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2021-04-09

Wow

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2021-04-09

Will it rise

What's next for the dollar after upswing confounds analysts?<blockquote>在上涨令分析师困惑之后，美元的下一步是什么？</blockquote>

2021-04-09

Boom

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2021-03-31

Wow, online education

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2021-03-31

Oh

Lloyd's of London sees 'large loss' due to Suez Canal blockage<blockquote>伦敦劳合社因苏伊士运河堵塞而遭受“巨大损失”</blockquote>

2021-03-31

Nice

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2021-03-25

Nice

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2021-03-25

Is it a competitive clause

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2021-03-25

What will drive up the EV market

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2021-03-18

Fast game

ByteDance on hiring spree in Singapore, says FT<blockquote>英国《金融时报》称字节跳动在新加坡疯狂招聘</blockquote>

2021-03-06

Moving forward

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2021-03-06

What

Superior Industries Intl Q4 EPS $(1.16) Down From $0.62 YoY, Sales $337.70M Beat $313.99M Estimate<blockquote>Superior Industries Intl第四季度每股收益(1.16)美元，同比下降0.62美元，销售额3.377亿美元，超出预期3.1399亿美元</blockquote>

2021-03-06

Wow

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2021-02-26

Interesting

What to Watch for in Berkshire Hathaway’s Earnings Report<blockquote>伯克希尔哈撒韦公司收益报告中值得关注的内容</blockquote>

2021-02-24

Interesting

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2021-02-23

Wow

Airbnb Reports Earnings on Thursday. One Analyst Sees a Blowout.<blockquote>爱彼迎周四公布财报。一位分析师认为会出现井喷。</blockquote>

2021-02-23

Great

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2021-02-23

Cuz of the man

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2021-02-23

Interesting

If Inflation Is Coming, These Stocks Will Benefit the Most<blockquote>如果通胀来临，这些股票将受益最大</blockquote>

2021-02-22

Wow

抱歉，原内容已删除

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The ICE U.S. Dollar Index, a measure of the currency against six major rivals, has so farbounced nearly 3%this year following adecline of 6.7%in 2020. In the first quarter alone, the dollarclimbed 7.2%against the Japanese yen, while the euro in March dropped the most in three years against the greenback.</p><p><blockquote>进入2021年，几乎所有卖方分析师都表示美元今年将走弱，但美元却出人意料地升值。衡量货币兑六个主要竞争对手的ICE美元指数继2020年下跌6.7%后，今年迄今已反弹近3%。仅在第一季度，美元兑日元就上涨了7.2%，而欧元兑美元在3月份创下了三年来的最大跌幅。</blockquote></p><p><b><i>What happened?</i></b>&nbsp;Expectations of a weakened dollar was based on loose monetary conditions in the U.S., inflation expectations, rising public debt and a robust global economic recovery. However, signs now suggest the U.S. will outperform other major economies as Europe struggles with its COVID-19 vaccine rollout. A robust U.S. economic performance could also mean divergence in monetary policy, with the Fed tightening monetary policy relatively more quickly than the ECB. \"That could see the pace of dollar appreciation accelerate this year,\" BofAwrotein a recent research note.</p><p><blockquote><b><i>怎么回事？</i></b>美元走软的预期是基于美国宽松的货币条件、通胀预期、公共债务上升和全球经济强劲复苏。然而，现在有迹象表明，随着欧洲努力推出COVID-19疫苗，美国的表现将优于其他主要经济体。强劲的美国经济表现也可能意味着货币政策的分歧，美联储收紧货币政策的速度相对快于欧洲央行。美国银行在最近的一份研究报告中表示：“这可能会导致今年美元升值步伐加快。”</blockquote></p><p>While some analysts acknowledge they were quick to make forecasts, others aren't giving in. \"We do not think that the long-term outlook for the dollar has changed,\"saidCalvin Tse, a currency analyst at Citi, who still feels the currency could fall as much as 20%. However, Goldman Sachs this weekcanceled its short callon the dollar, saying after a \"choppy few months we are closing our recommended dollar short trade.'</p><p><blockquote>虽然一些分析师承认他们很快就做出了预测，但其他人并没有屈服。花旗货币分析师Calvin Tse表示：“我们认为美元的长期前景没有改变。”他仍然认为美元可能下跌多达20%。然而，高盛本周取消了美元空头头寸，称在经历了“动荡的几个月后，我们将关闭建议的美元空头交易。”</blockquote></p><p><b>Outlook:</b>&nbsp;The next move for the greenback may depend on whether the Fed will let the economy run hot. Last month, policymakers signaled expectations for interest rates that be kept at near zero through 2023, but some money markets are already positioning for a rate rise as soon as next year. Others suggest that even if the Fed would move early, the relationship has changed, as well as the currency's traditional role with equities. Once upon a time, a weaker dollar was seen as a boon for U.S. equities, but a stronger buck didn't prevent the continuous stock market highs that were notched in the first quarter.</p><p><blockquote><b>展望：</b>美元的下一步走势可能取决于美联储是否会让经济过热。上个月，政策制定者表示预计到2023年利率将保持在接近零的水平，但一些货币市场已经为最快明年加息做好了准备。其他人则认为，即使美联储提前采取行动，这种关系以及货币与股市的传统角色也已经发生了变化。曾几何时，美元走软被视为美国股市的福音，但美元走强并没有阻止股市在第一季度创下的持续高点。</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>What's next for the dollar after upswing confounds analysts?<blockquote>在上涨令分析师困惑之后，美元的下一步是什么？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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\">\nWhat's next for the dollar after upswing confounds analysts?<blockquote>在上涨令分析师困惑之后，美元的下一步是什么？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-04-09 13:43</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Going into 2021, almost every sell side analyst suggested the dollar would weaken this year, but the U.S. currency hassurprisingly appreciated instead. The ICE U.S. Dollar Index, a measure of the currency against six major rivals, has so farbounced nearly 3%this year following adecline of 6.7%in 2020. In the first quarter alone, the dollarclimbed 7.2%against the Japanese yen, while the euro in March dropped the most in three years against the greenback.</p><p><blockquote>进入2021年，几乎所有卖方分析师都表示美元今年将走弱，但美元却出人意料地升值。衡量货币兑六个主要竞争对手的ICE美元指数继2020年下跌6.7%后，今年迄今已反弹近3%。仅在第一季度，美元兑日元就上涨了7.2%，而欧元兑美元在3月份创下了三年来的最大跌幅。</blockquote></p><p><b><i>What happened?</i></b>&nbsp;Expectations of a weakened dollar was based on loose monetary conditions in the U.S., inflation expectations, rising public debt and a robust global economic recovery. However, signs now suggest the U.S. will outperform other major economies as Europe struggles with its COVID-19 vaccine rollout. A robust U.S. economic performance could also mean divergence in monetary policy, with the Fed tightening monetary policy relatively more quickly than the ECB. \"That could see the pace of dollar appreciation accelerate this year,\" BofAwrotein a recent research note.</p><p><blockquote><b><i>怎么回事？</i></b>美元走软的预期是基于美国宽松的货币条件、通胀预期、公共债务上升和全球经济强劲复苏。然而，现在有迹象表明，随着欧洲努力推出COVID-19疫苗，美国的表现将优于其他主要经济体。强劲的美国经济表现也可能意味着货币政策的分歧，美联储收紧货币政策的速度相对快于欧洲央行。美国银行在最近的一份研究报告中表示：“这可能会导致今年美元升值步伐加快。”</blockquote></p><p>While some analysts acknowledge they were quick to make forecasts, others aren't giving in. \"We do not think that the long-term outlook for the dollar has changed,\"saidCalvin Tse, a currency analyst at Citi, who still feels the currency could fall as much as 20%. However, Goldman Sachs this weekcanceled its short callon the dollar, saying after a \"choppy few months we are closing our recommended dollar short trade.'</p><p><blockquote>虽然一些分析师承认他们很快就做出了预测，但其他人并没有屈服。花旗货币分析师Calvin Tse表示：“我们认为美元的长期前景没有改变。”他仍然认为美元可能下跌多达20%。然而，高盛本周取消了美元空头头寸，称在经历了“动荡的几个月后，我们将关闭建议的美元空头交易。”</blockquote></p><p><b>Outlook:</b>&nbsp;The next move for the greenback may depend on whether the Fed will let the economy run hot. Last month, policymakers signaled expectations for interest rates that be kept at near zero through 2023, but some money markets are already positioning for a rate rise as soon as next year. Others suggest that even if the Fed would move early, the relationship has changed, as well as the currency's traditional role with equities. Once upon a time, a weaker dollar was seen as a boon for U.S. equities, but a stronger buck didn't prevent the continuous stock market highs that were notched in the first quarter.</p><p><blockquote><b>展望：</b>美元的下一步走势可能取决于美联储是否会让经济过热。上个月，政策制定者表示预计到2023年利率将保持在接近零的水平，但一些货币市场已经为最快明年加息做好了准备。其他人则认为，即使美联储提前采取行动，这种关系以及货币与股市的传统角色也已经发生了变化。曾几何时，美元走软被视为美国股市的福音，但美元走强并没有阻止股市在第一季度创下的持续高点。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/news/3680584-whats-next-for-the-dollar-after-upswing-confounds-analysts\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://seekingalpha.com/news/3680584-whats-next-for-the-dollar-after-upswing-confounds-analysts","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1139015410","content_text":"Going into 2021, almost every sell side analyst suggested the dollar would weaken this year, but the U.S. currency hassurprisingly appreciated instead. The ICE U.S. Dollar Index, a measure of the currency against six major rivals, has so farbounced nearly 3%this year following adecline of 6.7%in 2020. In the first quarter alone, the dollarclimbed 7.2%against the Japanese yen, while the euro in March dropped the most in three years against the greenback.What happened? Expectations of a weakened dollar was based on loose monetary conditions in the U.S., inflation expectations, rising public debt and a robust global economic recovery. However, signs now suggest the U.S. will outperform other major economies as Europe struggles with its COVID-19 vaccine rollout. A robust U.S. economic performance could also mean divergence in monetary policy, with the Fed tightening monetary policy relatively more quickly than the ECB. \"That could see the pace of dollar appreciation accelerate this year,\" BofAwrotein a recent research note.While some analysts acknowledge they were quick to make forecasts, others aren't giving in. \"We do not think that the long-term outlook for the dollar has changed,\"saidCalvin Tse, a currency analyst at Citi, who still feels the currency could fall as much as 20%. However, Goldman Sachs this weekcanceled its short callon the dollar, saying after a \"choppy few months we are closing our recommended dollar short trade.'Outlook: The next move for the greenback may depend on whether the Fed will let the economy run hot. Last month, policymakers signaled expectations for interest rates that be kept at near zero through 2023, but some money markets are already positioning for a rate rise as soon as next year. Others suggest that even if the Fed would move early, the relationship has changed, as well as the currency's traditional role with equities. Once upon a time, a weaker dollar was seen as a boon for U.S. equities, but a stronger buck didn't prevent the continuous stock market highs that were notched in the first quarter.","news_type":1,"symbols_score_info":{"SPY":0.9,".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":1983,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":348521347,"gmtCreate":1617943559889,"gmtModify":1634295604295,"author":{"id":"3576052661337683","authorId":"3576052661337683","name":"Bobthebuild","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576052661337683","idStr":"3576052661337683"},"themes":[],"htmlText":"Boom","listText":"Boom","text":"Boom","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/348521347","repostId":"1147517160","repostType":4,"isVote":1,"tweetType":1,"viewCount":2520,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":354220948,"gmtCreate":1617179952184,"gmtModify":1634522235509,"author":{"id":"3576052661337683","authorId":"3576052661337683","name":"Bobthebuild","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576052661337683","idStr":"3576052661337683"},"themes":[],"htmlText":"Wow, online education","listText":"Wow, online education","text":"Wow, online education","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/354220948","repostId":"1163996400","repostType":4,"isVote":1,"tweetType":1,"viewCount":3783,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":354267802,"gmtCreate":1617179913006,"gmtModify":1634522236070,"author":{"id":"3576052661337683","authorId":"3576052661337683","name":"Bobthebuild","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576052661337683","idStr":"3576052661337683"},"themes":[],"htmlText":"Oh","listText":"Oh","text":"Oh","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/354267802","repostId":"1125307543","repostType":4,"repost":{"id":"1125307543","kind":"news","pubTimestamp":1617179082,"share":"https://www.laohu8.com/m/news/1125307543?lang=zh_CN&edition=full","pubTime":"2021-03-31 16:24","market":"uk","language":"en","title":"Lloyd's of London sees 'large loss' due to Suez Canal blockage<blockquote>伦敦劳合社因苏伊士运河堵塞而遭受“巨大损失”</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1125307543","media":"Reuters","summary":"LONDON (Reuters) -The blockage of the Suez Canal for nearly a week will result in a “large loss” for","content":"<p>LONDON (Reuters) -The blockage of the Suez Canal for nearly a week will result in a “large loss” for Lloyd’s of London, its chairman said on Wednesday, as the insurance market recorded a 900 million pound ($1.2 billion) pretax loss in 2020 due to the COVID-19 pandemic.</p><p><blockquote>伦敦（路透社）-伦敦劳合社董事长周三表示，苏伊士运河堵塞近一周将导致伦敦劳合社遭受“巨额损失”，因为由于新冠肺炎疫情，保险市场在2020年录得9亿英镑（12亿美元）的税前损失。</blockquote></p><p>The Canal is working to clear the backlog after the refloating this week of a stranded giant container ship. The blockage threw global supply chains into disarray.</p><p><blockquote>本周一艘搁浅的巨型集装箱船重新浮起后，运河正在努力清理积压的货物。封锁使全球供应链陷入混乱。</blockquote></p><p>Bruce Carnegie-Brown told Reuters it was too early to estimate the exact loss, but “it’s clearly going to be a large loss, not just for the vessel but for all of the other vessels that were trapped and unable to get through”.</p><p><blockquote>布鲁斯·卡内基-布朗告诉路透社，现在估计确切的损失还为时过早，但“这显然将是一个巨大的损失，不仅对这艘船来说，而且对所有其他被困且无法通过的船只来说”。</blockquote></p><p>He added this could mean a loss for Lloyd’s of around $100 million or more.</p><p><blockquote>他补充说，这可能意味着劳合社损失约1亿美元或更多。</blockquote></p><p>Liability insurance claims for ships and cargo impacted by the delay are expected to fall initially to the container ship Ever Given’s liability insurer, UK P&amp;I Club. But UK P&amp;I Club will also use reinsurance, some of it in the Lloyd’s market, industry sources say.</p><p><blockquote>受延误影响的船舶和货物的责任保险索赔预计最初将由集装箱船Ever Give的责任保险公司英国保赔协会提出。但业内消息人士称，英国保赔协会也将使用再保险，其中一些在劳合社市场。</blockquote></p><p>Carnegie-Brown said Lloyd’s may be on the hook for around 5-10% of the total reinsurance claims.</p><p><blockquote>卡内基-布朗表示，劳合社可能会承担再保险索赔总额的5-10%左右。</blockquote></p><p>Fitch Ratings said this week that global reinsurers were likely to face hundreds of millions of euros of claims due to the incident.</p><p><blockquote>惠誉评级本周表示，全球再保险公司可能因该事件面临数亿欧元的索赔。</blockquote></p><p>The 2020 loss for the 330-year-old Lloyd’s market, home to around 100 syndicate members, compares with a 2.5 billion pound profit in 2019.</p><p><blockquote>拥有330年历史的劳合社市场（拥有约100名辛迪加成员）2020年亏损，而2019年利润为25亿英镑。</blockquote></p><p>Lloyd’s expects to pay out 3.4 billion pounds in 2020 COVID-19 claims net of reinsurance, with Carnegie-Brown saying many of those payments would be related to the cancellation of major events such as the Wimbledon tennis tournament. COVID-19-related payments will continue this year, he added.</p><p><blockquote>劳合社预计在2020年将支付34亿英镑的COVID-19索赔（扣除再保险），卡内基-布朗表示，其中许多付款将与温布尔登网球锦标赛等重大赛事的取消有关。他补充说，今年将继续支付与COVID-19相关的款项。</blockquote></p><p>But Lloyd’s said premium rates had risen 10.8% last year and rate rises had continued into 2021. Insurers typically increase rates after experiencing large losses.</p><p><blockquote>但劳合社表示，去年保险费率上涨了10.8%，并且利率上涨一直持续到2021年。保险公司通常会在遭受巨额损失后提高费率。</blockquote></p><p>After several closures due to the pandemic, the Lloyd’s underwriting floor will reopen on May 17. Carnegie-Brown said surveys showed most market employees expect to return to the office “three-plus days a week”.</p><p><blockquote>在因疫情而多次关闭后，劳合社承保大厅将于5月17日重新开放。卡内基-布朗表示，调查显示大多数市场员工预计“每周三天以上”返回办公室。</blockquote></p><p></p>","source":"ltzww","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>Lloyd's of London sees 'large loss' due to Suez Canal blockage<blockquote>伦敦劳合社因苏伊士运河堵塞而遭受“巨大损失”</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\">\nLloyd's of London sees 'large loss' due to Suez Canal blockage<blockquote>伦敦劳合社因苏伊士运河堵塞而遭受“巨大损失”</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-03-31 16:24</span>\n</p>\n</h4>\n</header>\n<article>\n<p>LONDON (Reuters) -The blockage of the Suez Canal for nearly a week will result in a “large loss” for Lloyd’s of London, its chairman said on Wednesday, as the insurance market recorded a 900 million pound ($1.2 billion) pretax loss in 2020 due to the COVID-19 pandemic.</p><p><blockquote>伦敦（路透社）-伦敦劳合社董事长周三表示，苏伊士运河堵塞近一周将导致伦敦劳合社遭受“巨额损失”，因为由于新冠肺炎疫情，保险市场在2020年录得9亿英镑（12亿美元）的税前损失。</blockquote></p><p>The Canal is working to clear the backlog after the refloating this week of a stranded giant container ship. The blockage threw global supply chains into disarray.</p><p><blockquote>本周一艘搁浅的巨型集装箱船重新浮起后，运河正在努力清理积压的货物。封锁使全球供应链陷入混乱。</blockquote></p><p>Bruce Carnegie-Brown told Reuters it was too early to estimate the exact loss, but “it’s clearly going to be a large loss, not just for the vessel but for all of the other vessels that were trapped and unable to get through”.</p><p><blockquote>布鲁斯·卡内基-布朗告诉路透社，现在估计确切的损失还为时过早，但“这显然将是一个巨大的损失，不仅对这艘船来说，而且对所有其他被困且无法通过的船只来说”。</blockquote></p><p>He added this could mean a loss for Lloyd’s of around $100 million or more.</p><p><blockquote>他补充说，这可能意味着劳合社损失约1亿美元或更多。</blockquote></p><p>Liability insurance claims for ships and cargo impacted by the delay are expected to fall initially to the container ship Ever Given’s liability insurer, UK P&amp;I Club. But UK P&amp;I Club will also use reinsurance, some of it in the Lloyd’s market, industry sources say.</p><p><blockquote>受延误影响的船舶和货物的责任保险索赔预计最初将由集装箱船Ever Give的责任保险公司英国保赔协会提出。但业内消息人士称，英国保赔协会也将使用再保险，其中一些在劳合社市场。</blockquote></p><p>Carnegie-Brown said Lloyd’s may be on the hook for around 5-10% of the total reinsurance claims.</p><p><blockquote>卡内基-布朗表示，劳合社可能会承担再保险索赔总额的5-10%左右。</blockquote></p><p>Fitch Ratings said this week that global reinsurers were likely to face hundreds of millions of euros of claims due to the incident.</p><p><blockquote>惠誉评级本周表示，全球再保险公司可能因该事件面临数亿欧元的索赔。</blockquote></p><p>The 2020 loss for the 330-year-old Lloyd’s market, home to around 100 syndicate members, compares with a 2.5 billion pound profit in 2019.</p><p><blockquote>拥有330年历史的劳合社市场（拥有约100名辛迪加成员）2020年亏损，而2019年利润为25亿英镑。</blockquote></p><p>Lloyd’s expects to pay out 3.4 billion pounds in 2020 COVID-19 claims net of reinsurance, with Carnegie-Brown saying many of those payments would be related to the cancellation of major events such as the Wimbledon tennis tournament. COVID-19-related payments will continue this year, he added.</p><p><blockquote>劳合社预计在2020年将支付34亿英镑的COVID-19索赔（扣除再保险），卡内基-布朗表示，其中许多付款将与温布尔登网球锦标赛等重大赛事的取消有关。他补充说，今年将继续支付与COVID-19相关的款项。</blockquote></p><p>But Lloyd’s said premium rates had risen 10.8% last year and rate rises had continued into 2021. Insurers typically increase rates after experiencing large losses.</p><p><blockquote>但劳合社表示，去年保险费率上涨了10.8%，并且利率上涨一直持续到2021年。保险公司通常会在遭受巨额损失后提高费率。</blockquote></p><p>After several closures due to the pandemic, the Lloyd’s underwriting floor will reopen on May 17. Carnegie-Brown said surveys showed most market employees expect to return to the office “three-plus days a week”.</p><p><blockquote>在因疫情而多次关闭后，劳合社承保大厅将于5月17日重新开放。卡内基-布朗表示，调查显示大多数市场员工预计“每周三天以上”返回办公室。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.reuters.com/article/us-lloyd-s-of-london-results/lloyds-of-london-sees-large-loss-due-to-suez-canal-blockage-idUSKBN2BN0MF\">Reuters</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/b5650be7bf6f51da70cd1ab2ce3d61e8","relate_stocks":{},"source_url":"https://www.reuters.com/article/us-lloyd-s-of-london-results/lloyds-of-london-sees-large-loss-due-to-suez-canal-blockage-idUSKBN2BN0MF","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1125307543","content_text":"LONDON (Reuters) -The blockage of the Suez Canal for nearly a week will result in a “large loss” for Lloyd’s of London, its chairman said on Wednesday, as the insurance market recorded a 900 million pound ($1.2 billion) pretax loss in 2020 due to the COVID-19 pandemic.The Canal is working to clear the backlog after the refloating this week of a stranded giant container ship. The blockage threw global supply chains into disarray.Bruce Carnegie-Brown told Reuters it was too early to estimate the exact loss, but “it’s clearly going to be a large loss, not just for the vessel but for all of the other vessels that were trapped and unable to get through”.He added this could mean a loss for Lloyd’s of around $100 million or more.Liability insurance claims for ships and cargo impacted by the delay are expected to fall initially to the container ship Ever Given’s liability insurer, UK P&I Club. But UK P&I Club will also use reinsurance, some of it in the Lloyd’s market, industry sources say.Carnegie-Brown said Lloyd’s may be on the hook for around 5-10% of the total reinsurance claims.Fitch Ratings said this week that global reinsurers were likely to face hundreds of millions of euros of claims due to the incident.The 2020 loss for the 330-year-old Lloyd’s market, home to around 100 syndicate members, compares with a 2.5 billion pound profit in 2019.Lloyd’s expects to pay out 3.4 billion pounds in 2020 COVID-19 claims net of reinsurance, with Carnegie-Brown saying many of those payments would be related to the cancellation of major events such as the Wimbledon tennis tournament. COVID-19-related payments will continue this year, he added.But Lloyd’s said premium rates had risen 10.8% last year and rate rises had continued into 2021. Insurers typically increase rates after experiencing large losses.After several closures due to the pandemic, the Lloyd’s underwriting floor will reopen on May 17. Carnegie-Brown said surveys showed most market employees expect to return to the office “three-plus days a week”.","news_type":1,"symbols_score_info":{"0RCG.UK":0.9}},"isVote":1,"tweetType":1,"viewCount":1434,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":354267999,"gmtCreate":1617179874511,"gmtModify":1634522236189,"author":{"id":"3576052661337683","authorId":"3576052661337683","name":"Bobthebuild","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576052661337683","idStr":"3576052661337683"},"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/354267999","repostId":"1147019958","repostType":4,"isVote":1,"tweetType":1,"viewCount":1884,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":358149604,"gmtCreate":1616675857408,"gmtModify":1634524620142,"author":{"id":"3576052661337683","authorId":"3576052661337683","name":"Bobthebuild","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576052661337683","idStr":"3576052661337683"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/358149604","repostId":"1106730734","repostType":4,"isVote":1,"tweetType":1,"viewCount":1493,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":358149305,"gmtCreate":1616675837607,"gmtModify":1634524620464,"author":{"id":"3576052661337683","authorId":"3576052661337683","name":"Bobthebuild","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576052661337683","idStr":"3576052661337683"},"themes":[],"htmlText":"Is it a competitive clause","listText":"Is it a competitive clause","text":"Is it a competitive clause","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/358149305","repostId":"2122241447","repostType":4,"isVote":1,"tweetType":1,"viewCount":2745,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":358157792,"gmtCreate":1616675796816,"gmtModify":1634524621068,"author":{"id":"3576052661337683","authorId":"3576052661337683","name":"Bobthebuild","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576052661337683","idStr":"3576052661337683"},"themes":[],"htmlText":"What will drive up the EV market","listText":"What will drive up the EV market","text":"What will drive up the EV market","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/358157792","repostId":"1167131291","repostType":4,"isVote":1,"tweetType":1,"viewCount":1474,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":327368422,"gmtCreate":1616060610066,"gmtModify":1703497035481,"author":{"id":"3576052661337683","authorId":"3576052661337683","name":"Bobthebuild","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576052661337683","idStr":"3576052661337683"},"themes":[],"htmlText":"Fast game&nbsp;","listText":"Fast game&nbsp;","text":"Fast game","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/327368422","repostId":"1102384412","repostType":4,"repost":{"id":"1102384412","kind":"news","pubTimestamp":1616057894,"share":"https://www.laohu8.com/m/news/1102384412?lang=zh_CN&edition=full","pubTime":"2021-03-18 16:58","market":"sg","language":"en","title":"ByteDance on hiring spree in Singapore, says FT<blockquote>英国《金融时报》称字节跳动在新加坡疯狂招聘</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1102384412","media":"Businesstimes","summary":"TIKTOK owner ByteDance has embarked on a hiring spree in Singapore, posting 338 jobs in the city sta","content":"<p><div> TIKTOK owner ByteDance has embarked on a hiring spree in Singapore, posting 338 jobs in the city state in the past six months, Financial Times (FT) reported on Thursday. The Beijing-based company is ...</p><p><blockquote><div>据英国《金融时报》(FT)周四报道，TIKTOK母公司字节跳动已在新加坡掀起招聘热潮，过去六个月在新加坡发布了338个职位。这家总部位于北京的公司是……</div></blockquote></p><p>  <a href=\"https://www.businesstimes.com.sg/technology/bytedance-on-hiring-spree-in-singapore-says-ft\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.businesstimes.com.sg/technology/bytedance-on-hiring-spree-in-singapore-says-ft\">网页连接</a></blockquote></p><p></p>","source":"lsy1607307803821","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>ByteDance on hiring spree in Singapore, says FT<blockquote>英国《金融时报》称字节跳动在新加坡疯狂招聘</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\">\nByteDance on hiring spree in Singapore, says FT<blockquote>英国《金融时报》称字节跳动在新加坡疯狂招聘</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Businesstimes</strong><span class=\"h-time small\">2021-03-18 16:58</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> TIKTOK owner ByteDance has embarked on a hiring spree in Singapore, posting 338 jobs in the city state in the past six months, Financial Times (FT) reported on Thursday. The Beijing-based company is ...</p><p><blockquote><div>据英国《金融时报》(FT)周四报道，TIKTOK母公司字节跳动已在新加坡掀起招聘热潮，过去六个月在新加坡发布了338个职位。这家总部位于北京的公司是……</div></blockquote></p><p>  <a href=\"https://www.businesstimes.com.sg/technology/bytedance-on-hiring-spree-in-singapore-says-ft\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.businesstimes.com.sg/technology/bytedance-on-hiring-spree-in-singapore-says-ft\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.businesstimes.com.sg/technology/bytedance-on-hiring-spree-in-singapore-says-ft\">Businesstimes</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.businesstimes.com.sg/technology/bytedance-on-hiring-spree-in-singapore-says-ft","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1102384412","content_text":"TIKTOK owner ByteDance has embarked on a hiring spree in Singapore, posting 338 jobs in the city state in the past six months, Financial Times (FT) reported on Thursday.\nThe Beijing-based company is hiring hundreds of engineers and senior management positions in Singapore for TikTok, its enterprise software business Lark and other products.\nByteDance moved into bigger premises in Singapore last year, taking up three floors at One Raffles Quay.\nThe firm has not confirmed which international office would be its global hub outside China, but a lawyer who helped advise ByteDance on its new Singapore office space said it \"had all the hallmarks of a global hub\", said the report. He added: \"ByteDance seems to be spending more on this office than any other outside of China.\"\nThe company's expansion into Singapore comes amid setbacks in India, the US and Britain, where it has been blocked or accused of breaching privacy regulations.\n\"I think they are hedging their bets, given the rapidly evolving regulatory environment,\" said a Singapore-based consultant.\nThe Singapore hiring spree will also support ByteDance's push into South-east Asia, the report said.\nThe company has created an education portal to test out a seller marketplace in Indonesia, the region's biggest e-commerce market.\nWithin the South-east Asia market, Singapore is seen as \"neutral\" ground that is viewed more favourably by regulators, said Jayanth Kolla, technology analyst at Bengaluru-based consultancy Convergence Catalyst.\n\"Singapore is increasingly becoming, for all practical purposes, the official South Asia and South-east Asia hub,\" he added. \"The government has been accommodating and is jumping on the opportunity.\"","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1907,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":320995826,"gmtCreate":1614996928765,"gmtModify":1703484070773,"author":{"id":"3576052661337683","authorId":"3576052661337683","name":"Bobthebuild","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576052661337683","idStr":"3576052661337683"},"themes":[],"htmlText":"Moving forward&nbsp;","listText":"Moving forward&nbsp;","text":"Moving forward","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/320995826","repostId":"2117638341","repostType":4,"isVote":1,"tweetType":1,"viewCount":547,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":320992895,"gmtCreate":1614996895317,"gmtModify":1703484069727,"author":{"id":"3576052661337683","authorId":"3576052661337683","name":"Bobthebuild","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576052661337683","idStr":"3576052661337683"},"themes":[],"htmlText":"What","listText":"What","text":"What","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/320992895","repostId":"2117918638","repostType":4,"repost":{"id":"2117918638","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":1614945941,"share":"https://www.laohu8.com/m/news/2117918638?lang=zh_CN&edition=full","pubTime":"2021-03-05 20:05","market":"hk","language":"en","title":"Superior Industries Intl Q4 EPS $(1.16) Down From $0.62 YoY, Sales $337.70M Beat $313.99M Estimate<blockquote>Superior Industries Intl第四季度每股收益(1.16)美元，同比下降0.62美元，销售额3.377亿美元，超出预期3.1399亿美元</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2117918638","media":"Benzinga","summary":"Superior Industries Intl (NYSE:SUP) reported quarterly losses of $(1.16) per share. This is a 287.1 percent decrease over earnings of $0.62 per share from the same period last year.  The company reported quarterly sales","content":"<p><a href=\"https://laohu8.com/S/SUP\">Superior</a>  Industries Intl reported quarterly losses of $(1.16) per share. This is a 287.1 percent decrease over earnings of $0.62 per share from the same period last year.  The company reported quarterly sales of $337.70 million which beat the analyst consensus estimate of $313.99 million by 7.55 percent.  This is a 236.20 percent increase over sales of $100.45 million the same period last year.</p><p><blockquote><a href=\"https://laohu8.com/S/SUP\">上级</a>Industries Intl报告季度亏损为每股(1.16)美元。这比去年同期每股收益0.62美元下降了287.1%。该公司报告季度销售额为3.377亿美元，比分析师普遍预期的3.1399亿美元高出7.55%。这比去年同期1.0045亿美元的销售额增长了236.20%。</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>Superior Industries Intl Q4 EPS $(1.16) Down From $0.62 YoY, Sales $337.70M Beat $313.99M Estimate<blockquote>Superior Industries Intl第四季度每股收益(1.16)美元，同比下降0.62美元，销售额3.377亿美元，超出预期3.1399亿美元</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\">\nSuperior Industries Intl Q4 EPS $(1.16) Down From $0.62 YoY, Sales $337.70M Beat $313.99M Estimate<blockquote>Superior Industries Intl第四季度每股收益(1.16)美元，同比下降0.62美元，销售额3.377亿美元，超出预期3.1399亿美元</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\">2021-03-05 20:05</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p><a href=\"https://laohu8.com/S/SUP\">Superior</a>  Industries Intl reported quarterly losses of $(1.16) per share. This is a 287.1 percent decrease over earnings of $0.62 per share from the same period last year.  The company reported quarterly sales of $337.70 million which beat the analyst consensus estimate of $313.99 million by 7.55 percent.  This is a 236.20 percent increase over sales of $100.45 million the same period last year.</p><p><blockquote><a href=\"https://laohu8.com/S/SUP\">上级</a>Industries Intl报告季度亏损为每股(1.16)美元。这比去年同期每股收益0.62美元下降了287.1%。该公司报告季度销售额为3.377亿美元，比分析师普遍预期的3.1399亿美元高出7.55%。这比去年同期1.0045亿美元的销售额增长了236.20%。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2117918638","content_text":"Superior  Industries Intl reported quarterly losses of $(1.16) per share. This is a 287.1 percent decrease over earnings of $0.62 per share from the same period last year.  The company reported quarterly sales of $337.70 million which beat the analyst consensus estimate of $313.99 million by 7.55 percent.  This is a 236.20 percent increase over sales of $100.45 million the same period last year.","news_type":1,"symbols_score_info":{"SUP":0.9}},"isVote":1,"tweetType":1,"viewCount":632,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":320996467,"gmtCreate":1614996861859,"gmtModify":1703484068684,"author":{"id":"3576052661337683","authorId":"3576052661337683","name":"Bobthebuild","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576052661337683","idStr":"3576052661337683"},"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/320996467","repostId":"1197835540","repostType":4,"isVote":1,"tweetType":1,"viewCount":1214,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":368689496,"gmtCreate":1614317790015,"gmtModify":1703476280619,"author":{"id":"3576052661337683","authorId":"3576052661337683","name":"Bobthebuild","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576052661337683","idStr":"3576052661337683"},"themes":[],"htmlText":"Interesting","listText":"Interesting","text":"Interesting","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/368689496","repostId":"1168093489","repostType":4,"repost":{"id":"1168093489","kind":"news","pubTimestamp":1614308367,"share":"https://www.laohu8.com/m/news/1168093489?lang=zh_CN&edition=full","pubTime":"2021-02-26 10:59","market":"us","language":"en","title":"What to Watch for in Berkshire Hathaway’s Earnings Report<blockquote>伯克希尔哈撒韦公司收益报告中值得关注的内容</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1168093489","media":"Barrons","summary":"Berkshire Hathaway’s share repurchases will be a major investor focus when the company reports its f","content":"<p>Berkshire Hathaway’s share repurchases will be a major investor focus when the company reports its fourth-quarter earnings on Saturday in conjunction with CEO Warren Buffett’s eagerly awaited shareholder letter and the company’s annual report.</p><p><blockquote>伯克希尔哈撒韦公司将于周六公布第四季度财报，同时公布首席执行官沃伦·巴菲特期待已久的股东信和公司年报，届时该公司的股票回购将成为投资者关注的主要焦点。</blockquote></p><p> Berkshire (ticker: BRK.B and BRK. A) stepped up its stock buybacks in the third quarter, cheering investors who wanted to see a signal from Buffett that the stock was inexpensive after badly trailing the S&amp;P 500 in 2019 and 2020 by a total of more than 40 percentage points.</p><p><blockquote>伯克希尔哈撒韦公司（股票代码：BRK.B和BRK.A）在第三季度加大了股票回购力度，让那些希望看到巴菲特发出信号的投资者欢呼雀跃，表明该股在2019年和2020年严重落后于标普500后股价便宜。超过40个百分点。</blockquote></p><p> The fourth-quarter buybacks will offer a read on whether Buffett felt the stock remained cheap as it appreciated during the period. News of a sizable buyback could buoy investors and lift Berkshire shares next week.</p><p><blockquote>第四季度的回购将让我们了解巴菲特是否认为该股在此期间升值时仍然便宜。大规模回购的消息可能会提振投资者并提振下周伯克希尔股价。</blockquote></p><p> Berkshire’s class A shares finished 2020 at $348,000, up 10% from Sept. 30. The stock has rallied further in 2021, gaining 6.5%, to $371,200 and topping the S&amp;P 500’s 3.5% total return. Shares were down 1% on Thursday after hitting a record high of more than $377,000. The class B shares were 0.9% lower Thursday, at $246.26.</p><p><blockquote>伯克希尔哈撒韦A类股2020年收盘价为348,000美元，较9月30日上涨10%。该股在2021年进一步上涨，上涨6.5%，至371,200美元，超过了标普500 3.5%的总回报率。周四，股价在创下超过377,000美元的历史新高后下跌1%。B类股周四下跌0.9%，至246.26美元。</blockquote></p><p> Berkshire bought back a record $9 billion in the third quarter, or nearly 2% of its shares outstanding, up from $5 billion in the second quarter. For the first nine months of 2020, Berkshire repurchased $15.7 billion, more than the $5 billion in all of 2019.</p><p><blockquote>伯克希尔第三季度回购了创纪录的90亿美元，占其已发行股票的近2%，高于第二季度的50亿美元。2020年前9个月，伯克希尔回购了157亿美元，超过了2019年全年的50亿美元。</blockquote></p><p> The company continued to repurchase stock during October, buying back more than $2 billion, based on data from the third-quarter 10-Q filing.</p><p><blockquote>根据第三季度10-Q文件的数据，该公司在10月份继续回购股票，回购了超过20亿美元。</blockquote></p><p> It’s difficult to peg the fourth-quarter buybacks but a figure of about $7 billion wouldn’t be surprising.</p><p><blockquote>很难确定第四季度的回购，但约70亿美元的数字并不令人惊讶。</blockquote></p><p> Buffett may address the stepped-up repurchase activity in his shareholder letter.In an article last week,<i>Barron’s</i>urged Berkshire to initiate a 2% dividend—it now pays nothing—and to provide greater financial disclosure about major divisions like Precision Castparts, a maker of aircraft parts that has been hard hit by the aerospace downturn.</p><p><blockquote>巴菲特可能会在股东信中谈到加强回购活动。在上周的一篇文章中，<i>巴伦周刊</i>敦促伯克希尔哈撒韦公司开始派发2%的股息（目前不支付任何股息），并提供有关Precision Castparts等主要部门的更多财务信息，Precision Castparts是一家飞机零部件制造商，受到航空航天低迷的严重打击。</blockquote></p><p> The CEO is price conscious and won’t pay any price for Berkshire shares. The good news for shareholders is that book value likely rose smartly in the fourth quarter, thanks to big gains in Berkshire’s $270 billion equity portfolio—appreciation could have approached $40 billion. Paper gains and losses in the equity portfolio are reflected in both book value and earnings.</p><p><blockquote>首席执行官有价格意识，不会为伯克希尔股票支付任何价格。对股东来说，好消息是，由于伯克希尔2700亿美元股票投资组合的大幅上涨，第四季度账面价值可能会大幅上涨——升值可能接近400亿美元。股票投资组合的账面收益和损失反映在账面价值和收益中。</blockquote></p><p> Apple(AAPL), the largest holding at nearly 900 million shares, rose by more than $15 billion in the fourth quarter, and other big investments appreciated, includingBank of America(BAC),Coca-Cola(KO), andAmerican Express(AXP).</p><p><blockquote>苹果(AAPL)是最大持股，持有近9亿股，第四季度股价上涨超过150亿美元，其他大型投资也有所升值，包括美国银行(BAC)、可口可乐(KO)和美国运通(AXP)。</blockquote></p><p> Book value is estimated to have ended 2020 at around $287,000 per class A share, according to Edward Jones analyst James Shanahan. That would be up about 9% from the Sept. 30 level of $264,000.</p><p><blockquote>Edward Jones分析师詹姆斯·沙纳汉(James Shanahan)表示，截至2020年底，每股A类股的账面价值估计约为287,000美元。这将比9月30日264,000美元的水平上涨约9%。</blockquote></p><p> Book value at the end of the current quarter could approach $295,000 per class A share, boosted by operating earnings of about $4,000 a class A share and some appreciation in the equity portfolio. Apple is down about 7% so far in 2021 to $124, which will weigh on overall gains in the portfolio.</p><p><blockquote>由于每股A类股约4,000美元的营业收益以及股票投资组合的一些升值，本季度末的账面价值可能接近每股A类股295,000美元。苹果2021年迄今已下跌约7%至124美元，这将拖累投资组合的整体涨幅。</blockquote></p><p> Berkshire stock now trades nearly 1.3 times projected March 31 book value—assuming no major changes in the stock market. That is below the average of 1.4 times book value in the past five years and is likely below by a comfortable margin what Buffett calls the company’s intrinsic value.</p><p><blockquote>假设股市没有重大变化，伯克希尔股票目前的交易价格几乎是3月31日预计账面价值的1.3倍。这低于过去五年账面价值1.4倍的平均水平，也可能远低于巴菲特评级公司的内在价值。</blockquote></p><p> It will be interesting to see whether Buffett has been willing to buy back much stock in the current quarter given the appreciation. Investors won’t find that out until May, when the company releases first-quarter earnings and its 10-Q for the period.</p><p><blockquote>鉴于股价升值，看看巴菲特是否愿意在本季度回购大量股票将会很有趣。投资者要到5月份才会发现这一点，届时该公司将发布第一季度收益和该期间的第十季度财报。</blockquote></p><p> Berkshire’s fourth-quarter operating earnings—excluding changes in the equity portfolio—are expected to be up about 25% in the period, to $3,368 a class A share and $2.25 a class B share.</p><p><blockquote>伯克希尔第四季度营业收益（不包括股票投资组合的变化）预计将在此期间增长约25%，达到A类股3,368美元，B类股2.25美元。</blockquote></p><p> Berkshire stock has gotten a lift as investors anticipate solid growth in the company’s earnings this year, driven by a raft of economically sensitive businesses including the Burlington Northern Santa Fe railroad and a group of housing-related units, including Shaw Industries (carpet and flooring), Benjamin Moore (paints), and Clayton Homes, a big producer of manufactured housing.</p><p><blockquote>伯克希尔股价上涨，因为投资者预计该公司今年的盈利将稳健增长，这得益于大量对经济敏感的业务，包括伯灵顿北圣达菲铁路公司和一组住房相关部门，包括Shaw Industries（地毯和地板））、Benjamin Moore（油漆）和大型活动房屋生产商Clayton Homes。</blockquote></p><p> The overall earnings for the fourth quarter will likely be enormous because of paper gains in the stock portfolio that run through the income statement.</p><p><blockquote>由于贯穿损益表的股票投资组合的账面收益，第四季度的整体收益可能会非常巨大。</blockquote></p><p> <i>Barron’s</i>&nbsp;has&nbsp;argued&nbsp;that Berkshirelooks appealing, thanks to its relatively low valuation and strong profit outlook.</p><p><blockquote><i>巴伦周刊</i>认为伯克希尔看起来很有吸引力，这要归功于其相对较低的估值和强劲的利润前景。</blockquote></p><p> In the letter, Buffett may address what was a disappointing year for investment activity in 2020. Berkshire failed to make a major acquisition—continuing a multiyear period without one. And the company failed to capitalize on the stock-market turmoil in the spring to make big purchases. That’s despite Berkshire sitting on $146 billion in cash as of the end of third quarter.</p><p><blockquote>在信中，巴菲特可能会谈到2020年投资活动令人失望的一年。伯克希尔未能进行重大收购——连续多年没有进行收购。该公司也未能利用春季股市动荡进行大额收购。尽管截至第三季度末，伯克希尔哈撒韦公司拥有1,460亿美元现金。</blockquote></p><p></p><p> In fact, Berkshire was likely a net seller of around $9 billion worth of stocks last year, as it liquidated holdings inJPMorgan Chase(JPM) andGoldman Sachs Group(GS) at considerably below current prices and significantly cut its stake inWells Fargo(WFC).</p><p><blockquote>事实上，伯克希尔去年可能净卖出了价值约90亿美元的股票，因为它以远低于当前价格的价格清算了摩根大通(JPM)和高盛集团(GS)的股份，并大幅削减了富国银行(WFC)的股份。</blockquote></p><p> Buffett unloaded Berkshire’s airline investments near the market bottom in April for about $6 billion. Former holdingsSouthwest Airlines(LUV) andDelta Air Lines(DAL) have nearly doubled since then.</p><p><blockquote>巴菲特在4月份接近市场底部时以约60亿美元的价格抛售了伯克希尔的航空投资。此后，前控股的西南航空（LUV）和达美航空（DAL）股价几乎翻了一番。</blockquote></p><p> Succession is also on the minds of investors, with Buffett having turned 90 in August.</p><p><blockquote>随着巴菲特八月份就满90岁了，继任也是投资者关心的问题。</blockquote></p><p> <i>Barron’s</i>&nbsp;has argued that Buffett mightwant to give up the CEO jobto Berkshire senior executive Greg Abel while remaining chairman and overseeing the investment portfolio. Buffett has said little about succession in his recent annual letters so it would be notable if he does address the topic.</p><p><blockquote><i>巴伦周刊</i>认为巴菲特可能希望将首席执行官的职位让给伯克希尔高级管理人员格雷格·阿贝尔，同时继续担任董事长并监督投资组合。巴菲特在最近的年度信件中很少谈到继承问题，因此如果他确实谈到这个话题，那将是值得注意的。</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>What to Watch for in Berkshire Hathaway’s Earnings Report<blockquote>伯克希尔哈撒韦公司收益报告中值得关注的内容</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\">\nWhat to Watch for in Berkshire Hathaway’s Earnings Report<blockquote>伯克希尔哈撒韦公司收益报告中值得关注的内容</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-02-26 10:59</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Berkshire Hathaway’s share repurchases will be a major investor focus when the company reports its fourth-quarter earnings on Saturday in conjunction with CEO Warren Buffett’s eagerly awaited shareholder letter and the company’s annual report.</p><p><blockquote>伯克希尔哈撒韦公司将于周六公布第四季度财报，同时公布首席执行官沃伦·巴菲特期待已久的股东信和公司年报，届时该公司的股票回购将成为投资者关注的主要焦点。</blockquote></p><p> Berkshire (ticker: BRK.B and BRK. A) stepped up its stock buybacks in the third quarter, cheering investors who wanted to see a signal from Buffett that the stock was inexpensive after badly trailing the S&amp;P 500 in 2019 and 2020 by a total of more than 40 percentage points.</p><p><blockquote>伯克希尔哈撒韦公司（股票代码：BRK.B和BRK.A）在第三季度加大了股票回购力度，让那些希望看到巴菲特发出信号的投资者欢呼雀跃，表明该股在2019年和2020年严重落后于标普500后股价便宜。超过40个百分点。</blockquote></p><p> The fourth-quarter buybacks will offer a read on whether Buffett felt the stock remained cheap as it appreciated during the period. News of a sizable buyback could buoy investors and lift Berkshire shares next week.</p><p><blockquote>第四季度的回购将让我们了解巴菲特是否认为该股在此期间升值时仍然便宜。大规模回购的消息可能会提振投资者并提振下周伯克希尔股价。</blockquote></p><p> Berkshire’s class A shares finished 2020 at $348,000, up 10% from Sept. 30. The stock has rallied further in 2021, gaining 6.5%, to $371,200 and topping the S&amp;P 500’s 3.5% total return. Shares were down 1% on Thursday after hitting a record high of more than $377,000. The class B shares were 0.9% lower Thursday, at $246.26.</p><p><blockquote>伯克希尔哈撒韦A类股2020年收盘价为348,000美元，较9月30日上涨10%。该股在2021年进一步上涨，上涨6.5%，至371,200美元，超过了标普500 3.5%的总回报率。周四，股价在创下超过377,000美元的历史新高后下跌1%。B类股周四下跌0.9%，至246.26美元。</blockquote></p><p> Berkshire bought back a record $9 billion in the third quarter, or nearly 2% of its shares outstanding, up from $5 billion in the second quarter. For the first nine months of 2020, Berkshire repurchased $15.7 billion, more than the $5 billion in all of 2019.</p><p><blockquote>伯克希尔第三季度回购了创纪录的90亿美元，占其已发行股票的近2%，高于第二季度的50亿美元。2020年前9个月，伯克希尔回购了157亿美元，超过了2019年全年的50亿美元。</blockquote></p><p> The company continued to repurchase stock during October, buying back more than $2 billion, based on data from the third-quarter 10-Q filing.</p><p><blockquote>根据第三季度10-Q文件的数据，该公司在10月份继续回购股票，回购了超过20亿美元。</blockquote></p><p> It’s difficult to peg the fourth-quarter buybacks but a figure of about $7 billion wouldn’t be surprising.</p><p><blockquote>很难确定第四季度的回购，但约70亿美元的数字并不令人惊讶。</blockquote></p><p> Buffett may address the stepped-up repurchase activity in his shareholder letter.In an article last week,<i>Barron’s</i>urged Berkshire to initiate a 2% dividend—it now pays nothing—and to provide greater financial disclosure about major divisions like Precision Castparts, a maker of aircraft parts that has been hard hit by the aerospace downturn.</p><p><blockquote>巴菲特可能会在股东信中谈到加强回购活动。在上周的一篇文章中，<i>巴伦周刊</i>敦促伯克希尔哈撒韦公司开始派发2%的股息（目前不支付任何股息），并提供有关Precision Castparts等主要部门的更多财务信息，Precision Castparts是一家飞机零部件制造商，受到航空航天低迷的严重打击。</blockquote></p><p> The CEO is price conscious and won’t pay any price for Berkshire shares. The good news for shareholders is that book value likely rose smartly in the fourth quarter, thanks to big gains in Berkshire’s $270 billion equity portfolio—appreciation could have approached $40 billion. Paper gains and losses in the equity portfolio are reflected in both book value and earnings.</p><p><blockquote>首席执行官有价格意识，不会为伯克希尔股票支付任何价格。对股东来说，好消息是，由于伯克希尔2700亿美元股票投资组合的大幅上涨，第四季度账面价值可能会大幅上涨——升值可能接近400亿美元。股票投资组合的账面收益和损失反映在账面价值和收益中。</blockquote></p><p> Apple(AAPL), the largest holding at nearly 900 million shares, rose by more than $15 billion in the fourth quarter, and other big investments appreciated, includingBank of America(BAC),Coca-Cola(KO), andAmerican Express(AXP).</p><p><blockquote>苹果(AAPL)是最大持股，持有近9亿股，第四季度股价上涨超过150亿美元，其他大型投资也有所升值，包括美国银行(BAC)、可口可乐(KO)和美国运通(AXP)。</blockquote></p><p> Book value is estimated to have ended 2020 at around $287,000 per class A share, according to Edward Jones analyst James Shanahan. That would be up about 9% from the Sept. 30 level of $264,000.</p><p><blockquote>Edward Jones分析师詹姆斯·沙纳汉(James Shanahan)表示，截至2020年底，每股A类股的账面价值估计约为287,000美元。这将比9月30日264,000美元的水平上涨约9%。</blockquote></p><p> Book value at the end of the current quarter could approach $295,000 per class A share, boosted by operating earnings of about $4,000 a class A share and some appreciation in the equity portfolio. Apple is down about 7% so far in 2021 to $124, which will weigh on overall gains in the portfolio.</p><p><blockquote>由于每股A类股约4,000美元的营业收益以及股票投资组合的一些升值，本季度末的账面价值可能接近每股A类股295,000美元。苹果2021年迄今已下跌约7%至124美元，这将拖累投资组合的整体涨幅。</blockquote></p><p> Berkshire stock now trades nearly 1.3 times projected March 31 book value—assuming no major changes in the stock market. That is below the average of 1.4 times book value in the past five years and is likely below by a comfortable margin what Buffett calls the company’s intrinsic value.</p><p><blockquote>假设股市没有重大变化，伯克希尔股票目前的交易价格几乎是3月31日预计账面价值的1.3倍。这低于过去五年账面价值1.4倍的平均水平，也可能远低于巴菲特评级公司的内在价值。</blockquote></p><p> It will be interesting to see whether Buffett has been willing to buy back much stock in the current quarter given the appreciation. Investors won’t find that out until May, when the company releases first-quarter earnings and its 10-Q for the period.</p><p><blockquote>鉴于股价升值，看看巴菲特是否愿意在本季度回购大量股票将会很有趣。投资者要到5月份才会发现这一点，届时该公司将发布第一季度收益和该期间的第十季度财报。</blockquote></p><p> Berkshire’s fourth-quarter operating earnings—excluding changes in the equity portfolio—are expected to be up about 25% in the period, to $3,368 a class A share and $2.25 a class B share.</p><p><blockquote>伯克希尔第四季度营业收益（不包括股票投资组合的变化）预计将在此期间增长约25%，达到A类股3,368美元，B类股2.25美元。</blockquote></p><p> Berkshire stock has gotten a lift as investors anticipate solid growth in the company’s earnings this year, driven by a raft of economically sensitive businesses including the Burlington Northern Santa Fe railroad and a group of housing-related units, including Shaw Industries (carpet and flooring), Benjamin Moore (paints), and Clayton Homes, a big producer of manufactured housing.</p><p><blockquote>伯克希尔股价上涨，因为投资者预计该公司今年的盈利将稳健增长，这得益于大量对经济敏感的业务，包括伯灵顿北圣达菲铁路公司和一组住房相关部门，包括Shaw Industries（地毯和地板））、Benjamin Moore（油漆）和大型活动房屋生产商Clayton Homes。</blockquote></p><p> The overall earnings for the fourth quarter will likely be enormous because of paper gains in the stock portfolio that run through the income statement.</p><p><blockquote>由于贯穿损益表的股票投资组合的账面收益，第四季度的整体收益可能会非常巨大。</blockquote></p><p> <i>Barron’s</i>&nbsp;has&nbsp;argued&nbsp;that Berkshirelooks appealing, thanks to its relatively low valuation and strong profit outlook.</p><p><blockquote><i>巴伦周刊</i>认为伯克希尔看起来很有吸引力，这要归功于其相对较低的估值和强劲的利润前景。</blockquote></p><p> In the letter, Buffett may address what was a disappointing year for investment activity in 2020. Berkshire failed to make a major acquisition—continuing a multiyear period without one. And the company failed to capitalize on the stock-market turmoil in the spring to make big purchases. That’s despite Berkshire sitting on $146 billion in cash as of the end of third quarter.</p><p><blockquote>在信中，巴菲特可能会谈到2020年投资活动令人失望的一年。伯克希尔未能进行重大收购——连续多年没有进行收购。该公司也未能利用春季股市动荡进行大额收购。尽管截至第三季度末，伯克希尔哈撒韦公司拥有1,460亿美元现金。</blockquote></p><p></p><p> In fact, Berkshire was likely a net seller of around $9 billion worth of stocks last year, as it liquidated holdings inJPMorgan Chase(JPM) andGoldman Sachs Group(GS) at considerably below current prices and significantly cut its stake inWells Fargo(WFC).</p><p><blockquote>事实上，伯克希尔去年可能净卖出了价值约90亿美元的股票，因为它以远低于当前价格的价格清算了摩根大通(JPM)和高盛集团(GS)的股份，并大幅削减了富国银行(WFC)的股份。</blockquote></p><p> Buffett unloaded Berkshire’s airline investments near the market bottom in April for about $6 billion. Former holdingsSouthwest Airlines(LUV) andDelta Air Lines(DAL) have nearly doubled since then.</p><p><blockquote>巴菲特在4月份接近市场底部时以约60亿美元的价格抛售了伯克希尔的航空投资。此后，前控股的西南航空（LUV）和达美航空（DAL）股价几乎翻了一番。</blockquote></p><p> Succession is also on the minds of investors, with Buffett having turned 90 in August.</p><p><blockquote>随着巴菲特八月份就满90岁了，继任也是投资者关心的问题。</blockquote></p><p> <i>Barron’s</i>&nbsp;has argued that Buffett mightwant to give up the CEO jobto Berkshire senior executive Greg Abel while remaining chairman and overseeing the investment portfolio. Buffett has said little about succession in his recent annual letters so it would be notable if he does address the topic.</p><p><blockquote><i>巴伦周刊</i>认为巴菲特可能希望将首席执行官的职位让给伯克希尔高级管理人员格雷格·阿贝尔，同时继续担任董事长并监督投资组合。巴菲特在最近的年度信件中很少谈到继承问题，因此如果他确实谈到这个话题，那将是值得注意的。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/what-to-watch-for-in-the-earnings-of-warren-buffetts-berkshire-hathaway-51614280771?mod=hp_LEADSUPP_2\">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":{"BRK.B":"伯克希尔B","BRK.A":"伯克希尔"},"source_url":"https://www.barrons.com/articles/what-to-watch-for-in-the-earnings-of-warren-buffetts-berkshire-hathaway-51614280771?mod=hp_LEADSUPP_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1168093489","content_text":"Berkshire Hathaway’s share repurchases will be a major investor focus when the company reports its fourth-quarter earnings on Saturday in conjunction with CEO Warren Buffett’s eagerly awaited shareholder letter and the company’s annual report.\nBerkshire (ticker: BRK.B and BRK. A) stepped up its stock buybacks in the third quarter, cheering investors who wanted to see a signal from Buffett that the stock was inexpensive after badly trailing the S&P 500 in 2019 and 2020 by a total of more than 40 percentage points.\nThe fourth-quarter buybacks will offer a read on whether Buffett felt the stock remained cheap as it appreciated during the period. News of a sizable buyback could buoy investors and lift Berkshire shares next week.\nBerkshire’s class A shares finished 2020 at $348,000, up 10% from Sept. 30. The stock has rallied further in 2021, gaining 6.5%, to $371,200 and topping the S&P 500’s 3.5% total return. Shares were down 1% on Thursday after hitting a record high of more than $377,000. The class B shares were 0.9% lower Thursday, at $246.26.\nBerkshire bought back a record $9 billion in the third quarter, or nearly 2% of its shares outstanding, up from $5 billion in the second quarter. For the first nine months of 2020, Berkshire repurchased $15.7 billion, more than the $5 billion in all of 2019.\nThe company continued to repurchase stock during October, buying back more than $2 billion, based on data from the third-quarter 10-Q filing.\nIt’s difficult to peg the fourth-quarter buybacks but a figure of about $7 billion wouldn’t be surprising.\nBuffett may address the stepped-up repurchase activity in his shareholder letter.In an article last week,Barron’surged Berkshire to initiate a 2% dividend—it now pays nothing—and to provide greater financial disclosure about major divisions like Precision Castparts, a maker of aircraft parts that has been hard hit by the aerospace downturn.\nThe CEO is price conscious and won’t pay any price for Berkshire shares. The good news for shareholders is that book value likely rose smartly in the fourth quarter, thanks to big gains in Berkshire’s $270 billion equity portfolio—appreciation could have approached $40 billion. Paper gains and losses in the equity portfolio are reflected in both book value and earnings.\nApple(AAPL), the largest holding at nearly 900 million shares, rose by more than $15 billion in the fourth quarter, and other big investments appreciated, includingBank of America(BAC),Coca-Cola(KO), andAmerican Express(AXP).\nBook value is estimated to have ended 2020 at around $287,000 per class A share, according to Edward Jones analyst James Shanahan. That would be up about 9% from the Sept. 30 level of $264,000.\nBook value at the end of the current quarter could approach $295,000 per class A share, boosted by operating earnings of about $4,000 a class A share and some appreciation in the equity portfolio. Apple is down about 7% so far in 2021 to $124, which will weigh on overall gains in the portfolio.\nBerkshire stock now trades nearly 1.3 times projected March 31 book value—assuming no major changes in the stock market. That is below the average of 1.4 times book value in the past five years and is likely below by a comfortable margin what Buffett calls the company’s intrinsic value.\nIt will be interesting to see whether Buffett has been willing to buy back much stock in the current quarter given the appreciation. Investors won’t find that out until May, when the company releases first-quarter earnings and its 10-Q for the period.\nBerkshire’s fourth-quarter operating earnings—excluding changes in the equity portfolio—are expected to be up about 25% in the period, to $3,368 a class A share and $2.25 a class B share.\nBerkshire stock has gotten a lift as investors anticipate solid growth in the company’s earnings this year, driven by a raft of economically sensitive businesses including the Burlington Northern Santa Fe railroad and a group of housing-related units, including Shaw Industries (carpet and flooring), Benjamin Moore (paints), and Clayton Homes, a big producer of manufactured housing.\nThe overall earnings for the fourth quarter will likely be enormous because of paper gains in the stock portfolio that run through the income statement.\nBarron’s has argued that Berkshirelooks appealing, thanks to its relatively low valuation and strong profit outlook.\nIn the letter, Buffett may address what was a disappointing year for investment activity in 2020. Berkshire failed to make a major acquisition—continuing a multiyear period without one. And the company failed to capitalize on the stock-market turmoil in the spring to make big purchases. That’s despite Berkshire sitting on $146 billion in cash as of the end of third quarter.\nIn fact, Berkshire was likely a net seller of around $9 billion worth of stocks last year, as it liquidated holdings inJPMorgan Chase(JPM) andGoldman Sachs Group(GS) at considerably below current prices and significantly cut its stake inWells Fargo(WFC).\nBuffett unloaded Berkshire’s airline investments near the market bottom in April for about $6 billion. Former holdingsSouthwest Airlines(LUV) andDelta Air Lines(DAL) have nearly doubled since then.\nSuccession is also on the minds of investors, with Buffett having turned 90 in August.\nBarron’s has argued that Buffett mightwant to give up the CEO jobto Berkshire senior executive Greg Abel while remaining chairman and overseeing the investment portfolio. Buffett has said little about succession in his recent annual letters so it would be notable if he does address the topic.","news_type":1,"symbols_score_info":{"BRK.B":0.9,"BRK.A":0.9}},"isVote":1,"tweetType":1,"viewCount":484,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":363576798,"gmtCreate":1614159682514,"gmtModify":1634550949242,"author":{"id":"3576052661337683","authorId":"3576052661337683","name":"Bobthebuild","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576052661337683","idStr":"3576052661337683"},"themes":[],"htmlText":"Interesting","listText":"Interesting","text":"Interesting","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/363576798","repostId":"1159016557","repostType":4,"isVote":1,"tweetType":1,"viewCount":513,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":363051911,"gmtCreate":1614085760533,"gmtModify":1634551241006,"author":{"id":"3576052661337683","authorId":"3576052661337683","name":"Bobthebuild","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576052661337683","idStr":"3576052661337683"},"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/363051911","repostId":"1144952945","repostType":4,"repost":{"id":"1144952945","kind":"news","pubTimestamp":1614072310,"share":"https://www.laohu8.com/m/news/1144952945?lang=zh_CN&edition=full","pubTime":"2021-02-23 17:25","market":"us","language":"en","title":"Airbnb Reports Earnings on Thursday. One Analyst Sees a Blowout.<blockquote>爱彼迎周四公布财报。一位分析师认为会出现井喷。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1144952945","media":"Barrons","summary":"Airbnb will report its first quarter as a public company on Thursday after the market closes—and at ","content":"<p>Airbnb&nbsp;will report its first quarter as a public company on Thursday after the market closes—and at least one analyst sees a blowout coming.</p><p><blockquote>爱彼迎将于周四收盘后报告其作为上市公司的第一季度业绩，至少一位分析师预计业绩将出现井喷。</blockquote></p><p> Airbnb stock (ticker: ABNB) went public&nbsp;Dec. 10 at $68 a share, closed the first day of trading at $144, and has since rallied past the $200 level, giving the short-term real-estate rental platform a market cap of more than $120 billion. That’s more than the combined value of the two leading online-travel-agency stocks,Booking.com(BKNG) andExpedia(EXPE).</p><p><blockquote>爱彼迎股票（股票代码：ABNB）于12月上市。10日股价为每股68美元，首日收盘价为144美元，此后已升至200美元以上，使该短期房地产租赁平台的市值超过1200亿美元。这超过了两只领先的在线旅行社股票Booking.com(BKNG)和Expedia(EXPE)的总价值。</blockquote></p><p> The Wall Street analyst consensus forecast for Airbnb’s fourth quarter calls for revenue of $740.2 million, with a loss of $9.17 a share. Street consensus for the March quarter is $591.5 million, with a loss of $1.21 a share.</p><p><blockquote>华尔街分析师一致预测Airbnb第四季度评级营收为7.402亿美元，每股亏损9.17美元。华尔街对3月份季度的共识为5.915亿美元，每股亏损1.21美元。</blockquote></p><p> Loop Capital analyst Rob Sanderson on Monday lifted his rating on Airbnb shares to Buy from Hold, with a new target of $240, up from $150. Sanderson thinks December quarter results will beat consensus estimates by “a significant margin.” He’s projecting revenue for the fourth quarter of $937 million, way above consensus.</p><p><blockquote>Loop Capital分析师Rob Sanderson周一将爱彼迎股票评级从持有上调至买入，新目标从150美元上调至240美元。桑德森认为12月份季度业绩将“大幅”超出市场普遍预期。他预计第四季度营收为9.37亿美元，远高于市场预期。</blockquote></p><p> Sanderson notes that bookings growth for&nbsp;Expedia’s Vrbo unit&nbsp;improved sequentially in the fourth quarter, “a trend that continues” into the March quarter. He says that third-party analytics find “record growth” year over year in January. The analyst writes that Airbnb unit volume has shown “directional correlation” with&nbsp;Uber rideshare bookings&nbsp;over 11 quarters—and he adds that “world-wide rides bookings improved further for Uber in Q4 while consensus for Airbnb reflects material deceleration for the quarter.”</p><p><blockquote>桑德森指出，Expedia VRBO部门的预订增长在第四季度环比改善，“这一趋势将持续”到第三季度。他表示，第三方分析发现1月份同比增长“创纪录”。这位分析师写道，过去11个季度，爱彼迎的销量与Uber拼车预订量表现出“方向相关性”，他补充说，“Uber的全球拼车预订量在第四季度进一步改善，而爱彼迎的共识反映出该季度的大幅减速。”</blockquote></p><p> He does caution that the stock could face selling pressure into a pair of coming lock-up expirations, the first on March 1 and a larger tranches after the first quarter earnings report, likely in early May. But he still likes the stock.</p><p><blockquote>他确实警告说，该股可能会在即将到来的两次禁售到期中面临抛售压力，第一次是在3月1日，第一季度收益报告后（可能是在5月初）会有更大的一部分。但他仍然喜欢这只股票。</blockquote></p><p> “Our initial opinion was that Airbnb is a premium company with a tremendous opportunity, but that valuation did not leave significant upside,” Sanderson writes. “Since this time, premiums for growth leaders have expanded further and Airbnb shares are already up $54 year to date. While the continued multiple expansion raises the risk profile, we do not expect market conditions will change in the near term. We consider this the largest risk to an aggressive call ahead of the first-ever report for the company.”</p><p><blockquote>桑德森写道：“我们最初的观点是，爱彼迎是一家拥有巨大机会的优质公司，但这一估值并没有留下显着的上涨空间。”“自那时以来，增长领导者的溢价进一步扩大，Airbnb股价今年迄今已上涨54美元。虽然持续的倍数扩张增加了风险状况，但我们预计市场状况不会在短期内发生变化。我们认为这是该公司首份报告发布之前激进看涨期权面临的最大风险。”</blockquote></p><p> On Monday, Airbnb shares are fell&nbsp;2.9%&nbsp;to $195.34.</p><p><blockquote>周一，爱彼迎股价下跌2.9%至195.34美元。</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>Airbnb Reports Earnings on Thursday. One Analyst Sees a Blowout.<blockquote>爱彼迎周四公布财报。一位分析师认为会出现井喷。</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\">\nAirbnb Reports Earnings on Thursday. One Analyst Sees a Blowout.<blockquote>爱彼迎周四公布财报。一位分析师认为会出现井喷。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-02-23 17:25</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Airbnb&nbsp;will report its first quarter as a public company on Thursday after the market closes—and at least one analyst sees a blowout coming.</p><p><blockquote>爱彼迎将于周四收盘后报告其作为上市公司的第一季度业绩，至少一位分析师预计业绩将出现井喷。</blockquote></p><p> Airbnb stock (ticker: ABNB) went public&nbsp;Dec. 10 at $68 a share, closed the first day of trading at $144, and has since rallied past the $200 level, giving the short-term real-estate rental platform a market cap of more than $120 billion. That’s more than the combined value of the two leading online-travel-agency stocks,Booking.com(BKNG) andExpedia(EXPE).</p><p><blockquote>爱彼迎股票（股票代码：ABNB）于12月上市。10日股价为每股68美元，首日收盘价为144美元，此后已升至200美元以上，使该短期房地产租赁平台的市值超过1200亿美元。这超过了两只领先的在线旅行社股票Booking.com(BKNG)和Expedia(EXPE)的总价值。</blockquote></p><p> The Wall Street analyst consensus forecast for Airbnb’s fourth quarter calls for revenue of $740.2 million, with a loss of $9.17 a share. Street consensus for the March quarter is $591.5 million, with a loss of $1.21 a share.</p><p><blockquote>华尔街分析师一致预测Airbnb第四季度评级营收为7.402亿美元，每股亏损9.17美元。华尔街对3月份季度的共识为5.915亿美元，每股亏损1.21美元。</blockquote></p><p> Loop Capital analyst Rob Sanderson on Monday lifted his rating on Airbnb shares to Buy from Hold, with a new target of $240, up from $150. Sanderson thinks December quarter results will beat consensus estimates by “a significant margin.” He’s projecting revenue for the fourth quarter of $937 million, way above consensus.</p><p><blockquote>Loop Capital分析师Rob Sanderson周一将爱彼迎股票评级从持有上调至买入，新目标从150美元上调至240美元。桑德森认为12月份季度业绩将“大幅”超出市场普遍预期。他预计第四季度营收为9.37亿美元，远高于市场预期。</blockquote></p><p> Sanderson notes that bookings growth for&nbsp;Expedia’s Vrbo unit&nbsp;improved sequentially in the fourth quarter, “a trend that continues” into the March quarter. He says that third-party analytics find “record growth” year over year in January. The analyst writes that Airbnb unit volume has shown “directional correlation” with&nbsp;Uber rideshare bookings&nbsp;over 11 quarters—and he adds that “world-wide rides bookings improved further for Uber in Q4 while consensus for Airbnb reflects material deceleration for the quarter.”</p><p><blockquote>桑德森指出，Expedia VRBO部门的预订增长在第四季度环比改善，“这一趋势将持续”到第三季度。他表示，第三方分析发现1月份同比增长“创纪录”。这位分析师写道，过去11个季度，爱彼迎的销量与Uber拼车预订量表现出“方向相关性”，他补充说，“Uber的全球拼车预订量在第四季度进一步改善，而爱彼迎的共识反映出该季度的大幅减速。”</blockquote></p><p> He does caution that the stock could face selling pressure into a pair of coming lock-up expirations, the first on March 1 and a larger tranches after the first quarter earnings report, likely in early May. But he still likes the stock.</p><p><blockquote>他确实警告说，该股可能会在即将到来的两次禁售到期中面临抛售压力，第一次是在3月1日，第一季度收益报告后（可能是在5月初）会有更大的一部分。但他仍然喜欢这只股票。</blockquote></p><p> “Our initial opinion was that Airbnb is a premium company with a tremendous opportunity, but that valuation did not leave significant upside,” Sanderson writes. “Since this time, premiums for growth leaders have expanded further and Airbnb shares are already up $54 year to date. While the continued multiple expansion raises the risk profile, we do not expect market conditions will change in the near term. We consider this the largest risk to an aggressive call ahead of the first-ever report for the company.”</p><p><blockquote>桑德森写道：“我们最初的观点是，爱彼迎是一家拥有巨大机会的优质公司，但这一估值并没有留下显着的上涨空间。”“自那时以来，增长领导者的溢价进一步扩大，Airbnb股价今年迄今已上涨54美元。虽然持续的倍数扩张增加了风险状况，但我们预计市场状况不会在短期内发生变化。我们认为这是该公司首份报告发布之前激进看涨期权面临的最大风险。”</blockquote></p><p> On Monday, Airbnb shares are fell&nbsp;2.9%&nbsp;to $195.34.</p><p><blockquote>周一，爱彼迎股价下跌2.9%至195.34美元。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/airbnb-reports-earnings-on-thursday-one-analyst-sees-a-blowout-51614010424?mod=RTA\">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":{"ABNB":"爱彼迎"},"source_url":"https://www.barrons.com/articles/airbnb-reports-earnings-on-thursday-one-analyst-sees-a-blowout-51614010424?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1144952945","content_text":"Airbnb will report its first quarter as a public company on Thursday after the market closes—and at least one analyst sees a blowout coming.\nAirbnb stock (ticker: ABNB) went public Dec. 10 at $68 a share, closed the first day of trading at $144, and has since rallied past the $200 level, giving the short-term real-estate rental platform a market cap of more than $120 billion. That’s more than the combined value of the two leading online-travel-agency stocks,Booking.com(BKNG) andExpedia(EXPE).\nThe Wall Street analyst consensus forecast for Airbnb’s fourth quarter calls for revenue of $740.2 million, with a loss of $9.17 a share. Street consensus for the March quarter is $591.5 million, with a loss of $1.21 a share.\nLoop Capital analyst Rob Sanderson on Monday lifted his rating on Airbnb shares to Buy from Hold, with a new target of $240, up from $150. Sanderson thinks December quarter results will beat consensus estimates by “a significant margin.” He’s projecting revenue for the fourth quarter of $937 million, way above consensus.\nSanderson notes that bookings growth for Expedia’s Vrbo unit improved sequentially in the fourth quarter, “a trend that continues” into the March quarter. He says that third-party analytics find “record growth” year over year in January. The analyst writes that Airbnb unit volume has shown “directional correlation” with Uber rideshare bookings over 11 quarters—and he adds that “world-wide rides bookings improved further for Uber in Q4 while consensus for Airbnb reflects material deceleration for the quarter.”\nHe does caution that the stock could face selling pressure into a pair of coming lock-up expirations, the first on March 1 and a larger tranches after the first quarter earnings report, likely in early May. But he still likes the stock.\n“Our initial opinion was that Airbnb is a premium company with a tremendous opportunity, but that valuation did not leave significant upside,” Sanderson writes. “Since this time, premiums for growth leaders have expanded further and Airbnb shares are already up $54 year to date. While the continued multiple expansion raises the risk profile, we do not expect market conditions will change in the near term. We consider this the largest risk to an aggressive call ahead of the first-ever report for the company.”\nOn Monday, Airbnb shares are fell 2.9% to $195.34.","news_type":1,"symbols_score_info":{"ABNB":0.9}},"isVote":1,"tweetType":1,"viewCount":474,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":363053247,"gmtCreate":1614085717489,"gmtModify":1634551241126,"author":{"id":"3576052661337683","authorId":"3576052661337683","name":"Bobthebuild","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576052661337683","idStr":"3576052661337683"},"themes":[],"htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/363053247","repostId":"1181552401","repostType":4,"isVote":1,"tweetType":1,"viewCount":696,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":363053109,"gmtCreate":1614085684401,"gmtModify":1634551241488,"author":{"id":"3576052661337683","authorId":"3576052661337683","name":"Bobthebuild","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576052661337683","idStr":"3576052661337683"},"themes":[],"htmlText":"Cuz of the man","listText":"Cuz of the man","text":"Cuz of the man","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/363053109","repostId":"1178144401","repostType":4,"isVote":1,"tweetType":1,"viewCount":453,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":369277684,"gmtCreate":1614054030948,"gmtModify":1634551378453,"author":{"id":"3576052661337683","authorId":"3576052661337683","name":"Bobthebuild","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576052661337683","idStr":"3576052661337683"},"themes":[],"htmlText":"Interesting","listText":"Interesting","text":"Interesting","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/369277684","repostId":"1105400565","repostType":4,"repost":{"id":"1105400565","kind":"news","pubTimestamp":1614050319,"share":"https://www.laohu8.com/m/news/1105400565?lang=zh_CN&edition=full","pubTime":"2021-02-23 11:18","market":"us","language":"en","title":"If Inflation Is Coming, These Stocks Will Benefit the Most<blockquote>如果通胀来临，这些股票将受益最大</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1105400565","media":"Barrons","summary":"Investors have been eyeing the threat of rising inflation.Fortunately, there’s a playbook for higher","content":"<p>Investors have been&nbsp;eyeing the threat of rising inflation.Fortunately, there’s a playbook for higher inflation.</p><p><blockquote>投资者一直在关注通胀上升的威胁。幸运的是，有一个应对更高通胀的剧本。</blockquote></p><p> Inflation expectations have risen robustly in the past several months. According to data from the St. Louis Federal Reserve, investors currently expect inflation to run at above 2% for the next 10 years. With inflation expectations up, the 10-year Treasury yield has risen to 1.37% from 0.67% since Sept. 23, the beginning of a rally in riskier assets that benefit from a strengthening economy.Expectations for trillions of dollars of fiscal stimulusand further economic reopening spurredby the vaccine rolloutare driving the market movements.</p><p><blockquote>过去几个月，通胀预期强劲上升。根据圣路易斯联储的数据，投资者目前预计未来10年通胀率将在2%以上运行。随着通胀预期上升，自9月23日以来，10年期国债收益率已从0.67%升至1.37%，这是受益于经济走强的风险资产开始反弹。对数万亿美元财政刺激和进一步经济重新开放的预期疫苗的推出正在推动市场走势。</blockquote></p><p> The higher inflation forecast is causing some anxiety for stock investors, though.Momentary spikes in long-term Treasury yields pressure equity valuations&nbsp;A higher risk-free rate of return makes stocks less attractive. But inflation often reflects strong economic demand, which provides a&nbsp;major boost to near-term earnings.</p><p><blockquote>不过，较高的通胀预测给股票投资者带来了一些焦虑。长期国债收益率的短暂飙升给股票估值带来压力较高的无风险回报率降低了股票的吸引力。但通胀往往反映了强劲的经济需求，这对近期收益有重大提振。</blockquote></p><p> If the economy begins a fresh expansion, these dynamics favor cyclical and more economically-sensitive stocks. Financials, energy and industrial sectors would benefit the most. For banks, loans are more profitable when long-term rates are higher. Demand for oil and other energy sources increases during expansionary times because manufacturers and consumers consumer more during these times. Industrials typically increase production to supply projects tied to business and consumer spending during times of expansion.</p><p><blockquote>如果经济开始新的扩张，这些动态有利于周期性和对经济更敏感的股票。金融、能源和工业部门将受益最大。对于银行来说，当长期利率较高时，贷款利润更高。在扩张时期，对石油和其他能源的需求会增加，因为制造商和消费者在这些时期消费更多。在扩张时期，工业通常会增加产量，以供应与企业和消费者支出相关的项目。</blockquote></p><p> According to data from Evercore strategists, the financial sector sees the highest degree of outperformance against the S&amp;P 500 when long-term yields rise. The energy sector is the second-best performer and industrials are the third-best. The sectors least correlated with higher interest rates are defensive ones, or those which have revenues and earnings that are less influenced by economic demand. Utilities and consumer staples, for example, don’t perform as well during inflationary times.</p><p><blockquote>根据Evercore策略师的数据，当长期收益率上升时，金融业相对于标普500的表现最高。能源行业表现第二好，工业行业表现第三好。与高利率相关性最小的行业是防御性行业，或者那些收入和收益受经济需求影响较小的行业。例如，公用事业和必需消费品在通货膨胀时期表现不佳。</blockquote></p><p> Indeed, the&nbsp;SPDR S&amp;P Bank ETF(ticker: KBE) is up 71% since Sept. 23, trouncing the&nbsp;S&amp;P 500’s&nbsp;21% gain. Mid-September marks the beginning of a fresh rally in riskier assets like stocks and move higher in inflation expectation. The&nbsp;Energy Select Sector SPDR ETF(XLE) is up 53% since then, with the&nbsp;Industrial Select Sector SPDR ETF(XLI) exhibiting a move in-line with the broader index. Four of the top 10 holdings in the industrials fund—Honeywell(HON),Raytheon Technologies(RTX),Lockheed Martin(LMT) and&nbsp;3M(MMM)—have heavy exposure to the rather defensive areas of aerospace and defense and medical products, which may weigh on the fund’s performance. But the highly cyclical industrial stock&nbsp;Boeing(BA), for example, has beaten the S&amp;P 500 by nearly twice as much since mid-September.</p><p><blockquote>事实上，SPDR S&amp;P Bank ETF（股票代码：KBE）自9月23日以来已上涨71%，超过了标准普尔500指数21%的涨幅。9月中旬标志着股票等风险资产新一轮反弹的开始，通胀预期也走高。此后，能源精选行业SPDR ETF(XLE)上涨了53%，工业精选行业SPDR ETF(XLI)的走势与更广泛的指数一致。该工业基金前10名持股中的4只——Honeywell(HON)、Raytheon Technologies(RTX)、Lockheed Martin(LMT)和3 M（3M）——大量投资于航空航天、国防和医疗领域的防御性产品，这可能会影响基金的业绩。但例如，自9月中旬以来，高度周期性的工业股波音(BA)的股价已比标普500高出近两倍。</blockquote></p><p> Analysts expect stocks in all of these sectors&nbsp;to see continued earnings momentum through 2022. But industrials and energy stocks trade at substantial valuation premiums to the S&amp;P 500, according to FactSet data.Smaller capitalization value stocks aren’t trading at those exorbitant valuations&nbsp;and might be a better way to play the inflation trade.</p><p><blockquote>分析师预计，到2022年，所有这些行业的股票都将继续保持盈利势头。但FactSet数据显示，工业股和能源股的估值较标普500大幅溢价。小市值股票的交易估值并不高，可能是进行通胀交易的更好方式。</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>If Inflation Is Coming, These Stocks Will Benefit the Most<blockquote>如果通胀来临，这些股票将受益最大</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\">\nIf Inflation Is Coming, These Stocks Will Benefit the Most<blockquote>如果通胀来临，这些股票将受益最大</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-02-23 11:18</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Investors have been&nbsp;eyeing the threat of rising inflation.Fortunately, there’s a playbook for higher inflation.</p><p><blockquote>投资者一直在关注通胀上升的威胁。幸运的是，有一个应对更高通胀的剧本。</blockquote></p><p> Inflation expectations have risen robustly in the past several months. According to data from the St. Louis Federal Reserve, investors currently expect inflation to run at above 2% for the next 10 years. With inflation expectations up, the 10-year Treasury yield has risen to 1.37% from 0.67% since Sept. 23, the beginning of a rally in riskier assets that benefit from a strengthening economy.Expectations for trillions of dollars of fiscal stimulusand further economic reopening spurredby the vaccine rolloutare driving the market movements.</p><p><blockquote>过去几个月，通胀预期强劲上升。根据圣路易斯联储的数据，投资者目前预计未来10年通胀率将在2%以上运行。随着通胀预期上升，自9月23日以来，10年期国债收益率已从0.67%升至1.37%，这是受益于经济走强的风险资产开始反弹。对数万亿美元财政刺激和进一步经济重新开放的预期疫苗的推出正在推动市场走势。</blockquote></p><p> The higher inflation forecast is causing some anxiety for stock investors, though.Momentary spikes in long-term Treasury yields pressure equity valuations&nbsp;A higher risk-free rate of return makes stocks less attractive. But inflation often reflects strong economic demand, which provides a&nbsp;major boost to near-term earnings.</p><p><blockquote>不过，较高的通胀预测给股票投资者带来了一些焦虑。长期国债收益率的短暂飙升给股票估值带来压力较高的无风险回报率降低了股票的吸引力。但通胀往往反映了强劲的经济需求，这对近期收益有重大提振。</blockquote></p><p> If the economy begins a fresh expansion, these dynamics favor cyclical and more economically-sensitive stocks. Financials, energy and industrial sectors would benefit the most. For banks, loans are more profitable when long-term rates are higher. Demand for oil and other energy sources increases during expansionary times because manufacturers and consumers consumer more during these times. Industrials typically increase production to supply projects tied to business and consumer spending during times of expansion.</p><p><blockquote>如果经济开始新的扩张，这些动态有利于周期性和对经济更敏感的股票。金融、能源和工业部门将受益最大。对于银行来说，当长期利率较高时，贷款利润更高。在扩张时期，对石油和其他能源的需求会增加，因为制造商和消费者在这些时期消费更多。在扩张时期，工业通常会增加产量，以供应与企业和消费者支出相关的项目。</blockquote></p><p> According to data from Evercore strategists, the financial sector sees the highest degree of outperformance against the S&amp;P 500 when long-term yields rise. The energy sector is the second-best performer and industrials are the third-best. The sectors least correlated with higher interest rates are defensive ones, or those which have revenues and earnings that are less influenced by economic demand. Utilities and consumer staples, for example, don’t perform as well during inflationary times.</p><p><blockquote>根据Evercore策略师的数据，当长期收益率上升时，金融业相对于标普500的表现最高。能源行业表现第二好，工业行业表现第三好。与高利率相关性最小的行业是防御性行业，或者那些收入和收益受经济需求影响较小的行业。例如，公用事业和必需消费品在通货膨胀时期表现不佳。</blockquote></p><p> Indeed, the&nbsp;SPDR S&amp;P Bank ETF(ticker: KBE) is up 71% since Sept. 23, trouncing the&nbsp;S&amp;P 500’s&nbsp;21% gain. Mid-September marks the beginning of a fresh rally in riskier assets like stocks and move higher in inflation expectation. The&nbsp;Energy Select Sector SPDR ETF(XLE) is up 53% since then, with the&nbsp;Industrial Select Sector SPDR ETF(XLI) exhibiting a move in-line with the broader index. Four of the top 10 holdings in the industrials fund—Honeywell(HON),Raytheon Technologies(RTX),Lockheed Martin(LMT) and&nbsp;3M(MMM)—have heavy exposure to the rather defensive areas of aerospace and defense and medical products, which may weigh on the fund’s performance. But the highly cyclical industrial stock&nbsp;Boeing(BA), for example, has beaten the S&amp;P 500 by nearly twice as much since mid-September.</p><p><blockquote>事实上，SPDR S&amp;P Bank ETF（股票代码：KBE）自9月23日以来已上涨71%，超过了标准普尔500指数21%的涨幅。9月中旬标志着股票等风险资产新一轮反弹的开始，通胀预期也走高。此后，能源精选行业SPDR ETF(XLE)上涨了53%，工业精选行业SPDR ETF(XLI)的走势与更广泛的指数一致。该工业基金前10名持股中的4只——Honeywell(HON)、Raytheon Technologies(RTX)、Lockheed Martin(LMT)和3 M（3M）——大量投资于航空航天、国防和医疗领域的防御性产品，这可能会影响基金的业绩。但例如，自9月中旬以来，高度周期性的工业股波音(BA)的股价已比标普500高出近两倍。</blockquote></p><p> Analysts expect stocks in all of these sectors&nbsp;to see continued earnings momentum through 2022. But industrials and energy stocks trade at substantial valuation premiums to the S&amp;P 500, according to FactSet data.Smaller capitalization value stocks aren’t trading at those exorbitant valuations&nbsp;and might be a better way to play the inflation trade.</p><p><blockquote>分析师预计，到2022年，所有这些行业的股票都将继续保持盈利势头。但FactSet数据显示，工业股和能源股的估值较标普500大幅溢价。小市值股票的交易估值并不高，可能是进行通胀交易的更好方式。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/if-inflation-is-coming-these-stocks-will-benefit-the-most-51613997007?siteid=yhoof2\">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":{"LMT":"洛克希德马丁","BA":"波音",".SPX":"S&P 500 Index","RTX":"雷神技术公司",".IXIC":"NASDAQ Composite","MMM":"3M","XLE":"SPDR能源指数ETF","KBE":"银行指数ETF-SPDR KBW",".DJI":"道琼斯","XLI":"工业指数ETF-SPDR"},"source_url":"https://www.barrons.com/articles/if-inflation-is-coming-these-stocks-will-benefit-the-most-51613997007?siteid=yhoof2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1105400565","content_text":"Investors have been eyeing the threat of rising inflation.Fortunately, there’s a playbook for higher inflation.\nInflation expectations have risen robustly in the past several months. According to data from the St. Louis Federal Reserve, investors currently expect inflation to run at above 2% for the next 10 years. With inflation expectations up, the 10-year Treasury yield has risen to 1.37% from 0.67% since Sept. 23, the beginning of a rally in riskier assets that benefit from a strengthening economy.Expectations for trillions of dollars of fiscal stimulusand further economic reopening spurredby the vaccine rolloutare driving the market movements.\nThe higher inflation forecast is causing some anxiety for stock investors, though.Momentary spikes in long-term Treasury yields pressure equity valuations A higher risk-free rate of return makes stocks less attractive. But inflation often reflects strong economic demand, which provides a major boost to near-term earnings.\nIf the economy begins a fresh expansion, these dynamics favor cyclical and more economically-sensitive stocks. Financials, energy and industrial sectors would benefit the most. For banks, loans are more profitable when long-term rates are higher. Demand for oil and other energy sources increases during expansionary times because manufacturers and consumers consumer more during these times. Industrials typically increase production to supply projects tied to business and consumer spending during times of expansion.\nAccording to data from Evercore strategists, the financial sector sees the highest degree of outperformance against the S&P 500 when long-term yields rise. The energy sector is the second-best performer and industrials are the third-best. The sectors least correlated with higher interest rates are defensive ones, or those which have revenues and earnings that are less influenced by economic demand. Utilities and consumer staples, for example, don’t perform as well during inflationary times.\nIndeed, the SPDR S&P Bank ETF(ticker: KBE) is up 71% since Sept. 23, trouncing the S&P 500’s 21% gain. Mid-September marks the beginning of a fresh rally in riskier assets like stocks and move higher in inflation expectation. The Energy Select Sector SPDR ETF(XLE) is up 53% since then, with the Industrial Select Sector SPDR ETF(XLI) exhibiting a move in-line with the broader index. Four of the top 10 holdings in the industrials fund—Honeywell(HON),Raytheon Technologies(RTX),Lockheed Martin(LMT) and 3M(MMM)—have heavy exposure to the rather defensive areas of aerospace and defense and medical products, which may weigh on the fund’s performance. But the highly cyclical industrial stock Boeing(BA), for example, has beaten the S&P 500 by nearly twice as much since mid-September.\nAnalysts expect stocks in all of these sectors to see continued earnings momentum through 2022. But industrials and energy stocks trade at substantial valuation premiums to the S&P 500, according to FactSet data.Smaller capitalization value stocks aren’t trading at those exorbitant valuations and might be a better way to play the inflation trade.","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,"XLE":0.9,"XLI":0.9,"RTX":0.9,"KBE":0.9,".IXIC":0.9,"MMM":0.9,"LMT":0.9,"BA":0.9}},"isVote":1,"tweetType":1,"viewCount":584,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":369916809,"gmtCreate":1613996886801,"gmtModify":1634551608442,"author":{"id":"3576052661337683","authorId":"3576052661337683","name":"Bobthebuild","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576052661337683","idStr":"3576052661337683"},"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/369916809","repostId":"2113871414","repostType":4,"isVote":1,"tweetType":1,"viewCount":477,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":382113299,"gmtCreate":1613382174111,"gmtModify":1634553798803,"author":{"id":"3576052661337683","authorId":"3576052661337683","name":"Bobthebuild","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576052661337683","idStr":"3576052661337683"},"themes":[],"htmlText":"Like for like","listText":"Like for like","text":"Like for like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/382113299","repostId":"2110026963","repostType":4,"isVote":1,"tweetType":1,"viewCount":310,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":382118455,"gmtCreate":1613382673077,"gmtModify":1634553796998,"author":{"id":"3576052661337683","authorId":"3576052661337683","name":"Bobthebuild","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576052661337683","idStr":"3576052661337683"},"themes":[],"htmlText":"Thx for insights","listText":"Thx for insights","text":"Thx for insights","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/382118455","repostId":"2110904027","repostType":4,"isVote":1,"tweetType":1,"viewCount":264,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":387704587,"gmtCreate":1613783370549,"gmtModify":1634552262320,"author":{"id":"3576052661337683","authorId":"3576052661337683","name":"Bobthebuild","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576052661337683","idStr":"3576052661337683"},"themes":[],"htmlText":"It’s getting crowded in here","listText":"It’s getting crowded in here","text":"It’s getting crowded in here","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/387704587","repostId":"1161529893","repostType":4,"repost":{"id":"1161529893","kind":"news","pubTimestamp":1613733842,"share":"https://www.laohu8.com/m/news/1161529893?lang=zh_CN&edition=full","pubTime":"2021-02-19 19:24","market":"us","language":"en","title":"Goldman Sachs is joining the robo-investing party — should you?<blockquote>高盛正在加入机器人投资行列——你应该加入吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1161529893","media":"Marketwatch","summary":"‘Much like in Vegas, the house generally wins,” said Vance Barse, a San Diego, California-based financial advisor who runs a company called Your Dedicated Fiduciary.Robo investing has become increasingly ubiquitous on practically every brokerage platform. Until Tuesday, Goldman Sachs GS, -0.91% restricted its robo-advisory service, Marcus, to people who had at least $10 million to invest.Now anyone with at least $1,000 to invest in can access the same trading algorithms that have been used by so","content":"<p>  ‘Much like in Vegas, the house generally wins,” said Vance Barse, a San Diego, California-based financial advisor who runs a company called Your Dedicated Fiduciary.  Robo investing has become increasingly ubiquitous on practically every brokerage platform. Until Tuesday, Goldman Sachs GS, -0.91% restricted its robo-advisory service, Marcus, to people who had at least $10 million to invest.</p><p><blockquote>加州圣地亚哥的财务顾问万斯·巴斯说，就像在拉斯维加斯一样，众议院通常会获胜。他经营着一家名为Your Dedicated Fiduciary的公司。机器人投资在几乎每个经纪平台上都变得越来越普遍。直到周二，高盛GS(-0.91%)将其机器人咨询服务Marcus限制为至少有1000万美元可投资的人。</blockquote></p><p> Now anyone with at least $1,000 to invest in can access the same trading algorithms that have been used by some of Goldman Sachs’ wealthiest clients for a 0.35% annual advisory fee. But investing experts say there are more costs to consider before jumping on the robo-investing train.</p><p><blockquote>现在，任何拥有至少1,000美元可投资的人都可以使用高盛一些最富有的客户使用的相同交易算法，每年只需支付0.35%的咨询费。但投资专家表示，在跳上机器人投资列车之前，需要考虑更多成本。</blockquote></p><p> “Much like in Vegas, the house generally wins,” said Vance Barse, a San Diego, California-based financial advisor who runs a company called Your Dedicated Fiduciary.</p><p><blockquote>“就像在拉斯维加斯一样，众议院通常会获胜，”加利福尼亚州圣地亚哥的财务顾问万斯·巴斯(Vance Barse)说，他经营着一家名为Your Dedicated Fiduciary的公司。</blockquote></p><p> Although the 35 basis-point price tag is a “loss leader” to Goldman Sachs, he said companies typically make such offers in order to attract clients to cross-sell them banking products.</p><p><blockquote>尽管35个基点的价格标签对高盛来说是一个“亏损领头羊”，但他表示，公司通常会提出这样的报价，以吸引客户向他们交叉销售银行产品。</blockquote></p><p> “People forget that banks are ultimately in the business of making money,” he said.</p><p><blockquote>“人们忘记了银行最终是为了赚钱，”他说。</blockquote></p><p> Goldman Sachs declined to comment.</p><p><blockquote>高盛拒绝置评。</blockquote></p><p> The company is among other major financial-services firms offering digital advisers, including Vanguard, Fidelity and Schwab SCHW, +1.03% and startups such as Betterment and Wealthfront.</p><p><blockquote>该公司是其他提供数字顾问的主要金融服务公司之一，包括Vanguard、Fidelity和Schwab SCHW，+1.03%，以及Betterment和Wealthfront等初创公司。</blockquote></p><p> Fees for robo advisers can start at around 0.25%, and increase to 1% and above for traditional brokers. A survey of nearly 1,000 financial planners by Inside Information, a trade publication, found that the bigger the portfolio, the lower the percentage clients paid in fees.</p><p><blockquote>机器人顾问的费用从0.25%左右开始，传统经纪商的费用会增加到1%及以上。行业出版物Inside Information对近1,000名理财规划师进行的一项调查发现，投资组合越大，客户支付的费用比例就越低。</blockquote></p><p> The median annual charge hovered at around 1% for portfolios of $1 million or less, and 0.5% for portfolios worth $5 million to $10 million.</p><p><blockquote>对于100万美元或以下的投资组合，年费中位数徘徊在1%左右，对于价值500万至1000万美元的投资组合，年费中位数徘徊在0.5%左右。</blockquote></p><p> Robo advisers like those on offer from Goldman Sachs and Betterment differ from robo platforms like Robinhood. The former suggest portfolios focused on exchange-traded funds, while Robinhood allows users to invest in individual ETFs, stocks, options and even cryptocurrencies.</p><p><blockquote>高盛和Betterment提供的机器人顾问与Robinhood等机器人平台不同。前者建议投资组合专注于交易所交易基金，而Robinhood允许用户投资个人ETF、股票、期权甚至加密货币。</blockquote></p><p> <b>Robo investing as a self-driving car</b></p><p><blockquote><b>机器人投资作为自动驾驶汽车</b></blockquote></p><p> Consumers have turned to robo-investing at unprecedented levels during the pandemic.</p><p><blockquote>在疫情期间，消费者以前所未有的水平转向机器人投资。</blockquote></p><p> The rate of new accounts opened jumped between 50% and 300% during the first quarter of 2020 compared to the fourth quarter of last year, according to a May report published by research and advisory firm Aite Group.</p><p><blockquote>根据研究和咨询公司艾特集团5月份发布的一份报告，与去年第四季度相比，2020年第一季度的新开户率跃升了50%至300%。</blockquote></p><p> So what is rob-investing? Think of it like a self-driving car.</p><p><blockquote>那么什么是rob投资呢？把它想象成一辆自动驾驶汽车。</blockquote></p><p> You put in your destination, buckle up in the backseat and your driver (robo adviser) will get there. You, the passenger, can’t easily slam the breaks if you fear your driver is leading you in the wrong direction. Nor can you put your foot on the gas pedal if you’re in a rush and want to get to your destination faster.</p><p><blockquote>你输入你的目的地，在后座系好安全带，你的司机（机器人顾问）就会到达那里。作为乘客，如果你担心你的司机把你引向错误的方向，你就不能轻易刹车。如果您赶时间并想更快地到达目的地，也不能踩油门。</blockquote></p><p> Robo-investing platforms use advanced-trading algorithm software to design investment portfolios based on factors such as an individual’s appetite for risk-taking and desired short-term and long-term returns.</p><p><blockquote>机器人投资平台使用先进的交易算法软件，根据个人的风险偏好以及期望的短期和长期回报等因素来设计投资组合。</blockquote></p><p> There are over 200 platforms that provide these services charging typically no more than a 0.5% annual advisory fee, compared to the 1% annual fee human investment advisors charge.</p><p><blockquote>有200多个平台提供这些服务，每年收取的咨询费通常不超过0.5%，而人力投资顾问收取的年费为1%。</blockquote></p><p> And rather than investing entirely on your own, which can become a second job and lead to emotional investment decisions, robo advisers handle buying and selling assets.</p><p><blockquote>机器人顾问处理资产的买卖，而不是完全自己投资，这可能成为第二份工作并导致情绪化的投资决策。</blockquote></p><p> Cynthia Loh, Schwab vice president of Digital Advice and Innovation, disagrees, and argues that robo investing doesn’t mean giving technology control of your money. Schwab, she said, has a team of investment experts who oversee investment strategy and keep watch during periods of market volatility, although some services have more input from humans than others.</p><p><blockquote>嘉信理财数字咨询和创新副总裁辛西娅·洛(Cynthia Loh)不同意这种观点，她认为机器人投资并不意味着让技术控制你的资金。她说，嘉信理财拥有一支投资专家团队，负责监督投资策略并在市场波动期间进行监控，尽管有些服务比其他服务有更多的人工输入。</blockquote></p><p> As she recently wrote on MarketWatch: “One common misconception about automated investing is that choosing a robo adviser essentially means handing control of your money over to robots. The truth is that robo solutions have a combination of automated and human components running things behind the scenes.”</p><p><blockquote>正如她最近在MarketWatch上所写：“关于自动化投资的一个常见误解是，选择机器人顾问本质上意味着将资金的控制权交给机器人。事实是，机器人解决方案结合了自动化和人工组件，在幕后运行事物。”</blockquote></p><p> <b>Robos appeal to inexperienced investors</b></p><p><blockquote><b>机器人吸引缺乏经验的投资者</b></blockquote></p><p> Robo investing tends to appeal to inexperienced investors or ones who don’t have the time or energy to manage their own portfolios. These investors can take comfort in the “set it and forget it approach to investing and overtime let the markets do their thing,” Barse said.</p><p><blockquote>机器人投资往往吸引缺乏经验的投资者或没有时间或精力管理自己投资组合的投资者。巴尔斯说，这些投资者可以对“一劳永逸”的投资方法感到放心，随着时间的推移，让市场做自己的事情”。</blockquote></p><p> That makes it much easier to stomach market volatility knowing that you don’t necessarily have to make spur-of-the-moment decisions to buy or sell assets, said Tiffany Lam-Balfour, an investing and retirement specialist at NerdWallet.</p><p><blockquote>NerdWallet的投资和退休专家蒂芙尼·拉姆-贝尔福(Tiffany Lam-Balfour)表示，这使得你更容易承受市场波动，因为你不一定必须做出购买或出售资产的冲动决定。</blockquote></p><p> “When you’re investing, you don’t want to keep looking at the market and going ‘Oh I need to get out of this,’” she said. “You want to leave it to the professionals to get you through it because they know what your time horizon is, and they’ll adjust your portfolio automatically for you.”</p><p><blockquote>“当你投资时，你不会想一直关注市场并说‘哦，我需要摆脱困境’，”她说。“你想让专业人士来帮你度过难关，因为他们知道你的时间范围，他们会自动为你调整你的投资组合。”</blockquote></p><p></p><p> That said, “you can’t just expect your investments will only go up. Even if you had the world’s best human financial adviser you can’t expect that.”</p><p><blockquote>也就是说，“你不能指望你的投资只会上涨。即使你有世界上最好的人类财务顾问，你也不能指望这一点。”</blockquote></p><p> Others disagree, and say robo advisers appeal to older investors. “Planning for and paying yourself in retirement is complex. There are many options out there to help investors through it, and robo investing is one of them,” Loh said.</p><p><blockquote>其他人不同意，并表示机器人顾问对老年投资者有吸引力。“退休后的规划和支付费用很复杂。有很多选择可以帮助投资者度过难关，机器人投资就是其中之一，”Loh说。</blockquote></p><p> “Many thoughtful, long-term investors have discovered that they want a more modern, streamlined, and inexpensive way to invest, and robo investing fits the bill. They are happy to let technology handle the mundane activities that are harder and more time-consuming for investors to do themselves,” she added.</p><p><blockquote>“许多深思熟虑的长期投资者发现，他们想要一种更现代、更简化、更便宜的投资方式，而机器人投资正好符合这一要求。他们很乐意让技术来处理更困难、更耗时的日常活动。投资者自己做，”她补充道。</blockquote></p><p> <b>There is often no door to knock on</b></p><p><blockquote><b>常常无门可敲</b></blockquote></p><p> Your robo adviser only knows what you tell it. The simplistic questionnaire you’re required to fill out will on most robo-investing platforms will collect information on your annual income, desired age to retire and the level of risk you’re willing to take on.</p><p><blockquote>你的机器人顾问只知道你告诉它什么。大多数机器人投资平台上要求您填写的简单问卷将收集有关您的年收入、期望退休年龄以及您愿意承担的风险水平的信息。</blockquote></p><p> It won’t however know if you just had a child and would like to begin saving for their education down the road or if you recently lost your job.</p><p><blockquote>然而，它不会知道你是否刚刚有了一个孩子，并想开始为他们的教育存钱，或者你是否最近失业了。</blockquote></p><p> “The question then becomes to whom does that person go to for advice and does that platform offer that and if so, to what level of complexity?” said Barse.</p><p><blockquote>“那么问题就变成了那个人向谁寻求建议？该平台是否提供建议？如果提供，复杂程度如何？”巴斯说。</blockquote></p><p> Not all platforms give individualized investment advice and the hybrid models that do offer advice from a human tend to charge higher annual fees.</p><p><blockquote>并非所有平台都提供个性化投资建议，提供人工建议的混合模式往往会收取更高的年费。</blockquote></p><p> Additionally, a robo adviser won’t necessarily “manage your money with tax efficiency at front of mind,” said Roger Ma, a certified financial planner at Lifelaidout, a New York City-based financial advisory group.</p><p><blockquote>此外，纽约市财务咨询集团Lifelaidout的注册财务规划师罗杰·马(Roger Ma)表示，机器人顾问不一定“在管理资金时首先考虑税收效率”。</blockquote></p><p> For instance, one common way investors offset the taxes they pay on long-term investments is by selling assets that have accrued losses. Traditional advisers often specialize in constructing portfolios that lead to the most tax-efficient outcomes, said Ma, who is the author of “Work Your Money, Not Your Life”.</p><p><blockquote>例如，投资者抵消长期投资税款的一种常见方式是出售已累计亏损的资产。《工作你的钱，而不是你的生活》一书的作者马说，传统顾问通常专注于构建能带来最节税结果的投资组合。</blockquote></p><p> But with robo investing, the trades that are made for you are the same ones that are being made for a slew of other investors who may fall under a different tax-bracket than you.</p><p><blockquote>但通过机器人投资，为您进行的交易与为许多其他投资者进行的交易是相同的，这些投资者可能属于与您不同的税级。</blockquote></p><p> On top of that, while robo investing may feel like a simplistic way to get into investing, especially for beginners it can “overcomplicate investing,” Ma said.</p><p><blockquote>最重要的是，虽然机器人投资可能感觉像是一种简单的投资方式，特别是对于初学者来说，它可能会“使投资过于复杂”，马云说。</blockquote></p><p> “If you are just looking to dip your toe in and you want to feel like you’re invested in a diversified portfolio, I wouldn’t say definitely don’t do a robo adviser,” he said.</p><p><blockquote>“如果你只是想尝试一下，并且想感觉自己投资于多元化的投资组合，我不会说绝对不要聘请机器人顾问，”他说。</blockquote></p><p> Don’t rule out investing through a target-date fund that selects a single fund to invest in and adjusts the position over time based on their investment goals, he added.</p><p><blockquote>他补充说，不要排除通过目标日期基金进行投资，该基金选择单一基金进行投资，并根据投资目标随着时间的推移调整头寸。</blockquote></p><p> But not everyone can tell the difference between robo advice and advice from a human being. In 2015, MarketWatch asked four prominent robo advisers and four of the traditional, flesh-and-blood variety to construct portfolios for a hypothetical 35-year-old investor with $40,000 to invest.</p><p><blockquote>但并不是每个人都能区分机器人的建议和人类的建议。2015年，MarketWatch邀请四位著名的机器人顾问和四位传统的有血有肉的机器人顾问为一位假设的35岁投资者构建投资组合，投资金额为40,000美元。</blockquote></p><p> The results were, perhaps, surprising for critics of robo advisers. The robots’ suggestions were “not massively different” from what the human advisers proposed, said Michael Kitces, Pinnacle Advisory Group’s research director, after reviewing the results.</p><p><blockquote>对于机器人顾问的批评者来说，结果或许令人惊讶。Pinnacle Advisory Group的研究总监Michael Kitces在审查结果后表示，机器人的建议与人类顾问的建议“没有太大不同”。</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>Goldman Sachs is joining the robo-investing party — should you?<blockquote>高盛正在加入机器人投资行列——你应该加入吗？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGoldman Sachs is joining the robo-investing party — should you?<blockquote>高盛正在加入机器人投资行列——你应该加入吗？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Marketwatch</strong><span class=\"h-time small\">2021-02-19 19:24</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  ‘Much like in Vegas, the house generally wins,” said Vance Barse, a San Diego, California-based financial advisor who runs a company called Your Dedicated Fiduciary.  Robo investing has become increasingly ubiquitous on practically every brokerage platform. Until Tuesday, Goldman Sachs GS, -0.91% restricted its robo-advisory service, Marcus, to people who had at least $10 million to invest.</p><p><blockquote>加州圣地亚哥的财务顾问万斯·巴斯说，就像在拉斯维加斯一样，众议院通常会获胜。他经营着一家名为Your Dedicated Fiduciary的公司。机器人投资在几乎每个经纪平台上都变得越来越普遍。直到周二，高盛GS(-0.91%)将其机器人咨询服务Marcus限制为至少有1000万美元可投资的人。</blockquote></p><p> Now anyone with at least $1,000 to invest in can access the same trading algorithms that have been used by some of Goldman Sachs’ wealthiest clients for a 0.35% annual advisory fee. But investing experts say there are more costs to consider before jumping on the robo-investing train.</p><p><blockquote>现在，任何拥有至少1,000美元可投资的人都可以使用高盛一些最富有的客户使用的相同交易算法，每年只需支付0.35%的咨询费。但投资专家表示，在跳上机器人投资列车之前，需要考虑更多成本。</blockquote></p><p> “Much like in Vegas, the house generally wins,” said Vance Barse, a San Diego, California-based financial advisor who runs a company called Your Dedicated Fiduciary.</p><p><blockquote>“就像在拉斯维加斯一样，众议院通常会获胜，”加利福尼亚州圣地亚哥的财务顾问万斯·巴斯(Vance Barse)说，他经营着一家名为Your Dedicated Fiduciary的公司。</blockquote></p><p> Although the 35 basis-point price tag is a “loss leader” to Goldman Sachs, he said companies typically make such offers in order to attract clients to cross-sell them banking products.</p><p><blockquote>尽管35个基点的价格标签对高盛来说是一个“亏损领头羊”，但他表示，公司通常会提出这样的报价，以吸引客户向他们交叉销售银行产品。</blockquote></p><p> “People forget that banks are ultimately in the business of making money,” he said.</p><p><blockquote>“人们忘记了银行最终是为了赚钱，”他说。</blockquote></p><p> Goldman Sachs declined to comment.</p><p><blockquote>高盛拒绝置评。</blockquote></p><p> The company is among other major financial-services firms offering digital advisers, including Vanguard, Fidelity and Schwab SCHW, +1.03% and startups such as Betterment and Wealthfront.</p><p><blockquote>该公司是其他提供数字顾问的主要金融服务公司之一，包括Vanguard、Fidelity和Schwab SCHW，+1.03%，以及Betterment和Wealthfront等初创公司。</blockquote></p><p> Fees for robo advisers can start at around 0.25%, and increase to 1% and above for traditional brokers. A survey of nearly 1,000 financial planners by Inside Information, a trade publication, found that the bigger the portfolio, the lower the percentage clients paid in fees.</p><p><blockquote>机器人顾问的费用从0.25%左右开始，传统经纪商的费用会增加到1%及以上。行业出版物Inside Information对近1,000名理财规划师进行的一项调查发现，投资组合越大，客户支付的费用比例就越低。</blockquote></p><p> The median annual charge hovered at around 1% for portfolios of $1 million or less, and 0.5% for portfolios worth $5 million to $10 million.</p><p><blockquote>对于100万美元或以下的投资组合，年费中位数徘徊在1%左右，对于价值500万至1000万美元的投资组合，年费中位数徘徊在0.5%左右。</blockquote></p><p> Robo advisers like those on offer from Goldman Sachs and Betterment differ from robo platforms like Robinhood. The former suggest portfolios focused on exchange-traded funds, while Robinhood allows users to invest in individual ETFs, stocks, options and even cryptocurrencies.</p><p><blockquote>高盛和Betterment提供的机器人顾问与Robinhood等机器人平台不同。前者建议投资组合专注于交易所交易基金，而Robinhood允许用户投资个人ETF、股票、期权甚至加密货币。</blockquote></p><p> <b>Robo investing as a self-driving car</b></p><p><blockquote><b>机器人投资作为自动驾驶汽车</b></blockquote></p><p> Consumers have turned to robo-investing at unprecedented levels during the pandemic.</p><p><blockquote>在疫情期间，消费者以前所未有的水平转向机器人投资。</blockquote></p><p> The rate of new accounts opened jumped between 50% and 300% during the first quarter of 2020 compared to the fourth quarter of last year, according to a May report published by research and advisory firm Aite Group.</p><p><blockquote>根据研究和咨询公司艾特集团5月份发布的一份报告，与去年第四季度相比，2020年第一季度的新开户率跃升了50%至300%。</blockquote></p><p> So what is rob-investing? Think of it like a self-driving car.</p><p><blockquote>那么什么是rob投资呢？把它想象成一辆自动驾驶汽车。</blockquote></p><p> You put in your destination, buckle up in the backseat and your driver (robo adviser) will get there. You, the passenger, can’t easily slam the breaks if you fear your driver is leading you in the wrong direction. Nor can you put your foot on the gas pedal if you’re in a rush and want to get to your destination faster.</p><p><blockquote>你输入你的目的地，在后座系好安全带，你的司机（机器人顾问）就会到达那里。作为乘客，如果你担心你的司机把你引向错误的方向，你就不能轻易刹车。如果您赶时间并想更快地到达目的地，也不能踩油门。</blockquote></p><p> Robo-investing platforms use advanced-trading algorithm software to design investment portfolios based on factors such as an individual’s appetite for risk-taking and desired short-term and long-term returns.</p><p><blockquote>机器人投资平台使用先进的交易算法软件，根据个人的风险偏好以及期望的短期和长期回报等因素来设计投资组合。</blockquote></p><p> There are over 200 platforms that provide these services charging typically no more than a 0.5% annual advisory fee, compared to the 1% annual fee human investment advisors charge.</p><p><blockquote>有200多个平台提供这些服务，每年收取的咨询费通常不超过0.5%，而人力投资顾问收取的年费为1%。</blockquote></p><p> And rather than investing entirely on your own, which can become a second job and lead to emotional investment decisions, robo advisers handle buying and selling assets.</p><p><blockquote>机器人顾问处理资产的买卖，而不是完全自己投资，这可能成为第二份工作并导致情绪化的投资决策。</blockquote></p><p> Cynthia Loh, Schwab vice president of Digital Advice and Innovation, disagrees, and argues that robo investing doesn’t mean giving technology control of your money. Schwab, she said, has a team of investment experts who oversee investment strategy and keep watch during periods of market volatility, although some services have more input from humans than others.</p><p><blockquote>嘉信理财数字咨询和创新副总裁辛西娅·洛(Cynthia Loh)不同意这种观点，她认为机器人投资并不意味着让技术控制你的资金。她说，嘉信理财拥有一支投资专家团队，负责监督投资策略并在市场波动期间进行监控，尽管有些服务比其他服务有更多的人工输入。</blockquote></p><p> As she recently wrote on MarketWatch: “One common misconception about automated investing is that choosing a robo adviser essentially means handing control of your money over to robots. The truth is that robo solutions have a combination of automated and human components running things behind the scenes.”</p><p><blockquote>正如她最近在MarketWatch上所写：“关于自动化投资的一个常见误解是，选择机器人顾问本质上意味着将资金的控制权交给机器人。事实是，机器人解决方案结合了自动化和人工组件，在幕后运行事物。”</blockquote></p><p> <b>Robos appeal to inexperienced investors</b></p><p><blockquote><b>机器人吸引缺乏经验的投资者</b></blockquote></p><p> Robo investing tends to appeal to inexperienced investors or ones who don’t have the time or energy to manage their own portfolios. These investors can take comfort in the “set it and forget it approach to investing and overtime let the markets do their thing,” Barse said.</p><p><blockquote>机器人投资往往吸引缺乏经验的投资者或没有时间或精力管理自己投资组合的投资者。巴尔斯说，这些投资者可以对“一劳永逸”的投资方法感到放心，随着时间的推移，让市场做自己的事情”。</blockquote></p><p> That makes it much easier to stomach market volatility knowing that you don’t necessarily have to make spur-of-the-moment decisions to buy or sell assets, said Tiffany Lam-Balfour, an investing and retirement specialist at NerdWallet.</p><p><blockquote>NerdWallet的投资和退休专家蒂芙尼·拉姆-贝尔福(Tiffany Lam-Balfour)表示，这使得你更容易承受市场波动，因为你不一定必须做出购买或出售资产的冲动决定。</blockquote></p><p> “When you’re investing, you don’t want to keep looking at the market and going ‘Oh I need to get out of this,’” she said. “You want to leave it to the professionals to get you through it because they know what your time horizon is, and they’ll adjust your portfolio automatically for you.”</p><p><blockquote>“当你投资时，你不会想一直关注市场并说‘哦，我需要摆脱困境’，”她说。“你想让专业人士来帮你度过难关，因为他们知道你的时间范围，他们会自动为你调整你的投资组合。”</blockquote></p><p></p><p> That said, “you can’t just expect your investments will only go up. Even if you had the world’s best human financial adviser you can’t expect that.”</p><p><blockquote>也就是说，“你不能指望你的投资只会上涨。即使你有世界上最好的人类财务顾问，你也不能指望这一点。”</blockquote></p><p> Others disagree, and say robo advisers appeal to older investors. “Planning for and paying yourself in retirement is complex. There are many options out there to help investors through it, and robo investing is one of them,” Loh said.</p><p><blockquote>其他人不同意，并表示机器人顾问对老年投资者有吸引力。“退休后的规划和支付费用很复杂。有很多选择可以帮助投资者度过难关，机器人投资就是其中之一，”Loh说。</blockquote></p><p> “Many thoughtful, long-term investors have discovered that they want a more modern, streamlined, and inexpensive way to invest, and robo investing fits the bill. They are happy to let technology handle the mundane activities that are harder and more time-consuming for investors to do themselves,” she added.</p><p><blockquote>“许多深思熟虑的长期投资者发现，他们想要一种更现代、更简化、更便宜的投资方式，而机器人投资正好符合这一要求。他们很乐意让技术来处理更困难、更耗时的日常活动。投资者自己做，”她补充道。</blockquote></p><p> <b>There is often no door to knock on</b></p><p><blockquote><b>常常无门可敲</b></blockquote></p><p> Your robo adviser only knows what you tell it. The simplistic questionnaire you’re required to fill out will on most robo-investing platforms will collect information on your annual income, desired age to retire and the level of risk you’re willing to take on.</p><p><blockquote>你的机器人顾问只知道你告诉它什么。大多数机器人投资平台上要求您填写的简单问卷将收集有关您的年收入、期望退休年龄以及您愿意承担的风险水平的信息。</blockquote></p><p> It won’t however know if you just had a child and would like to begin saving for their education down the road or if you recently lost your job.</p><p><blockquote>然而，它不会知道你是否刚刚有了一个孩子，并想开始为他们的教育存钱，或者你是否最近失业了。</blockquote></p><p> “The question then becomes to whom does that person go to for advice and does that platform offer that and if so, to what level of complexity?” said Barse.</p><p><blockquote>“那么问题就变成了那个人向谁寻求建议？该平台是否提供建议？如果提供，复杂程度如何？”巴斯说。</blockquote></p><p> Not all platforms give individualized investment advice and the hybrid models that do offer advice from a human tend to charge higher annual fees.</p><p><blockquote>并非所有平台都提供个性化投资建议，提供人工建议的混合模式往往会收取更高的年费。</blockquote></p><p> Additionally, a robo adviser won’t necessarily “manage your money with tax efficiency at front of mind,” said Roger Ma, a certified financial planner at Lifelaidout, a New York City-based financial advisory group.</p><p><blockquote>此外，纽约市财务咨询集团Lifelaidout的注册财务规划师罗杰·马(Roger Ma)表示，机器人顾问不一定“在管理资金时首先考虑税收效率”。</blockquote></p><p> For instance, one common way investors offset the taxes they pay on long-term investments is by selling assets that have accrued losses. Traditional advisers often specialize in constructing portfolios that lead to the most tax-efficient outcomes, said Ma, who is the author of “Work Your Money, Not Your Life”.</p><p><blockquote>例如，投资者抵消长期投资税款的一种常见方式是出售已累计亏损的资产。《工作你的钱，而不是你的生活》一书的作者马说，传统顾问通常专注于构建能带来最节税结果的投资组合。</blockquote></p><p> But with robo investing, the trades that are made for you are the same ones that are being made for a slew of other investors who may fall under a different tax-bracket than you.</p><p><blockquote>但通过机器人投资，为您进行的交易与为许多其他投资者进行的交易是相同的，这些投资者可能属于与您不同的税级。</blockquote></p><p> On top of that, while robo investing may feel like a simplistic way to get into investing, especially for beginners it can “overcomplicate investing,” Ma said.</p><p><blockquote>最重要的是，虽然机器人投资可能感觉像是一种简单的投资方式，特别是对于初学者来说，它可能会“使投资过于复杂”，马云说。</blockquote></p><p> “If you are just looking to dip your toe in and you want to feel like you’re invested in a diversified portfolio, I wouldn’t say definitely don’t do a robo adviser,” he said.</p><p><blockquote>“如果你只是想尝试一下，并且想感觉自己投资于多元化的投资组合，我不会说绝对不要聘请机器人顾问，”他说。</blockquote></p><p> Don’t rule out investing through a target-date fund that selects a single fund to invest in and adjusts the position over time based on their investment goals, he added.</p><p><blockquote>他补充说，不要排除通过目标日期基金进行投资，该基金选择单一基金进行投资，并根据投资目标随着时间的推移调整头寸。</blockquote></p><p> But not everyone can tell the difference between robo advice and advice from a human being. In 2015, MarketWatch asked four prominent robo advisers and four of the traditional, flesh-and-blood variety to construct portfolios for a hypothetical 35-year-old investor with $40,000 to invest.</p><p><blockquote>但并不是每个人都能区分机器人的建议和人类的建议。2015年，MarketWatch邀请四位著名的机器人顾问和四位传统的有血有肉的机器人顾问为一位假设的35岁投资者构建投资组合，投资金额为40,000美元。</blockquote></p><p> The results were, perhaps, surprising for critics of robo advisers. The robots’ suggestions were “not massively different” from what the human advisers proposed, said Michael Kitces, Pinnacle Advisory Group’s research director, after reviewing the results.</p><p><blockquote>对于机器人顾问的批评者来说，结果或许令人惊讶。Pinnacle Advisory Group的研究总监Michael Kitces在审查结果后表示，机器人的建议与人类顾问的建议“没有太大不同”。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/goldman-sachs-is-joining-the-robo-investing-party-should-you-11613658128?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":{},"source_url":"https://www.marketwatch.com/story/goldman-sachs-is-joining-the-robo-investing-party-should-you-11613658128?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1161529893","content_text":"‘Much like in Vegas, the house generally wins,” said Vance Barse, a San Diego, California-based financial advisor who runs a company called Your Dedicated Fiduciary.\n\nRobo investing has become increasingly ubiquitous on practically every brokerage platform. Until Tuesday, Goldman Sachs GS, -0.91% restricted its robo-advisory service, Marcus, to people who had at least $10 million to invest.\nNow anyone with at least $1,000 to invest in can access the same trading algorithms that have been used by some of Goldman Sachs’ wealthiest clients for a 0.35% annual advisory fee. But investing experts say there are more costs to consider before jumping on the robo-investing train.\n“Much like in Vegas, the house generally wins,” said Vance Barse, a San Diego, California-based financial advisor who runs a company called Your Dedicated Fiduciary.\nAlthough the 35 basis-point price tag is a “loss leader” to Goldman Sachs, he said companies typically make such offers in order to attract clients to cross-sell them banking products.\n“People forget that banks are ultimately in the business of making money,” he said.\nGoldman Sachs declined to comment.\nThe company is among other major financial-services firms offering digital advisers, including Vanguard, Fidelity and Schwab SCHW, +1.03% and startups such as Betterment and Wealthfront.\nFees for robo advisers can start at around 0.25%, and increase to 1% and above for traditional brokers. A survey of nearly 1,000 financial planners by Inside Information, a trade publication, found that the bigger the portfolio, the lower the percentage clients paid in fees.\nThe median annual charge hovered at around 1% for portfolios of $1 million or less, and 0.5% for portfolios worth $5 million to $10 million.\nRobo advisers like those on offer from Goldman Sachs and Betterment differ from robo platforms like Robinhood. The former suggest portfolios focused on exchange-traded funds, while Robinhood allows users to invest in individual ETFs, stocks, options and even cryptocurrencies.\nRobo investing as a self-driving car\nConsumers have turned to robo-investing at unprecedented levels during the pandemic.\nThe rate of new accounts opened jumped between 50% and 300% during the first quarter of 2020 compared to the fourth quarter of last year, according to a May report published by research and advisory firm Aite Group.\nSo what is rob-investing? Think of it like a self-driving car.\nYou put in your destination, buckle up in the backseat and your driver (robo adviser) will get there. You, the passenger, can’t easily slam the breaks if you fear your driver is leading you in the wrong direction. Nor can you put your foot on the gas pedal if you’re in a rush and want to get to your destination faster.\nRobo-investing platforms use advanced-trading algorithm software to design investment portfolios based on factors such as an individual’s appetite for risk-taking and desired short-term and long-term returns.\nThere are over 200 platforms that provide these services charging typically no more than a 0.5% annual advisory fee, compared to the 1% annual fee human investment advisors charge.\nAnd rather than investing entirely on your own, which can become a second job and lead to emotional investment decisions, robo advisers handle buying and selling assets.\nCynthia Loh, Schwab vice president of Digital Advice and Innovation, disagrees, and argues that robo investing doesn’t mean giving technology control of your money. Schwab, she said, has a team of investment experts who oversee investment strategy and keep watch during periods of market volatility, although some services have more input from humans than others.\nAs she recently wrote on MarketWatch: “One common misconception about automated investing is that choosing a robo adviser essentially means handing control of your money over to robots. The truth is that robo solutions have a combination of automated and human components running things behind the scenes.”\nRobos appeal to inexperienced investors\nRobo investing tends to appeal to inexperienced investors or ones who don’t have the time or energy to manage their own portfolios. These investors can take comfort in the “set it and forget it approach to investing and overtime let the markets do their thing,” Barse said.\nThat makes it much easier to stomach market volatility knowing that you don’t necessarily have to make spur-of-the-moment decisions to buy or sell assets, said Tiffany Lam-Balfour, an investing and retirement specialist at NerdWallet.\n“When you’re investing, you don’t want to keep looking at the market and going ‘Oh I need to get out of this,’” she said. “You want to leave it to the professionals to get you through it because they know what your time horizon is, and they’ll adjust your portfolio automatically for you.”\nThat said, “you can’t just expect your investments will only go up. Even if you had the world’s best human financial adviser you can’t expect that.”\nOthers disagree, and say robo advisers appeal to older investors. “Planning for and paying yourself in retirement is complex. There are many options out there to help investors through it, and robo investing is one of them,” Loh said.\n“Many thoughtful, long-term investors have discovered that they want a more modern, streamlined, and inexpensive way to invest, and robo investing fits the bill. They are happy to let technology handle the mundane activities that are harder and more time-consuming for investors to do themselves,” she added.\nThere is often no door to knock on\nYour robo adviser only knows what you tell it. The simplistic questionnaire you’re required to fill out will on most robo-investing platforms will collect information on your annual income, desired age to retire and the level of risk you’re willing to take on.\nIt won’t however know if you just had a child and would like to begin saving for their education down the road or if you recently lost your job.\n“The question then becomes to whom does that person go to for advice and does that platform offer that and if so, to what level of complexity?” said Barse.\nNot all platforms give individualized investment advice and the hybrid models that do offer advice from a human tend to charge higher annual fees.\nAdditionally, a robo adviser won’t necessarily “manage your money with tax efficiency at front of mind,” said Roger Ma, a certified financial planner at Lifelaidout, a New York City-based financial advisory group.\nFor instance, one common way investors offset the taxes they pay on long-term investments is by selling assets that have accrued losses. Traditional advisers often specialize in constructing portfolios that lead to the most tax-efficient outcomes, said Ma, who is the author of “Work Your Money, Not Your Life”.\nBut with robo investing, the trades that are made for you are the same ones that are being made for a slew of other investors who may fall under a different tax-bracket than you.\nOn top of that, while robo investing may feel like a simplistic way to get into investing, especially for beginners it can “overcomplicate investing,” Ma said.\n“If you are just looking to dip your toe in and you want to feel like you’re invested in a diversified portfolio, I wouldn’t say definitely don’t do a robo adviser,” he said.\nDon’t rule out investing through a target-date fund that selects a single fund to invest in and adjusts the position over time based on their investment goals, he added.\nBut not everyone can tell the difference between robo advice and advice from a human being. In 2015, MarketWatch asked four prominent robo advisers and four of the traditional, flesh-and-blood variety to construct portfolios for a hypothetical 35-year-old investor with $40,000 to invest.\nThe results were, perhaps, surprising for critics of robo advisers. The robots’ suggestions were “not massively different” from what the human advisers proposed, said Michael Kitces, Pinnacle Advisory Group’s research director, after reviewing the results.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":341,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":348407645,"gmtCreate":1617948433687,"gmtModify":1634295576197,"author":{"id":"3576052661337683","authorId":"3576052661337683","name":"Bobthebuild","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576052661337683","idStr":"3576052661337683"},"themes":[],"htmlText":"Will it rise","listText":"Will it rise","text":"Will it rise","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/348407645","repostId":"1139015410","repostType":4,"repost":{"id":"1139015410","kind":"news","pubTimestamp":1617947018,"share":"https://www.laohu8.com/m/news/1139015410?lang=zh_CN&edition=full","pubTime":"2021-04-09 13:43","market":"us","language":"en","title":"What's next for the dollar after upswing confounds analysts?<blockquote>在上涨令分析师困惑之后，美元的下一步是什么？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1139015410","media":"seekingalpha","summary":"Going into 2021, almost every sell side analyst suggested the dollar would weaken this year, but the","content":"<p>Going into 2021, almost every sell side analyst suggested the dollar would weaken this year, but the U.S. currency hassurprisingly appreciated instead. The ICE U.S. Dollar Index, a measure of the currency against six major rivals, has so farbounced nearly 3%this year following adecline of 6.7%in 2020. In the first quarter alone, the dollarclimbed 7.2%against the Japanese yen, while the euro in March dropped the most in three years against the greenback.</p><p><blockquote>进入2021年，几乎所有卖方分析师都表示美元今年将走弱，但美元却出人意料地升值。衡量货币兑六个主要竞争对手的ICE美元指数继2020年下跌6.7%后，今年迄今已反弹近3%。仅在第一季度，美元兑日元就上涨了7.2%，而欧元兑美元在3月份创下了三年来的最大跌幅。</blockquote></p><p><b><i>What happened?</i></b>&nbsp;Expectations of a weakened dollar was based on loose monetary conditions in the U.S., inflation expectations, rising public debt and a robust global economic recovery. However, signs now suggest the U.S. will outperform other major economies as Europe struggles with its COVID-19 vaccine rollout. A robust U.S. economic performance could also mean divergence in monetary policy, with the Fed tightening monetary policy relatively more quickly than the ECB. \"That could see the pace of dollar appreciation accelerate this year,\" BofAwrotein a recent research note.</p><p><blockquote><b><i>怎么回事？</i></b>美元走软的预期是基于美国宽松的货币条件、通胀预期、公共债务上升和全球经济强劲复苏。然而，现在有迹象表明，随着欧洲努力推出COVID-19疫苗，美国的表现将优于其他主要经济体。强劲的美国经济表现也可能意味着货币政策的分歧，美联储收紧货币政策的速度相对快于欧洲央行。美国银行在最近的一份研究报告中表示：“这可能会导致今年美元升值步伐加快。”</blockquote></p><p>While some analysts acknowledge they were quick to make forecasts, others aren't giving in. \"We do not think that the long-term outlook for the dollar has changed,\"saidCalvin Tse, a currency analyst at Citi, who still feels the currency could fall as much as 20%. However, Goldman Sachs this weekcanceled its short callon the dollar, saying after a \"choppy few months we are closing our recommended dollar short trade.'</p><p><blockquote>虽然一些分析师承认他们很快就做出了预测，但其他人并没有屈服。花旗货币分析师Calvin Tse表示：“我们认为美元的长期前景没有改变。”他仍然认为美元可能下跌多达20%。然而，高盛本周取消了美元空头头寸，称在经历了“动荡的几个月后，我们将关闭建议的美元空头交易。”</blockquote></p><p><b>Outlook:</b>&nbsp;The next move for the greenback may depend on whether the Fed will let the economy run hot. Last month, policymakers signaled expectations for interest rates that be kept at near zero through 2023, but some money markets are already positioning for a rate rise as soon as next year. Others suggest that even if the Fed would move early, the relationship has changed, as well as the currency's traditional role with equities. Once upon a time, a weaker dollar was seen as a boon for U.S. equities, but a stronger buck didn't prevent the continuous stock market highs that were notched in the first quarter.</p><p><blockquote><b>展望：</b>美元的下一步走势可能取决于美联储是否会让经济过热。上个月，政策制定者表示预计到2023年利率将保持在接近零的水平，但一些货币市场已经为最快明年加息做好了准备。其他人则认为，即使美联储提前采取行动，这种关系以及货币与股市的传统角色也已经发生了变化。曾几何时，美元走软被视为美国股市的福音，但美元走强并没有阻止股市在第一季度创下的持续高点。</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>What's next for the dollar after upswing confounds analysts?<blockquote>在上涨令分析师困惑之后，美元的下一步是什么？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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\">\nWhat's next for the dollar after upswing confounds analysts?<blockquote>在上涨令分析师困惑之后，美元的下一步是什么？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-04-09 13:43</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Going into 2021, almost every sell side analyst suggested the dollar would weaken this year, but the U.S. currency hassurprisingly appreciated instead. The ICE U.S. Dollar Index, a measure of the currency against six major rivals, has so farbounced nearly 3%this year following adecline of 6.7%in 2020. In the first quarter alone, the dollarclimbed 7.2%against the Japanese yen, while the euro in March dropped the most in three years against the greenback.</p><p><blockquote>进入2021年，几乎所有卖方分析师都表示美元今年将走弱，但美元却出人意料地升值。衡量货币兑六个主要竞争对手的ICE美元指数继2020年下跌6.7%后，今年迄今已反弹近3%。仅在第一季度，美元兑日元就上涨了7.2%，而欧元兑美元在3月份创下了三年来的最大跌幅。</blockquote></p><p><b><i>What happened?</i></b>&nbsp;Expectations of a weakened dollar was based on loose monetary conditions in the U.S., inflation expectations, rising public debt and a robust global economic recovery. However, signs now suggest the U.S. will outperform other major economies as Europe struggles with its COVID-19 vaccine rollout. A robust U.S. economic performance could also mean divergence in monetary policy, with the Fed tightening monetary policy relatively more quickly than the ECB. \"That could see the pace of dollar appreciation accelerate this year,\" BofAwrotein a recent research note.</p><p><blockquote><b><i>怎么回事？</i></b>美元走软的预期是基于美国宽松的货币条件、通胀预期、公共债务上升和全球经济强劲复苏。然而，现在有迹象表明，随着欧洲努力推出COVID-19疫苗，美国的表现将优于其他主要经济体。强劲的美国经济表现也可能意味着货币政策的分歧，美联储收紧货币政策的速度相对快于欧洲央行。美国银行在最近的一份研究报告中表示：“这可能会导致今年美元升值步伐加快。”</blockquote></p><p>While some analysts acknowledge they were quick to make forecasts, others aren't giving in. \"We do not think that the long-term outlook for the dollar has changed,\"saidCalvin Tse, a currency analyst at Citi, who still feels the currency could fall as much as 20%. However, Goldman Sachs this weekcanceled its short callon the dollar, saying after a \"choppy few months we are closing our recommended dollar short trade.'</p><p><blockquote>虽然一些分析师承认他们很快就做出了预测，但其他人并没有屈服。花旗货币分析师Calvin Tse表示：“我们认为美元的长期前景没有改变。”他仍然认为美元可能下跌多达20%。然而，高盛本周取消了美元空头头寸，称在经历了“动荡的几个月后，我们将关闭建议的美元空头交易。”</blockquote></p><p><b>Outlook:</b>&nbsp;The next move for the greenback may depend on whether the Fed will let the economy run hot. Last month, policymakers signaled expectations for interest rates that be kept at near zero through 2023, but some money markets are already positioning for a rate rise as soon as next year. Others suggest that even if the Fed would move early, the relationship has changed, as well as the currency's traditional role with equities. Once upon a time, a weaker dollar was seen as a boon for U.S. equities, but a stronger buck didn't prevent the continuous stock market highs that were notched in the first quarter.</p><p><blockquote><b>展望：</b>美元的下一步走势可能取决于美联储是否会让经济过热。上个月，政策制定者表示预计到2023年利率将保持在接近零的水平，但一些货币市场已经为最快明年加息做好了准备。其他人则认为，即使美联储提前采取行动，这种关系以及货币与股市的传统角色也已经发生了变化。曾几何时，美元走软被视为美国股市的福音，但美元走强并没有阻止股市在第一季度创下的持续高点。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/news/3680584-whats-next-for-the-dollar-after-upswing-confounds-analysts\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://seekingalpha.com/news/3680584-whats-next-for-the-dollar-after-upswing-confounds-analysts","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1139015410","content_text":"Going into 2021, almost every sell side analyst suggested the dollar would weaken this year, but the U.S. currency hassurprisingly appreciated instead. The ICE U.S. Dollar Index, a measure of the currency against six major rivals, has so farbounced nearly 3%this year following adecline of 6.7%in 2020. In the first quarter alone, the dollarclimbed 7.2%against the Japanese yen, while the euro in March dropped the most in three years against the greenback.What happened? Expectations of a weakened dollar was based on loose monetary conditions in the U.S., inflation expectations, rising public debt and a robust global economic recovery. However, signs now suggest the U.S. will outperform other major economies as Europe struggles with its COVID-19 vaccine rollout. A robust U.S. economic performance could also mean divergence in monetary policy, with the Fed tightening monetary policy relatively more quickly than the ECB. \"That could see the pace of dollar appreciation accelerate this year,\" BofAwrotein a recent research note.While some analysts acknowledge they were quick to make forecasts, others aren't giving in. \"We do not think that the long-term outlook for the dollar has changed,\"saidCalvin Tse, a currency analyst at Citi, who still feels the currency could fall as much as 20%. However, Goldman Sachs this weekcanceled its short callon the dollar, saying after a \"choppy few months we are closing our recommended dollar short trade.'Outlook: The next move for the greenback may depend on whether the Fed will let the economy run hot. Last month, policymakers signaled expectations for interest rates that be kept at near zero through 2023, but some money markets are already positioning for a rate rise as soon as next year. Others suggest that even if the Fed would move early, the relationship has changed, as well as the currency's traditional role with equities. Once upon a time, a weaker dollar was seen as a boon for U.S. equities, but a stronger buck didn't prevent the continuous stock market highs that were notched in the first quarter.","news_type":1,"symbols_score_info":{"SPY":0.9,".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":1983,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":354220948,"gmtCreate":1617179952184,"gmtModify":1634522235509,"author":{"id":"3576052661337683","authorId":"3576052661337683","name":"Bobthebuild","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576052661337683","idStr":"3576052661337683"},"themes":[],"htmlText":"Wow, online education","listText":"Wow, online education","text":"Wow, online education","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/354220948","repostId":"1163996400","repostType":4,"isVote":1,"tweetType":1,"viewCount":3783,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":363053247,"gmtCreate":1614085717489,"gmtModify":1634551241126,"author":{"id":"3576052661337683","authorId":"3576052661337683","name":"Bobthebuild","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576052661337683","idStr":"3576052661337683"},"themes":[],"htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/363053247","repostId":"1181552401","repostType":4,"isVote":1,"tweetType":1,"viewCount":696,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":348521347,"gmtCreate":1617943559889,"gmtModify":1634295604295,"author":{"id":"3576052661337683","authorId":"3576052661337683","name":"Bobthebuild","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576052661337683","idStr":"3576052661337683"},"themes":[],"htmlText":"Boom","listText":"Boom","text":"Boom","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/348521347","repostId":"1147517160","repostType":4,"isVote":1,"tweetType":1,"viewCount":2520,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":354267802,"gmtCreate":1617179913006,"gmtModify":1634522236070,"author":{"id":"3576052661337683","authorId":"3576052661337683","name":"Bobthebuild","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576052661337683","idStr":"3576052661337683"},"themes":[],"htmlText":"Oh","listText":"Oh","text":"Oh","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/354267802","repostId":"1125307543","repostType":4,"repost":{"id":"1125307543","kind":"news","pubTimestamp":1617179082,"share":"https://www.laohu8.com/m/news/1125307543?lang=zh_CN&edition=full","pubTime":"2021-03-31 16:24","market":"uk","language":"en","title":"Lloyd's of London sees 'large loss' due to Suez Canal blockage<blockquote>伦敦劳合社因苏伊士运河堵塞而遭受“巨大损失”</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1125307543","media":"Reuters","summary":"LONDON (Reuters) -The blockage of the Suez Canal for nearly a week will result in a “large loss” for","content":"<p>LONDON (Reuters) -The blockage of the Suez Canal for nearly a week will result in a “large loss” for Lloyd’s of London, its chairman said on Wednesday, as the insurance market recorded a 900 million pound ($1.2 billion) pretax loss in 2020 due to the COVID-19 pandemic.</p><p><blockquote>伦敦（路透社）-伦敦劳合社董事长周三表示，苏伊士运河堵塞近一周将导致伦敦劳合社遭受“巨额损失”，因为由于新冠肺炎疫情，保险市场在2020年录得9亿英镑（12亿美元）的税前损失。</blockquote></p><p>The Canal is working to clear the backlog after the refloating this week of a stranded giant container ship. The blockage threw global supply chains into disarray.</p><p><blockquote>本周一艘搁浅的巨型集装箱船重新浮起后，运河正在努力清理积压的货物。封锁使全球供应链陷入混乱。</blockquote></p><p>Bruce Carnegie-Brown told Reuters it was too early to estimate the exact loss, but “it’s clearly going to be a large loss, not just for the vessel but for all of the other vessels that were trapped and unable to get through”.</p><p><blockquote>布鲁斯·卡内基-布朗告诉路透社，现在估计确切的损失还为时过早，但“这显然将是一个巨大的损失，不仅对这艘船来说，而且对所有其他被困且无法通过的船只来说”。</blockquote></p><p>He added this could mean a loss for Lloyd’s of around $100 million or more.</p><p><blockquote>他补充说，这可能意味着劳合社损失约1亿美元或更多。</blockquote></p><p>Liability insurance claims for ships and cargo impacted by the delay are expected to fall initially to the container ship Ever Given’s liability insurer, UK P&amp;I Club. But UK P&amp;I Club will also use reinsurance, some of it in the Lloyd’s market, industry sources say.</p><p><blockquote>受延误影响的船舶和货物的责任保险索赔预计最初将由集装箱船Ever Give的责任保险公司英国保赔协会提出。但业内消息人士称，英国保赔协会也将使用再保险，其中一些在劳合社市场。</blockquote></p><p>Carnegie-Brown said Lloyd’s may be on the hook for around 5-10% of the total reinsurance claims.</p><p><blockquote>卡内基-布朗表示，劳合社可能会承担再保险索赔总额的5-10%左右。</blockquote></p><p>Fitch Ratings said this week that global reinsurers were likely to face hundreds of millions of euros of claims due to the incident.</p><p><blockquote>惠誉评级本周表示，全球再保险公司可能因该事件面临数亿欧元的索赔。</blockquote></p><p>The 2020 loss for the 330-year-old Lloyd’s market, home to around 100 syndicate members, compares with a 2.5 billion pound profit in 2019.</p><p><blockquote>拥有330年历史的劳合社市场（拥有约100名辛迪加成员）2020年亏损，而2019年利润为25亿英镑。</blockquote></p><p>Lloyd’s expects to pay out 3.4 billion pounds in 2020 COVID-19 claims net of reinsurance, with Carnegie-Brown saying many of those payments would be related to the cancellation of major events such as the Wimbledon tennis tournament. COVID-19-related payments will continue this year, he added.</p><p><blockquote>劳合社预计在2020年将支付34亿英镑的COVID-19索赔（扣除再保险），卡内基-布朗表示，其中许多付款将与温布尔登网球锦标赛等重大赛事的取消有关。他补充说，今年将继续支付与COVID-19相关的款项。</blockquote></p><p>But Lloyd’s said premium rates had risen 10.8% last year and rate rises had continued into 2021. Insurers typically increase rates after experiencing large losses.</p><p><blockquote>但劳合社表示，去年保险费率上涨了10.8%，并且利率上涨一直持续到2021年。保险公司通常会在遭受巨额损失后提高费率。</blockquote></p><p>After several closures due to the pandemic, the Lloyd’s underwriting floor will reopen on May 17. Carnegie-Brown said surveys showed most market employees expect to return to the office “three-plus days a week”.</p><p><blockquote>在因疫情而多次关闭后，劳合社承保大厅将于5月17日重新开放。卡内基-布朗表示，调查显示大多数市场员工预计“每周三天以上”返回办公室。</blockquote></p><p></p>","source":"ltzww","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>Lloyd's of London sees 'large loss' due to Suez Canal blockage<blockquote>伦敦劳合社因苏伊士运河堵塞而遭受“巨大损失”</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\">\nLloyd's of London sees 'large loss' due to Suez Canal blockage<blockquote>伦敦劳合社因苏伊士运河堵塞而遭受“巨大损失”</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-03-31 16:24</span>\n</p>\n</h4>\n</header>\n<article>\n<p>LONDON (Reuters) -The blockage of the Suez Canal for nearly a week will result in a “large loss” for Lloyd’s of London, its chairman said on Wednesday, as the insurance market recorded a 900 million pound ($1.2 billion) pretax loss in 2020 due to the COVID-19 pandemic.</p><p><blockquote>伦敦（路透社）-伦敦劳合社董事长周三表示，苏伊士运河堵塞近一周将导致伦敦劳合社遭受“巨额损失”，因为由于新冠肺炎疫情，保险市场在2020年录得9亿英镑（12亿美元）的税前损失。</blockquote></p><p>The Canal is working to clear the backlog after the refloating this week of a stranded giant container ship. The blockage threw global supply chains into disarray.</p><p><blockquote>本周一艘搁浅的巨型集装箱船重新浮起后，运河正在努力清理积压的货物。封锁使全球供应链陷入混乱。</blockquote></p><p>Bruce Carnegie-Brown told Reuters it was too early to estimate the exact loss, but “it’s clearly going to be a large loss, not just for the vessel but for all of the other vessels that were trapped and unable to get through”.</p><p><blockquote>布鲁斯·卡内基-布朗告诉路透社，现在估计确切的损失还为时过早，但“这显然将是一个巨大的损失，不仅对这艘船来说，而且对所有其他被困且无法通过的船只来说”。</blockquote></p><p>He added this could mean a loss for Lloyd’s of around $100 million or more.</p><p><blockquote>他补充说，这可能意味着劳合社损失约1亿美元或更多。</blockquote></p><p>Liability insurance claims for ships and cargo impacted by the delay are expected to fall initially to the container ship Ever Given’s liability insurer, UK P&amp;I Club. But UK P&amp;I Club will also use reinsurance, some of it in the Lloyd’s market, industry sources say.</p><p><blockquote>受延误影响的船舶和货物的责任保险索赔预计最初将由集装箱船Ever Give的责任保险公司英国保赔协会提出。但业内消息人士称，英国保赔协会也将使用再保险，其中一些在劳合社市场。</blockquote></p><p>Carnegie-Brown said Lloyd’s may be on the hook for around 5-10% of the total reinsurance claims.</p><p><blockquote>卡内基-布朗表示，劳合社可能会承担再保险索赔总额的5-10%左右。</blockquote></p><p>Fitch Ratings said this week that global reinsurers were likely to face hundreds of millions of euros of claims due to the incident.</p><p><blockquote>惠誉评级本周表示，全球再保险公司可能因该事件面临数亿欧元的索赔。</blockquote></p><p>The 2020 loss for the 330-year-old Lloyd’s market, home to around 100 syndicate members, compares with a 2.5 billion pound profit in 2019.</p><p><blockquote>拥有330年历史的劳合社市场（拥有约100名辛迪加成员）2020年亏损，而2019年利润为25亿英镑。</blockquote></p><p>Lloyd’s expects to pay out 3.4 billion pounds in 2020 COVID-19 claims net of reinsurance, with Carnegie-Brown saying many of those payments would be related to the cancellation of major events such as the Wimbledon tennis tournament. COVID-19-related payments will continue this year, he added.</p><p><blockquote>劳合社预计在2020年将支付34亿英镑的COVID-19索赔（扣除再保险），卡内基-布朗表示，其中许多付款将与温布尔登网球锦标赛等重大赛事的取消有关。他补充说，今年将继续支付与COVID-19相关的款项。</blockquote></p><p>But Lloyd’s said premium rates had risen 10.8% last year and rate rises had continued into 2021. Insurers typically increase rates after experiencing large losses.</p><p><blockquote>但劳合社表示，去年保险费率上涨了10.8%，并且利率上涨一直持续到2021年。保险公司通常会在遭受巨额损失后提高费率。</blockquote></p><p>After several closures due to the pandemic, the Lloyd’s underwriting floor will reopen on May 17. Carnegie-Brown said surveys showed most market employees expect to return to the office “three-plus days a week”.</p><p><blockquote>在因疫情而多次关闭后，劳合社承保大厅将于5月17日重新开放。卡内基-布朗表示，调查显示大多数市场员工预计“每周三天以上”返回办公室。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.reuters.com/article/us-lloyd-s-of-london-results/lloyds-of-london-sees-large-loss-due-to-suez-canal-blockage-idUSKBN2BN0MF\">Reuters</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/b5650be7bf6f51da70cd1ab2ce3d61e8","relate_stocks":{},"source_url":"https://www.reuters.com/article/us-lloyd-s-of-london-results/lloyds-of-london-sees-large-loss-due-to-suez-canal-blockage-idUSKBN2BN0MF","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1125307543","content_text":"LONDON (Reuters) -The blockage of the Suez Canal for nearly a week will result in a “large loss” for Lloyd’s of London, its chairman said on Wednesday, as the insurance market recorded a 900 million pound ($1.2 billion) pretax loss in 2020 due to the COVID-19 pandemic.The Canal is working to clear the backlog after the refloating this week of a stranded giant container ship. The blockage threw global supply chains into disarray.Bruce Carnegie-Brown told Reuters it was too early to estimate the exact loss, but “it’s clearly going to be a large loss, not just for the vessel but for all of the other vessels that were trapped and unable to get through”.He added this could mean a loss for Lloyd’s of around $100 million or more.Liability insurance claims for ships and cargo impacted by the delay are expected to fall initially to the container ship Ever Given’s liability insurer, UK P&I Club. But UK P&I Club will also use reinsurance, some of it in the Lloyd’s market, industry sources say.Carnegie-Brown said Lloyd’s may be on the hook for around 5-10% of the total reinsurance claims.Fitch Ratings said this week that global reinsurers were likely to face hundreds of millions of euros of claims due to the incident.The 2020 loss for the 330-year-old Lloyd’s market, home to around 100 syndicate members, compares with a 2.5 billion pound profit in 2019.Lloyd’s expects to pay out 3.4 billion pounds in 2020 COVID-19 claims net of reinsurance, with Carnegie-Brown saying many of those payments would be related to the cancellation of major events such as the Wimbledon tennis tournament. COVID-19-related payments will continue this year, he added.But Lloyd’s said premium rates had risen 10.8% last year and rate rises had continued into 2021. Insurers typically increase rates after experiencing large losses.After several closures due to the pandemic, the Lloyd’s underwriting floor will reopen on May 17. Carnegie-Brown said surveys showed most market employees expect to return to the office “three-plus days a week”.","news_type":1,"symbols_score_info":{"0RCG.UK":0.9}},"isVote":1,"tweetType":1,"viewCount":1434,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":369277684,"gmtCreate":1614054030948,"gmtModify":1634551378453,"author":{"id":"3576052661337683","authorId":"3576052661337683","name":"Bobthebuild","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576052661337683","idStr":"3576052661337683"},"themes":[],"htmlText":"Interesting","listText":"Interesting","text":"Interesting","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/369277684","repostId":"1105400565","repostType":4,"repost":{"id":"1105400565","kind":"news","pubTimestamp":1614050319,"share":"https://www.laohu8.com/m/news/1105400565?lang=zh_CN&edition=full","pubTime":"2021-02-23 11:18","market":"us","language":"en","title":"If Inflation Is Coming, These Stocks Will Benefit the Most<blockquote>如果通胀来临，这些股票将受益最大</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1105400565","media":"Barrons","summary":"Investors have been eyeing the threat of rising inflation.Fortunately, there’s a playbook for higher","content":"<p>Investors have been&nbsp;eyeing the threat of rising inflation.Fortunately, there’s a playbook for higher inflation.</p><p><blockquote>投资者一直在关注通胀上升的威胁。幸运的是，有一个应对更高通胀的剧本。</blockquote></p><p> Inflation expectations have risen robustly in the past several months. According to data from the St. Louis Federal Reserve, investors currently expect inflation to run at above 2% for the next 10 years. With inflation expectations up, the 10-year Treasury yield has risen to 1.37% from 0.67% since Sept. 23, the beginning of a rally in riskier assets that benefit from a strengthening economy.Expectations for trillions of dollars of fiscal stimulusand further economic reopening spurredby the vaccine rolloutare driving the market movements.</p><p><blockquote>过去几个月，通胀预期强劲上升。根据圣路易斯联储的数据，投资者目前预计未来10年通胀率将在2%以上运行。随着通胀预期上升，自9月23日以来，10年期国债收益率已从0.67%升至1.37%，这是受益于经济走强的风险资产开始反弹。对数万亿美元财政刺激和进一步经济重新开放的预期疫苗的推出正在推动市场走势。</blockquote></p><p> The higher inflation forecast is causing some anxiety for stock investors, though.Momentary spikes in long-term Treasury yields pressure equity valuations&nbsp;A higher risk-free rate of return makes stocks less attractive. But inflation often reflects strong economic demand, which provides a&nbsp;major boost to near-term earnings.</p><p><blockquote>不过，较高的通胀预测给股票投资者带来了一些焦虑。长期国债收益率的短暂飙升给股票估值带来压力较高的无风险回报率降低了股票的吸引力。但通胀往往反映了强劲的经济需求，这对近期收益有重大提振。</blockquote></p><p> If the economy begins a fresh expansion, these dynamics favor cyclical and more economically-sensitive stocks. Financials, energy and industrial sectors would benefit the most. For banks, loans are more profitable when long-term rates are higher. Demand for oil and other energy sources increases during expansionary times because manufacturers and consumers consumer more during these times. Industrials typically increase production to supply projects tied to business and consumer spending during times of expansion.</p><p><blockquote>如果经济开始新的扩张，这些动态有利于周期性和对经济更敏感的股票。金融、能源和工业部门将受益最大。对于银行来说，当长期利率较高时，贷款利润更高。在扩张时期，对石油和其他能源的需求会增加，因为制造商和消费者在这些时期消费更多。在扩张时期，工业通常会增加产量，以供应与企业和消费者支出相关的项目。</blockquote></p><p> According to data from Evercore strategists, the financial sector sees the highest degree of outperformance against the S&amp;P 500 when long-term yields rise. The energy sector is the second-best performer and industrials are the third-best. The sectors least correlated with higher interest rates are defensive ones, or those which have revenues and earnings that are less influenced by economic demand. Utilities and consumer staples, for example, don’t perform as well during inflationary times.</p><p><blockquote>根据Evercore策略师的数据，当长期收益率上升时，金融业相对于标普500的表现最高。能源行业表现第二好，工业行业表现第三好。与高利率相关性最小的行业是防御性行业，或者那些收入和收益受经济需求影响较小的行业。例如，公用事业和必需消费品在通货膨胀时期表现不佳。</blockquote></p><p> Indeed, the&nbsp;SPDR S&amp;P Bank ETF(ticker: KBE) is up 71% since Sept. 23, trouncing the&nbsp;S&amp;P 500’s&nbsp;21% gain. Mid-September marks the beginning of a fresh rally in riskier assets like stocks and move higher in inflation expectation. The&nbsp;Energy Select Sector SPDR ETF(XLE) is up 53% since then, with the&nbsp;Industrial Select Sector SPDR ETF(XLI) exhibiting a move in-line with the broader index. Four of the top 10 holdings in the industrials fund—Honeywell(HON),Raytheon Technologies(RTX),Lockheed Martin(LMT) and&nbsp;3M(MMM)—have heavy exposure to the rather defensive areas of aerospace and defense and medical products, which may weigh on the fund’s performance. But the highly cyclical industrial stock&nbsp;Boeing(BA), for example, has beaten the S&amp;P 500 by nearly twice as much since mid-September.</p><p><blockquote>事实上，SPDR S&amp;P Bank ETF（股票代码：KBE）自9月23日以来已上涨71%，超过了标准普尔500指数21%的涨幅。9月中旬标志着股票等风险资产新一轮反弹的开始，通胀预期也走高。此后，能源精选行业SPDR ETF(XLE)上涨了53%，工业精选行业SPDR ETF(XLI)的走势与更广泛的指数一致。该工业基金前10名持股中的4只——Honeywell(HON)、Raytheon Technologies(RTX)、Lockheed Martin(LMT)和3 M（3M）——大量投资于航空航天、国防和医疗领域的防御性产品，这可能会影响基金的业绩。但例如，自9月中旬以来，高度周期性的工业股波音(BA)的股价已比标普500高出近两倍。</blockquote></p><p> Analysts expect stocks in all of these sectors&nbsp;to see continued earnings momentum through 2022. But industrials and energy stocks trade at substantial valuation premiums to the S&amp;P 500, according to FactSet data.Smaller capitalization value stocks aren’t trading at those exorbitant valuations&nbsp;and might be a better way to play the inflation trade.</p><p><blockquote>分析师预计，到2022年，所有这些行业的股票都将继续保持盈利势头。但FactSet数据显示，工业股和能源股的估值较标普500大幅溢价。小市值股票的交易估值并不高，可能是进行通胀交易的更好方式。</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>If Inflation Is Coming, These Stocks Will Benefit the Most<blockquote>如果通胀来临，这些股票将受益最大</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\">\nIf Inflation Is Coming, These Stocks Will Benefit the Most<blockquote>如果通胀来临，这些股票将受益最大</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-02-23 11:18</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Investors have been&nbsp;eyeing the threat of rising inflation.Fortunately, there’s a playbook for higher inflation.</p><p><blockquote>投资者一直在关注通胀上升的威胁。幸运的是，有一个应对更高通胀的剧本。</blockquote></p><p> Inflation expectations have risen robustly in the past several months. According to data from the St. Louis Federal Reserve, investors currently expect inflation to run at above 2% for the next 10 years. With inflation expectations up, the 10-year Treasury yield has risen to 1.37% from 0.67% since Sept. 23, the beginning of a rally in riskier assets that benefit from a strengthening economy.Expectations for trillions of dollars of fiscal stimulusand further economic reopening spurredby the vaccine rolloutare driving the market movements.</p><p><blockquote>过去几个月，通胀预期强劲上升。根据圣路易斯联储的数据，投资者目前预计未来10年通胀率将在2%以上运行。随着通胀预期上升，自9月23日以来，10年期国债收益率已从0.67%升至1.37%，这是受益于经济走强的风险资产开始反弹。对数万亿美元财政刺激和进一步经济重新开放的预期疫苗的推出正在推动市场走势。</blockquote></p><p> The higher inflation forecast is causing some anxiety for stock investors, though.Momentary spikes in long-term Treasury yields pressure equity valuations&nbsp;A higher risk-free rate of return makes stocks less attractive. But inflation often reflects strong economic demand, which provides a&nbsp;major boost to near-term earnings.</p><p><blockquote>不过，较高的通胀预测给股票投资者带来了一些焦虑。长期国债收益率的短暂飙升给股票估值带来压力较高的无风险回报率降低了股票的吸引力。但通胀往往反映了强劲的经济需求，这对近期收益有重大提振。</blockquote></p><p> If the economy begins a fresh expansion, these dynamics favor cyclical and more economically-sensitive stocks. Financials, energy and industrial sectors would benefit the most. For banks, loans are more profitable when long-term rates are higher. Demand for oil and other energy sources increases during expansionary times because manufacturers and consumers consumer more during these times. Industrials typically increase production to supply projects tied to business and consumer spending during times of expansion.</p><p><blockquote>如果经济开始新的扩张，这些动态有利于周期性和对经济更敏感的股票。金融、能源和工业部门将受益最大。对于银行来说，当长期利率较高时，贷款利润更高。在扩张时期，对石油和其他能源的需求会增加，因为制造商和消费者在这些时期消费更多。在扩张时期，工业通常会增加产量，以供应与企业和消费者支出相关的项目。</blockquote></p><p> According to data from Evercore strategists, the financial sector sees the highest degree of outperformance against the S&amp;P 500 when long-term yields rise. The energy sector is the second-best performer and industrials are the third-best. The sectors least correlated with higher interest rates are defensive ones, or those which have revenues and earnings that are less influenced by economic demand. Utilities and consumer staples, for example, don’t perform as well during inflationary times.</p><p><blockquote>根据Evercore策略师的数据，当长期收益率上升时，金融业相对于标普500的表现最高。能源行业表现第二好，工业行业表现第三好。与高利率相关性最小的行业是防御性行业，或者那些收入和收益受经济需求影响较小的行业。例如，公用事业和必需消费品在通货膨胀时期表现不佳。</blockquote></p><p> Indeed, the&nbsp;SPDR S&amp;P Bank ETF(ticker: KBE) is up 71% since Sept. 23, trouncing the&nbsp;S&amp;P 500’s&nbsp;21% gain. Mid-September marks the beginning of a fresh rally in riskier assets like stocks and move higher in inflation expectation. The&nbsp;Energy Select Sector SPDR ETF(XLE) is up 53% since then, with the&nbsp;Industrial Select Sector SPDR ETF(XLI) exhibiting a move in-line with the broader index. Four of the top 10 holdings in the industrials fund—Honeywell(HON),Raytheon Technologies(RTX),Lockheed Martin(LMT) and&nbsp;3M(MMM)—have heavy exposure to the rather defensive areas of aerospace and defense and medical products, which may weigh on the fund’s performance. But the highly cyclical industrial stock&nbsp;Boeing(BA), for example, has beaten the S&amp;P 500 by nearly twice as much since mid-September.</p><p><blockquote>事实上，SPDR S&amp;P Bank ETF（股票代码：KBE）自9月23日以来已上涨71%，超过了标准普尔500指数21%的涨幅。9月中旬标志着股票等风险资产新一轮反弹的开始，通胀预期也走高。此后，能源精选行业SPDR ETF(XLE)上涨了53%，工业精选行业SPDR ETF(XLI)的走势与更广泛的指数一致。该工业基金前10名持股中的4只——Honeywell(HON)、Raytheon Technologies(RTX)、Lockheed Martin(LMT)和3 M（3M）——大量投资于航空航天、国防和医疗领域的防御性产品，这可能会影响基金的业绩。但例如，自9月中旬以来，高度周期性的工业股波音(BA)的股价已比标普500高出近两倍。</blockquote></p><p> Analysts expect stocks in all of these sectors&nbsp;to see continued earnings momentum through 2022. But industrials and energy stocks trade at substantial valuation premiums to the S&amp;P 500, according to FactSet data.Smaller capitalization value stocks aren’t trading at those exorbitant valuations&nbsp;and might be a better way to play the inflation trade.</p><p><blockquote>分析师预计，到2022年，所有这些行业的股票都将继续保持盈利势头。但FactSet数据显示，工业股和能源股的估值较标普500大幅溢价。小市值股票的交易估值并不高，可能是进行通胀交易的更好方式。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/if-inflation-is-coming-these-stocks-will-benefit-the-most-51613997007?siteid=yhoof2\">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":{"LMT":"洛克希德马丁","BA":"波音",".SPX":"S&P 500 Index","RTX":"雷神技术公司",".IXIC":"NASDAQ Composite","MMM":"3M","XLE":"SPDR能源指数ETF","KBE":"银行指数ETF-SPDR KBW",".DJI":"道琼斯","XLI":"工业指数ETF-SPDR"},"source_url":"https://www.barrons.com/articles/if-inflation-is-coming-these-stocks-will-benefit-the-most-51613997007?siteid=yhoof2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1105400565","content_text":"Investors have been eyeing the threat of rising inflation.Fortunately, there’s a playbook for higher inflation.\nInflation expectations have risen robustly in the past several months. According to data from the St. Louis Federal Reserve, investors currently expect inflation to run at above 2% for the next 10 years. With inflation expectations up, the 10-year Treasury yield has risen to 1.37% from 0.67% since Sept. 23, the beginning of a rally in riskier assets that benefit from a strengthening economy.Expectations for trillions of dollars of fiscal stimulusand further economic reopening spurredby the vaccine rolloutare driving the market movements.\nThe higher inflation forecast is causing some anxiety for stock investors, though.Momentary spikes in long-term Treasury yields pressure equity valuations A higher risk-free rate of return makes stocks less attractive. But inflation often reflects strong economic demand, which provides a major boost to near-term earnings.\nIf the economy begins a fresh expansion, these dynamics favor cyclical and more economically-sensitive stocks. Financials, energy and industrial sectors would benefit the most. For banks, loans are more profitable when long-term rates are higher. Demand for oil and other energy sources increases during expansionary times because manufacturers and consumers consumer more during these times. Industrials typically increase production to supply projects tied to business and consumer spending during times of expansion.\nAccording to data from Evercore strategists, the financial sector sees the highest degree of outperformance against the S&P 500 when long-term yields rise. The energy sector is the second-best performer and industrials are the third-best. The sectors least correlated with higher interest rates are defensive ones, or those which have revenues and earnings that are less influenced by economic demand. Utilities and consumer staples, for example, don’t perform as well during inflationary times.\nIndeed, the SPDR S&P Bank ETF(ticker: KBE) is up 71% since Sept. 23, trouncing the S&P 500’s 21% gain. Mid-September marks the beginning of a fresh rally in riskier assets like stocks and move higher in inflation expectation. The Energy Select Sector SPDR ETF(XLE) is up 53% since then, with the Industrial Select Sector SPDR ETF(XLI) exhibiting a move in-line with the broader index. Four of the top 10 holdings in the industrials fund—Honeywell(HON),Raytheon Technologies(RTX),Lockheed Martin(LMT) and 3M(MMM)—have heavy exposure to the rather defensive areas of aerospace and defense and medical products, which may weigh on the fund’s performance. But the highly cyclical industrial stock Boeing(BA), for example, has beaten the S&P 500 by nearly twice as much since mid-September.\nAnalysts expect stocks in all of these sectors to see continued earnings momentum through 2022. But industrials and energy stocks trade at substantial valuation premiums to the S&P 500, according to FactSet data.Smaller capitalization value stocks aren’t trading at those exorbitant valuations and might be a better way to play the inflation trade.","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,"XLE":0.9,"XLI":0.9,"RTX":0.9,"KBE":0.9,".IXIC":0.9,"MMM":0.9,"LMT":0.9,"BA":0.9}},"isVote":1,"tweetType":1,"viewCount":584,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":369918127,"gmtCreate":1613996837669,"gmtModify":1634551609003,"author":{"id":"3576052661337683","authorId":"3576052661337683","name":"Bobthebuild","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576052661337683","idStr":"3576052661337683"},"themes":[],"htmlText":"Wow it’s the opposite effect","listText":"Wow it’s the opposite effect","text":"Wow it’s the opposite effect","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/369918127","repostId":"1106666176","repostType":4,"isVote":1,"tweetType":1,"viewCount":672,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":348407269,"gmtCreate":1617948455951,"gmtModify":1634295576077,"author":{"id":"3576052661337683","authorId":"3576052661337683","name":"Bobthebuild","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576052661337683","idStr":"3576052661337683"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/348407269","repostId":"2126088261","repostType":4,"isVote":1,"tweetType":1,"viewCount":1818,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":354267999,"gmtCreate":1617179874511,"gmtModify":1634522236189,"author":{"id":"3576052661337683","authorId":"3576052661337683","name":"Bobthebuild","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576052661337683","idStr":"3576052661337683"},"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/354267999","repostId":"1147019958","repostType":4,"isVote":1,"tweetType":1,"viewCount":1884,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":358149305,"gmtCreate":1616675837607,"gmtModify":1634524620464,"author":{"id":"3576052661337683","authorId":"3576052661337683","name":"Bobthebuild","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576052661337683","idStr":"3576052661337683"},"themes":[],"htmlText":"Is it a competitive clause","listText":"Is it a competitive clause","text":"Is it a competitive clause","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/358149305","repostId":"2122241447","repostType":4,"isVote":1,"tweetType":1,"viewCount":2745,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":320992895,"gmtCreate":1614996895317,"gmtModify":1703484069727,"author":{"id":"3576052661337683","authorId":"3576052661337683","name":"Bobthebuild","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576052661337683","idStr":"3576052661337683"},"themes":[],"htmlText":"What","listText":"What","text":"What","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/320992895","repostId":"2117918638","repostType":4,"repost":{"id":"2117918638","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":1614945941,"share":"https://www.laohu8.com/m/news/2117918638?lang=zh_CN&edition=full","pubTime":"2021-03-05 20:05","market":"hk","language":"en","title":"Superior Industries Intl Q4 EPS $(1.16) Down From $0.62 YoY, Sales $337.70M Beat $313.99M Estimate<blockquote>Superior Industries Intl第四季度每股收益(1.16)美元，同比下降0.62美元，销售额3.377亿美元，超出预期3.1399亿美元</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2117918638","media":"Benzinga","summary":"Superior Industries Intl (NYSE:SUP) reported quarterly losses of $(1.16) per share. This is a 287.1 percent decrease over earnings of $0.62 per share from the same period last year.  The company reported quarterly sales","content":"<p><a href=\"https://laohu8.com/S/SUP\">Superior</a>  Industries Intl reported quarterly losses of $(1.16) per share. This is a 287.1 percent decrease over earnings of $0.62 per share from the same period last year.  The company reported quarterly sales of $337.70 million which beat the analyst consensus estimate of $313.99 million by 7.55 percent.  This is a 236.20 percent increase over sales of $100.45 million the same period last year.</p><p><blockquote><a href=\"https://laohu8.com/S/SUP\">上级</a>Industries Intl报告季度亏损为每股(1.16)美元。这比去年同期每股收益0.62美元下降了287.1%。该公司报告季度销售额为3.377亿美元，比分析师普遍预期的3.1399亿美元高出7.55%。这比去年同期1.0045亿美元的销售额增长了236.20%。</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>Superior Industries Intl Q4 EPS $(1.16) Down From $0.62 YoY, Sales $337.70M Beat $313.99M Estimate<blockquote>Superior Industries Intl第四季度每股收益(1.16)美元，同比下降0.62美元，销售额3.377亿美元，超出预期3.1399亿美元</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\">\nSuperior Industries Intl Q4 EPS $(1.16) Down From $0.62 YoY, Sales $337.70M Beat $313.99M Estimate<blockquote>Superior Industries Intl第四季度每股收益(1.16)美元，同比下降0.62美元，销售额3.377亿美元，超出预期3.1399亿美元</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\">2021-03-05 20:05</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p><a href=\"https://laohu8.com/S/SUP\">Superior</a>  Industries Intl reported quarterly losses of $(1.16) per share. This is a 287.1 percent decrease over earnings of $0.62 per share from the same period last year.  The company reported quarterly sales of $337.70 million which beat the analyst consensus estimate of $313.99 million by 7.55 percent.  This is a 236.20 percent increase over sales of $100.45 million the same period last year.</p><p><blockquote><a href=\"https://laohu8.com/S/SUP\">上级</a>Industries Intl报告季度亏损为每股(1.16)美元。这比去年同期每股收益0.62美元下降了287.1%。该公司报告季度销售额为3.377亿美元，比分析师普遍预期的3.1399亿美元高出7.55%。这比去年同期1.0045亿美元的销售额增长了236.20%。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2117918638","content_text":"Superior  Industries Intl reported quarterly losses of $(1.16) per share. This is a 287.1 percent decrease over earnings of $0.62 per share from the same period last year.  The company reported quarterly sales of $337.70 million which beat the analyst consensus estimate of $313.99 million by 7.55 percent.  This is a 236.20 percent increase over sales of $100.45 million the same period last year.","news_type":1,"symbols_score_info":{"SUP":0.9}},"isVote":1,"tweetType":1,"viewCount":632,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":363053109,"gmtCreate":1614085684401,"gmtModify":1634551241488,"author":{"id":"3576052661337683","authorId":"3576052661337683","name":"Bobthebuild","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576052661337683","idStr":"3576052661337683"},"themes":[],"htmlText":"Cuz of the man","listText":"Cuz of the man","text":"Cuz of the 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10:59","market":"us","language":"en","title":"What to Watch for in Berkshire Hathaway’s Earnings Report<blockquote>伯克希尔哈撒韦公司收益报告中值得关注的内容</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1168093489","media":"Barrons","summary":"Berkshire Hathaway’s share repurchases will be a major investor focus when the company reports its f","content":"<p>Berkshire Hathaway’s share repurchases will be a major investor focus when the company reports its fourth-quarter earnings on Saturday in conjunction with CEO Warren Buffett’s eagerly awaited shareholder letter and the company’s annual report.</p><p><blockquote>伯克希尔哈撒韦公司将于周六公布第四季度财报，同时公布首席执行官沃伦·巴菲特期待已久的股东信和公司年报，届时该公司的股票回购将成为投资者关注的主要焦点。</blockquote></p><p> Berkshire (ticker: BRK.B and BRK. A) stepped up its stock buybacks in the third quarter, cheering investors who wanted to see a signal from Buffett that the stock was inexpensive after badly trailing the S&amp;P 500 in 2019 and 2020 by a total of more than 40 percentage points.</p><p><blockquote>伯克希尔哈撒韦公司（股票代码：BRK.B和BRK.A）在第三季度加大了股票回购力度，让那些希望看到巴菲特发出信号的投资者欢呼雀跃，表明该股在2019年和2020年严重落后于标普500后股价便宜。超过40个百分点。</blockquote></p><p> The fourth-quarter buybacks will offer a read on whether Buffett felt the stock remained cheap as it appreciated during the period. News of a sizable buyback could buoy investors and lift Berkshire shares next week.</p><p><blockquote>第四季度的回购将让我们了解巴菲特是否认为该股在此期间升值时仍然便宜。大规模回购的消息可能会提振投资者并提振下周伯克希尔股价。</blockquote></p><p> Berkshire’s class A shares finished 2020 at $348,000, up 10% from Sept. 30. The stock has rallied further in 2021, gaining 6.5%, to $371,200 and topping the S&amp;P 500’s 3.5% total return. Shares were down 1% on Thursday after hitting a record high of more than $377,000. The class B shares were 0.9% lower Thursday, at $246.26.</p><p><blockquote>伯克希尔哈撒韦A类股2020年收盘价为348,000美元，较9月30日上涨10%。该股在2021年进一步上涨，上涨6.5%，至371,200美元，超过了标普500 3.5%的总回报率。周四，股价在创下超过377,000美元的历史新高后下跌1%。B类股周四下跌0.9%，至246.26美元。</blockquote></p><p> Berkshire bought back a record $9 billion in the third quarter, or nearly 2% of its shares outstanding, up from $5 billion in the second quarter. For the first nine months of 2020, Berkshire repurchased $15.7 billion, more than the $5 billion in all of 2019.</p><p><blockquote>伯克希尔第三季度回购了创纪录的90亿美元，占其已发行股票的近2%，高于第二季度的50亿美元。2020年前9个月，伯克希尔回购了157亿美元，超过了2019年全年的50亿美元。</blockquote></p><p> The company continued to repurchase stock during October, buying back more than $2 billion, based on data from the third-quarter 10-Q filing.</p><p><blockquote>根据第三季度10-Q文件的数据，该公司在10月份继续回购股票，回购了超过20亿美元。</blockquote></p><p> It’s difficult to peg the fourth-quarter buybacks but a figure of about $7 billion wouldn’t be surprising.</p><p><blockquote>很难确定第四季度的回购，但约70亿美元的数字并不令人惊讶。</blockquote></p><p> Buffett may address the stepped-up repurchase activity in his shareholder letter.In an article last week,<i>Barron’s</i>urged Berkshire to initiate a 2% dividend—it now pays nothing—and to provide greater financial disclosure about major divisions like Precision Castparts, a maker of aircraft parts that has been hard hit by the aerospace downturn.</p><p><blockquote>巴菲特可能会在股东信中谈到加强回购活动。在上周的一篇文章中，<i>巴伦周刊</i>敦促伯克希尔哈撒韦公司开始派发2%的股息（目前不支付任何股息），并提供有关Precision Castparts等主要部门的更多财务信息，Precision Castparts是一家飞机零部件制造商，受到航空航天低迷的严重打击。</blockquote></p><p> The CEO is price conscious and won’t pay any price for Berkshire shares. The good news for shareholders is that book value likely rose smartly in the fourth quarter, thanks to big gains in Berkshire’s $270 billion equity portfolio—appreciation could have approached $40 billion. Paper gains and losses in the equity portfolio are reflected in both book value and earnings.</p><p><blockquote>首席执行官有价格意识，不会为伯克希尔股票支付任何价格。对股东来说，好消息是，由于伯克希尔2700亿美元股票投资组合的大幅上涨，第四季度账面价值可能会大幅上涨——升值可能接近400亿美元。股票投资组合的账面收益和损失反映在账面价值和收益中。</blockquote></p><p> Apple(AAPL), the largest holding at nearly 900 million shares, rose by more than $15 billion in the fourth quarter, and other big investments appreciated, includingBank of America(BAC),Coca-Cola(KO), andAmerican Express(AXP).</p><p><blockquote>苹果(AAPL)是最大持股，持有近9亿股，第四季度股价上涨超过150亿美元，其他大型投资也有所升值，包括美国银行(BAC)、可口可乐(KO)和美国运通(AXP)。</blockquote></p><p> Book value is estimated to have ended 2020 at around $287,000 per class A share, according to Edward Jones analyst James Shanahan. That would be up about 9% from the Sept. 30 level of $264,000.</p><p><blockquote>Edward Jones分析师詹姆斯·沙纳汉(James Shanahan)表示，截至2020年底，每股A类股的账面价值估计约为287,000美元。这将比9月30日264,000美元的水平上涨约9%。</blockquote></p><p> Book value at the end of the current quarter could approach $295,000 per class A share, boosted by operating earnings of about $4,000 a class A share and some appreciation in the equity portfolio. Apple is down about 7% so far in 2021 to $124, which will weigh on overall gains in the portfolio.</p><p><blockquote>由于每股A类股约4,000美元的营业收益以及股票投资组合的一些升值，本季度末的账面价值可能接近每股A类股295,000美元。苹果2021年迄今已下跌约7%至124美元，这将拖累投资组合的整体涨幅。</blockquote></p><p> Berkshire stock now trades nearly 1.3 times projected March 31 book value—assuming no major changes in the stock market. That is below the average of 1.4 times book value in the past five years and is likely below by a comfortable margin what Buffett calls the company’s intrinsic value.</p><p><blockquote>假设股市没有重大变化，伯克希尔股票目前的交易价格几乎是3月31日预计账面价值的1.3倍。这低于过去五年账面价值1.4倍的平均水平，也可能远低于巴菲特评级公司的内在价值。</blockquote></p><p> It will be interesting to see whether Buffett has been willing to buy back much stock in the current quarter given the appreciation. Investors won’t find that out until May, when the company releases first-quarter earnings and its 10-Q for the period.</p><p><blockquote>鉴于股价升值，看看巴菲特是否愿意在本季度回购大量股票将会很有趣。投资者要到5月份才会发现这一点，届时该公司将发布第一季度收益和该期间的第十季度财报。</blockquote></p><p> Berkshire’s fourth-quarter operating earnings—excluding changes in the equity portfolio—are expected to be up about 25% in the period, to $3,368 a class A share and $2.25 a class B share.</p><p><blockquote>伯克希尔第四季度营业收益（不包括股票投资组合的变化）预计将在此期间增长约25%，达到A类股3,368美元，B类股2.25美元。</blockquote></p><p> Berkshire stock has gotten a lift as investors anticipate solid growth in the company’s earnings this year, driven by a raft of economically sensitive businesses including the Burlington Northern Santa Fe railroad and a group of housing-related units, including Shaw Industries (carpet and flooring), Benjamin Moore (paints), and Clayton Homes, a big producer of manufactured housing.</p><p><blockquote>伯克希尔股价上涨，因为投资者预计该公司今年的盈利将稳健增长，这得益于大量对经济敏感的业务，包括伯灵顿北圣达菲铁路公司和一组住房相关部门，包括Shaw Industries（地毯和地板））、Benjamin Moore（油漆）和大型活动房屋生产商Clayton Homes。</blockquote></p><p> The overall earnings for the fourth quarter will likely be enormous because of paper gains in the stock portfolio that run through the income statement.</p><p><blockquote>由于贯穿损益表的股票投资组合的账面收益，第四季度的整体收益可能会非常巨大。</blockquote></p><p> <i>Barron’s</i>&nbsp;has&nbsp;argued&nbsp;that Berkshirelooks appealing, thanks to its relatively low valuation and strong profit outlook.</p><p><blockquote><i>巴伦周刊</i>认为伯克希尔看起来很有吸引力，这要归功于其相对较低的估值和强劲的利润前景。</blockquote></p><p> In the letter, Buffett may address what was a disappointing year for investment activity in 2020. Berkshire failed to make a major acquisition—continuing a multiyear period without one. And the company failed to capitalize on the stock-market turmoil in the spring to make big purchases. That’s despite Berkshire sitting on $146 billion in cash as of the end of third quarter.</p><p><blockquote>在信中，巴菲特可能会谈到2020年投资活动令人失望的一年。伯克希尔未能进行重大收购——连续多年没有进行收购。该公司也未能利用春季股市动荡进行大额收购。尽管截至第三季度末，伯克希尔哈撒韦公司拥有1,460亿美元现金。</blockquote></p><p></p><p> In fact, Berkshire was likely a net seller of around $9 billion worth of stocks last year, as it liquidated holdings inJPMorgan Chase(JPM) andGoldman Sachs Group(GS) at considerably below current prices and significantly cut its stake inWells Fargo(WFC).</p><p><blockquote>事实上，伯克希尔去年可能净卖出了价值约90亿美元的股票，因为它以远低于当前价格的价格清算了摩根大通(JPM)和高盛集团(GS)的股份，并大幅削减了富国银行(WFC)的股份。</blockquote></p><p> Buffett unloaded Berkshire’s airline investments near the market bottom in April for about $6 billion. Former holdingsSouthwest Airlines(LUV) andDelta Air Lines(DAL) have nearly doubled since then.</p><p><blockquote>巴菲特在4月份接近市场底部时以约60亿美元的价格抛售了伯克希尔的航空投资。此后，前控股的西南航空（LUV）和达美航空（DAL）股价几乎翻了一番。</blockquote></p><p> Succession is also on the minds of investors, with Buffett having turned 90 in August.</p><p><blockquote>随着巴菲特八月份就满90岁了，继任也是投资者关心的问题。</blockquote></p><p> <i>Barron’s</i>&nbsp;has argued that Buffett mightwant to give up the CEO jobto Berkshire senior executive Greg Abel while remaining chairman and overseeing the investment portfolio. Buffett has said little about succession in his recent annual letters so it would be notable if he does address the topic.</p><p><blockquote><i>巴伦周刊</i>认为巴菲特可能希望将首席执行官的职位让给伯克希尔高级管理人员格雷格·阿贝尔，同时继续担任董事长并监督投资组合。巴菲特在最近的年度信件中很少谈到继承问题，因此如果他确实谈到这个话题，那将是值得注意的。</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>What to Watch for in Berkshire Hathaway’s Earnings Report<blockquote>伯克希尔哈撒韦公司收益报告中值得关注的内容</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\">\nWhat to Watch for in Berkshire Hathaway’s Earnings Report<blockquote>伯克希尔哈撒韦公司收益报告中值得关注的内容</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-02-26 10:59</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Berkshire Hathaway’s share repurchases will be a major investor focus when the company reports its fourth-quarter earnings on Saturday in conjunction with CEO Warren Buffett’s eagerly awaited shareholder letter and the company’s annual report.</p><p><blockquote>伯克希尔哈撒韦公司将于周六公布第四季度财报，同时公布首席执行官沃伦·巴菲特期待已久的股东信和公司年报，届时该公司的股票回购将成为投资者关注的主要焦点。</blockquote></p><p> Berkshire (ticker: BRK.B and BRK. A) stepped up its stock buybacks in the third quarter, cheering investors who wanted to see a signal from Buffett that the stock was inexpensive after badly trailing the S&amp;P 500 in 2019 and 2020 by a total of more than 40 percentage points.</p><p><blockquote>伯克希尔哈撒韦公司（股票代码：BRK.B和BRK.A）在第三季度加大了股票回购力度，让那些希望看到巴菲特发出信号的投资者欢呼雀跃，表明该股在2019年和2020年严重落后于标普500后股价便宜。超过40个百分点。</blockquote></p><p> The fourth-quarter buybacks will offer a read on whether Buffett felt the stock remained cheap as it appreciated during the period. News of a sizable buyback could buoy investors and lift Berkshire shares next week.</p><p><blockquote>第四季度的回购将让我们了解巴菲特是否认为该股在此期间升值时仍然便宜。大规模回购的消息可能会提振投资者并提振下周伯克希尔股价。</blockquote></p><p> Berkshire’s class A shares finished 2020 at $348,000, up 10% from Sept. 30. The stock has rallied further in 2021, gaining 6.5%, to $371,200 and topping the S&amp;P 500’s 3.5% total return. Shares were down 1% on Thursday after hitting a record high of more than $377,000. The class B shares were 0.9% lower Thursday, at $246.26.</p><p><blockquote>伯克希尔哈撒韦A类股2020年收盘价为348,000美元，较9月30日上涨10%。该股在2021年进一步上涨，上涨6.5%，至371,200美元，超过了标普500 3.5%的总回报率。周四，股价在创下超过377,000美元的历史新高后下跌1%。B类股周四下跌0.9%，至246.26美元。</blockquote></p><p> Berkshire bought back a record $9 billion in the third quarter, or nearly 2% of its shares outstanding, up from $5 billion in the second quarter. For the first nine months of 2020, Berkshire repurchased $15.7 billion, more than the $5 billion in all of 2019.</p><p><blockquote>伯克希尔第三季度回购了创纪录的90亿美元，占其已发行股票的近2%，高于第二季度的50亿美元。2020年前9个月，伯克希尔回购了157亿美元，超过了2019年全年的50亿美元。</blockquote></p><p> The company continued to repurchase stock during October, buying back more than $2 billion, based on data from the third-quarter 10-Q filing.</p><p><blockquote>根据第三季度10-Q文件的数据，该公司在10月份继续回购股票，回购了超过20亿美元。</blockquote></p><p> It’s difficult to peg the fourth-quarter buybacks but a figure of about $7 billion wouldn’t be surprising.</p><p><blockquote>很难确定第四季度的回购，但约70亿美元的数字并不令人惊讶。</blockquote></p><p> Buffett may address the stepped-up repurchase activity in his shareholder letter.In an article last week,<i>Barron’s</i>urged Berkshire to initiate a 2% dividend—it now pays nothing—and to provide greater financial disclosure about major divisions like Precision Castparts, a maker of aircraft parts that has been hard hit by the aerospace downturn.</p><p><blockquote>巴菲特可能会在股东信中谈到加强回购活动。在上周的一篇文章中，<i>巴伦周刊</i>敦促伯克希尔哈撒韦公司开始派发2%的股息（目前不支付任何股息），并提供有关Precision Castparts等主要部门的更多财务信息，Precision Castparts是一家飞机零部件制造商，受到航空航天低迷的严重打击。</blockquote></p><p> The CEO is price conscious and won’t pay any price for Berkshire shares. The good news for shareholders is that book value likely rose smartly in the fourth quarter, thanks to big gains in Berkshire’s $270 billion equity portfolio—appreciation could have approached $40 billion. Paper gains and losses in the equity portfolio are reflected in both book value and earnings.</p><p><blockquote>首席执行官有价格意识，不会为伯克希尔股票支付任何价格。对股东来说，好消息是，由于伯克希尔2700亿美元股票投资组合的大幅上涨，第四季度账面价值可能会大幅上涨——升值可能接近400亿美元。股票投资组合的账面收益和损失反映在账面价值和收益中。</blockquote></p><p> Apple(AAPL), the largest holding at nearly 900 million shares, rose by more than $15 billion in the fourth quarter, and other big investments appreciated, includingBank of America(BAC),Coca-Cola(KO), andAmerican Express(AXP).</p><p><blockquote>苹果(AAPL)是最大持股，持有近9亿股，第四季度股价上涨超过150亿美元，其他大型投资也有所升值，包括美国银行(BAC)、可口可乐(KO)和美国运通(AXP)。</blockquote></p><p> Book value is estimated to have ended 2020 at around $287,000 per class A share, according to Edward Jones analyst James Shanahan. That would be up about 9% from the Sept. 30 level of $264,000.</p><p><blockquote>Edward Jones分析师詹姆斯·沙纳汉(James Shanahan)表示，截至2020年底，每股A类股的账面价值估计约为287,000美元。这将比9月30日264,000美元的水平上涨约9%。</blockquote></p><p> Book value at the end of the current quarter could approach $295,000 per class A share, boosted by operating earnings of about $4,000 a class A share and some appreciation in the equity portfolio. Apple is down about 7% so far in 2021 to $124, which will weigh on overall gains in the portfolio.</p><p><blockquote>由于每股A类股约4,000美元的营业收益以及股票投资组合的一些升值，本季度末的账面价值可能接近每股A类股295,000美元。苹果2021年迄今已下跌约7%至124美元，这将拖累投资组合的整体涨幅。</blockquote></p><p> Berkshire stock now trades nearly 1.3 times projected March 31 book value—assuming no major changes in the stock market. That is below the average of 1.4 times book value in the past five years and is likely below by a comfortable margin what Buffett calls the company’s intrinsic value.</p><p><blockquote>假设股市没有重大变化，伯克希尔股票目前的交易价格几乎是3月31日预计账面价值的1.3倍。这低于过去五年账面价值1.4倍的平均水平，也可能远低于巴菲特评级公司的内在价值。</blockquote></p><p> It will be interesting to see whether Buffett has been willing to buy back much stock in the current quarter given the appreciation. Investors won’t find that out until May, when the company releases first-quarter earnings and its 10-Q for the period.</p><p><blockquote>鉴于股价升值，看看巴菲特是否愿意在本季度回购大量股票将会很有趣。投资者要到5月份才会发现这一点，届时该公司将发布第一季度收益和该期间的第十季度财报。</blockquote></p><p> Berkshire’s fourth-quarter operating earnings—excluding changes in the equity portfolio—are expected to be up about 25% in the period, to $3,368 a class A share and $2.25 a class B share.</p><p><blockquote>伯克希尔第四季度营业收益（不包括股票投资组合的变化）预计将在此期间增长约25%，达到A类股3,368美元，B类股2.25美元。</blockquote></p><p> Berkshire stock has gotten a lift as investors anticipate solid growth in the company’s earnings this year, driven by a raft of economically sensitive businesses including the Burlington Northern Santa Fe railroad and a group of housing-related units, including Shaw Industries (carpet and flooring), Benjamin Moore (paints), and Clayton Homes, a big producer of manufactured housing.</p><p><blockquote>伯克希尔股价上涨，因为投资者预计该公司今年的盈利将稳健增长，这得益于大量对经济敏感的业务，包括伯灵顿北圣达菲铁路公司和一组住房相关部门，包括Shaw Industries（地毯和地板））、Benjamin Moore（油漆）和大型活动房屋生产商Clayton Homes。</blockquote></p><p> The overall earnings for the fourth quarter will likely be enormous because of paper gains in the stock portfolio that run through the income statement.</p><p><blockquote>由于贯穿损益表的股票投资组合的账面收益，第四季度的整体收益可能会非常巨大。</blockquote></p><p> <i>Barron’s</i>&nbsp;has&nbsp;argued&nbsp;that Berkshirelooks appealing, thanks to its relatively low valuation and strong profit outlook.</p><p><blockquote><i>巴伦周刊</i>认为伯克希尔看起来很有吸引力，这要归功于其相对较低的估值和强劲的利润前景。</blockquote></p><p> In the letter, Buffett may address what was a disappointing year for investment activity in 2020. Berkshire failed to make a major acquisition—continuing a multiyear period without one. And the company failed to capitalize on the stock-market turmoil in the spring to make big purchases. That’s despite Berkshire sitting on $146 billion in cash as of the end of third quarter.</p><p><blockquote>在信中，巴菲特可能会谈到2020年投资活动令人失望的一年。伯克希尔未能进行重大收购——连续多年没有进行收购。该公司也未能利用春季股市动荡进行大额收购。尽管截至第三季度末，伯克希尔哈撒韦公司拥有1,460亿美元现金。</blockquote></p><p></p><p> In fact, Berkshire was likely a net seller of around $9 billion worth of stocks last year, as it liquidated holdings inJPMorgan Chase(JPM) andGoldman Sachs Group(GS) at considerably below current prices and significantly cut its stake inWells Fargo(WFC).</p><p><blockquote>事实上，伯克希尔去年可能净卖出了价值约90亿美元的股票，因为它以远低于当前价格的价格清算了摩根大通(JPM)和高盛集团(GS)的股份，并大幅削减了富国银行(WFC)的股份。</blockquote></p><p> Buffett unloaded Berkshire’s airline investments near the market bottom in April for about $6 billion. Former holdingsSouthwest Airlines(LUV) andDelta Air Lines(DAL) have nearly doubled since then.</p><p><blockquote>巴菲特在4月份接近市场底部时以约60亿美元的价格抛售了伯克希尔的航空投资。此后，前控股的西南航空（LUV）和达美航空（DAL）股价几乎翻了一番。</blockquote></p><p> Succession is also on the minds of investors, with Buffett having turned 90 in August.</p><p><blockquote>随着巴菲特八月份就满90岁了，继任也是投资者关心的问题。</blockquote></p><p> <i>Barron’s</i>&nbsp;has argued that Buffett mightwant to give up the CEO jobto Berkshire senior executive Greg Abel while remaining chairman and overseeing the investment portfolio. Buffett has said little about succession in his recent annual letters so it would be notable if he does address the topic.</p><p><blockquote><i>巴伦周刊</i>认为巴菲特可能希望将首席执行官的职位让给伯克希尔高级管理人员格雷格·阿贝尔，同时继续担任董事长并监督投资组合。巴菲特在最近的年度信件中很少谈到继承问题，因此如果他确实谈到这个话题，那将是值得注意的。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/what-to-watch-for-in-the-earnings-of-warren-buffetts-berkshire-hathaway-51614280771?mod=hp_LEADSUPP_2\">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":{"BRK.B":"伯克希尔B","BRK.A":"伯克希尔"},"source_url":"https://www.barrons.com/articles/what-to-watch-for-in-the-earnings-of-warren-buffetts-berkshire-hathaway-51614280771?mod=hp_LEADSUPP_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1168093489","content_text":"Berkshire Hathaway’s share repurchases will be a major investor focus when the company reports its fourth-quarter earnings on Saturday in conjunction with CEO Warren Buffett’s eagerly awaited shareholder letter and the company’s annual report.\nBerkshire (ticker: BRK.B and BRK. A) stepped up its stock buybacks in the third quarter, cheering investors who wanted to see a signal from Buffett that the stock was inexpensive after badly trailing the S&P 500 in 2019 and 2020 by a total of more than 40 percentage points.\nThe fourth-quarter buybacks will offer a read on whether Buffett felt the stock remained cheap as it appreciated during the period. News of a sizable buyback could buoy investors and lift Berkshire shares next week.\nBerkshire’s class A shares finished 2020 at $348,000, up 10% from Sept. 30. The stock has rallied further in 2021, gaining 6.5%, to $371,200 and topping the S&P 500’s 3.5% total return. Shares were down 1% on Thursday after hitting a record high of more than $377,000. The class B shares were 0.9% lower Thursday, at $246.26.\nBerkshire bought back a record $9 billion in the third quarter, or nearly 2% of its shares outstanding, up from $5 billion in the second quarter. For the first nine months of 2020, Berkshire repurchased $15.7 billion, more than the $5 billion in all of 2019.\nThe company continued to repurchase stock during October, buying back more than $2 billion, based on data from the third-quarter 10-Q filing.\nIt’s difficult to peg the fourth-quarter buybacks but a figure of about $7 billion wouldn’t be surprising.\nBuffett may address the stepped-up repurchase activity in his shareholder letter.In an article last week,Barron’surged Berkshire to initiate a 2% dividend—it now pays nothing—and to provide greater financial disclosure about major divisions like Precision Castparts, a maker of aircraft parts that has been hard hit by the aerospace downturn.\nThe CEO is price conscious and won’t pay any price for Berkshire shares. The good news for shareholders is that book value likely rose smartly in the fourth quarter, thanks to big gains in Berkshire’s $270 billion equity portfolio—appreciation could have approached $40 billion. Paper gains and losses in the equity portfolio are reflected in both book value and earnings.\nApple(AAPL), the largest holding at nearly 900 million shares, rose by more than $15 billion in the fourth quarter, and other big investments appreciated, includingBank of America(BAC),Coca-Cola(KO), andAmerican Express(AXP).\nBook value is estimated to have ended 2020 at around $287,000 per class A share, according to Edward Jones analyst James Shanahan. That would be up about 9% from the Sept. 30 level of $264,000.\nBook value at the end of the current quarter could approach $295,000 per class A share, boosted by operating earnings of about $4,000 a class A share and some appreciation in the equity portfolio. Apple is down about 7% so far in 2021 to $124, which will weigh on overall gains in the portfolio.\nBerkshire stock now trades nearly 1.3 times projected March 31 book value—assuming no major changes in the stock market. That is below the average of 1.4 times book value in the past five years and is likely below by a comfortable margin what Buffett calls the company’s intrinsic value.\nIt will be interesting to see whether Buffett has been willing to buy back much stock in the current quarter given the appreciation. Investors won’t find that out until May, when the company releases first-quarter earnings and its 10-Q for the period.\nBerkshire’s fourth-quarter operating earnings—excluding changes in the equity portfolio—are expected to be up about 25% in the period, to $3,368 a class A share and $2.25 a class B share.\nBerkshire stock has gotten a lift as investors anticipate solid growth in the company’s earnings this year, driven by a raft of economically sensitive businesses including the Burlington Northern Santa Fe railroad and a group of housing-related units, including Shaw Industries (carpet and flooring), Benjamin Moore (paints), and Clayton Homes, a big producer of manufactured housing.\nThe overall earnings for the fourth quarter will likely be enormous because of paper gains in the stock portfolio that run through the income statement.\nBarron’s has argued that Berkshirelooks appealing, thanks to its relatively low valuation and strong profit outlook.\nIn the letter, Buffett may address what was a disappointing year for investment activity in 2020. Berkshire failed to make a major acquisition—continuing a multiyear period without one. And the company failed to capitalize on the stock-market turmoil in the spring to make big purchases. That’s despite Berkshire sitting on $146 billion in cash as of the end of third quarter.\nIn fact, Berkshire was likely a net seller of around $9 billion worth of stocks last year, as it liquidated holdings inJPMorgan Chase(JPM) andGoldman Sachs Group(GS) at considerably below current prices and significantly cut its stake inWells Fargo(WFC).\nBuffett unloaded Berkshire’s airline investments near the market bottom in April for about $6 billion. Former holdingsSouthwest Airlines(LUV) andDelta Air Lines(DAL) have nearly doubled since then.\nSuccession is also on the minds of investors, with Buffett having turned 90 in August.\nBarron’s has argued that Buffett mightwant to give up the CEO jobto Berkshire senior executive Greg Abel while remaining chairman and overseeing the investment portfolio. Buffett has said little about succession in his recent annual letters so it would be notable if he does address the topic.","news_type":1,"symbols_score_info":{"BRK.B":0.9,"BRK.A":0.9}},"isVote":1,"tweetType":1,"viewCount":484,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}