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0勋章

2021-09-14

$AIMS APAC REIT(O5RU.SI)$wait

2021-06-25

[思考]

抱歉，原内容已删除

2021-06-25

Like

抱歉，原内容已删除

2021-06-25

[微笑]

2021-06-23

$MEDTECS INTERNATIONAL CORP LTD(546.SI)$[心碎]

2021-04-16

[疑问]

Crypto for the long term: what’s the outlook?<blockquote>长期加密货币：前景如何？</blockquote>

2021-04-16

[无语]

2021-04-13

Like n Comment

抱歉，原内容已删除

2021-04-13

[无语]

抱歉，原内容已删除

2021-04-06

[强]

抱歉，原内容已删除

2021-04-06

[思考]

Opinion: Financial crises get triggered about every 10 years — Archegos might be right on time<blockquote>观点：金融危机大约每10年就会引发一次——Archegos可能准时出现</blockquote>

2021-04-01

[可爱]

2021-03-31

[OK]

Value vs. Growth Stocks – How to Pick the Right Stocks for Your Portfoli<blockquote>价值型股票与成长型股票——如何为您的投资组合选择合适的股票</blockquote>

2021-03-30

$TOP GLOVE CORPORATION BHD(BVA.SI)$[无语]

2021-03-25

[思考]

Li Ka-shing’s New Deal is Latest Effort to Prop Up CK Asset Share Price<blockquote>李嘉诚新政是支撑长江资产股价的最新举措</blockquote>

2021-03-20

[思考]

2021-03-16

$TOP GLOVE CORPORATION BHD(BVA.SI)$hope

2021-02-17

Yup

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LTD(546.SI)$[心碎]","images":[{"img":"https://static.tigerbbs.com/53173ca2023817a4952a41191161e76d","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/123303004","isVote":1,"tweetType":1,"viewCount":1881,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":370131929,"gmtCreate":1618561208661,"gmtModify":1631890448703,"author":{"id":"3575584209294285","authorId":"3575584209294285","name":"TSquare","avatar":"https://static.tigerbbs.com/db7d2496d9cde731e866e67da91471fe","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575584209294285","authorIdStr":"3575584209294285"},"themes":[],"htmlText":"[疑问]&nbsp;","listText":"[疑问]&nbsp;","text":"[疑问]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/370131929","repostId":"1196603230","repostType":4,"repost":{"id":"1196603230","kind":"news","pubTimestamp":1618559780,"share":"https://www.laohu8.com/m/news/1196603230?lang=zh_CN&edition=full","pubTime":"2021-04-16 15:56","market":"us","language":"en","title":"Crypto for the long term: what’s the outlook?<blockquote>长期加密货币：前景如何？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1196603230","media":"MarketWatch","summary":"It hasn’t proven itself as an actual currency yet, but it’s still in what one expert calls the ‘inno","content":"<p>It hasn’t proven itself as an actual currency yet, but it’s still in what one expert calls the ‘innovator’ stage</p><p><blockquote>它尚未证明自己是一种真正的货币，但仍处于一位专家评级的“创新者”阶段</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/752a1b5c6700b38a9a9d7d5702e18949\" tg-width=\"1260\" tg-height=\"788\"><span>ISTOCKPHOTO</span></p><p><blockquote><p class=\"t-img-caption\"><span>ISTOCKPHOTO</span></p></blockquote></p><p> As cryptocurrencies take a big step into adulthood this week with the trading debut of broker Coinbase on Nasdaq, it may be time to consider their long-term outlook. A pair of financial-markets experts weighed in on that question at the&nbsp;MarketWatch-Barron’s event&nbsp;Investing In Crypto, held Wednesday.</p><p><blockquote>随着经纪商Coinbase本周在纳斯达克首次交易，加密货币向成年迈出了一大步，可能是时候考虑它们的长期前景了。两位金融市场专家在周三举行的MarketWatch-Barron's投资加密货币活动上就这个问题发表了看法。</blockquote></p><p> Katie Stockton, a market technician and founder of Fairlead Strategies, noted that technical analysis shows a trend that’s “clearly higher” for the price of Bitcoin.In hindsight, we can see that the lows in 2018 and 2020 served as a massive double bottom, she noted.</p><p><blockquote>市场技术员兼Fairlead Strategies创始人Katie Stockton指出，技术分析显示比特币价格“明显走高”的趋势。她指出，事后看来，我们可以看到2018年和2020年的低点是一个巨大的双底。</blockquote></p><p> After taking out its 2017 high, Bitcoin jumped above $34,000, and “hasn’t looked back since then,” Stockton said. New all-time highs are a good thing in the long term, she said, and the minor breakout is a good thing, short-term, suggesting a measured move up to just over $69,000. However, the loss of upside momentum means the uptrend should become more gradual.</p><p><blockquote>Stockton表示，在突破2017年高点后，比特币股价跃升至34,000美元以上，“从那时起就没有回头”。她表示，从长期来看，历史新高是一件好事，而短期来看，小幅突破也是一件好事，表明价格将小幅上涨至略高于69,000美元。然而，上行动力的丧失意味着上升趋势应该变得更加渐进。</blockquote></p><p> Bryan Routledge, a professor of finance at the Tepper School of Business of Carnegie Mellon University, noted that cryptocurrencies have several use cases. Most importantly, they represent an investment in a new technology, and one that has important implications for the economy in the future.</p><p><blockquote>卡内基梅隆大学泰珀商学院金融学教授布莱恩·劳特利奇指出，加密货币有几个用例。最重要的是，它们代表了对新技术的投资，并且对未来的经济具有重要影响。</blockquote></p><p> That’s happened before — think of the dot-com bubble of two decades ago, Routledge said. But now, investing in the new technology has generally not involved investing in a new company but buying a new asset.</p><p><blockquote>劳特利奇说，这种情况以前发生过——想想二十年前的互联网泡沫。但现在，投资新技术通常不涉及投资一家新公司，而是购买一项新资产。</blockquote></p><p> In the analogy to the dot-com era, there are lots of failed companies, he noted. As of now, one of the use cases often discussed for cryptos — as literal currencies — hasn’t really come to pass yet.</p><p><blockquote>他指出，与互联网时代相比，有很多失败的公司。截至目前，经常讨论的加密货币用例之一——作为字面上的货币——还没有真正实现。</blockquote></p><p> Bitcoin is often compared to gold for fundamental reasons, but there are some technical ones as well, the moderator commented.</p><p><blockquote>主持人评论说，出于基本面原因，比特币经常被比作黄金，但也有一些技术原因。</blockquote></p><p> Since last August, when gold peaked and Bitcoin broke out, gold has been down six out of seven months, while Bitcoin has been higher in six out of seven months, Stockton said. She theorizes that Bitcoin might be viewed as a store of value now, while gold hasn’t been helped by a stronger risk-on attitude in the markets.</p><p><blockquote>Stockton表示，自去年8月黄金见顶和比特币爆发以来，黄金在七个月中有六个月下跌，而比特币在七个月中有六个月上涨。她的理论是，比特币现在可能被视为一种价值储存手段，而黄金并没有受到市场更强的风险态度的帮助。</blockquote></p><p> The steep uptrend suggests Bitcoin is more of a risk asset, for now, but it seems to be stealing buyers from gold, Stockton noted. From the perspective of the hedge fund community, it’s a “welcome” alternative asset class, she said.</p><p><blockquote>Stockton指出，陡峭的上升趋势表明比特币目前更多的是一种风险资产，但它似乎正在抢走黄金买家。她说，从对冲基金界的角度来看，这是一个“受欢迎的”另类资产类别。</blockquote></p><p> With that in mind, it’s still early days for Bitcoin and cryptocurrencies more broadly, Stockton said. “I think we’re probably still in the ‘innovator’ stage, which represents &nbsp;opportunity, but it does often come with volatility.”</p><p><blockquote>Stockton表示，考虑到这一点，比特币和更广泛的加密货币仍处于早期阶段。“我认为我们可能仍处于‘创新者’阶段，这代表着机遇，但它确实经常伴随着波动。”</blockquote></p><p> It’s hard to forecast when the volatility will die down, she said, but “it will probably take a long time for this new asset class to play out, for people to understand what it is and find different ways to invest in it and for it to become a medium of exchange. Traders would say it’s something they can take advantage of,” even as long-term investors have to hold their stomachs through the chop.</p><p><blockquote>她表示，很难预测波动性何时会消退，但“这种新的资产类别可能需要很长时间才能发挥作用，人们才能了解它是什么，并找到不同的投资方式，并找到投资它的方式。成为一种交换媒介。交易者会说这是他们可以利用的东西”，即使长期投资者不得不忍耐到底。</blockquote></p><p> Bitcoin was meant to be decentralized but the financial industry that’s grown up around it makes it more centralized, a moderator observed. It’s “stunningly” centralized, Routledge agreed. People usually aren’t buying bitcoins, they’re buying liabilities often run through Coinbase or other go-betweens, he noted.</p><p><blockquote>一位主持人观察到，比特币本应是去中心化的，但围绕它发展起来的金融业使其更加中心化。劳特利奇同意，这是“惊人的”集中化。他指出，人们通常不会购买比特币，他们通常通过Coinbase或其他中间人购买负债。</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>Crypto for the long term: what’s the outlook?<blockquote>长期加密货币：前景如何？</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 for the long term: what’s the outlook?<blockquote>长期加密货币：前景如何？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-04-16 15:56</span>\n</p>\n</h4>\n</header>\n<article>\n<p>It hasn’t proven itself as an actual currency yet, but it’s still in what one expert calls the ‘innovator’ stage</p><p><blockquote>它尚未证明自己是一种真正的货币，但仍处于一位专家评级的“创新者”阶段</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/752a1b5c6700b38a9a9d7d5702e18949\" tg-width=\"1260\" tg-height=\"788\"><span>ISTOCKPHOTO</span></p><p><blockquote><p class=\"t-img-caption\"><span>ISTOCKPHOTO</span></p></blockquote></p><p> As cryptocurrencies take a big step into adulthood this week with the trading debut of broker Coinbase on Nasdaq, it may be time to consider their long-term outlook. A pair of financial-markets experts weighed in on that question at the&nbsp;MarketWatch-Barron’s event&nbsp;Investing In Crypto, held Wednesday.</p><p><blockquote>随着经纪商Coinbase本周在纳斯达克首次交易，加密货币向成年迈出了一大步，可能是时候考虑它们的长期前景了。两位金融市场专家在周三举行的MarketWatch-Barron's投资加密货币活动上就这个问题发表了看法。</blockquote></p><p> Katie Stockton, a market technician and founder of Fairlead Strategies, noted that technical analysis shows a trend that’s “clearly higher” for the price of Bitcoin.In hindsight, we can see that the lows in 2018 and 2020 served as a massive double bottom, she noted.</p><p><blockquote>市场技术员兼Fairlead Strategies创始人Katie Stockton指出，技术分析显示比特币价格“明显走高”的趋势。她指出，事后看来，我们可以看到2018年和2020年的低点是一个巨大的双底。</blockquote></p><p> After taking out its 2017 high, Bitcoin jumped above $34,000, and “hasn’t looked back since then,” Stockton said. New all-time highs are a good thing in the long term, she said, and the minor breakout is a good thing, short-term, suggesting a measured move up to just over $69,000. However, the loss of upside momentum means the uptrend should become more gradual.</p><p><blockquote>Stockton表示，在突破2017年高点后，比特币股价跃升至34,000美元以上，“从那时起就没有回头”。她表示，从长期来看，历史新高是一件好事，而短期来看，小幅突破也是一件好事，表明价格将小幅上涨至略高于69,000美元。然而，上行动力的丧失意味着上升趋势应该变得更加渐进。</blockquote></p><p> Bryan Routledge, a professor of finance at the Tepper School of Business of Carnegie Mellon University, noted that cryptocurrencies have several use cases. Most importantly, they represent an investment in a new technology, and one that has important implications for the economy in the future.</p><p><blockquote>卡内基梅隆大学泰珀商学院金融学教授布莱恩·劳特利奇指出，加密货币有几个用例。最重要的是，它们代表了对新技术的投资，并且对未来的经济具有重要影响。</blockquote></p><p> That’s happened before — think of the dot-com bubble of two decades ago, Routledge said. But now, investing in the new technology has generally not involved investing in a new company but buying a new asset.</p><p><blockquote>劳特利奇说，这种情况以前发生过——想想二十年前的互联网泡沫。但现在，投资新技术通常不涉及投资一家新公司，而是购买一项新资产。</blockquote></p><p> In the analogy to the dot-com era, there are lots of failed companies, he noted. As of now, one of the use cases often discussed for cryptos — as literal currencies — hasn’t really come to pass yet.</p><p><blockquote>他指出，与互联网时代相比，有很多失败的公司。截至目前，经常讨论的加密货币用例之一——作为字面上的货币——还没有真正实现。</blockquote></p><p> Bitcoin is often compared to gold for fundamental reasons, but there are some technical ones as well, the moderator commented.</p><p><blockquote>主持人评论说，出于基本面原因，比特币经常被比作黄金，但也有一些技术原因。</blockquote></p><p> Since last August, when gold peaked and Bitcoin broke out, gold has been down six out of seven months, while Bitcoin has been higher in six out of seven months, Stockton said. She theorizes that Bitcoin might be viewed as a store of value now, while gold hasn’t been helped by a stronger risk-on attitude in the markets.</p><p><blockquote>Stockton表示，自去年8月黄金见顶和比特币爆发以来，黄金在七个月中有六个月下跌，而比特币在七个月中有六个月上涨。她的理论是，比特币现在可能被视为一种价值储存手段，而黄金并没有受到市场更强的风险态度的帮助。</blockquote></p><p> The steep uptrend suggests Bitcoin is more of a risk asset, for now, but it seems to be stealing buyers from gold, Stockton noted. From the perspective of the hedge fund community, it’s a “welcome” alternative asset class, she said.</p><p><blockquote>Stockton指出，陡峭的上升趋势表明比特币目前更多的是一种风险资产，但它似乎正在抢走黄金买家。她说，从对冲基金界的角度来看，这是一个“受欢迎的”另类资产类别。</blockquote></p><p> With that in mind, it’s still early days for Bitcoin and cryptocurrencies more broadly, Stockton said. “I think we’re probably still in the ‘innovator’ stage, which represents &nbsp;opportunity, but it does often come with volatility.”</p><p><blockquote>Stockton表示，考虑到这一点，比特币和更广泛的加密货币仍处于早期阶段。“我认为我们可能仍处于‘创新者’阶段，这代表着机遇，但它确实经常伴随着波动。”</blockquote></p><p> It’s hard to forecast when the volatility will die down, she said, but “it will probably take a long time for this new asset class to play out, for people to understand what it is and find different ways to invest in it and for it to become a medium of exchange. Traders would say it’s something they can take advantage of,” even as long-term investors have to hold their stomachs through the chop.</p><p><blockquote>她表示，很难预测波动性何时会消退，但“这种新的资产类别可能需要很长时间才能发挥作用，人们才能了解它是什么，并找到不同的投资方式，并找到投资它的方式。成为一种交换媒介。交易者会说这是他们可以利用的东西”，即使长期投资者不得不忍耐到底。</blockquote></p><p> Bitcoin was meant to be decentralized but the financial industry that’s grown up around it makes it more centralized, a moderator observed. It’s “stunningly” centralized, Routledge agreed. People usually aren’t buying bitcoins, they’re buying liabilities often run through Coinbase or other go-betweens, he noted.</p><p><blockquote>一位主持人观察到，比特币本应是去中心化的，但围绕它发展起来的金融业使其更加中心化。劳特利奇同意，这是“惊人的”集中化。他指出，人们通常不会购买比特币，他们通常通过Coinbase或其他中间人购买负债。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/crypto-for-the-long-term-whats-the-outlook-11618505367?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":{"PYPL":"PayPal","GBTC":"比特币ETF-Grayscale","COIN":"Coinbase Global, Inc."},"source_url":"https://www.marketwatch.com/story/crypto-for-the-long-term-whats-the-outlook-11618505367?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1196603230","content_text":"It hasn’t proven itself as an actual currency yet, but it’s still in what one expert calls the ‘innovator’ stage\nISTOCKPHOTO\nAs cryptocurrencies take a big step into adulthood this week with the trading debut of broker Coinbase on Nasdaq, it may be time to consider their long-term outlook. A pair of financial-markets experts weighed in on that question at the MarketWatch-Barron’s event Investing In Crypto, held Wednesday.\nKatie Stockton, a market technician and founder of Fairlead Strategies, noted that technical analysis shows a trend that’s “clearly higher” for the price of Bitcoin.In hindsight, we can see that the lows in 2018 and 2020 served as a massive double bottom, she noted.\nAfter taking out its 2017 high, Bitcoin jumped above $34,000, and “hasn’t looked back since then,” Stockton said. New all-time highs are a good thing in the long term, she said, and the minor breakout is a good thing, short-term, suggesting a measured move up to just over $69,000. However, the loss of upside momentum means the uptrend should become more gradual.\nBryan Routledge, a professor of finance at the Tepper School of Business of Carnegie Mellon University, noted that cryptocurrencies have several use cases. Most importantly, they represent an investment in a new technology, and one that has important implications for the economy in the future.\nThat’s happened before — think of the dot-com bubble of two decades ago, Routledge said. But now, investing in the new technology has generally not involved investing in a new company but buying a new asset.\nIn the analogy to the dot-com era, there are lots of failed companies, he noted. As of now, one of the use cases often discussed for cryptos — as literal currencies — hasn’t really come to pass yet.\nBitcoin is often compared to gold for fundamental reasons, but there are some technical ones as well, the moderator commented.\nSince last August, when gold peaked and Bitcoin broke out, gold has been down six out of seven months, while Bitcoin has been higher in six out of seven months, Stockton said. She theorizes that Bitcoin might be viewed as a store of value now, while gold hasn’t been helped by a stronger risk-on attitude in the markets.\nThe steep uptrend suggests Bitcoin is more of a risk asset, for now, but it seems to be stealing buyers from gold, Stockton noted. From the perspective of the hedge fund community, it’s a “welcome” alternative asset class, she said.\nWith that in mind, it’s still early days for Bitcoin and cryptocurrencies more broadly, Stockton said. “I think we’re probably still in the ‘innovator’ stage, which represents  opportunity, but it does often come with volatility.”\nIt’s hard to forecast when the volatility will die down, she said, but “it will probably take a long time for this new asset class to play out, for people to understand what it is and find different ways to invest in it and for it to become a medium of exchange. Traders would say it’s something they can take advantage of,” even as long-term investors have to hold their stomachs through the chop.\nBitcoin was meant to be decentralized but the financial industry that’s grown up around it makes it more centralized, a moderator observed. It’s “stunningly” centralized, Routledge agreed. People usually aren’t buying bitcoins, they’re buying liabilities often run through Coinbase or other go-betweens, he noted.","news_type":1,"symbols_score_info":{"BTCmain":0.9,"PYPL":0.9,"SQ":0.9,"COIN":0.9,"XBTmain":0.9,"GBTC":0.9}},"isVote":1,"tweetType":1,"viewCount":1779,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":370139633,"gmtCreate":1618561065922,"gmtModify":1631890448704,"author":{"id":"3575584209294285","authorId":"3575584209294285","name":"TSquare","avatar":"https://static.tigerbbs.com/db7d2496d9cde731e866e67da91471fe","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575584209294285","authorIdStr":"3575584209294285"},"themes":[],"htmlText":"[无语]&nbsp;","listText":"[无语]&nbsp;","text":"[无语]","images":[{"img":"https://static.tigerbbs.com/ba475f9e2389013c8168a400dae277df","width":"1080","height":"3021"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/370139633","isVote":1,"tweetType":1,"viewCount":2302,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":345177607,"gmtCreate":1618294125809,"gmtModify":1631890448711,"author":{"id":"3575584209294285","authorId":"3575584209294285","name":"TSquare","avatar":"https://static.tigerbbs.com/db7d2496d9cde731e866e67da91471fe","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575584209294285","authorIdStr":"3575584209294285"},"themes":[],"htmlText":"Like n Comment","listText":"Like n Comment","text":"Like n Comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/345177607","repostId":"1146450605","repostType":4,"isVote":1,"tweetType":1,"viewCount":3009,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":342766895,"gmtCreate":1618243445817,"gmtModify":1631890448709,"author":{"id":"3575584209294285","authorId":"3575584209294285","name":"TSquare","avatar":"https://static.tigerbbs.com/db7d2496d9cde731e866e67da91471fe","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575584209294285","authorIdStr":"3575584209294285"},"themes":[],"htmlText":"[无语]&nbsp;","listText":"[无语]&nbsp;","text":"[无语]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/342766895","repostId":"2126060698","repostType":4,"isVote":1,"tweetType":1,"viewCount":2068,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":343859849,"gmtCreate":1617705781181,"gmtModify":1631890448713,"author":{"id":"3575584209294285","authorId":"3575584209294285","name":"TSquare","avatar":"https://static.tigerbbs.com/db7d2496d9cde731e866e67da91471fe","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575584209294285","authorIdStr":"3575584209294285"},"themes":[],"htmlText":"[强]&nbsp;","listText":"[强]&nbsp;","text":"[强]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/343859849","repostId":"1186551401","repostType":4,"isVote":1,"tweetType":1,"viewCount":2080,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":343892817,"gmtCreate":1617699042739,"gmtModify":1631890448717,"author":{"id":"3575584209294285","authorId":"3575584209294285","name":"TSquare","avatar":"https://static.tigerbbs.com/db7d2496d9cde731e866e67da91471fe","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575584209294285","authorIdStr":"3575584209294285"},"themes":[],"htmlText":"[思考]&nbsp;","listText":"[思考]&nbsp;","text":"[思考]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/343892817","repostId":"1101907559","repostType":4,"repost":{"id":"1101907559","kind":"news","pubTimestamp":1617672655,"share":"https://www.laohu8.com/m/news/1101907559?lang=zh_CN&edition=full","pubTime":"2021-04-06 09:30","market":"us","language":"en","title":"Opinion: Financial crises get triggered about every 10 years — Archegos might be right on time<blockquote>观点：金融危机大约每10年就会引发一次——Archegos可能准时出现</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1101907559","media":"marketwatch","summary":"No one, for now, can say for sure that the so-called family office’s billions in investment losses won’t spread.Financial crises are never quite the same. During the late 1980s, nearly a third of the nation’s savings and loan associations failed, ending with a taxpayer bailout — in 2021 terms — of about $265 billion.In 1997-1998, financial crises in Asia and Russia led to the near meltdown of the largest hedge fund in the U.S. —Long-Term Capital Management. Its reach and operating practices were","content":"<p>  <b>No one, for now, can say for sure that the so-called family office’s billions in investment losses won’t spread.</b>  Financial crises are never quite the same. During the late 1980s, nearly a third of the nation’s savings and loan associations failed, ending with a taxpayer bailout — in 2021 terms — of about $265 billion.</p><p><blockquote><b>目前，没有人能肯定地说，所谓的家族办公室数十亿美元的投资损失不会蔓延。</b>金融危机从来都不完全一样。20世纪80年代末，美国近三分之一的储蓄和贷款协会倒闭，最终获得了约2650亿美元的纳税人救助（按2021年计算）。</blockquote></p><p> In 1997-1998, financial crises in Asia and Russia led to the near meltdown of the largest hedge fund in the U.S. —Long-Term Capital Management(LTCM). Its reach and operating practices were such that Federal Reserve Chairman Alan Greenspan said that when LTCM failed, “he had never seen anything in his lifetime that compared to the terror” he felt. LTCM was deemed “too big to fail,” and he engineered a bailout by 14 major U.S. financial institutions.</p><p><blockquote>1997-1998年，亚洲和俄国的金融危机导致美国最大的对冲基金——长期资本管理公司（LTCM）几近崩溃。它的影响力和运营实践如此之大，以至于美联储主席艾伦·格林斯潘说，当LTCM失败时，“他一生中从未见过任何与他所感受到的恐怖相比的事情”。LTCM被认为“太大而不能倒”，他策划了对14家美国主要金融机构的救助。</blockquote></p><p> Exactly a decade later, too much leverage by some of those very institutions, and the bursting of a U.S. real estate bubble, led to the near collapse of the U.S. financial system. Once again, big banks were deemed too big to fail and taxpayers came to the rescue.</p><p><blockquote>整整十年后，其中一些机构的过度杠杆化，以及美国房地产泡沫的破裂，导致美国金融体系几近崩溃。大银行再一次被认为太大而不能倒，纳税人前来救援。</blockquote></p><p> The trend? Every 10 years or so, and they all look different.&nbsp;Are we in the early stages of a new crisis now, with the blowup at the family office Archegos Capital Management LP?</p><p><blockquote>趋势？每隔10年左右，它们看起来都不一样。随着家族办公室Archegos Capital Management LP的爆发，我们现在是否正处于新危机的早期阶段？</blockquote></p><p> A family office, for the uninitiated, is a private wealth management vehicle for the ultra-wealthy. Here’s what I mean by ultra-wealthy: Consulting firm EY estimates there are some 10,000 family offices globally, but manage, says a separate estimate by market research firm Campden Research, nearly $6 trillion. That $6 trillion is likely far higher now given that it’s based on 2019 data.</p><p><blockquote>对于外行人来说，家族办公室是超级富豪的私人财富管理工具。这就是我所说的超级富豪的意思：咨询公司安永估计全球约有10,000个家族理财室，但市场研究公司Campden Research的另一项估计称，管理家族理财室的规模接近6万亿美元。鉴于这6万亿美元是基于2019年的数据，现在可能要高得多。</blockquote></p><p> <b>Unregulated money managers</b></p><p><blockquote><b>不受监管的基金经理</b></blockquote></p><p> Here’s the potential danger. Family offices generally aren’t regulated. The 1940 Investment Advisers Act says firms with 15 clients or fewer don’t have to register with the Securities and Exchange Commission. What this means is that trillions of dollars are in play and no one can really say who’s running the money, what it’s invested in, how much leverage is being used, and what kind of counterparty risk may exist. (Counterparty risk is the probability that one party involved in a financial transaction could default on a contractual obligation to someone else.)</p><p><blockquote>这是潜在的危险。家族理财室通常不受监管。1940年《投资顾问法》规定，拥有15名或更少客户的公司无需向美国证券交易委员会注册。这意味着数万亿美元正在发挥作用，没有人能真正说出谁在管理这笔钱，它投资于什么，使用了多少杠杆，以及可能存在什么样的交易对手风险。（交易对手风险是指参与金融交易的一方可能违反对另一方的合同义务的概率。）</blockquote></p><p> This appears to be the case with Archegos. The firm bet heavily on certain Chinese stocks, including e-commerce player&nbsp;Vipshop Holdings&nbsp;Ltd.VIPS,-1.19%,U.S.-listed Chinese tutoring company&nbsp;GSX Techedu&nbsp;Inc.GSX,-10.63%and U.S. media companiesViacomCBS&nbsp;Inc.VIAC,-3.90%and&nbsp;Discovery&nbsp;Inc.DISCA,-3.86%,among others. Share prices have tumbled lately, sparking large sales — some $30 billion — by Archegos.</p><p><blockquote>Archegos似乎就是这种情况。该公司大举押注某些中国股票，包括电子商务公司唯品会控股有限公司VIPS，-1.19%，在美国上市的中国家教公司跟谁学GSX，-10.63%，以及美国媒体公司维亚康姆哥伦比亚广播公司VIAC，-3.90%和Discovery Inc.DISCA，-3.86%等。最近股价暴跌，引发Archegos的大量抛售（约300亿美元）。</blockquote></p><p> The problem is that only about a third of that, or $10 billion, was its own money. We now know that Archegos worked with some of the biggest names on Wall Street, including&nbsp;Credit Suisse Group AGCS,+1.59%,UBS Group AGUBS,+1.01%,Goldman Sachs Group Inc.GS,-1.25%,&nbsp;Morgan StanleyMS,-0.28%,Deutsche Bank AGDB,+0.74%and Nomura Holdings Inc.&nbsp;NMR,+1.87%.</p><p><blockquote>问题是，其中只有大约三分之一，即100亿美元，是它自己的钱。我们现在知道Archegos与华尔街的一些大牌合作，包括瑞士信贷集团AGCS，+1.59%，瑞银集团AGUBS，+1.01%，高盛集团Inc.GS，-1.25%，摩根士丹利MS，-0.28%，德意志银行AGDB，+0.74%，野村控股公司NMR，+1.87%。</blockquote></p><p> But since family offices are largely allowed to operate unregulated, who’s to say how much money is really involved here and what the extent of market risk is? My colleague Mark DeCambre&nbsp;reported last week that Archegos’ true exposures to bad trades could actuallybe closer to $100 billion.</p><p><blockquote>但由于家族办公室在很大程度上被允许不受监管地运营，谁能说这里真正涉及多少资金以及市场风险有多大？我的同事Mark DeCambre上周报告称，Archegos对不良交易的真实敞口实际上可能接近1000亿美元。</blockquote></p><p> <b>Danger of counterparty risk</b></p><p><blockquote><b>交易对手风险的危险性</b></blockquote></p><p> This is where counterparty risk comes in. As Archegos’ bets went south, the above banks — looking at losses of their own — hit the firm with margin calls. Deutsche quickly dumped about $4 billion in holdings, while Goldman and Morgan Stanley are also said to have unwound their positions, perhaps limiting their downside.</p><p><blockquote>这就是交易对手风险的用武之地。随着Archegos的赌注落空，上述银行考虑到自己的损失，以保证金评级打击了该公司。德意志银行迅速抛售了约40亿美元的持股，而高盛和摩根士丹利据说也已平仓，这或许限制了它们的下跌空间。</blockquote></p><p> So is this a financial crisis? It doesn’t appear to be. Even so, the Securities and Exchange Commission has opened a preliminary investigation into Archegos and its founder, Bill Hwang.</p><p><blockquote>那么这是金融危机吗？似乎不是。即便如此，美国证券交易委员会还是对Archegos及其创始人Bill Hwang展开了初步调查。</blockquote></p><p> One peer, Tom Lee, the research chief of Fundstrat Global Advisors, calls Hwang one of the “top 10 of the best investment minds” he knows.</p><p><blockquote>Fundstrat Global Advisors的研究主管Tom Lee是他认识的“十大最佳投资头脑”之一的评级·黄。</blockquote></p><p> But federal regulators may have a lesser opinion. In 2012, Hwang’s former hedge fund, Tiger Asia Management, pleaded guilty and paid more than $60 million in penalties after it was accused of trading on illegal tips about Chinese banks. The SEC banned Hwang from managing money on behalf of clients — essentially booting him from the hedge fund industry. So Hwang opened Archegos, and again, family offices aren’t generally aren’t regulated.</p><p><blockquote>但联邦监管机构的意见可能较少。2012年，黄禹锡的前对冲基金老虎亚洲管理公司(Tiger Asia Management)认罪并支付了超过6000万美元的罚款，此前该公司被指控利用有关中国银行的非法线索进行交易。美国证券交易委员会禁止黄禹锡代表客户管理资金——实质上是将他踢出对冲基金行业。因此，Hwang开设了Archegos，同样，家族理财室通常不受监管。</blockquote></p><p> <b>Yellen on the case</b></p><p><blockquote><b>耶伦谈此案</b></blockquote></p><p> This issue is on Treasury Secretary Janet Yellen’s radar. She said last week that greater oversight of these private corners of the financial industry is needed. The Financial Stability Oversight Council (FSOC), which she oversees, has revived a task force to help agencies better “share data, identify risks and work to strengthen our financial system.”</p><p><blockquote>这个问题引起了财政部长珍妮特·耶伦的关注。她上周表示，需要加强对金融业这些私人角落的监管。她监管的金融稳定监督委员会（FSOC）重新成立了一个工作组，以帮助各机构更好地“共享数据、识别风险并努力加强我们的金融体系”。</blockquote></p><p></p><p> Most financial crises end up with American taxpayers getting stuck with the tab. Gains belong to the risk-takers. But losses — they belong to us. To paraphrase Abe Lincoln, family offices — a multi-trillion dollar industry largely allowed to operate in the shadows in a global financial system that is more intertwined than ever — are of the super-wealthy, by the super-wealthy and for the super-wealthy. And no one else.</p><p><blockquote>大多数金融危机最终都是美国纳税人陷入困境。收益属于冒险者。但是损失——它们属于我们。套用亚伯·林肯（Abe Lincoln）的话，家族办公室——一个价值数万亿美元的行业，在一个比以往任何时候都更加交织在一起的全球金融体系中，很大程度上被允许在阴影中运作——属于超级富豪，由超级富豪经营，为超级富豪服务。没有其他人。</blockquote></p><p> The Archegos collapse may or may not be the beginning of yet another financial crisis. But who’s to say what thousands of other family offices are doing with their trillions, and whether similar problems could blow up?</p><p><blockquote>Archegos的倒闭可能是也可能不是另一场金融危机的开始。但谁能说其他数千家家族理财室正在用他们的数万亿美元做什么，以及类似的问题是否会爆发？</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>Opinion: Financial crises get triggered about every 10 years — Archegos might be right on time<blockquote>观点：金融危机大约每10年就会引发一次——Archegos可能准时出现</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\">\nOpinion: Financial crises get triggered about every 10 years — Archegos might be right on time<blockquote>观点：金融危机大约每10年就会引发一次——Archegos可能准时出现</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">marketwatch</strong><span class=\"h-time small\">2021-04-06 09:30</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>No one, for now, can say for sure that the so-called family office’s billions in investment losses won’t spread.</b>  Financial crises are never quite the same. During the late 1980s, nearly a third of the nation’s savings and loan associations failed, ending with a taxpayer bailout — in 2021 terms — of about $265 billion.</p><p><blockquote><b>目前，没有人能肯定地说，所谓的家族办公室数十亿美元的投资损失不会蔓延。</b>金融危机从来都不完全一样。20世纪80年代末，美国近三分之一的储蓄和贷款协会倒闭，最终获得了约2650亿美元的纳税人救助（按2021年计算）。</blockquote></p><p> In 1997-1998, financial crises in Asia and Russia led to the near meltdown of the largest hedge fund in the U.S. —Long-Term Capital Management(LTCM). Its reach and operating practices were such that Federal Reserve Chairman Alan Greenspan said that when LTCM failed, “he had never seen anything in his lifetime that compared to the terror” he felt. LTCM was deemed “too big to fail,” and he engineered a bailout by 14 major U.S. financial institutions.</p><p><blockquote>1997-1998年，亚洲和俄国的金融危机导致美国最大的对冲基金——长期资本管理公司（LTCM）几近崩溃。它的影响力和运营实践如此之大，以至于美联储主席艾伦·格林斯潘说，当LTCM失败时，“他一生中从未见过任何与他所感受到的恐怖相比的事情”。LTCM被认为“太大而不能倒”，他策划了对14家美国主要金融机构的救助。</blockquote></p><p> Exactly a decade later, too much leverage by some of those very institutions, and the bursting of a U.S. real estate bubble, led to the near collapse of the U.S. financial system. Once again, big banks were deemed too big to fail and taxpayers came to the rescue.</p><p><blockquote>整整十年后，其中一些机构的过度杠杆化，以及美国房地产泡沫的破裂，导致美国金融体系几近崩溃。大银行再一次被认为太大而不能倒，纳税人前来救援。</blockquote></p><p> The trend? Every 10 years or so, and they all look different.&nbsp;Are we in the early stages of a new crisis now, with the blowup at the family office Archegos Capital Management LP?</p><p><blockquote>趋势？每隔10年左右，它们看起来都不一样。随着家族办公室Archegos Capital Management LP的爆发，我们现在是否正处于新危机的早期阶段？</blockquote></p><p> A family office, for the uninitiated, is a private wealth management vehicle for the ultra-wealthy. Here’s what I mean by ultra-wealthy: Consulting firm EY estimates there are some 10,000 family offices globally, but manage, says a separate estimate by market research firm Campden Research, nearly $6 trillion. That $6 trillion is likely far higher now given that it’s based on 2019 data.</p><p><blockquote>对于外行人来说，家族办公室是超级富豪的私人财富管理工具。这就是我所说的超级富豪的意思：咨询公司安永估计全球约有10,000个家族理财室，但市场研究公司Campden Research的另一项估计称，管理家族理财室的规模接近6万亿美元。鉴于这6万亿美元是基于2019年的数据，现在可能要高得多。</blockquote></p><p> <b>Unregulated money managers</b></p><p><blockquote><b>不受监管的基金经理</b></blockquote></p><p> Here’s the potential danger. Family offices generally aren’t regulated. The 1940 Investment Advisers Act says firms with 15 clients or fewer don’t have to register with the Securities and Exchange Commission. What this means is that trillions of dollars are in play and no one can really say who’s running the money, what it’s invested in, how much leverage is being used, and what kind of counterparty risk may exist. (Counterparty risk is the probability that one party involved in a financial transaction could default on a contractual obligation to someone else.)</p><p><blockquote>这是潜在的危险。家族理财室通常不受监管。1940年《投资顾问法》规定，拥有15名或更少客户的公司无需向美国证券交易委员会注册。这意味着数万亿美元正在发挥作用，没有人能真正说出谁在管理这笔钱，它投资于什么，使用了多少杠杆，以及可能存在什么样的交易对手风险。（交易对手风险是指参与金融交易的一方可能违反对另一方的合同义务的概率。）</blockquote></p><p> This appears to be the case with Archegos. The firm bet heavily on certain Chinese stocks, including e-commerce player&nbsp;Vipshop Holdings&nbsp;Ltd.VIPS,-1.19%,U.S.-listed Chinese tutoring company&nbsp;GSX Techedu&nbsp;Inc.GSX,-10.63%and U.S. media companiesViacomCBS&nbsp;Inc.VIAC,-3.90%and&nbsp;Discovery&nbsp;Inc.DISCA,-3.86%,among others. Share prices have tumbled lately, sparking large sales — some $30 billion — by Archegos.</p><p><blockquote>Archegos似乎就是这种情况。该公司大举押注某些中国股票，包括电子商务公司唯品会控股有限公司VIPS，-1.19%，在美国上市的中国家教公司跟谁学GSX，-10.63%，以及美国媒体公司维亚康姆哥伦比亚广播公司VIAC，-3.90%和Discovery Inc.DISCA，-3.86%等。最近股价暴跌，引发Archegos的大量抛售（约300亿美元）。</blockquote></p><p> The problem is that only about a third of that, or $10 billion, was its own money. We now know that Archegos worked with some of the biggest names on Wall Street, including&nbsp;Credit Suisse Group AGCS,+1.59%,UBS Group AGUBS,+1.01%,Goldman Sachs Group Inc.GS,-1.25%,&nbsp;Morgan StanleyMS,-0.28%,Deutsche Bank AGDB,+0.74%and Nomura Holdings Inc.&nbsp;NMR,+1.87%.</p><p><blockquote>问题是，其中只有大约三分之一，即100亿美元，是它自己的钱。我们现在知道Archegos与华尔街的一些大牌合作，包括瑞士信贷集团AGCS，+1.59%，瑞银集团AGUBS，+1.01%，高盛集团Inc.GS，-1.25%，摩根士丹利MS，-0.28%，德意志银行AGDB，+0.74%，野村控股公司NMR，+1.87%。</blockquote></p><p> But since family offices are largely allowed to operate unregulated, who’s to say how much money is really involved here and what the extent of market risk is? My colleague Mark DeCambre&nbsp;reported last week that Archegos’ true exposures to bad trades could actuallybe closer to $100 billion.</p><p><blockquote>但由于家族办公室在很大程度上被允许不受监管地运营，谁能说这里真正涉及多少资金以及市场风险有多大？我的同事Mark DeCambre上周报告称，Archegos对不良交易的真实敞口实际上可能接近1000亿美元。</blockquote></p><p> <b>Danger of counterparty risk</b></p><p><blockquote><b>交易对手风险的危险性</b></blockquote></p><p> This is where counterparty risk comes in. As Archegos’ bets went south, the above banks — looking at losses of their own — hit the firm with margin calls. Deutsche quickly dumped about $4 billion in holdings, while Goldman and Morgan Stanley are also said to have unwound their positions, perhaps limiting their downside.</p><p><blockquote>这就是交易对手风险的用武之地。随着Archegos的赌注落空，上述银行考虑到自己的损失，以保证金评级打击了该公司。德意志银行迅速抛售了约40亿美元的持股，而高盛和摩根士丹利据说也已平仓，这或许限制了它们的下跌空间。</blockquote></p><p> So is this a financial crisis? It doesn’t appear to be. Even so, the Securities and Exchange Commission has opened a preliminary investigation into Archegos and its founder, Bill Hwang.</p><p><blockquote>那么这是金融危机吗？似乎不是。即便如此，美国证券交易委员会还是对Archegos及其创始人Bill Hwang展开了初步调查。</blockquote></p><p> One peer, Tom Lee, the research chief of Fundstrat Global Advisors, calls Hwang one of the “top 10 of the best investment minds” he knows.</p><p><blockquote>Fundstrat Global Advisors的研究主管Tom Lee是他认识的“十大最佳投资头脑”之一的评级·黄。</blockquote></p><p> But federal regulators may have a lesser opinion. In 2012, Hwang’s former hedge fund, Tiger Asia Management, pleaded guilty and paid more than $60 million in penalties after it was accused of trading on illegal tips about Chinese banks. The SEC banned Hwang from managing money on behalf of clients — essentially booting him from the hedge fund industry. So Hwang opened Archegos, and again, family offices aren’t generally aren’t regulated.</p><p><blockquote>但联邦监管机构的意见可能较少。2012年，黄禹锡的前对冲基金老虎亚洲管理公司(Tiger Asia Management)认罪并支付了超过6000万美元的罚款，此前该公司被指控利用有关中国银行的非法线索进行交易。美国证券交易委员会禁止黄禹锡代表客户管理资金——实质上是将他踢出对冲基金行业。因此，Hwang开设了Archegos，同样，家族理财室通常不受监管。</blockquote></p><p> <b>Yellen on the case</b></p><p><blockquote><b>耶伦谈此案</b></blockquote></p><p> This issue is on Treasury Secretary Janet Yellen’s radar. She said last week that greater oversight of these private corners of the financial industry is needed. The Financial Stability Oversight Council (FSOC), which she oversees, has revived a task force to help agencies better “share data, identify risks and work to strengthen our financial system.”</p><p><blockquote>这个问题引起了财政部长珍妮特·耶伦的关注。她上周表示，需要加强对金融业这些私人角落的监管。她监管的金融稳定监督委员会（FSOC）重新成立了一个工作组，以帮助各机构更好地“共享数据、识别风险并努力加强我们的金融体系”。</blockquote></p><p></p><p> Most financial crises end up with American taxpayers getting stuck with the tab. Gains belong to the risk-takers. But losses — they belong to us. To paraphrase Abe Lincoln, family offices — a multi-trillion dollar industry largely allowed to operate in the shadows in a global financial system that is more intertwined than ever — are of the super-wealthy, by the super-wealthy and for the super-wealthy. And no one else.</p><p><blockquote>大多数金融危机最终都是美国纳税人陷入困境。收益属于冒险者。但是损失——它们属于我们。套用亚伯·林肯（Abe Lincoln）的话，家族办公室——一个价值数万亿美元的行业，在一个比以往任何时候都更加交织在一起的全球金融体系中，很大程度上被允许在阴影中运作——属于超级富豪，由超级富豪经营，为超级富豪服务。没有其他人。</blockquote></p><p> The Archegos collapse may or may not be the beginning of yet another financial crisis. But who’s to say what thousands of other family offices are doing with their trillions, and whether similar problems could blow up?</p><p><blockquote>Archegos的倒闭可能是也可能不是另一场金融危机的开始。但谁能说其他数千家家族理财室正在用他们的数万亿美元做什么，以及类似的问题是否会爆发？</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/financial-crises-happen-about-every-10-years-which-makes-the-archegos-meltdown-unnerving-11617634942?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":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index","SPY":"标普500ETF"},"source_url":"https://www.marketwatch.com/story/financial-crises-happen-about-every-10-years-which-makes-the-archegos-meltdown-unnerving-11617634942?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1101907559","content_text":"No one, for now, can say for sure that the so-called family office’s billions in investment losses won’t spread.\n\nFinancial crises are never quite the same. During the late 1980s, nearly a third of the nation’s savings and loan associations failed, ending with a taxpayer bailout — in 2021 terms — of about $265 billion.\nIn 1997-1998, financial crises in Asia and Russia led to the near meltdown of the largest hedge fund in the U.S. —Long-Term Capital Management(LTCM). Its reach and operating practices were such that Federal Reserve Chairman Alan Greenspan said that when LTCM failed, “he had never seen anything in his lifetime that compared to the terror” he felt. LTCM was deemed “too big to fail,” and he engineered a bailout by 14 major U.S. financial institutions.\nExactly a decade later, too much leverage by some of those very institutions, and the bursting of a U.S. real estate bubble, led to the near collapse of the U.S. financial system. Once again, big banks were deemed too big to fail and taxpayers came to the rescue.\nThe trend? Every 10 years or so, and they all look different. Are we in the early stages of a new crisis now, with the blowup at the family office Archegos Capital Management LP?\nA family office, for the uninitiated, is a private wealth management vehicle for the ultra-wealthy. Here’s what I mean by ultra-wealthy: Consulting firm EY estimates there are some 10,000 family offices globally, but manage, says a separate estimate by market research firm Campden Research, nearly $6 trillion. That $6 trillion is likely far higher now given that it’s based on 2019 data.\nUnregulated money managers\nHere’s the potential danger. Family offices generally aren’t regulated. The 1940 Investment Advisers Act says firms with 15 clients or fewer don’t have to register with the Securities and Exchange Commission. What this means is that trillions of dollars are in play and no one can really say who’s running the money, what it’s invested in, how much leverage is being used, and what kind of counterparty risk may exist. (Counterparty risk is the probability that one party involved in a financial transaction could default on a contractual obligation to someone else.)\nThis appears to be the case with Archegos. The firm bet heavily on certain Chinese stocks, including e-commerce player Vipshop Holdings Ltd.VIPS,-1.19%,U.S.-listed Chinese tutoring company GSX Techedu Inc.GSX,-10.63%and U.S. media companiesViacomCBS Inc.VIAC,-3.90%and Discovery Inc.DISCA,-3.86%,among others. Share prices have tumbled lately, sparking large sales — some $30 billion — by Archegos.\nThe problem is that only about a third of that, or $10 billion, was its own money. We now know that Archegos worked with some of the biggest names on Wall Street, including Credit Suisse Group AGCS,+1.59%,UBS Group AGUBS,+1.01%,Goldman Sachs Group Inc.GS,-1.25%, Morgan StanleyMS,-0.28%,Deutsche Bank AGDB,+0.74%and Nomura Holdings Inc. NMR,+1.87%.\nBut since family offices are largely allowed to operate unregulated, who’s to say how much money is really involved here and what the extent of market risk is? My colleague Mark DeCambre reported last week that Archegos’ true exposures to bad trades could actuallybe closer to $100 billion.\nDanger of counterparty risk\nThis is where counterparty risk comes in. As Archegos’ bets went south, the above banks — looking at losses of their own — hit the firm with margin calls. Deutsche quickly dumped about $4 billion in holdings, while Goldman and Morgan Stanley are also said to have unwound their positions, perhaps limiting their downside.\nSo is this a financial crisis? It doesn’t appear to be. Even so, the Securities and Exchange Commission has opened a preliminary investigation into Archegos and its founder, Bill Hwang.\nOne peer, Tom Lee, the research chief of Fundstrat Global Advisors, calls Hwang one of the “top 10 of the best investment minds” he knows.\nBut federal regulators may have a lesser opinion. In 2012, Hwang’s former hedge fund, Tiger Asia Management, pleaded guilty and paid more than $60 million in penalties after it was accused of trading on illegal tips about Chinese banks. The SEC banned Hwang from managing money on behalf of clients — essentially booting him from the hedge fund industry. So Hwang opened Archegos, and again, family offices aren’t generally aren’t regulated.\nYellen on the case\nThis issue is on Treasury Secretary Janet Yellen’s radar. She said last week that greater oversight of these private corners of the financial industry is needed. The Financial Stability Oversight Council (FSOC), which she oversees, has revived a task force to help agencies better “share data, identify risks and work to strengthen our financial system.”\nMost financial crises end up with American taxpayers getting stuck with the tab. Gains belong to the risk-takers. But losses — they belong to us. To paraphrase Abe Lincoln, family offices — a multi-trillion dollar industry largely allowed to operate in the shadows in a global financial system that is more intertwined than ever — are of the super-wealthy, by the super-wealthy and for the super-wealthy. And no one else.\nThe Archegos collapse may or may not be the beginning of yet another financial crisis. But who’s to say what thousands of other family offices are doing with their trillions, and whether similar problems could blow up?","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,".IXIC":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":752,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":357113235,"gmtCreate":1617245233127,"gmtModify":1631890448717,"author":{"id":"3575584209294285","authorId":"3575584209294285","name":"TSquare","avatar":"https://static.tigerbbs.com/db7d2496d9cde731e866e67da91471fe","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575584209294285","authorIdStr":"3575584209294285"},"themes":[],"htmlText":"[可爱]&nbsp;","listText":"[可爱]&nbsp;","text":"[可爱]","images":[{"img":"https://static.tigerbbs.com/62e6e7fcc06a14346577d625713944ae","width":"1080","height":"3021"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/357113235","isVote":1,"tweetType":1,"viewCount":355,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":354537439,"gmtCreate":1617186612121,"gmtModify":1631892376883,"author":{"id":"3575584209294285","authorId":"3575584209294285","name":"TSquare","avatar":"https://static.tigerbbs.com/db7d2496d9cde731e866e67da91471fe","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575584209294285","authorIdStr":"3575584209294285"},"themes":[],"htmlText":"[OK]&nbsp;","listText":"[OK]&nbsp;","text":"[OK]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/354537439","repostId":"1135110939","repostType":4,"repost":{"id":"1135110939","kind":"news","pubTimestamp":1617183851,"share":"https://www.laohu8.com/m/news/1135110939?lang=zh_CN&edition=full","pubTime":"2021-03-31 17:44","market":"us","language":"en","title":"Value vs. Growth Stocks – How to Pick the Right Stocks for Your Portfoli<blockquote>价值型股票与成长型股票——如何为您的投资组合选择合适的股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1135110939","media":"VantagePoint","summary":"When investing in the stock market, people use different approaches to select which company is worth","content":"<p><b>When investing in the stock market, people use different approaches to select which company is worth it. For some investors, the brand is everything – they simply like the product and want to own shares in the company (e.g., Coca-Cola).</b></p><p><blockquote><b>在投资股票市场时，人们使用不同的方法来选择哪家公司值得。对于一些投资者来说，品牌就是一切——他们只是喜欢产品，想要拥有公司的股份（例如可口可乐）。</b></blockquote></p><p>For others, picking up a company to invest in comes at the end of a complicated process. Conservative investors will always prefer dividend-paying companies and compound the returns over multiple periods.</p><p><blockquote>对于其他人来说，选择一家公司进行投资是在一个复杂过程的最后。保守的投资者总是更喜欢支付股息的公司，并在多个时期内复合回报。</blockquote></p><p>As dividends are paid quarterly in the United States, the power of compounding immediately yields results in a few years. Taxes also play an important role in defining a short- or long-term investment. Longer-term capital gains are taxed at a lower rate, the idea behind being to avoid unnecessary speculation.</p><p><blockquote>由于美国每季度支付股息，复利的力量会在几年内立即产生结果。税收在定义短期或长期投资方面也发挥着重要作用。长期资本利得的税率较低，其背后的想法是避免不必要的投机。</blockquote></p><p>Most retail investors split the market into two broad categories – growth and value. Growth and valuestocksare two fundamental approaches, two ways of looking at the broad equity market.</p><p><blockquote>大多数散户投资者将市场分为两大类——增长和价值。成长型股票和价值型股票是两种基本方法，是看待广泛股票市场的两种方式。</blockquote></p><p>Growth investors look for companies that historically delivered strong earnings growth, while value investors look for companies that they believe aretradingat a discount. More precisely, they use various models to find the intrinsic value of a company’s share price (e.g., dividend discount models, capital asset pricing model) and then compare it to the market value. If the intrinsic value exceeds the market price, the company is a buy.</p><p><blockquote>成长型投资者寻找历史上盈利强劲增长的公司，而价值型投资者则寻找他们认为交易折扣的公司。更准确地说，他们使用各种模型来找到公司股价的内在价值（例如，股息贴现模型、资本资产定价模型），然后将其与市场价值进行比较。如果内在价值超过市场价格，则该公司为买入。</blockquote></p><p><img src=\"https://static.tigerbbs.com/65cf5b66baf9f3849787469e2d810e16\" tg-width=\"1216\" tg-height=\"687\" referrerpolicy=\"no-referrer\">Bond Yield Changes and Value vs. Growth Returns</p><p><blockquote>债券收益率变化以及价值与增长回报</blockquote></p><p>Since the new year started, bond yields are on the rise in the United States. The move higher reflects the ongoing economic recovery from the recession caused by the pandemic and triggered higher yields in other parts of the world. Because higher yields implicitly bring tighter financial conditions, central banks try to intervene so the economic recovery is not hurt and accommodative measures remain.</p><p><blockquote>新年以来，美国债券收益率呈上升趋势。这一走高反映了经济正在从大流行造成的衰退中复苏，并引发了世界其他地区的收益率上升。由于收益率上升隐含地带来金融状况收紧，央行试图进行干预，以便经济复苏不会受到损害，宽松措施仍然存在。</blockquote></p><p>What is interesting is that historically, there is a correlation between rising yields and value stocks. The benchmark widely used is the Russell 1000 Value vs. Growth, and in the last three years that ended last February, the correlation has been +0.28. However, in the long term, the correlation declines, which brings back the question – value or growth for long-term investments?</p><p><blockquote>有意思的是，从历史上看，收益率上升与价值股之间存在相关性。广泛使用的基准是罗素1000价值与。增长，在截至去年2月的过去三年中，相关性为+0.28。然而，从长期来看，相关性下降，这又带来了一个问题——长期投资的价值还是增长？</blockquote></p><p><img src=\"https://static.tigerbbs.com/ebff81f957dcf359f3f12eb4c6c21fd0\" tg-width=\"1845\" tg-height=\"358\" referrerpolicy=\"no-referrer\">The truth is that no rule of thumb exists. Value stocks are typically cyclical and defensive, while growth stocks are mainly healthcare, technology, and communication.</p><p><blockquote>事实是，没有经验法则存在。价值股通常具有周期性和防御性，而成长股主要是医疗保健、科技和通信。</blockquote></p><p>A close look at the previous four decades shows mixed results. As such, investors would be better off looking to diversify between the two, trying to get a balanced exposure based on where the economy is on the business cycle.</p><p><blockquote>仔细观察过去四十年，结果喜忧参半。因此，投资者最好在两者之间寻求多元化，试图根据经济在商业周期中的位置获得平衡的风险敞口。</blockquote></p><p></p>","source":"lsy1615437168461","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>Value vs. Growth Stocks – How to Pick the Right Stocks for Your Portfoli<blockquote>价值型股票与成长型股票——如何为您的投资组合选择合适的股票</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\">\nValue vs. Growth Stocks – How to Pick the Right Stocks for Your Portfoli<blockquote>价值型股票与成长型股票——如何为您的投资组合选择合适的股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">VantagePoint</strong><span class=\"h-time small\">2021-03-31 17:44</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>When investing in the stock market, people use different approaches to select which company is worth it. For some investors, the brand is everything – they simply like the product and want to own shares in the company (e.g., Coca-Cola).</b></p><p><blockquote><b>在投资股票市场时，人们使用不同的方法来选择哪家公司值得。对于一些投资者来说，品牌就是一切——他们只是喜欢产品，想要拥有公司的股份（例如可口可乐）。</b></blockquote></p><p>For others, picking up a company to invest in comes at the end of a complicated process. Conservative investors will always prefer dividend-paying companies and compound the returns over multiple periods.</p><p><blockquote>对于其他人来说，选择一家公司进行投资是在一个复杂过程的最后。保守的投资者总是更喜欢支付股息的公司，并在多个时期内复合回报。</blockquote></p><p>As dividends are paid quarterly in the United States, the power of compounding immediately yields results in a few years. Taxes also play an important role in defining a short- or long-term investment. Longer-term capital gains are taxed at a lower rate, the idea behind being to avoid unnecessary speculation.</p><p><blockquote>由于美国每季度支付股息，复利的力量会在几年内立即产生结果。税收在定义短期或长期投资方面也发挥着重要作用。长期资本利得的税率较低，其背后的想法是避免不必要的投机。</blockquote></p><p>Most retail investors split the market into two broad categories – growth and value. Growth and valuestocksare two fundamental approaches, two ways of looking at the broad equity market.</p><p><blockquote>大多数散户投资者将市场分为两大类——增长和价值。成长型股票和价值型股票是两种基本方法，是看待广泛股票市场的两种方式。</blockquote></p><p>Growth investors look for companies that historically delivered strong earnings growth, while value investors look for companies that they believe aretradingat a discount. More precisely, they use various models to find the intrinsic value of a company’s share price (e.g., dividend discount models, capital asset pricing model) and then compare it to the market value. If the intrinsic value exceeds the market price, the company is a buy.</p><p><blockquote>成长型投资者寻找历史上盈利强劲增长的公司，而价值型投资者则寻找他们认为交易折扣的公司。更准确地说，他们使用各种模型来找到公司股价的内在价值（例如，股息贴现模型、资本资产定价模型），然后将其与市场价值进行比较。如果内在价值超过市场价格，则该公司为买入。</blockquote></p><p><img src=\"https://static.tigerbbs.com/65cf5b66baf9f3849787469e2d810e16\" tg-width=\"1216\" tg-height=\"687\" referrerpolicy=\"no-referrer\">Bond Yield Changes and Value vs. Growth Returns</p><p><blockquote>债券收益率变化以及价值与增长回报</blockquote></p><p>Since the new year started, bond yields are on the rise in the United States. The move higher reflects the ongoing economic recovery from the recession caused by the pandemic and triggered higher yields in other parts of the world. Because higher yields implicitly bring tighter financial conditions, central banks try to intervene so the economic recovery is not hurt and accommodative measures remain.</p><p><blockquote>新年以来，美国债券收益率呈上升趋势。这一走高反映了经济正在从大流行造成的衰退中复苏，并引发了世界其他地区的收益率上升。由于收益率上升隐含地带来金融状况收紧，央行试图进行干预，以便经济复苏不会受到损害，宽松措施仍然存在。</blockquote></p><p>What is interesting is that historically, there is a correlation between rising yields and value stocks. The benchmark widely used is the Russell 1000 Value vs. Growth, and in the last three years that ended last February, the correlation has been +0.28. However, in the long term, the correlation declines, which brings back the question – value or growth for long-term investments?</p><p><blockquote>有意思的是，从历史上看，收益率上升与价值股之间存在相关性。广泛使用的基准是罗素1000价值与。增长，在截至去年2月的过去三年中，相关性为+0.28。然而，从长期来看，相关性下降，这又带来了一个问题——长期投资的价值还是增长？</blockquote></p><p><img src=\"https://static.tigerbbs.com/ebff81f957dcf359f3f12eb4c6c21fd0\" tg-width=\"1845\" tg-height=\"358\" referrerpolicy=\"no-referrer\">The truth is that no rule of thumb exists. Value stocks are typically cyclical and defensive, while growth stocks are mainly healthcare, technology, and communication.</p><p><blockquote>事实是，没有经验法则存在。价值股通常具有周期性和防御性，而成长股主要是医疗保健、科技和通信。</blockquote></p><p>A close look at the previous four decades shows mixed results. As such, investors would be better off looking to diversify between the two, trying to get a balanced exposure based on where the economy is on the business cycle.</p><p><blockquote>仔细观察过去四十年，结果喜忧参半。因此，投资者最好在两者之间寻求多元化，试图根据经济在商业周期中的位置获得平衡的风险敞口。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://vantagepointtrading.com/news/value-vs-growth-stocks-how-to-pick-the-right-stocks-for-your-portfolio/\">VantagePoint</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c143530e3957463946d55d6aea33d21a","relate_stocks":{},"source_url":"https://vantagepointtrading.com/news/value-vs-growth-stocks-how-to-pick-the-right-stocks-for-your-portfolio/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1135110939","content_text":"When investing in the stock market, people use different approaches to select which company is worth it. For some investors, the brand is everything – they simply like the product and want to own shares in the company (e.g., Coca-Cola).For others, picking up a company to invest in comes at the end of a complicated process. Conservative investors will always prefer dividend-paying companies and compound the returns over multiple periods.As dividends are paid quarterly in the United States, the power of compounding immediately yields results in a few years. Taxes also play an important role in defining a short- or long-term investment. Longer-term capital gains are taxed at a lower rate, the idea behind being to avoid unnecessary speculation.Most retail investors split the market into two broad categories – growth and value. Growth and valuestocksare two fundamental approaches, two ways of looking at the broad equity market.Growth investors look for companies that historically delivered strong earnings growth, while value investors look for companies that they believe aretradingat a discount. More precisely, they use various models to find the intrinsic value of a company’s share price (e.g., dividend discount models, capital asset pricing model) and then compare it to the market value. If the intrinsic value exceeds the market price, the company is a buy.Bond Yield Changes and Value vs. Growth ReturnsSince the new year started, bond yields are on the rise in the United States. The move higher reflects the ongoing economic recovery from the recession caused by the pandemic and triggered higher yields in other parts of the world. Because higher yields implicitly bring tighter financial conditions, central banks try to intervene so the economic recovery is not hurt and accommodative measures remain.What is interesting is that historically, there is a correlation between rising yields and value stocks. The benchmark widely used is the Russell 1000 Value vs. Growth, and in the last three years that ended last February, the correlation has been +0.28. However, in the long term, the correlation declines, which brings back the question – value or growth for long-term investments?The truth is that no rule of thumb exists. Value stocks are typically cyclical and defensive, while growth stocks are mainly healthcare, technology, and communication.A close look at the previous four decades shows mixed results. As such, investors would be better off looking to diversify between the two, trying to get a balanced exposure based on where the economy is on the business cycle.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":327,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":355527332,"gmtCreate":1617088551326,"gmtModify":1631885389725,"author":{"id":"3575584209294285","authorId":"3575584209294285","name":"TSquare","avatar":"https://static.tigerbbs.com/db7d2496d9cde731e866e67da91471fe","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575584209294285","authorIdStr":"3575584209294285"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/BVA.SI\">$TOP GLOVE CORPORATION BHD(BVA.SI)$</a>[无语]&nbsp;","listText":"<a href=\"https://laohu8.com/S/BVA.SI\">$TOP GLOVE CORPORATION BHD(BVA.SI)$</a>[无语]&nbsp;","text":"$TOP GLOVE CORPORATION BHD(BVA.SI)$[无语]","images":[{"img":"https://static.tigerbbs.com/f2fe8eb0ad3705d29bf6159cccfcdc19","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/355527332","isVote":1,"tweetType":1,"viewCount":630,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":358939911,"gmtCreate":1616648095733,"gmtModify":1631892376886,"author":{"id":"3575584209294285","authorId":"3575584209294285","name":"TSquare","avatar":"https://static.tigerbbs.com/db7d2496d9cde731e866e67da91471fe","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575584209294285","authorIdStr":"3575584209294285"},"themes":[],"htmlText":"[思考]&nbsp;","listText":"[思考]&nbsp;","text":"[思考]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/358939911","repostId":"1118856005","repostType":4,"repost":{"id":"1118856005","kind":"news","pubTimestamp":1616641208,"share":"https://www.laohu8.com/m/news/1118856005?lang=zh_CN&edition=full","pubTime":"2021-03-25 11:00","market":"hk","language":"en","title":"Li Ka-shing’s New Deal is Latest Effort to Prop Up CK Asset Share Price<blockquote>李嘉诚新政是支撑长江资产股价的最新举措</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1118856005","media":"bloomberg","summary":"Hong Kong billionaire Li Ka-shing and his eldest son Victor Li are stepping up efforts to boost the ","content":"<p>Hong Kong billionaire Li Ka-shing and his eldest son Victor Li are stepping up efforts to boost the stock of family businessCK Asset Holdings Ltd., after HK$4.4 billion ($566 million) of personal purchases of the company’s shares failed to reverse slumping prices.</p><p><blockquote>香港亿万富翁李嘉诚和他的长子李嘉诚正在加大力度提振家族企业CK Asset Holdings Ltd.的股价，此前个人斥资44亿港元（合5.66亿美元）购买该公司股票未能扭转股价暴跌的局面。</blockquote></p><p> Li’s charity, theLi Ka Shing Foundation, is selling CK Asset four companies holding stakes in infrastructure operations in the U.K. and the Netherlands for HK$17 billion in stock. To avoid diluting current shareholders, the company will buy back the same amount of shares from the market at an 8.4% premium to the previous closing price.</p><p><blockquote>李嘉诚的慈善机构李嘉诚基金会正在以170亿港元的股票向长江实业出售持有英国和荷兰基础设施业务股份的四家公司。为避免稀释现有股东，公司将以较前收盘价溢价8.4%的价格从市场上回购相同数量的股份。</blockquote></p><p> By undertaking its first buyback in about 2 1/2-years, CK Asset is hoping to boost a share price that has slumped more than 16% since the start of 2019, compared with an 8% rise in the benchmark Hang Seng Index.</p><p><blockquote>长江实业希望通过进行约两年半来的首次回购，提振自2019年初以来已下跌超过16%的股价，而基准恒生指数则上涨了8%。</blockquote></p><p> CK Asset, the real-estate flagship of the Li family’s CK Group, has seen its businesses including property development, aircraft leasing and pub operations hit hard after months of anti-Beijing protests in Hong Kong starting mid-2019 were followed by the coronavirus pandemic. CK Asset didn’t respond to requests for comment.</p><p><blockquote>李氏家族长江集团(CK Group)的房地产旗舰长江实业(CK Asset)的房地产开发、飞机租赁和酒吧运营等业务在2019年年中开始的香港反北京抗议活动以及冠状病毒大流行之后遭受重创。长江实业没有回应置评请求。</blockquote></p><p> “One key message of this deal is that CKA isn’t abandoning” buybacks, Daiwa Capital Markets analyst Jonas Kan said in a note following the announcement. “We will not be surprised if CKA turns more active in buybacks in the future, which shall be supportive for its share price.”</p><p><blockquote>大和资本市场分析师乔纳斯·坎(Jonas Kan)在公告发布后的一份报告中表示，“这笔交易的一个关键信息是，CKA不会放弃”回购。“如果CKA未来更加积极地回购，我们不会感到惊讶，这将支撑其股价。”</blockquote></p><p> The shares surged 7.2% the day after the deal was announced. They have since erased some of those gains, in line with a broader decline in the Hang Seng Index.</p><p><blockquote>交易宣布后的第二天，该公司股价飙升7.2%。此后，它们抹去了部分涨幅，与恒生指数更广泛的下跌一致。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/f3a006d1652c46f3d8e915d216590742\" tg-width=\"930\" tg-height=\"523\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Further sweetening the deal, the foundation will ensure CK Asset receives dividends, interest and other cash distributions from the infrastructure assets of at least HK$910 million both this year and next. The company also promises higher dividends for those two years than were paid in 2020.</p><p><blockquote>为了进一步增加交易的甜头，基金会将确保长江实业今明两年从基建资产中获得至少9.1亿港元的股息、利息和其他现金分配。该公司还承诺这两年的股息高于2020年支付的股息。</blockquote></p><p> Yet the deal has left some investors questioning the company’s governance, with the arrangement allowing the Li family to increase its stake in CK Asset to as much as 45% from 36% currently.</p><p><blockquote>然而，这笔交易让一些投资者质疑该公司的治理，该安排允许李氏家族将其在长江实业的股份从目前的36%增加到45%。</blockquote></p><p> Individual investor Benny Chung reduced his holdings partly because the deal appears to have increased the family’s control at the expense of minority shareholders, he said in acolumnposted online Monday. Despite the buyback premium, the HK$51 per share offer is still a 47% discount to the company’s net asset value, he said.</p><p><blockquote>个人投资者本尼·钟(Benny Chung)周一在网上发布的专栏中表示，他减持的部分原因是该交易似乎以牺牲少数股东的利益为代价增加了家族的控制权。他表示，尽管存在回购溢价，但每股51港元的报价仍较公司资产净值折价47%。</blockquote></p><p> “The family is indirectly increasing its holding in CK Asset at quite a deep discount,” said analyst Raymond Cheng of CGS-CIMB. “Some shareholders aren’t very happy about that.”</p><p><blockquote>银河联昌分析师Raymond Cheng表示：“该家族正在以相当大的折扣间接增持长江实业。”“一些股东对此不太高兴。”</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>Li Ka-shing’s New Deal is Latest Effort to Prop Up CK Asset Share Price<blockquote>李嘉诚新政是支撑长江资产股价的最新举措</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\">\nLi Ka-shing’s New Deal is Latest Effort to Prop Up CK Asset Share Price<blockquote>李嘉诚新政是支撑长江资产股价的最新举措</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">bloomberg</strong><span class=\"h-time small\">2021-03-25 11:00</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Hong Kong billionaire Li Ka-shing and his eldest son Victor Li are stepping up efforts to boost the stock of family businessCK Asset Holdings Ltd., after HK$4.4 billion ($566 million) of personal purchases of the company’s shares failed to reverse slumping prices.</p><p><blockquote>香港亿万富翁李嘉诚和他的长子李嘉诚正在加大力度提振家族企业CK Asset Holdings Ltd.的股价，此前个人斥资44亿港元（合5.66亿美元）购买该公司股票未能扭转股价暴跌的局面。</blockquote></p><p> Li’s charity, theLi Ka Shing Foundation, is selling CK Asset four companies holding stakes in infrastructure operations in the U.K. and the Netherlands for HK$17 billion in stock. To avoid diluting current shareholders, the company will buy back the same amount of shares from the market at an 8.4% premium to the previous closing price.</p><p><blockquote>李嘉诚的慈善机构李嘉诚基金会正在以170亿港元的股票向长江实业出售持有英国和荷兰基础设施业务股份的四家公司。为避免稀释现有股东，公司将以较前收盘价溢价8.4%的价格从市场上回购相同数量的股份。</blockquote></p><p> By undertaking its first buyback in about 2 1/2-years, CK Asset is hoping to boost a share price that has slumped more than 16% since the start of 2019, compared with an 8% rise in the benchmark Hang Seng Index.</p><p><blockquote>长江实业希望通过进行约两年半来的首次回购，提振自2019年初以来已下跌超过16%的股价，而基准恒生指数则上涨了8%。</blockquote></p><p> CK Asset, the real-estate flagship of the Li family’s CK Group, has seen its businesses including property development, aircraft leasing and pub operations hit hard after months of anti-Beijing protests in Hong Kong starting mid-2019 were followed by the coronavirus pandemic. CK Asset didn’t respond to requests for comment.</p><p><blockquote>李氏家族长江集团(CK Group)的房地产旗舰长江实业(CK Asset)的房地产开发、飞机租赁和酒吧运营等业务在2019年年中开始的香港反北京抗议活动以及冠状病毒大流行之后遭受重创。长江实业没有回应置评请求。</blockquote></p><p> “One key message of this deal is that CKA isn’t abandoning” buybacks, Daiwa Capital Markets analyst Jonas Kan said in a note following the announcement. “We will not be surprised if CKA turns more active in buybacks in the future, which shall be supportive for its share price.”</p><p><blockquote>大和资本市场分析师乔纳斯·坎(Jonas Kan)在公告发布后的一份报告中表示，“这笔交易的一个关键信息是，CKA不会放弃”回购。“如果CKA未来更加积极地回购，我们不会感到惊讶，这将支撑其股价。”</blockquote></p><p> The shares surged 7.2% the day after the deal was announced. They have since erased some of those gains, in line with a broader decline in the Hang Seng Index.</p><p><blockquote>交易宣布后的第二天，该公司股价飙升7.2%。此后，它们抹去了部分涨幅，与恒生指数更广泛的下跌一致。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/f3a006d1652c46f3d8e915d216590742\" tg-width=\"930\" tg-height=\"523\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Further sweetening the deal, the foundation will ensure CK Asset receives dividends, interest and other cash distributions from the infrastructure assets of at least HK$910 million both this year and next. The company also promises higher dividends for those two years than were paid in 2020.</p><p><blockquote>为了进一步增加交易的甜头，基金会将确保长江实业今明两年从基建资产中获得至少9.1亿港元的股息、利息和其他现金分配。该公司还承诺这两年的股息高于2020年支付的股息。</blockquote></p><p> Yet the deal has left some investors questioning the company’s governance, with the arrangement allowing the Li family to increase its stake in CK Asset to as much as 45% from 36% currently.</p><p><blockquote>然而，这笔交易让一些投资者质疑该公司的治理，该安排允许李氏家族将其在长江实业的股份从目前的36%增加到45%。</blockquote></p><p> Individual investor Benny Chung reduced his holdings partly because the deal appears to have increased the family’s control at the expense of minority shareholders, he said in acolumnposted online Monday. Despite the buyback premium, the HK$51 per share offer is still a 47% discount to the company’s net asset value, he said.</p><p><blockquote>个人投资者本尼·钟(Benny Chung)周一在网上发布的专栏中表示，他减持的部分原因是该交易似乎以牺牲少数股东的利益为代价增加了家族的控制权。他表示，尽管存在回购溢价，但每股51港元的报价仍较公司资产净值折价47%。</blockquote></p><p> “The family is indirectly increasing its holding in CK Asset at quite a deep discount,” said analyst Raymond Cheng of CGS-CIMB. “Some shareholders aren’t very happy about that.”</p><p><blockquote>银河联昌分析师Raymond Cheng表示：“该家族正在以相当大的折扣间接增持长江实业。”“一些股东对此不太高兴。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.bloomberg.com/news/articles/2021-03-25/li-s-new-deal-is-latest-effort-to-prop-up-ck-asset-share-price\">bloomberg</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.bloomberg.com/news/articles/2021-03-25/li-s-new-deal-is-latest-effort-to-prop-up-ck-asset-share-price","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1118856005","content_text":"Hong Kong billionaire Li Ka-shing and his eldest son Victor Li are stepping up efforts to boost the stock of family businessCK Asset Holdings Ltd., after HK$4.4 billion ($566 million) of personal purchases of the company’s shares failed to reverse slumping prices.\nLi’s charity, theLi Ka Shing Foundation, is selling CK Asset four companies holding stakes in infrastructure operations in the U.K. and the Netherlands for HK$17 billion in stock. To avoid diluting current shareholders, the company will buy back the same amount of shares from the market at an 8.4% premium to the previous closing price.\nBy undertaking its first buyback in about 2 1/2-years, CK Asset is hoping to boost a share price that has slumped more than 16% since the start of 2019, compared with an 8% rise in the benchmark Hang Seng Index.\nCK Asset, the real-estate flagship of the Li family’s CK Group, has seen its businesses including property development, aircraft leasing and pub operations hit hard after months of anti-Beijing protests in Hong Kong starting mid-2019 were followed by the coronavirus pandemic. CK Asset didn’t respond to requests for comment.\n“One key message of this deal is that CKA isn’t abandoning” buybacks, Daiwa Capital Markets analyst Jonas Kan said in a note following the announcement. “We will not be surprised if CKA turns more active in buybacks in the future, which shall be supportive for its share price.”\nThe shares surged 7.2% the day after the deal was announced. They have since erased some of those gains, in line with a broader decline in the Hang Seng Index.\n\nFurther sweetening the deal, the foundation will ensure CK Asset receives dividends, interest and other cash distributions from the infrastructure assets of at least HK$910 million both this year and next. The company also promises higher dividends for those two years than were paid in 2020.\nYet the deal has left some investors questioning the company’s governance, with the arrangement allowing the Li family to increase its stake in CK Asset to as much as 45% from 36% currently.\nIndividual investor Benny Chung reduced his holdings partly because the deal appears to have increased the family’s control at the expense of minority shareholders, he said in acolumnposted online Monday. Despite the buyback premium, the HK$51 per share offer is still a 47% discount to the company’s net asset value, he said.\n“The family is indirectly increasing its holding in CK Asset at quite a deep discount,” said analyst Raymond Cheng of CGS-CIMB. “Some shareholders aren’t very happy about that.”","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":563,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":350178356,"gmtCreate":1616170301575,"gmtModify":1631892376885,"author":{"id":"3575584209294285","authorId":"3575584209294285","name":"TSquare","avatar":"https://static.tigerbbs.com/db7d2496d9cde731e866e67da91471fe","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575584209294285","authorIdStr":"3575584209294285"},"themes":[],"htmlText":"[思考]&nbsp;","listText":"[思考]&nbsp;","text":"[思考]","images":[{"img":"https://static.tigerbbs.com/8552bd95d6f6551ebc9ac2256dcdc163","width":"1080","height":"2989"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/350178356","isVote":1,"tweetType":1,"viewCount":558,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":325206951,"gmtCreate":1615899883073,"gmtModify":1703494689904,"author":{"id":"3575584209294285","authorId":"3575584209294285","name":"TSquare","avatar":"https://static.tigerbbs.com/db7d2496d9cde731e866e67da91471fe","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575584209294285","authorIdStr":"3575584209294285"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/BVA.SI\">$TOP GLOVE CORPORATION BHD(BVA.SI)$</a>hope","listText":"<a href=\"https://laohu8.com/S/BVA.SI\">$TOP GLOVE CORPORATION BHD(BVA.SI)$</a>hope","text":"$TOP GLOVE CORPORATION BHD(BVA.SI)$hope","images":[{"img":"https://static.tigerbbs.com/63c68a25ada35a9ace2f93a994ab71aa","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/325206951","isVote":1,"tweetType":1,"viewCount":484,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":385504784,"gmtCreate":1613560658448,"gmtModify":1631892376888,"author":{"id":"3575584209294285","authorId":"3575584209294285","name":"TSquare","avatar":"https://static.tigerbbs.com/db7d2496d9cde731e866e67da91471fe","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575584209294285","authorIdStr":"3575584209294285"},"themes":[],"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/385504784","repostId":"1109567373","repostType":4,"isVote":1,"tweetType":1,"viewCount":573,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":358939911,"gmtCreate":1616648095733,"gmtModify":1631892376886,"author":{"id":"3575584209294285","authorId":"3575584209294285","name":"TSquare","avatar":"https://static.tigerbbs.com/db7d2496d9cde731e866e67da91471fe","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575584209294285","idStr":"3575584209294285"},"themes":[],"htmlText":"[思考]&nbsp;","listText":"[思考]&nbsp;","text":"[思考]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/358939911","repostId":"1118856005","repostType":4,"repost":{"id":"1118856005","kind":"news","pubTimestamp":1616641208,"share":"https://www.laohu8.com/m/news/1118856005?lang=zh_CN&edition=full","pubTime":"2021-03-25 11:00","market":"hk","language":"en","title":"Li Ka-shing’s New Deal is Latest Effort to Prop Up CK Asset Share Price<blockquote>李嘉诚新政是支撑长江资产股价的最新举措</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1118856005","media":"bloomberg","summary":"Hong Kong billionaire Li Ka-shing and his eldest son Victor Li are stepping up efforts to boost the ","content":"<p>Hong Kong billionaire Li Ka-shing and his eldest son Victor Li are stepping up efforts to boost the stock of family businessCK Asset Holdings Ltd., after HK$4.4 billion ($566 million) of personal purchases of the company’s shares failed to reverse slumping prices.</p><p><blockquote>香港亿万富翁李嘉诚和他的长子李嘉诚正在加大力度提振家族企业CK Asset Holdings Ltd.的股价，此前个人斥资44亿港元（合5.66亿美元）购买该公司股票未能扭转股价暴跌的局面。</blockquote></p><p> Li’s charity, theLi Ka Shing Foundation, is selling CK Asset four companies holding stakes in infrastructure operations in the U.K. and the Netherlands for HK$17 billion in stock. To avoid diluting current shareholders, the company will buy back the same amount of shares from the market at an 8.4% premium to the previous closing price.</p><p><blockquote>李嘉诚的慈善机构李嘉诚基金会正在以170亿港元的股票向长江实业出售持有英国和荷兰基础设施业务股份的四家公司。为避免稀释现有股东，公司将以较前收盘价溢价8.4%的价格从市场上回购相同数量的股份。</blockquote></p><p> By undertaking its first buyback in about 2 1/2-years, CK Asset is hoping to boost a share price that has slumped more than 16% since the start of 2019, compared with an 8% rise in the benchmark Hang Seng Index.</p><p><blockquote>长江实业希望通过进行约两年半来的首次回购，提振自2019年初以来已下跌超过16%的股价，而基准恒生指数则上涨了8%。</blockquote></p><p> CK Asset, the real-estate flagship of the Li family’s CK Group, has seen its businesses including property development, aircraft leasing and pub operations hit hard after months of anti-Beijing protests in Hong Kong starting mid-2019 were followed by the coronavirus pandemic. CK Asset didn’t respond to requests for comment.</p><p><blockquote>李氏家族长江集团(CK Group)的房地产旗舰长江实业(CK Asset)的房地产开发、飞机租赁和酒吧运营等业务在2019年年中开始的香港反北京抗议活动以及冠状病毒大流行之后遭受重创。长江实业没有回应置评请求。</blockquote></p><p> “One key message of this deal is that CKA isn’t abandoning” buybacks, Daiwa Capital Markets analyst Jonas Kan said in a note following the announcement. “We will not be surprised if CKA turns more active in buybacks in the future, which shall be supportive for its share price.”</p><p><blockquote>大和资本市场分析师乔纳斯·坎(Jonas Kan)在公告发布后的一份报告中表示，“这笔交易的一个关键信息是，CKA不会放弃”回购。“如果CKA未来更加积极地回购，我们不会感到惊讶，这将支撑其股价。”</blockquote></p><p> The shares surged 7.2% the day after the deal was announced. They have since erased some of those gains, in line with a broader decline in the Hang Seng Index.</p><p><blockquote>交易宣布后的第二天，该公司股价飙升7.2%。此后，它们抹去了部分涨幅，与恒生指数更广泛的下跌一致。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/f3a006d1652c46f3d8e915d216590742\" tg-width=\"930\" tg-height=\"523\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Further sweetening the deal, the foundation will ensure CK Asset receives dividends, interest and other cash distributions from the infrastructure assets of at least HK$910 million both this year and next. The company also promises higher dividends for those two years than were paid in 2020.</p><p><blockquote>为了进一步增加交易的甜头，基金会将确保长江实业今明两年从基建资产中获得至少9.1亿港元的股息、利息和其他现金分配。该公司还承诺这两年的股息高于2020年支付的股息。</blockquote></p><p> Yet the deal has left some investors questioning the company’s governance, with the arrangement allowing the Li family to increase its stake in CK Asset to as much as 45% from 36% currently.</p><p><blockquote>然而，这笔交易让一些投资者质疑该公司的治理，该安排允许李氏家族将其在长江实业的股份从目前的36%增加到45%。</blockquote></p><p> Individual investor Benny Chung reduced his holdings partly because the deal appears to have increased the family’s control at the expense of minority shareholders, he said in acolumnposted online Monday. Despite the buyback premium, the HK$51 per share offer is still a 47% discount to the company’s net asset value, he said.</p><p><blockquote>个人投资者本尼·钟(Benny Chung)周一在网上发布的专栏中表示，他减持的部分原因是该交易似乎以牺牲少数股东的利益为代价增加了家族的控制权。他表示，尽管存在回购溢价，但每股51港元的报价仍较公司资产净值折价47%。</blockquote></p><p> “The family is indirectly increasing its holding in CK Asset at quite a deep discount,” said analyst Raymond Cheng of CGS-CIMB. “Some shareholders aren’t very happy about that.”</p><p><blockquote>银河联昌分析师Raymond Cheng表示：“该家族正在以相当大的折扣间接增持长江实业。”“一些股东对此不太高兴。”</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>Li Ka-shing’s New Deal is Latest Effort to Prop Up CK Asset Share Price<blockquote>李嘉诚新政是支撑长江资产股价的最新举措</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\">\nLi Ka-shing’s New Deal is Latest Effort to Prop Up CK Asset Share Price<blockquote>李嘉诚新政是支撑长江资产股价的最新举措</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">bloomberg</strong><span class=\"h-time small\">2021-03-25 11:00</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Hong Kong billionaire Li Ka-shing and his eldest son Victor Li are stepping up efforts to boost the stock of family businessCK Asset Holdings Ltd., after HK$4.4 billion ($566 million) of personal purchases of the company’s shares failed to reverse slumping prices.</p><p><blockquote>香港亿万富翁李嘉诚和他的长子李嘉诚正在加大力度提振家族企业CK Asset Holdings Ltd.的股价，此前个人斥资44亿港元（合5.66亿美元）购买该公司股票未能扭转股价暴跌的局面。</blockquote></p><p> Li’s charity, theLi Ka Shing Foundation, is selling CK Asset four companies holding stakes in infrastructure operations in the U.K. and the Netherlands for HK$17 billion in stock. To avoid diluting current shareholders, the company will buy back the same amount of shares from the market at an 8.4% premium to the previous closing price.</p><p><blockquote>李嘉诚的慈善机构李嘉诚基金会正在以170亿港元的股票向长江实业出售持有英国和荷兰基础设施业务股份的四家公司。为避免稀释现有股东，公司将以较前收盘价溢价8.4%的价格从市场上回购相同数量的股份。</blockquote></p><p> By undertaking its first buyback in about 2 1/2-years, CK Asset is hoping to boost a share price that has slumped more than 16% since the start of 2019, compared with an 8% rise in the benchmark Hang Seng Index.</p><p><blockquote>长江实业希望通过进行约两年半来的首次回购，提振自2019年初以来已下跌超过16%的股价，而基准恒生指数则上涨了8%。</blockquote></p><p> CK Asset, the real-estate flagship of the Li family’s CK Group, has seen its businesses including property development, aircraft leasing and pub operations hit hard after months of anti-Beijing protests in Hong Kong starting mid-2019 were followed by the coronavirus pandemic. CK Asset didn’t respond to requests for comment.</p><p><blockquote>李氏家族长江集团(CK Group)的房地产旗舰长江实业(CK Asset)的房地产开发、飞机租赁和酒吧运营等业务在2019年年中开始的香港反北京抗议活动以及冠状病毒大流行之后遭受重创。长江实业没有回应置评请求。</blockquote></p><p> “One key message of this deal is that CKA isn’t abandoning” buybacks, Daiwa Capital Markets analyst Jonas Kan said in a note following the announcement. “We will not be surprised if CKA turns more active in buybacks in the future, which shall be supportive for its share price.”</p><p><blockquote>大和资本市场分析师乔纳斯·坎(Jonas Kan)在公告发布后的一份报告中表示，“这笔交易的一个关键信息是，CKA不会放弃”回购。“如果CKA未来更加积极地回购，我们不会感到惊讶，这将支撑其股价。”</blockquote></p><p> The shares surged 7.2% the day after the deal was announced. They have since erased some of those gains, in line with a broader decline in the Hang Seng Index.</p><p><blockquote>交易宣布后的第二天，该公司股价飙升7.2%。此后，它们抹去了部分涨幅，与恒生指数更广泛的下跌一致。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/f3a006d1652c46f3d8e915d216590742\" tg-width=\"930\" tg-height=\"523\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Further sweetening the deal, the foundation will ensure CK Asset receives dividends, interest and other cash distributions from the infrastructure assets of at least HK$910 million both this year and next. The company also promises higher dividends for those two years than were paid in 2020.</p><p><blockquote>为了进一步增加交易的甜头，基金会将确保长江实业今明两年从基建资产中获得至少9.1亿港元的股息、利息和其他现金分配。该公司还承诺这两年的股息高于2020年支付的股息。</blockquote></p><p> Yet the deal has left some investors questioning the company’s governance, with the arrangement allowing the Li family to increase its stake in CK Asset to as much as 45% from 36% currently.</p><p><blockquote>然而，这笔交易让一些投资者质疑该公司的治理，该安排允许李氏家族将其在长江实业的股份从目前的36%增加到45%。</blockquote></p><p> Individual investor Benny Chung reduced his holdings partly because the deal appears to have increased the family’s control at the expense of minority shareholders, he said in acolumnposted online Monday. Despite the buyback premium, the HK$51 per share offer is still a 47% discount to the company’s net asset value, he said.</p><p><blockquote>个人投资者本尼·钟(Benny Chung)周一在网上发布的专栏中表示，他减持的部分原因是该交易似乎以牺牲少数股东的利益为代价增加了家族的控制权。他表示，尽管存在回购溢价，但每股51港元的报价仍较公司资产净值折价47%。</blockquote></p><p> “The family is indirectly increasing its holding in CK Asset at quite a deep discount,” said analyst Raymond Cheng of CGS-CIMB. “Some shareholders aren’t very happy about that.”</p><p><blockquote>银河联昌分析师Raymond Cheng表示：“该家族正在以相当大的折扣间接增持长江实业。”“一些股东对此不太高兴。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.bloomberg.com/news/articles/2021-03-25/li-s-new-deal-is-latest-effort-to-prop-up-ck-asset-share-price\">bloomberg</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.bloomberg.com/news/articles/2021-03-25/li-s-new-deal-is-latest-effort-to-prop-up-ck-asset-share-price","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1118856005","content_text":"Hong Kong billionaire Li Ka-shing and his eldest son Victor Li are stepping up efforts to boost the stock of family businessCK Asset Holdings Ltd., after HK$4.4 billion ($566 million) of personal purchases of the company’s shares failed to reverse slumping prices.\nLi’s charity, theLi Ka Shing Foundation, is selling CK Asset four companies holding stakes in infrastructure operations in the U.K. and the Netherlands for HK$17 billion in stock. To avoid diluting current shareholders, the company will buy back the same amount of shares from the market at an 8.4% premium to the previous closing price.\nBy undertaking its first buyback in about 2 1/2-years, CK Asset is hoping to boost a share price that has slumped more than 16% since the start of 2019, compared with an 8% rise in the benchmark Hang Seng Index.\nCK Asset, the real-estate flagship of the Li family’s CK Group, has seen its businesses including property development, aircraft leasing and pub operations hit hard after months of anti-Beijing protests in Hong Kong starting mid-2019 were followed by the coronavirus pandemic. CK Asset didn’t respond to requests for comment.\n“One key message of this deal is that CKA isn’t abandoning” buybacks, Daiwa Capital Markets analyst Jonas Kan said in a note following the announcement. “We will not be surprised if CKA turns more active in buybacks in the future, which shall be supportive for its share price.”\nThe shares surged 7.2% the day after the deal was announced. They have since erased some of those gains, in line with a broader decline in the Hang Seng Index.\n\nFurther sweetening the deal, the foundation will ensure CK Asset receives dividends, interest and other cash distributions from the infrastructure assets of at least HK$910 million both this year and next. The company also promises higher dividends for those two years than were paid in 2020.\nYet the deal has left some investors questioning the company’s governance, with the arrangement allowing the Li family to increase its stake in CK Asset to as much as 45% from 36% currently.\nIndividual investor Benny Chung reduced his holdings partly because the deal appears to have increased the family’s control at the expense of minority shareholders, he said in acolumnposted online Monday. Despite the buyback premium, the HK$51 per share offer is still a 47% discount to the company’s net asset value, he said.\n“The family is indirectly increasing its holding in CK Asset at quite a deep discount,” said analyst Raymond Cheng of CGS-CIMB. “Some shareholders aren’t very happy about that.”","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":563,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":345177607,"gmtCreate":1618294125809,"gmtModify":1631890448711,"author":{"id":"3575584209294285","authorId":"3575584209294285","name":"TSquare","avatar":"https://static.tigerbbs.com/db7d2496d9cde731e866e67da91471fe","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575584209294285","idStr":"3575584209294285"},"themes":[],"htmlText":"Like n Comment","listText":"Like n Comment","text":"Like n Comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/345177607","repostId":"1146450605","repostType":4,"isVote":1,"tweetType":1,"viewCount":3009,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":343892817,"gmtCreate":1617699042739,"gmtModify":1631890448717,"author":{"id":"3575584209294285","authorId":"3575584209294285","name":"TSquare","avatar":"https://static.tigerbbs.com/db7d2496d9cde731e866e67da91471fe","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575584209294285","idStr":"3575584209294285"},"themes":[],"htmlText":"[思考]&nbsp;","listText":"[思考]&nbsp;","text":"[思考]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/343892817","repostId":"1101907559","repostType":4,"repost":{"id":"1101907559","kind":"news","pubTimestamp":1617672655,"share":"https://www.laohu8.com/m/news/1101907559?lang=zh_CN&edition=full","pubTime":"2021-04-06 09:30","market":"us","language":"en","title":"Opinion: Financial crises get triggered about every 10 years — Archegos might be right on time<blockquote>观点：金融危机大约每10年就会引发一次——Archegos可能准时出现</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1101907559","media":"marketwatch","summary":"No one, for now, can say for sure that the so-called family office’s billions in investment losses won’t spread.Financial crises are never quite the same. During the late 1980s, nearly a third of the nation’s savings and loan associations failed, ending with a taxpayer bailout — in 2021 terms — of about $265 billion.In 1997-1998, financial crises in Asia and Russia led to the near meltdown of the largest hedge fund in the U.S. —Long-Term Capital Management. Its reach and operating practices were","content":"<p>  <b>No one, for now, can say for sure that the so-called family office’s billions in investment losses won’t spread.</b>  Financial crises are never quite the same. During the late 1980s, nearly a third of the nation’s savings and loan associations failed, ending with a taxpayer bailout — in 2021 terms — of about $265 billion.</p><p><blockquote><b>目前，没有人能肯定地说，所谓的家族办公室数十亿美元的投资损失不会蔓延。</b>金融危机从来都不完全一样。20世纪80年代末，美国近三分之一的储蓄和贷款协会倒闭，最终获得了约2650亿美元的纳税人救助（按2021年计算）。</blockquote></p><p> In 1997-1998, financial crises in Asia and Russia led to the near meltdown of the largest hedge fund in the U.S. —Long-Term Capital Management(LTCM). Its reach and operating practices were such that Federal Reserve Chairman Alan Greenspan said that when LTCM failed, “he had never seen anything in his lifetime that compared to the terror” he felt. LTCM was deemed “too big to fail,” and he engineered a bailout by 14 major U.S. financial institutions.</p><p><blockquote>1997-1998年，亚洲和俄国的金融危机导致美国最大的对冲基金——长期资本管理公司（LTCM）几近崩溃。它的影响力和运营实践如此之大，以至于美联储主席艾伦·格林斯潘说，当LTCM失败时，“他一生中从未见过任何与他所感受到的恐怖相比的事情”。LTCM被认为“太大而不能倒”，他策划了对14家美国主要金融机构的救助。</blockquote></p><p> Exactly a decade later, too much leverage by some of those very institutions, and the bursting of a U.S. real estate bubble, led to the near collapse of the U.S. financial system. Once again, big banks were deemed too big to fail and taxpayers came to the rescue.</p><p><blockquote>整整十年后，其中一些机构的过度杠杆化，以及美国房地产泡沫的破裂，导致美国金融体系几近崩溃。大银行再一次被认为太大而不能倒，纳税人前来救援。</blockquote></p><p> The trend? Every 10 years or so, and they all look different.&nbsp;Are we in the early stages of a new crisis now, with the blowup at the family office Archegos Capital Management LP?</p><p><blockquote>趋势？每隔10年左右，它们看起来都不一样。随着家族办公室Archegos Capital Management LP的爆发，我们现在是否正处于新危机的早期阶段？</blockquote></p><p> A family office, for the uninitiated, is a private wealth management vehicle for the ultra-wealthy. Here’s what I mean by ultra-wealthy: Consulting firm EY estimates there are some 10,000 family offices globally, but manage, says a separate estimate by market research firm Campden Research, nearly $6 trillion. That $6 trillion is likely far higher now given that it’s based on 2019 data.</p><p><blockquote>对于外行人来说，家族办公室是超级富豪的私人财富管理工具。这就是我所说的超级富豪的意思：咨询公司安永估计全球约有10,000个家族理财室，但市场研究公司Campden Research的另一项估计称，管理家族理财室的规模接近6万亿美元。鉴于这6万亿美元是基于2019年的数据，现在可能要高得多。</blockquote></p><p> <b>Unregulated money managers</b></p><p><blockquote><b>不受监管的基金经理</b></blockquote></p><p> Here’s the potential danger. Family offices generally aren’t regulated. The 1940 Investment Advisers Act says firms with 15 clients or fewer don’t have to register with the Securities and Exchange Commission. What this means is that trillions of dollars are in play and no one can really say who’s running the money, what it’s invested in, how much leverage is being used, and what kind of counterparty risk may exist. (Counterparty risk is the probability that one party involved in a financial transaction could default on a contractual obligation to someone else.)</p><p><blockquote>这是潜在的危险。家族理财室通常不受监管。1940年《投资顾问法》规定，拥有15名或更少客户的公司无需向美国证券交易委员会注册。这意味着数万亿美元正在发挥作用，没有人能真正说出谁在管理这笔钱，它投资于什么，使用了多少杠杆，以及可能存在什么样的交易对手风险。（交易对手风险是指参与金融交易的一方可能违反对另一方的合同义务的概率。）</blockquote></p><p> This appears to be the case with Archegos. The firm bet heavily on certain Chinese stocks, including e-commerce player&nbsp;Vipshop Holdings&nbsp;Ltd.VIPS,-1.19%,U.S.-listed Chinese tutoring company&nbsp;GSX Techedu&nbsp;Inc.GSX,-10.63%and U.S. media companiesViacomCBS&nbsp;Inc.VIAC,-3.90%and&nbsp;Discovery&nbsp;Inc.DISCA,-3.86%,among others. Share prices have tumbled lately, sparking large sales — some $30 billion — by Archegos.</p><p><blockquote>Archegos似乎就是这种情况。该公司大举押注某些中国股票，包括电子商务公司唯品会控股有限公司VIPS，-1.19%，在美国上市的中国家教公司跟谁学GSX，-10.63%，以及美国媒体公司维亚康姆哥伦比亚广播公司VIAC，-3.90%和Discovery Inc.DISCA，-3.86%等。最近股价暴跌，引发Archegos的大量抛售（约300亿美元）。</blockquote></p><p> The problem is that only about a third of that, or $10 billion, was its own money. We now know that Archegos worked with some of the biggest names on Wall Street, including&nbsp;Credit Suisse Group AGCS,+1.59%,UBS Group AGUBS,+1.01%,Goldman Sachs Group Inc.GS,-1.25%,&nbsp;Morgan StanleyMS,-0.28%,Deutsche Bank AGDB,+0.74%and Nomura Holdings Inc.&nbsp;NMR,+1.87%.</p><p><blockquote>问题是，其中只有大约三分之一，即100亿美元，是它自己的钱。我们现在知道Archegos与华尔街的一些大牌合作，包括瑞士信贷集团AGCS，+1.59%，瑞银集团AGUBS，+1.01%，高盛集团Inc.GS，-1.25%，摩根士丹利MS，-0.28%，德意志银行AGDB，+0.74%，野村控股公司NMR，+1.87%。</blockquote></p><p> But since family offices are largely allowed to operate unregulated, who’s to say how much money is really involved here and what the extent of market risk is? My colleague Mark DeCambre&nbsp;reported last week that Archegos’ true exposures to bad trades could actuallybe closer to $100 billion.</p><p><blockquote>但由于家族办公室在很大程度上被允许不受监管地运营，谁能说这里真正涉及多少资金以及市场风险有多大？我的同事Mark DeCambre上周报告称，Archegos对不良交易的真实敞口实际上可能接近1000亿美元。</blockquote></p><p> <b>Danger of counterparty risk</b></p><p><blockquote><b>交易对手风险的危险性</b></blockquote></p><p> This is where counterparty risk comes in. As Archegos’ bets went south, the above banks — looking at losses of their own — hit the firm with margin calls. Deutsche quickly dumped about $4 billion in holdings, while Goldman and Morgan Stanley are also said to have unwound their positions, perhaps limiting their downside.</p><p><blockquote>这就是交易对手风险的用武之地。随着Archegos的赌注落空，上述银行考虑到自己的损失，以保证金评级打击了该公司。德意志银行迅速抛售了约40亿美元的持股，而高盛和摩根士丹利据说也已平仓，这或许限制了它们的下跌空间。</blockquote></p><p> So is this a financial crisis? It doesn’t appear to be. Even so, the Securities and Exchange Commission has opened a preliminary investigation into Archegos and its founder, Bill Hwang.</p><p><blockquote>那么这是金融危机吗？似乎不是。即便如此，美国证券交易委员会还是对Archegos及其创始人Bill Hwang展开了初步调查。</blockquote></p><p> One peer, Tom Lee, the research chief of Fundstrat Global Advisors, calls Hwang one of the “top 10 of the best investment minds” he knows.</p><p><blockquote>Fundstrat Global Advisors的研究主管Tom Lee是他认识的“十大最佳投资头脑”之一的评级·黄。</blockquote></p><p> But federal regulators may have a lesser opinion. In 2012, Hwang’s former hedge fund, Tiger Asia Management, pleaded guilty and paid more than $60 million in penalties after it was accused of trading on illegal tips about Chinese banks. The SEC banned Hwang from managing money on behalf of clients — essentially booting him from the hedge fund industry. So Hwang opened Archegos, and again, family offices aren’t generally aren’t regulated.</p><p><blockquote>但联邦监管机构的意见可能较少。2012年，黄禹锡的前对冲基金老虎亚洲管理公司(Tiger Asia Management)认罪并支付了超过6000万美元的罚款，此前该公司被指控利用有关中国银行的非法线索进行交易。美国证券交易委员会禁止黄禹锡代表客户管理资金——实质上是将他踢出对冲基金行业。因此，Hwang开设了Archegos，同样，家族理财室通常不受监管。</blockquote></p><p> <b>Yellen on the case</b></p><p><blockquote><b>耶伦谈此案</b></blockquote></p><p> This issue is on Treasury Secretary Janet Yellen’s radar. She said last week that greater oversight of these private corners of the financial industry is needed. The Financial Stability Oversight Council (FSOC), which she oversees, has revived a task force to help agencies better “share data, identify risks and work to strengthen our financial system.”</p><p><blockquote>这个问题引起了财政部长珍妮特·耶伦的关注。她上周表示，需要加强对金融业这些私人角落的监管。她监管的金融稳定监督委员会（FSOC）重新成立了一个工作组，以帮助各机构更好地“共享数据、识别风险并努力加强我们的金融体系”。</blockquote></p><p></p><p> Most financial crises end up with American taxpayers getting stuck with the tab. Gains belong to the risk-takers. But losses — they belong to us. To paraphrase Abe Lincoln, family offices — a multi-trillion dollar industry largely allowed to operate in the shadows in a global financial system that is more intertwined than ever — are of the super-wealthy, by the super-wealthy and for the super-wealthy. And no one else.</p><p><blockquote>大多数金融危机最终都是美国纳税人陷入困境。收益属于冒险者。但是损失——它们属于我们。套用亚伯·林肯（Abe Lincoln）的话，家族办公室——一个价值数万亿美元的行业，在一个比以往任何时候都更加交织在一起的全球金融体系中，很大程度上被允许在阴影中运作——属于超级富豪，由超级富豪经营，为超级富豪服务。没有其他人。</blockquote></p><p> The Archegos collapse may or may not be the beginning of yet another financial crisis. But who’s to say what thousands of other family offices are doing with their trillions, and whether similar problems could blow up?</p><p><blockquote>Archegos的倒闭可能是也可能不是另一场金融危机的开始。但谁能说其他数千家家族理财室正在用他们的数万亿美元做什么，以及类似的问题是否会爆发？</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>Opinion: Financial crises get triggered about every 10 years — Archegos might be right on time<blockquote>观点：金融危机大约每10年就会引发一次——Archegos可能准时出现</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\">\nOpinion: Financial crises get triggered about every 10 years — Archegos might be right on time<blockquote>观点：金融危机大约每10年就会引发一次——Archegos可能准时出现</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">marketwatch</strong><span class=\"h-time small\">2021-04-06 09:30</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>No one, for now, can say for sure that the so-called family office’s billions in investment losses won’t spread.</b>  Financial crises are never quite the same. During the late 1980s, nearly a third of the nation’s savings and loan associations failed, ending with a taxpayer bailout — in 2021 terms — of about $265 billion.</p><p><blockquote><b>目前，没有人能肯定地说，所谓的家族办公室数十亿美元的投资损失不会蔓延。</b>金融危机从来都不完全一样。20世纪80年代末，美国近三分之一的储蓄和贷款协会倒闭，最终获得了约2650亿美元的纳税人救助（按2021年计算）。</blockquote></p><p> In 1997-1998, financial crises in Asia and Russia led to the near meltdown of the largest hedge fund in the U.S. —Long-Term Capital Management(LTCM). Its reach and operating practices were such that Federal Reserve Chairman Alan Greenspan said that when LTCM failed, “he had never seen anything in his lifetime that compared to the terror” he felt. LTCM was deemed “too big to fail,” and he engineered a bailout by 14 major U.S. financial institutions.</p><p><blockquote>1997-1998年，亚洲和俄国的金融危机导致美国最大的对冲基金——长期资本管理公司（LTCM）几近崩溃。它的影响力和运营实践如此之大，以至于美联储主席艾伦·格林斯潘说，当LTCM失败时，“他一生中从未见过任何与他所感受到的恐怖相比的事情”。LTCM被认为“太大而不能倒”，他策划了对14家美国主要金融机构的救助。</blockquote></p><p> Exactly a decade later, too much leverage by some of those very institutions, and the bursting of a U.S. real estate bubble, led to the near collapse of the U.S. financial system. Once again, big banks were deemed too big to fail and taxpayers came to the rescue.</p><p><blockquote>整整十年后，其中一些机构的过度杠杆化，以及美国房地产泡沫的破裂，导致美国金融体系几近崩溃。大银行再一次被认为太大而不能倒，纳税人前来救援。</blockquote></p><p> The trend? Every 10 years or so, and they all look different.&nbsp;Are we in the early stages of a new crisis now, with the blowup at the family office Archegos Capital Management LP?</p><p><blockquote>趋势？每隔10年左右，它们看起来都不一样。随着家族办公室Archegos Capital Management LP的爆发，我们现在是否正处于新危机的早期阶段？</blockquote></p><p> A family office, for the uninitiated, is a private wealth management vehicle for the ultra-wealthy. Here’s what I mean by ultra-wealthy: Consulting firm EY estimates there are some 10,000 family offices globally, but manage, says a separate estimate by market research firm Campden Research, nearly $6 trillion. That $6 trillion is likely far higher now given that it’s based on 2019 data.</p><p><blockquote>对于外行人来说，家族办公室是超级富豪的私人财富管理工具。这就是我所说的超级富豪的意思：咨询公司安永估计全球约有10,000个家族理财室，但市场研究公司Campden Research的另一项估计称，管理家族理财室的规模接近6万亿美元。鉴于这6万亿美元是基于2019年的数据，现在可能要高得多。</blockquote></p><p> <b>Unregulated money managers</b></p><p><blockquote><b>不受监管的基金经理</b></blockquote></p><p> Here’s the potential danger. Family offices generally aren’t regulated. The 1940 Investment Advisers Act says firms with 15 clients or fewer don’t have to register with the Securities and Exchange Commission. What this means is that trillions of dollars are in play and no one can really say who’s running the money, what it’s invested in, how much leverage is being used, and what kind of counterparty risk may exist. (Counterparty risk is the probability that one party involved in a financial transaction could default on a contractual obligation to someone else.)</p><p><blockquote>这是潜在的危险。家族理财室通常不受监管。1940年《投资顾问法》规定，拥有15名或更少客户的公司无需向美国证券交易委员会注册。这意味着数万亿美元正在发挥作用，没有人能真正说出谁在管理这笔钱，它投资于什么，使用了多少杠杆，以及可能存在什么样的交易对手风险。（交易对手风险是指参与金融交易的一方可能违反对另一方的合同义务的概率。）</blockquote></p><p> This appears to be the case with Archegos. The firm bet heavily on certain Chinese stocks, including e-commerce player&nbsp;Vipshop Holdings&nbsp;Ltd.VIPS,-1.19%,U.S.-listed Chinese tutoring company&nbsp;GSX Techedu&nbsp;Inc.GSX,-10.63%and U.S. media companiesViacomCBS&nbsp;Inc.VIAC,-3.90%and&nbsp;Discovery&nbsp;Inc.DISCA,-3.86%,among others. Share prices have tumbled lately, sparking large sales — some $30 billion — by Archegos.</p><p><blockquote>Archegos似乎就是这种情况。该公司大举押注某些中国股票，包括电子商务公司唯品会控股有限公司VIPS，-1.19%，在美国上市的中国家教公司跟谁学GSX，-10.63%，以及美国媒体公司维亚康姆哥伦比亚广播公司VIAC，-3.90%和Discovery Inc.DISCA，-3.86%等。最近股价暴跌，引发Archegos的大量抛售（约300亿美元）。</blockquote></p><p> The problem is that only about a third of that, or $10 billion, was its own money. We now know that Archegos worked with some of the biggest names on Wall Street, including&nbsp;Credit Suisse Group AGCS,+1.59%,UBS Group AGUBS,+1.01%,Goldman Sachs Group Inc.GS,-1.25%,&nbsp;Morgan StanleyMS,-0.28%,Deutsche Bank AGDB,+0.74%and Nomura Holdings Inc.&nbsp;NMR,+1.87%.</p><p><blockquote>问题是，其中只有大约三分之一，即100亿美元，是它自己的钱。我们现在知道Archegos与华尔街的一些大牌合作，包括瑞士信贷集团AGCS，+1.59%，瑞银集团AGUBS，+1.01%，高盛集团Inc.GS，-1.25%，摩根士丹利MS，-0.28%，德意志银行AGDB，+0.74%，野村控股公司NMR，+1.87%。</blockquote></p><p> But since family offices are largely allowed to operate unregulated, who’s to say how much money is really involved here and what the extent of market risk is? My colleague Mark DeCambre&nbsp;reported last week that Archegos’ true exposures to bad trades could actuallybe closer to $100 billion.</p><p><blockquote>但由于家族办公室在很大程度上被允许不受监管地运营，谁能说这里真正涉及多少资金以及市场风险有多大？我的同事Mark DeCambre上周报告称，Archegos对不良交易的真实敞口实际上可能接近1000亿美元。</blockquote></p><p> <b>Danger of counterparty risk</b></p><p><blockquote><b>交易对手风险的危险性</b></blockquote></p><p> This is where counterparty risk comes in. As Archegos’ bets went south, the above banks — looking at losses of their own — hit the firm with margin calls. Deutsche quickly dumped about $4 billion in holdings, while Goldman and Morgan Stanley are also said to have unwound their positions, perhaps limiting their downside.</p><p><blockquote>这就是交易对手风险的用武之地。随着Archegos的赌注落空，上述银行考虑到自己的损失，以保证金评级打击了该公司。德意志银行迅速抛售了约40亿美元的持股，而高盛和摩根士丹利据说也已平仓，这或许限制了它们的下跌空间。</blockquote></p><p> So is this a financial crisis? It doesn’t appear to be. Even so, the Securities and Exchange Commission has opened a preliminary investigation into Archegos and its founder, Bill Hwang.</p><p><blockquote>那么这是金融危机吗？似乎不是。即便如此，美国证券交易委员会还是对Archegos及其创始人Bill Hwang展开了初步调查。</blockquote></p><p> One peer, Tom Lee, the research chief of Fundstrat Global Advisors, calls Hwang one of the “top 10 of the best investment minds” he knows.</p><p><blockquote>Fundstrat Global Advisors的研究主管Tom Lee是他认识的“十大最佳投资头脑”之一的评级·黄。</blockquote></p><p> But federal regulators may have a lesser opinion. In 2012, Hwang’s former hedge fund, Tiger Asia Management, pleaded guilty and paid more than $60 million in penalties after it was accused of trading on illegal tips about Chinese banks. The SEC banned Hwang from managing money on behalf of clients — essentially booting him from the hedge fund industry. So Hwang opened Archegos, and again, family offices aren’t generally aren’t regulated.</p><p><blockquote>但联邦监管机构的意见可能较少。2012年，黄禹锡的前对冲基金老虎亚洲管理公司(Tiger Asia Management)认罪并支付了超过6000万美元的罚款，此前该公司被指控利用有关中国银行的非法线索进行交易。美国证券交易委员会禁止黄禹锡代表客户管理资金——实质上是将他踢出对冲基金行业。因此，Hwang开设了Archegos，同样，家族理财室通常不受监管。</blockquote></p><p> <b>Yellen on the case</b></p><p><blockquote><b>耶伦谈此案</b></blockquote></p><p> This issue is on Treasury Secretary Janet Yellen’s radar. She said last week that greater oversight of these private corners of the financial industry is needed. The Financial Stability Oversight Council (FSOC), which she oversees, has revived a task force to help agencies better “share data, identify risks and work to strengthen our financial system.”</p><p><blockquote>这个问题引起了财政部长珍妮特·耶伦的关注。她上周表示，需要加强对金融业这些私人角落的监管。她监管的金融稳定监督委员会（FSOC）重新成立了一个工作组，以帮助各机构更好地“共享数据、识别风险并努力加强我们的金融体系”。</blockquote></p><p></p><p> Most financial crises end up with American taxpayers getting stuck with the tab. Gains belong to the risk-takers. But losses — they belong to us. To paraphrase Abe Lincoln, family offices — a multi-trillion dollar industry largely allowed to operate in the shadows in a global financial system that is more intertwined than ever — are of the super-wealthy, by the super-wealthy and for the super-wealthy. And no one else.</p><p><blockquote>大多数金融危机最终都是美国纳税人陷入困境。收益属于冒险者。但是损失——它们属于我们。套用亚伯·林肯（Abe Lincoln）的话，家族办公室——一个价值数万亿美元的行业，在一个比以往任何时候都更加交织在一起的全球金融体系中，很大程度上被允许在阴影中运作——属于超级富豪，由超级富豪经营，为超级富豪服务。没有其他人。</blockquote></p><p> The Archegos collapse may or may not be the beginning of yet another financial crisis. But who’s to say what thousands of other family offices are doing with their trillions, and whether similar problems could blow up?</p><p><blockquote>Archegos的倒闭可能是也可能不是另一场金融危机的开始。但谁能说其他数千家家族理财室正在用他们的数万亿美元做什么，以及类似的问题是否会爆发？</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/financial-crises-happen-about-every-10-years-which-makes-the-archegos-meltdown-unnerving-11617634942?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":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index","SPY":"标普500ETF"},"source_url":"https://www.marketwatch.com/story/financial-crises-happen-about-every-10-years-which-makes-the-archegos-meltdown-unnerving-11617634942?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1101907559","content_text":"No one, for now, can say for sure that the so-called family office’s billions in investment losses won’t spread.\n\nFinancial crises are never quite the same. During the late 1980s, nearly a third of the nation’s savings and loan associations failed, ending with a taxpayer bailout — in 2021 terms — of about $265 billion.\nIn 1997-1998, financial crises in Asia and Russia led to the near meltdown of the largest hedge fund in the U.S. —Long-Term Capital Management(LTCM). Its reach and operating practices were such that Federal Reserve Chairman Alan Greenspan said that when LTCM failed, “he had never seen anything in his lifetime that compared to the terror” he felt. LTCM was deemed “too big to fail,” and he engineered a bailout by 14 major U.S. financial institutions.\nExactly a decade later, too much leverage by some of those very institutions, and the bursting of a U.S. real estate bubble, led to the near collapse of the U.S. financial system. Once again, big banks were deemed too big to fail and taxpayers came to the rescue.\nThe trend? Every 10 years or so, and they all look different. Are we in the early stages of a new crisis now, with the blowup at the family office Archegos Capital Management LP?\nA family office, for the uninitiated, is a private wealth management vehicle for the ultra-wealthy. Here’s what I mean by ultra-wealthy: Consulting firm EY estimates there are some 10,000 family offices globally, but manage, says a separate estimate by market research firm Campden Research, nearly $6 trillion. That $6 trillion is likely far higher now given that it’s based on 2019 data.\nUnregulated money managers\nHere’s the potential danger. Family offices generally aren’t regulated. The 1940 Investment Advisers Act says firms with 15 clients or fewer don’t have to register with the Securities and Exchange Commission. What this means is that trillions of dollars are in play and no one can really say who’s running the money, what it’s invested in, how much leverage is being used, and what kind of counterparty risk may exist. (Counterparty risk is the probability that one party involved in a financial transaction could default on a contractual obligation to someone else.)\nThis appears to be the case with Archegos. The firm bet heavily on certain Chinese stocks, including e-commerce player Vipshop Holdings Ltd.VIPS,-1.19%,U.S.-listed Chinese tutoring company GSX Techedu Inc.GSX,-10.63%and U.S. media companiesViacomCBS Inc.VIAC,-3.90%and Discovery Inc.DISCA,-3.86%,among others. Share prices have tumbled lately, sparking large sales — some $30 billion — by Archegos.\nThe problem is that only about a third of that, or $10 billion, was its own money. We now know that Archegos worked with some of the biggest names on Wall Street, including Credit Suisse Group AGCS,+1.59%,UBS Group AGUBS,+1.01%,Goldman Sachs Group Inc.GS,-1.25%, Morgan StanleyMS,-0.28%,Deutsche Bank AGDB,+0.74%and Nomura Holdings Inc. NMR,+1.87%.\nBut since family offices are largely allowed to operate unregulated, who’s to say how much money is really involved here and what the extent of market risk is? My colleague Mark DeCambre reported last week that Archegos’ true exposures to bad trades could actuallybe closer to $100 billion.\nDanger of counterparty risk\nThis is where counterparty risk comes in. As Archegos’ bets went south, the above banks — looking at losses of their own — hit the firm with margin calls. Deutsche quickly dumped about $4 billion in holdings, while Goldman and Morgan Stanley are also said to have unwound their positions, perhaps limiting their downside.\nSo is this a financial crisis? It doesn’t appear to be. Even so, the Securities and Exchange Commission has opened a preliminary investigation into Archegos and its founder, Bill Hwang.\nOne peer, Tom Lee, the research chief of Fundstrat Global Advisors, calls Hwang one of the “top 10 of the best investment minds” he knows.\nBut federal regulators may have a lesser opinion. In 2012, Hwang’s former hedge fund, Tiger Asia Management, pleaded guilty and paid more than $60 million in penalties after it was accused of trading on illegal tips about Chinese banks. The SEC banned Hwang from managing money on behalf of clients — essentially booting him from the hedge fund industry. So Hwang opened Archegos, and again, family offices aren’t generally aren’t regulated.\nYellen on the case\nThis issue is on Treasury Secretary Janet Yellen’s radar. She said last week that greater oversight of these private corners of the financial industry is needed. The Financial Stability Oversight Council (FSOC), which she oversees, has revived a task force to help agencies better “share data, identify risks and work to strengthen our financial system.”\nMost financial crises end up with American taxpayers getting stuck with the tab. Gains belong to the risk-takers. But losses — they belong to us. To paraphrase Abe Lincoln, family offices — a multi-trillion dollar industry largely allowed to operate in the shadows in a global financial system that is more intertwined than ever — are of the super-wealthy, by the super-wealthy and for the super-wealthy. And no one else.\nThe Archegos collapse may or may not be the beginning of yet another financial crisis. But who’s to say what thousands of other family offices are doing with their trillions, and whether similar problems could blow up?","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,".IXIC":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":752,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":355527332,"gmtCreate":1617088551326,"gmtModify":1631885389725,"author":{"id":"3575584209294285","authorId":"3575584209294285","name":"TSquare","avatar":"https://static.tigerbbs.com/db7d2496d9cde731e866e67da91471fe","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575584209294285","idStr":"3575584209294285"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/BVA.SI\">$TOP GLOVE CORPORATION BHD(BVA.SI)$</a>[无语]&nbsp;","listText":"<a href=\"https://laohu8.com/S/BVA.SI\">$TOP GLOVE CORPORATION BHD(BVA.SI)$</a>[无语]&nbsp;","text":"$TOP GLOVE CORPORATION BHD(BVA.SI)$[无语]","images":[{"img":"https://static.tigerbbs.com/f2fe8eb0ad3705d29bf6159cccfcdc19","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/355527332","isVote":1,"tweetType":1,"viewCount":630,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":370131929,"gmtCreate":1618561208661,"gmtModify":1631890448703,"author":{"id":"3575584209294285","authorId":"3575584209294285","name":"TSquare","avatar":"https://static.tigerbbs.com/db7d2496d9cde731e866e67da91471fe","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575584209294285","idStr":"3575584209294285"},"themes":[],"htmlText":"[疑问]&nbsp;","listText":"[疑问]&nbsp;","text":"[疑问]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/370131929","repostId":"1196603230","repostType":4,"repost":{"id":"1196603230","kind":"news","pubTimestamp":1618559780,"share":"https://www.laohu8.com/m/news/1196603230?lang=zh_CN&edition=full","pubTime":"2021-04-16 15:56","market":"us","language":"en","title":"Crypto for the long term: what’s the outlook?<blockquote>长期加密货币：前景如何？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1196603230","media":"MarketWatch","summary":"It hasn’t proven itself as an actual currency yet, but it’s still in what one expert calls the ‘inno","content":"<p>It hasn’t proven itself as an actual currency yet, but it’s still in what one expert calls the ‘innovator’ stage</p><p><blockquote>它尚未证明自己是一种真正的货币，但仍处于一位专家评级的“创新者”阶段</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/752a1b5c6700b38a9a9d7d5702e18949\" tg-width=\"1260\" tg-height=\"788\"><span>ISTOCKPHOTO</span></p><p><blockquote><p class=\"t-img-caption\"><span>ISTOCKPHOTO</span></p></blockquote></p><p> As cryptocurrencies take a big step into adulthood this week with the trading debut of broker Coinbase on Nasdaq, it may be time to consider their long-term outlook. A pair of financial-markets experts weighed in on that question at the&nbsp;MarketWatch-Barron’s event&nbsp;Investing In Crypto, held Wednesday.</p><p><blockquote>随着经纪商Coinbase本周在纳斯达克首次交易，加密货币向成年迈出了一大步，可能是时候考虑它们的长期前景了。两位金融市场专家在周三举行的MarketWatch-Barron's投资加密货币活动上就这个问题发表了看法。</blockquote></p><p> Katie Stockton, a market technician and founder of Fairlead Strategies, noted that technical analysis shows a trend that’s “clearly higher” for the price of Bitcoin.In hindsight, we can see that the lows in 2018 and 2020 served as a massive double bottom, she noted.</p><p><blockquote>市场技术员兼Fairlead Strategies创始人Katie Stockton指出，技术分析显示比特币价格“明显走高”的趋势。她指出，事后看来，我们可以看到2018年和2020年的低点是一个巨大的双底。</blockquote></p><p> After taking out its 2017 high, Bitcoin jumped above $34,000, and “hasn’t looked back since then,” Stockton said. New all-time highs are a good thing in the long term, she said, and the minor breakout is a good thing, short-term, suggesting a measured move up to just over $69,000. However, the loss of upside momentum means the uptrend should become more gradual.</p><p><blockquote>Stockton表示，在突破2017年高点后，比特币股价跃升至34,000美元以上，“从那时起就没有回头”。她表示，从长期来看，历史新高是一件好事，而短期来看，小幅突破也是一件好事，表明价格将小幅上涨至略高于69,000美元。然而，上行动力的丧失意味着上升趋势应该变得更加渐进。</blockquote></p><p> Bryan Routledge, a professor of finance at the Tepper School of Business of Carnegie Mellon University, noted that cryptocurrencies have several use cases. Most importantly, they represent an investment in a new technology, and one that has important implications for the economy in the future.</p><p><blockquote>卡内基梅隆大学泰珀商学院金融学教授布莱恩·劳特利奇指出，加密货币有几个用例。最重要的是，它们代表了对新技术的投资，并且对未来的经济具有重要影响。</blockquote></p><p> That’s happened before — think of the dot-com bubble of two decades ago, Routledge said. But now, investing in the new technology has generally not involved investing in a new company but buying a new asset.</p><p><blockquote>劳特利奇说，这种情况以前发生过——想想二十年前的互联网泡沫。但现在，投资新技术通常不涉及投资一家新公司，而是购买一项新资产。</blockquote></p><p> In the analogy to the dot-com era, there are lots of failed companies, he noted. As of now, one of the use cases often discussed for cryptos — as literal currencies — hasn’t really come to pass yet.</p><p><blockquote>他指出，与互联网时代相比，有很多失败的公司。截至目前，经常讨论的加密货币用例之一——作为字面上的货币——还没有真正实现。</blockquote></p><p> Bitcoin is often compared to gold for fundamental reasons, but there are some technical ones as well, the moderator commented.</p><p><blockquote>主持人评论说，出于基本面原因，比特币经常被比作黄金，但也有一些技术原因。</blockquote></p><p> Since last August, when gold peaked and Bitcoin broke out, gold has been down six out of seven months, while Bitcoin has been higher in six out of seven months, Stockton said. She theorizes that Bitcoin might be viewed as a store of value now, while gold hasn’t been helped by a stronger risk-on attitude in the markets.</p><p><blockquote>Stockton表示，自去年8月黄金见顶和比特币爆发以来，黄金在七个月中有六个月下跌，而比特币在七个月中有六个月上涨。她的理论是，比特币现在可能被视为一种价值储存手段，而黄金并没有受到市场更强的风险态度的帮助。</blockquote></p><p> The steep uptrend suggests Bitcoin is more of a risk asset, for now, but it seems to be stealing buyers from gold, Stockton noted. From the perspective of the hedge fund community, it’s a “welcome” alternative asset class, she said.</p><p><blockquote>Stockton指出，陡峭的上升趋势表明比特币目前更多的是一种风险资产，但它似乎正在抢走黄金买家。她说，从对冲基金界的角度来看，这是一个“受欢迎的”另类资产类别。</blockquote></p><p> With that in mind, it’s still early days for Bitcoin and cryptocurrencies more broadly, Stockton said. “I think we’re probably still in the ‘innovator’ stage, which represents &nbsp;opportunity, but it does often come with volatility.”</p><p><blockquote>Stockton表示，考虑到这一点，比特币和更广泛的加密货币仍处于早期阶段。“我认为我们可能仍处于‘创新者’阶段，这代表着机遇，但它确实经常伴随着波动。”</blockquote></p><p> It’s hard to forecast when the volatility will die down, she said, but “it will probably take a long time for this new asset class to play out, for people to understand what it is and find different ways to invest in it and for it to become a medium of exchange. Traders would say it’s something they can take advantage of,” even as long-term investors have to hold their stomachs through the chop.</p><p><blockquote>她表示，很难预测波动性何时会消退，但“这种新的资产类别可能需要很长时间才能发挥作用，人们才能了解它是什么，并找到不同的投资方式，并找到投资它的方式。成为一种交换媒介。交易者会说这是他们可以利用的东西”，即使长期投资者不得不忍耐到底。</blockquote></p><p> Bitcoin was meant to be decentralized but the financial industry that’s grown up around it makes it more centralized, a moderator observed. It’s “stunningly” centralized, Routledge agreed. People usually aren’t buying bitcoins, they’re buying liabilities often run through Coinbase or other go-betweens, he noted.</p><p><blockquote>一位主持人观察到，比特币本应是去中心化的，但围绕它发展起来的金融业使其更加中心化。劳特利奇同意，这是“惊人的”集中化。他指出，人们通常不会购买比特币，他们通常通过Coinbase或其他中间人购买负债。</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>Crypto for the long term: what’s the outlook?<blockquote>长期加密货币：前景如何？</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 for the long term: what’s the outlook?<blockquote>长期加密货币：前景如何？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-04-16 15:56</span>\n</p>\n</h4>\n</header>\n<article>\n<p>It hasn’t proven itself as an actual currency yet, but it’s still in what one expert calls the ‘innovator’ stage</p><p><blockquote>它尚未证明自己是一种真正的货币，但仍处于一位专家评级的“创新者”阶段</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/752a1b5c6700b38a9a9d7d5702e18949\" tg-width=\"1260\" tg-height=\"788\"><span>ISTOCKPHOTO</span></p><p><blockquote><p class=\"t-img-caption\"><span>ISTOCKPHOTO</span></p></blockquote></p><p> As cryptocurrencies take a big step into adulthood this week with the trading debut of broker Coinbase on Nasdaq, it may be time to consider their long-term outlook. A pair of financial-markets experts weighed in on that question at the&nbsp;MarketWatch-Barron’s event&nbsp;Investing In Crypto, held Wednesday.</p><p><blockquote>随着经纪商Coinbase本周在纳斯达克首次交易，加密货币向成年迈出了一大步，可能是时候考虑它们的长期前景了。两位金融市场专家在周三举行的MarketWatch-Barron's投资加密货币活动上就这个问题发表了看法。</blockquote></p><p> Katie Stockton, a market technician and founder of Fairlead Strategies, noted that technical analysis shows a trend that’s “clearly higher” for the price of Bitcoin.In hindsight, we can see that the lows in 2018 and 2020 served as a massive double bottom, she noted.</p><p><blockquote>市场技术员兼Fairlead Strategies创始人Katie Stockton指出，技术分析显示比特币价格“明显走高”的趋势。她指出，事后看来，我们可以看到2018年和2020年的低点是一个巨大的双底。</blockquote></p><p> After taking out its 2017 high, Bitcoin jumped above $34,000, and “hasn’t looked back since then,” Stockton said. New all-time highs are a good thing in the long term, she said, and the minor breakout is a good thing, short-term, suggesting a measured move up to just over $69,000. However, the loss of upside momentum means the uptrend should become more gradual.</p><p><blockquote>Stockton表示，在突破2017年高点后，比特币股价跃升至34,000美元以上，“从那时起就没有回头”。她表示，从长期来看，历史新高是一件好事，而短期来看，小幅突破也是一件好事，表明价格将小幅上涨至略高于69,000美元。然而，上行动力的丧失意味着上升趋势应该变得更加渐进。</blockquote></p><p> Bryan Routledge, a professor of finance at the Tepper School of Business of Carnegie Mellon University, noted that cryptocurrencies have several use cases. Most importantly, they represent an investment in a new technology, and one that has important implications for the economy in the future.</p><p><blockquote>卡内基梅隆大学泰珀商学院金融学教授布莱恩·劳特利奇指出，加密货币有几个用例。最重要的是，它们代表了对新技术的投资，并且对未来的经济具有重要影响。</blockquote></p><p> That’s happened before — think of the dot-com bubble of two decades ago, Routledge said. But now, investing in the new technology has generally not involved investing in a new company but buying a new asset.</p><p><blockquote>劳特利奇说，这种情况以前发生过——想想二十年前的互联网泡沫。但现在，投资新技术通常不涉及投资一家新公司，而是购买一项新资产。</blockquote></p><p> In the analogy to the dot-com era, there are lots of failed companies, he noted. As of now, one of the use cases often discussed for cryptos — as literal currencies — hasn’t really come to pass yet.</p><p><blockquote>他指出，与互联网时代相比，有很多失败的公司。截至目前，经常讨论的加密货币用例之一——作为字面上的货币——还没有真正实现。</blockquote></p><p> Bitcoin is often compared to gold for fundamental reasons, but there are some technical ones as well, the moderator commented.</p><p><blockquote>主持人评论说，出于基本面原因，比特币经常被比作黄金，但也有一些技术原因。</blockquote></p><p> Since last August, when gold peaked and Bitcoin broke out, gold has been down six out of seven months, while Bitcoin has been higher in six out of seven months, Stockton said. She theorizes that Bitcoin might be viewed as a store of value now, while gold hasn’t been helped by a stronger risk-on attitude in the markets.</p><p><blockquote>Stockton表示，自去年8月黄金见顶和比特币爆发以来，黄金在七个月中有六个月下跌，而比特币在七个月中有六个月上涨。她的理论是，比特币现在可能被视为一种价值储存手段，而黄金并没有受到市场更强的风险态度的帮助。</blockquote></p><p> The steep uptrend suggests Bitcoin is more of a risk asset, for now, but it seems to be stealing buyers from gold, Stockton noted. From the perspective of the hedge fund community, it’s a “welcome” alternative asset class, she said.</p><p><blockquote>Stockton指出，陡峭的上升趋势表明比特币目前更多的是一种风险资产，但它似乎正在抢走黄金买家。她说，从对冲基金界的角度来看，这是一个“受欢迎的”另类资产类别。</blockquote></p><p> With that in mind, it’s still early days for Bitcoin and cryptocurrencies more broadly, Stockton said. “I think we’re probably still in the ‘innovator’ stage, which represents &nbsp;opportunity, but it does often come with volatility.”</p><p><blockquote>Stockton表示，考虑到这一点，比特币和更广泛的加密货币仍处于早期阶段。“我认为我们可能仍处于‘创新者’阶段，这代表着机遇，但它确实经常伴随着波动。”</blockquote></p><p> It’s hard to forecast when the volatility will die down, she said, but “it will probably take a long time for this new asset class to play out, for people to understand what it is and find different ways to invest in it and for it to become a medium of exchange. Traders would say it’s something they can take advantage of,” even as long-term investors have to hold their stomachs through the chop.</p><p><blockquote>她表示，很难预测波动性何时会消退，但“这种新的资产类别可能需要很长时间才能发挥作用，人们才能了解它是什么，并找到不同的投资方式，并找到投资它的方式。成为一种交换媒介。交易者会说这是他们可以利用的东西”，即使长期投资者不得不忍耐到底。</blockquote></p><p> Bitcoin was meant to be decentralized but the financial industry that’s grown up around it makes it more centralized, a moderator observed. It’s “stunningly” centralized, Routledge agreed. People usually aren’t buying bitcoins, they’re buying liabilities often run through Coinbase or other go-betweens, he noted.</p><p><blockquote>一位主持人观察到，比特币本应是去中心化的，但围绕它发展起来的金融业使其更加中心化。劳特利奇同意，这是“惊人的”集中化。他指出，人们通常不会购买比特币，他们通常通过Coinbase或其他中间人购买负债。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/crypto-for-the-long-term-whats-the-outlook-11618505367?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":{"PYPL":"PayPal","GBTC":"比特币ETF-Grayscale","COIN":"Coinbase Global, Inc."},"source_url":"https://www.marketwatch.com/story/crypto-for-the-long-term-whats-the-outlook-11618505367?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1196603230","content_text":"It hasn’t proven itself as an actual currency yet, but it’s still in what one expert calls the ‘innovator’ stage\nISTOCKPHOTO\nAs cryptocurrencies take a big step into adulthood this week with the trading debut of broker Coinbase on Nasdaq, it may be time to consider their long-term outlook. A pair of financial-markets experts weighed in on that question at the MarketWatch-Barron’s event Investing In Crypto, held Wednesday.\nKatie Stockton, a market technician and founder of Fairlead Strategies, noted that technical analysis shows a trend that’s “clearly higher” for the price of Bitcoin.In hindsight, we can see that the lows in 2018 and 2020 served as a massive double bottom, she noted.\nAfter taking out its 2017 high, Bitcoin jumped above $34,000, and “hasn’t looked back since then,” Stockton said. New all-time highs are a good thing in the long term, she said, and the minor breakout is a good thing, short-term, suggesting a measured move up to just over $69,000. However, the loss of upside momentum means the uptrend should become more gradual.\nBryan Routledge, a professor of finance at the Tepper School of Business of Carnegie Mellon University, noted that cryptocurrencies have several use cases. Most importantly, they represent an investment in a new technology, and one that has important implications for the economy in the future.\nThat’s happened before — think of the dot-com bubble of two decades ago, Routledge said. But now, investing in the new technology has generally not involved investing in a new company but buying a new asset.\nIn the analogy to the dot-com era, there are lots of failed companies, he noted. As of now, one of the use cases often discussed for cryptos — as literal currencies — hasn’t really come to pass yet.\nBitcoin is often compared to gold for fundamental reasons, but there are some technical ones as well, the moderator commented.\nSince last August, when gold peaked and Bitcoin broke out, gold has been down six out of seven months, while Bitcoin has been higher in six out of seven months, Stockton said. She theorizes that Bitcoin might be viewed as a store of value now, while gold hasn’t been helped by a stronger risk-on attitude in the markets.\nThe steep uptrend suggests Bitcoin is more of a risk asset, for now, but it seems to be stealing buyers from gold, Stockton noted. From the perspective of the hedge fund community, it’s a “welcome” alternative asset class, she said.\nWith that in mind, it’s still early days for Bitcoin and cryptocurrencies more broadly, Stockton said. “I think we’re probably still in the ‘innovator’ stage, which represents  opportunity, but it does often come with volatility.”\nIt’s hard to forecast when the volatility will die down, she said, but “it will probably take a long time for this new asset class to play out, for people to understand what it is and find different ways to invest in it and for it to become a medium of exchange. Traders would say it’s something they can take advantage of,” even as long-term investors have to hold their stomachs through the chop.\nBitcoin was meant to be decentralized but the financial industry that’s grown up around it makes it more centralized, a moderator observed. It’s “stunningly” centralized, Routledge agreed. People usually aren’t buying bitcoins, they’re buying liabilities often run through Coinbase or other go-betweens, he 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17:44","market":"us","language":"en","title":"Value vs. Growth Stocks – How to Pick the Right Stocks for Your Portfoli<blockquote>价值型股票与成长型股票——如何为您的投资组合选择合适的股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1135110939","media":"VantagePoint","summary":"When investing in the stock market, people use different approaches to select which company is worth","content":"<p><b>When investing in the stock market, people use different approaches to select which company is worth it. For some investors, the brand is everything – they simply like the product and want to own shares in the company (e.g., Coca-Cola).</b></p><p><blockquote><b>在投资股票市场时，人们使用不同的方法来选择哪家公司值得。对于一些投资者来说，品牌就是一切——他们只是喜欢产品，想要拥有公司的股份（例如可口可乐）。</b></blockquote></p><p>For others, picking up a company to invest in comes at the end of a complicated process. Conservative investors will always prefer dividend-paying companies and compound the returns over multiple periods.</p><p><blockquote>对于其他人来说，选择一家公司进行投资是在一个复杂过程的最后。保守的投资者总是更喜欢支付股息的公司，并在多个时期内复合回报。</blockquote></p><p>As dividends are paid quarterly in the United States, the power of compounding immediately yields results in a few years. Taxes also play an important role in defining a short- or long-term investment. Longer-term capital gains are taxed at a lower rate, the idea behind being to avoid unnecessary speculation.</p><p><blockquote>由于美国每季度支付股息，复利的力量会在几年内立即产生结果。税收在定义短期或长期投资方面也发挥着重要作用。长期资本利得的税率较低，其背后的想法是避免不必要的投机。</blockquote></p><p>Most retail investors split the market into two broad categories – growth and value. Growth and valuestocksare two fundamental approaches, two ways of looking at the broad equity market.</p><p><blockquote>大多数散户投资者将市场分为两大类——增长和价值。成长型股票和价值型股票是两种基本方法，是看待广泛股票市场的两种方式。</blockquote></p><p>Growth investors look for companies that historically delivered strong earnings growth, while value investors look for companies that they believe aretradingat a discount. More precisely, they use various models to find the intrinsic value of a company’s share price (e.g., dividend discount models, capital asset pricing model) and then compare it to the market value. If the intrinsic value exceeds the market price, the company is a buy.</p><p><blockquote>成长型投资者寻找历史上盈利强劲增长的公司，而价值型投资者则寻找他们认为交易折扣的公司。更准确地说，他们使用各种模型来找到公司股价的内在价值（例如，股息贴现模型、资本资产定价模型），然后将其与市场价值进行比较。如果内在价值超过市场价格，则该公司为买入。</blockquote></p><p><img src=\"https://static.tigerbbs.com/65cf5b66baf9f3849787469e2d810e16\" tg-width=\"1216\" tg-height=\"687\" referrerpolicy=\"no-referrer\">Bond Yield Changes and Value vs. Growth Returns</p><p><blockquote>债券收益率变化以及价值与增长回报</blockquote></p><p>Since the new year started, bond yields are on the rise in the United States. The move higher reflects the ongoing economic recovery from the recession caused by the pandemic and triggered higher yields in other parts of the world. Because higher yields implicitly bring tighter financial conditions, central banks try to intervene so the economic recovery is not hurt and accommodative measures remain.</p><p><blockquote>新年以来，美国债券收益率呈上升趋势。这一走高反映了经济正在从大流行造成的衰退中复苏，并引发了世界其他地区的收益率上升。由于收益率上升隐含地带来金融状况收紧，央行试图进行干预，以便经济复苏不会受到损害，宽松措施仍然存在。</blockquote></p><p>What is interesting is that historically, there is a correlation between rising yields and value stocks. The benchmark widely used is the Russell 1000 Value vs. Growth, and in the last three years that ended last February, the correlation has been +0.28. However, in the long term, the correlation declines, which brings back the question – value or growth for long-term investments?</p><p><blockquote>有意思的是，从历史上看，收益率上升与价值股之间存在相关性。广泛使用的基准是罗素1000价值与。增长，在截至去年2月的过去三年中，相关性为+0.28。然而，从长期来看，相关性下降，这又带来了一个问题——长期投资的价值还是增长？</blockquote></p><p><img src=\"https://static.tigerbbs.com/ebff81f957dcf359f3f12eb4c6c21fd0\" tg-width=\"1845\" tg-height=\"358\" referrerpolicy=\"no-referrer\">The truth is that no rule of thumb exists. Value stocks are typically cyclical and defensive, while growth stocks are mainly healthcare, technology, and communication.</p><p><blockquote>事实是，没有经验法则存在。价值股通常具有周期性和防御性，而成长股主要是医疗保健、科技和通信。</blockquote></p><p>A close look at the previous four decades shows mixed results. As such, investors would be better off looking to diversify between the two, trying to get a balanced exposure based on where the economy is on the business cycle.</p><p><blockquote>仔细观察过去四十年，结果喜忧参半。因此，投资者最好在两者之间寻求多元化，试图根据经济在商业周期中的位置获得平衡的风险敞口。</blockquote></p><p></p>","source":"lsy1615437168461","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>Value vs. Growth Stocks – How to Pick the Right Stocks for Your Portfoli<blockquote>价值型股票与成长型股票——如何为您的投资组合选择合适的股票</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\">\nValue vs. Growth Stocks – How to Pick the Right Stocks for Your Portfoli<blockquote>价值型股票与成长型股票——如何为您的投资组合选择合适的股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">VantagePoint</strong><span class=\"h-time small\">2021-03-31 17:44</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>When investing in the stock market, people use different approaches to select which company is worth it. For some investors, the brand is everything – they simply like the product and want to own shares in the company (e.g., Coca-Cola).</b></p><p><blockquote><b>在投资股票市场时，人们使用不同的方法来选择哪家公司值得。对于一些投资者来说，品牌就是一切——他们只是喜欢产品，想要拥有公司的股份（例如可口可乐）。</b></blockquote></p><p>For others, picking up a company to invest in comes at the end of a complicated process. Conservative investors will always prefer dividend-paying companies and compound the returns over multiple periods.</p><p><blockquote>对于其他人来说，选择一家公司进行投资是在一个复杂过程的最后。保守的投资者总是更喜欢支付股息的公司，并在多个时期内复合回报。</blockquote></p><p>As dividends are paid quarterly in the United States, the power of compounding immediately yields results in a few years. Taxes also play an important role in defining a short- or long-term investment. Longer-term capital gains are taxed at a lower rate, the idea behind being to avoid unnecessary speculation.</p><p><blockquote>由于美国每季度支付股息，复利的力量会在几年内立即产生结果。税收在定义短期或长期投资方面也发挥着重要作用。长期资本利得的税率较低，其背后的想法是避免不必要的投机。</blockquote></p><p>Most retail investors split the market into two broad categories – growth and value. Growth and valuestocksare two fundamental approaches, two ways of looking at the broad equity market.</p><p><blockquote>大多数散户投资者将市场分为两大类——增长和价值。成长型股票和价值型股票是两种基本方法，是看待广泛股票市场的两种方式。</blockquote></p><p>Growth investors look for companies that historically delivered strong earnings growth, while value investors look for companies that they believe aretradingat a discount. More precisely, they use various models to find the intrinsic value of a company’s share price (e.g., dividend discount models, capital asset pricing model) and then compare it to the market value. If the intrinsic value exceeds the market price, the company is a buy.</p><p><blockquote>成长型投资者寻找历史上盈利强劲增长的公司，而价值型投资者则寻找他们认为交易折扣的公司。更准确地说，他们使用各种模型来找到公司股价的内在价值（例如，股息贴现模型、资本资产定价模型），然后将其与市场价值进行比较。如果内在价值超过市场价格，则该公司为买入。</blockquote></p><p><img src=\"https://static.tigerbbs.com/65cf5b66baf9f3849787469e2d810e16\" tg-width=\"1216\" tg-height=\"687\" referrerpolicy=\"no-referrer\">Bond Yield Changes and Value vs. Growth Returns</p><p><blockquote>债券收益率变化以及价值与增长回报</blockquote></p><p>Since the new year started, bond yields are on the rise in the United States. The move higher reflects the ongoing economic recovery from the recession caused by the pandemic and triggered higher yields in other parts of the world. Because higher yields implicitly bring tighter financial conditions, central banks try to intervene so the economic recovery is not hurt and accommodative measures remain.</p><p><blockquote>新年以来，美国债券收益率呈上升趋势。这一走高反映了经济正在从大流行造成的衰退中复苏，并引发了世界其他地区的收益率上升。由于收益率上升隐含地带来金融状况收紧，央行试图进行干预，以便经济复苏不会受到损害，宽松措施仍然存在。</blockquote></p><p>What is interesting is that historically, there is a correlation between rising yields and value stocks. The benchmark widely used is the Russell 1000 Value vs. Growth, and in the last three years that ended last February, the correlation has been +0.28. However, in the long term, the correlation declines, which brings back the question – value or growth for long-term investments?</p><p><blockquote>有意思的是，从历史上看，收益率上升与价值股之间存在相关性。广泛使用的基准是罗素1000价值与。增长，在截至去年2月的过去三年中，相关性为+0.28。然而，从长期来看，相关性下降，这又带来了一个问题——长期投资的价值还是增长？</blockquote></p><p><img src=\"https://static.tigerbbs.com/ebff81f957dcf359f3f12eb4c6c21fd0\" tg-width=\"1845\" tg-height=\"358\" referrerpolicy=\"no-referrer\">The truth is that no rule of thumb exists. Value stocks are typically cyclical and defensive, while growth stocks are mainly healthcare, technology, and communication.</p><p><blockquote>事实是，没有经验法则存在。价值股通常具有周期性和防御性，而成长股主要是医疗保健、科技和通信。</blockquote></p><p>A close look at the previous four decades shows mixed results. As such, investors would be better off looking to diversify between the two, trying to get a balanced exposure based on where the economy is on the business cycle.</p><p><blockquote>仔细观察过去四十年，结果喜忧参半。因此，投资者最好在两者之间寻求多元化，试图根据经济在商业周期中的位置获得平衡的风险敞口。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://vantagepointtrading.com/news/value-vs-growth-stocks-how-to-pick-the-right-stocks-for-your-portfolio/\">VantagePoint</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c143530e3957463946d55d6aea33d21a","relate_stocks":{},"source_url":"https://vantagepointtrading.com/news/value-vs-growth-stocks-how-to-pick-the-right-stocks-for-your-portfolio/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1135110939","content_text":"When investing in the stock market, people use different approaches to select which company is worth it. For some investors, the brand is everything – they simply like the product and want to own shares in the company (e.g., Coca-Cola).For others, picking up a company to invest in comes at the end of a complicated process. Conservative investors will always prefer dividend-paying companies and compound the returns over multiple periods.As dividends are paid quarterly in the United States, the power of compounding immediately yields results in a few years. Taxes also play an important role in defining a short- or long-term investment. Longer-term capital gains are taxed at a lower rate, the idea behind being to avoid unnecessary speculation.Most retail investors split the market into two broad categories – growth and value. Growth and valuestocksare two fundamental approaches, two ways of looking at the broad equity market.Growth investors look for companies that historically delivered strong earnings growth, while value investors look for companies that they believe aretradingat a discount. More precisely, they use various models to find the intrinsic value of a company’s share price (e.g., dividend discount models, capital asset pricing model) and then compare it to the market value. If the intrinsic value exceeds the market price, the company is a buy.Bond Yield Changes and Value vs. Growth ReturnsSince the new year started, bond yields are on the rise in the United States. The move higher reflects the ongoing economic recovery from the recession caused by the pandemic and triggered higher yields in other parts of the world. Because higher yields implicitly bring tighter financial conditions, central banks try to intervene so the economic recovery is not hurt and accommodative measures remain.What is interesting is that historically, there is a correlation between rising yields and value stocks. The benchmark widely used is the Russell 1000 Value vs. Growth, and in the last three years that ended last February, the correlation has been +0.28. However, in the long term, the correlation declines, which brings back the question – value or growth for long-term investments?The truth is that no rule of thumb exists. Value stocks are typically cyclical and defensive, while growth stocks are mainly healthcare, technology, and communication.A close look at the previous four decades shows mixed results. As such, investors would be better off looking to diversify between the two, trying to get a balanced exposure based on where the economy is on the business cycle.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":327,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":350178356,"gmtCreate":1616170301575,"gmtModify":1631892376885,"author":{"id":"3575584209294285","authorId":"3575584209294285","name":"TSquare","avatar":"https://static.tigerbbs.com/db7d2496d9cde731e866e67da91471fe","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575584209294285","idStr":"3575584209294285"},"themes":[],"htmlText":"[思考]&nbsp;","listText":"[思考]&nbsp;","text":"[思考]","images":[{"img":"https://static.tigerbbs.com/8552bd95d6f6551ebc9ac2256dcdc163","width":"1080","height":"2989"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/350178356","isVote":1,"tweetType":1,"viewCount":558,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0}],"lives":[]}