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2021-06-12

Wow

抱歉，原内容已删除

2021-06-12

If he is not coming back Amazon stocks will crash

Jeff Bezos is going to space for 11 minutes. Here's how risky that is<blockquote>杰夫·贝索斯将进入太空11分钟。这是多么危险</blockquote>

2021-06-12

Wow

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2021-06-12

Buy now

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2021-06-12

Meme to the moon

AMC Bet by Hedge Fund Unravels Thanks to Meme-Stock Traders<blockquote>对冲基金对AMC的押注因模因股票交易员而瓦解</blockquote>

2021-06-12

Wow wow wow

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2021-03-09

Nice

The 24 Best-Loved Stocks on Wall Street and Why That Matters<blockquote>华尔街24只最受欢迎的股票及其重要性</blockquote>

2021-02-10

Nice

Here are analysts’ favorite marijuana stocks, which they expect to rise as much as 82% in the next year<blockquote>以下是分析师最喜欢的大麻股票，他们预计明年该股将上涨82%</blockquote>

2021-12-16

I think apple is a good stock with the fed response

2021-06-12

Cool

5 Stocks To Watch For June 11, 2021<blockquote>2021年6月11日值得关注的5只股票</blockquote>

2021-06-12

Not a good news

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2021-06-12

Haha cruise to no where

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2021-06-12

It's always important isn't it

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2021-06-12

Ok yay

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2021-06-12

Wow 😳

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2021-06-12

New kind of short squeeze

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2021-06-12

Interest will be going up

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2021-06-12

No please. Petrol is expensive

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2021-06-12

Wow nice

Don’t be fooled — inflation is a big risk for stock market investors. Here’s how to prepare<blockquote>不要被愚弄了——通货膨胀对股市投资者来说是一个很大的风险。以下是如何准备</blockquote>

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Dave &amp; Buster's shares climbed 4% to $45.82 in the after-hours trading session.</li>  <li>SIGNA Sports United will go public via a merger with SPAC <b><a href=\"https://laohu8.com/S/YAC\">Yucaipa Acquisition Corp</a></b> (NYSE:YAC). The deal values the company at an enterprise value of $3.2 billion. <a href=\"https://laohu8.com/S/YAC.U\">Yucaipa Acquisition</a> shares closed at $9.84 on Thursday.</li>  <li><b>Cheetah Mobile Inc</b> (NYSE:CMCM) is projected to report earnings for its first quarter before the opening bell. Cheetah Mobile shares slipped 0.4% to $2.75 in after-hours trading.</li> </ul> <ul>  <li><b>Agree Realty Corporation</b> (NYSE:ADC) reported a 4 million share common stock offering. Agree Realty shares dropped 3.2% to $71.38 in after-hours trading.</li>  <li><b>Zedge Inc</b> (NYSE:ZDGE) posted upbeat results for its third quarter and boosted its FY21 sales growth guidance. Zedge shares surged 5.9% to $16.25 in the after-hours trading session.</li> </ul></p><p><blockquote><ul><li><b>戴夫和巴斯特娱乐公司</b>（纳斯达克：PLAY）公布了好于预期的第一季度业绩，并发布了强劲的本季度销售指引。Dave&amp;Buster的股价在盘后交易时段上涨4%，至45.82美元。</li><li>SIGNA Sports United将通过与SPAC合并上市<b><a href=\"https://laohu8.com/S/YAC\">尤卡伊帕收购公司</a></b>（纽约证券交易所代码：YAC）。该交易对该公司的企业价值为32亿美元。<a href=\"https://laohu8.com/S/YAC.U\">Yucaipa收购</a>周四股价收于9.84美元。</li><li><b>猎豹移动公司</b>（纽约证券交易所股票代码：CMCM）预计将在开盘前公布第一季度收益。猎豹移动股价在盘后交易中下跌0.4%至2.75美元。</li></ul><ul><li><b>同意房地产公司</b>（纽约证券交易所股票代码：ADC）报告发行400万股普通股。Agree Realty股价在盘后交易中下跌3.2%，至71.38美元。</li><li><b>泽奇公司</b>（纽约证券交易所股票代码：ZDGE）公布了乐观的第三季度业绩，并上调了2021财年销售增长指引。Zedge股价在盘后交易时段飙升5.9%至16.25美元。</li></ul></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CMCM":"猎豹移动","ADC":"艾格里房产","ZDGE":"Zedge, Inc. Class B","PLAY":"Dave & Buster"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2142272911","content_text":"Some of the stocks that may grab investor focus today are:\n\nDave & Buster's Entertainment Inc (NASDAQ:PLAY) reported better-than-expected results for its first quarter and issued strong sales guidance for the current quarter. Dave & Buster's shares climbed 4% to $45.82 in the after-hours trading session.\nSIGNA Sports United will go public via a merger with SPAC Yucaipa Acquisition Corp (NYSE:YAC). The deal values the company at an enterprise value of $3.2 billion. Yucaipa Acquisition shares closed at $9.84 on Thursday.\nCheetah Mobile Inc (NYSE:CMCM) is projected to report earnings for its first quarter before the opening bell. Cheetah Mobile shares slipped 0.4% to $2.75 in after-hours trading.\n\n\nAgree Realty Corporation (NYSE:ADC) reported a 4 million share common stock offering. Agree Realty shares dropped 3.2% to $71.38 in after-hours trading.\nZedge Inc (NYSE:ZDGE) posted upbeat results for its third quarter and boosted its FY21 sales growth guidance. Zedge shares surged 5.9% to $16.25 in the after-hours trading session.","news_type":1,"symbols_score_info":{"ZDGE":0.9,"ADC":0.9,"YAC":0.9,"CMCM":0.9,"PLAY":0.9}},"isVote":1,"tweetType":1,"viewCount":1858,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":186804477,"gmtCreate":1623482268599,"gmtModify":1634032509267,"author":{"id":"3576031533816126","authorId":"3576031533816126","name":"kukuniao","avatar":"https://static.tigerbbs.com/e2bcc0cf2ff759243bcb5c9d5662d212","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576031533816126","idStr":"3576031533816126"},"themes":[],"htmlText":"If he is not coming back Amazon stocks will crash&nbsp;","listText":"If he is not coming back Amazon stocks will crash&nbsp;","text":"If he is not coming back Amazon stocks will crash","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/186804477","repostId":"1115909292","repostType":4,"repost":{"id":"1115909292","kind":"news","pubTimestamp":1623413127,"share":"https://www.laohu8.com/m/news/1115909292?lang=zh_CN&edition=full","pubTime":"2021-06-11 20:05","market":"us","language":"en","title":"Jeff Bezos is going to space for 11 minutes. Here's how risky that is<blockquote>杰夫·贝索斯将进入太空11分钟。这是多么危险</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1115909292","media":"cnn","summary":"New York (CNN Business)Jeff Bezos can have anything. He could circle the globe in a private jet or s","content":"<p>New York (CNN Business)Jeff Bezos can have anything. He could circle the globe in a private jet or sail it forever in a fleet of megayachts. He could afford to buy a the whole NFL; he could buy an archipelago for his family and friends; he could buy over 65,000 Bugatti Chirons (base price $2.9 million), even though only 500 are being built. As the world's richest person, the possibilities are endless. But Bezos appears ready to risk it all for an 11-minute ride to space.</p><p><blockquote>纽约（CNN商业）杰夫·贝索斯可以拥有任何东西。他可以乘坐私人飞机环游地球，或者乘坐巨型游艇永远航行。他有能力买下整个NFL；他可以为他的家人和朋友买一个群岛；他可以购买超过65,000辆布加迪Chiron（底价290万美元），尽管只生产了500辆。作为世界首富，可能性是无穷无尽的。但贝佐斯似乎准备冒着一切风险乘坐11分钟的太空之旅。</blockquote></p><p> <b>Just how risky is his decision?</b></p><p><blockquote><b>他的决定到底有多冒险？</b></blockquote></p><p> The answer isn't what you might expect. Space travel is, historically, fraught with danger. Though the risks are not necessarily astronomical for Bezos' jaunt to the cosmos, as his space company Blue Origin has spent the better part of the last decade running the suborbital New Shepard rocket he'll be riding on through a series of successful test flights. (Also, being in space is Bezos' lifelong dream.)</p><p><blockquote>答案并不是你所期望的。从历史上看，太空旅行充满了危险。尽管对于贝佐斯的太空之旅来说，风险不一定是天文数字，因为他的太空公司蓝色起源在过去十年的大部分时间里都在运行亚轨道新谢泼德火箭，他将乘坐该火箭进行一系列成功的试飞。（还有，进入太空是贝索斯一生的梦想。）</blockquote></p><p> Still, what Bezos, his brother Mark Bezos, and the winner of an online auction, will be doing -- going on the very first crewed flight of New Shepard, a fully autonomous suborbital rocket and spacecraft system designed to take ticket holders on brief joy rides to space -- is not entirely without risk.</p><p><blockquote>尽管如此，贝佐斯、他的兄弟马克·贝佐斯以及在线拍卖的获胜者将会做什么——参加新谢泼德号的首次载人飞行，这是一个完全自主的亚轨道火箭和航天器系统，旨在带持票人进行短暂的欢乐之旅到太空——并非完全没有风险。</blockquote></p><p> Here's what Bezos' flight will look like and the extent to which people are taking their lives in their hands when they go to outer space these days.</p><p><blockquote>以下是贝佐斯的飞行将会是什么样子，以及如今人们前往外太空时将自己的生命掌握在自己手中的程度。</blockquote></p><p> <b>What the flight looks like</b></p><p><blockquote><b>航班的样子</b></blockquote></p><p> When most people think about spaceflight, they think about an astronaut circling the Earth, floating in space, for at least a few days.</p><p><blockquote>当大多数人想到太空飞行时，他们会想到一名宇航员绕地球飞行，漂浮在太空中，至少几天。</blockquote></p><p> That is not what the Bezos brothers and their fellow passengers will be doing .</p><p><blockquote>贝佐斯兄弟和他们的乘客不会这么做。</blockquote></p><p> They'll be going up and coming right back down, and they'll be doing it in less time -- about 11 minutes -- than it takes most people to get to work.</p><p><blockquote>他们会上去然后马上下来，而且他们会在比大多数人上班所需的时间更短的时间内完成——大约11分钟。</blockquote></p><p> Suborbital flights differ greatly from orbital flights of the type most of us think of when we think of spaceflight. Blue Origin's New Shepard flights will be brief, up-and-down trips, though they will go more than 62 miles above Earth, which is widely considered to be the edge of outer space.</p><p><blockquote>亚轨道飞行与我们大多数人想到太空飞行时想到的轨道飞行有很大不同。蓝色起源的新谢泼德航班将是短暂的上下旅行，尽管它们将在地球上空62英里以上，地球被广泛认为是外太空的边缘。</blockquote></p><p> Orbital rockets need to drum up enough power to hit at least 17,000 miles per hour, or what's known as orbital velocity, essentially giving a spacecraft enough energy to continue whipping around the Earth rather than being dragged immediately back down by gravity.</p><p><blockquote>轨道火箭需要获得足够的动力才能达到至少17,000英里/小时，即所谓的轨道速度，本质上是为航天器提供足够的能量继续绕地球运行，而不是立即被重力拖回。</blockquote></p><p> Suborbital flights require far less power and speed. That means less time the rocket is required to burn, lower temperatures scorching the outside of the spacecraft, less force and compression ripping at the spacecraft, and generally fewer opportunities for something to go very wrong.</p><p><blockquote>亚轨道飞行需要的功率和速度要小得多。这意味着火箭燃烧所需的时间更少，烧焦航天器外部的温度更低，航天器上的力和压缩撕裂更少，并且通常出现严重问题的机会更少。</blockquote></p><p> New Shepard's suborbital fights hit about about three times the speed of sound — roughly 2,300 miles per hour — and fly directly upward until the rocket expends most of its fuel. The crew capsule will then separate from the rocket at the top of the trajectory and briefly continue upward before the capsule almost hovers at the top of its flight path, giving the passengers a few minutes of weightlessness. It works sort of like an extended version of the weightlessness you experience when you reach the peak of a roller coaster hill, just before gravity brings your cart — or, in Bezos' case, your space capsule -- screaming back down toward the ground.</p><p><blockquote>新谢泼德的亚轨道战斗达到了大约三倍音速——大约每小时2300英里——并直接向上飞行，直到火箭耗尽大部分燃料。然后，乘员舱将在轨道顶部与火箭分离，并在太空舱几乎悬停在其飞行路径顶部之前短暂继续向上，为乘客提供几分钟的失重状态。它的工作原理有点像当你到达过山车山顶时所经历的失重的扩展版本，就在重力将你的手推车——或者在贝佐斯的情况下，你的太空舱——带着尖叫回到地面之前。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/1aeef7cd6efed45b4f08991c7c4b7be4\" tg-width=\"780\" tg-height=\"438\"></p><p><blockquote></blockquote></p><p> The New Shepard capsule then deploys a large plume of parachutes to slow its descent to less than 20 miles per hour before it hits the ground.</p><p><blockquote>然后，新谢泼德太空舱部署大量降落伞，在落地前将其下降速度减慢到每小时20英里以下。</blockquote></p><p> The rocket, flying separately, re-ignites its engines and uses its on-board computers to execute a pinpoint, upright landing. The booster landing looks similar to what SpaceX does with its Falcon 9 rockets, though those rockets are far more powerful than New Shepard and — yes — more prone to exploding on impact.</p><p><blockquote>火箭单独飞行，重新点燃发动机，并使用机载计算机执行精确的直立着陆。助推器着陆看起来类似于SpaceX的猎鹰9号火箭，尽管这些火箭比新谢泼德火箭强大得多，而且——是的——更容易在撞击时爆炸。</blockquote></p><p> <b>How big are the risks?</b></p><p><blockquote><b>风险有多大？</b></blockquote></p><p> Blue Origin's New Shepard capsule, which is fully autonomous and does not require a pilot, has never had an explosive mishap in 15 test flights. And the nature of Bezos' flight means it comes with some inherently lower risks than more ambitious space travel attempts. But that doesn't mean the risk is zero, either.</p><p><blockquote>蓝色起源的新谢泼德太空舱是完全自主的，不需要飞行员，在15次试飞中从未发生过爆炸事故。贝佐斯飞行的性质意味着它的风险比更雄心勃勃的太空旅行尝试要低。但这也不意味着风险为零。</blockquote></p><p> Because suborbital flights don't require as much speed or the intense process of trying to re-enter the Earth's atmosphere at incredible speeds, they're considered much less risky than orbital flights. With an orbital re-entry, a spacecraft's external temperatures can reach up to 3,500 degrees Fahrenheit, and astronauts can experience 4.5 Gs of force that is also placed upon the spacecraft, all while the ever-thickening atmosphere whips around the capsule.</p><p><blockquote>因为亚轨道飞行不需要那么高的速度，也不需要试图以令人难以置信的速度重返地球大气层的紧张过程，所以它们被认为比轨道飞行风险小得多。随着轨道重返，航天器的外部温度可以达到3500华氏度，宇航员可以承受4.5克的力，这种力也施加在航天器上，同时不断变厚的大气在太空舱周围跳动。</blockquote></p><p></p><p> High speeds and high altitudes come with inherent risks, and even small errors can have big consequences. Earth's atmosphere is generally not considered survivable for significant amounts of time above altitudes of 50,000 feet without a spacesuit, and Bezos will be traveling up to 350,000 feet. But the capsule he travels in will be pressurized, so he doesn't need a special suit to keep him safe, and he'll have access to an oxygen mask if the cabin loses pressure. The spacecraft is also equipped with an abort system designed to jettison the New Shepard capsule and passengers away from the rocket in case of emergency. There's also back-up safety features to help the capsule land gently even if a couple of its parachutes fail to deploy.</p><p><blockquote>高速和高海拔伴随着固有的风险，即使是很小的错误也会产生很大的后果。如果没有宇航服，地球大气层通常被认为无法在50,000英尺以上的高度生存很长时间，贝佐斯将旅行到350,000英尺。但是他乘坐的太空舱将被加压，所以他不需要特殊的宇航服来保证他的安全，如果机舱失去压力，他可以使用氧气面罩。该航天器还配备了一个中止系统，旨在在紧急情况下将新谢泼德太空舱和乘客抛离火箭。还有备用安全功能，即使几个降落伞未能展开，也可以帮助太空舱平稳着陆。</blockquote></p><p> But even still, there is no way to absolutely guarantee safety should New Shepard malfunction.</p><p><blockquote>但即便如此，如果新谢泼德出现故障，也没有办法绝对保证安全。</blockquote></p><p> Even though suborbital flights are less risky than orbital missions, they can still be deadly.</p><p><blockquote>尽管亚轨道飞行的风险低于轨道任务，但它们仍然可能是致命的。</blockquote></p><p> One of Virgin Galactic's suborbital space planes, for example, broke apart in 2014 when one of the vehicle's copilots prematurely deployed the feathering system designed to keep the craft stable as it made its descent. The added drag on the plane ripped it to pieces, killing one of the pilots.</p><p><blockquote>例如，维珍银河的一架亚轨道太空飞机在2014年解体，当时飞行器的一名副驾驶过早地部署了旨在保持飞行器下降时稳定的羽毛系统。飞机上增加的阻力将其撕成碎片，导致一名飞行员死亡。</blockquote></p><p> (Blue Origin competitor Virgin Galactic has since had three successful test flights of a revamped version of its SpaceShipTwo space plane.)</p><p><blockquote>（蓝色起源的竞争对手维珍银河已经对其太空飞船二号的改进型进行了三次成功的试飞。）</blockquote></p><p> Blue Origin has not encountered similar tragic accidents during its testing phase, though — as an old industry adage goes — space is hard.</p><p><blockquote>蓝色起源在测试阶段没有遇到过类似的悲惨事故，尽管——正如一句古老的行业格言所说——太空是艰难的。</blockquote></p><p> But, Bezos has indicated, the risk is worth it.</p><p><blockquote>但是，贝佐斯表示，这个风险是值得的。</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>Jeff Bezos is going to space for 11 minutes. Here's how risky that is<blockquote>杰夫·贝索斯将进入太空11分钟。这是多么危险</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\">\nJeff Bezos is going to space for 11 minutes. Here's how risky that is<blockquote>杰夫·贝索斯将进入太空11分钟。这是多么危险</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">cnn</strong><span class=\"h-time small\">2021-06-11 20:05</span>\n</p>\n</h4>\n</header>\n<article>\n<p>New York (CNN Business)Jeff Bezos can have anything. He could circle the globe in a private jet or sail it forever in a fleet of megayachts. He could afford to buy a the whole NFL; he could buy an archipelago for his family and friends; he could buy over 65,000 Bugatti Chirons (base price $2.9 million), even though only 500 are being built. As the world's richest person, the possibilities are endless. But Bezos appears ready to risk it all for an 11-minute ride to space.</p><p><blockquote>纽约（CNN商业）杰夫·贝索斯可以拥有任何东西。他可以乘坐私人飞机环游地球，或者乘坐巨型游艇永远航行。他有能力买下整个NFL；他可以为他的家人和朋友买一个群岛；他可以购买超过65,000辆布加迪Chiron（底价290万美元），尽管只生产了500辆。作为世界首富，可能性是无穷无尽的。但贝佐斯似乎准备冒着一切风险乘坐11分钟的太空之旅。</blockquote></p><p> <b>Just how risky is his decision?</b></p><p><blockquote><b>他的决定到底有多冒险？</b></blockquote></p><p> The answer isn't what you might expect. Space travel is, historically, fraught with danger. Though the risks are not necessarily astronomical for Bezos' jaunt to the cosmos, as his space company Blue Origin has spent the better part of the last decade running the suborbital New Shepard rocket he'll be riding on through a series of successful test flights. (Also, being in space is Bezos' lifelong dream.)</p><p><blockquote>答案并不是你所期望的。从历史上看，太空旅行充满了危险。尽管对于贝佐斯的太空之旅来说，风险不一定是天文数字，因为他的太空公司蓝色起源在过去十年的大部分时间里都在运行亚轨道新谢泼德火箭，他将乘坐该火箭进行一系列成功的试飞。（还有，进入太空是贝索斯一生的梦想。）</blockquote></p><p> Still, what Bezos, his brother Mark Bezos, and the winner of an online auction, will be doing -- going on the very first crewed flight of New Shepard, a fully autonomous suborbital rocket and spacecraft system designed to take ticket holders on brief joy rides to space -- is not entirely without risk.</p><p><blockquote>尽管如此，贝佐斯、他的兄弟马克·贝佐斯以及在线拍卖的获胜者将会做什么——参加新谢泼德号的首次载人飞行，这是一个完全自主的亚轨道火箭和航天器系统，旨在带持票人进行短暂的欢乐之旅到太空——并非完全没有风险。</blockquote></p><p> Here's what Bezos' flight will look like and the extent to which people are taking their lives in their hands when they go to outer space these days.</p><p><blockquote>以下是贝佐斯的飞行将会是什么样子，以及如今人们前往外太空时将自己的生命掌握在自己手中的程度。</blockquote></p><p> <b>What the flight looks like</b></p><p><blockquote><b>航班的样子</b></blockquote></p><p> When most people think about spaceflight, they think about an astronaut circling the Earth, floating in space, for at least a few days.</p><p><blockquote>当大多数人想到太空飞行时，他们会想到一名宇航员绕地球飞行，漂浮在太空中，至少几天。</blockquote></p><p> That is not what the Bezos brothers and their fellow passengers will be doing .</p><p><blockquote>贝佐斯兄弟和他们的乘客不会这么做。</blockquote></p><p> They'll be going up and coming right back down, and they'll be doing it in less time -- about 11 minutes -- than it takes most people to get to work.</p><p><blockquote>他们会上去然后马上下来，而且他们会在比大多数人上班所需的时间更短的时间内完成——大约11分钟。</blockquote></p><p> Suborbital flights differ greatly from orbital flights of the type most of us think of when we think of spaceflight. Blue Origin's New Shepard flights will be brief, up-and-down trips, though they will go more than 62 miles above Earth, which is widely considered to be the edge of outer space.</p><p><blockquote>亚轨道飞行与我们大多数人想到太空飞行时想到的轨道飞行有很大不同。蓝色起源的新谢泼德航班将是短暂的上下旅行，尽管它们将在地球上空62英里以上，地球被广泛认为是外太空的边缘。</blockquote></p><p> Orbital rockets need to drum up enough power to hit at least 17,000 miles per hour, or what's known as orbital velocity, essentially giving a spacecraft enough energy to continue whipping around the Earth rather than being dragged immediately back down by gravity.</p><p><blockquote>轨道火箭需要获得足够的动力才能达到至少17,000英里/小时，即所谓的轨道速度，本质上是为航天器提供足够的能量继续绕地球运行，而不是立即被重力拖回。</blockquote></p><p> Suborbital flights require far less power and speed. That means less time the rocket is required to burn, lower temperatures scorching the outside of the spacecraft, less force and compression ripping at the spacecraft, and generally fewer opportunities for something to go very wrong.</p><p><blockquote>亚轨道飞行需要的功率和速度要小得多。这意味着火箭燃烧所需的时间更少，烧焦航天器外部的温度更低，航天器上的力和压缩撕裂更少，并且通常出现严重问题的机会更少。</blockquote></p><p> New Shepard's suborbital fights hit about about three times the speed of sound — roughly 2,300 miles per hour — and fly directly upward until the rocket expends most of its fuel. The crew capsule will then separate from the rocket at the top of the trajectory and briefly continue upward before the capsule almost hovers at the top of its flight path, giving the passengers a few minutes of weightlessness. It works sort of like an extended version of the weightlessness you experience when you reach the peak of a roller coaster hill, just before gravity brings your cart — or, in Bezos' case, your space capsule -- screaming back down toward the ground.</p><p><blockquote>新谢泼德的亚轨道战斗达到了大约三倍音速——大约每小时2300英里——并直接向上飞行，直到火箭耗尽大部分燃料。然后，乘员舱将在轨道顶部与火箭分离，并在太空舱几乎悬停在其飞行路径顶部之前短暂继续向上，为乘客提供几分钟的失重状态。它的工作原理有点像当你到达过山车山顶时所经历的失重的扩展版本，就在重力将你的手推车——或者在贝佐斯的情况下，你的太空舱——带着尖叫回到地面之前。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/1aeef7cd6efed45b4f08991c7c4b7be4\" tg-width=\"780\" tg-height=\"438\"></p><p><blockquote></blockquote></p><p> The New Shepard capsule then deploys a large plume of parachutes to slow its descent to less than 20 miles per hour before it hits the ground.</p><p><blockquote>然后，新谢泼德太空舱部署大量降落伞，在落地前将其下降速度减慢到每小时20英里以下。</blockquote></p><p> The rocket, flying separately, re-ignites its engines and uses its on-board computers to execute a pinpoint, upright landing. The booster landing looks similar to what SpaceX does with its Falcon 9 rockets, though those rockets are far more powerful than New Shepard and — yes — more prone to exploding on impact.</p><p><blockquote>火箭单独飞行，重新点燃发动机，并使用机载计算机执行精确的直立着陆。助推器着陆看起来类似于SpaceX的猎鹰9号火箭，尽管这些火箭比新谢泼德火箭强大得多，而且——是的——更容易在撞击时爆炸。</blockquote></p><p> <b>How big are the risks?</b></p><p><blockquote><b>风险有多大？</b></blockquote></p><p> Blue Origin's New Shepard capsule, which is fully autonomous and does not require a pilot, has never had an explosive mishap in 15 test flights. And the nature of Bezos' flight means it comes with some inherently lower risks than more ambitious space travel attempts. But that doesn't mean the risk is zero, either.</p><p><blockquote>蓝色起源的新谢泼德太空舱是完全自主的，不需要飞行员，在15次试飞中从未发生过爆炸事故。贝佐斯飞行的性质意味着它的风险比更雄心勃勃的太空旅行尝试要低。但这也不意味着风险为零。</blockquote></p><p> Because suborbital flights don't require as much speed or the intense process of trying to re-enter the Earth's atmosphere at incredible speeds, they're considered much less risky than orbital flights. With an orbital re-entry, a spacecraft's external temperatures can reach up to 3,500 degrees Fahrenheit, and astronauts can experience 4.5 Gs of force that is also placed upon the spacecraft, all while the ever-thickening atmosphere whips around the capsule.</p><p><blockquote>因为亚轨道飞行不需要那么高的速度，也不需要试图以令人难以置信的速度重返地球大气层的紧张过程，所以它们被认为比轨道飞行风险小得多。随着轨道重返，航天器的外部温度可以达到3500华氏度，宇航员可以承受4.5克的力，这种力也施加在航天器上，同时不断变厚的大气在太空舱周围跳动。</blockquote></p><p></p><p> High speeds and high altitudes come with inherent risks, and even small errors can have big consequences. Earth's atmosphere is generally not considered survivable for significant amounts of time above altitudes of 50,000 feet without a spacesuit, and Bezos will be traveling up to 350,000 feet. But the capsule he travels in will be pressurized, so he doesn't need a special suit to keep him safe, and he'll have access to an oxygen mask if the cabin loses pressure. The spacecraft is also equipped with an abort system designed to jettison the New Shepard capsule and passengers away from the rocket in case of emergency. There's also back-up safety features to help the capsule land gently even if a couple of its parachutes fail to deploy.</p><p><blockquote>高速和高海拔伴随着固有的风险，即使是很小的错误也会产生很大的后果。如果没有宇航服，地球大气层通常被认为无法在50,000英尺以上的高度生存很长时间，贝佐斯将旅行到350,000英尺。但是他乘坐的太空舱将被加压，所以他不需要特殊的宇航服来保证他的安全，如果机舱失去压力，他可以使用氧气面罩。该航天器还配备了一个中止系统，旨在在紧急情况下将新谢泼德太空舱和乘客抛离火箭。还有备用安全功能，即使几个降落伞未能展开，也可以帮助太空舱平稳着陆。</blockquote></p><p> But even still, there is no way to absolutely guarantee safety should New Shepard malfunction.</p><p><blockquote>但即便如此，如果新谢泼德出现故障，也没有办法绝对保证安全。</blockquote></p><p> Even though suborbital flights are less risky than orbital missions, they can still be deadly.</p><p><blockquote>尽管亚轨道飞行的风险低于轨道任务，但它们仍然可能是致命的。</blockquote></p><p> One of Virgin Galactic's suborbital space planes, for example, broke apart in 2014 when one of the vehicle's copilots prematurely deployed the feathering system designed to keep the craft stable as it made its descent. The added drag on the plane ripped it to pieces, killing one of the pilots.</p><p><blockquote>例如，维珍银河的一架亚轨道太空飞机在2014年解体，当时飞行器的一名副驾驶过早地部署了旨在保持飞行器下降时稳定的羽毛系统。飞机上增加的阻力将其撕成碎片，导致一名飞行员死亡。</blockquote></p><p> (Blue Origin competitor Virgin Galactic has since had three successful test flights of a revamped version of its SpaceShipTwo space plane.)</p><p><blockquote>（蓝色起源的竞争对手维珍银河已经对其太空飞船二号的改进型进行了三次成功的试飞。）</blockquote></p><p> Blue Origin has not encountered similar tragic accidents during its testing phase, though — as an old industry adage goes — space is hard.</p><p><blockquote>蓝色起源在测试阶段没有遇到过类似的悲惨事故，尽管——正如一句古老的行业格言所说——太空是艰难的。</blockquote></p><p> But, Bezos has indicated, the risk is worth it.</p><p><blockquote>但是，贝佐斯表示，这个风险是值得的。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://edition.cnn.com/2021/06/10/tech/jeff-bezos-blue-origin-flight-risk-scn/index.html\">cnn</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMZN":"亚马逊"},"source_url":"https://edition.cnn.com/2021/06/10/tech/jeff-bezos-blue-origin-flight-risk-scn/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1115909292","content_text":"New York (CNN Business)Jeff Bezos can have anything. He could circle the globe in a private jet or sail it forever in a fleet of megayachts. He could afford to buy a the whole NFL; he could buy an archipelago for his family and friends; he could buy over 65,000 Bugatti Chirons (base price $2.9 million), even though only 500 are being built. As the world's richest person, the possibilities are endless. But Bezos appears ready to risk it all for an 11-minute ride to space.\nJust how risky is his decision?\nThe answer isn't what you might expect. Space travel is, historically, fraught with danger. Though the risks are not necessarily astronomical for Bezos' jaunt to the cosmos, as his space company Blue Origin has spent the better part of the last decade running the suborbital New Shepard rocket he'll be riding on through a series of successful test flights. (Also, being in space is Bezos' lifelong dream.)\nStill, what Bezos, his brother Mark Bezos, and the winner of an online auction, will be doing -- going on the very first crewed flight of New Shepard, a fully autonomous suborbital rocket and spacecraft system designed to take ticket holders on brief joy rides to space -- is not entirely without risk.\nHere's what Bezos' flight will look like and the extent to which people are taking their lives in their hands when they go to outer space these days.\nWhat the flight looks like\nWhen most people think about spaceflight, they think about an astronaut circling the Earth, floating in space, for at least a few days.\nThat is not what the Bezos brothers and their fellow passengers will be doing .\nThey'll be going up and coming right back down, and they'll be doing it in less time -- about 11 minutes -- than it takes most people to get to work.\nSuborbital flights differ greatly from orbital flights of the type most of us think of when we think of spaceflight. Blue Origin's New Shepard flights will be brief, up-and-down trips, though they will go more than 62 miles above Earth, which is widely considered to be the edge of outer space.\nOrbital rockets need to drum up enough power to hit at least 17,000 miles per hour, or what's known as orbital velocity, essentially giving a spacecraft enough energy to continue whipping around the Earth rather than being dragged immediately back down by gravity.\nSuborbital flights require far less power and speed. That means less time the rocket is required to burn, lower temperatures scorching the outside of the spacecraft, less force and compression ripping at the spacecraft, and generally fewer opportunities for something to go very wrong.\nNew Shepard's suborbital fights hit about about three times the speed of sound — roughly 2,300 miles per hour — and fly directly upward until the rocket expends most of its fuel. The crew capsule will then separate from the rocket at the top of the trajectory and briefly continue upward before the capsule almost hovers at the top of its flight path, giving the passengers a few minutes of weightlessness. It works sort of like an extended version of the weightlessness you experience when you reach the peak of a roller coaster hill, just before gravity brings your cart — or, in Bezos' case, your space capsule -- screaming back down toward the ground.\n\nThe New Shepard capsule then deploys a large plume of parachutes to slow its descent to less than 20 miles per hour before it hits the ground.\nThe rocket, flying separately, re-ignites its engines and uses its on-board computers to execute a pinpoint, upright landing. The booster landing looks similar to what SpaceX does with its Falcon 9 rockets, though those rockets are far more powerful than New Shepard and — yes — more prone to exploding on impact.\nHow big are the risks?\nBlue Origin's New Shepard capsule, which is fully autonomous and does not require a pilot, has never had an explosive mishap in 15 test flights. And the nature of Bezos' flight means it comes with some inherently lower risks than more ambitious space travel attempts. But that doesn't mean the risk is zero, either.\nBecause suborbital flights don't require as much speed or the intense process of trying to re-enter the Earth's atmosphere at incredible speeds, they're considered much less risky than orbital flights. With an orbital re-entry, a spacecraft's external temperatures can reach up to 3,500 degrees Fahrenheit, and astronauts can experience 4.5 Gs of force that is also placed upon the spacecraft, all while the ever-thickening atmosphere whips around the capsule.\nHigh speeds and high altitudes come with inherent risks, and even small errors can have big consequences. Earth's atmosphere is generally not considered survivable for significant amounts of time above altitudes of 50,000 feet without a spacesuit, and Bezos will be traveling up to 350,000 feet. But the capsule he travels in will be pressurized, so he doesn't need a special suit to keep him safe, and he'll have access to an oxygen mask if the cabin loses pressure. The spacecraft is also equipped with an abort system designed to jettison the New Shepard capsule and passengers away from the rocket in case of emergency. There's also back-up safety features to help the capsule land gently even if a couple of its parachutes fail to deploy.\nBut even still, there is no way to absolutely guarantee safety should New Shepard malfunction.\nEven though suborbital flights are less risky than orbital missions, they can still be deadly.\nOne of Virgin Galactic's suborbital space planes, for example, broke apart in 2014 when one of the vehicle's copilots prematurely deployed the feathering system designed to keep the craft stable as it made its descent. The added drag on the plane ripped it to pieces, killing one of the pilots.\n(Blue Origin competitor Virgin Galactic has since had three successful test flights of a revamped version of its SpaceShipTwo space plane.)\nBlue Origin has not encountered similar tragic accidents during its testing phase, though — as an old industry adage goes — space is hard.\nBut, Bezos has indicated, the risk is worth it.","news_type":1,"symbols_score_info":{"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":1236,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":186804801,"gmtCreate":1623482247503,"gmtModify":1634032509637,"author":{"id":"3576031533816126","authorId":"3576031533816126","name":"kukuniao","avatar":"https://static.tigerbbs.com/e2bcc0cf2ff759243bcb5c9d5662d212","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576031533816126","idStr":"3576031533816126"},"themes":[],"htmlText":"Not a good news","listText":"Not a good 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it","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/186804066","repostId":"1145537442","repostType":4,"isVote":1,"tweetType":1,"viewCount":3109,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":186805278,"gmtCreate":1623482202794,"gmtModify":1634032510495,"author":{"id":"3576031533816126","authorId":"3576031533816126","name":"kukuniao","avatar":"https://static.tigerbbs.com/e2bcc0cf2ff759243bcb5c9d5662d212","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576031533816126","idStr":"3576031533816126"},"themes":[],"htmlText":"Ok yay","listText":"Ok yay","text":"Ok yay","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/186805278","repostId":"2142202355","repostType":4,"isVote":1,"tweetType":1,"viewCount":1713,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":186805034,"gmtCreate":1623482163228,"gmtModify":1634032511207,"author":{"id":"3576031533816126","authorId":"3576031533816126","name":"kukuniao","avatar":"https://static.tigerbbs.com/e2bcc0cf2ff759243bcb5c9d5662d212","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576031533816126","idStr":"3576031533816126"},"themes":[],"htmlText":"Wow 😳","listText":"Wow 😳","text":"Wow 😳","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/186805034","repostId":"1177806573","repostType":4,"isVote":1,"tweetType":1,"viewCount":1307,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":186808351,"gmtCreate":1623481972573,"gmtModify":1634032513702,"author":{"id":"3576031533816126","authorId":"3576031533816126","name":"kukuniao","avatar":"https://static.tigerbbs.com/e2bcc0cf2ff759243bcb5c9d5662d212","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576031533816126","idStr":"3576031533816126"},"themes":[],"htmlText":"Buy now","listText":"Buy now","text":"Buy now","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/186808351","repostId":"1135185071","repostType":4,"isVote":1,"tweetType":1,"viewCount":2310,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":186801561,"gmtCreate":1623481947353,"gmtModify":1631884082575,"author":{"id":"3576031533816126","authorId":"3576031533816126","name":"kukuniao","avatar":"https://static.tigerbbs.com/e2bcc0cf2ff759243bcb5c9d5662d212","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576031533816126","idStr":"3576031533816126"},"themes":[],"htmlText":"New kind of short squeeze","listText":"New kind of short squeeze","text":"New kind of short squeeze","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/186801561","repostId":"2142273201","repostType":4,"isVote":1,"tweetType":1,"viewCount":1123,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":186801305,"gmtCreate":1623481919207,"gmtModify":1634032514171,"author":{"id":"3576031533816126","authorId":"3576031533816126","name":"kukuniao","avatar":"https://static.tigerbbs.com/e2bcc0cf2ff759243bcb5c9d5662d212","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576031533816126","idStr":"3576031533816126"},"themes":[],"htmlText":"Interest will be going up&nbsp;","listText":"Interest will be going up&nbsp;","text":"Interest will be going up","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/186801305","repostId":"2142520474","repostType":4,"isVote":1,"tweetType":1,"viewCount":423,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":186801074,"gmtCreate":1623481905498,"gmtModify":1634032514415,"author":{"id":"3576031533816126","authorId":"3576031533816126","name":"kukuniao","avatar":"https://static.tigerbbs.com/e2bcc0cf2ff759243bcb5c9d5662d212","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576031533816126","idStr":"3576031533816126"},"themes":[],"htmlText":"No please. Petrol is expensive&nbsp;","listText":"No please. Petrol is expensive&nbsp;","text":"No please. Petrol is expensive","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/186801074","repostId":"2142744202","repostType":4,"isVote":1,"tweetType":1,"viewCount":576,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":186803920,"gmtCreate":1623481883960,"gmtModify":1634032514784,"author":{"id":"3576031533816126","authorId":"3576031533816126","name":"kukuniao","avatar":"https://static.tigerbbs.com/e2bcc0cf2ff759243bcb5c9d5662d212","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576031533816126","idStr":"3576031533816126"},"themes":[],"htmlText":"Wow wow wow","listText":"Wow wow wow","text":"Wow wow wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/186803920","repostId":"1117150461","repostType":4,"isVote":1,"tweetType":1,"viewCount":429,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":186809458,"gmtCreate":1623481867574,"gmtModify":1634032515109,"author":{"id":"3576031533816126","authorId":"3576031533816126","name":"kukuniao","avatar":"https://static.tigerbbs.com/e2bcc0cf2ff759243bcb5c9d5662d212","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576031533816126","idStr":"3576031533816126"},"themes":[],"htmlText":"Wow nice","listText":"Wow nice","text":"Wow nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/186809458","repostId":"1118102755","repostType":4,"repost":{"id":"1118102755","kind":"news","pubTimestamp":1623469189,"share":"https://www.laohu8.com/m/news/1118102755?lang=zh_CN&edition=full","pubTime":"2021-06-12 11:39","market":"us","language":"en","title":"Don’t be fooled — inflation is a big risk for stock market investors. Here’s how to prepare<blockquote>不要被愚弄了——通货膨胀对股市投资者来说是一个很大的风险。以下是如何准备</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1118102755","media":"MarketWatch","summary":"Michael Brush advises on how you can avoid making mistakes as bond yields rise and the central bank ","content":"<p>  <b>Michael Brush advises on how you can avoid making mistakes as bond yields rise and the central bank reduces its stimulus.</b>  Don’t be fooled by the placid response to the highest inflation rate in over a decade. Inflation will remain elevated enough to shake up the stock market, possibly causing a selloff as much as 15%. You need to prepare now.</p><p><blockquote><b>迈克尔·布拉什(Michael Brush)就如何在债券收益率上升和央行减少刺激措施时避免犯错误提出了建议。</b>不要被对十多年来最高通胀率的平静反应所迷惑。通胀将保持在足以撼动股市的高位，可能导致高达15%的抛售。你现在需要准备。</blockquote></p><p> The reason: Persistently high inflation will move the 10-year Treasury yield to 2% and get the Federal Reserve to start tapering its stimulus by the end of the year. Both will rattle the stock market.</p><p><blockquote>原因是：持续的高通胀将使10年期国债收益率升至2%，并让美联储在年底前开始缩减刺激措施。两者都会扰乱股市。</blockquote></p><p> The government said June 10 that the cost of living surged in May and drove the pace of inflation to a 13-year high of 5%.</p><p><blockquote>政府6月10日表示，5月份生活成本飙升，推动通胀率升至5%的13年高点。</blockquote></p><p> What should you do? Probably the opposite of what you are thinking. Before we get to that, here is a look at the two key events for stocks — in the bond market and at the Fed — between today and the end of the year.</p><p><blockquote>你该怎么办？可能和你想的正好相反。在我们讨论这个问题之前，我们先来看看从今天到年底之间股市的两个关键事件——债券市场和美联储。</blockquote></p><p> <b>Rising yields</b></p><p><blockquote><b>收益率上升</b></blockquote></p><p> Remember how the stock market freaked out earlier this year when the 10-year Treasury yield TMUBMUSD10Y,1.452%&nbsp;moved up to around 1.7%? Well, expect a repeat. Only worse.</p><p><blockquote>还记得今年早些时候，当10年期国债收益率TMUBMUSD10Y, 1.452%升至1.7%左右时，股市是如何恐慌的吗？好吧，期待重演。只会更糟。</blockquote></p><p> “We suspect that inflation in the U.S. will prove more persistent than investors currently appear to anticipate,” says Capital Economics economist Franziska Palmas, citing the tight labor market and wage growth. Her research group puts the 10-year yield at 2.25% by the end of this year, and 2.5% by the end of 2022.</p><p><blockquote>凯投宏观(Capital Economics)经济学家弗兰齐斯卡·帕尔马斯(Franziska Palmas)以劳动力市场紧张和工资增长为由表示：“我们怀疑美国的通胀将比投资者目前预期的更加持久。”她的研究小组预计今年年底10年期国债收益率为2.25%，2022年底为2.5%。</blockquote></p><p> That’ll be a big move from the current level of 1.5%. Stock investors tend to panic when interest rates rise a lot.</p><p><blockquote>与目前1.5%的水平相比，这将是一个很大的变化。当利率大幅上升时，股票投资者往往会感到恐慌。</blockquote></p><p> <b>Fed tapering</b></p><p><blockquote><b>美联储缩减规模</b></blockquote></p><p> Fed Chairman Jerome Powell has downplayed the need for tapering the central bank’s bond purchases to keep yields low. But half of the 12 members of the Federal Open Market Committee&nbsp;(FOMC) have recently said they’re ready to start talking about tapering. The FOMC is the Fed branch that sets monetary policy.</p><p><blockquote>美联储主席鲍威尔淡化了央行缩减购债规模以保持低收益率的必要性。但联邦公开市场委员会（FOMC）12名成员中有一半最近表示，他们准备开始讨论缩减规模。FOMC是美联储制定货币政策的分支机构。</blockquote></p><p> “It will be increasingly hard for Powell to claim the economy needs to make ‘substantial further progress’ toward achieving maximum employment before the Fed starts talking about talking about tapering,” says Ed Yardeni, author of Predicting the Markets and head of Yardeni Research. Powell has repeatedly said the Fed is awaiting “substantial further progress” in the economy before terminating its stimulus.</p><p><blockquote>《预测市场》一书的作者兼亚德尼研究主管埃德·亚德尼(Ed Yardeni)表示：“在美联储开始谈论缩减规模之前，鲍威尔越来越难以声称经济需要在实现最大就业方面取得‘实质性的进一步进展’。”鲍威尔多次表示，美联储正在等待经济取得“实质性的进一步进展”，然后再终止刺激措施。</blockquote></p><p> “Given the performance of the economy, it is reasonable to expect they will start to taper before end of year, and a few months later they will start to raise the federal funds rate,” predicts Yardeni.</p><p><blockquote>亚德尼预测：“鉴于经济表现，有理由预计他们将在年底前开始缩减规模，几个月后他们将开始提高联邦基金利率。”</blockquote></p><p> He thinks the Fed will announce a decision to start tapering in its July meeting. Tapering refers to a reduction in bond purchases by the Fed. This tightens the money supply to put the brakes on growth. Once purchases go to zero, the Fed moves on to cutting rates.</p><p><blockquote>他认为美联储将在7月会议上宣布开始缩减规模的决定。Tapering是指美联储缩减购债规模。这收紧了货币供应，抑制了经济增长。一旦购买量降至零，美联储就会继续降息。</blockquote></p><p> As we know, tapering causes a “taper tantrum” in the stock market, meaning a sharp selloff in indices like the S&amp;P 500 SPX,+0.19%,&nbsp;the Dow Jones Industrial Average DJIA,+0.04%&nbsp;and Nasdaq COMP,+0.35%.</p><p><blockquote>众所周知，缩减规模会导致股市出现“缩减恐慌”，这意味着标普500 SPX指数+0.19%、道琼斯工业平均指数道琼斯指数+0.04%和纳斯达克综合指数+0.35%等指数大幅抛售。</blockquote></p><p> <b>How to prepare</b></p><p><blockquote><b>如何准备</b></blockquote></p><p> When considering how to position for the probable selloff caused by rising bond yields and Fed tightening, the key things to remember is why these things are happening in the first place, and what history tells us about how stocks behave.</p><p><blockquote>在考虑如何为债券收益率上升和美联储紧缩政策可能引发的抛售做好准备时，要记住的关键事情是为什么会发生这些事情，以及历史告诉我们股票的表现。</blockquote></p><p> The consensus view is that tapering and rising bond yields kill off economic growth and the bull market in stocks. But this isn’t actually true.</p><p><blockquote>人们普遍认为，缩减购债规模和债券收益率上升会扼杀经济增长和股市牛市。但这实际上不是真的。</blockquote></p><p> Yes, initially, tightening can make stocks fall — or churn sideways, at best. But then stocks shake it off and move higher as the bull market continues. This makes sense, because the tightening is happening for good reasons that help companies — strong economic growth. This pushes earnings a lot higher, which resets valuations lower — back down to levels investors feel comfortable with.</p><p><blockquote>是的，最初，紧缩可能会导致股市下跌——或者充其量是横盘震荡。但随着牛市的持续，股市摆脱了这一局面并走高。这是有道理的，因为紧缩的发生是有帮助企业的充分理由的——强劲的经济增长。这大幅推高了盈利，从而将估值重置为较低——回落到投资者感到满意的水平。</blockquote></p><p> “Tapering is part and parcel of a recovery,” says Leuthold market strategist Jim Paulsen. “It is a response to successful policy and a rebound in the economy. It is a natural part of the bull market that allows the market to go higher. It’s a healthy development.”</p><p><blockquote>Leuthold市场策略师吉姆·保尔森(Jim Paulsen)表示：“缩减规模是复苏的重要组成部分。”“这是对成功政策和经济反弹的回应。这是牛市的自然组成部分，允许市场走高。这是一种健康的发展。”</blockquote></p><p> Looking through all the market fireworks that may lie ahead, Paulsen thinks underlying economic growth will push S&amp;P 500 earnings up to $220 by the end of the year. Assuming the S&amp;P 500 is at current levels or a little bit lower, that would bring the index’s price-to-earnings (P/E) ratio down to 18-19 — which is near or below the average since 1990. “That sets up the next leg of the bull market,” he says.</p><p><blockquote>纵观未来可能出现的所有市场亮点，保尔森认为潜在的经济增长将推动标普500的盈利在年底前达到220美元。假设标普500处于当前水平或略低，这将使该指数的市盈率(P/E)降至18-19——接近或低于1990年以来的平均水平。“这为牛市的下一阶段奠定了基础，”他说。</blockquote></p><p> <b>Your five-point game plan</b></p><p><blockquote><b>你的五点游戏计划</b></blockquote></p><p> <b>1. Do not go to “defensives”</b></p><p><blockquote><b>1.不要去“防御性”</b></blockquote></p><p></p><p> When people see stock market turbulence, the knee-jerk reaction is to go for the “stability” of defensive names like utilities and consumer staples. But that would be a mistake. You want to go to defensives when the economy is slowing or contracting, not when it is strong. Another problem is that defensive names pay yield. So, like bonds, they get hit by rising interest rates, which devalue dividends — and dividend-paying stocks and bonds.</p><p><blockquote>当人们看到股市动荡时，下意识的反应是追求公用事业和必需消费品等防御性股票的“稳定性”。但那将是一个错误。当经济放缓或收缩时，你想采取防御措施，而不是当经济强劲时。另一个问题是防御性名称需要支付收益。因此，与债券一样，它们也会受到利率上升的打击，利率上升会使股息以及支付股息的股票和债券贬值。</blockquote></p><p> “The best way to protect yourself is to tie your portfolio to the overheated economy. That is where the best profit growth and profit leverage is,” says Paulsen. “You do not get that with defensives.”</p><p><blockquote>“保护自己的最佳方式是将您的投资组合与过热的经济挂钩。这是最佳利润增长和利润杠杆的地方，”保尔森说。“防御性药物是不会有这种感觉的。”</blockquote></p><p> <b>2. Go with companies that benefit from growth</b></p><p><blockquote><b>2.与受益于增长的公司同行</b></blockquote></p><p> Since rapid economic growth is causing the tapering — and the growth is usually not killed off by tightening — stocks linked to growth typically are the best place to be. This means cyclicals like industrials, basic materials consumer names, small-caps and international stocks. “Slower growth consumer staples and utilities won’t keep up with growth areas of the market,” says Paulsen.</p><p><blockquote>由于快速的经济增长正在导致缩减规模——而且增长通常不会被紧缩扼杀——与增长相关的股票通常是最好的选择。这意味着周期性股票，如工业股、基础材料消费股、小盘股和国际股票。保尔森表示：“消费必需品和公用事业增长放缓将无法跟上市场增长领域的步伐。”</blockquote></p><p> I first suggested Lindblad Expeditions LIND,+0.17%&nbsp;and Cardlytics CDLX,+4.54%&nbsp;and in my stock letter, Brush Up on Stocks (the link to my site is in the bio, below) in September 2020 and November 2019. I still like and own both even though they are up 48% and 157% — or two to four times the S&amp;P 500. Recent insider buying confirms they are buys and holds around current levels. Plus, both are cyclical names. Cardlytics helps credit card companies understand customer buying patterns for marketing purposes. Lindblad offers specialized cruise adventures to exotic locales. Both benefit from economic growth that powers more consumer spending.</p><p><blockquote>我首先建议Lindblad Expeditions LIND，+0.17%和Cardlytics CDLX，+4.54%，并在我的股票信中，在2020年9月和2019年11月重温股票（我网站的链接在下面的简历中）。尽管它们的股价分别上涨了48%和157%，即标普500的两到四倍，但我仍然喜欢并拥有这两家公司。最近的内部买入证实了他们在当前水平附近买入并持有。另外，两者都是循环名称。Cardlytics帮助信用卡公司出于营销目的了解客户购买模式。Lindblad提供专门的异国情调的邮轮冒险。两者都受益于推动更多消费者支出的经济增长。</blockquote></p><p> <b>3. Do not get out of stocks</b></p><p><blockquote><b>3、不脱销库存</b></blockquote></p><p> If you think a selloff is coming, it might be tempting to try to get out of stocks right before that, to buy back after the weakness happens. But this is a lot harder than you think. In fact, it is almost impossible to get the timing right, say market veterans.</p><p><blockquote>如果您认为抛售即将到来，那么在此之前尝试卖出股票，并在疲软发生后回购股票可能很诱人。但这比你想象的要困难得多。市场资深人士表示，事实上，几乎不可能把握好时机。</blockquote></p><p> “You have to make two smart decisions,” says Yardeni. “You have to get out just before the correction and then you have to decide when to get back in. I don’t know of too many people that can do that consistently.”</p><p><blockquote>“你必须做出两个明智的决定，”亚德尼说。“你必须在修正之前退出，然后你必须决定何时重新加入。我不知道有多少人能始终如一地做到这一点。”</blockquote></p><p> Market timers often get out and don’t get back in, and they miss the next leg up. “You can get yourself into trouble trying to avoid the correction,” says Paulsen.</p><p><blockquote>市场计时器通常会退出，不会再回来，他们会错过下一轮上涨。“试图避免调整可能会给自己带来麻烦，”保尔森说。</blockquote></p><p> <b>4. Do not own bonds</b></p><p><blockquote><b>4.不持有债券</b></blockquote></p><p> Bond yields will be 2% or higher by the end of year. So don’t own bonds, whose prices fall when yields rise — unless you simply plan to hold to maturity to collect the income.</p><p><blockquote>到年底，债券收益率将达到2%或更高。因此，不要持有债券，当收益率上升时，债券的价格就会下跌——除非您只是计划持有至到期以收取收入。</blockquote></p><p> <b>5. Go with financials</b></p><p><blockquote><b>5.选择财务</b></blockquote></p><p> Strong economies typically make the yield curve more upward sloping, meaning that long-term interest rates on 10-year Treasuries rise a lot faster than short-term interest rates. Since banks borrow at the short end and lend at the long end, steepening yield curves help them.</p><p><blockquote>强劲的经济体通常会使收益率曲线更加向上倾斜，这意味着10年期国债的长期利率上升速度远快于短期利率。由于银行在短端借款，在长端放贷，陡峭的收益率曲线对它们有帮助。</blockquote></p><p> The strong economy will also help banks release reserves and lower provisions for loan losses, both of which can boost earnings, points out Yardeni. Both JPMorgan Chase JPM,-0.07%&nbsp;and Bank of America BAC,+0.41%&nbsp;are up over twice as much as the S&amp;P 500 since I suggested them in my stock letter last August. But they still look attractive. Recent pattern buying by smart insiders among smaller banks confirms the sector is still one to own, despite the strength over the past few quarters.</p><p><blockquote>亚德尼指出，强劲的经济还将帮助银行释放准备金并降低贷款损失准备金，这两者都可以提高收益。自从我去年8月在股票信中提出建议以来，摩根大通JPM(-0.07%)和美国银行BAC(+0.41%)的涨幅都是标普500的两倍多。但它们看起来仍然很有吸引力。小型银行中聪明的内部人士最近的买入模式证实，尽管过去几个季度表现强劲，但该行业仍然值得持有。</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>Don’t be fooled — inflation is a big risk for stock market investors. Here’s how to prepare<blockquote>不要被愚弄了——通货膨胀对股市投资者来说是一个很大的风险。以下是如何准备</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\">\nDon’t be fooled — inflation is a big risk for stock market investors. Here’s how to prepare<blockquote>不要被愚弄了——通货膨胀对股市投资者来说是一个很大的风险。以下是如何准备</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-06-12 11:39</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>Michael Brush advises on how you can avoid making mistakes as bond yields rise and the central bank reduces its stimulus.</b>  Don’t be fooled by the placid response to the highest inflation rate in over a decade. Inflation will remain elevated enough to shake up the stock market, possibly causing a selloff as much as 15%. You need to prepare now.</p><p><blockquote><b>迈克尔·布拉什(Michael Brush)就如何在债券收益率上升和央行减少刺激措施时避免犯错误提出了建议。</b>不要被对十多年来最高通胀率的平静反应所迷惑。通胀将保持在足以撼动股市的高位，可能导致高达15%的抛售。你现在需要准备。</blockquote></p><p> The reason: Persistently high inflation will move the 10-year Treasury yield to 2% and get the Federal Reserve to start tapering its stimulus by the end of the year. Both will rattle the stock market.</p><p><blockquote>原因是：持续的高通胀将使10年期国债收益率升至2%，并让美联储在年底前开始缩减刺激措施。两者都会扰乱股市。</blockquote></p><p> The government said June 10 that the cost of living surged in May and drove the pace of inflation to a 13-year high of 5%.</p><p><blockquote>政府6月10日表示，5月份生活成本飙升，推动通胀率升至5%的13年高点。</blockquote></p><p> What should you do? Probably the opposite of what you are thinking. Before we get to that, here is a look at the two key events for stocks — in the bond market and at the Fed — between today and the end of the year.</p><p><blockquote>你该怎么办？可能和你想的正好相反。在我们讨论这个问题之前，我们先来看看从今天到年底之间股市的两个关键事件——债券市场和美联储。</blockquote></p><p> <b>Rising yields</b></p><p><blockquote><b>收益率上升</b></blockquote></p><p> Remember how the stock market freaked out earlier this year when the 10-year Treasury yield TMUBMUSD10Y,1.452%&nbsp;moved up to around 1.7%? Well, expect a repeat. Only worse.</p><p><blockquote>还记得今年早些时候，当10年期国债收益率TMUBMUSD10Y, 1.452%升至1.7%左右时，股市是如何恐慌的吗？好吧，期待重演。只会更糟。</blockquote></p><p> “We suspect that inflation in the U.S. will prove more persistent than investors currently appear to anticipate,” says Capital Economics economist Franziska Palmas, citing the tight labor market and wage growth. Her research group puts the 10-year yield at 2.25% by the end of this year, and 2.5% by the end of 2022.</p><p><blockquote>凯投宏观(Capital Economics)经济学家弗兰齐斯卡·帕尔马斯(Franziska Palmas)以劳动力市场紧张和工资增长为由表示：“我们怀疑美国的通胀将比投资者目前预期的更加持久。”她的研究小组预计今年年底10年期国债收益率为2.25%，2022年底为2.5%。</blockquote></p><p> That’ll be a big move from the current level of 1.5%. Stock investors tend to panic when interest rates rise a lot.</p><p><blockquote>与目前1.5%的水平相比，这将是一个很大的变化。当利率大幅上升时，股票投资者往往会感到恐慌。</blockquote></p><p> <b>Fed tapering</b></p><p><blockquote><b>美联储缩减规模</b></blockquote></p><p> Fed Chairman Jerome Powell has downplayed the need for tapering the central bank’s bond purchases to keep yields low. But half of the 12 members of the Federal Open Market Committee&nbsp;(FOMC) have recently said they’re ready to start talking about tapering. The FOMC is the Fed branch that sets monetary policy.</p><p><blockquote>美联储主席鲍威尔淡化了央行缩减购债规模以保持低收益率的必要性。但联邦公开市场委员会（FOMC）12名成员中有一半最近表示，他们准备开始讨论缩减规模。FOMC是美联储制定货币政策的分支机构。</blockquote></p><p> “It will be increasingly hard for Powell to claim the economy needs to make ‘substantial further progress’ toward achieving maximum employment before the Fed starts talking about talking about tapering,” says Ed Yardeni, author of Predicting the Markets and head of Yardeni Research. Powell has repeatedly said the Fed is awaiting “substantial further progress” in the economy before terminating its stimulus.</p><p><blockquote>《预测市场》一书的作者兼亚德尼研究主管埃德·亚德尼(Ed Yardeni)表示：“在美联储开始谈论缩减规模之前，鲍威尔越来越难以声称经济需要在实现最大就业方面取得‘实质性的进一步进展’。”鲍威尔多次表示，美联储正在等待经济取得“实质性的进一步进展”，然后再终止刺激措施。</blockquote></p><p> “Given the performance of the economy, it is reasonable to expect they will start to taper before end of year, and a few months later they will start to raise the federal funds rate,” predicts Yardeni.</p><p><blockquote>亚德尼预测：“鉴于经济表现，有理由预计他们将在年底前开始缩减规模，几个月后他们将开始提高联邦基金利率。”</blockquote></p><p> He thinks the Fed will announce a decision to start tapering in its July meeting. Tapering refers to a reduction in bond purchases by the Fed. This tightens the money supply to put the brakes on growth. Once purchases go to zero, the Fed moves on to cutting rates.</p><p><blockquote>他认为美联储将在7月会议上宣布开始缩减规模的决定。Tapering是指美联储缩减购债规模。这收紧了货币供应，抑制了经济增长。一旦购买量降至零，美联储就会继续降息。</blockquote></p><p> As we know, tapering causes a “taper tantrum” in the stock market, meaning a sharp selloff in indices like the S&amp;P 500 SPX,+0.19%,&nbsp;the Dow Jones Industrial Average DJIA,+0.04%&nbsp;and Nasdaq COMP,+0.35%.</p><p><blockquote>众所周知，缩减规模会导致股市出现“缩减恐慌”，这意味着标普500 SPX指数+0.19%、道琼斯工业平均指数道琼斯指数+0.04%和纳斯达克综合指数+0.35%等指数大幅抛售。</blockquote></p><p> <b>How to prepare</b></p><p><blockquote><b>如何准备</b></blockquote></p><p> When considering how to position for the probable selloff caused by rising bond yields and Fed tightening, the key things to remember is why these things are happening in the first place, and what history tells us about how stocks behave.</p><p><blockquote>在考虑如何为债券收益率上升和美联储紧缩政策可能引发的抛售做好准备时，要记住的关键事情是为什么会发生这些事情，以及历史告诉我们股票的表现。</blockquote></p><p> The consensus view is that tapering and rising bond yields kill off economic growth and the bull market in stocks. But this isn’t actually true.</p><p><blockquote>人们普遍认为，缩减购债规模和债券收益率上升会扼杀经济增长和股市牛市。但这实际上不是真的。</blockquote></p><p> Yes, initially, tightening can make stocks fall — or churn sideways, at best. But then stocks shake it off and move higher as the bull market continues. This makes sense, because the tightening is happening for good reasons that help companies — strong economic growth. This pushes earnings a lot higher, which resets valuations lower — back down to levels investors feel comfortable with.</p><p><blockquote>是的，最初，紧缩可能会导致股市下跌——或者充其量是横盘震荡。但随着牛市的持续，股市摆脱了这一局面并走高。这是有道理的，因为紧缩的发生是有帮助企业的充分理由的——强劲的经济增长。这大幅推高了盈利，从而将估值重置为较低——回落到投资者感到满意的水平。</blockquote></p><p> “Tapering is part and parcel of a recovery,” says Leuthold market strategist Jim Paulsen. “It is a response to successful policy and a rebound in the economy. It is a natural part of the bull market that allows the market to go higher. It’s a healthy development.”</p><p><blockquote>Leuthold市场策略师吉姆·保尔森(Jim Paulsen)表示：“缩减规模是复苏的重要组成部分。”“这是对成功政策和经济反弹的回应。这是牛市的自然组成部分，允许市场走高。这是一种健康的发展。”</blockquote></p><p> Looking through all the market fireworks that may lie ahead, Paulsen thinks underlying economic growth will push S&amp;P 500 earnings up to $220 by the end of the year. Assuming the S&amp;P 500 is at current levels or a little bit lower, that would bring the index’s price-to-earnings (P/E) ratio down to 18-19 — which is near or below the average since 1990. “That sets up the next leg of the bull market,” he says.</p><p><blockquote>纵观未来可能出现的所有市场亮点，保尔森认为潜在的经济增长将推动标普500的盈利在年底前达到220美元。假设标普500处于当前水平或略低，这将使该指数的市盈率(P/E)降至18-19——接近或低于1990年以来的平均水平。“这为牛市的下一阶段奠定了基础，”他说。</blockquote></p><p> <b>Your five-point game plan</b></p><p><blockquote><b>你的五点游戏计划</b></blockquote></p><p> <b>1. Do not go to “defensives”</b></p><p><blockquote><b>1.不要去“防御性”</b></blockquote></p><p></p><p> When people see stock market turbulence, the knee-jerk reaction is to go for the “stability” of defensive names like utilities and consumer staples. But that would be a mistake. You want to go to defensives when the economy is slowing or contracting, not when it is strong. Another problem is that defensive names pay yield. So, like bonds, they get hit by rising interest rates, which devalue dividends — and dividend-paying stocks and bonds.</p><p><blockquote>当人们看到股市动荡时，下意识的反应是追求公用事业和必需消费品等防御性股票的“稳定性”。但那将是一个错误。当经济放缓或收缩时，你想采取防御措施，而不是当经济强劲时。另一个问题是防御性名称需要支付收益。因此，与债券一样，它们也会受到利率上升的打击，利率上升会使股息以及支付股息的股票和债券贬值。</blockquote></p><p> “The best way to protect yourself is to tie your portfolio to the overheated economy. That is where the best profit growth and profit leverage is,” says Paulsen. “You do not get that with defensives.”</p><p><blockquote>“保护自己的最佳方式是将您的投资组合与过热的经济挂钩。这是最佳利润增长和利润杠杆的地方，”保尔森说。“防御性药物是不会有这种感觉的。”</blockquote></p><p> <b>2. Go with companies that benefit from growth</b></p><p><blockquote><b>2.与受益于增长的公司同行</b></blockquote></p><p> Since rapid economic growth is causing the tapering — and the growth is usually not killed off by tightening — stocks linked to growth typically are the best place to be. This means cyclicals like industrials, basic materials consumer names, small-caps and international stocks. “Slower growth consumer staples and utilities won’t keep up with growth areas of the market,” says Paulsen.</p><p><blockquote>由于快速的经济增长正在导致缩减规模——而且增长通常不会被紧缩扼杀——与增长相关的股票通常是最好的选择。这意味着周期性股票，如工业股、基础材料消费股、小盘股和国际股票。保尔森表示：“消费必需品和公用事业增长放缓将无法跟上市场增长领域的步伐。”</blockquote></p><p> I first suggested Lindblad Expeditions LIND,+0.17%&nbsp;and Cardlytics CDLX,+4.54%&nbsp;and in my stock letter, Brush Up on Stocks (the link to my site is in the bio, below) in September 2020 and November 2019. I still like and own both even though they are up 48% and 157% — or two to four times the S&amp;P 500. Recent insider buying confirms they are buys and holds around current levels. Plus, both are cyclical names. Cardlytics helps credit card companies understand customer buying patterns for marketing purposes. Lindblad offers specialized cruise adventures to exotic locales. Both benefit from economic growth that powers more consumer spending.</p><p><blockquote>我首先建议Lindblad Expeditions LIND，+0.17%和Cardlytics CDLX，+4.54%，并在我的股票信中，在2020年9月和2019年11月重温股票（我网站的链接在下面的简历中）。尽管它们的股价分别上涨了48%和157%，即标普500的两到四倍，但我仍然喜欢并拥有这两家公司。最近的内部买入证实了他们在当前水平附近买入并持有。另外，两者都是循环名称。Cardlytics帮助信用卡公司出于营销目的了解客户购买模式。Lindblad提供专门的异国情调的邮轮冒险。两者都受益于推动更多消费者支出的经济增长。</blockquote></p><p> <b>3. Do not get out of stocks</b></p><p><blockquote><b>3、不脱销库存</b></blockquote></p><p> If you think a selloff is coming, it might be tempting to try to get out of stocks right before that, to buy back after the weakness happens. But this is a lot harder than you think. In fact, it is almost impossible to get the timing right, say market veterans.</p><p><blockquote>如果您认为抛售即将到来，那么在此之前尝试卖出股票，并在疲软发生后回购股票可能很诱人。但这比你想象的要困难得多。市场资深人士表示，事实上，几乎不可能把握好时机。</blockquote></p><p> “You have to make two smart decisions,” says Yardeni. “You have to get out just before the correction and then you have to decide when to get back in. I don’t know of too many people that can do that consistently.”</p><p><blockquote>“你必须做出两个明智的决定，”亚德尼说。“你必须在修正之前退出，然后你必须决定何时重新加入。我不知道有多少人能始终如一地做到这一点。”</blockquote></p><p> Market timers often get out and don’t get back in, and they miss the next leg up. “You can get yourself into trouble trying to avoid the correction,” says Paulsen.</p><p><blockquote>市场计时器通常会退出，不会再回来，他们会错过下一轮上涨。“试图避免调整可能会给自己带来麻烦，”保尔森说。</blockquote></p><p> <b>4. Do not own bonds</b></p><p><blockquote><b>4.不持有债券</b></blockquote></p><p> Bond yields will be 2% or higher by the end of year. So don’t own bonds, whose prices fall when yields rise — unless you simply plan to hold to maturity to collect the income.</p><p><blockquote>到年底，债券收益率将达到2%或更高。因此，不要持有债券，当收益率上升时，债券的价格就会下跌——除非您只是计划持有至到期以收取收入。</blockquote></p><p> <b>5. Go with financials</b></p><p><blockquote><b>5.选择财务</b></blockquote></p><p> Strong economies typically make the yield curve more upward sloping, meaning that long-term interest rates on 10-year Treasuries rise a lot faster than short-term interest rates. Since banks borrow at the short end and lend at the long end, steepening yield curves help them.</p><p><blockquote>强劲的经济体通常会使收益率曲线更加向上倾斜，这意味着10年期国债的长期利率上升速度远快于短期利率。由于银行在短端借款，在长端放贷，陡峭的收益率曲线对它们有帮助。</blockquote></p><p> The strong economy will also help banks release reserves and lower provisions for loan losses, both of which can boost earnings, points out Yardeni. Both JPMorgan Chase JPM,-0.07%&nbsp;and Bank of America BAC,+0.41%&nbsp;are up over twice as much as the S&amp;P 500 since I suggested them in my stock letter last August. But they still look attractive. Recent pattern buying by smart insiders among smaller banks confirms the sector is still one to own, despite the strength over the past few quarters.</p><p><blockquote>亚德尼指出，强劲的经济还将帮助银行释放准备金并降低贷款损失准备金，这两者都可以提高收益。自从我去年8月在股票信中提出建议以来，摩根大通JPM(-0.07%)和美国银行BAC(+0.41%)的涨幅都是标普500的两倍多。但它们看起来仍然很有吸引力。小型银行中聪明的内部人士最近的买入模式证实，尽管过去几个季度表现强劲，但该行业仍然值得持有。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/dont-be-fooled-inflation-is-a-big-risk-for-stock-market-investors-heres-how-to-prepare-11623421036?siteid=yhoof2\">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":{"SPY":"标普500ETF",".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://www.marketwatch.com/story/dont-be-fooled-inflation-is-a-big-risk-for-stock-market-investors-heres-how-to-prepare-11623421036?siteid=yhoof2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1118102755","content_text":"Michael Brush advises on how you can avoid making mistakes as bond yields rise and the central bank reduces its stimulus.\n\nDon’t be fooled by the placid response to the highest inflation rate in over a decade. Inflation will remain elevated enough to shake up the stock market, possibly causing a selloff as much as 15%. You need to prepare now.\nThe reason: Persistently high inflation will move the 10-year Treasury yield to 2% and get the Federal Reserve to start tapering its stimulus by the end of the year. Both will rattle the stock market.\nThe government said June 10 that the cost of living surged in May and drove the pace of inflation to a 13-year high of 5%.\nWhat should you do? Probably the opposite of what you are thinking. Before we get to that, here is a look at the two key events for stocks — in the bond market and at the Fed — between today and the end of the year.\nRising yields\nRemember how the stock market freaked out earlier this year when the 10-year Treasury yield TMUBMUSD10Y,1.452% moved up to around 1.7%? Well, expect a repeat. Only worse.\n“We suspect that inflation in the U.S. will prove more persistent than investors currently appear to anticipate,” says Capital Economics economist Franziska Palmas, citing the tight labor market and wage growth. Her research group puts the 10-year yield at 2.25% by the end of this year, and 2.5% by the end of 2022.\nThat’ll be a big move from the current level of 1.5%. Stock investors tend to panic when interest rates rise a lot.\nFed tapering\nFed Chairman Jerome Powell has downplayed the need for tapering the central bank’s bond purchases to keep yields low. But half of the 12 members of the Federal Open Market Committee (FOMC) have recently said they’re ready to start talking about tapering. The FOMC is the Fed branch that sets monetary policy.\n“It will be increasingly hard for Powell to claim the economy needs to make ‘substantial further progress’ toward achieving maximum employment before the Fed starts talking about talking about tapering,” says Ed Yardeni, author of Predicting the Markets and head of Yardeni Research. Powell has repeatedly said the Fed is awaiting “substantial further progress” in the economy before terminating its stimulus.\n“Given the performance of the economy, it is reasonable to expect they will start to taper before end of year, and a few months later they will start to raise the federal funds rate,” predicts Yardeni.\nHe thinks the Fed will announce a decision to start tapering in its July meeting. Tapering refers to a reduction in bond purchases by the Fed. This tightens the money supply to put the brakes on growth. Once purchases go to zero, the Fed moves on to cutting rates.\nAs we know, tapering causes a “taper tantrum” in the stock market, meaning a sharp selloff in indices like the S&P 500 SPX,+0.19%, the Dow Jones Industrial Average DJIA,+0.04% and Nasdaq COMP,+0.35%.\nHow to prepare\nWhen considering how to position for the probable selloff caused by rising bond yields and Fed tightening, the key things to remember is why these things are happening in the first place, and what history tells us about how stocks behave.\nThe consensus view is that tapering and rising bond yields kill off economic growth and the bull market in stocks. But this isn’t actually true.\nYes, initially, tightening can make stocks fall — or churn sideways, at best. But then stocks shake it off and move higher as the bull market continues. This makes sense, because the tightening is happening for good reasons that help companies — strong economic growth. This pushes earnings a lot higher, which resets valuations lower — back down to levels investors feel comfortable with.\n“Tapering is part and parcel of a recovery,” says Leuthold market strategist Jim Paulsen. “It is a response to successful policy and a rebound in the economy. It is a natural part of the bull market that allows the market to go higher. It’s a healthy development.”\nLooking through all the market fireworks that may lie ahead, Paulsen thinks underlying economic growth will push S&P 500 earnings up to $220 by the end of the year. Assuming the S&P 500 is at current levels or a little bit lower, that would bring the index’s price-to-earnings (P/E) ratio down to 18-19 — which is near or below the average since 1990. “That sets up the next leg of the bull market,” he says.\nYour five-point game plan\n1. Do not go to “defensives”\nWhen people see stock market turbulence, the knee-jerk reaction is to go for the “stability” of defensive names like utilities and consumer staples. But that would be a mistake. You want to go to defensives when the economy is slowing or contracting, not when it is strong. Another problem is that defensive names pay yield. So, like bonds, they get hit by rising interest rates, which devalue dividends — and dividend-paying stocks and bonds.\n“The best way to protect yourself is to tie your portfolio to the overheated economy. That is where the best profit growth and profit leverage is,” says Paulsen. “You do not get that with defensives.”\n2. Go with companies that benefit from growth\nSince rapid economic growth is causing the tapering — and the growth is usually not killed off by tightening — stocks linked to growth typically are the best place to be. This means cyclicals like industrials, basic materials consumer names, small-caps and international stocks. “Slower growth consumer staples and utilities won’t keep up with growth areas of the market,” says Paulsen.\nI first suggested Lindblad Expeditions LIND,+0.17% and Cardlytics CDLX,+4.54% and in my stock letter, Brush Up on Stocks (the link to my site is in the bio, below) in September 2020 and November 2019. I still like and own both even though they are up 48% and 157% — or two to four times the S&P 500. Recent insider buying confirms they are buys and holds around current levels. Plus, both are cyclical names. Cardlytics helps credit card companies understand customer buying patterns for marketing purposes. Lindblad offers specialized cruise adventures to exotic locales. Both benefit from economic growth that powers more consumer spending.\n3. Do not get out of stocks\nIf you think a selloff is coming, it might be tempting to try to get out of stocks right before that, to buy back after the weakness happens. But this is a lot harder than you think. In fact, it is almost impossible to get the timing right, say market veterans.\n“You have to make two smart decisions,” says Yardeni. “You have to get out just before the correction and then you have to decide when to get back in. I don’t know of too many people that can do that consistently.”\nMarket timers often get out and don’t get back in, and they miss the next leg up. “You can get yourself into trouble trying to avoid the correction,” says Paulsen.\n4. Do not own bonds\nBond yields will be 2% or higher by the end of year. So don’t own bonds, whose prices fall when yields rise — unless you simply plan to hold to maturity to collect the income.\n5. Go with financials\nStrong economies typically make the yield curve more upward sloping, meaning that long-term interest rates on 10-year Treasuries rise a lot faster than short-term interest rates. Since banks borrow at the short end and lend at the long end, steepening yield curves help them.\nThe strong economy will also help banks release reserves and lower provisions for loan losses, both of which can boost earnings, points out Yardeni. Both JPMorgan Chase JPM,-0.07% and Bank of America BAC,+0.41% are up over twice as much as the S&P 500 since I suggested them in my stock letter last August. But they still look attractive. Recent pattern buying by smart insiders among smaller banks confirms the sector is still one to own, despite the strength over the past few quarters.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":432,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":186809659,"gmtCreate":1623481844571,"gmtModify":1634032515354,"author":{"id":"3576031533816126","authorId":"3576031533816126","name":"kukuniao","avatar":"https://static.tigerbbs.com/e2bcc0cf2ff759243bcb5c9d5662d212","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576031533816126","idStr":"3576031533816126"},"themes":[],"htmlText":"Meme to the moon","listText":"Meme to the moon","text":"Meme to the moon","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/186809659","repostId":"1104635261","repostType":4,"repost":{"id":"1104635261","kind":"news","pubTimestamp":1623470020,"share":"https://www.laohu8.com/m/news/1104635261?lang=zh_CN&edition=full","pubTime":"2021-06-12 11:53","market":"us","language":"en","title":"AMC Bet by Hedge Fund Unravels Thanks to Meme-Stock Traders<blockquote>对冲基金对AMC的押注因模因股票交易员而瓦解</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1104635261","media":"The Wall Street Journal","summary":"Losses by Mudrick Capital show the risks of exposure to meme stocks.\n\nA multipronged bet onAMC Enter","content":"<p>  <b>Losses by Mudrick Capital show the risks of exposure to meme stocks.</b>  A multipronged bet onAMC Entertainment HoldingsInc.AMC15.39%boomeranged this month on Mudrick Capital Management LP, the latest hedge fund to fall victim to swarming day traders.</p><p><blockquote><b>Mudrick Capital的亏损显示了投资模因股票的风险。</b>本月，对AMC Entertainment HoldingsINC.AMC 15.39%的多管齐下的押注在Mudrick Capital Management LP上适得其反，Mudrick Capital Management LP是最新一家成为大量日内交易者受害者的对冲基金。</blockquote></p><p> Mudrick’s flagship fund lost about 10% in just a few days as a jump in AMC’s stock price unexpectedly triggered changes in the value of derivatives the fund held as part of a complex trading strategy, people familiar with the matter said.</p><p><blockquote>知情人士称，穆德里克的旗舰基金在短短几天内损失了约10%，因为AMC股价的上涨意外引发了该基金作为复杂交易策略一部分持有的衍生品价值的变化。</blockquote></p><p> The setback comes months after a group of traders organizing on social media helped send the price ofGameStopCorp.GME5.88%and other stocks soaring in January, well beyond many investors’ views of underlying fundamentals.</p><p><blockquote>几个月前，一群在社交媒体上组织的交易员帮助GameStopCorp.GME5.88%和其他股票的价格在1月份飙升，远远超出了许多投资者对基本面的看法。</blockquote></p><p> The development prompted many hedge funds to slash their exposure to meme stocks. Mudrick Capital’s losses highlight how risky retaining significant exposure to such companies can be—even backfiring on a hedge-fund manager who was mostly in sync with the bullishness of individual investors.</p><p><blockquote>这一事态发展促使许多对冲基金削减了对模因股票的投资。Mudrick Capital的损失凸显了保留对此类公司的大量投资的风险有多大，甚至会对一位与个人投资者的看涨情绪基本同步的对冲基金经理产生适得其反的影响。</blockquote></p><p> Jason Mudrick, the firm’s founder, had been trading AMC stock, options and bonds for months, surfing a surge of enthusiasm for the theater chain among individual investors. But he also sold call options, derivative contracts meant to hedge the fund’s exposure to AMC should the stock price founder. Those derivative contracts, which gave its buyers the right to buy AMC stock from Mudrick at roughly $40 in the future, ballooned into liabilities when a resurgence ofReddit-fueled buyingrecently pushed AMC’s stock to new records, the people said.</p><p><blockquote>该公司创始人杰森·穆德里克(Jason Mudrick)几个月来一直在交易AMC股票、期权和债券，个人投资者对这家连锁影院的热情高涨。但他也出售了看涨期权期权，这是一种衍生品合约，旨在对冲该基金在股价下跌时对AMC的敞口。知情人士称，这些衍生品合约赋予买家未来以约40美元的价格从Mudrick购买AMC股票的权利，但当Reddit推动的购买热潮最近将AMC股票推至新纪录时，这些衍生品合约就变成了负债。</blockquote></p><p> As part of the broader AMC strategy, executives at Mudrick Capital were in talks with AMC to buy additional shares from the company in late May. On June 1, AMC disclosed that Mudrick Capital had agreed to buy $230.5 million of new stock directly from the company at $27.12 apiece, a premium over where it was then trading.</p><p><blockquote>作为更广泛的AMC战略的一部分，Mudrick Capital的高管正在与AMC就购买该公司的额外股票进行谈判。6月1日，AMC披露，Mudrick Capital已同意以每股27.12美元的价格直接从该公司购买2.305亿美元的新股，高于当时的交易价格。</blockquote></p><p> Mudrick immediately sold the stock at a profit, a quick flip that was reported by Bloomberg News and that sparked backlash on social media.</p><p><blockquote>穆德里克立即出售了该股票并获利，彭博新闻报道了这一快速抛售，并在社交媒体上引发了强烈反对。</blockquote></p><p> “Mudrick didn’t stab AMC in the back…They shot themselves in the foot,” read one post on Reddit’s Wall Street Bets forum on June 1. Other posts around that time referenced Mudrick as “losers,” “scum bags” and “a large waving pile of s—t with no future.” Members of the forum urged each other to buy and hold.</p><p><blockquote>6月1日，Reddit华尔街博彩论坛上的一篇帖子写道：“穆德里克没有在背后捅AMC一刀……他们是搬起石头砸自己的脚。”当时的其他帖子称穆德里克为“失败者”、“人渣”和“一大堆没有未来的挥舞着的S-T”。论坛成员互相催促买入并持有。</blockquote></p><p> Inside Mudrick, executives were growing apprehensive as the AMC rally gained steam. The firm’s risk committee met on the evening of June 1 after the stock closed at $32 and decided to exit all debt and derivative positions the following day.</p><p><blockquote>随着AMC反弹势头增强，穆德里克内部的高管们越来越感到担忧。该公司的风险委员会于6月1日晚在该股收于32美元后召开会议，并决定在第二天退出所有债务和衍生品头寸。</blockquote></p><p> It was a day too late.</p><p><blockquote>晚了一天。</blockquote></p><p> AMC’s stock price blew past $40in a matter of hours June 2, hitting an intraday high of $72.62.Call option prices soaredamid a frenzy of trading that Mudrick Capital contributed to and, by the end of the week, the winning trade had turned into a bust, costing the fund hundreds of millions of dollars in losses. Mudrick Capital made a roughly 5% return on the debt it sold but after accounting for its options trade, the fund took a net loss of about 5.4% on AMC.</p><p><blockquote>6月2日，AMC股价在几个小时内突破40美元，触及72.62美元的盘中高点。在穆德里克资本促成的疯狂交易中，看涨期权期权价格飙升，到本周末，获胜的交易变成了失败，使该基金损失了数亿美元。Mudrick Capital出售的债务回报率约为5%，但考虑到期权交易后，该基金在AMC上的净亏损约为5.4%。</blockquote></p><p> Mr. Mudrick’s fund is still up about 12% for the year, one of the people said. Meanwhile, investors who bought AMC stock at the start of the year and held on have gained about 2000%.</p><p><blockquote>其中一位知情人士表示，穆德里克的基金今年仍上涨了约12%。与此同时，年初购买AMC股票并持有的投资者已上涨约2000%。</blockquote></p><p> The impact of social media-fueled day traders has become a defining market development this year, costing top hedge funds billions of dollars in losses, sparking a congressional hearing anddrawing scrutinyfrom the U.S. Securities and Exchange Commission. More hedge funds now track individual investors’ sentiment on social media and pay greater attention to companies with smaller market values whose stock price may be more susceptible to the enthusiasms of individual investors.</p><p><blockquote>社交媒体推动的日内交易者的影响已成为今年市场的决定性发展，导致顶级对冲基金损失数十亿美元，引发国会听证会并受到美国证券交易委员会的审查。更多的对冲基金现在跟踪个人投资者在社交媒体上的情绪，更加关注市值较小的公司，这些公司的股价可能更容易受到个人投资者热情的影响。</blockquote></p><p> Mr. Mudrick specializes in distressed debt investing, often lending to troubled companies at high interest rates or swapping their existing debt for equity in bankruptcy court. Mudrick manages about $3.5 billion in investments firmwide and holds large, illiquid stakes in E-cigarette maker NJOY Holdings Inc. and satellite communications companyGlobalstarInc.from such exchanges. The flagship fund reported returns of about 17% annually from 2018 to 2020, according to data from HSBC Alternative Investment Group.</p><p><blockquote>穆德里克先生专门从事不良债务投资，经常以高利率向陷入困境的公司提供贷款，或者在破产法庭上将其现有债务换成股权。Mudrick管理着全公司约35亿美元的投资，并通过此类交易所持有电子烟制造商NJOY Holdings Inc.和卫星通信公司GlobalStarInc.的大量非流动性股份。汇丰另类投资集团的数据显示，2018年至2020年，该旗舰基金的年回报率约为17%。</blockquote></p><p> But distressed investing opportunities have grownharder to findas easy money from the Federal Reserve has given even struggling companies open access to debt markets. Mr. Mudrick has explored other strategies, launching several special-purpose acquisition companiesand, in the case of AMC, ultimately buying stock in block trades.</p><p><blockquote>但由于美联储的宽松资金甚至为陷入困境的公司提供了进入债务市场的机会，因此陷入困境的投资机会变得越来越难找到。穆德里克先生还探索了其他策略，成立了几家特殊目的收购公司，就AMC而言，最终通过大宗交易购买股票。</blockquote></p><p></p><p> Mr. Mudrick initially applied his typical playbook to AMC, buying bonds for as little as 20 cents on the dollar,lending the company $100 millionin December and swapping some bonds into new shares. Theater attendance, already under pressure, had disappeared almost entirely amid Covid-19 pandemic lockdowns, and AMC stock traded as low as $2. He reasoned that consumers would regain their appetite for big-screen entertainment this year as more Americans got vaccinated.</p><p><blockquote>穆德里克最初将他的典型策略应用于AMC，以低至20美分的价格购买债券，在12月向该公司借出1亿美元，并将部分债券换成新股。在Covid-19大流行封锁期间，已经面临压力的影院上座率几乎完全消失，AMC股票交易价格低至2美元。他推断，随着越来越多的美国人接种疫苗，消费者今年将恢复对大屏幕娱乐的兴趣。</blockquote></p><p> Day traders took theirfirst run at AMC in late January, urging each other on with the social-media rallying cry of #SaveAMC and briefly lifting the stock to around $20. AMC’s rising equity value boosted debt prices—one bond Mudrick Capital owned doubled within a week—quickly rewarding Mr. Mudrick’s bullishness. AMC capitalized on its surging stock priceto raise nearly $1 billion in new financingin late January, enabling it to ward off a previously expected bankruptcy filing.</p><p><blockquote>1月下旬，日内交易者首次在AMC进行了交易，在社交媒体上高呼#SaveAMC，并短暂将该股推升至20美元左右。AMC不断上涨的股票价值推高了债务价格——Mudrick Capital持有的一只债券在一周内翻了一番——很快就回报了Mudrick先生的看涨情绪。AMC利用其飙升的股价在1月底筹集了近10亿美元的新融资，使其能够避免此前预期的破产申请。</blockquote></p><p> Around that time, Mr. Mudrick sold call options on AMC stock, producing immediate income to offset potential losses if the theater chain did face problems. The derivatives gave buyers the option to buy AMC shares from Mudrick Capital for about $40—viewed as a seeming improbability when the stock was trading below $10.</p><p><blockquote>大约在那个时候，穆德里克先生出售了AMC股票的看涨期权期权，如果连锁影院确实面临问题，可以立即产生收入来抵消潜在的损失。这些衍生品让买家可以选择以约40美元的价格从Mudrick Capital购买AMC股票——当该股交易价格低于10美元时，这似乎不太可能。</blockquote></p><p> Mr. Mudrick remained in contact with AMC Chief Executive Adam Aron about providing additional funding, leading to his recent share purchase. But he kept the derivative contracts outstanding as an insurance policy, one of the people familiar with the matter said.</p><p><blockquote>穆德里克先生与AMC首席执行官亚当·阿伦(Adam Aron)就提供额外资金保持联系，导致他最近购买了股票。但一位知情人士表示，作为一项保险政策，他保留了衍生品合约。</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>AMC Bet by Hedge Fund Unravels Thanks to Meme-Stock Traders<blockquote>对冲基金对AMC的押注因模因股票交易员而瓦解</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\">\nAMC Bet by Hedge Fund Unravels Thanks to Meme-Stock Traders<blockquote>对冲基金对AMC的押注因模因股票交易员而瓦解</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Wall Street Journal</strong><span class=\"h-time small\">2021-06-12 11:53</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>Losses by Mudrick Capital show the risks of exposure to meme stocks.</b>  A multipronged bet onAMC Entertainment HoldingsInc.AMC15.39%boomeranged this month on Mudrick Capital Management LP, the latest hedge fund to fall victim to swarming day traders.</p><p><blockquote><b>Mudrick Capital的亏损显示了投资模因股票的风险。</b>本月，对AMC Entertainment HoldingsINC.AMC 15.39%的多管齐下的押注在Mudrick Capital Management LP上适得其反，Mudrick Capital Management LP是最新一家成为大量日内交易者受害者的对冲基金。</blockquote></p><p> Mudrick’s flagship fund lost about 10% in just a few days as a jump in AMC’s stock price unexpectedly triggered changes in the value of derivatives the fund held as part of a complex trading strategy, people familiar with the matter said.</p><p><blockquote>知情人士称，穆德里克的旗舰基金在短短几天内损失了约10%，因为AMC股价的上涨意外引发了该基金作为复杂交易策略一部分持有的衍生品价值的变化。</blockquote></p><p> The setback comes months after a group of traders organizing on social media helped send the price ofGameStopCorp.GME5.88%and other stocks soaring in January, well beyond many investors’ views of underlying fundamentals.</p><p><blockquote>几个月前，一群在社交媒体上组织的交易员帮助GameStopCorp.GME5.88%和其他股票的价格在1月份飙升，远远超出了许多投资者对基本面的看法。</blockquote></p><p> The development prompted many hedge funds to slash their exposure to meme stocks. Mudrick Capital’s losses highlight how risky retaining significant exposure to such companies can be—even backfiring on a hedge-fund manager who was mostly in sync with the bullishness of individual investors.</p><p><blockquote>这一事态发展促使许多对冲基金削减了对模因股票的投资。Mudrick Capital的损失凸显了保留对此类公司的大量投资的风险有多大，甚至会对一位与个人投资者的看涨情绪基本同步的对冲基金经理产生适得其反的影响。</blockquote></p><p> Jason Mudrick, the firm’s founder, had been trading AMC stock, options and bonds for months, surfing a surge of enthusiasm for the theater chain among individual investors. But he also sold call options, derivative contracts meant to hedge the fund’s exposure to AMC should the stock price founder. Those derivative contracts, which gave its buyers the right to buy AMC stock from Mudrick at roughly $40 in the future, ballooned into liabilities when a resurgence ofReddit-fueled buyingrecently pushed AMC’s stock to new records, the people said.</p><p><blockquote>该公司创始人杰森·穆德里克(Jason Mudrick)几个月来一直在交易AMC股票、期权和债券，个人投资者对这家连锁影院的热情高涨。但他也出售了看涨期权期权，这是一种衍生品合约，旨在对冲该基金在股价下跌时对AMC的敞口。知情人士称，这些衍生品合约赋予买家未来以约40美元的价格从Mudrick购买AMC股票的权利，但当Reddit推动的购买热潮最近将AMC股票推至新纪录时，这些衍生品合约就变成了负债。</blockquote></p><p> As part of the broader AMC strategy, executives at Mudrick Capital were in talks with AMC to buy additional shares from the company in late May. On June 1, AMC disclosed that Mudrick Capital had agreed to buy $230.5 million of new stock directly from the company at $27.12 apiece, a premium over where it was then trading.</p><p><blockquote>作为更广泛的AMC战略的一部分，Mudrick Capital的高管正在与AMC就购买该公司的额外股票进行谈判。6月1日，AMC披露，Mudrick Capital已同意以每股27.12美元的价格直接从该公司购买2.305亿美元的新股，高于当时的交易价格。</blockquote></p><p> Mudrick immediately sold the stock at a profit, a quick flip that was reported by Bloomberg News and that sparked backlash on social media.</p><p><blockquote>穆德里克立即出售了该股票并获利，彭博新闻报道了这一快速抛售，并在社交媒体上引发了强烈反对。</blockquote></p><p> “Mudrick didn’t stab AMC in the back…They shot themselves in the foot,” read one post on Reddit’s Wall Street Bets forum on June 1. Other posts around that time referenced Mudrick as “losers,” “scum bags” and “a large waving pile of s—t with no future.” Members of the forum urged each other to buy and hold.</p><p><blockquote>6月1日，Reddit华尔街博彩论坛上的一篇帖子写道：“穆德里克没有在背后捅AMC一刀……他们是搬起石头砸自己的脚。”当时的其他帖子称穆德里克为“失败者”、“人渣”和“一大堆没有未来的挥舞着的S-T”。论坛成员互相催促买入并持有。</blockquote></p><p> Inside Mudrick, executives were growing apprehensive as the AMC rally gained steam. The firm’s risk committee met on the evening of June 1 after the stock closed at $32 and decided to exit all debt and derivative positions the following day.</p><p><blockquote>随着AMC反弹势头增强，穆德里克内部的高管们越来越感到担忧。该公司的风险委员会于6月1日晚在该股收于32美元后召开会议，并决定在第二天退出所有债务和衍生品头寸。</blockquote></p><p> It was a day too late.</p><p><blockquote>晚了一天。</blockquote></p><p> AMC’s stock price blew past $40in a matter of hours June 2, hitting an intraday high of $72.62.Call option prices soaredamid a frenzy of trading that Mudrick Capital contributed to and, by the end of the week, the winning trade had turned into a bust, costing the fund hundreds of millions of dollars in losses. Mudrick Capital made a roughly 5% return on the debt it sold but after accounting for its options trade, the fund took a net loss of about 5.4% on AMC.</p><p><blockquote>6月2日，AMC股价在几个小时内突破40美元，触及72.62美元的盘中高点。在穆德里克资本促成的疯狂交易中，看涨期权期权价格飙升，到本周末，获胜的交易变成了失败，使该基金损失了数亿美元。Mudrick Capital出售的债务回报率约为5%，但考虑到期权交易后，该基金在AMC上的净亏损约为5.4%。</blockquote></p><p> Mr. Mudrick’s fund is still up about 12% for the year, one of the people said. Meanwhile, investors who bought AMC stock at the start of the year and held on have gained about 2000%.</p><p><blockquote>其中一位知情人士表示，穆德里克的基金今年仍上涨了约12%。与此同时，年初购买AMC股票并持有的投资者已上涨约2000%。</blockquote></p><p> The impact of social media-fueled day traders has become a defining market development this year, costing top hedge funds billions of dollars in losses, sparking a congressional hearing anddrawing scrutinyfrom the U.S. Securities and Exchange Commission. More hedge funds now track individual investors’ sentiment on social media and pay greater attention to companies with smaller market values whose stock price may be more susceptible to the enthusiasms of individual investors.</p><p><blockquote>社交媒体推动的日内交易者的影响已成为今年市场的决定性发展，导致顶级对冲基金损失数十亿美元，引发国会听证会并受到美国证券交易委员会的审查。更多的对冲基金现在跟踪个人投资者在社交媒体上的情绪，更加关注市值较小的公司，这些公司的股价可能更容易受到个人投资者热情的影响。</blockquote></p><p> Mr. Mudrick specializes in distressed debt investing, often lending to troubled companies at high interest rates or swapping their existing debt for equity in bankruptcy court. Mudrick manages about $3.5 billion in investments firmwide and holds large, illiquid stakes in E-cigarette maker NJOY Holdings Inc. and satellite communications companyGlobalstarInc.from such exchanges. The flagship fund reported returns of about 17% annually from 2018 to 2020, according to data from HSBC Alternative Investment Group.</p><p><blockquote>穆德里克先生专门从事不良债务投资，经常以高利率向陷入困境的公司提供贷款，或者在破产法庭上将其现有债务换成股权。Mudrick管理着全公司约35亿美元的投资，并通过此类交易所持有电子烟制造商NJOY Holdings Inc.和卫星通信公司GlobalStarInc.的大量非流动性股份。汇丰另类投资集团的数据显示，2018年至2020年，该旗舰基金的年回报率约为17%。</blockquote></p><p> But distressed investing opportunities have grownharder to findas easy money from the Federal Reserve has given even struggling companies open access to debt markets. Mr. Mudrick has explored other strategies, launching several special-purpose acquisition companiesand, in the case of AMC, ultimately buying stock in block trades.</p><p><blockquote>但由于美联储的宽松资金甚至为陷入困境的公司提供了进入债务市场的机会，因此陷入困境的投资机会变得越来越难找到。穆德里克先生还探索了其他策略，成立了几家特殊目的收购公司，就AMC而言，最终通过大宗交易购买股票。</blockquote></p><p></p><p> Mr. Mudrick initially applied his typical playbook to AMC, buying bonds for as little as 20 cents on the dollar,lending the company $100 millionin December and swapping some bonds into new shares. Theater attendance, already under pressure, had disappeared almost entirely amid Covid-19 pandemic lockdowns, and AMC stock traded as low as $2. He reasoned that consumers would regain their appetite for big-screen entertainment this year as more Americans got vaccinated.</p><p><blockquote>穆德里克最初将他的典型策略应用于AMC，以低至20美分的价格购买债券，在12月向该公司借出1亿美元，并将部分债券换成新股。在Covid-19大流行封锁期间，已经面临压力的影院上座率几乎完全消失，AMC股票交易价格低至2美元。他推断，随着越来越多的美国人接种疫苗，消费者今年将恢复对大屏幕娱乐的兴趣。</blockquote></p><p> Day traders took theirfirst run at AMC in late January, urging each other on with the social-media rallying cry of #SaveAMC and briefly lifting the stock to around $20. AMC’s rising equity value boosted debt prices—one bond Mudrick Capital owned doubled within a week—quickly rewarding Mr. Mudrick’s bullishness. AMC capitalized on its surging stock priceto raise nearly $1 billion in new financingin late January, enabling it to ward off a previously expected bankruptcy filing.</p><p><blockquote>1月下旬，日内交易者首次在AMC进行了交易，在社交媒体上高呼#SaveAMC，并短暂将该股推升至20美元左右。AMC不断上涨的股票价值推高了债务价格——Mudrick Capital持有的一只债券在一周内翻了一番——很快就回报了Mudrick先生的看涨情绪。AMC利用其飙升的股价在1月底筹集了近10亿美元的新融资，使其能够避免此前预期的破产申请。</blockquote></p><p> Around that time, Mr. Mudrick sold call options on AMC stock, producing immediate income to offset potential losses if the theater chain did face problems. The derivatives gave buyers the option to buy AMC shares from Mudrick Capital for about $40—viewed as a seeming improbability when the stock was trading below $10.</p><p><blockquote>大约在那个时候，穆德里克先生出售了AMC股票的看涨期权期权，如果连锁影院确实面临问题，可以立即产生收入来抵消潜在的损失。这些衍生品让买家可以选择以约40美元的价格从Mudrick Capital购买AMC股票——当该股交易价格低于10美元时，这似乎不太可能。</blockquote></p><p> Mr. Mudrick remained in contact with AMC Chief Executive Adam Aron about providing additional funding, leading to his recent share purchase. But he kept the derivative contracts outstanding as an insurance policy, one of the people familiar with the matter said.</p><p><blockquote>穆德里克先生与AMC首席执行官亚当·阿伦(Adam Aron)就提供额外资金保持联系，导致他最近购买了股票。但一位知情人士表示，作为一项保险政策，他保留了衍生品合约。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/amc-bet-by-hedge-fund-unravels-thanks-to-meme-stock-traders-11623431320?mod=markets_lead_pos2\">The Wall Street Journal</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMC":"AMC院线"},"source_url":"https://www.wsj.com/articles/amc-bet-by-hedge-fund-unravels-thanks-to-meme-stock-traders-11623431320?mod=markets_lead_pos2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1104635261","content_text":"Losses by Mudrick Capital show the risks of exposure to meme stocks.\n\nA multipronged bet onAMC Entertainment HoldingsInc.AMC15.39%boomeranged this month on Mudrick Capital Management LP, the latest hedge fund to fall victim to swarming day traders.\nMudrick’s flagship fund lost about 10% in just a few days as a jump in AMC’s stock price unexpectedly triggered changes in the value of derivatives the fund held as part of a complex trading strategy, people familiar with the matter said.\nThe setback comes months after a group of traders organizing on social media helped send the price ofGameStopCorp.GME5.88%and other stocks soaring in January, well beyond many investors’ views of underlying fundamentals.\nThe development prompted many hedge funds to slash their exposure to meme stocks. Mudrick Capital’s losses highlight how risky retaining significant exposure to such companies can be—even backfiring on a hedge-fund manager who was mostly in sync with the bullishness of individual investors.\nJason Mudrick, the firm’s founder, had been trading AMC stock, options and bonds for months, surfing a surge of enthusiasm for the theater chain among individual investors. But he also sold call options, derivative contracts meant to hedge the fund’s exposure to AMC should the stock price founder. Those derivative contracts, which gave its buyers the right to buy AMC stock from Mudrick at roughly $40 in the future, ballooned into liabilities when a resurgence ofReddit-fueled buyingrecently pushed AMC’s stock to new records, the people said.\nAs part of the broader AMC strategy, executives at Mudrick Capital were in talks with AMC to buy additional shares from the company in late May. On June 1, AMC disclosed that Mudrick Capital had agreed to buy $230.5 million of new stock directly from the company at $27.12 apiece, a premium over where it was then trading.\nMudrick immediately sold the stock at a profit, a quick flip that was reported by Bloomberg News and that sparked backlash on social media.\n“Mudrick didn’t stab AMC in the back…They shot themselves in the foot,” read one post on Reddit’s Wall Street Bets forum on June 1. Other posts around that time referenced Mudrick as “losers,” “scum bags” and “a large waving pile of s—t with no future.” Members of the forum urged each other to buy and hold.\nInside Mudrick, executives were growing apprehensive as the AMC rally gained steam. The firm’s risk committee met on the evening of June 1 after the stock closed at $32 and decided to exit all debt and derivative positions the following day.\nIt was a day too late.\nAMC’s stock price blew past $40in a matter of hours June 2, hitting an intraday high of $72.62.Call option prices soaredamid a frenzy of trading that Mudrick Capital contributed to and, by the end of the week, the winning trade had turned into a bust, costing the fund hundreds of millions of dollars in losses. Mudrick Capital made a roughly 5% return on the debt it sold but after accounting for its options trade, the fund took a net loss of about 5.4% on AMC.\nMr. Mudrick’s fund is still up about 12% for the year, one of the people said. Meanwhile, investors who bought AMC stock at the start of the year and held on have gained about 2000%.\nThe impact of social media-fueled day traders has become a defining market development this year, costing top hedge funds billions of dollars in losses, sparking a congressional hearing anddrawing scrutinyfrom the U.S. Securities and Exchange Commission. More hedge funds now track individual investors’ sentiment on social media and pay greater attention to companies with smaller market values whose stock price may be more susceptible to the enthusiasms of individual investors.\nMr. Mudrick specializes in distressed debt investing, often lending to troubled companies at high interest rates or swapping their existing debt for equity in bankruptcy court. Mudrick manages about $3.5 billion in investments firmwide and holds large, illiquid stakes in E-cigarette maker NJOY Holdings Inc. and satellite communications companyGlobalstarInc.from such exchanges. The flagship fund reported returns of about 17% annually from 2018 to 2020, according to data from HSBC Alternative Investment Group.\nBut distressed investing opportunities have grownharder to findas easy money from the Federal Reserve has given even struggling companies open access to debt markets. Mr. Mudrick has explored other strategies, launching several special-purpose acquisition companiesand, in the case of AMC, ultimately buying stock in block trades.\nMr. Mudrick initially applied his typical playbook to AMC, buying bonds for as little as 20 cents on the dollar,lending the company $100 millionin December and swapping some bonds into new shares. Theater attendance, already under pressure, had disappeared almost entirely amid Covid-19 pandemic lockdowns, and AMC stock traded as low as $2. He reasoned that consumers would regain their appetite for big-screen entertainment this year as more Americans got vaccinated.\nDay traders took theirfirst run at AMC in late January, urging each other on with the social-media rallying cry of #SaveAMC and briefly lifting the stock to around $20. AMC’s rising equity value boosted debt prices—one bond Mudrick Capital owned doubled within a week—quickly rewarding Mr. Mudrick’s bullishness. AMC capitalized on its surging stock priceto raise nearly $1 billion in new financingin late January, enabling it to ward off a previously expected bankruptcy filing.\nAround that time, Mr. Mudrick sold call options on AMC stock, producing immediate income to offset potential losses if the theater chain did face problems. The derivatives gave buyers the option to buy AMC shares from Mudrick Capital for about $40—viewed as a seeming improbability when the stock was trading below $10.\nMr. Mudrick remained in contact with AMC Chief Executive Adam Aron about providing additional funding, leading to his recent share purchase. But he kept the derivative contracts outstanding as an insurance policy, one of the people familiar with the matter said.","news_type":1,"symbols_score_info":{"AMC":0.9}},"isVote":1,"tweetType":1,"viewCount":380,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":186809120,"gmtCreate":1623481828960,"gmtModify":1634032515599,"author":{"id":"3576031533816126","authorId":"3576031533816126","name":"kukuniao","avatar":"https://static.tigerbbs.com/e2bcc0cf2ff759243bcb5c9d5662d212","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576031533816126","idStr":"3576031533816126"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/186809120","repostId":"2142206100","repostType":4,"isVote":1,"tweetType":1,"viewCount":797,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":186809036,"gmtCreate":1623481818725,"gmtModify":1634032515845,"author":{"id":"3576031533816126","authorId":"3576031533816126","name":"kukuniao","avatar":"https://static.tigerbbs.com/e2bcc0cf2ff759243bcb5c9d5662d212","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576031533816126","idStr":"3576031533816126"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/186809036","repostId":"2142204074","repostType":4,"isVote":1,"tweetType":1,"viewCount":581,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":325226922,"gmtCreate":1615903081966,"gmtModify":1703494775053,"author":{"id":"3576031533816126","authorId":"3576031533816126","name":"kukuniao","avatar":"https://static.tigerbbs.com/e2bcc0cf2ff759243bcb5c9d5662d212","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576031533816126","idStr":"3576031533816126"},"themes":[],"htmlText":"Buy the dip","listText":"Buy the dip","text":"Buy the dip","images":[{"img":"https://static.tigerbbs.com/f35d02a352ae872d8dcfbf3881aa38a3","width":"1080","height":"2024"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/325226922","isVote":1,"tweetType":1,"viewCount":458,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":325228642,"gmtCreate":1615903050686,"gmtModify":1703494774537,"author":{"id":"3576031533816126","authorId":"3576031533816126","name":"kukuniao","avatar":"https://static.tigerbbs.com/e2bcc0cf2ff759243bcb5c9d5662d212","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576031533816126","idStr":"3576031533816126"},"themes":[],"htmlText":"Stonks only go up","listText":"Stonks only go up","text":"Stonks only go up","images":[{"img":"https://static.tigerbbs.com/21dad381a1316bcb05eeb32413ffce33","width":"1080","height":"2024"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/325228642","isVote":1,"tweetType":1,"viewCount":585,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":323997549,"gmtCreate":1615296787581,"gmtModify":1703486918477,"author":{"id":"3576031533816126","authorId":"3576031533816126","name":"kukuniao","avatar":"https://static.tigerbbs.com/e2bcc0cf2ff759243bcb5c9d5662d212","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576031533816126","idStr":"3576031533816126"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/323997549","repostId":"1111423037","repostType":4,"repost":{"id":"1111423037","kind":"news","pubTimestamp":1615293095,"share":"https://www.laohu8.com/m/news/1111423037?lang=zh_CN&edition=full","pubTime":"2021-03-09 20:31","market":"us","language":"en","title":"This clear signal says the big tech unwind isn’t done yet, according to strategist<blockquote>策略师表示，这一明确信号表明大型科技股的放松尚未完成</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1111423037","media":"MarketWatch","summary":"Critical information for the U.S. trading day\nGet that Dow 32,000 beanie hat ready for Tuesday, as p","content":"<p>Critical information for the U.S. trading day</p><p><blockquote>美国交易日关键信息</blockquote></p><p> Get that Dow&nbsp;32,000 beanie hat ready for Tuesday, as pressure in the bond market continues to ease and celebrating over a $1.9 trillion stimulus package carries on a bit. Futures are also pointing to a sharp rebound for technology stocks after the Nasdaq Composite&nbsp;fell into correction territory on Monday.</p><p><blockquote>随着债券市场的压力继续缓解，庆祝超过1.9万亿美元的刺激计划仍在继续，为周二的道琼斯指数32,000点做好准备。期货还表明，在纳斯达克综合指数周一跌入回调区域后，科技股将大幅反弹。</blockquote></p><p> One valid question to ask right now is, how much more of a pullback for techs will we see? “Our work on positioning suggests that the big tech unwind may be at least halfway done, but isn’t finished,” said Lori Calvasina, RBC Capital’s head of U.S. equity strategy, in our&nbsp;<b>call of the day</b>.</p><p><blockquote>现在要问的一个有效问题是，我们会看到科技股进一步回调多少？加拿大皇家银行资本(RBC Capital)美国股票策略主管洛里·卡尔瓦西纳(Lori Calvasina)在我们的报告中表示：“我们的定位工作表明，大型科技股的平仓可能至少已经完成了一半，但还没有结束。”<b>今日看涨期权</b>.</blockquote></p><p> Calvasina based this on a tracking of weekly Nasdaq futures contracts, provided by the U.S. Commodity Futures Trading Commission. The data are used by some on Wall Street as a measure of sentiment of how hedge funds and institutional investors are positioning in the U.S. equity markets.</p><p><blockquote>Calvasina基于美国商品期货交易委员会提供的每周纳斯达克期货合约跟踪。华尔街的一些人使用这些数据来衡量对冲基金和机构投资者在美国股市的定位。</blockquote></p><p> “This indicator…returned to 2013-2014 peaks on a dollar value basis [left image] earlier this year, and to levels that have marked the peak several times since then in terms of the number of contracts owned [right image],” she said. “While U.S. equity futures positioning generally has been highlighting risk of a pullback in stocks in recent months, that signal has been the most clear in Nasdaq positioning.”</p><p><blockquote>“今年早些时候，该指标……以美元价值计算回到了2013-2014年的峰值[左图]，并在拥有的合约数量方面多次达到峰值的水平[右图]，”她说。“虽然近几个月来美国股指期货仓位普遍凸显了股市回调的风险，但这一信号在纳斯达克仓位中最为明显。”</blockquote></p><p> <img src=\"https://static.tigerbbs.com/6281c4e4ef83849068bf0c3a1e1adfbe\" tg-width=\"1260\" tg-height=\"636\"></p><p><blockquote></blockquote></p><p> As of the last update (last Tuesday’s close), the decline in Nasdaq futures positioning was roughly halfway back to the lows of 2018 in terms of dollar value and contracts, she said.</p><p><blockquote>她表示，截至上次更新（上周二收盘），就美元价值和合约而言，纳斯达克期货头寸的跌幅约为2018年低点的一半。</blockquote></p><p> Calvasina also suggested investors keep an eye on valuations for the tech + internet + media + telecom (TIMT) space, based on where those levels were in the bubble of 2000.</p><p><blockquote>Calvasina还建议投资者根据2000年泡沫中的水平，密切关注科技+互联网+媒体+电信(TIMT)领域的估值。</blockquote></p><p> “Our work here also suggests that big tech underperformance hasn’t run its course,” she said, even with sharp falls seen early this year, the weighted median forward price/earnings measure of TIMT sits at 26.2 times, well above a long-term average of 18.3 times. It is also elevated on a forward price/earnings relative to the S&amp;P 500.</p><p><blockquote>她表示：“我们在这里的工作还表明，大型科技公司的表现不佳还没有结束。”尽管今年早些时候出现了大幅下跌，但TIMT的加权预期市盈率中位数仍为26.2倍，远高于长期平均水平18.3倍。相对于标普500，它的远期市盈率也有所提高。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7306c8462ecd9679fb16c08ac3a469c7\" tg-width=\"1260\" tg-height=\"646\"><span>UNCREDITED</span></p><p><blockquote><p class=\"t-img-caption\"><span>未记入</span></p></blockquote></p><p> As for what investors should do now, Calvasina has been telling clients that small-caps look cheap versus large-caps, and financials, energy and material don’t look expensive yet.</p><p><blockquote>至于投资者现在应该做什么，卡尔瓦西纳一直告诉客户，与大盘股相比，小盘股看起来很便宜，而金融、能源和材料股看起来还不贵。</blockquote></p><p> She is also eyeing the midcap space for a few reasons. Firstly, the Russell Midcap&nbsp;and S&amp;P 400 MidCap&nbsp;benchmark indexes are more exposed to cyclical sectors than TIMT, futures positioning on those smaller stocks isn’t looking stretched (see chart below) and valuations look attractive versus large-caps, and reasonable versus smaller companies, she argues.</p><p><blockquote>出于几个原因，她也关注中型股领域。首先，罗素中型股和标准普尔400中型股基准指数比TIMT更容易受到周期性行业的影响，这些小型股票的期货头寸看起来并不紧张（见下图），估值与大盘股相比看起来很有吸引力，与小型股相比也很合理。她认为，公司。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/750d414832524e7c7c6e718db9a1d110\" tg-width=\"1260\" tg-height=\"653\"><span>UNCREDITED</span></p><p><blockquote><p class=\"t-img-caption\"><span>未记入</span></p></blockquote></p><p> “We’ve been advising managers to move down market cap, given the tendency of low market cap to outperform within the Russell 1000&nbsp;coming out of recessions and over time,” said Calvasina.</p><p><blockquote>卡尔瓦西纳表示：“我们一直建议管理者降低市值，因为随着时间的推移，低市值往往会跑赢罗素1000指数。”</blockquote></p><p> <b>The markets</b></p><p><blockquote><b>市场</b></blockquote></p><p> Stock futures&nbsp;are pointing to gains across the board, led by beaten-down techs,up 2%. European markets&nbsp;are rising. That is as pressure on bonds ease up, with the yield on the 10-year U.S. Treasury note&nbsp;down 7 basis points to 1.52%.</p><p><blockquote>股指期货全线上涨，其中科技股上涨2%。欧洲市场正在上涨。与此同时，债券压力有所缓解，10年期美国国债收益率下跌7个基点至1.52%。</blockquote></p><p> <b>The chart</b></p><p><blockquote><b>图表</b></blockquote></p><p> It was a bumpy ride on Tuesday for China’s CSI 3000,which lost 2.1%, evenamid a reportthat Chinese state funds were buying stocks.</p><p><blockquote>周二，中国沪深3000指数经历了坎坷，尽管有报道称中国国家基金正在购买股票，但该指数仍下跌2.1%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/f2dd0668688161c84ab8c9e5a6d520a8\" tg-width=\"906\" tg-height=\"482\"></p><p><blockquote></blockquote></p><p> <b>The quote</b></p><p><blockquote><b>引用</b></blockquote></p><p> “I’m happy that the market is broadening out.” That was Cathie Wood, founder of the popular ARK Investment Management and exchange-traded funds like ARK Innovation,speaking in aBloomberg interviewlate on Monday. She says she’s finding opportunities in the recent tech selloff.</p><p><blockquote>“我很高兴市场正在扩大。”这是广受欢迎的ARK Investment Management和ARK Innovation等交易所交易基金的创始人凯西·伍德(Cathie Wood)周一在彭博社采访中发表的讲话。她表示，她正在最近的科技股抛售中寻找机会。</blockquote></p><p> <b>The buzz</b></p><p><blockquote><b>嗡嗡声</b></blockquote></p><p> One stock that several ARK ETFs are exposed to is electric-car maker Tesla.The tech selloff has erasedmore than a quarter of a trillion dollarsoff the electric-car maker’s market cap in just over a month. But shares are up about 5% in premarket.</p><p><blockquote>多只ARK ETF投资的一只股票是电动汽车制造商特斯拉。在短短一个多月的时间里，科技股的抛售使这家电动汽车制造商的市值蒸发了超过25万亿美元。但盘前股价上涨约5%。</blockquote></p><p> Small businesses are less anxious, but wrestling with an uneven recovery, the latest&nbsp;data compiled by the National Federation of Independent Business showed.</p><p><blockquote>全国独立企业联合会汇编的最新数据显示，小企业不那么焦虑，但正在努力应对不均衡的复苏。</blockquote></p><p> The COVID-19 vaccine from drug company Pfizer&nbsp;and its partner BioNTech&nbsp;neutralized a fast-spreading Brazilian variant of coronavirus,according to a new study.And Russia’s Sputnik V vaccine will soon beproduced in Europe.</p><p><blockquote>根据一项新的研究，制药公司辉瑞及其合作伙伴BioNTech的新冠肺炎疫苗中和了一种快速传播的巴西冠状病毒变种。俄国的“卫星-V”疫苗也将很快在欧洲生产。</blockquote></p><p></p><p> Shares of videogames retailer GameStop,the poster child of the retail frenzy from earlier this year, aresurging in premarketafter the company said it has createda new strategy committee&nbsp;to identify ways to accelerate its transformation. The Senate Banking Committee will hold a&nbsp;hearing on the GameStop saga on Tuesday.</p><p><blockquote>视频游戏零售商游戏驿站是今年早些时候零售狂潮的典型代表，该公司表示已成立新的战略委员会来确定加速转型的方法，该公司的股价在盘前上涨。参议院银行委员会将于周二就游戏驿站事件举行听证会。</blockquote></p><p> Stitch Fix&nbsp;shares are tumbling, after the retailer’s sales numbersfell short of Wall Street hopes.</p><p><blockquote>在零售商Stitch Fix的销售数据低于华尔街的希望后，该公司股价暴跌。</blockquote></p><p> Zoom&nbsp;founder Eric Yuan transferred $6 billion worth of his shares to unspecified beneficiaries last week,says a regulatory filing.</p><p><blockquote>一份监管文件称，Zoom创始人Eric Yuan上周将价值60亿美元的股票转让给了未指明的受益人。</blockquote></p><p></p>","source":"market_watch","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>This clear signal says the big tech unwind isn’t done yet, according to strategist<blockquote>策略师表示，这一明确信号表明大型科技股的放松尚未完成</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\">\nThis clear signal says the big tech unwind isn’t done yet, according to strategist<blockquote>策略师表示，这一明确信号表明大型科技股的放松尚未完成</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-03-09 20:31</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Critical information for the U.S. trading day</p><p><blockquote>美国交易日关键信息</blockquote></p><p> Get that Dow&nbsp;32,000 beanie hat ready for Tuesday, as pressure in the bond market continues to ease and celebrating over a $1.9 trillion stimulus package carries on a bit. Futures are also pointing to a sharp rebound for technology stocks after the Nasdaq Composite&nbsp;fell into correction territory on Monday.</p><p><blockquote>随着债券市场的压力继续缓解，庆祝超过1.9万亿美元的刺激计划仍在继续，为周二的道琼斯指数32,000点做好准备。期货还表明，在纳斯达克综合指数周一跌入回调区域后，科技股将大幅反弹。</blockquote></p><p> One valid question to ask right now is, how much more of a pullback for techs will we see? “Our work on positioning suggests that the big tech unwind may be at least halfway done, but isn’t finished,” said Lori Calvasina, RBC Capital’s head of U.S. equity strategy, in our&nbsp;<b>call of the day</b>.</p><p><blockquote>现在要问的一个有效问题是，我们会看到科技股进一步回调多少？加拿大皇家银行资本(RBC Capital)美国股票策略主管洛里·卡尔瓦西纳(Lori Calvasina)在我们的报告中表示：“我们的定位工作表明，大型科技股的平仓可能至少已经完成了一半，但还没有结束。”<b>今日看涨期权</b>.</blockquote></p><p> Calvasina based this on a tracking of weekly Nasdaq futures contracts, provided by the U.S. Commodity Futures Trading Commission. The data are used by some on Wall Street as a measure of sentiment of how hedge funds and institutional investors are positioning in the U.S. equity markets.</p><p><blockquote>Calvasina基于美国商品期货交易委员会提供的每周纳斯达克期货合约跟踪。华尔街的一些人使用这些数据来衡量对冲基金和机构投资者在美国股市的定位。</blockquote></p><p> “This indicator…returned to 2013-2014 peaks on a dollar value basis [left image] earlier this year, and to levels that have marked the peak several times since then in terms of the number of contracts owned [right image],” she said. “While U.S. equity futures positioning generally has been highlighting risk of a pullback in stocks in recent months, that signal has been the most clear in Nasdaq positioning.”</p><p><blockquote>“今年早些时候，该指标……以美元价值计算回到了2013-2014年的峰值[左图]，并在拥有的合约数量方面多次达到峰值的水平[右图]，”她说。“虽然近几个月来美国股指期货仓位普遍凸显了股市回调的风险，但这一信号在纳斯达克仓位中最为明显。”</blockquote></p><p> <img src=\"https://static.tigerbbs.com/6281c4e4ef83849068bf0c3a1e1adfbe\" tg-width=\"1260\" tg-height=\"636\"></p><p><blockquote></blockquote></p><p> As of the last update (last Tuesday’s close), the decline in Nasdaq futures positioning was roughly halfway back to the lows of 2018 in terms of dollar value and contracts, she said.</p><p><blockquote>她表示，截至上次更新（上周二收盘），就美元价值和合约而言，纳斯达克期货头寸的跌幅约为2018年低点的一半。</blockquote></p><p> Calvasina also suggested investors keep an eye on valuations for the tech + internet + media + telecom (TIMT) space, based on where those levels were in the bubble of 2000.</p><p><blockquote>Calvasina还建议投资者根据2000年泡沫中的水平，密切关注科技+互联网+媒体+电信(TIMT)领域的估值。</blockquote></p><p> “Our work here also suggests that big tech underperformance hasn’t run its course,” she said, even with sharp falls seen early this year, the weighted median forward price/earnings measure of TIMT sits at 26.2 times, well above a long-term average of 18.3 times. It is also elevated on a forward price/earnings relative to the S&amp;P 500.</p><p><blockquote>她表示：“我们在这里的工作还表明，大型科技公司的表现不佳还没有结束。”尽管今年早些时候出现了大幅下跌，但TIMT的加权预期市盈率中位数仍为26.2倍，远高于长期平均水平18.3倍。相对于标普500，它的远期市盈率也有所提高。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7306c8462ecd9679fb16c08ac3a469c7\" tg-width=\"1260\" tg-height=\"646\"><span>UNCREDITED</span></p><p><blockquote><p class=\"t-img-caption\"><span>未记入</span></p></blockquote></p><p> As for what investors should do now, Calvasina has been telling clients that small-caps look cheap versus large-caps, and financials, energy and material don’t look expensive yet.</p><p><blockquote>至于投资者现在应该做什么，卡尔瓦西纳一直告诉客户，与大盘股相比，小盘股看起来很便宜，而金融、能源和材料股看起来还不贵。</blockquote></p><p> She is also eyeing the midcap space for a few reasons. Firstly, the Russell Midcap&nbsp;and S&amp;P 400 MidCap&nbsp;benchmark indexes are more exposed to cyclical sectors than TIMT, futures positioning on those smaller stocks isn’t looking stretched (see chart below) and valuations look attractive versus large-caps, and reasonable versus smaller companies, she argues.</p><p><blockquote>出于几个原因，她也关注中型股领域。首先，罗素中型股和标准普尔400中型股基准指数比TIMT更容易受到周期性行业的影响，这些小型股票的期货头寸看起来并不紧张（见下图），估值与大盘股相比看起来很有吸引力，与小型股相比也很合理。她认为，公司。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/750d414832524e7c7c6e718db9a1d110\" tg-width=\"1260\" tg-height=\"653\"><span>UNCREDITED</span></p><p><blockquote><p class=\"t-img-caption\"><span>未记入</span></p></blockquote></p><p> “We’ve been advising managers to move down market cap, given the tendency of low market cap to outperform within the Russell 1000&nbsp;coming out of recessions and over time,” said Calvasina.</p><p><blockquote>卡尔瓦西纳表示：“我们一直建议管理者降低市值，因为随着时间的推移，低市值往往会跑赢罗素1000指数。”</blockquote></p><p> <b>The markets</b></p><p><blockquote><b>市场</b></blockquote></p><p> Stock futures&nbsp;are pointing to gains across the board, led by beaten-down techs,up 2%. European markets&nbsp;are rising. That is as pressure on bonds ease up, with the yield on the 10-year U.S. Treasury note&nbsp;down 7 basis points to 1.52%.</p><p><blockquote>股指期货全线上涨，其中科技股上涨2%。欧洲市场正在上涨。与此同时，债券压力有所缓解，10年期美国国债收益率下跌7个基点至1.52%。</blockquote></p><p> <b>The chart</b></p><p><blockquote><b>图表</b></blockquote></p><p> It was a bumpy ride on Tuesday for China’s CSI 3000,which lost 2.1%, evenamid a reportthat Chinese state funds were buying stocks.</p><p><blockquote>周二，中国沪深3000指数经历了坎坷，尽管有报道称中国国家基金正在购买股票，但该指数仍下跌2.1%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/f2dd0668688161c84ab8c9e5a6d520a8\" tg-width=\"906\" tg-height=\"482\"></p><p><blockquote></blockquote></p><p> <b>The quote</b></p><p><blockquote><b>引用</b></blockquote></p><p> “I’m happy that the market is broadening out.” That was Cathie Wood, founder of the popular ARK Investment Management and exchange-traded funds like ARK Innovation,speaking in aBloomberg interviewlate on Monday. She says she’s finding opportunities in the recent tech selloff.</p><p><blockquote>“我很高兴市场正在扩大。”这是广受欢迎的ARK Investment Management和ARK Innovation等交易所交易基金的创始人凯西·伍德(Cathie Wood)周一在彭博社采访中发表的讲话。她表示，她正在最近的科技股抛售中寻找机会。</blockquote></p><p> <b>The buzz</b></p><p><blockquote><b>嗡嗡声</b></blockquote></p><p> One stock that several ARK ETFs are exposed to is electric-car maker Tesla.The tech selloff has erasedmore than a quarter of a trillion dollarsoff the electric-car maker’s market cap in just over a month. But shares are up about 5% in premarket.</p><p><blockquote>多只ARK ETF投资的一只股票是电动汽车制造商特斯拉。在短短一个多月的时间里，科技股的抛售使这家电动汽车制造商的市值蒸发了超过25万亿美元。但盘前股价上涨约5%。</blockquote></p><p> Small businesses are less anxious, but wrestling with an uneven recovery, the latest&nbsp;data compiled by the National Federation of Independent Business showed.</p><p><blockquote>全国独立企业联合会汇编的最新数据显示，小企业不那么焦虑，但正在努力应对不均衡的复苏。</blockquote></p><p> The COVID-19 vaccine from drug company Pfizer&nbsp;and its partner BioNTech&nbsp;neutralized a fast-spreading Brazilian variant of coronavirus,according to a new study.And Russia’s Sputnik V vaccine will soon beproduced in Europe.</p><p><blockquote>根据一项新的研究，制药公司辉瑞及其合作伙伴BioNTech的新冠肺炎疫苗中和了一种快速传播的巴西冠状病毒变种。俄国的“卫星-V”疫苗也将很快在欧洲生产。</blockquote></p><p></p><p> Shares of videogames retailer GameStop,the poster child of the retail frenzy from earlier this year, aresurging in premarketafter the company said it has createda new strategy committee&nbsp;to identify ways to accelerate its transformation. The Senate Banking Committee will hold a&nbsp;hearing on the GameStop saga on Tuesday.</p><p><blockquote>视频游戏零售商游戏驿站是今年早些时候零售狂潮的典型代表，该公司表示已成立新的战略委员会来确定加速转型的方法，该公司的股价在盘前上涨。参议院银行委员会将于周二就游戏驿站事件举行听证会。</blockquote></p><p> Stitch Fix&nbsp;shares are tumbling, after the retailer’s sales numbersfell short of Wall Street hopes.</p><p><blockquote>在零售商Stitch Fix的销售数据低于华尔街的希望后，该公司股价暴跌。</blockquote></p><p> Zoom&nbsp;founder Eric Yuan transferred $6 billion worth of his shares to unspecified beneficiaries last week,says a regulatory filing.</p><p><blockquote>一份监管文件称，Zoom创始人Eric Yuan上周将价值60亿美元的股票转让给了未指明的受益人。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/this-clear-signal-says-the-big-tech-unwind-isnt-done-yet-according-to-strategist-11615292077?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://www.marketwatch.com/story/this-clear-signal-says-the-big-tech-unwind-isnt-done-yet-according-to-strategist-11615292077?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"1111423037","content_text":"Critical information for the U.S. trading day\nGet that Dow 32,000 beanie hat ready for Tuesday, as pressure in the bond market continues to ease and celebrating over a $1.9 trillion stimulus package carries on a bit. Futures are also pointing to a sharp rebound for technology stocks after the Nasdaq Composite fell into correction territory on Monday.\nOne valid question to ask right now is, how much more of a pullback for techs will we see? “Our work on positioning suggests that the big tech unwind may be at least halfway done, but isn’t finished,” said Lori Calvasina, RBC Capital’s head of U.S. equity strategy, in our call of the day.\nCalvasina based this on a tracking of weekly Nasdaq futures contracts, provided by the U.S. Commodity Futures Trading Commission. The data are used by some on Wall Street as a measure of sentiment of how hedge funds and institutional investors are positioning in the U.S. equity markets.\n“This indicator…returned to 2013-2014 peaks on a dollar value basis [left image] earlier this year, and to levels that have marked the peak several times since then in terms of the number of contracts owned [right image],” she said. “While U.S. equity futures positioning generally has been highlighting risk of a pullback in stocks in recent months, that signal has been the most clear in Nasdaq positioning.”\n\nAs of the last update (last Tuesday’s close), the decline in Nasdaq futures positioning was roughly halfway back to the lows of 2018 in terms of dollar value and contracts, she said.\nCalvasina also suggested investors keep an eye on valuations for the tech + internet + media + telecom (TIMT) space, based on where those levels were in the bubble of 2000.\n“Our work here also suggests that big tech underperformance hasn’t run its course,” she said, even with sharp falls seen early this year, the weighted median forward price/earnings measure of TIMT sits at 26.2 times, well above a long-term average of 18.3 times. It is also elevated on a forward price/earnings relative to the S&P 500.\nUNCREDITED\nAs for what investors should do now, Calvasina has been telling clients that small-caps look cheap versus large-caps, and financials, energy and material don’t look expensive yet.\nShe is also eyeing the midcap space for a few reasons. Firstly, the Russell Midcap and S&P 400 MidCap benchmark indexes are more exposed to cyclical sectors than TIMT, futures positioning on those smaller stocks isn’t looking stretched (see chart below) and valuations look attractive versus large-caps, and reasonable versus smaller companies, she argues.\nUNCREDITED\n“We’ve been advising managers to move down market cap, given the tendency of low market cap to outperform within the Russell 1000 coming out of recessions and over time,” said Calvasina.\nThe markets\nStock futures are pointing to gains across the board, led by beaten-down techs,up 2%. European markets are rising. That is as pressure on bonds ease up, with the yield on the 10-year U.S. Treasury note down 7 basis points to 1.52%.\nThe chart\nIt was a bumpy ride on Tuesday for China’s CSI 3000,which lost 2.1%, evenamid a reportthat Chinese state funds were buying stocks.\n\nThe quote\n“I’m happy that the market is broadening out.” That was Cathie Wood, founder of the popular ARK Investment Management and exchange-traded funds like ARK Innovation,speaking in aBloomberg interviewlate on Monday. She says she’s finding opportunities in the recent tech selloff.\nThe buzz\nOne stock that several ARK ETFs are exposed to is electric-car maker Tesla.The tech selloff has erasedmore than a quarter of a trillion dollarsoff the electric-car maker’s market cap in just over a month. But shares are up about 5% in premarket.\nSmall businesses are less anxious, but wrestling with an uneven recovery, the latest data compiled by the National Federation of Independent Business showed.\nThe COVID-19 vaccine from drug company Pfizer and its partner BioNTech neutralized a fast-spreading Brazilian variant of coronavirus,according to a new study.And Russia’s Sputnik V vaccine will soon beproduced in Europe.\nShares of videogames retailer GameStop,the poster child of the retail frenzy from earlier this year, aresurging in premarketafter the company said it has createda new strategy committee to identify ways to accelerate its transformation. The Senate Banking Committee will hold a hearing on the GameStop saga on Tuesday.\nStitch Fix shares are tumbling, after the retailer’s sales numbersfell short of Wall Street hopes.\nZoom founder Eric Yuan transferred $6 billion worth of his shares to unspecified beneficiaries last week,says a regulatory filing.","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":313,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":186809120,"gmtCreate":1623481828960,"gmtModify":1634032515599,"author":{"id":"3576031533816126","authorId":"3576031533816126","name":"kukuniao","avatar":"https://static.tigerbbs.com/e2bcc0cf2ff759243bcb5c9d5662d212","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576031533816126","idStr":"3576031533816126"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/186809120","repostId":"2142206100","repostType":4,"isVote":1,"tweetType":1,"viewCount":797,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":186804477,"gmtCreate":1623482268599,"gmtModify":1634032509267,"author":{"id":"3576031533816126","authorId":"3576031533816126","name":"kukuniao","avatar":"https://static.tigerbbs.com/e2bcc0cf2ff759243bcb5c9d5662d212","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576031533816126","idStr":"3576031533816126"},"themes":[],"htmlText":"If he is not coming back Amazon stocks will crash&nbsp;","listText":"If he is not coming back Amazon stocks will crash&nbsp;","text":"If he is not coming back Amazon stocks will crash","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/186804477","repostId":"1115909292","repostType":4,"repost":{"id":"1115909292","kind":"news","pubTimestamp":1623413127,"share":"https://www.laohu8.com/m/news/1115909292?lang=zh_CN&edition=full","pubTime":"2021-06-11 20:05","market":"us","language":"en","title":"Jeff Bezos is going to space for 11 minutes. Here's how risky that is<blockquote>杰夫·贝索斯将进入太空11分钟。这是多么危险</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1115909292","media":"cnn","summary":"New York (CNN Business)Jeff Bezos can have anything. He could circle the globe in a private jet or s","content":"<p>New York (CNN Business)Jeff Bezos can have anything. He could circle the globe in a private jet or sail it forever in a fleet of megayachts. He could afford to buy a the whole NFL; he could buy an archipelago for his family and friends; he could buy over 65,000 Bugatti Chirons (base price $2.9 million), even though only 500 are being built. As the world's richest person, the possibilities are endless. But Bezos appears ready to risk it all for an 11-minute ride to space.</p><p><blockquote>纽约（CNN商业）杰夫·贝索斯可以拥有任何东西。他可以乘坐私人飞机环游地球，或者乘坐巨型游艇永远航行。他有能力买下整个NFL；他可以为他的家人和朋友买一个群岛；他可以购买超过65,000辆布加迪Chiron（底价290万美元），尽管只生产了500辆。作为世界首富，可能性是无穷无尽的。但贝佐斯似乎准备冒着一切风险乘坐11分钟的太空之旅。</blockquote></p><p> <b>Just how risky is his decision?</b></p><p><blockquote><b>他的决定到底有多冒险？</b></blockquote></p><p> The answer isn't what you might expect. Space travel is, historically, fraught with danger. Though the risks are not necessarily astronomical for Bezos' jaunt to the cosmos, as his space company Blue Origin has spent the better part of the last decade running the suborbital New Shepard rocket he'll be riding on through a series of successful test flights. (Also, being in space is Bezos' lifelong dream.)</p><p><blockquote>答案并不是你所期望的。从历史上看，太空旅行充满了危险。尽管对于贝佐斯的太空之旅来说，风险不一定是天文数字，因为他的太空公司蓝色起源在过去十年的大部分时间里都在运行亚轨道新谢泼德火箭，他将乘坐该火箭进行一系列成功的试飞。（还有，进入太空是贝索斯一生的梦想。）</blockquote></p><p> Still, what Bezos, his brother Mark Bezos, and the winner of an online auction, will be doing -- going on the very first crewed flight of New Shepard, a fully autonomous suborbital rocket and spacecraft system designed to take ticket holders on brief joy rides to space -- is not entirely without risk.</p><p><blockquote>尽管如此，贝佐斯、他的兄弟马克·贝佐斯以及在线拍卖的获胜者将会做什么——参加新谢泼德号的首次载人飞行，这是一个完全自主的亚轨道火箭和航天器系统，旨在带持票人进行短暂的欢乐之旅到太空——并非完全没有风险。</blockquote></p><p> Here's what Bezos' flight will look like and the extent to which people are taking their lives in their hands when they go to outer space these days.</p><p><blockquote>以下是贝佐斯的飞行将会是什么样子，以及如今人们前往外太空时将自己的生命掌握在自己手中的程度。</blockquote></p><p> <b>What the flight looks like</b></p><p><blockquote><b>航班的样子</b></blockquote></p><p> When most people think about spaceflight, they think about an astronaut circling the Earth, floating in space, for at least a few days.</p><p><blockquote>当大多数人想到太空飞行时，他们会想到一名宇航员绕地球飞行，漂浮在太空中，至少几天。</blockquote></p><p> That is not what the Bezos brothers and their fellow passengers will be doing .</p><p><blockquote>贝佐斯兄弟和他们的乘客不会这么做。</blockquote></p><p> They'll be going up and coming right back down, and they'll be doing it in less time -- about 11 minutes -- than it takes most people to get to work.</p><p><blockquote>他们会上去然后马上下来，而且他们会在比大多数人上班所需的时间更短的时间内完成——大约11分钟。</blockquote></p><p> Suborbital flights differ greatly from orbital flights of the type most of us think of when we think of spaceflight. Blue Origin's New Shepard flights will be brief, up-and-down trips, though they will go more than 62 miles above Earth, which is widely considered to be the edge of outer space.</p><p><blockquote>亚轨道飞行与我们大多数人想到太空飞行时想到的轨道飞行有很大不同。蓝色起源的新谢泼德航班将是短暂的上下旅行，尽管它们将在地球上空62英里以上，地球被广泛认为是外太空的边缘。</blockquote></p><p> Orbital rockets need to drum up enough power to hit at least 17,000 miles per hour, or what's known as orbital velocity, essentially giving a spacecraft enough energy to continue whipping around the Earth rather than being dragged immediately back down by gravity.</p><p><blockquote>轨道火箭需要获得足够的动力才能达到至少17,000英里/小时，即所谓的轨道速度，本质上是为航天器提供足够的能量继续绕地球运行，而不是立即被重力拖回。</blockquote></p><p> Suborbital flights require far less power and speed. That means less time the rocket is required to burn, lower temperatures scorching the outside of the spacecraft, less force and compression ripping at the spacecraft, and generally fewer opportunities for something to go very wrong.</p><p><blockquote>亚轨道飞行需要的功率和速度要小得多。这意味着火箭燃烧所需的时间更少，烧焦航天器外部的温度更低，航天器上的力和压缩撕裂更少，并且通常出现严重问题的机会更少。</blockquote></p><p> New Shepard's suborbital fights hit about about three times the speed of sound — roughly 2,300 miles per hour — and fly directly upward until the rocket expends most of its fuel. The crew capsule will then separate from the rocket at the top of the trajectory and briefly continue upward before the capsule almost hovers at the top of its flight path, giving the passengers a few minutes of weightlessness. It works sort of like an extended version of the weightlessness you experience when you reach the peak of a roller coaster hill, just before gravity brings your cart — or, in Bezos' case, your space capsule -- screaming back down toward the ground.</p><p><blockquote>新谢泼德的亚轨道战斗达到了大约三倍音速——大约每小时2300英里——并直接向上飞行，直到火箭耗尽大部分燃料。然后，乘员舱将在轨道顶部与火箭分离，并在太空舱几乎悬停在其飞行路径顶部之前短暂继续向上，为乘客提供几分钟的失重状态。它的工作原理有点像当你到达过山车山顶时所经历的失重的扩展版本，就在重力将你的手推车——或者在贝佐斯的情况下，你的太空舱——带着尖叫回到地面之前。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/1aeef7cd6efed45b4f08991c7c4b7be4\" tg-width=\"780\" tg-height=\"438\"></p><p><blockquote></blockquote></p><p> The New Shepard capsule then deploys a large plume of parachutes to slow its descent to less than 20 miles per hour before it hits the ground.</p><p><blockquote>然后，新谢泼德太空舱部署大量降落伞，在落地前将其下降速度减慢到每小时20英里以下。</blockquote></p><p> The rocket, flying separately, re-ignites its engines and uses its on-board computers to execute a pinpoint, upright landing. The booster landing looks similar to what SpaceX does with its Falcon 9 rockets, though those rockets are far more powerful than New Shepard and — yes — more prone to exploding on impact.</p><p><blockquote>火箭单独飞行，重新点燃发动机，并使用机载计算机执行精确的直立着陆。助推器着陆看起来类似于SpaceX的猎鹰9号火箭，尽管这些火箭比新谢泼德火箭强大得多，而且——是的——更容易在撞击时爆炸。</blockquote></p><p> <b>How big are the risks?</b></p><p><blockquote><b>风险有多大？</b></blockquote></p><p> Blue Origin's New Shepard capsule, which is fully autonomous and does not require a pilot, has never had an explosive mishap in 15 test flights. And the nature of Bezos' flight means it comes with some inherently lower risks than more ambitious space travel attempts. But that doesn't mean the risk is zero, either.</p><p><blockquote>蓝色起源的新谢泼德太空舱是完全自主的，不需要飞行员，在15次试飞中从未发生过爆炸事故。贝佐斯飞行的性质意味着它的风险比更雄心勃勃的太空旅行尝试要低。但这也不意味着风险为零。</blockquote></p><p> Because suborbital flights don't require as much speed or the intense process of trying to re-enter the Earth's atmosphere at incredible speeds, they're considered much less risky than orbital flights. With an orbital re-entry, a spacecraft's external temperatures can reach up to 3,500 degrees Fahrenheit, and astronauts can experience 4.5 Gs of force that is also placed upon the spacecraft, all while the ever-thickening atmosphere whips around the capsule.</p><p><blockquote>因为亚轨道飞行不需要那么高的速度，也不需要试图以令人难以置信的速度重返地球大气层的紧张过程，所以它们被认为比轨道飞行风险小得多。随着轨道重返，航天器的外部温度可以达到3500华氏度，宇航员可以承受4.5克的力，这种力也施加在航天器上，同时不断变厚的大气在太空舱周围跳动。</blockquote></p><p></p><p> High speeds and high altitudes come with inherent risks, and even small errors can have big consequences. Earth's atmosphere is generally not considered survivable for significant amounts of time above altitudes of 50,000 feet without a spacesuit, and Bezos will be traveling up to 350,000 feet. But the capsule he travels in will be pressurized, so he doesn't need a special suit to keep him safe, and he'll have access to an oxygen mask if the cabin loses pressure. The spacecraft is also equipped with an abort system designed to jettison the New Shepard capsule and passengers away from the rocket in case of emergency. There's also back-up safety features to help the capsule land gently even if a couple of its parachutes fail to deploy.</p><p><blockquote>高速和高海拔伴随着固有的风险，即使是很小的错误也会产生很大的后果。如果没有宇航服，地球大气层通常被认为无法在50,000英尺以上的高度生存很长时间，贝佐斯将旅行到350,000英尺。但是他乘坐的太空舱将被加压，所以他不需要特殊的宇航服来保证他的安全，如果机舱失去压力，他可以使用氧气面罩。该航天器还配备了一个中止系统，旨在在紧急情况下将新谢泼德太空舱和乘客抛离火箭。还有备用安全功能，即使几个降落伞未能展开，也可以帮助太空舱平稳着陆。</blockquote></p><p> But even still, there is no way to absolutely guarantee safety should New Shepard malfunction.</p><p><blockquote>但即便如此，如果新谢泼德出现故障，也没有办法绝对保证安全。</blockquote></p><p> Even though suborbital flights are less risky than orbital missions, they can still be deadly.</p><p><blockquote>尽管亚轨道飞行的风险低于轨道任务，但它们仍然可能是致命的。</blockquote></p><p> One of Virgin Galactic's suborbital space planes, for example, broke apart in 2014 when one of the vehicle's copilots prematurely deployed the feathering system designed to keep the craft stable as it made its descent. The added drag on the plane ripped it to pieces, killing one of the pilots.</p><p><blockquote>例如，维珍银河的一架亚轨道太空飞机在2014年解体，当时飞行器的一名副驾驶过早地部署了旨在保持飞行器下降时稳定的羽毛系统。飞机上增加的阻力将其撕成碎片，导致一名飞行员死亡。</blockquote></p><p> (Blue Origin competitor Virgin Galactic has since had three successful test flights of a revamped version of its SpaceShipTwo space plane.)</p><p><blockquote>（蓝色起源的竞争对手维珍银河已经对其太空飞船二号的改进型进行了三次成功的试飞。）</blockquote></p><p> Blue Origin has not encountered similar tragic accidents during its testing phase, though — as an old industry adage goes — space is hard.</p><p><blockquote>蓝色起源在测试阶段没有遇到过类似的悲惨事故，尽管——正如一句古老的行业格言所说——太空是艰难的。</blockquote></p><p> But, Bezos has indicated, the risk is worth it.</p><p><blockquote>但是，贝佐斯表示，这个风险是值得的。</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>Jeff Bezos is going to space for 11 minutes. Here's how risky that is<blockquote>杰夫·贝索斯将进入太空11分钟。这是多么危险</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\">\nJeff Bezos is going to space for 11 minutes. Here's how risky that is<blockquote>杰夫·贝索斯将进入太空11分钟。这是多么危险</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">cnn</strong><span class=\"h-time small\">2021-06-11 20:05</span>\n</p>\n</h4>\n</header>\n<article>\n<p>New York (CNN Business)Jeff Bezos can have anything. He could circle the globe in a private jet or sail it forever in a fleet of megayachts. He could afford to buy a the whole NFL; he could buy an archipelago for his family and friends; he could buy over 65,000 Bugatti Chirons (base price $2.9 million), even though only 500 are being built. As the world's richest person, the possibilities are endless. But Bezos appears ready to risk it all for an 11-minute ride to space.</p><p><blockquote>纽约（CNN商业）杰夫·贝索斯可以拥有任何东西。他可以乘坐私人飞机环游地球，或者乘坐巨型游艇永远航行。他有能力买下整个NFL；他可以为他的家人和朋友买一个群岛；他可以购买超过65,000辆布加迪Chiron（底价290万美元），尽管只生产了500辆。作为世界首富，可能性是无穷无尽的。但贝佐斯似乎准备冒着一切风险乘坐11分钟的太空之旅。</blockquote></p><p> <b>Just how risky is his decision?</b></p><p><blockquote><b>他的决定到底有多冒险？</b></blockquote></p><p> The answer isn't what you might expect. Space travel is, historically, fraught with danger. Though the risks are not necessarily astronomical for Bezos' jaunt to the cosmos, as his space company Blue Origin has spent the better part of the last decade running the suborbital New Shepard rocket he'll be riding on through a series of successful test flights. (Also, being in space is Bezos' lifelong dream.)</p><p><blockquote>答案并不是你所期望的。从历史上看，太空旅行充满了危险。尽管对于贝佐斯的太空之旅来说，风险不一定是天文数字，因为他的太空公司蓝色起源在过去十年的大部分时间里都在运行亚轨道新谢泼德火箭，他将乘坐该火箭进行一系列成功的试飞。（还有，进入太空是贝索斯一生的梦想。）</blockquote></p><p> Still, what Bezos, his brother Mark Bezos, and the winner of an online auction, will be doing -- going on the very first crewed flight of New Shepard, a fully autonomous suborbital rocket and spacecraft system designed to take ticket holders on brief joy rides to space -- is not entirely without risk.</p><p><blockquote>尽管如此，贝佐斯、他的兄弟马克·贝佐斯以及在线拍卖的获胜者将会做什么——参加新谢泼德号的首次载人飞行，这是一个完全自主的亚轨道火箭和航天器系统，旨在带持票人进行短暂的欢乐之旅到太空——并非完全没有风险。</blockquote></p><p> Here's what Bezos' flight will look like and the extent to which people are taking their lives in their hands when they go to outer space these days.</p><p><blockquote>以下是贝佐斯的飞行将会是什么样子，以及如今人们前往外太空时将自己的生命掌握在自己手中的程度。</blockquote></p><p> <b>What the flight looks like</b></p><p><blockquote><b>航班的样子</b></blockquote></p><p> When most people think about spaceflight, they think about an astronaut circling the Earth, floating in space, for at least a few days.</p><p><blockquote>当大多数人想到太空飞行时，他们会想到一名宇航员绕地球飞行，漂浮在太空中，至少几天。</blockquote></p><p> That is not what the Bezos brothers and their fellow passengers will be doing .</p><p><blockquote>贝佐斯兄弟和他们的乘客不会这么做。</blockquote></p><p> They'll be going up and coming right back down, and they'll be doing it in less time -- about 11 minutes -- than it takes most people to get to work.</p><p><blockquote>他们会上去然后马上下来，而且他们会在比大多数人上班所需的时间更短的时间内完成——大约11分钟。</blockquote></p><p> Suborbital flights differ greatly from orbital flights of the type most of us think of when we think of spaceflight. Blue Origin's New Shepard flights will be brief, up-and-down trips, though they will go more than 62 miles above Earth, which is widely considered to be the edge of outer space.</p><p><blockquote>亚轨道飞行与我们大多数人想到太空飞行时想到的轨道飞行有很大不同。蓝色起源的新谢泼德航班将是短暂的上下旅行，尽管它们将在地球上空62英里以上，地球被广泛认为是外太空的边缘。</blockquote></p><p> Orbital rockets need to drum up enough power to hit at least 17,000 miles per hour, or what's known as orbital velocity, essentially giving a spacecraft enough energy to continue whipping around the Earth rather than being dragged immediately back down by gravity.</p><p><blockquote>轨道火箭需要获得足够的动力才能达到至少17,000英里/小时，即所谓的轨道速度，本质上是为航天器提供足够的能量继续绕地球运行，而不是立即被重力拖回。</blockquote></p><p> Suborbital flights require far less power and speed. That means less time the rocket is required to burn, lower temperatures scorching the outside of the spacecraft, less force and compression ripping at the spacecraft, and generally fewer opportunities for something to go very wrong.</p><p><blockquote>亚轨道飞行需要的功率和速度要小得多。这意味着火箭燃烧所需的时间更少，烧焦航天器外部的温度更低，航天器上的力和压缩撕裂更少，并且通常出现严重问题的机会更少。</blockquote></p><p> New Shepard's suborbital fights hit about about three times the speed of sound — roughly 2,300 miles per hour — and fly directly upward until the rocket expends most of its fuel. The crew capsule will then separate from the rocket at the top of the trajectory and briefly continue upward before the capsule almost hovers at the top of its flight path, giving the passengers a few minutes of weightlessness. It works sort of like an extended version of the weightlessness you experience when you reach the peak of a roller coaster hill, just before gravity brings your cart — or, in Bezos' case, your space capsule -- screaming back down toward the ground.</p><p><blockquote>新谢泼德的亚轨道战斗达到了大约三倍音速——大约每小时2300英里——并直接向上飞行，直到火箭耗尽大部分燃料。然后，乘员舱将在轨道顶部与火箭分离，并在太空舱几乎悬停在其飞行路径顶部之前短暂继续向上，为乘客提供几分钟的失重状态。它的工作原理有点像当你到达过山车山顶时所经历的失重的扩展版本，就在重力将你的手推车——或者在贝佐斯的情况下，你的太空舱——带着尖叫回到地面之前。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/1aeef7cd6efed45b4f08991c7c4b7be4\" tg-width=\"780\" tg-height=\"438\"></p><p><blockquote></blockquote></p><p> The New Shepard capsule then deploys a large plume of parachutes to slow its descent to less than 20 miles per hour before it hits the ground.</p><p><blockquote>然后，新谢泼德太空舱部署大量降落伞，在落地前将其下降速度减慢到每小时20英里以下。</blockquote></p><p> The rocket, flying separately, re-ignites its engines and uses its on-board computers to execute a pinpoint, upright landing. The booster landing looks similar to what SpaceX does with its Falcon 9 rockets, though those rockets are far more powerful than New Shepard and — yes — more prone to exploding on impact.</p><p><blockquote>火箭单独飞行，重新点燃发动机，并使用机载计算机执行精确的直立着陆。助推器着陆看起来类似于SpaceX的猎鹰9号火箭，尽管这些火箭比新谢泼德火箭强大得多，而且——是的——更容易在撞击时爆炸。</blockquote></p><p> <b>How big are the risks?</b></p><p><blockquote><b>风险有多大？</b></blockquote></p><p> Blue Origin's New Shepard capsule, which is fully autonomous and does not require a pilot, has never had an explosive mishap in 15 test flights. And the nature of Bezos' flight means it comes with some inherently lower risks than more ambitious space travel attempts. But that doesn't mean the risk is zero, either.</p><p><blockquote>蓝色起源的新谢泼德太空舱是完全自主的，不需要飞行员，在15次试飞中从未发生过爆炸事故。贝佐斯飞行的性质意味着它的风险比更雄心勃勃的太空旅行尝试要低。但这也不意味着风险为零。</blockquote></p><p> Because suborbital flights don't require as much speed or the intense process of trying to re-enter the Earth's atmosphere at incredible speeds, they're considered much less risky than orbital flights. With an orbital re-entry, a spacecraft's external temperatures can reach up to 3,500 degrees Fahrenheit, and astronauts can experience 4.5 Gs of force that is also placed upon the spacecraft, all while the ever-thickening atmosphere whips around the capsule.</p><p><blockquote>因为亚轨道飞行不需要那么高的速度，也不需要试图以令人难以置信的速度重返地球大气层的紧张过程，所以它们被认为比轨道飞行风险小得多。随着轨道重返，航天器的外部温度可以达到3500华氏度，宇航员可以承受4.5克的力，这种力也施加在航天器上，同时不断变厚的大气在太空舱周围跳动。</blockquote></p><p></p><p> High speeds and high altitudes come with inherent risks, and even small errors can have big consequences. Earth's atmosphere is generally not considered survivable for significant amounts of time above altitudes of 50,000 feet without a spacesuit, and Bezos will be traveling up to 350,000 feet. But the capsule he travels in will be pressurized, so he doesn't need a special suit to keep him safe, and he'll have access to an oxygen mask if the cabin loses pressure. The spacecraft is also equipped with an abort system designed to jettison the New Shepard capsule and passengers away from the rocket in case of emergency. There's also back-up safety features to help the capsule land gently even if a couple of its parachutes fail to deploy.</p><p><blockquote>高速和高海拔伴随着固有的风险，即使是很小的错误也会产生很大的后果。如果没有宇航服，地球大气层通常被认为无法在50,000英尺以上的高度生存很长时间，贝佐斯将旅行到350,000英尺。但是他乘坐的太空舱将被加压，所以他不需要特殊的宇航服来保证他的安全，如果机舱失去压力，他可以使用氧气面罩。该航天器还配备了一个中止系统，旨在在紧急情况下将新谢泼德太空舱和乘客抛离火箭。还有备用安全功能，即使几个降落伞未能展开，也可以帮助太空舱平稳着陆。</blockquote></p><p> But even still, there is no way to absolutely guarantee safety should New Shepard malfunction.</p><p><blockquote>但即便如此，如果新谢泼德出现故障，也没有办法绝对保证安全。</blockquote></p><p> Even though suborbital flights are less risky than orbital missions, they can still be deadly.</p><p><blockquote>尽管亚轨道飞行的风险低于轨道任务，但它们仍然可能是致命的。</blockquote></p><p> One of Virgin Galactic's suborbital space planes, for example, broke apart in 2014 when one of the vehicle's copilots prematurely deployed the feathering system designed to keep the craft stable as it made its descent. The added drag on the plane ripped it to pieces, killing one of the pilots.</p><p><blockquote>例如，维珍银河的一架亚轨道太空飞机在2014年解体，当时飞行器的一名副驾驶过早地部署了旨在保持飞行器下降时稳定的羽毛系统。飞机上增加的阻力将其撕成碎片，导致一名飞行员死亡。</blockquote></p><p> (Blue Origin competitor Virgin Galactic has since had three successful test flights of a revamped version of its SpaceShipTwo space plane.)</p><p><blockquote>（蓝色起源的竞争对手维珍银河已经对其太空飞船二号的改进型进行了三次成功的试飞。）</blockquote></p><p> Blue Origin has not encountered similar tragic accidents during its testing phase, though — as an old industry adage goes — space is hard.</p><p><blockquote>蓝色起源在测试阶段没有遇到过类似的悲惨事故，尽管——正如一句古老的行业格言所说——太空是艰难的。</blockquote></p><p> But, Bezos has indicated, the risk is worth it.</p><p><blockquote>但是，贝佐斯表示，这个风险是值得的。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://edition.cnn.com/2021/06/10/tech/jeff-bezos-blue-origin-flight-risk-scn/index.html\">cnn</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMZN":"亚马逊"},"source_url":"https://edition.cnn.com/2021/06/10/tech/jeff-bezos-blue-origin-flight-risk-scn/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1115909292","content_text":"New York (CNN Business)Jeff Bezos can have anything. He could circle the globe in a private jet or sail it forever in a fleet of megayachts. He could afford to buy a the whole NFL; he could buy an archipelago for his family and friends; he could buy over 65,000 Bugatti Chirons (base price $2.9 million), even though only 500 are being built. As the world's richest person, the possibilities are endless. But Bezos appears ready to risk it all for an 11-minute ride to space.\nJust how risky is his decision?\nThe answer isn't what you might expect. Space travel is, historically, fraught with danger. Though the risks are not necessarily astronomical for Bezos' jaunt to the cosmos, as his space company Blue Origin has spent the better part of the last decade running the suborbital New Shepard rocket he'll be riding on through a series of successful test flights. (Also, being in space is Bezos' lifelong dream.)\nStill, what Bezos, his brother Mark Bezos, and the winner of an online auction, will be doing -- going on the very first crewed flight of New Shepard, a fully autonomous suborbital rocket and spacecraft system designed to take ticket holders on brief joy rides to space -- is not entirely without risk.\nHere's what Bezos' flight will look like and the extent to which people are taking their lives in their hands when they go to outer space these days.\nWhat the flight looks like\nWhen most people think about spaceflight, they think about an astronaut circling the Earth, floating in space, for at least a few days.\nThat is not what the Bezos brothers and their fellow passengers will be doing .\nThey'll be going up and coming right back down, and they'll be doing it in less time -- about 11 minutes -- than it takes most people to get to work.\nSuborbital flights differ greatly from orbital flights of the type most of us think of when we think of spaceflight. Blue Origin's New Shepard flights will be brief, up-and-down trips, though they will go more than 62 miles above Earth, which is widely considered to be the edge of outer space.\nOrbital rockets need to drum up enough power to hit at least 17,000 miles per hour, or what's known as orbital velocity, essentially giving a spacecraft enough energy to continue whipping around the Earth rather than being dragged immediately back down by gravity.\nSuborbital flights require far less power and speed. That means less time the rocket is required to burn, lower temperatures scorching the outside of the spacecraft, less force and compression ripping at the spacecraft, and generally fewer opportunities for something to go very wrong.\nNew Shepard's suborbital fights hit about about three times the speed of sound — roughly 2,300 miles per hour — and fly directly upward until the rocket expends most of its fuel. The crew capsule will then separate from the rocket at the top of the trajectory and briefly continue upward before the capsule almost hovers at the top of its flight path, giving the passengers a few minutes of weightlessness. It works sort of like an extended version of the weightlessness you experience when you reach the peak of a roller coaster hill, just before gravity brings your cart — or, in Bezos' case, your space capsule -- screaming back down toward the ground.\n\nThe New Shepard capsule then deploys a large plume of parachutes to slow its descent to less than 20 miles per hour before it hits the ground.\nThe rocket, flying separately, re-ignites its engines and uses its on-board computers to execute a pinpoint, upright landing. The booster landing looks similar to what SpaceX does with its Falcon 9 rockets, though those rockets are far more powerful than New Shepard and — yes — more prone to exploding on impact.\nHow big are the risks?\nBlue Origin's New Shepard capsule, which is fully autonomous and does not require a pilot, has never had an explosive mishap in 15 test flights. And the nature of Bezos' flight means it comes with some inherently lower risks than more ambitious space travel attempts. But that doesn't mean the risk is zero, either.\nBecause suborbital flights don't require as much speed or the intense process of trying to re-enter the Earth's atmosphere at incredible speeds, they're considered much less risky than orbital flights. With an orbital re-entry, a spacecraft's external temperatures can reach up to 3,500 degrees Fahrenheit, and astronauts can experience 4.5 Gs of force that is also placed upon the spacecraft, all while the ever-thickening atmosphere whips around the capsule.\nHigh speeds and high altitudes come with inherent risks, and even small errors can have big consequences. Earth's atmosphere is generally not considered survivable for significant amounts of time above altitudes of 50,000 feet without a spacesuit, and Bezos will be traveling up to 350,000 feet. But the capsule he travels in will be pressurized, so he doesn't need a special suit to keep him safe, and he'll have access to an oxygen mask if the cabin loses pressure. The spacecraft is also equipped with an abort system designed to jettison the New Shepard capsule and passengers away from the rocket in case of emergency. There's also back-up safety features to help the capsule land gently even if a couple of its parachutes fail to deploy.\nBut even still, there is no way to absolutely guarantee safety should New Shepard malfunction.\nEven though suborbital flights are less risky than orbital missions, they can still be deadly.\nOne of Virgin Galactic's suborbital space planes, for example, broke apart in 2014 when one of the vehicle's copilots prematurely deployed the feathering system designed to keep the craft stable as it made its descent. The added drag on the plane ripped it to pieces, killing one of the pilots.\n(Blue Origin competitor Virgin Galactic has since had three successful test flights of a revamped version of its SpaceShipTwo space plane.)\nBlue Origin has not encountered similar tragic accidents during its testing phase, though — as an old industry adage goes — space is hard.\nBut, Bezos has indicated, the risk is worth it.","news_type":1,"symbols_score_info":{"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":1236,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":186809036,"gmtCreate":1623481818725,"gmtModify":1634032515845,"author":{"id":"3576031533816126","authorId":"3576031533816126","name":"kukuniao","avatar":"https://static.tigerbbs.com/e2bcc0cf2ff759243bcb5c9d5662d212","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576031533816126","idStr":"3576031533816126"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/186809036","repostId":"2142204074","repostType":4,"isVote":1,"tweetType":1,"viewCount":581,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":186808351,"gmtCreate":1623481972573,"gmtModify":1634032513702,"author":{"id":"3576031533816126","authorId":"3576031533816126","name":"kukuniao","avatar":"https://static.tigerbbs.com/e2bcc0cf2ff759243bcb5c9d5662d212","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576031533816126","idStr":"3576031533816126"},"themes":[],"htmlText":"Buy now","listText":"Buy now","text":"Buy now","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/186808351","repostId":"1135185071","repostType":4,"isVote":1,"tweetType":1,"viewCount":2310,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":186809659,"gmtCreate":1623481844571,"gmtModify":1634032515354,"author":{"id":"3576031533816126","authorId":"3576031533816126","name":"kukuniao","avatar":"https://static.tigerbbs.com/e2bcc0cf2ff759243bcb5c9d5662d212","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576031533816126","idStr":"3576031533816126"},"themes":[],"htmlText":"Meme to the moon","listText":"Meme to the moon","text":"Meme to the moon","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/186809659","repostId":"1104635261","repostType":4,"repost":{"id":"1104635261","kind":"news","pubTimestamp":1623470020,"share":"https://www.laohu8.com/m/news/1104635261?lang=zh_CN&edition=full","pubTime":"2021-06-12 11:53","market":"us","language":"en","title":"AMC Bet by Hedge Fund Unravels Thanks to Meme-Stock Traders<blockquote>对冲基金对AMC的押注因模因股票交易员而瓦解</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1104635261","media":"The Wall Street Journal","summary":"Losses by Mudrick Capital show the risks of exposure to meme stocks.\n\nA multipronged bet onAMC Enter","content":"<p>  <b>Losses by Mudrick Capital show the risks of exposure to meme stocks.</b>  A multipronged bet onAMC Entertainment HoldingsInc.AMC15.39%boomeranged this month on Mudrick Capital Management LP, the latest hedge fund to fall victim to swarming day traders.</p><p><blockquote><b>Mudrick Capital的亏损显示了投资模因股票的风险。</b>本月，对AMC Entertainment HoldingsINC.AMC 15.39%的多管齐下的押注在Mudrick Capital Management LP上适得其反，Mudrick Capital Management LP是最新一家成为大量日内交易者受害者的对冲基金。</blockquote></p><p> Mudrick’s flagship fund lost about 10% in just a few days as a jump in AMC’s stock price unexpectedly triggered changes in the value of derivatives the fund held as part of a complex trading strategy, people familiar with the matter said.</p><p><blockquote>知情人士称，穆德里克的旗舰基金在短短几天内损失了约10%，因为AMC股价的上涨意外引发了该基金作为复杂交易策略一部分持有的衍生品价值的变化。</blockquote></p><p> The setback comes months after a group of traders organizing on social media helped send the price ofGameStopCorp.GME5.88%and other stocks soaring in January, well beyond many investors’ views of underlying fundamentals.</p><p><blockquote>几个月前，一群在社交媒体上组织的交易员帮助GameStopCorp.GME5.88%和其他股票的价格在1月份飙升，远远超出了许多投资者对基本面的看法。</blockquote></p><p> The development prompted many hedge funds to slash their exposure to meme stocks. Mudrick Capital’s losses highlight how risky retaining significant exposure to such companies can be—even backfiring on a hedge-fund manager who was mostly in sync with the bullishness of individual investors.</p><p><blockquote>这一事态发展促使许多对冲基金削减了对模因股票的投资。Mudrick Capital的损失凸显了保留对此类公司的大量投资的风险有多大，甚至会对一位与个人投资者的看涨情绪基本同步的对冲基金经理产生适得其反的影响。</blockquote></p><p> Jason Mudrick, the firm’s founder, had been trading AMC stock, options and bonds for months, surfing a surge of enthusiasm for the theater chain among individual investors. But he also sold call options, derivative contracts meant to hedge the fund’s exposure to AMC should the stock price founder. Those derivative contracts, which gave its buyers the right to buy AMC stock from Mudrick at roughly $40 in the future, ballooned into liabilities when a resurgence ofReddit-fueled buyingrecently pushed AMC’s stock to new records, the people said.</p><p><blockquote>该公司创始人杰森·穆德里克(Jason Mudrick)几个月来一直在交易AMC股票、期权和债券，个人投资者对这家连锁影院的热情高涨。但他也出售了看涨期权期权，这是一种衍生品合约，旨在对冲该基金在股价下跌时对AMC的敞口。知情人士称，这些衍生品合约赋予买家未来以约40美元的价格从Mudrick购买AMC股票的权利，但当Reddit推动的购买热潮最近将AMC股票推至新纪录时，这些衍生品合约就变成了负债。</blockquote></p><p> As part of the broader AMC strategy, executives at Mudrick Capital were in talks with AMC to buy additional shares from the company in late May. On June 1, AMC disclosed that Mudrick Capital had agreed to buy $230.5 million of new stock directly from the company at $27.12 apiece, a premium over where it was then trading.</p><p><blockquote>作为更广泛的AMC战略的一部分，Mudrick Capital的高管正在与AMC就购买该公司的额外股票进行谈判。6月1日，AMC披露，Mudrick Capital已同意以每股27.12美元的价格直接从该公司购买2.305亿美元的新股，高于当时的交易价格。</blockquote></p><p> Mudrick immediately sold the stock at a profit, a quick flip that was reported by Bloomberg News and that sparked backlash on social media.</p><p><blockquote>穆德里克立即出售了该股票并获利，彭博新闻报道了这一快速抛售，并在社交媒体上引发了强烈反对。</blockquote></p><p> “Mudrick didn’t stab AMC in the back…They shot themselves in the foot,” read one post on Reddit’s Wall Street Bets forum on June 1. Other posts around that time referenced Mudrick as “losers,” “scum bags” and “a large waving pile of s—t with no future.” Members of the forum urged each other to buy and hold.</p><p><blockquote>6月1日，Reddit华尔街博彩论坛上的一篇帖子写道：“穆德里克没有在背后捅AMC一刀……他们是搬起石头砸自己的脚。”当时的其他帖子称穆德里克为“失败者”、“人渣”和“一大堆没有未来的挥舞着的S-T”。论坛成员互相催促买入并持有。</blockquote></p><p> Inside Mudrick, executives were growing apprehensive as the AMC rally gained steam. The firm’s risk committee met on the evening of June 1 after the stock closed at $32 and decided to exit all debt and derivative positions the following day.</p><p><blockquote>随着AMC反弹势头增强，穆德里克内部的高管们越来越感到担忧。该公司的风险委员会于6月1日晚在该股收于32美元后召开会议，并决定在第二天退出所有债务和衍生品头寸。</blockquote></p><p> It was a day too late.</p><p><blockquote>晚了一天。</blockquote></p><p> AMC’s stock price blew past $40in a matter of hours June 2, hitting an intraday high of $72.62.Call option prices soaredamid a frenzy of trading that Mudrick Capital contributed to and, by the end of the week, the winning trade had turned into a bust, costing the fund hundreds of millions of dollars in losses. Mudrick Capital made a roughly 5% return on the debt it sold but after accounting for its options trade, the fund took a net loss of about 5.4% on AMC.</p><p><blockquote>6月2日，AMC股价在几个小时内突破40美元，触及72.62美元的盘中高点。在穆德里克资本促成的疯狂交易中，看涨期权期权价格飙升，到本周末，获胜的交易变成了失败，使该基金损失了数亿美元。Mudrick Capital出售的债务回报率约为5%，但考虑到期权交易后，该基金在AMC上的净亏损约为5.4%。</blockquote></p><p> Mr. Mudrick’s fund is still up about 12% for the year, one of the people said. Meanwhile, investors who bought AMC stock at the start of the year and held on have gained about 2000%.</p><p><blockquote>其中一位知情人士表示，穆德里克的基金今年仍上涨了约12%。与此同时，年初购买AMC股票并持有的投资者已上涨约2000%。</blockquote></p><p> The impact of social media-fueled day traders has become a defining market development this year, costing top hedge funds billions of dollars in losses, sparking a congressional hearing anddrawing scrutinyfrom the U.S. Securities and Exchange Commission. More hedge funds now track individual investors’ sentiment on social media and pay greater attention to companies with smaller market values whose stock price may be more susceptible to the enthusiasms of individual investors.</p><p><blockquote>社交媒体推动的日内交易者的影响已成为今年市场的决定性发展，导致顶级对冲基金损失数十亿美元，引发国会听证会并受到美国证券交易委员会的审查。更多的对冲基金现在跟踪个人投资者在社交媒体上的情绪，更加关注市值较小的公司，这些公司的股价可能更容易受到个人投资者热情的影响。</blockquote></p><p> Mr. Mudrick specializes in distressed debt investing, often lending to troubled companies at high interest rates or swapping their existing debt for equity in bankruptcy court. Mudrick manages about $3.5 billion in investments firmwide and holds large, illiquid stakes in E-cigarette maker NJOY Holdings Inc. and satellite communications companyGlobalstarInc.from such exchanges. The flagship fund reported returns of about 17% annually from 2018 to 2020, according to data from HSBC Alternative Investment Group.</p><p><blockquote>穆德里克先生专门从事不良债务投资，经常以高利率向陷入困境的公司提供贷款，或者在破产法庭上将其现有债务换成股权。Mudrick管理着全公司约35亿美元的投资，并通过此类交易所持有电子烟制造商NJOY Holdings Inc.和卫星通信公司GlobalStarInc.的大量非流动性股份。汇丰另类投资集团的数据显示，2018年至2020年，该旗舰基金的年回报率约为17%。</blockquote></p><p> But distressed investing opportunities have grownharder to findas easy money from the Federal Reserve has given even struggling companies open access to debt markets. Mr. Mudrick has explored other strategies, launching several special-purpose acquisition companiesand, in the case of AMC, ultimately buying stock in block trades.</p><p><blockquote>但由于美联储的宽松资金甚至为陷入困境的公司提供了进入债务市场的机会，因此陷入困境的投资机会变得越来越难找到。穆德里克先生还探索了其他策略，成立了几家特殊目的收购公司，就AMC而言，最终通过大宗交易购买股票。</blockquote></p><p></p><p> Mr. Mudrick initially applied his typical playbook to AMC, buying bonds for as little as 20 cents on the dollar,lending the company $100 millionin December and swapping some bonds into new shares. Theater attendance, already under pressure, had disappeared almost entirely amid Covid-19 pandemic lockdowns, and AMC stock traded as low as $2. He reasoned that consumers would regain their appetite for big-screen entertainment this year as more Americans got vaccinated.</p><p><blockquote>穆德里克最初将他的典型策略应用于AMC，以低至20美分的价格购买债券，在12月向该公司借出1亿美元，并将部分债券换成新股。在Covid-19大流行封锁期间，已经面临压力的影院上座率几乎完全消失，AMC股票交易价格低至2美元。他推断，随着越来越多的美国人接种疫苗，消费者今年将恢复对大屏幕娱乐的兴趣。</blockquote></p><p> Day traders took theirfirst run at AMC in late January, urging each other on with the social-media rallying cry of #SaveAMC and briefly lifting the stock to around $20. AMC’s rising equity value boosted debt prices—one bond Mudrick Capital owned doubled within a week—quickly rewarding Mr. Mudrick’s bullishness. AMC capitalized on its surging stock priceto raise nearly $1 billion in new financingin late January, enabling it to ward off a previously expected bankruptcy filing.</p><p><blockquote>1月下旬，日内交易者首次在AMC进行了交易，在社交媒体上高呼#SaveAMC，并短暂将该股推升至20美元左右。AMC不断上涨的股票价值推高了债务价格——Mudrick Capital持有的一只债券在一周内翻了一番——很快就回报了Mudrick先生的看涨情绪。AMC利用其飙升的股价在1月底筹集了近10亿美元的新融资，使其能够避免此前预期的破产申请。</blockquote></p><p> Around that time, Mr. Mudrick sold call options on AMC stock, producing immediate income to offset potential losses if the theater chain did face problems. The derivatives gave buyers the option to buy AMC shares from Mudrick Capital for about $40—viewed as a seeming improbability when the stock was trading below $10.</p><p><blockquote>大约在那个时候，穆德里克先生出售了AMC股票的看涨期权期权，如果连锁影院确实面临问题，可以立即产生收入来抵消潜在的损失。这些衍生品让买家可以选择以约40美元的价格从Mudrick Capital购买AMC股票——当该股交易价格低于10美元时，这似乎不太可能。</blockquote></p><p> Mr. Mudrick remained in contact with AMC Chief Executive Adam Aron about providing additional funding, leading to his recent share purchase. But he kept the derivative contracts outstanding as an insurance policy, one of the people familiar with the matter said.</p><p><blockquote>穆德里克先生与AMC首席执行官亚当·阿伦(Adam Aron)就提供额外资金保持联系，导致他最近购买了股票。但一位知情人士表示，作为一项保险政策，他保留了衍生品合约。</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>AMC Bet by Hedge Fund Unravels Thanks to Meme-Stock Traders<blockquote>对冲基金对AMC的押注因模因股票交易员而瓦解</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\">\nAMC Bet by Hedge Fund Unravels Thanks to Meme-Stock Traders<blockquote>对冲基金对AMC的押注因模因股票交易员而瓦解</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Wall Street Journal</strong><span class=\"h-time small\">2021-06-12 11:53</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>Losses by Mudrick Capital show the risks of exposure to meme stocks.</b>  A multipronged bet onAMC Entertainment HoldingsInc.AMC15.39%boomeranged this month on Mudrick Capital Management LP, the latest hedge fund to fall victim to swarming day traders.</p><p><blockquote><b>Mudrick Capital的亏损显示了投资模因股票的风险。</b>本月，对AMC Entertainment HoldingsINC.AMC 15.39%的多管齐下的押注在Mudrick Capital Management LP上适得其反，Mudrick Capital Management LP是最新一家成为大量日内交易者受害者的对冲基金。</blockquote></p><p> Mudrick’s flagship fund lost about 10% in just a few days as a jump in AMC’s stock price unexpectedly triggered changes in the value of derivatives the fund held as part of a complex trading strategy, people familiar with the matter said.</p><p><blockquote>知情人士称，穆德里克的旗舰基金在短短几天内损失了约10%，因为AMC股价的上涨意外引发了该基金作为复杂交易策略一部分持有的衍生品价值的变化。</blockquote></p><p> The setback comes months after a group of traders organizing on social media helped send the price ofGameStopCorp.GME5.88%and other stocks soaring in January, well beyond many investors’ views of underlying fundamentals.</p><p><blockquote>几个月前，一群在社交媒体上组织的交易员帮助GameStopCorp.GME5.88%和其他股票的价格在1月份飙升，远远超出了许多投资者对基本面的看法。</blockquote></p><p> The development prompted many hedge funds to slash their exposure to meme stocks. Mudrick Capital’s losses highlight how risky retaining significant exposure to such companies can be—even backfiring on a hedge-fund manager who was mostly in sync with the bullishness of individual investors.</p><p><blockquote>这一事态发展促使许多对冲基金削减了对模因股票的投资。Mudrick Capital的损失凸显了保留对此类公司的大量投资的风险有多大，甚至会对一位与个人投资者的看涨情绪基本同步的对冲基金经理产生适得其反的影响。</blockquote></p><p> Jason Mudrick, the firm’s founder, had been trading AMC stock, options and bonds for months, surfing a surge of enthusiasm for the theater chain among individual investors. But he also sold call options, derivative contracts meant to hedge the fund’s exposure to AMC should the stock price founder. Those derivative contracts, which gave its buyers the right to buy AMC stock from Mudrick at roughly $40 in the future, ballooned into liabilities when a resurgence ofReddit-fueled buyingrecently pushed AMC’s stock to new records, the people said.</p><p><blockquote>该公司创始人杰森·穆德里克(Jason Mudrick)几个月来一直在交易AMC股票、期权和债券，个人投资者对这家连锁影院的热情高涨。但他也出售了看涨期权期权，这是一种衍生品合约，旨在对冲该基金在股价下跌时对AMC的敞口。知情人士称，这些衍生品合约赋予买家未来以约40美元的价格从Mudrick购买AMC股票的权利，但当Reddit推动的购买热潮最近将AMC股票推至新纪录时，这些衍生品合约就变成了负债。</blockquote></p><p> As part of the broader AMC strategy, executives at Mudrick Capital were in talks with AMC to buy additional shares from the company in late May. On June 1, AMC disclosed that Mudrick Capital had agreed to buy $230.5 million of new stock directly from the company at $27.12 apiece, a premium over where it was then trading.</p><p><blockquote>作为更广泛的AMC战略的一部分，Mudrick Capital的高管正在与AMC就购买该公司的额外股票进行谈判。6月1日，AMC披露，Mudrick Capital已同意以每股27.12美元的价格直接从该公司购买2.305亿美元的新股，高于当时的交易价格。</blockquote></p><p> Mudrick immediately sold the stock at a profit, a quick flip that was reported by Bloomberg News and that sparked backlash on social media.</p><p><blockquote>穆德里克立即出售了该股票并获利，彭博新闻报道了这一快速抛售，并在社交媒体上引发了强烈反对。</blockquote></p><p> “Mudrick didn’t stab AMC in the back…They shot themselves in the foot,” read one post on Reddit’s Wall Street Bets forum on June 1. Other posts around that time referenced Mudrick as “losers,” “scum bags” and “a large waving pile of s—t with no future.” Members of the forum urged each other to buy and hold.</p><p><blockquote>6月1日，Reddit华尔街博彩论坛上的一篇帖子写道：“穆德里克没有在背后捅AMC一刀……他们是搬起石头砸自己的脚。”当时的其他帖子称穆德里克为“失败者”、“人渣”和“一大堆没有未来的挥舞着的S-T”。论坛成员互相催促买入并持有。</blockquote></p><p> Inside Mudrick, executives were growing apprehensive as the AMC rally gained steam. The firm’s risk committee met on the evening of June 1 after the stock closed at $32 and decided to exit all debt and derivative positions the following day.</p><p><blockquote>随着AMC反弹势头增强，穆德里克内部的高管们越来越感到担忧。该公司的风险委员会于6月1日晚在该股收于32美元后召开会议，并决定在第二天退出所有债务和衍生品头寸。</blockquote></p><p> It was a day too late.</p><p><blockquote>晚了一天。</blockquote></p><p> AMC’s stock price blew past $40in a matter of hours June 2, hitting an intraday high of $72.62.Call option prices soaredamid a frenzy of trading that Mudrick Capital contributed to and, by the end of the week, the winning trade had turned into a bust, costing the fund hundreds of millions of dollars in losses. Mudrick Capital made a roughly 5% return on the debt it sold but after accounting for its options trade, the fund took a net loss of about 5.4% on AMC.</p><p><blockquote>6月2日，AMC股价在几个小时内突破40美元，触及72.62美元的盘中高点。在穆德里克资本促成的疯狂交易中，看涨期权期权价格飙升，到本周末，获胜的交易变成了失败，使该基金损失了数亿美元。Mudrick Capital出售的债务回报率约为5%，但考虑到期权交易后，该基金在AMC上的净亏损约为5.4%。</blockquote></p><p> Mr. Mudrick’s fund is still up about 12% for the year, one of the people said. Meanwhile, investors who bought AMC stock at the start of the year and held on have gained about 2000%.</p><p><blockquote>其中一位知情人士表示，穆德里克的基金今年仍上涨了约12%。与此同时，年初购买AMC股票并持有的投资者已上涨约2000%。</blockquote></p><p> The impact of social media-fueled day traders has become a defining market development this year, costing top hedge funds billions of dollars in losses, sparking a congressional hearing anddrawing scrutinyfrom the U.S. Securities and Exchange Commission. More hedge funds now track individual investors’ sentiment on social media and pay greater attention to companies with smaller market values whose stock price may be more susceptible to the enthusiasms of individual investors.</p><p><blockquote>社交媒体推动的日内交易者的影响已成为今年市场的决定性发展，导致顶级对冲基金损失数十亿美元，引发国会听证会并受到美国证券交易委员会的审查。更多的对冲基金现在跟踪个人投资者在社交媒体上的情绪，更加关注市值较小的公司，这些公司的股价可能更容易受到个人投资者热情的影响。</blockquote></p><p> Mr. Mudrick specializes in distressed debt investing, often lending to troubled companies at high interest rates or swapping their existing debt for equity in bankruptcy court. Mudrick manages about $3.5 billion in investments firmwide and holds large, illiquid stakes in E-cigarette maker NJOY Holdings Inc. and satellite communications companyGlobalstarInc.from such exchanges. The flagship fund reported returns of about 17% annually from 2018 to 2020, according to data from HSBC Alternative Investment Group.</p><p><blockquote>穆德里克先生专门从事不良债务投资，经常以高利率向陷入困境的公司提供贷款，或者在破产法庭上将其现有债务换成股权。Mudrick管理着全公司约35亿美元的投资，并通过此类交易所持有电子烟制造商NJOY Holdings Inc.和卫星通信公司GlobalStarInc.的大量非流动性股份。汇丰另类投资集团的数据显示，2018年至2020年，该旗舰基金的年回报率约为17%。</blockquote></p><p> But distressed investing opportunities have grownharder to findas easy money from the Federal Reserve has given even struggling companies open access to debt markets. Mr. Mudrick has explored other strategies, launching several special-purpose acquisition companiesand, in the case of AMC, ultimately buying stock in block trades.</p><p><blockquote>但由于美联储的宽松资金甚至为陷入困境的公司提供了进入债务市场的机会，因此陷入困境的投资机会变得越来越难找到。穆德里克先生还探索了其他策略，成立了几家特殊目的收购公司，就AMC而言，最终通过大宗交易购买股票。</blockquote></p><p></p><p> Mr. Mudrick initially applied his typical playbook to AMC, buying bonds for as little as 20 cents on the dollar,lending the company $100 millionin December and swapping some bonds into new shares. Theater attendance, already under pressure, had disappeared almost entirely amid Covid-19 pandemic lockdowns, and AMC stock traded as low as $2. He reasoned that consumers would regain their appetite for big-screen entertainment this year as more Americans got vaccinated.</p><p><blockquote>穆德里克最初将他的典型策略应用于AMC，以低至20美分的价格购买债券，在12月向该公司借出1亿美元，并将部分债券换成新股。在Covid-19大流行封锁期间，已经面临压力的影院上座率几乎完全消失，AMC股票交易价格低至2美元。他推断，随着越来越多的美国人接种疫苗，消费者今年将恢复对大屏幕娱乐的兴趣。</blockquote></p><p> Day traders took theirfirst run at AMC in late January, urging each other on with the social-media rallying cry of #SaveAMC and briefly lifting the stock to around $20. AMC’s rising equity value boosted debt prices—one bond Mudrick Capital owned doubled within a week—quickly rewarding Mr. Mudrick’s bullishness. AMC capitalized on its surging stock priceto raise nearly $1 billion in new financingin late January, enabling it to ward off a previously expected bankruptcy filing.</p><p><blockquote>1月下旬，日内交易者首次在AMC进行了交易，在社交媒体上高呼#SaveAMC，并短暂将该股推升至20美元左右。AMC不断上涨的股票价值推高了债务价格——Mudrick Capital持有的一只债券在一周内翻了一番——很快就回报了Mudrick先生的看涨情绪。AMC利用其飙升的股价在1月底筹集了近10亿美元的新融资，使其能够避免此前预期的破产申请。</blockquote></p><p> Around that time, Mr. Mudrick sold call options on AMC stock, producing immediate income to offset potential losses if the theater chain did face problems. The derivatives gave buyers the option to buy AMC shares from Mudrick Capital for about $40—viewed as a seeming improbability when the stock was trading below $10.</p><p><blockquote>大约在那个时候，穆德里克先生出售了AMC股票的看涨期权期权，如果连锁影院确实面临问题，可以立即产生收入来抵消潜在的损失。这些衍生品让买家可以选择以约40美元的价格从Mudrick Capital购买AMC股票——当该股交易价格低于10美元时，这似乎不太可能。</blockquote></p><p> Mr. Mudrick remained in contact with AMC Chief Executive Adam Aron about providing additional funding, leading to his recent share purchase. But he kept the derivative contracts outstanding as an insurance policy, one of the people familiar with the matter said.</p><p><blockquote>穆德里克先生与AMC首席执行官亚当·阿伦(Adam Aron)就提供额外资金保持联系，导致他最近购买了股票。但一位知情人士表示，作为一项保险政策，他保留了衍生品合约。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/amc-bet-by-hedge-fund-unravels-thanks-to-meme-stock-traders-11623431320?mod=markets_lead_pos2\">The Wall Street Journal</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMC":"AMC院线"},"source_url":"https://www.wsj.com/articles/amc-bet-by-hedge-fund-unravels-thanks-to-meme-stock-traders-11623431320?mod=markets_lead_pos2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1104635261","content_text":"Losses by Mudrick Capital show the risks of exposure to meme stocks.\n\nA multipronged bet onAMC Entertainment HoldingsInc.AMC15.39%boomeranged this month on Mudrick Capital Management LP, the latest hedge fund to fall victim to swarming day traders.\nMudrick’s flagship fund lost about 10% in just a few days as a jump in AMC’s stock price unexpectedly triggered changes in the value of derivatives the fund held as part of a complex trading strategy, people familiar with the matter said.\nThe setback comes months after a group of traders organizing on social media helped send the price ofGameStopCorp.GME5.88%and other stocks soaring in January, well beyond many investors’ views of underlying fundamentals.\nThe development prompted many hedge funds to slash their exposure to meme stocks. Mudrick Capital’s losses highlight how risky retaining significant exposure to such companies can be—even backfiring on a hedge-fund manager who was mostly in sync with the bullishness of individual investors.\nJason Mudrick, the firm’s founder, had been trading AMC stock, options and bonds for months, surfing a surge of enthusiasm for the theater chain among individual investors. But he also sold call options, derivative contracts meant to hedge the fund’s exposure to AMC should the stock price founder. Those derivative contracts, which gave its buyers the right to buy AMC stock from Mudrick at roughly $40 in the future, ballooned into liabilities when a resurgence ofReddit-fueled buyingrecently pushed AMC’s stock to new records, the people said.\nAs part of the broader AMC strategy, executives at Mudrick Capital were in talks with AMC to buy additional shares from the company in late May. On June 1, AMC disclosed that Mudrick Capital had agreed to buy $230.5 million of new stock directly from the company at $27.12 apiece, a premium over where it was then trading.\nMudrick immediately sold the stock at a profit, a quick flip that was reported by Bloomberg News and that sparked backlash on social media.\n“Mudrick didn’t stab AMC in the back…They shot themselves in the foot,” read one post on Reddit’s Wall Street Bets forum on June 1. Other posts around that time referenced Mudrick as “losers,” “scum bags” and “a large waving pile of s—t with no future.” Members of the forum urged each other to buy and hold.\nInside Mudrick, executives were growing apprehensive as the AMC rally gained steam. The firm’s risk committee met on the evening of June 1 after the stock closed at $32 and decided to exit all debt and derivative positions the following day.\nIt was a day too late.\nAMC’s stock price blew past $40in a matter of hours June 2, hitting an intraday high of $72.62.Call option prices soaredamid a frenzy of trading that Mudrick Capital contributed to and, by the end of the week, the winning trade had turned into a bust, costing the fund hundreds of millions of dollars in losses. Mudrick Capital made a roughly 5% return on the debt it sold but after accounting for its options trade, the fund took a net loss of about 5.4% on AMC.\nMr. Mudrick’s fund is still up about 12% for the year, one of the people said. Meanwhile, investors who bought AMC stock at the start of the year and held on have gained about 2000%.\nThe impact of social media-fueled day traders has become a defining market development this year, costing top hedge funds billions of dollars in losses, sparking a congressional hearing anddrawing scrutinyfrom the U.S. Securities and Exchange Commission. More hedge funds now track individual investors’ sentiment on social media and pay greater attention to companies with smaller market values whose stock price may be more susceptible to the enthusiasms of individual investors.\nMr. Mudrick specializes in distressed debt investing, often lending to troubled companies at high interest rates or swapping their existing debt for equity in bankruptcy court. Mudrick manages about $3.5 billion in investments firmwide and holds large, illiquid stakes in E-cigarette maker NJOY Holdings Inc. and satellite communications companyGlobalstarInc.from such exchanges. The flagship fund reported returns of about 17% annually from 2018 to 2020, according to data from HSBC Alternative Investment Group.\nBut distressed investing opportunities have grownharder to findas easy money from the Federal Reserve has given even struggling companies open access to debt markets. Mr. Mudrick has explored other strategies, launching several special-purpose acquisition companiesand, in the case of AMC, ultimately buying stock in block trades.\nMr. Mudrick initially applied his typical playbook to AMC, buying bonds for as little as 20 cents on the dollar,lending the company $100 millionin December and swapping some bonds into new shares. Theater attendance, already under pressure, had disappeared almost entirely amid Covid-19 pandemic lockdowns, and AMC stock traded as low as $2. He reasoned that consumers would regain their appetite for big-screen entertainment this year as more Americans got vaccinated.\nDay traders took theirfirst run at AMC in late January, urging each other on with the social-media rallying cry of #SaveAMC and briefly lifting the stock to around $20. AMC’s rising equity value boosted debt prices—one bond Mudrick Capital owned doubled within a week—quickly rewarding Mr. Mudrick’s bullishness. AMC capitalized on its surging stock priceto raise nearly $1 billion in new financingin late January, enabling it to ward off a previously expected bankruptcy filing.\nAround that time, Mr. Mudrick sold call options on AMC stock, producing immediate income to offset potential losses if the theater chain did face problems. The derivatives gave buyers the option to buy AMC shares from Mudrick Capital for about $40—viewed as a seeming improbability when the stock was trading below $10.\nMr. Mudrick remained in contact with AMC Chief Executive Adam Aron about providing additional funding, leading to his recent share purchase. But he kept the derivative contracts outstanding as an insurance policy, one of the people familiar with the matter said.","news_type":1,"symbols_score_info":{"AMC":0.9}},"isVote":1,"tweetType":1,"viewCount":380,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":186803920,"gmtCreate":1623481883960,"gmtModify":1634032514784,"author":{"id":"3576031533816126","authorId":"3576031533816126","name":"kukuniao","avatar":"https://static.tigerbbs.com/e2bcc0cf2ff759243bcb5c9d5662d212","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576031533816126","idStr":"3576031533816126"},"themes":[],"htmlText":"Wow wow wow","listText":"Wow wow wow","text":"Wow wow wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/186803920","repostId":"1117150461","repostType":4,"isVote":1,"tweetType":1,"viewCount":429,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":323997107,"gmtCreate":1615296766409,"gmtModify":1703486917959,"author":{"id":"3576031533816126","authorId":"3576031533816126","name":"kukuniao","avatar":"https://static.tigerbbs.com/e2bcc0cf2ff759243bcb5c9d5662d212","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576031533816126","idStr":"3576031533816126"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/323997107","repostId":"1135057078","repostType":4,"repost":{"id":"1135057078","kind":"news","pubTimestamp":1615296628,"share":"https://www.laohu8.com/m/news/1135057078?lang=zh_CN&edition=full","pubTime":"2021-03-09 21:30","market":"us","language":"en","title":"The 24 Best-Loved Stocks on Wall Street and Why That Matters<blockquote>华尔街24只最受欢迎的股票及其重要性</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1135057078","media":"Barrons","summary":"One way to navigate the choppiness is to look for Wall Street’s best-loved stocks. They are the ones, presumably, that analysts have the most confidence in and will be able to weather whatever 2021 throws at them.A good definition of best-loved is stocks that are nearly universally rated Buy by the analysts covering them.Barron’s looked at the Russell 3000 Index to find a couple dozen that fit the bill. To be included on our list, the stocks had to meet three benchmarks. For starters, at least 1","content":"<p>Stocks are looking a little more sketchy lately—or a least a little more complicated.Inflation, a rotation out of&nbsp;growth&nbsp;into value,memes, vaccines and government&nbsp;stimulus&nbsp;are causing investors to reassess what’s next for the market.</p><p><blockquote>最近股市看起来更加粗略，或者至少更加复杂。通货膨胀、从增长转向价值、模因、疫苗和政府刺激措施正在促使投资者重新评估市场的下一步走势。</blockquote></p><p> One way&nbsp;to navigate the choppiness is to look for Wall Street’s best-loved stocks. They are the ones, presumably, that analysts have the most confidence in and will be able to weather whatever 2021 throws at them.</p><p><blockquote>应对波动的一种方法是寻找华尔街最受欢迎的股票。据推测，他们是分析师最有信心的人，他们将能够经受住2021年的任何考验。</blockquote></p><p> A good definition of best-loved is stocks that are nearly universally rated Buy by the analysts covering them.<i>Barron’s</i>&nbsp;looked at the&nbsp;Russell 3000 Index&nbsp;to find a couple dozen that fit the bill. To be included on our list, the stocks had to meet three benchmarks. For starters, at least 10 analysts have to cover the stock. There isn’t much use in declaring a stock well-loved if only one analyst rates it Buy. The companies also have to have no Sell ratings and market capitalizations greater than a few billion dollars.</p><p><blockquote>最受欢迎的一个很好的定义是那些几乎被分析师普遍评为买入的股票。<i>巴伦周刊</i>我查看了罗素3000指数，找到了几十个符合要求的指数。要被列入我们的名单，这些股票必须满足三个基准。首先，至少有10名分析师必须关注该股票。如果只有一位分析师给予买入评级，那么宣布一只股票深受喜爱就没有多大用处。这些公司还必须没有卖出评级且市值不得超过数十亿美元。</blockquote></p><p> We also excluded biotech stocks. There are well-loved biotech stocks, but buying one or two can be a dangerous strategy for many investors. Biotech stocks can jump—up or down, depending on the outcome of medical data. It can be better to simply hold a basket of biotech stocks instead of looking only at analyst ratings, which can lead investors to implicitly bet on one or two drug programs.</p><p><blockquote>我们还排除了生物科技股。有一些深受喜爱的生物科技股，但对于许多投资者来说，购买一两只可能是一个危险的策略。生物科技股可能会上涨或下跌，具体取决于医疗数据的结果。简单地持有一篮子生物技术股票可能会更好，而不是只看分析师的评级，这可能会导致投资者暗中押注一两个药物项目。</blockquote></p><p> The Russell 3000’s best-loved 24 large companies, in descending order of market capitalization:Microsoft(MSFT),Amazon.com(AMZN), Google parent&nbsp;Alphabet(GOOGL),Conoco&nbsp;Phillips(COP), software providers&nbsp;Twilo(TWLO) and&nbsp;Ring&nbsp;Central(RING),Cheniere Energy(LNG), property owner,VICI Properties(VICI), auto lender&nbsp;Ally Financial(ALLY),GoDaddy(GDDY), sales tax manager&nbsp;Avalara(AVLR), drug development services provider&nbsp;PPD(PPD), material distributor&nbsp;Builders FirstSource(BLDR), footwear maker Deckers Outdoor (DECK), lenderOneMain(ONF), optical products maker&nbsp;Lumentum(LITE), energy firm&nbsp;Chart Industries(GTLS), government and defense contractor&nbsp;Science Applications International(SAIC), software provider&nbsp;Medallia(MDLA),New Residential Investment(NRZ), software providerRapid7(RPD),Agree Realty(ADC), software providerTenable(TENB) and solar power company&nbsp;Sunnova Energy International(NOVA).</p><p><blockquote>Russell 3000指数中最受欢迎的24家大公司，按市值降序排列：微软(MSFT)、亚马逊(AMZN)、谷歌母公司Alphabet(GOOGL)、康菲石油公司(COP)、软件提供商Twilo(TWLO)和Ring Central(RING)、Cheniere Energy(LNG)、房产所有者VICI Properties(VICI)、汽车贷款机构Ally Financial(ALLY)、GoDaddy(GDDY)、销售税经理Avalara(AVLR)、药物开发服务提供商PPD(PPD)、材料分销商Builders FirstSource(BLDR)、鞋类制造商lenderOneMain(ONF)、光学产品制造商Lumentum(LITE)、光学产品制造商Lumentum(LITE)、能源公司Chart Industries(GTLS)、政府和国防承包商Science Applications International(SAIC)、软件提供商Rapid7(RPD)、Agree Realty(ADC)、软件提供商Rapid7(RPD)、Agree Realty(ADC)、软件提供商Tenable(TENB)和太阳能公司Sunnova Energy</blockquote></p><p> <b>Favorites of Analysts</b></p><p><blockquote><b>分析师的最爱</b></blockquote></p><p> These stocks have among the highest buy-rating ratios</p><p><blockquote>这些股票的买入评级比率最高</blockquote></p><p> <img src=\"https://static.tigerbbs.com/57a8da85765b4f9013b5ad629fd52b5d\" tg-width=\"647\" tg-height=\"801\"></p><p><blockquote></blockquote></p><p> It’s quite a list covering many industries. The largest tech giants are in there as well as little-known software providers, shoe companies and drywall distributors. The companies are connected by analysts’ love for their stocks.</p><p><blockquote>这是一个涵盖许多行业的相当多的列表。最大的科技巨头以及鲜为人知的软件提供商、制鞋公司和干墙分销商都在那里。这些公司因分析师对其股票的热爱而联系在一起。</blockquote></p><p> There are 490 ratings on the two dozen; 469 of the ratings are Buy—about 96%. Cheniere, Ally, GoDaddy, Builders FirstSource, OneMain, Science Applications, New Residential and Sunnova are perfect. Every analyst covering those stocks rates shares Buy. The lowest Buy-rating ratio is Microsoft, with 93%.</p><p><blockquote>两打有490个收视率；469个评级为买入——约96%。Cheniere、Ally、GoDaddy、Builders FirstSource、OneMain、Science Applications、New Residential和Sunnova都是完美的。研究这些股票的每位分析师都将股票评级为买入。买入评级最低的是微软，为93%。</blockquote></p><p> Still, that’s pretty good. The&nbsp;average&nbsp;Buy-rating ratio for stocks in the&nbsp;Dow Jones Industrial Average&nbsp;is 60%.</p><p><blockquote>不过，这已经很好了。道琼斯工业平均指数股票的平均买入评级为60%。</blockquote></p><p> The price-to-earnings ratio for the group falls around 25 times estimated earnings for the coming 12 months. That’s a little higher than the comparable PE ratio of the&nbsp;S &amp; P 500.But that hasn’t hindered the 24 stocks. Shares are up about 55% on average over the past year. What’s more, only three of the 24 are down over that period.</p><p><blockquote>该集团的市盈率降至未来12个月预期收益的25倍左右。这略高于标准普尔500指数的可比市盈率。但这并没有阻碍这24只股票。过去一年股价平均上涨约55%。更重要的是，在此期间，24家公司中只有3家下跌。</blockquote></p><p> The average expected gain, based on&nbsp;analyst target prices, from current levels is about 27%. Typically, analyst target prices represent where analysts expect a stock to trade over the coming 12 months. The Sunnova average analyst target price is about $58 a share, almost 60% higher than recent levels. The Conoco target, on the other hand, is right where the stock is trading, but oil prices are moving up, which can help any oil producer stock.</p><p><blockquote>根据分析师目标价，当前水平的平均预期涨幅约为27%。通常，分析师目标价格代表分析师对股票未来12个月交易价格的预期。Sunnova分析师平均目标价约为每股58美元，比近期水平高出近60%。另一方面，康菲石油公司的目标就在该股的交易地点，但油价正在上涨，这可以帮助任何石油生产商的股票。</blockquote></p><p> There is no guarantee that analysts are right. But there are no guarantees in the stock market. What the high Buy-rating ratio does represent, however, is dozens of different analysts from many brokers have all arrived at the same conclusion. These are solid bets.</p><p><blockquote>不能保证分析师是对的。但是股票市场没有任何保证。然而，高买入评级确实代表了来自许多经纪商的数十位不同分析师都得出了相同的结论。这些都是可靠的赌注。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The 24 Best-Loved Stocks on Wall Street and Why That Matters<blockquote>华尔街24只最受欢迎的股票及其重要性</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe 24 Best-Loved Stocks on Wall Street and Why That Matters<blockquote>华尔街24只最受欢迎的股票及其重要性</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-03-09 21:30</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Stocks are looking a little more sketchy lately—or a least a little more complicated.Inflation, a rotation out of&nbsp;growth&nbsp;into value,memes, vaccines and government&nbsp;stimulus&nbsp;are causing investors to reassess what’s next for the market.</p><p><blockquote>最近股市看起来更加粗略，或者至少更加复杂。通货膨胀、从增长转向价值、模因、疫苗和政府刺激措施正在促使投资者重新评估市场的下一步走势。</blockquote></p><p> One way&nbsp;to navigate the choppiness is to look for Wall Street’s best-loved stocks. They are the ones, presumably, that analysts have the most confidence in and will be able to weather whatever 2021 throws at them.</p><p><blockquote>应对波动的一种方法是寻找华尔街最受欢迎的股票。据推测，他们是分析师最有信心的人，他们将能够经受住2021年的任何考验。</blockquote></p><p> A good definition of best-loved is stocks that are nearly universally rated Buy by the analysts covering them.<i>Barron’s</i>&nbsp;looked at the&nbsp;Russell 3000 Index&nbsp;to find a couple dozen that fit the bill. To be included on our list, the stocks had to meet three benchmarks. For starters, at least 10 analysts have to cover the stock. There isn’t much use in declaring a stock well-loved if only one analyst rates it Buy. The companies also have to have no Sell ratings and market capitalizations greater than a few billion dollars.</p><p><blockquote>最受欢迎的一个很好的定义是那些几乎被分析师普遍评为买入的股票。<i>巴伦周刊</i>我查看了罗素3000指数，找到了几十个符合要求的指数。要被列入我们的名单，这些股票必须满足三个基准。首先，至少有10名分析师必须关注该股票。如果只有一位分析师给予买入评级，那么宣布一只股票深受喜爱就没有多大用处。这些公司还必须没有卖出评级且市值不得超过数十亿美元。</blockquote></p><p> We also excluded biotech stocks. There are well-loved biotech stocks, but buying one or two can be a dangerous strategy for many investors. Biotech stocks can jump—up or down, depending on the outcome of medical data. It can be better to simply hold a basket of biotech stocks instead of looking only at analyst ratings, which can lead investors to implicitly bet on one or two drug programs.</p><p><blockquote>我们还排除了生物科技股。有一些深受喜爱的生物科技股，但对于许多投资者来说，购买一两只可能是一个危险的策略。生物科技股可能会上涨或下跌，具体取决于医疗数据的结果。简单地持有一篮子生物技术股票可能会更好，而不是只看分析师的评级，这可能会导致投资者暗中押注一两个药物项目。</blockquote></p><p> The Russell 3000’s best-loved 24 large companies, in descending order of market capitalization:Microsoft(MSFT),Amazon.com(AMZN), Google parent&nbsp;Alphabet(GOOGL),Conoco&nbsp;Phillips(COP), software providers&nbsp;Twilo(TWLO) and&nbsp;Ring&nbsp;Central(RING),Cheniere Energy(LNG), property owner,VICI Properties(VICI), auto lender&nbsp;Ally Financial(ALLY),GoDaddy(GDDY), sales tax manager&nbsp;Avalara(AVLR), drug development services provider&nbsp;PPD(PPD), material distributor&nbsp;Builders FirstSource(BLDR), footwear maker Deckers Outdoor (DECK), lenderOneMain(ONF), optical products maker&nbsp;Lumentum(LITE), energy firm&nbsp;Chart Industries(GTLS), government and defense contractor&nbsp;Science Applications International(SAIC), software provider&nbsp;Medallia(MDLA),New Residential Investment(NRZ), software providerRapid7(RPD),Agree Realty(ADC), software providerTenable(TENB) and solar power company&nbsp;Sunnova Energy International(NOVA).</p><p><blockquote>Russell 3000指数中最受欢迎的24家大公司，按市值降序排列：微软(MSFT)、亚马逊(AMZN)、谷歌母公司Alphabet(GOOGL)、康菲石油公司(COP)、软件提供商Twilo(TWLO)和Ring Central(RING)、Cheniere Energy(LNG)、房产所有者VICI Properties(VICI)、汽车贷款机构Ally Financial(ALLY)、GoDaddy(GDDY)、销售税经理Avalara(AVLR)、药物开发服务提供商PPD(PPD)、材料分销商Builders FirstSource(BLDR)、鞋类制造商lenderOneMain(ONF)、光学产品制造商Lumentum(LITE)、光学产品制造商Lumentum(LITE)、能源公司Chart Industries(GTLS)、政府和国防承包商Science Applications International(SAIC)、软件提供商Rapid7(RPD)、Agree Realty(ADC)、软件提供商Rapid7(RPD)、Agree Realty(ADC)、软件提供商Tenable(TENB)和太阳能公司Sunnova Energy</blockquote></p><p> <b>Favorites of Analysts</b></p><p><blockquote><b>分析师的最爱</b></blockquote></p><p> These stocks have among the highest buy-rating ratios</p><p><blockquote>这些股票的买入评级比率最高</blockquote></p><p> <img src=\"https://static.tigerbbs.com/57a8da85765b4f9013b5ad629fd52b5d\" tg-width=\"647\" tg-height=\"801\"></p><p><blockquote></blockquote></p><p> It’s quite a list covering many industries. The largest tech giants are in there as well as little-known software providers, shoe companies and drywall distributors. The companies are connected by analysts’ love for their stocks.</p><p><blockquote>这是一个涵盖许多行业的相当多的列表。最大的科技巨头以及鲜为人知的软件提供商、制鞋公司和干墙分销商都在那里。这些公司因分析师对其股票的热爱而联系在一起。</blockquote></p><p> There are 490 ratings on the two dozen; 469 of the ratings are Buy—about 96%. Cheniere, Ally, GoDaddy, Builders FirstSource, OneMain, Science Applications, New Residential and Sunnova are perfect. Every analyst covering those stocks rates shares Buy. The lowest Buy-rating ratio is Microsoft, with 93%.</p><p><blockquote>两打有490个收视率；469个评级为买入——约96%。Cheniere、Ally、GoDaddy、Builders FirstSource、OneMain、Science Applications、New Residential和Sunnova都是完美的。研究这些股票的每位分析师都将股票评级为买入。买入评级最低的是微软，为93%。</blockquote></p><p> Still, that’s pretty good. The&nbsp;average&nbsp;Buy-rating ratio for stocks in the&nbsp;Dow Jones Industrial Average&nbsp;is 60%.</p><p><blockquote>不过，这已经很好了。道琼斯工业平均指数股票的平均买入评级为60%。</blockquote></p><p> The price-to-earnings ratio for the group falls around 25 times estimated earnings for the coming 12 months. That’s a little higher than the comparable PE ratio of the&nbsp;S &amp; P 500.But that hasn’t hindered the 24 stocks. Shares are up about 55% on average over the past year. What’s more, only three of the 24 are down over that period.</p><p><blockquote>该集团的市盈率降至未来12个月预期收益的25倍左右。这略高于标准普尔500指数的可比市盈率。但这并没有阻碍这24只股票。过去一年股价平均上涨约55%。更重要的是，在此期间，24家公司中只有3家下跌。</blockquote></p><p> The average expected gain, based on&nbsp;analyst target prices, from current levels is about 27%. Typically, analyst target prices represent where analysts expect a stock to trade over the coming 12 months. The Sunnova average analyst target price is about $58 a share, almost 60% higher than recent levels. The Conoco target, on the other hand, is right where the stock is trading, but oil prices are moving up, which can help any oil producer stock.</p><p><blockquote>根据分析师目标价，当前水平的平均预期涨幅约为27%。通常，分析师目标价格代表分析师对股票未来12个月交易价格的预期。Sunnova分析师平均目标价约为每股58美元，比近期水平高出近60%。另一方面，康菲石油公司的目标就在该股的交易地点，但油价正在上涨，这可以帮助任何石油生产商的股票。</blockquote></p><p> There is no guarantee that analysts are right. But there are no guarantees in the stock market. What the high Buy-rating ratio does represent, however, is dozens of different analysts from many brokers have all arrived at the same conclusion. These are solid bets.</p><p><blockquote>不能保证分析师是对的。但是股票市场没有任何保证。然而，高买入评级确实代表了来自许多经纪商的数十位不同分析师都得出了相同的结论。这些都是可靠的赌注。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/how-wall-streets-24-best-loved-stocks-can-help-tell-whats-ahead-51615250420?mod=hp_LEAD_1\">Barrons</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":{"RPD":"Rapid7, Inc.","BLDR":"Builders FirstSource","TWLO":"Twilio Inc","MDLA":"Medallia, Inc.","RING":"iShares MSCI Global Gold Miners ETF","ADC":"艾格里房产","MSFT":"微软","LITE":"Lumentum Holdings Inc.","ALLY":"Ally Financial Inc.","COP":"康菲石油","DECK":"Deckers Outdoor Corporation","GTLS":"查特工业","LNG":"Cheniere Energy Inc","GDDY":"Godaddy Inc.","GOOGL":"谷歌A","VICI":"Vici Properties","TENB":"Tenable Holdings Inc.","AVLR":"Avalara Inc","PPD":"PPD, Inc.","AMZN":"亚马逊","SAIC":"Science Applications Internation"},"source_url":"https://www.barrons.com/articles/how-wall-streets-24-best-loved-stocks-can-help-tell-whats-ahead-51615250420?mod=hp_LEAD_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1135057078","content_text":"Stocks are looking a little more sketchy lately—or a least a little more complicated.Inflation, a rotation out of growth into value,memes, vaccines and government stimulus are causing investors to reassess what’s next for the market.\nOne way to navigate the choppiness is to look for Wall Street’s best-loved stocks. They are the ones, presumably, that analysts have the most confidence in and will be able to weather whatever 2021 throws at them.\nA good definition of best-loved is stocks that are nearly universally rated Buy by the analysts covering them.Barron’s looked at the Russell 3000 Index to find a couple dozen that fit the bill. To be included on our list, the stocks had to meet three benchmarks. For starters, at least 10 analysts have to cover the stock. There isn’t much use in declaring a stock well-loved if only one analyst rates it Buy. The companies also have to have no Sell ratings and market capitalizations greater than a few billion dollars.\nWe also excluded biotech stocks. There are well-loved biotech stocks, but buying one or two can be a dangerous strategy for many investors. Biotech stocks can jump—up or down, depending on the outcome of medical data. It can be better to simply hold a basket of biotech stocks instead of looking only at analyst ratings, which can lead investors to implicitly bet on one or two drug programs.\nThe Russell 3000’s best-loved 24 large companies, in descending order of market capitalization:Microsoft(MSFT),Amazon.com(AMZN), Google parent Alphabet(GOOGL),Conoco Phillips(COP), software providers Twilo(TWLO) and Ring Central(RING),Cheniere Energy(LNG), property owner,VICI Properties(VICI), auto lender Ally Financial(ALLY),GoDaddy(GDDY), sales tax manager Avalara(AVLR), drug development services provider PPD(PPD), material distributor Builders FirstSource(BLDR), footwear maker Deckers Outdoor (DECK), lenderOneMain(ONF), optical products maker Lumentum(LITE), energy firm Chart Industries(GTLS), government and defense contractor Science Applications International(SAIC), software provider Medallia(MDLA),New Residential Investment(NRZ), software providerRapid7(RPD),Agree Realty(ADC), software providerTenable(TENB) and solar power company Sunnova Energy International(NOVA).\nFavorites of Analysts\nThese stocks have among the highest buy-rating ratios\n\nIt’s quite a list covering many industries. The largest tech giants are in there as well as little-known software providers, shoe companies and drywall distributors. The companies are connected by analysts’ love for their stocks.\nThere are 490 ratings on the two dozen; 469 of the ratings are Buy—about 96%. Cheniere, Ally, GoDaddy, Builders FirstSource, OneMain, Science Applications, New Residential and Sunnova are perfect. Every analyst covering those stocks rates shares Buy. The lowest Buy-rating ratio is Microsoft, with 93%.\nStill, that’s pretty good. The average Buy-rating ratio for stocks in the Dow Jones Industrial Average is 60%.\nThe price-to-earnings ratio for the group falls around 25 times estimated earnings for the coming 12 months. That’s a little higher than the comparable PE ratio of the S & P 500.But that hasn’t hindered the 24 stocks. Shares are up about 55% on average over the past year. What’s more, only three of the 24 are down over that period.\nThe average expected gain, based on analyst target prices, from current levels is about 27%. Typically, analyst target prices represent where analysts expect a stock to trade over the coming 12 months. The Sunnova average analyst target price is about $58 a share, almost 60% higher than recent levels. The Conoco target, on the other hand, is right where the stock is trading, but oil prices are moving up, which can help any oil producer stock.\nThere is no guarantee that analysts are right. But there are no guarantees in the stock market. What the high Buy-rating ratio does represent, however, is dozens of different analysts from many brokers have all arrived at the same conclusion. These are solid bets.","news_type":1,"symbols_score_info":{"BLDR":0.9,"AVLR":0.9,"LITE":0.9,"ONFA":0.9,"RPD":0.9,"VICI":0.9,"TENB":0.9,"TWLO":0.9,"GOOGL":0.9,"MDLA":0.9,"GDDY":0.9,"GTLS":0.9,"RING":0.9,"ADC":0.9,"AMZN":0.9,"MSFT":0.9,"LNG":0.9,"DECK":0.9,"NRZ":0.9,"SAIC":0.9,"ALLY":0.9,"NOVA":0.9,"PPD":0.9,"COP":0.9}},"isVote":1,"tweetType":1,"viewCount":435,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":381101846,"gmtCreate":1612940172985,"gmtModify":1703767174245,"author":{"id":"3576031533816126","authorId":"3576031533816126","name":"kukuniao","avatar":"https://static.tigerbbs.com/e2bcc0cf2ff759243bcb5c9d5662d212","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576031533816126","idStr":"3576031533816126"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/381101846","repostId":"1106106453","repostType":4,"repost":{"id":"1106106453","kind":"news","pubTimestamp":1612929529,"share":"https://www.laohu8.com/m/news/1106106453?lang=zh_CN&edition=full","pubTime":"2021-02-10 11:58","market":"us","language":"en","title":"Here are analysts’ favorite marijuana stocks, which they expect to rise as much as 82% in the next year<blockquote>以下是分析师最喜欢的大麻股票，他们预计明年该股将上涨82%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1106106453","media":"MarketWatch","summary":"Legalization is spreading across the U.S.\nMarijuana stocks have surged this year as investors antici","content":"<p>Legalization is spreading across the U.S.</p><p><blockquote>合法化正在美国蔓延。</blockquote></p><p> Marijuana stocks have surged this year as investors anticipate wider acceptance of legal distribution of recreational products in the U.S.</p><p><blockquote>由于投资者预计美国将更广泛地接受娱乐产品的合法分销，大麻股票今年飙升。</blockquote></p><p> Your best way to ride this wave may be through exchange traded funds. But investors also like to see lists of stocks in rapidly growing industries.</p><p><blockquote>驾驭这一浪潮的最佳方式可能是通过交易所交易基金。但投资者也喜欢看到快速增长行业的股票名单。</blockquote></p><p> So, below, is a list of analysts’ favorite stocks associated with the increased use of cannabis, drawn from holdings of six of the largest ETFs tracking the industry.</p><p><blockquote>因此，下面列出了分析师最喜欢的与大麻使用增加相关的股票，这些股票来自跟踪该行业的六只最大ETF的持有量。</blockquote></p><p> For broad coverage of the rapidly expanding marijuana industry, see&nbsp;Cannabis Watch. Recent coverage includes efforts by Senate Majority Leader Chuck Schumer to introduce legislation for the&nbsp;federal legalization of marijuana&nbsp;and New York Gov. Andrew Cuomo’s drive toward&nbsp;legalization in his state.</p><p><blockquote>有关快速扩张的大麻产业的广泛报道，请参见大麻观察。最近的报道包括参议院多数党领袖舒默为联邦大麻合法化提出立法的努力，以及纽约州州长安德鲁·科莫推动该州大麻合法化的努力。</blockquote></p><p> To see how dramatic the stock market reaction has been, take a look at this chart for the ETFMG Alternative Harvest ETFMJ,+13.42%,the largest exchange traded fund in the space:</p><p><blockquote>要了解股市的反应有多剧烈，请看一下该领域最大的交易所交易基金ETFMG Alternative Harvest ETFMJ的图表，+13.42%：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/966a21e7913c10dbe106b6dcb5b54abc\" tg-width=\"1259\" tg-height=\"1172\"><span>FACTSET</span></p><p><blockquote><p class=\"t-img-caption\"><span>FACTSET</span></p></blockquote></p><p> Of note: That’s a year-to-date chart through 2:34 p.m. ET on Feb. 9. The ETF has doubled so far in 2021. During 2020, it fell 12%.</p><p><blockquote>值得注意的是：这是截至美国东部时间2月9日下午2点34分的年初至今图表。2021年迄今为止，该ETF已翻了一番。2020年，下降了12%。</blockquote></p><p> For an example of the heated action, shares of Canopy Growth Corp.&nbsp;were up as much as 12% in morning trading on Feb. 9, after the company announced&nbsp;higher-than-expected salesfor the quarter ended Dec. 31.</p><p><blockquote>举个激烈行动的例子，Canopy Growth Corp.宣布截至12月31日的季度销售额高于预期后，该公司股价在2月9日早盘交易中上涨了12%。</blockquote></p><p> <b>Marijuana stock list</b></p><p><blockquote><b>大麻股票列表</b></blockquote></p><p> In order to come up with a list of analysts’ favorite marijuana-associated stocks, we collated the holdings of six of the largest marijuana ETFs:</p><p><blockquote>为了列出分析师最喜欢的大麻相关股票清单，我们整理了六只最大的大麻ETF的持股情况：</blockquote></p><p> <ul>  <li>The ETFMG Alternative Harvest ETF has $1.8 billion in assets under management and annual expenses of 0.75% of assets. The ETF holds 30 stocks and is heavily concentrated, with Tilray Inc.,making up 13.7% of the portfolio and Aphria Inc.&nbsp;accounting for 13.4%. According to ETFMG, the ETF is designed to “measure the performance of companies within the cannabis ecosystem beneﬁtting from global medicinal and recreational cannabis legalization initiatives.” This broad objective means it holds shares of several large tobacco companies: Philip Morris International Inc.Altria Group Inc.&nbsp;and British American Tobacco.</li>  <li>The AdvisorShares Pure US Cannabis ETF&nbsp;has $604 million in assets and annual expenses of 0.74%. AdvisorShares bills this ETF as the only one that is both actively managed and U.S.-focused.</li>  <li>The Horizons Marijuana Life Sciences Index ETF&nbsp;has $583 million in assets and an expense ratio of 0.94%.</li>  <li>The AdvisorShares Pure Cannabis ETF&nbsp;has $323 million in assets, with an annual expense ratio of 0.75%. It invests in companies that derive at least 50% of revenue from the cannabis industry, but may also invest in pre-revenue companies doing research and development on marijuana-derived products.</li>  <li>The Global X Cannabis ETFPOTX,+17.23%has $149 million in assets with an expense ratio of 0.50%. It has a highly concentrated portfolio of 18 stocks, with Tilray making up 16.9% of the portfolio, Aphria 11.9% and Aurora Cannabis Inc.&nbsp;10.2%.</li>  <li>The Cannabis ETF&nbsp;has $117 million in assets with annual expenses of 0.70%. The ETF holds a broad group of 29 U.S. and Canadian marijuana stocks.</li> </ul> The only stock held by all six ETFs is Charlotte’s Web Holdings Inc..The company is based in Boulder, Colo., but all six ETFs hold shares traded under its Canadian ticker, CWEB.</p><p><blockquote><ul><li>ETFMG Alternative Harvest ETF管理资产18亿美元，年度费用占资产的0.75%。该ETF持有30只股票，且高度集中，Tilray Inc.占投资组合的13.7%，Aphria Inc.占13.4%。据ETFMG称，该ETF旨在“衡量大麻生态系统中受益于全球医用和娱乐大麻合法化举措的公司的业绩”。这一广泛的目标意味着它持有几家大型烟草公司的股份：菲利普莫里斯国际公司、奥驰亚集团公司和英美烟草公司。</li><li>AdvisorShares Pure US Cannabis ETF的资产为6.04亿美元，年费用为0.74%。AdvisorShares称这只ETF是唯一一只既积极管理又专注于美国的ETF。</li><li>Horizons大麻生命科学指数ETF拥有5.83亿美元的资产，费用率为0.94%。</li><li>AdvisorShares Pure Cannabis ETF拥有3.23亿美元的资产，年费用率为0.75%。它投资于至少50%收入来自大麻行业的公司，但也可能投资于从事大麻衍生产品研发的收入前公司。</li><li>Global X Cannabis ETFPOTX,+17.23%拥有1.49亿美元的资产，费用率为0.50%。它的投资组合高度集中，由18只股票组成，其中Tilray占投资组合的16.9%，Aphria占11.9%，Aurora Cannabis Inc.占10.2%。</li><li>大麻ETF拥有1.17亿美元的资产，年费用为0.70%。该ETF持有29只美国和加拿大大麻股票。</li></ul>所有六只ETF持有的唯一股票是Charlotte's Web Holdings Inc..该公司总部位于科罗拉多州博尔德，但所有六只ETF都持有以其加拿大股票代码CWEB交易的股票。</blockquote></p><p> Analysts favorite marijuana stocks</p><p><blockquote>分析师最喜欢的大麻股票</blockquote></p><p> The six ETFs listed above hold 85 stocks or total return swaps tied to the stocks. A few of these companies are “double counted,” with one or more ETFs holding shares traded in Canada and one or more holding the shares traded on U.S. exchanges. In the table below, the tickers without an exchange code before them, are U.S. tickers.</p><p><blockquote>上面列出的六只ETF持有85只股票或与股票相关的总回报掉期。其中一些公司被“重复计算”，一只或多只ETF持有在加拿大交易的股票，一只或多只ETF持有在美国交易所交易的股票。在下表中，前面没有交易所代码的股票是美国股票。</blockquote></p><p> The list includes countries where the companies are based. The share prices and price targets are in local currencies. Tobacco companies are not excluded, because the managers of the ETFMG Alternative Harvest ETF (at least) believe they will benefit from the expanding regulatory acceptance of recreational marijuana use.</p><p><blockquote>该名单包括公司总部所在的国家。股价和目标价以当地货币计算。烟草公司也不被排除在外，因为ETFMG Alternative Harvest ETF的经理（至少）认为，他们将受益于监管机构对娱乐性大麻使用的接受程度不断扩大。</blockquote></p><p> Among the 85 stocks, 28 have majority “buy” or equivalent ratings among analysts polled by FactSet, with at least five analysts covering each company. Some of these stocks have gotten ahead of consensus price targets.</p><p><blockquote>在这85只股票中，有28只股票在FactSet调查的分析师中获得了多数“买入”或同等评级，每家公司至少有5名分析师。其中一些股票已经超出了共识价格目标。</blockquote></p><p> Here they are, sorted by the 12-month upside potential implied by consensus price targets:</p><p><blockquote>以下是按共识价格目标隐含的12个月上涨潜力排序的：</blockquote></p><p></p><p> <table>  <thead>   <tr>    <th>COMPANY</th>    <th>TICKER</th>    <th>COUNTRY</th>    <th>SHARE 'BUY' RATINGS</th>    <th>CLOSING PRICE - FEB. 8</th>    <th>CONSENSUS PRICE TARGET</th>    <th>IMPLIED 12-MONTH UPSIDE POTENTIAL</th>   </tr>  </thead>  <tbody>   <tr>    <td>VALENS CO. INC.</td>    <td>TO:VLNS</td>    <td>CANADA</td>    <td>89%</td>    <td>1.96</td>    <td>3.57</td>    <td>82%</td>   </tr>   <tr>    <td>Cara Therapeutics Inc.</td>    <td>CARA</td>    <td>U.S.</td>    <td>88%</td>    <td>19.46</td>    <td>33.50</td>    <td>72%</td>   </tr>   <tr>    <td>MediPharm Labs Corp.</td>    <td>TO:LABS</td>    <td>Canada</td>    <td>60%</td>    <td>0.76</td>    <td>1.29</td>    <td>70%</td>   </tr>   <tr>    <td>British American Tobacco PLC</td>    <td>UK:BATS</td>    <td>U.K.</td>    <td>84%</td>    <td>26.96</td>    <td>36.74</td>    <td>36%</td>   </tr>   <tr>    <td>Imperial Brands PLC</td>    <td>UK:IMB</td>    <td>U.K.</td>    <td>74%</td>    <td>14.43</td>    <td>19.32</td>    <td>34%</td>   </tr>   <tr>    <td>AYR Strategies Inc.</td>    <td>AYRWF</td>    <td>U.S.</td>    <td>88%</td>    <td>34.45</td>    <td>44.99</td>    <td>31%</td>   </tr>   <tr>    <td>Zynerba Pharmaceuticals Inc.</td>    <td>ZYNE</td>    <td>U.S.</td>    <td>71%</td>    <td>5.74</td>    <td>7.42</td>    <td>29%</td>   </tr>   <tr>    <td>Village Farms International Inc.</td>    <td>TO:VFF</td>    <td>Canada</td>    <td>100%</td>    <td>21.07</td>    <td>27.17</td>    <td>29%</td>   </tr>   <tr>    <td>Columbia Care Inc.</td>    <td>CCHWF</td>    <td>U.S.</td>    <td>83%</td>    <td>7.57</td>    <td>9.65</td>    <td>27%</td>   </tr>   <tr>    <td>Arena Pharmaceuticals Inc.</td>    <td>ARNA</td>    <td>U.S.</td>    <td>100%</td>    <td>81.97</td>    <td>95.20</td>    <td>16%</td>   </tr>   <tr>    <td>Altria Group Inc.</td>    <td>MO</td>    <td>U.S.</td>    <td>67%</td>    <td>42.97</td>    <td>49.00</td>    <td>14%</td>   </tr>   <tr>    <td>Jushi Holdings Inc. Class B</td>    <td>JUSHF</td>    <td>U.S.</td>    <td>83%</td>    <td>8.49</td>    <td>9.68</td>    <td>14%</td>   </tr>   <tr>    <td>Swedish Match AB</td>    <td>SE:SWMA</td>    <td>Sweden</td>    <td>76%</td>    <td>667.40</td>    <td>754.88</td>    <td>13%</td>   </tr>   <tr>    <td>Scotts Miracle-Gro Co. Class A</td>    <td>SMG</td>    <td>U.S.</td>    <td>71%</td>    <td>239.52</td>    <td>266.40</td>    <td>11%</td>   </tr>   <tr>    <td>Philip Morris International Inc.</td>    <td>PM</td>    <td>U.S.</td>    <td>70%</td>    <td>85.99</td>    <td>95.20</td>    <td>11%</td>   </tr>   <tr>    <td>Curaleaf Holdings Inc.</td>    <td>CURLF</td>    <td>U.S.</td>    <td>93%</td>    <td>16.73</td>    <td>17.89</td>    <td>7%</td>   </tr>   <tr>    <td>Trulieve Cannabis Corp.</td>    <td>TCNNF</td>    <td>U.S.</td>    <td>100%</td>    <td>49.49</td>    <td>51.33</td>    <td>4%</td>   </tr>   <tr>    <td>Cresco Labs Inc.</td>    <td>CRLBF</td>    <td>U.S.</td>    <td>93%</td>    <td>15.57</td>    <td>15.97</td>    <td>3%</td>   </tr>   <tr>    <td>Charlotte's Web Holdings Inc.</td>    <td>TO:APHA</td>    <td>U.S.</td>    <td>75%</td>    <td>6.87</td>    <td>6.88</td>    <td>0%</td>   </tr>   <tr>    <td>Harvest Health &amp; Recreation Inc.</td>    <td>HRVSF</td>    <td>U.S.</td>    <td>86%</td>    <td>4.02</td>    <td>3.88</td>    <td>-4%</td>   </tr>   <tr>    <td>Innovative Industrial Properties Inc.</td>    <td>IIPR</td>    <td>U.S.</td>    <td>71%</td>    <td>215.18</td>    <td>207.17</td>    <td>-4%</td>   </tr>   <tr>    <td>Turning Point Brands Inc.</td>    <td>TPB</td>    <td>U.S.</td>    <td>100%</td>    <td>55.74</td>    <td>53.60</td>    <td>-4%</td>   </tr>   <tr>    <td>Green Thumb Industries Inc.</td>    <td>GTBIF</td>    <td>U.S.</td>    <td>94%</td>    <td>33.90</td>    <td>32.48</td>    <td>-4%</td>   </tr>   <tr>    <td>Greenlane Holdings Inc. Class A</td>    <td>GNLN</td>    <td>U.S.</td>    <td>100%</td>    <td>5.97</td>    <td>5.40</td>    <td>-10%</td>   </tr>   <tr>    <td>TerrAscend Corp.</td>    <td>TRSSF</td>    <td>Canada</td>    <td>100%</td>    <td>14.88</td>    <td>12.75</td>    <td>-14%</td>   </tr>   <tr>    <td>GrowGeneration Corp.</td>    <td>GRWG</td>    <td>U.S.</td>    <td>57%</td>    <td>62.97</td>    <td>52.71</td>    <td>-16%</td>   </tr>   <tr>    <td>Hydrofarm Holdings Group Inc.</td>    <td>HYFM</td>    <td>U.S.</td>    <td>100%</td>    <td>80.48</td>    <td>63.25</td>    <td>-21%</td>   </tr>   <tr>    <td>Aphria Inc.</td>    <td>TO:APHA</td>    <td>Canada</td>    <td>64%</td>    <td>24.16</td>    <td>15.98</td>    <td>-34%</td>   </tr>  </tbody> </table> FactSet</p><p><blockquote><table><thead><tr><th>公司</th><th>股票代码</th><th>国家</th><th>股票“买入”评级</th><th>收盘价-2月。8</th><th>共识价格目标</th><th>隐含的12个月上涨潜力</th></tr></thead><tbody><tr><td>瓦伦斯公司。</td><td>致：VLNS</td><td>加拿大</td><td>89%</td><td>1.96</td><td>3.57</td><td>82%</td></tr><tr><td>卡拉治疗公司。</td><td>卡拉</td><td>美国。</td><td>88%</td><td>19.46</td><td>33.50</td><td>72%</td></tr><tr><td>医疗制药实验室公司。</td><td>致：实验室</td><td>加拿大</td><td>60%</td><td>0.76</td><td>1.29</td><td>70%</td></tr><tr><td>英美烟草公司</td><td>英国：蝙蝠</td><td>英国。</td><td>84%</td><td>26.96</td><td>36.74</td><td>36%</td></tr><tr><td>帝国品牌有限公司</td><td>英国：IMB</td><td>英国。</td><td>74%</td><td>14.43</td><td>19.32</td><td>34%</td></tr><tr><td>艾尔战略公司。</td><td>AYRWF</td><td>美国。</td><td>88%</td><td>34.45</td><td>44.99</td><td>31%</td></tr><tr><td>Zynerba制药公司。</td><td>ZYNE</td><td>美国。</td><td>71%</td><td>5.74</td><td>7.42</td><td>29%</td></tr><tr><td>乡村农场国际公司。</td><td>致：VFF</td><td>加拿大</td><td>100%</td><td>21.07</td><td>27.17</td><td>29%</td></tr><tr><td>哥伦比亚护理公司。</td><td>CCHWF</td><td>美国。</td><td>83%</td><td>7.57</td><td>9.65</td><td>27%</td></tr><tr><td>竞技场制药公司。</td><td>阿尔纳</td><td>美国。</td><td>100%</td><td>81.97</td><td>95.20</td><td>16%</td></tr><tr><td>奥驰亚集团公司。</td><td>莫</td><td>美国。</td><td>67%</td><td>42.97</td><td>49.00</td><td>14%</td></tr><tr><td>巨石控股有限公司B类</td><td>朱什夫</td><td>美国。</td><td>83%</td><td>8.49</td><td>9.68</td><td>14%</td></tr><tr><td>瑞典比赛AB</td><td>SE：SWMA</td><td>瑞典</td><td>76%</td><td>667.40</td><td>754.88</td><td>13%</td></tr><tr><td>Scotts Miracle-Gro Co.A级</td><td>SMG</td><td>美国。</td><td>71%</td><td>239.52</td><td>266.40</td><td>11%</td></tr><tr><td>菲利普莫里斯国际公司。</td><td>PM</td><td>美国。</td><td>70%</td><td>85.99</td><td>95.20</td><td>11%</td></tr><tr><td>库拉利夫控股公司。</td><td>库尔夫</td><td>美国。</td><td>93%</td><td>16.73</td><td>17.89</td><td>7%</td></tr><tr><td>Trulieve大麻公司。</td><td>TCNNF</td><td>美国。</td><td>100%</td><td>49.49</td><td>51.33</td><td>4%</td></tr><tr><td>克雷斯科实验室公司。</td><td>CRLBF</td><td>美国。</td><td>93%</td><td>15.57</td><td>15.97</td><td>3%</td></tr><tr><td>夏洛特网络控股公司。</td><td>致：APHA</td><td>美国。</td><td>75%</td><td>6.87</td><td>6.88</td><td>0%</td></tr><tr><td>丰收健康娱乐公司。</td><td>HRVSF</td><td>美国。</td><td>86%</td><td>4.02</td><td>3.88</td><td>-4%</td></tr><tr><td>创新工业地产公司。</td><td>IIPR</td><td>美国。</td><td>71%</td><td>215.18</td><td>207.17</td><td>-4%</td></tr><tr><td>转折点品牌公司。</td><td>TPB</td><td>美国。</td><td>100%</td><td>55.74</td><td>53.60</td><td>-4%</td></tr><tr><td>绿拇指工业公司。</td><td>GTBIF</td><td>美国。</td><td>94%</td><td>33.90</td><td>32.48</td><td>-4%</td></tr><tr><td>绿巷控股公司A级</td><td>GNLN</td><td>美国。</td><td>100%</td><td>5.97</td><td>5.40</td><td>-10%</td></tr><tr><td>TerrAscend公司。</td><td>TRSSF</td><td>加拿大</td><td>100%</td><td>14.88</td><td>12.75</td><td>-14%</td></tr><tr><td>成长一代公司。</td><td>GRWG</td><td>美国。</td><td>57%</td><td>62.97</td><td>52.71</td><td>-16%</td></tr><tr><td>Hydrofarm控股集团公司。</td><td>HYFM</td><td>美国。</td><td>100%</td><td>80.48</td><td>63.25</td><td>-21%</td></tr><tr><td>阿弗里亚公司。</td><td>致：APHA</td><td>加拿大</td><td>64%</td><td>24.16</td><td>15.98</td><td>-34%</td></tr></tbody></table>FactSet</blockquote></p><p> If you see any stocks of interest, it is best to do your own research to learn how a company is planning to grow and compete. The ETFs provide the advantage of diversification. Selecting individual stocks may turn out well, but buyer beware.</p><p><blockquote>如果您看到任何感兴趣的股票，最好自己进行研究，了解公司计划如何发展和竞争。ETF提供了多元化的优势。选择个股可能会有好结果，但买家要小心。</blockquote></p><p></p><p> Among the larger holdings of the ETFs, Tilray was not included in the list because only 14% of analysts polled by FactSet rate the shares a buy. None of the 13 analysts covering Aurora Cannabis rate the stock a buy.</p><p><blockquote>在持有较多的ETF中，Tilray并未被列入名单，因为FactSet调查的分析师中只有14%将该股评级为买入。研究Aurora Cannabis的13名分析师均未将该股评级为买入。</blockquote></p><p></p>","source":"market_watch","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>Here are analysts’ favorite marijuana stocks, which they expect to rise as much as 82% in the next year<blockquote>以下是分析师最喜欢的大麻股票，他们预计明年该股将上涨82%</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\">\nHere are analysts’ favorite marijuana stocks, which they expect to rise as much as 82% in the next year<blockquote>以下是分析师最喜欢的大麻股票，他们预计明年该股将上涨82%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-02-10 11:58</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Legalization is spreading across the U.S.</p><p><blockquote>合法化正在美国蔓延。</blockquote></p><p> Marijuana stocks have surged this year as investors anticipate wider acceptance of legal distribution of recreational products in the U.S.</p><p><blockquote>由于投资者预计美国将更广泛地接受娱乐产品的合法分销，大麻股票今年飙升。</blockquote></p><p> Your best way to ride this wave may be through exchange traded funds. But investors also like to see lists of stocks in rapidly growing industries.</p><p><blockquote>驾驭这一浪潮的最佳方式可能是通过交易所交易基金。但投资者也喜欢看到快速增长行业的股票名单。</blockquote></p><p> So, below, is a list of analysts’ favorite stocks associated with the increased use of cannabis, drawn from holdings of six of the largest ETFs tracking the industry.</p><p><blockquote>因此，下面列出了分析师最喜欢的与大麻使用增加相关的股票，这些股票来自跟踪该行业的六只最大ETF的持有量。</blockquote></p><p> For broad coverage of the rapidly expanding marijuana industry, see&nbsp;Cannabis Watch. Recent coverage includes efforts by Senate Majority Leader Chuck Schumer to introduce legislation for the&nbsp;federal legalization of marijuana&nbsp;and New York Gov. Andrew Cuomo’s drive toward&nbsp;legalization in his state.</p><p><blockquote>有关快速扩张的大麻产业的广泛报道，请参见大麻观察。最近的报道包括参议院多数党领袖舒默为联邦大麻合法化提出立法的努力，以及纽约州州长安德鲁·科莫推动该州大麻合法化的努力。</blockquote></p><p> To see how dramatic the stock market reaction has been, take a look at this chart for the ETFMG Alternative Harvest ETFMJ,+13.42%,the largest exchange traded fund in the space:</p><p><blockquote>要了解股市的反应有多剧烈，请看一下该领域最大的交易所交易基金ETFMG Alternative Harvest ETFMJ的图表，+13.42%：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/966a21e7913c10dbe106b6dcb5b54abc\" tg-width=\"1259\" tg-height=\"1172\"><span>FACTSET</span></p><p><blockquote><p class=\"t-img-caption\"><span>FACTSET</span></p></blockquote></p><p> Of note: That’s a year-to-date chart through 2:34 p.m. ET on Feb. 9. The ETF has doubled so far in 2021. During 2020, it fell 12%.</p><p><blockquote>值得注意的是：这是截至美国东部时间2月9日下午2点34分的年初至今图表。2021年迄今为止，该ETF已翻了一番。2020年，下降了12%。</blockquote></p><p> For an example of the heated action, shares of Canopy Growth Corp.&nbsp;were up as much as 12% in morning trading on Feb. 9, after the company announced&nbsp;higher-than-expected salesfor the quarter ended Dec. 31.</p><p><blockquote>举个激烈行动的例子，Canopy Growth Corp.宣布截至12月31日的季度销售额高于预期后，该公司股价在2月9日早盘交易中上涨了12%。</blockquote></p><p> <b>Marijuana stock list</b></p><p><blockquote><b>大麻股票列表</b></blockquote></p><p> In order to come up with a list of analysts’ favorite marijuana-associated stocks, we collated the holdings of six of the largest marijuana ETFs:</p><p><blockquote>为了列出分析师最喜欢的大麻相关股票清单，我们整理了六只最大的大麻ETF的持股情况：</blockquote></p><p> <ul>  <li>The ETFMG Alternative Harvest ETF has $1.8 billion in assets under management and annual expenses of 0.75% of assets. The ETF holds 30 stocks and is heavily concentrated, with Tilray Inc.,making up 13.7% of the portfolio and Aphria Inc.&nbsp;accounting for 13.4%. According to ETFMG, the ETF is designed to “measure the performance of companies within the cannabis ecosystem beneﬁtting from global medicinal and recreational cannabis legalization initiatives.” This broad objective means it holds shares of several large tobacco companies: Philip Morris International Inc.Altria Group Inc.&nbsp;and British American Tobacco.</li>  <li>The AdvisorShares Pure US Cannabis ETF&nbsp;has $604 million in assets and annual expenses of 0.74%. AdvisorShares bills this ETF as the only one that is both actively managed and U.S.-focused.</li>  <li>The Horizons Marijuana Life Sciences Index ETF&nbsp;has $583 million in assets and an expense ratio of 0.94%.</li>  <li>The AdvisorShares Pure Cannabis ETF&nbsp;has $323 million in assets, with an annual expense ratio of 0.75%. It invests in companies that derive at least 50% of revenue from the cannabis industry, but may also invest in pre-revenue companies doing research and development on marijuana-derived products.</li>  <li>The Global X Cannabis ETFPOTX,+17.23%has $149 million in assets with an expense ratio of 0.50%. It has a highly concentrated portfolio of 18 stocks, with Tilray making up 16.9% of the portfolio, Aphria 11.9% and Aurora Cannabis Inc.&nbsp;10.2%.</li>  <li>The Cannabis ETF&nbsp;has $117 million in assets with annual expenses of 0.70%. The ETF holds a broad group of 29 U.S. and Canadian marijuana stocks.</li> </ul> The only stock held by all six ETFs is Charlotte’s Web Holdings Inc..The company is based in Boulder, Colo., but all six ETFs hold shares traded under its Canadian ticker, CWEB.</p><p><blockquote><ul><li>ETFMG Alternative Harvest ETF管理资产18亿美元，年度费用占资产的0.75%。该ETF持有30只股票，且高度集中，Tilray Inc.占投资组合的13.7%，Aphria Inc.占13.4%。据ETFMG称，该ETF旨在“衡量大麻生态系统中受益于全球医用和娱乐大麻合法化举措的公司的业绩”。这一广泛的目标意味着它持有几家大型烟草公司的股份：菲利普莫里斯国际公司、奥驰亚集团公司和英美烟草公司。</li><li>AdvisorShares Pure US Cannabis ETF的资产为6.04亿美元，年费用为0.74%。AdvisorShares称这只ETF是唯一一只既积极管理又专注于美国的ETF。</li><li>Horizons大麻生命科学指数ETF拥有5.83亿美元的资产，费用率为0.94%。</li><li>AdvisorShares Pure Cannabis ETF拥有3.23亿美元的资产，年费用率为0.75%。它投资于至少50%收入来自大麻行业的公司，但也可能投资于从事大麻衍生产品研发的收入前公司。</li><li>Global X Cannabis ETFPOTX,+17.23%拥有1.49亿美元的资产，费用率为0.50%。它的投资组合高度集中，由18只股票组成，其中Tilray占投资组合的16.9%，Aphria占11.9%，Aurora Cannabis Inc.占10.2%。</li><li>大麻ETF拥有1.17亿美元的资产，年费用为0.70%。该ETF持有29只美国和加拿大大麻股票。</li></ul>所有六只ETF持有的唯一股票是Charlotte's Web Holdings Inc..该公司总部位于科罗拉多州博尔德，但所有六只ETF都持有以其加拿大股票代码CWEB交易的股票。</blockquote></p><p> Analysts favorite marijuana stocks</p><p><blockquote>分析师最喜欢的大麻股票</blockquote></p><p> The six ETFs listed above hold 85 stocks or total return swaps tied to the stocks. A few of these companies are “double counted,” with one or more ETFs holding shares traded in Canada and one or more holding the shares traded on U.S. exchanges. In the table below, the tickers without an exchange code before them, are U.S. tickers.</p><p><blockquote>上面列出的六只ETF持有85只股票或与股票相关的总回报掉期。其中一些公司被“重复计算”，一只或多只ETF持有在加拿大交易的股票，一只或多只ETF持有在美国交易所交易的股票。在下表中，前面没有交易所代码的股票是美国股票。</blockquote></p><p> The list includes countries where the companies are based. The share prices and price targets are in local currencies. Tobacco companies are not excluded, because the managers of the ETFMG Alternative Harvest ETF (at least) believe they will benefit from the expanding regulatory acceptance of recreational marijuana use.</p><p><blockquote>该名单包括公司总部所在的国家。股价和目标价以当地货币计算。烟草公司也不被排除在外，因为ETFMG Alternative Harvest ETF的经理（至少）认为，他们将受益于监管机构对娱乐性大麻使用的接受程度不断扩大。</blockquote></p><p> Among the 85 stocks, 28 have majority “buy” or equivalent ratings among analysts polled by FactSet, with at least five analysts covering each company. Some of these stocks have gotten ahead of consensus price targets.</p><p><blockquote>在这85只股票中，有28只股票在FactSet调查的分析师中获得了多数“买入”或同等评级，每家公司至少有5名分析师。其中一些股票已经超出了共识价格目标。</blockquote></p><p> Here they are, sorted by the 12-month upside potential implied by consensus price targets:</p><p><blockquote>以下是按共识价格目标隐含的12个月上涨潜力排序的：</blockquote></p><p></p><p> <table>  <thead>   <tr>    <th>COMPANY</th>    <th>TICKER</th>    <th>COUNTRY</th>    <th>SHARE 'BUY' RATINGS</th>    <th>CLOSING PRICE - FEB. 8</th>    <th>CONSENSUS PRICE TARGET</th>    <th>IMPLIED 12-MONTH UPSIDE POTENTIAL</th>   </tr>  </thead>  <tbody>   <tr>    <td>VALENS CO. INC.</td>    <td>TO:VLNS</td>    <td>CANADA</td>    <td>89%</td>    <td>1.96</td>    <td>3.57</td>    <td>82%</td>   </tr>   <tr>    <td>Cara Therapeutics Inc.</td>    <td>CARA</td>    <td>U.S.</td>    <td>88%</td>    <td>19.46</td>    <td>33.50</td>    <td>72%</td>   </tr>   <tr>    <td>MediPharm Labs Corp.</td>    <td>TO:LABS</td>    <td>Canada</td>    <td>60%</td>    <td>0.76</td>    <td>1.29</td>    <td>70%</td>   </tr>   <tr>    <td>British American Tobacco PLC</td>    <td>UK:BATS</td>    <td>U.K.</td>    <td>84%</td>    <td>26.96</td>    <td>36.74</td>    <td>36%</td>   </tr>   <tr>    <td>Imperial Brands PLC</td>    <td>UK:IMB</td>    <td>U.K.</td>    <td>74%</td>    <td>14.43</td>    <td>19.32</td>    <td>34%</td>   </tr>   <tr>    <td>AYR Strategies Inc.</td>    <td>AYRWF</td>    <td>U.S.</td>    <td>88%</td>    <td>34.45</td>    <td>44.99</td>    <td>31%</td>   </tr>   <tr>    <td>Zynerba Pharmaceuticals Inc.</td>    <td>ZYNE</td>    <td>U.S.</td>    <td>71%</td>    <td>5.74</td>    <td>7.42</td>    <td>29%</td>   </tr>   <tr>    <td>Village Farms International Inc.</td>    <td>TO:VFF</td>    <td>Canada</td>    <td>100%</td>    <td>21.07</td>    <td>27.17</td>    <td>29%</td>   </tr>   <tr>    <td>Columbia Care Inc.</td>    <td>CCHWF</td>    <td>U.S.</td>    <td>83%</td>    <td>7.57</td>    <td>9.65</td>    <td>27%</td>   </tr>   <tr>    <td>Arena Pharmaceuticals Inc.</td>    <td>ARNA</td>    <td>U.S.</td>    <td>100%</td>    <td>81.97</td>    <td>95.20</td>    <td>16%</td>   </tr>   <tr>    <td>Altria Group Inc.</td>    <td>MO</td>    <td>U.S.</td>    <td>67%</td>    <td>42.97</td>    <td>49.00</td>    <td>14%</td>   </tr>   <tr>    <td>Jushi Holdings Inc. Class B</td>    <td>JUSHF</td>    <td>U.S.</td>    <td>83%</td>    <td>8.49</td>    <td>9.68</td>    <td>14%</td>   </tr>   <tr>    <td>Swedish Match AB</td>    <td>SE:SWMA</td>    <td>Sweden</td>    <td>76%</td>    <td>667.40</td>    <td>754.88</td>    <td>13%</td>   </tr>   <tr>    <td>Scotts Miracle-Gro Co. Class A</td>    <td>SMG</td>    <td>U.S.</td>    <td>71%</td>    <td>239.52</td>    <td>266.40</td>    <td>11%</td>   </tr>   <tr>    <td>Philip Morris International Inc.</td>    <td>PM</td>    <td>U.S.</td>    <td>70%</td>    <td>85.99</td>    <td>95.20</td>    <td>11%</td>   </tr>   <tr>    <td>Curaleaf Holdings Inc.</td>    <td>CURLF</td>    <td>U.S.</td>    <td>93%</td>    <td>16.73</td>    <td>17.89</td>    <td>7%</td>   </tr>   <tr>    <td>Trulieve Cannabis Corp.</td>    <td>TCNNF</td>    <td>U.S.</td>    <td>100%</td>    <td>49.49</td>    <td>51.33</td>    <td>4%</td>   </tr>   <tr>    <td>Cresco Labs Inc.</td>    <td>CRLBF</td>    <td>U.S.</td>    <td>93%</td>    <td>15.57</td>    <td>15.97</td>    <td>3%</td>   </tr>   <tr>    <td>Charlotte's Web Holdings Inc.</td>    <td>TO:APHA</td>    <td>U.S.</td>    <td>75%</td>    <td>6.87</td>    <td>6.88</td>    <td>0%</td>   </tr>   <tr>    <td>Harvest Health &amp; Recreation Inc.</td>    <td>HRVSF</td>    <td>U.S.</td>    <td>86%</td>    <td>4.02</td>    <td>3.88</td>    <td>-4%</td>   </tr>   <tr>    <td>Innovative Industrial Properties Inc.</td>    <td>IIPR</td>    <td>U.S.</td>    <td>71%</td>    <td>215.18</td>    <td>207.17</td>    <td>-4%</td>   </tr>   <tr>    <td>Turning Point Brands Inc.</td>    <td>TPB</td>    <td>U.S.</td>    <td>100%</td>    <td>55.74</td>    <td>53.60</td>    <td>-4%</td>   </tr>   <tr>    <td>Green Thumb Industries Inc.</td>    <td>GTBIF</td>    <td>U.S.</td>    <td>94%</td>    <td>33.90</td>    <td>32.48</td>    <td>-4%</td>   </tr>   <tr>    <td>Greenlane Holdings Inc. Class A</td>    <td>GNLN</td>    <td>U.S.</td>    <td>100%</td>    <td>5.97</td>    <td>5.40</td>    <td>-10%</td>   </tr>   <tr>    <td>TerrAscend Corp.</td>    <td>TRSSF</td>    <td>Canada</td>    <td>100%</td>    <td>14.88</td>    <td>12.75</td>    <td>-14%</td>   </tr>   <tr>    <td>GrowGeneration Corp.</td>    <td>GRWG</td>    <td>U.S.</td>    <td>57%</td>    <td>62.97</td>    <td>52.71</td>    <td>-16%</td>   </tr>   <tr>    <td>Hydrofarm Holdings Group Inc.</td>    <td>HYFM</td>    <td>U.S.</td>    <td>100%</td>    <td>80.48</td>    <td>63.25</td>    <td>-21%</td>   </tr>   <tr>    <td>Aphria Inc.</td>    <td>TO:APHA</td>    <td>Canada</td>    <td>64%</td>    <td>24.16</td>    <td>15.98</td>    <td>-34%</td>   </tr>  </tbody> </table> FactSet</p><p><blockquote><table><thead><tr><th>公司</th><th>股票代码</th><th>国家</th><th>股票“买入”评级</th><th>收盘价-2月。8</th><th>共识价格目标</th><th>隐含的12个月上涨潜力</th></tr></thead><tbody><tr><td>瓦伦斯公司。</td><td>致：VLNS</td><td>加拿大</td><td>89%</td><td>1.96</td><td>3.57</td><td>82%</td></tr><tr><td>卡拉治疗公司。</td><td>卡拉</td><td>美国。</td><td>88%</td><td>19.46</td><td>33.50</td><td>72%</td></tr><tr><td>医疗制药实验室公司。</td><td>致：实验室</td><td>加拿大</td><td>60%</td><td>0.76</td><td>1.29</td><td>70%</td></tr><tr><td>英美烟草公司</td><td>英国：蝙蝠</td><td>英国。</td><td>84%</td><td>26.96</td><td>36.74</td><td>36%</td></tr><tr><td>帝国品牌有限公司</td><td>英国：IMB</td><td>英国。</td><td>74%</td><td>14.43</td><td>19.32</td><td>34%</td></tr><tr><td>艾尔战略公司。</td><td>AYRWF</td><td>美国。</td><td>88%</td><td>34.45</td><td>44.99</td><td>31%</td></tr><tr><td>Zynerba制药公司。</td><td>ZYNE</td><td>美国。</td><td>71%</td><td>5.74</td><td>7.42</td><td>29%</td></tr><tr><td>乡村农场国际公司。</td><td>致：VFF</td><td>加拿大</td><td>100%</td><td>21.07</td><td>27.17</td><td>29%</td></tr><tr><td>哥伦比亚护理公司。</td><td>CCHWF</td><td>美国。</td><td>83%</td><td>7.57</td><td>9.65</td><td>27%</td></tr><tr><td>竞技场制药公司。</td><td>阿尔纳</td><td>美国。</td><td>100%</td><td>81.97</td><td>95.20</td><td>16%</td></tr><tr><td>奥驰亚集团公司。</td><td>莫</td><td>美国。</td><td>67%</td><td>42.97</td><td>49.00</td><td>14%</td></tr><tr><td>巨石控股有限公司B类</td><td>朱什夫</td><td>美国。</td><td>83%</td><td>8.49</td><td>9.68</td><td>14%</td></tr><tr><td>瑞典比赛AB</td><td>SE：SWMA</td><td>瑞典</td><td>76%</td><td>667.40</td><td>754.88</td><td>13%</td></tr><tr><td>Scotts Miracle-Gro Co.A级</td><td>SMG</td><td>美国。</td><td>71%</td><td>239.52</td><td>266.40</td><td>11%</td></tr><tr><td>菲利普莫里斯国际公司。</td><td>PM</td><td>美国。</td><td>70%</td><td>85.99</td><td>95.20</td><td>11%</td></tr><tr><td>库拉利夫控股公司。</td><td>库尔夫</td><td>美国。</td><td>93%</td><td>16.73</td><td>17.89</td><td>7%</td></tr><tr><td>Trulieve大麻公司。</td><td>TCNNF</td><td>美国。</td><td>100%</td><td>49.49</td><td>51.33</td><td>4%</td></tr><tr><td>克雷斯科实验室公司。</td><td>CRLBF</td><td>美国。</td><td>93%</td><td>15.57</td><td>15.97</td><td>3%</td></tr><tr><td>夏洛特网络控股公司。</td><td>致：APHA</td><td>美国。</td><td>75%</td><td>6.87</td><td>6.88</td><td>0%</td></tr><tr><td>丰收健康娱乐公司。</td><td>HRVSF</td><td>美国。</td><td>86%</td><td>4.02</td><td>3.88</td><td>-4%</td></tr><tr><td>创新工业地产公司。</td><td>IIPR</td><td>美国。</td><td>71%</td><td>215.18</td><td>207.17</td><td>-4%</td></tr><tr><td>转折点品牌公司。</td><td>TPB</td><td>美国。</td><td>100%</td><td>55.74</td><td>53.60</td><td>-4%</td></tr><tr><td>绿拇指工业公司。</td><td>GTBIF</td><td>美国。</td><td>94%</td><td>33.90</td><td>32.48</td><td>-4%</td></tr><tr><td>绿巷控股公司A级</td><td>GNLN</td><td>美国。</td><td>100%</td><td>5.97</td><td>5.40</td><td>-10%</td></tr><tr><td>TerrAscend公司。</td><td>TRSSF</td><td>加拿大</td><td>100%</td><td>14.88</td><td>12.75</td><td>-14%</td></tr><tr><td>成长一代公司。</td><td>GRWG</td><td>美国。</td><td>57%</td><td>62.97</td><td>52.71</td><td>-16%</td></tr><tr><td>Hydrofarm控股集团公司。</td><td>HYFM</td><td>美国。</td><td>100%</td><td>80.48</td><td>63.25</td><td>-21%</td></tr><tr><td>阿弗里亚公司。</td><td>致：APHA</td><td>加拿大</td><td>64%</td><td>24.16</td><td>15.98</td><td>-34%</td></tr></tbody></table>FactSet</blockquote></p><p> If you see any stocks of interest, it is best to do your own research to learn how a company is planning to grow and compete. The ETFs provide the advantage of diversification. Selecting individual stocks may turn out well, but buyer beware.</p><p><blockquote>如果您看到任何感兴趣的股票，最好自己进行研究，了解公司计划如何发展和竞争。ETF提供了多元化的优势。选择个股可能会有好结果，但买家要小心。</blockquote></p><p></p><p> Among the larger holdings of the ETFs, Tilray was not included in the list because only 14% of analysts polled by FactSet rate the shares a buy. None of the 13 analysts covering Aurora Cannabis rate the stock a buy.</p><p><blockquote>在持有较多的ETF中，Tilray并未被列入名单，因为FactSet调查的分析师中只有14%将该股评级为买入。研究Aurora Cannabis的13名分析师均未将该股评级为买入。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/here-are-analysts-favorite-marijuana-stocks-which-they-expect-to-rise-as-much-as-82-in-the-next-year-11612892471?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":{"CRON":"Cronos Group Inc.","SMG":"Scotts Miracle-Gro Company","MJ":"Amplify Alternative Harvest ETF","TLRY":"Tilray Inc.","VLNSF":"Velan Inc.","MO":"奥驰亚","DRIO":"DarioHealth","ARNA":"阿里那","ACB":"奥罗拉大麻公司","BATS.UK":"英美烟草公司","CGC":"Canopy Growth Corporation","PM":"菲利普莫里斯","ZYNE":"Zynerba Pharmaceuticals, Inc.","AYRWF":"AYR WELLNESS INC.","CARA":"Cara Therapeutics","SNDL":"SNDL Inc.","APHA":"Aphria Inc.","JUSHF":"Jushi Holdings Inc."},"source_url":"https://www.marketwatch.com/story/here-are-analysts-favorite-marijuana-stocks-which-they-expect-to-rise-as-much-as-82-in-the-next-year-11612892471?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"1106106453","content_text":"Legalization is spreading across the U.S.\nMarijuana stocks have surged this year as investors anticipate wider acceptance of legal distribution of recreational products in the U.S.\nYour best way to ride this wave may be through exchange traded funds. But investors also like to see lists of stocks in rapidly growing industries.\nSo, below, is a list of analysts’ favorite stocks associated with the increased use of cannabis, drawn from holdings of six of the largest ETFs tracking the industry.\nFor broad coverage of the rapidly expanding marijuana industry, see Cannabis Watch. Recent coverage includes efforts by Senate Majority Leader Chuck Schumer to introduce legislation for the federal legalization of marijuana and New York Gov. Andrew Cuomo’s drive toward legalization in his state.\nTo see how dramatic the stock market reaction has been, take a look at this chart for the ETFMG Alternative Harvest ETFMJ,+13.42%,the largest exchange traded fund in the space:\nFACTSET\nOf note: That’s a year-to-date chart through 2:34 p.m. ET on Feb. 9. The ETF has doubled so far in 2021. During 2020, it fell 12%.\nFor an example of the heated action, shares of Canopy Growth Corp. were up as much as 12% in morning trading on Feb. 9, after the company announced higher-than-expected salesfor the quarter ended Dec. 31.\nMarijuana stock list\nIn order to come up with a list of analysts’ favorite marijuana-associated stocks, we collated the holdings of six of the largest marijuana ETFs:\n\nThe ETFMG Alternative Harvest ETF has $1.8 billion in assets under management and annual expenses of 0.75% of assets. The ETF holds 30 stocks and is heavily concentrated, with Tilray Inc.,making up 13.7% of the portfolio and Aphria Inc. accounting for 13.4%. According to ETFMG, the ETF is designed to “measure the performance of companies within the cannabis ecosystem beneﬁtting from global medicinal and recreational cannabis legalization initiatives.” This broad objective means it holds shares of several large tobacco companies: Philip Morris International Inc.Altria Group Inc. and British American Tobacco.\nThe AdvisorShares Pure US Cannabis ETF has $604 million in assets and annual expenses of 0.74%. AdvisorShares bills this ETF as the only one that is both actively managed and U.S.-focused.\nThe Horizons Marijuana Life Sciences Index ETF has $583 million in assets and an expense ratio of 0.94%.\nThe AdvisorShares Pure Cannabis ETF has $323 million in assets, with an annual expense ratio of 0.75%. It invests in companies that derive at least 50% of revenue from the cannabis industry, but may also invest in pre-revenue companies doing research and development on marijuana-derived products.\nThe Global X Cannabis ETFPOTX,+17.23%has $149 million in assets with an expense ratio of 0.50%. It has a highly concentrated portfolio of 18 stocks, with Tilray making up 16.9% of the portfolio, Aphria 11.9% and Aurora Cannabis Inc. 10.2%.\nThe Cannabis ETF has $117 million in assets with annual expenses of 0.70%. The ETF holds a broad group of 29 U.S. and Canadian marijuana stocks.\n\nThe only stock held by all six ETFs is Charlotte’s Web Holdings Inc..The company is based in Boulder, Colo., but all six ETFs hold shares traded under its Canadian ticker, CWEB.\nAnalysts favorite marijuana stocks\nThe six ETFs listed above hold 85 stocks or total return swaps tied to the stocks. A few of these companies are “double counted,” with one or more ETFs holding shares traded in Canada and one or more holding the shares traded on U.S. exchanges. In the table below, the tickers without an exchange code before them, are U.S. tickers.\nThe list includes countries where the companies are based. The share prices and price targets are in local currencies. Tobacco companies are not excluded, because the managers of the ETFMG Alternative Harvest ETF (at least) believe they will benefit from the expanding regulatory acceptance of recreational marijuana use.\nAmong the 85 stocks, 28 have majority “buy” or equivalent ratings among analysts polled by FactSet, with at least five analysts covering each company. Some of these stocks have gotten ahead of consensus price targets.\nHere they are, sorted by the 12-month upside potential implied by consensus price targets:\n\n\n\n\nCOMPANY\nTICKER\nCOUNTRY\nSHARE 'BUY' RATINGS\nCLOSING PRICE - FEB. 8\nCONSENSUS PRICE TARGET\nIMPLIED 12-MONTH UPSIDE POTENTIAL\n\n\n\n\nVALENS CO. INC.\nTO:VLNS\nCANADA\n89%\n1.96\n3.57\n82%\n\n\nCara Therapeutics Inc.\nCARA\nU.S.\n88%\n19.46\n33.50\n72%\n\n\nMediPharm Labs Corp.\nTO:LABS\nCanada\n60%\n0.76\n1.29\n70%\n\n\nBritish American Tobacco PLC\nUK:BATS\nU.K.\n84%\n26.96\n36.74\n36%\n\n\nImperial Brands PLC\nUK:IMB\nU.K.\n74%\n14.43\n19.32\n34%\n\n\nAYR Strategies Inc.\nAYRWF\nU.S.\n88%\n34.45\n44.99\n31%\n\n\nZynerba Pharmaceuticals Inc.\nZYNE\nU.S.\n71%\n5.74\n7.42\n29%\n\n\nVillage Farms International Inc.\nTO:VFF\nCanada\n100%\n21.07\n27.17\n29%\n\n\nColumbia Care Inc.\nCCHWF\nU.S.\n83%\n7.57\n9.65\n27%\n\n\nArena Pharmaceuticals Inc.\nARNA\nU.S.\n100%\n81.97\n95.20\n16%\n\n\nAltria Group Inc.\nMO\nU.S.\n67%\n42.97\n49.00\n14%\n\n\nJushi Holdings Inc. Class B\nJUSHF\nU.S.\n83%\n8.49\n9.68\n14%\n\n\nSwedish Match AB\nSE:SWMA\nSweden\n76%\n667.40\n754.88\n13%\n\n\nScotts Miracle-Gro Co. Class A\nSMG\nU.S.\n71%\n239.52\n266.40\n11%\n\n\nPhilip Morris International Inc.\nPM\nU.S.\n70%\n85.99\n95.20\n11%\n\n\nCuraleaf Holdings Inc.\nCURLF\nU.S.\n93%\n16.73\n17.89\n7%\n\n\nTrulieve Cannabis Corp.\nTCNNF\nU.S.\n100%\n49.49\n51.33\n4%\n\n\nCresco Labs Inc.\nCRLBF\nU.S.\n93%\n15.57\n15.97\n3%\n\n\nCharlotte's Web Holdings Inc.\nTO:APHA\nU.S.\n75%\n6.87\n6.88\n0%\n\n\nHarvest Health & Recreation Inc.\nHRVSF\nU.S.\n86%\n4.02\n3.88\n-4%\n\n\nInnovative Industrial Properties Inc.\nIIPR\nU.S.\n71%\n215.18\n207.17\n-4%\n\n\nTurning Point Brands Inc.\nTPB\nU.S.\n100%\n55.74\n53.60\n-4%\n\n\nGreen Thumb Industries Inc.\nGTBIF\nU.S.\n94%\n33.90\n32.48\n-4%\n\n\nGreenlane Holdings Inc. Class A\nGNLN\nU.S.\n100%\n5.97\n5.40\n-10%\n\n\nTerrAscend Corp.\nTRSSF\nCanada\n100%\n14.88\n12.75\n-14%\n\n\nGrowGeneration Corp.\nGRWG\nU.S.\n57%\n62.97\n52.71\n-16%\n\n\nHydrofarm Holdings Group Inc.\nHYFM\nU.S.\n100%\n80.48\n63.25\n-21%\n\n\nAphria Inc.\nTO:APHA\nCanada\n64%\n24.16\n15.98\n-34%\n\n\n\nFactSet\nIf you see any stocks of interest, it is best to do your own research to learn how a company is planning to grow and compete. The ETFs provide the advantage of diversification. Selecting individual stocks may turn out well, but buyer beware.\nAmong the larger holdings of the ETFs, Tilray was not included in the list because only 14% of analysts polled by FactSet rate the shares a buy. None of the 13 analysts covering Aurora Cannabis rate the stock a buy.","news_type":1,"symbols_score_info":{"CCHWF":0.9,"SMG":0.9,"MJ":0.9,"BATS.UK":0.9,"VLNSF":0.9,"CRON":0.9,"CGC":0.9,"JUSHF":0.9,"MO":0.9,"PM":0.9,"DRIO":0.9,"SNDL":0.9,"ZYNE":0.9,"APHA":0.9,"AYRWF":0.9,"CARA":0.9,"ARNA":0.9,"ACB":0.9,"TLRY":0.9}},"isVote":1,"tweetType":1,"viewCount":360,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":690189533,"gmtCreate":1639647001339,"gmtModify":1639647001498,"author":{"id":"3576031533816126","authorId":"3576031533816126","name":"kukuniao","avatar":"https://static.tigerbbs.com/e2bcc0cf2ff759243bcb5c9d5662d212","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576031533816126","idStr":"3576031533816126"},"themes":[],"htmlText":"I think apple is a good stock with the fed response","listText":"I think apple is a good stock with the fed response","text":"I think apple is a good stock with the fed response","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/690189533","isVote":1,"tweetType":1,"viewCount":3327,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":186807519,"gmtCreate":1623482306931,"gmtModify":1634032508331,"author":{"id":"3576031533816126","authorId":"3576031533816126","name":"kukuniao","avatar":"https://static.tigerbbs.com/e2bcc0cf2ff759243bcb5c9d5662d212","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576031533816126","idStr":"3576031533816126"},"themes":[],"htmlText":"Cool","listText":"Cool","text":"Cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/186807519","repostId":"2142272911","repostType":4,"repost":{"id":"2142272911","kind":"highlight","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1623400948,"share":"https://www.laohu8.com/m/news/2142272911?lang=zh_CN&edition=full","pubTime":"2021-06-11 16:42","market":"us","language":"en","title":"5 Stocks To Watch For June 11, 2021<blockquote>2021年6月11日值得关注的5只股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2142272911","media":"Benzinga","summary":"Some of the stocks that may grab investor focus today are:","content":"<p>Some of the stocks that may grab investor focus today are:</p><p><blockquote>今天可能引起投资者关注的一些股票包括：</blockquote></p><p> <ul>  <li><b>Dave &amp; Buster's Entertainment Inc</b> (NASDAQ:PLAY) reported better-than-expected results for its first quarter and issued strong sales guidance for the current quarter. Dave &amp; Buster's shares climbed 4% to $45.82 in the after-hours trading session.</li>  <li>SIGNA Sports United will go public via a merger with SPAC <b><a href=\"https://laohu8.com/S/YAC\">Yucaipa Acquisition Corp</a></b> (NYSE:YAC). The deal values the company at an enterprise value of $3.2 billion. <a href=\"https://laohu8.com/S/YAC.U\">Yucaipa Acquisition</a> shares closed at $9.84 on Thursday.</li>  <li><b>Cheetah Mobile Inc</b> (NYSE:CMCM) is projected to report earnings for its first quarter before the opening bell. Cheetah Mobile shares slipped 0.4% to $2.75 in after-hours trading.</li> </ul> <ul>  <li><b>Agree Realty Corporation</b> (NYSE:ADC) reported a 4 million share common stock offering. Agree Realty shares dropped 3.2% to $71.38 in after-hours trading.</li>  <li><b>Zedge Inc</b> (NYSE:ZDGE) posted upbeat results for its third quarter and boosted its FY21 sales growth guidance. Zedge shares surged 5.9% to $16.25 in the after-hours trading session.</li> </ul></p><p><blockquote><ul><li><b>戴夫和巴斯特娱乐公司</b>（纳斯达克：PLAY）公布了好于预期的第一季度业绩，并发布了强劲的本季度销售指引。Dave&amp;Buster的股价在盘后交易时段上涨4%，至45.82美元。</li><li>SIGNA Sports United将通过与SPAC合并上市<b><a href=\"https://laohu8.com/S/YAC\">尤卡伊帕收购公司</a></b>（纽约证券交易所代码：YAC）。该交易对该公司的企业价值为32亿美元。<a href=\"https://laohu8.com/S/YAC.U\">Yucaipa收购</a>周四股价收于9.84美元。</li><li><b>猎豹移动公司</b>（纽约证券交易所股票代码：CMCM）预计将在开盘前公布第一季度收益。猎豹移动股价在盘后交易中下跌0.4%至2.75美元。</li></ul><ul><li><b>同意房地产公司</b>（纽约证券交易所股票代码：ADC）报告发行400万股普通股。Agree Realty股价在盘后交易中下跌3.2%，至71.38美元。</li><li><b>泽奇公司</b>（纽约证券交易所股票代码：ZDGE）公布了乐观的第三季度业绩，并上调了2021财年销售增长指引。Zedge股价在盘后交易时段飙升5.9%至16.25美元。</li></ul></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>5 Stocks To Watch For June 11, 2021<blockquote>2021年6月11日值得关注的5只股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n5 Stocks To Watch For June 11, 2021<blockquote>2021年6月11日值得关注的5只股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga </p>\n<p class=\"h-time smaller\">2021-06-11 16:42</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p>Some of the stocks that may grab investor focus today are:</p><p><blockquote>今天可能引起投资者关注的一些股票包括：</blockquote></p><p> <ul>  <li><b>Dave &amp; Buster's Entertainment Inc</b> (NASDAQ:PLAY) reported better-than-expected results for its first quarter and issued strong sales guidance for the current quarter. Dave &amp; Buster's shares climbed 4% to $45.82 in the after-hours trading session.</li>  <li>SIGNA Sports United will go public via a merger with SPAC <b><a href=\"https://laohu8.com/S/YAC\">Yucaipa Acquisition Corp</a></b> (NYSE:YAC). The deal values the company at an enterprise value of $3.2 billion. <a href=\"https://laohu8.com/S/YAC.U\">Yucaipa Acquisition</a> shares closed at $9.84 on Thursday.</li>  <li><b>Cheetah Mobile Inc</b> (NYSE:CMCM) is projected to report earnings for its first quarter before the opening bell. Cheetah Mobile shares slipped 0.4% to $2.75 in after-hours trading.</li> </ul> <ul>  <li><b>Agree Realty Corporation</b> (NYSE:ADC) reported a 4 million share common stock offering. Agree Realty shares dropped 3.2% to $71.38 in after-hours trading.</li>  <li><b>Zedge Inc</b> (NYSE:ZDGE) posted upbeat results for its third quarter and boosted its FY21 sales growth guidance. Zedge shares surged 5.9% to $16.25 in the after-hours trading session.</li> </ul></p><p><blockquote><ul><li><b>戴夫和巴斯特娱乐公司</b>（纳斯达克：PLAY）公布了好于预期的第一季度业绩，并发布了强劲的本季度销售指引。Dave&amp;Buster的股价在盘后交易时段上涨4%，至45.82美元。</li><li>SIGNA Sports United将通过与SPAC合并上市<b><a href=\"https://laohu8.com/S/YAC\">尤卡伊帕收购公司</a></b>（纽约证券交易所代码：YAC）。该交易对该公司的企业价值为32亿美元。<a href=\"https://laohu8.com/S/YAC.U\">Yucaipa收购</a>周四股价收于9.84美元。</li><li><b>猎豹移动公司</b>（纽约证券交易所股票代码：CMCM）预计将在开盘前公布第一季度收益。猎豹移动股价在盘后交易中下跌0.4%至2.75美元。</li></ul><ul><li><b>同意房地产公司</b>（纽约证券交易所股票代码：ADC）报告发行400万股普通股。Agree Realty股价在盘后交易中下跌3.2%，至71.38美元。</li><li><b>泽奇公司</b>（纽约证券交易所股票代码：ZDGE）公布了乐观的第三季度业绩，并上调了2021财年销售增长指引。Zedge股价在盘后交易时段飙升5.9%至16.25美元。</li></ul></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CMCM":"猎豹移动","ADC":"艾格里房产","ZDGE":"Zedge, Inc. Class B","PLAY":"Dave & Buster"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2142272911","content_text":"Some of the stocks that may grab investor focus today are:\n\nDave & Buster's Entertainment Inc (NASDAQ:PLAY) reported better-than-expected results for its first quarter and issued strong sales guidance for the current quarter. Dave & Buster's shares climbed 4% to $45.82 in the after-hours trading session.\nSIGNA Sports United will go public via a merger with SPAC Yucaipa Acquisition Corp (NYSE:YAC). The deal values the company at an enterprise value of $3.2 billion. Yucaipa Acquisition shares closed at $9.84 on Thursday.\nCheetah Mobile Inc (NYSE:CMCM) is projected to report earnings for its first quarter before the opening bell. Cheetah Mobile shares slipped 0.4% to $2.75 in after-hours trading.\n\n\nAgree Realty Corporation (NYSE:ADC) reported a 4 million share common stock offering. Agree Realty shares dropped 3.2% to $71.38 in after-hours trading.\nZedge Inc (NYSE:ZDGE) posted upbeat results for its third quarter and boosted its FY21 sales growth guidance. Zedge shares surged 5.9% to $16.25 in the after-hours trading session.","news_type":1,"symbols_score_info":{"ZDGE":0.9,"ADC":0.9,"YAC":0.9,"CMCM":0.9,"PLAY":0.9}},"isVote":1,"tweetType":1,"viewCount":1858,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":186804801,"gmtCreate":1623482247503,"gmtModify":1634032509637,"author":{"id":"3576031533816126","authorId":"3576031533816126","name":"kukuniao","avatar":"https://static.tigerbbs.com/e2bcc0cf2ff759243bcb5c9d5662d212","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576031533816126","idStr":"3576031533816126"},"themes":[],"htmlText":"Not a good news","listText":"Not a good news","text":"Not a good 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yay","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/186805278","repostId":"2142202355","repostType":4,"isVote":1,"tweetType":1,"viewCount":1713,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":186805034,"gmtCreate":1623482163228,"gmtModify":1634032511207,"author":{"id":"3576031533816126","authorId":"3576031533816126","name":"kukuniao","avatar":"https://static.tigerbbs.com/e2bcc0cf2ff759243bcb5c9d5662d212","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576031533816126","idStr":"3576031533816126"},"themes":[],"htmlText":"Wow 😳","listText":"Wow 😳","text":"Wow 😳","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/186805034","repostId":"1177806573","repostType":4,"isVote":1,"tweetType":1,"viewCount":1307,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":186801561,"gmtCreate":1623481947353,"gmtModify":1631884082575,"author":{"id":"3576031533816126","authorId":"3576031533816126","name":"kukuniao","avatar":"https://static.tigerbbs.com/e2bcc0cf2ff759243bcb5c9d5662d212","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576031533816126","idStr":"3576031533816126"},"themes":[],"htmlText":"New kind of short squeeze","listText":"New kind of short squeeze","text":"New kind of short squeeze","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/186801561","repostId":"2142273201","repostType":4,"isVote":1,"tweetType":1,"viewCount":1123,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":186801305,"gmtCreate":1623481919207,"gmtModify":1634032514171,"author":{"id":"3576031533816126","authorId":"3576031533816126","name":"kukuniao","avatar":"https://static.tigerbbs.com/e2bcc0cf2ff759243bcb5c9d5662d212","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576031533816126","idStr":"3576031533816126"},"themes":[],"htmlText":"Interest will be going up&nbsp;","listText":"Interest will be going up&nbsp;","text":"Interest will be going up","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/186801305","repostId":"2142520474","repostType":4,"isVote":1,"tweetType":1,"viewCount":423,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":186801074,"gmtCreate":1623481905498,"gmtModify":1634032514415,"author":{"id":"3576031533816126","authorId":"3576031533816126","name":"kukuniao","avatar":"https://static.tigerbbs.com/e2bcc0cf2ff759243bcb5c9d5662d212","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576031533816126","idStr":"3576031533816126"},"themes":[],"htmlText":"No please. Petrol is expensive&nbsp;","listText":"No please. Petrol is expensive&nbsp;","text":"No please. Petrol is expensive","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/186801074","repostId":"2142744202","repostType":4,"isVote":1,"tweetType":1,"viewCount":576,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":186809458,"gmtCreate":1623481867574,"gmtModify":1634032515109,"author":{"id":"3576031533816126","authorId":"3576031533816126","name":"kukuniao","avatar":"https://static.tigerbbs.com/e2bcc0cf2ff759243bcb5c9d5662d212","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576031533816126","idStr":"3576031533816126"},"themes":[],"htmlText":"Wow nice","listText":"Wow nice","text":"Wow nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/186809458","repostId":"1118102755","repostType":4,"repost":{"id":"1118102755","kind":"news","pubTimestamp":1623469189,"share":"https://www.laohu8.com/m/news/1118102755?lang=zh_CN&edition=full","pubTime":"2021-06-12 11:39","market":"us","language":"en","title":"Don’t be fooled — inflation is a big risk for stock market investors. Here’s how to prepare<blockquote>不要被愚弄了——通货膨胀对股市投资者来说是一个很大的风险。以下是如何准备</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1118102755","media":"MarketWatch","summary":"Michael Brush advises on how you can avoid making mistakes as bond yields rise and the central bank ","content":"<p>  <b>Michael Brush advises on how you can avoid making mistakes as bond yields rise and the central bank reduces its stimulus.</b>  Don’t be fooled by the placid response to the highest inflation rate in over a decade. Inflation will remain elevated enough to shake up the stock market, possibly causing a selloff as much as 15%. You need to prepare now.</p><p><blockquote><b>迈克尔·布拉什(Michael Brush)就如何在债券收益率上升和央行减少刺激措施时避免犯错误提出了建议。</b>不要被对十多年来最高通胀率的平静反应所迷惑。通胀将保持在足以撼动股市的高位，可能导致高达15%的抛售。你现在需要准备。</blockquote></p><p> The reason: Persistently high inflation will move the 10-year Treasury yield to 2% and get the Federal Reserve to start tapering its stimulus by the end of the year. Both will rattle the stock market.</p><p><blockquote>原因是：持续的高通胀将使10年期国债收益率升至2%，并让美联储在年底前开始缩减刺激措施。两者都会扰乱股市。</blockquote></p><p> The government said June 10 that the cost of living surged in May and drove the pace of inflation to a 13-year high of 5%.</p><p><blockquote>政府6月10日表示，5月份生活成本飙升，推动通胀率升至5%的13年高点。</blockquote></p><p> What should you do? Probably the opposite of what you are thinking. Before we get to that, here is a look at the two key events for stocks — in the bond market and at the Fed — between today and the end of the year.</p><p><blockquote>你该怎么办？可能和你想的正好相反。在我们讨论这个问题之前，我们先来看看从今天到年底之间股市的两个关键事件——债券市场和美联储。</blockquote></p><p> <b>Rising yields</b></p><p><blockquote><b>收益率上升</b></blockquote></p><p> Remember how the stock market freaked out earlier this year when the 10-year Treasury yield TMUBMUSD10Y,1.452%&nbsp;moved up to around 1.7%? Well, expect a repeat. Only worse.</p><p><blockquote>还记得今年早些时候，当10年期国债收益率TMUBMUSD10Y, 1.452%升至1.7%左右时，股市是如何恐慌的吗？好吧，期待重演。只会更糟。</blockquote></p><p> “We suspect that inflation in the U.S. will prove more persistent than investors currently appear to anticipate,” says Capital Economics economist Franziska Palmas, citing the tight labor market and wage growth. Her research group puts the 10-year yield at 2.25% by the end of this year, and 2.5% by the end of 2022.</p><p><blockquote>凯投宏观(Capital Economics)经济学家弗兰齐斯卡·帕尔马斯(Franziska Palmas)以劳动力市场紧张和工资增长为由表示：“我们怀疑美国的通胀将比投资者目前预期的更加持久。”她的研究小组预计今年年底10年期国债收益率为2.25%，2022年底为2.5%。</blockquote></p><p> That’ll be a big move from the current level of 1.5%. Stock investors tend to panic when interest rates rise a lot.</p><p><blockquote>与目前1.5%的水平相比，这将是一个很大的变化。当利率大幅上升时，股票投资者往往会感到恐慌。</blockquote></p><p> <b>Fed tapering</b></p><p><blockquote><b>美联储缩减规模</b></blockquote></p><p> Fed Chairman Jerome Powell has downplayed the need for tapering the central bank’s bond purchases to keep yields low. But half of the 12 members of the Federal Open Market Committee&nbsp;(FOMC) have recently said they’re ready to start talking about tapering. The FOMC is the Fed branch that sets monetary policy.</p><p><blockquote>美联储主席鲍威尔淡化了央行缩减购债规模以保持低收益率的必要性。但联邦公开市场委员会（FOMC）12名成员中有一半最近表示，他们准备开始讨论缩减规模。FOMC是美联储制定货币政策的分支机构。</blockquote></p><p> “It will be increasingly hard for Powell to claim the economy needs to make ‘substantial further progress’ toward achieving maximum employment before the Fed starts talking about talking about tapering,” says Ed Yardeni, author of Predicting the Markets and head of Yardeni Research. Powell has repeatedly said the Fed is awaiting “substantial further progress” in the economy before terminating its stimulus.</p><p><blockquote>《预测市场》一书的作者兼亚德尼研究主管埃德·亚德尼(Ed Yardeni)表示：“在美联储开始谈论缩减规模之前，鲍威尔越来越难以声称经济需要在实现最大就业方面取得‘实质性的进一步进展’。”鲍威尔多次表示，美联储正在等待经济取得“实质性的进一步进展”，然后再终止刺激措施。</blockquote></p><p> “Given the performance of the economy, it is reasonable to expect they will start to taper before end of year, and a few months later they will start to raise the federal funds rate,” predicts Yardeni.</p><p><blockquote>亚德尼预测：“鉴于经济表现，有理由预计他们将在年底前开始缩减规模，几个月后他们将开始提高联邦基金利率。”</blockquote></p><p> He thinks the Fed will announce a decision to start tapering in its July meeting. Tapering refers to a reduction in bond purchases by the Fed. This tightens the money supply to put the brakes on growth. Once purchases go to zero, the Fed moves on to cutting rates.</p><p><blockquote>他认为美联储将在7月会议上宣布开始缩减规模的决定。Tapering是指美联储缩减购债规模。这收紧了货币供应，抑制了经济增长。一旦购买量降至零，美联储就会继续降息。</blockquote></p><p> As we know, tapering causes a “taper tantrum” in the stock market, meaning a sharp selloff in indices like the S&amp;P 500 SPX,+0.19%,&nbsp;the Dow Jones Industrial Average DJIA,+0.04%&nbsp;and Nasdaq COMP,+0.35%.</p><p><blockquote>众所周知，缩减规模会导致股市出现“缩减恐慌”，这意味着标普500 SPX指数+0.19%、道琼斯工业平均指数道琼斯指数+0.04%和纳斯达克综合指数+0.35%等指数大幅抛售。</blockquote></p><p> <b>How to prepare</b></p><p><blockquote><b>如何准备</b></blockquote></p><p> When considering how to position for the probable selloff caused by rising bond yields and Fed tightening, the key things to remember is why these things are happening in the first place, and what history tells us about how stocks behave.</p><p><blockquote>在考虑如何为债券收益率上升和美联储紧缩政策可能引发的抛售做好准备时，要记住的关键事情是为什么会发生这些事情，以及历史告诉我们股票的表现。</blockquote></p><p> The consensus view is that tapering and rising bond yields kill off economic growth and the bull market in stocks. But this isn’t actually true.</p><p><blockquote>人们普遍认为，缩减购债规模和债券收益率上升会扼杀经济增长和股市牛市。但这实际上不是真的。</blockquote></p><p> Yes, initially, tightening can make stocks fall — or churn sideways, at best. But then stocks shake it off and move higher as the bull market continues. This makes sense, because the tightening is happening for good reasons that help companies — strong economic growth. This pushes earnings a lot higher, which resets valuations lower — back down to levels investors feel comfortable with.</p><p><blockquote>是的，最初，紧缩可能会导致股市下跌——或者充其量是横盘震荡。但随着牛市的持续，股市摆脱了这一局面并走高。这是有道理的，因为紧缩的发生是有帮助企业的充分理由的——强劲的经济增长。这大幅推高了盈利，从而将估值重置为较低——回落到投资者感到满意的水平。</blockquote></p><p> “Tapering is part and parcel of a recovery,” says Leuthold market strategist Jim Paulsen. “It is a response to successful policy and a rebound in the economy. It is a natural part of the bull market that allows the market to go higher. It’s a healthy development.”</p><p><blockquote>Leuthold市场策略师吉姆·保尔森(Jim Paulsen)表示：“缩减规模是复苏的重要组成部分。”“这是对成功政策和经济反弹的回应。这是牛市的自然组成部分，允许市场走高。这是一种健康的发展。”</blockquote></p><p> Looking through all the market fireworks that may lie ahead, Paulsen thinks underlying economic growth will push S&amp;P 500 earnings up to $220 by the end of the year. Assuming the S&amp;P 500 is at current levels or a little bit lower, that would bring the index’s price-to-earnings (P/E) ratio down to 18-19 — which is near or below the average since 1990. “That sets up the next leg of the bull market,” he says.</p><p><blockquote>纵观未来可能出现的所有市场亮点，保尔森认为潜在的经济增长将推动标普500的盈利在年底前达到220美元。假设标普500处于当前水平或略低，这将使该指数的市盈率(P/E)降至18-19——接近或低于1990年以来的平均水平。“这为牛市的下一阶段奠定了基础，”他说。</blockquote></p><p> <b>Your five-point game plan</b></p><p><blockquote><b>你的五点游戏计划</b></blockquote></p><p> <b>1. Do not go to “defensives”</b></p><p><blockquote><b>1.不要去“防御性”</b></blockquote></p><p></p><p> When people see stock market turbulence, the knee-jerk reaction is to go for the “stability” of defensive names like utilities and consumer staples. But that would be a mistake. You want to go to defensives when the economy is slowing or contracting, not when it is strong. Another problem is that defensive names pay yield. So, like bonds, they get hit by rising interest rates, which devalue dividends — and dividend-paying stocks and bonds.</p><p><blockquote>当人们看到股市动荡时，下意识的反应是追求公用事业和必需消费品等防御性股票的“稳定性”。但那将是一个错误。当经济放缓或收缩时，你想采取防御措施，而不是当经济强劲时。另一个问题是防御性名称需要支付收益。因此，与债券一样，它们也会受到利率上升的打击，利率上升会使股息以及支付股息的股票和债券贬值。</blockquote></p><p> “The best way to protect yourself is to tie your portfolio to the overheated economy. That is where the best profit growth and profit leverage is,” says Paulsen. “You do not get that with defensives.”</p><p><blockquote>“保护自己的最佳方式是将您的投资组合与过热的经济挂钩。这是最佳利润增长和利润杠杆的地方，”保尔森说。“防御性药物是不会有这种感觉的。”</blockquote></p><p> <b>2. Go with companies that benefit from growth</b></p><p><blockquote><b>2.与受益于增长的公司同行</b></blockquote></p><p> Since rapid economic growth is causing the tapering — and the growth is usually not killed off by tightening — stocks linked to growth typically are the best place to be. This means cyclicals like industrials, basic materials consumer names, small-caps and international stocks. “Slower growth consumer staples and utilities won’t keep up with growth areas of the market,” says Paulsen.</p><p><blockquote>由于快速的经济增长正在导致缩减规模——而且增长通常不会被紧缩扼杀——与增长相关的股票通常是最好的选择。这意味着周期性股票，如工业股、基础材料消费股、小盘股和国际股票。保尔森表示：“消费必需品和公用事业增长放缓将无法跟上市场增长领域的步伐。”</blockquote></p><p> I first suggested Lindblad Expeditions LIND,+0.17%&nbsp;and Cardlytics CDLX,+4.54%&nbsp;and in my stock letter, Brush Up on Stocks (the link to my site is in the bio, below) in September 2020 and November 2019. I still like and own both even though they are up 48% and 157% — or two to four times the S&amp;P 500. Recent insider buying confirms they are buys and holds around current levels. Plus, both are cyclical names. Cardlytics helps credit card companies understand customer buying patterns for marketing purposes. Lindblad offers specialized cruise adventures to exotic locales. Both benefit from economic growth that powers more consumer spending.</p><p><blockquote>我首先建议Lindblad Expeditions LIND，+0.17%和Cardlytics CDLX，+4.54%，并在我的股票信中，在2020年9月和2019年11月重温股票（我网站的链接在下面的简历中）。尽管它们的股价分别上涨了48%和157%，即标普500的两到四倍，但我仍然喜欢并拥有这两家公司。最近的内部买入证实了他们在当前水平附近买入并持有。另外，两者都是循环名称。Cardlytics帮助信用卡公司出于营销目的了解客户购买模式。Lindblad提供专门的异国情调的邮轮冒险。两者都受益于推动更多消费者支出的经济增长。</blockquote></p><p> <b>3. Do not get out of stocks</b></p><p><blockquote><b>3、不脱销库存</b></blockquote></p><p> If you think a selloff is coming, it might be tempting to try to get out of stocks right before that, to buy back after the weakness happens. But this is a lot harder than you think. In fact, it is almost impossible to get the timing right, say market veterans.</p><p><blockquote>如果您认为抛售即将到来，那么在此之前尝试卖出股票，并在疲软发生后回购股票可能很诱人。但这比你想象的要困难得多。市场资深人士表示，事实上，几乎不可能把握好时机。</blockquote></p><p> “You have to make two smart decisions,” says Yardeni. “You have to get out just before the correction and then you have to decide when to get back in. I don’t know of too many people that can do that consistently.”</p><p><blockquote>“你必须做出两个明智的决定，”亚德尼说。“你必须在修正之前退出，然后你必须决定何时重新加入。我不知道有多少人能始终如一地做到这一点。”</blockquote></p><p> Market timers often get out and don’t get back in, and they miss the next leg up. “You can get yourself into trouble trying to avoid the correction,” says Paulsen.</p><p><blockquote>市场计时器通常会退出，不会再回来，他们会错过下一轮上涨。“试图避免调整可能会给自己带来麻烦，”保尔森说。</blockquote></p><p> <b>4. Do not own bonds</b></p><p><blockquote><b>4.不持有债券</b></blockquote></p><p> Bond yields will be 2% or higher by the end of year. So don’t own bonds, whose prices fall when yields rise — unless you simply plan to hold to maturity to collect the income.</p><p><blockquote>到年底，债券收益率将达到2%或更高。因此，不要持有债券，当收益率上升时，债券的价格就会下跌——除非您只是计划持有至到期以收取收入。</blockquote></p><p> <b>5. Go with financials</b></p><p><blockquote><b>5.选择财务</b></blockquote></p><p> Strong economies typically make the yield curve more upward sloping, meaning that long-term interest rates on 10-year Treasuries rise a lot faster than short-term interest rates. Since banks borrow at the short end and lend at the long end, steepening yield curves help them.</p><p><blockquote>强劲的经济体通常会使收益率曲线更加向上倾斜，这意味着10年期国债的长期利率上升速度远快于短期利率。由于银行在短端借款，在长端放贷，陡峭的收益率曲线对它们有帮助。</blockquote></p><p> The strong economy will also help banks release reserves and lower provisions for loan losses, both of which can boost earnings, points out Yardeni. Both JPMorgan Chase JPM,-0.07%&nbsp;and Bank of America BAC,+0.41%&nbsp;are up over twice as much as the S&amp;P 500 since I suggested them in my stock letter last August. But they still look attractive. Recent pattern buying by smart insiders among smaller banks confirms the sector is still one to own, despite the strength over the past few quarters.</p><p><blockquote>亚德尼指出，强劲的经济还将帮助银行释放准备金并降低贷款损失准备金，这两者都可以提高收益。自从我去年8月在股票信中提出建议以来，摩根大通JPM(-0.07%)和美国银行BAC(+0.41%)的涨幅都是标普500的两倍多。但它们看起来仍然很有吸引力。小型银行中聪明的内部人士最近的买入模式证实，尽管过去几个季度表现强劲，但该行业仍然值得持有。</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>Don’t be fooled — inflation is a big risk for stock market investors. Here’s how to prepare<blockquote>不要被愚弄了——通货膨胀对股市投资者来说是一个很大的风险。以下是如何准备</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\">\nDon’t be fooled — inflation is a big risk for stock market investors. Here’s how to prepare<blockquote>不要被愚弄了——通货膨胀对股市投资者来说是一个很大的风险。以下是如何准备</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-06-12 11:39</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>Michael Brush advises on how you can avoid making mistakes as bond yields rise and the central bank reduces its stimulus.</b>  Don’t be fooled by the placid response to the highest inflation rate in over a decade. Inflation will remain elevated enough to shake up the stock market, possibly causing a selloff as much as 15%. You need to prepare now.</p><p><blockquote><b>迈克尔·布拉什(Michael Brush)就如何在债券收益率上升和央行减少刺激措施时避免犯错误提出了建议。</b>不要被对十多年来最高通胀率的平静反应所迷惑。通胀将保持在足以撼动股市的高位，可能导致高达15%的抛售。你现在需要准备。</blockquote></p><p> The reason: Persistently high inflation will move the 10-year Treasury yield to 2% and get the Federal Reserve to start tapering its stimulus by the end of the year. Both will rattle the stock market.</p><p><blockquote>原因是：持续的高通胀将使10年期国债收益率升至2%，并让美联储在年底前开始缩减刺激措施。两者都会扰乱股市。</blockquote></p><p> The government said June 10 that the cost of living surged in May and drove the pace of inflation to a 13-year high of 5%.</p><p><blockquote>政府6月10日表示，5月份生活成本飙升，推动通胀率升至5%的13年高点。</blockquote></p><p> What should you do? Probably the opposite of what you are thinking. Before we get to that, here is a look at the two key events for stocks — in the bond market and at the Fed — between today and the end of the year.</p><p><blockquote>你该怎么办？可能和你想的正好相反。在我们讨论这个问题之前，我们先来看看从今天到年底之间股市的两个关键事件——债券市场和美联储。</blockquote></p><p> <b>Rising yields</b></p><p><blockquote><b>收益率上升</b></blockquote></p><p> Remember how the stock market freaked out earlier this year when the 10-year Treasury yield TMUBMUSD10Y,1.452%&nbsp;moved up to around 1.7%? Well, expect a repeat. Only worse.</p><p><blockquote>还记得今年早些时候，当10年期国债收益率TMUBMUSD10Y, 1.452%升至1.7%左右时，股市是如何恐慌的吗？好吧，期待重演。只会更糟。</blockquote></p><p> “We suspect that inflation in the U.S. will prove more persistent than investors currently appear to anticipate,” says Capital Economics economist Franziska Palmas, citing the tight labor market and wage growth. Her research group puts the 10-year yield at 2.25% by the end of this year, and 2.5% by the end of 2022.</p><p><blockquote>凯投宏观(Capital Economics)经济学家弗兰齐斯卡·帕尔马斯(Franziska Palmas)以劳动力市场紧张和工资增长为由表示：“我们怀疑美国的通胀将比投资者目前预期的更加持久。”她的研究小组预计今年年底10年期国债收益率为2.25%，2022年底为2.5%。</blockquote></p><p> That’ll be a big move from the current level of 1.5%. Stock investors tend to panic when interest rates rise a lot.</p><p><blockquote>与目前1.5%的水平相比，这将是一个很大的变化。当利率大幅上升时，股票投资者往往会感到恐慌。</blockquote></p><p> <b>Fed tapering</b></p><p><blockquote><b>美联储缩减规模</b></blockquote></p><p> Fed Chairman Jerome Powell has downplayed the need for tapering the central bank’s bond purchases to keep yields low. But half of the 12 members of the Federal Open Market Committee&nbsp;(FOMC) have recently said they’re ready to start talking about tapering. The FOMC is the Fed branch that sets monetary policy.</p><p><blockquote>美联储主席鲍威尔淡化了央行缩减购债规模以保持低收益率的必要性。但联邦公开市场委员会（FOMC）12名成员中有一半最近表示，他们准备开始讨论缩减规模。FOMC是美联储制定货币政策的分支机构。</blockquote></p><p> “It will be increasingly hard for Powell to claim the economy needs to make ‘substantial further progress’ toward achieving maximum employment before the Fed starts talking about talking about tapering,” says Ed Yardeni, author of Predicting the Markets and head of Yardeni Research. Powell has repeatedly said the Fed is awaiting “substantial further progress” in the economy before terminating its stimulus.</p><p><blockquote>《预测市场》一书的作者兼亚德尼研究主管埃德·亚德尼(Ed Yardeni)表示：“在美联储开始谈论缩减规模之前，鲍威尔越来越难以声称经济需要在实现最大就业方面取得‘实质性的进一步进展’。”鲍威尔多次表示，美联储正在等待经济取得“实质性的进一步进展”，然后再终止刺激措施。</blockquote></p><p> “Given the performance of the economy, it is reasonable to expect they will start to taper before end of year, and a few months later they will start to raise the federal funds rate,” predicts Yardeni.</p><p><blockquote>亚德尼预测：“鉴于经济表现，有理由预计他们将在年底前开始缩减规模，几个月后他们将开始提高联邦基金利率。”</blockquote></p><p> He thinks the Fed will announce a decision to start tapering in its July meeting. Tapering refers to a reduction in bond purchases by the Fed. This tightens the money supply to put the brakes on growth. Once purchases go to zero, the Fed moves on to cutting rates.</p><p><blockquote>他认为美联储将在7月会议上宣布开始缩减规模的决定。Tapering是指美联储缩减购债规模。这收紧了货币供应，抑制了经济增长。一旦购买量降至零，美联储就会继续降息。</blockquote></p><p> As we know, tapering causes a “taper tantrum” in the stock market, meaning a sharp selloff in indices like the S&amp;P 500 SPX,+0.19%,&nbsp;the Dow Jones Industrial Average DJIA,+0.04%&nbsp;and Nasdaq COMP,+0.35%.</p><p><blockquote>众所周知，缩减规模会导致股市出现“缩减恐慌”，这意味着标普500 SPX指数+0.19%、道琼斯工业平均指数道琼斯指数+0.04%和纳斯达克综合指数+0.35%等指数大幅抛售。</blockquote></p><p> <b>How to prepare</b></p><p><blockquote><b>如何准备</b></blockquote></p><p> When considering how to position for the probable selloff caused by rising bond yields and Fed tightening, the key things to remember is why these things are happening in the first place, and what history tells us about how stocks behave.</p><p><blockquote>在考虑如何为债券收益率上升和美联储紧缩政策可能引发的抛售做好准备时，要记住的关键事情是为什么会发生这些事情，以及历史告诉我们股票的表现。</blockquote></p><p> The consensus view is that tapering and rising bond yields kill off economic growth and the bull market in stocks. But this isn’t actually true.</p><p><blockquote>人们普遍认为，缩减购债规模和债券收益率上升会扼杀经济增长和股市牛市。但这实际上不是真的。</blockquote></p><p> Yes, initially, tightening can make stocks fall — or churn sideways, at best. But then stocks shake it off and move higher as the bull market continues. This makes sense, because the tightening is happening for good reasons that help companies — strong economic growth. This pushes earnings a lot higher, which resets valuations lower — back down to levels investors feel comfortable with.</p><p><blockquote>是的，最初，紧缩可能会导致股市下跌——或者充其量是横盘震荡。但随着牛市的持续，股市摆脱了这一局面并走高。这是有道理的，因为紧缩的发生是有帮助企业的充分理由的——强劲的经济增长。这大幅推高了盈利，从而将估值重置为较低——回落到投资者感到满意的水平。</blockquote></p><p> “Tapering is part and parcel of a recovery,” says Leuthold market strategist Jim Paulsen. “It is a response to successful policy and a rebound in the economy. It is a natural part of the bull market that allows the market to go higher. It’s a healthy development.”</p><p><blockquote>Leuthold市场策略师吉姆·保尔森(Jim Paulsen)表示：“缩减规模是复苏的重要组成部分。”“这是对成功政策和经济反弹的回应。这是牛市的自然组成部分，允许市场走高。这是一种健康的发展。”</blockquote></p><p> Looking through all the market fireworks that may lie ahead, Paulsen thinks underlying economic growth will push S&amp;P 500 earnings up to $220 by the end of the year. Assuming the S&amp;P 500 is at current levels or a little bit lower, that would bring the index’s price-to-earnings (P/E) ratio down to 18-19 — which is near or below the average since 1990. “That sets up the next leg of the bull market,” he says.</p><p><blockquote>纵观未来可能出现的所有市场亮点，保尔森认为潜在的经济增长将推动标普500的盈利在年底前达到220美元。假设标普500处于当前水平或略低，这将使该指数的市盈率(P/E)降至18-19——接近或低于1990年以来的平均水平。“这为牛市的下一阶段奠定了基础，”他说。</blockquote></p><p> <b>Your five-point game plan</b></p><p><blockquote><b>你的五点游戏计划</b></blockquote></p><p> <b>1. Do not go to “defensives”</b></p><p><blockquote><b>1.不要去“防御性”</b></blockquote></p><p></p><p> When people see stock market turbulence, the knee-jerk reaction is to go for the “stability” of defensive names like utilities and consumer staples. But that would be a mistake. You want to go to defensives when the economy is slowing or contracting, not when it is strong. Another problem is that defensive names pay yield. So, like bonds, they get hit by rising interest rates, which devalue dividends — and dividend-paying stocks and bonds.</p><p><blockquote>当人们看到股市动荡时，下意识的反应是追求公用事业和必需消费品等防御性股票的“稳定性”。但那将是一个错误。当经济放缓或收缩时，你想采取防御措施，而不是当经济强劲时。另一个问题是防御性名称需要支付收益。因此，与债券一样，它们也会受到利率上升的打击，利率上升会使股息以及支付股息的股票和债券贬值。</blockquote></p><p> “The best way to protect yourself is to tie your portfolio to the overheated economy. That is where the best profit growth and profit leverage is,” says Paulsen. “You do not get that with defensives.”</p><p><blockquote>“保护自己的最佳方式是将您的投资组合与过热的经济挂钩。这是最佳利润增长和利润杠杆的地方，”保尔森说。“防御性药物是不会有这种感觉的。”</blockquote></p><p> <b>2. Go with companies that benefit from growth</b></p><p><blockquote><b>2.与受益于增长的公司同行</b></blockquote></p><p> Since rapid economic growth is causing the tapering — and the growth is usually not killed off by tightening — stocks linked to growth typically are the best place to be. This means cyclicals like industrials, basic materials consumer names, small-caps and international stocks. “Slower growth consumer staples and utilities won’t keep up with growth areas of the market,” says Paulsen.</p><p><blockquote>由于快速的经济增长正在导致缩减规模——而且增长通常不会被紧缩扼杀——与增长相关的股票通常是最好的选择。这意味着周期性股票，如工业股、基础材料消费股、小盘股和国际股票。保尔森表示：“消费必需品和公用事业增长放缓将无法跟上市场增长领域的步伐。”</blockquote></p><p> I first suggested Lindblad Expeditions LIND,+0.17%&nbsp;and Cardlytics CDLX,+4.54%&nbsp;and in my stock letter, Brush Up on Stocks (the link to my site is in the bio, below) in September 2020 and November 2019. I still like and own both even though they are up 48% and 157% — or two to four times the S&amp;P 500. Recent insider buying confirms they are buys and holds around current levels. Plus, both are cyclical names. Cardlytics helps credit card companies understand customer buying patterns for marketing purposes. Lindblad offers specialized cruise adventures to exotic locales. Both benefit from economic growth that powers more consumer spending.</p><p><blockquote>我首先建议Lindblad Expeditions LIND，+0.17%和Cardlytics CDLX，+4.54%，并在我的股票信中，在2020年9月和2019年11月重温股票（我网站的链接在下面的简历中）。尽管它们的股价分别上涨了48%和157%，即标普500的两到四倍，但我仍然喜欢并拥有这两家公司。最近的内部买入证实了他们在当前水平附近买入并持有。另外，两者都是循环名称。Cardlytics帮助信用卡公司出于营销目的了解客户购买模式。Lindblad提供专门的异国情调的邮轮冒险。两者都受益于推动更多消费者支出的经济增长。</blockquote></p><p> <b>3. Do not get out of stocks</b></p><p><blockquote><b>3、不脱销库存</b></blockquote></p><p> If you think a selloff is coming, it might be tempting to try to get out of stocks right before that, to buy back after the weakness happens. But this is a lot harder than you think. In fact, it is almost impossible to get the timing right, say market veterans.</p><p><blockquote>如果您认为抛售即将到来，那么在此之前尝试卖出股票，并在疲软发生后回购股票可能很诱人。但这比你想象的要困难得多。市场资深人士表示，事实上，几乎不可能把握好时机。</blockquote></p><p> “You have to make two smart decisions,” says Yardeni. “You have to get out just before the correction and then you have to decide when to get back in. I don’t know of too many people that can do that consistently.”</p><p><blockquote>“你必须做出两个明智的决定，”亚德尼说。“你必须在修正之前退出，然后你必须决定何时重新加入。我不知道有多少人能始终如一地做到这一点。”</blockquote></p><p> Market timers often get out and don’t get back in, and they miss the next leg up. “You can get yourself into trouble trying to avoid the correction,” says Paulsen.</p><p><blockquote>市场计时器通常会退出，不会再回来，他们会错过下一轮上涨。“试图避免调整可能会给自己带来麻烦，”保尔森说。</blockquote></p><p> <b>4. Do not own bonds</b></p><p><blockquote><b>4.不持有债券</b></blockquote></p><p> Bond yields will be 2% or higher by the end of year. So don’t own bonds, whose prices fall when yields rise — unless you simply plan to hold to maturity to collect the income.</p><p><blockquote>到年底，债券收益率将达到2%或更高。因此，不要持有债券，当收益率上升时，债券的价格就会下跌——除非您只是计划持有至到期以收取收入。</blockquote></p><p> <b>5. Go with financials</b></p><p><blockquote><b>5.选择财务</b></blockquote></p><p> Strong economies typically make the yield curve more upward sloping, meaning that long-term interest rates on 10-year Treasuries rise a lot faster than short-term interest rates. Since banks borrow at the short end and lend at the long end, steepening yield curves help them.</p><p><blockquote>强劲的经济体通常会使收益率曲线更加向上倾斜，这意味着10年期国债的长期利率上升速度远快于短期利率。由于银行在短端借款，在长端放贷，陡峭的收益率曲线对它们有帮助。</blockquote></p><p> The strong economy will also help banks release reserves and lower provisions for loan losses, both of which can boost earnings, points out Yardeni. Both JPMorgan Chase JPM,-0.07%&nbsp;and Bank of America BAC,+0.41%&nbsp;are up over twice as much as the S&amp;P 500 since I suggested them in my stock letter last August. But they still look attractive. Recent pattern buying by smart insiders among smaller banks confirms the sector is still one to own, despite the strength over the past few quarters.</p><p><blockquote>亚德尼指出，强劲的经济还将帮助银行释放准备金并降低贷款损失准备金，这两者都可以提高收益。自从我去年8月在股票信中提出建议以来，摩根大通JPM(-0.07%)和美国银行BAC(+0.41%)的涨幅都是标普500的两倍多。但它们看起来仍然很有吸引力。小型银行中聪明的内部人士最近的买入模式证实，尽管过去几个季度表现强劲，但该行业仍然值得持有。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/dont-be-fooled-inflation-is-a-big-risk-for-stock-market-investors-heres-how-to-prepare-11623421036?siteid=yhoof2\">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":{"SPY":"标普500ETF",".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://www.marketwatch.com/story/dont-be-fooled-inflation-is-a-big-risk-for-stock-market-investors-heres-how-to-prepare-11623421036?siteid=yhoof2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1118102755","content_text":"Michael Brush advises on how you can avoid making mistakes as bond yields rise and the central bank reduces its stimulus.\n\nDon’t be fooled by the placid response to the highest inflation rate in over a decade. Inflation will remain elevated enough to shake up the stock market, possibly causing a selloff as much as 15%. You need to prepare now.\nThe reason: Persistently high inflation will move the 10-year Treasury yield to 2% and get the Federal Reserve to start tapering its stimulus by the end of the year. Both will rattle the stock market.\nThe government said June 10 that the cost of living surged in May and drove the pace of inflation to a 13-year high of 5%.\nWhat should you do? Probably the opposite of what you are thinking. Before we get to that, here is a look at the two key events for stocks — in the bond market and at the Fed — between today and the end of the year.\nRising yields\nRemember how the stock market freaked out earlier this year when the 10-year Treasury yield TMUBMUSD10Y,1.452% moved up to around 1.7%? Well, expect a repeat. Only worse.\n“We suspect that inflation in the U.S. will prove more persistent than investors currently appear to anticipate,” says Capital Economics economist Franziska Palmas, citing the tight labor market and wage growth. Her research group puts the 10-year yield at 2.25% by the end of this year, and 2.5% by the end of 2022.\nThat’ll be a big move from the current level of 1.5%. Stock investors tend to panic when interest rates rise a lot.\nFed tapering\nFed Chairman Jerome Powell has downplayed the need for tapering the central bank’s bond purchases to keep yields low. But half of the 12 members of the Federal Open Market Committee (FOMC) have recently said they’re ready to start talking about tapering. The FOMC is the Fed branch that sets monetary policy.\n“It will be increasingly hard for Powell to claim the economy needs to make ‘substantial further progress’ toward achieving maximum employment before the Fed starts talking about talking about tapering,” says Ed Yardeni, author of Predicting the Markets and head of Yardeni Research. Powell has repeatedly said the Fed is awaiting “substantial further progress” in the economy before terminating its stimulus.\n“Given the performance of the economy, it is reasonable to expect they will start to taper before end of year, and a few months later they will start to raise the federal funds rate,” predicts Yardeni.\nHe thinks the Fed will announce a decision to start tapering in its July meeting. Tapering refers to a reduction in bond purchases by the Fed. This tightens the money supply to put the brakes on growth. Once purchases go to zero, the Fed moves on to cutting rates.\nAs we know, tapering causes a “taper tantrum” in the stock market, meaning a sharp selloff in indices like the S&P 500 SPX,+0.19%, the Dow Jones Industrial Average DJIA,+0.04% and Nasdaq COMP,+0.35%.\nHow to prepare\nWhen considering how to position for the probable selloff caused by rising bond yields and Fed tightening, the key things to remember is why these things are happening in the first place, and what history tells us about how stocks behave.\nThe consensus view is that tapering and rising bond yields kill off economic growth and the bull market in stocks. But this isn’t actually true.\nYes, initially, tightening can make stocks fall — or churn sideways, at best. But then stocks shake it off and move higher as the bull market continues. This makes sense, because the tightening is happening for good reasons that help companies — strong economic growth. This pushes earnings a lot higher, which resets valuations lower — back down to levels investors feel comfortable with.\n“Tapering is part and parcel of a recovery,” says Leuthold market strategist Jim Paulsen. “It is a response to successful policy and a rebound in the economy. It is a natural part of the bull market that allows the market to go higher. It’s a healthy development.”\nLooking through all the market fireworks that may lie ahead, Paulsen thinks underlying economic growth will push S&P 500 earnings up to $220 by the end of the year. Assuming the S&P 500 is at current levels or a little bit lower, that would bring the index’s price-to-earnings (P/E) ratio down to 18-19 — which is near or below the average since 1990. “That sets up the next leg of the bull market,” he says.\nYour five-point game plan\n1. Do not go to “defensives”\nWhen people see stock market turbulence, the knee-jerk reaction is to go for the “stability” of defensive names like utilities and consumer staples. But that would be a mistake. You want to go to defensives when the economy is slowing or contracting, not when it is strong. Another problem is that defensive names pay yield. So, like bonds, they get hit by rising interest rates, which devalue dividends — and dividend-paying stocks and bonds.\n“The best way to protect yourself is to tie your portfolio to the overheated economy. That is where the best profit growth and profit leverage is,” says Paulsen. “You do not get that with defensives.”\n2. Go with companies that benefit from growth\nSince rapid economic growth is causing the tapering — and the growth is usually not killed off by tightening — stocks linked to growth typically are the best place to be. This means cyclicals like industrials, basic materials consumer names, small-caps and international stocks. “Slower growth consumer staples and utilities won’t keep up with growth areas of the market,” says Paulsen.\nI first suggested Lindblad Expeditions LIND,+0.17% and Cardlytics CDLX,+4.54% and in my stock letter, Brush Up on Stocks (the link to my site is in the bio, below) in September 2020 and November 2019. I still like and own both even though they are up 48% and 157% — or two to four times the S&P 500. Recent insider buying confirms they are buys and holds around current levels. Plus, both are cyclical names. Cardlytics helps credit card companies understand customer buying patterns for marketing purposes. Lindblad offers specialized cruise adventures to exotic locales. Both benefit from economic growth that powers more consumer spending.\n3. Do not get out of stocks\nIf you think a selloff is coming, it might be tempting to try to get out of stocks right before that, to buy back after the weakness happens. But this is a lot harder than you think. In fact, it is almost impossible to get the timing right, say market veterans.\n“You have to make two smart decisions,” says Yardeni. “You have to get out just before the correction and then you have to decide when to get back in. I don’t know of too many people that can do that consistently.”\nMarket timers often get out and don’t get back in, and they miss the next leg up. “You can get yourself into trouble trying to avoid the correction,” says Paulsen.\n4. Do not own bonds\nBond yields will be 2% or higher by the end of year. So don’t own bonds, whose prices fall when yields rise — unless you simply plan to hold to maturity to collect the income.\n5. Go with financials\nStrong economies typically make the yield curve more upward sloping, meaning that long-term interest rates on 10-year Treasuries rise a lot faster than short-term interest rates. Since banks borrow at the short end and lend at the long end, steepening yield curves help them.\nThe strong economy will also help banks release reserves and lower provisions for loan losses, both of which can boost earnings, points out Yardeni. Both JPMorgan Chase JPM,-0.07% and Bank of America BAC,+0.41% are up over twice as much as the S&P 500 since I suggested them in my stock letter last August. But they still look attractive. Recent pattern buying by smart insiders among smaller banks confirms the sector is still one to own, despite the strength over the past few quarters.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":432,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}