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2021-11-09

The rich gets richer

抱歉，原内容已删除

2021-10-25

$ARK Innovation ETF(ARKK)$Going up?

2021-10-21

$Vanguard Total World Stock Index Fund ETF Shares(VT)$[Happy]

2021-10-15

$Vanguard Total World Stock Index Fund ETF Shares(VT)$all is well

2021-10-13

$ARK Innovation ETF(ARKK)$Don’t laugh at me

2021-10-06

What is sia engineering long term direction?

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2021-09-29

Stop loss is crucial!

Technically Speaking: Is The Market "Melting-Up?"<blockquote>从技术上讲：市场正在“融化”吗？</blockquote>

2021-09-21

Will it drop further?

2021-09-07

$ARK Innovation ETF(ARKK)$Hold or take position?

2021-09-02

$ARK Innovation ETF(ARKK)$How long will this uptrend last

2021-08-25

$Vanguard Total World Stock Index Fund ETF Shares(VT)$Positive again

2021-08-25

China buying back shares… how sustainable is this?

2021-08-21

$iShares Global Clean Energy ETF(ICLN)$Will investing in sustainably ever be sustainable?

2021-08-20

Is it time to enter or wait and see?

2021-08-20

$ARK Innovation ETF(ARKK)$Back to red…

2021-08-18

Buy or wait for the dip?

2021-08-09

$Vanguard Total World Stock Index Fund ETF Shares(VT)$Up up up

2021-08-07

People is still cheaper than automation [Sigh]

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2021-07-25

The trough after the peak…

US Services PMI Plunges Unexpectedly To 5-Month Lows As Business Outlook Slumps<blockquote>由于商业前景低迷，美国服务业PMI意外跌至5个月低点</blockquote>

2021-07-20

When to buy?

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ETF(ARKK)$</a>Don’t laugh at me","listText":"<a href=\"https://laohu8.com/S/ARKK\">$ARK Innovation ETF(ARKK)$</a>Don’t laugh at me","text":"$ARK Innovation ETF(ARKK)$Don’t laugh at me","images":[{"img":"https://static.tigerbbs.com/1fa3b00526af9fa6fc26b839d6e719fa","width":"828","height":"1434"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":7,"repostSize":0,"link":"https://laohu8.com/post/826759021","isVote":1,"tweetType":1,"viewCount":1343,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":829148531,"gmtCreate":1633482947230,"gmtModify":1633482947510,"author":{"id":"3574670459862914","authorId":"3574670459862914","name":"Leira","avatar":"https://static.tigerbbs.com/c093de36b9faf1e806c55a60e221cb74","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574670459862914","authorIdStr":"3574670459862914"},"themes":[],"htmlText":"What is sia engineering long term direction?&nbsp;","listText":"What is sia engineering long term direction?&nbsp;","text":"What is sia engineering long term direction?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/829148531","repostId":"1169435819","repostType":4,"isVote":1,"tweetType":1,"viewCount":1615,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":862537224,"gmtCreate":1632889029291,"gmtModify":1632889029530,"author":{"id":"3574670459862914","authorId":"3574670459862914","name":"Leira","avatar":"https://static.tigerbbs.com/c093de36b9faf1e806c55a60e221cb74","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574670459862914","authorIdStr":"3574670459862914"},"themes":[],"htmlText":"Stop loss is crucial!","listText":"Stop loss is crucial!","text":"Stop loss is crucial!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/862537224","repostId":"1198528044","repostType":4,"repost":{"id":"1198528044","kind":"news","pubTimestamp":1632882697,"share":"https://www.laohu8.com/m/news/1198528044?lang=zh_CN&edition=full","pubTime":"2021-09-29 10:31","market":"us","language":"en","title":"Technically Speaking: Is The Market \"Melting-Up?\"<blockquote>从技术上讲：市场正在“融化”吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1198528044","media":"seekingalpha","summary":"Summary\n\nGiven the Fed’s ongoing balance sheet operations, investors fully believe they have protect","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Given the Fed’s ongoing balance sheet operations, investors fully believe they have protection from a decline.</li>  <li>As is always the case, the investing public believes future earnings will justify higher prices during a melt-up. It just never works out that way.</li>  <li>While it is essential to take advantage of the melt-up while it lasts, just don’t become overly complacent “this time is different”.</li> </ul> Is the<i>“market melting-up?”</i>Such was the question I received from my colleague at<i>Cut The Crap Investing.</i>It is an excellent question given the relentless increase in what investors believe is a<i>“no risk”</i>market.</p><p><blockquote><ul><li>鉴于美联储正在进行的资产负债表操作，投资者完全相信他们有能力免受经济衰退的影响。</li><li>与往常一样，投资大众相信未来的收益将证明在融化期间价格上涨是合理的。从来都不是那样的。</li><li>虽然在融化持续期间利用它是至关重要的，但不要过于自满“这次不同了”。</li></ul>是<i>“市场融化？”</i>这是我从我的同事那里收到的问题<i>少废话投资。</i>考虑到投资者认为的持续增长，这是一个很好的问题<i>“没有风险”</i>市场。</blockquote></p><p> Of course, we need a definition of precisely what constitutes a melt-up.</p><p><blockquote>当然，我们需要一个准确定义什么是融化。</blockquote></p><p>   <i>“A melt-up is a sustained and often unexpected improvement in the investment performance of an asset or asset class, driven partly</i>  <i><b>by a stampede of investors who don’t want to miss out on its rise,</b></i>  <i>rather than by fundamental improvements in the economy.“</i>–  <i>Investopedia</i>  Currently, there is sufficient evidence to support the idea of an exuberant market.<b><i>As noted previously:</i></b></p><p><blockquote><i>他说：“熔断是指一项资产或资产类别的投资表现持续且往往出乎意料的改善，部分原因是</i><i><b>不想错过其上涨机会的投资者蜂拥而至，</b></i><i>而不是经济的根本改善。”</i>–<i>投资百科</i>目前，有足够的证据支持市场繁荣的观点。<b><i>如前所述：</i></b></blockquote></p><p>   <i>“Near peaks of market cycles, investors become swept up by the underlying exuberance. That exuberance breeds the “rationalization” that “this time is different.” So how do you know the market is exuberant currently? Via Sentiment Trader:”</i>    <i>‘This type of market activity is an indication that markets have returned their ‘enthusiasm’ stage. Such is characterized by:’</i>  <ul>  <li><b><i>High optimism</i></b></li>  <li><b><i>Easy credit (too easy, with loose terms)</i></b></li>  <li><b><i>A rush of initial and secondary offerings</i></b></li>  <li><b><i>Risky stocks outperforming</i></b></li>  <li><b><i>Stretched valuations</i></b></li> </ul> <img src=\"https://static.tigerbbs.com/ff8de3a84084162ca86b415584bbf793\" tg-width=\"731\" tg-height=\"468\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote><i>“在市场周期接近顶峰时，投资者会被潜在的繁荣所席卷。这种繁荣滋生了“合理化”，即“这次不同了”。那么，你如何知道市场目前是繁荣的呢？通过情绪交易者：”</i><i>这种类型的市场活动表明市场已经回到了“热情”阶段。其特征在于：</i><ul><li><b><i>高度乐观</i></b></li><li><b><i>宽松信贷（太宽松，条款宽松）</i></b></li><li><b><i>首次和二次发行热潮</i></b></li><li><b><i>风险股跑赢大盘</i></b></li><li><b><i>估值过高</i></b></li></ul></blockquote></p><p> However, while one would expect individuals to exhibit caution in such an environment, the opposite is true. Given the Fed’s ongoing balance sheet operations, investors fully believe they have protection from a decline.</p><p><blockquote>然而，虽然人们会期望个人在这样的环境中表现出谨慎，但事实恰恰相反。鉴于美联储正在进行的资产负债表操作，投资者完全相信他们有能力免受经济衰退的影响。</blockquote></p><p> <b>A Visualization Of A Market Melting-Up</b></p><p><blockquote><b>市场融化的可视化</b></blockquote></p><p> It is often easier to visualize something rather than explain it.<b>Since 1900, only two previous market periods qualify as a melt-up: 1920-1929 and 1995-2000.</b>The chart below shows both periods in terms of price.</p><p><blockquote>想象某事通常比解释它更容易。<b>自1900年以来，只有两个市场时期符合熔化的条件：1920-1929年和1995-2000年。</b>下图显示了这两个时期的价格。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a218c7efe2ebd874d05c9ff7dd564436\" tg-width=\"797\" tg-height=\"437\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/9f193c9c32d55747bf7ff511c2f9fd53\" tg-width=\"793\" tg-height=\"439\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> However, the melt-up is also visually represented by the incredibly sharp rise in valuations. Such is essential because earnings are not rising at a fast enough clip to support higher prices.<b>As is always the case, the investing public believes future earnings will justify higher prices during a melt-up. It just never works out that way.</b></p><p><blockquote>然而，估值的大幅上涨也直观地体现了这种融化。这一点至关重要，因为盈利增长速度不足以支撑价格上涨。<b>与往常一样，投资大众相信未来的收益将证明在融化期间价格上涨是合理的。从来都不是那样的。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/c69e418d5a19d6fd03b305ab111e3be3\" tg-width=\"794\" tg-height=\"440\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/af03d3bbd071b8edfdf3a19e2c7b0bcd\" tg-width=\"796\" tg-height=\"437\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> We can compare those two previous periods with the current advance from the March 2020 lows. Again, we see a very similar sharp advance in price combined with a surge in valuations. As expected, investors are currently hoping that future earnings will rise sharply enough to justify current prices. However, the justification for paying high prices is the Federal Reserve’s ongoing balance sheet expansion.</p><p><blockquote>我们可以将前两个时期与当前从2020年3月低点的上涨进行比较。我们再次看到非常相似的价格大幅上涨和估值飙升。正如预期的那样，投资者目前希望未来收益将大幅上涨，足以证明当前价格的合理性。然而，支付高价的理由是美联储持续的资产负债表扩张。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/f3562aea27b24ad4921d0f5cd497e072\" tg-width=\"804\" tg-height=\"444\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> The following chart looks that the price advance and valuation measures a little differently. It shows the current deviation from the long-term exponential growth trend. Not surprisingly, during a market<i>“melt-up,”</i>there is a rapid deviation from the growth trend matching the acceleration in valuations.</p><p><blockquote>下图显示，价格上涨和估值指标略有不同。它显示了当前与长期指数增长趋势的背离。毫不奇怪，在市场期间<i>“融化。”</i>与估值加速相匹配的增长趋势出现了快速背离。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/1419cf4b2afdcdc0f61e0cad862f498d\" tg-width=\"836\" tg-height=\"460\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> The problem with market<i>“melt-ups”</i>is not the melt-up itself but what always follows.</p><p><blockquote>市场的问题<i>“融化”</i>不是融化本身，而是随之而来的一切。</blockquote></p><p> <b>Melting-Up Leads To Melting-Down</b></p><p><blockquote><b>熔化导致熔化</b></blockquote></p><p> A market melting-up is exciting while it lasts. During melt-ups, investors begin to rationalize why<i>“this time is different.”</i>They start taking on excess leverage to try and capitalize on the rapid advance in prices, and fundamentals take a back seat to price momentum.</p><p><blockquote>市场融化持续下去是令人兴奋的。在熔断期间，投资者开始合理化原因<i>“这次不一样。”</i>他们开始过度杠杆，试图利用价格的快速上涨，基本面让位于价格动能。</blockquote></p><p></p><p> Market melt-ups are all about<i>“psychology.”</i><b>Historically, whatever has been the catalyst to spark the disregard of risk is readily witnessed in the corresponding surge in price and valuations.</b>The chart below shows the long-term deviations in relative strength, deviations, and valuations. The previous<i>‘melt-up”</i>periods should be easy to spot when compared with the advance currently.</p><p><blockquote>市场融化都是关于<i>“心理学。”</i><b>从历史上看，无论引发忽视风险的催化剂是什么，都很容易在价格和估值的相应飙升中看到。</b>下图显示了相对强度、偏差和估值的长期偏差。上一篇<i>“融化”</i>与目前的进展相比，时期应该很容易发现。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/bc04cb25c0199dd17475a551a5dd7ec1\" tg-width=\"869\" tg-height=\"1024\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Given that current extensions match only a few rare periods in history, a couple of points should be readily apparent.</p><p><blockquote>鉴于目前的延期仅与历史上少数罕见的时期相匹配，有几点应该是显而易见的。</blockquote></p><p> <ol>  <li><b><i>Melt-ups can longer than logic would predict.</i></b></li>  <li><b><i>The prevailing psychology is always “this time is different.”</i></b></li>  <li><b><i>Valuations are dismissed in exchange for measures of momentum and forward expectations.</i></b></li>  <li><b><i>Investors take on excess leverage and risk in order to participate in a seemingly “can’t lose” market.</i></b></li>  <li><b><i>Lastly, and inevitably, “melt-ups” end and always in the worst possible outcomes.</i></b></li> </ol> It is essential to recognize the markets are in a<i>“melt-up,</i>” and the duration of that event is unknowable. Therefore, investors need a strategy to participate in the advance and mitigate the damage from the eventual<i>“melting-down.”</i></p><p><blockquote><ol><li><b><i>融化的时间可能比逻辑预测的要长。</i></b></li><li><b><i>普遍的心理总是“这次不一样了”。</i></b></li><li><b><i>估值被驳回，以换取动量和前瞻性预期的衡量标准。</i></b></li><li><b><i>投资者为了参与一个看似“输不起”的市场，承担了过多的杠杆和风险。</i></b></li><li><b><i>最后，不可避免的是，“融化”以最糟糕的结果告终。</i></b></li></ol>必须认识到市场正处于<i>“融化，</i>“而且该事件的持续时间是未知的。因此，投资者需要一种策略来参与提前并减轻最终的损失<i>“熔化。”</i></blockquote></p><p> <b>Surviving The Melt-Up</b></p><p><blockquote><b>在融化中幸存下来</b></blockquote></p><p> <b>As noted, none of this means the next</b><b><i>“bear market”</i></b><b>is lurking.</b>Given that a market melting-up is a function of psychology, they can last longer and go further than logic would predict. What is required to “<i>end”</i>a melt-up is an unanticipated exogenous event that changes psychology from bullish to bearish. Such is when the stampede for the exits occurs, and prices decline very quickly.</p><p><blockquote><b>如上所述，这些都不意味着下一个</b><b><i>“熊市”</i></b><b>正在潜伏。</b>鉴于市场融化是心理作用，它们可以持续更长时间，走得比逻辑预测的更远。需要什么“<i>结束“</i>融化是一种意想不到的外生事件，它将心理从看涨转变为看跌。这就是人们蜂拥退出的时候，价格会迅速下跌。</blockquote></p><p> As such, investors need a set of guidelines to participate in the market advance. But, of course, the hard part is keeping those gains when corrections inevitably occur.</p><p><blockquote>因此，投资者需要一套指导方针来参与市场上涨。但是，当然，困难的部分是在不可避免地发生调整时保持这些收益。</blockquote></p><p> As portfolio managers for our clients, such is precisely the approach we must take. Accordingly, I have provided a general overview of the process that we employ.</p><p><blockquote>作为客户的投资组合经理，这正是我们必须采取的方法。因此，我提供了我们采用的流程的总体概述。</blockquote></p><p> <ol>  <li><i><b>Tighten up stop-loss levels</b></i><i>to current support levels for each position.(Provides identifiable exit points when the market reverses.)</i></li>  <li><i><b>Hedge portfolios</b></i><i>against major market declines.(Non-correlated assets, short-market positions, index put options)</i></li>  <li><i><b>Take profits</b></i><i>in positions that have been big winners(Rebalancing overbought or extended positions to capture gains but continue to participate in the advance.)</i></li>  <li><i><b>Sell laggards</b></i><i>and losers</i>.<i>(If something isn’t working in a market melt-up, it most likely won’t work during a broad decline. Better to eliminate the risk early.)</i></li>  <li><i><b>Raise cash</b></i><i>and rebalance portfolios to target weightings.(Rebalancing risk on a regular basis keeps hidden risks somewhat mitigated.)</i></li> </ol> <b>Notice, nothing in there says,</b><b><i>“sell everything and go to cash.”</i></b></p><p><blockquote><ol><li><i><b>收紧止损水平</b></i><i>每个头寸的当前支撑位。（当市场反转时提供可识别的退出点。）</i></li><li><i><b>对冲投资组合</b></i><i>（非相关资产、空头市场头寸、指数看跌期权）</i></li><li><i><b>获利了结</b></i><i>在已经成为大赢家的头寸中（重新平衡超买或扩展头寸以获取收益，但继续参与上涨。）</i></li><li><i><b>出售落后者</b></i><i>和失败者</i>.<i>（如果某些东西在市场融化时不起作用，那么在广泛下跌时很可能也不会起作用。最好尽早消除风险。）</i></li><li><i><b>筹集现金</b></i><i>并重新平衡投资组合以达到目标权重。（定期重新平衡风险可以在一定程度上减轻隐藏的风险。）</i></li></ol><b>注意，里面没有任何东西说，</b><b><i>“卖掉所有东西，去兑现。”</i></b></blockquote></p><p> There will be a time to raise significant levels of cash. A good portfolio management strategy will automatically ensure that<i>“stop-loss”</i>levels get triggered, exposure decreases, and cash levels rise when the selling begins.</p><p><blockquote>将会有一段时间来筹集大量现金。一个好的投资组合管理策略会自动确保<i>“止损”</i>当出售开始时，水平被触发，风险减少，现金水平上升。</blockquote></p><p> While it is essential to take advantage of the melt-up while it lasts, just don’t become overly complacent<i>“this time is different.”</i></p><p><blockquote>虽然有必要在融化持续期间利用它，但不要过于自满<i>“这次不一样。”</i></blockquote></p><p> It likely isn’t.</p><p><blockquote>很可能不是。</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>Technically Speaking: Is The Market \"Melting-Up?\"<blockquote>从技术上讲：市场正在“融化”吗？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTechnically Speaking: Is The Market \"Melting-Up?\"<blockquote>从技术上讲：市场正在“融化”吗？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-09-29 10:31</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Given the Fed’s ongoing balance sheet operations, investors fully believe they have protection from a decline.</li>  <li>As is always the case, the investing public believes future earnings will justify higher prices during a melt-up. It just never works out that way.</li>  <li>While it is essential to take advantage of the melt-up while it lasts, just don’t become overly complacent “this time is different”.</li> </ul> Is the<i>“market melting-up?”</i>Such was the question I received from my colleague at<i>Cut The Crap Investing.</i>It is an excellent question given the relentless increase in what investors believe is a<i>“no risk”</i>market.</p><p><blockquote><ul><li>鉴于美联储正在进行的资产负债表操作，投资者完全相信他们有能力免受经济衰退的影响。</li><li>与往常一样，投资大众相信未来的收益将证明在融化期间价格上涨是合理的。从来都不是那样的。</li><li>虽然在融化持续期间利用它是至关重要的，但不要过于自满“这次不同了”。</li></ul>是<i>“市场融化？”</i>这是我从我的同事那里收到的问题<i>少废话投资。</i>考虑到投资者认为的持续增长，这是一个很好的问题<i>“没有风险”</i>市场。</blockquote></p><p> Of course, we need a definition of precisely what constitutes a melt-up.</p><p><blockquote>当然，我们需要一个准确定义什么是融化。</blockquote></p><p>   <i>“A melt-up is a sustained and often unexpected improvement in the investment performance of an asset or asset class, driven partly</i>  <i><b>by a stampede of investors who don’t want to miss out on its rise,</b></i>  <i>rather than by fundamental improvements in the economy.“</i>–  <i>Investopedia</i>  Currently, there is sufficient evidence to support the idea of an exuberant market.<b><i>As noted previously:</i></b></p><p><blockquote><i>他说：“熔断是指一项资产或资产类别的投资表现持续且往往出乎意料的改善，部分原因是</i><i><b>不想错过其上涨机会的投资者蜂拥而至，</b></i><i>而不是经济的根本改善。”</i>–<i>投资百科</i>目前，有足够的证据支持市场繁荣的观点。<b><i>如前所述：</i></b></blockquote></p><p>   <i>“Near peaks of market cycles, investors become swept up by the underlying exuberance. That exuberance breeds the “rationalization” that “this time is different.” So how do you know the market is exuberant currently? Via Sentiment Trader:”</i>    <i>‘This type of market activity is an indication that markets have returned their ‘enthusiasm’ stage. Such is characterized by:’</i>  <ul>  <li><b><i>High optimism</i></b></li>  <li><b><i>Easy credit (too easy, with loose terms)</i></b></li>  <li><b><i>A rush of initial and secondary offerings</i></b></li>  <li><b><i>Risky stocks outperforming</i></b></li>  <li><b><i>Stretched valuations</i></b></li> </ul> <img src=\"https://static.tigerbbs.com/ff8de3a84084162ca86b415584bbf793\" tg-width=\"731\" tg-height=\"468\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote><i>“在市场周期接近顶峰时，投资者会被潜在的繁荣所席卷。这种繁荣滋生了“合理化”，即“这次不同了”。那么，你如何知道市场目前是繁荣的呢？通过情绪交易者：”</i><i>这种类型的市场活动表明市场已经回到了“热情”阶段。其特征在于：</i><ul><li><b><i>高度乐观</i></b></li><li><b><i>宽松信贷（太宽松，条款宽松）</i></b></li><li><b><i>首次和二次发行热潮</i></b></li><li><b><i>风险股跑赢大盘</i></b></li><li><b><i>估值过高</i></b></li></ul></blockquote></p><p> However, while one would expect individuals to exhibit caution in such an environment, the opposite is true. Given the Fed’s ongoing balance sheet operations, investors fully believe they have protection from a decline.</p><p><blockquote>然而，虽然人们会期望个人在这样的环境中表现出谨慎，但事实恰恰相反。鉴于美联储正在进行的资产负债表操作，投资者完全相信他们有能力免受经济衰退的影响。</blockquote></p><p> <b>A Visualization Of A Market Melting-Up</b></p><p><blockquote><b>市场融化的可视化</b></blockquote></p><p> It is often easier to visualize something rather than explain it.<b>Since 1900, only two previous market periods qualify as a melt-up: 1920-1929 and 1995-2000.</b>The chart below shows both periods in terms of price.</p><p><blockquote>想象某事通常比解释它更容易。<b>自1900年以来，只有两个市场时期符合熔化的条件：1920-1929年和1995-2000年。</b>下图显示了这两个时期的价格。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a218c7efe2ebd874d05c9ff7dd564436\" tg-width=\"797\" tg-height=\"437\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/9f193c9c32d55747bf7ff511c2f9fd53\" tg-width=\"793\" tg-height=\"439\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> However, the melt-up is also visually represented by the incredibly sharp rise in valuations. Such is essential because earnings are not rising at a fast enough clip to support higher prices.<b>As is always the case, the investing public believes future earnings will justify higher prices during a melt-up. It just never works out that way.</b></p><p><blockquote>然而，估值的大幅上涨也直观地体现了这种融化。这一点至关重要，因为盈利增长速度不足以支撑价格上涨。<b>与往常一样，投资大众相信未来的收益将证明在融化期间价格上涨是合理的。从来都不是那样的。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/c69e418d5a19d6fd03b305ab111e3be3\" tg-width=\"794\" tg-height=\"440\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/af03d3bbd071b8edfdf3a19e2c7b0bcd\" tg-width=\"796\" tg-height=\"437\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> We can compare those two previous periods with the current advance from the March 2020 lows. Again, we see a very similar sharp advance in price combined with a surge in valuations. As expected, investors are currently hoping that future earnings will rise sharply enough to justify current prices. However, the justification for paying high prices is the Federal Reserve’s ongoing balance sheet expansion.</p><p><blockquote>我们可以将前两个时期与当前从2020年3月低点的上涨进行比较。我们再次看到非常相似的价格大幅上涨和估值飙升。正如预期的那样，投资者目前希望未来收益将大幅上涨，足以证明当前价格的合理性。然而，支付高价的理由是美联储持续的资产负债表扩张。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/f3562aea27b24ad4921d0f5cd497e072\" tg-width=\"804\" tg-height=\"444\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> The following chart looks that the price advance and valuation measures a little differently. It shows the current deviation from the long-term exponential growth trend. Not surprisingly, during a market<i>“melt-up,”</i>there is a rapid deviation from the growth trend matching the acceleration in valuations.</p><p><blockquote>下图显示，价格上涨和估值指标略有不同。它显示了当前与长期指数增长趋势的背离。毫不奇怪，在市场期间<i>“融化。”</i>与估值加速相匹配的增长趋势出现了快速背离。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/1419cf4b2afdcdc0f61e0cad862f498d\" tg-width=\"836\" tg-height=\"460\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> The problem with market<i>“melt-ups”</i>is not the melt-up itself but what always follows.</p><p><blockquote>市场的问题<i>“融化”</i>不是融化本身，而是随之而来的一切。</blockquote></p><p> <b>Melting-Up Leads To Melting-Down</b></p><p><blockquote><b>熔化导致熔化</b></blockquote></p><p> A market melting-up is exciting while it lasts. During melt-ups, investors begin to rationalize why<i>“this time is different.”</i>They start taking on excess leverage to try and capitalize on the rapid advance in prices, and fundamentals take a back seat to price momentum.</p><p><blockquote>市场融化持续下去是令人兴奋的。在熔断期间，投资者开始合理化原因<i>“这次不一样。”</i>他们开始过度杠杆，试图利用价格的快速上涨，基本面让位于价格动能。</blockquote></p><p></p><p> Market melt-ups are all about<i>“psychology.”</i><b>Historically, whatever has been the catalyst to spark the disregard of risk is readily witnessed in the corresponding surge in price and valuations.</b>The chart below shows the long-term deviations in relative strength, deviations, and valuations. The previous<i>‘melt-up”</i>periods should be easy to spot when compared with the advance currently.</p><p><blockquote>市场融化都是关于<i>“心理学。”</i><b>从历史上看，无论引发忽视风险的催化剂是什么，都很容易在价格和估值的相应飙升中看到。</b>下图显示了相对强度、偏差和估值的长期偏差。上一篇<i>“融化”</i>与目前的进展相比，时期应该很容易发现。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/bc04cb25c0199dd17475a551a5dd7ec1\" tg-width=\"869\" tg-height=\"1024\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Given that current extensions match only a few rare periods in history, a couple of points should be readily apparent.</p><p><blockquote>鉴于目前的延期仅与历史上少数罕见的时期相匹配，有几点应该是显而易见的。</blockquote></p><p> <ol>  <li><b><i>Melt-ups can longer than logic would predict.</i></b></li>  <li><b><i>The prevailing psychology is always “this time is different.”</i></b></li>  <li><b><i>Valuations are dismissed in exchange for measures of momentum and forward expectations.</i></b></li>  <li><b><i>Investors take on excess leverage and risk in order to participate in a seemingly “can’t lose” market.</i></b></li>  <li><b><i>Lastly, and inevitably, “melt-ups” end and always in the worst possible outcomes.</i></b></li> </ol> It is essential to recognize the markets are in a<i>“melt-up,</i>” and the duration of that event is unknowable. Therefore, investors need a strategy to participate in the advance and mitigate the damage from the eventual<i>“melting-down.”</i></p><p><blockquote><ol><li><b><i>融化的时间可能比逻辑预测的要长。</i></b></li><li><b><i>普遍的心理总是“这次不一样了”。</i></b></li><li><b><i>估值被驳回，以换取动量和前瞻性预期的衡量标准。</i></b></li><li><b><i>投资者为了参与一个看似“输不起”的市场，承担了过多的杠杆和风险。</i></b></li><li><b><i>最后，不可避免的是，“融化”以最糟糕的结果告终。</i></b></li></ol>必须认识到市场正处于<i>“融化，</i>“而且该事件的持续时间是未知的。因此，投资者需要一种策略来参与提前并减轻最终的损失<i>“熔化。”</i></blockquote></p><p> <b>Surviving The Melt-Up</b></p><p><blockquote><b>在融化中幸存下来</b></blockquote></p><p> <b>As noted, none of this means the next</b><b><i>“bear market”</i></b><b>is lurking.</b>Given that a market melting-up is a function of psychology, they can last longer and go further than logic would predict. What is required to “<i>end”</i>a melt-up is an unanticipated exogenous event that changes psychology from bullish to bearish. Such is when the stampede for the exits occurs, and prices decline very quickly.</p><p><blockquote><b>如上所述，这些都不意味着下一个</b><b><i>“熊市”</i></b><b>正在潜伏。</b>鉴于市场融化是心理作用，它们可以持续更长时间，走得比逻辑预测的更远。需要什么“<i>结束“</i>融化是一种意想不到的外生事件，它将心理从看涨转变为看跌。这就是人们蜂拥退出的时候，价格会迅速下跌。</blockquote></p><p> As such, investors need a set of guidelines to participate in the market advance. But, of course, the hard part is keeping those gains when corrections inevitably occur.</p><p><blockquote>因此，投资者需要一套指导方针来参与市场上涨。但是，当然，困难的部分是在不可避免地发生调整时保持这些收益。</blockquote></p><p> As portfolio managers for our clients, such is precisely the approach we must take. Accordingly, I have provided a general overview of the process that we employ.</p><p><blockquote>作为客户的投资组合经理，这正是我们必须采取的方法。因此，我提供了我们采用的流程的总体概述。</blockquote></p><p> <ol>  <li><i><b>Tighten up stop-loss levels</b></i><i>to current support levels for each position.(Provides identifiable exit points when the market reverses.)</i></li>  <li><i><b>Hedge portfolios</b></i><i>against major market declines.(Non-correlated assets, short-market positions, index put options)</i></li>  <li><i><b>Take profits</b></i><i>in positions that have been big winners(Rebalancing overbought or extended positions to capture gains but continue to participate in the advance.)</i></li>  <li><i><b>Sell laggards</b></i><i>and losers</i>.<i>(If something isn’t working in a market melt-up, it most likely won’t work during a broad decline. Better to eliminate the risk early.)</i></li>  <li><i><b>Raise cash</b></i><i>and rebalance portfolios to target weightings.(Rebalancing risk on a regular basis keeps hidden risks somewhat mitigated.)</i></li> </ol> <b>Notice, nothing in there says,</b><b><i>“sell everything and go to cash.”</i></b></p><p><blockquote><ol><li><i><b>收紧止损水平</b></i><i>每个头寸的当前支撑位。（当市场反转时提供可识别的退出点。）</i></li><li><i><b>对冲投资组合</b></i><i>（非相关资产、空头市场头寸、指数看跌期权）</i></li><li><i><b>获利了结</b></i><i>在已经成为大赢家的头寸中（重新平衡超买或扩展头寸以获取收益，但继续参与上涨。）</i></li><li><i><b>出售落后者</b></i><i>和失败者</i>.<i>（如果某些东西在市场融化时不起作用，那么在广泛下跌时很可能也不会起作用。最好尽早消除风险。）</i></li><li><i><b>筹集现金</b></i><i>并重新平衡投资组合以达到目标权重。（定期重新平衡风险可以在一定程度上减轻隐藏的风险。）</i></li></ol><b>注意，里面没有任何东西说，</b><b><i>“卖掉所有东西，去兑现。”</i></b></blockquote></p><p> There will be a time to raise significant levels of cash. A good portfolio management strategy will automatically ensure that<i>“stop-loss”</i>levels get triggered, exposure decreases, and cash levels rise when the selling begins.</p><p><blockquote>将会有一段时间来筹集大量现金。一个好的投资组合管理策略会自动确保<i>“止损”</i>当出售开始时，水平被触发，风险减少，现金水平上升。</blockquote></p><p> While it is essential to take advantage of the melt-up while it lasts, just don’t become overly complacent<i>“this time is different.”</i></p><p><blockquote>虽然有必要在融化持续期间利用它，但不要过于自满<i>“这次不一样。”</i></blockquote></p><p> It likely isn’t.</p><p><blockquote>很可能不是。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4457469-technically-speaking-is-the-market-melting-up\">seekingalpha</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","SPY":"标普500ETF"},"source_url":"https://seekingalpha.com/article/4457469-technically-speaking-is-the-market-melting-up","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1198528044","content_text":"Summary\n\nGiven the Fed’s ongoing balance sheet operations, investors fully believe they have protection from a decline.\nAs is always the case, the investing public believes future earnings will justify higher prices during a melt-up. It just never works out that way.\nWhile it is essential to take advantage of the melt-up while it lasts, just don’t become overly complacent “this time is different”.\n\nIs the“market melting-up?”Such was the question I received from my colleague atCut The Crap Investing.It is an excellent question given the relentless increase in what investors believe is a“no risk”market.\nOf course, we need a definition of precisely what constitutes a melt-up.\n\n“A melt-up is a sustained and often unexpected improvement in the investment performance of an asset or asset class, driven partly\nby a stampede of investors who don’t want to miss out on its rise,\nrather than by fundamental improvements in the economy.“–\n Investopedia\n\nCurrently, there is sufficient evidence to support the idea of an exuberant market.As noted previously:\n\n“Near peaks of market cycles, investors become swept up by the underlying exuberance. That exuberance breeds the “rationalization” that “this time is different.” So how do you know the market is exuberant currently? Via Sentiment Trader:”\n\n\n‘This type of market activity is an indication that markets have returned their ‘enthusiasm’ stage. Such is characterized by:’\n\n\nHigh optimism\nEasy credit (too easy, with loose terms)\nA rush of initial and secondary offerings\nRisky stocks outperforming\nStretched valuations\n\n\nHowever, while one would expect individuals to exhibit caution in such an environment, the opposite is true. Given the Fed’s ongoing balance sheet operations, investors fully believe they have protection from a decline.\nA Visualization Of A Market Melting-Up\nIt is often easier to visualize something rather than explain it.Since 1900, only two previous market periods qualify as a melt-up: 1920-1929 and 1995-2000.The chart below shows both periods in terms of price.\n\nHowever, the melt-up is also visually represented by the incredibly sharp rise in valuations. Such is essential because earnings are not rising at a fast enough clip to support higher prices.As is always the case, the investing public believes future earnings will justify higher prices during a melt-up. It just never works out that way.\n\nWe can compare those two previous periods with the current advance from the March 2020 lows. Again, we see a very similar sharp advance in price combined with a surge in valuations. As expected, investors are currently hoping that future earnings will rise sharply enough to justify current prices. However, the justification for paying high prices is the Federal Reserve’s ongoing balance sheet expansion.\n\nThe following chart looks that the price advance and valuation measures a little differently. It shows the current deviation from the long-term exponential growth trend. Not surprisingly, during a market“melt-up,”there is a rapid deviation from the growth trend matching the acceleration in valuations.\n\nThe problem with market“melt-ups”is not the melt-up itself but what always follows.\nMelting-Up Leads To Melting-Down\nA market melting-up is exciting while it lasts. During melt-ups, investors begin to rationalize why“this time is different.”They start taking on excess leverage to try and capitalize on the rapid advance in prices, and fundamentals take a back seat to price momentum.\nMarket melt-ups are all about“psychology.”Historically, whatever has been the catalyst to spark the disregard of risk is readily witnessed in the corresponding surge in price and valuations.The chart below shows the long-term deviations in relative strength, deviations, and valuations. The previous‘melt-up”periods should be easy to spot when compared with the advance currently.\n\nGiven that current extensions match only a few rare periods in history, a couple of points should be readily apparent.\n\nMelt-ups can longer than logic would predict.\nThe prevailing psychology is always “this time is different.”\nValuations are dismissed in exchange for measures of momentum and forward expectations.\nInvestors take on excess leverage and risk in order to participate in a seemingly “can’t lose” market.\nLastly, and inevitably, “melt-ups” end and always in the worst possible outcomes.\n\nIt is essential to recognize the markets are in a“melt-up,” and the duration of that event is unknowable. Therefore, investors need a strategy to participate in the advance and mitigate the damage from the eventual“melting-down.”\nSurviving The Melt-Up\nAs noted, none of this means the next“bear market”is lurking.Given that a market melting-up is a function of psychology, they can last longer and go further than logic would predict. What is required to “end”a melt-up is an unanticipated exogenous event that changes psychology from bullish to bearish. Such is when the stampede for the exits occurs, and prices decline very quickly.\nAs such, investors need a set of guidelines to participate in the market advance. But, of course, the hard part is keeping those gains when corrections inevitably occur.\nAs portfolio managers for our clients, such is precisely the approach we must take. Accordingly, I have provided a general overview of the process that we employ.\n\nTighten up stop-loss levelsto current support levels for each position.(Provides identifiable exit points when the market reverses.)\nHedge portfoliosagainst major market declines.(Non-correlated assets, short-market positions, index put options)\nTake profitsin positions that have been big winners(Rebalancing overbought or extended positions to capture gains but continue to participate in the advance.)\nSell laggardsand losers.(If something isn’t working in a market melt-up, it most likely won’t work during a broad decline. Better to eliminate the risk early.)\nRaise cashand rebalance portfolios to target weightings.(Rebalancing risk on a regular basis keeps hidden risks somewhat mitigated.)\n\nNotice, nothing in there says,“sell everything and go to cash.”\nThere will be a time to raise significant levels of cash. A good portfolio management strategy will automatically ensure that“stop-loss”levels get triggered, exposure decreases, and cash levels rise when the selling begins.\nWhile it is essential to take advantage of the melt-up while it lasts, just don’t become overly complacent“this time is different.”\nIt likely isn’t.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,"SPY":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":1948,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":860569541,"gmtCreate":1632188961683,"gmtModify":1632802192415,"author":{"id":"3574670459862914","authorId":"3574670459862914","name":"Leira","avatar":"https://static.tigerbbs.com/c093de36b9faf1e806c55a60e221cb74","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574670459862914","authorIdStr":"3574670459862914"},"themes":[],"htmlText":"Will it drop further?","listText":"Will it drop further?","text":"Will it drop further?","images":[{"img":"https://static.tigerbbs.com/0bcd8f71a21af11f974abc1c4f36ee9c","width":"750","height":"2109"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":7,"repostSize":0,"link":"https://laohu8.com/post/860569541","isVote":1,"tweetType":1,"viewCount":2074,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":880833570,"gmtCreate":1631029679690,"gmtModify":1631887073414,"author":{"id":"3574670459862914","authorId":"3574670459862914","name":"Leira","avatar":"https://static.tigerbbs.com/c093de36b9faf1e806c55a60e221cb74","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574670459862914","authorIdStr":"3574670459862914"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/ARKK\">$ARK Innovation ETF(ARKK)$</a>Hold or take position?","listText":"<a href=\"https://laohu8.com/S/ARKK\">$ARK Innovation ETF(ARKK)$</a>Hold or take position?","text":"$ARK Innovation ETF(ARKK)$Hold or take position?","images":[{"img":"https://static.tigerbbs.com/ef5737b4ac42565d226c413a7791ece6","width":"828","height":"1434"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":8,"repostSize":0,"link":"https://laohu8.com/post/880833570","isVote":1,"tweetType":1,"viewCount":2914,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":812027206,"gmtCreate":1630542595805,"gmtModify":1631887073563,"author":{"id":"3574670459862914","authorId":"3574670459862914","name":"Leira","avatar":"https://static.tigerbbs.com/c093de36b9faf1e806c55a60e221cb74","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574670459862914","authorIdStr":"3574670459862914"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/ARKK\">$ARK Innovation ETF(ARKK)$</a>How long will this uptrend last","listText":"<a href=\"https://laohu8.com/S/ARKK\">$ARK Innovation ETF(ARKK)$</a>How long will this uptrend last","text":"$ARK Innovation ETF(ARKK)$How long will this uptrend last","images":[{"img":"https://static.tigerbbs.com/19df06d62a7cd8c462ef3eb57dc2db7f","width":"828","height":"1434"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/812027206","isVote":1,"tweetType":1,"viewCount":1327,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":837802320,"gmtCreate":1629870328860,"gmtModify":1631889689903,"author":{"id":"3574670459862914","authorId":"3574670459862914","name":"Leira","avatar":"https://static.tigerbbs.com/c093de36b9faf1e806c55a60e221cb74","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574670459862914","authorIdStr":"3574670459862914"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/VT\">$Vanguard Total World Stock Index Fund ETF Shares(VT)$</a>Positive again","listText":"<a href=\"https://laohu8.com/S/VT\">$Vanguard Total World Stock Index Fund ETF Shares(VT)$</a>Positive again","text":"$Vanguard Total World Stock Index Fund ETF Shares(VT)$Positive again","images":[{"img":"https://static.tigerbbs.com/aac9d0613b79a508068c3c4283163b0b","width":"828","height":"1434"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/837802320","isVote":1,"tweetType":1,"viewCount":662,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":837808490,"gmtCreate":1629870237010,"gmtModify":1631884235041,"author":{"id":"3574670459862914","authorId":"3574670459862914","name":"Leira","avatar":"https://static.tigerbbs.com/c093de36b9faf1e806c55a60e221cb74","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574670459862914","authorIdStr":"3574670459862914"},"themes":[],"htmlText":"China buying back shares… how sustainable is this?","listText":"China buying back shares… how sustainable is this?","text":"China buying back shares… how sustainable is this?","images":[{"img":"https://static.tigerbbs.com/39d12097daf8e603293affba1083a774","width":"750","height":"1517"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/837808490","isVote":1,"tweetType":1,"viewCount":531,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":836590863,"gmtCreate":1629505338352,"gmtModify":1631887171155,"author":{"id":"3574670459862914","authorId":"3574670459862914","name":"Leira","avatar":"https://static.tigerbbs.com/c093de36b9faf1e806c55a60e221cb74","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574670459862914","authorIdStr":"3574670459862914"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/ICLN\">$iShares Global Clean Energy ETF(ICLN)$</a>Will investing in sustainably ever be sustainable?","listText":"<a href=\"https://laohu8.com/S/ICLN\">$iShares Global Clean Energy ETF(ICLN)$</a>Will investing in sustainably ever be sustainable?","text":"$iShares Global Clean Energy ETF(ICLN)$Will investing in sustainably ever be sustainable?","images":[{"img":"https://static.tigerbbs.com/a8cdcc2f8a5abadd04b35ed0f0d5de66","width":"828","height":"1434"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":7,"repostSize":0,"link":"https://laohu8.com/post/836590863","isVote":1,"tweetType":1,"viewCount":774,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":838704346,"gmtCreate":1629427264685,"gmtModify":1633684900308,"author":{"id":"3574670459862914","authorId":"3574670459862914","name":"Leira","avatar":"https://static.tigerbbs.com/c093de36b9faf1e806c55a60e221cb74","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574670459862914","authorIdStr":"3574670459862914"},"themes":[],"htmlText":"Is it time to enter or wait and see?","listText":"Is it time to enter or wait and see?","text":"Is it time to enter or wait and see?","images":[{"img":"https://static.tigerbbs.com/94a084d6d5bfc9ad17600246ca793d75","width":"750","height":"1517"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/838704346","isVote":1,"tweetType":1,"viewCount":603,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":838702434,"gmtCreate":1629427223528,"gmtModify":1631887073803,"author":{"id":"3574670459862914","authorId":"3574670459862914","name":"Leira","avatar":"https://static.tigerbbs.com/c093de36b9faf1e806c55a60e221cb74","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574670459862914","authorIdStr":"3574670459862914"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/ARKK\">$ARK Innovation ETF(ARKK)$</a>Back to red…","listText":"<a href=\"https://laohu8.com/S/ARKK\">$ARK Innovation ETF(ARKK)$</a>Back to red…","text":"$ARK Innovation ETF(ARKK)$Back to red…","images":[{"img":"https://static.tigerbbs.com/69b00361b2ef195bb1e565f85023151d","width":"828","height":"1434"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/838702434","isVote":1,"tweetType":1,"viewCount":665,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":831379104,"gmtCreate":1629292661108,"gmtModify":1633685935341,"author":{"id":"3574670459862914","authorId":"3574670459862914","name":"Leira","avatar":"https://static.tigerbbs.com/c093de36b9faf1e806c55a60e221cb74","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574670459862914","authorIdStr":"3574670459862914"},"themes":[],"htmlText":"Buy or wait for the dip?","listText":"Buy or wait for the dip?","text":"Buy or wait for the dip?","images":[{"img":"https://static.tigerbbs.com/e331e2edbe4263844ebb064672357d72","width":"750","height":"1902"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/831379104","isVote":1,"tweetType":1,"viewCount":497,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":898757188,"gmtCreate":1628524062844,"gmtModify":1631889689906,"author":{"id":"3574670459862914","authorId":"3574670459862914","name":"Leira","avatar":"https://static.tigerbbs.com/c093de36b9faf1e806c55a60e221cb74","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574670459862914","authorIdStr":"3574670459862914"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/VT\">$Vanguard Total World Stock Index Fund ETF Shares(VT)$</a>Up up up","listText":"<a href=\"https://laohu8.com/S/VT\">$Vanguard Total World Stock Index Fund ETF Shares(VT)$</a>Up up up","text":"$Vanguard Total World Stock Index Fund ETF Shares(VT)$Up up up","images":[{"img":"https://static.tigerbbs.com/5107521d4937ab3a0264c8d8a8f4b5c4","width":"828","height":"1434"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/898757188","isVote":1,"tweetType":1,"viewCount":601,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":891957307,"gmtCreate":1628322576309,"gmtModify":1633751652077,"author":{"id":"3574670459862914","authorId":"3574670459862914","name":"Leira","avatar":"https://static.tigerbbs.com/c093de36b9faf1e806c55a60e221cb74","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574670459862914","authorIdStr":"3574670459862914"},"themes":[],"htmlText":"People is still cheaper than automation [Sigh]&nbsp;","listText":"People is still cheaper than automation [Sigh]&nbsp;","text":"People is still cheaper than automation [Sigh]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/891957307","repostId":"1130636428","repostType":4,"isVote":1,"tweetType":1,"viewCount":480,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":177235939,"gmtCreate":1627221469821,"gmtModify":1633767077441,"author":{"id":"3574670459862914","authorId":"3574670459862914","name":"Leira","avatar":"https://static.tigerbbs.com/c093de36b9faf1e806c55a60e221cb74","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574670459862914","authorIdStr":"3574670459862914"},"themes":[],"htmlText":"The trough after the peak…","listText":"The trough after the peak…","text":"The trough after the peak…","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/177235939","repostId":"1142780742","repostType":4,"repost":{"id":"1142780742","kind":"news","pubTimestamp":1627050360,"share":"https://www.laohu8.com/m/news/1142780742?lang=zh_CN&edition=full","pubTime":"2021-07-23 22:26","market":"us","language":"en","title":"US Services PMI Plunges Unexpectedly To 5-Month Lows As Business Outlook Slumps<blockquote>由于商业前景低迷，美国服务业PMI意外跌至5个月低点</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1142780742","media":"zerohedge","summary":"After US Services PMI (and ISM) unexpectedly plunged from record highs in June, analysts expected th","content":"<p>After US Services PMI (and ISM) unexpectedly plunged from record highs in June, analysts expected the plunge to stop in preliminary July data (despite an ongoing downtrend in 'hard' economic data performance)... they were wrong.</p><p><blockquote>在美国服务业PMI（和ISM）从6月份的历史高点意外暴跌后，分析师预计7月份的初步数据将停止暴跌（尽管“硬”经济数据表现持续下降）...他们错了。</blockquote></p><p> While US Manufacturing picked up modestly from 62.1 to 63.1 (better than the 62.0 expected),<b>US Services tumbled further to 59.8 from 64.6 (well below the 64.5 expected).</b></p><p><blockquote>虽然美国制造业从62.1温和回升至63.1（好于预期的62.0），<b>美国服务业从64.6进一步跌至59.8（远低于预期的64.5）。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/ba2cf844b2fa1686765814cf0859414b\" tg-width=\"1280\" tg-height=\"681\" width=\"100%\" height=\"auto\"><i>Source: Bloomberg</i></p><p><blockquote><i>资料来源：彭博社</i></blockquote></p><p> That is the weakest Services print since February.</p><p><blockquote>这是自二月份以来最弱的服务业数据。</blockquote></p><p> The drop in Services weighed heavily on the<b>US Composite which dropped to 4-month lows.</b></p><p><blockquote>服务业的下降严重影响了<b>美国综合指数跌至4个月低点。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/234016546da9850fc2107e26a19dbad7\" tg-width=\"1006\" tg-height=\"753\" width=\"100%\" height=\"auto\">Commenting on the PMI data,Chris Williamson, Chief Business Economist at IHS Markit, said:</p><p><blockquote>IHS Markit首席商业经济学家Chris Williamson在评论PMI数据时表示：</blockquote></p><p> “<b>The provisional PMI data for July point to the pace of economic growth slowing for a second successive month,</b>though importantly this cooling has followed an unprecedented growth spurt in May. Some moderation of service sector growth in particular was always on the cards after the initial reopening of the economy, and importantly we’re now seeing nicely-balanced strong growth across both manufacturing and services.</p><p><blockquote>“<b>7月PMI临时数据显示经济增长速度连续第二个月放缓，</b>尽管重要的是，这种降温是在5月份前所未有的增长之后发生的。在经济最初重新开放后，服务业的增长尤其可能会放缓，重要的是，我们现在看到制造业和服务业都实现了良好平衡的强劲增长。</blockquote></p><p> “While the<b>second quarter may therefore represent a peaking in the pace of economic growth</b>according to the PMI, the third quarter is still looking encouragingly strong.</p><p><blockquote>“而<b>因此，第二季度可能代表着经济增长速度的见顶</b>根据PMI，第三季度看起来仍然强劲，令人鼓舞。</blockquote></p><p> “Short-term capacity issues remain a concern, constraining output in many manufacturing and service sector companies while simultaneously pushing prices higher as demand exceeds supply.<b>However, we’re already seeing signs of inflationary pressures peaking, with both input cost and selling price gauges falling for a second month in July, albeit remaining elevated.</b></p><p><blockquote>“短期产能问题仍然令人担忧，限制了许多制造业和服务业公司的产出，同时由于需求超过供应而推高了价格。<b>然而，我们已经看到通胀压力见顶的迹象，投入成本和销售价格指标在7月份连续第二个月下降，尽管仍然很高。</b></blockquote></p><p> “<b>Inflationary pressures and supply constraints – both in terms of labour and materials shortages - nevertheless remain major sources of uncertainty among businesses, as does the delta variant, all of which has pushed business optimism about the year ahead to the lowest seen so far this year.</b>The concern is this drop in confidence could feed through to reduced spending, investment and hiring, adding to the possibility that growth could slow further in coming months.”</p><p><blockquote>“<b>然而，通胀压力和供应限制（包括劳动力和材料短缺）仍然是企业不确定性的主要来源，德尔塔变异毒株也是如此，所有这些都将企业对未来一年的乐观情绪推至今年迄今为止的最低水平。</b>令人担忧的是，信心下降可能会导致支出、投资和招聘减少，从而增加未来几个月增长进一步放缓的可能性。”</blockquote></p><p> For context, the US Composite index is now running below that of Europe's...</p><p><blockquote>就背景而言，美国综合指数目前低于欧洲综合指数...</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e37c172ac0dbba384ead917a08d87c70\" tg-width=\"1280\" tg-height=\"685\" width=\"100%\" height=\"auto\"><i>Source: Bloomberg</i></p><p><blockquote><i>资料来源：彭博社</i></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>US Services PMI Plunges Unexpectedly To 5-Month Lows As Business Outlook Slumps<blockquote>由于商业前景低迷，美国服务业PMI意外跌至5个月低点</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; 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color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nUS Services PMI Plunges Unexpectedly To 5-Month Lows As Business Outlook Slumps<blockquote>由于商业前景低迷，美国服务业PMI意外跌至5个月低点</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-07-23 22:26</span>\n</p>\n</h4>\n</header>\n<article>\n<p>After US Services PMI (and ISM) unexpectedly plunged from record highs in June, analysts expected the plunge to stop in preliminary July data (despite an ongoing downtrend in 'hard' economic data performance)... they were wrong.</p><p><blockquote>在美国服务业PMI（和ISM）从6月份的历史高点意外暴跌后，分析师预计7月份的初步数据将停止暴跌（尽管“硬”经济数据表现持续下降）...他们错了。</blockquote></p><p> While US Manufacturing picked up modestly from 62.1 to 63.1 (better than the 62.0 expected),<b>US Services tumbled further to 59.8 from 64.6 (well below the 64.5 expected).</b></p><p><blockquote>虽然美国制造业从62.1温和回升至63.1（好于预期的62.0），<b>美国服务业从64.6进一步跌至59.8（远低于预期的64.5）。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/ba2cf844b2fa1686765814cf0859414b\" tg-width=\"1280\" tg-height=\"681\" width=\"100%\" height=\"auto\"><i>Source: Bloomberg</i></p><p><blockquote><i>资料来源：彭博社</i></blockquote></p><p> That is the weakest Services print since February.</p><p><blockquote>这是自二月份以来最弱的服务业数据。</blockquote></p><p> The drop in Services weighed heavily on the<b>US Composite which dropped to 4-month lows.</b></p><p><blockquote>服务业的下降严重影响了<b>美国综合指数跌至4个月低点。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/234016546da9850fc2107e26a19dbad7\" tg-width=\"1006\" tg-height=\"753\" width=\"100%\" height=\"auto\">Commenting on the PMI data,Chris Williamson, Chief Business Economist at IHS Markit, said:</p><p><blockquote>IHS Markit首席商业经济学家Chris Williamson在评论PMI数据时表示：</blockquote></p><p> “<b>The provisional PMI data for July point to the pace of economic growth slowing for a second successive month,</b>though importantly this cooling has followed an unprecedented growth spurt in May. Some moderation of service sector growth in particular was always on the cards after the initial reopening of the economy, and importantly we’re now seeing nicely-balanced strong growth across both manufacturing and services.</p><p><blockquote>“<b>7月PMI临时数据显示经济增长速度连续第二个月放缓，</b>尽管重要的是，这种降温是在5月份前所未有的增长之后发生的。在经济最初重新开放后，服务业的增长尤其可能会放缓，重要的是，我们现在看到制造业和服务业都实现了良好平衡的强劲增长。</blockquote></p><p> “While the<b>second quarter may therefore represent a peaking in the pace of economic growth</b>according to the PMI, the third quarter is still looking encouragingly strong.</p><p><blockquote>“而<b>因此，第二季度可能代表着经济增长速度的见顶</b>根据PMI，第三季度看起来仍然强劲，令人鼓舞。</blockquote></p><p> “Short-term capacity issues remain a concern, constraining output in many manufacturing and service sector companies while simultaneously pushing prices higher as demand exceeds supply.<b>However, we’re already seeing signs of inflationary pressures peaking, with both input cost and selling price gauges falling for a second month in July, albeit remaining elevated.</b></p><p><blockquote>“短期产能问题仍然令人担忧，限制了许多制造业和服务业公司的产出，同时由于需求超过供应而推高了价格。<b>然而，我们已经看到通胀压力见顶的迹象，投入成本和销售价格指标在7月份连续第二个月下降，尽管仍然很高。</b></blockquote></p><p> “<b>Inflationary pressures and supply constraints – both in terms of labour and materials shortages - nevertheless remain major sources of uncertainty among businesses, as does the delta variant, all of which has pushed business optimism about the year ahead to the lowest seen so far this year.</b>The concern is this drop in confidence could feed through to reduced spending, investment and hiring, adding to the possibility that growth could slow further in coming months.”</p><p><blockquote>“<b>然而，通胀压力和供应限制（包括劳动力和材料短缺）仍然是企业不确定性的主要来源，德尔塔变异毒株也是如此，所有这些都将企业对未来一年的乐观情绪推至今年迄今为止的最低水平。</b>令人担忧的是，信心下降可能会导致支出、投资和招聘减少，从而增加未来几个月增长进一步放缓的可能性。”</blockquote></p><p> For context, the US Composite index is now running below that of Europe's...</p><p><blockquote>就背景而言，美国综合指数目前低于欧洲综合指数...</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e37c172ac0dbba384ead917a08d87c70\" tg-width=\"1280\" tg-height=\"685\" width=\"100%\" height=\"auto\"><i>Source: Bloomberg</i></p><p><blockquote><i>资料来源：彭博社</i></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/economics/us-services-pmi-plunges-unexpectedly-5-month-lows-business-outlook-slumps\">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":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index","SPY":"标普500ETF"},"source_url":"https://www.zerohedge.com/economics/us-services-pmi-plunges-unexpectedly-5-month-lows-business-outlook-slumps","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1142780742","content_text":"After US Services PMI (and ISM) unexpectedly plunged from record highs in June, analysts expected the plunge to stop in preliminary July data (despite an ongoing downtrend in 'hard' economic data performance)... they were wrong.\nWhile US Manufacturing picked up modestly from 62.1 to 63.1 (better than the 62.0 expected),US Services tumbled further to 59.8 from 64.6 (well below the 64.5 expected).\nSource: Bloomberg\nThat is the weakest Services print since February.\nThe drop in Services weighed heavily on theUS Composite which dropped to 4-month lows.\nCommenting on the PMI data,Chris Williamson, Chief Business Economist at IHS Markit, said:\n“The provisional PMI data for July point to the pace of economic growth slowing for a second successive month,though importantly this cooling has followed an unprecedented growth spurt in May. Some moderation of service sector growth in particular was always on the cards after the initial reopening of the economy, and importantly we’re now seeing nicely-balanced strong growth across both manufacturing and services.\n“While thesecond quarter may therefore represent a peaking in the pace of economic growthaccording to the PMI, the third quarter is still looking encouragingly strong.\n“Short-term capacity issues remain a concern, constraining output in many manufacturing and service sector companies while simultaneously pushing prices higher as demand exceeds supply.However, we’re already seeing signs of inflationary pressures peaking, with both input cost and selling price gauges falling for a second month in July, albeit remaining elevated.\n“Inflationary pressures and supply constraints – both in terms of labour and materials shortages - nevertheless remain major sources of uncertainty among businesses, as does the delta variant, all of which has pushed business optimism about the year ahead to the lowest seen so far this year.The concern is this drop in confidence could feed through to reduced spending, investment and hiring, adding to the possibility that growth could slow further in coming months.”\nFor context, the US Composite index is now running below that of Europe's...\nSource: Bloomberg","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":427,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":178185582,"gmtCreate":1626792128846,"gmtModify":1633770979889,"author":{"id":"3574670459862914","authorId":"3574670459862914","name":"Leira","avatar":"https://static.tigerbbs.com/c093de36b9faf1e806c55a60e221cb74","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574670459862914","authorIdStr":"3574670459862914"},"themes":[],"htmlText":"When to buy?","listText":"When to buy?","text":"When to buy?","images":[{"img":"https://static.tigerbbs.com/5fa48132e992505a8b6de852da5f0423","width":"750","height":"1517"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/178185582","isVote":1,"tweetType":1,"viewCount":983,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0}],"hots":[{"id":847913249,"gmtCreate":1636471414529,"gmtModify":1636471466765,"author":{"id":"3574670459862914","authorId":"3574670459862914","name":"Leira","avatar":"https://static.tigerbbs.com/c093de36b9faf1e806c55a60e221cb74","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574670459862914","authorIdStr":"3574670459862914"},"themes":[],"htmlText":"The rich gets richer&nbsp;","listText":"The rich gets richer&nbsp;","text":"The rich gets richer","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":9,"repostSize":0,"link":"https://laohu8.com/post/847913249","repostId":"1127189501","repostType":2,"isVote":1,"tweetType":1,"viewCount":1394,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":856638013,"gmtCreate":1635172406865,"gmtModify":1635172414058,"author":{"id":"3574670459862914","authorId":"3574670459862914","name":"Leira","avatar":"https://static.tigerbbs.com/c093de36b9faf1e806c55a60e221cb74","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574670459862914","authorIdStr":"3574670459862914"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/ARKK\">$ARK Innovation ETF(ARKK)$</a>Going up?","listText":"<a href=\"https://laohu8.com/S/ARKK\">$ARK Innovation ETF(ARKK)$</a>Going up?","text":"$ARK Innovation ETF(ARKK)$Going up?","images":[{"img":"https://static.tigerbbs.com/826642b426c2fd0dccd308995920c747","width":"750","height":"1806"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":9,"repostSize":0,"link":"https://laohu8.com/post/856638013","isVote":1,"tweetType":1,"viewCount":2367,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":824369326,"gmtCreate":1634280190342,"gmtModify":1634280190474,"author":{"id":"3574670459862914","authorId":"3574670459862914","name":"Leira","avatar":"https://static.tigerbbs.com/c093de36b9faf1e806c55a60e221cb74","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574670459862914","authorIdStr":"3574670459862914"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/VT\">$Vanguard Total World Stock Index Fund ETF Shares(VT)$</a>all is well","listText":"<a href=\"https://laohu8.com/S/VT\">$Vanguard Total World Stock Index Fund ETF Shares(VT)$</a>all is well","text":"$Vanguard Total World Stock Index Fund ETF Shares(VT)$all is well","images":[{"img":"https://static.tigerbbs.com/dd7895135eddb5120f2e42560e00345a","width":"828","height":"1632"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":8,"repostSize":0,"link":"https://laohu8.com/post/824369326","isVote":1,"tweetType":1,"viewCount":2282,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":862537224,"gmtCreate":1632889029291,"gmtModify":1632889029530,"author":{"id":"3574670459862914","authorId":"3574670459862914","name":"Leira","avatar":"https://static.tigerbbs.com/c093de36b9faf1e806c55a60e221cb74","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574670459862914","authorIdStr":"3574670459862914"},"themes":[],"htmlText":"Stop loss is crucial!","listText":"Stop loss is crucial!","text":"Stop loss is crucial!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/862537224","repostId":"1198528044","repostType":4,"repost":{"id":"1198528044","kind":"news","pubTimestamp":1632882697,"share":"https://www.laohu8.com/m/news/1198528044?lang=zh_CN&edition=full","pubTime":"2021-09-29 10:31","market":"us","language":"en","title":"Technically Speaking: Is The Market \"Melting-Up?\"<blockquote>从技术上讲：市场正在“融化”吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1198528044","media":"seekingalpha","summary":"Summary\n\nGiven the Fed’s ongoing balance sheet operations, investors fully believe they have protect","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Given the Fed’s ongoing balance sheet operations, investors fully believe they have protection from a decline.</li>  <li>As is always the case, the investing public believes future earnings will justify higher prices during a melt-up. It just never works out that way.</li>  <li>While it is essential to take advantage of the melt-up while it lasts, just don’t become overly complacent “this time is different”.</li> </ul> Is the<i>“market melting-up?”</i>Such was the question I received from my colleague at<i>Cut The Crap Investing.</i>It is an excellent question given the relentless increase in what investors believe is a<i>“no risk”</i>market.</p><p><blockquote><ul><li>鉴于美联储正在进行的资产负债表操作，投资者完全相信他们有能力免受经济衰退的影响。</li><li>与往常一样，投资大众相信未来的收益将证明在融化期间价格上涨是合理的。从来都不是那样的。</li><li>虽然在融化持续期间利用它是至关重要的，但不要过于自满“这次不同了”。</li></ul>是<i>“市场融化？”</i>这是我从我的同事那里收到的问题<i>少废话投资。</i>考虑到投资者认为的持续增长，这是一个很好的问题<i>“没有风险”</i>市场。</blockquote></p><p> Of course, we need a definition of precisely what constitutes a melt-up.</p><p><blockquote>当然，我们需要一个准确定义什么是融化。</blockquote></p><p>   <i>“A melt-up is a sustained and often unexpected improvement in the investment performance of an asset or asset class, driven partly</i>  <i><b>by a stampede of investors who don’t want to miss out on its rise,</b></i>  <i>rather than by fundamental improvements in the economy.“</i>–  <i>Investopedia</i>  Currently, there is sufficient evidence to support the idea of an exuberant market.<b><i>As noted previously:</i></b></p><p><blockquote><i>他说：“熔断是指一项资产或资产类别的投资表现持续且往往出乎意料的改善，部分原因是</i><i><b>不想错过其上涨机会的投资者蜂拥而至，</b></i><i>而不是经济的根本改善。”</i>–<i>投资百科</i>目前，有足够的证据支持市场繁荣的观点。<b><i>如前所述：</i></b></blockquote></p><p>   <i>“Near peaks of market cycles, investors become swept up by the underlying exuberance. That exuberance breeds the “rationalization” that “this time is different.” So how do you know the market is exuberant currently? Via Sentiment Trader:”</i>    <i>‘This type of market activity is an indication that markets have returned their ‘enthusiasm’ stage. Such is characterized by:’</i>  <ul>  <li><b><i>High optimism</i></b></li>  <li><b><i>Easy credit (too easy, with loose terms)</i></b></li>  <li><b><i>A rush of initial and secondary offerings</i></b></li>  <li><b><i>Risky stocks outperforming</i></b></li>  <li><b><i>Stretched valuations</i></b></li> </ul> <img src=\"https://static.tigerbbs.com/ff8de3a84084162ca86b415584bbf793\" tg-width=\"731\" tg-height=\"468\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote><i>“在市场周期接近顶峰时，投资者会被潜在的繁荣所席卷。这种繁荣滋生了“合理化”，即“这次不同了”。那么，你如何知道市场目前是繁荣的呢？通过情绪交易者：”</i><i>这种类型的市场活动表明市场已经回到了“热情”阶段。其特征在于：</i><ul><li><b><i>高度乐观</i></b></li><li><b><i>宽松信贷（太宽松，条款宽松）</i></b></li><li><b><i>首次和二次发行热潮</i></b></li><li><b><i>风险股跑赢大盘</i></b></li><li><b><i>估值过高</i></b></li></ul></blockquote></p><p> However, while one would expect individuals to exhibit caution in such an environment, the opposite is true. Given the Fed’s ongoing balance sheet operations, investors fully believe they have protection from a decline.</p><p><blockquote>然而，虽然人们会期望个人在这样的环境中表现出谨慎，但事实恰恰相反。鉴于美联储正在进行的资产负债表操作，投资者完全相信他们有能力免受经济衰退的影响。</blockquote></p><p> <b>A Visualization Of A Market Melting-Up</b></p><p><blockquote><b>市场融化的可视化</b></blockquote></p><p> It is often easier to visualize something rather than explain it.<b>Since 1900, only two previous market periods qualify as a melt-up: 1920-1929 and 1995-2000.</b>The chart below shows both periods in terms of price.</p><p><blockquote>想象某事通常比解释它更容易。<b>自1900年以来，只有两个市场时期符合熔化的条件：1920-1929年和1995-2000年。</b>下图显示了这两个时期的价格。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a218c7efe2ebd874d05c9ff7dd564436\" tg-width=\"797\" tg-height=\"437\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/9f193c9c32d55747bf7ff511c2f9fd53\" tg-width=\"793\" tg-height=\"439\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> However, the melt-up is also visually represented by the incredibly sharp rise in valuations. Such is essential because earnings are not rising at a fast enough clip to support higher prices.<b>As is always the case, the investing public believes future earnings will justify higher prices during a melt-up. It just never works out that way.</b></p><p><blockquote>然而，估值的大幅上涨也直观地体现了这种融化。这一点至关重要，因为盈利增长速度不足以支撑价格上涨。<b>与往常一样，投资大众相信未来的收益将证明在融化期间价格上涨是合理的。从来都不是那样的。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/c69e418d5a19d6fd03b305ab111e3be3\" tg-width=\"794\" tg-height=\"440\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/af03d3bbd071b8edfdf3a19e2c7b0bcd\" tg-width=\"796\" tg-height=\"437\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> We can compare those two previous periods with the current advance from the March 2020 lows. Again, we see a very similar sharp advance in price combined with a surge in valuations. As expected, investors are currently hoping that future earnings will rise sharply enough to justify current prices. However, the justification for paying high prices is the Federal Reserve’s ongoing balance sheet expansion.</p><p><blockquote>我们可以将前两个时期与当前从2020年3月低点的上涨进行比较。我们再次看到非常相似的价格大幅上涨和估值飙升。正如预期的那样，投资者目前希望未来收益将大幅上涨，足以证明当前价格的合理性。然而，支付高价的理由是美联储持续的资产负债表扩张。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/f3562aea27b24ad4921d0f5cd497e072\" tg-width=\"804\" tg-height=\"444\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> The following chart looks that the price advance and valuation measures a little differently. It shows the current deviation from the long-term exponential growth trend. Not surprisingly, during a market<i>“melt-up,”</i>there is a rapid deviation from the growth trend matching the acceleration in valuations.</p><p><blockquote>下图显示，价格上涨和估值指标略有不同。它显示了当前与长期指数增长趋势的背离。毫不奇怪，在市场期间<i>“融化。”</i>与估值加速相匹配的增长趋势出现了快速背离。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/1419cf4b2afdcdc0f61e0cad862f498d\" tg-width=\"836\" tg-height=\"460\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> The problem with market<i>“melt-ups”</i>is not the melt-up itself but what always follows.</p><p><blockquote>市场的问题<i>“融化”</i>不是融化本身，而是随之而来的一切。</blockquote></p><p> <b>Melting-Up Leads To Melting-Down</b></p><p><blockquote><b>熔化导致熔化</b></blockquote></p><p> A market melting-up is exciting while it lasts. During melt-ups, investors begin to rationalize why<i>“this time is different.”</i>They start taking on excess leverage to try and capitalize on the rapid advance in prices, and fundamentals take a back seat to price momentum.</p><p><blockquote>市场融化持续下去是令人兴奋的。在熔断期间，投资者开始合理化原因<i>“这次不一样。”</i>他们开始过度杠杆，试图利用价格的快速上涨，基本面让位于价格动能。</blockquote></p><p></p><p> Market melt-ups are all about<i>“psychology.”</i><b>Historically, whatever has been the catalyst to spark the disregard of risk is readily witnessed in the corresponding surge in price and valuations.</b>The chart below shows the long-term deviations in relative strength, deviations, and valuations. The previous<i>‘melt-up”</i>periods should be easy to spot when compared with the advance currently.</p><p><blockquote>市场融化都是关于<i>“心理学。”</i><b>从历史上看，无论引发忽视风险的催化剂是什么，都很容易在价格和估值的相应飙升中看到。</b>下图显示了相对强度、偏差和估值的长期偏差。上一篇<i>“融化”</i>与目前的进展相比，时期应该很容易发现。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/bc04cb25c0199dd17475a551a5dd7ec1\" tg-width=\"869\" tg-height=\"1024\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Given that current extensions match only a few rare periods in history, a couple of points should be readily apparent.</p><p><blockquote>鉴于目前的延期仅与历史上少数罕见的时期相匹配，有几点应该是显而易见的。</blockquote></p><p> <ol>  <li><b><i>Melt-ups can longer than logic would predict.</i></b></li>  <li><b><i>The prevailing psychology is always “this time is different.”</i></b></li>  <li><b><i>Valuations are dismissed in exchange for measures of momentum and forward expectations.</i></b></li>  <li><b><i>Investors take on excess leverage and risk in order to participate in a seemingly “can’t lose” market.</i></b></li>  <li><b><i>Lastly, and inevitably, “melt-ups” end and always in the worst possible outcomes.</i></b></li> </ol> It is essential to recognize the markets are in a<i>“melt-up,</i>” and the duration of that event is unknowable. Therefore, investors need a strategy to participate in the advance and mitigate the damage from the eventual<i>“melting-down.”</i></p><p><blockquote><ol><li><b><i>融化的时间可能比逻辑预测的要长。</i></b></li><li><b><i>普遍的心理总是“这次不一样了”。</i></b></li><li><b><i>估值被驳回，以换取动量和前瞻性预期的衡量标准。</i></b></li><li><b><i>投资者为了参与一个看似“输不起”的市场，承担了过多的杠杆和风险。</i></b></li><li><b><i>最后，不可避免的是，“融化”以最糟糕的结果告终。</i></b></li></ol>必须认识到市场正处于<i>“融化，</i>“而且该事件的持续时间是未知的。因此，投资者需要一种策略来参与提前并减轻最终的损失<i>“熔化。”</i></blockquote></p><p> <b>Surviving The Melt-Up</b></p><p><blockquote><b>在融化中幸存下来</b></blockquote></p><p> <b>As noted, none of this means the next</b><b><i>“bear market”</i></b><b>is lurking.</b>Given that a market melting-up is a function of psychology, they can last longer and go further than logic would predict. What is required to “<i>end”</i>a melt-up is an unanticipated exogenous event that changes psychology from bullish to bearish. Such is when the stampede for the exits occurs, and prices decline very quickly.</p><p><blockquote><b>如上所述，这些都不意味着下一个</b><b><i>“熊市”</i></b><b>正在潜伏。</b>鉴于市场融化是心理作用，它们可以持续更长时间，走得比逻辑预测的更远。需要什么“<i>结束“</i>融化是一种意想不到的外生事件，它将心理从看涨转变为看跌。这就是人们蜂拥退出的时候，价格会迅速下跌。</blockquote></p><p> As such, investors need a set of guidelines to participate in the market advance. But, of course, the hard part is keeping those gains when corrections inevitably occur.</p><p><blockquote>因此，投资者需要一套指导方针来参与市场上涨。但是，当然，困难的部分是在不可避免地发生调整时保持这些收益。</blockquote></p><p> As portfolio managers for our clients, such is precisely the approach we must take. Accordingly, I have provided a general overview of the process that we employ.</p><p><blockquote>作为客户的投资组合经理，这正是我们必须采取的方法。因此，我提供了我们采用的流程的总体概述。</blockquote></p><p> <ol>  <li><i><b>Tighten up stop-loss levels</b></i><i>to current support levels for each position.(Provides identifiable exit points when the market reverses.)</i></li>  <li><i><b>Hedge portfolios</b></i><i>against major market declines.(Non-correlated assets, short-market positions, index put options)</i></li>  <li><i><b>Take profits</b></i><i>in positions that have been big winners(Rebalancing overbought or extended positions to capture gains but continue to participate in the advance.)</i></li>  <li><i><b>Sell laggards</b></i><i>and losers</i>.<i>(If something isn’t working in a market melt-up, it most likely won’t work during a broad decline. Better to eliminate the risk early.)</i></li>  <li><i><b>Raise cash</b></i><i>and rebalance portfolios to target weightings.(Rebalancing risk on a regular basis keeps hidden risks somewhat mitigated.)</i></li> </ol> <b>Notice, nothing in there says,</b><b><i>“sell everything and go to cash.”</i></b></p><p><blockquote><ol><li><i><b>收紧止损水平</b></i><i>每个头寸的当前支撑位。（当市场反转时提供可识别的退出点。）</i></li><li><i><b>对冲投资组合</b></i><i>（非相关资产、空头市场头寸、指数看跌期权）</i></li><li><i><b>获利了结</b></i><i>在已经成为大赢家的头寸中（重新平衡超买或扩展头寸以获取收益，但继续参与上涨。）</i></li><li><i><b>出售落后者</b></i><i>和失败者</i>.<i>（如果某些东西在市场融化时不起作用，那么在广泛下跌时很可能也不会起作用。最好尽早消除风险。）</i></li><li><i><b>筹集现金</b></i><i>并重新平衡投资组合以达到目标权重。（定期重新平衡风险可以在一定程度上减轻隐藏的风险。）</i></li></ol><b>注意，里面没有任何东西说，</b><b><i>“卖掉所有东西，去兑现。”</i></b></blockquote></p><p> There will be a time to raise significant levels of cash. A good portfolio management strategy will automatically ensure that<i>“stop-loss”</i>levels get triggered, exposure decreases, and cash levels rise when the selling begins.</p><p><blockquote>将会有一段时间来筹集大量现金。一个好的投资组合管理策略会自动确保<i>“止损”</i>当出售开始时，水平被触发，风险减少，现金水平上升。</blockquote></p><p> While it is essential to take advantage of the melt-up while it lasts, just don’t become overly complacent<i>“this time is different.”</i></p><p><blockquote>虽然有必要在融化持续期间利用它，但不要过于自满<i>“这次不一样。”</i></blockquote></p><p> It likely isn’t.</p><p><blockquote>很可能不是。</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>Technically Speaking: Is The Market \"Melting-Up?\"<blockquote>从技术上讲：市场正在“融化”吗？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTechnically Speaking: Is The Market \"Melting-Up?\"<blockquote>从技术上讲：市场正在“融化”吗？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-09-29 10:31</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Given the Fed’s ongoing balance sheet operations, investors fully believe they have protection from a decline.</li>  <li>As is always the case, the investing public believes future earnings will justify higher prices during a melt-up. It just never works out that way.</li>  <li>While it is essential to take advantage of the melt-up while it lasts, just don’t become overly complacent “this time is different”.</li> </ul> Is the<i>“market melting-up?”</i>Such was the question I received from my colleague at<i>Cut The Crap Investing.</i>It is an excellent question given the relentless increase in what investors believe is a<i>“no risk”</i>market.</p><p><blockquote><ul><li>鉴于美联储正在进行的资产负债表操作，投资者完全相信他们有能力免受经济衰退的影响。</li><li>与往常一样，投资大众相信未来的收益将证明在融化期间价格上涨是合理的。从来都不是那样的。</li><li>虽然在融化持续期间利用它是至关重要的，但不要过于自满“这次不同了”。</li></ul>是<i>“市场融化？”</i>这是我从我的同事那里收到的问题<i>少废话投资。</i>考虑到投资者认为的持续增长，这是一个很好的问题<i>“没有风险”</i>市场。</blockquote></p><p> Of course, we need a definition of precisely what constitutes a melt-up.</p><p><blockquote>当然，我们需要一个准确定义什么是融化。</blockquote></p><p>   <i>“A melt-up is a sustained and often unexpected improvement in the investment performance of an asset or asset class, driven partly</i>  <i><b>by a stampede of investors who don’t want to miss out on its rise,</b></i>  <i>rather than by fundamental improvements in the economy.“</i>–  <i>Investopedia</i>  Currently, there is sufficient evidence to support the idea of an exuberant market.<b><i>As noted previously:</i></b></p><p><blockquote><i>他说：“熔断是指一项资产或资产类别的投资表现持续且往往出乎意料的改善，部分原因是</i><i><b>不想错过其上涨机会的投资者蜂拥而至，</b></i><i>而不是经济的根本改善。”</i>–<i>投资百科</i>目前，有足够的证据支持市场繁荣的观点。<b><i>如前所述：</i></b></blockquote></p><p>   <i>“Near peaks of market cycles, investors become swept up by the underlying exuberance. That exuberance breeds the “rationalization” that “this time is different.” So how do you know the market is exuberant currently? Via Sentiment Trader:”</i>    <i>‘This type of market activity is an indication that markets have returned their ‘enthusiasm’ stage. Such is characterized by:’</i>  <ul>  <li><b><i>High optimism</i></b></li>  <li><b><i>Easy credit (too easy, with loose terms)</i></b></li>  <li><b><i>A rush of initial and secondary offerings</i></b></li>  <li><b><i>Risky stocks outperforming</i></b></li>  <li><b><i>Stretched valuations</i></b></li> </ul> <img src=\"https://static.tigerbbs.com/ff8de3a84084162ca86b415584bbf793\" tg-width=\"731\" tg-height=\"468\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote><i>“在市场周期接近顶峰时，投资者会被潜在的繁荣所席卷。这种繁荣滋生了“合理化”，即“这次不同了”。那么，你如何知道市场目前是繁荣的呢？通过情绪交易者：”</i><i>这种类型的市场活动表明市场已经回到了“热情”阶段。其特征在于：</i><ul><li><b><i>高度乐观</i></b></li><li><b><i>宽松信贷（太宽松，条款宽松）</i></b></li><li><b><i>首次和二次发行热潮</i></b></li><li><b><i>风险股跑赢大盘</i></b></li><li><b><i>估值过高</i></b></li></ul></blockquote></p><p> However, while one would expect individuals to exhibit caution in such an environment, the opposite is true. Given the Fed’s ongoing balance sheet operations, investors fully believe they have protection from a decline.</p><p><blockquote>然而，虽然人们会期望个人在这样的环境中表现出谨慎，但事实恰恰相反。鉴于美联储正在进行的资产负债表操作，投资者完全相信他们有能力免受经济衰退的影响。</blockquote></p><p> <b>A Visualization Of A Market Melting-Up</b></p><p><blockquote><b>市场融化的可视化</b></blockquote></p><p> It is often easier to visualize something rather than explain it.<b>Since 1900, only two previous market periods qualify as a melt-up: 1920-1929 and 1995-2000.</b>The chart below shows both periods in terms of price.</p><p><blockquote>想象某事通常比解释它更容易。<b>自1900年以来，只有两个市场时期符合熔化的条件：1920-1929年和1995-2000年。</b>下图显示了这两个时期的价格。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a218c7efe2ebd874d05c9ff7dd564436\" tg-width=\"797\" tg-height=\"437\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/9f193c9c32d55747bf7ff511c2f9fd53\" tg-width=\"793\" tg-height=\"439\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> However, the melt-up is also visually represented by the incredibly sharp rise in valuations. Such is essential because earnings are not rising at a fast enough clip to support higher prices.<b>As is always the case, the investing public believes future earnings will justify higher prices during a melt-up. It just never works out that way.</b></p><p><blockquote>然而，估值的大幅上涨也直观地体现了这种融化。这一点至关重要，因为盈利增长速度不足以支撑价格上涨。<b>与往常一样，投资大众相信未来的收益将证明在融化期间价格上涨是合理的。从来都不是那样的。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/c69e418d5a19d6fd03b305ab111e3be3\" tg-width=\"794\" tg-height=\"440\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/af03d3bbd071b8edfdf3a19e2c7b0bcd\" tg-width=\"796\" tg-height=\"437\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> We can compare those two previous periods with the current advance from the March 2020 lows. Again, we see a very similar sharp advance in price combined with a surge in valuations. As expected, investors are currently hoping that future earnings will rise sharply enough to justify current prices. However, the justification for paying high prices is the Federal Reserve’s ongoing balance sheet expansion.</p><p><blockquote>我们可以将前两个时期与当前从2020年3月低点的上涨进行比较。我们再次看到非常相似的价格大幅上涨和估值飙升。正如预期的那样，投资者目前希望未来收益将大幅上涨，足以证明当前价格的合理性。然而，支付高价的理由是美联储持续的资产负债表扩张。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/f3562aea27b24ad4921d0f5cd497e072\" tg-width=\"804\" tg-height=\"444\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> The following chart looks that the price advance and valuation measures a little differently. It shows the current deviation from the long-term exponential growth trend. Not surprisingly, during a market<i>“melt-up,”</i>there is a rapid deviation from the growth trend matching the acceleration in valuations.</p><p><blockquote>下图显示，价格上涨和估值指标略有不同。它显示了当前与长期指数增长趋势的背离。毫不奇怪，在市场期间<i>“融化。”</i>与估值加速相匹配的增长趋势出现了快速背离。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/1419cf4b2afdcdc0f61e0cad862f498d\" tg-width=\"836\" tg-height=\"460\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> The problem with market<i>“melt-ups”</i>is not the melt-up itself but what always follows.</p><p><blockquote>市场的问题<i>“融化”</i>不是融化本身，而是随之而来的一切。</blockquote></p><p> <b>Melting-Up Leads To Melting-Down</b></p><p><blockquote><b>熔化导致熔化</b></blockquote></p><p> A market melting-up is exciting while it lasts. During melt-ups, investors begin to rationalize why<i>“this time is different.”</i>They start taking on excess leverage to try and capitalize on the rapid advance in prices, and fundamentals take a back seat to price momentum.</p><p><blockquote>市场融化持续下去是令人兴奋的。在熔断期间，投资者开始合理化原因<i>“这次不一样。”</i>他们开始过度杠杆，试图利用价格的快速上涨，基本面让位于价格动能。</blockquote></p><p></p><p> Market melt-ups are all about<i>“psychology.”</i><b>Historically, whatever has been the catalyst to spark the disregard of risk is readily witnessed in the corresponding surge in price and valuations.</b>The chart below shows the long-term deviations in relative strength, deviations, and valuations. The previous<i>‘melt-up”</i>periods should be easy to spot when compared with the advance currently.</p><p><blockquote>市场融化都是关于<i>“心理学。”</i><b>从历史上看，无论引发忽视风险的催化剂是什么，都很容易在价格和估值的相应飙升中看到。</b>下图显示了相对强度、偏差和估值的长期偏差。上一篇<i>“融化”</i>与目前的进展相比，时期应该很容易发现。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/bc04cb25c0199dd17475a551a5dd7ec1\" tg-width=\"869\" tg-height=\"1024\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Given that current extensions match only a few rare periods in history, a couple of points should be readily apparent.</p><p><blockquote>鉴于目前的延期仅与历史上少数罕见的时期相匹配，有几点应该是显而易见的。</blockquote></p><p> <ol>  <li><b><i>Melt-ups can longer than logic would predict.</i></b></li>  <li><b><i>The prevailing psychology is always “this time is different.”</i></b></li>  <li><b><i>Valuations are dismissed in exchange for measures of momentum and forward expectations.</i></b></li>  <li><b><i>Investors take on excess leverage and risk in order to participate in a seemingly “can’t lose” market.</i></b></li>  <li><b><i>Lastly, and inevitably, “melt-ups” end and always in the worst possible outcomes.</i></b></li> </ol> It is essential to recognize the markets are in a<i>“melt-up,</i>” and the duration of that event is unknowable. Therefore, investors need a strategy to participate in the advance and mitigate the damage from the eventual<i>“melting-down.”</i></p><p><blockquote><ol><li><b><i>融化的时间可能比逻辑预测的要长。</i></b></li><li><b><i>普遍的心理总是“这次不一样了”。</i></b></li><li><b><i>估值被驳回，以换取动量和前瞻性预期的衡量标准。</i></b></li><li><b><i>投资者为了参与一个看似“输不起”的市场，承担了过多的杠杆和风险。</i></b></li><li><b><i>最后，不可避免的是，“融化”以最糟糕的结果告终。</i></b></li></ol>必须认识到市场正处于<i>“融化，</i>“而且该事件的持续时间是未知的。因此，投资者需要一种策略来参与提前并减轻最终的损失<i>“熔化。”</i></blockquote></p><p> <b>Surviving The Melt-Up</b></p><p><blockquote><b>在融化中幸存下来</b></blockquote></p><p> <b>As noted, none of this means the next</b><b><i>“bear market”</i></b><b>is lurking.</b>Given that a market melting-up is a function of psychology, they can last longer and go further than logic would predict. What is required to “<i>end”</i>a melt-up is an unanticipated exogenous event that changes psychology from bullish to bearish. Such is when the stampede for the exits occurs, and prices decline very quickly.</p><p><blockquote><b>如上所述，这些都不意味着下一个</b><b><i>“熊市”</i></b><b>正在潜伏。</b>鉴于市场融化是心理作用，它们可以持续更长时间，走得比逻辑预测的更远。需要什么“<i>结束“</i>融化是一种意想不到的外生事件，它将心理从看涨转变为看跌。这就是人们蜂拥退出的时候，价格会迅速下跌。</blockquote></p><p> As such, investors need a set of guidelines to participate in the market advance. But, of course, the hard part is keeping those gains when corrections inevitably occur.</p><p><blockquote>因此，投资者需要一套指导方针来参与市场上涨。但是，当然，困难的部分是在不可避免地发生调整时保持这些收益。</blockquote></p><p> As portfolio managers for our clients, such is precisely the approach we must take. Accordingly, I have provided a general overview of the process that we employ.</p><p><blockquote>作为客户的投资组合经理，这正是我们必须采取的方法。因此，我提供了我们采用的流程的总体概述。</blockquote></p><p> <ol>  <li><i><b>Tighten up stop-loss levels</b></i><i>to current support levels for each position.(Provides identifiable exit points when the market reverses.)</i></li>  <li><i><b>Hedge portfolios</b></i><i>against major market declines.(Non-correlated assets, short-market positions, index put options)</i></li>  <li><i><b>Take profits</b></i><i>in positions that have been big winners(Rebalancing overbought or extended positions to capture gains but continue to participate in the advance.)</i></li>  <li><i><b>Sell laggards</b></i><i>and losers</i>.<i>(If something isn’t working in a market melt-up, it most likely won’t work during a broad decline. Better to eliminate the risk early.)</i></li>  <li><i><b>Raise cash</b></i><i>and rebalance portfolios to target weightings.(Rebalancing risk on a regular basis keeps hidden risks somewhat mitigated.)</i></li> </ol> <b>Notice, nothing in there says,</b><b><i>“sell everything and go to cash.”</i></b></p><p><blockquote><ol><li><i><b>收紧止损水平</b></i><i>每个头寸的当前支撑位。（当市场反转时提供可识别的退出点。）</i></li><li><i><b>对冲投资组合</b></i><i>（非相关资产、空头市场头寸、指数看跌期权）</i></li><li><i><b>获利了结</b></i><i>在已经成为大赢家的头寸中（重新平衡超买或扩展头寸以获取收益，但继续参与上涨。）</i></li><li><i><b>出售落后者</b></i><i>和失败者</i>.<i>（如果某些东西在市场融化时不起作用，那么在广泛下跌时很可能也不会起作用。最好尽早消除风险。）</i></li><li><i><b>筹集现金</b></i><i>并重新平衡投资组合以达到目标权重。（定期重新平衡风险可以在一定程度上减轻隐藏的风险。）</i></li></ol><b>注意，里面没有任何东西说，</b><b><i>“卖掉所有东西，去兑现。”</i></b></blockquote></p><p> There will be a time to raise significant levels of cash. A good portfolio management strategy will automatically ensure that<i>“stop-loss”</i>levels get triggered, exposure decreases, and cash levels rise when the selling begins.</p><p><blockquote>将会有一段时间来筹集大量现金。一个好的投资组合管理策略会自动确保<i>“止损”</i>当出售开始时，水平被触发，风险减少，现金水平上升。</blockquote></p><p> While it is essential to take advantage of the melt-up while it lasts, just don’t become overly complacent<i>“this time is different.”</i></p><p><blockquote>虽然有必要在融化持续期间利用它，但不要过于自满<i>“这次不一样。”</i></blockquote></p><p> It likely isn’t.</p><p><blockquote>很可能不是。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4457469-technically-speaking-is-the-market-melting-up\">seekingalpha</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","SPY":"标普500ETF"},"source_url":"https://seekingalpha.com/article/4457469-technically-speaking-is-the-market-melting-up","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1198528044","content_text":"Summary\n\nGiven the Fed’s ongoing balance sheet operations, investors fully believe they have protection from a decline.\nAs is always the case, the investing public believes future earnings will justify higher prices during a melt-up. It just never works out that way.\nWhile it is essential to take advantage of the melt-up while it lasts, just don’t become overly complacent “this time is different”.\n\nIs the“market melting-up?”Such was the question I received from my colleague atCut The Crap Investing.It is an excellent question given the relentless increase in what investors believe is a“no risk”market.\nOf course, we need a definition of precisely what constitutes a melt-up.\n\n“A melt-up is a sustained and often unexpected improvement in the investment performance of an asset or asset class, driven partly\nby a stampede of investors who don’t want to miss out on its rise,\nrather than by fundamental improvements in the economy.“–\n Investopedia\n\nCurrently, there is sufficient evidence to support the idea of an exuberant market.As noted previously:\n\n“Near peaks of market cycles, investors become swept up by the underlying exuberance. That exuberance breeds the “rationalization” that “this time is different.” So how do you know the market is exuberant currently? Via Sentiment Trader:”\n\n\n‘This type of market activity is an indication that markets have returned their ‘enthusiasm’ stage. Such is characterized by:’\n\n\nHigh optimism\nEasy credit (too easy, with loose terms)\nA rush of initial and secondary offerings\nRisky stocks outperforming\nStretched valuations\n\n\nHowever, while one would expect individuals to exhibit caution in such an environment, the opposite is true. Given the Fed’s ongoing balance sheet operations, investors fully believe they have protection from a decline.\nA Visualization Of A Market Melting-Up\nIt is often easier to visualize something rather than explain it.Since 1900, only two previous market periods qualify as a melt-up: 1920-1929 and 1995-2000.The chart below shows both periods in terms of price.\n\nHowever, the melt-up is also visually represented by the incredibly sharp rise in valuations. Such is essential because earnings are not rising at a fast enough clip to support higher prices.As is always the case, the investing public believes future earnings will justify higher prices during a melt-up. It just never works out that way.\n\nWe can compare those two previous periods with the current advance from the March 2020 lows. Again, we see a very similar sharp advance in price combined with a surge in valuations. As expected, investors are currently hoping that future earnings will rise sharply enough to justify current prices. However, the justification for paying high prices is the Federal Reserve’s ongoing balance sheet expansion.\n\nThe following chart looks that the price advance and valuation measures a little differently. It shows the current deviation from the long-term exponential growth trend. Not surprisingly, during a market“melt-up,”there is a rapid deviation from the growth trend matching the acceleration in valuations.\n\nThe problem with market“melt-ups”is not the melt-up itself but what always follows.\nMelting-Up Leads To Melting-Down\nA market melting-up is exciting while it lasts. During melt-ups, investors begin to rationalize why“this time is different.”They start taking on excess leverage to try and capitalize on the rapid advance in prices, and fundamentals take a back seat to price momentum.\nMarket melt-ups are all about“psychology.”Historically, whatever has been the catalyst to spark the disregard of risk is readily witnessed in the corresponding surge in price and valuations.The chart below shows the long-term deviations in relative strength, deviations, and valuations. The previous‘melt-up”periods should be easy to spot when compared with the advance currently.\n\nGiven that current extensions match only a few rare periods in history, a couple of points should be readily apparent.\n\nMelt-ups can longer than logic would predict.\nThe prevailing psychology is always “this time is different.”\nValuations are dismissed in exchange for measures of momentum and forward expectations.\nInvestors take on excess leverage and risk in order to participate in a seemingly “can’t lose” market.\nLastly, and inevitably, “melt-ups” end and always in the worst possible outcomes.\n\nIt is essential to recognize the markets are in a“melt-up,” and the duration of that event is unknowable. Therefore, investors need a strategy to participate in the advance and mitigate the damage from the eventual“melting-down.”\nSurviving The Melt-Up\nAs noted, none of this means the next“bear market”is lurking.Given that a market melting-up is a function of psychology, they can last longer and go further than logic would predict. What is required to “end”a melt-up is an unanticipated exogenous event that changes psychology from bullish to bearish. Such is when the stampede for the exits occurs, and prices decline very quickly.\nAs such, investors need a set of guidelines to participate in the market advance. But, of course, the hard part is keeping those gains when corrections inevitably occur.\nAs portfolio managers for our clients, such is precisely the approach we must take. Accordingly, I have provided a general overview of the process that we employ.\n\nTighten up stop-loss levelsto current support levels for each position.(Provides identifiable exit points when the market reverses.)\nHedge portfoliosagainst major market declines.(Non-correlated assets, short-market positions, index put options)\nTake profitsin positions that have been big winners(Rebalancing overbought or extended positions to capture gains but continue to participate in the advance.)\nSell laggardsand losers.(If something isn’t working in a market melt-up, it most likely won’t work during a broad decline. Better to eliminate the risk early.)\nRaise cashand rebalance portfolios to target weightings.(Rebalancing risk on a regular basis keeps hidden risks somewhat mitigated.)\n\nNotice, nothing in there says,“sell everything and go to cash.”\nThere will be a time to raise significant levels of cash. A good portfolio management strategy will automatically ensure that“stop-loss”levels get triggered, exposure decreases, and cash levels rise when the selling begins.\nWhile it is essential to take advantage of the melt-up while it lasts, just don’t become overly complacent“this time is different.”\nIt likely isn’t.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,"SPY":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":1948,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":853539919,"gmtCreate":1634823284591,"gmtModify":1634823284843,"author":{"id":"3574670459862914","authorId":"3574670459862914","name":"Leira","avatar":"https://static.tigerbbs.com/c093de36b9faf1e806c55a60e221cb74","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574670459862914","authorIdStr":"3574670459862914"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/VT\">$Vanguard Total World Stock Index Fund ETF 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href=\"https://laohu8.com/S/ARKK\">$ARK Innovation ETF(ARKK)$</a>Don’t laugh at me","listText":"<a href=\"https://laohu8.com/S/ARKK\">$ARK Innovation ETF(ARKK)$</a>Don’t laugh at me","text":"$ARK Innovation ETF(ARKK)$Don’t laugh at me","images":[{"img":"https://static.tigerbbs.com/1fa3b00526af9fa6fc26b839d6e719fa","width":"828","height":"1434"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":7,"repostSize":0,"link":"https://laohu8.com/post/826759021","isVote":1,"tweetType":1,"viewCount":1343,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":880833570,"gmtCreate":1631029679690,"gmtModify":1631887073414,"author":{"id":"3574670459862914","authorId":"3574670459862914","name":"Leira","avatar":"https://static.tigerbbs.com/c093de36b9faf1e806c55a60e221cb74","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574670459862914","authorIdStr":"3574670459862914"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/ARKK\">$ARK Innovation ETF(ARKK)$</a>Hold or take position?","listText":"<a href=\"https://laohu8.com/S/ARKK\">$ARK Innovation ETF(ARKK)$</a>Hold or take position?","text":"$ARK Innovation ETF(ARKK)$Hold or take position?","images":[{"img":"https://static.tigerbbs.com/ef5737b4ac42565d226c413a7791ece6","width":"828","height":"1434"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":8,"repostSize":0,"link":"https://laohu8.com/post/880833570","isVote":1,"tweetType":1,"viewCount":2914,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":836590863,"gmtCreate":1629505338352,"gmtModify":1631887171155,"author":{"id":"3574670459862914","authorId":"3574670459862914","name":"Leira","avatar":"https://static.tigerbbs.com/c093de36b9faf1e806c55a60e221cb74","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574670459862914","authorIdStr":"3574670459862914"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/ICLN\">$iShares Global Clean Energy ETF(ICLN)$</a>Will investing in sustainably ever be sustainable?","listText":"<a href=\"https://laohu8.com/S/ICLN\">$iShares Global Clean Energy ETF(ICLN)$</a>Will investing in sustainably ever be sustainable?","text":"$iShares Global Clean Energy ETF(ICLN)$Will investing in sustainably ever be sustainable?","images":[{"img":"https://static.tigerbbs.com/a8cdcc2f8a5abadd04b35ed0f0d5de66","width":"828","height":"1434"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":7,"repostSize":0,"link":"https://laohu8.com/post/836590863","isVote":1,"tweetType":1,"viewCount":774,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":860569541,"gmtCreate":1632188961683,"gmtModify":1632802192415,"author":{"id":"3574670459862914","authorId":"3574670459862914","name":"Leira","avatar":"https://static.tigerbbs.com/c093de36b9faf1e806c55a60e221cb74","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574670459862914","authorIdStr":"3574670459862914"},"themes":[],"htmlText":"Will it drop further?","listText":"Will it drop further?","text":"Will it drop further?","images":[{"img":"https://static.tigerbbs.com/0bcd8f71a21af11f974abc1c4f36ee9c","width":"750","height":"2109"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":7,"repostSize":0,"link":"https://laohu8.com/post/860569541","isVote":1,"tweetType":1,"viewCount":2074,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":812027206,"gmtCreate":1630542595805,"gmtModify":1631887073563,"author":{"id":"3574670459862914","authorId":"3574670459862914","name":"Leira","avatar":"https://static.tigerbbs.com/c093de36b9faf1e806c55a60e221cb74","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574670459862914","authorIdStr":"3574670459862914"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/ARKK\">$ARK Innovation ETF(ARKK)$</a>How long will this uptrend last","listText":"<a href=\"https://laohu8.com/S/ARKK\">$ARK Innovation ETF(ARKK)$</a>How long will this uptrend last","text":"$ARK Innovation ETF(ARKK)$How long will this uptrend last","images":[{"img":"https://static.tigerbbs.com/19df06d62a7cd8c462ef3eb57dc2db7f","width":"828","height":"1434"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/812027206","isVote":1,"tweetType":1,"viewCount":1327,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":177235939,"gmtCreate":1627221469821,"gmtModify":1633767077441,"author":{"id":"3574670459862914","authorId":"3574670459862914","name":"Leira","avatar":"https://static.tigerbbs.com/c093de36b9faf1e806c55a60e221cb74","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574670459862914","authorIdStr":"3574670459862914"},"themes":[],"htmlText":"The trough after the peak…","listText":"The trough after the peak…","text":"The trough after the peak…","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/177235939","repostId":"1142780742","repostType":4,"repost":{"id":"1142780742","kind":"news","pubTimestamp":1627050360,"share":"https://www.laohu8.com/m/news/1142780742?lang=zh_CN&edition=full","pubTime":"2021-07-23 22:26","market":"us","language":"en","title":"US Services PMI Plunges Unexpectedly To 5-Month Lows As Business Outlook Slumps<blockquote>由于商业前景低迷，美国服务业PMI意外跌至5个月低点</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1142780742","media":"zerohedge","summary":"After US Services PMI (and ISM) unexpectedly plunged from record highs in June, analysts expected th","content":"<p>After US Services PMI (and ISM) unexpectedly plunged from record highs in June, analysts expected the plunge to stop in preliminary July data (despite an ongoing downtrend in 'hard' economic data performance)... they were wrong.</p><p><blockquote>在美国服务业PMI（和ISM）从6月份的历史高点意外暴跌后，分析师预计7月份的初步数据将停止暴跌（尽管“硬”经济数据表现持续下降）...他们错了。</blockquote></p><p> While US Manufacturing picked up modestly from 62.1 to 63.1 (better than the 62.0 expected),<b>US Services tumbled further to 59.8 from 64.6 (well below the 64.5 expected).</b></p><p><blockquote>虽然美国制造业从62.1温和回升至63.1（好于预期的62.0），<b>美国服务业从64.6进一步跌至59.8（远低于预期的64.5）。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/ba2cf844b2fa1686765814cf0859414b\" tg-width=\"1280\" tg-height=\"681\" width=\"100%\" height=\"auto\"><i>Source: Bloomberg</i></p><p><blockquote><i>资料来源：彭博社</i></blockquote></p><p> That is the weakest Services print since February.</p><p><blockquote>这是自二月份以来最弱的服务业数据。</blockquote></p><p> The drop in Services weighed heavily on the<b>US Composite which dropped to 4-month lows.</b></p><p><blockquote>服务业的下降严重影响了<b>美国综合指数跌至4个月低点。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/234016546da9850fc2107e26a19dbad7\" tg-width=\"1006\" tg-height=\"753\" width=\"100%\" height=\"auto\">Commenting on the PMI data,Chris Williamson, Chief Business Economist at IHS Markit, said:</p><p><blockquote>IHS Markit首席商业经济学家Chris Williamson在评论PMI数据时表示：</blockquote></p><p> “<b>The provisional PMI data for July point to the pace of economic growth slowing for a second successive month,</b>though importantly this cooling has followed an unprecedented growth spurt in May. Some moderation of service sector growth in particular was always on the cards after the initial reopening of the economy, and importantly we’re now seeing nicely-balanced strong growth across both manufacturing and services.</p><p><blockquote>“<b>7月PMI临时数据显示经济增长速度连续第二个月放缓，</b>尽管重要的是，这种降温是在5月份前所未有的增长之后发生的。在经济最初重新开放后，服务业的增长尤其可能会放缓，重要的是，我们现在看到制造业和服务业都实现了良好平衡的强劲增长。</blockquote></p><p> “While the<b>second quarter may therefore represent a peaking in the pace of economic growth</b>according to the PMI, the third quarter is still looking encouragingly strong.</p><p><blockquote>“而<b>因此，第二季度可能代表着经济增长速度的见顶</b>根据PMI，第三季度看起来仍然强劲，令人鼓舞。</blockquote></p><p> “Short-term capacity issues remain a concern, constraining output in many manufacturing and service sector companies while simultaneously pushing prices higher as demand exceeds supply.<b>However, we’re already seeing signs of inflationary pressures peaking, with both input cost and selling price gauges falling for a second month in July, albeit remaining elevated.</b></p><p><blockquote>“短期产能问题仍然令人担忧，限制了许多制造业和服务业公司的产出，同时由于需求超过供应而推高了价格。<b>然而，我们已经看到通胀压力见顶的迹象，投入成本和销售价格指标在7月份连续第二个月下降，尽管仍然很高。</b></blockquote></p><p> “<b>Inflationary pressures and supply constraints – both in terms of labour and materials shortages - nevertheless remain major sources of uncertainty among businesses, as does the delta variant, all of which has pushed business optimism about the year ahead to the lowest seen so far this year.</b>The concern is this drop in confidence could feed through to reduced spending, investment and hiring, adding to the possibility that growth could slow further in coming months.”</p><p><blockquote>“<b>然而，通胀压力和供应限制（包括劳动力和材料短缺）仍然是企业不确定性的主要来源，德尔塔变异毒株也是如此，所有这些都将企业对未来一年的乐观情绪推至今年迄今为止的最低水平。</b>令人担忧的是，信心下降可能会导致支出、投资和招聘减少，从而增加未来几个月增长进一步放缓的可能性。”</blockquote></p><p> For context, the US Composite index is now running below that of Europe's...</p><p><blockquote>就背景而言，美国综合指数目前低于欧洲综合指数...</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e37c172ac0dbba384ead917a08d87c70\" tg-width=\"1280\" tg-height=\"685\" width=\"100%\" height=\"auto\"><i>Source: Bloomberg</i></p><p><blockquote><i>资料来源：彭博社</i></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>US Services PMI Plunges Unexpectedly To 5-Month Lows As Business Outlook Slumps<blockquote>由于商业前景低迷，美国服务业PMI意外跌至5个月低点</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\">\nUS Services PMI Plunges Unexpectedly To 5-Month Lows As Business Outlook Slumps<blockquote>由于商业前景低迷，美国服务业PMI意外跌至5个月低点</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-07-23 22:26</span>\n</p>\n</h4>\n</header>\n<article>\n<p>After US Services PMI (and ISM) unexpectedly plunged from record highs in June, analysts expected the plunge to stop in preliminary July data (despite an ongoing downtrend in 'hard' economic data performance)... they were wrong.</p><p><blockquote>在美国服务业PMI（和ISM）从6月份的历史高点意外暴跌后，分析师预计7月份的初步数据将停止暴跌（尽管“硬”经济数据表现持续下降）...他们错了。</blockquote></p><p> While US Manufacturing picked up modestly from 62.1 to 63.1 (better than the 62.0 expected),<b>US Services tumbled further to 59.8 from 64.6 (well below the 64.5 expected).</b></p><p><blockquote>虽然美国制造业从62.1温和回升至63.1（好于预期的62.0），<b>美国服务业从64.6进一步跌至59.8（远低于预期的64.5）。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/ba2cf844b2fa1686765814cf0859414b\" tg-width=\"1280\" tg-height=\"681\" width=\"100%\" height=\"auto\"><i>Source: Bloomberg</i></p><p><blockquote><i>资料来源：彭博社</i></blockquote></p><p> That is the weakest Services print since February.</p><p><blockquote>这是自二月份以来最弱的服务业数据。</blockquote></p><p> The drop in Services weighed heavily on the<b>US Composite which dropped to 4-month lows.</b></p><p><blockquote>服务业的下降严重影响了<b>美国综合指数跌至4个月低点。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/234016546da9850fc2107e26a19dbad7\" tg-width=\"1006\" tg-height=\"753\" width=\"100%\" height=\"auto\">Commenting on the PMI data,Chris Williamson, Chief Business Economist at IHS Markit, said:</p><p><blockquote>IHS Markit首席商业经济学家Chris Williamson在评论PMI数据时表示：</blockquote></p><p> “<b>The provisional PMI data for July point to the pace of economic growth slowing for a second successive month,</b>though importantly this cooling has followed an unprecedented growth spurt in May. Some moderation of service sector growth in particular was always on the cards after the initial reopening of the economy, and importantly we’re now seeing nicely-balanced strong growth across both manufacturing and services.</p><p><blockquote>“<b>7月PMI临时数据显示经济增长速度连续第二个月放缓，</b>尽管重要的是，这种降温是在5月份前所未有的增长之后发生的。在经济最初重新开放后，服务业的增长尤其可能会放缓，重要的是，我们现在看到制造业和服务业都实现了良好平衡的强劲增长。</blockquote></p><p> “While the<b>second quarter may therefore represent a peaking in the pace of economic growth</b>according to the PMI, the third quarter is still looking encouragingly strong.</p><p><blockquote>“而<b>因此，第二季度可能代表着经济增长速度的见顶</b>根据PMI，第三季度看起来仍然强劲，令人鼓舞。</blockquote></p><p> “Short-term capacity issues remain a concern, constraining output in many manufacturing and service sector companies while simultaneously pushing prices higher as demand exceeds supply.<b>However, we’re already seeing signs of inflationary pressures peaking, with both input cost and selling price gauges falling for a second month in July, albeit remaining elevated.</b></p><p><blockquote>“短期产能问题仍然令人担忧，限制了许多制造业和服务业公司的产出，同时由于需求超过供应而推高了价格。<b>然而，我们已经看到通胀压力见顶的迹象，投入成本和销售价格指标在7月份连续第二个月下降，尽管仍然很高。</b></blockquote></p><p> “<b>Inflationary pressures and supply constraints – both in terms of labour and materials shortages - nevertheless remain major sources of uncertainty among businesses, as does the delta variant, all of which has pushed business optimism about the year ahead to the lowest seen so far this year.</b>The concern is this drop in confidence could feed through to reduced spending, investment and hiring, adding to the possibility that growth could slow further in coming months.”</p><p><blockquote>“<b>然而，通胀压力和供应限制（包括劳动力和材料短缺）仍然是企业不确定性的主要来源，德尔塔变异毒株也是如此，所有这些都将企业对未来一年的乐观情绪推至今年迄今为止的最低水平。</b>令人担忧的是，信心下降可能会导致支出、投资和招聘减少，从而增加未来几个月增长进一步放缓的可能性。”</blockquote></p><p> For context, the US Composite index is now running below that of Europe's...</p><p><blockquote>就背景而言，美国综合指数目前低于欧洲综合指数...</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e37c172ac0dbba384ead917a08d87c70\" tg-width=\"1280\" tg-height=\"685\" width=\"100%\" height=\"auto\"><i>Source: Bloomberg</i></p><p><blockquote><i>资料来源：彭博社</i></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/economics/us-services-pmi-plunges-unexpectedly-5-month-lows-business-outlook-slumps\">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":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index","SPY":"标普500ETF"},"source_url":"https://www.zerohedge.com/economics/us-services-pmi-plunges-unexpectedly-5-month-lows-business-outlook-slumps","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1142780742","content_text":"After US Services PMI (and ISM) unexpectedly plunged from record highs in June, analysts expected the plunge to stop in preliminary July data (despite an ongoing downtrend in 'hard' economic data performance)... they were wrong.\nWhile US Manufacturing picked up modestly from 62.1 to 63.1 (better than the 62.0 expected),US Services tumbled further to 59.8 from 64.6 (well below the 64.5 expected).\nSource: Bloomberg\nThat is the weakest Services print since February.\nThe drop in Services weighed heavily on theUS Composite which dropped to 4-month lows.\nCommenting on the PMI data,Chris Williamson, Chief Business Economist at IHS Markit, said:\n“The provisional PMI data for July point to the pace of economic growth slowing for a second successive month,though importantly this cooling has followed an unprecedented growth spurt in May. Some moderation of service sector growth in particular was always on the cards after the initial reopening of the economy, and importantly we’re now seeing nicely-balanced strong growth across both manufacturing and services.\n“While thesecond quarter may therefore represent a peaking in the pace of economic growthaccording to the PMI, the third quarter is still looking encouragingly strong.\n“Short-term capacity issues remain a concern, constraining output in many manufacturing and service sector companies while simultaneously pushing prices higher as demand exceeds supply.However, we’re already seeing signs of inflationary pressures peaking, with both input cost and selling price gauges falling for a second month in July, albeit remaining elevated.\n“Inflationary pressures and supply constraints – both in terms of labour and materials shortages - nevertheless remain major sources of uncertainty among businesses, as does the delta variant, all of which has pushed business optimism about the year ahead to the lowest seen so far this year.The concern is this drop in confidence could feed through to reduced spending, investment and hiring, adding to the possibility that growth could slow further in coming months.”\nFor context, the US Composite index is now running below that of Europe's...\nSource: Bloomberg","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":427,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":162077422,"gmtCreate":1624029697866,"gmtModify":1631889689912,"author":{"id":"3574670459862914","authorId":"3574670459862914","name":"Leira","avatar":"https://static.tigerbbs.com/c093de36b9faf1e806c55a60e221cb74","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574670459862914","authorIdStr":"3574670459862914"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/VT\">$Vanguard Total World Stock Index Fund ETF Shares(VT)$</a>Will this ever crash [Pitiful]&nbsp;","listText":"<a href=\"https://laohu8.com/S/VT\">$Vanguard Total World Stock Index Fund ETF Shares(VT)$</a>Will this ever crash [Pitiful]&nbsp;","text":"$Vanguard Total World Stock Index Fund ETF Shares(VT)$Will this ever crash [Pitiful]","images":[{"img":"https://static.tigerbbs.com/225b1ad10d94235c12216fa81c84d294","width":"750","height":"1068"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/162077422","isVote":1,"tweetType":1,"viewCount":411,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":180796722,"gmtCreate":1623225898366,"gmtModify":1631889689918,"author":{"id":"3574670459862914","authorId":"3574670459862914","name":"Leira","avatar":"https://static.tigerbbs.com/c093de36b9faf1e806c55a60e221cb74","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574670459862914","authorIdStr":"3574670459862914"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/VT\">$Vanguard Total World Stock Index Fund ETF Shares(VT)$</a>Yay","listText":"<a href=\"https://laohu8.com/S/VT\">$Vanguard Total World Stock Index Fund ETF Shares(VT)$</a>Yay","text":"$Vanguard Total World Stock Index Fund ETF Shares(VT)$Yay","images":[{"img":"https://static.tigerbbs.com/6e180fc964599c1abc08478a7ecc023b","width":"828","height":"1434"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/180796722","isVote":1,"tweetType":1,"viewCount":388,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":169352217,"gmtCreate":1623818444539,"gmtModify":1634027604859,"author":{"id":"3574670459862914","authorId":"3574670459862914","name":"Leira","avatar":"https://static.tigerbbs.com/c093de36b9faf1e806c55a60e221cb74","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574670459862914","authorIdStr":"3574670459862914"},"themes":[],"htmlText":"Always have new ways to address ur audience!","listText":"Always have new ways to address ur audience!","text":"Always have new ways to address ur audience!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/169352217","repostId":"1137428482","repostType":4,"repost":{"id":"1137428482","kind":"news","pubTimestamp":1623815725,"share":"https://www.laohu8.com/m/news/1137428482?lang=zh_CN&edition=full","pubTime":"2021-06-16 11:55","market":"us","language":"en","title":"2 Reasons Netflix Will Win Its Merchandising Gambit<blockquote>Netflix赢得营销策略的2个原因</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1137428482","media":"Motley Fool","summary":"The leading premium streaming video service has an online store. It's bigger than you think.","content":"<p>It's easy to be skeptical about last week's launch of&nbsp;<b>Netflix</b>'s(NASDAQ:NFLX)&nbsp;online merch store. The new platform -- available via&nbsp;Netflix.shop-- is limited to selling T-shirts and hoodies themed to its<i>Yasuke</i>and<i>Eden</i>anime. It's just designer streetwear right now, and it's not cheap. T-shirts range in price from $30 to $45. Hypland's Yasuke hoodie is going to set you back a beefy $82, or nearly half a year of a Netflix subscription.</p><p><blockquote>人们很容易对上周推出的<b>Netflix</b>（纳斯达克：NFLX）在线merch商店。这个新平台可通过Netflix.shop购买，仅限于销售以其品牌为主题的T恤和帽衫<i>安介</i>和<i>伊甸园</i>动漫。现在只是设计师的街头服饰，而且不便宜。T恤的价格从30美元到45美元不等。Hypland的Yasuke连帽衫将花费你高达82美元，相当于网飞订阅近半年的费用。</blockquote></p><p> However, you may want to think twice before you dismiss the leading premium video service's chances here. There are some good reasons to bet on Netflix's latest move. Let's check them out.</p><p><blockquote>然而，在你放弃领先的优质视频服务的机会之前，你可能要三思。有一些充分的理由押注Netflix的最新举措。我们去看看。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/434a5606f0aa105dc2200617936db7bd\" tg-width=\"2000\" tg-height=\"1333\"><span>IMAGE SOURCE: GETTY IMAGES.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：盖蒂图片社。</span></p></blockquote></p><p> <b>1. Netflix is just getting started</b></p><p><blockquote><b>1.Netflix才刚刚起步</b></blockquote></p><p> This is obviously just the opening act of Netflix.shop. You can get third-party -- admittedly unlicensed -- shirts for a lot less elsewhere. It will be harder to duplicate the<i>Yasuke</i>and<i>Eden</i>action figures that Netflix is promising will roll out later this month.</p><p><blockquote>这显然只是Netflix.shop的开场表演。你可以在其他地方以更低的价格买到第三方的——不可否认的——衬衫。将更难复制<i>安介</i>和<i>伊甸园</i>网飞承诺的活动人偶将于本月晚些时候推出。</blockquote></p><p> Limited-edition apparel and decor inspired by<i>Lupin</i>-- with the second season just dropping into your Netflix queue -- will hit the digital storefront this month. Last week's launch also teased upcoming exclusive<i>Stranger Things</i>and<i>The Witcher</i>product lines. Reports also have Netflix working on a<i>Bridgerton</i>clothing line alongside live events. And Fans of<i>La Casa de Papel</i>-- aka<i>Money Heist</i>-- should be on the lookout for proprietary merch.</p><p><blockquote>限量版服装和装饰灵感来自<i>鲁邦</i>——第二季刚刚进入Netflix队列——将于本月登陆数字店面。上周的发布还预告了即将推出的独家<i>奇怪的事情</i>和<i>巫师</i>产品线。有报道称Netflix正在开发一款<i>布里奇顿</i>现场活动旁边的服装系列。和粉丝<i>纸屋</i>——阿卡<i>金钱抢劫</i>--应该留意专有商品。</blockquote></p><p> Don't judge Netflix's new foray into the e-tail of physical merch based on what you see on today's landing page. The store will get bigger, and you'll get there once they roll around to paddling a new revenue stream based on one of your favorite shows.</p><p><blockquote>不要根据你在今天的登陆页面上看到的来判断网飞对实体商品电子零售的新尝试。商店会变得更大，一旦他们根据你最喜欢的节目之一获得新的收入来源，你就会到达那里。</blockquote></p><p> <b>2. Never underestimate the Netflix audience</b></p><p><blockquote><b>2.永远不要低估Netflix的观众</b></blockquote></p><p> It's not smart to bet against Netflix. It doesn't make a move unless it has thoroughly thought things through. How many times were we asking Netflix to rent video games by mail during its red envelope days? How many analysts have wondered about the money that Netflix could rake in it if sold ads on top of its streams in this era of rising connected-TV rates?</p><p><blockquote>做空Netflix是不明智的。除非它把事情想透了，否则它不会采取行动。在网飞红包的日子里，我们有多少次通过邮件要求它租电子游戏？有多少分析师想知道，在这个联网电视费率不断上涨的时代，如果Netflix在其流媒体上销售广告，它能赚多少钱？</blockquote></p><p> Netflix is way smarter than me. It may also be smarter than you when it comes to how it runs its business. Bloomberg is reporting that Netflix is in the process of hiring heads of consumer products, podcasts, and video game businesses that don't currently exist. If they see the light of day -- as we're seeing with consumer product -- it's because the company knows what it's doing.</p><p><blockquote>网飞比我聪明多了。在如何经营业务方面，它也可能比你更聪明。彭博社报道称，Netflix正在招聘目前尚不存在的消费产品、播客和视频游戏业务的负责人。如果他们看到了曙光——就像我们在消费品上看到的那样——那是因为公司知道自己在做什么。</blockquote></p><p> Netflix had&nbsp;207.6 million subscribersat the end of March, and we're talking about entire families here. The reach and breadth is larger than the account base. It's a captive audience spending hours a day getting lost in Netflix's growing digital catalog of content.</p><p><blockquote>截至3月底，Netflix拥有2.076亿用户，我们在这里谈论的是整个家庭。触角和广度大于账户基数。这是一群被俘虏的观众，他们每天花几个小时迷失在网飞不断增长的数字内容目录中。</blockquote></p><p> Folks trust Netflix to get it right. They stick around, even if it means prices keep moving higher. Netflix has increased its monthly rates in the U.S.five times over the last seven years, and the sub count is always higher by the time the next hike rolls around.</p><p><blockquote>人们相信网飞会把事情做好。他们会留下来，即使这意味着价格继续走高。在过去的七年里，Netflix在美国提高了五次月费率，而在下一次加息到来时，子计数总是更高。</blockquote></p><p> Netflix is a&nbsp;media stock. It's not a surprise that traditional media behemoths are generating significant sums of incremental revenue through vibrant consumer product sales. Why wouldn't Netflix -- a company that's been collecting gobs of data on your viewing habits for years -- be as good at nailing what you'll want to buy next as it is at knowing what you want to view next? We may never see a theme park, though I would be the first in line through the turnstiles of Netflixlandia to ride the<i>Ozark</i>roller coaster or experience the<i>Stranger Things</i>dark ride. Selling unique merch to an engaged audience will be a lot easier, and unlike that<i>Ozark</i>coaster there are no height requirements or seat restraints to keep you from making the most of the consumer products ride.</p><p><blockquote>Netflix是一只媒体股票。传统媒体巨头通过充满活力的消费品销售创造了大量增量收入，这并不奇怪。为什么Netflix——一家多年来一直在收集大量关于你观看习惯的数据的公司——不能像知道你下一步想看什么一样擅长确定你下一步想买什么呢？我们可能永远不会看到主题公园，尽管我会是第一个通过Netflixlandia十字转门排队乘坐主题公园的人<i>欧扎克</i>过山车或体验<i>奇怪的事情</i>黑暗之旅。向积极参与的受众销售独特的商品会容易得多，与此不同<i>欧扎克</i>过山车没有高度要求或座位限制来阻止你充分利用消费品。</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>2 Reasons Netflix Will Win Its Merchandising Gambit<blockquote>Netflix赢得营销策略的2个原因</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\">\n2 Reasons Netflix Will Win Its Merchandising Gambit<blockquote>Netflix赢得营销策略的2个原因</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\">2021-06-16 11:55</span>\n</p>\n</h4>\n</header>\n<article>\n<p>It's easy to be skeptical about last week's launch of&nbsp;<b>Netflix</b>'s(NASDAQ:NFLX)&nbsp;online merch store. The new platform -- available via&nbsp;Netflix.shop-- is limited to selling T-shirts and hoodies themed to its<i>Yasuke</i>and<i>Eden</i>anime. It's just designer streetwear right now, and it's not cheap. T-shirts range in price from $30 to $45. Hypland's Yasuke hoodie is going to set you back a beefy $82, or nearly half a year of a Netflix subscription.</p><p><blockquote>人们很容易对上周推出的<b>Netflix</b>（纳斯达克：NFLX）在线merch商店。这个新平台可通过Netflix.shop购买，仅限于销售以其品牌为主题的T恤和帽衫<i>安介</i>和<i>伊甸园</i>动漫。现在只是设计师的街头服饰，而且不便宜。T恤的价格从30美元到45美元不等。Hypland的Yasuke连帽衫将花费你高达82美元，相当于网飞订阅近半年的费用。</blockquote></p><p> However, you may want to think twice before you dismiss the leading premium video service's chances here. There are some good reasons to bet on Netflix's latest move. Let's check them out.</p><p><blockquote>然而，在你放弃领先的优质视频服务的机会之前，你可能要三思。有一些充分的理由押注Netflix的最新举措。我们去看看。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/434a5606f0aa105dc2200617936db7bd\" tg-width=\"2000\" tg-height=\"1333\"><span>IMAGE SOURCE: GETTY IMAGES.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：盖蒂图片社。</span></p></blockquote></p><p> <b>1. Netflix is just getting started</b></p><p><blockquote><b>1.Netflix才刚刚起步</b></blockquote></p><p> This is obviously just the opening act of Netflix.shop. You can get third-party -- admittedly unlicensed -- shirts for a lot less elsewhere. It will be harder to duplicate the<i>Yasuke</i>and<i>Eden</i>action figures that Netflix is promising will roll out later this month.</p><p><blockquote>这显然只是Netflix.shop的开场表演。你可以在其他地方以更低的价格买到第三方的——不可否认的——衬衫。将更难复制<i>安介</i>和<i>伊甸园</i>网飞承诺的活动人偶将于本月晚些时候推出。</blockquote></p><p> Limited-edition apparel and decor inspired by<i>Lupin</i>-- with the second season just dropping into your Netflix queue -- will hit the digital storefront this month. Last week's launch also teased upcoming exclusive<i>Stranger Things</i>and<i>The Witcher</i>product lines. Reports also have Netflix working on a<i>Bridgerton</i>clothing line alongside live events. And Fans of<i>La Casa de Papel</i>-- aka<i>Money Heist</i>-- should be on the lookout for proprietary merch.</p><p><blockquote>限量版服装和装饰灵感来自<i>鲁邦</i>——第二季刚刚进入Netflix队列——将于本月登陆数字店面。上周的发布还预告了即将推出的独家<i>奇怪的事情</i>和<i>巫师</i>产品线。有报道称Netflix正在开发一款<i>布里奇顿</i>现场活动旁边的服装系列。和粉丝<i>纸屋</i>——阿卡<i>金钱抢劫</i>--应该留意专有商品。</blockquote></p><p> Don't judge Netflix's new foray into the e-tail of physical merch based on what you see on today's landing page. The store will get bigger, and you'll get there once they roll around to paddling a new revenue stream based on one of your favorite shows.</p><p><blockquote>不要根据你在今天的登陆页面上看到的来判断网飞对实体商品电子零售的新尝试。商店会变得更大，一旦他们根据你最喜欢的节目之一获得新的收入来源，你就会到达那里。</blockquote></p><p> <b>2. Never underestimate the Netflix audience</b></p><p><blockquote><b>2.永远不要低估Netflix的观众</b></blockquote></p><p> It's not smart to bet against Netflix. It doesn't make a move unless it has thoroughly thought things through. How many times were we asking Netflix to rent video games by mail during its red envelope days? How many analysts have wondered about the money that Netflix could rake in it if sold ads on top of its streams in this era of rising connected-TV rates?</p><p><blockquote>做空Netflix是不明智的。除非它把事情想透了，否则它不会采取行动。在网飞红包的日子里，我们有多少次通过邮件要求它租电子游戏？有多少分析师想知道，在这个联网电视费率不断上涨的时代，如果Netflix在其流媒体上销售广告，它能赚多少钱？</blockquote></p><p> Netflix is way smarter than me. It may also be smarter than you when it comes to how it runs its business. Bloomberg is reporting that Netflix is in the process of hiring heads of consumer products, podcasts, and video game businesses that don't currently exist. If they see the light of day -- as we're seeing with consumer product -- it's because the company knows what it's doing.</p><p><blockquote>网飞比我聪明多了。在如何经营业务方面，它也可能比你更聪明。彭博社报道称，Netflix正在招聘目前尚不存在的消费产品、播客和视频游戏业务的负责人。如果他们看到了曙光——就像我们在消费品上看到的那样——那是因为公司知道自己在做什么。</blockquote></p><p> Netflix had&nbsp;207.6 million subscribersat the end of March, and we're talking about entire families here. The reach and breadth is larger than the account base. It's a captive audience spending hours a day getting lost in Netflix's growing digital catalog of content.</p><p><blockquote>截至3月底，Netflix拥有2.076亿用户，我们在这里谈论的是整个家庭。触角和广度大于账户基数。这是一群被俘虏的观众，他们每天花几个小时迷失在网飞不断增长的数字内容目录中。</blockquote></p><p> Folks trust Netflix to get it right. They stick around, even if it means prices keep moving higher. Netflix has increased its monthly rates in the U.S.five times over the last seven years, and the sub count is always higher by the time the next hike rolls around.</p><p><blockquote>人们相信网飞会把事情做好。他们会留下来，即使这意味着价格继续走高。在过去的七年里，Netflix在美国提高了五次月费率，而在下一次加息到来时，子计数总是更高。</blockquote></p><p> Netflix is a&nbsp;media stock. It's not a surprise that traditional media behemoths are generating significant sums of incremental revenue through vibrant consumer product sales. Why wouldn't Netflix -- a company that's been collecting gobs of data on your viewing habits for years -- be as good at nailing what you'll want to buy next as it is at knowing what you want to view next? We may never see a theme park, though I would be the first in line through the turnstiles of Netflixlandia to ride the<i>Ozark</i>roller coaster or experience the<i>Stranger Things</i>dark ride. Selling unique merch to an engaged audience will be a lot easier, and unlike that<i>Ozark</i>coaster there are no height requirements or seat restraints to keep you from making the most of the consumer products ride.</p><p><blockquote>Netflix是一只媒体股票。传统媒体巨头通过充满活力的消费品销售创造了大量增量收入，这并不奇怪。为什么Netflix——一家多年来一直在收集大量关于你观看习惯的数据的公司——不能像知道你下一步想看什么一样擅长确定你下一步想买什么呢？我们可能永远不会看到主题公园，尽管我会是第一个通过Netflixlandia十字转门排队乘坐主题公园的人<i>欧扎克</i>过山车或体验<i>奇怪的事情</i>黑暗之旅。向积极参与的受众销售独特的商品会容易得多，与此不同<i>欧扎克</i>过山车没有高度要求或座位限制来阻止你充分利用消费品。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/06/15/2-reasons-netflix-will-win-its-merchandising-gambi/\">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":{"NFLX":"奈飞"},"source_url":"https://www.fool.com/investing/2021/06/15/2-reasons-netflix-will-win-its-merchandising-gambi/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1137428482","content_text":"It's easy to be skeptical about last week's launch of Netflix's(NASDAQ:NFLX) online merch store. The new platform -- available via Netflix.shop-- is limited to selling T-shirts and hoodies themed to itsYasukeandEdenanime. It's just designer streetwear right now, and it's not cheap. T-shirts range in price from $30 to $45. Hypland's Yasuke hoodie is going to set you back a beefy $82, or nearly half a year of a Netflix subscription.\nHowever, you may want to think twice before you dismiss the leading premium video service's chances here. There are some good reasons to bet on Netflix's latest move. Let's check them out.\nIMAGE SOURCE: GETTY IMAGES.\n1. Netflix is just getting started\nThis is obviously just the opening act of Netflix.shop. You can get third-party -- admittedly unlicensed -- shirts for a lot less elsewhere. It will be harder to duplicate theYasukeandEdenaction figures that Netflix is promising will roll out later this month.\nLimited-edition apparel and decor inspired byLupin-- with the second season just dropping into your Netflix queue -- will hit the digital storefront this month. Last week's launch also teased upcoming exclusiveStranger ThingsandThe Witcherproduct lines. Reports also have Netflix working on aBridgertonclothing line alongside live events. And Fans ofLa Casa de Papel-- akaMoney Heist-- should be on the lookout for proprietary merch.\nDon't judge Netflix's new foray into the e-tail of physical merch based on what you see on today's landing page. The store will get bigger, and you'll get there once they roll around to paddling a new revenue stream based on one of your favorite shows.\n2. Never underestimate the Netflix audience\nIt's not smart to bet against Netflix. It doesn't make a move unless it has thoroughly thought things through. How many times were we asking Netflix to rent video games by mail during its red envelope days? How many analysts have wondered about the money that Netflix could rake in it if sold ads on top of its streams in this era of rising connected-TV rates?\nNetflix is way smarter than me. It may also be smarter than you when it comes to how it runs its business. Bloomberg is reporting that Netflix is in the process of hiring heads of consumer products, podcasts, and video game businesses that don't currently exist. If they see the light of day -- as we're seeing with consumer product -- it's because the company knows what it's doing.\nNetflix had 207.6 million subscribersat the end of March, and we're talking about entire families here. The reach and breadth is larger than the account base. It's a captive audience spending hours a day getting lost in Netflix's growing digital catalog of content.\nFolks trust Netflix to get it right. They stick around, even if it means prices keep moving higher. Netflix has increased its monthly rates in the U.S.five times over the last seven years, and the sub count is always higher by the time the next hike rolls around.\nNetflix is a media stock. It's not a surprise that traditional media behemoths are generating significant sums of incremental revenue through vibrant consumer product sales. Why wouldn't Netflix -- a company that's been collecting gobs of data on your viewing habits for years -- be as good at nailing what you'll want to buy next as it is at knowing what you want to view next? We may never see a theme park, though I would be the first in line through the turnstiles of Netflixlandia to ride theOzarkroller coaster or experience theStranger Thingsdark ride. Selling unique merch to an engaged audience will be a lot easier, and unlike thatOzarkcoaster there are no height requirements or seat restraints to keep you from making the most of the consumer products ride.","news_type":1,"symbols_score_info":{"NFLX":0.9}},"isVote":1,"tweetType":1,"viewCount":337,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":829148531,"gmtCreate":1633482947230,"gmtModify":1633482947510,"author":{"id":"3574670459862914","authorId":"3574670459862914","name":"Leira","avatar":"https://static.tigerbbs.com/c093de36b9faf1e806c55a60e221cb74","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574670459862914","authorIdStr":"3574670459862914"},"themes":[],"htmlText":"What is sia engineering long term direction?&nbsp;","listText":"What is sia engineering long term direction?&nbsp;","text":"What is sia engineering long term direction?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/829148531","repostId":"1169435819","repostType":4,"isVote":1,"tweetType":1,"viewCount":1615,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":128974742,"gmtCreate":1624499952086,"gmtModify":1631889090276,"author":{"id":"3574670459862914","authorId":"3574670459862914","name":"Leira","avatar":"https://static.tigerbbs.com/c093de36b9faf1e806c55a60e221cb74","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574670459862914","authorIdStr":"3574670459862914"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/ICLN\">$iShares Global Clean Energy ETF(ICLN)$</a>Aiya still losing","listText":"<a href=\"https://laohu8.com/S/ICLN\">$iShares Global Clean Energy ETF(ICLN)$</a>Aiya still losing","text":"$iShares Global Clean Energy ETF(ICLN)$Aiya still 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