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2021-08-19

$Oatly Group AB(OTLY)$ 主要是大股东问题，算中概股

2021-03-15

$Geo Group Inc(GEO)$ prison break

2021-03-03

Lucid coming

Tesla vs Nio vs Xpeng vs Li Auto: What's Driving Chinese Consumers' Choice?<blockquote>特斯拉vs蔚来vs小鹏vs理想汽车：是什么推动了中国消费者的选择？</blockquote>

2021-03-02

All in, to the Mars

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2021-02-24

All in

Why the Plunge in More Speculative Tech Stocks Might Not Be Over Yet<blockquote>为什么投机性更强的科技股的暴跌可能尚未结束</blockquote>

2021-03-31

$TIGR 20210521 15.0 PUT(TIGR)$gg

2021-03-16

$Healthier Choices Management Corp.(HCMC)$gg

2021-03-15

Coupang?

抱歉，原内容已删除

2021-03-13

Better compare with coupang

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2021-03-10

All in

Why Tesla Stock Skyrocketed Today<blockquote>为什么特斯拉股价今天飙升</blockquote>

2021-03-06

Long it

Palantir plunged more than 13%<blockquote>Palantir暴跌超13%</blockquote>

2021-03-01

Buy

Exxon Soars After Activists Jeff Ubben, Michael Angelakis Join Board Of Directors<blockquote>活动人士杰夫·乌本(Jeff Ubben)和迈克尔·安杰拉基斯(Michael Angelakis)加入董事会后，埃克森美孚股价飙升</blockquote>

2021-03-01

Long term is the key

Which Companies Are Most At Risk From Surging Yields: Goldman Answers<blockquote>哪些公司面临收益率飙升的风险最大：高盛回答</blockquote>

2021-03-01

Short?

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2021-02-27

All in

抱歉，原内容已删除

2021-03-26

Buy more

抱歉，原内容已删除

2021-03-23

$Innerscope Hearing Technologies, Inc.(INND)$wakalala

2021-03-21

$极光(JG)$节哀

2021-03-18

Side effect?

抱歉，原内容已删除

2021-03-17

$SRTY 20210319 15.0 CALL(SRTY)$gg

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href=\"https://laohu8.com/S/CS\">瑞士信贷</a>在本季度可能面临Archegos爆仓事件更进一步的影响。此前23亿美元的大手交易的影响可能在二季度呈现。</p><p><img src=\"https://static.tigerbbs.com/9b7963a3697f0070d4774f0f56f1d434\" tg-width=\"840\" tg-height=\"470\" 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20:49","market":"us","language":"zh","title":"特斯拉接受比特币付款，比特币离“货币”还有多远？","url":"https://stock-news.laohu8.com/highlight/detail?id=1167190202","media":"澎湃新闻","summary":"支付给特斯拉的比特币将被作为比特币保留，而不会转换为法定货币。","content":"<div>\n<p>记者 叶映荷特斯拉将在美国接受比特币付款，这意味着什么？3月24日，特斯拉美国官网显示，用户的购买界面出现了比特币付款选项。不过，目前只有美国本地才可以使用比特币支付，并且仅支持比特币一种加密货币。受此影响，比特币价格迅速拉升1000美元。截至发稿，比特币价格约56500美元。就在2月8日，特斯拉披露公告表示，该公司已购买价值15亿美元的比特币，希望接受比特币作为其产品的付款方式。与此同时，特斯拉...</p>\n\n<a href=\"https://www.thepaper.cn/newsDetail_forward_11860110\">网页链接</a>\n\n</div>\n","source":"pengpai_highlight","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>特斯拉接受比特币付款，比特币离“货币”还有多远？</title>\n<style 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href=\"https://www.thepaper.cn/newsDetail_forward_11860110\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f76545b6ea7eb27730ee55d40b45ce15","relate_stocks":{"TSLA":"特斯拉","GBTC":"比特币ETF-Grayscale"},"source_url":"https://www.thepaper.cn/newsDetail_forward_11860110","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1167190202","content_text":"记者 叶映荷特斯拉将在美国接受比特币付款，这意味着什么？3月24日，特斯拉美国官网显示，用户的购买界面出现了比特币付款选项。不过，目前只有美国本地才可以使用比特币支付，并且仅支持比特币一种加密货币。受此影响，比特币价格迅速拉升1000美元。截至发稿，比特币价格约56500美元。就在2月8日，特斯拉披露公告表示，该公司已购买价值15亿美元的比特币，希望接受比特币作为其产品的付款方式。与此同时，特斯拉CEO埃隆·马斯克（Elon Musk）也在3月24日发布推文称：“现在您可以用比特币购买特斯拉。”马斯克还表示，在今年，美国以外地区晚些时候也可以使用比特币支付。特斯拉仅使用内部开源软件，并直接运营比特币节点。支付给特斯拉的比特币将被作为比特币保留，而不会转换为法定货币。比特币或将成为主流资产一位比特币投资者告诉澎湃新闻记者：“特斯拉应该是第一个真正接受比特币支付的大型企业。”他表示，此前也有商户允许用比特币支付，但实际上是先算出美元价格，然后利用当前的汇率算出需要支付多少比特币，会有中间商自动卖成法币，“他们只是把比特币当成一个支付手段，本质上和用人民币、日元支付没有区别”。该投资者认为，真正接受用比特币支付，那么比特币作为“货币”的影响就会进一步加深了。如果比特币作为一种资产纳入到上市公司的负债表里，也会加速各方对比特币作为资产的认定，制定相应的规则和法律，更容易被大众接受。“当然比特币是不是货币，还有很多的争议。”他说。欧科云链首席研究员李炼炫也表示，这意味着比特币正式成为一种“支付手段”出现在大众的视野中，摆脱了曾经“小众”、“极客”的标签。他认为，这可能有助于加快比特币成为主流资产的进程。特斯拉作为全球市值排名第五的公司，汽车行业的龙头，于2020年的销售量为29万辆，占美国市场份额的2%，其率先接受比特币作为支付手段，极有可能会带动马斯克联合创立的Paypal以及其产业链上的公司和其他深受马斯克影响的公司接受比特币作为支付手段，从而进一步推动比特币在传统商业领域的普及。很难对现有支付体系造成影响“由于比特币主链性能效率比较低，指望比特币对现有的支付方式产生较大的影响也很难。”上述比特币投资者说。他认为，比特币主链受到区块大小的限制，目前只能处理平均每秒几笔的交易，所以对现有的支付体系影响并不大。对于买车这种大额支付，并且可以等待时间较长的支付，用比特币没问题。而如果买咖啡等小额消费用比特币支付，手续费和等待时间都是接受不了的。该投资者称，比特币对支付的影响，还得看区块链行业技术进一步的发展。现在一般提出的解决方案是闪电网络，大致意思是在网络里有一些枢纽节点，然后其他人通过枢纽节点转账，就可以快速到账，费用也低，但这样的交易是不被记录在比特币链上的。“如果是走链下二层网络的话，那么很多小额交易就查不到了。”他说。","news_type":1,"symbols_score_info":{"TSLA":0.9,"GBTC":0.9}},"isVote":1,"tweetType":1,"viewCount":1363,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":353233867,"gmtCreate":1616499227659,"gmtModify":1631886458172,"author":{"id":"3571307805947419","authorId":"3571307805947419","name":"fai84","avatar":"https://static.tigerbbs.com/cac0afbe15f0ff739ed0609962a7a7a6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571307805947419","idStr":"3571307805947419"},"themes":[],"htmlText":"<a 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10:49","market":"sh","language":"zh","title":"美联储表态SLR到期不续，什么是SLR？如何影响市场","url":"https://stock-news.laohu8.com/highlight/detail?id=2120911091","media":"第一财经","summary":"3月19日，美联储表示，补充杠杆率的减免措施将于3月31日到期，将采取适当行动，以确保SLR的任何变动不会削弱银行资本金要求的整体力度。美联储认为允许规则到期不会削弱美国国债市场的流动性或造成市场混乱。2020年4月1日，美联储实施“将美国国债和存放美联储资产从SLR 指标扣除”的豁免条款。SLR政策到期如何影响市场中金公司认为，SLR政策若未能顺利延期，美债利率可能有进一步上行压力。","content":"<div>\n<p>美联储认为允许规则到期不会削弱美国国债市场的流动性或造成市场混乱。3月19日，美联储表示，补充杠杆率（SLR）的减免措施将于3月31日到期，将采取适当行动，以确保SLR的任何变动不会削弱银行资本金要求的整体力度。美联储认为允许规则到期不会削弱美国国债市场的流动性或造成市场混乱。美联储计划重新评估SLR，以确保它在“高储备”环境下仍能发挥作用。受此影响，美国10年期国债收益率短线跳升重返1.7%，...</p>\n\n<a href=\"http://yicai.com/news/100992861.html\">网页链接</a>\n\n</div>\n","source":"dyvj","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\" 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href=http://yicai.com/news/100992861.html><strong>第一财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>美联储认为允许规则到期不会削弱美国国债市场的流动性或造成市场混乱。3月19日，美联储表示，补充杠杆率（SLR）的减免措施将于3月31日到期，将采取适当行动，以确保SLR的任何变动不会削弱银行资本金要求的整体力度。美联储认为允许规则到期不会削弱美国国债市场的流动性或造成市场混乱。美联储计划重新评估SLR，以确保它在“高储备”环境下仍能发挥作用。受此影响，美国10年期国债收益率短线跳升重返1.7%，...</p>\n\n<a href=\"http://yicai.com/news/100992861.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/627bc890436e46f74a0fe8143398a725","relate_stocks":{"161125":"标普500","513500":"标普500ETF","UDOW":"三倍做多道指30ETF-ProShares","UPRO":"三倍做多标普500ETF-ProShares","SPXU":"三倍做空标普500ETF-ProShares","SH":"做空标普500-Proshares","IVV":"标普500ETF-iShares","SSO":"2倍做多标普500ETF-ProShares","DJX":"1/100道琼斯","QLD":"2倍做多纳斯达克100指数ETF-ProShares",".SPX":"S&P 500 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月31日到期。新时代证券表示，1月底以来，美国债券市场内部出现了一个跷跷板现象，那就是长端美债利率上升的同时，短端美债利率下降。这和美国财政部在美联储的存款账户（treasury general account，TGA）缩减，以及银行补充杠杆率（SLR）豁免期限将至有关。SLR政策到期如何影响市场中金公司认为，SLR政策若未能顺利延期，美债利率可能有进一步上行压力。为了满足此前SLR考核框架下资本充足率要求，美国大型银行需要补充一级资本或压降其他类型风险资产（例如美债、信贷等），不排除银行需要通过卖出美债等降低风险资产敞口。一旦银行抛售美债，预计美债收益率上行压力将加大。中金公司指出，由于，与此同时美联储还在进行资产购买，这将会进一步增加大型银行的准备金，导致银行更难以满足SLR要求。美国1.9万亿美元财政刺激法案增加了美债供给，而刺激方案中对于居民补贴的部分最终会形成银行的存款，银行需要对此增加更多的存款准备金以满足监管要求，这也将削弱银行持有美债以及在回购市场中收取美债作为抵押品出借现金的意愿，美债供需压力可能会进一步加剧。中国银行表示，SLR豁免条款到期将主要产生以下五个方面影响：第一，美国银行业持有国债意愿将显著降低，弱化国债做市能力。第二，2-5年和6-10年期国债抛压将进一步增大，国债收益率曲线更趋陡峭化。第三，做空交易成为市场主流，国债回购利率跌入历史性负值。第四，银行存放美联储准备金趋降，倒逼资产结构调整。第五，美国大型银行SLR监管成本显著抬升。中国银行表示，美国国债收益率是基础性利率，是美国乃至全球资产定价之锚。美国国债收益率上行，将加大股市高位调整风险，抬升借贷资金成本，对美元指数产生小幅支撑作用，促使国际资本流动格局发生变化。在机构层面，银行减持国债，从根本上改变了国债及其回购市场的做市能力与流动性局面，依赖国债回购拆借资金的非银行金融机构将面临较大冲击；如果国债收益率上行引发跨市场资产价格大幅共振，将进一步加剧对冲基金、共同基金等非银行金融机构风险，进而传至整个金融机构体系，甚至诱发系统性危机。","news_type":1,"symbols_score_info":{"161125":0.9,"513500":0.9,"PSQ":0.9,"DDM":0.9,"UPRO":0.9,"QID":0.9,".SPX":0.9,"ESmain":0.9,"DXD":0.9,"SH":0.9,"DJX":0.9,"OEX":0.9,"SDS":0.9,"OEF":0.9,".DJI":0.9,"UDOW":0.9,"TQQQ":0.9,"MNQmain":0.9,"SDOW":0.9,"QQQ":0.9,"SPXU":0.9,"DOG":0.9,"NQmain":0.9,"SSO":0.9,"QLD":0.9,"IVV":0.9,"SQQQ":0.9,".IXIC":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":408,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":350412907,"gmtCreate":1616251245009,"gmtModify":1634526577254,"author":{"id":"3571307805947419","authorId":"3571307805947419","name":"fai84","avatar":"https://static.tigerbbs.com/cac0afbe15f0ff739ed0609962a7a7a6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571307805947419","idStr":"3571307805947419"},"themes":[],"htmlText":"冷门股，有机会吗？","listText":"冷门股，有机会吗？","text":"冷门股，有机会吗？","images":[{"img":"https://static.tigerbbs.com/1254245f961e0774970d6f169b9380b6","width":"1080","height":"3088"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/350412907","isVote":1,"tweetType":1,"viewCount":560,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":350418404,"gmtCreate":1616250877308,"gmtModify":1634526578451,"author":{"id":"3571307805947419","authorId":"3571307805947419","name":"fai84","avatar":"https://static.tigerbbs.com/cac0afbe15f0ff739ed0609962a7a7a6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571307805947419","idStr":"3571307805947419"},"themes":[],"htmlText":"妖股，最近他最红","listText":"妖股，最近他最红","text":"妖股，最近他最红","images":[{"img":"https://static.tigerbbs.com/a1fc628ab2cd1bcf4da25a1dd193153d","width":"1080","height":"3088"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/350418404","isVote":1,"tweetType":1,"viewCount":385,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":327392655,"gmtCreate":1616057167577,"gmtModify":1703496981873,"author":{"id":"3571307805947419","authorId":"3571307805947419","name":"fai84","avatar":"https://static.tigerbbs.com/cac0afbe15f0ff739ed0609962a7a7a6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571307805947419","idStr":"3571307805947419"},"themes":[],"htmlText":"Gg, 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主要是大股东问题，算中概股","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/831610890","isVote":1,"tweetType":1,"viewCount":3774,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":322615867,"gmtCreate":1615801845459,"gmtModify":1703493170717,"author":{"id":"3571307805947419","authorId":"3571307805947419","name":"fai84","avatar":"https://static.tigerbbs.com/cac0afbe15f0ff739ed0609962a7a7a6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571307805947419","idStr":"3571307805947419"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/GEO\">$Geo Group Inc(GEO)$</a>&nbsp;prison break","listText":"<a href=\"https://laohu8.com/S/GEO\">$Geo Group Inc(GEO)$</a>&nbsp;prison break","text":"$Geo Group Inc(GEO)$ prison break","images":[{"img":"https://static.tigerbbs.com/547b73a380db367ceee8a5c9da728ae6","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/322615867","isVote":1,"tweetType":1,"viewCount":472,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3447007083513761","authorId":"3447007083513761","name":"PMAM","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"3447007083513761","idStr":"3447007083513761"},"content":"昨天卖空者试图吓唬散户卖出自己的股票，以从散户那里购买更多的股票。今天卖空者试图购买更多的股票以悄悄地回补头寸，以更长时间做空这只股票。但如果我们不出售任何GEO Group股票并继续购买更多股票，这种情况就不会发生！卖空者大约需要8个交易日才能回补完有足够的货！让我们继续持有并购买更多GEO Group股票，直到价格上涨到天际！！！！","text":"昨天卖空者试图吓唬散户卖出自己的股票，以从散户那里购买更多的股票。今天卖空者试图购买更多的股票以悄悄地回补头寸，以更长时间做空这只股票。但如果我们不出售任何GEO Group股票并继续购买更多股票，这种情况就不会发生！卖空者大约需要8个交易日才能回补完有足够的货！让我们继续持有并购买更多GEO Group股票，直到价格上涨到天际！！！！","html":"昨天卖空者试图吓唬散户卖出自己的股票，以从散户那里购买更多的股票。今天卖空者试图购买更多的股票以悄悄地回补头寸，以更长时间做空这只股票。但如果我们不出售任何GEO Group股票并继续购买更多股票，这种情况就不会发生！卖空者大约需要8个交易日才能回补完有足够的货！让我们继续持有并购买更多GEO Group股票，直到价格上涨到天际！！！！"}],"imageCount":1,"langContent":"EN","totalScore":0},{"id":365407875,"gmtCreate":1614767064397,"gmtModify":1703480830614,"author":{"id":"3571307805947419","authorId":"3571307805947419","name":"fai84","avatar":"https://static.tigerbbs.com/cac0afbe15f0ff739ed0609962a7a7a6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571307805947419","idStr":"3571307805947419"},"themes":[],"htmlText":"Lucid coming","listText":"Lucid coming","text":"Lucid coming","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/365407875","repostId":"1185472117","repostType":4,"repost":{"id":"1185472117","kind":"news","pubTimestamp":1614766371,"share":"https://www.laohu8.com/m/news/1185472117?lang=zh_CN&edition=full","pubTime":"2021-03-03 18:12","market":"us","language":"en","title":"Tesla vs Nio vs Xpeng vs Li Auto: What's Driving Chinese Consumers' Choice?<blockquote>特斯拉vs蔚来vs小鹏vs理想汽车：是什么推动了中国消费者的选择？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1185472117","media":"Benzinga","summary":"Consumers in China focus on factors such as the price and driving range the most while buying an electric car, according to areport by CNBC.What Happened: As per the CNBC report, which is based on conversations from around China and not on qualitative research, some consumers prefer to buy local electric cars due to their cheaper prices, customer care service and the driving range on a single battery charge.While Tesla Inc. TSLA is the market leader for high-end vehicles in China, the world’s la","content":"<p><div> Consumers in China focus on factors such as the price and driving range the most while buying an electric car, according to areport by CNBC.What Happened: As per the CNBC report, which is based on ...</p><p><blockquote><div>据CNBC报道，中国消费者在购买电动汽车时最关注的因素是价格和行驶里程等。发生了什么：根据美国消费者新闻与商业频道的报告，该报告基于...</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/news/21/03/19977628/tesla-vs-nio-vs-xpeng-vs-li-auto-whats-driving-chinese-consumers-choice\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/news/21/03/19977628/tesla-vs-nio-vs-xpeng-vs-li-auto-whats-driving-chinese-consumers-choice\">网页连接</a></blockquote></p><p></p>","source":"lsy1606299360108","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla vs Nio vs Xpeng vs Li Auto: What's Driving Chinese Consumers' Choice?<blockquote>特斯拉vs蔚来vs小鹏vs理想汽车：是什么推动了中国消费者的选择？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla vs Nio vs Xpeng vs Li Auto: What's Driving Chinese Consumers' Choice?<blockquote>特斯拉vs蔚来vs小鹏vs理想汽车：是什么推动了中国消费者的选择？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Benzinga</strong><span class=\"h-time small\">2021-03-03 18:12</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> Consumers in China focus on factors such as the price and driving range the most while buying an electric car, according to areport by CNBC.What Happened: As per the CNBC report, which is based on ...</p><p><blockquote><div>据CNBC报道，中国消费者在购买电动汽车时最关注的因素是价格和行驶里程等。发生了什么：根据美国消费者新闻与商业频道的报告，该报告基于...</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/news/21/03/19977628/tesla-vs-nio-vs-xpeng-vs-li-auto-whats-driving-chinese-consumers-choice\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/news/21/03/19977628/tesla-vs-nio-vs-xpeng-vs-li-auto-whats-driving-chinese-consumers-choice\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.benzinga.com/news/21/03/19977628/tesla-vs-nio-vs-xpeng-vs-li-auto-whats-driving-chinese-consumers-choice\">Benzinga</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.benzinga.com/news/21/03/19977628/tesla-vs-nio-vs-xpeng-vs-li-auto-whats-driving-chinese-consumers-choice","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1185472117","content_text":"Consumers in China focus on factors such as the price and driving range the most while buying an electric car, according to areport by CNBC.What Happened: As per the CNBC report, which is based on conversations from around China and not on qualitative research, some consumers prefer to buy local electric cars due to their cheaper prices, customer care service and the driving range on a single battery charge.While Tesla Inc. TSLA is the market leader for high-end vehicles in China, the world’s largest auto market, Chinese car start-ups such asNio LimitedNIO,Li Auto Inc.LIandXpeng Inc.XPEV 0.16%saw deliveries jump last year.Li Auto’s Li One SUV is priced at 328,000 yuan, according tothe company’s website, almost half the price of a similar car from Nio, which focuses on the premium market.In addition, the Li One also comes with a fuel tank for charging the battery on the go, which boosts the vehicle’s driving range to 498 miles from 111 miles on a single charge. The extra range is an attraction for consumers due to the absence of public charging infrastructure in China’s remote regions.While Nio sells several car features as a subscription model, the company’s customer care service was an attraction for buyers, according to the CNBC report. Nio's founder, chairman and CEO William Li said the companydoesn't prefer to emulate Teslain cutting prices and boosting order backlogs.Tesla’s Model 3 sells fornearly $39,000in China following a series of price cuts made by the company last year. Online stories about Tesla’s poor customer service also apparently deterred some from buying the U.S. electric car maker’s vehicles.Why It Matters: Electric vehicles are seeing strong demand from consumers in China after the government launched subsidy programs and announced the development of a national charging network. The government has also made it cheaper to get license plates for electric vehicles as part of its efforts to reduce pollution in Chinese cities.Chinese companies, including Li Auto and Xpeng, are working on developing electric vehicle technologies, including ultra-fast charging, next generation computing platforms and autonomous driving technologies.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":319,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":365356940,"gmtCreate":1614697771080,"gmtModify":1703480077632,"author":{"id":"3571307805947419","authorId":"3571307805947419","name":"fai84","avatar":"https://static.tigerbbs.com/cac0afbe15f0ff739ed0609962a7a7a6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571307805947419","idStr":"3571307805947419"},"themes":[],"htmlText":"All in, to the Mars&nbsp;","listText":"All in, to the Mars&nbsp;","text":"All in, to the Mars","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/365356940","repostId":"1187424506","repostType":4,"isVote":1,"tweetType":1,"viewCount":246,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":363213794,"gmtCreate":1614141479018,"gmtModify":1634551009566,"author":{"id":"3571307805947419","authorId":"3571307805947419","name":"fai84","avatar":"https://static.tigerbbs.com/cac0afbe15f0ff739ed0609962a7a7a6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571307805947419","idStr":"3571307805947419"},"themes":[],"htmlText":"All in","listText":"All in","text":"All in","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/363213794","repostId":"1185609211","repostType":4,"repost":{"id":"1185609211","kind":"news","pubTimestamp":1614139419,"share":"https://www.laohu8.com/m/news/1185609211?lang=zh_CN&edition=full","pubTime":"2021-02-24 12:03","market":"us","language":"en","title":"Why the Plunge in More Speculative Tech Stocks Might Not Be Over Yet<blockquote>为什么投机性更强的科技股的暴跌可能尚未结束</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1185609211","media":"TheStreet","summary":"High valuations, margin debt and the ARK effect could lead to more pain for some names. But the sell","content":"<p>High valuations, margin debt and the ARK effect could lead to more pain for some names. But the selloff could also create buying opportunities in other tech companies.</p><p><blockquote>高估值、保证金债务和方舟效应可能会给一些公司带来更多痛苦。但抛售也可能为其他科技公司创造买入机会。</blockquote></p><p> While many speculative Robinhood favorites are down sharply over the last couple of weeks, they're still often well above where they traded two or three months ago, and arguably remain&nbsp;quite overvalued on the whole.</p><p><blockquote>尽管许多投机性的Robinhood最爱在过去几周大幅下跌，但它们通常仍远高于两三个月前的交易水平，并且可以说总体上仍然被高估。</blockquote></p><p> For example, while fuel cell plays Plug Power (PLUG) , FuelCell Energy (FCEL) and Ballard Power&nbsp; (BLDP) are now down 40%, 44% and 32%, respectively, from recently-set highs, they're still 67%, 92% and 33% from where they closed three months ago. And they each still sport forward sales multiples north of 40.</p><p><blockquote>例如，虽然燃料电池公司普拉格能源(PLUG)、燃料电池能源(FCEL)和巴拉德电力(BLDP)目前分别较最近创下的高点下跌40%、44%和32%，但仍为67%，较三个月前收盘时分别上涨92%和33%。它们的预期销售倍数仍超过40。</blockquote></p><p> Likewise, 3D printing plays 3D Systems (DDD) , Stratasys&nbsp; (SSYS) and ExOne&nbsp; (XONE) remain up 357%, 147% and 215%, respectively, over the last three months. EV plays QuantumScape&nbsp; (QS) and Luminar Technologies (LAZR) &nbsp;are up 150% and 123%,&nbsp;respectively, over the last three months and still sport sky-high valuations -- QuantumScape, which doesn't expect to see its solid-state battery enter production until 2024, is still worth $20 billion. And soon-to-merge cannabis plays Tilray (TLRY) and Aphria (APHA) are up 252% and 171%,&nbsp;respectively, and maintain double-digit forward sales multiples.</p><p><blockquote>同样，3D打印领域3D Systems(DDD)、Stratasys(SSYS)和ExOne(XONE)在过去三个月中分别增长了357%、147%和215%。电动汽车公司QuantumScape(QS)和Luminar Technologies(LAZR)在过去三个月中分别上涨了150%和123%，并且估值仍然很高——QuantumScape预计不会推出固态电池2024年投入生产，价值仍为200亿美元。即将合并的大麻公司Tilray(TLRY)和Aphria(APHA)分别上涨252%和171%，并保持两位数的远期销售倍数。</blockquote></p><p> In a nutshell, valuations are still generally stretched for some companies, and some investors still have large paper profits that they could turn into real profits if the current selling unnerves them. In addition, judging bythe spike seenin margin debt balances over the last few months, many newer investors in these companies could be forced to unload their positions due to margin calls if the selling continues.</p><p><blockquote>简而言之，一些公司的估值仍然普遍过高，一些投资者仍然拥有大量账面利润，如果当前的抛售让他们感到不安，他们可以将这些利润转化为实际利润。此外，从过去几个月保证金债务余额的飙升来看，如果抛售继续下去，这些公司的许多新投资者可能会因保证金评级而被迫抛售头寸。</blockquote></p><p> Also, asothers&nbsp;have pointed out, ARK Invest's trading activity could go from being a tailwind for various high-multiple tech stocks to a headwind. In recent months, giant retail investor inflows for the ARK Innovation ETF (ARKK) and other ARK funds have contributed to the&nbsp;huge rallies seen in various clean energy, 3D printing, software/cloud and biotech names that ARK has been partial to. Conversely, though, major outflows for ARK funds could make the selling pressure in such names during a selloff stronger than it otherwise would be.</p><p><blockquote>此外，其他人指出，ARK Invest的交易活动可能会从各种高市盈率科技股的顺风变成逆风。近几个月来，ARK Innovation ETF(ARKK)和其他ARK基金的巨额散户投资者资金流入推动了ARK偏爱的各种清洁能源、3D打印、软件/云和生物技术公司的大幅上涨。但相反，方舟基金的大量资金外流可能会使此类股票在抛售期间面临比其他情况下更大的抛售压力。</blockquote></p><p> With all that said,I'm not sold at this point&nbsp;on the current selloff being the start of a bear market for tech stocks overall.</p><p><blockquote>综上所述，我目前并不相信当前的抛售是科技股整体熊市的开始。</blockquote></p><p> In spite of the speculative frenzy in some corners of tech, quite a few quality tech names remain moderately-valued or just a little expensive right now. And between vaccine rollouts, elevated household savings levels and the likely arrival of additional stimulus in March, the macro backdrop still looks favorable, though it's possible that some stay-at-home plays see demand cool off a bit in the coming months.</p><p><blockquote>尽管科技领域的某些领域存在投机狂潮，但相当多优质科技公司目前仍处于中等估值或只是有点贵。在疫苗的推出、家庭储蓄水平的提高以及三月份可能出台的额外刺激措施之间，宏观背景看起来仍然有利，尽管一些居家度假的需求可能会在未来几个月有所降温。</blockquote></p><p> <i>Eventually</i>, inflation, higher bond yields and a tightening Fed could become a problem for tech stocks in general. But we still appear to be a ways away from reaching that point, and for now, the Fed&nbsp;remains as accommodative as ever.</p><p><blockquote><i>最终</i>、通胀、债券收益率上升和美联储收紧政策可能会成为科技股的总体问题。但我们似乎距离达到这一点还有很长的路要走，就目前而言，美联储仍然一如既往地宽松。</blockquote></p><p> As a result, if the current tech rout continues and leads both very expensive and not-so-expensive companies to see more selling pressure, the risk/reward could start looking very good for some of the&nbsp;more reasonably-priced names.</p><p><blockquote>因此，如果当前的科技股溃败持续下去，导致非常昂贵和不太昂贵的公司面临更大的抛售压力，那么对于一些价格更合理的公司来说，风险/回报可能会开始看起来非常好。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why the Plunge in More Speculative Tech Stocks Might Not Be Over Yet<blockquote>为什么投机性更强的科技股的暴跌可能尚未结束</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy the Plunge in More Speculative Tech Stocks Might Not Be Over Yet<blockquote>为什么投机性更强的科技股的暴跌可能尚未结束</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">TheStreet</strong><span class=\"h-time small\">2021-02-24 12:03</span>\n</p>\n</h4>\n</header>\n<article>\n<p>High valuations, margin debt and the ARK effect could lead to more pain for some names. But the selloff could also create buying opportunities in other tech companies.</p><p><blockquote>高估值、保证金债务和方舟效应可能会给一些公司带来更多痛苦。但抛售也可能为其他科技公司创造买入机会。</blockquote></p><p> While many speculative Robinhood favorites are down sharply over the last couple of weeks, they're still often well above where they traded two or three months ago, and arguably remain&nbsp;quite overvalued on the whole.</p><p><blockquote>尽管许多投机性的Robinhood最爱在过去几周大幅下跌，但它们通常仍远高于两三个月前的交易水平，并且可以说总体上仍然被高估。</blockquote></p><p> For example, while fuel cell plays Plug Power (PLUG) , FuelCell Energy (FCEL) and Ballard Power&nbsp; (BLDP) are now down 40%, 44% and 32%, respectively, from recently-set highs, they're still 67%, 92% and 33% from where they closed three months ago. And they each still sport forward sales multiples north of 40.</p><p><blockquote>例如，虽然燃料电池公司普拉格能源(PLUG)、燃料电池能源(FCEL)和巴拉德电力(BLDP)目前分别较最近创下的高点下跌40%、44%和32%，但仍为67%，较三个月前收盘时分别上涨92%和33%。它们的预期销售倍数仍超过40。</blockquote></p><p> Likewise, 3D printing plays 3D Systems (DDD) , Stratasys&nbsp; (SSYS) and ExOne&nbsp; (XONE) remain up 357%, 147% and 215%, respectively, over the last three months. EV plays QuantumScape&nbsp; (QS) and Luminar Technologies (LAZR) &nbsp;are up 150% and 123%,&nbsp;respectively, over the last three months and still sport sky-high valuations -- QuantumScape, which doesn't expect to see its solid-state battery enter production until 2024, is still worth $20 billion. And soon-to-merge cannabis plays Tilray (TLRY) and Aphria (APHA) are up 252% and 171%,&nbsp;respectively, and maintain double-digit forward sales multiples.</p><p><blockquote>同样，3D打印领域3D Systems(DDD)、Stratasys(SSYS)和ExOne(XONE)在过去三个月中分别增长了357%、147%和215%。电动汽车公司QuantumScape(QS)和Luminar Technologies(LAZR)在过去三个月中分别上涨了150%和123%，并且估值仍然很高——QuantumScape预计不会推出固态电池2024年投入生产，价值仍为200亿美元。即将合并的大麻公司Tilray(TLRY)和Aphria(APHA)分别上涨252%和171%，并保持两位数的远期销售倍数。</blockquote></p><p> In a nutshell, valuations are still generally stretched for some companies, and some investors still have large paper profits that they could turn into real profits if the current selling unnerves them. In addition, judging bythe spike seenin margin debt balances over the last few months, many newer investors in these companies could be forced to unload their positions due to margin calls if the selling continues.</p><p><blockquote>简而言之，一些公司的估值仍然普遍过高，一些投资者仍然拥有大量账面利润，如果当前的抛售让他们感到不安，他们可以将这些利润转化为实际利润。此外，从过去几个月保证金债务余额的飙升来看，如果抛售继续下去，这些公司的许多新投资者可能会因保证金评级而被迫抛售头寸。</blockquote></p><p> Also, asothers&nbsp;have pointed out, ARK Invest's trading activity could go from being a tailwind for various high-multiple tech stocks to a headwind. In recent months, giant retail investor inflows for the ARK Innovation ETF (ARKK) and other ARK funds have contributed to the&nbsp;huge rallies seen in various clean energy, 3D printing, software/cloud and biotech names that ARK has been partial to. Conversely, though, major outflows for ARK funds could make the selling pressure in such names during a selloff stronger than it otherwise would be.</p><p><blockquote>此外，其他人指出，ARK Invest的交易活动可能会从各种高市盈率科技股的顺风变成逆风。近几个月来，ARK Innovation ETF(ARKK)和其他ARK基金的巨额散户投资者资金流入推动了ARK偏爱的各种清洁能源、3D打印、软件/云和生物技术公司的大幅上涨。但相反，方舟基金的大量资金外流可能会使此类股票在抛售期间面临比其他情况下更大的抛售压力。</blockquote></p><p> With all that said,I'm not sold at this point&nbsp;on the current selloff being the start of a bear market for tech stocks overall.</p><p><blockquote>综上所述，我目前并不相信当前的抛售是科技股整体熊市的开始。</blockquote></p><p> In spite of the speculative frenzy in some corners of tech, quite a few quality tech names remain moderately-valued or just a little expensive right now. And between vaccine rollouts, elevated household savings levels and the likely arrival of additional stimulus in March, the macro backdrop still looks favorable, though it's possible that some stay-at-home plays see demand cool off a bit in the coming months.</p><p><blockquote>尽管科技领域的某些领域存在投机狂潮，但相当多优质科技公司目前仍处于中等估值或只是有点贵。在疫苗的推出、家庭储蓄水平的提高以及三月份可能出台的额外刺激措施之间，宏观背景看起来仍然有利，尽管一些居家度假的需求可能会在未来几个月有所降温。</blockquote></p><p> <i>Eventually</i>, inflation, higher bond yields and a tightening Fed could become a problem for tech stocks in general. But we still appear to be a ways away from reaching that point, and for now, the Fed&nbsp;remains as accommodative as ever.</p><p><blockquote><i>最终</i>、通胀、债券收益率上升和美联储收紧政策可能会成为科技股的总体问题。但我们似乎距离达到这一点还有很长的路要走，就目前而言，美联储仍然一如既往地宽松。</blockquote></p><p> As a result, if the current tech rout continues and leads both very expensive and not-so-expensive companies to see more selling pressure, the risk/reward could start looking very good for some of the&nbsp;more reasonably-priced names.</p><p><blockquote>因此，如果当前的科技股溃败持续下去，导致非常昂贵和不太昂贵的公司面临更大的抛售压力，那么对于一些价格更合理的公司来说，风险/回报可能会开始看起来非常好。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://realmoney.thestreet.com/investing/technology/why-the-plunge-in-more-speculative-tech-stocks-might-not-be-over-yet-15575838\">TheStreet</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":{"TLRY":"Tilray Inc.","XONE":"BondBloxx Bloomberg One Year Target Duration US Treasury ETF","FCEL":"燃料电池能源","SSYS":"Stratasys","QS":"Quantumscape Corp.","BLDP":"巴拉德动力系统","APHA":"Aphria Inc.","PLUG":"普拉格能源","DDD":"3D系统","ARKK":"ARK Innovation ETF","LAZR":"Luminar Technologies, Inc."},"source_url":"https://realmoney.thestreet.com/investing/technology/why-the-plunge-in-more-speculative-tech-stocks-might-not-be-over-yet-15575838","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1185609211","content_text":"High valuations, margin debt and the ARK effect could lead to more pain for some names. But the selloff could also create buying opportunities in other tech companies.\nWhile many speculative Robinhood favorites are down sharply over the last couple of weeks, they're still often well above where they traded two or three months ago, and arguably remain quite overvalued on the whole.\nFor example, while fuel cell plays Plug Power (PLUG) , FuelCell Energy (FCEL) and Ballard Power  (BLDP) are now down 40%, 44% and 32%, respectively, from recently-set highs, they're still 67%, 92% and 33% from where they closed three months ago. And they each still sport forward sales multiples north of 40.\nLikewise, 3D printing plays 3D Systems (DDD) , Stratasys  (SSYS) and ExOne  (XONE) remain up 357%, 147% and 215%, respectively, over the last three months. EV plays QuantumScape  (QS) and Luminar Technologies (LAZR)  are up 150% and 123%, respectively, over the last three months and still sport sky-high valuations -- QuantumScape, which doesn't expect to see its solid-state battery enter production until 2024, is still worth $20 billion. And soon-to-merge cannabis plays Tilray (TLRY) and Aphria (APHA) are up 252% and 171%, respectively, and maintain double-digit forward sales multiples.\nIn a nutshell, valuations are still generally stretched for some companies, and some investors still have large paper profits that they could turn into real profits if the current selling unnerves them. In addition, judging bythe spike seenin margin debt balances over the last few months, many newer investors in these companies could be forced to unload their positions due to margin calls if the selling continues.\nAlso, asothers have pointed out, ARK Invest's trading activity could go from being a tailwind for various high-multiple tech stocks to a headwind. In recent months, giant retail investor inflows for the ARK Innovation ETF (ARKK) and other ARK funds have contributed to the huge rallies seen in various clean energy, 3D printing, software/cloud and biotech names that ARK has been partial to. Conversely, though, major outflows for ARK funds could make the selling pressure in such names during a selloff stronger than it otherwise would be.\nWith all that said,I'm not sold at this point on the current selloff being the start of a bear market for tech stocks overall.\nIn spite of the speculative frenzy in some corners of tech, quite a few quality tech names remain moderately-valued or just a little expensive right now. And between vaccine rollouts, elevated household savings levels and the likely arrival of additional stimulus in March, the macro backdrop still looks favorable, though it's possible that some stay-at-home plays see demand cool off a bit in the coming months.\nEventually, inflation, higher bond yields and a tightening Fed could become a problem for tech stocks in general. But we still appear to be a ways away from reaching that point, and for now, the Fed remains as accommodative as ever.\nAs a result, if the current tech rout continues and leads both very expensive and not-so-expensive companies to see more selling pressure, the risk/reward could start looking very good for some of the more reasonably-priced names.","news_type":1,"symbols_score_info":{"DDD":0.9,"BLDP":0.9,"SSYS":0.9,"FCEL":0.9,"ARKK":0.9,"APHA":0.9,"LAZR":0.9,"QS":0.9,"TLRY":0.9,"XONE":0.9,"PLUG":0.9}},"isVote":1,"tweetType":1,"viewCount":174,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":354747893,"gmtCreate":1617203553212,"gmtModify":1631891134501,"author":{"id":"3571307805947419","authorId":"3571307805947419","name":"fai84","avatar":"https://static.tigerbbs.com/cac0afbe15f0ff739ed0609962a7a7a6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571307805947419","idStr":"3571307805947419"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TIGR\">$TIGR 20210521 15.0 PUT(TIGR)$</a>gg","listText":"<a href=\"https://laohu8.com/S/TIGR\">$TIGR 20210521 15.0 PUT(TIGR)$</a>gg","text":"$TIGR 20210521 15.0 PUT(TIGR)$gg","images":[{"img":"https://static.tigerbbs.com/89308d76acdc74205d0933d244e1f0c4","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/354747893","isVote":1,"tweetType":1,"viewCount":2752,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":325995400,"gmtCreate":1615855799000,"gmtModify":1703493998152,"author":{"id":"3571307805947419","authorId":"3571307805947419","name":"fai84","avatar":"https://static.tigerbbs.com/cac0afbe15f0ff739ed0609962a7a7a6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571307805947419","idStr":"3571307805947419"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/HCMC\">$Healthier Choices Management Corp.(HCMC)$</a>gg","listText":"<a href=\"https://laohu8.com/S/HCMC\">$Healthier Choices Management Corp.(HCMC)$</a>gg","text":"$Healthier Choices Management Corp.(HCMC)$gg","images":[{"img":"https://static.tigerbbs.com/6adb870b11381a00465b4e24eee9b645","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/325995400","isVote":1,"tweetType":1,"viewCount":599,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":322616420,"gmtCreate":1615801694160,"gmtModify":1703493168129,"author":{"id":"3571307805947419","authorId":"3571307805947419","name":"fai84","avatar":"https://static.tigerbbs.com/cac0afbe15f0ff739ed0609962a7a7a6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571307805947419","idStr":"3571307805947419"},"themes":[],"htmlText":"Coupang?&nbsp;","listText":"Coupang?&nbsp;","text":"Coupang?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/322616420","repostId":"1199587015","repostType":4,"isVote":1,"tweetType":1,"viewCount":422,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":326615247,"gmtCreate":1615631573589,"gmtModify":1703491770437,"author":{"id":"3571307805947419","authorId":"3571307805947419","name":"fai84","avatar":"https://static.tigerbbs.com/cac0afbe15f0ff739ed0609962a7a7a6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571307805947419","idStr":"3571307805947419"},"themes":[],"htmlText":"Better compare with coupang","listText":"Better compare with coupang","text":"Better compare with coupang","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/326615247","repostId":"2118630979","repostType":4,"isVote":1,"tweetType":1,"viewCount":420,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":323533776,"gmtCreate":1615352902595,"gmtModify":1703487778414,"author":{"id":"3571307805947419","authorId":"3571307805947419","name":"fai84","avatar":"https://static.tigerbbs.com/cac0afbe15f0ff739ed0609962a7a7a6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571307805947419","idStr":"3571307805947419"},"themes":[],"htmlText":"All in","listText":"All in","text":"All in","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/323533776","repostId":"1184559726","repostType":4,"repost":{"id":"1184559726","kind":"news","pubTimestamp":1615345850,"share":"https://www.laohu8.com/m/news/1184559726?lang=zh_CN&edition=full","pubTime":"2021-03-10 11:10","market":"us","language":"en","title":"Why Tesla Stock Skyrocketed Today<blockquote>为什么特斯拉股价今天飙升</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1184559726","media":"Motley Fool","summary":"What happenedShares of Tesla surged on Tuesday, as the electric vehicle maker's stock price rebounde","content":"<p><b>What happened</b></p><p><blockquote><b>发生了什么</b></blockquote></p><p>Shares of&nbsp;<b>Tesla</b>&nbsp;surged on Tuesday, as the electric vehicle maker's stock price rebounded sharply from its recent lows.</p><p><blockquote>本公司之股份<b>特斯拉</b>周二飙升，这家电动汽车制造商的股价从近期低点大幅反弹。</blockquote></p><p>As of 11:25 a.m. EST, Tesla's stock was up more than 12%.</p><p><blockquote>截至美国东部时间上午11点25分，特斯拉股价上涨超过12%。</blockquote></p><p><b>So what</b></p><p><blockquote><b>那又怎样</b></blockquote></p><p>Following positive developments on the COVID-19 vaccine front,investorshave rotated out of high-priced growth stocks that have performed well during the coronavirus crisis and into more bargain-priced stocks that could benefit from a post-pandemic economic recovery. Tesla was caught up in this rotation. After climbing to a record high of $900.40 on Jan. 25, Tesla lost more than a third of its value by March 8.</p><p><blockquote>随着COVID-19疫苗方面的积极进展，投资者已从在冠状病毒危机期间表现良好的高价成长型股票转向可能受益于大流行后经济复苏的更便宜的股票。特斯拉陷入了这种轮换。在1月25日攀升至900.40美元的历史新高后，截至3月8日，特斯拉股价下跌了三分之一以上。</blockquote></p><p>Some forward-thinking investors, however, believe the sell-off was overdone. For one, Ark Investment Management founder and CEO Cathie Wood, who oversees the popular<b>ARK Innovation ETF</b>(NYSEMKT:ARKK), has used the downturn to scoop up more Tesla shares at a significant discount to their recent highs.</p><p><blockquote>然而，一些有远见的投资者认为抛售过度了。其中之一是Ark Investment Management创始人兼首席执行官凯西·伍德(Cathie Wood)，她负责监管广受欢迎的<b>方舟创新ETF</b>（NYSEMKT：ARKK）利用经济低迷时期以较近期高点大幅折扣的价格买入了更多特斯拉股票。</blockquote></p><p><b>Now what</b></p><p><blockquote><b>现在怎么办</b></blockquote></p><p>New Street analyst Pierre Ferragu also thinks now is a good time to buy Tesla's shares. He raised his rating on Tesla's stock from neutral to buy on Tuesday. Ferragu sees Tesla's stock price climbing to $900 as it ramps up its manufacturing capacity and quadruples deliveries of its popular electric vehicles over the next three years.</p><p><blockquote>New Street分析师Pierre Ferragu也认为现在是买入特斯拉股票的好时机。周二，他将特斯拉股票评级从中性上调至买入。Ferragu预计，随着特斯拉在未来三年内提高制造能力并将其广受欢迎的电动汽车的交付量翻两番，其股价将攀升至900美元。</blockquote></p><p>Wedbush analyst Daniel Ives, meanwhile, said today that he believes Tesla's stock price could reach as high as $950. Ives highlighted the EV leader's strong sales in China, which rose 18% sequentially in February to 18,318 vehicles. His price target represents potential gains to investors of roughly 50% from Tesla's current share price near $630.</p><p><blockquote>与此同时，Wedbush分析师Daniel Ives今天表示，他认为特斯拉的股价可能高达950美元。艾夫斯强调了这家电动汽车领导者在中国的强劲销量，2月份销量环比增长18%，达到18,318辆。他的目标价意味着投资者可能比特斯拉目前接近630美元的股价上涨约50%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/597a235a735279d786dddd35c6f0b00c\" tg-width=\"1051\" tg-height=\"498\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Tesla Stock Skyrocketed Today<blockquote>为什么特斯拉股价今天飙升</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Tesla Stock Skyrocketed Today<blockquote>为什么特斯拉股价今天飙升</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-03-10 11:10</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>What happened</b></p><p><blockquote><b>发生了什么</b></blockquote></p><p>Shares of&nbsp;<b>Tesla</b>&nbsp;surged on Tuesday, as the electric vehicle maker's stock price rebounded sharply from its recent lows.</p><p><blockquote>本公司之股份<b>特斯拉</b>周二飙升，这家电动汽车制造商的股价从近期低点大幅反弹。</blockquote></p><p>As of 11:25 a.m. EST, Tesla's stock was up more than 12%.</p><p><blockquote>截至美国东部时间上午11点25分，特斯拉股价上涨超过12%。</blockquote></p><p><b>So what</b></p><p><blockquote><b>那又怎样</b></blockquote></p><p>Following positive developments on the COVID-19 vaccine front,investorshave rotated out of high-priced growth stocks that have performed well during the coronavirus crisis and into more bargain-priced stocks that could benefit from a post-pandemic economic recovery. Tesla was caught up in this rotation. After climbing to a record high of $900.40 on Jan. 25, Tesla lost more than a third of its value by March 8.</p><p><blockquote>随着COVID-19疫苗方面的积极进展，投资者已从在冠状病毒危机期间表现良好的高价成长型股票转向可能受益于大流行后经济复苏的更便宜的股票。特斯拉陷入了这种轮换。在1月25日攀升至900.40美元的历史新高后，截至3月8日，特斯拉股价下跌了三分之一以上。</blockquote></p><p>Some forward-thinking investors, however, believe the sell-off was overdone. For one, Ark Investment Management founder and CEO Cathie Wood, who oversees the popular<b>ARK Innovation ETF</b>(NYSEMKT:ARKK), has used the downturn to scoop up more Tesla shares at a significant discount to their recent highs.</p><p><blockquote>然而，一些有远见的投资者认为抛售过度了。其中之一是Ark Investment Management创始人兼首席执行官凯西·伍德(Cathie Wood)，她负责监管广受欢迎的<b>方舟创新ETF</b>（NYSEMKT：ARKK）利用经济低迷时期以较近期高点大幅折扣的价格买入了更多特斯拉股票。</blockquote></p><p><b>Now what</b></p><p><blockquote><b>现在怎么办</b></blockquote></p><p>New Street analyst Pierre Ferragu also thinks now is a good time to buy Tesla's shares. He raised his rating on Tesla's stock from neutral to buy on Tuesday. Ferragu sees Tesla's stock price climbing to $900 as it ramps up its manufacturing capacity and quadruples deliveries of its popular electric vehicles over the next three years.</p><p><blockquote>New Street分析师Pierre Ferragu也认为现在是买入特斯拉股票的好时机。周二，他将特斯拉股票评级从中性上调至买入。Ferragu预计，随着特斯拉在未来三年内提高制造能力并将其广受欢迎的电动汽车的交付量翻两番，其股价将攀升至900美元。</blockquote></p><p>Wedbush analyst Daniel Ives, meanwhile, said today that he believes Tesla's stock price could reach as high as $950. Ives highlighted the EV leader's strong sales in China, which rose 18% sequentially in February to 18,318 vehicles. His price target represents potential gains to investors of roughly 50% from Tesla's current share price near $630.</p><p><blockquote>与此同时，Wedbush分析师Daniel Ives今天表示，他认为特斯拉的股价可能高达950美元。艾夫斯强调了这家电动汽车领导者在中国的强劲销量，2月份销量环比增长18%，达到18,318辆。他的目标价意味着投资者可能比特斯拉目前接近630美元的股价上涨约50%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/597a235a735279d786dddd35c6f0b00c\" tg-width=\"1051\" tg-height=\"498\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/03/09/why-tesla-stock-skyrocketed-today/\">Motley Fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.fool.com/investing/2021/03/09/why-tesla-stock-skyrocketed-today/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1184559726","content_text":"What happenedShares of Tesla surged on Tuesday, as the electric vehicle maker's stock price rebounded sharply from its recent lows.As of 11:25 a.m. EST, Tesla's stock was up more than 12%.So whatFollowing positive developments on the COVID-19 vaccine front,investorshave rotated out of high-priced growth stocks that have performed well during the coronavirus crisis and into more bargain-priced stocks that could benefit from a post-pandemic economic recovery. Tesla was caught up in this rotation. After climbing to a record high of $900.40 on Jan. 25, Tesla lost more than a third of its value by March 8.Some forward-thinking investors, however, believe the sell-off was overdone. For one, Ark Investment Management founder and CEO Cathie Wood, who oversees the popularARK Innovation ETF(NYSEMKT:ARKK), has used the downturn to scoop up more Tesla shares at a significant discount to their recent highs.Now whatNew Street analyst Pierre Ferragu also thinks now is a good time to buy Tesla's shares. He raised his rating on Tesla's stock from neutral to buy on Tuesday. Ferragu sees Tesla's stock price climbing to $900 as it ramps up its manufacturing capacity and quadruples deliveries of its popular electric vehicles over the next three years.Wedbush analyst Daniel Ives, meanwhile, said today that he believes Tesla's stock price could reach as high as $950. Ives highlighted the EV leader's strong sales in China, which rose 18% sequentially in February to 18,318 vehicles. His price target represents potential gains to investors of roughly 50% from Tesla's current share price near $630.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":416,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":320106357,"gmtCreate":1615032447079,"gmtModify":1703484342934,"author":{"id":"3571307805947419","authorId":"3571307805947419","name":"fai84","avatar":"https://static.tigerbbs.com/cac0afbe15f0ff739ed0609962a7a7a6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571307805947419","idStr":"3571307805947419"},"themes":[],"htmlText":"Long it","listText":"Long it","text":"Long it","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/320106357","repostId":"1169596583","repostType":4,"repost":{"id":"1169596583","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1614958557,"share":"https://www.laohu8.com/m/news/1169596583?lang=zh_CN&edition=full","pubTime":"2021-03-05 23:35","market":"us","language":"en","title":"Palantir plunged more than 13%<blockquote>Palantir暴跌超13%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1169596583","media":"老虎资讯综合","summary":"(March 5)&nbsp;Palantir plunged more than 13%.","content":"<p>(March 5)&nbsp;Palantir plunged more than 13%.</p><p><blockquote>（3月5日）Palantir暴跌超13%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/13f756ec57cca85c31b6be070941d7c1\" tg-width=\"1059\" tg-height=\"499\" referrerpolicy=\"no-referrer\"></p><p><blockquote></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>Palantir plunged more than 13%<blockquote>Palantir暴跌超13%</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\">\nPalantir plunged more than 13%<blockquote>Palantir暴跌超13%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-03-05 23:35</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(March 5)&nbsp;Palantir plunged more than 13%.</p><p><blockquote>（3月5日）Palantir暴跌超13%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/13f756ec57cca85c31b6be070941d7c1\" tg-width=\"1059\" tg-height=\"499\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PLTR":"Palantir Technologies Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1169596583","content_text":"(March 5) Palantir plunged more than 13%.","news_type":1,"symbols_score_info":{"PLTR":0.9}},"isVote":1,"tweetType":1,"viewCount":261,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":362183544,"gmtCreate":1614607580688,"gmtModify":1703478780841,"author":{"id":"3571307805947419","authorId":"3571307805947419","name":"fai84","avatar":"https://static.tigerbbs.com/cac0afbe15f0ff739ed0609962a7a7a6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571307805947419","idStr":"3571307805947419"},"themes":[],"htmlText":"Buy","listText":"Buy","text":"Buy","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/362183544","repostId":"1161689985","repostType":4,"repost":{"id":"1161689985","kind":"news","pubTimestamp":1614607057,"share":"https://www.laohu8.com/m/news/1161689985?lang=zh_CN&edition=full","pubTime":"2021-03-01 21:57","market":"us","language":"en","title":"Exxon Soars After Activists Jeff Ubben, Michael Angelakis Join Board Of Directors<blockquote>活动人士杰夫·乌本(Jeff Ubben)和迈克尔·安杰拉基斯(Michael Angelakis)加入董事会后，埃克森美孚股价飙升</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1161689985","media":"zerohedge","summary":"Could Exxon wind up being the next ESG play?Shares of the oil and gas giant spiked Monday pre-market","content":"<p><i>Could Exxon wind up being the next ESG play?</i>Shares of the oil and gas giant spiked Monday pre-market after CNBC's David Faberreportedthat Jeff Ubben would be joining the company's board. In addition, Mike Angelakis - the former CFO of Comcast and a \"green\" activist - was also said to be joining the board.</p><p><blockquote><i>埃克森美孚最终会成为下一个ESG游戏吗？</i>在CNBC的David Faber报道杰夫·乌本(Jeff Ubben)将加入该公司董事会后，这家石油和天然气巨头的股价周一盘前飙升。此外，康卡斯特前首席财务官、“绿色”活动家迈克·安吉拉基斯(Mike Angelakis)据说也将加入董事会。</blockquote></p><p>\"Mike Angelakis, the chairman and chief executive officer of Atairos and former CFO of Comcast, is also joining the board,\" CNBCreported. According toAngelakis' bio, he \"was the Chairman of the Board for the Federal Reserve Bank of Philadelphia, a member of the Board of Directors of Duke Energy and Hewlett Packard Enterprises, and a trustee of Babson College.\"</p><p><blockquote>CNBC报道称：“Atairos董事长兼首席执行官、康卡斯特前首席财务官Mike Angelakis也将加入董事会。”根据Angelakis的简历，他“曾任费城联邦储备银行董事会主席、杜克能源公司和惠普企业董事会成员以及巴布森学院董事。”</blockquote></p><p><img src=\"https://static.tigerbbs.com/c92e9846f3d968f06284115d27d81ad4\" tg-width=\"500\" tg-height=\"283\" referrerpolicy=\"no-referrer\">Two weeks agowe notedthat Ubben was looking to raise another $8 billion for his impact fund.&nbsp;Ubben was looking to raise the capital for his Spring Fund II, a successor to his $1.5 billion Spring Fund that he started while at ValueAct, which he founded in 2000, according to&nbsp;Bloomberg. The goal of the fund was reportedly going to be looking at \"impact investing\", which aims to \"make systemic changes at companies and sectors to the betterment of society.\" As we said at the time:</p><p><blockquote>两周前，我们注意到Ubben希望为他的影响力基金再筹集80亿美元。据彭博称，Ubben正在寻求为他的Spring Fund II筹集资金，该基金是他在ValueAct时创办的15亿美元Spring基金的继任者，该基金于2000年创立。据报道，该基金的目标是着眼于“影响力投资”，旨在“对公司和行业进行系统性变革，以改善社会”。正如我们当时所说：</blockquote></p><p>This, of course, would fit nicely if Ubben was looking to make a major operational, ideological (and PR) shift at an undervalued legacy oil and gas company like Exxon.In early February&nbsp;we reported&nbsp;that Ubben was considering a \"meaningful stake\" in Exxon and could, as a result, even wind up with a seat on the board.</p><p><blockquote>当然，如果乌本希望在埃克森美孚这样一家被低估的传统石油和天然气公司进行重大的运营、意识形态（和公关）转变，这将非常合适。二月初，我们报道称乌本正在考虑持有埃克森美孚的“有意义的股份”，甚至可能最终获得董事会席位。</blockquote></p><p><img src=\"https://static.tigerbbs.com/9b33f78346c34b0c6700782c224446fc\" tg-width=\"500\" tg-height=\"328\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>Ubben left ValueAct last year to start his own firm that is focused on investments in social and environmental issues.</p><p><blockquote>Ubben去年离开ValueAct，创办了自己的公司，专注于社会和环境问题的投资。</blockquote></p><p><img src=\"https://static.tigerbbs.com/df87a1333f12dd2e677999e333de1888\" tg-width=\"1084\" tg-height=\"496\"></p><p><blockquote></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>Exxon Soars After Activists Jeff Ubben, Michael Angelakis Join Board Of Directors<blockquote>活动人士杰夫·乌本(Jeff Ubben)和迈克尔·安杰拉基斯(Michael Angelakis)加入董事会后，埃克森美孚股价飙升</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\">\nExxon Soars After Activists Jeff Ubben, Michael Angelakis Join Board Of Directors<blockquote>活动人士杰夫·乌本(Jeff Ubben)和迈克尔·安杰拉基斯(Michael Angelakis)加入董事会后，埃克森美孚股价飙升</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-03-01 21:57</span>\n</p>\n</h4>\n</header>\n<article>\n<p><i>Could Exxon wind up being the next ESG play?</i>Shares of the oil and gas giant spiked Monday pre-market after CNBC's David Faberreportedthat Jeff Ubben would be joining the company's board. In addition, Mike Angelakis - the former CFO of Comcast and a \"green\" activist - was also said to be joining the board.</p><p><blockquote><i>埃克森美孚最终会成为下一个ESG游戏吗？</i>在CNBC的David Faber报道杰夫·乌本(Jeff Ubben)将加入该公司董事会后，这家石油和天然气巨头的股价周一盘前飙升。此外，康卡斯特前首席财务官、“绿色”活动家迈克·安吉拉基斯(Mike Angelakis)据说也将加入董事会。</blockquote></p><p>\"Mike Angelakis, the chairman and chief executive officer of Atairos and former CFO of Comcast, is also joining the board,\" CNBCreported. According toAngelakis' bio, he \"was the Chairman of the Board for the Federal Reserve Bank of Philadelphia, a member of the Board of Directors of Duke Energy and Hewlett Packard Enterprises, and a trustee of Babson College.\"</p><p><blockquote>CNBC报道称：“Atairos董事长兼首席执行官、康卡斯特前首席财务官Mike Angelakis也将加入董事会。”根据Angelakis的简历，他“曾任费城联邦储备银行董事会主席、杜克能源公司和惠普企业董事会成员以及巴布森学院董事。”</blockquote></p><p><img src=\"https://static.tigerbbs.com/c92e9846f3d968f06284115d27d81ad4\" tg-width=\"500\" tg-height=\"283\" referrerpolicy=\"no-referrer\">Two weeks agowe notedthat Ubben was looking to raise another $8 billion for his impact fund.&nbsp;Ubben was looking to raise the capital for his Spring Fund II, a successor to his $1.5 billion Spring Fund that he started while at ValueAct, which he founded in 2000, according to&nbsp;Bloomberg. The goal of the fund was reportedly going to be looking at \"impact investing\", which aims to \"make systemic changes at companies and sectors to the betterment of society.\" As we said at the time:</p><p><blockquote>两周前，我们注意到Ubben希望为他的影响力基金再筹集80亿美元。据彭博称，Ubben正在寻求为他的Spring Fund II筹集资金，该基金是他在ValueAct时创办的15亿美元Spring基金的继任者，该基金于2000年创立。据报道，该基金的目标是着眼于“影响力投资”，旨在“对公司和行业进行系统性变革，以改善社会”。正如我们当时所说：</blockquote></p><p>This, of course, would fit nicely if Ubben was looking to make a major operational, ideological (and PR) shift at an undervalued legacy oil and gas company like Exxon.In early February&nbsp;we reported&nbsp;that Ubben was considering a \"meaningful stake\" in Exxon and could, as a result, even wind up with a seat on the board.</p><p><blockquote>当然，如果乌本希望在埃克森美孚这样一家被低估的传统石油和天然气公司进行重大的运营、意识形态（和公关）转变，这将非常合适。二月初，我们报道称乌本正在考虑持有埃克森美孚的“有意义的股份”，甚至可能最终获得董事会席位。</blockquote></p><p><img src=\"https://static.tigerbbs.com/9b33f78346c34b0c6700782c224446fc\" tg-width=\"500\" tg-height=\"328\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>Ubben left ValueAct last year to start his own firm that is focused on investments in social and environmental issues.</p><p><blockquote>Ubben去年离开ValueAct，创办了自己的公司，专注于社会和环境问题的投资。</blockquote></p><p><img src=\"https://static.tigerbbs.com/df87a1333f12dd2e677999e333de1888\" tg-width=\"1084\" tg-height=\"496\"></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/exxon-spikes-after-cnbc-reports-jeff-ubben-join-board-directors\">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":{"XOM":"埃克森美孚"},"source_url":"https://www.zerohedge.com/markets/exxon-spikes-after-cnbc-reports-jeff-ubben-join-board-directors","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1161689985","content_text":"Could Exxon wind up being the next ESG play?Shares of the oil and gas giant spiked Monday pre-market after CNBC's David Faberreportedthat Jeff Ubben would be joining the company's board. In addition, Mike Angelakis - the former CFO of Comcast and a \"green\" activist - was also said to be joining the board.\"Mike Angelakis, the chairman and chief executive officer of Atairos and former CFO of Comcast, is also joining the board,\" CNBCreported. According toAngelakis' bio, he \"was the Chairman of the Board for the Federal Reserve Bank of Philadelphia, a member of the Board of Directors of Duke Energy and Hewlett Packard Enterprises, and a trustee of Babson College.\"Two weeks agowe notedthat Ubben was looking to raise another $8 billion for his impact fund. Ubben was looking to raise the capital for his Spring Fund II, a successor to his $1.5 billion Spring Fund that he started while at ValueAct, which he founded in 2000, according to Bloomberg. The goal of the fund was reportedly going to be looking at \"impact investing\", which aims to \"make systemic changes at companies and sectors to the betterment of society.\" As we said at the time:This, of course, would fit nicely if Ubben was looking to make a major operational, ideological (and PR) shift at an undervalued legacy oil and gas company like Exxon.In early February we reported that Ubben was considering a \"meaningful stake\" in Exxon and could, as a result, even wind up with a seat on the board.Ubben left ValueAct last year to start his own firm that is focused on investments in social and environmental issues.","news_type":1,"symbols_score_info":{"XOM":0.9}},"isVote":1,"tweetType":1,"viewCount":300,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":362972844,"gmtCreate":1614592159788,"gmtModify":1703478569054,"author":{"id":"3571307805947419","authorId":"3571307805947419","name":"fai84","avatar":"https://static.tigerbbs.com/cac0afbe15f0ff739ed0609962a7a7a6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571307805947419","idStr":"3571307805947419"},"themes":[],"htmlText":"Long term is the key","listText":"Long term is the key","text":"Long term is the key","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/362972844","repostId":"1161169607","repostType":4,"repost":{"id":"1161169607","kind":"news","pubTimestamp":1614584947,"share":"https://www.laohu8.com/m/news/1161169607?lang=zh_CN&edition=full","pubTime":"2021-03-01 15:49","market":"us","language":"en","title":"Which Companies Are Most At Risk From Surging Yields: Goldman Answers<blockquote>哪些公司面临收益率飙升的风险最大：高盛回答</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1161169607","media":"zerohedge","summary":"For those living under a rock in 2021, the big story in the past month is that 10-year Treasury yiel","content":"<p>For those living under a rock in 2021, the big story in the past month is that 10-year Treasury yield have climbed by 50 bps in a month to 1.5% (technically as high as 1.61% for a few brief seconds on Thursday after the catastrophic 7Y auction triggered stop loss selling) as real rates jumped following a steady increase in inflation expectations (breakevens), which however are largely set by 10Y TIPS whose price is determined largely by the Fed due to its massive ongoing monetization of TIPS (thus crushing any actual signaling power TIPS may have). Whatever the cause, while rising breakeven inflation has driven most of the rise in yields during the past six months, the last two weeks have been characterized by a 40 bp jump in real yields.</p><p><blockquote>对于那些在2021年生活在岩石下的人来说，过去一个月的大新闻是，10年期国债收益率在一个月内攀升了50个基点至1.5%（在灾难性的7年期拍卖引发止损抛售后，技术上一度高达1.61%），因为实际利率在通胀预期（盈亏平衡）稳步上升后跃升，然而，通胀预期主要由10年期TIPS设定，其价格主要由美联储决定，因为其持续的TIPS大规模货币化（因此粉碎了TIPS可能具有的任何实际信号能力）。无论原因是什么，虽然盈亏平衡通胀上升推动了过去六个月收益率的大部分上涨，但过去两周的特点是实际收益率上涨了40个基点。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/efd3fa48c3856c9963ae7e9f6e6de625\" tg-width=\"500\" tg-height=\"232\">It's this sudden spike in real yields as opposed to breakevens, that has sparked much of the fear in markets in the past week, because as Goldman's David Kostin explains in his Sunday Start note, \"conceptually, and historically, equities digest rising inflation expectations more easily than rising real yields\" and not just rising real yields, but a rapid spike the likes of which were last observed during the taper tantrum as we discussed two weeks ago in \"Yields Soar, Sending 30Y Real Rates Positive Amid Overheating Panic: What Happens Next\"). In any case, as a result of the violent moves in the rates complex, it is hardly a surprise that Kostin writes \"<b>the recent backup in rates has sparked a new wave of client concern.\"</b></p><p><blockquote>正是实际收益率（而不是盈亏平衡）的突然飙升在过去一周引发了市场的大部分担忧，因为正如高盛的戴维·科斯汀（David Kostin）在他的周日开盘报告中解释的那样，“从概念上和历史上看，股市更容易消化不断上升的通胀预期”比实际收益率上升更容易”，而且不仅仅是实际收益率上升，而是快速飙升，正如我们两周前在“收益率飙升，在过热恐慌中导致30年期实际利率为正：接下来会发生什么”中讨论的那样）。无论如何，由于利率综合体的剧烈波动，科斯汀写道“<b>最近利率的回升引发了新一波客户担忧。”</b></blockquote></p><p> <ul>  <li><b>First, investors ask whether the level of rates is becoming a threat to equity valuations.</b></li> </ul> Predictably,<i><b>Goldman's answer is an emphatic \"no\"</b></i>with Kostin claiming (with a straight face) that \"although the S&amp;P 500 forward P/E multiple of 22x currently ranks in the 99th historical percentile since 1976, ranking only behind the peak of the Tech Bubble in 2000, our dividend discount model (DDM) implies an equity risk premium (ERP) that ranks in the 28th percentile, 70 bp above the historical average.\" In other words, massively, record stretched PE multiples won't collapse if rates rise. Yeah, right. May want to Timestamp that David. We'll check back in a few weeks. So what<i><b>would</b></i>cause a market crash according to Goldman's head market cheerleader? Well, according to Kostin, \"<b>keeping the current P/E constant, the 10-year yield would have to reach 2.1% to bring the yield gap to the historical median of 250 bp.If instead the yield gap remains unchanged, and rates rise to 2.0%, then the P/E multiple would fall by 10% to 20x.\"</b>But don't worry, Kostin adds, because \"in today’s economic environment, our macro model suggests the ERP should be narrower than average.\" Translation: yes, a 10% drop is coming but our models say it may not come, so just keep buying.</p><p><blockquote><ul><li><b>首先，投资者询问利率水平是否正在对股票估值构成威胁。</b></li></ul>可以预见的是，<i><b>高盛的回答是一个响亮的“不”</b></i>科斯汀（面无表情）声称，“尽管标普500 22倍的远期市盈率目前排在1976年以来的第99个历史百分位，仅排在2000年科技泡沫顶峰之后，但我们的股息贴现模型（DDM）意味着股权风险溢价（ERP）排在第28百分位，比历史平均水平高出70个基点。”换句话说，如果利率上升，创纪录的市盈率不会大幅下降。是的，没错。可能想给大卫打个时间戳。我们几周后再来看看。那又怎样<i><b>将会</b></i>高盛首席市场啦啦队长称导致市场崩盘？嗯，根据科斯汀的说法，“<b>如果保持当前市盈率不变，10年期国债收益率必须达到2.1%，才能使收益率差距达到250个基点的历史中值。相反，如果收益率差距保持不变，利率升至2.0%，那么市盈率将下降10%至20倍。”</b>但不用担心，科斯汀补充道，因为“在当今的经济环境下，我们的宏观模型表明ERP应该比平均水平窄。”翻译：是的，10%的下降即将到来，但我们的模型说它可能不会到来，所以继续购买。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/4cdbd39d9b2a4e20ee8ef423435a57d7\" tg-width=\"500\" tg-height=\"169\"></p><p><blockquote></blockquote></p><p> <ul>  <li><b>Second, Goldman's bullish US equity view has already embedded expectations of rising interest rates.</b></li> </ul> Addressing the second most regular pushback against its bizarre optimism, Goldman says that an environment of accelerating economic growth (and recall that recently Goldman found that theUS Economy is Growing At the Fastest Pace On Record), and higher bond yields is consistent with the bank's forecast that<b>S&amp;P 500 EPS in 2021 will grow by 27% and be 10% higher than pre-pandemic 2019, driving a 14% rise this year to our year-end price target of 4300 despite a flat P/E multiple.</b>In other words, multiples may indeed contract but the rise in earnings - a result of economic growth - will offset much if not all of the move. Furthermore, the forward market implies that 10-year nominal yields will climb 25 bp further to 1.7% - below Goldman's 2.1% redline - and real yields will climb by a similar amount to from -0.7% to -0.4% by year-end.</p><p><blockquote><ul><li><b>其次，高盛看涨美股观点已经嵌入加息预期。</b></li></ul>针对其奇异乐观情绪的第二个最常见的阻力，高盛表示，经济加速增长的环境（回想一下高盛最近发现美国经济正以有记录以来最快的速度增长）和更高的债券收益率与该银行的预测一致<b>标普500 2021年每股收益将增长27%，比疫情前的2019年高出10%，尽管市盈率持平，但今年仍将上涨14%，达到我们的年终目标价4300点。</b>换句话说，市盈率可能确实会收缩，但盈利的增长——经济增长的结果——将抵消大部分（如果不是全部）变动。此外，远期市场暗示，10年期名义收益率将进一步攀升25个基点至1.7%，低于高盛2.1%的红线，实际收益率将在年底前攀升类似幅度，从-0.7%升至-0.4%。</blockquote></p><p> <ul>  <li><b>Third, even Kostin is forced to concede that the recent change in yields has reached a magnitude that is usually a headwind for stocks.</b></li> </ul> As the Goldman strategist concedes, equities have generated an average return of nearly +1% per month,<b>but the return has averaged -1% during months when nominal rates rose by more than two standard deviations and -5% when real yields rose by that amount.</b>Today, a two standard deviation monthly rise in 10-year rates equates to 40 bp for nominal yields and 30 bp for real yields, both thresholds exceeded this week.</p><p><blockquote><ul><li><b>第三，就连科斯汀也被迫承认，最近收益率的变化已经达到了通常对股市不利的程度。</b></li></ul>正如高盛策略师承认的那样，股票每月的平均回报率接近+1%，<b>但当名义利率上升超过两个标准差时，回报率平均为-1%，当实际收益率上升超过两个标准差时，回报率平均为-5%。</b>如今，10年期利率每月上升两个标准差，相当于名义收益率上升40个基点，实际收益率上升30个基点，本周都超过了这两个阈值。</blockquote></p><p></p><p> <img src=\"https://static.tigerbbs.com/a6a23015dc5dbaee1d4660e8e902a000\" tg-width=\"500\" tg-height=\"175\">Of course, it's not just absolute levels across risk that are impacted by rates: Kostin also notes that \"shifting interest rates have major implications for<i><b>rotations within the equity market,</b></i>a dynamic made clear in recent weeks.\" In mid-2020, Kostin's equity valuation model showed that equity duration –the expectations of earnings growth far in the future –had become a more important contributor to multiples than ever before. One key reason for the importance that investors ascribed to expected future growth was the extremely low level of interest rates. As rates have risen, the contribution of equity duration to stock valuations has declined while near-term growth profiles have become more important. Practically,<b>this means that both the improving growth outlook and rising rates have supported the outperformance of cyclicals and value stocks relative to stocks with the highest long-term growth.</b>Hardly surprising, in recent weeks Goldman's S&amp;P 500 Growth factor has declined by 9%, similar to the 12% decline around the announcement of Pfizer-BioNTech vaccine efficacy in November</p><p><blockquote>当然，受利率影响的不仅仅是风险的绝对水平：科斯汀还指出，“利率变化对<i><b>股票市场内的轮动，</b></i>最近几周的动态变得很明显。”2020年中期，科斯汀的股票估值模型显示，股票久期——对遥远未来盈利增长的预期——已成为比以往任何时候都更重要的市盈率贡献者。投资者重视预期未来增长的一个关键原因是极低的利率水平。随着利率上升，股票久期对股票估值的贡献下降，而近期增长状况变得更加重要。实际上，<b>这意味着增长前景的改善和利率的上升都支持了周期性股票和价值股相对于长期增长最高的股票的优异表现。</b>毫不奇怪，最近几周高盛的标普500增长因子下降了9%，与11月份辉瑞-BioNTech疫苗功效公布前后12%的下降类似</blockquote></p><p> Which brings us to the one sector most at risk from the continued risk in yields.</p><p><blockquote>这就把我们带到了收益率持续风险最大的一个行业。</blockquote></p><p> As Kostin writes, \"<b>this rotation has also weighed on one of the most spectacular outperformers of the last 12 months: Stocks with negative earnings but strong expected growth.\"</b>One of the most remarkable moves of the past year is that<b>a basket of non-profitable tech stocks soared by 204% last year and 27% in the first six weeks of 2021... before falling by 15% in last two weeks.</b>The decline of these high-growth firms has been particularly painful given the current record degree of leverage carried by hedge funds and the elevated activity of retail traders, both of whom have recently favored some of these long-duration stocks.</p><p><blockquote>正如科斯汀所写，“<b>这种轮换也给过去12个月中表现最出色的股票之一带来了压力：盈利为负但预期增长强劲的股票。”</b>过去一年最引人注目的举措之一是<b>一篮子未盈利的科技股去年飙升204%，2021年前六周飙升27%...在过去两周内下跌了15%。</b>鉴于对冲基金目前创纪录的杠杆程度和散户交易者活动的增加，这些高增长公司的衰落尤其令人痛苦，而散户交易者最近都青睐其中一些长期股票。</blockquote></p><p> To be sure, while earnings for S&amp;P 500 firms declined by 13% in 2020, the fall in aggregate profits does not capture the wide dispersion in operating results that occurred inside the market. While 2020 EPS growth was negative for the overall index and the median stock,<b>the actual level of profits was positive... But not for every company.</b>In fact,<b>1082 firms or 37% of the constituents in the Russell 3000 posted negative net income in 2020 (i.e., a loss or negative EPS), and 21% posted negative EBITDA.</b></p><p><blockquote>可以肯定的是，虽然标普500公司的盈利在2020年下降了13%，但总利润的下降并没有反映出市场内部经营业绩的广泛分散。虽然2020年每股收益增长整体指数和股票中位数均为负，<b>实际利润水平为正...但并不是每家公司都如此。</b>事实上，<b>罗素3000指数成分股中有1082家公司（即37%的成分股）在2020年净利润为负（即亏损或每股收益为负），21%的公司EBITDA为负。</b></blockquote></p><p> Getting even more granular (and apologizing to George Orwell), Kostin then notes that all companies with losses are equal, but some are more equal than others. Some firms reported negative earnings in 2020 because the pandemic and economic shutdown disrupted their business and crushed their revenues.<b>But in other instances, the Goldman strategist points out that \"companies grew sales so rapidly that top-line was the focus of investors and bottom-line losses were ignored.\"</b>Indeed, consider that across all non-Financial US stocks with at least $50 million in revenues, \"<b>those with negative earnings and declining revenues in 2020 returned a median of -18% last year. In contrast, stocks with negative earnings and growing revenues returned +51%.\"</b></p><p><blockquote>科斯汀变得更加细致（并向乔治·奥威尔道歉），然后指出所有亏损的公司都是平等的，但有些公司比其他公司更平等。一些公司在2020年报告了负收益，因为疫情和经济停摆扰乱了他们的业务并压低了他们的收入。<b>但在其他情况下，高盛策略师指出，“公司销售额增长如此之快，以至于营收成为投资者关注的焦点，而利润损失却被忽视了。”</b>事实上，考虑到所有收入至少为5000万美元的非金融美国股票，”<b>2020年盈利为负且收入下降的企业去年的回报率中位数为-18%。相比之下，盈利为负且收入增长的股票回报率为+51%。”</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/672e0f0b03d6b3cec8ec067276919bf9\" tg-width=\"500\" tg-height=\"171\"><b>Recently, however, improving economic growth prospects from vaccination rollout and pending fiscal stimulus coupled with rising rates have moved firms that struggled most in 2020 into pole position so far in 2021.</b>The cyclical and virus-affected firms with<b>negative earnings and falling sales in 2020 have generated a median YTD return of +22%, outperforming the +10% return of the median stock that posted a loss but grew sales last year.</b>Unsurprisingly, these cyclical stocks have been positively correlated with both nominal and real interest rates. In contrast,<b>the ultra long-duration stocks have been negatively correlated with interest rates given they generate no earnings today and their valuations depend entirely on future growth prospects.</b>Cyclicals also carry far lower valuations, with a median EV/2022 sales ratio of 2x vs. 6x for the median negative earner with positive sales growth.</p><p><blockquote><b>然而，最近，疫苗接种的推出和即将出台的财政刺激措施改善了经济增长前景，加上利率上升，使2020年最困难的公司在2021年迄今为止处于领先地位。</b>周期性和受病毒影响的公司<b>2020年的负收益和销售额下降导致年初至今回报率中位数为+22%，超过了去年亏损但销售额增长的股票回报率中位数+10%。</b>不出所料，这些周期性股票与名义利率和实际利率都呈正相关。相比之下，<b>超长期股票与利率呈负相关，因为它们目前没有产生收益，而且它们的估值完全取决于未来的增长前景。</b>周期性股票的估值也低得多，EV/2022年销售比率中位数为2倍，而销售正增长的负收入者中位数为6倍。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a00a42075ac35763072cb85546315087\" tg-width=\"500\" tg-height=\"174\">Putting it all together, Kostin concludes that \"<b>looking forward, investors must balance the appeal of promising businesses with the risk that rates rise further and the recent rotation continues.\"</b>The list of non-profitable companies that makes up GOldman's Non-Profitable Tech basket is shown below:</p><p><blockquote>综合起来，科斯汀得出的结论是“<b>展望未来，投资者必须平衡有前途的企业的吸引力与利率进一步上升和近期轮换持续的风险。”</b>构成高盛非营利科技篮子的非营利公司列表如下所示：</blockquote></p><p></p><p> <img src=\"https://static.tigerbbs.com/782b2dbfc010259d8bc5120f85d13070\" tg-width=\"500\" tg-height=\"364\">And although secular growth stocks may remain the most appealing investments on a long-term horizon, Goldman believes that<b>those stocks will underperform more cyclical firms in the short-term if economic acceleration and inflation continue to lift interest rates.</b></p><p><blockquote>尽管长期成长型股票可能仍然是最有吸引力的投资，但高盛认为<b>如果经济加速和通胀继续提高利率，这些股票的短期表现将逊于更具周期性的公司。</b></blockquote></p><p> Which brings us to the other side of the table: the<b>chart below shows the Russell 1000 firms from each sector with the shortest implied equity durations that have outperformed sector peers during the past two weeks as rates rose and are expected to grow revenues in 2021</b>. The median stock trades at a P/E ratio of 19x and has returned 7% YTD compared with 22x and 2% for the Russell 1000 median.</p><p><blockquote>这就把我们带到了桌子的另一边：<b>下图显示了每个行业隐含股权久期最短的罗素1000公司，这些公司在过去两周内随着利率上升而表现优于行业同行，预计2021年收入将增长</b>该股的市盈率中位数为19倍，年初至今回报率为7%，而罗素1000指数中位数为22倍和2%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/96e14fcedd553203d06c6a3639a17f8f\" tg-width=\"500\" tg-height=\"365\"></p><p><blockquote></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>Which Companies Are Most At Risk From Surging Yields: Goldman Answers<blockquote>哪些公司面临收益率飙升的风险最大：高盛回答</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\">\nWhich Companies Are Most At Risk From Surging Yields: Goldman Answers<blockquote>哪些公司面临收益率飙升的风险最大：高盛回答</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-03-01 15:49</span>\n</p>\n</h4>\n</header>\n<article>\n<p>For those living under a rock in 2021, the big story in the past month is that 10-year Treasury yield have climbed by 50 bps in a month to 1.5% (technically as high as 1.61% for a few brief seconds on Thursday after the catastrophic 7Y auction triggered stop loss selling) as real rates jumped following a steady increase in inflation expectations (breakevens), which however are largely set by 10Y TIPS whose price is determined largely by the Fed due to its massive ongoing monetization of TIPS (thus crushing any actual signaling power TIPS may have). Whatever the cause, while rising breakeven inflation has driven most of the rise in yields during the past six months, the last two weeks have been characterized by a 40 bp jump in real yields.</p><p><blockquote>对于那些在2021年生活在岩石下的人来说，过去一个月的大新闻是，10年期国债收益率在一个月内攀升了50个基点至1.5%（在灾难性的7年期拍卖引发止损抛售后，技术上一度高达1.61%），因为实际利率在通胀预期（盈亏平衡）稳步上升后跃升，然而，通胀预期主要由10年期TIPS设定，其价格主要由美联储决定，因为其持续的TIPS大规模货币化（因此粉碎了TIPS可能具有的任何实际信号能力）。无论原因是什么，虽然盈亏平衡通胀上升推动了过去六个月收益率的大部分上涨，但过去两周的特点是实际收益率上涨了40个基点。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/efd3fa48c3856c9963ae7e9f6e6de625\" tg-width=\"500\" tg-height=\"232\">It's this sudden spike in real yields as opposed to breakevens, that has sparked much of the fear in markets in the past week, because as Goldman's David Kostin explains in his Sunday Start note, \"conceptually, and historically, equities digest rising inflation expectations more easily than rising real yields\" and not just rising real yields, but a rapid spike the likes of which were last observed during the taper tantrum as we discussed two weeks ago in \"Yields Soar, Sending 30Y Real Rates Positive Amid Overheating Panic: What Happens Next\"). In any case, as a result of the violent moves in the rates complex, it is hardly a surprise that Kostin writes \"<b>the recent backup in rates has sparked a new wave of client concern.\"</b></p><p><blockquote>正是实际收益率（而不是盈亏平衡）的突然飙升在过去一周引发了市场的大部分担忧，因为正如高盛的戴维·科斯汀（David Kostin）在他的周日开盘报告中解释的那样，“从概念上和历史上看，股市更容易消化不断上升的通胀预期”比实际收益率上升更容易”，而且不仅仅是实际收益率上升，而是快速飙升，正如我们两周前在“收益率飙升，在过热恐慌中导致30年期实际利率为正：接下来会发生什么”中讨论的那样）。无论如何，由于利率综合体的剧烈波动，科斯汀写道“<b>最近利率的回升引发了新一波客户担忧。”</b></blockquote></p><p> <ul>  <li><b>First, investors ask whether the level of rates is becoming a threat to equity valuations.</b></li> </ul> Predictably,<i><b>Goldman's answer is an emphatic \"no\"</b></i>with Kostin claiming (with a straight face) that \"although the S&amp;P 500 forward P/E multiple of 22x currently ranks in the 99th historical percentile since 1976, ranking only behind the peak of the Tech Bubble in 2000, our dividend discount model (DDM) implies an equity risk premium (ERP) that ranks in the 28th percentile, 70 bp above the historical average.\" In other words, massively, record stretched PE multiples won't collapse if rates rise. Yeah, right. May want to Timestamp that David. We'll check back in a few weeks. So what<i><b>would</b></i>cause a market crash according to Goldman's head market cheerleader? Well, according to Kostin, \"<b>keeping the current P/E constant, the 10-year yield would have to reach 2.1% to bring the yield gap to the historical median of 250 bp.If instead the yield gap remains unchanged, and rates rise to 2.0%, then the P/E multiple would fall by 10% to 20x.\"</b>But don't worry, Kostin adds, because \"in today’s economic environment, our macro model suggests the ERP should be narrower than average.\" Translation: yes, a 10% drop is coming but our models say it may not come, so just keep buying.</p><p><blockquote><ul><li><b>首先，投资者询问利率水平是否正在对股票估值构成威胁。</b></li></ul>可以预见的是，<i><b>高盛的回答是一个响亮的“不”</b></i>科斯汀（面无表情）声称，“尽管标普500 22倍的远期市盈率目前排在1976年以来的第99个历史百分位，仅排在2000年科技泡沫顶峰之后，但我们的股息贴现模型（DDM）意味着股权风险溢价（ERP）排在第28百分位，比历史平均水平高出70个基点。”换句话说，如果利率上升，创纪录的市盈率不会大幅下降。是的，没错。可能想给大卫打个时间戳。我们几周后再来看看。那又怎样<i><b>将会</b></i>高盛首席市场啦啦队长称导致市场崩盘？嗯，根据科斯汀的说法，“<b>如果保持当前市盈率不变，10年期国债收益率必须达到2.1%，才能使收益率差距达到250个基点的历史中值。相反，如果收益率差距保持不变，利率升至2.0%，那么市盈率将下降10%至20倍。”</b>但不用担心，科斯汀补充道，因为“在当今的经济环境下，我们的宏观模型表明ERP应该比平均水平窄。”翻译：是的，10%的下降即将到来，但我们的模型说它可能不会到来，所以继续购买。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/4cdbd39d9b2a4e20ee8ef423435a57d7\" tg-width=\"500\" tg-height=\"169\"></p><p><blockquote></blockquote></p><p> <ul>  <li><b>Second, Goldman's bullish US equity view has already embedded expectations of rising interest rates.</b></li> </ul> Addressing the second most regular pushback against its bizarre optimism, Goldman says that an environment of accelerating economic growth (and recall that recently Goldman found that theUS Economy is Growing At the Fastest Pace On Record), and higher bond yields is consistent with the bank's forecast that<b>S&amp;P 500 EPS in 2021 will grow by 27% and be 10% higher than pre-pandemic 2019, driving a 14% rise this year to our year-end price target of 4300 despite a flat P/E multiple.</b>In other words, multiples may indeed contract but the rise in earnings - a result of economic growth - will offset much if not all of the move. Furthermore, the forward market implies that 10-year nominal yields will climb 25 bp further to 1.7% - below Goldman's 2.1% redline - and real yields will climb by a similar amount to from -0.7% to -0.4% by year-end.</p><p><blockquote><ul><li><b>其次，高盛看涨美股观点已经嵌入加息预期。</b></li></ul>针对其奇异乐观情绪的第二个最常见的阻力，高盛表示，经济加速增长的环境（回想一下高盛最近发现美国经济正以有记录以来最快的速度增长）和更高的债券收益率与该银行的预测一致<b>标普500 2021年每股收益将增长27%，比疫情前的2019年高出10%，尽管市盈率持平，但今年仍将上涨14%，达到我们的年终目标价4300点。</b>换句话说，市盈率可能确实会收缩，但盈利的增长——经济增长的结果——将抵消大部分（如果不是全部）变动。此外，远期市场暗示，10年期名义收益率将进一步攀升25个基点至1.7%，低于高盛2.1%的红线，实际收益率将在年底前攀升类似幅度，从-0.7%升至-0.4%。</blockquote></p><p> <ul>  <li><b>Third, even Kostin is forced to concede that the recent change in yields has reached a magnitude that is usually a headwind for stocks.</b></li> </ul> As the Goldman strategist concedes, equities have generated an average return of nearly +1% per month,<b>but the return has averaged -1% during months when nominal rates rose by more than two standard deviations and -5% when real yields rose by that amount.</b>Today, a two standard deviation monthly rise in 10-year rates equates to 40 bp for nominal yields and 30 bp for real yields, both thresholds exceeded this week.</p><p><blockquote><ul><li><b>第三，就连科斯汀也被迫承认，最近收益率的变化已经达到了通常对股市不利的程度。</b></li></ul>正如高盛策略师承认的那样，股票每月的平均回报率接近+1%，<b>但当名义利率上升超过两个标准差时，回报率平均为-1%，当实际收益率上升超过两个标准差时，回报率平均为-5%。</b>如今，10年期利率每月上升两个标准差，相当于名义收益率上升40个基点，实际收益率上升30个基点，本周都超过了这两个阈值。</blockquote></p><p></p><p> <img src=\"https://static.tigerbbs.com/a6a23015dc5dbaee1d4660e8e902a000\" tg-width=\"500\" tg-height=\"175\">Of course, it's not just absolute levels across risk that are impacted by rates: Kostin also notes that \"shifting interest rates have major implications for<i><b>rotations within the equity market,</b></i>a dynamic made clear in recent weeks.\" In mid-2020, Kostin's equity valuation model showed that equity duration –the expectations of earnings growth far in the future –had become a more important contributor to multiples than ever before. One key reason for the importance that investors ascribed to expected future growth was the extremely low level of interest rates. As rates have risen, the contribution of equity duration to stock valuations has declined while near-term growth profiles have become more important. Practically,<b>this means that both the improving growth outlook and rising rates have supported the outperformance of cyclicals and value stocks relative to stocks with the highest long-term growth.</b>Hardly surprising, in recent weeks Goldman's S&amp;P 500 Growth factor has declined by 9%, similar to the 12% decline around the announcement of Pfizer-BioNTech vaccine efficacy in November</p><p><blockquote>当然，受利率影响的不仅仅是风险的绝对水平：科斯汀还指出，“利率变化对<i><b>股票市场内的轮动，</b></i>最近几周的动态变得很明显。”2020年中期，科斯汀的股票估值模型显示，股票久期——对遥远未来盈利增长的预期——已成为比以往任何时候都更重要的市盈率贡献者。投资者重视预期未来增长的一个关键原因是极低的利率水平。随着利率上升，股票久期对股票估值的贡献下降，而近期增长状况变得更加重要。实际上，<b>这意味着增长前景的改善和利率的上升都支持了周期性股票和价值股相对于长期增长最高的股票的优异表现。</b>毫不奇怪，最近几周高盛的标普500增长因子下降了9%，与11月份辉瑞-BioNTech疫苗功效公布前后12%的下降类似</blockquote></p><p> Which brings us to the one sector most at risk from the continued risk in yields.</p><p><blockquote>这就把我们带到了收益率持续风险最大的一个行业。</blockquote></p><p> As Kostin writes, \"<b>this rotation has also weighed on one of the most spectacular outperformers of the last 12 months: Stocks with negative earnings but strong expected growth.\"</b>One of the most remarkable moves of the past year is that<b>a basket of non-profitable tech stocks soared by 204% last year and 27% in the first six weeks of 2021... before falling by 15% in last two weeks.</b>The decline of these high-growth firms has been particularly painful given the current record degree of leverage carried by hedge funds and the elevated activity of retail traders, both of whom have recently favored some of these long-duration stocks.</p><p><blockquote>正如科斯汀所写，“<b>这种轮换也给过去12个月中表现最出色的股票之一带来了压力：盈利为负但预期增长强劲的股票。”</b>过去一年最引人注目的举措之一是<b>一篮子未盈利的科技股去年飙升204%，2021年前六周飙升27%...在过去两周内下跌了15%。</b>鉴于对冲基金目前创纪录的杠杆程度和散户交易者活动的增加，这些高增长公司的衰落尤其令人痛苦，而散户交易者最近都青睐其中一些长期股票。</blockquote></p><p> To be sure, while earnings for S&amp;P 500 firms declined by 13% in 2020, the fall in aggregate profits does not capture the wide dispersion in operating results that occurred inside the market. While 2020 EPS growth was negative for the overall index and the median stock,<b>the actual level of profits was positive... But not for every company.</b>In fact,<b>1082 firms or 37% of the constituents in the Russell 3000 posted negative net income in 2020 (i.e., a loss or negative EPS), and 21% posted negative EBITDA.</b></p><p><blockquote>可以肯定的是，虽然标普500公司的盈利在2020年下降了13%，但总利润的下降并没有反映出市场内部经营业绩的广泛分散。虽然2020年每股收益增长整体指数和股票中位数均为负，<b>实际利润水平为正...但并不是每家公司都如此。</b>事实上，<b>罗素3000指数成分股中有1082家公司（即37%的成分股）在2020年净利润为负（即亏损或每股收益为负），21%的公司EBITDA为负。</b></blockquote></p><p> Getting even more granular (and apologizing to George Orwell), Kostin then notes that all companies with losses are equal, but some are more equal than others. Some firms reported negative earnings in 2020 because the pandemic and economic shutdown disrupted their business and crushed their revenues.<b>But in other instances, the Goldman strategist points out that \"companies grew sales so rapidly that top-line was the focus of investors and bottom-line losses were ignored.\"</b>Indeed, consider that across all non-Financial US stocks with at least $50 million in revenues, \"<b>those with negative earnings and declining revenues in 2020 returned a median of -18% last year. In contrast, stocks with negative earnings and growing revenues returned +51%.\"</b></p><p><blockquote>科斯汀变得更加细致（并向乔治·奥威尔道歉），然后指出所有亏损的公司都是平等的，但有些公司比其他公司更平等。一些公司在2020年报告了负收益，因为疫情和经济停摆扰乱了他们的业务并压低了他们的收入。<b>但在其他情况下，高盛策略师指出，“公司销售额增长如此之快，以至于营收成为投资者关注的焦点，而利润损失却被忽视了。”</b>事实上，考虑到所有收入至少为5000万美元的非金融美国股票，”<b>2020年盈利为负且收入下降的企业去年的回报率中位数为-18%。相比之下，盈利为负且收入增长的股票回报率为+51%。”</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/672e0f0b03d6b3cec8ec067276919bf9\" tg-width=\"500\" tg-height=\"171\"><b>Recently, however, improving economic growth prospects from vaccination rollout and pending fiscal stimulus coupled with rising rates have moved firms that struggled most in 2020 into pole position so far in 2021.</b>The cyclical and virus-affected firms with<b>negative earnings and falling sales in 2020 have generated a median YTD return of +22%, outperforming the +10% return of the median stock that posted a loss but grew sales last year.</b>Unsurprisingly, these cyclical stocks have been positively correlated with both nominal and real interest rates. In contrast,<b>the ultra long-duration stocks have been negatively correlated with interest rates given they generate no earnings today and their valuations depend entirely on future growth prospects.</b>Cyclicals also carry far lower valuations, with a median EV/2022 sales ratio of 2x vs. 6x for the median negative earner with positive sales growth.</p><p><blockquote><b>然而，最近，疫苗接种的推出和即将出台的财政刺激措施改善了经济增长前景，加上利率上升，使2020年最困难的公司在2021年迄今为止处于领先地位。</b>周期性和受病毒影响的公司<b>2020年的负收益和销售额下降导致年初至今回报率中位数为+22%，超过了去年亏损但销售额增长的股票回报率中位数+10%。</b>不出所料，这些周期性股票与名义利率和实际利率都呈正相关。相比之下，<b>超长期股票与利率呈负相关，因为它们目前没有产生收益，而且它们的估值完全取决于未来的增长前景。</b>周期性股票的估值也低得多，EV/2022年销售比率中位数为2倍，而销售正增长的负收入者中位数为6倍。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a00a42075ac35763072cb85546315087\" tg-width=\"500\" tg-height=\"174\">Putting it all together, Kostin concludes that \"<b>looking forward, investors must balance the appeal of promising businesses with the risk that rates rise further and the recent rotation continues.\"</b>The list of non-profitable companies that makes up GOldman's Non-Profitable Tech basket is shown below:</p><p><blockquote>综合起来，科斯汀得出的结论是“<b>展望未来，投资者必须平衡有前途的企业的吸引力与利率进一步上升和近期轮换持续的风险。”</b>构成高盛非营利科技篮子的非营利公司列表如下所示：</blockquote></p><p></p><p> <img src=\"https://static.tigerbbs.com/782b2dbfc010259d8bc5120f85d13070\" tg-width=\"500\" tg-height=\"364\">And although secular growth stocks may remain the most appealing investments on a long-term horizon, Goldman believes that<b>those stocks will underperform more cyclical firms in the short-term if economic acceleration and inflation continue to lift interest rates.</b></p><p><blockquote>尽管长期成长型股票可能仍然是最有吸引力的投资，但高盛认为<b>如果经济加速和通胀继续提高利率，这些股票的短期表现将逊于更具周期性的公司。</b></blockquote></p><p> Which brings us to the other side of the table: the<b>chart below shows the Russell 1000 firms from each sector with the shortest implied equity durations that have outperformed sector peers during the past two weeks as rates rose and are expected to grow revenues in 2021</b>. The median stock trades at a P/E ratio of 19x and has returned 7% YTD compared with 22x and 2% for the Russell 1000 median.</p><p><blockquote>这就把我们带到了桌子的另一边：<b>下图显示了每个行业隐含股权久期最短的罗素1000公司，这些公司在过去两周内随着利率上升而表现优于行业同行，预计2021年收入将增长</b>该股的市盈率中位数为19倍，年初至今回报率为7%，而罗素1000指数中位数为22倍和2%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/96e14fcedd553203d06c6a3639a17f8f\" tg-width=\"500\" tg-height=\"365\"></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/which-companies-are-most-risk-surging-yields-goldman-answers?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":{".SPX":"S&P 500 Index","SPY":"标普500ETF",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://www.zerohedge.com/markets/which-companies-are-most-risk-surging-yields-goldman-answers?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":"1161169607","content_text":"For those living under a rock in 2021, the big story in the past month is that 10-year Treasury yield have climbed by 50 bps in a month to 1.5% (technically as high as 1.61% for a few brief seconds on Thursday after the catastrophic 7Y auction triggered stop loss selling) as real rates jumped following a steady increase in inflation expectations (breakevens), which however are largely set by 10Y TIPS whose price is determined largely by the Fed due to its massive ongoing monetization of TIPS (thus crushing any actual signaling power TIPS may have). Whatever the cause, while rising breakeven inflation has driven most of the rise in yields during the past six months, the last two weeks have been characterized by a 40 bp jump in real yields.\nIt's this sudden spike in real yields as opposed to breakevens, that has sparked much of the fear in markets in the past week, because as Goldman's David Kostin explains in his Sunday Start note, \"conceptually, and historically, equities digest rising inflation expectations more easily than rising real yields\" and not just rising real yields, but a rapid spike the likes of which were last observed during the taper tantrum as we discussed two weeks ago in \"Yields Soar, Sending 30Y Real Rates Positive Amid Overheating Panic: What Happens Next\"). In any case, as a result of the violent moves in the rates complex, it is hardly a surprise that Kostin writes \"the recent backup in rates has sparked a new wave of client concern.\"\n\nFirst, investors ask whether the level of rates is becoming a threat to equity valuations.\n\nPredictably,Goldman's answer is an emphatic \"no\"with Kostin claiming (with a straight face) that \"although the S&P 500 forward P/E multiple of 22x currently ranks in the 99th historical percentile since 1976, ranking only behind the peak of the Tech Bubble in 2000, our dividend discount model (DDM) implies an equity risk premium (ERP) that ranks in the 28th percentile, 70 bp above the historical average.\" In other words, massively, record stretched PE multiples won't collapse if rates rise. Yeah, right. May want to Timestamp that David. We'll check back in a few weeks. So whatwouldcause a market crash according to Goldman's head market cheerleader? Well, according to Kostin, \"keeping the current P/E constant, the 10-year yield would have to reach 2.1% to bring the yield gap to the historical median of 250 bp.If instead the yield gap remains unchanged, and rates rise to 2.0%, then the P/E multiple would fall by 10% to 20x.\"But don't worry, Kostin adds, because \"in today’s economic environment, our macro model suggests the ERP should be narrower than average.\" Translation: yes, a 10% drop is coming but our models say it may not come, so just keep buying.\n\n\nSecond, Goldman's bullish US equity view has already embedded expectations of rising interest rates.\n\nAddressing the second most regular pushback against its bizarre optimism, Goldman says that an environment of accelerating economic growth (and recall that recently Goldman found that theUS Economy is Growing At the Fastest Pace On Record), and higher bond yields is consistent with the bank's forecast thatS&P 500 EPS in 2021 will grow by 27% and be 10% higher than pre-pandemic 2019, driving a 14% rise this year to our year-end price target of 4300 despite a flat P/E multiple.In other words, multiples may indeed contract but the rise in earnings - a result of economic growth - will offset much if not all of the move. Furthermore, the forward market implies that 10-year nominal yields will climb 25 bp further to 1.7% - below Goldman's 2.1% redline - and real yields will climb by a similar amount to from -0.7% to -0.4% by year-end.\n\nThird, even Kostin is forced to concede that the recent change in yields has reached a magnitude that is usually a headwind for stocks.\n\nAs the Goldman strategist concedes, equities have generated an average return of nearly +1% per month,but the return has averaged -1% during months when nominal rates rose by more than two standard deviations and -5% when real yields rose by that amount.Today, a two standard deviation monthly rise in 10-year rates equates to 40 bp for nominal yields and 30 bp for real yields, both thresholds exceeded this week.\nOf course, it's not just absolute levels across risk that are impacted by rates: Kostin also notes that \"shifting interest rates have major implications forrotations within the equity market,a dynamic made clear in recent weeks.\" In mid-2020, Kostin's equity valuation model showed that equity duration –the expectations of earnings growth far in the future –had become a more important contributor to multiples than ever before. One key reason for the importance that investors ascribed to expected future growth was the extremely low level of interest rates. As rates have risen, the contribution of equity duration to stock valuations has declined while near-term growth profiles have become more important. Practically,this means that both the improving growth outlook and rising rates have supported the outperformance of cyclicals and value stocks relative to stocks with the highest long-term growth.Hardly surprising, in recent weeks Goldman's S&P 500 Growth factor has declined by 9%, similar to the 12% decline around the announcement of Pfizer-BioNTech vaccine efficacy in November\nWhich brings us to the one sector most at risk from the continued risk in yields.\nAs Kostin writes, \"this rotation has also weighed on one of the most spectacular outperformers of the last 12 months: Stocks with negative earnings but strong expected growth.\"One of the most remarkable moves of the past year is thata basket of non-profitable tech stocks soared by 204% last year and 27% in the first six weeks of 2021... before falling by 15% in last two weeks.The decline of these high-growth firms has been particularly painful given the current record degree of leverage carried by hedge funds and the elevated activity of retail traders, both of whom have recently favored some of these long-duration stocks.\nTo be sure, while earnings for S&P 500 firms declined by 13% in 2020, the fall in aggregate profits does not capture the wide dispersion in operating results that occurred inside the market. While 2020 EPS growth was negative for the overall index and the median stock,the actual level of profits was positive... But not for every company.In fact,1082 firms or 37% of the constituents in the Russell 3000 posted negative net income in 2020 (i.e., a loss or negative EPS), and 21% posted negative EBITDA.\nGetting even more granular (and apologizing to George Orwell), Kostin then notes that all companies with losses are equal, but some are more equal than others. Some firms reported negative earnings in 2020 because the pandemic and economic shutdown disrupted their business and crushed their revenues.But in other instances, the Goldman strategist points out that \"companies grew sales so rapidly that top-line was the focus of investors and bottom-line losses were ignored.\"Indeed, consider that across all non-Financial US stocks with at least $50 million in revenues, \"those with negative earnings and declining revenues in 2020 returned a median of -18% last year. In contrast, stocks with negative earnings and growing revenues returned +51%.\"\nRecently, however, improving economic growth prospects from vaccination rollout and pending fiscal stimulus coupled with rising rates have moved firms that struggled most in 2020 into pole position so far in 2021.The cyclical and virus-affected firms withnegative earnings and falling sales in 2020 have generated a median YTD return of +22%, outperforming the +10% return of the median stock that posted a loss but grew sales last year.Unsurprisingly, these cyclical stocks have been positively correlated with both nominal and real interest rates. In contrast,the ultra long-duration stocks have been negatively correlated with interest rates given they generate no earnings today and their valuations depend entirely on future growth prospects.Cyclicals also carry far lower valuations, with a median EV/2022 sales ratio of 2x vs. 6x for the median negative earner with positive sales growth.\nPutting it all together, Kostin concludes that \"looking forward, investors must balance the appeal of promising businesses with the risk that rates rise further and the recent rotation continues.\"The list of non-profitable companies that makes up GOldman's Non-Profitable Tech basket is shown below:\nAnd although secular growth stocks may remain the most appealing investments on a long-term horizon, Goldman believes thatthose stocks will underperform more cyclical firms in the short-term if economic acceleration and inflation continue to lift interest rates.\nWhich brings us to the other side of the table: thechart below shows the Russell 1000 firms from each sector with the shortest implied equity durations that have outperformed sector peers during the past two weeks as rates rose and are expected to grow revenues in 2021. The median stock trades at a P/E ratio of 19x and has returned 7% YTD compared with 22x and 2% for the Russell 1000 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