keew的个人主页 - 老虎社区

keew

暂无个人介绍

IP属地：未知

5关注

5粉丝

0主题

0勋章

2021-06-17

Please like and comment. Thanks

抱歉，原内容已删除

2021-06-16

Pls comment and like. Thanks

抱歉，原内容已删除

2021-06-08

Pls like and comment. Thanks

抱歉，原内容已删除

2021-06-06

Please comment and like. Thanks

Zillow: Significant Downside Remains<blockquote>Zillow：仍存在重大下行空间</blockquote>

2021-06-06

Please like and comment. Thanks

抱歉，原内容已删除

2021-06-05

Please like and comment. Thanks

The S&P 500 would be below 1,600 without these 3 pillars and those supports are now weakening<blockquote>如果没有这三大支柱，标普500将低于1,600点，而这些支撑现在正在减弱</blockquote>

2021-06-03

Pls like and comment. Thanks

抱歉，原内容已删除

2021-05-26

Good

China’s Yuan Hits Strongest Level in Nearly Three Years<blockquote>人民币创近三年来最强水平</blockquote>

2021-05-21

Yup

抱歉，原内容已删除

2021-05-19

Oh no

Crypto stocks tumbled in premarket trading<blockquote>加密货币股票在盘前交易中暴跌</blockquote>

2021-05-18

Please like and comment. Thanks

Tencent Music beats profit estimates on subscription growth<blockquote>腾讯控股音乐订阅增长超出利润预期</blockquote>

2021-05-17

Pls comment and like. Thanks

抱歉，原内容已删除

2021-05-14

Please like and comment. Thanks

Coinbase revenue tripled from last quarter,To Offer Dogecoin In 6 To 8 Weeks<blockquote>Coinbase收入较上季度增长两倍，将在6至8周内提供狗狗币</blockquote>

2021-05-13

Please like and comment. Thanks

抱歉，原内容已删除

2021-05-13

Oh no

抱歉，原内容已删除

2021-05-12

Please reply and like. Thanks.

Should We Fear, Inflation Is Here<blockquote>我们应该害怕吗，通货膨胀来了</blockquote>

2021-05-11

Please like and comment. Thanks in advance

抱歉，原内容已删除

2021-05-10

Please like and comment

5 Unbeatable Stocks to Buy for a Biden Bull Market<blockquote>拜登牛市值得买入的5只无与伦比的股票</blockquote>

2021-05-09

Please reply and like

U.S. hiring takes big step back as businesses scramble for workers, raw materials<blockquote>由于企业争夺工人和原材料，美国招聘大幅倒退</blockquote>

2021-05-08

Please comment

抱歉，原内容已删除

去老虎APP查看更多动态

{"i18n":{"language":"zh_CN"},"userPageInfo":{"id":"3575231727264140","uuid":"3575231727264140","gmtCreate":1612178149312,"gmtModify":1612178149312,"name":"keew","pinyin":"keew","introduction":"","introductionEn":"","signature":"","avatar":"https://static.laohu8.com/default-avatar.jpg","hat":null,"hatId":null,"hatName":null,"vip":1,"status":2,"fanSize":5,"headSize":5,"tweetSize":55,"questionSize":0,"limitLevel":999,"accountStatus":4,"level":{"id":1,"name":"萌萌虎","nameTw":"萌萌虎","represent":"呱呱坠地","factor":"评论帖子3次或发布1条主帖（非转发）","iconColor":"3C9E83","bgColor":"A2F1D9"},"themeCounts":0,"badgeCounts":0,"badges":[],"moderator":false,"superModerator":false,"manageSymbols":null,"badgeLevel":null,"boolIsFan":false,"boolIsHead":false,"favoriteSize":0,"symbols":null,"coverImage":null,"realNameVerified":null,"userBadges":[{"badgeId":"e50ce593bb40487ebfb542ca54f6a561-3","templateUuid":"e50ce593bb40487ebfb542ca54f6a561","name":"偶像虎友","description":"加入老虎社区1500天","bigImgUrl":"https://static.tigerbbs.com/8b40ae7da5bf081a1c84df14bf9e6367","smallImgUrl":"https://static.tigerbbs.com/f160eceddd7c284a8e1136557615cfad","grayImgUrl":"https://static.tigerbbs.com/11792805c468334a9b31c39f95a41c6a","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2026.04.22","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1001,"isScarce":0,"effectConfig":null,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"wearingSort":0},{"badgeId":"518b5610c3e8410da5cfad115e4b0f5a-1","templateUuid":"518b5610c3e8410da5cfad115e4b0f5a","name":"实盘交易者","description":"完成一笔实盘交易","bigImgUrl":"https://static.tigerbbs.com/2e08a1cc2087a1de93402c2c290fa65b","smallImgUrl":"https://static.tigerbbs.com/4504a6397ce1137932d56e5f4ce27166","grayImgUrl":"https://static.tigerbbs.com/4b22c79415b4cd6e3d8ebc4a0fa32604","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100,"isScarce":0,"effectConfig":null,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"wearingSort":0},{"badgeId":"35ec162348d5460f88c959321e554969-1","templateUuid":"35ec162348d5460f88c959321e554969","name":"精英交易员","description":"证券或期货账户累计交易次数达到30次","bigImgUrl":"https://static.tigerbbs.com/ab0f87127c854ce3191a752d57b46edc","smallImgUrl":"https://static.tigerbbs.com/c9835ce48b8c8743566d344ac7a7ba8c","grayImgUrl":"https://static.tigerbbs.com/76754b53ce7a90019f132c1d2fbc698f","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":"60.18%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100,"isScarce":0,"effectConfig":null,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"wearingSort":0}],"userBadgeCount":3,"currentWearingBadge":null,"individualDisplayBadges":null,"crmLevel":11,"crmLevelSwitch":0,"location":"未知","starInvestorFollowerNum":0,"starInvestorFlag":false,"starInvestorOrderShareNum":0,"subscribeStarInvestorNum":0,"ror":null,"winRationPercentage":null,"showRor":false,"investmentPhilosophy":null,"starInvestorSubscribeFlag":false},"baikeInfo":{},"tab":"post","tweets":[{"id":163788253,"gmtCreate":1623893588272,"gmtModify":1634026283338,"author":{"id":"3575231727264140","authorId":"3575231727264140","name":"keew","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575231727264140","idStr":"3575231727264140"},"themes":[],"title":"","htmlText":"Please like and comment. Thanks","listText":"Please like and comment. Thanks","text":"Please like and comment. Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/163788253","repostId":"1104709957","repostType":4,"isVote":1,"tweetType":1,"viewCount":2307,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":169857430,"gmtCreate":1623829878820,"gmtModify":1634027446993,"author":{"id":"3575231727264140","authorId":"3575231727264140","name":"keew","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575231727264140","idStr":"3575231727264140"},"themes":[],"title":"","htmlText":"Pls comment and like. Thanks&nbsp;","listText":"Pls comment and like. Thanks&nbsp;","text":"Pls comment and like. Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/169857430","repostId":"2143271764","repostType":4,"isVote":1,"tweetType":1,"viewCount":1903,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":117310489,"gmtCreate":1623116630241,"gmtModify":1634036771362,"author":{"id":"3575231727264140","authorId":"3575231727264140","name":"keew","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575231727264140","idStr":"3575231727264140"},"themes":[],"title":"","htmlText":"Pls like and comment. Thanks&nbsp;","listText":"Pls like and comment. Thanks&nbsp;","text":"Pls like and comment. Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/117310489","repostId":"1144151885","repostType":4,"isVote":1,"tweetType":1,"viewCount":3171,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":115874198,"gmtCreate":1622979711514,"gmtModify":1634096435773,"author":{"id":"3575231727264140","authorId":"3575231727264140","name":"keew","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575231727264140","idStr":"3575231727264140"},"themes":[],"title":"","htmlText":"Please comment and like. Thanks","listText":"Please comment and like. Thanks","text":"Please comment and like. Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/115874198","repostId":"1120164826","repostType":4,"repost":{"id":"1120164826","kind":"news","pubTimestamp":1622951745,"share":"https://www.laohu8.com/m/news/1120164826?lang=zh_CN&edition=full","pubTime":"2021-06-06 11:55","market":"us","language":"en","title":"Zillow: Significant Downside Remains<blockquote>Zillow：仍存在重大下行空间</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1120164826","media":"seekingalpha","summary":"Summary\n\nShares of Zillow Group have come down some 30% since my \"Take Profits\" article was publishe","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Shares of Zillow Group have come down some 30% since my \"Take Profits\" article was published on Seeking Alpha.</li>  <li>However, and despite a definite improvement in the latest Q1 EPS report, the stock looks to have a further downside to come.</li>  <li>That is because margins are dismal, forward adjusted EBITDA guidance for Q2 was weak (lower than Q1), and the outstanding share count continues to grow.</li>  <li>Yet, the stock still trades with a forward P/E of nearly 100x.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ba2b4c631e3e6b24aaf024fb49665ea3\" tg-width=\"768\" tg-height=\"512\"><span>Photo by Sundry Photography/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>自从我在Seeking Alpha上发表“获利了结”文章以来，Zillow Group的股价已下跌约30%。</li><li>然而，尽管最新的第一季度每股收益报告明显改善，但该股看起来还会进一步下跌。</li><li>这是因为利润率惨淡，第二季度的前瞻性调整EBITDA指引疲弱（低于第一季度），而且流通股数量持续增长。</li><li>然而，该股的预期市盈率仍接近100倍。</li></ul><p class=\"t-img-caption\"><span>摄影：Sundry Photography/iStock社论来自Getty Images</span></p></blockquote></p><p> The&nbsp;<b>Zillow Group</b>&nbsp;(ZG) has, without a doubt, established itself as the #1 online real estate website and as one-stop shop for home-buying consumers. The company's recent pivot to what I'll call the iHome business (purchasing homes directly from consumers and then selling them on the open market) has been a positive catalyst of late in terms of revenue growth, and that business blends well with ZG's Mortgage Segment and Internet, Media, and Technology Segment. However, despite the recent and significant drop in the price of the shares, ZG still seem substantially overvalued in my opinion. That is because margins are - in a word - pathetic. In addition, Q2 guidance was weak and the company plans to hire an additional 2,000 employees this year. In my opinion, that will pressure margins even further through the remainder of the year.</p><p><blockquote>The<b>Zillow集团</b>毫无疑问，（ZG）已经成为排名第一的在线房地产网站和购房消费者的一站式商店。该公司最近转向看涨期权iHome业务（直接从消费者那里购买房屋，然后在公开市场上出售），这是最近收入增长的积极催化剂，该业务与ZG的抵押贷款业务融合得很好部门以及互联网、媒体和技术部门。然而，尽管最近股价大幅下跌，但在我看来，ZG的估值似乎仍然被严重高估。这是因为利润率——一言以蔽之——可怜。此外，Q2指引疲弱，公司计划今年再增聘2,000名员工。在我看来，这将在今年剩余时间里进一步给利润率带来压力。</blockquote></p><p> <b>Investment Rationale</b></p><p><blockquote><b>投资理由</b></blockquote></p><p> Like many Americans, Zillow has become one of my favorite websites. I am surely not alone when it comes to frequently checking Zillow.com to see what the current \"Zestimate\" is for my home as well as for the homes I have owned in the past, and those of my friends and family.</p><p><blockquote>像许多美国人一样，Zillow已经成为我最喜欢的网站之一。我肯定不是唯一一个经常查看Zillow.com以了解我的家以及我过去拥有的家以及我的朋友和家人的家的当前“Zestimate”是多少的人。</blockquote></p><p> Indeed, marketing share data from Statista shows that Zillow is #1 in unique monthly visits, and Trulia - which the Zillow Group bought in 2014 - is #2. In aggregate that gives the Zillow group a stranglehold on the real estate website market (at least by the unique visits metric) at more than 3x the share as compared to what was once a highly competitive race with Realtor.com for consumers' eye-balls:</p><p><blockquote>事实上，Statista的营销份额数据显示，Zillow在每月独立访问量方面排名第一，Zillow集团在2014年收购的Trulia排名第二。总体而言，与曾经与Realtor.com争夺消费者眼球的激烈竞争相比，Zillow集团在房地产网站市场（至少从独立访问量指标来看）的份额是其3倍以上：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/929acb56fa1d566e5f6c3ac0d250c2c2\" tg-width=\"640\" tg-height=\"553\"><span>Source:Statista</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：斯塔蒂斯塔</span></p></blockquote></p><p> But of course there are other metrics to judge the popularity and use of real estate websites. Here is more recent data (April 1, 2021) from SimilarWeb.com:</p><p><blockquote>但当然还有其他指标来判断房地产网站的受欢迎程度和使用情况。以下是来自SimilarWeb.com的最新数据（2021年4月1日）：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/836f372f61ccb570286e9ac3e0f3143b\" tg-width=\"640\" tg-height=\"366\"><span>Source:SimilarWeb.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：SimilarWeb.com</span></p></blockquote></p><p> When it comes to average visit duration, pages viewed per visit, and bounce rate (the % of consumers that only view one-page then leave the site), Zillow and Trulia again show impressive comps. That said, note there must be other metrics that figure into the SimilarWeb ratings shown above because - from these metrics alone - one could argue rightmove.co.uk has the best stats as shown. Regardless, this graphic is another indicator that the Zillow/Trulia brand is very strong and the market leader.</p><p><blockquote>当谈到平均访问持续时间、每次访问浏览的页面和跳出率（只浏览一页然后离开网站的消费者的百分比）时，Zillow和Trulia再次显示出令人印象深刻的对比。也就是说，请注意，上面显示的SimilarWeb评级中肯定有其他指标，因为仅从这些指标来看，人们就可以认为rightmove.co.uk拥有如图所示的最佳统计数据。无论如何，这张图是Zillow/Trulia品牌非常强大并且是市场领导者的另一个指标。</blockquote></p><p> However, eye-balls aren't enough ... the views and activity need to be converted into profits, and that is where the Zillow Group is struggling in comparison to its rather lofty valuation.</p><p><blockquote>然而，眼球是不够的...观点和活动需要转化为利润，而这正是Zillow集团与其相当高的估值相比所苦苦挣扎的地方。</blockquote></p><p> <b>Q1 Earnings</b></p><p><blockquote><b>第一季度收益</b></blockquote></p><p> Zillow released its&nbsp;Q1 EPS report&nbsp;on May 4th. It was a strong report. GAAP net-income of $0.20/share&nbsp;beat estimates by a whopping $0.13. Revenue of $1.22 billion was a $120 million beat and was up 8% yoy. The company reported strong traffic on its website and mobile apps, with 221 million average monthly users (up 15% yoy) driving 2.5 billion visits during Q1 (up 19% yoy).</p><p><blockquote>Zillow于5月4日发布了第一季度EPS报告。这是一份强有力的报告。GAAP每股净利润为0.20美元，比预期高出0.13美元。收入为12.2亿美元，超出1.2亿美元，同比增长8%。该公司报告称，其网站和移动应用程序流量强劲，第一季度平均每月用户2.21亿（同比增长15%），访问量达25亿次（同比增长19%）。</blockquote></p><p> The most interesting segment in Q1 was the iHome (or what ZG calls \"Zillow Offers\") because it accounted for ~57% of revenue and is the segment Zillow is counting on to be is profitable growth engine.</p><p><blockquote>第一季度最有趣的细分市场是iHome（或ZG评级“Zillow提供的”），因为它约占收入的57%，并且是Zillow指望成为盈利增长引擎的细分市场。</blockquote></p><p> However, as can be seen in the graphic below, the margins are - so far - quite puny:</p><p><blockquote>然而，如下图所示，到目前为止，利润率相当小：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/82e5264c5427eb9f8b1987c2182cb39a\" tg-width=\"640\" tg-height=\"311\"><span>Source: Zillow'sQ1 EPS report</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Zillow第一季度每股收益报告</span></p></blockquote></p><p></p><p> As can be seen, the all-in return (after operating costs and interest expense) on the home buying/selling (flipping might be a better word) is a scant 4.94% of the average per-home revenue. That is despite what is generally considered to be a very hot-market real estate market across the nation. In addition, note the iHome business is a threat to the company's future growth aspirations because the pivot to iHome has pretty much cratered the company's Premier Agent business. The pivot also likely means more pressure on Zillow's advertising revenue which generally comes from the agents its iHome segment is now stealing away homes from. And all that for only 4.9% margins?</p><p><blockquote>可以看出，房屋买卖（翻转可能是一个更好的词）的总回报（扣除运营成本和利息支出）不到平均每户收入的4.94%。尽管全国房地产市场普遍被认为非常火爆。此外，请注意，iHome业务对公司未来的增长愿望构成威胁，因为转向iHome几乎损害了公司的首要代理业务。这一转变也可能意味着Zillow的广告收入面临更大压力，这些收入通常来自其iHome部门目前正在抢走房屋的代理商。而这一切的利润率只有4.9%？</blockquote></p><p> <b>Going Forward</b></p><p><blockquote><b>展望未来</b></blockquote></p><p> The chart below is the company's guidance for Q2:</p><p><blockquote>下图是该公司第二季度的指引：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d976a71e1e72bb8f0c6ac3306aa4f100\" tg-width=\"628\" tg-height=\"337\"><span>Source: Zillow's Q1 EPS report</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Zillow第一季度每股收益报告</span></p></blockquote></p><p> At the midpoint of guidance total adjusted EBITDA ($128 million), note that&nbsp;<b>will be down considerably</b>&nbsp;from the $181 million in total adjusted EBITDA delivered in Q1.</p><p><blockquote>在指导调整后EBITDA总额（1.28亿美元）的中点，请注意<b>将大幅下降</b>第一季度调整后EBITDA总额为1.81亿美元。</blockquote></p><p> In addition, note the weighted average share-count at the end of Q1 (it was not included in the Q1 EPS report, but can be found in the&nbsp;SEC 10-Q filing) was 259,346,000 shares (up a whopping 23% yoy). And that share-count is expected to continue growing to an estimated 265.5 million shares at the end of Q2 (based on the guidance shown above).</p><p><blockquote>此外，请注意，第一季度末的加权平均股数（未包含在第一季度每股收益报告中，但可以在SEC 10-Q文件中找到）为259,346,000股（同比增长23%）。预计到第二季度末，该股数量将继续增长至约2.655亿股（基于上述指导）。</blockquote></p><p> <b>Valuation</b></p><p><blockquote><b>估值</b></blockquote></p><p> So we have weak margins, falling adjusted EBITDA and a significantly rising number of fully diluted shares. Hmmmm.</p><p><blockquote>因此，我们的利润率疲软，调整后的EBITDA下降，而完全稀释的股票数量大幅增加。嗯嗯。</blockquote></p><p> Yet, despite the recent correction in the stock (note the stock is down ~30% since my Seeking Alpha article in March&nbsp;<i>Zillow: Take Profits</i>), the stock is still trading at a lofty valuation given the analysis of Q1 and Q2 guidance just presented. The&nbsp;Seeking Alpha forward P/E=97.7x.</p><p><blockquote>然而，尽管该股最近有所调整（请注意，自我3月份的Seeking Alpha文章以来，该股已下跌约30%<i>Zillow：获利了结</i>），考虑到刚刚提出的第一季度和第二季度指引的分析，该股的估值仍然很高。寻求阿尔法远期市盈率=97.7倍。</blockquote></p><p> That is obviously a rich comparison in terms of Zillow's growth prospects (or non-growth...) considering the weak Q2 guidance. In addition, it is not clear to me what the catalyst will be to improve the company's awfully small margins going forward. That is especially the case considering&nbsp;<b>Zillow plans to hire an additional 2,000 employees this year</b>, increasing its headcount by some 40%. In my opinion, this headcount growth will be a significant headwind when it comes to increasing margins. That is, Zillow is not able to demonstrate increasing margins as it tries to scale-up its operations.</p><p><blockquote>考虑到疲软的第二季度指引，就Zillow的增长前景（或非增长……）而言，这显然是一个丰富的比较。此外，我不清楚改善公司未来微薄利润率的催化剂是什么。考虑到这一点尤其如此<b>Zillow计划今年再增聘2000名员工</b>，员工人数增加约40%。在我看来，在提高利润率方面，员工人数的增长将是一个重大阻力。也就是说，Zillow在试图扩大业务规模时无法证明利润率不断增加。</blockquote></p><p> Meantime, the pivot to iHome also means that ZG now has significantly more macro-level risks as it will be increasingly dependent on the ups (now..) and downs (coming...) of the housing market.</p><p><blockquote>与此同时，转向iHome也意味着ZG现在面临更多的宏观层面风险，因为它将越来越依赖于房地产市场的起伏（现在……）。</blockquote></p><p> <b>Risks</b></p><p><blockquote><b>风险</b></blockquote></p><p> The risk of buying Zillow Group today is - in my opinion, a priced-to-near-perfection valuation level. I say \"near perfection\" because it was priced to perfection when I wrote my \"Take Profits\" article on ZG, and since it is down 30% since that piece was published, now I will simply call ZG a \"rich valuation\" proposition.</p><p><blockquote>在我看来，今天购买Zillow Group的风险是定价接近完美的估值水平。我说“接近完美”是因为当我写关于ZG的“获利了结”文章时，它的定价已经达到了完美，而且自从那篇文章发表以来，它已经下跌了30%，现在我将简单地看涨期权ZG一个“丰富的估值”命题。</blockquote></p><p> The goods news is that Zillow has a relatively strong balance sheet: it ended the quarter with $4.7 billion in cash (up from $3.9 billion at the end of 2020) after completing a $551 million stock offering during the quarter.</p><p><blockquote>好消息是，Zillow的资产负债表相对强劲：在本季度完成了5.51亿美元的股票发行后，该公司在本季度末拥有47亿美元现金（高于2020年底的39亿美元）。</blockquote></p><p> That compares to $2.259 billion in debt, which was down slightly from year-end. As a result, the company has an estimated $9.19/share in net cash based on the 265.5 million diluted shares outstanding at the end of Q1. And Zillow will likely need to keep a fair amount of cash in order to offset its higher risk profile due to direct exposure to the housing market. That is because history shows us the US housing market can change on-a-dime and could catch ZG holding a rather large inventory of homes.</p><p><blockquote>相比之下，债务为22.59亿美元，较年底略有下降。因此，根据第一季度末已发行的2.655亿股稀释后股票，该公司估计每股净现金为9.19美元。Zillow可能需要保留相当数量的现金，以抵消其因直接投资房地产市场而面临的较高风险。这是因为历史告诉我们，美国房地产市场可能会随时发生变化，并且可能会让ZG持有相当大的房屋库存。</blockquote></p><p> <b>Summary &amp; Conclusion</b></p><p><blockquote><b>总结和结论</b></blockquote></p><p> While Zillow's Q1 report was certainly much improved on a sequential basis, the company's own Q2 guidance seems to be more indicative of the thesis I presented in my last article on the company. That is, the stock's valuation simply appears to be substantially out-of-whack in comparison to its demonstrated growth metrics. More shares, falling sequential adjusted EBITDA in Q2 despite a hot and highly appreciating housing market and ... well, I just cannot understand the current valuation level. As a result, I maintain the opinion from my previous article: I wouldn't be interested in ZG until it reached the ~$50/share level.</p><p><blockquote>虽然Zillow的第一季度报告确实比环比有了很大改善，但该公司自己的第二季度指引似乎更能说明我在上一篇关于该公司的文章中提出的论点。也就是说，与其表现出的增长指标相比，该股的估值似乎根本不正常。尽管房地产市场火热且高度升值，但第二季度调整后EBITDA仍环比下降...嗯，我只是无法理解目前的估值水平。因此，我维持上一篇文章中的观点：在ZG达到约50美元/股的水平之前，我不会对其感兴趣。</blockquote></p><p> I will end with a five-year price chart of ZG and note that my $50 target is roughly where the stock was prior to the pandemic. Certainly the EPS reports issues since that time do not justify the rapid and substantial increase in the shares to $200 ... or, even the current $110 level.</p><p><blockquote>我将以ZG的五年价格图表结束，并指出我的50美元目标大致是该股在大流行之前的水平。当然，自那时以来的每股收益报告问题并不能证明股价快速大幅上涨至200美元是合理的……或者，甚至是目前110美元的水平。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8f243f9f555525da2dcb1589d18cd30f\" tg-width=\"635\" tg-height=\"403\"><span>Data byYCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></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>Zillow: Significant Downside Remains<blockquote>Zillow：仍存在重大下行空间</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\">\nZillow: Significant Downside Remains<blockquote>Zillow：仍存在重大下行空间</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-06-06 11:55</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Shares of Zillow Group have come down some 30% since my \"Take Profits\" article was published on Seeking Alpha.</li>  <li>However, and despite a definite improvement in the latest Q1 EPS report, the stock looks to have a further downside to come.</li>  <li>That is because margins are dismal, forward adjusted EBITDA guidance for Q2 was weak (lower than Q1), and the outstanding share count continues to grow.</li>  <li>Yet, the stock still trades with a forward P/E of nearly 100x.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ba2b4c631e3e6b24aaf024fb49665ea3\" tg-width=\"768\" tg-height=\"512\"><span>Photo by Sundry Photography/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>自从我在Seeking Alpha上发表“获利了结”文章以来，Zillow Group的股价已下跌约30%。</li><li>然而，尽管最新的第一季度每股收益报告明显改善，但该股看起来还会进一步下跌。</li><li>这是因为利润率惨淡，第二季度的前瞻性调整EBITDA指引疲弱（低于第一季度），而且流通股数量持续增长。</li><li>然而，该股的预期市盈率仍接近100倍。</li></ul><p class=\"t-img-caption\"><span>摄影：Sundry Photography/iStock社论来自Getty Images</span></p></blockquote></p><p> The&nbsp;<b>Zillow Group</b>&nbsp;(ZG) has, without a doubt, established itself as the #1 online real estate website and as one-stop shop for home-buying consumers. The company's recent pivot to what I'll call the iHome business (purchasing homes directly from consumers and then selling them on the open market) has been a positive catalyst of late in terms of revenue growth, and that business blends well with ZG's Mortgage Segment and Internet, Media, and Technology Segment. However, despite the recent and significant drop in the price of the shares, ZG still seem substantially overvalued in my opinion. That is because margins are - in a word - pathetic. In addition, Q2 guidance was weak and the company plans to hire an additional 2,000 employees this year. In my opinion, that will pressure margins even further through the remainder of the year.</p><p><blockquote>The<b>Zillow集团</b>毫无疑问，（ZG）已经成为排名第一的在线房地产网站和购房消费者的一站式商店。该公司最近转向看涨期权iHome业务（直接从消费者那里购买房屋，然后在公开市场上出售），这是最近收入增长的积极催化剂，该业务与ZG的抵押贷款业务融合得很好部门以及互联网、媒体和技术部门。然而，尽管最近股价大幅下跌，但在我看来，ZG的估值似乎仍然被严重高估。这是因为利润率——一言以蔽之——可怜。此外，Q2指引疲弱，公司计划今年再增聘2,000名员工。在我看来，这将在今年剩余时间里进一步给利润率带来压力。</blockquote></p><p> <b>Investment Rationale</b></p><p><blockquote><b>投资理由</b></blockquote></p><p> Like many Americans, Zillow has become one of my favorite websites. I am surely not alone when it comes to frequently checking Zillow.com to see what the current \"Zestimate\" is for my home as well as for the homes I have owned in the past, and those of my friends and family.</p><p><blockquote>像许多美国人一样，Zillow已经成为我最喜欢的网站之一。我肯定不是唯一一个经常查看Zillow.com以了解我的家以及我过去拥有的家以及我的朋友和家人的家的当前“Zestimate”是多少的人。</blockquote></p><p> Indeed, marketing share data from Statista shows that Zillow is #1 in unique monthly visits, and Trulia - which the Zillow Group bought in 2014 - is #2. In aggregate that gives the Zillow group a stranglehold on the real estate website market (at least by the unique visits metric) at more than 3x the share as compared to what was once a highly competitive race with Realtor.com for consumers' eye-balls:</p><p><blockquote>事实上，Statista的营销份额数据显示，Zillow在每月独立访问量方面排名第一，Zillow集团在2014年收购的Trulia排名第二。总体而言，与曾经与Realtor.com争夺消费者眼球的激烈竞争相比，Zillow集团在房地产网站市场（至少从独立访问量指标来看）的份额是其3倍以上：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/929acb56fa1d566e5f6c3ac0d250c2c2\" tg-width=\"640\" tg-height=\"553\"><span>Source:Statista</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：斯塔蒂斯塔</span></p></blockquote></p><p> But of course there are other metrics to judge the popularity and use of real estate websites. Here is more recent data (April 1, 2021) from SimilarWeb.com:</p><p><blockquote>但当然还有其他指标来判断房地产网站的受欢迎程度和使用情况。以下是来自SimilarWeb.com的最新数据（2021年4月1日）：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/836f372f61ccb570286e9ac3e0f3143b\" tg-width=\"640\" tg-height=\"366\"><span>Source:SimilarWeb.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：SimilarWeb.com</span></p></blockquote></p><p> When it comes to average visit duration, pages viewed per visit, and bounce rate (the % of consumers that only view one-page then leave the site), Zillow and Trulia again show impressive comps. That said, note there must be other metrics that figure into the SimilarWeb ratings shown above because - from these metrics alone - one could argue rightmove.co.uk has the best stats as shown. Regardless, this graphic is another indicator that the Zillow/Trulia brand is very strong and the market leader.</p><p><blockquote>当谈到平均访问持续时间、每次访问浏览的页面和跳出率（只浏览一页然后离开网站的消费者的百分比）时，Zillow和Trulia再次显示出令人印象深刻的对比。也就是说，请注意，上面显示的SimilarWeb评级中肯定有其他指标，因为仅从这些指标来看，人们就可以认为rightmove.co.uk拥有如图所示的最佳统计数据。无论如何，这张图是Zillow/Trulia品牌非常强大并且是市场领导者的另一个指标。</blockquote></p><p> However, eye-balls aren't enough ... the views and activity need to be converted into profits, and that is where the Zillow Group is struggling in comparison to its rather lofty valuation.</p><p><blockquote>然而，眼球是不够的...观点和活动需要转化为利润，而这正是Zillow集团与其相当高的估值相比所苦苦挣扎的地方。</blockquote></p><p> <b>Q1 Earnings</b></p><p><blockquote><b>第一季度收益</b></blockquote></p><p> Zillow released its&nbsp;Q1 EPS report&nbsp;on May 4th. It was a strong report. GAAP net-income of $0.20/share&nbsp;beat estimates by a whopping $0.13. Revenue of $1.22 billion was a $120 million beat and was up 8% yoy. The company reported strong traffic on its website and mobile apps, with 221 million average monthly users (up 15% yoy) driving 2.5 billion visits during Q1 (up 19% yoy).</p><p><blockquote>Zillow于5月4日发布了第一季度EPS报告。这是一份强有力的报告。GAAP每股净利润为0.20美元，比预期高出0.13美元。收入为12.2亿美元，超出1.2亿美元，同比增长8%。该公司报告称，其网站和移动应用程序流量强劲，第一季度平均每月用户2.21亿（同比增长15%），访问量达25亿次（同比增长19%）。</blockquote></p><p> The most interesting segment in Q1 was the iHome (or what ZG calls \"Zillow Offers\") because it accounted for ~57% of revenue and is the segment Zillow is counting on to be is profitable growth engine.</p><p><blockquote>第一季度最有趣的细分市场是iHome（或ZG评级“Zillow提供的”），因为它约占收入的57%，并且是Zillow指望成为盈利增长引擎的细分市场。</blockquote></p><p> However, as can be seen in the graphic below, the margins are - so far - quite puny:</p><p><blockquote>然而，如下图所示，到目前为止，利润率相当小：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/82e5264c5427eb9f8b1987c2182cb39a\" tg-width=\"640\" tg-height=\"311\"><span>Source: Zillow'sQ1 EPS report</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Zillow第一季度每股收益报告</span></p></blockquote></p><p></p><p> As can be seen, the all-in return (after operating costs and interest expense) on the home buying/selling (flipping might be a better word) is a scant 4.94% of the average per-home revenue. That is despite what is generally considered to be a very hot-market real estate market across the nation. In addition, note the iHome business is a threat to the company's future growth aspirations because the pivot to iHome has pretty much cratered the company's Premier Agent business. The pivot also likely means more pressure on Zillow's advertising revenue which generally comes from the agents its iHome segment is now stealing away homes from. And all that for only 4.9% margins?</p><p><blockquote>可以看出，房屋买卖（翻转可能是一个更好的词）的总回报（扣除运营成本和利息支出）不到平均每户收入的4.94%。尽管全国房地产市场普遍被认为非常火爆。此外，请注意，iHome业务对公司未来的增长愿望构成威胁，因为转向iHome几乎损害了公司的首要代理业务。这一转变也可能意味着Zillow的广告收入面临更大压力，这些收入通常来自其iHome部门目前正在抢走房屋的代理商。而这一切的利润率只有4.9%？</blockquote></p><p> <b>Going Forward</b></p><p><blockquote><b>展望未来</b></blockquote></p><p> The chart below is the company's guidance for Q2:</p><p><blockquote>下图是该公司第二季度的指引：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d976a71e1e72bb8f0c6ac3306aa4f100\" tg-width=\"628\" tg-height=\"337\"><span>Source: Zillow's Q1 EPS report</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Zillow第一季度每股收益报告</span></p></blockquote></p><p> At the midpoint of guidance total adjusted EBITDA ($128 million), note that&nbsp;<b>will be down considerably</b>&nbsp;from the $181 million in total adjusted EBITDA delivered in Q1.</p><p><blockquote>在指导调整后EBITDA总额（1.28亿美元）的中点，请注意<b>将大幅下降</b>第一季度调整后EBITDA总额为1.81亿美元。</blockquote></p><p> In addition, note the weighted average share-count at the end of Q1 (it was not included in the Q1 EPS report, but can be found in the&nbsp;SEC 10-Q filing) was 259,346,000 shares (up a whopping 23% yoy). And that share-count is expected to continue growing to an estimated 265.5 million shares at the end of Q2 (based on the guidance shown above).</p><p><blockquote>此外，请注意，第一季度末的加权平均股数（未包含在第一季度每股收益报告中，但可以在SEC 10-Q文件中找到）为259,346,000股（同比增长23%）。预计到第二季度末，该股数量将继续增长至约2.655亿股（基于上述指导）。</blockquote></p><p> <b>Valuation</b></p><p><blockquote><b>估值</b></blockquote></p><p> So we have weak margins, falling adjusted EBITDA and a significantly rising number of fully diluted shares. Hmmmm.</p><p><blockquote>因此，我们的利润率疲软，调整后的EBITDA下降，而完全稀释的股票数量大幅增加。嗯嗯。</blockquote></p><p> Yet, despite the recent correction in the stock (note the stock is down ~30% since my Seeking Alpha article in March&nbsp;<i>Zillow: Take Profits</i>), the stock is still trading at a lofty valuation given the analysis of Q1 and Q2 guidance just presented. The&nbsp;Seeking Alpha forward P/E=97.7x.</p><p><blockquote>然而，尽管该股最近有所调整（请注意，自我3月份的Seeking Alpha文章以来，该股已下跌约30%<i>Zillow：获利了结</i>），考虑到刚刚提出的第一季度和第二季度指引的分析，该股的估值仍然很高。寻求阿尔法远期市盈率=97.7倍。</blockquote></p><p> That is obviously a rich comparison in terms of Zillow's growth prospects (or non-growth...) considering the weak Q2 guidance. In addition, it is not clear to me what the catalyst will be to improve the company's awfully small margins going forward. That is especially the case considering&nbsp;<b>Zillow plans to hire an additional 2,000 employees this year</b>, increasing its headcount by some 40%. In my opinion, this headcount growth will be a significant headwind when it comes to increasing margins. That is, Zillow is not able to demonstrate increasing margins as it tries to scale-up its operations.</p><p><blockquote>考虑到疲软的第二季度指引，就Zillow的增长前景（或非增长……）而言，这显然是一个丰富的比较。此外，我不清楚改善公司未来微薄利润率的催化剂是什么。考虑到这一点尤其如此<b>Zillow计划今年再增聘2000名员工</b>，员工人数增加约40%。在我看来，在提高利润率方面，员工人数的增长将是一个重大阻力。也就是说，Zillow在试图扩大业务规模时无法证明利润率不断增加。</blockquote></p><p> Meantime, the pivot to iHome also means that ZG now has significantly more macro-level risks as it will be increasingly dependent on the ups (now..) and downs (coming...) of the housing market.</p><p><blockquote>与此同时，转向iHome也意味着ZG现在面临更多的宏观层面风险，因为它将越来越依赖于房地产市场的起伏（现在……）。</blockquote></p><p> <b>Risks</b></p><p><blockquote><b>风险</b></blockquote></p><p> The risk of buying Zillow Group today is - in my opinion, a priced-to-near-perfection valuation level. I say \"near perfection\" because it was priced to perfection when I wrote my \"Take Profits\" article on ZG, and since it is down 30% since that piece was published, now I will simply call ZG a \"rich valuation\" proposition.</p><p><blockquote>在我看来，今天购买Zillow Group的风险是定价接近完美的估值水平。我说“接近完美”是因为当我写关于ZG的“获利了结”文章时，它的定价已经达到了完美，而且自从那篇文章发表以来，它已经下跌了30%，现在我将简单地看涨期权ZG一个“丰富的估值”命题。</blockquote></p><p> The goods news is that Zillow has a relatively strong balance sheet: it ended the quarter with $4.7 billion in cash (up from $3.9 billion at the end of 2020) after completing a $551 million stock offering during the quarter.</p><p><blockquote>好消息是，Zillow的资产负债表相对强劲：在本季度完成了5.51亿美元的股票发行后，该公司在本季度末拥有47亿美元现金（高于2020年底的39亿美元）。</blockquote></p><p> That compares to $2.259 billion in debt, which was down slightly from year-end. As a result, the company has an estimated $9.19/share in net cash based on the 265.5 million diluted shares outstanding at the end of Q1. And Zillow will likely need to keep a fair amount of cash in order to offset its higher risk profile due to direct exposure to the housing market. That is because history shows us the US housing market can change on-a-dime and could catch ZG holding a rather large inventory of homes.</p><p><blockquote>相比之下，债务为22.59亿美元，较年底略有下降。因此，根据第一季度末已发行的2.655亿股稀释后股票，该公司估计每股净现金为9.19美元。Zillow可能需要保留相当数量的现金，以抵消其因直接投资房地产市场而面临的较高风险。这是因为历史告诉我们，美国房地产市场可能会随时发生变化，并且可能会让ZG持有相当大的房屋库存。</blockquote></p><p> <b>Summary &amp; Conclusion</b></p><p><blockquote><b>总结和结论</b></blockquote></p><p> While Zillow's Q1 report was certainly much improved on a sequential basis, the company's own Q2 guidance seems to be more indicative of the thesis I presented in my last article on the company. That is, the stock's valuation simply appears to be substantially out-of-whack in comparison to its demonstrated growth metrics. More shares, falling sequential adjusted EBITDA in Q2 despite a hot and highly appreciating housing market and ... well, I just cannot understand the current valuation level. As a result, I maintain the opinion from my previous article: I wouldn't be interested in ZG until it reached the ~$50/share level.</p><p><blockquote>虽然Zillow的第一季度报告确实比环比有了很大改善，但该公司自己的第二季度指引似乎更能说明我在上一篇关于该公司的文章中提出的论点。也就是说，与其表现出的增长指标相比，该股的估值似乎根本不正常。尽管房地产市场火热且高度升值，但第二季度调整后EBITDA仍环比下降...嗯，我只是无法理解目前的估值水平。因此，我维持上一篇文章中的观点：在ZG达到约50美元/股的水平之前，我不会对其感兴趣。</blockquote></p><p> I will end with a five-year price chart of ZG and note that my $50 target is roughly where the stock was prior to the pandemic. Certainly the EPS reports issues since that time do not justify the rapid and substantial increase in the shares to $200 ... or, even the current $110 level.</p><p><blockquote>我将以ZG的五年价格图表结束，并指出我的50美元目标大致是该股在大流行之前的水平。当然，自那时以来的每股收益报告问题并不能证明股价快速大幅上涨至200美元是合理的……或者，甚至是目前110美元的水平。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8f243f9f555525da2dcb1589d18cd30f\" tg-width=\"635\" tg-height=\"403\"><span>Data byYCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4433217-zillow-significant-downside-remains\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"Z":"Zillow"},"source_url":"https://seekingalpha.com/article/4433217-zillow-significant-downside-remains","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1120164826","content_text":"Summary\n\nShares of Zillow Group have come down some 30% since my \"Take Profits\" article was published on Seeking Alpha.\nHowever, and despite a definite improvement in the latest Q1 EPS report, the stock looks to have a further downside to come.\nThat is because margins are dismal, forward adjusted EBITDA guidance for Q2 was weak (lower than Q1), and the outstanding share count continues to grow.\nYet, the stock still trades with a forward P/E of nearly 100x.\n\nPhoto by Sundry Photography/iStock Editorial via Getty Images\nThe Zillow Group (ZG) has, without a doubt, established itself as the #1 online real estate website and as one-stop shop for home-buying consumers. The company's recent pivot to what I'll call the iHome business (purchasing homes directly from consumers and then selling them on the open market) has been a positive catalyst of late in terms of revenue growth, and that business blends well with ZG's Mortgage Segment and Internet, Media, and Technology Segment. However, despite the recent and significant drop in the price of the shares, ZG still seem substantially overvalued in my opinion. That is because margins are - in a word - pathetic. In addition, Q2 guidance was weak and the company plans to hire an additional 2,000 employees this year. In my opinion, that will pressure margins even further through the remainder of the year.\nInvestment Rationale\nLike many Americans, Zillow has become one of my favorite websites. I am surely not alone when it comes to frequently checking Zillow.com to see what the current \"Zestimate\" is for my home as well as for the homes I have owned in the past, and those of my friends and family.\nIndeed, marketing share data from Statista shows that Zillow is #1 in unique monthly visits, and Trulia - which the Zillow Group bought in 2014 - is #2. In aggregate that gives the Zillow group a stranglehold on the real estate website market (at least by the unique visits metric) at more than 3x the share as compared to what was once a highly competitive race with Realtor.com for consumers' eye-balls:\nSource:Statista\nBut of course there are other metrics to judge the popularity and use of real estate websites. Here is more recent data (April 1, 2021) from SimilarWeb.com:\nSource:SimilarWeb.com\nWhen it comes to average visit duration, pages viewed per visit, and bounce rate (the % of consumers that only view one-page then leave the site), Zillow and Trulia again show impressive comps. That said, note there must be other metrics that figure into the SimilarWeb ratings shown above because - from these metrics alone - one could argue rightmove.co.uk has the best stats as shown. Regardless, this graphic is another indicator that the Zillow/Trulia brand is very strong and the market leader.\nHowever, eye-balls aren't enough ... the views and activity need to be converted into profits, and that is where the Zillow Group is struggling in comparison to its rather lofty valuation.\nQ1 Earnings\nZillow released its Q1 EPS report on May 4th. It was a strong report. GAAP net-income of $0.20/share beat estimates by a whopping $0.13. Revenue of $1.22 billion was a $120 million beat and was up 8% yoy. The company reported strong traffic on its website and mobile apps, with 221 million average monthly users (up 15% yoy) driving 2.5 billion visits during Q1 (up 19% yoy).\nThe most interesting segment in Q1 was the iHome (or what ZG calls \"Zillow Offers\") because it accounted for ~57% of revenue and is the segment Zillow is counting on to be is profitable growth engine.\nHowever, as can be seen in the graphic below, the margins are - so far - quite puny:\nSource: Zillow'sQ1 EPS report\nAs can be seen, the all-in return (after operating costs and interest expense) on the home buying/selling (flipping might be a better word) is a scant 4.94% of the average per-home revenue. That is despite what is generally considered to be a very hot-market real estate market across the nation. In addition, note the iHome business is a threat to the company's future growth aspirations because the pivot to iHome has pretty much cratered the company's Premier Agent business. The pivot also likely means more pressure on Zillow's advertising revenue which generally comes from the agents its iHome segment is now stealing away homes from. And all that for only 4.9% margins?\nGoing Forward\nThe chart below is the company's guidance for Q2:\nSource: Zillow's Q1 EPS report\nAt the midpoint of guidance total adjusted EBITDA ($128 million), note that will be down considerably from the $181 million in total adjusted EBITDA delivered in Q1.\nIn addition, note the weighted average share-count at the end of Q1 (it was not included in the Q1 EPS report, but can be found in the SEC 10-Q filing) was 259,346,000 shares (up a whopping 23% yoy). And that share-count is expected to continue growing to an estimated 265.5 million shares at the end of Q2 (based on the guidance shown above).\nValuation\nSo we have weak margins, falling adjusted EBITDA and a significantly rising number of fully diluted shares. Hmmmm.\nYet, despite the recent correction in the stock (note the stock is down ~30% since my Seeking Alpha article in March Zillow: Take Profits), the stock is still trading at a lofty valuation given the analysis of Q1 and Q2 guidance just presented. The Seeking Alpha forward P/E=97.7x.\nThat is obviously a rich comparison in terms of Zillow's growth prospects (or non-growth...) considering the weak Q2 guidance. In addition, it is not clear to me what the catalyst will be to improve the company's awfully small margins going forward. That is especially the case considering Zillow plans to hire an additional 2,000 employees this year, increasing its headcount by some 40%. In my opinion, this headcount growth will be a significant headwind when it comes to increasing margins. That is, Zillow is not able to demonstrate increasing margins as it tries to scale-up its operations.\nMeantime, the pivot to iHome also means that ZG now has significantly more macro-level risks as it will be increasingly dependent on the ups (now..) and downs (coming...) of the housing market.\nRisks\nThe risk of buying Zillow Group today is - in my opinion, a priced-to-near-perfection valuation level. I say \"near perfection\" because it was priced to perfection when I wrote my \"Take Profits\" article on ZG, and since it is down 30% since that piece was published, now I will simply call ZG a \"rich valuation\" proposition.\nThe goods news is that Zillow has a relatively strong balance sheet: it ended the quarter with $4.7 billion in cash (up from $3.9 billion at the end of 2020) after completing a $551 million stock offering during the quarter.\nThat compares to $2.259 billion in debt, which was down slightly from year-end. As a result, the company has an estimated $9.19/share in net cash based on the 265.5 million diluted shares outstanding at the end of Q1. And Zillow will likely need to keep a fair amount of cash in order to offset its higher risk profile due to direct exposure to the housing market. That is because history shows us the US housing market can change on-a-dime and could catch ZG holding a rather large inventory of homes.\nSummary & Conclusion\nWhile Zillow's Q1 report was certainly much improved on a sequential basis, the company's own Q2 guidance seems to be more indicative of the thesis I presented in my last article on the company. That is, the stock's valuation simply appears to be substantially out-of-whack in comparison to its demonstrated growth metrics. More shares, falling sequential adjusted EBITDA in Q2 despite a hot and highly appreciating housing market and ... well, I just cannot understand the current valuation level. As a result, I maintain the opinion from my previous article: I wouldn't be interested in ZG until it reached the ~$50/share level.\nI will end with a five-year price chart of ZG and note that my $50 target is roughly where the stock was prior to the pandemic. Certainly the EPS reports issues since that time do not justify the rapid and substantial increase in the shares to $200 ... or, even the current $110 level.\nData byYCharts","news_type":1,"symbols_score_info":{"Z":0.9}},"isVote":1,"tweetType":1,"viewCount":2204,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":115875897,"gmtCreate":1622979510419,"gmtModify":1634096436256,"author":{"id":"3575231727264140","authorId":"3575231727264140","name":"keew","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575231727264140","idStr":"3575231727264140"},"themes":[],"title":"","htmlText":"Please like and comment. Thanks&nbsp;","listText":"Please like and comment. Thanks&nbsp;","text":"Please like and comment. Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/115875897","repostId":"1102972710","repostType":4,"isVote":1,"tweetType":1,"viewCount":2106,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":112657072,"gmtCreate":1622868412096,"gmtModify":1634097182316,"author":{"id":"3575231727264140","authorId":"3575231727264140","name":"keew","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575231727264140","idStr":"3575231727264140"},"themes":[],"title":"","htmlText":"Please like and comment. Thanks","listText":"Please like and comment. Thanks","text":"Please like and comment. Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/112657072","repostId":"1162130057","repostType":4,"repost":{"id":"1162130057","kind":"news","pubTimestamp":1622862397,"share":"https://www.laohu8.com/m/news/1162130057?lang=zh_CN&edition=full","pubTime":"2021-06-05 11:06","market":"us","language":"en","title":"The S&P 500 would be below 1,600 without these 3 pillars and those supports are now weakening<blockquote>如果没有这三大支柱，标普500将低于1,600点，而这些支撑现在正在减弱</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1162130057","media":"MarketWatch","summary":"Investors may need to consider private equity to capture the returns that publicly traded stocks hav","content":"<p>Investors may need to consider private equity to capture the returns that publicly traded stocks have provided</p><p><blockquote>投资者可能需要考虑私募股权来获取公开交易股票提供的回报</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ab21eb0dc365f342dd26c49af9020305\" tg-width=\"1260\" tg-height=\"840\"><span>GETTY IMAGES</span></p><p><blockquote><p class=\"t-img-caption\"><span>盖蒂图片</span></p></blockquote></p><p> Stock prices can’t indefinitely grow faster than the economy. This provides a crucial reality check for U.S. stock-market bulls, many of whom believe stocks can continue outperforming the U.S. economy in perpetuity. Over the past decade, for example, the S&amp;P 500SPX,+0.88%on an inflation-adjusted total-return basis has outperformed real U.S. GDP by an annualized margin of 11.9% to 2.0%.</p><p><blockquote>股价不可能无限期地快于经济增长。这为美国股市多头提供了一个至关重要的现实检验，他们中的许多人认为股市可以永远跑赢美国经济。例如，在过去十年中，标准普尔500SPX指数（经通胀调整后的总回报率为+0.88%）的表现优于美国实际GDP，年化幅度为11.9%至2.0%。</blockquote></p><p> Going forward, it could be the other way around, according to an argument advanced some years ago by Robert Arnott, founder of&nbsp;Research Affiliates, and William Bernstein, co-principal at&nbsp;Efficient Frontier Advisors. They pointed out that a portion of economic growth is attributable to non-public companies, such as startups and the like — a category they refer to as “entrepreneurial capitalism.”</p><p><blockquote>根据Research Affiliates创始人罗伯特·阿诺特(Robert Arnott)和Efficient Frontier Advisors联席负责人威廉·伯恩斯坦(William Bernstein)几年前提出的观点，展望未来，情况可能会恰恰相反。他们指出，经济增长的一部分归功于非上市公司，如初创公司等——他们将这一类别称为“创业资本主义”。</blockquote></p><p> By definition, economic growth that non-public companies generate will not show up in the stock market— which only reflects the performance of publicly traded corporations. Arnott and Bernstein estimate that share prices historically have grown about two annualized percentage points slower than the overall economy.</p><p><blockquote>根据定义，非上市公司产生的经济增长不会出现在股票市场上——股票市场只反映上市公司的表现。阿诺特和伯恩斯坦估计，历史上股价的年化增长速度比整体经济慢约两个百分点。</blockquote></p><p> Such slippage has dire implications for the U.S. stock market’s future return. But I want to first discuss why the stock market’s stunning performance over the past decade was not due to economic growth. Instead, the bulk of that performance was due to three factors:</p><p><blockquote>这种下滑对美国股市未来的回报产生了可怕的影响。但我想首先讨论一下，为什么过去十年股市的惊人表现不是因为经济增长。相反，这一表现主要归功于三个因素：</blockquote></p><p> <ul>  <li>Valuation changes: The S&amp;P 500’s price/earnings ratio has doubled over the past decade.</li>  <li>Increasing profit margins: The S&amp;P 500’s operating margin over the past four quarters has averaged nearly two percentage points higher than it was a decade ago, according to data from Howard Silverblatt, senior index analyst at S&amp;P Dow Jones Indices.</li>  <li>Net buybacks: Over the past decade corporations have repurchased more shares than new shares they have issued. This has reduced the number of shares outstanding, and increased earnings per share.</li> </ul> To appreciate the impact of these three factors, consider that the S&amp;P 500 now would trade below 1,600 if there had been no change at all over the past decade with each of these three dimensions. While the chance of such a perfect storm is so low that you might be inclined to dismiss it out of hand, Bernstein said in an interview that he wouldn’t discount the possibility.</p><p><blockquote><ul><li>估值变化：标普500的市盈率在过去十年翻了一番。</li><li>利润率不断提高：根据标普道琼斯指数高级指数分析师Howard Silverblatt的数据，标普500过去四个季度的营业利润率平均比十年前高出近两个百分点。</li><li>净回购：在过去十年中，企业回购的股票多于其发行的新股。这减少了流通股数量，增加了每股收益。</li></ul>为了理解这三个因素的影响，请考虑一下，如果这三个维度在过去十年中没有任何变化，标普500现在的交易价格将低于1,600点。虽然这种完美风暴的可能性如此之低，以至于你可能会倾向于立即忽视它，但伯恩斯坦在接受采访时表示，他不会忽视这种可能性。</blockquote></p><p> <b>Projecting the future</b></p><p><blockquote><b>预测未来</b></blockquote></p><p> The picture this analysis paints about the U.S. stock market’s future isn’t pretty, assuming the U.S. economy grows at the same pace over the next decade as the last. In that case, the only way the market can produce annualized returns greater than the low single-digits is for the P/E ratio and profit margins to continue rising or for net buybacks to continue reducing the number of shares outstanding — or for some combination of these three factors to occur.</p><p><blockquote>假设美国经济在未来十年以与上一个十年相同的速度增长，这份分析描绘的美国股市未来的图景并不美好。在这种情况下，市场能够产生高于低个位数的年化回报的唯一方法是市盈率和利润率继续上升，或者净回购继续减少已发行股票数量——或者这三个因素的某种组合。</blockquote></p><p> More likely, these three tailwinds will become headwinds. P/E ratios&nbsp;already are at or near the high end of their historical distribution, and they can’t go up forever. Profit margins also are at or near record levels and,as I argued earlier this week, there are good reasons to expect those margins to decline in coming years. While it’s possible that buybacks will outpace share issuance in coming years, that’s hardly a sure bet. Over the past 12 months, for example, there have been negative net buybacks — i.e. more shares have been issued than repurchased. In fact, Arnott pointed out in an email, for most of U.S. stock market history net buybacks have been negative.</p><p><blockquote>更有可能的是，这三个顺风会变成逆风。市盈率已经处于或接近历史分布的高端，而且不可能永远上升。利润率也处于或接近创纪录水平，正如我本周早些时候所说，有充分的理由预计这些利润率在未来几年将下降。虽然未来几年回购可能会超过股票发行，但这并不是一个确定的赌注。例如，在过去12个月中，净回购为负，即发行的股票多于回购的股票。事实上，阿诺特在一封电子邮件中指出，在美国股市历史的大部分时间里，净回购都是负数。</blockquote></p><p> One can also wonder if an even-greater share of economic growth in coming years will accrue to non-public equity. Andrew Karolyi, dean of Cornell University’s SC Johnson College of Business, said in an interview that private equity now plays a much bigger role than in the past. One possible future, he said, is that the growth of the public stock market lags that of the overall economy by an increasing amount.</p><p><blockquote>人们还可能想知道，未来几年，非公募股权是否会在经济增长中占据更大的份额。康奈尔大学SC Johnson商学院院长Andrew Karolyi在接受采访时表示，私募股权现在发挥的作用比过去大得多。他说，一个可能的未来是，公开股票市场的增长越来越落后于整体经济。</blockquote></p><p> One measure of the declining economic importance of the public corporation is the decreasing number of publicly traded companies, as reflected in the chart below. This decline has been overlooked by many on Wall Street, given their focus on the red-hot IPO market. But, as Karolyi pointed out, even as more companies are coming to market, there have also been an increasing number of delistings.</p><p><blockquote>上市公司经济重要性下降的一个衡量标准是上市公司数量的减少，如下图所示。鉴于华尔街的许多人专注于炙手可热的IPO市场，这种下降被他们忽视了。但是，正如卡罗利指出的那样，尽管越来越多的公司上市，但退市的数量也在增加。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/3de45fd68cb24b2bdf2791d1f6b9fac0\" tg-width=\"1260\" tg-height=\"922\"></p><p><blockquote></blockquote></p><p></p><p> For example, according to Refinitiv, through the end of May 2021 there was more than $1.6 trillion in domestic M&amp;A activity, almost 50% higher than the previous calendar year that held the record for the most M&amp;A activity for the first five months. We need to focus on both IPOs and delistings, Karolyi argued, just as demographers can only analyze population trends by focusing on births and deaths.</p><p><blockquote>例如，根据路孚特的数据，截至2021年5月底，国内M&amp;A活动超过1.6万亿美元，比保持前五个月M&amp;A活动最多记录的上一年高出近50%。卡罗利认为，我们需要同时关注IPO和退市，就像人口学家只能通过关注出生和死亡来分析人口趋势一样。</blockquote></p><p> “The role of publicly traded corporations in the overall economy may be changing,” Karolyi said. Their possible life cycle paths are expanding to include many that don’t end in becoming publicly traded, for example, or waiting much longer before doing so. Given the abundant liquidity in the private equity market, he added, it may very well become the preferred exit strategy for many companies that previously would have gone public.</p><p><blockquote>“上市公司在整体经济中的作用可能正在发生变化，”卡罗利说。例如，它们可能的生命周期路径正在扩大，包括许多不会以公开交易或等待更长时间才能公开交易而告终的公司。他补充说，鉴于私募股权市场流动性充裕，这很可能成为许多此前上市公司的首选退出策略。</blockquote></p><p> The bottom line? The past decade was extraordinary for publicly traded U.S. stocks. Don’t expect that to continue indefinitely.</p><p><blockquote>底线？过去十年对于公开交易的美国股票来说是不平凡的。不要指望这种情况会无限期地持续下去。</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>The S&P 500 would be below 1,600 without these 3 pillars and those supports are now weakening<blockquote>如果没有这三大支柱，标普500将低于1,600点，而这些支撑现在正在减弱</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\">\nThe S&P 500 would be below 1,600 without these 3 pillars and those supports are now weakening<blockquote>如果没有这三大支柱，标普500将低于1,600点，而这些支撑现在正在减弱</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-06-05 11:06</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Investors may need to consider private equity to capture the returns that publicly traded stocks have provided</p><p><blockquote>投资者可能需要考虑私募股权来获取公开交易股票提供的回报</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ab21eb0dc365f342dd26c49af9020305\" tg-width=\"1260\" tg-height=\"840\"><span>GETTY IMAGES</span></p><p><blockquote><p class=\"t-img-caption\"><span>盖蒂图片</span></p></blockquote></p><p> Stock prices can’t indefinitely grow faster than the economy. This provides a crucial reality check for U.S. stock-market bulls, many of whom believe stocks can continue outperforming the U.S. economy in perpetuity. Over the past decade, for example, the S&amp;P 500SPX,+0.88%on an inflation-adjusted total-return basis has outperformed real U.S. GDP by an annualized margin of 11.9% to 2.0%.</p><p><blockquote>股价不可能无限期地快于经济增长。这为美国股市多头提供了一个至关重要的现实检验，他们中的许多人认为股市可以永远跑赢美国经济。例如，在过去十年中，标准普尔500SPX指数（经通胀调整后的总回报率为+0.88%）的表现优于美国实际GDP，年化幅度为11.9%至2.0%。</blockquote></p><p> Going forward, it could be the other way around, according to an argument advanced some years ago by Robert Arnott, founder of&nbsp;Research Affiliates, and William Bernstein, co-principal at&nbsp;Efficient Frontier Advisors. They pointed out that a portion of economic growth is attributable to non-public companies, such as startups and the like — a category they refer to as “entrepreneurial capitalism.”</p><p><blockquote>根据Research Affiliates创始人罗伯特·阿诺特(Robert Arnott)和Efficient Frontier Advisors联席负责人威廉·伯恩斯坦(William Bernstein)几年前提出的观点，展望未来，情况可能会恰恰相反。他们指出，经济增长的一部分归功于非上市公司，如初创公司等——他们将这一类别称为“创业资本主义”。</blockquote></p><p> By definition, economic growth that non-public companies generate will not show up in the stock market— which only reflects the performance of publicly traded corporations. Arnott and Bernstein estimate that share prices historically have grown about two annualized percentage points slower than the overall economy.</p><p><blockquote>根据定义，非上市公司产生的经济增长不会出现在股票市场上——股票市场只反映上市公司的表现。阿诺特和伯恩斯坦估计，历史上股价的年化增长速度比整体经济慢约两个百分点。</blockquote></p><p> Such slippage has dire implications for the U.S. stock market’s future return. But I want to first discuss why the stock market’s stunning performance over the past decade was not due to economic growth. Instead, the bulk of that performance was due to three factors:</p><p><blockquote>这种下滑对美国股市未来的回报产生了可怕的影响。但我想首先讨论一下，为什么过去十年股市的惊人表现不是因为经济增长。相反，这一表现主要归功于三个因素：</blockquote></p><p> <ul>  <li>Valuation changes: The S&amp;P 500’s price/earnings ratio has doubled over the past decade.</li>  <li>Increasing profit margins: The S&amp;P 500’s operating margin over the past four quarters has averaged nearly two percentage points higher than it was a decade ago, according to data from Howard Silverblatt, senior index analyst at S&amp;P Dow Jones Indices.</li>  <li>Net buybacks: Over the past decade corporations have repurchased more shares than new shares they have issued. This has reduced the number of shares outstanding, and increased earnings per share.</li> </ul> To appreciate the impact of these three factors, consider that the S&amp;P 500 now would trade below 1,600 if there had been no change at all over the past decade with each of these three dimensions. While the chance of such a perfect storm is so low that you might be inclined to dismiss it out of hand, Bernstein said in an interview that he wouldn’t discount the possibility.</p><p><blockquote><ul><li>估值变化：标普500的市盈率在过去十年翻了一番。</li><li>利润率不断提高：根据标普道琼斯指数高级指数分析师Howard Silverblatt的数据，标普500过去四个季度的营业利润率平均比十年前高出近两个百分点。</li><li>净回购：在过去十年中，企业回购的股票多于其发行的新股。这减少了流通股数量，增加了每股收益。</li></ul>为了理解这三个因素的影响，请考虑一下，如果这三个维度在过去十年中没有任何变化，标普500现在的交易价格将低于1,600点。虽然这种完美风暴的可能性如此之低，以至于你可能会倾向于立即忽视它，但伯恩斯坦在接受采访时表示，他不会忽视这种可能性。</blockquote></p><p> <b>Projecting the future</b></p><p><blockquote><b>预测未来</b></blockquote></p><p> The picture this analysis paints about the U.S. stock market’s future isn’t pretty, assuming the U.S. economy grows at the same pace over the next decade as the last. In that case, the only way the market can produce annualized returns greater than the low single-digits is for the P/E ratio and profit margins to continue rising or for net buybacks to continue reducing the number of shares outstanding — or for some combination of these three factors to occur.</p><p><blockquote>假设美国经济在未来十年以与上一个十年相同的速度增长，这份分析描绘的美国股市未来的图景并不美好。在这种情况下，市场能够产生高于低个位数的年化回报的唯一方法是市盈率和利润率继续上升，或者净回购继续减少已发行股票数量——或者这三个因素的某种组合。</blockquote></p><p> More likely, these three tailwinds will become headwinds. P/E ratios&nbsp;already are at or near the high end of their historical distribution, and they can’t go up forever. Profit margins also are at or near record levels and,as I argued earlier this week, there are good reasons to expect those margins to decline in coming years. While it’s possible that buybacks will outpace share issuance in coming years, that’s hardly a sure bet. Over the past 12 months, for example, there have been negative net buybacks — i.e. more shares have been issued than repurchased. In fact, Arnott pointed out in an email, for most of U.S. stock market history net buybacks have been negative.</p><p><blockquote>更有可能的是，这三个顺风会变成逆风。市盈率已经处于或接近历史分布的高端，而且不可能永远上升。利润率也处于或接近创纪录水平，正如我本周早些时候所说，有充分的理由预计这些利润率在未来几年将下降。虽然未来几年回购可能会超过股票发行，但这并不是一个确定的赌注。例如，在过去12个月中，净回购为负，即发行的股票多于回购的股票。事实上，阿诺特在一封电子邮件中指出，在美国股市历史的大部分时间里，净回购都是负数。</blockquote></p><p> One can also wonder if an even-greater share of economic growth in coming years will accrue to non-public equity. Andrew Karolyi, dean of Cornell University’s SC Johnson College of Business, said in an interview that private equity now plays a much bigger role than in the past. One possible future, he said, is that the growth of the public stock market lags that of the overall economy by an increasing amount.</p><p><blockquote>人们还可能想知道，未来几年，非公募股权是否会在经济增长中占据更大的份额。康奈尔大学SC Johnson商学院院长Andrew Karolyi在接受采访时表示，私募股权现在发挥的作用比过去大得多。他说，一个可能的未来是，公开股票市场的增长越来越落后于整体经济。</blockquote></p><p> One measure of the declining economic importance of the public corporation is the decreasing number of publicly traded companies, as reflected in the chart below. This decline has been overlooked by many on Wall Street, given their focus on the red-hot IPO market. But, as Karolyi pointed out, even as more companies are coming to market, there have also been an increasing number of delistings.</p><p><blockquote>上市公司经济重要性下降的一个衡量标准是上市公司数量的减少，如下图所示。鉴于华尔街的许多人专注于炙手可热的IPO市场，这种下降被他们忽视了。但是，正如卡罗利指出的那样，尽管越来越多的公司上市，但退市的数量也在增加。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/3de45fd68cb24b2bdf2791d1f6b9fac0\" tg-width=\"1260\" tg-height=\"922\"></p><p><blockquote></blockquote></p><p></p><p> For example, according to Refinitiv, through the end of May 2021 there was more than $1.6 trillion in domestic M&amp;A activity, almost 50% higher than the previous calendar year that held the record for the most M&amp;A activity for the first five months. We need to focus on both IPOs and delistings, Karolyi argued, just as demographers can only analyze population trends by focusing on births and deaths.</p><p><blockquote>例如，根据路孚特的数据，截至2021年5月底，国内M&amp;A活动超过1.6万亿美元，比保持前五个月M&amp;A活动最多记录的上一年高出近50%。卡罗利认为，我们需要同时关注IPO和退市，就像人口学家只能通过关注出生和死亡来分析人口趋势一样。</blockquote></p><p> “The role of publicly traded corporations in the overall economy may be changing,” Karolyi said. Their possible life cycle paths are expanding to include many that don’t end in becoming publicly traded, for example, or waiting much longer before doing so. Given the abundant liquidity in the private equity market, he added, it may very well become the preferred exit strategy for many companies that previously would have gone public.</p><p><blockquote>“上市公司在整体经济中的作用可能正在发生变化，”卡罗利说。例如，它们可能的生命周期路径正在扩大，包括许多不会以公开交易或等待更长时间才能公开交易而告终的公司。他补充说，鉴于私募股权市场流动性充裕，这很可能成为许多此前上市公司的首选退出策略。</blockquote></p><p> The bottom line? The past decade was extraordinary for publicly traded U.S. stocks. Don’t expect that to continue indefinitely.</p><p><blockquote>底线？过去十年对于公开交易的美国股票来说是不平凡的。不要指望这种情况会无限期地持续下去。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/the-s-p-500-would-be-below-1-600-without-these-3-pillars-and-those-supports-are-now-weakening-11622781972?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://www.marketwatch.com/story/the-s-p-500-would-be-below-1-600-without-these-3-pillars-and-those-supports-are-now-weakening-11622781972?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1162130057","content_text":"Investors may need to consider private equity to capture the returns that publicly traded stocks have provided\nGETTY IMAGES\nStock prices can’t indefinitely grow faster than the economy. This provides a crucial reality check for U.S. stock-market bulls, many of whom believe stocks can continue outperforming the U.S. economy in perpetuity. Over the past decade, for example, the S&P 500SPX,+0.88%on an inflation-adjusted total-return basis has outperformed real U.S. GDP by an annualized margin of 11.9% to 2.0%.\nGoing forward, it could be the other way around, according to an argument advanced some years ago by Robert Arnott, founder of Research Affiliates, and William Bernstein, co-principal at Efficient Frontier Advisors. They pointed out that a portion of economic growth is attributable to non-public companies, such as startups and the like — a category they refer to as “entrepreneurial capitalism.”\nBy definition, economic growth that non-public companies generate will not show up in the stock market— which only reflects the performance of publicly traded corporations. Arnott and Bernstein estimate that share prices historically have grown about two annualized percentage points slower than the overall economy.\nSuch slippage has dire implications for the U.S. stock market’s future return. But I want to first discuss why the stock market’s stunning performance over the past decade was not due to economic growth. Instead, the bulk of that performance was due to three factors:\n\nValuation changes: The S&P 500’s price/earnings ratio has doubled over the past decade.\nIncreasing profit margins: The S&P 500’s operating margin over the past four quarters has averaged nearly two percentage points higher than it was a decade ago, according to data from Howard Silverblatt, senior index analyst at S&P Dow Jones Indices.\nNet buybacks: Over the past decade corporations have repurchased more shares than new shares they have issued. This has reduced the number of shares outstanding, and increased earnings per share.\n\nTo appreciate the impact of these three factors, consider that the S&P 500 now would trade below 1,600 if there had been no change at all over the past decade with each of these three dimensions. While the chance of such a perfect storm is so low that you might be inclined to dismiss it out of hand, Bernstein said in an interview that he wouldn’t discount the possibility.\nProjecting the future\nThe picture this analysis paints about the U.S. stock market’s future isn’t pretty, assuming the U.S. economy grows at the same pace over the next decade as the last. In that case, the only way the market can produce annualized returns greater than the low single-digits is for the P/E ratio and profit margins to continue rising or for net buybacks to continue reducing the number of shares outstanding — or for some combination of these three factors to occur.\nMore likely, these three tailwinds will become headwinds. P/E ratios already are at or near the high end of their historical distribution, and they can’t go up forever. Profit margins also are at or near record levels and,as I argued earlier this week, there are good reasons to expect those margins to decline in coming years. While it’s possible that buybacks will outpace share issuance in coming years, that’s hardly a sure bet. Over the past 12 months, for example, there have been negative net buybacks — i.e. more shares have been issued than repurchased. In fact, Arnott pointed out in an email, for most of U.S. stock market history net buybacks have been negative.\nOne can also wonder if an even-greater share of economic growth in coming years will accrue to non-public equity. Andrew Karolyi, dean of Cornell University’s SC Johnson College of Business, said in an interview that private equity now plays a much bigger role than in the past. One possible future, he said, is that the growth of the public stock market lags that of the overall economy by an increasing amount.\nOne measure of the declining economic importance of the public corporation is the decreasing number of publicly traded companies, as reflected in the chart below. This decline has been overlooked by many on Wall Street, given their focus on the red-hot IPO market. But, as Karolyi pointed out, even as more companies are coming to market, there have also been an increasing number of delistings.\n\nFor example, according to Refinitiv, through the end of May 2021 there was more than $1.6 trillion in domestic M&A activity, almost 50% higher than the previous calendar year that held the record for the most M&A activity for the first five months. We need to focus on both IPOs and delistings, Karolyi argued, just as demographers can only analyze population trends by focusing on births and deaths.\n“The role of publicly traded corporations in the overall economy may be changing,” Karolyi said. Their possible life cycle paths are expanding to include many that don’t end in becoming publicly traded, for example, or waiting much longer before doing so. Given the abundant liquidity in the private equity market, he added, it may very well become the preferred exit strategy for many companies that previously would have gone public.\nThe bottom line? The past decade was extraordinary for publicly traded U.S. stocks. Don’t expect that to continue indefinitely.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":2135,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":111593629,"gmtCreate":1622685386161,"gmtModify":1634099166433,"author":{"id":"3575231727264140","authorId":"3575231727264140","name":"keew","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575231727264140","idStr":"3575231727264140"},"themes":[],"title":"","htmlText":"Pls like and comment. Thanks","listText":"Pls like and comment. Thanks","text":"Pls like and comment. Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/111593629","repostId":"1195948779","repostType":4,"isVote":1,"tweetType":1,"viewCount":1994,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":136805113,"gmtCreate":1622003157532,"gmtModify":1634184751781,"author":{"id":"3575231727264140","authorId":"3575231727264140","name":"keew","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575231727264140","idStr":"3575231727264140"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/136805113","repostId":"1182975704","repostType":4,"repost":{"id":"1182975704","kind":"news","pubTimestamp":1621990601,"share":"https://www.laohu8.com/m/news/1182975704?lang=zh_CN&edition=full","pubTime":"2021-05-26 08:56","market":"fut","language":"en","title":"China’s Yuan Hits Strongest Level in Nearly Three Years<blockquote>人民币创近三年来最强水平</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1182975704","media":"The Wall Street Journal","summary":"The currency has been buoyed by the country’s rapid recovery from the coronavirus pandemic.\n\nChina’s","content":"<p>  The currency has been buoyed by the country’s rapid recovery from the coronavirus pandemic.  China’s yuan has strengthened to a near-three-year high, boosted by a falling dollar despite attempts by the central bank to keep the currency in check.</p><p><blockquote>该国从冠状病毒大流行中迅速复苏，提振了人民币。尽管中国央行试图控制人民币汇率，但在美元下跌的提振下，人民币已升值至近三年高点。</blockquote></p><p> The yuan has been buoyed in recent months by the country’s rapid recovery from the coronavirus pandemic, and by a rush of international investment into China’s relatively high-yielding markets. The currency has also gained amid abroader bout of dollar weakness.</p><p><blockquote>近几个月来，人民币从冠状病毒大流行中迅速复苏，以及国际投资涌入中国相对高收益市场，提振了人民币。在海外美元疲软的情况下，人民币也有所上涨。</blockquote></p><p> On Tuesday, the offshore yuan strengthened below 6.4 per dollar, as Chinese stocks jumped thanks partly to a surge in foreign buying.</p><p><blockquote>周二，离岸人民币兑美元汇率升至6.4以下，中国股市上涨，部分原因是外国买盘激增。</blockquote></p><p> Beijing would want to see slower yuan appreciationto support the economy, which is still fairly dependent on selling goods abroad, said Alvin Tan, head of Asia foreign-exchange strategy at RBC Capital Markets. While Chinese exports have surged since last year,a rallying yuan pressures exportersby making their goods more expensive when priced in dollars.</p><p><blockquote>加拿大皇家银行资本市场(RBC Capital Markets)亚洲外汇策略主管阿尔文·谭(Alvin Tan)表示，北京希望看到人民币升值放缓，以支持经济，因为经济仍然相当依赖向海外销售商品。尽管中国出口自去年以来激增，但人民币升值给出口商带来了压力，使以美元计价的商品变得更加昂贵。</blockquote></p><p> Mr. Tan said the People’s Bank of China had been “leaning against the strength” of the currency by setting weaker-than-expected reference rates for onshore yuan trading for the past month.</p><p><blockquote>谭先生表示，过去一个月，中国人民银行为在岸人民币交易设定的参考利率低于预期，一直在“支持人民币走强”。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a7ef4ee3cc184ea84391adcdbe43b304\" tg-width=\"321\" tg-height=\"428\">The central bank fixes a daily midpoint for the onshore yuan, and only allows trading up to 2 percentage points above or below this level. This is part of a so-called managed floating-exchange-rate system based on the yuan’s value against a basket of currencies.</p><p><blockquote>央行为在岸人民币设定每日中点，仅允许交易高于或低于该水平2个百分点。这是基于人民币对一篮子货币价值的所谓有管理的浮动汇率制度的一部分。</blockquote></p><p> The yuan is likely to stay between 6.4 and 6.5 to a dollar, while further appreciation could prompt stronger central bank action, said Paul Sandhu, head of multiasset quant solutions for Asia-Pacific at BNP Paribas Asset Management.</p><p><blockquote>法国巴黎银行资产管理公司（BNP Paribas Asset Management）亚太区多资产量化解决方案主管保罗·桑德胡（Paul Sandhu）表示，人民币兑美元汇率可能会保持在6.4至6.5之间，而进一步升值可能会促使央行采取更强有力的行动。</blockquote></p><p> “The government is quite happy with the range it is sitting at. If it breaks 6.4 and stays there for some time, they may move in to do something,” Mr. Sandhu said.</p><p><blockquote>“政府对目前的区间非常满意。如果它突破6.4并保持一段时间，他们可能会采取行动，”桑德胡先生说。</blockquote></p><p> On Tuesday in Hong Kong, the offshore yuan rallied about 0.2% to 6.3988 to the dollar, a level last hit in June 2018. The dollar weakened, with theICEU.S. Dollar Index declining nearly 0.3% to 89.61, its lowest since early January.</p><p><blockquote>周二在香港，离岸人民币兑美元汇率上涨约0.2%，至6.3988，上次触及2018年6月的水平。美元走软，美国。美元指数下跌近0.3%至89.61，为1月初以来的最低水平。</blockquote></p><p> China’s CSI 300 index, a gauge of the biggest shares listed in either Shanghai or Shenzhen, jumped 3.2%. Net foreign buying of mainland Chinese shares through Stock Connect, a trading link with Hong Kong, hit a record daily high of 21.7 billion yuan, or the equivalent of $3.4 billion.</p><p><blockquote>衡量上海或深圳上市最大股票的中国沪深300指数上涨3.2%。外资通过沪港通净买入中国内地股票创下217亿元人民币（相当于34亿美元）的历史新高。</blockquote></p><p> Tuesday’s yuan strength was also likely due in part to the coming month-end, before which exporters normally sell earnings in foreign currency to buy yuan, said Khoon Goh, head of Asia research atAustralia and New Zealand Banking GroupLtd.in Singapore.</p><p><blockquote>新加坡澳新银行亚洲研究主管Khoon Goh表示，周二人民币走强的部分原因也可能是即将到来的月底，在此之前，出口商通常会出售外币收益以购买人民币。</blockquote></p><p> The central bank is eager to promote the idea that the currency won’t be volatile, but that it also won’t be a one-way bet for investors. On Sunday, a senior central-bank official said the yuan will remain “basically stable.” Liu Guoqiang, a deputy governor, said fluctuations in either direction will become the norm, with the exchange rate depending on supply and demand, and changes in global financial markets.</p><p><blockquote>央行渴望宣传人民币不会波动的理念，但对投资者来说也不会是单向押注。周日，一位央行高级官员表示，人民币将保持“基本稳定”。副行长刘国强表示，任何一个方向的波动都将成为常态，汇率取决于供求关系以及全球金融市场的变化。</blockquote></p><p> Mr. Liu also said the current exchange-rate system was suitable for China. A researcher at the central bank recently called for China to stop controlling the rate to promote greater international use of the yuan. Another suggested the yuan should be allowed to rally, to offset rising prices for imported commodities.</p><p><blockquote>刘先生还表示，目前的汇率制度适合中国。央行的一位研究员最近呼吁中国停止控制人民币汇率，以促进人民币在国际上的更多使用。另一位建议允许人民币升值，以抵消进口商品价格的上涨。</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>China’s Yuan Hits Strongest Level in Nearly Three Years<blockquote>人民币创近三年来最强水平</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\">\nChina’s Yuan Hits Strongest Level in Nearly Three Years<blockquote>人民币创近三年来最强水平</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Wall Street Journal</strong><span class=\"h-time small\">2021-05-26 08:56</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  The currency has been buoyed by the country’s rapid recovery from the coronavirus pandemic.  China’s yuan has strengthened to a near-three-year high, boosted by a falling dollar despite attempts by the central bank to keep the currency in check.</p><p><blockquote>该国从冠状病毒大流行中迅速复苏，提振了人民币。尽管中国央行试图控制人民币汇率，但在美元下跌的提振下，人民币已升值至近三年高点。</blockquote></p><p> The yuan has been buoyed in recent months by the country’s rapid recovery from the coronavirus pandemic, and by a rush of international investment into China’s relatively high-yielding markets. The currency has also gained amid abroader bout of dollar weakness.</p><p><blockquote>近几个月来，人民币从冠状病毒大流行中迅速复苏，以及国际投资涌入中国相对高收益市场，提振了人民币。在海外美元疲软的情况下，人民币也有所上涨。</blockquote></p><p> On Tuesday, the offshore yuan strengthened below 6.4 per dollar, as Chinese stocks jumped thanks partly to a surge in foreign buying.</p><p><blockquote>周二，离岸人民币兑美元汇率升至6.4以下，中国股市上涨，部分原因是外国买盘激增。</blockquote></p><p> Beijing would want to see slower yuan appreciationto support the economy, which is still fairly dependent on selling goods abroad, said Alvin Tan, head of Asia foreign-exchange strategy at RBC Capital Markets. While Chinese exports have surged since last year,a rallying yuan pressures exportersby making their goods more expensive when priced in dollars.</p><p><blockquote>加拿大皇家银行资本市场(RBC Capital Markets)亚洲外汇策略主管阿尔文·谭(Alvin Tan)表示，北京希望看到人民币升值放缓，以支持经济，因为经济仍然相当依赖向海外销售商品。尽管中国出口自去年以来激增，但人民币升值给出口商带来了压力，使以美元计价的商品变得更加昂贵。</blockquote></p><p> Mr. Tan said the People’s Bank of China had been “leaning against the strength” of the currency by setting weaker-than-expected reference rates for onshore yuan trading for the past month.</p><p><blockquote>谭先生表示，过去一个月，中国人民银行为在岸人民币交易设定的参考利率低于预期，一直在“支持人民币走强”。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a7ef4ee3cc184ea84391adcdbe43b304\" tg-width=\"321\" tg-height=\"428\">The central bank fixes a daily midpoint for the onshore yuan, and only allows trading up to 2 percentage points above or below this level. This is part of a so-called managed floating-exchange-rate system based on the yuan’s value against a basket of currencies.</p><p><blockquote>央行为在岸人民币设定每日中点，仅允许交易高于或低于该水平2个百分点。这是基于人民币对一篮子货币价值的所谓有管理的浮动汇率制度的一部分。</blockquote></p><p> The yuan is likely to stay between 6.4 and 6.5 to a dollar, while further appreciation could prompt stronger central bank action, said Paul Sandhu, head of multiasset quant solutions for Asia-Pacific at BNP Paribas Asset Management.</p><p><blockquote>法国巴黎银行资产管理公司（BNP Paribas Asset Management）亚太区多资产量化解决方案主管保罗·桑德胡（Paul Sandhu）表示，人民币兑美元汇率可能会保持在6.4至6.5之间，而进一步升值可能会促使央行采取更强有力的行动。</blockquote></p><p> “The government is quite happy with the range it is sitting at. If it breaks 6.4 and stays there for some time, they may move in to do something,” Mr. Sandhu said.</p><p><blockquote>“政府对目前的区间非常满意。如果它突破6.4并保持一段时间，他们可能会采取行动，”桑德胡先生说。</blockquote></p><p> On Tuesday in Hong Kong, the offshore yuan rallied about 0.2% to 6.3988 to the dollar, a level last hit in June 2018. The dollar weakened, with theICEU.S. Dollar Index declining nearly 0.3% to 89.61, its lowest since early January.</p><p><blockquote>周二在香港，离岸人民币兑美元汇率上涨约0.2%，至6.3988，上次触及2018年6月的水平。美元走软，美国。美元指数下跌近0.3%至89.61，为1月初以来的最低水平。</blockquote></p><p> China’s CSI 300 index, a gauge of the biggest shares listed in either Shanghai or Shenzhen, jumped 3.2%. Net foreign buying of mainland Chinese shares through Stock Connect, a trading link with Hong Kong, hit a record daily high of 21.7 billion yuan, or the equivalent of $3.4 billion.</p><p><blockquote>衡量上海或深圳上市最大股票的中国沪深300指数上涨3.2%。外资通过沪港通净买入中国内地股票创下217亿元人民币（相当于34亿美元）的历史新高。</blockquote></p><p> Tuesday’s yuan strength was also likely due in part to the coming month-end, before which exporters normally sell earnings in foreign currency to buy yuan, said Khoon Goh, head of Asia research atAustralia and New Zealand Banking GroupLtd.in Singapore.</p><p><blockquote>新加坡澳新银行亚洲研究主管Khoon Goh表示，周二人民币走强的部分原因也可能是即将到来的月底，在此之前，出口商通常会出售外币收益以购买人民币。</blockquote></p><p> The central bank is eager to promote the idea that the currency won’t be volatile, but that it also won’t be a one-way bet for investors. On Sunday, a senior central-bank official said the yuan will remain “basically stable.” Liu Guoqiang, a deputy governor, said fluctuations in either direction will become the norm, with the exchange rate depending on supply and demand, and changes in global financial markets.</p><p><blockquote>央行渴望宣传人民币不会波动的理念，但对投资者来说也不会是单向押注。周日，一位央行高级官员表示，人民币将保持“基本稳定”。副行长刘国强表示，任何一个方向的波动都将成为常态，汇率取决于供求关系以及全球金融市场的变化。</blockquote></p><p> Mr. Liu also said the current exchange-rate system was suitable for China. A researcher at the central bank recently called for China to stop controlling the rate to promote greater international use of the yuan. Another suggested the yuan should be allowed to rally, to offset rising prices for imported commodities.</p><p><blockquote>刘先生还表示，目前的汇率制度适合中国。央行的一位研究员最近呼吁中国停止控制人民币汇率，以促进人民币在国际上的更多使用。另一位建议允许人民币升值，以抵消进口商品价格的上涨。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/chinas-yuan-hits-strongest-level-in-nearly-three-years-11621950836?cx_testId=200&cx_testVariant=cx_10&cx_artPos=1#cxrecs_s\">The Wall Street Journal</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":{"399001":"深证成指","399006":"创业板指","000001.SH":"上证指数"},"source_url":"https://www.wsj.com/articles/chinas-yuan-hits-strongest-level-in-nearly-three-years-11621950836?cx_testId=200&cx_testVariant=cx_10&cx_artPos=1#cxrecs_s","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1182975704","content_text":"The currency has been buoyed by the country’s rapid recovery from the coronavirus pandemic.\n\nChina’s yuan has strengthened to a near-three-year high, boosted by a falling dollar despite attempts by the central bank to keep the currency in check.\nThe yuan has been buoyed in recent months by the country’s rapid recovery from the coronavirus pandemic, and by a rush of international investment into China’s relatively high-yielding markets. The currency has also gained amid abroader bout of dollar weakness.\nOn Tuesday, the offshore yuan strengthened below 6.4 per dollar, as Chinese stocks jumped thanks partly to a surge in foreign buying.\nBeijing would want to see slower yuan appreciationto support the economy, which is still fairly dependent on selling goods abroad, said Alvin Tan, head of Asia foreign-exchange strategy at RBC Capital Markets. While Chinese exports have surged since last year,a rallying yuan pressures exportersby making their goods more expensive when priced in dollars.\nMr. Tan said the People’s Bank of China had been “leaning against the strength” of the currency by setting weaker-than-expected reference rates for onshore yuan trading for the past month.\nThe central bank fixes a daily midpoint for the onshore yuan, and only allows trading up to 2 percentage points above or below this level. This is part of a so-called managed floating-exchange-rate system based on the yuan’s value against a basket of currencies.\nThe yuan is likely to stay between 6.4 and 6.5 to a dollar, while further appreciation could prompt stronger central bank action, said Paul Sandhu, head of multiasset quant solutions for Asia-Pacific at BNP Paribas Asset Management.\n“The government is quite happy with the range it is sitting at. If it breaks 6.4 and stays there for some time, they may move in to do something,” Mr. Sandhu said.\nOn Tuesday in Hong Kong, the offshore yuan rallied about 0.2% to 6.3988 to the dollar, a level last hit in June 2018. The dollar weakened, with theICEU.S. Dollar Index declining nearly 0.3% to 89.61, its lowest since early January.\nChina’s CSI 300 index, a gauge of the biggest shares listed in either Shanghai or Shenzhen, jumped 3.2%. Net foreign buying of mainland Chinese shares through Stock Connect, a trading link with Hong Kong, hit a record daily high of 21.7 billion yuan, or the equivalent of $3.4 billion.\nTuesday’s yuan strength was also likely due in part to the coming month-end, before which exporters normally sell earnings in foreign currency to buy yuan, said Khoon Goh, head of Asia research atAustralia and New Zealand Banking GroupLtd.in Singapore.\nThe central bank is eager to promote the idea that the currency won’t be volatile, but that it also won’t be a one-way bet for investors. On Sunday, a senior central-bank official said the yuan will remain “basically stable.” Liu Guoqiang, a deputy governor, said fluctuations in either direction will become the norm, with the exchange rate depending on supply and demand, and changes in global financial markets.\nMr. Liu also said the current exchange-rate system was suitable for China. A researcher at the central bank recently called for China to stop controlling the rate to promote greater international use of the yuan. Another suggested the yuan should be allowed to rally, to offset rising prices for imported commodities.","news_type":1,"symbols_score_info":{"399001":0.9,"399006":0.9,"000001.SH":0.9}},"isVote":1,"tweetType":1,"viewCount":2320,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":130681285,"gmtCreate":1621535009347,"gmtModify":1634188337748,"author":{"id":"3575231727264140","authorId":"3575231727264140","name":"keew","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575231727264140","idStr":"3575231727264140"},"themes":[],"title":"","htmlText":"Yup","listText":"Yup","text":"Yup","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/130681285","repostId":"1135487235","repostType":4,"isVote":1,"tweetType":1,"viewCount":1810,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":197027159,"gmtCreate":1621412649671,"gmtModify":1634189354512,"author":{"id":"3575231727264140","authorId":"3575231727264140","name":"keew","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575231727264140","idStr":"3575231727264140"},"themes":[],"title":"","htmlText":"Oh no&nbsp;","listText":"Oh no&nbsp;","text":"Oh no","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/197027159","repostId":"2136822915","repostType":4,"repost":{"id":"2136822915","kind":"highlight","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1621411736,"share":"https://www.laohu8.com/m/news/2136822915?lang=zh_CN&edition=full","pubTime":"2021-05-19 16:08","market":"us","language":"en","title":"Crypto stocks tumbled in premarket trading<blockquote>加密货币股票在盘前交易中暴跌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2136822915","media":"Tiger Newspress","summary":"Crypto stocks tumbled in premarket trading on Bitcoin sliding below $40,000 after China's fresh cryp","content":"<p>Crypto stocks tumbled in premarket trading&nbsp;on&nbsp;Bitcoin sliding below $40,000 after China's fresh crypto curbs.</p><p><blockquote>在中国实施新的加密货币限制后，比特币加密货币股票在盘前交易中暴跌，跌破40,000美元。</blockquote></p><p><img src=\"https://static.tigerbbs.com/270e4af4516a319658e0395134a1c039\" tg-width=\"369\" tg-height=\"424\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>Bitcoin tumbled below the $40,000 mark on Wednesday hitting a 3-1/2 month low and dragging down other digital coins after China imposed fresh curbs on transactions involving cryptocurrencies.</p><p><blockquote>在中国对涉及加密货币的交易实施新的限制后，比特币周三跌破40,000美元大关，触及三个半月低点，并拖累了其他数字货币。</blockquote></p><p>Bitcoin , the biggest and best-known cryptocurrency, had already been under pressure from a series of tweets from Tesla boss Elon Musk but the news from China sent it as low as $38,514, for a 9% fall.</p><p><blockquote>最大、最知名的加密货币比特币已经受到特斯拉老板Elon Musk一系列推文的压力，但来自中国的消息使其跌至38,514美元，下跌9%。</blockquote></p><p>The coin is now down 40% from a record high of $64,895 hit on April 14. It is also heading for its first monthly decline since November 2018.</p><p><blockquote>该代币目前较4月14日创下的64,895美元的历史高点下跌了40%。它也将迎来自2018年11月以来的首次月度下跌。</blockquote></p><p>Bitcoin's moves hit other crypto assets too, with Ether, the coin linked to the ethereum blockchain network, falling 15% to $2,875.36, while meme-based dogecoin tumbled 18%, according to market tracker Coingecko.</p><p><blockquote>根据市场跟踪机构Coingecko的数据，比特币的举措也打击了其他加密资产，与以太币区块链网络相关的以太币下跌15%，至2,875.36美元，而基于模因的狗狗币下跌18%。</blockquote></p><p>Frankfurt-listed shares in crypto exchange Coinbase slumped 6%, having already dipped below their direct listing price of $250 earlier in the week.</p><p><blockquote>在法兰克福上市的加密货币交易所Coinbase股价下跌6%，本周早些时候已跌破250美元的直接上市价格。</blockquote></p><p>The crypto declines were sparked last week by Musk's reversal on Tesla accepting bitcoin as payment. His subsequent tweets caused further confusion over whether the carmaker had shed its holdings of the coin.</p><p><blockquote>上周，马斯克逆转特斯拉接受比特币作为付款方式，引发了加密货币的下跌。他随后的推文进一步引发了人们对这家汽车制造商是否已抛售该代币的困惑。</blockquote></p><p>Selling was exacerbated by China's announcement banning financial institutions and payment companies from providing services related to cryptocurrency transactions. It also warned investors against speculative crypto trading.</p><p><blockquote>中国宣布禁止金融机构和支付公司提供与加密货币交易相关的服务，加剧了抛售。它还警告投资者不要进行投机性的加密货币交易。</blockquote></p><p>Cryptowatchers predicted more losses ahead, noting the fall below $40,000 represented a breach of a key technical barrier which could set the stage for more selling.</p><p><blockquote>Cryptowatchers预测未来还会有更多损失，并指出跌破40,000美元代表着一个关键技术障碍的突破，这可能为更多抛售创造条件。</blockquote></p><p>More importantly, investors may be shifting from bitcoin back to gold, analysts at JPMorgan said, citing positioning data compiled on basis of open interest in CME bitcoin futures contracts.</p><p><blockquote>摩根大通分析师表示，更重要的是，投资者可能会从比特币转向黄金，并援引根据芝商所比特币期货合约未平仓合约编制的持仓数据。</blockquote></p><p>This shows \"the steepest and more sustained liquidation\" in bitcoin futures since last October, they told clients, adding: \"the bitcoin flow picture continues to deteriorate and is pointing to continued retrenchment by institutional investors.\"</p><p><blockquote>他们告诉客户，这表明比特币期货出现了自去年10月以来“最陡峭、更持续的清算”，并补充道：“比特币流动情况继续恶化，表明机构投资者将继续紧缩。”</blockquote></p><p>The selloff in crypto assets precisely at a time when inflation fears are in the ascendancy dashes any suggestion of the asset class being an inflation hedge.</p><p><blockquote>正是在通胀担忧盛行之际，加密资产遭到抛售，粉碎了该资产类别是通胀对冲的任何说法。</blockquote></p><p>Instead, more traditional hedges have been gaining ground, with gold up almost 6% so far this month.</p><p><blockquote>相反，更传统的对冲措施正在取得进展，本月迄今为止，金价上涨了近6%。</blockquote></p><p>The recent selloff in bitcoin and other digital currencies has taken market capitalisation of all cryptocurrencies back under $2 trillion, down from the recent $2.5 trillion record.</p><p><blockquote>最近比特币和其他数字货币的抛售使所有加密货币的市值降至2万亿美元以下，低于最近2.5万亿美元的纪录。</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>Crypto stocks tumbled in premarket trading<blockquote>加密货币股票在盘前交易中暴跌</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\">\nCrypto stocks tumbled in premarket trading<blockquote>加密货币股票在盘前交易中暴跌</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-05-19 16:08</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Crypto stocks tumbled in premarket trading&nbsp;on&nbsp;Bitcoin sliding below $40,000 after China's fresh crypto curbs.</p><p><blockquote>在中国实施新的加密货币限制后，比特币加密货币股票在盘前交易中暴跌，跌破40,000美元。</blockquote></p><p><img src=\"https://static.tigerbbs.com/270e4af4516a319658e0395134a1c039\" tg-width=\"369\" tg-height=\"424\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>Bitcoin tumbled below the $40,000 mark on Wednesday hitting a 3-1/2 month low and dragging down other digital coins after China imposed fresh curbs on transactions involving cryptocurrencies.</p><p><blockquote>在中国对涉及加密货币的交易实施新的限制后，比特币周三跌破40,000美元大关，触及三个半月低点，并拖累了其他数字货币。</blockquote></p><p>Bitcoin , the biggest and best-known cryptocurrency, had already been under pressure from a series of tweets from Tesla boss Elon Musk but the news from China sent it as low as $38,514, for a 9% fall.</p><p><blockquote>最大、最知名的加密货币比特币已经受到特斯拉老板Elon Musk一系列推文的压力，但来自中国的消息使其跌至38,514美元，下跌9%。</blockquote></p><p>The coin is now down 40% from a record high of $64,895 hit on April 14. It is also heading for its first monthly decline since November 2018.</p><p><blockquote>该代币目前较4月14日创下的64,895美元的历史高点下跌了40%。它也将迎来自2018年11月以来的首次月度下跌。</blockquote></p><p>Bitcoin's moves hit other crypto assets too, with Ether, the coin linked to the ethereum blockchain network, falling 15% to $2,875.36, while meme-based dogecoin tumbled 18%, according to market tracker Coingecko.</p><p><blockquote>根据市场跟踪机构Coingecko的数据，比特币的举措也打击了其他加密资产，与以太币区块链网络相关的以太币下跌15%，至2,875.36美元，而基于模因的狗狗币下跌18%。</blockquote></p><p>Frankfurt-listed shares in crypto exchange Coinbase slumped 6%, having already dipped below their direct listing price of $250 earlier in the week.</p><p><blockquote>在法兰克福上市的加密货币交易所Coinbase股价下跌6%，本周早些时候已跌破250美元的直接上市价格。</blockquote></p><p>The crypto declines were sparked last week by Musk's reversal on Tesla accepting bitcoin as payment. His subsequent tweets caused further confusion over whether the carmaker had shed its holdings of the coin.</p><p><blockquote>上周，马斯克逆转特斯拉接受比特币作为付款方式，引发了加密货币的下跌。他随后的推文进一步引发了人们对这家汽车制造商是否已抛售该代币的困惑。</blockquote></p><p>Selling was exacerbated by China's announcement banning financial institutions and payment companies from providing services related to cryptocurrency transactions. It also warned investors against speculative crypto trading.</p><p><blockquote>中国宣布禁止金融机构和支付公司提供与加密货币交易相关的服务，加剧了抛售。它还警告投资者不要进行投机性的加密货币交易。</blockquote></p><p>Cryptowatchers predicted more losses ahead, noting the fall below $40,000 represented a breach of a key technical barrier which could set the stage for more selling.</p><p><blockquote>Cryptowatchers预测未来还会有更多损失，并指出跌破40,000美元代表着一个关键技术障碍的突破，这可能为更多抛售创造条件。</blockquote></p><p>More importantly, investors may be shifting from bitcoin back to gold, analysts at JPMorgan said, citing positioning data compiled on basis of open interest in CME bitcoin futures contracts.</p><p><blockquote>摩根大通分析师表示，更重要的是，投资者可能会从比特币转向黄金，并援引根据芝商所比特币期货合约未平仓合约编制的持仓数据。</blockquote></p><p>This shows \"the steepest and more sustained liquidation\" in bitcoin futures since last October, they told clients, adding: \"the bitcoin flow picture continues to deteriorate and is pointing to continued retrenchment by institutional investors.\"</p><p><blockquote>他们告诉客户，这表明比特币期货出现了自去年10月以来“最陡峭、更持续的清算”，并补充道：“比特币流动情况继续恶化，表明机构投资者将继续紧缩。”</blockquote></p><p>The selloff in crypto assets precisely at a time when inflation fears are in the ascendancy dashes any suggestion of the asset class being an inflation hedge.</p><p><blockquote>正是在通胀担忧盛行之际，加密资产遭到抛售，粉碎了该资产类别是通胀对冲的任何说法。</blockquote></p><p>Instead, more traditional hedges have been gaining ground, with gold up almost 6% so far this month.</p><p><blockquote>相反，更传统的对冲措施正在取得进展，本月迄今为止，金价上涨了近6%。</blockquote></p><p>The recent selloff in bitcoin and other digital currencies has taken market capitalisation of all cryptocurrencies back under $2 trillion, down from the recent $2.5 trillion record.</p><p><blockquote>最近比特币和其他数字货币的抛售使所有加密货币的市值降至2万亿美元以下，低于最近2.5万亿美元的纪录。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SOS":"SOS Limited","RIOT":"Riot Platforms","PYPL":"PayPal","MARA":"MARA Holdings","EBON":"亿邦国际"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2136822915","content_text":"Crypto stocks tumbled in premarket trading on Bitcoin sliding below $40,000 after China's fresh crypto curbs.Bitcoin tumbled below the $40,000 mark on Wednesday hitting a 3-1/2 month low and dragging down other digital coins after China imposed fresh curbs on transactions involving cryptocurrencies.Bitcoin , the biggest and best-known cryptocurrency, had already been under pressure from a series of tweets from Tesla boss Elon Musk but the news from China sent it as low as $38,514, for a 9% fall.The coin is now down 40% from a record high of $64,895 hit on April 14. It is also heading for its first monthly decline since November 2018.Bitcoin's moves hit other crypto assets too, with Ether, the coin linked to the ethereum blockchain network, falling 15% to $2,875.36, while meme-based dogecoin tumbled 18%, according to market tracker Coingecko.Frankfurt-listed shares in crypto exchange Coinbase slumped 6%, having already dipped below their direct listing price of $250 earlier in the week.The crypto declines were sparked last week by Musk's reversal on Tesla accepting bitcoin as payment. His subsequent tweets caused further confusion over whether the carmaker had shed its holdings of the coin.Selling was exacerbated by China's announcement banning financial institutions and payment companies from providing services related to cryptocurrency transactions. It also warned investors against speculative crypto trading.Cryptowatchers predicted more losses ahead, noting the fall below $40,000 represented a breach of a key technical barrier which could set the stage for more selling.More importantly, investors may be shifting from bitcoin back to gold, analysts at JPMorgan said, citing positioning data compiled on basis of open interest in CME bitcoin futures contracts.This shows \"the steepest and more sustained liquidation\" in bitcoin futures since last October, they told clients, adding: \"the bitcoin flow picture continues to deteriorate and is pointing to continued retrenchment by institutional investors.\"The selloff in crypto assets precisely at a time when inflation fears are in the ascendancy dashes any suggestion of the asset class being an inflation hedge.Instead, more traditional hedges have been gaining ground, with gold up almost 6% so far this month.The recent selloff in bitcoin and other digital currencies has taken market capitalisation of all cryptocurrencies back under $2 trillion, down from the recent $2.5 trillion record.","news_type":1,"symbols_score_info":{"EBON":0.9,"PYPL":0.9,"MARA":0.9,"RIOT":0.9,"SOS":0.9}},"isVote":1,"tweetType":1,"viewCount":2816,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":195623458,"gmtCreate":1621293792574,"gmtModify":1634192790347,"author":{"id":"3575231727264140","authorId":"3575231727264140","name":"keew","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575231727264140","idStr":"3575231727264140"},"themes":[],"title":"","htmlText":"Please like and comment. Thanks","listText":"Please like and comment. Thanks","text":"Please like and comment. Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/195623458","repostId":"2136954804","repostType":4,"repost":{"id":"2136954804","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1621284964,"share":"https://www.laohu8.com/m/news/2136954804?lang=zh_CN&edition=full","pubTime":"2021-05-18 04:56","market":"us","language":"en","title":"Tencent Music beats profit estimates on subscription growth<blockquote>腾讯控股音乐订阅增长超出利润预期</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2136954804","media":"Tiger Newspress","summary":"China's Tencent Music Entertainment Group on Monday beat quarterly profit estimates, driven by stron","content":"<p>China's Tencent Music Entertainment Group on Monday beat quarterly profit estimates, driven by strong growth in subscription revenue and advertising sales from its music streaming platform.</p><p><blockquote>受其音乐流媒体平台订阅收入和广告销售强劲增长的推动，腾讯控股音乐娱乐集团周一的季度利润超出预期。</blockquote></p><p>The company has been expanding its music library through new partnerships and multi-year licensing deals. That, coupled with efforts to diversify its content base through long-form shows and live talk shows have helped lure more paying users to its music platform as well as advertisers.</p><p><blockquote>该公司一直在通过新的合作伙伴关系和多年许可协议扩大其音乐库。再加上通过长篇节目和现场脱口秀实现内容基础多元化的努力，有助于吸引更多付费用户和广告商使用其音乐平台。</blockquote></p><p>Tencent Music and Sony Music Entertainment said on Monday they had signed a multi-year extension of their digital distribution agreement.</p><p><blockquote>腾讯控股音乐和Sony Music Entertainment周一表示，他们已经签署了数字发行协议的多年延期。</blockquote></p><p>Total revenue of the company, controlled by Chinese tech giant Tencent Holdings Ltd, rose to 7.82 billion yuan ($1.21 billion) in the first quarter from a year earlier. Analysts were expecting revenue of 7.73 billion yuan, according to IBES data from Refinitiv.</p><p><blockquote>该公司由中国科技巨头腾讯控股控股有限公司控股，第一季度总收入同比增至78.2亿元人民币（12.1亿美元）。根据Refinitiv的IBES数据，分析师预计营收为77.3亿元人民币。</blockquote></p><p>Profit attributable to equity holders of the company rose to 926 million yuan ($143.82 million), from 887 million yuan a year earlier.</p><p><blockquote>公司股东应占利润从上年同期的8.87亿元增至9.26亿元（1.4382亿美元）。</blockquote></p><p>Excluding items, the company earned 69 yuan per American Depository Share (ADS), above estimates of 55 yuan per ADS.</p><p><blockquote>不计项目，该公司每股美国存托股(ADS)盈利69元，高于每股ADS 55元的预期。</blockquote></p><p>U.S.-listed shares of Tencent Music were&nbsp;once down &nbsp;more&nbsp;than&nbsp;2% in trading after the bell.</p><p><blockquote>腾讯控股音乐在美国上市的股价在盘后交易中一度跌超2%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/016ba0b66048d554062aa660b12f8770\" tg-width=\"1293\" tg-height=\"613\" referrerpolicy=\"no-referrer\"></p><p><blockquote></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>Tencent Music beats profit estimates on subscription growth<blockquote>腾讯控股音乐订阅增长超出利润预期</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\">\nTencent Music beats profit estimates on subscription growth<blockquote>腾讯控股音乐订阅增长超出利润预期</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-05-18 04:56</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>China's Tencent Music Entertainment Group on Monday beat quarterly profit estimates, driven by strong growth in subscription revenue and advertising sales from its music streaming platform.</p><p><blockquote>受其音乐流媒体平台订阅收入和广告销售强劲增长的推动，腾讯控股音乐娱乐集团周一的季度利润超出预期。</blockquote></p><p>The company has been expanding its music library through new partnerships and multi-year licensing deals. That, coupled with efforts to diversify its content base through long-form shows and live talk shows have helped lure more paying users to its music platform as well as advertisers.</p><p><blockquote>该公司一直在通过新的合作伙伴关系和多年许可协议扩大其音乐库。再加上通过长篇节目和现场脱口秀实现内容基础多元化的努力，有助于吸引更多付费用户和广告商使用其音乐平台。</blockquote></p><p>Tencent Music and Sony Music Entertainment said on Monday they had signed a multi-year extension of their digital distribution agreement.</p><p><blockquote>腾讯控股音乐和Sony Music Entertainment周一表示，他们已经签署了数字发行协议的多年延期。</blockquote></p><p>Total revenue of the company, controlled by Chinese tech giant Tencent Holdings Ltd, rose to 7.82 billion yuan ($1.21 billion) in the first quarter from a year earlier. Analysts were expecting revenue of 7.73 billion yuan, according to IBES data from Refinitiv.</p><p><blockquote>该公司由中国科技巨头腾讯控股控股有限公司控股，第一季度总收入同比增至78.2亿元人民币（12.1亿美元）。根据Refinitiv的IBES数据，分析师预计营收为77.3亿元人民币。</blockquote></p><p>Profit attributable to equity holders of the company rose to 926 million yuan ($143.82 million), from 887 million yuan a year earlier.</p><p><blockquote>公司股东应占利润从上年同期的8.87亿元增至9.26亿元（1.4382亿美元）。</blockquote></p><p>Excluding items, the company earned 69 yuan per American Depository Share (ADS), above estimates of 55 yuan per ADS.</p><p><blockquote>不计项目，该公司每股美国存托股(ADS)盈利69元，高于每股ADS 55元的预期。</blockquote></p><p>U.S.-listed shares of Tencent Music were&nbsp;once down &nbsp;more&nbsp;than&nbsp;2% in trading after the bell.</p><p><blockquote>腾讯控股音乐在美国上市的股价在盘后交易中一度跌超2%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/016ba0b66048d554062aa660b12f8770\" tg-width=\"1293\" tg-height=\"613\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TME":"腾讯音乐"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2136954804","content_text":"China's Tencent Music Entertainment Group on Monday beat quarterly profit estimates, driven by strong growth in subscription revenue and advertising sales from its music streaming platform.The company has been expanding its music library through new partnerships and multi-year licensing deals. That, coupled with efforts to diversify its content base through long-form shows and live talk shows have helped lure more paying users to its music platform as well as advertisers.Tencent Music and Sony Music Entertainment said on Monday they had signed a multi-year extension of their digital distribution agreement.Total revenue of the company, controlled by Chinese tech giant Tencent Holdings Ltd, rose to 7.82 billion yuan ($1.21 billion) in the first quarter from a year earlier. Analysts were expecting revenue of 7.73 billion yuan, according to IBES data from Refinitiv.Profit attributable to equity holders of the company rose to 926 million yuan ($143.82 million), from 887 million yuan a year earlier.Excluding items, the company earned 69 yuan per American Depository Share (ADS), above estimates of 55 yuan per ADS.U.S.-listed shares of Tencent Music were once down  more than 2% in trading after the bell.","news_type":1,"symbols_score_info":{"TME":0.9}},"isVote":1,"tweetType":1,"viewCount":679,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":192678746,"gmtCreate":1621209202485,"gmtModify":1634193453595,"author":{"id":"3575231727264140","authorId":"3575231727264140","name":"keew","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575231727264140","idStr":"3575231727264140"},"themes":[],"title":"","htmlText":"Pls comment and like. Thanks&nbsp;","listText":"Pls comment and like. Thanks&nbsp;","text":"Pls comment and like. Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/192678746","repostId":"1134346216","repostType":4,"isVote":1,"tweetType":1,"viewCount":691,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":198803992,"gmtCreate":1620949333216,"gmtModify":1634195108789,"author":{"id":"3575231727264140","authorId":"3575231727264140","name":"keew","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575231727264140","idStr":"3575231727264140"},"themes":[],"title":"","htmlText":"Please like and comment. Thanks","listText":"Please like and comment. Thanks","text":"Please like and comment. Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/198803992","repostId":"1149765041","repostType":4,"repost":{"id":"1149765041","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1620948199,"share":"https://www.laohu8.com/m/news/1149765041?lang=zh_CN&edition=full","pubTime":"2021-05-14 07:23","market":"us","language":"en","title":"Coinbase revenue tripled from last quarter,To Offer Dogecoin In 6 To 8 Weeks<blockquote>Coinbase收入较上季度增长两倍，将在6至8周内提供狗狗币</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1149765041","media":"Tiger Newspress","summary":"Coinbase shares were once up about 4% in after-hours trading Thursday, after reporting that revenue ","content":"<p>Coinbase&nbsp;shares were&nbsp;once up about 4% in after-hours trading Thursday, after reporting that revenue and net income skyrocketed in the first quarter of 2021 as the cryptocurrency trading platform capitalized on a boom in crypto prices and corresponding interest from investors. The results largely matched estimates that Coinbasedelivered on April 6, about a week before its public debut.</p><p><blockquote>Coinbase股价在周四盘后交易中一度上涨约4%，此前该加密货币交易平台报告称，由于加密货币价格的飙升和投资者的相应兴趣，2021年第一季度的收入和净利润飙升。这一结果与Coinbase4月6日（即其首次公开亮相前约一周）的预期基本相符。</blockquote></p><p><img src=\"https://static.tigerbbs.com/d62b42f65e0e85aff0a649aaa0659e42\" tg-width=\"1290\" tg-height=\"645\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>Here'show the cryptocurrency exchange didin its first earnings report since&nbsp;the company's direct listingin April:</p><p><blockquote>以下是该加密货币交易所自该公司四月份直接上市以来的首份收益报告：</blockquote></p><p><ul><li><b>Earnings:</b>$3.05 per share</li><li><b>Revenue:</b>$1.80 billion, up from $585 million in the previous quarter.</li></ul>The company's net profit for the quarter was over $771 million, more than fourfold over Q4 2020's figure of $177 million and more than 24 times higher than the year-ago quarter's profit.</p><p><blockquote><ul><li><b>收益：</b>每股3.05美元</li><li><b>收入：</b>18亿美元，高于上一季度的5.85亿美元。</li></ul>该公司本季度净利润超过7.71亿美元，是2020年第四季度1.77亿美元的四倍多，是去年同期利润的24倍多。</blockquote></p><p>On the earnings call, the company said that it planned to list dogecoin in the next six to eight weeks. The meme-inspired cryptocurrency was up as much as 26,000% in the last six months, before falling after Elon Musk's \"Saturday Night Live\" hosting debut, in which he called dogecoin a \"hustle.\"</p><p><blockquote>在财报看涨期权上，该公司表示，计划在未来六到八周内将狗狗币上市。这种受模因启发的加密货币在过去六个月内上涨了26,000%，但在埃隆·马斯克(Elon Musk)在《周六夜现场》(Saturday Night Live)主持首次亮相后下跌，他在其中称狗狗币为“骗局”。</blockquote></p><p>Coinbase's fate is tethered to the performance of digital assets like bitcoin. Roughly 94% of the company's net revenue in the first quarter came from transaction fees from trading. In an introductory note, the company noted that bitcoin prices nearly doubled during the quarter, and ether prices almost tripled.</p><p><blockquote>Coinbase的命运与比特币等数字资产的表现息息相关。该公司第一季度大约94%的净收入来自交易的交易费用。该公司在介绍性说明中指出，本季度比特币价格几乎翻了一番，乙醚价格几乎翻了两倍。</blockquote></p><p>Coinbase fees, which account for the bulk sum of the company's revenue, are higher than some rivals. When asked about this, CFO Alesia Haas doubled down on the company's strategy, suggesting margins will remain high for the cryptocurrency exchange.</p><p><blockquote>Coinbase的费用占该公司收入的大部分，高于一些竞争对手。当被问及此事时，首席财务官阿莱西亚·哈斯(Alesia Haas)加倍强调了公司的战略，暗示加密货币交易所的利润率将保持在高位。</blockquote></p><p>\"We're not trying to win on fees,\" said Haas. \"We're not trying to compete on fees. We're competing on being the most trusted.\"</p><p><blockquote>“我们并不是想在费用上获胜，”哈斯说。“我们不是想在费用上竞争。我们是在竞争最值得信赖的人。”</blockquote></p><p>Haas told CNBC that the company's main focus in the first quarter was reliability. \"We are dealing with unprecedented growth in demand, and our focus was making sure that our exchange stayed up.\"</p><p><blockquote>哈斯告诉CNBC，该公司第一季度的主要关注点是可靠性。“我们正在应对前所未有的需求增长，我们的重点是确保我们的交易所保持运转。”</blockquote></p><p>Monthly transacting users more than doubled from the previous quarter, from 2.8 million to 6.1 million. Coinbase's 56 million verified users, along with record-breaking price moves in the crypto market, led trading volume to more than triple from the previous quarter.</p><p><blockquote>月度交易用户比上一季度增加了一倍多，从280万增加到610万。Coinbase拥有5600万经过验证的用户，加上加密货币市场破纪录的价格走势，导致交易量比上一季度增加了两倍多。</blockquote></p><p>In its release, Coinbase did not offer detailed revenue nor earnings guidance for either Q2 or the full year, warning that, \"As we have previously discussed, it is important for investors to remember that our business is inherently unpredictable.\" However, it offered guidance of between 5.5 million and 9.0 million monthly transacting users for the full year, depending on crypto prices, and predicted that annual average net revenue would exceed the historic mark of $35 to $45 that it's averaged for the last two years.</p><p><blockquote>Coinbase在其新闻稿中没有提供第二季度或全年的详细收入或盈利指引，并警告说，“正如我们之前讨论的，投资者必须记住，我们的业务本质上是不可预测的。”然而，它提供了全年每月550万至900万交易用户的指导，具体取决于加密货币价格，并预测年平均净收入将超过过去两年平均35至45美元的历史大关。</blockquote></p><p>During last month's direct listing,&nbsp;Coinbase opened at $381 per share&nbsp;and was briefly valued atas much as $100 billion, a landmark event for the cryptocurrency industry.</p><p><blockquote>在上个月的直接上市期间，Coinbase开盘价为每股381美元，估值一度高达1000亿美元，这是加密货币行业的里程碑式事件。</blockquote></p><p>Excluding the after-hours move, Coinbase stock has fallen about 30.4% since going public on April 14, while theNasdaqfell 5.3% over the same period.</p><p><blockquote>排除盘后走势，Coinbase股价自4月14日上市以来已下跌约30.4%，而纳斯达克指数同期下跌5.3%。</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>Coinbase revenue tripled from last quarter,To Offer Dogecoin In 6 To 8 Weeks<blockquote>Coinbase收入较上季度增长两倍，将在6至8周内提供狗狗币</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\">\nCoinbase revenue tripled from last quarter,To Offer Dogecoin In 6 To 8 Weeks<blockquote>Coinbase收入较上季度增长两倍，将在6至8周内提供狗狗币</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-05-14 07:23</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Coinbase&nbsp;shares were&nbsp;once up about 4% in after-hours trading Thursday, after reporting that revenue and net income skyrocketed in the first quarter of 2021 as the cryptocurrency trading platform capitalized on a boom in crypto prices and corresponding interest from investors. The results largely matched estimates that Coinbasedelivered on April 6, about a week before its public debut.</p><p><blockquote>Coinbase股价在周四盘后交易中一度上涨约4%，此前该加密货币交易平台报告称，由于加密货币价格的飙升和投资者的相应兴趣，2021年第一季度的收入和净利润飙升。这一结果与Coinbase4月6日（即其首次公开亮相前约一周）的预期基本相符。</blockquote></p><p><img src=\"https://static.tigerbbs.com/d62b42f65e0e85aff0a649aaa0659e42\" tg-width=\"1290\" tg-height=\"645\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>Here'show the cryptocurrency exchange didin its first earnings report since&nbsp;the company's direct listingin April:</p><p><blockquote>以下是该加密货币交易所自该公司四月份直接上市以来的首份收益报告：</blockquote></p><p><ul><li><b>Earnings:</b>$3.05 per share</li><li><b>Revenue:</b>$1.80 billion, up from $585 million in the previous quarter.</li></ul>The company's net profit for the quarter was over $771 million, more than fourfold over Q4 2020's figure of $177 million and more than 24 times higher than the year-ago quarter's profit.</p><p><blockquote><ul><li><b>收益：</b>每股3.05美元</li><li><b>收入：</b>18亿美元，高于上一季度的5.85亿美元。</li></ul>该公司本季度净利润超过7.71亿美元，是2020年第四季度1.77亿美元的四倍多，是去年同期利润的24倍多。</blockquote></p><p>On the earnings call, the company said that it planned to list dogecoin in the next six to eight weeks. The meme-inspired cryptocurrency was up as much as 26,000% in the last six months, before falling after Elon Musk's \"Saturday Night Live\" hosting debut, in which he called dogecoin a \"hustle.\"</p><p><blockquote>在财报看涨期权上，该公司表示，计划在未来六到八周内将狗狗币上市。这种受模因启发的加密货币在过去六个月内上涨了26,000%，但在埃隆·马斯克(Elon Musk)在《周六夜现场》(Saturday Night Live)主持首次亮相后下跌，他在其中称狗狗币为“骗局”。</blockquote></p><p>Coinbase's fate is tethered to the performance of digital assets like bitcoin. Roughly 94% of the company's net revenue in the first quarter came from transaction fees from trading. In an introductory note, the company noted that bitcoin prices nearly doubled during the quarter, and ether prices almost tripled.</p><p><blockquote>Coinbase的命运与比特币等数字资产的表现息息相关。该公司第一季度大约94%的净收入来自交易的交易费用。该公司在介绍性说明中指出，本季度比特币价格几乎翻了一番，乙醚价格几乎翻了两倍。</blockquote></p><p>Coinbase fees, which account for the bulk sum of the company's revenue, are higher than some rivals. When asked about this, CFO Alesia Haas doubled down on the company's strategy, suggesting margins will remain high for the cryptocurrency exchange.</p><p><blockquote>Coinbase的费用占该公司收入的大部分，高于一些竞争对手。当被问及此事时，首席财务官阿莱西亚·哈斯(Alesia Haas)加倍强调了公司的战略，暗示加密货币交易所的利润率将保持在高位。</blockquote></p><p>\"We're not trying to win on fees,\" said Haas. \"We're not trying to compete on fees. We're competing on being the most trusted.\"</p><p><blockquote>“我们并不是想在费用上获胜，”哈斯说。“我们不是想在费用上竞争。我们是在竞争最值得信赖的人。”</blockquote></p><p>Haas told CNBC that the company's main focus in the first quarter was reliability. \"We are dealing with unprecedented growth in demand, and our focus was making sure that our exchange stayed up.\"</p><p><blockquote>哈斯告诉CNBC，该公司第一季度的主要关注点是可靠性。“我们正在应对前所未有的需求增长，我们的重点是确保我们的交易所保持运转。”</blockquote></p><p>Monthly transacting users more than doubled from the previous quarter, from 2.8 million to 6.1 million. Coinbase's 56 million verified users, along with record-breaking price moves in the crypto market, led trading volume to more than triple from the previous quarter.</p><p><blockquote>月度交易用户比上一季度增加了一倍多，从280万增加到610万。Coinbase拥有5600万经过验证的用户，加上加密货币市场破纪录的价格走势，导致交易量比上一季度增加了两倍多。</blockquote></p><p>In its release, Coinbase did not offer detailed revenue nor earnings guidance for either Q2 or the full year, warning that, \"As we have previously discussed, it is important for investors to remember that our business is inherently unpredictable.\" However, it offered guidance of between 5.5 million and 9.0 million monthly transacting users for the full year, depending on crypto prices, and predicted that annual average net revenue would exceed the historic mark of $35 to $45 that it's averaged for the last two years.</p><p><blockquote>Coinbase在其新闻稿中没有提供第二季度或全年的详细收入或盈利指引，并警告说，“正如我们之前讨论的，投资者必须记住，我们的业务本质上是不可预测的。”然而，它提供了全年每月550万至900万交易用户的指导，具体取决于加密货币价格，并预测年平均净收入将超过过去两年平均35至45美元的历史大关。</blockquote></p><p>During last month's direct listing,&nbsp;Coinbase opened at $381 per share&nbsp;and was briefly valued atas much as $100 billion, a landmark event for the cryptocurrency industry.</p><p><blockquote>在上个月的直接上市期间，Coinbase开盘价为每股381美元，估值一度高达1000亿美元，这是加密货币行业的里程碑式事件。</blockquote></p><p>Excluding the after-hours move, Coinbase stock has fallen about 30.4% since going public on April 14, while theNasdaqfell 5.3% over the same period.</p><p><blockquote>排除盘后走势，Coinbase股价自4月14日上市以来已下跌约30.4%，而纳斯达克指数同期下跌5.3%。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1149765041","content_text":"Coinbase shares were once up about 4% in after-hours trading Thursday, after reporting that revenue and net income skyrocketed in the first quarter of 2021 as the cryptocurrency trading platform capitalized on a boom in crypto prices and corresponding interest from investors. The results largely matched estimates that Coinbasedelivered on April 6, about a week before its public debut.Here'show the cryptocurrency exchange didin its first earnings report since the company's direct listingin April:Earnings:$3.05 per shareRevenue:$1.80 billion, up from $585 million in the previous quarter.The company's net profit for the quarter was over $771 million, more than fourfold over Q4 2020's figure of $177 million and more than 24 times higher than the year-ago quarter's profit.On the earnings call, the company said that it planned to list dogecoin in the next six to eight weeks. The meme-inspired cryptocurrency was up as much as 26,000% in the last six months, before falling after Elon Musk's \"Saturday Night Live\" hosting debut, in which he called dogecoin a \"hustle.\"Coinbase's fate is tethered to the performance of digital assets like bitcoin. Roughly 94% of the company's net revenue in the first quarter came from transaction fees from trading. In an introductory note, the company noted that bitcoin prices nearly doubled during the quarter, and ether prices almost tripled.Coinbase fees, which account for the bulk sum of the company's revenue, are higher than some rivals. When asked about this, CFO Alesia Haas doubled down on the company's strategy, suggesting margins will remain high for the cryptocurrency exchange.\"We're not trying to win on fees,\" said Haas. \"We're not trying to compete on fees. We're competing on being the most trusted.\"Haas told CNBC that the company's main focus in the first quarter was reliability. \"We are dealing with unprecedented growth in demand, and our focus was making sure that our exchange stayed up.\"Monthly transacting users more than doubled from the previous quarter, from 2.8 million to 6.1 million. Coinbase's 56 million verified users, along with record-breaking price moves in the crypto market, led trading volume to more than triple from the previous quarter.In its release, Coinbase did not offer detailed revenue nor earnings guidance for either Q2 or the full year, warning that, \"As we have previously discussed, it is important for investors to remember that our business is inherently unpredictable.\" However, it offered guidance of between 5.5 million and 9.0 million monthly transacting users for the full year, depending on crypto prices, and predicted that annual average net revenue would exceed the historic mark of $35 to $45 that it's averaged for the last two years.During last month's direct listing, Coinbase opened at $381 per share and was briefly valued atas much as $100 billion, a landmark event for the cryptocurrency industry.Excluding the after-hours move, Coinbase stock has fallen about 30.4% since going public on April 14, while theNasdaqfell 5.3% over the same period.","news_type":1,"symbols_score_info":{"COIN":0.9}},"isVote":1,"tweetType":1,"viewCount":765,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":191235422,"gmtCreate":1620879798566,"gmtModify":1634195603207,"author":{"id":"3575231727264140","authorId":"3575231727264140","name":"keew","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575231727264140","idStr":"3575231727264140"},"themes":[],"title":"","htmlText":"Please like and comment. Thanks&nbsp;","listText":"Please like and comment. Thanks&nbsp;","text":"Please like and comment. Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/191235422","repostId":"2135664957","repostType":4,"isVote":1,"tweetType":1,"viewCount":574,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":191232544,"gmtCreate":1620879755888,"gmtModify":1634195604405,"author":{"id":"3575231727264140","authorId":"3575231727264140","name":"keew","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575231727264140","idStr":"3575231727264140"},"themes":[],"title":"","htmlText":"Oh no","listText":"Oh no","text":"Oh no","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/191232544","repostId":"2135646642","repostType":4,"isVote":1,"tweetType":1,"viewCount":502,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":193133807,"gmtCreate":1620774178009,"gmtModify":1634196507711,"author":{"id":"3575231727264140","authorId":"3575231727264140","name":"keew","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575231727264140","idStr":"3575231727264140"},"themes":[],"title":"","htmlText":"Please reply and like. Thanks.&nbsp;","listText":"Please reply and like. Thanks.&nbsp;","text":"Please reply and like. Thanks.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/193133807","repostId":"1171091038","repostType":4,"repost":{"id":"1171091038","kind":"news","pubTimestamp":1620745886,"share":"https://www.laohu8.com/m/news/1171091038?lang=zh_CN&edition=full","pubTime":"2021-05-11 23:11","market":"us","language":"en","title":"Should We Fear, Inflation Is Here<blockquote>我们应该害怕吗，通货膨胀来了</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1171091038","media":"zerohedge","summary":"It’s becoming hard to ignore inflationary pressures, whether one is a central banker or not. Tech in","content":"<p>It’s becoming hard to ignore inflationary pressures, whether one is a central banker or not. Tech investors are taking notice with Monday’s Nasdaq 100 slump the largest since mid-March, while China’s producer prices&nbsp;accelerated&nbsp;overnight.&nbsp;VIX futures are higher with broad risk aversion setting up for European equities to catch up to the late downbeat U.S. session.</p><p><blockquote>无论一个人是否是央行行长，都很难忽视通胀压力。科技投资者正在关注周一纳斯达克100指数创下3月中旬以来最大跌幅，而中国生产者价格隔夜加速上涨。VIX期货走高，因欧洲股市普遍避险情绪升温，赶上美国股市尾盘的悲观行情。</blockquote></p><p> At least investor jitters that rising inflation could lift bond yields, and sap equities’ appeal could take comfort from real yields. The 10-year U.S. inflation-adjusted benchmark tumbled to three-month lows, keeping nominal yields in check as breakevens&nbsp;jumped&nbsp;to multi-year highs.</p><p><blockquote>至少投资者担心通胀上升可能会提高债券收益率，而sap股票的吸引力可能会从实际收益率中得到安慰。美国10年期通胀调整基准指数跌至三个月低点，随着盈亏平衡点跃升至多年高点，名义收益率受到抑制。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e8047b97c104b947668ce19b34f7fd4a\" tg-width=\"1259\" tg-height=\"716\"></p><p><blockquote></blockquote></p><p> Financial conditions reached another&nbsp;record, while evidence of stocks’ rotation remains: S&amp;P 500 energy and financials advanced over the past 5 sessions, value is outperforming growth –- particularly in&nbsp;Europe&nbsp;-- and the RTY/NDX is well, steady –- much like 10-year nominal yields around 1.60%.</p><p><blockquote>金融状况再创新高，而股票轮动的证据依然存在：标普500能源和金融股在过去5个交易日中上涨，价值跑赢增长——尤其是在欧洲——RTY/NDX表现良好、稳定——很像10年名义收益率约为1.60%。</blockquote></p><p> U.S. labor market frictions look to be adding to inflation fears, with JOLTs data, a leading indicator of hiring, likely to signal workers’ growing pricing power. And the NFIB small business optimism will be watched today for supply side constraints –- last month, job openings that were “hard to fill” reached at least a four-decade high. Of course, labor market dislocations remain and a handful of Fed speakers today will no doubt look to assuage inflation fears and discount near-term tapering risks. Not like Bill&nbsp;Dudley.</p><p><blockquote>美国劳动力市场摩擦似乎加剧了通胀担忧，JOLTs数据是招聘的领先指标，可能表明工人的定价能力不断增强。NFIB小企业乐观情绪今天将因供应方面的限制而受到关注——上个月，“难以填补”的职位空缺达到了至少四年来的最高水平。当然，劳动力市场的混乱仍然存在，今天的一些美联储发言人无疑会寻求缓解通胀担忧并淡化近期缩减购债规模的风险。不像比尔·达德利。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/98df6b5f32251d558127766afc21fad8\" tg-width=\"1257\" tg-height=\"710\"></p><p><blockquote></blockquote></p><p> Whether the Fed falls too far behind the curve remains up for debate. Markets, on the other hand, aren’t as comfortable looking through transitory inflation as evidence builds and expectations climb -- that could become a self-fulfilling prophecy after all.</p><p><blockquote>美联储是否落后太多仍有待商榷。另一方面，随着证据的积累和预期的攀升，市场对暂时性通胀的看法并不那么舒服——这毕竟可能成为一个自我实现的预言。</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>Should We Fear, Inflation Is Here<blockquote>我们应该害怕吗，通货膨胀来了</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\">\nShould We Fear, Inflation Is Here<blockquote>我们应该害怕吗，通货膨胀来了</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-05-11 23:11</span>\n</p>\n</h4>\n</header>\n<article>\n<p>It’s becoming hard to ignore inflationary pressures, whether one is a central banker or not. Tech investors are taking notice with Monday’s Nasdaq 100 slump the largest since mid-March, while China’s producer prices&nbsp;accelerated&nbsp;overnight.&nbsp;VIX futures are higher with broad risk aversion setting up for European equities to catch up to the late downbeat U.S. session.</p><p><blockquote>无论一个人是否是央行行长，都很难忽视通胀压力。科技投资者正在关注周一纳斯达克100指数创下3月中旬以来最大跌幅，而中国生产者价格隔夜加速上涨。VIX期货走高，因欧洲股市普遍避险情绪升温，赶上美国股市尾盘的悲观行情。</blockquote></p><p> At least investor jitters that rising inflation could lift bond yields, and sap equities’ appeal could take comfort from real yields. The 10-year U.S. inflation-adjusted benchmark tumbled to three-month lows, keeping nominal yields in check as breakevens&nbsp;jumped&nbsp;to multi-year highs.</p><p><blockquote>至少投资者担心通胀上升可能会提高债券收益率，而sap股票的吸引力可能会从实际收益率中得到安慰。美国10年期通胀调整基准指数跌至三个月低点，随着盈亏平衡点跃升至多年高点，名义收益率受到抑制。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e8047b97c104b947668ce19b34f7fd4a\" tg-width=\"1259\" tg-height=\"716\"></p><p><blockquote></blockquote></p><p> Financial conditions reached another&nbsp;record, while evidence of stocks’ rotation remains: S&amp;P 500 energy and financials advanced over the past 5 sessions, value is outperforming growth –- particularly in&nbsp;Europe&nbsp;-- and the RTY/NDX is well, steady –- much like 10-year nominal yields around 1.60%.</p><p><blockquote>金融状况再创新高，而股票轮动的证据依然存在：标普500能源和金融股在过去5个交易日中上涨，价值跑赢增长——尤其是在欧洲——RTY/NDX表现良好、稳定——很像10年名义收益率约为1.60%。</blockquote></p><p> U.S. labor market frictions look to be adding to inflation fears, with JOLTs data, a leading indicator of hiring, likely to signal workers’ growing pricing power. And the NFIB small business optimism will be watched today for supply side constraints –- last month, job openings that were “hard to fill” reached at least a four-decade high. Of course, labor market dislocations remain and a handful of Fed speakers today will no doubt look to assuage inflation fears and discount near-term tapering risks. Not like Bill&nbsp;Dudley.</p><p><blockquote>美国劳动力市场摩擦似乎加剧了通胀担忧，JOLTs数据是招聘的领先指标，可能表明工人的定价能力不断增强。NFIB小企业乐观情绪今天将因供应方面的限制而受到关注——上个月，“难以填补”的职位空缺达到了至少四年来的最高水平。当然，劳动力市场的混乱仍然存在，今天的一些美联储发言人无疑会寻求缓解通胀担忧并淡化近期缩减购债规模的风险。不像比尔·达德利。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/98df6b5f32251d558127766afc21fad8\" tg-width=\"1257\" tg-height=\"710\"></p><p><blockquote></blockquote></p><p> Whether the Fed falls too far behind the curve remains up for debate. Markets, on the other hand, aren’t as comfortable looking through transitory inflation as evidence builds and expectations climb -- that could become a self-fulfilling prophecy after all.</p><p><blockquote>美联储是否落后太多仍有待商榷。另一方面，随着证据的积累和预期的攀升，市场对暂时性通胀的看法并不那么舒服——这毕竟可能成为一个自我实现的预言。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/should-we-fear-inflation-here\">zerohedge</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://www.zerohedge.com/markets/should-we-fear-inflation-here","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1171091038","content_text":"It’s becoming hard to ignore inflationary pressures, whether one is a central banker or not. Tech investors are taking notice with Monday’s Nasdaq 100 slump the largest since mid-March, while China’s producer prices accelerated overnight. VIX futures are higher with broad risk aversion setting up for European equities to catch up to the late downbeat U.S. session.\nAt least investor jitters that rising inflation could lift bond yields, and sap equities’ appeal could take comfort from real yields. The 10-year U.S. inflation-adjusted benchmark tumbled to three-month lows, keeping nominal yields in check as breakevens jumped to multi-year highs.\n\nFinancial conditions reached another record, while evidence of stocks’ rotation remains: S&P 500 energy and financials advanced over the past 5 sessions, value is outperforming growth –- particularly in Europe -- and the RTY/NDX is well, steady –- much like 10-year nominal yields around 1.60%.\nU.S. labor market frictions look to be adding to inflation fears, with JOLTs data, a leading indicator of hiring, likely to signal workers’ growing pricing power. And the NFIB small business optimism will be watched today for supply side constraints –- last month, job openings that were “hard to fill” reached at least a four-decade high. Of course, labor market dislocations remain and a handful of Fed speakers today will no doubt look to assuage inflation fears and discount near-term tapering risks. Not like Bill Dudley.\n\nWhether the Fed falls too far behind the curve remains up for debate. Markets, on the other hand, aren’t as comfortable looking through transitory inflation as evidence builds and expectations climb -- that could become a self-fulfilling prophecy after all.","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,"SPY":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":800,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":199119619,"gmtCreate":1620690656831,"gmtModify":1634197159028,"author":{"id":"3575231727264140","authorId":"3575231727264140","name":"keew","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575231727264140","idStr":"3575231727264140"},"themes":[],"title":"","htmlText":"Please like and comment. Thanks in advance&nbsp;","listText":"Please like and comment. Thanks in advance&nbsp;","text":"Please like and comment. Thanks in advance","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/199119619","repostId":"1145839299","repostType":4,"isVote":1,"tweetType":1,"viewCount":562,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":190687835,"gmtCreate":1620616387127,"gmtModify":1634197661002,"author":{"id":"3575231727264140","authorId":"3575231727264140","name":"keew","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575231727264140","idStr":"3575231727264140"},"themes":[],"title":"","htmlText":"Please like and comment","listText":"Please like and comment","text":"Please like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/190687835","repostId":"1171756066","repostType":4,"repost":{"id":"1171756066","kind":"news","pubTimestamp":1620614586,"share":"https://www.laohu8.com/m/news/1171756066?lang=zh_CN&edition=full","pubTime":"2021-05-10 10:43","market":"us","language":"en","title":"5 Unbeatable Stocks to Buy for a Biden Bull Market<blockquote>拜登牛市值得买入的5只无与伦比的股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1171756066","media":"fool","summary":"When President Joe Biden took office on Jan. 20, 2021, he inherited one of the worst economic catastrophes in decades. The coronavirus disease 2019  pandemic wreaked havoc on the U.S. and global economy, and it briefly sent the U.S. stock market into a tailspin.However, a perfect storm could be brewing for equities under the Biden administration. The Federal Reserve has pledged to hold firm on historically low lending rates, while the White House is calling for trillions of dollars in additional","content":"<p>When President Joe Biden took office on Jan. 20, 2021, he inherited one of the worst economic catastrophes in decades. The coronavirus disease 2019 (COVID-19) pandemic wreaked havoc on the U.S. and global economy, and it briefly sent the U.S. stock market into a tailspin.</p><p><blockquote>当乔·拜登总统于2021年1月20日就职时，他继承了几十年来最严重的经济灾难之一。2019年冠状病毒病（COVID-19）大流行对美国和全球经济造成了严重破坏，并一度导致美国股市陷入混乱。</blockquote></p><p> However, a perfect storm could be brewing for equities under the Biden administration. The Federal Reserve has pledged to hold firm on historically low lending rates, while the White House is calling for trillions of dollars in additional spending. This abundant access to cheap capital is the perfect recipe for stocks to thrive in a rebounding economy.</p><p><blockquote>然而，拜登政府领导下的股市可能正在酝酿一场完美风暴。美联储承诺维持历史低位的贷款利率，而白宫则呼吁增加数万亿美元的支出。这种获得廉价资本的丰富渠道是股市在经济反弹中蓬勃发展的完美秘诀。</blockquote></p><p> If a Biden bull market does take shape, the following five unbeatable stocks would be the perfect companies to own.</p><p><blockquote>如果拜登牛市确实形成，以下五只无与伦比的股票将是值得拥有的完美公司。</blockquote></p><p> <b>Alphabet</b></p><p><blockquote><b>Alphabet</b></blockquote></p><p> Few stocks are more synonymous with the word \"unbeatable\" than&nbsp;<b>Alphabet</b>(NASDAQ:GOOGL)(NASDAQ:GOOG), the parent company of internet search engine Google and streaming platform YouTube.</p><p><blockquote>很少有股票比这更能成为“无与伦比”这个词的代名词<b>Alphabet</b>（纳斯达克：GOOGL）（纳斯达克：GOOG），互联网搜索引擎谷歌和流媒体平台YouTube的母公司。</blockquote></p><p> Alphabet operates what might as well be a monopoly in internet search. According to GlobalStats, Google has consistently maintainedglobal search engine market share of 91% to 93%for at least the past two years. Its next-closest competitor,<b>Microsoft</b>'s Bing, hardly registered with a 2.29% share of the search engine market in April 2021. Being such a dominant force in search means advertisers will pay up for prime placement. It also suggests that the company's traffic acquisition costs should decline over time. As the U.S. and global economy improve, ad spending should really pick up.</p><p><blockquote>Alphabet垄断了互联网搜索。根据GlobalStats的数据，至少在过去两年里，谷歌一直保持着91%至93%的全球搜索引擎市场份额。其第二接近的竞争对手，<b>微软</b>Bing在2021年4月几乎没有注册，在搜索引擎市场的份额为2.29%。成为搜索领域的主导力量意味着广告商将为黄金位置付费。这也表明公司的流量获取成本应该会随着时间的推移而下降。随着美国和全球经济的改善，广告支出应该会真正回升。</blockquote></p><p> But Alphabetis about more than just internet search. Ad revenue generated from YouTube -- one of the three most-visited social sites on the planet -- jumped 49% in the first quarter to $6 billion. Meanwhile, revenue from cloud infrastructure segment Google Cloud rose 46% to $4 billion. These once small ancillary operations are now on track to contribute $40 billion in sales to Alphabet on an annual run-rate basis.</p><p><blockquote>但是Alphabetis不仅仅是互联网搜索。YouTube是全球访问量最大的三个社交网站之一，第一季度的广告收入增长了49%，达到60亿美元。与此同时，云基础设施部门谷歌云的收入增长了46%，达到40亿美元。这些曾经规模较小的辅助业务现在有望为Alphabet贡献400亿美元的销售额。</blockquote></p><p> Despite its $1.6 trillion price tag, Alphabet is still a bargain.</p><p><blockquote>尽管标价1.6万亿美元，Alphabet仍然很便宜。</blockquote></p><p> <b>AstraZeneca</b></p><p><blockquote><b>阿斯利康</b></blockquote></p><p> For two decades,pharmaceutical stock&nbsp;<b>AstraZeneca</b>(NASDAQ:AZN)was a largely forgettable drug developer that struggled with competition and the patent cliff. Today, it's reinvented itself into a bona fide growth stock with a bright future.</p><p><blockquote>二十年来，医药股<b>阿斯利康</b>（纳斯达克：AZN）是一家在很大程度上被遗忘的药物开发商，在竞争和专利悬崖中苦苦挣扎。如今，它已将自己重塑为一只真正的成长型股票，拥有光明的未来。</blockquote></p><p> The primary growth driver for AstraZenecais the company's oncology segment. In the first quarter alone, constant currency sales jumped 16% to $3.02 billion. The company's blockbuster trio of Tagrisso, Imfinzi, and Lynparza led the way with respective constant-currency sales growth of 13%, 17%, and 33%. Diabetes blockbuster drug Farxiga also deserves a mention with its 50% constant-currency sales growth in Q1 2021. The company's brand-name treatments are on fire, and it's led to sustainable double-digit topline growth.</p><p><blockquote>阿斯利康的主要增长动力是该公司的肿瘤部门。仅在第一季度，按固定汇率计算的销售额就跃升16%，达到30.2亿美元。该公司的重磅三巨头Tagrisso、Imfinzi和Lynparza以13%、17%和33%的固定汇率销售额增长领先。糖尿病重磅药物Farxiga也值得一提，其2021年第一季度的固定汇率销售额增长了50%。该公司的品牌疗法火了，并带来了可持续的两位数营收增长。</blockquote></p><p> Equally exciting is AstraZeneca's pending acquisition of<b>Alexion Pharmaceuticals</b>(NASDAQ:ALXN). Alexion is a developer of ultra-rare therapeutics. Though it's risky developing treatments for such a small group of patients, success is usually met with no competition and little or no pushback from health insurers on high list prices.</p><p><blockquote>同样令人兴奋的是阿斯利康即将收购的<b>Alexion制药公司</b>（纳斯达克：ALXN）。Alexion是一家超罕见疗法的开发商。尽管为如此小的患者群体开发治疗方法存在风险，但成功通常不会遇到竞争，也很少或没有来自健康保险公司对高标价的抵制。</blockquote></p><p> The best part about the Alexion deal is the companydeveloped a replacement for its top-selling drug, Soliris. The next-generation therapy, known as Ultomiris, is administered less frequently, which is a positive for patients. Eventually, Ultomiris will gobble up Soliris' sales and lock-up Alexion's/AstraZeneca's cash flow for a long time to come.</p><p><blockquote>Alexion交易最好的部分是该公司开发了其最畅销药物Soliris的替代品。下一代疗法Ultomiris的使用频率较低，这对患者来说是积极的。最终，Ultomiris将吞噬Soliris的销售额，并在未来很长一段时间内锁定Alexion/阿斯利康的现金流。</blockquote></p><p> <b>Mastercard</b></p><p><blockquote><b>万事达卡</b></blockquote></p><p> Another unbeatable stock that can deliver superior returns with Biden in the White House is payment facilitator<b>Mastercard</b>(NYSE:MA).</p><p><blockquote>拜登入主白宫后，另一只可以带来丰厚回报的无与伦比的股票是支付服务商<b>万事达卡</b>（纽约证券交易所代码：MA）。</blockquote></p><p> Like mostfinancial stocks, Mastercard is cyclical. This means it struggles when the U.S. and global economy contract or enter a recession and it thrives when the economy is running on all cylinders. That's because it relies on merchant fees via payments to drive its top and bottom line. But the thing to understand about cyclical companies like Mastercard is that time is on their side. Whereas recessions often last for a few quarters, periods of expansion usually last many years. Considering how much money the Biden administration is attempting to pump into the U.S. economy, Mastercard should have a field day.</p><p><blockquote>与大多数金融股一样，万事达卡也具有周期性。这意味着当美国和全球经济收缩或进入衰退时，它会陷入困境，而当经济全速运转时，它会蓬勃发展。这是因为它依靠通过支付收取的商家费用来推动其营收和利润。但对于像万事达卡这样的周期性公司，需要了解的是，时间站在他们一边。衰退通常会持续几个季度，而扩张期通常会持续很多年。考虑到拜登政府试图向美国经济注入多少资金，万事达卡应该会大吃一惊。</blockquote></p><p> Something else to consider is that Mastercardhas chosen not to be a lender. Although some of its peers do act as both processors and lenders (via credit cards), and are therefore able to double-dip during economic expansions, Mastercard's avoidance of lending is actually a smart move. When recessions inevitably strike and credit delinquencies rise, Mastercard doesn't have set aside cash. This is why it rebounds much quicker than its peers during the early stages of a recovery.</p><p><blockquote>另一件需要考虑的事情是万事达卡选择不成为贷方。尽管它的一些同行确实既充当处理者又充当贷方（通过信用卡），因此能够在经济扩张期间二次探底，但万事达卡避免贷款实际上是明智之举。当经济衰退不可避免地袭来且信用拖欠率上升时，万事达卡没有留出现金。这就是为什么它在复苏的早期阶段比同行反弹得更快。</blockquote></p><p></p><p> The math here is simple: As the economy picks up steam, consumers and businesses are going to spend, spend, and spend some more. That's music to the ears of all Mastercard shareholders.</p><p><blockquote>这里的数学很简单：随着经济加速发展，消费者和企业将会消费、消费、再消费。这对所有万事达卡股东来说都是美妙的音乐。</blockquote></p><p> <b>Annaly Capital Management</b></p><p><blockquote><b>安娜利资本管理公司</b></blockquote></p><p> Don't worry, I haven't forgotten about you dividend income-seekers out there. If a Biden bull market takes shape, mortgage real estate investment trust (REIT)<b>Annaly Capital Management</b>(NYSE:NLY)could be a smart place to put your money to work.</p><p><blockquote>别担心，我没有忘记你们这些寻求股息收入的人。如果拜登牛市形成，抵押房地产投资信托基金（REIT）<b>安娜利资本管理公司</b>（纽约证券交易所股票代码：NLY）可能是一个让你的钱发挥作用的明智地方。</blockquote></p><p> Without getting overly technical, mortgage REITs like Annaly borrow money at short-term lending rates and use it to purchase securities with higher long-term yields. In Annaly's case, we're primarily talking about mortgage-backed securities (MBS). The difference between the long-term yield received and the short-term borrowing rate is known as net interest margin (NIM). The wider the NIM, the more profitable Annaly is, and the bigger the dividend payout it can provide to shareholders. Right now, Annaly Capital isyielding a jaw-dropping 9.7%.</p><p><blockquote>像Annaly这样的抵押房地产投资信托基金在没有过于技术性的情况下，以短期贷款利率借钱，并用它来购买长期收益率更高的证券。在Annaly的案例中，我们主要谈论的是抵押贷款支持证券(MBS)。收到的长期收益率和短期借款利率之间的差额称为净息差（NIM）。NIM越宽，Annaly的利润就越高，可以向股东提供的股息支付也就越大。目前，Annaly Capital的收益率高达令人瞠目结舌的9.7%。</blockquote></p><p> What makes Annaly such a perfect stock to buy is thatwe're witnessing the yield curve steepen. When the U.S. economy is rebounding from a recession, it's normal for long-term yields to rise and for short-term yields to fall or flatten out. When this happens, Annaly usually experiences a widening of its NIM.</p><p><blockquote>Annaly之所以成为如此完美的买入股票，是因为我们正在目睹收益率曲线变陡。当美国经济从衰退中反弹时，长期收益率上升、短期收益率下降或持平是正常的。当这种情况发生时，Annaly通常会经历净息差的扩大。</blockquote></p><p> Additionally, Annaly almost exclusively buys agency securities. This is a fancy way of saying that the MBSs it's purchasing are backed by the federal government in the event of a default. This protection is what allows the company to utilize leverage to its advantage, thereby pumping up its profits.</p><p><blockquote>此外，Annaly几乎只购买代理证券。这是一种奇特的说法，即如果发生违约，它购买的MBS将得到联邦政府的支持。这种保护使公司能够利用杠杆发挥优势，从而提高利润。</blockquote></p><p> <b>Trupanion</b></p><p><blockquote><b>特鲁帕尼翁</b></blockquote></p><p> Lastly, companion animal health insurance company&nbsp;<b>Trupanion</b>(NASDAQ:TRUP)has all the look of an unbeatable stock to buy in a Biden bull market.</p><p><blockquote>最后，伴侣动物健康保险公司<b>特鲁帕尼翁</b>（纳斯达克：TRUP）看起来像是在拜登牛市中值得购买的无与伦比的股票。</blockquote></p><p> The pet industry may not offer flashy growth prospects like cybersecurity or cannabis, but it's arguably themost consistent growth opportunity. It's been more than a quarter of a century since year-over-year U.S. pet expenditures declined. Further, the American Pet Products Association notes that the percentage of American household owning a pet has increased from 56% in 1988 to 67% by 2019-2020. If we've learned anything about pet owners, it's that they're willing to spend big bucks to ensure the well-being of their four-legged family members.</p><p><blockquote>宠物行业可能不会像网络安全或大麻那样提供华丽的增长前景，但它可以说是最持续的增长机会。美国宠物支出同比下降已经超过四分之一个世纪了。此外，美国宠物产品协会指出，美国家庭拥有宠物的比例从1988年的56%增加到2019-2020年的67%。如果说我们对宠物主人有什么了解的话，那就是他们愿意花大价钱来确保他们四条腿的家庭成员的健康。</blockquote></p><p> Trupanion, which recently lifted the hood on its first-quarter operating results, isclosing in on 1 million total enrolled pets(943,854 at the end of Q1 2021). Amazingly, this only represents a little over 1% penetration of the U.S. market. In the U.K., about 1 in 4 pet owners purchases insurance for their cat or dog. If Trupanion can achieve a similar penetration rate, its addressable market would be more than $32 billion.</p><p><blockquote>Trupanion最近公布了第一季度的运营业绩，注册宠物总数接近100万只（2021年第一季度末为943,854只）。令人惊讶的是，这仅代表美国市场1%多一点的渗透率。在英国，大约四分之一的宠物主人为他们的猫或狗购买保险。如果Trupanion能够达到类似的渗透率，其潜在市场将超过320亿美元。</blockquote></p><p> This is a company that's spent two decades building up rapport with veterinarians and their staff at the clinical level. It's also the only major companion animal health insurance provider with software capable of handling payment to veterinarians at the time of checkout.</p><p><blockquote>这是一家花了二十年时间在临床层面与兽医及其员工建立融洽关系的公司。它也是唯一一家拥有能够在结账时处理向兽医付款的软件的主要伴侣动物健康保险提供商。</blockquote></p><p> The sky is the limit for Trupanion.</p><p><blockquote>天空是Trupanion的极限。</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>5 Unbeatable Stocks to Buy for a Biden Bull Market<blockquote>拜登牛市值得买入的5只无与伦比的股票</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\">\n5 Unbeatable Stocks to Buy for a Biden Bull Market<blockquote>拜登牛市值得买入的5只无与伦比的股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">fool</strong><span class=\"h-time small\">2021-05-10 10:43</span>\n</p>\n</h4>\n</header>\n<article>\n<p>When President Joe Biden took office on Jan. 20, 2021, he inherited one of the worst economic catastrophes in decades. The coronavirus disease 2019 (COVID-19) pandemic wreaked havoc on the U.S. and global economy, and it briefly sent the U.S. stock market into a tailspin.</p><p><blockquote>当乔·拜登总统于2021年1月20日就职时，他继承了几十年来最严重的经济灾难之一。2019年冠状病毒病（COVID-19）大流行对美国和全球经济造成了严重破坏，并一度导致美国股市陷入混乱。</blockquote></p><p> However, a perfect storm could be brewing for equities under the Biden administration. The Federal Reserve has pledged to hold firm on historically low lending rates, while the White House is calling for trillions of dollars in additional spending. This abundant access to cheap capital is the perfect recipe for stocks to thrive in a rebounding economy.</p><p><blockquote>然而，拜登政府领导下的股市可能正在酝酿一场完美风暴。美联储承诺维持历史低位的贷款利率，而白宫则呼吁增加数万亿美元的支出。这种获得廉价资本的丰富渠道是股市在经济反弹中蓬勃发展的完美秘诀。</blockquote></p><p> If a Biden bull market does take shape, the following five unbeatable stocks would be the perfect companies to own.</p><p><blockquote>如果拜登牛市确实形成，以下五只无与伦比的股票将是值得拥有的完美公司。</blockquote></p><p> <b>Alphabet</b></p><p><blockquote><b>Alphabet</b></blockquote></p><p> Few stocks are more synonymous with the word \"unbeatable\" than&nbsp;<b>Alphabet</b>(NASDAQ:GOOGL)(NASDAQ:GOOG), the parent company of internet search engine Google and streaming platform YouTube.</p><p><blockquote>很少有股票比这更能成为“无与伦比”这个词的代名词<b>Alphabet</b>（纳斯达克：GOOGL）（纳斯达克：GOOG），互联网搜索引擎谷歌和流媒体平台YouTube的母公司。</blockquote></p><p> Alphabet operates what might as well be a monopoly in internet search. According to GlobalStats, Google has consistently maintainedglobal search engine market share of 91% to 93%for at least the past two years. Its next-closest competitor,<b>Microsoft</b>'s Bing, hardly registered with a 2.29% share of the search engine market in April 2021. Being such a dominant force in search means advertisers will pay up for prime placement. It also suggests that the company's traffic acquisition costs should decline over time. As the U.S. and global economy improve, ad spending should really pick up.</p><p><blockquote>Alphabet垄断了互联网搜索。根据GlobalStats的数据，至少在过去两年里，谷歌一直保持着91%至93%的全球搜索引擎市场份额。其第二接近的竞争对手，<b>微软</b>Bing在2021年4月几乎没有注册，在搜索引擎市场的份额为2.29%。成为搜索领域的主导力量意味着广告商将为黄金位置付费。这也表明公司的流量获取成本应该会随着时间的推移而下降。随着美国和全球经济的改善，广告支出应该会真正回升。</blockquote></p><p> But Alphabetis about more than just internet search. Ad revenue generated from YouTube -- one of the three most-visited social sites on the planet -- jumped 49% in the first quarter to $6 billion. Meanwhile, revenue from cloud infrastructure segment Google Cloud rose 46% to $4 billion. These once small ancillary operations are now on track to contribute $40 billion in sales to Alphabet on an annual run-rate basis.</p><p><blockquote>但是Alphabetis不仅仅是互联网搜索。YouTube是全球访问量最大的三个社交网站之一，第一季度的广告收入增长了49%，达到60亿美元。与此同时，云基础设施部门谷歌云的收入增长了46%，达到40亿美元。这些曾经规模较小的辅助业务现在有望为Alphabet贡献400亿美元的销售额。</blockquote></p><p> Despite its $1.6 trillion price tag, Alphabet is still a bargain.</p><p><blockquote>尽管标价1.6万亿美元，Alphabet仍然很便宜。</blockquote></p><p> <b>AstraZeneca</b></p><p><blockquote><b>阿斯利康</b></blockquote></p><p> For two decades,pharmaceutical stock&nbsp;<b>AstraZeneca</b>(NASDAQ:AZN)was a largely forgettable drug developer that struggled with competition and the patent cliff. Today, it's reinvented itself into a bona fide growth stock with a bright future.</p><p><blockquote>二十年来，医药股<b>阿斯利康</b>（纳斯达克：AZN）是一家在很大程度上被遗忘的药物开发商，在竞争和专利悬崖中苦苦挣扎。如今，它已将自己重塑为一只真正的成长型股票，拥有光明的未来。</blockquote></p><p> The primary growth driver for AstraZenecais the company's oncology segment. In the first quarter alone, constant currency sales jumped 16% to $3.02 billion. The company's blockbuster trio of Tagrisso, Imfinzi, and Lynparza led the way with respective constant-currency sales growth of 13%, 17%, and 33%. Diabetes blockbuster drug Farxiga also deserves a mention with its 50% constant-currency sales growth in Q1 2021. The company's brand-name treatments are on fire, and it's led to sustainable double-digit topline growth.</p><p><blockquote>阿斯利康的主要增长动力是该公司的肿瘤部门。仅在第一季度，按固定汇率计算的销售额就跃升16%，达到30.2亿美元。该公司的重磅三巨头Tagrisso、Imfinzi和Lynparza以13%、17%和33%的固定汇率销售额增长领先。糖尿病重磅药物Farxiga也值得一提，其2021年第一季度的固定汇率销售额增长了50%。该公司的品牌疗法火了，并带来了可持续的两位数营收增长。</blockquote></p><p> Equally exciting is AstraZeneca's pending acquisition of<b>Alexion Pharmaceuticals</b>(NASDAQ:ALXN). Alexion is a developer of ultra-rare therapeutics. Though it's risky developing treatments for such a small group of patients, success is usually met with no competition and little or no pushback from health insurers on high list prices.</p><p><blockquote>同样令人兴奋的是阿斯利康即将收购的<b>Alexion制药公司</b>（纳斯达克：ALXN）。Alexion是一家超罕见疗法的开发商。尽管为如此小的患者群体开发治疗方法存在风险，但成功通常不会遇到竞争，也很少或没有来自健康保险公司对高标价的抵制。</blockquote></p><p> The best part about the Alexion deal is the companydeveloped a replacement for its top-selling drug, Soliris. The next-generation therapy, known as Ultomiris, is administered less frequently, which is a positive for patients. Eventually, Ultomiris will gobble up Soliris' sales and lock-up Alexion's/AstraZeneca's cash flow for a long time to come.</p><p><blockquote>Alexion交易最好的部分是该公司开发了其最畅销药物Soliris的替代品。下一代疗法Ultomiris的使用频率较低，这对患者来说是积极的。最终，Ultomiris将吞噬Soliris的销售额，并在未来很长一段时间内锁定Alexion/阿斯利康的现金流。</blockquote></p><p> <b>Mastercard</b></p><p><blockquote><b>万事达卡</b></blockquote></p><p> Another unbeatable stock that can deliver superior returns with Biden in the White House is payment facilitator<b>Mastercard</b>(NYSE:MA).</p><p><blockquote>拜登入主白宫后，另一只可以带来丰厚回报的无与伦比的股票是支付服务商<b>万事达卡</b>（纽约证券交易所代码：MA）。</blockquote></p><p> Like mostfinancial stocks, Mastercard is cyclical. This means it struggles when the U.S. and global economy contract or enter a recession and it thrives when the economy is running on all cylinders. That's because it relies on merchant fees via payments to drive its top and bottom line. But the thing to understand about cyclical companies like Mastercard is that time is on their side. Whereas recessions often last for a few quarters, periods of expansion usually last many years. Considering how much money the Biden administration is attempting to pump into the U.S. economy, Mastercard should have a field day.</p><p><blockquote>与大多数金融股一样，万事达卡也具有周期性。这意味着当美国和全球经济收缩或进入衰退时，它会陷入困境，而当经济全速运转时，它会蓬勃发展。这是因为它依靠通过支付收取的商家费用来推动其营收和利润。但对于像万事达卡这样的周期性公司，需要了解的是，时间站在他们一边。衰退通常会持续几个季度，而扩张期通常会持续很多年。考虑到拜登政府试图向美国经济注入多少资金，万事达卡应该会大吃一惊。</blockquote></p><p> Something else to consider is that Mastercardhas chosen not to be a lender. Although some of its peers do act as both processors and lenders (via credit cards), and are therefore able to double-dip during economic expansions, Mastercard's avoidance of lending is actually a smart move. When recessions inevitably strike and credit delinquencies rise, Mastercard doesn't have set aside cash. This is why it rebounds much quicker than its peers during the early stages of a recovery.</p><p><blockquote>另一件需要考虑的事情是万事达卡选择不成为贷方。尽管它的一些同行确实既充当处理者又充当贷方（通过信用卡），因此能够在经济扩张期间二次探底，但万事达卡避免贷款实际上是明智之举。当经济衰退不可避免地袭来且信用拖欠率上升时，万事达卡没有留出现金。这就是为什么它在复苏的早期阶段比同行反弹得更快。</blockquote></p><p></p><p> The math here is simple: As the economy picks up steam, consumers and businesses are going to spend, spend, and spend some more. That's music to the ears of all Mastercard shareholders.</p><p><blockquote>这里的数学很简单：随着经济加速发展，消费者和企业将会消费、消费、再消费。这对所有万事达卡股东来说都是美妙的音乐。</blockquote></p><p> <b>Annaly Capital Management</b></p><p><blockquote><b>安娜利资本管理公司</b></blockquote></p><p> Don't worry, I haven't forgotten about you dividend income-seekers out there. If a Biden bull market takes shape, mortgage real estate investment trust (REIT)<b>Annaly Capital Management</b>(NYSE:NLY)could be a smart place to put your money to work.</p><p><blockquote>别担心，我没有忘记你们这些寻求股息收入的人。如果拜登牛市形成，抵押房地产投资信托基金（REIT）<b>安娜利资本管理公司</b>（纽约证券交易所股票代码：NLY）可能是一个让你的钱发挥作用的明智地方。</blockquote></p><p> Without getting overly technical, mortgage REITs like Annaly borrow money at short-term lending rates and use it to purchase securities with higher long-term yields. In Annaly's case, we're primarily talking about mortgage-backed securities (MBS). The difference between the long-term yield received and the short-term borrowing rate is known as net interest margin (NIM). The wider the NIM, the more profitable Annaly is, and the bigger the dividend payout it can provide to shareholders. Right now, Annaly Capital isyielding a jaw-dropping 9.7%.</p><p><blockquote>像Annaly这样的抵押房地产投资信托基金在没有过于技术性的情况下，以短期贷款利率借钱，并用它来购买长期收益率更高的证券。在Annaly的案例中，我们主要谈论的是抵押贷款支持证券(MBS)。收到的长期收益率和短期借款利率之间的差额称为净息差（NIM）。NIM越宽，Annaly的利润就越高，可以向股东提供的股息支付也就越大。目前，Annaly Capital的收益率高达令人瞠目结舌的9.7%。</blockquote></p><p> What makes Annaly such a perfect stock to buy is thatwe're witnessing the yield curve steepen. When the U.S. economy is rebounding from a recession, it's normal for long-term yields to rise and for short-term yields to fall or flatten out. When this happens, Annaly usually experiences a widening of its NIM.</p><p><blockquote>Annaly之所以成为如此完美的买入股票，是因为我们正在目睹收益率曲线变陡。当美国经济从衰退中反弹时，长期收益率上升、短期收益率下降或持平是正常的。当这种情况发生时，Annaly通常会经历净息差的扩大。</blockquote></p><p> Additionally, Annaly almost exclusively buys agency securities. This is a fancy way of saying that the MBSs it's purchasing are backed by the federal government in the event of a default. This protection is what allows the company to utilize leverage to its advantage, thereby pumping up its profits.</p><p><blockquote>此外，Annaly几乎只购买代理证券。这是一种奇特的说法，即如果发生违约，它购买的MBS将得到联邦政府的支持。这种保护使公司能够利用杠杆发挥优势，从而提高利润。</blockquote></p><p> <b>Trupanion</b></p><p><blockquote><b>特鲁帕尼翁</b></blockquote></p><p> Lastly, companion animal health insurance company&nbsp;<b>Trupanion</b>(NASDAQ:TRUP)has all the look of an unbeatable stock to buy in a Biden bull market.</p><p><blockquote>最后，伴侣动物健康保险公司<b>特鲁帕尼翁</b>（纳斯达克：TRUP）看起来像是在拜登牛市中值得购买的无与伦比的股票。</blockquote></p><p> The pet industry may not offer flashy growth prospects like cybersecurity or cannabis, but it's arguably themost consistent growth opportunity. It's been more than a quarter of a century since year-over-year U.S. pet expenditures declined. Further, the American Pet Products Association notes that the percentage of American household owning a pet has increased from 56% in 1988 to 67% by 2019-2020. If we've learned anything about pet owners, it's that they're willing to spend big bucks to ensure the well-being of their four-legged family members.</p><p><blockquote>宠物行业可能不会像网络安全或大麻那样提供华丽的增长前景，但它可以说是最持续的增长机会。美国宠物支出同比下降已经超过四分之一个世纪了。此外，美国宠物产品协会指出，美国家庭拥有宠物的比例从1988年的56%增加到2019-2020年的67%。如果说我们对宠物主人有什么了解的话，那就是他们愿意花大价钱来确保他们四条腿的家庭成员的健康。</blockquote></p><p> Trupanion, which recently lifted the hood on its first-quarter operating results, isclosing in on 1 million total enrolled pets(943,854 at the end of Q1 2021). Amazingly, this only represents a little over 1% penetration of the U.S. market. In the U.K., about 1 in 4 pet owners purchases insurance for their cat or dog. If Trupanion can achieve a similar penetration rate, its addressable market would be more than $32 billion.</p><p><blockquote>Trupanion最近公布了第一季度的运营业绩，注册宠物总数接近100万只（2021年第一季度末为943,854只）。令人惊讶的是，这仅代表美国市场1%多一点的渗透率。在英国，大约四分之一的宠物主人为他们的猫或狗购买保险。如果Trupanion能够达到类似的渗透率，其潜在市场将超过320亿美元。</blockquote></p><p> This is a company that's spent two decades building up rapport with veterinarians and their staff at the clinical level. It's also the only major companion animal health insurance provider with software capable of handling payment to veterinarians at the time of checkout.</p><p><blockquote>这是一家花了二十年时间在临床层面与兽医及其员工建立融洽关系的公司。它也是唯一一家拥有能够在结账时处理向兽医付款的软件的主要伴侣动物健康保险提供商。</blockquote></p><p> The sky is the limit for Trupanion.</p><p><blockquote>天空是Trupanion的极限。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/05/09/5-unbeatable-stocks-to-buy-for-a-biden-bull-market/\">fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NLY":"Annaly Capital Management","AZN":"阿斯利康","GOOGL":"谷歌A","TRUP":"Trupanion","MA":"万事达"},"source_url":"https://www.fool.com/investing/2021/05/09/5-unbeatable-stocks-to-buy-for-a-biden-bull-market/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1171756066","content_text":"When President Joe Biden took office on Jan. 20, 2021, he inherited one of the worst economic catastrophes in decades. The coronavirus disease 2019 (COVID-19) pandemic wreaked havoc on the U.S. and global economy, and it briefly sent the U.S. stock market into a tailspin.\nHowever, a perfect storm could be brewing for equities under the Biden administration. The Federal Reserve has pledged to hold firm on historically low lending rates, while the White House is calling for trillions of dollars in additional spending. This abundant access to cheap capital is the perfect recipe for stocks to thrive in a rebounding economy.\nIf a Biden bull market does take shape, the following five unbeatable stocks would be the perfect companies to own.\nAlphabet\nFew stocks are more synonymous with the word \"unbeatable\" than Alphabet(NASDAQ:GOOGL)(NASDAQ:GOOG), the parent company of internet search engine Google and streaming platform YouTube.\nAlphabet operates what might as well be a monopoly in internet search. According to GlobalStats, Google has consistently maintainedglobal search engine market share of 91% to 93%for at least the past two years. Its next-closest competitor,Microsoft's Bing, hardly registered with a 2.29% share of the search engine market in April 2021. Being such a dominant force in search means advertisers will pay up for prime placement. It also suggests that the company's traffic acquisition costs should decline over time. As the U.S. and global economy improve, ad spending should really pick up.\nBut Alphabetis about more than just internet search. Ad revenue generated from YouTube -- one of the three most-visited social sites on the planet -- jumped 49% in the first quarter to $6 billion. Meanwhile, revenue from cloud infrastructure segment Google Cloud rose 46% to $4 billion. These once small ancillary operations are now on track to contribute $40 billion in sales to Alphabet on an annual run-rate basis.\nDespite its $1.6 trillion price tag, Alphabet is still a bargain.\nAstraZeneca\nFor two decades,pharmaceutical stock AstraZeneca(NASDAQ:AZN)was a largely forgettable drug developer that struggled with competition and the patent cliff. Today, it's reinvented itself into a bona fide growth stock with a bright future.\nThe primary growth driver for AstraZenecais the company's oncology segment. In the first quarter alone, constant currency sales jumped 16% to $3.02 billion. The company's blockbuster trio of Tagrisso, Imfinzi, and Lynparza led the way with respective constant-currency sales growth of 13%, 17%, and 33%. Diabetes blockbuster drug Farxiga also deserves a mention with its 50% constant-currency sales growth in Q1 2021. The company's brand-name treatments are on fire, and it's led to sustainable double-digit topline growth.\nEqually exciting is AstraZeneca's pending acquisition ofAlexion Pharmaceuticals(NASDAQ:ALXN). Alexion is a developer of ultra-rare therapeutics. Though it's risky developing treatments for such a small group of patients, success is usually met with no competition and little or no pushback from health insurers on high list prices.\nThe best part about the Alexion deal is the companydeveloped a replacement for its top-selling drug, Soliris. The next-generation therapy, known as Ultomiris, is administered less frequently, which is a positive for patients. Eventually, Ultomiris will gobble up Soliris' sales and lock-up Alexion's/AstraZeneca's cash flow for a long time to come.\nMastercard\nAnother unbeatable stock that can deliver superior returns with Biden in the White House is payment facilitatorMastercard(NYSE:MA).\nLike mostfinancial stocks, Mastercard is cyclical. This means it struggles when the U.S. and global economy contract or enter a recession and it thrives when the economy is running on all cylinders. That's because it relies on merchant fees via payments to drive its top and bottom line. But the thing to understand about cyclical companies like Mastercard is that time is on their side. Whereas recessions often last for a few quarters, periods of expansion usually last many years. Considering how much money the Biden administration is attempting to pump into the U.S. economy, Mastercard should have a field day.\nSomething else to consider is that Mastercardhas chosen not to be a lender. Although some of its peers do act as both processors and lenders (via credit cards), and are therefore able to double-dip during economic expansions, Mastercard's avoidance of lending is actually a smart move. When recessions inevitably strike and credit delinquencies rise, Mastercard doesn't have set aside cash. This is why it rebounds much quicker than its peers during the early stages of a recovery.\nThe math here is simple: As the economy picks up steam, consumers and businesses are going to spend, spend, and spend some more. That's music to the ears of all Mastercard shareholders.\nAnnaly Capital Management\nDon't worry, I haven't forgotten about you dividend income-seekers out there. If a Biden bull market takes shape, mortgage real estate investment trust (REIT)Annaly Capital Management(NYSE:NLY)could be a smart place to put your money to work.\nWithout getting overly technical, mortgage REITs like Annaly borrow money at short-term lending rates and use it to purchase securities with higher long-term yields. In Annaly's case, we're primarily talking about mortgage-backed securities (MBS). The difference between the long-term yield received and the short-term borrowing rate is known as net interest margin (NIM). The wider the NIM, the more profitable Annaly is, and the bigger the dividend payout it can provide to shareholders. Right now, Annaly Capital isyielding a jaw-dropping 9.7%.\nWhat makes Annaly such a perfect stock to buy is thatwe're witnessing the yield curve steepen. When the U.S. economy is rebounding from a recession, it's normal for long-term yields to rise and for short-term yields to fall or flatten out. When this happens, Annaly usually experiences a widening of its NIM.\nAdditionally, Annaly almost exclusively buys agency securities. This is a fancy way of saying that the MBSs it's purchasing are backed by the federal government in the event of a default. This protection is what allows the company to utilize leverage to its advantage, thereby pumping up its profits.\nTrupanion\nLastly, companion animal health insurance company Trupanion(NASDAQ:TRUP)has all the look of an unbeatable stock to buy in a Biden bull market.\nThe pet industry may not offer flashy growth prospects like cybersecurity or cannabis, but it's arguably themost consistent growth opportunity. It's been more than a quarter of a century since year-over-year U.S. pet expenditures declined. Further, the American Pet Products Association notes that the percentage of American household owning a pet has increased from 56% in 1988 to 67% by 2019-2020. If we've learned anything about pet owners, it's that they're willing to spend big bucks to ensure the well-being of their four-legged family members.\nTrupanion, which recently lifted the hood on its first-quarter operating results, isclosing in on 1 million total enrolled pets(943,854 at the end of Q1 2021). Amazingly, this only represents a little over 1% penetration of the U.S. market. In the U.K., about 1 in 4 pet owners purchases insurance for their cat or dog. If Trupanion can achieve a similar penetration rate, its addressable market would be more than $32 billion.\nThis is a company that's spent two decades building up rapport with veterinarians and their staff at the clinical level. It's also the only major companion animal health insurance provider with software capable of handling payment to veterinarians at the time of checkout.\nThe sky is the limit for Trupanion.","news_type":1,"symbols_score_info":{"GOOGL":0.9,"AZN":0.9,"NLY":0.9,"TRUP":0.9,"MA":0.9}},"isVote":1,"tweetType":1,"viewCount":509,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":190036469,"gmtCreate":1620550298751,"gmtModify":1634198080207,"author":{"id":"3575231727264140","authorId":"3575231727264140","name":"keew","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575231727264140","idStr":"3575231727264140"},"themes":[],"title":"","htmlText":"Please reply and like","listText":"Please reply and like","text":"Please reply and like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/190036469","repostId":"1193602237","repostType":4,"repost":{"id":"1193602237","kind":"news","pubTimestamp":1620471120,"share":"https://www.laohu8.com/m/news/1193602237?lang=zh_CN&edition=full","pubTime":"2021-05-08 18:52","market":"us","language":"en","title":"U.S. hiring takes big step back as businesses scramble for workers, raw materials<blockquote>由于企业争夺工人和原材料，美国招聘大幅倒退</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1193602237","media":"reuters","summary":"U.S. employers likely hired nearly a million workers in April as they rushed to meet a surge in dema","content":"<p>U.S. employers likely hired nearly a million workers in April as they rushed to meet a surge in demand, unleashed by the reopening of the economy amid rapidly improving public health and massive financial help from the government.</p><p><blockquote>美国雇主可能在4月份雇佣了近100万名工人，因为他们急于满足需求的激增，而需求是由公共卫生迅速改善和政府的大规模财政援助导致的。</blockquote></p><p>The Labor Department's closely watched employment report on Friday will be the first to show the impact of the White House's $1.9 trillion COVID-19 pandemic rescue package, which was approved in March. It is likely to show the economy entered the second quarter with even greater momentum, firmly putting it on track this year for its best performance in almost four decades.</p><p><blockquote>劳工部周五发布的备受关注的就业报告将首次显示白宫3月份批准的1.9万亿美元COVID-19大流行救助计划的影响。这可能表明经济以更大的势头进入第二季度，使其今年走上近四十年来最佳表现的轨道。</blockquote></p><p>\"We are looking for a pretty good figure, reflecting the ongoing reopening we have seen,\" said James Knightley, chief international economist at ING in New York. \"With cash in people's pockets, economic activity is looking good and that should lead to more and more hiring right across the economy.\"</p><p><blockquote>荷兰国际集团驻纽约首席国际经济学家詹姆斯·奈特利表示：“我们正在寻找一个相当不错的数字，反映出我们所看到的持续重新开放。”“随着人们口袋里有了现金，经济活动看起来不错，这应该会导致整个经济中越来越多的招聘。”</blockquote></p><p>According to a Reuters survey of economists, nonfarm payrolls likely increased by 978,000 jobs last month after rising by 916,000 in March. That would leave employment about 7.5 million jobs below its peak in February 2020.</p><p><blockquote>根据路透社对经济学家的调查，继3月份增加916,000个就业岗位后，上个月非农就业岗位可能增加978,000个。这将使就业岗位比2020年2月的峰值减少约750万个。</blockquote></p><p>Twelve months ago, the economy purged a record 20.679 million jobs as it reeled from mandatory closures of nonessential businesses to slow the first wave of COVID-19 infections.</p><p><blockquote>12个月前，由于强制关闭非必要企业以减缓第一波COVID-19感染，经济损失了创纪录的2067.9万个工作岗位。</blockquote></p><p>April's payrolls estimates range from as low as 656,000 to as high as 2.1 million jobs. New claims for unemployment benefits have dropped below 500,000 for the first-time since the pandemic started and job cuts announced by U.S.-based employers in April were the lowest in nearly 21 years.</p><p><blockquote>4月份的就业人数估计从低至656,000人到高至210万人不等。自疫情开始以来，新申请失业救济人数首次降至50万以下，美国雇主4月份宣布的裁员人数为近21年来最低。</blockquote></p><p>Also arguing for another month of blockbuster job growth, consumers' perceptions of the labor market are the strongest in 13 months. But the pent-up demand, which contributed to the economy's 6.4% annualized growth pace in the first quarter, the second-fastest since the third quarter of 2003, has triggered shortages of labor and raw materials.</p><p><blockquote>消费者对劳动力市场的看法是13个月来最强烈的，这也是就业增长又一个月的原因。但被压抑的需求推动了第一季度经济6.4%的年化增长率，为2003年第三季度以来的第二快，引发了劳动力和原材料的短缺。</blockquote></p><p>From manufacturing to restaurants, employers are scrambling for workers. A range of factors, including parents still at home caring for children, coronavirus-related retirements and generous unemployment checks, are blamed for the labor shortages.</p><p><blockquote>从制造业到餐馆，雇主都在争夺工人。一系列因素被归咎于劳动力短缺，包括仍在家照顾孩子的父母、与冠状病毒相关的退休和慷慨的失业支票。</blockquote></p><p>\"While we do not expect that lack of workers will weigh noticeably on April employment, rehiring could become more difficult in coming months before expanded unemployment benefits expire in September,\" said Veronica Clark, an economist at Citigroup in New York.</p><p><blockquote>花旗集团(Citigroup)驻纽约经济学家维罗妮卡·克拉克(Veronica Clark)表示：“虽然我们预计工人短缺不会明显影响4月份的就业，但在9月份扩大的失业救济金到期之前，未来几个月重新招聘可能会变得更加困难。”</blockquote></p><p>Payroll gains were likely led by the leisure and hospitality industry as more high-contact businesses such as restaurants, bars and amusement parks reopen. Americans over the age of 16 are now eligible to receive the COVID-19 vaccine, leading states like New York, New Jersey and Connecticut to lift most of their coronavirus capacity restrictions on businesses.</p><p><blockquote>随着餐馆、酒吧和游乐园等更多高接触性企业重新开业，休闲和酒店业可能会带动工资增长。16岁以上的美国人现在有资格接种COVID-19疫苗，导致纽约、新泽西和康涅狄格等州取消了对企业的大部分冠状病毒产能限制。</blockquote></p><p>BROAD EMPLOYMENT GAINS</p><p><blockquote>广泛的就业增长</blockquote></p><p>Solid gains were also expected in manufacturing, despite a global semiconductor chip shortage, which has forced motor vehicle manufacturers to cut production. Strong housing demand likely boosted construction payrolls.</p><p><blockquote>尽管全球半导体芯片短缺迫使汽车制造商减产，但预计制造业也将强劲增长。强劲的住房需求可能会提振建筑业就业人数。</blockquote></p><p>Government employment is also expected to have picked up as school districts hired more teachers following the resumption of in-person learning in many states.</p><p><blockquote>在许多州恢复面对面学习后，随着学区雇用更多教师，政府就业预计也会回升。</blockquote></p><p>Robust hiring is unlikely to have an impact on President Joe Biden's plan to spend another $4 trillion on education and childcare, middle- and low-income families, infrastructure and jobs. Neither was it expected to influence monetary policy, with the Federal Reserve having signaled it is prepared to let the economy run hotter than it did in previous cycles.</p><p><blockquote>强劲的招聘不太可能对乔·拜登总统在教育和儿童保育、中低收入家庭、基础设施和就业方面再投入4万亿美元的计划产生影响。预计它也不会影响货币政策，美联储已表示准备让经济比前几个周期更热。</blockquote></p><p>Millions of Americans remain out of work and many have permanently lost jobs because of the pandemic.</p><p><blockquote>数百万美国人仍然失业，许多人因为疫情而永久失业。</blockquote></p><p>\"Nobody knows what the economy is going to look like post COVID,\" said Steven Blitz, chief U.S. economist at TS Lombard in New York. \"There is a stubbornly high number of people who have been permanently displaced. The (spending) plans are about giving the economy a higher trajectory of growth so that these people can be hired sooner rather than later.\"</p><p><blockquote>纽约TS Lombard首席美国经济学家史蒂文·布利茨(Steven Blitz)表示：“没有人知道新冠疫情后的经济会是什么样子。”“永久流离失所的人数居高不下。（支出）计划旨在让经济走上更高的增长轨道，以便这些人能够尽早就业。”</blockquote></p><p>The unemployment rate is forecast dropping to 5.8% in April from 6.0% in March. The unemployment rate has been understated by people misclassifying themselves as being \"employed but absent from work.\"</p><p><blockquote>预计4月份失业率将从3月份的6.0%降至5.8%。人们错误地将自己归类为“有工作但没有工作”，从而低估了失业率。</blockquote></p><p>To gauge the recovery, economists will focus on the number of people who have been unemployed for more than six months as well as those out of work because of permanent job losses.</p><p><blockquote>为了衡量复苏情况，经济学家将关注失业超过六个月的人数以及因永久性失业而失业的人数。</blockquote></p><p>The labor force participation rate, or the proportion of working-age Americans who have a job or are looking for one, likely improved last month, though it remained below its pre-pandemic level. More than 4 million people, many of them women, dropped out of the labor force during the pandemic.</p><p><blockquote>劳动力参与率，即有工作或正在找工作的工作年龄美国人的比例，上个月可能有所改善，但仍低于大流行前的水平。在疫情期间，超过400万人退出了劳动力市场，其中许多是女性。</blockquote></p><p></p><p>With the lower-wage leisure and hospitality industry expected to dominate employment gains, average hourly earnings were likely unchanged in April after dipping 0.1% in March. That would lead to a 0.4% drop in wages on a year-on-year basis after a 4.2% increase in March.</p><p><blockquote>由于工资较低的休闲和酒店业预计将主导就业增长，平均时薪在3月份下降0.1%后，4月份可能保持不变。这将导致工资在3月份上涨4.2%后同比下降0.4%。</blockquote></p><p>\"We will be watching average hourly earnings very closely for signs that difficulty in hiring qualified workers is beginning to boost compensation,\" said David Kelly, chief global strategist at J.P. Morgan Asset Management in New York.</p><p><blockquote>摩根大通资产管理公司驻纽约首席全球策略师David Kelly表示：“我们将密切关注平均时薪，寻找招聘合格工人的困难开始提高薪酬的迹象。”</blockquote></p><p>\"If tightening labor markets boost wage growth, then the inflation bounce which the Fed is anticipating to be modest and transitory could turn out to be stronger and longer-lasting, leading to earlier Fed tightening.\"</p><p><blockquote>“如果劳动力市场收紧提振了工资增长，那么美联储预计温和且暂时的通胀反弹可能会变得更强劲、更持久，从而导致美联储提前收紧政策。”</blockquote></p><p>The anticipated drop in wages will have no impact on consumer spending, with Americans sitting on more than $2 trillion in excess savings. The average workweek was forecast steady at 34.9 hours.</p><p><blockquote>预期的工资下降不会对消费者支出产生影响，美国人拥有超过2万亿美元的超额储蓄。平均每周工作时间预计稳定在34.9小时。</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>U.S. hiring takes big step back as businesses scramble for workers, raw materials<blockquote>由于企业争夺工人和原材料，美国招聘大幅倒退</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\">\nU.S. hiring takes big step back as businesses scramble for workers, raw materials<blockquote>由于企业争夺工人和原材料，美国招聘大幅倒退</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">reuters</strong><span class=\"h-time small\">2021-05-08 18:52</span>\n</p>\n</h4>\n</header>\n<article>\n<p>U.S. employers likely hired nearly a million workers in April as they rushed to meet a surge in demand, unleashed by the reopening of the economy amid rapidly improving public health and massive financial help from the government.</p><p><blockquote>美国雇主可能在4月份雇佣了近100万名工人，因为他们急于满足需求的激增，而需求是由公共卫生迅速改善和政府的大规模财政援助导致的。</blockquote></p><p>The Labor Department's closely watched employment report on Friday will be the first to show the impact of the White House's $1.9 trillion COVID-19 pandemic rescue package, which was approved in March. It is likely to show the economy entered the second quarter with even greater momentum, firmly putting it on track this year for its best performance in almost four decades.</p><p><blockquote>劳工部周五发布的备受关注的就业报告将首次显示白宫3月份批准的1.9万亿美元COVID-19大流行救助计划的影响。这可能表明经济以更大的势头进入第二季度，使其今年走上近四十年来最佳表现的轨道。</blockquote></p><p>\"We are looking for a pretty good figure, reflecting the ongoing reopening we have seen,\" said James Knightley, chief international economist at ING in New York. \"With cash in people's pockets, economic activity is looking good and that should lead to more and more hiring right across the economy.\"</p><p><blockquote>荷兰国际集团驻纽约首席国际经济学家詹姆斯·奈特利表示：“我们正在寻找一个相当不错的数字，反映出我们所看到的持续重新开放。”“随着人们口袋里有了现金，经济活动看起来不错，这应该会导致整个经济中越来越多的招聘。”</blockquote></p><p>According to a Reuters survey of economists, nonfarm payrolls likely increased by 978,000 jobs last month after rising by 916,000 in March. That would leave employment about 7.5 million jobs below its peak in February 2020.</p><p><blockquote>根据路透社对经济学家的调查，继3月份增加916,000个就业岗位后，上个月非农就业岗位可能增加978,000个。这将使就业岗位比2020年2月的峰值减少约750万个。</blockquote></p><p>Twelve months ago, the economy purged a record 20.679 million jobs as it reeled from mandatory closures of nonessential businesses to slow the first wave of COVID-19 infections.</p><p><blockquote>12个月前，由于强制关闭非必要企业以减缓第一波COVID-19感染，经济损失了创纪录的2067.9万个工作岗位。</blockquote></p><p>April's payrolls estimates range from as low as 656,000 to as high as 2.1 million jobs. New claims for unemployment benefits have dropped below 500,000 for the first-time since the pandemic started and job cuts announced by U.S.-based employers in April were the lowest in nearly 21 years.</p><p><blockquote>4月份的就业人数估计从低至656,000人到高至210万人不等。自疫情开始以来，新申请失业救济人数首次降至50万以下，美国雇主4月份宣布的裁员人数为近21年来最低。</blockquote></p><p>Also arguing for another month of blockbuster job growth, consumers' perceptions of the labor market are the strongest in 13 months. But the pent-up demand, which contributed to the economy's 6.4% annualized growth pace in the first quarter, the second-fastest since the third quarter of 2003, has triggered shortages of labor and raw materials.</p><p><blockquote>消费者对劳动力市场的看法是13个月来最强烈的，这也是就业增长又一个月的原因。但被压抑的需求推动了第一季度经济6.4%的年化增长率，为2003年第三季度以来的第二快，引发了劳动力和原材料的短缺。</blockquote></p><p>From manufacturing to restaurants, employers are scrambling for workers. A range of factors, including parents still at home caring for children, coronavirus-related retirements and generous unemployment checks, are blamed for the labor shortages.</p><p><blockquote>从制造业到餐馆，雇主都在争夺工人。一系列因素被归咎于劳动力短缺，包括仍在家照顾孩子的父母、与冠状病毒相关的退休和慷慨的失业支票。</blockquote></p><p>\"While we do not expect that lack of workers will weigh noticeably on April employment, rehiring could become more difficult in coming months before expanded unemployment benefits expire in September,\" said Veronica Clark, an economist at Citigroup in New York.</p><p><blockquote>花旗集团(Citigroup)驻纽约经济学家维罗妮卡·克拉克(Veronica Clark)表示：“虽然我们预计工人短缺不会明显影响4月份的就业，但在9月份扩大的失业救济金到期之前，未来几个月重新招聘可能会变得更加困难。”</blockquote></p><p>Payroll gains were likely led by the leisure and hospitality industry as more high-contact businesses such as restaurants, bars and amusement parks reopen. Americans over the age of 16 are now eligible to receive the COVID-19 vaccine, leading states like New York, New Jersey and Connecticut to lift most of their coronavirus capacity restrictions on businesses.</p><p><blockquote>随着餐馆、酒吧和游乐园等更多高接触性企业重新开业，休闲和酒店业可能会带动工资增长。16岁以上的美国人现在有资格接种COVID-19疫苗，导致纽约、新泽西和康涅狄格等州取消了对企业的大部分冠状病毒产能限制。</blockquote></p><p>BROAD EMPLOYMENT GAINS</p><p><blockquote>广泛的就业增长</blockquote></p><p>Solid gains were also expected in manufacturing, despite a global semiconductor chip shortage, which has forced motor vehicle manufacturers to cut production. Strong housing demand likely boosted construction payrolls.</p><p><blockquote>尽管全球半导体芯片短缺迫使汽车制造商减产，但预计制造业也将强劲增长。强劲的住房需求可能会提振建筑业就业人数。</blockquote></p><p>Government employment is also expected to have picked up as school districts hired more teachers following the resumption of in-person learning in many states.</p><p><blockquote>在许多州恢复面对面学习后，随着学区雇用更多教师，政府就业预计也会回升。</blockquote></p><p>Robust hiring is unlikely to have an impact on President Joe Biden's plan to spend another $4 trillion on education and childcare, middle- and low-income families, infrastructure and jobs. Neither was it expected to influence monetary policy, with the Federal Reserve having signaled it is prepared to let the economy run hotter than it did in previous cycles.</p><p><blockquote>强劲的招聘不太可能对乔·拜登总统在教育和儿童保育、中低收入家庭、基础设施和就业方面再投入4万亿美元的计划产生影响。预计它也不会影响货币政策，美联储已表示准备让经济比前几个周期更热。</blockquote></p><p>Millions of Americans remain out of work and many have permanently lost jobs because of the pandemic.</p><p><blockquote>数百万美国人仍然失业，许多人因为疫情而永久失业。</blockquote></p><p>\"Nobody knows what the economy is going to look like post COVID,\" said Steven Blitz, chief U.S. economist at TS Lombard in New York. \"There is a stubbornly high number of people who have been permanently displaced. The (spending) plans are about giving the economy a higher trajectory of growth so that these people can be hired sooner rather than later.\"</p><p><blockquote>纽约TS Lombard首席美国经济学家史蒂文·布利茨(Steven Blitz)表示：“没有人知道新冠疫情后的经济会是什么样子。”“永久流离失所的人数居高不下。（支出）计划旨在让经济走上更高的增长轨道，以便这些人能够尽早就业。”</blockquote></p><p>The unemployment rate is forecast dropping to 5.8% in April from 6.0% in March. The unemployment rate has been understated by people misclassifying themselves as being \"employed but absent from work.\"</p><p><blockquote>预计4月份失业率将从3月份的6.0%降至5.8%。人们错误地将自己归类为“有工作但没有工作”，从而低估了失业率。</blockquote></p><p>To gauge the recovery, economists will focus on the number of people who have been unemployed for more than six months as well as those out of work because of permanent job losses.</p><p><blockquote>为了衡量复苏情况，经济学家将关注失业超过六个月的人数以及因永久性失业而失业的人数。</blockquote></p><p>The labor force participation rate, or the proportion of working-age Americans who have a job or are looking for one, likely improved last month, though it remained below its pre-pandemic level. More than 4 million people, many of them women, dropped out of the labor force during the pandemic.</p><p><blockquote>劳动力参与率，即有工作或正在找工作的工作年龄美国人的比例，上个月可能有所改善，但仍低于大流行前的水平。在疫情期间，超过400万人退出了劳动力市场，其中许多是女性。</blockquote></p><p></p><p>With the lower-wage leisure and hospitality industry expected to dominate employment gains, average hourly earnings were likely unchanged in April after dipping 0.1% in March. That would lead to a 0.4% drop in wages on a year-on-year basis after a 4.2% increase in March.</p><p><blockquote>由于工资较低的休闲和酒店业预计将主导就业增长，平均时薪在3月份下降0.1%后，4月份可能保持不变。这将导致工资在3月份上涨4.2%后同比下降0.4%。</blockquote></p><p>\"We will be watching average hourly earnings very closely for signs that difficulty in hiring qualified workers is beginning to boost compensation,\" said David Kelly, chief global strategist at J.P. Morgan Asset Management in New York.</p><p><blockquote>摩根大通资产管理公司驻纽约首席全球策略师David Kelly表示：“我们将密切关注平均时薪，寻找招聘合格工人的困难开始提高薪酬的迹象。”</blockquote></p><p>\"If tightening labor markets boost wage growth, then the inflation bounce which the Fed is anticipating to be modest and transitory could turn out to be stronger and longer-lasting, leading to earlier Fed tightening.\"</p><p><blockquote>“如果劳动力市场收紧提振了工资增长，那么美联储预计温和且暂时的通胀反弹可能会变得更强劲、更持久，从而导致美联储提前收紧政策。”</blockquote></p><p>The anticipated drop in wages will have no impact on consumer spending, with Americans sitting on more than $2 trillion in excess savings. The average workweek was forecast steady at 34.9 hours.</p><p><blockquote>预期的工资下降不会对消费者支出产生影响，美国人拥有超过2万亿美元的超额储蓄。平均每周工作时间预计稳定在34.9小时。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.reuters.com/markets\">reuters</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.reuters.com/markets","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1193602237","content_text":"U.S. employers likely hired nearly a million workers in April as they rushed to meet a surge in demand, unleashed by the reopening of the economy amid rapidly improving public health and massive financial help from the government.The Labor Department's closely watched employment report on Friday will be the first to show the impact of the White House's $1.9 trillion COVID-19 pandemic rescue package, which was approved in March. It is likely to show the economy entered the second quarter with even greater momentum, firmly putting it on track this year for its best performance in almost four decades.\"We are looking for a pretty good figure, reflecting the ongoing reopening we have seen,\" said James Knightley, chief international economist at ING in New York. \"With cash in people's pockets, economic activity is looking good and that should lead to more and more hiring right across the economy.\"According to a Reuters survey of economists, nonfarm payrolls likely increased by 978,000 jobs last month after rising by 916,000 in March. That would leave employment about 7.5 million jobs below its peak in February 2020.Twelve months ago, the economy purged a record 20.679 million jobs as it reeled from mandatory closures of nonessential businesses to slow the first wave of COVID-19 infections.April's payrolls estimates range from as low as 656,000 to as high as 2.1 million jobs. New claims for unemployment benefits have dropped below 500,000 for the first-time since the pandemic started and job cuts announced by U.S.-based employers in April were the lowest in nearly 21 years.Also arguing for another month of blockbuster job growth, consumers' perceptions of the labor market are the strongest in 13 months. But the pent-up demand, which contributed to the economy's 6.4% annualized growth pace in the first quarter, the second-fastest since the third quarter of 2003, has triggered shortages of labor and raw materials.From manufacturing to restaurants, employers are scrambling for workers. A range of factors, including parents still at home caring for children, coronavirus-related retirements and generous unemployment checks, are blamed for the labor shortages.\"While we do not expect that lack of workers will weigh noticeably on April employment, rehiring could become more difficult in coming months before expanded unemployment benefits expire in September,\" said Veronica Clark, an economist at Citigroup in New York.Payroll gains were likely led by the leisure and hospitality industry as more high-contact businesses such as restaurants, bars and amusement parks reopen. Americans over the age of 16 are now eligible to receive the COVID-19 vaccine, leading states like New York, New Jersey and Connecticut to lift most of their coronavirus capacity restrictions on businesses.BROAD EMPLOYMENT GAINSSolid gains were also expected in manufacturing, despite a global semiconductor chip shortage, which has forced motor vehicle manufacturers to cut production. Strong housing demand likely boosted construction payrolls.Government employment is also expected to have picked up as school districts hired more teachers following the resumption of in-person learning in many states.Robust hiring is unlikely to have an impact on President Joe Biden's plan to spend another $4 trillion on education and childcare, middle- and low-income families, infrastructure and jobs. Neither was it expected to influence monetary policy, with the Federal Reserve having signaled it is prepared to let the economy run hotter than it did in previous cycles.Millions of Americans remain out of work and many have permanently lost jobs because of the pandemic.\"Nobody knows what the economy is going to look like post COVID,\" said Steven Blitz, chief U.S. economist at TS Lombard in New York. \"There is a stubbornly high number of people who have been permanently displaced. The (spending) plans are about giving the economy a higher trajectory of growth so that these people can be hired sooner rather than later.\"The unemployment rate is forecast dropping to 5.8% in April from 6.0% in March. The unemployment rate has been understated by people misclassifying themselves as being \"employed but absent from work.\"To gauge the recovery, economists will focus on the number of people who have been unemployed for more than six months as well as those out of work because of permanent job losses.The labor force participation rate, or the proportion of working-age Americans who have a job or are looking for one, likely improved last month, though it remained below its pre-pandemic level. More than 4 million people, many of them women, dropped out of the labor force during the pandemic.With the lower-wage leisure and hospitality industry expected to dominate employment gains, average hourly earnings were likely unchanged in April after dipping 0.1% in March. That would lead to a 0.4% drop in wages on a year-on-year basis after a 4.2% increase in March.\"We will be watching average hourly earnings very closely for signs that difficulty in hiring qualified workers is beginning to boost compensation,\" said David Kelly, chief global strategist at J.P. Morgan Asset Management in New York.\"If tightening labor markets boost wage growth, then the inflation bounce which the Fed is anticipating to be modest and transitory could turn out to be stronger and longer-lasting, leading to earlier Fed tightening.\"The anticipated drop in wages will have no impact on consumer spending, with Americans sitting on more than $2 trillion in excess savings. The average workweek was forecast steady at 34.9 hours.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":757,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":107698919,"gmtCreate":1620476921931,"gmtModify":1634198504272,"author":{"id":"3575231727264140","authorId":"3575231727264140","name":"keew","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575231727264140","idStr":"3575231727264140"},"themes":[],"title":"","htmlText":"Please comment","listText":"Please comment","text":"Please comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/107698919","repostId":"1106882084","repostType":4,"isVote":1,"tweetType":1,"viewCount":431,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":102969230,"gmtCreate":1620173809120,"gmtModify":1634207291973,"author":{"id":"3575231727264140","authorId":"3575231727264140","name":"keew","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575231727264140","idStr":"3575231727264140"},"themes":[],"title":"","htmlText":"Please like and comment","listText":"Please like and comment","text":"Please like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":7,"repostSize":0,"link":"https://laohu8.com/post/102969230","repostId":"1121437206","repostType":4,"repost":{"id":"1121437206","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":1620141918,"share":"https://www.laohu8.com/m/news/1121437206?lang=zh_CN&edition=full","pubTime":"2021-05-04 23:25","market":"us","language":"en","title":"The 'Perfect Storm' That Led Dogecoin To 60 Cents<blockquote>将狗狗币推至60美分的“完美风暴”</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1121437206","media":"Benzinga","summary":"Dogecoin's(CRYPTO: DOGE) price increased nearly 55% from its 24-hour low of $0.3838 all the way to t","content":"<p><b>Dogecoin's</b>(CRYPTO: DOGE) price increased nearly 55% from its 24-hour low of $0.3838 all the way to the 60-cent market Tuesday morning, according to CoinMarketCap data. This growth came right after the coinreporteda new all-time high of $0.45 Monday evening.</p><p><blockquote><b>狗狗币的</b>根据CoinMarketCap的数据，（CRYPTO：DOGE）价格从24小时低点0.3838美元上涨近55%，一直上涨至周二上午的60美分。这一增长是在周一晚间CoinReported创下0.45美元的历史新高之后发生的。</blockquote></p><p> <b>What Happened:</b>The uptrend also closely follows Monday's&nbsp;announcementby Dave Kaval — president of Major League Baseball team Oakland Athletics — that the team processed its first Dogecoin payment in exchange for tickets in the league's history. He even invoked the #DogecoinToTheMoon hashtag while linking to the team's announcement about match seats being sold in exchange for the coin.</p><p><blockquote><b>发生了什么：</b>这一上升趋势也紧随美国职业棒球大联盟奥克兰运动家队主席戴夫·卡瓦尔(Dave Kaval)周一宣布，该队处理了联盟历史上首次狗狗币支付以换取门票。他甚至引用了#DogecoinToTheMoon标签，同时链接到球队关于出售比赛席位以换取硬币的公告。</blockquote></p><p> With Tuesday's high of over $76 billion, Dogecoin's market cap surpassed the market capitalization of major companies.&nbsp;Ben Weiss — the&nbsp;CEO and co-founder of cryptocurrency ATM operator operating over 2,300 machines — explained that the primary reason behind Dogecoin's ascent is the current climate in the&nbsp;crypto market overall.</p><p><blockquote>随着周二超过760亿美元的高点，Dogecoin的市值超过了主要公司的市值。运营着2300多台机器的加密货币ATM运营商的首席执行官兼联合创始人Ben Weiss解释说，Dogecoin崛起背后的主要原因是加密市场当前的整体气候。</blockquote></p><p> <b>Why It's Important:</b>Weiss&nbsp;highlighted the promotion of Dogecoin by major personalities such as<b>Tesla Inc</b>(NASDAQ:TSLA) CEO Elon Musk and Mark Cuban are other factors that largely contributed to the coin's price increasing. He also cited the crypto asset becoming more easily obtainable and&nbsp;a more surprising reason.</p><p><blockquote><b>为什么它很重要：</b>韦斯强调了主要人物对狗狗币的推广，例如<b>特斯拉公司</b>（纳斯达克：TSLA）首席执行官Elon Musk和Mark Cuban是在很大程度上导致代币价格上涨的其他因素。他还列举了加密资产变得越来越容易获得以及一个更令人惊讶的原因。</blockquote></p><p> \"Many people view Doge as the 'people's cryptocurrency' because it was created as a joke,\"&nbsp;Weiss said in an email statement.&nbsp;\"Major players and corporations are unlikely to buy in and manipulate the market or understand that it could be a viable currency. Elon has echoed this sentiment. These factors have created a perfect storm for Doge, pumping the price to where it is today.\"</p><p><blockquote>“许多人将Doge视为‘人民的加密货币’，因为它是作为一个笑话创建的，”Weiss在一份电子邮件声明中说，“主要参与者和公司不太可能买入并操纵市场，也不太可能理解它可能是一种可行的货币。埃隆呼应了这种情绪。这些因素为Doge制造了一场完美风暴，将价格推高到今天的水平。”</blockquote></p><p> Dogecoin's rise comes as the total cap of the crypto asset market hasreached$2.3 trillion, making it larger than the market capitalization of any company and possibly any asset except for gold.</p><p><blockquote>狗狗币上涨之际，加密资产市场的总市值已达到2.3万亿美元，超过了任何公司的市值，也可能超过了除黄金以外的任何资产的市值。</blockquote></p><p> Dogecoin itself recentlyreached&nbsp;a&nbsp;market cap of nearly $54.45 billion. And that's a currency the creator of which did not expect to go anywhere, as he showed when hesoldall of his holdings for enough to buy a used Honda Civic in 2015.</p><p><blockquote>狗狗币本身最近的市值达到了近544.5亿美元。这种货币的创造者并不指望它会去任何地方，正如他在2015年出售所有资产足以购买一辆二手本田思域时所展示的那样。</blockquote></p><p> Dogecoin trades around $0.5466 at publication time.</p><p><blockquote>截至发稿时，狗狗币的交易价格约为0.5466美元。</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>The 'Perfect Storm' That Led Dogecoin To 60 Cents<blockquote>将狗狗币推至60美分的“完美风暴”</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\">\nThe 'Perfect Storm' That Led Dogecoin To 60 Cents<blockquote>将狗狗币推至60美分的“完美风暴”</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\">2021-05-04 23:25</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p><b>Dogecoin's</b>(CRYPTO: DOGE) price increased nearly 55% from its 24-hour low of $0.3838 all the way to the 60-cent market Tuesday morning, according to CoinMarketCap data. This growth came right after the coinreporteda new all-time high of $0.45 Monday evening.</p><p><blockquote><b>狗狗币的</b>根据CoinMarketCap的数据，（CRYPTO：DOGE）价格从24小时低点0.3838美元上涨近55%，一直上涨至周二上午的60美分。这一增长是在周一晚间CoinReported创下0.45美元的历史新高之后发生的。</blockquote></p><p> <b>What Happened:</b>The uptrend also closely follows Monday's&nbsp;announcementby Dave Kaval — president of Major League Baseball team Oakland Athletics — that the team processed its first Dogecoin payment in exchange for tickets in the league's history. He even invoked the #DogecoinToTheMoon hashtag while linking to the team's announcement about match seats being sold in exchange for the coin.</p><p><blockquote><b>发生了什么：</b>这一上升趋势也紧随美国职业棒球大联盟奥克兰运动家队主席戴夫·卡瓦尔(Dave Kaval)周一宣布，该队处理了联盟历史上首次狗狗币支付以换取门票。他甚至引用了#DogecoinToTheMoon标签，同时链接到球队关于出售比赛席位以换取硬币的公告。</blockquote></p><p> With Tuesday's high of over $76 billion, Dogecoin's market cap surpassed the market capitalization of major companies.&nbsp;Ben Weiss — the&nbsp;CEO and co-founder of cryptocurrency ATM operator operating over 2,300 machines — explained that the primary reason behind Dogecoin's ascent is the current climate in the&nbsp;crypto market overall.</p><p><blockquote>随着周二超过760亿美元的高点，Dogecoin的市值超过了主要公司的市值。运营着2300多台机器的加密货币ATM运营商的首席执行官兼联合创始人Ben Weiss解释说，Dogecoin崛起背后的主要原因是加密市场当前的整体气候。</blockquote></p><p> <b>Why It's Important:</b>Weiss&nbsp;highlighted the promotion of Dogecoin by major personalities such as<b>Tesla Inc</b>(NASDAQ:TSLA) CEO Elon Musk and Mark Cuban are other factors that largely contributed to the coin's price increasing. He also cited the crypto asset becoming more easily obtainable and&nbsp;a more surprising reason.</p><p><blockquote><b>为什么它很重要：</b>韦斯强调了主要人物对狗狗币的推广，例如<b>特斯拉公司</b>（纳斯达克：TSLA）首席执行官Elon Musk和Mark Cuban是在很大程度上导致代币价格上涨的其他因素。他还列举了加密资产变得越来越容易获得以及一个更令人惊讶的原因。</blockquote></p><p> \"Many people view Doge as the 'people's cryptocurrency' because it was created as a joke,\"&nbsp;Weiss said in an email statement.&nbsp;\"Major players and corporations are unlikely to buy in and manipulate the market or understand that it could be a viable currency. Elon has echoed this sentiment. These factors have created a perfect storm for Doge, pumping the price to where it is today.\"</p><p><blockquote>“许多人将Doge视为‘人民的加密货币’，因为它是作为一个笑话创建的，”Weiss在一份电子邮件声明中说，“主要参与者和公司不太可能买入并操纵市场，也不太可能理解它可能是一种可行的货币。埃隆呼应了这种情绪。这些因素为Doge制造了一场完美风暴，将价格推高到今天的水平。”</blockquote></p><p> Dogecoin's rise comes as the total cap of the crypto asset market hasreached$2.3 trillion, making it larger than the market capitalization of any company and possibly any asset except for gold.</p><p><blockquote>狗狗币上涨之际，加密资产市场的总市值已达到2.3万亿美元，超过了任何公司的市值，也可能超过了除黄金以外的任何资产的市值。</blockquote></p><p> Dogecoin itself recentlyreached&nbsp;a&nbsp;market cap of nearly $54.45 billion. And that's a currency the creator of which did not expect to go anywhere, as he showed when hesoldall of his holdings for enough to buy a used Honda Civic in 2015.</p><p><blockquote>狗狗币本身最近的市值达到了近544.5亿美元。这种货币的创造者并不指望它会去任何地方，正如他在2015年出售所有资产足以购买一辆二手本田思域时所展示的那样。</blockquote></p><p> Dogecoin trades around $0.5466 at publication time.</p><p><blockquote>截至发稿时，狗狗币的交易价格约为0.5466美元。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1121437206","content_text":"Dogecoin's(CRYPTO: DOGE) price increased nearly 55% from its 24-hour low of $0.3838 all the way to the 60-cent market Tuesday morning, according to CoinMarketCap data. This growth came right after the coinreporteda new all-time high of $0.45 Monday evening.\nWhat Happened:The uptrend also closely follows Monday's announcementby Dave Kaval — president of Major League Baseball team Oakland Athletics — that the team processed its first Dogecoin payment in exchange for tickets in the league's history. He even invoked the #DogecoinToTheMoon hashtag while linking to the team's announcement about match seats being sold in exchange for the coin.\nWith Tuesday's high of over $76 billion, Dogecoin's market cap surpassed the market capitalization of major companies. Ben Weiss — the CEO and co-founder of cryptocurrency ATM operator operating over 2,300 machines — explained that the primary reason behind Dogecoin's ascent is the current climate in the crypto market overall.\nWhy It's Important:Weiss highlighted the promotion of Dogecoin by major personalities such asTesla Inc(NASDAQ:TSLA) CEO Elon Musk and Mark Cuban are other factors that largely contributed to the coin's price increasing. He also cited the crypto asset becoming more easily obtainable and a more surprising reason.\n\"Many people view Doge as the 'people's cryptocurrency' because it was created as a joke,\" Weiss said in an email statement. \"Major players and corporations are unlikely to buy in and manipulate the market or understand that it could be a viable currency. Elon has echoed this sentiment. These factors have created a perfect storm for Doge, pumping the price to where it is today.\"\nDogecoin's rise comes as the total cap of the crypto asset market hasreached$2.3 trillion, making it larger than the market capitalization of any company and possibly any asset except for gold.\nDogecoin itself recentlyreached a market cap of nearly $54.45 billion. And that's a currency the creator of which did not expect to go anywhere, as he showed when hesoldall of his holdings for enough to buy a used Honda Civic in 2015.\nDogecoin trades around $0.5466 at publication time.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":735,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":377774326,"gmtCreate":1619567838765,"gmtModify":1634211767791,"author":{"id":"3575231727264140","authorId":"3575231727264140","name":"keew","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575231727264140","idStr":"3575231727264140"},"themes":[],"title":"","htmlText":"Please comment","listText":"Please comment","text":"Please comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/377774326","repostId":"1124091974","repostType":4,"isVote":1,"tweetType":1,"viewCount":820,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":101350003,"gmtCreate":1619849085902,"gmtModify":1634209480292,"author":{"id":"3575231727264140","authorId":"3575231727264140","name":"keew","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575231727264140","idStr":"3575231727264140"},"themes":[],"title":"","htmlText":"Please like, thank you.&nbsp;","listText":"Please like, thank you.&nbsp;","text":"Please like, thank you.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/101350003","repostId":"1142063705","repostType":4,"isVote":1,"tweetType":1,"viewCount":559,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":195623458,"gmtCreate":1621293792574,"gmtModify":1634192790347,"author":{"id":"3575231727264140","authorId":"3575231727264140","name":"keew","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575231727264140","idStr":"3575231727264140"},"themes":[],"title":"","htmlText":"Please like and comment. Thanks","listText":"Please like and comment. Thanks","text":"Please like and comment. Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/195623458","repostId":"2136954804","repostType":4,"repost":{"id":"2136954804","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1621284964,"share":"https://www.laohu8.com/m/news/2136954804?lang=zh_CN&edition=full","pubTime":"2021-05-18 04:56","market":"us","language":"en","title":"Tencent Music beats profit estimates on subscription growth<blockquote>腾讯控股音乐订阅增长超出利润预期</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2136954804","media":"Tiger Newspress","summary":"China's Tencent Music Entertainment Group on Monday beat quarterly profit estimates, driven by stron","content":"<p>China's Tencent Music Entertainment Group on Monday beat quarterly profit estimates, driven by strong growth in subscription revenue and advertising sales from its music streaming platform.</p><p><blockquote>受其音乐流媒体平台订阅收入和广告销售强劲增长的推动，腾讯控股音乐娱乐集团周一的季度利润超出预期。</blockquote></p><p>The company has been expanding its music library through new partnerships and multi-year licensing deals. That, coupled with efforts to diversify its content base through long-form shows and live talk shows have helped lure more paying users to its music platform as well as advertisers.</p><p><blockquote>该公司一直在通过新的合作伙伴关系和多年许可协议扩大其音乐库。再加上通过长篇节目和现场脱口秀实现内容基础多元化的努力，有助于吸引更多付费用户和广告商使用其音乐平台。</blockquote></p><p>Tencent Music and Sony Music Entertainment said on Monday they had signed a multi-year extension of their digital distribution agreement.</p><p><blockquote>腾讯控股音乐和Sony Music Entertainment周一表示，他们已经签署了数字发行协议的多年延期。</blockquote></p><p>Total revenue of the company, controlled by Chinese tech giant Tencent Holdings Ltd, rose to 7.82 billion yuan ($1.21 billion) in the first quarter from a year earlier. Analysts were expecting revenue of 7.73 billion yuan, according to IBES data from Refinitiv.</p><p><blockquote>该公司由中国科技巨头腾讯控股控股有限公司控股，第一季度总收入同比增至78.2亿元人民币（12.1亿美元）。根据Refinitiv的IBES数据，分析师预计营收为77.3亿元人民币。</blockquote></p><p>Profit attributable to equity holders of the company rose to 926 million yuan ($143.82 million), from 887 million yuan a year earlier.</p><p><blockquote>公司股东应占利润从上年同期的8.87亿元增至9.26亿元（1.4382亿美元）。</blockquote></p><p>Excluding items, the company earned 69 yuan per American Depository Share (ADS), above estimates of 55 yuan per ADS.</p><p><blockquote>不计项目，该公司每股美国存托股(ADS)盈利69元，高于每股ADS 55元的预期。</blockquote></p><p>U.S.-listed shares of Tencent Music were&nbsp;once down &nbsp;more&nbsp;than&nbsp;2% in trading after the bell.</p><p><blockquote>腾讯控股音乐在美国上市的股价在盘后交易中一度跌超2%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/016ba0b66048d554062aa660b12f8770\" tg-width=\"1293\" tg-height=\"613\" referrerpolicy=\"no-referrer\"></p><p><blockquote></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>Tencent Music beats profit estimates on subscription growth<blockquote>腾讯控股音乐订阅增长超出利润预期</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\">\nTencent Music beats profit estimates on subscription growth<blockquote>腾讯控股音乐订阅增长超出利润预期</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-05-18 04:56</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>China's Tencent Music Entertainment Group on Monday beat quarterly profit estimates, driven by strong growth in subscription revenue and advertising sales from its music streaming platform.</p><p><blockquote>受其音乐流媒体平台订阅收入和广告销售强劲增长的推动，腾讯控股音乐娱乐集团周一的季度利润超出预期。</blockquote></p><p>The company has been expanding its music library through new partnerships and multi-year licensing deals. That, coupled with efforts to diversify its content base through long-form shows and live talk shows have helped lure more paying users to its music platform as well as advertisers.</p><p><blockquote>该公司一直在通过新的合作伙伴关系和多年许可协议扩大其音乐库。再加上通过长篇节目和现场脱口秀实现内容基础多元化的努力，有助于吸引更多付费用户和广告商使用其音乐平台。</blockquote></p><p>Tencent Music and Sony Music Entertainment said on Monday they had signed a multi-year extension of their digital distribution agreement.</p><p><blockquote>腾讯控股音乐和Sony Music Entertainment周一表示，他们已经签署了数字发行协议的多年延期。</blockquote></p><p>Total revenue of the company, controlled by Chinese tech giant Tencent Holdings Ltd, rose to 7.82 billion yuan ($1.21 billion) in the first quarter from a year earlier. Analysts were expecting revenue of 7.73 billion yuan, according to IBES data from Refinitiv.</p><p><blockquote>该公司由中国科技巨头腾讯控股控股有限公司控股，第一季度总收入同比增至78.2亿元人民币（12.1亿美元）。根据Refinitiv的IBES数据，分析师预计营收为77.3亿元人民币。</blockquote></p><p>Profit attributable to equity holders of the company rose to 926 million yuan ($143.82 million), from 887 million yuan a year earlier.</p><p><blockquote>公司股东应占利润从上年同期的8.87亿元增至9.26亿元（1.4382亿美元）。</blockquote></p><p>Excluding items, the company earned 69 yuan per American Depository Share (ADS), above estimates of 55 yuan per ADS.</p><p><blockquote>不计项目，该公司每股美国存托股(ADS)盈利69元，高于每股ADS 55元的预期。</blockquote></p><p>U.S.-listed shares of Tencent Music were&nbsp;once down &nbsp;more&nbsp;than&nbsp;2% in trading after the bell.</p><p><blockquote>腾讯控股音乐在美国上市的股价在盘后交易中一度跌超2%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/016ba0b66048d554062aa660b12f8770\" tg-width=\"1293\" tg-height=\"613\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TME":"腾讯音乐"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2136954804","content_text":"China's Tencent Music Entertainment Group on Monday beat quarterly profit estimates, driven by strong growth in subscription revenue and advertising sales from its music streaming platform.The company has been expanding its music library through new partnerships and multi-year licensing deals. That, coupled with efforts to diversify its content base through long-form shows and live talk shows have helped lure more paying users to its music platform as well as advertisers.Tencent Music and Sony Music Entertainment said on Monday they had signed a multi-year extension of their digital distribution agreement.Total revenue of the company, controlled by Chinese tech giant Tencent Holdings Ltd, rose to 7.82 billion yuan ($1.21 billion) in the first quarter from a year earlier. Analysts were expecting revenue of 7.73 billion yuan, according to IBES data from Refinitiv.Profit attributable to equity holders of the company rose to 926 million yuan ($143.82 million), from 887 million yuan a year earlier.Excluding items, the company earned 69 yuan per American Depository Share (ADS), above estimates of 55 yuan per ADS.U.S.-listed shares of Tencent Music were once down  more than 2% in trading after the bell.","news_type":1,"symbols_score_info":{"TME":0.9}},"isVote":1,"tweetType":1,"viewCount":679,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":199119619,"gmtCreate":1620690656831,"gmtModify":1634197159028,"author":{"id":"3575231727264140","authorId":"3575231727264140","name":"keew","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575231727264140","idStr":"3575231727264140"},"themes":[],"title":"","htmlText":"Please like and comment. Thanks in advance&nbsp;","listText":"Please like and comment. Thanks in advance&nbsp;","text":"Please like and comment. Thanks in advance","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/199119619","repostId":"1145839299","repostType":4,"repost":{"id":"1145839299","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1620687964,"share":"https://www.laohu8.com/m/news/1145839299?lang=zh_CN&edition=full","pubTime":"2021-05-11 07:06","market":"us","language":"en","title":"Virgin Galactic shares fall after another quarterly loss, no date set for next spaceflight test<blockquote>维珍银河股价在又一个季度亏损后下跌，下一次太空测试的日期尚未确定</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1145839299","media":"Tiger Newspress","summary":"Virgin Galactic delivered first quarter results after the market closed on Monday, announcing that i","content":"<p>Virgin Galactic&nbsp;delivered first quarter results after the market closed on Monday, announcing that it is evaluated the target date for its next spaceflight test, which the company previously planned for this month.</p><p><blockquote>维珍银河周一收盘后公布了第一季度业绩，宣布正在评估下一次太空飞行测试的目标日期，该公司此前计划于本月进行。</blockquote></p><p> Mike Moses, Virgin Galactic's president of space missions and safety, said on the company's conference call with investors that the uncertainty stems from \"a potential wear-and-tear issue\" identified last week on VMS Eve, the aircraft that carries its spacecraft before launch. The part in question was scheduled for maintenance in the fall, Moses said, but Virgin Galactic is now studying VMS Eve \"to determine whether we need to take action now.\"</p><p><blockquote>维珍银河太空任务和安全总裁Mike Moses在公司与投资者的电话会议上表示，不确定性源于上周在VMS Eve上发现的“潜在磨损问题”，该飞机在发射前运载其航天器。摩西说，有问题的部件原定于秋季进行维护，但维珍银河目前正在研究VMS Eve，“以确定我们是否需要立即采取行动”。</blockquote></p><p> \"We will report back to the market next week with an update on schedule implications to our next flight,\" Moses said.</p><p><blockquote>摩西说：“我们将于下周向市场报告对下一趟航班的最新影响。”</blockquote></p><p> The space tourism company reported an adjusted EBITDA loss of $55.9 million, down slightly from a loss of $59.5 million in the previous quarter and below the adjusted EBITDA loss of $63.6 million expected by analysts surveyed by FactSet.</p><p><blockquote>这家太空旅游公司公布的调整后EBITDA亏损为5590万美元，略低于上一季度5950万美元的亏损，也低于FactSet调查的分析师预期的6360万美元的调整后EBITDA亏损。</blockquote></p><p> The company booked zero dollars of revenue in the quarter, as it did in the prior quarter. Virgin Galactic had about $617 million in cash on hand at the end of the first quarter, down from about $666 million in the fourth quarter.</p><p><blockquote>与上一季度一样，该公司本季度的收入为零。第一季度末，维珍银河手头现金约为6.17亿美元，低于第四季度的约6.66亿美元。</blockquote></p><p> Shares of Virgin Galactic fell more than 9% in after hours trading, having closed down 8% at $17.95 a share on Monday.</p><p><blockquote>维珍银河股价在盘后交易中下跌超过9%，周一收盘下跌8%，至每股17.95美元。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/1ac9630f49d57cb73616097667ae0239\" tg-width=\"1292\" tg-height=\"628\"></p><p><blockquote></blockquote></p><p> The stock has fallen 24% year to date – having dropped more than 70% from highs above $60 a share hit in February.</p><p><blockquote>该股今年迄今已下跌24%，较2月份触及的每股60美元以上的高点下跌了70%以上。</blockquote></p><p> Virgin Galactic's stock losses accelerated over the past two months after&nbsp;delays to its test program, as well as share&nbsp;sales by chairman Chamath Palihapitiya, founderRichard Branson, andCathie Wood's new space ETF. The stock also fell after Jeff Bezos' venture Blue Origin announced plans to launch&nbsp;the first crewed flight of its space tourism rocket on July 20, a move whichUBS warned likely removes Virgin Galactic'sfirst-mover advantage.</p><p><blockquote>由于测试计划推迟以及董事长查马斯·帕里哈皮蒂亚(Chamath Palihapitiya)、创始人理查德·布兰森(Richard Branson)和凯西·伍德(Cathie Wood)的新太空ETF出售股票，维珍银河(Virgin Galactic)的股票在过去两个月里加速下跌。在杰夫·贝索斯(Elon Musk)的合资企业蓝色起源(Blue Origin)宣布计划于7月20日发射其太空旅游火箭首次载人飞行后，该股也下跌，UBS警告称此举可能会消除维珍银河的先发优势。</blockquote></p><p> Andrew Chanin, CEO of ProcureAM which holds Virgin Galactic in its&nbsp;Space ETF, told CNBC that the lack of certainty or timeline around the upcoming test flights means investors are starting to have \"less and less patience.\"</p><p><blockquote>持有维珍银河太空ETF的ProcureAM首席执行官安德鲁·查宁(Andrew Chanin)告诉CNBC，即将到来的试飞缺乏确定性或时间表，意味着投资者开始“越来越没有耐心”。</blockquote></p><p> \"It was okay [that was] the case a couple months or even a year ago, but now with Blue Origin kind of right on their heels ... it puts some competition right in [Virgin Galactic's] immediate way – and it now seems like it's very likely that they may not be first to market,\" Chanin said.</p><p><blockquote>“几个月甚至一年前的情况还可以，但现在蓝色起源紧随其后……这给[维珍银河]带来了一些竞争——现在看来他们很可能不会首先上市，”查宁说。</blockquote></p><p> The company is working to complete development of its SpaceShipTwo system, with four test flights remaining before Virgin Galactic begins commercial service in 2022.</p><p><blockquote>该公司正在努力完成其SpaceShipTwo系统的开发，在维珍银河于2022年开始商业服务之前，还剩下四次试飞。</blockquote></p><p> Virgin Galactic attempted the first of those four spaceflight tests in December, but the mission was cut short by an engine anomaly. The company scheduled a repeat of the flight attempt for February, but then delayed to May to give more time to address an electromagnetic interference issue with the spacecraft's flight computer. Virgin Galactic said in its first quarter report that it completed corrective work on the issue, saying VSS Unity \"is ready to start pre-flight procedures for flight.\"</p><p><blockquote>维珍银河在12月尝试了这四次太空飞行测试中的第一次，但任务因发动机异常而中断。该公司计划在2月份重复飞行尝试，但后来推迟到5月份，以便有更多时间解决航天器飞行计算机的电磁干扰问题。维珍银河在第一季度报告中表示，已经完成了该问题的纠正工作，称VSS Unity“已准备好启动飞行前程序”。</blockquote></p><p> The fourth spaceflight test, expected later this year, will carry members of the Italian Air Force for professional astronaut training. It will be Virgin Galactic's first \"full revenue flight,\" with the company disclosing it will generate $2 million – or the equivalent of $500,000 per seat.</p><p><blockquote>预计今年晚些时候进行的第四次太空飞行测试将搭载意大利空军成员进行专业宇航员训练。这将是维珍银河的首次“全额收入航班”，该公司透露将产生200万美元的收入，相当于每个座位50万美元。</blockquote></p><p> In the meantime,Virgin Galactic in March unveiled the next spacecraft addition to its fleet, VSS Imagine, which is the first of its next-generation SpaceShip III class.</p><p><blockquote>与此同时，维珍银河在3月份推出了其舰队的下一艘航天器VSS Imagine，这是其下一代宇宙飞船III级的第一艘。</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>Virgin Galactic shares fall after another quarterly loss, no date set for next spaceflight test<blockquote>维珍银河股价在又一个季度亏损后下跌，下一次太空测试的日期尚未确定</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\">\nVirgin Galactic shares fall after another quarterly loss, no date set for next spaceflight test<blockquote>维珍银河股价在又一个季度亏损后下跌，下一次太空测试的日期尚未确定</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-05-11 07:06</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Virgin Galactic&nbsp;delivered first quarter results after the market closed on Monday, announcing that it is evaluated the target date for its next spaceflight test, which the company previously planned for this month.</p><p><blockquote>维珍银河周一收盘后公布了第一季度业绩，宣布正在评估下一次太空飞行测试的目标日期，该公司此前计划于本月进行。</blockquote></p><p> Mike Moses, Virgin Galactic's president of space missions and safety, said on the company's conference call with investors that the uncertainty stems from \"a potential wear-and-tear issue\" identified last week on VMS Eve, the aircraft that carries its spacecraft before launch. The part in question was scheduled for maintenance in the fall, Moses said, but Virgin Galactic is now studying VMS Eve \"to determine whether we need to take action now.\"</p><p><blockquote>维珍银河太空任务和安全总裁Mike Moses在公司与投资者的电话会议上表示，不确定性源于上周在VMS Eve上发现的“潜在磨损问题”，该飞机在发射前运载其航天器。摩西说，有问题的部件原定于秋季进行维护，但维珍银河目前正在研究VMS Eve，“以确定我们是否需要立即采取行动”。</blockquote></p><p> \"We will report back to the market next week with an update on schedule implications to our next flight,\" Moses said.</p><p><blockquote>摩西说：“我们将于下周向市场报告对下一趟航班的最新影响。”</blockquote></p><p> The space tourism company reported an adjusted EBITDA loss of $55.9 million, down slightly from a loss of $59.5 million in the previous quarter and below the adjusted EBITDA loss of $63.6 million expected by analysts surveyed by FactSet.</p><p><blockquote>这家太空旅游公司公布的调整后EBITDA亏损为5590万美元，略低于上一季度5950万美元的亏损，也低于FactSet调查的分析师预期的6360万美元的调整后EBITDA亏损。</blockquote></p><p> The company booked zero dollars of revenue in the quarter, as it did in the prior quarter. Virgin Galactic had about $617 million in cash on hand at the end of the first quarter, down from about $666 million in the fourth quarter.</p><p><blockquote>与上一季度一样，该公司本季度的收入为零。第一季度末，维珍银河手头现金约为6.17亿美元，低于第四季度的约6.66亿美元。</blockquote></p><p> Shares of Virgin Galactic fell more than 9% in after hours trading, having closed down 8% at $17.95 a share on Monday.</p><p><blockquote>维珍银河股价在盘后交易中下跌超过9%，周一收盘下跌8%，至每股17.95美元。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/1ac9630f49d57cb73616097667ae0239\" tg-width=\"1292\" tg-height=\"628\"></p><p><blockquote></blockquote></p><p> The stock has fallen 24% year to date – having dropped more than 70% from highs above $60 a share hit in February.</p><p><blockquote>该股今年迄今已下跌24%，较2月份触及的每股60美元以上的高点下跌了70%以上。</blockquote></p><p> Virgin Galactic's stock losses accelerated over the past two months after&nbsp;delays to its test program, as well as share&nbsp;sales by chairman Chamath Palihapitiya, founderRichard Branson, andCathie Wood's new space ETF. The stock also fell after Jeff Bezos' venture Blue Origin announced plans to launch&nbsp;the first crewed flight of its space tourism rocket on July 20, a move whichUBS warned likely removes Virgin Galactic'sfirst-mover advantage.</p><p><blockquote>由于测试计划推迟以及董事长查马斯·帕里哈皮蒂亚(Chamath Palihapitiya)、创始人理查德·布兰森(Richard Branson)和凯西·伍德(Cathie Wood)的新太空ETF出售股票，维珍银河(Virgin Galactic)的股票在过去两个月里加速下跌。在杰夫·贝索斯(Elon Musk)的合资企业蓝色起源(Blue Origin)宣布计划于7月20日发射其太空旅游火箭首次载人飞行后，该股也下跌，UBS警告称此举可能会消除维珍银河的先发优势。</blockquote></p><p> Andrew Chanin, CEO of ProcureAM which holds Virgin Galactic in its&nbsp;Space ETF, told CNBC that the lack of certainty or timeline around the upcoming test flights means investors are starting to have \"less and less patience.\"</p><p><blockquote>持有维珍银河太空ETF的ProcureAM首席执行官安德鲁·查宁(Andrew Chanin)告诉CNBC，即将到来的试飞缺乏确定性或时间表，意味着投资者开始“越来越没有耐心”。</blockquote></p><p> \"It was okay [that was] the case a couple months or even a year ago, but now with Blue Origin kind of right on their heels ... it puts some competition right in [Virgin Galactic's] immediate way – and it now seems like it's very likely that they may not be first to market,\" Chanin said.</p><p><blockquote>“几个月甚至一年前的情况还可以，但现在蓝色起源紧随其后……这给[维珍银河]带来了一些竞争——现在看来他们很可能不会首先上市，”查宁说。</blockquote></p><p> The company is working to complete development of its SpaceShipTwo system, with four test flights remaining before Virgin Galactic begins commercial service in 2022.</p><p><blockquote>该公司正在努力完成其SpaceShipTwo系统的开发，在维珍银河于2022年开始商业服务之前，还剩下四次试飞。</blockquote></p><p> Virgin Galactic attempted the first of those four spaceflight tests in December, but the mission was cut short by an engine anomaly. The company scheduled a repeat of the flight attempt for February, but then delayed to May to give more time to address an electromagnetic interference issue with the spacecraft's flight computer. Virgin Galactic said in its first quarter report that it completed corrective work on the issue, saying VSS Unity \"is ready to start pre-flight procedures for flight.\"</p><p><blockquote>维珍银河在12月尝试了这四次太空飞行测试中的第一次，但任务因发动机异常而中断。该公司计划在2月份重复飞行尝试，但后来推迟到5月份，以便有更多时间解决航天器飞行计算机的电磁干扰问题。维珍银河在第一季度报告中表示，已经完成了该问题的纠正工作，称VSS Unity“已准备好启动飞行前程序”。</blockquote></p><p> The fourth spaceflight test, expected later this year, will carry members of the Italian Air Force for professional astronaut training. It will be Virgin Galactic's first \"full revenue flight,\" with the company disclosing it will generate $2 million – or the equivalent of $500,000 per seat.</p><p><blockquote>预计今年晚些时候进行的第四次太空飞行测试将搭载意大利空军成员进行专业宇航员训练。这将是维珍银河的首次“全额收入航班”，该公司透露将产生200万美元的收入，相当于每个座位50万美元。</blockquote></p><p> In the meantime,Virgin Galactic in March unveiled the next spacecraft addition to its fleet, VSS Imagine, which is the first of its next-generation SpaceShip III class.</p><p><blockquote>与此同时，维珍银河在3月份推出了其舰队的下一艘航天器VSS Imagine，这是其下一代宇宙飞船III级的第一艘。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPCE":"维珍银河"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1145839299","content_text":"Virgin Galactic delivered first quarter results after the market closed on Monday, announcing that it is evaluated the target date for its next spaceflight test, which the company previously planned for this month.\nMike Moses, Virgin Galactic's president of space missions and safety, said on the company's conference call with investors that the uncertainty stems from \"a potential wear-and-tear issue\" identified last week on VMS Eve, the aircraft that carries its spacecraft before launch. The part in question was scheduled for maintenance in the fall, Moses said, but Virgin Galactic is now studying VMS Eve \"to determine whether we need to take action now.\"\n\"We will report back to the market next week with an update on schedule implications to our next flight,\" Moses said.\nThe space tourism company reported an adjusted EBITDA loss of $55.9 million, down slightly from a loss of $59.5 million in the previous quarter and below the adjusted EBITDA loss of $63.6 million expected by analysts surveyed by FactSet.\nThe company booked zero dollars of revenue in the quarter, as it did in the prior quarter. Virgin Galactic had about $617 million in cash on hand at the end of the first quarter, down from about $666 million in the fourth quarter.\nShares of Virgin Galactic fell more than 9% in after hours trading, having closed down 8% at $17.95 a share on Monday.\n\nThe stock has fallen 24% year to date – having dropped more than 70% from highs above $60 a share hit in February.\nVirgin Galactic's stock losses accelerated over the past two months after delays to its test program, as well as share sales by chairman Chamath Palihapitiya, founderRichard Branson, andCathie Wood's new space ETF. The stock also fell after Jeff Bezos' venture Blue Origin announced plans to launch the first crewed flight of its space tourism rocket on July 20, a move whichUBS warned likely removes Virgin Galactic'sfirst-mover advantage.\nAndrew Chanin, CEO of ProcureAM which holds Virgin Galactic in its Space ETF, told CNBC that the lack of certainty or timeline around the upcoming test flights means investors are starting to have \"less and less patience.\"\n\"It was okay [that was] the case a couple months or even a year ago, but now with Blue Origin kind of right on their heels ... it puts some competition right in [Virgin Galactic's] immediate way – and it now seems like it's very likely that they may not be first to market,\" Chanin said.\nThe company is working to complete development of its SpaceShipTwo system, with four test flights remaining before Virgin Galactic begins commercial service in 2022.\nVirgin Galactic attempted the first of those four spaceflight tests in December, but the mission was cut short by an engine anomaly. The company scheduled a repeat of the flight attempt for February, but then delayed to May to give more time to address an electromagnetic interference issue with the spacecraft's flight computer. Virgin Galactic said in its first quarter report that it completed corrective work on the issue, saying VSS Unity \"is ready to start pre-flight procedures for flight.\"\nThe fourth spaceflight test, expected later this year, will carry members of the Italian Air Force for professional astronaut training. It will be Virgin Galactic's first \"full revenue flight,\" with the company disclosing it will generate $2 million – or the equivalent of $500,000 per seat.\nIn the meantime,Virgin Galactic in March unveiled the next spacecraft addition to its fleet, VSS Imagine, which is the first of its next-generation SpaceShip III class.","news_type":1,"symbols_score_info":{"SPCE":0.9}},"isVote":1,"tweetType":1,"viewCount":562,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":169857430,"gmtCreate":1623829878820,"gmtModify":1634027446993,"author":{"id":"3575231727264140","authorId":"3575231727264140","name":"keew","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575231727264140","idStr":"3575231727264140"},"themes":[],"title":"","htmlText":"Pls comment and like. Thanks&nbsp;","listText":"Pls comment and like. Thanks&nbsp;","text":"Pls comment and like. Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/169857430","repostId":"2143271764","repostType":4,"isVote":1,"tweetType":1,"viewCount":1903,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":109023871,"gmtCreate":1619655544993,"gmtModify":1634211016597,"author":{"id":"3575231727264140","authorId":"3575231727264140","name":"keew","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575231727264140","idStr":"3575231727264140"},"themes":[],"title":"","htmlText":"Please comment and like","listText":"Please comment and like","text":"Please comment and like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/109023871","repostId":"1134598526","repostType":4,"isVote":1,"tweetType":1,"viewCount":489,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":117310489,"gmtCreate":1623116630241,"gmtModify":1634036771362,"author":{"id":"3575231727264140","authorId":"3575231727264140","name":"keew","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575231727264140","idStr":"3575231727264140"},"themes":[],"title":"","htmlText":"Pls like and comment. Thanks&nbsp;","listText":"Pls like and comment. Thanks&nbsp;","text":"Pls like and comment. Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/117310489","repostId":"1144151885","repostType":4,"isVote":1,"tweetType":1,"viewCount":3171,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":112657072,"gmtCreate":1622868412096,"gmtModify":1634097182316,"author":{"id":"3575231727264140","authorId":"3575231727264140","name":"keew","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575231727264140","idStr":"3575231727264140"},"themes":[],"title":"","htmlText":"Please like and comment. Thanks","listText":"Please like and comment. Thanks","text":"Please like and comment. Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/112657072","repostId":"1162130057","repostType":4,"repost":{"id":"1162130057","kind":"news","pubTimestamp":1622862397,"share":"https://www.laohu8.com/m/news/1162130057?lang=zh_CN&edition=full","pubTime":"2021-06-05 11:06","market":"us","language":"en","title":"The S&P 500 would be below 1,600 without these 3 pillars and those supports are now weakening<blockquote>如果没有这三大支柱，标普500将低于1,600点，而这些支撑现在正在减弱</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1162130057","media":"MarketWatch","summary":"Investors may need to consider private equity to capture the returns that publicly traded stocks hav","content":"<p>Investors may need to consider private equity to capture the returns that publicly traded stocks have provided</p><p><blockquote>投资者可能需要考虑私募股权来获取公开交易股票提供的回报</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ab21eb0dc365f342dd26c49af9020305\" tg-width=\"1260\" tg-height=\"840\"><span>GETTY IMAGES</span></p><p><blockquote><p class=\"t-img-caption\"><span>盖蒂图片</span></p></blockquote></p><p> Stock prices can’t indefinitely grow faster than the economy. This provides a crucial reality check for U.S. stock-market bulls, many of whom believe stocks can continue outperforming the U.S. economy in perpetuity. Over the past decade, for example, the S&amp;P 500SPX,+0.88%on an inflation-adjusted total-return basis has outperformed real U.S. GDP by an annualized margin of 11.9% to 2.0%.</p><p><blockquote>股价不可能无限期地快于经济增长。这为美国股市多头提供了一个至关重要的现实检验，他们中的许多人认为股市可以永远跑赢美国经济。例如，在过去十年中，标准普尔500SPX指数（经通胀调整后的总回报率为+0.88%）的表现优于美国实际GDP，年化幅度为11.9%至2.0%。</blockquote></p><p> Going forward, it could be the other way around, according to an argument advanced some years ago by Robert Arnott, founder of&nbsp;Research Affiliates, and William Bernstein, co-principal at&nbsp;Efficient Frontier Advisors. They pointed out that a portion of economic growth is attributable to non-public companies, such as startups and the like — a category they refer to as “entrepreneurial capitalism.”</p><p><blockquote>根据Research Affiliates创始人罗伯特·阿诺特(Robert Arnott)和Efficient Frontier Advisors联席负责人威廉·伯恩斯坦(William Bernstein)几年前提出的观点，展望未来，情况可能会恰恰相反。他们指出，经济增长的一部分归功于非上市公司，如初创公司等——他们将这一类别称为“创业资本主义”。</blockquote></p><p> By definition, economic growth that non-public companies generate will not show up in the stock market— which only reflects the performance of publicly traded corporations. Arnott and Bernstein estimate that share prices historically have grown about two annualized percentage points slower than the overall economy.</p><p><blockquote>根据定义，非上市公司产生的经济增长不会出现在股票市场上——股票市场只反映上市公司的表现。阿诺特和伯恩斯坦估计，历史上股价的年化增长速度比整体经济慢约两个百分点。</blockquote></p><p> Such slippage has dire implications for the U.S. stock market’s future return. But I want to first discuss why the stock market’s stunning performance over the past decade was not due to economic growth. Instead, the bulk of that performance was due to three factors:</p><p><blockquote>这种下滑对美国股市未来的回报产生了可怕的影响。但我想首先讨论一下，为什么过去十年股市的惊人表现不是因为经济增长。相反，这一表现主要归功于三个因素：</blockquote></p><p> <ul>  <li>Valuation changes: The S&amp;P 500’s price/earnings ratio has doubled over the past decade.</li>  <li>Increasing profit margins: The S&amp;P 500’s operating margin over the past four quarters has averaged nearly two percentage points higher than it was a decade ago, according to data from Howard Silverblatt, senior index analyst at S&amp;P Dow Jones Indices.</li>  <li>Net buybacks: Over the past decade corporations have repurchased more shares than new shares they have issued. This has reduced the number of shares outstanding, and increased earnings per share.</li> </ul> To appreciate the impact of these three factors, consider that the S&amp;P 500 now would trade below 1,600 if there had been no change at all over the past decade with each of these three dimensions. While the chance of such a perfect storm is so low that you might be inclined to dismiss it out of hand, Bernstein said in an interview that he wouldn’t discount the possibility.</p><p><blockquote><ul><li>估值变化：标普500的市盈率在过去十年翻了一番。</li><li>利润率不断提高：根据标普道琼斯指数高级指数分析师Howard Silverblatt的数据，标普500过去四个季度的营业利润率平均比十年前高出近两个百分点。</li><li>净回购：在过去十年中，企业回购的股票多于其发行的新股。这减少了流通股数量，增加了每股收益。</li></ul>为了理解这三个因素的影响，请考虑一下，如果这三个维度在过去十年中没有任何变化，标普500现在的交易价格将低于1,600点。虽然这种完美风暴的可能性如此之低，以至于你可能会倾向于立即忽视它，但伯恩斯坦在接受采访时表示，他不会忽视这种可能性。</blockquote></p><p> <b>Projecting the future</b></p><p><blockquote><b>预测未来</b></blockquote></p><p> The picture this analysis paints about the U.S. stock market’s future isn’t pretty, assuming the U.S. economy grows at the same pace over the next decade as the last. In that case, the only way the market can produce annualized returns greater than the low single-digits is for the P/E ratio and profit margins to continue rising or for net buybacks to continue reducing the number of shares outstanding — or for some combination of these three factors to occur.</p><p><blockquote>假设美国经济在未来十年以与上一个十年相同的速度增长，这份分析描绘的美国股市未来的图景并不美好。在这种情况下，市场能够产生高于低个位数的年化回报的唯一方法是市盈率和利润率继续上升，或者净回购继续减少已发行股票数量——或者这三个因素的某种组合。</blockquote></p><p> More likely, these three tailwinds will become headwinds. P/E ratios&nbsp;already are at or near the high end of their historical distribution, and they can’t go up forever. Profit margins also are at or near record levels and,as I argued earlier this week, there are good reasons to expect those margins to decline in coming years. While it’s possible that buybacks will outpace share issuance in coming years, that’s hardly a sure bet. Over the past 12 months, for example, there have been negative net buybacks — i.e. more shares have been issued than repurchased. In fact, Arnott pointed out in an email, for most of U.S. stock market history net buybacks have been negative.</p><p><blockquote>更有可能的是，这三个顺风会变成逆风。市盈率已经处于或接近历史分布的高端，而且不可能永远上升。利润率也处于或接近创纪录水平，正如我本周早些时候所说，有充分的理由预计这些利润率在未来几年将下降。虽然未来几年回购可能会超过股票发行，但这并不是一个确定的赌注。例如，在过去12个月中，净回购为负，即发行的股票多于回购的股票。事实上，阿诺特在一封电子邮件中指出，在美国股市历史的大部分时间里，净回购都是负数。</blockquote></p><p> One can also wonder if an even-greater share of economic growth in coming years will accrue to non-public equity. Andrew Karolyi, dean of Cornell University’s SC Johnson College of Business, said in an interview that private equity now plays a much bigger role than in the past. One possible future, he said, is that the growth of the public stock market lags that of the overall economy by an increasing amount.</p><p><blockquote>人们还可能想知道，未来几年，非公募股权是否会在经济增长中占据更大的份额。康奈尔大学SC Johnson商学院院长Andrew Karolyi在接受采访时表示，私募股权现在发挥的作用比过去大得多。他说，一个可能的未来是，公开股票市场的增长越来越落后于整体经济。</blockquote></p><p> One measure of the declining economic importance of the public corporation is the decreasing number of publicly traded companies, as reflected in the chart below. This decline has been overlooked by many on Wall Street, given their focus on the red-hot IPO market. But, as Karolyi pointed out, even as more companies are coming to market, there have also been an increasing number of delistings.</p><p><blockquote>上市公司经济重要性下降的一个衡量标准是上市公司数量的减少，如下图所示。鉴于华尔街的许多人专注于炙手可热的IPO市场，这种下降被他们忽视了。但是，正如卡罗利指出的那样，尽管越来越多的公司上市，但退市的数量也在增加。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/3de45fd68cb24b2bdf2791d1f6b9fac0\" tg-width=\"1260\" tg-height=\"922\"></p><p><blockquote></blockquote></p><p></p><p> For example, according to Refinitiv, through the end of May 2021 there was more than $1.6 trillion in domestic M&amp;A activity, almost 50% higher than the previous calendar year that held the record for the most M&amp;A activity for the first five months. We need to focus on both IPOs and delistings, Karolyi argued, just as demographers can only analyze population trends by focusing on births and deaths.</p><p><blockquote>例如，根据路孚特的数据，截至2021年5月底，国内M&amp;A活动超过1.6万亿美元，比保持前五个月M&amp;A活动最多记录的上一年高出近50%。卡罗利认为，我们需要同时关注IPO和退市，就像人口学家只能通过关注出生和死亡来分析人口趋势一样。</blockquote></p><p> “The role of publicly traded corporations in the overall economy may be changing,” Karolyi said. Their possible life cycle paths are expanding to include many that don’t end in becoming publicly traded, for example, or waiting much longer before doing so. Given the abundant liquidity in the private equity market, he added, it may very well become the preferred exit strategy for many companies that previously would have gone public.</p><p><blockquote>“上市公司在整体经济中的作用可能正在发生变化，”卡罗利说。例如，它们可能的生命周期路径正在扩大，包括许多不会以公开交易或等待更长时间才能公开交易而告终的公司。他补充说，鉴于私募股权市场流动性充裕，这很可能成为许多此前上市公司的首选退出策略。</blockquote></p><p> The bottom line? The past decade was extraordinary for publicly traded U.S. stocks. Don’t expect that to continue indefinitely.</p><p><blockquote>底线？过去十年对于公开交易的美国股票来说是不平凡的。不要指望这种情况会无限期地持续下去。</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>The S&P 500 would be below 1,600 without these 3 pillars and those supports are now weakening<blockquote>如果没有这三大支柱，标普500将低于1,600点，而这些支撑现在正在减弱</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\">\nThe S&P 500 would be below 1,600 without these 3 pillars and those supports are now weakening<blockquote>如果没有这三大支柱，标普500将低于1,600点，而这些支撑现在正在减弱</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-06-05 11:06</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Investors may need to consider private equity to capture the returns that publicly traded stocks have provided</p><p><blockquote>投资者可能需要考虑私募股权来获取公开交易股票提供的回报</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ab21eb0dc365f342dd26c49af9020305\" tg-width=\"1260\" tg-height=\"840\"><span>GETTY IMAGES</span></p><p><blockquote><p class=\"t-img-caption\"><span>盖蒂图片</span></p></blockquote></p><p> Stock prices can’t indefinitely grow faster than the economy. This provides a crucial reality check for U.S. stock-market bulls, many of whom believe stocks can continue outperforming the U.S. economy in perpetuity. Over the past decade, for example, the S&amp;P 500SPX,+0.88%on an inflation-adjusted total-return basis has outperformed real U.S. GDP by an annualized margin of 11.9% to 2.0%.</p><p><blockquote>股价不可能无限期地快于经济增长。这为美国股市多头提供了一个至关重要的现实检验，他们中的许多人认为股市可以永远跑赢美国经济。例如，在过去十年中，标准普尔500SPX指数（经通胀调整后的总回报率为+0.88%）的表现优于美国实际GDP，年化幅度为11.9%至2.0%。</blockquote></p><p> Going forward, it could be the other way around, according to an argument advanced some years ago by Robert Arnott, founder of&nbsp;Research Affiliates, and William Bernstein, co-principal at&nbsp;Efficient Frontier Advisors. They pointed out that a portion of economic growth is attributable to non-public companies, such as startups and the like — a category they refer to as “entrepreneurial capitalism.”</p><p><blockquote>根据Research Affiliates创始人罗伯特·阿诺特(Robert Arnott)和Efficient Frontier Advisors联席负责人威廉·伯恩斯坦(William Bernstein)几年前提出的观点，展望未来，情况可能会恰恰相反。他们指出，经济增长的一部分归功于非上市公司，如初创公司等——他们将这一类别称为“创业资本主义”。</blockquote></p><p> By definition, economic growth that non-public companies generate will not show up in the stock market— which only reflects the performance of publicly traded corporations. Arnott and Bernstein estimate that share prices historically have grown about two annualized percentage points slower than the overall economy.</p><p><blockquote>根据定义，非上市公司产生的经济增长不会出现在股票市场上——股票市场只反映上市公司的表现。阿诺特和伯恩斯坦估计，历史上股价的年化增长速度比整体经济慢约两个百分点。</blockquote></p><p> Such slippage has dire implications for the U.S. stock market’s future return. But I want to first discuss why the stock market’s stunning performance over the past decade was not due to economic growth. Instead, the bulk of that performance was due to three factors:</p><p><blockquote>这种下滑对美国股市未来的回报产生了可怕的影响。但我想首先讨论一下，为什么过去十年股市的惊人表现不是因为经济增长。相反，这一表现主要归功于三个因素：</blockquote></p><p> <ul>  <li>Valuation changes: The S&amp;P 500’s price/earnings ratio has doubled over the past decade.</li>  <li>Increasing profit margins: The S&amp;P 500’s operating margin over the past four quarters has averaged nearly two percentage points higher than it was a decade ago, according to data from Howard Silverblatt, senior index analyst at S&amp;P Dow Jones Indices.</li>  <li>Net buybacks: Over the past decade corporations have repurchased more shares than new shares they have issued. This has reduced the number of shares outstanding, and increased earnings per share.</li> </ul> To appreciate the impact of these three factors, consider that the S&amp;P 500 now would trade below 1,600 if there had been no change at all over the past decade with each of these three dimensions. While the chance of such a perfect storm is so low that you might be inclined to dismiss it out of hand, Bernstein said in an interview that he wouldn’t discount the possibility.</p><p><blockquote><ul><li>估值变化：标普500的市盈率在过去十年翻了一番。</li><li>利润率不断提高：根据标普道琼斯指数高级指数分析师Howard Silverblatt的数据，标普500过去四个季度的营业利润率平均比十年前高出近两个百分点。</li><li>净回购：在过去十年中，企业回购的股票多于其发行的新股。这减少了流通股数量，增加了每股收益。</li></ul>为了理解这三个因素的影响，请考虑一下，如果这三个维度在过去十年中没有任何变化，标普500现在的交易价格将低于1,600点。虽然这种完美风暴的可能性如此之低，以至于你可能会倾向于立即忽视它，但伯恩斯坦在接受采访时表示，他不会忽视这种可能性。</blockquote></p><p> <b>Projecting the future</b></p><p><blockquote><b>预测未来</b></blockquote></p><p> The picture this analysis paints about the U.S. stock market’s future isn’t pretty, assuming the U.S. economy grows at the same pace over the next decade as the last. In that case, the only way the market can produce annualized returns greater than the low single-digits is for the P/E ratio and profit margins to continue rising or for net buybacks to continue reducing the number of shares outstanding — or for some combination of these three factors to occur.</p><p><blockquote>假设美国经济在未来十年以与上一个十年相同的速度增长，这份分析描绘的美国股市未来的图景并不美好。在这种情况下，市场能够产生高于低个位数的年化回报的唯一方法是市盈率和利润率继续上升，或者净回购继续减少已发行股票数量——或者这三个因素的某种组合。</blockquote></p><p> More likely, these three tailwinds will become headwinds. P/E ratios&nbsp;already are at or near the high end of their historical distribution, and they can’t go up forever. Profit margins also are at or near record levels and,as I argued earlier this week, there are good reasons to expect those margins to decline in coming years. While it’s possible that buybacks will outpace share issuance in coming years, that’s hardly a sure bet. Over the past 12 months, for example, there have been negative net buybacks — i.e. more shares have been issued than repurchased. In fact, Arnott pointed out in an email, for most of U.S. stock market history net buybacks have been negative.</p><p><blockquote>更有可能的是，这三个顺风会变成逆风。市盈率已经处于或接近历史分布的高端，而且不可能永远上升。利润率也处于或接近创纪录水平，正如我本周早些时候所说，有充分的理由预计这些利润率在未来几年将下降。虽然未来几年回购可能会超过股票发行，但这并不是一个确定的赌注。例如，在过去12个月中，净回购为负，即发行的股票多于回购的股票。事实上，阿诺特在一封电子邮件中指出，在美国股市历史的大部分时间里，净回购都是负数。</blockquote></p><p> One can also wonder if an even-greater share of economic growth in coming years will accrue to non-public equity. Andrew Karolyi, dean of Cornell University’s SC Johnson College of Business, said in an interview that private equity now plays a much bigger role than in the past. One possible future, he said, is that the growth of the public stock market lags that of the overall economy by an increasing amount.</p><p><blockquote>人们还可能想知道，未来几年，非公募股权是否会在经济增长中占据更大的份额。康奈尔大学SC Johnson商学院院长Andrew Karolyi在接受采访时表示，私募股权现在发挥的作用比过去大得多。他说，一个可能的未来是，公开股票市场的增长越来越落后于整体经济。</blockquote></p><p> One measure of the declining economic importance of the public corporation is the decreasing number of publicly traded companies, as reflected in the chart below. This decline has been overlooked by many on Wall Street, given their focus on the red-hot IPO market. But, as Karolyi pointed out, even as more companies are coming to market, there have also been an increasing number of delistings.</p><p><blockquote>上市公司经济重要性下降的一个衡量标准是上市公司数量的减少，如下图所示。鉴于华尔街的许多人专注于炙手可热的IPO市场，这种下降被他们忽视了。但是，正如卡罗利指出的那样，尽管越来越多的公司上市，但退市的数量也在增加。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/3de45fd68cb24b2bdf2791d1f6b9fac0\" tg-width=\"1260\" tg-height=\"922\"></p><p><blockquote></blockquote></p><p></p><p> For example, according to Refinitiv, through the end of May 2021 there was more than $1.6 trillion in domestic M&amp;A activity, almost 50% higher than the previous calendar year that held the record for the most M&amp;A activity for the first five months. We need to focus on both IPOs and delistings, Karolyi argued, just as demographers can only analyze population trends by focusing on births and deaths.</p><p><blockquote>例如，根据路孚特的数据，截至2021年5月底，国内M&amp;A活动超过1.6万亿美元，比保持前五个月M&amp;A活动最多记录的上一年高出近50%。卡罗利认为，我们需要同时关注IPO和退市，就像人口学家只能通过关注出生和死亡来分析人口趋势一样。</blockquote></p><p> “The role of publicly traded corporations in the overall economy may be changing,” Karolyi said. Their possible life cycle paths are expanding to include many that don’t end in becoming publicly traded, for example, or waiting much longer before doing so. Given the abundant liquidity in the private equity market, he added, it may very well become the preferred exit strategy for many companies that previously would have gone public.</p><p><blockquote>“上市公司在整体经济中的作用可能正在发生变化，”卡罗利说。例如，它们可能的生命周期路径正在扩大，包括许多不会以公开交易或等待更长时间才能公开交易而告终的公司。他补充说，鉴于私募股权市场流动性充裕，这很可能成为许多此前上市公司的首选退出策略。</blockquote></p><p> The bottom line? The past decade was extraordinary for publicly traded U.S. stocks. Don’t expect that to continue indefinitely.</p><p><blockquote>底线？过去十年对于公开交易的美国股票来说是不平凡的。不要指望这种情况会无限期地持续下去。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/the-s-p-500-would-be-below-1-600-without-these-3-pillars-and-those-supports-are-now-weakening-11622781972?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://www.marketwatch.com/story/the-s-p-500-would-be-below-1-600-without-these-3-pillars-and-those-supports-are-now-weakening-11622781972?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1162130057","content_text":"Investors may need to consider private equity to capture the returns that publicly traded stocks have provided\nGETTY IMAGES\nStock prices can’t indefinitely grow faster than the economy. This provides a crucial reality check for U.S. stock-market bulls, many of whom believe stocks can continue outperforming the U.S. economy in perpetuity. Over the past decade, for example, the S&P 500SPX,+0.88%on an inflation-adjusted total-return basis has outperformed real U.S. GDP by an annualized margin of 11.9% to 2.0%.\nGoing forward, it could be the other way around, according to an argument advanced some years ago by Robert Arnott, founder of Research Affiliates, and William Bernstein, co-principal at Efficient Frontier Advisors. They pointed out that a portion of economic growth is attributable to non-public companies, such as startups and the like — a category they refer to as “entrepreneurial capitalism.”\nBy definition, economic growth that non-public companies generate will not show up in the stock market— which only reflects the performance of publicly traded corporations. Arnott and Bernstein estimate that share prices historically have grown about two annualized percentage points slower than the overall economy.\nSuch slippage has dire implications for the U.S. stock market’s future return. But I want to first discuss why the stock market’s stunning performance over the past decade was not due to economic growth. Instead, the bulk of that performance was due to three factors:\n\nValuation changes: The S&P 500’s price/earnings ratio has doubled over the past decade.\nIncreasing profit margins: The S&P 500’s operating margin over the past four quarters has averaged nearly two percentage points higher than it was a decade ago, according to data from Howard Silverblatt, senior index analyst at S&P Dow Jones Indices.\nNet buybacks: Over the past decade corporations have repurchased more shares than new shares they have issued. This has reduced the number of shares outstanding, and increased earnings per share.\n\nTo appreciate the impact of these three factors, consider that the S&P 500 now would trade below 1,600 if there had been no change at all over the past decade with each of these three dimensions. While the chance of such a perfect storm is so low that you might be inclined to dismiss it out of hand, Bernstein said in an interview that he wouldn’t discount the possibility.\nProjecting the future\nThe picture this analysis paints about the U.S. stock market’s future isn’t pretty, assuming the U.S. economy grows at the same pace over the next decade as the last. In that case, the only way the market can produce annualized returns greater than the low single-digits is for the P/E ratio and profit margins to continue rising or for net buybacks to continue reducing the number of shares outstanding — or for some combination of these three factors to occur.\nMore likely, these three tailwinds will become headwinds. P/E ratios already are at or near the high end of their historical distribution, and they can’t go up forever. Profit margins also are at or near record levels and,as I argued earlier this week, there are good reasons to expect those margins to decline in coming years. While it’s possible that buybacks will outpace share issuance in coming years, that’s hardly a sure bet. Over the past 12 months, for example, there have been negative net buybacks — i.e. more shares have been issued than repurchased. In fact, Arnott pointed out in an email, for most of U.S. stock market history net buybacks have been negative.\nOne can also wonder if an even-greater share of economic growth in coming years will accrue to non-public equity. Andrew Karolyi, dean of Cornell University’s SC Johnson College of Business, said in an interview that private equity now plays a much bigger role than in the past. One possible future, he said, is that the growth of the public stock market lags that of the overall economy by an increasing amount.\nOne measure of the declining economic importance of the public corporation is the decreasing number of publicly traded companies, as reflected in the chart below. This decline has been overlooked by many on Wall Street, given their focus on the red-hot IPO market. But, as Karolyi pointed out, even as more companies are coming to market, there have also been an increasing number of delistings.\n\nFor example, according to Refinitiv, through the end of May 2021 there was more than $1.6 trillion in domestic M&A activity, almost 50% higher than the previous calendar year that held the record for the most M&A activity for the first five months. We need to focus on both IPOs and delistings, Karolyi argued, just as demographers can only analyze population trends by focusing on births and deaths.\n“The role of publicly traded corporations in the overall economy may be changing,” Karolyi said. Their possible life cycle paths are expanding to include many that don’t end in becoming publicly traded, for example, or waiting much longer before doing so. Given the abundant liquidity in the private equity market, he added, it may very well become the preferred exit strategy for many companies that previously would have gone public.\nThe bottom line? The past decade was extraordinary for publicly traded U.S. stocks. Don’t expect that to continue indefinitely.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":2135,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":192678746,"gmtCreate":1621209202485,"gmtModify":1634193453595,"author":{"id":"3575231727264140","authorId":"3575231727264140","name":"keew","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575231727264140","idStr":"3575231727264140"},"themes":[],"title":"","htmlText":"Pls comment and like. Thanks&nbsp;","listText":"Pls comment and like. Thanks&nbsp;","text":"Pls comment and like. Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/192678746","repostId":"1134346216","repostType":4,"isVote":1,"tweetType":1,"viewCount":691,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}