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Vilianty

Vilianty

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2021-06-06

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U.S. IPO Week Ahead: Digital Payments, Mental Health Services, And More In A Diverse 8 IPO<blockquote>未来一周的美国IPO：多元化的8次IPO中的数字支付、心理健康服务等</blockquote>

2021-05-21

Ok

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2021-05-13

Like and comment thanks!

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2021-05-20

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2021-08-23

Ok

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2021-08-08

Ok

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2021-07-04

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Why high-quality, trustworthy companies have beaten the S&P 500 by 30%-50%<blockquote>为什么高质量、值得信赖的公司击败了标普500 30%-50%</blockquote>

2021-06-27

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2021-05-26

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In 2008, he was CEO of the biggest bank to ever fail. He's worried about another crisis<blockquote>2008年，他是有史以来倒闭的最大银行的首席执行官。他担心另一场危机</blockquote>

2021-04-05

Good.

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2021-04-04

Yes

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2021-08-31

Ok

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2021-06-08

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2021-04-16

Yes, like and comment

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2021-03-29

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2021-03-28

Well.

Zhihu Technology fall on its first day of trading<blockquote>知乎科技上市首日下跌</blockquote>

2021-11-26

Ok

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2021-07-21

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2021-06-26

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2021-04-06

Yes

Opinion: Financial crises get triggered about every 10 years — Archegos might be right on time<blockquote>观点：金融危机大约每10年就会引发一次——Archegos可能准时出现</blockquote>

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11:43","market":"us","language":"en","title":"Why Rivian Stock Crashed Today<blockquote>为什么Rivian股票今天暴跌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1162173930","media":"Motley Fool","summary":"What happened\nShares of Rivian Automotive fell on Friday, following the release of the electric vehi","content":"<p>What happened</p><p><blockquote>发生了什么</blockquote></p><p> Shares of&nbsp;<a href=\"https://laohu8.com/S/RIVN\"><b>Rivian Automotive</b></a>&nbsp;fell on Friday, following the release of the electric vehicle (EV) upstart's first quarterly results as a public company.</p><p><blockquote>本公司之股份<a href=\"https://laohu8.com/S/RIVN\"><b>Rivian汽车</b></a>在这家电动汽车（EV）新贵发布作为上市公司的第一个季度业绩后，周五股价下跌。</blockquote></p><p> As of 1:50 p.m. ET, Rivian's stock price was down more than 10%.</p><p><blockquote>截至下午1:50美国东部时间，Rivian股价下跌超过10%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/76d82e7c5d5ddddfda620c82df2c2d35\" tg-width=\"971\" tg-height=\"643\" width=\"100%\" height=\"auto\">So what</p><p><blockquote>那又怎样</blockquote></p><p> The EV maker delivered the first of its R1T pickup trucks and R1S sport utility vehicles in September and December, respectively. Demand for Rivian's electric vehicles has been strong. Preorders for the R1T climbed to 71,000 as of Dec. 15, up from roughly 48,000 on Sept. 30.</p><p><blockquote>这家电动汽车制造商分别于9月和12月交付了第一批R1T皮卡车和R1S运动型多用途车。对Rivian电动汽车的需求一直很强劲。截至12月15日，R1T的预订量从9月30日的约48,000份攀升至71,000份。</blockquote></p><p> \"We continue to observe a lot of excitement for our brand,\" the company said in a letter to shareholders.</p><p><blockquote>该公司在致股东的一封信中表示：“我们继续观察到我们的品牌令人兴奋。”</blockquote></p><p> However, Rivian is dealing with some supply chain challenges. Management, in turn, expects to fall \"a few hundred vehicles short\" of its production target of 1,200 vehicles in 2021.</p><p><blockquote>然而，Rivian正在应对一些供应链挑战。管理层则预计2021年将比1,200辆的产量目标“少几百辆”。</blockquote></p><p> Moreover, Rivian's losses are mounting as it spends aggressively to ramp up its manufacturing capacity. The company generated an operating loss of $776 million in the third quarter.</p><p><blockquote>此外，随着Rivian大举提高制造能力，其亏损也在不断增加。该公司第三季度营业亏损7.76亿美元。</blockquote></p><p> Now what</p><p><blockquote>现在怎么办</blockquote></p><p> CEO RJ Scaringe said Rivian's supply chain bottlenecks are \"solvable problems\" and unlikely to persist. The EV maker plans to invest $5 billion to develop a manufacturing facility in Georgia. Construction is slated to start in mid-2022, while production is targeted to begin in 2024. The new plant is expected to produce up to 400,000 vehicles per year once it's fully operational.</p><p><blockquote>首席执行官RJ Scaringe表示，Rivian的供应链瓶颈是“可以解决的问题”，不太可能持续下去。这家电动汽车制造商计划投资50亿美元在佐治亚州开发一家制造工厂。建设计划于2022年中期开始，生产计划于2024年开始。新工厂全面投入运营后，预计每年可生产多达40万辆汽车。</blockquote></p><p> \"We're happy to partner with Georgia on our new manufacturing site, which will build our next generation of products that are important for scaling our business,\" Rivian Chief People Officer Helen Russell said in a statement.</p><p><blockquote>Rivian首席人力官Helen Russell在一份声明中表示：“我们很高兴与佐治亚州在我们的新制造基地合作，这将生产我们的下一代产品，这对于扩大我们的业务规模非常重要。”</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 Rivian Stock Crashed Today<blockquote>为什么Rivian股票今天暴跌</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 Rivian Stock Crashed Today<blockquote>为什么Rivian股票今天暴跌</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\">2021-12-18 11:43</span>\n</p>\n</h4>\n</header>\n<article>\n<p>What happened</p><p><blockquote>发生了什么</blockquote></p><p> Shares of&nbsp;<a href=\"https://laohu8.com/S/RIVN\"><b>Rivian Automotive</b></a>&nbsp;fell on Friday, following the release of the electric vehicle (EV) upstart's first quarterly results as a public company.</p><p><blockquote>本公司之股份<a href=\"https://laohu8.com/S/RIVN\"><b>Rivian汽车</b></a>在这家电动汽车（EV）新贵发布作为上市公司的第一个季度业绩后，周五股价下跌。</blockquote></p><p> As of 1:50 p.m. ET, Rivian's stock price was down more than 10%.</p><p><blockquote>截至下午1:50美国东部时间，Rivian股价下跌超过10%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/76d82e7c5d5ddddfda620c82df2c2d35\" tg-width=\"971\" tg-height=\"643\" width=\"100%\" height=\"auto\">So what</p><p><blockquote>那又怎样</blockquote></p><p> The EV maker delivered the first of its R1T pickup trucks and R1S sport utility vehicles in September and December, respectively. Demand for Rivian's electric vehicles has been strong. Preorders for the R1T climbed to 71,000 as of Dec. 15, up from roughly 48,000 on Sept. 30.</p><p><blockquote>这家电动汽车制造商分别于9月和12月交付了第一批R1T皮卡车和R1S运动型多用途车。对Rivian电动汽车的需求一直很强劲。截至12月15日，R1T的预订量从9月30日的约48,000份攀升至71,000份。</blockquote></p><p> \"We continue to observe a lot of excitement for our brand,\" the company said in a letter to shareholders.</p><p><blockquote>该公司在致股东的一封信中表示：“我们继续观察到我们的品牌令人兴奋。”</blockquote></p><p> However, Rivian is dealing with some supply chain challenges. Management, in turn, expects to fall \"a few hundred vehicles short\" of its production target of 1,200 vehicles in 2021.</p><p><blockquote>然而，Rivian正在应对一些供应链挑战。管理层则预计2021年将比1,200辆的产量目标“少几百辆”。</blockquote></p><p> Moreover, Rivian's losses are mounting as it spends aggressively to ramp up its manufacturing capacity. The company generated an operating loss of $776 million in the third quarter.</p><p><blockquote>此外，随着Rivian大举提高制造能力，其亏损也在不断增加。该公司第三季度营业亏损7.76亿美元。</blockquote></p><p> Now what</p><p><blockquote>现在怎么办</blockquote></p><p> CEO RJ Scaringe said Rivian's supply chain bottlenecks are \"solvable problems\" and unlikely to persist. The EV maker plans to invest $5 billion to develop a manufacturing facility in Georgia. Construction is slated to start in mid-2022, while production is targeted to begin in 2024. The new plant is expected to produce up to 400,000 vehicles per year once it's fully operational.</p><p><blockquote>首席执行官RJ Scaringe表示，Rivian的供应链瓶颈是“可以解决的问题”，不太可能持续下去。这家电动汽车制造商计划投资50亿美元在佐治亚州开发一家制造工厂。建设计划于2022年中期开始，生产计划于2024年开始。新工厂全面投入运营后，预计每年可生产多达40万辆汽车。</blockquote></p><p> \"We're happy to partner with Georgia on our new manufacturing site, which will build our next generation of products that are important for scaling our business,\" Rivian Chief People Officer Helen Russell said in a statement.</p><p><blockquote>Rivian首席人力官Helen Russell在一份声明中表示：“我们很高兴与佐治亚州在我们的新制造基地合作，这将生产我们的下一代产品，这对于扩大我们的业务规模非常重要。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/12/17/why-rivian-stock-crashed-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":{"RIVN":"Rivian Automotive, Inc."},"source_url":"https://www.fool.com/investing/2021/12/17/why-rivian-stock-crashed-today/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1162173930","content_text":"What happened\nShares of Rivian Automotive fell on Friday, following the release of the electric vehicle (EV) upstart's first quarterly results as a public company.\nAs of 1:50 p.m. ET, Rivian's stock price was down more than 10%.\nSo what\nThe EV maker delivered the first of its R1T pickup trucks and R1S sport utility vehicles in September and December, respectively. Demand for Rivian's electric vehicles has been strong. Preorders for the R1T climbed to 71,000 as of Dec. 15, up from roughly 48,000 on Sept. 30.\n\"We continue to observe a lot of excitement for our brand,\" the company said in a letter to shareholders.\nHowever, Rivian is dealing with some supply chain challenges. Management, in turn, expects to fall \"a few hundred vehicles short\" of its production target of 1,200 vehicles in 2021.\nMoreover, Rivian's losses are mounting as it spends aggressively to ramp up its manufacturing capacity. The company generated an operating loss of $776 million in the third quarter.\nNow what\nCEO RJ Scaringe said Rivian's supply chain bottlenecks are \"solvable problems\" and unlikely to persist. The EV maker plans to invest $5 billion to develop a manufacturing facility in Georgia. Construction is slated to start in mid-2022, while production is targeted to begin in 2024. The new plant is expected to produce up to 400,000 vehicles per year once it's fully operational.\n\"We're happy to partner with Georgia on our new manufacturing site, which will build our next generation of products that are important for scaling our business,\" Rivian Chief People Officer Helen Russell said in a statement.","news_type":1,"symbols_score_info":{"RIVN":0.9}},"isVote":1,"tweetType":1,"viewCount":2656,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":699060726,"gmtCreate":1639723616763,"gmtModify":1639723617132,"author":{"id":"3571889549699411","authorId":"3571889549699411","name":"Vilianty","avatar":"https://static.tigerbbs.com/5108b9bca44d22aa3390fdceb93735cf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571889549699411","idStr":"3571889549699411"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/699060726","repostId":"1126764958","repostType":4,"repost":{"id":"1126764958","kind":"news","pubTimestamp":1639722029,"share":"https://www.laohu8.com/m/news/1126764958?lang=zh_CN&edition=full","pubTime":"2021-12-17 14:20","market":"us","language":"en","title":"Will Tesla Reach a Trillion-Dollar Valuation Again?<blockquote>特斯拉会再次达到万亿美元估值吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1126764958","media":"Investopedia","summary":"Tesla is no longer a trillion-dollar company, and investors are asking themselves whether it will regain entry to that exclusive club.Tesla's route to a trillion-dollar valuation was a relatively short one, driven by a global policy push and investor enthusiasm for an electric vehicle future.Many analysts are betting that continued improvement in business fundamentals and a ramp-up of manufacturing capabilities could help Tesla regain its previous sky-high valuation.The market capitalization of ","content":"<p><b>KEY TAKEAWAYS</b></p><p><blockquote><b>关键要点</b></blockquote></p><p> <ul>  <li>Tesla is no longer a trillion-dollar company, and investors are asking themselves whether it will regain entry to that exclusive club.</li>  <li>Tesla's route to a trillion-dollar valuation was a relatively short one, driven by a global policy push and investor enthusiasm for an electric vehicle future.</li>  <li>Many analysts are betting that continued improvement in business fundamentals and a ramp-up of manufacturing capabilities could help Tesla regain its previous sky-high valuation.</li> </ul> The&nbsp;market capitalization&nbsp;of electric car maker Tesla, Inc. (TSLA), which accelerated to $1 trillion in October, fell below that mark on Monday, continuing an erratic downward slide that began last month.</p><p><blockquote><ul><li>特斯拉不再是一家价值万亿美元的公司，投资者正在问自己，它是否会重新进入这个专属俱乐部。</li><li>在全球政策推动和投资者对电动汽车未来的热情的推动下，特斯拉达到万亿美元估值的道路相对较短。</li><li>许多分析师押注，业务基本面的持续改善和制造能力的增强可能会帮助特斯拉恢复此前的天价估值。</li></ul>电动汽车制造商特斯拉(TSLA)的市值在10月份加速至1万亿美元，但周一跌破这一大关，延续了上个月开始的不稳定下滑。</blockquote></p><p> For investors betting on an electric vehicle future dominated by Tesla, the company's share price performance might have come as a rude awakening after turbo-charged pandemic gains for the stock. They may be asking themselves whether Tesla can rebound and become a trillion-dollar company again.</p><p><blockquote>对于押注特斯拉主导的电动汽车未来的投资者来说，该公司的股价表现可能是在该股因疫情而大幅上涨后猛然醒悟。他们可能在问自己，特斯拉能否反弹，再次成为万亿美元的公司。</blockquote></p><p> <b>Why Has Tesla Stock Declined?</b></p><p><blockquote><b>特斯拉股价为何下跌？</b></blockquote></p><p> The company's route to a trillion-dollar valuation has been a relatively short one; it has become the second-fastest company to achieve that distinction after Meta Platforms, Inc. (FB).&nbsp;But the drop has been equally precipitous.</p><p><blockquote>该公司通往万亿美元估值的道路相对较短；它已成为继Meta Platforms，Inc.(FB)之后第二快实现这一殊荣的公司。但下降幅度同样急剧。</blockquote></p><p> In the past five days, Tesla's shares have declined by 10.3%. As of this writing, the car maker's shares are changing hands at $942.08, down 2% from the start of trading. The company's total market capitalization is $946.67 billion as of this writing and continues to decline.</p><p><blockquote>过去五天，特斯拉股价下跌10.3%。截至撰写本文时，该汽车制造商的股价易手价格为942.08美元，较交易开始时下跌2%。截至撰写本文时，该公司的总市值为9466.7亿美元，并且还在继续下降。</blockquote></p><p> Pressure on Tesla's share price had been building for some time. Many analysts believe that the stock's valuation is inflated.Even with the recent slump in their price, the company's shares have a trailing&nbsp;price-to-earnings (P/E) ratio&nbsp;of 307.86. Peers like the General Motors Company (GM) and Ford Motor Company (F) have P/E ratios of 7.64 and 27.44, respectively, even though they sell more cars.</p><p><blockquote>一段时间以来，特斯拉股价面临的压力一直在增加。许多分析师认为该股估值被夸大了。尽管最近价格暴跌，该公司股票的历史市盈率(P/E)仍为307.86。通用汽车公司(GM)和福特汽车公司(F)等同行的市盈率分别为7.64和27.44，尽管它们销售了更多汽车。</blockquote></p><p> Another factor contributing to Tesla's recent descent is the&nbsp;exercise of stock options&nbsp;by its CEO and co-founder Elon Musk. The bulk sale has contributed to the stock's downward pressure, according to analysts. Musk's most recent sale was on Monday, Dec. 13, when he sold 934,091 shares for roughly $906.5 million.He has sold $2.87 billion worth of stock so far in December after selling $9.85 billion worth of stock in November.</p><p><blockquote>导致特斯拉近期下跌的另一个因素是其首席执行官兼联合创始人Elon Musk行使股票期权。分析师表示，大宗抛售加剧了该股的下行压力。马斯克最近一次出售是在12月13日星期一，当时他以约9.065亿美元的价格出售了934,091股股票。在11月份出售了价值98.5亿美元的股票后，他在12月份迄今已出售了价值28.7亿美元的股票。</blockquote></p><p> Macroeconomic factors are also responsible for Tesla’s fall. The markets fell into a swoon&nbsp;due to concerns over&nbsp;Fed&nbsp;interest rate&nbsp;decision. A decision to raise interest rates by the agency could adversely affect stocks with inflated valuations because it could trigger an outflow of capital away from risky markets toward instruments and equities with safer returns.</p><p><blockquote>宏观经济因素也是特斯拉下跌的原因。由于对美联储利率决定的担忧，市场陷入低迷。该机构加息的决定可能会对估值过高的股票产生不利影响，因为这可能会引发资本从风险市场流向回报更安全的工具和股票。</blockquote></p><p> <b>Will Tesla Rebound?</b></p><p><blockquote><b>特斯拉会反弹吗？</b></blockquote></p><p> While the stock's&nbsp;fundamentals&nbsp;may have gone askew in equity markets during the pandemic, the company's business became stronger. It established new manufacturing facilities in Austin and Berlin. The Shanghai facility, inaugurated in January 2020, surpassed Fremont, California, in manufacturing capacity and became a hub for export of cars to Europe. The company also made advances in its self-driving experiments and developed new battery chemistry.</p><p><blockquote>尽管该股的基本面在疫情期间可能在股市上出现了偏差，但该公司的业务变得更加强劲。它在奥斯汀和柏林建立了新的制造工厂。上海工厂于2020年1月落成，其制造能力超过了加州弗里蒙特，成为向欧洲出口汽车的中心。该公司还在自动驾驶实验方面取得了进展，并开发了新的电池化学物质。</blockquote></p><p> Coupled with a global policy push toward green cars, analysts are betting on sustained improvement in business fundamentals for the company to keep its long-term story intact. Wedbush Securities analyst Dan Ives has put a&nbsp;price target&nbsp;of $1,400 on Tesla's stock. According to Ives, a \"green tidal wave\" will result in a $5 trillion market opportunity over the next decade, and Tesla will lead the way in the market.</p><p><blockquote>再加上全球政策对绿色汽车的推动，分析师押注该公司业务基本面的持续改善，以保持其长期故事的完整。Wedbush Securities分析师Dan Ives将特斯拉股票的目标价定为1,400美元。根据Ives的说法，“绿色浪潮”将在未来十年带来5万亿美元的市场机会，而特斯拉将在市场中处于领先地位。</blockquote></p><p> Ives joins Jefferies Group analyst Philippe Houchois, who raised his price target for Tesla to $1,400 from $950 due to an \"acceleration of self-funded growth in Q3 and un-heard-of returns at a brand rice point moving towards volume segments.\" According to Houchois, Tesla is more \"scaled up\" as compared to most&nbsp;original equipment manufacturers&nbsp;(OEMs) and \"in position to Legacy zero-sum-game into a negative one.\" Meanwhile, Morgan Stanley's Adam Jonas, a noted Tesla bull, has a price target of $1,200 for Tesla stock.</p><p><blockquote>Ives加入了杰富瑞集团(Jefferies Group)分析师Philippe Houchois的行列，后者将特斯拉的目标股价从950美元上调至1,400美元，原因是“第三季度自筹资金增长加速，以及品牌rice point向销量细分市场迈进的前所未有的回报”。Houchois表示，与大多数原始设备制造商(OEM)相比，特斯拉更加“规模化”，并且“有能力将零和游戏转变为负游戏”。与此同时，著名的特斯拉多头摩根斯坦利的Adam Jonas将特斯拉股票的目标价定为1,200美元。</blockquote></p><p></p>","source":"lsy1606203311635","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWill Tesla Reach a Trillion-Dollar Valuation Again?<blockquote>特斯拉会再次达到万亿美元估值吗？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Investopedia</strong><span class=\"h-time small\">2021-12-17 14:20</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>KEY TAKEAWAYS</b></p><p><blockquote><b>关键要点</b></blockquote></p><p> <ul>  <li>Tesla is no longer a trillion-dollar company, and investors are asking themselves whether it will regain entry to that exclusive club.</li>  <li>Tesla's route to a trillion-dollar valuation was a relatively short one, driven by a global policy push and investor enthusiasm for an electric vehicle future.</li>  <li>Many analysts are betting that continued improvement in business fundamentals and a ramp-up of manufacturing capabilities could help Tesla regain its previous sky-high valuation.</li> </ul> The&nbsp;market capitalization&nbsp;of electric car maker Tesla, Inc. (TSLA), which accelerated to $1 trillion in October, fell below that mark on Monday, continuing an erratic downward slide that began last month.</p><p><blockquote><ul><li>特斯拉不再是一家价值万亿美元的公司，投资者正在问自己，它是否会重新进入这个专属俱乐部。</li><li>在全球政策推动和投资者对电动汽车未来的热情的推动下，特斯拉达到万亿美元估值的道路相对较短。</li><li>许多分析师押注，业务基本面的持续改善和制造能力的增强可能会帮助特斯拉恢复此前的天价估值。</li></ul>电动汽车制造商特斯拉(TSLA)的市值在10月份加速至1万亿美元，但周一跌破这一大关，延续了上个月开始的不稳定下滑。</blockquote></p><p> For investors betting on an electric vehicle future dominated by Tesla, the company's share price performance might have come as a rude awakening after turbo-charged pandemic gains for the stock. They may be asking themselves whether Tesla can rebound and become a trillion-dollar company again.</p><p><blockquote>对于押注特斯拉主导的电动汽车未来的投资者来说，该公司的股价表现可能是在该股因疫情而大幅上涨后猛然醒悟。他们可能在问自己，特斯拉能否反弹，再次成为万亿美元的公司。</blockquote></p><p> <b>Why Has Tesla Stock Declined?</b></p><p><blockquote><b>特斯拉股价为何下跌？</b></blockquote></p><p> The company's route to a trillion-dollar valuation has been a relatively short one; it has become the second-fastest company to achieve that distinction after Meta Platforms, Inc. (FB).&nbsp;But the drop has been equally precipitous.</p><p><blockquote>该公司通往万亿美元估值的道路相对较短；它已成为继Meta Platforms，Inc.(FB)之后第二快实现这一殊荣的公司。但下降幅度同样急剧。</blockquote></p><p> In the past five days, Tesla's shares have declined by 10.3%. As of this writing, the car maker's shares are changing hands at $942.08, down 2% from the start of trading. The company's total market capitalization is $946.67 billion as of this writing and continues to decline.</p><p><blockquote>过去五天，特斯拉股价下跌10.3%。截至撰写本文时，该汽车制造商的股价易手价格为942.08美元，较交易开始时下跌2%。截至撰写本文时，该公司的总市值为9466.7亿美元，并且还在继续下降。</blockquote></p><p> Pressure on Tesla's share price had been building for some time. Many analysts believe that the stock's valuation is inflated.Even with the recent slump in their price, the company's shares have a trailing&nbsp;price-to-earnings (P/E) ratio&nbsp;of 307.86. Peers like the General Motors Company (GM) and Ford Motor Company (F) have P/E ratios of 7.64 and 27.44, respectively, even though they sell more cars.</p><p><blockquote>一段时间以来，特斯拉股价面临的压力一直在增加。许多分析师认为该股估值被夸大了。尽管最近价格暴跌，该公司股票的历史市盈率(P/E)仍为307.86。通用汽车公司(GM)和福特汽车公司(F)等同行的市盈率分别为7.64和27.44，尽管它们销售了更多汽车。</blockquote></p><p> Another factor contributing to Tesla's recent descent is the&nbsp;exercise of stock options&nbsp;by its CEO and co-founder Elon Musk. The bulk sale has contributed to the stock's downward pressure, according to analysts. Musk's most recent sale was on Monday, Dec. 13, when he sold 934,091 shares for roughly $906.5 million.He has sold $2.87 billion worth of stock so far in December after selling $9.85 billion worth of stock in November.</p><p><blockquote>导致特斯拉近期下跌的另一个因素是其首席执行官兼联合创始人Elon Musk行使股票期权。分析师表示，大宗抛售加剧了该股的下行压力。马斯克最近一次出售是在12月13日星期一，当时他以约9.065亿美元的价格出售了934,091股股票。在11月份出售了价值98.5亿美元的股票后，他在12月份迄今已出售了价值28.7亿美元的股票。</blockquote></p><p> Macroeconomic factors are also responsible for Tesla’s fall. The markets fell into a swoon&nbsp;due to concerns over&nbsp;Fed&nbsp;interest rate&nbsp;decision. A decision to raise interest rates by the agency could adversely affect stocks with inflated valuations because it could trigger an outflow of capital away from risky markets toward instruments and equities with safer returns.</p><p><blockquote>宏观经济因素也是特斯拉下跌的原因。由于对美联储利率决定的担忧，市场陷入低迷。该机构加息的决定可能会对估值过高的股票产生不利影响，因为这可能会引发资本从风险市场流向回报更安全的工具和股票。</blockquote></p><p> <b>Will Tesla Rebound?</b></p><p><blockquote><b>特斯拉会反弹吗？</b></blockquote></p><p> While the stock's&nbsp;fundamentals&nbsp;may have gone askew in equity markets during the pandemic, the company's business became stronger. It established new manufacturing facilities in Austin and Berlin. The Shanghai facility, inaugurated in January 2020, surpassed Fremont, California, in manufacturing capacity and became a hub for export of cars to Europe. The company also made advances in its self-driving experiments and developed new battery chemistry.</p><p><blockquote>尽管该股的基本面在疫情期间可能在股市上出现了偏差，但该公司的业务变得更加强劲。它在奥斯汀和柏林建立了新的制造工厂。上海工厂于2020年1月落成，其制造能力超过了加州弗里蒙特，成为向欧洲出口汽车的中心。该公司还在自动驾驶实验方面取得了进展，并开发了新的电池化学物质。</blockquote></p><p> Coupled with a global policy push toward green cars, analysts are betting on sustained improvement in business fundamentals for the company to keep its long-term story intact. Wedbush Securities analyst Dan Ives has put a&nbsp;price target&nbsp;of $1,400 on Tesla's stock. According to Ives, a \"green tidal wave\" will result in a $5 trillion market opportunity over the next decade, and Tesla will lead the way in the market.</p><p><blockquote>再加上全球政策对绿色汽车的推动，分析师押注该公司业务基本面的持续改善，以保持其长期故事的完整。Wedbush Securities分析师Dan Ives将特斯拉股票的目标价定为1,400美元。根据Ives的说法，“绿色浪潮”将在未来十年带来5万亿美元的市场机会，而特斯拉将在市场中处于领先地位。</blockquote></p><p> Ives joins Jefferies Group analyst Philippe Houchois, who raised his price target for Tesla to $1,400 from $950 due to an \"acceleration of self-funded growth in Q3 and un-heard-of returns at a brand rice point moving towards volume segments.\" According to Houchois, Tesla is more \"scaled up\" as compared to most&nbsp;original equipment manufacturers&nbsp;(OEMs) and \"in position to Legacy zero-sum-game into a negative one.\" Meanwhile, Morgan Stanley's Adam Jonas, a noted Tesla bull, has a price target of $1,200 for Tesla stock.</p><p><blockquote>Ives加入了杰富瑞集团(Jefferies Group)分析师Philippe Houchois的行列，后者将特斯拉的目标股价从950美元上调至1,400美元，原因是“第三季度自筹资金增长加速，以及品牌rice point向销量细分市场迈进的前所未有的回报”。Houchois表示，与大多数原始设备制造商(OEM)相比，特斯拉更加“规模化”，并且“有能力将零和游戏转变为负游戏”。与此同时，著名的特斯拉多头摩根斯坦利的Adam Jonas将特斯拉股票的目标价定为1,200美元。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.investopedia.com/will-tesla-reach-trillion-dollar-valuation-again-5213309\">Investopedia</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.investopedia.com/will-tesla-reach-trillion-dollar-valuation-again-5213309","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1126764958","content_text":"KEY TAKEAWAYS\n\nTesla is no longer a trillion-dollar company, and investors are asking themselves whether it will regain entry to that exclusive club.\nTesla's route to a trillion-dollar valuation was a relatively short one, driven by a global policy push and investor enthusiasm for an electric vehicle future.\nMany analysts are betting that continued improvement in business fundamentals and a ramp-up of manufacturing capabilities could help Tesla regain its previous sky-high valuation.\n\nThe market capitalization of electric car maker Tesla, Inc. (TSLA), which accelerated to $1 trillion in October, fell below that mark on Monday, continuing an erratic downward slide that began last month.\nFor investors betting on an electric vehicle future dominated by Tesla, the company's share price performance might have come as a rude awakening after turbo-charged pandemic gains for the stock. They may be asking themselves whether Tesla can rebound and become a trillion-dollar company again.\nWhy Has Tesla Stock Declined?\nThe company's route to a trillion-dollar valuation has been a relatively short one; it has become the second-fastest company to achieve that distinction after Meta Platforms, Inc. (FB). But the drop has been equally precipitous.\nIn the past five days, Tesla's shares have declined by 10.3%. As of this writing, the car maker's shares are changing hands at $942.08, down 2% from the start of trading. The company's total market capitalization is $946.67 billion as of this writing and continues to decline.\nPressure on Tesla's share price had been building for some time. Many analysts believe that the stock's valuation is inflated.Even with the recent slump in their price, the company's shares have a trailing price-to-earnings (P/E) ratio of 307.86. Peers like the General Motors Company (GM) and Ford Motor Company (F) have P/E ratios of 7.64 and 27.44, respectively, even though they sell more cars.\nAnother factor contributing to Tesla's recent descent is the exercise of stock options by its CEO and co-founder Elon Musk. The bulk sale has contributed to the stock's downward pressure, according to analysts. Musk's most recent sale was on Monday, Dec. 13, when he sold 934,091 shares for roughly $906.5 million.He has sold $2.87 billion worth of stock so far in December after selling $9.85 billion worth of stock in November.\nMacroeconomic factors are also responsible for Tesla’s fall. The markets fell into a swoon due to concerns over Fed interest rate decision. A decision to raise interest rates by the agency could adversely affect stocks with inflated valuations because it could trigger an outflow of capital away from risky markets toward instruments and equities with safer returns.\nWill Tesla Rebound?\nWhile the stock's fundamentals may have gone askew in equity markets during the pandemic, the company's business became stronger. It established new manufacturing facilities in Austin and Berlin. The Shanghai facility, inaugurated in January 2020, surpassed Fremont, California, in manufacturing capacity and became a hub for export of cars to Europe. The company also made advances in its self-driving experiments and developed new battery chemistry.\nCoupled with a global policy push toward green cars, analysts are betting on sustained improvement in business fundamentals for the company to keep its long-term story intact. Wedbush Securities analyst Dan Ives has put a price target of $1,400 on Tesla's stock. According to Ives, a \"green tidal wave\" will result in a $5 trillion market opportunity over the next decade, and Tesla will lead the way in the market.\nIves joins Jefferies Group analyst Philippe Houchois, who raised his price target for Tesla to $1,400 from $950 due to an \"acceleration of self-funded growth in Q3 and un-heard-of returns at a brand rice point moving towards volume segments.\" According to Houchois, Tesla is more \"scaled up\" as compared to most original equipment manufacturers (OEMs) and \"in position to Legacy zero-sum-game into a negative one.\" Meanwhile, Morgan Stanley's Adam Jonas, a noted Tesla bull, has a price target of $1,200 for Tesla stock.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":3052,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":690124115,"gmtCreate":1639648448444,"gmtModify":1639648448837,"author":{"id":"3571889549699411","authorId":"3571889549699411","name":"Vilianty","avatar":"https://static.tigerbbs.com/5108b9bca44d22aa3390fdceb93735cf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571889549699411","idStr":"3571889549699411"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/690124115","repostId":"1124607703","repostType":4,"repost":{"id":"1124607703","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1639646570,"share":"https://www.laohu8.com/m/news/1124607703?lang=zh_CN&edition=full","pubTime":"2021-12-16 17:22","market":"us","language":"en","title":"Trip.com jumped over 4% in premarket trading as its revenue achieved 5.3 billion yuan in the third quarter<blockquote>携程网盘前交易上涨逾4%，第三季度营收达53亿元</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1124607703","media":"Tiger Newspress","summary":"Trip.com jumped over 4% in premarket trading as its revenue achieved 5.3 billion yuan in the third q","content":"<p>Trip.com jumped over 4% in premarket trading as its revenue achieved 5.3 billion yuan in the third quarter.<img src=\"https://static.tigerbbs.com/53c1005b67645f756e2c1dfbde1a2276\" tg-width=\"771\" tg-height=\"563\" width=\"100%\" height=\"auto\">According to the financial report, the revenue in the third quarter was 5.3 billion yuan. In terms of business, the income from accommodation booking was 2.2 billion yuan, the income from transportation ticketing was 1.8 billion yuan, the income from tourism and vacation was 392 million yuan, and the income from business travel management was 338 million yuan. </p><p><blockquote>携程网第三季度营收达到53亿元人民币，盘前交易股价上涨超过4%。财报显示，第三季度营收53亿元。分业务看，住宿预订收入22亿元，交通票务收入18亿元，旅游度假收入3.92亿元，商旅管理收入3.38亿元。</blockquote></p><p> The adjusted EBITDA (profit before tax, interest, depreciation and amortization) is 537 million yuan, and the adjusted EBITDA profit rate is 10%.</p><p><blockquote>调整后EBITDA（税息折旧摊销前利润）为5.37亿元，调整后EBITDA利润率为10%。</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>Trip.com jumped over 4% in premarket trading as its revenue achieved 5.3 billion yuan in the third quarter<blockquote>携程网盘前交易上涨逾4%，第三季度营收达53亿元</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTrip.com jumped over 4% in premarket trading as its revenue achieved 5.3 billion yuan in the third quarter<blockquote>携程网盘前交易上涨逾4%，第三季度营收达53亿元</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-12-16 17:22</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Trip.com jumped over 4% in premarket trading as its revenue achieved 5.3 billion yuan in the third quarter.<img src=\"https://static.tigerbbs.com/53c1005b67645f756e2c1dfbde1a2276\" tg-width=\"771\" tg-height=\"563\" width=\"100%\" height=\"auto\">According to the financial report, the revenue in the third quarter was 5.3 billion yuan. In terms of business, the income from accommodation booking was 2.2 billion yuan, the income from transportation ticketing was 1.8 billion yuan, the income from tourism and vacation was 392 million yuan, and the income from business travel management was 338 million yuan. </p><p><blockquote>携程网第三季度营收达到53亿元人民币，盘前交易股价上涨超过4%。财报显示，第三季度营收53亿元。分业务看，住宿预订收入22亿元，交通票务收入18亿元，旅游度假收入3.92亿元，商旅管理收入3.38亿元。</blockquote></p><p> The adjusted EBITDA (profit before tax, interest, depreciation and amortization) is 537 million yuan, and the adjusted EBITDA profit rate is 10%.</p><p><blockquote>调整后EBITDA（税息折旧摊销前利润）为5.37亿元，调整后EBITDA利润率为10%。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TCOM":"携程网"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1124607703","content_text":"Trip.com jumped over 4% in premarket trading as its revenue achieved 5.3 billion yuan in the third quarter.According to the financial report, the revenue in the third quarter was 5.3 billion yuan. In terms of business, the income from accommodation booking was 2.2 billion yuan, the income from transportation ticketing was 1.8 billion yuan, the income from tourism and vacation was 392 million yuan, and the income from business travel management was 338 million yuan. \nThe adjusted EBITDA (profit before tax, interest, depreciation and amortization) is 537 million yuan, and the adjusted EBITDA profit rate is 10%.","news_type":1,"symbols_score_info":{"TCOM":0.9}},"isVote":1,"tweetType":1,"viewCount":2606,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":607694536,"gmtCreate":1639530986974,"gmtModify":1639530987362,"author":{"id":"3571889549699411","authorId":"3571889549699411","name":"Vilianty","avatar":"https://static.tigerbbs.com/5108b9bca44d22aa3390fdceb93735cf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571889549699411","idStr":"3571889549699411"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/607694536","repostId":"1127951705","repostType":4,"repost":{"id":"1127951705","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1639527737,"share":"https://www.laohu8.com/m/news/1127951705?lang=zh_CN&edition=full","pubTime":"2021-12-15 08:22","market":"us","language":"en","title":"Over 25% Of Nio Option Flows Are Expiring Friday: Will It Bounce?<blockquote>超过25%的蔚来期权流量将于周五到期：会反弹吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1127951705","media":"Benzinga","summary":"What Happened:Shares of NIO Inc lost 4% Tuesday as many U.S. and Asian stocks fell due to omicron CO","content":"<p><b>What Happened:</b>Shares of&nbsp;<b>NIO Inc</b>&nbsp;lost 4% Tuesday&nbsp;as many U.S. and Asian stocks fell due to omicron COVID-19 variant concerns.</p><p><blockquote><b>发生了什么：</b>本公司之股份<b>蔚来公司</b>由于对奥密克戎COVID-19变种的担忧，许多美国和亚洲股市下跌，周二下跌4%。</blockquote></p><p> The stock is approaching a major support level around $30 that has held since October of 2020.&nbsp;Looking at the option flows on the day, there are over 148,000 calls and 71,000 puts, so two out of every three&nbsp;options&nbsp;on the day are calls (image below).</p><p><blockquote>该股正在接近自2020年10月以来一直保持的30美元左右的主要支撑位。从当天的期权流向来看，有超过148,000份评级和71,000份看跌期权，因此当天每三份期权中就有两份是评级（下图）。</blockquote></p><p> Prior to Tuesday's trading, there were approximately 1.8 million calls and 1.6 million puts in NIO for a total of 3.48 million options.</p><p><blockquote>在周二交易之前，蔚来约有180万份评级和160万份看跌期权，总计348万份期权。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/1829707a572d0f5331bc22fb8bb77d2e\" tg-width=\"1023\" tg-height=\"279\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> This means that the option flows for Tuesday&nbsp;represent about 7% of the total options, which is solid considering the FOMC meeting on Wednesday, Dec. 15 is putting a damper on flows.</p><p><blockquote>这意味着周二的期权流量约占期权总量的7%，考虑到12月15日周三的FOMC会议抑制了流量，这一数字是可靠的。</blockquote></p><p> <b>Why It Matters:</b>Generally traders do not make aggressive bets ahead of a&nbsp;FOMC, meeting, especially the last one of the year, which could set the tone for trading in 2022.</p><p><blockquote><b>为什么重要：</b>一般来说，交易者不会在FOMC会议之前进行激进的押注，尤其是今年的最后一次会议，这可能会为2022年的交易定下基调。</blockquote></p><p> Of the approximately 219,000 options traded today, only about 60,000 of them are short dated (expiring Friday, Dec. 17), which means the majority of flows are forward looking beyond the FOMC and monthly op-ex.</p><p><blockquote>在今天交易的约219,000份期权中，只有约60,000份是短期期权（将于12月17日星期五到期），这意味着大多数流量都是前瞻性的，超出了FOMC和月度op-ex。</blockquote></p><p> The next largest option expiry by volume is the Jan.&nbsp;21 op-ex, which means a strong amount of traders are taking bullish bets on Nio&nbsp;into next year.</p><p><blockquote>按交易量计算，下一个最大的期权到期日是1月21日的op-ex，这意味着大量交易者在明年对蔚来进行看涨押注。</blockquote></p><p> <b>What's Next:</b>Looking at the option chain for the Jan. 21 expiry next year, the largest strikes by volume are concentrated between the $35 and $40 strikes (image below).</p><p><blockquote><b>下一步是什么：</b>从明年1月21日到期的期权链来看，交易量最大的行使价集中在35美元至40美元之间（如下图）。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/747fa367be175f2627d9a91fd7542fac\" tg-width=\"1117\" tg-height=\"399\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Meanwhile, the largest strikes by open interest are the $40 and $45 strikes, which shows a fair amount of interest for a bounce off support and a move back up into the $40s.</p><p><blockquote>与此同时，未平仓合约的最大罢工是40美元和45美元，这表明人们对从支撑位反弹并回升至40美元的兴趣相当大。</blockquote></p><p> It should be noted the option market is currently pricing in a 14% probability NIO closes at or above $40 by the January op-ex next year, so it's currently a lower probability event.</p><p><blockquote>应该指出的是，期权市场目前定价蔚来在明年1月交易前收盘价为40美元或以上的可能性为14%，因此目前这是一个较低概率的事件。</blockquote></p><p> But if the $30 level can hold for this week&nbsp;and there is no hawkishness out of the Fed for the FOMC on Dec. 15, then equities might get a Christmas rally to end the year, as the bearish pressure leading into the FOMC could subside.</p><p><blockquote>但如果本周能够守住30美元的水平，并且美联储在12月15日没有对FOMC采取鹰派态度，那么股市可能会在年底出现圣诞节反弹，因为FOMC的看跌压力可能会消退。</blockquote></p><p> On the other hand, if the stock closes below the $30 level on a weekly closing basis, then the next support does not come in until&nbsp;around $25.</p><p><blockquote>另一方面，如果该股每周收盘价低于30美元，那么下一个支撑位要到25美元左右才会出现。</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>Over 25% Of Nio Option Flows Are Expiring Friday: Will It Bounce?<blockquote>超过25%的蔚来期权流量将于周五到期：会反弹吗？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nOver 25% Of Nio Option Flows Are Expiring Friday: Will It Bounce?<blockquote>超过25%的蔚来期权流量将于周五到期：会反弹吗？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga </p>\n<p class=\"h-time smaller\">2021-12-15 08:22</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p><b>What Happened:</b>Shares of&nbsp;<b>NIO Inc</b>&nbsp;lost 4% Tuesday&nbsp;as many U.S. and Asian stocks fell due to omicron COVID-19 variant concerns.</p><p><blockquote><b>发生了什么：</b>本公司之股份<b>蔚来公司</b>由于对奥密克戎COVID-19变种的担忧，许多美国和亚洲股市下跌，周二下跌4%。</blockquote></p><p> The stock is approaching a major support level around $30 that has held since October of 2020.&nbsp;Looking at the option flows on the day, there are over 148,000 calls and 71,000 puts, so two out of every three&nbsp;options&nbsp;on the day are calls (image below).</p><p><blockquote>该股正在接近自2020年10月以来一直保持的30美元左右的主要支撑位。从当天的期权流向来看，有超过148,000份评级和71,000份看跌期权，因此当天每三份期权中就有两份是评级（下图）。</blockquote></p><p> Prior to Tuesday's trading, there were approximately 1.8 million calls and 1.6 million puts in NIO for a total of 3.48 million options.</p><p><blockquote>在周二交易之前，蔚来约有180万份评级和160万份看跌期权，总计348万份期权。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/1829707a572d0f5331bc22fb8bb77d2e\" tg-width=\"1023\" tg-height=\"279\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> This means that the option flows for Tuesday&nbsp;represent about 7% of the total options, which is solid considering the FOMC meeting on Wednesday, Dec. 15 is putting a damper on flows.</p><p><blockquote>这意味着周二的期权流量约占期权总量的7%，考虑到12月15日周三的FOMC会议抑制了流量，这一数字是可靠的。</blockquote></p><p> <b>Why It Matters:</b>Generally traders do not make aggressive bets ahead of a&nbsp;FOMC, meeting, especially the last one of the year, which could set the tone for trading in 2022.</p><p><blockquote><b>为什么重要：</b>一般来说，交易者不会在FOMC会议之前进行激进的押注，尤其是今年的最后一次会议，这可能会为2022年的交易定下基调。</blockquote></p><p> Of the approximately 219,000 options traded today, only about 60,000 of them are short dated (expiring Friday, Dec. 17), which means the majority of flows are forward looking beyond the FOMC and monthly op-ex.</p><p><blockquote>在今天交易的约219,000份期权中，只有约60,000份是短期期权（将于12月17日星期五到期），这意味着大多数流量都是前瞻性的，超出了FOMC和月度op-ex。</blockquote></p><p> The next largest option expiry by volume is the Jan.&nbsp;21 op-ex, which means a strong amount of traders are taking bullish bets on Nio&nbsp;into next year.</p><p><blockquote>按交易量计算，下一个最大的期权到期日是1月21日的op-ex，这意味着大量交易者在明年对蔚来进行看涨押注。</blockquote></p><p> <b>What's Next:</b>Looking at the option chain for the Jan. 21 expiry next year, the largest strikes by volume are concentrated between the $35 and $40 strikes (image below).</p><p><blockquote><b>下一步是什么：</b>从明年1月21日到期的期权链来看，交易量最大的行使价集中在35美元至40美元之间（如下图）。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/747fa367be175f2627d9a91fd7542fac\" tg-width=\"1117\" tg-height=\"399\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Meanwhile, the largest strikes by open interest are the $40 and $45 strikes, which shows a fair amount of interest for a bounce off support and a move back up into the $40s.</p><p><blockquote>与此同时，未平仓合约的最大罢工是40美元和45美元，这表明人们对从支撑位反弹并回升至40美元的兴趣相当大。</blockquote></p><p> It should be noted the option market is currently pricing in a 14% probability NIO closes at or above $40 by the January op-ex next year, so it's currently a lower probability event.</p><p><blockquote>应该指出的是，期权市场目前定价蔚来在明年1月交易前收盘价为40美元或以上的可能性为14%，因此目前这是一个较低概率的事件。</blockquote></p><p> But if the $30 level can hold for this week&nbsp;and there is no hawkishness out of the Fed for the FOMC on Dec. 15, then equities might get a Christmas rally to end the year, as the bearish pressure leading into the FOMC could subside.</p><p><blockquote>但如果本周能够守住30美元的水平，并且美联储在12月15日没有对FOMC采取鹰派态度，那么股市可能会在年底出现圣诞节反弹，因为FOMC的看跌压力可能会消退。</blockquote></p><p> On the other hand, if the stock closes below the $30 level on a weekly closing basis, then the next support does not come in until&nbsp;around $25.</p><p><blockquote>另一方面，如果该股每周收盘价低于30美元，那么下一个支撑位要到25美元左右才会出现。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NIO":"蔚来"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1127951705","content_text":"What Happened:Shares of NIO Inc lost 4% Tuesday as many U.S. and Asian stocks fell due to omicron COVID-19 variant concerns.\nThe stock is approaching a major support level around $30 that has held since October of 2020. Looking at the option flows on the day, there are over 148,000 calls and 71,000 puts, so two out of every three options on the day are calls (image below).\nPrior to Tuesday's trading, there were approximately 1.8 million calls and 1.6 million puts in NIO for a total of 3.48 million options.\n\nThis means that the option flows for Tuesday represent about 7% of the total options, which is solid considering the FOMC meeting on Wednesday, Dec. 15 is putting a damper on flows.\nWhy It Matters:Generally traders do not make aggressive bets ahead of a FOMC, meeting, especially the last one of the year, which could set the tone for trading in 2022.\nOf the approximately 219,000 options traded today, only about 60,000 of them are short dated (expiring Friday, Dec. 17), which means the majority of flows are forward looking beyond the FOMC and monthly op-ex.\nThe next largest option expiry by volume is the Jan. 21 op-ex, which means a strong amount of traders are taking bullish bets on Nio into next year.\nWhat's Next:Looking at the option chain for the Jan. 21 expiry next year, the largest strikes by volume are concentrated between the $35 and $40 strikes (image below).\n\nMeanwhile, the largest strikes by open interest are the $40 and $45 strikes, which shows a fair amount of interest for a bounce off support and a move back up into the $40s.\nIt should be noted the option market is currently pricing in a 14% probability NIO closes at or above $40 by the January op-ex next year, so it's currently a lower probability event.\nBut if the $30 level can hold for this week and there is no hawkishness out of the Fed for the FOMC on Dec. 15, then equities might get a Christmas rally to end the year, as the bearish pressure leading into the FOMC could subside.\nOn the other hand, if the stock closes below the $30 level on a weekly closing basis, then the next support does not come in until around $25.","news_type":1,"symbols_score_info":{"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":2418,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":607925265,"gmtCreate":1639477692878,"gmtModify":1639477693259,"author":{"id":"3571889549699411","authorId":"3571889549699411","name":"Vilianty","avatar":"https://static.tigerbbs.com/5108b9bca44d22aa3390fdceb93735cf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571889549699411","idStr":"3571889549699411"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/607925265","repostId":"1166160424","repostType":4,"repost":{"id":"1166160424","kind":"news","pubTimestamp":1639474922,"share":"https://www.laohu8.com/m/news/1166160424?lang=zh_CN&edition=full","pubTime":"2021-12-14 17:42","market":"us","language":"en","title":"Elon Musk Says SpaceX Plans To Extract Carbon Dioxide From Atmosphere And Use As Rocket Fuel, Invites Talent<blockquote>埃隆·马斯克表示SpaceX计划从大气中提取二氧化碳并用作火箭燃料，邀请人才</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1166160424","media":"Benzinga","summary":"Tesla Inc CEO ElonMusk-owned SpaceX has a plan to draw carbon dioxide from the earth’s atmosphere an","content":"<p><div> Tesla Inc CEO ElonMusk-owned SpaceX has a plan to draw carbon dioxide from the earth’s atmosphere and use it as rocket fuel. What Happened: Musk tweeted to his 66.3 million followers on Monday about ...</p><p><blockquote><div>特斯拉首席执行官埃隆·马斯克(ElonMusk)旗下的SpaceX计划从地球大气层中提取二氧化碳，并将其用作火箭燃料。发生了什么：马斯克周一在推特上向他的6630万粉丝讲述了...</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/news/21/12/24586641/elon-musk-says-spacex-plans-to-extract-carbon-dioxide-from-atmosphere-and-use-as-rocket-fuel-invites\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/news/21/12/24586641/elon-musk-says-spacex-plans-to-extract-carbon-dioxide-from-atmosphere-and-use-as-rocket-fuel-invites\">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>Elon Musk Says SpaceX Plans To Extract Carbon Dioxide From Atmosphere And Use As Rocket Fuel, Invites Talent<blockquote>埃隆·马斯克表示SpaceX计划从大气中提取二氧化碳并用作火箭燃料，邀请人才</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\">\nElon Musk Says SpaceX Plans To Extract Carbon Dioxide From Atmosphere And Use As Rocket Fuel, Invites Talent<blockquote>埃隆·马斯克表示SpaceX计划从大气中提取二氧化碳并用作火箭燃料，邀请人才</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Benzinga</strong><span class=\"h-time small\">2021-12-14 17:42</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> Tesla Inc CEO ElonMusk-owned SpaceX has a plan to draw carbon dioxide from the earth’s atmosphere and use it as rocket fuel. What Happened: Musk tweeted to his 66.3 million followers on Monday about ...</p><p><blockquote><div>特斯拉首席执行官埃隆·马斯克(ElonMusk)旗下的SpaceX计划从地球大气层中提取二氧化碳，并将其用作火箭燃料。发生了什么：马斯克周一在推特上向他的6630万粉丝讲述了...</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/news/21/12/24586641/elon-musk-says-spacex-plans-to-extract-carbon-dioxide-from-atmosphere-and-use-as-rocket-fuel-invites\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/news/21/12/24586641/elon-musk-says-spacex-plans-to-extract-carbon-dioxide-from-atmosphere-and-use-as-rocket-fuel-invites\">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/21/12/24586641/elon-musk-says-spacex-plans-to-extract-carbon-dioxide-from-atmosphere-and-use-as-rocket-fuel-invites\">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":{"TSLA":"特斯拉"},"source_url":"https://www.benzinga.com/news/21/12/24586641/elon-musk-says-spacex-plans-to-extract-carbon-dioxide-from-atmosphere-and-use-as-rocket-fuel-invites","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1166160424","content_text":"Tesla Inc CEO ElonMusk-owned SpaceX has a plan to draw carbon dioxide from the earth’s atmosphere and use it as rocket fuel.\nWhat Happened: Musk tweeted to his 66.3 million followers on Monday about the new program and invited those interested to join the company.Musk later added that the program would be important for Mars, without revealing more details.\nWhy It Matters: Billionaire Musk dreams of colonizing Mars and founded SpaceX with the mission to make humanity multi-planetary. He has in the past said he remains “highly confident” that SpaceX would land humans on Mars by 2026.\nMusk had in July said SpaceX is developing a fully-reusable Starship that can deliver a payload of around 150 tonnes to low Earth Orbit and about 250 tonnes when expendable.\nSpaceX aims for Starship to replace its existing rockets — Falcon 9, Falcon Heavy, and Dragon 2 — and be able to carry much more mass into orbit.\nThe ambitious transportation system can also carry humanity to the moon, Mars and make interplanetary travel possible.\nThe Starship system was selected in April to assist NASA with its Artemis moon-landing program.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":2272,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":604675487,"gmtCreate":1639395544749,"gmtModify":1639395545158,"author":{"id":"3571889549699411","authorId":"3571889549699411","name":"Vilianty","avatar":"https://static.tigerbbs.com/5108b9bca44d22aa3390fdceb93735cf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571889549699411","idStr":"3571889549699411"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/604675487","repostId":"1149966115","repostType":4,"isVote":1,"tweetType":1,"viewCount":2844,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":605841753,"gmtCreate":1639148043531,"gmtModify":1639148100791,"author":{"id":"3571889549699411","authorId":"3571889549699411","name":"Vilianty","avatar":"https://static.tigerbbs.com/5108b9bca44d22aa3390fdceb93735cf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571889549699411","idStr":"3571889549699411"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/605841753","repostId":"1112170047","repostType":4,"repost":{"id":"1112170047","kind":"news","pubTimestamp":1639145272,"share":"https://www.laohu8.com/m/news/1112170047?lang=zh_CN&edition=full","pubTime":"2021-12-10 22:07","market":"us","language":"en","title":"Here Are the Cheapest Stocks in Each Sector of the S&P 500<blockquote>以下是标普500每个板块中最便宜的股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1112170047","media":"Barrons","summary":"The S&P 500 continues to trade at the very high end of its historical valuation range, even after a ","content":"<p>The&nbsp;S&amp;P 500&nbsp;continues to trade at the very high end of its historical valuation range, even after a rocky November.</p><p><blockquote>即使在经历了动荡的11月之后，标准普尔500指数仍继续处于历史估值区间的高端。</blockquote></p><p> The index goes for about 21 times Wall Street analysts’ consensus estimates for 2022 per-share earnings, with sectors like technology and consumer discretionary going for well above that multiple. Other groups, like energy or financials, are available for much cheaper valuations.</p><p><blockquote>该指数的涨幅约为华尔街分析师对2022年每股收益普遍预期的21倍，其中科技和非必需消费品等行业的涨幅远高于这一倍数。能源或金融等其他类别的估值要便宜得多。</blockquote></p><p> But there are inexpensive stocks in all 11 S&amp;P 500 sectors. Like a basketball player who is always open, there might be a good reason for many of those discounts. Just as opposing teams are sometimes better off concentrating their defense elsewhere on the court, some companies’ stocks can be cheap for a reason. Their growth may be scarce, or one-time factors could be distorting expected 2022 results.</p><p><blockquote>但标普500所有11个行业都有廉价股票。就像一个总是开放的篮球运动员一样，这些折扣可能有一个很好的理由。正如对方球队有时最好将防守集中在球场的其他地方一样，一些公司的股票便宜是有原因的。它们的增长可能很少，或者一次性因素可能会扭曲2022年的预期业绩。</blockquote></p><p> Periodically surveying the market for the biggest valuation outliers can still be a good starting point for further analysis. Here are the three cheapest stocks in all 11 S&amp;P 500 sectors:</p><p><blockquote>定期调查市场中最大的估值异常值仍然是进一步分析的良好起点。以下是标普500所有11个行业中最便宜的三只股票：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/8e71b28f070e8af15d7a7960625e7bd9\" tg-width=\"1127\" tg-height=\"550\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/dde0405e86833ecd15f41f0f07092bc9\" tg-width=\"1131\" tg-height=\"544\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/61ae8debc1031d09a2333225bd3aa8e5\" tg-width=\"1125\" tg-height=\"547\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ec7bb6903b6df0bb4cc2bf2720212d3a\" tg-width=\"1135\" tg-height=\"265\" referrerpolicy=\"no-referrer\"><span>*P/2022E FFO. Source: Bloomberg, FactSet</span></p><p><blockquote><p class=\"t-img-caption\"><span>*P/2022E FFO。资料来源：彭博社、FactSet</span></p></blockquote></p><p> The S&amp;P 500 consumer discretionary sector is the priciest group in the index, going for more than 33 times expected 2022 earnings. The presence of high-multiple stocks Tesla (ticker: TSLA) and&nbsp;Amazon.com&nbsp;(AMZN) is responsible for a good chunk of that. Those two make up a combined 40% of the sector’s market cap, and go for 121 times and 68 times 2022 forecast earnings, respectively.</p><p><blockquote>标普500非必需消费品行业是该指数中价格最高的类别，其2022年预期市盈率超过33倍。高市盈率股票特斯拉（股票代码：TSLA）和亚马逊的存在是其中的很大一部分原因。这两者合计占该行业市值的40%，分别是2022年预测市盈率的121倍和68倍。</blockquote></p><p> On the other end of the valuation spectrum in the sector are three U.S. homebuilding stocks:PulteGroup&nbsp;(PHM),D.R. Horton&nbsp;(DHI), and&nbsp;Lennar&nbsp;(LEN). Those trade for less than 8 times 2022 expected earnings.</p><p><blockquote>该行业估值范围的另一端是三只美国住宅建筑股票：PulteGroup(PHM)、D.R.霍顿（DHI）和伦纳（LEN）。这些交易的市盈率不到2022年预期市盈率的8倍。</blockquote></p><p> The U.S. housing market has been enjoying a pandemic boom: Prices are at or near record highs in many regions, the supply of homes for sale is tight, and homebuilders’ profits are booming. Investors, however, don’t seem to expect that to last forever.</p><p><blockquote>美国房地产市场一直在享受疫情的繁荣：许多地区的价格处于或接近历史新高，待售房屋供应紧张，房屋建筑商的利润正在蓬勃发展。然而，投资者似乎并不认为这种情况会永远持续下去。</blockquote></p><p> PulteGroup, D.R. Horton, and Lennar’s cheap valuations demonstrate what tends to happen to stocks of companies with cyclical end markets: Multiples contract toward the top of the cycle, because investors worry that things are as good as they’re going to get and the current level of earnings won’t be sustainable.</p><p><blockquote>普尔特集团。霍顿和莱纳的廉价估值表明了具有周期性终端市场的公司的股票往往会发生什么：市盈率在周期顶部收缩，因为投资者担心情况会像他们将要得到的那样好，而目前的水平收益将是不可持续的。</blockquote></p><p> A recent <i>Barron’s</i> cover story made the case for why the current housing boom could have legs, including the millennial generation aging into their home-buying years and a shortage of houses built since the financial crisis over a decade ago. Home builders’ cheap valuations make for an interesting entry point.</p><p><blockquote>最近的<i>巴伦周刊</i>封面故事解释了为什么当前的房地产繁荣会持续下去，包括千禧一代进入购房年龄，以及自十多年前金融危机以来建造的房屋短缺。房屋建筑商的廉价估值是一个有趣的切入点。</blockquote></p><p> Technology stocks as a group are at 28 times next year’s estimated profits, while the sector’s cheapest stock—Western Digital&nbsp;(WDC)—goes for just 6.8 times. Cyclicality is behind that discount once again.</p><p><blockquote>科技股整体的市盈率是明年预期利润的28倍，而该行业最便宜的股票西部数据(WDC)的市盈率仅为6.8倍。周期性再次成为折扣背后的原因。</blockquote></p><p> Western Digital operates in the highly cyclical memory chip market—periods of intense demand and high sales tend to be followed by slumps of oversupply and weaker pricing. A pandemic-era work-from-home boost to demand for computers, smartphones, and cloud infrastructure has kept inventories low and pricing high for Western Digital’s products. Investors know that won’t always be the case.</p><p><blockquote>西部数据在高度周期性的存储芯片市场中运营——需求旺盛和销售旺盛的时期往往会出现供应过剩和定价疲软的情况。大流行时代在家工作对计算机、智能手机和云基础设施需求的提振，使得西部数据产品的库存保持在低位，价格保持在高位。投资者知道情况并非总是如此。</blockquote></p><p> In the S&amp;P 500’s cheapest sector, energy, APA (APA),Coterra Energy&nbsp;(CTRA), and&nbsp;Diamondback Energy&nbsp;(FANG) are the three cheapest stocks. The group as a whole goes for just over 11 times next year’s forecasted earnings, and its three cheapest members—all U.S. shale oil or gas producers—trade for between 5 and 7 times. Investors are clearly worried about the future of fossil fuels as the world moves toward renewable energy, and won’t pay up for oil and gas stocks.</p><p><blockquote>在标普500最便宜的能源板块中，APA(APA)、Coterra Energy(CTRA)和Diamondback Energy(FANG)是最便宜的三只股票。该集团整体的市盈率略高于明年预期市盈率的11倍，其三个最便宜的成员（均为美国页岩油或天然气生产商）的市盈率在5至7倍之间。随着世界转向可再生能源，投资者显然担心化石燃料的未来，并且不会为石油和天然气股票买单。</blockquote></p><p> Other particularly cheap S&amp;P 500 stocks can be found in the healthcare sector. A pair of recent pharma-company spinoffs—Viatris&nbsp;(VTRS), jettisoned from&nbsp;Pfizer&nbsp;(PFE) last year and merged with Mylan, and Organon (OGN), excised from Merck (MRK) last summer—trade for the lowest valuations in the entire index. Spinoffs in general haven’t done well lately, and the brand-new stocks with generic-sounding names are likely under the radar for investors that don’t focus on healthcare specifically. <i>Barron’s</i> is more bullish on Organon than Viatris.</p><p><blockquote>其他特别便宜的标普500股票可以在医疗保健行业找到。最近的两家制药公司分拆公司——去年从辉瑞(PFE)剥离并与迈兰合并的Viatris(VTRS)和去年夏天从默克(MRK)剥离的Organon(OGN)——的估值在整个指数中最低。总体而言，分拆最近表现不佳，对于不专门关注医疗保健的投资者来说，名字听起来很普通的全新股票可能会受到关注。<i>巴伦周刊</i>比Viatris更看好Organon。</blockquote></p><p></p><p> The two cheapest stocks in the S&amp;P 500 communications services sector are also in the midst of major M&amp;A:AT&amp;T&nbsp;(T) and Discovery (DISCA). Both trade for close to 7.5 next year’s expected earnings, versus their sector’s average of 20.8 times. AT&amp;T will spin off its WarnerMedia subsidiary around the middle of next year and merge it with Discovery, returning the storied American company to its telecom roots. Both companies will have much to prove, and many investors may be waiting until the transactions close next year to pick their pure-play bet: streaming entertainment via Discovery, or wired and wireless telecommunications services via AT&amp;T.</p><p><blockquote>标普500通信服务行业中最便宜的两只股票也处于重大并购之中：AT&amp;T(T)和Discovery(DISCA)。两家公司明年预期市盈率接近7.5倍，而该行业的平均市盈率为20.8倍。AT&amp;T将在明年年中左右剥离其WarnerMedia子公司，并将其与Discovery合并，让这家传奇的美国公司回归其电信根源。两家公司都有很多东西需要证明，许多投资者可能会等到明年交易结束后才选择他们的纯粹赌注：通过Discovery提供流媒体娱乐，或者通过AT&amp;T提供有线和无线电信服务。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Here Are the Cheapest Stocks in Each Sector of the S&P 500<blockquote>以下是标普500每个板块中最便宜的股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHere Are the Cheapest Stocks in Each Sector of the S&P 500<blockquote>以下是标普500每个板块中最便宜的股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-12-10 22:07</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The&nbsp;S&amp;P 500&nbsp;continues to trade at the very high end of its historical valuation range, even after a rocky November.</p><p><blockquote>即使在经历了动荡的11月之后，标准普尔500指数仍继续处于历史估值区间的高端。</blockquote></p><p> The index goes for about 21 times Wall Street analysts’ consensus estimates for 2022 per-share earnings, with sectors like technology and consumer discretionary going for well above that multiple. Other groups, like energy or financials, are available for much cheaper valuations.</p><p><blockquote>该指数的涨幅约为华尔街分析师对2022年每股收益普遍预期的21倍，其中科技和非必需消费品等行业的涨幅远高于这一倍数。能源或金融等其他类别的估值要便宜得多。</blockquote></p><p> But there are inexpensive stocks in all 11 S&amp;P 500 sectors. Like a basketball player who is always open, there might be a good reason for many of those discounts. Just as opposing teams are sometimes better off concentrating their defense elsewhere on the court, some companies’ stocks can be cheap for a reason. Their growth may be scarce, or one-time factors could be distorting expected 2022 results.</p><p><blockquote>但标普500所有11个行业都有廉价股票。就像一个总是开放的篮球运动员一样，这些折扣可能有一个很好的理由。正如对方球队有时最好将防守集中在球场的其他地方一样，一些公司的股票便宜是有原因的。它们的增长可能很少，或者一次性因素可能会扭曲2022年的预期业绩。</blockquote></p><p> Periodically surveying the market for the biggest valuation outliers can still be a good starting point for further analysis. Here are the three cheapest stocks in all 11 S&amp;P 500 sectors:</p><p><blockquote>定期调查市场中最大的估值异常值仍然是进一步分析的良好起点。以下是标普500所有11个行业中最便宜的三只股票：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/8e71b28f070e8af15d7a7960625e7bd9\" tg-width=\"1127\" tg-height=\"550\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/dde0405e86833ecd15f41f0f07092bc9\" tg-width=\"1131\" tg-height=\"544\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/61ae8debc1031d09a2333225bd3aa8e5\" tg-width=\"1125\" tg-height=\"547\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ec7bb6903b6df0bb4cc2bf2720212d3a\" tg-width=\"1135\" tg-height=\"265\" referrerpolicy=\"no-referrer\"><span>*P/2022E FFO. Source: Bloomberg, FactSet</span></p><p><blockquote><p class=\"t-img-caption\"><span>*P/2022E FFO。资料来源：彭博社、FactSet</span></p></blockquote></p><p> The S&amp;P 500 consumer discretionary sector is the priciest group in the index, going for more than 33 times expected 2022 earnings. The presence of high-multiple stocks Tesla (ticker: TSLA) and&nbsp;Amazon.com&nbsp;(AMZN) is responsible for a good chunk of that. Those two make up a combined 40% of the sector’s market cap, and go for 121 times and 68 times 2022 forecast earnings, respectively.</p><p><blockquote>标普500非必需消费品行业是该指数中价格最高的类别，其2022年预期市盈率超过33倍。高市盈率股票特斯拉（股票代码：TSLA）和亚马逊的存在是其中的很大一部分原因。这两者合计占该行业市值的40%，分别是2022年预测市盈率的121倍和68倍。</blockquote></p><p> On the other end of the valuation spectrum in the sector are three U.S. homebuilding stocks:PulteGroup&nbsp;(PHM),D.R. Horton&nbsp;(DHI), and&nbsp;Lennar&nbsp;(LEN). Those trade for less than 8 times 2022 expected earnings.</p><p><blockquote>该行业估值范围的另一端是三只美国住宅建筑股票：PulteGroup(PHM)、D.R.霍顿（DHI）和伦纳（LEN）。这些交易的市盈率不到2022年预期市盈率的8倍。</blockquote></p><p> The U.S. housing market has been enjoying a pandemic boom: Prices are at or near record highs in many regions, the supply of homes for sale is tight, and homebuilders’ profits are booming. Investors, however, don’t seem to expect that to last forever.</p><p><blockquote>美国房地产市场一直在享受疫情的繁荣：许多地区的价格处于或接近历史新高，待售房屋供应紧张，房屋建筑商的利润正在蓬勃发展。然而，投资者似乎并不认为这种情况会永远持续下去。</blockquote></p><p> PulteGroup, D.R. Horton, and Lennar’s cheap valuations demonstrate what tends to happen to stocks of companies with cyclical end markets: Multiples contract toward the top of the cycle, because investors worry that things are as good as they’re going to get and the current level of earnings won’t be sustainable.</p><p><blockquote>普尔特集团。霍顿和莱纳的廉价估值表明了具有周期性终端市场的公司的股票往往会发生什么：市盈率在周期顶部收缩，因为投资者担心情况会像他们将要得到的那样好，而目前的水平收益将是不可持续的。</blockquote></p><p> A recent <i>Barron’s</i> cover story made the case for why the current housing boom could have legs, including the millennial generation aging into their home-buying years and a shortage of houses built since the financial crisis over a decade ago. Home builders’ cheap valuations make for an interesting entry point.</p><p><blockquote>最近的<i>巴伦周刊</i>封面故事解释了为什么当前的房地产繁荣会持续下去，包括千禧一代进入购房年龄，以及自十多年前金融危机以来建造的房屋短缺。房屋建筑商的廉价估值是一个有趣的切入点。</blockquote></p><p> Technology stocks as a group are at 28 times next year’s estimated profits, while the sector’s cheapest stock—Western Digital&nbsp;(WDC)—goes for just 6.8 times. Cyclicality is behind that discount once again.</p><p><blockquote>科技股整体的市盈率是明年预期利润的28倍，而该行业最便宜的股票西部数据(WDC)的市盈率仅为6.8倍。周期性再次成为折扣背后的原因。</blockquote></p><p> Western Digital operates in the highly cyclical memory chip market—periods of intense demand and high sales tend to be followed by slumps of oversupply and weaker pricing. A pandemic-era work-from-home boost to demand for computers, smartphones, and cloud infrastructure has kept inventories low and pricing high for Western Digital’s products. Investors know that won’t always be the case.</p><p><blockquote>西部数据在高度周期性的存储芯片市场中运营——需求旺盛和销售旺盛的时期往往会出现供应过剩和定价疲软的情况。大流行时代在家工作对计算机、智能手机和云基础设施需求的提振，使得西部数据产品的库存保持在低位，价格保持在高位。投资者知道情况并非总是如此。</blockquote></p><p> In the S&amp;P 500’s cheapest sector, energy, APA (APA),Coterra Energy&nbsp;(CTRA), and&nbsp;Diamondback Energy&nbsp;(FANG) are the three cheapest stocks. The group as a whole goes for just over 11 times next year’s forecasted earnings, and its three cheapest members—all U.S. shale oil or gas producers—trade for between 5 and 7 times. Investors are clearly worried about the future of fossil fuels as the world moves toward renewable energy, and won’t pay up for oil and gas stocks.</p><p><blockquote>在标普500最便宜的能源板块中，APA(APA)、Coterra Energy(CTRA)和Diamondback Energy(FANG)是最便宜的三只股票。该集团整体的市盈率略高于明年预期市盈率的11倍，其三个最便宜的成员（均为美国页岩油或天然气生产商）的市盈率在5至7倍之间。随着世界转向可再生能源，投资者显然担心化石燃料的未来，并且不会为石油和天然气股票买单。</blockquote></p><p> Other particularly cheap S&amp;P 500 stocks can be found in the healthcare sector. A pair of recent pharma-company spinoffs—Viatris&nbsp;(VTRS), jettisoned from&nbsp;Pfizer&nbsp;(PFE) last year and merged with Mylan, and Organon (OGN), excised from Merck (MRK) last summer—trade for the lowest valuations in the entire index. Spinoffs in general haven’t done well lately, and the brand-new stocks with generic-sounding names are likely under the radar for investors that don’t focus on healthcare specifically. <i>Barron’s</i> is more bullish on Organon than Viatris.</p><p><blockquote>其他特别便宜的标普500股票可以在医疗保健行业找到。最近的两家制药公司分拆公司——去年从辉瑞(PFE)剥离并与迈兰合并的Viatris(VTRS)和去年夏天从默克(MRK)剥离的Organon(OGN)——的估值在整个指数中最低。总体而言，分拆最近表现不佳，对于不专门关注医疗保健的投资者来说，名字听起来很普通的全新股票可能会受到关注。<i>巴伦周刊</i>比Viatris更看好Organon。</blockquote></p><p></p><p> The two cheapest stocks in the S&amp;P 500 communications services sector are also in the midst of major M&amp;A:AT&amp;T&nbsp;(T) and Discovery (DISCA). Both trade for close to 7.5 next year’s expected earnings, versus their sector’s average of 20.8 times. AT&amp;T will spin off its WarnerMedia subsidiary around the middle of next year and merge it with Discovery, returning the storied American company to its telecom roots. Both companies will have much to prove, and many investors may be waiting until the transactions close next year to pick their pure-play bet: streaming entertainment via Discovery, or wired and wireless telecommunications services via AT&amp;T.</p><p><blockquote>标普500通信服务行业中最便宜的两只股票也处于重大并购之中：AT&amp;T(T)和Discovery(DISCA)。两家公司明年预期市盈率接近7.5倍，而该行业的平均市盈率为20.8倍。AT&amp;T将在明年年中左右剥离其WarnerMedia子公司，并将其与Discovery合并，让这家传奇的美国公司回归其电信根源。两家公司都有很多东西需要证明，许多投资者可能会等到明年交易结束后才选择他们的纯粹赌注：通过Discovery提供流媒体娱乐，或者通过AT&amp;T提供有线和无线电信服务。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/cheap-sp500-stocks-sector-51639090794?mod=hp_LATEST\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CBRE":"世邦魏理仕","TAP":"莫库酒业","VNO":"沃那多房信","WU":"西联汇款","WBA":"沃尔格林联合博姿","OGN":"Organon & Co","CF":"CF工业","DISCA":"探索传播","HPE":"慧与科技","SPG":"西蒙地产","APA":"阿帕契","LEN":"莱纳建筑公司","IVZ":"美国景顺集团","WDC":"西部数据","VTRS":"Viatris Inc.","DAL":"达美航空","DHI":"霍顿房屋","PHM":"普得集团","LYB":"利安德巴塞尔","MOS":"美国美盛","LUMN":"Lumen Technologies","EIX":"爱迪生国际","SRE":"桑普拉能源","BMY":"施贵宝","T":"At&T","COF":"第一资本","ALK":"阿拉斯加航空集团有限公司","CMI":"康明斯","LNC":"林肯国民","CTRA":"Coterra Energy Inc.","NRG":"NRG能源","FANG":"Diamondback Energy","MO":"奥驰亚"},"source_url":"https://www.barrons.com/articles/cheap-sp500-stocks-sector-51639090794?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1112170047","content_text":"The S&P 500 continues to trade at the very high end of its historical valuation range, even after a rocky November.\nThe index goes for about 21 times Wall Street analysts’ consensus estimates for 2022 per-share earnings, with sectors like technology and consumer discretionary going for well above that multiple. Other groups, like energy or financials, are available for much cheaper valuations.\nBut there are inexpensive stocks in all 11 S&P 500 sectors. Like a basketball player who is always open, there might be a good reason for many of those discounts. Just as opposing teams are sometimes better off concentrating their defense elsewhere on the court, some companies’ stocks can be cheap for a reason. Their growth may be scarce, or one-time factors could be distorting expected 2022 results.\nPeriodically surveying the market for the biggest valuation outliers can still be a good starting point for further analysis. Here are the three cheapest stocks in all 11 S&P 500 sectors:\n\n*P/2022E FFO. Source: Bloomberg, FactSet\nThe S&P 500 consumer discretionary sector is the priciest group in the index, going for more than 33 times expected 2022 earnings. The presence of high-multiple stocks Tesla (ticker: TSLA) and Amazon.com (AMZN) is responsible for a good chunk of that. Those two make up a combined 40% of the sector’s market cap, and go for 121 times and 68 times 2022 forecast earnings, respectively.\nOn the other end of the valuation spectrum in the sector are three U.S. homebuilding stocks:PulteGroup (PHM),D.R. Horton (DHI), and Lennar (LEN). Those trade for less than 8 times 2022 expected earnings.\nThe U.S. housing market has been enjoying a pandemic boom: Prices are at or near record highs in many regions, the supply of homes for sale is tight, and homebuilders’ profits are booming. Investors, however, don’t seem to expect that to last forever.\nPulteGroup, D.R. Horton, and Lennar’s cheap valuations demonstrate what tends to happen to stocks of companies with cyclical end markets: Multiples contract toward the top of the cycle, because investors worry that things are as good as they’re going to get and the current level of earnings won’t be sustainable.\nA recent Barron’s cover story made the case for why the current housing boom could have legs, including the millennial generation aging into their home-buying years and a shortage of houses built since the financial crisis over a decade ago. Home builders’ cheap valuations make for an interesting entry point.\nTechnology stocks as a group are at 28 times next year’s estimated profits, while the sector’s cheapest stock—Western Digital (WDC)—goes for just 6.8 times. Cyclicality is behind that discount once again.\nWestern Digital operates in the highly cyclical memory chip market—periods of intense demand and high sales tend to be followed by slumps of oversupply and weaker pricing. A pandemic-era work-from-home boost to demand for computers, smartphones, and cloud infrastructure has kept inventories low and pricing high for Western Digital’s products. Investors know that won’t always be the case.\nIn the S&P 500’s cheapest sector, energy, APA (APA),Coterra Energy (CTRA), and Diamondback Energy (FANG) are the three cheapest stocks. The group as a whole goes for just over 11 times next year’s forecasted earnings, and its three cheapest members—all U.S. shale oil or gas producers—trade for between 5 and 7 times. Investors are clearly worried about the future of fossil fuels as the world moves toward renewable energy, and won’t pay up for oil and gas stocks.\nOther particularly cheap S&P 500 stocks can be found in the healthcare sector. A pair of recent pharma-company spinoffs—Viatris (VTRS), jettisoned from Pfizer (PFE) last year and merged with Mylan, and Organon (OGN), excised from Merck (MRK) last summer—trade for the lowest valuations in the entire index. Spinoffs in general haven’t done well lately, and the brand-new stocks with generic-sounding names are likely under the radar for investors that don’t focus on healthcare specifically. Barron’s is more bullish on Organon than Viatris.\nThe two cheapest stocks in the S&P 500 communications services sector are also in the midst of major M&A:AT&T (T) and Discovery (DISCA). Both trade for close to 7.5 next year’s expected earnings, versus their sector’s average of 20.8 times. AT&T will spin off its WarnerMedia subsidiary around the middle of next year and merge it with Discovery, returning the storied American company to its telecom roots. Both companies will have much to prove, and many investors may be waiting until the transactions close next year to pick their pure-play bet: streaming entertainment via Discovery, or wired and wireless telecommunications services via AT&T.","news_type":1,"symbols_score_info":{"SPG":0.9,"BMY":0.9,"TAP":0.9,"WU":0.9,"FANG":0.9,"LNC":0.9,"WDC":0.9,"VTRS":0.9,"LEN":0.9,"PHM":0.9,"IVZ":0.9,"CF":0.9,"OGN":0.9,"APA":0.9,"MOS":0.9,"MO":0.9,"T":0.9,"DHI":0.9,"EIX":0.9,"WBA":0.9,"DAL":0.9,"LUMN":0.9,"HPE":0.9,"SRE":0.9,"LYB":0.9,"CBRE":0.9,"DISCA":0.9,"NRG":0.9,"COF":0.9,"ALK":0.9,"VNO":0.9,"CMI":0.9,"CTRA":0.9}},"isVote":1,"tweetType":1,"viewCount":2975,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":602288880,"gmtCreate":1639026419918,"gmtModify":1639026924109,"author":{"id":"3571889549699411","authorId":"3571889549699411","name":"Vilianty","avatar":"https://static.tigerbbs.com/5108b9bca44d22aa3390fdceb93735cf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571889549699411","idStr":"3571889549699411"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/602288880","repostId":"2190694645","repostType":4,"isVote":1,"tweetType":1,"viewCount":2218,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":602906032,"gmtCreate":1638951333385,"gmtModify":1638951333708,"author":{"id":"3571889549699411","authorId":"3571889549699411","name":"Vilianty","avatar":"https://static.tigerbbs.com/5108b9bca44d22aa3390fdceb93735cf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571889549699411","idStr":"3571889549699411"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/602906032","repostId":"2189707668","repostType":4,"isVote":1,"tweetType":1,"viewCount":2808,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":606880965,"gmtCreate":1638855327559,"gmtModify":1638855327914,"author":{"id":"3571889549699411","authorId":"3571889549699411","name":"Vilianty","avatar":"https://static.tigerbbs.com/5108b9bca44d22aa3390fdceb93735cf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571889549699411","idStr":"3571889549699411"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/606880965","repostId":"1134882584","repostType":4,"isVote":1,"tweetType":1,"viewCount":774,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":603225074,"gmtCreate":1638415850503,"gmtModify":1638416122032,"author":{"id":"3571889549699411","authorId":"3571889549699411","name":"Vilianty","avatar":"https://static.tigerbbs.com/5108b9bca44d22aa3390fdceb93735cf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571889549699411","idStr":"3571889549699411"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/603225074","repostId":"1152079860","repostType":4,"isVote":1,"tweetType":1,"viewCount":686,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":609942836,"gmtCreate":1638234830333,"gmtModify":1638234891352,"author":{"id":"3571889549699411","authorId":"3571889549699411","name":"Vilianty","avatar":"https://static.tigerbbs.com/5108b9bca44d22aa3390fdceb93735cf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571889549699411","idStr":"3571889549699411"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/609942836","repostId":"1141366615","repostType":4,"repost":{"id":"1141366615","kind":"news","pubTimestamp":1638232793,"share":"https://www.laohu8.com/m/news/1141366615?lang=zh_CN&edition=full","pubTime":"2021-11-30 08:39","market":"us","language":"en","title":"Omicron variant may mean stock market rally is on hold: Goldman Sachs<blockquote>高盛：奥密克戎变体可能意味着股市涨势暂停</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1141366615","media":"Yahoo","summary":"The bull market of 2021 may be on temporary hold as investors assess the economic risk from thenew O","content":"<p>The bull market of 2021 may be on temporary hold as investors assess the economic risk from thenew Omicron variant of COVID-19, warns Goldman Sachs.</p><p><blockquote>高盛警告称，随着投资者评估新奥密克戎变种COVID-19带来的经济风险，2021年的牛市可能会暂时搁置。</blockquote></p><p> \"We think a broad risk recovery may be impeded in the near term by the need to digest the prospect of a more hawkish Fed and a less consistent cyclical tailwind. Ironically, the Omicron scare itself may now create the best possibilities for relief in the coming weeks, either because incoming news is better than feared or because it prompts monetary policymakers to take a more cautious stance toward tightening,\" said Goldman Sachs strategist Dominic Wilson in a note on Monday.</p><p><blockquote>“我们认为，短期内广泛的风险复苏可能会因需要消化美联储更加鹰派的前景和不太一致的周期性顺风而受到阻碍。具有讽刺意味的是，奥密克戎恐慌本身现在可能为未来几周的缓解创造了最好的可能性，要么是因为传来的消息好于担忧，要么是因为它促使货币政策制定者对紧缩采取更加谨慎的立场，”高盛策略师Dominic Wilson在周一的一份报告中表示。</blockquote></p><p> Traders nervously tiptoed back into the markets Mondayafter the Dow Jones Industrial Average plunged more than 1,000 points the day after Thanksgiving. The violent sell-off transpired as reports of the Omicron variant spreading to more countries — leading to numerous fresh travel bans — took hold. Concerns mounted on the effectiveness of COVID-19 vaccines from Moderna, Pfizer and Johnson &amp; Johnson against Omicron and other potential mutations.</p><p><blockquote>感恩节后第二天，道琼斯工业平均指数暴跌1,000多点，交易员周一紧张地重返市场。随着有关奥密克戎变种传播到更多国家的报道——导致许多新的旅行禁令——的出现，暴力抛售发生了。人们越来越担心Moderna、辉瑞和强生公司的COVID-19疫苗针对奥密克戎病毒和其他潜在突变的有效性。</blockquote></p><p> The small-cap Russell 2000 Index&nbsp;saw its largest one-day drop since February on Friday, Wilson points out. Front month oil prices tanked 13%. The U.S. rates markets shifted from pricing in about three rate hikes in 2022 to pricing in less than two.</p><p><blockquote>威尔逊指出，小盘股罗素2000指数周五出现了自2月份以来的最大单日跌幅。近月油价下跌13%。美国利率市场从预计2022年加息约三次转向预计加息不到两次。</blockquote></p><p> High-risk stocks such as Rivian nosedived, while there was a flight to safety into stay-at-home stocks like Zoom.</p><p><blockquote>Rivian等高风险股票暴跌，而Zoom等居家股票则纷纷避险。</blockquote></p><p> On Sunday, Germany and Italy confirmed their first Omicron cases.Dr. Anthony Fauci warned in an interview Sundaythe U.S. could see a fifth wave of COVID-19 infections.</p><p><blockquote>周日，德意两国确认了首例奥密克戎病例。安东尼·福奇周日在接受采访时警告说，美国可能会出现第五波新冠肺炎感染。</blockquote></p><p> Wilson is now concerned positive news on the global economy could subside as the new variant takes hold, raising the risk of further downside to stocks.</p><p><blockquote>威尔逊现在担心，随着新变种的出现，全球经济的积极消息可能会消退，从而增加股市进一步下跌的风险。</blockquote></p><p> \"Beyond renewed downside risks from Omicron, the main near-term challenge is that the strongest reason for recent cyclical optimism — consistent positive data surprises, especially from the U.S. —is a less obvious tailwind in the weeks ahead,\" Wilson added.</p><p><blockquote>Wilson补充道：“除了来自奥密克戎的新一轮下行风险外，近期的主要挑战是，近期周期性乐观情绪的最强有力原因——持续的积极数据意外，尤其是来自美国的数据——是未来几周不太明显的顺风。”</blockquote></p><p> The strategist's muted take on stocks in the near-term is being echoed by others on the Street, despite the buy-the-dip crowd being out in full force.</p><p><blockquote>尽管逢低买入的人群全面出局，但这位策略师对近期股市的温和看法得到了华尔街其他人的回应。</blockquote></p><p> \"If the situation with the Omicron variant turns out to be something that does not have a big impact on growth, we will still be facing a much different situation than we were during the spring and summer months. Back then, inflation was seen as transitory… earnings estimates were rising … and the Fed was going to taper slowly (and wasn’t going to raise rates until 2023). None of these are still true today. Therefore, the odds that the stock market will rise in a significant way over the coming months had already declined … and the uncertainty surrounding this new variant should take those odds down further still,\" pointed out Matt Maley, Miller Tabak chief markets strategist.</p><p><blockquote>“如果奥密克戎变体的情况被证明不会对增长产生重大影响，我们仍将面临与春季和夏季截然不同的情况。当时，通胀被视为暂时的……盈利预期正在上升……美联储将缓慢缩减规模（直到2023年才会加息）。这些在今天都不是真的。因此，未来几个月股市大幅上涨的可能性已经下降……而围绕这种新变体的不确定性应该会进一步降低这些可能性，”Miller Tabak首席市场策略师Matt Maley指出。</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>Omicron variant may mean stock market rally is on hold: Goldman Sachs<blockquote>高盛：奥密克戎变体可能意味着股市涨势暂停</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\">\nOmicron variant may mean stock market rally is on hold: Goldman Sachs<blockquote>高盛：奥密克戎变体可能意味着股市涨势暂停</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Yahoo</strong><span class=\"h-time small\">2021-11-30 08:39</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The bull market of 2021 may be on temporary hold as investors assess the economic risk from thenew Omicron variant of COVID-19, warns Goldman Sachs.</p><p><blockquote>高盛警告称，随着投资者评估新奥密克戎变种COVID-19带来的经济风险，2021年的牛市可能会暂时搁置。</blockquote></p><p> \"We think a broad risk recovery may be impeded in the near term by the need to digest the prospect of a more hawkish Fed and a less consistent cyclical tailwind. Ironically, the Omicron scare itself may now create the best possibilities for relief in the coming weeks, either because incoming news is better than feared or because it prompts monetary policymakers to take a more cautious stance toward tightening,\" said Goldman Sachs strategist Dominic Wilson in a note on Monday.</p><p><blockquote>“我们认为，短期内广泛的风险复苏可能会因需要消化美联储更加鹰派的前景和不太一致的周期性顺风而受到阻碍。具有讽刺意味的是，奥密克戎恐慌本身现在可能为未来几周的缓解创造了最好的可能性，要么是因为传来的消息好于担忧，要么是因为它促使货币政策制定者对紧缩采取更加谨慎的立场，”高盛策略师Dominic Wilson在周一的一份报告中表示。</blockquote></p><p> Traders nervously tiptoed back into the markets Mondayafter the Dow Jones Industrial Average plunged more than 1,000 points the day after Thanksgiving. The violent sell-off transpired as reports of the Omicron variant spreading to more countries — leading to numerous fresh travel bans — took hold. Concerns mounted on the effectiveness of COVID-19 vaccines from Moderna, Pfizer and Johnson &amp; Johnson against Omicron and other potential mutations.</p><p><blockquote>感恩节后第二天，道琼斯工业平均指数暴跌1,000多点，交易员周一紧张地重返市场。随着有关奥密克戎变种传播到更多国家的报道——导致许多新的旅行禁令——的出现，暴力抛售发生了。人们越来越担心Moderna、辉瑞和强生公司的COVID-19疫苗针对奥密克戎病毒和其他潜在突变的有效性。</blockquote></p><p> The small-cap Russell 2000 Index&nbsp;saw its largest one-day drop since February on Friday, Wilson points out. Front month oil prices tanked 13%. The U.S. rates markets shifted from pricing in about three rate hikes in 2022 to pricing in less than two.</p><p><blockquote>威尔逊指出，小盘股罗素2000指数周五出现了自2月份以来的最大单日跌幅。近月油价下跌13%。美国利率市场从预计2022年加息约三次转向预计加息不到两次。</blockquote></p><p> High-risk stocks such as Rivian nosedived, while there was a flight to safety into stay-at-home stocks like Zoom.</p><p><blockquote>Rivian等高风险股票暴跌，而Zoom等居家股票则纷纷避险。</blockquote></p><p> On Sunday, Germany and Italy confirmed their first Omicron cases.Dr. Anthony Fauci warned in an interview Sundaythe U.S. could see a fifth wave of COVID-19 infections.</p><p><blockquote>周日，德意两国确认了首例奥密克戎病例。安东尼·福奇周日在接受采访时警告说，美国可能会出现第五波新冠肺炎感染。</blockquote></p><p> Wilson is now concerned positive news on the global economy could subside as the new variant takes hold, raising the risk of further downside to stocks.</p><p><blockquote>威尔逊现在担心，随着新变种的出现，全球经济的积极消息可能会消退，从而增加股市进一步下跌的风险。</blockquote></p><p> \"Beyond renewed downside risks from Omicron, the main near-term challenge is that the strongest reason for recent cyclical optimism — consistent positive data surprises, especially from the U.S. —is a less obvious tailwind in the weeks ahead,\" Wilson added.</p><p><blockquote>Wilson补充道：“除了来自奥密克戎的新一轮下行风险外，近期的主要挑战是，近期周期性乐观情绪的最强有力原因——持续的积极数据意外，尤其是来自美国的数据——是未来几周不太明显的顺风。”</blockquote></p><p> The strategist's muted take on stocks in the near-term is being echoed by others on the Street, despite the buy-the-dip crowd being out in full force.</p><p><blockquote>尽管逢低买入的人群全面出局，但这位策略师对近期股市的温和看法得到了华尔街其他人的回应。</blockquote></p><p> \"If the situation with the Omicron variant turns out to be something that does not have a big impact on growth, we will still be facing a much different situation than we were during the spring and summer months. Back then, inflation was seen as transitory… earnings estimates were rising … and the Fed was going to taper slowly (and wasn’t going to raise rates until 2023). None of these are still true today. Therefore, the odds that the stock market will rise in a significant way over the coming months had already declined … and the uncertainty surrounding this new variant should take those odds down further still,\" pointed out Matt Maley, Miller Tabak chief markets strategist.</p><p><blockquote>“如果奥密克戎变体的情况被证明不会对增长产生重大影响，我们仍将面临与春季和夏季截然不同的情况。当时，通胀被视为暂时的……盈利预期正在上升……美联储将缓慢缩减规模（直到2023年才会加息）。这些在今天都不是真的。因此，未来几个月股市大幅上涨的可能性已经下降……而围绕这种新变体的不确定性应该会进一步降低这些可能性，”Miller Tabak首席市场策略师Matt Maley指出。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/omicron-variant-may-mean-stock-market-rally-is-on-hold-goldman-sachs-181414808.html\">Yahoo</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GS":"高盛"},"source_url":"https://finance.yahoo.com/news/omicron-variant-may-mean-stock-market-rally-is-on-hold-goldman-sachs-181414808.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1141366615","content_text":"The bull market of 2021 may be on temporary hold as investors assess the economic risk from thenew Omicron variant of COVID-19, warns Goldman Sachs.\n\"We think a broad risk recovery may be impeded in the near term by the need to digest the prospect of a more hawkish Fed and a less consistent cyclical tailwind. Ironically, the Omicron scare itself may now create the best possibilities for relief in the coming weeks, either because incoming news is better than feared or because it prompts monetary policymakers to take a more cautious stance toward tightening,\" said Goldman Sachs strategist Dominic Wilson in a note on Monday.\nTraders nervously tiptoed back into the markets Mondayafter the Dow Jones Industrial Average plunged more than 1,000 points the day after Thanksgiving. The violent sell-off transpired as reports of the Omicron variant spreading to more countries — leading to numerous fresh travel bans — took hold. Concerns mounted on the effectiveness of COVID-19 vaccines from Moderna, Pfizer and Johnson & Johnson against Omicron and other potential mutations.\nThe small-cap Russell 2000 Index saw its largest one-day drop since February on Friday, Wilson points out. Front month oil prices tanked 13%. The U.S. rates markets shifted from pricing in about three rate hikes in 2022 to pricing in less than two.\nHigh-risk stocks such as Rivian nosedived, while there was a flight to safety into stay-at-home stocks like Zoom.\nOn Sunday, Germany and Italy confirmed their first Omicron cases.Dr. Anthony Fauci warned in an interview Sundaythe U.S. could see a fifth wave of COVID-19 infections.\nWilson is now concerned positive news on the global economy could subside as the new variant takes hold, raising the risk of further downside to stocks.\n\"Beyond renewed downside risks from Omicron, the main near-term challenge is that the strongest reason for recent cyclical optimism — consistent positive data surprises, especially from the U.S. —is a less obvious tailwind in the weeks ahead,\" Wilson added.\nThe strategist's muted take on stocks in the near-term is being echoed by others on the Street, despite the buy-the-dip crowd being out in full force.\n\"If the situation with the Omicron variant turns out to be something that does not have a big impact on growth, we will still be facing a much different situation than we were during the spring and summer months. Back then, inflation was seen as transitory… earnings estimates were rising … and the Fed was going to taper slowly (and wasn’t going to raise rates until 2023). None of these are still true today. Therefore, the odds that the stock market will rise in a significant way over the coming months had already declined … and the uncertainty surrounding this new variant should take those odds down further still,\" pointed out Matt Maley, Miller Tabak chief markets strategist.","news_type":1,"symbols_score_info":{"GS":0.9}},"isVote":1,"tweetType":1,"viewCount":646,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":600452861,"gmtCreate":1638192233106,"gmtModify":1638192299557,"author":{"id":"3571889549699411","authorId":"3571889549699411","name":"Vilianty","avatar":"https://static.tigerbbs.com/5108b9bca44d22aa3390fdceb93735cf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571889549699411","idStr":"3571889549699411"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/600452861","repostId":"2186341510","repostType":4,"isVote":1,"tweetType":1,"viewCount":1173,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":600044324,"gmtCreate":1638022885833,"gmtModify":1638022886036,"author":{"id":"3571889549699411","authorId":"3571889549699411","name":"Vilianty","avatar":"https://static.tigerbbs.com/5108b9bca44d22aa3390fdceb93735cf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571889549699411","idStr":"3571889549699411"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/600044324","repostId":"1177270358","repostType":4,"repost":{"id":"1177270358","kind":"news","pubTimestamp":1637972840,"share":"https://www.laohu8.com/m/news/1177270358?lang=zh_CN&edition=full","pubTime":"2021-11-27 08:27","market":"us","language":"en","title":"Why Shares of Wells Fargo, Citigroup, Bank of America, and JPMorgan Chase Are Falling Today<blockquote>为什么富国银行、花旗集团、美国银行和摩根大通的股价今天下跌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1177270358","media":"Motley Fool","summary":"What happened\nShares of all the major U.S. bank stocks struggled today, along with the Dow Jones Ind","content":"<p>What happened</p><p><blockquote>发生了什么</blockquote></p><p> Shares of all the major U.S. bank stocks struggled today, along with the&nbsp;<b>Dow Jones Industrial Average</b>, which at one point fell 1,000 points on this shortened day of trading -- the worst drop for the index in all of 2021.</p><p><blockquote>今天，美国所有主要银行股的股价都陷入困境，<b>道琼斯工业平均指数</b>在这个缩短的交易日中，该指数一度下跌1,000点，这是该指数2021年全年最严重的跌幅。</blockquote></p><p> Shares of America's largest bank by assets,<b>JPMorgan Chase</b>(NYSE:JPM), had fallen 3.4% as of 12:30 p.m. EST, while shares of the second-largest bank in the U.S.,<b>Bank of America</b>(NYSE:BAC), dropped more than 4%. Meanwhile, the more beaten-down&nbsp;<b>Citigroup</b>(NYSE:C)had fallen more than 3%, and&nbsp;<b>Wells Fargo</b>(NYSE:WFC)declined more than 5%. These are big daily moves for more stable large-cap stocks.</p><p><blockquote>美国资产规模最大的银行的股票，<b>摩根大通</b>（纽约证券交易所股票代码：JPM）截至中午12:30下跌3.4%。美国东部时间，而美国第二大银行的股价，<b>美国银行</b>（纽约证券交易所代码：BAC），跌幅超过4%。与此同时，越受打击<b>花旗集团</b>(NYSE：C)下跌超过3%，并且<b>富国银行</b>（纽约证券交易所股票代码：WFC）下跌超过5%。对于更稳定的大盘股来说，这些都是每日大幅波动。</blockquote></p><p> So what</p><p><blockquote>那又怎样</blockquote></p><p> While Americans were enjoying their Thanksgiving meals, multiple media outlets reported that a new variant of the coronavirus had emerged in South Africa known as B.1.1.529 variant.</p><p><blockquote>当美国人正在享受感恩节大餐时，多家媒体报道称，南非出现了一种新的冠状病毒变种，称为B.1.1.529变种。</blockquote></p><p> Scientists reported that the strain had more than 30 mutations to the spike protein, which is the part of the virus that attaches to a person's cells. This is significantly more mutations than the delta variant. Adding to the storm, pharmaceutical company&nbsp;<b>Merck</b>, which has been developing an antiviral pill to treat more severe cases of COVID-19 after people contract the virus, disclosed that the pill was not as effective at treatment as had been initially hoped.</p><p><blockquote>科学家报告说，该菌株的刺突蛋白有30多个突变，刺突蛋白是病毒附着在人体细胞上的部分。这明显多于德尔塔变异毒株的突变。雪上加霜的是，药企<b>默克</b>该公司一直在开发一种抗病毒药物，用于在人们感染病毒后治疗更严重的COVID-19病例，该公司透露，该药物的治疗效果并不像最初希望的那样有效。</blockquote></p><p> The variant news resulted in a strong global reaction, as the World Health Organization called an emergency meeting to discuss it. Additionally, the European Union proposed a ban on flights from South Africa. Little is yet known over how severe cases from the B.1.1.529 variant are, but early knowledge has scientists and experts extremely concerned.</p><p><blockquote>这一变异消息引起了全球的强烈反应，世界卫生组织召开了紧急会议进行讨论。此外，欧盟提议禁止来自南非的航班。人们对B.1.1.529变种的病例有多严重知之甚少，但早期的知识让科学家和专家非常担忧。</blockquote></p><p> \"If we have another COVID strain that can spread even more readily than delta, that would pose a challenge to all of us around the world, because when delta arrived this summer, it changed the game,\" William Schaffner, a professor of preventive medicine at Vanderbilt University, told CNBC today.</p><p><blockquote>预防医学教授威廉·沙夫纳(William Schaffner)表示：“如果我们有另一种比达美病毒更容易传播的新冠病毒株，那将对我们世界各地的所有人构成挑战，因为当达美病毒今年夏天到来时，它改变了游戏规则。”范德比尔特大学今天告诉CNBC。</blockquote></p><p> Banksare extremely linked to the economy due to the fact that they lend money and interact with most sectors in it. So any time a new variant pops up and threatens to increase cases, it is one sector that will take a hit because investors fear potential future lockdowns, stalling economic growth, and potential loan quality concerns.</p><p><blockquote>银行与经济密切相关，因为它们放贷并与经济中的大多数部门互动。因此，每当一个新的变种出现并威胁增加病例时，这个行业就会受到打击，因为投资者担心未来潜在的封锁、经济增长停滞以及潜在的贷款质量担忧。</blockquote></p><p> The news also comes at an already treacherous time for the market, which over the past few weeks has been dealing with a stronger inflationary environment, rising bond yields, and increasing sentiment that the Federal Reserve may raise its benchmark federal funds rate next year.</p><p><blockquote>这一消息也是在市场已经岌岌可危的时候发布的，过去几周，市场一直在应对更强劲的通胀环境、不断上升的债券收益率以及美联储明年可能上调基准联邦基金利率的情绪日益高涨。</blockquote></p><p> Furthermore, the struggles with inflation may make it more difficult for the federal government to respond to a new severe wave of the coronavirus, says Edward Smith, co-chief investment officer at the Rathbone Investment Management.</p><p><blockquote>此外，拉斯伯恩投资管理公司联席首席投资官爱德华·史密斯表示，与通胀的斗争可能会使联邦政府更难应对新一波严重的冠状病毒。</blockquote></p><p> \"That's the big cause for concern: Is policy able to respond and bail out markets and economies this time given inflation?\" he told<i>The Wall Street Journal</i>. Smith also said that more lockdowns or restrictions could continue to increase global supply chain issues and add to inflation.</p><p><blockquote>“这是令人担忧的一大原因：考虑到通胀，这次政策是否能够应对并救助市场和经济？”他告诉<i>华尔街日报</i>.史密斯还表示，更多的封锁或限制可能会继续增加全球供应链问题，并加剧通胀。</blockquote></p><p> Now what</p><p><blockquote>现在怎么办</blockquote></p><p> While I think the strong global reaction to this new variant is warranted, I am not ready to panic just yet. We still don't know how severe it is or if it can evade vaccines.</p><p><blockquote>虽然我认为全球对这种新变种的强烈反应是有道理的，但我还没有准备好恐慌。我们仍然不知道它有多严重，也不知道它是否能逃避疫苗。</blockquote></p><p> I also feel quite confident in these large-cap U.S. bank stocks considering how well they held up during the pandemic in 2020. They all have strong levels of capital and lots of liquidity, giving me every bit of confidence they could survive another downturn. In particular, the pullback on Citigroup, which already traded at beaten-down levels, strikes me as a great&nbsp;buying opportunity.</p><p><blockquote>考虑到这些大型美国银行股在2020年大流行期间的表现，我对它们也非常有信心。他们都拥有强大的资本水平和大量的流动性，这让我对他们能够度过另一场低迷充满信心。特别是，花旗集团的回调（其交易价格已经处于低迷水平）在我看来是一个绝佳的买入机会。</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 Shares of Wells Fargo, Citigroup, Bank of America, and JPMorgan Chase Are Falling Today<blockquote>为什么富国银行、花旗集团、美国银行和摩根大通的股价今天下跌</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 Shares of Wells Fargo, Citigroup, Bank of America, and JPMorgan Chase Are Falling Today<blockquote>为什么富国银行、花旗集团、美国银行和摩根大通的股价今天下跌</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\">2021-11-27 08:27</span>\n</p>\n</h4>\n</header>\n<article>\n<p>What happened</p><p><blockquote>发生了什么</blockquote></p><p> Shares of all the major U.S. bank stocks struggled today, along with the&nbsp;<b>Dow Jones Industrial Average</b>, which at one point fell 1,000 points on this shortened day of trading -- the worst drop for the index in all of 2021.</p><p><blockquote>今天，美国所有主要银行股的股价都陷入困境，<b>道琼斯工业平均指数</b>在这个缩短的交易日中，该指数一度下跌1,000点，这是该指数2021年全年最严重的跌幅。</blockquote></p><p> Shares of America's largest bank by assets,<b>JPMorgan Chase</b>(NYSE:JPM), had fallen 3.4% as of 12:30 p.m. EST, while shares of the second-largest bank in the U.S.,<b>Bank of America</b>(NYSE:BAC), dropped more than 4%. Meanwhile, the more beaten-down&nbsp;<b>Citigroup</b>(NYSE:C)had fallen more than 3%, and&nbsp;<b>Wells Fargo</b>(NYSE:WFC)declined more than 5%. These are big daily moves for more stable large-cap stocks.</p><p><blockquote>美国资产规模最大的银行的股票，<b>摩根大通</b>（纽约证券交易所股票代码：JPM）截至中午12:30下跌3.4%。美国东部时间，而美国第二大银行的股价，<b>美国银行</b>（纽约证券交易所代码：BAC），跌幅超过4%。与此同时，越受打击<b>花旗集团</b>(NYSE：C)下跌超过3%，并且<b>富国银行</b>（纽约证券交易所股票代码：WFC）下跌超过5%。对于更稳定的大盘股来说，这些都是每日大幅波动。</blockquote></p><p> So what</p><p><blockquote>那又怎样</blockquote></p><p> While Americans were enjoying their Thanksgiving meals, multiple media outlets reported that a new variant of the coronavirus had emerged in South Africa known as B.1.1.529 variant.</p><p><blockquote>当美国人正在享受感恩节大餐时，多家媒体报道称，南非出现了一种新的冠状病毒变种，称为B.1.1.529变种。</blockquote></p><p> Scientists reported that the strain had more than 30 mutations to the spike protein, which is the part of the virus that attaches to a person's cells. This is significantly more mutations than the delta variant. Adding to the storm, pharmaceutical company&nbsp;<b>Merck</b>, which has been developing an antiviral pill to treat more severe cases of COVID-19 after people contract the virus, disclosed that the pill was not as effective at treatment as had been initially hoped.</p><p><blockquote>科学家报告说，该菌株的刺突蛋白有30多个突变，刺突蛋白是病毒附着在人体细胞上的部分。这明显多于德尔塔变异毒株的突变。雪上加霜的是，药企<b>默克</b>该公司一直在开发一种抗病毒药物，用于在人们感染病毒后治疗更严重的COVID-19病例，该公司透露，该药物的治疗效果并不像最初希望的那样有效。</blockquote></p><p> The variant news resulted in a strong global reaction, as the World Health Organization called an emergency meeting to discuss it. Additionally, the European Union proposed a ban on flights from South Africa. Little is yet known over how severe cases from the B.1.1.529 variant are, but early knowledge has scientists and experts extremely concerned.</p><p><blockquote>这一变异消息引起了全球的强烈反应，世界卫生组织召开了紧急会议进行讨论。此外，欧盟提议禁止来自南非的航班。人们对B.1.1.529变种的病例有多严重知之甚少，但早期的知识让科学家和专家非常担忧。</blockquote></p><p> \"If we have another COVID strain that can spread even more readily than delta, that would pose a challenge to all of us around the world, because when delta arrived this summer, it changed the game,\" William Schaffner, a professor of preventive medicine at Vanderbilt University, told CNBC today.</p><p><blockquote>预防医学教授威廉·沙夫纳(William Schaffner)表示：“如果我们有另一种比达美病毒更容易传播的新冠病毒株，那将对我们世界各地的所有人构成挑战，因为当达美病毒今年夏天到来时，它改变了游戏规则。”范德比尔特大学今天告诉CNBC。</blockquote></p><p> Banksare extremely linked to the economy due to the fact that they lend money and interact with most sectors in it. So any time a new variant pops up and threatens to increase cases, it is one sector that will take a hit because investors fear potential future lockdowns, stalling economic growth, and potential loan quality concerns.</p><p><blockquote>银行与经济密切相关，因为它们放贷并与经济中的大多数部门互动。因此，每当一个新的变种出现并威胁增加病例时，这个行业就会受到打击，因为投资者担心未来潜在的封锁、经济增长停滞以及潜在的贷款质量担忧。</blockquote></p><p> The news also comes at an already treacherous time for the market, which over the past few weeks has been dealing with a stronger inflationary environment, rising bond yields, and increasing sentiment that the Federal Reserve may raise its benchmark federal funds rate next year.</p><p><blockquote>这一消息也是在市场已经岌岌可危的时候发布的，过去几周，市场一直在应对更强劲的通胀环境、不断上升的债券收益率以及美联储明年可能上调基准联邦基金利率的情绪日益高涨。</blockquote></p><p> Furthermore, the struggles with inflation may make it more difficult for the federal government to respond to a new severe wave of the coronavirus, says Edward Smith, co-chief investment officer at the Rathbone Investment Management.</p><p><blockquote>此外，拉斯伯恩投资管理公司联席首席投资官爱德华·史密斯表示，与通胀的斗争可能会使联邦政府更难应对新一波严重的冠状病毒。</blockquote></p><p> \"That's the big cause for concern: Is policy able to respond and bail out markets and economies this time given inflation?\" he told<i>The Wall Street Journal</i>. Smith also said that more lockdowns or restrictions could continue to increase global supply chain issues and add to inflation.</p><p><blockquote>“这是令人担忧的一大原因：考虑到通胀，这次政策是否能够应对并救助市场和经济？”他告诉<i>华尔街日报</i>.史密斯还表示，更多的封锁或限制可能会继续增加全球供应链问题，并加剧通胀。</blockquote></p><p> Now what</p><p><blockquote>现在怎么办</blockquote></p><p> While I think the strong global reaction to this new variant is warranted, I am not ready to panic just yet. We still don't know how severe it is or if it can evade vaccines.</p><p><blockquote>虽然我认为全球对这种新变种的强烈反应是有道理的，但我还没有准备好恐慌。我们仍然不知道它有多严重，也不知道它是否能逃避疫苗。</blockquote></p><p> I also feel quite confident in these large-cap U.S. bank stocks considering how well they held up during the pandemic in 2020. They all have strong levels of capital and lots of liquidity, giving me every bit of confidence they could survive another downturn. In particular, the pullback on Citigroup, which already traded at beaten-down levels, strikes me as a great&nbsp;buying opportunity.</p><p><blockquote>考虑到这些大型美国银行股在2020年大流行期间的表现，我对它们也非常有信心。他们都拥有强大的资本水平和大量的流动性，这让我对他们能够度过另一场低迷充满信心。特别是，花旗集团的回调（其交易价格已经处于低迷水平）在我看来是一个绝佳的买入机会。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/11/26/why-shares-of-wells-fargo-citigroup-bank-of-americ/\">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":{"JPM":"摩根大通","BAC":"美国银行","WFC":"富国银行","C":"花旗"},"source_url":"https://www.fool.com/investing/2021/11/26/why-shares-of-wells-fargo-citigroup-bank-of-americ/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1177270358","content_text":"What happened\nShares of all the major U.S. bank stocks struggled today, along with the Dow Jones Industrial Average, which at one point fell 1,000 points on this shortened day of trading -- the worst drop for the index in all of 2021.\nShares of America's largest bank by assets,JPMorgan Chase(NYSE:JPM), had fallen 3.4% as of 12:30 p.m. EST, while shares of the second-largest bank in the U.S.,Bank of America(NYSE:BAC), dropped more than 4%. Meanwhile, the more beaten-down Citigroup(NYSE:C)had fallen more than 3%, and Wells Fargo(NYSE:WFC)declined more than 5%. These are big daily moves for more stable large-cap stocks.\nSo what\nWhile Americans were enjoying their Thanksgiving meals, multiple media outlets reported that a new variant of the coronavirus had emerged in South Africa known as B.1.1.529 variant.\nScientists reported that the strain had more than 30 mutations to the spike protein, which is the part of the virus that attaches to a person's cells. This is significantly more mutations than the delta variant. Adding to the storm, pharmaceutical company Merck, which has been developing an antiviral pill to treat more severe cases of COVID-19 after people contract the virus, disclosed that the pill was not as effective at treatment as had been initially hoped.\nThe variant news resulted in a strong global reaction, as the World Health Organization called an emergency meeting to discuss it. Additionally, the European Union proposed a ban on flights from South Africa. Little is yet known over how severe cases from the B.1.1.529 variant are, but early knowledge has scientists and experts extremely concerned.\n\"If we have another COVID strain that can spread even more readily than delta, that would pose a challenge to all of us around the world, because when delta arrived this summer, it changed the game,\" William Schaffner, a professor of preventive medicine at Vanderbilt University, told CNBC today.\nBanksare extremely linked to the economy due to the fact that they lend money and interact with most sectors in it. So any time a new variant pops up and threatens to increase cases, it is one sector that will take a hit because investors fear potential future lockdowns, stalling economic growth, and potential loan quality concerns.\nThe news also comes at an already treacherous time for the market, which over the past few weeks has been dealing with a stronger inflationary environment, rising bond yields, and increasing sentiment that the Federal Reserve may raise its benchmark federal funds rate next year.\nFurthermore, the struggles with inflation may make it more difficult for the federal government to respond to a new severe wave of the coronavirus, says Edward Smith, co-chief investment officer at the Rathbone Investment Management.\n\"That's the big cause for concern: Is policy able to respond and bail out markets and economies this time given inflation?\" he toldThe Wall Street Journal. Smith also said that more lockdowns or restrictions could continue to increase global supply chain issues and add to inflation.\nNow what\nWhile I think the strong global reaction to this new variant is warranted, I am not ready to panic just yet. We still don't know how severe it is or if it can evade vaccines.\nI also feel quite confident in these large-cap U.S. bank stocks considering how well they held up during the pandemic in 2020. They all have strong levels of capital and lots of liquidity, giving me every bit of confidence they could survive another downturn. In particular, the pullback on Citigroup, which already traded at beaten-down levels, strikes me as a great buying opportunity.","news_type":1,"symbols_score_info":{"C":0.9,"JPM":0.9,"WFC":0.9,"BAC":0.9}},"isVote":1,"tweetType":1,"viewCount":725,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":877508826,"gmtCreate":1637939756023,"gmtModify":1637939756192,"author":{"id":"3571889549699411","authorId":"3571889549699411","name":"Vilianty","avatar":"https://static.tigerbbs.com/5108b9bca44d22aa3390fdceb93735cf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571889549699411","idStr":"3571889549699411"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/877508826","repostId":"1119651099","repostType":4,"isVote":1,"tweetType":1,"viewCount":655,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":874869420,"gmtCreate":1637758488513,"gmtModify":1637758488718,"author":{"id":"3571889549699411","authorId":"3571889549699411","name":"Vilianty","avatar":"https://static.tigerbbs.com/5108b9bca44d22aa3390fdceb93735cf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571889549699411","idStr":"3571889549699411"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/874869420","repostId":"1102253632","repostType":4,"repost":{"id":"1102253632","kind":"news","pubTimestamp":1637753847,"share":"https://www.laohu8.com/m/news/1102253632?lang=zh_CN&edition=full","pubTime":"2021-11-24 19:37","market":"us","language":"en","title":"GameStop Remains Top Discussed Stock On WallStreetBets; Zoom, Tesla And These Are Other Top Trends<blockquote>游戏驿站仍然是WallStreetBets上讨论最多的股票；Zoom、特斯拉等其他热门趋势</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1102253632","media":"Benzinga","summary":"GameStop Corp.continues to be the most-discussed stock on Reddit’s r/WallStreetBets forum as of earl","content":"<p><div> GameStop Corp.continues to be the most-discussed stock on Reddit’s r/WallStreetBets forum as of early Wednesday, while Zoom Video Communications Inc.,Tesla Inc.,Micron Technology Inc. and Nvidia Corp....</p><p><blockquote><div>截至周三早些时候，游戏驿站公司仍然是Reddit的r/WallStreetBets论坛上讨论最多的股票，而Zoom Video通信公司、特斯拉公司、美光科技公司和英伟达公司....</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/trading-ideas/long-ideas/21/11/24269190/gamestop-remains-top-discussed-stock-on-wallstreetbets-zoom-tesla-and-these-are-other-to\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/trading-ideas/long-ideas/21/11/24269190/gamestop-remains-top-discussed-stock-on-wallstreetbets-zoom-tesla-and-these-are-other-to\">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>GameStop Remains Top Discussed Stock On WallStreetBets; Zoom, Tesla And These Are Other Top Trends<blockquote>游戏驿站仍然是WallStreetBets上讨论最多的股票；Zoom、特斯拉等其他热门趋势</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\">\nGameStop Remains Top Discussed Stock On WallStreetBets; Zoom, Tesla And These Are Other Top Trends<blockquote>游戏驿站仍然是WallStreetBets上讨论最多的股票；Zoom、特斯拉等其他热门趋势</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Benzinga</strong><span class=\"h-time small\">2021-11-24 19:37</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> GameStop Corp.continues to be the most-discussed stock on Reddit’s r/WallStreetBets forum as of early Wednesday, while Zoom Video Communications Inc.,Tesla Inc.,Micron Technology Inc. and Nvidia Corp....</p><p><blockquote><div>截至周三早些时候，游戏驿站公司仍然是Reddit的r/WallStreetBets论坛上讨论最多的股票，而Zoom Video通信公司、特斯拉公司、美光科技公司和英伟达公司....</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/trading-ideas/long-ideas/21/11/24269190/gamestop-remains-top-discussed-stock-on-wallstreetbets-zoom-tesla-and-these-are-other-to\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/trading-ideas/long-ideas/21/11/24269190/gamestop-remains-top-discussed-stock-on-wallstreetbets-zoom-tesla-and-these-are-other-to\">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/trading-ideas/long-ideas/21/11/24269190/gamestop-remains-top-discussed-stock-on-wallstreetbets-zoom-tesla-and-these-are-other-to\">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":{"TSLA":"特斯拉","GME":"游戏驿站","ZM":"Zoom"},"source_url":"https://www.benzinga.com/trading-ideas/long-ideas/21/11/24269190/gamestop-remains-top-discussed-stock-on-wallstreetbets-zoom-tesla-and-these-are-other-to","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1102253632","content_text":"GameStop Corp.continues to be the most-discussed stock on Reddit’s r/WallStreetBets forum as of early Wednesday, while Zoom Video Communications Inc.,Tesla Inc.,Micron Technology Inc. and Nvidia Corp. are also seeing high interest.\nWhat Happened: Exchange-traded fund SPDR S&P 500 ETF Trust is seeing the highest interest on the forum with 500 mentions as at press time, followed by videogame retailer GameStop with 349 mentions.\nVideo conferencing platform Zoom Video and electric vehicle maker Tesla are in the third and fourth positions, having attracted 265 and 242 mentions, respectively.\nApart from memory chipmaker Micron Technology and graphics chipmaker Nvidia, the other stocks trending on the forum include Walt Disney Co., data analytics company Palantir Technologies Inc., exchange-traded fund Invesco QQQ Trust and payment company PayPal Holdings Inc.\nWhy It Matters: GameStop continues to see high interest on the forum after the videogame retailer unveiled its deals earlier this week for Black Friday.\nTesla remains among the most-discussed stocks on the forum after it was reported that CEO Elon Musk sold $1 billion worth of the automaker’s shares on Tuesday to meet tax withholding obligations.\nA post on the forum also poked fun at Ford Motor Co. after it was reported that the automaker is installing charging stations at its dealerships that resemble Tesla Superchargers.\nIt was reported Palantir Technologies co-founder and CEO Alex Karp said on CNBC’s “Squawk Box” that the company is positioned for continued results.\nAn investor on the WSB forum noted that while there are several things that he likes about the Palantir stock, he is losing faith in the company as it is relentlessly diluting its shares for “employee compensation.”","news_type":1,"symbols_score_info":{"ZM":0.9,"GME":0.9,"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":898,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":878674254,"gmtCreate":1637193705658,"gmtModify":1637193705860,"author":{"id":"3571889549699411","authorId":"3571889549699411","name":"Vilianty","avatar":"https://static.tigerbbs.com/5108b9bca44d22aa3390fdceb93735cf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571889549699411","idStr":"3571889549699411"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/878674254","repostId":"1140009260","repostType":4,"repost":{"id":"1140009260","kind":"news","pubTimestamp":1637163252,"share":"https://www.laohu8.com/m/news/1140009260?lang=zh_CN&edition=full","pubTime":"2021-11-17 23:34","market":"us","language":"en","title":"Biden asks FTC to redouble probe of possible 'illegal conduct' by oil, gas companies<blockquote>拜登要求联邦贸易委员会加倍调查石油和天然气公司可能的“非法行为”</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1140009260","media":"Reuters","summary":"U.S. President Joe Biden on Wednesday said there was mounting evidence of anti-consumer behavior by ","content":"<p>U.S. President Joe Biden on Wednesday said there was mounting evidence of anti-consumer behavior by oil and gas companies and asked the Federal Trade Commission to dig deeper into possible anti-competitive or \"illegal conduct\" in the market.</p><p><blockquote>美国总统拜登周三表示，越来越多的证据表明石油和天然气公司存在反消费者行为，并要求联邦贸易委员会更深入地调查市场上可能存在的反竞争或“非法行为”。</blockquote></p><p> Biden in August already asked the FTC to investigate possible illegal conduct causing the spike in gas prices, but said further action was needed since prices had continued to rise at the pump.</p><p><blockquote>拜登八月份已经要求联邦贸易委员会调查可能导致天然气价格飙升的非法行为，但表示由于加油站价格持续上涨，需要采取进一步行动。</blockquote></p><p> \"I do not accept hard-working Americans paying more for gas because of anti-competitive or otherwise potentially illegal conduct,\" Biden said in a letter to FTC Chair Lina Khan on Wednesday. \"I therefore ask that the Commission further examine what is happening with oil and gas markets, and that you bring all of the Commission's tools to bear if you uncover any wrongdoing.\"</p><p><blockquote>拜登周三在给联邦贸易委员会主席莉娜·汗的信中表示：“我不接受辛勤工作的美国人因反竞争或其他潜在的非法行为而支付更多天然气费用。”“因此，我要求委员会进一步审查石油和天然气市场正在发生的情况，如果发现任何不当行为，请使用委员会的所有工具。”</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>Biden asks FTC to redouble probe of possible 'illegal conduct' by oil, gas companies<blockquote>拜登要求联邦贸易委员会加倍调查石油和天然气公司可能的“非法行为”</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\">\nBiden asks FTC to redouble probe of possible 'illegal conduct' by oil, gas companies<blockquote>拜登要求联邦贸易委员会加倍调查石油和天然气公司可能的“非法行为”</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-11-17 23:34</span>\n</p>\n</h4>\n</header>\n<article>\n<p>U.S. President Joe Biden on Wednesday said there was mounting evidence of anti-consumer behavior by oil and gas companies and asked the Federal Trade Commission to dig deeper into possible anti-competitive or \"illegal conduct\" in the market.</p><p><blockquote>美国总统拜登周三表示，越来越多的证据表明石油和天然气公司存在反消费者行为，并要求联邦贸易委员会更深入地调查市场上可能存在的反竞争或“非法行为”。</blockquote></p><p> Biden in August already asked the FTC to investigate possible illegal conduct causing the spike in gas prices, but said further action was needed since prices had continued to rise at the pump.</p><p><blockquote>拜登八月份已经要求联邦贸易委员会调查可能导致天然气价格飙升的非法行为，但表示由于加油站价格持续上涨，需要采取进一步行动。</blockquote></p><p> \"I do not accept hard-working Americans paying more for gas because of anti-competitive or otherwise potentially illegal conduct,\" Biden said in a letter to FTC Chair Lina Khan on Wednesday. \"I therefore ask that the Commission further examine what is happening with oil and gas markets, and that you bring all of the Commission's tools to bear if you uncover any wrongdoing.\"</p><p><blockquote>拜登周三在给联邦贸易委员会主席莉娜·汗的信中表示：“我不接受辛勤工作的美国人因反竞争或其他潜在的非法行为而支付更多天然气费用。”“因此，我要求委员会进一步审查石油和天然气市场正在发生的情况，如果发现任何不当行为，请使用委员会的所有工具。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.reuters.com/business/energy/biden-asks-ftc-redouble-probe-possible-illegal-conduct-by-oil-gas-companies-2021-11-17/\">Reuters</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.reuters.com/business/energy/biden-asks-ftc-redouble-probe-possible-illegal-conduct-by-oil-gas-companies-2021-11-17/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1140009260","content_text":"U.S. President Joe Biden on Wednesday said there was mounting evidence of anti-consumer behavior by oil and gas companies and asked the Federal Trade Commission to dig deeper into possible anti-competitive or \"illegal conduct\" in the market.\nBiden in August already asked the FTC to investigate possible illegal conduct causing the spike in gas prices, but said further action was needed since prices had continued to rise at the pump.\n\"I do not accept hard-working Americans paying more for gas because of anti-competitive or otherwise potentially illegal conduct,\" Biden said in a letter to FTC Chair Lina Khan on Wednesday. \"I therefore ask that the Commission further examine what is happening with oil and gas markets, and that you bring all of the Commission's tools to bear if you uncover any wrongdoing.\"","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1113,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":878001065,"gmtCreate":1637118589072,"gmtModify":1637119256627,"author":{"id":"3571889549699411","authorId":"3571889549699411","name":"Vilianty","avatar":"https://static.tigerbbs.com/5108b9bca44d22aa3390fdceb93735cf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571889549699411","idStr":"3571889549699411"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/878001065","repostId":"1109998149","repostType":4,"isVote":1,"tweetType":1,"viewCount":771,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":871329444,"gmtCreate":1637027739517,"gmtModify":1637027739675,"author":{"id":"3571889549699411","authorId":"3571889549699411","name":"Vilianty","avatar":"https://static.tigerbbs.com/5108b9bca44d22aa3390fdceb93735cf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571889549699411","idStr":"3571889549699411"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/871329444","repostId":"1118366658","repostType":4,"isVote":1,"tweetType":1,"viewCount":919,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":115016270,"gmtCreate":1622940839590,"gmtModify":1634096830020,"author":{"id":"3571889549699411","authorId":"3571889549699411","name":"Vilianty","avatar":"https://static.tigerbbs.com/5108b9bca44d22aa3390fdceb93735cf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571889549699411","authorIdStr":"3571889549699411"},"themes":[],"htmlText":"Like and comment","listText":"Like and comment","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":7,"repostSize":0,"link":"https://laohu8.com/post/115016270","repostId":"1106312903","repostType":4,"repost":{"id":"1106312903","kind":"news","pubTimestamp":1622855773,"share":"https://www.laohu8.com/m/news/1106312903?lang=zh_CN&edition=full","pubTime":"2021-06-05 09:16","market":"us","language":"en","title":"U.S. IPO Week Ahead: Digital Payments, Mental Health Services, And More In A Diverse 8 IPO<blockquote>未来一周的美国IPO：多元化的8次IPO中的数字支付、心理健康服务等</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1106312903","media":"Renaissance Capital","summary":"Summary\n\nEight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental h","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Eight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.</li>  <li>Payments platform Marqeta plans to raise $1.0 billion at a $12.4 billion market cap.</li>  <li>Chinese online recruitment platform Kanzhun plans to raise $864 million at an $8.2 billion market cap.</li> </ul> Eight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.</p><p><blockquote><ul><li>目前有八起IPO计划筹集37亿美元，涉及数字支付、心理健康服务等领域。</li><li>支付平台Marqeta计划以124亿美元的市值筹集10亿美元。</li><li>中国在线招聘平台看准计划以82亿美元的市值筹集8.64亿美元。</li></ul>目前有八起IPO计划筹集37亿美元，涉及数字支付、心理健康服务等领域。</blockquote></p><p> Payments platform&nbsp;<b>Marqeta</b>(MQ) plans to raise $1.0 billion at a $12.4 billion market cap. The company's platform allows businesses to launch and manage their own card programs, issue cards to their customers or end users, and authorize and settle transactions. Marqeta is fast growing and counts names like Affirm (AFRM) and DoorDash (DASH) among its customers.</p><p><blockquote>支付平台<b>马尔凯塔</b>(MQ)计划以124亿美元的市值筹集10亿美元。该公司的平台允许企业启动和管理自己的卡计划，向客户或最终用户发行卡，以及授权和结算交易。Marqeta发展迅速，其客户包括Affirm(AFRM)和DoorDash(DASH)等品牌。</blockquote></p><p> Chinese online recruitment platform&nbsp;<b>Kanzhun</b>(BZ) plans to raise $864 million at an $8.2 billion market cap. Kanzhun's core product, BOSS Zhipin, is a mobile-native platform that promotes direct chats between job seekers and enterprise clients. The company claims it was the largest online recruitment platform in China by MAUs in 2020.</p><p><blockquote>中文在线招聘平台<b>看准</b>(BZ)计划以82亿美元的市值筹集8.64亿美元。看准的核心产品BOSS直聘是一个移动原生平台，促进求职者和企业客户之间的直接聊天。该公司声称，按月活跃用户数计算，它是2020年中国最大的在线招聘平台。</blockquote></p><p> Mental health services provider&nbsp;<b>LifeStance Health</b>(LFST) plans to raise $640 million at a $6.1 billion market cap. LifeStance states that it has built one of the nation's largest outpatient mental health platforms, employing over 3,300 licensed mental health clinicians across 73 MSAs in 27 states as of March 31, 2021. The company has demonstrated growth, though EBIT turned negative in the 1Q21.</p><p><blockquote>心理健康服务提供者<b>生命健康</b>(LFST)计划以61亿美元的市值筹集6.4亿美元。LifeStance表示，截至2021年3月31日，它已经建立了美国最大的门诊心理健康平台之一，在27个州的73个MSA中雇用了3,300多名持牌心理健康临床医生。尽管2021年第一季度的息税前利润转为负值，但该公司仍实现了增长。</blockquote></p><p> Israel’s&nbsp;<b>monday.com</b>(MNDY) plans to raise $490 million at a $6.8 billion market cap. monday.com allows organizations to easily build software applications and work management tools that fit their needs. As of March 31, 2021, it served nearly 128,000 customers across over 200 industries in more than 190 countries. Salesforce and Zoom plan to invest a combined $150 million in a concurrent private placement.</p><p><blockquote>以色列的<b>周一网</b>(MNDY)计划以68亿美元的市值筹集4.9亿美元。monday.com允许组织轻松构建满足其需求的软件应用程序和工作管理工具。截至2021年3月31日，它为190多个国家200多个行业的近128,000名客户提供服务。Salesforce和Zoom计划同时进行私募，总共投资1.5亿美元。</blockquote></p><p> BPO vendor&nbsp;<b>TaskUs</b>(TASK) plans to raise $304 million at a $2.5 billion market cap. TaskUs is a digital business services outsourcer, providing digital customer experience services, content security services, and artificial intelligence operations. Profitable with strong growth, the company had over 100 clients as of December 31, 2020.</p><p><blockquote>BPO供应商<b>塔斯库斯</b>(TASK)计划以25亿美元的市值筹集3.04亿美元。TaskUs是一家数字商业服务外包商，提供数字客户体验服务、内容安全服务和人工智能运营。截至2020年12月31日，该公司盈利强劲，增长强劲，拥有100多家客户。</blockquote></p><p> Data-driven marketing platform&nbsp;<b>Zeta Global</b>(ZETA) plans to raise $250 million at a $2.1 billion market cap. The company’s Zeta Marketing Platform uses identity data to target, connect, and engage consumers across email, social media, web, chat, connected TV, video, and other channels. Zeta is profitable and serves more than 1,000 customers, delivering roughly 500 million ad impressions in 2020.</p><p><blockquote>数据驱动营销平台<b>泽塔全球</b>(ZETA)计划以21亿美元的市值筹集2.5亿美元。该公司的Zeta营销平台使用身份数据通过电子邮件、社交媒体、网络、聊天、联网电视、视频和其他渠道锁定、联系和吸引消费者。Zeta已实现盈利，为1,000多家客户提供服务，2020年提供约5亿次广告展示。</blockquote></p><p> Online luxury goods marketplace&nbsp;<b>1stDibs</b>(DIBS) plans to raise $112 million at a $773 million market cap. 1stDibs connects buyers and sellers of vintage, antique, and contemporary furniture, home decor, jewelry, watches, art, and fashion. In 2020, the marketplace had more than 58,000 buyers who had made a purchase in the past year, with an average aggregate purchase per year of over $5,500.</p><p><blockquote>网上奢侈品市场<b>第一个</b>(DIBS)计划以7.73亿美元的市值筹集1.12亿美元。1stDibs连接复古、古董和当代家具、家居装饰、珠宝、手表、艺术和时尚的买家和卖家。2020年，该市场有超过58,000名买家在过去一年中进行了购买，平均每年的总购买额超过5,500美元。</blockquote></p><p> Chinese online tutoring platform&nbsp;<b>Zhangmen Education</b>(ZME) plans to raise $43 million at a $1.9 billion market cap. Zhangmen Education states that it has been the largest online K-12 tutoring service provider in China by revenue since 2017, claiming a 32% market share in 2020.</p><p><blockquote>中文在线辅导平台<b>掌门教育</b>(ZME)计划以19亿美元的市值筹集4300万美元。掌门教育表示，自2017年以来，按收入计算，它一直是中国最大的在线K-12辅导服务提供商，2020年占据32%的市场份额。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d771f02e44d9d489ff772f1577280332\" tg-width=\"945\" tg-height=\"666\"></p><p><blockquote></blockquote></p><p> Street research is expected for six companies, and lock-up periods will be expiring for up to 11 companies.</p><p><blockquote>预计将有6家公司接受街头调查，多达11家公司的禁售期将到期。</blockquote></p><p> <b>IPO Market Snapshot</b></p><p><blockquote><b>IPO市场快照</b></blockquote></p><p> The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/3/21, the Renaissance IPO Index was down 6.0% year-to-date, while the S&amp;P 500 was up 11.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Zoom Video (ZM) and Uber (UBER). The Renaissance International IPO Index was down 1.1% year-to-date, while the ACWX was up 10.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Nexi and EQT Partners.</p><p><blockquote>文艺复兴IPO指数是新上市公司的市值加权篮子。截至2011年6月3日，文艺复兴IPO指数今年迄今下跌6.0%，而标普500上涨11.6%。Renaissance Capital的IPO ETF（纽约证券交易所股票代码：IPO）跟踪该指数，持有最多的ETF包括Zoom Video（ZM）和优步（UBER）。Renaissance International IPO指数今年迄今下跌1.1%，而ACWX指数上涨10.5%。Renaissance Capital的国际IPO ETF（纽约证券交易所股票代码：IPOS）跟踪该指数，持有最多的ETF包括Nexi和EQT Partners。</blockquote></p><p></p>","source":"lsy1603787993745","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>U.S. IPO Week Ahead: Digital Payments, Mental Health Services, And More In A Diverse 8 IPO<blockquote>未来一周的美国IPO：多元化的8次IPO中的数字支付、心理健康服务等</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nU.S. IPO Week Ahead: Digital Payments, Mental Health Services, And More In A Diverse 8 IPO<blockquote>未来一周的美国IPO：多元化的8次IPO中的数字支付、心理健康服务等</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Renaissance Capital</strong><span class=\"h-time small\">2021-06-05 09:16</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Eight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.</li>  <li>Payments platform Marqeta plans to raise $1.0 billion at a $12.4 billion market cap.</li>  <li>Chinese online recruitment platform Kanzhun plans to raise $864 million at an $8.2 billion market cap.</li> </ul> Eight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.</p><p><blockquote><ul><li>目前有八起IPO计划筹集37亿美元，涉及数字支付、心理健康服务等领域。</li><li>支付平台Marqeta计划以124亿美元的市值筹集10亿美元。</li><li>中国在线招聘平台看准计划以82亿美元的市值筹集8.64亿美元。</li></ul>目前有八起IPO计划筹集37亿美元，涉及数字支付、心理健康服务等领域。</blockquote></p><p> Payments platform&nbsp;<b>Marqeta</b>(MQ) plans to raise $1.0 billion at a $12.4 billion market cap. The company's platform allows businesses to launch and manage their own card programs, issue cards to their customers or end users, and authorize and settle transactions. Marqeta is fast growing and counts names like Affirm (AFRM) and DoorDash (DASH) among its customers.</p><p><blockquote>支付平台<b>马尔凯塔</b>(MQ)计划以124亿美元的市值筹集10亿美元。该公司的平台允许企业启动和管理自己的卡计划，向客户或最终用户发行卡，以及授权和结算交易。Marqeta发展迅速，其客户包括Affirm(AFRM)和DoorDash(DASH)等品牌。</blockquote></p><p> Chinese online recruitment platform&nbsp;<b>Kanzhun</b>(BZ) plans to raise $864 million at an $8.2 billion market cap. Kanzhun's core product, BOSS Zhipin, is a mobile-native platform that promotes direct chats between job seekers and enterprise clients. The company claims it was the largest online recruitment platform in China by MAUs in 2020.</p><p><blockquote>中文在线招聘平台<b>看准</b>(BZ)计划以82亿美元的市值筹集8.64亿美元。看准的核心产品BOSS直聘是一个移动原生平台，促进求职者和企业客户之间的直接聊天。该公司声称，按月活跃用户数计算，它是2020年中国最大的在线招聘平台。</blockquote></p><p> Mental health services provider&nbsp;<b>LifeStance Health</b>(LFST) plans to raise $640 million at a $6.1 billion market cap. LifeStance states that it has built one of the nation's largest outpatient mental health platforms, employing over 3,300 licensed mental health clinicians across 73 MSAs in 27 states as of March 31, 2021. The company has demonstrated growth, though EBIT turned negative in the 1Q21.</p><p><blockquote>心理健康服务提供者<b>生命健康</b>(LFST)计划以61亿美元的市值筹集6.4亿美元。LifeStance表示，截至2021年3月31日，它已经建立了美国最大的门诊心理健康平台之一，在27个州的73个MSA中雇用了3,300多名持牌心理健康临床医生。尽管2021年第一季度的息税前利润转为负值，但该公司仍实现了增长。</blockquote></p><p> Israel’s&nbsp;<b>monday.com</b>(MNDY) plans to raise $490 million at a $6.8 billion market cap. monday.com allows organizations to easily build software applications and work management tools that fit their needs. As of March 31, 2021, it served nearly 128,000 customers across over 200 industries in more than 190 countries. Salesforce and Zoom plan to invest a combined $150 million in a concurrent private placement.</p><p><blockquote>以色列的<b>周一网</b>(MNDY)计划以68亿美元的市值筹集4.9亿美元。monday.com允许组织轻松构建满足其需求的软件应用程序和工作管理工具。截至2021年3月31日，它为190多个国家200多个行业的近128,000名客户提供服务。Salesforce和Zoom计划同时进行私募，总共投资1.5亿美元。</blockquote></p><p> BPO vendor&nbsp;<b>TaskUs</b>(TASK) plans to raise $304 million at a $2.5 billion market cap. TaskUs is a digital business services outsourcer, providing digital customer experience services, content security services, and artificial intelligence operations. Profitable with strong growth, the company had over 100 clients as of December 31, 2020.</p><p><blockquote>BPO供应商<b>塔斯库斯</b>(TASK)计划以25亿美元的市值筹集3.04亿美元。TaskUs是一家数字商业服务外包商，提供数字客户体验服务、内容安全服务和人工智能运营。截至2020年12月31日，该公司盈利强劲，增长强劲，拥有100多家客户。</blockquote></p><p> Data-driven marketing platform&nbsp;<b>Zeta Global</b>(ZETA) plans to raise $250 million at a $2.1 billion market cap. The company’s Zeta Marketing Platform uses identity data to target, connect, and engage consumers across email, social media, web, chat, connected TV, video, and other channels. Zeta is profitable and serves more than 1,000 customers, delivering roughly 500 million ad impressions in 2020.</p><p><blockquote>数据驱动营销平台<b>泽塔全球</b>(ZETA)计划以21亿美元的市值筹集2.5亿美元。该公司的Zeta营销平台使用身份数据通过电子邮件、社交媒体、网络、聊天、联网电视、视频和其他渠道锁定、联系和吸引消费者。Zeta已实现盈利，为1,000多家客户提供服务，2020年提供约5亿次广告展示。</blockquote></p><p> Online luxury goods marketplace&nbsp;<b>1stDibs</b>(DIBS) plans to raise $112 million at a $773 million market cap. 1stDibs connects buyers and sellers of vintage, antique, and contemporary furniture, home decor, jewelry, watches, art, and fashion. In 2020, the marketplace had more than 58,000 buyers who had made a purchase in the past year, with an average aggregate purchase per year of over $5,500.</p><p><blockquote>网上奢侈品市场<b>第一个</b>(DIBS)计划以7.73亿美元的市值筹集1.12亿美元。1stDibs连接复古、古董和当代家具、家居装饰、珠宝、手表、艺术和时尚的买家和卖家。2020年，该市场有超过58,000名买家在过去一年中进行了购买，平均每年的总购买额超过5,500美元。</blockquote></p><p> Chinese online tutoring platform&nbsp;<b>Zhangmen Education</b>(ZME) plans to raise $43 million at a $1.9 billion market cap. Zhangmen Education states that it has been the largest online K-12 tutoring service provider in China by revenue since 2017, claiming a 32% market share in 2020.</p><p><blockquote>中文在线辅导平台<b>掌门教育</b>(ZME)计划以19亿美元的市值筹集4300万美元。掌门教育表示，自2017年以来，按收入计算，它一直是中国最大的在线K-12辅导服务提供商，2020年占据32%的市场份额。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d771f02e44d9d489ff772f1577280332\" tg-width=\"945\" tg-height=\"666\"></p><p><blockquote></blockquote></p><p> Street research is expected for six companies, and lock-up periods will be expiring for up to 11 companies.</p><p><blockquote>预计将有6家公司接受街头调查，多达11家公司的禁售期将到期。</blockquote></p><p> <b>IPO Market Snapshot</b></p><p><blockquote><b>IPO市场快照</b></blockquote></p><p> The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/3/21, the Renaissance IPO Index was down 6.0% year-to-date, while the S&amp;P 500 was up 11.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Zoom Video (ZM) and Uber (UBER). The Renaissance International IPO Index was down 1.1% year-to-date, while the ACWX was up 10.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Nexi and EQT Partners.</p><p><blockquote>文艺复兴IPO指数是新上市公司的市值加权篮子。截至2011年6月3日，文艺复兴IPO指数今年迄今下跌6.0%，而标普500上涨11.6%。Renaissance Capital的IPO ETF（纽约证券交易所股票代码：IPO）跟踪该指数，持有最多的ETF包括Zoom Video（ZM）和优步（UBER）。Renaissance International IPO指数今年迄今下跌1.1%，而ACWX指数上涨10.5%。Renaissance Capital的国际IPO ETF（纽约证券交易所股票代码：IPOS）跟踪该指数，持有最多的ETF包括Nexi和EQT Partners。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.renaissancecapital.com/IPO-Center/News/82421/US-IPO-Week-Ahead-Digital-payments-mental-health-services-and-more-in-a-div\">Renaissance Capital</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":{"ZME":"掌门教育","ZETA":"Zeta Global Holdings Corp.",".SPX":"S&P 500 Index","BZ":"BOSS直聘",".IXIC":"NASDAQ Composite","LFST":"LifeStance Health Group, Inc.","MNDY":"Monday.com Ltd.","MQ":"Marqeta, Inc.","DIBS":"1stdibs.com Inc.","TASK":"TaskUs Inc.",".DJI":"道琼斯"},"source_url":"https://www.renaissancecapital.com/IPO-Center/News/82421/US-IPO-Week-Ahead-Digital-payments-mental-health-services-and-more-in-a-div","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106312903","content_text":"Summary\n\nEight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.\nPayments platform Marqeta plans to raise $1.0 billion at a $12.4 billion market cap.\nChinese online recruitment platform Kanzhun plans to raise $864 million at an $8.2 billion market cap.\n\nEight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.\nPayments platform Marqeta(MQ) plans to raise $1.0 billion at a $12.4 billion market cap. The company's platform allows businesses to launch and manage their own card programs, issue cards to their customers or end users, and authorize and settle transactions. Marqeta is fast growing and counts names like Affirm (AFRM) and DoorDash (DASH) among its customers.\nChinese online recruitment platform Kanzhun(BZ) plans to raise $864 million at an $8.2 billion market cap. Kanzhun's core product, BOSS Zhipin, is a mobile-native platform that promotes direct chats between job seekers and enterprise clients. The company claims it was the largest online recruitment platform in China by MAUs in 2020.\nMental health services provider LifeStance Health(LFST) plans to raise $640 million at a $6.1 billion market cap. LifeStance states that it has built one of the nation's largest outpatient mental health platforms, employing over 3,300 licensed mental health clinicians across 73 MSAs in 27 states as of March 31, 2021. The company has demonstrated growth, though EBIT turned negative in the 1Q21.\nIsrael’s monday.com(MNDY) plans to raise $490 million at a $6.8 billion market cap. monday.com allows organizations to easily build software applications and work management tools that fit their needs. As of March 31, 2021, it served nearly 128,000 customers across over 200 industries in more than 190 countries. Salesforce and Zoom plan to invest a combined $150 million in a concurrent private placement.\nBPO vendor TaskUs(TASK) plans to raise $304 million at a $2.5 billion market cap. TaskUs is a digital business services outsourcer, providing digital customer experience services, content security services, and artificial intelligence operations. Profitable with strong growth, the company had over 100 clients as of December 31, 2020.\nData-driven marketing platform Zeta Global(ZETA) plans to raise $250 million at a $2.1 billion market cap. The company’s Zeta Marketing Platform uses identity data to target, connect, and engage consumers across email, social media, web, chat, connected TV, video, and other channels. Zeta is profitable and serves more than 1,000 customers, delivering roughly 500 million ad impressions in 2020.\nOnline luxury goods marketplace 1stDibs(DIBS) plans to raise $112 million at a $773 million market cap. 1stDibs connects buyers and sellers of vintage, antique, and contemporary furniture, home decor, jewelry, watches, art, and fashion. In 2020, the marketplace had more than 58,000 buyers who had made a purchase in the past year, with an average aggregate purchase per year of over $5,500.\nChinese online tutoring platform Zhangmen Education(ZME) plans to raise $43 million at a $1.9 billion market cap. Zhangmen Education states that it has been the largest online K-12 tutoring service provider in China by revenue since 2017, claiming a 32% market share in 2020.\n\nStreet research is expected for six companies, and lock-up periods will be expiring for up to 11 companies.\nIPO Market Snapshot\nThe Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/3/21, the Renaissance IPO Index was down 6.0% year-to-date, while the S&P 500 was up 11.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Zoom Video (ZM) and Uber (UBER). The Renaissance International IPO Index was down 1.1% year-to-date, while the ACWX was up 10.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Nexi and EQT Partners.","news_type":1,"symbols_score_info":{"LFST":0.9,"MNDY":0.9,"ZETA":0.9,"MQ":0.9,"DIBS":0.9,"TASK":0.9,"BZ":0.9,"ZME":0.9,".SPX":0.9,".DJI":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":518,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":139370525,"gmtCreate":1621596351967,"gmtModify":1634187789198,"author":{"id":"3571889549699411","authorId":"3571889549699411","name":"Vilianty","avatar":"https://static.tigerbbs.com/5108b9bca44d22aa3390fdceb93735cf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571889549699411","authorIdStr":"3571889549699411"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/139370525","repostId":"1154792922","repostType":4,"isVote":1,"tweetType":1,"viewCount":547,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":191265760,"gmtCreate":1620881773250,"gmtModify":1634195580743,"author":{"id":"3571889549699411","authorId":"3571889549699411","name":"Vilianty","avatar":"https://static.tigerbbs.com/5108b9bca44d22aa3390fdceb93735cf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571889549699411","authorIdStr":"3571889549699411"},"themes":[],"htmlText":"Like and comment thanks!","listText":"Like and comment thanks!","text":"Like and comment thanks!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/191265760","repostId":"2135584610","repostType":4,"isVote":1,"tweetType":1,"viewCount":532,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":197407194,"gmtCreate":1621476752318,"gmtModify":1634188833988,"author":{"id":"3571889549699411","authorId":"3571889549699411","name":"Vilianty","avatar":"https://static.tigerbbs.com/5108b9bca44d22aa3390fdceb93735cf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571889549699411","authorIdStr":"3571889549699411"},"themes":[],"htmlText":"Comment and like thanks!","listText":"Comment and like thanks!","text":"Comment and like thanks!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/197407194","repostId":"2136944668","repostType":4,"isVote":1,"tweetType":1,"viewCount":460,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":835250789,"gmtCreate":1629722943741,"gmtModify":1631892331730,"author":{"id":"3571889549699411","authorId":"3571889549699411","name":"Vilianty","avatar":"https://static.tigerbbs.com/5108b9bca44d22aa3390fdceb93735cf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571889549699411","authorIdStr":"3571889549699411"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/835250789","repostId":"1132832038","repostType":4,"isVote":1,"tweetType":1,"viewCount":297,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":891471673,"gmtCreate":1628420004792,"gmtModify":1633747223328,"author":{"id":"3571889549699411","authorId":"3571889549699411","name":"Vilianty","avatar":"https://static.tigerbbs.com/5108b9bca44d22aa3390fdceb93735cf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571889549699411","authorIdStr":"3571889549699411"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/891471673","repostId":"2157901414","repostType":4,"isVote":1,"tweetType":1,"viewCount":508,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":155634320,"gmtCreate":1625410249460,"gmtModify":1633940882692,"author":{"id":"3571889549699411","authorId":"3571889549699411","name":"Vilianty","avatar":"https://static.tigerbbs.com/5108b9bca44d22aa3390fdceb93735cf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571889549699411","authorIdStr":"3571889549699411"},"themes":[],"htmlText":"Like and comment","listText":"Like and comment","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/155634320","repostId":"1109375790","repostType":4,"repost":{"id":"1109375790","kind":"news","pubTimestamp":1625370494,"share":"https://www.laohu8.com/m/news/1109375790?lang=zh_CN&edition=full","pubTime":"2021-07-04 11:48","market":"us","language":"en","title":"Why high-quality, trustworthy companies have beaten the S&P 500 by 30%-50%<blockquote>为什么高质量、值得信赖的公司击败了标普500 30%-50%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1109375790","media":"MarketWatch","summary":"More predictable businesses tend to be more profitable stock investments.Trust is one of the most valuable assets a company can cultivate.  Within an organization, trust percolates into culture. Outside an organization, it translates into loyalty.  Quality shareholders  who value long-term trust among all stakeholders — employees, customers and shareholders — maintain this viewpoint in their investment practice.TheTrust Across America initiative has identified the most trustworthy U.S. public co","content":"<p>  <b>More predictable businesses tend to be more profitable stock investments.</b>  Trust is one of the most valuable assets a company can cultivate.&nbsp; Within an organization, trust percolates into culture.&nbsp;Outside an organization, it translates into loyalty.&nbsp; Quality shareholders (QS) who value long-term trust among all stakeholders — employees, customers and shareholders —&nbsp;maintain this&nbsp;viewpoint in their investment practice.</p><p><blockquote><b>更可预测的业务往往是更有利可图的股票投资。</b>信任是公司可以培养的最有价值的资产之一。在一个组织内，信任渗透到文化中。在组织之外，它转化为忠诚。重视所有利益相关者（员工、客户和股东）之间长期信任的优质股东（QS）在其投资实践中坚持这一观点。</blockquote></p><p> TheTrust Across America(TAA) initiative has identified the most&nbsp;trustworthy&nbsp;U.S. public&nbsp;companies using objective&nbsp;and quantitative&nbsp;indicators including accounting&nbsp;conservativeness&nbsp;and financial stability, as well as a secondary screen of more subjective criteria such as employee reviews and news reports.</p><p><blockquote>全美信任(TAA)倡议已经确定了最值得信赖的美国。上市公司使用客观和定量指标，包括会计稳健性和财务稳定性，以及员工评论和新闻报道等更主观标准的二级筛选。</blockquote></p><p> Companies regarded as trustworthy also tend to rate highly in rankings of shareholder quality produced by the&nbsp;Quality Shareholders Initiative&nbsp;(QSI), which I run, as well as the proprietary database of&nbsp;EQX, which I use to cross-check the QSI data.</p><p><blockquote>被认为值得信赖的公司在我负责的质量股东倡议（QSI）以及我用来交叉检查QSI数据的EQX专有数据库制作的股东质量排名中也往往排名很高。</blockquote></p><p> TAA’s assessment of the S&amp;P 500SPX,+0.75%in 2020 identified 51 companies, of which 49&nbsp;are also included in the QSI rankings. Comparing the two, more than one-fourth of the top TAA companies are in the top decile of the QSI; two-thirds are in the top quarter, and all but two (92%) are in the top half.</p><p><blockquote>TAA对2020年标准普尔500SPX指数+0.75%的评估确定了51家公司，其中49家也被纳入QSI排名。比较两者，超过四分之一的TAA顶级公司位于QSI的前十分位；三分之二位于前四分之一，除两人（92%）外，其余均位于前半部分。</blockquote></p><p> Notably, both the TAA top 10 and the QSI Top 25 outperformed the S&amp;P 500 by 30% and 50%, respectively, in recent five-year periods. Here’s a sampling of companies scoring high on both trust and quality:</p><p><blockquote>值得注意的是，近五年来，TAA前10名和QSI前25名的表现分别比标普500高出30%和50%。以下是在信任度和质量方面得分较高的公司样本：</blockquote></p><p> Texas InstrumentsTXN,+0.72%makes most of its revenue selling computer chips and is among the world’s largest manufacturers of semiconductors. Founded by a group of electrical engineers in 1951, the company boasts a culture of intelligent innovation. Its business is protected by four protective “moats” including: manufacturing and technology skill thanks to its employees; a broad portfolio of processing chips to meet a wide range of customer needs; the reach of its market channels thanks to both, and its diversity and longevity.</p><p><blockquote>德州仪器STXN,+0.72%的大部分收入来自销售计算机芯片，是全球最大的半导体制造商之一。该公司由一群电气工程师于1951年创立，拥有智能创新文化。其业务受到四条保护性“护城河”的保护，包括：得益于员工的制造和技术技能；广泛的处理芯片组合，以满足广泛的客户需求；其市场渠道的覆盖范围得益于这两者，以及其多样性和寿命。</blockquote></p><p> For investors, this adds up to a winning recipe, particularly when combined with Texas Instruments’s capital management strategy, which is to maximize the company’s long-term growth in free cash-flow per share and to&nbsp;allocate such capital in accordance with the QS playbook&nbsp;that prioritizes wise reinvestment, disciplined acquisitions, low-priced share buybacks and shareholder dividends. Some of the company’s notable QSs include: Alliance Bernstein, Bessemer Group, Capital World Investors, State Farm Mutual, and T. Rowe Price Group.</p><p><blockquote>对于投资者来说，这是一个制胜秘诀，特别是与德州仪器的资本管理策略相结合时，该策略旨在最大限度地提高公司每股自由现金流的长期增长，并根据QS剧本分配此类资本，优先考虑明智的再投资、严格的收购、低价股票回购和股东股息。该公司一些著名的QS包括：Alliance Bernstein、Bessemer Group、Capital World Investors、State Farm Mutual和T.Rowe Price Group。</blockquote></p><p> Another stock on this list, EcolabECL,+0.77%,is a global leader in water treatment. Founded in 1923 as the Economics Laboratory, its long-term outlook shows in the longevity of senior leadership: the company has had just seven CEOs in almost 100 years of existence.</p><p><blockquote>这份名单上的另一只股票EcolabECL，+0.77%，是水处理领域的全球领导者。该公司成立于1923年，原名经济实验室，其长期前景体现在高级领导层的长寿上：该公司在近100年的历史中只有7位首席执行官。</blockquote></p><p> Those CEOs inculcated a culture of customer care, a relentless focus on helping customers solve problems and meet goals. A learning organization, such a performance culture permeates the business from production to sales, as employees commit to the long-term goal of being indispensable to customers. Management rewards that employee conviction with long-term incentives and a high degree of autonomy.&nbsp;Ecolab’s QSs include: Cantillon Capital, Clearbridge Investments, Franklin Resources, and the Gates Foundation.</p><p><blockquote>这些首席执行官灌输了一种客户关怀文化，坚持不懈地帮助客户解决问题和实现目标。作为一个学习型组织，这种绩效文化渗透到从生产到销售的业务中，因为员工致力于成为客户不可或缺的长期目标。管理层通过长期激励和高度自主权来奖励员工的信念。艺康的QSs包括：Cantillon Capital、Clearbridge Investments、Franklin Resources和盖茨基金会。</blockquote></p><p> Finally, consider Ball CorporationBLL,-0.68%,the world’s largest manufacturer of recyclable containers.&nbsp; Founded in the late 1800s by two brother-entrepreneurs who foresaw that the Mason jar patent was about to expire and built a glassblowing facility to manufacture such jars.</p><p><blockquote>最后，考虑一下全球最大的可回收容器制造商Ball CorporationBLL，-0.68%。该公司由两位企业家兄弟于1800年代末创立，他们预见到梅森罐专利即将到期，并建造了一座玻璃吹制工厂来制造此类罐子。</blockquote></p><p> Ball remains characterized by a culture of family, innovation and natural-resources conscientiousness. For instance, Ball foresaw the ecological and commercial need to pivot away from PET and glass containers, both costly to recycle and posing environmental damage, and towards eco-friendly and profitable aluminum. The company adopts economic value added (EVA) to assure every dollar is well-spent, long-term employee incentive compensation to reward long-term sustainable growth, and a spirit of entrepreneurial freedom. QSs include: Chilton Investment Co.; T. Rowe Price; Wellington&nbsp;Management Group and&nbsp;Winslow Capital Management.</p><p><blockquote>鲍尔的特点仍然是家庭、创新和自然资源意识的文化。例如，鲍尔预见到生态和商业需要从回收成本高且对环境造成破坏的PET和玻璃容器转向环保且有利可图的铝。该公司采用经济附加值（EVA）来确保每一美元都花得值，长期员工激励薪酬来奖励长期可持续增长，以及创业自由精神。QSs包括：奇尔顿投资公司；T.罗普莱斯；惠灵顿管理集团和温斯洛资本管理公司。</blockquote></p><p> While some investors focus solely on the bottom line and others only on signals of corporate virtue, QSs are holistic, considering the inherent relationship between trust and long-term value. Nebulous as the notion of trust in corporate culture might seem, it’s a profitable as well as ethical value to probe.</p><p><blockquote>虽然一些投资者只关注底线，而另一些投资者只关注企业美德的信号，但考虑到信任和长期价值之间的内在关系，QSs是全面的。尽管企业文化中的信任概念看起来很模糊，但它是一个值得探索的有利可图的道德价值。</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why high-quality, trustworthy companies have beaten the S&P 500 by 30%-50%<blockquote>为什么高质量、值得信赖的公司击败了标普500 30%-50%</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 high-quality, trustworthy companies have beaten the S&P 500 by 30%-50%<blockquote>为什么高质量、值得信赖的公司击败了标普500 30%-50%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-07-04 11:48</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>More predictable businesses tend to be more profitable stock investments.</b>  Trust is one of the most valuable assets a company can cultivate.&nbsp; Within an organization, trust percolates into culture.&nbsp;Outside an organization, it translates into loyalty.&nbsp; Quality shareholders (QS) who value long-term trust among all stakeholders — employees, customers and shareholders —&nbsp;maintain this&nbsp;viewpoint in their investment practice.</p><p><blockquote><b>更可预测的业务往往是更有利可图的股票投资。</b>信任是公司可以培养的最有价值的资产之一。在一个组织内，信任渗透到文化中。在组织之外，它转化为忠诚。重视所有利益相关者（员工、客户和股东）之间长期信任的优质股东（QS）在其投资实践中坚持这一观点。</blockquote></p><p> TheTrust Across America(TAA) initiative has identified the most&nbsp;trustworthy&nbsp;U.S. public&nbsp;companies using objective&nbsp;and quantitative&nbsp;indicators including accounting&nbsp;conservativeness&nbsp;and financial stability, as well as a secondary screen of more subjective criteria such as employee reviews and news reports.</p><p><blockquote>全美信任(TAA)倡议已经确定了最值得信赖的美国。上市公司使用客观和定量指标，包括会计稳健性和财务稳定性，以及员工评论和新闻报道等更主观标准的二级筛选。</blockquote></p><p> Companies regarded as trustworthy also tend to rate highly in rankings of shareholder quality produced by the&nbsp;Quality Shareholders Initiative&nbsp;(QSI), which I run, as well as the proprietary database of&nbsp;EQX, which I use to cross-check the QSI data.</p><p><blockquote>被认为值得信赖的公司在我负责的质量股东倡议（QSI）以及我用来交叉检查QSI数据的EQX专有数据库制作的股东质量排名中也往往排名很高。</blockquote></p><p> TAA’s assessment of the S&amp;P 500SPX,+0.75%in 2020 identified 51 companies, of which 49&nbsp;are also included in the QSI rankings. Comparing the two, more than one-fourth of the top TAA companies are in the top decile of the QSI; two-thirds are in the top quarter, and all but two (92%) are in the top half.</p><p><blockquote>TAA对2020年标准普尔500SPX指数+0.75%的评估确定了51家公司，其中49家也被纳入QSI排名。比较两者，超过四分之一的TAA顶级公司位于QSI的前十分位；三分之二位于前四分之一，除两人（92%）外，其余均位于前半部分。</blockquote></p><p> Notably, both the TAA top 10 and the QSI Top 25 outperformed the S&amp;P 500 by 30% and 50%, respectively, in recent five-year periods. Here’s a sampling of companies scoring high on both trust and quality:</p><p><blockquote>值得注意的是，近五年来，TAA前10名和QSI前25名的表现分别比标普500高出30%和50%。以下是在信任度和质量方面得分较高的公司样本：</blockquote></p><p> Texas InstrumentsTXN,+0.72%makes most of its revenue selling computer chips and is among the world’s largest manufacturers of semiconductors. Founded by a group of electrical engineers in 1951, the company boasts a culture of intelligent innovation. Its business is protected by four protective “moats” including: manufacturing and technology skill thanks to its employees; a broad portfolio of processing chips to meet a wide range of customer needs; the reach of its market channels thanks to both, and its diversity and longevity.</p><p><blockquote>德州仪器STXN,+0.72%的大部分收入来自销售计算机芯片，是全球最大的半导体制造商之一。该公司由一群电气工程师于1951年创立，拥有智能创新文化。其业务受到四条保护性“护城河”的保护，包括：得益于员工的制造和技术技能；广泛的处理芯片组合，以满足广泛的客户需求；其市场渠道的覆盖范围得益于这两者，以及其多样性和寿命。</blockquote></p><p> For investors, this adds up to a winning recipe, particularly when combined with Texas Instruments’s capital management strategy, which is to maximize the company’s long-term growth in free cash-flow per share and to&nbsp;allocate such capital in accordance with the QS playbook&nbsp;that prioritizes wise reinvestment, disciplined acquisitions, low-priced share buybacks and shareholder dividends. Some of the company’s notable QSs include: Alliance Bernstein, Bessemer Group, Capital World Investors, State Farm Mutual, and T. Rowe Price Group.</p><p><blockquote>对于投资者来说，这是一个制胜秘诀，特别是与德州仪器的资本管理策略相结合时，该策略旨在最大限度地提高公司每股自由现金流的长期增长，并根据QS剧本分配此类资本，优先考虑明智的再投资、严格的收购、低价股票回购和股东股息。该公司一些著名的QS包括：Alliance Bernstein、Bessemer Group、Capital World Investors、State Farm Mutual和T.Rowe Price Group。</blockquote></p><p> Another stock on this list, EcolabECL,+0.77%,is a global leader in water treatment. Founded in 1923 as the Economics Laboratory, its long-term outlook shows in the longevity of senior leadership: the company has had just seven CEOs in almost 100 years of existence.</p><p><blockquote>这份名单上的另一只股票EcolabECL，+0.77%，是水处理领域的全球领导者。该公司成立于1923年，原名经济实验室，其长期前景体现在高级领导层的长寿上：该公司在近100年的历史中只有7位首席执行官。</blockquote></p><p> Those CEOs inculcated a culture of customer care, a relentless focus on helping customers solve problems and meet goals. A learning organization, such a performance culture permeates the business from production to sales, as employees commit to the long-term goal of being indispensable to customers. Management rewards that employee conviction with long-term incentives and a high degree of autonomy.&nbsp;Ecolab’s QSs include: Cantillon Capital, Clearbridge Investments, Franklin Resources, and the Gates Foundation.</p><p><blockquote>这些首席执行官灌输了一种客户关怀文化，坚持不懈地帮助客户解决问题和实现目标。作为一个学习型组织，这种绩效文化渗透到从生产到销售的业务中，因为员工致力于成为客户不可或缺的长期目标。管理层通过长期激励和高度自主权来奖励员工的信念。艺康的QSs包括：Cantillon Capital、Clearbridge Investments、Franklin Resources和盖茨基金会。</blockquote></p><p> Finally, consider Ball CorporationBLL,-0.68%,the world’s largest manufacturer of recyclable containers.&nbsp; Founded in the late 1800s by two brother-entrepreneurs who foresaw that the Mason jar patent was about to expire and built a glassblowing facility to manufacture such jars.</p><p><blockquote>最后，考虑一下全球最大的可回收容器制造商Ball CorporationBLL，-0.68%。该公司由两位企业家兄弟于1800年代末创立，他们预见到梅森罐专利即将到期，并建造了一座玻璃吹制工厂来制造此类罐子。</blockquote></p><p> Ball remains characterized by a culture of family, innovation and natural-resources conscientiousness. For instance, Ball foresaw the ecological and commercial need to pivot away from PET and glass containers, both costly to recycle and posing environmental damage, and towards eco-friendly and profitable aluminum. The company adopts economic value added (EVA) to assure every dollar is well-spent, long-term employee incentive compensation to reward long-term sustainable growth, and a spirit of entrepreneurial freedom. QSs include: Chilton Investment Co.; T. Rowe Price; Wellington&nbsp;Management Group and&nbsp;Winslow Capital Management.</p><p><blockquote>鲍尔的特点仍然是家庭、创新和自然资源意识的文化。例如，鲍尔预见到生态和商业需要从回收成本高且对环境造成破坏的PET和玻璃容器转向环保且有利可图的铝。该公司采用经济附加值（EVA）来确保每一美元都花得值，长期员工激励薪酬来奖励长期可持续增长，以及创业自由精神。QSs包括：奇尔顿投资公司；T.罗普莱斯；惠灵顿管理集团和温斯洛资本管理公司。</blockquote></p><p> While some investors focus solely on the bottom line and others only on signals of corporate virtue, QSs are holistic, considering the inherent relationship between trust and long-term value. Nebulous as the notion of trust in corporate culture might seem, it’s a profitable as well as ethical value to probe.</p><p><blockquote>虽然一些投资者只关注底线，而另一些投资者只关注企业美德的信号，但考虑到信任和长期价值之间的内在关系，QSs是全面的。尽管企业文化中的信任概念看起来很模糊，但它是一个值得探索的有利可图的道德价值。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/why-high-quality-trustworthy-companies-have-beaten-the-s-p-500-by-30-50-11625020379?mod=mw_latestnews\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://www.marketwatch.com/story/why-high-quality-trustworthy-companies-have-beaten-the-s-p-500-by-30-50-11625020379?mod=mw_latestnews","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1109375790","content_text":"More predictable businesses tend to be more profitable stock investments.\n\nTrust is one of the most valuable assets a company can cultivate.  Within an organization, trust percolates into culture. Outside an organization, it translates into loyalty.  Quality shareholders (QS) who value long-term trust among all stakeholders — employees, customers and shareholders — maintain this viewpoint in their investment practice.\nTheTrust Across America(TAA) initiative has identified the most trustworthy U.S. public companies using objective and quantitative indicators including accounting conservativeness and financial stability, as well as a secondary screen of more subjective criteria such as employee reviews and news reports.\nCompanies regarded as trustworthy also tend to rate highly in rankings of shareholder quality produced by the Quality Shareholders Initiative (QSI), which I run, as well as the proprietary database of EQX, which I use to cross-check the QSI data.\nTAA’s assessment of the S&P 500SPX,+0.75%in 2020 identified 51 companies, of which 49 are also included in the QSI rankings. Comparing the two, more than one-fourth of the top TAA companies are in the top decile of the QSI; two-thirds are in the top quarter, and all but two (92%) are in the top half.\nNotably, both the TAA top 10 and the QSI Top 25 outperformed the S&P 500 by 30% and 50%, respectively, in recent five-year periods. Here’s a sampling of companies scoring high on both trust and quality:\nTexas InstrumentsTXN,+0.72%makes most of its revenue selling computer chips and is among the world’s largest manufacturers of semiconductors. Founded by a group of electrical engineers in 1951, the company boasts a culture of intelligent innovation. Its business is protected by four protective “moats” including: manufacturing and technology skill thanks to its employees; a broad portfolio of processing chips to meet a wide range of customer needs; the reach of its market channels thanks to both, and its diversity and longevity.\nFor investors, this adds up to a winning recipe, particularly when combined with Texas Instruments’s capital management strategy, which is to maximize the company’s long-term growth in free cash-flow per share and to allocate such capital in accordance with the QS playbook that prioritizes wise reinvestment, disciplined acquisitions, low-priced share buybacks and shareholder dividends. Some of the company’s notable QSs include: Alliance Bernstein, Bessemer Group, Capital World Investors, State Farm Mutual, and T. Rowe Price Group.\nAnother stock on this list, EcolabECL,+0.77%,is a global leader in water treatment. Founded in 1923 as the Economics Laboratory, its long-term outlook shows in the longevity of senior leadership: the company has had just seven CEOs in almost 100 years of existence.\nThose CEOs inculcated a culture of customer care, a relentless focus on helping customers solve problems and meet goals. A learning organization, such a performance culture permeates the business from production to sales, as employees commit to the long-term goal of being indispensable to customers. Management rewards that employee conviction with long-term incentives and a high degree of autonomy. Ecolab’s QSs include: Cantillon Capital, Clearbridge Investments, Franklin Resources, and the Gates Foundation.\nFinally, consider Ball CorporationBLL,-0.68%,the world’s largest manufacturer of recyclable containers.  Founded in the late 1800s by two brother-entrepreneurs who foresaw that the Mason jar patent was about to expire and built a glassblowing facility to manufacture such jars.\nBall remains characterized by a culture of family, innovation and natural-resources conscientiousness. For instance, Ball foresaw the ecological and commercial need to pivot away from PET and glass containers, both costly to recycle and posing environmental damage, and towards eco-friendly and profitable aluminum. The company adopts economic value added (EVA) to assure every dollar is well-spent, long-term employee incentive compensation to reward long-term sustainable growth, and a spirit of entrepreneurial freedom. QSs include: Chilton Investment Co.; T. Rowe Price; Wellington Management Group and Winslow Capital Management.\nWhile some investors focus solely on the bottom line and others only on signals of corporate virtue, QSs are holistic, considering the inherent relationship between trust and long-term value. Nebulous as the notion of trust in corporate culture might seem, it’s a profitable as well as ethical value to probe.","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,"SPY":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":305,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":124766225,"gmtCreate":1624794345867,"gmtModify":1633948570334,"author":{"id":"3571889549699411","authorId":"3571889549699411","name":"Vilianty","avatar":"https://static.tigerbbs.com/5108b9bca44d22aa3390fdceb93735cf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571889549699411","authorIdStr":"3571889549699411"},"themes":[],"htmlText":"Like and comment","listText":"Like and comment","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/124766225","repostId":"2146090006","repostType":4,"isVote":1,"tweetType":1,"viewCount":427,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":136639890,"gmtCreate":1622012063210,"gmtModify":1634184670196,"author":{"id":"3571889549699411","authorId":"3571889549699411","name":"Vilianty","avatar":"https://static.tigerbbs.com/5108b9bca44d22aa3390fdceb93735cf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571889549699411","authorIdStr":"3571889549699411"},"themes":[],"htmlText":"Like and comment","listText":"Like and comment","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/136639890","repostId":"1129186705","repostType":4,"repost":{"id":"1129186705","kind":"news","pubTimestamp":1622001447,"share":"https://www.laohu8.com/m/news/1129186705?lang=zh_CN&edition=full","pubTime":"2021-05-26 11:57","market":"us","language":"en","title":"In 2008, he was CEO of the biggest bank to ever fail. He's worried about another crisis<blockquote>2008年，他是有史以来倒闭的最大银行的首席执行官。他担心另一场危机</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1129186705","media":"cnn","summary":"New York The banking world nearly caved in 13 years ago. The former CEO of Washington Mutual is worried that another bubble is brewing.Kerry Killinger was named CEO of WaMu in 1990 and was fired in September 2008 -- just weeks before the bank failed as a growing number of mortgage loans went bad.\"Regulated banks do have more concentrated market share now so they have to be more careful,\" Killinger said. \"But the health of the industry is great, earnings are good and oversight is strong. I'm not ","content":"<p>New York (CNN Business)The banking world nearly caved in 13 years ago. The former CEO of Washington Mutual is worried that another bubble is brewing.</p><p><blockquote>纽约（CNN商业）13年前，银行界几乎崩溃了。华盛顿互惠银行的前首席执行官担心另一个泡沫正在酝酿。</blockquote></p><p> Kerry Killinger was named CEO of WaMu in 1990 and was fired in September 2008 -- just weeks before the bank failed as a growing number of mortgage loans went bad.</p><p><blockquote>克里·基林格(Kerry Killinger)于1990年被任命为WaMu首席执行官，并于2008年9月被解雇——就在该银行因越来越多的抵押贷款出现不良而倒闭的几周前。</blockquote></p><p> WaMu was one of several top financial firms to collapse during the financial crisis last decade, but the giant savings and loan with more than $300 billion in assets still ranks as the biggest-ever bank failure. WaMu was seized by regulators in September 2008 and sold to JPMorgan Chase (JPM) for a fire-sale price of $1.9 billion.</p><p><blockquote>WaMu是过去十年金融危机期间倒闭的几家顶级金融公司之一，但这家资产超过3000亿美元的储蓄和贷款巨头仍然是有史以来最大的银行倒闭事件。WaMu于2008年9月被监管机构查封，并以19亿美元的贱卖价格出售给摩根大通(JPM)。</blockquote></p><p> Killinger spoke to CNN Business about the similarities and differences between now and 13 years ago.</p><p><blockquote>Killinger向CNN Business讲述了现在与13年前的异同。</blockquote></p><p> <b>The good news</b></p><p><blockquote><b>好消息是</b></blockquote></p><p> The Global Financial Crisis led to a wave of new federal rules that were designed to strengthen the balance sheets of top banks and ensure that another catastrophe like 2008 could never happen again.</p><p><blockquote>全球金融危机导致了一波新的联邦规则，旨在加强顶级银行的资产负债表，并确保类似2008年的灾难永远不会再次发生。</blockquote></p><p> The good news is that Killinger thinks JPMorgan Chase and other \"too big to fail banks\" are in much better shape now after laws like Dodd-Frank and the Volcker Rule were put into place in the wake of the financial crisis to make big banks safer.</p><p><blockquote>好消息是，基林格认为，在金融危机后实施多德弗兰克法案和沃尔克规则等法律以使大银行更加安全之后，摩根大通和其他“太大而不能倒的银行”现在的状况要好得多。</blockquote></p><p> That group of institutions also includes Bank of America (BAC), Citigroup (C), Wells Fargo (WFC), Goldman Sachs (GS) and Morgan Stanley (MS), as well as others that received government bailouts in 2008.</p><p><blockquote>这组机构还包括美国银行(BAC)、花旗集团(C)、富国银行(WFC)、高盛(GS)和摩根士丹利(MS)，以及其他在2008年接受政府救助的机构。</blockquote></p><p> \"Regulated banks do have more concentrated market share now so they have to be more careful,\" Killinger said. \"But the health of the industry is great, earnings are good and oversight is strong. I'm not too concerned there.\"</p><p><blockquote>“受监管的银行现在确实拥有更加集中的市场份额，因此他们必须更加小心，”基林格说。“但该行业的健康状况良好，盈利良好，监管也很有力。我对此并不太担心。”</blockquote></p><p> Subprime lending, the practice of giving mortgages to people with less-than-worthy credit histories, isn't nearly as prevalent as it was during the last housing boom. But Killinger is worried about bubbles in many other parts of the economy that threaten the stability of the markets.</p><p><blockquote>次级贷款，即向信用记录不佳的人提供抵押贷款的做法，已经不像上次房地产繁荣时期那样普遍了。但基林格担心许多其他经济领域的泡沫会威胁到市场的稳定。</blockquote></p><p> <b>Too big to fail 2.0?</b></p><p><blockquote><b>大到不能倒2.0？</b></blockquote></p><p> Although housing prices have surged again, Killinger is more nervous about the fact that 0% interest rates and big bond purchases by the Federal Reserve have sparked a broader mania in other assets, including cryptocurrencies and non-fungible tokens (NFTs), meme stocks, blank check SPAC mergers and exotic exchange-traded funds.</p><p><blockquote>尽管房价再次飙升，但Killinger更紧张的是，0%的利率和美联储的大规模债券购买引发了其他资产更广泛的狂热，包括加密货币和不可替代代币（NFT）、模因股票、空白支票SPAC合并和异国情调的交易所交易基金。</blockquote></p><p> \"The bubbles today are broader and deeper in a variety of categories, not just housing,\" Killinger said. \"The Fed's policy of low rates and massive asset purchases worked well to get out of the downturn, but when you keep extending it you can cause unintended consequences.\"</p><p><blockquote>“如今的泡沫在各个类别中都更加广泛和深入，而不仅仅是房地产，”基林格说。“美联储的低利率和大规模资产购买政策很好地摆脱了经济低迷，但当你继续延长政策时，可能会造成意想不到的后果。”</blockquote></p><p> \"The economy continues to improve. It's time for the Fed to pull in the reins on stimulus and allow interest rates to rise,\" he added.</p><p><blockquote>“经济继续改善。美联储是时候收紧刺激政策并允许利率上升了，”他补充道。</blockquote></p><p> Killinger and his wife Linda, a former vice chair of the Federal Home Loan Bank of Des Moines, have written a book about the 2008 meltdown called \"Nothing Is Too Big to Fail: How the Last Financial Crisis Informs Today.\"</p><p><blockquote>基林格和他的妻子琳达（得梅因联邦住房贷款银行前副主席）写了一本关于2008年金融危机的书，名为《没有什么大到不能倒：上次金融危机对今天的影响》。</blockquote></p><p> Linda Killinger told CNN Business she's concerned about the rise of of financial tech companies, hedge funds. private equity firms and other so-called shadow banks that face little to no regulation in Washington.</p><p><blockquote>琳达·基林格(Linda Killinger)告诉CNN Business，她对金融科技公司和对冲基金的崛起感到担忧。私人股本公司和其他所谓的影子银行在华盛顿几乎没有受到监管。</blockquote></p><p> \"The non-bank system is a big part of the problem. And there are still a lot of loans being done by non-regulated banks such as online banks and many private companies,\" she said.</p><p><blockquote>“非银行系统是问题的一个重要部分。而且仍然有很多贷款是由不受监管的银行如网上银行和许多私营公司提供的，”她说。</blockquote></p><p> <b>Large financial firms may be embracing too much risk again</b></p><p><blockquote><b>大型金融公司可能再次承担过多风险</b></blockquote></p><p> At least one prominent senator is worried, like the Killingers are, that some financial firms are once again getting too unwieldy.</p><p><blockquote>至少有一位著名的参议员担心，就像杀手一样，一些金融公司再次变得过于笨重。</blockquote></p><p> Elizabeth Warren questioned Treasury secretary Janet Yellen earlier this year about why BlackRock (BLK), the iShares ETF giant that manages more than $9 trillion in assets but is not a bank, is not considered \"too big to fail.\"</p><p><blockquote>伊丽莎白·沃伦(Elizabeth Warren)今年早些时候向财政部长珍妮特·耶伦(Janet Yellen)询问，为什么管理着超过9万亿美元资产但不是银行的iShares ETF巨头贝莱德(BLK)不被认为是“大到不能倒”。</blockquote></p><p> Wall Street has already gotten a brief taste of how risky some of these firms are when Archegos Capital Management, a family office with big positions in media giants ViacomCBS (VIACA) and Discovery (DISCA) and Chinese techs Baidu (BIDU) and Tencent Music (TME), imploded and caused billions of dollars in losses for banks. (AT&amp;T (T) is planning to merge its WarnerMedia unit, CNN's parent company, with Discovery.)</p><p><blockquote>Archegos Capital Management是一家家族办公室，在媒体巨头维亚康姆哥伦比亚广播公司(VIACA)和Discovery(DISCA)以及中国科技公司百度(BIDU)和腾讯控股音乐中持有大量头寸，华尔街已经初步了解了其中一些公司的风险有多大。(TME)崩溃并给银行造成数十亿美元的损失。（AT&amp;T(T)正计划将其CNN母公司WarnerMedia部门与Discovery合并。）</blockquote></p><p> For its part, the Fed has acknowledged some of the growing risks to the markets and economy from keeping rates lower for longer and continuing to provide crisis-level stimulus.</p><p><blockquote>就美联储而言，它承认，长期保持低利率并继续提供危机级别的刺激措施给市场和经济带来了一些日益增长的风险。</blockquote></p><p> In the minutes of its latest policy meeting, the central bank acknowledged that \"if the economy continued to make rapid progress toward the Committee's goals, it might be appropriate at some point in upcoming meetings to begin discussing a plan for adjusting the pace of asset purchases.\"</p><p><blockquote>在最新的政策会议纪要中，央行承认，“如果经济继续朝着委员会的目标取得快速进展，那么在即将举行的会议中的某个时候开始讨论调整资产购买步伐的计划可能是合适的。”</blockquote></p><p> But Kerry Killinger thinks the Fed has to do a better job of stress-testing big banks for their exposure to some of the types of assets that have been surging in the past year to make sure that they can withstand even more volatility.</p><p><blockquote>但克里·基林格认为，美联储必须更好地对大银行对过去一年飙升的某些类型资产的敞口进行压力测试，以确保它们能够承受更大的波动。</blockquote></p><p></p><p> \"The Fed made the mistake of underestimating subprime in the last crisis,\" he said, referring to the now infamous comments from then Fed chair Ben Bernanke in May 2007 that \"the effect of the troubles in the subprime sector on the broader housing market will likely be limited.\"</p><p><blockquote>“美联储在上次危机中犯了低估次贷的错误，”他说，指的是时任美联储主席本·伯南克在2007年5月发表的臭名昭著的言论，即“次贷行业的麻烦对更广泛的房地产市场的影响可能是有限的。”</blockquote></p><p> \"There are growing asset bubbles,\" Kerry Killinger said. \"The Fed needs to test more how firms would perform if these asset prices decline further. If there is a major correction, the impact could be dramatic.\"</p><p><blockquote>“资产泡沫越来越大，”克里·基林格说。“美联储需要更多地测试如果这些资产价格进一步下跌，企业将如何表现。如果出现重大调整，影响可能是巨大的。”</blockquote></p><p> The heads of big banks will also get their chance to talk about their views on the economy later this week. The Senate Banking Committee will hold a hearing on Wednesday and the House Financial Services Committee has one scheduled for Thursday.</p><p><blockquote>本周晚些时候，大银行的负责人也将有机会谈论他们对经济的看法。参议院银行委员会将于周三举行听证会，众议院金融服务委员会定于周四举行听证会。</blockquote></p><p> JPMorgan Chase CEO Jamie Dimon will appear at both hearings, as will new Citgroup CEO Jane Fraser, BofA's Brian Moynihan, Wells Fargo's Charles Scharf, Goldman Sachs CEO David Solomon and Morgan Stanley's James Gorman.</p><p><blockquote>摩根大通首席执行官杰米·戴蒙将出席这两场听证会，花旗集团新任首席执行官简·弗雷泽、美国银行的布莱恩·莫伊尼汉、富国银行的查尔斯·沙夫、高盛首席执行官大卫·所罗门和摩根士丹利的詹姆斯·戈尔曼也将出席。</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>In 2008, he was CEO of the biggest bank to ever fail. He's worried about another crisis<blockquote>2008年，他是有史以来倒闭的最大银行的首席执行官。他担心另一场危机</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\">\nIn 2008, he was CEO of the biggest bank to ever fail. He's worried about another crisis<blockquote>2008年，他是有史以来倒闭的最大银行的首席执行官。他担心另一场危机</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">cnn</strong><span class=\"h-time small\">2021-05-26 11:57</span>\n</p>\n</h4>\n</header>\n<article>\n<p>New York (CNN Business)The banking world nearly caved in 13 years ago. The former CEO of Washington Mutual is worried that another bubble is brewing.</p><p><blockquote>纽约（CNN商业）13年前，银行界几乎崩溃了。华盛顿互惠银行的前首席执行官担心另一个泡沫正在酝酿。</blockquote></p><p> Kerry Killinger was named CEO of WaMu in 1990 and was fired in September 2008 -- just weeks before the bank failed as a growing number of mortgage loans went bad.</p><p><blockquote>克里·基林格(Kerry Killinger)于1990年被任命为WaMu首席执行官，并于2008年9月被解雇——就在该银行因越来越多的抵押贷款出现不良而倒闭的几周前。</blockquote></p><p> WaMu was one of several top financial firms to collapse during the financial crisis last decade, but the giant savings and loan with more than $300 billion in assets still ranks as the biggest-ever bank failure. WaMu was seized by regulators in September 2008 and sold to JPMorgan Chase (JPM) for a fire-sale price of $1.9 billion.</p><p><blockquote>WaMu是过去十年金融危机期间倒闭的几家顶级金融公司之一，但这家资产超过3000亿美元的储蓄和贷款巨头仍然是有史以来最大的银行倒闭事件。WaMu于2008年9月被监管机构查封，并以19亿美元的贱卖价格出售给摩根大通(JPM)。</blockquote></p><p> Killinger spoke to CNN Business about the similarities and differences between now and 13 years ago.</p><p><blockquote>Killinger向CNN Business讲述了现在与13年前的异同。</blockquote></p><p> <b>The good news</b></p><p><blockquote><b>好消息是</b></blockquote></p><p> The Global Financial Crisis led to a wave of new federal rules that were designed to strengthen the balance sheets of top banks and ensure that another catastrophe like 2008 could never happen again.</p><p><blockquote>全球金融危机导致了一波新的联邦规则，旨在加强顶级银行的资产负债表，并确保类似2008年的灾难永远不会再次发生。</blockquote></p><p> The good news is that Killinger thinks JPMorgan Chase and other \"too big to fail banks\" are in much better shape now after laws like Dodd-Frank and the Volcker Rule were put into place in the wake of the financial crisis to make big banks safer.</p><p><blockquote>好消息是，基林格认为，在金融危机后实施多德弗兰克法案和沃尔克规则等法律以使大银行更加安全之后，摩根大通和其他“太大而不能倒的银行”现在的状况要好得多。</blockquote></p><p> That group of institutions also includes Bank of America (BAC), Citigroup (C), Wells Fargo (WFC), Goldman Sachs (GS) and Morgan Stanley (MS), as well as others that received government bailouts in 2008.</p><p><blockquote>这组机构还包括美国银行(BAC)、花旗集团(C)、富国银行(WFC)、高盛(GS)和摩根士丹利(MS)，以及其他在2008年接受政府救助的机构。</blockquote></p><p> \"Regulated banks do have more concentrated market share now so they have to be more careful,\" Killinger said. \"But the health of the industry is great, earnings are good and oversight is strong. I'm not too concerned there.\"</p><p><blockquote>“受监管的银行现在确实拥有更加集中的市场份额，因此他们必须更加小心，”基林格说。“但该行业的健康状况良好，盈利良好，监管也很有力。我对此并不太担心。”</blockquote></p><p> Subprime lending, the practice of giving mortgages to people with less-than-worthy credit histories, isn't nearly as prevalent as it was during the last housing boom. But Killinger is worried about bubbles in many other parts of the economy that threaten the stability of the markets.</p><p><blockquote>次级贷款，即向信用记录不佳的人提供抵押贷款的做法，已经不像上次房地产繁荣时期那样普遍了。但基林格担心许多其他经济领域的泡沫会威胁到市场的稳定。</blockquote></p><p> <b>Too big to fail 2.0?</b></p><p><blockquote><b>大到不能倒2.0？</b></blockquote></p><p> Although housing prices have surged again, Killinger is more nervous about the fact that 0% interest rates and big bond purchases by the Federal Reserve have sparked a broader mania in other assets, including cryptocurrencies and non-fungible tokens (NFTs), meme stocks, blank check SPAC mergers and exotic exchange-traded funds.</p><p><blockquote>尽管房价再次飙升，但Killinger更紧张的是，0%的利率和美联储的大规模债券购买引发了其他资产更广泛的狂热，包括加密货币和不可替代代币（NFT）、模因股票、空白支票SPAC合并和异国情调的交易所交易基金。</blockquote></p><p> \"The bubbles today are broader and deeper in a variety of categories, not just housing,\" Killinger said. \"The Fed's policy of low rates and massive asset purchases worked well to get out of the downturn, but when you keep extending it you can cause unintended consequences.\"</p><p><blockquote>“如今的泡沫在各个类别中都更加广泛和深入，而不仅仅是房地产，”基林格说。“美联储的低利率和大规模资产购买政策很好地摆脱了经济低迷，但当你继续延长政策时，可能会造成意想不到的后果。”</blockquote></p><p> \"The economy continues to improve. It's time for the Fed to pull in the reins on stimulus and allow interest rates to rise,\" he added.</p><p><blockquote>“经济继续改善。美联储是时候收紧刺激政策并允许利率上升了，”他补充道。</blockquote></p><p> Killinger and his wife Linda, a former vice chair of the Federal Home Loan Bank of Des Moines, have written a book about the 2008 meltdown called \"Nothing Is Too Big to Fail: How the Last Financial Crisis Informs Today.\"</p><p><blockquote>基林格和他的妻子琳达（得梅因联邦住房贷款银行前副主席）写了一本关于2008年金融危机的书，名为《没有什么大到不能倒：上次金融危机对今天的影响》。</blockquote></p><p> Linda Killinger told CNN Business she's concerned about the rise of of financial tech companies, hedge funds. private equity firms and other so-called shadow banks that face little to no regulation in Washington.</p><p><blockquote>琳达·基林格(Linda Killinger)告诉CNN Business，她对金融科技公司和对冲基金的崛起感到担忧。私人股本公司和其他所谓的影子银行在华盛顿几乎没有受到监管。</blockquote></p><p> \"The non-bank system is a big part of the problem. And there are still a lot of loans being done by non-regulated banks such as online banks and many private companies,\" she said.</p><p><blockquote>“非银行系统是问题的一个重要部分。而且仍然有很多贷款是由不受监管的银行如网上银行和许多私营公司提供的，”她说。</blockquote></p><p> <b>Large financial firms may be embracing too much risk again</b></p><p><blockquote><b>大型金融公司可能再次承担过多风险</b></blockquote></p><p> At least one prominent senator is worried, like the Killingers are, that some financial firms are once again getting too unwieldy.</p><p><blockquote>至少有一位著名的参议员担心，就像杀手一样，一些金融公司再次变得过于笨重。</blockquote></p><p> Elizabeth Warren questioned Treasury secretary Janet Yellen earlier this year about why BlackRock (BLK), the iShares ETF giant that manages more than $9 trillion in assets but is not a bank, is not considered \"too big to fail.\"</p><p><blockquote>伊丽莎白·沃伦(Elizabeth Warren)今年早些时候向财政部长珍妮特·耶伦(Janet Yellen)询问，为什么管理着超过9万亿美元资产但不是银行的iShares ETF巨头贝莱德(BLK)不被认为是“大到不能倒”。</blockquote></p><p> Wall Street has already gotten a brief taste of how risky some of these firms are when Archegos Capital Management, a family office with big positions in media giants ViacomCBS (VIACA) and Discovery (DISCA) and Chinese techs Baidu (BIDU) and Tencent Music (TME), imploded and caused billions of dollars in losses for banks. (AT&amp;T (T) is planning to merge its WarnerMedia unit, CNN's parent company, with Discovery.)</p><p><blockquote>Archegos Capital Management是一家家族办公室，在媒体巨头维亚康姆哥伦比亚广播公司(VIACA)和Discovery(DISCA)以及中国科技公司百度(BIDU)和腾讯控股音乐中持有大量头寸，华尔街已经初步了解了其中一些公司的风险有多大。(TME)崩溃并给银行造成数十亿美元的损失。（AT&amp;T(T)正计划将其CNN母公司WarnerMedia部门与Discovery合并。）</blockquote></p><p> For its part, the Fed has acknowledged some of the growing risks to the markets and economy from keeping rates lower for longer and continuing to provide crisis-level stimulus.</p><p><blockquote>就美联储而言，它承认，长期保持低利率并继续提供危机级别的刺激措施给市场和经济带来了一些日益增长的风险。</blockquote></p><p> In the minutes of its latest policy meeting, the central bank acknowledged that \"if the economy continued to make rapid progress toward the Committee's goals, it might be appropriate at some point in upcoming meetings to begin discussing a plan for adjusting the pace of asset purchases.\"</p><p><blockquote>在最新的政策会议纪要中，央行承认，“如果经济继续朝着委员会的目标取得快速进展，那么在即将举行的会议中的某个时候开始讨论调整资产购买步伐的计划可能是合适的。”</blockquote></p><p> But Kerry Killinger thinks the Fed has to do a better job of stress-testing big banks for their exposure to some of the types of assets that have been surging in the past year to make sure that they can withstand even more volatility.</p><p><blockquote>但克里·基林格认为，美联储必须更好地对大银行对过去一年飙升的某些类型资产的敞口进行压力测试，以确保它们能够承受更大的波动。</blockquote></p><p></p><p> \"The Fed made the mistake of underestimating subprime in the last crisis,\" he said, referring to the now infamous comments from then Fed chair Ben Bernanke in May 2007 that \"the effect of the troubles in the subprime sector on the broader housing market will likely be limited.\"</p><p><blockquote>“美联储在上次危机中犯了低估次贷的错误，”他说，指的是时任美联储主席本·伯南克在2007年5月发表的臭名昭著的言论，即“次贷行业的麻烦对更广泛的房地产市场的影响可能是有限的。”</blockquote></p><p> \"There are growing asset bubbles,\" Kerry Killinger said. \"The Fed needs to test more how firms would perform if these asset prices decline further. If there is a major correction, the impact could be dramatic.\"</p><p><blockquote>“资产泡沫越来越大，”克里·基林格说。“美联储需要更多地测试如果这些资产价格进一步下跌，企业将如何表现。如果出现重大调整，影响可能是巨大的。”</blockquote></p><p> The heads of big banks will also get their chance to talk about their views on the economy later this week. The Senate Banking Committee will hold a hearing on Wednesday and the House Financial Services Committee has one scheduled for Thursday.</p><p><blockquote>本周晚些时候，大银行的负责人也将有机会谈论他们对经济的看法。参议院银行委员会将于周三举行听证会，众议院金融服务委员会定于周四举行听证会。</blockquote></p><p> JPMorgan Chase CEO Jamie Dimon will appear at both hearings, as will new Citgroup CEO Jane Fraser, BofA's Brian Moynihan, Wells Fargo's Charles Scharf, Goldman Sachs CEO David Solomon and Morgan Stanley's James Gorman.</p><p><blockquote>摩根大通首席执行官杰米·戴蒙将出席这两场听证会，花旗集团新任首席执行官简·弗雷泽、美国银行的布莱恩·莫伊尼汉、富国银行的查尔斯·沙夫、高盛首席执行官大卫·所罗门和摩根士丹利的詹姆斯·戈尔曼也将出席。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://edition.cnn.com/2021/05/25/investing/washington-mutual-kerry-killinger-banks/index.html\">cnn</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://edition.cnn.com/2021/05/25/investing/washington-mutual-kerry-killinger-banks/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129186705","content_text":"New York (CNN Business)The banking world nearly caved in 13 years ago. The former CEO of Washington Mutual is worried that another bubble is brewing.\nKerry Killinger was named CEO of WaMu in 1990 and was fired in September 2008 -- just weeks before the bank failed as a growing number of mortgage loans went bad.\nWaMu was one of several top financial firms to collapse during the financial crisis last decade, but the giant savings and loan with more than $300 billion in assets still ranks as the biggest-ever bank failure. WaMu was seized by regulators in September 2008 and sold to JPMorgan Chase (JPM) for a fire-sale price of $1.9 billion.\nKillinger spoke to CNN Business about the similarities and differences between now and 13 years ago.\nThe good news\nThe Global Financial Crisis led to a wave of new federal rules that were designed to strengthen the balance sheets of top banks and ensure that another catastrophe like 2008 could never happen again.\nThe good news is that Killinger thinks JPMorgan Chase and other \"too big to fail banks\" are in much better shape now after laws like Dodd-Frank and the Volcker Rule were put into place in the wake of the financial crisis to make big banks safer.\nThat group of institutions also includes Bank of America (BAC), Citigroup (C), Wells Fargo (WFC), Goldman Sachs (GS) and Morgan Stanley (MS), as well as others that received government bailouts in 2008.\n\"Regulated banks do have more concentrated market share now so they have to be more careful,\" Killinger said. \"But the health of the industry is great, earnings are good and oversight is strong. I'm not too concerned there.\"\nSubprime lending, the practice of giving mortgages to people with less-than-worthy credit histories, isn't nearly as prevalent as it was during the last housing boom. But Killinger is worried about bubbles in many other parts of the economy that threaten the stability of the markets.\nToo big to fail 2.0?\nAlthough housing prices have surged again, Killinger is more nervous about the fact that 0% interest rates and big bond purchases by the Federal Reserve have sparked a broader mania in other assets, including cryptocurrencies and non-fungible tokens (NFTs), meme stocks, blank check SPAC mergers and exotic exchange-traded funds.\n\"The bubbles today are broader and deeper in a variety of categories, not just housing,\" Killinger said. \"The Fed's policy of low rates and massive asset purchases worked well to get out of the downturn, but when you keep extending it you can cause unintended consequences.\"\n\"The economy continues to improve. It's time for the Fed to pull in the reins on stimulus and allow interest rates to rise,\" he added.\nKillinger and his wife Linda, a former vice chair of the Federal Home Loan Bank of Des Moines, have written a book about the 2008 meltdown called \"Nothing Is Too Big to Fail: How the Last Financial Crisis Informs Today.\"\nLinda Killinger told CNN Business she's concerned about the rise of of financial tech companies, hedge funds. private equity firms and other so-called shadow banks that face little to no regulation in Washington.\n\"The non-bank system is a big part of the problem. And there are still a lot of loans being done by non-regulated banks such as online banks and many private companies,\" she said.\nLarge financial firms may be embracing too much risk again\nAt least one prominent senator is worried, like the Killingers are, that some financial firms are once again getting too unwieldy.\nElizabeth Warren questioned Treasury secretary Janet Yellen earlier this year about why BlackRock (BLK), the iShares ETF giant that manages more than $9 trillion in assets but is not a bank, is not considered \"too big to fail.\"\nWall Street has already gotten a brief taste of how risky some of these firms are when Archegos Capital Management, a family office with big positions in media giants ViacomCBS (VIACA) and Discovery (DISCA) and Chinese techs Baidu (BIDU) and Tencent Music (TME), imploded and caused billions of dollars in losses for banks. (AT&T (T) is planning to merge its WarnerMedia unit, CNN's parent company, with Discovery.)\nFor its part, the Fed has acknowledged some of the growing risks to the markets and economy from keeping rates lower for longer and continuing to provide crisis-level stimulus.\nIn the minutes of its latest policy meeting, the central bank acknowledged that \"if the economy continued to make rapid progress toward the Committee's goals, it might be appropriate at some point in upcoming meetings to begin discussing a plan for adjusting the pace of asset purchases.\"\nBut Kerry Killinger thinks the Fed has to do a better job of stress-testing big banks for their exposure to some of the types of assets that have been surging in the past year to make sure that they can withstand even more volatility.\n\"The Fed made the mistake of underestimating subprime in the last crisis,\" he said, referring to the now infamous comments from then Fed chair Ben Bernanke in May 2007 that \"the effect of the troubles in the subprime sector on the broader housing market will likely be limited.\"\n\"There are growing asset bubbles,\" Kerry Killinger said. \"The Fed needs to test more how firms would perform if these asset prices decline further. If there is a major correction, the impact could be dramatic.\"\nThe heads of big banks will also get their chance to talk about their views on the economy later this week. The Senate Banking Committee will hold a hearing on Wednesday and the House Financial Services Committee has one scheduled for Thursday.\nJPMorgan Chase CEO Jamie Dimon will appear at both hearings, as will new Citgroup CEO Jane Fraser, BofA's Brian Moynihan, Wells Fargo's Charles Scharf, Goldman Sachs CEO David Solomon and Morgan Stanley's James 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comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/352429561","repostId":"2123383102","repostType":4,"isVote":1,"tweetType":1,"viewCount":400,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":352836961,"gmtCreate":1616923579353,"gmtModify":1634523516581,"author":{"id":"3571889549699411","authorId":"3571889549699411","name":"Vilianty","avatar":"https://static.tigerbbs.com/5108b9bca44d22aa3390fdceb93735cf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571889549699411","authorIdStr":"3571889549699411"},"themes":[],"htmlText":"Well.","listText":"Well.","text":"Well.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/352836961","repostId":"1141686975","repostType":4,"repost":{"id":"1141686975","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1616780260,"share":"https://www.laohu8.com/m/news/1141686975?lang=zh_CN&edition=full","pubTime":"2021-03-27 01:37","market":"us","language":"en","title":"Zhihu Technology fall on its first day of trading<blockquote>知乎科技上市首日下跌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1141686975","media":"Tiger Newspress","summary":"Zhihu Technology shares opened at $8.02 each on Friday, about 15.6% lower than the company’s IPO pri","content":"<p>Zhihu Technology shares opened at $8.02&nbsp;each on Friday, about 15.6% lower than the company’s IPO price&nbsp;$9.5.Zhihu IPO prices at low end of the range, valuing company at about $5.3 billion.</p><p><blockquote>知乎科技股价周五开盘价为每股8.02美元，比该公司9.5美元的IPO价格低约15.6%。知乎IPO价格处于区间低端，公司估值约为53亿美元。</blockquote></p><p><img src=\"https://static.tigerbbs.com/4672a089b4ebb0a889cbfbeb32b48594\" tg-width=\"1920\" tg-height=\"959\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>Zhihu Inc.&nbsp;announced Friday the pricing of its initial public offering, at $9.50 per American depositary share, which was at the low end of the expected range. The China-based online content company offered 55 million ADS in the IPO to raise $522.5 million, while the pricing valued the company at about $5.31 billion.</p><p><blockquote>知乎公司周五宣布其首次公开募股定价为每股美国存托股9.50美元，处于预期区间的低端。这家总部位于中国的在线内容公司在IPO中发行了5500万份ADS，筹集了5.225亿美元，而该公司的定价约为53.1亿美元。</blockquote></p><p>Zhihu has a similar business model as Quora where millions of people ask questions and exchange their views and experiences. Zhihu has become the largest online question and answer community in China.</p><p><blockquote>知乎的商业模式与Quora相似，数百万人提问并交流他们的观点和经验。知乎已经成为国内最大的在线问答社区。</blockquote></p><p><b>Sales Breakdown</b></p><p><blockquote><b>销售明细</b></blockquote></p><p>Advertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. We estimate advertising as a percentage of revenues to gradually decline in the next five years as it is offset by the faster growing Paid Memberships and Content Commerce Solutions. We estimate advertising as a percentage of sales to decline to 34.1% in 2021 and 22.3% in 2025.</p><p><blockquote>广告和付费会员占公司收入的最大部分。2019年和2020年，广告分别占总收入的86.1%和62.4%。我们预计广告占收入的百分比将在未来五年内逐渐下降，因为它被更快增长的付费会员和内容商务解决方案所抵消。我们预计广告占销售额的百分比将在2021年下降至34.1%，在2025年下降至22.3%。</blockquote></p><p>Paid Memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. We have assumed Paid Membership revenues as a percentage of total revenues to increase to 31.5% in 2021 and 37.8% in 2025.</p><p><blockquote>付费会员占2019年总收入的13.1%，2020年增至总收入的23.7%。我们假设付费会员收入占总收入的百分比将在2021年和2025年分别增至31.5%和37.8%。</blockquote></p><p>Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans. We have assumed Content Commerce Solutions as a percentage of total revenue to jump from 10% in 2020 to 17.8% in 2021 and 32.3% in 2025.</p><p><blockquote>2020年，内容商务解决方案和其他销售额也大幅增长。内容商务解决方案收入从2019年的60万元跃升至2020年的1.358亿元。2020年初，该公司推出了内容商务解决方案，为商家和品牌提供一站式服务，满足其所有销售和营销需求，包括营销计划。我们假设内容商务解决方案占总收入的百分比将从2020年的10%跃升至2021年的17.8%和2025年的32.3%。</blockquote></p><p><b>Gross Margins</b></p><p><blockquote><b>毛利率</b></blockquote></p><p>The company's gross margins improved from 46.6% in 2019 to 56.0% in 2020, driven by an overall improving business scalability. We have assumed further improvements in gross margins to 57.4% in 2021 and 62.3% in 2025.</p><p><blockquote>在业务可扩展性整体提升的推动下，公司毛利率从2019年的46.6%提升至2020年的56.0%。我们假设毛利率在2021年和2025年进一步提高至57.4%和62.3%。</blockquote></p><p><b>Total Operating Expenses and Operating Margins</b></p><p><blockquote><b>总营业费用和营业利润率</b></blockquote></p><p>Total operating expenses as a percentage of revenues declined significantly from 204.4% in 2019 to 100.6% in 2020. We expect this ratio to improve further to 79% in 2021, 69.2% in 2022, and 57.2% in 2025. The bulk of the improvements in operating expenses is coming from lower SG&amp;A and R&amp;D expenses as a percentage of revenues in the next five years.</p><p><blockquote>总运营费用占收入的百分比由2019年的204.4%大幅下降至2020年的100.6%。我们预计这一比例将在2021年进一步提高至79%，2022年为69.2%，2025年为57.2%。运营费用的改善大部分来自未来五年SG&amp;A和R&amp;D费用占收入百分比的降低。</blockquote></p><p><img src=\"https://static.tigerbbs.com/c019cc86f4d4c1d9ffe15d3b4a4bfa75\" tg-width=\"772\" tg-height=\"480\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/ef629be32d2c34d625cb287ad648206d\" tg-width=\"757\" tg-height=\"488\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/b9561a02993fbc88c2cad88e68c08730\" tg-width=\"920\" tg-height=\"485\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Company Background</b></p><p><blockquote><b>公司背景</b></blockquote></p><p>At the end of 2020, Zhihu had more than 43.1 million cumulative content creators that contributed 315 million questions and answers. In 4Q 2020, the company had 75.7 million average monthly active users, up 33% YoY. One of the key strengths of the company is that it is recognized as one of the most trustworthy online content communities and regarded as providing one of the highest quality content in China. Zhihu has tried to capitalize on its large user base to provide numerous multimedia functions including live streaming, e-commerce, online education, and other video content.</p><p><blockquote>2020年底，知乎累计有超过4310万内容创作者，贡献了3.15亿个问答。2020年第四季度，该公司平均月活跃用户为7570万，同比增长33%。该公司的关键优势之一是，它被公认为最值得信赖的在线内容社区之一，并被视为提供中国最优质的内容之一。知乎试图利用其庞大的用户群提供众多多媒体功能，包括直播、电子商务、在线教育和其他视频内容。</blockquote></p><p>In August 2019, Zhihu received $434 million in funding from leading investors including Baidu and Kuaishou Technology, valuing the company at $3.5 billion. Given that the company had $97 million in sales in 2019, this would suggest a P/S valuation multiple of 36x. If we take the same P/S multiple apply to the company's 2020 sales of $207 million, this would suggest an implied valuation of $7.5 billion.</p><p><blockquote>2019年8月，知乎获得了包括百度和快手科技在内的领先投资者4.34亿美元的融资，公司估值为35亿美元。鉴于该公司2019年的销售额为9700万美元，这意味着市盈率估值倍数为36倍。如果我们将相同的市盈率倍数应用于该公司2020年2.07亿美元的销售额，这将表明隐含估值为75亿美元。</blockquote></p><p>Zhihu was originally developed as a question and answer online community in 2010. At the end of 2020, there were a total of 315 million Q&amp;As spanning more than 1,000 verticals and 571,000 topics. Zhihu is one of the top five comprehensive online content communities in China, in terms of average mobile MAUs and revenue in 2020. The company uses artificial intelligence, cloud, and big data algorithms to improve the optimization of its content and services.</p><p><blockquote>知乎最初是在2010年作为一个问答在线社区开发的。截至2020年底，共有3.15亿次问答，跨越1000多个垂直领域和57.1万个主题。按2020年平均移动月活跃用户数及收入计，知乎是中国五大综合在线内容社区之一。该公司使用人工智能、云和大数据算法来提高其内容和服务的优化。</blockquote></p><p><b>Major Shareholders of Zhihu</b></p><p><blockquote><b>知乎主要股东</b></blockquote></p><p>The founder &amp; CEO&nbsp;Zhou Yuanowns an 8.2% stake in the company (but 46.6% voting rights). Sinovation Ventures owns a 13.1% stake and Tencent Holdings Ltd. owns a 12.3% stake of Zhihu.</p><p><blockquote>创始人兼首席执行官周元拥有该公司8.2%的股份（但拥有46.6%的投票权）。创新工场拥有知乎13.1%的股份，腾讯控股控股有限公司拥有知乎12.3%的股份。</blockquote></p><p><b>Key Demographics</b></p><p><blockquote><b>关键人口统计</b></blockquote></p><p></p><p>The diagram below provides some of the key demographics of Zhihu user base. Males accounted for 56.9% of total users. People under 30 years old accounted for 78.7% of its total user base. Tier I and new tier I cities represented 52.6% of total user base. Many of the users of Zhihu are students and white collar professionals.</p><p><blockquote>下图提供了知乎用户群的一些关键人口统计数据。男性用户占总用户的56.9%。30岁以下人群占其总用户群的78.7%。一线及新一线城市佔总用户群的52.6%。知乎的很多用户都是学生和白领专业人士。</blockquote></p><p><img src=\"https://static.tigerbbs.com/524d689472daad1c99491d74dfdbfe24\" tg-width=\"295\" tg-height=\"389\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Revenue Breakdown</b></p><p><blockquote><b>收入明细</b></blockquote></p><p>Advertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. The company's advertising revenue is mainly driven by its MAUs and advertising revenue per MAU. The company's MAUs increased by 42.7% YoY to 68.5 million in 2020. The company started its online advertising business in 2016 and introduced paid content in 2018.</p><p><blockquote>广告和付费会员占公司收入的最大部分。2019年和2020年，广告分别占总收入的86.1%和62.4%。该公司的广告收入主要由其月活跃用户数和每个月活跃用户数的广告收入推动。2020年，公司月活跃用户数同比增长42.7%至6850万。该公司于2016年开始在线广告业务，并于2018年引入付费内容。</blockquote></p><p>Paid memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. Average monthly members jumped by 311.5% YoY to 2.36 million in 2020, which is a testament of an increasing number of customers that value the premium content available on Zhihu.</p><p><blockquote>付费会员占2019年总收入的13.1%，2020年增至总收入的23.7%。2020年，月均会员同比增长311.5%至236万，这证明越来越多的客户重视知乎上的优质内容。</blockquote></p><p>In March 2019, the company introduced the Yan Selection membership program, making it the first payment-based questions &amp; answers community. It provides its members with unlimited access to about 3.4 million paid content including online lectures, columns, audio books, and e-journals. This is one of the biggest strengths of the company as it shows how high quality data and content can generate serious amount of revenues and it also provides a more steady monthly revenue inflow.</p><p><blockquote>2019年3月，公司推出Yan Selection会员计划，使其成为第一个基于付费的问答社区。它为会员提供了对约340万个付费内容的无限制访问，包括在线讲座、专栏、有声读物和电子期刊。这是该公司最大的优势之一，因为它显示了高质量的数据和内容如何能够产生大量收入，并且还提供了更稳定的每月收入流入。</blockquote></p><p>Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans, assigning the most relevant content creators to interested users, and facilitating content creation.</p><p><blockquote>2020年，内容商务解决方案和其他销售额也大幅增长。内容商务解决方案收入从2019年的60万元跃升至2020年的1.358亿元。2020年初，该公司推出了内容商务解决方案，为商家和品牌提供一站式服务，满足其所有销售和营销需求，包括营销计划、为感兴趣的用户分配最相关的内容创作者以及促进内容创作。</blockquote></p><p>China's content-commerce solution market is expected to be one of the fastest growing sectors in the next several years. According to CIC Consultancy, China's content-commerce solution market is expected to enjoy a strong CAGR growth of 46.4% from 2019 to 2025 (112.3 billion RMB).</p><p><blockquote>中国的内容商务解决方案市场预计将成为未来几年增长最快的行业之一。根据灼识谘询的资料，中国内容商务解决方案市场预期于2019年至2025年将享有46.4%的强劲复合年增长率（1,123亿元人民币）。</blockquote></p><p><b>Market Opportunities</b></p><p><blockquote><b>市场机会</b></blockquote></p><p><b>China’s Online Content Communities Market Size</b></p><p><blockquote><b>中国在线内容社区市场规模</b></blockquote></p><p>Online content communities refer to UGC (user generated content)-focused (including PUGC (professional user generated content) focused online content market players where content creators are also users, who are actively engaged within the communities. The content communities generally can stimulate higher level of user engagement, more interactive user experience, and enjoy lower content cost, compared to PGC (professionally generated content) players. PGC is content created by the branded company or organization.</p><p><blockquote>在线内容社区是指专注于UGC（用户生成内容）（包括PUGC（专业用户生成内容））的在线内容市场参与者，其中内容创作者也是用户，他们积极参与社区。与PGC（专业生成内容）玩家相比，内容社区通常可以激发更高水平的用户参与度、更具互动性的用户体验，并享受更低的内容成本。PGC是由品牌公司或组织创建的内容。</blockquote></p><p>China's online content communities market size increased from 38.6 billion RMB in 2015 to 275.8 billion RMB in 2019 and is further expected to rise to 1.3 trillion RMB in 2025, representing a CAGR of 30.3% from 2019 to 2025, which is higher than the overall online content market growth.</p><p><blockquote>中国在线内容社区市场规模由2015年的386亿元人民币增至2019年的2758亿元人民币，预期将进一步增至2025年的1.3万亿元人民币，2019年至2025年的复合年增长率为30.3%，高于整体在线内容市场增长。</blockquote></p><p>China's online content community market has more diversified monetization channels including online advertising, paid membership, content e-commerce, content-commerce solutions, virtual gifting in live streaming, online games, and online education services. In comparison, the US online content community's monetization is mainly through advertising.</p><p><blockquote>中国在线内容社区市场拥有更多元化的变现渠道，包括在线广告、付费会员、内容电商、内容电商解决方案、直播虚拟礼品、在线游戏及在线教育服务。相比之下，美国在线内容社区的变现主要是通过广告。</blockquote></p><p>One of the major positives about the company is the growing trend of more Chinese consumers that are willing to pay money for higher quality content. The number of paying users in China’s online content communities is expected to increase at a CAGR of 17.1% between 2019 and 2025, which means an increase of 360.4 million extra paying users of online content communities to 588.2 million in 2025.</p><p><blockquote>该公司的一个主要积极因素是，越来越多的中国消费者愿意为更高质量的内容付费。预计2019年至2025年期间，中国在线内容社区的付费用户数量将以17.1%的复合年增长率增长，这意味着在线内容社区的额外付费用户将增加3.604亿至2025年的5.882亿。</blockquote></p><p><b>China's Online Content Market</b></p><p><blockquote><b>中国在线内容市场</b></blockquote></p><p>China's online content market tripled from 2015 to reach 1.2 trillion RMB in 2019. This market is expected to increase to 3.7 trillion RMB in 2025, representing a CAGR of 21.4% from 2019 to 2025.</p><p><blockquote>中国在线内容市场较2015年增长两倍，2019年达到1.2万亿人民币。预计该市场将于2025年增至3.7万亿元人民币，2019年至2025年的复合年增长率为21.4%。</blockquote></p><p><b>China’s Online Content Market Size (in terms of revenue), 2015-2025E</b></p><p><blockquote><b>2015年至2025年（估计）中国在线内容市场规模（按收入计）</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/69a7db9cacf26245273702a255aabdb8\" tg-width=\"573\" tg-height=\"258\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Market Size of China’s Online Content Communities (in terms of revenue),2015-2025E</b></p><p><blockquote><b>二零一五年至二零二五年（估计）中国在线内容社区的市场规模（按收入计）</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/aee42792caf4aa2cbdcd17f757a75727\" tg-width=\"584\" tg-height=\"285\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>China’s Paid Membership Market Size (in terms of revenue), 2015-2025E</b></p><p><blockquote><b>中国付费会员市场规模（以收入计），2015年至2025年（估计）</b></blockquote></p><p></p><p><img src=\"https://static.tigerbbs.com/77ff121d78cb1dd922d524a78570152e\" tg-width=\"520\" tg-height=\"286\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Content-commerce solutions</b></p><p><blockquote><b>内容商务解决方案</b></blockquote></p><p>To provide integrated marketing services, the online content communities provide content-commerce solutions for content creation, content distribution, and content conversion. The company provides integrated content-commerce solutions, providing merchants and brands one-stop services for all their sales and marketing needs, from making marketing plans, facilitating content creation, assigning the most relevant content creators, to distributing to the interested users. China's content commerce solution market is expected to grow from 11.4 billion RMB in 2019 to 112.3 billion RMB in 2025, at a CAGR of 46.4%.</p><p><blockquote>为了提供整合营销服务，在线内容社区为内容创建、内容分发和内容转换提供内容商务解决方案。该公司提供综合内容商务解决方案，为商家和品牌的所有销售和营销需求提供一站式服务，从制定营销计划、促进内容创作、分配最相关的内容创作者，到向感兴趣的用户分发。中国内容商务解决方案市场预期将由2019年的人民币114亿元增长至2025年的人民币1123亿元，复合年增长率为46.4%。</blockquote></p><p><b>China’s Content-Commerce Solution Market Size (in terms of revenue), 2015-2025E</b></p><p><blockquote><b>二零一五年至二零二五年（估计）中国内容商务解决方案市场规模（以收入计）</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/01a230d3fb2d4cf4aeeebfd5c3c691c3\" tg-width=\"520\" tg-height=\"269\" 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>Zhihu Technology fall on its first day of trading<blockquote>知乎科技上市首日下跌</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\">\nZhihu Technology fall on its first day of trading<blockquote>知乎科技上市首日下跌</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-03-27 01:37</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Zhihu Technology shares opened at $8.02&nbsp;each on Friday, about 15.6% lower than the company’s IPO price&nbsp;$9.5.Zhihu IPO prices at low end of the range, valuing company at about $5.3 billion.</p><p><blockquote>知乎科技股价周五开盘价为每股8.02美元，比该公司9.5美元的IPO价格低约15.6%。知乎IPO价格处于区间低端，公司估值约为53亿美元。</blockquote></p><p><img src=\"https://static.tigerbbs.com/4672a089b4ebb0a889cbfbeb32b48594\" tg-width=\"1920\" tg-height=\"959\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>Zhihu Inc.&nbsp;announced Friday the pricing of its initial public offering, at $9.50 per American depositary share, which was at the low end of the expected range. The China-based online content company offered 55 million ADS in the IPO to raise $522.5 million, while the pricing valued the company at about $5.31 billion.</p><p><blockquote>知乎公司周五宣布其首次公开募股定价为每股美国存托股9.50美元，处于预期区间的低端。这家总部位于中国的在线内容公司在IPO中发行了5500万份ADS，筹集了5.225亿美元，而该公司的定价约为53.1亿美元。</blockquote></p><p>Zhihu has a similar business model as Quora where millions of people ask questions and exchange their views and experiences. Zhihu has become the largest online question and answer community in China.</p><p><blockquote>知乎的商业模式与Quora相似，数百万人提问并交流他们的观点和经验。知乎已经成为国内最大的在线问答社区。</blockquote></p><p><b>Sales Breakdown</b></p><p><blockquote><b>销售明细</b></blockquote></p><p>Advertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. We estimate advertising as a percentage of revenues to gradually decline in the next five years as it is offset by the faster growing Paid Memberships and Content Commerce Solutions. We estimate advertising as a percentage of sales to decline to 34.1% in 2021 and 22.3% in 2025.</p><p><blockquote>广告和付费会员占公司收入的最大部分。2019年和2020年，广告分别占总收入的86.1%和62.4%。我们预计广告占收入的百分比将在未来五年内逐渐下降，因为它被更快增长的付费会员和内容商务解决方案所抵消。我们预计广告占销售额的百分比将在2021年下降至34.1%，在2025年下降至22.3%。</blockquote></p><p>Paid Memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. We have assumed Paid Membership revenues as a percentage of total revenues to increase to 31.5% in 2021 and 37.8% in 2025.</p><p><blockquote>付费会员占2019年总收入的13.1%，2020年增至总收入的23.7%。我们假设付费会员收入占总收入的百分比将在2021年和2025年分别增至31.5%和37.8%。</blockquote></p><p>Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans. We have assumed Content Commerce Solutions as a percentage of total revenue to jump from 10% in 2020 to 17.8% in 2021 and 32.3% in 2025.</p><p><blockquote>2020年，内容商务解决方案和其他销售额也大幅增长。内容商务解决方案收入从2019年的60万元跃升至2020年的1.358亿元。2020年初，该公司推出了内容商务解决方案，为商家和品牌提供一站式服务，满足其所有销售和营销需求，包括营销计划。我们假设内容商务解决方案占总收入的百分比将从2020年的10%跃升至2021年的17.8%和2025年的32.3%。</blockquote></p><p><b>Gross Margins</b></p><p><blockquote><b>毛利率</b></blockquote></p><p>The company's gross margins improved from 46.6% in 2019 to 56.0% in 2020, driven by an overall improving business scalability. We have assumed further improvements in gross margins to 57.4% in 2021 and 62.3% in 2025.</p><p><blockquote>在业务可扩展性整体提升的推动下，公司毛利率从2019年的46.6%提升至2020年的56.0%。我们假设毛利率在2021年和2025年进一步提高至57.4%和62.3%。</blockquote></p><p><b>Total Operating Expenses and Operating Margins</b></p><p><blockquote><b>总营业费用和营业利润率</b></blockquote></p><p>Total operating expenses as a percentage of revenues declined significantly from 204.4% in 2019 to 100.6% in 2020. We expect this ratio to improve further to 79% in 2021, 69.2% in 2022, and 57.2% in 2025. The bulk of the improvements in operating expenses is coming from lower SG&amp;A and R&amp;D expenses as a percentage of revenues in the next five years.</p><p><blockquote>总运营费用占收入的百分比由2019年的204.4%大幅下降至2020年的100.6%。我们预计这一比例将在2021年进一步提高至79%，2022年为69.2%，2025年为57.2%。运营费用的改善大部分来自未来五年SG&amp;A和R&amp;D费用占收入百分比的降低。</blockquote></p><p><img src=\"https://static.tigerbbs.com/c019cc86f4d4c1d9ffe15d3b4a4bfa75\" tg-width=\"772\" tg-height=\"480\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/ef629be32d2c34d625cb287ad648206d\" tg-width=\"757\" tg-height=\"488\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/b9561a02993fbc88c2cad88e68c08730\" tg-width=\"920\" tg-height=\"485\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Company Background</b></p><p><blockquote><b>公司背景</b></blockquote></p><p>At the end of 2020, Zhihu had more than 43.1 million cumulative content creators that contributed 315 million questions and answers. In 4Q 2020, the company had 75.7 million average monthly active users, up 33% YoY. One of the key strengths of the company is that it is recognized as one of the most trustworthy online content communities and regarded as providing one of the highest quality content in China. Zhihu has tried to capitalize on its large user base to provide numerous multimedia functions including live streaming, e-commerce, online education, and other video content.</p><p><blockquote>2020年底，知乎累计有超过4310万内容创作者，贡献了3.15亿个问答。2020年第四季度，该公司平均月活跃用户为7570万，同比增长33%。该公司的关键优势之一是，它被公认为最值得信赖的在线内容社区之一，并被视为提供中国最优质的内容之一。知乎试图利用其庞大的用户群提供众多多媒体功能，包括直播、电子商务、在线教育和其他视频内容。</blockquote></p><p>In August 2019, Zhihu received $434 million in funding from leading investors including Baidu and Kuaishou Technology, valuing the company at $3.5 billion. Given that the company had $97 million in sales in 2019, this would suggest a P/S valuation multiple of 36x. If we take the same P/S multiple apply to the company's 2020 sales of $207 million, this would suggest an implied valuation of $7.5 billion.</p><p><blockquote>2019年8月，知乎获得了包括百度和快手科技在内的领先投资者4.34亿美元的融资，公司估值为35亿美元。鉴于该公司2019年的销售额为9700万美元，这意味着市盈率估值倍数为36倍。如果我们将相同的市盈率倍数应用于该公司2020年2.07亿美元的销售额，这将表明隐含估值为75亿美元。</blockquote></p><p>Zhihu was originally developed as a question and answer online community in 2010. At the end of 2020, there were a total of 315 million Q&amp;As spanning more than 1,000 verticals and 571,000 topics. Zhihu is one of the top five comprehensive online content communities in China, in terms of average mobile MAUs and revenue in 2020. The company uses artificial intelligence, cloud, and big data algorithms to improve the optimization of its content and services.</p><p><blockquote>知乎最初是在2010年作为一个问答在线社区开发的。截至2020年底，共有3.15亿次问答，跨越1000多个垂直领域和57.1万个主题。按2020年平均移动月活跃用户数及收入计，知乎是中国五大综合在线内容社区之一。该公司使用人工智能、云和大数据算法来提高其内容和服务的优化。</blockquote></p><p><b>Major Shareholders of Zhihu</b></p><p><blockquote><b>知乎主要股东</b></blockquote></p><p>The founder &amp; CEO&nbsp;Zhou Yuanowns an 8.2% stake in the company (but 46.6% voting rights). Sinovation Ventures owns a 13.1% stake and Tencent Holdings Ltd. owns a 12.3% stake of Zhihu.</p><p><blockquote>创始人兼首席执行官周元拥有该公司8.2%的股份（但拥有46.6%的投票权）。创新工场拥有知乎13.1%的股份，腾讯控股控股有限公司拥有知乎12.3%的股份。</blockquote></p><p><b>Key Demographics</b></p><p><blockquote><b>关键人口统计</b></blockquote></p><p></p><p>The diagram below provides some of the key demographics of Zhihu user base. Males accounted for 56.9% of total users. People under 30 years old accounted for 78.7% of its total user base. Tier I and new tier I cities represented 52.6% of total user base. Many of the users of Zhihu are students and white collar professionals.</p><p><blockquote>下图提供了知乎用户群的一些关键人口统计数据。男性用户占总用户的56.9%。30岁以下人群占其总用户群的78.7%。一线及新一线城市佔总用户群的52.6%。知乎的很多用户都是学生和白领专业人士。</blockquote></p><p><img src=\"https://static.tigerbbs.com/524d689472daad1c99491d74dfdbfe24\" tg-width=\"295\" tg-height=\"389\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Revenue Breakdown</b></p><p><blockquote><b>收入明细</b></blockquote></p><p>Advertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. The company's advertising revenue is mainly driven by its MAUs and advertising revenue per MAU. The company's MAUs increased by 42.7% YoY to 68.5 million in 2020. The company started its online advertising business in 2016 and introduced paid content in 2018.</p><p><blockquote>广告和付费会员占公司收入的最大部分。2019年和2020年，广告分别占总收入的86.1%和62.4%。该公司的广告收入主要由其月活跃用户数和每个月活跃用户数的广告收入推动。2020年，公司月活跃用户数同比增长42.7%至6850万。该公司于2016年开始在线广告业务，并于2018年引入付费内容。</blockquote></p><p>Paid memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. Average monthly members jumped by 311.5% YoY to 2.36 million in 2020, which is a testament of an increasing number of customers that value the premium content available on Zhihu.</p><p><blockquote>付费会员占2019年总收入的13.1%，2020年增至总收入的23.7%。2020年，月均会员同比增长311.5%至236万，这证明越来越多的客户重视知乎上的优质内容。</blockquote></p><p>In March 2019, the company introduced the Yan Selection membership program, making it the first payment-based questions &amp; answers community. It provides its members with unlimited access to about 3.4 million paid content including online lectures, columns, audio books, and e-journals. This is one of the biggest strengths of the company as it shows how high quality data and content can generate serious amount of revenues and it also provides a more steady monthly revenue inflow.</p><p><blockquote>2019年3月，公司推出Yan Selection会员计划，使其成为第一个基于付费的问答社区。它为会员提供了对约340万个付费内容的无限制访问，包括在线讲座、专栏、有声读物和电子期刊。这是该公司最大的优势之一，因为它显示了高质量的数据和内容如何能够产生大量收入，并且还提供了更稳定的每月收入流入。</blockquote></p><p>Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans, assigning the most relevant content creators to interested users, and facilitating content creation.</p><p><blockquote>2020年，内容商务解决方案和其他销售额也大幅增长。内容商务解决方案收入从2019年的60万元跃升至2020年的1.358亿元。2020年初，该公司推出了内容商务解决方案，为商家和品牌提供一站式服务，满足其所有销售和营销需求，包括营销计划、为感兴趣的用户分配最相关的内容创作者以及促进内容创作。</blockquote></p><p>China's content-commerce solution market is expected to be one of the fastest growing sectors in the next several years. According to CIC Consultancy, China's content-commerce solution market is expected to enjoy a strong CAGR growth of 46.4% from 2019 to 2025 (112.3 billion RMB).</p><p><blockquote>中国的内容商务解决方案市场预计将成为未来几年增长最快的行业之一。根据灼识谘询的资料，中国内容商务解决方案市场预期于2019年至2025年将享有46.4%的强劲复合年增长率（1,123亿元人民币）。</blockquote></p><p><b>Market Opportunities</b></p><p><blockquote><b>市场机会</b></blockquote></p><p><b>China’s Online Content Communities Market Size</b></p><p><blockquote><b>中国在线内容社区市场规模</b></blockquote></p><p>Online content communities refer to UGC (user generated content)-focused (including PUGC (professional user generated content) focused online content market players where content creators are also users, who are actively engaged within the communities. The content communities generally can stimulate higher level of user engagement, more interactive user experience, and enjoy lower content cost, compared to PGC (professionally generated content) players. PGC is content created by the branded company or organization.</p><p><blockquote>在线内容社区是指专注于UGC（用户生成内容）（包括PUGC（专业用户生成内容））的在线内容市场参与者，其中内容创作者也是用户，他们积极参与社区。与PGC（专业生成内容）玩家相比，内容社区通常可以激发更高水平的用户参与度、更具互动性的用户体验，并享受更低的内容成本。PGC是由品牌公司或组织创建的内容。</blockquote></p><p>China's online content communities market size increased from 38.6 billion RMB in 2015 to 275.8 billion RMB in 2019 and is further expected to rise to 1.3 trillion RMB in 2025, representing a CAGR of 30.3% from 2019 to 2025, which is higher than the overall online content market growth.</p><p><blockquote>中国在线内容社区市场规模由2015年的386亿元人民币增至2019年的2758亿元人民币，预期将进一步增至2025年的1.3万亿元人民币，2019年至2025年的复合年增长率为30.3%，高于整体在线内容市场增长。</blockquote></p><p>China's online content community market has more diversified monetization channels including online advertising, paid membership, content e-commerce, content-commerce solutions, virtual gifting in live streaming, online games, and online education services. In comparison, the US online content community's monetization is mainly through advertising.</p><p><blockquote>中国在线内容社区市场拥有更多元化的变现渠道，包括在线广告、付费会员、内容电商、内容电商解决方案、直播虚拟礼品、在线游戏及在线教育服务。相比之下，美国在线内容社区的变现主要是通过广告。</blockquote></p><p>One of the major positives about the company is the growing trend of more Chinese consumers that are willing to pay money for higher quality content. The number of paying users in China’s online content communities is expected to increase at a CAGR of 17.1% between 2019 and 2025, which means an increase of 360.4 million extra paying users of online content communities to 588.2 million in 2025.</p><p><blockquote>该公司的一个主要积极因素是，越来越多的中国消费者愿意为更高质量的内容付费。预计2019年至2025年期间，中国在线内容社区的付费用户数量将以17.1%的复合年增长率增长，这意味着在线内容社区的额外付费用户将增加3.604亿至2025年的5.882亿。</blockquote></p><p><b>China's Online Content Market</b></p><p><blockquote><b>中国在线内容市场</b></blockquote></p><p>China's online content market tripled from 2015 to reach 1.2 trillion RMB in 2019. This market is expected to increase to 3.7 trillion RMB in 2025, representing a CAGR of 21.4% from 2019 to 2025.</p><p><blockquote>中国在线内容市场较2015年增长两倍，2019年达到1.2万亿人民币。预计该市场将于2025年增至3.7万亿元人民币，2019年至2025年的复合年增长率为21.4%。</blockquote></p><p><b>China’s Online Content Market Size (in terms of revenue), 2015-2025E</b></p><p><blockquote><b>2015年至2025年（估计）中国在线内容市场规模（按收入计）</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/69a7db9cacf26245273702a255aabdb8\" tg-width=\"573\" tg-height=\"258\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Market Size of China’s Online Content Communities (in terms of revenue),2015-2025E</b></p><p><blockquote><b>二零一五年至二零二五年（估计）中国在线内容社区的市场规模（按收入计）</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/aee42792caf4aa2cbdcd17f757a75727\" tg-width=\"584\" tg-height=\"285\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>China’s Paid Membership Market Size (in terms of revenue), 2015-2025E</b></p><p><blockquote><b>中国付费会员市场规模（以收入计），2015年至2025年（估计）</b></blockquote></p><p></p><p><img src=\"https://static.tigerbbs.com/77ff121d78cb1dd922d524a78570152e\" tg-width=\"520\" tg-height=\"286\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Content-commerce solutions</b></p><p><blockquote><b>内容商务解决方案</b></blockquote></p><p>To provide integrated marketing services, the online content communities provide content-commerce solutions for content creation, content distribution, and content conversion. The company provides integrated content-commerce solutions, providing merchants and brands one-stop services for all their sales and marketing needs, from making marketing plans, facilitating content creation, assigning the most relevant content creators, to distributing to the interested users. China's content commerce solution market is expected to grow from 11.4 billion RMB in 2019 to 112.3 billion RMB in 2025, at a CAGR of 46.4%.</p><p><blockquote>为了提供整合营销服务，在线内容社区为内容创建、内容分发和内容转换提供内容商务解决方案。该公司提供综合内容商务解决方案，为商家和品牌的所有销售和营销需求提供一站式服务，从制定营销计划、促进内容创作、分配最相关的内容创作者，到向感兴趣的用户分发。中国内容商务解决方案市场预期将由2019年的人民币114亿元增长至2025年的人民币1123亿元，复合年增长率为46.4%。</blockquote></p><p><b>China’s Content-Commerce Solution Market Size (in terms of revenue), 2015-2025E</b></p><p><blockquote><b>二零一五年至二零二五年（估计）中国内容商务解决方案市场规模（以收入计）</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/01a230d3fb2d4cf4aeeebfd5c3c691c3\" tg-width=\"520\" tg-height=\"269\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ZH":"知乎"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1141686975","content_text":"Zhihu Technology shares opened at $8.02 each on Friday, about 15.6% lower than the company’s IPO price $9.5.Zhihu IPO prices at low end of the range, valuing company at about $5.3 billion.Zhihu Inc. announced Friday the pricing of its initial public offering, at $9.50 per American depositary share, which was at the low end of the expected range. The China-based online content company offered 55 million ADS in the IPO to raise $522.5 million, while the pricing valued the company at about $5.31 billion.Zhihu has a similar business model as Quora where millions of people ask questions and exchange their views and experiences. Zhihu has become the largest online question and answer community in China.Sales BreakdownAdvertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. We estimate advertising as a percentage of revenues to gradually decline in the next five years as it is offset by the faster growing Paid Memberships and Content Commerce Solutions. We estimate advertising as a percentage of sales to decline to 34.1% in 2021 and 22.3% in 2025.Paid Memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. We have assumed Paid Membership revenues as a percentage of total revenues to increase to 31.5% in 2021 and 37.8% in 2025.Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans. We have assumed Content Commerce Solutions as a percentage of total revenue to jump from 10% in 2020 to 17.8% in 2021 and 32.3% in 2025.Gross MarginsThe company's gross margins improved from 46.6% in 2019 to 56.0% in 2020, driven by an overall improving business scalability. We have assumed further improvements in gross margins to 57.4% in 2021 and 62.3% in 2025.Total Operating Expenses and Operating MarginsTotal operating expenses as a percentage of revenues declined significantly from 204.4% in 2019 to 100.6% in 2020. We expect this ratio to improve further to 79% in 2021, 69.2% in 2022, and 57.2% in 2025. The bulk of the improvements in operating expenses is coming from lower SG&A and R&D expenses as a percentage of revenues in the next five years.Company BackgroundAt the end of 2020, Zhihu had more than 43.1 million cumulative content creators that contributed 315 million questions and answers. In 4Q 2020, the company had 75.7 million average monthly active users, up 33% YoY. One of the key strengths of the company is that it is recognized as one of the most trustworthy online content communities and regarded as providing one of the highest quality content in China. Zhihu has tried to capitalize on its large user base to provide numerous multimedia functions including live streaming, e-commerce, online education, and other video content.In August 2019, Zhihu received $434 million in funding from leading investors including Baidu and Kuaishou Technology, valuing the company at $3.5 billion. Given that the company had $97 million in sales in 2019, this would suggest a P/S valuation multiple of 36x. If we take the same P/S multiple apply to the company's 2020 sales of $207 million, this would suggest an implied valuation of $7.5 billion.Zhihu was originally developed as a question and answer online community in 2010. At the end of 2020, there were a total of 315 million Q&As spanning more than 1,000 verticals and 571,000 topics. Zhihu is one of the top five comprehensive online content communities in China, in terms of average mobile MAUs and revenue in 2020. The company uses artificial intelligence, cloud, and big data algorithms to improve the optimization of its content and services.Major Shareholders of ZhihuThe founder & CEO Zhou Yuanowns an 8.2% stake in the company (but 46.6% voting rights). Sinovation Ventures owns a 13.1% stake and Tencent Holdings Ltd. owns a 12.3% stake of Zhihu.Key DemographicsThe diagram below provides some of the key demographics of Zhihu user base. Males accounted for 56.9% of total users. People under 30 years old accounted for 78.7% of its total user base. Tier I and new tier I cities represented 52.6% of total user base. Many of the users of Zhihu are students and white collar professionals.Revenue BreakdownAdvertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. The company's advertising revenue is mainly driven by its MAUs and advertising revenue per MAU. The company's MAUs increased by 42.7% YoY to 68.5 million in 2020. The company started its online advertising business in 2016 and introduced paid content in 2018.Paid memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. Average monthly members jumped by 311.5% YoY to 2.36 million in 2020, which is a testament of an increasing number of customers that value the premium content available on Zhihu.In March 2019, the company introduced the Yan Selection membership program, making it the first payment-based questions & answers community. It provides its members with unlimited access to about 3.4 million paid content including online lectures, columns, audio books, and e-journals. This is one of the biggest strengths of the company as it shows how high quality data and content can generate serious amount of revenues and it also provides a more steady monthly revenue inflow.Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans, assigning the most relevant content creators to interested users, and facilitating content creation.China's content-commerce solution market is expected to be one of the fastest growing sectors in the next several years. According to CIC Consultancy, China's content-commerce solution market is expected to enjoy a strong CAGR growth of 46.4% from 2019 to 2025 (112.3 billion RMB).Market OpportunitiesChina’s Online Content Communities Market SizeOnline content communities refer to UGC (user generated content)-focused (including PUGC (professional user generated content) focused online content market players where content creators are also users, who are actively engaged within the communities. The content communities generally can stimulate higher level of user engagement, more interactive user experience, and enjoy lower content cost, compared to PGC (professionally generated content) players. PGC is content created by the branded company or organization.China's online content communities market size increased from 38.6 billion RMB in 2015 to 275.8 billion RMB in 2019 and is further expected to rise to 1.3 trillion RMB in 2025, representing a CAGR of 30.3% from 2019 to 2025, which is higher than the overall online content market growth.China's online content community market has more diversified monetization channels including online advertising, paid membership, content e-commerce, content-commerce solutions, virtual gifting in live streaming, online games, and online education services. In comparison, the US online content community's monetization is mainly through advertising.One of the major positives about the company is the growing trend of more Chinese consumers that are willing to pay money for higher quality content. The number of paying users in China’s online content communities is expected to increase at a CAGR of 17.1% between 2019 and 2025, which means an increase of 360.4 million extra paying users of online content communities to 588.2 million in 2025.China's Online Content MarketChina's online content market tripled from 2015 to reach 1.2 trillion RMB in 2019. This market is expected to increase to 3.7 trillion RMB in 2025, representing a CAGR of 21.4% from 2019 to 2025.China’s Online Content Market Size (in terms of revenue), 2015-2025EMarket Size of China’s Online Content Communities (in terms of revenue),2015-2025EChina’s Paid Membership Market Size (in terms of revenue), 2015-2025EContent-commerce solutionsTo provide integrated marketing services, the online content communities provide content-commerce solutions for content creation, content distribution, and content conversion. The company provides integrated content-commerce solutions, providing merchants and brands one-stop services for all their sales and marketing needs, from making marketing plans, facilitating content creation, assigning the most relevant content creators, to distributing to the interested users. China's content commerce solution market is expected to grow from 11.4 billion RMB in 2019 to 112.3 billion RMB in 2025, at a CAGR of 46.4%.China’s Content-Commerce Solution Market Size (in terms of revenue), 2015-2025E","news_type":1,"symbols_score_info":{"ZH":0.9}},"isVote":1,"tweetType":1,"viewCount":470,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":877508826,"gmtCreate":1637939756023,"gmtModify":1637939756192,"author":{"id":"3571889549699411","authorId":"3571889549699411","name":"Vilianty","avatar":"https://static.tigerbbs.com/5108b9bca44d22aa3390fdceb93735cf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571889549699411","authorIdStr":"3571889549699411"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/877508826","repostId":"1119651099","repostType":4,"isVote":1,"tweetType":1,"viewCount":655,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":178249996,"gmtCreate":1626825242915,"gmtModify":1633770727036,"author":{"id":"3571889549699411","authorId":"3571889549699411","name":"Vilianty","avatar":"https://static.tigerbbs.com/5108b9bca44d22aa3390fdceb93735cf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571889549699411","authorIdStr":"3571889549699411"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/178249996","repostId":"2153924256","repostType":4,"isVote":1,"tweetType":1,"viewCount":387,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":124058279,"gmtCreate":1624711149091,"gmtModify":1633949376032,"author":{"id":"3571889549699411","authorId":"3571889549699411","name":"Vilianty","avatar":"https://static.tigerbbs.com/5108b9bca44d22aa3390fdceb93735cf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571889549699411","authorIdStr":"3571889549699411"},"themes":[],"htmlText":"Comment","listText":"Comment","text":"Comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/124058279","repostId":"1164137597","repostType":4,"isVote":1,"tweetType":1,"viewCount":415,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":343294781,"gmtCreate":1617717600843,"gmtModify":1634296945213,"author":{"id":"3571889549699411","authorId":"3571889549699411","name":"Vilianty","avatar":"https://static.tigerbbs.com/5108b9bca44d22aa3390fdceb93735cf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571889549699411","authorIdStr":"3571889549699411"},"themes":[],"htmlText":"Yes","listText":"Yes","text":"Yes","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/343294781","repostId":"1101907559","repostType":4,"repost":{"id":"1101907559","kind":"news","pubTimestamp":1617672655,"share":"https://www.laohu8.com/m/news/1101907559?lang=zh_CN&edition=full","pubTime":"2021-04-06 09:30","market":"us","language":"en","title":"Opinion: Financial crises get triggered about every 10 years — Archegos might be right on time<blockquote>观点：金融危机大约每10年就会引发一次——Archegos可能准时出现</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1101907559","media":"marketwatch","summary":"No one, for now, can say for sure that the so-called family office’s billions in investment losses won’t spread.Financial crises are never quite the same. During the late 1980s, nearly a third of the nation’s savings and loan associations failed, ending with a taxpayer bailout — in 2021 terms — of about $265 billion.In 1997-1998, financial crises in Asia and Russia led to the near meltdown of the largest hedge fund in the U.S. —Long-Term Capital Management. Its reach and operating practices were","content":"<p>  <b>No one, for now, can say for sure that the so-called family office’s billions in investment losses won’t spread.</b>  Financial crises are never quite the same. During the late 1980s, nearly a third of the nation’s savings and loan associations failed, ending with a taxpayer bailout — in 2021 terms — of about $265 billion.</p><p><blockquote><b>目前，没有人能肯定地说，所谓的家族办公室数十亿美元的投资损失不会蔓延。</b>金融危机从来都不完全一样。20世纪80年代末，美国近三分之一的储蓄和贷款协会倒闭，最终获得了约2650亿美元的纳税人救助（按2021年计算）。</blockquote></p><p> In 1997-1998, financial crises in Asia and Russia led to the near meltdown of the largest hedge fund in the U.S. —Long-Term Capital Management(LTCM). Its reach and operating practices were such that Federal Reserve Chairman Alan Greenspan said that when LTCM failed, “he had never seen anything in his lifetime that compared to the terror” he felt. LTCM was deemed “too big to fail,” and he engineered a bailout by 14 major U.S. financial institutions.</p><p><blockquote>1997-1998年，亚洲和俄国的金融危机导致美国最大的对冲基金——长期资本管理公司（LTCM）几近崩溃。它的影响力和运营实践如此之大，以至于美联储主席艾伦·格林斯潘说，当LTCM失败时，“他一生中从未见过任何与他所感受到的恐怖相比的事情”。LTCM被认为“太大而不能倒”，他策划了对14家美国主要金融机构的救助。</blockquote></p><p> Exactly a decade later, too much leverage by some of those very institutions, and the bursting of a U.S. real estate bubble, led to the near collapse of the U.S. financial system. Once again, big banks were deemed too big to fail and taxpayers came to the rescue.</p><p><blockquote>整整十年后，其中一些机构的过度杠杆化，以及美国房地产泡沫的破裂，导致美国金融体系几近崩溃。大银行再一次被认为太大而不能倒，纳税人前来救援。</blockquote></p><p> The trend? Every 10 years or so, and they all look different.&nbsp;Are we in the early stages of a new crisis now, with the blowup at the family office Archegos Capital Management LP?</p><p><blockquote>趋势？每隔10年左右，它们看起来都不一样。随着家族办公室Archegos Capital Management LP的爆发，我们现在是否正处于新危机的早期阶段？</blockquote></p><p> A family office, for the uninitiated, is a private wealth management vehicle for the ultra-wealthy. Here’s what I mean by ultra-wealthy: Consulting firm EY estimates there are some 10,000 family offices globally, but manage, says a separate estimate by market research firm Campden Research, nearly $6 trillion. That $6 trillion is likely far higher now given that it’s based on 2019 data.</p><p><blockquote>对于外行人来说，家族办公室是超级富豪的私人财富管理工具。这就是我所说的超级富豪的意思：咨询公司安永估计全球约有10,000个家族理财室，但市场研究公司Campden Research的另一项估计称，管理家族理财室的规模接近6万亿美元。鉴于这6万亿美元是基于2019年的数据，现在可能要高得多。</blockquote></p><p> <b>Unregulated money managers</b></p><p><blockquote><b>不受监管的基金经理</b></blockquote></p><p> Here’s the potential danger. Family offices generally aren’t regulated. The 1940 Investment Advisers Act says firms with 15 clients or fewer don’t have to register with the Securities and Exchange Commission. What this means is that trillions of dollars are in play and no one can really say who’s running the money, what it’s invested in, how much leverage is being used, and what kind of counterparty risk may exist. (Counterparty risk is the probability that one party involved in a financial transaction could default on a contractual obligation to someone else.)</p><p><blockquote>这是潜在的危险。家族理财室通常不受监管。1940年《投资顾问法》规定，拥有15名或更少客户的公司无需向美国证券交易委员会注册。这意味着数万亿美元正在发挥作用，没有人能真正说出谁在管理这笔钱，它投资于什么，使用了多少杠杆，以及可能存在什么样的交易对手风险。（交易对手风险是指参与金融交易的一方可能违反对另一方的合同义务的概率。）</blockquote></p><p> This appears to be the case with Archegos. The firm bet heavily on certain Chinese stocks, including e-commerce player&nbsp;Vipshop Holdings&nbsp;Ltd.VIPS,-1.19%,U.S.-listed Chinese tutoring company&nbsp;GSX Techedu&nbsp;Inc.GSX,-10.63%and U.S. media companiesViacomCBS&nbsp;Inc.VIAC,-3.90%and&nbsp;Discovery&nbsp;Inc.DISCA,-3.86%,among others. Share prices have tumbled lately, sparking large sales — some $30 billion — by Archegos.</p><p><blockquote>Archegos似乎就是这种情况。该公司大举押注某些中国股票，包括电子商务公司唯品会控股有限公司VIPS，-1.19%，在美国上市的中国家教公司跟谁学GSX，-10.63%，以及美国媒体公司维亚康姆哥伦比亚广播公司VIAC，-3.90%和Discovery Inc.DISCA，-3.86%等。最近股价暴跌，引发Archegos的大量抛售（约300亿美元）。</blockquote></p><p> The problem is that only about a third of that, or $10 billion, was its own money. We now know that Archegos worked with some of the biggest names on Wall Street, including&nbsp;Credit Suisse Group AGCS,+1.59%,UBS Group AGUBS,+1.01%,Goldman Sachs Group Inc.GS,-1.25%,&nbsp;Morgan StanleyMS,-0.28%,Deutsche Bank AGDB,+0.74%and Nomura Holdings Inc.&nbsp;NMR,+1.87%.</p><p><blockquote>问题是，其中只有大约三分之一，即100亿美元，是它自己的钱。我们现在知道Archegos与华尔街的一些大牌合作，包括瑞士信贷集团AGCS，+1.59%，瑞银集团AGUBS，+1.01%，高盛集团Inc.GS，-1.25%，摩根士丹利MS，-0.28%，德意志银行AGDB，+0.74%，野村控股公司NMR，+1.87%。</blockquote></p><p> But since family offices are largely allowed to operate unregulated, who’s to say how much money is really involved here and what the extent of market risk is? My colleague Mark DeCambre&nbsp;reported last week that Archegos’ true exposures to bad trades could actuallybe closer to $100 billion.</p><p><blockquote>但由于家族办公室在很大程度上被允许不受监管地运营，谁能说这里真正涉及多少资金以及市场风险有多大？我的同事Mark DeCambre上周报告称，Archegos对不良交易的真实敞口实际上可能接近1000亿美元。</blockquote></p><p> <b>Danger of counterparty risk</b></p><p><blockquote><b>交易对手风险的危险性</b></blockquote></p><p> This is where counterparty risk comes in. As Archegos’ bets went south, the above banks — looking at losses of their own — hit the firm with margin calls. Deutsche quickly dumped about $4 billion in holdings, while Goldman and Morgan Stanley are also said to have unwound their positions, perhaps limiting their downside.</p><p><blockquote>这就是交易对手风险的用武之地。随着Archegos的赌注落空，上述银行考虑到自己的损失，以保证金评级打击了该公司。德意志银行迅速抛售了约40亿美元的持股，而高盛和摩根士丹利据说也已平仓，这或许限制了它们的下跌空间。</blockquote></p><p> So is this a financial crisis? It doesn’t appear to be. Even so, the Securities and Exchange Commission has opened a preliminary investigation into Archegos and its founder, Bill Hwang.</p><p><blockquote>那么这是金融危机吗？似乎不是。即便如此，美国证券交易委员会还是对Archegos及其创始人Bill Hwang展开了初步调查。</blockquote></p><p> One peer, Tom Lee, the research chief of Fundstrat Global Advisors, calls Hwang one of the “top 10 of the best investment minds” he knows.</p><p><blockquote>Fundstrat Global Advisors的研究主管Tom Lee是他认识的“十大最佳投资头脑”之一的评级·黄。</blockquote></p><p> But federal regulators may have a lesser opinion. In 2012, Hwang’s former hedge fund, Tiger Asia Management, pleaded guilty and paid more than $60 million in penalties after it was accused of trading on illegal tips about Chinese banks. The SEC banned Hwang from managing money on behalf of clients — essentially booting him from the hedge fund industry. So Hwang opened Archegos, and again, family offices aren’t generally aren’t regulated.</p><p><blockquote>但联邦监管机构的意见可能较少。2012年，黄禹锡的前对冲基金老虎亚洲管理公司(Tiger Asia Management)认罪并支付了超过6000万美元的罚款，此前该公司被指控利用有关中国银行的非法线索进行交易。美国证券交易委员会禁止黄禹锡代表客户管理资金——实质上是将他踢出对冲基金行业。因此，Hwang开设了Archegos，同样，家族理财室通常不受监管。</blockquote></p><p> <b>Yellen on the case</b></p><p><blockquote><b>耶伦谈此案</b></blockquote></p><p> This issue is on Treasury Secretary Janet Yellen’s radar. She said last week that greater oversight of these private corners of the financial industry is needed. The Financial Stability Oversight Council (FSOC), which she oversees, has revived a task force to help agencies better “share data, identify risks and work to strengthen our financial system.”</p><p><blockquote>这个问题引起了财政部长珍妮特·耶伦的关注。她上周表示，需要加强对金融业这些私人角落的监管。她监管的金融稳定监督委员会（FSOC）重新成立了一个工作组，以帮助各机构更好地“共享数据、识别风险并努力加强我们的金融体系”。</blockquote></p><p></p><p> Most financial crises end up with American taxpayers getting stuck with the tab. Gains belong to the risk-takers. But losses — they belong to us. To paraphrase Abe Lincoln, family offices — a multi-trillion dollar industry largely allowed to operate in the shadows in a global financial system that is more intertwined than ever — are of the super-wealthy, by the super-wealthy and for the super-wealthy. And no one else.</p><p><blockquote>大多数金融危机最终都是美国纳税人陷入困境。收益属于冒险者。但是损失——它们属于我们。套用亚伯·林肯（Abe Lincoln）的话，家族办公室——一个价值数万亿美元的行业，在一个比以往任何时候都更加交织在一起的全球金融体系中，很大程度上被允许在阴影中运作——属于超级富豪，由超级富豪经营，为超级富豪服务。没有其他人。</blockquote></p><p> The Archegos collapse may or may not be the beginning of yet another financial crisis. But who’s to say what thousands of other family offices are doing with their trillions, and whether similar problems could blow up?</p><p><blockquote>Archegos的倒闭可能是也可能不是另一场金融危机的开始。但谁能说其他数千家家族理财室正在用他们的数万亿美元做什么，以及类似的问题是否会爆发？</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Opinion: Financial crises get triggered about every 10 years — Archegos might be right on time<blockquote>观点：金融危机大约每10年就会引发一次——Archegos可能准时出现</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\">\nOpinion: Financial crises get triggered about every 10 years — Archegos might be right on time<blockquote>观点：金融危机大约每10年就会引发一次——Archegos可能准时出现</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">marketwatch</strong><span class=\"h-time small\">2021-04-06 09:30</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>No one, for now, can say for sure that the so-called family office’s billions in investment losses won’t spread.</b>  Financial crises are never quite the same. During the late 1980s, nearly a third of the nation’s savings and loan associations failed, ending with a taxpayer bailout — in 2021 terms — of about $265 billion.</p><p><blockquote><b>目前，没有人能肯定地说，所谓的家族办公室数十亿美元的投资损失不会蔓延。</b>金融危机从来都不完全一样。20世纪80年代末，美国近三分之一的储蓄和贷款协会倒闭，最终获得了约2650亿美元的纳税人救助（按2021年计算）。</blockquote></p><p> In 1997-1998, financial crises in Asia and Russia led to the near meltdown of the largest hedge fund in the U.S. —Long-Term Capital Management(LTCM). Its reach and operating practices were such that Federal Reserve Chairman Alan Greenspan said that when LTCM failed, “he had never seen anything in his lifetime that compared to the terror” he felt. LTCM was deemed “too big to fail,” and he engineered a bailout by 14 major U.S. financial institutions.</p><p><blockquote>1997-1998年，亚洲和俄国的金融危机导致美国最大的对冲基金——长期资本管理公司（LTCM）几近崩溃。它的影响力和运营实践如此之大，以至于美联储主席艾伦·格林斯潘说，当LTCM失败时，“他一生中从未见过任何与他所感受到的恐怖相比的事情”。LTCM被认为“太大而不能倒”，他策划了对14家美国主要金融机构的救助。</blockquote></p><p> Exactly a decade later, too much leverage by some of those very institutions, and the bursting of a U.S. real estate bubble, led to the near collapse of the U.S. financial system. Once again, big banks were deemed too big to fail and taxpayers came to the rescue.</p><p><blockquote>整整十年后，其中一些机构的过度杠杆化，以及美国房地产泡沫的破裂，导致美国金融体系几近崩溃。大银行再一次被认为太大而不能倒，纳税人前来救援。</blockquote></p><p> The trend? Every 10 years or so, and they all look different.&nbsp;Are we in the early stages of a new crisis now, with the blowup at the family office Archegos Capital Management LP?</p><p><blockquote>趋势？每隔10年左右，它们看起来都不一样。随着家族办公室Archegos Capital Management LP的爆发，我们现在是否正处于新危机的早期阶段？</blockquote></p><p> A family office, for the uninitiated, is a private wealth management vehicle for the ultra-wealthy. Here’s what I mean by ultra-wealthy: Consulting firm EY estimates there are some 10,000 family offices globally, but manage, says a separate estimate by market research firm Campden Research, nearly $6 trillion. That $6 trillion is likely far higher now given that it’s based on 2019 data.</p><p><blockquote>对于外行人来说，家族办公室是超级富豪的私人财富管理工具。这就是我所说的超级富豪的意思：咨询公司安永估计全球约有10,000个家族理财室，但市场研究公司Campden Research的另一项估计称，管理家族理财室的规模接近6万亿美元。鉴于这6万亿美元是基于2019年的数据，现在可能要高得多。</blockquote></p><p> <b>Unregulated money managers</b></p><p><blockquote><b>不受监管的基金经理</b></blockquote></p><p> Here’s the potential danger. Family offices generally aren’t regulated. The 1940 Investment Advisers Act says firms with 15 clients or fewer don’t have to register with the Securities and Exchange Commission. What this means is that trillions of dollars are in play and no one can really say who’s running the money, what it’s invested in, how much leverage is being used, and what kind of counterparty risk may exist. (Counterparty risk is the probability that one party involved in a financial transaction could default on a contractual obligation to someone else.)</p><p><blockquote>这是潜在的危险。家族理财室通常不受监管。1940年《投资顾问法》规定，拥有15名或更少客户的公司无需向美国证券交易委员会注册。这意味着数万亿美元正在发挥作用，没有人能真正说出谁在管理这笔钱，它投资于什么，使用了多少杠杆，以及可能存在什么样的交易对手风险。（交易对手风险是指参与金融交易的一方可能违反对另一方的合同义务的概率。）</blockquote></p><p> This appears to be the case with Archegos. The firm bet heavily on certain Chinese stocks, including e-commerce player&nbsp;Vipshop Holdings&nbsp;Ltd.VIPS,-1.19%,U.S.-listed Chinese tutoring company&nbsp;GSX Techedu&nbsp;Inc.GSX,-10.63%and U.S. media companiesViacomCBS&nbsp;Inc.VIAC,-3.90%and&nbsp;Discovery&nbsp;Inc.DISCA,-3.86%,among others. Share prices have tumbled lately, sparking large sales — some $30 billion — by Archegos.</p><p><blockquote>Archegos似乎就是这种情况。该公司大举押注某些中国股票，包括电子商务公司唯品会控股有限公司VIPS，-1.19%，在美国上市的中国家教公司跟谁学GSX，-10.63%，以及美国媒体公司维亚康姆哥伦比亚广播公司VIAC，-3.90%和Discovery Inc.DISCA，-3.86%等。最近股价暴跌，引发Archegos的大量抛售（约300亿美元）。</blockquote></p><p> The problem is that only about a third of that, or $10 billion, was its own money. We now know that Archegos worked with some of the biggest names on Wall Street, including&nbsp;Credit Suisse Group AGCS,+1.59%,UBS Group AGUBS,+1.01%,Goldman Sachs Group Inc.GS,-1.25%,&nbsp;Morgan StanleyMS,-0.28%,Deutsche Bank AGDB,+0.74%and Nomura Holdings Inc.&nbsp;NMR,+1.87%.</p><p><blockquote>问题是，其中只有大约三分之一，即100亿美元，是它自己的钱。我们现在知道Archegos与华尔街的一些大牌合作，包括瑞士信贷集团AGCS，+1.59%，瑞银集团AGUBS，+1.01%，高盛集团Inc.GS，-1.25%，摩根士丹利MS，-0.28%，德意志银行AGDB，+0.74%，野村控股公司NMR，+1.87%。</blockquote></p><p> But since family offices are largely allowed to operate unregulated, who’s to say how much money is really involved here and what the extent of market risk is? My colleague Mark DeCambre&nbsp;reported last week that Archegos’ true exposures to bad trades could actuallybe closer to $100 billion.</p><p><blockquote>但由于家族办公室在很大程度上被允许不受监管地运营，谁能说这里真正涉及多少资金以及市场风险有多大？我的同事Mark DeCambre上周报告称，Archegos对不良交易的真实敞口实际上可能接近1000亿美元。</blockquote></p><p> <b>Danger of counterparty risk</b></p><p><blockquote><b>交易对手风险的危险性</b></blockquote></p><p> This is where counterparty risk comes in. As Archegos’ bets went south, the above banks — looking at losses of their own — hit the firm with margin calls. Deutsche quickly dumped about $4 billion in holdings, while Goldman and Morgan Stanley are also said to have unwound their positions, perhaps limiting their downside.</p><p><blockquote>这就是交易对手风险的用武之地。随着Archegos的赌注落空，上述银行考虑到自己的损失，以保证金评级打击了该公司。德意志银行迅速抛售了约40亿美元的持股，而高盛和摩根士丹利据说也已平仓，这或许限制了它们的下跌空间。</blockquote></p><p> So is this a financial crisis? It doesn’t appear to be. Even so, the Securities and Exchange Commission has opened a preliminary investigation into Archegos and its founder, Bill Hwang.</p><p><blockquote>那么这是金融危机吗？似乎不是。即便如此，美国证券交易委员会还是对Archegos及其创始人Bill Hwang展开了初步调查。</blockquote></p><p> One peer, Tom Lee, the research chief of Fundstrat Global Advisors, calls Hwang one of the “top 10 of the best investment minds” he knows.</p><p><blockquote>Fundstrat Global Advisors的研究主管Tom Lee是他认识的“十大最佳投资头脑”之一的评级·黄。</blockquote></p><p> But federal regulators may have a lesser opinion. In 2012, Hwang’s former hedge fund, Tiger Asia Management, pleaded guilty and paid more than $60 million in penalties after it was accused of trading on illegal tips about Chinese banks. The SEC banned Hwang from managing money on behalf of clients — essentially booting him from the hedge fund industry. So Hwang opened Archegos, and again, family offices aren’t generally aren’t regulated.</p><p><blockquote>但联邦监管机构的意见可能较少。2012年，黄禹锡的前对冲基金老虎亚洲管理公司(Tiger Asia Management)认罪并支付了超过6000万美元的罚款，此前该公司被指控利用有关中国银行的非法线索进行交易。美国证券交易委员会禁止黄禹锡代表客户管理资金——实质上是将他踢出对冲基金行业。因此，Hwang开设了Archegos，同样，家族理财室通常不受监管。</blockquote></p><p> <b>Yellen on the case</b></p><p><blockquote><b>耶伦谈此案</b></blockquote></p><p> This issue is on Treasury Secretary Janet Yellen’s radar. She said last week that greater oversight of these private corners of the financial industry is needed. The Financial Stability Oversight Council (FSOC), which she oversees, has revived a task force to help agencies better “share data, identify risks and work to strengthen our financial system.”</p><p><blockquote>这个问题引起了财政部长珍妮特·耶伦的关注。她上周表示，需要加强对金融业这些私人角落的监管。她监管的金融稳定监督委员会（FSOC）重新成立了一个工作组，以帮助各机构更好地“共享数据、识别风险并努力加强我们的金融体系”。</blockquote></p><p></p><p> Most financial crises end up with American taxpayers getting stuck with the tab. Gains belong to the risk-takers. But losses — they belong to us. To paraphrase Abe Lincoln, family offices — a multi-trillion dollar industry largely allowed to operate in the shadows in a global financial system that is more intertwined than ever — are of the super-wealthy, by the super-wealthy and for the super-wealthy. And no one else.</p><p><blockquote>大多数金融危机最终都是美国纳税人陷入困境。收益属于冒险者。但是损失——它们属于我们。套用亚伯·林肯（Abe Lincoln）的话，家族办公室——一个价值数万亿美元的行业，在一个比以往任何时候都更加交织在一起的全球金融体系中，很大程度上被允许在阴影中运作——属于超级富豪，由超级富豪经营，为超级富豪服务。没有其他人。</blockquote></p><p> The Archegos collapse may or may not be the beginning of yet another financial crisis. But who’s to say what thousands of other family offices are doing with their trillions, and whether similar problems could blow up?</p><p><blockquote>Archegos的倒闭可能是也可能不是另一场金融危机的开始。但谁能说其他数千家家族理财室正在用他们的数万亿美元做什么，以及类似的问题是否会爆发？</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/financial-crises-happen-about-every-10-years-which-makes-the-archegos-meltdown-unnerving-11617634942?mod=home-page\">marketwatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index","SPY":"标普500ETF",".IXIC":"NASDAQ Composite"},"source_url":"https://www.marketwatch.com/story/financial-crises-happen-about-every-10-years-which-makes-the-archegos-meltdown-unnerving-11617634942?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1101907559","content_text":"No one, for now, can say for sure that the so-called family office’s billions in investment losses won’t spread.\n\nFinancial crises are never quite the same. During the late 1980s, nearly a third of the nation’s savings and loan associations failed, ending with a taxpayer bailout — in 2021 terms — of about $265 billion.\nIn 1997-1998, financial crises in Asia and Russia led to the near meltdown of the largest hedge fund in the U.S. —Long-Term Capital Management(LTCM). Its reach and operating practices were such that Federal Reserve Chairman Alan Greenspan said that when LTCM failed, “he had never seen anything in his lifetime that compared to the terror” he felt. LTCM was deemed “too big to fail,” and he engineered a bailout by 14 major U.S. financial institutions.\nExactly a decade later, too much leverage by some of those very institutions, and the bursting of a U.S. real estate bubble, led to the near collapse of the U.S. financial system. Once again, big banks were deemed too big to fail and taxpayers came to the rescue.\nThe trend? Every 10 years or so, and they all look different. Are we in the early stages of a new crisis now, with the blowup at the family office Archegos Capital Management LP?\nA family office, for the uninitiated, is a private wealth management vehicle for the ultra-wealthy. Here’s what I mean by ultra-wealthy: Consulting firm EY estimates there are some 10,000 family offices globally, but manage, says a separate estimate by market research firm Campden Research, nearly $6 trillion. That $6 trillion is likely far higher now given that it’s based on 2019 data.\nUnregulated money managers\nHere’s the potential danger. Family offices generally aren’t regulated. The 1940 Investment Advisers Act says firms with 15 clients or fewer don’t have to register with the Securities and Exchange Commission. What this means is that trillions of dollars are in play and no one can really say who’s running the money, what it’s invested in, how much leverage is being used, and what kind of counterparty risk may exist. (Counterparty risk is the probability that one party involved in a financial transaction could default on a contractual obligation to someone else.)\nThis appears to be the case with Archegos. The firm bet heavily on certain Chinese stocks, including e-commerce player Vipshop Holdings Ltd.VIPS,-1.19%,U.S.-listed Chinese tutoring company GSX Techedu Inc.GSX,-10.63%and U.S. media companiesViacomCBS Inc.VIAC,-3.90%and Discovery Inc.DISCA,-3.86%,among others. Share prices have tumbled lately, sparking large sales — some $30 billion — by Archegos.\nThe problem is that only about a third of that, or $10 billion, was its own money. We now know that Archegos worked with some of the biggest names on Wall Street, including Credit Suisse Group AGCS,+1.59%,UBS Group AGUBS,+1.01%,Goldman Sachs Group Inc.GS,-1.25%, Morgan StanleyMS,-0.28%,Deutsche Bank AGDB,+0.74%and Nomura Holdings Inc. NMR,+1.87%.\nBut since family offices are largely allowed to operate unregulated, who’s to say how much money is really involved here and what the extent of market risk is? My colleague Mark DeCambre reported last week that Archegos’ true exposures to bad trades could actuallybe closer to $100 billion.\nDanger of counterparty risk\nThis is where counterparty risk comes in. As Archegos’ bets went south, the above banks — looking at losses of their own — hit the firm with margin calls. Deutsche quickly dumped about $4 billion in holdings, while Goldman and Morgan Stanley are also said to have unwound their positions, perhaps limiting their downside.\nSo is this a financial crisis? It doesn’t appear to be. Even so, the Securities and Exchange Commission has opened a preliminary investigation into Archegos and its founder, Bill Hwang.\nOne peer, Tom Lee, the research chief of Fundstrat Global Advisors, calls Hwang one of the “top 10 of the best investment minds” he knows.\nBut federal regulators may have a lesser opinion. In 2012, Hwang’s former hedge fund, Tiger Asia Management, pleaded guilty and paid more than $60 million in penalties after it was accused of trading on illegal tips about Chinese banks. The SEC banned Hwang from managing money on behalf of clients — essentially booting him from the hedge fund industry. So Hwang opened Archegos, and again, family offices aren’t generally aren’t regulated.\nYellen on the case\nThis issue is on Treasury Secretary Janet Yellen’s radar. She said last week that greater oversight of these private corners of the financial industry is needed. The Financial Stability Oversight Council (FSOC), which she oversees, has revived a task force to help agencies better “share data, identify risks and work to strengthen our financial system.”\nMost financial crises end up with American taxpayers getting stuck with the tab. Gains belong to the risk-takers. But losses — they belong to us. To paraphrase Abe Lincoln, family offices — a multi-trillion dollar industry largely allowed to operate in the shadows in a global financial system that is more intertwined than ever — are of the super-wealthy, by the super-wealthy and for the super-wealthy. And no one else.\nThe Archegos collapse may or may not be the beginning of yet another financial crisis. But who’s to say what thousands of other family offices are doing with their trillions, and whether similar problems could blow up?","news_type":1,"symbols_score_info":{".IXIC":0.9,".DJI":0.9,"SPY":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":343,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}