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2021-07-01

teething issues! come back stronger!

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2021-07-01

wall for the pullback on friday!

S&P 500 notches fifth straight record closing high, fifth straight quarterly gain<blockquote>标普500连续第五次创下收盘历史新高，连续第五个季度上涨</blockquote>

2021-03-11

annnnd more people are gonna hedge? like and discuss!

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2021-04-06

lets go

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 可能是对的</blockquote>

2021-02-20

time to hedge on futures!

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2021-03-15

this is the inevitable. like and comment on the inevitability of automation!

Accelerating Industrial Automation and the Companies to Watch<blockquote>加速工业自动化和值得关注的公司</blockquote>

2021-03-09

A transition means a safer allocation of money?

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2021-03-05

frosty forecast¡

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2021-03-02

help a brother out. do like my comment :)

China's billionaires club swells as market rally offsets virus pain<blockquote>随着市场反弹抵消病毒带来的痛苦，中国亿万富翁俱乐部不断扩大</blockquote>

2021-02-25

yeeehaw

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way of penn national and draftking!","text":"go the way of penn national and draftking!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/146494696","repostId":"1109601351","repostType":4,"isVote":1,"tweetType":1,"viewCount":4166,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":151429760,"gmtCreate":1625103200650,"gmtModify":1631891738029,"author":{"id":"3572161139823685","authorId":"3572161139823685","name":"ADL","avatar":"https://static.tigerbbs.com/46f309a3de1b3b77e46ca01bc05767be","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572161139823685","authorIdStr":"3572161139823685"},"themes":[],"title":"","htmlText":"teething issues! come back stronger!","listText":"teething issues! come back stronger!","text":"teething issues! come back stronger!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":11,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/151429760","repostId":"2148810960","repostType":4,"isVote":1,"tweetType":1,"viewCount":4027,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":151420031,"gmtCreate":1625103133023,"gmtModify":1631891738035,"author":{"id":"3572161139823685","authorId":"3572161139823685","name":"ADL","avatar":"https://static.tigerbbs.com/46f309a3de1b3b77e46ca01bc05767be","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572161139823685","authorIdStr":"3572161139823685"},"themes":[],"title":"","htmlText":"wall for the pullback on friday!","listText":"wall for the pullback on friday!","text":"wall for the pullback on friday!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/151420031","repostId":"1178516480","repostType":4,"repost":{"id":"1178516480","kind":"news","pubTimestamp":1625094708,"share":"https://www.laohunote.com/m/news/1178516480?lang=zh_CN&edition=full","pubTime":"2021-07-01 07:11","market":"us","language":"en","title":"S&P 500 notches fifth straight record closing high, fifth straight quarterly gain<blockquote>标普500连续第五次创下收盘历史新高，连续第五个季度上涨</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1178516480","media":"Reuters","summary":"NEW YORK (Reuters) - The S&P 500 nabbed its fifth straight record closing high on Wednesday as inves","content":"<p>NEW YORK (Reuters) - The S&amp;P 500 nabbed its fifth straight record closing high on Wednesday as investors ended the month and the quarter by largely shrugging off positive economic data and looking toward Friday’s highly anticipated employment report.</p><p><blockquote>纽约（路透社）--标普500周三连续第五次创下收盘新高，投资者在结束本月和本季度时基本上对积极的经济数据不屑一顾，转而关注周五备受期待的就业报告。</blockquote></p><p> In the last session of 2021’s first half, the indexes were languid and range-bound, with the blue-chip Dow posting gains, while the Nasdaq edged lower.</p><p><blockquote>在 2021 年上半年的最后一个交易日，各指数表现低迷，区间震荡，蓝筹股道琼斯指数上涨，而纳斯达克指数则小幅走低。</blockquote></p><p> All three indexes posted their fifth consecutive quarterly gains, with the S&amp;P rising 8.2%, the Nasdaq advancing 9.5% and the Dow rising 4.6%. The S&amp;P 500 registered its second-best first-half performance since 1998, rising 14.5%.</p><p><blockquote>这三个指数均连续第五个季度上涨，其中标准普尔指数上涨 8.2%，纳斯达克指数上涨 9.5%，道琼斯指数上涨 4.6%。标普500上半年表现创1998年以来第二好，上涨14.5%。</blockquote></p><p> “It’s been a good quarter,” said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut. “As of last night’s close, the S&amp;P has gained more than 14% year-to-date, topping the Dow and the Nasdaq. That indicates that the stock market is having a broad rally.”</p><p><blockquote>“康涅狄格州费尔菲尔德 Dakota Wealth 高级投资组合经理罗伯特-帕夫利克（Robert Pavlik）说：”这是一个不错的季度。“截至昨晚收盘，标准普尔指数今年迄今已上涨超过 14%，超过道琼斯指数和纳斯达克指数。这表明股市正在全面反弹。”</blockquote></p><p> For the month, the bellwether S&amp;P 500 notched its fifth consecutive advance, while the Dow snapped its four-month winning streak to end slightly lower. The Nasdaq also gained ground in June.</p><p><blockquote>本月，领头羊标普500指数连续第五次上涨，而道琼斯指数则结束了四个月的连涨，收盘小幅走低。纳斯达克在6月份也取得了进展。</blockquote></p><p> This month, investor appetite shifted away from economically sensitive cyclicals in favor of growth stocks.</p><p><blockquote>本月，投资者的兴趣从对经济敏感的周期性股票转向成长型股票。</blockquote></p><p> “Leading sectors year-to-date are what you’d expect,” Pavlik added. “Energy, financials and industrials, and that speaks to an economic environment that’s in the early stages of a cycle.”</p><p><blockquote>“帕夫利克补充说：”今年迄今为止的领先行业是你所期望的。“能源、金融和工业，这表明经济环境正处于周期的早期阶段”。</blockquote></p><p> “(Investors) started the switch back to growth (stocks) after people started to buy in to (Fed Chair Jerome) Powell’s comments that focus on transitory inflation,” Pavlik added.</p><p><blockquote>“帕夫利克补充说：”在人们开始接受（美联储主席杰罗姆）鲍威尔关注短暂通胀的言论后，（投资者）开始转向成长型（股票）。</blockquote></p><p> “Some of the reopening trades have gotten a bit long in the tooth and that’s leading people back to growth.”</p><p><blockquote>“一些重新开放的行业已经有点长了，这正在引导人们恢复增长”。</blockquote></p><p> (Graphic: Growths stocks outperform value in June, narrow YTD gap, )</p><p><blockquote>（图表：6 月份成长型股票跑赢价值，年初至今差距缩小）</blockquote></p><p> <img src=\"https://static.tigerbbs.com/5b82b4dfdc765d913811f9d8572e60f6\" tg-width=\"964\" tg-height=\"723\" referrerpolicy=\"no-referrer\">“The overall stock market continues to be on a tear, with very consistent gains for quite some time,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. “Valuations, while certainly high by historical standards, have been at a fairly consistent level, benefiting from the economic recovery.”</p><p><blockquote>“纽约因弗内斯律师事务所首席投资策略师蒂姆-格里斯基（Tim Ghriskey）说：”整体股市继续上涨，在相当长一段时间内涨幅非常稳定。“虽然按历史标准来看，估值肯定很高，但受益于经济复苏，估值一直处于相当稳定的水平。”</blockquote></p><p> The private sector added 692,000 jobs in June, breezing past expectations, according to payroll processor ADP. The number is 92,000 higher than the private payroll adds economists predict from the Labor Department’s more comprehensive employment report due on Friday.</p><p><blockquote>根据薪资处理商 ADP 的数据，6 月份私营部门新增就业岗位 692,000 个，轻松超出预期。经济学家在劳工部将于周五发布的更全面的就业报告中补充说，这一数字比私人就业人数高出 9.2 万人。</blockquote></p><p> The Dow Jones Industrial Average rose 210.22 points, or 0.61%, to 34,502.51, the S&amp;P 500 gained 5.7 points, or 0.13%, to 4,297.5 and the Nasdaq Composite dropped 24.38 points, or 0.17%, to 14,503.95.</p><p><blockquote>道琼斯工业平均指数上涨 210.22 点，或 0.61%，至 34,502.51 点；标普500指数上涨 5.7 点，或 0.13%，至 4,297.5 点；纳斯达克综合指数下跌 24.38 点，或 0.17%，至 14,503.95 点。</blockquote></p><p> Among the 11 major sectors in the S&amp;P, six ended the session higher, with energy enjoying the biggest percentage gain. Real estate was the day’s biggest loser.</p><p><blockquote>在标准普尔的 11 个主要板块中，有 6 个板块收高，其中能源板块涨幅最大。房地产是当天最大的输家。</blockquote></p><p> Boeing Co gained 1.6% after Germany’s defense ministry announced it would buy five of the planemaker’s P-8A maritime control aircraft, coming on the heels of United Airlines unveiling its largest-ever order for new planes.</p><p><blockquote>在德国国防部宣布将购买该飞机制造商的五架 P-8A 海上管制飞机后，波音公司股价上涨了 1.6%。</blockquote></p><p> Walmart jumped 2.7% after announcing on Tuesday that it would start selling a prescription-only insulin analog.</p><p><blockquote>沃尔玛周二宣布将开始销售仅限处方的胰岛素类似物，股价上涨 2.7%。</blockquote></p><p> Micron Technology advanced 2.5% ahead of its quarterly earnings release, but was relatively unchanged in after-hours trading following the chipmaker’s quarterly results.</p><p><blockquote>美光科技在发布季度财报前上涨了 2.5%，但在芯片制造商公布季度财报后的盘后交易中股价相对持平。</blockquote></p><p> Advancing issues outnumbered declining ones on the NYSE by a 1.35-to-1 ratio; on Nasdaq, a 1.19-to-1 ratio favored decliners.</p><p><blockquote>纽约证券交易所上涨发行量超过下跌发行量，比例为 1.35 比 1；在纳斯达克，1.19 比 1 的比率有利于下跌者。</blockquote></p><p> The S&amp;P 500 posted 20 new 52-week highs and no new lows; the Nasdaq Composite recorded 70 new highs and 36 new lows.</p><p><blockquote>标普500创下20个52周新高，没有新低；纳斯达克综合指数创下70个新高和36个新低。</blockquote></p><p> Volume on U.S. exchanges was 10.85 billion shares, compared with the 11.05 billion average over the last 20 trading days.</p><p><blockquote>美国交易所的成交量为 108.5 亿股，而过去 20 个交易日的平均成交量为 110.5 亿股。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>S&P 500 notches fifth straight record closing high, fifth straight quarterly gain<blockquote>标普500连续第五次创下收盘历史新高，连续第五个季度上涨</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; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nS&P 500 notches fifth straight record closing high, fifth straight quarterly gain<blockquote>标普500连续第五次创下收盘历史新高，连续第五个季度上涨</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-07-01 07:11</span>\n</p>\n</h4>\n</header>\n<article>\n<p>NEW YORK (Reuters) - The S&amp;P 500 nabbed its fifth straight record closing high on Wednesday as investors ended the month and the quarter by largely shrugging off positive economic data and looking toward Friday’s highly anticipated employment report.</p><p><blockquote>纽约（路透社）--标普500周三连续第五次创下收盘新高，投资者在结束本月和本季度时基本上对积极的经济数据不屑一顾，转而关注周五备受期待的就业报告。</blockquote></p><p> In the last session of 2021’s first half, the indexes were languid and range-bound, with the blue-chip Dow posting gains, while the Nasdaq edged lower.</p><p><blockquote>在 2021 年上半年的最后一个交易日，各指数表现低迷，区间震荡，蓝筹股道琼斯指数上涨，而纳斯达克指数则小幅走低。</blockquote></p><p> All three indexes posted their fifth consecutive quarterly gains, with the S&amp;P rising 8.2%, the Nasdaq advancing 9.5% and the Dow rising 4.6%. The S&amp;P 500 registered its second-best first-half performance since 1998, rising 14.5%.</p><p><blockquote>这三个指数均连续第五个季度上涨，其中标准普尔指数上涨 8.2%，纳斯达克指数上涨 9.5%，道琼斯指数上涨 4.6%。标普500上半年表现创1998年以来第二好，上涨14.5%。</blockquote></p><p> “It’s been a good quarter,” said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut. “As of last night’s close, the S&amp;P has gained more than 14% year-to-date, topping the Dow and the Nasdaq. That indicates that the stock market is having a broad rally.”</p><p><blockquote>“康涅狄格州费尔菲尔德 Dakota Wealth 高级投资组合经理罗伯特-帕夫利克（Robert Pavlik）说：”这是一个不错的季度。“截至昨晚收盘，标准普尔指数今年迄今已上涨超过 14%，超过道琼斯指数和纳斯达克指数。这表明股市正在全面反弹。”</blockquote></p><p> For the month, the bellwether S&amp;P 500 notched its fifth consecutive advance, while the Dow snapped its four-month winning streak to end slightly lower. The Nasdaq also gained ground in June.</p><p><blockquote>本月，领头羊标普500指数连续第五次上涨，而道琼斯指数则结束了四个月的连涨，收盘小幅走低。纳斯达克在6月份也取得了进展。</blockquote></p><p> This month, investor appetite shifted away from economically sensitive cyclicals in favor of growth stocks.</p><p><blockquote>本月，投资者的兴趣从对经济敏感的周期性股票转向成长型股票。</blockquote></p><p> “Leading sectors year-to-date are what you’d expect,” Pavlik added. “Energy, financials and industrials, and that speaks to an economic environment that’s in the early stages of a cycle.”</p><p><blockquote>“帕夫利克补充说：”今年迄今为止的领先行业是你所期望的。“能源、金融和工业，这表明经济环境正处于周期的早期阶段”。</blockquote></p><p> “(Investors) started the switch back to growth (stocks) after people started to buy in to (Fed Chair Jerome) Powell’s comments that focus on transitory inflation,” Pavlik added.</p><p><blockquote>“帕夫利克补充说：”在人们开始接受（美联储主席杰罗姆）鲍威尔关注短暂通胀的言论后，（投资者）开始转向成长型（股票）。</blockquote></p><p> “Some of the reopening trades have gotten a bit long in the tooth and that’s leading people back to growth.”</p><p><blockquote>“一些重新开放的行业已经有点长了，这正在引导人们恢复增长”。</blockquote></p><p> (Graphic: Growths stocks outperform value in June, narrow YTD gap, )</p><p><blockquote>（图表：6 月份成长型股票跑赢价值，年初至今差距缩小）</blockquote></p><p> <img src=\"https://static.tigerbbs.com/5b82b4dfdc765d913811f9d8572e60f6\" tg-width=\"964\" tg-height=\"723\" referrerpolicy=\"no-referrer\">“The overall stock market continues to be on a tear, with very consistent gains for quite some time,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. “Valuations, while certainly high by historical standards, have been at a fairly consistent level, benefiting from the economic recovery.”</p><p><blockquote>“纽约因弗内斯律师事务所首席投资策略师蒂姆-格里斯基（Tim Ghriskey）说：”整体股市继续上涨，在相当长一段时间内涨幅非常稳定。“虽然按历史标准来看，估值肯定很高，但受益于经济复苏，估值一直处于相当稳定的水平。”</blockquote></p><p> The private sector added 692,000 jobs in June, breezing past expectations, according to payroll processor ADP. The number is 92,000 higher than the private payroll adds economists predict from the Labor Department’s more comprehensive employment report due on Friday.</p><p><blockquote>根据薪资处理商 ADP 的数据，6 月份私营部门新增就业岗位 692,000 个，轻松超出预期。经济学家在劳工部将于周五发布的更全面的就业报告中补充说，这一数字比私人就业人数高出 9.2 万人。</blockquote></p><p> The Dow Jones Industrial Average rose 210.22 points, or 0.61%, to 34,502.51, the S&amp;P 500 gained 5.7 points, or 0.13%, to 4,297.5 and the Nasdaq Composite dropped 24.38 points, or 0.17%, to 14,503.95.</p><p><blockquote>道琼斯工业平均指数上涨 210.22 点，或 0.61%，至 34,502.51 点；标普500指数上涨 5.7 点，或 0.13%，至 4,297.5 点；纳斯达克综合指数下跌 24.38 点，或 0.17%，至 14,503.95 点。</blockquote></p><p> Among the 11 major sectors in the S&amp;P, six ended the session higher, with energy enjoying the biggest percentage gain. Real estate was the day’s biggest loser.</p><p><blockquote>在标准普尔的 11 个主要板块中，有 6 个板块收高，其中能源板块涨幅最大。房地产是当天最大的输家。</blockquote></p><p> Boeing Co gained 1.6% after Germany’s defense ministry announced it would buy five of the planemaker’s P-8A maritime control aircraft, coming on the heels of United Airlines unveiling its largest-ever order for new planes.</p><p><blockquote>在德国国防部宣布将购买该飞机制造商的五架 P-8A 海上管制飞机后，波音公司股价上涨了 1.6%。</blockquote></p><p> Walmart jumped 2.7% after announcing on Tuesday that it would start selling a prescription-only insulin analog.</p><p><blockquote>沃尔玛周二宣布将开始销售仅限处方的胰岛素类似物，股价上涨 2.7%。</blockquote></p><p> Micron Technology advanced 2.5% ahead of its quarterly earnings release, but was relatively unchanged in after-hours trading following the chipmaker’s quarterly results.</p><p><blockquote>美光科技在发布季度财报前上涨了 2.5%，但在芯片制造商公布季度财报后的盘后交易中股价相对持平。</blockquote></p><p> Advancing issues outnumbered declining ones on the NYSE by a 1.35-to-1 ratio; on Nasdaq, a 1.19-to-1 ratio favored decliners.</p><p><blockquote>纽约证券交易所上涨发行量超过下跌发行量，比例为 1.35 比 1；在纳斯达克，1.19 比 1 的比率有利于下跌者。</blockquote></p><p> The S&amp;P 500 posted 20 new 52-week highs and no new lows; the Nasdaq Composite recorded 70 new highs and 36 new lows.</p><p><blockquote>标普500创下20个52周新高，没有新低；纳斯达克综合指数创下70个新高和36个新低。</blockquote></p><p> Volume on U.S. exchanges was 10.85 billion shares, compared with the 11.05 billion average over the last 20 trading days.</p><p><blockquote>美国交易所的成交量为 108.5 亿股，而过去 20 个交易日的平均成交量为 110.5 亿股。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.reuters.com/article/us-usa-stocks/sp-500-notches-fifth-straight-record-closing-high-fifth-straight-quarterly-gain-idUSKCN2E619R\">Reuters</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://www.reuters.com/article/us-usa-stocks/sp-500-notches-fifth-straight-record-closing-high-fifth-straight-quarterly-gain-idUSKCN2E619R","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178516480","content_text":"NEW YORK (Reuters) - The S&P 500 nabbed its fifth straight record closing high on Wednesday as investors ended the month and the quarter by largely shrugging off positive economic data and looking toward Friday’s highly anticipated employment report.\nIn the last session of 2021’s first half, the indexes were languid and range-bound, with the blue-chip Dow posting gains, while the Nasdaq edged lower.\nAll three indexes posted their fifth consecutive quarterly gains, with the S&P rising 8.2%, the Nasdaq advancing 9.5% and the Dow rising 4.6%. The S&P 500 registered its second-best first-half performance since 1998, rising 14.5%.\n“It’s been a good quarter,” said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut. “As of last night’s close, the S&P has gained more than 14% year-to-date, topping the Dow and the Nasdaq. That indicates that the stock market is having a broad rally.”\nFor the month, the bellwether S&P 500 notched its fifth consecutive advance, while the Dow snapped its four-month winning streak to end slightly lower. The Nasdaq also gained ground in June.\nThis month, investor appetite shifted away from economically sensitive cyclicals in favor of growth stocks.\n“Leading sectors year-to-date are what you’d expect,” Pavlik added. “Energy, financials and industrials, and that speaks to an economic environment that’s in the early stages of a cycle.”\n“(Investors) started the switch back to growth (stocks) after people started to buy in to (Fed Chair Jerome) Powell’s comments that focus on transitory inflation,” Pavlik added.\n“Some of the reopening trades have gotten a bit long in the tooth and that’s leading people back to growth.”\n(Graphic: Growths stocks outperform value in June, narrow YTD gap, )\n“The overall stock market continues to be on a tear, with very consistent gains for quite some time,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. “Valuations, while certainly high by historical standards, have been at a fairly consistent level, benefiting from the economic recovery.”\nThe private sector added 692,000 jobs in June, breezing past expectations, according to payroll processor ADP. The number is 92,000 higher than the private payroll adds economists predict from the Labor Department’s more comprehensive employment report due on Friday.\nThe Dow Jones Industrial Average rose 210.22 points, or 0.61%, to 34,502.51, the S&P 500 gained 5.7 points, or 0.13%, to 4,297.5 and the Nasdaq Composite dropped 24.38 points, or 0.17%, to 14,503.95.\nAmong the 11 major sectors in the S&P, six ended the session higher, with energy enjoying the biggest percentage gain. Real estate was the day’s biggest loser.\nBoeing Co gained 1.6% after Germany’s defense ministry announced it would buy five of the planemaker’s P-8A maritime control aircraft, coming on the heels of United Airlines unveiling its largest-ever order for new planes.\nWalmart jumped 2.7% after announcing on Tuesday that it would start selling a prescription-only insulin analog.\nMicron Technology advanced 2.5% ahead of its quarterly earnings release, but was relatively unchanged in after-hours trading following the chipmaker’s quarterly results.\nAdvancing issues outnumbered declining ones on the NYSE by a 1.35-to-1 ratio; on Nasdaq, a 1.19-to-1 ratio favored decliners.\nThe S&P 500 posted 20 new 52-week highs and no new lows; the Nasdaq Composite recorded 70 new highs and 36 new lows.\nVolume on U.S. exchanges was 10.85 billion shares, compared with the 11.05 billion average over the last 20 trading days.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":3288,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":159227053,"gmtCreate":1624971597072,"gmtModify":1631891738035,"author":{"id":"3572161139823685","authorId":"3572161139823685","name":"ADL","avatar":"https://static.tigerbbs.com/46f309a3de1b3b77e46ca01bc05767be","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572161139823685","authorIdStr":"3572161139823685"},"themes":[],"title":"","htmlText":"fib of the moment!","listText":"fib of the moment!","text":"fib of the moment!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/159227053","repostId":"2147868644","repostType":4,"repost":{"id":"2147868644","kind":"highlight","pubTimestamp":1624969959,"share":"https://www.laohunote.com/m/news/2147868644?lang=zh_CN&edition=full","pubTime":"2021-06-29 20:32","market":"us","language":"en","title":"A big market transition is coming. Here's where investors should steer next, says this strategist.<blockquote>一个巨大的市场转型即将到来。这位策略师表示，这是投资者下一步应该关注的方向。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2147868644","media":"MarketWatch","summary":"The COVID-19 delta variant is starting to look like the killjoy of summer.\nSo far, U.S. stocks haven","content":"<p>The COVID-19 delta variant is starting to look like the killjoy of summer.</p><p><blockquote>新冠肺炎德尔塔变异毒株开始看起来像夏天的快乐。</blockquote></p><p> So far, U.S. stocks haven't seen a major response, even though Los Angeles is now suggesting masks indoors again. But given how the variant, first identified in India, has marched across some countries, a speed bump or two for the reopening trade over the next few months can't be ruled out, especially if those cases start to take hold in the U.S.</p><p><blockquote>到目前为止，美国股市还没有出现重大反应，尽管洛杉矶现在再次建议在室内佩戴口罩。但鉴于最初在印度发现的这种变种已经在一些国家蔓延，不排除未来几个月重新开放贸易会出现一两次减速带，特别是如果这些病例开始在美国流行的话。</blockquote></p><p> Onto our call of the day provided by Liz Young, head of investment strategy at SoFi , a mobile-first personal finance company. She says we are headed for a big market transition in the latter half of the year -- into calm waters and no big surprises.</p><p><blockquote>移动优先个人理财公司 SoFi 投资策略主管 Liz Young 提供的今日看涨期权。她表示，今年下半年我们将迎来市场的重大转型——进入平静的水域，不会出现大的意外。</blockquote></p><p> \"However, I think it's going to feel like we need to eke out a little bit of return and it might feel hard won,\" Young, former director of market strategy at BNY Mellon, told MarketWatch.</p><p><blockquote>纽约梅隆银行前市场策略总监杨告诉 MarketWatch：“然而，我认为我们需要勉强获得一点回报，这可能会让人感觉来之不易。”</blockquote></p><p> Looking back to last year, she said investors got used to big double digit gains in parts of the market as it rebounded, and noted the S&amp;P 500 has already hit more than 30 records this year.</p><p><blockquote>回顾去年，她表示，随着市场反弹，投资者已经习惯了部分市场出现两位数的大幅涨幅，并指出标普500今年已经创下了 30 多项纪录。</blockquote></p><p> \"What I see happening in the second half of this year is that we have to start making this transition from the policy support -- which has really gotten us to this point -- back to the fundamental and durable strength in the market, in corporations, in the economy. So the data will start to matter,\" said Young.</p><p><blockquote>“我看到今年下半年发生的事情是，我们必须开始从政策支持（这确实让我们走到了这一步）转变为市场、企业和经济的基本和持久实力。因此，数据将开始变得重要，”杨说。</blockquote></p><p> And the market is getting less and less impressed by super strong data, because that's what it has come to expect.</p><p><blockquote>市场对超级强劲的数据越来越不感兴趣，因为这是它所期望的。</blockquote></p><p> As for where to invest, she advises thinking in terms of the year and the economic cycle.</p><p><blockquote>至于在哪里投资，她建议根据年份和经济周期来考虑。</blockquote></p><p> \"So I think for the rest of this year, we do see rates drift up, meaning the 10-year drifting upward, which should probably put some pressure on those high-growth stocks,\" Young said. She's not saying negative returns are coming, but said the move up in rates will revive the cyclical trade, benefitting value sectors. \"So that's where I would be looking.\"</p><p><blockquote>“因此，我认为在今年剩余时间里，我们确实会看到利率上升，这意味着 10 年期利率上升，这可能会给那些高增长股票带来一些压力，”杨说。她并没有说负回报即将到来，但表示利率上升将重振周期性贸易，使价值行业受益。“所以这就是我要找的地方。”</blockquote></p><p> As for the cycle, tech is still important because that sector is a \"bet on American prosperity for the long term and it's not going anywhere,\" and something she wouldn't \"trade in and out of for the rest of 2021.\"</p><p><blockquote>至于周期，科技行业仍然很重要，因为该行业是“对美国长期繁荣的押注，但不会有任何进展”，而且她不会“在 2021 年剩余时间里进行交易和交易”。</blockquote></p><p> She also sees continued improvement for small-cap stocks, given they were hardest hit in the pandemic and should keep bouncing back, with a healthy initial public offering market acting as a positive catalyst. European stocks, which are behind in that reopening trade, should also be a decent bet later in the year, notably as those indexes are rich in financials, which should benefit if global sovereign yields are headed higher.</p><p><blockquote>她还认为小盘股将继续改善，因为它们在疫情中受到的打击最大，应该会继续反弹，健康的首次公开募股市场将起到积极的催化剂作用。在重新开放交易中落后的欧洲股市在今年晚些时候也应该是一个不错的选择，特别是因为这些指数富含金融股，如果全球主权收益率走高，这应该会受益。</blockquote></p><p> Some final advice from Young has to do with trendy investments that have cropped up in the past year or so, such as meme stocks, crypto assets, special-purpose acquisition companies (SPACs), etc.</p><p><blockquote>杨的一些最后建议与过去一年左右出现的时尚投资有关，例如模因股票、加密资产、特殊目的收购公司（SPAC）等。</blockquote></p><p> As she advised in a recent blog post , while it's OK to invest in trendy assets, they shouldn't \"overwhelm the foundation of a durable portfolio, or cause you to redefine your risk tolerance just to 'get in the game.' \"</p><p><blockquote>正如她在最近的一篇博客文章中建议的那样，虽然投资时尚资产是可以的，但它们不应该“压倒持久投资组合的基础，或者让你为了‘入局’而重新定义风险承受能力。”</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>A big market transition is coming. Here's where investors should steer next, says this strategist.<blockquote>一个巨大的市场转型即将到来。这位策略师表示，这是投资者下一步应该关注的方向。</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\">\nA big market transition is coming. Here's where investors should steer next, says this strategist.<blockquote>一个巨大的市场转型即将到来。这位策略师表示，这是投资者下一步应该关注的方向。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-06-29 20:32</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The COVID-19 delta variant is starting to look like the killjoy of summer.</p><p><blockquote>新冠肺炎德尔塔变异毒株开始看起来像夏天的快乐。</blockquote></p><p> So far, U.S. stocks haven't seen a major response, even though Los Angeles is now suggesting masks indoors again. But given how the variant, first identified in India, has marched across some countries, a speed bump or two for the reopening trade over the next few months can't be ruled out, especially if those cases start to take hold in the U.S.</p><p><blockquote>到目前为止，美国股市还没有出现重大反应，尽管洛杉矶现在再次建议在室内佩戴口罩。但鉴于最初在印度发现的这种变种已经在一些国家蔓延，不排除未来几个月重新开放贸易会出现一两次减速带，特别是如果这些病例开始在美国流行的话。</blockquote></p><p> Onto our call of the day provided by Liz Young, head of investment strategy at SoFi , a mobile-first personal finance company. She says we are headed for a big market transition in the latter half of the year -- into calm waters and no big surprises.</p><p><blockquote>移动优先个人理财公司 SoFi 投资策略主管 Liz Young 提供的今日看涨期权。她表示，今年下半年我们将迎来市场的重大转型——进入平静的水域，不会出现大的意外。</blockquote></p><p> \"However, I think it's going to feel like we need to eke out a little bit of return and it might feel hard won,\" Young, former director of market strategy at BNY Mellon, told MarketWatch.</p><p><blockquote>纽约梅隆银行前市场策略总监杨告诉 MarketWatch：“然而，我认为我们需要勉强获得一点回报，这可能会让人感觉来之不易。”</blockquote></p><p> Looking back to last year, she said investors got used to big double digit gains in parts of the market as it rebounded, and noted the S&amp;P 500 has already hit more than 30 records this year.</p><p><blockquote>回顾去年，她表示，随着市场反弹，投资者已经习惯了部分市场出现两位数的大幅涨幅，并指出标普500今年已经创下了 30 多项纪录。</blockquote></p><p> \"What I see happening in the second half of this year is that we have to start making this transition from the policy support -- which has really gotten us to this point -- back to the fundamental and durable strength in the market, in corporations, in the economy. So the data will start to matter,\" said Young.</p><p><blockquote>“我看到今年下半年发生的事情是，我们必须开始从政策支持（这确实让我们走到了这一步）转变为市场、企业和经济的基本和持久实力。因此，数据将开始变得重要，”杨说。</blockquote></p><p> And the market is getting less and less impressed by super strong data, because that's what it has come to expect.</p><p><blockquote>市场对超级强劲的数据越来越不感兴趣，因为这是它所期望的。</blockquote></p><p> As for where to invest, she advises thinking in terms of the year and the economic cycle.</p><p><blockquote>至于在哪里投资，她建议根据年份和经济周期来考虑。</blockquote></p><p> \"So I think for the rest of this year, we do see rates drift up, meaning the 10-year drifting upward, which should probably put some pressure on those high-growth stocks,\" Young said. She's not saying negative returns are coming, but said the move up in rates will revive the cyclical trade, benefitting value sectors. \"So that's where I would be looking.\"</p><p><blockquote>“因此，我认为在今年剩余时间里，我们确实会看到利率上升，这意味着 10 年期利率上升，这可能会给那些高增长股票带来一些压力，”杨说。她并没有说负回报即将到来，但表示利率上升将重振周期性贸易，使价值行业受益。“所以这就是我要找的地方。”</blockquote></p><p> As for the cycle, tech is still important because that sector is a \"bet on American prosperity for the long term and it's not going anywhere,\" and something she wouldn't \"trade in and out of for the rest of 2021.\"</p><p><blockquote>至于周期，科技行业仍然很重要，因为该行业是“对美国长期繁荣的押注，但不会有任何进展”，而且她不会“在 2021 年剩余时间里进行交易和交易”。</blockquote></p><p> She also sees continued improvement for small-cap stocks, given they were hardest hit in the pandemic and should keep bouncing back, with a healthy initial public offering market acting as a positive catalyst. European stocks, which are behind in that reopening trade, should also be a decent bet later in the year, notably as those indexes are rich in financials, which should benefit if global sovereign yields are headed higher.</p><p><blockquote>她还认为小盘股将继续改善，因为它们在疫情中受到的打击最大，应该会继续反弹，健康的首次公开募股市场将起到积极的催化剂作用。在重新开放交易中落后的欧洲股市在今年晚些时候也应该是一个不错的选择，特别是因为这些指数富含金融股，如果全球主权收益率走高，这应该会受益。</blockquote></p><p> Some final advice from Young has to do with trendy investments that have cropped up in the past year or so, such as meme stocks, crypto assets, special-purpose acquisition companies (SPACs), etc.</p><p><blockquote>杨的一些最后建议与过去一年左右出现的时尚投资有关，例如模因股票、加密资产、特殊目的收购公司（SPAC）等。</blockquote></p><p> As she advised in a recent blog post , while it's OK to invest in trendy assets, they shouldn't \"overwhelm the foundation of a durable portfolio, or cause you to redefine your risk tolerance just to 'get in the game.' \"</p><p><blockquote>正如她在最近的一篇博客文章中建议的那样，虽然投资时尚资产是可以的，但它们不应该“压倒持久投资组合的基础，或者让你为了‘入局’而重新定义风险承受能力。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/a-big-market-transition-is-coming-heres-where-investors-should-steer-next-says-this-strategist-11624964589?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":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.marketwatch.com/story/a-big-market-transition-is-coming-heres-where-investors-should-steer-next-says-this-strategist-11624964589?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2147868644","content_text":"The COVID-19 delta variant is starting to look like the killjoy of summer.\nSo far, U.S. stocks haven't seen a major response, even though Los Angeles is now suggesting masks indoors again. But given how the variant, first identified in India, has marched across some countries, a speed bump or two for the reopening trade over the next few months can't be ruled out, especially if those cases start to take hold in the U.S.\nOnto our call of the day provided by Liz Young, head of investment strategy at SoFi , a mobile-first personal finance company. She says we are headed for a big market transition in the latter half of the year -- into calm waters and no big surprises.\n\"However, I think it's going to feel like we need to eke out a little bit of return and it might feel hard won,\" Young, former director of market strategy at BNY Mellon, told MarketWatch.\nLooking back to last year, she said investors got used to big double digit gains in parts of the market as it rebounded, and noted the S&P 500 has already hit more than 30 records this year.\n\"What I see happening in the second half of this year is that we have to start making this transition from the policy support -- which has really gotten us to this point -- back to the fundamental and durable strength in the market, in corporations, in the economy. So the data will start to matter,\" said Young.\nAnd the market is getting less and less impressed by super strong data, because that's what it has come to expect.\nAs for where to invest, she advises thinking in terms of the year and the economic cycle.\n\"So I think for the rest of this year, we do see rates drift up, meaning the 10-year drifting upward, which should probably put some pressure on those high-growth stocks,\" Young said. She's not saying negative returns are coming, but said the move up in rates will revive the cyclical trade, benefitting value sectors. \"So that's where I would be looking.\"\nAs for the cycle, tech is still important because that sector is a \"bet on American prosperity for the long term and it's not going anywhere,\" and something she wouldn't \"trade in and out of for the rest of 2021.\"\nShe also sees continued improvement for small-cap stocks, given they were hardest hit in the pandemic and should keep bouncing back, with a healthy initial public offering market acting as a positive catalyst. European stocks, which are behind in that reopening trade, should also be a decent bet later in the year, notably as those indexes are rich in financials, which should benefit if global sovereign yields are headed higher.\nSome final advice from Young has to do with trendy investments that have cropped up in the past year or so, such as meme stocks, crypto assets, special-purpose acquisition companies (SPACs), etc.\nAs she advised in a recent blog post , while it's OK to invest in trendy assets, they shouldn't \"overwhelm the foundation of a durable portfolio, or cause you to redefine your risk tolerance just to 'get in the game.' \"","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":3554,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":159224920,"gmtCreate":1624971551460,"gmtModify":1631891738038,"author":{"id":"3572161139823685","authorId":"3572161139823685","name":"ADL","avatar":"https://static.tigerbbs.com/46f309a3de1b3b77e46ca01bc05767be","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572161139823685","authorIdStr":"3572161139823685"},"themes":[],"title":"","htmlText":"sweeet","listText":"sweeet","text":"sweeet","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/159224920","repostId":"1128482198","repostType":4,"isVote":1,"tweetType":1,"viewCount":4090,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":343278823,"gmtCreate":1617721256562,"gmtModify":1631891738041,"author":{"id":"3572161139823685","authorId":"3572161139823685","name":"ADL","avatar":"https://static.tigerbbs.com/46f309a3de1b3b77e46ca01bc05767be","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572161139823685","authorIdStr":"3572161139823685"},"themes":[],"title":"","htmlText":"lets go","listText":"lets go","text":"lets go","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/343278823","repostId":"1101907559","repostType":4,"repost":{"id":"1101907559","kind":"news","pubTimestamp":1617672655,"share":"https://www.laohunote.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 可能是对的</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，没有人能确定所谓家族办公室数十亿美元的投资损失不会蔓延。</b>金融危机永远不会完全相同。20 世纪 80 年代末，全国近三分之一的储蓄和贷款协会倒闭，最终纳税人获得了约 2650 亿美元的救助（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，亚洲和俄罗斯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。它的影响力和运作方式如此之大，以至于美联储主席艾伦-格林斯潘（Alan Greenspan）说，当 LTCM 失败时，“他一生中从未见过任何能与他感受到的恐怖相提并论的东西”。LTCM 被认为 “大到不能倒”，他策划了 14 家美国主要金融机构的救助计划。</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，其中一些机构过度使用杠杆，以及美国房地产泡沫的破裂，导致美国金融体系几近崩溃。大银行又一次被认为太大而不能倒，纳税人出手相救。</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的爆炸，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>对于门外汉来说，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 家家族理财室，但市场研究公司坎普登研究公司（Campden Research）的另一项估计显示，管理规模接近 6 万亿美元。鉴于 2019 年的数据，这 6 万亿美元现在可能要高得多。</blockquote></p><p> <b>Unregulated money managers</b></p><p><blockquote><b>不受监管的资金管理人</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>这就是潜在的危险。家族理财室一般不受监管。1940 年的《投资顾问法》规定，拥有 15 家或以下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在起作用，没有人能真正说出谁在管理这笔钱，投资了什么，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。该公司大力押注某些中国股票，包括电子商务公司唯品会控股有限公司（Vipshop Holdings Ltd.VIPS），-1.19%，美国上市中国辅导公司跟谁学公司（GSX），-10.63%，以及美国媒体公司ViacomCBS Inc.VIAC，-3.90%和Discovery Inc.DISCA，-3.86%等。股价最近暴跌，引发了 Archegos 的大规模出售——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 与华尔街的一些大公司合作，包括瑞士信贷集团 AGCS（+1.59%）、瑞银集团 AGUBS（+1.01%）、高盛集团 GS（-1.25%）、摩根士丹利 MS（-0.28%）、德意志银行 AGDB，+0.74% 和野村控股公司 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>但是，由于家族理财室在很大程度上被允许不受监管地运营，谁能说出这里到底涉及多少钱，市场风险有多大？我的同事马克-德坎布雷（Mark DeCambre）上周报道称，Archegos 的真实不良交易风险实际上可能接近 1000 亿美元。</blockquote></p><p> <b>Danger of counterparty risk</b></p><p><blockquote><b>交易对手风险</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来源。随着 Archegos 的赌注走向南方，上述银行--考虑到自己的损失--用保证金评级打击了该公司。德意志银行很快抛售了约 40 亿美元的持股，而据说高盛和摩根士丹利也已解除头寸，这或许限制了它们的下行空间。</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？似乎并非如此。即便如此，美国证券交易委员会已对 Archegos 及其创始人 Bill Hwang 展开初步调查。</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>一位同行，Fundstrat Global Advisors 的研究主管 Tom Lee，将评级-黄（John Hwang）列为他所知道的 “十大最佳投资头脑 ”之一。</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，黄的前对冲基金老虎亚洲管理公司（Tiger Asia Management）被指控利用有关中国银行的非法线索进行交易，认罪并支付了 6000 多万美元的罚款。美国证券交易委员会禁止黄代表客户管理资金——实质上将他逐出了对冲基金行业。于是 Hwang 开了 Archegos，再说一遍，家族办公室一般都不受监管。</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（Janet Yellen）的关注。她上周表示，需要对金融业的这些私人角落进行更严格的监管。她监管的金融稳定监督委员会（FSOC）重新启动了一个特别工作组，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·林肯的话来说，家族理财室——一个价值数万亿美元的行业，在很大程度上被允许在比以往任何时候都更加错综复杂的全球金融体系的阴影中运作——属于超级富豪，由超级富豪拥有，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的崩溃可能是也可能不是另一场金融危机的开始。但是，谁能说成千上万的其他家族理财室如何处理他们的数万亿美元，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 可能是对的</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\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 可能是对的</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，没有人能确定所谓家族办公室数十亿美元的投资损失不会蔓延。</b>金融危机永远不会完全相同。20 世纪 80 年代末，全国近三分之一的储蓄和贷款协会倒闭，最终纳税人获得了约 2650 亿美元的救助（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，亚洲和俄罗斯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。它的影响力和运作方式如此之大，以至于美联储主席艾伦-格林斯潘（Alan Greenspan）说，当 LTCM 失败时，“他一生中从未见过任何能与他感受到的恐怖相提并论的东西”。LTCM 被认为 “大到不能倒”，他策划了 14 家美国主要金融机构的救助计划。</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，其中一些机构过度使用杠杆，以及美国房地产泡沫的破裂，导致美国金融体系几近崩溃。大银行又一次被认为太大而不能倒，纳税人出手相救。</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的爆炸，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>对于门外汉来说，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 家家族理财室，但市场研究公司坎普登研究公司（Campden Research）的另一项估计显示，管理规模接近 6 万亿美元。鉴于 2019 年的数据，这 6 万亿美元现在可能要高得多。</blockquote></p><p> <b>Unregulated money managers</b></p><p><blockquote><b>不受监管的资金管理人</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>这就是潜在的危险。家族理财室一般不受监管。1940 年的《投资顾问法》规定，拥有 15 家或以下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在起作用，没有人能真正说出谁在管理这笔钱，投资了什么，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。该公司大力押注某些中国股票，包括电子商务公司唯品会控股有限公司（Vipshop Holdings Ltd.VIPS），-1.19%，美国上市中国辅导公司跟谁学公司（GSX），-10.63%，以及美国媒体公司ViacomCBS Inc.VIAC，-3.90%和Discovery Inc.DISCA，-3.86%等。股价最近暴跌，引发了 Archegos 的大规模出售——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 与华尔街的一些大公司合作，包括瑞士信贷集团 AGCS（+1.59%）、瑞银集团 AGUBS（+1.01%）、高盛集团 GS（-1.25%）、摩根士丹利 MS（-0.28%）、德意志银行 AGDB，+0.74% 和野村控股公司 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>但是，由于家族理财室在很大程度上被允许不受监管地运营，谁能说出这里到底涉及多少钱，市场风险有多大？我的同事马克-德坎布雷（Mark DeCambre）上周报道称，Archegos 的真实不良交易风险实际上可能接近 1000 亿美元。</blockquote></p><p> <b>Danger of counterparty risk</b></p><p><blockquote><b>交易对手风险</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来源。随着 Archegos 的赌注走向南方，上述银行--考虑到自己的损失--用保证金评级打击了该公司。德意志银行很快抛售了约 40 亿美元的持股，而据说高盛和摩根士丹利也已解除头寸，这或许限制了它们的下行空间。</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？似乎并非如此。即便如此，美国证券交易委员会已对 Archegos 及其创始人 Bill Hwang 展开初步调查。</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>一位同行，Fundstrat Global Advisors 的研究主管 Tom Lee，将评级-黄（John Hwang）列为他所知道的 “十大最佳投资头脑 ”之一。</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，黄的前对冲基金老虎亚洲管理公司（Tiger Asia Management）被指控利用有关中国银行的非法线索进行交易，认罪并支付了 6000 多万美元的罚款。美国证券交易委员会禁止黄代表客户管理资金——实质上将他逐出了对冲基金行业。于是 Hwang 开了 Archegos，再说一遍，家族办公室一般都不受监管。</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（Janet Yellen）的关注。她上周表示，需要对金融业的这些私人角落进行更严格的监管。她监管的金融稳定监督委员会（FSOC）重新启动了一个特别工作组，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·林肯的话来说，家族理财室——一个价值数万亿美元的行业，在很大程度上被允许在比以往任何时候都更加错综复杂的全球金融体系的阴影中运作——属于超级富豪，由超级富豪拥有，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的崩溃可能是也可能不是另一场金融危机的开始。但是，谁能说成千上万的其他家族理财室如何处理他们的数万亿美元，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":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite","SPY":"标普500ETF"},"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,".SPX":0.9,".DJI":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":2530,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":349838259,"gmtCreate":1617586469671,"gmtModify":1631891738045,"author":{"id":"3572161139823685","authorId":"3572161139823685","name":"ADL","avatar":"https://static.tigerbbs.com/46f309a3de1b3b77e46ca01bc05767be","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572161139823685","authorIdStr":"3572161139823685"},"themes":[],"title":"","htmlText":"charles dickens","listText":"charles dickens","text":"charles dickens","images":[{"img":"https://static.tigerbbs.com/213b69517f0766a6aab62896868fd625","width":"1080","height":"2007"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/349838259","isVote":1,"tweetType":1,"viewCount":4101,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":356250233,"gmtCreate":1616781200122,"gmtModify":1631891738045,"author":{"id":"3572161139823685","authorId":"3572161139823685","name":"ADL","avatar":"https://static.tigerbbs.com/46f309a3de1b3b77e46ca01bc05767be","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572161139823685","authorIdStr":"3572161139823685"},"themes":[],"title":"","htmlText":"really topical","listText":"really topical","text":"really topical","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/356250233","repostId":"1114428323","repostType":4,"isVote":1,"tweetType":1,"viewCount":2755,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":351829568,"gmtCreate":1616586673054,"gmtModify":1631891738047,"author":{"id":"3572161139823685","authorId":"3572161139823685","name":"ADL","avatar":"https://static.tigerbbs.com/46f309a3de1b3b77e46ca01bc05767be","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572161139823685","authorIdStr":"3572161139823685"},"themes":[],"title":"","htmlText":"Couple this with a last mile delivery service and you'll have a bang on winner!","listText":"Couple this with a last mile delivery service and you'll have a bang on winner!","text":"Couple this with a last mile delivery service and you'll have a bang on winner!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/351829568","repostId":"1133589425","repostType":4,"isVote":1,"tweetType":1,"viewCount":1947,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":351829249,"gmtCreate":1616586618381,"gmtModify":1631891738051,"author":{"id":"3572161139823685","authorId":"3572161139823685","name":"ADL","avatar":"https://static.tigerbbs.com/46f309a3de1b3b77e46ca01bc05767be","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572161139823685","authorIdStr":"3572161139823685"},"themes":[],"title":"","htmlText":"letting companies do their thing before reining them in. not that bad of an idea.","listText":"letting companies do their thing before reining them in. not that bad of an idea.","text":"letting companies do their thing before reining them in. not that bad of an idea.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/351829249","repostId":"1142089899","repostType":4,"isVote":1,"tweetType":1,"viewCount":998,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":351820408,"gmtCreate":1616586568704,"gmtModify":1634525074371,"author":{"id":"3572161139823685","authorId":"3572161139823685","name":"ADL","avatar":"https://static.tigerbbs.com/46f309a3de1b3b77e46ca01bc05767be","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572161139823685","authorIdStr":"3572161139823685"},"themes":[],"title":"","htmlText":"lol a metaphor for all the choking the market is going through lolol","listText":"lol a metaphor for all the choking the market is going through lolol","text":"lol a metaphor for all the choking the market is going through lolol","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/351820408","repostId":"1184343135","repostType":4,"isVote":1,"tweetType":1,"viewCount":627,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":359185489,"gmtCreate":1616374220441,"gmtModify":1634526206560,"author":{"id":"3572161139823685","authorId":"3572161139823685","name":"ADL","avatar":"https://static.tigerbbs.com/46f309a3de1b3b77e46ca01bc05767be","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572161139823685","authorIdStr":"3572161139823685"},"themes":[],"title":"","htmlText":"well as long as retailers are committed to SPACs, they will constantly roll them out!","listText":"well as long as retailers are committed to SPACs, they will constantly roll them out!","text":"well as long as retailers are committed to SPACs, they will constantly roll them out!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/359185489","repostId":"1126157111","repostType":4,"isVote":1,"tweetType":1,"viewCount":719,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":350876742,"gmtCreate":1616196673086,"gmtModify":1634526812657,"author":{"id":"3572161139823685","authorId":"3572161139823685","name":"ADL","avatar":"https://static.tigerbbs.com/46f309a3de1b3b77e46ca01bc05767be","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572161139823685","authorIdStr":"3572161139823685"},"themes":[],"title":"","htmlText":"everything is relative.","listText":"everything is relative.","text":"everything is relative.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/350876742","repostId":"1117450855","repostType":4,"repost":{"id":"1117450855","kind":"news","pubTimestamp":1616166767,"share":"https://www.laohunote.com/m/news/1117450855?lang=zh_CN&edition=full","pubTime":"2021-03-19 23:12","market":"us","language":"en","title":"Powell says Fed will keep supporting economy ‘for as long as it takes’<blockquote>鲍威尔表示美联储将“只要需要”就继续支持经济</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1117450855","media":"marketwatch","summary":"Outlook is brightening, but recovery ‘far from complete,’ Fed chairman says in WSJ op-ed.Federal Reserve Chairman Jerome Powell on Friday said that while the U.S. economic outlook is “brightening,” the recovery is “far from complete.”In an op-ed published in the Wall Street Journal,Powell recounted the moment last February when he realized that the coronavirus pandemic would sweep across the country.“The danger to the U.S. economy was grave. The challenge was to limit the severity and duration o","content":"<p>  <b>Outlook is brightening, but recovery ‘far from complete,’ Fed chairman says in WSJ op-ed.</b>  Federal Reserve Chairman Jerome Powell on Friday said that while the U.S. economic outlook is “brightening,” the recovery is “far from complete.”</p><p><blockquote><b>美联储主席在《华尔街日报》专栏中表示，前景一片光明，但复苏 “还远未完成”。</b>美联储主席杰罗姆-鲍威尔（Jerome Powell）周五表示，虽然美国经济前景 “一片光明”，但复苏 “还远未完成”。</blockquote></p><p> In an op-ed published in the Wall Street Journal,Powell recounted the moment last February when he realized that the coronavirus pandemic would sweep across the country.</p><p><blockquote>在《华尔街日报》发表的一篇专栏文章中， 鲍威尔讲述了去年2月他意识到冠状病毒大流行将席卷全国的那一刻。</blockquote></p><p> “The danger to the U.S. economy was grave. The challenge was to limit the severity and duration of the fallout to avoid longer-run damage,” he said.</p><p><blockquote>“他说：”美国经济面临的危险是严重的。面临的挑战是限制影响的严重程度和持续时间，以避免造成长期损害。</blockquote></p><p> Powell and his colleagues engineered a rapid response to the crisis, based on the lesson learned from slow recovery to the Great Recession of 2008-2009 that swift action might have been better.</p><p><blockquote>鲍威尔和他的同事们根据从2008-2009年大衰退的缓慢复苏中吸取的教训，迅速采取行动可能会更好。</blockquote></p><p> The central bank quickly slashed its policy interest rate to zero and launched an open-ended asset purchase program known as quantitative easing.</p><p><blockquote>央行迅速将政策利率削减至零，并启动了被称为量化宽松的开放式资产购买计划。</blockquote></p><p> With economists penciling in strong growth for 2021 and more Americans getting vaccinated every day, financial markets are wondering how long Fed support will last.</p><p><blockquote>随着经济学家预测 2021 年经济将强劲增长，并且每天都有越来越多的美国人接种疫苗，金融市场想知道美联储的支持将持续多久。</blockquote></p><p> In the op-ed, Powell said the situation “is much improved.”</p><p><blockquote>鲍威尔在专栏文章中说，情况 “有了很大改善”。</blockquote></p><p> “But the recovery is far from complete, so at the Fed we will continue to provide the economy with the support that it needs for as long as it takes,” Powell said.</p><p><blockquote>“鲍威尔说：”但复苏还远未完成，因此在美联储，我们将继续为经济提供所需的支持。</blockquote></p><p> “I truly believe that we will emerge from this crisis stronger and better, as we have done so often before,” he said.</p><p><blockquote>“他说：”我真的相信，我们会像以前经常做的那样，从这场危机中走出来，变得更强大、更好。</blockquote></p><p> On Wednesday, the Fed recommitted to its easy money policy stance at its latest policy meeting despite a forecast for stronger economic growth and higher inflation this year.</p><p><blockquote>周三，美联储在最近一次政策会议上重申了其宽松货币政策立场，尽管预测今年经济增长将更加强劲，通胀将上升。</blockquote></p><p> The Fed chairman did not mention the outlook for inflation in his Friday article . Many on Wall Street are worried that the economy will overheat before the Fed pulls back its easy policy stance.</p><p><blockquote>美联储主席在周五的文章中没有提及通胀前景。华尔街许多人担心，在美联储收回宽松政策立场之前，经济将过热。</blockquote></p><p> Yields on the 10-year Treasury noteTMUBMUSD10Y,1.734%have risen to 1.73% this week after starting the year below 1%.</p><p><blockquote>10 年期国库券 MUBMUSD10Y,1.734% 的收益率在年初低于 1% 后，本周升至 1.73%。</blockquote></p><p> Stocks were trading lower on Friday, with the Dow Jones Industrial AverageDJIA,-0.71%down 187 points in mid-morning trading.</p><p><blockquote>周五股市走低，道琼斯工业平均指数在上午交易中下跌-0.71%，下跌187点。</blockquote></p><p></p>","source":"market_watch","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>Powell says Fed will keep supporting economy ‘for as long as it takes’<blockquote>鲍威尔表示美联储将“只要需要”就继续支持经济</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\">\nPowell says Fed will keep supporting economy ‘for as long as it takes’<blockquote>鲍威尔表示美联储将“只要需要”就继续支持经济</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">marketwatch</strong><span class=\"h-time small\">2021-03-19 23:12</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>Outlook is brightening, but recovery ‘far from complete,’ Fed chairman says in WSJ op-ed.</b>  Federal Reserve Chairman Jerome Powell on Friday said that while the U.S. economic outlook is “brightening,” the recovery is “far from complete.”</p><p><blockquote><b>美联储主席在《华尔街日报》专栏中表示，前景一片光明，但复苏 “还远未完成”。</b>美联储主席杰罗姆-鲍威尔（Jerome Powell）周五表示，虽然美国经济前景 “一片光明”，但复苏 “还远未完成”。</blockquote></p><p> In an op-ed published in the Wall Street Journal,Powell recounted the moment last February when he realized that the coronavirus pandemic would sweep across the country.</p><p><blockquote>在《华尔街日报》发表的一篇专栏文章中， 鲍威尔讲述了去年2月他意识到冠状病毒大流行将席卷全国的那一刻。</blockquote></p><p> “The danger to the U.S. economy was grave. The challenge was to limit the severity and duration of the fallout to avoid longer-run damage,” he said.</p><p><blockquote>“他说：”美国经济面临的危险是严重的。面临的挑战是限制影响的严重程度和持续时间，以避免造成长期损害。</blockquote></p><p> Powell and his colleagues engineered a rapid response to the crisis, based on the lesson learned from slow recovery to the Great Recession of 2008-2009 that swift action might have been better.</p><p><blockquote>鲍威尔和他的同事们根据从2008-2009年大衰退的缓慢复苏中吸取的教训，迅速采取行动可能会更好。</blockquote></p><p> The central bank quickly slashed its policy interest rate to zero and launched an open-ended asset purchase program known as quantitative easing.</p><p><blockquote>央行迅速将政策利率削减至零，并启动了被称为量化宽松的开放式资产购买计划。</blockquote></p><p> With economists penciling in strong growth for 2021 and more Americans getting vaccinated every day, financial markets are wondering how long Fed support will last.</p><p><blockquote>随着经济学家预测 2021 年经济将强劲增长，并且每天都有越来越多的美国人接种疫苗，金融市场想知道美联储的支持将持续多久。</blockquote></p><p> In the op-ed, Powell said the situation “is much improved.”</p><p><blockquote>鲍威尔在专栏文章中说，情况 “有了很大改善”。</blockquote></p><p> “But the recovery is far from complete, so at the Fed we will continue to provide the economy with the support that it needs for as long as it takes,” Powell said.</p><p><blockquote>“鲍威尔说：”但复苏还远未完成，因此在美联储，我们将继续为经济提供所需的支持。</blockquote></p><p> “I truly believe that we will emerge from this crisis stronger and better, as we have done so often before,” he said.</p><p><blockquote>“他说：”我真的相信，我们会像以前经常做的那样，从这场危机中走出来，变得更强大、更好。</blockquote></p><p> On Wednesday, the Fed recommitted to its easy money policy stance at its latest policy meeting despite a forecast for stronger economic growth and higher inflation this year.</p><p><blockquote>周三，美联储在最近一次政策会议上重申了其宽松货币政策立场，尽管预测今年经济增长将更加强劲，通胀将上升。</blockquote></p><p> The Fed chairman did not mention the outlook for inflation in his Friday article . Many on Wall Street are worried that the economy will overheat before the Fed pulls back its easy policy stance.</p><p><blockquote>美联储主席在周五的文章中没有提及通胀前景。华尔街许多人担心，在美联储收回宽松政策立场之前，经济将过热。</blockquote></p><p> Yields on the 10-year Treasury noteTMUBMUSD10Y,1.734%have risen to 1.73% this week after starting the year below 1%.</p><p><blockquote>10 年期国库券 MUBMUSD10Y,1.734% 的收益率在年初低于 1% 后，本周升至 1.73%。</blockquote></p><p> Stocks were trading lower on Friday, with the Dow Jones Industrial AverageDJIA,-0.71%down 187 points in mid-morning trading.</p><p><blockquote>周五股市走低，道琼斯工业平均指数在上午交易中下跌-0.71%，下跌187点。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/powell-says-fed-will-keep-supporting-economy-for-as-long-as-it-takes-11616165178?mod=home-page\">marketwatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.marketwatch.com/story/powell-says-fed-will-keep-supporting-economy-for-as-long-as-it-takes-11616165178?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"1117450855","content_text":"Outlook is brightening, but recovery ‘far from complete,’ Fed chairman says in WSJ op-ed.\n\nFederal Reserve Chairman Jerome Powell on Friday said that while the U.S. economic outlook is “brightening,” the recovery is “far from complete.”\nIn an op-ed published in the Wall Street Journal,Powell recounted the moment last February when he realized that the coronavirus pandemic would sweep across the country.\n“The danger to the U.S. economy was grave. The challenge was to limit the severity and duration of the fallout to avoid longer-run damage,” he said.\nPowell and his colleagues engineered a rapid response to the crisis, based on the lesson learned from slow recovery to the Great Recession of 2008-2009 that swift action might have been better.\nThe central bank quickly slashed its policy interest rate to zero and launched an open-ended asset purchase program known as quantitative easing.\nWith economists penciling in strong growth for 2021 and more Americans getting vaccinated every day, financial markets are wondering how long Fed support will last.\nIn the op-ed, Powell said the situation “is much improved.”\n“But the recovery is far from complete, so at the Fed we will continue to provide the economy with the support that it needs for as long as it takes,” Powell said.\n“I truly believe that we will emerge from this crisis stronger and better, as we have done so often before,” he said.\nOn Wednesday, the Fed recommitted to its easy money policy stance at its latest policy meeting despite a forecast for stronger economic growth and higher inflation this year.\nThe Fed chairman did not mention the outlook for inflation in his Friday article . Many on Wall Street are worried that the economy will overheat before the Fed pulls back its easy policy stance.\nYields on the 10-year Treasury noteTMUBMUSD10Y,1.734%have risen to 1.73% this week after starting the year below 1%.\nStocks were trading lower on Friday, with the Dow Jones Industrial AverageDJIA,-0.71%down 187 points in mid-morning trading.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":775,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":327147951,"gmtCreate":1616074052873,"gmtModify":1634527381606,"author":{"id":"3572161139823685","authorId":"3572161139823685","name":"ADL","avatar":"https://static.tigerbbs.com/46f309a3de1b3b77e46ca01bc05767be","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572161139823685","authorIdStr":"3572161139823685"},"themes":[],"title":"","htmlText":"its the silly people not the debt.&nbsp; lolol","listText":"its the silly people not the debt.&nbsp; lolol","text":"its the silly people not the debt. lolol","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/327147951","repostId":"1155328815","repostType":4,"repost":{"id":"1155328815","kind":"news","pubTimestamp":1616071669,"share":"https://www.laohunote.com/m/news/1155328815?lang=zh_CN&edition=full","pubTime":"2021-03-18 20:47","market":"us","language":"en","title":"It's The Debt, Stupid!<blockquote>是债务，笨蛋!</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1155328815","media":"zerohedge","summary":"Nearly thirty years ago Bill Clinton won the presidency with four simple words which summed up the f","content":"<p>Nearly thirty years ago Bill Clinton won the presidency with four simple words which summed up the failures of Bush the Elder’s administration…</p><p><blockquote>近三十年前，比尔-克林顿（Bill Clinton）用四个简单的词语赢得了总统宝座，总结了老布什政府的失败.....</blockquote></p><p> <i><b>“It’s the economy, stupid.”</b></i></p><p><blockquote><i><b>“是经济问题，笨蛋。”</b></i></blockquote></p><p> In January, Joe Biden took office in the wake of a ‘pandemic’ which devastated the global economy.&nbsp; And to the best of my ability to parse, Biden believes COVID-19 more dangerous to America than the damage to its economy our response created.</p><p><blockquote>今年 1 月，乔-拜登（Joe Biden）在一场摧毁全球经济的 “大流行病 ”之后上任。据我所知，拜登认为 COVID-19 对美国的危害比我们的应对措施对美国经济造成的损害更大。</blockquote></p><p> <b>It’s hard to parse anything Biden says because on the best of days he’s mostly incoherent.</b></p><p><blockquote><b>拜登说的话很难解读，因为在最好的情况下，他大多语无伦次。</b></blockquote></p><p> But the divide along partisan lines engendered by COVID-19 are deep. It emboldens him and the Democrats to extend the narrative that COVID is more dangerous than a broken economy for as long as possible, using it to exercise unprecedented power in U.S. history.</p><p><blockquote>但新冠肺炎造成的党派分歧很深。这鼓励他和民主党人尽可能长时间地延长COVID比破碎的经济更危险的叙事，利用它来行使美国历史上前所未有的权力。</blockquote></p><p> Biden has asked for a national mask mandate as a kind of Works Project Administration for the 21st&nbsp;century.&nbsp; Let’s all come together in fear to beat the virus by destroying what’s left of the middle class and the Constitution.</p><p><blockquote>拜登要求全国强制佩戴口罩，作为 21 世纪的一种工程项目管理。让我们一起恐惧地团结起来，通过摧毁中产阶级和宪法的残余来战胜病毒。</blockquote></p><p> Nowhere is that divide more pronounced now than in seeing which states have followed Florida and North Dakota’s lead in refusing to go along with the fear. &nbsp;In the past week important states like Texas and Missouri have seen their governors lift occupancy restrictions on buildings.</p><p><blockquote>现在，看到哪些州效仿佛罗里达州和北达科他州，拒绝听从恐惧，这种分歧最为明显。在过去的一周里，德克萨斯州和密苏里州等重要州的州长取消了对建筑物的占用限制。</blockquote></p><p> <b>They have opened their states while openly defying Biden and the media’s continued insistence on being afraid of the virus.</b></p><p><blockquote><b>他们公开了自己的州，同时公开无视拜登和媒体继续坚持害怕病毒的说法。</b></blockquote></p><p> There’s an infinite gulf between respecting the power of something and living in fear of it.</p><p><blockquote>尊重某种事物的力量与生活在恐惧之中之间存在着无限的鸿沟。</blockquote></p><p> That message applies equally to any health emergency as well as our governments.</p><p><blockquote>这一信息同样适用于任何卫生紧急情况以及我们的政府。</blockquote></p><p> <b>But so much damage to the psyche of America has already been done.</b>I see it all the time living in Florida.&nbsp; I see it on the faces of the people coming in from the locked-down states.&nbsp; They are afraid to walk freely.</p><p><blockquote><b>但是对美国的心理已经造成了如此大的伤害。</b>我住在佛罗里达时经常看到这种情况。我在从封锁州进来的人的脸上看到了这种情况。他们害怕自由行走。</blockquote></p><p> They look like they were just released from prison.&nbsp; Because they were.</p><p><blockquote>他们看起来像是刚出狱。 因为他们是。</blockquote></p><p> Frankly, they’re a bit freaked out about how casual we are about the whole thing.&nbsp; And this isn’t to say we don’t still respect the virus.&nbsp; But we won’t let it consume us with fear.</p><p><blockquote>坦率地说，他们有点害怕我们对整件事的随意。这并不是说我们不尊重病毒。但我们不会让它吞噬我们的恐惧。</blockquote></p><p> <u><u><b>Fear is the antithesis of liberty.</b></u></u></p><p><blockquote><u><u><b>恐惧是自由的对立面。</b></u></u></blockquote></p><p> <i><b>Fear makes people crazy.&nbsp; It robs them of their reason and allows unscrupulous politicians to run wild stoking it for their own cynical purposes.</b></i></p><p><blockquote><i><b>恐惧使人发疯。它剥夺了他们的理性，并允许肆无忌惮的政客为了他们自己愤世嫉俗的目的而肆无忌惮地煽动理性。</b></i></blockquote></p><p> And the cynical purpose du jour is the World Economic Forum’s Great Reset. It intends to destroy the current economy and build it back better by taking total control over the flow of capital via surveillance and digital money.</p><p><blockquote>而当今愤世嫉俗的目的是世界经济论坛的伟大重置。它打算通过监控和数字货币完全控制资本流动，摧毁当前的经济并重建得更好。</blockquote></p><p> They sell this to their constituency as a sustainable and green economy, an equitable one built on the false premise that capitalism is unfair.</p><p><blockquote>他们向他们的选民兜售这是一个可持续的绿色经济，一个建立在资本主义不公平的错误前提上的公平经济。</blockquote></p><p> Which brings me back to Bill Clinton and his four words that won the presidency back in 1992.</p><p><blockquote>这让我想起了比尔·克林顿和他在1992年赢得总统大选的四个字。</blockquote></p><p> <b>Politically, the Democrats are committing&nbsp;</b><b><i>hari kiri</i></b><b>continuing this fear campaign.</b>&nbsp; Most people don’t want to live in fear.&nbsp;<b>Most people went along with this out of politeness, not ideology.</b></p><p><blockquote><b>在政治上，民主党承诺</b><b><i>左日</i></b><b>继续这场恐惧运动。</b>大多数人不想生活在恐惧之中。<b>大多数人同意这一点是出于礼貌，而不是意识形态。</b></blockquote></p><p> They are fleeing the states with the most draconian laws concerning COVID.</p><p><blockquote>他们正在逃离对COVID有最严厉法律的州。</blockquote></p><p> Their businesses are gone.&nbsp; Their children depressed if not suicidal.</p><p><blockquote>他们的生意没了。 他们的孩子抑郁，甚至有自杀倾向。</blockquote></p><p> <b>The fear is a narrative to mask the real problem we’re facing, which the World Economic Forum and the Democrats know all too well.</b></p><p><blockquote><b>这种恐惧是一种掩盖我们所面临的真正问题的叙事，而世界经济论坛和民主党人对此都心知肚明。</b></blockquote></p><p> <b>The unsustainability eating away our economy isn’t a function of capitalism’s rapaciousness, it’s a function of debt.&nbsp; While debt has its place in any good economic system, it’s use is also a two-edged sword.</b></p><p><blockquote><b>吞噬我们经济的不可持续性不是资本主义贪婪的结果，而是债务的结果。虽然债务在任何良好的经济体系中都有其一席之地，但它的使用也是一把双刃剑。</b></blockquote></p><p> It’s supposed to be used when you can properly price the risk of an investment and borrow money at a rate lower than the investment’s rate of return, in essence sharing the profit of the enterprise with the person who loaned you the money.</p><p><blockquote>当你能正确评估投资风险，并以低于投资回报率的利率借钱时，就应该使用它，实质上是与借钱给你的人分享企业的利润。</blockquote></p><p> <b>Debt is the thing we’ve used to pay for all these social promises made by Bill Clinton and those who came after him.</b></p><p><blockquote><b>债务是我们用来为比尔-克林顿和他的后继者做出的所有社会承诺买单的东西。</b></blockquote></p><p> The debt incurred for buying social welfare, a massive military and over-educating our children indiscriminately because these things are unequivocal societal goods without limit reflects the main failing of the U.S. political system.</p><p><blockquote>购买社会福利、大规模军队和不分青红皂白地过度教育我们的孩子所产生的债务，因为这些东西是毫不含糊的社会商品，没有限制，反映了美国政治制度的主要失败。</blockquote></p><p> And the Biden administration is still trying to sell us on these ideas when it’s clear the bills are due.</p><p><blockquote>拜登政府仍在试图向我们兜售这些想法，而这些想法显然已经到期。</blockquote></p><p> Debt is the thing choking off any prospect of growth, post COVID. &nbsp;This knowledge is what animates the Millennial generation to strange acts of rebellion like creating a short squeeze on Game Stop’s stock and bidding up the price of Bitcoin.</p><p><blockquote>后COVID时代，债务是扼杀任何增长前景的因素。正是这种知识促使千禧一代做出奇怪的反叛行为，比如做空 Game Stop 的股票，抬高比特币的价格。</blockquote></p><p> The debt in the West, including Europe, is so large now it is impossible to even entertain ever paying it off.</p><p><blockquote>包括欧洲在内的西方国家的债务如此之大，以至于根本不可能还清债务。</blockquote></p><p> So, they aren’t even going to try.</p><p><blockquote>所以，他们甚至都不会尝试。</blockquote></p><p> Every day that Congress passes another stimulus package or another pork-filled budget, is another day in which we reach the point where we’re issuing new debt to service the old debt.</p><p><blockquote>国会每通过一个经济刺激方案或另一个充满猪肉的预算案，就是我们发行新债偿还旧债的又一天。</blockquote></p><p></p><p> <b>Paying our societal Visa bill with our Mastercard and hoping no one notices.</b></p><p><blockquote><b>用我们的万事达卡支付我们的社会签证账单，希望没有人注意到。</b></blockquote></p><p> That’s why there’s all this worry today over rising interest rates.</p><p><blockquote>这就是为什么今天人们对利率上升如此担忧。</blockquote></p><p> Rising interest rates in a healthy economy are supposed to be a sign of recovery, of the economy getting back on its feet because the demand for dollars is rising and the expected return on investments is rising as well.</p><p><blockquote>在健康的经济中，利率上升应该是经济复苏的标志，是经济复苏的标志，因为对美元的需求正在上升，预期的投资回报也在上升。</blockquote></p><p> But that doesn’t jibe at all with the “COVID will kill us all” narrative.&nbsp; Even with the promise of vaccines they won’t let go of the fear.</p><p><blockquote>但这与 “COVID 会杀死我们所有人 ”的说法完全不符。即使有疫苗的承诺，他们也不会放弃恐惧。</blockquote></p><p> Now the CDC comes out and tells us we can act normally&nbsp;<i>in our homes</i>&nbsp;if we’ve been vaccinated, but not in public.</p><p><blockquote>现在疾控中心出来告诉我们可以正常行动<i>在我们家里</i>如果我们已经接种了疫苗，但不是在公共场合。</blockquote></p><p> Do they not understand how insane they sound?</p><p><blockquote>难道他们不明白他们听起来有多疯狂吗？</blockquote></p><p> <b>Biden and the Democrats want to have it both ways. &nbsp;They want the promise of oceans of stimulus money to spark a new investment boom after destroying our livelihoods while telling us to stay locked up in our homes.</b></p><p><blockquote><b>拜登和民主党人希望两者兼得。他们希望巨额刺激资金的承诺，在摧毁了我们的生计，同时告诉我们呆在家里后，引发新的投资热潮。</b></blockquote></p><p> For the layman who only knows he has rent to pay, workers on leave, customers going bankrupt and children not getting educated, he doesn’t care about any of the grand dreams of politicians and oligarchs.</p><p><blockquote>对于一个只知道自己要付房租、工人休假、顾客破产、孩子得不到教育的门外汉来说，他根本不在乎政客和寡头的任何宏伟梦想。</blockquote></p><p> He looks at the people in Texas and Florida and says, “Something’s not right here.”</p><p><blockquote>他看着德克萨斯州和佛罗里达州的人们说：“这里有些不对劲。”</blockquote></p><p> And we here in Florida look at them and go, “Yeah, and it ain’t us, y’all!”</p><p><blockquote>我们佛罗里达州的人看着他们，就会说：“是啊，不是我们，你们!”</blockquote></p><p> Because it isn’t a recovery we’re now facing, even though major states like Florida and Texas are operating close to normal now.&nbsp; It’s a loss of confidence in the people in charge of this insanity.</p><p><blockquote>因为这不是我们现在面临的复苏，尽管佛罗里达州和得克萨斯州等大州现在的运转已接近正常。这是对这种疯狂行为的负责人失去信心。</blockquote></p><p> Because interest rates also rise when the investors, the buyers of the debt, look at the landscape and say, “Nope, I need a better return than 1% on ten-year money because I don’t think you’re likely to pay me back.”</p><p><blockquote>因为当投资者，也就是债务的买家，看到前景并说：“不，我需要比 1% 的十年期债券回报率更好的时候，利率也会上升，因为我认为你不太可能还我钱。”</blockquote></p><p> <b>That’s what has the Biden administration spooked right now.&nbsp; The fear they are projecting onto us via COVID-19 is really their fear that we’ll stop believing a word that comes out of their mouths.</b></p><p><blockquote><b>这就是拜登政府现在所害怕的。他们通过 COVID-19 向我们投射的恐惧，实际上是他们害怕我们会不再相信他们嘴里说的话。</b></blockquote></p><p> When that day comes, likely sometime later this year, rates will rise in such a way that no amount of money will control.&nbsp; So, no matter how much they try to buy us off with free money they’re just putting off the day when they will be the ones that pay the price.</p><p><blockquote>当那一天到来时，很可能是在今年晚些时候，利率将以任何资金都无法控制的方式上涨。因此，无论他们如何试图用免费资金收买我们，他们都只是在推迟付出代价的那一天。</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>It's The Debt, Stupid!<blockquote>是债务，笨蛋!</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\">\nIt's The Debt, Stupid!<blockquote>是债务，笨蛋!</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-03-18 20:47</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Nearly thirty years ago Bill Clinton won the presidency with four simple words which summed up the failures of Bush the Elder’s administration…</p><p><blockquote>近三十年前，比尔-克林顿（Bill Clinton）用四个简单的词语赢得了总统宝座，总结了老布什政府的失败.....</blockquote></p><p> <i><b>“It’s the economy, stupid.”</b></i></p><p><blockquote><i><b>“是经济问题，笨蛋。”</b></i></blockquote></p><p> In January, Joe Biden took office in the wake of a ‘pandemic’ which devastated the global economy.&nbsp; And to the best of my ability to parse, Biden believes COVID-19 more dangerous to America than the damage to its economy our response created.</p><p><blockquote>今年 1 月，乔-拜登（Joe Biden）在一场摧毁全球经济的 “大流行病 ”之后上任。据我所知，拜登认为 COVID-19 对美国的危害比我们的应对措施对美国经济造成的损害更大。</blockquote></p><p> <b>It’s hard to parse anything Biden says because on the best of days he’s mostly incoherent.</b></p><p><blockquote><b>拜登说的话很难解读，因为在最好的情况下，他大多语无伦次。</b></blockquote></p><p> But the divide along partisan lines engendered by COVID-19 are deep. It emboldens him and the Democrats to extend the narrative that COVID is more dangerous than a broken economy for as long as possible, using it to exercise unprecedented power in U.S. history.</p><p><blockquote>但新冠肺炎造成的党派分歧很深。这鼓励他和民主党人尽可能长时间地延长COVID比破碎的经济更危险的叙事，利用它来行使美国历史上前所未有的权力。</blockquote></p><p> Biden has asked for a national mask mandate as a kind of Works Project Administration for the 21st&nbsp;century.&nbsp; Let’s all come together in fear to beat the virus by destroying what’s left of the middle class and the Constitution.</p><p><blockquote>拜登要求全国强制佩戴口罩，作为 21 世纪的一种工程项目管理。让我们一起恐惧地团结起来，通过摧毁中产阶级和宪法的残余来战胜病毒。</blockquote></p><p> Nowhere is that divide more pronounced now than in seeing which states have followed Florida and North Dakota’s lead in refusing to go along with the fear. &nbsp;In the past week important states like Texas and Missouri have seen their governors lift occupancy restrictions on buildings.</p><p><blockquote>现在，看到哪些州效仿佛罗里达州和北达科他州，拒绝听从恐惧，这种分歧最为明显。在过去的一周里，德克萨斯州和密苏里州等重要州的州长取消了对建筑物的占用限制。</blockquote></p><p> <b>They have opened their states while openly defying Biden and the media’s continued insistence on being afraid of the virus.</b></p><p><blockquote><b>他们公开了自己的州，同时公开无视拜登和媒体继续坚持害怕病毒的说法。</b></blockquote></p><p> There’s an infinite gulf between respecting the power of something and living in fear of it.</p><p><blockquote>尊重某种事物的力量与生活在恐惧之中之间存在着无限的鸿沟。</blockquote></p><p> That message applies equally to any health emergency as well as our governments.</p><p><blockquote>这一信息同样适用于任何卫生紧急情况以及我们的政府。</blockquote></p><p> <b>But so much damage to the psyche of America has already been done.</b>I see it all the time living in Florida.&nbsp; I see it on the faces of the people coming in from the locked-down states.&nbsp; They are afraid to walk freely.</p><p><blockquote><b>但是对美国的心理已经造成了如此大的伤害。</b>我住在佛罗里达时经常看到这种情况。我在从封锁州进来的人的脸上看到了这种情况。他们害怕自由行走。</blockquote></p><p> They look like they were just released from prison.&nbsp; Because they were.</p><p><blockquote>他们看起来像是刚出狱。 因为他们是。</blockquote></p><p> Frankly, they’re a bit freaked out about how casual we are about the whole thing.&nbsp; And this isn’t to say we don’t still respect the virus.&nbsp; But we won’t let it consume us with fear.</p><p><blockquote>坦率地说，他们有点害怕我们对整件事的随意。这并不是说我们不尊重病毒。但我们不会让它吞噬我们的恐惧。</blockquote></p><p> <u><u><b>Fear is the antithesis of liberty.</b></u></u></p><p><blockquote><u><u><b>恐惧是自由的对立面。</b></u></u></blockquote></p><p> <i><b>Fear makes people crazy.&nbsp; It robs them of their reason and allows unscrupulous politicians to run wild stoking it for their own cynical purposes.</b></i></p><p><blockquote><i><b>恐惧使人发疯。它剥夺了他们的理性，并允许肆无忌惮的政客为了他们自己愤世嫉俗的目的而肆无忌惮地煽动理性。</b></i></blockquote></p><p> And the cynical purpose du jour is the World Economic Forum’s Great Reset. It intends to destroy the current economy and build it back better by taking total control over the flow of capital via surveillance and digital money.</p><p><blockquote>而当今愤世嫉俗的目的是世界经济论坛的伟大重置。它打算通过监控和数字货币完全控制资本流动，摧毁当前的经济并重建得更好。</blockquote></p><p> They sell this to their constituency as a sustainable and green economy, an equitable one built on the false premise that capitalism is unfair.</p><p><blockquote>他们向他们的选民兜售这是一个可持续的绿色经济，一个建立在资本主义不公平的错误前提上的公平经济。</blockquote></p><p> Which brings me back to Bill Clinton and his four words that won the presidency back in 1992.</p><p><blockquote>这让我想起了比尔·克林顿和他在1992年赢得总统大选的四个字。</blockquote></p><p> <b>Politically, the Democrats are committing&nbsp;</b><b><i>hari kiri</i></b><b>continuing this fear campaign.</b>&nbsp; Most people don’t want to live in fear.&nbsp;<b>Most people went along with this out of politeness, not ideology.</b></p><p><blockquote><b>在政治上，民主党承诺</b><b><i>左日</i></b><b>继续这场恐惧运动。</b>大多数人不想生活在恐惧之中。<b>大多数人同意这一点是出于礼貌，而不是意识形态。</b></blockquote></p><p> They are fleeing the states with the most draconian laws concerning COVID.</p><p><blockquote>他们正在逃离对COVID有最严厉法律的州。</blockquote></p><p> Their businesses are gone.&nbsp; Their children depressed if not suicidal.</p><p><blockquote>他们的生意没了。 他们的孩子抑郁，甚至有自杀倾向。</blockquote></p><p> <b>The fear is a narrative to mask the real problem we’re facing, which the World Economic Forum and the Democrats know all too well.</b></p><p><blockquote><b>这种恐惧是一种掩盖我们所面临的真正问题的叙事，而世界经济论坛和民主党人对此都心知肚明。</b></blockquote></p><p> <b>The unsustainability eating away our economy isn’t a function of capitalism’s rapaciousness, it’s a function of debt.&nbsp; While debt has its place in any good economic system, it’s use is also a two-edged sword.</b></p><p><blockquote><b>吞噬我们经济的不可持续性不是资本主义贪婪的结果，而是债务的结果。虽然债务在任何良好的经济体系中都有其一席之地，但它的使用也是一把双刃剑。</b></blockquote></p><p> It’s supposed to be used when you can properly price the risk of an investment and borrow money at a rate lower than the investment’s rate of return, in essence sharing the profit of the enterprise with the person who loaned you the money.</p><p><blockquote>当你能正确评估投资风险，并以低于投资回报率的利率借钱时，就应该使用它，实质上是与借钱给你的人分享企业的利润。</blockquote></p><p> <b>Debt is the thing we’ve used to pay for all these social promises made by Bill Clinton and those who came after him.</b></p><p><blockquote><b>债务是我们用来为比尔-克林顿和他的后继者做出的所有社会承诺买单的东西。</b></blockquote></p><p> The debt incurred for buying social welfare, a massive military and over-educating our children indiscriminately because these things are unequivocal societal goods without limit reflects the main failing of the U.S. political system.</p><p><blockquote>购买社会福利、大规模军队和不分青红皂白地过度教育我们的孩子所产生的债务，因为这些东西是毫不含糊的社会商品，没有限制，反映了美国政治制度的主要失败。</blockquote></p><p> And the Biden administration is still trying to sell us on these ideas when it’s clear the bills are due.</p><p><blockquote>拜登政府仍在试图向我们兜售这些想法，而这些想法显然已经到期。</blockquote></p><p> Debt is the thing choking off any prospect of growth, post COVID. &nbsp;This knowledge is what animates the Millennial generation to strange acts of rebellion like creating a short squeeze on Game Stop’s stock and bidding up the price of Bitcoin.</p><p><blockquote>后COVID时代，债务是扼杀任何增长前景的因素。正是这种知识促使千禧一代做出奇怪的反叛行为，比如做空 Game Stop 的股票，抬高比特币的价格。</blockquote></p><p> The debt in the West, including Europe, is so large now it is impossible to even entertain ever paying it off.</p><p><blockquote>包括欧洲在内的西方国家的债务如此之大，以至于根本不可能还清债务。</blockquote></p><p> So, they aren’t even going to try.</p><p><blockquote>所以，他们甚至都不会尝试。</blockquote></p><p> Every day that Congress passes another stimulus package or another pork-filled budget, is another day in which we reach the point where we’re issuing new debt to service the old debt.</p><p><blockquote>国会每通过一个经济刺激方案或另一个充满猪肉的预算案，就是我们发行新债偿还旧债的又一天。</blockquote></p><p></p><p> <b>Paying our societal Visa bill with our Mastercard and hoping no one notices.</b></p><p><blockquote><b>用我们的万事达卡支付我们的社会签证账单，希望没有人注意到。</b></blockquote></p><p> That’s why there’s all this worry today over rising interest rates.</p><p><blockquote>这就是为什么今天人们对利率上升如此担忧。</blockquote></p><p> Rising interest rates in a healthy economy are supposed to be a sign of recovery, of the economy getting back on its feet because the demand for dollars is rising and the expected return on investments is rising as well.</p><p><blockquote>在健康的经济中，利率上升应该是经济复苏的标志，是经济复苏的标志，因为对美元的需求正在上升，预期的投资回报也在上升。</blockquote></p><p> But that doesn’t jibe at all with the “COVID will kill us all” narrative.&nbsp; Even with the promise of vaccines they won’t let go of the fear.</p><p><blockquote>但这与 “COVID 会杀死我们所有人 ”的说法完全不符。即使有疫苗的承诺，他们也不会放弃恐惧。</blockquote></p><p> Now the CDC comes out and tells us we can act normally&nbsp;<i>in our homes</i>&nbsp;if we’ve been vaccinated, but not in public.</p><p><blockquote>现在疾控中心出来告诉我们可以正常行动<i>在我们家里</i>如果我们已经接种了疫苗，但不是在公共场合。</blockquote></p><p> Do they not understand how insane they sound?</p><p><blockquote>难道他们不明白他们听起来有多疯狂吗？</blockquote></p><p> <b>Biden and the Democrats want to have it both ways. &nbsp;They want the promise of oceans of stimulus money to spark a new investment boom after destroying our livelihoods while telling us to stay locked up in our homes.</b></p><p><blockquote><b>拜登和民主党人希望两者兼得。他们希望巨额刺激资金的承诺，在摧毁了我们的生计，同时告诉我们呆在家里后，引发新的投资热潮。</b></blockquote></p><p> For the layman who only knows he has rent to pay, workers on leave, customers going bankrupt and children not getting educated, he doesn’t care about any of the grand dreams of politicians and oligarchs.</p><p><blockquote>对于一个只知道自己要付房租、工人休假、顾客破产、孩子得不到教育的门外汉来说，他根本不在乎政客和寡头的任何宏伟梦想。</blockquote></p><p> He looks at the people in Texas and Florida and says, “Something’s not right here.”</p><p><blockquote>他看着德克萨斯州和佛罗里达州的人们说：“这里有些不对劲。”</blockquote></p><p> And we here in Florida look at them and go, “Yeah, and it ain’t us, y’all!”</p><p><blockquote>我们佛罗里达州的人看着他们，就会说：“是啊，不是我们，你们!”</blockquote></p><p> Because it isn’t a recovery we’re now facing, even though major states like Florida and Texas are operating close to normal now.&nbsp; It’s a loss of confidence in the people in charge of this insanity.</p><p><blockquote>因为这不是我们现在面临的复苏，尽管佛罗里达州和得克萨斯州等大州现在的运转已接近正常。这是对这种疯狂行为的负责人失去信心。</blockquote></p><p> Because interest rates also rise when the investors, the buyers of the debt, look at the landscape and say, “Nope, I need a better return than 1% on ten-year money because I don’t think you’re likely to pay me back.”</p><p><blockquote>因为当投资者，也就是债务的买家，看到前景并说：“不，我需要比 1% 的十年期债券回报率更好的时候，利率也会上升，因为我认为你不太可能还我钱。”</blockquote></p><p> <b>That’s what has the Biden administration spooked right now.&nbsp; The fear they are projecting onto us via COVID-19 is really their fear that we’ll stop believing a word that comes out of their mouths.</b></p><p><blockquote><b>这就是拜登政府现在所害怕的。他们通过 COVID-19 向我们投射的恐惧，实际上是他们害怕我们会不再相信他们嘴里说的话。</b></blockquote></p><p> When that day comes, likely sometime later this year, rates will rise in such a way that no amount of money will control.&nbsp; So, no matter how much they try to buy us off with free money they’re just putting off the day when they will be the ones that pay the price.</p><p><blockquote>当那一天到来时，很可能是在今年晚些时候，利率将以任何资金都无法控制的方式上涨。因此，无论他们如何试图用免费资金收买我们，他们都只是在推迟付出代价的那一天。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/economics/its-debt-stupid\">zerohedge</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.zerohedge.com/economics/its-debt-stupid","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1155328815","content_text":"Nearly thirty years ago Bill Clinton won the presidency with four simple words which summed up the failures of Bush the Elder’s administration…\n“It’s the economy, stupid.”\nIn January, Joe Biden took office in the wake of a ‘pandemic’ which devastated the global economy.  And to the best of my ability to parse, Biden believes COVID-19 more dangerous to America than the damage to its economy our response created.\nIt’s hard to parse anything Biden says because on the best of days he’s mostly incoherent.\nBut the divide along partisan lines engendered by COVID-19 are deep. It emboldens him and the Democrats to extend the narrative that COVID is more dangerous than a broken economy for as long as possible, using it to exercise unprecedented power in U.S. history.\nBiden has asked for a national mask mandate as a kind of Works Project Administration for the 21st century.  Let’s all come together in fear to beat the virus by destroying what’s left of the middle class and the Constitution.\nNowhere is that divide more pronounced now than in seeing which states have followed Florida and North Dakota’s lead in refusing to go along with the fear.  In the past week important states like Texas and Missouri have seen their governors lift occupancy restrictions on buildings.\nThey have opened their states while openly defying Biden and the media’s continued insistence on being afraid of the virus.\nThere’s an infinite gulf between respecting the power of something and living in fear of it.\nThat message applies equally to any health emergency as well as our governments.\nBut so much damage to the psyche of America has already been done.I see it all the time living in Florida.  I see it on the faces of the people coming in from the locked-down states.  They are afraid to walk freely.\nThey look like they were just released from prison.  Because they were.\nFrankly, they’re a bit freaked out about how casual we are about the whole thing.  And this isn’t to say we don’t still respect the virus.  But we won’t let it consume us with fear.\nFear is the antithesis of liberty.\nFear makes people crazy.  It robs them of their reason and allows unscrupulous politicians to run wild stoking it for their own cynical purposes.\nAnd the cynical purpose du jour is the World Economic Forum’s Great Reset. It intends to destroy the current economy and build it back better by taking total control over the flow of capital via surveillance and digital money.\nThey sell this to their constituency as a sustainable and green economy, an equitable one built on the false premise that capitalism is unfair.\nWhich brings me back to Bill Clinton and his four words that won the presidency back in 1992.\nPolitically, the Democrats are committing hari kiricontinuing this fear campaign.  Most people don’t want to live in fear. Most people went along with this out of politeness, not ideology.\nThey are fleeing the states with the most draconian laws concerning COVID.\nTheir businesses are gone.  Their children depressed if not suicidal.\nThe fear is a narrative to mask the real problem we’re facing, which the World Economic Forum and the Democrats know all too well.\nThe unsustainability eating away our economy isn’t a function of capitalism’s rapaciousness, it’s a function of debt.  While debt has its place in any good economic system, it’s use is also a two-edged sword.\nIt’s supposed to be used when you can properly price the risk of an investment and borrow money at a rate lower than the investment’s rate of return, in essence sharing the profit of the enterprise with the person who loaned you the money.\nDebt is the thing we’ve used to pay for all these social promises made by Bill Clinton and those who came after him.\nThe debt incurred for buying social welfare, a massive military and over-educating our children indiscriminately because these things are unequivocal societal goods without limit reflects the main failing of the U.S. political system.\nAnd the Biden administration is still trying to sell us on these ideas when it’s clear the bills are due.\nDebt is the thing choking off any prospect of growth, post COVID.  This knowledge is what animates the Millennial generation to strange acts of rebellion like creating a short squeeze on Game Stop’s stock and bidding up the price of Bitcoin.\nThe debt in the West, including Europe, is so large now it is impossible to even entertain ever paying it off.\nSo, they aren’t even going to try.\nEvery day that Congress passes another stimulus package or another pork-filled budget, is another day in which we reach the point where we’re issuing new debt to service the old debt.\nPaying our societal Visa bill with our Mastercard and hoping no one notices.\nThat’s why there’s all this worry today over rising interest rates.\nRising interest rates in a healthy economy are supposed to be a sign of recovery, of the economy getting back on its feet because the demand for dollars is rising and the expected return on investments is rising as well.\nBut that doesn’t jibe at all with the “COVID will kill us all” narrative.  Even with the promise of vaccines they won’t let go of the fear.\nNow the CDC comes out and tells us we can act normally in our homes if we’ve been vaccinated, but not in public.\nDo they not understand how insane they sound?\nBiden and the Democrats want to have it both ways.  They want the promise of oceans of stimulus money to spark a new investment boom after destroying our livelihoods while telling us to stay locked up in our homes.\nFor the layman who only knows he has rent to pay, workers on leave, customers going bankrupt and children not getting educated, he doesn’t care about any of the grand dreams of politicians and oligarchs.\nHe looks at the people in Texas and Florida and says, “Something’s not right here.”\nAnd we here in Florida look at them and go, “Yeah, and it ain’t us, y’all!”\nBecause it isn’t a recovery we’re now facing, even though major states like Florida and Texas are operating close to normal now.  It’s a loss of confidence in the people in charge of this insanity.\nBecause interest rates also rise when the investors, the buyers of the debt, look at the landscape and say, “Nope, I need a better return than 1% on ten-year money because I don’t think you’re likely to pay me back.”\nThat’s what has the Biden administration spooked right now.  The fear they are projecting onto us via COVID-19 is really their fear that we’ll stop believing a word that comes out of their mouths.\nWhen that day comes, likely sometime later this year, rates will rise in such a way that no amount of money will control.  So, no matter how much they try to buy us off with free money they’re just putting off the day when they will be the ones that pay the price.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":922,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":324808556,"gmtCreate":1615979425575,"gmtModify":1703495828563,"author":{"id":"3572161139823685","authorId":"3572161139823685","name":"ADL","avatar":"https://static.tigerbbs.com/46f309a3de1b3b77e46ca01bc05767be","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572161139823685","authorIdStr":"3572161139823685"},"themes":[],"title":"","htmlText":"HODL!!","listText":"HODL!!","text":"HODL!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/324808556","repostId":"1109219532","repostType":4,"isVote":1,"tweetType":1,"viewCount":973,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":325530410,"gmtCreate":1615905355930,"gmtModify":1703494856213,"author":{"id":"3572161139823685","authorId":"3572161139823685","name":"ADL","avatar":"https://static.tigerbbs.com/46f309a3de1b3b77e46ca01bc05767be","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572161139823685","authorIdStr":"3572161139823685"},"themes":[],"title":"","htmlText":"Lets hope people have planned out their finances","listText":"Lets hope people have planned out their finances","text":"Lets hope people have planned out their finances","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/325530410","repostId":"1152144890","repostType":4,"isVote":1,"tweetType":1,"viewCount":700,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":325594475,"gmtCreate":1615905260197,"gmtModify":1703494853237,"author":{"id":"3572161139823685","authorId":"3572161139823685","name":"ADL","avatar":"https://static.tigerbbs.com/46f309a3de1b3b77e46ca01bc05767be","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572161139823685","authorIdStr":"3572161139823685"},"themes":[],"title":"","htmlText":"ets go!","listText":"ets go!","text":"ets go!","images":[{"img":"https://static.tigerbbs.com/e99482f004bfa12cf40e3acfce76d050","width":"1080","height":"1892"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/325594475","isVote":1,"tweetType":1,"viewCount":881,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":325595432,"gmtCreate":1615905220326,"gmtModify":1703494851662,"author":{"id":"3572161139823685","authorId":"3572161139823685","name":"ADL","avatar":"https://static.tigerbbs.com/46f309a3de1b3b77e46ca01bc05767be","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572161139823685","authorIdStr":"3572161139823685"},"themes":[],"title":"","htmlText":"Watch for a potential play","listText":"Watch for a potential play","text":"Watch for a potential play","images":[{"img":"https://static.tigerbbs.com/3ce48d1a07a5fddd21ef38d2856b10d4","width":"1080","height":"1892"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/325595432","isVote":1,"tweetType":1,"viewCount":854,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":322842387,"gmtCreate":1615798522649,"gmtModify":1703493095029,"author":{"id":"3572161139823685","authorId":"3572161139823685","name":"ADL","avatar":"https://static.tigerbbs.com/46f309a3de1b3b77e46ca01bc05767be","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572161139823685","authorIdStr":"3572161139823685"},"themes":[],"title":"","htmlText":"remember guys. market cycle","listText":"remember guys. market cycle","text":"remember guys. market cycle","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/322842387","repostId":"2119918339","repostType":4,"isVote":1,"tweetType":1,"viewCount":1037,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":151429760,"gmtCreate":1625103200650,"gmtModify":1631891738029,"author":{"id":"3572161139823685","authorId":"3572161139823685","name":"ADL","avatar":"https://static.tigerbbs.com/46f309a3de1b3b77e46ca01bc05767be","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572161139823685","idStr":"3572161139823685"},"themes":[],"title":"","htmlText":"teething issues! come back stronger!","listText":"teething issues! come back stronger!","text":"teething issues! come back stronger!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":11,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/151429760","repostId":"2148810960","repostType":4,"isVote":1,"tweetType":1,"viewCount":4027,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":151420031,"gmtCreate":1625103133023,"gmtModify":1631891738035,"author":{"id":"3572161139823685","authorId":"3572161139823685","name":"ADL","avatar":"https://static.tigerbbs.com/46f309a3de1b3b77e46ca01bc05767be","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572161139823685","idStr":"3572161139823685"},"themes":[],"title":"","htmlText":"wall for the pullback on friday!","listText":"wall for the pullback on friday!","text":"wall for the pullback on friday!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/151420031","repostId":"1178516480","repostType":4,"repost":{"id":"1178516480","kind":"news","pubTimestamp":1625094708,"share":"https://www.laohunote.com/m/news/1178516480?lang=zh_CN&edition=full","pubTime":"2021-07-01 07:11","market":"us","language":"en","title":"S&P 500 notches fifth straight record closing high, fifth straight quarterly gain<blockquote>标普500连续第五次创下收盘历史新高，连续第五个季度上涨</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1178516480","media":"Reuters","summary":"NEW YORK (Reuters) - The S&P 500 nabbed its fifth straight record closing high on Wednesday as inves","content":"<p>NEW YORK (Reuters) - The S&amp;P 500 nabbed its fifth straight record closing high on Wednesday as investors ended the month and the quarter by largely shrugging off positive economic data and looking toward Friday’s highly anticipated employment report.</p><p><blockquote>纽约（路透社）--标普500周三连续第五次创下收盘新高，投资者在结束本月和本季度时基本上对积极的经济数据不屑一顾，转而关注周五备受期待的就业报告。</blockquote></p><p> In the last session of 2021’s first half, the indexes were languid and range-bound, with the blue-chip Dow posting gains, while the Nasdaq edged lower.</p><p><blockquote>在 2021 年上半年的最后一个交易日，各指数表现低迷，区间震荡，蓝筹股道琼斯指数上涨，而纳斯达克指数则小幅走低。</blockquote></p><p> All three indexes posted their fifth consecutive quarterly gains, with the S&amp;P rising 8.2%, the Nasdaq advancing 9.5% and the Dow rising 4.6%. The S&amp;P 500 registered its second-best first-half performance since 1998, rising 14.5%.</p><p><blockquote>这三个指数均连续第五个季度上涨，其中标准普尔指数上涨 8.2%，纳斯达克指数上涨 9.5%，道琼斯指数上涨 4.6%。标普500上半年表现创1998年以来第二好，上涨14.5%。</blockquote></p><p> “It’s been a good quarter,” said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut. “As of last night’s close, the S&amp;P has gained more than 14% year-to-date, topping the Dow and the Nasdaq. That indicates that the stock market is having a broad rally.”</p><p><blockquote>“康涅狄格州费尔菲尔德 Dakota Wealth 高级投资组合经理罗伯特-帕夫利克（Robert Pavlik）说：”这是一个不错的季度。“截至昨晚收盘，标准普尔指数今年迄今已上涨超过 14%，超过道琼斯指数和纳斯达克指数。这表明股市正在全面反弹。”</blockquote></p><p> For the month, the bellwether S&amp;P 500 notched its fifth consecutive advance, while the Dow snapped its four-month winning streak to end slightly lower. The Nasdaq also gained ground in June.</p><p><blockquote>本月，领头羊标普500指数连续第五次上涨，而道琼斯指数则结束了四个月的连涨，收盘小幅走低。纳斯达克在6月份也取得了进展。</blockquote></p><p> This month, investor appetite shifted away from economically sensitive cyclicals in favor of growth stocks.</p><p><blockquote>本月，投资者的兴趣从对经济敏感的周期性股票转向成长型股票。</blockquote></p><p> “Leading sectors year-to-date are what you’d expect,” Pavlik added. “Energy, financials and industrials, and that speaks to an economic environment that’s in the early stages of a cycle.”</p><p><blockquote>“帕夫利克补充说：”今年迄今为止的领先行业是你所期望的。“能源、金融和工业，这表明经济环境正处于周期的早期阶段”。</blockquote></p><p> “(Investors) started the switch back to growth (stocks) after people started to buy in to (Fed Chair Jerome) Powell’s comments that focus on transitory inflation,” Pavlik added.</p><p><blockquote>“帕夫利克补充说：”在人们开始接受（美联储主席杰罗姆）鲍威尔关注短暂通胀的言论后，（投资者）开始转向成长型（股票）。</blockquote></p><p> “Some of the reopening trades have gotten a bit long in the tooth and that’s leading people back to growth.”</p><p><blockquote>“一些重新开放的行业已经有点长了，这正在引导人们恢复增长”。</blockquote></p><p> (Graphic: Growths stocks outperform value in June, narrow YTD gap, )</p><p><blockquote>（图表：6 月份成长型股票跑赢价值，年初至今差距缩小）</blockquote></p><p> <img src=\"https://static.tigerbbs.com/5b82b4dfdc765d913811f9d8572e60f6\" tg-width=\"964\" tg-height=\"723\" referrerpolicy=\"no-referrer\">“The overall stock market continues to be on a tear, with very consistent gains for quite some time,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. “Valuations, while certainly high by historical standards, have been at a fairly consistent level, benefiting from the economic recovery.”</p><p><blockquote>“纽约因弗内斯律师事务所首席投资策略师蒂姆-格里斯基（Tim Ghriskey）说：”整体股市继续上涨，在相当长一段时间内涨幅非常稳定。“虽然按历史标准来看，估值肯定很高，但受益于经济复苏，估值一直处于相当稳定的水平。”</blockquote></p><p> The private sector added 692,000 jobs in June, breezing past expectations, according to payroll processor ADP. The number is 92,000 higher than the private payroll adds economists predict from the Labor Department’s more comprehensive employment report due on Friday.</p><p><blockquote>根据薪资处理商 ADP 的数据，6 月份私营部门新增就业岗位 692,000 个，轻松超出预期。经济学家在劳工部将于周五发布的更全面的就业报告中补充说，这一数字比私人就业人数高出 9.2 万人。</blockquote></p><p> The Dow Jones Industrial Average rose 210.22 points, or 0.61%, to 34,502.51, the S&amp;P 500 gained 5.7 points, or 0.13%, to 4,297.5 and the Nasdaq Composite dropped 24.38 points, or 0.17%, to 14,503.95.</p><p><blockquote>道琼斯工业平均指数上涨 210.22 点，或 0.61%，至 34,502.51 点；标普500指数上涨 5.7 点，或 0.13%，至 4,297.5 点；纳斯达克综合指数下跌 24.38 点，或 0.17%，至 14,503.95 点。</blockquote></p><p> Among the 11 major sectors in the S&amp;P, six ended the session higher, with energy enjoying the biggest percentage gain. Real estate was the day’s biggest loser.</p><p><blockquote>在标准普尔的 11 个主要板块中，有 6 个板块收高，其中能源板块涨幅最大。房地产是当天最大的输家。</blockquote></p><p> Boeing Co gained 1.6% after Germany’s defense ministry announced it would buy five of the planemaker’s P-8A maritime control aircraft, coming on the heels of United Airlines unveiling its largest-ever order for new planes.</p><p><blockquote>在德国国防部宣布将购买该飞机制造商的五架 P-8A 海上管制飞机后，波音公司股价上涨了 1.6%。</blockquote></p><p> Walmart jumped 2.7% after announcing on Tuesday that it would start selling a prescription-only insulin analog.</p><p><blockquote>沃尔玛周二宣布将开始销售仅限处方的胰岛素类似物，股价上涨 2.7%。</blockquote></p><p> Micron Technology advanced 2.5% ahead of its quarterly earnings release, but was relatively unchanged in after-hours trading following the chipmaker’s quarterly results.</p><p><blockquote>美光科技在发布季度财报前上涨了 2.5%，但在芯片制造商公布季度财报后的盘后交易中股价相对持平。</blockquote></p><p> Advancing issues outnumbered declining ones on the NYSE by a 1.35-to-1 ratio; on Nasdaq, a 1.19-to-1 ratio favored decliners.</p><p><blockquote>纽约证券交易所上涨发行量超过下跌发行量，比例为 1.35 比 1；在纳斯达克，1.19 比 1 的比率有利于下跌者。</blockquote></p><p> The S&amp;P 500 posted 20 new 52-week highs and no new lows; the Nasdaq Composite recorded 70 new highs and 36 new lows.</p><p><blockquote>标普500创下20个52周新高，没有新低；纳斯达克综合指数创下70个新高和36个新低。</blockquote></p><p> Volume on U.S. exchanges was 10.85 billion shares, compared with the 11.05 billion average over the last 20 trading days.</p><p><blockquote>美国交易所的成交量为 108.5 亿股，而过去 20 个交易日的平均成交量为 110.5 亿股。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>S&P 500 notches fifth straight record closing high, fifth straight quarterly gain<blockquote>标普500连续第五次创下收盘历史新高，连续第五个季度上涨</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; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nS&P 500 notches fifth straight record closing high, fifth straight quarterly gain<blockquote>标普500连续第五次创下收盘历史新高，连续第五个季度上涨</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-07-01 07:11</span>\n</p>\n</h4>\n</header>\n<article>\n<p>NEW YORK (Reuters) - The S&amp;P 500 nabbed its fifth straight record closing high on Wednesday as investors ended the month and the quarter by largely shrugging off positive economic data and looking toward Friday’s highly anticipated employment report.</p><p><blockquote>纽约（路透社）--标普500周三连续第五次创下收盘新高，投资者在结束本月和本季度时基本上对积极的经济数据不屑一顾，转而关注周五备受期待的就业报告。</blockquote></p><p> In the last session of 2021’s first half, the indexes were languid and range-bound, with the blue-chip Dow posting gains, while the Nasdaq edged lower.</p><p><blockquote>在 2021 年上半年的最后一个交易日，各指数表现低迷，区间震荡，蓝筹股道琼斯指数上涨，而纳斯达克指数则小幅走低。</blockquote></p><p> All three indexes posted their fifth consecutive quarterly gains, with the S&amp;P rising 8.2%, the Nasdaq advancing 9.5% and the Dow rising 4.6%. The S&amp;P 500 registered its second-best first-half performance since 1998, rising 14.5%.</p><p><blockquote>这三个指数均连续第五个季度上涨，其中标准普尔指数上涨 8.2%，纳斯达克指数上涨 9.5%，道琼斯指数上涨 4.6%。标普500上半年表现创1998年以来第二好，上涨14.5%。</blockquote></p><p> “It’s been a good quarter,” said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut. “As of last night’s close, the S&amp;P has gained more than 14% year-to-date, topping the Dow and the Nasdaq. That indicates that the stock market is having a broad rally.”</p><p><blockquote>“康涅狄格州费尔菲尔德 Dakota Wealth 高级投资组合经理罗伯特-帕夫利克（Robert Pavlik）说：”这是一个不错的季度。“截至昨晚收盘，标准普尔指数今年迄今已上涨超过 14%，超过道琼斯指数和纳斯达克指数。这表明股市正在全面反弹。”</blockquote></p><p> For the month, the bellwether S&amp;P 500 notched its fifth consecutive advance, while the Dow snapped its four-month winning streak to end slightly lower. The Nasdaq also gained ground in June.</p><p><blockquote>本月，领头羊标普500指数连续第五次上涨，而道琼斯指数则结束了四个月的连涨，收盘小幅走低。纳斯达克在6月份也取得了进展。</blockquote></p><p> This month, investor appetite shifted away from economically sensitive cyclicals in favor of growth stocks.</p><p><blockquote>本月，投资者的兴趣从对经济敏感的周期性股票转向成长型股票。</blockquote></p><p> “Leading sectors year-to-date are what you’d expect,” Pavlik added. “Energy, financials and industrials, and that speaks to an economic environment that’s in the early stages of a cycle.”</p><p><blockquote>“帕夫利克补充说：”今年迄今为止的领先行业是你所期望的。“能源、金融和工业，这表明经济环境正处于周期的早期阶段”。</blockquote></p><p> “(Investors) started the switch back to growth (stocks) after people started to buy in to (Fed Chair Jerome) Powell’s comments that focus on transitory inflation,” Pavlik added.</p><p><blockquote>“帕夫利克补充说：”在人们开始接受（美联储主席杰罗姆）鲍威尔关注短暂通胀的言论后，（投资者）开始转向成长型（股票）。</blockquote></p><p> “Some of the reopening trades have gotten a bit long in the tooth and that’s leading people back to growth.”</p><p><blockquote>“一些重新开放的行业已经有点长了，这正在引导人们恢复增长”。</blockquote></p><p> (Graphic: Growths stocks outperform value in June, narrow YTD gap, )</p><p><blockquote>（图表：6 月份成长型股票跑赢价值，年初至今差距缩小）</blockquote></p><p> <img src=\"https://static.tigerbbs.com/5b82b4dfdc765d913811f9d8572e60f6\" tg-width=\"964\" tg-height=\"723\" referrerpolicy=\"no-referrer\">“The overall stock market continues to be on a tear, with very consistent gains for quite some time,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. “Valuations, while certainly high by historical standards, have been at a fairly consistent level, benefiting from the economic recovery.”</p><p><blockquote>“纽约因弗内斯律师事务所首席投资策略师蒂姆-格里斯基（Tim Ghriskey）说：”整体股市继续上涨，在相当长一段时间内涨幅非常稳定。“虽然按历史标准来看，估值肯定很高，但受益于经济复苏，估值一直处于相当稳定的水平。”</blockquote></p><p> The private sector added 692,000 jobs in June, breezing past expectations, according to payroll processor ADP. The number is 92,000 higher than the private payroll adds economists predict from the Labor Department’s more comprehensive employment report due on Friday.</p><p><blockquote>根据薪资处理商 ADP 的数据，6 月份私营部门新增就业岗位 692,000 个，轻松超出预期。经济学家在劳工部将于周五发布的更全面的就业报告中补充说，这一数字比私人就业人数高出 9.2 万人。</blockquote></p><p> The Dow Jones Industrial Average rose 210.22 points, or 0.61%, to 34,502.51, the S&amp;P 500 gained 5.7 points, or 0.13%, to 4,297.5 and the Nasdaq Composite dropped 24.38 points, or 0.17%, to 14,503.95.</p><p><blockquote>道琼斯工业平均指数上涨 210.22 点，或 0.61%，至 34,502.51 点；标普500指数上涨 5.7 点，或 0.13%，至 4,297.5 点；纳斯达克综合指数下跌 24.38 点，或 0.17%，至 14,503.95 点。</blockquote></p><p> Among the 11 major sectors in the S&amp;P, six ended the session higher, with energy enjoying the biggest percentage gain. Real estate was the day’s biggest loser.</p><p><blockquote>在标准普尔的 11 个主要板块中，有 6 个板块收高，其中能源板块涨幅最大。房地产是当天最大的输家。</blockquote></p><p> Boeing Co gained 1.6% after Germany’s defense ministry announced it would buy five of the planemaker’s P-8A maritime control aircraft, coming on the heels of United Airlines unveiling its largest-ever order for new planes.</p><p><blockquote>在德国国防部宣布将购买该飞机制造商的五架 P-8A 海上管制飞机后，波音公司股价上涨了 1.6%。</blockquote></p><p> Walmart jumped 2.7% after announcing on Tuesday that it would start selling a prescription-only insulin analog.</p><p><blockquote>沃尔玛周二宣布将开始销售仅限处方的胰岛素类似物，股价上涨 2.7%。</blockquote></p><p> Micron Technology advanced 2.5% ahead of its quarterly earnings release, but was relatively unchanged in after-hours trading following the chipmaker’s quarterly results.</p><p><blockquote>美光科技在发布季度财报前上涨了 2.5%，但在芯片制造商公布季度财报后的盘后交易中股价相对持平。</blockquote></p><p> Advancing issues outnumbered declining ones on the NYSE by a 1.35-to-1 ratio; on Nasdaq, a 1.19-to-1 ratio favored decliners.</p><p><blockquote>纽约证券交易所上涨发行量超过下跌发行量，比例为 1.35 比 1；在纳斯达克，1.19 比 1 的比率有利于下跌者。</blockquote></p><p> The S&amp;P 500 posted 20 new 52-week highs and no new lows; the Nasdaq Composite recorded 70 new highs and 36 new lows.</p><p><blockquote>标普500创下20个52周新高，没有新低；纳斯达克综合指数创下70个新高和36个新低。</blockquote></p><p> Volume on U.S. exchanges was 10.85 billion shares, compared with the 11.05 billion average over the last 20 trading days.</p><p><blockquote>美国交易所的成交量为 108.5 亿股，而过去 20 个交易日的平均成交量为 110.5 亿股。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.reuters.com/article/us-usa-stocks/sp-500-notches-fifth-straight-record-closing-high-fifth-straight-quarterly-gain-idUSKCN2E619R\">Reuters</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://www.reuters.com/article/us-usa-stocks/sp-500-notches-fifth-straight-record-closing-high-fifth-straight-quarterly-gain-idUSKCN2E619R","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178516480","content_text":"NEW YORK (Reuters) - The S&P 500 nabbed its fifth straight record closing high on Wednesday as investors ended the month and the quarter by largely shrugging off positive economic data and looking toward Friday’s highly anticipated employment report.\nIn the last session of 2021’s first half, the indexes were languid and range-bound, with the blue-chip Dow posting gains, while the Nasdaq edged lower.\nAll three indexes posted their fifth consecutive quarterly gains, with the S&P rising 8.2%, the Nasdaq advancing 9.5% and the Dow rising 4.6%. The S&P 500 registered its second-best first-half performance since 1998, rising 14.5%.\n“It’s been a good quarter,” said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut. “As of last night’s close, the S&P has gained more than 14% year-to-date, topping the Dow and the Nasdaq. That indicates that the stock market is having a broad rally.”\nFor the month, the bellwether S&P 500 notched its fifth consecutive advance, while the Dow snapped its four-month winning streak to end slightly lower. The Nasdaq also gained ground in June.\nThis month, investor appetite shifted away from economically sensitive cyclicals in favor of growth stocks.\n“Leading sectors year-to-date are what you’d expect,” Pavlik added. “Energy, financials and industrials, and that speaks to an economic environment that’s in the early stages of a cycle.”\n“(Investors) started the switch back to growth (stocks) after people started to buy in to (Fed Chair Jerome) Powell’s comments that focus on transitory inflation,” Pavlik added.\n“Some of the reopening trades have gotten a bit long in the tooth and that’s leading people back to growth.”\n(Graphic: Growths stocks outperform value in June, narrow YTD gap, )\n“The overall stock market continues to be on a tear, with very consistent gains for quite some time,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. “Valuations, while certainly high by historical standards, have been at a fairly consistent level, benefiting from the economic recovery.”\nThe private sector added 692,000 jobs in June, breezing past expectations, according to payroll processor ADP. The number is 92,000 higher than the private payroll adds economists predict from the Labor Department’s more comprehensive employment report due on Friday.\nThe Dow Jones Industrial Average rose 210.22 points, or 0.61%, to 34,502.51, the S&P 500 gained 5.7 points, or 0.13%, to 4,297.5 and the Nasdaq Composite dropped 24.38 points, or 0.17%, to 14,503.95.\nAmong the 11 major sectors in the S&P, six ended the session higher, with energy enjoying the biggest percentage gain. Real estate was the day’s biggest loser.\nBoeing Co gained 1.6% after Germany’s defense ministry announced it would buy five of the planemaker’s P-8A maritime control aircraft, coming on the heels of United Airlines unveiling its largest-ever order for new planes.\nWalmart jumped 2.7% after announcing on Tuesday that it would start selling a prescription-only insulin analog.\nMicron Technology advanced 2.5% ahead of its quarterly earnings release, but was relatively unchanged in after-hours trading following the chipmaker’s quarterly results.\nAdvancing issues outnumbered declining ones on the NYSE by a 1.35-to-1 ratio; on Nasdaq, a 1.19-to-1 ratio favored decliners.\nThe S&P 500 posted 20 new 52-week highs and no new lows; the Nasdaq Composite recorded 70 new highs and 36 new lows.\nVolume on U.S. exchanges was 10.85 billion shares, compared with the 11.05 billion average over the last 20 trading days.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":3288,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":321616587,"gmtCreate":1615428461449,"gmtModify":1703488915809,"author":{"id":"3572161139823685","authorId":"3572161139823685","name":"ADL","avatar":"https://static.tigerbbs.com/46f309a3de1b3b77e46ca01bc05767be","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572161139823685","idStr":"3572161139823685"},"themes":[],"title":"","htmlText":"annnnd more people are&nbsp;gonna hedge? like and discuss!","listText":"annnnd more people are&nbsp;gonna hedge? like and discuss!","text":"annnnd more people are gonna hedge? like and discuss!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/321616587","repostId":"1189640767","repostType":4,"isVote":1,"tweetType":1,"viewCount":555,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":343278823,"gmtCreate":1617721256562,"gmtModify":1631891738041,"author":{"id":"3572161139823685","authorId":"3572161139823685","name":"ADL","avatar":"https://static.tigerbbs.com/46f309a3de1b3b77e46ca01bc05767be","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572161139823685","idStr":"3572161139823685"},"themes":[],"title":"","htmlText":"lets go","listText":"lets go","text":"lets go","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/343278823","repostId":"1101907559","repostType":4,"repost":{"id":"1101907559","kind":"news","pubTimestamp":1617672655,"share":"https://www.laohunote.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 可能是对的</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，没有人能确定所谓家族办公室数十亿美元的投资损失不会蔓延。</b>金融危机永远不会完全相同。20 世纪 80 年代末，全国近三分之一的储蓄和贷款协会倒闭，最终纳税人获得了约 2650 亿美元的救助（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，亚洲和俄罗斯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。它的影响力和运作方式如此之大，以至于美联储主席艾伦-格林斯潘（Alan Greenspan）说，当 LTCM 失败时，“他一生中从未见过任何能与他感受到的恐怖相提并论的东西”。LTCM 被认为 “大到不能倒”，他策划了 14 家美国主要金融机构的救助计划。</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，其中一些机构过度使用杠杆，以及美国房地产泡沫的破裂，导致美国金融体系几近崩溃。大银行又一次被认为太大而不能倒，纳税人出手相救。</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的爆炸，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>对于门外汉来说，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 家家族理财室，但市场研究公司坎普登研究公司（Campden Research）的另一项估计显示，管理规模接近 6 万亿美元。鉴于 2019 年的数据，这 6 万亿美元现在可能要高得多。</blockquote></p><p> <b>Unregulated money managers</b></p><p><blockquote><b>不受监管的资金管理人</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>这就是潜在的危险。家族理财室一般不受监管。1940 年的《投资顾问法》规定，拥有 15 家或以下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在起作用，没有人能真正说出谁在管理这笔钱，投资了什么，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。该公司大力押注某些中国股票，包括电子商务公司唯品会控股有限公司（Vipshop Holdings Ltd.VIPS），-1.19%，美国上市中国辅导公司跟谁学公司（GSX），-10.63%，以及美国媒体公司ViacomCBS Inc.VIAC，-3.90%和Discovery Inc.DISCA，-3.86%等。股价最近暴跌，引发了 Archegos 的大规模出售——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 与华尔街的一些大公司合作，包括瑞士信贷集团 AGCS（+1.59%）、瑞银集团 AGUBS（+1.01%）、高盛集团 GS（-1.25%）、摩根士丹利 MS（-0.28%）、德意志银行 AGDB，+0.74% 和野村控股公司 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>但是，由于家族理财室在很大程度上被允许不受监管地运营，谁能说出这里到底涉及多少钱，市场风险有多大？我的同事马克-德坎布雷（Mark DeCambre）上周报道称，Archegos 的真实不良交易风险实际上可能接近 1000 亿美元。</blockquote></p><p> <b>Danger of counterparty risk</b></p><p><blockquote><b>交易对手风险</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来源。随着 Archegos 的赌注走向南方，上述银行--考虑到自己的损失--用保证金评级打击了该公司。德意志银行很快抛售了约 40 亿美元的持股，而据说高盛和摩根士丹利也已解除头寸，这或许限制了它们的下行空间。</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？似乎并非如此。即便如此，美国证券交易委员会已对 Archegos 及其创始人 Bill Hwang 展开初步调查。</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>一位同行，Fundstrat Global Advisors 的研究主管 Tom Lee，将评级-黄（John Hwang）列为他所知道的 “十大最佳投资头脑 ”之一。</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，黄的前对冲基金老虎亚洲管理公司（Tiger Asia Management）被指控利用有关中国银行的非法线索进行交易，认罪并支付了 6000 多万美元的罚款。美国证券交易委员会禁止黄代表客户管理资金——实质上将他逐出了对冲基金行业。于是 Hwang 开了 Archegos，再说一遍，家族办公室一般都不受监管。</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（Janet Yellen）的关注。她上周表示，需要对金融业的这些私人角落进行更严格的监管。她监管的金融稳定监督委员会（FSOC）重新启动了一个特别工作组，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·林肯的话来说，家族理财室——一个价值数万亿美元的行业，在很大程度上被允许在比以往任何时候都更加错综复杂的全球金融体系的阴影中运作——属于超级富豪，由超级富豪拥有，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的崩溃可能是也可能不是另一场金融危机的开始。但是，谁能说成千上万的其他家族理财室如何处理他们的数万亿美元，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 可能是对的</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\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 可能是对的</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，没有人能确定所谓家族办公室数十亿美元的投资损失不会蔓延。</b>金融危机永远不会完全相同。20 世纪 80 年代末，全国近三分之一的储蓄和贷款协会倒闭，最终纳税人获得了约 2650 亿美元的救助（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，亚洲和俄罗斯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。它的影响力和运作方式如此之大，以至于美联储主席艾伦-格林斯潘（Alan Greenspan）说，当 LTCM 失败时，“他一生中从未见过任何能与他感受到的恐怖相提并论的东西”。LTCM 被认为 “大到不能倒”，他策划了 14 家美国主要金融机构的救助计划。</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，其中一些机构过度使用杠杆，以及美国房地产泡沫的破裂，导致美国金融体系几近崩溃。大银行又一次被认为太大而不能倒，纳税人出手相救。</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的爆炸，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>对于门外汉来说，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 家家族理财室，但市场研究公司坎普登研究公司（Campden Research）的另一项估计显示，管理规模接近 6 万亿美元。鉴于 2019 年的数据，这 6 万亿美元现在可能要高得多。</blockquote></p><p> <b>Unregulated money managers</b></p><p><blockquote><b>不受监管的资金管理人</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>这就是潜在的危险。家族理财室一般不受监管。1940 年的《投资顾问法》规定，拥有 15 家或以下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在起作用，没有人能真正说出谁在管理这笔钱，投资了什么，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。该公司大力押注某些中国股票，包括电子商务公司唯品会控股有限公司（Vipshop Holdings Ltd.VIPS），-1.19%，美国上市中国辅导公司跟谁学公司（GSX），-10.63%，以及美国媒体公司ViacomCBS Inc.VIAC，-3.90%和Discovery Inc.DISCA，-3.86%等。股价最近暴跌，引发了 Archegos 的大规模出售——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 与华尔街的一些大公司合作，包括瑞士信贷集团 AGCS（+1.59%）、瑞银集团 AGUBS（+1.01%）、高盛集团 GS（-1.25%）、摩根士丹利 MS（-0.28%）、德意志银行 AGDB，+0.74% 和野村控股公司 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>但是，由于家族理财室在很大程度上被允许不受监管地运营，谁能说出这里到底涉及多少钱，市场风险有多大？我的同事马克-德坎布雷（Mark DeCambre）上周报道称，Archegos 的真实不良交易风险实际上可能接近 1000 亿美元。</blockquote></p><p> <b>Danger of counterparty risk</b></p><p><blockquote><b>交易对手风险</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来源。随着 Archegos 的赌注走向南方，上述银行--考虑到自己的损失--用保证金评级打击了该公司。德意志银行很快抛售了约 40 亿美元的持股，而据说高盛和摩根士丹利也已解除头寸，这或许限制了它们的下行空间。</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？似乎并非如此。即便如此，美国证券交易委员会已对 Archegos 及其创始人 Bill Hwang 展开初步调查。</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>一位同行，Fundstrat Global Advisors 的研究主管 Tom Lee，将评级-黄（John Hwang）列为他所知道的 “十大最佳投资头脑 ”之一。</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，黄的前对冲基金老虎亚洲管理公司（Tiger Asia Management）被指控利用有关中国银行的非法线索进行交易，认罪并支付了 6000 多万美元的罚款。美国证券交易委员会禁止黄代表客户管理资金——实质上将他逐出了对冲基金行业。于是 Hwang 开了 Archegos，再说一遍，家族办公室一般都不受监管。</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（Janet Yellen）的关注。她上周表示，需要对金融业的这些私人角落进行更严格的监管。她监管的金融稳定监督委员会（FSOC）重新启动了一个特别工作组，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·林肯的话来说，家族理财室——一个价值数万亿美元的行业，在很大程度上被允许在比以往任何时候都更加错综复杂的全球金融体系的阴影中运作——属于超级富豪，由超级富豪拥有，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的崩溃可能是也可能不是另一场金融危机的开始。但是，谁能说成千上万的其他家族理财室如何处理他们的数万亿美元，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":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite","SPY":"标普500ETF"},"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,".SPX":0.9,".DJI":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":2530,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":387791978,"gmtCreate":1613783827194,"gmtModify":1634552259941,"author":{"id":"3572161139823685","authorId":"3572161139823685","name":"ADL","avatar":"https://static.tigerbbs.com/46f309a3de1b3b77e46ca01bc05767be","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572161139823685","idStr":"3572161139823685"},"themes":[],"title":"","htmlText":"time to hedge on futures!","listText":"time to hedge on futures!","text":"time to hedge on futures!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/387791978","repostId":"2112881103","repostType":4,"isVote":1,"tweetType":1,"viewCount":689,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":322846470,"gmtCreate":1615798494090,"gmtModify":1703493094338,"author":{"id":"3572161139823685","authorId":"3572161139823685","name":"ADL","avatar":"https://static.tigerbbs.com/46f309a3de1b3b77e46ca01bc05767be","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572161139823685","idStr":"3572161139823685"},"themes":[],"title":"","htmlText":"this is the inevitable. like and comment on the inevitability of automation!","listText":"this is the inevitable. like and comment on the inevitability of automation!","text":"this is the inevitable. like and comment on the inevitability of automation!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/322846470","repostId":"1177644660","repostType":4,"repost":{"id":"1177644660","kind":"news","pubTimestamp":1615797989,"share":"https://www.laohunote.com/m/news/1177644660?lang=zh_CN&edition=full","pubTime":"2021-03-15 16:46","market":"us","language":"en","title":"Accelerating Industrial Automation and the Companies to Watch<blockquote>加速工业自动化和值得关注的公司</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1177644660","media":"nasdaq","summary":"Last week we kicked off our automation series with an overview of the various sectors of the economy","content":"<p>Last week we kicked off our automation series with an overview of the various sectors of the economy that are ramping up their automation levels. This week we are doing a deeper dive into&nbsp;<i>industrial automation</i>, which was already seeing an acceleration pre-pandemic. The pandemic provided further powerful tailwinds as human interaction became riskier and supply chains were brutally disrupted. The new US presidential administration is likely to push for higher wages, which only adds further momentum to this trend.</p><p><blockquote>上周，我们开始了自动化系列，概述了正在提高自动化水平的各个经济部门。本周我们将更深入地探讨<i>工业自动化</i>在大流行之前，这一趋势已经加速。随着人际交往变得更加危险，供应链遭到残酷破坏，疫情提供了更强大的推动力。美国新一届总统政府可能会推动提高工资，这只会进一步推动这一趋势。</blockquote></p><p> The pandemic forced many factories to either close or materially reduce their output, which caused industrial production to drop to a&nbsp;level not seen in over ten years&nbsp;and a&nbsp;profound loss of jobs&nbsp;that have still not yet been recovered. As the lockdowns eased, companies had to find ways to make their production lines safe, which meant fewer people on-site and increased the need for automation to allow for greater production levels at a lower level of labor.</p><p><blockquote>疫情迫使许多工厂关闭或大幅减产，导致工业生产降至十多年来未见的水平，并导致工作岗位严重流失，至今仍未恢复。随着封锁的放松，公司必须找到方法来确保生产线的安全，这意味着现场人员减少，并增加了对自动化的需求，以便以较低的劳动力水平实现更高的生产水平。</blockquote></p><p> The&nbsp;2021 BDO Manufacturing CFO Outlook Survey, conducted in September 2020, provides some fantastic insight into how things are changing for those manufacturing companies with revenues ranging from $250 million to $3 billion and how the pandemic has affected them. According to the report, “Prior to the pandemic, the&nbsp;Industry 4.0&nbsp;paradigm shift was already underway, bringing together the physical and digital worlds to change the fundamentals of production. COVID-19 has accelerated the paradigm, compressing the timeframe for the industry to get on board.” The top CFO priority for 2021 is “Investing in Technology or Infrastructure.” The most critical factor for recovery, according to middle-market manufacturers, is “Supply Chain Stability” followed by “Productivity Gains” and when it comes to evolving their workforce strategy in the coming year, the second-highest priority (after diversity and inclusion as a business strategy) is automating manual labor.</p><p><blockquote>2020 年 9 月进行的 2021 年 BDO 制造业首席财务官展望调查为那些收入在 2.5 亿美元至 30 亿美元之间的制造公司的情况如何变化以及疫情如何影响它们提供了一些精彩的见解。报告称，“在大流行病之前，工业 4.0 的范式转变就已经开始，它将物理世界和数字世界结合在一起，改变了生产的基本面。COVID-19 加速了这一范式的转变，压缩了行业加入进来的时间框架”。2021 年首席财务官的首要任务是 “投资技术或基础设施”。中端市场制造商认为，复苏的最关键因素是 “供应链稳定 ”，其次是 “生产率提高 ”，在来年制定劳动力战略时，第二大优先事项（仅次于将多元化和包容性作为一项商业战略）是实现体力劳动自动化。</blockquote></p><p> According to the recent research report, “Industrial Automation Market&nbsp;by Component (Plant-level Controls, Enterprise-level Controls, Plant Instrumentation), Mode of Automation (Semi-automatic, Fully-automatic), and End User (Oil &amp; Gas, Automotive, Food &amp; Beverage) - Global Forecast to 2027”, the industrial automation market is expected to grow at a CAGR of 9.3% from 2020 to 2027, growing from $164.2 billion to $306.2 billion by 2027.</p><p><blockquote>根据最近的研究报告《按组件（工厂级控制、企业级控制、工厂仪表）、自动化模式（半自动、全自动）和最终用户（石油和天然气、汽车、食品和饮料）划分的工业自动化市场 - 2027 年全球预测》，工业自动化市场预计从 2020 年到 2027 年将以 9.3% 的复合年增长率增长，到 2027 年将从 1642 亿美元增长到 3062 亿美元。</blockquote></p><p> Industrial automation is in the midst of a game-changing transformation. Advancements such as machine learning, augmented reality,&nbsp;cyber-physical systems, autonomous assets, real-time analytics, and the IIoT (Industrial Internet of Things) promise extraordinary operational achievements. In addition, we are seeing similar pressures here against closed systems that we saw in corporate automation (which we will cover in the weeks to come). In much the way that consumers of office software and automation systems pushed for solutions being more easily integrated with other products and less fussy (technical term) about the platforms on which they operate, we are seeing similar demands for industrial automation solutions. This bodes well for more flexible and more rapidly improving solutions.</p><p><blockquote>工业自动化正处于一场改变游戏规则的变革之中。机器学习、增强现实、信息物理系统、自主资产、实时分析和 IIoT（工业物联网）等进步有望取得非凡的运营成就。此外，我们在这里看到了与我们在企业自动化中看到的封闭系统类似的压力（我们将在未来几周内讨论）。办公软件和自动化系统的消费者推动解决方案更容易与其他产品集成，并对其运行的平台不那么挑剔（技术术语），我们看到了对工业自动化解决方案的类似需求。这预示着更灵活、改进更快的解决方案。</blockquote></p><p> Closed systems are expensive to upgrade and maintain, limit innovation and restrict access to best-of-breed technologies. Just as we’ve seen in the office, industrial enterprises are increasingly demanding open, standards-based automation systems that are portable, interoperable, and intrinsically cyber secure. As we look towards the future, we see digital-first industrial enterprises and smart factories using universal automation that will significantly increase efficiency, reliability, and productivity from safe and secure (often remote) operations that easily adapt to market changes and customer demands. In short, industrial operations of the future will be data-driven, asset-centric architectures leveraging human innovation rather than relying on a workforce engaged in endless repetitive tasks. We also expect to see accelerated adoption of&nbsp;edge computing&nbsp;along with 5G and&nbsp;WiFi 6. After experiencing first-hand the vulnerabilities of their operations during lockdowns, we expect to see a push to implement systems that will allow for maintenance and upgrades to be conducted remotely and/or via automation.</p><p><blockquote>封闭系统的升级和维护成本高昂，限制了创新并限制了对同类最佳技术的获取。正如我们在 office 中看到的那样，工业企业对开放式、基于标准的自动化系统的要求越来越高，这些系统具有可移植性、互操作性和本质上的网络安全性。展望未来，我们看到数字化优先的工业企业和智能工厂使用通用自动化，这将通过安全可靠（通常是远程）的操作显着提高效率、可靠性和生产力，这些操作可以轻松适应市场变化和客户需求。简而言之，未来的工业运营将是数据驱动、以资产为中心的架构，利用人类创新，而不是依赖于从事无休止重复性任务的劳动力。我们还预计边缘计算以及5G和WiFi 6的加速采用。在亲身体验了他们在封锁期间运营的漏洞后，我们预计将推动实施允许远程和/或通过自动化进行维护和升级的系统。</blockquote></p><p> <b>What does this mean for investors?</b></p><p><blockquote><b>这对投资者意味着什么？</b></blockquote></p><p> First, much of this automation is going to be dependent on expanded data networks such as 5G and WiFi 6, which means further demand for products from companies providing the underlying digital infrastructure technologies such as&nbsp;<b>Maxlinear (MXL)</b>,&nbsp;<b>Skyworks Solutions Inc (SWKS)</b>,&nbsp;<b>Applied Optoelectronics Inc (AAOI),</b>and&nbsp;<b>Broadcom (AVGO)</b>.</p><p><blockquote>首先，这种自动化的大部分将依赖于5G和WiFi 6等扩展的数据网络，这意味着对提供底层数字基础设施技术的公司的产品的进一步需求，例如<b>最大线性（MXL）</b>, <b>Skyworks 解决方案公司 (SWKS)</b>, <b>应用光电公司（AAOI），</b>和<b>博通（AVGO）</b>.</blockquote></p><p></p><p> Companies providing factory automation products include&nbsp;<b>Fanuc (FANUY),Danaher Corporation (DHR), Siemens AG (SIEGY), Yaskawa Electric Corp (YASKF), Emerson Electric Co (EMR),Honeywell (HON),Rockwell Automation Inc (ROK),</b>and<b>&nbsp;Eaton Corp (ETN).</b></p><p><blockquote>提供工厂自动化产品的公司包括<b>发那科 (FANUY)、丹纳赫公司 (DHR)、西门子公司 (SIEGY)、安川电机公司 (YASKF)、艾默生电气公司 (EMR)、霍尼韦尔 (HON)、罗克韦尔自动化公司 (ROK)、</b>和<b>伊顿公司（ETN）。</b></blockquote></p><p> Finally, let us not forget that many manufacturers are turning to 3D printing, which bodes well for companies such as The&nbsp;<b>ExOne Co (XONE)</b>, Markforged - which has&nbsp;announced plans&nbsp;to go public via a merger with publicly trade SPAC&nbsp;<b>One (AONE),Stratasys Ltd (SSYS)</b>, and&nbsp;<b>Materialise NV (MTLS).</b></p><p><blockquote>最后，我们不要忘记，许多制造商正在转向 3D 打印，这对公司来说是个好兆头，例如<b>外显子Co（XONE）</b>Markforged - 已宣布计划通过与 publicly trade SPAC 合并上市<b>One (AONE)、Stratasys Ltd (SSYS)</b>，和<b>物化NV（MTLS）。</b></blockquote></p><p> <u>Disclosures</u></p><p><blockquote><u>披露</u></blockquote></p><p> <b>Maxlinear (MXL)</b>,&nbsp;<b>Skyworks Solutions Inc (SWKS)</b>,&nbsp;<b>Applied Optoelectronics Inc (AAOI),</b>and&nbsp;<b>Broadcom (AVGO)</b>&nbsp;are constituents in the&nbsp;Tematica BITA Digital Infrastructure and Connectivity Index.</p><p><blockquote><b>最大线性（MXL）</b>, <b>Skyworks 解决方案公司 (SWKS)</b>, <b>应用光电公司（AAOI），</b>和<b>博通（AVGO）</b>是Tematica BITA数字基础设施和连接指数的组成部分。</blockquote></p><p></p>","source":"lsy1603171495471","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Accelerating Industrial Automation and the Companies to Watch<blockquote>加速工业自动化和值得关注的公司</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAccelerating Industrial Automation and the Companies to Watch<blockquote>加速工业自动化和值得关注的公司</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">nasdaq</strong><span class=\"h-time small\">2021-03-15 16:46</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Last week we kicked off our automation series with an overview of the various sectors of the economy that are ramping up their automation levels. This week we are doing a deeper dive into&nbsp;<i>industrial automation</i>, which was already seeing an acceleration pre-pandemic. The pandemic provided further powerful tailwinds as human interaction became riskier and supply chains were brutally disrupted. The new US presidential administration is likely to push for higher wages, which only adds further momentum to this trend.</p><p><blockquote>上周，我们开始了自动化系列，概述了正在提高自动化水平的各个经济部门。本周我们将更深入地探讨<i>工业自动化</i>在大流行之前，这一趋势已经加速。随着人际交往变得更加危险，供应链遭到残酷破坏，疫情提供了更强大的推动力。美国新一届总统政府可能会推动提高工资，这只会进一步推动这一趋势。</blockquote></p><p> The pandemic forced many factories to either close or materially reduce their output, which caused industrial production to drop to a&nbsp;level not seen in over ten years&nbsp;and a&nbsp;profound loss of jobs&nbsp;that have still not yet been recovered. As the lockdowns eased, companies had to find ways to make their production lines safe, which meant fewer people on-site and increased the need for automation to allow for greater production levels at a lower level of labor.</p><p><blockquote>疫情迫使许多工厂关闭或大幅减产，导致工业生产降至十多年来未见的水平，并导致工作岗位严重流失，至今仍未恢复。随着封锁的放松，公司必须找到方法来确保生产线的安全，这意味着现场人员减少，并增加了对自动化的需求，以便以较低的劳动力水平实现更高的生产水平。</blockquote></p><p> The&nbsp;2021 BDO Manufacturing CFO Outlook Survey, conducted in September 2020, provides some fantastic insight into how things are changing for those manufacturing companies with revenues ranging from $250 million to $3 billion and how the pandemic has affected them. According to the report, “Prior to the pandemic, the&nbsp;Industry 4.0&nbsp;paradigm shift was already underway, bringing together the physical and digital worlds to change the fundamentals of production. COVID-19 has accelerated the paradigm, compressing the timeframe for the industry to get on board.” The top CFO priority for 2021 is “Investing in Technology or Infrastructure.” The most critical factor for recovery, according to middle-market manufacturers, is “Supply Chain Stability” followed by “Productivity Gains” and when it comes to evolving their workforce strategy in the coming year, the second-highest priority (after diversity and inclusion as a business strategy) is automating manual labor.</p><p><blockquote>2020 年 9 月进行的 2021 年 BDO 制造业首席财务官展望调查为那些收入在 2.5 亿美元至 30 亿美元之间的制造公司的情况如何变化以及疫情如何影响它们提供了一些精彩的见解。报告称，“在大流行病之前，工业 4.0 的范式转变就已经开始，它将物理世界和数字世界结合在一起，改变了生产的基本面。COVID-19 加速了这一范式的转变，压缩了行业加入进来的时间框架”。2021 年首席财务官的首要任务是 “投资技术或基础设施”。中端市场制造商认为，复苏的最关键因素是 “供应链稳定 ”，其次是 “生产率提高 ”，在来年制定劳动力战略时，第二大优先事项（仅次于将多元化和包容性作为一项商业战略）是实现体力劳动自动化。</blockquote></p><p> According to the recent research report, “Industrial Automation Market&nbsp;by Component (Plant-level Controls, Enterprise-level Controls, Plant Instrumentation), Mode of Automation (Semi-automatic, Fully-automatic), and End User (Oil &amp; Gas, Automotive, Food &amp; Beverage) - Global Forecast to 2027”, the industrial automation market is expected to grow at a CAGR of 9.3% from 2020 to 2027, growing from $164.2 billion to $306.2 billion by 2027.</p><p><blockquote>根据最近的研究报告《按组件（工厂级控制、企业级控制、工厂仪表）、自动化模式（半自动、全自动）和最终用户（石油和天然气、汽车、食品和饮料）划分的工业自动化市场 - 2027 年全球预测》，工业自动化市场预计从 2020 年到 2027 年将以 9.3% 的复合年增长率增长，到 2027 年将从 1642 亿美元增长到 3062 亿美元。</blockquote></p><p> Industrial automation is in the midst of a game-changing transformation. Advancements such as machine learning, augmented reality,&nbsp;cyber-physical systems, autonomous assets, real-time analytics, and the IIoT (Industrial Internet of Things) promise extraordinary operational achievements. In addition, we are seeing similar pressures here against closed systems that we saw in corporate automation (which we will cover in the weeks to come). In much the way that consumers of office software and automation systems pushed for solutions being more easily integrated with other products and less fussy (technical term) about the platforms on which they operate, we are seeing similar demands for industrial automation solutions. This bodes well for more flexible and more rapidly improving solutions.</p><p><blockquote>工业自动化正处于一场改变游戏规则的变革之中。机器学习、增强现实、信息物理系统、自主资产、实时分析和 IIoT（工业物联网）等进步有望取得非凡的运营成就。此外，我们在这里看到了与我们在企业自动化中看到的封闭系统类似的压力（我们将在未来几周内讨论）。办公软件和自动化系统的消费者推动解决方案更容易与其他产品集成，并对其运行的平台不那么挑剔（技术术语），我们看到了对工业自动化解决方案的类似需求。这预示着更灵活、改进更快的解决方案。</blockquote></p><p> Closed systems are expensive to upgrade and maintain, limit innovation and restrict access to best-of-breed technologies. Just as we’ve seen in the office, industrial enterprises are increasingly demanding open, standards-based automation systems that are portable, interoperable, and intrinsically cyber secure. As we look towards the future, we see digital-first industrial enterprises and smart factories using universal automation that will significantly increase efficiency, reliability, and productivity from safe and secure (often remote) operations that easily adapt to market changes and customer demands. In short, industrial operations of the future will be data-driven, asset-centric architectures leveraging human innovation rather than relying on a workforce engaged in endless repetitive tasks. We also expect to see accelerated adoption of&nbsp;edge computing&nbsp;along with 5G and&nbsp;WiFi 6. After experiencing first-hand the vulnerabilities of their operations during lockdowns, we expect to see a push to implement systems that will allow for maintenance and upgrades to be conducted remotely and/or via automation.</p><p><blockquote>封闭系统的升级和维护成本高昂，限制了创新并限制了对同类最佳技术的获取。正如我们在 office 中看到的那样，工业企业对开放式、基于标准的自动化系统的要求越来越高，这些系统具有可移植性、互操作性和本质上的网络安全性。展望未来，我们看到数字化优先的工业企业和智能工厂使用通用自动化，这将通过安全可靠（通常是远程）的操作显着提高效率、可靠性和生产力，这些操作可以轻松适应市场变化和客户需求。简而言之，未来的工业运营将是数据驱动、以资产为中心的架构，利用人类创新，而不是依赖于从事无休止重复性任务的劳动力。我们还预计边缘计算以及5G和WiFi 6的加速采用。在亲身体验了他们在封锁期间运营的漏洞后，我们预计将推动实施允许远程和/或通过自动化进行维护和升级的系统。</blockquote></p><p> <b>What does this mean for investors?</b></p><p><blockquote><b>这对投资者意味着什么？</b></blockquote></p><p> First, much of this automation is going to be dependent on expanded data networks such as 5G and WiFi 6, which means further demand for products from companies providing the underlying digital infrastructure technologies such as&nbsp;<b>Maxlinear (MXL)</b>,&nbsp;<b>Skyworks Solutions Inc (SWKS)</b>,&nbsp;<b>Applied Optoelectronics Inc (AAOI),</b>and&nbsp;<b>Broadcom (AVGO)</b>.</p><p><blockquote>首先，这种自动化的大部分将依赖于5G和WiFi 6等扩展的数据网络，这意味着对提供底层数字基础设施技术的公司的产品的进一步需求，例如<b>最大线性（MXL）</b>, <b>Skyworks 解决方案公司 (SWKS)</b>, <b>应用光电公司（AAOI），</b>和<b>博通（AVGO）</b>.</blockquote></p><p></p><p> Companies providing factory automation products include&nbsp;<b>Fanuc (FANUY),Danaher Corporation (DHR), Siemens AG (SIEGY), Yaskawa Electric Corp (YASKF), Emerson Electric Co (EMR),Honeywell (HON),Rockwell Automation Inc (ROK),</b>and<b>&nbsp;Eaton Corp (ETN).</b></p><p><blockquote>提供工厂自动化产品的公司包括<b>发那科 (FANUY)、丹纳赫公司 (DHR)、西门子公司 (SIEGY)、安川电机公司 (YASKF)、艾默生电气公司 (EMR)、霍尼韦尔 (HON)、罗克韦尔自动化公司 (ROK)、</b>和<b>伊顿公司（ETN）。</b></blockquote></p><p> Finally, let us not forget that many manufacturers are turning to 3D printing, which bodes well for companies such as The&nbsp;<b>ExOne Co (XONE)</b>, Markforged - which has&nbsp;announced plans&nbsp;to go public via a merger with publicly trade SPAC&nbsp;<b>One (AONE),Stratasys Ltd (SSYS)</b>, and&nbsp;<b>Materialise NV (MTLS).</b></p><p><blockquote>最后，我们不要忘记，许多制造商正在转向 3D 打印，这对公司来说是个好兆头，例如<b>外显子Co（XONE）</b>Markforged - 已宣布计划通过与 publicly trade SPAC 合并上市<b>One (AONE)、Stratasys Ltd (SSYS)</b>，和<b>物化NV（MTLS）。</b></blockquote></p><p> <u>Disclosures</u></p><p><blockquote><u>披露</u></blockquote></p><p> <b>Maxlinear (MXL)</b>,&nbsp;<b>Skyworks Solutions Inc (SWKS)</b>,&nbsp;<b>Applied Optoelectronics Inc (AAOI),</b>and&nbsp;<b>Broadcom (AVGO)</b>&nbsp;are constituents in the&nbsp;Tematica BITA Digital Infrastructure and Connectivity Index.</p><p><blockquote><b>最大线性（MXL）</b>, <b>Skyworks 解决方案公司 (SWKS)</b>, <b>应用光电公司（AAOI），</b>和<b>博通（AVGO）</b>是Tematica BITA数字基础设施和连接指数的组成部分。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.nasdaq.com/articles/accelerating-industrial-automation-and-the-companies-to-watch-2021-03-12\">nasdaq</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.nasdaq.com/articles/accelerating-industrial-automation-and-the-companies-to-watch-2021-03-12","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1177644660","content_text":"Last week we kicked off our automation series with an overview of the various sectors of the economy that are ramping up their automation levels. This week we are doing a deeper dive into industrial automation, which was already seeing an acceleration pre-pandemic. The pandemic provided further powerful tailwinds as human interaction became riskier and supply chains were brutally disrupted. The new US presidential administration is likely to push for higher wages, which only adds further momentum to this trend.\nThe pandemic forced many factories to either close or materially reduce their output, which caused industrial production to drop to a level not seen in over ten years and a profound loss of jobs that have still not yet been recovered. As the lockdowns eased, companies had to find ways to make their production lines safe, which meant fewer people on-site and increased the need for automation to allow for greater production levels at a lower level of labor.\nThe 2021 BDO Manufacturing CFO Outlook Survey, conducted in September 2020, provides some fantastic insight into how things are changing for those manufacturing companies with revenues ranging from $250 million to $3 billion and how the pandemic has affected them. According to the report, “Prior to the pandemic, the Industry 4.0 paradigm shift was already underway, bringing together the physical and digital worlds to change the fundamentals of production. COVID-19 has accelerated the paradigm, compressing the timeframe for the industry to get on board.” The top CFO priority for 2021 is “Investing in Technology or Infrastructure.” The most critical factor for recovery, according to middle-market manufacturers, is “Supply Chain Stability” followed by “Productivity Gains” and when it comes to evolving their workforce strategy in the coming year, the second-highest priority (after diversity and inclusion as a business strategy) is automating manual labor.\nAccording to the recent research report, “Industrial Automation Market by Component (Plant-level Controls, Enterprise-level Controls, Plant Instrumentation), Mode of Automation (Semi-automatic, Fully-automatic), and End User (Oil & Gas, Automotive, Food & Beverage) - Global Forecast to 2027”, the industrial automation market is expected to grow at a CAGR of 9.3% from 2020 to 2027, growing from $164.2 billion to $306.2 billion by 2027.\nIndustrial automation is in the midst of a game-changing transformation. Advancements such as machine learning, augmented reality, cyber-physical systems, autonomous assets, real-time analytics, and the IIoT (Industrial Internet of Things) promise extraordinary operational achievements. In addition, we are seeing similar pressures here against closed systems that we saw in corporate automation (which we will cover in the weeks to come). In much the way that consumers of office software and automation systems pushed for solutions being more easily integrated with other products and less fussy (technical term) about the platforms on which they operate, we are seeing similar demands for industrial automation solutions. This bodes well for more flexible and more rapidly improving solutions.\nClosed systems are expensive to upgrade and maintain, limit innovation and restrict access to best-of-breed technologies. Just as we’ve seen in the office, industrial enterprises are increasingly demanding open, standards-based automation systems that are portable, interoperable, and intrinsically cyber secure. As we look towards the future, we see digital-first industrial enterprises and smart factories using universal automation that will significantly increase efficiency, reliability, and productivity from safe and secure (often remote) operations that easily adapt to market changes and customer demands. In short, industrial operations of the future will be data-driven, asset-centric architectures leveraging human innovation rather than relying on a workforce engaged in endless repetitive tasks. We also expect to see accelerated adoption of edge computing along with 5G and WiFi 6. After experiencing first-hand the vulnerabilities of their operations during lockdowns, we expect to see a push to implement systems that will allow for maintenance and upgrades to be conducted remotely and/or via automation.\nWhat does this mean for investors?\nFirst, much of this automation is going to be dependent on expanded data networks such as 5G and WiFi 6, which means further demand for products from companies providing the underlying digital infrastructure technologies such as Maxlinear (MXL), Skyworks Solutions Inc (SWKS), Applied Optoelectronics Inc (AAOI),and Broadcom (AVGO).\nCompanies providing factory automation products include Fanuc (FANUY),Danaher Corporation (DHR), Siemens AG (SIEGY), Yaskawa Electric Corp (YASKF), Emerson Electric Co (EMR),Honeywell (HON),Rockwell Automation Inc (ROK),and Eaton Corp (ETN).\nFinally, let us not forget that many manufacturers are turning to 3D printing, which bodes well for companies such as The ExOne Co (XONE), Markforged - which has announced plans to go public via a merger with publicly trade SPAC One (AONE),Stratasys Ltd (SSYS), and Materialise NV (MTLS).\nDisclosures\nMaxlinear (MXL), Skyworks Solutions Inc (SWKS), Applied Optoelectronics Inc (AAOI),and Broadcom (AVGO) are constituents in the Tematica BITA Digital Infrastructure and Connectivity Index.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":539,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":329219303,"gmtCreate":1615250074602,"gmtModify":1703486212053,"author":{"id":"3572161139823685","authorId":"3572161139823685","name":"ADL","avatar":"https://static.tigerbbs.com/46f309a3de1b3b77e46ca01bc05767be","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572161139823685","idStr":"3572161139823685"},"themes":[],"title":"","htmlText":"A transition means a safer allocation of money?","listText":"A transition means a safer allocation of money?","text":"A transition means a safer allocation of money?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/329219303","repostId":"2118733697","repostType":4,"isVote":1,"tweetType":1,"viewCount":697,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":367686555,"gmtCreate":1614944749577,"gmtModify":1703483277847,"author":{"id":"3572161139823685","authorId":"3572161139823685","name":"ADL","avatar":"https://static.tigerbbs.com/46f309a3de1b3b77e46ca01bc05767be","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572161139823685","idStr":"3572161139823685"},"themes":[],"title":"","htmlText":"frosty forecast¡","listText":"frosty forecast¡","text":"frosty forecast¡","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/367686555","repostId":"2117201682","repostType":4,"isVote":1,"tweetType":1,"viewCount":698,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":365072565,"gmtCreate":1614685232357,"gmtModify":1703479825887,"author":{"id":"3572161139823685","authorId":"3572161139823685","name":"ADL","avatar":"https://static.tigerbbs.com/46f309a3de1b3b77e46ca01bc05767be","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572161139823685","idStr":"3572161139823685"},"themes":[],"title":"","htmlText":"help a brother out. do like my comment :)","listText":"help a brother out. do like my comment :)","text":"help a brother out. do like my comment :)","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/365072565","repostId":"1189836823","repostType":4,"repost":{"id":"1189836823","kind":"news","pubTimestamp":1614678500,"share":"https://www.laohunote.com/m/news/1189836823?lang=zh_CN&edition=full","pubTime":"2021-03-02 17:48","market":"sh","language":"en","title":"China's billionaires club swells as market rally offsets virus pain<blockquote>随着市场反弹抵消病毒带来的痛苦，中国亿万富翁俱乐部不断扩大</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1189836823","media":"AFP","summary":"More than 200 billionaires were created in China last year as booming stock markets and a flood of n","content":"<p>More than 200 billionaires were created in China last year as booming stock markets and a flood of new listings offset the ravages of the virus pandemic, according to a global tally released Tuesday.</p><p><blockquote>根据周二发布的全球统计数据，随着股市蓬勃发展和大量新上市抵消了病毒大流行的破坏，去年中国诞生了 200 多位亿万富翁。</blockquote></p><p> The size of China's exclusive billionaire's club has almost doubled in the past five years as the world's number two economy continued to outpace most others, and its ability to mostly avoid the worst of the coronavirus meant it was one of the few to expand in 2020.</p><p><blockquote>随着世界第二大经济体继续超越大多数其他经济体，中国专属亿万富翁俱乐部的规模在过去五年中几乎翻了一番，而且它能够在很大程度上避免冠状病毒最严重的情况，这意味着它是少数几个在2020年扩张的俱乐部之一。</blockquote></p><p> And the Hurun Global Rich List showed 259 people breaking into the billion-dollar bracket - more than the rest of the world combined - taking China total to 1,058, the first country to break the 1,000 mark.</p><p><blockquote>胡润全球富豪榜显示，有259人跻身十亿美元行列——比世界其他国家的总和还要多——这使得中国总数达到1058人，成为第一个突破1000大关的国家。</blockquote></p><p> In comparison, second best performer the United States saw 70 new billionaires created, taking its total to 696.</p><p><blockquote>相比之下，表现第二好的美国新增了 70 位亿万富翁，总数达到 696 位。</blockquote></p><p> Leading the Chinese pack was Zhong Shanshan of bottled water giant Nongfu, who entered the list for the first time with an US$85 billion fortune, putting him number one in Asia and into Hurun's global top 10. Mr Zhong, a former construction worker, made his cash following a US$1.1 billion initial public offering in Hong Kong last year.</p><p><blockquote>领跑中国榜的是瓶装水巨头农夫山脉的钟珊珊，他以850亿美元的财富首次上榜，位居亚洲第一，跻身胡润全球前十。钟先生曾是一名建筑工人，去年在香港进行了 11 亿美元的首次公开募股后赚到了钱。</blockquote></p><p> However, a clampdown on ecommerce giant Alibaba saw tycoon Jack Ma fall down the pecking order. The one-time darling of China's entrepreneurs has come under pressure from regulators, who have reigned in Alibaba and fintech arm Ant Group on anti-trust issues.</p><p><blockquote>然而，对电子商务巨头阿里巴巴-SW的打压导致大亨马云的排名下降。中国企业家曾经的宠儿受到了监管机构的压力，监管机构在反垄断问题上控制了阿里巴巴-SW和金融科技公司蚂蚁集团。</blockquote></p><p> Three individuals globally added more than US$50 billion in a single year, the survey found: Tesla's Elon Musk, Amazon's Jeff Bezos and Colin Huang of Pinduoduo, one of China's fastest-growing e-commerce players.</p><p><blockquote>调查发现，全球有三位个人在一年内增加了超过 500 亿美元：特斯拉的埃隆·马斯克、亚马逊的杰夫·贝索斯和中国增长最快的电子商务企业之一拼多多的黄晓明。</blockquote></p><p> Overall, China continues to lead the world's wealth creation, Hurun's report said, adding 490 new billionaires in the past five years compared with the 160 added in the US.</p><p><blockquote>胡润报告称，总体而言，中国继续引领世界财富创造，过去五年新增了 490 位亿万富翁，而美国新增了 160 位。</blockquote></p><p> Hurun Report chairman Rupert Hoogewerf said that even with the pandemic chaos, the past year saw the biggest wealth increase of the past decade due to new listings and booming stock markets.</p><p><blockquote>胡润百富董事长鲁珀特·胡格沃夫表示，尽管疫情混乱，但由于新上市和股市繁荣，过去一年的财富增长是过去十年来最大的。</blockquote></p><p> \"Asia has, for the first time in perhaps hundreds of years, more billionaires than the rest of the world combined,\" he added.</p><p><blockquote>“也许数百年来，亚洲的亿万富翁数量首次超过了世界其他地区的总和，”他补充道。</blockquote></p><p> The report also flagged a shift in Hong Kong, pointing out that the city's entrepreneurs are now being \"dwarfed\" by their counterparts in the mainland - only three Hong Kong tycoons make it into the China top 50.</p><p><blockquote>该报告还指出，香港的企业家正在发生转变，指出香港的企业家现在被内地的同行“相形见绌”——只有三位香港大亨进入中国前50强。</blockquote></p><p> Six of the world's top 10 cities with the highest concentration of billionaires are now in China, with Beijing top of the heap for the sixth year running.</p><p><blockquote>全球亿万富翁最集中的10个城市中有6个在中国，北京连续第六年位居榜首。</blockquote></p><p></p>","source":"lsy1605843958005","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>China's billionaires club swells as market rally offsets virus pain<blockquote>随着市场反弹抵消病毒带来的痛苦，中国亿万富翁俱乐部不断扩大</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; 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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\">\nChina's billionaires club swells as market rally offsets virus pain<blockquote>随着市场反弹抵消病毒带来的痛苦，中国亿万富翁俱乐部不断扩大</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">AFP</strong><span class=\"h-time small\">2021-03-02 17:48</span>\n</p>\n</h4>\n</header>\n<article>\n<p>More than 200 billionaires were created in China last year as booming stock markets and a flood of new listings offset the ravages of the virus pandemic, according to a global tally released Tuesday.</p><p><blockquote>根据周二发布的全球统计数据，随着股市蓬勃发展和大量新上市抵消了病毒大流行的破坏，去年中国诞生了 200 多位亿万富翁。</blockquote></p><p> The size of China's exclusive billionaire's club has almost doubled in the past five years as the world's number two economy continued to outpace most others, and its ability to mostly avoid the worst of the coronavirus meant it was one of the few to expand in 2020.</p><p><blockquote>随着世界第二大经济体继续超越大多数其他经济体，中国专属亿万富翁俱乐部的规模在过去五年中几乎翻了一番，而且它能够在很大程度上避免冠状病毒最严重的情况，这意味着它是少数几个在2020年扩张的俱乐部之一。</blockquote></p><p> And the Hurun Global Rich List showed 259 people breaking into the billion-dollar bracket - more than the rest of the world combined - taking China total to 1,058, the first country to break the 1,000 mark.</p><p><blockquote>胡润全球富豪榜显示，有259人跻身十亿美元行列——比世界其他国家的总和还要多——这使得中国总数达到1058人，成为第一个突破1000大关的国家。</blockquote></p><p> In comparison, second best performer the United States saw 70 new billionaires created, taking its total to 696.</p><p><blockquote>相比之下，表现第二好的美国新增了 70 位亿万富翁，总数达到 696 位。</blockquote></p><p> Leading the Chinese pack was Zhong Shanshan of bottled water giant Nongfu, who entered the list for the first time with an US$85 billion fortune, putting him number one in Asia and into Hurun's global top 10. Mr Zhong, a former construction worker, made his cash following a US$1.1 billion initial public offering in Hong Kong last year.</p><p><blockquote>领跑中国榜的是瓶装水巨头农夫山脉的钟珊珊，他以850亿美元的财富首次上榜，位居亚洲第一，跻身胡润全球前十。钟先生曾是一名建筑工人，去年在香港进行了 11 亿美元的首次公开募股后赚到了钱。</blockquote></p><p> However, a clampdown on ecommerce giant Alibaba saw tycoon Jack Ma fall down the pecking order. The one-time darling of China's entrepreneurs has come under pressure from regulators, who have reigned in Alibaba and fintech arm Ant Group on anti-trust issues.</p><p><blockquote>然而，对电子商务巨头阿里巴巴-SW的打压导致大亨马云的排名下降。中国企业家曾经的宠儿受到了监管机构的压力，监管机构在反垄断问题上控制了阿里巴巴-SW和金融科技公司蚂蚁集团。</blockquote></p><p> Three individuals globally added more than US$50 billion in a single year, the survey found: Tesla's Elon Musk, Amazon's Jeff Bezos and Colin Huang of Pinduoduo, one of China's fastest-growing e-commerce players.</p><p><blockquote>调查发现，全球有三位个人在一年内增加了超过 500 亿美元：特斯拉的埃隆·马斯克、亚马逊的杰夫·贝索斯和中国增长最快的电子商务企业之一拼多多的黄晓明。</blockquote></p><p> Overall, China continues to lead the world's wealth creation, Hurun's report said, adding 490 new billionaires in the past five years compared with the 160 added in the US.</p><p><blockquote>胡润报告称，总体而言，中国继续引领世界财富创造，过去五年新增了 490 位亿万富翁，而美国新增了 160 位。</blockquote></p><p> Hurun Report chairman Rupert Hoogewerf said that even with the pandemic chaos, the past year saw the biggest wealth increase of the past decade due to new listings and booming stock markets.</p><p><blockquote>胡润百富董事长鲁珀特·胡格沃夫表示，尽管疫情混乱，但由于新上市和股市繁荣，过去一年的财富增长是过去十年来最大的。</blockquote></p><p> \"Asia has, for the first time in perhaps hundreds of years, more billionaires than the rest of the world combined,\" he added.</p><p><blockquote>“也许数百年来，亚洲的亿万富翁数量首次超过了世界其他地区的总和，”他补充道。</blockquote></p><p> The report also flagged a shift in Hong Kong, pointing out that the city's entrepreneurs are now being \"dwarfed\" by their counterparts in the mainland - only three Hong Kong tycoons make it into the China top 50.</p><p><blockquote>该报告还指出，香港的企业家正在发生转变，指出香港的企业家现在被内地的同行“相形见绌”——只有三位香港大亨进入中国前50强。</blockquote></p><p> Six of the world's top 10 cities with the highest concentration of billionaires are now in China, with Beijing top of the heap for the sixth year running.</p><p><blockquote>全球亿万富翁最集中的10个城市中有6个在中国，北京连续第六年位居榜首。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.businesstimes.com.sg/banking-finance/chinas-billionaires-club-swells-as-market-rally-offsets-virus-pain\">AFP</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.businesstimes.com.sg/banking-finance/chinas-billionaires-club-swells-as-market-rally-offsets-virus-pain","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1189836823","content_text":"More than 200 billionaires were created in China last year as booming stock markets and a flood of new listings offset the ravages of the virus pandemic, according to a global tally released Tuesday.\nThe size of China's exclusive billionaire's club has almost doubled in the past five years as the world's number two economy continued to outpace most others, and its ability to mostly avoid the worst of the coronavirus meant it was one of the few to expand in 2020.\nAnd the Hurun Global Rich List showed 259 people breaking into the billion-dollar bracket - more than the rest of the world combined - taking China total to 1,058, the first country to break the 1,000 mark.\nIn comparison, second best performer the United States saw 70 new billionaires created, taking its total to 696.\nLeading the Chinese pack was Zhong Shanshan of bottled water giant Nongfu, who entered the list for the first time with an US$85 billion fortune, putting him number one in Asia and into Hurun's global top 10. Mr Zhong, a former construction worker, made his cash following a US$1.1 billion initial public offering in Hong Kong last year.\nHowever, a clampdown on ecommerce giant Alibaba saw tycoon Jack Ma fall down the pecking order. The one-time darling of China's entrepreneurs has come under pressure from regulators, who have reigned in Alibaba and fintech arm Ant Group on anti-trust issues.\nThree individuals globally added more than US$50 billion in a single year, the survey found: Tesla's Elon Musk, Amazon's Jeff Bezos and Colin Huang of Pinduoduo, one of China's fastest-growing e-commerce players.\nOverall, China continues to lead the world's wealth creation, Hurun's report said, adding 490 new billionaires in the past five years compared with the 160 added in the US.\nHurun Report chairman Rupert Hoogewerf said that even with the pandemic chaos, the past year saw the biggest wealth increase of the past decade due to new listings and booming stock markets.\n\"Asia has, for the first time in perhaps hundreds of years, more billionaires than the rest of the world combined,\" he added.\nThe report also flagged a shift in Hong Kong, pointing out that the city's entrepreneurs are now being \"dwarfed\" by their counterparts in the mainland - only three Hong Kong tycoons make it into the China top 50.\nSix of the world's top 10 cities with the highest concentration of billionaires are now in China, with Beijing top of the heap for the sixth year running.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":810,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":361480684,"gmtCreate":1614254517448,"gmtModify":1634550456968,"author":{"id":"3572161139823685","authorId":"3572161139823685","name":"ADL","avatar":"https://static.tigerbbs.com/46f309a3de1b3b77e46ca01bc05767be","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572161139823685","idStr":"3572161139823685"},"themes":[],"title":"","htmlText":"yeeehaw","listText":"yeeehaw","text":"yeeehaw","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/361480684","repostId":"2114317810","repostType":4,"isVote":1,"tweetType":1,"viewCount":515,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}