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2021-12-16

$Palantir Technologies Inc.(PLTR)$time to buy more [LOL]

2021-11-19

[微笑]

S&P 500, Nasdaq hit record closing highs<blockquote>标普500、纳斯达克创收盘新高</blockquote>

2021-11-04

To the moon

抱歉，原内容已删除

2021-10-30

[微笑]

Entrada jumped over 30% in morning trading,above its IPO price at 20 dollars per share<blockquote>Entrada在早盘交易中上涨了30%以上，高于每股20美元的IPO价格</blockquote>

2021-10-28

[得意]

抱歉，原内容已删除

2021-09-23

[微笑]

抱歉，原内容已删除

2021-07-29

[财迷] [财迷]

抱歉，原内容已删除

2021-07-26

[财迷] [财迷] [财迷]

抱歉，原内容已删除

2021-07-24

👍🏻😬

抱歉，原内容已删除

2021-07-21

👍🏻👍🏻👍🏻

Behind The Plunge In Yields: This Is A Growth Story, Not A Rethink Of Inflation<blockquote>收益率暴跌背后：这是一个增长故事，而不是对通胀的重新思考</blockquote>

2021-07-21

👍🏻👍🏻👍🏻

抱歉，原内容已删除

2021-07-20

👍🏻👍🏻😬

抱歉，原内容已删除

2021-07-18

👍🏻😬

抱歉，原内容已删除

2021-07-17

👍🏻💬😬

抱歉，原内容已删除

2021-07-16

👍🏻😬

抱歉，原内容已删除

2021-07-15

😬😬😬

抱歉，原内容已删除

2021-07-14

👍🏻👍🏻👍🏻

抱歉，原内容已删除

2021-07-11

👍🏻👍🏻👍🏻

The Meme Stock Trade Is Far From Over. What Investors Need to Know.<blockquote>模因股票交易还远未结束。投资者需要知道的。</blockquote>

2021-07-09

[微笑]

抱歉，原内容已删除

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06:59","market":"us","language":"en","title":"S&P 500, Nasdaq hit record closing highs<blockquote>标普500、纳斯达克创收盘新高</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1185082595","media":"Reuters","summary":"(Reuters) - The S&P 500 and Nasdaq notched record closing highs on Thursday, boosted by upbeat corpo","content":"<p>(Reuters) - The S&amp;P 500 and Nasdaq notched record closing highs on Thursday, boosted by upbeat corporate earnings news from companies including <a href=\"https://laohu8.com/S/NVDA\">Nvidia</a>, while Turkey's lira weakened further after its central bank cut rates.</p><p><blockquote>（路透社）-标普500和纳斯达克周四创下历史收盘新高，受包括<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>，而土耳其央行降息后里拉进一步走软。</blockquote></p><p> MSCI's gauge of stocks across the globe was flat, and the Dow Jones industrial average ended lower.Nvidia's stock jumped and was among the biggest supports for the S&amp;P 500 and Nasdaq after it beat quarterly estimates and forecast strong fourth-quarter revenue. Macy's(M.N)shares shot up 21.2% after it raised its earnings outlook.</p><p><blockquote>摩根士丹利资本国际(MSCI)全球股票指数持平，道琼斯工业平均指数收低。英伟达股价上涨，在超出季度预期并预测第四季度收入强劲后，成为标普500和纳斯达克的最大支撑之一。梅西百货(M.N)上调盈利预期后，股价飙升21.2%。</blockquote></p><p> On the flip side, <a href=\"https://laohu8.com/S/CSCO\">Cisco Systems</a>&nbsp;shares fell 5.5%, a day after it forecast current-quarter revenue below expectations due to supply chain shortages and delays. It was the latest in a growing list of U.S. companies citing supply chain problems.</p><p><blockquote>另一方面，<a href=\"https://laohu8.com/S/CSCO\">思科系统</a>该公司股价下跌5.5%，此前一天，该公司预测本季度营收因供应链短缺和延误而低于预期。这是越来越多以供应链问题为由的美国公司中的最新一家。</blockquote></p><p> Investors have been concerned over further increases in price pressures. Retail giant <a href=\"https://laohu8.com/S/TGT\">Target</a>&nbsp;warned of higher costs earlier this week.</p><p><blockquote>投资者一直担心价格压力进一步加大。零售巨头<a href=\"https://laohu8.com/S/TGT\">目标</a>本周早些时候警告成本上升。</blockquote></p><p> New York Federal Reserve Bank President John Williams said Thursday that inflation is becoming more broad-based and that expectations for future price increases are rising.</p><p><blockquote>纽约联邦储备银行行长约翰·威廉姆斯周四表示，通胀正变得更加广泛，对未来物价上涨的预期正在上升。</blockquote></p><p> The Dow Jones Industrial Average(.DJI)&nbsp;fell 60.1 points, or 0.17%, to 35,870.95, the S&amp;P 500(.SPX)gained 15.87 points, or 0.34%, to 4,704.54 and the Nasdaq Composite(.IXIC)&nbsp;added 72.14 points, or 0.45%, to 15,993.71.</p><p><blockquote>道琼斯工业平均指数(.DJI)下跌60.1点，跌幅0.17%，至35,870.95点，标普500(.SPX)上涨15.87点，跌幅0.34%，至4,704.54点，纳斯达克综合指数(.IXIC)上涨72.14点，涨幅0.45%，至15,993.71点。</blockquote></p><p> The pan-European STOXX 600 index(.STOXX)lost 0.46% and MSCI's gauge of stocks across the globe(.MIWD00000PUS)gained 0.03%.</p><p><blockquote>泛欧斯托克600指数(.STOXX)下跌0.46%，摩根士丹利资本国际全球股票指数(.MIWD00000PUS)上涨0.03%。</blockquote></p><p> Turkey's lira shed another 2.83% after its central bank cut rates by 100 basis points to 15%, even in the face of inflation near 20%, sending the Turkish currency hurtling southward.</p><p><blockquote>土耳其央行降息100个基点至15%，尽管通胀率接近20%，但土耳其里拉仍下跌2.83%，导致土耳其货币大幅下跌。</blockquote></p><p> \"The lira remains a punching bag, and further weakness has no end in sight,\" said Edward Moya, senior market analyst at Oanda.</p><p><blockquote>Oanda高级市场分析师Edward Moya表示：“里拉仍然是一个出气筒，进一步疲软看不到尽头。”</blockquote></p><p> The lira has lost around 11.5% of its value this month amid President Tayyip Erdogan's renewed criticism of interest rates and calls for stimulus despite the risks. It was last at 10.909, having earlier hit a record low of 11.30 per dollar.</p><p><blockquote>尽管存在风险，但由于总统塔伊普·埃尔多安(Tayyip Erdogan)再次批评利率和刺激评级，里拉本月已贬值约11.5%。最新收于10.909美元，此前曾触及1美元兑11.30美元的历史低点。</blockquote></p><p> The dollar edged back from a 16-month high as traders weighed whether the U.S. currency's recent surge had gone too far.</p><p><blockquote>美元从16个月高点小幅回落，因交易员权衡美元近期的飙升是否走得太远。</blockquote></p><p> The dollar index , which measures the currency against a basket of six rivals, was last down 0.3%.</p><p><blockquote>衡量货币兑一篮子六个竞争对手的美元指数最新下跌0.3%。</blockquote></p><p> In the U.S. Treasury market, yields fell after the relative success of a 20-year bond auction on Wednesday reduced fears about further rapid yield increases.</p><p><blockquote>在美国国债市场，周三20年期公债标售相对成功，降低了对收益率进一步快速上升的担忧，收益率下跌。</blockquote></p><p> Benchmark 10-year notes were last at 1.587%. They have jumped from a low of 1.415% last week and are holding below five-month highs of 1.705% reached on Oct. 21.</p><p><blockquote>基准10年期国债最新报1.587%。该指数已从上周1.415%的低点跃升，目前仍低于10月21日触及的五个月高点1.705%。</blockquote></p><p> Oil prices rose slightly after dropping to six-week lows.</p><p><blockquote>油价在跌至六周低点后小幅上涨。</blockquote></p><p> Brent crude settled up 96 cents, or 1.2%, at $81.24 a barrel, while U.S. West Texas Intermediate crude futures closed 65 cents, or 0.8%, higher at $79.01.</p><p><blockquote>布伦特原油收涨96美分，或1.2%，报每桶81.24美元，美国西德克萨斯中质原油期货收涨65美分，或0.8%，报每桶79.01美元。</blockquote></p><p> U.S. gold futures settled down 0.5% at $1,861.4.</p><p><blockquote>美国黄金期货收跌0.5%，报1861.4美元。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>S&P 500, Nasdaq hit record closing highs<blockquote>标普500、纳斯达克创收盘新高</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\">\nS&P 500, Nasdaq hit record closing highs<blockquote>标普500、纳斯达克创收盘新高</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-11-19 06:59</span>\n</p>\n</h4>\n</header>\n<article>\n<p>(Reuters) - The S&amp;P 500 and Nasdaq notched record closing highs on Thursday, boosted by upbeat corporate earnings news from companies including <a href=\"https://laohu8.com/S/NVDA\">Nvidia</a>, while Turkey's lira weakened further after its central bank cut rates.</p><p><blockquote>（路透社）-标普500和纳斯达克周四创下历史收盘新高，受包括<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>，而土耳其央行降息后里拉进一步走软。</blockquote></p><p> MSCI's gauge of stocks across the globe was flat, and the Dow Jones industrial average ended lower.Nvidia's stock jumped and was among the biggest supports for the S&amp;P 500 and Nasdaq after it beat quarterly estimates and forecast strong fourth-quarter revenue. Macy's(M.N)shares shot up 21.2% after it raised its earnings outlook.</p><p><blockquote>摩根士丹利资本国际(MSCI)全球股票指数持平，道琼斯工业平均指数收低。英伟达股价上涨，在超出季度预期并预测第四季度收入强劲后，成为标普500和纳斯达克的最大支撑之一。梅西百货(M.N)上调盈利预期后，股价飙升21.2%。</blockquote></p><p> On the flip side, <a href=\"https://laohu8.com/S/CSCO\">Cisco Systems</a>&nbsp;shares fell 5.5%, a day after it forecast current-quarter revenue below expectations due to supply chain shortages and delays. It was the latest in a growing list of U.S. companies citing supply chain problems.</p><p><blockquote>另一方面，<a href=\"https://laohu8.com/S/CSCO\">思科系统</a>该公司股价下跌5.5%，此前一天，该公司预测本季度营收因供应链短缺和延误而低于预期。这是越来越多以供应链问题为由的美国公司中的最新一家。</blockquote></p><p> Investors have been concerned over further increases in price pressures. Retail giant <a href=\"https://laohu8.com/S/TGT\">Target</a>&nbsp;warned of higher costs earlier this week.</p><p><blockquote>投资者一直担心价格压力进一步加大。零售巨头<a href=\"https://laohu8.com/S/TGT\">目标</a>本周早些时候警告成本上升。</blockquote></p><p> New York Federal Reserve Bank President John Williams said Thursday that inflation is becoming more broad-based and that expectations for future price increases are rising.</p><p><blockquote>纽约联邦储备银行行长约翰·威廉姆斯周四表示，通胀正变得更加广泛，对未来物价上涨的预期正在上升。</blockquote></p><p> The Dow Jones Industrial Average(.DJI)&nbsp;fell 60.1 points, or 0.17%, to 35,870.95, the S&amp;P 500(.SPX)gained 15.87 points, or 0.34%, to 4,704.54 and the Nasdaq Composite(.IXIC)&nbsp;added 72.14 points, or 0.45%, to 15,993.71.</p><p><blockquote>道琼斯工业平均指数(.DJI)下跌60.1点，跌幅0.17%，至35,870.95点，标普500(.SPX)上涨15.87点，跌幅0.34%，至4,704.54点，纳斯达克综合指数(.IXIC)上涨72.14点，涨幅0.45%，至15,993.71点。</blockquote></p><p> The pan-European STOXX 600 index(.STOXX)lost 0.46% and MSCI's gauge of stocks across the globe(.MIWD00000PUS)gained 0.03%.</p><p><blockquote>泛欧斯托克600指数(.STOXX)下跌0.46%，摩根士丹利资本国际全球股票指数(.MIWD00000PUS)上涨0.03%。</blockquote></p><p> Turkey's lira shed another 2.83% after its central bank cut rates by 100 basis points to 15%, even in the face of inflation near 20%, sending the Turkish currency hurtling southward.</p><p><blockquote>土耳其央行降息100个基点至15%，尽管通胀率接近20%，但土耳其里拉仍下跌2.83%，导致土耳其货币大幅下跌。</blockquote></p><p> \"The lira remains a punching bag, and further weakness has no end in sight,\" said Edward Moya, senior market analyst at Oanda.</p><p><blockquote>Oanda高级市场分析师Edward Moya表示：“里拉仍然是一个出气筒，进一步疲软看不到尽头。”</blockquote></p><p> The lira has lost around 11.5% of its value this month amid President Tayyip Erdogan's renewed criticism of interest rates and calls for stimulus despite the risks. It was last at 10.909, having earlier hit a record low of 11.30 per dollar.</p><p><blockquote>尽管存在风险，但由于总统塔伊普·埃尔多安(Tayyip Erdogan)再次批评利率和刺激评级，里拉本月已贬值约11.5%。最新收于10.909美元，此前曾触及1美元兑11.30美元的历史低点。</blockquote></p><p> The dollar edged back from a 16-month high as traders weighed whether the U.S. currency's recent surge had gone too far.</p><p><blockquote>美元从16个月高点小幅回落，因交易员权衡美元近期的飙升是否走得太远。</blockquote></p><p> The dollar index , which measures the currency against a basket of six rivals, was last down 0.3%.</p><p><blockquote>衡量货币兑一篮子六个竞争对手的美元指数最新下跌0.3%。</blockquote></p><p> In the U.S. Treasury market, yields fell after the relative success of a 20-year bond auction on Wednesday reduced fears about further rapid yield increases.</p><p><blockquote>在美国国债市场，周三20年期公债标售相对成功，降低了对收益率进一步快速上升的担忧，收益率下跌。</blockquote></p><p> Benchmark 10-year notes were last at 1.587%. They have jumped from a low of 1.415% last week and are holding below five-month highs of 1.705% reached on Oct. 21.</p><p><blockquote>基准10年期国债最新报1.587%。该指数已从上周1.415%的低点跃升，目前仍低于10月21日触及的五个月高点1.705%。</blockquote></p><p> Oil prices rose slightly after dropping to six-week lows.</p><p><blockquote>油价在跌至六周低点后小幅上涨。</blockquote></p><p> Brent crude settled up 96 cents, or 1.2%, at $81.24 a barrel, while U.S. West Texas Intermediate crude futures closed 65 cents, or 0.8%, higher at $79.01.</p><p><blockquote>布伦特原油收涨96美分，或1.2%，报每桶81.24美元，美国西德克萨斯中质原油期货收涨65美分，或0.8%，报每桶79.01美元。</blockquote></p><p> U.S. gold futures settled down 0.5% at $1,861.4.</p><p><blockquote>美国黄金期货收跌0.5%，报1861.4美元。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.reuters.com/markets/us/global-markets-wrapup-6-graphics-2021-11-18/\">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":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.reuters.com/markets/us/global-markets-wrapup-6-graphics-2021-11-18/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1185082595","content_text":"(Reuters) - The S&P 500 and Nasdaq notched record closing highs on Thursday, boosted by upbeat corporate earnings news from companies including Nvidia, while Turkey's lira weakened further after its central bank cut rates.\nMSCI's gauge of stocks across the globe was flat, and the Dow Jones industrial average ended lower.Nvidia's stock jumped and was among the biggest supports for the S&P 500 and Nasdaq after it beat quarterly estimates and forecast strong fourth-quarter revenue. Macy's(M.N)shares shot up 21.2% after it raised its earnings outlook.\nOn the flip side, Cisco Systems shares fell 5.5%, a day after it forecast current-quarter revenue below expectations due to supply chain shortages and delays. It was the latest in a growing list of U.S. companies citing supply chain problems.\nInvestors have been concerned over further increases in price pressures. Retail giant Target warned of higher costs earlier this week.\nNew York Federal Reserve Bank President John Williams said Thursday that inflation is becoming more broad-based and that expectations for future price increases are rising.\nThe Dow Jones Industrial Average(.DJI) fell 60.1 points, or 0.17%, to 35,870.95, the S&P 500(.SPX)gained 15.87 points, or 0.34%, to 4,704.54 and the Nasdaq Composite(.IXIC) added 72.14 points, or 0.45%, to 15,993.71.\nThe pan-European STOXX 600 index(.STOXX)lost 0.46% and MSCI's gauge of stocks across the globe(.MIWD00000PUS)gained 0.03%.\nTurkey's lira shed another 2.83% after its central bank cut rates by 100 basis points to 15%, even in the face of inflation near 20%, sending the Turkish currency hurtling southward.\n\"The lira remains a punching bag, and further weakness has no end in sight,\" said Edward Moya, senior market analyst at Oanda.\nThe lira has lost around 11.5% of its value this month amid President Tayyip Erdogan's renewed criticism of interest rates and calls for stimulus despite the risks. It was last at 10.909, having earlier hit a record low of 11.30 per dollar.\nThe dollar edged back from a 16-month high as traders weighed whether the U.S. currency's recent surge had gone too far.\nThe dollar index , which measures the currency against a basket of six rivals, was last down 0.3%.\nIn the U.S. Treasury market, yields fell after the relative success of a 20-year bond auction on Wednesday reduced fears about further rapid yield increases.\nBenchmark 10-year notes were last at 1.587%. They have jumped from a low of 1.415% last week and are holding below five-month highs of 1.705% reached on Oct. 21.\nOil prices rose slightly after dropping to six-week lows.\nBrent crude settled up 96 cents, or 1.2%, at $81.24 a barrel, while U.S. West Texas Intermediate crude futures closed 65 cents, or 0.8%, higher at $79.01.\nU.S. gold futures settled down 0.5% at $1,861.4.","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":2971,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":848251580,"gmtCreate":1636005068294,"gmtModify":1636005068771,"author":{"id":"3571201220151172","authorId":"3571201220151172","name":"Taohui","avatar":"https://static.tigerbbs.com/3bcb158f5b203c46dc92e612c5e2bc5e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571201220151172","authorIdStr":"3571201220151172"},"themes":[],"htmlText":"To the moon","listText":"To the moon","text":"To the moon","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/848251580","repostId":"2180768968","repostType":2,"isVote":1,"tweetType":1,"viewCount":3176,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":857539289,"gmtCreate":1635547126380,"gmtModify":1635547126561,"author":{"id":"3571201220151172","authorId":"3571201220151172","name":"Taohui","avatar":"https://static.tigerbbs.com/3bcb158f5b203c46dc92e612c5e2bc5e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571201220151172","authorIdStr":"3571201220151172"},"themes":[],"htmlText":"[微笑]&nbsp;","listText":"[微笑]&nbsp;","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/857539289","repostId":"1170077439","repostType":4,"repost":{"id":"1170077439","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":1635521388,"share":"https://www.laohu8.com/m/news/1170077439?lang=zh_CN&edition=full","pubTime":"2021-10-29 23:29","market":"us","language":"en","title":"Entrada jumped over 30% in morning trading,above its IPO price at 20 dollars per share<blockquote>Entrada在早盘交易中上涨了30%以上，高于每股20美元的IPO价格</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1170077439","media":"Tiger Newspress","summary":"Entrada jumped over 30% in morning trading,above its IPO price at 20 dollars per share.Entrada, which is working to develop therapeutics for rare neuromuscular diseases such as Duchenne muscular dystrophy and myotonic dystrophy type 1, said it believes the proceeds, coupled with its existing resources, will be sufficient to fund its operating expenses and capital-spending needs into the second quarter of 2024.","content":"<p>Entrada&nbsp;jumped&nbsp;over&nbsp;30%&nbsp;in&nbsp;morning&nbsp;trading,above&nbsp;its&nbsp;IPO&nbsp;price&nbsp;at&nbsp;20&nbsp;dollars&nbsp;per&nbsp;share.<img src=\"https://static.tigerbbs.com/d7b5af9ada5c6d243935e675a495b080\" tg-width=\"769\" tg-height=\"570\" width=\"100%\" height=\"auto\">Entrada, which is working to develop therapeutics for rare neuromuscular diseases such as Duchenne muscular dystrophy and myotonic dystrophy type 1, said it believes the proceeds, coupled with its existing resources, will be sufficient to fund its operating expenses and capital-spending needs into the second quarter of 2024.</p><p><blockquote>Entrada在早盘交易中上涨了30%以上，高于每股20美元的IPO价格。Entrada正致力于开发杜氏肌营养不良症和1型强直性肌营养不良症等罕见神经肌肉疾病的治疗方法，该公司表示，相信所得款项加上现有资源，将足以满足其运营费用和资本支出需求。2024年第二季度。</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>Entrada jumped over 30% in morning trading,above its IPO price at 20 dollars per share<blockquote>Entrada在早盘交易中上涨了30%以上，高于每股20美元的IPO价格</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\">\nEntrada jumped over 30% in morning trading,above its IPO price at 20 dollars per share<blockquote>Entrada在早盘交易中上涨了30%以上，高于每股20美元的IPO价格</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\">2021-10-29 23:29</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Entrada&nbsp;jumped&nbsp;over&nbsp;30%&nbsp;in&nbsp;morning&nbsp;trading,above&nbsp;its&nbsp;IPO&nbsp;price&nbsp;at&nbsp;20&nbsp;dollars&nbsp;per&nbsp;share.<img src=\"https://static.tigerbbs.com/d7b5af9ada5c6d243935e675a495b080\" tg-width=\"769\" tg-height=\"570\" width=\"100%\" height=\"auto\">Entrada, which is working to develop therapeutics for rare neuromuscular diseases such as Duchenne muscular dystrophy and myotonic dystrophy type 1, said it believes the proceeds, coupled with its existing resources, will be sufficient to fund its operating expenses and capital-spending needs into the second quarter of 2024.</p><p><blockquote>Entrada在早盘交易中上涨了30%以上，高于每股20美元的IPO价格。Entrada正致力于开发杜氏肌营养不良症和1型强直性肌营养不良症等罕见神经肌肉疾病的治疗方法，该公司表示，相信所得款项加上现有资源，将足以满足其运营费用和资本支出需求。2024年第二季度。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TRDA":"Entrada Therapeutics, Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170077439","content_text":"Entrada jumped over 30% in morning trading,above its IPO price at 20 dollars per share.Entrada, which is working to develop therapeutics for rare neuromuscular diseases such as Duchenne muscular dystrophy and myotonic dystrophy type 1, said it believes the proceeds, coupled with its existing resources, will be sufficient to fund its operating expenses and capital-spending needs into the second quarter of 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[财迷]","listText":"[财迷] [财迷]","text":"[财迷] [财迷]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/801179082","repostId":"2154918711","repostType":4,"isVote":1,"tweetType":1,"viewCount":3511,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":177763749,"gmtCreate":1627262319281,"gmtModify":1631890106234,"author":{"id":"3571201220151172","authorId":"3571201220151172","name":"Taohui","avatar":"https://static.tigerbbs.com/3bcb158f5b203c46dc92e612c5e2bc5e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571201220151172","authorIdStr":"3571201220151172"},"themes":[],"htmlText":"[财迷]&nbsp;[财迷]&nbsp;[财迷]&nbsp;","listText":"[财迷]&nbsp;[财迷]&nbsp;[财迷]&nbsp;","text":"[财迷] [财迷] [财迷]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/177763749","repostId":"1100772026","repostType":4,"isVote":1,"tweetType":1,"viewCount":2950,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":174118030,"gmtCreate":1627085462720,"gmtModify":1631890106238,"author":{"id":"3571201220151172","authorId":"3571201220151172","name":"Taohui","avatar":"https://static.tigerbbs.com/3bcb158f5b203c46dc92e612c5e2bc5e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571201220151172","authorIdStr":"3571201220151172"},"themes":[],"htmlText":"👍🏻😬","listText":"👍🏻😬","text":"👍🏻😬","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/174118030","repostId":"2153980423","repostType":4,"isVote":1,"tweetType":1,"viewCount":2473,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":178663804,"gmtCreate":1626818164908,"gmtModify":1631890106241,"author":{"id":"3571201220151172","authorId":"3571201220151172","name":"Taohui","avatar":"https://static.tigerbbs.com/3bcb158f5b203c46dc92e612c5e2bc5e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571201220151172","authorIdStr":"3571201220151172"},"themes":[],"htmlText":"👍🏻👍🏻👍🏻","listText":"👍🏻👍🏻👍🏻","text":"👍🏻👍🏻👍🏻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/178663804","repostId":"1109861258","repostType":4,"repost":{"id":"1109861258","kind":"news","pubTimestamp":1626793354,"share":"https://www.laohu8.com/m/news/1109861258?lang=zh_CN&edition=full","pubTime":"2021-07-20 23:02","market":"us","language":"en","title":"Behind The Plunge In Yields: This Is A Growth Story, Not A Rethink Of Inflation<blockquote>收益率暴跌背后：这是一个增长故事，而不是对通胀的重新思考</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1109861258","media":"zerohedge","summary":"In a notable turn of events, the overnight session saw an initial attempt at a modest reversal in th","content":"<p>In a notable turn of events, the overnight session saw an initial attempt at a modest reversal in the recent Treasury rally only to be met with further buying interest. The net result was a tick lower in 10-year yields that brought the benchmark to levels not seen since mid-February.</p><p><blockquote>值得注意的是，隔夜交易中，近期国债涨势出现小幅逆转的初步尝试，但却遭到了进一步的买盘兴趣。最终结果是10年期国债收益率小幅下跌，使该基准收益率达到2月中旬以来的最高水平。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/48f958db8d2903a76ff6541648b287fc\" tg-width=\"1223\" tg-height=\"687\" width=\"100%\" height=\"auto\">With the next technical target sill 5 bps away, we’ll be watching the interplay between risk assets and US rates as the delta-inspired repricing continues. We’re cognizant that the severity of the recent move has led to stretched momentum measures, implying incremental gains will be more difficult to achieve. This isn’t to suggest the floor for rates is evident at the moment, rather that it should be anticipated that the pace of the rally will slow.<b>There has been plenty of chatter surrounding the possibility 10- year yields dip below 1.0%; an eventuality that would be a short-lived endeavor, but not one that’s off the table.</b>More immediately however, will be gauging the extent to which rising case counts can carry yields even lower from here.</p><p><blockquote>距离下一个技术目标还有5个基点，随着delta引发的重新定价继续，我们将关注风险资产与美国利率之间的相互作用。我们认识到，最近走势的严重性导致动量措施捉襟见肘，这意味着增量收益将更加难以实现。这并不是说目前利率的底部很明显，而是应该预计反弹的步伐将会放缓。<b>围绕10年期国债收益率跌破1.0%的可能性有很多讨论；这将是一个短暂的努力，但不是不可能的。</b>然而，更直接的是衡量病例数的增加在多大程度上会导致收益率进一步下降。</blockquote></p><p> <b>It would be an oversimplification to conclude this move is entirely a function of the economic risks posed by the reinstatement of covid-19 restrictions. In fact, we’ll argue the rally has been exaggerated by the Fed’s most recent efforts to be less dovish.</b>Policymakers are in the pre-meeting radio period of radio silence; which eliminates the potential for any official commentary on the Fed’s take on the renewed pandemic risks. Moreover,<b>it leaves investors operating under the assumption that 1) tapering is still on track, 2) rate hikes as early as next year could come to fruition, and 3) the Fed’s ‘will act if not transitory’ stance on inflation remains value</b>. While these surely still hold true to some extent, the implied commitment may be waning given investors’ response to the recent covid developments.</p><p><blockquote><b>如果断定此举完全是恢复新冠肺炎限制所带来的经济风险，那就过于简单化了。事实上，我们认为美联储最近不那么鸽派的努力夸大了涨势。</b>政策制定者正处于会前无线电静默期；这消除了对美联储应对新一轮大流行风险的任何官方评论的可能性。而且，<b>它让投资者在以下假设下进行操作：1）缩减仍在正轨上，2）最早明年加息可能实现，以及3）美联储对通胀的“如果不是暂时的，也会采取行动”的立场仍然有效</b>.虽然这些在某种程度上肯定仍然成立，但鉴于投资者对最近新冠疫情发展的反应，隐含的承诺可能正在减弱。</blockquote></p><p> Headlines this morning conclude ‘markets no longer worried about inflation’; a notion, which is ostensibly consistent with the price action in US rates, misses the mark.<b>10-year breakevens are still at 225 bp and a distance away from the mid-June lows.</b>In addition, rising supply-driven inflation that functions as a tax on consumption as opposed to a reflection of a healthy real economy creates downside risks for the recovery. When combined with concerns that H1 will represent the peak of the rebound, it follows intuitively that the market has moved on to trading the next stage in the cycle – i.e. recalibrating growth expectations in reflecting the new norm; one in which herd immunity will prove elusive and variant risks (delta and others) become an ongoing concern.<b>A quick glance at real yields near -100 bp reinforces the read that this is a growth story, not a collective rethink of reflation.</b></p><p><blockquote>今天早上的头条新闻得出的结论是“市场不再担心通货膨胀”；一个表面上与美国利率价格走势一致的概念没有抓住要点。<b>10年期盈亏平衡点仍为225个基点，距离6月中旬的低点还有一段距离。</b>此外，供应驱动的通胀上升，其作用是对消费征税，而不是反映健康的实体经济，给复苏带来了下行风险。当结合对H1将代表反弹峰值的担忧时，直观地得出市场已经转向周期的下一阶段交易——即重新调整增长预期以反映新常态；在这种情况下，群体免疫将被证明是难以捉摸的，变异风险（德尔塔和其他）将成为一个持续的问题。<b>快速浏览一下接近-100个基点的实际收益率，就会强化这样的解读：这是一个增长故事，而不是对通货再膨胀的集体反思。</b></blockquote></p><p> There is yet another nuance of the price action that merits highlighting. Specifically, the move thus far has questionably been a flattening event as 10s and 30s outperform. The front end of the curve has benefited to a lesser extent as monetary policy expectations have remained in place.<b>This morning however, we’re starting to see the 5-year sector lead the rally. In the event we’re seeing the transition from a longer-term growth story to further pricing out Fed tightening, this could ultimately serve to moderate the gains in 10s and 30s.</b>This isn’t to suggest that less room for the FOMC to eventually normalize policy rates is a compelling reason to sell duration in the face of a resurgence of the pandemic. Instead, confidence that monetary policymakers won’t be so eager to respond to pockets of reflation given the renewed headwinds facing the global recovery</p><p><blockquote>价格走势还有另一个细微差别值得强调。具体来说，到目前为止，由于10岁和30岁的表现优于大盘，这一走势值得怀疑。由于货币政策预期仍在，曲线前端受益程度较小。<b>然而，今天早上，我们开始看到5年期板块领涨。如果我们看到从长期增长故事过渡到进一步定价美联储紧缩政策，这最终可能会减缓10年和30年的涨幅。</b>这并不是说，面对疫情卷土重来，联邦公开市场委员会最终使政策利率正常化的空间较小是卖出久期的令人信服的理由。相反，鉴于全球复苏面临新的阻力，人们相信货币政策制定者不会如此急于应对部分再通胀</blockquote></p><p> We’ll be tracking this particular evolution in the nature of the bullish repricing if, for no other reason,<b>it will be instrumental in gauging what to anticipate in response to next week’s FOMC meeting and Powell’s press conference.</b>Note that in light of the +8.1% consensus estimate for next week’s release of Q2 real GDP, there is little question that a strong rebound in H1 is priced in and investors have shifted toward trading the next stage in the recovery that contains far greater uncertainties.</p><p><blockquote>如果没有其他原因，我们将跟踪看涨重新定价性质的这种特殊演变，<b>这将有助于衡量下周FOMC会议和鲍威尔新闻发布会的预期。</b>请注意，鉴于对下周发布的Q2实际GDP的普遍预期为+8.1%，毫无疑问，H1的强劲反弹已被消化，投资者已转向交易包含更大不确定性的复苏的下一阶段。</blockquote></p><p> If the move in real yields is any indication there is growing angst on the rebound; 10-year real rates reached their lowest level since early January and within striking distance of the cycle low at -112.4 bp.</p><p><blockquote>如果实际收益率的变动表明人们对反弹的担忧越来越大；10年期实际利率达到1月初以来的最低水平，距离周期低点-112.4个基点不远。</blockquote></p><p></p><p> <img src=\"https://static.tigerbbs.com/add9a9864bc513a7f99d365620818f07\" tg-width=\"1223\" tg-height=\"687\" width=\"100%\" height=\"auto\">The decline in reals is made all the more noteworthy given the proximity to Thursday’s $16 bn new issue 10-year TIPS auction. Current valuations demonstrate not only increasing worry on the spread of the delta variant domestically, but perhaps more consequentially, overseas. Whereas there was once a time when the US rates landscape was solely dictated by the domestic fundamentals, the globalization of the economy and markets now leave Treasury yields a function of the global backdrop. This helps account for the impressive round of bullishness and durability of the bid for USTs even as the data has generally continued to perform well. We’re reminded of the time tested adage that resistance hardly holds on the third attempt, and will monitor the -112 bp line in the sand in 10-year real yields over the balance of the week.</p><p><blockquote>鉴于周四即将举行160亿美元的新发行10年期TIPS拍卖，雷亚尔的下跌变得更加值得注意。目前的估值不仅表明人们对德尔塔变异毒株在国内蔓延的担忧日益加剧，而且或许更重要的是，在海外蔓延。曾经有一段时间，美国利率格局完全由国内基本面决定，而经济和市场的全球化现在使美国国债收益率成为全球背景的函数。这有助于解释对UST的一轮令人印象深刻的看涨和持久性，尽管数据总体上继续表现良好。我们想起了久经考验的格言：第三次尝试阻力几乎不成立，并将在本周剩余时间内监测10年期实际收益率的-112个基点线。</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>Behind The Plunge In Yields: This Is A Growth Story, Not A Rethink Of Inflation<blockquote>收益率暴跌背后：这是一个增长故事，而不是对通胀的重新思考</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\">\nBehind The Plunge In Yields: This Is A Growth Story, Not A Rethink Of Inflation<blockquote>收益率暴跌背后：这是一个增长故事，而不是对通胀的重新思考</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 23:02</span>\n</p>\n</h4>\n</header>\n<article>\n<p>In a notable turn of events, the overnight session saw an initial attempt at a modest reversal in the recent Treasury rally only to be met with further buying interest. The net result was a tick lower in 10-year yields that brought the benchmark to levels not seen since mid-February.</p><p><blockquote>值得注意的是，隔夜交易中，近期国债涨势出现小幅逆转的初步尝试，但却遭到了进一步的买盘兴趣。最终结果是10年期国债收益率小幅下跌，使该基准收益率达到2月中旬以来的最高水平。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/48f958db8d2903a76ff6541648b287fc\" tg-width=\"1223\" tg-height=\"687\" width=\"100%\" height=\"auto\">With the next technical target sill 5 bps away, we’ll be watching the interplay between risk assets and US rates as the delta-inspired repricing continues. We’re cognizant that the severity of the recent move has led to stretched momentum measures, implying incremental gains will be more difficult to achieve. This isn’t to suggest the floor for rates is evident at the moment, rather that it should be anticipated that the pace of the rally will slow.<b>There has been plenty of chatter surrounding the possibility 10- year yields dip below 1.0%; an eventuality that would be a short-lived endeavor, but not one that’s off the table.</b>More immediately however, will be gauging the extent to which rising case counts can carry yields even lower from here.</p><p><blockquote>距离下一个技术目标还有5个基点，随着delta引发的重新定价继续，我们将关注风险资产与美国利率之间的相互作用。我们认识到，最近走势的严重性导致动量措施捉襟见肘，这意味着增量收益将更加难以实现。这并不是说目前利率的底部很明显，而是应该预计反弹的步伐将会放缓。<b>围绕10年期国债收益率跌破1.0%的可能性有很多讨论；这将是一个短暂的努力，但不是不可能的。</b>然而，更直接的是衡量病例数的增加在多大程度上会导致收益率进一步下降。</blockquote></p><p> <b>It would be an oversimplification to conclude this move is entirely a function of the economic risks posed by the reinstatement of covid-19 restrictions. In fact, we’ll argue the rally has been exaggerated by the Fed’s most recent efforts to be less dovish.</b>Policymakers are in the pre-meeting radio period of radio silence; which eliminates the potential for any official commentary on the Fed’s take on the renewed pandemic risks. Moreover,<b>it leaves investors operating under the assumption that 1) tapering is still on track, 2) rate hikes as early as next year could come to fruition, and 3) the Fed’s ‘will act if not transitory’ stance on inflation remains value</b>. While these surely still hold true to some extent, the implied commitment may be waning given investors’ response to the recent covid developments.</p><p><blockquote><b>如果断定此举完全是恢复新冠肺炎限制所带来的经济风险，那就过于简单化了。事实上，我们认为美联储最近不那么鸽派的努力夸大了涨势。</b>政策制定者正处于会前无线电静默期；这消除了对美联储应对新一轮大流行风险的任何官方评论的可能性。而且，<b>它让投资者在以下假设下进行操作：1）缩减仍在正轨上，2）最早明年加息可能实现，以及3）美联储对通胀的“如果不是暂时的，也会采取行动”的立场仍然有效</b>.虽然这些在某种程度上肯定仍然成立，但鉴于投资者对最近新冠疫情发展的反应，隐含的承诺可能正在减弱。</blockquote></p><p> Headlines this morning conclude ‘markets no longer worried about inflation’; a notion, which is ostensibly consistent with the price action in US rates, misses the mark.<b>10-year breakevens are still at 225 bp and a distance away from the mid-June lows.</b>In addition, rising supply-driven inflation that functions as a tax on consumption as opposed to a reflection of a healthy real economy creates downside risks for the recovery. When combined with concerns that H1 will represent the peak of the rebound, it follows intuitively that the market has moved on to trading the next stage in the cycle – i.e. recalibrating growth expectations in reflecting the new norm; one in which herd immunity will prove elusive and variant risks (delta and others) become an ongoing concern.<b>A quick glance at real yields near -100 bp reinforces the read that this is a growth story, not a collective rethink of reflation.</b></p><p><blockquote>今天早上的头条新闻得出的结论是“市场不再担心通货膨胀”；一个表面上与美国利率价格走势一致的概念没有抓住要点。<b>10年期盈亏平衡点仍为225个基点，距离6月中旬的低点还有一段距离。</b>此外，供应驱动的通胀上升，其作用是对消费征税，而不是反映健康的实体经济，给复苏带来了下行风险。当结合对H1将代表反弹峰值的担忧时，直观地得出市场已经转向周期的下一阶段交易——即重新调整增长预期以反映新常态；在这种情况下，群体免疫将被证明是难以捉摸的，变异风险（德尔塔和其他）将成为一个持续的问题。<b>快速浏览一下接近-100个基点的实际收益率，就会强化这样的解读：这是一个增长故事，而不是对通货再膨胀的集体反思。</b></blockquote></p><p> There is yet another nuance of the price action that merits highlighting. Specifically, the move thus far has questionably been a flattening event as 10s and 30s outperform. The front end of the curve has benefited to a lesser extent as monetary policy expectations have remained in place.<b>This morning however, we’re starting to see the 5-year sector lead the rally. In the event we’re seeing the transition from a longer-term growth story to further pricing out Fed tightening, this could ultimately serve to moderate the gains in 10s and 30s.</b>This isn’t to suggest that less room for the FOMC to eventually normalize policy rates is a compelling reason to sell duration in the face of a resurgence of the pandemic. Instead, confidence that monetary policymakers won’t be so eager to respond to pockets of reflation given the renewed headwinds facing the global recovery</p><p><blockquote>价格走势还有另一个细微差别值得强调。具体来说，到目前为止，由于10岁和30岁的表现优于大盘，这一走势值得怀疑。由于货币政策预期仍在，曲线前端受益程度较小。<b>然而，今天早上，我们开始看到5年期板块领涨。如果我们看到从长期增长故事过渡到进一步定价美联储紧缩政策，这最终可能会减缓10年和30年的涨幅。</b>这并不是说，面对疫情卷土重来，联邦公开市场委员会最终使政策利率正常化的空间较小是卖出久期的令人信服的理由。相反，鉴于全球复苏面临新的阻力，人们相信货币政策制定者不会如此急于应对部分再通胀</blockquote></p><p> We’ll be tracking this particular evolution in the nature of the bullish repricing if, for no other reason,<b>it will be instrumental in gauging what to anticipate in response to next week’s FOMC meeting and Powell’s press conference.</b>Note that in light of the +8.1% consensus estimate for next week’s release of Q2 real GDP, there is little question that a strong rebound in H1 is priced in and investors have shifted toward trading the next stage in the recovery that contains far greater uncertainties.</p><p><blockquote>如果没有其他原因，我们将跟踪看涨重新定价性质的这种特殊演变，<b>这将有助于衡量下周FOMC会议和鲍威尔新闻发布会的预期。</b>请注意，鉴于对下周发布的Q2实际GDP的普遍预期为+8.1%，毫无疑问，H1的强劲反弹已被消化，投资者已转向交易包含更大不确定性的复苏的下一阶段。</blockquote></p><p> If the move in real yields is any indication there is growing angst on the rebound; 10-year real rates reached their lowest level since early January and within striking distance of the cycle low at -112.4 bp.</p><p><blockquote>如果实际收益率的变动表明人们对反弹的担忧越来越大；10年期实际利率达到1月初以来的最低水平，距离周期低点-112.4个基点不远。</blockquote></p><p></p><p> <img src=\"https://static.tigerbbs.com/add9a9864bc513a7f99d365620818f07\" tg-width=\"1223\" tg-height=\"687\" width=\"100%\" height=\"auto\">The decline in reals is made all the more noteworthy given the proximity to Thursday’s $16 bn new issue 10-year TIPS auction. Current valuations demonstrate not only increasing worry on the spread of the delta variant domestically, but perhaps more consequentially, overseas. Whereas there was once a time when the US rates landscape was solely dictated by the domestic fundamentals, the globalization of the economy and markets now leave Treasury yields a function of the global backdrop. This helps account for the impressive round of bullishness and durability of the bid for USTs even as the data has generally continued to perform well. We’re reminded of the time tested adage that resistance hardly holds on the third attempt, and will monitor the -112 bp line in the sand in 10-year real yields over the balance of the week.</p><p><blockquote>鉴于周四即将举行160亿美元的新发行10年期TIPS拍卖，雷亚尔的下跌变得更加值得注意。目前的估值不仅表明人们对德尔塔变异毒株在国内蔓延的担忧日益加剧，而且或许更重要的是，在海外蔓延。曾经有一段时间，美国利率格局完全由国内基本面决定，而经济和市场的全球化现在使美国国债收益率成为全球背景的函数。这有助于解释对UST的一轮令人印象深刻的看涨和持久性，尽管数据总体上继续表现良好。我们想起了久经考验的格言：第三次尝试阻力几乎不成立，并将在本周剩余时间内监测10年期实际收益率的-112个基点线。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/behind-plunge-yields-growth-story-not-rethink-inflation?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29\">zerohedge</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://www.zerohedge.com/markets/behind-plunge-yields-growth-story-not-rethink-inflation?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1109861258","content_text":"In a notable turn of events, the overnight session saw an initial attempt at a modest reversal in the recent Treasury rally only to be met with further buying interest. The net result was a tick lower in 10-year yields that brought the benchmark to levels not seen since mid-February.\nWith the next technical target sill 5 bps away, we’ll be watching the interplay between risk assets and US rates as the delta-inspired repricing continues. We’re cognizant that the severity of the recent move has led to stretched momentum measures, implying incremental gains will be more difficult to achieve. This isn’t to suggest the floor for rates is evident at the moment, rather that it should be anticipated that the pace of the rally will slow.There has been plenty of chatter surrounding the possibility 10- year yields dip below 1.0%; an eventuality that would be a short-lived endeavor, but not one that’s off the table.More immediately however, will be gauging the extent to which rising case counts can carry yields even lower from here.\nIt would be an oversimplification to conclude this move is entirely a function of the economic risks posed by the reinstatement of covid-19 restrictions. In fact, we’ll argue the rally has been exaggerated by the Fed’s most recent efforts to be less dovish.Policymakers are in the pre-meeting radio period of radio silence; which eliminates the potential for any official commentary on the Fed’s take on the renewed pandemic risks. Moreover,it leaves investors operating under the assumption that 1) tapering is still on track, 2) rate hikes as early as next year could come to fruition, and 3) the Fed’s ‘will act if not transitory’ stance on inflation remains value. While these surely still hold true to some extent, the implied commitment may be waning given investors’ response to the recent covid developments.\nHeadlines this morning conclude ‘markets no longer worried about inflation’; a notion, which is ostensibly consistent with the price action in US rates, misses the mark.10-year breakevens are still at 225 bp and a distance away from the mid-June lows.In addition, rising supply-driven inflation that functions as a tax on consumption as opposed to a reflection of a healthy real economy creates downside risks for the recovery. When combined with concerns that H1 will represent the peak of the rebound, it follows intuitively that the market has moved on to trading the next stage in the cycle – i.e. recalibrating growth expectations in reflecting the new norm; one in which herd immunity will prove elusive and variant risks (delta and others) become an ongoing concern.A quick glance at real yields near -100 bp reinforces the read that this is a growth story, not a collective rethink of reflation.\nThere is yet another nuance of the price action that merits highlighting. Specifically, the move thus far has questionably been a flattening event as 10s and 30s outperform. The front end of the curve has benefited to a lesser extent as monetary policy expectations have remained in place.This morning however, we’re starting to see the 5-year sector lead the rally. In the event we’re seeing the transition from a longer-term growth story to further pricing out Fed tightening, this could ultimately serve to moderate the gains in 10s and 30s.This isn’t to suggest that less room for the FOMC to eventually normalize policy rates is a compelling reason to sell duration in the face of a resurgence of the pandemic. Instead, confidence that monetary policymakers won’t be so eager to respond to pockets of reflation given the renewed headwinds facing the global recovery\nWe’ll be tracking this particular evolution in the nature of the bullish repricing if, for no other reason,it will be instrumental in gauging what to anticipate in response to next week’s FOMC meeting and Powell’s press conference.Note that in light of the +8.1% consensus estimate for next week’s release of Q2 real GDP, there is little question that a strong rebound in H1 is priced in and investors have shifted toward trading the next stage in the recovery that contains far greater uncertainties.\nIf the move in real yields is any indication there is growing angst on the rebound; 10-year real rates reached their lowest level since early January and within striking distance of the cycle low at -112.4 bp.\nThe decline in reals is made all the more noteworthy given the proximity to Thursday’s $16 bn new issue 10-year TIPS auction. Current valuations demonstrate not only increasing worry on the spread of the delta variant domestically, but perhaps more consequentially, overseas. Whereas there was once a time when the US rates landscape was solely dictated by the domestic fundamentals, the globalization of the economy and markets now leave Treasury yields a function of the global backdrop. This helps account for the impressive round of bullishness and durability of the bid for USTs even as the data has generally continued to perform well. We’re reminded of the time tested adage that resistance hardly holds on the third attempt, and will monitor the -112 bp line in the sand in 10-year real yields over the balance of the 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:[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/145824513","repostId":"2151560584","repostType":4,"isVote":1,"tweetType":1,"viewCount":701,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":148584964,"gmtCreate":1625988919258,"gmtModify":1631892357533,"author":{"id":"3571201220151172","authorId":"3571201220151172","name":"Taohui","avatar":"https://static.tigerbbs.com/3bcb158f5b203c46dc92e612c5e2bc5e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571201220151172","authorIdStr":"3571201220151172"},"themes":[],"htmlText":"👍🏻👍🏻👍🏻","listText":"👍🏻👍🏻👍🏻","text":"👍🏻👍🏻👍🏻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/148584964","repostId":"1112201050","repostType":4,"repost":{"id":"1112201050","kind":"news","pubTimestamp":1625966101,"share":"https://www.laohu8.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>模因股票交易还远未结束。投资者需要知道的。</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（Blockbuster）的干涸尸体在一月份突然复活时，他们再次崩溃的时间已经在滴答作响。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>现在已经半年了，核心“模因股”的交易水平仍然被研究它们多年的人认为令人发指。Clover Health Investments(CLOV)和Newegg Commerce(NEGG)等新名字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>数百万散户交易者——长期以来被嘲笑为“愚蠢的钱”——的集体努力成功地保持了股票的高位，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或扭亏为盈的迹象，但情况确实如此。黑莓在最近一个季度烧钱，并警告其关键的网络安全部门将触及收入指引的低端；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>尽管大型经纪商的交易量较2月份的峰值略有下降，但仍是大流行前的两到三倍。散户交易者青睐的股票中发生了数量惊人的此类活动。例如，AMC院线控股公司(AMC)6月份股票日均交易价值达到131亿美元，超过苹果(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酸面团面包；交易者只会越来越饥渴。</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胃口，就像互联网泡沫破裂时一样。就目前而言，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>“我发现‘逢低买入’的情绪一刻也没有减弱，”与朋友在线交易的美国海军电子技术员布兰登·卢泽克(Brandon Luczek)在给《巴伦周刊》的电子邮件中写道。</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>散户投资者交易量的增加推动了模因股票的飙升。2020年，在线经纪商以创纪录的速度签约客户，新开户人数超过1000万人。这一纪录几乎肯定会在2021年被打破。一些顶级公司透露，今年不到一半，经纪商就已经增加了超过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>模因股票既是这一现象的马车，也是马。它们的价格突然飙升是由新投资者推动的，然后这种行为会推动更多的新人投资。数百万人在一月底和二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%的当前交易者在2020年之后开始投资。</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>这一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550万个受资助账户。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。这为新的客户群体打开了闸门——他们可能没有那么多闲钱可供交易，但比前辈更加活跃和多样化。经纪人正在兑现。富达希望在投资者拥有驾驶执照之前就吸引他们，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老客户不同。E*Trade（现归摩根士丹利(MS)所有）交易主管克里斯·拉金(Chris Larkin)表示，多年来，“ETF的吸引力很大”。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，股票交易所交易基金仍然表现良好，因为世界各地的投资者都押注于疫情复苏，并避免债券收益率疲软。</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。对于顶级品牌来说，这并不是单程旅行。游戏驿站确实在二月份下跌，华尔街享受了一段幸灾乐祸的时刻。这并没有持续多久。</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，模因交易者在看似地下几个月后，又以疯狂的活动回归。”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股票转向另一种股票。</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：“我认为，在比特币和其他加密货币大幅调整后，模因股票重新焕发生机，这绝非巧合。”</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>索斯尼克认为模因股票是一个“独立的行业”，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，华尔街对模因股票革命的反应是孤立市场中专业人士认为非理性的部分。大多数卖空者不会碰这些股票，分析师也放弃了报道。</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将零售大军赶走，也不能指望它们在未来17年消失。股票交易已经永久转移。今年，零售活动占股本的24%，高于2019年的15%。新信条的追随者并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>哥伦比亚法学院证券市场教授乔舒亚·米茨（Joshua Mits）说，“这真正反映了我们看到的与个别公司的接触越来越少的趋势的逆转。”“技术正在拉近普通投资者与他或她投资的公司的距离，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上播放股票分析</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期进入的人的生活，并且仍然名气更高。</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（Matt Kohrs）为例，他很早就投资了AMC院线。今年2月，他辞去了在纽约的程序员工作，搬到了费城，并开始每天在YouTube上播放7个小时的股票分析。</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>它在YouTube上拥有35万粉丝，正在支付账单。科尔斯表示，凭借广告和股票的收入，他可以降低与以前大致相同的工资。但他也知道，像这样依赖股票的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>“你得到的挥杆肯定会让你有某种感觉，”他说。</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，要么付钱给模因学家来理解新华尔街充满表情符号的语言，这样他们就可以避开他们或安抚他们。</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甚至在过去一周取消了拟议的股权融资，因为该公司显然不喜欢Reddit人群的氛围。过去一年，AMC的股票数量已经增加了五倍。首席执行官Adam Aron在推特上表示，他看到了对他增发2500万股股票的提议“许多是，许多不是”的反应，因此该提议将被取消，而不是在本月晚些时候的AMC年会上进行投票。该公司没有回应有关如何对股东进行民意调查的问题。</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中确定。</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>大投资者花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散户行为进行交易的报告，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”，但可能需要一些激烈的数字运算才能达到这一目标。当然，并非所有留言板上的喋喋不休都会导致价格持续上涨，而且在没有大量数据分析的情况下，零售订单流无法轻易与机构订单流分开。对于拥有工具来确定散户投资者正在买入和卖出哪些股票的投资者，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。“他们认为这几乎就像一份保险单，以限制他们的下行风险，”他说。</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>对于散户来说，这种方法并不总是科学的。这一行动得到了社区精神的支持。其背后的力量既是经济上的，也是情感上的和道德上的。</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，他们的动机是证明自己和惩罚保守派的愿望，就像利润一样。他们互相了解市场，有时会放大或揭穿有关华尔街的阴谋论。一些人将模因股票走势与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>“华尔街让我们的经济陷入瘫痪，没有人因此惹上麻烦，”26岁的科尔斯说。“所以，我认为他们认为这不仅可以让我们赚钱，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，她在从朋友那里听说此事后，于1月份在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，他父亲是一位长期的资金经理。“他对我买下游戏驿站并拒绝出售感到非常生气，”她笑着说。“这让我想永远拥有它。”</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>就像旧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，直到你成为合伙人后，你才会戴菲拉格慕领带。在总经理离开之前，你永远不会离开办公室，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，而不是这个顺序。</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——数百万零售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。公开承认经济损失是一种勇敢的行为，是内部坚韧和对集团信念的证明。你不把自己当回事，也不监管语言。你是“猿”或“弱智”大军的一员。你坚持住了崩溃，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>群体行动不仅仅是为了道义上的支持。交易策略取决于人们保持购买压力以迫使空头挤压或购买看涨期权，从而触发所谓的伽马挤压。</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)二月份几乎出现在众议院金融服务委员会听证会上，成为Reddit零售交易员大军的代言人，推动游戏驿站股价走高。</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为模因运动提供氧气。6月中旬，AMC的空头利息占该股流通量的17%，低于1月份的28%，但幅度不大。</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>随着价格的上涨，空头们也身不由己。Wedbush Securities分析师Michael Pachter表示，他们开始“流口水，耳朵里冒出火焰”，多年来一直关注游戏驿站。“让我有点震惊的是精神错乱的定义，即一遍又一遍地做同样的事情，每次都希望有不同的结果，而空头不断回来，”他说。“[游戏驿站公牛]基思·吉尔和他的Reddit攻略不断挤压他们，而且它一直在发挥作用。”</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人群需要团结一致，但社区有时会出现裂痕。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多善变的支持者。几只陷入迷因疯狂的股票已经暴跌。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亏损了。</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——最初引发游戏驿站狂热的Reddit留言板——发展如此之快，以至于失去了最初的精神，并可能变得容易受到操纵。一些人已经转移到其他留言板，如r/superstonk，希望恢复旧社区的风味。</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，炒作股权通常是由代表网上谈论的公司的公关公司雇佣的。现在，他看到越来越多的股票突然出现在留言板上，收到积极的议论，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>“这引发了人们对什么是真正的讨论与什么是某人只是想炒作的讨论的质疑，”他说。wallstreetbets的版主禁止在该平台上进行市场操纵，Rehl表示，他们似乎正在努力监管错误信息。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>索斯尼克表示：“如果你能制造足够的轰动效应，让股票在短时间内上涨10%、20%甚至50%，那么就有巨大的动力这样做。”</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>证券交易委员会正在留言板上关注有趣的事情。证交会主席盖瑞·根斯勒和一些国会议员讨论改变市场规则，意图增加透明度保护零售商——尽管如果改变交易速度减慢或让交易变得更贵，这些变化也可能激怒零售商群体。</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>监管并不是唯一可能抑制这一趋势的因素。fintech Betterment行为金融和投资副总裁丹·伊根(Dan Egan)认为，这一势头可能会在9月份失去动力。即使是“猿”也有责任。“孩子们开始回到学校；父母可以再次自由地去工作，”他说。“那是下一次从房间里抽出一些氧气的时候。”</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激发的暂时疯狂。但那将是一个错误。如果零佣金经纪公司和游戏驿站的乐趣打破了数百万新投资者开户的障碍，这几乎肯定是一件好事，只要大多数人用他们并不立即需要的钱下注。许多新零售交易员表示，他们正在自学如何交易，并已开始分散持股。</blockquote></p><p> In one form or another, this is the future client base of Wall Street.</p><p><blockquote>以这样或那样的形式，这就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Hendrik Bessembinder在2018年发表了开创性的研究，发现“在随机选择的月份随机选择的股票更有可能亏损而不是赚钱。”简而言之，挑选单一股票并持有集中的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，他还是受到了新一波交易的鼓舞。“我欢迎零售交易的增加，以及股票市场是一个广泛参与的地方的想法，”贝森宾德说。“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>模因股票交易还远未结束。投资者需要知道的。</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>模因股票交易还远未结束。投资者需要知道的。</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（Blockbuster）的干涸尸体在一月份突然复活时，他们再次崩溃的时间已经在滴答作响。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>现在已经半年了，核心“模因股”的交易水平仍然被研究它们多年的人认为令人发指。Clover Health Investments(CLOV)和Newegg Commerce(NEGG)等新名字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>数百万散户交易者——长期以来被嘲笑为“愚蠢的钱”——的集体努力成功地保持了股票的高位，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或扭亏为盈的迹象，但情况确实如此。黑莓在最近一个季度烧钱，并警告其关键的网络安全部门将触及收入指引的低端；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>尽管大型经纪商的交易量较2月份的峰值略有下降，但仍是大流行前的两到三倍。散户交易者青睐的股票中发生了数量惊人的此类活动。例如，AMC院线控股公司(AMC)6月份股票日均交易价值达到131亿美元，超过苹果(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酸面团面包；交易者只会越来越饥渴。</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胃口，就像互联网泡沫破裂时一样。就目前而言，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>“我发现‘逢低买入’的情绪一刻也没有减弱，”与朋友在线交易的美国海军电子技术员布兰登·卢泽克(Brandon Luczek)在给《巴伦周刊》的电子邮件中写道。</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>散户投资者交易量的增加推动了模因股票的飙升。2020年，在线经纪商以创纪录的速度签约客户，新开户人数超过1000万人。这一纪录几乎肯定会在2021年被打破。一些顶级公司透露，今年不到一半，经纪商就已经增加了超过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>模因股票既是这一现象的马车，也是马。它们的价格突然飙升是由新投资者推动的，然后这种行为会推动更多的新人投资。数百万人在一月底和二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%的当前交易者在2020年之后开始投资。</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>这一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550万个受资助账户。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。这为新的客户群体打开了闸门——他们可能没有那么多闲钱可供交易，但比前辈更加活跃和多样化。经纪人正在兑现。富达希望在投资者拥有驾驶执照之前就吸引他们，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老客户不同。E*Trade（现归摩根士丹利(MS)所有）交易主管克里斯·拉金(Chris Larkin)表示，多年来，“ETF的吸引力很大”。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，股票交易所交易基金仍然表现良好，因为世界各地的投资者都押注于疫情复苏，并避免债券收益率疲软。</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。对于顶级品牌来说，这并不是单程旅行。游戏驿站确实在二月份下跌，华尔街享受了一段幸灾乐祸的时刻。这并没有持续多久。</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，模因交易者在看似地下几个月后，又以疯狂的活动回归。”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股票转向另一种股票。</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：“我认为，在比特币和其他加密货币大幅调整后，模因股票重新焕发生机，这绝非巧合。”</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>索斯尼克认为模因股票是一个“独立的行业”，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，华尔街对模因股票革命的反应是孤立市场中专业人士认为非理性的部分。大多数卖空者不会碰这些股票，分析师也放弃了报道。</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将零售大军赶走，也不能指望它们在未来17年消失。股票交易已经永久转移。今年，零售活动占股本的24%，高于2019年的15%。新信条的追随者并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>哥伦比亚法学院证券市场教授乔舒亚·米茨（Joshua Mits）说，“这真正反映了我们看到的与个别公司的接触越来越少的趋势的逆转。”“技术正在拉近普通投资者与他或她投资的公司的距离，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上播放股票分析</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期进入的人的生活，并且仍然名气更高。</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（Matt Kohrs）为例，他很早就投资了AMC院线。今年2月，他辞去了在纽约的程序员工作，搬到了费城，并开始每天在YouTube上播放7个小时的股票分析。</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>它在YouTube上拥有35万粉丝，正在支付账单。科尔斯表示，凭借广告和股票的收入，他可以降低与以前大致相同的工资。但他也知道，像这样依赖股票的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>“你得到的挥杆肯定会让你有某种感觉，”他说。</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，要么付钱给模因学家来理解新华尔街充满表情符号的语言，这样他们就可以避开他们或安抚他们。</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甚至在过去一周取消了拟议的股权融资，因为该公司显然不喜欢Reddit人群的氛围。过去一年，AMC的股票数量已经增加了五倍。首席执行官Adam Aron在推特上表示，他看到了对他增发2500万股股票的提议“许多是，许多不是”的反应，因此该提议将被取消，而不是在本月晚些时候的AMC年会上进行投票。该公司没有回应有关如何对股东进行民意调查的问题。</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中确定。</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>大投资者花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散户行为进行交易的报告，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”，但可能需要一些激烈的数字运算才能达到这一目标。当然，并非所有留言板上的喋喋不休都会导致价格持续上涨，而且在没有大量数据分析的情况下，零售订单流无法轻易与机构订单流分开。对于拥有工具来确定散户投资者正在买入和卖出哪些股票的投资者，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。“他们认为这几乎就像一份保险单，以限制他们的下行风险，”他说。</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>对于散户来说，这种方法并不总是科学的。这一行动得到了社区精神的支持。其背后的力量既是经济上的，也是情感上的和道德上的。</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，他们的动机是证明自己和惩罚保守派的愿望，就像利润一样。他们互相了解市场，有时会放大或揭穿有关华尔街的阴谋论。一些人将模因股票走势与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>“华尔街让我们的经济陷入瘫痪，没有人因此惹上麻烦，”26岁的科尔斯说。“所以，我认为他们认为这不仅可以让我们赚钱，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，她在从朋友那里听说此事后，于1月份在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，他父亲是一位长期的资金经理。“他对我买下游戏驿站并拒绝出售感到非常生气，”她笑着说。“这让我想永远拥有它。”</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>就像旧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，直到你成为合伙人后，你才会戴菲拉格慕领带。在总经理离开之前，你永远不会离开办公室，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，而不是这个顺序。</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——数百万零售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。公开承认经济损失是一种勇敢的行为，是内部坚韧和对集团信念的证明。你不把自己当回事，也不监管语言。你是“猿”或“弱智”大军的一员。你坚持住了崩溃，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>群体行动不仅仅是为了道义上的支持。交易策略取决于人们保持购买压力以迫使空头挤压或购买看涨期权，从而触发所谓的伽马挤压。</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)二月份几乎出现在众议院金融服务委员会听证会上，成为Reddit零售交易员大军的代言人，推动游戏驿站股价走高。</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为模因运动提供氧气。6月中旬，AMC的空头利息占该股流通量的17%，低于1月份的28%，但幅度不大。</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>随着价格的上涨，空头们也身不由己。Wedbush Securities分析师Michael Pachter表示，他们开始“流口水，耳朵里冒出火焰”，多年来一直关注游戏驿站。“让我有点震惊的是精神错乱的定义，即一遍又一遍地做同样的事情，每次都希望有不同的结果，而空头不断回来，”他说。“[游戏驿站公牛]基思·吉尔和他的Reddit攻略不断挤压他们，而且它一直在发挥作用。”</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人群需要团结一致，但社区有时会出现裂痕。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多善变的支持者。几只陷入迷因疯狂的股票已经暴跌。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亏损了。</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——最初引发游戏驿站狂热的Reddit留言板——发展如此之快，以至于失去了最初的精神，并可能变得容易受到操纵。一些人已经转移到其他留言板，如r/superstonk，希望恢复旧社区的风味。</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，炒作股权通常是由代表网上谈论的公司的公关公司雇佣的。现在，他看到越来越多的股票突然出现在留言板上，收到积极的议论，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>“这引发了人们对什么是真正的讨论与什么是某人只是想炒作的讨论的质疑，”他说。wallstreetbets的版主禁止在该平台上进行市场操纵，Rehl表示，他们似乎正在努力监管错误信息。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>索斯尼克表示：“如果你能制造足够的轰动效应，让股票在短时间内上涨10%、20%甚至50%，那么就有巨大的动力这样做。”</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>证券交易委员会正在留言板上关注有趣的事情。证交会主席盖瑞·根斯勒和一些国会议员讨论改变市场规则，意图增加透明度保护零售商——尽管如果改变交易速度减慢或让交易变得更贵，这些变化也可能激怒零售商群体。</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>监管并不是唯一可能抑制这一趋势的因素。fintech Betterment行为金融和投资副总裁丹·伊根(Dan Egan)认为，这一势头可能会在9月份失去动力。即使是“猿”也有责任。“孩子们开始回到学校；父母可以再次自由地去工作，”他说。“那是下一次从房间里抽出一些氧气的时候。”</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激发的暂时疯狂。但那将是一个错误。如果零佣金经纪公司和游戏驿站的乐趣打破了数百万新投资者开户的障碍，这几乎肯定是一件好事，只要大多数人用他们并不立即需要的钱下注。许多新零售交易员表示，他们正在自学如何交易，并已开始分散持股。</blockquote></p><p> In one form or another, this is the future client base of Wall Street.</p><p><blockquote>以这样或那样的形式，这就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Hendrik Bessembinder在2018年发表了开创性的研究，发现“在随机选择的月份随机选择的股票更有可能亏损而不是赚钱。”简而言之，挑选单一股票并持有集中的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，他还是受到了新一波交易的鼓舞。“我欢迎零售交易的增加，以及股票市场是一个广泛参与的地方的想法，”贝森宾德说。“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":{"BB":"黑莓","AMC":"AMC院线","NEGG":"Newegg Comm Inc.","GME":"游戏驿站","WKHS":"Workhorse Group, Inc.","CARV":"卡弗储蓄","CLOV":"Clover Health Corp","SCHW":"嘉信理财","BBBY":"Bed Bath & Beyond, Inc."},"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":{"BBBY":0.9,"NEGG":0.9,"BB":0.9,"SCHW":0.9,"CARV":0.9,"WKHS":0.9,"MRIN":0.9,"AMC":0.9,"GME":0.9,"CLOV":0.9}},"isVote":1,"tweetType":1,"viewCount":557,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":141115921,"gmtCreate":1625841794863,"gmtModify":1631892357535,"author":{"id":"3571201220151172","authorId":"3571201220151172","name":"Taohui","avatar":"https://static.tigerbbs.com/3bcb158f5b203c46dc92e612c5e2bc5e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571201220151172","authorIdStr":"3571201220151172"},"themes":[],"htmlText":"[微笑]","listText":"[微笑]","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/141115921","repostId":"2150039377","repostType":2,"isVote":1,"tweetType":1,"viewCount":1730,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":876101964,"gmtCreate":1637278791341,"gmtModify":1637278791480,"author":{"id":"3571201220151172","authorId":"3571201220151172","name":"Taohui","avatar":"https://static.tigerbbs.com/3bcb158f5b203c46dc92e612c5e2bc5e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571201220151172","authorIdStr":"3571201220151172"},"themes":[],"htmlText":"[微笑]&nbsp;","listText":"[微笑]&nbsp;","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/876101964","repostId":"1185082595","repostType":4,"repost":{"id":"1185082595","kind":"news","pubTimestamp":1637276340,"share":"https://www.laohu8.com/m/news/1185082595?lang=zh_CN&edition=full","pubTime":"2021-11-19 06:59","market":"us","language":"en","title":"S&P 500, Nasdaq hit record closing highs<blockquote>标普500、纳斯达克创收盘新高</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1185082595","media":"Reuters","summary":"(Reuters) - The S&P 500 and Nasdaq notched record closing highs on Thursday, boosted by upbeat corpo","content":"<p>(Reuters) - The S&amp;P 500 and Nasdaq notched record closing highs on Thursday, boosted by upbeat corporate earnings news from companies including <a href=\"https://laohu8.com/S/NVDA\">Nvidia</a>, while Turkey's lira weakened further after its central bank cut rates.</p><p><blockquote>（路透社）-标普500和纳斯达克周四创下历史收盘新高，受包括<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>，而土耳其央行降息后里拉进一步走软。</blockquote></p><p> MSCI's gauge of stocks across the globe was flat, and the Dow Jones industrial average ended lower.Nvidia's stock jumped and was among the biggest supports for the S&amp;P 500 and Nasdaq after it beat quarterly estimates and forecast strong fourth-quarter revenue. Macy's(M.N)shares shot up 21.2% after it raised its earnings outlook.</p><p><blockquote>摩根士丹利资本国际(MSCI)全球股票指数持平，道琼斯工业平均指数收低。英伟达股价上涨，在超出季度预期并预测第四季度收入强劲后，成为标普500和纳斯达克的最大支撑之一。梅西百货(M.N)上调盈利预期后，股价飙升21.2%。</blockquote></p><p> On the flip side, <a href=\"https://laohu8.com/S/CSCO\">Cisco Systems</a>&nbsp;shares fell 5.5%, a day after it forecast current-quarter revenue below expectations due to supply chain shortages and delays. It was the latest in a growing list of U.S. companies citing supply chain problems.</p><p><blockquote>另一方面，<a href=\"https://laohu8.com/S/CSCO\">思科系统</a>该公司股价下跌5.5%，此前一天，该公司预测本季度营收因供应链短缺和延误而低于预期。这是越来越多以供应链问题为由的美国公司中的最新一家。</blockquote></p><p> Investors have been concerned over further increases in price pressures. Retail giant <a href=\"https://laohu8.com/S/TGT\">Target</a>&nbsp;warned of higher costs earlier this week.</p><p><blockquote>投资者一直担心价格压力进一步加大。零售巨头<a href=\"https://laohu8.com/S/TGT\">目标</a>本周早些时候警告成本上升。</blockquote></p><p> New York Federal Reserve Bank President John Williams said Thursday that inflation is becoming more broad-based and that expectations for future price increases are rising.</p><p><blockquote>纽约联邦储备银行行长约翰·威廉姆斯周四表示，通胀正变得更加广泛，对未来物价上涨的预期正在上升。</blockquote></p><p> The Dow Jones Industrial Average(.DJI)&nbsp;fell 60.1 points, or 0.17%, to 35,870.95, the S&amp;P 500(.SPX)gained 15.87 points, or 0.34%, to 4,704.54 and the Nasdaq Composite(.IXIC)&nbsp;added 72.14 points, or 0.45%, to 15,993.71.</p><p><blockquote>道琼斯工业平均指数(.DJI)下跌60.1点，跌幅0.17%，至35,870.95点，标普500(.SPX)上涨15.87点，跌幅0.34%，至4,704.54点，纳斯达克综合指数(.IXIC)上涨72.14点，涨幅0.45%，至15,993.71点。</blockquote></p><p> The pan-European STOXX 600 index(.STOXX)lost 0.46% and MSCI's gauge of stocks across the globe(.MIWD00000PUS)gained 0.03%.</p><p><blockquote>泛欧斯托克600指数(.STOXX)下跌0.46%，摩根士丹利资本国际全球股票指数(.MIWD00000PUS)上涨0.03%。</blockquote></p><p> Turkey's lira shed another 2.83% after its central bank cut rates by 100 basis points to 15%, even in the face of inflation near 20%, sending the Turkish currency hurtling southward.</p><p><blockquote>土耳其央行降息100个基点至15%，尽管通胀率接近20%，但土耳其里拉仍下跌2.83%，导致土耳其货币大幅下跌。</blockquote></p><p> \"The lira remains a punching bag, and further weakness has no end in sight,\" said Edward Moya, senior market analyst at Oanda.</p><p><blockquote>Oanda高级市场分析师Edward Moya表示：“里拉仍然是一个出气筒，进一步疲软看不到尽头。”</blockquote></p><p> The lira has lost around 11.5% of its value this month amid President Tayyip Erdogan's renewed criticism of interest rates and calls for stimulus despite the risks. It was last at 10.909, having earlier hit a record low of 11.30 per dollar.</p><p><blockquote>尽管存在风险，但由于总统塔伊普·埃尔多安(Tayyip Erdogan)再次批评利率和刺激评级，里拉本月已贬值约11.5%。最新收于10.909美元，此前曾触及1美元兑11.30美元的历史低点。</blockquote></p><p> The dollar edged back from a 16-month high as traders weighed whether the U.S. currency's recent surge had gone too far.</p><p><blockquote>美元从16个月高点小幅回落，因交易员权衡美元近期的飙升是否走得太远。</blockquote></p><p> The dollar index , which measures the currency against a basket of six rivals, was last down 0.3%.</p><p><blockquote>衡量货币兑一篮子六个竞争对手的美元指数最新下跌0.3%。</blockquote></p><p> In the U.S. Treasury market, yields fell after the relative success of a 20-year bond auction on Wednesday reduced fears about further rapid yield increases.</p><p><blockquote>在美国国债市场，周三20年期公债标售相对成功，降低了对收益率进一步快速上升的担忧，收益率下跌。</blockquote></p><p> Benchmark 10-year notes were last at 1.587%. They have jumped from a low of 1.415% last week and are holding below five-month highs of 1.705% reached on Oct. 21.</p><p><blockquote>基准10年期国债最新报1.587%。该指数已从上周1.415%的低点跃升，目前仍低于10月21日触及的五个月高点1.705%。</blockquote></p><p> Oil prices rose slightly after dropping to six-week lows.</p><p><blockquote>油价在跌至六周低点后小幅上涨。</blockquote></p><p> Brent crude settled up 96 cents, or 1.2%, at $81.24 a barrel, while U.S. West Texas Intermediate crude futures closed 65 cents, or 0.8%, higher at $79.01.</p><p><blockquote>布伦特原油收涨96美分，或1.2%，报每桶81.24美元，美国西德克萨斯中质原油期货收涨65美分，或0.8%，报每桶79.01美元。</blockquote></p><p> U.S. gold futures settled down 0.5% at $1,861.4.</p><p><blockquote>美国黄金期货收跌0.5%，报1861.4美元。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>S&P 500, Nasdaq hit record closing highs<blockquote>标普500、纳斯达克创收盘新高</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\">\nS&P 500, Nasdaq hit record closing highs<blockquote>标普500、纳斯达克创收盘新高</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-11-19 06:59</span>\n</p>\n</h4>\n</header>\n<article>\n<p>(Reuters) - The S&amp;P 500 and Nasdaq notched record closing highs on Thursday, boosted by upbeat corporate earnings news from companies including <a href=\"https://laohu8.com/S/NVDA\">Nvidia</a>, while Turkey's lira weakened further after its central bank cut rates.</p><p><blockquote>（路透社）-标普500和纳斯达克周四创下历史收盘新高，受包括<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>，而土耳其央行降息后里拉进一步走软。</blockquote></p><p> MSCI's gauge of stocks across the globe was flat, and the Dow Jones industrial average ended lower.Nvidia's stock jumped and was among the biggest supports for the S&amp;P 500 and Nasdaq after it beat quarterly estimates and forecast strong fourth-quarter revenue. Macy's(M.N)shares shot up 21.2% after it raised its earnings outlook.</p><p><blockquote>摩根士丹利资本国际(MSCI)全球股票指数持平，道琼斯工业平均指数收低。英伟达股价上涨，在超出季度预期并预测第四季度收入强劲后，成为标普500和纳斯达克的最大支撑之一。梅西百货(M.N)上调盈利预期后，股价飙升21.2%。</blockquote></p><p> On the flip side, <a href=\"https://laohu8.com/S/CSCO\">Cisco Systems</a>&nbsp;shares fell 5.5%, a day after it forecast current-quarter revenue below expectations due to supply chain shortages and delays. It was the latest in a growing list of U.S. companies citing supply chain problems.</p><p><blockquote>另一方面，<a href=\"https://laohu8.com/S/CSCO\">思科系统</a>该公司股价下跌5.5%，此前一天，该公司预测本季度营收因供应链短缺和延误而低于预期。这是越来越多以供应链问题为由的美国公司中的最新一家。</blockquote></p><p> Investors have been concerned over further increases in price pressures. Retail giant <a href=\"https://laohu8.com/S/TGT\">Target</a>&nbsp;warned of higher costs earlier this week.</p><p><blockquote>投资者一直担心价格压力进一步加大。零售巨头<a href=\"https://laohu8.com/S/TGT\">目标</a>本周早些时候警告成本上升。</blockquote></p><p> New York Federal Reserve Bank President John Williams said Thursday that inflation is becoming more broad-based and that expectations for future price increases are rising.</p><p><blockquote>纽约联邦储备银行行长约翰·威廉姆斯周四表示，通胀正变得更加广泛，对未来物价上涨的预期正在上升。</blockquote></p><p> The Dow Jones Industrial Average(.DJI)&nbsp;fell 60.1 points, or 0.17%, to 35,870.95, the S&amp;P 500(.SPX)gained 15.87 points, or 0.34%, to 4,704.54 and the Nasdaq Composite(.IXIC)&nbsp;added 72.14 points, or 0.45%, to 15,993.71.</p><p><blockquote>道琼斯工业平均指数(.DJI)下跌60.1点，跌幅0.17%，至35,870.95点，标普500(.SPX)上涨15.87点，跌幅0.34%，至4,704.54点，纳斯达克综合指数(.IXIC)上涨72.14点，涨幅0.45%，至15,993.71点。</blockquote></p><p> The pan-European STOXX 600 index(.STOXX)lost 0.46% and MSCI's gauge of stocks across the globe(.MIWD00000PUS)gained 0.03%.</p><p><blockquote>泛欧斯托克600指数(.STOXX)下跌0.46%，摩根士丹利资本国际全球股票指数(.MIWD00000PUS)上涨0.03%。</blockquote></p><p> Turkey's lira shed another 2.83% after its central bank cut rates by 100 basis points to 15%, even in the face of inflation near 20%, sending the Turkish currency hurtling southward.</p><p><blockquote>土耳其央行降息100个基点至15%，尽管通胀率接近20%，但土耳其里拉仍下跌2.83%，导致土耳其货币大幅下跌。</blockquote></p><p> \"The lira remains a punching bag, and further weakness has no end in sight,\" said Edward Moya, senior market analyst at Oanda.</p><p><blockquote>Oanda高级市场分析师Edward Moya表示：“里拉仍然是一个出气筒，进一步疲软看不到尽头。”</blockquote></p><p> The lira has lost around 11.5% of its value this month amid President Tayyip Erdogan's renewed criticism of interest rates and calls for stimulus despite the risks. It was last at 10.909, having earlier hit a record low of 11.30 per dollar.</p><p><blockquote>尽管存在风险，但由于总统塔伊普·埃尔多安(Tayyip Erdogan)再次批评利率和刺激评级，里拉本月已贬值约11.5%。最新收于10.909美元，此前曾触及1美元兑11.30美元的历史低点。</blockquote></p><p> The dollar edged back from a 16-month high as traders weighed whether the U.S. currency's recent surge had gone too far.</p><p><blockquote>美元从16个月高点小幅回落，因交易员权衡美元近期的飙升是否走得太远。</blockquote></p><p> The dollar index , which measures the currency against a basket of six rivals, was last down 0.3%.</p><p><blockquote>衡量货币兑一篮子六个竞争对手的美元指数最新下跌0.3%。</blockquote></p><p> In the U.S. Treasury market, yields fell after the relative success of a 20-year bond auction on Wednesday reduced fears about further rapid yield increases.</p><p><blockquote>在美国国债市场，周三20年期公债标售相对成功，降低了对收益率进一步快速上升的担忧，收益率下跌。</blockquote></p><p> Benchmark 10-year notes were last at 1.587%. They have jumped from a low of 1.415% last week and are holding below five-month highs of 1.705% reached on Oct. 21.</p><p><blockquote>基准10年期国债最新报1.587%。该指数已从上周1.415%的低点跃升，目前仍低于10月21日触及的五个月高点1.705%。</blockquote></p><p> Oil prices rose slightly after dropping to six-week lows.</p><p><blockquote>油价在跌至六周低点后小幅上涨。</blockquote></p><p> Brent crude settled up 96 cents, or 1.2%, at $81.24 a barrel, while U.S. West Texas Intermediate crude futures closed 65 cents, or 0.8%, higher at $79.01.</p><p><blockquote>布伦特原油收涨96美分，或1.2%，报每桶81.24美元，美国西德克萨斯中质原油期货收涨65美分，或0.8%，报每桶79.01美元。</blockquote></p><p> U.S. gold futures settled down 0.5% at $1,861.4.</p><p><blockquote>美国黄金期货收跌0.5%，报1861.4美元。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.reuters.com/markets/us/global-markets-wrapup-6-graphics-2021-11-18/\">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":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.reuters.com/markets/us/global-markets-wrapup-6-graphics-2021-11-18/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1185082595","content_text":"(Reuters) - The S&P 500 and Nasdaq notched record closing highs on Thursday, boosted by upbeat corporate earnings news from companies including Nvidia, while Turkey's lira weakened further after its central bank cut rates.\nMSCI's gauge of stocks across the globe was flat, and the Dow Jones industrial average ended lower.Nvidia's stock jumped and was among the biggest supports for the S&P 500 and Nasdaq after it beat quarterly estimates and forecast strong fourth-quarter revenue. Macy's(M.N)shares shot up 21.2% after it raised its earnings outlook.\nOn the flip side, Cisco Systems shares fell 5.5%, a day after it forecast current-quarter revenue below expectations due to supply chain shortages and delays. It was the latest in a growing list of U.S. companies citing supply chain problems.\nInvestors have been concerned over further increases in price pressures. Retail giant Target warned of higher costs earlier this week.\nNew York Federal Reserve Bank President John Williams said Thursday that inflation is becoming more broad-based and that expectations for future price increases are rising.\nThe Dow Jones Industrial Average(.DJI) fell 60.1 points, or 0.17%, to 35,870.95, the S&P 500(.SPX)gained 15.87 points, or 0.34%, to 4,704.54 and the Nasdaq Composite(.IXIC) added 72.14 points, or 0.45%, to 15,993.71.\nThe pan-European STOXX 600 index(.STOXX)lost 0.46% and MSCI's gauge of stocks across the globe(.MIWD00000PUS)gained 0.03%.\nTurkey's lira shed another 2.83% after its central bank cut rates by 100 basis points to 15%, even in the face of inflation near 20%, sending the Turkish currency hurtling southward.\n\"The lira remains a punching bag, and further weakness has no end in sight,\" said Edward Moya, senior market analyst at Oanda.\nThe lira has lost around 11.5% of its value this month amid President Tayyip Erdogan's renewed criticism of interest rates and calls for stimulus despite the risks. It was last at 10.909, having earlier hit a record low of 11.30 per dollar.\nThe dollar edged back from a 16-month high as traders weighed whether the U.S. currency's recent surge had gone too far.\nThe dollar index , which measures the currency against a basket of six rivals, was last down 0.3%.\nIn the U.S. Treasury market, yields fell after the relative success of a 20-year bond auction on Wednesday reduced fears about further rapid yield increases.\nBenchmark 10-year notes were last at 1.587%. They have jumped from a low of 1.415% last week and are holding below five-month highs of 1.705% reached on Oct. 21.\nOil prices rose slightly after dropping to six-week lows.\nBrent crude settled up 96 cents, or 1.2%, at $81.24 a barrel, while U.S. West Texas Intermediate crude futures closed 65 cents, or 0.8%, higher at $79.01.\nU.S. gold futures settled down 0.5% at 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the moon","listText":"To the moon","text":"To the moon","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/848251580","repostId":"2180768968","repostType":2,"isVote":1,"tweetType":1,"viewCount":3176,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":690166266,"gmtCreate":1639647754799,"gmtModify":1639647755083,"author":{"id":"3571201220151172","authorId":"3571201220151172","name":"Taohui","avatar":"https://static.tigerbbs.com/3bcb158f5b203c46dc92e612c5e2bc5e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571201220151172","authorIdStr":"3571201220151172"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/PLTR\">$Palantir Technologies Inc.(PLTR)$</a>time to buy more&nbsp;[LOL]&nbsp;","listText":"<a href=\"https://laohu8.com/S/PLTR\">$Palantir Technologies Inc.(PLTR)$</a>time to buy more&nbsp;[LOL]&nbsp;","text":"$Palantir Technologies Inc.(PLTR)$time to buy more [LOL]","images":[{"img":"https://static.tigerbbs.com/ef644a07bf2e28fe819e957d18482800","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/690166266","isVote":1,"tweetType":1,"viewCount":2677,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":178846451,"gmtCreate":1626801360273,"gmtModify":1631890106247,"author":{"id":"3571201220151172","authorId":"3571201220151172","name":"Taohui","avatar":"https://static.tigerbbs.com/3bcb158f5b203c46dc92e612c5e2bc5e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571201220151172","authorIdStr":"3571201220151172"},"themes":[],"htmlText":"👍🏻👍🏻👍🏻","listText":"👍🏻👍🏻👍🏻","text":"👍🏻👍🏻👍🏻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/178846451","repostId":"2152657163","repostType":4,"isVote":1,"tweetType":1,"viewCount":680,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":855487126,"gmtCreate":1635391152344,"gmtModify":1635391152517,"author":{"id":"3571201220151172","authorId":"3571201220151172","name":"Taohui","avatar":"https://static.tigerbbs.com/3bcb158f5b203c46dc92e612c5e2bc5e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571201220151172","authorIdStr":"3571201220151172"},"themes":[],"htmlText":"[得意]&nbsp;","listText":"[得意]&nbsp;","text":"[得意]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/855487126","repostId":"2178234765","repostType":4,"isVote":1,"tweetType":1,"viewCount":2750,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":863356665,"gmtCreate":1632360469757,"gmtModify":1632645804309,"author":{"id":"3571201220151172","authorId":"3571201220151172","name":"Taohui","avatar":"https://static.tigerbbs.com/3bcb158f5b203c46dc92e612c5e2bc5e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571201220151172","authorIdStr":"3571201220151172"},"themes":[],"htmlText":"[微笑]&nbsp;","listText":"[微笑]&nbsp;","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/863356665","repostId":"2169650271","repostType":4,"isVote":1,"tweetType":1,"viewCount":2475,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":857539289,"gmtCreate":1635547126380,"gmtModify":1635547126561,"author":{"id":"3571201220151172","authorId":"3571201220151172","name":"Taohui","avatar":"https://static.tigerbbs.com/3bcb158f5b203c46dc92e612c5e2bc5e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571201220151172","authorIdStr":"3571201220151172"},"themes":[],"htmlText":"[微笑]&nbsp;","listText":"[微笑]&nbsp;","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/857539289","repostId":"1170077439","repostType":4,"repost":{"id":"1170077439","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":1635521388,"share":"https://www.laohu8.com/m/news/1170077439?lang=zh_CN&edition=full","pubTime":"2021-10-29 23:29","market":"us","language":"en","title":"Entrada jumped over 30% in morning trading,above its IPO price at 20 dollars per share<blockquote>Entrada在早盘交易中上涨了30%以上，高于每股20美元的IPO价格</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1170077439","media":"Tiger Newspress","summary":"Entrada jumped over 30% in morning trading,above its IPO price at 20 dollars per share.Entrada, which is working to develop therapeutics for rare neuromuscular diseases such as Duchenne muscular dystrophy and myotonic dystrophy type 1, said it believes the proceeds, coupled with its existing resources, will be sufficient to fund its operating expenses and capital-spending needs into the second quarter of 2024.","content":"<p>Entrada&nbsp;jumped&nbsp;over&nbsp;30%&nbsp;in&nbsp;morning&nbsp;trading,above&nbsp;its&nbsp;IPO&nbsp;price&nbsp;at&nbsp;20&nbsp;dollars&nbsp;per&nbsp;share.<img src=\"https://static.tigerbbs.com/d7b5af9ada5c6d243935e675a495b080\" tg-width=\"769\" tg-height=\"570\" width=\"100%\" height=\"auto\">Entrada, which is working to develop therapeutics for rare neuromuscular diseases such as Duchenne muscular dystrophy and myotonic dystrophy type 1, said it believes the proceeds, coupled with its existing resources, will be sufficient to fund its operating expenses and capital-spending needs into the second quarter of 2024.</p><p><blockquote>Entrada在早盘交易中上涨了30%以上，高于每股20美元的IPO价格。Entrada正致力于开发杜氏肌营养不良症和1型强直性肌营养不良症等罕见神经肌肉疾病的治疗方法，该公司表示，相信所得款项加上现有资源，将足以满足其运营费用和资本支出需求。2024年第二季度。</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>Entrada jumped over 30% in morning trading,above its IPO price at 20 dollars per share<blockquote>Entrada在早盘交易中上涨了30%以上，高于每股20美元的IPO价格</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\">\nEntrada jumped over 30% in morning trading,above its IPO price at 20 dollars per share<blockquote>Entrada在早盘交易中上涨了30%以上，高于每股20美元的IPO价格</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\">2021-10-29 23:29</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Entrada&nbsp;jumped&nbsp;over&nbsp;30%&nbsp;in&nbsp;morning&nbsp;trading,above&nbsp;its&nbsp;IPO&nbsp;price&nbsp;at&nbsp;20&nbsp;dollars&nbsp;per&nbsp;share.<img src=\"https://static.tigerbbs.com/d7b5af9ada5c6d243935e675a495b080\" tg-width=\"769\" tg-height=\"570\" width=\"100%\" height=\"auto\">Entrada, which is working to develop therapeutics for rare neuromuscular diseases such as Duchenne muscular dystrophy and myotonic dystrophy type 1, said it believes the proceeds, coupled with its existing resources, will be sufficient to fund its operating expenses and capital-spending needs into the second quarter of 2024.</p><p><blockquote>Entrada在早盘交易中上涨了30%以上，高于每股20美元的IPO价格。Entrada正致力于开发杜氏肌营养不良症和1型强直性肌营养不良症等罕见神经肌肉疾病的治疗方法，该公司表示，相信所得款项加上现有资源，将足以满足其运营费用和资本支出需求。2024年第二季度。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TRDA":"Entrada Therapeutics, Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170077439","content_text":"Entrada jumped over 30% in morning trading,above its IPO price at 20 dollars per share.Entrada, which is working to develop therapeutics for rare neuromuscular diseases such as Duchenne muscular dystrophy and myotonic dystrophy type 1, said it believes the proceeds, coupled with its existing resources, will be sufficient to fund its operating expenses and capital-spending needs into the second quarter of 2024.","news_type":1,"symbols_score_info":{"TRDA":0.9}},"isVote":1,"tweetType":1,"viewCount":3877,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":148584964,"gmtCreate":1625988919258,"gmtModify":1631892357533,"author":{"id":"3571201220151172","authorId":"3571201220151172","name":"Taohui","avatar":"https://static.tigerbbs.com/3bcb158f5b203c46dc92e612c5e2bc5e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571201220151172","authorIdStr":"3571201220151172"},"themes":[],"htmlText":"👍🏻👍🏻👍🏻","listText":"👍🏻👍🏻👍🏻","text":"👍🏻👍🏻👍🏻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/148584964","repostId":"1112201050","repostType":4,"repost":{"id":"1112201050","kind":"news","pubTimestamp":1625966101,"share":"https://www.laohu8.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>模因股票交易还远未结束。投资者需要知道的。</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（Blockbuster）的干涸尸体在一月份突然复活时，他们再次崩溃的时间已经在滴答作响。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>现在已经半年了，核心“模因股”的交易水平仍然被研究它们多年的人认为令人发指。Clover Health Investments(CLOV)和Newegg Commerce(NEGG)等新名字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>数百万散户交易者——长期以来被嘲笑为“愚蠢的钱”——的集体努力成功地保持了股票的高位，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或扭亏为盈的迹象，但情况确实如此。黑莓在最近一个季度烧钱，并警告其关键的网络安全部门将触及收入指引的低端；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>尽管大型经纪商的交易量较2月份的峰值略有下降，但仍是大流行前的两到三倍。散户交易者青睐的股票中发生了数量惊人的此类活动。例如，AMC院线控股公司(AMC)6月份股票日均交易价值达到131亿美元，超过苹果(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酸面团面包；交易者只会越来越饥渴。</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胃口，就像互联网泡沫破裂时一样。就目前而言，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>“我发现‘逢低买入’的情绪一刻也没有减弱，”与朋友在线交易的美国海军电子技术员布兰登·卢泽克(Brandon Luczek)在给《巴伦周刊》的电子邮件中写道。</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>散户投资者交易量的增加推动了模因股票的飙升。2020年，在线经纪商以创纪录的速度签约客户，新开户人数超过1000万人。这一纪录几乎肯定会在2021年被打破。一些顶级公司透露，今年不到一半，经纪商就已经增加了超过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>模因股票既是这一现象的马车，也是马。它们的价格突然飙升是由新投资者推动的，然后这种行为会推动更多的新人投资。数百万人在一月底和二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%的当前交易者在2020年之后开始投资。</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>这一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550万个受资助账户。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。这为新的客户群体打开了闸门——他们可能没有那么多闲钱可供交易，但比前辈更加活跃和多样化。经纪人正在兑现。富达希望在投资者拥有驾驶执照之前就吸引他们，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老客户不同。E*Trade（现归摩根士丹利(MS)所有）交易主管克里斯·拉金(Chris Larkin)表示，多年来，“ETF的吸引力很大”。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，股票交易所交易基金仍然表现良好，因为世界各地的投资者都押注于疫情复苏，并避免债券收益率疲软。</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。对于顶级品牌来说，这并不是单程旅行。游戏驿站确实在二月份下跌，华尔街享受了一段幸灾乐祸的时刻。这并没有持续多久。</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，模因交易者在看似地下几个月后，又以疯狂的活动回归。”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股票转向另一种股票。</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：“我认为，在比特币和其他加密货币大幅调整后，模因股票重新焕发生机，这绝非巧合。”</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>索斯尼克认为模因股票是一个“独立的行业”，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，华尔街对模因股票革命的反应是孤立市场中专业人士认为非理性的部分。大多数卖空者不会碰这些股票，分析师也放弃了报道。</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将零售大军赶走，也不能指望它们在未来17年消失。股票交易已经永久转移。今年，零售活动占股本的24%，高于2019年的15%。新信条的追随者并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>哥伦比亚法学院证券市场教授乔舒亚·米茨（Joshua Mits）说，“这真正反映了我们看到的与个别公司的接触越来越少的趋势的逆转。”“技术正在拉近普通投资者与他或她投资的公司的距离，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上播放股票分析</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期进入的人的生活，并且仍然名气更高。</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（Matt Kohrs）为例，他很早就投资了AMC院线。今年2月，他辞去了在纽约的程序员工作，搬到了费城，并开始每天在YouTube上播放7个小时的股票分析。</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>它在YouTube上拥有35万粉丝，正在支付账单。科尔斯表示，凭借广告和股票的收入，他可以降低与以前大致相同的工资。但他也知道，像这样依赖股票的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>“你得到的挥杆肯定会让你有某种感觉，”他说。</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，要么付钱给模因学家来理解新华尔街充满表情符号的语言，这样他们就可以避开他们或安抚他们。</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甚至在过去一周取消了拟议的股权融资，因为该公司显然不喜欢Reddit人群的氛围。过去一年，AMC的股票数量已经增加了五倍。首席执行官Adam Aron在推特上表示，他看到了对他增发2500万股股票的提议“许多是，许多不是”的反应，因此该提议将被取消，而不是在本月晚些时候的AMC年会上进行投票。该公司没有回应有关如何对股东进行民意调查的问题。</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中确定。</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>大投资者花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散户行为进行交易的报告，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”，但可能需要一些激烈的数字运算才能达到这一目标。当然，并非所有留言板上的喋喋不休都会导致价格持续上涨，而且在没有大量数据分析的情况下，零售订单流无法轻易与机构订单流分开。对于拥有工具来确定散户投资者正在买入和卖出哪些股票的投资者，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。“他们认为这几乎就像一份保险单，以限制他们的下行风险，”他说。</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>对于散户来说，这种方法并不总是科学的。这一行动得到了社区精神的支持。其背后的力量既是经济上的，也是情感上的和道德上的。</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，他们的动机是证明自己和惩罚保守派的愿望，就像利润一样。他们互相了解市场，有时会放大或揭穿有关华尔街的阴谋论。一些人将模因股票走势与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>“华尔街让我们的经济陷入瘫痪，没有人因此惹上麻烦，”26岁的科尔斯说。“所以，我认为他们认为这不仅可以让我们赚钱，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，她在从朋友那里听说此事后，于1月份在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，他父亲是一位长期的资金经理。“他对我买下游戏驿站并拒绝出售感到非常生气，”她笑着说。“这让我想永远拥有它。”</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>就像旧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，直到你成为合伙人后，你才会戴菲拉格慕领带。在总经理离开之前，你永远不会离开办公室，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，而不是这个顺序。</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——数百万零售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。公开承认经济损失是一种勇敢的行为，是内部坚韧和对集团信念的证明。你不把自己当回事，也不监管语言。你是“猿”或“弱智”大军的一员。你坚持住了崩溃，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>群体行动不仅仅是为了道义上的支持。交易策略取决于人们保持购买压力以迫使空头挤压或购买看涨期权，从而触发所谓的伽马挤压。</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)二月份几乎出现在众议院金融服务委员会听证会上，成为Reddit零售交易员大军的代言人，推动游戏驿站股价走高。</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为模因运动提供氧气。6月中旬，AMC的空头利息占该股流通量的17%，低于1月份的28%，但幅度不大。</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>随着价格的上涨，空头们也身不由己。Wedbush Securities分析师Michael Pachter表示，他们开始“流口水，耳朵里冒出火焰”，多年来一直关注游戏驿站。“让我有点震惊的是精神错乱的定义，即一遍又一遍地做同样的事情，每次都希望有不同的结果，而空头不断回来，”他说。“[游戏驿站公牛]基思·吉尔和他的Reddit攻略不断挤压他们，而且它一直在发挥作用。”</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人群需要团结一致，但社区有时会出现裂痕。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多善变的支持者。几只陷入迷因疯狂的股票已经暴跌。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亏损了。</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——最初引发游戏驿站狂热的Reddit留言板——发展如此之快，以至于失去了最初的精神，并可能变得容易受到操纵。一些人已经转移到其他留言板，如r/superstonk，希望恢复旧社区的风味。</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，炒作股权通常是由代表网上谈论的公司的公关公司雇佣的。现在，他看到越来越多的股票突然出现在留言板上，收到积极的议论，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>“这引发了人们对什么是真正的讨论与什么是某人只是想炒作的讨论的质疑，”他说。wallstreetbets的版主禁止在该平台上进行市场操纵，Rehl表示，他们似乎正在努力监管错误信息。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>索斯尼克表示：“如果你能制造足够的轰动效应，让股票在短时间内上涨10%、20%甚至50%，那么就有巨大的动力这样做。”</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>证券交易委员会正在留言板上关注有趣的事情。证交会主席盖瑞·根斯勒和一些国会议员讨论改变市场规则，意图增加透明度保护零售商——尽管如果改变交易速度减慢或让交易变得更贵，这些变化也可能激怒零售商群体。</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>监管并不是唯一可能抑制这一趋势的因素。fintech Betterment行为金融和投资副总裁丹·伊根(Dan Egan)认为，这一势头可能会在9月份失去动力。即使是“猿”也有责任。“孩子们开始回到学校；父母可以再次自由地去工作，”他说。“那是下一次从房间里抽出一些氧气的时候。”</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激发的暂时疯狂。但那将是一个错误。如果零佣金经纪公司和游戏驿站的乐趣打破了数百万新投资者开户的障碍，这几乎肯定是一件好事，只要大多数人用他们并不立即需要的钱下注。许多新零售交易员表示，他们正在自学如何交易，并已开始分散持股。</blockquote></p><p> In one form or another, this is the future client base of Wall Street.</p><p><blockquote>以这样或那样的形式，这就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Hendrik Bessembinder在2018年发表了开创性的研究，发现“在随机选择的月份随机选择的股票更有可能亏损而不是赚钱。”简而言之，挑选单一股票并持有集中的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，他还是受到了新一波交易的鼓舞。“我欢迎零售交易的增加，以及股票市场是一个广泛参与的地方的想法，”贝森宾德说。“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>模因股票交易还远未结束。投资者需要知道的。</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>模因股票交易还远未结束。投资者需要知道的。</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（Blockbuster）的干涸尸体在一月份突然复活时，他们再次崩溃的时间已经在滴答作响。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>现在已经半年了，核心“模因股”的交易水平仍然被研究它们多年的人认为令人发指。Clover Health Investments(CLOV)和Newegg Commerce(NEGG)等新名字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>数百万散户交易者——长期以来被嘲笑为“愚蠢的钱”——的集体努力成功地保持了股票的高位，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或扭亏为盈的迹象，但情况确实如此。黑莓在最近一个季度烧钱，并警告其关键的网络安全部门将触及收入指引的低端；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>尽管大型经纪商的交易量较2月份的峰值略有下降，但仍是大流行前的两到三倍。散户交易者青睐的股票中发生了数量惊人的此类活动。例如，AMC院线控股公司(AMC)6月份股票日均交易价值达到131亿美元，超过苹果(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酸面团面包；交易者只会越来越饥渴。</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胃口，就像互联网泡沫破裂时一样。就目前而言，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>“我发现‘逢低买入’的情绪一刻也没有减弱，”与朋友在线交易的美国海军电子技术员布兰登·卢泽克(Brandon Luczek)在给《巴伦周刊》的电子邮件中写道。</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>散户投资者交易量的增加推动了模因股票的飙升。2020年，在线经纪商以创纪录的速度签约客户，新开户人数超过1000万人。这一纪录几乎肯定会在2021年被打破。一些顶级公司透露，今年不到一半，经纪商就已经增加了超过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>模因股票既是这一现象的马车，也是马。它们的价格突然飙升是由新投资者推动的，然后这种行为会推动更多的新人投资。数百万人在一月底和二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%的当前交易者在2020年之后开始投资。</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>这一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550万个受资助账户。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。这为新的客户群体打开了闸门——他们可能没有那么多闲钱可供交易，但比前辈更加活跃和多样化。经纪人正在兑现。富达希望在投资者拥有驾驶执照之前就吸引他们，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老客户不同。E*Trade（现归摩根士丹利(MS)所有）交易主管克里斯·拉金(Chris Larkin)表示，多年来，“ETF的吸引力很大”。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，股票交易所交易基金仍然表现良好，因为世界各地的投资者都押注于疫情复苏，并避免债券收益率疲软。</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。对于顶级品牌来说，这并不是单程旅行。游戏驿站确实在二月份下跌，华尔街享受了一段幸灾乐祸的时刻。这并没有持续多久。</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，模因交易者在看似地下几个月后，又以疯狂的活动回归。”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股票转向另一种股票。</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：“我认为，在比特币和其他加密货币大幅调整后，模因股票重新焕发生机，这绝非巧合。”</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>索斯尼克认为模因股票是一个“独立的行业”，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，华尔街对模因股票革命的反应是孤立市场中专业人士认为非理性的部分。大多数卖空者不会碰这些股票，分析师也放弃了报道。</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将零售大军赶走，也不能指望它们在未来17年消失。股票交易已经永久转移。今年，零售活动占股本的24%，高于2019年的15%。新信条的追随者并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>哥伦比亚法学院证券市场教授乔舒亚·米茨（Joshua Mits）说，“这真正反映了我们看到的与个别公司的接触越来越少的趋势的逆转。”“技术正在拉近普通投资者与他或她投资的公司的距离，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上播放股票分析</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期进入的人的生活，并且仍然名气更高。</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（Matt Kohrs）为例，他很早就投资了AMC院线。今年2月，他辞去了在纽约的程序员工作，搬到了费城，并开始每天在YouTube上播放7个小时的股票分析。</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>它在YouTube上拥有35万粉丝，正在支付账单。科尔斯表示，凭借广告和股票的收入，他可以降低与以前大致相同的工资。但他也知道，像这样依赖股票的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>“你得到的挥杆肯定会让你有某种感觉，”他说。</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，要么付钱给模因学家来理解新华尔街充满表情符号的语言，这样他们就可以避开他们或安抚他们。</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甚至在过去一周取消了拟议的股权融资，因为该公司显然不喜欢Reddit人群的氛围。过去一年，AMC的股票数量已经增加了五倍。首席执行官Adam Aron在推特上表示，他看到了对他增发2500万股股票的提议“许多是，许多不是”的反应，因此该提议将被取消，而不是在本月晚些时候的AMC年会上进行投票。该公司没有回应有关如何对股东进行民意调查的问题。</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中确定。</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>大投资者花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散户行为进行交易的报告，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”，但可能需要一些激烈的数字运算才能达到这一目标。当然，并非所有留言板上的喋喋不休都会导致价格持续上涨，而且在没有大量数据分析的情况下，零售订单流无法轻易与机构订单流分开。对于拥有工具来确定散户投资者正在买入和卖出哪些股票的投资者，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。“他们认为这几乎就像一份保险单，以限制他们的下行风险，”他说。</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>对于散户来说，这种方法并不总是科学的。这一行动得到了社区精神的支持。其背后的力量既是经济上的，也是情感上的和道德上的。</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，他们的动机是证明自己和惩罚保守派的愿望，就像利润一样。他们互相了解市场，有时会放大或揭穿有关华尔街的阴谋论。一些人将模因股票走势与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>“华尔街让我们的经济陷入瘫痪，没有人因此惹上麻烦，”26岁的科尔斯说。“所以，我认为他们认为这不仅可以让我们赚钱，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，她在从朋友那里听说此事后，于1月份在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，他父亲是一位长期的资金经理。“他对我买下游戏驿站并拒绝出售感到非常生气，”她笑着说。“这让我想永远拥有它。”</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>就像旧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，直到你成为合伙人后，你才会戴菲拉格慕领带。在总经理离开之前，你永远不会离开办公室，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，而不是这个顺序。</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——数百万零售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。公开承认经济损失是一种勇敢的行为，是内部坚韧和对集团信念的证明。你不把自己当回事，也不监管语言。你是“猿”或“弱智”大军的一员。你坚持住了崩溃，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>群体行动不仅仅是为了道义上的支持。交易策略取决于人们保持购买压力以迫使空头挤压或购买看涨期权，从而触发所谓的伽马挤压。</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)二月份几乎出现在众议院金融服务委员会听证会上，成为Reddit零售交易员大军的代言人，推动游戏驿站股价走高。</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为模因运动提供氧气。6月中旬，AMC的空头利息占该股流通量的17%，低于1月份的28%，但幅度不大。</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>随着价格的上涨，空头们也身不由己。Wedbush Securities分析师Michael Pachter表示，他们开始“流口水，耳朵里冒出火焰”，多年来一直关注游戏驿站。“让我有点震惊的是精神错乱的定义，即一遍又一遍地做同样的事情，每次都希望有不同的结果，而空头不断回来，”他说。“[游戏驿站公牛]基思·吉尔和他的Reddit攻略不断挤压他们，而且它一直在发挥作用。”</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人群需要团结一致，但社区有时会出现裂痕。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多善变的支持者。几只陷入迷因疯狂的股票已经暴跌。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亏损了。</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——最初引发游戏驿站狂热的Reddit留言板——发展如此之快，以至于失去了最初的精神，并可能变得容易受到操纵。一些人已经转移到其他留言板，如r/superstonk，希望恢复旧社区的风味。</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，炒作股权通常是由代表网上谈论的公司的公关公司雇佣的。现在，他看到越来越多的股票突然出现在留言板上，收到积极的议论，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>“这引发了人们对什么是真正的讨论与什么是某人只是想炒作的讨论的质疑，”他说。wallstreetbets的版主禁止在该平台上进行市场操纵，Rehl表示，他们似乎正在努力监管错误信息。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>索斯尼克表示：“如果你能制造足够的轰动效应，让股票在短时间内上涨10%、20%甚至50%，那么就有巨大的动力这样做。”</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>证券交易委员会正在留言板上关注有趣的事情。证交会主席盖瑞·根斯勒和一些国会议员讨论改变市场规则，意图增加透明度保护零售商——尽管如果改变交易速度减慢或让交易变得更贵，这些变化也可能激怒零售商群体。</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>监管并不是唯一可能抑制这一趋势的因素。fintech Betterment行为金融和投资副总裁丹·伊根(Dan Egan)认为，这一势头可能会在9月份失去动力。即使是“猿”也有责任。“孩子们开始回到学校；父母可以再次自由地去工作，”他说。“那是下一次从房间里抽出一些氧气的时候。”</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激发的暂时疯狂。但那将是一个错误。如果零佣金经纪公司和游戏驿站的乐趣打破了数百万新投资者开户的障碍，这几乎肯定是一件好事，只要大多数人用他们并不立即需要的钱下注。许多新零售交易员表示，他们正在自学如何交易，并已开始分散持股。</blockquote></p><p> In one form or another, this is the future client base of Wall Street.</p><p><blockquote>以这样或那样的形式，这就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Hendrik Bessembinder在2018年发表了开创性的研究，发现“在随机选择的月份随机选择的股票更有可能亏损而不是赚钱。”简而言之，挑选单一股票并持有集中的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，他还是受到了新一波交易的鼓舞。“我欢迎零售交易的增加，以及股票市场是一个广泛参与的地方的想法，”贝森宾德说。“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":{"BB":"黑莓","AMC":"AMC院线","NEGG":"Newegg Comm Inc.","GME":"游戏驿站","WKHS":"Workhorse Group, Inc.","CARV":"卡弗储蓄","CLOV":"Clover Health Corp","SCHW":"嘉信理财","BBBY":"Bed Bath & Beyond, Inc."},"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":{"BBBY":0.9,"NEGG":0.9,"BB":0.9,"SCHW":0.9,"CARV":0.9,"WKHS":0.9,"MRIN":0.9,"AMC":0.9,"GME":0.9,"CLOV":0.9}},"isVote":1,"tweetType":1,"viewCount":557,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":178663804,"gmtCreate":1626818164908,"gmtModify":1631890106241,"author":{"id":"3571201220151172","authorId":"3571201220151172","name":"Taohui","avatar":"https://static.tigerbbs.com/3bcb158f5b203c46dc92e612c5e2bc5e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571201220151172","authorIdStr":"3571201220151172"},"themes":[],"htmlText":"👍🏻👍🏻👍🏻","listText":"👍🏻👍🏻👍🏻","text":"👍🏻👍🏻👍🏻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/178663804","repostId":"1109861258","repostType":4,"repost":{"id":"1109861258","kind":"news","pubTimestamp":1626793354,"share":"https://www.laohu8.com/m/news/1109861258?lang=zh_CN&edition=full","pubTime":"2021-07-20 23:02","market":"us","language":"en","title":"Behind The Plunge In Yields: This Is A Growth Story, Not A Rethink Of Inflation<blockquote>收益率暴跌背后：这是一个增长故事，而不是对通胀的重新思考</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1109861258","media":"zerohedge","summary":"In a notable turn of events, the overnight session saw an initial attempt at a modest reversal in th","content":"<p>In a notable turn of events, the overnight session saw an initial attempt at a modest reversal in the recent Treasury rally only to be met with further buying interest. The net result was a tick lower in 10-year yields that brought the benchmark to levels not seen since mid-February.</p><p><blockquote>值得注意的是，隔夜交易中，近期国债涨势出现小幅逆转的初步尝试，但却遭到了进一步的买盘兴趣。最终结果是10年期国债收益率小幅下跌，使该基准收益率达到2月中旬以来的最高水平。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/48f958db8d2903a76ff6541648b287fc\" tg-width=\"1223\" tg-height=\"687\" width=\"100%\" height=\"auto\">With the next technical target sill 5 bps away, we’ll be watching the interplay between risk assets and US rates as the delta-inspired repricing continues. We’re cognizant that the severity of the recent move has led to stretched momentum measures, implying incremental gains will be more difficult to achieve. This isn’t to suggest the floor for rates is evident at the moment, rather that it should be anticipated that the pace of the rally will slow.<b>There has been plenty of chatter surrounding the possibility 10- year yields dip below 1.0%; an eventuality that would be a short-lived endeavor, but not one that’s off the table.</b>More immediately however, will be gauging the extent to which rising case counts can carry yields even lower from here.</p><p><blockquote>距离下一个技术目标还有5个基点，随着delta引发的重新定价继续，我们将关注风险资产与美国利率之间的相互作用。我们认识到，最近走势的严重性导致动量措施捉襟见肘，这意味着增量收益将更加难以实现。这并不是说目前利率的底部很明显，而是应该预计反弹的步伐将会放缓。<b>围绕10年期国债收益率跌破1.0%的可能性有很多讨论；这将是一个短暂的努力，但不是不可能的。</b>然而，更直接的是衡量病例数的增加在多大程度上会导致收益率进一步下降。</blockquote></p><p> <b>It would be an oversimplification to conclude this move is entirely a function of the economic risks posed by the reinstatement of covid-19 restrictions. In fact, we’ll argue the rally has been exaggerated by the Fed’s most recent efforts to be less dovish.</b>Policymakers are in the pre-meeting radio period of radio silence; which eliminates the potential for any official commentary on the Fed’s take on the renewed pandemic risks. Moreover,<b>it leaves investors operating under the assumption that 1) tapering is still on track, 2) rate hikes as early as next year could come to fruition, and 3) the Fed’s ‘will act if not transitory’ stance on inflation remains value</b>. While these surely still hold true to some extent, the implied commitment may be waning given investors’ response to the recent covid developments.</p><p><blockquote><b>如果断定此举完全是恢复新冠肺炎限制所带来的经济风险，那就过于简单化了。事实上，我们认为美联储最近不那么鸽派的努力夸大了涨势。</b>政策制定者正处于会前无线电静默期；这消除了对美联储应对新一轮大流行风险的任何官方评论的可能性。而且，<b>它让投资者在以下假设下进行操作：1）缩减仍在正轨上，2）最早明年加息可能实现，以及3）美联储对通胀的“如果不是暂时的，也会采取行动”的立场仍然有效</b>.虽然这些在某种程度上肯定仍然成立，但鉴于投资者对最近新冠疫情发展的反应，隐含的承诺可能正在减弱。</blockquote></p><p> Headlines this morning conclude ‘markets no longer worried about inflation’; a notion, which is ostensibly consistent with the price action in US rates, misses the mark.<b>10-year breakevens are still at 225 bp and a distance away from the mid-June lows.</b>In addition, rising supply-driven inflation that functions as a tax on consumption as opposed to a reflection of a healthy real economy creates downside risks for the recovery. When combined with concerns that H1 will represent the peak of the rebound, it follows intuitively that the market has moved on to trading the next stage in the cycle – i.e. recalibrating growth expectations in reflecting the new norm; one in which herd immunity will prove elusive and variant risks (delta and others) become an ongoing concern.<b>A quick glance at real yields near -100 bp reinforces the read that this is a growth story, not a collective rethink of reflation.</b></p><p><blockquote>今天早上的头条新闻得出的结论是“市场不再担心通货膨胀”；一个表面上与美国利率价格走势一致的概念没有抓住要点。<b>10年期盈亏平衡点仍为225个基点，距离6月中旬的低点还有一段距离。</b>此外，供应驱动的通胀上升，其作用是对消费征税，而不是反映健康的实体经济，给复苏带来了下行风险。当结合对H1将代表反弹峰值的担忧时，直观地得出市场已经转向周期的下一阶段交易——即重新调整增长预期以反映新常态；在这种情况下，群体免疫将被证明是难以捉摸的，变异风险（德尔塔和其他）将成为一个持续的问题。<b>快速浏览一下接近-100个基点的实际收益率，就会强化这样的解读：这是一个增长故事，而不是对通货再膨胀的集体反思。</b></blockquote></p><p> There is yet another nuance of the price action that merits highlighting. Specifically, the move thus far has questionably been a flattening event as 10s and 30s outperform. The front end of the curve has benefited to a lesser extent as monetary policy expectations have remained in place.<b>This morning however, we’re starting to see the 5-year sector lead the rally. In the event we’re seeing the transition from a longer-term growth story to further pricing out Fed tightening, this could ultimately serve to moderate the gains in 10s and 30s.</b>This isn’t to suggest that less room for the FOMC to eventually normalize policy rates is a compelling reason to sell duration in the face of a resurgence of the pandemic. Instead, confidence that monetary policymakers won’t be so eager to respond to pockets of reflation given the renewed headwinds facing the global recovery</p><p><blockquote>价格走势还有另一个细微差别值得强调。具体来说，到目前为止，由于10岁和30岁的表现优于大盘，这一走势值得怀疑。由于货币政策预期仍在，曲线前端受益程度较小。<b>然而，今天早上，我们开始看到5年期板块领涨。如果我们看到从长期增长故事过渡到进一步定价美联储紧缩政策，这最终可能会减缓10年和30年的涨幅。</b>这并不是说，面对疫情卷土重来，联邦公开市场委员会最终使政策利率正常化的空间较小是卖出久期的令人信服的理由。相反，鉴于全球复苏面临新的阻力，人们相信货币政策制定者不会如此急于应对部分再通胀</blockquote></p><p> We’ll be tracking this particular evolution in the nature of the bullish repricing if, for no other reason,<b>it will be instrumental in gauging what to anticipate in response to next week’s FOMC meeting and Powell’s press conference.</b>Note that in light of the +8.1% consensus estimate for next week’s release of Q2 real GDP, there is little question that a strong rebound in H1 is priced in and investors have shifted toward trading the next stage in the recovery that contains far greater uncertainties.</p><p><blockquote>如果没有其他原因，我们将跟踪看涨重新定价性质的这种特殊演变，<b>这将有助于衡量下周FOMC会议和鲍威尔新闻发布会的预期。</b>请注意，鉴于对下周发布的Q2实际GDP的普遍预期为+8.1%，毫无疑问，H1的强劲反弹已被消化，投资者已转向交易包含更大不确定性的复苏的下一阶段。</blockquote></p><p> If the move in real yields is any indication there is growing angst on the rebound; 10-year real rates reached their lowest level since early January and within striking distance of the cycle low at -112.4 bp.</p><p><blockquote>如果实际收益率的变动表明人们对反弹的担忧越来越大；10年期实际利率达到1月初以来的最低水平，距离周期低点-112.4个基点不远。</blockquote></p><p></p><p> <img src=\"https://static.tigerbbs.com/add9a9864bc513a7f99d365620818f07\" tg-width=\"1223\" tg-height=\"687\" width=\"100%\" height=\"auto\">The decline in reals is made all the more noteworthy given the proximity to Thursday’s $16 bn new issue 10-year TIPS auction. Current valuations demonstrate not only increasing worry on the spread of the delta variant domestically, but perhaps more consequentially, overseas. Whereas there was once a time when the US rates landscape was solely dictated by the domestic fundamentals, the globalization of the economy and markets now leave Treasury yields a function of the global backdrop. This helps account for the impressive round of bullishness and durability of the bid for USTs even as the data has generally continued to perform well. We’re reminded of the time tested adage that resistance hardly holds on the third attempt, and will monitor the -112 bp line in the sand in 10-year real yields over the balance of the week.</p><p><blockquote>鉴于周四即将举行160亿美元的新发行10年期TIPS拍卖，雷亚尔的下跌变得更加值得注意。目前的估值不仅表明人们对德尔塔变异毒株在国内蔓延的担忧日益加剧，而且或许更重要的是，在海外蔓延。曾经有一段时间，美国利率格局完全由国内基本面决定，而经济和市场的全球化现在使美国国债收益率成为全球背景的函数。这有助于解释对UST的一轮令人印象深刻的看涨和持久性，尽管数据总体上继续表现良好。我们想起了久经考验的格言：第三次尝试阻力几乎不成立，并将在本周剩余时间内监测10年期实际收益率的-112个基点线。</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>Behind The Plunge In Yields: This Is A Growth Story, Not A Rethink Of Inflation<blockquote>收益率暴跌背后：这是一个增长故事，而不是对通胀的重新思考</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\">\nBehind The Plunge In Yields: This Is A Growth Story, Not A Rethink Of Inflation<blockquote>收益率暴跌背后：这是一个增长故事，而不是对通胀的重新思考</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 23:02</span>\n</p>\n</h4>\n</header>\n<article>\n<p>In a notable turn of events, the overnight session saw an initial attempt at a modest reversal in the recent Treasury rally only to be met with further buying interest. The net result was a tick lower in 10-year yields that brought the benchmark to levels not seen since mid-February.</p><p><blockquote>值得注意的是，隔夜交易中，近期国债涨势出现小幅逆转的初步尝试，但却遭到了进一步的买盘兴趣。最终结果是10年期国债收益率小幅下跌，使该基准收益率达到2月中旬以来的最高水平。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/48f958db8d2903a76ff6541648b287fc\" tg-width=\"1223\" tg-height=\"687\" width=\"100%\" height=\"auto\">With the next technical target sill 5 bps away, we’ll be watching the interplay between risk assets and US rates as the delta-inspired repricing continues. We’re cognizant that the severity of the recent move has led to stretched momentum measures, implying incremental gains will be more difficult to achieve. This isn’t to suggest the floor for rates is evident at the moment, rather that it should be anticipated that the pace of the rally will slow.<b>There has been plenty of chatter surrounding the possibility 10- year yields dip below 1.0%; an eventuality that would be a short-lived endeavor, but not one that’s off the table.</b>More immediately however, will be gauging the extent to which rising case counts can carry yields even lower from here.</p><p><blockquote>距离下一个技术目标还有5个基点，随着delta引发的重新定价继续，我们将关注风险资产与美国利率之间的相互作用。我们认识到，最近走势的严重性导致动量措施捉襟见肘，这意味着增量收益将更加难以实现。这并不是说目前利率的底部很明显，而是应该预计反弹的步伐将会放缓。<b>围绕10年期国债收益率跌破1.0%的可能性有很多讨论；这将是一个短暂的努力，但不是不可能的。</b>然而，更直接的是衡量病例数的增加在多大程度上会导致收益率进一步下降。</blockquote></p><p> <b>It would be an oversimplification to conclude this move is entirely a function of the economic risks posed by the reinstatement of covid-19 restrictions. In fact, we’ll argue the rally has been exaggerated by the Fed’s most recent efforts to be less dovish.</b>Policymakers are in the pre-meeting radio period of radio silence; which eliminates the potential for any official commentary on the Fed’s take on the renewed pandemic risks. Moreover,<b>it leaves investors operating under the assumption that 1) tapering is still on track, 2) rate hikes as early as next year could come to fruition, and 3) the Fed’s ‘will act if not transitory’ stance on inflation remains value</b>. While these surely still hold true to some extent, the implied commitment may be waning given investors’ response to the recent covid developments.</p><p><blockquote><b>如果断定此举完全是恢复新冠肺炎限制所带来的经济风险，那就过于简单化了。事实上，我们认为美联储最近不那么鸽派的努力夸大了涨势。</b>政策制定者正处于会前无线电静默期；这消除了对美联储应对新一轮大流行风险的任何官方评论的可能性。而且，<b>它让投资者在以下假设下进行操作：1）缩减仍在正轨上，2）最早明年加息可能实现，以及3）美联储对通胀的“如果不是暂时的，也会采取行动”的立场仍然有效</b>.虽然这些在某种程度上肯定仍然成立，但鉴于投资者对最近新冠疫情发展的反应，隐含的承诺可能正在减弱。</blockquote></p><p> Headlines this morning conclude ‘markets no longer worried about inflation’; a notion, which is ostensibly consistent with the price action in US rates, misses the mark.<b>10-year breakevens are still at 225 bp and a distance away from the mid-June lows.</b>In addition, rising supply-driven inflation that functions as a tax on consumption as opposed to a reflection of a healthy real economy creates downside risks for the recovery. When combined with concerns that H1 will represent the peak of the rebound, it follows intuitively that the market has moved on to trading the next stage in the cycle – i.e. recalibrating growth expectations in reflecting the new norm; one in which herd immunity will prove elusive and variant risks (delta and others) become an ongoing concern.<b>A quick glance at real yields near -100 bp reinforces the read that this is a growth story, not a collective rethink of reflation.</b></p><p><blockquote>今天早上的头条新闻得出的结论是“市场不再担心通货膨胀”；一个表面上与美国利率价格走势一致的概念没有抓住要点。<b>10年期盈亏平衡点仍为225个基点，距离6月中旬的低点还有一段距离。</b>此外，供应驱动的通胀上升，其作用是对消费征税，而不是反映健康的实体经济，给复苏带来了下行风险。当结合对H1将代表反弹峰值的担忧时，直观地得出市场已经转向周期的下一阶段交易——即重新调整增长预期以反映新常态；在这种情况下，群体免疫将被证明是难以捉摸的，变异风险（德尔塔和其他）将成为一个持续的问题。<b>快速浏览一下接近-100个基点的实际收益率，就会强化这样的解读：这是一个增长故事，而不是对通货再膨胀的集体反思。</b></blockquote></p><p> There is yet another nuance of the price action that merits highlighting. Specifically, the move thus far has questionably been a flattening event as 10s and 30s outperform. The front end of the curve has benefited to a lesser extent as monetary policy expectations have remained in place.<b>This morning however, we’re starting to see the 5-year sector lead the rally. In the event we’re seeing the transition from a longer-term growth story to further pricing out Fed tightening, this could ultimately serve to moderate the gains in 10s and 30s.</b>This isn’t to suggest that less room for the FOMC to eventually normalize policy rates is a compelling reason to sell duration in the face of a resurgence of the pandemic. Instead, confidence that monetary policymakers won’t be so eager to respond to pockets of reflation given the renewed headwinds facing the global recovery</p><p><blockquote>价格走势还有另一个细微差别值得强调。具体来说，到目前为止，由于10岁和30岁的表现优于大盘，这一走势值得怀疑。由于货币政策预期仍在，曲线前端受益程度较小。<b>然而，今天早上，我们开始看到5年期板块领涨。如果我们看到从长期增长故事过渡到进一步定价美联储紧缩政策，这最终可能会减缓10年和30年的涨幅。</b>这并不是说，面对疫情卷土重来，联邦公开市场委员会最终使政策利率正常化的空间较小是卖出久期的令人信服的理由。相反，鉴于全球复苏面临新的阻力，人们相信货币政策制定者不会如此急于应对部分再通胀</blockquote></p><p> We’ll be tracking this particular evolution in the nature of the bullish repricing if, for no other reason,<b>it will be instrumental in gauging what to anticipate in response to next week’s FOMC meeting and Powell’s press conference.</b>Note that in light of the +8.1% consensus estimate for next week’s release of Q2 real GDP, there is little question that a strong rebound in H1 is priced in and investors have shifted toward trading the next stage in the recovery that contains far greater uncertainties.</p><p><blockquote>如果没有其他原因，我们将跟踪看涨重新定价性质的这种特殊演变，<b>这将有助于衡量下周FOMC会议和鲍威尔新闻发布会的预期。</b>请注意，鉴于对下周发布的Q2实际GDP的普遍预期为+8.1%，毫无疑问，H1的强劲反弹已被消化，投资者已转向交易包含更大不确定性的复苏的下一阶段。</blockquote></p><p> If the move in real yields is any indication there is growing angst on the rebound; 10-year real rates reached their lowest level since early January and within striking distance of the cycle low at -112.4 bp.</p><p><blockquote>如果实际收益率的变动表明人们对反弹的担忧越来越大；10年期实际利率达到1月初以来的最低水平，距离周期低点-112.4个基点不远。</blockquote></p><p></p><p> <img src=\"https://static.tigerbbs.com/add9a9864bc513a7f99d365620818f07\" tg-width=\"1223\" tg-height=\"687\" width=\"100%\" height=\"auto\">The decline in reals is made all the more noteworthy given the proximity to Thursday’s $16 bn new issue 10-year TIPS auction. Current valuations demonstrate not only increasing worry on the spread of the delta variant domestically, but perhaps more consequentially, overseas. Whereas there was once a time when the US rates landscape was solely dictated by the domestic fundamentals, the globalization of the economy and markets now leave Treasury yields a function of the global backdrop. This helps account for the impressive round of bullishness and durability of the bid for USTs even as the data has generally continued to perform well. We’re reminded of the time tested adage that resistance hardly holds on the third attempt, and will monitor the -112 bp line in the sand in 10-year real yields over the balance of the week.</p><p><blockquote>鉴于周四即将举行160亿美元的新发行10年期TIPS拍卖，雷亚尔的下跌变得更加值得注意。目前的估值不仅表明人们对德尔塔变异毒株在国内蔓延的担忧日益加剧，而且或许更重要的是，在海外蔓延。曾经有一段时间，美国利率格局完全由国内基本面决定，而经济和市场的全球化现在使美国国债收益率成为全球背景的函数。这有助于解释对UST的一轮令人印象深刻的看涨和持久性，尽管数据总体上继续表现良好。我们想起了久经考验的格言：第三次尝试阻力几乎不成立，并将在本周剩余时间内监测10年期实际收益率的-112个基点线。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/behind-plunge-yields-growth-story-not-rethink-inflation?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29\">zerohedge</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://www.zerohedge.com/markets/behind-plunge-yields-growth-story-not-rethink-inflation?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1109861258","content_text":"In a notable turn of events, the overnight session saw an initial attempt at a modest reversal in the recent Treasury rally only to be met with further buying interest. The net result was a tick lower in 10-year yields that brought the benchmark to levels not seen since mid-February.\nWith the next technical target sill 5 bps away, we’ll be watching the interplay between risk assets and US rates as the delta-inspired repricing continues. We’re cognizant that the severity of the recent move has led to stretched momentum measures, implying incremental gains will be more difficult to achieve. This isn’t to suggest the floor for rates is evident at the moment, rather that it should be anticipated that the pace of the rally will slow.There has been plenty of chatter surrounding the possibility 10- year yields dip below 1.0%; an eventuality that would be a short-lived endeavor, but not one that’s off the table.More immediately however, will be gauging the extent to which rising case counts can carry yields even lower from here.\nIt would be an oversimplification to conclude this move is entirely a function of the economic risks posed by the reinstatement of covid-19 restrictions. In fact, we’ll argue the rally has been exaggerated by the Fed’s most recent efforts to be less dovish.Policymakers are in the pre-meeting radio period of radio silence; which eliminates the potential for any official commentary on the Fed’s take on the renewed pandemic risks. Moreover,it leaves investors operating under the assumption that 1) tapering is still on track, 2) rate hikes as early as next year could come to fruition, and 3) the Fed’s ‘will act if not transitory’ stance on inflation remains value. While these surely still hold true to some extent, the implied commitment may be waning given investors’ response to the recent covid developments.\nHeadlines this morning conclude ‘markets no longer worried about inflation’; a notion, which is ostensibly consistent with the price action in US rates, misses the mark.10-year breakevens are still at 225 bp and a distance away from the mid-June lows.In addition, rising supply-driven inflation that functions as a tax on consumption as opposed to a reflection of a healthy real economy creates downside risks for the recovery. When combined with concerns that H1 will represent the peak of the rebound, it follows intuitively that the market has moved on to trading the next stage in the cycle – i.e. recalibrating growth expectations in reflecting the new norm; one in which herd immunity will prove elusive and variant risks (delta and others) become an ongoing concern.A quick glance at real yields near -100 bp reinforces the read that this is a growth story, not a collective rethink of reflation.\nThere is yet another nuance of the price action that merits highlighting. Specifically, the move thus far has questionably been a flattening event as 10s and 30s outperform. The front end of the curve has benefited to a lesser extent as monetary policy expectations have remained in place.This morning however, we’re starting to see the 5-year sector lead the rally. In the event we’re seeing the transition from a longer-term growth story to further pricing out Fed tightening, this could ultimately serve to moderate the gains in 10s and 30s.This isn’t to suggest that less room for the FOMC to eventually normalize policy rates is a compelling reason to sell duration in the face of a resurgence of the pandemic. Instead, confidence that monetary policymakers won’t be so eager to respond to pockets of reflation given the renewed headwinds facing the global recovery\nWe’ll be tracking this particular evolution in the nature of the bullish repricing if, for no other reason,it will be instrumental in gauging what to anticipate in response to next week’s FOMC meeting and Powell’s press conference.Note that in light of the +8.1% consensus estimate for next week’s release of Q2 real GDP, there is little question that a strong rebound in H1 is priced in and investors have shifted toward trading the next stage in the recovery that contains far greater uncertainties.\nIf the move in real yields is any indication there is growing angst on the rebound; 10-year real rates reached their lowest level since early January and within striking distance of the cycle low at -112.4 bp.\nThe decline in reals is made all the more noteworthy given the proximity to Thursday’s $16 bn new issue 10-year TIPS auction. Current valuations demonstrate not only increasing worry on the spread of the delta variant domestically, but perhaps more consequentially, overseas. Whereas there was once a time when the US rates landscape was solely dictated by the domestic fundamentals, the globalization of the economy and markets now leave Treasury yields a function of the global backdrop. This helps account for the impressive round of bullishness and durability of the bid for USTs even as the data has generally continued to perform well. We’re reminded of the time tested adage that resistance hardly holds on the third attempt, and will monitor the -112 bp line in the sand in 10-year real yields over the balance of the week.","news_type":1,"symbols_score_info":{"SPY":0.9,".IXIC":0.9,".DJI":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":1610,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":171638212,"gmtCreate":1626741105036,"gmtModify":1631890106248,"author":{"id":"3571201220151172","authorId":"3571201220151172","name":"Taohui","avatar":"https://static.tigerbbs.com/3bcb158f5b203c46dc92e612c5e2bc5e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571201220151172","authorIdStr":"3571201220151172"},"themes":[],"htmlText":"👍🏻👍🏻😬","listText":"👍🏻👍🏻😬","text":"👍🏻👍🏻😬","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/171638212","repostId":"1111084715","repostType":2,"isVote":1,"tweetType":1,"viewCount":518,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":147934499,"gmtCreate":1626326193011,"gmtModify":1631890106258,"author":{"id":"3571201220151172","authorId":"3571201220151172","name":"Taohui","avatar":"https://static.tigerbbs.com/3bcb158f5b203c46dc92e612c5e2bc5e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571201220151172","authorIdStr":"3571201220151172"},"themes":[],"htmlText":"😬😬😬","listText":"😬😬😬","text":"😬😬😬","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/147934499","repostId":"2151548988","repostType":4,"isVote":1,"tweetType":1,"viewCount":694,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":145824513,"gmtCreate":1626218485932,"gmtModify":1631892357528,"author":{"id":"3571201220151172","authorId":"3571201220151172","name":"Taohui","avatar":"https://static.tigerbbs.com/3bcb158f5b203c46dc92e612c5e2bc5e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571201220151172","authorIdStr":"3571201220151172"},"themes":[],"htmlText":"👍🏻👍🏻👍🏻","listText":"👍🏻👍🏻👍🏻","text":"👍🏻👍🏻👍🏻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/145824513","repostId":"2151560584","repostType":4,"isVote":1,"tweetType":1,"viewCount":701,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":141115921,"gmtCreate":1625841794863,"gmtModify":1631892357535,"author":{"id":"3571201220151172","authorId":"3571201220151172","name":"Taohui","avatar":"https://static.tigerbbs.com/3bcb158f5b203c46dc92e612c5e2bc5e","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571201220151172","authorIdStr":"3571201220151172"},"themes":[],"htmlText":"[微笑]","listText":"[微笑]","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/141115921","repostId":"2150039377","repostType":2,"isVote":1,"tweetType":1,"viewCount":1730,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}