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Conanteh

Conanteh

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0勋章

2021-03-23

Vix<20

2021-03-22

Great

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2021-03-22

Hi

What's keeping America's top economists up at night<blockquote>是什么让美国顶级经济学家夜不能寐</blockquote>

2021-03-21

Green week next week?

2021-03-20

Nice

Fed Disappoints Market, Lets SLR Relief Expire: What Happens Next<blockquote>美联储令市场失望，让SLR救助到期：接下来会发生什么</blockquote>

2021-03-18

Bull market~~~

2021-03-14

Like pls

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2021-03-10

Hi

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2021-03-08

Hi

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2021-03-06

Hi

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2021-03-05

Hi

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2021-03-05

Hell

Making A List Of The Top Software Stocks To Watch Now? 4 Names To Know<blockquote>列出现在值得关注的顶级软件股？4个需要知道的名字</blockquote>

2021-03-03

Yes

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2021-03-03

There we go

3 Value Stocks That'll Make You Richer in March (and Beyond)<blockquote>3只价值股票会让你在三月份（及以后）变得更富有</blockquote>

2021-03-03

Wow

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2021-03-02

Where u think AMC will go today?

2021-03-01

#crypto

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2021-02-28

Market red or green for this week?

2021-02-27

Favourite stock?

2021-02-26

Please help to like and comment pls:)

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20:59","market":"us","language":"en","title":"What's keeping America's top economists up at night<blockquote>是什么让美国顶级经济学家夜不能寐</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1150729762","media":"CNN Business","summary":"London (CNN Business) - There's a reason economics is frequently called the \"dismal science.\"\nWhat's","content":"<p><b>London (CNN Business)&nbsp;-&nbsp;</b>There's a reason economics is frequently called the \"dismal science.\"</p><p><blockquote><b>伦敦（CNN商业）——</b>经济学经常被称为“令人沮丧的科学”是有原因的。</blockquote></p><p> What's happening: The US economy is&nbsp;on track for a boom, with the Federal Reserve predicting last week that it would expand by 6.5% this year. That would mark the fastest growth since 1984, when Ronald Reagan was serving his first term as president.</p><p><blockquote>正在发生的事情：美国经济正走上繁荣的轨道，美联储上周预测今年将增长6.5%。这将标志着自1984年罗纳德·里根第一个总统任期以来最快的增长。</blockquote></p><p> But a survey of the country's top economists published by the National Association for Business Economics on Monday shows that many in the field are still worried about what could be coming down the pike.</p><p><blockquote>但美国商业经济协会周一公布的一项对美国顶级经济学家的调查显示，该领域的许多人仍然担心接下来会发生什么。</blockquote></p><p> See here: A majority of the 205 members surveyed said they believe risks to inflation are greater than those seen in the past two decades.</p><p><blockquote>请参阅此处：接受调查的205名成员中的大多数表示，他们认为通胀风险比过去二十年更大。</blockquote></p><p> Inflation concerns have been in the spotlight thanks to anxiety on Wall Street. Investors, fearful that a rush to eat out at restaurants and hop on planes later this year could trigger a spike in prices, have sold US government bonds in recent weeks. Inflation, not coronavirus, is now the&nbsp;top risk cited by portfolio managers&nbsp;recently polled by Bank of America.</p><p><blockquote>由于华尔街的焦虑，通胀担忧成为人们关注的焦点。投资者担心今年晚些时候外出就餐和乘坐飞机的热潮可能会引发价格飙升，因此最近几周纷纷抛售美国政府债券。美国银行最近调查的投资组合经理认为通胀，而不是冠状病毒，现在是最大的风险。</blockquote></p><p> The big worry is that a burst of inflation could force the Fed to raise interest rates or taper bond purchases sooner than expected in order to cool off the economy. Almost half of NABE respondents think the central bank could roll back some stimulus measures by the end of 2022, while 40% don't think that will happen until at least 2023.</p><p><blockquote>最大的担忧是，通胀爆发可能迫使美联储比预期更早加息或缩减债券购买，以给经济降温。近一半的NABE受访者认为央行可能会在2022年底前取消一些刺激措施，而40%的人认为至少要到2023年才会发生这种情况。</blockquote></p><p> That's not all: More than 40% of economists surveyed said they think stimulus measures passed by the US government have been \"about right.\" But they're also keeping an eye on elevated levels of borrowing. If rates were to suddenly rise, the cost of making interest payments on piles of debt could become increasingly burdensome.</p><p><blockquote>这还不是全部：超过40%的受访经济学家表示，他们认为美国政府通过的刺激措施“大致正确”。但他们也在关注借贷水平的上升。如果利率突然上升，支付大量债务利息的成本可能会变得越来越沉重。</blockquote></p><p> Most respondents said they were \"concerned about the trajectory of public debt.\" Only 12% said they weren't scared at all, while 37% said they were mildly concerned, 26% said they were concerned and 25% were very concerned.</p><p><blockquote>大多数受访者表示，他们“担心公共债务的轨迹”。只有12%的人说他们一点也不害怕，而37%的人说他们有点担心，26%的人说他们担心，25%的人非常担心。</blockquote></p><p> Almost two-thirds of respondents think the fiscal deficit should be addressed by enacting policies that spur stronger economic growth. Meanwhile, more than one-third favor exercising greater spending discipline or increasing taxes.</p><p><blockquote>近三分之二的受访者认为，财政赤字应该通过制定刺激更强劲经济增长的政策来解决。与此同时，超过三分之一的人赞成加强支出纪律或增加税收。</blockquote></p><p> Not everyone is nervous about additional spending, though. Per NABE, 38% of those polled think infrastructure investment should be a top priority as the Biden administration puts together its next piece of legislation.</p><p><blockquote>不过，并不是每个人都对额外支出感到紧张。根据NABE的数据，38%的受访者认为，随着拜登政府制定下一项立法，基础设施投资应该是重中之重。</blockquote></p><p> The backdrop: More than 13% of the US population is now fully vaccinated against Covid-19, and&nbsp;AstraZeneca(AZN)&nbsp;said Monday&nbsp;that its vaccine showed 79% efficacy against symptomatic disease in a new US-based clinical trial. The vaccine was well tolerated and no safety concerns were identified, the company said.</p><p><blockquote>背景：超过13%的美国人口现在完全接种了Covid-19疫苗，阿斯利康(AZN)周一表示，其疫苗在美国一项新的临床试验中显示出79%的针对症状性疾病的功效。该公司表示，该疫苗耐受性良好，未发现安全问题。</blockquote></p><p> The findings will be submitted to regulators as part of an application for emergency use in the United States, adding even more fuel to the country's vaccination efforts.</p><p><blockquote>这些发现将作为美国紧急使用申请的一部分提交给监管机构，为该国的疫苗接种工作增添更多动力。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>What's keeping America's top economists up at night<blockquote>是什么让美国顶级经济学家夜不能寐</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\">\nWhat's keeping America's top economists up at night<blockquote>是什么让美国顶级经济学家夜不能寐</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">CNN Business</strong><span class=\"h-time small\">2021-03-22 20:59</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>London (CNN Business)&nbsp;-&nbsp;</b>There's a reason economics is frequently called the \"dismal science.\"</p><p><blockquote><b>伦敦（CNN商业）——</b>经济学经常被称为“令人沮丧的科学”是有原因的。</blockquote></p><p> What's happening: The US economy is&nbsp;on track for a boom, with the Federal Reserve predicting last week that it would expand by 6.5% this year. That would mark the fastest growth since 1984, when Ronald Reagan was serving his first term as president.</p><p><blockquote>正在发生的事情：美国经济正走上繁荣的轨道，美联储上周预测今年将增长6.5%。这将标志着自1984年罗纳德·里根第一个总统任期以来最快的增长。</blockquote></p><p> But a survey of the country's top economists published by the National Association for Business Economics on Monday shows that many in the field are still worried about what could be coming down the pike.</p><p><blockquote>但美国商业经济协会周一公布的一项对美国顶级经济学家的调查显示，该领域的许多人仍然担心接下来会发生什么。</blockquote></p><p> See here: A majority of the 205 members surveyed said they believe risks to inflation are greater than those seen in the past two decades.</p><p><blockquote>请参阅此处：接受调查的205名成员中的大多数表示，他们认为通胀风险比过去二十年更大。</blockquote></p><p> Inflation concerns have been in the spotlight thanks to anxiety on Wall Street. Investors, fearful that a rush to eat out at restaurants and hop on planes later this year could trigger a spike in prices, have sold US government bonds in recent weeks. Inflation, not coronavirus, is now the&nbsp;top risk cited by portfolio managers&nbsp;recently polled by Bank of America.</p><p><blockquote>由于华尔街的焦虑，通胀担忧成为人们关注的焦点。投资者担心今年晚些时候外出就餐和乘坐飞机的热潮可能会引发价格飙升，因此最近几周纷纷抛售美国政府债券。美国银行最近调查的投资组合经理认为通胀，而不是冠状病毒，现在是最大的风险。</blockquote></p><p> The big worry is that a burst of inflation could force the Fed to raise interest rates or taper bond purchases sooner than expected in order to cool off the economy. Almost half of NABE respondents think the central bank could roll back some stimulus measures by the end of 2022, while 40% don't think that will happen until at least 2023.</p><p><blockquote>最大的担忧是，通胀爆发可能迫使美联储比预期更早加息或缩减债券购买，以给经济降温。近一半的NABE受访者认为央行可能会在2022年底前取消一些刺激措施，而40%的人认为至少要到2023年才会发生这种情况。</blockquote></p><p> That's not all: More than 40% of economists surveyed said they think stimulus measures passed by the US government have been \"about right.\" But they're also keeping an eye on elevated levels of borrowing. If rates were to suddenly rise, the cost of making interest payments on piles of debt could become increasingly burdensome.</p><p><blockquote>这还不是全部：超过40%的受访经济学家表示，他们认为美国政府通过的刺激措施“大致正确”。但他们也在关注借贷水平的上升。如果利率突然上升，支付大量债务利息的成本可能会变得越来越沉重。</blockquote></p><p> Most respondents said they were \"concerned about the trajectory of public debt.\" Only 12% said they weren't scared at all, while 37% said they were mildly concerned, 26% said they were concerned and 25% were very concerned.</p><p><blockquote>大多数受访者表示，他们“担心公共债务的轨迹”。只有12%的人说他们一点也不害怕，而37%的人说他们有点担心，26%的人说他们担心，25%的人非常担心。</blockquote></p><p> Almost two-thirds of respondents think the fiscal deficit should be addressed by enacting policies that spur stronger economic growth. Meanwhile, more than one-third favor exercising greater spending discipline or increasing taxes.</p><p><blockquote>近三分之二的受访者认为，财政赤字应该通过制定刺激更强劲经济增长的政策来解决。与此同时，超过三分之一的人赞成加强支出纪律或增加税收。</blockquote></p><p> Not everyone is nervous about additional spending, though. Per NABE, 38% of those polled think infrastructure investment should be a top priority as the Biden administration puts together its next piece of legislation.</p><p><blockquote>不过，并不是每个人都对额外支出感到紧张。根据NABE的数据，38%的受访者认为，随着拜登政府制定下一项立法，基础设施投资应该是重中之重。</blockquote></p><p> The backdrop: More than 13% of the US population is now fully vaccinated against Covid-19, and&nbsp;AstraZeneca(AZN)&nbsp;said Monday&nbsp;that its vaccine showed 79% efficacy against symptomatic disease in a new US-based clinical trial. The vaccine was well tolerated and no safety concerns were identified, the company said.</p><p><blockquote>背景：超过13%的美国人口现在完全接种了Covid-19疫苗，阿斯利康(AZN)周一表示，其疫苗在美国一项新的临床试验中显示出79%的针对症状性疾病的功效。该公司表示，该疫苗耐受性良好，未发现安全问题。</blockquote></p><p> The findings will be submitted to regulators as part of an application for emergency use in the United States, adding even more fuel to the country's vaccination efforts.</p><p><blockquote>这些发现将作为美国紧急使用申请的一部分提交给监管机构，为该国的疫苗接种工作增添更多动力。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://edition.cnn.com/2021/03/22/investing/premarket-stocks-trading/index.html\">CNN Business</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://edition.cnn.com/2021/03/22/investing/premarket-stocks-trading/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1150729762","content_text":"London (CNN Business) - There's a reason economics is frequently called the \"dismal science.\"\nWhat's happening: The US economy is on track for a boom, with the Federal Reserve predicting last week that it would expand by 6.5% this year. That would mark the fastest growth since 1984, when Ronald Reagan was serving his first term as president.\nBut a survey of the country's top economists published by the National Association for Business Economics on Monday shows that many in the field are still worried about what could be coming down the pike.\nSee here: A majority of the 205 members surveyed said they believe risks to inflation are greater than those seen in the past two decades.\nInflation concerns have been in the spotlight thanks to anxiety on Wall Street. Investors, fearful that a rush to eat out at restaurants and hop on planes later this year could trigger a spike in prices, have sold US government bonds in recent weeks. Inflation, not coronavirus, is now the top risk cited by portfolio managers recently polled by Bank of America.\nThe big worry is that a burst of inflation could force the Fed to raise interest rates or taper bond purchases sooner than expected in order to cool off the economy. Almost half of NABE respondents think the central bank could roll back some stimulus measures by the end of 2022, while 40% don't think that will happen until at least 2023.\nThat's not all: More than 40% of economists surveyed said they think stimulus measures passed by the US government have been \"about right.\" But they're also keeping an eye on elevated levels of borrowing. If rates were to suddenly rise, the cost of making interest payments on piles of debt could become increasingly burdensome.\nMost respondents said they were \"concerned about the trajectory of public debt.\" Only 12% said they weren't scared at all, while 37% said they were mildly concerned, 26% said they were concerned and 25% were very concerned.\nAlmost two-thirds of respondents think the fiscal deficit should be addressed by enacting policies that spur stronger economic growth. Meanwhile, more than one-third favor exercising greater spending discipline or increasing taxes.\nNot everyone is nervous about additional spending, though. Per NABE, 38% of those polled think infrastructure investment should be a top priority as the Biden administration puts together its next piece of legislation.\nThe backdrop: More than 13% of the US population is now fully vaccinated against Covid-19, and AstraZeneca(AZN) said Monday that its vaccine showed 79% efficacy against symptomatic disease in a new US-based clinical trial. The vaccine was well tolerated and no safety concerns were identified, the company said.\nThe findings will be submitted to regulators as part of an application for emergency use in the United States, adding even more fuel to the country's vaccination efforts.","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":2215,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":359032926,"gmtCreate":1616299250565,"gmtModify":1634526439569,"author":{"id":"3573646223640101","authorId":"3573646223640101","name":"Conanteh","avatar":"https://static.tigerbbs.com/6357f83cdbdcf024fd2ee7e4dad0f2db","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573646223640101","idStr":"3573646223640101"},"themes":[],"htmlText":"Green week next week?","listText":"Green week next week?","text":"Green week next week?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/359032926","isVote":1,"tweetType":1,"viewCount":1492,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":350296128,"gmtCreate":1616208188664,"gmtModify":1634526724237,"author":{"id":"3573646223640101","authorId":"3573646223640101","name":"Conanteh","avatar":"https://static.tigerbbs.com/6357f83cdbdcf024fd2ee7e4dad0f2db","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573646223640101","idStr":"3573646223640101"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/350296128","repostId":"1199154789","repostType":4,"repost":{"id":"1199154789","kind":"news","pubTimestamp":1616164372,"share":"https://www.laohu8.com/m/news/1199154789?lang=zh_CN&edition=full","pubTime":"2021-03-19 22:32","market":"us","language":"en","title":"Fed Disappoints Market, Lets SLR Relief Expire: What Happens Next<blockquote>美联储令市场失望，让SLR救助到期：接下来会发生什么</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1199154789","media":"zerohedge","summary":"As washinted at, and discussed in depth here,the Fed decided - under political pressure from progressive Democrats such asElizabeth Warren and Sherrod Brown- to let the temporary Supplementary Leverage Ratio  exemption expire as scheduled on March 31, the one year anniversary of the rule change.The federal bank regulatory agencies today announced that the temporary change to the supplementary leverage ratio, or SLR, for depository institutions issued on May 15, 2020, will expire as scheduled on ","content":"<p>As washinted at, and discussed in depth here,the Fed decided - under political pressure from progressive Democrats such asElizabeth Warren and Sherrod Brown- to let the temporary Supplementary Leverage Ratio (SLR) exemption expire as scheduled on March 31, the one year anniversary of the rule change.</p><p><blockquote>正如本文所暗示和深入讨论的那样，在伊丽莎白·沃伦(Elizabeth Warren)和谢罗德·布朗(Sherrod Brown)等进步民主党人的政治压力下，美联储决定让临时补充杠杆率(SLR)豁免如期于3月31日（规则变更一周年）到期。</blockquote></p><p>The federal bank regulatory agencies today announced that the temporary change to the supplementary leverage ratio, or SLR, for depository institutions issued on May 15, 2020, will expire as scheduled on March 31, 2021.The temporary change was made to provide flexibility for depository institutions to provide credit to households and businesses in light of the COVID-19 event.<img src=\"https://static.tigerbbs.com/b822960da59d651f093b5113cd0c3fd0\" tg-width=\"500\" tg-height=\"319\" referrerpolicy=\"no-referrer\">This outcome is theone (again) correctly predictedby former NY Fed guru Zoltan Pozsar who following the FOMC said that \"the fact that the Fed made this adjustment practically preemptively – the o/n RRP facility is not being used at the moment, so there are no capacity constraints yet, while repo and bill yields aren’t trading negative yet –<b>suggests that the Fed is “foaming the runway” for the end of SLR exemption</b>.\"</p><p><blockquote>联邦银行监管机构今天宣布，2020年5月15日发布的存款机构补充杠杆率（SLR）的临时变更将于2021年3月31日如期到期。鉴于新冠肺炎事件，这一临时变化是为了为存款机构向家庭和企业提供信贷提供灵活性。这一结果是前纽约联储大师Zoltan Pozsar（再次）正确预测的结果，他跟随FOMC表示，“事实上，美联储实际上是先发制人地做出了这一调整——目前没有使用o/n RRP工具，因此没有能力限制，而回购和票据收益率尚未为负——<b>暗示美联储正在为SLR豁免的结束“铺路”</b>.\"</blockquote></p><p>Knowing well this would be a very hot button issue for the market, the Fed published thefollowing statementto ease trader nerves, noting that while the SLR special treatment will expire on March 31, the Fed is \"inviting public comment on several potential SLR modifications\" and furthermore, \"<b>Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability</b>\" - in short, if yields spike, the Fed will re-introduce the SLR without delay:</p><p><blockquote>美联储深知这将是市场的一个非常热门的问题，因此发表了以下声明以缓解交易员的紧张情绪，并指出，虽然SLR特殊待遇将于3月31日到期，但美联储正在“邀请公众就几项潜在的SLR修改发表评论”。此外，”<b>随着时间的推移，董事会可能需要解决SLR当前的设计和校准问题，以防止出现既限制经济增长又破坏金融稳定的压力</b>”——简而言之，如果收益率飙升，美联储将立即重新引入SLR：</blockquote></p><p>The Federal Reserve Board on Friday announced that the temporary change to its supplementary leverage ratio, or SLR, for bank holding companies will expire as scheduled on March 31. <b>Additionally, the Board will shortly seek comment on measures to adjust the SLR. The Board will take appropriate actions to assure that any changes to the SLR do not erode the overall strength of bank capital requirements.</b>To ease strains in the Treasury market resulting from the COVID-19 pandemic and to promote lending to households and businesses, the Board temporarily modified the SLR last year to exclude U.S. Treasury securities and central bank reserves. Since that time, the Treasury market has stabilized. <b>However, because of recent growth in the supply of central bank reserves and the issuance of Treasury securities, the Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability.To ensure that the SLR—which was established in 2014 as an additional capital requirement—remains effective in an environment of higher reserves, the Board will soon be inviting public comment on several potential SLR modifications.</b>The proposal and comments will contribute to ongoing discussions with the Department of the Treasury and other regulators on future work to ensure the resiliency of the Treasury market.The Fed's soothing wods notwithstanding,<b>having been primed for a favorable outcome, the Fed's disappointing announcement was hardly the news traders were hoping for and stocks tumbled...</b></p><p><blockquote>美联储周五宣布，银行控股公司补充杠杆率（SLR）的临时变化将于3月31日如期到期。<b>此外，董事会将很快就调整SLR的措施征求意见。董事会将采取适当行动，确保SLR的任何变化不会削弱银行资本要求的整体实力。</b>为了缓解COVID-19大流行造成的国债市场压力并促进对家庭和企业的贷款，董事会去年暂时修改了SLR，将美国国债和央行储备排除在外。从那时起，国债市场已经稳定下来。<b>然而，由于最近中央银行储备供应和国债发行的增长，理事会可能需要随着时间的推移解决SLR的当前设计和校准问题，以防止出现既限制经济增长又破坏金融稳定的压力。为了确保SLR（2014年作为额外资本要求而设立）在准备金较高的环境下保持有效，董事会将很快就几项潜在的SLR修改征求公众意见。</b>该提案和评论将有助于与财政部和其他监管机构就未来工作进行持续讨论，以确保国债市场的弹性。尽管美联储的WOD令人宽慰，<b>在为有利的结果做好准备后，美联储令人失望的声明几乎不是交易员所希望的消息，股市暴跌...</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/c341c3843a5031cd1599c2c89e198050\" tg-width=\"500\" tg-height=\"305\" referrerpolicy=\"no-referrer\">Bond yields spiked...</p><p><blockquote>债券收益率飙升...</blockquote></p><p><img src=\"https://static.tigerbbs.com/14173c1ce587fb45efe4c30ecc1dfbab\" tg-width=\"500\" tg-height=\"284\" referrerpolicy=\"no-referrer\">... while the stock of JPM, which is the most exposed bank to SLR relief (as noted yesterday in \"Facing Up To JP Morgan's Leverage Relief Threats\")...</p><p><blockquote>...而摩根大通的股票是受SLR救济影响最大的银行（正如昨天在“面对摩根大通的杠杆救济威胁”中所指出的）...</blockquote></p><p><img src=\"https://static.tigerbbs.com/32811183fba3dbddf1c440836298c7f3\" tg-width=\"500\" tg-height=\"602\" referrerpolicy=\"no-referrer\">.... slumped.</p><p><blockquote>....萎靡不振。</blockquote></p><p><img src=\"https://static.tigerbbs.com/2fba41463f15e79d2b8436cdd6a526fc\" tg-width=\"500\" tg-height=\"306\" referrerpolicy=\"no-referrer\">In case you've been living under a rock, here's why you should care about the SLR decision: First, for those whomissed our primer on the issue, some background from JPM (ironically the one bank that has the most to lose from the Fed's decision) the bottom line is that without SLR relief,<b>banks may have to delever, raise new capital, halt buybacks, sell preferred stock, turn down deposits and generally push back on reserves (not necessarily all of these, and not in that order) just as the Fed is injecting hundreds of billions of reserves into the market as the Treasury depletes its TGA account.</b></p><p><blockquote>如果您一直生活在岩石下，以下是您应该关心SLR决定的原因：首先，对于那些错过了我们关于这个问题的入门知识的人来说，摩根大通的一些背景（具有讽刺意味的是，这是一家从美联储损失最大的银行）的决定）底线是，如果没有SLR救济，<b>银行可能不得不去杠杆化、筹集新资本、停止回购、出售优先股、拒绝存款并普遍减少准备金（不一定是所有这些，也不是按这个顺序），就像美联储向市场注入数千亿美元一样随着财政部耗尽其TGA账户。</b></blockquote></p><p></p><p>The massive expansion of the Fed’s balance that has occurred implied an equally massive growth in bank reserves held at Federal Reserve banks. <b>The expiration of the regulatory relief would add ~$2.1tn of leverage exposure across the 8 GSIBs. As well, TGA reduction and continued QE could add another ~$2.35tn of deposits to the system during 2021.</b><img src=\"https://static.tigerbbs.com/392342c2f3e1dd008b2276172a9b3ecf\" tg-width=\"500\" tg-height=\"253\" referrerpolicy=\"no-referrer\">While the expiry of the carve-out on March 31 would not have an immediate impact on GSIBs, the continued increase in leverage assets throughout the course of the year would increase long-term debt (LTD) and preferred requirements. Here, JPM takes an optimistic view and writes that<b>\"even the “worst” case issuance scenario as very manageable, with LTD needs of $35bn for TLAC requirements and preferred needs of $15-$20bn to maintain the industry-wide SLR at 5.6%.</b></p><p><blockquote>美联储资产负债表的大幅扩张意味着美联储银行持有的银行准备金也同样大幅增长。<b>监管救济到期将使8个GSIB的杠杆敞口增加约2.1万亿美元。此外，TGA的减少和持续的量化宽松可能会在2021年为系统再增加约2.35万亿美元的存款。</b>虽然3月31日豁免到期不会对GSIB产生直接影响，但全年杠杆资产的持续增加将增加长期债务(LTD)和优先要求。在这里，摩根大通持乐观观点，并写道<b>“即使是‘最坏’的发行情况也是非常可控的，LTD需要350亿美元来满足TLAC要求，优先需求为150-200亿美元，以将全行业SLR维持在5.6%。</b></blockquote></p><p>The constraint is greater at the bank entity, where the capacity to grow leverage exposure to be ~$765bn at 6.2% SLR.\"Goldman's take was more troubling: the bank estimated that under the continued QE regime, there would be a shortfall of some $2 trillion in reserve capacity, mainly in the form of deposits which the banks would be unable to accept as part of ongoing QE (much more in Goldman'sfull take of the SLR quandary).</p><p><blockquote>银行实体的限制更大，其杠杆敞口增加的能力约为7,650亿美元，SLR为6.2%。”高盛的观点更令人不安：该行估计，在持续的量化宽松制度下，储备能力将出现约2万亿美元的缺口，主要是银行无法接受的存款形式，作为正在进行的量化宽松的一部分（高盛对SLR困境的全面理解更是如此）。</blockquote></p><p><b>So what happens next?</b></p><p><blockquote><b>那么接下来会发生什么呢？</b></blockquote></p><p>Addressing this topic, yesterday Curvature's Scott Skyrm wrote that \"<i>the largest banks are enjoying much larger balance sheets, but there are political factors in Washington that are against an extension of the exemption.... Here are a couple of scenarios and their implications on the Repo market</i>:</p><p><blockquote>针对这个话题，昨天Curvature的Scott Skyrm写道“<i>最大的银行享有更大的资产负债表，但华盛顿有政治因素反对延长豁免....以下是几种情况及其对回购市场的影响</i>：</blockquote></p><p>The exemption is extended 3 months or 6 months - No impact on the Repo market. It's already fully priced-in.The exemption is continued for reserves, but ended for Treasurys. <b>Since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise. Volatility increases as Repo assets move from the largest banks to the other Repo market participants.The exemption is ended for both reserves and Treasurys. Same as above.</b>In other words, Skyrm has a relatively downbeat view, warning that \"since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise.\" Additionally, volatility is likely to increase as repo assets move from the largest banks to the other Repo market participants...</p><p><blockquote>豁免延长3个月或6个月——对回购市场没有影响。它已经完全定价了。准备金的豁免继续，但国债的豁免结束。<b>由于大型银行是回购市场上最大的现金提供者，因此进入市场的现金减少，回购利率上升。随着回购资产从最大的银行转移到其他回购市场参与者，波动性会增加。储备和国库的豁免均终止。同上。</b>换句话说，Skyrm持相对悲观的观点，警告称“由于大型银行是回购市场上最大的现金提供者，因此进入市场的现金减少，回购利率上升。”此外，随着回购资产从最大的银行转移到其他回购市场参与者，波动性可能会增加...</blockquote></p><p>Perhaps a bit too draconian? Well, last week, JPMorgan laid out 5 scenarios for SLR, of which two predicted the end of SLR relief on March 31, as follow:</p><p><blockquote>也许有点太严厉了？上周，摩根大通为SLR制定了5种情景，其中两种预测SLR救济将于3月31日结束，具体如下：</blockquote></p><p><u><b>3. Relief ends March 31, banks fully raise capital</b></u> <b>Impact on BanksRatesFront-End Rates</b> <u><b>4. Relief ends March 31, banks raise capital &amp; de-lever</b></u> <b>Impact on BanksRatesFront-End Rates</b>Going back to Zoltan, let's recallthat the repo gurualso cautioned that \"ending the exemption of reserves and Treasuries from the calculation of the SLR may mean that U.S. banks will turn away deposits and reserves on the margin (not Treasuries) to leave more room for market-making activities,<b>and these flows will swell further money funds’ inflows coming from TGA drawdowns.</b>\"</p><p><blockquote><u><b>3.纾困3月31日结束银行全面融资</b></u><b>对银行利率的影响前端利率</b><u><b>4.纾困3月31日结束，银行增资去杠杆</b></u><b>对银行利率的影响前端利率</b>回到Zoltan，让我们回想一下，这位回购大师还警告说，“结束准备金和国债在SLR计算中的豁免可能意味着美国银行将拒绝保证金（而不是国债）的存款和准备金，为市场留出更多空间。做市活动，<b>这些资金流动将进一步增加来自TGA提款的货币基金流入。</b>\"</blockquote></p><p>More importantly, Zoltan does not expect broad chaos in repo or broader markets, and instead provides a more benign view on the negligible impact the SLR has had (and will be if it is eliminated), as he explained in a note from Tuesday.</p><p><blockquote>更重要的是，Zoltan预计回购或更广泛的市场不会出现广泛的混乱，相反，正如他在周二的一份报告中解释的那样，他对SLR已经产生的微不足道的影响（如果它被消除，将会产生）提供了更良性的看法。</blockquote></p><p><img src=\"https://static.tigerbbs.com/caeeb2b1290e084832f29d61cea6a90b\" tg-width=\"500\" tg-height=\"534\" referrerpolicy=\"no-referrer\">How to determine if Zoltan's benign view is correct? He concluded his note by writing that \"given that our call for a zero-to-negative FRA-OIS spread by the end of June was predicated on the end of SLR extension and an assumption that the Fed will try to fix a quantity problem with prices, not quantities, today’s adjustments mean that FRA-OIS won’t trade all the way down to zero or negative territory.\"</p><p><blockquote>如何确定Zoltan的良性观点是否正确？他在报告的最后写道，“鉴于我们到6月底FRA-OIS利差为零至负的看涨期权是基于SLR延期的结束以及美联储将尝试解决数量问题的假设价格而不是数量，今天的调整意味着FRA-OIS不会一直跌至零或负值。”</blockquote></p><p>FRA-OIS from here will be a function of how tight FX swaps will trade relative to OIS, but Treasury bills trading at deeply sub-zero rates is no longer a risk...While Bills have occasionally dipped into the negative territory on occasion, so far they have avoided a fullblown plunge into NIRP, which may be just the positive sign the market is waiting for to ease the nerves associated with the sudden and largely unexpected end of the SLR exemption.</p><p><blockquote>这里的FRA-OIS将取决于外汇掉期相对于OIS的交易紧张程度，但以远低于零利率交易的国库券不再是一种风险...虽然账单偶尔会跌入负值，但到目前为止，它们避免了全面陷入NIRP，这可能只是市场正在等待的积极信号，以缓解与SLR豁免突然且基本上出乎意料的结束相关的紧张情绪。</blockquote></p><p>* *&nbsp; *</p><p><blockquote>** *</blockquote></p><p></p><p>Finally, for those curious what the immediate market impact will be, NatWest strategist Blake Gwinn writes that the Fed announcement that they’re letting regulatory exemptions for banks expire at the end of the month \"really threads the needle and \"assuages concerns about the potential long-term impact on the markets\" as<b>the SLR \"ends it but defuses a lot of the knee-jerk market reaction” by pledging to address the current design and calibration of the supplementary leverage ratio to prevent strains from developing</b>.</p><p><blockquote>最后，对于那些好奇对市场的直接影响会是什么的人来说，国民西敏寺银行策略师布莱克·格温(Blake Gwinn)写道，美联储宣布银行监管豁免将于本月底到期，“确实是穿针引线”，缓解了人们对银行监管豁免的担忧。对市场的潜在长期影响<b>SLR承诺解决补充杠杆率的当前设计和校准问题，以防止紧张局势的发展，从而“结束了它，但化解了许多下意识的市场反应”</b>.</blockquote></p><p>“I was never worried about a day-one bank puke of Treasuries or drawdown in repo or anything like that on no renewal,” Gwinn said. “My concern was the longer run,” like as reserves continue to rise, would the SLR “become a nuisance and drag on Treasuries and spreads” Gwinn concludes that with the statement, the Fed is<b>\"really speaking to those fears and basically saying, ‘don’t worry, we are on it’.”</b></p><p><blockquote>格温说：“我从来不担心银行第一天就会吐出国债或回购提款或类似的情况。”“我担心的是，从长远来看”，随着准备金继续上升，SLR是否会“成为一个麻烦并拖累国债和利差”格温总结道，通过这份声明，美联储<b>“真正解决这些恐惧，基本上是说，‘别担心，我们正在努力’。”</b></blockquote></p><p>Well, with yields spiking to HOD in early quad-witch trading, the market sure seems quite skeptical that the Fed is on anything.</p><p><blockquote>好吧，随着收益率在早期四女巫交易中飙升至HOD，市场似乎确实对美联储的行动持怀疑态度。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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The Board will take appropriate actions to assure that any changes to the SLR do not erode the overall strength of bank capital requirements.</b>To ease strains in the Treasury market resulting from the COVID-19 pandemic and to promote lending to households and businesses, the Board temporarily modified the SLR last year to exclude U.S. Treasury securities and central bank reserves. Since that time, the Treasury market has stabilized. <b>However, because of recent growth in the supply of central bank reserves and the issuance of Treasury securities, the Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability.To ensure that the SLR—which was established in 2014 as an additional capital requirement—remains effective in an environment of higher reserves, the Board will soon be inviting public comment on several potential SLR modifications.</b>The proposal and comments will contribute to ongoing discussions with the Department of the Treasury and other regulators on future work to ensure the resiliency of the Treasury market.The Fed's soothing wods notwithstanding,<b>having been primed for a favorable outcome, the Fed's disappointing announcement was hardly the news traders were hoping for and stocks tumbled...</b></p><p><blockquote>美联储周五宣布，银行控股公司补充杠杆率（SLR）的临时变化将于3月31日如期到期。<b>此外，董事会将很快就调整SLR的措施征求意见。董事会将采取适当行动，确保SLR的任何变化不会削弱银行资本要求的整体实力。</b>为了缓解COVID-19大流行造成的国债市场压力并促进对家庭和企业的贷款，董事会去年暂时修改了SLR，将美国国债和央行储备排除在外。从那时起，国债市场已经稳定下来。<b>然而，由于最近中央银行储备供应和国债发行的增长，理事会可能需要随着时间的推移解决SLR的当前设计和校准问题，以防止出现既限制经济增长又破坏金融稳定的压力。为了确保SLR（2014年作为额外资本要求而设立）在准备金较高的环境下保持有效，董事会将很快就几项潜在的SLR修改征求公众意见。</b>该提案和评论将有助于与财政部和其他监管机构就未来工作进行持续讨论，以确保国债市场的弹性。尽管美联储的WOD令人宽慰，<b>在为有利的结果做好准备后，美联储令人失望的声明几乎不是交易员所希望的消息，股市暴跌...</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/c341c3843a5031cd1599c2c89e198050\" tg-width=\"500\" tg-height=\"305\" referrerpolicy=\"no-referrer\">Bond yields spiked...</p><p><blockquote>债券收益率飙升...</blockquote></p><p><img src=\"https://static.tigerbbs.com/14173c1ce587fb45efe4c30ecc1dfbab\" tg-width=\"500\" tg-height=\"284\" referrerpolicy=\"no-referrer\">... while the stock of JPM, which is the most exposed bank to SLR relief (as noted yesterday in \"Facing Up To JP Morgan's Leverage Relief Threats\")...</p><p><blockquote>...而摩根大通的股票是受SLR救济影响最大的银行（正如昨天在“面对摩根大通的杠杆救济威胁”中所指出的）...</blockquote></p><p><img src=\"https://static.tigerbbs.com/32811183fba3dbddf1c440836298c7f3\" tg-width=\"500\" tg-height=\"602\" referrerpolicy=\"no-referrer\">.... slumped.</p><p><blockquote>....萎靡不振。</blockquote></p><p><img src=\"https://static.tigerbbs.com/2fba41463f15e79d2b8436cdd6a526fc\" tg-width=\"500\" tg-height=\"306\" referrerpolicy=\"no-referrer\">In case you've been living under a rock, here's why you should care about the SLR decision: First, for those whomissed our primer on the issue, some background from JPM (ironically the one bank that has the most to lose from the Fed's decision) the bottom line is that without SLR relief,<b>banks may have to delever, raise new capital, halt buybacks, sell preferred stock, turn down deposits and generally push back on reserves (not necessarily all of these, and not in that order) just as the Fed is injecting hundreds of billions of reserves into the market as the Treasury depletes its TGA account.</b></p><p><blockquote>如果您一直生活在岩石下，以下是您应该关心SLR决定的原因：首先，对于那些错过了我们关于这个问题的入门知识的人来说，摩根大通的一些背景（具有讽刺意味的是，这是一家从美联储损失最大的银行）的决定）底线是，如果没有SLR救济，<b>银行可能不得不去杠杆化、筹集新资本、停止回购、出售优先股、拒绝存款并普遍减少准备金（不一定是所有这些，也不是按这个顺序），就像美联储向市场注入数千亿美元一样随着财政部耗尽其TGA账户。</b></blockquote></p><p></p><p>The massive expansion of the Fed’s balance that has occurred implied an equally massive growth in bank reserves held at Federal Reserve banks. <b>The expiration of the regulatory relief would add ~$2.1tn of leverage exposure across the 8 GSIBs. As well, TGA reduction and continued QE could add another ~$2.35tn of deposits to the system during 2021.</b><img src=\"https://static.tigerbbs.com/392342c2f3e1dd008b2276172a9b3ecf\" tg-width=\"500\" tg-height=\"253\" referrerpolicy=\"no-referrer\">While the expiry of the carve-out on March 31 would not have an immediate impact on GSIBs, the continued increase in leverage assets throughout the course of the year would increase long-term debt (LTD) and preferred requirements. Here, JPM takes an optimistic view and writes that<b>\"even the “worst” case issuance scenario as very manageable, with LTD needs of $35bn for TLAC requirements and preferred needs of $15-$20bn to maintain the industry-wide SLR at 5.6%.</b></p><p><blockquote>美联储资产负债表的大幅扩张意味着美联储银行持有的银行准备金也同样大幅增长。<b>监管救济到期将使8个GSIB的杠杆敞口增加约2.1万亿美元。此外，TGA的减少和持续的量化宽松可能会在2021年为系统再增加约2.35万亿美元的存款。</b>虽然3月31日豁免到期不会对GSIB产生直接影响，但全年杠杆资产的持续增加将增加长期债务(LTD)和优先要求。在这里，摩根大通持乐观观点，并写道<b>“即使是‘最坏’的发行情况也是非常可控的，LTD需要350亿美元来满足TLAC要求，优先需求为150-200亿美元，以将全行业SLR维持在5.6%。</b></blockquote></p><p>The constraint is greater at the bank entity, where the capacity to grow leverage exposure to be ~$765bn at 6.2% SLR.\"Goldman's take was more troubling: the bank estimated that under the continued QE regime, there would be a shortfall of some $2 trillion in reserve capacity, mainly in the form of deposits which the banks would be unable to accept as part of ongoing QE (much more in Goldman'sfull take of the SLR quandary).</p><p><blockquote>银行实体的限制更大，其杠杆敞口增加的能力约为7,650亿美元，SLR为6.2%。”高盛的观点更令人不安：该行估计，在持续的量化宽松制度下，储备能力将出现约2万亿美元的缺口，主要是银行无法接受的存款形式，作为正在进行的量化宽松的一部分（高盛对SLR困境的全面理解更是如此）。</blockquote></p><p><b>So what happens next?</b></p><p><blockquote><b>那么接下来会发生什么呢？</b></blockquote></p><p>Addressing this topic, yesterday Curvature's Scott Skyrm wrote that \"<i>the largest banks are enjoying much larger balance sheets, but there are political factors in Washington that are against an extension of the exemption.... Here are a couple of scenarios and their implications on the Repo market</i>:</p><p><blockquote>针对这个话题，昨天Curvature的Scott Skyrm写道“<i>最大的银行享有更大的资产负债表，但华盛顿有政治因素反对延长豁免....以下是几种情况及其对回购市场的影响</i>：</blockquote></p><p>The exemption is extended 3 months or 6 months - No impact on the Repo market. It's already fully priced-in.The exemption is continued for reserves, but ended for Treasurys. <b>Since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise. Volatility increases as Repo assets move from the largest banks to the other Repo market participants.The exemption is ended for both reserves and Treasurys. Same as above.</b>In other words, Skyrm has a relatively downbeat view, warning that \"since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise.\" Additionally, volatility is likely to increase as repo assets move from the largest banks to the other Repo market participants...</p><p><blockquote>豁免延长3个月或6个月——对回购市场没有影响。它已经完全定价了。准备金的豁免继续，但国债的豁免结束。<b>由于大型银行是回购市场上最大的现金提供者，因此进入市场的现金减少，回购利率上升。随着回购资产从最大的银行转移到其他回购市场参与者，波动性会增加。储备和国库的豁免均终止。同上。</b>换句话说，Skyrm持相对悲观的观点，警告称“由于大型银行是回购市场上最大的现金提供者，因此进入市场的现金减少，回购利率上升。”此外，随着回购资产从最大的银行转移到其他回购市场参与者，波动性可能会增加...</blockquote></p><p>Perhaps a bit too draconian? Well, last week, JPMorgan laid out 5 scenarios for SLR, of which two predicted the end of SLR relief on March 31, as follow:</p><p><blockquote>也许有点太严厉了？上周，摩根大通为SLR制定了5种情景，其中两种预测SLR救济将于3月31日结束，具体如下：</blockquote></p><p><u><b>3. Relief ends March 31, banks fully raise capital</b></u> <b>Impact on BanksRatesFront-End Rates</b> <u><b>4. Relief ends March 31, banks raise capital &amp; de-lever</b></u> <b>Impact on BanksRatesFront-End Rates</b>Going back to Zoltan, let's recallthat the repo gurualso cautioned that \"ending the exemption of reserves and Treasuries from the calculation of the SLR may mean that U.S. banks will turn away deposits and reserves on the margin (not Treasuries) to leave more room for market-making activities,<b>and these flows will swell further money funds’ inflows coming from TGA drawdowns.</b>\"</p><p><blockquote><u><b>3.纾困3月31日结束银行全面融资</b></u><b>对银行利率的影响前端利率</b><u><b>4.纾困3月31日结束，银行增资去杠杆</b></u><b>对银行利率的影响前端利率</b>回到Zoltan，让我们回想一下，这位回购大师还警告说，“结束准备金和国债在SLR计算中的豁免可能意味着美国银行将拒绝保证金（而不是国债）的存款和准备金，为市场留出更多空间。做市活动，<b>这些资金流动将进一步增加来自TGA提款的货币基金流入。</b>\"</blockquote></p><p>More importantly, Zoltan does not expect broad chaos in repo or broader markets, and instead provides a more benign view on the negligible impact the SLR has had (and will be if it is eliminated), as he explained in a note from Tuesday.</p><p><blockquote>更重要的是，Zoltan预计回购或更广泛的市场不会出现广泛的混乱，相反，正如他在周二的一份报告中解释的那样，他对SLR已经产生的微不足道的影响（如果它被消除，将会产生）提供了更良性的看法。</blockquote></p><p><img src=\"https://static.tigerbbs.com/caeeb2b1290e084832f29d61cea6a90b\" tg-width=\"500\" tg-height=\"534\" referrerpolicy=\"no-referrer\">How to determine if Zoltan's benign view is correct? He concluded his note by writing that \"given that our call for a zero-to-negative FRA-OIS spread by the end of June was predicated on the end of SLR extension and an assumption that the Fed will try to fix a quantity problem with prices, not quantities, today’s adjustments mean that FRA-OIS won’t trade all the way down to zero or negative territory.\"</p><p><blockquote>如何确定Zoltan的良性观点是否正确？他在报告的最后写道，“鉴于我们到6月底FRA-OIS利差为零至负的看涨期权是基于SLR延期的结束以及美联储将尝试解决数量问题的假设价格而不是数量，今天的调整意味着FRA-OIS不会一直跌至零或负值。”</blockquote></p><p>FRA-OIS from here will be a function of how tight FX swaps will trade relative to OIS, but Treasury bills trading at deeply sub-zero rates is no longer a risk...While Bills have occasionally dipped into the negative territory on occasion, so far they have avoided a fullblown plunge into NIRP, which may be just the positive sign the market is waiting for to ease the nerves associated with the sudden and largely unexpected end of the SLR exemption.</p><p><blockquote>这里的FRA-OIS将取决于外汇掉期相对于OIS的交易紧张程度，但以远低于零利率交易的国库券不再是一种风险...虽然账单偶尔会跌入负值，但到目前为止，它们避免了全面陷入NIRP，这可能只是市场正在等待的积极信号，以缓解与SLR豁免突然且基本上出乎意料的结束相关的紧张情绪。</blockquote></p><p>* *&nbsp; *</p><p><blockquote>** *</blockquote></p><p></p><p>Finally, for those curious what the immediate market impact will be, NatWest strategist Blake Gwinn writes that the Fed announcement that they’re letting regulatory exemptions for banks expire at the end of the month \"really threads the needle and \"assuages concerns about the potential long-term impact on the markets\" as<b>the SLR \"ends it but defuses a lot of the knee-jerk market reaction” by pledging to address the current design and calibration of the supplementary leverage ratio to prevent strains from developing</b>.</p><p><blockquote>最后，对于那些好奇对市场的直接影响会是什么的人来说，国民西敏寺银行策略师布莱克·格温(Blake Gwinn)写道，美联储宣布银行监管豁免将于本月底到期，“确实是穿针引线”，缓解了人们对银行监管豁免的担忧。对市场的潜在长期影响<b>SLR承诺解决补充杠杆率的当前设计和校准问题，以防止紧张局势的发展，从而“结束了它，但化解了许多下意识的市场反应”</b>.</blockquote></p><p>“I was never worried about a day-one bank puke of Treasuries or drawdown in repo or anything like that on no renewal,” Gwinn said. “My concern was the longer run,” like as reserves continue to rise, would the SLR “become a nuisance and drag on Treasuries and spreads” Gwinn concludes that with the statement, the Fed is<b>\"really speaking to those fears and basically saying, ‘don’t worry, we are on it’.”</b></p><p><blockquote>格温说：“我从来不担心银行第一天就会吐出国债或回购提款或类似的情况。”“我担心的是，从长远来看”，随着准备金继续上升，SLR是否会“成为一个麻烦并拖累国债和利差”格温总结道，通过这份声明，美联储<b>“真正解决这些恐惧，基本上是说，‘别担心，我们正在努力’。”</b></blockquote></p><p>Well, with yields spiking to HOD in early quad-witch trading, the market sure seems quite skeptical that the Fed is on anything.</p><p><blockquote>好吧，随着收益率在早期四女巫交易中飙升至HOD，市场似乎确实对美联储的行动持怀疑态度。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/stocks-bopnds-tank-after-fed-lets-slr-relief-expire\">zerohedge</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.zerohedge.com/markets/stocks-bopnds-tank-after-fed-lets-slr-relief-expire","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1199154789","content_text":"As washinted at, and discussed in depth here,the Fed decided - under political pressure from progressive Democrats such asElizabeth Warren and Sherrod Brown- to let the temporary Supplementary Leverage Ratio (SLR) exemption expire as scheduled on March 31, the one year anniversary of the rule change.The federal bank regulatory agencies today announced that the temporary change to the supplementary leverage ratio, or SLR, for depository institutions issued on May 15, 2020, will expire as scheduled on March 31, 2021.The temporary change was made to provide flexibility for depository institutions to provide credit to households and businesses in light of the COVID-19 event.This outcome is theone (again) correctly predictedby former NY Fed guru Zoltan Pozsar who following the FOMC said that \"the fact that the Fed made this adjustment practically preemptively – the o/n RRP facility is not being used at the moment, so there are no capacity constraints yet, while repo and bill yields aren’t trading negative yet –suggests that the Fed is “foaming the runway” for the end of SLR exemption.\"Knowing well this would be a very hot button issue for the market, the Fed published thefollowing statementto ease trader nerves, noting that while the SLR special treatment will expire on March 31, the Fed is \"inviting public comment on several potential SLR modifications\" and furthermore, \"Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability\" - in short, if yields spike, the Fed will re-introduce the SLR without delay:The Federal Reserve Board on Friday announced that the temporary change to its supplementary leverage ratio, or SLR, for bank holding companies will expire as scheduled on March 31. Additionally, the Board will shortly seek comment on measures to adjust the SLR. The Board will take appropriate actions to assure that any changes to the SLR do not erode the overall strength of bank capital requirements.To ease strains in the Treasury market resulting from the COVID-19 pandemic and to promote lending to households and businesses, the Board temporarily modified the SLR last year to exclude U.S. Treasury securities and central bank reserves. Since that time, the Treasury market has stabilized. However, because of recent growth in the supply of central bank reserves and the issuance of Treasury securities, the Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability.To ensure that the SLR—which was established in 2014 as an additional capital requirement—remains effective in an environment of higher reserves, the Board will soon be inviting public comment on several potential SLR modifications.The proposal and comments will contribute to ongoing discussions with the Department of the Treasury and other regulators on future work to ensure the resiliency of the Treasury market.The Fed's soothing wods notwithstanding,having been primed for a favorable outcome, the Fed's disappointing announcement was hardly the news traders were hoping for and stocks tumbled...Bond yields spiked...... while the stock of JPM, which is the most exposed bank to SLR relief (as noted yesterday in \"Facing Up To JP Morgan's Leverage Relief Threats\")....... slumped.In case you've been living under a rock, here's why you should care about the SLR decision: First, for those whomissed our primer on the issue, some background from JPM (ironically the one bank that has the most to lose from the Fed's decision) the bottom line is that without SLR relief,banks may have to delever, raise new capital, halt buybacks, sell preferred stock, turn down deposits and generally push back on reserves (not necessarily all of these, and not in that order) just as the Fed is injecting hundreds of billions of reserves into the market as the Treasury depletes its TGA account.The massive expansion of the Fed’s balance that has occurred implied an equally massive growth in bank reserves held at Federal Reserve banks. The expiration of the regulatory relief would add ~$2.1tn of leverage exposure across the 8 GSIBs. As well, TGA reduction and continued QE could add another ~$2.35tn of deposits to the system during 2021.While the expiry of the carve-out on March 31 would not have an immediate impact on GSIBs, the continued increase in leverage assets throughout the course of the year would increase long-term debt (LTD) and preferred requirements. Here, JPM takes an optimistic view and writes that\"even the “worst” case issuance scenario as very manageable, with LTD needs of $35bn for TLAC requirements and preferred needs of $15-$20bn to maintain the industry-wide SLR at 5.6%.The constraint is greater at the bank entity, where the capacity to grow leverage exposure to be ~$765bn at 6.2% SLR.\"Goldman's take was more troubling: the bank estimated that under the continued QE regime, there would be a shortfall of some $2 trillion in reserve capacity, mainly in the form of deposits which the banks would be unable to accept as part of ongoing QE (much more in Goldman'sfull take of the SLR quandary).So what happens next?Addressing this topic, yesterday Curvature's Scott Skyrm wrote that \"the largest banks are enjoying much larger balance sheets, but there are political factors in Washington that are against an extension of the exemption.... Here are a couple of scenarios and their implications on the Repo market:The exemption is extended 3 months or 6 months - No impact on the Repo market. It's already fully priced-in.The exemption is continued for reserves, but ended for Treasurys. Since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise. Volatility increases as Repo assets move from the largest banks to the other Repo market participants.The exemption is ended for both reserves and Treasurys. Same as above.In other words, Skyrm has a relatively downbeat view, warning that \"since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise.\" Additionally, volatility is likely to increase as repo assets move from the largest banks to the other Repo market participants...Perhaps a bit too draconian? Well, last week, JPMorgan laid out 5 scenarios for SLR, of which two predicted the end of SLR relief on March 31, as follow:3. Relief ends March 31, banks fully raise capital Impact on BanksRatesFront-End Rates 4. Relief ends March 31, banks raise capital & de-lever Impact on BanksRatesFront-End RatesGoing back to Zoltan, let's recallthat the repo gurualso cautioned that \"ending the exemption of reserves and Treasuries from the calculation of the SLR may mean that U.S. banks will turn away deposits and reserves on the margin (not Treasuries) to leave more room for market-making activities,and these flows will swell further money funds’ inflows coming from TGA drawdowns.\"More importantly, Zoltan does not expect broad chaos in repo or broader markets, and instead provides a more benign view on the negligible impact the SLR has had (and will be if it is eliminated), as he explained in a note from Tuesday.How to determine if Zoltan's benign view is correct? He concluded his note by writing that \"given that our call for a zero-to-negative FRA-OIS spread by the end of June was predicated on the end of SLR extension and an assumption that the Fed will try to fix a quantity problem with prices, not quantities, today’s adjustments mean that FRA-OIS won’t trade all the way down to zero or negative territory.\"FRA-OIS from here will be a function of how tight FX swaps will trade relative to OIS, but Treasury bills trading at deeply sub-zero rates is no longer a risk...While Bills have occasionally dipped into the negative territory on occasion, so far they have avoided a fullblown plunge into NIRP, which may be just the positive sign the market is waiting for to ease the nerves associated with the sudden and largely unexpected end of the SLR exemption.* *  *Finally, for those curious what the immediate market impact will be, NatWest strategist Blake Gwinn writes that the Fed announcement that they’re letting regulatory exemptions for banks expire at the end of the month \"really threads the needle and \"assuages concerns about the potential long-term impact on the markets\" asthe SLR \"ends it but defuses a lot of the knee-jerk market reaction” by pledging to address the current design and calibration of the supplementary leverage ratio to prevent strains from developing.“I was never worried about a day-one bank puke of Treasuries or drawdown in repo or anything like that on no renewal,” Gwinn said. “My concern was the longer run,” like as reserves continue to rise, would the SLR “become a nuisance and drag on Treasuries and spreads” Gwinn concludes that with the statement, the Fed is\"really speaking to those fears and basically saying, ‘don’t worry, we are on it’.”Well, with yields spiking to HOD in early quad-witch trading, the market sure seems quite skeptical that the Fed is on 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11:48","market":"us","language":"en","title":"Making A List Of The Top Software Stocks To Watch Now? 4 Names To Know<blockquote>列出现在值得关注的顶级软件股？4个需要知道的名字</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1102182306","media":"Nasdaq","summary":"Are These The Best Software Stocks To Have On Your Watchlist?The past year has been invigorating for","content":"<p>Are These The Best Software Stocks To Have On Your Watchlist?</p><p><blockquote>这些是您关注名单上最好的软件股票吗？</blockquote></p><p>The past year has been invigorating for&nbsp;software stocks&nbsp;on the stock market, to say the least. This comes as no surprise seeing as software is a vital tool for organizations of all sizes in this age. As a result, investors and software companies alike continue to see big gains. Moving forward, you might be wondering if the software industry can maintain its current momentum. Well, it is important to note that software is a part of the ever-evolving tech industry. Likewise, there are always innovations and refinements to be made over existing software. This coupled with countless applications for software across various industries bodes well for software investors.</p><p><blockquote>至少可以说，过去的一年对股市上的软件股来说是令人振奋的一年。这并不奇怪，因为在这个时代，软件是各种规模的组织的重要工具。因此，投资者和软件公司都继续看到巨大的收益。展望未来，你可能想知道软件行业是否能保持目前的势头。嗯，值得注意的是，软件是不断发展的科技行业的一部分。同样，对现有软件总是有创新和改进的。再加上软件在各个行业的无数应用，对软件投资者来说是个好兆头。</blockquote></p><p>For instance, Veeva Systems (NYSE: VEEV) caters to the cloud computing needs of the life sciences industry. Just this morning, it revealed that 90% of the biotech research companies it surveyed are looking to significantly improve research methods by adopting new digital strategies. Another example would be digital communications giant <a href=\"https://laohu8.com/S/ZM\">Zoom</a> (NASDAQ: ZM). The company’s recent-quarter revenue skyrocketed by 369% year-over-year. But more importantly, it ended the quarter with a whopping $4.2 billion in cash on hand. The likes of which CFO Kelly Steckleberg mentioned would be put towards investing in capacity building and R&amp;D hiring. All this paired with the recent pullbacks could provide an interesting opportunity for investors to buy on the dip. As such, here are fourtop software stocksin the limelight now.</p><p><blockquote>例如，Veeva Systems（纽约证券交易所股票代码：VEEV）满足生命科学行业的云计算需求。就在今天早上，它透露，其调查的90%的生物技术研究公司都希望通过采用新的数字战略来显着改进研究方法。另一个例子是数字通信巨头<a href=\"https://laohu8.com/S/ZM\">Zoom</a>（纳斯达克：ZM）。该公司最近一个季度的收入同比猛增369%。但更重要的是，该公司本季度末手头现金高达42亿美元。首席财务官凯利·斯特克尔伯格(Kelly Steckleberg)提到的此类资金将用于投资能力建设和研发招聘。所有这些加上最近的回调可能为投资者提供逢低买入的有趣机会。因此，以下是目前备受关注的四只顶级软件股。</blockquote></p><p>4 Top Software Stocks To Watch</p><p><blockquote>4只最值得关注的软件股</blockquote></p><p><ul><li><b>Microsoft Corporation</b>(NASDAQ: MSFT)</li><li><b><a href=\"https://laohu8.com/S/EB\">Eventbrite Inc.</a></b>(NYSE: EB)</li><li><b><a href=\"https://laohu8.com/S/SPLK\">Splunk Inc</a>.</b>(NASDAQ: SPLK)</li><li><b>Oracle Corporation</b>(NYSE: ORCL)</li></ul>Microsoft Corporation</p><p><blockquote><ul><li><b>微软公司</b>（纳斯达克：MSFT）</li><li><b><a href=\"https://laohu8.com/S/EB\">Eventbrite公司。</a></b>（纽约证券交易所代码：EB）</li><li><b><a href=\"https://laohu8.com/S/SPLK\">Splunk公司</a>.</b>（纳斯达克：SPLK）</li><li><b>甲骨文公司</b>（纽约证券交易所代码：ORCL）</li></ul>微软公司</blockquote></p><p>It is hard to talk about software without mentioning software goliath Microsoft. After all, it is the company behind the leading office tool software in the world, Microsoft Office. Given its status as <a href=\"https://laohu8.com/S/AONE.U\">one</a> of thebig tech stocks, most investors would be watching MSFT stock in anticipation of the company’s latest moves. Nevertheless, Microsoft continues to make groundbreaking developments in the software space.</p><p><blockquote>谈论软件很难不提到软件巨人微软。毕竟是全球领先的办公工具软件微软Office背后的公司。鉴于其地位<a href=\"https://laohu8.com/S/AONE.U\">一</a>在大型科技股中，大多数投资者都会关注MSFT股票，以期待该公司的最新举措。尽管如此，微软继续在软件领域取得突破性的发展。</blockquote></p><p>To begin with, Microsoft unveiled Microsoft Mesh, a seemingly new frontier in video communication. Simply put, Mesh is the company’s “mixed reality” upgrade to conventional virtual calls. Through a combination of virtual reality (VR) and augmented reality (AR), users will supposedly be able to interact with others as if they were in the same room.<img src=\"https://static.tigerbbs.com/c68235cbdd1889e829494cf6168bec83\" tg-width=\"759\" tg-height=\"466\" referrerpolicy=\"no-referrer\"></p><p><blockquote>首先，微软推出了微软网格，这似乎是视频通信的一个新领域。简单来说，Mesh是该公司对常规虚拟评级的“混合现实”升级。通过虚拟现实（VR）和增强现实（AR）的结合，用户应该能够与他人互动，就像他们在同一个房间里一样。</blockquote></p><p>Source: TD Ameritrade TOS</p><p><blockquote>资料来源：德美利证券TOS</blockquote></p><p>Now, Microsoft is offering it as both an application and a service via its cloud computing arm, Microsoft Azure. Speaking of Azure, Microsoft also expanded its services with Azure Arc hybrid and multi-cloud capabilities. Briefly, Azure Arc is a set of technologies that extend Azure’s services to “any infrastructure.” In practice, these upgrades give customers the flexibility and agility to innovate with Azure, anywhere. With Microsoft firing on all cylinders, could it be a good time to watch MSFT stock?</p><p><blockquote>现在，微软通过其云计算部门微软Azure将其作为应用程序和服务提供。说到Azure，微软还通过Azure Arc混合和多云功能扩展了其服务。简而言之，Azure Arc是一套将Azure的服务扩展到“任何基础设施”的技术。实际上，这些升级为客户提供了随时随地使用Azure进行创新的灵活性和敏捷性。随着微软全力以赴，现在是关注MSFT股票的好时机吗？</blockquote></p><p>Eventbrite Inc.</p><p><blockquote>Eventbrite公司。</blockquote></p><p>Another software player in focus now would be global self-service ticketing and experience tech platform Eventbrite. The company operates an event management and ticketing website. Through its application software, users can browse, create, and promote local events. In terms of revenue, Eventbrite charges a fee to paid-event organizers in exchange for its online ticketing services. Moreover, the company caters to nearly <a href=\"https://laohu8.com/S/AONE\">one</a> million event creators across 180 countries. With most in-person events being canceled, you’d think that the company would be on the downtrend. However, its recent quarter fiscal posted last week suggests otherwise.</p><p><blockquote>现在另一个成为焦点的软件公司是全球自助票务和体验技术平台Eventbrite。该公司运营一个活动管理和票务网站。通过其应用软件，用户可以浏览、创建和推广本地活动。就收入而言，Eventbrite向付费活动组织者收取费用，以换取其在线票务服务。此外，公司迎合了近<a href=\"https://laohu8.com/S/AONE\">一</a>180个国家的百万活动创作者。随着大多数面对面的活动被取消，你可能会认为该公司将处于下降趋势。然而，其上周公布的最近一个季度财报却表明情况并非如此。</blockquote></p><p>In it, the company saw its revenue increase by over 22% quarter-over-quarter. According to CEO Julia Hartz, Eventbrite’s users hosted 4.6 million events throughout 2020. Through Eventbrite, people continued to gather in inventive ways via virtual events, drive-ins, and socially distanced experiences.<img src=\"https://static.tigerbbs.com/128f22262235ece45d047268235c6be1\" tg-width=\"762\" tg-height=\"466\" referrerpolicy=\"no-referrer\">Source: TD Ameritrade TOS</p><p><blockquote>其中，该公司收入环比增长超过22%。据首席执行官朱莉娅·哈茨称，Eventbrite的用户在2020年全年举办了460万场活动。通过Eventbrite，人们继续通过虚拟活动、免下车餐馆和社交距离体验以创造性的方式聚集在一起。资料来源：德美利证券TOS</blockquote></p><p>If anything, this shows the resilience of the company even amidst these trying times. After you factor in improving pandemic conditions, things could be looking up for the company. Investors appear to think so as EB stock has surged by over 12% since these results were posted a week ago. Given all of this, will you be adding EB stock to your watchlist?</p><p><blockquote>如果说有什么不同的话，那就是这显示了该公司即使在艰难时期也具有韧性。在考虑到大流行状况的改善后，公司的情况可能会有所好转。投资者似乎是这么认为的，因为自一周前公布这些业绩以来，EB股价已飙升超过12%。鉴于所有这些，您会将EB股票添加到您的观察列表中吗？</blockquote></p><p>Splunk Inc.</p><p><blockquote>Splunk公司。</blockquote></p><p></p><p>Following that, we have big data analytics software company, Splunk. In brief, the company produces software for searching, monitoring, and analyzing machine-generated big data. Splunk does all this via its Data-to-Everything platform. For the most part, the company helps organizations gain actionable insights from their data regardless of scale. In the age of information, this would serve as a vital service for businesses looking to refine their business strategies. Accordingly, this would position Splunk to continue benefiting from the pandemic-fueled exposure it gained over the past year. Seeing as Splunk posted stellar figures in its fourth-quarter fiscal after yesterday’s closing bell, investors could be watching SPLK stock.</p><p><blockquote>接下来，我们有大数据分析软件公司Splunk。简而言之，该公司生产用于搜索、监控和分析机器生成的大数据的软件。Splunk通过其数据到一切平台来实现这一切。在很大程度上，该公司帮助组织从其数据中获得可操作的见解，无论其规模如何。在信息时代，这将是寻求完善业务战略的企业的一项重要服务。因此，这将使Splunk能够继续受益于过去一年因大流行而获得的风险敞口。鉴于Splunk在昨天收盘后公布了第四季度财报的出色数据，投资者可能会关注SPLK股票。</blockquote></p><p>Diving right into it, the company raked in a total annual recurring revenue (ARR) of $2.36 billion for the quarter. This marks an impressive 41% year-over-year increase. Additionally, Splunk saw its cloud ARR surge by 83% over the same period. In terms of cloud revenue for fiscal 2021, the company posted a 77% increase compared to its fiscal year 2020. No doubt, Splunk continues to ride the boom in corporate cloud spending.<img src=\"https://static.tigerbbs.com/8c4aee1421659dfcebcf9ffe09d7e9c4\" tg-width=\"759\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><blockquote>该公司本季度的年度经常性收入(ARR)总额为23.6亿美元。这标志着令人印象深刻的41%的同比增长。此外，Splunk的云ARR同期飙升了83%。就2021财年的云收入而言，该公司比2020财年增长了77%。毫无疑问，Splunk继续受益于企业云支出的繁荣。</blockquote></p><p>Source: TD Ameritrade TOS</p><p><blockquote>资料来源：德美利证券TOS</blockquote></p><p>In closing, CFO Jason Child cites continuous cloud adoption as a driving force for Splunk’s long-term success. Time will tell if this holds to be true. For now, will you be keeping SPLK stock in your sights?</p><p><blockquote>最后，首席财务官Jason Child表示，持续采用云是Splunk长期成功的驱动力。时间会证明这是否属实。目前，您会继续关注SPLK股票吗？</blockquote></p><p>Oracle Corporation</p><p><blockquote>甲骨文公司</blockquote></p><p>Last but not least, we will be looking at software giant, Oracle. The company offers a suite of integrated applications and secure, autonomous infrastructure via its Oracle Cloud platform. Specifically, these applications help organizations by providing sales, marketing, human resources, finance, and manufacturing solutions. Notably, Oracle announced yesterday that its third-quarterearnings callwill be held next Wednesday after market close. This could place ORCL stock on investors’ radars.</p><p><blockquote>最后但同样重要的是，我们将关注软件巨头甲骨文。该公司通过其Oracle云平台提供一套集成应用程序和安全、自主的基础设施。具体来说，这些应用程序通过提供销售、营销、人力资源、财务和制造解决方案来帮助组织。值得注意的是，甲骨文昨天宣布，第三季度财报电话会议将于下周三收盘后举行。这可能会让ORCL股票受到投资者的关注。</blockquote></p><p>For one thing, the company has had a busy month throughout February. For starters, it expanded its hybrid cloud portfolio earlier in the month with the Oracle Roving Edge Infrastructure. The upgrade means that customers can employ Oracle’s secure and scalable cloud services even “in the most remote areas of the world.” Subsequently, the company posted on two occasions regarding its clients in the healthcare sector. On February 11, it revealed that several leading healthcare organizations across the U.S. adopted its services.<img src=\"https://static.tigerbbs.com/37a61353adeec0dab2147bcbf18a0e3f\" tg-width=\"758\" tg-height=\"466\" referrerpolicy=\"no-referrer\">Source: TD Ameritrade TOS</p><p><blockquote>一方面，该公司整个二月份都很忙。首先，它在本月早些时候通过Oracle Roving Edge基础设施扩展了其混合云产品组合。此次升级意味着客户即使在“世界上最偏远的地区”也可以使用Oracle安全且可扩展的云服务。随后，该公司两次发布了有关其医疗保健行业客户的信息。2月11日，它透露美国几家领先的医疗保健组织采用了它的服务。资料来源：德美利证券TOS</blockquote></p><p>According to Oracle, said clients cater to over 26 million Americans annually. Similarly, the company announced that Northwell Health, one of the largest New York health systems is also a client. Overall Oracle continues to expand its services while aiding the healthcare industry amidst the pandemic. Could it be wise to watch ORCL stock ahead of its earnings next week? Your guess is as good as mine.</p><p><blockquote>据甲骨文称，上述客户每年为超过2600万美国人提供服务。同样，该公司宣布纽约最大的医疗系统之一Northwell Health也是其客户。总体而言，甲骨文继续扩大其服务，同时帮助疫情的医疗保健行业。在下周公布财报之前关注ORCL股票是否明智？你的猜测和我的一样好。</blockquote></p><p>The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.</p><p><blockquote>本文表达的观点和意见是作者的观点和意见，不一定反映纳斯达克公司的观点和意见。</blockquote></p><p></p>","source":"lsy1603171495471","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Making A List Of The Top Software Stocks To Watch Now? 4 Names To Know<blockquote>列出现在值得关注的顶级软件股？4个需要知道的名字</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\">\nMaking A List Of The Top Software Stocks To Watch Now? 4 Names To Know<blockquote>列出现在值得关注的顶级软件股？4个需要知道的名字</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Nasdaq</strong><span class=\"h-time small\">2021-03-05 11:48</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Are These The Best Software Stocks To Have On Your Watchlist?</p><p><blockquote>这些是您关注名单上最好的软件股票吗？</blockquote></p><p>The past year has been invigorating for&nbsp;software stocks&nbsp;on the stock market, to say the least. This comes as no surprise seeing as software is a vital tool for organizations of all sizes in this age. As a result, investors and software companies alike continue to see big gains. Moving forward, you might be wondering if the software industry can maintain its current momentum. Well, it is important to note that software is a part of the ever-evolving tech industry. Likewise, there are always innovations and refinements to be made over existing software. This coupled with countless applications for software across various industries bodes well for software investors.</p><p><blockquote>至少可以说，过去的一年对股市上的软件股来说是令人振奋的一年。这并不奇怪，因为在这个时代，软件是各种规模的组织的重要工具。因此，投资者和软件公司都继续看到巨大的收益。展望未来，你可能想知道软件行业是否能保持目前的势头。嗯，值得注意的是，软件是不断发展的科技行业的一部分。同样，对现有软件总是有创新和改进的。再加上软件在各个行业的无数应用，对软件投资者来说是个好兆头。</blockquote></p><p>For instance, Veeva Systems (NYSE: VEEV) caters to the cloud computing needs of the life sciences industry. Just this morning, it revealed that 90% of the biotech research companies it surveyed are looking to significantly improve research methods by adopting new digital strategies. Another example would be digital communications giant <a href=\"https://laohu8.com/S/ZM\">Zoom</a> (NASDAQ: ZM). The company’s recent-quarter revenue skyrocketed by 369% year-over-year. But more importantly, it ended the quarter with a whopping $4.2 billion in cash on hand. The likes of which CFO Kelly Steckleberg mentioned would be put towards investing in capacity building and R&amp;D hiring. All this paired with the recent pullbacks could provide an interesting opportunity for investors to buy on the dip. As such, here are fourtop software stocksin the limelight now.</p><p><blockquote>例如，Veeva Systems（纽约证券交易所股票代码：VEEV）满足生命科学行业的云计算需求。就在今天早上，它透露，其调查的90%的生物技术研究公司都希望通过采用新的数字战略来显着改进研究方法。另一个例子是数字通信巨头<a href=\"https://laohu8.com/S/ZM\">Zoom</a>（纳斯达克：ZM）。该公司最近一个季度的收入同比猛增369%。但更重要的是，该公司本季度末手头现金高达42亿美元。首席财务官凯利·斯特克尔伯格(Kelly Steckleberg)提到的此类资金将用于投资能力建设和研发招聘。所有这些加上最近的回调可能为投资者提供逢低买入的有趣机会。因此，以下是目前备受关注的四只顶级软件股。</blockquote></p><p>4 Top Software Stocks To Watch</p><p><blockquote>4只最值得关注的软件股</blockquote></p><p><ul><li><b>Microsoft Corporation</b>(NASDAQ: MSFT)</li><li><b><a href=\"https://laohu8.com/S/EB\">Eventbrite Inc.</a></b>(NYSE: EB)</li><li><b><a href=\"https://laohu8.com/S/SPLK\">Splunk Inc</a>.</b>(NASDAQ: SPLK)</li><li><b>Oracle Corporation</b>(NYSE: ORCL)</li></ul>Microsoft Corporation</p><p><blockquote><ul><li><b>微软公司</b>（纳斯达克：MSFT）</li><li><b><a href=\"https://laohu8.com/S/EB\">Eventbrite公司。</a></b>（纽约证券交易所代码：EB）</li><li><b><a href=\"https://laohu8.com/S/SPLK\">Splunk公司</a>.</b>（纳斯达克：SPLK）</li><li><b>甲骨文公司</b>（纽约证券交易所代码：ORCL）</li></ul>微软公司</blockquote></p><p>It is hard to talk about software without mentioning software goliath Microsoft. After all, it is the company behind the leading office tool software in the world, Microsoft Office. Given its status as <a href=\"https://laohu8.com/S/AONE.U\">one</a> of thebig tech stocks, most investors would be watching MSFT stock in anticipation of the company’s latest moves. Nevertheless, Microsoft continues to make groundbreaking developments in the software space.</p><p><blockquote>谈论软件很难不提到软件巨人微软。毕竟是全球领先的办公工具软件微软Office背后的公司。鉴于其地位<a href=\"https://laohu8.com/S/AONE.U\">一</a>在大型科技股中，大多数投资者都会关注MSFT股票，以期待该公司的最新举措。尽管如此，微软继续在软件领域取得突破性的发展。</blockquote></p><p>To begin with, Microsoft unveiled Microsoft Mesh, a seemingly new frontier in video communication. Simply put, Mesh is the company’s “mixed reality” upgrade to conventional virtual calls. Through a combination of virtual reality (VR) and augmented reality (AR), users will supposedly be able to interact with others as if they were in the same room.<img src=\"https://static.tigerbbs.com/c68235cbdd1889e829494cf6168bec83\" tg-width=\"759\" tg-height=\"466\" referrerpolicy=\"no-referrer\"></p><p><blockquote>首先，微软推出了微软网格，这似乎是视频通信的一个新领域。简单来说，Mesh是该公司对常规虚拟评级的“混合现实”升级。通过虚拟现实（VR）和增强现实（AR）的结合，用户应该能够与他人互动，就像他们在同一个房间里一样。</blockquote></p><p>Source: TD Ameritrade TOS</p><p><blockquote>资料来源：德美利证券TOS</blockquote></p><p>Now, Microsoft is offering it as both an application and a service via its cloud computing arm, Microsoft Azure. Speaking of Azure, Microsoft also expanded its services with Azure Arc hybrid and multi-cloud capabilities. Briefly, Azure Arc is a set of technologies that extend Azure’s services to “any infrastructure.” In practice, these upgrades give customers the flexibility and agility to innovate with Azure, anywhere. With Microsoft firing on all cylinders, could it be a good time to watch MSFT stock?</p><p><blockquote>现在，微软通过其云计算部门微软Azure将其作为应用程序和服务提供。说到Azure，微软还通过Azure Arc混合和多云功能扩展了其服务。简而言之，Azure Arc是一套将Azure的服务扩展到“任何基础设施”的技术。实际上，这些升级为客户提供了随时随地使用Azure进行创新的灵活性和敏捷性。随着微软全力以赴，现在是关注MSFT股票的好时机吗？</blockquote></p><p>Eventbrite Inc.</p><p><blockquote>Eventbrite公司。</blockquote></p><p>Another software player in focus now would be global self-service ticketing and experience tech platform Eventbrite. The company operates an event management and ticketing website. Through its application software, users can browse, create, and promote local events. In terms of revenue, Eventbrite charges a fee to paid-event organizers in exchange for its online ticketing services. Moreover, the company caters to nearly <a href=\"https://laohu8.com/S/AONE\">one</a> million event creators across 180 countries. With most in-person events being canceled, you’d think that the company would be on the downtrend. However, its recent quarter fiscal posted last week suggests otherwise.</p><p><blockquote>现在另一个成为焦点的软件公司是全球自助票务和体验技术平台Eventbrite。该公司运营一个活动管理和票务网站。通过其应用软件，用户可以浏览、创建和推广本地活动。就收入而言，Eventbrite向付费活动组织者收取费用，以换取其在线票务服务。此外，公司迎合了近<a href=\"https://laohu8.com/S/AONE\">一</a>180个国家的百万活动创作者。随着大多数面对面的活动被取消，你可能会认为该公司将处于下降趋势。然而，其上周公布的最近一个季度财报却表明情况并非如此。</blockquote></p><p>In it, the company saw its revenue increase by over 22% quarter-over-quarter. According to CEO Julia Hartz, Eventbrite’s users hosted 4.6 million events throughout 2020. Through Eventbrite, people continued to gather in inventive ways via virtual events, drive-ins, and socially distanced experiences.<img src=\"https://static.tigerbbs.com/128f22262235ece45d047268235c6be1\" tg-width=\"762\" tg-height=\"466\" referrerpolicy=\"no-referrer\">Source: TD Ameritrade TOS</p><p><blockquote>其中，该公司收入环比增长超过22%。据首席执行官朱莉娅·哈茨称，Eventbrite的用户在2020年全年举办了460万场活动。通过Eventbrite，人们继续通过虚拟活动、免下车餐馆和社交距离体验以创造性的方式聚集在一起。资料来源：德美利证券TOS</blockquote></p><p>If anything, this shows the resilience of the company even amidst these trying times. After you factor in improving pandemic conditions, things could be looking up for the company. Investors appear to think so as EB stock has surged by over 12% since these results were posted a week ago. Given all of this, will you be adding EB stock to your watchlist?</p><p><blockquote>如果说有什么不同的话，那就是这显示了该公司即使在艰难时期也具有韧性。在考虑到大流行状况的改善后，公司的情况可能会有所好转。投资者似乎是这么认为的，因为自一周前公布这些业绩以来，EB股价已飙升超过12%。鉴于所有这些，您会将EB股票添加到您的观察列表中吗？</blockquote></p><p>Splunk Inc.</p><p><blockquote>Splunk公司。</blockquote></p><p></p><p>Following that, we have big data analytics software company, Splunk. In brief, the company produces software for searching, monitoring, and analyzing machine-generated big data. Splunk does all this via its Data-to-Everything platform. For the most part, the company helps organizations gain actionable insights from their data regardless of scale. In the age of information, this would serve as a vital service for businesses looking to refine their business strategies. Accordingly, this would position Splunk to continue benefiting from the pandemic-fueled exposure it gained over the past year. Seeing as Splunk posted stellar figures in its fourth-quarter fiscal after yesterday’s closing bell, investors could be watching SPLK stock.</p><p><blockquote>接下来，我们有大数据分析软件公司Splunk。简而言之，该公司生产用于搜索、监控和分析机器生成的大数据的软件。Splunk通过其数据到一切平台来实现这一切。在很大程度上，该公司帮助组织从其数据中获得可操作的见解，无论其规模如何。在信息时代，这将是寻求完善业务战略的企业的一项重要服务。因此，这将使Splunk能够继续受益于过去一年因大流行而获得的风险敞口。鉴于Splunk在昨天收盘后公布了第四季度财报的出色数据，投资者可能会关注SPLK股票。</blockquote></p><p>Diving right into it, the company raked in a total annual recurring revenue (ARR) of $2.36 billion for the quarter. This marks an impressive 41% year-over-year increase. Additionally, Splunk saw its cloud ARR surge by 83% over the same period. In terms of cloud revenue for fiscal 2021, the company posted a 77% increase compared to its fiscal year 2020. No doubt, Splunk continues to ride the boom in corporate cloud spending.<img src=\"https://static.tigerbbs.com/8c4aee1421659dfcebcf9ffe09d7e9c4\" tg-width=\"759\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><blockquote>该公司本季度的年度经常性收入(ARR)总额为23.6亿美元。这标志着令人印象深刻的41%的同比增长。此外，Splunk的云ARR同期飙升了83%。就2021财年的云收入而言，该公司比2020财年增长了77%。毫无疑问，Splunk继续受益于企业云支出的繁荣。</blockquote></p><p>Source: TD Ameritrade TOS</p><p><blockquote>资料来源：德美利证券TOS</blockquote></p><p>In closing, CFO Jason Child cites continuous cloud adoption as a driving force for Splunk’s long-term success. Time will tell if this holds to be true. For now, will you be keeping SPLK stock in your sights?</p><p><blockquote>最后，首席财务官Jason Child表示，持续采用云是Splunk长期成功的驱动力。时间会证明这是否属实。目前，您会继续关注SPLK股票吗？</blockquote></p><p>Oracle Corporation</p><p><blockquote>甲骨文公司</blockquote></p><p>Last but not least, we will be looking at software giant, Oracle. The company offers a suite of integrated applications and secure, autonomous infrastructure via its Oracle Cloud platform. Specifically, these applications help organizations by providing sales, marketing, human resources, finance, and manufacturing solutions. Notably, Oracle announced yesterday that its third-quarterearnings callwill be held next Wednesday after market close. This could place ORCL stock on investors’ radars.</p><p><blockquote>最后但同样重要的是，我们将关注软件巨头甲骨文。该公司通过其Oracle云平台提供一套集成应用程序和安全、自主的基础设施。具体来说，这些应用程序通过提供销售、营销、人力资源、财务和制造解决方案来帮助组织。值得注意的是，甲骨文昨天宣布，第三季度财报电话会议将于下周三收盘后举行。这可能会让ORCL股票受到投资者的关注。</blockquote></p><p>For one thing, the company has had a busy month throughout February. For starters, it expanded its hybrid cloud portfolio earlier in the month with the Oracle Roving Edge Infrastructure. The upgrade means that customers can employ Oracle’s secure and scalable cloud services even “in the most remote areas of the world.” Subsequently, the company posted on two occasions regarding its clients in the healthcare sector. On February 11, it revealed that several leading healthcare organizations across the U.S. adopted its services.<img src=\"https://static.tigerbbs.com/37a61353adeec0dab2147bcbf18a0e3f\" tg-width=\"758\" tg-height=\"466\" referrerpolicy=\"no-referrer\">Source: TD Ameritrade TOS</p><p><blockquote>一方面，该公司整个二月份都很忙。首先，它在本月早些时候通过Oracle Roving Edge基础设施扩展了其混合云产品组合。此次升级意味着客户即使在“世界上最偏远的地区”也可以使用Oracle安全且可扩展的云服务。随后，该公司两次发布了有关其医疗保健行业客户的信息。2月11日，它透露美国几家领先的医疗保健组织采用了它的服务。资料来源：德美利证券TOS</blockquote></p><p>According to Oracle, said clients cater to over 26 million Americans annually. Similarly, the company announced that Northwell Health, one of the largest New York health systems is also a client. Overall Oracle continues to expand its services while aiding the healthcare industry amidst the pandemic. Could it be wise to watch ORCL stock ahead of its earnings next week? Your guess is as good as mine.</p><p><blockquote>据甲骨文称，上述客户每年为超过2600万美国人提供服务。同样，该公司宣布纽约最大的医疗系统之一Northwell Health也是其客户。总体而言，甲骨文继续扩大其服务，同时帮助疫情的医疗保健行业。在下周公布财报之前关注ORCL股票是否明智？你的猜测和我的一样好。</blockquote></p><p>The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.</p><p><blockquote>本文表达的观点和意见是作者的观点和意见，不一定反映纳斯达克公司的观点和意见。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.nasdaq.com/articles/making-a-list-of-the-top-software-stocks-to-watch-now-4-names-to-know-2021-03-04\">Nasdaq</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ORCL":"甲骨文","MSFT":"微软","SPLK":"Splunk Inc","EB":"Eventbrite Inc."},"source_url":"https://www.nasdaq.com/articles/making-a-list-of-the-top-software-stocks-to-watch-now-4-names-to-know-2021-03-04","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1102182306","content_text":"Are These The Best Software Stocks To Have On Your Watchlist?The past year has been invigorating for software stocks on the stock market, to say the least. This comes as no surprise seeing as software is a vital tool for organizations of all sizes in this age. As a result, investors and software companies alike continue to see big gains. Moving forward, you might be wondering if the software industry can maintain its current momentum. Well, it is important to note that software is a part of the ever-evolving tech industry. Likewise, there are always innovations and refinements to be made over existing software. This coupled with countless applications for software across various industries bodes well for software investors.For instance, Veeva Systems (NYSE: VEEV) caters to the cloud computing needs of the life sciences industry. Just this morning, it revealed that 90% of the biotech research companies it surveyed are looking to significantly improve research methods by adopting new digital strategies. Another example would be digital communications giant Zoom (NASDAQ: ZM). The company’s recent-quarter revenue skyrocketed by 369% year-over-year. But more importantly, it ended the quarter with a whopping $4.2 billion in cash on hand. The likes of which CFO Kelly Steckleberg mentioned would be put towards investing in capacity building and R&D hiring. All this paired with the recent pullbacks could provide an interesting opportunity for investors to buy on the dip. As such, here are fourtop software stocksin the limelight now.4 Top Software Stocks To WatchMicrosoft Corporation(NASDAQ: MSFT)Eventbrite Inc.(NYSE: EB)Splunk Inc.(NASDAQ: SPLK)Oracle Corporation(NYSE: ORCL)Microsoft CorporationIt is hard to talk about software without mentioning software goliath Microsoft. After all, it is the company behind the leading office tool software in the world, Microsoft Office. Given its status as one of thebig tech stocks, most investors would be watching MSFT stock in anticipation of the company’s latest moves. Nevertheless, Microsoft continues to make groundbreaking developments in the software space.To begin with, Microsoft unveiled Microsoft Mesh, a seemingly new frontier in video communication. Simply put, Mesh is the company’s “mixed reality” upgrade to conventional virtual calls. Through a combination of virtual reality (VR) and augmented reality (AR), users will supposedly be able to interact with others as if they were in the same room.Source: TD Ameritrade TOSNow, Microsoft is offering it as both an application and a service via its cloud computing arm, Microsoft Azure. Speaking of Azure, Microsoft also expanded its services with Azure Arc hybrid and multi-cloud capabilities. Briefly, Azure Arc is a set of technologies that extend Azure’s services to “any infrastructure.” In practice, these upgrades give customers the flexibility and agility to innovate with Azure, anywhere. With Microsoft firing on all cylinders, could it be a good time to watch MSFT stock?Eventbrite Inc.Another software player in focus now would be global self-service ticketing and experience tech platform Eventbrite. The company operates an event management and ticketing website. Through its application software, users can browse, create, and promote local events. In terms of revenue, Eventbrite charges a fee to paid-event organizers in exchange for its online ticketing services. Moreover, the company caters to nearly one million event creators across 180 countries. With most in-person events being canceled, you’d think that the company would be on the downtrend. However, its recent quarter fiscal posted last week suggests otherwise.In it, the company saw its revenue increase by over 22% quarter-over-quarter. According to CEO Julia Hartz, Eventbrite’s users hosted 4.6 million events throughout 2020. Through Eventbrite, people continued to gather in inventive ways via virtual events, drive-ins, and socially distanced experiences.Source: TD Ameritrade TOSIf anything, this shows the resilience of the company even amidst these trying times. After you factor in improving pandemic conditions, things could be looking up for the company. Investors appear to think so as EB stock has surged by over 12% since these results were posted a week ago. Given all of this, will you be adding EB stock to your watchlist?Splunk Inc.Following that, we have big data analytics software company, Splunk. In brief, the company produces software for searching, monitoring, and analyzing machine-generated big data. Splunk does all this via its Data-to-Everything platform. For the most part, the company helps organizations gain actionable insights from their data regardless of scale. In the age of information, this would serve as a vital service for businesses looking to refine their business strategies. Accordingly, this would position Splunk to continue benefiting from the pandemic-fueled exposure it gained over the past year. Seeing as Splunk posted stellar figures in its fourth-quarter fiscal after yesterday’s closing bell, investors could be watching SPLK stock.Diving right into it, the company raked in a total annual recurring revenue (ARR) of $2.36 billion for the quarter. This marks an impressive 41% year-over-year increase. Additionally, Splunk saw its cloud ARR surge by 83% over the same period. In terms of cloud revenue for fiscal 2021, the company posted a 77% increase compared to its fiscal year 2020. No doubt, Splunk continues to ride the boom in corporate cloud spending.Source: TD Ameritrade TOSIn closing, CFO Jason Child cites continuous cloud adoption as a driving force for Splunk’s long-term success. Time will tell if this holds to be true. For now, will you be keeping SPLK stock in your sights?Oracle CorporationLast but not least, we will be looking at software giant, Oracle. The company offers a suite of integrated applications and secure, autonomous infrastructure via its Oracle Cloud platform. Specifically, these applications help organizations by providing sales, marketing, human resources, finance, and manufacturing solutions. Notably, Oracle announced yesterday that its third-quarterearnings callwill be held next Wednesday after market close. This could place ORCL stock on investors’ radars.For one thing, the company has had a busy month throughout February. For starters, it expanded its hybrid cloud portfolio earlier in the month with the Oracle Roving Edge Infrastructure. The upgrade means that customers can employ Oracle’s secure and scalable cloud services even “in the most remote areas of the world.” Subsequently, the company posted on two occasions regarding its clients in the healthcare sector. On February 11, it revealed that several leading healthcare organizations across the U.S. adopted its services.Source: TD Ameritrade TOSAccording to Oracle, said clients cater to over 26 million Americans annually. Similarly, the company announced that Northwell Health, one of the largest New York health systems is also a client. Overall Oracle continues to expand its services while aiding the healthcare industry amidst the pandemic. Could it be wise to watch ORCL stock ahead of its earnings next week? Your guess is as good as mine.The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.","news_type":1,"symbols_score_info":{"ORCL":0.9,"MSFT":0.9,"SPLK":0.9,"EB":0.9}},"isVote":1,"tweetType":1,"viewCount":631,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":365769833,"gmtCreate":1614780992222,"gmtModify":1703481030541,"author":{"id":"3573646223640101","authorId":"3573646223640101","name":"Conanteh","avatar":"https://static.tigerbbs.com/6357f83cdbdcf024fd2ee7e4dad0f2db","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573646223640101","idStr":"3573646223640101"},"themes":[],"htmlText":"Yes","listText":"Yes","text":"Yes","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/365769833","repostId":"1113910269","repostType":4,"isVote":1,"tweetType":1,"viewCount":602,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":365787577,"gmtCreate":1614780865599,"gmtModify":1703481027946,"author":{"id":"3573646223640101","authorId":"3573646223640101","name":"Conanteh","avatar":"https://static.tigerbbs.com/6357f83cdbdcf024fd2ee7e4dad0f2db","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573646223640101","idStr":"3573646223640101"},"themes":[],"htmlText":"There we go&nbsp;","listText":"There we go&nbsp;","text":"There we go","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/365787577","repostId":"1173765086","repostType":4,"repost":{"id":"1173765086","kind":"news","pubTimestamp":1614779616,"share":"https://www.laohu8.com/m/news/1173765086?lang=zh_CN&edition=full","pubTime":"2021-03-03 21:53","market":"us","language":"en","title":"3 Value Stocks That'll Make You Richer in March (and Beyond)<blockquote>3只价值股票会让你在三月份（及以后）变得更富有</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1173765086","media":"motley fool","summary":"These deeply discounted stocks are perfect for patient investors.For more than a decade, growth stoc","content":"<p><b>These deeply discounted stocks are perfect for patient investors.</b>For more than a decade, growth stocks have left value stocks eating their dust. Historically low lending rates and a record-long bull-market run have wet the appetites of investors looking for game-changing growth stocks.</p><p><blockquote><b>这些大幅折扣的股票非常适合耐心的投资者。</b>十多年来，成长型股票让价值型股票黯然失色。历史上较低的贷款利率和创纪录的长期牛市抑制了投资者寻找改变游戏规则的成长型股票的兴趣。</blockquote></p><p>However, a 90-year study (1926-2015) from<b>Bank of America</b>/Merrill Lynch finds that value stockshave been the better performer over the long-term. What's more, value stocks have historically outperformed during the early years of an economic recovery. With the<b>S&amp;P 500</b>'s Shiller price-to-earnings ratio higher than it's been in nearly two decades, a focus on value may well be warranted.</p><p><blockquote>然而，一项为期90年的研究（1926-2015）<b>美国银行</b>/美林发现价值股长期表现更好。此外，历史上，价值股在经济复苏的最初几年表现优于大盘。与<b>标普500</b>席勒市盈率高于近二十年来的水平，关注价值很可能是有道理的。</blockquote></p><p>As we move headlong into March, the following threevalue stocksstand out as particularly attractive and more than capable of making investors a whole lot richer.</p><p><blockquote>随着我们进入三月份，以下三只价值股票特别有吸引力，并且完全有能力让投资者变得更加富有。</blockquote></p><p><b>1. AGNC Investment Corp.</b></p><p><blockquote><b>1.AGNC投资公司。</b></blockquote></p><p>The first stock value investors are going to want to consider getting into their portfolio is mortgage real estate investment trust (REIT)<b>AGNC Investment Corp.</b>(NASDAQ:AGNC).</p><p><blockquote>价值投资者首先要考虑进入其投资组合的股票是抵押房地产投资信托基金（REIT）<b>AGNC投资公司。</b>（纳斯达克：AGNC）。</blockquote></p><p>Without getting overly technical, mortgage REITs are companies that borrow money at generally low short-term rates and buy assets (e.g., mortgage-backed securities (MBS)) that have higher long-term yields. The difference between the yield they receive and the yield they pay to borrow is known as the net interest margin (NIM). The wider the NIM, the more money mortgage REITs make. Pretty straightforward, right?</p><p><blockquote>在不过度技术性的情况下，抵押贷款房地产投资信托基金是以普遍较低的短期利率借款并购买长期收益率较高的资产（例如抵押贷款支持证券(MBS)）的公司。他们收到的收益率和他们支付的借款收益率之间的差额称为净息差（NIM）。净息差越宽，抵押房地产投资信托基金赚的钱就越多。很简单，对吧？</blockquote></p><p>The most important thing for mortgage REITs like AGNC Investment is the yield curve. When the yield curve is flattening or the Federal Reserve is making rapid changes to interest rates, mortgage REITs often see their NIM shrink. Comparatively, when the yield curve steepens, which often occurs for the first few years of an economic recovery, NIM expands. With the yield curve steepening, AGNC should be able touse leverage to its advantageto further pump up its profits.</p><p><blockquote>对于AGNC Investment这样的抵押房地产投资信托基金来说，最重要的是收益率曲线。当收益率曲线变平或美联储快速改变利率时，抵押房地产投资信托基金的净息差通常会萎缩。相比之下，当收益率曲线变陡时（通常发生在经济复苏的头几年），净息差就会扩大。随着收益率曲线变陡，AGNC应该能够利用杠杆优势进一步提高利润。</blockquote></p><p>Something else investors might find interesting about AGNC is that italmost exclusively invests in agency-only securities. This means the MBSs AGNC is buying are backed by the federal government in the event of default. Even though agency assets have lower yields than non-agency securities, this added safety allows AGNC to utilize quite a bit of leverage with confidence.</p><p><blockquote>投资者可能会对AGNC感兴趣的另一件事是，italmost专门投资于机构专用证券。这意味着如果发生违约，AGNC购买的MBSs将得到联邦政府的支持。尽管机构资产的收益率低于非机构证券，但这种额外的安全性使AGNC能够充满信心地利用相当多的杠杆。</blockquote></p><p>AGNC ended last week at 10% below its book value and is on pace to pay out a hearty 9% annual yield to patient investors. It looks to be an especially safe bet in an otherwise volatile market.</p><p><blockquote>AGNC上周收盘价比其账面价值低10%，并有望向耐心的投资者支付9%的年收益率。在动荡的市场中，这看起来是一个特别安全的赌注。</blockquote></p><p><img src=\"https://static.tigerbbs.com/f9505a26148c936d05238ded67238e5b\" tg-width=\"700\" tg-height=\"525\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>IMAGE SOURCE: GETTY IMAGES.</p><p><blockquote>图片来源：盖蒂图片社。</blockquote></p><p><b>2. <a href=\"https://laohu8.com/S/SSRM\">SSR Mining Inc</a> </b></p><p><blockquote><b>2.<a href=\"https://laohu8.com/S/SSRM\">SSR矿业公司</a></b></blockquote></p><p>There may not be an industry that's home to move value stocks at the moment than gold mining.Gold stockshave been hammered since the year began and now look like serious bargains. If you're on the lookout for a cheap stock to add to your portfolio,<b>SSR Mining</b>(NASDAQ:SSRM)could be the company to consider.</p><p><blockquote>目前，可能没有哪个行业比金矿更适合推动价值股。自今年年初以来，黄金股一直遭受重创，现在看起来非常便宜。如果您正在寻找便宜的股票添加到您的投资组合中，<b>SSR采矿</b>（纳斯达克：SSRM）可能是值得考虑的公司。</blockquote></p><p>To some degree, all mining companies are at the mercy of the underlying metals they produce. Since peaking seven months ago, the per-ounce price of gold has fallen by about $300. However, it's still up significantly from where it spent much of the past decade, andits outlook remains lustrous. The Federal Reserve's quantitative easing measures (i.e., monthly Treasury bond-buying), coupled with ongoing fiscal stimulus, will likely balloon the U.S. money supply and pressure the dollar. Since the U.S. dollar and gold have an inverse relationship, this bodes well for the yellow metal.</p><p><blockquote>在某种程度上，所有矿业公司都受到其生产的基础金属的支配。自7个月前见顶以来，每盎司黄金价格已下跌约300美元。然而，与过去十年的大部分时间相比，它仍然显着上升，其前景仍然光明。美联储的量化宽松措施（即每月购买国债），加上持续的财政刺激，可能会使美国货币供应膨胀，并给美元带来压力。由于美元和黄金呈反比关系，这对黄金来说是个好兆头。</blockquote></p><p>Beyond just a higher gold price, SSR Mining stands tobenefit from its merger-of-equalswith Turkey's Alacer Gold. The deal, which was completed last year, nearly doubled SSR's output potential to between 720,000 gold equivalent ounces (GEO) and 800,000 GEO per year. More than 85% of this production is gold, with the Puna Operations in Argentina kicking in between 6 million and 7 million ounces of silver in 2021.</p><p><blockquote>除了金价上涨之外，SSR Mining还将从与土耳其Alacer Gold的平等合并中受益。该交易于去年完成，使SSR的产量潜力几乎翻了一番，达到每年720,000黄金当量盎司(GEO)至800,000 GEO之间。其中85%以上是黄金，阿根廷普纳业务到2021年将生产600万至700万盎司白银。</blockquote></p><p>Although SSR Mining's all-in sustaining costs (AISC) of $1,050/gold ounce to $1,110/gold ounce in 2021 is a bit higher than its peers, this has to do with the company increasing capital expenditures at its longtime flagship Marigold mine, as well as advancing the development of Alacer's Copler mine. Even with this higher AISC, SSR's management is counting on $450 million in free cash flow in each of the next two years.</p><p><blockquote>尽管SSR Mining 2021年的总维持成本（AISC）为1,050美元/金盎司至1,110美元/金盎司，略高于同行，但这与该公司增加其长期旗舰Marigold矿的资本支出有关，以及推进Alacer的Copler矿的开发。即使AISC较高，SSR管理层仍预计未来两年每年将获得4.5亿美元的自由现金流。</blockquote></p><p>Additionally, take note that SSR Mining has one of the healthiest balance sheets in the entire gold industry. It ended the year with $860 million in cash and cash equivalents and a$457 million net-cash position. The company is also set to pay a $0.05 inaugural quarterly dividend on March 31, 2021.</p><p><blockquote>此外，请注意，SSR Mining拥有整个黄金行业中最健康的资产负债表之一。截至年底，该公司拥有8.6亿美元的现金和现金等价物以及4.57亿美元的净现金头寸。该公司还将于2021年3月31日支付0.05美元的首次季度股息。</blockquote></p><p>Investors can scoop up SSR Mining for about 7 times earnings per share in 2021 and roughly 4 times cash flow.</p><p><blockquote>投资者可以以2021年每股收益约7倍和现金流约4倍的价格收购SSR Mining。</blockquote></p><p></p><p><img src=\"https://static.tigerbbs.com/c927569b8b842ba199fee7ad36859d0a\" tg-width=\"700\" tg-height=\"525\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>IMAGE SOURCE: GETTY IMAGES.</p><p><blockquote>图片来源：盖蒂图片社。</blockquote></p><p><b>3. <a href=\"https://laohu8.com/S/TEVJF\">Teva Pharmaceutical Industries Ltd.</a>  </b></p><p><blockquote><b>3.<a href=\"https://laohu8.com/S/TEVJF\">梯瓦制药工业有限公司。</a></b></blockquote></p><p>Finally, patient value investors can get richer by adding brand-name and generic drug-developer<b>Teva Pharmaceutical Industries</b>(NYSE:TEVA)to their portfolio.</p><p><blockquote>最后，患者价值投资者可以通过增加品牌和仿制药开发商来变得更富有<b>梯瓦制药工业公司</b>（纽约证券交易所代码：TEVA）到他们的投资组合中。</blockquote></p><p>Let's not beat around the bush: A stock doesn't decline nearly 90% without some serious faults. A couple of years ago, Teva grossly overpaid for generic drugmaker Actavis, and its previous management team settled bribery charges. More recently, it's faced generic-drug price weakness, and has been hit with a multitude of lawsuits ranging from generic-drug price fixing to its role in the opioid crises. There are valid reasons Teva has been pummeled since 2016.</p><p><blockquote>我们不要拐弯抹角：如果没有一些严重的错误，一只股票不会下跌近90%。几年前，梯瓦(Teva)为仿制药制造商阿特维斯(Actavis)支付了过高的价格，其前任管理团队解决了贿赂指控。最近，它面临着仿制药价格疲软的问题，并受到了大量诉讼的打击，从仿制药价格操纵到其在阿片类药物危机中的作用。梯瓦自2016年以来遭受重创是有充分理由的。</blockquote></p><p>But there are an even greater number of reasons to beexcited about its turnaround. Teva's biggest catalyst is its CEO, Kare Schultz. Schultz is a turnaround specialist who took over in November 2017 and is expected to stay with the company through at least November 2023. During his tenure, Teva's net debt has declined from north of $34 billion to less than $24 billion, as of the end of 2020. This has been accomplished by selling non-core assets, reducing operating expenses by roughly $3 billion annually, and using operating cash flow to pay down debt. By the end of 2023, net debt might be below $15 billion.</p><p><blockquote>但还有更多理由对其扭亏为盈感到兴奋。梯瓦最大的催化剂是其首席执行官卡雷·舒尔茨(Kare Schultz)。舒尔茨是一名扭亏为盈专家，于2017年11月接任，预计将至少在公司工作到2023年11月。在他任职期间，截至2020年底，梯瓦的净债务已从340亿美元以上下降至不到240亿美元。这是通过出售非核心资产、每年减少约30亿美元运营费用以及使用运营现金流偿还债务来实现的。到2023年底，净债务可能低于150亿美元。</blockquote></p><p>Aside from Schultz, Teva also looks to bemoving beyond one of its biggest hurdles: the loss of exclusivity on blockbuster multiple sclerosis drug Copaxone. Once a $4 billion a year drug, Copaxone is expected to generate $1.05 billion in sales in 2021. The good news is that growth from Austedo and Ajovy are now more than cancelling out the annual sales declines in Copaxone.</p><p><blockquote>除了舒尔茨之外，梯瓦还希望克服其最大的障碍之一：失去重磅多发性硬化症药物Copaxone的独家经营权。Copaxone曾经是一种每年40亿美元的药物，预计到2021年将产生10.5亿美元的销售额。好消息是，Austedo和Ajovy的增长现在足以抵消Copaxone的年度销售额下降。</blockquote></p><p>With a forward price-to-earnings ratio of just 4, Teva looks as if it's priced for a worst case-scenario. But if Schultz can negotiate settlements with the Justice Department over its remaining lawsuits, and he can do so without the company having to outlay much of its precious cash,Teva's stock could quickly double.</p><p><blockquote>梯瓦的预期市盈率仅为4，看起来它的定价似乎是针对最坏情况的。但如果舒尔茨能够与司法部就剩余的诉讼达成和解，并且他可以在公司不必花费大量宝贵现金的情况下做到这一点，梯瓦的股价可能会迅速翻倍。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>3 Value Stocks That'll Make You Richer in March (and Beyond)<blockquote>3只价值股票会让你在三月份（及以后）变得更富有</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\">\n3 Value Stocks That'll Make You Richer in March (and Beyond)<blockquote>3只价值股票会让你在三月份（及以后）变得更富有</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">motley fool</strong><span class=\"h-time small\">2021-03-03 21:53</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>These deeply discounted stocks are perfect for patient investors.</b>For more than a decade, growth stocks have left value stocks eating their dust. Historically low lending rates and a record-long bull-market run have wet the appetites of investors looking for game-changing growth stocks.</p><p><blockquote><b>这些大幅折扣的股票非常适合耐心的投资者。</b>十多年来，成长型股票让价值型股票黯然失色。历史上较低的贷款利率和创纪录的长期牛市抑制了投资者寻找改变游戏规则的成长型股票的兴趣。</blockquote></p><p>However, a 90-year study (1926-2015) from<b>Bank of America</b>/Merrill Lynch finds that value stockshave been the better performer over the long-term. What's more, value stocks have historically outperformed during the early years of an economic recovery. With the<b>S&amp;P 500</b>'s Shiller price-to-earnings ratio higher than it's been in nearly two decades, a focus on value may well be warranted.</p><p><blockquote>然而，一项为期90年的研究（1926-2015）<b>美国银行</b>/美林发现价值股长期表现更好。此外，历史上，价值股在经济复苏的最初几年表现优于大盘。与<b>标普500</b>席勒市盈率高于近二十年来的水平，关注价值很可能是有道理的。</blockquote></p><p>As we move headlong into March, the following threevalue stocksstand out as particularly attractive and more than capable of making investors a whole lot richer.</p><p><blockquote>随着我们进入三月份，以下三只价值股票特别有吸引力，并且完全有能力让投资者变得更加富有。</blockquote></p><p><b>1. AGNC Investment Corp.</b></p><p><blockquote><b>1.AGNC投资公司。</b></blockquote></p><p>The first stock value investors are going to want to consider getting into their portfolio is mortgage real estate investment trust (REIT)<b>AGNC Investment Corp.</b>(NASDAQ:AGNC).</p><p><blockquote>价值投资者首先要考虑进入其投资组合的股票是抵押房地产投资信托基金（REIT）<b>AGNC投资公司。</b>（纳斯达克：AGNC）。</blockquote></p><p>Without getting overly technical, mortgage REITs are companies that borrow money at generally low short-term rates and buy assets (e.g., mortgage-backed securities (MBS)) that have higher long-term yields. The difference between the yield they receive and the yield they pay to borrow is known as the net interest margin (NIM). The wider the NIM, the more money mortgage REITs make. Pretty straightforward, right?</p><p><blockquote>在不过度技术性的情况下，抵押贷款房地产投资信托基金是以普遍较低的短期利率借款并购买长期收益率较高的资产（例如抵押贷款支持证券(MBS)）的公司。他们收到的收益率和他们支付的借款收益率之间的差额称为净息差（NIM）。净息差越宽，抵押房地产投资信托基金赚的钱就越多。很简单，对吧？</blockquote></p><p>The most important thing for mortgage REITs like AGNC Investment is the yield curve. When the yield curve is flattening or the Federal Reserve is making rapid changes to interest rates, mortgage REITs often see their NIM shrink. Comparatively, when the yield curve steepens, which often occurs for the first few years of an economic recovery, NIM expands. With the yield curve steepening, AGNC should be able touse leverage to its advantageto further pump up its profits.</p><p><blockquote>对于AGNC Investment这样的抵押房地产投资信托基金来说，最重要的是收益率曲线。当收益率曲线变平或美联储快速改变利率时，抵押房地产投资信托基金的净息差通常会萎缩。相比之下，当收益率曲线变陡时（通常发生在经济复苏的头几年），净息差就会扩大。随着收益率曲线变陡，AGNC应该能够利用杠杆优势进一步提高利润。</blockquote></p><p>Something else investors might find interesting about AGNC is that italmost exclusively invests in agency-only securities. This means the MBSs AGNC is buying are backed by the federal government in the event of default. Even though agency assets have lower yields than non-agency securities, this added safety allows AGNC to utilize quite a bit of leverage with confidence.</p><p><blockquote>投资者可能会对AGNC感兴趣的另一件事是，italmost专门投资于机构专用证券。这意味着如果发生违约，AGNC购买的MBSs将得到联邦政府的支持。尽管机构资产的收益率低于非机构证券，但这种额外的安全性使AGNC能够充满信心地利用相当多的杠杆。</blockquote></p><p>AGNC ended last week at 10% below its book value and is on pace to pay out a hearty 9% annual yield to patient investors. It looks to be an especially safe bet in an otherwise volatile market.</p><p><blockquote>AGNC上周收盘价比其账面价值低10%，并有望向耐心的投资者支付9%的年收益率。在动荡的市场中，这看起来是一个特别安全的赌注。</blockquote></p><p><img src=\"https://static.tigerbbs.com/f9505a26148c936d05238ded67238e5b\" tg-width=\"700\" tg-height=\"525\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>IMAGE SOURCE: GETTY IMAGES.</p><p><blockquote>图片来源：盖蒂图片社。</blockquote></p><p><b>2. <a href=\"https://laohu8.com/S/SSRM\">SSR Mining Inc</a> </b></p><p><blockquote><b>2.<a href=\"https://laohu8.com/S/SSRM\">SSR矿业公司</a></b></blockquote></p><p>There may not be an industry that's home to move value stocks at the moment than gold mining.Gold stockshave been hammered since the year began and now look like serious bargains. If you're on the lookout for a cheap stock to add to your portfolio,<b>SSR Mining</b>(NASDAQ:SSRM)could be the company to consider.</p><p><blockquote>目前，可能没有哪个行业比金矿更适合推动价值股。自今年年初以来，黄金股一直遭受重创，现在看起来非常便宜。如果您正在寻找便宜的股票添加到您的投资组合中，<b>SSR采矿</b>（纳斯达克：SSRM）可能是值得考虑的公司。</blockquote></p><p>To some degree, all mining companies are at the mercy of the underlying metals they produce. Since peaking seven months ago, the per-ounce price of gold has fallen by about $300. However, it's still up significantly from where it spent much of the past decade, andits outlook remains lustrous. The Federal Reserve's quantitative easing measures (i.e., monthly Treasury bond-buying), coupled with ongoing fiscal stimulus, will likely balloon the U.S. money supply and pressure the dollar. Since the U.S. dollar and gold have an inverse relationship, this bodes well for the yellow metal.</p><p><blockquote>在某种程度上，所有矿业公司都受到其生产的基础金属的支配。自7个月前见顶以来，每盎司黄金价格已下跌约300美元。然而，与过去十年的大部分时间相比，它仍然显着上升，其前景仍然光明。美联储的量化宽松措施（即每月购买国债），加上持续的财政刺激，可能会使美国货币供应膨胀，并给美元带来压力。由于美元和黄金呈反比关系，这对黄金来说是个好兆头。</blockquote></p><p>Beyond just a higher gold price, SSR Mining stands tobenefit from its merger-of-equalswith Turkey's Alacer Gold. The deal, which was completed last year, nearly doubled SSR's output potential to between 720,000 gold equivalent ounces (GEO) and 800,000 GEO per year. More than 85% of this production is gold, with the Puna Operations in Argentina kicking in between 6 million and 7 million ounces of silver in 2021.</p><p><blockquote>除了金价上涨之外，SSR Mining还将从与土耳其Alacer Gold的平等合并中受益。该交易于去年完成，使SSR的产量潜力几乎翻了一番，达到每年720,000黄金当量盎司(GEO)至800,000 GEO之间。其中85%以上是黄金，阿根廷普纳业务到2021年将生产600万至700万盎司白银。</blockquote></p><p>Although SSR Mining's all-in sustaining costs (AISC) of $1,050/gold ounce to $1,110/gold ounce in 2021 is a bit higher than its peers, this has to do with the company increasing capital expenditures at its longtime flagship Marigold mine, as well as advancing the development of Alacer's Copler mine. Even with this higher AISC, SSR's management is counting on $450 million in free cash flow in each of the next two years.</p><p><blockquote>尽管SSR Mining 2021年的总维持成本（AISC）为1,050美元/金盎司至1,110美元/金盎司，略高于同行，但这与该公司增加其长期旗舰Marigold矿的资本支出有关，以及推进Alacer的Copler矿的开发。即使AISC较高，SSR管理层仍预计未来两年每年将获得4.5亿美元的自由现金流。</blockquote></p><p>Additionally, take note that SSR Mining has one of the healthiest balance sheets in the entire gold industry. It ended the year with $860 million in cash and cash equivalents and a$457 million net-cash position. The company is also set to pay a $0.05 inaugural quarterly dividend on March 31, 2021.</p><p><blockquote>此外，请注意，SSR Mining拥有整个黄金行业中最健康的资产负债表之一。截至年底，该公司拥有8.6亿美元的现金和现金等价物以及4.57亿美元的净现金头寸。该公司还将于2021年3月31日支付0.05美元的首次季度股息。</blockquote></p><p>Investors can scoop up SSR Mining for about 7 times earnings per share in 2021 and roughly 4 times cash flow.</p><p><blockquote>投资者可以以2021年每股收益约7倍和现金流约4倍的价格收购SSR Mining。</blockquote></p><p></p><p><img src=\"https://static.tigerbbs.com/c927569b8b842ba199fee7ad36859d0a\" tg-width=\"700\" tg-height=\"525\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>IMAGE SOURCE: GETTY IMAGES.</p><p><blockquote>图片来源：盖蒂图片社。</blockquote></p><p><b>3. <a href=\"https://laohu8.com/S/TEVJF\">Teva Pharmaceutical Industries Ltd.</a>  </b></p><p><blockquote><b>3.<a href=\"https://laohu8.com/S/TEVJF\">梯瓦制药工业有限公司。</a></b></blockquote></p><p>Finally, patient value investors can get richer by adding brand-name and generic drug-developer<b>Teva Pharmaceutical Industries</b>(NYSE:TEVA)to their portfolio.</p><p><blockquote>最后，患者价值投资者可以通过增加品牌和仿制药开发商来变得更富有<b>梯瓦制药工业公司</b>（纽约证券交易所代码：TEVA）到他们的投资组合中。</blockquote></p><p>Let's not beat around the bush: A stock doesn't decline nearly 90% without some serious faults. A couple of years ago, Teva grossly overpaid for generic drugmaker Actavis, and its previous management team settled bribery charges. More recently, it's faced generic-drug price weakness, and has been hit with a multitude of lawsuits ranging from generic-drug price fixing to its role in the opioid crises. There are valid reasons Teva has been pummeled since 2016.</p><p><blockquote>我们不要拐弯抹角：如果没有一些严重的错误，一只股票不会下跌近90%。几年前，梯瓦(Teva)为仿制药制造商阿特维斯(Actavis)支付了过高的价格，其前任管理团队解决了贿赂指控。最近，它面临着仿制药价格疲软的问题，并受到了大量诉讼的打击，从仿制药价格操纵到其在阿片类药物危机中的作用。梯瓦自2016年以来遭受重创是有充分理由的。</blockquote></p><p>But there are an even greater number of reasons to beexcited about its turnaround. Teva's biggest catalyst is its CEO, Kare Schultz. Schultz is a turnaround specialist who took over in November 2017 and is expected to stay with the company through at least November 2023. During his tenure, Teva's net debt has declined from north of $34 billion to less than $24 billion, as of the end of 2020. This has been accomplished by selling non-core assets, reducing operating expenses by roughly $3 billion annually, and using operating cash flow to pay down debt. By the end of 2023, net debt might be below $15 billion.</p><p><blockquote>但还有更多理由对其扭亏为盈感到兴奋。梯瓦最大的催化剂是其首席执行官卡雷·舒尔茨(Kare Schultz)。舒尔茨是一名扭亏为盈专家，于2017年11月接任，预计将至少在公司工作到2023年11月。在他任职期间，截至2020年底，梯瓦的净债务已从340亿美元以上下降至不到240亿美元。这是通过出售非核心资产、每年减少约30亿美元运营费用以及使用运营现金流偿还债务来实现的。到2023年底，净债务可能低于150亿美元。</blockquote></p><p>Aside from Schultz, Teva also looks to bemoving beyond one of its biggest hurdles: the loss of exclusivity on blockbuster multiple sclerosis drug Copaxone. Once a $4 billion a year drug, Copaxone is expected to generate $1.05 billion in sales in 2021. The good news is that growth from Austedo and Ajovy are now more than cancelling out the annual sales declines in Copaxone.</p><p><blockquote>除了舒尔茨之外，梯瓦还希望克服其最大的障碍之一：失去重磅多发性硬化症药物Copaxone的独家经营权。Copaxone曾经是一种每年40亿美元的药物，预计到2021年将产生10.5亿美元的销售额。好消息是，Austedo和Ajovy的增长现在足以抵消Copaxone的年度销售额下降。</blockquote></p><p>With a forward price-to-earnings ratio of just 4, Teva looks as if it's priced for a worst case-scenario. But if Schultz can negotiate settlements with the Justice Department over its remaining lawsuits, and he can do so without the company having to outlay much of its precious cash,Teva's stock could quickly double.</p><p><blockquote>梯瓦的预期市盈率仅为4，看起来它的定价似乎是针对最坏情况的。但如果舒尔茨能够与司法部就剩余的诉讼达成和解，并且他可以在公司不必花费大量宝贵现金的情况下做到这一点，梯瓦的股价可能会迅速翻倍。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/03/03/3-value-stocks-thatll-make-you-richer-in-march/\">motley fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TEVA":"梯瓦制药","AGNC":"美国资本代理公司","SSRM":"SSR Mining Inc"},"source_url":"https://www.fool.com/investing/2021/03/03/3-value-stocks-thatll-make-you-richer-in-march/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1173765086","content_text":"These deeply discounted stocks are perfect for patient investors.For more than a decade, growth stocks have left value stocks eating their dust. Historically low lending rates and a record-long bull-market run have wet the appetites of investors looking for game-changing growth stocks.However, a 90-year study (1926-2015) fromBank of America/Merrill Lynch finds that value stockshave been the better performer over the long-term. What's more, value stocks have historically outperformed during the early years of an economic recovery. With theS&P 500's Shiller price-to-earnings ratio higher than it's been in nearly two decades, a focus on value may well be warranted.As we move headlong into March, the following threevalue stocksstand out as particularly attractive and more than capable of making investors a whole lot richer.1. AGNC Investment Corp.The first stock value investors are going to want to consider getting into their portfolio is mortgage real estate investment trust (REIT)AGNC Investment Corp.(NASDAQ:AGNC).Without getting overly technical, mortgage REITs are companies that borrow money at generally low short-term rates and buy assets (e.g., mortgage-backed securities (MBS)) that have higher long-term yields. The difference between the yield they receive and the yield they pay to borrow is known as the net interest margin (NIM). The wider the NIM, the more money mortgage REITs make. Pretty straightforward, right?The most important thing for mortgage REITs like AGNC Investment is the yield curve. When the yield curve is flattening or the Federal Reserve is making rapid changes to interest rates, mortgage REITs often see their NIM shrink. Comparatively, when the yield curve steepens, which often occurs for the first few years of an economic recovery, NIM expands. With the yield curve steepening, AGNC should be able touse leverage to its advantageto further pump up its profits.Something else investors might find interesting about AGNC is that italmost exclusively invests in agency-only securities. This means the MBSs AGNC is buying are backed by the federal government in the event of default. Even though agency assets have lower yields than non-agency securities, this added safety allows AGNC to utilize quite a bit of leverage with confidence.AGNC ended last week at 10% below its book value and is on pace to pay out a hearty 9% annual yield to patient investors. It looks to be an especially safe bet in an otherwise volatile market.IMAGE SOURCE: GETTY IMAGES.2. SSR Mining Inc There may not be an industry that's home to move value stocks at the moment than gold mining.Gold stockshave been hammered since the year began and now look like serious bargains. If you're on the lookout for a cheap stock to add to your portfolio,SSR Mining(NASDAQ:SSRM)could be the company to consider.To some degree, all mining companies are at the mercy of the underlying metals they produce. Since peaking seven months ago, the per-ounce price of gold has fallen by about $300. However, it's still up significantly from where it spent much of the past decade, andits outlook remains lustrous. The Federal Reserve's quantitative easing measures (i.e., monthly Treasury bond-buying), coupled with ongoing fiscal stimulus, will likely balloon the U.S. money supply and pressure the dollar. Since the U.S. dollar and gold have an inverse relationship, this bodes well for the yellow metal.Beyond just a higher gold price, SSR Mining stands tobenefit from its merger-of-equalswith Turkey's Alacer Gold. The deal, which was completed last year, nearly doubled SSR's output potential to between 720,000 gold equivalent ounces (GEO) and 800,000 GEO per year. More than 85% of this production is gold, with the Puna Operations in Argentina kicking in between 6 million and 7 million ounces of silver in 2021.Although SSR Mining's all-in sustaining costs (AISC) of $1,050/gold ounce to $1,110/gold ounce in 2021 is a bit higher than its peers, this has to do with the company increasing capital expenditures at its longtime flagship Marigold mine, as well as advancing the development of Alacer's Copler mine. Even with this higher AISC, SSR's management is counting on $450 million in free cash flow in each of the next two years.Additionally, take note that SSR Mining has one of the healthiest balance sheets in the entire gold industry. It ended the year with $860 million in cash and cash equivalents and a$457 million net-cash position. The company is also set to pay a $0.05 inaugural quarterly dividend on March 31, 2021.Investors can scoop up SSR Mining for about 7 times earnings per share in 2021 and roughly 4 times cash flow.IMAGE SOURCE: GETTY IMAGES.3. Teva Pharmaceutical Industries Ltd. Finally, patient value investors can get richer by adding brand-name and generic drug-developerTeva Pharmaceutical Industries(NYSE:TEVA)to their portfolio.Let's not beat around the bush: A stock doesn't decline nearly 90% without some serious faults. A couple of years ago, Teva grossly overpaid for generic drugmaker Actavis, and its previous management team settled bribery charges. More recently, it's faced generic-drug price weakness, and has been hit with a multitude of lawsuits ranging from generic-drug price fixing to its role in the opioid crises. There are valid reasons Teva has been pummeled since 2016.But there are an even greater number of reasons to beexcited about its turnaround. Teva's biggest catalyst is its CEO, Kare Schultz. Schultz is a turnaround specialist who took over in November 2017 and is expected to stay with the company through at least November 2023. During his tenure, Teva's net debt has declined from north of $34 billion to less than $24 billion, as of the end of 2020. This has been accomplished by selling non-core assets, reducing operating expenses by roughly $3 billion annually, and using operating cash flow to pay down debt. By the end of 2023, net debt might be below $15 billion.Aside from Schultz, Teva also looks to bemoving beyond one of its biggest hurdles: the loss of exclusivity on blockbuster multiple sclerosis drug Copaxone. Once a $4 billion a year drug, Copaxone is expected to generate $1.05 billion in sales in 2021. The good news is that growth from Austedo and Ajovy are now more than cancelling out the annual sales declines in Copaxone.With a forward price-to-earnings ratio of just 4, Teva looks as if it's priced for a worst case-scenario. But if Schultz can negotiate settlements with the Justice Department over its remaining lawsuits, and he can do so without the company having to outlay much of its precious cash,Teva's stock could quickly 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to comment pls","listText":"Help to comment pls","text":"Help to comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/368931610","repostId":"2114317810","repostType":4,"isVote":1,"tweetType":1,"viewCount":432,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":365787577,"gmtCreate":1614780865599,"gmtModify":1703481027946,"author":{"id":"3573646223640101","authorId":"3573646223640101","name":"Conanteh","avatar":"https://static.tigerbbs.com/6357f83cdbdcf024fd2ee7e4dad0f2db","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573646223640101","idStr":"3573646223640101"},"themes":[],"htmlText":"There we go&nbsp;","listText":"There we go&nbsp;","text":"There we go","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/365787577","repostId":"1173765086","repostType":4,"repost":{"id":"1173765086","kind":"news","pubTimestamp":1614779616,"share":"https://www.laohu8.com/m/news/1173765086?lang=zh_CN&edition=full","pubTime":"2021-03-03 21:53","market":"us","language":"en","title":"3 Value Stocks That'll Make You Richer in March (and Beyond)<blockquote>3只价值股票会让你在三月份（及以后）变得更富有</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1173765086","media":"motley fool","summary":"These deeply discounted stocks are perfect for patient investors.For more than a decade, growth stoc","content":"<p><b>These deeply discounted stocks are perfect for patient investors.</b>For more than a decade, growth stocks have left value stocks eating their dust. Historically low lending rates and a record-long bull-market run have wet the appetites of investors looking for game-changing growth stocks.</p><p><blockquote><b>这些大幅折扣的股票非常适合耐心的投资者。</b>十多年来，成长型股票让价值型股票黯然失色。历史上较低的贷款利率和创纪录的长期牛市抑制了投资者寻找改变游戏规则的成长型股票的兴趣。</blockquote></p><p>However, a 90-year study (1926-2015) from<b>Bank of America</b>/Merrill Lynch finds that value stockshave been the better performer over the long-term. What's more, value stocks have historically outperformed during the early years of an economic recovery. With the<b>S&amp;P 500</b>'s Shiller price-to-earnings ratio higher than it's been in nearly two decades, a focus on value may well be warranted.</p><p><blockquote>然而，一项为期90年的研究（1926-2015）<b>美国银行</b>/美林发现价值股长期表现更好。此外，历史上，价值股在经济复苏的最初几年表现优于大盘。与<b>标普500</b>席勒市盈率高于近二十年来的水平，关注价值很可能是有道理的。</blockquote></p><p>As we move headlong into March, the following threevalue stocksstand out as particularly attractive and more than capable of making investors a whole lot richer.</p><p><blockquote>随着我们进入三月份，以下三只价值股票特别有吸引力，并且完全有能力让投资者变得更加富有。</blockquote></p><p><b>1. AGNC Investment Corp.</b></p><p><blockquote><b>1.AGNC投资公司。</b></blockquote></p><p>The first stock value investors are going to want to consider getting into their portfolio is mortgage real estate investment trust (REIT)<b>AGNC Investment Corp.</b>(NASDAQ:AGNC).</p><p><blockquote>价值投资者首先要考虑进入其投资组合的股票是抵押房地产投资信托基金（REIT）<b>AGNC投资公司。</b>（纳斯达克：AGNC）。</blockquote></p><p>Without getting overly technical, mortgage REITs are companies that borrow money at generally low short-term rates and buy assets (e.g., mortgage-backed securities (MBS)) that have higher long-term yields. The difference between the yield they receive and the yield they pay to borrow is known as the net interest margin (NIM). The wider the NIM, the more money mortgage REITs make. Pretty straightforward, right?</p><p><blockquote>在不过度技术性的情况下，抵押贷款房地产投资信托基金是以普遍较低的短期利率借款并购买长期收益率较高的资产（例如抵押贷款支持证券(MBS)）的公司。他们收到的收益率和他们支付的借款收益率之间的差额称为净息差（NIM）。净息差越宽，抵押房地产投资信托基金赚的钱就越多。很简单，对吧？</blockquote></p><p>The most important thing for mortgage REITs like AGNC Investment is the yield curve. When the yield curve is flattening or the Federal Reserve is making rapid changes to interest rates, mortgage REITs often see their NIM shrink. Comparatively, when the yield curve steepens, which often occurs for the first few years of an economic recovery, NIM expands. With the yield curve steepening, AGNC should be able touse leverage to its advantageto further pump up its profits.</p><p><blockquote>对于AGNC Investment这样的抵押房地产投资信托基金来说，最重要的是收益率曲线。当收益率曲线变平或美联储快速改变利率时，抵押房地产投资信托基金的净息差通常会萎缩。相比之下，当收益率曲线变陡时（通常发生在经济复苏的头几年），净息差就会扩大。随着收益率曲线变陡，AGNC应该能够利用杠杆优势进一步提高利润。</blockquote></p><p>Something else investors might find interesting about AGNC is that italmost exclusively invests in agency-only securities. This means the MBSs AGNC is buying are backed by the federal government in the event of default. Even though agency assets have lower yields than non-agency securities, this added safety allows AGNC to utilize quite a bit of leverage with confidence.</p><p><blockquote>投资者可能会对AGNC感兴趣的另一件事是，italmost专门投资于机构专用证券。这意味着如果发生违约，AGNC购买的MBSs将得到联邦政府的支持。尽管机构资产的收益率低于非机构证券，但这种额外的安全性使AGNC能够充满信心地利用相当多的杠杆。</blockquote></p><p>AGNC ended last week at 10% below its book value and is on pace to pay out a hearty 9% annual yield to patient investors. It looks to be an especially safe bet in an otherwise volatile market.</p><p><blockquote>AGNC上周收盘价比其账面价值低10%，并有望向耐心的投资者支付9%的年收益率。在动荡的市场中，这看起来是一个特别安全的赌注。</blockquote></p><p><img src=\"https://static.tigerbbs.com/f9505a26148c936d05238ded67238e5b\" tg-width=\"700\" tg-height=\"525\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>IMAGE SOURCE: GETTY IMAGES.</p><p><blockquote>图片来源：盖蒂图片社。</blockquote></p><p><b>2. <a href=\"https://laohu8.com/S/SSRM\">SSR Mining Inc</a> </b></p><p><blockquote><b>2.<a href=\"https://laohu8.com/S/SSRM\">SSR矿业公司</a></b></blockquote></p><p>There may not be an industry that's home to move value stocks at the moment than gold mining.Gold stockshave been hammered since the year began and now look like serious bargains. If you're on the lookout for a cheap stock to add to your portfolio,<b>SSR Mining</b>(NASDAQ:SSRM)could be the company to consider.</p><p><blockquote>目前，可能没有哪个行业比金矿更适合推动价值股。自今年年初以来，黄金股一直遭受重创，现在看起来非常便宜。如果您正在寻找便宜的股票添加到您的投资组合中，<b>SSR采矿</b>（纳斯达克：SSRM）可能是值得考虑的公司。</blockquote></p><p>To some degree, all mining companies are at the mercy of the underlying metals they produce. Since peaking seven months ago, the per-ounce price of gold has fallen by about $300. However, it's still up significantly from where it spent much of the past decade, andits outlook remains lustrous. The Federal Reserve's quantitative easing measures (i.e., monthly Treasury bond-buying), coupled with ongoing fiscal stimulus, will likely balloon the U.S. money supply and pressure the dollar. Since the U.S. dollar and gold have an inverse relationship, this bodes well for the yellow metal.</p><p><blockquote>在某种程度上，所有矿业公司都受到其生产的基础金属的支配。自7个月前见顶以来，每盎司黄金价格已下跌约300美元。然而，与过去十年的大部分时间相比，它仍然显着上升，其前景仍然光明。美联储的量化宽松措施（即每月购买国债），加上持续的财政刺激，可能会使美国货币供应膨胀，并给美元带来压力。由于美元和黄金呈反比关系，这对黄金来说是个好兆头。</blockquote></p><p>Beyond just a higher gold price, SSR Mining stands tobenefit from its merger-of-equalswith Turkey's Alacer Gold. The deal, which was completed last year, nearly doubled SSR's output potential to between 720,000 gold equivalent ounces (GEO) and 800,000 GEO per year. More than 85% of this production is gold, with the Puna Operations in Argentina kicking in between 6 million and 7 million ounces of silver in 2021.</p><p><blockquote>除了金价上涨之外，SSR Mining还将从与土耳其Alacer Gold的平等合并中受益。该交易于去年完成，使SSR的产量潜力几乎翻了一番，达到每年720,000黄金当量盎司(GEO)至800,000 GEO之间。其中85%以上是黄金，阿根廷普纳业务到2021年将生产600万至700万盎司白银。</blockquote></p><p>Although SSR Mining's all-in sustaining costs (AISC) of $1,050/gold ounce to $1,110/gold ounce in 2021 is a bit higher than its peers, this has to do with the company increasing capital expenditures at its longtime flagship Marigold mine, as well as advancing the development of Alacer's Copler mine. Even with this higher AISC, SSR's management is counting on $450 million in free cash flow in each of the next two years.</p><p><blockquote>尽管SSR Mining 2021年的总维持成本（AISC）为1,050美元/金盎司至1,110美元/金盎司，略高于同行，但这与该公司增加其长期旗舰Marigold矿的资本支出有关，以及推进Alacer的Copler矿的开发。即使AISC较高，SSR管理层仍预计未来两年每年将获得4.5亿美元的自由现金流。</blockquote></p><p>Additionally, take note that SSR Mining has one of the healthiest balance sheets in the entire gold industry. It ended the year with $860 million in cash and cash equivalents and a$457 million net-cash position. The company is also set to pay a $0.05 inaugural quarterly dividend on March 31, 2021.</p><p><blockquote>此外，请注意，SSR Mining拥有整个黄金行业中最健康的资产负债表之一。截至年底，该公司拥有8.6亿美元的现金和现金等价物以及4.57亿美元的净现金头寸。该公司还将于2021年3月31日支付0.05美元的首次季度股息。</blockquote></p><p>Investors can scoop up SSR Mining for about 7 times earnings per share in 2021 and roughly 4 times cash flow.</p><p><blockquote>投资者可以以2021年每股收益约7倍和现金流约4倍的价格收购SSR Mining。</blockquote></p><p></p><p><img src=\"https://static.tigerbbs.com/c927569b8b842ba199fee7ad36859d0a\" tg-width=\"700\" tg-height=\"525\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>IMAGE SOURCE: GETTY IMAGES.</p><p><blockquote>图片来源：盖蒂图片社。</blockquote></p><p><b>3. <a href=\"https://laohu8.com/S/TEVJF\">Teva Pharmaceutical Industries Ltd.</a>  </b></p><p><blockquote><b>3.<a href=\"https://laohu8.com/S/TEVJF\">梯瓦制药工业有限公司。</a></b></blockquote></p><p>Finally, patient value investors can get richer by adding brand-name and generic drug-developer<b>Teva Pharmaceutical Industries</b>(NYSE:TEVA)to their portfolio.</p><p><blockquote>最后，患者价值投资者可以通过增加品牌和仿制药开发商来变得更富有<b>梯瓦制药工业公司</b>（纽约证券交易所代码：TEVA）到他们的投资组合中。</blockquote></p><p>Let's not beat around the bush: A stock doesn't decline nearly 90% without some serious faults. A couple of years ago, Teva grossly overpaid for generic drugmaker Actavis, and its previous management team settled bribery charges. More recently, it's faced generic-drug price weakness, and has been hit with a multitude of lawsuits ranging from generic-drug price fixing to its role in the opioid crises. There are valid reasons Teva has been pummeled since 2016.</p><p><blockquote>我们不要拐弯抹角：如果没有一些严重的错误，一只股票不会下跌近90%。几年前，梯瓦(Teva)为仿制药制造商阿特维斯(Actavis)支付了过高的价格，其前任管理团队解决了贿赂指控。最近，它面临着仿制药价格疲软的问题，并受到了大量诉讼的打击，从仿制药价格操纵到其在阿片类药物危机中的作用。梯瓦自2016年以来遭受重创是有充分理由的。</blockquote></p><p>But there are an even greater number of reasons to beexcited about its turnaround. Teva's biggest catalyst is its CEO, Kare Schultz. Schultz is a turnaround specialist who took over in November 2017 and is expected to stay with the company through at least November 2023. During his tenure, Teva's net debt has declined from north of $34 billion to less than $24 billion, as of the end of 2020. This has been accomplished by selling non-core assets, reducing operating expenses by roughly $3 billion annually, and using operating cash flow to pay down debt. By the end of 2023, net debt might be below $15 billion.</p><p><blockquote>但还有更多理由对其扭亏为盈感到兴奋。梯瓦最大的催化剂是其首席执行官卡雷·舒尔茨(Kare Schultz)。舒尔茨是一名扭亏为盈专家，于2017年11月接任，预计将至少在公司工作到2023年11月。在他任职期间，截至2020年底，梯瓦的净债务已从340亿美元以上下降至不到240亿美元。这是通过出售非核心资产、每年减少约30亿美元运营费用以及使用运营现金流偿还债务来实现的。到2023年底，净债务可能低于150亿美元。</blockquote></p><p>Aside from Schultz, Teva also looks to bemoving beyond one of its biggest hurdles: the loss of exclusivity on blockbuster multiple sclerosis drug Copaxone. Once a $4 billion a year drug, Copaxone is expected to generate $1.05 billion in sales in 2021. The good news is that growth from Austedo and Ajovy are now more than cancelling out the annual sales declines in Copaxone.</p><p><blockquote>除了舒尔茨之外，梯瓦还希望克服其最大的障碍之一：失去重磅多发性硬化症药物Copaxone的独家经营权。Copaxone曾经是一种每年40亿美元的药物，预计到2021年将产生10.5亿美元的销售额。好消息是，Austedo和Ajovy的增长现在足以抵消Copaxone的年度销售额下降。</blockquote></p><p>With a forward price-to-earnings ratio of just 4, Teva looks as if it's priced for a worst case-scenario. But if Schultz can negotiate settlements with the Justice Department over its remaining lawsuits, and he can do so without the company having to outlay much of its precious cash,Teva's stock could quickly double.</p><p><blockquote>梯瓦的预期市盈率仅为4，看起来它的定价似乎是针对最坏情况的。但如果舒尔茨能够与司法部就剩余的诉讼达成和解，并且他可以在公司不必花费大量宝贵现金的情况下做到这一点，梯瓦的股价可能会迅速翻倍。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>3 Value Stocks That'll Make You Richer in March (and Beyond)<blockquote>3只价值股票会让你在三月份（及以后）变得更富有</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\">\n3 Value Stocks That'll Make You Richer in March (and Beyond)<blockquote>3只价值股票会让你在三月份（及以后）变得更富有</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">motley fool</strong><span class=\"h-time small\">2021-03-03 21:53</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>These deeply discounted stocks are perfect for patient investors.</b>For more than a decade, growth stocks have left value stocks eating their dust. Historically low lending rates and a record-long bull-market run have wet the appetites of investors looking for game-changing growth stocks.</p><p><blockquote><b>这些大幅折扣的股票非常适合耐心的投资者。</b>十多年来，成长型股票让价值型股票黯然失色。历史上较低的贷款利率和创纪录的长期牛市抑制了投资者寻找改变游戏规则的成长型股票的兴趣。</blockquote></p><p>However, a 90-year study (1926-2015) from<b>Bank of America</b>/Merrill Lynch finds that value stockshave been the better performer over the long-term. What's more, value stocks have historically outperformed during the early years of an economic recovery. With the<b>S&amp;P 500</b>'s Shiller price-to-earnings ratio higher than it's been in nearly two decades, a focus on value may well be warranted.</p><p><blockquote>然而，一项为期90年的研究（1926-2015）<b>美国银行</b>/美林发现价值股长期表现更好。此外，历史上，价值股在经济复苏的最初几年表现优于大盘。与<b>标普500</b>席勒市盈率高于近二十年来的水平，关注价值很可能是有道理的。</blockquote></p><p>As we move headlong into March, the following threevalue stocksstand out as particularly attractive and more than capable of making investors a whole lot richer.</p><p><blockquote>随着我们进入三月份，以下三只价值股票特别有吸引力，并且完全有能力让投资者变得更加富有。</blockquote></p><p><b>1. AGNC Investment Corp.</b></p><p><blockquote><b>1.AGNC投资公司。</b></blockquote></p><p>The first stock value investors are going to want to consider getting into their portfolio is mortgage real estate investment trust (REIT)<b>AGNC Investment Corp.</b>(NASDAQ:AGNC).</p><p><blockquote>价值投资者首先要考虑进入其投资组合的股票是抵押房地产投资信托基金（REIT）<b>AGNC投资公司。</b>（纳斯达克：AGNC）。</blockquote></p><p>Without getting overly technical, mortgage REITs are companies that borrow money at generally low short-term rates and buy assets (e.g., mortgage-backed securities (MBS)) that have higher long-term yields. The difference between the yield they receive and the yield they pay to borrow is known as the net interest margin (NIM). The wider the NIM, the more money mortgage REITs make. Pretty straightforward, right?</p><p><blockquote>在不过度技术性的情况下，抵押贷款房地产投资信托基金是以普遍较低的短期利率借款并购买长期收益率较高的资产（例如抵押贷款支持证券(MBS)）的公司。他们收到的收益率和他们支付的借款收益率之间的差额称为净息差（NIM）。净息差越宽，抵押房地产投资信托基金赚的钱就越多。很简单，对吧？</blockquote></p><p>The most important thing for mortgage REITs like AGNC Investment is the yield curve. When the yield curve is flattening or the Federal Reserve is making rapid changes to interest rates, mortgage REITs often see their NIM shrink. Comparatively, when the yield curve steepens, which often occurs for the first few years of an economic recovery, NIM expands. With the yield curve steepening, AGNC should be able touse leverage to its advantageto further pump up its profits.</p><p><blockquote>对于AGNC Investment这样的抵押房地产投资信托基金来说，最重要的是收益率曲线。当收益率曲线变平或美联储快速改变利率时，抵押房地产投资信托基金的净息差通常会萎缩。相比之下，当收益率曲线变陡时（通常发生在经济复苏的头几年），净息差就会扩大。随着收益率曲线变陡，AGNC应该能够利用杠杆优势进一步提高利润。</blockquote></p><p>Something else investors might find interesting about AGNC is that italmost exclusively invests in agency-only securities. This means the MBSs AGNC is buying are backed by the federal government in the event of default. Even though agency assets have lower yields than non-agency securities, this added safety allows AGNC to utilize quite a bit of leverage with confidence.</p><p><blockquote>投资者可能会对AGNC感兴趣的另一件事是，italmost专门投资于机构专用证券。这意味着如果发生违约，AGNC购买的MBSs将得到联邦政府的支持。尽管机构资产的收益率低于非机构证券，但这种额外的安全性使AGNC能够充满信心地利用相当多的杠杆。</blockquote></p><p>AGNC ended last week at 10% below its book value and is on pace to pay out a hearty 9% annual yield to patient investors. It looks to be an especially safe bet in an otherwise volatile market.</p><p><blockquote>AGNC上周收盘价比其账面价值低10%，并有望向耐心的投资者支付9%的年收益率。在动荡的市场中，这看起来是一个特别安全的赌注。</blockquote></p><p><img src=\"https://static.tigerbbs.com/f9505a26148c936d05238ded67238e5b\" tg-width=\"700\" tg-height=\"525\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>IMAGE SOURCE: GETTY IMAGES.</p><p><blockquote>图片来源：盖蒂图片社。</blockquote></p><p><b>2. <a href=\"https://laohu8.com/S/SSRM\">SSR Mining Inc</a> </b></p><p><blockquote><b>2.<a href=\"https://laohu8.com/S/SSRM\">SSR矿业公司</a></b></blockquote></p><p>There may not be an industry that's home to move value stocks at the moment than gold mining.Gold stockshave been hammered since the year began and now look like serious bargains. If you're on the lookout for a cheap stock to add to your portfolio,<b>SSR Mining</b>(NASDAQ:SSRM)could be the company to consider.</p><p><blockquote>目前，可能没有哪个行业比金矿更适合推动价值股。自今年年初以来，黄金股一直遭受重创，现在看起来非常便宜。如果您正在寻找便宜的股票添加到您的投资组合中，<b>SSR采矿</b>（纳斯达克：SSRM）可能是值得考虑的公司。</blockquote></p><p>To some degree, all mining companies are at the mercy of the underlying metals they produce. Since peaking seven months ago, the per-ounce price of gold has fallen by about $300. However, it's still up significantly from where it spent much of the past decade, andits outlook remains lustrous. The Federal Reserve's quantitative easing measures (i.e., monthly Treasury bond-buying), coupled with ongoing fiscal stimulus, will likely balloon the U.S. money supply and pressure the dollar. Since the U.S. dollar and gold have an inverse relationship, this bodes well for the yellow metal.</p><p><blockquote>在某种程度上，所有矿业公司都受到其生产的基础金属的支配。自7个月前见顶以来，每盎司黄金价格已下跌约300美元。然而，与过去十年的大部分时间相比，它仍然显着上升，其前景仍然光明。美联储的量化宽松措施（即每月购买国债），加上持续的财政刺激，可能会使美国货币供应膨胀，并给美元带来压力。由于美元和黄金呈反比关系，这对黄金来说是个好兆头。</blockquote></p><p>Beyond just a higher gold price, SSR Mining stands tobenefit from its merger-of-equalswith Turkey's Alacer Gold. The deal, which was completed last year, nearly doubled SSR's output potential to between 720,000 gold equivalent ounces (GEO) and 800,000 GEO per year. More than 85% of this production is gold, with the Puna Operations in Argentina kicking in between 6 million and 7 million ounces of silver in 2021.</p><p><blockquote>除了金价上涨之外，SSR Mining还将从与土耳其Alacer Gold的平等合并中受益。该交易于去年完成，使SSR的产量潜力几乎翻了一番，达到每年720,000黄金当量盎司(GEO)至800,000 GEO之间。其中85%以上是黄金，阿根廷普纳业务到2021年将生产600万至700万盎司白银。</blockquote></p><p>Although SSR Mining's all-in sustaining costs (AISC) of $1,050/gold ounce to $1,110/gold ounce in 2021 is a bit higher than its peers, this has to do with the company increasing capital expenditures at its longtime flagship Marigold mine, as well as advancing the development of Alacer's Copler mine. Even with this higher AISC, SSR's management is counting on $450 million in free cash flow in each of the next two years.</p><p><blockquote>尽管SSR Mining 2021年的总维持成本（AISC）为1,050美元/金盎司至1,110美元/金盎司，略高于同行，但这与该公司增加其长期旗舰Marigold矿的资本支出有关，以及推进Alacer的Copler矿的开发。即使AISC较高，SSR管理层仍预计未来两年每年将获得4.5亿美元的自由现金流。</blockquote></p><p>Additionally, take note that SSR Mining has one of the healthiest balance sheets in the entire gold industry. It ended the year with $860 million in cash and cash equivalents and a$457 million net-cash position. The company is also set to pay a $0.05 inaugural quarterly dividend on March 31, 2021.</p><p><blockquote>此外，请注意，SSR Mining拥有整个黄金行业中最健康的资产负债表之一。截至年底，该公司拥有8.6亿美元的现金和现金等价物以及4.57亿美元的净现金头寸。该公司还将于2021年3月31日支付0.05美元的首次季度股息。</blockquote></p><p>Investors can scoop up SSR Mining for about 7 times earnings per share in 2021 and roughly 4 times cash flow.</p><p><blockquote>投资者可以以2021年每股收益约7倍和现金流约4倍的价格收购SSR Mining。</blockquote></p><p></p><p><img src=\"https://static.tigerbbs.com/c927569b8b842ba199fee7ad36859d0a\" tg-width=\"700\" tg-height=\"525\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>IMAGE SOURCE: GETTY IMAGES.</p><p><blockquote>图片来源：盖蒂图片社。</blockquote></p><p><b>3. <a href=\"https://laohu8.com/S/TEVJF\">Teva Pharmaceutical Industries Ltd.</a>  </b></p><p><blockquote><b>3.<a href=\"https://laohu8.com/S/TEVJF\">梯瓦制药工业有限公司。</a></b></blockquote></p><p>Finally, patient value investors can get richer by adding brand-name and generic drug-developer<b>Teva Pharmaceutical Industries</b>(NYSE:TEVA)to their portfolio.</p><p><blockquote>最后，患者价值投资者可以通过增加品牌和仿制药开发商来变得更富有<b>梯瓦制药工业公司</b>（纽约证券交易所代码：TEVA）到他们的投资组合中。</blockquote></p><p>Let's not beat around the bush: A stock doesn't decline nearly 90% without some serious faults. A couple of years ago, Teva grossly overpaid for generic drugmaker Actavis, and its previous management team settled bribery charges. More recently, it's faced generic-drug price weakness, and has been hit with a multitude of lawsuits ranging from generic-drug price fixing to its role in the opioid crises. There are valid reasons Teva has been pummeled since 2016.</p><p><blockquote>我们不要拐弯抹角：如果没有一些严重的错误，一只股票不会下跌近90%。几年前，梯瓦(Teva)为仿制药制造商阿特维斯(Actavis)支付了过高的价格，其前任管理团队解决了贿赂指控。最近，它面临着仿制药价格疲软的问题，并受到了大量诉讼的打击，从仿制药价格操纵到其在阿片类药物危机中的作用。梯瓦自2016年以来遭受重创是有充分理由的。</blockquote></p><p>But there are an even greater number of reasons to beexcited about its turnaround. Teva's biggest catalyst is its CEO, Kare Schultz. Schultz is a turnaround specialist who took over in November 2017 and is expected to stay with the company through at least November 2023. During his tenure, Teva's net debt has declined from north of $34 billion to less than $24 billion, as of the end of 2020. This has been accomplished by selling non-core assets, reducing operating expenses by roughly $3 billion annually, and using operating cash flow to pay down debt. By the end of 2023, net debt might be below $15 billion.</p><p><blockquote>但还有更多理由对其扭亏为盈感到兴奋。梯瓦最大的催化剂是其首席执行官卡雷·舒尔茨(Kare Schultz)。舒尔茨是一名扭亏为盈专家，于2017年11月接任，预计将至少在公司工作到2023年11月。在他任职期间，截至2020年底，梯瓦的净债务已从340亿美元以上下降至不到240亿美元。这是通过出售非核心资产、每年减少约30亿美元运营费用以及使用运营现金流偿还债务来实现的。到2023年底，净债务可能低于150亿美元。</blockquote></p><p>Aside from Schultz, Teva also looks to bemoving beyond one of its biggest hurdles: the loss of exclusivity on blockbuster multiple sclerosis drug Copaxone. Once a $4 billion a year drug, Copaxone is expected to generate $1.05 billion in sales in 2021. The good news is that growth from Austedo and Ajovy are now more than cancelling out the annual sales declines in Copaxone.</p><p><blockquote>除了舒尔茨之外，梯瓦还希望克服其最大的障碍之一：失去重磅多发性硬化症药物Copaxone的独家经营权。Copaxone曾经是一种每年40亿美元的药物，预计到2021年将产生10.5亿美元的销售额。好消息是，Austedo和Ajovy的增长现在足以抵消Copaxone的年度销售额下降。</blockquote></p><p>With a forward price-to-earnings ratio of just 4, Teva looks as if it's priced for a worst case-scenario. But if Schultz can negotiate settlements with the Justice Department over its remaining lawsuits, and he can do so without the company having to outlay much of its precious cash,Teva's stock could quickly double.</p><p><blockquote>梯瓦的预期市盈率仅为4，看起来它的定价似乎是针对最坏情况的。但如果舒尔茨能够与司法部就剩余的诉讼达成和解，并且他可以在公司不必花费大量宝贵现金的情况下做到这一点，梯瓦的股价可能会迅速翻倍。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/03/03/3-value-stocks-thatll-make-you-richer-in-march/\">motley fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TEVA":"梯瓦制药","AGNC":"美国资本代理公司","SSRM":"SSR Mining Inc"},"source_url":"https://www.fool.com/investing/2021/03/03/3-value-stocks-thatll-make-you-richer-in-march/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1173765086","content_text":"These deeply discounted stocks are perfect for patient investors.For more than a decade, growth stocks have left value stocks eating their dust. Historically low lending rates and a record-long bull-market run have wet the appetites of investors looking for game-changing growth stocks.However, a 90-year study (1926-2015) fromBank of America/Merrill Lynch finds that value stockshave been the better performer over the long-term. What's more, value stocks have historically outperformed during the early years of an economic recovery. With theS&P 500's Shiller price-to-earnings ratio higher than it's been in nearly two decades, a focus on value may well be warranted.As we move headlong into March, the following threevalue stocksstand out as particularly attractive and more than capable of making investors a whole lot richer.1. AGNC Investment Corp.The first stock value investors are going to want to consider getting into their portfolio is mortgage real estate investment trust (REIT)AGNC Investment Corp.(NASDAQ:AGNC).Without getting overly technical, mortgage REITs are companies that borrow money at generally low short-term rates and buy assets (e.g., mortgage-backed securities (MBS)) that have higher long-term yields. The difference between the yield they receive and the yield they pay to borrow is known as the net interest margin (NIM). The wider the NIM, the more money mortgage REITs make. Pretty straightforward, right?The most important thing for mortgage REITs like AGNC Investment is the yield curve. When the yield curve is flattening or the Federal Reserve is making rapid changes to interest rates, mortgage REITs often see their NIM shrink. Comparatively, when the yield curve steepens, which often occurs for the first few years of an economic recovery, NIM expands. With the yield curve steepening, AGNC should be able touse leverage to its advantageto further pump up its profits.Something else investors might find interesting about AGNC is that italmost exclusively invests in agency-only securities. This means the MBSs AGNC is buying are backed by the federal government in the event of default. Even though agency assets have lower yields than non-agency securities, this added safety allows AGNC to utilize quite a bit of leverage with confidence.AGNC ended last week at 10% below its book value and is on pace to pay out a hearty 9% annual yield to patient investors. It looks to be an especially safe bet in an otherwise volatile market.IMAGE SOURCE: GETTY IMAGES.2. SSR Mining Inc There may not be an industry that's home to move value stocks at the moment than gold mining.Gold stockshave been hammered since the year began and now look like serious bargains. If you're on the lookout for a cheap stock to add to your portfolio,SSR Mining(NASDAQ:SSRM)could be the company to consider.To some degree, all mining companies are at the mercy of the underlying metals they produce. Since peaking seven months ago, the per-ounce price of gold has fallen by about $300. However, it's still up significantly from where it spent much of the past decade, andits outlook remains lustrous. The Federal Reserve's quantitative easing measures (i.e., monthly Treasury bond-buying), coupled with ongoing fiscal stimulus, will likely balloon the U.S. money supply and pressure the dollar. Since the U.S. dollar and gold have an inverse relationship, this bodes well for the yellow metal.Beyond just a higher gold price, SSR Mining stands tobenefit from its merger-of-equalswith Turkey's Alacer Gold. The deal, which was completed last year, nearly doubled SSR's output potential to between 720,000 gold equivalent ounces (GEO) and 800,000 GEO per year. More than 85% of this production is gold, with the Puna Operations in Argentina kicking in between 6 million and 7 million ounces of silver in 2021.Although SSR Mining's all-in sustaining costs (AISC) of $1,050/gold ounce to $1,110/gold ounce in 2021 is a bit higher than its peers, this has to do with the company increasing capital expenditures at its longtime flagship Marigold mine, as well as advancing the development of Alacer's Copler mine. Even with this higher AISC, SSR's management is counting on $450 million in free cash flow in each of the next two years.Additionally, take note that SSR Mining has one of the healthiest balance sheets in the entire gold industry. It ended the year with $860 million in cash and cash equivalents and a$457 million net-cash position. The company is also set to pay a $0.05 inaugural quarterly dividend on March 31, 2021.Investors can scoop up SSR Mining for about 7 times earnings per share in 2021 and roughly 4 times cash flow.IMAGE SOURCE: GETTY IMAGES.3. Teva Pharmaceutical Industries Ltd. Finally, patient value investors can get richer by adding brand-name and generic drug-developerTeva Pharmaceutical Industries(NYSE:TEVA)to their portfolio.Let's not beat around the bush: A stock doesn't decline nearly 90% without some serious faults. A couple of years ago, Teva grossly overpaid for generic drugmaker Actavis, and its previous management team settled bribery charges. More recently, it's faced generic-drug price weakness, and has been hit with a multitude of lawsuits ranging from generic-drug price fixing to its role in the opioid crises. There are valid reasons Teva has been pummeled since 2016.But there are an even greater number of reasons to beexcited about its turnaround. Teva's biggest catalyst is its CEO, Kare Schultz. Schultz is a turnaround specialist who took over in November 2017 and is expected to stay with the company through at least November 2023. During his tenure, Teva's net debt has declined from north of $34 billion to less than $24 billion, as of the end of 2020. This has been accomplished by selling non-core assets, reducing operating expenses by roughly $3 billion annually, and using operating cash flow to pay down debt. By the end of 2023, net debt might be below $15 billion.Aside from Schultz, Teva also looks to bemoving beyond one of its biggest hurdles: the loss of exclusivity on blockbuster multiple sclerosis drug Copaxone. Once a $4 billion a year drug, Copaxone is expected to generate $1.05 billion in sales in 2021. The good news is that growth from Austedo and Ajovy are now more than cancelling out the annual sales declines in Copaxone.With a forward price-to-earnings ratio of just 4, Teva looks as if it's priced for a worst case-scenario. But if Schultz can negotiate settlements with the Justice Department over its remaining lawsuits, and he can do so without the company having to outlay much of its precious cash,Teva's stock could quickly double.","news_type":1,"symbols_score_info":{"SSRM":0.9,"TEVA":0.9,"AGNC":0.9}},"isVote":1,"tweetType":1,"viewCount":482,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":366444643,"gmtCreate":1614558122382,"gmtModify":1703478144983,"author":{"id":"3573646223640101","authorId":"3573646223640101","name":"Conanteh","avatar":"https://static.tigerbbs.com/6357f83cdbdcf024fd2ee7e4dad0f2db","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573646223640101","idStr":"3573646223640101"},"themes":[],"htmlText":"#crypto","listText":"#crypto","text":"#crypto","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/366444643","repostId":"1117820997","repostType":4,"isVote":1,"tweetType":1,"viewCount":428,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":361588556,"gmtCreate":1614246640475,"gmtModify":1634550503636,"author":{"id":"3573646223640101","authorId":"3573646223640101","name":"Conanteh","avatar":"https://static.tigerbbs.com/6357f83cdbdcf024fd2ee7e4dad0f2db","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573646223640101","idStr":"3573646223640101"},"themes":[],"htmlText":"Going to the moon!&nbsp;Need some likes pls.&nbsp;","listText":"Going to the moon!&nbsp;Need some likes pls.&nbsp;","text":"Going to the moon! Need some likes pls.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/361588556","repostId":"1188103004","repostType":4,"repost":{"id":"1188103004","kind":"news","pubTimestamp":1614244738,"share":"https://www.laohu8.com/m/news/1188103004?lang=zh_CN&edition=full","pubTime":"2021-02-25 17:18","market":"us","language":"en","title":"Why Airbnb Stock Popped Again Before Earnings<blockquote>为什么爱彼迎股价在财报公布前再次上涨</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1188103004","media":"Motley Fool","summary":"Losses could be ugly, but the future still looks bright.\nWhat happened\nAirbnb (NASDAQ:ABNB) stock ju","content":"<p>Losses could be ugly, but the future still looks bright.</p><p><blockquote>损失可能是丑陋的，但未来看起来仍然光明。</blockquote></p><p> <b>What happened</b></p><p><blockquote><b>发生了什么</b></blockquote></p><p> <b>Airbnb</b>&nbsp;(NASDAQ:ABNB)&nbsp;stock jumped 11% in early trading Wednesday before retreating a bit as the day wore on. By the time the closing bell rang, Airbnb stock ended up 6.7%.</p><p><blockquote><b>爱彼迎</b>（纳斯达克：ABNB）股价周三早盘上涨11%，但随着时间的推移有所回落。截至收盘，爱彼迎股价收盘上涨6.7%。</blockquote></p><p> <b>So what</b></p><p><blockquote><b>那又怎样</b></blockquote></p><p> Just 24 hours remain before Airbnb reports its fiscal Q4 earnings -- tomorrow after close of trading. And while investors seem eager to see the results, they might not want to get their hopes<i>too</i>high up. According to analysts who follow the stock, Airbnb is probably going to report a loss of epic proportions -- as much as $9.16 per share, on sales of just under $748 million.</p><p><blockquote>距离爱彼迎明天收盘后公布第四季度财报仅剩24小时。尽管投资者似乎渴望看到结果，但他们可能不想实现自己的希望<i>也</i>高高的。据关注该股的分析师称，爱彼迎可能会报告巨额亏损——每股亏损高达9.16美元，销售额略低于7.48亿美元。</blockquote></p><p> Not everyone is in agreement on that.On Monday if you recall, analysts at Loop Capital predicted Airbnb will do better than those low expectations and upgraded the stock to a buy.</p><p><blockquote>不是每个人都同意这一点。如果你还记得的话，周一Loop Capital的分析师预测爱彼迎的表现将好于那些低预期，并将该股评级上调至买入。</blockquote></p><p> <b>Now what</b></p><p><blockquote><b>现在怎么办</b></blockquote></p><p> Even if Airbnb fails to \"beat earnings,\" though, there's still the potential for&nbsp;the stock to fly higher. Why?</p><p><blockquote>不过，即使爱彼迎未能“超越盈利”，该股仍有走高的潜力。为什么？</blockquote></p><p> Well, consider: New reports of coronavirus infections are way down -- barely 71,000 reported yesterday, and only 56,000 the day before that. While those numbers both sound pretty big, they're mere fractions of the nearly 300,000 cases reported at the peak of the pandemic, Jan. 2.</p><p><blockquote>好吧，考虑一下：新的冠状病毒感染报告大幅下降——昨天报告的只有71,000例，前一天只有56,000例。虽然这些数字听起来都很大，但它们只是1月2日疫情高峰时报告的近30万例病例的一小部分。</blockquote></p><p> The Biden administration, meanwhile, is taking affirmative steps to drive those numbers even lower. On Wednesday, it was reported that the federal government is shipping out 25 million masks to workers in \"community health centers ... food pantries and soup kitchens,\" to help tamp down infections among the people most in need. And with vaccinations at the rate of 1.5 million a day -- accelerating toward 3 million per day by next month -- hopes are emerging that&nbsp;the pandemic and the recessionit caused could soon be put to bed, giving rise to an earlier-than-expected economic recovery.</p><p><blockquote>与此同时，拜登政府正在采取积极措施，进一步降低这些数字。周三，据报道，联邦政府正在向“社区卫生中心”的工作人员运送2500万个口罩...食品储藏室和施粥所”，以帮助减少最需要帮助的人的感染。随着疫苗接种量以每天150万人的速度增长——到下个月将加速到每天300万人——人们开始希望疫情及其引发的经济衰退可能很快就会被平息，从而导致比预期更早的经济复苏。</blockquote></p><p> The sooner that happens, the faster folks will resume traveling, taking vacations -- and booking rooms with Airbnb again. No matter how big Airbnb's losses when it reports earnings tomorrow, that's good news for Airbnb stock.</p><p><blockquote>这种情况发生得越早，人们就会越快恢复旅行、度假，并再次向爱彼迎预订房间。无论爱彼迎明天公布财报时损失有多大，这对爱彼迎股票来说都是个好消息。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Airbnb Stock Popped Again Before Earnings<blockquote>为什么爱彼迎股价在财报公布前再次上涨</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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 Airbnb Stock Popped Again Before Earnings<blockquote>为什么爱彼迎股价在财报公布前再次上涨</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-02-25 17:18</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Losses could be ugly, but the future still looks bright.</p><p><blockquote>损失可能是丑陋的，但未来看起来仍然光明。</blockquote></p><p> <b>What happened</b></p><p><blockquote><b>发生了什么</b></blockquote></p><p> <b>Airbnb</b>&nbsp;(NASDAQ:ABNB)&nbsp;stock jumped 11% in early trading Wednesday before retreating a bit as the day wore on. By the time the closing bell rang, Airbnb stock ended up 6.7%.</p><p><blockquote><b>爱彼迎</b>（纳斯达克：ABNB）股价周三早盘上涨11%，但随着时间的推移有所回落。截至收盘，爱彼迎股价收盘上涨6.7%。</blockquote></p><p> <b>So what</b></p><p><blockquote><b>那又怎样</b></blockquote></p><p> Just 24 hours remain before Airbnb reports its fiscal Q4 earnings -- tomorrow after close of trading. And while investors seem eager to see the results, they might not want to get their hopes<i>too</i>high up. According to analysts who follow the stock, Airbnb is probably going to report a loss of epic proportions -- as much as $9.16 per share, on sales of just under $748 million.</p><p><blockquote>距离爱彼迎明天收盘后公布第四季度财报仅剩24小时。尽管投资者似乎渴望看到结果，但他们可能不想实现自己的希望<i>也</i>高高的。据关注该股的分析师称，爱彼迎可能会报告巨额亏损——每股亏损高达9.16美元，销售额略低于7.48亿美元。</blockquote></p><p> Not everyone is in agreement on that.On Monday if you recall, analysts at Loop Capital predicted Airbnb will do better than those low expectations and upgraded the stock to a buy.</p><p><blockquote>不是每个人都同意这一点。如果你还记得的话，周一Loop Capital的分析师预测爱彼迎的表现将好于那些低预期，并将该股评级上调至买入。</blockquote></p><p> <b>Now what</b></p><p><blockquote><b>现在怎么办</b></blockquote></p><p> Even if Airbnb fails to \"beat earnings,\" though, there's still the potential for&nbsp;the stock to fly higher. Why?</p><p><blockquote>不过，即使爱彼迎未能“超越盈利”，该股仍有走高的潜力。为什么？</blockquote></p><p> Well, consider: New reports of coronavirus infections are way down -- barely 71,000 reported yesterday, and only 56,000 the day before that. While those numbers both sound pretty big, they're mere fractions of the nearly 300,000 cases reported at the peak of the pandemic, Jan. 2.</p><p><blockquote>好吧，考虑一下：新的冠状病毒感染报告大幅下降——昨天报告的只有71,000例，前一天只有56,000例。虽然这些数字听起来都很大，但它们只是1月2日疫情高峰时报告的近30万例病例的一小部分。</blockquote></p><p> The Biden administration, meanwhile, is taking affirmative steps to drive those numbers even lower. On Wednesday, it was reported that the federal government is shipping out 25 million masks to workers in \"community health centers ... food pantries and soup kitchens,\" to help tamp down infections among the people most in need. And with vaccinations at the rate of 1.5 million a day -- accelerating toward 3 million per day by next month -- hopes are emerging that&nbsp;the pandemic and the recessionit caused could soon be put to bed, giving rise to an earlier-than-expected economic recovery.</p><p><blockquote>与此同时，拜登政府正在采取积极措施，进一步降低这些数字。周三，据报道，联邦政府正在向“社区卫生中心”的工作人员运送2500万个口罩...食品储藏室和施粥所”，以帮助减少最需要帮助的人的感染。随着疫苗接种量以每天150万人的速度增长——到下个月将加速到每天300万人——人们开始希望疫情及其引发的经济衰退可能很快就会被平息，从而导致比预期更早的经济复苏。</blockquote></p><p> The sooner that happens, the faster folks will resume traveling, taking vacations -- and booking rooms with Airbnb again. No matter how big Airbnb's losses when it reports earnings tomorrow, that's good news for Airbnb stock.</p><p><blockquote>这种情况发生得越早，人们就会越快恢复旅行、度假，并再次向爱彼迎预订房间。无论爱彼迎明天公布财报时损失有多大，这对爱彼迎股票来说都是个好消息。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/02/24/why-airbnb-stock-popped-again-before-earnings/\">Motley Fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ABNB":"爱彼迎"},"source_url":"https://www.fool.com/investing/2021/02/24/why-airbnb-stock-popped-again-before-earnings/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188103004","content_text":"Losses could be ugly, but the future still looks bright.\nWhat happened\nAirbnb (NASDAQ:ABNB) stock jumped 11% in early trading Wednesday before retreating a bit as the day wore on. By the time the closing bell rang, Airbnb stock ended up 6.7%.\nSo what\nJust 24 hours remain before Airbnb reports its fiscal Q4 earnings -- tomorrow after close of trading. And while investors seem eager to see the results, they might not want to get their hopestoohigh up. According to analysts who follow the stock, Airbnb is probably going to report a loss of epic proportions -- as much as $9.16 per share, on sales of just under $748 million.\nNot everyone is in agreement on that.On Monday if you recall, analysts at Loop Capital predicted Airbnb will do better than those low expectations and upgraded the stock to a buy.\nNow what\nEven if Airbnb fails to \"beat earnings,\" though, there's still the potential for the stock to fly higher. Why?\nWell, consider: New reports of coronavirus infections are way down -- barely 71,000 reported yesterday, and only 56,000 the day before that. While those numbers both sound pretty big, they're mere fractions of the nearly 300,000 cases reported at the peak of the pandemic, Jan. 2.\nThe Biden administration, meanwhile, is taking affirmative steps to drive those numbers even lower. On Wednesday, it was reported that the federal government is shipping out 25 million masks to workers in \"community health centers ... food pantries and soup kitchens,\" to help tamp down infections among the people most in need. And with vaccinations at the rate of 1.5 million a day -- accelerating toward 3 million per day by next month -- hopes are emerging that the pandemic and the recessionit caused could soon be put to bed, giving rise to an earlier-than-expected economic recovery.\nThe sooner that happens, the faster folks will resume traveling, taking vacations -- and booking rooms with Airbnb again. No matter how big Airbnb's losses when it reports earnings tomorrow, that's good news for Airbnb stock.","news_type":1,"symbols_score_info":{"ABNB":0.9}},"isVote":1,"tweetType":1,"viewCount":307,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":369237923,"gmtCreate":1614046275362,"gmtModify":1634551412760,"author":{"id":"3573646223640101","authorId":"3573646223640101","name":"Conanteh","avatar":"https://static.tigerbbs.com/6357f83cdbdcf024fd2ee7e4dad0f2db","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573646223640101","idStr":"3573646223640101"},"themes":[],"htmlText":"Yes&nbsp;","listText":"Yes&nbsp;","text":"Yes","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/369237923","repostId":"1141392484","repostType":4,"isVote":1,"tweetType":1,"viewCount":266,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":359495213,"gmtCreate":1616418666032,"gmtModify":1634525949336,"author":{"id":"3573646223640101","authorId":"3573646223640101","name":"Conanteh","avatar":"https://static.tigerbbs.com/6357f83cdbdcf024fd2ee7e4dad0f2db","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573646223640101","idStr":"3573646223640101"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/359495213","repostId":"1150729762","repostType":4,"repost":{"id":"1150729762","kind":"news","pubTimestamp":1616417988,"share":"https://www.laohu8.com/m/news/1150729762?lang=zh_CN&edition=full","pubTime":"2021-03-22 20:59","market":"us","language":"en","title":"What's keeping America's top economists up at night<blockquote>是什么让美国顶级经济学家夜不能寐</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1150729762","media":"CNN Business","summary":"London (CNN Business) - There's a reason economics is frequently called the \"dismal science.\"\nWhat's","content":"<p><b>London (CNN Business)&nbsp;-&nbsp;</b>There's a reason economics is frequently called the \"dismal science.\"</p><p><blockquote><b>伦敦（CNN商业）——</b>经济学经常被称为“令人沮丧的科学”是有原因的。</blockquote></p><p> What's happening: The US economy is&nbsp;on track for a boom, with the Federal Reserve predicting last week that it would expand by 6.5% this year. That would mark the fastest growth since 1984, when Ronald Reagan was serving his first term as president.</p><p><blockquote>正在发生的事情：美国经济正走上繁荣的轨道，美联储上周预测今年将增长6.5%。这将标志着自1984年罗纳德·里根第一个总统任期以来最快的增长。</blockquote></p><p> But a survey of the country's top economists published by the National Association for Business Economics on Monday shows that many in the field are still worried about what could be coming down the pike.</p><p><blockquote>但美国商业经济协会周一公布的一项对美国顶级经济学家的调查显示，该领域的许多人仍然担心接下来会发生什么。</blockquote></p><p> See here: A majority of the 205 members surveyed said they believe risks to inflation are greater than those seen in the past two decades.</p><p><blockquote>请参阅此处：接受调查的205名成员中的大多数表示，他们认为通胀风险比过去二十年更大。</blockquote></p><p> Inflation concerns have been in the spotlight thanks to anxiety on Wall Street. Investors, fearful that a rush to eat out at restaurants and hop on planes later this year could trigger a spike in prices, have sold US government bonds in recent weeks. Inflation, not coronavirus, is now the&nbsp;top risk cited by portfolio managers&nbsp;recently polled by Bank of America.</p><p><blockquote>由于华尔街的焦虑，通胀担忧成为人们关注的焦点。投资者担心今年晚些时候外出就餐和乘坐飞机的热潮可能会引发价格飙升，因此最近几周纷纷抛售美国政府债券。美国银行最近调查的投资组合经理认为通胀，而不是冠状病毒，现在是最大的风险。</blockquote></p><p> The big worry is that a burst of inflation could force the Fed to raise interest rates or taper bond purchases sooner than expected in order to cool off the economy. Almost half of NABE respondents think the central bank could roll back some stimulus measures by the end of 2022, while 40% don't think that will happen until at least 2023.</p><p><blockquote>最大的担忧是，通胀爆发可能迫使美联储比预期更早加息或缩减债券购买，以给经济降温。近一半的NABE受访者认为央行可能会在2022年底前取消一些刺激措施，而40%的人认为至少要到2023年才会发生这种情况。</blockquote></p><p> That's not all: More than 40% of economists surveyed said they think stimulus measures passed by the US government have been \"about right.\" But they're also keeping an eye on elevated levels of borrowing. If rates were to suddenly rise, the cost of making interest payments on piles of debt could become increasingly burdensome.</p><p><blockquote>这还不是全部：超过40%的受访经济学家表示，他们认为美国政府通过的刺激措施“大致正确”。但他们也在关注借贷水平的上升。如果利率突然上升，支付大量债务利息的成本可能会变得越来越沉重。</blockquote></p><p> Most respondents said they were \"concerned about the trajectory of public debt.\" Only 12% said they weren't scared at all, while 37% said they were mildly concerned, 26% said they were concerned and 25% were very concerned.</p><p><blockquote>大多数受访者表示，他们“担心公共债务的轨迹”。只有12%的人说他们一点也不害怕，而37%的人说他们有点担心，26%的人说他们担心，25%的人非常担心。</blockquote></p><p> Almost two-thirds of respondents think the fiscal deficit should be addressed by enacting policies that spur stronger economic growth. Meanwhile, more than one-third favor exercising greater spending discipline or increasing taxes.</p><p><blockquote>近三分之二的受访者认为，财政赤字应该通过制定刺激更强劲经济增长的政策来解决。与此同时，超过三分之一的人赞成加强支出纪律或增加税收。</blockquote></p><p> Not everyone is nervous about additional spending, though. Per NABE, 38% of those polled think infrastructure investment should be a top priority as the Biden administration puts together its next piece of legislation.</p><p><blockquote>不过，并不是每个人都对额外支出感到紧张。根据NABE的数据，38%的受访者认为，随着拜登政府制定下一项立法，基础设施投资应该是重中之重。</blockquote></p><p> The backdrop: More than 13% of the US population is now fully vaccinated against Covid-19, and&nbsp;AstraZeneca(AZN)&nbsp;said Monday&nbsp;that its vaccine showed 79% efficacy against symptomatic disease in a new US-based clinical trial. The vaccine was well tolerated and no safety concerns were identified, the company said.</p><p><blockquote>背景：超过13%的美国人口现在完全接种了Covid-19疫苗，阿斯利康(AZN)周一表示，其疫苗在美国一项新的临床试验中显示出79%的针对症状性疾病的功效。该公司表示，该疫苗耐受性良好，未发现安全问题。</blockquote></p><p> The findings will be submitted to regulators as part of an application for emergency use in the United States, adding even more fuel to the country's vaccination efforts.</p><p><blockquote>这些发现将作为美国紧急使用申请的一部分提交给监管机构，为该国的疫苗接种工作增添更多动力。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>What's keeping America's top economists up at night<blockquote>是什么让美国顶级经济学家夜不能寐</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\">\nWhat's keeping America's top economists up at night<blockquote>是什么让美国顶级经济学家夜不能寐</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">CNN Business</strong><span class=\"h-time small\">2021-03-22 20:59</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>London (CNN Business)&nbsp;-&nbsp;</b>There's a reason economics is frequently called the \"dismal science.\"</p><p><blockquote><b>伦敦（CNN商业）——</b>经济学经常被称为“令人沮丧的科学”是有原因的。</blockquote></p><p> What's happening: The US economy is&nbsp;on track for a boom, with the Federal Reserve predicting last week that it would expand by 6.5% this year. That would mark the fastest growth since 1984, when Ronald Reagan was serving his first term as president.</p><p><blockquote>正在发生的事情：美国经济正走上繁荣的轨道，美联储上周预测今年将增长6.5%。这将标志着自1984年罗纳德·里根第一个总统任期以来最快的增长。</blockquote></p><p> But a survey of the country's top economists published by the National Association for Business Economics on Monday shows that many in the field are still worried about what could be coming down the pike.</p><p><blockquote>但美国商业经济协会周一公布的一项对美国顶级经济学家的调查显示，该领域的许多人仍然担心接下来会发生什么。</blockquote></p><p> See here: A majority of the 205 members surveyed said they believe risks to inflation are greater than those seen in the past two decades.</p><p><blockquote>请参阅此处：接受调查的205名成员中的大多数表示，他们认为通胀风险比过去二十年更大。</blockquote></p><p> Inflation concerns have been in the spotlight thanks to anxiety on Wall Street. Investors, fearful that a rush to eat out at restaurants and hop on planes later this year could trigger a spike in prices, have sold US government bonds in recent weeks. Inflation, not coronavirus, is now the&nbsp;top risk cited by portfolio managers&nbsp;recently polled by Bank of America.</p><p><blockquote>由于华尔街的焦虑，通胀担忧成为人们关注的焦点。投资者担心今年晚些时候外出就餐和乘坐飞机的热潮可能会引发价格飙升，因此最近几周纷纷抛售美国政府债券。美国银行最近调查的投资组合经理认为通胀，而不是冠状病毒，现在是最大的风险。</blockquote></p><p> The big worry is that a burst of inflation could force the Fed to raise interest rates or taper bond purchases sooner than expected in order to cool off the economy. Almost half of NABE respondents think the central bank could roll back some stimulus measures by the end of 2022, while 40% don't think that will happen until at least 2023.</p><p><blockquote>最大的担忧是，通胀爆发可能迫使美联储比预期更早加息或缩减债券购买，以给经济降温。近一半的NABE受访者认为央行可能会在2022年底前取消一些刺激措施，而40%的人认为至少要到2023年才会发生这种情况。</blockquote></p><p> That's not all: More than 40% of economists surveyed said they think stimulus measures passed by the US government have been \"about right.\" But they're also keeping an eye on elevated levels of borrowing. If rates were to suddenly rise, the cost of making interest payments on piles of debt could become increasingly burdensome.</p><p><blockquote>这还不是全部：超过40%的受访经济学家表示，他们认为美国政府通过的刺激措施“大致正确”。但他们也在关注借贷水平的上升。如果利率突然上升，支付大量债务利息的成本可能会变得越来越沉重。</blockquote></p><p> Most respondents said they were \"concerned about the trajectory of public debt.\" Only 12% said they weren't scared at all, while 37% said they were mildly concerned, 26% said they were concerned and 25% were very concerned.</p><p><blockquote>大多数受访者表示，他们“担心公共债务的轨迹”。只有12%的人说他们一点也不害怕，而37%的人说他们有点担心，26%的人说他们担心，25%的人非常担心。</blockquote></p><p> Almost two-thirds of respondents think the fiscal deficit should be addressed by enacting policies that spur stronger economic growth. Meanwhile, more than one-third favor exercising greater spending discipline or increasing taxes.</p><p><blockquote>近三分之二的受访者认为，财政赤字应该通过制定刺激更强劲经济增长的政策来解决。与此同时，超过三分之一的人赞成加强支出纪律或增加税收。</blockquote></p><p> Not everyone is nervous about additional spending, though. Per NABE, 38% of those polled think infrastructure investment should be a top priority as the Biden administration puts together its next piece of legislation.</p><p><blockquote>不过，并不是每个人都对额外支出感到紧张。根据NABE的数据，38%的受访者认为，随着拜登政府制定下一项立法，基础设施投资应该是重中之重。</blockquote></p><p> The backdrop: More than 13% of the US population is now fully vaccinated against Covid-19, and&nbsp;AstraZeneca(AZN)&nbsp;said Monday&nbsp;that its vaccine showed 79% efficacy against symptomatic disease in a new US-based clinical trial. The vaccine was well tolerated and no safety concerns were identified, the company said.</p><p><blockquote>背景：超过13%的美国人口现在完全接种了Covid-19疫苗，阿斯利康(AZN)周一表示，其疫苗在美国一项新的临床试验中显示出79%的针对症状性疾病的功效。该公司表示，该疫苗耐受性良好，未发现安全问题。</blockquote></p><p> The findings will be submitted to regulators as part of an application for emergency use in the United States, adding even more fuel to the country's vaccination efforts.</p><p><blockquote>这些发现将作为美国紧急使用申请的一部分提交给监管机构，为该国的疫苗接种工作增添更多动力。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://edition.cnn.com/2021/03/22/investing/premarket-stocks-trading/index.html\">CNN Business</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://edition.cnn.com/2021/03/22/investing/premarket-stocks-trading/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1150729762","content_text":"London (CNN Business) - There's a reason economics is frequently called the \"dismal science.\"\nWhat's happening: The US economy is on track for a boom, with the Federal Reserve predicting last week that it would expand by 6.5% this year. That would mark the fastest growth since 1984, when Ronald Reagan was serving his first term as president.\nBut a survey of the country's top economists published by the National Association for Business Economics on Monday shows that many in the field are still worried about what could be coming down the pike.\nSee here: A majority of the 205 members surveyed said they believe risks to inflation are greater than those seen in the past two decades.\nInflation concerns have been in the spotlight thanks to anxiety on Wall Street. Investors, fearful that a rush to eat out at restaurants and hop on planes later this year could trigger a spike in prices, have sold US government bonds in recent weeks. Inflation, not coronavirus, is now the top risk cited by portfolio managers recently polled by Bank of America.\nThe big worry is that a burst of inflation could force the Fed to raise interest rates or taper bond purchases sooner than expected in order to cool off the economy. Almost half of NABE respondents think the central bank could roll back some stimulus measures by the end of 2022, while 40% don't think that will happen until at least 2023.\nThat's not all: More than 40% of economists surveyed said they think stimulus measures passed by the US government have been \"about right.\" But they're also keeping an eye on elevated levels of borrowing. If rates were to suddenly rise, the cost of making interest payments on piles of debt could become increasingly burdensome.\nMost respondents said they were \"concerned about the trajectory of public debt.\" Only 12% said they weren't scared at all, while 37% said they were mildly concerned, 26% said they were concerned and 25% were very concerned.\nAlmost two-thirds of respondents think the fiscal deficit should be addressed by enacting policies that spur stronger economic growth. Meanwhile, more than one-third favor exercising greater spending discipline or increasing taxes.\nNot everyone is nervous about additional spending, though. Per NABE, 38% of those polled think infrastructure investment should be a top priority as the Biden administration puts together its next piece of legislation.\nThe backdrop: More than 13% of the US population is now fully vaccinated against Covid-19, and AstraZeneca(AZN) said Monday that its vaccine showed 79% efficacy against symptomatic disease in a new US-based clinical trial. The vaccine was well tolerated and no safety concerns were identified, the company said.\nThe findings will be submitted to regulators as part of an application for emergency use in the United States, adding even more fuel to the country's vaccination efforts.","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":2215,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":350296128,"gmtCreate":1616208188664,"gmtModify":1634526724237,"author":{"id":"3573646223640101","authorId":"3573646223640101","name":"Conanteh","avatar":"https://static.tigerbbs.com/6357f83cdbdcf024fd2ee7e4dad0f2db","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573646223640101","idStr":"3573646223640101"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/350296128","repostId":"1199154789","repostType":4,"repost":{"id":"1199154789","kind":"news","pubTimestamp":1616164372,"share":"https://www.laohu8.com/m/news/1199154789?lang=zh_CN&edition=full","pubTime":"2021-03-19 22:32","market":"us","language":"en","title":"Fed Disappoints Market, Lets SLR Relief Expire: What Happens Next<blockquote>美联储令市场失望，让SLR救助到期：接下来会发生什么</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1199154789","media":"zerohedge","summary":"As washinted at, and discussed in depth here,the Fed decided - under political pressure from progressive Democrats such asElizabeth Warren and Sherrod Brown- to let the temporary Supplementary Leverage Ratio  exemption expire as scheduled on March 31, the one year anniversary of the rule change.The federal bank regulatory agencies today announced that the temporary change to the supplementary leverage ratio, or SLR, for depository institutions issued on May 15, 2020, will expire as scheduled on ","content":"<p>As washinted at, and discussed in depth here,the Fed decided - under political pressure from progressive Democrats such asElizabeth Warren and Sherrod Brown- to let the temporary Supplementary Leverage Ratio (SLR) exemption expire as scheduled on March 31, the one year anniversary of the rule change.</p><p><blockquote>正如本文所暗示和深入讨论的那样，在伊丽莎白·沃伦(Elizabeth Warren)和谢罗德·布朗(Sherrod Brown)等进步民主党人的政治压力下，美联储决定让临时补充杠杆率(SLR)豁免如期于3月31日（规则变更一周年）到期。</blockquote></p><p>The federal bank regulatory agencies today announced that the temporary change to the supplementary leverage ratio, or SLR, for depository institutions issued on May 15, 2020, will expire as scheduled on March 31, 2021.The temporary change was made to provide flexibility for depository institutions to provide credit to households and businesses in light of the COVID-19 event.<img src=\"https://static.tigerbbs.com/b822960da59d651f093b5113cd0c3fd0\" tg-width=\"500\" tg-height=\"319\" referrerpolicy=\"no-referrer\">This outcome is theone (again) correctly predictedby former NY Fed guru Zoltan Pozsar who following the FOMC said that \"the fact that the Fed made this adjustment practically preemptively – the o/n RRP facility is not being used at the moment, so there are no capacity constraints yet, while repo and bill yields aren’t trading negative yet –<b>suggests that the Fed is “foaming the runway” for the end of SLR exemption</b>.\"</p><p><blockquote>联邦银行监管机构今天宣布，2020年5月15日发布的存款机构补充杠杆率（SLR）的临时变更将于2021年3月31日如期到期。鉴于新冠肺炎事件，这一临时变化是为了为存款机构向家庭和企业提供信贷提供灵活性。这一结果是前纽约联储大师Zoltan Pozsar（再次）正确预测的结果，他跟随FOMC表示，“事实上，美联储实际上是先发制人地做出了这一调整——目前没有使用o/n RRP工具，因此没有能力限制，而回购和票据收益率尚未为负——<b>暗示美联储正在为SLR豁免的结束“铺路”</b>.\"</blockquote></p><p>Knowing well this would be a very hot button issue for the market, the Fed published thefollowing statementto ease trader nerves, noting that while the SLR special treatment will expire on March 31, the Fed is \"inviting public comment on several potential SLR modifications\" and furthermore, \"<b>Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability</b>\" - in short, if yields spike, the Fed will re-introduce the SLR without delay:</p><p><blockquote>美联储深知这将是市场的一个非常热门的问题，因此发表了以下声明以缓解交易员的紧张情绪，并指出，虽然SLR特殊待遇将于3月31日到期，但美联储正在“邀请公众就几项潜在的SLR修改发表评论”。此外，”<b>随着时间的推移，董事会可能需要解决SLR当前的设计和校准问题，以防止出现既限制经济增长又破坏金融稳定的压力</b>”——简而言之，如果收益率飙升，美联储将立即重新引入SLR：</blockquote></p><p>The Federal Reserve Board on Friday announced that the temporary change to its supplementary leverage ratio, or SLR, for bank holding companies will expire as scheduled on March 31. <b>Additionally, the Board will shortly seek comment on measures to adjust the SLR. The Board will take appropriate actions to assure that any changes to the SLR do not erode the overall strength of bank capital requirements.</b>To ease strains in the Treasury market resulting from the COVID-19 pandemic and to promote lending to households and businesses, the Board temporarily modified the SLR last year to exclude U.S. Treasury securities and central bank reserves. Since that time, the Treasury market has stabilized. <b>However, because of recent growth in the supply of central bank reserves and the issuance of Treasury securities, the Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability.To ensure that the SLR—which was established in 2014 as an additional capital requirement—remains effective in an environment of higher reserves, the Board will soon be inviting public comment on several potential SLR modifications.</b>The proposal and comments will contribute to ongoing discussions with the Department of the Treasury and other regulators on future work to ensure the resiliency of the Treasury market.The Fed's soothing wods notwithstanding,<b>having been primed for a favorable outcome, the Fed's disappointing announcement was hardly the news traders were hoping for and stocks tumbled...</b></p><p><blockquote>美联储周五宣布，银行控股公司补充杠杆率（SLR）的临时变化将于3月31日如期到期。<b>此外，董事会将很快就调整SLR的措施征求意见。董事会将采取适当行动，确保SLR的任何变化不会削弱银行资本要求的整体实力。</b>为了缓解COVID-19大流行造成的国债市场压力并促进对家庭和企业的贷款，董事会去年暂时修改了SLR，将美国国债和央行储备排除在外。从那时起，国债市场已经稳定下来。<b>然而，由于最近中央银行储备供应和国债发行的增长，理事会可能需要随着时间的推移解决SLR的当前设计和校准问题，以防止出现既限制经济增长又破坏金融稳定的压力。为了确保SLR（2014年作为额外资本要求而设立）在准备金较高的环境下保持有效，董事会将很快就几项潜在的SLR修改征求公众意见。</b>该提案和评论将有助于与财政部和其他监管机构就未来工作进行持续讨论，以确保国债市场的弹性。尽管美联储的WOD令人宽慰，<b>在为有利的结果做好准备后，美联储令人失望的声明几乎不是交易员所希望的消息，股市暴跌...</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/c341c3843a5031cd1599c2c89e198050\" tg-width=\"500\" tg-height=\"305\" referrerpolicy=\"no-referrer\">Bond yields spiked...</p><p><blockquote>债券收益率飙升...</blockquote></p><p><img src=\"https://static.tigerbbs.com/14173c1ce587fb45efe4c30ecc1dfbab\" tg-width=\"500\" tg-height=\"284\" referrerpolicy=\"no-referrer\">... while the stock of JPM, which is the most exposed bank to SLR relief (as noted yesterday in \"Facing Up To JP Morgan's Leverage Relief Threats\")...</p><p><blockquote>...而摩根大通的股票是受SLR救济影响最大的银行（正如昨天在“面对摩根大通的杠杆救济威胁”中所指出的）...</blockquote></p><p><img src=\"https://static.tigerbbs.com/32811183fba3dbddf1c440836298c7f3\" tg-width=\"500\" tg-height=\"602\" referrerpolicy=\"no-referrer\">.... slumped.</p><p><blockquote>....萎靡不振。</blockquote></p><p><img src=\"https://static.tigerbbs.com/2fba41463f15e79d2b8436cdd6a526fc\" tg-width=\"500\" tg-height=\"306\" referrerpolicy=\"no-referrer\">In case you've been living under a rock, here's why you should care about the SLR decision: First, for those whomissed our primer on the issue, some background from JPM (ironically the one bank that has the most to lose from the Fed's decision) the bottom line is that without SLR relief,<b>banks may have to delever, raise new capital, halt buybacks, sell preferred stock, turn down deposits and generally push back on reserves (not necessarily all of these, and not in that order) just as the Fed is injecting hundreds of billions of reserves into the market as the Treasury depletes its TGA account.</b></p><p><blockquote>如果您一直生活在岩石下，以下是您应该关心SLR决定的原因：首先，对于那些错过了我们关于这个问题的入门知识的人来说，摩根大通的一些背景（具有讽刺意味的是，这是一家从美联储损失最大的银行）的决定）底线是，如果没有SLR救济，<b>银行可能不得不去杠杆化、筹集新资本、停止回购、出售优先股、拒绝存款并普遍减少准备金（不一定是所有这些，也不是按这个顺序），就像美联储向市场注入数千亿美元一样随着财政部耗尽其TGA账户。</b></blockquote></p><p></p><p>The massive expansion of the Fed’s balance that has occurred implied an equally massive growth in bank reserves held at Federal Reserve banks. <b>The expiration of the regulatory relief would add ~$2.1tn of leverage exposure across the 8 GSIBs. As well, TGA reduction and continued QE could add another ~$2.35tn of deposits to the system during 2021.</b><img src=\"https://static.tigerbbs.com/392342c2f3e1dd008b2276172a9b3ecf\" tg-width=\"500\" tg-height=\"253\" referrerpolicy=\"no-referrer\">While the expiry of the carve-out on March 31 would not have an immediate impact on GSIBs, the continued increase in leverage assets throughout the course of the year would increase long-term debt (LTD) and preferred requirements. Here, JPM takes an optimistic view and writes that<b>\"even the “worst” case issuance scenario as very manageable, with LTD needs of $35bn for TLAC requirements and preferred needs of $15-$20bn to maintain the industry-wide SLR at 5.6%.</b></p><p><blockquote>美联储资产负债表的大幅扩张意味着美联储银行持有的银行准备金也同样大幅增长。<b>监管救济到期将使8个GSIB的杠杆敞口增加约2.1万亿美元。此外，TGA的减少和持续的量化宽松可能会在2021年为系统再增加约2.35万亿美元的存款。</b>虽然3月31日豁免到期不会对GSIB产生直接影响，但全年杠杆资产的持续增加将增加长期债务(LTD)和优先要求。在这里，摩根大通持乐观观点，并写道<b>“即使是‘最坏’的发行情况也是非常可控的，LTD需要350亿美元来满足TLAC要求，优先需求为150-200亿美元，以将全行业SLR维持在5.6%。</b></blockquote></p><p>The constraint is greater at the bank entity, where the capacity to grow leverage exposure to be ~$765bn at 6.2% SLR.\"Goldman's take was more troubling: the bank estimated that under the continued QE regime, there would be a shortfall of some $2 trillion in reserve capacity, mainly in the form of deposits which the banks would be unable to accept as part of ongoing QE (much more in Goldman'sfull take of the SLR quandary).</p><p><blockquote>银行实体的限制更大，其杠杆敞口增加的能力约为7,650亿美元，SLR为6.2%。”高盛的观点更令人不安：该行估计，在持续的量化宽松制度下，储备能力将出现约2万亿美元的缺口，主要是银行无法接受的存款形式，作为正在进行的量化宽松的一部分（高盛对SLR困境的全面理解更是如此）。</blockquote></p><p><b>So what happens next?</b></p><p><blockquote><b>那么接下来会发生什么呢？</b></blockquote></p><p>Addressing this topic, yesterday Curvature's Scott Skyrm wrote that \"<i>the largest banks are enjoying much larger balance sheets, but there are political factors in Washington that are against an extension of the exemption.... Here are a couple of scenarios and their implications on the Repo market</i>:</p><p><blockquote>针对这个话题，昨天Curvature的Scott Skyrm写道“<i>最大的银行享有更大的资产负债表，但华盛顿有政治因素反对延长豁免....以下是几种情况及其对回购市场的影响</i>：</blockquote></p><p>The exemption is extended 3 months or 6 months - No impact on the Repo market. It's already fully priced-in.The exemption is continued for reserves, but ended for Treasurys. <b>Since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise. Volatility increases as Repo assets move from the largest banks to the other Repo market participants.The exemption is ended for both reserves and Treasurys. Same as above.</b>In other words, Skyrm has a relatively downbeat view, warning that \"since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise.\" Additionally, volatility is likely to increase as repo assets move from the largest banks to the other Repo market participants...</p><p><blockquote>豁免延长3个月或6个月——对回购市场没有影响。它已经完全定价了。准备金的豁免继续，但国债的豁免结束。<b>由于大型银行是回购市场上最大的现金提供者，因此进入市场的现金减少，回购利率上升。随着回购资产从最大的银行转移到其他回购市场参与者，波动性会增加。储备和国库的豁免均终止。同上。</b>换句话说，Skyrm持相对悲观的观点，警告称“由于大型银行是回购市场上最大的现金提供者，因此进入市场的现金减少，回购利率上升。”此外，随着回购资产从最大的银行转移到其他回购市场参与者，波动性可能会增加...</blockquote></p><p>Perhaps a bit too draconian? Well, last week, JPMorgan laid out 5 scenarios for SLR, of which two predicted the end of SLR relief on March 31, as follow:</p><p><blockquote>也许有点太严厉了？上周，摩根大通为SLR制定了5种情景，其中两种预测SLR救济将于3月31日结束，具体如下：</blockquote></p><p><u><b>3. Relief ends March 31, banks fully raise capital</b></u> <b>Impact on BanksRatesFront-End Rates</b> <u><b>4. Relief ends March 31, banks raise capital &amp; de-lever</b></u> <b>Impact on BanksRatesFront-End Rates</b>Going back to Zoltan, let's recallthat the repo gurualso cautioned that \"ending the exemption of reserves and Treasuries from the calculation of the SLR may mean that U.S. banks will turn away deposits and reserves on the margin (not Treasuries) to leave more room for market-making activities,<b>and these flows will swell further money funds’ inflows coming from TGA drawdowns.</b>\"</p><p><blockquote><u><b>3.纾困3月31日结束银行全面融资</b></u><b>对银行利率的影响前端利率</b><u><b>4.纾困3月31日结束，银行增资去杠杆</b></u><b>对银行利率的影响前端利率</b>回到Zoltan，让我们回想一下，这位回购大师还警告说，“结束准备金和国债在SLR计算中的豁免可能意味着美国银行将拒绝保证金（而不是国债）的存款和准备金，为市场留出更多空间。做市活动，<b>这些资金流动将进一步增加来自TGA提款的货币基金流入。</b>\"</blockquote></p><p>More importantly, Zoltan does not expect broad chaos in repo or broader markets, and instead provides a more benign view on the negligible impact the SLR has had (and will be if it is eliminated), as he explained in a note from Tuesday.</p><p><blockquote>更重要的是，Zoltan预计回购或更广泛的市场不会出现广泛的混乱，相反，正如他在周二的一份报告中解释的那样，他对SLR已经产生的微不足道的影响（如果它被消除，将会产生）提供了更良性的看法。</blockquote></p><p><img src=\"https://static.tigerbbs.com/caeeb2b1290e084832f29d61cea6a90b\" tg-width=\"500\" tg-height=\"534\" referrerpolicy=\"no-referrer\">How to determine if Zoltan's benign view is correct? He concluded his note by writing that \"given that our call for a zero-to-negative FRA-OIS spread by the end of June was predicated on the end of SLR extension and an assumption that the Fed will try to fix a quantity problem with prices, not quantities, today’s adjustments mean that FRA-OIS won’t trade all the way down to zero or negative territory.\"</p><p><blockquote>如何确定Zoltan的良性观点是否正确？他在报告的最后写道，“鉴于我们到6月底FRA-OIS利差为零至负的看涨期权是基于SLR延期的结束以及美联储将尝试解决数量问题的假设价格而不是数量，今天的调整意味着FRA-OIS不会一直跌至零或负值。”</blockquote></p><p>FRA-OIS from here will be a function of how tight FX swaps will trade relative to OIS, but Treasury bills trading at deeply sub-zero rates is no longer a risk...While Bills have occasionally dipped into the negative territory on occasion, so far they have avoided a fullblown plunge into NIRP, which may be just the positive sign the market is waiting for to ease the nerves associated with the sudden and largely unexpected end of the SLR exemption.</p><p><blockquote>这里的FRA-OIS将取决于外汇掉期相对于OIS的交易紧张程度，但以远低于零利率交易的国库券不再是一种风险...虽然账单偶尔会跌入负值，但到目前为止，它们避免了全面陷入NIRP，这可能只是市场正在等待的积极信号，以缓解与SLR豁免突然且基本上出乎意料的结束相关的紧张情绪。</blockquote></p><p>* *&nbsp; *</p><p><blockquote>** *</blockquote></p><p></p><p>Finally, for those curious what the immediate market impact will be, NatWest strategist Blake Gwinn writes that the Fed announcement that they’re letting regulatory exemptions for banks expire at the end of the month \"really threads the needle and \"assuages concerns about the potential long-term impact on the markets\" as<b>the SLR \"ends it but defuses a lot of the knee-jerk market reaction” by pledging to address the current design and calibration of the supplementary leverage ratio to prevent strains from developing</b>.</p><p><blockquote>最后，对于那些好奇对市场的直接影响会是什么的人来说，国民西敏寺银行策略师布莱克·格温(Blake Gwinn)写道，美联储宣布银行监管豁免将于本月底到期，“确实是穿针引线”，缓解了人们对银行监管豁免的担忧。对市场的潜在长期影响<b>SLR承诺解决补充杠杆率的当前设计和校准问题，以防止紧张局势的发展，从而“结束了它，但化解了许多下意识的市场反应”</b>.</blockquote></p><p>“I was never worried about a day-one bank puke of Treasuries or drawdown in repo or anything like that on no renewal,” Gwinn said. “My concern was the longer run,” like as reserves continue to rise, would the SLR “become a nuisance and drag on Treasuries and spreads” Gwinn concludes that with the statement, the Fed is<b>\"really speaking to those fears and basically saying, ‘don’t worry, we are on it’.”</b></p><p><blockquote>格温说：“我从来不担心银行第一天就会吐出国债或回购提款或类似的情况。”“我担心的是，从长远来看”，随着准备金继续上升，SLR是否会“成为一个麻烦并拖累国债和利差”格温总结道，通过这份声明，美联储<b>“真正解决这些恐惧，基本上是说，‘别担心，我们正在努力’。”</b></blockquote></p><p>Well, with yields spiking to HOD in early quad-witch trading, the market sure seems quite skeptical that the Fed is on anything.</p><p><blockquote>好吧，随着收益率在早期四女巫交易中飙升至HOD，市场似乎确实对美联储的行动持怀疑态度。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nFed Disappoints Market, Lets SLR Relief Expire: What Happens Next<blockquote>美联储令市场失望，让SLR救助到期：接下来会发生什么</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-03-19 22:32</span>\n</p>\n</h4>\n</header>\n<article>\n<p>As washinted at, and discussed in depth here,the Fed decided - under political pressure from progressive Democrats such asElizabeth Warren and Sherrod Brown- to let the temporary Supplementary Leverage Ratio (SLR) exemption expire as scheduled on March 31, the one year anniversary of the rule change.</p><p><blockquote>正如本文所暗示和深入讨论的那样，在伊丽莎白·沃伦(Elizabeth Warren)和谢罗德·布朗(Sherrod Brown)等进步民主党人的政治压力下，美联储决定让临时补充杠杆率(SLR)豁免如期于3月31日（规则变更一周年）到期。</blockquote></p><p>The federal bank regulatory agencies today announced that the temporary change to the supplementary leverage ratio, or SLR, for depository institutions issued on May 15, 2020, will expire as scheduled on March 31, 2021.The temporary change was made to provide flexibility for depository institutions to provide credit to households and businesses in light of the COVID-19 event.<img src=\"https://static.tigerbbs.com/b822960da59d651f093b5113cd0c3fd0\" tg-width=\"500\" tg-height=\"319\" referrerpolicy=\"no-referrer\">This outcome is theone (again) correctly predictedby former NY Fed guru Zoltan Pozsar who following the FOMC said that \"the fact that the Fed made this adjustment practically preemptively – the o/n RRP facility is not being used at the moment, so there are no capacity constraints yet, while repo and bill yields aren’t trading negative yet –<b>suggests that the Fed is “foaming the runway” for the end of SLR exemption</b>.\"</p><p><blockquote>联邦银行监管机构今天宣布，2020年5月15日发布的存款机构补充杠杆率（SLR）的临时变更将于2021年3月31日如期到期。鉴于新冠肺炎事件，这一临时变化是为了为存款机构向家庭和企业提供信贷提供灵活性。这一结果是前纽约联储大师Zoltan Pozsar（再次）正确预测的结果，他跟随FOMC表示，“事实上，美联储实际上是先发制人地做出了这一调整——目前没有使用o/n RRP工具，因此没有能力限制，而回购和票据收益率尚未为负——<b>暗示美联储正在为SLR豁免的结束“铺路”</b>.\"</blockquote></p><p>Knowing well this would be a very hot button issue for the market, the Fed published thefollowing statementto ease trader nerves, noting that while the SLR special treatment will expire on March 31, the Fed is \"inviting public comment on several potential SLR modifications\" and furthermore, \"<b>Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability</b>\" - in short, if yields spike, the Fed will re-introduce the SLR without delay:</p><p><blockquote>美联储深知这将是市场的一个非常热门的问题，因此发表了以下声明以缓解交易员的紧张情绪，并指出，虽然SLR特殊待遇将于3月31日到期，但美联储正在“邀请公众就几项潜在的SLR修改发表评论”。此外，”<b>随着时间的推移，董事会可能需要解决SLR当前的设计和校准问题，以防止出现既限制经济增长又破坏金融稳定的压力</b>”——简而言之，如果收益率飙升，美联储将立即重新引入SLR：</blockquote></p><p>The Federal Reserve Board on Friday announced that the temporary change to its supplementary leverage ratio, or SLR, for bank holding companies will expire as scheduled on March 31. <b>Additionally, the Board will shortly seek comment on measures to adjust the SLR. The Board will take appropriate actions to assure that any changes to the SLR do not erode the overall strength of bank capital requirements.</b>To ease strains in the Treasury market resulting from the COVID-19 pandemic and to promote lending to households and businesses, the Board temporarily modified the SLR last year to exclude U.S. Treasury securities and central bank reserves. Since that time, the Treasury market has stabilized. <b>However, because of recent growth in the supply of central bank reserves and the issuance of Treasury securities, the Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability.To ensure that the SLR—which was established in 2014 as an additional capital requirement—remains effective in an environment of higher reserves, the Board will soon be inviting public comment on several potential SLR modifications.</b>The proposal and comments will contribute to ongoing discussions with the Department of the Treasury and other regulators on future work to ensure the resiliency of the Treasury market.The Fed's soothing wods notwithstanding,<b>having been primed for a favorable outcome, the Fed's disappointing announcement was hardly the news traders were hoping for and stocks tumbled...</b></p><p><blockquote>美联储周五宣布，银行控股公司补充杠杆率（SLR）的临时变化将于3月31日如期到期。<b>此外，董事会将很快就调整SLR的措施征求意见。董事会将采取适当行动，确保SLR的任何变化不会削弱银行资本要求的整体实力。</b>为了缓解COVID-19大流行造成的国债市场压力并促进对家庭和企业的贷款，董事会去年暂时修改了SLR，将美国国债和央行储备排除在外。从那时起，国债市场已经稳定下来。<b>然而，由于最近中央银行储备供应和国债发行的增长，理事会可能需要随着时间的推移解决SLR的当前设计和校准问题，以防止出现既限制经济增长又破坏金融稳定的压力。为了确保SLR（2014年作为额外资本要求而设立）在准备金较高的环境下保持有效，董事会将很快就几项潜在的SLR修改征求公众意见。</b>该提案和评论将有助于与财政部和其他监管机构就未来工作进行持续讨论，以确保国债市场的弹性。尽管美联储的WOD令人宽慰，<b>在为有利的结果做好准备后，美联储令人失望的声明几乎不是交易员所希望的消息，股市暴跌...</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/c341c3843a5031cd1599c2c89e198050\" tg-width=\"500\" tg-height=\"305\" referrerpolicy=\"no-referrer\">Bond yields spiked...</p><p><blockquote>债券收益率飙升...</blockquote></p><p><img src=\"https://static.tigerbbs.com/14173c1ce587fb45efe4c30ecc1dfbab\" tg-width=\"500\" tg-height=\"284\" referrerpolicy=\"no-referrer\">... while the stock of JPM, which is the most exposed bank to SLR relief (as noted yesterday in \"Facing Up To JP Morgan's Leverage Relief Threats\")...</p><p><blockquote>...而摩根大通的股票是受SLR救济影响最大的银行（正如昨天在“面对摩根大通的杠杆救济威胁”中所指出的）...</blockquote></p><p><img src=\"https://static.tigerbbs.com/32811183fba3dbddf1c440836298c7f3\" tg-width=\"500\" tg-height=\"602\" referrerpolicy=\"no-referrer\">.... slumped.</p><p><blockquote>....萎靡不振。</blockquote></p><p><img src=\"https://static.tigerbbs.com/2fba41463f15e79d2b8436cdd6a526fc\" tg-width=\"500\" tg-height=\"306\" referrerpolicy=\"no-referrer\">In case you've been living under a rock, here's why you should care about the SLR decision: First, for those whomissed our primer on the issue, some background from JPM (ironically the one bank that has the most to lose from the Fed's decision) the bottom line is that without SLR relief,<b>banks may have to delever, raise new capital, halt buybacks, sell preferred stock, turn down deposits and generally push back on reserves (not necessarily all of these, and not in that order) just as the Fed is injecting hundreds of billions of reserves into the market as the Treasury depletes its TGA account.</b></p><p><blockquote>如果您一直生活在岩石下，以下是您应该关心SLR决定的原因：首先，对于那些错过了我们关于这个问题的入门知识的人来说，摩根大通的一些背景（具有讽刺意味的是，这是一家从美联储损失最大的银行）的决定）底线是，如果没有SLR救济，<b>银行可能不得不去杠杆化、筹集新资本、停止回购、出售优先股、拒绝存款并普遍减少准备金（不一定是所有这些，也不是按这个顺序），就像美联储向市场注入数千亿美元一样随着财政部耗尽其TGA账户。</b></blockquote></p><p></p><p>The massive expansion of the Fed’s balance that has occurred implied an equally massive growth in bank reserves held at Federal Reserve banks. <b>The expiration of the regulatory relief would add ~$2.1tn of leverage exposure across the 8 GSIBs. As well, TGA reduction and continued QE could add another ~$2.35tn of deposits to the system during 2021.</b><img src=\"https://static.tigerbbs.com/392342c2f3e1dd008b2276172a9b3ecf\" tg-width=\"500\" tg-height=\"253\" referrerpolicy=\"no-referrer\">While the expiry of the carve-out on March 31 would not have an immediate impact on GSIBs, the continued increase in leverage assets throughout the course of the year would increase long-term debt (LTD) and preferred requirements. Here, JPM takes an optimistic view and writes that<b>\"even the “worst” case issuance scenario as very manageable, with LTD needs of $35bn for TLAC requirements and preferred needs of $15-$20bn to maintain the industry-wide SLR at 5.6%.</b></p><p><blockquote>美联储资产负债表的大幅扩张意味着美联储银行持有的银行准备金也同样大幅增长。<b>监管救济到期将使8个GSIB的杠杆敞口增加约2.1万亿美元。此外，TGA的减少和持续的量化宽松可能会在2021年为系统再增加约2.35万亿美元的存款。</b>虽然3月31日豁免到期不会对GSIB产生直接影响，但全年杠杆资产的持续增加将增加长期债务(LTD)和优先要求。在这里，摩根大通持乐观观点，并写道<b>“即使是‘最坏’的发行情况也是非常可控的，LTD需要350亿美元来满足TLAC要求，优先需求为150-200亿美元，以将全行业SLR维持在5.6%。</b></blockquote></p><p>The constraint is greater at the bank entity, where the capacity to grow leverage exposure to be ~$765bn at 6.2% SLR.\"Goldman's take was more troubling: the bank estimated that under the continued QE regime, there would be a shortfall of some $2 trillion in reserve capacity, mainly in the form of deposits which the banks would be unable to accept as part of ongoing QE (much more in Goldman'sfull take of the SLR quandary).</p><p><blockquote>银行实体的限制更大，其杠杆敞口增加的能力约为7,650亿美元，SLR为6.2%。”高盛的观点更令人不安：该行估计，在持续的量化宽松制度下，储备能力将出现约2万亿美元的缺口，主要是银行无法接受的存款形式，作为正在进行的量化宽松的一部分（高盛对SLR困境的全面理解更是如此）。</blockquote></p><p><b>So what happens next?</b></p><p><blockquote><b>那么接下来会发生什么呢？</b></blockquote></p><p>Addressing this topic, yesterday Curvature's Scott Skyrm wrote that \"<i>the largest banks are enjoying much larger balance sheets, but there are political factors in Washington that are against an extension of the exemption.... Here are a couple of scenarios and their implications on the Repo market</i>:</p><p><blockquote>针对这个话题，昨天Curvature的Scott Skyrm写道“<i>最大的银行享有更大的资产负债表，但华盛顿有政治因素反对延长豁免....以下是几种情况及其对回购市场的影响</i>：</blockquote></p><p>The exemption is extended 3 months or 6 months - No impact on the Repo market. It's already fully priced-in.The exemption is continued for reserves, but ended for Treasurys. <b>Since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise. Volatility increases as Repo assets move from the largest banks to the other Repo market participants.The exemption is ended for both reserves and Treasurys. Same as above.</b>In other words, Skyrm has a relatively downbeat view, warning that \"since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise.\" Additionally, volatility is likely to increase as repo assets move from the largest banks to the other Repo market participants...</p><p><blockquote>豁免延长3个月或6个月——对回购市场没有影响。它已经完全定价了。准备金的豁免继续，但国债的豁免结束。<b>由于大型银行是回购市场上最大的现金提供者，因此进入市场的现金减少，回购利率上升。随着回购资产从最大的银行转移到其他回购市场参与者，波动性会增加。储备和国库的豁免均终止。同上。</b>换句话说，Skyrm持相对悲观的观点，警告称“由于大型银行是回购市场上最大的现金提供者，因此进入市场的现金减少，回购利率上升。”此外，随着回购资产从最大的银行转移到其他回购市场参与者，波动性可能会增加...</blockquote></p><p>Perhaps a bit too draconian? Well, last week, JPMorgan laid out 5 scenarios for SLR, of which two predicted the end of SLR relief on March 31, as follow:</p><p><blockquote>也许有点太严厉了？上周，摩根大通为SLR制定了5种情景，其中两种预测SLR救济将于3月31日结束，具体如下：</blockquote></p><p><u><b>3. Relief ends March 31, banks fully raise capital</b></u> <b>Impact on BanksRatesFront-End Rates</b> <u><b>4. Relief ends March 31, banks raise capital &amp; de-lever</b></u> <b>Impact on BanksRatesFront-End Rates</b>Going back to Zoltan, let's recallthat the repo gurualso cautioned that \"ending the exemption of reserves and Treasuries from the calculation of the SLR may mean that U.S. banks will turn away deposits and reserves on the margin (not Treasuries) to leave more room for market-making activities,<b>and these flows will swell further money funds’ inflows coming from TGA drawdowns.</b>\"</p><p><blockquote><u><b>3.纾困3月31日结束银行全面融资</b></u><b>对银行利率的影响前端利率</b><u><b>4.纾困3月31日结束，银行增资去杠杆</b></u><b>对银行利率的影响前端利率</b>回到Zoltan，让我们回想一下，这位回购大师还警告说，“结束准备金和国债在SLR计算中的豁免可能意味着美国银行将拒绝保证金（而不是国债）的存款和准备金，为市场留出更多空间。做市活动，<b>这些资金流动将进一步增加来自TGA提款的货币基金流入。</b>\"</blockquote></p><p>More importantly, Zoltan does not expect broad chaos in repo or broader markets, and instead provides a more benign view on the negligible impact the SLR has had (and will be if it is eliminated), as he explained in a note from Tuesday.</p><p><blockquote>更重要的是，Zoltan预计回购或更广泛的市场不会出现广泛的混乱，相反，正如他在周二的一份报告中解释的那样，他对SLR已经产生的微不足道的影响（如果它被消除，将会产生）提供了更良性的看法。</blockquote></p><p><img src=\"https://static.tigerbbs.com/caeeb2b1290e084832f29d61cea6a90b\" tg-width=\"500\" tg-height=\"534\" referrerpolicy=\"no-referrer\">How to determine if Zoltan's benign view is correct? He concluded his note by writing that \"given that our call for a zero-to-negative FRA-OIS spread by the end of June was predicated on the end of SLR extension and an assumption that the Fed will try to fix a quantity problem with prices, not quantities, today’s adjustments mean that FRA-OIS won’t trade all the way down to zero or negative territory.\"</p><p><blockquote>如何确定Zoltan的良性观点是否正确？他在报告的最后写道，“鉴于我们到6月底FRA-OIS利差为零至负的看涨期权是基于SLR延期的结束以及美联储将尝试解决数量问题的假设价格而不是数量，今天的调整意味着FRA-OIS不会一直跌至零或负值。”</blockquote></p><p>FRA-OIS from here will be a function of how tight FX swaps will trade relative to OIS, but Treasury bills trading at deeply sub-zero rates is no longer a risk...While Bills have occasionally dipped into the negative territory on occasion, so far they have avoided a fullblown plunge into NIRP, which may be just the positive sign the market is waiting for to ease the nerves associated with the sudden and largely unexpected end of the SLR exemption.</p><p><blockquote>这里的FRA-OIS将取决于外汇掉期相对于OIS的交易紧张程度，但以远低于零利率交易的国库券不再是一种风险...虽然账单偶尔会跌入负值，但到目前为止，它们避免了全面陷入NIRP，这可能只是市场正在等待的积极信号，以缓解与SLR豁免突然且基本上出乎意料的结束相关的紧张情绪。</blockquote></p><p>* *&nbsp; *</p><p><blockquote>** *</blockquote></p><p></p><p>Finally, for those curious what the immediate market impact will be, NatWest strategist Blake Gwinn writes that the Fed announcement that they’re letting regulatory exemptions for banks expire at the end of the month \"really threads the needle and \"assuages concerns about the potential long-term impact on the markets\" as<b>the SLR \"ends it but defuses a lot of the knee-jerk market reaction” by pledging to address the current design and calibration of the supplementary leverage ratio to prevent strains from developing</b>.</p><p><blockquote>最后，对于那些好奇对市场的直接影响会是什么的人来说，国民西敏寺银行策略师布莱克·格温(Blake Gwinn)写道，美联储宣布银行监管豁免将于本月底到期，“确实是穿针引线”，缓解了人们对银行监管豁免的担忧。对市场的潜在长期影响<b>SLR承诺解决补充杠杆率的当前设计和校准问题，以防止紧张局势的发展，从而“结束了它，但化解了许多下意识的市场反应”</b>.</blockquote></p><p>“I was never worried about a day-one bank puke of Treasuries or drawdown in repo or anything like that on no renewal,” Gwinn said. “My concern was the longer run,” like as reserves continue to rise, would the SLR “become a nuisance and drag on Treasuries and spreads” Gwinn concludes that with the statement, the Fed is<b>\"really speaking to those fears and basically saying, ‘don’t worry, we are on it’.”</b></p><p><blockquote>格温说：“我从来不担心银行第一天就会吐出国债或回购提款或类似的情况。”“我担心的是，从长远来看”，随着准备金继续上升，SLR是否会“成为一个麻烦并拖累国债和利差”格温总结道，通过这份声明，美联储<b>“真正解决这些恐惧，基本上是说，‘别担心，我们正在努力’。”</b></blockquote></p><p>Well, with yields spiking to HOD in early quad-witch trading, the market sure seems quite skeptical that the Fed is on anything.</p><p><blockquote>好吧，随着收益率在早期四女巫交易中飙升至HOD，市场似乎确实对美联储的行动持怀疑态度。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/stocks-bopnds-tank-after-fed-lets-slr-relief-expire\">zerohedge</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.zerohedge.com/markets/stocks-bopnds-tank-after-fed-lets-slr-relief-expire","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1199154789","content_text":"As washinted at, and discussed in depth here,the Fed decided - under political pressure from progressive Democrats such asElizabeth Warren and Sherrod Brown- to let the temporary Supplementary Leverage Ratio (SLR) exemption expire as scheduled on March 31, the one year anniversary of the rule change.The federal bank regulatory agencies today announced that the temporary change to the supplementary leverage ratio, or SLR, for depository institutions issued on May 15, 2020, will expire as scheduled on March 31, 2021.The temporary change was made to provide flexibility for depository institutions to provide credit to households and businesses in light of the COVID-19 event.This outcome is theone (again) correctly predictedby former NY Fed guru Zoltan Pozsar who following the FOMC said that \"the fact that the Fed made this adjustment practically preemptively – the o/n RRP facility is not being used at the moment, so there are no capacity constraints yet, while repo and bill yields aren’t trading negative yet –suggests that the Fed is “foaming the runway” for the end of SLR exemption.\"Knowing well this would be a very hot button issue for the market, the Fed published thefollowing statementto ease trader nerves, noting that while the SLR special treatment will expire on March 31, the Fed is \"inviting public comment on several potential SLR modifications\" and furthermore, \"Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability\" - in short, if yields spike, the Fed will re-introduce the SLR without delay:The Federal Reserve Board on Friday announced that the temporary change to its supplementary leverage ratio, or SLR, for bank holding companies will expire as scheduled on March 31. Additionally, the Board will shortly seek comment on measures to adjust the SLR. The Board will take appropriate actions to assure that any changes to the SLR do not erode the overall strength of bank capital requirements.To ease strains in the Treasury market resulting from the COVID-19 pandemic and to promote lending to households and businesses, the Board temporarily modified the SLR last year to exclude U.S. Treasury securities and central bank reserves. Since that time, the Treasury market has stabilized. However, because of recent growth in the supply of central bank reserves and the issuance of Treasury securities, the Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability.To ensure that the SLR—which was established in 2014 as an additional capital requirement—remains effective in an environment of higher reserves, the Board will soon be inviting public comment on several potential SLR modifications.The proposal and comments will contribute to ongoing discussions with the Department of the Treasury and other regulators on future work to ensure the resiliency of the Treasury market.The Fed's soothing wods notwithstanding,having been primed for a favorable outcome, the Fed's disappointing announcement was hardly the news traders were hoping for and stocks tumbled...Bond yields spiked...... while the stock of JPM, which is the most exposed bank to SLR relief (as noted yesterday in \"Facing Up To JP Morgan's Leverage Relief Threats\")....... slumped.In case you've been living under a rock, here's why you should care about the SLR decision: First, for those whomissed our primer on the issue, some background from JPM (ironically the one bank that has the most to lose from the Fed's decision) the bottom line is that without SLR relief,banks may have to delever, raise new capital, halt buybacks, sell preferred stock, turn down deposits and generally push back on reserves (not necessarily all of these, and not in that order) just as the Fed is injecting hundreds of billions of reserves into the market as the Treasury depletes its TGA account.The massive expansion of the Fed’s balance that has occurred implied an equally massive growth in bank reserves held at Federal Reserve banks. The expiration of the regulatory relief would add ~$2.1tn of leverage exposure across the 8 GSIBs. As well, TGA reduction and continued QE could add another ~$2.35tn of deposits to the system during 2021.While the expiry of the carve-out on March 31 would not have an immediate impact on GSIBs, the continued increase in leverage assets throughout the course of the year would increase long-term debt (LTD) and preferred requirements. Here, JPM takes an optimistic view and writes that\"even the “worst” case issuance scenario as very manageable, with LTD needs of $35bn for TLAC requirements and preferred needs of $15-$20bn to maintain the industry-wide SLR at 5.6%.The constraint is greater at the bank entity, where the capacity to grow leverage exposure to be ~$765bn at 6.2% SLR.\"Goldman's take was more troubling: the bank estimated that under the continued QE regime, there would be a shortfall of some $2 trillion in reserve capacity, mainly in the form of deposits which the banks would be unable to accept as part of ongoing QE (much more in Goldman'sfull take of the SLR quandary).So what happens next?Addressing this topic, yesterday Curvature's Scott Skyrm wrote that \"the largest banks are enjoying much larger balance sheets, but there are political factors in Washington that are against an extension of the exemption.... Here are a couple of scenarios and their implications on the Repo market:The exemption is extended 3 months or 6 months - No impact on the Repo market. It's already fully priced-in.The exemption is continued for reserves, but ended for Treasurys. Since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise. Volatility increases as Repo assets move from the largest banks to the other Repo market participants.The exemption is ended for both reserves and Treasurys. Same as above.In other words, Skyrm has a relatively downbeat view, warning that \"since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise.\" Additionally, volatility is likely to increase as repo assets move from the largest banks to the other Repo market participants...Perhaps a bit too draconian? Well, last week, JPMorgan laid out 5 scenarios for SLR, of which two predicted the end of SLR relief on March 31, as follow:3. Relief ends March 31, banks fully raise capital Impact on BanksRatesFront-End Rates 4. Relief ends March 31, banks raise capital & de-lever Impact on BanksRatesFront-End RatesGoing back to Zoltan, let's recallthat the repo gurualso cautioned that \"ending the exemption of reserves and Treasuries from the calculation of the SLR may mean that U.S. banks will turn away deposits and reserves on the margin (not Treasuries) to leave more room for market-making activities,and these flows will swell further money funds’ inflows coming from TGA drawdowns.\"More importantly, Zoltan does not expect broad chaos in repo or broader markets, and instead provides a more benign view on the negligible impact the SLR has had (and will be if it is eliminated), as he explained in a note from Tuesday.How to determine if Zoltan's benign view is correct? He concluded his note by writing that \"given that our call for a zero-to-negative FRA-OIS spread by the end of June was predicated on the end of SLR extension and an assumption that the Fed will try to fix a quantity problem with prices, not quantities, today’s adjustments mean that FRA-OIS won’t trade all the way down to zero or negative territory.\"FRA-OIS from here will be a function of how tight FX swaps will trade relative to OIS, but Treasury bills trading at deeply sub-zero rates is no longer a risk...While Bills have occasionally dipped into the negative territory on occasion, so far they have avoided a fullblown plunge into NIRP, which may be just the positive sign the market is waiting for to ease the nerves associated with the sudden and largely unexpected end of the SLR exemption.* *  *Finally, for those curious what the immediate market impact will be, NatWest strategist Blake Gwinn writes that the Fed announcement that they’re letting regulatory exemptions for banks expire at the end of the month \"really threads the needle and \"assuages concerns about the potential long-term impact on the markets\" asthe SLR \"ends it but defuses a lot of the knee-jerk market reaction” by pledging to address the current design and calibration of the supplementary leverage ratio to prevent strains from developing.“I was never worried about a day-one bank puke of Treasuries or drawdown in repo or anything like that on no renewal,” Gwinn said. “My concern was the longer run,” like as reserves continue to rise, would the SLR “become a nuisance and drag on Treasuries and spreads” Gwinn concludes that with the statement, the Fed is\"really speaking to those fears and basically saying, ‘don’t worry, we are on it’.”Well, with yields spiking to HOD in early quad-witch trading, the market sure seems quite skeptical that the Fed is on 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week next week?","listText":"Green week next week?","text":"Green week next week?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/359032926","isVote":1,"tweetType":1,"viewCount":1492,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}