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2021-03-26

$GCL-Poly(03800)$🥺🥺

2021-02-16

Perfect

Why Large-Cap Value Stocks Could Be Long-Term Winners<blockquote>为什么大盘价值股可能成为长期赢家</blockquote>

2021-02-16

Larkin

Morgan Stanley: Gasoline Industry Is About to Become Totally Worthless<blockquote>摩根士丹利：汽油行业即将变得完全一文不值</blockquote>

2021-02-16

How isnit

2021-02-16

也是

抱歉，原内容已删除

2021-02-16

yes

抱歉，原内容已删除

2021-02-15

Yeah

抱歉，原内容已删除

2021-02-15

Yeah

抱歉，原内容已删除

2021-02-15

hiiii

2021-02-08

$China South City(01668)$bad investment

2021-02-04

$AMC Entertainment(AMC)$Can give me early cny ang pow today🤏

2021-02-03

$MAPLELEAF EDU(01317)$Up up 🔝

2021-02-03

$MAPLELEAF EDU(01317)$will this continue to rise?

2021-02-02

Great ariticle, would you like to share it?

@AMCfortuner:$AMC Entertainment(AMC)$我们被骗了吗？

2021-02-02

Good

抱歉，原内容已删除

2021-02-01

Yeah well done

GameStop short Melvin Capital lost 53% in January<blockquote>游戏驿站空头Melvin Capital 1月份下跌53%</blockquote>

2021-02-01

Nice 👍🏻

抱歉，原内容已删除

2021-02-01

🤏🤏🤏

抱歉，原内容已删除

2021-02-01

😂

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2021-02-01

[开心]

抱歉，原内容已删除

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13:47","market":"us","language":"en","title":"Why Large-Cap Value Stocks Could Be Long-Term Winners<blockquote>为什么大盘价值股可能成为长期赢家</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1192051370","media":"Barrons","summary":"The new year is just over a month old, but it has been dominated by the spectacular rise and fall of","content":"<p>The new year is just over a month old, but it has been dominated by the spectacular rise and fall ofspeculative stocksand a continuation of thesmall cap rally. In this kind of environment, few people may envy a large-cap value investor, but Randall Eley thinks slow and steady wins the race.</p><p><blockquote>新的一年才过去一个多月，但投机性股票的大幅涨跌以及小盘股反弹的延续占据了主导地位。在这种环境下，可能很少有人羡慕大盘价值投资者，但兰德尔·埃利认为缓慢而稳定才能赢得比赛。</blockquote></p><p> Identifying as a large-cap value investor these days “takes a lot of courage…or a naiveté,” Eley jokes. Yet as chief investment officer at Edgar Lomax, and the portfolio manager of theEdgar Lomax Valuefund (LOMAX), he has time on his side. A strong track record of past performance helps him tune out some of the near-term noise and focus on the core strategy of buying large, profitable well capitalized companies at a discount.</p><p><blockquote>埃利开玩笑说，如今成为大盘价值投资者“需要很大的勇气……或者天真”。然而，作为Edgar Lomax的首席投资官和Edgar Lomax ValueFund(LOMAX)的投资组合经理，他有时间。过去良好的业绩记录有助于他忽略一些近期噪音，专注于以折扣价购买大型、盈利、资本充足的公司的核心战略。</blockquote></p><p> “One of the most important ingredients of a successful investment plan is patience,” he says. “So we’re comfortable structuring portfolios that we think are going to perform strongly over lengthy periods of 10 years or more.”</p><p><blockquote>“成功的投资计划最重要的因素之一是耐心，”他说。“因此，我们乐于构建我们认为在10年或更长时间内表现强劲的投资组合。”</blockquote></p><p> While large cap value may not be in fashion at the moment, Eley argues that it’s still a successful strategy worth pursuing, especially given that these companies also tend to have higher-than-average dividend yields. While many of his holdings didn’t shine in the pandemic-dominated 2020, he says he had the opportunity to invest in big well-managed companies that aren’t “just sitting dead in the water,” but making adjustments for future growth. When stronger earnings do return for these stocks, they are likely “to catch most observers by surprise, and we’ll get that outperformance we’re looking for.”</p><p><blockquote>虽然大盘股价值目前可能并不流行，但埃利认为，这仍然是一个值得追求的成功策略，特别是考虑到这些公司的股息收益率往往高于平均水平。虽然他持有的许多股票在疫情主导的2020年表现不佳，但他表示，他有机会投资管理良好的大型公司，这些公司不是“坐以待毙”，而是为未来的增长做出调整。当这些股票的盈利确实更强劲时，它们可能会“让大多数观察家感到惊讶，我们将获得我们所寻求的优异表现。”</blockquote></p><p> His favorite areas of the market now are energy, financials, and health care. While the S&amp;P 500 weights these categories at roughly 2.5%, 10%, and 13.5%, they stood at 8%, 16%, and 21.5% of the portfolio at the start of the year.</p><p><blockquote>他现在最喜欢的市场领域是能源、金融和医疗保健。虽然标普500对这些类别的权重约为2.5%、10%和13.5%，但今年年初它们占投资组合的比例分别为8%、16%和21.5%。</blockquote></p><p> Energy has been out of favor for some time, but Eley argues that a lot of the pandemic-related disruption will prove temporary, while the pressure to transition away from fossil fuels is a longer-standing issue that management teams have been focused on for years. While the sector has picked up this year, he believes that it hasn’t “even begun to burn out its potential.”</p><p><blockquote>能源已经失宠一段时间了，但埃利认为，许多与大流行相关的破坏将被证明是暂时的，而摆脱化石燃料的压力是管理团队多年来一直关注的一个长期问题。虽然该行业今年有所回升，但他认为它“甚至还没有开始耗尽其潜力”。</blockquote></p><p> Companies likeExxon Mobil(XOM) andChevron(CVX) are companies “with high dividend yields that management seems determined to keep paying and run conservative operations…there is a lot of incentive to run streamlined, profitable operations and consistently distribute part of those profits to shareholders.”</p><p><blockquote>像埃克森美孚（XOM）和雪佛龙（CVX）这样的公司“股息收益率很高，管理层似乎决心继续支付股息并运营保守的运营……有很大的动力来运营精简、盈利的运营，并持续将部分利润分配给股东。”</blockquote></p><p> His favorite financials includeAllstate(ALL) andMetLife(MET), but he believes the group as a whole looks attractive, as many investors were fearing a repeat of the Great Recession that never materialized. He notes that banks were wise to set aside large loan loss reserves, given the uncertainty of the pandemic, even as these moves underscored that worry. Yet the picture brightened considerably for the group late last year, and can continue to do so, he believes.</p><p><blockquote>他最喜欢的金融股包括好事达(ALL)和大都会人寿(MET)，但他认为该集团整体看起来很有吸引力，因为许多投资者担心从未实现的大衰退会重演。他指出，鉴于疫情的不确定性，银行留出大量贷款损失准备金是明智的，尽管这些举措凸显了这种担忧。然而，他相信，去年年底，该集团的前景明显好转，并且可以继续这样做。</blockquote></p><p> Health care may be an obvious focus for many investors, given the rollout of the Covid-19 vaccine, but Eley notes that his firm focuses on companies “that were profitable all along,” regardless of their positioning in the race for herd immunity, althoughPfizer(PFE) is one of his biggest holdings in this sector.</p><p><blockquote>鉴于Covid-19疫苗的推出，医疗保健可能是许多投资者明显关注的焦点，但Eley指出，他的公司专注于“一直盈利”的公司，无论它们在群体免疫竞赛中的地位如何，尽管辉瑞（PFE）是他在该行业最大的持股之一。</blockquote></p><p> Eley doesn’t hold much in the consumer sector, but he likesWalgreens Boots Alliance(WBA), andCoca-Cola(KO), whichhave struggled recently. He believes that Walgreens, his largest position in the sector, will ultimately be able to execute a turnaround, and he called Coke—one of<i>Barron’s</i>&nbsp;favorite stocks for 2021, a solid holding.</p><p><blockquote>埃利在消费领域持有的股份不多，但他喜欢沃尔格林博姿联盟（WBA）和可口可乐（KO），这两家公司最近陷入困境。他相信沃尔格林，他在该行业最大的头寸，最终将能够实现扭亏为盈，他称可口可乐——其中之一<i>巴伦周刊</i>2021年最喜欢的股票，坚定持有。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Large-Cap Value Stocks Could Be Long-Term Winners<blockquote>为什么大盘价值股可能成为长期赢家</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Large-Cap Value Stocks Could Be Long-Term Winners<blockquote>为什么大盘价值股可能成为长期赢家</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-02-10 13:47</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The new year is just over a month old, but it has been dominated by the spectacular rise and fall ofspeculative stocksand a continuation of thesmall cap rally. In this kind of environment, few people may envy a large-cap value investor, but Randall Eley thinks slow and steady wins the race.</p><p><blockquote>新的一年才过去一个多月，但投机性股票的大幅涨跌以及小盘股反弹的延续占据了主导地位。在这种环境下，可能很少有人羡慕大盘价值投资者，但兰德尔·埃利认为缓慢而稳定才能赢得比赛。</blockquote></p><p> Identifying as a large-cap value investor these days “takes a lot of courage…or a naiveté,” Eley jokes. Yet as chief investment officer at Edgar Lomax, and the portfolio manager of theEdgar Lomax Valuefund (LOMAX), he has time on his side. A strong track record of past performance helps him tune out some of the near-term noise and focus on the core strategy of buying large, profitable well capitalized companies at a discount.</p><p><blockquote>埃利开玩笑说，如今成为大盘价值投资者“需要很大的勇气……或者天真”。然而，作为Edgar Lomax的首席投资官和Edgar Lomax ValueFund(LOMAX)的投资组合经理，他有时间。过去良好的业绩记录有助于他忽略一些近期噪音，专注于以折扣价购买大型、盈利、资本充足的公司的核心战略。</blockquote></p><p> “One of the most important ingredients of a successful investment plan is patience,” he says. “So we’re comfortable structuring portfolios that we think are going to perform strongly over lengthy periods of 10 years or more.”</p><p><blockquote>“成功的投资计划最重要的因素之一是耐心，”他说。“因此，我们乐于构建我们认为在10年或更长时间内表现强劲的投资组合。”</blockquote></p><p> While large cap value may not be in fashion at the moment, Eley argues that it’s still a successful strategy worth pursuing, especially given that these companies also tend to have higher-than-average dividend yields. While many of his holdings didn’t shine in the pandemic-dominated 2020, he says he had the opportunity to invest in big well-managed companies that aren’t “just sitting dead in the water,” but making adjustments for future growth. When stronger earnings do return for these stocks, they are likely “to catch most observers by surprise, and we’ll get that outperformance we’re looking for.”</p><p><blockquote>虽然大盘股价值目前可能并不流行，但埃利认为，这仍然是一个值得追求的成功策略，特别是考虑到这些公司的股息收益率往往高于平均水平。虽然他持有的许多股票在疫情主导的2020年表现不佳，但他表示，他有机会投资管理良好的大型公司，这些公司不是“坐以待毙”，而是为未来的增长做出调整。当这些股票的盈利确实更强劲时，它们可能会“让大多数观察家感到惊讶，我们将获得我们所寻求的优异表现。”</blockquote></p><p> His favorite areas of the market now are energy, financials, and health care. While the S&amp;P 500 weights these categories at roughly 2.5%, 10%, and 13.5%, they stood at 8%, 16%, and 21.5% of the portfolio at the start of the year.</p><p><blockquote>他现在最喜欢的市场领域是能源、金融和医疗保健。虽然标普500对这些类别的权重约为2.5%、10%和13.5%，但今年年初它们占投资组合的比例分别为8%、16%和21.5%。</blockquote></p><p> Energy has been out of favor for some time, but Eley argues that a lot of the pandemic-related disruption will prove temporary, while the pressure to transition away from fossil fuels is a longer-standing issue that management teams have been focused on for years. While the sector has picked up this year, he believes that it hasn’t “even begun to burn out its potential.”</p><p><blockquote>能源已经失宠一段时间了，但埃利认为，许多与大流行相关的破坏将被证明是暂时的，而摆脱化石燃料的压力是管理团队多年来一直关注的一个长期问题。虽然该行业今年有所回升，但他认为它“甚至还没有开始耗尽其潜力”。</blockquote></p><p> Companies likeExxon Mobil(XOM) andChevron(CVX) are companies “with high dividend yields that management seems determined to keep paying and run conservative operations…there is a lot of incentive to run streamlined, profitable operations and consistently distribute part of those profits to shareholders.”</p><p><blockquote>像埃克森美孚（XOM）和雪佛龙（CVX）这样的公司“股息收益率很高，管理层似乎决心继续支付股息并运营保守的运营……有很大的动力来运营精简、盈利的运营，并持续将部分利润分配给股东。”</blockquote></p><p> His favorite financials includeAllstate(ALL) andMetLife(MET), but he believes the group as a whole looks attractive, as many investors were fearing a repeat of the Great Recession that never materialized. He notes that banks were wise to set aside large loan loss reserves, given the uncertainty of the pandemic, even as these moves underscored that worry. Yet the picture brightened considerably for the group late last year, and can continue to do so, he believes.</p><p><blockquote>他最喜欢的金融股包括好事达(ALL)和大都会人寿(MET)，但他认为该集团整体看起来很有吸引力，因为许多投资者担心从未实现的大衰退会重演。他指出，鉴于疫情的不确定性，银行留出大量贷款损失准备金是明智的，尽管这些举措凸显了这种担忧。然而，他相信，去年年底，该集团的前景明显好转，并且可以继续这样做。</blockquote></p><p> Health care may be an obvious focus for many investors, given the rollout of the Covid-19 vaccine, but Eley notes that his firm focuses on companies “that were profitable all along,” regardless of their positioning in the race for herd immunity, althoughPfizer(PFE) is one of his biggest holdings in this sector.</p><p><blockquote>鉴于Covid-19疫苗的推出，医疗保健可能是许多投资者明显关注的焦点，但Eley指出，他的公司专注于“一直盈利”的公司，无论它们在群体免疫竞赛中的地位如何，尽管辉瑞（PFE）是他在该行业最大的持股之一。</blockquote></p><p> Eley doesn’t hold much in the consumer sector, but he likesWalgreens Boots Alliance(WBA), andCoca-Cola(KO), whichhave struggled recently. He believes that Walgreens, his largest position in the sector, will ultimately be able to execute a turnaround, and he called Coke—one of<i>Barron’s</i>&nbsp;favorite stocks for 2021, a solid holding.</p><p><blockquote>埃利在消费领域持有的股份不多，但他喜欢沃尔格林博姿联盟（WBA）和可口可乐（KO），这两家公司最近陷入困境。他相信沃尔格林，他在该行业最大的头寸，最终将能够实现扭亏为盈，他称可口可乐——其中之一<i>巴伦周刊</i>2021年最喜欢的股票，坚定持有。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/large-cap-value-stocks-could-be-long-term-winners-think-metlife-and-coca-cola-51612827746?mod=hp_columnists\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://www.barrons.com/articles/large-cap-value-stocks-could-be-long-term-winners-think-metlife-and-coca-cola-51612827746?mod=hp_columnists","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1192051370","content_text":"The new year is just over a month old, but it has been dominated by the spectacular rise and fall ofspeculative stocksand a continuation of thesmall cap rally. In this kind of environment, few people may envy a large-cap value investor, but Randall Eley thinks slow and steady wins the race.\nIdentifying as a large-cap value investor these days “takes a lot of courage…or a naiveté,” Eley jokes. Yet as chief investment officer at Edgar Lomax, and the portfolio manager of theEdgar Lomax Valuefund (LOMAX), he has time on his side. A strong track record of past performance helps him tune out some of the near-term noise and focus on the core strategy of buying large, profitable well capitalized companies at a discount.\n“One of the most important ingredients of a successful investment plan is patience,” he says. “So we’re comfortable structuring portfolios that we think are going to perform strongly over lengthy periods of 10 years or more.”\nWhile large cap value may not be in fashion at the moment, Eley argues that it’s still a successful strategy worth pursuing, especially given that these companies also tend to have higher-than-average dividend yields. While many of his holdings didn’t shine in the pandemic-dominated 2020, he says he had the opportunity to invest in big well-managed companies that aren’t “just sitting dead in the water,” but making adjustments for future growth. When stronger earnings do return for these stocks, they are likely “to catch most observers by surprise, and we’ll get that outperformance we’re looking for.”\nHis favorite areas of the market now are energy, financials, and health care. While the S&P 500 weights these categories at roughly 2.5%, 10%, and 13.5%, they stood at 8%, 16%, and 21.5% of the portfolio at the start of the year.\nEnergy has been out of favor for some time, but Eley argues that a lot of the pandemic-related disruption will prove temporary, while the pressure to transition away from fossil fuels is a longer-standing issue that management teams have been focused on for years. While the sector has picked up this year, he believes that it hasn’t “even begun to burn out its potential.”\nCompanies likeExxon Mobil(XOM) andChevron(CVX) are companies “with high dividend yields that management seems determined to keep paying and run conservative operations…there is a lot of incentive to run streamlined, profitable operations and consistently distribute part of those profits to shareholders.”\nHis favorite financials includeAllstate(ALL) andMetLife(MET), but he believes the group as a whole looks attractive, as many investors were fearing a repeat of the Great Recession that never materialized. He notes that banks were wise to set aside large loan loss reserves, given the uncertainty of the pandemic, even as these moves underscored that worry. Yet the picture brightened considerably for the group late last year, and can continue to do so, he believes.\nHealth care may be an obvious focus for many investors, given the rollout of the Covid-19 vaccine, but Eley notes that his firm focuses on companies “that were profitable all along,” regardless of their positioning in the race for herd immunity, althoughPfizer(PFE) is one of his biggest holdings in this sector.\nEley doesn’t hold much in the consumer sector, but he likesWalgreens Boots Alliance(WBA), andCoca-Cola(KO), whichhave struggled recently. He believes that Walgreens, his largest position in the sector, will ultimately be able to execute a turnaround, and he called Coke—one ofBarron’s favorite stocks for 2021, a solid holding.","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":2120,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":382606938,"gmtCreate":1613437976224,"gmtModify":1634553696324,"author":{"id":"3572592153317675","authorId":"3572592153317675","name":"Cuiluan","avatar":"https://static.tigerbbs.com/6081fb4b5ab84dec716a63691ea6919b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572592153317675","idStr":"3572592153317675"},"themes":[],"htmlText":"Larkin&nbsp;","listText":"Larkin&nbsp;","text":"Larkin","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/382606938","repostId":"1195110710","repostType":4,"repost":{"id":"1195110710","kind":"news","pubTimestamp":1612935630,"share":"https://www.laohu8.com/m/news/1195110710?lang=zh_CN&edition=full","pubTime":"2021-02-10 13:40","market":"us","language":"en","title":"Morgan Stanley: Gasoline Industry Is About to Become Totally Worthless<blockquote>摩根士丹利：汽油行业即将变得完全一文不值</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1195110710","media":"Oilprice","summary":"The average energy investor is by now well aware of the sector's monumental shift from fossil fuels ","content":"<p>The average energy investor is by now well aware of the sector's monumental shift from fossil fuels to renewable energy. Coal-powered power plants have been shuttering at an alarming clip as the price of electricity from natural gas and renewables undercuts them while&nbsp;wind and solar generation continue to gain the ascendancy.</p><p><blockquote>普通能源投资者现在已经很清楚该行业从化石燃料到可再生能源的巨大转变。由于天然气和可再生能源的电价削弱了燃煤电厂的价格，而风能和太阳能发电继续占据主导地位，燃煤电厂一直在以惊人的速度关闭。</blockquote></p><p> But nowhere has this change been as dramatic as the transport industry, with EV titans such as&nbsp;<b>Tesla Inc.</b>(NASDAQ:TSLA) and&nbsp;<b>NIO Ltd.</b>(NYSE:NIO) now commanding substantially higher valuations than their imposing ICE brethren,<b>General Motors</b>(NYSE:GM) and&nbsp;<b>Ford Motors</b>(NYSE:F). Indeed, the global EV sector now carries a higher valuation than the global ICE sector despite accounting for&nbsp;less than 3% of new vehicle sales in 2020.</p><p><blockquote>但这种变化从未像交通运输行业那样引人注目，电动汽车巨头如<b>特斯拉公司。</b>（纳斯达克：TSLA）和<b>蔚来有限公司。</b>（纽约证券交易所代码：蔚来）现在的估值远高于其雄伟的ICE兄弟，<b>通用汽车</b>（纽约证券交易所代码：GM）和<b>福特汽车</b>（纽约证券交易所代码：F）。事实上，尽管2020年全球电动汽车行业仅占新车销量的不到3%，但目前全球电动汽车行业的估值仍高于全球内燃机行业。</blockquote></p><p> It's a situation eerily reminiscent of the thousands of buggy and whip companies that were rendered obsolete in the early 20th century.</p><p><blockquote>这种情况令人毛骨悚然地想起了20世纪初成千上万的马车和鞭子公司。</blockquote></p><p> But now, a section of Wall Street says the situation is a lot more dire than that.</p><p><blockquote>但现在，华尔街的一部分人表示，情况远比这可怕。</blockquote></p><p> Morgan Stanley has argued that traditional ICE makers are destined to become money-losers as early as 2030.</p><p><blockquote>摩根士丹利认为，传统制冰机最早在2030年就注定会亏损。</blockquote></p><p> MS' analyst Adam Jonas says the market may be ascribing zero or even negative value for ICE-derived revenues at GM and Ford and has listed a variety of factors that are likely to transform the companies' once-profitable assets into potentially cash-burning and loss-making businesses.</p><p><blockquote>MS分析师亚当·乔纳斯(Adam Jonas)表示，市场可能认为通用汽车和福特来自ICE的收入为零甚至负值，并列出了各种因素，这些因素可能会将这些公司曾经盈利的资产转化为潜在的现金消耗和亏损业务。</blockquote></p><p> <b>Pivoting to EVs</b></p><p><blockquote><b>转向电动汽车</b></blockquote></p><p> Morgan Stanley is hardly alone in its very dim outlook of the traditional auto industry.</p><p><blockquote>摩根士丹利并不是唯一一家对传统汽车行业前景非常黯淡的公司。</blockquote></p><p> A recent survey on institutional investors by the investment firm has revealed that 17% of respondents think ICE technology has no zero or negative value today, while 60% have rated ICE technology as only slightly positive. Just 23% think gasoline and diesel tech still carries a significant positive value.</p><p><blockquote>该投资公司最近对机构投资者的一项调查显示，17%的受访者认为ICE技术目前没有零价值或负值，而60%的受访者认为ICE技术仅略有正面价值。只有23%的人认为汽油和柴油技术仍然具有显着的积极价值。</blockquote></p><p> But don't get us wrong: Nobody is saying that GM and F stocks are about to go the way of&nbsp;<b>DMC,</b>maker of the once-iconic&nbsp;DeLorean car of the&nbsp;<b>Back to the Future</b>&nbsp;fame.</p><p><blockquote>但不要误会我们的意思：没有人说通用汽车和F股票即将走上<b>DMC，</b>曾经标志性的德罗宁汽车的制造商<b>回到未来</b>名声。</blockquote></p><p> In fact, GM and Ford could gain a new lease of life after belatedly going all-in into the EV megatrend.</p><p><blockquote>事实上，通用汽车和福特在姗姗来迟地全力投入电动汽车大趋势后，可能会获得新生。</blockquote></p><p> Indeed, General Motors has vowed to&nbsp;end production of all diesel and gasoline-powered cars, trucks and SUVs by 2035&nbsp;as part of the company's plan to shift its entire new fleet to electric vehicles.</p><p><blockquote>事实上，通用汽车发誓要在2035年之前停止生产所有柴油和汽油动力汽车、卡车和SUV，作为该公司将其整个新车队转向电动汽车计划的一部分。</blockquote></p><p> GM also says it plans to use 100% renewable energy to power its U.S. facilities by 2030 and in its global facilities by 2035 and intends to become GM carbon neutral in both its global products and its operations by 2040. Further, the automaker says it will focus on offering zero-emissions vehicles across a wide range of price points and work with various stakeholders to build out the necessary charging infrastructure while promoting consumer acceptance.</p><p><blockquote>通用汽车还表示，计划到2030年使用100%可再生能源为其美国工厂供电，到2035年为其全球工厂供电，并打算到2040年在其全球产品和运营中实现通用汽车碳中和。此外，该汽车制造商表示，将专注于提供各种价位的零排放汽车，并与各利益相关者合作，建设必要的充电基础设施，同时提高消费者的接受度。</blockquote></p><p> If you think that does not sound like the usual GM playbook, you are not imagining things.</p><p><blockquote>如果你认为这听起来不像通用汽车通常的剧本，你不是在想象事情。</blockquote></p><p> GM supported the Trump administration's pro-carbon lawsuit that was meant to force California and several other states with gas-mileage standards to lower them to the national standards. GM, however,flipped after Trump lost&nbsp;in November and withdrew from the suit on Nov. 23 after Biden became the clear winner. Since then, GM has announced a&nbsp;raft of electrification plans, which has helped GM stock rally 35% in the year-to-date.</p><p><blockquote>通用汽车支持特朗普政府的支持碳排放诉讼，该诉讼旨在迫使加州和其他几个有汽油里程标准的州将其降低到国家标准。然而，通用汽车在特朗普11月败诉后发生了转变，并在拜登成为明显赢家后于11月23日退出了诉讼。此后，通用汽车宣布了一系列电气化计划，帮助通用汽车股价今年迄今上涨了35%。</blockquote></p><p> Morgan Stanley itself prefers General Motors to Ford, maintaining an Overweight rating on the stock while dropping Ford to an Underweight rating from Equal Weight due to a less-than-stellar sum-of-the-parts value.</p><p><blockquote>摩根士丹利本身更喜欢通用汽车而不是福特，维持通用汽车的跑赢大盘评级，同时由于各部分价值总和不太理想，将通用汽车的评级从同等权重下调至跑输大盘。</blockquote></p><p> In fact, Adam Jonas thinks GM's fair value could exceed 50% of current share price while Ford's is 20% lower:</p><p><blockquote>事实上，Adam Jonas认为通用汽车的公允价值可能超过当前股价的50%，而福特的公允价值则低20%：</blockquote></p><p> <i>\"Our revised DCF and SOTP composition through the 2030 horizon factors in greater caution on our ICE forecasts for both companies, while increasing the value of the EV and AV-related businesses for each. For GM, the offset of the negative ICE adjustments and positive EV adjustments drives an increase in our price target to $80, suggesting over 50% upside. For Ford, our adjustments are substantially offsetting. This, combined with the recent run-up in the stock (which has kept pace with GM YTD) offers more than 20% downside to our price target.\"</i></p><p><blockquote><i>“我们修订后的2030年DCF和SOTP构成使我们对两家公司的ICE预测更加谨慎，同时增加了两家公司的电动汽车和AV相关业务的价值。对于通用汽车来说，负面ICE调整和积极的抵消EV调整推动我们的目标价提高至80美元，表明上涨空间超过50%。对于福特来说，我们的调整是实质性的抵消。再加上该股最近的上涨（年初至今与通用汽车保持同步），我们的价格目标有20%以上的下行空间。”</i></blockquote></p><p> Nevertheless, F shares have similarly climbed 35% YTD.</p><p><blockquote>尽管如此，F股今年迄今同样上涨了35%。</blockquote></p><p> Need we say that both ICE stocks have handily outperformed TSLA, which has only managed a 20% YTD return.</p><p><blockquote>我们需要说的是，这两只ICE股票的表现都轻松优于TSLA，后者年初至今的回报率仅为20%。</blockquote></p><p></p>","source":"lsy1606109400967","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>Morgan Stanley: Gasoline Industry Is About to Become Totally Worthless<blockquote>摩根士丹利：汽油行业即将变得完全一文不值</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\">\nMorgan Stanley: Gasoline Industry Is About to Become Totally Worthless<blockquote>摩根士丹利：汽油行业即将变得完全一文不值</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Oilprice</strong><span class=\"h-time small\">2021-02-10 13:40</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The average energy investor is by now well aware of the sector's monumental shift from fossil fuels to renewable energy. Coal-powered power plants have been shuttering at an alarming clip as the price of electricity from natural gas and renewables undercuts them while&nbsp;wind and solar generation continue to gain the ascendancy.</p><p><blockquote>普通能源投资者现在已经很清楚该行业从化石燃料到可再生能源的巨大转变。由于天然气和可再生能源的电价削弱了燃煤电厂的价格，而风能和太阳能发电继续占据主导地位，燃煤电厂一直在以惊人的速度关闭。</blockquote></p><p> But nowhere has this change been as dramatic as the transport industry, with EV titans such as&nbsp;<b>Tesla Inc.</b>(NASDAQ:TSLA) and&nbsp;<b>NIO Ltd.</b>(NYSE:NIO) now commanding substantially higher valuations than their imposing ICE brethren,<b>General Motors</b>(NYSE:GM) and&nbsp;<b>Ford Motors</b>(NYSE:F). Indeed, the global EV sector now carries a higher valuation than the global ICE sector despite accounting for&nbsp;less than 3% of new vehicle sales in 2020.</p><p><blockquote>但这种变化从未像交通运输行业那样引人注目，电动汽车巨头如<b>特斯拉公司。</b>（纳斯达克：TSLA）和<b>蔚来有限公司。</b>（纽约证券交易所代码：蔚来）现在的估值远高于其雄伟的ICE兄弟，<b>通用汽车</b>（纽约证券交易所代码：GM）和<b>福特汽车</b>（纽约证券交易所代码：F）。事实上，尽管2020年全球电动汽车行业仅占新车销量的不到3%，但目前全球电动汽车行业的估值仍高于全球内燃机行业。</blockquote></p><p> It's a situation eerily reminiscent of the thousands of buggy and whip companies that were rendered obsolete in the early 20th century.</p><p><blockquote>这种情况令人毛骨悚然地想起了20世纪初成千上万的马车和鞭子公司。</blockquote></p><p> But now, a section of Wall Street says the situation is a lot more dire than that.</p><p><blockquote>但现在，华尔街的一部分人表示，情况远比这可怕。</blockquote></p><p> Morgan Stanley has argued that traditional ICE makers are destined to become money-losers as early as 2030.</p><p><blockquote>摩根士丹利认为，传统制冰机最早在2030年就注定会亏损。</blockquote></p><p> MS' analyst Adam Jonas says the market may be ascribing zero or even negative value for ICE-derived revenues at GM and Ford and has listed a variety of factors that are likely to transform the companies' once-profitable assets into potentially cash-burning and loss-making businesses.</p><p><blockquote>MS分析师亚当·乔纳斯(Adam Jonas)表示，市场可能认为通用汽车和福特来自ICE的收入为零甚至负值，并列出了各种因素，这些因素可能会将这些公司曾经盈利的资产转化为潜在的现金消耗和亏损业务。</blockquote></p><p> <b>Pivoting to EVs</b></p><p><blockquote><b>转向电动汽车</b></blockquote></p><p> Morgan Stanley is hardly alone in its very dim outlook of the traditional auto industry.</p><p><blockquote>摩根士丹利并不是唯一一家对传统汽车行业前景非常黯淡的公司。</blockquote></p><p> A recent survey on institutional investors by the investment firm has revealed that 17% of respondents think ICE technology has no zero or negative value today, while 60% have rated ICE technology as only slightly positive. Just 23% think gasoline and diesel tech still carries a significant positive value.</p><p><blockquote>该投资公司最近对机构投资者的一项调查显示，17%的受访者认为ICE技术目前没有零价值或负值，而60%的受访者认为ICE技术仅略有正面价值。只有23%的人认为汽油和柴油技术仍然具有显着的积极价值。</blockquote></p><p> But don't get us wrong: Nobody is saying that GM and F stocks are about to go the way of&nbsp;<b>DMC,</b>maker of the once-iconic&nbsp;DeLorean car of the&nbsp;<b>Back to the Future</b>&nbsp;fame.</p><p><blockquote>但不要误会我们的意思：没有人说通用汽车和F股票即将走上<b>DMC，</b>曾经标志性的德罗宁汽车的制造商<b>回到未来</b>名声。</blockquote></p><p> In fact, GM and Ford could gain a new lease of life after belatedly going all-in into the EV megatrend.</p><p><blockquote>事实上，通用汽车和福特在姗姗来迟地全力投入电动汽车大趋势后，可能会获得新生。</blockquote></p><p> Indeed, General Motors has vowed to&nbsp;end production of all diesel and gasoline-powered cars, trucks and SUVs by 2035&nbsp;as part of the company's plan to shift its entire new fleet to electric vehicles.</p><p><blockquote>事实上，通用汽车发誓要在2035年之前停止生产所有柴油和汽油动力汽车、卡车和SUV，作为该公司将其整个新车队转向电动汽车计划的一部分。</blockquote></p><p> GM also says it plans to use 100% renewable energy to power its U.S. facilities by 2030 and in its global facilities by 2035 and intends to become GM carbon neutral in both its global products and its operations by 2040. Further, the automaker says it will focus on offering zero-emissions vehicles across a wide range of price points and work with various stakeholders to build out the necessary charging infrastructure while promoting consumer acceptance.</p><p><blockquote>通用汽车还表示，计划到2030年使用100%可再生能源为其美国工厂供电，到2035年为其全球工厂供电，并打算到2040年在其全球产品和运营中实现通用汽车碳中和。此外，该汽车制造商表示，将专注于提供各种价位的零排放汽车，并与各利益相关者合作，建设必要的充电基础设施，同时提高消费者的接受度。</blockquote></p><p> If you think that does not sound like the usual GM playbook, you are not imagining things.</p><p><blockquote>如果你认为这听起来不像通用汽车通常的剧本，你不是在想象事情。</blockquote></p><p> GM supported the Trump administration's pro-carbon lawsuit that was meant to force California and several other states with gas-mileage standards to lower them to the national standards. GM, however,flipped after Trump lost&nbsp;in November and withdrew from the suit on Nov. 23 after Biden became the clear winner. Since then, GM has announced a&nbsp;raft of electrification plans, which has helped GM stock rally 35% in the year-to-date.</p><p><blockquote>通用汽车支持特朗普政府的支持碳排放诉讼，该诉讼旨在迫使加州和其他几个有汽油里程标准的州将其降低到国家标准。然而，通用汽车在特朗普11月败诉后发生了转变，并在拜登成为明显赢家后于11月23日退出了诉讼。此后，通用汽车宣布了一系列电气化计划，帮助通用汽车股价今年迄今上涨了35%。</blockquote></p><p> Morgan Stanley itself prefers General Motors to Ford, maintaining an Overweight rating on the stock while dropping Ford to an Underweight rating from Equal Weight due to a less-than-stellar sum-of-the-parts value.</p><p><blockquote>摩根士丹利本身更喜欢通用汽车而不是福特，维持通用汽车的跑赢大盘评级，同时由于各部分价值总和不太理想，将通用汽车的评级从同等权重下调至跑输大盘。</blockquote></p><p> In fact, Adam Jonas thinks GM's fair value could exceed 50% of current share price while Ford's is 20% lower:</p><p><blockquote>事实上，Adam Jonas认为通用汽车的公允价值可能超过当前股价的50%，而福特的公允价值则低20%：</blockquote></p><p> <i>\"Our revised DCF and SOTP composition through the 2030 horizon factors in greater caution on our ICE forecasts for both companies, while increasing the value of the EV and AV-related businesses for each. For GM, the offset of the negative ICE adjustments and positive EV adjustments drives an increase in our price target to $80, suggesting over 50% upside. For Ford, our adjustments are substantially offsetting. This, combined with the recent run-up in the stock (which has kept pace with GM YTD) offers more than 20% downside to our price target.\"</i></p><p><blockquote><i>“我们修订后的2030年DCF和SOTP构成使我们对两家公司的ICE预测更加谨慎，同时增加了两家公司的电动汽车和AV相关业务的价值。对于通用汽车来说，负面ICE调整和积极的抵消EV调整推动我们的目标价提高至80美元，表明上涨空间超过50%。对于福特来说，我们的调整是实质性的抵消。再加上该股最近的上涨（年初至今与通用汽车保持同步），我们的价格目标有20%以上的下行空间。”</i></blockquote></p><p> Nevertheless, F shares have similarly climbed 35% YTD.</p><p><blockquote>尽管如此，F股今年迄今同样上涨了35%。</blockquote></p><p> Need we say that both ICE stocks have handily outperformed TSLA, which has only managed a 20% YTD return.</p><p><blockquote>我们需要说的是，这两只ICE股票的表现都轻松优于TSLA，后者年初至今的回报率仅为20%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://oilprice.com/Energy/Energy-General/Morgan-Stanley-Gasoline-Industry-Is-About-to-Become-Totally-Worthless.html\">Oilprice</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index","CVX":"雪佛龙","XOM":"埃克森美孚","TOT":"LionShares U.S. Equity Total Return ETF",".IXIC":"NASDAQ Composite"},"source_url":"https://oilprice.com/Energy/Energy-General/Morgan-Stanley-Gasoline-Industry-Is-About-to-Become-Totally-Worthless.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1195110710","content_text":"The average energy investor is by now well aware of the sector's monumental shift from fossil fuels to renewable energy. Coal-powered power plants have been shuttering at an alarming clip as the price of electricity from natural gas and renewables undercuts them while wind and solar generation continue to gain the ascendancy.\nBut nowhere has this change been as dramatic as the transport industry, with EV titans such as Tesla Inc.(NASDAQ:TSLA) and NIO Ltd.(NYSE:NIO) now commanding substantially higher valuations than their imposing ICE brethren,General Motors(NYSE:GM) and Ford Motors(NYSE:F). Indeed, the global EV sector now carries a higher valuation than the global ICE sector despite accounting for less than 3% of new vehicle sales in 2020.\nIt's a situation eerily reminiscent of the thousands of buggy and whip companies that were rendered obsolete in the early 20th century.\nBut now, a section of Wall Street says the situation is a lot more dire than that.\nMorgan Stanley has argued that traditional ICE makers are destined to become money-losers as early as 2030.\nMS' analyst Adam Jonas says the market may be ascribing zero or even negative value for ICE-derived revenues at GM and Ford and has listed a variety of factors that are likely to transform the companies' once-profitable assets into potentially cash-burning and loss-making businesses.\nPivoting to EVs\nMorgan Stanley is hardly alone in its very dim outlook of the traditional auto industry.\nA recent survey on institutional investors by the investment firm has revealed that 17% of respondents think ICE technology has no zero or negative value today, while 60% have rated ICE technology as only slightly positive. Just 23% think gasoline and diesel tech still carries a significant positive value.\nBut don't get us wrong: Nobody is saying that GM and F stocks are about to go the way of DMC,maker of the once-iconic DeLorean car of the Back to the Future fame.\nIn fact, GM and Ford could gain a new lease of life after belatedly going all-in into the EV megatrend.\nIndeed, General Motors has vowed to end production of all diesel and gasoline-powered cars, trucks and SUVs by 2035 as part of the company's plan to shift its entire new fleet to electric vehicles.\nGM also says it plans to use 100% renewable energy to power its U.S. facilities by 2030 and in its global facilities by 2035 and intends to become GM carbon neutral in both its global products and its operations by 2040. Further, the automaker says it will focus on offering zero-emissions vehicles across a wide range of price points and work with various stakeholders to build out the necessary charging infrastructure while promoting consumer acceptance.\nIf you think that does not sound like the usual GM playbook, you are not imagining things.\nGM supported the Trump administration's pro-carbon lawsuit that was meant to force California and several other states with gas-mileage standards to lower them to the national standards. GM, however,flipped after Trump lost in November and withdrew from the suit on Nov. 23 after Biden became the clear winner. Since then, GM has announced a raft of electrification plans, which has helped GM stock rally 35% in the year-to-date.\nMorgan Stanley itself prefers General Motors to Ford, maintaining an Overweight rating on the stock while dropping Ford to an Underweight rating from Equal Weight due to a less-than-stellar sum-of-the-parts value.\nIn fact, Adam Jonas thinks GM's fair value could exceed 50% of current share price while Ford's is 20% lower:\n\"Our revised DCF and SOTP composition through the 2030 horizon factors in greater caution on our ICE forecasts for both companies, while increasing the value of the EV and AV-related businesses for each. For GM, the offset of the negative ICE adjustments and positive EV adjustments drives an increase in our price target to $80, suggesting over 50% upside. For Ford, our adjustments are substantially offsetting. This, combined with the recent run-up in the stock (which has kept pace with GM YTD) offers more than 20% downside to our price target.\"\nNevertheless, F shares have similarly climbed 35% YTD.\nNeed we say that both ICE stocks have handily outperformed TSLA, which has only managed a 20% YTD return.","news_type":1,"symbols_score_info":{"CVX":0.9,".DJI":0.9,"XOM":0.9,"TOT":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":1479,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":382601770,"gmtCreate":1613437890390,"gmtModify":1634553697043,"author":{"id":"3572592153317675","authorId":"3572592153317675","name":"Cuiluan","avatar":"https://static.tigerbbs.com/6081fb4b5ab84dec716a63691ea6919b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572592153317675","idStr":"3572592153317675"},"themes":[],"htmlText":"How isnit","listText":"How isnit","text":"How 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Entertainment(AMC)$我们被骗了吗？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/315734484","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":352,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":315485412,"gmtCreate":1612271918636,"gmtModify":1703759634170,"author":{"id":"3572592153317675","authorId":"3572592153317675","name":"Cuiluan","avatar":"https://static.tigerbbs.com/6081fb4b5ab84dec716a63691ea6919b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572592153317675","idStr":"3572592153317675"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/315485412","repostId":"2108178483","repostType":4,"isVote":1,"tweetType":1,"viewCount":451,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":312477386,"gmtCreate":1612179466445,"gmtModify":1703758348391,"author":{"id":"3572592153317675","authorId":"3572592153317675","name":"Cuiluan","avatar":"https://static.tigerbbs.com/6081fb4b5ab84dec716a63691ea6919b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572592153317675","idStr":"3572592153317675"},"themes":[],"htmlText":"Yeah well done","listText":"Yeah well done","text":"Yeah well done","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/312477386","repostId":"1127084130","repostType":4,"repost":{"id":"1127084130","kind":"news","pubTimestamp":1612160908,"share":"https://www.laohu8.com/m/news/1127084130?lang=zh_CN&edition=full","pubTime":"2021-02-01 14:28","market":"us","language":"en","title":"GameStop short Melvin Capital lost 53% in January<blockquote>游戏驿站空头Melvin Capital 1月份下跌53%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1127084130","media":"marketwatch","summary":"Melvin Capital Management, the hedge fund that has borne the brunt of losses from the soaring stock ","content":"<p>Melvin Capital Management, the hedge fund that has borne the brunt of losses from the soaring stock prices of heavily shorted stocks recently, lost 53% in January, according to people familiar with the firm.</p><p><blockquote>据该公司知情人士透露，对冲基金梅尔文资本管理公司(Melvin Capital Management)在最近被严重做空股票的股价飙升中首当其冲地遭受了损失，该公司1月份损失了53%。</blockquote></p><p> Melvin was founded by Gabe Plotkin, a former star portfolio manager for hedge-fund titan Steven A. Cohen. It started the year with about $12.5 billion and now runs more than $8 billion. The current figure includes $2.75 billion in emergency funds Citadel LLC, its partners and Mr. Cohen's Point72 Asset Management injected into the hedge fund last Monday.</p><p><blockquote>Melvin由对冲基金巨头Steven A.Cohen的前明星投资组合经理Gabe Plotkin创立。今年年初，它的收入约为125亿美元，现在已超过80亿美元。目前的数字包括Citadel LLC、其合作伙伴和科恩先生的Point72资产管理公司上周一注入对冲基金的27.5亿美元应急资金。</blockquote></p><p> As part of the deal, they got non-controlling revenue shares in Melvin for three years. So far, Citadel, its partners and Point72 have lost money on the deal, though the precise scope of the loss was unclear Sunday.</p><p><blockquote>作为交易的一部分，他们获得了梅尔文三年的非控制性收入份额。到目前为止，Citadel、其合作伙伴和Point72已经在这笔交易中亏损，尽管周日尚不清楚具体亏损范围。</blockquote></p><p> Melvin has massively de-risked its portfolio, said a client. People familiar with the hedge fund said its leverage ratio -- the value of its assets compared with its capital from investors -- was the lowest it has been since Melvin's 2014 start. They also said the firm's position-level liquidity, or its ability to exit securities in its portfolio easily, had increased significantly.</p><p><blockquote>一位客户表示，梅尔文已经大幅降低了其投资组合的风险。熟悉该对冲基金的人士表示，其杠杆率（其资产价值与来自投资者的资本之比）是自梅尔文2014年成立以来的最低水平。他们还表示，该公司的头寸流动性，即轻松退出投资组合中证券的能力，已显着增加。</blockquote></p><p> New and existing clients have signed up to invest money into Melvin on Feb. 1, according to the people familiar. It was unclear how much they would be adding.</p><p><blockquote>据知情人士透露，新老客户已于2月1日签约向Melvin投资。目前还不清楚他们会增加多少。</blockquote></p><p> Melvin had established itself in recent years as one of the top hedge funds on Wall Street, but a short position in GameStop Corp. hurt the firm in recent weeks. Losses extended beyond GameStop, with declines coming from throughout its portfolio during a period of market turmoil in January. Positions in which Melvin had publicly disclosed owning put options -- bearish contracts that typically profit as stocks fall -- in its last quarterly regulatory filing soared, while positions in companies it held sold off.</p><p><blockquote>近年来，Melvin已成为华尔街顶级对冲基金之一，但最近几周，游戏驿站公司的空头头寸对该公司造成了损害。损失不仅限于游戏驿站，在一月份的市场动荡期间，其整个投资组合都出现了下跌。梅尔文在上一季度的监管文件中公开披露持有看跌期权（通常随着股市下跌而获利的看跌合约）的头寸飙升，而其持有的公司头寸则遭到抛售。</blockquote></p><p> Bed Bath &amp; Beyond Inc., New York-listed Chinese tutoring company GSX Techedu Inc. and National Beverage Corp. were up 78.4%, 62% and 99% at their intraweek highs last week, respectively. Meanwhile, Booking Holdings Inc. and Expedia Group Inc. were down 9.9% and 13.4% at their intraweek lows.</p><p><blockquote>Bed Bath&amp;Beyond Inc.、纽约上市的中文家教公司跟谁学公司和National Beverage Corp.上周分别较周内高点上涨78.4%、62%和99%。与此同时，Booking Holdings Inc.和Expedia Group Inc.分别下跌9.9%和13.4%，跌至周内低点。</blockquote></p><p> Traders say as GameStop continued to soar -- f rom $30 to $75 and higher -- there was a contagion effect. Managers lost confidence short positions would stop rising in value and covered heavily shorted names, worried social media-fueled investors would focus on companies they were short. They also started cutting their stakes in companies to reduce the risk in their portfolios, hurting other investors in those companies. Last week alone, GameStop shares soared more than four times.</p><p><blockquote>交易员表示，随着游戏驿站继续飙升——从30美元飙升至75美元甚至更高——出现了传染效应。经理们对空头头寸的价值将停止上涨失去了信心，并回补了大量做空的股票，担心社交媒体推动的投资者会专注于他们做空的公司。他们还开始减持公司股份，以降低投资组合的风险，从而伤害了这些公司的其他投资者。仅上周，游戏驿站股价就飙升了四倍多。</blockquote></p><p> \"The performance pain...has been record breaking,\" read a note from Morgan Stanley to its trading clients last week.</p><p><blockquote>摩根士丹利上周给其交易客户的一份报告中写道：“业绩痛苦……已经打破了记录。”</blockquote></p><p> Indeed, hedge funds set near-daily records of various sorts last week for how much they pulled back their exposure to the U.S. stock market by covering their shorts and selling out of their wagers on companies, according to client notes from Morgan Stanley and Goldman Sachs Group Inc. On Wednesday, this type of so-called degrossing contributed to the largest one-day drop in funds' use of leverage on record, said a Goldman note.</p><p><blockquote>事实上，根据摩根士丹利和高盛的客户报告，对冲基金上周通过回补空头和抛售对公司的押注来撤回美国股市敞口的程度几乎每天都创下了各种记录。高盛集团周三表示，这种所谓的去毛导致基金杠杆使用出现有记录以来的最大单日降幅。</blockquote></p><p> Maplelane Capital, another hedge fund that has sustained significant losses this month, ended January with a roughly 45% loss, said a person familiar with the fund. It managed about $3.5 billion at the start of the year.</p><p><blockquote>Maplelane Capital是另一家本月遭受重大损失的对冲基金，一位知情人士表示，截至1月份，该基金的损失约为45%。今年年初，它管理着约35亿美元。</blockquote></p><p> The frenetic trading that catapulted GameStop, AMC Entertainment Holdings Inc. and BlackBerry Ltd. into the ranks of the most traded stocks in the U.S. market and captured the attention of the White House and regulators also hit prominent hedge funds Point72 and D1 Capital Partners.</p><p><blockquote>狂热的交易使游戏驿站、AMC院线控股公司和黑莓有限公司跻身美国市场交易量最大的股票行列，并引起了白宫和监管机构的注意，也打击了著名对冲基金Point72和D1 Capital Partners。</blockquote></p><p> D1, which ended the month down about 20%, was short AMC and GameStop, said people familiar with the fund. One of the people said D1 had exited both positions by Wednesday morning but that those were small drivers of losses. A more significant factor was shares of travel-related companies declining.</p><p><blockquote>据该基金知情人士透露，D1本月末下跌约20%，做空AMC和游戏驿站。其中一位知情人士表示，D1已于周三上午退出这两个头寸，但这些只是造成损失的小因素。一个更重要的因素是旅游相关公司的股价下跌。</blockquote></p><p> Some fund managers say the episode is likely to change how the industry works.</p><p><blockquote>一些基金经理表示，这一事件可能会改变该行业的运作方式。</blockquote></p><p> Fewer hedge funds are likely to highlight their bearish positions by disclosing put options, they said. Instead, funds may use Securities and Exchange Commission rules to keep confidential those positions, a tool activist investors have long used to build positions in companies quietly. More funds also may institute rules about avoiding thinly traded, heavily shorted stocks.</p><p><blockquote>他们表示，可能通过披露看跌期权来凸显其看跌头寸的对冲基金越来越少。相反，基金可能会利用美国证券交易委员会的规则对这些头寸保密，这是激进投资者长期以来用来悄悄建立公司头寸的工具。更多的基金也可能制定规则，避免交易清淡、严重做空的股票。</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>GameStop short Melvin Capital lost 53% in January<blockquote>游戏驿站空头Melvin Capital 1月份下跌53%</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGameStop short Melvin Capital lost 53% in January<blockquote>游戏驿站空头Melvin Capital 1月份下跌53%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">marketwatch</strong><span class=\"h-time small\">2021-02-01 14:28</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Melvin Capital Management, the hedge fund that has borne the brunt of losses from the soaring stock prices of heavily shorted stocks recently, lost 53% in January, according to people familiar with the firm.</p><p><blockquote>据该公司知情人士透露，对冲基金梅尔文资本管理公司(Melvin Capital Management)在最近被严重做空股票的股价飙升中首当其冲地遭受了损失，该公司1月份损失了53%。</blockquote></p><p> Melvin was founded by Gabe Plotkin, a former star portfolio manager for hedge-fund titan Steven A. Cohen. It started the year with about $12.5 billion and now runs more than $8 billion. The current figure includes $2.75 billion in emergency funds Citadel LLC, its partners and Mr. Cohen's Point72 Asset Management injected into the hedge fund last Monday.</p><p><blockquote>Melvin由对冲基金巨头Steven A.Cohen的前明星投资组合经理Gabe Plotkin创立。今年年初，它的收入约为125亿美元，现在已超过80亿美元。目前的数字包括Citadel LLC、其合作伙伴和科恩先生的Point72资产管理公司上周一注入对冲基金的27.5亿美元应急资金。</blockquote></p><p> As part of the deal, they got non-controlling revenue shares in Melvin for three years. So far, Citadel, its partners and Point72 have lost money on the deal, though the precise scope of the loss was unclear Sunday.</p><p><blockquote>作为交易的一部分，他们获得了梅尔文三年的非控制性收入份额。到目前为止，Citadel、其合作伙伴和Point72已经在这笔交易中亏损，尽管周日尚不清楚具体亏损范围。</blockquote></p><p> Melvin has massively de-risked its portfolio, said a client. People familiar with the hedge fund said its leverage ratio -- the value of its assets compared with its capital from investors -- was the lowest it has been since Melvin's 2014 start. They also said the firm's position-level liquidity, or its ability to exit securities in its portfolio easily, had increased significantly.</p><p><blockquote>一位客户表示，梅尔文已经大幅降低了其投资组合的风险。熟悉该对冲基金的人士表示，其杠杆率（其资产价值与来自投资者的资本之比）是自梅尔文2014年成立以来的最低水平。他们还表示，该公司的头寸流动性，即轻松退出投资组合中证券的能力，已显着增加。</blockquote></p><p> New and existing clients have signed up to invest money into Melvin on Feb. 1, according to the people familiar. It was unclear how much they would be adding.</p><p><blockquote>据知情人士透露，新老客户已于2月1日签约向Melvin投资。目前还不清楚他们会增加多少。</blockquote></p><p> Melvin had established itself in recent years as one of the top hedge funds on Wall Street, but a short position in GameStop Corp. hurt the firm in recent weeks. Losses extended beyond GameStop, with declines coming from throughout its portfolio during a period of market turmoil in January. Positions in which Melvin had publicly disclosed owning put options -- bearish contracts that typically profit as stocks fall -- in its last quarterly regulatory filing soared, while positions in companies it held sold off.</p><p><blockquote>近年来，Melvin已成为华尔街顶级对冲基金之一，但最近几周，游戏驿站公司的空头头寸对该公司造成了损害。损失不仅限于游戏驿站，在一月份的市场动荡期间，其整个投资组合都出现了下跌。梅尔文在上一季度的监管文件中公开披露持有看跌期权（通常随着股市下跌而获利的看跌合约）的头寸飙升，而其持有的公司头寸则遭到抛售。</blockquote></p><p> Bed Bath &amp; Beyond Inc., New York-listed Chinese tutoring company GSX Techedu Inc. and National Beverage Corp. were up 78.4%, 62% and 99% at their intraweek highs last week, respectively. Meanwhile, Booking Holdings Inc. and Expedia Group Inc. were down 9.9% and 13.4% at their intraweek lows.</p><p><blockquote>Bed Bath&amp;Beyond Inc.、纽约上市的中文家教公司跟谁学公司和National Beverage Corp.上周分别较周内高点上涨78.4%、62%和99%。与此同时，Booking Holdings Inc.和Expedia Group Inc.分别下跌9.9%和13.4%，跌至周内低点。</blockquote></p><p> Traders say as GameStop continued to soar -- f rom $30 to $75 and higher -- there was a contagion effect. Managers lost confidence short positions would stop rising in value and covered heavily shorted names, worried social media-fueled investors would focus on companies they were short. They also started cutting their stakes in companies to reduce the risk in their portfolios, hurting other investors in those companies. Last week alone, GameStop shares soared more than four times.</p><p><blockquote>交易员表示，随着游戏驿站继续飙升——从30美元飙升至75美元甚至更高——出现了传染效应。经理们对空头头寸的价值将停止上涨失去了信心，并回补了大量做空的股票，担心社交媒体推动的投资者会专注于他们做空的公司。他们还开始减持公司股份，以降低投资组合的风险，从而伤害了这些公司的其他投资者。仅上周，游戏驿站股价就飙升了四倍多。</blockquote></p><p> \"The performance pain...has been record breaking,\" read a note from Morgan Stanley to its trading clients last week.</p><p><blockquote>摩根士丹利上周给其交易客户的一份报告中写道：“业绩痛苦……已经打破了记录。”</blockquote></p><p> Indeed, hedge funds set near-daily records of various sorts last week for how much they pulled back their exposure to the U.S. stock market by covering their shorts and selling out of their wagers on companies, according to client notes from Morgan Stanley and Goldman Sachs Group Inc. On Wednesday, this type of so-called degrossing contributed to the largest one-day drop in funds' use of leverage on record, said a Goldman note.</p><p><blockquote>事实上，根据摩根士丹利和高盛的客户报告，对冲基金上周通过回补空头和抛售对公司的押注来撤回美国股市敞口的程度几乎每天都创下了各种记录。高盛集团周三表示，这种所谓的去毛导致基金杠杆使用出现有记录以来的最大单日降幅。</blockquote></p><p> Maplelane Capital, another hedge fund that has sustained significant losses this month, ended January with a roughly 45% loss, said a person familiar with the fund. It managed about $3.5 billion at the start of the year.</p><p><blockquote>Maplelane Capital是另一家本月遭受重大损失的对冲基金，一位知情人士表示，截至1月份，该基金的损失约为45%。今年年初，它管理着约35亿美元。</blockquote></p><p> The frenetic trading that catapulted GameStop, AMC Entertainment Holdings Inc. and BlackBerry Ltd. into the ranks of the most traded stocks in the U.S. market and captured the attention of the White House and regulators also hit prominent hedge funds Point72 and D1 Capital Partners.</p><p><blockquote>狂热的交易使游戏驿站、AMC院线控股公司和黑莓有限公司跻身美国市场交易量最大的股票行列，并引起了白宫和监管机构的注意，也打击了著名对冲基金Point72和D1 Capital Partners。</blockquote></p><p> D1, which ended the month down about 20%, was short AMC and GameStop, said people familiar with the fund. One of the people said D1 had exited both positions by Wednesday morning but that those were small drivers of losses. A more significant factor was shares of travel-related companies declining.</p><p><blockquote>据该基金知情人士透露，D1本月末下跌约20%，做空AMC和游戏驿站。其中一位知情人士表示，D1已于周三上午退出这两个头寸，但这些只是造成损失的小因素。一个更重要的因素是旅游相关公司的股价下跌。</blockquote></p><p> Some fund managers say the episode is likely to change how the industry works.</p><p><blockquote>一些基金经理表示，这一事件可能会改变该行业的运作方式。</blockquote></p><p> Fewer hedge funds are likely to highlight their bearish positions by disclosing put options, they said. Instead, funds may use Securities and Exchange Commission rules to keep confidential those positions, a tool activist investors have long used to build positions in companies quietly. More funds also may institute rules about avoiding thinly traded, heavily shorted stocks.</p><p><blockquote>他们表示，可能通过披露看跌期权来凸显其看跌头寸的对冲基金越来越少。相反，基金可能会利用美国证券交易委员会的规则对这些头寸保密，这是激进投资者长期以来用来悄悄建立公司头寸的工具。更多的基金也可能制定规则，避免交易清淡、严重做空的股票。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/gamestop-short-melvin-capital-lost-53-in-january-2021-01-31?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/gamestop-short-melvin-capital-lost-53-in-january-2021-01-31?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1127084130","content_text":"Melvin Capital Management, the hedge fund that has borne the brunt of losses from the soaring stock prices of heavily shorted stocks recently, lost 53% in January, according to people familiar with the firm.\nMelvin was founded by Gabe Plotkin, a former star portfolio manager for hedge-fund titan Steven A. Cohen. It started the year with about $12.5 billion and now runs more than $8 billion. The current figure includes $2.75 billion in emergency funds Citadel LLC, its partners and Mr. Cohen's Point72 Asset Management injected into the hedge fund last Monday.\nAs part of the deal, they got non-controlling revenue shares in Melvin for three years. So far, Citadel, its partners and Point72 have lost money on the deal, though the precise scope of the loss was unclear Sunday.\nMelvin has massively de-risked its portfolio, said a client. People familiar with the hedge fund said its leverage ratio -- the value of its assets compared with its capital from investors -- was the lowest it has been since Melvin's 2014 start. They also said the firm's position-level liquidity, or its ability to exit securities in its portfolio easily, had increased significantly.\nNew and existing clients have signed up to invest money into Melvin on Feb. 1, according to the people familiar. It was unclear how much they would be adding.\nMelvin had established itself in recent years as one of the top hedge funds on Wall Street, but a short position in GameStop Corp. hurt the firm in recent weeks. Losses extended beyond GameStop, with declines coming from throughout its portfolio during a period of market turmoil in January. Positions in which Melvin had publicly disclosed owning put options -- bearish contracts that typically profit as stocks fall -- in its last quarterly regulatory filing soared, while positions in companies it held sold off.\nBed Bath & Beyond Inc., New York-listed Chinese tutoring company GSX Techedu Inc. and National Beverage Corp. were up 78.4%, 62% and 99% at their intraweek highs last week, respectively. Meanwhile, Booking Holdings Inc. and Expedia Group Inc. were down 9.9% and 13.4% at their intraweek lows.\nTraders say as GameStop continued to soar -- f rom $30 to $75 and higher -- there was a contagion effect. Managers lost confidence short positions would stop rising in value and covered heavily shorted names, worried social media-fueled investors would focus on companies they were short. They also started cutting their stakes in companies to reduce the risk in their portfolios, hurting other investors in those companies. Last week alone, GameStop shares soared more than four times.\n\"The performance pain...has been record breaking,\" read a note from Morgan Stanley to its trading clients last week.\nIndeed, hedge funds set near-daily records of various sorts last week for how much they pulled back their exposure to the U.S. stock market by covering their shorts and selling out of their wagers on companies, according to client notes from Morgan Stanley and Goldman Sachs Group Inc. On Wednesday, this type of so-called degrossing contributed to the largest one-day drop in funds' use of leverage on record, said a Goldman note.\nMaplelane Capital, another hedge fund that has sustained significant losses this month, ended January with a roughly 45% loss, said a person familiar with the fund. It managed about $3.5 billion at the start of the year.\nThe frenetic trading that catapulted GameStop, AMC Entertainment Holdings Inc. and BlackBerry Ltd. into the ranks of the most traded stocks in the U.S. market and captured the attention of the White House and regulators also hit prominent hedge funds Point72 and D1 Capital Partners.\nD1, which ended the month down about 20%, was short AMC and GameStop, said people familiar with the fund. One of the people said D1 had exited both positions by Wednesday morning but that those were small drivers of losses. A more significant factor was shares of travel-related companies declining.\nSome fund managers say the episode is likely to change how the industry works.\nFewer hedge funds are likely to highlight their bearish positions by disclosing put options, they said. Instead, funds may use Securities and Exchange Commission rules to keep confidential those positions, a tool activist investors have long used to build positions in companies quietly. More funds also may institute rules about avoiding thinly traded, heavily shorted stocks.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":409,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":312474800,"gmtCreate":1612179420300,"gmtModify":1703758347356,"author":{"id":"3572592153317675","authorId":"3572592153317675","name":"Cuiluan","avatar":"https://static.tigerbbs.com/6081fb4b5ab84dec716a63691ea6919b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572592153317675","idStr":"3572592153317675"},"themes":[],"htmlText":"Nice 👍🏻&nbsp;","listText":"Nice 👍🏻&nbsp;","text":"Nice 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href=\"https://laohu8.com/S/AMC\">$AMC Entertainment(AMC)$</a>Can give me early cny ang pow today🤏","listText":"<a href=\"https://laohu8.com/S/AMC\">$AMC Entertainment(AMC)$</a>Can give me early cny ang pow today🤏","text":"$AMC Entertainment(AMC)$Can give me early cny ang pow today🤏","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":12,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/317813944","isVote":1,"tweetType":1,"viewCount":344,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":311258458,"gmtCreate":1611803409074,"gmtModify":1703754051809,"author":{"id":"3572592153317675","authorId":"3572592153317675","name":"Cuiluan","avatar":"https://static.tigerbbs.com/6081fb4b5ab84dec716a63691ea6919b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572592153317675","idStr":"3572592153317675"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/02888\">$STANCHART(02888)$</a>Why drop so much","listText":"<a href=\"https://laohu8.com/S/02888\">$STANCHART(02888)$</a>Why drop so much","text":"$STANCHART(02888)$Why drop so 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13:47","market":"us","language":"en","title":"Why Large-Cap Value Stocks Could Be Long-Term Winners<blockquote>为什么大盘价值股可能成为长期赢家</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1192051370","media":"Barrons","summary":"The new year is just over a month old, but it has been dominated by the spectacular rise and fall of","content":"<p>The new year is just over a month old, but it has been dominated by the spectacular rise and fall ofspeculative stocksand a continuation of thesmall cap rally. In this kind of environment, few people may envy a large-cap value investor, but Randall Eley thinks slow and steady wins the race.</p><p><blockquote>新的一年才过去一个多月，但投机性股票的大幅涨跌以及小盘股反弹的延续占据了主导地位。在这种环境下，可能很少有人羡慕大盘价值投资者，但兰德尔·埃利认为缓慢而稳定才能赢得比赛。</blockquote></p><p> Identifying as a large-cap value investor these days “takes a lot of courage…or a naiveté,” Eley jokes. Yet as chief investment officer at Edgar Lomax, and the portfolio manager of theEdgar Lomax Valuefund (LOMAX), he has time on his side. A strong track record of past performance helps him tune out some of the near-term noise and focus on the core strategy of buying large, profitable well capitalized companies at a discount.</p><p><blockquote>埃利开玩笑说，如今成为大盘价值投资者“需要很大的勇气……或者天真”。然而，作为Edgar Lomax的首席投资官和Edgar Lomax ValueFund(LOMAX)的投资组合经理，他有时间。过去良好的业绩记录有助于他忽略一些近期噪音，专注于以折扣价购买大型、盈利、资本充足的公司的核心战略。</blockquote></p><p> “One of the most important ingredients of a successful investment plan is patience,” he says. “So we’re comfortable structuring portfolios that we think are going to perform strongly over lengthy periods of 10 years or more.”</p><p><blockquote>“成功的投资计划最重要的因素之一是耐心，”他说。“因此，我们乐于构建我们认为在10年或更长时间内表现强劲的投资组合。”</blockquote></p><p> While large cap value may not be in fashion at the moment, Eley argues that it’s still a successful strategy worth pursuing, especially given that these companies also tend to have higher-than-average dividend yields. While many of his holdings didn’t shine in the pandemic-dominated 2020, he says he had the opportunity to invest in big well-managed companies that aren’t “just sitting dead in the water,” but making adjustments for future growth. When stronger earnings do return for these stocks, they are likely “to catch most observers by surprise, and we’ll get that outperformance we’re looking for.”</p><p><blockquote>虽然大盘股价值目前可能并不流行，但埃利认为，这仍然是一个值得追求的成功策略，特别是考虑到这些公司的股息收益率往往高于平均水平。虽然他持有的许多股票在疫情主导的2020年表现不佳，但他表示，他有机会投资管理良好的大型公司，这些公司不是“坐以待毙”，而是为未来的增长做出调整。当这些股票的盈利确实更强劲时，它们可能会“让大多数观察家感到惊讶，我们将获得我们所寻求的优异表现。”</blockquote></p><p> His favorite areas of the market now are energy, financials, and health care. While the S&amp;P 500 weights these categories at roughly 2.5%, 10%, and 13.5%, they stood at 8%, 16%, and 21.5% of the portfolio at the start of the year.</p><p><blockquote>他现在最喜欢的市场领域是能源、金融和医疗保健。虽然标普500对这些类别的权重约为2.5%、10%和13.5%，但今年年初它们占投资组合的比例分别为8%、16%和21.5%。</blockquote></p><p> Energy has been out of favor for some time, but Eley argues that a lot of the pandemic-related disruption will prove temporary, while the pressure to transition away from fossil fuels is a longer-standing issue that management teams have been focused on for years. While the sector has picked up this year, he believes that it hasn’t “even begun to burn out its potential.”</p><p><blockquote>能源已经失宠一段时间了，但埃利认为，许多与大流行相关的破坏将被证明是暂时的，而摆脱化石燃料的压力是管理团队多年来一直关注的一个长期问题。虽然该行业今年有所回升，但他认为它“甚至还没有开始耗尽其潜力”。</blockquote></p><p> Companies likeExxon Mobil(XOM) andChevron(CVX) are companies “with high dividend yields that management seems determined to keep paying and run conservative operations…there is a lot of incentive to run streamlined, profitable operations and consistently distribute part of those profits to shareholders.”</p><p><blockquote>像埃克森美孚（XOM）和雪佛龙（CVX）这样的公司“股息收益率很高，管理层似乎决心继续支付股息并运营保守的运营……有很大的动力来运营精简、盈利的运营，并持续将部分利润分配给股东。”</blockquote></p><p> His favorite financials includeAllstate(ALL) andMetLife(MET), but he believes the group as a whole looks attractive, as many investors were fearing a repeat of the Great Recession that never materialized. He notes that banks were wise to set aside large loan loss reserves, given the uncertainty of the pandemic, even as these moves underscored that worry. Yet the picture brightened considerably for the group late last year, and can continue to do so, he believes.</p><p><blockquote>他最喜欢的金融股包括好事达(ALL)和大都会人寿(MET)，但他认为该集团整体看起来很有吸引力，因为许多投资者担心从未实现的大衰退会重演。他指出，鉴于疫情的不确定性，银行留出大量贷款损失准备金是明智的，尽管这些举措凸显了这种担忧。然而，他相信，去年年底，该集团的前景明显好转，并且可以继续这样做。</blockquote></p><p> Health care may be an obvious focus for many investors, given the rollout of the Covid-19 vaccine, but Eley notes that his firm focuses on companies “that were profitable all along,” regardless of their positioning in the race for herd immunity, althoughPfizer(PFE) is one of his biggest holdings in this sector.</p><p><blockquote>鉴于Covid-19疫苗的推出，医疗保健可能是许多投资者明显关注的焦点，但Eley指出，他的公司专注于“一直盈利”的公司，无论它们在群体免疫竞赛中的地位如何，尽管辉瑞（PFE）是他在该行业最大的持股之一。</blockquote></p><p> Eley doesn’t hold much in the consumer sector, but he likesWalgreens Boots Alliance(WBA), andCoca-Cola(KO), whichhave struggled recently. He believes that Walgreens, his largest position in the sector, will ultimately be able to execute a turnaround, and he called Coke—one of<i>Barron’s</i>&nbsp;favorite stocks for 2021, a solid holding.</p><p><blockquote>埃利在消费领域持有的股份不多，但他喜欢沃尔格林博姿联盟（WBA）和可口可乐（KO），这两家公司最近陷入困境。他相信沃尔格林，他在该行业最大的头寸，最终将能够实现扭亏为盈，他称可口可乐——其中之一<i>巴伦周刊</i>2021年最喜欢的股票，坚定持有。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Large-Cap Value Stocks Could Be Long-Term Winners<blockquote>为什么大盘价值股可能成为长期赢家</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Large-Cap Value Stocks Could Be Long-Term Winners<blockquote>为什么大盘价值股可能成为长期赢家</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-02-10 13:47</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The new year is just over a month old, but it has been dominated by the spectacular rise and fall ofspeculative stocksand a continuation of thesmall cap rally. In this kind of environment, few people may envy a large-cap value investor, but Randall Eley thinks slow and steady wins the race.</p><p><blockquote>新的一年才过去一个多月，但投机性股票的大幅涨跌以及小盘股反弹的延续占据了主导地位。在这种环境下，可能很少有人羡慕大盘价值投资者，但兰德尔·埃利认为缓慢而稳定才能赢得比赛。</blockquote></p><p> Identifying as a large-cap value investor these days “takes a lot of courage…or a naiveté,” Eley jokes. Yet as chief investment officer at Edgar Lomax, and the portfolio manager of theEdgar Lomax Valuefund (LOMAX), he has time on his side. A strong track record of past performance helps him tune out some of the near-term noise and focus on the core strategy of buying large, profitable well capitalized companies at a discount.</p><p><blockquote>埃利开玩笑说，如今成为大盘价值投资者“需要很大的勇气……或者天真”。然而，作为Edgar Lomax的首席投资官和Edgar Lomax ValueFund(LOMAX)的投资组合经理，他有时间。过去良好的业绩记录有助于他忽略一些近期噪音，专注于以折扣价购买大型、盈利、资本充足的公司的核心战略。</blockquote></p><p> “One of the most important ingredients of a successful investment plan is patience,” he says. “So we’re comfortable structuring portfolios that we think are going to perform strongly over lengthy periods of 10 years or more.”</p><p><blockquote>“成功的投资计划最重要的因素之一是耐心，”他说。“因此，我们乐于构建我们认为在10年或更长时间内表现强劲的投资组合。”</blockquote></p><p> While large cap value may not be in fashion at the moment, Eley argues that it’s still a successful strategy worth pursuing, especially given that these companies also tend to have higher-than-average dividend yields. While many of his holdings didn’t shine in the pandemic-dominated 2020, he says he had the opportunity to invest in big well-managed companies that aren’t “just sitting dead in the water,” but making adjustments for future growth. When stronger earnings do return for these stocks, they are likely “to catch most observers by surprise, and we’ll get that outperformance we’re looking for.”</p><p><blockquote>虽然大盘股价值目前可能并不流行，但埃利认为，这仍然是一个值得追求的成功策略，特别是考虑到这些公司的股息收益率往往高于平均水平。虽然他持有的许多股票在疫情主导的2020年表现不佳，但他表示，他有机会投资管理良好的大型公司，这些公司不是“坐以待毙”，而是为未来的增长做出调整。当这些股票的盈利确实更强劲时，它们可能会“让大多数观察家感到惊讶，我们将获得我们所寻求的优异表现。”</blockquote></p><p> His favorite areas of the market now are energy, financials, and health care. While the S&amp;P 500 weights these categories at roughly 2.5%, 10%, and 13.5%, they stood at 8%, 16%, and 21.5% of the portfolio at the start of the year.</p><p><blockquote>他现在最喜欢的市场领域是能源、金融和医疗保健。虽然标普500对这些类别的权重约为2.5%、10%和13.5%，但今年年初它们占投资组合的比例分别为8%、16%和21.5%。</blockquote></p><p> Energy has been out of favor for some time, but Eley argues that a lot of the pandemic-related disruption will prove temporary, while the pressure to transition away from fossil fuels is a longer-standing issue that management teams have been focused on for years. While the sector has picked up this year, he believes that it hasn’t “even begun to burn out its potential.”</p><p><blockquote>能源已经失宠一段时间了，但埃利认为，许多与大流行相关的破坏将被证明是暂时的，而摆脱化石燃料的压力是管理团队多年来一直关注的一个长期问题。虽然该行业今年有所回升，但他认为它“甚至还没有开始耗尽其潜力”。</blockquote></p><p> Companies likeExxon Mobil(XOM) andChevron(CVX) are companies “with high dividend yields that management seems determined to keep paying and run conservative operations…there is a lot of incentive to run streamlined, profitable operations and consistently distribute part of those profits to shareholders.”</p><p><blockquote>像埃克森美孚（XOM）和雪佛龙（CVX）这样的公司“股息收益率很高，管理层似乎决心继续支付股息并运营保守的运营……有很大的动力来运营精简、盈利的运营，并持续将部分利润分配给股东。”</blockquote></p><p> His favorite financials includeAllstate(ALL) andMetLife(MET), but he believes the group as a whole looks attractive, as many investors were fearing a repeat of the Great Recession that never materialized. He notes that banks were wise to set aside large loan loss reserves, given the uncertainty of the pandemic, even as these moves underscored that worry. Yet the picture brightened considerably for the group late last year, and can continue to do so, he believes.</p><p><blockquote>他最喜欢的金融股包括好事达(ALL)和大都会人寿(MET)，但他认为该集团整体看起来很有吸引力，因为许多投资者担心从未实现的大衰退会重演。他指出，鉴于疫情的不确定性，银行留出大量贷款损失准备金是明智的，尽管这些举措凸显了这种担忧。然而，他相信，去年年底，该集团的前景明显好转，并且可以继续这样做。</blockquote></p><p> Health care may be an obvious focus for many investors, given the rollout of the Covid-19 vaccine, but Eley notes that his firm focuses on companies “that were profitable all along,” regardless of their positioning in the race for herd immunity, althoughPfizer(PFE) is one of his biggest holdings in this sector.</p><p><blockquote>鉴于Covid-19疫苗的推出，医疗保健可能是许多投资者明显关注的焦点，但Eley指出，他的公司专注于“一直盈利”的公司，无论它们在群体免疫竞赛中的地位如何，尽管辉瑞（PFE）是他在该行业最大的持股之一。</blockquote></p><p> Eley doesn’t hold much in the consumer sector, but he likesWalgreens Boots Alliance(WBA), andCoca-Cola(KO), whichhave struggled recently. He believes that Walgreens, his largest position in the sector, will ultimately be able to execute a turnaround, and he called Coke—one of<i>Barron’s</i>&nbsp;favorite stocks for 2021, a solid holding.</p><p><blockquote>埃利在消费领域持有的股份不多，但他喜欢沃尔格林博姿联盟（WBA）和可口可乐（KO），这两家公司最近陷入困境。他相信沃尔格林，他在该行业最大的头寸，最终将能够实现扭亏为盈，他称可口可乐——其中之一<i>巴伦周刊</i>2021年最喜欢的股票，坚定持有。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/large-cap-value-stocks-could-be-long-term-winners-think-metlife-and-coca-cola-51612827746?mod=hp_columnists\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://www.barrons.com/articles/large-cap-value-stocks-could-be-long-term-winners-think-metlife-and-coca-cola-51612827746?mod=hp_columnists","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1192051370","content_text":"The new year is just over a month old, but it has been dominated by the spectacular rise and fall ofspeculative stocksand a continuation of thesmall cap rally. In this kind of environment, few people may envy a large-cap value investor, but Randall Eley thinks slow and steady wins the race.\nIdentifying as a large-cap value investor these days “takes a lot of courage…or a naiveté,” Eley jokes. Yet as chief investment officer at Edgar Lomax, and the portfolio manager of theEdgar Lomax Valuefund (LOMAX), he has time on his side. A strong track record of past performance helps him tune out some of the near-term noise and focus on the core strategy of buying large, profitable well capitalized companies at a discount.\n“One of the most important ingredients of a successful investment plan is patience,” he says. “So we’re comfortable structuring portfolios that we think are going to perform strongly over lengthy periods of 10 years or more.”\nWhile large cap value may not be in fashion at the moment, Eley argues that it’s still a successful strategy worth pursuing, especially given that these companies also tend to have higher-than-average dividend yields. While many of his holdings didn’t shine in the pandemic-dominated 2020, he says he had the opportunity to invest in big well-managed companies that aren’t “just sitting dead in the water,” but making adjustments for future growth. When stronger earnings do return for these stocks, they are likely “to catch most observers by surprise, and we’ll get that outperformance we’re looking for.”\nHis favorite areas of the market now are energy, financials, and health care. While the S&P 500 weights these categories at roughly 2.5%, 10%, and 13.5%, they stood at 8%, 16%, and 21.5% of the portfolio at the start of the year.\nEnergy has been out of favor for some time, but Eley argues that a lot of the pandemic-related disruption will prove temporary, while the pressure to transition away from fossil fuels is a longer-standing issue that management teams have been focused on for years. While the sector has picked up this year, he believes that it hasn’t “even begun to burn out its potential.”\nCompanies likeExxon Mobil(XOM) andChevron(CVX) are companies “with high dividend yields that management seems determined to keep paying and run conservative operations…there is a lot of incentive to run streamlined, profitable operations and consistently distribute part of those profits to shareholders.”\nHis favorite financials includeAllstate(ALL) andMetLife(MET), but he believes the group as a whole looks attractive, as many investors were fearing a repeat of the Great Recession that never materialized. He notes that banks were wise to set aside large loan loss reserves, given the uncertainty of the pandemic, even as these moves underscored that worry. Yet the picture brightened considerably for the group late last year, and can continue to do so, he believes.\nHealth care may be an obvious focus for many investors, given the rollout of the Covid-19 vaccine, but Eley notes that his firm focuses on companies “that were profitable all along,” regardless of their positioning in the race for herd immunity, althoughPfizer(PFE) is one of his biggest holdings in this sector.\nEley doesn’t hold much in the consumer sector, but he likesWalgreens Boots Alliance(WBA), andCoca-Cola(KO), whichhave struggled recently. He believes that Walgreens, his largest position in the sector, will ultimately be able to execute a turnaround, and he called Coke—one ofBarron’s favorite stocks for 2021, a solid holding.","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":2120,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":382606938,"gmtCreate":1613437976224,"gmtModify":1634553696324,"author":{"id":"3572592153317675","authorId":"3572592153317675","name":"Cuiluan","avatar":"https://static.tigerbbs.com/6081fb4b5ab84dec716a63691ea6919b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572592153317675","idStr":"3572592153317675"},"themes":[],"htmlText":"Larkin&nbsp;","listText":"Larkin&nbsp;","text":"Larkin","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/382606938","repostId":"1195110710","repostType":4,"repost":{"id":"1195110710","kind":"news","pubTimestamp":1612935630,"share":"https://www.laohu8.com/m/news/1195110710?lang=zh_CN&edition=full","pubTime":"2021-02-10 13:40","market":"us","language":"en","title":"Morgan Stanley: Gasoline Industry Is About to Become Totally Worthless<blockquote>摩根士丹利：汽油行业即将变得完全一文不值</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1195110710","media":"Oilprice","summary":"The average energy investor is by now well aware of the sector's monumental shift from fossil fuels ","content":"<p>The average energy investor is by now well aware of the sector's monumental shift from fossil fuels to renewable energy. Coal-powered power plants have been shuttering at an alarming clip as the price of electricity from natural gas and renewables undercuts them while&nbsp;wind and solar generation continue to gain the ascendancy.</p><p><blockquote>普通能源投资者现在已经很清楚该行业从化石燃料到可再生能源的巨大转变。由于天然气和可再生能源的电价削弱了燃煤电厂的价格，而风能和太阳能发电继续占据主导地位，燃煤电厂一直在以惊人的速度关闭。</blockquote></p><p> But nowhere has this change been as dramatic as the transport industry, with EV titans such as&nbsp;<b>Tesla Inc.</b>(NASDAQ:TSLA) and&nbsp;<b>NIO Ltd.</b>(NYSE:NIO) now commanding substantially higher valuations than their imposing ICE brethren,<b>General Motors</b>(NYSE:GM) and&nbsp;<b>Ford Motors</b>(NYSE:F). Indeed, the global EV sector now carries a higher valuation than the global ICE sector despite accounting for&nbsp;less than 3% of new vehicle sales in 2020.</p><p><blockquote>但这种变化从未像交通运输行业那样引人注目，电动汽车巨头如<b>特斯拉公司。</b>（纳斯达克：TSLA）和<b>蔚来有限公司。</b>（纽约证券交易所代码：蔚来）现在的估值远高于其雄伟的ICE兄弟，<b>通用汽车</b>（纽约证券交易所代码：GM）和<b>福特汽车</b>（纽约证券交易所代码：F）。事实上，尽管2020年全球电动汽车行业仅占新车销量的不到3%，但目前全球电动汽车行业的估值仍高于全球内燃机行业。</blockquote></p><p> It's a situation eerily reminiscent of the thousands of buggy and whip companies that were rendered obsolete in the early 20th century.</p><p><blockquote>这种情况令人毛骨悚然地想起了20世纪初成千上万的马车和鞭子公司。</blockquote></p><p> But now, a section of Wall Street says the situation is a lot more dire than that.</p><p><blockquote>但现在，华尔街的一部分人表示，情况远比这可怕。</blockquote></p><p> Morgan Stanley has argued that traditional ICE makers are destined to become money-losers as early as 2030.</p><p><blockquote>摩根士丹利认为，传统制冰机最早在2030年就注定会亏损。</blockquote></p><p> MS' analyst Adam Jonas says the market may be ascribing zero or even negative value for ICE-derived revenues at GM and Ford and has listed a variety of factors that are likely to transform the companies' once-profitable assets into potentially cash-burning and loss-making businesses.</p><p><blockquote>MS分析师亚当·乔纳斯(Adam Jonas)表示，市场可能认为通用汽车和福特来自ICE的收入为零甚至负值，并列出了各种因素，这些因素可能会将这些公司曾经盈利的资产转化为潜在的现金消耗和亏损业务。</blockquote></p><p> <b>Pivoting to EVs</b></p><p><blockquote><b>转向电动汽车</b></blockquote></p><p> Morgan Stanley is hardly alone in its very dim outlook of the traditional auto industry.</p><p><blockquote>摩根士丹利并不是唯一一家对传统汽车行业前景非常黯淡的公司。</blockquote></p><p> A recent survey on institutional investors by the investment firm has revealed that 17% of respondents think ICE technology has no zero or negative value today, while 60% have rated ICE technology as only slightly positive. Just 23% think gasoline and diesel tech still carries a significant positive value.</p><p><blockquote>该投资公司最近对机构投资者的一项调查显示，17%的受访者认为ICE技术目前没有零价值或负值，而60%的受访者认为ICE技术仅略有正面价值。只有23%的人认为汽油和柴油技术仍然具有显着的积极价值。</blockquote></p><p> But don't get us wrong: Nobody is saying that GM and F stocks are about to go the way of&nbsp;<b>DMC,</b>maker of the once-iconic&nbsp;DeLorean car of the&nbsp;<b>Back to the Future</b>&nbsp;fame.</p><p><blockquote>但不要误会我们的意思：没有人说通用汽车和F股票即将走上<b>DMC，</b>曾经标志性的德罗宁汽车的制造商<b>回到未来</b>名声。</blockquote></p><p> In fact, GM and Ford could gain a new lease of life after belatedly going all-in into the EV megatrend.</p><p><blockquote>事实上，通用汽车和福特在姗姗来迟地全力投入电动汽车大趋势后，可能会获得新生。</blockquote></p><p> Indeed, General Motors has vowed to&nbsp;end production of all diesel and gasoline-powered cars, trucks and SUVs by 2035&nbsp;as part of the company's plan to shift its entire new fleet to electric vehicles.</p><p><blockquote>事实上，通用汽车发誓要在2035年之前停止生产所有柴油和汽油动力汽车、卡车和SUV，作为该公司将其整个新车队转向电动汽车计划的一部分。</blockquote></p><p> GM also says it plans to use 100% renewable energy to power its U.S. facilities by 2030 and in its global facilities by 2035 and intends to become GM carbon neutral in both its global products and its operations by 2040. Further, the automaker says it will focus on offering zero-emissions vehicles across a wide range of price points and work with various stakeholders to build out the necessary charging infrastructure while promoting consumer acceptance.</p><p><blockquote>通用汽车还表示，计划到2030年使用100%可再生能源为其美国工厂供电，到2035年为其全球工厂供电，并打算到2040年在其全球产品和运营中实现通用汽车碳中和。此外，该汽车制造商表示，将专注于提供各种价位的零排放汽车，并与各利益相关者合作，建设必要的充电基础设施，同时提高消费者的接受度。</blockquote></p><p> If you think that does not sound like the usual GM playbook, you are not imagining things.</p><p><blockquote>如果你认为这听起来不像通用汽车通常的剧本，你不是在想象事情。</blockquote></p><p> GM supported the Trump administration's pro-carbon lawsuit that was meant to force California and several other states with gas-mileage standards to lower them to the national standards. GM, however,flipped after Trump lost&nbsp;in November and withdrew from the suit on Nov. 23 after Biden became the clear winner. Since then, GM has announced a&nbsp;raft of electrification plans, which has helped GM stock rally 35% in the year-to-date.</p><p><blockquote>通用汽车支持特朗普政府的支持碳排放诉讼，该诉讼旨在迫使加州和其他几个有汽油里程标准的州将其降低到国家标准。然而，通用汽车在特朗普11月败诉后发生了转变，并在拜登成为明显赢家后于11月23日退出了诉讼。此后，通用汽车宣布了一系列电气化计划，帮助通用汽车股价今年迄今上涨了35%。</blockquote></p><p> Morgan Stanley itself prefers General Motors to Ford, maintaining an Overweight rating on the stock while dropping Ford to an Underweight rating from Equal Weight due to a less-than-stellar sum-of-the-parts value.</p><p><blockquote>摩根士丹利本身更喜欢通用汽车而不是福特，维持通用汽车的跑赢大盘评级，同时由于各部分价值总和不太理想，将通用汽车的评级从同等权重下调至跑输大盘。</blockquote></p><p> In fact, Adam Jonas thinks GM's fair value could exceed 50% of current share price while Ford's is 20% lower:</p><p><blockquote>事实上，Adam Jonas认为通用汽车的公允价值可能超过当前股价的50%，而福特的公允价值则低20%：</blockquote></p><p> <i>\"Our revised DCF and SOTP composition through the 2030 horizon factors in greater caution on our ICE forecasts for both companies, while increasing the value of the EV and AV-related businesses for each. For GM, the offset of the negative ICE adjustments and positive EV adjustments drives an increase in our price target to $80, suggesting over 50% upside. For Ford, our adjustments are substantially offsetting. This, combined with the recent run-up in the stock (which has kept pace with GM YTD) offers more than 20% downside to our price target.\"</i></p><p><blockquote><i>“我们修订后的2030年DCF和SOTP构成使我们对两家公司的ICE预测更加谨慎，同时增加了两家公司的电动汽车和AV相关业务的价值。对于通用汽车来说，负面ICE调整和积极的抵消EV调整推动我们的目标价提高至80美元，表明上涨空间超过50%。对于福特来说，我们的调整是实质性的抵消。再加上该股最近的上涨（年初至今与通用汽车保持同步），我们的价格目标有20%以上的下行空间。”</i></blockquote></p><p> Nevertheless, F shares have similarly climbed 35% YTD.</p><p><blockquote>尽管如此，F股今年迄今同样上涨了35%。</blockquote></p><p> Need we say that both ICE stocks have handily outperformed TSLA, which has only managed a 20% YTD return.</p><p><blockquote>我们需要说的是，这两只ICE股票的表现都轻松优于TSLA，后者年初至今的回报率仅为20%。</blockquote></p><p></p>","source":"lsy1606109400967","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>Morgan Stanley: Gasoline Industry Is About to Become Totally Worthless<blockquote>摩根士丹利：汽油行业即将变得完全一文不值</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\">\nMorgan Stanley: Gasoline Industry Is About to Become Totally Worthless<blockquote>摩根士丹利：汽油行业即将变得完全一文不值</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Oilprice</strong><span class=\"h-time small\">2021-02-10 13:40</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The average energy investor is by now well aware of the sector's monumental shift from fossil fuels to renewable energy. Coal-powered power plants have been shuttering at an alarming clip as the price of electricity from natural gas and renewables undercuts them while&nbsp;wind and solar generation continue to gain the ascendancy.</p><p><blockquote>普通能源投资者现在已经很清楚该行业从化石燃料到可再生能源的巨大转变。由于天然气和可再生能源的电价削弱了燃煤电厂的价格，而风能和太阳能发电继续占据主导地位，燃煤电厂一直在以惊人的速度关闭。</blockquote></p><p> But nowhere has this change been as dramatic as the transport industry, with EV titans such as&nbsp;<b>Tesla Inc.</b>(NASDAQ:TSLA) and&nbsp;<b>NIO Ltd.</b>(NYSE:NIO) now commanding substantially higher valuations than their imposing ICE brethren,<b>General Motors</b>(NYSE:GM) and&nbsp;<b>Ford Motors</b>(NYSE:F). Indeed, the global EV sector now carries a higher valuation than the global ICE sector despite accounting for&nbsp;less than 3% of new vehicle sales in 2020.</p><p><blockquote>但这种变化从未像交通运输行业那样引人注目，电动汽车巨头如<b>特斯拉公司。</b>（纳斯达克：TSLA）和<b>蔚来有限公司。</b>（纽约证券交易所代码：蔚来）现在的估值远高于其雄伟的ICE兄弟，<b>通用汽车</b>（纽约证券交易所代码：GM）和<b>福特汽车</b>（纽约证券交易所代码：F）。事实上，尽管2020年全球电动汽车行业仅占新车销量的不到3%，但目前全球电动汽车行业的估值仍高于全球内燃机行业。</blockquote></p><p> It's a situation eerily reminiscent of the thousands of buggy and whip companies that were rendered obsolete in the early 20th century.</p><p><blockquote>这种情况令人毛骨悚然地想起了20世纪初成千上万的马车和鞭子公司。</blockquote></p><p> But now, a section of Wall Street says the situation is a lot more dire than that.</p><p><blockquote>但现在，华尔街的一部分人表示，情况远比这可怕。</blockquote></p><p> Morgan Stanley has argued that traditional ICE makers are destined to become money-losers as early as 2030.</p><p><blockquote>摩根士丹利认为，传统制冰机最早在2030年就注定会亏损。</blockquote></p><p> MS' analyst Adam Jonas says the market may be ascribing zero or even negative value for ICE-derived revenues at GM and Ford and has listed a variety of factors that are likely to transform the companies' once-profitable assets into potentially cash-burning and loss-making businesses.</p><p><blockquote>MS分析师亚当·乔纳斯(Adam Jonas)表示，市场可能认为通用汽车和福特来自ICE的收入为零甚至负值，并列出了各种因素，这些因素可能会将这些公司曾经盈利的资产转化为潜在的现金消耗和亏损业务。</blockquote></p><p> <b>Pivoting to EVs</b></p><p><blockquote><b>转向电动汽车</b></blockquote></p><p> Morgan Stanley is hardly alone in its very dim outlook of the traditional auto industry.</p><p><blockquote>摩根士丹利并不是唯一一家对传统汽车行业前景非常黯淡的公司。</blockquote></p><p> A recent survey on institutional investors by the investment firm has revealed that 17% of respondents think ICE technology has no zero or negative value today, while 60% have rated ICE technology as only slightly positive. Just 23% think gasoline and diesel tech still carries a significant positive value.</p><p><blockquote>该投资公司最近对机构投资者的一项调查显示，17%的受访者认为ICE技术目前没有零价值或负值，而60%的受访者认为ICE技术仅略有正面价值。只有23%的人认为汽油和柴油技术仍然具有显着的积极价值。</blockquote></p><p> But don't get us wrong: Nobody is saying that GM and F stocks are about to go the way of&nbsp;<b>DMC,</b>maker of the once-iconic&nbsp;DeLorean car of the&nbsp;<b>Back to the Future</b>&nbsp;fame.</p><p><blockquote>但不要误会我们的意思：没有人说通用汽车和F股票即将走上<b>DMC，</b>曾经标志性的德罗宁汽车的制造商<b>回到未来</b>名声。</blockquote></p><p> In fact, GM and Ford could gain a new lease of life after belatedly going all-in into the EV megatrend.</p><p><blockquote>事实上，通用汽车和福特在姗姗来迟地全力投入电动汽车大趋势后，可能会获得新生。</blockquote></p><p> Indeed, General Motors has vowed to&nbsp;end production of all diesel and gasoline-powered cars, trucks and SUVs by 2035&nbsp;as part of the company's plan to shift its entire new fleet to electric vehicles.</p><p><blockquote>事实上，通用汽车发誓要在2035年之前停止生产所有柴油和汽油动力汽车、卡车和SUV，作为该公司将其整个新车队转向电动汽车计划的一部分。</blockquote></p><p> GM also says it plans to use 100% renewable energy to power its U.S. facilities by 2030 and in its global facilities by 2035 and intends to become GM carbon neutral in both its global products and its operations by 2040. Further, the automaker says it will focus on offering zero-emissions vehicles across a wide range of price points and work with various stakeholders to build out the necessary charging infrastructure while promoting consumer acceptance.</p><p><blockquote>通用汽车还表示，计划到2030年使用100%可再生能源为其美国工厂供电，到2035年为其全球工厂供电，并打算到2040年在其全球产品和运营中实现通用汽车碳中和。此外，该汽车制造商表示，将专注于提供各种价位的零排放汽车，并与各利益相关者合作，建设必要的充电基础设施，同时提高消费者的接受度。</blockquote></p><p> If you think that does not sound like the usual GM playbook, you are not imagining things.</p><p><blockquote>如果你认为这听起来不像通用汽车通常的剧本，你不是在想象事情。</blockquote></p><p> GM supported the Trump administration's pro-carbon lawsuit that was meant to force California and several other states with gas-mileage standards to lower them to the national standards. GM, however,flipped after Trump lost&nbsp;in November and withdrew from the suit on Nov. 23 after Biden became the clear winner. Since then, GM has announced a&nbsp;raft of electrification plans, which has helped GM stock rally 35% in the year-to-date.</p><p><blockquote>通用汽车支持特朗普政府的支持碳排放诉讼，该诉讼旨在迫使加州和其他几个有汽油里程标准的州将其降低到国家标准。然而，通用汽车在特朗普11月败诉后发生了转变，并在拜登成为明显赢家后于11月23日退出了诉讼。此后，通用汽车宣布了一系列电气化计划，帮助通用汽车股价今年迄今上涨了35%。</blockquote></p><p> Morgan Stanley itself prefers General Motors to Ford, maintaining an Overweight rating on the stock while dropping Ford to an Underweight rating from Equal Weight due to a less-than-stellar sum-of-the-parts value.</p><p><blockquote>摩根士丹利本身更喜欢通用汽车而不是福特，维持通用汽车的跑赢大盘评级，同时由于各部分价值总和不太理想，将通用汽车的评级从同等权重下调至跑输大盘。</blockquote></p><p> In fact, Adam Jonas thinks GM's fair value could exceed 50% of current share price while Ford's is 20% lower:</p><p><blockquote>事实上，Adam Jonas认为通用汽车的公允价值可能超过当前股价的50%，而福特的公允价值则低20%：</blockquote></p><p> <i>\"Our revised DCF and SOTP composition through the 2030 horizon factors in greater caution on our ICE forecasts for both companies, while increasing the value of the EV and AV-related businesses for each. For GM, the offset of the negative ICE adjustments and positive EV adjustments drives an increase in our price target to $80, suggesting over 50% upside. For Ford, our adjustments are substantially offsetting. This, combined with the recent run-up in the stock (which has kept pace with GM YTD) offers more than 20% downside to our price target.\"</i></p><p><blockquote><i>“我们修订后的2030年DCF和SOTP构成使我们对两家公司的ICE预测更加谨慎，同时增加了两家公司的电动汽车和AV相关业务的价值。对于通用汽车来说，负面ICE调整和积极的抵消EV调整推动我们的目标价提高至80美元，表明上涨空间超过50%。对于福特来说，我们的调整是实质性的抵消。再加上该股最近的上涨（年初至今与通用汽车保持同步），我们的价格目标有20%以上的下行空间。”</i></blockquote></p><p> Nevertheless, F shares have similarly climbed 35% YTD.</p><p><blockquote>尽管如此，F股今年迄今同样上涨了35%。</blockquote></p><p> Need we say that both ICE stocks have handily outperformed TSLA, which has only managed a 20% YTD return.</p><p><blockquote>我们需要说的是，这两只ICE股票的表现都轻松优于TSLA，后者年初至今的回报率仅为20%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://oilprice.com/Energy/Energy-General/Morgan-Stanley-Gasoline-Industry-Is-About-to-Become-Totally-Worthless.html\">Oilprice</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index","CVX":"雪佛龙","XOM":"埃克森美孚","TOT":"LionShares U.S. Equity Total Return ETF",".IXIC":"NASDAQ Composite"},"source_url":"https://oilprice.com/Energy/Energy-General/Morgan-Stanley-Gasoline-Industry-Is-About-to-Become-Totally-Worthless.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1195110710","content_text":"The average energy investor is by now well aware of the sector's monumental shift from fossil fuels to renewable energy. Coal-powered power plants have been shuttering at an alarming clip as the price of electricity from natural gas and renewables undercuts them while wind and solar generation continue to gain the ascendancy.\nBut nowhere has this change been as dramatic as the transport industry, with EV titans such as Tesla Inc.(NASDAQ:TSLA) and NIO Ltd.(NYSE:NIO) now commanding substantially higher valuations than their imposing ICE brethren,General Motors(NYSE:GM) and Ford Motors(NYSE:F). Indeed, the global EV sector now carries a higher valuation than the global ICE sector despite accounting for less than 3% of new vehicle sales in 2020.\nIt's a situation eerily reminiscent of the thousands of buggy and whip companies that were rendered obsolete in the early 20th century.\nBut now, a section of Wall Street says the situation is a lot more dire than that.\nMorgan Stanley has argued that traditional ICE makers are destined to become money-losers as early as 2030.\nMS' analyst Adam Jonas says the market may be ascribing zero or even negative value for ICE-derived revenues at GM and Ford and has listed a variety of factors that are likely to transform the companies' once-profitable assets into potentially cash-burning and loss-making businesses.\nPivoting to EVs\nMorgan Stanley is hardly alone in its very dim outlook of the traditional auto industry.\nA recent survey on institutional investors by the investment firm has revealed that 17% of respondents think ICE technology has no zero or negative value today, while 60% have rated ICE technology as only slightly positive. Just 23% think gasoline and diesel tech still carries a significant positive value.\nBut don't get us wrong: Nobody is saying that GM and F stocks are about to go the way of DMC,maker of the once-iconic DeLorean car of the Back to the Future fame.\nIn fact, GM and Ford could gain a new lease of life after belatedly going all-in into the EV megatrend.\nIndeed, General Motors has vowed to end production of all diesel and gasoline-powered cars, trucks and SUVs by 2035 as part of the company's plan to shift its entire new fleet to electric vehicles.\nGM also says it plans to use 100% renewable energy to power its U.S. facilities by 2030 and in its global facilities by 2035 and intends to become GM carbon neutral in both its global products and its operations by 2040. Further, the automaker says it will focus on offering zero-emissions vehicles across a wide range of price points and work with various stakeholders to build out the necessary charging infrastructure while promoting consumer acceptance.\nIf you think that does not sound like the usual GM playbook, you are not imagining things.\nGM supported the Trump administration's pro-carbon lawsuit that was meant to force California and several other states with gas-mileage standards to lower them to the national standards. GM, however,flipped after Trump lost in November and withdrew from the suit on Nov. 23 after Biden became the clear winner. Since then, GM has announced a raft of electrification plans, which has helped GM stock rally 35% in the year-to-date.\nMorgan Stanley itself prefers General Motors to Ford, maintaining an Overweight rating on the stock while dropping Ford to an Underweight rating from Equal Weight due to a less-than-stellar sum-of-the-parts value.\nIn fact, Adam Jonas thinks GM's fair value could exceed 50% of current share price while Ford's is 20% lower:\n\"Our revised DCF and SOTP composition through the 2030 horizon factors in greater caution on our ICE forecasts for both companies, while increasing the value of the EV and AV-related businesses for each. For GM, the offset of the negative ICE adjustments and positive EV adjustments drives an increase in our price target to $80, suggesting over 50% upside. For Ford, our adjustments are substantially offsetting. This, combined with the recent run-up in the stock (which has kept pace with GM YTD) offers more than 20% downside to our price target.\"\nNevertheless, F shares have similarly climbed 35% YTD.\nNeed we say that both ICE stocks have handily outperformed TSLA, which has only managed a 20% YTD return.","news_type":1,"symbols_score_info":{"CVX":0.9,".DJI":0.9,"XOM":0.9,"TOT":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":1479,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":382601770,"gmtCreate":1613437890390,"gmtModify":1634553697043,"author":{"id":"3572592153317675","authorId":"3572592153317675","name":"Cuiluan","avatar":"https://static.tigerbbs.com/6081fb4b5ab84dec716a63691ea6919b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572592153317675","idStr":"3572592153317675"},"themes":[],"htmlText":"How isnit","listText":"How isnit","text":"How 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href=\"https://laohu8.com/S/01668\">$China South City(01668)$</a>bad investment","listText":"<a href=\"https://laohu8.com/S/01668\">$China South City(01668)$</a>bad investment","text":"$China South City(01668)$bad investment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/389659459","isVote":1,"tweetType":1,"viewCount":2246,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":315713330,"gmtCreate":1612276802720,"gmtModify":1703759749909,"author":{"id":"3572592153317675","authorId":"3572592153317675","name":"Cuiluan","avatar":"https://static.tigerbbs.com/6081fb4b5ab84dec716a63691ea6919b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572592153317675","idStr":"3572592153317675"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/315713330","repostId":"315734484","repostType":1,"repost":{"id":315734484,"gmtCreate":1612276706748,"gmtModify":1703759745112,"author":{"id":"3565134746210408","authorId":"3565134746210408","name":"AMCfortuner","avatar":"https://static.tigerbbs.com/58bbc2c62bfa92a60789492dfe3b6fe3","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3565134746210408","idStr":"3565134746210408"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/AMC\">$AMC Entertainment(AMC)$</a>我们被骗了吗？","listText":"<a href=\"https://laohu8.com/S/AMC\">$AMC Entertainment(AMC)$</a>我们被骗了吗？","text":"$AMC Entertainment(AMC)$我们被骗了吗？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/315734484","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":352,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":315485412,"gmtCreate":1612271918636,"gmtModify":1703759634170,"author":{"id":"3572592153317675","authorId":"3572592153317675","name":"Cuiluan","avatar":"https://static.tigerbbs.com/6081fb4b5ab84dec716a63691ea6919b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572592153317675","idStr":"3572592153317675"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/315485412","repostId":"2108178483","repostType":4,"isVote":1,"tweetType":1,"viewCount":451,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":312477386,"gmtCreate":1612179466445,"gmtModify":1703758348391,"author":{"id":"3572592153317675","authorId":"3572592153317675","name":"Cuiluan","avatar":"https://static.tigerbbs.com/6081fb4b5ab84dec716a63691ea6919b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572592153317675","idStr":"3572592153317675"},"themes":[],"htmlText":"Yeah well done","listText":"Yeah well done","text":"Yeah well done","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/312477386","repostId":"1127084130","repostType":4,"repost":{"id":"1127084130","kind":"news","pubTimestamp":1612160908,"share":"https://www.laohu8.com/m/news/1127084130?lang=zh_CN&edition=full","pubTime":"2021-02-01 14:28","market":"us","language":"en","title":"GameStop short Melvin Capital lost 53% in January<blockquote>游戏驿站空头Melvin Capital 1月份下跌53%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1127084130","media":"marketwatch","summary":"Melvin Capital Management, the hedge fund that has borne the brunt of losses from the soaring stock ","content":"<p>Melvin Capital Management, the hedge fund that has borne the brunt of losses from the soaring stock prices of heavily shorted stocks recently, lost 53% in January, according to people familiar with the firm.</p><p><blockquote>据该公司知情人士透露，对冲基金梅尔文资本管理公司(Melvin Capital Management)在最近被严重做空股票的股价飙升中首当其冲地遭受了损失，该公司1月份损失了53%。</blockquote></p><p> Melvin was founded by Gabe Plotkin, a former star portfolio manager for hedge-fund titan Steven A. Cohen. It started the year with about $12.5 billion and now runs more than $8 billion. The current figure includes $2.75 billion in emergency funds Citadel LLC, its partners and Mr. Cohen's Point72 Asset Management injected into the hedge fund last Monday.</p><p><blockquote>Melvin由对冲基金巨头Steven A.Cohen的前明星投资组合经理Gabe Plotkin创立。今年年初，它的收入约为125亿美元，现在已超过80亿美元。目前的数字包括Citadel LLC、其合作伙伴和科恩先生的Point72资产管理公司上周一注入对冲基金的27.5亿美元应急资金。</blockquote></p><p> As part of the deal, they got non-controlling revenue shares in Melvin for three years. So far, Citadel, its partners and Point72 have lost money on the deal, though the precise scope of the loss was unclear Sunday.</p><p><blockquote>作为交易的一部分，他们获得了梅尔文三年的非控制性收入份额。到目前为止，Citadel、其合作伙伴和Point72已经在这笔交易中亏损，尽管周日尚不清楚具体亏损范围。</blockquote></p><p> Melvin has massively de-risked its portfolio, said a client. People familiar with the hedge fund said its leverage ratio -- the value of its assets compared with its capital from investors -- was the lowest it has been since Melvin's 2014 start. They also said the firm's position-level liquidity, or its ability to exit securities in its portfolio easily, had increased significantly.</p><p><blockquote>一位客户表示，梅尔文已经大幅降低了其投资组合的风险。熟悉该对冲基金的人士表示，其杠杆率（其资产价值与来自投资者的资本之比）是自梅尔文2014年成立以来的最低水平。他们还表示，该公司的头寸流动性，即轻松退出投资组合中证券的能力，已显着增加。</blockquote></p><p> New and existing clients have signed up to invest money into Melvin on Feb. 1, according to the people familiar. It was unclear how much they would be adding.</p><p><blockquote>据知情人士透露，新老客户已于2月1日签约向Melvin投资。目前还不清楚他们会增加多少。</blockquote></p><p> Melvin had established itself in recent years as one of the top hedge funds on Wall Street, but a short position in GameStop Corp. hurt the firm in recent weeks. Losses extended beyond GameStop, with declines coming from throughout its portfolio during a period of market turmoil in January. Positions in which Melvin had publicly disclosed owning put options -- bearish contracts that typically profit as stocks fall -- in its last quarterly regulatory filing soared, while positions in companies it held sold off.</p><p><blockquote>近年来，Melvin已成为华尔街顶级对冲基金之一，但最近几周，游戏驿站公司的空头头寸对该公司造成了损害。损失不仅限于游戏驿站，在一月份的市场动荡期间，其整个投资组合都出现了下跌。梅尔文在上一季度的监管文件中公开披露持有看跌期权（通常随着股市下跌而获利的看跌合约）的头寸飙升，而其持有的公司头寸则遭到抛售。</blockquote></p><p> Bed Bath &amp; Beyond Inc., New York-listed Chinese tutoring company GSX Techedu Inc. and National Beverage Corp. were up 78.4%, 62% and 99% at their intraweek highs last week, respectively. Meanwhile, Booking Holdings Inc. and Expedia Group Inc. were down 9.9% and 13.4% at their intraweek lows.</p><p><blockquote>Bed Bath&amp;Beyond Inc.、纽约上市的中文家教公司跟谁学公司和National Beverage Corp.上周分别较周内高点上涨78.4%、62%和99%。与此同时，Booking Holdings Inc.和Expedia Group Inc.分别下跌9.9%和13.4%，跌至周内低点。</blockquote></p><p> Traders say as GameStop continued to soar -- f rom $30 to $75 and higher -- there was a contagion effect. Managers lost confidence short positions would stop rising in value and covered heavily shorted names, worried social media-fueled investors would focus on companies they were short. They also started cutting their stakes in companies to reduce the risk in their portfolios, hurting other investors in those companies. Last week alone, GameStop shares soared more than four times.</p><p><blockquote>交易员表示，随着游戏驿站继续飙升——从30美元飙升至75美元甚至更高——出现了传染效应。经理们对空头头寸的价值将停止上涨失去了信心，并回补了大量做空的股票，担心社交媒体推动的投资者会专注于他们做空的公司。他们还开始减持公司股份，以降低投资组合的风险，从而伤害了这些公司的其他投资者。仅上周，游戏驿站股价就飙升了四倍多。</blockquote></p><p> \"The performance pain...has been record breaking,\" read a note from Morgan Stanley to its trading clients last week.</p><p><blockquote>摩根士丹利上周给其交易客户的一份报告中写道：“业绩痛苦……已经打破了记录。”</blockquote></p><p> Indeed, hedge funds set near-daily records of various sorts last week for how much they pulled back their exposure to the U.S. stock market by covering their shorts and selling out of their wagers on companies, according to client notes from Morgan Stanley and Goldman Sachs Group Inc. On Wednesday, this type of so-called degrossing contributed to the largest one-day drop in funds' use of leverage on record, said a Goldman note.</p><p><blockquote>事实上，根据摩根士丹利和高盛的客户报告，对冲基金上周通过回补空头和抛售对公司的押注来撤回美国股市敞口的程度几乎每天都创下了各种记录。高盛集团周三表示，这种所谓的去毛导致基金杠杆使用出现有记录以来的最大单日降幅。</blockquote></p><p> Maplelane Capital, another hedge fund that has sustained significant losses this month, ended January with a roughly 45% loss, said a person familiar with the fund. It managed about $3.5 billion at the start of the year.</p><p><blockquote>Maplelane Capital是另一家本月遭受重大损失的对冲基金，一位知情人士表示，截至1月份，该基金的损失约为45%。今年年初，它管理着约35亿美元。</blockquote></p><p> The frenetic trading that catapulted GameStop, AMC Entertainment Holdings Inc. and BlackBerry Ltd. into the ranks of the most traded stocks in the U.S. market and captured the attention of the White House and regulators also hit prominent hedge funds Point72 and D1 Capital Partners.</p><p><blockquote>狂热的交易使游戏驿站、AMC院线控股公司和黑莓有限公司跻身美国市场交易量最大的股票行列，并引起了白宫和监管机构的注意，也打击了著名对冲基金Point72和D1 Capital Partners。</blockquote></p><p> D1, which ended the month down about 20%, was short AMC and GameStop, said people familiar with the fund. One of the people said D1 had exited both positions by Wednesday morning but that those were small drivers of losses. A more significant factor was shares of travel-related companies declining.</p><p><blockquote>据该基金知情人士透露，D1本月末下跌约20%，做空AMC和游戏驿站。其中一位知情人士表示，D1已于周三上午退出这两个头寸，但这些只是造成损失的小因素。一个更重要的因素是旅游相关公司的股价下跌。</blockquote></p><p> Some fund managers say the episode is likely to change how the industry works.</p><p><blockquote>一些基金经理表示，这一事件可能会改变该行业的运作方式。</blockquote></p><p> Fewer hedge funds are likely to highlight their bearish positions by disclosing put options, they said. Instead, funds may use Securities and Exchange Commission rules to keep confidential those positions, a tool activist investors have long used to build positions in companies quietly. More funds also may institute rules about avoiding thinly traded, heavily shorted stocks.</p><p><blockquote>他们表示，可能通过披露看跌期权来凸显其看跌头寸的对冲基金越来越少。相反，基金可能会利用美国证券交易委员会的规则对这些头寸保密，这是激进投资者长期以来用来悄悄建立公司头寸的工具。更多的基金也可能制定规则，避免交易清淡、严重做空的股票。</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>GameStop short Melvin Capital lost 53% in January<blockquote>游戏驿站空头Melvin Capital 1月份下跌53%</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGameStop short Melvin Capital lost 53% in January<blockquote>游戏驿站空头Melvin Capital 1月份下跌53%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">marketwatch</strong><span class=\"h-time small\">2021-02-01 14:28</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Melvin Capital Management, the hedge fund that has borne the brunt of losses from the soaring stock prices of heavily shorted stocks recently, lost 53% in January, according to people familiar with the firm.</p><p><blockquote>据该公司知情人士透露，对冲基金梅尔文资本管理公司(Melvin Capital Management)在最近被严重做空股票的股价飙升中首当其冲地遭受了损失，该公司1月份损失了53%。</blockquote></p><p> Melvin was founded by Gabe Plotkin, a former star portfolio manager for hedge-fund titan Steven A. Cohen. It started the year with about $12.5 billion and now runs more than $8 billion. The current figure includes $2.75 billion in emergency funds Citadel LLC, its partners and Mr. Cohen's Point72 Asset Management injected into the hedge fund last Monday.</p><p><blockquote>Melvin由对冲基金巨头Steven A.Cohen的前明星投资组合经理Gabe Plotkin创立。今年年初，它的收入约为125亿美元，现在已超过80亿美元。目前的数字包括Citadel LLC、其合作伙伴和科恩先生的Point72资产管理公司上周一注入对冲基金的27.5亿美元应急资金。</blockquote></p><p> As part of the deal, they got non-controlling revenue shares in Melvin for three years. So far, Citadel, its partners and Point72 have lost money on the deal, though the precise scope of the loss was unclear Sunday.</p><p><blockquote>作为交易的一部分，他们获得了梅尔文三年的非控制性收入份额。到目前为止，Citadel、其合作伙伴和Point72已经在这笔交易中亏损，尽管周日尚不清楚具体亏损范围。</blockquote></p><p> Melvin has massively de-risked its portfolio, said a client. People familiar with the hedge fund said its leverage ratio -- the value of its assets compared with its capital from investors -- was the lowest it has been since Melvin's 2014 start. They also said the firm's position-level liquidity, or its ability to exit securities in its portfolio easily, had increased significantly.</p><p><blockquote>一位客户表示，梅尔文已经大幅降低了其投资组合的风险。熟悉该对冲基金的人士表示，其杠杆率（其资产价值与来自投资者的资本之比）是自梅尔文2014年成立以来的最低水平。他们还表示，该公司的头寸流动性，即轻松退出投资组合中证券的能力，已显着增加。</blockquote></p><p> New and existing clients have signed up to invest money into Melvin on Feb. 1, according to the people familiar. It was unclear how much they would be adding.</p><p><blockquote>据知情人士透露，新老客户已于2月1日签约向Melvin投资。目前还不清楚他们会增加多少。</blockquote></p><p> Melvin had established itself in recent years as one of the top hedge funds on Wall Street, but a short position in GameStop Corp. hurt the firm in recent weeks. Losses extended beyond GameStop, with declines coming from throughout its portfolio during a period of market turmoil in January. Positions in which Melvin had publicly disclosed owning put options -- bearish contracts that typically profit as stocks fall -- in its last quarterly regulatory filing soared, while positions in companies it held sold off.</p><p><blockquote>近年来，Melvin已成为华尔街顶级对冲基金之一，但最近几周，游戏驿站公司的空头头寸对该公司造成了损害。损失不仅限于游戏驿站，在一月份的市场动荡期间，其整个投资组合都出现了下跌。梅尔文在上一季度的监管文件中公开披露持有看跌期权（通常随着股市下跌而获利的看跌合约）的头寸飙升，而其持有的公司头寸则遭到抛售。</blockquote></p><p> Bed Bath &amp; Beyond Inc., New York-listed Chinese tutoring company GSX Techedu Inc. and National Beverage Corp. were up 78.4%, 62% and 99% at their intraweek highs last week, respectively. Meanwhile, Booking Holdings Inc. and Expedia Group Inc. were down 9.9% and 13.4% at their intraweek lows.</p><p><blockquote>Bed Bath&amp;Beyond Inc.、纽约上市的中文家教公司跟谁学公司和National Beverage Corp.上周分别较周内高点上涨78.4%、62%和99%。与此同时，Booking Holdings Inc.和Expedia Group Inc.分别下跌9.9%和13.4%，跌至周内低点。</blockquote></p><p> Traders say as GameStop continued to soar -- f rom $30 to $75 and higher -- there was a contagion effect. Managers lost confidence short positions would stop rising in value and covered heavily shorted names, worried social media-fueled investors would focus on companies they were short. They also started cutting their stakes in companies to reduce the risk in their portfolios, hurting other investors in those companies. Last week alone, GameStop shares soared more than four times.</p><p><blockquote>交易员表示，随着游戏驿站继续飙升——从30美元飙升至75美元甚至更高——出现了传染效应。经理们对空头头寸的价值将停止上涨失去了信心，并回补了大量做空的股票，担心社交媒体推动的投资者会专注于他们做空的公司。他们还开始减持公司股份，以降低投资组合的风险，从而伤害了这些公司的其他投资者。仅上周，游戏驿站股价就飙升了四倍多。</blockquote></p><p> \"The performance pain...has been record breaking,\" read a note from Morgan Stanley to its trading clients last week.</p><p><blockquote>摩根士丹利上周给其交易客户的一份报告中写道：“业绩痛苦……已经打破了记录。”</blockquote></p><p> Indeed, hedge funds set near-daily records of various sorts last week for how much they pulled back their exposure to the U.S. stock market by covering their shorts and selling out of their wagers on companies, according to client notes from Morgan Stanley and Goldman Sachs Group Inc. On Wednesday, this type of so-called degrossing contributed to the largest one-day drop in funds' use of leverage on record, said a Goldman note.</p><p><blockquote>事实上，根据摩根士丹利和高盛的客户报告，对冲基金上周通过回补空头和抛售对公司的押注来撤回美国股市敞口的程度几乎每天都创下了各种记录。高盛集团周三表示，这种所谓的去毛导致基金杠杆使用出现有记录以来的最大单日降幅。</blockquote></p><p> Maplelane Capital, another hedge fund that has sustained significant losses this month, ended January with a roughly 45% loss, said a person familiar with the fund. It managed about $3.5 billion at the start of the year.</p><p><blockquote>Maplelane Capital是另一家本月遭受重大损失的对冲基金，一位知情人士表示，截至1月份，该基金的损失约为45%。今年年初，它管理着约35亿美元。</blockquote></p><p> The frenetic trading that catapulted GameStop, AMC Entertainment Holdings Inc. and BlackBerry Ltd. into the ranks of the most traded stocks in the U.S. market and captured the attention of the White House and regulators also hit prominent hedge funds Point72 and D1 Capital Partners.</p><p><blockquote>狂热的交易使游戏驿站、AMC院线控股公司和黑莓有限公司跻身美国市场交易量最大的股票行列，并引起了白宫和监管机构的注意，也打击了著名对冲基金Point72和D1 Capital Partners。</blockquote></p><p> D1, which ended the month down about 20%, was short AMC and GameStop, said people familiar with the fund. One of the people said D1 had exited both positions by Wednesday morning but that those were small drivers of losses. A more significant factor was shares of travel-related companies declining.</p><p><blockquote>据该基金知情人士透露，D1本月末下跌约20%，做空AMC和游戏驿站。其中一位知情人士表示，D1已于周三上午退出这两个头寸，但这些只是造成损失的小因素。一个更重要的因素是旅游相关公司的股价下跌。</blockquote></p><p> Some fund managers say the episode is likely to change how the industry works.</p><p><blockquote>一些基金经理表示，这一事件可能会改变该行业的运作方式。</blockquote></p><p> Fewer hedge funds are likely to highlight their bearish positions by disclosing put options, they said. Instead, funds may use Securities and Exchange Commission rules to keep confidential those positions, a tool activist investors have long used to build positions in companies quietly. More funds also may institute rules about avoiding thinly traded, heavily shorted stocks.</p><p><blockquote>他们表示，可能通过披露看跌期权来凸显其看跌头寸的对冲基金越来越少。相反，基金可能会利用美国证券交易委员会的规则对这些头寸保密，这是激进投资者长期以来用来悄悄建立公司头寸的工具。更多的基金也可能制定规则，避免交易清淡、严重做空的股票。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/gamestop-short-melvin-capital-lost-53-in-january-2021-01-31?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/gamestop-short-melvin-capital-lost-53-in-january-2021-01-31?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1127084130","content_text":"Melvin Capital Management, the hedge fund that has borne the brunt of losses from the soaring stock prices of heavily shorted stocks recently, lost 53% in January, according to people familiar with the firm.\nMelvin was founded by Gabe Plotkin, a former star portfolio manager for hedge-fund titan Steven A. Cohen. It started the year with about $12.5 billion and now runs more than $8 billion. The current figure includes $2.75 billion in emergency funds Citadel LLC, its partners and Mr. Cohen's Point72 Asset Management injected into the hedge fund last Monday.\nAs part of the deal, they got non-controlling revenue shares in Melvin for three years. So far, Citadel, its partners and Point72 have lost money on the deal, though the precise scope of the loss was unclear Sunday.\nMelvin has massively de-risked its portfolio, said a client. People familiar with the hedge fund said its leverage ratio -- the value of its assets compared with its capital from investors -- was the lowest it has been since Melvin's 2014 start. They also said the firm's position-level liquidity, or its ability to exit securities in its portfolio easily, had increased significantly.\nNew and existing clients have signed up to invest money into Melvin on Feb. 1, according to the people familiar. It was unclear how much they would be adding.\nMelvin had established itself in recent years as one of the top hedge funds on Wall Street, but a short position in GameStop Corp. hurt the firm in recent weeks. Losses extended beyond GameStop, with declines coming from throughout its portfolio during a period of market turmoil in January. Positions in which Melvin had publicly disclosed owning put options -- bearish contracts that typically profit as stocks fall -- in its last quarterly regulatory filing soared, while positions in companies it held sold off.\nBed Bath & Beyond Inc., New York-listed Chinese tutoring company GSX Techedu Inc. and National Beverage Corp. were up 78.4%, 62% and 99% at their intraweek highs last week, respectively. Meanwhile, Booking Holdings Inc. and Expedia Group Inc. were down 9.9% and 13.4% at their intraweek lows.\nTraders say as GameStop continued to soar -- f rom $30 to $75 and higher -- there was a contagion effect. Managers lost confidence short positions would stop rising in value and covered heavily shorted names, worried social media-fueled investors would focus on companies they were short. They also started cutting their stakes in companies to reduce the risk in their portfolios, hurting other investors in those companies. Last week alone, GameStop shares soared more than four times.\n\"The performance pain...has been record breaking,\" read a note from Morgan Stanley to its trading clients last week.\nIndeed, hedge funds set near-daily records of various sorts last week for how much they pulled back their exposure to the U.S. stock market by covering their shorts and selling out of their wagers on companies, according to client notes from Morgan Stanley and Goldman Sachs Group Inc. On Wednesday, this type of so-called degrossing contributed to the largest one-day drop in funds' use of leverage on record, said a Goldman note.\nMaplelane Capital, another hedge fund that has sustained significant losses this month, ended January with a roughly 45% loss, said a person familiar with the fund. It managed about $3.5 billion at the start of the year.\nThe frenetic trading that catapulted GameStop, AMC Entertainment Holdings Inc. and BlackBerry Ltd. into the ranks of the most traded stocks in the U.S. market and captured the attention of the White House and regulators also hit prominent hedge funds Point72 and D1 Capital Partners.\nD1, which ended the month down about 20%, was short AMC and GameStop, said people familiar with the fund. One of the people said D1 had exited both positions by Wednesday morning but that those were small drivers of losses. A more significant factor was shares of travel-related companies declining.\nSome fund managers say the episode is likely to change how the industry works.\nFewer hedge funds are likely to highlight their bearish positions by disclosing put options, they said. Instead, funds may use Securities and Exchange Commission rules to keep confidential those positions, a tool activist investors have long used to build positions in companies quietly. More funds also may institute rules about avoiding thinly traded, heavily shorted stocks.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":409,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":312474800,"gmtCreate":1612179420300,"gmtModify":1703758347356,"author":{"id":"3572592153317675","authorId":"3572592153317675","name":"Cuiluan","avatar":"https://static.tigerbbs.com/6081fb4b5ab84dec716a63691ea6919b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572592153317675","idStr":"3572592153317675"},"themes":[],"htmlText":"Nice 👍🏻&nbsp;","listText":"Nice 👍🏻&nbsp;","text":"Nice 👍🏻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/312474800","repostId":"1106733795","repostType":4,"isVote":1,"tweetType":1,"viewCount":348,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}