may be surprised to find the country's leading multiplex operator on this list, but plot twists are what make movies so good. It's certainly true that AMC Entertainment has appreciated -- in terms of both stock price and a fivefold explosion in shares outstanding -- to the point where its valuation is out of whack relative to its peers'. If you want a pure investing play on the movie theater industry's recovery, you will find more attractively priced stocks toscratchthatitch.</p><p><blockquote>你可能会惊讶地发现这个国家领先的多厅影院运营商出现在这个名单上，但情节转折是电影如此出色的原因。AMC院线确实已经升值——无论是股价还是流通股的五倍爆炸式增长——到了其估值相对于同行来说已经失控的地步。如果你想对电影院行业的复苏进行纯粹的投资，你会发现价格更具吸引力的股票。</blockquote></p><p> However, as ameme stockand cultural phenomenon it's hard to argue against what AMC has done to translate its popularity among retail investors into a legitimate market share grab in the recovery process. No company has seen its market cap inflate as much as AMC has this year, but this is also a stock that enters the fourth quarter with a stock price that is a little more than half of what it was when it peaked in June. In short, it would have to double from here to revisit its all-time high -- but isn't that always possible with the poster child for 2021 momentum stocks?</p><p><blockquote>然而，作为 ameme 股票和文化现象，很难反驳 AMC 在复苏过程中将其在散户投资者中的受欢迎程度转化为合法的市场份额抢占所做的事情。今年没有一家公司的市值像 AMC 那样膨胀，但这也是一只进入第四季度的股票，其股价仅为 6 月份峰值时的一半多一点。简而言之，它必须从这里翻倍才能重新创下历史高点——但对于 2021 年动量股票的海报儿童来说，这不总是可能的吗？</blockquote></p><p> Fundamentally speaking, the catalysts are also there.<i>Shang-Chi and the Legend of the Ten Rings</i>shattered box office records over Labor Day weekend, but the initial excitement fizzled out when subsequent weekends were abysmal. However, it's all about the pipeline. Studios pushed out September releases into October and beyond when the delta variant resulted in a spike in COVID-19 cases. We're now seeing the highly anticipated films start to come back, starting with the new James Bond movie next weekend. The fourth quarter should be a lot stronger for the industry than the naysayers think, and if AMC stock gets back to where it was in early June -- fundamentally earned this time -- it will have to double from here.</p><p><blockquote>从根本上说，催化剂也在那里。<i>尚气与十环传说</i>劳动节周末打破了票房记录，但当随后的周末表现糟糕时，最初的兴奋就消失了。然而，这都是关于管道的。当德尔塔变异毒株导致新冠肺炎病例激增时，电影公司将9月份的上映推迟到10月份及以后。我们现在看到备受期待的电影开始回归，从下周末的新詹姆斯·邦德电影开始。第四季度对该行业来说应该比反对者想象的要强劲得多，如果 AMC 股价回到 6 月初的水平（这次基本上是盈利的），它将不得不从这里翻一番。</blockquote></p><p> 3. Upstart</p><p><blockquote>3. 新贵</blockquote></p><p> I love when industries ripe for disruption get upended, and that's what Upstart is doing with the lending industry. Upstart usesartificial intelligenceand machine learning to make better calls on assessing risk profiles and creditworthiness for folks who don't typically get approved for consumer loans.</p><p><blockquote>我喜欢颠覆时机成熟的行业被颠覆，这就是 Upstart 对贷款行业所做的事情。Upstart 使用人工智能和机器学习来更好地评级，为那些通常无法获得消费贷款批准的人评估风险状况和信用度。</blockquote></p><p> Growth is bonkers. Revenue seemed to be decelerating sharply, with slowing growth spurts of 89%, 52%, and 27% in the last three years respectively. Now that consumers are becoming aware of Upstart as a better alternative to payday loans and other predatory lending products, business is skyrocketing. Revenue rose 90% in the first quarter, only to surge 1,018% in its latest report. And no, that's not a typo.</p><p><blockquote>增长是疯狂的。收入似乎急剧放缓，过去三年增长速度分别放缓了 89%、52% 和 27%。现在，消费者开始意识到Upstart是发薪日贷款和其他掠夺性贷款产品的更好替代品，业务正在飙升。第一季度收入增长 90%，但在最新报告中却猛增 1,018%。不，那不是错别字。</blockquote></p><p></p><p> With Upstart now expanding into the auto loans market, the potential for its better alternative to stodgy credit scores is just getting started. The stock has been a seven-bagger through the first three quarters of 2021, but the runway is long for this disruptive jet.</p><p><blockquote>随着Upstart现在扩展到汽车贷款市场，其更好的替代乏味信用评分的潜力才刚刚开始。2021 年前三个季度，该股上涨了七袋，但这架颠覆性喷气式飞机的跑道还很长。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>3 Stocks That Can Double Again in the Fourth Quarter<blockquote>3只股票第四季度可能再次翻倍</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\">\n3 Stocks That Can Double Again in the Fourth Quarter<blockquote>3只股票第四季度可能再次翻倍</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The motley fool</strong><span class=\"h-time small\">2021-10-02 13:35</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Key Points</p><p><blockquote>要点</blockquote></p><p> <ul>  <li>Crocs has jacked up its guidance every quarter this year. It reports again later this month.</li>  <li>AMC would have to double from here to revisit its June highs. Check the upcoming theatrical release slate to know why movie theaters are about to get a whole lot better.</li>  <li>Upstart is revolutionizing the way creditworthiness is determined in consumer loans, and it's laughing all the way to the bank.</li> </ul> </p><p><blockquote><ul><li>Crocs 今年每个季度都上调了指引。它将于本月晚些时候再次报道。</li><li>AMC 必须从这里开始翻倍才能重返 6 月份的高点。查看即将到来的影院上映名单，了解为什么电影院会变得更好。</li><li>Upstart 正在彻底改变消费贷款中确定信用度的方式，并且一路嘲笑银行。</li></ul></blockquote></p><p> It's been a volatile year for stocks, but naturally some investments have fared better than others. Over 300 stocks have more than doubled in 2021. Many of those winning investments will be lucky if they can hold those gains through the final three months of the year, but what about the names that have the potential to double again?</p><p><blockquote>对于股市来说，这是动荡的一年，但自然有些投资比其他投资表现更好。2021 年，超过 300 只股票的股价上涨了一倍多。如果许多获胜的投资能够在今年的最后三个月保持这些收益，他们将是幸运的，但那些有可能再次翻倍的名字呢？</blockquote></p><p> <b>Crocs</b>&nbsp;(NASDAQ:CROX),<b>AMC Entertainment</b>(NYSE:AMC), and<b>Upstart</b>&nbsp;(NASDAQ:UPST)have more than doubled in value through the first nine months of 2021. Let's see why they have what it takes to possibly repeat the feat in the fourth quarter.</p><p><blockquote><b>洞洞鞋</b>（纳斯达克股票代码：CROX）<b>AMC院线</b>（纽约证券交易所代码：AMC），以及<b>暴发户</b>（纳斯达克股票代码：UPST）2021 年前 9 个月的价值增长了一倍多。让我们看看为什么他们有能力在第四季度重复这一壮举。</blockquote></p><p> 1. Crocs</p><p><blockquote>1. 洞洞鞋</blockquote></p><p> Remember those bright rubbery shoes with holes in them? They're back in a big way. Crocs sales are booming since the pandemic began, and the stock is following suit with a 129% increase through the first nine months of 2021.</p><p><blockquote>还记得那些有洞的明亮橡胶鞋吗？他们又回来了。自疫情爆发以来，Crocs 的销量一直在蓬勃发展，2021 年前 9 个月，该股也随之上涨了 129%。</blockquote></p><p> The comfortable resin shoes were already making a comeback before the COVID-19 crisis with double-digit revenue growth in 2019 before repeating the feat in 2020. Momentum is what's really taking Crocs to a higher level in 2021.</p><p><blockquote>在 COVID-19 危机之前，舒适的树脂鞋已经卷土重来，2019 年实现了两位数的收入增长，然后在 2020 年再次实现这一壮举。2021年，动力才是真正让Crocs更上一层楼的原因。</blockquote></p><p> The year began with the footwear maker projecting 20%-to-25% top-line growth for the entire year back in February. Guidance was bumped higher -- to between 40% and 50% growth -- the following quarter. It happened again this summer, with Crocs now targeting a 60%-to-65% surge in revenue for all of 2021. What do you think will happen if those targets get pushed even higher when it reports third-quarter results later this month?</p><p><blockquote>今年年初，这家鞋类制造商在 2 月份预计全年营收增长 20% 至 25%。接下来的一个季度，指引上调至 40% 至 50% 之间。今年夏天，这种情况再次发生，Crocs 现在的目标是 2021 年全年收入增长 60% 至 65%。您认为如果在本月晚些时候公布第三季度业绩时这些目标被推得更高，会发生什么？</blockquote></p><p> Despite a stock that has popped nearly sixfold since the start of 2019, Crocs is reasonably priced given its accelerating growth. It's trading at 21 times this year's earnings and just 17 times next year's target. There's clearly room to increase those multiples, and Wall Street's finally as comfortable with Crocs as an investment as its customers are in its shoes.</p><p><blockquote>尽管该股自 2019 年初以来已上涨近六倍，但考虑到其加速增长，Crocs 的定价还是合理的。该公司的交易价格是今年市盈率的 21 倍，而明年目标仅为 17 倍。显然还有增加这些倍数的空间，华尔街终于对 Crocs 作为一项投资感到满意，就像其客户对 Crocs 的看法一样。</blockquote></p><p> 2. AMC Entertainment</p><p><blockquote>2.AMC院线</blockquote></p><p> You may be surprised to find the country's leading multiplex operator on this list, but plot twists are what make movies so good. It's certainly true that AMC Entertainment has appreciated -- in terms of both stock price and a fivefold explosion in shares outstanding -- to the point where its valuation is out of whack relative to its peers'. If you want a pure investing play on the movie theater industry's recovery, you will find more attractively priced stocks toscratchthatitch.</p><p><blockquote>你可能会惊讶地发现这个国家领先的多厅影院运营商出现在这个名单上，但情节转折是电影如此出色的原因。AMC院线确实已经升值——无论是股价还是流通股的五倍爆炸式增长——到了其估值相对于同行来说已经失控的地步。如果你想对电影院行业的复苏进行纯粹的投资，你会发现价格更具吸引力的股票。</blockquote></p><p> However, as ameme stockand cultural phenomenon it's hard to argue against what AMC has done to translate its popularity among retail investors into a legitimate market share grab in the recovery process. No company has seen its market cap inflate as much as AMC has this year, but this is also a stock that enters the fourth quarter with a stock price that is a little more than half of what it was when it peaked in June. In short, it would have to double from here to revisit its all-time high -- but isn't that always possible with the poster child for 2021 momentum stocks?</p><p><blockquote>然而，作为 ameme 股票和文化现象，很难反驳 AMC 在复苏过程中将其在散户投资者中的受欢迎程度转化为合法的市场份额抢占所做的事情。今年没有一家公司的市值像 AMC 那样膨胀，但这也是一只进入第四季度的股票，其股价仅为 6 月份峰值时的一半多一点。简而言之，它必须从这里翻倍才能重新创下历史高点——但对于 2021 年动量股票的海报儿童来说，这不总是可能的吗？</blockquote></p><p> Fundamentally speaking, the catalysts are also there.<i>Shang-Chi and the Legend of the Ten Rings</i>shattered box office records over Labor Day weekend, but the initial excitement fizzled out when subsequent weekends were abysmal. However, it's all about the pipeline. Studios pushed out September releases into October and beyond when the delta variant resulted in a spike in COVID-19 cases. We're now seeing the highly anticipated films start to come back, starting with the new James Bond movie next weekend. The fourth quarter should be a lot stronger for the industry than the naysayers think, and if AMC stock gets back to where it was in early June -- fundamentally earned this time -- it will have to double from here.</p><p><blockquote>从根本上说，催化剂也在那里。<i>尚气与十环传说</i>劳动节周末打破了票房记录，但当随后的周末表现糟糕时，最初的兴奋就消失了。然而，这都是关于管道的。当德尔塔变异毒株导致新冠肺炎病例激增时，电影公司将9月份的上映推迟到10月份及以后。我们现在看到备受期待的电影开始回归，从下周末的新詹姆斯·邦德电影开始。第四季度对该行业来说应该比反对者想象的要强劲得多，如果 AMC 股价回到 6 月初的水平（这次基本上是盈利的），它将不得不从这里翻一番。</blockquote></p><p> 3. Upstart</p><p><blockquote>3. 新贵</blockquote></p><p> I love when industries ripe for disruption get upended, and that's what Upstart is doing with the lending industry. Upstart usesartificial intelligenceand machine learning to make better calls on assessing risk profiles and creditworthiness for folks who don't typically get approved for consumer loans.</p><p><blockquote>我喜欢颠覆时机成熟的行业被颠覆，这就是 Upstart 对贷款行业所做的事情。Upstart 使用人工智能和机器学习来更好地评级，为那些通常无法获得消费贷款批准的人评估风险状况和信用度。</blockquote></p><p> Growth is bonkers. Revenue seemed to be decelerating sharply, with slowing growth spurts of 89%, 52%, and 27% in the last three years respectively. Now that consumers are becoming aware of Upstart as a better alternative to payday loans and other predatory lending products, business is skyrocketing. Revenue rose 90% in the first quarter, only to surge 1,018% in its latest report. And no, that's not a typo.</p><p><blockquote>增长是疯狂的。收入似乎急剧放缓，过去三年增长速度分别放缓了 89%、52% 和 27%。现在，消费者开始意识到Upstart是发薪日贷款和其他掠夺性贷款产品的更好替代品，业务正在飙升。第一季度收入增长 90%，但在最新报告中却猛增 1,018%。不，那不是错别字。</blockquote></p><p></p><p> With Upstart now expanding into the auto loans market, the potential for its better alternative to stodgy credit scores is just getting started. The stock has been a seven-bagger through the first three quarters of 2021, but the runway is long for this disruptive jet.</p><p><blockquote>随着Upstart现在扩展到汽车贷款市场，其更好的替代乏味信用评分的潜力才刚刚开始。2021 年前三个季度，该股上涨了七袋，但这架颠覆性喷气式飞机的跑道还很长。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/10/01/3-stocks-that-can-double-again-in-the-fourth-quart/\">The motley fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CROX":"卡骆驰","AMC":"AMC院线","UPST":"Upstart Holdings, Inc."},"source_url":"https://www.fool.com/investing/2021/10/01/3-stocks-that-can-double-again-in-the-fourth-quart/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1134305481","content_text":"Key Points\n\nCrocs has jacked up its guidance every quarter this year. It reports again later this month.\nAMC would have to double from here to revisit its June highs. Check the upcoming theatrical release slate to know why movie theaters are about to get a whole lot better.\nUpstart is revolutionizing the way creditworthiness is determined in consumer loans, and it's laughing all the way to the bank.\n\n\nIt's been a volatile year for stocks, but naturally some investments have fared better than others. Over 300 stocks have more than doubled in 2021. Many of those winning investments will be lucky if they can hold those gains through the final three months of the year, but what about the names that have the potential to double again?\nCrocs (NASDAQ:CROX),AMC Entertainment(NYSE:AMC), andUpstart (NASDAQ:UPST)have more than doubled in value through the first nine months of 2021. Let's see why they have what it takes to possibly repeat the feat in the fourth quarter.\n1. Crocs\nRemember those bright rubbery shoes with holes in them? They're back in a big way. Crocs sales are booming since the pandemic began, and the stock is following suit with a 129% increase through the first nine months of 2021.\nThe comfortable resin shoes were already making a comeback before the COVID-19 crisis with double-digit revenue growth in 2019 before repeating the feat in 2020. Momentum is what's really taking Crocs to a higher level in 2021.\nThe year began with the footwear maker projecting 20%-to-25% top-line growth for the entire year back in February. Guidance was bumped higher -- to between 40% and 50% growth -- the following quarter. It happened again this summer, with Crocs now targeting a 60%-to-65% surge in revenue for all of 2021. What do you think will happen if those targets get pushed even higher when it reports third-quarter results later this month?\nDespite a stock that has popped nearly sixfold since the start of 2019, Crocs is reasonably priced given its accelerating growth. It's trading at 21 times this year's earnings and just 17 times next year's target. There's clearly room to increase those multiples, and Wall Street's finally as comfortable with Crocs as an investment as its customers are in its shoes.\n2. AMC Entertainment\nYou may be surprised to find the country's leading multiplex operator on this list, but plot twists are what make movies so good. It's certainly true that AMC Entertainment has appreciated -- in terms of both stock price and a fivefold explosion in shares outstanding -- to the point where its valuation is out of whack relative to its peers'. If you want a pure investing play on the movie theater industry's recovery, you will find more attractively priced stocks toscratchthatitch.\nHowever, as ameme stockand cultural phenomenon it's hard to argue against what AMC has done to translate its popularity among retail investors into a legitimate market share grab in the recovery process. No company has seen its market cap inflate as much as AMC has this year, but this is also a stock that enters the fourth quarter with a stock price that is a little more than half of what it was when it peaked in June. In short, it would have to double from here to revisit its all-time high -- but isn't that always possible with the poster child for 2021 momentum stocks?\nFundamentally speaking, the catalysts are also there.Shang-Chi and the Legend of the Ten Ringsshattered box office records over Labor Day weekend, but the initial excitement fizzled out when subsequent weekends were abysmal. However, it's all about the pipeline. Studios pushed out September releases into October and beyond when the delta variant resulted in a spike in COVID-19 cases. We're now seeing the highly anticipated films start to come back, starting with the new James Bond movie next weekend. The fourth quarter should be a lot stronger for the industry than the naysayers think, and if AMC stock gets back to where it was in early June -- fundamentally earned this time -- it will have to double from here.\n3. Upstart\nI love when industries ripe for disruption get upended, and that's what Upstart is doing with the lending industry. Upstart usesartificial intelligenceand machine learning to make better calls on assessing risk profiles and creditworthiness for folks who don't typically get approved for consumer loans.\nGrowth is bonkers. Revenue seemed to be decelerating sharply, with slowing growth spurts of 89%, 52%, and 27% in the last three years respectively. Now that consumers are becoming aware of Upstart as a better alternative to payday loans and other predatory lending products, business is skyrocketing. Revenue rose 90% in the first quarter, only to surge 1,018% in its latest report. And no, that's not a typo.\nWith Upstart now expanding into the auto loans market, the potential for its better alternative to stodgy credit scores is just getting started. The stock has been a seven-bagger through the first three quarters of 2021, but the runway is long for this disruptive jet.","news_type":1,"symbols_score_info":{"CROX":0.9,"UPST":0.9,"AMC":0.9}},"isVote":1,"tweetType":1,"viewCount":3349,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":867945919,"gmtCreate":1633194636222,"gmtModify":1633194636384,"author":{"id":"3570704273473153","authorId":"3570704273473153","name":"NanSheng","avatar":"https://static.tigerbbs.com/3b9c7cbd5f4701e1436aa63c6c6c7fc5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3570704273473153","authorIdStr":"3570704273473153"},"themes":[],"title":"","htmlText":"[Smile]&nbsp;","listText":"[Smile]&nbsp;","text":"[Smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/867945919","repostId":"2172964582","repostType":4,"isVote":1,"tweetType":1,"viewCount":2558,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":178181556,"gmtCreate":1626791903775,"gmtModify":1631890434698,"author":{"id":"3570704273473153","authorId":"3570704273473153","name":"NanSheng","avatar":"https://static.tigerbbs.com/3b9c7cbd5f4701e1436aa63c6c6c7fc5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3570704273473153","authorIdStr":"3570704273473153"},"themes":[],"title":"","htmlText":"Interesting insides of the current market [Strong]&nbsp;","listText":"Interesting insides of the current market [Strong]&nbsp;","text":"Interesting insides of the current market [Strong]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/178181556","repostId":"1184882386","repostType":4,"repost":{"id":"1184882386","kind":"news","pubTimestamp":1626790245,"share":"https://www.laohunote.com/m/news/1184882386?lang=zh_CN&edition=full","pubTime":"2021-07-20 22:10","market":"us","language":"en","title":"What If This Is The Economic End-Cycle<blockquote>如果这是经济的结束周期呢</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1184882386","media":"zerohedge","summary":"A few months ago, Morgan Stanley's chief equity strategist Michael Wilson, who also recently emerged","content":"<p>A few months ago, Morgan Stanley's chief equity strategist Michael Wilson, who also recently emerged as the biggest Wall Street bear warning that the \"rolling corrections\" in themarket presage a 10-20% drop in stocks, summarized the current economic state simply as \"mid cycle\"...</p><p><blockquote>几个月前，摩根士丹利首席股票策略师迈克尔·威尔逊（Michael Wilson）将当前的经济状况简单地总结为“中期周期”...</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d95f296e4d1300cd3c95485a2333d270\" tg-width=\"906\" tg-height=\"571\" width=\"100%\" height=\"auto\">... which of course is the best place to be, as the initial euphoric surge higher in stocks tapers to a slow and steady grind as the economy chugs along at a modest pace.</p><p><blockquote>...这当然是最好的选择，因为随着经济以适度的速度前进，股市最初的欣喜若狂的飙升逐渐缓慢而稳定。</blockquote></p><p> But what if he is wrong? After all, yesterday the NBER determined that the covid recession - at just 2 months - was the fastest on record (even as 14 million Americans are out of a job and still collect unemployment benefits) and we are already well into the mid cycle, if not approaching the end.</p><p><blockquote>但如果他错了呢？毕竟，昨天NBER确定，仅持续2个月的covid衰退是有记录以来最快的（尽管1400万美国人失业，仍在领取失业救济金），我们已经进入了周期中期，如果不是接近尾声的话。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e47d11bc07779a51cede0a73e7ddf627\" tg-width=\"971\" tg-height=\"562\" width=\"100%\" height=\"auto\">Also it is none other than Wilson's own employer Morgan Stanley, which has also said recently that this cycle will be \"<b>hotter but shorter</b>\" than usual.</p><p><blockquote>同样是威尔逊自己的雇主摩根士丹利，摩根士丹利最近也表示，这一周期将是“<b>更热但更短</b>“比平时多。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/41879c4f66b33597ee236bdd52841004\" tg-width=\"904\" tg-height=\"490\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Does it not stand to reason then, that the economic cycle is now so truncated - courtesy of $30 trillion in global stimulus - that we have blasted right through the midcycle phase and are now nearing the end?</p><p><blockquote>那么，由于全球30万亿美元的刺激措施，经济周期现在被如此缩短，以至于我们已经度过了周期中期阶段，现在已经接近尾声，这难道不是合乎逻辑的吗？</blockquote></p><p> That is the question Deutsche Bank's credit strategist Jim Reid asked overnight, when he described this recovery as \"undoubtedly the most unusual in history with many sectors of the economy already running ahead of their pre-recession trend\" even though several serviced based ones are still well behind though. More importantly, according to Reid and DB economists,<i>the output and employment gap will likely close in the next couple of quarters which will be the quickest for both in observable economic history.</i></p><p><blockquote>这是德意志银行信贷策略师吉姆·里德（Jim Reid）一夜之间提出的问题，他将这次复苏描述为“毫无疑问是历史上最不寻常的，许多经济部门已经领先于衰退前的趋势”，尽管几个基于服务的部门仍然远远落后。更重要的是，根据Reid和DB经济学家的说法，<i>产出和就业差距可能会在未来几个季度缩小，这将是可观察到的经济史上最快的。</i></blockquote></p><p> Reid then takes a look at where real GDP, nominal GDP, CPI, unemployment, retail sales, equities, household wealth, housing, treasuries and commodities are against all other recoveries for most variables goes back over 100 years. The chart below shows real GDP and as Reid explains, \"for most of these, this current post covid recovery is near the top\"<b>making this recovery neck and neck with the fastest post-WWII expansion.</b></p><p><blockquote>然后，里德研究了实际GDP、名义GDP、CPI、失业、零售销售、股票、家庭财富、住房、国债和大宗商品与100多年来大多数变量的所有其他复苏相比。下图显示了实际 GDP，正如 Reid 解释的那样，“对于其中大多数人来说，当前新冠疫情后的复苏已接近顶峰”<b>使这种复苏与二战后最快的扩张并驾齐驱。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/48279d702e3f7b92c743f063b26661ad\" tg-width=\"868\" tg-height=\"411\" width=\"100%\" height=\"auto\">As Reid puts it, \"clearly this cycle saw a big drawdown due to the pandemic but so did the GFC and its notable that the post-GFC recovery was around the weakest at the same stage\" which begs the question: \"should this be seen as the start of a new cycle or a continuation of the last cycle after a period of covid related hibernation?<b>The answer to this will give us clues as to how long this cycle lasts, future Fed activity, and on the inflationary consequences of the current strong rebound.\"</b></p><p><blockquote>正如里德所说，“显然，由于疫情，这个周期出现了大幅下滑，但GFC也是如此，值得注意的是，GFC后的复苏在同一阶段处于最弱状态”，这就引出了一个问题：“这应该被视为一个新周期的开始，还是在一段时间与covid相关的冬眠之后上一个周期的延续？<b>这个问题的答案将为我们提供有关这个周期持续多久、美联储未来活动以及当前强劲反弹的通胀后果的线索。”</b></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>What If This Is The Economic End-Cycle<blockquote>如果这是经济的结束周期呢</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhat If This Is The Economic End-Cycle<blockquote>如果这是经济的结束周期呢</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-07-20 22:10</span>\n</p>\n</h4>\n</header>\n<article>\n<p>A few months ago, Morgan Stanley's chief equity strategist Michael Wilson, who also recently emerged as the biggest Wall Street bear warning that the \"rolling corrections\" in themarket presage a 10-20% drop in stocks, summarized the current economic state simply as \"mid cycle\"...</p><p><blockquote>几个月前，摩根士丹利首席股票策略师迈克尔·威尔逊（Michael Wilson）将当前的经济状况简单地总结为“中期周期”...</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d95f296e4d1300cd3c95485a2333d270\" tg-width=\"906\" tg-height=\"571\" width=\"100%\" height=\"auto\">... which of course is the best place to be, as the initial euphoric surge higher in stocks tapers to a slow and steady grind as the economy chugs along at a modest pace.</p><p><blockquote>...这当然是最好的选择，因为随着经济以适度的速度前进，股市最初的欣喜若狂的飙升逐渐缓慢而稳定。</blockquote></p><p> But what if he is wrong? After all, yesterday the NBER determined that the covid recession - at just 2 months - was the fastest on record (even as 14 million Americans are out of a job and still collect unemployment benefits) and we are already well into the mid cycle, if not approaching the end.</p><p><blockquote>但如果他错了呢？毕竟，昨天NBER确定，仅持续2个月的covid衰退是有记录以来最快的（尽管1400万美国人失业，仍在领取失业救济金），我们已经进入了周期中期，如果不是接近尾声的话。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e47d11bc07779a51cede0a73e7ddf627\" tg-width=\"971\" tg-height=\"562\" width=\"100%\" height=\"auto\">Also it is none other than Wilson's own employer Morgan Stanley, which has also said recently that this cycle will be \"<b>hotter but shorter</b>\" than usual.</p><p><blockquote>同样是威尔逊自己的雇主摩根士丹利，摩根士丹利最近也表示，这一周期将是“<b>更热但更短</b>“比平时多。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/41879c4f66b33597ee236bdd52841004\" tg-width=\"904\" tg-height=\"490\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Does it not stand to reason then, that the economic cycle is now so truncated - courtesy of $30 trillion in global stimulus - that we have blasted right through the midcycle phase and are now nearing the end?</p><p><blockquote>那么，由于全球30万亿美元的刺激措施，经济周期现在被如此缩短，以至于我们已经度过了周期中期阶段，现在已经接近尾声，这难道不是合乎逻辑的吗？</blockquote></p><p> That is the question Deutsche Bank's credit strategist Jim Reid asked overnight, when he described this recovery as \"undoubtedly the most unusual in history with many sectors of the economy already running ahead of their pre-recession trend\" even though several serviced based ones are still well behind though. More importantly, according to Reid and DB economists,<i>the output and employment gap will likely close in the next couple of quarters which will be the quickest for both in observable economic history.</i></p><p><blockquote>这是德意志银行信贷策略师吉姆·里德（Jim Reid）一夜之间提出的问题，他将这次复苏描述为“毫无疑问是历史上最不寻常的，许多经济部门已经领先于衰退前的趋势”，尽管几个基于服务的部门仍然远远落后。更重要的是，根据Reid和DB经济学家的说法，<i>产出和就业差距可能会在未来几个季度缩小，这将是可观察到的经济史上最快的。</i></blockquote></p><p> Reid then takes a look at where real GDP, nominal GDP, CPI, unemployment, retail sales, equities, household wealth, housing, treasuries and commodities are against all other recoveries for most variables goes back over 100 years. The chart below shows real GDP and as Reid explains, \"for most of these, this current post covid recovery is near the top\"<b>making this recovery neck and neck with the fastest post-WWII expansion.</b></p><p><blockquote>然后，里德研究了实际GDP、名义GDP、CPI、失业、零售销售、股票、家庭财富、住房、国债和大宗商品与100多年来大多数变量的所有其他复苏相比。下图显示了实际 GDP，正如 Reid 解释的那样，“对于其中大多数人来说，当前新冠疫情后的复苏已接近顶峰”<b>使这种复苏与二战后最快的扩张并驾齐驱。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/48279d702e3f7b92c743f063b26661ad\" tg-width=\"868\" tg-height=\"411\" width=\"100%\" height=\"auto\">As Reid puts it, \"clearly this cycle saw a big drawdown due to the pandemic but so did the GFC and its notable that the post-GFC recovery was around the weakest at the same stage\" which begs the question: \"should this be seen as the start of a new cycle or a continuation of the last cycle after a period of covid related hibernation?<b>The answer to this will give us clues as to how long this cycle lasts, future Fed activity, and on the inflationary consequences of the current strong rebound.\"</b></p><p><blockquote>正如里德所说，“显然，由于疫情，这个周期出现了大幅下滑，但GFC也是如此，值得注意的是，GFC后的复苏在同一阶段处于最弱状态”，这就引出了一个问题：“这应该被视为一个新周期的开始，还是在一段时间与covid相关的冬眠之后上一个周期的延续？<b>这个问题的答案将为我们提供有关这个周期持续多久、美联储未来活动以及当前强劲反弹的通胀后果的线索。”</b></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/what-if-economic-end-cycle\">zerohedge</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".DJI":"道琼斯"},"source_url":"https://www.zerohedge.com/markets/what-if-economic-end-cycle","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1184882386","content_text":"A few months ago, Morgan Stanley's chief equity strategist Michael Wilson, who also recently emerged as the biggest Wall Street bear warning that the \"rolling corrections\" in themarket presage a 10-20% drop in stocks, summarized the current economic state simply as \"mid cycle\"...\n... which of course is the best place to be, as the initial euphoric surge higher in stocks tapers to a slow and steady grind as the economy chugs along at a modest pace.\nBut what if he is wrong? After all, yesterday the NBER determined that the covid recession - at just 2 months - was the fastest on record (even as 14 million Americans are out of a job and still collect unemployment benefits) and we are already well into the mid cycle, if not approaching the end.\nAlso it is none other than Wilson's own employer Morgan Stanley, which has also said recently that this cycle will be \"hotter but shorter\" than usual.\n\nDoes it not stand to reason then, that the economic cycle is now so truncated - courtesy of $30 trillion in global stimulus - that we have blasted right through the midcycle phase and are now nearing the end?\nThat is the question Deutsche Bank's credit strategist Jim Reid asked overnight, when he described this recovery as \"undoubtedly the most unusual in history with many sectors of the economy already running ahead of their pre-recession trend\" even though several serviced based ones are still well behind though. More importantly, according to Reid and DB economists,the output and employment gap will likely close in the next couple of quarters which will be the quickest for both in observable economic history.\nReid then takes a look at where real GDP, nominal GDP, CPI, unemployment, retail sales, equities, household wealth, housing, treasuries and commodities are against all other recoveries for most variables goes back over 100 years. The chart below shows real GDP and as Reid explains, \"for most of these, this current post covid recovery is near the top\"making this recovery neck and neck with the fastest post-WWII expansion.\nAs Reid puts it, \"clearly this cycle saw a big drawdown due to the pandemic but so did the GFC and its notable that the post-GFC recovery was around the weakest at the same stage\" which begs the question: \"should this be seen as the start of a new cycle or a continuation of the last cycle after a period of covid related hibernation?The answer to this will give us clues as to how long this cycle lasts, future Fed activity, and on the inflationary consequences of the current strong rebound.\"","news_type":1,"symbols_score_info":{"SPY":0.9,".SPX":0.9,".DJI":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":2514,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":892626453,"gmtCreate":1628657026772,"gmtModify":1631890434690,"author":{"id":"3570704273473153","authorId":"3570704273473153","name":"NanSheng","avatar":"https://static.tigerbbs.com/3b9c7cbd5f4701e1436aa63c6c6c7fc5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3570704273473153","authorIdStr":"3570704273473153"},"themes":[],"title":"","htmlText":"Great insides, good read","listText":"Great insides, good read","text":"Great insides, good read","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/892626453","repostId":"1163924715","repostType":4,"repost":{"id":"1163924715","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1628654753,"share":"https://www.laohunote.com/m/news/1163924715?lang=zh_CN&edition=full","pubTime":"2021-08-11 12:05","market":"sh","language":"en","title":"The Ark Funds' Actions to Lighten up China Concepts Stocks<blockquote>方舟基金减轻中国概念股的行动</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1163924715","media":"Tiger Newspress","summary":"Pre-market overview\nU.S. stocks fell in the pre-market trading, and the U.S. 10-Year Government Bond","content":"<p><b>Pre-market overview</b></p><p><blockquote><b>上市前概述</b></blockquote></p><p> U.S.&nbsp;stocks fell in the pre-market trading, and the&nbsp;U.S.&nbsp;10-Year&nbsp;Government&nbsp;Bond Yields dropped again in Asias&nbsp;hours, pulling down the prices of commodities with crude oil falling up to 5%.&nbsp;China Concepts Stocks rose slightly in the pre-market trading.</p><p><blockquote>美股盘前交易下跌，亚洲时段美国10年期国债收益率再度下跌，拖累大宗商品价格，原油跌幅高达5%，中国概念股盘前交易小幅上涨。</blockquote></p><p> In the&nbsp;secondary market, there are two types of US funds willing to make investments&nbsp;in China. Thereinto, one of them has liquidated or been gradually liquidating&nbsp;their holdings. According to the daily operations of the Ark Funds, it has been&nbsp;reducing its positions in China Concepts Stocks including Tencent, and has&nbsp;never increased its positions, although the afore-mentioned stocks have&nbsp;rebounded to some extent recently. A more pleasing signal appeared lately is&nbsp;that the Ark Funds has stopped lightening up Chinese stocks.</p><p><blockquote>在二级市场上，有两类美国基金愿意在中国进行投资。其中，其中一人已清盘或正在逐步清盘其持有的股份。从方舟基金的日常操作来看，其一直在减仓包括腾讯控股在内的中概股，从未加仓，尽管上述个股近期出现了一定程度的反弹。最近出现的一个更令人鼓舞的信号是，方舟基金已经停止减持中国股票。</blockquote></p><p> On July 1st, a&nbsp;total of 10 Chinese stocks listed in the U.S. are covered by the Ark Funds, including&nbsp;8 China Concept Stocks and 2 Hong Kong stocks traded in U.S. over-the-counter (OTC).&nbsp;Based on the closing price of the day, these 10 stocks totaled $1.8 billion, as&nbsp;shown in the following figure.</p><p><blockquote>7月1日，共有10只在美国上市的中国股票被方舟基金覆盖，其中包括8只中国概念股和2只在美国场外交易（OTC）交易的港股，以当日收盘价计算，这10只股票合计18亿美元，如下图所示。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/5be54c5dfdf52cd1c4ea28364f2dc37a\" tg-width=\"622\" tg-height=\"320\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>About Its Positions</b></p><p><blockquote><b>关于其立场</b></blockquote></p><p> As a fund that&nbsp;is not active enough to invest in Chinese stocks, it is hard to say that the size&nbsp;of $1.8-billion position is small. The largest mutual fund that invests in&nbsp;emerging markets is the Invesco Developing Markets Fund, which has an&nbsp;investment of $15 billion in China, covering China Concepts Stocks, Hong Kong Stocks&nbsp;and A shares. Therefore, Ark's investment in China is not trivial.</p><p><blockquote>作为一只投资中国股票不够积极的基金，18亿美元的仓位规模很难说小。投资新兴市场的最大共同基金是景顺新兴市场基金，在华投资150亿美元，涵盖中概股、港股和A股。因此，方舟在中国的投资并非微不足道。</blockquote></p><p> The Ark Funds&nbsp;claims to be technology-based, but it seems that the Funds does not fully trust&nbsp;China's technology. By analyzing its holdings on Chinese stocks, the most positions&nbsp;held by the Ark Funds now are stocks of e-commerce which owns vast purchasing&nbsp;power, rather than those of technology companies. Cathie Wood, an American&nbsp;investor as well as the CEO &amp; CIO of Ark Invest, once praised Baidu's&nbsp;driverless technology on TV, while their position in Baidu’s stock is not so&nbsp;large. Then, here comes the new energy vehicles of China. The investment target&nbsp;of the Ark Funds is not the Chinese EV trio including <a href=\"https://laohu8.com/S/LI\">Li Auto</a>, <a href=\"https://laohu8.com/S/NIO\">NIO Inc.</a> and&nbsp;<a href=\"https://laohu8.com/S/XPEV\">XPeng Inc.</a>, but NIU Technologies. The electric vehicles produced by <a href=\"https://laohu8.com/S/NIU\">Niu Technologies</a> are good sellers in New York, while another three makers have not&nbsp;yet expanded into the United States. Once again, it reflects Cathie Wood's&nbsp;skeptical attitude towards China's \"technology\".</p><p><blockquote>方舟基金号称以技术为基础，但基金似乎并不完全信任中国的技术。通过分析其持有的中国股票，方舟基金现在持有的最多头寸是拥有巨大购买力的电子商务股票，而不是科技公司的股票。美国投资者、Ark Invest 首席执行官兼首席信息官凯西-伍德（Cathie Wood）曾在电视上称赞百度的无人驾驶技术，而他们对百度股票的持仓并没有那么大。然后，中国的新能源汽车来了。方舟基金的投资目标并非中国电动汽车三驾马车，包括<a href=\"https://laohu8.com/S/LI\">理想汽车</a>,<a href=\"https://laohu8.com/S/NIO\">蔚来</a>和<a href=\"https://laohu8.com/S/XPEV\">小鹏汽车</a>但是小牛电动。生产的电动汽车<a href=\"https://laohu8.com/S/NIU\">小牛电动</a>在纽约很畅销，而另外三家制造商尚未扩展到美国。这再次反映了凯西·伍德对中国“技术”的怀疑态度。</blockquote></p><p> <b>Let’s look into&nbsp;the lightening of the Ark Funds</b></p><p><blockquote><b>让我们来看看方舟基金的闪电</b></blockquote></p><p> 10 stocks are&nbsp;chosen to analyze their share changes. 5 stocks with the largest positions on&nbsp;July 1 (JD, TCEHY, BEKE, PDD, and BIDU) are shown in Figure 1, totaling $1.5&nbsp;billion, accounting for about 80%.&nbsp;Another 5 stocks are BABA, NIU, HUYA,&nbsp;BYDDY, and BZ, totaling $300 million, accounting for about 20% (Figure 2). Key&nbsp;dates are marked below.</p><p><blockquote>选择了10只股票来分析它们的份额变化。7月1日持仓最多的5只个股（京东、TCEHY、贝科、PDD、百度）如图1所示，合计15亿美元，约占80%，另外5只个股分别是阿里巴巴、小牛、虎牙、比亚迪、百度，合计3亿美元，约占20%（图2）。关键日期标记在下面。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/41b4d86b2c5953dc32e4a31fb13ee410\" tg-width=\"554\" tg-height=\"269\" referrerpolicy=\"no-referrer\"><span>Figure 1</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/09631c97e67c3aa9711d607bca310526\" tg-width=\"554\" tg-height=\"252\" referrerpolicy=\"no-referrer\"><span>Figure 2</span></p><p><blockquote><p class=\"t-img-caption\"><span>图2</span></p></blockquote></p><p> The Ark Funds cleared&nbsp;all its positions in HUYA on July 13 and 14 (marked in the Figure above). The&nbsp;news of the failed merger between Huya and DouYu was announced on July 12, but the&nbsp;Ark Funds did not substantially lighten up its position on the day, and&nbsp;continued the pace in the past few days.&nbsp;</p><p><blockquote>方舟基金于7月13日、14日清仓虎牙全部持仓（上图标注）。虎牙与斗鱼合并失败的消息在7月12日公布，但方舟基金当天并未实质性减仓，延续了过去几天的步伐。</blockquote></p><p> Another marked&nbsp;date is July 26 (Figure 1). The Chinese education stocks plummeted over 50% on&nbsp;Friday, July 23. On that day, few people realized that a chain reaction had&nbsp;occurred, and Chinese stocks listed in Hong Kong would slump in the following&nbsp;week. The Ark Funds failed to realize it, either. On July 26, the Ark Funds had&nbsp;to lighten up its positions. The top 5 largest positions were all reduced by&nbsp;Ark, with Ke Holdings standing in the breach. This reflects Cathie Wood's&nbsp;suspicion of high-growth companies in China.</p><p><blockquote>另一个标记的日期是7月26日（图1）。7月23日星期五，中国教育股暴跌超过50%。那一天，很少有人意识到连锁反应已经发生，在香港上市的中国股票将在接下来的一周内暴跌。方舟基金也没有意识到这一点。7月26日，方舟基金不得不减仓。前5大持仓均被方舟减仓，科控股站上破位。这反映出Cathie Wood对中国高成长性公司的怀疑。</blockquote></p><p></p><p> The third marked&nbsp;date is July 28, as shown in Figure 2. In this round of turmoil, the Ark Funds&nbsp;only lightened up its positions in the stocks of BOSS Zhipin&nbsp;(<a href=\"https://laohu8.com/S/BZ\">Kanzhun Limited</a>), which is also a&nbsp;company with a relatively small market value. Meanwhile, Cathie Wood is still&nbsp;very insistent on the investments in NIU Technologies.</p><p><blockquote>第三个标记日期是7月28日，如图2所示。在这一轮风波中，方舟基金仅减仓了老板直聘股票（<a href=\"https://laohu8.com/S/BZ\">看准有限公司</a>），这也是一家市值相对较小的公司。与此同时，凯西·伍德仍然非常坚持在小牛电动的投资。</blockquote></p><p> In the past&nbsp;week, the prices of China Concepts Stocks still hovered at a low level, but the&nbsp;Ark Funds no longer lightened up their positions. At present, there are only 7&nbsp;stocks left. Based on the closing price last Friday, the position is $450&nbsp;million, which is a 75% decrease compared to that of July 1.</p><p><blockquote>近一周，中国概念股价格仍在低位徘徊，但方舟基金不再减仓。目前只剩下7只股票。以上周五收盘价计算，仓位为4.5亿美元，较7月1日减少75%。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Ark Funds' Actions to Lighten up China Concepts Stocks<blockquote>方舟基金减轻中国概念股的行动</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Ark Funds' Actions to Lighten up China Concepts Stocks<blockquote>方舟基金减轻中国概念股的行动</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-08-11 12:05</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><b>Pre-market overview</b></p><p><blockquote><b>上市前概述</b></blockquote></p><p> U.S.&nbsp;stocks fell in the pre-market trading, and the&nbsp;U.S.&nbsp;10-Year&nbsp;Government&nbsp;Bond Yields dropped again in Asias&nbsp;hours, pulling down the prices of commodities with crude oil falling up to 5%.&nbsp;China Concepts Stocks rose slightly in the pre-market trading.</p><p><blockquote>美股盘前交易下跌，亚洲时段美国10年期国债收益率再度下跌，拖累大宗商品价格，原油跌幅高达5%，中国概念股盘前交易小幅上涨。</blockquote></p><p> In the&nbsp;secondary market, there are two types of US funds willing to make investments&nbsp;in China. Thereinto, one of them has liquidated or been gradually liquidating&nbsp;their holdings. According to the daily operations of the Ark Funds, it has been&nbsp;reducing its positions in China Concepts Stocks including Tencent, and has&nbsp;never increased its positions, although the afore-mentioned stocks have&nbsp;rebounded to some extent recently. A more pleasing signal appeared lately is&nbsp;that the Ark Funds has stopped lightening up Chinese stocks.</p><p><blockquote>在二级市场上，有两类美国基金愿意在中国进行投资。其中，其中一人已清盘或正在逐步清盘其持有的股份。从方舟基金的日常操作来看，其一直在减仓包括腾讯控股在内的中概股，从未加仓，尽管上述个股近期出现了一定程度的反弹。最近出现的一个更令人鼓舞的信号是，方舟基金已经停止减持中国股票。</blockquote></p><p> On July 1st, a&nbsp;total of 10 Chinese stocks listed in the U.S. are covered by the Ark Funds, including&nbsp;8 China Concept Stocks and 2 Hong Kong stocks traded in U.S. over-the-counter (OTC).&nbsp;Based on the closing price of the day, these 10 stocks totaled $1.8 billion, as&nbsp;shown in the following figure.</p><p><blockquote>7月1日，共有10只在美国上市的中国股票被方舟基金覆盖，其中包括8只中国概念股和2只在美国场外交易（OTC）交易的港股，以当日收盘价计算，这10只股票合计18亿美元，如下图所示。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/5be54c5dfdf52cd1c4ea28364f2dc37a\" tg-width=\"622\" tg-height=\"320\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>About Its Positions</b></p><p><blockquote><b>关于其立场</b></blockquote></p><p> As a fund that&nbsp;is not active enough to invest in Chinese stocks, it is hard to say that the size&nbsp;of $1.8-billion position is small. The largest mutual fund that invests in&nbsp;emerging markets is the Invesco Developing Markets Fund, which has an&nbsp;investment of $15 billion in China, covering China Concepts Stocks, Hong Kong Stocks&nbsp;and A shares. Therefore, Ark's investment in China is not trivial.</p><p><blockquote>作为一只投资中国股票不够积极的基金，18亿美元的仓位规模很难说小。投资新兴市场的最大共同基金是景顺新兴市场基金，在华投资150亿美元，涵盖中概股、港股和A股。因此，方舟在中国的投资并非微不足道。</blockquote></p><p> The Ark Funds&nbsp;claims to be technology-based, but it seems that the Funds does not fully trust&nbsp;China's technology. By analyzing its holdings on Chinese stocks, the most positions&nbsp;held by the Ark Funds now are stocks of e-commerce which owns vast purchasing&nbsp;power, rather than those of technology companies. Cathie Wood, an American&nbsp;investor as well as the CEO &amp; CIO of Ark Invest, once praised Baidu's&nbsp;driverless technology on TV, while their position in Baidu’s stock is not so&nbsp;large. Then, here comes the new energy vehicles of China. The investment target&nbsp;of the Ark Funds is not the Chinese EV trio including <a href=\"https://laohu8.com/S/LI\">Li Auto</a>, <a href=\"https://laohu8.com/S/NIO\">NIO Inc.</a> and&nbsp;<a href=\"https://laohu8.com/S/XPEV\">XPeng Inc.</a>, but NIU Technologies. The electric vehicles produced by <a href=\"https://laohu8.com/S/NIU\">Niu Technologies</a> are good sellers in New York, while another three makers have not&nbsp;yet expanded into the United States. Once again, it reflects Cathie Wood's&nbsp;skeptical attitude towards China's \"technology\".</p><p><blockquote>方舟基金号称以技术为基础，但基金似乎并不完全信任中国的技术。通过分析其持有的中国股票，方舟基金现在持有的最多头寸是拥有巨大购买力的电子商务股票，而不是科技公司的股票。美国投资者、Ark Invest 首席执行官兼首席信息官凯西-伍德（Cathie Wood）曾在电视上称赞百度的无人驾驶技术，而他们对百度股票的持仓并没有那么大。然后，中国的新能源汽车来了。方舟基金的投资目标并非中国电动汽车三驾马车，包括<a href=\"https://laohu8.com/S/LI\">理想汽车</a>,<a href=\"https://laohu8.com/S/NIO\">蔚来</a>和<a href=\"https://laohu8.com/S/XPEV\">小鹏汽车</a>但是小牛电动。生产的电动汽车<a href=\"https://laohu8.com/S/NIU\">小牛电动</a>在纽约很畅销，而另外三家制造商尚未扩展到美国。这再次反映了凯西·伍德对中国“技术”的怀疑态度。</blockquote></p><p> <b>Let’s look into&nbsp;the lightening of the Ark Funds</b></p><p><blockquote><b>让我们来看看方舟基金的闪电</b></blockquote></p><p> 10 stocks are&nbsp;chosen to analyze their share changes. 5 stocks with the largest positions on&nbsp;July 1 (JD, TCEHY, BEKE, PDD, and BIDU) are shown in Figure 1, totaling $1.5&nbsp;billion, accounting for about 80%.&nbsp;Another 5 stocks are BABA, NIU, HUYA,&nbsp;BYDDY, and BZ, totaling $300 million, accounting for about 20% (Figure 2). Key&nbsp;dates are marked below.</p><p><blockquote>选择了10只股票来分析它们的份额变化。7月1日持仓最多的5只个股（京东、TCEHY、贝科、PDD、百度）如图1所示，合计15亿美元，约占80%，另外5只个股分别是阿里巴巴、小牛、虎牙、比亚迪、百度，合计3亿美元，约占20%（图2）。关键日期标记在下面。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/41b4d86b2c5953dc32e4a31fb13ee410\" tg-width=\"554\" tg-height=\"269\" referrerpolicy=\"no-referrer\"><span>Figure 1</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/09631c97e67c3aa9711d607bca310526\" tg-width=\"554\" tg-height=\"252\" referrerpolicy=\"no-referrer\"><span>Figure 2</span></p><p><blockquote><p class=\"t-img-caption\"><span>图2</span></p></blockquote></p><p> The Ark Funds cleared&nbsp;all its positions in HUYA on July 13 and 14 (marked in the Figure above). The&nbsp;news of the failed merger between Huya and DouYu was announced on July 12, but the&nbsp;Ark Funds did not substantially lighten up its position on the day, and&nbsp;continued the pace in the past few days.&nbsp;</p><p><blockquote>方舟基金于7月13日、14日清仓虎牙全部持仓（上图标注）。虎牙与斗鱼合并失败的消息在7月12日公布，但方舟基金当天并未实质性减仓，延续了过去几天的步伐。</blockquote></p><p> Another marked&nbsp;date is July 26 (Figure 1). The Chinese education stocks plummeted over 50% on&nbsp;Friday, July 23. On that day, few people realized that a chain reaction had&nbsp;occurred, and Chinese stocks listed in Hong Kong would slump in the following&nbsp;week. The Ark Funds failed to realize it, either. On July 26, the Ark Funds had&nbsp;to lighten up its positions. The top 5 largest positions were all reduced by&nbsp;Ark, with Ke Holdings standing in the breach. This reflects Cathie Wood's&nbsp;suspicion of high-growth companies in China.</p><p><blockquote>另一个标记的日期是7月26日（图1）。7月23日星期五，中国教育股暴跌超过50%。那一天，很少有人意识到连锁反应已经发生，在香港上市的中国股票将在接下来的一周内暴跌。方舟基金也没有意识到这一点。7月26日，方舟基金不得不减仓。前5大持仓均被方舟减仓，科控股站上破位。这反映出Cathie Wood对中国高成长性公司的怀疑。</blockquote></p><p></p><p> The third marked&nbsp;date is July 28, as shown in Figure 2. In this round of turmoil, the Ark Funds&nbsp;only lightened up its positions in the stocks of BOSS Zhipin&nbsp;(<a href=\"https://laohu8.com/S/BZ\">Kanzhun Limited</a>), which is also a&nbsp;company with a relatively small market value. Meanwhile, Cathie Wood is still&nbsp;very insistent on the investments in NIU Technologies.</p><p><blockquote>第三个标记日期是7月28日，如图2所示。在这一轮风波中，方舟基金仅减仓了老板直聘股票（<a href=\"https://laohu8.com/S/BZ\">看准有限公司</a>），这也是一家市值相对较小的公司。与此同时，凯西·伍德仍然非常坚持在小牛电动的投资。</blockquote></p><p> In the past&nbsp;week, the prices of China Concepts Stocks still hovered at a low level, but the&nbsp;Ark Funds no longer lightened up their positions. At present, there are only 7&nbsp;stocks left. Based on the closing price last Friday, the position is $450&nbsp;million, which is a 75% decrease compared to that of July 1.</p><p><blockquote>近一周，中国概念股价格仍在低位徘徊，但方舟基金不再减仓。目前只剩下7只股票。以上周五收盘价计算，仓位为4.5亿美元，较7月1日减少75%。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BZ":"BOSS直聘","LI":"理想汽车","XPEV":"小鹏集团","NIU":"小牛电动","NIO":"蔚来"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1163924715","content_text":"Pre-market overview\nU.S. stocks fell in the pre-market trading, and the U.S. 10-Year Government Bond Yields dropped again in Asias hours, pulling down the prices of commodities with crude oil falling up to 5%. China Concepts Stocks rose slightly in the pre-market trading.\nIn the secondary market, there are two types of US funds willing to make investments in China. Thereinto, one of them has liquidated or been gradually liquidating their holdings. According to the daily operations of the Ark Funds, it has been reducing its positions in China Concepts Stocks including Tencent, and has never increased its positions, although the afore-mentioned stocks have rebounded to some extent recently. A more pleasing signal appeared lately is that the Ark Funds has stopped lightening up Chinese stocks.\nOn July 1st, a total of 10 Chinese stocks listed in the U.S. are covered by the Ark Funds, including 8 China Concept Stocks and 2 Hong Kong stocks traded in U.S. over-the-counter (OTC). Based on the closing price of the day, these 10 stocks totaled $1.8 billion, as shown in the following figure.\n\nAbout Its Positions\nAs a fund that is not active enough to invest in Chinese stocks, it is hard to say that the size of $1.8-billion position is small. The largest mutual fund that invests in emerging markets is the Invesco Developing Markets Fund, which has an investment of $15 billion in China, covering China Concepts Stocks, Hong Kong Stocks and A shares. Therefore, Ark's investment in China is not trivial.\nThe Ark Funds claims to be technology-based, but it seems that the Funds does not fully trust China's technology. By analyzing its holdings on Chinese stocks, the most positions held by the Ark Funds now are stocks of e-commerce which owns vast purchasing power, rather than those of technology companies. Cathie Wood, an American investor as well as the CEO & CIO of Ark Invest, once praised Baidu's driverless technology on TV, while their position in Baidu’s stock is not so large. Then, here comes the new energy vehicles of China. The investment target of the Ark Funds is not the Chinese EV trio including Li Auto, NIO Inc. and XPeng Inc., but NIU Technologies. The electric vehicles produced by Niu Technologies are good sellers in New York, while another three makers have not yet expanded into the United States. Once again, it reflects Cathie Wood's skeptical attitude towards China's \"technology\".\nLet’s look into the lightening of the Ark Funds\n10 stocks are chosen to analyze their share changes. 5 stocks with the largest positions on July 1 (JD, TCEHY, BEKE, PDD, and BIDU) are shown in Figure 1, totaling $1.5 billion, accounting for about 80%. Another 5 stocks are BABA, NIU, HUYA, BYDDY, and BZ, totaling $300 million, accounting for about 20% (Figure 2). Key dates are marked below.\nFigure 1\nFigure 2\nThe Ark Funds cleared all its positions in HUYA on July 13 and 14 (marked in the Figure above). The news of the failed merger between Huya and DouYu was announced on July 12, but the Ark Funds did not substantially lighten up its position on the day, and continued the pace in the past few days. \nAnother marked date is July 26 (Figure 1). The Chinese education stocks plummeted over 50% on Friday, July 23. On that day, few people realized that a chain reaction had occurred, and Chinese stocks listed in Hong Kong would slump in the following week. The Ark Funds failed to realize it, either. On July 26, the Ark Funds had to lighten up its positions. The top 5 largest positions were all reduced by Ark, with Ke Holdings standing in the breach. This reflects Cathie Wood's suspicion of high-growth companies in China.\nThe third marked date is July 28, as shown in Figure 2. In this round of turmoil, the Ark Funds only lightened up its positions in the stocks of BOSS Zhipin (Kanzhun Limited), which is also a company with a relatively small market value. Meanwhile, Cathie Wood is still very insistent on the investments in NIU Technologies.\nIn the past week, the prices of China Concepts Stocks still hovered at a low level, but the Ark Funds no longer lightened up their positions. At present, there are only 7 stocks left. Based on the closing price last Friday, the position is $450 million, which is a 75% decrease compared to that of July 1.","news_type":1,"symbols_score_info":{"NIU":0.9,"NIO":0.9,"LI":0.9,"BZ":0.9,"XPEV":0.9}},"isVote":1,"tweetType":1,"viewCount":1537,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":148462748,"gmtCreate":1626007207984,"gmtModify":1631890434698,"author":{"id":"3570704273473153","authorId":"3570704273473153","name":"NanSheng","avatar":"https://static.tigerbbs.com/3b9c7cbd5f4701e1436aa63c6c6c7fc5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3570704273473153","authorIdStr":"3570704273473153"},"themes":[],"title":"","htmlText":"[Glance]&nbsp;","listText":"[Glance]&nbsp;","text":"[Glance]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/148462748","repostId":"1112201050","repostType":4,"repost":{"id":"1112201050","kind":"news","pubTimestamp":1625966101,"share":"https://www.laohunote.com/m/news/1112201050?lang=zh_CN&edition=full","pubTime":"2021-07-11 09:15","market":"us","language":"en","title":"The Meme Stock Trade Is Far From Over. What Investors Need to Know.<blockquote>模因股票交易远未结束。投资者需要了解的内容。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1112201050","media":"Barrons","summary":"It seemed to be only a matter of time.\nWhen GameStop (ticker: GME), BlackBerry (BB), and even the de","content":"<p>It seemed to be only a matter of time.</p><p><blockquote>这似乎只是时间问题。</blockquote></p><p> When GameStop (ticker: GME), BlackBerry (BB), and even the desiccated carcass of Blockbuster suddenly sprang to life in January, the clock was already ticking for when they would crash again. Would it be hours, days, or weeks?</p><p><blockquote>当游戏驿站（股票代码：GME）、黑莓（BB），甚至百视达的干涸尸体在一月份突然复活时，它们何时会再次坠毁的时间已经在流逝。会是几个小时、几天还是几周？</blockquote></p><p> It has now been half a year, and the core “meme stocks” are still trading at levels considered outrageous by people who have studied them for years. New names like&nbsp;Clover Health Investments(CLOV) and&nbsp;Newegg Commerce(NEGG) have recently popped up on message boards, and their stocks have popped, too.</p><p><blockquote>现在已经过去半年了，核心 “备忘录股票 ”的交易价格仍然处于研究这些股票多年的人认为离谱的水平。Clover Health Investments (CLOV) 和 Newegg Commerce (NEGG) 等新名称最近出现在留言板上，它们的股票也随之上涨。</blockquote></p><p> The collective efforts of millions of retail traders—long derided as “the dumb money”—have successfully held stocks aloft and forced naysayers to capitulate.</p><p><blockquote>数百万散户交易员--长期以来被嘲笑为 “哑巴钱 ”--的集体努力成功地让股市飙升，并迫使反对者投降。</blockquote></p><p> That is true even as the companies they are betting on have shown scant signs of transforming their businesses, or turning profits that might justify their valuations. BlackBerry burned cash in its latest quarter and warned that its key cybersecurity division would hit the low end of its revenue guidance; the stock dipped on the news but has still more than doubled in the past year.</p><p><blockquote>尽管他们押注的公司几乎没有表现出业务转型的迹象，也没有表现出足以证明其估值的利润，但情况确实如此。黑莓在最近一个季度烧钱，并警告称其关键的网络安全部门将达到收入指导的低端；消息传出后，该股下跌，但在过去一年中仍上涨了一倍多。</blockquote></p><p> While trading volume at the big brokers has come down slightly from its February peak, it remains two to three times as high as it was before the pandemic. And a startling amount of that activity is occurring in stocks favored by retail traders. The average daily value of shares traded in&nbsp;AMC Entertainment Holdings(AMC), for example, reached $13.1 billion in June, more than&nbsp;Apple’s(AAPL) $9.5 billion and Amazon.com’s (AMZN) $10.3 billion.</p><p><blockquote>虽然大型经纪商的交易量较 2 月份的峰值略有下降，但仍高于疫情爆发前的两到三倍。数量惊人的这种活动发生在散户交易者青睐的股票中。例如，AMC院线控股公司（AMC）6 月份的日均交易额达到 131 亿美元，超过了苹果（AAPL）的 95 亿美元和亚马逊（AMZN）的 103 亿美元。</blockquote></p><p> Even as the coronavirus fades in the U.S., most new traders say they are committed to the hobby they learned during lockdown—58% of day traders in a Betterment survey said they are planning to trade even more in the future, and only 12% plan to trade less. Amateur pandemic bakers have stopped kneading sourdough loaves; traders are only getting hungrier.</p><p><blockquote>即使冠状病毒在美国消退，大多数新交易者表示，他们仍然致力于他们在封锁期间学到的爱好——在一项Betterment调查中，58%的日内交易者表示，他们计划在未来进行更多的交易，只有12%的人计划减少交易。业余疫情面包师已经停止揉捏酸面团面包；交易者只会变得越来越饥饿。</blockquote></p><p> A sustained bear market would spoil such an appetite, as it did when the dot-com bubble burst. For now, dips are reasons to hold or buy.</p><p><blockquote>持续的熊市会破坏这种食欲，就像互联网泡沫破裂时一样。目前，下跌是持有或买入的理由。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/25a79e71371c165f9a3a5085931fc487\" tg-width=\"979\" tg-height=\"649\"></p><p><blockquote></blockquote></p><p> “I’ve seen that the ‘buy the dip’ sentiment hasn’t relented for a moment,” wrote Brandon Luczek, an electronics technician for the U.S. Navy who trades with friends online, in an email to&nbsp;Barron’s.</p><p><blockquote>“美国海军电子技术员布兰登-卢切克（Brandon Luczek）在给《巴伦周刊》的一封电子邮件中写道：”我看到'逢低买入'的情绪一刻也没有减弱。</blockquote></p><p> The meme stock surge has been propelled by a rise in trading by retail investors. In 2020, online brokers signed clients at a record pace, with more than 10 million people opening new accounts. That record will almost certainly be broken in 2021. Brokers had already added more than 10 million accounts less than halfway into the year, some of the top firms have disclosed.</p><p><blockquote>迷因股票飙升是由散户投资者交易的增加推动的。2020年，在线经纪商以创纪录的速度签约客户，超过1000万人开设了新账户。这一记录几乎肯定会在2021年被打破。一些顶级公司透露，在今年不到一半的时间里，经纪商已经增加了超过 1000 万个账户。</blockquote></p><p> Meme stocks are both the cart and the horse of this phenomenon. Their sudden price spikes are driven by new investors, and then that action drives even more new people to invest. Millions of people downloaded investing apps in late January and early February just to be a part of the fun. A recent&nbsp;Charles Schwab(SCHW) survey found that 15% of all current traders began investing after 2020.</p><p><blockquote>模因股票既是这种现象的推车，也是马。他们的价格突然飙升是由新投资者推动的，然后这一行动推动更多的新人投资。数百万人在 1 月底和 2 月初下载了投资应用程序，只是为了享受乐趣。嘉信理财（SCHW）最近的一项调查发现，15%的现有交易者在2020年后开始投资。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/167386c6881a258922ad62caaf7a05f4\" tg-width=\"971\" tg-height=\"644\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/8e29e3041b91070252ab9063d1a11fa2\" tg-width=\"975\" tg-height=\"642\"><img src=\"https://static.tigerbbs.com/f9cc1c0bd6368721c0eca87e25719f16\" tg-width=\"964\" tg-height=\"641\"></p><p><blockquote></blockquote></p><p> The most prominent player in the surge is Robinhood, which said it had added 5.5 million funded accounts in the first quarter alone. But it isn’t alone. Fidelity, for instance, announced that it had attracted 1.6 million new customers under the age of 35 in the first quarter, 223% more than a year before.</p><p><blockquote>激增中最突出的参与者是 Robinhood，该公司表示仅在第一季度就增加了 550 万个资金账户。但它并不孤单。例如，富达宣布，第一季度吸引了 160 万 35 岁以下的新客户，比去年同期增长了 223%。</blockquote></p><p> Under pressure from Robinhood’s zero-commission model, all of the major brokers cut commissions to zero in 2019. That opened the floodgates to a new group of customers—one that may not have as much spare cash to trade but is more active and diverse than its predecessors. And the brokers are cashing in. Fidelity is hoping to attract investors before they even have driver’s licenses, allowing children as young as 13 to open trading accounts. Robinhood is riding the momentum to an initial public offering that analysts expect to value it at more than 10 times its revenue.</p><p><blockquote>在 Robinhood 零佣金模式的压力下，所有主要经纪商都在 2019 年将佣金降至零。这为新客户群体打开了闸门——他们可能没有那么多闲置现金进行交易，但比前辈更加活跃和多样化。经纪人正在套现。富达希望在投资者获得驾照之前就吸引他们，允许年仅 13 岁的儿童开设交易账户。Robinhood 正在乘势而上进行首次公开募股，分析师预计其估值将超过其收入的 10 倍。</blockquote></p><p> These new customers act differently than their older peers. For years, there was a “big gravitation toward ETFs,” says Chris Larkin, head of trading at E*Trade, which is now owned by Morgan Stanley (MS). But picking single stocks is clearly “the big story of 2021.”</p><p><blockquote>这些新客户的行为与他们的老同行不同。E*Trade 交易主管克里斯-拉金（Chris Larkin）说，多年来，“ETF 一直备受青睐”，E*Trade 现归摩根士丹利（MS）所有。但挑选个股显然是 “2021 年的大新闻”。</blockquote></p><p> To be sure, equity exchange-traded funds are still doing well, as investors around the world bet on the pandemic recovery and avoid weak bond yields.</p><p><blockquote>可以肯定的是，随着世界各地的投资者押注疫情复苏并避免疲软的债券收益率，股票交易所交易基金仍然表现良好。</blockquote></p><p></p><p> But ETFs don’t light up the message boards like stocks do. Not that it has been a one-way ride for the top names. GameStop did dip in February, and Wall Street enjoyed a moment of schadenfreude. It didn’t last.</p><p><blockquote>但 ETF 不像股票那样点亮留言板。这并不是说顶级公司的单行道。游戏驿站二月份确实下跌，华尔街享受了幸灾乐祸的时刻。它并没有持续多久。</blockquote></p><p> “Like cicadas, meme traders returned in a wild blaze of activity after being seemingly underground for several months,” wrote Steve Sosnick, chief strategist at Interactive Brokers. Sosnick believes that the meme stocks tend to trade inversely to cryptocurrencies, because their fans rotate from one to the other as the momentum shifts.</p><p><blockquote>“盈透证券（Interactive Brokers）首席策略师史蒂夫-索斯尼克（Steve Sosnick）写道：”就像蝉一样，备忘录交易者在表面上隐匿了几个月后又重新活跃起来。索斯尼克认为，模因股票的交易往往与加密货币相反，因为随着势头的变化，它们的粉丝会从一种货币转向另一种货币。</blockquote></p><p> “I don’t think it’s strictly a coincidence that meme stocks roared back to life after a significant correction in Bitcoin and other cryptocurrencies,” he wrote.</p><p><blockquote>“他写道：”我不认为，在比特币和其他加密货币大幅回调后，备忘录股票卷土重来完全是巧合。</blockquote></p><p> Sosnick considers meme stocks a “sector unto themselves,” one that he segregates on his computer monitor away from other stock tickers.</p><p><blockquote>索斯尼克认为备忘录股票是一个 “独立的板块”，他在电脑显示器上将其与其他股票代码分开。</blockquote></p><p> Indeed, Wall Street’s reaction to the meme stock revolution has been to isolate the parts of the market that the pros deem irrational. Most short sellers won’t touch the stocks, and analysts are dropping coverage.</p><p><blockquote>事实上，华尔街对备忘录股票革命的反应一直是孤立专业人士认为不理性的市场部分。大多数卖空者不会碰这些股票，分析师也在放弃报道。</blockquote></p><p> But Wall Street can’t swat the retail army away like cicadas, or count on them disappearing for the next 17 years. Stock trading has permanently shifted. This year, retail activity accounts for 24% of equity volume, up from 15% in 2019. Adherents to the new creed are not passive observers willing to let Wall Street manage the markets.</p><p><blockquote>但华尔街不能像蝉一样把零售大军赶走，也不能指望它们在未来 17 年内消失。股票交易已经发生了永久性的变化。今年，零售活动占股本量的 24%，高于 2019 年的 15%。新信条的追随者不是愿意让华尔街管理市场的被动观察者。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/710e642d3b685b74f8c9dcaf46ef3e0b\" tg-width=\"968\" tg-height=\"643\"></p><p><blockquote></blockquote></p><p> “What this really reflects is a reversal of the trends that we saw toward less and less engagement with individual companies,” says Joshua Mitts, a professor at Columbia Law School specializing in securities markets. “Technology is bringing the average investor closer to the companies in which he or she invests, and that’s just taking on new and unpredictable forms.”</p><p><blockquote>“哥伦比亚法学院（Columbia Law School）专门研究证券市场的教授约书亚-米茨（Joshua Mitts）说：”这实际上反映了我们所看到的趋势的逆转，即与个别公司的接触越来越少。“技术正在拉近普通投资者与他或她所投资的公司的距离，而这只是以新的、不可预测的形式出现。”</blockquote></p><p> The swings you get can definitely make you feel some sort of way.</p><p><blockquote>你得到的秋千肯定会让你有某种感觉。</blockquote></p><p> — Matt Kohrs, 26, who streams stock analysis daily on YouTube</p><p><blockquote>— Matt Kohrs，26 岁，每天在 YouTube 上直播股票分析</blockquote></p><p> It is now changing the lives of those who got in early and are still riding the names higher.</p><p><blockquote>它现在正在改变那些早早加入的人的生活，并且仍然在更高的名字上。</blockquote></p><p> Take Matt Kohrs, who had invested in AMC Entertainment early. He quit his job as a programmer in New York in February, moved to Philadelphia, and started streaming&nbsp;stock analysis on YouTube&nbsp;for seven hours a day.</p><p><blockquote>以马特·科尔斯为例，他很早就投资了AMC院线。今年2月，他辞去了纽约程序员的工作，搬到了费城，并开始在YouTube上每天7个小时直播股票分析。</blockquote></p><p> With 350,000 YouTube followers, it’s paying the bills. With his earnings from ads and from the stock, Kohrs says he can pull down roughly the same salary he made before. But he also knows that relying on earnings from stocks like this is nothing like a 9-to-5 job.</p><p><blockquote>YouTube 拥有 35 万粉丝，它正在支付账单。科尔斯说，凭借广告和股票的收入，他可以拿到与以前大致相同的工资。但他也知道，像这样依赖股票收益与朝九晚五的工作完全不同。</blockquote></p><p> “The swings you get can definitely make you feel some sort of way,” he says.</p><p><blockquote>“他说：”你得到的秋千肯定会让你有某种感觉。</blockquote></p><p> Companies are starting to react more aggressively, too. They are either embracing their new owners or paying meme-ologists to understand the emoji-filled language of the new Wall Street so they can ward them off or appease them.</p><p><blockquote>公司也开始做出更积极的反应。他们要么拥抱他们的新主人，要么付钱给迷因学家来理解新华尔街充满表情符号的语言，这样他们就可以阻止他们或安抚他们。</blockquote></p><p> AMC even canceled a proposed equity raise this past week because the company apparently didn’t like the vibes it was getting from the Reddit crowd. AMC has already quintupled its share count over the past year. CEO Adam Aron tweeted that he had seen “many yes, many no” reactions to his proposal to issue 25 million more shares, so it will be canceled instead of being presented for a vote at AMC’s annual meeting later this month. The company did not respond to a question on how it had polled shareholders.</p><p><blockquote>AMC 甚至在上周取消了一项拟议的股权融资，因为该公司显然不喜欢 Reddit 人群的反响。过去一年，AMC 的股票数量已经增加了五倍。首席执行官亚当-阿伦（Adam Aron）在推特上表示，他看到了 “许多人赞成，许多人反对 ”对他增发 2500 万股股票的提议的反应，因此该提议将被取消，而不是在本月晚些时候的 AMC 年会上进行表决。该公司没有回答有关如何调查股东的问题。</blockquote></p><p> Forget the boardroom. Corporate policy is now being determined in the chat room.</p><p><blockquote>忘了会议室吧。公司政策现在正在聊天室里决定。</blockquote></p><p> Big investors are spending more time tracking social-media discussions about stocks. Bank of America found in a survey this year that about 25% of institutions had already been tracking social-media sentiment, but that about 40% are interested in using it going forward.</p><p><blockquote>大投资者正在花费更多时间跟踪社交媒体上有关股票的讨论。美国银行在今年的一项调查中发现，大约25%的机构已经在跟踪社交媒体情绪，但大约40%的机构有兴趣在未来使用它。</blockquote></p><p> In the past few months, Bank of America, Morgan Stanley, and J.P. Morgan have all produced reports on how to trade around the retail action, coming to somewhat different conclusions.</p><p><blockquote>在过去的几个月里，美国银行、摩根士丹利和摩根大通都发布了关于如何围绕零售行动进行交易的报告，得出了有些不同的结论。</blockquote></p><p> There can be “alpha in the signal,” as Morgan Stanley put it, but it can take some intense number-crunching to get there. Not all message-board chatter leads to sustained price gains, of course, and retail order flow cannot easily be separated from institutional flow without substantial data analysis. For investors with the tools to pinpoint which stocks retail investors are buying and which they are selling, J.P. Morgan suggests going long on the 20% of stocks with the most buying interest and short on the top 20% in selling interest.</p><p><blockquote>正如摩根士丹利所说，信号中可能存在 “阿尔法”，但要实现这一目标可能需要一些紧张的数字运算。当然，并不是所有的留言板聊天都会导致价格持续上涨，如果没有大量的数据分析，零售订单流很难与机构流分开。对于拥有工具来确定散户投资者正在购买哪些股票和正在出售哪些股票的投资者来说，摩根大通建议做多买入兴趣最高的 20% 的股票，做空卖出兴趣最高的 20% 的股票。</blockquote></p><p> For now, many of the institutions buying data on social-media sentiment appear to be trying to reduce their risks, as opposed to scouting new opportunities, according to Boris Spiwak of alternative data firm Thinknum, which offers products that track social-media sentiment. “They see it as almost like an insurance policy, to limit their downside risks,” he says.</p><p><blockquote>提供跟踪社交媒体情绪产品的另类数据公司Thinknum的鲍里斯·斯皮瓦克(Boris Spiwak)表示，目前，许多购买社交媒体情绪数据的机构似乎都在试图降低风险，而不是寻找新的机会。“他说：”他们认为这几乎就像一份保险，以限制他们的下行风险。</blockquote></p><p></p><p> For retail traders, the method isn’t always scientific. The action is sustained by a community ethos. And the force behind it is as much emotional and moral as financial.</p><p><blockquote>对于零售商来说，这种方法并不总是科学的。这一行动是由社区精神支撑的。其背后的力量既是情感上的，也是道德上的，也是经济上的。</blockquote></p><p> New investors say they are motivated by a desire to prove themselves and punish the old guard as much as by profits. They learn from one another about the market, sometimes amplifying or debunking conspiracy theories about Wall Street. Some link the meme-stock movement to continued mistrust of big financial institutions stemming from the 2008 financial crisis.</p><p><blockquote>新投资者表示，他们的动机是希望证明自己，并像利润一样惩罚保守派。他们互相学习市场，有时会放大或揭穿关于华尔街的阴谋论。一些人将模因股票运动与2008年金融危机引发的对大型金融机构的持续不信任联系起来。</blockquote></p><p> “Wall Street brought our economy to its knees, and no one ever got in trouble for it,” says the 26-year-old Kohrs. “So, I think they view this as not only can we make money, but we can also make these hedge funds on Wall Street pay.”</p><p><blockquote>“26 岁的科尔斯说：”华尔街让我们的经济陷入困境，但没有人因此惹上麻烦。“所以，我认为他们认为我们不仅可以赚钱，还可以让华尔街的这些对冲基金付钱。”</blockquote></p><p> Claire Hirschberg is a 28-year-old union organizer who bought about $50 worth of GameStop stock on Robinhood in January after hearing about it from friends. She liked the idea, but what really got her excited about it was the reaction of her father, a longtime money manager. “He was so mad I had bought GameStop and was refusing to sell,” she says, laughing. “And that just makes me want to hold it forever.”</p><p><blockquote>克莱尔·赫希伯格 (Claire Hirschberg) 是一名 28 岁的工会组织者，她在 1 月份从朋友那里听说 Robinhood 上购买了价值约 50 美元的游戏驿站股票。她喜欢这个想法，但真正让她兴奋的是她父亲的反应，他是一名长期的资金经理。“她笑着说：”他很生气我买了游戏驿站，还不肯卖。“这让我想永远拿着它。”</blockquote></p><p> Just like old Wall Street has rituals and codes, the new one does, too. A new investment banking employee learns quickly that you don’t wear a Ferragamo tie until after you make associate. You never leave the office until the managing director does, and you don’t complain about the hours. And the bad guys are the regulators and Sen. Elizabeth Warren, and not in that order.</p><p><blockquote>就像老华尔街有仪式和准则一样，新华尔街也有。一位新的投资银行员工很快就会知道，在你成为合伙人之前，你不会打菲拉格慕领带。在总经理离开之前，你从不离开办公室，你也不会抱怨工作时间。坏人是监管者和参议员伊丽莎白·沃伦，而且不是按顺序。</blockquote></p><p> The new trading desk—the apps that millions of retail traders now use and the message boards where they congregate—have unspoken rules, too. Publicly acknowledging financial losses is a valiant act, evidence of internal fortitude and belief in the group. You don’t take yourself seriously and you don’t police language. You are part of an army of “apes” or “retards.” You hold through the crashes, even if it means you might lose everything. And the bad guys are the short sellers, the market makers, and the Wall Street elites, in that order.</p><p><blockquote>新的交易台——数百万散户交易者现在使用的应用程序和他们聚集的留言板——也有潜规则。公开承认财务损失是一种勇敢的行为，是内部坚韧和对本集团信念的证明。你不把自己当回事，也不规范语言。你是 “猿类 ”或 “弱智 ”大军的一员。你坚持住，即使这意味着你可能会失去一切。坏人依次是卖空者、做市商和华尔街精英。</blockquote></p><p> The group action is not just for moral support. The trading strategy depends on people keeping up the buying pressure to force a short squeeze or to buy bullish options that trigger what’s known as a gamma squeeze.</p><p><blockquote>集体行动不仅仅是为了精神支持。交易策略取决于人们保持买入压力，迫使做空，或买入看涨期权，从而引发所谓的伽马挤压。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/75d79c78a14cc8f297e17397cc54bdb5\" tg-width=\"1260\" tg-height=\"840\"><span>Keith Gill became the face of the Reddit army of retail traders pushing shares of GameStop higher when he appeared virtually before a House Financial Services Committee hearing in February.</span></p><p><blockquote><p class=\"t-img-caption\"><span>基思·吉尔 (Keith Gill) 在二月份众议院金融服务委员会听证会上虚拟露面，成为 Reddit 散户交易员大军推高游戏驿站股价的代言人。</span></p></blockquote></p><p> Many short sellers say they won’t touch these stocks anymore. But clearly, others aren’t taking that advice and are giving the meme movement oxygen by repeatedly betting against the stocks. AMC’s short interest was at 17% of the stock’s float in mid-June, down from 28% in January, but not by much.</p><p><blockquote>许多卖空者表示，他们不会再碰这些股票了。但显然，其他人并没有采纳这一建议，而是通过反复做空股票来给备忘录运动注入氧气。6 月中旬，AMC 的空头权益占该股流通量的 17%，低于 1 月份的 28%，但降幅不大。</blockquote></p><p> As the price rises, the shorts can’t help themselves. They start “drooling, with flames coming out of their ears,” says Michael Pachter, a Wedbush Securities analyst who has covered GameStop for years. “What’s kind of shocked me is the definition of insanity, which is doing the same thing over and over and over again and hoping for a different outcome each time, and the shorts keep coming back,” he says. “And [GameStop bull] Keith Gill and his Reddit raiders keep squeezing them, and it keeps working.”</p><p><blockquote>随着价格上涨，空头们也控制不住自己。多年来一直关注游戏驿站的韦德布什证券分析师迈克尔-帕切特（Michael Pachter）说，他们开始 “流口水，耳朵里冒出火焰”。“他说：”让我感到震惊的是精神错乱的定义，就是一遍又一遍地做同样的事情，每次都希望有不同的结果，而空头却不断出现。“[游戏驿站公牛]基思-吉尔（Keith Gill）和他的 Reddit raiders 一直在挤压他们，而且一直在起作用。”</blockquote></p><p> To beat the short sellers, the Reddit crowd needs to hold together, but the community has been showing cracks at times. The two meme stocks with the most determined fan bases—GameStop and AMC—still have enormous armies of core believers who do not seem easily swayed. But other names seem to have more-fickle backers. Several stocks caught up in the meme madness have come crashing down to earth.Bed Bath &amp; Beyond(BBBY) spiked twice—in late January and early June—but now trades only slightly above its mid-January levels. People who bought during the upswings have lost money.</p><p><blockquote>为了击败卖空者，Reddit 人群需要团结起来，但该社区有时会出现裂缝。拥有最坚定粉丝群的两只模因股票——游戏驿站和 AMC——仍然拥有庞大的核心信徒大军，他们似乎不容易动摇。但其他名字似乎有更善变的支持者。几只陷入迷因疯狂的股票已经崩溃。 Bed Bath &amp; Beyond (BBBY) 在 1 月底和 6 月初两次飙升，但现在的交易价格仅略高于 1 月中旬的水平。在上涨期间买入的人已经赔钱了。</blockquote></p><p> Distrust has spread, and some traders worry that wallstreetbets— the original Reddit message board that inspired the GameStop frenzy—has grown so fast that it has lost its original spirit, and potentially grown vulnerable to manipulation. Some have moved to other message boards, like r/superstonk, in hopes of reclaiming the old community’s flavor.</p><p><blockquote>不信任已经蔓延，一些交易员担心 wallstreetbets——激发游戏驿站狂热的最初 Reddit 留言板——发展如此之快，以至于它已经失去了最初的精神，并可能变得容易受到操纵。有些人搬到了其他留言板，如 r/superstonk，希望能重现老社区的风味。</blockquote></p><p> Travis Rehl, the founder of social-media tracking company Hype Equity, says that he tries to separate possible manipulators from more organic investor sentiment. Hype Equity is usually hired by public-relations firms representing companies that are being talked about online, he says. Now, he sees a growing trend of stocks that suddenly come up on message boards, receive positive chatter, and then disappear.</p><p><blockquote>社交媒体跟踪公司 Hype Equity 的创始人特拉维斯·雷尔 (Travis Rehl) 表示，他试图将可能的操纵者与更有机的投资者情绪区分开来。他说，炒作股权通常由代表网上谈论的公司的公关公司雇佣。现在，他看到了一种不断增长的趋势，即股票突然出现在留言板上，收到积极的聊天，然后消失。</blockquote></p><p></p><p> “It’s called into question what is a true discussion versus what is something that somebody just wants to pump,” he says. The moderators of wallstreetbets forbid market manipulation on the platform, and Rehl say they appear to work hard to police misinformation. The moderators did not respond to a request from&nbsp;Barron’s&nbsp;for comment.</p><p><blockquote>“他说：”这让人怀疑什么是真正的讨论，什么是某人只想炒作的东西。wallstreetbets 的版主禁止在该平台上操纵市场，Rehl 表示，他们似乎正在努力遏制错误信息。主持人没有回应《巴伦周刊》的置评请求。</blockquote></p><p> “If you can create enough buzz to get a stock that goes up 10%, 20%, even 50% in a short period of time, there’s a tremendous incentive to do that,” Sosnick says.</p><p><blockquote>“索斯尼克说：”如果你能制造足够的轰动效应，让一只股票在短时间内上涨 10%、20%，甚至 50%，那么你就有巨大的动力去做这件事。</blockquote></p><p> The Securities and Exchange Commission is watching for funny business on the message boards. SEC Chairman Gary Gensler and some members of Congress have discussed changing market rules with the intention of adding transparency protecting retail traders—although changes could also anger the retail crowd if they slow down trading or make it more expensive.</p><p><blockquote>美国证券交易委员会正在关注留言板上的有趣交易。美国证券交易委员会主席加里·詹斯勒（Gary Gensler）和一些国会议员讨论了改变市场规则，目的是增加保护散户交易者的透明度——尽管如果这些变化减缓交易速度或使交易成本更高，也可能激怒零售人群。</blockquote></p><p> Regulations aren’t the only thing that could deflate this trend. Dan Egan, vice president of behavioral finance and investing at fintech Betterment, thinks the momentum may run out of steam in September. Even “apes” have responsibilities. “Kids start going back to schools; parents are free to go to work again,” he says. “That’s the next time there’s going to be some oxygen pulled out of the room.”</p><p><blockquote>监管并不是唯一能遏制这一趋势的因素。fintech Betterment 行为金融和投资副总裁丹·伊根 (Dan Egan) 认为，这种势头可能会在 9 月份耗尽。即使是 “猿猴 ”也有责任。“他说：”孩子们开始重返校园；家长们也可以自由地再次上班了。“那是下一次从房间里抽出氧气的时候了。”</blockquote></p><p> Traditional investors may be tempted to write off the entire phenomenon as temporary madness inspired by lockdowns and free government money. But that would be a mistake. If zero-commission brokerages and fun with GameStop broke down barriers for millions of new investors to open accounts, it’s almost certainly a good thing, as long as most people bet with money they don’t need immediately. Many new retail traders say they are teaching themselves how to trade, and have begun to diversify their holdings.</p><p><blockquote>传统投资者可能会倾向于将整个现象视为由封锁和免费政府资金引发的暂时疯狂。但那将是一个错误。如果零佣金经纪和游戏驿站乐趣打破了数百万新投资者开户的障碍，那么只要大多数人用他们并不立即需要的钱下注，这几乎肯定是一件好事。许多新零售商表示，他们正在自学如何交易，并开始分散持股。</blockquote></p><p> In one form or another, this is the future client base of Wall Street.</p><p><blockquote>无论如何，这是华尔街未来的客户群。</blockquote></p><p> Arizona State University professor Hendrik Bessembinder published groundbreaking&nbsp;research&nbsp;in 2018 that found that “a randomly selected stock in a randomly selected month is more likely to lose money than make money.” In short, picking single stocks and holding a concentrated portfolio tends to be a losing strategy.</p><p><blockquote>亚利桑那州立大学教授亨德里克-贝森宾德（Hendrik Bessembinder）在2018年发表了一项开创性的研究，发现“在随机选择的月份随机选择的股票，亏损的可能性大于赚钱的可能性”。简而言之，挑选单只股票并持有集中投资组合往往是一种失败的策略。</blockquote></p><p> Even so, he’s encouraged by the new wave of trading. “I welcome the increase in retail trading, the idea of the stock market being a place with wide participation,” Bessembinder says. “Economists can’t tell people they shouldn’t get some fun.”</p><p><blockquote>即便如此，他还是对新一波交易感到鼓舞。“贝森宾德说：”我欢迎零售交易的增加，欢迎股票市场成为一个广泛参与的地方。“经济学家不能告诉人们他们不应该找点乐子”。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Meme Stock Trade Is Far From Over. What Investors Need to Know.<blockquote>模因股票交易远未结束。投资者需要了解的内容。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Meme Stock Trade Is Far From Over. What Investors Need to Know.<blockquote>模因股票交易远未结束。投资者需要了解的内容。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-07-11 09:15</span>\n</p>\n</h4>\n</header>\n<article>\n<p>It seemed to be only a matter of time.</p><p><blockquote>这似乎只是时间问题。</blockquote></p><p> When GameStop (ticker: GME), BlackBerry (BB), and even the desiccated carcass of Blockbuster suddenly sprang to life in January, the clock was already ticking for when they would crash again. Would it be hours, days, or weeks?</p><p><blockquote>当游戏驿站（股票代码：GME）、黑莓（BB），甚至百视达的干涸尸体在一月份突然复活时，它们何时会再次坠毁的时间已经在流逝。会是几个小时、几天还是几周？</blockquote></p><p> It has now been half a year, and the core “meme stocks” are still trading at levels considered outrageous by people who have studied them for years. New names like&nbsp;Clover Health Investments(CLOV) and&nbsp;Newegg Commerce(NEGG) have recently popped up on message boards, and their stocks have popped, too.</p><p><blockquote>现在已经过去半年了，核心 “备忘录股票 ”的交易价格仍然处于研究这些股票多年的人认为离谱的水平。Clover Health Investments (CLOV) 和 Newegg Commerce (NEGG) 等新名称最近出现在留言板上，它们的股票也随之上涨。</blockquote></p><p> The collective efforts of millions of retail traders—long derided as “the dumb money”—have successfully held stocks aloft and forced naysayers to capitulate.</p><p><blockquote>数百万散户交易员--长期以来被嘲笑为 “哑巴钱 ”--的集体努力成功地让股市飙升，并迫使反对者投降。</blockquote></p><p> That is true even as the companies they are betting on have shown scant signs of transforming their businesses, or turning profits that might justify their valuations. BlackBerry burned cash in its latest quarter and warned that its key cybersecurity division would hit the low end of its revenue guidance; the stock dipped on the news but has still more than doubled in the past year.</p><p><blockquote>尽管他们押注的公司几乎没有表现出业务转型的迹象，也没有表现出足以证明其估值的利润，但情况确实如此。黑莓在最近一个季度烧钱，并警告称其关键的网络安全部门将达到收入指导的低端；消息传出后，该股下跌，但在过去一年中仍上涨了一倍多。</blockquote></p><p> While trading volume at the big brokers has come down slightly from its February peak, it remains two to three times as high as it was before the pandemic. And a startling amount of that activity is occurring in stocks favored by retail traders. The average daily value of shares traded in&nbsp;AMC Entertainment Holdings(AMC), for example, reached $13.1 billion in June, more than&nbsp;Apple’s(AAPL) $9.5 billion and Amazon.com’s (AMZN) $10.3 billion.</p><p><blockquote>虽然大型经纪商的交易量较 2 月份的峰值略有下降，但仍高于疫情爆发前的两到三倍。数量惊人的这种活动发生在散户交易者青睐的股票中。例如，AMC院线控股公司（AMC）6 月份的日均交易额达到 131 亿美元，超过了苹果（AAPL）的 95 亿美元和亚马逊（AMZN）的 103 亿美元。</blockquote></p><p> Even as the coronavirus fades in the U.S., most new traders say they are committed to the hobby they learned during lockdown—58% of day traders in a Betterment survey said they are planning to trade even more in the future, and only 12% plan to trade less. Amateur pandemic bakers have stopped kneading sourdough loaves; traders are only getting hungrier.</p><p><blockquote>即使冠状病毒在美国消退，大多数新交易者表示，他们仍然致力于他们在封锁期间学到的爱好——在一项Betterment调查中，58%的日内交易者表示，他们计划在未来进行更多的交易，只有12%的人计划减少交易。业余疫情面包师已经停止揉捏酸面团面包；交易者只会变得越来越饥饿。</blockquote></p><p> A sustained bear market would spoil such an appetite, as it did when the dot-com bubble burst. For now, dips are reasons to hold or buy.</p><p><blockquote>持续的熊市会破坏这种食欲，就像互联网泡沫破裂时一样。目前，下跌是持有或买入的理由。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/25a79e71371c165f9a3a5085931fc487\" tg-width=\"979\" tg-height=\"649\"></p><p><blockquote></blockquote></p><p> “I’ve seen that the ‘buy the dip’ sentiment hasn’t relented for a moment,” wrote Brandon Luczek, an electronics technician for the U.S. Navy who trades with friends online, in an email to&nbsp;Barron’s.</p><p><blockquote>“美国海军电子技术员布兰登-卢切克（Brandon Luczek）在给《巴伦周刊》的一封电子邮件中写道：”我看到'逢低买入'的情绪一刻也没有减弱。</blockquote></p><p> The meme stock surge has been propelled by a rise in trading by retail investors. In 2020, online brokers signed clients at a record pace, with more than 10 million people opening new accounts. That record will almost certainly be broken in 2021. Brokers had already added more than 10 million accounts less than halfway into the year, some of the top firms have disclosed.</p><p><blockquote>迷因股票飙升是由散户投资者交易的增加推动的。2020年，在线经纪商以创纪录的速度签约客户，超过1000万人开设了新账户。这一记录几乎肯定会在2021年被打破。一些顶级公司透露，在今年不到一半的时间里，经纪商已经增加了超过 1000 万个账户。</blockquote></p><p> Meme stocks are both the cart and the horse of this phenomenon. Their sudden price spikes are driven by new investors, and then that action drives even more new people to invest. Millions of people downloaded investing apps in late January and early February just to be a part of the fun. A recent&nbsp;Charles Schwab(SCHW) survey found that 15% of all current traders began investing after 2020.</p><p><blockquote>模因股票既是这种现象的推车，也是马。他们的价格突然飙升是由新投资者推动的，然后这一行动推动更多的新人投资。数百万人在 1 月底和 2 月初下载了投资应用程序，只是为了享受乐趣。嘉信理财（SCHW）最近的一项调查发现，15%的现有交易者在2020年后开始投资。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/167386c6881a258922ad62caaf7a05f4\" tg-width=\"971\" tg-height=\"644\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/8e29e3041b91070252ab9063d1a11fa2\" tg-width=\"975\" tg-height=\"642\"><img src=\"https://static.tigerbbs.com/f9cc1c0bd6368721c0eca87e25719f16\" tg-width=\"964\" tg-height=\"641\"></p><p><blockquote></blockquote></p><p> The most prominent player in the surge is Robinhood, which said it had added 5.5 million funded accounts in the first quarter alone. But it isn’t alone. Fidelity, for instance, announced that it had attracted 1.6 million new customers under the age of 35 in the first quarter, 223% more than a year before.</p><p><blockquote>激增中最突出的参与者是 Robinhood，该公司表示仅在第一季度就增加了 550 万个资金账户。但它并不孤单。例如，富达宣布，第一季度吸引了 160 万 35 岁以下的新客户，比去年同期增长了 223%。</blockquote></p><p> Under pressure from Robinhood’s zero-commission model, all of the major brokers cut commissions to zero in 2019. That opened the floodgates to a new group of customers—one that may not have as much spare cash to trade but is more active and diverse than its predecessors. And the brokers are cashing in. Fidelity is hoping to attract investors before they even have driver’s licenses, allowing children as young as 13 to open trading accounts. Robinhood is riding the momentum to an initial public offering that analysts expect to value it at more than 10 times its revenue.</p><p><blockquote>在 Robinhood 零佣金模式的压力下，所有主要经纪商都在 2019 年将佣金降至零。这为新客户群体打开了闸门——他们可能没有那么多闲置现金进行交易，但比前辈更加活跃和多样化。经纪人正在套现。富达希望在投资者获得驾照之前就吸引他们，允许年仅 13 岁的儿童开设交易账户。Robinhood 正在乘势而上进行首次公开募股，分析师预计其估值将超过其收入的 10 倍。</blockquote></p><p> These new customers act differently than their older peers. For years, there was a “big gravitation toward ETFs,” says Chris Larkin, head of trading at E*Trade, which is now owned by Morgan Stanley (MS). But picking single stocks is clearly “the big story of 2021.”</p><p><blockquote>这些新客户的行为与他们的老同行不同。E*Trade 交易主管克里斯-拉金（Chris Larkin）说，多年来，“ETF 一直备受青睐”，E*Trade 现归摩根士丹利（MS）所有。但挑选个股显然是 “2021 年的大新闻”。</blockquote></p><p> To be sure, equity exchange-traded funds are still doing well, as investors around the world bet on the pandemic recovery and avoid weak bond yields.</p><p><blockquote>可以肯定的是，随着世界各地的投资者押注疫情复苏并避免疲软的债券收益率，股票交易所交易基金仍然表现良好。</blockquote></p><p></p><p> But ETFs don’t light up the message boards like stocks do. Not that it has been a one-way ride for the top names. GameStop did dip in February, and Wall Street enjoyed a moment of schadenfreude. It didn’t last.</p><p><blockquote>但 ETF 不像股票那样点亮留言板。这并不是说顶级公司的单行道。游戏驿站二月份确实下跌，华尔街享受了幸灾乐祸的时刻。它并没有持续多久。</blockquote></p><p> “Like cicadas, meme traders returned in a wild blaze of activity after being seemingly underground for several months,” wrote Steve Sosnick, chief strategist at Interactive Brokers. Sosnick believes that the meme stocks tend to trade inversely to cryptocurrencies, because their fans rotate from one to the other as the momentum shifts.</p><p><blockquote>“盈透证券（Interactive Brokers）首席策略师史蒂夫-索斯尼克（Steve Sosnick）写道：”就像蝉一样，备忘录交易者在表面上隐匿了几个月后又重新活跃起来。索斯尼克认为，模因股票的交易往往与加密货币相反，因为随着势头的变化，它们的粉丝会从一种货币转向另一种货币。</blockquote></p><p> “I don’t think it’s strictly a coincidence that meme stocks roared back to life after a significant correction in Bitcoin and other cryptocurrencies,” he wrote.</p><p><blockquote>“他写道：”我不认为，在比特币和其他加密货币大幅回调后，备忘录股票卷土重来完全是巧合。</blockquote></p><p> Sosnick considers meme stocks a “sector unto themselves,” one that he segregates on his computer monitor away from other stock tickers.</p><p><blockquote>索斯尼克认为备忘录股票是一个 “独立的板块”，他在电脑显示器上将其与其他股票代码分开。</blockquote></p><p> Indeed, Wall Street’s reaction to the meme stock revolution has been to isolate the parts of the market that the pros deem irrational. Most short sellers won’t touch the stocks, and analysts are dropping coverage.</p><p><blockquote>事实上，华尔街对备忘录股票革命的反应一直是孤立专业人士认为不理性的市场部分。大多数卖空者不会碰这些股票，分析师也在放弃报道。</blockquote></p><p> But Wall Street can’t swat the retail army away like cicadas, or count on them disappearing for the next 17 years. Stock trading has permanently shifted. This year, retail activity accounts for 24% of equity volume, up from 15% in 2019. Adherents to the new creed are not passive observers willing to let Wall Street manage the markets.</p><p><blockquote>但华尔街不能像蝉一样把零售大军赶走，也不能指望它们在未来 17 年内消失。股票交易已经发生了永久性的变化。今年，零售活动占股本量的 24%，高于 2019 年的 15%。新信条的追随者不是愿意让华尔街管理市场的被动观察者。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/710e642d3b685b74f8c9dcaf46ef3e0b\" tg-width=\"968\" tg-height=\"643\"></p><p><blockquote></blockquote></p><p> “What this really reflects is a reversal of the trends that we saw toward less and less engagement with individual companies,” says Joshua Mitts, a professor at Columbia Law School specializing in securities markets. “Technology is bringing the average investor closer to the companies in which he or she invests, and that’s just taking on new and unpredictable forms.”</p><p><blockquote>“哥伦比亚法学院（Columbia Law School）专门研究证券市场的教授约书亚-米茨（Joshua Mitts）说：”这实际上反映了我们所看到的趋势的逆转，即与个别公司的接触越来越少。“技术正在拉近普通投资者与他或她所投资的公司的距离，而这只是以新的、不可预测的形式出现。”</blockquote></p><p> The swings you get can definitely make you feel some sort of way.</p><p><blockquote>你得到的秋千肯定会让你有某种感觉。</blockquote></p><p> — Matt Kohrs, 26, who streams stock analysis daily on YouTube</p><p><blockquote>— Matt Kohrs，26 岁，每天在 YouTube 上直播股票分析</blockquote></p><p> It is now changing the lives of those who got in early and are still riding the names higher.</p><p><blockquote>它现在正在改变那些早早加入的人的生活，并且仍然在更高的名字上。</blockquote></p><p> Take Matt Kohrs, who had invested in AMC Entertainment early. He quit his job as a programmer in New York in February, moved to Philadelphia, and started streaming&nbsp;stock analysis on YouTube&nbsp;for seven hours a day.</p><p><blockquote>以马特·科尔斯为例，他很早就投资了AMC院线。今年2月，他辞去了纽约程序员的工作，搬到了费城，并开始在YouTube上每天7个小时直播股票分析。</blockquote></p><p> With 350,000 YouTube followers, it’s paying the bills. With his earnings from ads and from the stock, Kohrs says he can pull down roughly the same salary he made before. But he also knows that relying on earnings from stocks like this is nothing like a 9-to-5 job.</p><p><blockquote>YouTube 拥有 35 万粉丝，它正在支付账单。科尔斯说，凭借广告和股票的收入，他可以拿到与以前大致相同的工资。但他也知道，像这样依赖股票收益与朝九晚五的工作完全不同。</blockquote></p><p> “The swings you get can definitely make you feel some sort of way,” he says.</p><p><blockquote>“他说：”你得到的秋千肯定会让你有某种感觉。</blockquote></p><p> Companies are starting to react more aggressively, too. They are either embracing their new owners or paying meme-ologists to understand the emoji-filled language of the new Wall Street so they can ward them off or appease them.</p><p><blockquote>公司也开始做出更积极的反应。他们要么拥抱他们的新主人，要么付钱给迷因学家来理解新华尔街充满表情符号的语言，这样他们就可以阻止他们或安抚他们。</blockquote></p><p> AMC even canceled a proposed equity raise this past week because the company apparently didn’t like the vibes it was getting from the Reddit crowd. AMC has already quintupled its share count over the past year. CEO Adam Aron tweeted that he had seen “many yes, many no” reactions to his proposal to issue 25 million more shares, so it will be canceled instead of being presented for a vote at AMC’s annual meeting later this month. The company did not respond to a question on how it had polled shareholders.</p><p><blockquote>AMC 甚至在上周取消了一项拟议的股权融资，因为该公司显然不喜欢 Reddit 人群的反响。过去一年，AMC 的股票数量已经增加了五倍。首席执行官亚当-阿伦（Adam Aron）在推特上表示，他看到了 “许多人赞成，许多人反对 ”对他增发 2500 万股股票的提议的反应，因此该提议将被取消，而不是在本月晚些时候的 AMC 年会上进行表决。该公司没有回答有关如何调查股东的问题。</blockquote></p><p> Forget the boardroom. Corporate policy is now being determined in the chat room.</p><p><blockquote>忘了会议室吧。公司政策现在正在聊天室里决定。</blockquote></p><p> Big investors are spending more time tracking social-media discussions about stocks. Bank of America found in a survey this year that about 25% of institutions had already been tracking social-media sentiment, but that about 40% are interested in using it going forward.</p><p><blockquote>大投资者正在花费更多时间跟踪社交媒体上有关股票的讨论。美国银行在今年的一项调查中发现，大约25%的机构已经在跟踪社交媒体情绪，但大约40%的机构有兴趣在未来使用它。</blockquote></p><p> In the past few months, Bank of America, Morgan Stanley, and J.P. Morgan have all produced reports on how to trade around the retail action, coming to somewhat different conclusions.</p><p><blockquote>在过去的几个月里，美国银行、摩根士丹利和摩根大通都发布了关于如何围绕零售行动进行交易的报告，得出了有些不同的结论。</blockquote></p><p> There can be “alpha in the signal,” as Morgan Stanley put it, but it can take some intense number-crunching to get there. Not all message-board chatter leads to sustained price gains, of course, and retail order flow cannot easily be separated from institutional flow without substantial data analysis. For investors with the tools to pinpoint which stocks retail investors are buying and which they are selling, J.P. Morgan suggests going long on the 20% of stocks with the most buying interest and short on the top 20% in selling interest.</p><p><blockquote>正如摩根士丹利所说，信号中可能存在 “阿尔法”，但要实现这一目标可能需要一些紧张的数字运算。当然，并不是所有的留言板聊天都会导致价格持续上涨，如果没有大量的数据分析，零售订单流很难与机构流分开。对于拥有工具来确定散户投资者正在购买哪些股票和正在出售哪些股票的投资者来说，摩根大通建议做多买入兴趣最高的 20% 的股票，做空卖出兴趣最高的 20% 的股票。</blockquote></p><p> For now, many of the institutions buying data on social-media sentiment appear to be trying to reduce their risks, as opposed to scouting new opportunities, according to Boris Spiwak of alternative data firm Thinknum, which offers products that track social-media sentiment. “They see it as almost like an insurance policy, to limit their downside risks,” he says.</p><p><blockquote>提供跟踪社交媒体情绪产品的另类数据公司Thinknum的鲍里斯·斯皮瓦克(Boris Spiwak)表示，目前，许多购买社交媒体情绪数据的机构似乎都在试图降低风险，而不是寻找新的机会。“他说：”他们认为这几乎就像一份保险，以限制他们的下行风险。</blockquote></p><p></p><p> For retail traders, the method isn’t always scientific. The action is sustained by a community ethos. And the force behind it is as much emotional and moral as financial.</p><p><blockquote>对于零售商来说，这种方法并不总是科学的。这一行动是由社区精神支撑的。其背后的力量既是情感上的，也是道德上的，也是经济上的。</blockquote></p><p> New investors say they are motivated by a desire to prove themselves and punish the old guard as much as by profits. They learn from one another about the market, sometimes amplifying or debunking conspiracy theories about Wall Street. Some link the meme-stock movement to continued mistrust of big financial institutions stemming from the 2008 financial crisis.</p><p><blockquote>新投资者表示，他们的动机是希望证明自己，并像利润一样惩罚保守派。他们互相学习市场，有时会放大或揭穿关于华尔街的阴谋论。一些人将模因股票运动与2008年金融危机引发的对大型金融机构的持续不信任联系起来。</blockquote></p><p> “Wall Street brought our economy to its knees, and no one ever got in trouble for it,” says the 26-year-old Kohrs. “So, I think they view this as not only can we make money, but we can also make these hedge funds on Wall Street pay.”</p><p><blockquote>“26 岁的科尔斯说：”华尔街让我们的经济陷入困境，但没有人因此惹上麻烦。“所以，我认为他们认为我们不仅可以赚钱，还可以让华尔街的这些对冲基金付钱。”</blockquote></p><p> Claire Hirschberg is a 28-year-old union organizer who bought about $50 worth of GameStop stock on Robinhood in January after hearing about it from friends. She liked the idea, but what really got her excited about it was the reaction of her father, a longtime money manager. “He was so mad I had bought GameStop and was refusing to sell,” she says, laughing. “And that just makes me want to hold it forever.”</p><p><blockquote>克莱尔·赫希伯格 (Claire Hirschberg) 是一名 28 岁的工会组织者，她在 1 月份从朋友那里听说 Robinhood 上购买了价值约 50 美元的游戏驿站股票。她喜欢这个想法，但真正让她兴奋的是她父亲的反应，他是一名长期的资金经理。“她笑着说：”他很生气我买了游戏驿站，还不肯卖。“这让我想永远拿着它。”</blockquote></p><p> Just like old Wall Street has rituals and codes, the new one does, too. A new investment banking employee learns quickly that you don’t wear a Ferragamo tie until after you make associate. You never leave the office until the managing director does, and you don’t complain about the hours. And the bad guys are the regulators and Sen. Elizabeth Warren, and not in that order.</p><p><blockquote>就像老华尔街有仪式和准则一样，新华尔街也有。一位新的投资银行员工很快就会知道，在你成为合伙人之前，你不会打菲拉格慕领带。在总经理离开之前，你从不离开办公室，你也不会抱怨工作时间。坏人是监管者和参议员伊丽莎白·沃伦，而且不是按顺序。</blockquote></p><p> The new trading desk—the apps that millions of retail traders now use and the message boards where they congregate—have unspoken rules, too. Publicly acknowledging financial losses is a valiant act, evidence of internal fortitude and belief in the group. You don’t take yourself seriously and you don’t police language. You are part of an army of “apes” or “retards.” You hold through the crashes, even if it means you might lose everything. And the bad guys are the short sellers, the market makers, and the Wall Street elites, in that order.</p><p><blockquote>新的交易台——数百万散户交易者现在使用的应用程序和他们聚集的留言板——也有潜规则。公开承认财务损失是一种勇敢的行为，是内部坚韧和对本集团信念的证明。你不把自己当回事，也不规范语言。你是 “猿类 ”或 “弱智 ”大军的一员。你坚持住，即使这意味着你可能会失去一切。坏人依次是卖空者、做市商和华尔街精英。</blockquote></p><p> The group action is not just for moral support. The trading strategy depends on people keeping up the buying pressure to force a short squeeze or to buy bullish options that trigger what’s known as a gamma squeeze.</p><p><blockquote>集体行动不仅仅是为了精神支持。交易策略取决于人们保持买入压力，迫使做空，或买入看涨期权，从而引发所谓的伽马挤压。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/75d79c78a14cc8f297e17397cc54bdb5\" tg-width=\"1260\" tg-height=\"840\"><span>Keith Gill became the face of the Reddit army of retail traders pushing shares of GameStop higher when he appeared virtually before a House Financial Services Committee hearing in February.</span></p><p><blockquote><p class=\"t-img-caption\"><span>基思·吉尔 (Keith Gill) 在二月份众议院金融服务委员会听证会上虚拟露面，成为 Reddit 散户交易员大军推高游戏驿站股价的代言人。</span></p></blockquote></p><p> Many short sellers say they won’t touch these stocks anymore. But clearly, others aren’t taking that advice and are giving the meme movement oxygen by repeatedly betting against the stocks. AMC’s short interest was at 17% of the stock’s float in mid-June, down from 28% in January, but not by much.</p><p><blockquote>许多卖空者表示，他们不会再碰这些股票了。但显然，其他人并没有采纳这一建议，而是通过反复做空股票来给备忘录运动注入氧气。6 月中旬，AMC 的空头权益占该股流通量的 17%，低于 1 月份的 28%，但降幅不大。</blockquote></p><p> As the price rises, the shorts can’t help themselves. They start “drooling, with flames coming out of their ears,” says Michael Pachter, a Wedbush Securities analyst who has covered GameStop for years. “What’s kind of shocked me is the definition of insanity, which is doing the same thing over and over and over again and hoping for a different outcome each time, and the shorts keep coming back,” he says. “And [GameStop bull] Keith Gill and his Reddit raiders keep squeezing them, and it keeps working.”</p><p><blockquote>随着价格上涨，空头们也控制不住自己。多年来一直关注游戏驿站的韦德布什证券分析师迈克尔-帕切特（Michael Pachter）说，他们开始 “流口水，耳朵里冒出火焰”。“他说：”让我感到震惊的是精神错乱的定义，就是一遍又一遍地做同样的事情，每次都希望有不同的结果，而空头却不断出现。“[游戏驿站公牛]基思-吉尔（Keith Gill）和他的 Reddit raiders 一直在挤压他们，而且一直在起作用。”</blockquote></p><p> To beat the short sellers, the Reddit crowd needs to hold together, but the community has been showing cracks at times. The two meme stocks with the most determined fan bases—GameStop and AMC—still have enormous armies of core believers who do not seem easily swayed. But other names seem to have more-fickle backers. Several stocks caught up in the meme madness have come crashing down to earth.Bed Bath &amp; Beyond(BBBY) spiked twice—in late January and early June—but now trades only slightly above its mid-January levels. People who bought during the upswings have lost money.</p><p><blockquote>为了击败卖空者，Reddit 人群需要团结起来，但该社区有时会出现裂缝。拥有最坚定粉丝群的两只模因股票——游戏驿站和 AMC——仍然拥有庞大的核心信徒大军，他们似乎不容易动摇。但其他名字似乎有更善变的支持者。几只陷入迷因疯狂的股票已经崩溃。 Bed Bath &amp; Beyond (BBBY) 在 1 月底和 6 月初两次飙升，但现在的交易价格仅略高于 1 月中旬的水平。在上涨期间买入的人已经赔钱了。</blockquote></p><p> Distrust has spread, and some traders worry that wallstreetbets— the original Reddit message board that inspired the GameStop frenzy—has grown so fast that it has lost its original spirit, and potentially grown vulnerable to manipulation. Some have moved to other message boards, like r/superstonk, in hopes of reclaiming the old community’s flavor.</p><p><blockquote>不信任已经蔓延，一些交易员担心 wallstreetbets——激发游戏驿站狂热的最初 Reddit 留言板——发展如此之快，以至于它已经失去了最初的精神，并可能变得容易受到操纵。有些人搬到了其他留言板，如 r/superstonk，希望能重现老社区的风味。</blockquote></p><p> Travis Rehl, the founder of social-media tracking company Hype Equity, says that he tries to separate possible manipulators from more organic investor sentiment. Hype Equity is usually hired by public-relations firms representing companies that are being talked about online, he says. Now, he sees a growing trend of stocks that suddenly come up on message boards, receive positive chatter, and then disappear.</p><p><blockquote>社交媒体跟踪公司 Hype Equity 的创始人特拉维斯·雷尔 (Travis Rehl) 表示，他试图将可能的操纵者与更有机的投资者情绪区分开来。他说，炒作股权通常由代表网上谈论的公司的公关公司雇佣。现在，他看到了一种不断增长的趋势，即股票突然出现在留言板上，收到积极的聊天，然后消失。</blockquote></p><p></p><p> “It’s called into question what is a true discussion versus what is something that somebody just wants to pump,” he says. The moderators of wallstreetbets forbid market manipulation on the platform, and Rehl say they appear to work hard to police misinformation. The moderators did not respond to a request from&nbsp;Barron’s&nbsp;for comment.</p><p><blockquote>“他说：”这让人怀疑什么是真正的讨论，什么是某人只想炒作的东西。wallstreetbets 的版主禁止在该平台上操纵市场，Rehl 表示，他们似乎正在努力遏制错误信息。主持人没有回应《巴伦周刊》的置评请求。</blockquote></p><p> “If you can create enough buzz to get a stock that goes up 10%, 20%, even 50% in a short period of time, there’s a tremendous incentive to do that,” Sosnick says.</p><p><blockquote>“索斯尼克说：”如果你能制造足够的轰动效应，让一只股票在短时间内上涨 10%、20%，甚至 50%，那么你就有巨大的动力去做这件事。</blockquote></p><p> The Securities and Exchange Commission is watching for funny business on the message boards. SEC Chairman Gary Gensler and some members of Congress have discussed changing market rules with the intention of adding transparency protecting retail traders—although changes could also anger the retail crowd if they slow down trading or make it more expensive.</p><p><blockquote>美国证券交易委员会正在关注留言板上的有趣交易。美国证券交易委员会主席加里·詹斯勒（Gary Gensler）和一些国会议员讨论了改变市场规则，目的是增加保护散户交易者的透明度——尽管如果这些变化减缓交易速度或使交易成本更高，也可能激怒零售人群。</blockquote></p><p> Regulations aren’t the only thing that could deflate this trend. Dan Egan, vice president of behavioral finance and investing at fintech Betterment, thinks the momentum may run out of steam in September. Even “apes” have responsibilities. “Kids start going back to schools; parents are free to go to work again,” he says. “That’s the next time there’s going to be some oxygen pulled out of the room.”</p><p><blockquote>监管并不是唯一能遏制这一趋势的因素。fintech Betterment 行为金融和投资副总裁丹·伊根 (Dan Egan) 认为，这种势头可能会在 9 月份耗尽。即使是 “猿猴 ”也有责任。“他说：”孩子们开始重返校园；家长们也可以自由地再次上班了。“那是下一次从房间里抽出氧气的时候了。”</blockquote></p><p> Traditional investors may be tempted to write off the entire phenomenon as temporary madness inspired by lockdowns and free government money. But that would be a mistake. If zero-commission brokerages and fun with GameStop broke down barriers for millions of new investors to open accounts, it’s almost certainly a good thing, as long as most people bet with money they don’t need immediately. Many new retail traders say they are teaching themselves how to trade, and have begun to diversify their holdings.</p><p><blockquote>传统投资者可能会倾向于将整个现象视为由封锁和免费政府资金引发的暂时疯狂。但那将是一个错误。如果零佣金经纪和游戏驿站乐趣打破了数百万新投资者开户的障碍，那么只要大多数人用他们并不立即需要的钱下注，这几乎肯定是一件好事。许多新零售商表示，他们正在自学如何交易，并开始分散持股。</blockquote></p><p> In one form or another, this is the future client base of Wall Street.</p><p><blockquote>无论如何，这是华尔街未来的客户群。</blockquote></p><p> Arizona State University professor Hendrik Bessembinder published groundbreaking&nbsp;research&nbsp;in 2018 that found that “a randomly selected stock in a randomly selected month is more likely to lose money than make money.” In short, picking single stocks and holding a concentrated portfolio tends to be a losing strategy.</p><p><blockquote>亚利桑那州立大学教授亨德里克-贝森宾德（Hendrik Bessembinder）在2018年发表了一项开创性的研究，发现“在随机选择的月份随机选择的股票，亏损的可能性大于赚钱的可能性”。简而言之，挑选单只股票并持有集中投资组合往往是一种失败的策略。</blockquote></p><p> Even so, he’s encouraged by the new wave of trading. “I welcome the increase in retail trading, the idea of the stock market being a place with wide participation,” Bessembinder says. “Economists can’t tell people they shouldn’t get some fun.”</p><p><blockquote>即便如此，他还是对新一波交易感到鼓舞。“贝森宾德说：”我欢迎零售交易的增加，欢迎股票市场成为一个广泛参与的地方。“经济学家不能告诉人们他们不应该找点乐子”。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/the-meme-stock-trade-is-far-from-over-what-investors-need-to-know-51625875247?mod=hp_HERO\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CARV":"卡弗储蓄","AMC":"AMC院线","SCHW":"嘉信理财","NEGG":"Newegg Comm Inc.","CLOV":"Clover Health Corp","WKHS":"Workhorse Group, Inc.","BB":"黑莓","GME":"游戏驿站"},"source_url":"https://www.barrons.com/articles/the-meme-stock-trade-is-far-from-over-what-investors-need-to-know-51625875247?mod=hp_HERO","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1112201050","content_text":"It seemed to be only a matter of time.\nWhen GameStop (ticker: GME), BlackBerry (BB), and even the desiccated carcass of Blockbuster suddenly sprang to life in January, the clock was already ticking for when they would crash again. Would it be hours, days, or weeks?\nIt has now been half a year, and the core “meme stocks” are still trading at levels considered outrageous by people who have studied them for years. New names like Clover Health Investments(CLOV) and Newegg Commerce(NEGG) have recently popped up on message boards, and their stocks have popped, too.\nThe collective efforts of millions of retail traders—long derided as “the dumb money”—have successfully held stocks aloft and forced naysayers to capitulate.\nThat is true even as the companies they are betting on have shown scant signs of transforming their businesses, or turning profits that might justify their valuations. BlackBerry burned cash in its latest quarter and warned that its key cybersecurity division would hit the low end of its revenue guidance; the stock dipped on the news but has still more than doubled in the past year.\nWhile trading volume at the big brokers has come down slightly from its February peak, it remains two to three times as high as it was before the pandemic. And a startling amount of that activity is occurring in stocks favored by retail traders. The average daily value of shares traded in AMC Entertainment Holdings(AMC), for example, reached $13.1 billion in June, more than Apple’s(AAPL) $9.5 billion and Amazon.com’s (AMZN) $10.3 billion.\nEven as the coronavirus fades in the U.S., most new traders say they are committed to the hobby they learned during lockdown—58% of day traders in a Betterment survey said they are planning to trade even more in the future, and only 12% plan to trade less. Amateur pandemic bakers have stopped kneading sourdough loaves; traders are only getting hungrier.\nA sustained bear market would spoil such an appetite, as it did when the dot-com bubble burst. For now, dips are reasons to hold or buy.\n\n“I’ve seen that the ‘buy the dip’ sentiment hasn’t relented for a moment,” wrote Brandon Luczek, an electronics technician for the U.S. Navy who trades with friends online, in an email to Barron’s.\nThe meme stock surge has been propelled by a rise in trading by retail investors. In 2020, online brokers signed clients at a record pace, with more than 10 million people opening new accounts. That record will almost certainly be broken in 2021. Brokers had already added more than 10 million accounts less than halfway into the year, some of the top firms have disclosed.\nMeme stocks are both the cart and the horse of this phenomenon. Their sudden price spikes are driven by new investors, and then that action drives even more new people to invest. Millions of people downloaded investing apps in late January and early February just to be a part of the fun. A recent Charles Schwab(SCHW) survey found that 15% of all current traders began investing after 2020.\n\nThe most prominent player in the surge is Robinhood, which said it had added 5.5 million funded accounts in the first quarter alone. But it isn’t alone. Fidelity, for instance, announced that it had attracted 1.6 million new customers under the age of 35 in the first quarter, 223% more than a year before.\nUnder pressure from Robinhood’s zero-commission model, all of the major brokers cut commissions to zero in 2019. That opened the floodgates to a new group of customers—one that may not have as much spare cash to trade but is more active and diverse than its predecessors. And the brokers are cashing in. Fidelity is hoping to attract investors before they even have driver’s licenses, allowing children as young as 13 to open trading accounts. Robinhood is riding the momentum to an initial public offering that analysts expect to value it at more than 10 times its revenue.\nThese new customers act differently than their older peers. For years, there was a “big gravitation toward ETFs,” says Chris Larkin, head of trading at E*Trade, which is now owned by Morgan Stanley (MS). But picking single stocks is clearly “the big story of 2021.”\nTo be sure, equity exchange-traded funds are still doing well, as investors around the world bet on the pandemic recovery and avoid weak bond yields.\nBut ETFs don’t light up the message boards like stocks do. Not that it has been a one-way ride for the top names. GameStop did dip in February, and Wall Street enjoyed a moment of schadenfreude. It didn’t last.\n“Like cicadas, meme traders returned in a wild blaze of activity after being seemingly underground for several months,” wrote Steve Sosnick, chief strategist at Interactive Brokers. Sosnick believes that the meme stocks tend to trade inversely to cryptocurrencies, because their fans rotate from one to the other as the momentum shifts.\n“I don’t think it’s strictly a coincidence that meme stocks roared back to life after a significant correction in Bitcoin and other cryptocurrencies,” he wrote.\nSosnick considers meme stocks a “sector unto themselves,” one that he segregates on his computer monitor away from other stock tickers.\nIndeed, Wall Street’s reaction to the meme stock revolution has been to isolate the parts of the market that the pros deem irrational. Most short sellers won’t touch the stocks, and analysts are dropping coverage.\nBut Wall Street can’t swat the retail army away like cicadas, or count on them disappearing for the next 17 years. Stock trading has permanently shifted. This year, retail activity accounts for 24% of equity volume, up from 15% in 2019. Adherents to the new creed are not passive observers willing to let Wall Street manage the markets.\n\n“What this really reflects is a reversal of the trends that we saw toward less and less engagement with individual companies,” says Joshua Mitts, a professor at Columbia Law School specializing in securities markets. “Technology is bringing the average investor closer to the companies in which he or she invests, and that’s just taking on new and unpredictable forms.”\nThe swings you get can definitely make you feel some sort of way.\n— Matt Kohrs, 26, who streams stock analysis daily on YouTube\nIt is now changing the lives of those who got in early and are still riding the names higher.\nTake Matt Kohrs, who had invested in AMC Entertainment early. He quit his job as a programmer in New York in February, moved to Philadelphia, and started streaming stock analysis on YouTube for seven hours a day.\nWith 350,000 YouTube followers, it’s paying the bills. With his earnings from ads and from the stock, Kohrs says he can pull down roughly the same salary he made before. But he also knows that relying on earnings from stocks like this is nothing like a 9-to-5 job.\n“The swings you get can definitely make you feel some sort of way,” he says.\nCompanies are starting to react more aggressively, too. They are either embracing their new owners or paying meme-ologists to understand the emoji-filled language of the new Wall Street so they can ward them off or appease them.\nAMC even canceled a proposed equity raise this past week because the company apparently didn’t like the vibes it was getting from the Reddit crowd. AMC has already quintupled its share count over the past year. CEO Adam Aron tweeted that he had seen “many yes, many no” reactions to his proposal to issue 25 million more shares, so it will be canceled instead of being presented for a vote at AMC’s annual meeting later this month. The company did not respond to a question on how it had polled shareholders.\nForget the boardroom. Corporate policy is now being determined in the chat room.\nBig investors are spending more time tracking social-media discussions about stocks. Bank of America found in a survey this year that about 25% of institutions had already been tracking social-media sentiment, but that about 40% are interested in using it going forward.\nIn the past few months, Bank of America, Morgan Stanley, and J.P. Morgan have all produced reports on how to trade around the retail action, coming to somewhat different conclusions.\nThere can be “alpha in the signal,” as Morgan Stanley put it, but it can take some intense number-crunching to get there. Not all message-board chatter leads to sustained price gains, of course, and retail order flow cannot easily be separated from institutional flow without substantial data analysis. For investors with the tools to pinpoint which stocks retail investors are buying and which they are selling, J.P. Morgan suggests going long on the 20% of stocks with the most buying interest and short on the top 20% in selling interest.\nFor now, many of the institutions buying data on social-media sentiment appear to be trying to reduce their risks, as opposed to scouting new opportunities, according to Boris Spiwak of alternative data firm Thinknum, which offers products that track social-media sentiment. “They see it as almost like an insurance policy, to limit their downside risks,” he says.\nFor retail traders, the method isn’t always scientific. The action is sustained by a community ethos. And the force behind it is as much emotional and moral as financial.\nNew investors say they are motivated by a desire to prove themselves and punish the old guard as much as by profits. They learn from one another about the market, sometimes amplifying or debunking conspiracy theories about Wall Street. Some link the meme-stock movement to continued mistrust of big financial institutions stemming from the 2008 financial crisis.\n“Wall Street brought our economy to its knees, and no one ever got in trouble for it,” says the 26-year-old Kohrs. “So, I think they view this as not only can we make money, but we can also make these hedge funds on Wall Street pay.”\nClaire Hirschberg is a 28-year-old union organizer who bought about $50 worth of GameStop stock on Robinhood in January after hearing about it from friends. She liked the idea, but what really got her excited about it was the reaction of her father, a longtime money manager. “He was so mad I had bought GameStop and was refusing to sell,” she says, laughing. “And that just makes me want to hold it forever.”\nJust like old Wall Street has rituals and codes, the new one does, too. A new investment banking employee learns quickly that you don’t wear a Ferragamo tie until after you make associate. You never leave the office until the managing director does, and you don’t complain about the hours. And the bad guys are the regulators and Sen. Elizabeth Warren, and not in that order.\nThe new trading desk—the apps that millions of retail traders now use and the message boards where they congregate—have unspoken rules, too. Publicly acknowledging financial losses is a valiant act, evidence of internal fortitude and belief in the group. You don’t take yourself seriously and you don’t police language. You are part of an army of “apes” or “retards.” You hold through the crashes, even if it means you might lose everything. And the bad guys are the short sellers, the market makers, and the Wall Street elites, in that order.\nThe group action is not just for moral support. The trading strategy depends on people keeping up the buying pressure to force a short squeeze or to buy bullish options that trigger what’s known as a gamma squeeze.\nKeith Gill became the face of the Reddit army of retail traders pushing shares of GameStop higher when he appeared virtually before a House Financial Services Committee hearing in February.\nMany short sellers say they won’t touch these stocks anymore. But clearly, others aren’t taking that advice and are giving the meme movement oxygen by repeatedly betting against the stocks. AMC’s short interest was at 17% of the stock’s float in mid-June, down from 28% in January, but not by much.\nAs the price rises, the shorts can’t help themselves. They start “drooling, with flames coming out of their ears,” says Michael Pachter, a Wedbush Securities analyst who has covered GameStop for years. “What’s kind of shocked me is the definition of insanity, which is doing the same thing over and over and over again and hoping for a different outcome each time, and the shorts keep coming back,” he says. “And [GameStop bull] Keith Gill and his Reddit raiders keep squeezing them, and it keeps working.”\nTo beat the short sellers, the Reddit crowd needs to hold together, but the community has been showing cracks at times. The two meme stocks with the most determined fan bases—GameStop and AMC—still have enormous armies of core believers who do not seem easily swayed. But other names seem to have more-fickle backers. Several stocks caught up in the meme madness have come crashing down to earth.Bed Bath & Beyond(BBBY) spiked twice—in late January and early June—but now trades only slightly above its mid-January levels. People who bought during the upswings have lost money.\nDistrust has spread, and some traders worry that wallstreetbets— the original Reddit message board that inspired the GameStop frenzy—has grown so fast that it has lost its original spirit, and potentially grown vulnerable to manipulation. Some have moved to other message boards, like r/superstonk, in hopes of reclaiming the old community’s flavor.\nTravis Rehl, the founder of social-media tracking company Hype Equity, says that he tries to separate possible manipulators from more organic investor sentiment. Hype Equity is usually hired by public-relations firms representing companies that are being talked about online, he says. Now, he sees a growing trend of stocks that suddenly come up on message boards, receive positive chatter, and then disappear.\n“It’s called into question what is a true discussion versus what is something that somebody just wants to pump,” he says. The moderators of wallstreetbets forbid market manipulation on the platform, and Rehl say they appear to work hard to police misinformation. The moderators did not respond to a request from Barron’s for comment.\n“If you can create enough buzz to get a stock that goes up 10%, 20%, even 50% in a short period of time, there’s a tremendous incentive to do that,” Sosnick says.\nThe Securities and Exchange Commission is watching for funny business on the message boards. SEC Chairman Gary Gensler and some members of Congress have discussed changing market rules with the intention of adding transparency protecting retail traders—although changes could also anger the retail crowd if they slow down trading or make it more expensive.\nRegulations aren’t the only thing that could deflate this trend. Dan Egan, vice president of behavioral finance and investing at fintech Betterment, thinks the momentum may run out of steam in September. Even “apes” have responsibilities. “Kids start going back to schools; parents are free to go to work again,” he says. “That’s the next time there’s going to be some oxygen pulled out of the room.”\nTraditional investors may be tempted to write off the entire phenomenon as temporary madness inspired by lockdowns and free government money. But that would be a mistake. If zero-commission brokerages and fun with GameStop broke down barriers for millions of new investors to open accounts, it’s almost certainly a good thing, as long as most people bet with money they don’t need immediately. Many new retail traders say they are teaching themselves how to trade, and have begun to diversify their holdings.\nIn one form or another, this is the future client base of Wall Street.\nArizona State University professor Hendrik Bessembinder published groundbreaking research in 2018 that found that “a randomly selected stock in a randomly selected month is more likely to lose money than make money.” In short, picking single stocks and holding a concentrated portfolio tends to be a losing strategy.\nEven so, he’s encouraged by the new wave of trading. “I welcome the increase in retail trading, the idea of the stock market being a place with wide participation,” Bessembinder says. “Economists can’t tell people they shouldn’t get some fun.”","news_type":1,"symbols_score_info":{"MRIN":0.9,"NEGG":0.9,"BBBY":0.9,"BB":0.9,"CARV":0.9,"AMC":0.9,"GME":0.9,"CLOV":0.9,"WKHS":0.9,"SCHW":0.9}},"isVote":1,"tweetType":1,"viewCount":2390,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":167719819,"gmtCreate":1624284496331,"gmtModify":1631890434706,"author":{"id":"3570704273473153","authorId":"3570704273473153","name":"NanSheng","avatar":"https://static.tigerbbs.com/3b9c7cbd5f4701e1436aa63c6c6c7fc5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3570704273473153","authorIdStr":"3570704273473153"},"themes":[],"title":"","htmlText":"Nice, sth to take note this week","listText":"Nice, sth to take note this week","text":"Nice, sth to take note this week","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/167719819","repostId":"1154249454","repostType":4,"isVote":1,"tweetType":1,"viewCount":3222,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":809759123,"gmtCreate":1627394085562,"gmtModify":1631890434694,"author":{"id":"3570704273473153","authorId":"3570704273473153","name":"NanSheng","avatar":"https://static.tigerbbs.com/3b9c7cbd5f4701e1436aa63c6c6c7fc5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3570704273473153","authorIdStr":"3570704273473153"},"themes":[],"title":"","htmlText":"[Happy]&nbsp;","listText":"[Happy]&nbsp;","text":"[Happy]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/809759123","repostId":"1108884592","repostType":4,"isVote":1,"tweetType":1,"viewCount":2357,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":155743402,"gmtCreate":1625456442506,"gmtModify":1631884665635,"author":{"id":"3570704273473153","authorId":"3570704273473153","name":"NanSheng","avatar":"https://static.tigerbbs.com/3b9c7cbd5f4701e1436aa63c6c6c7fc5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3570704273473153","authorIdStr":"3570704273473153"},"themes":[],"title":"","htmlText":"China stocks got so much regulatory risk…….haiz [Sigh]&nbsp;","listText":"China stocks got so much regulatory risk…….haiz [Sigh]&nbsp;","text":"China stocks got so much regulatory risk…….haiz [Sigh]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/155743402","repostId":"1169840279","repostType":4,"isVote":1,"tweetType":1,"viewCount":1874,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":125502054,"gmtCreate":1624678417878,"gmtModify":1631890434705,"author":{"id":"3570704273473153","authorId":"3570704273473153","name":"NanSheng","avatar":"https://static.tigerbbs.com/3b9c7cbd5f4701e1436aa63c6c6c7fc5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3570704273473153","authorIdStr":"3570704273473153"},"themes":[],"title":"","htmlText":"Like for the title&nbsp;","listText":"Like for the title&nbsp;","text":"Like for the title","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/125502054","repostId":"1177764085","repostType":4,"isVote":1,"tweetType":1,"viewCount":2339,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}