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2021-05-07

Money

Amazon: The Most Clearly Undervalued Company<blockquote>亚马逊：最明显被低估的公司</blockquote>

2021-05-05

Oh...

Why Amazon and Alphabet may need to split their high-priced stocks<blockquote>为什么亚马逊和Alphabet可能需要分割他们的高价股票</blockquote>

2021-04-29

Cool

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2021-04-26

Cool

Microvision Becomes New WallStreetBets Favorite: What You Need To Know<blockquote>Microvision成为WallStreetBets的新宠：您需要了解什么</blockquote>

2021-04-26

Cool

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2021-04-23

Soar

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2021-04-20

Good

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2021-04-15

Oh no

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2021-04-14

Leggo

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2021-04-12

SNDL going up

Why this cannabis giant is betting on Europe to build a war chest ahead of the U.S. legalization bonanza<blockquote>为什么这家大麻巨头押注欧洲在美国合法化热潮之前建立战争基金</blockquote>

2021-04-07

Intense

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2021-03-31

Ooo

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2021-03-31

About time

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2021-03-31

Ok

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2021-03-31

Nice

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2021-03-31

Oh....

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2021-03-30

Wow...

A little-known hedge fund caused widespread chaos on Wall Street<blockquote>一家名不见经传的对冲基金在华尔街引发了广泛的混乱</blockquote>

2021-03-29

Oh

Asian stocks rise after Wall Street highs and on vaccine optimism<blockquote>亚洲股市在华尔街高点和疫苗乐观情绪后上涨</blockquote>

2021-03-28

Interesting

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2021-03-27

Leggo

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12:02","market":"us","language":"en","title":"Amazon: The Most Clearly Undervalued Company<blockquote>亚马逊：最明显被低估的公司</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1157328258","media":"Seeking alpha","summary":"SummaryAmazon is one of the companies whose growth has not yet reached its limit and not even entere","content":"<p>Summary</p><p><blockquote>总结</blockquote></p><p><ul><li>Amazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase.</li><li>In terms of comparative valuation, AMZN is undervalued against the market.</li><li>DCF-based Amazon stock price target suggests 30% upside potential. But I think this is not even a basic scenario, but a pessimistic scenario.</li></ul>I present my comprehensive Amazon (AMZN) analysis in light of the results of the last quarter.</p><p><blockquote><ul><li>亚马逊是增长尚未达到极限，甚至还没有进入平台期的公司之一。</li><li>就比较估值而言，AMZN相对于市场被低估。</li><li>基于DCF的亚马逊股价目标显示30%的上涨潜力。但我认为这甚至不是一个基本的情景，而是一个悲观的情景。</li></ul>我根据上个季度的业绩对亚马逊（AMZN）进行了全面的分析。</blockquote></p><p>#1 Price vs. Growth</p><p><blockquote>#1价格与增长</blockquote></p><p>First of all, let's assess whether we can statistically state that Amazon's growth has accelerated or slowed down in the last quarter. To do this, let's compare the revenue growth trends of the key segments of the company with and without the results of the last four quarters.</p><p><blockquote>首先，我们来评估一下我们是否可以从统计数据上说明亚马逊上个季度的增长是加速还是放缓。为此，让我们比较一下有和没有过去四个季度业绩的公司关键部门的收入增长趋势。</blockquote></p><p>The dynamics of the 'Online Stores' segment showed a qualitative breakthrough. Without taking into account the last four quarters, a near-linear trend was observed here. Now, it has become exponential:</p><p><blockquote>“在线商店”部分的动态显示出质的突破。在不考虑过去四个季度的情况下，这里观察到了接近线性的趋势。现在，它已经成为指数级增长：</blockquote></p><p><img src=\"https://static.tigerbbs.com/bac49a9df0e5b978dc15e20bedfce3da\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The 'Third-Party Seller Services' segment - the exponential growth continues:</p><p><blockquote>“第三方卖家服务”细分市场——指数级增长仍在继续：</blockquote></p><p><img src=\"https://static.tigerbbs.com/6b58df42726bc01c8a5e5c2940d0476d\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The 'Subscription Services' (Amazon Prime) segment - here the acceleration remains, and the result of the last quarter was better than the trend:</p><p><blockquote>“订阅服务”（Amazon Prime）细分市场——这里的加速仍然存在，上个季度的结果好于趋势：</blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The 'Other' (advertising services) segment has also showed a significant acceleration:<img src=\"https://static.tigerbbs.com/a58095394bdd79d561166a74942a9e55\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote>“其他”（广告服务）部门也显示出显着的加速：</blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The growth trend of 'Amazon Web Services' has slowed down, but judging by the results of the last quarter, there is a gradual return to the previous trend:</p><p><blockquote>‘Amazon Web Services’的增长趋势有所放缓，但从上个季度的结果来看，有逐渐回归之前的趋势：</blockquote></p><p><img src=\"https://static.tigerbbs.com/07069ccaab37c32eed56da69881e7bce\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>Geographically, Amazon's revenue was also significantly better than the trend:</p><p><blockquote>从地域上看，亚马逊的营收也明显好于趋势：</blockquote></p><p><img src=\"https://static.tigerbbs.com/a1d9246e5c01aac6c62e49ad7cd73e2c\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/0e7276161a3d2b2159ab3d727d3cb7d9\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p><i>So, statistically, not subjectively, we should recognize the acceleration of the company's growth</i><i><b>in all key segments</b></i><i>. In my opinion, this is exactly what is expected from Amazon.</i></p><p><blockquote><i>因此，从统计上，而不是主观上，我们应该认识到公司增长的加速</i><i><b>在所有关键细分市场</b></i><i>.在我看来，这正是人们对亚马逊的期望。</i></blockquote></p><p>Further. Over the last 10 years, Amazon's capitalization has been in a qualitative linear relationship with its revenue:</p><p><blockquote>更远地。在过去10年中，亚马逊的资本化与其收入呈定性线性关系：</blockquote></p><p><img src=\"https://static.tigerbbs.com/f105c314902d29dae4d0f0e400aa2245\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>There is also a certain influence of the company's revenue growth rate on its multiples:</p><p><blockquote>公司营收增速对其倍数也有一定影响：</blockquote></p><p><img src=\"https://static.tigerbbs.com/8beca01b5624a15aab79465c580ded6b\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>Based on these two relationships and taking into account the influence of the growth of theM2 money stockin the US, it is possible to build another model that allows us to determine the balanced level of the company's capitalization. In addition, this model allows to model the growth of the company's capitalization based on the current expectations of analysts regarding the company's revenue growth in the next four quarters. Here is this model:</p><p><blockquote>基于这两种关系，并考虑到美国货币存量增长的影响，有可能建立另一个模型，使我们能够确定公司资本化的平衡水平。此外，该模型允许根据分析师当前对公司未来四个季度收入增长的预期来模拟公司资本的增长。这是这个模型：</blockquote></p><p><img src=\"https://static.tigerbbs.com/083fa1dc350e5e54cc7d3145744c9e4c\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d63f0cff5e0dd83343d26ee90552a033\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p><i>As you can see, firstly, this model indicates that the company's current price is already</i><i><b>below the balanced level</b></i><i>. And secondly, it assumes a</i><i><b>25% growth</b></i><i>in capitalization in the next four quarters.</i></p><p><blockquote><i>正如你所看到的，首先，这个模型表明公司当前的价格已经</i><i><b>低于平衡水平</b></i><i>其次，它假设</i><i><b>25%增长</b></i><i>未来四个季度的资本化。</i></blockquote></p><p>#2 Comparative Valuation</p><p><blockquote>#2比较估值</blockquote></p><p>In the previous block, I modeled Amazon's balanced price based on revenue. What is remarkable is that if we apply the same approach to the comparative valuation of the company using multiples, we will fail. At least I have not been able to find a single revenue-based multiple that would make it possible to successfully compare Amazon to other companies. But the forward P/E (next FY) multiple adjusted by the expected EPS annual growth rate made it possible to find a suitable model:</p><p><blockquote>在上一个模块中，我根据收入对亚马逊的均衡价格进行了建模。值得注意的是，如果我们用同样的方法使用倍数对公司进行比较估值，我们就会失败。至少我还没有找到一个基于收入的倍数来成功地将亚马逊与其他公司进行比较。但根据预期每股收益年增长率调整后的远期市盈率（下一财年）倍数使得找到合适的模型成为可能：</blockquote></p><p></p><p><img src=\"https://static.tigerbbs.com/97ac0310bcef622e12c8c21d46979f7e\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/8d7573ff8a7fc00719a51042f09fc989\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p><i>As you can see, judging by this multiple, Amazon is significantly undervalued.</i></p><p><blockquote><i>正如你所看到的，从这个倍数来看，亚马逊被严重低估了。</i></blockquote></p><p>#3 Discounted Cash Flow Model</p><p><blockquote>#3贴现现金流模型</blockquote></p><p>When predicting Amazon's revenue for the next decade, I proceeded from the average expectations ofanalysts:</p><p><blockquote>在预测亚马逊未来十年的收入时，我从分析师的平均预期出发：</blockquote></p><p><img src=\"https://static.tigerbbs.com/9f41298db73dbcd92469026cc4e767c4\" tg-width=\"640\" tg-height=\"323\" referrerpolicy=\"no-referrer\"><i>Source: Seeking Alpha Pro</i></p><p><blockquote><i>资料来源：寻求Alpha Pro</i></blockquote></p><p>When predicting the dynamics of Amazon's operating margin, I also proceeded from analysts'expectationsregarding the growth of the company's EPS, and taking into account the gradual increase in the tax rate to 25%. In my opinion, a gradual increase in the operating margin to 8% in the terminal year is a very realistic scenario.</p><p><blockquote>在预测亚马逊营业利润率的动态时，我也从分析师对公司每股收益增长的预期出发，并考虑到税率逐渐提高到25%。在我看来，在终端年将营业利润率逐步提高到8%是一个非常现实的情况。</blockquote></p><p>Here is the calculation of the Weighted Average Cost of Capital:</p><p><blockquote>以下是加权平均资本成本的计算：</blockquote></p><p><img src=\"https://static.tigerbbs.com/759163398701e54efd7cfabd11a0867d\" tg-width=\"480\" tg-height=\"374\" referrerpolicy=\"no-referrer\"><i>Source: Author</i></p><p><blockquote><i>来源：作者</i></blockquote></p><p>Some explanations:</p><p><blockquote>一些解释：</blockquote></p><p><ul><li>In order to calculate the market rate of return, I used values of equityriskpremium (4.72%) and the current yield of UST10 as a risk-free rate (1.6%).</li><li>I used the currentvalueof the three-year beta coefficient (0.92). For the terminal year, I used Beta equal to 1.</li><li>To calculate the Cost of Debt, I used the interest expense for 2019 and 2020 divided by the debt value for the same years.</li></ul>Here is the model itself:</p><p><blockquote><ul><li>为了计算市场回报率，我使用了equityriskpremium（4.72%）和UST10的当前收益率作为无风险利率（1.6%）。</li><li>我使用了三年贝塔系数的当前值（0.92）。在最后一年，我使用Beta等于1。</li><li>为了计算债务成本，我使用2019年和2020年的利息支出除以同年的债务价值。</li></ul>以下是模型本身：</blockquote></p><p><img src=\"https://static.tigerbbs.com/0df02bca01b3ef74d3b640d95eb00590\" tg-width=\"640\" tg-height=\"528\" referrerpolicy=\"no-referrer\">(In high resolution)</p><p><blockquote>（高分辨率）</blockquote></p><p><i>Source: Author</i></p><p><blockquote><i>来源：作者</i></blockquote></p><p><i>The DCF-based target price of Amazon's shares is $4,280, offering 29% upside.</i></p><p><blockquote><i>亚马逊股票基于DCF的目标价为4,280美元，上涨空间为29%。</i></blockquote></p><p>Final thoughts</p><p><blockquote>最后的想法</blockquote></p><p><ol><li>Amazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase. In a sense, this is a startup with $73 billion cash.</li><li>The fact that Amazon remains in the acceleration phase does not mean that its capitalization is constantly undervalued. But in this case, based on the patterns between the company's capitalization and the parameters of its revenue, we can conclude that the company is<b>undervalued</b>.</li><li>Comparing Amazon to other companies through the prism of expected EPS growth, it must be admitted that the company is<b>much cheaper</b>than the market.</li><li>DCF model based on average expectations analysts indicate a 30% undervaluation. At the start of the year, a similarmodelindicated a 20% undervaluation.</li><li>When you look at Amazon's revenue forecast for the next decade, you realize that the company will face growth problems. But in my opinion,<i>it is better to invest in a company facing growth problems than aging problems</i>.</li></ol></p><p><blockquote><ol><li>亚马逊是增长尚未达到极限，甚至还没有进入平台期的公司之一。从某种意义上说，这是一家拥有730亿美元现金的初创公司。</li><li>亚马逊仍处于加速阶段的事实并不意味着其市值不断被低估。但在这种情况下，根据公司的资本化和收入参数之间的模式，我们可以得出结论，公司是<b>被低估</b>.</li><li>通过预期每股收益增长的棱镜将亚马逊与其他公司进行比较，必须承认该公司是<b>便宜多了</b>比市场。</li><li>基于平均预期的DCF模型分析师表示低估了30%。今年年初，类似的模型显示估值被低估了20%。</li><li>当你看亚马逊未来十年的收入预测时，你会意识到该公司将面临增长问题。但在我看来，<i>投资一家面临增长问题的公司比投资老龄化问题的公司更好</i>.</li></ol></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>Amazon: The Most Clearly Undervalued Company<blockquote>亚马逊：最明显被低估的公司</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; 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\">\nAmazon: The Most Clearly Undervalued Company<blockquote>亚马逊：最明显被低估的公司</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking alpha</strong><span class=\"h-time small\">2021-05-07 12:02</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Summary</p><p><blockquote>总结</blockquote></p><p><ul><li>Amazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase.</li><li>In terms of comparative valuation, AMZN is undervalued against the market.</li><li>DCF-based Amazon stock price target suggests 30% upside potential. But I think this is not even a basic scenario, but a pessimistic scenario.</li></ul>I present my comprehensive Amazon (AMZN) analysis in light of the results of the last quarter.</p><p><blockquote><ul><li>亚马逊是增长尚未达到极限，甚至还没有进入平台期的公司之一。</li><li>就比较估值而言，AMZN相对于市场被低估。</li><li>基于DCF的亚马逊股价目标显示30%的上涨潜力。但我认为这甚至不是一个基本的情景，而是一个悲观的情景。</li></ul>我根据上个季度的业绩对亚马逊（AMZN）进行了全面的分析。</blockquote></p><p>#1 Price vs. Growth</p><p><blockquote>#1价格与增长</blockquote></p><p>First of all, let's assess whether we can statistically state that Amazon's growth has accelerated or slowed down in the last quarter. To do this, let's compare the revenue growth trends of the key segments of the company with and without the results of the last four quarters.</p><p><blockquote>首先，我们来评估一下我们是否可以从统计数据上说明亚马逊上个季度的增长是加速还是放缓。为此，让我们比较一下有和没有过去四个季度业绩的公司关键部门的收入增长趋势。</blockquote></p><p>The dynamics of the 'Online Stores' segment showed a qualitative breakthrough. Without taking into account the last four quarters, a near-linear trend was observed here. Now, it has become exponential:</p><p><blockquote>“在线商店”部分的动态显示出质的突破。在不考虑过去四个季度的情况下，这里观察到了接近线性的趋势。现在，它已经成为指数级增长：</blockquote></p><p><img src=\"https://static.tigerbbs.com/bac49a9df0e5b978dc15e20bedfce3da\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The 'Third-Party Seller Services' segment - the exponential growth continues:</p><p><blockquote>“第三方卖家服务”细分市场——指数级增长仍在继续：</blockquote></p><p><img src=\"https://static.tigerbbs.com/6b58df42726bc01c8a5e5c2940d0476d\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The 'Subscription Services' (Amazon Prime) segment - here the acceleration remains, and the result of the last quarter was better than the trend:</p><p><blockquote>“订阅服务”（Amazon Prime）细分市场——这里的加速仍然存在，上个季度的结果好于趋势：</blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The 'Other' (advertising services) segment has also showed a significant acceleration:<img src=\"https://static.tigerbbs.com/a58095394bdd79d561166a74942a9e55\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote>“其他”（广告服务）部门也显示出显着的加速：</blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The growth trend of 'Amazon Web Services' has slowed down, but judging by the results of the last quarter, there is a gradual return to the previous trend:</p><p><blockquote>‘Amazon Web Services’的增长趋势有所放缓，但从上个季度的结果来看，有逐渐回归之前的趋势：</blockquote></p><p><img src=\"https://static.tigerbbs.com/07069ccaab37c32eed56da69881e7bce\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>Geographically, Amazon's revenue was also significantly better than the trend:</p><p><blockquote>从地域上看，亚马逊的营收也明显好于趋势：</blockquote></p><p><img src=\"https://static.tigerbbs.com/a1d9246e5c01aac6c62e49ad7cd73e2c\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/0e7276161a3d2b2159ab3d727d3cb7d9\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p><i>So, statistically, not subjectively, we should recognize the acceleration of the company's growth</i><i><b>in all key segments</b></i><i>. In my opinion, this is exactly what is expected from Amazon.</i></p><p><blockquote><i>因此，从统计上，而不是主观上，我们应该认识到公司增长的加速</i><i><b>在所有关键细分市场</b></i><i>.在我看来，这正是人们对亚马逊的期望。</i></blockquote></p><p>Further. Over the last 10 years, Amazon's capitalization has been in a qualitative linear relationship with its revenue:</p><p><blockquote>更远地。在过去10年中，亚马逊的资本化与其收入呈定性线性关系：</blockquote></p><p><img src=\"https://static.tigerbbs.com/f105c314902d29dae4d0f0e400aa2245\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>There is also a certain influence of the company's revenue growth rate on its multiples:</p><p><blockquote>公司营收增速对其倍数也有一定影响：</blockquote></p><p><img src=\"https://static.tigerbbs.com/8beca01b5624a15aab79465c580ded6b\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>Based on these two relationships and taking into account the influence of the growth of theM2 money stockin the US, it is possible to build another model that allows us to determine the balanced level of the company's capitalization. In addition, this model allows to model the growth of the company's capitalization based on the current expectations of analysts regarding the company's revenue growth in the next four quarters. Here is this model:</p><p><blockquote>基于这两种关系，并考虑到美国货币存量增长的影响，有可能建立另一个模型，使我们能够确定公司资本化的平衡水平。此外，该模型允许根据分析师当前对公司未来四个季度收入增长的预期来模拟公司资本的增长。这是这个模型：</blockquote></p><p><img src=\"https://static.tigerbbs.com/083fa1dc350e5e54cc7d3145744c9e4c\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d63f0cff5e0dd83343d26ee90552a033\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p><i>As you can see, firstly, this model indicates that the company's current price is already</i><i><b>below the balanced level</b></i><i>. And secondly, it assumes a</i><i><b>25% growth</b></i><i>in capitalization in the next four quarters.</i></p><p><blockquote><i>正如你所看到的，首先，这个模型表明公司当前的价格已经</i><i><b>低于平衡水平</b></i><i>其次，它假设</i><i><b>25%增长</b></i><i>未来四个季度的资本化。</i></blockquote></p><p>#2 Comparative Valuation</p><p><blockquote>#2比较估值</blockquote></p><p>In the previous block, I modeled Amazon's balanced price based on revenue. What is remarkable is that if we apply the same approach to the comparative valuation of the company using multiples, we will fail. At least I have not been able to find a single revenue-based multiple that would make it possible to successfully compare Amazon to other companies. But the forward P/E (next FY) multiple adjusted by the expected EPS annual growth rate made it possible to find a suitable model:</p><p><blockquote>在上一个模块中，我根据收入对亚马逊的均衡价格进行了建模。值得注意的是，如果我们用同样的方法使用倍数对公司进行比较估值，我们就会失败。至少我还没有找到一个基于收入的倍数来成功地将亚马逊与其他公司进行比较。但根据预期每股收益年增长率调整后的远期市盈率（下一财年）倍数使得找到合适的模型成为可能：</blockquote></p><p></p><p><img src=\"https://static.tigerbbs.com/97ac0310bcef622e12c8c21d46979f7e\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/8d7573ff8a7fc00719a51042f09fc989\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p><i>As you can see, judging by this multiple, Amazon is significantly undervalued.</i></p><p><blockquote><i>正如你所看到的，从这个倍数来看，亚马逊被严重低估了。</i></blockquote></p><p>#3 Discounted Cash Flow Model</p><p><blockquote>#3贴现现金流模型</blockquote></p><p>When predicting Amazon's revenue for the next decade, I proceeded from the average expectations ofanalysts:</p><p><blockquote>在预测亚马逊未来十年的收入时，我从分析师的平均预期出发：</blockquote></p><p><img src=\"https://static.tigerbbs.com/9f41298db73dbcd92469026cc4e767c4\" tg-width=\"640\" tg-height=\"323\" referrerpolicy=\"no-referrer\"><i>Source: Seeking Alpha Pro</i></p><p><blockquote><i>资料来源：寻求Alpha Pro</i></blockquote></p><p>When predicting the dynamics of Amazon's operating margin, I also proceeded from analysts'expectationsregarding the growth of the company's EPS, and taking into account the gradual increase in the tax rate to 25%. In my opinion, a gradual increase in the operating margin to 8% in the terminal year is a very realistic scenario.</p><p><blockquote>在预测亚马逊营业利润率的动态时，我也从分析师对公司每股收益增长的预期出发，并考虑到税率逐渐提高到25%。在我看来，在终端年将营业利润率逐步提高到8%是一个非常现实的情况。</blockquote></p><p>Here is the calculation of the Weighted Average Cost of Capital:</p><p><blockquote>以下是加权平均资本成本的计算：</blockquote></p><p><img src=\"https://static.tigerbbs.com/759163398701e54efd7cfabd11a0867d\" tg-width=\"480\" tg-height=\"374\" referrerpolicy=\"no-referrer\"><i>Source: Author</i></p><p><blockquote><i>来源：作者</i></blockquote></p><p>Some explanations:</p><p><blockquote>一些解释：</blockquote></p><p><ul><li>In order to calculate the market rate of return, I used values of equityriskpremium (4.72%) and the current yield of UST10 as a risk-free rate (1.6%).</li><li>I used the currentvalueof the three-year beta coefficient (0.92). For the terminal year, I used Beta equal to 1.</li><li>To calculate the Cost of Debt, I used the interest expense for 2019 and 2020 divided by the debt value for the same years.</li></ul>Here is the model itself:</p><p><blockquote><ul><li>为了计算市场回报率，我使用了equityriskpremium（4.72%）和UST10的当前收益率作为无风险利率（1.6%）。</li><li>我使用了三年贝塔系数的当前值（0.92）。在最后一年，我使用Beta等于1。</li><li>为了计算债务成本，我使用2019年和2020年的利息支出除以同年的债务价值。</li></ul>以下是模型本身：</blockquote></p><p><img src=\"https://static.tigerbbs.com/0df02bca01b3ef74d3b640d95eb00590\" tg-width=\"640\" tg-height=\"528\" referrerpolicy=\"no-referrer\">(In high resolution)</p><p><blockquote>（高分辨率）</blockquote></p><p><i>Source: Author</i></p><p><blockquote><i>来源：作者</i></blockquote></p><p><i>The DCF-based target price of Amazon's shares is $4,280, offering 29% upside.</i></p><p><blockquote><i>亚马逊股票基于DCF的目标价为4,280美元，上涨空间为29%。</i></blockquote></p><p>Final thoughts</p><p><blockquote>最后的想法</blockquote></p><p><ol><li>Amazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase. In a sense, this is a startup with $73 billion cash.</li><li>The fact that Amazon remains in the acceleration phase does not mean that its capitalization is constantly undervalued. But in this case, based on the patterns between the company's capitalization and the parameters of its revenue, we can conclude that the company is<b>undervalued</b>.</li><li>Comparing Amazon to other companies through the prism of expected EPS growth, it must be admitted that the company is<b>much cheaper</b>than the market.</li><li>DCF model based on average expectations analysts indicate a 30% undervaluation. At the start of the year, a similarmodelindicated a 20% undervaluation.</li><li>When you look at Amazon's revenue forecast for the next decade, you realize that the company will face growth problems. But in my opinion,<i>it is better to invest in a company facing growth problems than aging problems</i>.</li></ol></p><p><blockquote><ol><li>亚马逊是增长尚未达到极限，甚至还没有进入平台期的公司之一。从某种意义上说，这是一家拥有730亿美元现金的初创公司。</li><li>亚马逊仍处于加速阶段的事实并不意味着其市值不断被低估。但在这种情况下，根据公司的资本化和收入参数之间的模式，我们可以得出结论，公司是<b>被低估</b>.</li><li>通过预期每股收益增长的棱镜将亚马逊与其他公司进行比较，必须承认该公司是<b>便宜多了</b>比市场。</li><li>基于平均预期的DCF模型分析师表示低估了30%。今年年初，类似的模型显示估值被低估了20%。</li><li>当你看亚马逊未来十年的收入预测时，你会意识到该公司将面临增长问题。但在我看来，<i>投资一家面临增长问题的公司比投资老龄化问题的公司更好</i>.</li></ol></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4424794-amazon-clearly-undervalued-company\">Seeking alpha</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":{"AMZN":"亚马逊"},"source_url":"https://seekingalpha.com/article/4424794-amazon-clearly-undervalued-company","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1157328258","content_text":"SummaryAmazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase.In terms of comparative valuation, AMZN is undervalued against the market.DCF-based Amazon stock price target suggests 30% upside potential. But I think this is not even a basic scenario, but a pessimistic scenario.I present my comprehensive Amazon (AMZN) analysis in light of the results of the last quarter.#1 Price vs. GrowthFirst of all, let's assess whether we can statistically state that Amazon's growth has accelerated or slowed down in the last quarter. To do this, let's compare the revenue growth trends of the key segments of the company with and without the results of the last four quarters.The dynamics of the 'Online Stores' segment showed a qualitative breakthrough. Without taking into account the last four quarters, a near-linear trend was observed here. Now, it has become exponential:Source: VisualizedAnalytics.comThe 'Third-Party Seller Services' segment - the exponential growth continues:Source: VisualizedAnalytics.comThe 'Subscription Services' (Amazon Prime) segment - here the acceleration remains, and the result of the last quarter was better than the trend:Source: VisualizedAnalytics.comThe 'Other' (advertising services) segment has also showed a significant acceleration:Source: VisualizedAnalytics.comThe growth trend of 'Amazon Web Services' has slowed down, but judging by the results of the last quarter, there is a gradual return to the previous trend:Source: VisualizedAnalytics.comGeographically, Amazon's revenue was also significantly better than the trend:Source: VisualizedAnalytics.comSo, statistically, not subjectively, we should recognize the acceleration of the company's growthin all key segments. In my opinion, this is exactly what is expected from Amazon.Further. Over the last 10 years, Amazon's capitalization has been in a qualitative linear relationship with its revenue:Source: VisualizedAnalytics.comThere is also a certain influence of the company's revenue growth rate on its multiples:Source: VisualizedAnalytics.comBased on these two relationships and taking into account the influence of the growth of theM2 money stockin the US, it is possible to build another model that allows us to determine the balanced level of the company's capitalization. In addition, this model allows to model the growth of the company's capitalization based on the current expectations of analysts regarding the company's revenue growth in the next four quarters. Here is this model:Source: VisualizedAnalytics.comAs you can see, firstly, this model indicates that the company's current price is alreadybelow the balanced level. And secondly, it assumes a25% growthin capitalization in the next four quarters.#2 Comparative ValuationIn the previous block, I modeled Amazon's balanced price based on revenue. What is remarkable is that if we apply the same approach to the comparative valuation of the company using multiples, we will fail. At least I have not been able to find a single revenue-based multiple that would make it possible to successfully compare Amazon to other companies. But the forward P/E (next FY) multiple adjusted by the expected EPS annual growth rate made it possible to find a suitable model:Source: VisualizedAnalytics.comAs you can see, judging by this multiple, Amazon is significantly undervalued.#3 Discounted Cash Flow ModelWhen predicting Amazon's revenue for the next decade, I proceeded from the average expectations ofanalysts:Source: Seeking Alpha ProWhen predicting the dynamics of Amazon's operating margin, I also proceeded from analysts'expectationsregarding the growth of the company's EPS, and taking into account the gradual increase in the tax rate to 25%. In my opinion, a gradual increase in the operating margin to 8% in the terminal year is a very realistic scenario.Here is the calculation of the Weighted Average Cost of Capital:Source: AuthorSome explanations:In order to calculate the market rate of return, I used values of equityriskpremium (4.72%) and the current yield of UST10 as a risk-free rate (1.6%).I used the currentvalueof the three-year beta coefficient (0.92). For the terminal year, I used Beta equal to 1.To calculate the Cost of Debt, I used the interest expense for 2019 and 2020 divided by the debt value for the same years.Here is the model itself:(In high resolution)Source: AuthorThe DCF-based target price of Amazon's shares is $4,280, offering 29% upside.Final thoughtsAmazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase. In a sense, this is a startup with $73 billion cash.The fact that Amazon remains in the acceleration phase does not mean that its capitalization is constantly undervalued. But in this case, based on the patterns between the company's capitalization and the parameters of its revenue, we can conclude that the company isundervalued.Comparing Amazon to other companies through the prism of expected EPS growth, it must be admitted that the company ismuch cheaperthan the market.DCF model based on average expectations analysts indicate a 30% undervaluation. At the start of the year, a similarmodelindicated a 20% undervaluation.When you look at Amazon's revenue forecast for the next decade, you realize that the company will face growth problems. But in my opinion,it is better to invest in a company facing growth problems than aging problems.","news_type":1,"symbols_score_info":{"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":1452,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":102880885,"gmtCreate":1620193088747,"gmtModify":1634207066492,"author":{"id":"3574834957835877","authorId":"3574834957835877","name":"Jeph","avatar":"https://static.tigerbbs.com/6d84ddcaae60f793877f3447bc18beda","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574834957835877","idStr":"3574834957835877"},"themes":[],"htmlText":"Oh...","listText":"Oh...","text":"Oh...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/102880885","repostId":"1106669817","repostType":4,"repost":{"id":"1106669817","kind":"news","pubTimestamp":1620186328,"share":"https://www.laohu8.com/m/news/1106669817?lang=zh_CN&edition=full","pubTime":"2021-05-05 11:45","market":"us","language":"en","title":"Why Amazon and Alphabet may need to split their high-priced stocks<blockquote>为什么亚马逊和Alphabet可能需要分割他们的高价股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1106669817","media":"CNN","summary":"New York Amazon and Google owner Alphabet are two of the most valuable companies on the planet. They dominate their industries, generate tons of cash and are obscenely profitable. Yet neither of the companies are in the prestigious Dow Jones Industrial Average — and for a good reason.That's whatAppledid in 2014, and it wasadded to the Dow in early 2015. Applesplit its stock again last year. Elon Musk'sTeslaexecuted its ownstock splitlast year to make its surging stock more accessible to individu","content":"<p>New York (CNN Business)Amazon and Google owner Alphabet are two of the most valuable companies on the planet. They dominate their industries, generate tons of cash and are obscenely profitable. Yet neither of the companies are in the prestigious Dow Jones Industrial Average — and for a good reason.</p><p><blockquote>纽约（CNN商业）亚马逊和谷歌所有者Alphabet是地球上最有价值的两家公司。他们主导着自己的行业，产生大量现金，利润丰厚。然而，这两家公司都没有进入著名的道琼斯工业平均指数——这是有充分理由的。</blockquote></p><p> BothAmazon(AMZN)andAlphabet(GOOGL)have stock prices in the quadruple digits. That makes them a no-go for the Dow, which weights its 30 components by share price rather than market value.So if either Amazon (currently priced north of $3,300 a share) or Alphabet (trading at just under $2,300) joined theDow, they would immediately have an outsized impact on the Dow.It wouldn't even be close: The priciest Dow stock currently isUnitedHealth(UNH), and at just over $400 a share, it makes up about 8% of the Dow's weighting.The case for splitting sharesBut if Amazon and Alphabet wanted to join the Dow, there's a solution to this price problem: The companies could announce a stock split, which increases the number of shares of the company has while cutting the price of each share to a more affordable level. It wouldn't change the companies' value.</p><p><blockquote>亚马逊（AMZN）和Alphabet（GOOGL）的股价都达到了四位数。这使得它们成为道琼斯指数的禁忌，道琼斯指数根据股价而不是市值来衡量其30个成分股的权重。因此，如果亚马逊（目前每股定价超过3,300美元）或Alphabet（交易价格略低于2,300美元）加入道琼斯指数，它们将立即对道琼斯指数产生巨大影响。甚至还差得远：目前道指最贵的股票是联合健康(UNH)，每股略高于400美元，约占道指权重的8%。但如果亚马逊和Alphabet想加入道琼斯指数，这个价格问题有一个解决方案：两家公司可以宣布股票分割，增加公司的股票数量，同时将每股价格降低到更实惠的水平。这不会改变公司的价值。</blockquote></p><p> That's whatApple(AAPL)did in 2014, and it wasadded to the Dow in early 2015. Applesplit its stock again last year. Elon Musk'sTesla(TSLA)executed its ownstock splitlast year to make its surging stock more accessible to individual investors.</p><p><blockquote>这就是苹果(AAPL)在2014年所做的，并于2015年初被纳入道琼斯指数。苹果去年再次分割了股票。Elon Musk的特斯拉(TSLA)去年进行了股票分割，以使个人投资者更容易购买其飙升的股票。</blockquote></p><p> Beyond the Dow question, splits can be compelling because some experts argue that having a more affordable price for a single share could attract even more investors. But that's admittedly less of an issue due to fractional trading, in which investors can buy a small piece of a company's shares through online brokers like Robinhood, Fidelity or Charles Schwab.There have been rumors about Amazon potentially announcing a split soon, especially now that Jeff Bezos is getting ready tohand over the CEO reinsto AWS headAndy Jassy. But Amazon didn't mention anything about a potential split when the companyreported earnings last week.Amazon was not immediately available for comment when asked by CNN Business if the company was considering a stock split, while a spokesperson for Alphabet declined to comment.High profile companies are 'split' on whether to splitThe pair of tech giants aren't the only companies trading at sky-high stock prices. Priceline ownerBooking(BKNG),Chipotle(CMG)andAutoZone(AZO)are also prominent companies in the S&amp;P 500 with stock prices in excess of $1,000 a share.A Booking spokesperson, when asked by CNN Business about a future stock split, said the company has \"considered this but have not really seen the need to do so as of now.\"Chipotle chief financial officer Jack Hartung said in an email to CNN Business that \"we do not have any plans to split our stock at this time, but if we see an opportunity to enhance shareholder value and remove impediments to interested investors owning our stock, we will discuss the opportunity with our Board.\"</p><p><blockquote>除了道琼斯指数的问题之外，分拆也可能引人注目，因为一些专家认为，单股价格更实惠可能会吸引更多投资者。但不可否认的是，由于部分交易，投资者可以通过Robinhood、Fidelity或Charles Schwab等在线经纪商购买公司的一小部分股票，这不是什么问题。有传言称亚马逊可能很快就会宣布分拆，尤其是现在杰夫·贝索斯正准备将首席执行官移交给AWS负责人安迪·贾西(Andy Jassy)。但亚马逊在上周公布财报时没有提及任何有关潜在分拆的内容。当CNN Business询问该公司是否正在考虑股票分拆时，亚马逊没有立即发表评论，而Alphabet发言人拒绝置评。知名公司在是否分拆的问题上存在“分歧”这两家科技巨头并不是唯一股价极高的公司。Priceline所有者Booking(BKNG)、Chipotle(CMG)和AutoZone(AZO)也是标普500的知名公司，股价超过每股1,000美元。当CNN Business问及未来的股票分割时，Booking发言人表示该公司“已经考虑过这一点，但目前还没有真正认为有必要这样做。”Chipotle首席财务官Jack Hartung在给CNN Business的电子邮件中表示，“我们目前没有任何分割股票的计划，但如果我们看到有机会提高股东价值并消除感兴趣的投资者持有我们股票的障碍，我们将与董事会讨论这个机会。”</blockquote></p><p> AutoZone was not immediately available for comment.Meanwhile, several other high-profile companies in addition to Apple and Tesla have announced stock splits lately.Spice companyMcCormick(MKC)split its stock in December — its first split in about 20 years. Paint giantSherwin-Williams(SHW)split in April \"to make the stock more accessible to employees and a broader base of investors,\" senior vice president of investor relations James Jaye said on a conference call with analysts last month.And railroadCanadian Pacific(CP), which is in a bidding war with rivalCanadian National(CNI)forKansas City Southern(KSU), is preparing for a split later this month. The stock is currently trading around $375 and will split 5 for 1, which will lower the price to around $75 a share.\"The share split will encourage greater liquidity for CP's common shares and provide enhanced opportunities for ownership by a wider group of investors,\" said chief financial officer Nadeem Velani in a recent conference call with analysts.More trouble than they're worth?Not all company leaders are on board with stock splits. At least one major CEO has publicly called them a waste of time.PNC(PNC)CEO William Demchak said at the bank's shareholder meeting last month that \"there's not really a compelling case to be made for a stock split.\" One PNC share costs about $190.\"At one time, the conventional thinking was that when a company's share price got to a certain level, the company would split the stock as a way of foreshadowing expectations of growth and in order to make it more affordable for retail shareholders,\" he said.But Demchak added that \"all the stock split really does is increase costs because it doubles the cost of the mechanics that go into servicing every share.\"\"The split might result in some positive short-term public relations that brings about maybe a short-term bump,\" he added. \"But long term, it would appear that the cost is more than it's worth.\"</p><p><blockquote>AutoZone没有立即发表评论。与此同时，除了苹果和特斯拉之外，其他几家知名公司最近也宣布了股票分割。香料公司麦考密克(MKC)于12月进行了股票分割，这是大约20年来的首次股票分割。投资者关系高级副总裁James Jaye上个月在与分析师的电话会议上表示，涂料巨头宣伟(SHW)于4月份进行了分拆，“以使员工和更广泛的投资者更容易购买该股票”。加拿大太平洋铁路公司(CP)正在与竞争对手加拿大国家铁路公司(CNI)争夺堪萨斯城南方铁路公司(KSU)进行竞购战，正准备在本月晚些时候进行分拆。该股目前交易价格约为375美元，将进行5比1的拆股，这将使价格降至每股75美元左右。首席财务官纳迪姆·维拉尼(Nadeem Velani)在最近与分析师的电话会议中表示：“股票分割将鼓励CP普通股的更大流动性，并为更广泛的投资者群体提供更多的所有权机会。”并非所有公司领导人都支持股票分割。至少有一位主要首席执行官公开称其为浪费时间。PNC(PNC)首席执行官威廉·德姆查克(William Demchak)在上个月的银行股东大会上表示，“确实没有令人信服的理由进行股票分割。”一股PNC股票的价格约为190美元。“曾经，传统的想法是，当一家公司的股价达到一定水平时，公司会分割股票，以此来预示增长预期，并使其更实惠对于散户股东来说，”但德姆查克补充说，“股票分割实际上只会增加成本，因为它使为每股提供服务的机械成本增加了一倍。”“分拆可能会带来一些积极的短期公共关系，从而可能带来短期增长，”他补充道。“但从长远来看，成本似乎超过了它的价值。”</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Amazon and Alphabet may need to split their high-priced stocks<blockquote>为什么亚马逊和Alphabet可能需要分割他们的高价股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Amazon and Alphabet may need to split their high-priced stocks<blockquote>为什么亚马逊和Alphabet可能需要分割他们的高价股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">CNN</strong><span class=\"h-time small\">2021-05-05 11:45</span>\n</p>\n</h4>\n</header>\n<article>\n<p>New York (CNN Business)Amazon and Google owner Alphabet are two of the most valuable companies on the planet. They dominate their industries, generate tons of cash and are obscenely profitable. Yet neither of the companies are in the prestigious Dow Jones Industrial Average — and for a good reason.</p><p><blockquote>纽约（CNN商业）亚马逊和谷歌所有者Alphabet是地球上最有价值的两家公司。他们主导着自己的行业，产生大量现金，利润丰厚。然而，这两家公司都没有进入著名的道琼斯工业平均指数——这是有充分理由的。</blockquote></p><p> BothAmazon(AMZN)andAlphabet(GOOGL)have stock prices in the quadruple digits. That makes them a no-go for the Dow, which weights its 30 components by share price rather than market value.So if either Amazon (currently priced north of $3,300 a share) or Alphabet (trading at just under $2,300) joined theDow, they would immediately have an outsized impact on the Dow.It wouldn't even be close: The priciest Dow stock currently isUnitedHealth(UNH), and at just over $400 a share, it makes up about 8% of the Dow's weighting.The case for splitting sharesBut if Amazon and Alphabet wanted to join the Dow, there's a solution to this price problem: The companies could announce a stock split, which increases the number of shares of the company has while cutting the price of each share to a more affordable level. It wouldn't change the companies' value.</p><p><blockquote>亚马逊（AMZN）和Alphabet（GOOGL）的股价都达到了四位数。这使得它们成为道琼斯指数的禁忌，道琼斯指数根据股价而不是市值来衡量其30个成分股的权重。因此，如果亚马逊（目前每股定价超过3,300美元）或Alphabet（交易价格略低于2,300美元）加入道琼斯指数，它们将立即对道琼斯指数产生巨大影响。甚至还差得远：目前道指最贵的股票是联合健康(UNH)，每股略高于400美元，约占道指权重的8%。但如果亚马逊和Alphabet想加入道琼斯指数，这个价格问题有一个解决方案：两家公司可以宣布股票分割，增加公司的股票数量，同时将每股价格降低到更实惠的水平。这不会改变公司的价值。</blockquote></p><p> That's whatApple(AAPL)did in 2014, and it wasadded to the Dow in early 2015. Applesplit its stock again last year. Elon Musk'sTesla(TSLA)executed its ownstock splitlast year to make its surging stock more accessible to individual investors.</p><p><blockquote>这就是苹果(AAPL)在2014年所做的，并于2015年初被纳入道琼斯指数。苹果去年再次分割了股票。Elon Musk的特斯拉(TSLA)去年进行了股票分割，以使个人投资者更容易购买其飙升的股票。</blockquote></p><p> Beyond the Dow question, splits can be compelling because some experts argue that having a more affordable price for a single share could attract even more investors. But that's admittedly less of an issue due to fractional trading, in which investors can buy a small piece of a company's shares through online brokers like Robinhood, Fidelity or Charles Schwab.There have been rumors about Amazon potentially announcing a split soon, especially now that Jeff Bezos is getting ready tohand over the CEO reinsto AWS headAndy Jassy. But Amazon didn't mention anything about a potential split when the companyreported earnings last week.Amazon was not immediately available for comment when asked by CNN Business if the company was considering a stock split, while a spokesperson for Alphabet declined to comment.High profile companies are 'split' on whether to splitThe pair of tech giants aren't the only companies trading at sky-high stock prices. Priceline ownerBooking(BKNG),Chipotle(CMG)andAutoZone(AZO)are also prominent companies in the S&amp;P 500 with stock prices in excess of $1,000 a share.A Booking spokesperson, when asked by CNN Business about a future stock split, said the company has \"considered this but have not really seen the need to do so as of now.\"Chipotle chief financial officer Jack Hartung said in an email to CNN Business that \"we do not have any plans to split our stock at this time, but if we see an opportunity to enhance shareholder value and remove impediments to interested investors owning our stock, we will discuss the opportunity with our Board.\"</p><p><blockquote>除了道琼斯指数的问题之外，分拆也可能引人注目，因为一些专家认为，单股价格更实惠可能会吸引更多投资者。但不可否认的是，由于部分交易，投资者可以通过Robinhood、Fidelity或Charles Schwab等在线经纪商购买公司的一小部分股票，这不是什么问题。有传言称亚马逊可能很快就会宣布分拆，尤其是现在杰夫·贝索斯正准备将首席执行官移交给AWS负责人安迪·贾西(Andy Jassy)。但亚马逊在上周公布财报时没有提及任何有关潜在分拆的内容。当CNN Business询问该公司是否正在考虑股票分拆时，亚马逊没有立即发表评论，而Alphabet发言人拒绝置评。知名公司在是否分拆的问题上存在“分歧”这两家科技巨头并不是唯一股价极高的公司。Priceline所有者Booking(BKNG)、Chipotle(CMG)和AutoZone(AZO)也是标普500的知名公司，股价超过每股1,000美元。当CNN Business问及未来的股票分割时，Booking发言人表示该公司“已经考虑过这一点，但目前还没有真正认为有必要这样做。”Chipotle首席财务官Jack Hartung在给CNN Business的电子邮件中表示，“我们目前没有任何分割股票的计划，但如果我们看到有机会提高股东价值并消除感兴趣的投资者持有我们股票的障碍，我们将与董事会讨论这个机会。”</blockquote></p><p> AutoZone was not immediately available for comment.Meanwhile, several other high-profile companies in addition to Apple and Tesla have announced stock splits lately.Spice companyMcCormick(MKC)split its stock in December — its first split in about 20 years. Paint giantSherwin-Williams(SHW)split in April \"to make the stock more accessible to employees and a broader base of investors,\" senior vice president of investor relations James Jaye said on a conference call with analysts last month.And railroadCanadian Pacific(CP), which is in a bidding war with rivalCanadian National(CNI)forKansas City Southern(KSU), is preparing for a split later this month. The stock is currently trading around $375 and will split 5 for 1, which will lower the price to around $75 a share.\"The share split will encourage greater liquidity for CP's common shares and provide enhanced opportunities for ownership by a wider group of investors,\" said chief financial officer Nadeem Velani in a recent conference call with analysts.More trouble than they're worth?Not all company leaders are on board with stock splits. At least one major CEO has publicly called them a waste of time.PNC(PNC)CEO William Demchak said at the bank's shareholder meeting last month that \"there's not really a compelling case to be made for a stock split.\" One PNC share costs about $190.\"At one time, the conventional thinking was that when a company's share price got to a certain level, the company would split the stock as a way of foreshadowing expectations of growth and in order to make it more affordable for retail shareholders,\" he said.But Demchak added that \"all the stock split really does is increase costs because it doubles the cost of the mechanics that go into servicing every share.\"\"The split might result in some positive short-term public relations that brings about maybe a short-term bump,\" he added. \"But long term, it would appear that the cost is more than it's worth.\"</p><p><blockquote>AutoZone没有立即发表评论。与此同时，除了苹果和特斯拉之外，其他几家知名公司最近也宣布了股票分割。香料公司麦考密克(MKC)于12月进行了股票分割，这是大约20年来的首次股票分割。投资者关系高级副总裁James Jaye上个月在与分析师的电话会议上表示，涂料巨头宣伟(SHW)于4月份进行了分拆，“以使员工和更广泛的投资者更容易购买该股票”。加拿大太平洋铁路公司(CP)正在与竞争对手加拿大国家铁路公司(CNI)争夺堪萨斯城南方铁路公司(KSU)进行竞购战，正准备在本月晚些时候进行分拆。该股目前交易价格约为375美元，将进行5比1的拆股，这将使价格降至每股75美元左右。首席财务官纳迪姆·维拉尼(Nadeem Velani)在最近与分析师的电话会议中表示：“股票分割将鼓励CP普通股的更大流动性，并为更广泛的投资者群体提供更多的所有权机会。”并非所有公司领导人都支持股票分割。至少有一位主要首席执行官公开称其为浪费时间。PNC(PNC)首席执行官威廉·德姆查克(William Demchak)在上个月的银行股东大会上表示，“确实没有令人信服的理由进行股票分割。”一股PNC股票的价格约为190美元。“曾经，传统的想法是，当一家公司的股价达到一定水平时，公司会分割股票，以此来预示增长预期，并使其更实惠对于散户股东来说，”但德姆查克补充说，“股票分割实际上只会增加成本，因为它使为每股提供服务的机械成本增加了一倍。”“分拆可能会带来一些积极的短期公共关系，从而可能带来短期增长，”他补充道。“但从长远来看，成本似乎超过了它的价值。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://edition.cnn.com/2021/05/04/investing/amazon-alphabet-google-stock-split/index.html\">CNN</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMZN":"亚马逊","GOOGL":"谷歌A","GOOG":"谷歌"},"source_url":"https://edition.cnn.com/2021/05/04/investing/amazon-alphabet-google-stock-split/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106669817","content_text":"New York (CNN Business)Amazon and Google owner Alphabet are two of the most valuable companies on the planet. They dominate their industries, generate tons of cash and are obscenely profitable. Yet neither of the companies are in the prestigious Dow Jones Industrial Average — and for a good reason.\nBothAmazon(AMZN)andAlphabet(GOOGL)have stock prices in the quadruple digits. That makes them a no-go for the Dow, which weights its 30 components by share price rather than market value.So if either Amazon (currently priced north of $3,300 a share) or Alphabet (trading at just under $2,300) joined theDow, they would immediately have an outsized impact on the Dow.It wouldn't even be close: The priciest Dow stock currently isUnitedHealth(UNH), and at just over $400 a share, it makes up about 8% of the Dow's weighting.The case for splitting sharesBut if Amazon and Alphabet wanted to join the Dow, there's a solution to this price problem: The companies could announce a stock split, which increases the number of shares of the company has while cutting the price of each share to a more affordable level. It wouldn't change the companies' value.\nThat's whatApple(AAPL)did in 2014, and it wasadded to the Dow in early 2015. Applesplit its stock again last year. Elon Musk'sTesla(TSLA)executed its ownstock splitlast year to make its surging stock more accessible to individual investors.\nBeyond the Dow question, splits can be compelling because some experts argue that having a more affordable price for a single share could attract even more investors. But that's admittedly less of an issue due to fractional trading, in which investors can buy a small piece of a company's shares through online brokers like Robinhood, Fidelity or Charles Schwab.There have been rumors about Amazon potentially announcing a split soon, especially now that Jeff Bezos is getting ready tohand over the CEO reinsto AWS headAndy Jassy. But Amazon didn't mention anything about a potential split when the companyreported earnings last week.Amazon was not immediately available for comment when asked by CNN Business if the company was considering a stock split, while a spokesperson for Alphabet declined to comment.High profile companies are 'split' on whether to splitThe pair of tech giants aren't the only companies trading at sky-high stock prices. Priceline ownerBooking(BKNG),Chipotle(CMG)andAutoZone(AZO)are also prominent companies in the S&P 500 with stock prices in excess of $1,000 a share.A Booking spokesperson, when asked by CNN Business about a future stock split, said the company has \"considered this but have not really seen the need to do so as of now.\"Chipotle chief financial officer Jack Hartung said in an email to CNN Business that \"we do not have any plans to split our stock at this time, but if we see an opportunity to enhance shareholder value and remove impediments to interested investors owning our stock, we will discuss the opportunity with our Board.\"\nAutoZone was not immediately available for comment.Meanwhile, several other high-profile companies in addition to Apple and Tesla have announced stock splits lately.Spice companyMcCormick(MKC)split its stock in December — its first split in about 20 years. Paint giantSherwin-Williams(SHW)split in April \"to make the stock more accessible to employees and a broader base of investors,\" senior vice president of investor relations James Jaye said on a conference call with analysts last month.And railroadCanadian Pacific(CP), which is in a bidding war with rivalCanadian National(CNI)forKansas City Southern(KSU), is preparing for a split later this month. The stock is currently trading around $375 and will split 5 for 1, which will lower the price to around $75 a share.\"The share split will encourage greater liquidity for CP's common shares and provide enhanced opportunities for ownership by a wider group of investors,\" said chief financial officer Nadeem Velani in a recent conference call with analysts.More trouble than they're worth?Not all company leaders are on board with stock splits. At least one major CEO has publicly called them a waste of time.PNC(PNC)CEO William Demchak said at the bank's shareholder meeting last month that \"there's not really a compelling case to be made for a stock split.\" One PNC share costs about $190.\"At one time, the conventional thinking was that when a company's share price got to a certain level, the company would split the stock as a way of foreshadowing expectations of growth and in order to make it more affordable for retail shareholders,\" he said.But Demchak added that \"all the stock split really does is increase costs because it doubles the cost of the mechanics that go into servicing every share.\"\"The split might result in some positive short-term public relations that brings about maybe a short-term bump,\" he added. \"But long term, it would appear that the cost is more than it's worth.\"","news_type":1,"symbols_score_info":{"AMZN":0.9,"GOOGL":0.9,"GOOG":0.9}},"isVote":1,"tweetType":1,"viewCount":1354,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":109129797,"gmtCreate":1619674923919,"gmtModify":1634210802741,"author":{"id":"3574834957835877","authorId":"3574834957835877","name":"Jeph","avatar":"https://static.tigerbbs.com/6d84ddcaae60f793877f3447bc18beda","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574834957835877","idStr":"3574834957835877"},"themes":[],"htmlText":"Cool","listText":"Cool","text":"Cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/109129797","repostId":"1129894067","repostType":4,"isVote":1,"tweetType":1,"viewCount":2869,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":374334390,"gmtCreate":1619417394410,"gmtModify":1634273639755,"author":{"id":"3574834957835877","authorId":"3574834957835877","name":"Jeph","avatar":"https://static.tigerbbs.com/6d84ddcaae60f793877f3447bc18beda","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574834957835877","idStr":"3574834957835877"},"themes":[],"htmlText":"Cool","listText":"Cool","text":"Cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/374334390","repostId":"1177542686","repostType":4,"repost":{"id":"1177542686","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1619417048,"share":"https://www.laohu8.com/m/news/1177542686?lang=zh_CN&edition=full","pubTime":"2021-04-26 14:04","market":"us","language":"en","title":"Microvision Becomes New WallStreetBets Favorite: What You Need To Know<blockquote>Microvision成为WallStreetBets的新宠：您需要了解什么</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1177542686","media":"Benzinga","summary":"Technology company Microvision, Inc closed over 36% higher on Friday and is capturing the imaginatio","content":"<p><img src=\"https://static.tigerbbs.com/110cb6c50a5fb6c56330a91b8e648954\" tg-width=\"685\" tg-height=\"375\"></p><p><blockquote></blockquote></p><p> Technology company&nbsp;<b>Microvision, Inc</b>&nbsp;closed over 36% higher on Friday and is capturing the imagination of retail traders on r/WallStreetBets, a Reddit forum associated with the&nbsp;<b>GameStop Corp</b>&nbsp;short squeeze earlier in the year.</p><p><blockquote>科技公司<b>微视公司</b>周五收盘上涨超过36%，并在r/WallStreetBets（一个与<b>游戏驿站公司</b>今年早些时候的空头挤压。</blockquote></p><p> <b>What Happened:</b>Microvision —&nbsp;which works on laser scanning, 3D sensing, and projection technology — was the most mentioned stock on a 24-hour basis on WallStreetBets, according to Quiver Quantitative’s tracker.</p><p><blockquote><b>发生了什么：</b>根据Quiver Quantitative的追踪器，Microvision（致力于激光扫描、3D传感和投影技术）是WallStreetBets 24小时内被提及最多的股票。</blockquote></p><p> The Redmond, Washington-based company attracted 230 mentions on the forum, while GameStop and&nbsp;<b>Tesla Inc</b>&nbsp;racked up 110 and 102 mentions each.</p><p><blockquote>这家总部位于华盛顿州雷德蒙的公司在论坛上吸引了230次提及，而游戏驿站和<b>特斯拉公司</b>分别被提及110次和102次。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c32dd5ea47674f227e73fad6c3384212\" tg-width=\"2400\" tg-height=\"776\"><span>r/WallStreetBets Trends Courtesy Of Quiver Quantitative. MVIS outpaces historically more popular stocks like GME and TSLA.</span></p><p><blockquote><p class=\"t-img-caption\"><span>r/WallStreetBets趋势由箭筒定量提供。MVIS的表现超过了GME和TSLA等历史上更受欢迎的股票。</span></p></blockquote></p><p> On Friday, Microvision shares closed 36.76% higher at $17.97.</p><p><blockquote>周五，Microvision股价收盘上涨36.76%，至17.97美元。</blockquote></p><p> <b>Why It Matters:</b>Microvision attracted 823 mentions on WallStreetBets on Friday. It ran up alongside other technology stocks like&nbsp;<b>Advanced Micro Devices Inc</b>, and&nbsp;<b>NVIDIA Corp</b>.</p><p><blockquote><b>为什么重要：</b>周五，Microvision在WallStreetBets上吸引了823次提及。它与其他科技股一起上涨，例如<b>先进微设备公司</b>，和<b>英伟达公司</b>.</blockquote></p><p> The company’s stock broke out of a&nbsp;bullish flag pattern, as per an earlier report.</p><p><blockquote>根据之前的报告，该公司的股票突破了看涨旗形模式。</blockquote></p><p> The pattern is said to occur when the stock sees large gains and starts to pull back. Theoretically, a large push upward is expected shortly after such a pattern emerges.</p><p><blockquote>据说，当股票大幅上涨并开始回调时，就会出现这种模式。从理论上讲，在这种模式出现后不久，预计会出现大幅上涨。</blockquote></p><p> WallStreetBets was alsoresponsible for short squeezesin&nbsp;<b>Nokia Oyj</b>,<b>AMC Entertainment Holdings Inc</b>, and&nbsp;<b>Blackberry Ltd</b>&nbsp;earlier in the year.</p><p><blockquote>WallStreetBets也对轧空负有责任<b>诺基亚</b>,<b>AMC院线控股公司</b>，和<b>黑莓有限公司</b>今年早些时候。</blockquote></p><p> On Sunday,a post on the forum&nbsp;laid out the case for Microvision claiming that the company’s LiDAR technology’s smaller size and lower cost made it appealing.</p><p><blockquote>周日，论坛上的一篇帖子阐述了Microvision的理由，声称该公司的激光雷达技术更小的尺寸和更低的成本使其具有吸引力。</blockquote></p><p> The post also touched on&nbsp;<b>Microsoft Corporation’s</b>&nbsp;use of Microvision technology in their HoloLens 2 mixed reality product.</p><p><blockquote>帖子还谈到了<b>微软公司的</b>在他们的HoloLens 2混合现实产品中使用微视觉技术。</blockquote></p><p> “The uses of MicroVision tech and almost infinite. MVIS owns 55 [patents] and 90+ pending patents.With most of those very high tech patents that can be HUGE revenue income for them,” as per u/Justnmiller.</p><p><blockquote>“微视觉技术的用途几乎是无限的。MVIS拥有55项[专利]和90多项正在申请的专利。根据u/Justnmiller的说法，大多数非常高科技的专利对他们来说都是巨大的收入。”</blockquote></p><p> Overall on WallStreetBets, electric vehicles are dominating the discussion followed by cannabis, cryptocurrencies, and betting, according to Quiver Quantitative data.</p><p><blockquote>根据Quiver Quantitative数据，总体而言，在WallStreetBets上，电动汽车在讨论中占据主导地位，其次是大麻、加密货币和博彩。</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>Microvision Becomes New WallStreetBets Favorite: What You Need To Know<blockquote>Microvision成为WallStreetBets的新宠：您需要了解什么</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMicrovision Becomes New WallStreetBets Favorite: What You Need To Know<blockquote>Microvision成为WallStreetBets的新宠：您需要了解什么</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga </p>\n<p class=\"h-time smaller\">2021-04-26 14:04</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p><img src=\"https://static.tigerbbs.com/110cb6c50a5fb6c56330a91b8e648954\" tg-width=\"685\" tg-height=\"375\"></p><p><blockquote></blockquote></p><p> Technology company&nbsp;<b>Microvision, Inc</b>&nbsp;closed over 36% higher on Friday and is capturing the imagination of retail traders on r/WallStreetBets, a Reddit forum associated with the&nbsp;<b>GameStop Corp</b>&nbsp;short squeeze earlier in the year.</p><p><blockquote>科技公司<b>微视公司</b>周五收盘上涨超过36%，并在r/WallStreetBets（一个与<b>游戏驿站公司</b>今年早些时候的空头挤压。</blockquote></p><p> <b>What Happened:</b>Microvision —&nbsp;which works on laser scanning, 3D sensing, and projection technology — was the most mentioned stock on a 24-hour basis on WallStreetBets, according to Quiver Quantitative’s tracker.</p><p><blockquote><b>发生了什么：</b>根据Quiver Quantitative的追踪器，Microvision（致力于激光扫描、3D传感和投影技术）是WallStreetBets 24小时内被提及最多的股票。</blockquote></p><p> The Redmond, Washington-based company attracted 230 mentions on the forum, while GameStop and&nbsp;<b>Tesla Inc</b>&nbsp;racked up 110 and 102 mentions each.</p><p><blockquote>这家总部位于华盛顿州雷德蒙的公司在论坛上吸引了230次提及，而游戏驿站和<b>特斯拉公司</b>分别被提及110次和102次。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c32dd5ea47674f227e73fad6c3384212\" tg-width=\"2400\" tg-height=\"776\"><span>r/WallStreetBets Trends Courtesy Of Quiver Quantitative. MVIS outpaces historically more popular stocks like GME and TSLA.</span></p><p><blockquote><p class=\"t-img-caption\"><span>r/WallStreetBets趋势由箭筒定量提供。MVIS的表现超过了GME和TSLA等历史上更受欢迎的股票。</span></p></blockquote></p><p> On Friday, Microvision shares closed 36.76% higher at $17.97.</p><p><blockquote>周五，Microvision股价收盘上涨36.76%，至17.97美元。</blockquote></p><p> <b>Why It Matters:</b>Microvision attracted 823 mentions on WallStreetBets on Friday. It ran up alongside other technology stocks like&nbsp;<b>Advanced Micro Devices Inc</b>, and&nbsp;<b>NVIDIA Corp</b>.</p><p><blockquote><b>为什么重要：</b>周五，Microvision在WallStreetBets上吸引了823次提及。它与其他科技股一起上涨，例如<b>先进微设备公司</b>，和<b>英伟达公司</b>.</blockquote></p><p> The company’s stock broke out of a&nbsp;bullish flag pattern, as per an earlier report.</p><p><blockquote>根据之前的报告，该公司的股票突破了看涨旗形模式。</blockquote></p><p> The pattern is said to occur when the stock sees large gains and starts to pull back. Theoretically, a large push upward is expected shortly after such a pattern emerges.</p><p><blockquote>据说，当股票大幅上涨并开始回调时，就会出现这种模式。从理论上讲，在这种模式出现后不久，预计会出现大幅上涨。</blockquote></p><p> WallStreetBets was alsoresponsible for short squeezesin&nbsp;<b>Nokia Oyj</b>,<b>AMC Entertainment Holdings Inc</b>, and&nbsp;<b>Blackberry Ltd</b>&nbsp;earlier in the year.</p><p><blockquote>WallStreetBets也对轧空负有责任<b>诺基亚</b>,<b>AMC院线控股公司</b>，和<b>黑莓有限公司</b>今年早些时候。</blockquote></p><p> On Sunday,a post on the forum&nbsp;laid out the case for Microvision claiming that the company’s LiDAR technology’s smaller size and lower cost made it appealing.</p><p><blockquote>周日，论坛上的一篇帖子阐述了Microvision的理由，声称该公司的激光雷达技术更小的尺寸和更低的成本使其具有吸引力。</blockquote></p><p> The post also touched on&nbsp;<b>Microsoft Corporation’s</b>&nbsp;use of Microvision technology in their HoloLens 2 mixed reality product.</p><p><blockquote>帖子还谈到了<b>微软公司的</b>在他们的HoloLens 2混合现实产品中使用微视觉技术。</blockquote></p><p> “The uses of MicroVision tech and almost infinite. MVIS owns 55 [patents] and 90+ pending patents.With most of those very high tech patents that can be HUGE revenue income for them,” as per u/Justnmiller.</p><p><blockquote>“微视觉技术的用途几乎是无限的。MVIS拥有55项[专利]和90多项正在申请的专利。根据u/Justnmiller的说法，大多数非常高科技的专利对他们来说都是巨大的收入。”</blockquote></p><p> Overall on WallStreetBets, electric vehicles are dominating the discussion followed by cannabis, cryptocurrencies, and betting, according to Quiver Quantitative data.</p><p><blockquote>根据Quiver Quantitative数据，总体而言，在WallStreetBets上，电动汽车在讨论中占据主导地位，其次是大麻、加密货币和博彩。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MVIS":"维视图像"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1177542686","content_text":"Technology company Microvision, Inc closed over 36% higher on Friday and is capturing the imagination of retail traders on r/WallStreetBets, a Reddit forum associated with the GameStop Corp short squeeze earlier in the year.\nWhat Happened:Microvision — which works on laser scanning, 3D sensing, and projection technology — was the most mentioned stock on a 24-hour basis on WallStreetBets, according to Quiver Quantitative’s tracker.\nThe Redmond, Washington-based company attracted 230 mentions on the forum, while GameStop and Tesla Inc racked up 110 and 102 mentions each.\nr/WallStreetBets Trends Courtesy Of Quiver Quantitative. MVIS outpaces historically more popular stocks like GME and TSLA.\nOn Friday, Microvision shares closed 36.76% higher at $17.97.\nWhy It Matters:Microvision attracted 823 mentions on WallStreetBets on Friday. It ran up alongside other technology stocks like Advanced Micro Devices Inc, and NVIDIA Corp.\nThe company’s stock broke out of a bullish flag pattern, as per an earlier report.\nThe pattern is said to occur when the stock sees large gains and starts to pull back. Theoretically, a large push upward is expected shortly after such a pattern emerges.\nWallStreetBets was alsoresponsible for short squeezesin Nokia Oyj,AMC Entertainment Holdings Inc, and Blackberry Ltd earlier in the year.\nOn Sunday,a post on the forum laid out the case for Microvision claiming that the company’s LiDAR technology’s smaller size and lower cost made it appealing.\nThe post also touched on Microsoft Corporation’s use of Microvision technology in their HoloLens 2 mixed reality product.\n“The uses of MicroVision tech and almost infinite. MVIS owns 55 [patents] and 90+ pending patents.With most of those very high tech patents that can be HUGE revenue income for them,” as per u/Justnmiller.\nOverall on WallStreetBets, electric vehicles are dominating the discussion followed by cannabis, cryptocurrencies, and betting, according to Quiver Quantitative data.","news_type":1,"symbols_score_info":{"MVIS":0.9}},"isVote":1,"tweetType":1,"viewCount":1866,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":374335769,"gmtCreate":1619417378251,"gmtModify":1634273640117,"author":{"id":"3574834957835877","authorId":"3574834957835877","name":"Jeph","avatar":"https://static.tigerbbs.com/6d84ddcaae60f793877f3447bc18beda","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574834957835877","idStr":"3574834957835877"},"themes":[],"htmlText":"Cool","listText":"Cool","text":"Cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/374335769","repostId":"1161308765","repostType":4,"isVote":1,"tweetType":1,"viewCount":1551,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":372002492,"gmtCreate":1619154520116,"gmtModify":1634288128700,"author":{"id":"3574834957835877","authorId":"3574834957835877","name":"Jeph","avatar":"https://static.tigerbbs.com/6d84ddcaae60f793877f3447bc18beda","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574834957835877","idStr":"3574834957835877"},"themes":[],"htmlText":"Soar","listText":"Soar","text":"Soar","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/372002492","repostId":"1141178573","repostType":4,"isVote":1,"tweetType":1,"viewCount":2516,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":371071621,"gmtCreate":1618896881363,"gmtModify":1634290054864,"author":{"id":"3574834957835877","authorId":"3574834957835877","name":"Jeph","avatar":"https://static.tigerbbs.com/6d84ddcaae60f793877f3447bc18beda","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574834957835877","idStr":"3574834957835877"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/371071621","repostId":"1175524598","repostType":4,"isVote":1,"tweetType":1,"viewCount":2525,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":347314725,"gmtCreate":1618464903167,"gmtModify":1634292750092,"author":{"id":"3574834957835877","authorId":"3574834957835877","name":"Jeph","avatar":"https://static.tigerbbs.com/6d84ddcaae60f793877f3447bc18beda","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574834957835877","idStr":"3574834957835877"},"themes":[],"htmlText":"Oh no","listText":"Oh no","text":"Oh no","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/347314725","repostId":"1189551384","repostType":4,"isVote":1,"tweetType":1,"viewCount":2261,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":344184760,"gmtCreate":1618388274250,"gmtModify":1634293306161,"author":{"id":"3574834957835877","authorId":"3574834957835877","name":"Jeph","avatar":"https://static.tigerbbs.com/6d84ddcaae60f793877f3447bc18beda","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574834957835877","idStr":"3574834957835877"},"themes":[],"htmlText":"Leggo","listText":"Leggo","text":"Leggo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/344184760","repostId":"1120508319","repostType":4,"isVote":1,"tweetType":1,"viewCount":1633,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":342696721,"gmtCreate":1618206783663,"gmtModify":1634294425592,"author":{"id":"3574834957835877","authorId":"3574834957835877","name":"Jeph","avatar":"https://static.tigerbbs.com/6d84ddcaae60f793877f3447bc18beda","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574834957835877","idStr":"3574834957835877"},"themes":[],"htmlText":"SNDL going up","listText":"SNDL going up","text":"SNDL going up","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/342696721","repostId":"2126510890","repostType":4,"repost":{"id":"2126510890","kind":"highlight","pubTimestamp":1618205596,"share":"https://www.laohu8.com/m/news/2126510890?lang=zh_CN&edition=full","pubTime":"2021-04-12 13:33","market":"us","language":"en","title":"Why this cannabis giant is betting on Europe to build a war chest ahead of the U.S. legalization bonanza<blockquote>为什么这家大麻巨头押注欧洲在美国合法化热潮之前建立战争基金</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2126510890","media":"MarketWatch","summary":"High-margin medical pot businesses in Europe are a boost in an industry struggling with profitabilit","content":"<p>High-margin medical pot businesses in Europe are a boost in an industry struggling with profitability</p><p><blockquote>欧洲的高利润医用大麻业务为盈利困难的行业带来了提振</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/cc4364e8069f909311dde15cf0e6d052\" tg-width=\"620\" tg-height=\"414\"><span>Aphria is based in Leamington, Ontario. (DON MACKINNON/AGENCE FRANCE-PRESSE/GETTY IMAGES)</span></p><p><blockquote><p class=\"t-img-caption\"><span>Aphria总部位于安大略省利明顿。（唐·麦金农/法新社/盖蒂图片社）</span></p></blockquote></p><p> Cannabis deals in Europe will help pot giant Aphria build up a war chest ahead of an expected frenzy of mergers and acquisitions in the U.S., the company's chair and chief executive told MarketWatch ahead of the group's earnings on Monday.</p><p><blockquote>大麻巨头Aphria董事长兼首席执行官在周一公布财报前对MarketWatch表示，欧洲的大麻交易将帮助该公司在美国预期的并购狂潮之前积累资金。</blockquote></p><p> High-margin medical cannabis agreements in Europe represent critical waypoints on Aphria's (APHA.T) road to conquer the U.S., bolstering the company's balance sheet and putting it on firm footing with European regulators, said Irwin Simon.</p><p><blockquote>欧洲的高利润医用大麻协议是Aphria（APHA.T）征服美国的关键航路点，增强了该公司的资产负债表，并使其在欧洲监管机构中站稳了脚跟，欧文·西蒙说。</blockquote></p><p> As in the U.S., legal recreational cannabis remains on the horizon in Europe, where a combined population of more than 500 million in the U.K. and European Union makes it a lucrative proposition.</p><p><blockquote>与美国一样，合法的娱乐性大麻在欧洲仍处于发展之中，英国和欧盟的总人口超过5亿，这使其成为一项利润丰厚的提议。</blockquote></p><p> Aphria is set to complete its merger with Tilray <a href=\"https://laohu8.com/S/TLRY\">$(TLRY)$</a> this quarter, creating the world's largest cannabis company by revenue. The combined company will push into the U.K., Sweden, Poland, Luxembourg, and China, with deal discussions ongoing in India, Aphria said.</p><p><blockquote>Aphria即将完成与Tilray的合并<a href=\"https://laohu8.com/S/TLRY\">$(TLRY)$</a>本季度，按收入计算，创建了全球最大的大麻公司。Aphria表示，合并后的公司将进军英国、瑞典、波兰、卢森堡和中国，交易讨论正在印度进行。</blockquote></p><p> The expansion in Europe will come in a few weeks at the earliest, when Tilray will begin distributing in Luxembourg, with Aphria and Tilray businesses pushing into Poland by the third quarter of this year.</p><p><blockquote>欧洲的扩张最早将在几周内进行，届时Tilray将开始在卢森堡分销，Aphria和Tilray业务将在今年第三季度进军波兰。</blockquote></p><p> In China, the group will have a distribution agreement for wellness products with CBD -- a non-psychoactive chemical in cannabis that is used to treat pain and anxiety, among other conditions. A similar agreement is under development in India.</p><p><blockquote>在中国，该集团将与CBD签订健康产品分销协议。CBD是大麻中的一种非精神活性化学物质，用于治疗疼痛和焦虑等疾病。印度正在制定一项类似的协议。</blockquote></p><p> Aphria is a key player in global cannabis with a market capitalization of $5.1 billion. The group is favored among analysts for being the first Canadian cannabis company to report a net profit. In December, Aphria agreed to combine with smaller rival Tilray, which has a market cap of $3.5 billion, through a reverse takeover.</p><p><blockquote>Aphria是全球大麻领域的主要参与者，市值为51亿美元。该集团因成为第一家报告净利润的加拿大大麻公司而受到分析师的青睐。去年12月，Aphria同意通过反向收购的方式与市值35亿美元的规模较小的竞争对手Tilray合并。</blockquote></p><p> In return for sharing its comparatively strong balance sheet with Tilray, Aphria would inherit the company's presence across 10 European countries, including the U.K., Germany, France, Spain, and Portugal, where it has a cultivation facility. Added to Aphria's growing site in Germany and European drug distribution business, the combined group would be the most dominant cannabis player in the region.</p><p><blockquote>作为与Tilray分享其相对强劲的资产负债表的回报，Aphria将继承该公司在10个欧洲国家的业务，包括英国、德国、法国、西班牙和葡萄牙，并在这些国家设有种植设施。加上Aphria在德国不断增长的基地和欧洲药品分销业务，合并后的集团将成为该地区最具主导地位的大麻企业。</blockquote></p><p> Since recreational pot remains illegal across Europe and Asia, cannabis companies are able to sell their products in the regulated medical market at far higher prices than in legal recreational markets in the U.S. and Canada. This boosts margins while the nascent industry faces barriers to profits, including price pressure from competing companies and a well-entrenched black market.</p><p><blockquote>由于娱乐性大麻在欧洲和亚洲仍然是非法的，大麻公司能够在受监管的医疗市场上以远高于美国和加拿大合法娱乐市场的价格出售其产品。这提高了利润率，而这个新兴行业面临着利润障碍，包括来自竞争公司的价格压力和根深蒂固的黑市。</blockquote></p><p> Countries in Europe have legalized cannabis for medical purposes, and the drug is decriminalized for recreational use in countries including Italy, Austria, Portugal, and the Netherlands. Many, including Simon, see the legalization of recreational weed as a matter of course in much of the region.</p><p><blockquote>欧洲国家已经将医用大麻合法化，在意大利、奥地利、葡萄牙和荷兰等国家，娱乐用大麻合法化。包括西蒙在内的许多人认为娱乐性大麻合法化在该地区的大部分地区是理所当然的。</blockquote></p><p> \"In many ways, Europe is more progressive,\" Simon said. \"There's a lot of learning to take away from Europe that ultimately we bring to the U.S. once legalization happens here.\"</p><p><blockquote>“在许多方面，欧洲更加进步，”西蒙说。“一旦美国实现合法化，我们最终会从欧洲学到很多东西，这些东西就会带到美国。”</blockquote></p><p> But for now, the drug remains federally illegal in the U.S., though individual states, including most recently New York, have legalized it. Prohibition at the national level has largely kept institutional money out of the sector and is a roadblock for interstate business and pot trade crossing the U.S.-Canada border. It has also ratcheted up stock market volatility with a high percentage of shares held by retail investors.</p><p><blockquote>但目前，这种药物在美国联邦政府仍然是非法的，尽管包括最近的纽约在内的一些州已经将其合法化。国家层面的禁令在很大程度上阻止了机构资金进入该行业，也是跨州商业和跨越美加边境的大麻贸易的障碍。散户投资者持有的股票比例很高，这也加剧了股市波动。</blockquote></p><p> Optimism over federal legalization has increased with the Biden administration, but remains a hypothetical. National decriminalization would be crucial for a U.S. pot bonanza to begin in earnest, but analysts view the passage of the SAFE Banking Act by the Senate as a smaller steppingstone. The act would allow the cannabis industry to engage with U.S. financial services and insurance groups.</p><p><blockquote>拜登政府对联邦合法化的乐观情绪有所增加，但仍是一种假设。全国合法化对于美国大麻热潮的真正开始至关重要，但分析师认为参议院通过《安全银行法》只是一个较小的垫脚石。该法案将允许大麻行业与美国金融服务和保险集团合作。</blockquote></p><p> While some of Aphria's competitors have dipped their toes into M&amp;A in the U.S. through takeovers that are conditional on changes to U.S. law , Simon wants to keep Aphria on the sidelines for now.</p><p><blockquote>虽然Aphria的一些竞争对手已经通过以美国法律修改为条件的收购涉足美国并购，但Simon希望暂时让Aphria保持观望。</blockquote></p><p> Kristoffer Inton, an analyst at Morningstar, told MarketWatch that U.S. assets with positive exposure to legalization are attractive to private equity, alcohol and tobacco, and Canadian cannabis groups alike. These assets are broadly expensive, Inton said, and groups like Aphria must be careful to not overpay in today's optimistic environment or the M&amp;A frenzy expected to come with legalization. \"How are you going to translate optimism into actual exposure without overpaying for assets when everybody else wants in?\" Inton said.</p><p><blockquote>晨星公司分析师克里斯托弗·因顿(Kristoffer Inton)告诉MarketWatch，对合法化有积极敞口的美国资产对私募股权、酒精和烟草以及加拿大大麻集团都很有吸引力。Inton表示，这些资产普遍昂贵，像Aphria这样的集团必须小心，不要在当今乐观的环境或合法化预计将带来的并购狂潮中支付过高的价格。“当其他人都想投资时，你如何将乐观情绪转化为实际风险敞口，而又不为资产支付过高的费用？”英顿说。</blockquote></p><p></p><p> The most ambitious play Aphria made in the U.S. was its acquisition of craft brewer SweetWater last December, which gave the company a reliable extra sales channel from alcohol and exposure to cannabis-infused beverages. Consumable derivatives of the drug are widely viewed as the future of the industry, and Tilray has a partnership with beverage giant AB InBev (ABI.BT).</p><p><blockquote>Aphria在美国做出的最雄心勃勃的举动是去年12月收购了精酿啤酒商SweetWater，这为该公司提供了一个可靠的额外酒精销售渠道和大麻饮料。该药物的消费品衍生物被广泛视为该行业的未来，Tilray与饮料巨头百威英博(ABI.BT)建立了合作伙伴关系。</blockquote></p><p> Ultimately, analysts point to inflated valuations across the cannabis sector as rooted in the market pricing in some level of U.S. legalization. For all the talk of expansion into Europe, Simon recognizes that America is critical to the future of the stock.</p><p><blockquote>最终，分析师指出，整个大麻行业估值过高的根源在于美国某种程度合法化的市场定价。尽管人们都在谈论向欧洲扩张，但西蒙认识到美国对该股的未来至关重要。</blockquote></p><p> His game plan to pounce on the U.S. market largely rests on building upon successes in Canada and Europe. Simon's ambitions are to grow Aphria and Tilray's combined market share in Canada from around 20% to 30% while remaining cash flow positive. He also wants to remain the largest medical cannabis company in Europe, including through finding a strong strategic partner in the region, and leverage relationships with regulators to secure licenses in markets that legalize recreational pot.</p><p><blockquote>他进军美国市场的计划很大程度上取决于在加拿大和欧洲取得的成功。Simon的目标是将Aphria和Tilray在加拿大的市场份额从20%左右增加到30%，同时保持正现金流。他还希望继续成为欧洲最大的医用大麻公司，包括在该地区寻找强大的战略合作伙伴，并利用与监管机构的关系在休闲大麻合法化的市场获得许可证。</blockquote></p><p> If Simon is successful, the company will build up a healthy war chest for the coming battle in the U.S. The SweetWater business is a good start, Simon said, and Tilray's assets include hemp food producer Manitoba Harvest, which is active in the U.S. But it may not be enough, and Simon knows that it could be an expensive fight.</p><p><blockquote>如果西蒙成功，该公司将为即将到来的美国战斗建立健康的战争资金。西蒙表示，SweetWater业务是一个良好的开端，Tilray的资产包括活跃在美国的大麻食品生产商Manitoba Harvest。但这可能还不够，西蒙知道这可能是一场昂贵的战斗。</blockquote></p><p> \"I will look to acquire the right [multistate operator] once I know what the market will legalize or how the market will legalize in the U.S.,\" Irwin said. \"I'd rather have to pay a little more when I can get into a business where the facts are known.\"</p><p><blockquote>欧文说：“一旦我知道市场将使什么合法化或市场将如何在美国合法化，我将寻求收购合适的[多州运营商]。”“当我能够进入一个事实已知的行业时，我宁愿多付一点钱。”</blockquote></p><p> Aphria shareholders will receive 0.8381 Tilray shares for each Aphria share they own when the companies merge, pending shareholder approval in the coming days. The group would operate under Tilray's name with the shares trading via Tilray's listing on the Nasdaq. Simon is to be chair and chief executive of the combined company, of which Aphria shareholders would own 62%.</p><p><blockquote>两家公司合并后，Aphria股东持有的每股Aphria股票将获得0.8381股Tilray股票，等待未来几天的股东批准。该集团将以Tilray的名义运营，股票通过Tilray在纳斯达克上市进行交易。西蒙将担任合并后公司的董事长兼首席执行官，Aphria股东将拥有该公司62%的股份。</blockquote></p><p> Aphria stock is up more than 130% to date, while shares in Tilray have jumped more than 140% since the beginning of the year.</p><p><blockquote>迄今为止，Aphria股价已上涨超过130%，而Tilray股价自年初以来已上涨超过140%。</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why this cannabis giant is betting on Europe to build a war chest ahead of the U.S. legalization bonanza<blockquote>为什么这家大麻巨头押注欧洲在美国合法化热潮之前建立战争基金</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy this cannabis giant is betting on Europe to build a war chest ahead of the U.S. legalization bonanza<blockquote>为什么这家大麻巨头押注欧洲在美国合法化热潮之前建立战争基金</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-04-12 13:33</span>\n</p>\n</h4>\n</header>\n<article>\n<p>High-margin medical pot businesses in Europe are a boost in an industry struggling with profitability</p><p><blockquote>欧洲的高利润医用大麻业务为盈利困难的行业带来了提振</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/cc4364e8069f909311dde15cf0e6d052\" tg-width=\"620\" tg-height=\"414\"><span>Aphria is based in Leamington, Ontario. (DON MACKINNON/AGENCE FRANCE-PRESSE/GETTY IMAGES)</span></p><p><blockquote><p class=\"t-img-caption\"><span>Aphria总部位于安大略省利明顿。（唐·麦金农/法新社/盖蒂图片社）</span></p></blockquote></p><p> Cannabis deals in Europe will help pot giant Aphria build up a war chest ahead of an expected frenzy of mergers and acquisitions in the U.S., the company's chair and chief executive told MarketWatch ahead of the group's earnings on Monday.</p><p><blockquote>大麻巨头Aphria董事长兼首席执行官在周一公布财报前对MarketWatch表示，欧洲的大麻交易将帮助该公司在美国预期的并购狂潮之前积累资金。</blockquote></p><p> High-margin medical cannabis agreements in Europe represent critical waypoints on Aphria's (APHA.T) road to conquer the U.S., bolstering the company's balance sheet and putting it on firm footing with European regulators, said Irwin Simon.</p><p><blockquote>欧洲的高利润医用大麻协议是Aphria（APHA.T）征服美国的关键航路点，增强了该公司的资产负债表，并使其在欧洲监管机构中站稳了脚跟，欧文·西蒙说。</blockquote></p><p> As in the U.S., legal recreational cannabis remains on the horizon in Europe, where a combined population of more than 500 million in the U.K. and European Union makes it a lucrative proposition.</p><p><blockquote>与美国一样，合法的娱乐性大麻在欧洲仍处于发展之中，英国和欧盟的总人口超过5亿，这使其成为一项利润丰厚的提议。</blockquote></p><p> Aphria is set to complete its merger with Tilray <a href=\"https://laohu8.com/S/TLRY\">$(TLRY)$</a> this quarter, creating the world's largest cannabis company by revenue. The combined company will push into the U.K., Sweden, Poland, Luxembourg, and China, with deal discussions ongoing in India, Aphria said.</p><p><blockquote>Aphria即将完成与Tilray的合并<a href=\"https://laohu8.com/S/TLRY\">$(TLRY)$</a>本季度，按收入计算，创建了全球最大的大麻公司。Aphria表示，合并后的公司将进军英国、瑞典、波兰、卢森堡和中国，交易讨论正在印度进行。</blockquote></p><p> The expansion in Europe will come in a few weeks at the earliest, when Tilray will begin distributing in Luxembourg, with Aphria and Tilray businesses pushing into Poland by the third quarter of this year.</p><p><blockquote>欧洲的扩张最早将在几周内进行，届时Tilray将开始在卢森堡分销，Aphria和Tilray业务将在今年第三季度进军波兰。</blockquote></p><p> In China, the group will have a distribution agreement for wellness products with CBD -- a non-psychoactive chemical in cannabis that is used to treat pain and anxiety, among other conditions. A similar agreement is under development in India.</p><p><blockquote>在中国，该集团将与CBD签订健康产品分销协议。CBD是大麻中的一种非精神活性化学物质，用于治疗疼痛和焦虑等疾病。印度正在制定一项类似的协议。</blockquote></p><p> Aphria is a key player in global cannabis with a market capitalization of $5.1 billion. The group is favored among analysts for being the first Canadian cannabis company to report a net profit. In December, Aphria agreed to combine with smaller rival Tilray, which has a market cap of $3.5 billion, through a reverse takeover.</p><p><blockquote>Aphria是全球大麻领域的主要参与者，市值为51亿美元。该集团因成为第一家报告净利润的加拿大大麻公司而受到分析师的青睐。去年12月，Aphria同意通过反向收购的方式与市值35亿美元的规模较小的竞争对手Tilray合并。</blockquote></p><p> In return for sharing its comparatively strong balance sheet with Tilray, Aphria would inherit the company's presence across 10 European countries, including the U.K., Germany, France, Spain, and Portugal, where it has a cultivation facility. Added to Aphria's growing site in Germany and European drug distribution business, the combined group would be the most dominant cannabis player in the region.</p><p><blockquote>作为与Tilray分享其相对强劲的资产负债表的回报，Aphria将继承该公司在10个欧洲国家的业务，包括英国、德国、法国、西班牙和葡萄牙，并在这些国家设有种植设施。加上Aphria在德国不断增长的基地和欧洲药品分销业务，合并后的集团将成为该地区最具主导地位的大麻企业。</blockquote></p><p> Since recreational pot remains illegal across Europe and Asia, cannabis companies are able to sell their products in the regulated medical market at far higher prices than in legal recreational markets in the U.S. and Canada. This boosts margins while the nascent industry faces barriers to profits, including price pressure from competing companies and a well-entrenched black market.</p><p><blockquote>由于娱乐性大麻在欧洲和亚洲仍然是非法的，大麻公司能够在受监管的医疗市场上以远高于美国和加拿大合法娱乐市场的价格出售其产品。这提高了利润率，而这个新兴行业面临着利润障碍，包括来自竞争公司的价格压力和根深蒂固的黑市。</blockquote></p><p> Countries in Europe have legalized cannabis for medical purposes, and the drug is decriminalized for recreational use in countries including Italy, Austria, Portugal, and the Netherlands. Many, including Simon, see the legalization of recreational weed as a matter of course in much of the region.</p><p><blockquote>欧洲国家已经将医用大麻合法化，在意大利、奥地利、葡萄牙和荷兰等国家，娱乐用大麻合法化。包括西蒙在内的许多人认为娱乐性大麻合法化在该地区的大部分地区是理所当然的。</blockquote></p><p> \"In many ways, Europe is more progressive,\" Simon said. \"There's a lot of learning to take away from Europe that ultimately we bring to the U.S. once legalization happens here.\"</p><p><blockquote>“在许多方面，欧洲更加进步，”西蒙说。“一旦美国实现合法化，我们最终会从欧洲学到很多东西，这些东西就会带到美国。”</blockquote></p><p> But for now, the drug remains federally illegal in the U.S., though individual states, including most recently New York, have legalized it. Prohibition at the national level has largely kept institutional money out of the sector and is a roadblock for interstate business and pot trade crossing the U.S.-Canada border. It has also ratcheted up stock market volatility with a high percentage of shares held by retail investors.</p><p><blockquote>但目前，这种药物在美国联邦政府仍然是非法的，尽管包括最近的纽约在内的一些州已经将其合法化。国家层面的禁令在很大程度上阻止了机构资金进入该行业，也是跨州商业和跨越美加边境的大麻贸易的障碍。散户投资者持有的股票比例很高，这也加剧了股市波动。</blockquote></p><p> Optimism over federal legalization has increased with the Biden administration, but remains a hypothetical. National decriminalization would be crucial for a U.S. pot bonanza to begin in earnest, but analysts view the passage of the SAFE Banking Act by the Senate as a smaller steppingstone. The act would allow the cannabis industry to engage with U.S. financial services and insurance groups.</p><p><blockquote>拜登政府对联邦合法化的乐观情绪有所增加，但仍是一种假设。全国合法化对于美国大麻热潮的真正开始至关重要，但分析师认为参议院通过《安全银行法》只是一个较小的垫脚石。该法案将允许大麻行业与美国金融服务和保险集团合作。</blockquote></p><p> While some of Aphria's competitors have dipped their toes into M&amp;A in the U.S. through takeovers that are conditional on changes to U.S. law , Simon wants to keep Aphria on the sidelines for now.</p><p><blockquote>虽然Aphria的一些竞争对手已经通过以美国法律修改为条件的收购涉足美国并购，但Simon希望暂时让Aphria保持观望。</blockquote></p><p> Kristoffer Inton, an analyst at Morningstar, told MarketWatch that U.S. assets with positive exposure to legalization are attractive to private equity, alcohol and tobacco, and Canadian cannabis groups alike. These assets are broadly expensive, Inton said, and groups like Aphria must be careful to not overpay in today's optimistic environment or the M&amp;A frenzy expected to come with legalization. \"How are you going to translate optimism into actual exposure without overpaying for assets when everybody else wants in?\" Inton said.</p><p><blockquote>晨星公司分析师克里斯托弗·因顿(Kristoffer Inton)告诉MarketWatch，对合法化有积极敞口的美国资产对私募股权、酒精和烟草以及加拿大大麻集团都很有吸引力。Inton表示，这些资产普遍昂贵，像Aphria这样的集团必须小心，不要在当今乐观的环境或合法化预计将带来的并购狂潮中支付过高的价格。“当其他人都想投资时，你如何将乐观情绪转化为实际风险敞口，而又不为资产支付过高的费用？”英顿说。</blockquote></p><p></p><p> The most ambitious play Aphria made in the U.S. was its acquisition of craft brewer SweetWater last December, which gave the company a reliable extra sales channel from alcohol and exposure to cannabis-infused beverages. Consumable derivatives of the drug are widely viewed as the future of the industry, and Tilray has a partnership with beverage giant AB InBev (ABI.BT).</p><p><blockquote>Aphria在美国做出的最雄心勃勃的举动是去年12月收购了精酿啤酒商SweetWater，这为该公司提供了一个可靠的额外酒精销售渠道和大麻饮料。该药物的消费品衍生物被广泛视为该行业的未来，Tilray与饮料巨头百威英博(ABI.BT)建立了合作伙伴关系。</blockquote></p><p> Ultimately, analysts point to inflated valuations across the cannabis sector as rooted in the market pricing in some level of U.S. legalization. For all the talk of expansion into Europe, Simon recognizes that America is critical to the future of the stock.</p><p><blockquote>最终，分析师指出，整个大麻行业估值过高的根源在于美国某种程度合法化的市场定价。尽管人们都在谈论向欧洲扩张，但西蒙认识到美国对该股的未来至关重要。</blockquote></p><p> His game plan to pounce on the U.S. market largely rests on building upon successes in Canada and Europe. Simon's ambitions are to grow Aphria and Tilray's combined market share in Canada from around 20% to 30% while remaining cash flow positive. He also wants to remain the largest medical cannabis company in Europe, including through finding a strong strategic partner in the region, and leverage relationships with regulators to secure licenses in markets that legalize recreational pot.</p><p><blockquote>他进军美国市场的计划很大程度上取决于在加拿大和欧洲取得的成功。Simon的目标是将Aphria和Tilray在加拿大的市场份额从20%左右增加到30%，同时保持正现金流。他还希望继续成为欧洲最大的医用大麻公司，包括在该地区寻找强大的战略合作伙伴，并利用与监管机构的关系在休闲大麻合法化的市场获得许可证。</blockquote></p><p> If Simon is successful, the company will build up a healthy war chest for the coming battle in the U.S. The SweetWater business is a good start, Simon said, and Tilray's assets include hemp food producer Manitoba Harvest, which is active in the U.S. But it may not be enough, and Simon knows that it could be an expensive fight.</p><p><blockquote>如果西蒙成功，该公司将为即将到来的美国战斗建立健康的战争资金。西蒙表示，SweetWater业务是一个良好的开端，Tilray的资产包括活跃在美国的大麻食品生产商Manitoba Harvest。但这可能还不够，西蒙知道这可能是一场昂贵的战斗。</blockquote></p><p> \"I will look to acquire the right [multistate operator] once I know what the market will legalize or how the market will legalize in the U.S.,\" Irwin said. \"I'd rather have to pay a little more when I can get into a business where the facts are known.\"</p><p><blockquote>欧文说：“一旦我知道市场将使什么合法化或市场将如何在美国合法化，我将寻求收购合适的[多州运营商]。”“当我能够进入一个事实已知的行业时，我宁愿多付一点钱。”</blockquote></p><p> Aphria shareholders will receive 0.8381 Tilray shares for each Aphria share they own when the companies merge, pending shareholder approval in the coming days. The group would operate under Tilray's name with the shares trading via Tilray's listing on the Nasdaq. Simon is to be chair and chief executive of the combined company, of which Aphria shareholders would own 62%.</p><p><blockquote>两家公司合并后，Aphria股东持有的每股Aphria股票将获得0.8381股Tilray股票，等待未来几天的股东批准。该集团将以Tilray的名义运营，股票通过Tilray在纳斯达克上市进行交易。西蒙将担任合并后公司的董事长兼首席执行官，Aphria股东将拥有该公司62%的股份。</blockquote></p><p> Aphria stock is up more than 130% to date, while shares in Tilray have jumped more than 140% since the beginning of the year.</p><p><blockquote>迄今为止，Aphria股价已上涨超过130%，而Tilray股价自年初以来已上涨超过140%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/why-this-cannabis-giant-is-betting-on-europe-to-build-a-war-chest-ahead-of-the-u-s-legalization-bonanza-11617990136?cx_testId=22&cx_testVariant=cx_1&cx_artPos=0&mod=home-page-cx#cxrecs_s\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"APHA":"Aphria Inc.","TLRY":"Tilray Inc."},"source_url":"https://www.marketwatch.com/story/why-this-cannabis-giant-is-betting-on-europe-to-build-a-war-chest-ahead-of-the-u-s-legalization-bonanza-11617990136?cx_testId=22&cx_testVariant=cx_1&cx_artPos=0&mod=home-page-cx#cxrecs_s","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2126510890","content_text":"High-margin medical pot businesses in Europe are a boost in an industry struggling with profitability\nAphria is based in Leamington, Ontario. (DON MACKINNON/AGENCE FRANCE-PRESSE/GETTY IMAGES)\nCannabis deals in Europe will help pot giant Aphria build up a war chest ahead of an expected frenzy of mergers and acquisitions in the U.S., the company's chair and chief executive told MarketWatch ahead of the group's earnings on Monday.\nHigh-margin medical cannabis agreements in Europe represent critical waypoints on Aphria's (APHA.T) road to conquer the U.S., bolstering the company's balance sheet and putting it on firm footing with European regulators, said Irwin Simon.\nAs in the U.S., legal recreational cannabis remains on the horizon in Europe, where a combined population of more than 500 million in the U.K. and European Union makes it a lucrative proposition.\nAphria is set to complete its merger with Tilray $(TLRY)$ this quarter, creating the world's largest cannabis company by revenue. The combined company will push into the U.K., Sweden, Poland, Luxembourg, and China, with deal discussions ongoing in India, Aphria said.\nThe expansion in Europe will come in a few weeks at the earliest, when Tilray will begin distributing in Luxembourg, with Aphria and Tilray businesses pushing into Poland by the third quarter of this year.\nIn China, the group will have a distribution agreement for wellness products with CBD -- a non-psychoactive chemical in cannabis that is used to treat pain and anxiety, among other conditions. A similar agreement is under development in India.\nAphria is a key player in global cannabis with a market capitalization of $5.1 billion. The group is favored among analysts for being the first Canadian cannabis company to report a net profit. In December, Aphria agreed to combine with smaller rival Tilray, which has a market cap of $3.5 billion, through a reverse takeover.\nIn return for sharing its comparatively strong balance sheet with Tilray, Aphria would inherit the company's presence across 10 European countries, including the U.K., Germany, France, Spain, and Portugal, where it has a cultivation facility. Added to Aphria's growing site in Germany and European drug distribution business, the combined group would be the most dominant cannabis player in the region.\nSince recreational pot remains illegal across Europe and Asia, cannabis companies are able to sell their products in the regulated medical market at far higher prices than in legal recreational markets in the U.S. and Canada. This boosts margins while the nascent industry faces barriers to profits, including price pressure from competing companies and a well-entrenched black market.\nCountries in Europe have legalized cannabis for medical purposes, and the drug is decriminalized for recreational use in countries including Italy, Austria, Portugal, and the Netherlands. Many, including Simon, see the legalization of recreational weed as a matter of course in much of the region.\n\"In many ways, Europe is more progressive,\" Simon said. \"There's a lot of learning to take away from Europe that ultimately we bring to the U.S. once legalization happens here.\"\nBut for now, the drug remains federally illegal in the U.S., though individual states, including most recently New York, have legalized it. Prohibition at the national level has largely kept institutional money out of the sector and is a roadblock for interstate business and pot trade crossing the U.S.-Canada border. It has also ratcheted up stock market volatility with a high percentage of shares held by retail investors.\nOptimism over federal legalization has increased with the Biden administration, but remains a hypothetical. National decriminalization would be crucial for a U.S. pot bonanza to begin in earnest, but analysts view the passage of the SAFE Banking Act by the Senate as a smaller steppingstone. The act would allow the cannabis industry to engage with U.S. financial services and insurance groups.\nWhile some of Aphria's competitors have dipped their toes into M&A in the U.S. through takeovers that are conditional on changes to U.S. law , Simon wants to keep Aphria on the sidelines for now.\nKristoffer Inton, an analyst at Morningstar, told MarketWatch that U.S. assets with positive exposure to legalization are attractive to private equity, alcohol and tobacco, and Canadian cannabis groups alike. These assets are broadly expensive, Inton said, and groups like Aphria must be careful to not overpay in today's optimistic environment or the M&A frenzy expected to come with legalization. \"How are you going to translate optimism into actual exposure without overpaying for assets when everybody else wants in?\" Inton said.\nThe most ambitious play Aphria made in the U.S. was its acquisition of craft brewer SweetWater last December, which gave the company a reliable extra sales channel from alcohol and exposure to cannabis-infused beverages. Consumable derivatives of the drug are widely viewed as the future of the industry, and Tilray has a partnership with beverage giant AB InBev (ABI.BT).\nUltimately, analysts point to inflated valuations across the cannabis sector as rooted in the market pricing in some level of U.S. legalization. For all the talk of expansion into Europe, Simon recognizes that America is critical to the future of the stock.\nHis game plan to pounce on the U.S. market largely rests on building upon successes in Canada and Europe. Simon's ambitions are to grow Aphria and Tilray's combined market share in Canada from around 20% to 30% while remaining cash flow positive. He also wants to remain the largest medical cannabis company in Europe, including through finding a strong strategic partner in the region, and leverage relationships with regulators to secure licenses in markets that legalize recreational pot.\nIf Simon is successful, the company will build up a healthy war chest for the coming battle in the U.S. The SweetWater business is a good start, Simon said, and Tilray's assets include hemp food producer Manitoba Harvest, which is active in the U.S. But it may not be enough, and Simon knows that it could be an expensive fight.\n\"I will look to acquire the right [multistate operator] once I know what the market will legalize or how the market will legalize in the U.S.,\" Irwin said. \"I'd rather have to pay a little more when I can get into a business where the facts are known.\"\nAphria shareholders will receive 0.8381 Tilray shares for each Aphria share they own when the companies merge, pending shareholder approval in the coming days. The group would operate under Tilray's name with the shares trading via Tilray's listing on the Nasdaq. Simon is to be chair and chief executive of the combined company, of which Aphria shareholders would own 62%.\nAphria stock is up more than 130% to date, while shares in Tilray have jumped more than 140% since the beginning of the 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16:09","market":"us","language":"en","title":"A little-known hedge fund caused widespread chaos on Wall Street<blockquote>一家名不见经传的对冲基金在华尔街引发了广泛的混乱</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1154060329","media":"cnn","summary":"New York (CNN Business)The names of the key players are different, but the lessons similar. The spec","content":"<p>New York (CNN Business)The names of the key players are different, but the lessons similar. The spectacular implosion of hedge fund Archegos Capital Management, much like the GameStop saga earlier this year, serves as a reminder of the dangers posed by extreme leverage, secret derivatives and rock-bottom interest rates.</p><p><blockquote>纽约（CNN Business）关键人物的名字不同，但教训相似。对冲基金Archegos Capital Management的惊人内爆，就像今年早些时候的游戏驿站传奇一样，提醒人们极端杠杆、秘密衍生品和最低利率所带来的危险。</blockquote></p><p> ViacomCBS (VIACA), Discovery (DISCA) and other media titans' stocks crashed Friday as Wall Street banks that lent to Archegos forced the firm to unwind its bets. The epic firesale wiped out more than half of Viacom's value last week alone.</p><p><blockquote>维亚康姆哥伦比亚广播公司(VIACA)、Discovery(DISCA)和其他媒体巨头的股价周五暴跌，因为向Archegos提供贷款的华尔街银行迫使该公司解除押注。仅上周，这场史诗般的大甩卖就让维亚康姆的市值蒸发了一半以上。</blockquote></p><p> Major banks face billions of dollars in losses from their exposure to Archegos. Both Credit Suisse (CS) and Nomura tumbled Monday after warning of significant hits to their earnings.</p><p><blockquote>各大银行因Archegos敞口而面临数十亿美元的损失。瑞士信贷(CS)和野村证券在警告其盈利将受到重大打击后，周一双双暴跌。</blockquote></p><p> The most startling part about the tale of Archegos is that it is a firm that few people had ever heard of before this weekend. And yet in this era of easy money, Archegos was able to borrow so much that its failure created shockwaves large enough to ripple across Wall Street — and impact everyday Americans' retirement accounts.</p><p><blockquote>Archegos的故事最令人震惊的部分是，这是一家在本周末之前很少有人听说过的公司。然而，在这个资金宽松的时代，Archegos能够借到如此多的钱，以至于它的失败引起了足够大的冲击波，波及整个华尔街，并影响到普通美国人的退休账户。</blockquote></p><p> \"It's a wake-up call. With leverage, comes risk,\" said Art Hogan, chief market strategist at National Securities Corporation. \"This is the second time we've learned a lesson this year about leverage.\"</p><p><blockquote>National Securities Corporation首席市场策略师Art Hogan表示：“这是一个令人警醒的看涨期权。杠杆带来了风险。”“这是我们今年第二次吸取有关杠杆的教训。”</blockquote></p><p> In January, another hedge fund, Melvin Capital Management, nearly collapsed after its massive bets against GameStop (GME) were blown up by an army of traders on Reddit. Investors were surprised to learn about the sheer size of the short positions anticipating the video game retailer's stock price would fall.</p><p><blockquote>今年1月，另一家对冲基金Melvin Capital Management在Reddit上对游戏驿站(GME)的大量押注被大批交易员炸毁后，几乎崩溃。投资者惊讶地发现，预计这家视频游戏零售商股价将下跌的空头头寸规模如此之大。</blockquote></p><p> When GameStop shares instead went to the moon, Melvin Capital suffered staggering losses and was forced to reach a $2.8 billion bailout with larger rivals.</p><p><blockquote>当游戏驿站股价上涨时，Melvin Capital遭受了惊人的损失，并被迫与规模更大的竞争对手达成28亿美元的救助协议。</blockquote></p><p> \"We saw it on the short side when GameStop blew up. Now we are seeing it on the long side,\" Hogan said.</p><p><blockquote>“当游戏驿站爆炸时，我们在空头方面看到了这一点。现在我们在多头方面看到了这一点，”霍根说。</blockquote></p><p> <b>Opaque financial instruments</b></p><p><blockquote><b>不透明金融工具</b></blockquote></p><p> Archegos Capital was using borrowed money — apparently a ton of it — to make outsized bets that propped up media stocks. This type excessive leverage is made possible by extremely low interest rates from the Federal Reserve.</p><p><blockquote>Archegos Capital正在利用借来的钱——显然是大量借来的钱——进行巨额押注，支撑媒体股。美联储极低的利率使这种过度杠杆成为可能。</blockquote></p><p> The full scale of these bets wasn't clear until now.</p><p><blockquote>这些赌注的全部规模直到现在还不清楚。</blockquote></p><p> Perhaps in an effort to avoid making public disclosure filings, Archegos reportedly used derivatives known as total return swaps to mask some of its large investment positions. Investors using these swaps receive the total return of a stock from a dealer and those returns are typically amplified by leverage.</p><p><blockquote>据报道，也许是为了避免公开披露文件，Archegos使用了被称为总回报掉期的衍生品来掩盖其一些大型投资头寸。使用这些掉期的投资者从交易商那里获得股票的总回报，这些回报通常会通过杠杆放大。</blockquote></p><p> Archegos could not be reached for comment on Monday.</p><p><blockquote>周一无法联系到Archegos置评。</blockquote></p><p> Typically, investors who own more than 5% of a stock are required to report that stake with the SEC. These filings do not appear to have been made this time.</p><p><blockquote>通常，持有股票5%以上的投资者需要向SEC报告该股份。这次似乎没有提交这些文件。</blockquote></p><p> \"Anytime a derivative is involved, you don't really know how deep the tentacles go,\" said Joe Saluzzi, co-head of trading at Themis Trading.</p><p><blockquote>Themis Trading交易联席主管Joe Saluzzi表示：“每当涉及衍生品时，你都不知道触角有多深。”</blockquote></p><p> <b>The share sale that broke the camel's back</b></p><p><blockquote><b>压垮骆驼的股票出售</b></blockquote></p><p> This complex strategy backfired last week.</p><p><blockquote>这一复杂策略上周适得其反。</blockquote></p><p> Seeking to capitalize on its skyrocketing stock price, ViacomCBS announced plans for a $3 billion share sale. Up until that point, ViacomCBS shares had nearly tripled on the year. But the share sale appeared to be too much for the market to handle and the media boom morphed into a rout.</p><p><blockquote>为了利用其飙升的股价，维亚康姆哥伦比亚广播公司宣布了30亿美元的股票出售计划。在此之前，维亚康姆哥伦比亚广播公司的股价同比上涨了近两倍。但股票出售似乎让市场难以承受，媒体繁荣演变成了溃败。</blockquote></p><p> Archegos faced margin calls from its Wall Street lenders. A margin call by a broker requires a client to add funds to its account if the value of an asset drops below a specified level. If the client can't pay up — and in this case Archegos apparently couldn't — the broker can step in and dump the shares on the client's behalf.</p><p><blockquote>Archegos面临来自华尔街银行的保证金评级。如果资产价值低于指定水平，经纪商的保证金看涨期权要求客户向其账户添加资金。如果客户无法支付——在这种情况下，Archegos显然无法支付——经纪人可以介入并代表客户抛售股票。</blockquote></p><p> Goldman Sachs, one of Archegos' lenders, seized collateral and sold shares on Friday, a person familiar with the matter told CNN Business. This so-called forced liquidation set off a bloodbath Friday that drove down shares of ViacomCBS and Discovery more than 25% apiece.</p><p><blockquote>一位知情人士告诉CNN Business，Archegos的贷款人之一高盛周五扣押了抵押品并出售了股票。这场所谓的强制清算周五引发了一场大屠杀，导致维亚康姆哥伦比亚广播公司和探索频道的股价分别下跌了25%以上。</blockquote></p><p> Credit Suisse said that the default by a \"significant US-based hedge fund\" would cause a major hit to its earnings. A person familiar with the matter told CNN Business that Archegos was the firm causing the losses for Credit Suisse.</p><p><blockquote>瑞士信贷表示，“一家大型美国对冲基金”的违约将对其盈利造成重大打击。一位知情人士告诉CNN Business，Archegos是给瑞士信贷造成损失的公司。</blockquote></p><p> Nomura said its losses could be as much as $2 billion from \"transactions with a US client.\"</p><p><blockquote>野村证券表示，“与美国客户的交易”造成的损失可能高达20亿美元。</blockquote></p><p> <b>Founder of hedge fund involved in insider trading scandal</b></p><p><blockquote><b>对冲基金创始人卷入内幕交易丑闻</b></blockquote></p><p> The episode demonstrates the intricate web linking firms across Wall Street — and the risks to the banks providing large amounts of leverage.</p><p><blockquote>这一事件展示了连接华尔街公司的错综复杂的网络，以及提供大量杠杆的银行面临的风险。</blockquote></p><p> \"Systemic risk from secret and interconnected leverage, trading and derivatives in astronomical undisclosed amounts continue to permeate the shadow banking system,\" Better Markets CEO Dennis Kelleher said in a statement.</p><p><blockquote>Better Markets首席执行官丹尼斯·凯莱赫(Dennis Kelleher)在一份声明中表示：“秘密且相互关联的杠杆、交易和衍生品带来的系统性风险继续渗透到影子银行系统中，金额高达未披露的天文数字。”</blockquote></p><p> Hogan said investors must remember the inherent risks involved in the business lines of banks.</p><p><blockquote>霍根表示，投资者必须记住银行业务线所涉及的固有风险。</blockquote></p><p> \"They watch the creditworthiness of clients, but it's now always perfect,\" he said.</p><p><blockquote>“他们关注客户的信誉，但现在总是完美的，”他说。</blockquote></p><p></p><p> The creditworthiness of Archegos is a central question here. Bill Hwang, the firm's founder and a protégé of hedge fund pioneer Julian Robertson, was previously enmeshed in an insider trading scandal at Tiger Asia Management, a hedge fund he founded.</p><p><blockquote>Archegos的信誉是这里的一个核心问题。该公司创始人、对冲基金先驱朱利安·罗伯逊(Julian Robertson)的门生比尔·黄(Bill Hwang)此前曾卷入他创立的对冲基金老虎亚洲管理公司(Tiger Asia Management)的内幕交易丑闻。</blockquote></p><p> In 2012, the SEC alleged Tiger Asia made nearly $17 million in illegal profits in a scheme involving Chinese bank stocks. Hwang pleaded guilty that year on behalf of Tiger Asia to one count of wire fraud. Tiger Asia was sentenced to one year of probation and ordered to forfeit more than $16 million.</p><p><blockquote>2012年，美国证券交易委员会指控老虎亚洲在一项涉及中国银行股的计划中非法获利近1700万美元。当年，Hwang代表Tiger Asia承认了一项电信欺诈罪。Tiger Asia被判处一年缓刑，并被勒令没收超过1600万美元。</blockquote></p><p> In the wake of the insider trading scandal, Goldman Sachs (GS) stopped doing business with Hwang for a period of time, a person familiar with the matter told CNN Business. However, Goldman Sachs later resumed a relationship with Hwang, serving as one of his firm's lenders.</p><p><blockquote>一位知情人士告诉CNN Business，内幕交易丑闻发生后，高盛(GS)在一段时间内停止了与Hwang的业务往来。然而，高盛后来恢复了与黄的关系，成为其公司的贷款人之一。</blockquote></p><p> <b>Repeat of Long-Term Capital Management?</b></p><p><blockquote><b>长期资本管理的重演？</b></blockquote></p><p> The blow-up of Archegos Capital brings back bad memories of Long-Term Capital Management. That massive hedge fund's collapse in 1998 threatened the financial system, forcing the federal government to intervene.</p><p><blockquote>Archegos Capital的爆仓勾起了人们对长期资本管理的糟糕回忆。1998年这家大型对冲基金的倒闭威胁到了金融体系，迫使联邦政府进行干预。</blockquote></p><p> \"This is likely not Long-Term Capital,\" Hogan said, citing reforms that mean banks hold less risk than before the 2008 crisis. \"I don't think this is the tip of the iceberg.\"</p><p><blockquote>霍根表示：“这可能不是长期资本。”他引用的改革意味着银行的风险低于2008年危机之前。“我不认为这只是冰山一角。”</blockquote></p><p> Saluzzi, the Themis Trading executive, is not sure yet, pointing to how markets initially shrugged off the collapse of Bear Stearns hedge funds in the summer of 2007.</p><p><blockquote>Themis交易主管Saluzzi还不确定，他指出市场最初是如何对2007年夏天贝尔斯登对冲基金的崩溃不屑一顾的。</blockquote></p><p> \"We don't know how far the tentacles go,\" Saluzzi said. \"Early in the Bear Stearns crisis, the market was fine — until it wasn't.\"</p><p><blockquote>“我们不知道触手能走多远，”萨卢齐说。“在贝尔斯登危机初期，市场表现良好——直到情况并非如此。”</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>A little-known hedge fund caused widespread chaos on Wall Street<blockquote>一家名不见经传的对冲基金在华尔街引发了广泛的混乱</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nA little-known hedge fund caused widespread chaos on Wall Street<blockquote>一家名不见经传的对冲基金在华尔街引发了广泛的混乱</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">cnn</strong><span class=\"h-time small\">2021-03-30 16:09</span>\n</p>\n</h4>\n</header>\n<article>\n<p>New York (CNN Business)The names of the key players are different, but the lessons similar. The spectacular implosion of hedge fund Archegos Capital Management, much like the GameStop saga earlier this year, serves as a reminder of the dangers posed by extreme leverage, secret derivatives and rock-bottom interest rates.</p><p><blockquote>纽约（CNN Business）关键人物的名字不同，但教训相似。对冲基金Archegos Capital Management的惊人内爆，就像今年早些时候的游戏驿站传奇一样，提醒人们极端杠杆、秘密衍生品和最低利率所带来的危险。</blockquote></p><p> ViacomCBS (VIACA), Discovery (DISCA) and other media titans' stocks crashed Friday as Wall Street banks that lent to Archegos forced the firm to unwind its bets. The epic firesale wiped out more than half of Viacom's value last week alone.</p><p><blockquote>维亚康姆哥伦比亚广播公司(VIACA)、Discovery(DISCA)和其他媒体巨头的股价周五暴跌，因为向Archegos提供贷款的华尔街银行迫使该公司解除押注。仅上周，这场史诗般的大甩卖就让维亚康姆的市值蒸发了一半以上。</blockquote></p><p> Major banks face billions of dollars in losses from their exposure to Archegos. Both Credit Suisse (CS) and Nomura tumbled Monday after warning of significant hits to their earnings.</p><p><blockquote>各大银行因Archegos敞口而面临数十亿美元的损失。瑞士信贷(CS)和野村证券在警告其盈利将受到重大打击后，周一双双暴跌。</blockquote></p><p> The most startling part about the tale of Archegos is that it is a firm that few people had ever heard of before this weekend. And yet in this era of easy money, Archegos was able to borrow so much that its failure created shockwaves large enough to ripple across Wall Street — and impact everyday Americans' retirement accounts.</p><p><blockquote>Archegos的故事最令人震惊的部分是，这是一家在本周末之前很少有人听说过的公司。然而，在这个资金宽松的时代，Archegos能够借到如此多的钱，以至于它的失败引起了足够大的冲击波，波及整个华尔街，并影响到普通美国人的退休账户。</blockquote></p><p> \"It's a wake-up call. With leverage, comes risk,\" said Art Hogan, chief market strategist at National Securities Corporation. \"This is the second time we've learned a lesson this year about leverage.\"</p><p><blockquote>National Securities Corporation首席市场策略师Art Hogan表示：“这是一个令人警醒的看涨期权。杠杆带来了风险。”“这是我们今年第二次吸取有关杠杆的教训。”</blockquote></p><p> In January, another hedge fund, Melvin Capital Management, nearly collapsed after its massive bets against GameStop (GME) were blown up by an army of traders on Reddit. Investors were surprised to learn about the sheer size of the short positions anticipating the video game retailer's stock price would fall.</p><p><blockquote>今年1月，另一家对冲基金Melvin Capital Management在Reddit上对游戏驿站(GME)的大量押注被大批交易员炸毁后，几乎崩溃。投资者惊讶地发现，预计这家视频游戏零售商股价将下跌的空头头寸规模如此之大。</blockquote></p><p> When GameStop shares instead went to the moon, Melvin Capital suffered staggering losses and was forced to reach a $2.8 billion bailout with larger rivals.</p><p><blockquote>当游戏驿站股价上涨时，Melvin Capital遭受了惊人的损失，并被迫与规模更大的竞争对手达成28亿美元的救助协议。</blockquote></p><p> \"We saw it on the short side when GameStop blew up. Now we are seeing it on the long side,\" Hogan said.</p><p><blockquote>“当游戏驿站爆炸时，我们在空头方面看到了这一点。现在我们在多头方面看到了这一点，”霍根说。</blockquote></p><p> <b>Opaque financial instruments</b></p><p><blockquote><b>不透明金融工具</b></blockquote></p><p> Archegos Capital was using borrowed money — apparently a ton of it — to make outsized bets that propped up media stocks. This type excessive leverage is made possible by extremely low interest rates from the Federal Reserve.</p><p><blockquote>Archegos Capital正在利用借来的钱——显然是大量借来的钱——进行巨额押注，支撑媒体股。美联储极低的利率使这种过度杠杆成为可能。</blockquote></p><p> The full scale of these bets wasn't clear until now.</p><p><blockquote>这些赌注的全部规模直到现在还不清楚。</blockquote></p><p> Perhaps in an effort to avoid making public disclosure filings, Archegos reportedly used derivatives known as total return swaps to mask some of its large investment positions. Investors using these swaps receive the total return of a stock from a dealer and those returns are typically amplified by leverage.</p><p><blockquote>据报道，也许是为了避免公开披露文件，Archegos使用了被称为总回报掉期的衍生品来掩盖其一些大型投资头寸。使用这些掉期的投资者从交易商那里获得股票的总回报，这些回报通常会通过杠杆放大。</blockquote></p><p> Archegos could not be reached for comment on Monday.</p><p><blockquote>周一无法联系到Archegos置评。</blockquote></p><p> Typically, investors who own more than 5% of a stock are required to report that stake with the SEC. These filings do not appear to have been made this time.</p><p><blockquote>通常，持有股票5%以上的投资者需要向SEC报告该股份。这次似乎没有提交这些文件。</blockquote></p><p> \"Anytime a derivative is involved, you don't really know how deep the tentacles go,\" said Joe Saluzzi, co-head of trading at Themis Trading.</p><p><blockquote>Themis Trading交易联席主管Joe Saluzzi表示：“每当涉及衍生品时，你都不知道触角有多深。”</blockquote></p><p> <b>The share sale that broke the camel's back</b></p><p><blockquote><b>压垮骆驼的股票出售</b></blockquote></p><p> This complex strategy backfired last week.</p><p><blockquote>这一复杂策略上周适得其反。</blockquote></p><p> Seeking to capitalize on its skyrocketing stock price, ViacomCBS announced plans for a $3 billion share sale. Up until that point, ViacomCBS shares had nearly tripled on the year. But the share sale appeared to be too much for the market to handle and the media boom morphed into a rout.</p><p><blockquote>为了利用其飙升的股价，维亚康姆哥伦比亚广播公司宣布了30亿美元的股票出售计划。在此之前，维亚康姆哥伦比亚广播公司的股价同比上涨了近两倍。但股票出售似乎让市场难以承受，媒体繁荣演变成了溃败。</blockquote></p><p> Archegos faced margin calls from its Wall Street lenders. A margin call by a broker requires a client to add funds to its account if the value of an asset drops below a specified level. If the client can't pay up — and in this case Archegos apparently couldn't — the broker can step in and dump the shares on the client's behalf.</p><p><blockquote>Archegos面临来自华尔街银行的保证金评级。如果资产价值低于指定水平，经纪商的保证金看涨期权要求客户向其账户添加资金。如果客户无法支付——在这种情况下，Archegos显然无法支付——经纪人可以介入并代表客户抛售股票。</blockquote></p><p> Goldman Sachs, one of Archegos' lenders, seized collateral and sold shares on Friday, a person familiar with the matter told CNN Business. This so-called forced liquidation set off a bloodbath Friday that drove down shares of ViacomCBS and Discovery more than 25% apiece.</p><p><blockquote>一位知情人士告诉CNN Business，Archegos的贷款人之一高盛周五扣押了抵押品并出售了股票。这场所谓的强制清算周五引发了一场大屠杀，导致维亚康姆哥伦比亚广播公司和探索频道的股价分别下跌了25%以上。</blockquote></p><p> Credit Suisse said that the default by a \"significant US-based hedge fund\" would cause a major hit to its earnings. A person familiar with the matter told CNN Business that Archegos was the firm causing the losses for Credit Suisse.</p><p><blockquote>瑞士信贷表示，“一家大型美国对冲基金”的违约将对其盈利造成重大打击。一位知情人士告诉CNN Business，Archegos是给瑞士信贷造成损失的公司。</blockquote></p><p> Nomura said its losses could be as much as $2 billion from \"transactions with a US client.\"</p><p><blockquote>野村证券表示，“与美国客户的交易”造成的损失可能高达20亿美元。</blockquote></p><p> <b>Founder of hedge fund involved in insider trading scandal</b></p><p><blockquote><b>对冲基金创始人卷入内幕交易丑闻</b></blockquote></p><p> The episode demonstrates the intricate web linking firms across Wall Street — and the risks to the banks providing large amounts of leverage.</p><p><blockquote>这一事件展示了连接华尔街公司的错综复杂的网络，以及提供大量杠杆的银行面临的风险。</blockquote></p><p> \"Systemic risk from secret and interconnected leverage, trading and derivatives in astronomical undisclosed amounts continue to permeate the shadow banking system,\" Better Markets CEO Dennis Kelleher said in a statement.</p><p><blockquote>Better Markets首席执行官丹尼斯·凯莱赫(Dennis Kelleher)在一份声明中表示：“秘密且相互关联的杠杆、交易和衍生品带来的系统性风险继续渗透到影子银行系统中，金额高达未披露的天文数字。”</blockquote></p><p> Hogan said investors must remember the inherent risks involved in the business lines of banks.</p><p><blockquote>霍根表示，投资者必须记住银行业务线所涉及的固有风险。</blockquote></p><p> \"They watch the creditworthiness of clients, but it's now always perfect,\" he said.</p><p><blockquote>“他们关注客户的信誉，但现在总是完美的，”他说。</blockquote></p><p></p><p> The creditworthiness of Archegos is a central question here. Bill Hwang, the firm's founder and a protégé of hedge fund pioneer Julian Robertson, was previously enmeshed in an insider trading scandal at Tiger Asia Management, a hedge fund he founded.</p><p><blockquote>Archegos的信誉是这里的一个核心问题。该公司创始人、对冲基金先驱朱利安·罗伯逊(Julian Robertson)的门生比尔·黄(Bill Hwang)此前曾卷入他创立的对冲基金老虎亚洲管理公司(Tiger Asia Management)的内幕交易丑闻。</blockquote></p><p> In 2012, the SEC alleged Tiger Asia made nearly $17 million in illegal profits in a scheme involving Chinese bank stocks. Hwang pleaded guilty that year on behalf of Tiger Asia to one count of wire fraud. Tiger Asia was sentenced to one year of probation and ordered to forfeit more than $16 million.</p><p><blockquote>2012年，美国证券交易委员会指控老虎亚洲在一项涉及中国银行股的计划中非法获利近1700万美元。当年，Hwang代表Tiger Asia承认了一项电信欺诈罪。Tiger Asia被判处一年缓刑，并被勒令没收超过1600万美元。</blockquote></p><p> In the wake of the insider trading scandal, Goldman Sachs (GS) stopped doing business with Hwang for a period of time, a person familiar with the matter told CNN Business. However, Goldman Sachs later resumed a relationship with Hwang, serving as one of his firm's lenders.</p><p><blockquote>一位知情人士告诉CNN Business，内幕交易丑闻发生后，高盛(GS)在一段时间内停止了与Hwang的业务往来。然而，高盛后来恢复了与黄的关系，成为其公司的贷款人之一。</blockquote></p><p> <b>Repeat of Long-Term Capital Management?</b></p><p><blockquote><b>长期资本管理的重演？</b></blockquote></p><p> The blow-up of Archegos Capital brings back bad memories of Long-Term Capital Management. That massive hedge fund's collapse in 1998 threatened the financial system, forcing the federal government to intervene.</p><p><blockquote>Archegos Capital的爆仓勾起了人们对长期资本管理的糟糕回忆。1998年这家大型对冲基金的倒闭威胁到了金融体系，迫使联邦政府进行干预。</blockquote></p><p> \"This is likely not Long-Term Capital,\" Hogan said, citing reforms that mean banks hold less risk than before the 2008 crisis. \"I don't think this is the tip of the iceberg.\"</p><p><blockquote>霍根表示：“这可能不是长期资本。”他引用的改革意味着银行的风险低于2008年危机之前。“我不认为这只是冰山一角。”</blockquote></p><p> Saluzzi, the Themis Trading executive, is not sure yet, pointing to how markets initially shrugged off the collapse of Bear Stearns hedge funds in the summer of 2007.</p><p><blockquote>Themis交易主管Saluzzi还不确定，他指出市场最初是如何对2007年夏天贝尔斯登对冲基金的崩溃不屑一顾的。</blockquote></p><p> \"We don't know how far the tentacles go,\" Saluzzi said. \"Early in the Bear Stearns crisis, the market was fine — until it wasn't.\"</p><p><blockquote>“我们不知道触手能走多远，”萨卢齐说。“在贝尔斯登危机初期，市场表现良好——直到情况并非如此。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://edition.cnn.com/2021/03/29/investing/wall-street-hedge-fund-archegos/index.html\">cnn</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/31992235e2d733c9c23402f8622ffd51","relate_stocks":{},"source_url":"https://edition.cnn.com/2021/03/29/investing/wall-street-hedge-fund-archegos/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154060329","content_text":"New York (CNN Business)The names of the key players are different, but the lessons similar. The spectacular implosion of hedge fund Archegos Capital Management, much like the GameStop saga earlier this year, serves as a reminder of the dangers posed by extreme leverage, secret derivatives and rock-bottom interest rates.\nViacomCBS (VIACA), Discovery (DISCA) and other media titans' stocks crashed Friday as Wall Street banks that lent to Archegos forced the firm to unwind its bets. The epic firesale wiped out more than half of Viacom's value last week alone.\nMajor banks face billions of dollars in losses from their exposure to Archegos. Both Credit Suisse (CS) and Nomura tumbled Monday after warning of significant hits to their earnings.\nThe most startling part about the tale of Archegos is that it is a firm that few people had ever heard of before this weekend. And yet in this era of easy money, Archegos was able to borrow so much that its failure created shockwaves large enough to ripple across Wall Street — and impact everyday Americans' retirement accounts.\n\"It's a wake-up call. With leverage, comes risk,\" said Art Hogan, chief market strategist at National Securities Corporation. \"This is the second time we've learned a lesson this year about leverage.\"\nIn January, another hedge fund, Melvin Capital Management, nearly collapsed after its massive bets against GameStop (GME) were blown up by an army of traders on Reddit. Investors were surprised to learn about the sheer size of the short positions anticipating the video game retailer's stock price would fall.\nWhen GameStop shares instead went to the moon, Melvin Capital suffered staggering losses and was forced to reach a $2.8 billion bailout with larger rivals.\n\"We saw it on the short side when GameStop blew up. Now we are seeing it on the long side,\" Hogan said.\nOpaque financial instruments\nArchegos Capital was using borrowed money — apparently a ton of it — to make outsized bets that propped up media stocks. This type excessive leverage is made possible by extremely low interest rates from the Federal Reserve.\nThe full scale of these bets wasn't clear until now.\nPerhaps in an effort to avoid making public disclosure filings, Archegos reportedly used derivatives known as total return swaps to mask some of its large investment positions. Investors using these swaps receive the total return of a stock from a dealer and those returns are typically amplified by leverage.\nArchegos could not be reached for comment on Monday.\nTypically, investors who own more than 5% of a stock are required to report that stake with the SEC. These filings do not appear to have been made this time.\n\"Anytime a derivative is involved, you don't really know how deep the tentacles go,\" said Joe Saluzzi, co-head of trading at Themis Trading.\nThe share sale that broke the camel's back\nThis complex strategy backfired last week.\nSeeking to capitalize on its skyrocketing stock price, ViacomCBS announced plans for a $3 billion share sale. Up until that point, ViacomCBS shares had nearly tripled on the year. But the share sale appeared to be too much for the market to handle and the media boom morphed into a rout.\nArchegos faced margin calls from its Wall Street lenders. A margin call by a broker requires a client to add funds to its account if the value of an asset drops below a specified level. If the client can't pay up — and in this case Archegos apparently couldn't — the broker can step in and dump the shares on the client's behalf.\nGoldman Sachs, one of Archegos' lenders, seized collateral and sold shares on Friday, a person familiar with the matter told CNN Business. This so-called forced liquidation set off a bloodbath Friday that drove down shares of ViacomCBS and Discovery more than 25% apiece.\nCredit Suisse said that the default by a \"significant US-based hedge fund\" would cause a major hit to its earnings. A person familiar with the matter told CNN Business that Archegos was the firm causing the losses for Credit Suisse.\nNomura said its losses could be as much as $2 billion from \"transactions with a US client.\"\nFounder of hedge fund involved in insider trading scandal\nThe episode demonstrates the intricate web linking firms across Wall Street — and the risks to the banks providing large amounts of leverage.\n\"Systemic risk from secret and interconnected leverage, trading and derivatives in astronomical undisclosed amounts continue to permeate the shadow banking system,\" Better Markets CEO Dennis Kelleher said in a statement.\nHogan said investors must remember the inherent risks involved in the business lines of banks.\n\"They watch the creditworthiness of clients, but it's now always perfect,\" he said.\nThe creditworthiness of Archegos is a central question here. Bill Hwang, the firm's founder and a protégé of hedge fund pioneer Julian Robertson, was previously enmeshed in an insider trading scandal at Tiger Asia Management, a hedge fund he founded.\nIn 2012, the SEC alleged Tiger Asia made nearly $17 million in illegal profits in a scheme involving Chinese bank stocks. Hwang pleaded guilty that year on behalf of Tiger Asia to one count of wire fraud. Tiger Asia was sentenced to one year of probation and ordered to forfeit more than $16 million.\nIn the wake of the insider trading scandal, Goldman Sachs (GS) stopped doing business with Hwang for a period of time, a person familiar with the matter told CNN Business. However, Goldman Sachs later resumed a relationship with Hwang, serving as one of his firm's lenders.\nRepeat of Long-Term Capital Management?\nThe blow-up of Archegos Capital brings back bad memories of Long-Term Capital Management. That massive hedge fund's collapse in 1998 threatened the financial system, forcing the federal government to intervene.\n\"This is likely not Long-Term Capital,\" Hogan said, citing reforms that mean banks hold less risk than before the 2008 crisis. \"I don't think this is the tip of the iceberg.\"\nSaluzzi, the Themis Trading executive, is not sure yet, pointing to how markets initially shrugged off the collapse of Bear Stearns hedge funds in the summer of 2007.\n\"We don't know how far the tentacles go,\" Saluzzi said. \"Early in the Bear Stearns crisis, the market was fine — until it wasn't.\"","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":295,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":352451990,"gmtCreate":1616996858610,"gmtModify":1634523227631,"author":{"id":"3574834957835877","authorId":"3574834957835877","name":"Jeph","avatar":"https://static.tigerbbs.com/6d84ddcaae60f793877f3447bc18beda","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574834957835877","idStr":"3574834957835877"},"themes":[],"htmlText":"Oh","listText":"Oh","text":"Oh","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/352451990","repostId":"1179737264","repostType":4,"repost":{"id":"1179737264","kind":"news","pubTimestamp":1616996700,"share":"https://www.laohu8.com/m/news/1179737264?lang=zh_CN&edition=full","pubTime":"2021-03-29 13:45","market":"sh","language":"en","title":"Asian stocks rise after Wall Street highs and on vaccine optimism<blockquote>亚洲股市在华尔街高点和疫苗乐观情绪后上涨</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1179737264","media":"MarketWatch","summary":"Asian stocks rose Monday after Wall Street hit a new high and investors were encouraged by governmen","content":"<p>Asian stocks rose Monday after Wall Street hit a new high and investors were encouraged by government stimulus and the rollout of coronavirus vaccines.</p><p><blockquote>亚洲股市周一上涨，此前华尔街创下新高，投资者受到政府刺激措施和冠状病毒疫苗推出的鼓舞。</blockquote></p><p> Shanghai, Tokyo, Hong Kong and Seoul advanced.</p><p><blockquote>上海、东京、香港和首尔上涨。</blockquote></p><p> Wall Street’s advance Friday was led by stocks that would benefit if vaccinations and government spending boost the U.S. economy as much as expected.</p><p><blockquote>如果疫苗接种和政府支出像预期那样提振美国经济，这些股票将受益，周五华尔街的上涨是由股票领涨的。</blockquote></p><p> Vaccines and stimulus have “helped to create an aura of high optimism,” John Bilton of JP Morgan Asset Management said in a report. He said “above-trend global growth” should last into 2022 and regions such as Europe that are at “peak pessimism” due to vaccine delays should accelerate later this year.</p><p><blockquote>摩根大通资产管理公司的约翰·比尔顿在一份报告中表示，疫苗和刺激措施“有助于营造高度乐观的氛围”。他表示，“高于趋势的全球增长”应该会持续到2022年，而欧洲等因疫苗延迟而处于“悲观情绪顶峰”的地区应该会在今年晚些时候加速。</blockquote></p><p> The Shanghai Composite IndexSHCOMProse 0.7% to 3,443.55 and the Nikkei 225NIKin Tokyo advanced 1.1% to 29,484.57. The Hang Seng :HSIin Hong Kong added 0.3% to 28,437.46.</p><p><blockquote>上证综合指数上涨0.7%，至3,443.55点；日经225指数上涨1.1%，至29,484.57点。香港恒生指数上涨0.3%，至28,437.46点。</blockquote></p><p> The Kospi180721in Seoul was up less than 0.1% at 3,043.55 while Sydney’s S&amp;P-ASX 200XJOshed 0.2% to 6,808.20. New Zealand and Southeast Asian markets advanced.</p><p><blockquote>首尔KOSPI180721指数上涨不到0.1%，至3,043.55点，而悉尼S&amp;P-ASX 200XJO指数上涨0.2%，至6,808.20点。新西兰和东南亚市场上涨。</blockquote></p><p> Markets have been swinging between optimism that vaccines might allow business and travel to return to normal and anxiety over setbacks in distribution and concern about possible inflation after massive government stimulus.</p><p><blockquote>市场一直在对疫苗可能让商业和旅行恢复正常的乐观情绪与对分配受挫的焦虑以及对政府大规模刺激后可能出现通胀的担忧之间摇摆不定。</blockquote></p><p> Investors were jolted last week by news Egypt’s Suez Canal, one of the busiest trade routes, was blocked by a cargo ship that became wedged into the waterway.</p><p><blockquote>上周，埃及最繁忙的贸易路线之一苏伊士运河被一艘货船卡入水道堵塞的消息震惊了投资者。</blockquote></p><p> On Wall Street, the S&amp;P 500SPXrose 1.7% on Friday to 3,974.54. A quarter of that gain came in the last five minutes of trading. That produced a weekly gain of 1.7% after a 0.8% decline the previous week.</p><p><blockquote>华尔街方面，标准普尔500SPX指数周五上涨1.7%，至3,974.54点。其中四分之一的涨幅来自交易的最后五分钟。继前一周下跌0.8%后，周涨幅为1.7%。</blockquote></p><p> The Dow Jones Industrial AverageDJIArose 1.4%, to 33,072.88. The Nasdaq CompositeCOMPclimbed 1.2%, to 13,138.72, though it is is 6.8% below last month’s record high.</p><p><blockquote>道琼斯工业平均指数上涨1.4%，至33,072.88点。纳斯达克综合指数上涨1.2%，至13,138.72点，但较上个月的历史高点低6.8%。</blockquote></p><p> U.S. stocks have benefited from President Joe Biden’s proposal for higher spending on infrastructure. Steelmaker Nucor climbed 8.9% and miner Freeport-McMoRan rose 5.9%.</p><p><blockquote>美国股市受益于总统乔·拜登提出的增加基础设施支出的提议。钢铁制造商纽柯钢铁(Nucor)上涨8.9%，矿业公司自由港麦克莫兰(Freeport-McMoRan)上涨5.9%。</blockquote></p><p> In energy markets, benchmark U.S. crudeCL.1lost $1.04 to $59.93 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose $2.41 to $60.97 on Friday. Brent crudeBRN00,the basis for international oil prices, retreated 96 cents to $63.47 per barrel in London. It advanced $2.62 the previous session to $64.57.</p><p><blockquote>能源市场方面，纽约商品交易所电子交易中基准美国原油DEC.1下跌1.04美元，至每桶59.93美元。周五该合约上涨2.41美元至60.97美元。作为国际油价基础的布伦特原油BRN00在伦敦下跌96美分，至每桶63.47美元。较前一交易日上涨2.62美元，至64.57美元。</blockquote></p><p> The dollarUSDJPYdeclined to 109.49 yen from Friday’s 109.69 yen. The euroEURUSDedged down to $1.1787 from the previous session’s $1.1790.</p><p><blockquote>美元兑日元从周五的109.69日元跌至109.49日元。欧元兑美元从前一交易日的1.1790美元跌至1.1787美元。</blockquote></p><p></p>","source":"lsy1616996754749","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>Asian stocks rise after Wall Street highs and on vaccine optimism<blockquote>亚洲股市在华尔街高点和疫苗乐观情绪后上涨</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAsian stocks rise after Wall Street highs and on vaccine optimism<blockquote>亚洲股市在华尔街高点和疫苗乐观情绪后上涨</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-03-29 13:45</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Asian stocks rose Monday after Wall Street hit a new high and investors were encouraged by government stimulus and the rollout of coronavirus vaccines.</p><p><blockquote>亚洲股市周一上涨，此前华尔街创下新高，投资者受到政府刺激措施和冠状病毒疫苗推出的鼓舞。</blockquote></p><p> Shanghai, Tokyo, Hong Kong and Seoul advanced.</p><p><blockquote>上海、东京、香港和首尔上涨。</blockquote></p><p> Wall Street’s advance Friday was led by stocks that would benefit if vaccinations and government spending boost the U.S. economy as much as expected.</p><p><blockquote>如果疫苗接种和政府支出像预期那样提振美国经济，这些股票将受益，周五华尔街的上涨是由股票领涨的。</blockquote></p><p> Vaccines and stimulus have “helped to create an aura of high optimism,” John Bilton of JP Morgan Asset Management said in a report. He said “above-trend global growth” should last into 2022 and regions such as Europe that are at “peak pessimism” due to vaccine delays should accelerate later this year.</p><p><blockquote>摩根大通资产管理公司的约翰·比尔顿在一份报告中表示，疫苗和刺激措施“有助于营造高度乐观的氛围”。他表示，“高于趋势的全球增长”应该会持续到2022年，而欧洲等因疫苗延迟而处于“悲观情绪顶峰”的地区应该会在今年晚些时候加速。</blockquote></p><p> The Shanghai Composite IndexSHCOMProse 0.7% to 3,443.55 and the Nikkei 225NIKin Tokyo advanced 1.1% to 29,484.57. The Hang Seng :HSIin Hong Kong added 0.3% to 28,437.46.</p><p><blockquote>上证综合指数上涨0.7%，至3,443.55点；日经225指数上涨1.1%，至29,484.57点。香港恒生指数上涨0.3%，至28,437.46点。</blockquote></p><p> The Kospi180721in Seoul was up less than 0.1% at 3,043.55 while Sydney’s S&amp;P-ASX 200XJOshed 0.2% to 6,808.20. New Zealand and Southeast Asian markets advanced.</p><p><blockquote>首尔KOSPI180721指数上涨不到0.1%，至3,043.55点，而悉尼S&amp;P-ASX 200XJO指数上涨0.2%，至6,808.20点。新西兰和东南亚市场上涨。</blockquote></p><p> Markets have been swinging between optimism that vaccines might allow business and travel to return to normal and anxiety over setbacks in distribution and concern about possible inflation after massive government stimulus.</p><p><blockquote>市场一直在对疫苗可能让商业和旅行恢复正常的乐观情绪与对分配受挫的焦虑以及对政府大规模刺激后可能出现通胀的担忧之间摇摆不定。</blockquote></p><p> Investors were jolted last week by news Egypt’s Suez Canal, one of the busiest trade routes, was blocked by a cargo ship that became wedged into the waterway.</p><p><blockquote>上周，埃及最繁忙的贸易路线之一苏伊士运河被一艘货船卡入水道堵塞的消息震惊了投资者。</blockquote></p><p> On Wall Street, the S&amp;P 500SPXrose 1.7% on Friday to 3,974.54. A quarter of that gain came in the last five minutes of trading. That produced a weekly gain of 1.7% after a 0.8% decline the previous week.</p><p><blockquote>华尔街方面，标准普尔500SPX指数周五上涨1.7%，至3,974.54点。其中四分之一的涨幅来自交易的最后五分钟。继前一周下跌0.8%后，周涨幅为1.7%。</blockquote></p><p> The Dow Jones Industrial AverageDJIArose 1.4%, to 33,072.88. The Nasdaq CompositeCOMPclimbed 1.2%, to 13,138.72, though it is is 6.8% below last month’s record high.</p><p><blockquote>道琼斯工业平均指数上涨1.4%，至33,072.88点。纳斯达克综合指数上涨1.2%，至13,138.72点，但较上个月的历史高点低6.8%。</blockquote></p><p> U.S. stocks have benefited from President Joe Biden’s proposal for higher spending on infrastructure. Steelmaker Nucor climbed 8.9% and miner Freeport-McMoRan rose 5.9%.</p><p><blockquote>美国股市受益于总统乔·拜登提出的增加基础设施支出的提议。钢铁制造商纽柯钢铁(Nucor)上涨8.9%，矿业公司自由港麦克莫兰(Freeport-McMoRan)上涨5.9%。</blockquote></p><p> In energy markets, benchmark U.S. crudeCL.1lost $1.04 to $59.93 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose $2.41 to $60.97 on Friday. Brent crudeBRN00,the basis for international oil prices, retreated 96 cents to $63.47 per barrel in London. It advanced $2.62 the previous session to $64.57.</p><p><blockquote>能源市场方面，纽约商品交易所电子交易中基准美国原油DEC.1下跌1.04美元，至每桶59.93美元。周五该合约上涨2.41美元至60.97美元。作为国际油价基础的布伦特原油BRN00在伦敦下跌96美分，至每桶63.47美元。较前一交易日上涨2.62美元，至64.57美元。</blockquote></p><p> The dollarUSDJPYdeclined to 109.49 yen from Friday’s 109.69 yen. The euroEURUSDedged down to $1.1787 from the previous session’s $1.1790.</p><p><blockquote>美元兑日元从周五的109.69日元跌至109.49日元。欧元兑美元从前一交易日的1.1790美元跌至1.1787美元。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/discover?url=https%3A%2F%2Fwww.marketwatch.com%2Famp%2Fstory%2Fasian-stocks-rise-after-wall-street-highs-and-on-vaccine-optimism-01616995327&link=sfmw_tw#https://www.marketwatch.com/amp/story/asian-stocks-rise-after-wall-street-highs-and-on-vaccine-optimism-01616995327?mod=dist_amp_social\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f5481d622d7bc535b67b2738f86cc0db","relate_stocks":{},"source_url":"https://www.marketwatch.com/discover?url=https%3A%2F%2Fwww.marketwatch.com%2Famp%2Fstory%2Fasian-stocks-rise-after-wall-street-highs-and-on-vaccine-optimism-01616995327&link=sfmw_tw#https://www.marketwatch.com/amp/story/asian-stocks-rise-after-wall-street-highs-and-on-vaccine-optimism-01616995327?mod=dist_amp_social","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1179737264","content_text":"Asian stocks rose Monday after Wall Street hit a new high and investors were encouraged by government stimulus and the rollout of coronavirus vaccines.\nShanghai, Tokyo, Hong Kong and Seoul advanced.\nWall Street’s advance Friday was led by stocks that would benefit if vaccinations and government spending boost the U.S. economy as much as expected.\nVaccines and stimulus have “helped to create an aura of high optimism,” John Bilton of JP Morgan Asset Management said in a report. He said “above-trend global growth” should last into 2022 and regions such as Europe that are at “peak pessimism” due to vaccine delays should accelerate later this year.\nThe Shanghai Composite IndexSHCOMProse 0.7% to 3,443.55 and the Nikkei 225NIKin Tokyo advanced 1.1% to 29,484.57. The Hang Seng :HSIin Hong Kong added 0.3% to 28,437.46.\nThe Kospi180721in Seoul was up less than 0.1% at 3,043.55 while Sydney’s S&P-ASX 200XJOshed 0.2% to 6,808.20. New Zealand and Southeast Asian markets advanced.\nMarkets have been swinging between optimism that vaccines might allow business and travel to return to normal and anxiety over setbacks in distribution and concern about possible inflation after massive government stimulus.\nInvestors were jolted last week by news Egypt’s Suez Canal, one of the busiest trade routes, was blocked by a cargo ship that became wedged into the waterway.\nOn Wall Street, the S&P 500SPXrose 1.7% on Friday to 3,974.54. A quarter of that gain came in the last five minutes of trading. That produced a weekly gain of 1.7% after a 0.8% decline the previous week.\nThe Dow Jones Industrial AverageDJIArose 1.4%, to 33,072.88. The Nasdaq CompositeCOMPclimbed 1.2%, to 13,138.72, though it is is 6.8% below last month’s record high.\nU.S. stocks have benefited from President Joe Biden’s proposal for higher spending on infrastructure. Steelmaker Nucor climbed 8.9% and miner Freeport-McMoRan rose 5.9%.\nIn energy markets, benchmark U.S. crudeCL.1lost $1.04 to $59.93 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose $2.41 to $60.97 on Friday. Brent crudeBRN00,the basis for international oil prices, retreated 96 cents to $63.47 per barrel in London. It advanced $2.62 the previous session to $64.57.\nThe dollarUSDJPYdeclined to 109.49 yen from Friday’s 109.69 yen. The euroEURUSDedged down to $1.1787 from the previous session’s $1.1790.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":756,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":352899300,"gmtCreate":1616920739200,"gmtModify":1634523526289,"author":{"id":"3574834957835877","authorId":"3574834957835877","name":"Jeph","avatar":"https://static.tigerbbs.com/6d84ddcaae60f793877f3447bc18beda","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574834957835877","idStr":"3574834957835877"},"themes":[],"htmlText":"Interesting&nbsp;","listText":"Interesting&nbsp;","text":"Interesting","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/352899300","repostId":"2122058474","repostType":4,"isVote":1,"tweetType":1,"viewCount":324,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":356778874,"gmtCreate":1616821613398,"gmtModify":1634523814192,"author":{"id":"3574834957835877","authorId":"3574834957835877","name":"Jeph","avatar":"https://static.tigerbbs.com/6d84ddcaae60f793877f3447bc18beda","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574834957835877","idStr":"3574834957835877"},"themes":[],"htmlText":"Leggo","listText":"Leggo","text":"Leggo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/356778874","repostId":"2122772444","repostType":4,"isVote":1,"tweetType":1,"viewCount":395,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":355490522,"gmtCreate":1617092825366,"gmtModify":1634522702150,"author":{"id":"3574834957835877","authorId":"3574834957835877","name":"Jeph","avatar":"https://static.tigerbbs.com/6d84ddcaae60f793877f3447bc18beda","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574834957835877","authorIdStr":"3574834957835877"},"themes":[],"htmlText":"Wow...","listText":"Wow...","text":"Wow...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/355490522","repostId":"1154060329","repostType":4,"repost":{"id":"1154060329","kind":"news","pubTimestamp":1617091759,"share":"https://www.laohu8.com/m/news/1154060329?lang=zh_CN&edition=full","pubTime":"2021-03-30 16:09","market":"us","language":"en","title":"A little-known hedge fund caused widespread chaos on Wall Street<blockquote>一家名不见经传的对冲基金在华尔街引发了广泛的混乱</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1154060329","media":"cnn","summary":"New York (CNN Business)The names of the key players are different, but the lessons similar. The spec","content":"<p>New York (CNN Business)The names of the key players are different, but the lessons similar. The spectacular implosion of hedge fund Archegos Capital Management, much like the GameStop saga earlier this year, serves as a reminder of the dangers posed by extreme leverage, secret derivatives and rock-bottom interest rates.</p><p><blockquote>纽约（CNN Business）关键人物的名字不同，但教训相似。对冲基金Archegos Capital Management的惊人内爆，就像今年早些时候的游戏驿站传奇一样，提醒人们极端杠杆、秘密衍生品和最低利率所带来的危险。</blockquote></p><p> ViacomCBS (VIACA), Discovery (DISCA) and other media titans' stocks crashed Friday as Wall Street banks that lent to Archegos forced the firm to unwind its bets. The epic firesale wiped out more than half of Viacom's value last week alone.</p><p><blockquote>维亚康姆哥伦比亚广播公司(VIACA)、Discovery(DISCA)和其他媒体巨头的股价周五暴跌，因为向Archegos提供贷款的华尔街银行迫使该公司解除押注。仅上周，这场史诗般的大甩卖就让维亚康姆的市值蒸发了一半以上。</blockquote></p><p> Major banks face billions of dollars in losses from their exposure to Archegos. Both Credit Suisse (CS) and Nomura tumbled Monday after warning of significant hits to their earnings.</p><p><blockquote>各大银行因Archegos敞口而面临数十亿美元的损失。瑞士信贷(CS)和野村证券在警告其盈利将受到重大打击后，周一双双暴跌。</blockquote></p><p> The most startling part about the tale of Archegos is that it is a firm that few people had ever heard of before this weekend. And yet in this era of easy money, Archegos was able to borrow so much that its failure created shockwaves large enough to ripple across Wall Street — and impact everyday Americans' retirement accounts.</p><p><blockquote>Archegos的故事最令人震惊的部分是，这是一家在本周末之前很少有人听说过的公司。然而，在这个资金宽松的时代，Archegos能够借到如此多的钱，以至于它的失败引起了足够大的冲击波，波及整个华尔街，并影响到普通美国人的退休账户。</blockquote></p><p> \"It's a wake-up call. With leverage, comes risk,\" said Art Hogan, chief market strategist at National Securities Corporation. \"This is the second time we've learned a lesson this year about leverage.\"</p><p><blockquote>National Securities Corporation首席市场策略师Art Hogan表示：“这是一个令人警醒的看涨期权。杠杆带来了风险。”“这是我们今年第二次吸取有关杠杆的教训。”</blockquote></p><p> In January, another hedge fund, Melvin Capital Management, nearly collapsed after its massive bets against GameStop (GME) were blown up by an army of traders on Reddit. Investors were surprised to learn about the sheer size of the short positions anticipating the video game retailer's stock price would fall.</p><p><blockquote>今年1月，另一家对冲基金Melvin Capital Management在Reddit上对游戏驿站(GME)的大量押注被大批交易员炸毁后，几乎崩溃。投资者惊讶地发现，预计这家视频游戏零售商股价将下跌的空头头寸规模如此之大。</blockquote></p><p> When GameStop shares instead went to the moon, Melvin Capital suffered staggering losses and was forced to reach a $2.8 billion bailout with larger rivals.</p><p><blockquote>当游戏驿站股价上涨时，Melvin Capital遭受了惊人的损失，并被迫与规模更大的竞争对手达成28亿美元的救助协议。</blockquote></p><p> \"We saw it on the short side when GameStop blew up. Now we are seeing it on the long side,\" Hogan said.</p><p><blockquote>“当游戏驿站爆炸时，我们在空头方面看到了这一点。现在我们在多头方面看到了这一点，”霍根说。</blockquote></p><p> <b>Opaque financial instruments</b></p><p><blockquote><b>不透明金融工具</b></blockquote></p><p> Archegos Capital was using borrowed money — apparently a ton of it — to make outsized bets that propped up media stocks. This type excessive leverage is made possible by extremely low interest rates from the Federal Reserve.</p><p><blockquote>Archegos Capital正在利用借来的钱——显然是大量借来的钱——进行巨额押注，支撑媒体股。美联储极低的利率使这种过度杠杆成为可能。</blockquote></p><p> The full scale of these bets wasn't clear until now.</p><p><blockquote>这些赌注的全部规模直到现在还不清楚。</blockquote></p><p> Perhaps in an effort to avoid making public disclosure filings, Archegos reportedly used derivatives known as total return swaps to mask some of its large investment positions. Investors using these swaps receive the total return of a stock from a dealer and those returns are typically amplified by leverage.</p><p><blockquote>据报道，也许是为了避免公开披露文件，Archegos使用了被称为总回报掉期的衍生品来掩盖其一些大型投资头寸。使用这些掉期的投资者从交易商那里获得股票的总回报，这些回报通常会通过杠杆放大。</blockquote></p><p> Archegos could not be reached for comment on Monday.</p><p><blockquote>周一无法联系到Archegos置评。</blockquote></p><p> Typically, investors who own more than 5% of a stock are required to report that stake with the SEC. These filings do not appear to have been made this time.</p><p><blockquote>通常，持有股票5%以上的投资者需要向SEC报告该股份。这次似乎没有提交这些文件。</blockquote></p><p> \"Anytime a derivative is involved, you don't really know how deep the tentacles go,\" said Joe Saluzzi, co-head of trading at Themis Trading.</p><p><blockquote>Themis Trading交易联席主管Joe Saluzzi表示：“每当涉及衍生品时，你都不知道触角有多深。”</blockquote></p><p> <b>The share sale that broke the camel's back</b></p><p><blockquote><b>压垮骆驼的股票出售</b></blockquote></p><p> This complex strategy backfired last week.</p><p><blockquote>这一复杂策略上周适得其反。</blockquote></p><p> Seeking to capitalize on its skyrocketing stock price, ViacomCBS announced plans for a $3 billion share sale. Up until that point, ViacomCBS shares had nearly tripled on the year. But the share sale appeared to be too much for the market to handle and the media boom morphed into a rout.</p><p><blockquote>为了利用其飙升的股价，维亚康姆哥伦比亚广播公司宣布了30亿美元的股票出售计划。在此之前，维亚康姆哥伦比亚广播公司的股价同比上涨了近两倍。但股票出售似乎让市场难以承受，媒体繁荣演变成了溃败。</blockquote></p><p> Archegos faced margin calls from its Wall Street lenders. A margin call by a broker requires a client to add funds to its account if the value of an asset drops below a specified level. If the client can't pay up — and in this case Archegos apparently couldn't — the broker can step in and dump the shares on the client's behalf.</p><p><blockquote>Archegos面临来自华尔街银行的保证金评级。如果资产价值低于指定水平，经纪商的保证金看涨期权要求客户向其账户添加资金。如果客户无法支付——在这种情况下，Archegos显然无法支付——经纪人可以介入并代表客户抛售股票。</blockquote></p><p> Goldman Sachs, one of Archegos' lenders, seized collateral and sold shares on Friday, a person familiar with the matter told CNN Business. This so-called forced liquidation set off a bloodbath Friday that drove down shares of ViacomCBS and Discovery more than 25% apiece.</p><p><blockquote>一位知情人士告诉CNN Business，Archegos的贷款人之一高盛周五扣押了抵押品并出售了股票。这场所谓的强制清算周五引发了一场大屠杀，导致维亚康姆哥伦比亚广播公司和探索频道的股价分别下跌了25%以上。</blockquote></p><p> Credit Suisse said that the default by a \"significant US-based hedge fund\" would cause a major hit to its earnings. A person familiar with the matter told CNN Business that Archegos was the firm causing the losses for Credit Suisse.</p><p><blockquote>瑞士信贷表示，“一家大型美国对冲基金”的违约将对其盈利造成重大打击。一位知情人士告诉CNN Business，Archegos是给瑞士信贷造成损失的公司。</blockquote></p><p> Nomura said its losses could be as much as $2 billion from \"transactions with a US client.\"</p><p><blockquote>野村证券表示，“与美国客户的交易”造成的损失可能高达20亿美元。</blockquote></p><p> <b>Founder of hedge fund involved in insider trading scandal</b></p><p><blockquote><b>对冲基金创始人卷入内幕交易丑闻</b></blockquote></p><p> The episode demonstrates the intricate web linking firms across Wall Street — and the risks to the banks providing large amounts of leverage.</p><p><blockquote>这一事件展示了连接华尔街公司的错综复杂的网络，以及提供大量杠杆的银行面临的风险。</blockquote></p><p> \"Systemic risk from secret and interconnected leverage, trading and derivatives in astronomical undisclosed amounts continue to permeate the shadow banking system,\" Better Markets CEO Dennis Kelleher said in a statement.</p><p><blockquote>Better Markets首席执行官丹尼斯·凯莱赫(Dennis Kelleher)在一份声明中表示：“秘密且相互关联的杠杆、交易和衍生品带来的系统性风险继续渗透到影子银行系统中，金额高达未披露的天文数字。”</blockquote></p><p> Hogan said investors must remember the inherent risks involved in the business lines of banks.</p><p><blockquote>霍根表示，投资者必须记住银行业务线所涉及的固有风险。</blockquote></p><p> \"They watch the creditworthiness of clients, but it's now always perfect,\" he said.</p><p><blockquote>“他们关注客户的信誉，但现在总是完美的，”他说。</blockquote></p><p></p><p> The creditworthiness of Archegos is a central question here. Bill Hwang, the firm's founder and a protégé of hedge fund pioneer Julian Robertson, was previously enmeshed in an insider trading scandal at Tiger Asia Management, a hedge fund he founded.</p><p><blockquote>Archegos的信誉是这里的一个核心问题。该公司创始人、对冲基金先驱朱利安·罗伯逊(Julian Robertson)的门生比尔·黄(Bill Hwang)此前曾卷入他创立的对冲基金老虎亚洲管理公司(Tiger Asia Management)的内幕交易丑闻。</blockquote></p><p> In 2012, the SEC alleged Tiger Asia made nearly $17 million in illegal profits in a scheme involving Chinese bank stocks. Hwang pleaded guilty that year on behalf of Tiger Asia to one count of wire fraud. Tiger Asia was sentenced to one year of probation and ordered to forfeit more than $16 million.</p><p><blockquote>2012年，美国证券交易委员会指控老虎亚洲在一项涉及中国银行股的计划中非法获利近1700万美元。当年，Hwang代表Tiger Asia承认了一项电信欺诈罪。Tiger Asia被判处一年缓刑，并被勒令没收超过1600万美元。</blockquote></p><p> In the wake of the insider trading scandal, Goldman Sachs (GS) stopped doing business with Hwang for a period of time, a person familiar with the matter told CNN Business. However, Goldman Sachs later resumed a relationship with Hwang, serving as one of his firm's lenders.</p><p><blockquote>一位知情人士告诉CNN Business，内幕交易丑闻发生后，高盛(GS)在一段时间内停止了与Hwang的业务往来。然而，高盛后来恢复了与黄的关系，成为其公司的贷款人之一。</blockquote></p><p> <b>Repeat of Long-Term Capital Management?</b></p><p><blockquote><b>长期资本管理的重演？</b></blockquote></p><p> The blow-up of Archegos Capital brings back bad memories of Long-Term Capital Management. That massive hedge fund's collapse in 1998 threatened the financial system, forcing the federal government to intervene.</p><p><blockquote>Archegos Capital的爆仓勾起了人们对长期资本管理的糟糕回忆。1998年这家大型对冲基金的倒闭威胁到了金融体系，迫使联邦政府进行干预。</blockquote></p><p> \"This is likely not Long-Term Capital,\" Hogan said, citing reforms that mean banks hold less risk than before the 2008 crisis. \"I don't think this is the tip of the iceberg.\"</p><p><blockquote>霍根表示：“这可能不是长期资本。”他引用的改革意味着银行的风险低于2008年危机之前。“我不认为这只是冰山一角。”</blockquote></p><p> Saluzzi, the Themis Trading executive, is not sure yet, pointing to how markets initially shrugged off the collapse of Bear Stearns hedge funds in the summer of 2007.</p><p><blockquote>Themis交易主管Saluzzi还不确定，他指出市场最初是如何对2007年夏天贝尔斯登对冲基金的崩溃不屑一顾的。</blockquote></p><p> \"We don't know how far the tentacles go,\" Saluzzi said. \"Early in the Bear Stearns crisis, the market was fine — until it wasn't.\"</p><p><blockquote>“我们不知道触手能走多远，”萨卢齐说。“在贝尔斯登危机初期，市场表现良好——直到情况并非如此。”</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>A little-known hedge fund caused widespread chaos on Wall Street<blockquote>一家名不见经传的对冲基金在华尔街引发了广泛的混乱</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nA little-known hedge fund caused widespread chaos on Wall Street<blockquote>一家名不见经传的对冲基金在华尔街引发了广泛的混乱</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">cnn</strong><span class=\"h-time small\">2021-03-30 16:09</span>\n</p>\n</h4>\n</header>\n<article>\n<p>New York (CNN Business)The names of the key players are different, but the lessons similar. The spectacular implosion of hedge fund Archegos Capital Management, much like the GameStop saga earlier this year, serves as a reminder of the dangers posed by extreme leverage, secret derivatives and rock-bottom interest rates.</p><p><blockquote>纽约（CNN Business）关键人物的名字不同，但教训相似。对冲基金Archegos Capital Management的惊人内爆，就像今年早些时候的游戏驿站传奇一样，提醒人们极端杠杆、秘密衍生品和最低利率所带来的危险。</blockquote></p><p> ViacomCBS (VIACA), Discovery (DISCA) and other media titans' stocks crashed Friday as Wall Street banks that lent to Archegos forced the firm to unwind its bets. The epic firesale wiped out more than half of Viacom's value last week alone.</p><p><blockquote>维亚康姆哥伦比亚广播公司(VIACA)、Discovery(DISCA)和其他媒体巨头的股价周五暴跌，因为向Archegos提供贷款的华尔街银行迫使该公司解除押注。仅上周，这场史诗般的大甩卖就让维亚康姆的市值蒸发了一半以上。</blockquote></p><p> Major banks face billions of dollars in losses from their exposure to Archegos. Both Credit Suisse (CS) and Nomura tumbled Monday after warning of significant hits to their earnings.</p><p><blockquote>各大银行因Archegos敞口而面临数十亿美元的损失。瑞士信贷(CS)和野村证券在警告其盈利将受到重大打击后，周一双双暴跌。</blockquote></p><p> The most startling part about the tale of Archegos is that it is a firm that few people had ever heard of before this weekend. And yet in this era of easy money, Archegos was able to borrow so much that its failure created shockwaves large enough to ripple across Wall Street — and impact everyday Americans' retirement accounts.</p><p><blockquote>Archegos的故事最令人震惊的部分是，这是一家在本周末之前很少有人听说过的公司。然而，在这个资金宽松的时代，Archegos能够借到如此多的钱，以至于它的失败引起了足够大的冲击波，波及整个华尔街，并影响到普通美国人的退休账户。</blockquote></p><p> \"It's a wake-up call. With leverage, comes risk,\" said Art Hogan, chief market strategist at National Securities Corporation. \"This is the second time we've learned a lesson this year about leverage.\"</p><p><blockquote>National Securities Corporation首席市场策略师Art Hogan表示：“这是一个令人警醒的看涨期权。杠杆带来了风险。”“这是我们今年第二次吸取有关杠杆的教训。”</blockquote></p><p> In January, another hedge fund, Melvin Capital Management, nearly collapsed after its massive bets against GameStop (GME) were blown up by an army of traders on Reddit. Investors were surprised to learn about the sheer size of the short positions anticipating the video game retailer's stock price would fall.</p><p><blockquote>今年1月，另一家对冲基金Melvin Capital Management在Reddit上对游戏驿站(GME)的大量押注被大批交易员炸毁后，几乎崩溃。投资者惊讶地发现，预计这家视频游戏零售商股价将下跌的空头头寸规模如此之大。</blockquote></p><p> When GameStop shares instead went to the moon, Melvin Capital suffered staggering losses and was forced to reach a $2.8 billion bailout with larger rivals.</p><p><blockquote>当游戏驿站股价上涨时，Melvin Capital遭受了惊人的损失，并被迫与规模更大的竞争对手达成28亿美元的救助协议。</blockquote></p><p> \"We saw it on the short side when GameStop blew up. Now we are seeing it on the long side,\" Hogan said.</p><p><blockquote>“当游戏驿站爆炸时，我们在空头方面看到了这一点。现在我们在多头方面看到了这一点，”霍根说。</blockquote></p><p> <b>Opaque financial instruments</b></p><p><blockquote><b>不透明金融工具</b></blockquote></p><p> Archegos Capital was using borrowed money — apparently a ton of it — to make outsized bets that propped up media stocks. This type excessive leverage is made possible by extremely low interest rates from the Federal Reserve.</p><p><blockquote>Archegos Capital正在利用借来的钱——显然是大量借来的钱——进行巨额押注，支撑媒体股。美联储极低的利率使这种过度杠杆成为可能。</blockquote></p><p> The full scale of these bets wasn't clear until now.</p><p><blockquote>这些赌注的全部规模直到现在还不清楚。</blockquote></p><p> Perhaps in an effort to avoid making public disclosure filings, Archegos reportedly used derivatives known as total return swaps to mask some of its large investment positions. Investors using these swaps receive the total return of a stock from a dealer and those returns are typically amplified by leverage.</p><p><blockquote>据报道，也许是为了避免公开披露文件，Archegos使用了被称为总回报掉期的衍生品来掩盖其一些大型投资头寸。使用这些掉期的投资者从交易商那里获得股票的总回报，这些回报通常会通过杠杆放大。</blockquote></p><p> Archegos could not be reached for comment on Monday.</p><p><blockquote>周一无法联系到Archegos置评。</blockquote></p><p> Typically, investors who own more than 5% of a stock are required to report that stake with the SEC. These filings do not appear to have been made this time.</p><p><blockquote>通常，持有股票5%以上的投资者需要向SEC报告该股份。这次似乎没有提交这些文件。</blockquote></p><p> \"Anytime a derivative is involved, you don't really know how deep the tentacles go,\" said Joe Saluzzi, co-head of trading at Themis Trading.</p><p><blockquote>Themis Trading交易联席主管Joe Saluzzi表示：“每当涉及衍生品时，你都不知道触角有多深。”</blockquote></p><p> <b>The share sale that broke the camel's back</b></p><p><blockquote><b>压垮骆驼的股票出售</b></blockquote></p><p> This complex strategy backfired last week.</p><p><blockquote>这一复杂策略上周适得其反。</blockquote></p><p> Seeking to capitalize on its skyrocketing stock price, ViacomCBS announced plans for a $3 billion share sale. Up until that point, ViacomCBS shares had nearly tripled on the year. But the share sale appeared to be too much for the market to handle and the media boom morphed into a rout.</p><p><blockquote>为了利用其飙升的股价，维亚康姆哥伦比亚广播公司宣布了30亿美元的股票出售计划。在此之前，维亚康姆哥伦比亚广播公司的股价同比上涨了近两倍。但股票出售似乎让市场难以承受，媒体繁荣演变成了溃败。</blockquote></p><p> Archegos faced margin calls from its Wall Street lenders. A margin call by a broker requires a client to add funds to its account if the value of an asset drops below a specified level. If the client can't pay up — and in this case Archegos apparently couldn't — the broker can step in and dump the shares on the client's behalf.</p><p><blockquote>Archegos面临来自华尔街银行的保证金评级。如果资产价值低于指定水平，经纪商的保证金看涨期权要求客户向其账户添加资金。如果客户无法支付——在这种情况下，Archegos显然无法支付——经纪人可以介入并代表客户抛售股票。</blockquote></p><p> Goldman Sachs, one of Archegos' lenders, seized collateral and sold shares on Friday, a person familiar with the matter told CNN Business. This so-called forced liquidation set off a bloodbath Friday that drove down shares of ViacomCBS and Discovery more than 25% apiece.</p><p><blockquote>一位知情人士告诉CNN Business，Archegos的贷款人之一高盛周五扣押了抵押品并出售了股票。这场所谓的强制清算周五引发了一场大屠杀，导致维亚康姆哥伦比亚广播公司和探索频道的股价分别下跌了25%以上。</blockquote></p><p> Credit Suisse said that the default by a \"significant US-based hedge fund\" would cause a major hit to its earnings. A person familiar with the matter told CNN Business that Archegos was the firm causing the losses for Credit Suisse.</p><p><blockquote>瑞士信贷表示，“一家大型美国对冲基金”的违约将对其盈利造成重大打击。一位知情人士告诉CNN Business，Archegos是给瑞士信贷造成损失的公司。</blockquote></p><p> Nomura said its losses could be as much as $2 billion from \"transactions with a US client.\"</p><p><blockquote>野村证券表示，“与美国客户的交易”造成的损失可能高达20亿美元。</blockquote></p><p> <b>Founder of hedge fund involved in insider trading scandal</b></p><p><blockquote><b>对冲基金创始人卷入内幕交易丑闻</b></blockquote></p><p> The episode demonstrates the intricate web linking firms across Wall Street — and the risks to the banks providing large amounts of leverage.</p><p><blockquote>这一事件展示了连接华尔街公司的错综复杂的网络，以及提供大量杠杆的银行面临的风险。</blockquote></p><p> \"Systemic risk from secret and interconnected leverage, trading and derivatives in astronomical undisclosed amounts continue to permeate the shadow banking system,\" Better Markets CEO Dennis Kelleher said in a statement.</p><p><blockquote>Better Markets首席执行官丹尼斯·凯莱赫(Dennis Kelleher)在一份声明中表示：“秘密且相互关联的杠杆、交易和衍生品带来的系统性风险继续渗透到影子银行系统中，金额高达未披露的天文数字。”</blockquote></p><p> Hogan said investors must remember the inherent risks involved in the business lines of banks.</p><p><blockquote>霍根表示，投资者必须记住银行业务线所涉及的固有风险。</blockquote></p><p> \"They watch the creditworthiness of clients, but it's now always perfect,\" he said.</p><p><blockquote>“他们关注客户的信誉，但现在总是完美的，”他说。</blockquote></p><p></p><p> The creditworthiness of Archegos is a central question here. Bill Hwang, the firm's founder and a protégé of hedge fund pioneer Julian Robertson, was previously enmeshed in an insider trading scandal at Tiger Asia Management, a hedge fund he founded.</p><p><blockquote>Archegos的信誉是这里的一个核心问题。该公司创始人、对冲基金先驱朱利安·罗伯逊(Julian Robertson)的门生比尔·黄(Bill Hwang)此前曾卷入他创立的对冲基金老虎亚洲管理公司(Tiger Asia Management)的内幕交易丑闻。</blockquote></p><p> In 2012, the SEC alleged Tiger Asia made nearly $17 million in illegal profits in a scheme involving Chinese bank stocks. Hwang pleaded guilty that year on behalf of Tiger Asia to one count of wire fraud. Tiger Asia was sentenced to one year of probation and ordered to forfeit more than $16 million.</p><p><blockquote>2012年，美国证券交易委员会指控老虎亚洲在一项涉及中国银行股的计划中非法获利近1700万美元。当年，Hwang代表Tiger Asia承认了一项电信欺诈罪。Tiger Asia被判处一年缓刑，并被勒令没收超过1600万美元。</blockquote></p><p> In the wake of the insider trading scandal, Goldman Sachs (GS) stopped doing business with Hwang for a period of time, a person familiar with the matter told CNN Business. However, Goldman Sachs later resumed a relationship with Hwang, serving as one of his firm's lenders.</p><p><blockquote>一位知情人士告诉CNN Business，内幕交易丑闻发生后，高盛(GS)在一段时间内停止了与Hwang的业务往来。然而，高盛后来恢复了与黄的关系，成为其公司的贷款人之一。</blockquote></p><p> <b>Repeat of Long-Term Capital Management?</b></p><p><blockquote><b>长期资本管理的重演？</b></blockquote></p><p> The blow-up of Archegos Capital brings back bad memories of Long-Term Capital Management. That massive hedge fund's collapse in 1998 threatened the financial system, forcing the federal government to intervene.</p><p><blockquote>Archegos Capital的爆仓勾起了人们对长期资本管理的糟糕回忆。1998年这家大型对冲基金的倒闭威胁到了金融体系，迫使联邦政府进行干预。</blockquote></p><p> \"This is likely not Long-Term Capital,\" Hogan said, citing reforms that mean banks hold less risk than before the 2008 crisis. \"I don't think this is the tip of the iceberg.\"</p><p><blockquote>霍根表示：“这可能不是长期资本。”他引用的改革意味着银行的风险低于2008年危机之前。“我不认为这只是冰山一角。”</blockquote></p><p> Saluzzi, the Themis Trading executive, is not sure yet, pointing to how markets initially shrugged off the collapse of Bear Stearns hedge funds in the summer of 2007.</p><p><blockquote>Themis交易主管Saluzzi还不确定，他指出市场最初是如何对2007年夏天贝尔斯登对冲基金的崩溃不屑一顾的。</blockquote></p><p> \"We don't know how far the tentacles go,\" Saluzzi said. \"Early in the Bear Stearns crisis, the market was fine — until it wasn't.\"</p><p><blockquote>“我们不知道触手能走多远，”萨卢齐说。“在贝尔斯登危机初期，市场表现良好——直到情况并非如此。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://edition.cnn.com/2021/03/29/investing/wall-street-hedge-fund-archegos/index.html\">cnn</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/31992235e2d733c9c23402f8622ffd51","relate_stocks":{},"source_url":"https://edition.cnn.com/2021/03/29/investing/wall-street-hedge-fund-archegos/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154060329","content_text":"New York (CNN Business)The names of the key players are different, but the lessons similar. The spectacular implosion of hedge fund Archegos Capital Management, much like the GameStop saga earlier this year, serves as a reminder of the dangers posed by extreme leverage, secret derivatives and rock-bottom interest rates.\nViacomCBS (VIACA), Discovery (DISCA) and other media titans' stocks crashed Friday as Wall Street banks that lent to Archegos forced the firm to unwind its bets. The epic firesale wiped out more than half of Viacom's value last week alone.\nMajor banks face billions of dollars in losses from their exposure to Archegos. Both Credit Suisse (CS) and Nomura tumbled Monday after warning of significant hits to their earnings.\nThe most startling part about the tale of Archegos is that it is a firm that few people had ever heard of before this weekend. And yet in this era of easy money, Archegos was able to borrow so much that its failure created shockwaves large enough to ripple across Wall Street — and impact everyday Americans' retirement accounts.\n\"It's a wake-up call. With leverage, comes risk,\" said Art Hogan, chief market strategist at National Securities Corporation. \"This is the second time we've learned a lesson this year about leverage.\"\nIn January, another hedge fund, Melvin Capital Management, nearly collapsed after its massive bets against GameStop (GME) were blown up by an army of traders on Reddit. Investors were surprised to learn about the sheer size of the short positions anticipating the video game retailer's stock price would fall.\nWhen GameStop shares instead went to the moon, Melvin Capital suffered staggering losses and was forced to reach a $2.8 billion bailout with larger rivals.\n\"We saw it on the short side when GameStop blew up. Now we are seeing it on the long side,\" Hogan said.\nOpaque financial instruments\nArchegos Capital was using borrowed money — apparently a ton of it — to make outsized bets that propped up media stocks. This type excessive leverage is made possible by extremely low interest rates from the Federal Reserve.\nThe full scale of these bets wasn't clear until now.\nPerhaps in an effort to avoid making public disclosure filings, Archegos reportedly used derivatives known as total return swaps to mask some of its large investment positions. Investors using these swaps receive the total return of a stock from a dealer and those returns are typically amplified by leverage.\nArchegos could not be reached for comment on Monday.\nTypically, investors who own more than 5% of a stock are required to report that stake with the SEC. These filings do not appear to have been made this time.\n\"Anytime a derivative is involved, you don't really know how deep the tentacles go,\" said Joe Saluzzi, co-head of trading at Themis Trading.\nThe share sale that broke the camel's back\nThis complex strategy backfired last week.\nSeeking to capitalize on its skyrocketing stock price, ViacomCBS announced plans for a $3 billion share sale. Up until that point, ViacomCBS shares had nearly tripled on the year. But the share sale appeared to be too much for the market to handle and the media boom morphed into a rout.\nArchegos faced margin calls from its Wall Street lenders. A margin call by a broker requires a client to add funds to its account if the value of an asset drops below a specified level. If the client can't pay up — and in this case Archegos apparently couldn't — the broker can step in and dump the shares on the client's behalf.\nGoldman Sachs, one of Archegos' lenders, seized collateral and sold shares on Friday, a person familiar with the matter told CNN Business. This so-called forced liquidation set off a bloodbath Friday that drove down shares of ViacomCBS and Discovery more than 25% apiece.\nCredit Suisse said that the default by a \"significant US-based hedge fund\" would cause a major hit to its earnings. A person familiar with the matter told CNN Business that Archegos was the firm causing the losses for Credit Suisse.\nNomura said its losses could be as much as $2 billion from \"transactions with a US client.\"\nFounder of hedge fund involved in insider trading scandal\nThe episode demonstrates the intricate web linking firms across Wall Street — and the risks to the banks providing large amounts of leverage.\n\"Systemic risk from secret and interconnected leverage, trading and derivatives in astronomical undisclosed amounts continue to permeate the shadow banking system,\" Better Markets CEO Dennis Kelleher said in a statement.\nHogan said investors must remember the inherent risks involved in the business lines of banks.\n\"They watch the creditworthiness of clients, but it's now always perfect,\" he said.\nThe creditworthiness of Archegos is a central question here. Bill Hwang, the firm's founder and a protégé of hedge fund pioneer Julian Robertson, was previously enmeshed in an insider trading scandal at Tiger Asia Management, a hedge fund he founded.\nIn 2012, the SEC alleged Tiger Asia made nearly $17 million in illegal profits in a scheme involving Chinese bank stocks. Hwang pleaded guilty that year on behalf of Tiger Asia to one count of wire fraud. Tiger Asia was sentenced to one year of probation and ordered to forfeit more than $16 million.\nIn the wake of the insider trading scandal, Goldman Sachs (GS) stopped doing business with Hwang for a period of time, a person familiar with the matter told CNN Business. However, Goldman Sachs later resumed a relationship with Hwang, serving as one of his firm's lenders.\nRepeat of Long-Term Capital Management?\nThe blow-up of Archegos Capital brings back bad memories of Long-Term Capital Management. That massive hedge fund's collapse in 1998 threatened the financial system, forcing the federal government to intervene.\n\"This is likely not Long-Term Capital,\" Hogan said, citing reforms that mean banks hold less risk than before the 2008 crisis. \"I don't think this is the tip of the iceberg.\"\nSaluzzi, the Themis Trading executive, is not sure yet, pointing to how markets initially shrugged off the collapse of Bear Stearns hedge funds in the summer of 2007.\n\"We don't know how far the tentacles go,\" Saluzzi said. \"Early in the Bear Stearns crisis, the market was fine — until it wasn't.\"","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":295,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":353302855,"gmtCreate":1616459253477,"gmtModify":1634525738724,"author":{"id":"3574834957835877","authorId":"3574834957835877","name":"Jeph","avatar":"https://static.tigerbbs.com/6d84ddcaae60f793877f3447bc18beda","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574834957835877","authorIdStr":"3574834957835877"},"themes":[],"htmlText":"MSFT is undervalued&nbsp;","listText":"MSFT is undervalued&nbsp;","text":"MSFT is undervalued","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/353302855","isVote":1,"tweetType":1,"viewCount":275,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":344184760,"gmtCreate":1618388274250,"gmtModify":1634293306161,"author":{"id":"3574834957835877","authorId":"3574834957835877","name":"Jeph","avatar":"https://static.tigerbbs.com/6d84ddcaae60f793877f3447bc18beda","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574834957835877","authorIdStr":"3574834957835877"},"themes":[],"htmlText":"Leggo","listText":"Leggo","text":"Leggo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/344184760","repostId":"1120508319","repostType":4,"repost":{"id":"1120508319","kind":"news","pubTimestamp":1618387670,"share":"https://www.laohu8.com/m/news/1120508319?lang=zh_CN&edition=full","pubTime":"2021-04-14 16:07","market":"us","language":"en","title":"Apple Stock Could Rise From Strength In This Key Segment<blockquote>苹果股价可能会因这一关键领域的强势而上涨</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1120508319","media":"TheStreet","summary":"Industry-wide growth of over 30% in first quarter shipments, pricing power and market share gain. Th","content":"<p>Industry-wide growth of over 30% in first quarter shipments, pricing power and market share gain. This key product segment could impress investors in the earnings season and boost Apple stock.</p><p><blockquote>第一季度全行业出货量、定价权和市场份额增长超过30%。这一关键产品领域可能会在财报季给投资者留下深刻印象，并提振苹果股价。</blockquote></p><p> Third-party research data on calendar first quarter personal computing sales has started to pour in. Depending on who is asked,IDCorGartner, PC shipments have increased by an impressive 32% to 55% in the March period.</p><p><blockquote>关于第一季度个人电脑销售的第三方研究数据已经开始涌入。IDCorGartner表示，3月份PC出货量增长了32%至55%，令人印象深刻。</blockquote></p><p> Apple stock could benefit from what I believe will likely be outstanding Mac segment revenue growth that might reach 50% in fiscal second quarter, if not more.</p><p><blockquote>我认为，苹果股票可能会受益于Mac部门出色的收入增长，第二财季收入可能会达到50%，甚至更多。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8b822ed28699ac4889f20c09ed050e12\" tg-width=\"1208\" tg-height=\"598\"><span>Figure 1: MacBook Pro 13\"</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1：MacBook Pro 13英寸</span></p></blockquote></p><p> <b>Industry-wide themes in PC</b></p><p><blockquote><b>PC行业主题</b></blockquote></p><p> At the personal computer industry level, the first three months of 2021 have benefitted primarily from dismal sales in the comparable 2020 quarter. Keep in mind that January through March of last year marked the initial stages of the COVID-19 crisis, and PC sales fell off a cliff at first.</p><p><blockquote>在个人电脑行业层面，2021年前三个月主要受益于2020年可比季度的惨淡销售。请记住，去年1月至3月标志着COVID-19危机的初始阶段，个人电脑销量起初断崖式下跌。</blockquote></p><p> It is against a lowered bar that first quarter 2021 PC shipments have likely dazzled. To be fair, however, easy comps do not fully explain why recent sales have impressed. IDC’s research manager elaborates:</p><p><blockquote>2021年第一季度的个人电脑出货量可能令人眼花缭乱，这是在较低的门槛下进行的。然而，公平地说，简单的比较并不能完全解释为什么最近的销售令人印象深刻。IDC的研究经理阐述：</blockquote></p><p>   “Unfulfilled demand from the past year has carried forward into the first quarter and additional demand brought on by the pandemic has also continued to drive volume. [In addition, although not reflected in unit shipment numbers], the market continues to struggle with setbacks including component shortages and logistics issues, each of which has contributed to an increase in average selling prices.”  From the preliminary data provided by the research companies, here is what else we know about computer sales in Q1:</p><p><blockquote>“去年未满足的需求已延续到第一季度，大流行带来的额外需求也继续推动销量。[此外，尽管没有反映在单位出货量中]，但市场继续面临挫折包括零部件短缺和物流问题，这些问题都导致了平均售价的上涨。”根据研究公司提供的初步数据，以下是我们对第一季度计算机销售的其他了解：</blockquote></p><p> <ul>  <li>Lenovo continues to lead the industry, with 24% to 25% of market share, followed closely by Windows-based peers HP and Dell;</li>  <li>Despite holding the number 3 position in the market, Dell may have been the relative loser in first quarter device shipments;</li>  <li>Apple remains a distant fourth-place player in the PC arena, although its market share seems to have increased by at least one percentage point to 8%.</li> </ul> <b>How Apple stock could benefit</b></p><p><blockquote><ul><li>联想继续领跑行业，拥有24%至25%的市场份额，紧随其后的是基于Windows的同行惠普和戴尔；</li><li>尽管戴尔在市场上排名第三，但在第一季度的设备出货量中，它可能是相对输家；</li><li>苹果在PC领域仍然是一个遥远的第四名玩家，尽管它的市场份额似乎至少增加了一个百分点，达到8%。</li></ul><b>苹果股票如何受益</b></blockquote></p><p> The Mac accounted for only 10% of Apple’s fiscal 2020 total revenues, and an even lower 8% during the more normalized 2019 period. Therefore, it is fair to say that PC sales probably do not carry as much weight in determining Apple stock price as does the iPhone, for example.</p><p><blockquote>Mac仅占苹果2020财年总收入的10%，在更加正常化的2019年期间，这一比例甚至更低，为8%。因此，公平地说，个人电脑销量在决定苹果股价方面的影响力可能不如iPhone那么大。</blockquote></p><p> However, the Mac may have performed extraordinarily well this time. In revenue growth terms, I believe that fiscal second period will likely be the best quarter for the segment in the past decade, at the very least. See graph below.</p><p><blockquote>然而，Mac这次可能表现得异常出色。就收入增长而言，我相信第二财季至少可能是该细分市场过去十年来最好的季度。见下图。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6ccacd426c33df7f30fe998d6e8fc224\" tg-width=\"880\" tg-height=\"492\"><span>Figure 2: Mac revenue growth since fiscal 2019.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图2：2019财年以来Mac收入增长情况。</span></p></blockquote></p><p> Should Mac growth reach my projection above, for example, I estimate that the segment alone could be responsible for about 6 percentage points of top-line increase to the entire company’s sales. This is the type of performance that might catch investors’ attention, and maybe nudge Apple shares higher.</p><p><blockquote>例如，如果Mac的增长达到我上面的预测，我估计仅该细分市场就可以为整个公司的销售额带来约6个百分点的营收增长。这种业绩可能会引起投资者的注意，并可能推动苹果股价走高。</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>Apple Stock Could Rise From Strength In This Key Segment<blockquote>苹果股价可能会因这一关键领域的强势而上涨</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple Stock Could Rise From Strength In This Key Segment<blockquote>苹果股价可能会因这一关键领域的强势而上涨</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">TheStreet</strong><span class=\"h-time small\">2021-04-14 16:07</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Industry-wide growth of over 30% in first quarter shipments, pricing power and market share gain. This key product segment could impress investors in the earnings season and boost Apple stock.</p><p><blockquote>第一季度全行业出货量、定价权和市场份额增长超过30%。这一关键产品领域可能会在财报季给投资者留下深刻印象，并提振苹果股价。</blockquote></p><p> Third-party research data on calendar first quarter personal computing sales has started to pour in. Depending on who is asked,IDCorGartner, PC shipments have increased by an impressive 32% to 55% in the March period.</p><p><blockquote>关于第一季度个人电脑销售的第三方研究数据已经开始涌入。IDCorGartner表示，3月份PC出货量增长了32%至55%，令人印象深刻。</blockquote></p><p> Apple stock could benefit from what I believe will likely be outstanding Mac segment revenue growth that might reach 50% in fiscal second quarter, if not more.</p><p><blockquote>我认为，苹果股票可能会受益于Mac部门出色的收入增长，第二财季收入可能会达到50%，甚至更多。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8b822ed28699ac4889f20c09ed050e12\" tg-width=\"1208\" tg-height=\"598\"><span>Figure 1: MacBook Pro 13\"</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1：MacBook Pro 13英寸</span></p></blockquote></p><p> <b>Industry-wide themes in PC</b></p><p><blockquote><b>PC行业主题</b></blockquote></p><p> At the personal computer industry level, the first three months of 2021 have benefitted primarily from dismal sales in the comparable 2020 quarter. Keep in mind that January through March of last year marked the initial stages of the COVID-19 crisis, and PC sales fell off a cliff at first.</p><p><blockquote>在个人电脑行业层面，2021年前三个月主要受益于2020年可比季度的惨淡销售。请记住，去年1月至3月标志着COVID-19危机的初始阶段，个人电脑销量起初断崖式下跌。</blockquote></p><p> It is against a lowered bar that first quarter 2021 PC shipments have likely dazzled. To be fair, however, easy comps do not fully explain why recent sales have impressed. IDC’s research manager elaborates:</p><p><blockquote>2021年第一季度的个人电脑出货量可能令人眼花缭乱，这是在较低的门槛下进行的。然而，公平地说，简单的比较并不能完全解释为什么最近的销售令人印象深刻。IDC的研究经理阐述：</blockquote></p><p>   “Unfulfilled demand from the past year has carried forward into the first quarter and additional demand brought on by the pandemic has also continued to drive volume. [In addition, although not reflected in unit shipment numbers], the market continues to struggle with setbacks including component shortages and logistics issues, each of which has contributed to an increase in average selling prices.”  From the preliminary data provided by the research companies, here is what else we know about computer sales in Q1:</p><p><blockquote>“去年未满足的需求已延续到第一季度，大流行带来的额外需求也继续推动销量。[此外，尽管没有反映在单位出货量中]，但市场继续面临挫折包括零部件短缺和物流问题，这些问题都导致了平均售价的上涨。”根据研究公司提供的初步数据，以下是我们对第一季度计算机销售的其他了解：</blockquote></p><p> <ul>  <li>Lenovo continues to lead the industry, with 24% to 25% of market share, followed closely by Windows-based peers HP and Dell;</li>  <li>Despite holding the number 3 position in the market, Dell may have been the relative loser in first quarter device shipments;</li>  <li>Apple remains a distant fourth-place player in the PC arena, although its market share seems to have increased by at least one percentage point to 8%.</li> </ul> <b>How Apple stock could benefit</b></p><p><blockquote><ul><li>联想继续领跑行业，拥有24%至25%的市场份额，紧随其后的是基于Windows的同行惠普和戴尔；</li><li>尽管戴尔在市场上排名第三，但在第一季度的设备出货量中，它可能是相对输家；</li><li>苹果在PC领域仍然是一个遥远的第四名玩家，尽管它的市场份额似乎至少增加了一个百分点，达到8%。</li></ul><b>苹果股票如何受益</b></blockquote></p><p> The Mac accounted for only 10% of Apple’s fiscal 2020 total revenues, and an even lower 8% during the more normalized 2019 period. Therefore, it is fair to say that PC sales probably do not carry as much weight in determining Apple stock price as does the iPhone, for example.</p><p><blockquote>Mac仅占苹果2020财年总收入的10%，在更加正常化的2019年期间，这一比例甚至更低，为8%。因此，公平地说，个人电脑销量在决定苹果股价方面的影响力可能不如iPhone那么大。</blockquote></p><p> However, the Mac may have performed extraordinarily well this time. In revenue growth terms, I believe that fiscal second period will likely be the best quarter for the segment in the past decade, at the very least. See graph below.</p><p><blockquote>然而，Mac这次可能表现得异常出色。就收入增长而言，我相信第二财季至少可能是该细分市场过去十年来最好的季度。见下图。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6ccacd426c33df7f30fe998d6e8fc224\" tg-width=\"880\" tg-height=\"492\"><span>Figure 2: Mac revenue growth since fiscal 2019.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图2：2019财年以来Mac收入增长情况。</span></p></blockquote></p><p> Should Mac growth reach my projection above, for example, I estimate that the segment alone could be responsible for about 6 percentage points of top-line increase to the entire company’s sales. This is the type of performance that might catch investors’ attention, and maybe nudge Apple shares higher.</p><p><blockquote>例如，如果Mac的增长达到我上面的预测，我估计仅该细分市场就可以为整个公司的销售额带来约6个百分点的营收增长。这种业绩可能会引起投资者的注意，并可能推动苹果股价走高。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/apple/other-products/apple-stock-could-rise-from-strength-in-this-key-segment\">TheStreet</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":{"AAPL":"苹果"},"source_url":"https://www.thestreet.com/apple/other-products/apple-stock-could-rise-from-strength-in-this-key-segment","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1120508319","content_text":"Industry-wide growth of over 30% in first quarter shipments, pricing power and market share gain. This key product segment could impress investors in the earnings season and boost Apple stock.\nThird-party research data on calendar first quarter personal computing sales has started to pour in. Depending on who is asked,IDCorGartner, PC shipments have increased by an impressive 32% to 55% in the March period.\nApple stock could benefit from what I believe will likely be outstanding Mac segment revenue growth that might reach 50% in fiscal second quarter, if not more.\nFigure 1: MacBook Pro 13\"\nIndustry-wide themes in PC\nAt the personal computer industry level, the first three months of 2021 have benefitted primarily from dismal sales in the comparable 2020 quarter. Keep in mind that January through March of last year marked the initial stages of the COVID-19 crisis, and PC sales fell off a cliff at first.\nIt is against a lowered bar that first quarter 2021 PC shipments have likely dazzled. To be fair, however, easy comps do not fully explain why recent sales have impressed. IDC’s research manager elaborates:\n\n “Unfulfilled demand from the past year has carried forward into the first quarter and additional demand brought on by the pandemic has also continued to drive volume. [In addition, although not reflected in unit shipment numbers], the market continues to struggle with setbacks including component shortages and logistics issues, each of which has contributed to an increase in average selling prices.”\n\nFrom the preliminary data provided by the research companies, here is what else we know about computer sales in Q1:\n\nLenovo continues to lead the industry, with 24% to 25% of market share, followed closely by Windows-based peers HP and Dell;\nDespite holding the number 3 position in the market, Dell may have been the relative loser in first quarter device shipments;\nApple remains a distant fourth-place player in the PC arena, although its market share seems to have increased by at least one percentage point to 8%.\n\nHow Apple stock could benefit\nThe Mac accounted for only 10% of Apple’s fiscal 2020 total revenues, and an even lower 8% during the more normalized 2019 period. Therefore, it is fair to say that PC sales probably do not carry as much weight in determining Apple stock price as does the iPhone, for example.\nHowever, the Mac may have performed extraordinarily well this time. In revenue growth terms, I believe that fiscal second period will likely be the best quarter for the segment in the past decade, at the very least. See graph below.\nFigure 2: Mac revenue growth since fiscal 2019.\nShould Mac growth reach my projection above, for example, I estimate that the segment alone could be responsible for about 6 percentage points of top-line increase to the entire company’s sales. This is the type of performance that might catch investors’ attention, and maybe nudge Apple shares higher.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":1633,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":354647881,"gmtCreate":1617172115643,"gmtModify":1634522270128,"author":{"id":"3574834957835877","authorId":"3574834957835877","name":"Jeph","avatar":"https://static.tigerbbs.com/6d84ddcaae60f793877f3447bc18beda","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574834957835877","authorIdStr":"3574834957835877"},"themes":[],"htmlText":"About time","listText":"About time","text":"About time","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/354647881","repostId":"1163996400","repostType":4,"isVote":1,"tweetType":1,"viewCount":701,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":352451990,"gmtCreate":1616996858610,"gmtModify":1634523227631,"author":{"id":"3574834957835877","authorId":"3574834957835877","name":"Jeph","avatar":"https://static.tigerbbs.com/6d84ddcaae60f793877f3447bc18beda","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574834957835877","authorIdStr":"3574834957835877"},"themes":[],"htmlText":"Oh","listText":"Oh","text":"Oh","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/352451990","repostId":"1179737264","repostType":4,"repost":{"id":"1179737264","kind":"news","pubTimestamp":1616996700,"share":"https://www.laohu8.com/m/news/1179737264?lang=zh_CN&edition=full","pubTime":"2021-03-29 13:45","market":"sh","language":"en","title":"Asian stocks rise after Wall Street highs and on vaccine optimism<blockquote>亚洲股市在华尔街高点和疫苗乐观情绪后上涨</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1179737264","media":"MarketWatch","summary":"Asian stocks rose Monday after Wall Street hit a new high and investors were encouraged by governmen","content":"<p>Asian stocks rose Monday after Wall Street hit a new high and investors were encouraged by government stimulus and the rollout of coronavirus vaccines.</p><p><blockquote>亚洲股市周一上涨，此前华尔街创下新高，投资者受到政府刺激措施和冠状病毒疫苗推出的鼓舞。</blockquote></p><p> Shanghai, Tokyo, Hong Kong and Seoul advanced.</p><p><blockquote>上海、东京、香港和首尔上涨。</blockquote></p><p> Wall Street’s advance Friday was led by stocks that would benefit if vaccinations and government spending boost the U.S. economy as much as expected.</p><p><blockquote>如果疫苗接种和政府支出像预期那样提振美国经济，这些股票将受益，周五华尔街的上涨是由股票领涨的。</blockquote></p><p> Vaccines and stimulus have “helped to create an aura of high optimism,” John Bilton of JP Morgan Asset Management said in a report. He said “above-trend global growth” should last into 2022 and regions such as Europe that are at “peak pessimism” due to vaccine delays should accelerate later this year.</p><p><blockquote>摩根大通资产管理公司的约翰·比尔顿在一份报告中表示，疫苗和刺激措施“有助于营造高度乐观的氛围”。他表示，“高于趋势的全球增长”应该会持续到2022年，而欧洲等因疫苗延迟而处于“悲观情绪顶峰”的地区应该会在今年晚些时候加速。</blockquote></p><p> The Shanghai Composite IndexSHCOMProse 0.7% to 3,443.55 and the Nikkei 225NIKin Tokyo advanced 1.1% to 29,484.57. The Hang Seng :HSIin Hong Kong added 0.3% to 28,437.46.</p><p><blockquote>上证综合指数上涨0.7%，至3,443.55点；日经225指数上涨1.1%，至29,484.57点。香港恒生指数上涨0.3%，至28,437.46点。</blockquote></p><p> The Kospi180721in Seoul was up less than 0.1% at 3,043.55 while Sydney’s S&amp;P-ASX 200XJOshed 0.2% to 6,808.20. New Zealand and Southeast Asian markets advanced.</p><p><blockquote>首尔KOSPI180721指数上涨不到0.1%，至3,043.55点，而悉尼S&amp;P-ASX 200XJO指数上涨0.2%，至6,808.20点。新西兰和东南亚市场上涨。</blockquote></p><p> Markets have been swinging between optimism that vaccines might allow business and travel to return to normal and anxiety over setbacks in distribution and concern about possible inflation after massive government stimulus.</p><p><blockquote>市场一直在对疫苗可能让商业和旅行恢复正常的乐观情绪与对分配受挫的焦虑以及对政府大规模刺激后可能出现通胀的担忧之间摇摆不定。</blockquote></p><p> Investors were jolted last week by news Egypt’s Suez Canal, one of the busiest trade routes, was blocked by a cargo ship that became wedged into the waterway.</p><p><blockquote>上周，埃及最繁忙的贸易路线之一苏伊士运河被一艘货船卡入水道堵塞的消息震惊了投资者。</blockquote></p><p> On Wall Street, the S&amp;P 500SPXrose 1.7% on Friday to 3,974.54. A quarter of that gain came in the last five minutes of trading. That produced a weekly gain of 1.7% after a 0.8% decline the previous week.</p><p><blockquote>华尔街方面，标准普尔500SPX指数周五上涨1.7%，至3,974.54点。其中四分之一的涨幅来自交易的最后五分钟。继前一周下跌0.8%后，周涨幅为1.7%。</blockquote></p><p> The Dow Jones Industrial AverageDJIArose 1.4%, to 33,072.88. The Nasdaq CompositeCOMPclimbed 1.2%, to 13,138.72, though it is is 6.8% below last month’s record high.</p><p><blockquote>道琼斯工业平均指数上涨1.4%，至33,072.88点。纳斯达克综合指数上涨1.2%，至13,138.72点，但较上个月的历史高点低6.8%。</blockquote></p><p> U.S. stocks have benefited from President Joe Biden’s proposal for higher spending on infrastructure. Steelmaker Nucor climbed 8.9% and miner Freeport-McMoRan rose 5.9%.</p><p><blockquote>美国股市受益于总统乔·拜登提出的增加基础设施支出的提议。钢铁制造商纽柯钢铁(Nucor)上涨8.9%，矿业公司自由港麦克莫兰(Freeport-McMoRan)上涨5.9%。</blockquote></p><p> In energy markets, benchmark U.S. crudeCL.1lost $1.04 to $59.93 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose $2.41 to $60.97 on Friday. Brent crudeBRN00,the basis for international oil prices, retreated 96 cents to $63.47 per barrel in London. It advanced $2.62 the previous session to $64.57.</p><p><blockquote>能源市场方面，纽约商品交易所电子交易中基准美国原油DEC.1下跌1.04美元，至每桶59.93美元。周五该合约上涨2.41美元至60.97美元。作为国际油价基础的布伦特原油BRN00在伦敦下跌96美分，至每桶63.47美元。较前一交易日上涨2.62美元，至64.57美元。</blockquote></p><p> The dollarUSDJPYdeclined to 109.49 yen from Friday’s 109.69 yen. The euroEURUSDedged down to $1.1787 from the previous session’s $1.1790.</p><p><blockquote>美元兑日元从周五的109.69日元跌至109.49日元。欧元兑美元从前一交易日的1.1790美元跌至1.1787美元。</blockquote></p><p></p>","source":"lsy1616996754749","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>Asian stocks rise after Wall Street highs and on vaccine optimism<blockquote>亚洲股市在华尔街高点和疫苗乐观情绪后上涨</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAsian stocks rise after Wall Street highs and on vaccine optimism<blockquote>亚洲股市在华尔街高点和疫苗乐观情绪后上涨</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-03-29 13:45</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Asian stocks rose Monday after Wall Street hit a new high and investors were encouraged by government stimulus and the rollout of coronavirus vaccines.</p><p><blockquote>亚洲股市周一上涨，此前华尔街创下新高，投资者受到政府刺激措施和冠状病毒疫苗推出的鼓舞。</blockquote></p><p> Shanghai, Tokyo, Hong Kong and Seoul advanced.</p><p><blockquote>上海、东京、香港和首尔上涨。</blockquote></p><p> Wall Street’s advance Friday was led by stocks that would benefit if vaccinations and government spending boost the U.S. economy as much as expected.</p><p><blockquote>如果疫苗接种和政府支出像预期那样提振美国经济，这些股票将受益，周五华尔街的上涨是由股票领涨的。</blockquote></p><p> Vaccines and stimulus have “helped to create an aura of high optimism,” John Bilton of JP Morgan Asset Management said in a report. He said “above-trend global growth” should last into 2022 and regions such as Europe that are at “peak pessimism” due to vaccine delays should accelerate later this year.</p><p><blockquote>摩根大通资产管理公司的约翰·比尔顿在一份报告中表示，疫苗和刺激措施“有助于营造高度乐观的氛围”。他表示，“高于趋势的全球增长”应该会持续到2022年，而欧洲等因疫苗延迟而处于“悲观情绪顶峰”的地区应该会在今年晚些时候加速。</blockquote></p><p> The Shanghai Composite IndexSHCOMProse 0.7% to 3,443.55 and the Nikkei 225NIKin Tokyo advanced 1.1% to 29,484.57. The Hang Seng :HSIin Hong Kong added 0.3% to 28,437.46.</p><p><blockquote>上证综合指数上涨0.7%，至3,443.55点；日经225指数上涨1.1%，至29,484.57点。香港恒生指数上涨0.3%，至28,437.46点。</blockquote></p><p> The Kospi180721in Seoul was up less than 0.1% at 3,043.55 while Sydney’s S&amp;P-ASX 200XJOshed 0.2% to 6,808.20. New Zealand and Southeast Asian markets advanced.</p><p><blockquote>首尔KOSPI180721指数上涨不到0.1%，至3,043.55点，而悉尼S&amp;P-ASX 200XJO指数上涨0.2%，至6,808.20点。新西兰和东南亚市场上涨。</blockquote></p><p> Markets have been swinging between optimism that vaccines might allow business and travel to return to normal and anxiety over setbacks in distribution and concern about possible inflation after massive government stimulus.</p><p><blockquote>市场一直在对疫苗可能让商业和旅行恢复正常的乐观情绪与对分配受挫的焦虑以及对政府大规模刺激后可能出现通胀的担忧之间摇摆不定。</blockquote></p><p> Investors were jolted last week by news Egypt’s Suez Canal, one of the busiest trade routes, was blocked by a cargo ship that became wedged into the waterway.</p><p><blockquote>上周，埃及最繁忙的贸易路线之一苏伊士运河被一艘货船卡入水道堵塞的消息震惊了投资者。</blockquote></p><p> On Wall Street, the S&amp;P 500SPXrose 1.7% on Friday to 3,974.54. A quarter of that gain came in the last five minutes of trading. That produced a weekly gain of 1.7% after a 0.8% decline the previous week.</p><p><blockquote>华尔街方面，标准普尔500SPX指数周五上涨1.7%，至3,974.54点。其中四分之一的涨幅来自交易的最后五分钟。继前一周下跌0.8%后，周涨幅为1.7%。</blockquote></p><p> The Dow Jones Industrial AverageDJIArose 1.4%, to 33,072.88. The Nasdaq CompositeCOMPclimbed 1.2%, to 13,138.72, though it is is 6.8% below last month’s record high.</p><p><blockquote>道琼斯工业平均指数上涨1.4%，至33,072.88点。纳斯达克综合指数上涨1.2%，至13,138.72点，但较上个月的历史高点低6.8%。</blockquote></p><p> U.S. stocks have benefited from President Joe Biden’s proposal for higher spending on infrastructure. Steelmaker Nucor climbed 8.9% and miner Freeport-McMoRan rose 5.9%.</p><p><blockquote>美国股市受益于总统乔·拜登提出的增加基础设施支出的提议。钢铁制造商纽柯钢铁(Nucor)上涨8.9%，矿业公司自由港麦克莫兰(Freeport-McMoRan)上涨5.9%。</blockquote></p><p> In energy markets, benchmark U.S. crudeCL.1lost $1.04 to $59.93 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose $2.41 to $60.97 on Friday. Brent crudeBRN00,the basis for international oil prices, retreated 96 cents to $63.47 per barrel in London. It advanced $2.62 the previous session to $64.57.</p><p><blockquote>能源市场方面，纽约商品交易所电子交易中基准美国原油DEC.1下跌1.04美元，至每桶59.93美元。周五该合约上涨2.41美元至60.97美元。作为国际油价基础的布伦特原油BRN00在伦敦下跌96美分，至每桶63.47美元。较前一交易日上涨2.62美元，至64.57美元。</blockquote></p><p> The dollarUSDJPYdeclined to 109.49 yen from Friday’s 109.69 yen. The euroEURUSDedged down to $1.1787 from the previous session’s $1.1790.</p><p><blockquote>美元兑日元从周五的109.69日元跌至109.49日元。欧元兑美元从前一交易日的1.1790美元跌至1.1787美元。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/discover?url=https%3A%2F%2Fwww.marketwatch.com%2Famp%2Fstory%2Fasian-stocks-rise-after-wall-street-highs-and-on-vaccine-optimism-01616995327&link=sfmw_tw#https://www.marketwatch.com/amp/story/asian-stocks-rise-after-wall-street-highs-and-on-vaccine-optimism-01616995327?mod=dist_amp_social\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f5481d622d7bc535b67b2738f86cc0db","relate_stocks":{},"source_url":"https://www.marketwatch.com/discover?url=https%3A%2F%2Fwww.marketwatch.com%2Famp%2Fstory%2Fasian-stocks-rise-after-wall-street-highs-and-on-vaccine-optimism-01616995327&link=sfmw_tw#https://www.marketwatch.com/amp/story/asian-stocks-rise-after-wall-street-highs-and-on-vaccine-optimism-01616995327?mod=dist_amp_social","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1179737264","content_text":"Asian stocks rose Monday after Wall Street hit a new high and investors were encouraged by government stimulus and the rollout of coronavirus vaccines.\nShanghai, Tokyo, Hong Kong and Seoul advanced.\nWall Street’s advance Friday was led by stocks that would benefit if vaccinations and government spending boost the U.S. economy as much as expected.\nVaccines and stimulus have “helped to create an aura of high optimism,” John Bilton of JP Morgan Asset Management said in a report. He said “above-trend global growth” should last into 2022 and regions such as Europe that are at “peak pessimism” due to vaccine delays should accelerate later this year.\nThe Shanghai Composite IndexSHCOMProse 0.7% to 3,443.55 and the Nikkei 225NIKin Tokyo advanced 1.1% to 29,484.57. The Hang Seng :HSIin Hong Kong added 0.3% to 28,437.46.\nThe Kospi180721in Seoul was up less than 0.1% at 3,043.55 while Sydney’s S&P-ASX 200XJOshed 0.2% to 6,808.20. New Zealand and Southeast Asian markets advanced.\nMarkets have been swinging between optimism that vaccines might allow business and travel to return to normal and anxiety over setbacks in distribution and concern about possible inflation after massive government stimulus.\nInvestors were jolted last week by news Egypt’s Suez Canal, one of the busiest trade routes, was blocked by a cargo ship that became wedged into the waterway.\nOn Wall Street, the S&P 500SPXrose 1.7% on Friday to 3,974.54. A quarter of that gain came in the last five minutes of trading. That produced a weekly gain of 1.7% after a 0.8% decline the previous week.\nThe Dow Jones Industrial AverageDJIArose 1.4%, to 33,072.88. The Nasdaq CompositeCOMPclimbed 1.2%, to 13,138.72, though it is is 6.8% below last month’s record high.\nU.S. stocks have benefited from President Joe Biden’s proposal for higher spending on infrastructure. Steelmaker Nucor climbed 8.9% and miner Freeport-McMoRan rose 5.9%.\nIn energy markets, benchmark U.S. crudeCL.1lost $1.04 to $59.93 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose $2.41 to $60.97 on Friday. Brent crudeBRN00,the basis for international oil prices, retreated 96 cents to $63.47 per barrel in London. It advanced $2.62 the previous session to $64.57.\nThe dollarUSDJPYdeclined to 109.49 yen from Friday’s 109.69 yen. The euroEURUSDedged down to $1.1787 from the previous session’s $1.1790.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":756,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":102880885,"gmtCreate":1620193088747,"gmtModify":1634207066492,"author":{"id":"3574834957835877","authorId":"3574834957835877","name":"Jeph","avatar":"https://static.tigerbbs.com/6d84ddcaae60f793877f3447bc18beda","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574834957835877","authorIdStr":"3574834957835877"},"themes":[],"htmlText":"Oh...","listText":"Oh...","text":"Oh...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/102880885","repostId":"1106669817","repostType":4,"repost":{"id":"1106669817","kind":"news","pubTimestamp":1620186328,"share":"https://www.laohu8.com/m/news/1106669817?lang=zh_CN&edition=full","pubTime":"2021-05-05 11:45","market":"us","language":"en","title":"Why Amazon and Alphabet may need to split their high-priced stocks<blockquote>为什么亚马逊和Alphabet可能需要分割他们的高价股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1106669817","media":"CNN","summary":"New York Amazon and Google owner Alphabet are two of the most valuable companies on the planet. They dominate their industries, generate tons of cash and are obscenely profitable. Yet neither of the companies are in the prestigious Dow Jones Industrial Average — and for a good reason.That's whatAppledid in 2014, and it wasadded to the Dow in early 2015. Applesplit its stock again last year. Elon Musk'sTeslaexecuted its ownstock splitlast year to make its surging stock more accessible to individu","content":"<p>New York (CNN Business)Amazon and Google owner Alphabet are two of the most valuable companies on the planet. They dominate their industries, generate tons of cash and are obscenely profitable. Yet neither of the companies are in the prestigious Dow Jones Industrial Average — and for a good reason.</p><p><blockquote>纽约（CNN商业）亚马逊和谷歌所有者Alphabet是地球上最有价值的两家公司。他们主导着自己的行业，产生大量现金，利润丰厚。然而，这两家公司都没有进入著名的道琼斯工业平均指数——这是有充分理由的。</blockquote></p><p> BothAmazon(AMZN)andAlphabet(GOOGL)have stock prices in the quadruple digits. That makes them a no-go for the Dow, which weights its 30 components by share price rather than market value.So if either Amazon (currently priced north of $3,300 a share) or Alphabet (trading at just under $2,300) joined theDow, they would immediately have an outsized impact on the Dow.It wouldn't even be close: The priciest Dow stock currently isUnitedHealth(UNH), and at just over $400 a share, it makes up about 8% of the Dow's weighting.The case for splitting sharesBut if Amazon and Alphabet wanted to join the Dow, there's a solution to this price problem: The companies could announce a stock split, which increases the number of shares of the company has while cutting the price of each share to a more affordable level. It wouldn't change the companies' value.</p><p><blockquote>亚马逊（AMZN）和Alphabet（GOOGL）的股价都达到了四位数。这使得它们成为道琼斯指数的禁忌，道琼斯指数根据股价而不是市值来衡量其30个成分股的权重。因此，如果亚马逊（目前每股定价超过3,300美元）或Alphabet（交易价格略低于2,300美元）加入道琼斯指数，它们将立即对道琼斯指数产生巨大影响。甚至还差得远：目前道指最贵的股票是联合健康(UNH)，每股略高于400美元，约占道指权重的8%。但如果亚马逊和Alphabet想加入道琼斯指数，这个价格问题有一个解决方案：两家公司可以宣布股票分割，增加公司的股票数量，同时将每股价格降低到更实惠的水平。这不会改变公司的价值。</blockquote></p><p> That's whatApple(AAPL)did in 2014, and it wasadded to the Dow in early 2015. Applesplit its stock again last year. Elon Musk'sTesla(TSLA)executed its ownstock splitlast year to make its surging stock more accessible to individual investors.</p><p><blockquote>这就是苹果(AAPL)在2014年所做的，并于2015年初被纳入道琼斯指数。苹果去年再次分割了股票。Elon Musk的特斯拉(TSLA)去年进行了股票分割，以使个人投资者更容易购买其飙升的股票。</blockquote></p><p> Beyond the Dow question, splits can be compelling because some experts argue that having a more affordable price for a single share could attract even more investors. But that's admittedly less of an issue due to fractional trading, in which investors can buy a small piece of a company's shares through online brokers like Robinhood, Fidelity or Charles Schwab.There have been rumors about Amazon potentially announcing a split soon, especially now that Jeff Bezos is getting ready tohand over the CEO reinsto AWS headAndy Jassy. But Amazon didn't mention anything about a potential split when the companyreported earnings last week.Amazon was not immediately available for comment when asked by CNN Business if the company was considering a stock split, while a spokesperson for Alphabet declined to comment.High profile companies are 'split' on whether to splitThe pair of tech giants aren't the only companies trading at sky-high stock prices. Priceline ownerBooking(BKNG),Chipotle(CMG)andAutoZone(AZO)are also prominent companies in the S&amp;P 500 with stock prices in excess of $1,000 a share.A Booking spokesperson, when asked by CNN Business about a future stock split, said the company has \"considered this but have not really seen the need to do so as of now.\"Chipotle chief financial officer Jack Hartung said in an email to CNN Business that \"we do not have any plans to split our stock at this time, but if we see an opportunity to enhance shareholder value and remove impediments to interested investors owning our stock, we will discuss the opportunity with our Board.\"</p><p><blockquote>除了道琼斯指数的问题之外，分拆也可能引人注目，因为一些专家认为，单股价格更实惠可能会吸引更多投资者。但不可否认的是，由于部分交易，投资者可以通过Robinhood、Fidelity或Charles Schwab等在线经纪商购买公司的一小部分股票，这不是什么问题。有传言称亚马逊可能很快就会宣布分拆，尤其是现在杰夫·贝索斯正准备将首席执行官移交给AWS负责人安迪·贾西(Andy Jassy)。但亚马逊在上周公布财报时没有提及任何有关潜在分拆的内容。当CNN Business询问该公司是否正在考虑股票分拆时，亚马逊没有立即发表评论，而Alphabet发言人拒绝置评。知名公司在是否分拆的问题上存在“分歧”这两家科技巨头并不是唯一股价极高的公司。Priceline所有者Booking(BKNG)、Chipotle(CMG)和AutoZone(AZO)也是标普500的知名公司，股价超过每股1,000美元。当CNN Business问及未来的股票分割时，Booking发言人表示该公司“已经考虑过这一点，但目前还没有真正认为有必要这样做。”Chipotle首席财务官Jack Hartung在给CNN Business的电子邮件中表示，“我们目前没有任何分割股票的计划，但如果我们看到有机会提高股东价值并消除感兴趣的投资者持有我们股票的障碍，我们将与董事会讨论这个机会。”</blockquote></p><p> AutoZone was not immediately available for comment.Meanwhile, several other high-profile companies in addition to Apple and Tesla have announced stock splits lately.Spice companyMcCormick(MKC)split its stock in December — its first split in about 20 years. Paint giantSherwin-Williams(SHW)split in April \"to make the stock more accessible to employees and a broader base of investors,\" senior vice president of investor relations James Jaye said on a conference call with analysts last month.And railroadCanadian Pacific(CP), which is in a bidding war with rivalCanadian National(CNI)forKansas City Southern(KSU), is preparing for a split later this month. The stock is currently trading around $375 and will split 5 for 1, which will lower the price to around $75 a share.\"The share split will encourage greater liquidity for CP's common shares and provide enhanced opportunities for ownership by a wider group of investors,\" said chief financial officer Nadeem Velani in a recent conference call with analysts.More trouble than they're worth?Not all company leaders are on board with stock splits. At least one major CEO has publicly called them a waste of time.PNC(PNC)CEO William Demchak said at the bank's shareholder meeting last month that \"there's not really a compelling case to be made for a stock split.\" One PNC share costs about $190.\"At one time, the conventional thinking was that when a company's share price got to a certain level, the company would split the stock as a way of foreshadowing expectations of growth and in order to make it more affordable for retail shareholders,\" he said.But Demchak added that \"all the stock split really does is increase costs because it doubles the cost of the mechanics that go into servicing every share.\"\"The split might result in some positive short-term public relations that brings about maybe a short-term bump,\" he added. \"But long term, it would appear that the cost is more than it's worth.\"</p><p><blockquote>AutoZone没有立即发表评论。与此同时，除了苹果和特斯拉之外，其他几家知名公司最近也宣布了股票分割。香料公司麦考密克(MKC)于12月进行了股票分割，这是大约20年来的首次股票分割。投资者关系高级副总裁James Jaye上个月在与分析师的电话会议上表示，涂料巨头宣伟(SHW)于4月份进行了分拆，“以使员工和更广泛的投资者更容易购买该股票”。加拿大太平洋铁路公司(CP)正在与竞争对手加拿大国家铁路公司(CNI)争夺堪萨斯城南方铁路公司(KSU)进行竞购战，正准备在本月晚些时候进行分拆。该股目前交易价格约为375美元，将进行5比1的拆股，这将使价格降至每股75美元左右。首席财务官纳迪姆·维拉尼(Nadeem Velani)在最近与分析师的电话会议中表示：“股票分割将鼓励CP普通股的更大流动性，并为更广泛的投资者群体提供更多的所有权机会。”并非所有公司领导人都支持股票分割。至少有一位主要首席执行官公开称其为浪费时间。PNC(PNC)首席执行官威廉·德姆查克(William Demchak)在上个月的银行股东大会上表示，“确实没有令人信服的理由进行股票分割。”一股PNC股票的价格约为190美元。“曾经，传统的想法是，当一家公司的股价达到一定水平时，公司会分割股票，以此来预示增长预期，并使其更实惠对于散户股东来说，”但德姆查克补充说，“股票分割实际上只会增加成本，因为它使为每股提供服务的机械成本增加了一倍。”“分拆可能会带来一些积极的短期公共关系，从而可能带来短期增长，”他补充道。“但从长远来看，成本似乎超过了它的价值。”</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Amazon and Alphabet may need to split their high-priced stocks<blockquote>为什么亚马逊和Alphabet可能需要分割他们的高价股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Amazon and Alphabet may need to split their high-priced stocks<blockquote>为什么亚马逊和Alphabet可能需要分割他们的高价股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">CNN</strong><span class=\"h-time small\">2021-05-05 11:45</span>\n</p>\n</h4>\n</header>\n<article>\n<p>New York (CNN Business)Amazon and Google owner Alphabet are two of the most valuable companies on the planet. They dominate their industries, generate tons of cash and are obscenely profitable. Yet neither of the companies are in the prestigious Dow Jones Industrial Average — and for a good reason.</p><p><blockquote>纽约（CNN商业）亚马逊和谷歌所有者Alphabet是地球上最有价值的两家公司。他们主导着自己的行业，产生大量现金，利润丰厚。然而，这两家公司都没有进入著名的道琼斯工业平均指数——这是有充分理由的。</blockquote></p><p> BothAmazon(AMZN)andAlphabet(GOOGL)have stock prices in the quadruple digits. That makes them a no-go for the Dow, which weights its 30 components by share price rather than market value.So if either Amazon (currently priced north of $3,300 a share) or Alphabet (trading at just under $2,300) joined theDow, they would immediately have an outsized impact on the Dow.It wouldn't even be close: The priciest Dow stock currently isUnitedHealth(UNH), and at just over $400 a share, it makes up about 8% of the Dow's weighting.The case for splitting sharesBut if Amazon and Alphabet wanted to join the Dow, there's a solution to this price problem: The companies could announce a stock split, which increases the number of shares of the company has while cutting the price of each share to a more affordable level. It wouldn't change the companies' value.</p><p><blockquote>亚马逊（AMZN）和Alphabet（GOOGL）的股价都达到了四位数。这使得它们成为道琼斯指数的禁忌，道琼斯指数根据股价而不是市值来衡量其30个成分股的权重。因此，如果亚马逊（目前每股定价超过3,300美元）或Alphabet（交易价格略低于2,300美元）加入道琼斯指数，它们将立即对道琼斯指数产生巨大影响。甚至还差得远：目前道指最贵的股票是联合健康(UNH)，每股略高于400美元，约占道指权重的8%。但如果亚马逊和Alphabet想加入道琼斯指数，这个价格问题有一个解决方案：两家公司可以宣布股票分割，增加公司的股票数量，同时将每股价格降低到更实惠的水平。这不会改变公司的价值。</blockquote></p><p> That's whatApple(AAPL)did in 2014, and it wasadded to the Dow in early 2015. Applesplit its stock again last year. Elon Musk'sTesla(TSLA)executed its ownstock splitlast year to make its surging stock more accessible to individual investors.</p><p><blockquote>这就是苹果(AAPL)在2014年所做的，并于2015年初被纳入道琼斯指数。苹果去年再次分割了股票。Elon Musk的特斯拉(TSLA)去年进行了股票分割，以使个人投资者更容易购买其飙升的股票。</blockquote></p><p> Beyond the Dow question, splits can be compelling because some experts argue that having a more affordable price for a single share could attract even more investors. But that's admittedly less of an issue due to fractional trading, in which investors can buy a small piece of a company's shares through online brokers like Robinhood, Fidelity or Charles Schwab.There have been rumors about Amazon potentially announcing a split soon, especially now that Jeff Bezos is getting ready tohand over the CEO reinsto AWS headAndy Jassy. But Amazon didn't mention anything about a potential split when the companyreported earnings last week.Amazon was not immediately available for comment when asked by CNN Business if the company was considering a stock split, while a spokesperson for Alphabet declined to comment.High profile companies are 'split' on whether to splitThe pair of tech giants aren't the only companies trading at sky-high stock prices. Priceline ownerBooking(BKNG),Chipotle(CMG)andAutoZone(AZO)are also prominent companies in the S&amp;P 500 with stock prices in excess of $1,000 a share.A Booking spokesperson, when asked by CNN Business about a future stock split, said the company has \"considered this but have not really seen the need to do so as of now.\"Chipotle chief financial officer Jack Hartung said in an email to CNN Business that \"we do not have any plans to split our stock at this time, but if we see an opportunity to enhance shareholder value and remove impediments to interested investors owning our stock, we will discuss the opportunity with our Board.\"</p><p><blockquote>除了道琼斯指数的问题之外，分拆也可能引人注目，因为一些专家认为，单股价格更实惠可能会吸引更多投资者。但不可否认的是，由于部分交易，投资者可以通过Robinhood、Fidelity或Charles Schwab等在线经纪商购买公司的一小部分股票，这不是什么问题。有传言称亚马逊可能很快就会宣布分拆，尤其是现在杰夫·贝索斯正准备将首席执行官移交给AWS负责人安迪·贾西(Andy Jassy)。但亚马逊在上周公布财报时没有提及任何有关潜在分拆的内容。当CNN Business询问该公司是否正在考虑股票分拆时，亚马逊没有立即发表评论，而Alphabet发言人拒绝置评。知名公司在是否分拆的问题上存在“分歧”这两家科技巨头并不是唯一股价极高的公司。Priceline所有者Booking(BKNG)、Chipotle(CMG)和AutoZone(AZO)也是标普500的知名公司，股价超过每股1,000美元。当CNN Business问及未来的股票分割时，Booking发言人表示该公司“已经考虑过这一点，但目前还没有真正认为有必要这样做。”Chipotle首席财务官Jack Hartung在给CNN Business的电子邮件中表示，“我们目前没有任何分割股票的计划，但如果我们看到有机会提高股东价值并消除感兴趣的投资者持有我们股票的障碍，我们将与董事会讨论这个机会。”</blockquote></p><p> AutoZone was not immediately available for comment.Meanwhile, several other high-profile companies in addition to Apple and Tesla have announced stock splits lately.Spice companyMcCormick(MKC)split its stock in December — its first split in about 20 years. Paint giantSherwin-Williams(SHW)split in April \"to make the stock more accessible to employees and a broader base of investors,\" senior vice president of investor relations James Jaye said on a conference call with analysts last month.And railroadCanadian Pacific(CP), which is in a bidding war with rivalCanadian National(CNI)forKansas City Southern(KSU), is preparing for a split later this month. The stock is currently trading around $375 and will split 5 for 1, which will lower the price to around $75 a share.\"The share split will encourage greater liquidity for CP's common shares and provide enhanced opportunities for ownership by a wider group of investors,\" said chief financial officer Nadeem Velani in a recent conference call with analysts.More trouble than they're worth?Not all company leaders are on board with stock splits. At least one major CEO has publicly called them a waste of time.PNC(PNC)CEO William Demchak said at the bank's shareholder meeting last month that \"there's not really a compelling case to be made for a stock split.\" One PNC share costs about $190.\"At one time, the conventional thinking was that when a company's share price got to a certain level, the company would split the stock as a way of foreshadowing expectations of growth and in order to make it more affordable for retail shareholders,\" he said.But Demchak added that \"all the stock split really does is increase costs because it doubles the cost of the mechanics that go into servicing every share.\"\"The split might result in some positive short-term public relations that brings about maybe a short-term bump,\" he added. \"But long term, it would appear that the cost is more than it's worth.\"</p><p><blockquote>AutoZone没有立即发表评论。与此同时，除了苹果和特斯拉之外，其他几家知名公司最近也宣布了股票分割。香料公司麦考密克(MKC)于12月进行了股票分割，这是大约20年来的首次股票分割。投资者关系高级副总裁James Jaye上个月在与分析师的电话会议上表示，涂料巨头宣伟(SHW)于4月份进行了分拆，“以使员工和更广泛的投资者更容易购买该股票”。加拿大太平洋铁路公司(CP)正在与竞争对手加拿大国家铁路公司(CNI)争夺堪萨斯城南方铁路公司(KSU)进行竞购战，正准备在本月晚些时候进行分拆。该股目前交易价格约为375美元，将进行5比1的拆股，这将使价格降至每股75美元左右。首席财务官纳迪姆·维拉尼(Nadeem Velani)在最近与分析师的电话会议中表示：“股票分割将鼓励CP普通股的更大流动性，并为更广泛的投资者群体提供更多的所有权机会。”并非所有公司领导人都支持股票分割。至少有一位主要首席执行官公开称其为浪费时间。PNC(PNC)首席执行官威廉·德姆查克(William Demchak)在上个月的银行股东大会上表示，“确实没有令人信服的理由进行股票分割。”一股PNC股票的价格约为190美元。“曾经，传统的想法是，当一家公司的股价达到一定水平时，公司会分割股票，以此来预示增长预期，并使其更实惠对于散户股东来说，”但德姆查克补充说，“股票分割实际上只会增加成本，因为它使为每股提供服务的机械成本增加了一倍。”“分拆可能会带来一些积极的短期公共关系，从而可能带来短期增长，”他补充道。“但从长远来看，成本似乎超过了它的价值。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://edition.cnn.com/2021/05/04/investing/amazon-alphabet-google-stock-split/index.html\">CNN</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMZN":"亚马逊","GOOGL":"谷歌A","GOOG":"谷歌"},"source_url":"https://edition.cnn.com/2021/05/04/investing/amazon-alphabet-google-stock-split/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106669817","content_text":"New York (CNN Business)Amazon and Google owner Alphabet are two of the most valuable companies on the planet. They dominate their industries, generate tons of cash and are obscenely profitable. Yet neither of the companies are in the prestigious Dow Jones Industrial Average — and for a good reason.\nBothAmazon(AMZN)andAlphabet(GOOGL)have stock prices in the quadruple digits. That makes them a no-go for the Dow, which weights its 30 components by share price rather than market value.So if either Amazon (currently priced north of $3,300 a share) or Alphabet (trading at just under $2,300) joined theDow, they would immediately have an outsized impact on the Dow.It wouldn't even be close: The priciest Dow stock currently isUnitedHealth(UNH), and at just over $400 a share, it makes up about 8% of the Dow's weighting.The case for splitting sharesBut if Amazon and Alphabet wanted to join the Dow, there's a solution to this price problem: The companies could announce a stock split, which increases the number of shares of the company has while cutting the price of each share to a more affordable level. It wouldn't change the companies' value.\nThat's whatApple(AAPL)did in 2014, and it wasadded to the Dow in early 2015. Applesplit its stock again last year. Elon Musk'sTesla(TSLA)executed its ownstock splitlast year to make its surging stock more accessible to individual investors.\nBeyond the Dow question, splits can be compelling because some experts argue that having a more affordable price for a single share could attract even more investors. But that's admittedly less of an issue due to fractional trading, in which investors can buy a small piece of a company's shares through online brokers like Robinhood, Fidelity or Charles Schwab.There have been rumors about Amazon potentially announcing a split soon, especially now that Jeff Bezos is getting ready tohand over the CEO reinsto AWS headAndy Jassy. But Amazon didn't mention anything about a potential split when the companyreported earnings last week.Amazon was not immediately available for comment when asked by CNN Business if the company was considering a stock split, while a spokesperson for Alphabet declined to comment.High profile companies are 'split' on whether to splitThe pair of tech giants aren't the only companies trading at sky-high stock prices. Priceline ownerBooking(BKNG),Chipotle(CMG)andAutoZone(AZO)are also prominent companies in the S&P 500 with stock prices in excess of $1,000 a share.A Booking spokesperson, when asked by CNN Business about a future stock split, said the company has \"considered this but have not really seen the need to do so as of now.\"Chipotle chief financial officer Jack Hartung said in an email to CNN Business that \"we do not have any plans to split our stock at this time, but if we see an opportunity to enhance shareholder value and remove impediments to interested investors owning our stock, we will discuss the opportunity with our Board.\"\nAutoZone was not immediately available for comment.Meanwhile, several other high-profile companies in addition to Apple and Tesla have announced stock splits lately.Spice companyMcCormick(MKC)split its stock in December — its first split in about 20 years. Paint giantSherwin-Williams(SHW)split in April \"to make the stock more accessible to employees and a broader base of investors,\" senior vice president of investor relations James Jaye said on a conference call with analysts last month.And railroadCanadian Pacific(CP), which is in a bidding war with rivalCanadian National(CNI)forKansas City Southern(KSU), is preparing for a split later this month. The stock is currently trading around $375 and will split 5 for 1, which will lower the price to around $75 a share.\"The share split will encourage greater liquidity for CP's common shares and provide enhanced opportunities for ownership by a wider group of investors,\" said chief financial officer Nadeem Velani in a recent conference call with analysts.More trouble than they're worth?Not all company leaders are on board with stock splits. At least one major CEO has publicly called them a waste of time.PNC(PNC)CEO William Demchak said at the bank's shareholder meeting last month that \"there's not really a compelling case to be made for a stock split.\" One PNC share costs about $190.\"At one time, the conventional thinking was that when a company's share price got to a certain level, the company would split the stock as a way of foreshadowing expectations of growth and in order to make it more affordable for retail shareholders,\" he said.But Demchak added that \"all the stock split really does is increase costs because it doubles the cost of the mechanics that go into servicing every share.\"\"The split might result in some positive short-term public relations that brings about maybe a short-term bump,\" he added. \"But long term, it would appear that the cost is more than it's worth.\"","news_type":1,"symbols_score_info":{"AMZN":0.9,"GOOGL":0.9,"GOOG":0.9}},"isVote":1,"tweetType":1,"viewCount":1354,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":374334390,"gmtCreate":1619417394410,"gmtModify":1634273639755,"author":{"id":"3574834957835877","authorId":"3574834957835877","name":"Jeph","avatar":"https://static.tigerbbs.com/6d84ddcaae60f793877f3447bc18beda","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574834957835877","authorIdStr":"3574834957835877"},"themes":[],"htmlText":"Cool","listText":"Cool","text":"Cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/374334390","repostId":"1177542686","repostType":4,"repost":{"id":"1177542686","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1619417048,"share":"https://www.laohu8.com/m/news/1177542686?lang=zh_CN&edition=full","pubTime":"2021-04-26 14:04","market":"us","language":"en","title":"Microvision Becomes New WallStreetBets Favorite: What You Need To Know<blockquote>Microvision成为WallStreetBets的新宠：您需要了解什么</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1177542686","media":"Benzinga","summary":"Technology company Microvision, Inc closed over 36% higher on Friday and is capturing the imaginatio","content":"<p><img src=\"https://static.tigerbbs.com/110cb6c50a5fb6c56330a91b8e648954\" tg-width=\"685\" tg-height=\"375\"></p><p><blockquote></blockquote></p><p> Technology company&nbsp;<b>Microvision, Inc</b>&nbsp;closed over 36% higher on Friday and is capturing the imagination of retail traders on r/WallStreetBets, a Reddit forum associated with the&nbsp;<b>GameStop Corp</b>&nbsp;short squeeze earlier in the year.</p><p><blockquote>科技公司<b>微视公司</b>周五收盘上涨超过36%，并在r/WallStreetBets（一个与<b>游戏驿站公司</b>今年早些时候的空头挤压。</blockquote></p><p> <b>What Happened:</b>Microvision —&nbsp;which works on laser scanning, 3D sensing, and projection technology — was the most mentioned stock on a 24-hour basis on WallStreetBets, according to Quiver Quantitative’s tracker.</p><p><blockquote><b>发生了什么：</b>根据Quiver Quantitative的追踪器，Microvision（致力于激光扫描、3D传感和投影技术）是WallStreetBets 24小时内被提及最多的股票。</blockquote></p><p> The Redmond, Washington-based company attracted 230 mentions on the forum, while GameStop and&nbsp;<b>Tesla Inc</b>&nbsp;racked up 110 and 102 mentions each.</p><p><blockquote>这家总部位于华盛顿州雷德蒙的公司在论坛上吸引了230次提及，而游戏驿站和<b>特斯拉公司</b>分别被提及110次和102次。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c32dd5ea47674f227e73fad6c3384212\" tg-width=\"2400\" tg-height=\"776\"><span>r/WallStreetBets Trends Courtesy Of Quiver Quantitative. MVIS outpaces historically more popular stocks like GME and TSLA.</span></p><p><blockquote><p class=\"t-img-caption\"><span>r/WallStreetBets趋势由箭筒定量提供。MVIS的表现超过了GME和TSLA等历史上更受欢迎的股票。</span></p></blockquote></p><p> On Friday, Microvision shares closed 36.76% higher at $17.97.</p><p><blockquote>周五，Microvision股价收盘上涨36.76%，至17.97美元。</blockquote></p><p> <b>Why It Matters:</b>Microvision attracted 823 mentions on WallStreetBets on Friday. It ran up alongside other technology stocks like&nbsp;<b>Advanced Micro Devices Inc</b>, and&nbsp;<b>NVIDIA Corp</b>.</p><p><blockquote><b>为什么重要：</b>周五，Microvision在WallStreetBets上吸引了823次提及。它与其他科技股一起上涨，例如<b>先进微设备公司</b>，和<b>英伟达公司</b>.</blockquote></p><p> The company’s stock broke out of a&nbsp;bullish flag pattern, as per an earlier report.</p><p><blockquote>根据之前的报告，该公司的股票突破了看涨旗形模式。</blockquote></p><p> The pattern is said to occur when the stock sees large gains and starts to pull back. Theoretically, a large push upward is expected shortly after such a pattern emerges.</p><p><blockquote>据说，当股票大幅上涨并开始回调时，就会出现这种模式。从理论上讲，在这种模式出现后不久，预计会出现大幅上涨。</blockquote></p><p> WallStreetBets was alsoresponsible for short squeezesin&nbsp;<b>Nokia Oyj</b>,<b>AMC Entertainment Holdings Inc</b>, and&nbsp;<b>Blackberry Ltd</b>&nbsp;earlier in the year.</p><p><blockquote>WallStreetBets也对轧空负有责任<b>诺基亚</b>,<b>AMC院线控股公司</b>，和<b>黑莓有限公司</b>今年早些时候。</blockquote></p><p> On Sunday,a post on the forum&nbsp;laid out the case for Microvision claiming that the company’s LiDAR technology’s smaller size and lower cost made it appealing.</p><p><blockquote>周日，论坛上的一篇帖子阐述了Microvision的理由，声称该公司的激光雷达技术更小的尺寸和更低的成本使其具有吸引力。</blockquote></p><p> The post also touched on&nbsp;<b>Microsoft Corporation’s</b>&nbsp;use of Microvision technology in their HoloLens 2 mixed reality product.</p><p><blockquote>帖子还谈到了<b>微软公司的</b>在他们的HoloLens 2混合现实产品中使用微视觉技术。</blockquote></p><p> “The uses of MicroVision tech and almost infinite. MVIS owns 55 [patents] and 90+ pending patents.With most of those very high tech patents that can be HUGE revenue income for them,” as per u/Justnmiller.</p><p><blockquote>“微视觉技术的用途几乎是无限的。MVIS拥有55项[专利]和90多项正在申请的专利。根据u/Justnmiller的说法，大多数非常高科技的专利对他们来说都是巨大的收入。”</blockquote></p><p> Overall on WallStreetBets, electric vehicles are dominating the discussion followed by cannabis, cryptocurrencies, and betting, according to Quiver Quantitative data.</p><p><blockquote>根据Quiver Quantitative数据，总体而言，在WallStreetBets上，电动汽车在讨论中占据主导地位，其次是大麻、加密货币和博彩。</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>Microvision Becomes New WallStreetBets Favorite: What You Need To Know<blockquote>Microvision成为WallStreetBets的新宠：您需要了解什么</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMicrovision Becomes New WallStreetBets Favorite: What You Need To Know<blockquote>Microvision成为WallStreetBets的新宠：您需要了解什么</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga </p>\n<p class=\"h-time smaller\">2021-04-26 14:04</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p><img src=\"https://static.tigerbbs.com/110cb6c50a5fb6c56330a91b8e648954\" tg-width=\"685\" tg-height=\"375\"></p><p><blockquote></blockquote></p><p> Technology company&nbsp;<b>Microvision, Inc</b>&nbsp;closed over 36% higher on Friday and is capturing the imagination of retail traders on r/WallStreetBets, a Reddit forum associated with the&nbsp;<b>GameStop Corp</b>&nbsp;short squeeze earlier in the year.</p><p><blockquote>科技公司<b>微视公司</b>周五收盘上涨超过36%，并在r/WallStreetBets（一个与<b>游戏驿站公司</b>今年早些时候的空头挤压。</blockquote></p><p> <b>What Happened:</b>Microvision —&nbsp;which works on laser scanning, 3D sensing, and projection technology — was the most mentioned stock on a 24-hour basis on WallStreetBets, according to Quiver Quantitative’s tracker.</p><p><blockquote><b>发生了什么：</b>根据Quiver Quantitative的追踪器，Microvision（致力于激光扫描、3D传感和投影技术）是WallStreetBets 24小时内被提及最多的股票。</blockquote></p><p> The Redmond, Washington-based company attracted 230 mentions on the forum, while GameStop and&nbsp;<b>Tesla Inc</b>&nbsp;racked up 110 and 102 mentions each.</p><p><blockquote>这家总部位于华盛顿州雷德蒙的公司在论坛上吸引了230次提及，而游戏驿站和<b>特斯拉公司</b>分别被提及110次和102次。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c32dd5ea47674f227e73fad6c3384212\" tg-width=\"2400\" tg-height=\"776\"><span>r/WallStreetBets Trends Courtesy Of Quiver Quantitative. MVIS outpaces historically more popular stocks like GME and TSLA.</span></p><p><blockquote><p class=\"t-img-caption\"><span>r/WallStreetBets趋势由箭筒定量提供。MVIS的表现超过了GME和TSLA等历史上更受欢迎的股票。</span></p></blockquote></p><p> On Friday, Microvision shares closed 36.76% higher at $17.97.</p><p><blockquote>周五，Microvision股价收盘上涨36.76%，至17.97美元。</blockquote></p><p> <b>Why It Matters:</b>Microvision attracted 823 mentions on WallStreetBets on Friday. It ran up alongside other technology stocks like&nbsp;<b>Advanced Micro Devices Inc</b>, and&nbsp;<b>NVIDIA Corp</b>.</p><p><blockquote><b>为什么重要：</b>周五，Microvision在WallStreetBets上吸引了823次提及。它与其他科技股一起上涨，例如<b>先进微设备公司</b>，和<b>英伟达公司</b>.</blockquote></p><p> The company’s stock broke out of a&nbsp;bullish flag pattern, as per an earlier report.</p><p><blockquote>根据之前的报告，该公司的股票突破了看涨旗形模式。</blockquote></p><p> The pattern is said to occur when the stock sees large gains and starts to pull back. Theoretically, a large push upward is expected shortly after such a pattern emerges.</p><p><blockquote>据说，当股票大幅上涨并开始回调时，就会出现这种模式。从理论上讲，在这种模式出现后不久，预计会出现大幅上涨。</blockquote></p><p> WallStreetBets was alsoresponsible for short squeezesin&nbsp;<b>Nokia Oyj</b>,<b>AMC Entertainment Holdings Inc</b>, and&nbsp;<b>Blackberry Ltd</b>&nbsp;earlier in the year.</p><p><blockquote>WallStreetBets也对轧空负有责任<b>诺基亚</b>,<b>AMC院线控股公司</b>，和<b>黑莓有限公司</b>今年早些时候。</blockquote></p><p> On Sunday,a post on the forum&nbsp;laid out the case for Microvision claiming that the company’s LiDAR technology’s smaller size and lower cost made it appealing.</p><p><blockquote>周日，论坛上的一篇帖子阐述了Microvision的理由，声称该公司的激光雷达技术更小的尺寸和更低的成本使其具有吸引力。</blockquote></p><p> The post also touched on&nbsp;<b>Microsoft Corporation’s</b>&nbsp;use of Microvision technology in their HoloLens 2 mixed reality product.</p><p><blockquote>帖子还谈到了<b>微软公司的</b>在他们的HoloLens 2混合现实产品中使用微视觉技术。</blockquote></p><p> “The uses of MicroVision tech and almost infinite. MVIS owns 55 [patents] and 90+ pending patents.With most of those very high tech patents that can be HUGE revenue income for them,” as per u/Justnmiller.</p><p><blockquote>“微视觉技术的用途几乎是无限的。MVIS拥有55项[专利]和90多项正在申请的专利。根据u/Justnmiller的说法，大多数非常高科技的专利对他们来说都是巨大的收入。”</blockquote></p><p> Overall on WallStreetBets, electric vehicles are dominating the discussion followed by cannabis, cryptocurrencies, and betting, according to Quiver Quantitative data.</p><p><blockquote>根据Quiver Quantitative数据，总体而言，在WallStreetBets上，电动汽车在讨论中占据主导地位，其次是大麻、加密货币和博彩。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MVIS":"维视图像"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1177542686","content_text":"Technology company Microvision, Inc closed over 36% higher on Friday and is capturing the imagination of retail traders on r/WallStreetBets, a Reddit forum associated with the GameStop Corp short squeeze earlier in the year.\nWhat Happened:Microvision — which works on laser scanning, 3D sensing, and projection technology — was the most mentioned stock on a 24-hour basis on WallStreetBets, according to Quiver Quantitative’s tracker.\nThe Redmond, Washington-based company attracted 230 mentions on the forum, while GameStop and Tesla Inc racked up 110 and 102 mentions each.\nr/WallStreetBets Trends Courtesy Of Quiver Quantitative. MVIS outpaces historically more popular stocks like GME and TSLA.\nOn Friday, Microvision shares closed 36.76% higher at $17.97.\nWhy It Matters:Microvision attracted 823 mentions on WallStreetBets on Friday. It ran up alongside other technology stocks like Advanced Micro Devices Inc, and NVIDIA Corp.\nThe company’s stock broke out of a bullish flag pattern, as per an earlier report.\nThe pattern is said to occur when the stock sees large gains and starts to pull back. Theoretically, a large push upward is expected shortly after such a pattern emerges.\nWallStreetBets was alsoresponsible for short squeezesin Nokia Oyj,AMC Entertainment Holdings Inc, and Blackberry Ltd earlier in the year.\nOn Sunday,a post on the forum laid out the case for Microvision claiming that the company’s LiDAR technology’s smaller size and lower cost made it appealing.\nThe post also touched on Microsoft Corporation’s use of Microvision technology in their HoloLens 2 mixed reality product.\n“The uses of MicroVision tech and almost infinite. MVIS owns 55 [patents] and 90+ pending patents.With most of those very high tech patents that can be HUGE revenue income for them,” as per u/Justnmiller.\nOverall on WallStreetBets, electric vehicles are dominating the discussion followed by cannabis, cryptocurrencies, and betting, according to Quiver Quantitative 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going up","listText":"SNDL going up","text":"SNDL going up","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/342696721","repostId":"2126510890","repostType":4,"repost":{"id":"2126510890","kind":"highlight","pubTimestamp":1618205596,"share":"https://www.laohu8.com/m/news/2126510890?lang=zh_CN&edition=full","pubTime":"2021-04-12 13:33","market":"us","language":"en","title":"Why this cannabis giant is betting on Europe to build a war chest ahead of the U.S. legalization bonanza<blockquote>为什么这家大麻巨头押注欧洲在美国合法化热潮之前建立战争基金</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2126510890","media":"MarketWatch","summary":"High-margin medical pot businesses in Europe are a boost in an industry struggling with profitabilit","content":"<p>High-margin medical pot businesses in Europe are a boost in an industry struggling with profitability</p><p><blockquote>欧洲的高利润医用大麻业务为盈利困难的行业带来了提振</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/cc4364e8069f909311dde15cf0e6d052\" tg-width=\"620\" tg-height=\"414\"><span>Aphria is based in Leamington, Ontario. (DON MACKINNON/AGENCE FRANCE-PRESSE/GETTY IMAGES)</span></p><p><blockquote><p class=\"t-img-caption\"><span>Aphria总部位于安大略省利明顿。（唐·麦金农/法新社/盖蒂图片社）</span></p></blockquote></p><p> Cannabis deals in Europe will help pot giant Aphria build up a war chest ahead of an expected frenzy of mergers and acquisitions in the U.S., the company's chair and chief executive told MarketWatch ahead of the group's earnings on Monday.</p><p><blockquote>大麻巨头Aphria董事长兼首席执行官在周一公布财报前对MarketWatch表示，欧洲的大麻交易将帮助该公司在美国预期的并购狂潮之前积累资金。</blockquote></p><p> High-margin medical cannabis agreements in Europe represent critical waypoints on Aphria's (APHA.T) road to conquer the U.S., bolstering the company's balance sheet and putting it on firm footing with European regulators, said Irwin Simon.</p><p><blockquote>欧洲的高利润医用大麻协议是Aphria（APHA.T）征服美国的关键航路点，增强了该公司的资产负债表，并使其在欧洲监管机构中站稳了脚跟，欧文·西蒙说。</blockquote></p><p> As in the U.S., legal recreational cannabis remains on the horizon in Europe, where a combined population of more than 500 million in the U.K. and European Union makes it a lucrative proposition.</p><p><blockquote>与美国一样，合法的娱乐性大麻在欧洲仍处于发展之中，英国和欧盟的总人口超过5亿，这使其成为一项利润丰厚的提议。</blockquote></p><p> Aphria is set to complete its merger with Tilray <a href=\"https://laohu8.com/S/TLRY\">$(TLRY)$</a> this quarter, creating the world's largest cannabis company by revenue. The combined company will push into the U.K., Sweden, Poland, Luxembourg, and China, with deal discussions ongoing in India, Aphria said.</p><p><blockquote>Aphria即将完成与Tilray的合并<a href=\"https://laohu8.com/S/TLRY\">$(TLRY)$</a>本季度，按收入计算，创建了全球最大的大麻公司。Aphria表示，合并后的公司将进军英国、瑞典、波兰、卢森堡和中国，交易讨论正在印度进行。</blockquote></p><p> The expansion in Europe will come in a few weeks at the earliest, when Tilray will begin distributing in Luxembourg, with Aphria and Tilray businesses pushing into Poland by the third quarter of this year.</p><p><blockquote>欧洲的扩张最早将在几周内进行，届时Tilray将开始在卢森堡分销，Aphria和Tilray业务将在今年第三季度进军波兰。</blockquote></p><p> In China, the group will have a distribution agreement for wellness products with CBD -- a non-psychoactive chemical in cannabis that is used to treat pain and anxiety, among other conditions. A similar agreement is under development in India.</p><p><blockquote>在中国，该集团将与CBD签订健康产品分销协议。CBD是大麻中的一种非精神活性化学物质，用于治疗疼痛和焦虑等疾病。印度正在制定一项类似的协议。</blockquote></p><p> Aphria is a key player in global cannabis with a market capitalization of $5.1 billion. The group is favored among analysts for being the first Canadian cannabis company to report a net profit. In December, Aphria agreed to combine with smaller rival Tilray, which has a market cap of $3.5 billion, through a reverse takeover.</p><p><blockquote>Aphria是全球大麻领域的主要参与者，市值为51亿美元。该集团因成为第一家报告净利润的加拿大大麻公司而受到分析师的青睐。去年12月，Aphria同意通过反向收购的方式与市值35亿美元的规模较小的竞争对手Tilray合并。</blockquote></p><p> In return for sharing its comparatively strong balance sheet with Tilray, Aphria would inherit the company's presence across 10 European countries, including the U.K., Germany, France, Spain, and Portugal, where it has a cultivation facility. Added to Aphria's growing site in Germany and European drug distribution business, the combined group would be the most dominant cannabis player in the region.</p><p><blockquote>作为与Tilray分享其相对强劲的资产负债表的回报，Aphria将继承该公司在10个欧洲国家的业务，包括英国、德国、法国、西班牙和葡萄牙，并在这些国家设有种植设施。加上Aphria在德国不断增长的基地和欧洲药品分销业务，合并后的集团将成为该地区最具主导地位的大麻企业。</blockquote></p><p> Since recreational pot remains illegal across Europe and Asia, cannabis companies are able to sell their products in the regulated medical market at far higher prices than in legal recreational markets in the U.S. and Canada. This boosts margins while the nascent industry faces barriers to profits, including price pressure from competing companies and a well-entrenched black market.</p><p><blockquote>由于娱乐性大麻在欧洲和亚洲仍然是非法的，大麻公司能够在受监管的医疗市场上以远高于美国和加拿大合法娱乐市场的价格出售其产品。这提高了利润率，而这个新兴行业面临着利润障碍，包括来自竞争公司的价格压力和根深蒂固的黑市。</blockquote></p><p> Countries in Europe have legalized cannabis for medical purposes, and the drug is decriminalized for recreational use in countries including Italy, Austria, Portugal, and the Netherlands. Many, including Simon, see the legalization of recreational weed as a matter of course in much of the region.</p><p><blockquote>欧洲国家已经将医用大麻合法化，在意大利、奥地利、葡萄牙和荷兰等国家，娱乐用大麻合法化。包括西蒙在内的许多人认为娱乐性大麻合法化在该地区的大部分地区是理所当然的。</blockquote></p><p> \"In many ways, Europe is more progressive,\" Simon said. \"There's a lot of learning to take away from Europe that ultimately we bring to the U.S. once legalization happens here.\"</p><p><blockquote>“在许多方面，欧洲更加进步，”西蒙说。“一旦美国实现合法化，我们最终会从欧洲学到很多东西，这些东西就会带到美国。”</blockquote></p><p> But for now, the drug remains federally illegal in the U.S., though individual states, including most recently New York, have legalized it. Prohibition at the national level has largely kept institutional money out of the sector and is a roadblock for interstate business and pot trade crossing the U.S.-Canada border. It has also ratcheted up stock market volatility with a high percentage of shares held by retail investors.</p><p><blockquote>但目前，这种药物在美国联邦政府仍然是非法的，尽管包括最近的纽约在内的一些州已经将其合法化。国家层面的禁令在很大程度上阻止了机构资金进入该行业，也是跨州商业和跨越美加边境的大麻贸易的障碍。散户投资者持有的股票比例很高，这也加剧了股市波动。</blockquote></p><p> Optimism over federal legalization has increased with the Biden administration, but remains a hypothetical. National decriminalization would be crucial for a U.S. pot bonanza to begin in earnest, but analysts view the passage of the SAFE Banking Act by the Senate as a smaller steppingstone. The act would allow the cannabis industry to engage with U.S. financial services and insurance groups.</p><p><blockquote>拜登政府对联邦合法化的乐观情绪有所增加，但仍是一种假设。全国合法化对于美国大麻热潮的真正开始至关重要，但分析师认为参议院通过《安全银行法》只是一个较小的垫脚石。该法案将允许大麻行业与美国金融服务和保险集团合作。</blockquote></p><p> While some of Aphria's competitors have dipped their toes into M&amp;A in the U.S. through takeovers that are conditional on changes to U.S. law , Simon wants to keep Aphria on the sidelines for now.</p><p><blockquote>虽然Aphria的一些竞争对手已经通过以美国法律修改为条件的收购涉足美国并购，但Simon希望暂时让Aphria保持观望。</blockquote></p><p> Kristoffer Inton, an analyst at Morningstar, told MarketWatch that U.S. assets with positive exposure to legalization are attractive to private equity, alcohol and tobacco, and Canadian cannabis groups alike. These assets are broadly expensive, Inton said, and groups like Aphria must be careful to not overpay in today's optimistic environment or the M&amp;A frenzy expected to come with legalization. \"How are you going to translate optimism into actual exposure without overpaying for assets when everybody else wants in?\" Inton said.</p><p><blockquote>晨星公司分析师克里斯托弗·因顿(Kristoffer Inton)告诉MarketWatch，对合法化有积极敞口的美国资产对私募股权、酒精和烟草以及加拿大大麻集团都很有吸引力。Inton表示，这些资产普遍昂贵，像Aphria这样的集团必须小心，不要在当今乐观的环境或合法化预计将带来的并购狂潮中支付过高的价格。“当其他人都想投资时，你如何将乐观情绪转化为实际风险敞口，而又不为资产支付过高的费用？”英顿说。</blockquote></p><p></p><p> The most ambitious play Aphria made in the U.S. was its acquisition of craft brewer SweetWater last December, which gave the company a reliable extra sales channel from alcohol and exposure to cannabis-infused beverages. Consumable derivatives of the drug are widely viewed as the future of the industry, and Tilray has a partnership with beverage giant AB InBev (ABI.BT).</p><p><blockquote>Aphria在美国做出的最雄心勃勃的举动是去年12月收购了精酿啤酒商SweetWater，这为该公司提供了一个可靠的额外酒精销售渠道和大麻饮料。该药物的消费品衍生物被广泛视为该行业的未来，Tilray与饮料巨头百威英博(ABI.BT)建立了合作伙伴关系。</blockquote></p><p> Ultimately, analysts point to inflated valuations across the cannabis sector as rooted in the market pricing in some level of U.S. legalization. For all the talk of expansion into Europe, Simon recognizes that America is critical to the future of the stock.</p><p><blockquote>最终，分析师指出，整个大麻行业估值过高的根源在于美国某种程度合法化的市场定价。尽管人们都在谈论向欧洲扩张，但西蒙认识到美国对该股的未来至关重要。</blockquote></p><p> His game plan to pounce on the U.S. market largely rests on building upon successes in Canada and Europe. Simon's ambitions are to grow Aphria and Tilray's combined market share in Canada from around 20% to 30% while remaining cash flow positive. He also wants to remain the largest medical cannabis company in Europe, including through finding a strong strategic partner in the region, and leverage relationships with regulators to secure licenses in markets that legalize recreational pot.</p><p><blockquote>他进军美国市场的计划很大程度上取决于在加拿大和欧洲取得的成功。Simon的目标是将Aphria和Tilray在加拿大的市场份额从20%左右增加到30%，同时保持正现金流。他还希望继续成为欧洲最大的医用大麻公司，包括在该地区寻找强大的战略合作伙伴，并利用与监管机构的关系在休闲大麻合法化的市场获得许可证。</blockquote></p><p> If Simon is successful, the company will build up a healthy war chest for the coming battle in the U.S. The SweetWater business is a good start, Simon said, and Tilray's assets include hemp food producer Manitoba Harvest, which is active in the U.S. But it may not be enough, and Simon knows that it could be an expensive fight.</p><p><blockquote>如果西蒙成功，该公司将为即将到来的美国战斗建立健康的战争资金。西蒙表示，SweetWater业务是一个良好的开端，Tilray的资产包括活跃在美国的大麻食品生产商Manitoba Harvest。但这可能还不够，西蒙知道这可能是一场昂贵的战斗。</blockquote></p><p> \"I will look to acquire the right [multistate operator] once I know what the market will legalize or how the market will legalize in the U.S.,\" Irwin said. \"I'd rather have to pay a little more when I can get into a business where the facts are known.\"</p><p><blockquote>欧文说：“一旦我知道市场将使什么合法化或市场将如何在美国合法化，我将寻求收购合适的[多州运营商]。”“当我能够进入一个事实已知的行业时，我宁愿多付一点钱。”</blockquote></p><p> Aphria shareholders will receive 0.8381 Tilray shares for each Aphria share they own when the companies merge, pending shareholder approval in the coming days. The group would operate under Tilray's name with the shares trading via Tilray's listing on the Nasdaq. Simon is to be chair and chief executive of the combined company, of which Aphria shareholders would own 62%.</p><p><blockquote>两家公司合并后，Aphria股东持有的每股Aphria股票将获得0.8381股Tilray股票，等待未来几天的股东批准。该集团将以Tilray的名义运营，股票通过Tilray在纳斯达克上市进行交易。西蒙将担任合并后公司的董事长兼首席执行官，Aphria股东将拥有该公司62%的股份。</blockquote></p><p> Aphria stock is up more than 130% to date, while shares in Tilray have jumped more than 140% since the beginning of the year.</p><p><blockquote>迄今为止，Aphria股价已上涨超过130%，而Tilray股价自年初以来已上涨超过140%。</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why this cannabis giant is betting on Europe to build a war chest ahead of the U.S. legalization bonanza<blockquote>为什么这家大麻巨头押注欧洲在美国合法化热潮之前建立战争基金</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy this cannabis giant is betting on Europe to build a war chest ahead of the U.S. legalization bonanza<blockquote>为什么这家大麻巨头押注欧洲在美国合法化热潮之前建立战争基金</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-04-12 13:33</span>\n</p>\n</h4>\n</header>\n<article>\n<p>High-margin medical pot businesses in Europe are a boost in an industry struggling with profitability</p><p><blockquote>欧洲的高利润医用大麻业务为盈利困难的行业带来了提振</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/cc4364e8069f909311dde15cf0e6d052\" tg-width=\"620\" tg-height=\"414\"><span>Aphria is based in Leamington, Ontario. (DON MACKINNON/AGENCE FRANCE-PRESSE/GETTY IMAGES)</span></p><p><blockquote><p class=\"t-img-caption\"><span>Aphria总部位于安大略省利明顿。（唐·麦金农/法新社/盖蒂图片社）</span></p></blockquote></p><p> Cannabis deals in Europe will help pot giant Aphria build up a war chest ahead of an expected frenzy of mergers and acquisitions in the U.S., the company's chair and chief executive told MarketWatch ahead of the group's earnings on Monday.</p><p><blockquote>大麻巨头Aphria董事长兼首席执行官在周一公布财报前对MarketWatch表示，欧洲的大麻交易将帮助该公司在美国预期的并购狂潮之前积累资金。</blockquote></p><p> High-margin medical cannabis agreements in Europe represent critical waypoints on Aphria's (APHA.T) road to conquer the U.S., bolstering the company's balance sheet and putting it on firm footing with European regulators, said Irwin Simon.</p><p><blockquote>欧洲的高利润医用大麻协议是Aphria（APHA.T）征服美国的关键航路点，增强了该公司的资产负债表，并使其在欧洲监管机构中站稳了脚跟，欧文·西蒙说。</blockquote></p><p> As in the U.S., legal recreational cannabis remains on the horizon in Europe, where a combined population of more than 500 million in the U.K. and European Union makes it a lucrative proposition.</p><p><blockquote>与美国一样，合法的娱乐性大麻在欧洲仍处于发展之中，英国和欧盟的总人口超过5亿，这使其成为一项利润丰厚的提议。</blockquote></p><p> Aphria is set to complete its merger with Tilray <a href=\"https://laohu8.com/S/TLRY\">$(TLRY)$</a> this quarter, creating the world's largest cannabis company by revenue. The combined company will push into the U.K., Sweden, Poland, Luxembourg, and China, with deal discussions ongoing in India, Aphria said.</p><p><blockquote>Aphria即将完成与Tilray的合并<a href=\"https://laohu8.com/S/TLRY\">$(TLRY)$</a>本季度，按收入计算，创建了全球最大的大麻公司。Aphria表示，合并后的公司将进军英国、瑞典、波兰、卢森堡和中国，交易讨论正在印度进行。</blockquote></p><p> The expansion in Europe will come in a few weeks at the earliest, when Tilray will begin distributing in Luxembourg, with Aphria and Tilray businesses pushing into Poland by the third quarter of this year.</p><p><blockquote>欧洲的扩张最早将在几周内进行，届时Tilray将开始在卢森堡分销，Aphria和Tilray业务将在今年第三季度进军波兰。</blockquote></p><p> In China, the group will have a distribution agreement for wellness products with CBD -- a non-psychoactive chemical in cannabis that is used to treat pain and anxiety, among other conditions. A similar agreement is under development in India.</p><p><blockquote>在中国，该集团将与CBD签订健康产品分销协议。CBD是大麻中的一种非精神活性化学物质，用于治疗疼痛和焦虑等疾病。印度正在制定一项类似的协议。</blockquote></p><p> Aphria is a key player in global cannabis with a market capitalization of $5.1 billion. The group is favored among analysts for being the first Canadian cannabis company to report a net profit. In December, Aphria agreed to combine with smaller rival Tilray, which has a market cap of $3.5 billion, through a reverse takeover.</p><p><blockquote>Aphria是全球大麻领域的主要参与者，市值为51亿美元。该集团因成为第一家报告净利润的加拿大大麻公司而受到分析师的青睐。去年12月，Aphria同意通过反向收购的方式与市值35亿美元的规模较小的竞争对手Tilray合并。</blockquote></p><p> In return for sharing its comparatively strong balance sheet with Tilray, Aphria would inherit the company's presence across 10 European countries, including the U.K., Germany, France, Spain, and Portugal, where it has a cultivation facility. Added to Aphria's growing site in Germany and European drug distribution business, the combined group would be the most dominant cannabis player in the region.</p><p><blockquote>作为与Tilray分享其相对强劲的资产负债表的回报，Aphria将继承该公司在10个欧洲国家的业务，包括英国、德国、法国、西班牙和葡萄牙，并在这些国家设有种植设施。加上Aphria在德国不断增长的基地和欧洲药品分销业务，合并后的集团将成为该地区最具主导地位的大麻企业。</blockquote></p><p> Since recreational pot remains illegal across Europe and Asia, cannabis companies are able to sell their products in the regulated medical market at far higher prices than in legal recreational markets in the U.S. and Canada. This boosts margins while the nascent industry faces barriers to profits, including price pressure from competing companies and a well-entrenched black market.</p><p><blockquote>由于娱乐性大麻在欧洲和亚洲仍然是非法的，大麻公司能够在受监管的医疗市场上以远高于美国和加拿大合法娱乐市场的价格出售其产品。这提高了利润率，而这个新兴行业面临着利润障碍，包括来自竞争公司的价格压力和根深蒂固的黑市。</blockquote></p><p> Countries in Europe have legalized cannabis for medical purposes, and the drug is decriminalized for recreational use in countries including Italy, Austria, Portugal, and the Netherlands. Many, including Simon, see the legalization of recreational weed as a matter of course in much of the region.</p><p><blockquote>欧洲国家已经将医用大麻合法化，在意大利、奥地利、葡萄牙和荷兰等国家，娱乐用大麻合法化。包括西蒙在内的许多人认为娱乐性大麻合法化在该地区的大部分地区是理所当然的。</blockquote></p><p> \"In many ways, Europe is more progressive,\" Simon said. \"There's a lot of learning to take away from Europe that ultimately we bring to the U.S. once legalization happens here.\"</p><p><blockquote>“在许多方面，欧洲更加进步，”西蒙说。“一旦美国实现合法化，我们最终会从欧洲学到很多东西，这些东西就会带到美国。”</blockquote></p><p> But for now, the drug remains federally illegal in the U.S., though individual states, including most recently New York, have legalized it. Prohibition at the national level has largely kept institutional money out of the sector and is a roadblock for interstate business and pot trade crossing the U.S.-Canada border. It has also ratcheted up stock market volatility with a high percentage of shares held by retail investors.</p><p><blockquote>但目前，这种药物在美国联邦政府仍然是非法的，尽管包括最近的纽约在内的一些州已经将其合法化。国家层面的禁令在很大程度上阻止了机构资金进入该行业，也是跨州商业和跨越美加边境的大麻贸易的障碍。散户投资者持有的股票比例很高，这也加剧了股市波动。</blockquote></p><p> Optimism over federal legalization has increased with the Biden administration, but remains a hypothetical. National decriminalization would be crucial for a U.S. pot bonanza to begin in earnest, but analysts view the passage of the SAFE Banking Act by the Senate as a smaller steppingstone. The act would allow the cannabis industry to engage with U.S. financial services and insurance groups.</p><p><blockquote>拜登政府对联邦合法化的乐观情绪有所增加，但仍是一种假设。全国合法化对于美国大麻热潮的真正开始至关重要，但分析师认为参议院通过《安全银行法》只是一个较小的垫脚石。该法案将允许大麻行业与美国金融服务和保险集团合作。</blockquote></p><p> While some of Aphria's competitors have dipped their toes into M&amp;A in the U.S. through takeovers that are conditional on changes to U.S. law , Simon wants to keep Aphria on the sidelines for now.</p><p><blockquote>虽然Aphria的一些竞争对手已经通过以美国法律修改为条件的收购涉足美国并购，但Simon希望暂时让Aphria保持观望。</blockquote></p><p> Kristoffer Inton, an analyst at Morningstar, told MarketWatch that U.S. assets with positive exposure to legalization are attractive to private equity, alcohol and tobacco, and Canadian cannabis groups alike. These assets are broadly expensive, Inton said, and groups like Aphria must be careful to not overpay in today's optimistic environment or the M&amp;A frenzy expected to come with legalization. \"How are you going to translate optimism into actual exposure without overpaying for assets when everybody else wants in?\" Inton said.</p><p><blockquote>晨星公司分析师克里斯托弗·因顿(Kristoffer Inton)告诉MarketWatch，对合法化有积极敞口的美国资产对私募股权、酒精和烟草以及加拿大大麻集团都很有吸引力。Inton表示，这些资产普遍昂贵，像Aphria这样的集团必须小心，不要在当今乐观的环境或合法化预计将带来的并购狂潮中支付过高的价格。“当其他人都想投资时，你如何将乐观情绪转化为实际风险敞口，而又不为资产支付过高的费用？”英顿说。</blockquote></p><p></p><p> The most ambitious play Aphria made in the U.S. was its acquisition of craft brewer SweetWater last December, which gave the company a reliable extra sales channel from alcohol and exposure to cannabis-infused beverages. Consumable derivatives of the drug are widely viewed as the future of the industry, and Tilray has a partnership with beverage giant AB InBev (ABI.BT).</p><p><blockquote>Aphria在美国做出的最雄心勃勃的举动是去年12月收购了精酿啤酒商SweetWater，这为该公司提供了一个可靠的额外酒精销售渠道和大麻饮料。该药物的消费品衍生物被广泛视为该行业的未来，Tilray与饮料巨头百威英博(ABI.BT)建立了合作伙伴关系。</blockquote></p><p> Ultimately, analysts point to inflated valuations across the cannabis sector as rooted in the market pricing in some level of U.S. legalization. For all the talk of expansion into Europe, Simon recognizes that America is critical to the future of the stock.</p><p><blockquote>最终，分析师指出，整个大麻行业估值过高的根源在于美国某种程度合法化的市场定价。尽管人们都在谈论向欧洲扩张，但西蒙认识到美国对该股的未来至关重要。</blockquote></p><p> His game plan to pounce on the U.S. market largely rests on building upon successes in Canada and Europe. Simon's ambitions are to grow Aphria and Tilray's combined market share in Canada from around 20% to 30% while remaining cash flow positive. He also wants to remain the largest medical cannabis company in Europe, including through finding a strong strategic partner in the region, and leverage relationships with regulators to secure licenses in markets that legalize recreational pot.</p><p><blockquote>他进军美国市场的计划很大程度上取决于在加拿大和欧洲取得的成功。Simon的目标是将Aphria和Tilray在加拿大的市场份额从20%左右增加到30%，同时保持正现金流。他还希望继续成为欧洲最大的医用大麻公司，包括在该地区寻找强大的战略合作伙伴，并利用与监管机构的关系在休闲大麻合法化的市场获得许可证。</blockquote></p><p> If Simon is successful, the company will build up a healthy war chest for the coming battle in the U.S. The SweetWater business is a good start, Simon said, and Tilray's assets include hemp food producer Manitoba Harvest, which is active in the U.S. But it may not be enough, and Simon knows that it could be an expensive fight.</p><p><blockquote>如果西蒙成功，该公司将为即将到来的美国战斗建立健康的战争资金。西蒙表示，SweetWater业务是一个良好的开端，Tilray的资产包括活跃在美国的大麻食品生产商Manitoba Harvest。但这可能还不够，西蒙知道这可能是一场昂贵的战斗。</blockquote></p><p> \"I will look to acquire the right [multistate operator] once I know what the market will legalize or how the market will legalize in the U.S.,\" Irwin said. \"I'd rather have to pay a little more when I can get into a business where the facts are known.\"</p><p><blockquote>欧文说：“一旦我知道市场将使什么合法化或市场将如何在美国合法化，我将寻求收购合适的[多州运营商]。”“当我能够进入一个事实已知的行业时，我宁愿多付一点钱。”</blockquote></p><p> Aphria shareholders will receive 0.8381 Tilray shares for each Aphria share they own when the companies merge, pending shareholder approval in the coming days. The group would operate under Tilray's name with the shares trading via Tilray's listing on the Nasdaq. Simon is to be chair and chief executive of the combined company, of which Aphria shareholders would own 62%.</p><p><blockquote>两家公司合并后，Aphria股东持有的每股Aphria股票将获得0.8381股Tilray股票，等待未来几天的股东批准。该集团将以Tilray的名义运营，股票通过Tilray在纳斯达克上市进行交易。西蒙将担任合并后公司的董事长兼首席执行官，Aphria股东将拥有该公司62%的股份。</blockquote></p><p> Aphria stock is up more than 130% to date, while shares in Tilray have jumped more than 140% since the beginning of the year.</p><p><blockquote>迄今为止，Aphria股价已上涨超过130%，而Tilray股价自年初以来已上涨超过140%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/why-this-cannabis-giant-is-betting-on-europe-to-build-a-war-chest-ahead-of-the-u-s-legalization-bonanza-11617990136?cx_testId=22&cx_testVariant=cx_1&cx_artPos=0&mod=home-page-cx#cxrecs_s\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"APHA":"Aphria Inc.","TLRY":"Tilray Inc."},"source_url":"https://www.marketwatch.com/story/why-this-cannabis-giant-is-betting-on-europe-to-build-a-war-chest-ahead-of-the-u-s-legalization-bonanza-11617990136?cx_testId=22&cx_testVariant=cx_1&cx_artPos=0&mod=home-page-cx#cxrecs_s","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2126510890","content_text":"High-margin medical pot businesses in Europe are a boost in an industry struggling with profitability\nAphria is based in Leamington, Ontario. (DON MACKINNON/AGENCE FRANCE-PRESSE/GETTY IMAGES)\nCannabis deals in Europe will help pot giant Aphria build up a war chest ahead of an expected frenzy of mergers and acquisitions in the U.S., the company's chair and chief executive told MarketWatch ahead of the group's earnings on Monday.\nHigh-margin medical cannabis agreements in Europe represent critical waypoints on Aphria's (APHA.T) road to conquer the U.S., bolstering the company's balance sheet and putting it on firm footing with European regulators, said Irwin Simon.\nAs in the U.S., legal recreational cannabis remains on the horizon in Europe, where a combined population of more than 500 million in the U.K. and European Union makes it a lucrative proposition.\nAphria is set to complete its merger with Tilray $(TLRY)$ this quarter, creating the world's largest cannabis company by revenue. The combined company will push into the U.K., Sweden, Poland, Luxembourg, and China, with deal discussions ongoing in India, Aphria said.\nThe expansion in Europe will come in a few weeks at the earliest, when Tilray will begin distributing in Luxembourg, with Aphria and Tilray businesses pushing into Poland by the third quarter of this year.\nIn China, the group will have a distribution agreement for wellness products with CBD -- a non-psychoactive chemical in cannabis that is used to treat pain and anxiety, among other conditions. A similar agreement is under development in India.\nAphria is a key player in global cannabis with a market capitalization of $5.1 billion. The group is favored among analysts for being the first Canadian cannabis company to report a net profit. In December, Aphria agreed to combine with smaller rival Tilray, which has a market cap of $3.5 billion, through a reverse takeover.\nIn return for sharing its comparatively strong balance sheet with Tilray, Aphria would inherit the company's presence across 10 European countries, including the U.K., Germany, France, Spain, and Portugal, where it has a cultivation facility. Added to Aphria's growing site in Germany and European drug distribution business, the combined group would be the most dominant cannabis player in the region.\nSince recreational pot remains illegal across Europe and Asia, cannabis companies are able to sell their products in the regulated medical market at far higher prices than in legal recreational markets in the U.S. and Canada. This boosts margins while the nascent industry faces barriers to profits, including price pressure from competing companies and a well-entrenched black market.\nCountries in Europe have legalized cannabis for medical purposes, and the drug is decriminalized for recreational use in countries including Italy, Austria, Portugal, and the Netherlands. Many, including Simon, see the legalization of recreational weed as a matter of course in much of the region.\n\"In many ways, Europe is more progressive,\" Simon said. \"There's a lot of learning to take away from Europe that ultimately we bring to the U.S. once legalization happens here.\"\nBut for now, the drug remains federally illegal in the U.S., though individual states, including most recently New York, have legalized it. Prohibition at the national level has largely kept institutional money out of the sector and is a roadblock for interstate business and pot trade crossing the U.S.-Canada border. It has also ratcheted up stock market volatility with a high percentage of shares held by retail investors.\nOptimism over federal legalization has increased with the Biden administration, but remains a hypothetical. National decriminalization would be crucial for a U.S. pot bonanza to begin in earnest, but analysts view the passage of the SAFE Banking Act by the Senate as a smaller steppingstone. The act would allow the cannabis industry to engage with U.S. financial services and insurance groups.\nWhile some of Aphria's competitors have dipped their toes into M&A in the U.S. through takeovers that are conditional on changes to U.S. law , Simon wants to keep Aphria on the sidelines for now.\nKristoffer Inton, an analyst at Morningstar, told MarketWatch that U.S. assets with positive exposure to legalization are attractive to private equity, alcohol and tobacco, and Canadian cannabis groups alike. These assets are broadly expensive, Inton said, and groups like Aphria must be careful to not overpay in today's optimistic environment or the M&A frenzy expected to come with legalization. \"How are you going to translate optimism into actual exposure without overpaying for assets when everybody else wants in?\" Inton said.\nThe most ambitious play Aphria made in the U.S. was its acquisition of craft brewer SweetWater last December, which gave the company a reliable extra sales channel from alcohol and exposure to cannabis-infused beverages. Consumable derivatives of the drug are widely viewed as the future of the industry, and Tilray has a partnership with beverage giant AB InBev (ABI.BT).\nUltimately, analysts point to inflated valuations across the cannabis sector as rooted in the market pricing in some level of U.S. legalization. For all the talk of expansion into Europe, Simon recognizes that America is critical to the future of the stock.\nHis game plan to pounce on the U.S. market largely rests on building upon successes in Canada and Europe. Simon's ambitions are to grow Aphria and Tilray's combined market share in Canada from around 20% to 30% while remaining cash flow positive. He also wants to remain the largest medical cannabis company in Europe, including through finding a strong strategic partner in the region, and leverage relationships with regulators to secure licenses in markets that legalize recreational pot.\nIf Simon is successful, the company will build up a healthy war chest for the coming battle in the U.S. The SweetWater business is a good start, Simon said, and Tilray's assets include hemp food producer Manitoba Harvest, which is active in the U.S. But it may not be enough, and Simon knows that it could be an expensive fight.\n\"I will look to acquire the right [multistate operator] once I know what the market will legalize or how the market will legalize in the U.S.,\" Irwin said. \"I'd rather have to pay a little more when I can get into a business where the facts are known.\"\nAphria shareholders will receive 0.8381 Tilray shares for each Aphria share they own when the companies merge, pending shareholder approval in the coming days. The group would operate under Tilray's name with the shares trading via Tilray's listing on the Nasdaq. Simon is to be chair and chief executive of the combined company, of which Aphria shareholders would own 62%.\nAphria stock is up more than 130% to date, while shares in Tilray have jumped more than 140% since the beginning of the year.","news_type":1,"symbols_score_info":{"APHA":0.9,"TLRY":0.9}},"isVote":1,"tweetType":1,"viewCount":1626,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":372002492,"gmtCreate":1619154520116,"gmtModify":1634288128700,"author":{"id":"3574834957835877","authorId":"3574834957835877","name":"Jeph","avatar":"https://static.tigerbbs.com/6d84ddcaae60f793877f3447bc18beda","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574834957835877","authorIdStr":"3574834957835877"},"themes":[],"htmlText":"Soar","listText":"Soar","text":"Soar","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/372002492","repostId":"1141178573","repostType":4,"isVote":1,"tweetType":1,"viewCount":2516,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":352899300,"gmtCreate":1616920739200,"gmtModify":1634523526289,"author":{"id":"3574834957835877","authorId":"3574834957835877","name":"Jeph","avatar":"https://static.tigerbbs.com/6d84ddcaae60f793877f3447bc18beda","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574834957835877","authorIdStr":"3574834957835877"},"themes":[],"htmlText":"Interesting&nbsp;","listText":"Interesting&nbsp;","text":"Interesting","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/352899300","repostId":"2122058474","repostType":4,"isVote":1,"tweetType":1,"viewCount":324,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":104187774,"gmtCreate":1620364062498,"gmtModify":1634205737597,"author":{"id":"3574834957835877","authorId":"3574834957835877","name":"Jeph","avatar":"https://static.tigerbbs.com/6d84ddcaae60f793877f3447bc18beda","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574834957835877","authorIdStr":"3574834957835877"},"themes":[],"htmlText":"Money","listText":"Money","text":"Money","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/104187774","repostId":"1157328258","repostType":4,"repost":{"id":"1157328258","kind":"news","pubTimestamp":1620360165,"share":"https://www.laohu8.com/m/news/1157328258?lang=zh_CN&edition=full","pubTime":"2021-05-07 12:02","market":"us","language":"en","title":"Amazon: The Most Clearly Undervalued Company<blockquote>亚马逊：最明显被低估的公司</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1157328258","media":"Seeking alpha","summary":"SummaryAmazon is one of the companies whose growth has not yet reached its limit and not even entere","content":"<p>Summary</p><p><blockquote>总结</blockquote></p><p><ul><li>Amazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase.</li><li>In terms of comparative valuation, AMZN is undervalued against the market.</li><li>DCF-based Amazon stock price target suggests 30% upside potential. But I think this is not even a basic scenario, but a pessimistic scenario.</li></ul>I present my comprehensive Amazon (AMZN) analysis in light of the results of the last quarter.</p><p><blockquote><ul><li>亚马逊是增长尚未达到极限，甚至还没有进入平台期的公司之一。</li><li>就比较估值而言，AMZN相对于市场被低估。</li><li>基于DCF的亚马逊股价目标显示30%的上涨潜力。但我认为这甚至不是一个基本的情景，而是一个悲观的情景。</li></ul>我根据上个季度的业绩对亚马逊（AMZN）进行了全面的分析。</blockquote></p><p>#1 Price vs. Growth</p><p><blockquote>#1价格与增长</blockquote></p><p>First of all, let's assess whether we can statistically state that Amazon's growth has accelerated or slowed down in the last quarter. To do this, let's compare the revenue growth trends of the key segments of the company with and without the results of the last four quarters.</p><p><blockquote>首先，我们来评估一下我们是否可以从统计数据上说明亚马逊上个季度的增长是加速还是放缓。为此，让我们比较一下有和没有过去四个季度业绩的公司关键部门的收入增长趋势。</blockquote></p><p>The dynamics of the 'Online Stores' segment showed a qualitative breakthrough. Without taking into account the last four quarters, a near-linear trend was observed here. Now, it has become exponential:</p><p><blockquote>“在线商店”部分的动态显示出质的突破。在不考虑过去四个季度的情况下，这里观察到了接近线性的趋势。现在，它已经成为指数级增长：</blockquote></p><p><img src=\"https://static.tigerbbs.com/bac49a9df0e5b978dc15e20bedfce3da\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The 'Third-Party Seller Services' segment - the exponential growth continues:</p><p><blockquote>“第三方卖家服务”细分市场——指数级增长仍在继续：</blockquote></p><p><img src=\"https://static.tigerbbs.com/6b58df42726bc01c8a5e5c2940d0476d\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The 'Subscription Services' (Amazon Prime) segment - here the acceleration remains, and the result of the last quarter was better than the trend:</p><p><blockquote>“订阅服务”（Amazon Prime）细分市场——这里的加速仍然存在，上个季度的结果好于趋势：</blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The 'Other' (advertising services) segment has also showed a significant acceleration:<img src=\"https://static.tigerbbs.com/a58095394bdd79d561166a74942a9e55\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote>“其他”（广告服务）部门也显示出显着的加速：</blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The growth trend of 'Amazon Web Services' has slowed down, but judging by the results of the last quarter, there is a gradual return to the previous trend:</p><p><blockquote>‘Amazon Web Services’的增长趋势有所放缓，但从上个季度的结果来看，有逐渐回归之前的趋势：</blockquote></p><p><img src=\"https://static.tigerbbs.com/07069ccaab37c32eed56da69881e7bce\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>Geographically, Amazon's revenue was also significantly better than the trend:</p><p><blockquote>从地域上看，亚马逊的营收也明显好于趋势：</blockquote></p><p><img src=\"https://static.tigerbbs.com/a1d9246e5c01aac6c62e49ad7cd73e2c\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/0e7276161a3d2b2159ab3d727d3cb7d9\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p><i>So, statistically, not subjectively, we should recognize the acceleration of the company's growth</i><i><b>in all key segments</b></i><i>. In my opinion, this is exactly what is expected from Amazon.</i></p><p><blockquote><i>因此，从统计上，而不是主观上，我们应该认识到公司增长的加速</i><i><b>在所有关键细分市场</b></i><i>.在我看来，这正是人们对亚马逊的期望。</i></blockquote></p><p>Further. Over the last 10 years, Amazon's capitalization has been in a qualitative linear relationship with its revenue:</p><p><blockquote>更远地。在过去10年中，亚马逊的资本化与其收入呈定性线性关系：</blockquote></p><p><img src=\"https://static.tigerbbs.com/f105c314902d29dae4d0f0e400aa2245\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>There is also a certain influence of the company's revenue growth rate on its multiples:</p><p><blockquote>公司营收增速对其倍数也有一定影响：</blockquote></p><p><img src=\"https://static.tigerbbs.com/8beca01b5624a15aab79465c580ded6b\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>Based on these two relationships and taking into account the influence of the growth of theM2 money stockin the US, it is possible to build another model that allows us to determine the balanced level of the company's capitalization. In addition, this model allows to model the growth of the company's capitalization based on the current expectations of analysts regarding the company's revenue growth in the next four quarters. Here is this model:</p><p><blockquote>基于这两种关系，并考虑到美国货币存量增长的影响，有可能建立另一个模型，使我们能够确定公司资本化的平衡水平。此外，该模型允许根据分析师当前对公司未来四个季度收入增长的预期来模拟公司资本的增长。这是这个模型：</blockquote></p><p><img src=\"https://static.tigerbbs.com/083fa1dc350e5e54cc7d3145744c9e4c\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d63f0cff5e0dd83343d26ee90552a033\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p><i>As you can see, firstly, this model indicates that the company's current price is already</i><i><b>below the balanced level</b></i><i>. And secondly, it assumes a</i><i><b>25% growth</b></i><i>in capitalization in the next four quarters.</i></p><p><blockquote><i>正如你所看到的，首先，这个模型表明公司当前的价格已经</i><i><b>低于平衡水平</b></i><i>其次，它假设</i><i><b>25%增长</b></i><i>未来四个季度的资本化。</i></blockquote></p><p>#2 Comparative Valuation</p><p><blockquote>#2比较估值</blockquote></p><p>In the previous block, I modeled Amazon's balanced price based on revenue. What is remarkable is that if we apply the same approach to the comparative valuation of the company using multiples, we will fail. At least I have not been able to find a single revenue-based multiple that would make it possible to successfully compare Amazon to other companies. But the forward P/E (next FY) multiple adjusted by the expected EPS annual growth rate made it possible to find a suitable model:</p><p><blockquote>在上一个模块中，我根据收入对亚马逊的均衡价格进行了建模。值得注意的是，如果我们用同样的方法使用倍数对公司进行比较估值，我们就会失败。至少我还没有找到一个基于收入的倍数来成功地将亚马逊与其他公司进行比较。但根据预期每股收益年增长率调整后的远期市盈率（下一财年）倍数使得找到合适的模型成为可能：</blockquote></p><p></p><p><img src=\"https://static.tigerbbs.com/97ac0310bcef622e12c8c21d46979f7e\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/8d7573ff8a7fc00719a51042f09fc989\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p><i>As you can see, judging by this multiple, Amazon is significantly undervalued.</i></p><p><blockquote><i>正如你所看到的，从这个倍数来看，亚马逊被严重低估了。</i></blockquote></p><p>#3 Discounted Cash Flow Model</p><p><blockquote>#3贴现现金流模型</blockquote></p><p>When predicting Amazon's revenue for the next decade, I proceeded from the average expectations ofanalysts:</p><p><blockquote>在预测亚马逊未来十年的收入时，我从分析师的平均预期出发：</blockquote></p><p><img src=\"https://static.tigerbbs.com/9f41298db73dbcd92469026cc4e767c4\" tg-width=\"640\" tg-height=\"323\" referrerpolicy=\"no-referrer\"><i>Source: Seeking Alpha Pro</i></p><p><blockquote><i>资料来源：寻求Alpha Pro</i></blockquote></p><p>When predicting the dynamics of Amazon's operating margin, I also proceeded from analysts'expectationsregarding the growth of the company's EPS, and taking into account the gradual increase in the tax rate to 25%. In my opinion, a gradual increase in the operating margin to 8% in the terminal year is a very realistic scenario.</p><p><blockquote>在预测亚马逊营业利润率的动态时，我也从分析师对公司每股收益增长的预期出发，并考虑到税率逐渐提高到25%。在我看来，在终端年将营业利润率逐步提高到8%是一个非常现实的情况。</blockquote></p><p>Here is the calculation of the Weighted Average Cost of Capital:</p><p><blockquote>以下是加权平均资本成本的计算：</blockquote></p><p><img src=\"https://static.tigerbbs.com/759163398701e54efd7cfabd11a0867d\" tg-width=\"480\" tg-height=\"374\" referrerpolicy=\"no-referrer\"><i>Source: Author</i></p><p><blockquote><i>来源：作者</i></blockquote></p><p>Some explanations:</p><p><blockquote>一些解释：</blockquote></p><p><ul><li>In order to calculate the market rate of return, I used values of equityriskpremium (4.72%) and the current yield of UST10 as a risk-free rate (1.6%).</li><li>I used the currentvalueof the three-year beta coefficient (0.92). For the terminal year, I used Beta equal to 1.</li><li>To calculate the Cost of Debt, I used the interest expense for 2019 and 2020 divided by the debt value for the same years.</li></ul>Here is the model itself:</p><p><blockquote><ul><li>为了计算市场回报率，我使用了equityriskpremium（4.72%）和UST10的当前收益率作为无风险利率（1.6%）。</li><li>我使用了三年贝塔系数的当前值（0.92）。在最后一年，我使用Beta等于1。</li><li>为了计算债务成本，我使用2019年和2020年的利息支出除以同年的债务价值。</li></ul>以下是模型本身：</blockquote></p><p><img src=\"https://static.tigerbbs.com/0df02bca01b3ef74d3b640d95eb00590\" tg-width=\"640\" tg-height=\"528\" referrerpolicy=\"no-referrer\">(In high resolution)</p><p><blockquote>（高分辨率）</blockquote></p><p><i>Source: Author</i></p><p><blockquote><i>来源：作者</i></blockquote></p><p><i>The DCF-based target price of Amazon's shares is $4,280, offering 29% upside.</i></p><p><blockquote><i>亚马逊股票基于DCF的目标价为4,280美元，上涨空间为29%。</i></blockquote></p><p>Final thoughts</p><p><blockquote>最后的想法</blockquote></p><p><ol><li>Amazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase. In a sense, this is a startup with $73 billion cash.</li><li>The fact that Amazon remains in the acceleration phase does not mean that its capitalization is constantly undervalued. But in this case, based on the patterns between the company's capitalization and the parameters of its revenue, we can conclude that the company is<b>undervalued</b>.</li><li>Comparing Amazon to other companies through the prism of expected EPS growth, it must be admitted that the company is<b>much cheaper</b>than the market.</li><li>DCF model based on average expectations analysts indicate a 30% undervaluation. At the start of the year, a similarmodelindicated a 20% undervaluation.</li><li>When you look at Amazon's revenue forecast for the next decade, you realize that the company will face growth problems. But in my opinion,<i>it is better to invest in a company facing growth problems than aging problems</i>.</li></ol></p><p><blockquote><ol><li>亚马逊是增长尚未达到极限，甚至还没有进入平台期的公司之一。从某种意义上说，这是一家拥有730亿美元现金的初创公司。</li><li>亚马逊仍处于加速阶段的事实并不意味着其市值不断被低估。但在这种情况下，根据公司的资本化和收入参数之间的模式，我们可以得出结论，公司是<b>被低估</b>.</li><li>通过预期每股收益增长的棱镜将亚马逊与其他公司进行比较，必须承认该公司是<b>便宜多了</b>比市场。</li><li>基于平均预期的DCF模型分析师表示低估了30%。今年年初，类似的模型显示估值被低估了20%。</li><li>当你看亚马逊未来十年的收入预测时，你会意识到该公司将面临增长问题。但在我看来，<i>投资一家面临增长问题的公司比投资老龄化问题的公司更好</i>.</li></ol></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>Amazon: The Most Clearly Undervalued Company<blockquote>亚马逊：最明显被低估的公司</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; 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\">\nAmazon: The Most Clearly Undervalued Company<blockquote>亚马逊：最明显被低估的公司</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking alpha</strong><span class=\"h-time small\">2021-05-07 12:02</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Summary</p><p><blockquote>总结</blockquote></p><p><ul><li>Amazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase.</li><li>In terms of comparative valuation, AMZN is undervalued against the market.</li><li>DCF-based Amazon stock price target suggests 30% upside potential. But I think this is not even a basic scenario, but a pessimistic scenario.</li></ul>I present my comprehensive Amazon (AMZN) analysis in light of the results of the last quarter.</p><p><blockquote><ul><li>亚马逊是增长尚未达到极限，甚至还没有进入平台期的公司之一。</li><li>就比较估值而言，AMZN相对于市场被低估。</li><li>基于DCF的亚马逊股价目标显示30%的上涨潜力。但我认为这甚至不是一个基本的情景，而是一个悲观的情景。</li></ul>我根据上个季度的业绩对亚马逊（AMZN）进行了全面的分析。</blockquote></p><p>#1 Price vs. Growth</p><p><blockquote>#1价格与增长</blockquote></p><p>First of all, let's assess whether we can statistically state that Amazon's growth has accelerated or slowed down in the last quarter. To do this, let's compare the revenue growth trends of the key segments of the company with and without the results of the last four quarters.</p><p><blockquote>首先，我们来评估一下我们是否可以从统计数据上说明亚马逊上个季度的增长是加速还是放缓。为此，让我们比较一下有和没有过去四个季度业绩的公司关键部门的收入增长趋势。</blockquote></p><p>The dynamics of the 'Online Stores' segment showed a qualitative breakthrough. Without taking into account the last four quarters, a near-linear trend was observed here. Now, it has become exponential:</p><p><blockquote>“在线商店”部分的动态显示出质的突破。在不考虑过去四个季度的情况下，这里观察到了接近线性的趋势。现在，它已经成为指数级增长：</blockquote></p><p><img src=\"https://static.tigerbbs.com/bac49a9df0e5b978dc15e20bedfce3da\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The 'Third-Party Seller Services' segment - the exponential growth continues:</p><p><blockquote>“第三方卖家服务”细分市场——指数级增长仍在继续：</blockquote></p><p><img src=\"https://static.tigerbbs.com/6b58df42726bc01c8a5e5c2940d0476d\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The 'Subscription Services' (Amazon Prime) segment - here the acceleration remains, and the result of the last quarter was better than the trend:</p><p><blockquote>“订阅服务”（Amazon Prime）细分市场——这里的加速仍然存在，上个季度的结果好于趋势：</blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The 'Other' (advertising services) segment has also showed a significant acceleration:<img src=\"https://static.tigerbbs.com/a58095394bdd79d561166a74942a9e55\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote>“其他”（广告服务）部门也显示出显着的加速：</blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The growth trend of 'Amazon Web Services' has slowed down, but judging by the results of the last quarter, there is a gradual return to the previous trend:</p><p><blockquote>‘Amazon Web Services’的增长趋势有所放缓，但从上个季度的结果来看，有逐渐回归之前的趋势：</blockquote></p><p><img src=\"https://static.tigerbbs.com/07069ccaab37c32eed56da69881e7bce\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>Geographically, Amazon's revenue was also significantly better than the trend:</p><p><blockquote>从地域上看，亚马逊的营收也明显好于趋势：</blockquote></p><p><img src=\"https://static.tigerbbs.com/a1d9246e5c01aac6c62e49ad7cd73e2c\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/0e7276161a3d2b2159ab3d727d3cb7d9\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p><i>So, statistically, not subjectively, we should recognize the acceleration of the company's growth</i><i><b>in all key segments</b></i><i>. In my opinion, this is exactly what is expected from Amazon.</i></p><p><blockquote><i>因此，从统计上，而不是主观上，我们应该认识到公司增长的加速</i><i><b>在所有关键细分市场</b></i><i>.在我看来，这正是人们对亚马逊的期望。</i></blockquote></p><p>Further. Over the last 10 years, Amazon's capitalization has been in a qualitative linear relationship with its revenue:</p><p><blockquote>更远地。在过去10年中，亚马逊的资本化与其收入呈定性线性关系：</blockquote></p><p><img src=\"https://static.tigerbbs.com/f105c314902d29dae4d0f0e400aa2245\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>There is also a certain influence of the company's revenue growth rate on its multiples:</p><p><blockquote>公司营收增速对其倍数也有一定影响：</blockquote></p><p><img src=\"https://static.tigerbbs.com/8beca01b5624a15aab79465c580ded6b\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>Based on these two relationships and taking into account the influence of the growth of theM2 money stockin the US, it is possible to build another model that allows us to determine the balanced level of the company's capitalization. In addition, this model allows to model the growth of the company's capitalization based on the current expectations of analysts regarding the company's revenue growth in the next four quarters. Here is this model:</p><p><blockquote>基于这两种关系，并考虑到美国货币存量增长的影响，有可能建立另一个模型，使我们能够确定公司资本化的平衡水平。此外，该模型允许根据分析师当前对公司未来四个季度收入增长的预期来模拟公司资本的增长。这是这个模型：</blockquote></p><p><img src=\"https://static.tigerbbs.com/083fa1dc350e5e54cc7d3145744c9e4c\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d63f0cff5e0dd83343d26ee90552a033\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p><i>As you can see, firstly, this model indicates that the company's current price is already</i><i><b>below the balanced level</b></i><i>. And secondly, it assumes a</i><i><b>25% growth</b></i><i>in capitalization in the next four quarters.</i></p><p><blockquote><i>正如你所看到的，首先，这个模型表明公司当前的价格已经</i><i><b>低于平衡水平</b></i><i>其次，它假设</i><i><b>25%增长</b></i><i>未来四个季度的资本化。</i></blockquote></p><p>#2 Comparative Valuation</p><p><blockquote>#2比较估值</blockquote></p><p>In the previous block, I modeled Amazon's balanced price based on revenue. What is remarkable is that if we apply the same approach to the comparative valuation of the company using multiples, we will fail. At least I have not been able to find a single revenue-based multiple that would make it possible to successfully compare Amazon to other companies. But the forward P/E (next FY) multiple adjusted by the expected EPS annual growth rate made it possible to find a suitable model:</p><p><blockquote>在上一个模块中，我根据收入对亚马逊的均衡价格进行了建模。值得注意的是，如果我们用同样的方法使用倍数对公司进行比较估值，我们就会失败。至少我还没有找到一个基于收入的倍数来成功地将亚马逊与其他公司进行比较。但根据预期每股收益年增长率调整后的远期市盈率（下一财年）倍数使得找到合适的模型成为可能：</blockquote></p><p></p><p><img src=\"https://static.tigerbbs.com/97ac0310bcef622e12c8c21d46979f7e\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/8d7573ff8a7fc00719a51042f09fc989\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p><i>As you can see, judging by this multiple, Amazon is significantly undervalued.</i></p><p><blockquote><i>正如你所看到的，从这个倍数来看，亚马逊被严重低估了。</i></blockquote></p><p>#3 Discounted Cash Flow Model</p><p><blockquote>#3贴现现金流模型</blockquote></p><p>When predicting Amazon's revenue for the next decade, I proceeded from the average expectations ofanalysts:</p><p><blockquote>在预测亚马逊未来十年的收入时，我从分析师的平均预期出发：</blockquote></p><p><img src=\"https://static.tigerbbs.com/9f41298db73dbcd92469026cc4e767c4\" tg-width=\"640\" tg-height=\"323\" referrerpolicy=\"no-referrer\"><i>Source: Seeking Alpha Pro</i></p><p><blockquote><i>资料来源：寻求Alpha Pro</i></blockquote></p><p>When predicting the dynamics of Amazon's operating margin, I also proceeded from analysts'expectationsregarding the growth of the company's EPS, and taking into account the gradual increase in the tax rate to 25%. In my opinion, a gradual increase in the operating margin to 8% in the terminal year is a very realistic scenario.</p><p><blockquote>在预测亚马逊营业利润率的动态时，我也从分析师对公司每股收益增长的预期出发，并考虑到税率逐渐提高到25%。在我看来，在终端年将营业利润率逐步提高到8%是一个非常现实的情况。</blockquote></p><p>Here is the calculation of the Weighted Average Cost of Capital:</p><p><blockquote>以下是加权平均资本成本的计算：</blockquote></p><p><img src=\"https://static.tigerbbs.com/759163398701e54efd7cfabd11a0867d\" tg-width=\"480\" tg-height=\"374\" referrerpolicy=\"no-referrer\"><i>Source: Author</i></p><p><blockquote><i>来源：作者</i></blockquote></p><p>Some explanations:</p><p><blockquote>一些解释：</blockquote></p><p><ul><li>In order to calculate the market rate of return, I used values of equityriskpremium (4.72%) and the current yield of UST10 as a risk-free rate (1.6%).</li><li>I used the currentvalueof the three-year beta coefficient (0.92). For the terminal year, I used Beta equal to 1.</li><li>To calculate the Cost of Debt, I used the interest expense for 2019 and 2020 divided by the debt value for the same years.</li></ul>Here is the model itself:</p><p><blockquote><ul><li>为了计算市场回报率，我使用了equityriskpremium（4.72%）和UST10的当前收益率作为无风险利率（1.6%）。</li><li>我使用了三年贝塔系数的当前值（0.92）。在最后一年，我使用Beta等于1。</li><li>为了计算债务成本，我使用2019年和2020年的利息支出除以同年的债务价值。</li></ul>以下是模型本身：</blockquote></p><p><img src=\"https://static.tigerbbs.com/0df02bca01b3ef74d3b640d95eb00590\" tg-width=\"640\" tg-height=\"528\" referrerpolicy=\"no-referrer\">(In high resolution)</p><p><blockquote>（高分辨率）</blockquote></p><p><i>Source: Author</i></p><p><blockquote><i>来源：作者</i></blockquote></p><p><i>The DCF-based target price of Amazon's shares is $4,280, offering 29% upside.</i></p><p><blockquote><i>亚马逊股票基于DCF的目标价为4,280美元，上涨空间为29%。</i></blockquote></p><p>Final thoughts</p><p><blockquote>最后的想法</blockquote></p><p><ol><li>Amazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase. In a sense, this is a startup with $73 billion cash.</li><li>The fact that Amazon remains in the acceleration phase does not mean that its capitalization is constantly undervalued. But in this case, based on the patterns between the company's capitalization and the parameters of its revenue, we can conclude that the company is<b>undervalued</b>.</li><li>Comparing Amazon to other companies through the prism of expected EPS growth, it must be admitted that the company is<b>much cheaper</b>than the market.</li><li>DCF model based on average expectations analysts indicate a 30% undervaluation. At the start of the year, a similarmodelindicated a 20% undervaluation.</li><li>When you look at Amazon's revenue forecast for the next decade, you realize that the company will face growth problems. But in my opinion,<i>it is better to invest in a company facing growth problems than aging problems</i>.</li></ol></p><p><blockquote><ol><li>亚马逊是增长尚未达到极限，甚至还没有进入平台期的公司之一。从某种意义上说，这是一家拥有730亿美元现金的初创公司。</li><li>亚马逊仍处于加速阶段的事实并不意味着其市值不断被低估。但在这种情况下，根据公司的资本化和收入参数之间的模式，我们可以得出结论，公司是<b>被低估</b>.</li><li>通过预期每股收益增长的棱镜将亚马逊与其他公司进行比较，必须承认该公司是<b>便宜多了</b>比市场。</li><li>基于平均预期的DCF模型分析师表示低估了30%。今年年初，类似的模型显示估值被低估了20%。</li><li>当你看亚马逊未来十年的收入预测时，你会意识到该公司将面临增长问题。但在我看来，<i>投资一家面临增长问题的公司比投资老龄化问题的公司更好</i>.</li></ol></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4424794-amazon-clearly-undervalued-company\">Seeking alpha</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":{"AMZN":"亚马逊"},"source_url":"https://seekingalpha.com/article/4424794-amazon-clearly-undervalued-company","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1157328258","content_text":"SummaryAmazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase.In terms of comparative valuation, AMZN is undervalued against the market.DCF-based Amazon stock price target suggests 30% upside potential. But I think this is not even a basic scenario, but a pessimistic scenario.I present my comprehensive Amazon (AMZN) analysis in light of the results of the last quarter.#1 Price vs. GrowthFirst of all, let's assess whether we can statistically state that Amazon's growth has accelerated or slowed down in the last quarter. To do this, let's compare the revenue growth trends of the key segments of the company with and without the results of the last four quarters.The dynamics of the 'Online Stores' segment showed a qualitative breakthrough. Without taking into account the last four quarters, a near-linear trend was observed here. Now, it has become exponential:Source: VisualizedAnalytics.comThe 'Third-Party Seller Services' segment - the exponential growth continues:Source: VisualizedAnalytics.comThe 'Subscription Services' (Amazon Prime) segment - here the acceleration remains, and the result of the last quarter was better than the trend:Source: VisualizedAnalytics.comThe 'Other' (advertising services) segment has also showed a significant acceleration:Source: VisualizedAnalytics.comThe growth trend of 'Amazon Web Services' has slowed down, but judging by the results of the last quarter, there is a gradual return to the previous trend:Source: VisualizedAnalytics.comGeographically, Amazon's revenue was also significantly better than the trend:Source: VisualizedAnalytics.comSo, statistically, not subjectively, we should recognize the acceleration of the company's growthin all key segments. In my opinion, this is exactly what is expected from Amazon.Further. Over the last 10 years, Amazon's capitalization has been in a qualitative linear relationship with its revenue:Source: VisualizedAnalytics.comThere is also a certain influence of the company's revenue growth rate on its multiples:Source: VisualizedAnalytics.comBased on these two relationships and taking into account the influence of the growth of theM2 money stockin the US, it is possible to build another model that allows us to determine the balanced level of the company's capitalization. In addition, this model allows to model the growth of the company's capitalization based on the current expectations of analysts regarding the company's revenue growth in the next four quarters. Here is this model:Source: VisualizedAnalytics.comAs you can see, firstly, this model indicates that the company's current price is alreadybelow the balanced level. And secondly, it assumes a25% growthin capitalization in the next four quarters.#2 Comparative ValuationIn the previous block, I modeled Amazon's balanced price based on revenue. What is remarkable is that if we apply the same approach to the comparative valuation of the company using multiples, we will fail. At least I have not been able to find a single revenue-based multiple that would make it possible to successfully compare Amazon to other companies. But the forward P/E (next FY) multiple adjusted by the expected EPS annual growth rate made it possible to find a suitable model:Source: VisualizedAnalytics.comAs you can see, judging by this multiple, Amazon is significantly undervalued.#3 Discounted Cash Flow ModelWhen predicting Amazon's revenue for the next decade, I proceeded from the average expectations ofanalysts:Source: Seeking Alpha ProWhen predicting the dynamics of Amazon's operating margin, I also proceeded from analysts'expectationsregarding the growth of the company's EPS, and taking into account the gradual increase in the tax rate to 25%. In my opinion, a gradual increase in the operating margin to 8% in the terminal year is a very realistic scenario.Here is the calculation of the Weighted Average Cost of Capital:Source: AuthorSome explanations:In order to calculate the market rate of return, I used values of equityriskpremium (4.72%) and the current yield of UST10 as a risk-free rate (1.6%).I used the currentvalueof the three-year beta coefficient (0.92). For the terminal year, I used Beta equal to 1.To calculate the Cost of Debt, I used the interest expense for 2019 and 2020 divided by the debt value for the same years.Here is the model itself:(In high resolution)Source: AuthorThe DCF-based target price of Amazon's shares is $4,280, offering 29% upside.Final thoughtsAmazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase. In a sense, this is a startup with $73 billion cash.The fact that Amazon remains in the acceleration phase does not mean that its capitalization is constantly undervalued. But in this case, based on the patterns between the company's capitalization and the parameters of its revenue, we can conclude that the company isundervalued.Comparing Amazon to other companies through the prism of expected EPS growth, it must be admitted that the company ismuch cheaperthan the market.DCF model based on average expectations analysts indicate a 30% undervaluation. At the start of the year, a similarmodelindicated a 20% undervaluation.When you look at Amazon's revenue forecast for the next decade, you realize that the company will face growth problems. But in my opinion,it is better to invest in a company facing growth problems than aging problems.","news_type":1,"symbols_score_info":{"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":1452,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":109129797,"gmtCreate":1619674923919,"gmtModify":1634210802741,"author":{"id":"3574834957835877","authorId":"3574834957835877","name":"Jeph","avatar":"https://static.tigerbbs.com/6d84ddcaae60f793877f3447bc18beda","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574834957835877","authorIdStr":"3574834957835877"},"themes":[],"htmlText":"Cool","listText":"Cool","text":"Cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/109129797","repostId":"1129894067","repostType":4,"isVote":1,"tweetType":1,"viewCount":2869,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":371071621,"gmtCreate":1618896881363,"gmtModify":1634290054864,"author":{"id":"3574834957835877","authorId":"3574834957835877","name":"Jeph","avatar":"https://static.tigerbbs.com/6d84ddcaae60f793877f3447bc18beda","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574834957835877","authorIdStr":"3574834957835877"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/371071621","repostId":"1175524598","repostType":4,"isVote":1,"tweetType":1,"viewCount":2525,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":354651294,"gmtCreate":1617169877418,"gmtModify":1634522278271,"author":{"id":"3574834957835877","authorId":"3574834957835877","name":"Jeph","avatar":"https://static.tigerbbs.com/6d84ddcaae60f793877f3447bc18beda","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574834957835877","authorIdStr":"3574834957835877"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/354651294","repostId":"2123244656","repostType":4,"isVote":1,"tweetType":1,"viewCount":496,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}