Bmaiw102的个人主页 - 老虎社区

Bmaiw102

暂无个人介绍

IP属地：未知

245关注

6粉丝

0主题

0勋章

2021-10-08

K

抱歉，原内容已删除

2021-10-06

.

抱歉，原内容已删除

2021-09-24

.

Pinterest Stock Could Further Dip In the Next Quarter After Earnings Report<blockquote>财报发布后，Pinterest股价下季度可能进一步下跌</blockquote>

2021-09-22

.

抱歉，原内容已删除

2021-09-21

.

抱歉，原内容已删除

2021-09-18

.

抱歉，原内容已删除

2021-09-14

.

抱歉，原内容已删除

2021-09-13

.

Cameco Stock and Uranium Prices Rise. Reddit Interest Is Growing.<blockquote>Cameco股票和铀价上涨。Reddit的兴趣越来越大。</blockquote>

2021-09-11

.

One Small Step From Apple Could Mean A Giant Leap For GlobalStar<blockquote>苹果迈出的一小步可能意味着GlobalStar的一大步</blockquote>

2021-09-10

.

抱歉，原内容已删除

2021-09-09

.

抱歉，原内容已删除

2021-09-08

.

Hedge Funds vs. Mutual Funds: What's Better?<blockquote>对冲基金与共同基金：哪个更好？</blockquote>

2021-09-06

。

Jerome Powell's Quest For Economic Stability Is Destabilizing<blockquote>杰罗姆·鲍威尔对经济稳定的追求正在破坏稳定</blockquote>

2021-09-02

.

抱歉，原内容已删除

2021-09-01

.

抱歉，原内容已删除

2021-08-30

.

Here's why this billionaire investor predicts cryptocurrencies will 'go to zero'<blockquote>这就是为什么这位亿万富翁投资者预测加密货币将“归零”</blockquote>

2021-08-27

.

抱歉，原内容已删除

2021-08-26

.

Roblox Is Feeling Reopening Headwinds<blockquote>Roblox感受到重新开放的阻力</blockquote>

2021-08-25

.

Toplines Before US Market Open on Wednesday<blockquote>周三美国市场开盘前的顶线</blockquote>

2021-08-24

。

What Jackson Hole Could Mean For Apple Stock<blockquote>Jackson Hole对苹果股票意味着什么</blockquote>

去老虎APP查看更多动态

{"i18n":{"language":"zh_CN"},"userPageInfo":{"id":"3576847817239184","uuid":"3576847817239184","gmtCreate":1613753793988,"gmtModify":1613753793988,"name":"Bmaiw102","pinyin":"bmaiw102","introduction":"","introductionEn":null,"signature":"","avatar":"https://static.laohu8.com/default-avatar.jpg","hat":null,"hatId":null,"hatName":null,"vip":1,"status":2,"fanSize":6,"headSize":245,"tweetSize":63,"questionSize":0,"limitLevel":999,"accountStatus":4,"level":{"id":1,"name":"萌萌虎","nameTw":"萌萌虎","represent":"呱呱坠地","factor":"评论帖子3次或发布1条主帖（非转发）","iconColor":"3C9E83","bgColor":"A2F1D9"},"themeCounts":0,"badgeCounts":0,"badges":[],"moderator":false,"superModerator":false,"manageSymbols":null,"badgeLevel":null,"boolIsFan":false,"boolIsHead":false,"favoriteSize":0,"symbols":null,"coverImage":null,"realNameVerified":null,"userBadges":[{"badgeId":"e50ce593bb40487ebfb542ca54f6a561-1","templateUuid":"e50ce593bb40487ebfb542ca54f6a561","name":"出道虎友","description":"加入老虎社区500天","bigImgUrl":"https://static.tigerbbs.com/0e4d0ca1da0456dc7894c946d44bf9ab","smallImgUrl":"https://static.tigerbbs.com/0f2f65e8ce4cfaae8db2bea9b127f58b","grayImgUrl":"https://static.tigerbbs.com/c5948a31b6edf154422335b265235809","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2022.07.08","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1001},{"badgeId":"518b5610c3e8410da5cfad115e4b0f5a-1","templateUuid":"518b5610c3e8410da5cfad115e4b0f5a","name":"实盘交易者","description":"完成一笔实盘交易","bigImgUrl":"https://static.tigerbbs.com/2e08a1cc2087a1de93402c2c290fa65b","smallImgUrl":"https://static.tigerbbs.com/4504a6397ce1137932d56e5f4ce27166","grayImgUrl":"https://static.tigerbbs.com/4b22c79415b4cd6e3d8ebc4a0fa32604","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100}],"userBadgeCount":2,"currentWearingBadge":null,"individualDisplayBadges":null,"crmLevel":11,"crmLevelSwitch":0,"location":"未知","starInvestorFollowerNum":0,"starInvestorFlag":false,"starInvestorOrderShareNum":0,"subscribeStarInvestorNum":0,"ror":null,"winRationPercentage":null,"showRor":false,"investmentPhilosophy":null,"starInvestorSubscribeFlag":false},"baikeInfo":{},"tab":"post","tweets":[{"id":821117964,"gmtCreate":1633705230857,"gmtModify":1633705231049,"author":{"id":"3576847817239184","authorId":"3576847817239184","name":"Bmaiw102","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576847817239184","authorIdStr":"3576847817239184"},"themes":[],"htmlText":"K","listText":"K","text":"K","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/821117964","repostId":"2173298169","repostType":4,"isVote":1,"tweetType":1,"viewCount":2505,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":829847259,"gmtCreate":1633492349782,"gmtModify":1633492349976,"author":{"id":"3576847817239184","authorId":"3576847817239184","name":"Bmaiw102","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576847817239184","authorIdStr":"3576847817239184"},"themes":[],"htmlText":".","listText":".","text":".","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/829847259","repostId":"1175055989","repostType":4,"isVote":1,"tweetType":1,"viewCount":2448,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":861693652,"gmtCreate":1632490295076,"gmtModify":1632718035805,"author":{"id":"3576847817239184","authorId":"3576847817239184","name":"Bmaiw102","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576847817239184","authorIdStr":"3576847817239184"},"themes":[],"htmlText":".","listText":".","text":".","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/861693652","repostId":"1134295573","repostType":4,"repost":{"id":"1134295573","kind":"news","pubTimestamp":1632487091,"share":"https://www.laohu8.com/m/news/1134295573?lang=zh_CN&edition=full","pubTime":"2021-09-24 20:38","market":"us","language":"en","title":"Pinterest Stock Could Further Dip In the Next Quarter After Earnings Report<blockquote>财报发布后，Pinterest股价下季度可能进一步下跌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1134295573","media":"InvestorPlace","summary":"Wait and watch before investing in PINS stock, but if you own it, hold on to it.\n\nPinterest, Inc. is","content":"<p><div> Wait and watch before investing in PINS stock, but if you own it, hold on to it.  Pinterest, Inc. is a popular social media stock that performed exceptionally well in 2020. But with the end of the ...</p><p><blockquote><div>在投资PINS股票之前先观望，但如果您拥有它，请持有它。Pinterest公司是一只受欢迎的社交媒体股票，在2020年表现异常出色。但是随着...</div></blockquote></p><p>  <a href=\"https://investorplace.com/2021/09/pinterest-stock-could-further-dip-in-the-next-quarter-after-earnings-report/\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://investorplace.com/2021/09/pinterest-stock-could-further-dip-in-the-next-quarter-after-earnings-report/\">网页连接</a></blockquote></p><p></p>","source":"lsy1606302653667","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>Pinterest Stock Could Further Dip In the Next Quarter After Earnings Report<blockquote>财报发布后，Pinterest股价下季度可能进一步下跌</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPinterest Stock Could Further Dip In the Next Quarter After Earnings Report<blockquote>财报发布后，Pinterest股价下季度可能进一步下跌</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">InvestorPlace</strong><span class=\"h-time small\">2021-09-24 20:38</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> Wait and watch before investing in PINS stock, but if you own it, hold on to it.  Pinterest, Inc. is a popular social media stock that performed exceptionally well in 2020. But with the end of the ...</p><p><blockquote><div>在投资PINS股票之前先观望，但如果您拥有它，请持有它。Pinterest公司是一只受欢迎的社交媒体股票，在2020年表现异常出色。但是随着...</div></blockquote></p><p>  <a href=\"https://investorplace.com/2021/09/pinterest-stock-could-further-dip-in-the-next-quarter-after-earnings-report/\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://investorplace.com/2021/09/pinterest-stock-could-further-dip-in-the-next-quarter-after-earnings-report/\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://investorplace.com/2021/09/pinterest-stock-could-further-dip-in-the-next-quarter-after-earnings-report/\">InvestorPlace</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":{"PINS":"Pinterest, Inc."},"source_url":"https://investorplace.com/2021/09/pinterest-stock-could-further-dip-in-the-next-quarter-after-earnings-report/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1134295573","content_text":"Wait and watch before investing in PINS stock, but if you own it, hold on to it.\n\nPinterest, Inc. is a popular social media stock that performed exceptionally well in 2020. But with the end of the pandemic coming closer, Pinterest is losing charm. People had to look for stay-at-home activities during 2020 but it only lasted for a short period of time. PINS stock saw a high of $89 in February 2021 and has been declining since then. It has not moved beyond the range of $50s since the past month and I do not think it is going to move up anytime soon.\nAfter the massive bull run, the stock is taking a breather. PINS stock went from $12 in March 2020 to $85 11 months later. This is no small feat. However, as we start to step out of our homes and resume normal life, PINS stock looks in trouble.\nThe company also reported a dip in the user base for the second quarter. I do not think this is the right time to invest in PINS stock. Let’s dig deeper into my investment case.\nPINS Stock Suffers User Decline\nThe start of the pandemic gave a push to Pinterest but users will not simply abandon it once the reopening is in full effect. However, the second-quarter numbers show a decline in user base and highlight the decline in user interest.\nWe are no longer searching for ways to make banana bread at home or add aesthetics to our home with DIY decor ideas. There is a growth in global monthly active users but it is not adequate. The third quarter will see a further decline in active users and it will prove that the company is unable to engage with the users efficiently. Additionally, the Q3 guidance has been a no-show which is a demotivating factor for investors.\nA decline in user base leads to a decline in revenue and a loss of interest from investors.\nNo Profits on the Horizon\nA major risk factor is theslow profitabilityof the company. It does have solid revenue growth but the profit numbers are not impressive. Pinterest has reported a net loss for the past four years and I believe it will continue to do so this year.\nIf the company is unable to report profits in the coming years, it will end up losing investor interest. Lack of profit is also a sign of an inefficient business model and shows that the company is not doing something right.\nThe company does have a very strong balance sheet but all might not be well in the post-pandemic world. Despite the solid cash balance, the profitability is not yet present and this is one factor that could bring PINS stock down in the coming quarters.\nWhat To Do With PINS Stock\nIf you already own the stock, I would not recommend selling it at the current level. It is best to hold on to the stock and wait for a  rise in the long-term.\nHowever, if you are thinking about buying PINS stock, it is best to avoid doing it at this stage. The stock could be trading at a discount but the next earnings report might lead to a further drop. PINS stock has shown a decline after announcing reports for Q1 and Q2 and the same might happen in the near future.\nPinterest is competing with strong players in the industry and it will have to enhance its offerings to ensure high customer engagement and satisfaction. The company needs to have a game plan to attract users in a post-Covid world. Until then, stay away from PINS stock.","news_type":1,"symbols_score_info":{"PINS":0.9}},"isVote":1,"tweetType":1,"viewCount":1981,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":869572740,"gmtCreate":1632311619480,"gmtModify":1632801345862,"author":{"id":"3576847817239184","authorId":"3576847817239184","name":"Bmaiw102","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576847817239184","authorIdStr":"3576847817239184"},"themes":[],"htmlText":".","listText":".","text":".","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/869572740","repostId":"2169659163","repostType":4,"isVote":1,"tweetType":1,"viewCount":1470,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":869065999,"gmtCreate":1632229728511,"gmtModify":1632801937998,"author":{"id":"3576847817239184","authorId":"3576847817239184","name":"Bmaiw102","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576847817239184","authorIdStr":"3576847817239184"},"themes":[],"htmlText":".","listText":".","text":".","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/869065999","repostId":"2169999636","repostType":4,"isVote":1,"tweetType":1,"viewCount":1454,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":887952344,"gmtCreate":1631963665088,"gmtModify":1632805060098,"author":{"id":"3576847817239184","authorId":"3576847817239184","name":"Bmaiw102","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576847817239184","authorIdStr":"3576847817239184"},"themes":[],"htmlText":".","listText":".","text":".","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/887952344","repostId":"1128389145","repostType":4,"isVote":1,"tweetType":1,"viewCount":1590,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":886575684,"gmtCreate":1631610558248,"gmtModify":1631884898003,"author":{"id":"3576847817239184","authorId":"3576847817239184","name":"Bmaiw102","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576847817239184","authorIdStr":"3576847817239184"},"themes":[],"htmlText":".","listText":".","text":".","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/886575684","repostId":"2167537203","repostType":4,"isVote":1,"tweetType":1,"viewCount":1793,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":886061957,"gmtCreate":1631539698679,"gmtModify":1631884898017,"author":{"id":"3576847817239184","authorId":"3576847817239184","name":"Bmaiw102","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576847817239184","authorIdStr":"3576847817239184"},"themes":[],"htmlText":".","listText":".","text":".","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/886061957","repostId":"1195159843","repostType":4,"repost":{"id":"1195159843","kind":"news","pubTimestamp":1631538110,"share":"https://www.laohu8.com/m/news/1195159843?lang=zh_CN&edition=full","pubTime":"2021-09-13 21:01","market":"us","language":"en","title":"Cameco Stock and Uranium Prices Rise. Reddit Interest Is Growing.<blockquote>Cameco股票和铀价上涨。Reddit的兴趣越来越大。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1195159843","media":"Barrons","summary":"Uranium producer Cameco, and meme stocks GameStop and AMC Entertainment all made gains early on Mond","content":"<p>Uranium producer Cameco, and meme stocks GameStop and AMC Entertainment all made gains early on Monday after generating interest on Reddit’s WallStreetBets forum.</p><p><blockquote>铀生产商Cameco以及模因股票游戏驿站和AMC院线在Reddit的WallStreetBets论坛上引起兴趣后，周一早盘均上涨。</blockquote></p><p> That is nothing new for longtime Reddit favorites GameStop (GME) and AMC (AMC), which climbed 1.6% and 2.7% in U.S. premarket trading.</p><p><blockquote>对于Reddit长期以来最受欢迎的游戏驿站(GME)和AMC(AMC)来说，这并不是什么新鲜事，它们在美国盘前交易中分别上涨了1.6%和2.7%。</blockquote></p><p> Cameco (CCJ), however, the world’s largest publicly traded uranium company, is relatively new to the discussion boards. But there is news around the company and uranium, which is used to fuel nuclear energy.</p><p><blockquote>然而，全球最大的上市铀公司Cameco(CCJ)对讨论板来说相对较新。但围绕该公司和用于核能燃料的铀有消息。</blockquote></p><p> The stock, which has climbed 56% in just over three weeks amid a uranium price surge, was more than 4% higher in premarket trading.</p><p><blockquote>由于铀价飙升，该股在短短三周多的时间里上涨了56%，在盘前交易中上涨了4%以上。</blockquote></p><p> The&nbsp;Sprott Physical Uranium Trust, the world’s largest fund holding physical uranium, has been aggressively buying the metal since it launched in July, which has helped drive the price rally. The fund has accumulated close to 25 million pounds of uranium, buying 850,000 pounds in one day last week.</p><p><blockquote>全球最大的持有实物铀的基金Sprott Physical Uranium Trust自7月份推出以来一直在积极购买这种金属，这有助于推动价格上涨。该基金已经积累了近2500万磅铀，上周一天内购买了85万磅。</blockquote></p><p> Uranium futures have climbed 40% to $42.40 in just under a month, according to FactSet data.</p><p><blockquote>FactSet数据显示，铀期货在不到一个月的时间里上涨了40%，至42.40美元。</blockquote></p><p> In a 2019 report, the World Nuclear Association forecast a 26% increase in demand from 2020 to 2030.</p><p><blockquote>世界核协会在2019年的一份报告中预测，2020年至2030年需求将增长26%。</blockquote></p><p> A renewed emphasis on climate change of late, following a number of extreme weather events across the world, has brought nuclear energy back into focus in recent months.</p><p><blockquote>在世界各地发生一系列极端天气事件后，最近人们对气候变化的重新重视使核能在最近几个月重新成为人们关注的焦点。</blockquote></p><p> It has also caught the attention of retail investors and Reddit users, proving a popular topic on the WallStreetBets forum; another page titled ‘UraniumSqueeze’ currently has more than 13,000 members.</p><p><blockquote>它还引起了散户投资者和Reddit用户的注意，成为WallStreetBets论坛上的热门话题；另一个名为“UraniumSqueeze”的页面目前拥有超过13,000名会员。</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>Cameco Stock and Uranium Prices Rise. Reddit Interest Is Growing.<blockquote>Cameco股票和铀价上涨。Reddit的兴趣越来越大。</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\">\nCameco Stock and Uranium Prices Rise. Reddit Interest Is Growing.<blockquote>Cameco股票和铀价上涨。Reddit的兴趣越来越大。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-09-13 21:01</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Uranium producer Cameco, and meme stocks GameStop and AMC Entertainment all made gains early on Monday after generating interest on Reddit’s WallStreetBets forum.</p><p><blockquote>铀生产商Cameco以及模因股票游戏驿站和AMC院线在Reddit的WallStreetBets论坛上引起兴趣后，周一早盘均上涨。</blockquote></p><p> That is nothing new for longtime Reddit favorites GameStop (GME) and AMC (AMC), which climbed 1.6% and 2.7% in U.S. premarket trading.</p><p><blockquote>对于Reddit长期以来最受欢迎的游戏驿站(GME)和AMC(AMC)来说，这并不是什么新鲜事，它们在美国盘前交易中分别上涨了1.6%和2.7%。</blockquote></p><p> Cameco (CCJ), however, the world’s largest publicly traded uranium company, is relatively new to the discussion boards. But there is news around the company and uranium, which is used to fuel nuclear energy.</p><p><blockquote>然而，全球最大的上市铀公司Cameco(CCJ)对讨论板来说相对较新。但围绕该公司和用于核能燃料的铀有消息。</blockquote></p><p> The stock, which has climbed 56% in just over three weeks amid a uranium price surge, was more than 4% higher in premarket trading.</p><p><blockquote>由于铀价飙升，该股在短短三周多的时间里上涨了56%，在盘前交易中上涨了4%以上。</blockquote></p><p> The&nbsp;Sprott Physical Uranium Trust, the world’s largest fund holding physical uranium, has been aggressively buying the metal since it launched in July, which has helped drive the price rally. The fund has accumulated close to 25 million pounds of uranium, buying 850,000 pounds in one day last week.</p><p><blockquote>全球最大的持有实物铀的基金Sprott Physical Uranium Trust自7月份推出以来一直在积极购买这种金属，这有助于推动价格上涨。该基金已经积累了近2500万磅铀，上周一天内购买了85万磅。</blockquote></p><p> Uranium futures have climbed 40% to $42.40 in just under a month, according to FactSet data.</p><p><blockquote>FactSet数据显示，铀期货在不到一个月的时间里上涨了40%，至42.40美元。</blockquote></p><p> In a 2019 report, the World Nuclear Association forecast a 26% increase in demand from 2020 to 2030.</p><p><blockquote>世界核协会在2019年的一份报告中预测，2020年至2030年需求将增长26%。</blockquote></p><p> A renewed emphasis on climate change of late, following a number of extreme weather events across the world, has brought nuclear energy back into focus in recent months.</p><p><blockquote>在世界各地发生一系列极端天气事件后，最近人们对气候变化的重新重视使核能在最近几个月重新成为人们关注的焦点。</blockquote></p><p> It has also caught the attention of retail investors and Reddit users, proving a popular topic on the WallStreetBets forum; another page titled ‘UraniumSqueeze’ currently has more than 13,000 members.</p><p><blockquote>它还引起了散户投资者和Reddit用户的注意，成为WallStreetBets论坛上的热门话题；另一个名为“UraniumSqueeze”的页面目前拥有超过13,000名会员。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/cameco-stock-and-uranium-prices-rise-51631537677?mod=hp_LATEST\">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":{"CCJ":"Cameco Corp"},"source_url":"https://www.barrons.com/articles/cameco-stock-and-uranium-prices-rise-51631537677?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1195159843","content_text":"Uranium producer Cameco, and meme stocks GameStop and AMC Entertainment all made gains early on Monday after generating interest on Reddit’s WallStreetBets forum.\nThat is nothing new for longtime Reddit favorites GameStop (GME) and AMC (AMC), which climbed 1.6% and 2.7% in U.S. premarket trading.\n\nCameco (CCJ), however, the world’s largest publicly traded uranium company, is relatively new to the discussion boards. But there is news around the company and uranium, which is used to fuel nuclear energy.\nThe stock, which has climbed 56% in just over three weeks amid a uranium price surge, was more than 4% higher in premarket trading.\nThe Sprott Physical Uranium Trust, the world’s largest fund holding physical uranium, has been aggressively buying the metal since it launched in July, which has helped drive the price rally. The fund has accumulated close to 25 million pounds of uranium, buying 850,000 pounds in one day last week.\n\nUranium futures have climbed 40% to $42.40 in just under a month, according to FactSet data.\nIn a 2019 report, the World Nuclear Association forecast a 26% increase in demand from 2020 to 2030.\nA renewed emphasis on climate change of late, following a number of extreme weather events across the world, has brought nuclear energy back into focus in recent months.\n\nIt has also caught the attention of retail investors and Reddit users, proving a popular topic on the WallStreetBets forum; another page titled ‘UraniumSqueeze’ currently has more than 13,000 members.","news_type":1,"symbols_score_info":{"CCJ":0.9}},"isVote":1,"tweetType":1,"viewCount":1764,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":881564632,"gmtCreate":1631366209926,"gmtModify":1631884898030,"author":{"id":"3576847817239184","authorId":"3576847817239184","name":"Bmaiw102","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576847817239184","authorIdStr":"3576847817239184"},"themes":[],"htmlText":".","listText":".","text":".","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/881564632","repostId":"1127461097","repostType":4,"repost":{"id":"1127461097","kind":"news","pubTimestamp":1631324868,"share":"https://www.laohu8.com/m/news/1127461097?lang=zh_CN&edition=full","pubTime":"2021-09-11 09:47","market":"us","language":"en","title":"One Small Step From Apple Could Mean A Giant Leap For GlobalStar<blockquote>苹果迈出的一小步可能意味着GlobalStar的一大步</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1127461097","media":"Seeking Alpha","summary":"Summary\n\nAt first sight, Globalstar is just one more satellite communications play.\nLooking deeper, ","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>At first sight, Globalstar is just one more satellite communications play.</li>  <li>Looking deeper, its Band n53, which offers secure and reliable connectivity in any environment, is now included into Qualcomm's latest 5G modems for smartphones.</li>  <li>Being selected by Apple could mean a lot for Globalstar in its strategy to boost and diversify revenues, as well as change the current loss-making status.</li>  <li>Even without Apple, the company merits interest, but only as a long-term beneficiary of IoT amid fierce competition and ability to reduce debt.</li>  <li>Valuations are sky-high in light of all the news hitting the market and, it is better to wait for some concrete news at Apple's event next week before investing.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ed6c50a6d200b5d8c35f4d14498600c9\" tg-width=\"1536\" tg-height=\"864\" width=\"100%\" height=\"auto\"><span>metamorworks/iStock via Getty Images</span></p><p><blockquote><ul><li>乍一看，Globalstar只是又一个卫星通信游戏。</li><li>更深入地看，其频段n53可在任何环境下提供安全可靠的连接，现已包含在高通最新的智能手机5G调制解调器中。</li><li>被苹果选中对于Globalstar增加收入和实现收入多元化以及改变目前亏损状况的战略来说意义重大。</li><li>即使没有苹果，该公司也值得关注，但只是作为物联网在激烈竞争和减少债务能力中的长期受益者。</li><li>鉴于市场上的所有消息，估值都非常高，最好在投资之前等待下周苹果活动上的一些具体消息。</li></ul><p class=\"t-img-caption\"><span>metamorworks/iStock来自Getty Images</span></p></blockquote></p><p> Globalstar's (GSAT) shares soared 40% on August 30 after a report by&nbsp;MacRumors&nbsp;which cited expert Apple (NASDAQ:AAPL) analyst&nbsp;Ming-Chi Kuo&nbsp;of TF International Securities, about iPhone 13 using satellite connectivity so that users can make calls and texts in areas without cellular coverage.</p><p><blockquote>8月30日，MacRumors援引天风国际证券苹果（纳斯达克股票代码：AAPL）分析师郭明錤的一份报告称，iPhone 13使用卫星连接，以便用户可以进行评级，Globalstar(GSAT)股价飙升40%。在没有蜂窝覆盖的区域发送短信。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1bd859c3544ffd37de25d5bc8dfe3166\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Soon afterwards, there were some further clarification by Bloomberg specifying that those features aren't due soon, but rather for future iPhones and should&nbsp;allow users to issue crash reports or text messages in areas without cellular coverage.</p><p><blockquote>不久之后，彭博进一步澄清说，这些功能不会很快推出，而是适用于未来的iPhones，应该允许用户在没有手机覆盖的地区发布崩溃报告或短信。</blockquote></p><p> Now, for Apple to even consider adding any satellite-based feature to its global brand would mean a lot for Globalstar, but first, for investors, I make sense of it all.</p><p><blockquote>现在，苹果甚至考虑在其全球品牌中添加任何基于卫星的功能对Globalstar来说意义重大，但首先，对于投资者来说，我明白这一切。</blockquote></p><p> <b>Reasons for Apple to choose Globalstar</b></p><p><blockquote><b>苹果选择Globalstar的原因</b></blockquote></p><p> For most of us, our experience with satellite-based internet has meant poor or sometimes erratic connectivity, but these were mostly with the geostationary satellites located far above the earth's surface. Instead, the opportunities offered by Globalstar's Low Earth Orbit (\"LEO\") satellites are much better, especially in areas that don't have 4G or 5G cellular coverage.</p><p><blockquote>对于我们大多数人来说，我们对基于卫星的互联网的体验意味着糟糕或有时不稳定的连接，但这些大多是与位于地球表面上方的地球同步卫星。相反，Globalstar的低地球轨道（“LEO”）卫星提供的机会要好得多，尤其是在没有4G或5G蜂窝覆盖的地区。</blockquote></p><p> To have an idea of the potential of LEO satellites, one can take a glance at Elon Musk’s SpaceX's (SPACE). These have been deployed at locations in the U.S and the U.K. with several customers already having signed up to the service. Bench-marking by Speedtest showed download speeds of&nbsp;97.23 Mbps,or far superior than those for other traditional providers. This speed was lower than the 115.22 Mbps median speed for fixed broadband providers, but makes sense for \"disadvantaged locations\" where telcos find it uneconomical to lay down additional fiber or expand cellular coverage.</p><p><blockquote>要了解低地球轨道卫星的潜力，可以看看埃隆·马斯克(Elon Musk)的SpaceX(SPACE)。这些服务已部署在美国和英国，一些客户已经注册了该服务。Speedtest的基准测试显示，下载速度为97.23 Mbps，远远高于其他传统供应商。这一速度低于固定宽带提供商115.22 Mbps的中值速度，但对于电信公司发现铺设额外光纤或扩大蜂窝覆盖不经济的“弱势地区”来说是有意义的。</blockquote></p><p> Therefore, given the enormous potential of the blending between the iPhone and satellite connectivity, news about Apple using Globalstar's network only for emergency purposes seems more aimed at not alarming its telco partners with whom it has been working since decades.</p><p><blockquote>因此，鉴于iPhone和卫星连接融合的巨大潜力，有关苹果仅出于紧急目的使用Globalstar网络的消息似乎更多的是为了不惊动与其合作数十年的电信合作伙伴。</blockquote></p><p> This blending is made possible by Qualcomm's (NASDAQ:QCOM) inclusion of Globalstar's band n53 in its new 5G X65 modem. This should also expand the satellite operator's potential device ecosystem significantly to include smartphones, laptops and tablets.</p><p><blockquote>高通（纳斯达克：QCOM）在其新的5G X65调制解调器中包含了Globalstar的n53频段，这使得这种混合成为可能。这也应该会显着扩大卫星运营商的潜在设备生态系统，将智能手机、笔记本电脑和平板电脑包括在内。</blockquote></p><p> For investors, the&nbsp;Snapdragon X65&nbsp;will be released in the fall of&nbsp;2022, most likely into next year’s iPhone. Better peak performance and other benefits should be there, but some will require carriers to upgrade their networks. On the other hand, with band n53, one can imagine the transformation of future mobility communications with a single operator plan anywhere in the world, without necessitating roaming, with no need to buy local SIM cards.</p><p><blockquote>对于投资者来说，骁龙X 65将于2022年秋季发布，很可能会进入明年的iPhone。应该会有更好的峰值性能和其他好处，但有些需要运营商升级他们的网络。另一方面，有了n53频段，人们可以想象未来移动通信的转变，在世界任何地方，通过单一运营商计划，无需漫游，无需购买本地SIM卡。</blockquote></p><p> <b>Globalstar's differentiation</b></p><p><blockquote><b>全球星的差异化</b></blockquote></p><p> Thus, this is not just about emergency calls or messaging and in a way, shows Globalstar's edge as a satellite network operator over telco's mobile network operations.</p><p><blockquote>因此，这不仅仅是关于紧急评级或消息传递，在某种程度上，显示了Globalstar作为卫星网络运营商相对于电信公司移动网络运营的优势。</blockquote></p><p> Now, satellite communications is a huge industry, estimated at $56.01 billion&nbsp;in 2019 and expected to hit $99.58 billion by 2027, registering a CAGR of 9.2% from 2020 to 2027. Going deeper, there are several satellite operators and service providers, with Iridium (IRDM) and Orbcomm (ORBC). Other companies are involved in space technology like DISH Networks (DISH) and AT&amp;T (T).</p><p><blockquote>现在，卫星通信是一个巨大的产业，2019年估计为560.1亿美元，预计到2027年将达到995.8亿美元，2020年至2027年的CAGR为9.2%。更深入地说，有几家卫星运营商和服务提供商，包括铱星(IRDM)和Orbcomm(ORBC)。其他公司也涉足太空技术，如DISH Networks(DISH)和AT&amp;T(T)。</blockquote></p><p> Here, GlobalStar seems to be having some key strengths with respect to peers.</p><p><blockquote>在这方面，GlobalStar似乎相对于同行拥有一些关键优势。</blockquote></p><p> According to the company's website, its&nbsp;strategically&nbsp;placed gateways offer local network access and national numbering plans as opposed to other LEO systems that require expensive international dialing for all calls. Also, Globalstar has a unique design which allows it to offer the most attractive local dialing and pricing plans to customers.</p><p><blockquote>根据该公司的网站，其战略性放置的网关提供本地网络接入和国家编号计划，而其他LEO系统需要为所有评级进行昂贵的国际拨号。此外，Globalstar拥有独特的设计，使其能够向客户提供最具吸引力的本地拨号和定价计划。</blockquote></p><p></p><p> Pursuing further, Globalstar’s 24 ground stations also serve as a bridge between LEO satellites and traditional communications infrastructure on six continents, with coverage spanning across over 120 countries throughout the world. Furthermore, the second generation ground infrastructure is based on the Internet protocol multimedia subsystem (\"IMS\") protocol, which facilitates the use of IP (Internet Protocol) for packet communications over wireless or landline.</p><p><blockquote>此外，Globalstar的24个地面站还充当了低地球轨道卫星和六大洲传统通信基础设施之间的桥梁，覆盖全球120多个国家。此外，第二代地面基础设施基于因特网协议多媒体子系统(“IMS”)协议，其便于使用IP(因特网协议)进行无线或陆线上的分组通信。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1ab07af4d39eb03b1776e870748b773f\" tg-width=\"828\" tg-height=\"468\" width=\"100%\" height=\"auto\"><span>Source: globalstar.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：globalstar.com</span></p></blockquote></p><p> Consequently, Globalstar brings some attractive metrics for a behemoth like Apple looking to penetrate new markets. In this respect, according to a source, more than&nbsp;five billion mobile subscribers&nbsp;constantly move in and out of wireless coverage, representing a huge TAM.</p><p><blockquote>因此，Globalstar为像苹果这样寻求渗透新市场的巨头带来了一些有吸引力的指标。在这方面，根据一个消息来源，超过50亿的移动用户不断地进出无线覆盖，这代表了一个巨大的TAM。</blockquote></p><p> Bagging a contract with Apple, even a partial one, or in partnership with another peer would increase the volume of new subscribers, which should in turn more than offset the current revenue impact from lower ARPU (Average Revenue per User).</p><p><blockquote>与苹果签订合同，即使是部分合同，或者与另一家同行合作，都会增加新用户数量，这反过来应该足以抵消当前ARPU（每用户平均收入）下降对收入的影响。</blockquote></p><p> <b>The revenues</b></p><p><blockquote><b>收入</b></blockquote></p><p> Overall sales have gone down in the second quarter of 2021 compared to last year as higher revenue generated from subscriber equipment related to SPOT (the largest segment) was offset by lower service revenues. For investors, SPOT is a GPS tracking device that uses Globalstar's satellite network to provide text messaging and GPS tracking.</p><p><blockquote>与去年相比，2021年第二季度的整体销售额有所下降，因为与SPOT（最大的细分市场）相关的用户设备产生的更高收入被服务收入的下降所抵消。对于投资者来说，SPOT是一款GPS跟踪设备，它使用Globalstar的卫星网络提供短信和GPS跟踪。</blockquote></p><p> Looking deeper, service revenue also decreased over the prior year's quarter due to fewer Duplex subscribers, with the decline expected to continue as Globalstar focuses resources on other revenue streams, like IoT-enabled devices. This is done in light of the shift in demand across the MSS (mobile satellite services) industry.</p><p><blockquote>更深入地看，由于双工用户减少，服务收入也比去年同期下降，随着Globalstar将资源集中在其他收入流（例如支持物联网的设备）上，预计这种下降将持续下去。这是鉴于整个MSS（移动卫星服务）行业的需求转变而完成的。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1e8b74a670c927d2d84f1751cfd4a148\" tg-width=\"498\" tg-height=\"457\" width=\"100%\" height=\"auto\"><span>Source: Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：寻求阿尔法</span></p></blockquote></p><p> Interestingly, service revenues generated from commercial IoT subscribers increased 5% in the second quarter of 2021 driven by higher ARPU compared to the prior year's quarter. Additionally, IoT equipment sales were up significantly from the prior year period, which is a key indication of future service revenue growth.</p><p><blockquote>有趣的是，由于ARPU较上年同期上升，2021年第二季度商业物联网用户产生的服务收入增长了5%。此外，物联网设备销售额较去年同期大幅增长，这是未来服务收入增长的关键指标。</blockquote></p><p> Thinking aloud, lower ARPU for SPOT also points to competition, with Globalstar competing aggressively on price in the industrial, governmental and consumer markets. Looking at&nbsp;satellite phones and communication gadgets, some of the competitors include Garmin's (GRMN) InReach, Iridium Go and the Thuraya X5-Touch, which is a dual-SIM Android smartphone.</p><p><blockquote>仔细想想，SPOT较低的ARPU也表明了竞争，Globalstar在工业、政府和消费市场上进行了激烈的价格竞争。从卫星电话和通信设备来看，一些竞争对手包括Garmin(GRMN)的InReach、Iridium Go和Thuraya X5-Touch（一款双卡Android智能手机）。</blockquote></p><p> As a result, the company has to cut prices with its “competitively-priced service plans being lower than historic rates”. Therefore, SPOT revenues should continue to decline in the near term, with higher volumes of activations not being able to offset the effects of lower ARPU on sales.</p><p><blockquote>因此，该公司不得不降价，其“价格有竞争力的服务计划低于历史费率”。因此，现货收入在短期内应该会继续下降，更高的激活量无法抵消较低的ARPU对销售的影响。</blockquote></p><p> A comparison with rival Iridium shows contrasting revenue trends, with Globalstar being on a fluctuating trend since the end of 2019, coinciding with more competition.</p><p><blockquote>与竞争对手铱星的比较显示了截然不同的收入趋势，Globalstar自2019年底以来一直处于波动趋势，同时竞争更加激烈。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4be74c4a607fae52a664620ba3cf9d68\" tg-width=\"455\" tg-height=\"310\" width=\"100%\" height=\"auto\"><span>Source: Charts built through data from Seeking Alpha.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：通过Seeking Alpha的数据构建的图表。</span></p></blockquote></p><p> Therefore, adopting a cautionary posture, a change in the revenue-generating model geared towards IoT may take time to execute, whereby sales figures could drop further. This may in turn lead to missing topline expectations during the third quarter results, causing the share price to dip. For this matter, as I had pointed out in my previousthesis, one of the risks in investing in Globalstar is its dependence on the fortunes of the oil and gas industry.</p><p><blockquote>因此，采取谨慎的态度，面向物联网的创收模式的改变可能需要时间来执行，从而销售数字可能会进一步下降。这反过来可能会导致第三季度业绩未达到预期，导致股价下跌。就此而言，正如我在之前的论文中指出的那样，投资Globalstar的风险之一是其对石油和天然气行业命运的依赖。</blockquote></p><p> On the positive side, the company continues to reduce leverage, with less than $50 million of net first lien principal outstanding at the end of Q2-2021.</p><p><blockquote>从积极的一面来看，该公司继续降低杠杆率，截至2021年第二季度末，未偿第一留置权本金净额不到5000万美元。</blockquote></p><p> As of June 30, 2021, the company held $15.7 million and $51.0 million of cash and restricted cash respectively. Globalstar has received an additional&nbsp;$37.5 million&nbsp;in advance payment from a customer. The new payment is under \"substantially the same terms\" as a similar $37.5 million payment received on&nbsp;June 9. As with the other payment, Globalstar will use the new $37.5 million in proceeds to pay down indebtedness under its first-lien credit facility. In the last report, the company had&nbsp;$313.4 million&nbsp;in long-term debt.</p><p><blockquote>截至2021年6月30日，该公司分别持有1570万美元和5100万美元的现金和限制性现金。Globalstar已收到客户额外支付的3750万美元预付款。新付款的条款与6月9日收到的类似3750万美元付款“基本相同”。与其他付款一样，Globalstar将使用新的3750万美元收益来偿还其第一留置权信贷安排下的债务。在上一份报告中，该公司的长期债务为3.134亿美元。</blockquote></p><p> <b>Valuations and key takeaways</b></p><p><blockquote><b>估值和主要要点</b></blockquote></p><p></p><p> As much as 16% of revenues were derived from IoT in the first six months of 2021, up from 14% in the same period last year. Now, in a market growing at&nbsp;10.1%&nbsp;from 2019 to 2025, there is a lot of scope, but it will also depend on Globalstar's ability to meaningfully identify, pursue and close large deals. This should contribute to further diversify its revenue base away from full Duplex.</p><p><blockquote>2021年前六个月，多达16%的收入来自物联网，高于去年同期的14%。现在，在一个从2019年到2025年以10.1%的速度增长的市场中，有很大的空间，但这也将取决于Globalstar有意义地识别、追求和完成大型交易的能力。这应有助于进一步多元化其收入基础，摆脱全双工。</blockquote></p><p> The company has also performed successful field testing for remote monitoring in the alternative energy industry, which it expects to materialize into future sales, but without mentioning a timeline.</p><p><blockquote>该公司还成功地在替代能源行业进行了远程监控的现场测试，预计这将在未来的销售中实现，但没有提及时间表。</blockquote></p><p> Furthermore, this is a loss-making company with losses from operations having increased by $0.6 million during the second quarter of 2021 compared to last year. Earnings per share which was&nbsp;-$0.01&nbsp;for the second quarter is expected to be the same in the third one. This compares to positive figures for the communications sector, which boasts forward Price to Earnings multiples of&nbsp;20x. This signifies no buying opportunity based on fundamentals.</p><p><blockquote>此外，这是一家亏损公司，与去年相比，2021年第二季度的运营亏损增加了60万美元。第二季度每股收益为-0.01美元，预计第三季度将持平。相比之下，通信行业的预期市盈率为20倍。这意味着没有基于基本面的买入机会。</blockquote></p><p> The only way Globalstar's loss status could change rapidly is commercialization of its n53 spectrum in the U.S. and other countries through presence in the iPhone ecosystem. A partnership with Apple will permit expansion of the satellite communications business, more effective utilization of network assets and enable Globalstar to leapfrog rivals. The fact that both companies work with Qualcomm is a positive for Globalstar.</p><p><blockquote>Globalstar的损失状况能够迅速改变的唯一方法是通过iPhone生态系统在美国和其他国家实现其n53频谱的商业化。与苹果的合作将允许扩大卫星通信业务，更有效地利用网络资产，并使Globalstar能够超越竞争对手。两家公司都与高通合作的事实对Globalstar来说是一个积极的因素。</blockquote></p><p> This said, in absence of corporate announcements, Globalstar's stock has been surging amid ongoing speculation that its satellite communication technology may be included in Apple's new iPhone models, resulting in&nbsp;high&nbsp;Price to Sales multiples of over 2000% with respect to the communications sector.</p><p><blockquote>尽管如此，在没有公司公告的情况下，Globalstar的股价一直在飙升，因为人们不断猜测其卫星通信技术可能会包含在苹果的新款iPhone中，导致通信行业的市销率超过2000%。</blockquote></p><p> Consequently, for rational investors, it is preferable to wait for an update at the\"California Streaming\" event&nbsp;on September 14 before making a decision. In the meantime, the stock could drop to the $2 support level.</p><p><blockquote>因此，对于理性投资者来说，最好等待9月14日“加州流媒体”活动的更新后再做出决定。与此同时，该股可能会跌至2美元的支撑位。</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>One Small Step From Apple Could Mean A Giant Leap For GlobalStar<blockquote>苹果迈出的一小步可能意味着GlobalStar的一大步</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\">\nOne Small Step From Apple Could Mean A Giant Leap For GlobalStar<blockquote>苹果迈出的一小步可能意味着GlobalStar的一大步</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-09-11 09:47</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>At first sight, Globalstar is just one more satellite communications play.</li>  <li>Looking deeper, its Band n53, which offers secure and reliable connectivity in any environment, is now included into Qualcomm's latest 5G modems for smartphones.</li>  <li>Being selected by Apple could mean a lot for Globalstar in its strategy to boost and diversify revenues, as well as change the current loss-making status.</li>  <li>Even without Apple, the company merits interest, but only as a long-term beneficiary of IoT amid fierce competition and ability to reduce debt.</li>  <li>Valuations are sky-high in light of all the news hitting the market and, it is better to wait for some concrete news at Apple's event next week before investing.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ed6c50a6d200b5d8c35f4d14498600c9\" tg-width=\"1536\" tg-height=\"864\" width=\"100%\" height=\"auto\"><span>metamorworks/iStock via Getty Images</span></p><p><blockquote><ul><li>乍一看，Globalstar只是又一个卫星通信游戏。</li><li>更深入地看，其频段n53可在任何环境下提供安全可靠的连接，现已包含在高通最新的智能手机5G调制解调器中。</li><li>被苹果选中对于Globalstar增加收入和实现收入多元化以及改变目前亏损状况的战略来说意义重大。</li><li>即使没有苹果，该公司也值得关注，但只是作为物联网在激烈竞争和减少债务能力中的长期受益者。</li><li>鉴于市场上的所有消息，估值都非常高，最好在投资之前等待下周苹果活动上的一些具体消息。</li></ul><p class=\"t-img-caption\"><span>metamorworks/iStock来自Getty Images</span></p></blockquote></p><p> Globalstar's (GSAT) shares soared 40% on August 30 after a report by&nbsp;MacRumors&nbsp;which cited expert Apple (NASDAQ:AAPL) analyst&nbsp;Ming-Chi Kuo&nbsp;of TF International Securities, about iPhone 13 using satellite connectivity so that users can make calls and texts in areas without cellular coverage.</p><p><blockquote>8月30日，MacRumors援引天风国际证券苹果（纳斯达克股票代码：AAPL）分析师郭明錤的一份报告称，iPhone 13使用卫星连接，以便用户可以进行评级，Globalstar(GSAT)股价飙升40%。在没有蜂窝覆盖的区域发送短信。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1bd859c3544ffd37de25d5bc8dfe3166\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Soon afterwards, there were some further clarification by Bloomberg specifying that those features aren't due soon, but rather for future iPhones and should&nbsp;allow users to issue crash reports or text messages in areas without cellular coverage.</p><p><blockquote>不久之后，彭博进一步澄清说，这些功能不会很快推出，而是适用于未来的iPhones，应该允许用户在没有手机覆盖的地区发布崩溃报告或短信。</blockquote></p><p> Now, for Apple to even consider adding any satellite-based feature to its global brand would mean a lot for Globalstar, but first, for investors, I make sense of it all.</p><p><blockquote>现在，苹果甚至考虑在其全球品牌中添加任何基于卫星的功能对Globalstar来说意义重大，但首先，对于投资者来说，我明白这一切。</blockquote></p><p> <b>Reasons for Apple to choose Globalstar</b></p><p><blockquote><b>苹果选择Globalstar的原因</b></blockquote></p><p> For most of us, our experience with satellite-based internet has meant poor or sometimes erratic connectivity, but these were mostly with the geostationary satellites located far above the earth's surface. Instead, the opportunities offered by Globalstar's Low Earth Orbit (\"LEO\") satellites are much better, especially in areas that don't have 4G or 5G cellular coverage.</p><p><blockquote>对于我们大多数人来说，我们对基于卫星的互联网的体验意味着糟糕或有时不稳定的连接，但这些大多是与位于地球表面上方的地球同步卫星。相反，Globalstar的低地球轨道（“LEO”）卫星提供的机会要好得多，尤其是在没有4G或5G蜂窝覆盖的地区。</blockquote></p><p> To have an idea of the potential of LEO satellites, one can take a glance at Elon Musk’s SpaceX's (SPACE). These have been deployed at locations in the U.S and the U.K. with several customers already having signed up to the service. Bench-marking by Speedtest showed download speeds of&nbsp;97.23 Mbps,or far superior than those for other traditional providers. This speed was lower than the 115.22 Mbps median speed for fixed broadband providers, but makes sense for \"disadvantaged locations\" where telcos find it uneconomical to lay down additional fiber or expand cellular coverage.</p><p><blockquote>要了解低地球轨道卫星的潜力，可以看看埃隆·马斯克(Elon Musk)的SpaceX(SPACE)。这些服务已部署在美国和英国，一些客户已经注册了该服务。Speedtest的基准测试显示，下载速度为97.23 Mbps，远远高于其他传统供应商。这一速度低于固定宽带提供商115.22 Mbps的中值速度，但对于电信公司发现铺设额外光纤或扩大蜂窝覆盖不经济的“弱势地区”来说是有意义的。</blockquote></p><p> Therefore, given the enormous potential of the blending between the iPhone and satellite connectivity, news about Apple using Globalstar's network only for emergency purposes seems more aimed at not alarming its telco partners with whom it has been working since decades.</p><p><blockquote>因此，鉴于iPhone和卫星连接融合的巨大潜力，有关苹果仅出于紧急目的使用Globalstar网络的消息似乎更多的是为了不惊动与其合作数十年的电信合作伙伴。</blockquote></p><p> This blending is made possible by Qualcomm's (NASDAQ:QCOM) inclusion of Globalstar's band n53 in its new 5G X65 modem. This should also expand the satellite operator's potential device ecosystem significantly to include smartphones, laptops and tablets.</p><p><blockquote>高通（纳斯达克：QCOM）在其新的5G X65调制解调器中包含了Globalstar的n53频段，这使得这种混合成为可能。这也应该会显着扩大卫星运营商的潜在设备生态系统，将智能手机、笔记本电脑和平板电脑包括在内。</blockquote></p><p> For investors, the&nbsp;Snapdragon X65&nbsp;will be released in the fall of&nbsp;2022, most likely into next year’s iPhone. Better peak performance and other benefits should be there, but some will require carriers to upgrade their networks. On the other hand, with band n53, one can imagine the transformation of future mobility communications with a single operator plan anywhere in the world, without necessitating roaming, with no need to buy local SIM cards.</p><p><blockquote>对于投资者来说，骁龙X 65将于2022年秋季发布，很可能会进入明年的iPhone。应该会有更好的峰值性能和其他好处，但有些需要运营商升级他们的网络。另一方面，有了n53频段，人们可以想象未来移动通信的转变，在世界任何地方，通过单一运营商计划，无需漫游，无需购买本地SIM卡。</blockquote></p><p> <b>Globalstar's differentiation</b></p><p><blockquote><b>全球星的差异化</b></blockquote></p><p> Thus, this is not just about emergency calls or messaging and in a way, shows Globalstar's edge as a satellite network operator over telco's mobile network operations.</p><p><blockquote>因此，这不仅仅是关于紧急评级或消息传递，在某种程度上，显示了Globalstar作为卫星网络运营商相对于电信公司移动网络运营的优势。</blockquote></p><p> Now, satellite communications is a huge industry, estimated at $56.01 billion&nbsp;in 2019 and expected to hit $99.58 billion by 2027, registering a CAGR of 9.2% from 2020 to 2027. Going deeper, there are several satellite operators and service providers, with Iridium (IRDM) and Orbcomm (ORBC). Other companies are involved in space technology like DISH Networks (DISH) and AT&amp;T (T).</p><p><blockquote>现在，卫星通信是一个巨大的产业，2019年估计为560.1亿美元，预计到2027年将达到995.8亿美元，2020年至2027年的CAGR为9.2%。更深入地说，有几家卫星运营商和服务提供商，包括铱星(IRDM)和Orbcomm(ORBC)。其他公司也涉足太空技术，如DISH Networks(DISH)和AT&amp;T(T)。</blockquote></p><p> Here, GlobalStar seems to be having some key strengths with respect to peers.</p><p><blockquote>在这方面，GlobalStar似乎相对于同行拥有一些关键优势。</blockquote></p><p> According to the company's website, its&nbsp;strategically&nbsp;placed gateways offer local network access and national numbering plans as opposed to other LEO systems that require expensive international dialing for all calls. Also, Globalstar has a unique design which allows it to offer the most attractive local dialing and pricing plans to customers.</p><p><blockquote>根据该公司的网站，其战略性放置的网关提供本地网络接入和国家编号计划，而其他LEO系统需要为所有评级进行昂贵的国际拨号。此外，Globalstar拥有独特的设计，使其能够向客户提供最具吸引力的本地拨号和定价计划。</blockquote></p><p></p><p> Pursuing further, Globalstar’s 24 ground stations also serve as a bridge between LEO satellites and traditional communications infrastructure on six continents, with coverage spanning across over 120 countries throughout the world. Furthermore, the second generation ground infrastructure is based on the Internet protocol multimedia subsystem (\"IMS\") protocol, which facilitates the use of IP (Internet Protocol) for packet communications over wireless or landline.</p><p><blockquote>此外，Globalstar的24个地面站还充当了低地球轨道卫星和六大洲传统通信基础设施之间的桥梁，覆盖全球120多个国家。此外，第二代地面基础设施基于因特网协议多媒体子系统(“IMS”)协议，其便于使用IP(因特网协议)进行无线或陆线上的分组通信。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1ab07af4d39eb03b1776e870748b773f\" tg-width=\"828\" tg-height=\"468\" width=\"100%\" height=\"auto\"><span>Source: globalstar.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：globalstar.com</span></p></blockquote></p><p> Consequently, Globalstar brings some attractive metrics for a behemoth like Apple looking to penetrate new markets. In this respect, according to a source, more than&nbsp;five billion mobile subscribers&nbsp;constantly move in and out of wireless coverage, representing a huge TAM.</p><p><blockquote>因此，Globalstar为像苹果这样寻求渗透新市场的巨头带来了一些有吸引力的指标。在这方面，根据一个消息来源，超过50亿的移动用户不断地进出无线覆盖，这代表了一个巨大的TAM。</blockquote></p><p> Bagging a contract with Apple, even a partial one, or in partnership with another peer would increase the volume of new subscribers, which should in turn more than offset the current revenue impact from lower ARPU (Average Revenue per User).</p><p><blockquote>与苹果签订合同，即使是部分合同，或者与另一家同行合作，都会增加新用户数量，这反过来应该足以抵消当前ARPU（每用户平均收入）下降对收入的影响。</blockquote></p><p> <b>The revenues</b></p><p><blockquote><b>收入</b></blockquote></p><p> Overall sales have gone down in the second quarter of 2021 compared to last year as higher revenue generated from subscriber equipment related to SPOT (the largest segment) was offset by lower service revenues. For investors, SPOT is a GPS tracking device that uses Globalstar's satellite network to provide text messaging and GPS tracking.</p><p><blockquote>与去年相比，2021年第二季度的整体销售额有所下降，因为与SPOT（最大的细分市场）相关的用户设备产生的更高收入被服务收入的下降所抵消。对于投资者来说，SPOT是一款GPS跟踪设备，它使用Globalstar的卫星网络提供短信和GPS跟踪。</blockquote></p><p> Looking deeper, service revenue also decreased over the prior year's quarter due to fewer Duplex subscribers, with the decline expected to continue as Globalstar focuses resources on other revenue streams, like IoT-enabled devices. This is done in light of the shift in demand across the MSS (mobile satellite services) industry.</p><p><blockquote>更深入地看，由于双工用户减少，服务收入也比去年同期下降，随着Globalstar将资源集中在其他收入流（例如支持物联网的设备）上，预计这种下降将持续下去。这是鉴于整个MSS（移动卫星服务）行业的需求转变而完成的。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1e8b74a670c927d2d84f1751cfd4a148\" tg-width=\"498\" tg-height=\"457\" width=\"100%\" height=\"auto\"><span>Source: Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：寻求阿尔法</span></p></blockquote></p><p> Interestingly, service revenues generated from commercial IoT subscribers increased 5% in the second quarter of 2021 driven by higher ARPU compared to the prior year's quarter. Additionally, IoT equipment sales were up significantly from the prior year period, which is a key indication of future service revenue growth.</p><p><blockquote>有趣的是，由于ARPU较上年同期上升，2021年第二季度商业物联网用户产生的服务收入增长了5%。此外，物联网设备销售额较去年同期大幅增长，这是未来服务收入增长的关键指标。</blockquote></p><p> Thinking aloud, lower ARPU for SPOT also points to competition, with Globalstar competing aggressively on price in the industrial, governmental and consumer markets. Looking at&nbsp;satellite phones and communication gadgets, some of the competitors include Garmin's (GRMN) InReach, Iridium Go and the Thuraya X5-Touch, which is a dual-SIM Android smartphone.</p><p><blockquote>仔细想想，SPOT较低的ARPU也表明了竞争，Globalstar在工业、政府和消费市场上进行了激烈的价格竞争。从卫星电话和通信设备来看，一些竞争对手包括Garmin(GRMN)的InReach、Iridium Go和Thuraya X5-Touch（一款双卡Android智能手机）。</blockquote></p><p> As a result, the company has to cut prices with its “competitively-priced service plans being lower than historic rates”. Therefore, SPOT revenues should continue to decline in the near term, with higher volumes of activations not being able to offset the effects of lower ARPU on sales.</p><p><blockquote>因此，该公司不得不降价，其“价格有竞争力的服务计划低于历史费率”。因此，现货收入在短期内应该会继续下降，更高的激活量无法抵消较低的ARPU对销售的影响。</blockquote></p><p> A comparison with rival Iridium shows contrasting revenue trends, with Globalstar being on a fluctuating trend since the end of 2019, coinciding with more competition.</p><p><blockquote>与竞争对手铱星的比较显示了截然不同的收入趋势，Globalstar自2019年底以来一直处于波动趋势，同时竞争更加激烈。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4be74c4a607fae52a664620ba3cf9d68\" tg-width=\"455\" tg-height=\"310\" width=\"100%\" height=\"auto\"><span>Source: Charts built through data from Seeking Alpha.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：通过Seeking Alpha的数据构建的图表。</span></p></blockquote></p><p> Therefore, adopting a cautionary posture, a change in the revenue-generating model geared towards IoT may take time to execute, whereby sales figures could drop further. This may in turn lead to missing topline expectations during the third quarter results, causing the share price to dip. For this matter, as I had pointed out in my previousthesis, one of the risks in investing in Globalstar is its dependence on the fortunes of the oil and gas industry.</p><p><blockquote>因此，采取谨慎的态度，面向物联网的创收模式的改变可能需要时间来执行，从而销售数字可能会进一步下降。这反过来可能会导致第三季度业绩未达到预期，导致股价下跌。就此而言，正如我在之前的论文中指出的那样，投资Globalstar的风险之一是其对石油和天然气行业命运的依赖。</blockquote></p><p> On the positive side, the company continues to reduce leverage, with less than $50 million of net first lien principal outstanding at the end of Q2-2021.</p><p><blockquote>从积极的一面来看，该公司继续降低杠杆率，截至2021年第二季度末，未偿第一留置权本金净额不到5000万美元。</blockquote></p><p> As of June 30, 2021, the company held $15.7 million and $51.0 million of cash and restricted cash respectively. Globalstar has received an additional&nbsp;$37.5 million&nbsp;in advance payment from a customer. The new payment is under \"substantially the same terms\" as a similar $37.5 million payment received on&nbsp;June 9. As with the other payment, Globalstar will use the new $37.5 million in proceeds to pay down indebtedness under its first-lien credit facility. In the last report, the company had&nbsp;$313.4 million&nbsp;in long-term debt.</p><p><blockquote>截至2021年6月30日，该公司分别持有1570万美元和5100万美元的现金和限制性现金。Globalstar已收到客户额外支付的3750万美元预付款。新付款的条款与6月9日收到的类似3750万美元付款“基本相同”。与其他付款一样，Globalstar将使用新的3750万美元收益来偿还其第一留置权信贷安排下的债务。在上一份报告中，该公司的长期债务为3.134亿美元。</blockquote></p><p> <b>Valuations and key takeaways</b></p><p><blockquote><b>估值和主要要点</b></blockquote></p><p></p><p> As much as 16% of revenues were derived from IoT in the first six months of 2021, up from 14% in the same period last year. Now, in a market growing at&nbsp;10.1%&nbsp;from 2019 to 2025, there is a lot of scope, but it will also depend on Globalstar's ability to meaningfully identify, pursue and close large deals. This should contribute to further diversify its revenue base away from full Duplex.</p><p><blockquote>2021年前六个月，多达16%的收入来自物联网，高于去年同期的14%。现在，在一个从2019年到2025年以10.1%的速度增长的市场中，有很大的空间，但这也将取决于Globalstar有意义地识别、追求和完成大型交易的能力。这应有助于进一步多元化其收入基础，摆脱全双工。</blockquote></p><p> The company has also performed successful field testing for remote monitoring in the alternative energy industry, which it expects to materialize into future sales, but without mentioning a timeline.</p><p><blockquote>该公司还成功地在替代能源行业进行了远程监控的现场测试，预计这将在未来的销售中实现，但没有提及时间表。</blockquote></p><p> Furthermore, this is a loss-making company with losses from operations having increased by $0.6 million during the second quarter of 2021 compared to last year. Earnings per share which was&nbsp;-$0.01&nbsp;for the second quarter is expected to be the same in the third one. This compares to positive figures for the communications sector, which boasts forward Price to Earnings multiples of&nbsp;20x. This signifies no buying opportunity based on fundamentals.</p><p><blockquote>此外，这是一家亏损公司，与去年相比，2021年第二季度的运营亏损增加了60万美元。第二季度每股收益为-0.01美元，预计第三季度将持平。相比之下，通信行业的预期市盈率为20倍。这意味着没有基于基本面的买入机会。</blockquote></p><p> The only way Globalstar's loss status could change rapidly is commercialization of its n53 spectrum in the U.S. and other countries through presence in the iPhone ecosystem. A partnership with Apple will permit expansion of the satellite communications business, more effective utilization of network assets and enable Globalstar to leapfrog rivals. The fact that both companies work with Qualcomm is a positive for Globalstar.</p><p><blockquote>Globalstar的损失状况能够迅速改变的唯一方法是通过iPhone生态系统在美国和其他国家实现其n53频谱的商业化。与苹果的合作将允许扩大卫星通信业务，更有效地利用网络资产，并使Globalstar能够超越竞争对手。两家公司都与高通合作的事实对Globalstar来说是一个积极的因素。</blockquote></p><p> This said, in absence of corporate announcements, Globalstar's stock has been surging amid ongoing speculation that its satellite communication technology may be included in Apple's new iPhone models, resulting in&nbsp;high&nbsp;Price to Sales multiples of over 2000% with respect to the communications sector.</p><p><blockquote>尽管如此，在没有公司公告的情况下，Globalstar的股价一直在飙升，因为人们不断猜测其卫星通信技术可能会包含在苹果的新款iPhone中，导致通信行业的市销率超过2000%。</blockquote></p><p> Consequently, for rational investors, it is preferable to wait for an update at the\"California Streaming\" event&nbsp;on September 14 before making a decision. In the meantime, the stock could drop to the $2 support level.</p><p><blockquote>因此，对于理性投资者来说，最好等待9月14日“加州流媒体”活动的更新后再做出决定。与此同时，该股可能会跌至2美元的支撑位。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4454436-one-small-step-from-apple-could-mean-a-giant-leap-for-globalstar\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GSAT":"全球星"},"source_url":"https://seekingalpha.com/article/4454436-one-small-step-from-apple-could-mean-a-giant-leap-for-globalstar","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1127461097","content_text":"Summary\n\nAt first sight, Globalstar is just one more satellite communications play.\nLooking deeper, its Band n53, which offers secure and reliable connectivity in any environment, is now included into Qualcomm's latest 5G modems for smartphones.\nBeing selected by Apple could mean a lot for Globalstar in its strategy to boost and diversify revenues, as well as change the current loss-making status.\nEven without Apple, the company merits interest, but only as a long-term beneficiary of IoT amid fierce competition and ability to reduce debt.\nValuations are sky-high in light of all the news hitting the market and, it is better to wait for some concrete news at Apple's event next week before investing.\n\nmetamorworks/iStock via Getty Images\nGlobalstar's (GSAT) shares soared 40% on August 30 after a report by MacRumors which cited expert Apple (NASDAQ:AAPL) analyst Ming-Chi Kuo of TF International Securities, about iPhone 13 using satellite connectivity so that users can make calls and texts in areas without cellular coverage.\nData by YCharts\nSoon afterwards, there were some further clarification by Bloomberg specifying that those features aren't due soon, but rather for future iPhones and should allow users to issue crash reports or text messages in areas without cellular coverage.\nNow, for Apple to even consider adding any satellite-based feature to its global brand would mean a lot for Globalstar, but first, for investors, I make sense of it all.\nReasons for Apple to choose Globalstar\nFor most of us, our experience with satellite-based internet has meant poor or sometimes erratic connectivity, but these were mostly with the geostationary satellites located far above the earth's surface. Instead, the opportunities offered by Globalstar's Low Earth Orbit (\"LEO\") satellites are much better, especially in areas that don't have 4G or 5G cellular coverage.\nTo have an idea of the potential of LEO satellites, one can take a glance at Elon Musk’s SpaceX's (SPACE). These have been deployed at locations in the U.S and the U.K. with several customers already having signed up to the service. Bench-marking by Speedtest showed download speeds of 97.23 Mbps,or far superior than those for other traditional providers. This speed was lower than the 115.22 Mbps median speed for fixed broadband providers, but makes sense for \"disadvantaged locations\" where telcos find it uneconomical to lay down additional fiber or expand cellular coverage.\nTherefore, given the enormous potential of the blending between the iPhone and satellite connectivity, news about Apple using Globalstar's network only for emergency purposes seems more aimed at not alarming its telco partners with whom it has been working since decades.\nThis blending is made possible by Qualcomm's (NASDAQ:QCOM) inclusion of Globalstar's band n53 in its new 5G X65 modem. This should also expand the satellite operator's potential device ecosystem significantly to include smartphones, laptops and tablets.\nFor investors, the Snapdragon X65 will be released in the fall of 2022, most likely into next year’s iPhone. Better peak performance and other benefits should be there, but some will require carriers to upgrade their networks. On the other hand, with band n53, one can imagine the transformation of future mobility communications with a single operator plan anywhere in the world, without necessitating roaming, with no need to buy local SIM cards.\nGlobalstar's differentiation\nThus, this is not just about emergency calls or messaging and in a way, shows Globalstar's edge as a satellite network operator over telco's mobile network operations.\nNow, satellite communications is a huge industry, estimated at $56.01 billion in 2019 and expected to hit $99.58 billion by 2027, registering a CAGR of 9.2% from 2020 to 2027. Going deeper, there are several satellite operators and service providers, with Iridium (IRDM) and Orbcomm (ORBC). Other companies are involved in space technology like DISH Networks (DISH) and AT&T (T).\nHere, GlobalStar seems to be having some key strengths with respect to peers.\nAccording to the company's website, its strategically placed gateways offer local network access and national numbering plans as opposed to other LEO systems that require expensive international dialing for all calls. Also, Globalstar has a unique design which allows it to offer the most attractive local dialing and pricing plans to customers.\nPursuing further, Globalstar’s 24 ground stations also serve as a bridge between LEO satellites and traditional communications infrastructure on six continents, with coverage spanning across over 120 countries throughout the world. Furthermore, the second generation ground infrastructure is based on the Internet protocol multimedia subsystem (\"IMS\") protocol, which facilitates the use of IP (Internet Protocol) for packet communications over wireless or landline.\nSource: globalstar.com\nConsequently, Globalstar brings some attractive metrics for a behemoth like Apple looking to penetrate new markets. In this respect, according to a source, more than five billion mobile subscribers constantly move in and out of wireless coverage, representing a huge TAM.\nBagging a contract with Apple, even a partial one, or in partnership with another peer would increase the volume of new subscribers, which should in turn more than offset the current revenue impact from lower ARPU (Average Revenue per User).\nThe revenues\nOverall sales have gone down in the second quarter of 2021 compared to last year as higher revenue generated from subscriber equipment related to SPOT (the largest segment) was offset by lower service revenues. For investors, SPOT is a GPS tracking device that uses Globalstar's satellite network to provide text messaging and GPS tracking.\nLooking deeper, service revenue also decreased over the prior year's quarter due to fewer Duplex subscribers, with the decline expected to continue as Globalstar focuses resources on other revenue streams, like IoT-enabled devices. This is done in light of the shift in demand across the MSS (mobile satellite services) industry.\nSource: Seeking Alpha\nInterestingly, service revenues generated from commercial IoT subscribers increased 5% in the second quarter of 2021 driven by higher ARPU compared to the prior year's quarter. Additionally, IoT equipment sales were up significantly from the prior year period, which is a key indication of future service revenue growth.\nThinking aloud, lower ARPU for SPOT also points to competition, with Globalstar competing aggressively on price in the industrial, governmental and consumer markets. Looking at satellite phones and communication gadgets, some of the competitors include Garmin's (GRMN) InReach, Iridium Go and the Thuraya X5-Touch, which is a dual-SIM Android smartphone.\nAs a result, the company has to cut prices with its “competitively-priced service plans being lower than historic rates”. Therefore, SPOT revenues should continue to decline in the near term, with higher volumes of activations not being able to offset the effects of lower ARPU on sales.\nA comparison with rival Iridium shows contrasting revenue trends, with Globalstar being on a fluctuating trend since the end of 2019, coinciding with more competition.\nSource: Charts built through data from Seeking Alpha.\nTherefore, adopting a cautionary posture, a change in the revenue-generating model geared towards IoT may take time to execute, whereby sales figures could drop further. This may in turn lead to missing topline expectations during the third quarter results, causing the share price to dip. For this matter, as I had pointed out in my previousthesis, one of the risks in investing in Globalstar is its dependence on the fortunes of the oil and gas industry.\nOn the positive side, the company continues to reduce leverage, with less than $50 million of net first lien principal outstanding at the end of Q2-2021.\nAs of June 30, 2021, the company held $15.7 million and $51.0 million of cash and restricted cash respectively. Globalstar has received an additional $37.5 million in advance payment from a customer. The new payment is under \"substantially the same terms\" as a similar $37.5 million payment received on June 9. As with the other payment, Globalstar will use the new $37.5 million in proceeds to pay down indebtedness under its first-lien credit facility. In the last report, the company had $313.4 million in long-term debt.\nValuations and key takeaways\nAs much as 16% of revenues were derived from IoT in the first six months of 2021, up from 14% in the same period last year. Now, in a market growing at 10.1% from 2019 to 2025, there is a lot of scope, but it will also depend on Globalstar's ability to meaningfully identify, pursue and close large deals. This should contribute to further diversify its revenue base away from full Duplex.\nThe company has also performed successful field testing for remote monitoring in the alternative energy industry, which it expects to materialize into future sales, but without mentioning a timeline.\nFurthermore, this is a loss-making company with losses from operations having increased by $0.6 million during the second quarter of 2021 compared to last year. Earnings per share which was -$0.01 for the second quarter is expected to be the same in the third one. This compares to positive figures for the communications sector, which boasts forward Price to Earnings multiples of 20x. This signifies no buying opportunity based on fundamentals.\nThe only way Globalstar's loss status could change rapidly is commercialization of its n53 spectrum in the U.S. and other countries through presence in the iPhone ecosystem. A partnership with Apple will permit expansion of the satellite communications business, more effective utilization of network assets and enable Globalstar to leapfrog rivals. The fact that both companies work with Qualcomm is a positive for Globalstar.\nThis said, in absence of corporate announcements, Globalstar's stock has been surging amid ongoing speculation that its satellite communication technology may be included in Apple's new iPhone models, resulting in high Price to Sales multiples of over 2000% with respect to the communications sector.\nConsequently, for rational investors, it is preferable to wait for an update at the\"California Streaming\" event on September 14 before making a decision. In the meantime, the stock could drop to the $2 support level.","news_type":1,"symbols_score_info":{"GSAT":0.9}},"isVote":1,"tweetType":1,"viewCount":1871,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":881988277,"gmtCreate":1631285316099,"gmtModify":1631884898042,"author":{"id":"3576847817239184","authorId":"3576847817239184","name":"Bmaiw102","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576847817239184","authorIdStr":"3576847817239184"},"themes":[],"htmlText":".","listText":".","text":".","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/881988277","repostId":"2166902375","repostType":4,"isVote":1,"tweetType":1,"viewCount":1992,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":883012684,"gmtCreate":1631188509048,"gmtModify":1631884898059,"author":{"id":"3576847817239184","authorId":"3576847817239184","name":"Bmaiw102","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576847817239184","authorIdStr":"3576847817239184"},"themes":[],"htmlText":".","listText":".","text":".","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/883012684","repostId":"2166310974","repostType":4,"isVote":1,"tweetType":1,"viewCount":640,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":880795197,"gmtCreate":1631079459619,"gmtModify":1631884898070,"author":{"id":"3576847817239184","authorId":"3576847817239184","name":"Bmaiw102","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576847817239184","authorIdStr":"3576847817239184"},"themes":[],"htmlText":".","listText":".","text":".","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/880795197","repostId":"1145502609","repostType":4,"repost":{"id":"1145502609","kind":"news","pubTimestamp":1631078751,"share":"https://www.laohu8.com/m/news/1145502609?lang=zh_CN&edition=full","pubTime":"2021-09-08 13:25","market":"us","language":"en","title":"Hedge Funds vs. Mutual Funds: What's Better?<blockquote>对冲基金与共同基金：哪个更好？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1145502609","media":"Motley Fool","summary":"Hedge funds and mutual funds share several similarities and many differences. Read on to learn about both and which is the better investment option for you.","content":"<p>Both hedge funds and mutual funds are investment products offering managed portfolios for investors, but that's about where the similarities end. Hedge funds target high-net-worth individuals and take on more complex and volatile trading strategies in an effort to produce positive returns for clients. Mutual funds are available to any investor, but they're more restricted in what they can trade. The main goal of a mutual fund manager is to outperform a benchmark index.</p><p><blockquote>对冲基金和共同基金都是为投资者提供管理投资组合的投资产品，但相似之处仅此而已。对冲基金瞄准高净值个人，采取更复杂、更不稳定的交易策略，努力为客户带来正回报。任何投资者都可以使用共同基金，但他们可以交易的内容受到更多限制。共同基金经理的主要目标是跑赢基准指数。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/33d3a2c2c02bf198b3b5a4ab76742e49\" tg-width=\"2000\" tg-height=\"1333\" width=\"100%\" height=\"auto\"><span>IMAGE SOURCE: GETTY IMAGES.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：盖蒂图片社。</span></p></blockquote></p><p> <b>Major takeaways</b></p><p><blockquote><b>主要要点</b></blockquote></p><p> <b>Mutual funds:</b></p><p><blockquote><b>共同基金：</b></blockquote></p><p> <ul>  <li>Pool money from all investors with minimum investments as low as $1.</li>  <li>Regulated by the U.S. Securities and Exchange Commission (SEC).</li>  <li>Available for trading every day the&nbsp;stock market&nbsp;is open.</li>  <li>Usually buy and hold securities based on a specified strategy detailed in a prospectus.</li>  <li>Charge a flat fee as a percentage of assets under management.</li> </ul> <b>Hedge funds:</b></p><p><blockquote><ul><li>汇集所有投资者的资金，最低投资额低至1美元。</li><li>受美国证券交易委员会（SEC）监管。</li><li>股票市场每天开放都可以交易。</li><li>通常根据招股说明书中详述的特定策略购买和持有证券。</li><li>按管理资产的百分比收取固定费用。</li></ul><b>对冲基金：</b></blockquote></p><p> <ul>  <li>Pool money from accredited investors with a liquid net worth above $1 million or an annual income exceeding $200,000.</li>  <li>Structured as general partnerships and not heavily regulated by the SEC.</li>  <li>Limited windows to invest and withdraw funds.</li>  <li>Use trading strategies including derivatives, shorting, and buying alternative assets.</li>  <li>Charge fees based on performance as well as assets under management.</li> </ul> <b>What are mutual funds?</b></p><p><blockquote><ul><li>汇集流动净资产超过100万美元或年收入超过20万美元的合格投资者的资金。</li><li>结构为普通合伙企业，不受美国证券交易委员会的严格监管。</li><li>投资和提取资金的窗口有限。</li><li>使用包括衍生品、做空和购买另类资产在内的交易策略。</li><li>根据绩效和管理的资产收取费用。</li></ul><b>什么是共同基金？</b></blockquote></p><p> A&nbsp;mutual fund&nbsp;is an easy way for individual investors to gain access to a managed portfolio of publicly traded securities such as&nbsp;stocks&nbsp;and&nbsp;bonds. Investors buy shares of a mutual fund, and their money gets pooled with other shareholders by the fund manager. The manager works to meet the objectives laid out in the prospectus, which will detail the benchmark&nbsp;index&nbsp;the manager's performance should be weighed against and the strategy they'll use to invest.</p><p><blockquote>共同基金是个人投资者获得股票和债券等公开交易证券管理投资组合的一种简单方式。投资者购买共同基金的股票，他们的资金由基金经理与其他股东汇集。管理人努力实现招股说明书中规定的目标，招股说明书将详细说明管理人业绩应根据的基准指数以及他们将用于投资的策略。</blockquote></p><p> <b>Investment strategies</b></p><p><blockquote><b>投资策略</b></blockquote></p><p> Mutual funds are generally considered safer investments than hedge funds. That's because fund managers are limited in their ability to use riskier strategies such as leveraging their holdings, which can increase returns, but it also increases volatility.</p><p><blockquote>共同基金通常被认为是比对冲基金更安全的投资。这是因为基金经理使用风险较高的策略的能力有限，例如利用其持有的资产，这可以增加回报，但也会增加波动性。</blockquote></p><p> Mutual funds buy publicly traded securities based on the manager's criteria. Those criteria could be very specific like buying&nbsp;pharmaceutical stocks&nbsp;the manager thinks are undervalued based on certain metrics, or they could be very general like simply buying every stock in the&nbsp;<b>S&amp;P 500 index</b>. There's a wide range of strategies available to mutual fund investors, and the details are laid out for investors in the prospectus.</p><p><blockquote>共同基金根据经理的标准购买公开交易的证券。这些标准可以非常具体，例如购买经理根据某些指标认为被低估的制药股票，也可以非常笼统，例如简单地购买该领域的每只股票。<b>标普500指数</b>.共同基金投资者可以选择多种策略，招股说明书中为投资者列出了详细信息。</blockquote></p><p> <b>Types of mutual funds</b></p><p><blockquote><b>共同基金的类型</b></blockquote></p><p> There are a few different types of mutual funds investors should be aware of.</p><p><blockquote>投资者应该了解几种不同类型的共同基金。</blockquote></p><p> <ul>  <li><b>Actively managed vs. passive funds.</b>Actively managed mutual funds&nbsp;are characterized by a fund manager who attempts to beat the fund's benchmark index by strategically buying and selling securities. Passive funds, or&nbsp;index funds, merely try to replicate the returns of the benchmark index by modeling a portfolio based on the index. Sometimes, the fund will just buy every security in the index.</li>  <li><b>Open-ended vs. closed-ended funds.</b>Open-ended funds have no limit to the number of shares they can issue. Investors simply buy shares, and the fund manager takes new inflows and allocates them to the appropriate securities. Closed-ended funds have a limited number of shares, so the portfolio manager doesn't have to deal with inflows or outflows. In order to buy or sell shares, you have to find a buyer or seller on the open market.</li>  <li><b>Load vs. no-load funds.</b>Funds with a load pay a commission to the broker who sells the investor the fund. The commission comes out of the investor's funds either at purchase (front-loaded) or at the sale of the mutual fund (back-loaded). No-load funds do not have such a commission.</li> </ul> <b>Who can invest?</b></p><p><blockquote><ul><li><b>主动管理基金与被动基金。</b>主动管理型共同基金的特点是基金经理试图通过战略性地买卖证券来击败基金的基准指数。被动基金或指数基金只是试图通过基于指数的投资组合建模来复制基准指数的回报。有时，该基金会购买指数中的所有证券。</li><li><b>开放式基金与封闭式基金。</b>开放式基金对其可以发行的份额数量没有限制。投资者只需购买股票，基金经理就会吸收新的资金流入并将其分配给适当的证券。封闭式基金的份额数量有限，因此投资组合经理不必处理资金流入或资金流出的问题。为了买卖股票，你必须在公开市场上找到买家或卖家。</li><li><b>负载与无负载资金。</b>有负载的基金向向投资者出售基金的经纪人支付佣金。佣金来自投资者购买（预付）或出售共同基金（后装）时的资金。免佣基金没有这样的佣金。</li></ul><b>谁可以投资？</b></blockquote></p><p> Mutual funds are available to every investor. Some funds may have a minimum investment ranging from $100 to $10,000 or more. More and more funds have no minimum investment these days.</p><p><blockquote>每个投资者都可以使用共同基金。一些基金的最低投资额可能从100美元到10,000美元或更多。如今越来越多的基金没有最低投资额。</blockquote></p><p> <b>How mutual fund fees work</b></p><p><blockquote><b>共同基金费用如何运作</b></blockquote></p><p> Mutual funds charge a management fee, which typically ranges between 1% and 2% of assets under management. Index funds usually have much lower fees. Some broad-based index funds have fees close to&nbsp;0%.</p><p><blockquote>共同基金收取管理费，通常为管理资产的1%至2%。指数基金的费用通常要低得多。一些宽基指数基金的费用接近0%。</blockquote></p><p> Note that the management fee is separate from the fees paid in loaded funds where the broker receives some of the investors' funds as well. The management fee goes directly to the mutual fund company, and it's paid annually.</p><p><blockquote>请注意，管理费与装载基金支付的费用是分开的，在装载基金中，经纪人也会收到投资者的部分资金。管理费直接支付给共同基金公司，每年支付一次。</blockquote></p><p> <b>How are mutual funds regulated?</b></p><p><blockquote><b>共同基金是如何监管的？</b></blockquote></p><p></p><p> Mutual funds must register with the SEC in order to sell shares publicly. The SEC enforces several regulations, including the Securities Act of 1933, which requires mutual funds to provide investors with certain information, including a description of the fund, information about management, and financial statements. The Investment Company Act of 1940 also requires mutual funds to provide details of their financial health and investment policies.</p><p><blockquote>共同基金必须在美国证券交易委员会注册才能公开出售股票。SEC执行多项法规，包括1933年证券法，该法要求共同基金向投资者提供某些信息，包括基金描述、管理信息和财务报表。1940年的《投资公司法》还要求共同基金提供其财务健康和投资政策的详细信息。</blockquote></p><p> <b>What are hedge funds?</b></p><p><blockquote><b>什么是对冲基金？</b></blockquote></p><p> A&nbsp;hedge fund&nbsp;is designed as a way for individual investors to gain access to the investment ideas and strategies of fund managers they believe have an edge on the market. Hedge funds are structured as general partnerships, and investors buy into the investment company directly as limited partners instead of buying publicly offered shares.</p><p><blockquote>对冲基金旨在为个人投资者提供一种获取他们认为在市场上具有优势的基金经理的投资理念和策略的方式。对冲基金的结构为普通合伙企业，投资者作为有限合伙人直接购买投资公司，而不是购买公开发行的股票。</blockquote></p><p> <b>Investment strategies</b></p><p><blockquote><b>投资策略</b></blockquote></p><p> Hedge funds aren't limited in the strategies they can use in order to produce positive and outsized returns for their investors. Hedge funds will use derivatives such as&nbsp;options&nbsp;and&nbsp;margin&nbsp;to gain leverage, and they maysell stocks short.</p><p><blockquote>对冲基金可以使用的策略并不局限于为投资者带来正的巨额回报。对冲基金将使用期权和保证金等衍生品来获得杠杆，并且可能会卖空股票。</blockquote></p><p> Hedge funds are also able to invest in just about any market:cryptocurrency, private real estate, or vintage single malt scotch. These are strategies unavailable in mutual funds due to SEC regulations. They're also much riskier strategies than simply buying publicly traded securities.</p><p><blockquote>对冲基金也可以投资几乎任何市场：加密货币、私人房地产或陈年单一麦芽苏格兰威士忌。由于SEC的规定，这些策略在共同基金中是不可用的。它们也是比简单购买公开交易证券风险更大的策略。</blockquote></p><p> <b>Who can invest?</b></p><p><blockquote><b>谁可以投资？</b></blockquote></p><p> Hedge funds are only able to accept funds from accredited investors. The SEC defines an accredited investor as someone with a liquid net worth (home equity doesn't count) of $1 million or an annual income of $200,000 (or $300,000 with a spouse). The SEC believes that level of wealth makes an investor more sophisticated and better able to withstand the volatility and uncertainty associated with hedge funds.</p><p><blockquote>对冲基金只能接受来自合格投资者的资金。SEC将合格投资者定义为流动净资产（房屋净值不算）为100万美元或年收入为20万美元（或配偶为30万美元）的人。美国证券交易委员会认为，这种财富水平使投资者更加老练，能够更好地承受与对冲基金相关的波动性和不确定性。</blockquote></p><p> Hedge funds often have minimum investments of $1 million or more. They typically limit investment windows, and they can have minimum holding periods. They can also restrict when investors can withdraw. As such, hedge fund investors require a good amount of liquidity outside of their investment in the hedge fund.</p><p><blockquote>对冲基金的最低投资额通常为100万美元或以上。它们通常会限制投资窗口，并且可以有最短持有期。他们还可以限制投资者何时可以退出。因此，对冲基金投资者在对冲基金投资之外还需要大量的流动性。</blockquote></p><p> <b>How hedge fund fees work</b></p><p><blockquote><b>对冲基金费用如何运作</b></blockquote></p><p> Hedge funds charge two types of fees: management fees and performance fees. A management fee is similar to the management fee for a mutual fund. The fund charges anexpense ratio, typically 2%, that's taken out of the assets under management every year.</p><p><blockquote>对冲基金收取两种费用：管理费和绩效费。管理费类似于共同基金的管理费。该基金每年从管理的资产中扣除费用率，通常为2%。</blockquote></p><p> The performance fee, as the name implies, is based on the fund's performance, and it's usually 20% of the gains. So, if the fund increases by 10% one year, the fund takes 20% of the gains (2% of the investment), and the rest stays invested with the fund. If the fund loses money, there's no performance fee, but the investors still have to pay the management fee.</p><p><blockquote>业绩费，顾名思义，是基于基金的业绩，通常是收益的20%。因此，如果基金在一年内增长10%，基金将获得收益的20%（投资的2%），其余部分仍投资于基金。如果基金亏损，没有绩效费，但投资者仍需支付管理费。</blockquote></p><p> The most typical fee structure — a 2% management fee and a 20% performance fee — is known as 2-and-20.</p><p><blockquote>最典型的费用结构——2%的管理费和20%的绩效费——被称为2和20。</blockquote></p><p> <b>How are hedge funds regulated?</b></p><p><blockquote><b>对冲基金是如何监管的？</b></blockquote></p><p> Hedge funds only have to register with the SEC once they reach total assets under management of above $100 million. Beyond that, they must abide by Regulation D of the Securities Act of 1933 and limit their investors to accredited investors. That allows them to remain exempt from most reporting to the SEC and makes investing in a hedge fund much more opaque than investing in a mutual fund.</p><p><blockquote>对冲基金管理的总资产超过1亿美元后，只需向SEC注册。除此之外，他们必须遵守1933年证券法D条例，并将投资者限制为合格投资者。这使得他们可以免于向SEC提交大部分报告，并使投资对冲基金比投资共同基金更加不透明。</blockquote></p><p> <b>Additional considerations</b></p><p><blockquote><b>其他注意事项</b></blockquote></p><p> Hedge funds have shown worsening performance over the past 15 years or so even as the U.S. stock market has been on a tear. In fact, in&nbsp;bull markets, mutual funds may provide better returns than hedge funds net of fees since alternative investment strategies fail to keep up with the stock market.</p><p><blockquote>在过去15年左右的时间里，尽管美国股市一直在上涨，但对冲基金的表现却在恶化。事实上，在牛市中，共同基金可能比对冲基金提供更好的扣除费用的回报，因为另类投资策略无法跟上股市的步伐。</blockquote></p><p> That said, those strategies can be invaluable in&nbsp;bear markets. If the strategies have returns truly uncorrelated with U.S. stocks, they could provide positive returns as the stock market craters. That's when a hedge fund will really live up to its name.</p><p><blockquote>也就是说，这些策略在熊市中可能是无价的。如果这些策略的回报确实与美国股市无关，那么它们可以在股市暴跌时提供正回报。那就是对冲基金真正名副其实的时候。</blockquote></p><p> While hedge funds hold the promise of big returns supported by advanced trading strategies, they can go for long periods without producing the expected results. For patient investors, they could pay off.</p><p><blockquote>虽然对冲基金有望在先进的交易策略的支持下获得巨额回报，但它们可能会长期运作而不会产生预期的结果。对于耐心的投资者来说，他们可以获得回报。</blockquote></p><p> But perhaps the age when hedge funds could outperform the average investor is over. Today's technology makes it easier for retail investors to invest and use their own strategies, whether they're exceedingly simple or super complex. For most investors, a mutual fund will be able to meet all of their investing needs, but they're a bit more boring than hedge funds. But good investing is usually boring.</p><p><blockquote>但也许对冲基金表现优于普通投资者的时代已经结束。今天的技术使散户投资者更容易投资和使用自己的策略，无论它们是极其简单还是超级复杂。对于大多数投资者来说，共同基金将能够满足他们所有的投资需求，但它们比对冲基金更无聊。但好的投资通常是无聊的。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Hedge Funds vs. Mutual Funds: What's Better?<blockquote>对冲基金与共同基金：哪个更好？</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\">\nHedge Funds vs. Mutual Funds: What's Better?<blockquote>对冲基金与共同基金：哪个更好？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-09-08 13:25</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Both hedge funds and mutual funds are investment products offering managed portfolios for investors, but that's about where the similarities end. Hedge funds target high-net-worth individuals and take on more complex and volatile trading strategies in an effort to produce positive returns for clients. Mutual funds are available to any investor, but they're more restricted in what they can trade. The main goal of a mutual fund manager is to outperform a benchmark index.</p><p><blockquote>对冲基金和共同基金都是为投资者提供管理投资组合的投资产品，但相似之处仅此而已。对冲基金瞄准高净值个人，采取更复杂、更不稳定的交易策略，努力为客户带来正回报。任何投资者都可以使用共同基金，但他们可以交易的内容受到更多限制。共同基金经理的主要目标是跑赢基准指数。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/33d3a2c2c02bf198b3b5a4ab76742e49\" tg-width=\"2000\" tg-height=\"1333\" width=\"100%\" height=\"auto\"><span>IMAGE SOURCE: GETTY IMAGES.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：盖蒂图片社。</span></p></blockquote></p><p> <b>Major takeaways</b></p><p><blockquote><b>主要要点</b></blockquote></p><p> <b>Mutual funds:</b></p><p><blockquote><b>共同基金：</b></blockquote></p><p> <ul>  <li>Pool money from all investors with minimum investments as low as $1.</li>  <li>Regulated by the U.S. Securities and Exchange Commission (SEC).</li>  <li>Available for trading every day the&nbsp;stock market&nbsp;is open.</li>  <li>Usually buy and hold securities based on a specified strategy detailed in a prospectus.</li>  <li>Charge a flat fee as a percentage of assets under management.</li> </ul> <b>Hedge funds:</b></p><p><blockquote><ul><li>汇集所有投资者的资金，最低投资额低至1美元。</li><li>受美国证券交易委员会（SEC）监管。</li><li>股票市场每天开放都可以交易。</li><li>通常根据招股说明书中详述的特定策略购买和持有证券。</li><li>按管理资产的百分比收取固定费用。</li></ul><b>对冲基金：</b></blockquote></p><p> <ul>  <li>Pool money from accredited investors with a liquid net worth above $1 million or an annual income exceeding $200,000.</li>  <li>Structured as general partnerships and not heavily regulated by the SEC.</li>  <li>Limited windows to invest and withdraw funds.</li>  <li>Use trading strategies including derivatives, shorting, and buying alternative assets.</li>  <li>Charge fees based on performance as well as assets under management.</li> </ul> <b>What are mutual funds?</b></p><p><blockquote><ul><li>汇集流动净资产超过100万美元或年收入超过20万美元的合格投资者的资金。</li><li>结构为普通合伙企业，不受美国证券交易委员会的严格监管。</li><li>投资和提取资金的窗口有限。</li><li>使用包括衍生品、做空和购买另类资产在内的交易策略。</li><li>根据绩效和管理的资产收取费用。</li></ul><b>什么是共同基金？</b></blockquote></p><p> A&nbsp;mutual fund&nbsp;is an easy way for individual investors to gain access to a managed portfolio of publicly traded securities such as&nbsp;stocks&nbsp;and&nbsp;bonds. Investors buy shares of a mutual fund, and their money gets pooled with other shareholders by the fund manager. The manager works to meet the objectives laid out in the prospectus, which will detail the benchmark&nbsp;index&nbsp;the manager's performance should be weighed against and the strategy they'll use to invest.</p><p><blockquote>共同基金是个人投资者获得股票和债券等公开交易证券管理投资组合的一种简单方式。投资者购买共同基金的股票，他们的资金由基金经理与其他股东汇集。管理人努力实现招股说明书中规定的目标，招股说明书将详细说明管理人业绩应根据的基准指数以及他们将用于投资的策略。</blockquote></p><p> <b>Investment strategies</b></p><p><blockquote><b>投资策略</b></blockquote></p><p> Mutual funds are generally considered safer investments than hedge funds. That's because fund managers are limited in their ability to use riskier strategies such as leveraging their holdings, which can increase returns, but it also increases volatility.</p><p><blockquote>共同基金通常被认为是比对冲基金更安全的投资。这是因为基金经理使用风险较高的策略的能力有限，例如利用其持有的资产，这可以增加回报，但也会增加波动性。</blockquote></p><p> Mutual funds buy publicly traded securities based on the manager's criteria. Those criteria could be very specific like buying&nbsp;pharmaceutical stocks&nbsp;the manager thinks are undervalued based on certain metrics, or they could be very general like simply buying every stock in the&nbsp;<b>S&amp;P 500 index</b>. There's a wide range of strategies available to mutual fund investors, and the details are laid out for investors in the prospectus.</p><p><blockquote>共同基金根据经理的标准购买公开交易的证券。这些标准可以非常具体，例如购买经理根据某些指标认为被低估的制药股票，也可以非常笼统，例如简单地购买该领域的每只股票。<b>标普500指数</b>.共同基金投资者可以选择多种策略，招股说明书中为投资者列出了详细信息。</blockquote></p><p> <b>Types of mutual funds</b></p><p><blockquote><b>共同基金的类型</b></blockquote></p><p> There are a few different types of mutual funds investors should be aware of.</p><p><blockquote>投资者应该了解几种不同类型的共同基金。</blockquote></p><p> <ul>  <li><b>Actively managed vs. passive funds.</b>Actively managed mutual funds&nbsp;are characterized by a fund manager who attempts to beat the fund's benchmark index by strategically buying and selling securities. Passive funds, or&nbsp;index funds, merely try to replicate the returns of the benchmark index by modeling a portfolio based on the index. Sometimes, the fund will just buy every security in the index.</li>  <li><b>Open-ended vs. closed-ended funds.</b>Open-ended funds have no limit to the number of shares they can issue. Investors simply buy shares, and the fund manager takes new inflows and allocates them to the appropriate securities. Closed-ended funds have a limited number of shares, so the portfolio manager doesn't have to deal with inflows or outflows. In order to buy or sell shares, you have to find a buyer or seller on the open market.</li>  <li><b>Load vs. no-load funds.</b>Funds with a load pay a commission to the broker who sells the investor the fund. The commission comes out of the investor's funds either at purchase (front-loaded) or at the sale of the mutual fund (back-loaded). No-load funds do not have such a commission.</li> </ul> <b>Who can invest?</b></p><p><blockquote><ul><li><b>主动管理基金与被动基金。</b>主动管理型共同基金的特点是基金经理试图通过战略性地买卖证券来击败基金的基准指数。被动基金或指数基金只是试图通过基于指数的投资组合建模来复制基准指数的回报。有时，该基金会购买指数中的所有证券。</li><li><b>开放式基金与封闭式基金。</b>开放式基金对其可以发行的份额数量没有限制。投资者只需购买股票，基金经理就会吸收新的资金流入并将其分配给适当的证券。封闭式基金的份额数量有限，因此投资组合经理不必处理资金流入或资金流出的问题。为了买卖股票，你必须在公开市场上找到买家或卖家。</li><li><b>负载与无负载资金。</b>有负载的基金向向投资者出售基金的经纪人支付佣金。佣金来自投资者购买（预付）或出售共同基金（后装）时的资金。免佣基金没有这样的佣金。</li></ul><b>谁可以投资？</b></blockquote></p><p> Mutual funds are available to every investor. Some funds may have a minimum investment ranging from $100 to $10,000 or more. More and more funds have no minimum investment these days.</p><p><blockquote>每个投资者都可以使用共同基金。一些基金的最低投资额可能从100美元到10,000美元或更多。如今越来越多的基金没有最低投资额。</blockquote></p><p> <b>How mutual fund fees work</b></p><p><blockquote><b>共同基金费用如何运作</b></blockquote></p><p> Mutual funds charge a management fee, which typically ranges between 1% and 2% of assets under management. Index funds usually have much lower fees. Some broad-based index funds have fees close to&nbsp;0%.</p><p><blockquote>共同基金收取管理费，通常为管理资产的1%至2%。指数基金的费用通常要低得多。一些宽基指数基金的费用接近0%。</blockquote></p><p> Note that the management fee is separate from the fees paid in loaded funds where the broker receives some of the investors' funds as well. The management fee goes directly to the mutual fund company, and it's paid annually.</p><p><blockquote>请注意，管理费与装载基金支付的费用是分开的，在装载基金中，经纪人也会收到投资者的部分资金。管理费直接支付给共同基金公司，每年支付一次。</blockquote></p><p> <b>How are mutual funds regulated?</b></p><p><blockquote><b>共同基金是如何监管的？</b></blockquote></p><p></p><p> Mutual funds must register with the SEC in order to sell shares publicly. The SEC enforces several regulations, including the Securities Act of 1933, which requires mutual funds to provide investors with certain information, including a description of the fund, information about management, and financial statements. The Investment Company Act of 1940 also requires mutual funds to provide details of their financial health and investment policies.</p><p><blockquote>共同基金必须在美国证券交易委员会注册才能公开出售股票。SEC执行多项法规，包括1933年证券法，该法要求共同基金向投资者提供某些信息，包括基金描述、管理信息和财务报表。1940年的《投资公司法》还要求共同基金提供其财务健康和投资政策的详细信息。</blockquote></p><p> <b>What are hedge funds?</b></p><p><blockquote><b>什么是对冲基金？</b></blockquote></p><p> A&nbsp;hedge fund&nbsp;is designed as a way for individual investors to gain access to the investment ideas and strategies of fund managers they believe have an edge on the market. Hedge funds are structured as general partnerships, and investors buy into the investment company directly as limited partners instead of buying publicly offered shares.</p><p><blockquote>对冲基金旨在为个人投资者提供一种获取他们认为在市场上具有优势的基金经理的投资理念和策略的方式。对冲基金的结构为普通合伙企业，投资者作为有限合伙人直接购买投资公司，而不是购买公开发行的股票。</blockquote></p><p> <b>Investment strategies</b></p><p><blockquote><b>投资策略</b></blockquote></p><p> Hedge funds aren't limited in the strategies they can use in order to produce positive and outsized returns for their investors. Hedge funds will use derivatives such as&nbsp;options&nbsp;and&nbsp;margin&nbsp;to gain leverage, and they maysell stocks short.</p><p><blockquote>对冲基金可以使用的策略并不局限于为投资者带来正的巨额回报。对冲基金将使用期权和保证金等衍生品来获得杠杆，并且可能会卖空股票。</blockquote></p><p> Hedge funds are also able to invest in just about any market:cryptocurrency, private real estate, or vintage single malt scotch. These are strategies unavailable in mutual funds due to SEC regulations. They're also much riskier strategies than simply buying publicly traded securities.</p><p><blockquote>对冲基金也可以投资几乎任何市场：加密货币、私人房地产或陈年单一麦芽苏格兰威士忌。由于SEC的规定，这些策略在共同基金中是不可用的。它们也是比简单购买公开交易证券风险更大的策略。</blockquote></p><p> <b>Who can invest?</b></p><p><blockquote><b>谁可以投资？</b></blockquote></p><p> Hedge funds are only able to accept funds from accredited investors. The SEC defines an accredited investor as someone with a liquid net worth (home equity doesn't count) of $1 million or an annual income of $200,000 (or $300,000 with a spouse). The SEC believes that level of wealth makes an investor more sophisticated and better able to withstand the volatility and uncertainty associated with hedge funds.</p><p><blockquote>对冲基金只能接受来自合格投资者的资金。SEC将合格投资者定义为流动净资产（房屋净值不算）为100万美元或年收入为20万美元（或配偶为30万美元）的人。美国证券交易委员会认为，这种财富水平使投资者更加老练，能够更好地承受与对冲基金相关的波动性和不确定性。</blockquote></p><p> Hedge funds often have minimum investments of $1 million or more. They typically limit investment windows, and they can have minimum holding periods. They can also restrict when investors can withdraw. As such, hedge fund investors require a good amount of liquidity outside of their investment in the hedge fund.</p><p><blockquote>对冲基金的最低投资额通常为100万美元或以上。它们通常会限制投资窗口，并且可以有最短持有期。他们还可以限制投资者何时可以退出。因此，对冲基金投资者在对冲基金投资之外还需要大量的流动性。</blockquote></p><p> <b>How hedge fund fees work</b></p><p><blockquote><b>对冲基金费用如何运作</b></blockquote></p><p> Hedge funds charge two types of fees: management fees and performance fees. A management fee is similar to the management fee for a mutual fund. The fund charges anexpense ratio, typically 2%, that's taken out of the assets under management every year.</p><p><blockquote>对冲基金收取两种费用：管理费和绩效费。管理费类似于共同基金的管理费。该基金每年从管理的资产中扣除费用率，通常为2%。</blockquote></p><p> The performance fee, as the name implies, is based on the fund's performance, and it's usually 20% of the gains. So, if the fund increases by 10% one year, the fund takes 20% of the gains (2% of the investment), and the rest stays invested with the fund. If the fund loses money, there's no performance fee, but the investors still have to pay the management fee.</p><p><blockquote>业绩费，顾名思义，是基于基金的业绩，通常是收益的20%。因此，如果基金在一年内增长10%，基金将获得收益的20%（投资的2%），其余部分仍投资于基金。如果基金亏损，没有绩效费，但投资者仍需支付管理费。</blockquote></p><p> The most typical fee structure — a 2% management fee and a 20% performance fee — is known as 2-and-20.</p><p><blockquote>最典型的费用结构——2%的管理费和20%的绩效费——被称为2和20。</blockquote></p><p> <b>How are hedge funds regulated?</b></p><p><blockquote><b>对冲基金是如何监管的？</b></blockquote></p><p> Hedge funds only have to register with the SEC once they reach total assets under management of above $100 million. Beyond that, they must abide by Regulation D of the Securities Act of 1933 and limit their investors to accredited investors. That allows them to remain exempt from most reporting to the SEC and makes investing in a hedge fund much more opaque than investing in a mutual fund.</p><p><blockquote>对冲基金管理的总资产超过1亿美元后，只需向SEC注册。除此之外，他们必须遵守1933年证券法D条例，并将投资者限制为合格投资者。这使得他们可以免于向SEC提交大部分报告，并使投资对冲基金比投资共同基金更加不透明。</blockquote></p><p> <b>Additional considerations</b></p><p><blockquote><b>其他注意事项</b></blockquote></p><p> Hedge funds have shown worsening performance over the past 15 years or so even as the U.S. stock market has been on a tear. In fact, in&nbsp;bull markets, mutual funds may provide better returns than hedge funds net of fees since alternative investment strategies fail to keep up with the stock market.</p><p><blockquote>在过去15年左右的时间里，尽管美国股市一直在上涨，但对冲基金的表现却在恶化。事实上，在牛市中，共同基金可能比对冲基金提供更好的扣除费用的回报，因为另类投资策略无法跟上股市的步伐。</blockquote></p><p> That said, those strategies can be invaluable in&nbsp;bear markets. If the strategies have returns truly uncorrelated with U.S. stocks, they could provide positive returns as the stock market craters. That's when a hedge fund will really live up to its name.</p><p><blockquote>也就是说，这些策略在熊市中可能是无价的。如果这些策略的回报确实与美国股市无关，那么它们可以在股市暴跌时提供正回报。那就是对冲基金真正名副其实的时候。</blockquote></p><p> While hedge funds hold the promise of big returns supported by advanced trading strategies, they can go for long periods without producing the expected results. For patient investors, they could pay off.</p><p><blockquote>虽然对冲基金有望在先进的交易策略的支持下获得巨额回报，但它们可能会长期运作而不会产生预期的结果。对于耐心的投资者来说，他们可以获得回报。</blockquote></p><p> But perhaps the age when hedge funds could outperform the average investor is over. Today's technology makes it easier for retail investors to invest and use their own strategies, whether they're exceedingly simple or super complex. For most investors, a mutual fund will be able to meet all of their investing needs, but they're a bit more boring than hedge funds. But good investing is usually boring.</p><p><blockquote>但也许对冲基金表现优于普通投资者的时代已经结束。今天的技术使散户投资者更容易投资和使用自己的策略，无论它们是极其简单还是超级复杂。对于大多数投资者来说，共同基金将能够满足他们所有的投资需求，但它们比对冲基金更无聊。但好的投资通常是无聊的。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/how-to-invest/mutual-funds/hedge-fund-vs-mutual-fund/\">Motley Fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://www.fool.com/investing/how-to-invest/mutual-funds/hedge-fund-vs-mutual-fund/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1145502609","content_text":"Both hedge funds and mutual funds are investment products offering managed portfolios for investors, but that's about where the similarities end. Hedge funds target high-net-worth individuals and take on more complex and volatile trading strategies in an effort to produce positive returns for clients. Mutual funds are available to any investor, but they're more restricted in what they can trade. The main goal of a mutual fund manager is to outperform a benchmark index.\nIMAGE SOURCE: GETTY IMAGES.\nMajor takeaways\nMutual funds:\n\nPool money from all investors with minimum investments as low as $1.\nRegulated by the U.S. Securities and Exchange Commission (SEC).\nAvailable for trading every day the stock market is open.\nUsually buy and hold securities based on a specified strategy detailed in a prospectus.\nCharge a flat fee as a percentage of assets under management.\n\nHedge funds:\n\nPool money from accredited investors with a liquid net worth above $1 million or an annual income exceeding $200,000.\nStructured as general partnerships and not heavily regulated by the SEC.\nLimited windows to invest and withdraw funds.\nUse trading strategies including derivatives, shorting, and buying alternative assets.\nCharge fees based on performance as well as assets under management.\n\nWhat are mutual funds?\nA mutual fund is an easy way for individual investors to gain access to a managed portfolio of publicly traded securities such as stocks and bonds. Investors buy shares of a mutual fund, and their money gets pooled with other shareholders by the fund manager. The manager works to meet the objectives laid out in the prospectus, which will detail the benchmark index the manager's performance should be weighed against and the strategy they'll use to invest.\nInvestment strategies\nMutual funds are generally considered safer investments than hedge funds. That's because fund managers are limited in their ability to use riskier strategies such as leveraging their holdings, which can increase returns, but it also increases volatility.\nMutual funds buy publicly traded securities based on the manager's criteria. Those criteria could be very specific like buying pharmaceutical stocks the manager thinks are undervalued based on certain metrics, or they could be very general like simply buying every stock in the S&P 500 index. There's a wide range of strategies available to mutual fund investors, and the details are laid out for investors in the prospectus.\nTypes of mutual funds\nThere are a few different types of mutual funds investors should be aware of.\n\nActively managed vs. passive funds.Actively managed mutual funds are characterized by a fund manager who attempts to beat the fund's benchmark index by strategically buying and selling securities. Passive funds, or index funds, merely try to replicate the returns of the benchmark index by modeling a portfolio based on the index. Sometimes, the fund will just buy every security in the index.\nOpen-ended vs. closed-ended funds.Open-ended funds have no limit to the number of shares they can issue. Investors simply buy shares, and the fund manager takes new inflows and allocates them to the appropriate securities. Closed-ended funds have a limited number of shares, so the portfolio manager doesn't have to deal with inflows or outflows. In order to buy or sell shares, you have to find a buyer or seller on the open market.\nLoad vs. no-load funds.Funds with a load pay a commission to the broker who sells the investor the fund. The commission comes out of the investor's funds either at purchase (front-loaded) or at the sale of the mutual fund (back-loaded). No-load funds do not have such a commission.\n\nWho can invest?\nMutual funds are available to every investor. Some funds may have a minimum investment ranging from $100 to $10,000 or more. More and more funds have no minimum investment these days.\nHow mutual fund fees work\nMutual funds charge a management fee, which typically ranges between 1% and 2% of assets under management. Index funds usually have much lower fees. Some broad-based index funds have fees close to 0%.\nNote that the management fee is separate from the fees paid in loaded funds where the broker receives some of the investors' funds as well. The management fee goes directly to the mutual fund company, and it's paid annually.\nHow are mutual funds regulated?\nMutual funds must register with the SEC in order to sell shares publicly. The SEC enforces several regulations, including the Securities Act of 1933, which requires mutual funds to provide investors with certain information, including a description of the fund, information about management, and financial statements. The Investment Company Act of 1940 also requires mutual funds to provide details of their financial health and investment policies.\nWhat are hedge funds?\nA hedge fund is designed as a way for individual investors to gain access to the investment ideas and strategies of fund managers they believe have an edge on the market. Hedge funds are structured as general partnerships, and investors buy into the investment company directly as limited partners instead of buying publicly offered shares.\nInvestment strategies\nHedge funds aren't limited in the strategies they can use in order to produce positive and outsized returns for their investors. Hedge funds will use derivatives such as options and margin to gain leverage, and they maysell stocks short.\nHedge funds are also able to invest in just about any market:cryptocurrency, private real estate, or vintage single malt scotch. These are strategies unavailable in mutual funds due to SEC regulations. They're also much riskier strategies than simply buying publicly traded securities.\nWho can invest?\nHedge funds are only able to accept funds from accredited investors. The SEC defines an accredited investor as someone with a liquid net worth (home equity doesn't count) of $1 million or an annual income of $200,000 (or $300,000 with a spouse). The SEC believes that level of wealth makes an investor more sophisticated and better able to withstand the volatility and uncertainty associated with hedge funds.\nHedge funds often have minimum investments of $1 million or more. They typically limit investment windows, and they can have minimum holding periods. They can also restrict when investors can withdraw. As such, hedge fund investors require a good amount of liquidity outside of their investment in the hedge fund.\nHow hedge fund fees work\nHedge funds charge two types of fees: management fees and performance fees. A management fee is similar to the management fee for a mutual fund. The fund charges anexpense ratio, typically 2%, that's taken out of the assets under management every year.\nThe performance fee, as the name implies, is based on the fund's performance, and it's usually 20% of the gains. So, if the fund increases by 10% one year, the fund takes 20% of the gains (2% of the investment), and the rest stays invested with the fund. If the fund loses money, there's no performance fee, but the investors still have to pay the management fee.\nThe most typical fee structure — a 2% management fee and a 20% performance fee — is known as 2-and-20.\nHow are hedge funds regulated?\nHedge funds only have to register with the SEC once they reach total assets under management of above $100 million. Beyond that, they must abide by Regulation D of the Securities Act of 1933 and limit their investors to accredited investors. That allows them to remain exempt from most reporting to the SEC and makes investing in a hedge fund much more opaque than investing in a mutual fund.\nAdditional considerations\nHedge funds have shown worsening performance over the past 15 years or so even as the U.S. stock market has been on a tear. In fact, in bull markets, mutual funds may provide better returns than hedge funds net of fees since alternative investment strategies fail to keep up with the stock market.\nThat said, those strategies can be invaluable in bear markets. If the strategies have returns truly uncorrelated with U.S. stocks, they could provide positive returns as the stock market craters. That's when a hedge fund will really live up to its name.\nWhile hedge funds hold the promise of big returns supported by advanced trading strategies, they can go for long periods without producing the expected results. For patient investors, they could pay off.\nBut perhaps the age when hedge funds could outperform the average investor is over. Today's technology makes it easier for retail investors to invest and use their own strategies, whether they're exceedingly simple or super complex. For most investors, a mutual fund will be able to meet all of their investing needs, but they're a bit more boring than hedge funds. But good investing is usually boring.","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":444,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":817628550,"gmtCreate":1630943716070,"gmtModify":1631884898082,"author":{"id":"3576847817239184","authorId":"3576847817239184","name":"Bmaiw102","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576847817239184","authorIdStr":"3576847817239184"},"themes":[],"htmlText":"。","listText":"。","text":"。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/817628550","repostId":"1138372877","repostType":4,"repost":{"id":"1138372877","kind":"news","pubTimestamp":1630932732,"share":"https://www.laohu8.com/m/news/1138372877?lang=zh_CN&edition=full","pubTime":"2021-09-06 20:52","market":"us","language":"en","title":"Jerome Powell's Quest For Economic Stability Is Destabilizing<blockquote>杰罗姆·鲍威尔对经济稳定的追求正在破坏稳定</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1138372877","media":"zerohedge","summary":"When the chairman of the Federal Reserve Bank speaks the financial markets listen, and this was no d","content":"<p>When the chairman of the Federal Reserve Bank speaks the financial markets listen, and this was no different with Jerome Powell’s virtual address to the annual meeting of central bankers at Jackson Hole, Wyoming. What they got is what Harry Truman complained about when hearing from his economic advisors:<i><b>“On the one hand, ‘this,’ but on the other hand, ‘that’.”</b></i>Truman said that he desperately wanted a one-handed economist.</p><p><blockquote>当美联储主席发表讲话时，金融市场都会倾听，这与杰罗姆·鲍威尔在怀俄明州杰克逊霍尔举行的央行行长年会上的虚拟讲话没有什么不同。他们得到的是哈里·杜鲁门在听取他的经济顾问的意见时所抱怨的：<i><b>“一方面是‘这个’，另一方面是‘那个’。”</b></i>杜鲁门说，他非常想要一个单手经济学家。</blockquote></p><p> After a decade of general economic calm most of the time, with modest to reasonable growth, relatively low price inflation, and, at the beginning of 2020 before the Coronavirus lockdowns, unemployment at its lowest level in half a century,<b>everyone is now worried about what to expect from the Federal Reserve in terms of monetary and interest rate policy in the months and years ahead in the face of all that has been happening for the last year and a half.</b></p><p><blockquote>在经历了十年大部分时间经济总体平静、适度至合理的增长、相对较低的物价通胀，以及在2020年初冠状病毒封锁之前，失业率处于半个世纪以来的最低水平，<b>面对过去一年半发生的一切，每个人现在都在担心美联储在未来几个月和几年的货币和利率政策方面会发生什么。</b></blockquote></p><p> <b>Whipsaw GDP and Huge Government Expenditures</b></p><p><blockquote><b>大幅增长的GDP和巨额政府支出</b></blockquote></p><p> After a staggering decline in real Gross Domestic Product (GDP) from $19.2 trillion in the fourth quarter of 2019 to $17.2 trillion in the second quarter of 2020, or a 9 percent decrease of real GDP in a matter of a few months, the latest revised estimate by the&nbsp;Bureau of Economic Analysis&nbsp;(BEA) for the second quarter of 2021 is that real GDP reached $19.36 trillion. This was a 12.5 percent increase over its 2020 low, and a level now above its pre-Coronavirus high.</p><p><blockquote>在实际国内生产总值（GDP）从2019年第四季度的19.2万亿美元惊人下降到2020年第二季度的17.2万亿美元，即实际GDP在几个月内下降了9%之后，经济分析局（BEA）对2021年第二季度的最新修订估计为实际GDP达到19.36万亿美元。这比2020年的低点增长了12.5%，目前高于冠状病毒爆发前的高点。</blockquote></p><p> <b>It is worth keeping in mind, however, that all of these numbers are exaggerated in terms of real private sector vibrancy because in 2019, federal government&nbsp;expenditures&nbsp;came to $4.45 trillion, or 23 percent of that $19.2 trillion GDP total.</b>By the end of 2020, due to the relaxing of the federal and state lockdown and shutdown mandates over much of the U.S. economy in the second half of last year, real GDP had recovered to $18.76 trillion, but federal government expenditures came to $6.6 trillion, or 35 percent of that total GDP. And just in the first half of 2021, out of that $19.36 trillion GDP, federal spending has already been $5.86 trillion of that total, or 30.2 percent.</p><p><blockquote><b>然而，值得记住的是，就私营部门的实际活力而言，所有这些数字都被夸大了，因为2019年，联邦政府支出达到4.45万亿美元，占19.2万亿美元GDP总额的23%。</b>到2020年底，由于去年下半年联邦和州对美国经济大部分地区的封锁和关闭命令放松，实际GDP已恢复至18.76万亿美元，但联邦政府支出达到6.6万亿美元，占GDP总量的35%。就在2021年上半年，在19.36万亿美元的GDP中，联邦支出已经占了5.86万亿美元，占30.2%。</blockquote></p><p> If government spending is even partly discounted from GDP as a false indicator of the economic “health” of the U.S., since Uncle Sam has nothing to spend other than what it either first taxes away from the private sector or has borrowed from the financial markets, the private economy is far from doing as well as the GDP numbers suggest.</p><p><blockquote>如果政府支出甚至部分从GDP中扣除，作为美国经济“健康”的错误指标，因为山姆大叔除了首先从私营部门征税或从金融市场借款之外没有什么可花的，私营经济远没有GDP数据显示的那么好。</blockquote></p><p> <b>Lagging Unemployment and Rising Price Inflation</b></p><p><blockquote><b>滞后的失业和不断上升的物价通胀</b></blockquote></p><p> After unemployment had reached a low of 3.5 percent of the labor force at the start of 2020, it rose to almost 15 percent in April of last year, due to the government-commanded halt of a huge amount of economic activity. In&nbsp;July 2021, unemployment had declined to 5.4 percent of the labor force; but this still left it almost 55 percent above its low at the beginning of 2020.</p><p><blockquote>在2020年初达到劳动力3.5%的低点后，由于政府下令停止大量经济活动，失业率在去年4月升至近15%。2021年7月，失业率已降至劳动力的5.4%；但这仍使其比2020年初的低点高出近55%。</blockquote></p><p> <b>After the&nbsp;Consumer Price Index&nbsp;(CPI) mostly fluctuated in a relatively narrow range of between one and two percent, annually, over the last ten years, 2021 has seen the CPI increase to 5.4 percent in July of this year. Certain subgroups, such as energy and used car automotive sectors increased in double digit ranges on an annualized basis.</b></p><p><blockquote><b>在过去十年中，消费者价格指数（CPI）每年大多在1%至2%的相对狭窄范围内波动后，2021年CPI在今年7月上涨至5.4%。某些子组，例如能源和二手车汽车行业，年化增长幅度达到两位数。</b></blockquote></p><p> With unemployment still considered high, with the CPI increasing noticeably above the decade-long annual average, and question marks concerning how GDP will grow for the remainder of this year, given continuing supply-chain disruptions and uncertainties about the impact of variations and new mutations of the Coronavirus, all eyes and ears turned to Jerome Powell’s pronouncements about the future direction of Federal Reserve monetary and interest rate policy.</p><p><blockquote>由于失业率仍然很高，CPI涨幅明显高于十年来的年平均水平，鉴于供应链持续中断以及变异和新变异影响的不确定性，今年剩余时间GDP将如何增长也存在问号冠状病毒，所有的眼睛和耳朵都转向了杰罗姆·鲍威尔关于美联储货币和利率政策未来方向的声明。</blockquote></p><p> <b>Powell’s Maybe This, Maybe That, Policy Pronouncement</b></p><p><blockquote><b>鲍威尔的政策声明也许是这个，也许是那个</b></blockquote></p><p> <b>And what he said was that the Federal Reserve Board of Governors has not decided what to do!</b></p><p><blockquote><b>而他说的是，美联储理事会还没有决定该怎么做！</b></blockquote></p><p> On the one hand, the economy is improving so, perhaps, before the end of the year, the Fed will reduce its current&nbsp;monthly purchase&nbsp;of $120 billion worth of assets – $80 billion of U.S. government securities, and $40 billion of mortgage-backed securities. And it may decide that it is time to no longer use its policy tools to keep key interest rates close to zero.</p><p><blockquote>一方面，经济正在改善，因此，也许在今年年底之前，美联储将减少目前每月购买价值1200亿美元的资产——800亿美元的美国政府证券和400亿美元的抵押贷款支持证券。它可能会决定，是时候不再使用其政策工具将关键利率保持在接近零的水平了。</blockquote></p><p> On the other hand, recent price inflation may only be a transitory spurt due to supply-side problems, so the concern about accelerating price increases may be misplaced. Therefore, it may be premature to reduce asset purchases too quickly and certainly it is necessary to be cautious in any nudging up of interest rates that might cut short the national economic recovery before unemployment has been reduced, once again, to a level closer to standard benchmarks of “full employment.”</p><p><blockquote>另一方面，近期的价格通胀可能只是供给侧问题造成的短暂井喷，因此对价格加速上涨的担忧可能是错位的。因此，过快减少资产购买可能还为时过早，当然，在失业率再次降至更接近“充分就业”标准基准的水平之前，任何可能缩短国民经济复苏的加息都需要谨慎。</blockquote></p><p></p><p> On the one hand, the worst of the Coronavirus may have passed, so there may be no new shutdown hurdles in the way of continuing improvement as reflected in the usual macroeconomic measurements. On the other hand, virus variants may prevent a smooth path to a fully restored and growing economy. So, it may be too soon to really specify when and by how much asset purchases will be reduced or by how much those interest rates will be raised from their current near zero levels.</p><p><blockquote>一方面，冠状病毒最糟糕的时期可能已经过去，因此在持续改善的道路上可能不会出现新的停工障碍，正如通常的宏观经济指标所反映的那样。另一方面，病毒变种可能会阻碍通往全面恢复和增长的经济的顺利道路。因此，现在真正确定何时减少资产购买以及减少多少，或者这些利率将从目前接近零的水平上调多少，可能还为时过早。</blockquote></p><p> The Fed Chairman also said that, on the one hand, the Fed leadership has plenty of experience and policy tools to keep the economy on a sound and even path. On the other hand, such things as the impact of the Coronavirus and the threats facing the world from global warming are unique, making charting the Fed policy course a distinct challenge.</p><p><blockquote>这位美联储主席还表示，一方面，美联储领导层拥有丰富的经验和政策工具，可以让经济保持在稳健、平稳的道路上。另一方面，冠状病毒的影响和全球变暖对世界的威胁是独特的，这使得制定美联储的政策路线成为一个明显的挑战。</blockquote></p><p> <b>Powell’s Reticence and the Political Business Cycle</b></p><p><blockquote><b>鲍威尔的沉默与政治商业周期</b></blockquote></p><p> <b>In other words, Jerome Powell evaded any straightforward policy program, and therefore offered something for almost everyone, in terms of easing fears and concerns that either the policy foot will stay too long where it is on the accelerator or will start putting on the brakes too quickly.</b>Either he is being reticent due to honest doubts about what he thinks is ahead for the economy, or he knows how to play to the audience in the White House and in Congress who will decide whether or not he is appointed for a second term as chairman of the Board of Governors of the Federal Reserve System. After all, you don’t want to seem to be planning any clear policy moves that might threaten the reelection of Senators or Congressmen in the 2022 elections, or antagonize a president who does not want to lose his thin majority in the national legislature.</p><p><blockquote><b>换句话说，杰罗姆·鲍威尔回避了任何直截了当的政策计划，因此为几乎所有人提供了一些东西，缓解了人们的恐惧和担忧，即政策要么会在油门上停留太久，要么会开始踩刹车太快。</b>要么他是因为对他认为的经济前景的诚实怀疑而保持沉默，要么他知道如何迎合白宫和国会的观众，他们将决定他是否被任命为美联储系统理事会主席的第二个任期。毕竟，你不想看起来正在计划任何可能威胁参议员或众议员在2022年选举中连任的明确政策举措，或者激怒一位不想失去在国家立法机构中微弱多数的总统。</blockquote></p><p> That politicians and central bankers are sensitive to the phases of the business cycle as they may impact the political electoral cycle in thinking about their policy decisions and directions has been understood by some economists at least since Johan Akerman’s (1896-1982) analysis of the&nbsp;“Political Economic Cycle”&nbsp;(<i>Kyklos</i>, May 1947), in which he traced out observed changes in those running governments in democratic societies resulting from the phases in the business cycle, and how those in government attempt to manage public policy to maintain their political positions.</p><p><blockquote>至少自约翰·阿克曼（Johan Akerman，1896-1982）对“政治经济周期”（<i>基克洛斯</i>在这篇文章中，他追溯了在民主社会中由商业周期的各个阶段引起的政府管理者的变化，以及政府中的那些人如何试图管理公共政策以维持他们的政治地位。</blockquote></p><p> Historically, Akerman said, looking over the period from the mid-19th&nbsp;century to 1945 in countries like Great Britain, the United States, Germany, and Sweden, the result of the analysis could be summarized in the following way: “All general economic depressions in England . . . lead to cabinet crises and a change of the party in power . . . In the United States the presidential elections as a rule involve a change in party control when votes are cast during a depression and a maintenance of the party in office when the votes are cast during periods of prosperity,” in sixteen of the twenty elections between 1865 and 1945.</p><p><blockquote>阿克曼说，从历史上看，纵观19世纪中期至1945年期间的英国、美国、德国和瑞典等国家，分析结果可以总结如下：“英国所有普遍的经济萧条……都会导致内阁危机和执政党的更迭……在美国，总统选举通常涉及在萧条时期投票时改变政党控制，在繁荣时期投票时维持政党执政”，在1865年至1945年的20次选举中有16次。</blockquote></p><p> Governments, Akerman also pointed out, try “to stabilize financial and economic conditions, and for a brief period may succeed in doing so.” While not pursuing it in his article, the fact is that the underlying circumstances that create “booms” that result in “busts” are usually of the government’s own policy. making. The “good times” monetary and fiscal policies finally create the economic crises that threaten the political policy-makers’ positions in authority. Hence, a government’s frequent demise in the next election when a recession or depression finally occurs. (p. 107)</p><p><blockquote>阿克曼还指出，各国政府试图“稳定金融和经济状况，在短时间内可能会成功。”虽然他的文章没有追究这一点，但事实是，造成“繁荣”导致“萧条”的潜在环境通常是政府自己的政策。制作。“好时代”的货币和财政政策最终造成了经济危机，威胁到政治决策者的权威地位。因此，当经济衰退或萧条最终发生时，政府往往会在下一次选举中垮台。（第107页）</blockquote></p><p> <b>Interest Rates Should Coordinate Savings and Investment</b></p><p><blockquote><b>利率应协调储蓄和投资</b></blockquote></p><p> But this gets to the real essence of the dilemma in Jerome Powell’s statement of Federal Reserve policy and its possible future direction. The underlying presumption is that a central bank can and should be attempting to manage the monetary system and the level of interest rates in the financial markets and, therefore, trying to macro-manage the society as a whole.</p><p><blockquote>但这触及了杰罗姆·鲍威尔美联储政策声明中困境的真正本质及其未来可能的方向。潜在的假设是，中央银行可以也应该试图管理货币体系和金融市场的利率水平，因此，试图对整个社会进行宏观管理。</blockquote></p><p> Let us start with interest rates. The role of market prices is to bring into coordinated balance the two sides of demand and supply. Prices do so by effectively informing those needing to know on the supply side what is it that demanders want and the value they place upon it in terms of what they are willing to pay to get it; prices, at the same time, inform demanders what suppliers can and are willing to produce and offer for sale, and at what price reflecting the producer’s opportunity costs of bringing a particular good or service to market. The competitive interaction of those two sides of the market brings about the balance between them.</p><p><blockquote>让我们从利率开始。市场价格的作用是使供求双方达到协调平衡。价格通过有效地告知那些在供应方需要知道需求者想要什么以及他们愿意支付什么来获得它的价值来做到这一点；与此同时，价格告诉需求者供应商能够并且愿意生产和出售什么，以及以什么价格反映了生产者将特定商品或服务推向市场的机会成本。市场双方的竞争互动带来了它们之间的平衡。</blockquote></p><p></p><p> The role of interest rates is to do the same for borrowers and lenders. It is the trading of the use of resources across time between those who are interested and willing to defer the more immediate use of resources (expressed in money) in their possession or under their control, in return for a premium in the future from those interested in more immediate uses of those resources beyond their own capacity in exchange for paying such a premium in the future. That premium is the rate of interest, which may vary with the duration of the loan and risk elements in extending it.</p><p><blockquote>利率的作用是为借款人和贷款人做同样的事情。它是那些有兴趣并愿意推迟更直接地使用其拥有或控制的资源（以货币表示）的人之间对资源使用的交易，以换取那些有兴趣更直接地使用超出其自身能力的资源的人在未来支付这种溢价。该溢价就是利率，它可能会随着贷款期限和延长贷款的风险因素而变化。</blockquote></p><p> The role of the rate of interest is to coordinate the willingness of savers with the desires of borrowers. Any rate of interest above or below this results in, respectively, an excess of savings over investment demand or an excess of investment demand over available savings.</p><p><blockquote>利率的作用是协调储户的意愿和借款人的意愿。高于或低于这一利率的任何利率分别导致储蓄超过投资需求或投资需求超过可用储蓄。</blockquote></p><p> <b>Manipulating Interests Rates Distorts Markets</b></p><p><blockquote><b>操纵利率扭曲市场</b></blockquote></p><p> The crucial difference between a price, say, for hats that is set below the market-clearing, or coordinating, level is that a shortage results with some willing buyers leaving the market empty-handed; but when the Federal Reserve, or any central bank, wishes to manipulate interest rates below the market coordinating level, it fills the gap with newly created money with which loans may be extended in excess of actual savings in the economy.</p><p><blockquote>比如说，低于市场清算或协调水平的帽子价格之间的关键区别在于，短缺会导致一些有意愿的买家空手离开市场；但是，当美联储或任何中央银行希望将利率操纵到市场协调水平以下时，它就会用新创造的货币来填补缺口，这些货币可以用来发放超过经济实际储蓄的贷款。</blockquote></p><p> This not only results in an increase in the number of units of the medium of exchange through which buyers can express their greater demand for desired goods and services, tending, in general, to place upward pressure on overall market prices. It also influences the structure of relative prices and wages, since increases in the supply of money can only enter the economy through the increased demand for the particular goods, resources, and services those borrowers of that new money wish to purchase and use. But the money is then passed to another group of hands; that is, those who have sold those goods, resources and services to the borrowers. This second group, in turn, spends the new money that they have received from sales on other goods, resources and services for which they wish to increase their demand.</p><p><blockquote>这不仅导致交换媒介单位数量的增加，购买者可以通过这种媒介表达他们对所需商品和服务的更大需求，通常倾向于对总体市场价格施加上行压力。它还影响相对价格和工资的结构，因为货币供应量的增加只能通过对新货币的借款人希望购买和使用的特定商品、资源和服务的需求增加而进入经济。但是这些钱随后被传递到另一组人手中；即那些向借款人出售这些商品、资源和服务的人。反过来，第二组人将他们从销售中获得的新钱花在他们希望增加需求的其他商品、资源和服务上。</blockquote></p><p> Step-by-step, in a patterned sequence through time, the newly created money increases the demands and the prices of one set of goods and services, and then another, and then another, until, finally, in principle, all prices for finished goods and the factors of production will have been impacted to one degree or another, at different times in the sequence, with changes in relative profit margins and employment opportunities for as long as the monetary inflationary process continues.</p><p><blockquote>随着时间的推移，新创造的货币一步一步地增加了一套商品和服务的需求和价格，然后是另一套，然后是另一套，直到最后，原则上，成品和生产要素的所有价格都会在序列的不同时间受到某种程度的影响，只要货币通货膨胀过程继续，相对利润率和就业机会就会发生变化。</blockquote></p><p> This also means that whenever the monetary expansion stops or slows down, or even, perhaps, fails to accelerate, the resulting patterned use of labor, resources, and capital equipment brought into existence due to the way the money has entered into the economy and is being spent, period-after-period, begins to fall apart. This precipitates a readjustment process during which it is discovered that labor, capital and resources have been directed into allocated and applied for uses that are unsustainable once the inflationary process comes to an end.</p><p><blockquote>这也意味着，每当货币扩张停止或放缓，甚至可能未能加速时，由于货币进入经济和支出的方式而产生的劳动力、资源和资本设备的模式使用就开始分崩离析。这引发了一个重新调整过程，在此过程中，人们发现，一旦通货膨胀过程结束，劳动力、资本和资源已被分配和应用于不可持续的用途。</blockquote></p><p> <b>The Fed’s Monetary Expansion and Bank Reserve Tricks</b></p><p><blockquote><b>美联储的货币扩张和银行准备金技巧</b></blockquote></p><p> For over ten years, since the financial and housing crisis of 2008-2009, the Federal Reserve has been dramatically expanding the money supply. In January 2008, the&nbsp;Monetary Base&nbsp;(loanable reserves in the banking system plus currency in general circulation) equaled $837 billion; by August 2014, the Monetary Base had been expanded to over $4 trillion. In February 2020, just before the Coronavirus crisis impacted the U.S. in terms of the government mandated lockdowns and shutdowns, it still was historically high at $3.45 trillion; but by July 2021, the Monetary Base stood at $6.13 trillion, or a nearly 78 percent increase just in the last year and a half.</p><p><blockquote>自2008-2009年金融和房地产危机以来的十多年里，美联储一直在大幅扩大货币供应。2008年1月，货币基础（银行体系可供借贷储备加上一般流通货币）为8,370亿元；到2014年8月，货币基础已扩大到超过4万亿美元。2020年2月，就在冠状病毒危机影响美国政府强制封锁和停工之前，仍处于3.45万亿美元的历史高位；但到2021年7月，基础货币为6.13万亿美元，仅在过去一年半内就增长了近78%。</blockquote></p><p> <b>Why has there not been the expected general price inflation from such a huge increase in the money supply through the banking system? Because the Federal Reserve has been paying banks not to fully lend the loanable reserves at their disposal.</b>As a result, as of&nbsp;July 2021, banks were holding “excess reserves,” (that is, reserves above the minimum Federal Reserve rules require banks to hold against possible cash withdrawals by their depositors), of around $3.9 trillion, upon which the Federal Reserve&nbsp;pays&nbsp;those banks an interest rate of 0.15 percent. In other words, 63 percent of the Monetary Base is being held off the active loan market.</p><p><blockquote><b>为什么通过银行系统如此巨大的货币供应增加没有出现预期的普遍价格通胀？因为美联储一直在付钱给银行，让他们不要完全借出他们可以支配的可贷准备金。</b>因此，截至2021年7月，银行持有约3.9万亿美元的“超额准备金”（即高于美联储规则要求银行为储户可能提取现金而持有的最低准备金），美联储向这些银行支付0.15%的利率。换句话说，63%的基础货币被活跃的贷款市场拒之门外。</blockquote></p><p></p><p> Given that real GDP in the United States has increased by over 25 percent since 2010, and the velocity of circulation of money (number of times money turns over in transactions per period of time), has decreased by almost 40 percent over the last ten years or so, it is not too surprising that prices in general have not been rising more, or more rapidly, given these countervailing factors, plus the Federal Reserve’s “trick” of paying banks to not lend all the huge amount of bank reserves their open market operations have created during the past decade.</p><p><blockquote>鉴于美国的实际GDP自2010年以来增长了25%以上，而货币流通速度（每段时间内货币在交易中周转的次数）在过去十年左右下降了近40%，鉴于这些抵消因素，再加上美联储付钱给银行不要将其公开市场操作在过去十年中创造的所有巨额银行准备金放贷的“伎俩”，价格总体上没有上涨更多或更快也就不足为奇了。</blockquote></p><p> <b>Markets Still Distorted, Even with Low Price Inflation</b></p><p><blockquote><b>即使价格通胀较低，市场仍然扭曲</b></blockquote></p><p> It is nonetheless the case, that through its continuing large purchases of U.S. treasuries and mortgage-backed securities, market interest rates have been artificially pushed significantly below any rates of interest that would prevail on financial markets not manipulated in this manner.</p><p><blockquote>然而，事实是，通过持续大量购买美国国债和抵押贷款支持证券，市场利率被人为地大幅推低到不以这种方式操纵的金融市场的任何利率以下。</blockquote></p><p> <b>It is not unreasonable to ask what informational role market interest rates have been even playing about the real underlying savings and investment borrowing relationship in the economy in such a setting. Federal Reserve monetary and interest rate policy has undermined any reasonably accurate intertemporal price to coordinate saving with borrowing.</b></p><p><blockquote><b>在这种情况下，人们不禁要问，市场利率在经济中真正的潜在储蓄和投资借贷关系中发挥了什么信息作用。美联储的货币和利率政策破坏了任何合理准确的跨期价格来协调储蓄和借贷。</b></blockquote></p><p> Another way of saying this is that the Federal Reserve’s monetary central planning has virtually abolished a market-based pricing system for the allocation and use of resources across time. How can anyone easily know what real savings is available to fund investment and other loan uses in a way that is not throwing the economy out of serious balance?</p><p><blockquote>另一种说法是，美联储的货币中央计划实际上废除了跨时间资源分配和使用的基于市场的定价体系。任何人怎么能轻易地知道有哪些真正的储蓄可以用来为投资和其他贷款用途提供资金，而不会使经济严重失衡？</blockquote></p><p> In the name of trying to steer the economic “ship” to assure growing GDP, moderate price inflation, and “full employment” of the labor force, Jerome Powell and his fellow Fed Board members are, in fact, setting the stage for an eventual economic downturn by distorting a series of interconnected “microeconomic” relationships in the name of “macroeconomic” stability.</p><p><blockquote>杰罗姆·鲍威尔（Jerome Powell）和他的美联储董事会成员以试图驾驭经济“船”以确保GDP增长、温和的价格通胀和劳动力“充分就业”的名义，实际上是在通过以“宏观经济”稳定的名义扭曲一系列相互关联的“微观经济”关系，为最终的经济衰退埋下伏笔。</blockquote></p><p> When the Fed chairman cautiously suggests that the American central bankers are not sure what they are going to do, it is because they cannot do what they say they want to do.<b>By trying to pursue their declared goals through the monetary and interest rate policy tools at their disposal, they are, in fact, continuing to imbalance and wrongly “twist” the real economy in ways that will result in the instability, and the eventual recession and likely price inflation they say they wish to prevent.</b></p><p><blockquote>当美联储主席谨慎地暗示美国央行行长们不确定他们要做什么时，那是因为他们不能做他们说想做的事情。<b>通过试图通过他们所掌握的货币和利率政策工具来追求他们宣称的目标，他们实际上是在继续失衡和错误地“扭曲”实体经济，从而导致不稳定、最终的衰退和他们所说的他们希望防止的可能的价格通胀。</b></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>Jerome Powell's Quest For Economic Stability Is Destabilizing<blockquote>杰罗姆·鲍威尔对经济稳定的追求正在破坏稳定</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nJerome Powell's Quest For Economic Stability Is Destabilizing<blockquote>杰罗姆·鲍威尔对经济稳定的追求正在破坏稳定</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-09-06 20:52</span>\n</p>\n</h4>\n</header>\n<article>\n<p>When the chairman of the Federal Reserve Bank speaks the financial markets listen, and this was no different with Jerome Powell’s virtual address to the annual meeting of central bankers at Jackson Hole, Wyoming. What they got is what Harry Truman complained about when hearing from his economic advisors:<i><b>“On the one hand, ‘this,’ but on the other hand, ‘that’.”</b></i>Truman said that he desperately wanted a one-handed economist.</p><p><blockquote>当美联储主席发表讲话时，金融市场都会倾听，这与杰罗姆·鲍威尔在怀俄明州杰克逊霍尔举行的央行行长年会上的虚拟讲话没有什么不同。他们得到的是哈里·杜鲁门在听取他的经济顾问的意见时所抱怨的：<i><b>“一方面是‘这个’，另一方面是‘那个’。”</b></i>杜鲁门说，他非常想要一个单手经济学家。</blockquote></p><p> After a decade of general economic calm most of the time, with modest to reasonable growth, relatively low price inflation, and, at the beginning of 2020 before the Coronavirus lockdowns, unemployment at its lowest level in half a century,<b>everyone is now worried about what to expect from the Federal Reserve in terms of monetary and interest rate policy in the months and years ahead in the face of all that has been happening for the last year and a half.</b></p><p><blockquote>在经历了十年大部分时间经济总体平静、适度至合理的增长、相对较低的物价通胀，以及在2020年初冠状病毒封锁之前，失业率处于半个世纪以来的最低水平，<b>面对过去一年半发生的一切，每个人现在都在担心美联储在未来几个月和几年的货币和利率政策方面会发生什么。</b></blockquote></p><p> <b>Whipsaw GDP and Huge Government Expenditures</b></p><p><blockquote><b>大幅增长的GDP和巨额政府支出</b></blockquote></p><p> After a staggering decline in real Gross Domestic Product (GDP) from $19.2 trillion in the fourth quarter of 2019 to $17.2 trillion in the second quarter of 2020, or a 9 percent decrease of real GDP in a matter of a few months, the latest revised estimate by the&nbsp;Bureau of Economic Analysis&nbsp;(BEA) for the second quarter of 2021 is that real GDP reached $19.36 trillion. This was a 12.5 percent increase over its 2020 low, and a level now above its pre-Coronavirus high.</p><p><blockquote>在实际国内生产总值（GDP）从2019年第四季度的19.2万亿美元惊人下降到2020年第二季度的17.2万亿美元，即实际GDP在几个月内下降了9%之后，经济分析局（BEA）对2021年第二季度的最新修订估计为实际GDP达到19.36万亿美元。这比2020年的低点增长了12.5%，目前高于冠状病毒爆发前的高点。</blockquote></p><p> <b>It is worth keeping in mind, however, that all of these numbers are exaggerated in terms of real private sector vibrancy because in 2019, federal government&nbsp;expenditures&nbsp;came to $4.45 trillion, or 23 percent of that $19.2 trillion GDP total.</b>By the end of 2020, due to the relaxing of the federal and state lockdown and shutdown mandates over much of the U.S. economy in the second half of last year, real GDP had recovered to $18.76 trillion, but federal government expenditures came to $6.6 trillion, or 35 percent of that total GDP. And just in the first half of 2021, out of that $19.36 trillion GDP, federal spending has already been $5.86 trillion of that total, or 30.2 percent.</p><p><blockquote><b>然而，值得记住的是，就私营部门的实际活力而言，所有这些数字都被夸大了，因为2019年，联邦政府支出达到4.45万亿美元，占19.2万亿美元GDP总额的23%。</b>到2020年底，由于去年下半年联邦和州对美国经济大部分地区的封锁和关闭命令放松，实际GDP已恢复至18.76万亿美元，但联邦政府支出达到6.6万亿美元，占GDP总量的35%。就在2021年上半年，在19.36万亿美元的GDP中，联邦支出已经占了5.86万亿美元，占30.2%。</blockquote></p><p> If government spending is even partly discounted from GDP as a false indicator of the economic “health” of the U.S., since Uncle Sam has nothing to spend other than what it either first taxes away from the private sector or has borrowed from the financial markets, the private economy is far from doing as well as the GDP numbers suggest.</p><p><blockquote>如果政府支出甚至部分从GDP中扣除，作为美国经济“健康”的错误指标，因为山姆大叔除了首先从私营部门征税或从金融市场借款之外没有什么可花的，私营经济远没有GDP数据显示的那么好。</blockquote></p><p> <b>Lagging Unemployment and Rising Price Inflation</b></p><p><blockquote><b>滞后的失业和不断上升的物价通胀</b></blockquote></p><p> After unemployment had reached a low of 3.5 percent of the labor force at the start of 2020, it rose to almost 15 percent in April of last year, due to the government-commanded halt of a huge amount of economic activity. In&nbsp;July 2021, unemployment had declined to 5.4 percent of the labor force; but this still left it almost 55 percent above its low at the beginning of 2020.</p><p><blockquote>在2020年初达到劳动力3.5%的低点后，由于政府下令停止大量经济活动，失业率在去年4月升至近15%。2021年7月，失业率已降至劳动力的5.4%；但这仍使其比2020年初的低点高出近55%。</blockquote></p><p> <b>After the&nbsp;Consumer Price Index&nbsp;(CPI) mostly fluctuated in a relatively narrow range of between one and two percent, annually, over the last ten years, 2021 has seen the CPI increase to 5.4 percent in July of this year. Certain subgroups, such as energy and used car automotive sectors increased in double digit ranges on an annualized basis.</b></p><p><blockquote><b>在过去十年中，消费者价格指数（CPI）每年大多在1%至2%的相对狭窄范围内波动后，2021年CPI在今年7月上涨至5.4%。某些子组，例如能源和二手车汽车行业，年化增长幅度达到两位数。</b></blockquote></p><p> With unemployment still considered high, with the CPI increasing noticeably above the decade-long annual average, and question marks concerning how GDP will grow for the remainder of this year, given continuing supply-chain disruptions and uncertainties about the impact of variations and new mutations of the Coronavirus, all eyes and ears turned to Jerome Powell’s pronouncements about the future direction of Federal Reserve monetary and interest rate policy.</p><p><blockquote>由于失业率仍然很高，CPI涨幅明显高于十年来的年平均水平，鉴于供应链持续中断以及变异和新变异影响的不确定性，今年剩余时间GDP将如何增长也存在问号冠状病毒，所有的眼睛和耳朵都转向了杰罗姆·鲍威尔关于美联储货币和利率政策未来方向的声明。</blockquote></p><p> <b>Powell’s Maybe This, Maybe That, Policy Pronouncement</b></p><p><blockquote><b>鲍威尔的政策声明也许是这个，也许是那个</b></blockquote></p><p> <b>And what he said was that the Federal Reserve Board of Governors has not decided what to do!</b></p><p><blockquote><b>而他说的是，美联储理事会还没有决定该怎么做！</b></blockquote></p><p> On the one hand, the economy is improving so, perhaps, before the end of the year, the Fed will reduce its current&nbsp;monthly purchase&nbsp;of $120 billion worth of assets – $80 billion of U.S. government securities, and $40 billion of mortgage-backed securities. And it may decide that it is time to no longer use its policy tools to keep key interest rates close to zero.</p><p><blockquote>一方面，经济正在改善，因此，也许在今年年底之前，美联储将减少目前每月购买价值1200亿美元的资产——800亿美元的美国政府证券和400亿美元的抵押贷款支持证券。它可能会决定，是时候不再使用其政策工具将关键利率保持在接近零的水平了。</blockquote></p><p> On the other hand, recent price inflation may only be a transitory spurt due to supply-side problems, so the concern about accelerating price increases may be misplaced. Therefore, it may be premature to reduce asset purchases too quickly and certainly it is necessary to be cautious in any nudging up of interest rates that might cut short the national economic recovery before unemployment has been reduced, once again, to a level closer to standard benchmarks of “full employment.”</p><p><blockquote>另一方面，近期的价格通胀可能只是供给侧问题造成的短暂井喷，因此对价格加速上涨的担忧可能是错位的。因此，过快减少资产购买可能还为时过早，当然，在失业率再次降至更接近“充分就业”标准基准的水平之前，任何可能缩短国民经济复苏的加息都需要谨慎。</blockquote></p><p></p><p> On the one hand, the worst of the Coronavirus may have passed, so there may be no new shutdown hurdles in the way of continuing improvement as reflected in the usual macroeconomic measurements. On the other hand, virus variants may prevent a smooth path to a fully restored and growing economy. So, it may be too soon to really specify when and by how much asset purchases will be reduced or by how much those interest rates will be raised from their current near zero levels.</p><p><blockquote>一方面，冠状病毒最糟糕的时期可能已经过去，因此在持续改善的道路上可能不会出现新的停工障碍，正如通常的宏观经济指标所反映的那样。另一方面，病毒变种可能会阻碍通往全面恢复和增长的经济的顺利道路。因此，现在真正确定何时减少资产购买以及减少多少，或者这些利率将从目前接近零的水平上调多少，可能还为时过早。</blockquote></p><p> The Fed Chairman also said that, on the one hand, the Fed leadership has plenty of experience and policy tools to keep the economy on a sound and even path. On the other hand, such things as the impact of the Coronavirus and the threats facing the world from global warming are unique, making charting the Fed policy course a distinct challenge.</p><p><blockquote>这位美联储主席还表示，一方面，美联储领导层拥有丰富的经验和政策工具，可以让经济保持在稳健、平稳的道路上。另一方面，冠状病毒的影响和全球变暖对世界的威胁是独特的，这使得制定美联储的政策路线成为一个明显的挑战。</blockquote></p><p> <b>Powell’s Reticence and the Political Business Cycle</b></p><p><blockquote><b>鲍威尔的沉默与政治商业周期</b></blockquote></p><p> <b>In other words, Jerome Powell evaded any straightforward policy program, and therefore offered something for almost everyone, in terms of easing fears and concerns that either the policy foot will stay too long where it is on the accelerator or will start putting on the brakes too quickly.</b>Either he is being reticent due to honest doubts about what he thinks is ahead for the economy, or he knows how to play to the audience in the White House and in Congress who will decide whether or not he is appointed for a second term as chairman of the Board of Governors of the Federal Reserve System. After all, you don’t want to seem to be planning any clear policy moves that might threaten the reelection of Senators or Congressmen in the 2022 elections, or antagonize a president who does not want to lose his thin majority in the national legislature.</p><p><blockquote><b>换句话说，杰罗姆·鲍威尔回避了任何直截了当的政策计划，因此为几乎所有人提供了一些东西，缓解了人们的恐惧和担忧，即政策要么会在油门上停留太久，要么会开始踩刹车太快。</b>要么他是因为对他认为的经济前景的诚实怀疑而保持沉默，要么他知道如何迎合白宫和国会的观众，他们将决定他是否被任命为美联储系统理事会主席的第二个任期。毕竟，你不想看起来正在计划任何可能威胁参议员或众议员在2022年选举中连任的明确政策举措，或者激怒一位不想失去在国家立法机构中微弱多数的总统。</blockquote></p><p> That politicians and central bankers are sensitive to the phases of the business cycle as they may impact the political electoral cycle in thinking about their policy decisions and directions has been understood by some economists at least since Johan Akerman’s (1896-1982) analysis of the&nbsp;“Political Economic Cycle”&nbsp;(<i>Kyklos</i>, May 1947), in which he traced out observed changes in those running governments in democratic societies resulting from the phases in the business cycle, and how those in government attempt to manage public policy to maintain their political positions.</p><p><blockquote>至少自约翰·阿克曼（Johan Akerman，1896-1982）对“政治经济周期”（<i>基克洛斯</i>在这篇文章中，他追溯了在民主社会中由商业周期的各个阶段引起的政府管理者的变化，以及政府中的那些人如何试图管理公共政策以维持他们的政治地位。</blockquote></p><p> Historically, Akerman said, looking over the period from the mid-19th&nbsp;century to 1945 in countries like Great Britain, the United States, Germany, and Sweden, the result of the analysis could be summarized in the following way: “All general economic depressions in England . . . lead to cabinet crises and a change of the party in power . . . In the United States the presidential elections as a rule involve a change in party control when votes are cast during a depression and a maintenance of the party in office when the votes are cast during periods of prosperity,” in sixteen of the twenty elections between 1865 and 1945.</p><p><blockquote>阿克曼说，从历史上看，纵观19世纪中期至1945年期间的英国、美国、德国和瑞典等国家，分析结果可以总结如下：“英国所有普遍的经济萧条……都会导致内阁危机和执政党的更迭……在美国，总统选举通常涉及在萧条时期投票时改变政党控制，在繁荣时期投票时维持政党执政”，在1865年至1945年的20次选举中有16次。</blockquote></p><p> Governments, Akerman also pointed out, try “to stabilize financial and economic conditions, and for a brief period may succeed in doing so.” While not pursuing it in his article, the fact is that the underlying circumstances that create “booms” that result in “busts” are usually of the government’s own policy. making. The “good times” monetary and fiscal policies finally create the economic crises that threaten the political policy-makers’ positions in authority. Hence, a government’s frequent demise in the next election when a recession or depression finally occurs. (p. 107)</p><p><blockquote>阿克曼还指出，各国政府试图“稳定金融和经济状况，在短时间内可能会成功。”虽然他的文章没有追究这一点，但事实是，造成“繁荣”导致“萧条”的潜在环境通常是政府自己的政策。制作。“好时代”的货币和财政政策最终造成了经济危机，威胁到政治决策者的权威地位。因此，当经济衰退或萧条最终发生时，政府往往会在下一次选举中垮台。（第107页）</blockquote></p><p> <b>Interest Rates Should Coordinate Savings and Investment</b></p><p><blockquote><b>利率应协调储蓄和投资</b></blockquote></p><p> But this gets to the real essence of the dilemma in Jerome Powell’s statement of Federal Reserve policy and its possible future direction. The underlying presumption is that a central bank can and should be attempting to manage the monetary system and the level of interest rates in the financial markets and, therefore, trying to macro-manage the society as a whole.</p><p><blockquote>但这触及了杰罗姆·鲍威尔美联储政策声明中困境的真正本质及其未来可能的方向。潜在的假设是，中央银行可以也应该试图管理货币体系和金融市场的利率水平，因此，试图对整个社会进行宏观管理。</blockquote></p><p> Let us start with interest rates. The role of market prices is to bring into coordinated balance the two sides of demand and supply. Prices do so by effectively informing those needing to know on the supply side what is it that demanders want and the value they place upon it in terms of what they are willing to pay to get it; prices, at the same time, inform demanders what suppliers can and are willing to produce and offer for sale, and at what price reflecting the producer’s opportunity costs of bringing a particular good or service to market. The competitive interaction of those two sides of the market brings about the balance between them.</p><p><blockquote>让我们从利率开始。市场价格的作用是使供求双方达到协调平衡。价格通过有效地告知那些在供应方需要知道需求者想要什么以及他们愿意支付什么来获得它的价值来做到这一点；与此同时，价格告诉需求者供应商能够并且愿意生产和出售什么，以及以什么价格反映了生产者将特定商品或服务推向市场的机会成本。市场双方的竞争互动带来了它们之间的平衡。</blockquote></p><p></p><p> The role of interest rates is to do the same for borrowers and lenders. It is the trading of the use of resources across time between those who are interested and willing to defer the more immediate use of resources (expressed in money) in their possession or under their control, in return for a premium in the future from those interested in more immediate uses of those resources beyond their own capacity in exchange for paying such a premium in the future. That premium is the rate of interest, which may vary with the duration of the loan and risk elements in extending it.</p><p><blockquote>利率的作用是为借款人和贷款人做同样的事情。它是那些有兴趣并愿意推迟更直接地使用其拥有或控制的资源（以货币表示）的人之间对资源使用的交易，以换取那些有兴趣更直接地使用超出其自身能力的资源的人在未来支付这种溢价。该溢价就是利率，它可能会随着贷款期限和延长贷款的风险因素而变化。</blockquote></p><p> The role of the rate of interest is to coordinate the willingness of savers with the desires of borrowers. Any rate of interest above or below this results in, respectively, an excess of savings over investment demand or an excess of investment demand over available savings.</p><p><blockquote>利率的作用是协调储户的意愿和借款人的意愿。高于或低于这一利率的任何利率分别导致储蓄超过投资需求或投资需求超过可用储蓄。</blockquote></p><p> <b>Manipulating Interests Rates Distorts Markets</b></p><p><blockquote><b>操纵利率扭曲市场</b></blockquote></p><p> The crucial difference between a price, say, for hats that is set below the market-clearing, or coordinating, level is that a shortage results with some willing buyers leaving the market empty-handed; but when the Federal Reserve, or any central bank, wishes to manipulate interest rates below the market coordinating level, it fills the gap with newly created money with which loans may be extended in excess of actual savings in the economy.</p><p><blockquote>比如说，低于市场清算或协调水平的帽子价格之间的关键区别在于，短缺会导致一些有意愿的买家空手离开市场；但是，当美联储或任何中央银行希望将利率操纵到市场协调水平以下时，它就会用新创造的货币来填补缺口，这些货币可以用来发放超过经济实际储蓄的贷款。</blockquote></p><p> This not only results in an increase in the number of units of the medium of exchange through which buyers can express their greater demand for desired goods and services, tending, in general, to place upward pressure on overall market prices. It also influences the structure of relative prices and wages, since increases in the supply of money can only enter the economy through the increased demand for the particular goods, resources, and services those borrowers of that new money wish to purchase and use. But the money is then passed to another group of hands; that is, those who have sold those goods, resources and services to the borrowers. This second group, in turn, spends the new money that they have received from sales on other goods, resources and services for which they wish to increase their demand.</p><p><blockquote>这不仅导致交换媒介单位数量的增加，购买者可以通过这种媒介表达他们对所需商品和服务的更大需求，通常倾向于对总体市场价格施加上行压力。它还影响相对价格和工资的结构，因为货币供应量的增加只能通过对新货币的借款人希望购买和使用的特定商品、资源和服务的需求增加而进入经济。但是这些钱随后被传递到另一组人手中；即那些向借款人出售这些商品、资源和服务的人。反过来，第二组人将他们从销售中获得的新钱花在他们希望增加需求的其他商品、资源和服务上。</blockquote></p><p> Step-by-step, in a patterned sequence through time, the newly created money increases the demands and the prices of one set of goods and services, and then another, and then another, until, finally, in principle, all prices for finished goods and the factors of production will have been impacted to one degree or another, at different times in the sequence, with changes in relative profit margins and employment opportunities for as long as the monetary inflationary process continues.</p><p><blockquote>随着时间的推移，新创造的货币一步一步地增加了一套商品和服务的需求和价格，然后是另一套，然后是另一套，直到最后，原则上，成品和生产要素的所有价格都会在序列的不同时间受到某种程度的影响，只要货币通货膨胀过程继续，相对利润率和就业机会就会发生变化。</blockquote></p><p> This also means that whenever the monetary expansion stops or slows down, or even, perhaps, fails to accelerate, the resulting patterned use of labor, resources, and capital equipment brought into existence due to the way the money has entered into the economy and is being spent, period-after-period, begins to fall apart. This precipitates a readjustment process during which it is discovered that labor, capital and resources have been directed into allocated and applied for uses that are unsustainable once the inflationary process comes to an end.</p><p><blockquote>这也意味着，每当货币扩张停止或放缓，甚至可能未能加速时，由于货币进入经济和支出的方式而产生的劳动力、资源和资本设备的模式使用就开始分崩离析。这引发了一个重新调整过程，在此过程中，人们发现，一旦通货膨胀过程结束，劳动力、资本和资源已被分配和应用于不可持续的用途。</blockquote></p><p> <b>The Fed’s Monetary Expansion and Bank Reserve Tricks</b></p><p><blockquote><b>美联储的货币扩张和银行准备金技巧</b></blockquote></p><p> For over ten years, since the financial and housing crisis of 2008-2009, the Federal Reserve has been dramatically expanding the money supply. In January 2008, the&nbsp;Monetary Base&nbsp;(loanable reserves in the banking system plus currency in general circulation) equaled $837 billion; by August 2014, the Monetary Base had been expanded to over $4 trillion. In February 2020, just before the Coronavirus crisis impacted the U.S. in terms of the government mandated lockdowns and shutdowns, it still was historically high at $3.45 trillion; but by July 2021, the Monetary Base stood at $6.13 trillion, or a nearly 78 percent increase just in the last year and a half.</p><p><blockquote>自2008-2009年金融和房地产危机以来的十多年里，美联储一直在大幅扩大货币供应。2008年1月，货币基础（银行体系可供借贷储备加上一般流通货币）为8,370亿元；到2014年8月，货币基础已扩大到超过4万亿美元。2020年2月，就在冠状病毒危机影响美国政府强制封锁和停工之前，仍处于3.45万亿美元的历史高位；但到2021年7月，基础货币为6.13万亿美元，仅在过去一年半内就增长了近78%。</blockquote></p><p> <b>Why has there not been the expected general price inflation from such a huge increase in the money supply through the banking system? Because the Federal Reserve has been paying banks not to fully lend the loanable reserves at their disposal.</b>As a result, as of&nbsp;July 2021, banks were holding “excess reserves,” (that is, reserves above the minimum Federal Reserve rules require banks to hold against possible cash withdrawals by their depositors), of around $3.9 trillion, upon which the Federal Reserve&nbsp;pays&nbsp;those banks an interest rate of 0.15 percent. In other words, 63 percent of the Monetary Base is being held off the active loan market.</p><p><blockquote><b>为什么通过银行系统如此巨大的货币供应增加没有出现预期的普遍价格通胀？因为美联储一直在付钱给银行，让他们不要完全借出他们可以支配的可贷准备金。</b>因此，截至2021年7月，银行持有约3.9万亿美元的“超额准备金”（即高于美联储规则要求银行为储户可能提取现金而持有的最低准备金），美联储向这些银行支付0.15%的利率。换句话说，63%的基础货币被活跃的贷款市场拒之门外。</blockquote></p><p></p><p> Given that real GDP in the United States has increased by over 25 percent since 2010, and the velocity of circulation of money (number of times money turns over in transactions per period of time), has decreased by almost 40 percent over the last ten years or so, it is not too surprising that prices in general have not been rising more, or more rapidly, given these countervailing factors, plus the Federal Reserve’s “trick” of paying banks to not lend all the huge amount of bank reserves their open market operations have created during the past decade.</p><p><blockquote>鉴于美国的实际GDP自2010年以来增长了25%以上，而货币流通速度（每段时间内货币在交易中周转的次数）在过去十年左右下降了近40%，鉴于这些抵消因素，再加上美联储付钱给银行不要将其公开市场操作在过去十年中创造的所有巨额银行准备金放贷的“伎俩”，价格总体上没有上涨更多或更快也就不足为奇了。</blockquote></p><p> <b>Markets Still Distorted, Even with Low Price Inflation</b></p><p><blockquote><b>即使价格通胀较低，市场仍然扭曲</b></blockquote></p><p> It is nonetheless the case, that through its continuing large purchases of U.S. treasuries and mortgage-backed securities, market interest rates have been artificially pushed significantly below any rates of interest that would prevail on financial markets not manipulated in this manner.</p><p><blockquote>然而，事实是，通过持续大量购买美国国债和抵押贷款支持证券，市场利率被人为地大幅推低到不以这种方式操纵的金融市场的任何利率以下。</blockquote></p><p> <b>It is not unreasonable to ask what informational role market interest rates have been even playing about the real underlying savings and investment borrowing relationship in the economy in such a setting. Federal Reserve monetary and interest rate policy has undermined any reasonably accurate intertemporal price to coordinate saving with borrowing.</b></p><p><blockquote><b>在这种情况下，人们不禁要问，市场利率在经济中真正的潜在储蓄和投资借贷关系中发挥了什么信息作用。美联储的货币和利率政策破坏了任何合理准确的跨期价格来协调储蓄和借贷。</b></blockquote></p><p> Another way of saying this is that the Federal Reserve’s monetary central planning has virtually abolished a market-based pricing system for the allocation and use of resources across time. How can anyone easily know what real savings is available to fund investment and other loan uses in a way that is not throwing the economy out of serious balance?</p><p><blockquote>另一种说法是，美联储的货币中央计划实际上废除了跨时间资源分配和使用的基于市场的定价体系。任何人怎么能轻易地知道有哪些真正的储蓄可以用来为投资和其他贷款用途提供资金，而不会使经济严重失衡？</blockquote></p><p> In the name of trying to steer the economic “ship” to assure growing GDP, moderate price inflation, and “full employment” of the labor force, Jerome Powell and his fellow Fed Board members are, in fact, setting the stage for an eventual economic downturn by distorting a series of interconnected “microeconomic” relationships in the name of “macroeconomic” stability.</p><p><blockquote>杰罗姆·鲍威尔（Jerome Powell）和他的美联储董事会成员以试图驾驭经济“船”以确保GDP增长、温和的价格通胀和劳动力“充分就业”的名义，实际上是在通过以“宏观经济”稳定的名义扭曲一系列相互关联的“微观经济”关系，为最终的经济衰退埋下伏笔。</blockquote></p><p> When the Fed chairman cautiously suggests that the American central bankers are not sure what they are going to do, it is because they cannot do what they say they want to do.<b>By trying to pursue their declared goals through the monetary and interest rate policy tools at their disposal, they are, in fact, continuing to imbalance and wrongly “twist” the real economy in ways that will result in the instability, and the eventual recession and likely price inflation they say they wish to prevent.</b></p><p><blockquote>当美联储主席谨慎地暗示美国央行行长们不确定他们要做什么时，那是因为他们不能做他们说想做的事情。<b>通过试图通过他们所掌握的货币和利率政策工具来追求他们宣称的目标，他们实际上是在继续失衡和错误地“扭曲”实体经济，从而导致不稳定、最终的衰退和他们所说的他们希望防止的可能的价格通胀。</b></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/economics/jerome-powells-quest-economic-stability-destabilizing\">zerohedge</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://www.zerohedge.com/economics/jerome-powells-quest-economic-stability-destabilizing","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138372877","content_text":"When the chairman of the Federal Reserve Bank speaks the financial markets listen, and this was no different with Jerome Powell’s virtual address to the annual meeting of central bankers at Jackson Hole, Wyoming. What they got is what Harry Truman complained about when hearing from his economic advisors:“On the one hand, ‘this,’ but on the other hand, ‘that’.”Truman said that he desperately wanted a one-handed economist.\nAfter a decade of general economic calm most of the time, with modest to reasonable growth, relatively low price inflation, and, at the beginning of 2020 before the Coronavirus lockdowns, unemployment at its lowest level in half a century,everyone is now worried about what to expect from the Federal Reserve in terms of monetary and interest rate policy in the months and years ahead in the face of all that has been happening for the last year and a half.\nWhipsaw GDP and Huge Government Expenditures\nAfter a staggering decline in real Gross Domestic Product (GDP) from $19.2 trillion in the fourth quarter of 2019 to $17.2 trillion in the second quarter of 2020, or a 9 percent decrease of real GDP in a matter of a few months, the latest revised estimate by the Bureau of Economic Analysis (BEA) for the second quarter of 2021 is that real GDP reached $19.36 trillion. This was a 12.5 percent increase over its 2020 low, and a level now above its pre-Coronavirus high.\nIt is worth keeping in mind, however, that all of these numbers are exaggerated in terms of real private sector vibrancy because in 2019, federal government expenditures came to $4.45 trillion, or 23 percent of that $19.2 trillion GDP total.By the end of 2020, due to the relaxing of the federal and state lockdown and shutdown mandates over much of the U.S. economy in the second half of last year, real GDP had recovered to $18.76 trillion, but federal government expenditures came to $6.6 trillion, or 35 percent of that total GDP. And just in the first half of 2021, out of that $19.36 trillion GDP, federal spending has already been $5.86 trillion of that total, or 30.2 percent.\nIf government spending is even partly discounted from GDP as a false indicator of the economic “health” of the U.S., since Uncle Sam has nothing to spend other than what it either first taxes away from the private sector or has borrowed from the financial markets, the private economy is far from doing as well as the GDP numbers suggest.\nLagging Unemployment and Rising Price Inflation\nAfter unemployment had reached a low of 3.5 percent of the labor force at the start of 2020, it rose to almost 15 percent in April of last year, due to the government-commanded halt of a huge amount of economic activity. In July 2021, unemployment had declined to 5.4 percent of the labor force; but this still left it almost 55 percent above its low at the beginning of 2020.\nAfter the Consumer Price Index (CPI) mostly fluctuated in a relatively narrow range of between one and two percent, annually, over the last ten years, 2021 has seen the CPI increase to 5.4 percent in July of this year. Certain subgroups, such as energy and used car automotive sectors increased in double digit ranges on an annualized basis.\nWith unemployment still considered high, with the CPI increasing noticeably above the decade-long annual average, and question marks concerning how GDP will grow for the remainder of this year, given continuing supply-chain disruptions and uncertainties about the impact of variations and new mutations of the Coronavirus, all eyes and ears turned to Jerome Powell’s pronouncements about the future direction of Federal Reserve monetary and interest rate policy.\nPowell’s Maybe This, Maybe That, Policy Pronouncement\nAnd what he said was that the Federal Reserve Board of Governors has not decided what to do!\nOn the one hand, the economy is improving so, perhaps, before the end of the year, the Fed will reduce its current monthly purchase of $120 billion worth of assets – $80 billion of U.S. government securities, and $40 billion of mortgage-backed securities. And it may decide that it is time to no longer use its policy tools to keep key interest rates close to zero.\nOn the other hand, recent price inflation may only be a transitory spurt due to supply-side problems, so the concern about accelerating price increases may be misplaced. Therefore, it may be premature to reduce asset purchases too quickly and certainly it is necessary to be cautious in any nudging up of interest rates that might cut short the national economic recovery before unemployment has been reduced, once again, to a level closer to standard benchmarks of “full employment.”\nOn the one hand, the worst of the Coronavirus may have passed, so there may be no new shutdown hurdles in the way of continuing improvement as reflected in the usual macroeconomic measurements. On the other hand, virus variants may prevent a smooth path to a fully restored and growing economy. So, it may be too soon to really specify when and by how much asset purchases will be reduced or by how much those interest rates will be raised from their current near zero levels.\nThe Fed Chairman also said that, on the one hand, the Fed leadership has plenty of experience and policy tools to keep the economy on a sound and even path. On the other hand, such things as the impact of the Coronavirus and the threats facing the world from global warming are unique, making charting the Fed policy course a distinct challenge.\nPowell’s Reticence and the Political Business Cycle\nIn other words, Jerome Powell evaded any straightforward policy program, and therefore offered something for almost everyone, in terms of easing fears and concerns that either the policy foot will stay too long where it is on the accelerator or will start putting on the brakes too quickly.Either he is being reticent due to honest doubts about what he thinks is ahead for the economy, or he knows how to play to the audience in the White House and in Congress who will decide whether or not he is appointed for a second term as chairman of the Board of Governors of the Federal Reserve System. After all, you don’t want to seem to be planning any clear policy moves that might threaten the reelection of Senators or Congressmen in the 2022 elections, or antagonize a president who does not want to lose his thin majority in the national legislature.\nThat politicians and central bankers are sensitive to the phases of the business cycle as they may impact the political electoral cycle in thinking about their policy decisions and directions has been understood by some economists at least since Johan Akerman’s (1896-1982) analysis of the “Political Economic Cycle” (Kyklos, May 1947), in which he traced out observed changes in those running governments in democratic societies resulting from the phases in the business cycle, and how those in government attempt to manage public policy to maintain their political positions.\nHistorically, Akerman said, looking over the period from the mid-19th century to 1945 in countries like Great Britain, the United States, Germany, and Sweden, the result of the analysis could be summarized in the following way: “All general economic depressions in England . . . lead to cabinet crises and a change of the party in power . . . In the United States the presidential elections as a rule involve a change in party control when votes are cast during a depression and a maintenance of the party in office when the votes are cast during periods of prosperity,” in sixteen of the twenty elections between 1865 and 1945.\nGovernments, Akerman also pointed out, try “to stabilize financial and economic conditions, and for a brief period may succeed in doing so.” While not pursuing it in his article, the fact is that the underlying circumstances that create “booms” that result in “busts” are usually of the government’s own policy. making. The “good times” monetary and fiscal policies finally create the economic crises that threaten the political policy-makers’ positions in authority. Hence, a government’s frequent demise in the next election when a recession or depression finally occurs. (p. 107)\nInterest Rates Should Coordinate Savings and Investment\nBut this gets to the real essence of the dilemma in Jerome Powell’s statement of Federal Reserve policy and its possible future direction. The underlying presumption is that a central bank can and should be attempting to manage the monetary system and the level of interest rates in the financial markets and, therefore, trying to macro-manage the society as a whole.\nLet us start with interest rates. The role of market prices is to bring into coordinated balance the two sides of demand and supply. Prices do so by effectively informing those needing to know on the supply side what is it that demanders want and the value they place upon it in terms of what they are willing to pay to get it; prices, at the same time, inform demanders what suppliers can and are willing to produce and offer for sale, and at what price reflecting the producer’s opportunity costs of bringing a particular good or service to market. The competitive interaction of those two sides of the market brings about the balance between them.\nThe role of interest rates is to do the same for borrowers and lenders. It is the trading of the use of resources across time between those who are interested and willing to defer the more immediate use of resources (expressed in money) in their possession or under their control, in return for a premium in the future from those interested in more immediate uses of those resources beyond their own capacity in exchange for paying such a premium in the future. That premium is the rate of interest, which may vary with the duration of the loan and risk elements in extending it.\nThe role of the rate of interest is to coordinate the willingness of savers with the desires of borrowers. Any rate of interest above or below this results in, respectively, an excess of savings over investment demand or an excess of investment demand over available savings.\nManipulating Interests Rates Distorts Markets\nThe crucial difference between a price, say, for hats that is set below the market-clearing, or coordinating, level is that a shortage results with some willing buyers leaving the market empty-handed; but when the Federal Reserve, or any central bank, wishes to manipulate interest rates below the market coordinating level, it fills the gap with newly created money with which loans may be extended in excess of actual savings in the economy.\nThis not only results in an increase in the number of units of the medium of exchange through which buyers can express their greater demand for desired goods and services, tending, in general, to place upward pressure on overall market prices. It also influences the structure of relative prices and wages, since increases in the supply of money can only enter the economy through the increased demand for the particular goods, resources, and services those borrowers of that new money wish to purchase and use. But the money is then passed to another group of hands; that is, those who have sold those goods, resources and services to the borrowers. This second group, in turn, spends the new money that they have received from sales on other goods, resources and services for which they wish to increase their demand.\nStep-by-step, in a patterned sequence through time, the newly created money increases the demands and the prices of one set of goods and services, and then another, and then another, until, finally, in principle, all prices for finished goods and the factors of production will have been impacted to one degree or another, at different times in the sequence, with changes in relative profit margins and employment opportunities for as long as the monetary inflationary process continues.\nThis also means that whenever the monetary expansion stops or slows down, or even, perhaps, fails to accelerate, the resulting patterned use of labor, resources, and capital equipment brought into existence due to the way the money has entered into the economy and is being spent, period-after-period, begins to fall apart. This precipitates a readjustment process during which it is discovered that labor, capital and resources have been directed into allocated and applied for uses that are unsustainable once the inflationary process comes to an end.\nThe Fed’s Monetary Expansion and Bank Reserve Tricks\nFor over ten years, since the financial and housing crisis of 2008-2009, the Federal Reserve has been dramatically expanding the money supply. In January 2008, the Monetary Base (loanable reserves in the banking system plus currency in general circulation) equaled $837 billion; by August 2014, the Monetary Base had been expanded to over $4 trillion. In February 2020, just before the Coronavirus crisis impacted the U.S. in terms of the government mandated lockdowns and shutdowns, it still was historically high at $3.45 trillion; but by July 2021, the Monetary Base stood at $6.13 trillion, or a nearly 78 percent increase just in the last year and a half.\nWhy has there not been the expected general price inflation from such a huge increase in the money supply through the banking system? Because the Federal Reserve has been paying banks not to fully lend the loanable reserves at their disposal.As a result, as of July 2021, banks were holding “excess reserves,” (that is, reserves above the minimum Federal Reserve rules require banks to hold against possible cash withdrawals by their depositors), of around $3.9 trillion, upon which the Federal Reserve pays those banks an interest rate of 0.15 percent. In other words, 63 percent of the Monetary Base is being held off the active loan market.\nGiven that real GDP in the United States has increased by over 25 percent since 2010, and the velocity of circulation of money (number of times money turns over in transactions per period of time), has decreased by almost 40 percent over the last ten years or so, it is not too surprising that prices in general have not been rising more, or more rapidly, given these countervailing factors, plus the Federal Reserve’s “trick” of paying banks to not lend all the huge amount of bank reserves their open market operations have created during the past decade.\nMarkets Still Distorted, Even with Low Price Inflation\nIt is nonetheless the case, that through its continuing large purchases of U.S. treasuries and mortgage-backed securities, market interest rates have been artificially pushed significantly below any rates of interest that would prevail on financial markets not manipulated in this manner.\nIt is not unreasonable to ask what informational role market interest rates have been even playing about the real underlying savings and investment borrowing relationship in the economy in such a setting. Federal Reserve monetary and interest rate policy has undermined any reasonably accurate intertemporal price to coordinate saving with borrowing.\nAnother way of saying this is that the Federal Reserve’s monetary central planning has virtually abolished a market-based pricing system for the allocation and use of resources across time. How can anyone easily know what real savings is available to fund investment and other loan uses in a way that is not throwing the economy out of serious balance?\nIn the name of trying to steer the economic “ship” to assure growing GDP, moderate price inflation, and “full employment” of the labor force, Jerome Powell and his fellow Fed Board members are, in fact, setting the stage for an eventual economic downturn by distorting a series of interconnected “microeconomic” relationships in the name of “macroeconomic” stability.\nWhen the Fed chairman cautiously suggests that the American central bankers are not sure what they are going to do, it is because they cannot do what they say they want to do.By trying to pursue their declared goals through the monetary and interest rate policy tools at their disposal, they are, in fact, continuing to imbalance and wrongly “twist” the real economy in ways that will result in the instability, and the eventual recession and likely price inflation they say they wish to prevent.","news_type":1,"symbols_score_info":{".DJI":0.9,"SPY":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":599,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":812154107,"gmtCreate":1630567608509,"gmtModify":1631884898089,"author":{"id":"3576847817239184","authorId":"3576847817239184","name":"Bmaiw102","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576847817239184","authorIdStr":"3576847817239184"},"themes":[],"htmlText":".","listText":".","text":".","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/812154107","repostId":"1126883338","repostType":4,"isVote":1,"tweetType":1,"viewCount":637,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":816574113,"gmtCreate":1630510114232,"gmtModify":1631884898106,"author":{"id":"3576847817239184","authorId":"3576847817239184","name":"Bmaiw102","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576847817239184","authorIdStr":"3576847817239184"},"themes":[],"htmlText":".","listText":".","text":".","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/816574113","repostId":"2164890060","repostType":4,"isVote":1,"tweetType":1,"viewCount":415,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":811548015,"gmtCreate":1630333603437,"gmtModify":1704958675057,"author":{"id":"3576847817239184","authorId":"3576847817239184","name":"Bmaiw102","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576847817239184","authorIdStr":"3576847817239184"},"themes":[],"htmlText":".","listText":".","text":".","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/811548015","repostId":"1175518391","repostType":4,"repost":{"id":"1175518391","kind":"news","pubTimestamp":1630331966,"share":"https://www.laohu8.com/m/news/1175518391?lang=zh_CN&edition=full","pubTime":"2021-08-30 21:59","market":"fut","language":"en","title":"Here's why this billionaire investor predicts cryptocurrencies will 'go to zero'<blockquote>这就是为什么这位亿万富翁投资者预测加密货币将“归零”</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1175518391","media":"Thestreet","summary":"Billionaire investor John Paulson had harsh words for cryptocurrencies Monday, calling digital curre","content":"<p>Billionaire investor John Paulson had harsh words for cryptocurrencies Monday, calling digital currencies \"a limited supply of nothing.\"</p><p><blockquote>亿万富翁投资者约翰·保尔森周一对加密货币发表了严厉的言论，称数字货币“供应有限”。</blockquote></p><p> Paulson,&nbsp;co-founder of Carlyle Group who became famous in 2007 by shorting the US housing market,&nbsp;made the comments to “Bloomberg Wealth with David Rubenstein,\" adding that cryptocurrencies are a bubble that will \"eventually prove to be worthless.”</p><p><blockquote>2007年因做空美国房地产市场而成名的凯雷集团联合创始人保尔森向《大卫·鲁宾斯坦的彭博财富》发表了上述言论，并补充说，加密货币是一个泡沫，“最终将被证明一文不值”。</blockquote></p><p> \"I would describe them as a limited supply of nothing,\" he said. \"There’s no intrinsic value to any of the cryptocurrencies except that there’s a limited amount.\"</p><p><blockquote>“我会把它们描述为供应有限，什么都没有，”他说。“除了数量有限之外，任何加密货币都没有内在价值。”</blockquote></p><p> \"Once the exuberance wears off, or liquidity dries up, they will go to zero,\" he added. \"I wouldn’t recommend anyone invest in cryptocurrencies.\"</p><p><blockquote>“一旦繁荣消退，或者流动性枯竭，它们就会归零，”他补充道。“我不建议任何人投资加密货币。”</blockquote></p><p> Bitcoin was off nearly 1% to $47,818 on Monday, according to CoinDesk, but it sill holding on to a year-to-date gain of 65.5%, while Ethereum was down slightly at $3,179 and Dogecoin was off marginally at 27 cents each.</p><p><blockquote>根据CoinDesk的数据，比特币周一下跌近1%，至47,818美元，但仍保持今年迄今65.5%的涨幅，而以太币小幅下跌至3,179美元，狗狗币小幅下跌27美分。</blockquote></p><p> James Edwards, cryptocurrency specialist at&nbsp;Finder, said \"Bitcoin is taking a back seat right now as the competition between layer-1 protocols like Cardano, Solana and Avalanche heats up.\"</p><p><blockquote>Finder的加密货币专家James Edwards表示，“随着Cardano、Solana和Avalanche等第1层协议之间的竞争加剧，比特币现在正在退居二线。”</blockquote></p><p> \"Bitcoin is likely to hover around psychological resistance at $50,000 until a catalyst event stimulates the next wave of buying,\" he said.</p><p><blockquote>他表示：“比特币可能会在50,000美元的心理阻力附近徘徊，直到催化剂事件刺激下一波买盘。”</blockquote></p><p> Markets are still focused on the public narrative right now, Edwards added, \"so if there is no major news event such as another major tech company adding Bitcoin to their balance sheet, then I wouldn't be surprised to see it retrace as low as $43,000, based on previous market cycles.\"</p><p><blockquote>Edwards补充道，目前市场仍然关注公众叙事，“因此，如果没有重大新闻事件，例如另一家大型科技公司将比特币纳入其资产负债表，那么我不会惊讶地看到其回撤低至43,000美元，基于之前的市场周期。”</blockquote></p><p> In other cryptocurrency news,&nbsp;Citigroup&nbsp;(<b>C</b>) -Get Citigroup Inc. Report&nbsp;said last week it was considering offering bitcoin futures trading for some institutional clients, citing increased demand in the cryptocurrency space.</p><p><blockquote>在其他加密货币新闻中，花旗集团（<b>C</b>)-获取花旗集团报告上周表示，该公司正在考虑为一些机构客户提供比特币期货交易，理由是加密货币领域的需求增加。</blockquote></p><p> Cryptocurrency analysts noted that governments around the world are stepping up their efforts to regulated cryptocurrencies.</p><p><blockquote>加密货币分析师指出，世界各国政府正在加大对加密货币的监管力度。</blockquote></p><p> Winston Ma, a former managing director and head of North America at China Investment Corp., said Canada has been enforcing a tightened regime for cryptocurrency exchanges in recent months.</p><p><blockquote>中国投资公司（China Investment Corp.）前董事总经理兼北美负责人温斯顿·马（Winston Ma）表示，近几个月来，加拿大一直在对加密货币交易所实施更严格的制度。</blockquote></p><p> He noted that the Ontario Securities Commission has barred a pair of trading platforms that offer crypto services from trading the popular stablecoin Tether, according to regulatory documents.</p><p><blockquote>他指出，根据监管文件，安大略省证券委员会已禁止两家提供加密服务的交易平台交易流行的稳定币泰达币。</blockquote></p><p> \"It seems that Canada is joining the US and China, the two largest crypto markets and also the two most powerful regulatory enforcers, in taking regulatory actions against stablecoins like Tether,\" said Ma.,&nbsp;author of \"The Digital War - How China’s Tech Power Shapes the Future of AI, Blockchain and Cyberspace.\"</p><p><blockquote>“加拿大似乎正在加入美国和中国这两个最大的加密货币市场，也是两个最强大的监管执法者的行列，对泰达币等稳定币采取监管行动，”《数字战争——中国的技术力量如何塑造人工智能、区块链和网络空间的未来。”</blockquote></p><p> While the major economies of the world don’t agree on much these days. Ma said \"there’s one issue on which both superpowers see eye to eye: the regulation of 'stablecoins'”.</p><p><blockquote>而如今世界主要经济体在很多问题上并没有达成一致。马云表示，“两个超级大国在一个问题上意见一致：‘稳定币’的监管”。</blockquote></p><p> David Lesperance, managing partner of immigration and tax adviser withLesperance &amp; Associates, said \"those with undisclosed cryptocurrency are facing a cross-roads.\"</p><p><blockquote>Lesperance&amp;Associates移民和税务顾问的管理合伙人David Lesperance说：“那些拥有未披露加密货币的人正面临一个十字路口。”</blockquote></p><p> They can either retain expert counsel to do a tax efficient disclosure to bring themselves in compliance, or \"condemn yourself to playing hide and seek with a tax authority who has unlimited time and resources and is joined globally by other tax authorities who can also out you.\"</p><p><blockquote>他们可以聘请专家顾问来进行税务高效的披露，以使自己合规，或者“谴责自己与拥有无限时间和资源的税务机关玩捉迷藏，并且在全球范围内还有其他税务机关也可以击败你。”</blockquote></p><p> For those who had previously chosen \"Path B\" because they thought they could hide behind \"mixers\",&nbsp;Lesperance said, they should note the case of Larry Dean Harmon.</p><p><blockquote>莱斯佩兰斯说，对于那些以前因为认为可以躲在“混合器”后面而选择“路径B”的人来说，他们应该注意拉里·迪恩·哈蒙的案例。</blockquote></p><p> Harmon,&nbsp;38, of Akron, Ohio,&nbsp;ran a mixer called Helix, which federal investigators said&nbsp;allowed customers for a fee, to send bitcoin to designated recipients in a manner that was designed to conceal the source or owner of the bitcoin</p><p><blockquote>38岁的Harmon来自Akron，他经营着一家名为Helix的混音器，联邦调查人员称，该混音器允许用户付费向指定收件人发送比特币，其目的是隐藏比特币的来源或所有者</blockquote></p><p> \"Harmon pleaded guilty recently&nbsp;conspiracy to launder monetary instruments,\"&nbsp;Lesperance said.&nbsp;\"Facing up to 20 years in prison, it is reasonable to think that his records are a major bargaining chip in his sentencing negotiations.\"</p><p><blockquote>“哈蒙最近承认共谋洗钱，”莱斯佩兰斯说，“面临最高20年的监禁，有理由认为他的记录是他量刑谈判的一个主要筹码。”</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>Here's why this billionaire investor predicts cryptocurrencies will 'go to zero'<blockquote>这就是为什么这位亿万富翁投资者预测加密货币将“归零”</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHere's why this billionaire investor predicts cryptocurrencies will 'go to zero'<blockquote>这就是为什么这位亿万富翁投资者预测加密货币将“归零”</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Thestreet</strong><span class=\"h-time small\">2021-08-30 21:59</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Billionaire investor John Paulson had harsh words for cryptocurrencies Monday, calling digital currencies \"a limited supply of nothing.\"</p><p><blockquote>亿万富翁投资者约翰·保尔森周一对加密货币发表了严厉的言论，称数字货币“供应有限”。</blockquote></p><p> Paulson,&nbsp;co-founder of Carlyle Group who became famous in 2007 by shorting the US housing market,&nbsp;made the comments to “Bloomberg Wealth with David Rubenstein,\" adding that cryptocurrencies are a bubble that will \"eventually prove to be worthless.”</p><p><blockquote>2007年因做空美国房地产市场而成名的凯雷集团联合创始人保尔森向《大卫·鲁宾斯坦的彭博财富》发表了上述言论，并补充说，加密货币是一个泡沫，“最终将被证明一文不值”。</blockquote></p><p> \"I would describe them as a limited supply of nothing,\" he said. \"There’s no intrinsic value to any of the cryptocurrencies except that there’s a limited amount.\"</p><p><blockquote>“我会把它们描述为供应有限，什么都没有，”他说。“除了数量有限之外，任何加密货币都没有内在价值。”</blockquote></p><p> \"Once the exuberance wears off, or liquidity dries up, they will go to zero,\" he added. \"I wouldn’t recommend anyone invest in cryptocurrencies.\"</p><p><blockquote>“一旦繁荣消退，或者流动性枯竭，它们就会归零，”他补充道。“我不建议任何人投资加密货币。”</blockquote></p><p> Bitcoin was off nearly 1% to $47,818 on Monday, according to CoinDesk, but it sill holding on to a year-to-date gain of 65.5%, while Ethereum was down slightly at $3,179 and Dogecoin was off marginally at 27 cents each.</p><p><blockquote>根据CoinDesk的数据，比特币周一下跌近1%，至47,818美元，但仍保持今年迄今65.5%的涨幅，而以太币小幅下跌至3,179美元，狗狗币小幅下跌27美分。</blockquote></p><p> James Edwards, cryptocurrency specialist at&nbsp;Finder, said \"Bitcoin is taking a back seat right now as the competition between layer-1 protocols like Cardano, Solana and Avalanche heats up.\"</p><p><blockquote>Finder的加密货币专家James Edwards表示，“随着Cardano、Solana和Avalanche等第1层协议之间的竞争加剧，比特币现在正在退居二线。”</blockquote></p><p> \"Bitcoin is likely to hover around psychological resistance at $50,000 until a catalyst event stimulates the next wave of buying,\" he said.</p><p><blockquote>他表示：“比特币可能会在50,000美元的心理阻力附近徘徊，直到催化剂事件刺激下一波买盘。”</blockquote></p><p> Markets are still focused on the public narrative right now, Edwards added, \"so if there is no major news event such as another major tech company adding Bitcoin to their balance sheet, then I wouldn't be surprised to see it retrace as low as $43,000, based on previous market cycles.\"</p><p><blockquote>Edwards补充道，目前市场仍然关注公众叙事，“因此，如果没有重大新闻事件，例如另一家大型科技公司将比特币纳入其资产负债表，那么我不会惊讶地看到其回撤低至43,000美元，基于之前的市场周期。”</blockquote></p><p> In other cryptocurrency news,&nbsp;Citigroup&nbsp;(<b>C</b>) -Get Citigroup Inc. Report&nbsp;said last week it was considering offering bitcoin futures trading for some institutional clients, citing increased demand in the cryptocurrency space.</p><p><blockquote>在其他加密货币新闻中，花旗集团（<b>C</b>)-获取花旗集团报告上周表示，该公司正在考虑为一些机构客户提供比特币期货交易，理由是加密货币领域的需求增加。</blockquote></p><p> Cryptocurrency analysts noted that governments around the world are stepping up their efforts to regulated cryptocurrencies.</p><p><blockquote>加密货币分析师指出，世界各国政府正在加大对加密货币的监管力度。</blockquote></p><p> Winston Ma, a former managing director and head of North America at China Investment Corp., said Canada has been enforcing a tightened regime for cryptocurrency exchanges in recent months.</p><p><blockquote>中国投资公司（China Investment Corp.）前董事总经理兼北美负责人温斯顿·马（Winston Ma）表示，近几个月来，加拿大一直在对加密货币交易所实施更严格的制度。</blockquote></p><p> He noted that the Ontario Securities Commission has barred a pair of trading platforms that offer crypto services from trading the popular stablecoin Tether, according to regulatory documents.</p><p><blockquote>他指出，根据监管文件，安大略省证券委员会已禁止两家提供加密服务的交易平台交易流行的稳定币泰达币。</blockquote></p><p> \"It seems that Canada is joining the US and China, the two largest crypto markets and also the two most powerful regulatory enforcers, in taking regulatory actions against stablecoins like Tether,\" said Ma.,&nbsp;author of \"The Digital War - How China’s Tech Power Shapes the Future of AI, Blockchain and Cyberspace.\"</p><p><blockquote>“加拿大似乎正在加入美国和中国这两个最大的加密货币市场，也是两个最强大的监管执法者的行列，对泰达币等稳定币采取监管行动，”《数字战争——中国的技术力量如何塑造人工智能、区块链和网络空间的未来。”</blockquote></p><p> While the major economies of the world don’t agree on much these days. Ma said \"there’s one issue on which both superpowers see eye to eye: the regulation of 'stablecoins'”.</p><p><blockquote>而如今世界主要经济体在很多问题上并没有达成一致。马云表示，“两个超级大国在一个问题上意见一致：‘稳定币’的监管”。</blockquote></p><p> David Lesperance, managing partner of immigration and tax adviser withLesperance &amp; Associates, said \"those with undisclosed cryptocurrency are facing a cross-roads.\"</p><p><blockquote>Lesperance&amp;Associates移民和税务顾问的管理合伙人David Lesperance说：“那些拥有未披露加密货币的人正面临一个十字路口。”</blockquote></p><p> They can either retain expert counsel to do a tax efficient disclosure to bring themselves in compliance, or \"condemn yourself to playing hide and seek with a tax authority who has unlimited time and resources and is joined globally by other tax authorities who can also out you.\"</p><p><blockquote>他们可以聘请专家顾问来进行税务高效的披露，以使自己合规，或者“谴责自己与拥有无限时间和资源的税务机关玩捉迷藏，并且在全球范围内还有其他税务机关也可以击败你。”</blockquote></p><p> For those who had previously chosen \"Path B\" because they thought they could hide behind \"mixers\",&nbsp;Lesperance said, they should note the case of Larry Dean Harmon.</p><p><blockquote>莱斯佩兰斯说，对于那些以前因为认为可以躲在“混合器”后面而选择“路径B”的人来说，他们应该注意拉里·迪恩·哈蒙的案例。</blockquote></p><p> Harmon,&nbsp;38, of Akron, Ohio,&nbsp;ran a mixer called Helix, which federal investigators said&nbsp;allowed customers for a fee, to send bitcoin to designated recipients in a manner that was designed to conceal the source or owner of the bitcoin</p><p><blockquote>38岁的Harmon来自Akron，他经营着一家名为Helix的混音器，联邦调查人员称，该混音器允许用户付费向指定收件人发送比特币，其目的是隐藏比特币的来源或所有者</blockquote></p><p> \"Harmon pleaded guilty recently&nbsp;conspiracy to launder monetary instruments,\"&nbsp;Lesperance said.&nbsp;\"Facing up to 20 years in prison, it is reasonable to think that his records are a major bargaining chip in his sentencing negotiations.\"</p><p><blockquote>“哈蒙最近承认共谋洗钱，”莱斯佩兰斯说，“面临最高20年的监禁，有理由认为他的记录是他量刑谈判的一个主要筹码。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/investing/cryptocurrency-price-check-paulson-calls-crypto-worthless-bubble?puc=yahoo&cm_ven=YAHOO\">Thestreet</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc."},"source_url":"https://www.thestreet.com/investing/cryptocurrency-price-check-paulson-calls-crypto-worthless-bubble?puc=yahoo&cm_ven=YAHOO","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175518391","content_text":"Billionaire investor John Paulson had harsh words for cryptocurrencies Monday, calling digital currencies \"a limited supply of nothing.\"\nPaulson, co-founder of Carlyle Group who became famous in 2007 by shorting the US housing market, made the comments to “Bloomberg Wealth with David Rubenstein,\" adding that cryptocurrencies are a bubble that will \"eventually prove to be worthless.”\n\"I would describe them as a limited supply of nothing,\" he said. \"There’s no intrinsic value to any of the cryptocurrencies except that there’s a limited amount.\"\n\"Once the exuberance wears off, or liquidity dries up, they will go to zero,\" he added. \"I wouldn’t recommend anyone invest in cryptocurrencies.\"\nBitcoin was off nearly 1% to $47,818 on Monday, according to CoinDesk, but it sill holding on to a year-to-date gain of 65.5%, while Ethereum was down slightly at $3,179 and Dogecoin was off marginally at 27 cents each.\nJames Edwards, cryptocurrency specialist at Finder, said \"Bitcoin is taking a back seat right now as the competition between layer-1 protocols like Cardano, Solana and Avalanche heats up.\"\n\"Bitcoin is likely to hover around psychological resistance at $50,000 until a catalyst event stimulates the next wave of buying,\" he said.\nMarkets are still focused on the public narrative right now, Edwards added, \"so if there is no major news event such as another major tech company adding Bitcoin to their balance sheet, then I wouldn't be surprised to see it retrace as low as $43,000, based on previous market cycles.\"\nIn other cryptocurrency news, Citigroup (C) -Get Citigroup Inc. Report said last week it was considering offering bitcoin futures trading for some institutional clients, citing increased demand in the cryptocurrency space.\nCryptocurrency analysts noted that governments around the world are stepping up their efforts to regulated cryptocurrencies.\nWinston Ma, a former managing director and head of North America at China Investment Corp., said Canada has been enforcing a tightened regime for cryptocurrency exchanges in recent months.\nHe noted that the Ontario Securities Commission has barred a pair of trading platforms that offer crypto services from trading the popular stablecoin Tether, according to regulatory documents.\n\"It seems that Canada is joining the US and China, the two largest crypto markets and also the two most powerful regulatory enforcers, in taking regulatory actions against stablecoins like Tether,\" said Ma., author of \"The Digital War - How China’s Tech Power Shapes the Future of AI, Blockchain and Cyberspace.\"\nWhile the major economies of the world don’t agree on much these days. Ma said \"there’s one issue on which both superpowers see eye to eye: the regulation of 'stablecoins'”.\nDavid Lesperance, managing partner of immigration and tax adviser withLesperance & Associates, said \"those with undisclosed cryptocurrency are facing a cross-roads.\"\nThey can either retain expert counsel to do a tax efficient disclosure to bring themselves in compliance, or \"condemn yourself to playing hide and seek with a tax authority who has unlimited time and resources and is joined globally by other tax authorities who can also out you.\"\nFor those who had previously chosen \"Path B\" because they thought they could hide behind \"mixers\", Lesperance said, they should note the case of Larry Dean Harmon.\nHarmon, 38, of Akron, Ohio, ran a mixer called Helix, which federal investigators said allowed customers for a fee, to send bitcoin to designated recipients in a manner that was designed to conceal the source or owner of the bitcoin\n\"Harmon pleaded guilty recently conspiracy to launder monetary instruments,\" Lesperance said. \"Facing up to 20 years in prison, it is reasonable to think that his records are a major bargaining chip in his sentencing negotiations.\"","news_type":1,"symbols_score_info":{"COIN":0.9}},"isVote":1,"tweetType":1,"viewCount":440,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":819149518,"gmtCreate":1630048734534,"gmtModify":1704955153859,"author":{"id":"3576847817239184","authorId":"3576847817239184","name":"Bmaiw102","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576847817239184","authorIdStr":"3576847817239184"},"themes":[],"htmlText":".","listText":".","text":".","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/819149518","repostId":"1186617052","repostType":4,"isVote":1,"tweetType":1,"viewCount":349,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":810132466,"gmtCreate":1629950928055,"gmtModify":1631889151990,"author":{"id":"3576847817239184","authorId":"3576847817239184","name":"Bmaiw102","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576847817239184","authorIdStr":"3576847817239184"},"themes":[],"htmlText":".","listText":".","text":".","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/810132466","repostId":"1132822663","repostType":4,"repost":{"id":"1132822663","kind":"news","pubTimestamp":1629947788,"share":"https://www.laohu8.com/m/news/1132822663?lang=zh_CN&edition=full","pubTime":"2021-08-26 11:16","market":"us","language":"en","title":"Roblox Is Feeling Reopening Headwinds<blockquote>Roblox感受到重新开放的阻力</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1132822663","media":"Motley Fool","summary":"Key Points\n\nEngagement from players in the U.S. and Canada decreased by 9% from the year prior.\nThe ","content":"<p>Key Points</p><p><blockquote>要点</blockquote></p><p> <ul>  <li>Engagement from players in the U.S. and Canada decreased by 9% from the year prior.</li>  <li>The decreasing engagement was apparent in regions that were reopening economies.</li>  <li>This will be something management will need to navigate for several quarters.</li> </ul> </p><p><blockquote><ul><li>美国和加拿大玩家的参与度比上年下降了9%。</li><li>在重新开放经济的地区，参与度明显下降。</li><li>这将是管理层需要在几个季度内应对的事情。</li></ul></blockquote></p><p> <b>Roblox</b>(NYSE:RBLX)is a gaming platform that lets players personalize their avatars with items like clothing, gear, and simulated gestures. The site also includes experiences that players can join and play together.</p><p><blockquote><b>Roblox</b>（纽约证券交易所代码：RBLX）是一个游戏平台，允许玩家使用服装、装备和模拟手势等物品来个性化他们的头像。该网站还包括玩家可以加入并一起玩的体验。</blockquote></p><p> The site is free to join but has plenty of features that players need to pay for. That's how Roblox makes its money -- by selling the in-game currency (Robux) that's required to buy featured items or enter certain areas on the platform. The more time players spend on the platform, the higher the likelihood they will spend Robux. Therefore, reopening economies could present a headwind for Roblox as kids (who represent a majority of the platform's users) have less leisure time and&nbsp;return to school&nbsp;and resume other activities.</p><p><blockquote>该网站是免费加入的，但有很多玩家需要付费的功能。这就是Roblox赚钱的方式——通过出售购买特色商品或进入平台上某些区域所需的游戏内货币(Robux)。玩家在平台上花费的时间越多，他们花费Robux的可能性就越高。因此，重新开放经济可能会给Roblox带来阻力，因为孩子们（占该平台用户的大多数）的休闲时间减少，需要返回学校并恢复其他活动。</blockquote></p><p> Roblox reported&nbsp;second-quarter financial results&nbsp;on Aug. 16 for the three months ending June 30. The announcement highlighted the effect reopening economies are having on time spent on the Roblox platform. The company breaks down engagement from different regions.</p><p><blockquote>Roblox于8月16日公布了截至6月30日的三个月第二季度财务业绩。该公告强调了重新开放经济对在Roblox平台上花费的时间的影响。该公司细分了不同地区的参与度。</blockquote></p><p> Interestingly, engagement from users in the U.S., Canada, and Europe dropped off from the same time last year and the quarter before. Uncoincidentally, these areas have some of the highest vaccination rates among their population and are subsequently further along in reopening their economies.</p><p><blockquote>有趣的是，美国、加拿大和欧洲用户的参与度较去年同期和上一季度有所下降。巧合的是，这些地区的人口疫苗接种率最高，随后在重新开放经济方面走得更远。</blockquote></p><p> To quantify the effect, time spent on Roblox in the U.S. and Canada across all users in the second quarter was 2.9 billion hours, down 9% from last year's 3.2 billion hours during the same quarter. That figure is also down from the 3.2 billion hours engaged from the first quarter of this year.</p><p><blockquote>为了量化这种影响，第二季度美国和加拿大所有用户在Roblox上花费的时间为29亿小时，比去年同季度的32亿小时下降了9%。这一数字也低于今年第一季度的32亿小时。</blockquote></p><p> Similarly, although not as significantly, time spent on Roblox decreased in Europe in the most recent quarter, dropping 2% to 2.36 billion hours from the 2.41 billion hours in the year before. The drop was more noticeable in Europe from the previous quarter, where the total time spent on Roblox was 2.73 billion hours.</p><p><blockquote>同样，尽管没有那么明显，但最近一个季度欧洲花在Roblox上的时间有所减少，从去年的24.1亿小时下降到23.6亿小时，下降了2%。与上一季度相比，欧洲的下降更为明显，欧洲在Roblox上花费的总时间为27.3亿小时。</blockquote></p><p> Those two regions account for more than 50% of the total 9.2 billion hours of engagement on Roblox in Q2. The trend could worsen as more of the world gets vaccinated against COVID-19, and economic reopenings gain steam. That being said, another change of direction is not out of the question. The delta variant is causing some economies to rethink reopening strategies, and other variants in the future could further hamper the reopening efforts.</p><p><blockquote>这两个地区占第二季度Roblox总参与时间92亿小时的50%以上。随着世界上越来越多的人接种新冠肺炎疫苗，以及经济重新开放的势头，这一趋势可能会恶化。话虽如此，再次改变方向也不是不可能的。德尔塔变异毒株正在导致一些经济体重新考虑重新开放战略，未来的其他变体可能会进一步阻碍重新开放的努力。</blockquote></p><p> The reversal of high levels of engagement as economies reopen is to be expected and not necessarily a feared outcome. Shareholders might want to breathe a sigh of relief that the reversal of the trend has been modest so far. Consider that at the pandemic onset, overall engagement on the platform jumped by 164% from the year before. To give back 9% and 2% of that increase from the U.S., Canada, and Europe is not a terrible outcome following such dramatic growth.</p><p><blockquote>随着经济重新开放，高水平参与度的逆转是意料之中的，而不一定是令人担忧的结果。股东们可能想松一口气，因为迄今为止这一趋势的逆转幅度不大。考虑到疫情爆发时，该平台的整体参与度比前一年跃升了164%。在如此急剧的增长之后，从美国、加拿大和欧洲返还9%和2%的增长并不是一个可怕的结果。</blockquote></p><p> Still, this was only the first quarter of&nbsp;economic reopening efforts, and decreasing engagement could continue. This is a challenge that management will likely have to navigate for several quarters. If Roblox can keep those decreases at less than 10%,&nbsp;investors&nbsp;should be pleased with the results each quarter.</p><p><blockquote>尽管如此，这只是经济重新开放努力的第一个季度，参与度的下降可能会继续。这是管理层可能必须在几个季度内应对的挑战。如果Roblox能够将跌幅保持在10%以下，投资者应该会对每个季度的业绩感到满意。</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>Roblox Is Feeling Reopening Headwinds<blockquote>Roblox感受到重新开放的阻力</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\">\nRoblox Is Feeling Reopening Headwinds<blockquote>Roblox感受到重新开放的阻力</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-08-26 11:16</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Key Points</p><p><blockquote>要点</blockquote></p><p> <ul>  <li>Engagement from players in the U.S. and Canada decreased by 9% from the year prior.</li>  <li>The decreasing engagement was apparent in regions that were reopening economies.</li>  <li>This will be something management will need to navigate for several quarters.</li> </ul> </p><p><blockquote><ul><li>美国和加拿大玩家的参与度比上年下降了9%。</li><li>在重新开放经济的地区，参与度明显下降。</li><li>这将是管理层需要在几个季度内应对的事情。</li></ul></blockquote></p><p> <b>Roblox</b>(NYSE:RBLX)is a gaming platform that lets players personalize their avatars with items like clothing, gear, and simulated gestures. The site also includes experiences that players can join and play together.</p><p><blockquote><b>Roblox</b>（纽约证券交易所代码：RBLX）是一个游戏平台，允许玩家使用服装、装备和模拟手势等物品来个性化他们的头像。该网站还包括玩家可以加入并一起玩的体验。</blockquote></p><p> The site is free to join but has plenty of features that players need to pay for. That's how Roblox makes its money -- by selling the in-game currency (Robux) that's required to buy featured items or enter certain areas on the platform. The more time players spend on the platform, the higher the likelihood they will spend Robux. Therefore, reopening economies could present a headwind for Roblox as kids (who represent a majority of the platform's users) have less leisure time and&nbsp;return to school&nbsp;and resume other activities.</p><p><blockquote>该网站是免费加入的，但有很多玩家需要付费的功能。这就是Roblox赚钱的方式——通过出售购买特色商品或进入平台上某些区域所需的游戏内货币(Robux)。玩家在平台上花费的时间越多，他们花费Robux的可能性就越高。因此，重新开放经济可能会给Roblox带来阻力，因为孩子们（占该平台用户的大多数）的休闲时间减少，需要返回学校并恢复其他活动。</blockquote></p><p> Roblox reported&nbsp;second-quarter financial results&nbsp;on Aug. 16 for the three months ending June 30. The announcement highlighted the effect reopening economies are having on time spent on the Roblox platform. The company breaks down engagement from different regions.</p><p><blockquote>Roblox于8月16日公布了截至6月30日的三个月第二季度财务业绩。该公告强调了重新开放经济对在Roblox平台上花费的时间的影响。该公司细分了不同地区的参与度。</blockquote></p><p> Interestingly, engagement from users in the U.S., Canada, and Europe dropped off from the same time last year and the quarter before. Uncoincidentally, these areas have some of the highest vaccination rates among their population and are subsequently further along in reopening their economies.</p><p><blockquote>有趣的是，美国、加拿大和欧洲用户的参与度较去年同期和上一季度有所下降。巧合的是，这些地区的人口疫苗接种率最高，随后在重新开放经济方面走得更远。</blockquote></p><p> To quantify the effect, time spent on Roblox in the U.S. and Canada across all users in the second quarter was 2.9 billion hours, down 9% from last year's 3.2 billion hours during the same quarter. That figure is also down from the 3.2 billion hours engaged from the first quarter of this year.</p><p><blockquote>为了量化这种影响，第二季度美国和加拿大所有用户在Roblox上花费的时间为29亿小时，比去年同季度的32亿小时下降了9%。这一数字也低于今年第一季度的32亿小时。</blockquote></p><p> Similarly, although not as significantly, time spent on Roblox decreased in Europe in the most recent quarter, dropping 2% to 2.36 billion hours from the 2.41 billion hours in the year before. The drop was more noticeable in Europe from the previous quarter, where the total time spent on Roblox was 2.73 billion hours.</p><p><blockquote>同样，尽管没有那么明显，但最近一个季度欧洲花在Roblox上的时间有所减少，从去年的24.1亿小时下降到23.6亿小时，下降了2%。与上一季度相比，欧洲的下降更为明显，欧洲在Roblox上花费的总时间为27.3亿小时。</blockquote></p><p> Those two regions account for more than 50% of the total 9.2 billion hours of engagement on Roblox in Q2. The trend could worsen as more of the world gets vaccinated against COVID-19, and economic reopenings gain steam. That being said, another change of direction is not out of the question. The delta variant is causing some economies to rethink reopening strategies, and other variants in the future could further hamper the reopening efforts.</p><p><blockquote>这两个地区占第二季度Roblox总参与时间92亿小时的50%以上。随着世界上越来越多的人接种新冠肺炎疫苗，以及经济重新开放的势头，这一趋势可能会恶化。话虽如此，再次改变方向也不是不可能的。德尔塔变异毒株正在导致一些经济体重新考虑重新开放战略，未来的其他变体可能会进一步阻碍重新开放的努力。</blockquote></p><p> The reversal of high levels of engagement as economies reopen is to be expected and not necessarily a feared outcome. Shareholders might want to breathe a sigh of relief that the reversal of the trend has been modest so far. Consider that at the pandemic onset, overall engagement on the platform jumped by 164% from the year before. To give back 9% and 2% of that increase from the U.S., Canada, and Europe is not a terrible outcome following such dramatic growth.</p><p><blockquote>随着经济重新开放，高水平参与度的逆转是意料之中的，而不一定是令人担忧的结果。股东们可能想松一口气，因为迄今为止这一趋势的逆转幅度不大。考虑到疫情爆发时，该平台的整体参与度比前一年跃升了164%。在如此急剧的增长之后，从美国、加拿大和欧洲返还9%和2%的增长并不是一个可怕的结果。</blockquote></p><p> Still, this was only the first quarter of&nbsp;economic reopening efforts, and decreasing engagement could continue. This is a challenge that management will likely have to navigate for several quarters. If Roblox can keep those decreases at less than 10%,&nbsp;investors&nbsp;should be pleased with the results each quarter.</p><p><blockquote>尽管如此，这只是经济重新开放努力的第一个季度，参与度的下降可能会继续。这是管理层可能必须在几个季度内应对的挑战。如果Roblox能够将跌幅保持在10%以下，投资者应该会对每个季度的业绩感到满意。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/08/25/roblox-is-feeling-reopening-headwinds/\">Motley Fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"RBLX":"Roblox Corporation"},"source_url":"https://www.fool.com/investing/2021/08/25/roblox-is-feeling-reopening-headwinds/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1132822663","content_text":"Key Points\n\nEngagement from players in the U.S. and Canada decreased by 9% from the year prior.\nThe decreasing engagement was apparent in regions that were reopening economies.\nThis will be something management will need to navigate for several quarters.\n\n\nRoblox(NYSE:RBLX)is a gaming platform that lets players personalize their avatars with items like clothing, gear, and simulated gestures. The site also includes experiences that players can join and play together.\nThe site is free to join but has plenty of features that players need to pay for. That's how Roblox makes its money -- by selling the in-game currency (Robux) that's required to buy featured items or enter certain areas on the platform. The more time players spend on the platform, the higher the likelihood they will spend Robux. Therefore, reopening economies could present a headwind for Roblox as kids (who represent a majority of the platform's users) have less leisure time and return to school and resume other activities.\nRoblox reported second-quarter financial results on Aug. 16 for the three months ending June 30. The announcement highlighted the effect reopening economies are having on time spent on the Roblox platform. The company breaks down engagement from different regions.\nInterestingly, engagement from users in the U.S., Canada, and Europe dropped off from the same time last year and the quarter before. Uncoincidentally, these areas have some of the highest vaccination rates among their population and are subsequently further along in reopening their economies.\nTo quantify the effect, time spent on Roblox in the U.S. and Canada across all users in the second quarter was 2.9 billion hours, down 9% from last year's 3.2 billion hours during the same quarter. That figure is also down from the 3.2 billion hours engaged from the first quarter of this year.\nSimilarly, although not as significantly, time spent on Roblox decreased in Europe in the most recent quarter, dropping 2% to 2.36 billion hours from the 2.41 billion hours in the year before. The drop was more noticeable in Europe from the previous quarter, where the total time spent on Roblox was 2.73 billion hours.\nThose two regions account for more than 50% of the total 9.2 billion hours of engagement on Roblox in Q2. The trend could worsen as more of the world gets vaccinated against COVID-19, and economic reopenings gain steam. That being said, another change of direction is not out of the question. The delta variant is causing some economies to rethink reopening strategies, and other variants in the future could further hamper the reopening efforts.\nThe reversal of high levels of engagement as economies reopen is to be expected and not necessarily a feared outcome. Shareholders might want to breathe a sigh of relief that the reversal of the trend has been modest so far. Consider that at the pandemic onset, overall engagement on the platform jumped by 164% from the year before. To give back 9% and 2% of that increase from the U.S., Canada, and Europe is not a terrible outcome following such dramatic growth.\nStill, this was only the first quarter of economic reopening efforts, and decreasing engagement could continue. This is a challenge that management will likely have to navigate for several quarters. If Roblox can keep those decreases at less than 10%, investors should be pleased with the results each quarter.","news_type":1,"symbols_score_info":{"RBLX":0.9}},"isVote":1,"tweetType":1,"viewCount":438,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":837275551,"gmtCreate":1629897911173,"gmtModify":1631889151993,"author":{"id":"3576847817239184","authorId":"3576847817239184","name":"Bmaiw102","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576847817239184","authorIdStr":"3576847817239184"},"themes":[],"htmlText":".","listText":".","text":".","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/837275551","repostId":"1179982896","repostType":4,"repost":{"id":"1179982896","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1629893760,"share":"https://www.laohu8.com/m/news/1179982896?lang=zh_CN&edition=full","pubTime":"2021-08-25 20:16","market":"us","language":"en","title":"Toplines Before US Market Open on Wednesday<blockquote>周三美国市场开盘前的顶线</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1179982896","media":"Tiger Newspress","summary":"U.S. stock index futures were steady on Wednesday after another record close for the S&P 500 and the","content":"<p>U.S. stock index futures were steady on Wednesday after another record close for the S&amp;P 500 and the Nasdaq, while investors watched progress in the government's multi-trillion-dollar investment plans.</p><p><blockquote>美国股指期货周三持稳，此前标普500和纳斯达克收盘再创历史新高，投资者关注政府数万亿美元投资计划的进展。</blockquote></p><p> At 7:55 a.m. ET, Dow e-minis were down 3 points, or 0.07%, S&amp;P 500 e-minis were down 12 points, or 0.03%, and Nasdaq 100 e-minis were down 14.50 points, or 0.09%.</p><p><blockquote>截至美国东部时间上午7:55，道指e-mini下跌3点，跌幅0.07%，标普500 e-mini下跌12点，跌幅0.03%，纳斯达克100 e-mini下跌14.50点，跌幅0.09%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/9af471a9313fe339e69031eb18ce40e2\" tg-width=\"1080\" tg-height=\"380\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Major Wall Street lenders were mixed, while industrials including Caterpillar Inc&nbsp;and 3M Co&nbsp;inched up about 0.3% after the Democratic-controlled U.S. House of Representatives approved a $3.5 trillion budget framework and agreed to vote by Sept. 27 on a $1 trillion Senate-passed infrastructure bill.</p><p><blockquote>在民主党控制的美国众议院批准了3.5万亿美元的预算框架并同意在9月27日之前就参议院1万亿美元的预算框架进行投票后，华尔街主要银行涨跌互现，而卡特彼勒公司和3M公司等工业股小幅上涨约0.3%-通过了基础设施法案。</blockquote></p><p> Shares of several retail trading darlings, including Express, AMC Entertainment&nbsp;and Koss Corp, rose between 1.4% and 8.4%, a day after dealing over $1 billion in losses to short sellers in late heavy volume trading on no apparent news.</p><p><blockquote>包括Express、AMC院线和Koss Corp在内的几家零售交易宠儿的股价上涨了1.4%至8.4%，一天前，在没有明显消息的情况下，在尾盘放量交易中，卖空者损失了超过10亿美元。</blockquote></p><p> Focus is now on the Federal Reserve's annual economic symposium at Jackson Hole on Friday for views on when the central bank will start tapering its massive asset purchases program.</p><p><blockquote>现在的焦点是美联储周五在杰克逊霍尔举行的年度经济研讨会，就美联储何时开始缩减大规模资产购买计划发表意见。</blockquote></p><p> <b>Stocks making the biggest moves premarket:</b></p><p><blockquote><b>盘前涨幅最大的股票：</b></blockquote></p><p> TSMC(TSM)&nbsp;–&nbsp;Shares of Taiwan Semiconductor Manufacturing Co. rose 2.7%&nbsp;in premarket trading after local media reported that the world's largest contract chipmaker will raise product prices due to a global supply shortage, dealers said.</p><p><blockquote>台积电(TSM)——经销商表示，当地媒体报道称，由于全球供应短缺，全球最大的代工芯片制造商将提高产品价格，台积电公司股价在盘前交易中上涨2.7%。</blockquote></p><p> Dick’s Sporting Goods(DKS) – The sporting goods retailer’s shares jumped 11.4% in the premarket, as its quarterly earnings beat estimates. The company also announced a $5.50 per share special dividend and a 21% increase in its quarterly dividend. Dick’s earned an adjusted $5.08 per share for its latest quarter, beating the consensus estimate of $2.80.</p><p><blockquote>迪克体育用品(DKS)——这家体育用品零售商的股价在盘前上涨11.4%，其季度收益超出预期。该公司还宣布派发每股5.50美元的特别股息，并将季度股息增加21%。Dick's最近一个季度调整后每股收益为5.08美元，超出市场普遍预期的2.80美元。</blockquote></p><p> Johnson &amp; Johnson(JNJ) – Johnson &amp; Johnson said study data supports the benefits of a booster shot for recipients of its Covid-19 vaccine. The dose sharply increased levels of antibodies in two early-stage trials.</p><p><blockquote>强生公司（JNJ）——强生公司表示，研究数据支持加强注射对其新冠肺炎疫苗接种者的好处。在两项早期试验中，该剂量急剧增加了抗体水平。</blockquote></p><p> Express(EXPR) – Shares of the apparel retailer rallied 5.2% in the premarket after the company reported an unexpected profit for its latest quarter. Express earned 2 cents per share, compared with forecasts of a 30 cents per share loss, and revenue also came in above analyst forecasts.</p><p><blockquote>Express(EXPR)——这家服装零售商公布最新季度意外盈利后，其股价在盘前上涨5.2%。Express每股盈利2美分，而预期每股亏损30美分，收入也高于分析师预期。</blockquote></p><p> Shoe Carnival(SCVL) – The shoe retailer reported a quarterly profit of $1.54 per share, more than double the 75 cent consensus estimate, with revenue also exceeding Wall Street forecasts and comparable sales rising 11.4%. Shoe Carnival gained 2.2% in the premarket.</p><p><blockquote>Shoe Carnival(SCVL)——这家鞋类零售商公布季度利润为每股1.54美元，是市场普遍预期75美分的两倍多，收入也超过了华尔街的预测，可比销售额增长了11.4%。Shoe Carnival盘前上涨2.2%。</blockquote></p><p> Cassava Biosciences(SAVA) – The biotechnology company said claims posted online late yesterday challenging its scientific integrity are false and misleading. The issue revolved around study data for an Alzheimer’s disease treatment. Cassava released a statement refuting each of 15 claims that the company calls “fiction.” Cassava tumbled 22.6% in the premarket.</p><p><blockquote>木薯生物科学公司（SAVA）——这家生物技术公司表示，昨天晚些时候在网上发布的挑战其科学诚信的说法是虚假和误导的。这个问题围绕着阿尔茨海默病治疗的研究数据。Cassava发布了一份声明，驳斥了该公司评级“虚构”的15项指控。木薯盘前下跌22.6%。</blockquote></p><p> Urban Outfitters(URBN) – Urban Outfitters earned $1.28 per share for its latest quarter, beating the 77 cents consensus estimate. The apparel retailer’s revenue was also above forecasts. Urban Outfitters benefited from a sizeable increase in digital sales compared with pre-pandemic levels. However, the company also mentioned that it is dealing with supply chain issues, and its shares lost 5.2% in premarket trading.</p><p><blockquote>Urban Outfitters(URBN)——Urban Outfitters最近一个季度的每股收益为1.28美元，超过了77美分的普遍预期。该服装零售商的收入也高于预期。与大流行前的水平相比，Urban Outfitters受益于数字销售额的大幅增长。不过，该公司也提到正在处理供应链问题，其股价在盘前交易中下跌5.2%。</blockquote></p><p> Nordstrom(JWN) – Nordstrom tumbled 11.5% in premarket trading after its quarterly report showed revenue for its latest quarter was still below pre-pandemic levels. The department store operator did beat the 27 cents estimate for its latest quarter with earnings of 49 cents per share, and revenue above forecasts. Nordstrom raised its full-year outlook as well.</p><p><blockquote>Nordstrom(JWN)——Nordstrom的季度报告显示其最新季度的收入仍低于大流行前的水平，该公司在盘前交易中下跌11.5%。这家百货商店运营商最近一个季度的每股收益为49美分，收入也高于预期，超出了27美分的预期。诺德斯特龙也上调了全年预期。</blockquote></p><p> Toll Brothers(TOL) – Toll Brothers reported quarterly earnings of $1.87 per share, 32 cents above the consensus estimate, with the luxury home builder’s revenue essentially in line with Wall Street forecasts. Low overall inventories in the housing market and low mortgage rates helped boost the company’s results. Toll Brothers gained 1.9% in premarket action.</p><p><blockquote>Toll Brothers(TOL)——Toll Brothers公布季度收益为每股1.87美元，比市场普遍预期高出32美分，这家豪华住宅建筑商的收入基本符合华尔街的预测。房地产市场整体库存较低和抵押贷款利率较低有助于提振公司业绩。Toll Brothers在盘前上涨1.9%。</blockquote></p><p> Intuit(INTU) – Intuit beat estimates by 38 cents with adjusted quarterly earnings of $1.97, while the financial software company’s revenue topped estimates. The maker of TurboTax also issued an upbeat outlook, raised its dividend and boosted its stock buyback program. The stock added 2.4% in the premarket.</p><p><blockquote>Intuit(INTU)-Intuit调整后季度收益为1.97美元，超出预期38美分，而这家金融软件公司的收入超出预期。TurboTax制造商还发布了乐观的前景，提高了股息并加强了股票回购计划。该股盘前上涨2.4%。</blockquote></p><p> Meme Stocks – So-called “meme” stocks remain on watch after late Tuesday rallies.AMC Entertainment,Koss,Robinhood and&nbsp;ContextLogic all surged despite a lack of news on any of those companies. Koss rose 1.7% in the premarket, AMC jumped 2.6%,GameStop&nbsp;fell&nbsp;1.6%&nbsp;and Robinhood fell 0.1%.</p><p><blockquote>Meme股票——所谓的“Meme”股票在周二晚间上涨后仍受到关注。AMC Entertainment、Koss、Robinhood和ContextLogic均大幅上涨，尽管缺乏有关这些公司的消息。Koss盘前上涨1.7%，AMC上涨2.6%，游戏驿站下跌1.6%，Robinhood下跌0.1%。</blockquote></p><p></p><p> Campbell Soup(CPB) – Campbell Soup was downgraded to “neutral” from “overweight” at Piper Sandler, which cited increasing commodity costs among other factors. Campbell shares slid 1.4% in premarket trading.</p><p><blockquote>金宝汤(CPB)——Piper Sandler将金宝汤的评级从“跑赢大盘”下调至“中性”，理由是大宗商品成本上涨等因素。金宝汤股价在盘前交易中下跌1.4%。</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>Toplines Before US Market Open on Wednesday<blockquote>周三美国市场开盘前的顶线</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\">\nToplines Before US Market Open on Wednesday<blockquote>周三美国市场开盘前的顶线</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-08-25 20:16</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>U.S. stock index futures were steady on Wednesday after another record close for the S&amp;P 500 and the Nasdaq, while investors watched progress in the government's multi-trillion-dollar investment plans.</p><p><blockquote>美国股指期货周三持稳，此前标普500和纳斯达克收盘再创历史新高，投资者关注政府数万亿美元投资计划的进展。</blockquote></p><p> At 7:55 a.m. ET, Dow e-minis were down 3 points, or 0.07%, S&amp;P 500 e-minis were down 12 points, or 0.03%, and Nasdaq 100 e-minis were down 14.50 points, or 0.09%.</p><p><blockquote>截至美国东部时间上午7:55，道指e-mini下跌3点，跌幅0.07%，标普500 e-mini下跌12点，跌幅0.03%，纳斯达克100 e-mini下跌14.50点，跌幅0.09%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/9af471a9313fe339e69031eb18ce40e2\" tg-width=\"1080\" tg-height=\"380\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Major Wall Street lenders were mixed, while industrials including Caterpillar Inc&nbsp;and 3M Co&nbsp;inched up about 0.3% after the Democratic-controlled U.S. House of Representatives approved a $3.5 trillion budget framework and agreed to vote by Sept. 27 on a $1 trillion Senate-passed infrastructure bill.</p><p><blockquote>在民主党控制的美国众议院批准了3.5万亿美元的预算框架并同意在9月27日之前就参议院1万亿美元的预算框架进行投票后，华尔街主要银行涨跌互现，而卡特彼勒公司和3M公司等工业股小幅上涨约0.3%-通过了基础设施法案。</blockquote></p><p> Shares of several retail trading darlings, including Express, AMC Entertainment&nbsp;and Koss Corp, rose between 1.4% and 8.4%, a day after dealing over $1 billion in losses to short sellers in late heavy volume trading on no apparent news.</p><p><blockquote>包括Express、AMC院线和Koss Corp在内的几家零售交易宠儿的股价上涨了1.4%至8.4%，一天前，在没有明显消息的情况下，在尾盘放量交易中，卖空者损失了超过10亿美元。</blockquote></p><p> Focus is now on the Federal Reserve's annual economic symposium at Jackson Hole on Friday for views on when the central bank will start tapering its massive asset purchases program.</p><p><blockquote>现在的焦点是美联储周五在杰克逊霍尔举行的年度经济研讨会，就美联储何时开始缩减大规模资产购买计划发表意见。</blockquote></p><p> <b>Stocks making the biggest moves premarket:</b></p><p><blockquote><b>盘前涨幅最大的股票：</b></blockquote></p><p> TSMC(TSM)&nbsp;–&nbsp;Shares of Taiwan Semiconductor Manufacturing Co. rose 2.7%&nbsp;in premarket trading after local media reported that the world's largest contract chipmaker will raise product prices due to a global supply shortage, dealers said.</p><p><blockquote>台积电(TSM)——经销商表示，当地媒体报道称，由于全球供应短缺，全球最大的代工芯片制造商将提高产品价格，台积电公司股价在盘前交易中上涨2.7%。</blockquote></p><p> Dick’s Sporting Goods(DKS) – The sporting goods retailer’s shares jumped 11.4% in the premarket, as its quarterly earnings beat estimates. The company also announced a $5.50 per share special dividend and a 21% increase in its quarterly dividend. Dick’s earned an adjusted $5.08 per share for its latest quarter, beating the consensus estimate of $2.80.</p><p><blockquote>迪克体育用品(DKS)——这家体育用品零售商的股价在盘前上涨11.4%，其季度收益超出预期。该公司还宣布派发每股5.50美元的特别股息，并将季度股息增加21%。Dick's最近一个季度调整后每股收益为5.08美元，超出市场普遍预期的2.80美元。</blockquote></p><p> Johnson &amp; Johnson(JNJ) – Johnson &amp; Johnson said study data supports the benefits of a booster shot for recipients of its Covid-19 vaccine. The dose sharply increased levels of antibodies in two early-stage trials.</p><p><blockquote>强生公司（JNJ）——强生公司表示，研究数据支持加强注射对其新冠肺炎疫苗接种者的好处。在两项早期试验中，该剂量急剧增加了抗体水平。</blockquote></p><p> Express(EXPR) – Shares of the apparel retailer rallied 5.2% in the premarket after the company reported an unexpected profit for its latest quarter. Express earned 2 cents per share, compared with forecasts of a 30 cents per share loss, and revenue also came in above analyst forecasts.</p><p><blockquote>Express(EXPR)——这家服装零售商公布最新季度意外盈利后，其股价在盘前上涨5.2%。Express每股盈利2美分，而预期每股亏损30美分，收入也高于分析师预期。</blockquote></p><p> Shoe Carnival(SCVL) – The shoe retailer reported a quarterly profit of $1.54 per share, more than double the 75 cent consensus estimate, with revenue also exceeding Wall Street forecasts and comparable sales rising 11.4%. Shoe Carnival gained 2.2% in the premarket.</p><p><blockquote>Shoe Carnival(SCVL)——这家鞋类零售商公布季度利润为每股1.54美元，是市场普遍预期75美分的两倍多，收入也超过了华尔街的预测，可比销售额增长了11.4%。Shoe Carnival盘前上涨2.2%。</blockquote></p><p> Cassava Biosciences(SAVA) – The biotechnology company said claims posted online late yesterday challenging its scientific integrity are false and misleading. The issue revolved around study data for an Alzheimer’s disease treatment. Cassava released a statement refuting each of 15 claims that the company calls “fiction.” Cassava tumbled 22.6% in the premarket.</p><p><blockquote>木薯生物科学公司（SAVA）——这家生物技术公司表示，昨天晚些时候在网上发布的挑战其科学诚信的说法是虚假和误导的。这个问题围绕着阿尔茨海默病治疗的研究数据。Cassava发布了一份声明，驳斥了该公司评级“虚构”的15项指控。木薯盘前下跌22.6%。</blockquote></p><p> Urban Outfitters(URBN) – Urban Outfitters earned $1.28 per share for its latest quarter, beating the 77 cents consensus estimate. The apparel retailer’s revenue was also above forecasts. Urban Outfitters benefited from a sizeable increase in digital sales compared with pre-pandemic levels. However, the company also mentioned that it is dealing with supply chain issues, and its shares lost 5.2% in premarket trading.</p><p><blockquote>Urban Outfitters(URBN)——Urban Outfitters最近一个季度的每股收益为1.28美元，超过了77美分的普遍预期。该服装零售商的收入也高于预期。与大流行前的水平相比，Urban Outfitters受益于数字销售额的大幅增长。不过，该公司也提到正在处理供应链问题，其股价在盘前交易中下跌5.2%。</blockquote></p><p> Nordstrom(JWN) – Nordstrom tumbled 11.5% in premarket trading after its quarterly report showed revenue for its latest quarter was still below pre-pandemic levels. The department store operator did beat the 27 cents estimate for its latest quarter with earnings of 49 cents per share, and revenue above forecasts. Nordstrom raised its full-year outlook as well.</p><p><blockquote>Nordstrom(JWN)——Nordstrom的季度报告显示其最新季度的收入仍低于大流行前的水平，该公司在盘前交易中下跌11.5%。这家百货商店运营商最近一个季度的每股收益为49美分，收入也高于预期，超出了27美分的预期。诺德斯特龙也上调了全年预期。</blockquote></p><p> Toll Brothers(TOL) – Toll Brothers reported quarterly earnings of $1.87 per share, 32 cents above the consensus estimate, with the luxury home builder’s revenue essentially in line with Wall Street forecasts. Low overall inventories in the housing market and low mortgage rates helped boost the company’s results. Toll Brothers gained 1.9% in premarket action.</p><p><blockquote>Toll Brothers(TOL)——Toll Brothers公布季度收益为每股1.87美元，比市场普遍预期高出32美分，这家豪华住宅建筑商的收入基本符合华尔街的预测。房地产市场整体库存较低和抵押贷款利率较低有助于提振公司业绩。Toll Brothers在盘前上涨1.9%。</blockquote></p><p> Intuit(INTU) – Intuit beat estimates by 38 cents with adjusted quarterly earnings of $1.97, while the financial software company’s revenue topped estimates. The maker of TurboTax also issued an upbeat outlook, raised its dividend and boosted its stock buyback program. The stock added 2.4% in the premarket.</p><p><blockquote>Intuit(INTU)-Intuit调整后季度收益为1.97美元，超出预期38美分，而这家金融软件公司的收入超出预期。TurboTax制造商还发布了乐观的前景，提高了股息并加强了股票回购计划。该股盘前上涨2.4%。</blockquote></p><p> Meme Stocks – So-called “meme” stocks remain on watch after late Tuesday rallies.AMC Entertainment,Koss,Robinhood and&nbsp;ContextLogic all surged despite a lack of news on any of those companies. Koss rose 1.7% in the premarket, AMC jumped 2.6%,GameStop&nbsp;fell&nbsp;1.6%&nbsp;and Robinhood fell 0.1%.</p><p><blockquote>Meme股票——所谓的“Meme”股票在周二晚间上涨后仍受到关注。AMC Entertainment、Koss、Robinhood和ContextLogic均大幅上涨，尽管缺乏有关这些公司的消息。Koss盘前上涨1.7%，AMC上涨2.6%，游戏驿站下跌1.6%，Robinhood下跌0.1%。</blockquote></p><p></p><p> Campbell Soup(CPB) – Campbell Soup was downgraded to “neutral” from “overweight” at Piper Sandler, which cited increasing commodity costs among other factors. Campbell shares slid 1.4% in premarket trading.</p><p><blockquote>金宝汤(CPB)——Piper Sandler将金宝汤的评级从“跑赢大盘”下调至“中性”，理由是大宗商品成本上涨等因素。金宝汤股价在盘前交易中下跌1.4%。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"URBN":"都市服饰","SAVA":"Cassava Sciences Inc","AMC":"AMC院线","SCVL":"Shoe Carnival","HOOD":"Robinhood",".DJI":"道琼斯","GME":"游戏驿站","KOSS":"高斯电子",".SPX":"S&P 500 Index","JNJ":"强生","JWN":"诺德斯特龙","DKS":"迪克体育用品",".IXIC":"NASDAQ Composite","EXPR":"Express, Inc.","TSM":"台积电","TOL":"托尔兄弟"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1179982896","content_text":"U.S. stock index futures were steady on Wednesday after another record close for the S&P 500 and the Nasdaq, while investors watched progress in the government's multi-trillion-dollar investment plans.\nAt 7:55 a.m. ET, Dow e-minis were down 3 points, or 0.07%, S&P 500 e-minis were down 12 points, or 0.03%, and Nasdaq 100 e-minis were down 14.50 points, or 0.09%.\n\nMajor Wall Street lenders were mixed, while industrials including Caterpillar Inc and 3M Co inched up about 0.3% after the Democratic-controlled U.S. House of Representatives approved a $3.5 trillion budget framework and agreed to vote by Sept. 27 on a $1 trillion Senate-passed infrastructure bill.\nShares of several retail trading darlings, including Express, AMC Entertainment and Koss Corp, rose between 1.4% and 8.4%, a day after dealing over $1 billion in losses to short sellers in late heavy volume trading on no apparent news.\nFocus is now on the Federal Reserve's annual economic symposium at Jackson Hole on Friday for views on when the central bank will start tapering its massive asset purchases program.\nStocks making the biggest moves premarket:\nTSMC(TSM) – Shares of Taiwan Semiconductor Manufacturing Co. rose 2.7% in premarket trading after local media reported that the world's largest contract chipmaker will raise product prices due to a global supply shortage, dealers said.\nDick’s Sporting Goods(DKS) – The sporting goods retailer’s shares jumped 11.4% in the premarket, as its quarterly earnings beat estimates. The company also announced a $5.50 per share special dividend and a 21% increase in its quarterly dividend. Dick’s earned an adjusted $5.08 per share for its latest quarter, beating the consensus estimate of $2.80.\nJohnson & Johnson(JNJ) – Johnson & Johnson said study data supports the benefits of a booster shot for recipients of its Covid-19 vaccine. The dose sharply increased levels of antibodies in two early-stage trials.\nExpress(EXPR) – Shares of the apparel retailer rallied 5.2% in the premarket after the company reported an unexpected profit for its latest quarter. Express earned 2 cents per share, compared with forecasts of a 30 cents per share loss, and revenue also came in above analyst forecasts.\nShoe Carnival(SCVL) – The shoe retailer reported a quarterly profit of $1.54 per share, more than double the 75 cent consensus estimate, with revenue also exceeding Wall Street forecasts and comparable sales rising 11.4%. Shoe Carnival gained 2.2% in the premarket.\nCassava Biosciences(SAVA) – The biotechnology company said claims posted online late yesterday challenging its scientific integrity are false and misleading. The issue revolved around study data for an Alzheimer’s disease treatment. Cassava released a statement refuting each of 15 claims that the company calls “fiction.” Cassava tumbled 22.6% in the premarket.\nUrban Outfitters(URBN) – Urban Outfitters earned $1.28 per share for its latest quarter, beating the 77 cents consensus estimate. The apparel retailer’s revenue was also above forecasts. Urban Outfitters benefited from a sizeable increase in digital sales compared with pre-pandemic levels. However, the company also mentioned that it is dealing with supply chain issues, and its shares lost 5.2% in premarket trading.\nNordstrom(JWN) – Nordstrom tumbled 11.5% in premarket trading after its quarterly report showed revenue for its latest quarter was still below pre-pandemic levels. The department store operator did beat the 27 cents estimate for its latest quarter with earnings of 49 cents per share, and revenue above forecasts. Nordstrom raised its full-year outlook as well.\nToll Brothers(TOL) – Toll Brothers reported quarterly earnings of $1.87 per share, 32 cents above the consensus estimate, with the luxury home builder’s revenue essentially in line with Wall Street forecasts. Low overall inventories in the housing market and low mortgage rates helped boost the company’s results. Toll Brothers gained 1.9% in premarket action.\nIntuit(INTU) – Intuit beat estimates by 38 cents with adjusted quarterly earnings of $1.97, while the financial software company’s revenue topped estimates. The maker of TurboTax also issued an upbeat outlook, raised its dividend and boosted its stock buyback program. The stock added 2.4% in the premarket.\nMeme Stocks – So-called “meme” stocks remain on watch after late Tuesday rallies.AMC Entertainment,Koss,Robinhood and ContextLogic all surged despite a lack of news on any of those companies. Koss rose 1.7% in the premarket, AMC jumped 2.6%,GameStop fell 1.6% and Robinhood fell 0.1%.\nCampbell Soup(CPB) – Campbell Soup was downgraded to “neutral” from “overweight” at Piper Sandler, which cited increasing commodity costs among other factors. Campbell shares slid 1.4% in premarket trading.","news_type":1,"symbols_score_info":{"HOOD":0.9,"EXPR":0.9,"SAVA":0.9,".SPX":0.9,"TSM":0.9,".IXIC":0.9,"URBN":0.9,".DJI":0.9,"JNJ":0.9,"YMmain":0.9,"JWN":0.9,"TOL":0.9,"SCVL":0.9,"AMC":0.9,"GME":0.9,"ESmain":0.9,"KOSS":0.9,"NQmain":0.9,"WISH":0.9,"DKS":0.9}},"isVote":1,"tweetType":1,"viewCount":507,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":834277186,"gmtCreate":1629811256945,"gmtModify":1631889151995,"author":{"id":"3576847817239184","authorId":"3576847817239184","name":"Bmaiw102","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576847817239184","authorIdStr":"3576847817239184"},"themes":[],"htmlText":"。","listText":"。","text":"。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/834277186","repostId":"1192610173","repostType":4,"repost":{"id":"1192610173","kind":"news","pubTimestamp":1629809650,"share":"https://www.laohu8.com/m/news/1192610173?lang=zh_CN&edition=full","pubTime":"2021-08-24 20:54","market":"us","language":"en","title":"What Jackson Hole Could Mean For Apple Stock<blockquote>Jackson Hole对苹果股票意味着什么</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1192610173","media":"TheStreet","summary":"In late August, the markets could be rocked by monetary policy news coming from Jackson Hole, Wyomin","content":"<p>In late August, the markets could be rocked by monetary policy news coming from Jackson Hole, Wyoming. Here is what Apple stock investors should expect.</p><p><blockquote>八月下旬，来自怀俄明州杰克逊霍尔的货币政策消息可能会震动市场。以下是苹果股票投资者应该期待的。</blockquote></p><p> The week of August 23 will likely prove to be an important one in the markets. Starting on Thursday, central bank leaders from around the world will meet virtually to talk about monetary policy during a traditional&nbsp;event&nbsp;often referred to simply as “Jackson Hole”.</p><p><blockquote>8月23日这一周可能是市场上重要的一周。从周四开始，来自世界各地的央行领导人将在一场通常被简称为“杰克逊霍尔”的传统活动中虚拟会面，讨论货币政策。</blockquote></p><p> Today, the Apple Maven discusses how the upcoming meeting of central bankers could impact Apple stock’s&nbsp;performance in the last few trading sessions of August.</p><p><blockquote>今天，这位苹果专家讨论了即将举行的央行行长会议可能如何影响苹果股票在8月最后几个交易日的表现。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fb09ec199963ac68c7742982748bf7a0\" tg-width=\"1200\" tg-height=\"800\" width=\"100%\" height=\"auto\"><span>Figure 1: Federal Reserve Chair Jerome Powell in a screen display at NYSE.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1：美联储主席杰罗姆·鲍威尔在纽约证券交易所的屏幕上。</span></p></blockquote></p><p> <b>The interest rate risk</b></p><p><blockquote><b>利率风险</b></blockquote></p><p> There seems to be a consensus that Federal Reserve chairman Jerome Powell will do little to “rock the boat” this week. Easing off on monetary stimulus is widely expected to occur over the next several months, but few seem confident that Mr. Powell will announce a change in policy as early as August.</p><p><blockquote>人们似乎一致认为，美联储主席杰罗姆·鲍威尔本周不会采取什么“捣乱”的行动。人们普遍预计未来几个月将放松货币刺激，但似乎很少有人相信鲍威尔最早会在8月份宣布政策变化。</blockquote></p><p> Still, the risk that the Fed will start to scale back its asset purchases later this year is real. Analysts will probably dissect Jerome Powell’s keynote speech, on Friday, in search for clues on the exact timing. Comments perceived to be hawkish could send yields higher – the 10-year treasury rate is only 1.3%.</p><p><blockquote>尽管如此，美联储将在今年晚些时候开始缩减资产购买规模的风险是真实存在的。分析师可能会剖析杰罗姆·鲍威尔周五的主题演讲，以寻找确切时间的线索。被视为鹰派的言论可能会推高收益率——10年期国债利率仅为1.3%。</blockquote></p><p> If recent history can serve as a guide,climbing yields tend to be bad news&nbsp;for growth stocks. Below are the main reasons why this is the case, as previously discussed on this channel:</p><p><blockquote>如果最近的历史可以作为指导，那么收益率攀升对成长型股票来说往往是个坏消息。以下是造成这种情况的主要原因，正如本频道之前所讨论的：</blockquote></p><p>   “First, monetary tightening is a negative for consumption, everything else held constant. Second, a higher discount rate makes Apple’s far-out financial results less valuable in present value terms.”  For instance, the 10-year rate shot up from around 1% to nearly 1.5% in February alone. Probably not a coincidence, AAPL sank 8% that same month, while the value-rich Dow index managed to reach higher.</p><p><blockquote>“首先，在其他一切保持不变的情况下，货币紧缩对消费不利。其次，较高的贴现率使得苹果遥远的财务业绩按现值计算价值较低。”例如，仅在2月份，10年期利率就从1%左右飙升至近1.5%。也许并非巧合，AAPL同月下跌了8%，而价值丰富的道琼斯指数却成功走高。</blockquote></p><p> <b>Brace for possible volatility</b></p><p><blockquote><b>为可能的波动做好准备</b></blockquote></p><p> Regardless of which way the stock market may head following the Jackson Hole symposium, volatility could rise as August comes to a close. This is the case because speculation, both on the bullish and bearish sides of the argument, tends to increase around important events like this.</p><p><blockquote>无论杰克逊霍尔研讨会后股市走向何方，随着八月接近尾声，波动性都可能上升。之所以出现这种情况，是因为围绕此类重要事件的猜测，无论是看涨还是看跌，往往都会增加。</blockquote></p><p> Volatility is both good and bad news for Apple stock. Market jitters can be uncomfortable for many investors, and some might be tempted to sell or trim their positions after a selloff. On the other hand, a possible pullback that is unrelated to the company’s fundamentals could open an opportunity to buy AAPL on weakness.</p><p><blockquote>波动对苹果股票来说既是好消息也是坏消息。市场紧张可能会让许多投资者感到不舒服，有些人可能会在抛售后试图出售或削减头寸。另一方面，与公司基本面无关的可能回调可能会带来逢低买入苹果公司的机会。</blockquote></p><p> This is precisely what happened in mid-June, following an important Federal Reserve meeting that the market perceived as hawkish. Those&nbsp;who bought AAPL at those levels, a move defended by the Apple Maven, saw the value of their investment rise by 14% in a matter of only about 10 weeks.</p><p><blockquote>这正是6月中旬发生的事情，此前美联储召开了一次重要会议，市场认为这是鹰派的。那些在这些水平上购买AAPL的人（这位苹果专家为这一举动辩护）发现，他们的投资价值在短短10周内上涨了14%。</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 Jackson Hole Could Mean For Apple Stock<blockquote>Jackson Hole对苹果股票意味着什么</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 Jackson Hole Could Mean For Apple Stock<blockquote>Jackson Hole对苹果股票意味着什么</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">TheStreet</strong><span class=\"h-time small\">2021-08-24 20:54</span>\n</p>\n</h4>\n</header>\n<article>\n<p>In late August, the markets could be rocked by monetary policy news coming from Jackson Hole, Wyoming. Here is what Apple stock investors should expect.</p><p><blockquote>八月下旬，来自怀俄明州杰克逊霍尔的货币政策消息可能会震动市场。以下是苹果股票投资者应该期待的。</blockquote></p><p> The week of August 23 will likely prove to be an important one in the markets. Starting on Thursday, central bank leaders from around the world will meet virtually to talk about monetary policy during a traditional&nbsp;event&nbsp;often referred to simply as “Jackson Hole”.</p><p><blockquote>8月23日这一周可能是市场上重要的一周。从周四开始，来自世界各地的央行领导人将在一场通常被简称为“杰克逊霍尔”的传统活动中虚拟会面，讨论货币政策。</blockquote></p><p> Today, the Apple Maven discusses how the upcoming meeting of central bankers could impact Apple stock’s&nbsp;performance in the last few trading sessions of August.</p><p><blockquote>今天，这位苹果专家讨论了即将举行的央行行长会议可能如何影响苹果股票在8月最后几个交易日的表现。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fb09ec199963ac68c7742982748bf7a0\" tg-width=\"1200\" tg-height=\"800\" width=\"100%\" height=\"auto\"><span>Figure 1: Federal Reserve Chair Jerome Powell in a screen display at NYSE.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1：美联储主席杰罗姆·鲍威尔在纽约证券交易所的屏幕上。</span></p></blockquote></p><p> <b>The interest rate risk</b></p><p><blockquote><b>利率风险</b></blockquote></p><p> There seems to be a consensus that Federal Reserve chairman Jerome Powell will do little to “rock the boat” this week. Easing off on monetary stimulus is widely expected to occur over the next several months, but few seem confident that Mr. Powell will announce a change in policy as early as August.</p><p><blockquote>人们似乎一致认为，美联储主席杰罗姆·鲍威尔本周不会采取什么“捣乱”的行动。人们普遍预计未来几个月将放松货币刺激，但似乎很少有人相信鲍威尔最早会在8月份宣布政策变化。</blockquote></p><p> Still, the risk that the Fed will start to scale back its asset purchases later this year is real. Analysts will probably dissect Jerome Powell’s keynote speech, on Friday, in search for clues on the exact timing. Comments perceived to be hawkish could send yields higher – the 10-year treasury rate is only 1.3%.</p><p><blockquote>尽管如此，美联储将在今年晚些时候开始缩减资产购买规模的风险是真实存在的。分析师可能会剖析杰罗姆·鲍威尔周五的主题演讲，以寻找确切时间的线索。被视为鹰派的言论可能会推高收益率——10年期国债利率仅为1.3%。</blockquote></p><p> If recent history can serve as a guide,climbing yields tend to be bad news&nbsp;for growth stocks. Below are the main reasons why this is the case, as previously discussed on this channel:</p><p><blockquote>如果最近的历史可以作为指导，那么收益率攀升对成长型股票来说往往是个坏消息。以下是造成这种情况的主要原因，正如本频道之前所讨论的：</blockquote></p><p>   “First, monetary tightening is a negative for consumption, everything else held constant. Second, a higher discount rate makes Apple’s far-out financial results less valuable in present value terms.”  For instance, the 10-year rate shot up from around 1% to nearly 1.5% in February alone. Probably not a coincidence, AAPL sank 8% that same month, while the value-rich Dow index managed to reach higher.</p><p><blockquote>“首先，在其他一切保持不变的情况下，货币紧缩对消费不利。其次，较高的贴现率使得苹果遥远的财务业绩按现值计算价值较低。”例如，仅在2月份，10年期利率就从1%左右飙升至近1.5%。也许并非巧合，AAPL同月下跌了8%，而价值丰富的道琼斯指数却成功走高。</blockquote></p><p> <b>Brace for possible volatility</b></p><p><blockquote><b>为可能的波动做好准备</b></blockquote></p><p> Regardless of which way the stock market may head following the Jackson Hole symposium, volatility could rise as August comes to a close. This is the case because speculation, both on the bullish and bearish sides of the argument, tends to increase around important events like this.</p><p><blockquote>无论杰克逊霍尔研讨会后股市走向何方，随着八月接近尾声，波动性都可能上升。之所以出现这种情况，是因为围绕此类重要事件的猜测，无论是看涨还是看跌，往往都会增加。</blockquote></p><p> Volatility is both good and bad news for Apple stock. Market jitters can be uncomfortable for many investors, and some might be tempted to sell or trim their positions after a selloff. On the other hand, a possible pullback that is unrelated to the company’s fundamentals could open an opportunity to buy AAPL on weakness.</p><p><blockquote>波动对苹果股票来说既是好消息也是坏消息。市场紧张可能会让许多投资者感到不舒服，有些人可能会在抛售后试图出售或削减头寸。另一方面，与公司基本面无关的可能回调可能会带来逢低买入苹果公司的机会。</blockquote></p><p> This is precisely what happened in mid-June, following an important Federal Reserve meeting that the market perceived as hawkish. Those&nbsp;who bought AAPL at those levels, a move defended by the Apple Maven, saw the value of their investment rise by 14% in a matter of only about 10 weeks.</p><p><blockquote>这正是6月中旬发生的事情，此前美联储召开了一次重要会议，市场认为这是鹰派的。那些在这些水平上购买AAPL的人（这位苹果专家为这一举动辩护）发现，他们的投资价值在短短10周内上涨了14%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/apple/news/what-jackson-hole-could-mean-for-apple-stock\">TheStreet</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.thestreet.com/apple/news/what-jackson-hole-could-mean-for-apple-stock","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1192610173","content_text":"In late August, the markets could be rocked by monetary policy news coming from Jackson Hole, Wyoming. Here is what Apple stock investors should expect.\nThe week of August 23 will likely prove to be an important one in the markets. Starting on Thursday, central bank leaders from around the world will meet virtually to talk about monetary policy during a traditional event often referred to simply as “Jackson Hole”.\nToday, the Apple Maven discusses how the upcoming meeting of central bankers could impact Apple stock’s performance in the last few trading sessions of August.\nFigure 1: Federal Reserve Chair Jerome Powell in a screen display at NYSE.\nThe interest rate risk\nThere seems to be a consensus that Federal Reserve chairman Jerome Powell will do little to “rock the boat” this week. Easing off on monetary stimulus is widely expected to occur over the next several months, but few seem confident that Mr. Powell will announce a change in policy as early as August.\nStill, the risk that the Fed will start to scale back its asset purchases later this year is real. Analysts will probably dissect Jerome Powell’s keynote speech, on Friday, in search for clues on the exact timing. Comments perceived to be hawkish could send yields higher – the 10-year treasury rate is only 1.3%.\nIf recent history can serve as a guide,climbing yields tend to be bad news for growth stocks. Below are the main reasons why this is the case, as previously discussed on this channel:\n\n “First, monetary tightening is a negative for consumption, everything else held constant. Second, a higher discount rate makes Apple’s far-out financial results less valuable in present value terms.”\n\nFor instance, the 10-year rate shot up from around 1% to nearly 1.5% in February alone. Probably not a coincidence, AAPL sank 8% that same month, while the value-rich Dow index managed to reach higher.\nBrace for possible volatility\nRegardless of which way the stock market may head following the Jackson Hole symposium, volatility could rise as August comes to a close. This is the case because speculation, both on the bullish and bearish sides of the argument, tends to increase around important events like this.\nVolatility is both good and bad news for Apple stock. Market jitters can be uncomfortable for many investors, and some might be tempted to sell or trim their positions after a selloff. On the other hand, a possible pullback that is unrelated to the company’s fundamentals could open an opportunity to buy AAPL on weakness.\nThis is precisely what happened in mid-June, following an important Federal Reserve meeting that the market perceived as hawkish. Those who bought AAPL at those levels, a move defended by the Apple Maven, saw the value of their investment rise by 14% in a matter of only about 10 weeks.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":513,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":804405533,"gmtCreate":1627969250922,"gmtModify":1631891566601,"author":{"id":"3576847817239184","authorId":"3576847817239184","name":"Bmaiw102","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576847817239184","idStr":"3576847817239184"},"themes":[],"htmlText":".","listText":".","text":".","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/804405533","repostId":"1152834921","repostType":4,"repost":{"id":"1152834921","kind":"news","pubTimestamp":1627968885,"share":"https://www.laohu8.com/m/news/1152834921?lang=zh_CN&edition=full","pubTime":"2021-08-03 13:34","market":"us","language":"en","title":"Nio Delivered Fewer Cars Than XPeng and Li for the First Time. Blame Tesla.<blockquote>蔚来交付的汽车首次少于小鹏和理想汽车。怪特斯拉。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1152834921","media":"Barrons","summary":"NIO reported healthy delivery figures for July early Monday morning. But in a first, NIO’s peers del","content":"<p>NIO reported healthy delivery figures for July early Monday morning. But in a first, NIO’s peers delivered more cars in the month than the Chinese electric vehicle maker did.</p><p><blockquote>蔚来周一凌晨公布了7月份健康的交付数据。但蔚来同行本月交付的汽车数量首次超过了这家中国电动汽车制造商。</blockquote></p><p> NIO (ticker: NIO) delivered 7,931 vehicles in July, down a little from the 8,083 vehicles delivered in June. Deliveries in the 8,000-range usually look good, but month-to-month declines are typically problematic for the stock.</p><p><blockquote>蔚来（股票代码：蔚来）7月份交付了7,931辆汽车，较6月份交付的8,083辆略有下降。8,000辆范围内的交付量通常看起来不错，但逐月下降通常会给该股带来问题。</blockquote></p><p> NIO deliveries dropped from January to February, from March to April, and from April to May. The stock dropped each time the sequential delivery drops were disclosed, falling about 13%, 1%, and 2%, respectively.</p><p><blockquote>1-2月、3-4月、4-5月蔚来交付量均有所下降。每次披露连续交付下降时，该股都会下跌，分别下跌约13%、1%和2%。</blockquote></p><p> That might not be the case this time. NIO shares have gained 2.6% on Monday, while&nbsp;S&amp;P 500&nbsp;and&nbsp;Dow Jones Industrial Average futures&nbsp;are down about 0.2% and&nbsp;0.3%. The shares of NIO peers&nbsp;Li Auto(LI) and&nbsp;XPeng(XPEV) are both up between 0.9% and 5% on their own delivery numbers.</p><p><blockquote>这次可能不是这样了。蔚来股价周一上涨2.6%，而标准普尔500指数和道琼斯工业平均指数期货分别下跌约0.2%和0.蔚来同行理想汽车(LI)和小鹏汽车(XPEV)的股价均因各自的交付量上涨了0.9%至5%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/4ad3ba7f1d0a26ea01f1e803434f7ed1\" tg-width=\"456\" tg-height=\"558\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> July was the first month NIO’s deliveries fell behind Li and XPeng’s totals since delivery numbers have become available, stretching back to May 2020. XPeng delivered&nbsp;8,040 vehicles&nbsp;in July, a new monthly record and up from&nbsp;6,565 vehicles&nbsp;delivered in June. Li delivered&nbsp;8,589 vehicles, a monthly record for Li too, up from7,713 vehiclesdelivered in June.</p><p><blockquote>自2020年5月交付数据公布以来，7月是蔚来交付量首次落后于理想汽车和小鹏汽车的总交付量。小鹏汽车7月份交付了8,040辆汽车，创下月度新纪录，高于6月份的6,565辆。Li交付了8,589辆汽车，也创下了Li的月度纪录，高于6月份的7,713辆。</blockquote></p><p> Citigroup analyst&nbsp;Jeff Chung&nbsp;blamed&nbsp;Tesla(TSLA) for the lackluster month-over-month numbers from NIO. The “trend for ES6 and EC6 is likely due to the recent price cut of Tesla’s Model Y,” wrote Chung in a Monday report. “But the company should be able to achieve our [2021- deliveries estimate of [93,000]units as long as it maintains monthly deliveries of [8,000 to 9,000] units.” Chung rates shares Buy and has a $72 price target for the stock.</p><p><blockquote>花旗集团分析师杰夫·钟(Jeff Chung)将蔚来环比数据低迷归咎于特斯拉(TSLA)。Chung在周一的一份报告中写道，“ES6和EC6的趋势可能是由于特斯拉Model Y最近的降价”。“但只要该公司保持每月交付量[8,000至9,000]台，就应该能够实现我们[2021年交付量[93,000]台的预期。”Chung将该股评级为买入，并将该股的目标价定为72美元。</blockquote></p><p> (The ES6 and EC6 are SUV/crossover vehicles similar to the Model Y.)</p><p><blockquote>（ES6和EC6是类似于Model Y的SUV/跨界车。）</blockquote></p><p> In July, the three Chinese electric vehicle producers delivered roughly 24,500 vehicles combined. That’s up almost 10% compared with June and up about 190% over July 2020. The companies are, essentially, selling all the EVs they can make.</p><p><blockquote>7月份，这三家中国电动汽车生产商总共交付了约24,500辆汽车。与6月份相比增长了近10%，比2020年7月增长了约190%。本质上，这些公司正在销售他们能制造的所有电动汽车。</blockquote></p><p> NIO is still the largest, most valuable of the three, but its stock has lagged behind recently. NIO stock is up 12% over the past three months. XPeng stock has added 36%. Li shares have added 69%.</p><p><blockquote>蔚来仍然是三家公司中规模最大、价值最高的公司，但其股价最近落后了。蔚来股价在过去三个月上涨了12%。小鹏汽车股价上涨36%。Li股价上涨了69%。</blockquote></p><p> Closing to Monday trading, NIO shares are down about 8% so far in 2021. XPeng stock has rose 1% year to date. Li shares have added almost 17%.</p><p><blockquote>截至周一收盘，蔚来股价2021年迄今已下跌约8%。小鹏汽车股价今年迄今已上涨1%。Li股价上涨了近17%。</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>Nio Delivered Fewer Cars Than XPeng and Li for the First Time. Blame Tesla.<blockquote>蔚来交付的汽车首次少于小鹏和理想汽车。怪特斯拉。</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\">\nNio Delivered Fewer Cars Than XPeng and Li for the First Time. Blame Tesla.<blockquote>蔚来交付的汽车首次少于小鹏和理想汽车。怪特斯拉。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-08-03 13:34</span>\n</p>\n</h4>\n</header>\n<article>\n<p>NIO reported healthy delivery figures for July early Monday morning. But in a first, NIO’s peers delivered more cars in the month than the Chinese electric vehicle maker did.</p><p><blockquote>蔚来周一凌晨公布了7月份健康的交付数据。但蔚来同行本月交付的汽车数量首次超过了这家中国电动汽车制造商。</blockquote></p><p> NIO (ticker: NIO) delivered 7,931 vehicles in July, down a little from the 8,083 vehicles delivered in June. Deliveries in the 8,000-range usually look good, but month-to-month declines are typically problematic for the stock.</p><p><blockquote>蔚来（股票代码：蔚来）7月份交付了7,931辆汽车，较6月份交付的8,083辆略有下降。8,000辆范围内的交付量通常看起来不错，但逐月下降通常会给该股带来问题。</blockquote></p><p> NIO deliveries dropped from January to February, from March to April, and from April to May. The stock dropped each time the sequential delivery drops were disclosed, falling about 13%, 1%, and 2%, respectively.</p><p><blockquote>1-2月、3-4月、4-5月蔚来交付量均有所下降。每次披露连续交付下降时，该股都会下跌，分别下跌约13%、1%和2%。</blockquote></p><p> That might not be the case this time. NIO shares have gained 2.6% on Monday, while&nbsp;S&amp;P 500&nbsp;and&nbsp;Dow Jones Industrial Average futures&nbsp;are down about 0.2% and&nbsp;0.3%. The shares of NIO peers&nbsp;Li Auto(LI) and&nbsp;XPeng(XPEV) are both up between 0.9% and 5% on their own delivery numbers.</p><p><blockquote>这次可能不是这样了。蔚来股价周一上涨2.6%，而标准普尔500指数和道琼斯工业平均指数期货分别下跌约0.2%和0.蔚来同行理想汽车(LI)和小鹏汽车(XPEV)的股价均因各自的交付量上涨了0.9%至5%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/4ad3ba7f1d0a26ea01f1e803434f7ed1\" tg-width=\"456\" tg-height=\"558\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> July was the first month NIO’s deliveries fell behind Li and XPeng’s totals since delivery numbers have become available, stretching back to May 2020. XPeng delivered&nbsp;8,040 vehicles&nbsp;in July, a new monthly record and up from&nbsp;6,565 vehicles&nbsp;delivered in June. Li delivered&nbsp;8,589 vehicles, a monthly record for Li too, up from7,713 vehiclesdelivered in June.</p><p><blockquote>自2020年5月交付数据公布以来，7月是蔚来交付量首次落后于理想汽车和小鹏汽车的总交付量。小鹏汽车7月份交付了8,040辆汽车，创下月度新纪录，高于6月份的6,565辆。Li交付了8,589辆汽车，也创下了Li的月度纪录，高于6月份的7,713辆。</blockquote></p><p> Citigroup analyst&nbsp;Jeff Chung&nbsp;blamed&nbsp;Tesla(TSLA) for the lackluster month-over-month numbers from NIO. The “trend for ES6 and EC6 is likely due to the recent price cut of Tesla’s Model Y,” wrote Chung in a Monday report. “But the company should be able to achieve our [2021- deliveries estimate of [93,000]units as long as it maintains monthly deliveries of [8,000 to 9,000] units.” Chung rates shares Buy and has a $72 price target for the stock.</p><p><blockquote>花旗集团分析师杰夫·钟(Jeff Chung)将蔚来环比数据低迷归咎于特斯拉(TSLA)。Chung在周一的一份报告中写道，“ES6和EC6的趋势可能是由于特斯拉Model Y最近的降价”。“但只要该公司保持每月交付量[8,000至9,000]台，就应该能够实现我们[2021年交付量[93,000]台的预期。”Chung将该股评级为买入，并将该股的目标价定为72美元。</blockquote></p><p> (The ES6 and EC6 are SUV/crossover vehicles similar to the Model Y.)</p><p><blockquote>（ES6和EC6是类似于Model Y的SUV/跨界车。）</blockquote></p><p> In July, the three Chinese electric vehicle producers delivered roughly 24,500 vehicles combined. That’s up almost 10% compared with June and up about 190% over July 2020. The companies are, essentially, selling all the EVs they can make.</p><p><blockquote>7月份，这三家中国电动汽车生产商总共交付了约24,500辆汽车。与6月份相比增长了近10%，比2020年7月增长了约190%。本质上，这些公司正在销售他们能制造的所有电动汽车。</blockquote></p><p> NIO is still the largest, most valuable of the three, but its stock has lagged behind recently. NIO stock is up 12% over the past three months. XPeng stock has added 36%. Li shares have added 69%.</p><p><blockquote>蔚来仍然是三家公司中规模最大、价值最高的公司，但其股价最近落后了。蔚来股价在过去三个月上涨了12%。小鹏汽车股价上涨36%。Li股价上涨了69%。</blockquote></p><p> Closing to Monday trading, NIO shares are down about 8% so far in 2021. XPeng stock has rose 1% year to date. Li shares have added almost 17%.</p><p><blockquote>截至周一收盘，蔚来股价2021年迄今已下跌约8%。小鹏汽车股价今年迄今已上涨1%。Li股价上涨了近17%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/nio-deliveries-ev-stocks-china-51627903881?mod=hp_DAY_Theme_1_1\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉","NIO":"蔚来","XPEV":"小鹏汽车","LI":"理想汽车"},"source_url":"https://www.barrons.com/articles/nio-deliveries-ev-stocks-china-51627903881?mod=hp_DAY_Theme_1_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1152834921","content_text":"NIO reported healthy delivery figures for July early Monday morning. But in a first, NIO’s peers delivered more cars in the month than the Chinese electric vehicle maker did.\nNIO (ticker: NIO) delivered 7,931 vehicles in July, down a little from the 8,083 vehicles delivered in June. Deliveries in the 8,000-range usually look good, but month-to-month declines are typically problematic for the stock.\nNIO deliveries dropped from January to February, from March to April, and from April to May. The stock dropped each time the sequential delivery drops were disclosed, falling about 13%, 1%, and 2%, respectively.\nThat might not be the case this time. NIO shares have gained 2.6% on Monday, while S&P 500 and Dow Jones Industrial Average futures are down about 0.2% and 0.3%. The shares of NIO peers Li Auto(LI) and XPeng(XPEV) are both up between 0.9% and 5% on their own delivery numbers.\n\nJuly was the first month NIO’s deliveries fell behind Li and XPeng’s totals since delivery numbers have become available, stretching back to May 2020. XPeng delivered 8,040 vehicles in July, a new monthly record and up from 6,565 vehicles delivered in June. Li delivered 8,589 vehicles, a monthly record for Li too, up from7,713 vehiclesdelivered in June.\nCitigroup analyst Jeff Chung blamed Tesla(TSLA) for the lackluster month-over-month numbers from NIO. The “trend for ES6 and EC6 is likely due to the recent price cut of Tesla’s Model Y,” wrote Chung in a Monday report. “But the company should be able to achieve our [2021- deliveries estimate of [93,000]units as long as it maintains monthly deliveries of [8,000 to 9,000] units.” Chung rates shares Buy and has a $72 price target for the stock.\n(The ES6 and EC6 are SUV/crossover vehicles similar to the Model Y.)\nIn July, the three Chinese electric vehicle producers delivered roughly 24,500 vehicles combined. That’s up almost 10% compared with June and up about 190% over July 2020. The companies are, essentially, selling all the EVs they can make.\nNIO is still the largest, most valuable of the three, but its stock has lagged behind recently. NIO stock is up 12% over the past three months. XPeng stock has added 36%. Li shares have added 69%.\nClosing to Monday trading, NIO shares are down about 8% so far in 2021. XPeng stock has rose 1% year to date. Li shares have added almost 17%.","news_type":1,"symbols_score_info":{"XPEV":0.9,"TSLA":0.9,"NIO":0.9,"LI":0.9}},"isVote":1,"tweetType":1,"viewCount":152,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":159052101,"gmtCreate":1624932635403,"gmtModify":1633946821726,"author":{"id":"3576847817239184","authorId":"3576847817239184","name":"Bmaiw102","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576847817239184","idStr":"3576847817239184"},"themes":[],"htmlText":"Like pls!&nbsp;","listText":"Like pls!&nbsp;","text":"Like pls!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/159052101","repostId":"2147837316","repostType":4,"isVote":1,"tweetType":1,"viewCount":299,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":837275551,"gmtCreate":1629897911173,"gmtModify":1631889151993,"author":{"id":"3576847817239184","authorId":"3576847817239184","name":"Bmaiw102","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576847817239184","idStr":"3576847817239184"},"themes":[],"htmlText":".","listText":".","text":".","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/837275551","repostId":"1179982896","repostType":4,"repost":{"id":"1179982896","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1629893760,"share":"https://www.laohu8.com/m/news/1179982896?lang=zh_CN&edition=full","pubTime":"2021-08-25 20:16","market":"us","language":"en","title":"Toplines Before US Market Open on Wednesday<blockquote>周三美国市场开盘前的顶线</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1179982896","media":"Tiger Newspress","summary":"U.S. stock index futures were steady on Wednesday after another record close for the S&P 500 and the","content":"<p>U.S. stock index futures were steady on Wednesday after another record close for the S&amp;P 500 and the Nasdaq, while investors watched progress in the government's multi-trillion-dollar investment plans.</p><p><blockquote>美国股指期货周三持稳，此前标普500和纳斯达克收盘再创历史新高，投资者关注政府数万亿美元投资计划的进展。</blockquote></p><p> At 7:55 a.m. ET, Dow e-minis were down 3 points, or 0.07%, S&amp;P 500 e-minis were down 12 points, or 0.03%, and Nasdaq 100 e-minis were down 14.50 points, or 0.09%.</p><p><blockquote>截至美国东部时间上午7:55，道指e-mini下跌3点，跌幅0.07%，标普500 e-mini下跌12点，跌幅0.03%，纳斯达克100 e-mini下跌14.50点，跌幅0.09%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/9af471a9313fe339e69031eb18ce40e2\" tg-width=\"1080\" tg-height=\"380\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Major Wall Street lenders were mixed, while industrials including Caterpillar Inc&nbsp;and 3M Co&nbsp;inched up about 0.3% after the Democratic-controlled U.S. House of Representatives approved a $3.5 trillion budget framework and agreed to vote by Sept. 27 on a $1 trillion Senate-passed infrastructure bill.</p><p><blockquote>在民主党控制的美国众议院批准了3.5万亿美元的预算框架并同意在9月27日之前就参议院1万亿美元的预算框架进行投票后，华尔街主要银行涨跌互现，而卡特彼勒公司和3M公司等工业股小幅上涨约0.3%-通过了基础设施法案。</blockquote></p><p> Shares of several retail trading darlings, including Express, AMC Entertainment&nbsp;and Koss Corp, rose between 1.4% and 8.4%, a day after dealing over $1 billion in losses to short sellers in late heavy volume trading on no apparent news.</p><p><blockquote>包括Express、AMC院线和Koss Corp在内的几家零售交易宠儿的股价上涨了1.4%至8.4%，一天前，在没有明显消息的情况下，在尾盘放量交易中，卖空者损失了超过10亿美元。</blockquote></p><p> Focus is now on the Federal Reserve's annual economic symposium at Jackson Hole on Friday for views on when the central bank will start tapering its massive asset purchases program.</p><p><blockquote>现在的焦点是美联储周五在杰克逊霍尔举行的年度经济研讨会，就美联储何时开始缩减大规模资产购买计划发表意见。</blockquote></p><p> <b>Stocks making the biggest moves premarket:</b></p><p><blockquote><b>盘前涨幅最大的股票：</b></blockquote></p><p> TSMC(TSM)&nbsp;–&nbsp;Shares of Taiwan Semiconductor Manufacturing Co. rose 2.7%&nbsp;in premarket trading after local media reported that the world's largest contract chipmaker will raise product prices due to a global supply shortage, dealers said.</p><p><blockquote>台积电(TSM)——经销商表示，当地媒体报道称，由于全球供应短缺，全球最大的代工芯片制造商将提高产品价格，台积电公司股价在盘前交易中上涨2.7%。</blockquote></p><p> Dick’s Sporting Goods(DKS) – The sporting goods retailer’s shares jumped 11.4% in the premarket, as its quarterly earnings beat estimates. The company also announced a $5.50 per share special dividend and a 21% increase in its quarterly dividend. Dick’s earned an adjusted $5.08 per share for its latest quarter, beating the consensus estimate of $2.80.</p><p><blockquote>迪克体育用品(DKS)——这家体育用品零售商的股价在盘前上涨11.4%，其季度收益超出预期。该公司还宣布派发每股5.50美元的特别股息，并将季度股息增加21%。Dick's最近一个季度调整后每股收益为5.08美元，超出市场普遍预期的2.80美元。</blockquote></p><p> Johnson &amp; Johnson(JNJ) – Johnson &amp; Johnson said study data supports the benefits of a booster shot for recipients of its Covid-19 vaccine. The dose sharply increased levels of antibodies in two early-stage trials.</p><p><blockquote>强生公司（JNJ）——强生公司表示，研究数据支持加强注射对其新冠肺炎疫苗接种者的好处。在两项早期试验中，该剂量急剧增加了抗体水平。</blockquote></p><p> Express(EXPR) – Shares of the apparel retailer rallied 5.2% in the premarket after the company reported an unexpected profit for its latest quarter. Express earned 2 cents per share, compared with forecasts of a 30 cents per share loss, and revenue also came in above analyst forecasts.</p><p><blockquote>Express(EXPR)——这家服装零售商公布最新季度意外盈利后，其股价在盘前上涨5.2%。Express每股盈利2美分，而预期每股亏损30美分，收入也高于分析师预期。</blockquote></p><p> Shoe Carnival(SCVL) – The shoe retailer reported a quarterly profit of $1.54 per share, more than double the 75 cent consensus estimate, with revenue also exceeding Wall Street forecasts and comparable sales rising 11.4%. Shoe Carnival gained 2.2% in the premarket.</p><p><blockquote>Shoe Carnival(SCVL)——这家鞋类零售商公布季度利润为每股1.54美元，是市场普遍预期75美分的两倍多，收入也超过了华尔街的预测，可比销售额增长了11.4%。Shoe Carnival盘前上涨2.2%。</blockquote></p><p> Cassava Biosciences(SAVA) – The biotechnology company said claims posted online late yesterday challenging its scientific integrity are false and misleading. The issue revolved around study data for an Alzheimer’s disease treatment. Cassava released a statement refuting each of 15 claims that the company calls “fiction.” Cassava tumbled 22.6% in the premarket.</p><p><blockquote>木薯生物科学公司（SAVA）——这家生物技术公司表示，昨天晚些时候在网上发布的挑战其科学诚信的说法是虚假和误导的。这个问题围绕着阿尔茨海默病治疗的研究数据。Cassava发布了一份声明，驳斥了该公司评级“虚构”的15项指控。木薯盘前下跌22.6%。</blockquote></p><p> Urban Outfitters(URBN) – Urban Outfitters earned $1.28 per share for its latest quarter, beating the 77 cents consensus estimate. The apparel retailer’s revenue was also above forecasts. Urban Outfitters benefited from a sizeable increase in digital sales compared with pre-pandemic levels. However, the company also mentioned that it is dealing with supply chain issues, and its shares lost 5.2% in premarket trading.</p><p><blockquote>Urban Outfitters(URBN)——Urban Outfitters最近一个季度的每股收益为1.28美元，超过了77美分的普遍预期。该服装零售商的收入也高于预期。与大流行前的水平相比，Urban Outfitters受益于数字销售额的大幅增长。不过，该公司也提到正在处理供应链问题，其股价在盘前交易中下跌5.2%。</blockquote></p><p> Nordstrom(JWN) – Nordstrom tumbled 11.5% in premarket trading after its quarterly report showed revenue for its latest quarter was still below pre-pandemic levels. The department store operator did beat the 27 cents estimate for its latest quarter with earnings of 49 cents per share, and revenue above forecasts. Nordstrom raised its full-year outlook as well.</p><p><blockquote>Nordstrom(JWN)——Nordstrom的季度报告显示其最新季度的收入仍低于大流行前的水平，该公司在盘前交易中下跌11.5%。这家百货商店运营商最近一个季度的每股收益为49美分，收入也高于预期，超出了27美分的预期。诺德斯特龙也上调了全年预期。</blockquote></p><p> Toll Brothers(TOL) – Toll Brothers reported quarterly earnings of $1.87 per share, 32 cents above the consensus estimate, with the luxury home builder’s revenue essentially in line with Wall Street forecasts. Low overall inventories in the housing market and low mortgage rates helped boost the company’s results. Toll Brothers gained 1.9% in premarket action.</p><p><blockquote>Toll Brothers(TOL)——Toll Brothers公布季度收益为每股1.87美元，比市场普遍预期高出32美分，这家豪华住宅建筑商的收入基本符合华尔街的预测。房地产市场整体库存较低和抵押贷款利率较低有助于提振公司业绩。Toll Brothers在盘前上涨1.9%。</blockquote></p><p> Intuit(INTU) – Intuit beat estimates by 38 cents with adjusted quarterly earnings of $1.97, while the financial software company’s revenue topped estimates. The maker of TurboTax also issued an upbeat outlook, raised its dividend and boosted its stock buyback program. The stock added 2.4% in the premarket.</p><p><blockquote>Intuit(INTU)-Intuit调整后季度收益为1.97美元，超出预期38美分，而这家金融软件公司的收入超出预期。TurboTax制造商还发布了乐观的前景，提高了股息并加强了股票回购计划。该股盘前上涨2.4%。</blockquote></p><p> Meme Stocks – So-called “meme” stocks remain on watch after late Tuesday rallies.AMC Entertainment,Koss,Robinhood and&nbsp;ContextLogic all surged despite a lack of news on any of those companies. Koss rose 1.7% in the premarket, AMC jumped 2.6%,GameStop&nbsp;fell&nbsp;1.6%&nbsp;and Robinhood fell 0.1%.</p><p><blockquote>Meme股票——所谓的“Meme”股票在周二晚间上涨后仍受到关注。AMC Entertainment、Koss、Robinhood和ContextLogic均大幅上涨，尽管缺乏有关这些公司的消息。Koss盘前上涨1.7%，AMC上涨2.6%，游戏驿站下跌1.6%，Robinhood下跌0.1%。</blockquote></p><p></p><p> Campbell Soup(CPB) – Campbell Soup was downgraded to “neutral” from “overweight” at Piper Sandler, which cited increasing commodity costs among other factors. Campbell shares slid 1.4% in premarket trading.</p><p><blockquote>金宝汤(CPB)——Piper Sandler将金宝汤的评级从“跑赢大盘”下调至“中性”，理由是大宗商品成本上涨等因素。金宝汤股价在盘前交易中下跌1.4%。</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>Toplines Before US Market Open on Wednesday<blockquote>周三美国市场开盘前的顶线</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\">\nToplines Before US Market Open on Wednesday<blockquote>周三美国市场开盘前的顶线</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-08-25 20:16</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>U.S. stock index futures were steady on Wednesday after another record close for the S&amp;P 500 and the Nasdaq, while investors watched progress in the government's multi-trillion-dollar investment plans.</p><p><blockquote>美国股指期货周三持稳，此前标普500和纳斯达克收盘再创历史新高，投资者关注政府数万亿美元投资计划的进展。</blockquote></p><p> At 7:55 a.m. ET, Dow e-minis were down 3 points, or 0.07%, S&amp;P 500 e-minis were down 12 points, or 0.03%, and Nasdaq 100 e-minis were down 14.50 points, or 0.09%.</p><p><blockquote>截至美国东部时间上午7:55，道指e-mini下跌3点，跌幅0.07%，标普500 e-mini下跌12点，跌幅0.03%，纳斯达克100 e-mini下跌14.50点，跌幅0.09%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/9af471a9313fe339e69031eb18ce40e2\" tg-width=\"1080\" tg-height=\"380\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Major Wall Street lenders were mixed, while industrials including Caterpillar Inc&nbsp;and 3M Co&nbsp;inched up about 0.3% after the Democratic-controlled U.S. House of Representatives approved a $3.5 trillion budget framework and agreed to vote by Sept. 27 on a $1 trillion Senate-passed infrastructure bill.</p><p><blockquote>在民主党控制的美国众议院批准了3.5万亿美元的预算框架并同意在9月27日之前就参议院1万亿美元的预算框架进行投票后，华尔街主要银行涨跌互现，而卡特彼勒公司和3M公司等工业股小幅上涨约0.3%-通过了基础设施法案。</blockquote></p><p> Shares of several retail trading darlings, including Express, AMC Entertainment&nbsp;and Koss Corp, rose between 1.4% and 8.4%, a day after dealing over $1 billion in losses to short sellers in late heavy volume trading on no apparent news.</p><p><blockquote>包括Express、AMC院线和Koss Corp在内的几家零售交易宠儿的股价上涨了1.4%至8.4%，一天前，在没有明显消息的情况下，在尾盘放量交易中，卖空者损失了超过10亿美元。</blockquote></p><p> Focus is now on the Federal Reserve's annual economic symposium at Jackson Hole on Friday for views on when the central bank will start tapering its massive asset purchases program.</p><p><blockquote>现在的焦点是美联储周五在杰克逊霍尔举行的年度经济研讨会，就美联储何时开始缩减大规模资产购买计划发表意见。</blockquote></p><p> <b>Stocks making the biggest moves premarket:</b></p><p><blockquote><b>盘前涨幅最大的股票：</b></blockquote></p><p> TSMC(TSM)&nbsp;–&nbsp;Shares of Taiwan Semiconductor Manufacturing Co. rose 2.7%&nbsp;in premarket trading after local media reported that the world's largest contract chipmaker will raise product prices due to a global supply shortage, dealers said.</p><p><blockquote>台积电(TSM)——经销商表示，当地媒体报道称，由于全球供应短缺，全球最大的代工芯片制造商将提高产品价格，台积电公司股价在盘前交易中上涨2.7%。</blockquote></p><p> Dick’s Sporting Goods(DKS) – The sporting goods retailer’s shares jumped 11.4% in the premarket, as its quarterly earnings beat estimates. The company also announced a $5.50 per share special dividend and a 21% increase in its quarterly dividend. Dick’s earned an adjusted $5.08 per share for its latest quarter, beating the consensus estimate of $2.80.</p><p><blockquote>迪克体育用品(DKS)——这家体育用品零售商的股价在盘前上涨11.4%，其季度收益超出预期。该公司还宣布派发每股5.50美元的特别股息，并将季度股息增加21%。Dick's最近一个季度调整后每股收益为5.08美元，超出市场普遍预期的2.80美元。</blockquote></p><p> Johnson &amp; Johnson(JNJ) – Johnson &amp; Johnson said study data supports the benefits of a booster shot for recipients of its Covid-19 vaccine. The dose sharply increased levels of antibodies in two early-stage trials.</p><p><blockquote>强生公司（JNJ）——强生公司表示，研究数据支持加强注射对其新冠肺炎疫苗接种者的好处。在两项早期试验中，该剂量急剧增加了抗体水平。</blockquote></p><p> Express(EXPR) – Shares of the apparel retailer rallied 5.2% in the premarket after the company reported an unexpected profit for its latest quarter. Express earned 2 cents per share, compared with forecasts of a 30 cents per share loss, and revenue also came in above analyst forecasts.</p><p><blockquote>Express(EXPR)——这家服装零售商公布最新季度意外盈利后，其股价在盘前上涨5.2%。Express每股盈利2美分，而预期每股亏损30美分，收入也高于分析师预期。</blockquote></p><p> Shoe Carnival(SCVL) – The shoe retailer reported a quarterly profit of $1.54 per share, more than double the 75 cent consensus estimate, with revenue also exceeding Wall Street forecasts and comparable sales rising 11.4%. Shoe Carnival gained 2.2% in the premarket.</p><p><blockquote>Shoe Carnival(SCVL)——这家鞋类零售商公布季度利润为每股1.54美元，是市场普遍预期75美分的两倍多，收入也超过了华尔街的预测，可比销售额增长了11.4%。Shoe Carnival盘前上涨2.2%。</blockquote></p><p> Cassava Biosciences(SAVA) – The biotechnology company said claims posted online late yesterday challenging its scientific integrity are false and misleading. The issue revolved around study data for an Alzheimer’s disease treatment. Cassava released a statement refuting each of 15 claims that the company calls “fiction.” Cassava tumbled 22.6% in the premarket.</p><p><blockquote>木薯生物科学公司（SAVA）——这家生物技术公司表示，昨天晚些时候在网上发布的挑战其科学诚信的说法是虚假和误导的。这个问题围绕着阿尔茨海默病治疗的研究数据。Cassava发布了一份声明，驳斥了该公司评级“虚构”的15项指控。木薯盘前下跌22.6%。</blockquote></p><p> Urban Outfitters(URBN) – Urban Outfitters earned $1.28 per share for its latest quarter, beating the 77 cents consensus estimate. The apparel retailer’s revenue was also above forecasts. Urban Outfitters benefited from a sizeable increase in digital sales compared with pre-pandemic levels. However, the company also mentioned that it is dealing with supply chain issues, and its shares lost 5.2% in premarket trading.</p><p><blockquote>Urban Outfitters(URBN)——Urban Outfitters最近一个季度的每股收益为1.28美元，超过了77美分的普遍预期。该服装零售商的收入也高于预期。与大流行前的水平相比，Urban Outfitters受益于数字销售额的大幅增长。不过，该公司也提到正在处理供应链问题，其股价在盘前交易中下跌5.2%。</blockquote></p><p> Nordstrom(JWN) – Nordstrom tumbled 11.5% in premarket trading after its quarterly report showed revenue for its latest quarter was still below pre-pandemic levels. The department store operator did beat the 27 cents estimate for its latest quarter with earnings of 49 cents per share, and revenue above forecasts. Nordstrom raised its full-year outlook as well.</p><p><blockquote>Nordstrom(JWN)——Nordstrom的季度报告显示其最新季度的收入仍低于大流行前的水平，该公司在盘前交易中下跌11.5%。这家百货商店运营商最近一个季度的每股收益为49美分，收入也高于预期，超出了27美分的预期。诺德斯特龙也上调了全年预期。</blockquote></p><p> Toll Brothers(TOL) – Toll Brothers reported quarterly earnings of $1.87 per share, 32 cents above the consensus estimate, with the luxury home builder’s revenue essentially in line with Wall Street forecasts. Low overall inventories in the housing market and low mortgage rates helped boost the company’s results. Toll Brothers gained 1.9% in premarket action.</p><p><blockquote>Toll Brothers(TOL)——Toll Brothers公布季度收益为每股1.87美元，比市场普遍预期高出32美分，这家豪华住宅建筑商的收入基本符合华尔街的预测。房地产市场整体库存较低和抵押贷款利率较低有助于提振公司业绩。Toll Brothers在盘前上涨1.9%。</blockquote></p><p> Intuit(INTU) – Intuit beat estimates by 38 cents with adjusted quarterly earnings of $1.97, while the financial software company’s revenue topped estimates. The maker of TurboTax also issued an upbeat outlook, raised its dividend and boosted its stock buyback program. The stock added 2.4% in the premarket.</p><p><blockquote>Intuit(INTU)-Intuit调整后季度收益为1.97美元，超出预期38美分，而这家金融软件公司的收入超出预期。TurboTax制造商还发布了乐观的前景，提高了股息并加强了股票回购计划。该股盘前上涨2.4%。</blockquote></p><p> Meme Stocks – So-called “meme” stocks remain on watch after late Tuesday rallies.AMC Entertainment,Koss,Robinhood and&nbsp;ContextLogic all surged despite a lack of news on any of those companies. Koss rose 1.7% in the premarket, AMC jumped 2.6%,GameStop&nbsp;fell&nbsp;1.6%&nbsp;and Robinhood fell 0.1%.</p><p><blockquote>Meme股票——所谓的“Meme”股票在周二晚间上涨后仍受到关注。AMC Entertainment、Koss、Robinhood和ContextLogic均大幅上涨，尽管缺乏有关这些公司的消息。Koss盘前上涨1.7%，AMC上涨2.6%，游戏驿站下跌1.6%，Robinhood下跌0.1%。</blockquote></p><p></p><p> Campbell Soup(CPB) – Campbell Soup was downgraded to “neutral” from “overweight” at Piper Sandler, which cited increasing commodity costs among other factors. Campbell shares slid 1.4% in premarket trading.</p><p><blockquote>金宝汤(CPB)——Piper Sandler将金宝汤的评级从“跑赢大盘”下调至“中性”，理由是大宗商品成本上涨等因素。金宝汤股价在盘前交易中下跌1.4%。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"URBN":"都市服饰","SAVA":"Cassava Sciences Inc","AMC":"AMC院线","SCVL":"Shoe Carnival","HOOD":"Robinhood",".DJI":"道琼斯","GME":"游戏驿站","KOSS":"高斯电子",".SPX":"S&P 500 Index","JNJ":"强生","JWN":"诺德斯特龙","DKS":"迪克体育用品",".IXIC":"NASDAQ Composite","EXPR":"Express, Inc.","TSM":"台积电","TOL":"托尔兄弟"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1179982896","content_text":"U.S. stock index futures were steady on Wednesday after another record close for the S&P 500 and the Nasdaq, while investors watched progress in the government's multi-trillion-dollar investment plans.\nAt 7:55 a.m. ET, Dow e-minis were down 3 points, or 0.07%, S&P 500 e-minis were down 12 points, or 0.03%, and Nasdaq 100 e-minis were down 14.50 points, or 0.09%.\n\nMajor Wall Street lenders were mixed, while industrials including Caterpillar Inc and 3M Co inched up about 0.3% after the Democratic-controlled U.S. House of Representatives approved a $3.5 trillion budget framework and agreed to vote by Sept. 27 on a $1 trillion Senate-passed infrastructure bill.\nShares of several retail trading darlings, including Express, AMC Entertainment and Koss Corp, rose between 1.4% and 8.4%, a day after dealing over $1 billion in losses to short sellers in late heavy volume trading on no apparent news.\nFocus is now on the Federal Reserve's annual economic symposium at Jackson Hole on Friday for views on when the central bank will start tapering its massive asset purchases program.\nStocks making the biggest moves premarket:\nTSMC(TSM) – Shares of Taiwan Semiconductor Manufacturing Co. rose 2.7% in premarket trading after local media reported that the world's largest contract chipmaker will raise product prices due to a global supply shortage, dealers said.\nDick’s Sporting Goods(DKS) – The sporting goods retailer’s shares jumped 11.4% in the premarket, as its quarterly earnings beat estimates. The company also announced a $5.50 per share special dividend and a 21% increase in its quarterly dividend. Dick’s earned an adjusted $5.08 per share for its latest quarter, beating the consensus estimate of $2.80.\nJohnson & Johnson(JNJ) – Johnson & Johnson said study data supports the benefits of a booster shot for recipients of its Covid-19 vaccine. The dose sharply increased levels of antibodies in two early-stage trials.\nExpress(EXPR) – Shares of the apparel retailer rallied 5.2% in the premarket after the company reported an unexpected profit for its latest quarter. Express earned 2 cents per share, compared with forecasts of a 30 cents per share loss, and revenue also came in above analyst forecasts.\nShoe Carnival(SCVL) – The shoe retailer reported a quarterly profit of $1.54 per share, more than double the 75 cent consensus estimate, with revenue also exceeding Wall Street forecasts and comparable sales rising 11.4%. Shoe Carnival gained 2.2% in the premarket.\nCassava Biosciences(SAVA) – The biotechnology company said claims posted online late yesterday challenging its scientific integrity are false and misleading. The issue revolved around study data for an Alzheimer’s disease treatment. Cassava released a statement refuting each of 15 claims that the company calls “fiction.” Cassava tumbled 22.6% in the premarket.\nUrban Outfitters(URBN) – Urban Outfitters earned $1.28 per share for its latest quarter, beating the 77 cents consensus estimate. The apparel retailer’s revenue was also above forecasts. Urban Outfitters benefited from a sizeable increase in digital sales compared with pre-pandemic levels. However, the company also mentioned that it is dealing with supply chain issues, and its shares lost 5.2% in premarket trading.\nNordstrom(JWN) – Nordstrom tumbled 11.5% in premarket trading after its quarterly report showed revenue for its latest quarter was still below pre-pandemic levels. The department store operator did beat the 27 cents estimate for its latest quarter with earnings of 49 cents per share, and revenue above forecasts. Nordstrom raised its full-year outlook as well.\nToll Brothers(TOL) – Toll Brothers reported quarterly earnings of $1.87 per share, 32 cents above the consensus estimate, with the luxury home builder’s revenue essentially in line with Wall Street forecasts. Low overall inventories in the housing market and low mortgage rates helped boost the company’s results. Toll Brothers gained 1.9% in premarket action.\nIntuit(INTU) – Intuit beat estimates by 38 cents with adjusted quarterly earnings of $1.97, while the financial software company’s revenue topped estimates. The maker of TurboTax also issued an upbeat outlook, raised its dividend and boosted its stock buyback program. The stock added 2.4% in the premarket.\nMeme Stocks – So-called “meme” stocks remain on watch after late Tuesday rallies.AMC Entertainment,Koss,Robinhood and ContextLogic all surged despite a lack of news on any of those companies. Koss rose 1.7% in the premarket, AMC jumped 2.6%,GameStop fell 1.6% and Robinhood fell 0.1%.\nCampbell Soup(CPB) – Campbell Soup was downgraded to “neutral” from “overweight” at Piper Sandler, which cited increasing commodity costs among other factors. Campbell shares slid 1.4% in premarket trading.","news_type":1,"symbols_score_info":{"HOOD":0.9,"EXPR":0.9,"SAVA":0.9,".SPX":0.9,"TSM":0.9,".IXIC":0.9,"URBN":0.9,".DJI":0.9,"JNJ":0.9,"YMmain":0.9,"JWN":0.9,"TOL":0.9,"SCVL":0.9,"AMC":0.9,"GME":0.9,"ESmain":0.9,"KOSS":0.9,"NQmain":0.9,"WISH":0.9,"DKS":0.9}},"isVote":1,"tweetType":1,"viewCount":507,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":898419784,"gmtCreate":1628516910448,"gmtModify":1631891566535,"author":{"id":"3576847817239184","authorId":"3576847817239184","name":"Bmaiw102","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576847817239184","idStr":"3576847817239184"},"themes":[],"htmlText":".","listText":".","text":".","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/898419784","repostId":"1135535489","repostType":4,"isVote":1,"tweetType":1,"viewCount":336,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":890394281,"gmtCreate":1628082171743,"gmtModify":1631891566588,"author":{"id":"3576847817239184","authorId":"3576847817239184","name":"Bmaiw102","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576847817239184","idStr":"3576847817239184"},"themes":[],"htmlText":".","listText":".","text":".","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/890394281","repostId":"2156602109","repostType":4,"isVote":1,"tweetType":1,"viewCount":324,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":830809942,"gmtCreate":1629038945886,"gmtModify":1631889152012,"author":{"id":"3576847817239184","authorId":"3576847817239184","name":"Bmaiw102","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576847817239184","idStr":"3576847817239184"},"themes":[],"htmlText":".","listText":".","text":".","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/830809942","repostId":"1183084208","repostType":4,"repost":{"id":"1183084208","kind":"news","pubTimestamp":1628990015,"share":"https://www.laohu8.com/m/news/1183084208?lang=zh_CN&edition=full","pubTime":"2021-08-15 09:13","market":"us","language":"en","title":"Home Depot and Lowe’s Will Report Earnings Soon. What Could Lift the Stocks.<blockquote>家得宝和劳氏将很快公布收益。什么可以提振股市。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1183084208","media":"Barrons","summary":"Home Depot and Lowe’s will report their second-quarter earnings on Tuesday and Wednesday, respective","content":"<p>Home Depot&nbsp;and Lowe’s will report their second-quarter earnings on Tuesday and Wednesday, respectively, a chance for the home-improvement retailers to extend their year-to-date gains amid a robust housing market.</p><p><blockquote>家得宝(Home Depot)和劳氏(Lowe's)将分别于周二和周三公布第二季度收益，这是家装零售商在房地产市场强劲的情况下扩大今年迄今涨幅的机会。</blockquote></p><p> The pandemic has been a boon for the industry, as Americans spend more on new houses and home improvements, and the stocks have moved from strength to strength. Although investors have gotten used to big beats from the companies given the&nbsp;white-hot housing market, comments from management about continuing strength would likely bolster the stocks.</p><p><blockquote>疫情对该行业来说是一个福音，因为美国人在新房和家居装修上的支出更多，而且股市也不断走强。尽管鉴于房地产市场白热化，投资者已经习惯了这些公司的大幅上涨，但管理层关于持续走强的评论可能会提振股市。</blockquote></p><p> Home Depot (HD) is up 25% year to date, and more than 18% in the past 12 months. Lowe’s has risen more than 18% in 2021 and 23% in the past year.<i>Barron’s</i>&nbsp;named Lowe’s Marvin Ellison to its&nbsp;Best CEOs list&nbsp;earlier this summer. The stock is up a market-beating 24% since&nbsp;we recommended it in March.</p><p><blockquote>家得宝(HD)今年迄今上涨了25%，过去12个月上涨了18%以上。Lowe's在2021年上涨了18%以上，在过去一年上涨了23%。<i>巴伦周刊</i>今年夏天早些时候，劳氏(Lowe's)将马文·埃里森(Marvin Ellison)评为最佳首席执行官名单。自我们3月份推荐该股以来，该股已上涨24%，跑赢大盘。</blockquote></p><p> Both companies delivered better-than-expected first-quarter results in May, although&nbsp;Home Depot shares&nbsp;got a boost while&nbsp;Lowe’s stock slipped.</p><p><blockquote>两家公司在5月份公布了好于预期的第一季度业绩，尽管家得宝(Home Depot)股价上涨，而劳氏(Lowe's)股价下跌。</blockquote></p><p> For the second quarter, analysts expect Home Depot to earn $4.43 a share from revenue of $40.57 billion, up from earnings of $3.86 a share in the prior quarter and $4.02 in the year-earlier period. For Lowe’s, the consensus calls for EPS of $4 and revenue of $26.79 billion, up from EPS of $3.21 in the previous quarter and $3.75 a year earlier.</p><p><blockquote>分析师预计家得宝第二季度每股收益为4.43美元，营收为405.7亿美元，高于上一季度的每股收益3.86美元和去年同期的每股收益4.02美元。劳氏(Lowe's)的普遍评级为每股收益4美元，营收为267.9亿美元，高于上一季度的每股收益3.21美元和去年同期的3.75美元。</blockquote></p><p> The Street is upbeat about the home-improvement retailers in general. More than two-thirds of the 34 analysts tracked by FactSet who cover Home Depot rate it at Buy or the equivalent, while 29% are sidelined. There is one Sell rating.</p><p><blockquote>华尔街对家装零售商总体持乐观态度。FactSet追踪的34名研究家得宝的分析师中，超过三分之二的分析师将其评级为买入或同等评级，而29%的分析师则持观望态度。有一个卖出评级。</blockquote></p><p> Lowe’s is even more popular, with 79% of 33 analyst bullish, 18% rating it at Hold, and a single bearish call.</p><p><blockquote>劳氏(Lowe's)更受欢迎，33名分析师中有79%看好，18%评级为持有，只有一位看涨期权看跌。</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>Home Depot and Lowe’s Will Report Earnings Soon. What Could Lift the Stocks.<blockquote>家得宝和劳氏将很快公布收益。什么可以提振股市。</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\">\nHome Depot and Lowe’s Will Report Earnings Soon. What Could Lift the Stocks.<blockquote>家得宝和劳氏将很快公布收益。什么可以提振股市。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-08-15 09:13</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Home Depot&nbsp;and Lowe’s will report their second-quarter earnings on Tuesday and Wednesday, respectively, a chance for the home-improvement retailers to extend their year-to-date gains amid a robust housing market.</p><p><blockquote>家得宝(Home Depot)和劳氏(Lowe's)将分别于周二和周三公布第二季度收益，这是家装零售商在房地产市场强劲的情况下扩大今年迄今涨幅的机会。</blockquote></p><p> The pandemic has been a boon for the industry, as Americans spend more on new houses and home improvements, and the stocks have moved from strength to strength. Although investors have gotten used to big beats from the companies given the&nbsp;white-hot housing market, comments from management about continuing strength would likely bolster the stocks.</p><p><blockquote>疫情对该行业来说是一个福音，因为美国人在新房和家居装修上的支出更多，而且股市也不断走强。尽管鉴于房地产市场白热化，投资者已经习惯了这些公司的大幅上涨，但管理层关于持续走强的评论可能会提振股市。</blockquote></p><p> Home Depot (HD) is up 25% year to date, and more than 18% in the past 12 months. Lowe’s has risen more than 18% in 2021 and 23% in the past year.<i>Barron’s</i>&nbsp;named Lowe’s Marvin Ellison to its&nbsp;Best CEOs list&nbsp;earlier this summer. The stock is up a market-beating 24% since&nbsp;we recommended it in March.</p><p><blockquote>家得宝(HD)今年迄今上涨了25%，过去12个月上涨了18%以上。Lowe's在2021年上涨了18%以上，在过去一年上涨了23%。<i>巴伦周刊</i>今年夏天早些时候，劳氏(Lowe's)将马文·埃里森(Marvin Ellison)评为最佳首席执行官名单。自我们3月份推荐该股以来，该股已上涨24%，跑赢大盘。</blockquote></p><p> Both companies delivered better-than-expected first-quarter results in May, although&nbsp;Home Depot shares&nbsp;got a boost while&nbsp;Lowe’s stock slipped.</p><p><blockquote>两家公司在5月份公布了好于预期的第一季度业绩，尽管家得宝(Home Depot)股价上涨，而劳氏(Lowe's)股价下跌。</blockquote></p><p> For the second quarter, analysts expect Home Depot to earn $4.43 a share from revenue of $40.57 billion, up from earnings of $3.86 a share in the prior quarter and $4.02 in the year-earlier period. For Lowe’s, the consensus calls for EPS of $4 and revenue of $26.79 billion, up from EPS of $3.21 in the previous quarter and $3.75 a year earlier.</p><p><blockquote>分析师预计家得宝第二季度每股收益为4.43美元，营收为405.7亿美元，高于上一季度的每股收益3.86美元和去年同期的每股收益4.02美元。劳氏(Lowe's)的普遍评级为每股收益4美元，营收为267.9亿美元，高于上一季度的每股收益3.21美元和去年同期的3.75美元。</blockquote></p><p> The Street is upbeat about the home-improvement retailers in general. More than two-thirds of the 34 analysts tracked by FactSet who cover Home Depot rate it at Buy or the equivalent, while 29% are sidelined. There is one Sell rating.</p><p><blockquote>华尔街对家装零售商总体持乐观态度。FactSet追踪的34名研究家得宝的分析师中，超过三分之二的分析师将其评级为买入或同等评级，而29%的分析师则持观望态度。有一个卖出评级。</blockquote></p><p> Lowe’s is even more popular, with 79% of 33 analyst bullish, 18% rating it at Hold, and a single bearish call.</p><p><blockquote>劳氏(Lowe's)更受欢迎，33名分析师中有79%看好，18%评级为持有，只有一位看涨期权看跌。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/southwest-delta-coronavirus-covid-earnings-51628708280\">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":{"HD":"家得宝","LOW":"劳氏"},"source_url":"https://www.barrons.com/articles/southwest-delta-coronavirus-covid-earnings-51628708280","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1183084208","content_text":"Home Depot and Lowe’s will report their second-quarter earnings on Tuesday and Wednesday, respectively, a chance for the home-improvement retailers to extend their year-to-date gains amid a robust housing market.\nThe pandemic has been a boon for the industry, as Americans spend more on new houses and home improvements, and the stocks have moved from strength to strength. Although investors have gotten used to big beats from the companies given the white-hot housing market, comments from management about continuing strength would likely bolster the stocks.\nHome Depot (HD) is up 25% year to date, and more than 18% in the past 12 months. Lowe’s has risen more than 18% in 2021 and 23% in the past year.Barron’s named Lowe’s Marvin Ellison to its Best CEOs list earlier this summer. The stock is up a market-beating 24% since we recommended it in March.\nBoth companies delivered better-than-expected first-quarter results in May, although Home Depot shares got a boost while Lowe’s stock slipped.\nFor the second quarter, analysts expect Home Depot to earn $4.43 a share from revenue of $40.57 billion, up from earnings of $3.86 a share in the prior quarter and $4.02 in the year-earlier period. For Lowe’s, the consensus calls for EPS of $4 and revenue of $26.79 billion, up from EPS of $3.21 in the previous quarter and $3.75 a year earlier.\nThe Street is upbeat about the home-improvement retailers in general. More than two-thirds of the 34 analysts tracked by FactSet who cover Home Depot rate it at Buy or the equivalent, while 29% are sidelined. There is one Sell rating.\nLowe’s is even more popular, with 79% of 33 analyst bullish, 18% rating it at Hold, and a single bearish call.","news_type":1,"symbols_score_info":{"HD":0.9,"LOW":0.9}},"isVote":1,"tweetType":1,"viewCount":293,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":897285764,"gmtCreate":1628923727758,"gmtModify":1631889152017,"author":{"id":"3576847817239184","authorId":"3576847817239184","name":"Bmaiw102","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576847817239184","idStr":"3576847817239184"},"themes":[],"htmlText":".","listText":".","text":".","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/897285764","repostId":"2159321505","repostType":4,"repost":{"id":"2159321505","kind":"highlight","pubTimestamp":1628911811,"share":"https://www.laohu8.com/m/news/2159321505?lang=zh_CN&edition=full","pubTime":"2021-08-14 11:30","market":"us","language":"en","title":"Tesla seeks to reduce board members’ terms, make other changes in October shareholder meeting<blockquote>特斯拉寻求缩短董事会成员任期，并在十月股东大会上做出其他改变</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2159321505","media":"MarketWatch","summary":"Board members would serve for two years rather than three\nTesla CEO Elon Musk in Germany last year. ","content":"<p>Board members would serve for two years rather than three</p><p><blockquote>董事会成员的任期为两年，而不是三年</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/abc701f141f0c0044cabe912e510fe2e\" tg-width=\"700\" tg-height=\"466\" width=\"100%\" height=\"auto\"><span>Tesla CEO Elon Musk in Germany last year. MAJA HITIJ/GETTY IMAGES</span></p><p><blockquote><p class=\"t-img-caption\"><span>特斯拉首席执行官Elon Musk去年在德国。玛雅·希蒂吉/盖蒂图片社</span></p></blockquote></p><p> Tesla Inc. set its shareholder meeting for Oct. 7 at the Fremont, Calif., factory, with a call for reducing its directors’ terms among the proposals the electric-car maker will bring to the table, the company said in filing late Friday.</p><p><blockquote>特斯拉公司在周五晚间提交的文件中表示，该公司将于10月7日在加州弗里蒙特工厂举行股东大会，该公司将提出的提案包括缩短董事任期的看涨期权。</blockquote></p><p> One of the proposals calls for each director’s term to be reduced from three years to two years. Tesla’s&nbsp;board currently has nine members who are divided into three classes in staggered three-year terms.</p><p><blockquote>其中一项建议是评级将每名董事的任期从三年减至两年。特斯拉董事会目前有九名成员，分为三类，任期三年。</blockquote></p><p> If the proposal is approved, however, the board will be divided into two classes with staggered two-year terms, with directors distributed as equally between the classes as possible, Tesla said in the&nbsp;filing.</p><p><blockquote>然而，特斯拉在文件中表示，如果该提案获得批准，董事会将分为两个任期交错的类别，董事在两个类别之间的分布尽可能平均。</blockquote></p><p> The board would be reduced to eight members, since Antonio Gracias, a venture capitalist who has served on the Tesla board since 2007, said in 2019 he’d not be seeking reelection when his term ends this year.</p><p><blockquote>自2007年以来一直在特斯拉董事会任职的风险投资家Antonio Gracias在2019年表示，今年任期结束后，他不会寻求连任，董事会成员将减少至8名。</blockquote></p><p> Tesla’s board nominated current board members James Murdoch, the youngest son of News Corp&nbsp;founder Rupert Murdoch, and Kimbal Musk, Chief Executive Elon Musk’s brother, for re-election as class II directors, with terms expiring in 2024. If the term reduction is approved, then their terms would end in 2023, the company said.</p><p><blockquote>特斯拉董事会提名现任董事会成员、新闻集团创始人默多克的小儿子默多克（James Murdoch）和首席执行官马斯克（Elon Musk）的哥哥马斯克（Kimbal Musk）连任二级董事，任期将于2024年届满。该公司表示，如果期限缩减获得批准，那么他们的期限将于2023年结束。</blockquote></p><p> Tesla’s curtailing board member terms was a response to a shareholder proposal calling to elect each board member for one year.</p><p><blockquote>特斯拉缩短董事会成员任期是对股东提议选举每位董事会成员一年的回应。</blockquote></p><p> The two-year term, however, “strikes a suitable balance to the long-term interests of and nearer-term accountability to our stockholders at this time,” Tesla said.</p><p><blockquote>然而，特斯拉表示，两年任期“在股东的长期利益和近期责任之间取得了适当的平衡”。</blockquote></p><p> Tesla shares were flat in after-hours trading after ending the regular trading day down 0.7%. The stock has gained 1.6% this year, compared with gains of around 19% for the S&amp;P 500 index.</p><p><blockquote>特斯拉股价在常规交易日收盘下跌0.7%后，在盘后交易中持平。该股今年已上涨1.6%，而标普500指数的涨幅约为19%。</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>Tesla seeks to reduce board members’ terms, make other changes in October shareholder meeting<blockquote>特斯拉寻求缩短董事会成员任期，并在十月股东大会上做出其他改变</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\">\nTesla seeks to reduce board members’ terms, make other changes in October shareholder meeting<blockquote>特斯拉寻求缩短董事会成员任期，并在十月股东大会上做出其他改变</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-08-14 11:30</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Board members would serve for two years rather than three</p><p><blockquote>董事会成员的任期为两年，而不是三年</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/abc701f141f0c0044cabe912e510fe2e\" tg-width=\"700\" tg-height=\"466\" width=\"100%\" height=\"auto\"><span>Tesla CEO Elon Musk in Germany last year. MAJA HITIJ/GETTY IMAGES</span></p><p><blockquote><p class=\"t-img-caption\"><span>特斯拉首席执行官Elon Musk去年在德国。玛雅·希蒂吉/盖蒂图片社</span></p></blockquote></p><p> Tesla Inc. set its shareholder meeting for Oct. 7 at the Fremont, Calif., factory, with a call for reducing its directors’ terms among the proposals the electric-car maker will bring to the table, the company said in filing late Friday.</p><p><blockquote>特斯拉公司在周五晚间提交的文件中表示，该公司将于10月7日在加州弗里蒙特工厂举行股东大会，该公司将提出的提案包括缩短董事任期的看涨期权。</blockquote></p><p> One of the proposals calls for each director’s term to be reduced from three years to two years. Tesla’s&nbsp;board currently has nine members who are divided into three classes in staggered three-year terms.</p><p><blockquote>其中一项建议是评级将每名董事的任期从三年减至两年。特斯拉董事会目前有九名成员，分为三类，任期三年。</blockquote></p><p> If the proposal is approved, however, the board will be divided into two classes with staggered two-year terms, with directors distributed as equally between the classes as possible, Tesla said in the&nbsp;filing.</p><p><blockquote>然而，特斯拉在文件中表示，如果该提案获得批准，董事会将分为两个任期交错的类别，董事在两个类别之间的分布尽可能平均。</blockquote></p><p> The board would be reduced to eight members, since Antonio Gracias, a venture capitalist who has served on the Tesla board since 2007, said in 2019 he’d not be seeking reelection when his term ends this year.</p><p><blockquote>自2007年以来一直在特斯拉董事会任职的风险投资家Antonio Gracias在2019年表示，今年任期结束后，他不会寻求连任，董事会成员将减少至8名。</blockquote></p><p> Tesla’s board nominated current board members James Murdoch, the youngest son of News Corp&nbsp;founder Rupert Murdoch, and Kimbal Musk, Chief Executive Elon Musk’s brother, for re-election as class II directors, with terms expiring in 2024. If the term reduction is approved, then their terms would end in 2023, the company said.</p><p><blockquote>特斯拉董事会提名现任董事会成员、新闻集团创始人默多克的小儿子默多克（James Murdoch）和首席执行官马斯克（Elon Musk）的哥哥马斯克（Kimbal Musk）连任二级董事，任期将于2024年届满。该公司表示，如果期限缩减获得批准，那么他们的期限将于2023年结束。</blockquote></p><p> Tesla’s curtailing board member terms was a response to a shareholder proposal calling to elect each board member for one year.</p><p><blockquote>特斯拉缩短董事会成员任期是对股东提议选举每位董事会成员一年的回应。</blockquote></p><p> The two-year term, however, “strikes a suitable balance to the long-term interests of and nearer-term accountability to our stockholders at this time,” Tesla said.</p><p><blockquote>然而，特斯拉表示，两年任期“在股东的长期利益和近期责任之间取得了适当的平衡”。</blockquote></p><p> Tesla shares were flat in after-hours trading after ending the regular trading day down 0.7%. The stock has gained 1.6% this year, compared with gains of around 19% for the S&amp;P 500 index.</p><p><blockquote>特斯拉股价在常规交易日收盘下跌0.7%后，在盘后交易中持平。该股今年已上涨1.6%，而标普500指数的涨幅约为19%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/tesla-seeks-to-reduce-board-terms-in-october-shareholder-meeting-11628888340?mod=newsviewer_click\">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":{"TSLA":"特斯拉"},"source_url":"https://www.marketwatch.com/story/tesla-seeks-to-reduce-board-terms-in-october-shareholder-meeting-11628888340?mod=newsviewer_click","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2159321505","content_text":"Board members would serve for two years rather than three\nTesla CEO Elon Musk in Germany last year. MAJA HITIJ/GETTY IMAGES\nTesla Inc. set its shareholder meeting for Oct. 7 at the Fremont, Calif., factory, with a call for reducing its directors’ terms among the proposals the electric-car maker will bring to the table, the company said in filing late Friday.\nOne of the proposals calls for each director’s term to be reduced from three years to two years. Tesla’s board currently has nine members who are divided into three classes in staggered three-year terms.\nIf the proposal is approved, however, the board will be divided into two classes with staggered two-year terms, with directors distributed as equally between the classes as possible, Tesla said in the filing.\nThe board would be reduced to eight members, since Antonio Gracias, a venture capitalist who has served on the Tesla board since 2007, said in 2019 he’d not be seeking reelection when his term ends this year.\nTesla’s board nominated current board members James Murdoch, the youngest son of News Corp founder Rupert Murdoch, and Kimbal Musk, Chief Executive Elon Musk’s brother, for re-election as class II directors, with terms expiring in 2024. If the term reduction is approved, then their terms would end in 2023, the company said.\nTesla’s curtailing board member terms was a response to a shareholder proposal calling to elect each board member for one year.\nThe two-year term, however, “strikes a suitable balance to the long-term interests of and nearer-term accountability to our stockholders at this time,” Tesla said.\nTesla shares were flat in after-hours trading after ending the regular trading day down 0.7%. The stock has gained 1.6% this year, compared with gains of around 19% for the S&P 500 index.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":264,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127909098,"gmtCreate":1624809212614,"gmtModify":1633948446438,"author":{"id":"3576847817239184","authorId":"3576847817239184","name":"Bmaiw102","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576847817239184","idStr":"3576847817239184"},"themes":[],"htmlText":"Like pls!&nbsp;","listText":"Like pls!&nbsp;","text":"Like pls!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/127909098","repostId":"2146090006","repostType":4,"isVote":1,"tweetType":1,"viewCount":330,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":893229761,"gmtCreate":1628265544453,"gmtModify":1631891566562,"author":{"id":"3576847817239184","authorId":"3576847817239184","name":"Bmaiw102","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576847817239184","idStr":"3576847817239184"},"themes":[],"htmlText":".","listText":".","text":".","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/893229761","repostId":"1155656235","repostType":4,"repost":{"id":"1155656235","kind":"news","pubTimestamp":1628227304,"share":"https://www.laohu8.com/m/news/1155656235?lang=zh_CN&edition=full","pubTime":"2021-08-06 13:21","market":"us","language":"en","title":"20 cloud stocks expected to increase sales the most over the next two years<blockquote>预计未来两年销售额增幅最大的20只云股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1155656235","media":"MarketWatch","summary":"Cloud ETFs are close to record highs, propelled by a rally in the sector\nAnalysts see stellar sales ","content":"<p>Cloud ETFs are close to record highs, propelled by a rally in the sector</p><p><blockquote>在该行业反弹的推动下，云ETF接近历史新高</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/78101d8010e186fe4df59b2ef82b5de6\" tg-width=\"700\" tg-height=\"394\" width=\"100%\" height=\"auto\"><span>Analysts see stellar sales growth ahead for companies that provide cloud services. (Getty Images/iStockphoto)</span></p><p><blockquote><p class=\"t-img-caption\"><span>分析师预计，提供云服务的公司未来将实现强劲的销售增长。（盖蒂图片社/iStockphoto）</span></p></blockquote></p><p> U.S. investors remain bullish, despite rumblings out of China and the spike in delta variant infections.</p><p><blockquote>尽管来自中国的传言和德尔塔变异毒株感染人数激增，但美国投资者仍然看涨。</blockquote></p><p> Cloud companies — those at the forefront of the shift in computing power to distributed models over the internet — are expected to grow at a rapid clip over the next several years, and four of the five largest exchange traded funds covering the space are close to hitting record highs.</p><p><blockquote>云公司——那些处于计算能力向互联网分布式模式转变前沿的公司——预计将在未来几年快速增长，覆盖该领域的五家最大交易所交易基金中有四家即将创下历史新高。</blockquote></p><p> Below is a screen of stocks held by those ETFs, showing which are expected to increase their sales the most through 2023. In an industry with many players at relatively early stages, increases in sales, rather than in earnings, might be the best driver of stock prices.</p><p><blockquote>下面是这些ETF持有的股票屏幕，显示了预计到2023年销售额增幅最大的股票。在一个许多参与者处于相对早期阶段的行业中，销售额的增长而不是盈利的增长可能是股价的最佳驱动力。</blockquote></p><p> To begin the screen, we looked at the five largest cloud ETFs:</p><p><blockquote>首先，我们查看了五只最大的云ETF：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/36209ce827d95e822cad5128be8b146a\" tg-width=\"933\" tg-height=\"664\" width=\"100%\" height=\"auto\"><span>Source: FactSet</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：FactSet</span></p></blockquote></p><p> ETFs might be your best way to take a broad approach for a long-term play on the cloud revolution. If you are interested in any ETF, you should review the fund manager’s website.</p><p><blockquote>ETF可能是您采取广泛方法长期参与云革命的最佳方式。如果您对任何ETF感兴趣，您应该查看基金经理的网站。</blockquote></p><p> Here’s a comparison of total returns through Aug. 4, along with those for the SPDR S&amp;P 500 ETF&nbsp;and the Invesco QQQ Trust&nbsp;(which tracks the Nasdaq-100 Index) for comparison:</p><p><blockquote>以下是截至8月4日的总回报比较，以及SPDR标普500 ETF和Invesco QQQ Trust（跟踪纳斯达克100指数）的总回报比较：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/242f135b3c7cca3cbaae3ee574023c1f\" tg-width=\"942\" tg-height=\"577\" width=\"100%\" height=\"auto\"><span>Source: FactSet</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：FactSet</span></p></blockquote></p><p> The ETFs’ approaches differ. For example, the ARK Next Generation Internet ETF&nbsp;is the only one that is actively managed. The others track an index. It is also the only one that holds shares of Tesla Inc.,which makes up 10.65% of the portfolio, according to information posted by ARK Invest on Aug. 5. Tesla is an electric-vehicle manufacturer, but it can also be considered a cloud company because it distributes software updates over the internet continually, and offers other cloud-based services.</p><p><blockquote>ETF的方法不同。例如，方舟下一代互联网ETF是唯一一只主动管理的。其他人跟踪一个指数。根据Ark Invest 8月5日发布的信息，它也是唯一一家持有特斯拉公司股票的公司，占投资组合的10.65%。特斯拉是一家电动汽车制造商，但它也可以被视为一家云公司，因为它不断通过互联网分发软件更新，并提供其他基于云的服务。</blockquote></p><p> Another holding unique to ARKW among the five cloud ETFs is Walt Disney Co.,which is certainly an important cloud player through its Disney+ streaming service, even if the company doesn’t say directly how much of its sales are derived from that rapidly growing segment.</p><p><blockquote>在五只云ETF中，ARKW独有的另一个持股是华特迪士尼公司，该公司通过其Disney+流媒体服务无疑是一个重要的云参与者，即使该公司没有直接说明其销售额有多少来自该快速增长的部分。</blockquote></p><p> As part of its description of ARKW, FactSet says the following:</p><p><blockquote>作为对ARKW描述的一部分，FactSet表示如下：</blockquote></p><p> <i>“Broadly speaking, the ARKW’s managers appear focused on big buzzwords such as Internet of Things, cloud computing, digital currencies and wearable technology. While the fund’s focus may be appealing for investors with conviction in these new technologies, portfolio implementation is a more difficult task: Most of the companies developing these advancements are huge corporations for which nascent technologies are only a small fraction of total revenues. As such, it’s very difficult to get pure-play access to ARKW’s targeted technologies — so be sure to confirm that the fund’s holdings — not just its thesis — align with your view of the space.”</i></p><p><blockquote><i>“从广义上讲，ARKW的管理者似乎专注于物联网、云计算、数字货币和可穿戴技术等热门词汇。虽然该基金的重点可能是吸引对这些新技术有信心的投资者，但投资组合的实施是一项更加困难的任务：大多数开发这些进步的公司都是大公司，新兴技术仅占总收入的一小部分。因此，很难纯粹接触ARKW的目标技术，因此请务必确认该基金的持股（而不仅仅是其论点）与您对该领域的看法一致。”</i></blockquote></p><p> <b>Cloud-stock screen</b></p><p><blockquote><b>云库存屏幕</b></blockquote></p><p> Together, the five cloud ETFs listed above hold 147 stocks. To project sales growth through 2023, we used calendar 2020 sales estimates as a baseline and then looked at consensus estimates among analysts polled by FactSet for the subsequent three years, if available. (The 2020 numbers are estimates, because many companies’ fiscal years don’t match the calendar.)</p><p><blockquote>上面列出的五只云ETF总共持有147只股票。为了预测2023年的销售增长，我们使用2020年日历的销售预测作为基线，然后查看FactSet调查的分析师对随后三年的一致预测（如果有）。（2020年的数字是估计值，因为许多公司的财年与日历不符。）</blockquote></p><p> To make sure we had a solid set of estimates, we confined the group to the 126 companies covered by at least five analysts polled by FactSet, for which consensus sales estimates for calendar 2020 through calendar 2023 are available.</p><p><blockquote>为了确保我们有一套可靠的估计，我们将该小组限制在FactSet调查的至少5名分析师覆盖的126家公司，这些公司可以获得2020年至2023年的一致销售估计。</blockquote></p><p> Here are the 20 companies projected to have the highest compound annual growth rates (CAGR) for sales through calendar 2023:</p><p><blockquote>以下是预计到2023年销售额复合年增长率(CAGR)最高的20家公司：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/517a23591cde159fb889ab80abc4bcc6\" tg-width=\"934\" tg-height=\"765\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/6af2cf5b5f9f0ce50f8f023ac7babc7f\" tg-width=\"935\" tg-height=\"717\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b88ebe72e09cb9ce3294269f0a4ae431\" tg-width=\"935\" tg-height=\"403\" width=\"100%\" height=\"auto\"><span>Source: FactSet</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：FactSet</span></p></blockquote></p><p> There are actually 21 stocks listed, including Zillow Group Inc.’s Class A&nbsp;and Class C&nbsp;shares.</p><p><blockquote>实际上有21只股票上市，包括Zillow Group Inc.的A类和C类股票。</blockquote></p><p> It is interesting to see that the list is dominated by stocks held by ARKW. The fund has a broad definition of cloud companies and is focused also on sales growth.</p><p><blockquote>有趣的是，该榜单以ARKW持有的股票为主。该基金对云公司有广泛的定义，也关注销售增长。</blockquote></p><p></p><p> Here are current forward price-to-sales ratios based on consensus estimates for the next 12 months, as well as ratios of current market cap to projected 2023 sales and summaries of analysts’ opinions about the stocks.</p><p><blockquote>以下是基于未来12个月共识预测的当前远期市销率、当前市值与2023年预计销售额的比率以及分析师对这些股票的意见摘要。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/19b9c4bf1d8b1abcfa76b7d008a47ad7\" tg-width=\"938\" tg-height=\"805\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/2ff191189c5d7d2f31698843734ca3cc\" tg-width=\"933\" tg-height=\"773\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0e9543489c4d52d3f1a69dfdcf170115\" tg-width=\"930\" tg-height=\"242\" width=\"100%\" height=\"auto\"><span>Source: FactSet</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：FactSet</span></p></blockquote></p><p> In comparison, the forward price-to-sales ratio for SPY is 2.8, with a price/2023 estimated sales ratio of 2.6. For QQQ, the current P/S is 4.7, declining to 4.3 for 2023.</p><p><blockquote>相比之下，SPDR标普500指数ETF的远期市销率为2.8，2023年预计市销率为2.6。对于QQQ，目前的市盈率为4.7，2023年将降至4.3。</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>20 cloud stocks expected to increase sales the most over the next two years<blockquote>预计未来两年销售额增幅最大的20只云股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n20 cloud stocks expected to increase sales the most over the next two years<blockquote>预计未来两年销售额增幅最大的20只云股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-08-06 13:21</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Cloud ETFs are close to record highs, propelled by a rally in the sector</p><p><blockquote>在该行业反弹的推动下，云ETF接近历史新高</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/78101d8010e186fe4df59b2ef82b5de6\" tg-width=\"700\" tg-height=\"394\" width=\"100%\" height=\"auto\"><span>Analysts see stellar sales growth ahead for companies that provide cloud services. (Getty Images/iStockphoto)</span></p><p><blockquote><p class=\"t-img-caption\"><span>分析师预计，提供云服务的公司未来将实现强劲的销售增长。（盖蒂图片社/iStockphoto）</span></p></blockquote></p><p> U.S. investors remain bullish, despite rumblings out of China and the spike in delta variant infections.</p><p><blockquote>尽管来自中国的传言和德尔塔变异毒株感染人数激增，但美国投资者仍然看涨。</blockquote></p><p> Cloud companies — those at the forefront of the shift in computing power to distributed models over the internet — are expected to grow at a rapid clip over the next several years, and four of the five largest exchange traded funds covering the space are close to hitting record highs.</p><p><blockquote>云公司——那些处于计算能力向互联网分布式模式转变前沿的公司——预计将在未来几年快速增长，覆盖该领域的五家最大交易所交易基金中有四家即将创下历史新高。</blockquote></p><p> Below is a screen of stocks held by those ETFs, showing which are expected to increase their sales the most through 2023. In an industry with many players at relatively early stages, increases in sales, rather than in earnings, might be the best driver of stock prices.</p><p><blockquote>下面是这些ETF持有的股票屏幕，显示了预计到2023年销售额增幅最大的股票。在一个许多参与者处于相对早期阶段的行业中，销售额的增长而不是盈利的增长可能是股价的最佳驱动力。</blockquote></p><p> To begin the screen, we looked at the five largest cloud ETFs:</p><p><blockquote>首先，我们查看了五只最大的云ETF：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/36209ce827d95e822cad5128be8b146a\" tg-width=\"933\" tg-height=\"664\" width=\"100%\" height=\"auto\"><span>Source: FactSet</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：FactSet</span></p></blockquote></p><p> ETFs might be your best way to take a broad approach for a long-term play on the cloud revolution. If you are interested in any ETF, you should review the fund manager’s website.</p><p><blockquote>ETF可能是您采取广泛方法长期参与云革命的最佳方式。如果您对任何ETF感兴趣，您应该查看基金经理的网站。</blockquote></p><p> Here’s a comparison of total returns through Aug. 4, along with those for the SPDR S&amp;P 500 ETF&nbsp;and the Invesco QQQ Trust&nbsp;(which tracks the Nasdaq-100 Index) for comparison:</p><p><blockquote>以下是截至8月4日的总回报比较，以及SPDR标普500 ETF和Invesco QQQ Trust（跟踪纳斯达克100指数）的总回报比较：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/242f135b3c7cca3cbaae3ee574023c1f\" tg-width=\"942\" tg-height=\"577\" width=\"100%\" height=\"auto\"><span>Source: FactSet</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：FactSet</span></p></blockquote></p><p> The ETFs’ approaches differ. For example, the ARK Next Generation Internet ETF&nbsp;is the only one that is actively managed. The others track an index. It is also the only one that holds shares of Tesla Inc.,which makes up 10.65% of the portfolio, according to information posted by ARK Invest on Aug. 5. Tesla is an electric-vehicle manufacturer, but it can also be considered a cloud company because it distributes software updates over the internet continually, and offers other cloud-based services.</p><p><blockquote>ETF的方法不同。例如，方舟下一代互联网ETF是唯一一只主动管理的。其他人跟踪一个指数。根据Ark Invest 8月5日发布的信息，它也是唯一一家持有特斯拉公司股票的公司，占投资组合的10.65%。特斯拉是一家电动汽车制造商，但它也可以被视为一家云公司，因为它不断通过互联网分发软件更新，并提供其他基于云的服务。</blockquote></p><p> Another holding unique to ARKW among the five cloud ETFs is Walt Disney Co.,which is certainly an important cloud player through its Disney+ streaming service, even if the company doesn’t say directly how much of its sales are derived from that rapidly growing segment.</p><p><blockquote>在五只云ETF中，ARKW独有的另一个持股是华特迪士尼公司，该公司通过其Disney+流媒体服务无疑是一个重要的云参与者，即使该公司没有直接说明其销售额有多少来自该快速增长的部分。</blockquote></p><p> As part of its description of ARKW, FactSet says the following:</p><p><blockquote>作为对ARKW描述的一部分，FactSet表示如下：</blockquote></p><p> <i>“Broadly speaking, the ARKW’s managers appear focused on big buzzwords such as Internet of Things, cloud computing, digital currencies and wearable technology. While the fund’s focus may be appealing for investors with conviction in these new technologies, portfolio implementation is a more difficult task: Most of the companies developing these advancements are huge corporations for which nascent technologies are only a small fraction of total revenues. As such, it’s very difficult to get pure-play access to ARKW’s targeted technologies — so be sure to confirm that the fund’s holdings — not just its thesis — align with your view of the space.”</i></p><p><blockquote><i>“从广义上讲，ARKW的管理者似乎专注于物联网、云计算、数字货币和可穿戴技术等热门词汇。虽然该基金的重点可能是吸引对这些新技术有信心的投资者，但投资组合的实施是一项更加困难的任务：大多数开发这些进步的公司都是大公司，新兴技术仅占总收入的一小部分。因此，很难纯粹接触ARKW的目标技术，因此请务必确认该基金的持股（而不仅仅是其论点）与您对该领域的看法一致。”</i></blockquote></p><p> <b>Cloud-stock screen</b></p><p><blockquote><b>云库存屏幕</b></blockquote></p><p> Together, the five cloud ETFs listed above hold 147 stocks. To project sales growth through 2023, we used calendar 2020 sales estimates as a baseline and then looked at consensus estimates among analysts polled by FactSet for the subsequent three years, if available. (The 2020 numbers are estimates, because many companies’ fiscal years don’t match the calendar.)</p><p><blockquote>上面列出的五只云ETF总共持有147只股票。为了预测2023年的销售增长，我们使用2020年日历的销售预测作为基线，然后查看FactSet调查的分析师对随后三年的一致预测（如果有）。（2020年的数字是估计值，因为许多公司的财年与日历不符。）</blockquote></p><p> To make sure we had a solid set of estimates, we confined the group to the 126 companies covered by at least five analysts polled by FactSet, for which consensus sales estimates for calendar 2020 through calendar 2023 are available.</p><p><blockquote>为了确保我们有一套可靠的估计，我们将该小组限制在FactSet调查的至少5名分析师覆盖的126家公司，这些公司可以获得2020年至2023年的一致销售估计。</blockquote></p><p> Here are the 20 companies projected to have the highest compound annual growth rates (CAGR) for sales through calendar 2023:</p><p><blockquote>以下是预计到2023年销售额复合年增长率(CAGR)最高的20家公司：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/517a23591cde159fb889ab80abc4bcc6\" tg-width=\"934\" tg-height=\"765\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/6af2cf5b5f9f0ce50f8f023ac7babc7f\" tg-width=\"935\" tg-height=\"717\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b88ebe72e09cb9ce3294269f0a4ae431\" tg-width=\"935\" tg-height=\"403\" width=\"100%\" height=\"auto\"><span>Source: FactSet</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：FactSet</span></p></blockquote></p><p> There are actually 21 stocks listed, including Zillow Group Inc.’s Class A&nbsp;and Class C&nbsp;shares.</p><p><blockquote>实际上有21只股票上市，包括Zillow Group Inc.的A类和C类股票。</blockquote></p><p> It is interesting to see that the list is dominated by stocks held by ARKW. The fund has a broad definition of cloud companies and is focused also on sales growth.</p><p><blockquote>有趣的是，该榜单以ARKW持有的股票为主。该基金对云公司有广泛的定义，也关注销售增长。</blockquote></p><p></p><p> Here are current forward price-to-sales ratios based on consensus estimates for the next 12 months, as well as ratios of current market cap to projected 2023 sales and summaries of analysts’ opinions about the stocks.</p><p><blockquote>以下是基于未来12个月共识预测的当前远期市销率、当前市值与2023年预计销售额的比率以及分析师对这些股票的意见摘要。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/19b9c4bf1d8b1abcfa76b7d008a47ad7\" tg-width=\"938\" tg-height=\"805\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/2ff191189c5d7d2f31698843734ca3cc\" tg-width=\"933\" tg-height=\"773\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0e9543489c4d52d3f1a69dfdcf170115\" tg-width=\"930\" tg-height=\"242\" width=\"100%\" height=\"auto\"><span>Source: FactSet</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：FactSet</span></p></blockquote></p><p> In comparison, the forward price-to-sales ratio for SPY is 2.8, with a price/2023 estimated sales ratio of 2.6. For QQQ, the current P/S is 4.7, declining to 4.3 for 2023.</p><p><blockquote>相比之下，SPDR标普500指数ETF的远期市销率为2.8，2023年预计市销率为2.6。对于QQQ，目前的市盈率为4.7，2023年将降至4.3。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/20-cloud-stocks-expected-to-increase-sales-the-most-over-the-next-two-years-11628186683?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":{"VCYT":"Veracyte Inc","SE":"Sea Ltd","CRWD":"CrowdStrike Holdings, Inc.","TDOC":"Teladoc Health Inc.","TSLA":"特斯拉","LC":"LendingClub","SHOP":"Shopify Inc","DKNG":"DraftKings Inc.","KC":"金山云","Z":"Zillow","ZG":"Zillow Class A","ADYEY":"Adyen N.V.","PINS":"Pinterest, Inc.","ROKU":"Roku Inc","SNAP":"Snap Inc","OKTA":"Okta Inc.","MELI":"MercadoLibre","SKLZ":"Skillz Inc","PDD":"拼多多","COIN":"Coinbase Global, Inc."},"source_url":"https://www.marketwatch.com/story/20-cloud-stocks-expected-to-increase-sales-the-most-over-the-next-two-years-11628186683?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1155656235","content_text":"Cloud ETFs are close to record highs, propelled by a rally in the sector\nAnalysts see stellar sales growth ahead for companies that provide cloud services. (Getty Images/iStockphoto)\nU.S. investors remain bullish, despite rumblings out of China and the spike in delta variant infections.\nCloud companies — those at the forefront of the shift in computing power to distributed models over the internet — are expected to grow at a rapid clip over the next several years, and four of the five largest exchange traded funds covering the space are close to hitting record highs.\nBelow is a screen of stocks held by those ETFs, showing which are expected to increase their sales the most through 2023. In an industry with many players at relatively early stages, increases in sales, rather than in earnings, might be the best driver of stock prices.\nTo begin the screen, we looked at the five largest cloud ETFs:\nSource: FactSet\nETFs might be your best way to take a broad approach for a long-term play on the cloud revolution. If you are interested in any ETF, you should review the fund manager’s website.\nHere’s a comparison of total returns through Aug. 4, along with those for the SPDR S&P 500 ETF and the Invesco QQQ Trust (which tracks the Nasdaq-100 Index) for comparison:\nSource: FactSet\nThe ETFs’ approaches differ. For example, the ARK Next Generation Internet ETF is the only one that is actively managed. The others track an index. It is also the only one that holds shares of Tesla Inc.,which makes up 10.65% of the portfolio, according to information posted by ARK Invest on Aug. 5. Tesla is an electric-vehicle manufacturer, but it can also be considered a cloud company because it distributes software updates over the internet continually, and offers other cloud-based services.\nAnother holding unique to ARKW among the five cloud ETFs is Walt Disney Co.,which is certainly an important cloud player through its Disney+ streaming service, even if the company doesn’t say directly how much of its sales are derived from that rapidly growing segment.\nAs part of its description of ARKW, FactSet says the following:\n“Broadly speaking, the ARKW’s managers appear focused on big buzzwords such as Internet of Things, cloud computing, digital currencies and wearable technology. While the fund’s focus may be appealing for investors with conviction in these new technologies, portfolio implementation is a more difficult task: Most of the companies developing these advancements are huge corporations for which nascent technologies are only a small fraction of total revenues. As such, it’s very difficult to get pure-play access to ARKW’s targeted technologies — so be sure to confirm that the fund’s holdings — not just its thesis — align with your view of the space.”\nCloud-stock screen\nTogether, the five cloud ETFs listed above hold 147 stocks. To project sales growth through 2023, we used calendar 2020 sales estimates as a baseline and then looked at consensus estimates among analysts polled by FactSet for the subsequent three years, if available. (The 2020 numbers are estimates, because many companies’ fiscal years don’t match the calendar.)\nTo make sure we had a solid set of estimates, we confined the group to the 126 companies covered by at least five analysts polled by FactSet, for which consensus sales estimates for calendar 2020 through calendar 2023 are available.\nHere are the 20 companies projected to have the highest compound annual growth rates (CAGR) for sales through calendar 2023:\n\nSource: FactSet\nThere are actually 21 stocks listed, including Zillow Group Inc.’s Class A and Class C shares.\nIt is interesting to see that the list is dominated by stocks held by ARKW. The fund has a broad definition of cloud companies and is focused also on sales growth.\nHere are current forward price-to-sales ratios based on consensus estimates for the next 12 months, as well as ratios of current market cap to projected 2023 sales and summaries of analysts’ opinions about the stocks.\n\nSource: FactSet\nIn comparison, the forward price-to-sales ratio for SPY is 2.8, with a price/2023 estimated sales ratio of 2.6. For QQQ, the current P/S is 4.7, declining to 4.3 for 2023.","news_type":1,"symbols_score_info":{"SQ":0.9,"TDOC":0.9,"KC":0.9,"VCYT":0.9,"Z":0.9,"ROKU":0.9,"CRWD":0.9,"ZG":0.9,"TSLA":0.9,"SNAP":0.9,"LC":0.9,"PINS":0.9,"SKLZ":0.9,"DKNG":0.9,"OKTA":0.9,"PDD":0.9,"SE":0.9,"COIN":0.9,"ADYEY":0.9,"MELI":0.9,"SHOP":0.9}},"isVote":1,"tweetType":1,"viewCount":303,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":154329663,"gmtCreate":1625481909852,"gmtModify":1633940320031,"author":{"id":"3576847817239184","authorId":"3576847817239184","name":"Bmaiw102","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576847817239184","idStr":"3576847817239184"},"themes":[],"htmlText":"Oh no","listText":"Oh no","text":"Oh no","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/154329663","repostId":"1176939459","repostType":4,"isVote":1,"tweetType":1,"viewCount":457,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":869065999,"gmtCreate":1632229728511,"gmtModify":1632801937998,"author":{"id":"3576847817239184","authorId":"3576847817239184","name":"Bmaiw102","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576847817239184","idStr":"3576847817239184"},"themes":[],"htmlText":".","listText":".","text":".","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/869065999","repostId":"2169999636","repostType":4,"isVote":1,"tweetType":1,"viewCount":1454,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802123321,"gmtCreate":1627736699663,"gmtModify":1631893277747,"author":{"id":"3576847817239184","authorId":"3576847817239184","name":"Bmaiw102","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576847817239184","idStr":"3576847817239184"},"themes":[],"htmlText":".","listText":".","text":".","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/802123321","repostId":"2155001152","repostType":4,"isVote":1,"tweetType":1,"viewCount":275,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":816574113,"gmtCreate":1630510114232,"gmtModify":1631884898106,"author":{"id":"3576847817239184","authorId":"3576847817239184","name":"Bmaiw102","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576847817239184","idStr":"3576847817239184"},"themes":[],"htmlText":".","listText":".","text":".","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/816574113","repostId":"2164890060","repostType":4,"isVote":1,"tweetType":1,"viewCount":415,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":891457877,"gmtCreate":1628417216799,"gmtModify":1631891566550,"author":{"id":"3576847817239184","authorId":"3576847817239184","name":"Bmaiw102","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576847817239184","idStr":"3576847817239184"},"themes":[],"htmlText":".","listText":".","text":".","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/891457877","repostId":"2157492883","repostType":4,"isVote":1,"tweetType":1,"viewCount":463,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":801079256,"gmtCreate":1627476822975,"gmtModify":1631893277773,"author":{"id":"3576847817239184","authorId":"3576847817239184","name":"Bmaiw102","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576847817239184","idStr":"3576847817239184"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/801079256","repostId":"2154923466","repostType":4,"isVote":1,"tweetType":1,"viewCount":395,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":886575684,"gmtCreate":1631610558248,"gmtModify":1631884898003,"author":{"id":"3576847817239184","authorId":"3576847817239184","name":"Bmaiw102","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576847817239184","idStr":"3576847817239184"},"themes":[],"htmlText":".","listText":".","text":".","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/886575684","repostId":"2167537203","repostType":4,"isVote":1,"tweetType":1,"viewCount":1793,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":881564632,"gmtCreate":1631366209926,"gmtModify":1631884898030,"author":{"id":"3576847817239184","authorId":"3576847817239184","name":"Bmaiw102","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576847817239184","idStr":"3576847817239184"},"themes":[],"htmlText":".","listText":".","text":".","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/881564632","repostId":"1127461097","repostType":4,"repost":{"id":"1127461097","kind":"news","pubTimestamp":1631324868,"share":"https://www.laohu8.com/m/news/1127461097?lang=zh_CN&edition=full","pubTime":"2021-09-11 09:47","market":"us","language":"en","title":"One Small Step From Apple Could Mean A Giant Leap For GlobalStar<blockquote>苹果迈出的一小步可能意味着GlobalStar的一大步</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1127461097","media":"Seeking Alpha","summary":"Summary\n\nAt first sight, Globalstar is just one more satellite communications play.\nLooking deeper, ","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>At first sight, Globalstar is just one more satellite communications play.</li>  <li>Looking deeper, its Band n53, which offers secure and reliable connectivity in any environment, is now included into Qualcomm's latest 5G modems for smartphones.</li>  <li>Being selected by Apple could mean a lot for Globalstar in its strategy to boost and diversify revenues, as well as change the current loss-making status.</li>  <li>Even without Apple, the company merits interest, but only as a long-term beneficiary of IoT amid fierce competition and ability to reduce debt.</li>  <li>Valuations are sky-high in light of all the news hitting the market and, it is better to wait for some concrete news at Apple's event next week before investing.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ed6c50a6d200b5d8c35f4d14498600c9\" tg-width=\"1536\" tg-height=\"864\" width=\"100%\" height=\"auto\"><span>metamorworks/iStock via Getty Images</span></p><p><blockquote><ul><li>乍一看，Globalstar只是又一个卫星通信游戏。</li><li>更深入地看，其频段n53可在任何环境下提供安全可靠的连接，现已包含在高通最新的智能手机5G调制解调器中。</li><li>被苹果选中对于Globalstar增加收入和实现收入多元化以及改变目前亏损状况的战略来说意义重大。</li><li>即使没有苹果，该公司也值得关注，但只是作为物联网在激烈竞争和减少债务能力中的长期受益者。</li><li>鉴于市场上的所有消息，估值都非常高，最好在投资之前等待下周苹果活动上的一些具体消息。</li></ul><p class=\"t-img-caption\"><span>metamorworks/iStock来自Getty Images</span></p></blockquote></p><p> Globalstar's (GSAT) shares soared 40% on August 30 after a report by&nbsp;MacRumors&nbsp;which cited expert Apple (NASDAQ:AAPL) analyst&nbsp;Ming-Chi Kuo&nbsp;of TF International Securities, about iPhone 13 using satellite connectivity so that users can make calls and texts in areas without cellular coverage.</p><p><blockquote>8月30日，MacRumors援引天风国际证券苹果（纳斯达克股票代码：AAPL）分析师郭明錤的一份报告称，iPhone 13使用卫星连接，以便用户可以进行评级，Globalstar(GSAT)股价飙升40%。在没有蜂窝覆盖的区域发送短信。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1bd859c3544ffd37de25d5bc8dfe3166\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Soon afterwards, there were some further clarification by Bloomberg specifying that those features aren't due soon, but rather for future iPhones and should&nbsp;allow users to issue crash reports or text messages in areas without cellular coverage.</p><p><blockquote>不久之后，彭博进一步澄清说，这些功能不会很快推出，而是适用于未来的iPhones，应该允许用户在没有手机覆盖的地区发布崩溃报告或短信。</blockquote></p><p> Now, for Apple to even consider adding any satellite-based feature to its global brand would mean a lot for Globalstar, but first, for investors, I make sense of it all.</p><p><blockquote>现在，苹果甚至考虑在其全球品牌中添加任何基于卫星的功能对Globalstar来说意义重大，但首先，对于投资者来说，我明白这一切。</blockquote></p><p> <b>Reasons for Apple to choose Globalstar</b></p><p><blockquote><b>苹果选择Globalstar的原因</b></blockquote></p><p> For most of us, our experience with satellite-based internet has meant poor or sometimes erratic connectivity, but these were mostly with the geostationary satellites located far above the earth's surface. Instead, the opportunities offered by Globalstar's Low Earth Orbit (\"LEO\") satellites are much better, especially in areas that don't have 4G or 5G cellular coverage.</p><p><blockquote>对于我们大多数人来说，我们对基于卫星的互联网的体验意味着糟糕或有时不稳定的连接，但这些大多是与位于地球表面上方的地球同步卫星。相反，Globalstar的低地球轨道（“LEO”）卫星提供的机会要好得多，尤其是在没有4G或5G蜂窝覆盖的地区。</blockquote></p><p> To have an idea of the potential of LEO satellites, one can take a glance at Elon Musk’s SpaceX's (SPACE). These have been deployed at locations in the U.S and the U.K. with several customers already having signed up to the service. Bench-marking by Speedtest showed download speeds of&nbsp;97.23 Mbps,or far superior than those for other traditional providers. This speed was lower than the 115.22 Mbps median speed for fixed broadband providers, but makes sense for \"disadvantaged locations\" where telcos find it uneconomical to lay down additional fiber or expand cellular coverage.</p><p><blockquote>要了解低地球轨道卫星的潜力，可以看看埃隆·马斯克(Elon Musk)的SpaceX(SPACE)。这些服务已部署在美国和英国，一些客户已经注册了该服务。Speedtest的基准测试显示，下载速度为97.23 Mbps，远远高于其他传统供应商。这一速度低于固定宽带提供商115.22 Mbps的中值速度，但对于电信公司发现铺设额外光纤或扩大蜂窝覆盖不经济的“弱势地区”来说是有意义的。</blockquote></p><p> Therefore, given the enormous potential of the blending between the iPhone and satellite connectivity, news about Apple using Globalstar's network only for emergency purposes seems more aimed at not alarming its telco partners with whom it has been working since decades.</p><p><blockquote>因此，鉴于iPhone和卫星连接融合的巨大潜力，有关苹果仅出于紧急目的使用Globalstar网络的消息似乎更多的是为了不惊动与其合作数十年的电信合作伙伴。</blockquote></p><p> This blending is made possible by Qualcomm's (NASDAQ:QCOM) inclusion of Globalstar's band n53 in its new 5G X65 modem. This should also expand the satellite operator's potential device ecosystem significantly to include smartphones, laptops and tablets.</p><p><blockquote>高通（纳斯达克：QCOM）在其新的5G X65调制解调器中包含了Globalstar的n53频段，这使得这种混合成为可能。这也应该会显着扩大卫星运营商的潜在设备生态系统，将智能手机、笔记本电脑和平板电脑包括在内。</blockquote></p><p> For investors, the&nbsp;Snapdragon X65&nbsp;will be released in the fall of&nbsp;2022, most likely into next year’s iPhone. Better peak performance and other benefits should be there, but some will require carriers to upgrade their networks. On the other hand, with band n53, one can imagine the transformation of future mobility communications with a single operator plan anywhere in the world, without necessitating roaming, with no need to buy local SIM cards.</p><p><blockquote>对于投资者来说，骁龙X 65将于2022年秋季发布，很可能会进入明年的iPhone。应该会有更好的峰值性能和其他好处，但有些需要运营商升级他们的网络。另一方面，有了n53频段，人们可以想象未来移动通信的转变，在世界任何地方，通过单一运营商计划，无需漫游，无需购买本地SIM卡。</blockquote></p><p> <b>Globalstar's differentiation</b></p><p><blockquote><b>全球星的差异化</b></blockquote></p><p> Thus, this is not just about emergency calls or messaging and in a way, shows Globalstar's edge as a satellite network operator over telco's mobile network operations.</p><p><blockquote>因此，这不仅仅是关于紧急评级或消息传递，在某种程度上，显示了Globalstar作为卫星网络运营商相对于电信公司移动网络运营的优势。</blockquote></p><p> Now, satellite communications is a huge industry, estimated at $56.01 billion&nbsp;in 2019 and expected to hit $99.58 billion by 2027, registering a CAGR of 9.2% from 2020 to 2027. Going deeper, there are several satellite operators and service providers, with Iridium (IRDM) and Orbcomm (ORBC). Other companies are involved in space technology like DISH Networks (DISH) and AT&amp;T (T).</p><p><blockquote>现在，卫星通信是一个巨大的产业，2019年估计为560.1亿美元，预计到2027年将达到995.8亿美元，2020年至2027年的CAGR为9.2%。更深入地说，有几家卫星运营商和服务提供商，包括铱星(IRDM)和Orbcomm(ORBC)。其他公司也涉足太空技术，如DISH Networks(DISH)和AT&amp;T(T)。</blockquote></p><p> Here, GlobalStar seems to be having some key strengths with respect to peers.</p><p><blockquote>在这方面，GlobalStar似乎相对于同行拥有一些关键优势。</blockquote></p><p> According to the company's website, its&nbsp;strategically&nbsp;placed gateways offer local network access and national numbering plans as opposed to other LEO systems that require expensive international dialing for all calls. Also, Globalstar has a unique design which allows it to offer the most attractive local dialing and pricing plans to customers.</p><p><blockquote>根据该公司的网站，其战略性放置的网关提供本地网络接入和国家编号计划，而其他LEO系统需要为所有评级进行昂贵的国际拨号。此外，Globalstar拥有独特的设计，使其能够向客户提供最具吸引力的本地拨号和定价计划。</blockquote></p><p></p><p> Pursuing further, Globalstar’s 24 ground stations also serve as a bridge between LEO satellites and traditional communications infrastructure on six continents, with coverage spanning across over 120 countries throughout the world. Furthermore, the second generation ground infrastructure is based on the Internet protocol multimedia subsystem (\"IMS\") protocol, which facilitates the use of IP (Internet Protocol) for packet communications over wireless or landline.</p><p><blockquote>此外，Globalstar的24个地面站还充当了低地球轨道卫星和六大洲传统通信基础设施之间的桥梁，覆盖全球120多个国家。此外，第二代地面基础设施基于因特网协议多媒体子系统(“IMS”)协议，其便于使用IP(因特网协议)进行无线或陆线上的分组通信。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1ab07af4d39eb03b1776e870748b773f\" tg-width=\"828\" tg-height=\"468\" width=\"100%\" height=\"auto\"><span>Source: globalstar.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：globalstar.com</span></p></blockquote></p><p> Consequently, Globalstar brings some attractive metrics for a behemoth like Apple looking to penetrate new markets. In this respect, according to a source, more than&nbsp;five billion mobile subscribers&nbsp;constantly move in and out of wireless coverage, representing a huge TAM.</p><p><blockquote>因此，Globalstar为像苹果这样寻求渗透新市场的巨头带来了一些有吸引力的指标。在这方面，根据一个消息来源，超过50亿的移动用户不断地进出无线覆盖，这代表了一个巨大的TAM。</blockquote></p><p> Bagging a contract with Apple, even a partial one, or in partnership with another peer would increase the volume of new subscribers, which should in turn more than offset the current revenue impact from lower ARPU (Average Revenue per User).</p><p><blockquote>与苹果签订合同，即使是部分合同，或者与另一家同行合作，都会增加新用户数量，这反过来应该足以抵消当前ARPU（每用户平均收入）下降对收入的影响。</blockquote></p><p> <b>The revenues</b></p><p><blockquote><b>收入</b></blockquote></p><p> Overall sales have gone down in the second quarter of 2021 compared to last year as higher revenue generated from subscriber equipment related to SPOT (the largest segment) was offset by lower service revenues. For investors, SPOT is a GPS tracking device that uses Globalstar's satellite network to provide text messaging and GPS tracking.</p><p><blockquote>与去年相比，2021年第二季度的整体销售额有所下降，因为与SPOT（最大的细分市场）相关的用户设备产生的更高收入被服务收入的下降所抵消。对于投资者来说，SPOT是一款GPS跟踪设备，它使用Globalstar的卫星网络提供短信和GPS跟踪。</blockquote></p><p> Looking deeper, service revenue also decreased over the prior year's quarter due to fewer Duplex subscribers, with the decline expected to continue as Globalstar focuses resources on other revenue streams, like IoT-enabled devices. This is done in light of the shift in demand across the MSS (mobile satellite services) industry.</p><p><blockquote>更深入地看，由于双工用户减少，服务收入也比去年同期下降，随着Globalstar将资源集中在其他收入流（例如支持物联网的设备）上，预计这种下降将持续下去。这是鉴于整个MSS（移动卫星服务）行业的需求转变而完成的。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1e8b74a670c927d2d84f1751cfd4a148\" tg-width=\"498\" tg-height=\"457\" width=\"100%\" height=\"auto\"><span>Source: Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：寻求阿尔法</span></p></blockquote></p><p> Interestingly, service revenues generated from commercial IoT subscribers increased 5% in the second quarter of 2021 driven by higher ARPU compared to the prior year's quarter. Additionally, IoT equipment sales were up significantly from the prior year period, which is a key indication of future service revenue growth.</p><p><blockquote>有趣的是，由于ARPU较上年同期上升，2021年第二季度商业物联网用户产生的服务收入增长了5%。此外，物联网设备销售额较去年同期大幅增长，这是未来服务收入增长的关键指标。</blockquote></p><p> Thinking aloud, lower ARPU for SPOT also points to competition, with Globalstar competing aggressively on price in the industrial, governmental and consumer markets. Looking at&nbsp;satellite phones and communication gadgets, some of the competitors include Garmin's (GRMN) InReach, Iridium Go and the Thuraya X5-Touch, which is a dual-SIM Android smartphone.</p><p><blockquote>仔细想想，SPOT较低的ARPU也表明了竞争，Globalstar在工业、政府和消费市场上进行了激烈的价格竞争。从卫星电话和通信设备来看，一些竞争对手包括Garmin(GRMN)的InReach、Iridium Go和Thuraya X5-Touch（一款双卡Android智能手机）。</blockquote></p><p> As a result, the company has to cut prices with its “competitively-priced service plans being lower than historic rates”. Therefore, SPOT revenues should continue to decline in the near term, with higher volumes of activations not being able to offset the effects of lower ARPU on sales.</p><p><blockquote>因此，该公司不得不降价，其“价格有竞争力的服务计划低于历史费率”。因此，现货收入在短期内应该会继续下降，更高的激活量无法抵消较低的ARPU对销售的影响。</blockquote></p><p> A comparison with rival Iridium shows contrasting revenue trends, with Globalstar being on a fluctuating trend since the end of 2019, coinciding with more competition.</p><p><blockquote>与竞争对手铱星的比较显示了截然不同的收入趋势，Globalstar自2019年底以来一直处于波动趋势，同时竞争更加激烈。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4be74c4a607fae52a664620ba3cf9d68\" tg-width=\"455\" tg-height=\"310\" width=\"100%\" height=\"auto\"><span>Source: Charts built through data from Seeking Alpha.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：通过Seeking Alpha的数据构建的图表。</span></p></blockquote></p><p> Therefore, adopting a cautionary posture, a change in the revenue-generating model geared towards IoT may take time to execute, whereby sales figures could drop further. This may in turn lead to missing topline expectations during the third quarter results, causing the share price to dip. For this matter, as I had pointed out in my previousthesis, one of the risks in investing in Globalstar is its dependence on the fortunes of the oil and gas industry.</p><p><blockquote>因此，采取谨慎的态度，面向物联网的创收模式的改变可能需要时间来执行，从而销售数字可能会进一步下降。这反过来可能会导致第三季度业绩未达到预期，导致股价下跌。就此而言，正如我在之前的论文中指出的那样，投资Globalstar的风险之一是其对石油和天然气行业命运的依赖。</blockquote></p><p> On the positive side, the company continues to reduce leverage, with less than $50 million of net first lien principal outstanding at the end of Q2-2021.</p><p><blockquote>从积极的一面来看，该公司继续降低杠杆率，截至2021年第二季度末，未偿第一留置权本金净额不到5000万美元。</blockquote></p><p> As of June 30, 2021, the company held $15.7 million and $51.0 million of cash and restricted cash respectively. Globalstar has received an additional&nbsp;$37.5 million&nbsp;in advance payment from a customer. The new payment is under \"substantially the same terms\" as a similar $37.5 million payment received on&nbsp;June 9. As with the other payment, Globalstar will use the new $37.5 million in proceeds to pay down indebtedness under its first-lien credit facility. In the last report, the company had&nbsp;$313.4 million&nbsp;in long-term debt.</p><p><blockquote>截至2021年6月30日，该公司分别持有1570万美元和5100万美元的现金和限制性现金。Globalstar已收到客户额外支付的3750万美元预付款。新付款的条款与6月9日收到的类似3750万美元付款“基本相同”。与其他付款一样，Globalstar将使用新的3750万美元收益来偿还其第一留置权信贷安排下的债务。在上一份报告中，该公司的长期债务为3.134亿美元。</blockquote></p><p> <b>Valuations and key takeaways</b></p><p><blockquote><b>估值和主要要点</b></blockquote></p><p></p><p> As much as 16% of revenues were derived from IoT in the first six months of 2021, up from 14% in the same period last year. Now, in a market growing at&nbsp;10.1%&nbsp;from 2019 to 2025, there is a lot of scope, but it will also depend on Globalstar's ability to meaningfully identify, pursue and close large deals. This should contribute to further diversify its revenue base away from full Duplex.</p><p><blockquote>2021年前六个月，多达16%的收入来自物联网，高于去年同期的14%。现在，在一个从2019年到2025年以10.1%的速度增长的市场中，有很大的空间，但这也将取决于Globalstar有意义地识别、追求和完成大型交易的能力。这应有助于进一步多元化其收入基础，摆脱全双工。</blockquote></p><p> The company has also performed successful field testing for remote monitoring in the alternative energy industry, which it expects to materialize into future sales, but without mentioning a timeline.</p><p><blockquote>该公司还成功地在替代能源行业进行了远程监控的现场测试，预计这将在未来的销售中实现，但没有提及时间表。</blockquote></p><p> Furthermore, this is a loss-making company with losses from operations having increased by $0.6 million during the second quarter of 2021 compared to last year. Earnings per share which was&nbsp;-$0.01&nbsp;for the second quarter is expected to be the same in the third one. This compares to positive figures for the communications sector, which boasts forward Price to Earnings multiples of&nbsp;20x. This signifies no buying opportunity based on fundamentals.</p><p><blockquote>此外，这是一家亏损公司，与去年相比，2021年第二季度的运营亏损增加了60万美元。第二季度每股收益为-0.01美元，预计第三季度将持平。相比之下，通信行业的预期市盈率为20倍。这意味着没有基于基本面的买入机会。</blockquote></p><p> The only way Globalstar's loss status could change rapidly is commercialization of its n53 spectrum in the U.S. and other countries through presence in the iPhone ecosystem. A partnership with Apple will permit expansion of the satellite communications business, more effective utilization of network assets and enable Globalstar to leapfrog rivals. The fact that both companies work with Qualcomm is a positive for Globalstar.</p><p><blockquote>Globalstar的损失状况能够迅速改变的唯一方法是通过iPhone生态系统在美国和其他国家实现其n53频谱的商业化。与苹果的合作将允许扩大卫星通信业务，更有效地利用网络资产，并使Globalstar能够超越竞争对手。两家公司都与高通合作的事实对Globalstar来说是一个积极的因素。</blockquote></p><p> This said, in absence of corporate announcements, Globalstar's stock has been surging amid ongoing speculation that its satellite communication technology may be included in Apple's new iPhone models, resulting in&nbsp;high&nbsp;Price to Sales multiples of over 2000% with respect to the communications sector.</p><p><blockquote>尽管如此，在没有公司公告的情况下，Globalstar的股价一直在飙升，因为人们不断猜测其卫星通信技术可能会包含在苹果的新款iPhone中，导致通信行业的市销率超过2000%。</blockquote></p><p> Consequently, for rational investors, it is preferable to wait for an update at the\"California Streaming\" event&nbsp;on September 14 before making a decision. In the meantime, the stock could drop to the $2 support level.</p><p><blockquote>因此，对于理性投资者来说，最好等待9月14日“加州流媒体”活动的更新后再做出决定。与此同时，该股可能会跌至2美元的支撑位。</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>One Small Step From Apple Could Mean A Giant Leap For GlobalStar<blockquote>苹果迈出的一小步可能意味着GlobalStar的一大步</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\">\nOne Small Step From Apple Could Mean A Giant Leap For GlobalStar<blockquote>苹果迈出的一小步可能意味着GlobalStar的一大步</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-09-11 09:47</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>At first sight, Globalstar is just one more satellite communications play.</li>  <li>Looking deeper, its Band n53, which offers secure and reliable connectivity in any environment, is now included into Qualcomm's latest 5G modems for smartphones.</li>  <li>Being selected by Apple could mean a lot for Globalstar in its strategy to boost and diversify revenues, as well as change the current loss-making status.</li>  <li>Even without Apple, the company merits interest, but only as a long-term beneficiary of IoT amid fierce competition and ability to reduce debt.</li>  <li>Valuations are sky-high in light of all the news hitting the market and, it is better to wait for some concrete news at Apple's event next week before investing.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ed6c50a6d200b5d8c35f4d14498600c9\" tg-width=\"1536\" tg-height=\"864\" width=\"100%\" height=\"auto\"><span>metamorworks/iStock via Getty Images</span></p><p><blockquote><ul><li>乍一看，Globalstar只是又一个卫星通信游戏。</li><li>更深入地看，其频段n53可在任何环境下提供安全可靠的连接，现已包含在高通最新的智能手机5G调制解调器中。</li><li>被苹果选中对于Globalstar增加收入和实现收入多元化以及改变目前亏损状况的战略来说意义重大。</li><li>即使没有苹果，该公司也值得关注，但只是作为物联网在激烈竞争和减少债务能力中的长期受益者。</li><li>鉴于市场上的所有消息，估值都非常高，最好在投资之前等待下周苹果活动上的一些具体消息。</li></ul><p class=\"t-img-caption\"><span>metamorworks/iStock来自Getty Images</span></p></blockquote></p><p> Globalstar's (GSAT) shares soared 40% on August 30 after a report by&nbsp;MacRumors&nbsp;which cited expert Apple (NASDAQ:AAPL) analyst&nbsp;Ming-Chi Kuo&nbsp;of TF International Securities, about iPhone 13 using satellite connectivity so that users can make calls and texts in areas without cellular coverage.</p><p><blockquote>8月30日，MacRumors援引天风国际证券苹果（纳斯达克股票代码：AAPL）分析师郭明錤的一份报告称，iPhone 13使用卫星连接，以便用户可以进行评级，Globalstar(GSAT)股价飙升40%。在没有蜂窝覆盖的区域发送短信。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1bd859c3544ffd37de25d5bc8dfe3166\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Soon afterwards, there were some further clarification by Bloomberg specifying that those features aren't due soon, but rather for future iPhones and should&nbsp;allow users to issue crash reports or text messages in areas without cellular coverage.</p><p><blockquote>不久之后，彭博进一步澄清说，这些功能不会很快推出，而是适用于未来的iPhones，应该允许用户在没有手机覆盖的地区发布崩溃报告或短信。</blockquote></p><p> Now, for Apple to even consider adding any satellite-based feature to its global brand would mean a lot for Globalstar, but first, for investors, I make sense of it all.</p><p><blockquote>现在，苹果甚至考虑在其全球品牌中添加任何基于卫星的功能对Globalstar来说意义重大，但首先，对于投资者来说，我明白这一切。</blockquote></p><p> <b>Reasons for Apple to choose Globalstar</b></p><p><blockquote><b>苹果选择Globalstar的原因</b></blockquote></p><p> For most of us, our experience with satellite-based internet has meant poor or sometimes erratic connectivity, but these were mostly with the geostationary satellites located far above the earth's surface. Instead, the opportunities offered by Globalstar's Low Earth Orbit (\"LEO\") satellites are much better, especially in areas that don't have 4G or 5G cellular coverage.</p><p><blockquote>对于我们大多数人来说，我们对基于卫星的互联网的体验意味着糟糕或有时不稳定的连接，但这些大多是与位于地球表面上方的地球同步卫星。相反，Globalstar的低地球轨道（“LEO”）卫星提供的机会要好得多，尤其是在没有4G或5G蜂窝覆盖的地区。</blockquote></p><p> To have an idea of the potential of LEO satellites, one can take a glance at Elon Musk’s SpaceX's (SPACE). These have been deployed at locations in the U.S and the U.K. with several customers already having signed up to the service. Bench-marking by Speedtest showed download speeds of&nbsp;97.23 Mbps,or far superior than those for other traditional providers. This speed was lower than the 115.22 Mbps median speed for fixed broadband providers, but makes sense for \"disadvantaged locations\" where telcos find it uneconomical to lay down additional fiber or expand cellular coverage.</p><p><blockquote>要了解低地球轨道卫星的潜力，可以看看埃隆·马斯克(Elon Musk)的SpaceX(SPACE)。这些服务已部署在美国和英国，一些客户已经注册了该服务。Speedtest的基准测试显示，下载速度为97.23 Mbps，远远高于其他传统供应商。这一速度低于固定宽带提供商115.22 Mbps的中值速度，但对于电信公司发现铺设额外光纤或扩大蜂窝覆盖不经济的“弱势地区”来说是有意义的。</blockquote></p><p> Therefore, given the enormous potential of the blending between the iPhone and satellite connectivity, news about Apple using Globalstar's network only for emergency purposes seems more aimed at not alarming its telco partners with whom it has been working since decades.</p><p><blockquote>因此，鉴于iPhone和卫星连接融合的巨大潜力，有关苹果仅出于紧急目的使用Globalstar网络的消息似乎更多的是为了不惊动与其合作数十年的电信合作伙伴。</blockquote></p><p> This blending is made possible by Qualcomm's (NASDAQ:QCOM) inclusion of Globalstar's band n53 in its new 5G X65 modem. This should also expand the satellite operator's potential device ecosystem significantly to include smartphones, laptops and tablets.</p><p><blockquote>高通（纳斯达克：QCOM）在其新的5G X65调制解调器中包含了Globalstar的n53频段，这使得这种混合成为可能。这也应该会显着扩大卫星运营商的潜在设备生态系统，将智能手机、笔记本电脑和平板电脑包括在内。</blockquote></p><p> For investors, the&nbsp;Snapdragon X65&nbsp;will be released in the fall of&nbsp;2022, most likely into next year’s iPhone. Better peak performance and other benefits should be there, but some will require carriers to upgrade their networks. On the other hand, with band n53, one can imagine the transformation of future mobility communications with a single operator plan anywhere in the world, without necessitating roaming, with no need to buy local SIM cards.</p><p><blockquote>对于投资者来说，骁龙X 65将于2022年秋季发布，很可能会进入明年的iPhone。应该会有更好的峰值性能和其他好处，但有些需要运营商升级他们的网络。另一方面，有了n53频段，人们可以想象未来移动通信的转变，在世界任何地方，通过单一运营商计划，无需漫游，无需购买本地SIM卡。</blockquote></p><p> <b>Globalstar's differentiation</b></p><p><blockquote><b>全球星的差异化</b></blockquote></p><p> Thus, this is not just about emergency calls or messaging and in a way, shows Globalstar's edge as a satellite network operator over telco's mobile network operations.</p><p><blockquote>因此，这不仅仅是关于紧急评级或消息传递，在某种程度上，显示了Globalstar作为卫星网络运营商相对于电信公司移动网络运营的优势。</blockquote></p><p> Now, satellite communications is a huge industry, estimated at $56.01 billion&nbsp;in 2019 and expected to hit $99.58 billion by 2027, registering a CAGR of 9.2% from 2020 to 2027. Going deeper, there are several satellite operators and service providers, with Iridium (IRDM) and Orbcomm (ORBC). Other companies are involved in space technology like DISH Networks (DISH) and AT&amp;T (T).</p><p><blockquote>现在，卫星通信是一个巨大的产业，2019年估计为560.1亿美元，预计到2027年将达到995.8亿美元，2020年至2027年的CAGR为9.2%。更深入地说，有几家卫星运营商和服务提供商，包括铱星(IRDM)和Orbcomm(ORBC)。其他公司也涉足太空技术，如DISH Networks(DISH)和AT&amp;T(T)。</blockquote></p><p> Here, GlobalStar seems to be having some key strengths with respect to peers.</p><p><blockquote>在这方面，GlobalStar似乎相对于同行拥有一些关键优势。</blockquote></p><p> According to the company's website, its&nbsp;strategically&nbsp;placed gateways offer local network access and national numbering plans as opposed to other LEO systems that require expensive international dialing for all calls. Also, Globalstar has a unique design which allows it to offer the most attractive local dialing and pricing plans to customers.</p><p><blockquote>根据该公司的网站，其战略性放置的网关提供本地网络接入和国家编号计划，而其他LEO系统需要为所有评级进行昂贵的国际拨号。此外，Globalstar拥有独特的设计，使其能够向客户提供最具吸引力的本地拨号和定价计划。</blockquote></p><p></p><p> Pursuing further, Globalstar’s 24 ground stations also serve as a bridge between LEO satellites and traditional communications infrastructure on six continents, with coverage spanning across over 120 countries throughout the world. Furthermore, the second generation ground infrastructure is based on the Internet protocol multimedia subsystem (\"IMS\") protocol, which facilitates the use of IP (Internet Protocol) for packet communications over wireless or landline.</p><p><blockquote>此外，Globalstar的24个地面站还充当了低地球轨道卫星和六大洲传统通信基础设施之间的桥梁，覆盖全球120多个国家。此外，第二代地面基础设施基于因特网协议多媒体子系统(“IMS”)协议，其便于使用IP(因特网协议)进行无线或陆线上的分组通信。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1ab07af4d39eb03b1776e870748b773f\" tg-width=\"828\" tg-height=\"468\" width=\"100%\" height=\"auto\"><span>Source: globalstar.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：globalstar.com</span></p></blockquote></p><p> Consequently, Globalstar brings some attractive metrics for a behemoth like Apple looking to penetrate new markets. In this respect, according to a source, more than&nbsp;five billion mobile subscribers&nbsp;constantly move in and out of wireless coverage, representing a huge TAM.</p><p><blockquote>因此，Globalstar为像苹果这样寻求渗透新市场的巨头带来了一些有吸引力的指标。在这方面，根据一个消息来源，超过50亿的移动用户不断地进出无线覆盖，这代表了一个巨大的TAM。</blockquote></p><p> Bagging a contract with Apple, even a partial one, or in partnership with another peer would increase the volume of new subscribers, which should in turn more than offset the current revenue impact from lower ARPU (Average Revenue per User).</p><p><blockquote>与苹果签订合同，即使是部分合同，或者与另一家同行合作，都会增加新用户数量，这反过来应该足以抵消当前ARPU（每用户平均收入）下降对收入的影响。</blockquote></p><p> <b>The revenues</b></p><p><blockquote><b>收入</b></blockquote></p><p> Overall sales have gone down in the second quarter of 2021 compared to last year as higher revenue generated from subscriber equipment related to SPOT (the largest segment) was offset by lower service revenues. For investors, SPOT is a GPS tracking device that uses Globalstar's satellite network to provide text messaging and GPS tracking.</p><p><blockquote>与去年相比，2021年第二季度的整体销售额有所下降，因为与SPOT（最大的细分市场）相关的用户设备产生的更高收入被服务收入的下降所抵消。对于投资者来说，SPOT是一款GPS跟踪设备，它使用Globalstar的卫星网络提供短信和GPS跟踪。</blockquote></p><p> Looking deeper, service revenue also decreased over the prior year's quarter due to fewer Duplex subscribers, with the decline expected to continue as Globalstar focuses resources on other revenue streams, like IoT-enabled devices. This is done in light of the shift in demand across the MSS (mobile satellite services) industry.</p><p><blockquote>更深入地看，由于双工用户减少，服务收入也比去年同期下降，随着Globalstar将资源集中在其他收入流（例如支持物联网的设备）上，预计这种下降将持续下去。这是鉴于整个MSS（移动卫星服务）行业的需求转变而完成的。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1e8b74a670c927d2d84f1751cfd4a148\" tg-width=\"498\" tg-height=\"457\" width=\"100%\" height=\"auto\"><span>Source: Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：寻求阿尔法</span></p></blockquote></p><p> Interestingly, service revenues generated from commercial IoT subscribers increased 5% in the second quarter of 2021 driven by higher ARPU compared to the prior year's quarter. Additionally, IoT equipment sales were up significantly from the prior year period, which is a key indication of future service revenue growth.</p><p><blockquote>有趣的是，由于ARPU较上年同期上升，2021年第二季度商业物联网用户产生的服务收入增长了5%。此外，物联网设备销售额较去年同期大幅增长，这是未来服务收入增长的关键指标。</blockquote></p><p> Thinking aloud, lower ARPU for SPOT also points to competition, with Globalstar competing aggressively on price in the industrial, governmental and consumer markets. Looking at&nbsp;satellite phones and communication gadgets, some of the competitors include Garmin's (GRMN) InReach, Iridium Go and the Thuraya X5-Touch, which is a dual-SIM Android smartphone.</p><p><blockquote>仔细想想，SPOT较低的ARPU也表明了竞争，Globalstar在工业、政府和消费市场上进行了激烈的价格竞争。从卫星电话和通信设备来看，一些竞争对手包括Garmin(GRMN)的InReach、Iridium Go和Thuraya X5-Touch（一款双卡Android智能手机）。</blockquote></p><p> As a result, the company has to cut prices with its “competitively-priced service plans being lower than historic rates”. Therefore, SPOT revenues should continue to decline in the near term, with higher volumes of activations not being able to offset the effects of lower ARPU on sales.</p><p><blockquote>因此，该公司不得不降价，其“价格有竞争力的服务计划低于历史费率”。因此，现货收入在短期内应该会继续下降，更高的激活量无法抵消较低的ARPU对销售的影响。</blockquote></p><p> A comparison with rival Iridium shows contrasting revenue trends, with Globalstar being on a fluctuating trend since the end of 2019, coinciding with more competition.</p><p><blockquote>与竞争对手铱星的比较显示了截然不同的收入趋势，Globalstar自2019年底以来一直处于波动趋势，同时竞争更加激烈。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4be74c4a607fae52a664620ba3cf9d68\" tg-width=\"455\" tg-height=\"310\" width=\"100%\" height=\"auto\"><span>Source: Charts built through data from Seeking Alpha.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：通过Seeking Alpha的数据构建的图表。</span></p></blockquote></p><p> Therefore, adopting a cautionary posture, a change in the revenue-generating model geared towards IoT may take time to execute, whereby sales figures could drop further. This may in turn lead to missing topline expectations during the third quarter results, causing the share price to dip. For this matter, as I had pointed out in my previousthesis, one of the risks in investing in Globalstar is its dependence on the fortunes of the oil and gas industry.</p><p><blockquote>因此，采取谨慎的态度，面向物联网的创收模式的改变可能需要时间来执行，从而销售数字可能会进一步下降。这反过来可能会导致第三季度业绩未达到预期，导致股价下跌。就此而言，正如我在之前的论文中指出的那样，投资Globalstar的风险之一是其对石油和天然气行业命运的依赖。</blockquote></p><p> On the positive side, the company continues to reduce leverage, with less than $50 million of net first lien principal outstanding at the end of Q2-2021.</p><p><blockquote>从积极的一面来看，该公司继续降低杠杆率，截至2021年第二季度末，未偿第一留置权本金净额不到5000万美元。</blockquote></p><p> As of June 30, 2021, the company held $15.7 million and $51.0 million of cash and restricted cash respectively. Globalstar has received an additional&nbsp;$37.5 million&nbsp;in advance payment from a customer. The new payment is under \"substantially the same terms\" as a similar $37.5 million payment received on&nbsp;June 9. As with the other payment, Globalstar will use the new $37.5 million in proceeds to pay down indebtedness under its first-lien credit facility. In the last report, the company had&nbsp;$313.4 million&nbsp;in long-term debt.</p><p><blockquote>截至2021年6月30日，该公司分别持有1570万美元和5100万美元的现金和限制性现金。Globalstar已收到客户额外支付的3750万美元预付款。新付款的条款与6月9日收到的类似3750万美元付款“基本相同”。与其他付款一样，Globalstar将使用新的3750万美元收益来偿还其第一留置权信贷安排下的债务。在上一份报告中，该公司的长期债务为3.134亿美元。</blockquote></p><p> <b>Valuations and key takeaways</b></p><p><blockquote><b>估值和主要要点</b></blockquote></p><p></p><p> As much as 16% of revenues were derived from IoT in the first six months of 2021, up from 14% in the same period last year. Now, in a market growing at&nbsp;10.1%&nbsp;from 2019 to 2025, there is a lot of scope, but it will also depend on Globalstar's ability to meaningfully identify, pursue and close large deals. This should contribute to further diversify its revenue base away from full Duplex.</p><p><blockquote>2021年前六个月，多达16%的收入来自物联网，高于去年同期的14%。现在，在一个从2019年到2025年以10.1%的速度增长的市场中，有很大的空间，但这也将取决于Globalstar有意义地识别、追求和完成大型交易的能力。这应有助于进一步多元化其收入基础，摆脱全双工。</blockquote></p><p> The company has also performed successful field testing for remote monitoring in the alternative energy industry, which it expects to materialize into future sales, but without mentioning a timeline.</p><p><blockquote>该公司还成功地在替代能源行业进行了远程监控的现场测试，预计这将在未来的销售中实现，但没有提及时间表。</blockquote></p><p> Furthermore, this is a loss-making company with losses from operations having increased by $0.6 million during the second quarter of 2021 compared to last year. Earnings per share which was&nbsp;-$0.01&nbsp;for the second quarter is expected to be the same in the third one. This compares to positive figures for the communications sector, which boasts forward Price to Earnings multiples of&nbsp;20x. This signifies no buying opportunity based on fundamentals.</p><p><blockquote>此外，这是一家亏损公司，与去年相比，2021年第二季度的运营亏损增加了60万美元。第二季度每股收益为-0.01美元，预计第三季度将持平。相比之下，通信行业的预期市盈率为20倍。这意味着没有基于基本面的买入机会。</blockquote></p><p> The only way Globalstar's loss status could change rapidly is commercialization of its n53 spectrum in the U.S. and other countries through presence in the iPhone ecosystem. A partnership with Apple will permit expansion of the satellite communications business, more effective utilization of network assets and enable Globalstar to leapfrog rivals. The fact that both companies work with Qualcomm is a positive for Globalstar.</p><p><blockquote>Globalstar的损失状况能够迅速改变的唯一方法是通过iPhone生态系统在美国和其他国家实现其n53频谱的商业化。与苹果的合作将允许扩大卫星通信业务，更有效地利用网络资产，并使Globalstar能够超越竞争对手。两家公司都与高通合作的事实对Globalstar来说是一个积极的因素。</blockquote></p><p> This said, in absence of corporate announcements, Globalstar's stock has been surging amid ongoing speculation that its satellite communication technology may be included in Apple's new iPhone models, resulting in&nbsp;high&nbsp;Price to Sales multiples of over 2000% with respect to the communications sector.</p><p><blockquote>尽管如此，在没有公司公告的情况下，Globalstar的股价一直在飙升，因为人们不断猜测其卫星通信技术可能会包含在苹果的新款iPhone中，导致通信行业的市销率超过2000%。</blockquote></p><p> Consequently, for rational investors, it is preferable to wait for an update at the\"California Streaming\" event&nbsp;on September 14 before making a decision. In the meantime, the stock could drop to the $2 support level.</p><p><blockquote>因此，对于理性投资者来说，最好等待9月14日“加州流媒体”活动的更新后再做出决定。与此同时，该股可能会跌至2美元的支撑位。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4454436-one-small-step-from-apple-could-mean-a-giant-leap-for-globalstar\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GSAT":"全球星"},"source_url":"https://seekingalpha.com/article/4454436-one-small-step-from-apple-could-mean-a-giant-leap-for-globalstar","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1127461097","content_text":"Summary\n\nAt first sight, Globalstar is just one more satellite communications play.\nLooking deeper, its Band n53, which offers secure and reliable connectivity in any environment, is now included into Qualcomm's latest 5G modems for smartphones.\nBeing selected by Apple could mean a lot for Globalstar in its strategy to boost and diversify revenues, as well as change the current loss-making status.\nEven without Apple, the company merits interest, but only as a long-term beneficiary of IoT amid fierce competition and ability to reduce debt.\nValuations are sky-high in light of all the news hitting the market and, it is better to wait for some concrete news at Apple's event next week before investing.\n\nmetamorworks/iStock via Getty Images\nGlobalstar's (GSAT) shares soared 40% on August 30 after a report by MacRumors which cited expert Apple (NASDAQ:AAPL) analyst Ming-Chi Kuo of TF International Securities, about iPhone 13 using satellite connectivity so that users can make calls and texts in areas without cellular coverage.\nData by YCharts\nSoon afterwards, there were some further clarification by Bloomberg specifying that those features aren't due soon, but rather for future iPhones and should allow users to issue crash reports or text messages in areas without cellular coverage.\nNow, for Apple to even consider adding any satellite-based feature to its global brand would mean a lot for Globalstar, but first, for investors, I make sense of it all.\nReasons for Apple to choose Globalstar\nFor most of us, our experience with satellite-based internet has meant poor or sometimes erratic connectivity, but these were mostly with the geostationary satellites located far above the earth's surface. Instead, the opportunities offered by Globalstar's Low Earth Orbit (\"LEO\") satellites are much better, especially in areas that don't have 4G or 5G cellular coverage.\nTo have an idea of the potential of LEO satellites, one can take a glance at Elon Musk’s SpaceX's (SPACE). These have been deployed at locations in the U.S and the U.K. with several customers already having signed up to the service. Bench-marking by Speedtest showed download speeds of 97.23 Mbps,or far superior than those for other traditional providers. This speed was lower than the 115.22 Mbps median speed for fixed broadband providers, but makes sense for \"disadvantaged locations\" where telcos find it uneconomical to lay down additional fiber or expand cellular coverage.\nTherefore, given the enormous potential of the blending between the iPhone and satellite connectivity, news about Apple using Globalstar's network only for emergency purposes seems more aimed at not alarming its telco partners with whom it has been working since decades.\nThis blending is made possible by Qualcomm's (NASDAQ:QCOM) inclusion of Globalstar's band n53 in its new 5G X65 modem. This should also expand the satellite operator's potential device ecosystem significantly to include smartphones, laptops and tablets.\nFor investors, the Snapdragon X65 will be released in the fall of 2022, most likely into next year’s iPhone. Better peak performance and other benefits should be there, but some will require carriers to upgrade their networks. On the other hand, with band n53, one can imagine the transformation of future mobility communications with a single operator plan anywhere in the world, without necessitating roaming, with no need to buy local SIM cards.\nGlobalstar's differentiation\nThus, this is not just about emergency calls or messaging and in a way, shows Globalstar's edge as a satellite network operator over telco's mobile network operations.\nNow, satellite communications is a huge industry, estimated at $56.01 billion in 2019 and expected to hit $99.58 billion by 2027, registering a CAGR of 9.2% from 2020 to 2027. Going deeper, there are several satellite operators and service providers, with Iridium (IRDM) and Orbcomm (ORBC). Other companies are involved in space technology like DISH Networks (DISH) and AT&T (T).\nHere, GlobalStar seems to be having some key strengths with respect to peers.\nAccording to the company's website, its strategically placed gateways offer local network access and national numbering plans as opposed to other LEO systems that require expensive international dialing for all calls. Also, Globalstar has a unique design which allows it to offer the most attractive local dialing and pricing plans to customers.\nPursuing further, Globalstar’s 24 ground stations also serve as a bridge between LEO satellites and traditional communications infrastructure on six continents, with coverage spanning across over 120 countries throughout the world. Furthermore, the second generation ground infrastructure is based on the Internet protocol multimedia subsystem (\"IMS\") protocol, which facilitates the use of IP (Internet Protocol) for packet communications over wireless or landline.\nSource: globalstar.com\nConsequently, Globalstar brings some attractive metrics for a behemoth like Apple looking to penetrate new markets. In this respect, according to a source, more than five billion mobile subscribers constantly move in and out of wireless coverage, representing a huge TAM.\nBagging a contract with Apple, even a partial one, or in partnership with another peer would increase the volume of new subscribers, which should in turn more than offset the current revenue impact from lower ARPU (Average Revenue per User).\nThe revenues\nOverall sales have gone down in the second quarter of 2021 compared to last year as higher revenue generated from subscriber equipment related to SPOT (the largest segment) was offset by lower service revenues. For investors, SPOT is a GPS tracking device that uses Globalstar's satellite network to provide text messaging and GPS tracking.\nLooking deeper, service revenue also decreased over the prior year's quarter due to fewer Duplex subscribers, with the decline expected to continue as Globalstar focuses resources on other revenue streams, like IoT-enabled devices. This is done in light of the shift in demand across the MSS (mobile satellite services) industry.\nSource: Seeking Alpha\nInterestingly, service revenues generated from commercial IoT subscribers increased 5% in the second quarter of 2021 driven by higher ARPU compared to the prior year's quarter. Additionally, IoT equipment sales were up significantly from the prior year period, which is a key indication of future service revenue growth.\nThinking aloud, lower ARPU for SPOT also points to competition, with Globalstar competing aggressively on price in the industrial, governmental and consumer markets. Looking at satellite phones and communication gadgets, some of the competitors include Garmin's (GRMN) InReach, Iridium Go and the Thuraya X5-Touch, which is a dual-SIM Android smartphone.\nAs a result, the company has to cut prices with its “competitively-priced service plans being lower than historic rates”. Therefore, SPOT revenues should continue to decline in the near term, with higher volumes of activations not being able to offset the effects of lower ARPU on sales.\nA comparison with rival Iridium shows contrasting revenue trends, with Globalstar being on a fluctuating trend since the end of 2019, coinciding with more competition.\nSource: Charts built through data from Seeking Alpha.\nTherefore, adopting a cautionary posture, a change in the revenue-generating model geared towards IoT may take time to execute, whereby sales figures could drop further. This may in turn lead to missing topline expectations during the third quarter results, causing the share price to dip. For this matter, as I had pointed out in my previousthesis, one of the risks in investing in Globalstar is its dependence on the fortunes of the oil and gas industry.\nOn the positive side, the company continues to reduce leverage, with less than $50 million of net first lien principal outstanding at the end of Q2-2021.\nAs of June 30, 2021, the company held $15.7 million and $51.0 million of cash and restricted cash respectively. Globalstar has received an additional $37.5 million in advance payment from a customer. The new payment is under \"substantially the same terms\" as a similar $37.5 million payment received on June 9. As with the other payment, Globalstar will use the new $37.5 million in proceeds to pay down indebtedness under its first-lien credit facility. In the last report, the company had $313.4 million in long-term debt.\nValuations and key takeaways\nAs much as 16% of revenues were derived from IoT in the first six months of 2021, up from 14% in the same period last year. Now, in a market growing at 10.1% from 2019 to 2025, there is a lot of scope, but it will also depend on Globalstar's ability to meaningfully identify, pursue and close large deals. This should contribute to further diversify its revenue base away from full Duplex.\nThe company has also performed successful field testing for remote monitoring in the alternative energy industry, which it expects to materialize into future sales, but without mentioning a timeline.\nFurthermore, this is a loss-making company with losses from operations having increased by $0.6 million during the second quarter of 2021 compared to last year. Earnings per share which was -$0.01 for the second quarter is expected to be the same in the third one. This compares to positive figures for the communications sector, which boasts forward Price to Earnings multiples of 20x. This signifies no buying opportunity based on fundamentals.\nThe only way Globalstar's loss status could change rapidly is commercialization of its n53 spectrum in the U.S. and other countries through presence in the iPhone ecosystem. A partnership with Apple will permit expansion of the satellite communications business, more effective utilization of network assets and enable Globalstar to leapfrog rivals. The fact that both companies work with Qualcomm is a positive for Globalstar.\nThis said, in absence of corporate announcements, Globalstar's stock has been surging amid ongoing speculation that its satellite communication technology may be included in Apple's new iPhone models, resulting in high Price to Sales multiples of over 2000% with respect to the communications sector.\nConsequently, for rational investors, it is preferable to wait for an update at the\"California Streaming\" event on September 14 before making a decision. In the meantime, the stock could drop to the $2 support level.","news_type":1,"symbols_score_info":{"GSAT":0.9}},"isVote":1,"tweetType":1,"viewCount":1871,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":880795197,"gmtCreate":1631079459619,"gmtModify":1631884898070,"author":{"id":"3576847817239184","authorId":"3576847817239184","name":"Bmaiw102","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576847817239184","idStr":"3576847817239184"},"themes":[],"htmlText":".","listText":".","text":".","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/880795197","repostId":"1145502609","repostType":4,"repost":{"id":"1145502609","kind":"news","pubTimestamp":1631078751,"share":"https://www.laohu8.com/m/news/1145502609?lang=zh_CN&edition=full","pubTime":"2021-09-08 13:25","market":"us","language":"en","title":"Hedge Funds vs. Mutual Funds: What's Better?<blockquote>对冲基金与共同基金：哪个更好？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1145502609","media":"Motley Fool","summary":"Hedge funds and mutual funds share several similarities and many differences. Read on to learn about both and which is the better investment option for you.","content":"<p>Both hedge funds and mutual funds are investment products offering managed portfolios for investors, but that's about where the similarities end. Hedge funds target high-net-worth individuals and take on more complex and volatile trading strategies in an effort to produce positive returns for clients. Mutual funds are available to any investor, but they're more restricted in what they can trade. The main goal of a mutual fund manager is to outperform a benchmark index.</p><p><blockquote>对冲基金和共同基金都是为投资者提供管理投资组合的投资产品，但相似之处仅此而已。对冲基金瞄准高净值个人，采取更复杂、更不稳定的交易策略，努力为客户带来正回报。任何投资者都可以使用共同基金，但他们可以交易的内容受到更多限制。共同基金经理的主要目标是跑赢基准指数。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/33d3a2c2c02bf198b3b5a4ab76742e49\" tg-width=\"2000\" tg-height=\"1333\" width=\"100%\" height=\"auto\"><span>IMAGE SOURCE: GETTY IMAGES.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：盖蒂图片社。</span></p></blockquote></p><p> <b>Major takeaways</b></p><p><blockquote><b>主要要点</b></blockquote></p><p> <b>Mutual funds:</b></p><p><blockquote><b>共同基金：</b></blockquote></p><p> <ul>  <li>Pool money from all investors with minimum investments as low as $1.</li>  <li>Regulated by the U.S. Securities and Exchange Commission (SEC).</li>  <li>Available for trading every day the&nbsp;stock market&nbsp;is open.</li>  <li>Usually buy and hold securities based on a specified strategy detailed in a prospectus.</li>  <li>Charge a flat fee as a percentage of assets under management.</li> </ul> <b>Hedge funds:</b></p><p><blockquote><ul><li>汇集所有投资者的资金，最低投资额低至1美元。</li><li>受美国证券交易委员会（SEC）监管。</li><li>股票市场每天开放都可以交易。</li><li>通常根据招股说明书中详述的特定策略购买和持有证券。</li><li>按管理资产的百分比收取固定费用。</li></ul><b>对冲基金：</b></blockquote></p><p> <ul>  <li>Pool money from accredited investors with a liquid net worth above $1 million or an annual income exceeding $200,000.</li>  <li>Structured as general partnerships and not heavily regulated by the SEC.</li>  <li>Limited windows to invest and withdraw funds.</li>  <li>Use trading strategies including derivatives, shorting, and buying alternative assets.</li>  <li>Charge fees based on performance as well as assets under management.</li> </ul> <b>What are mutual funds?</b></p><p><blockquote><ul><li>汇集流动净资产超过100万美元或年收入超过20万美元的合格投资者的资金。</li><li>结构为普通合伙企业，不受美国证券交易委员会的严格监管。</li><li>投资和提取资金的窗口有限。</li><li>使用包括衍生品、做空和购买另类资产在内的交易策略。</li><li>根据绩效和管理的资产收取费用。</li></ul><b>什么是共同基金？</b></blockquote></p><p> A&nbsp;mutual fund&nbsp;is an easy way for individual investors to gain access to a managed portfolio of publicly traded securities such as&nbsp;stocks&nbsp;and&nbsp;bonds. Investors buy shares of a mutual fund, and their money gets pooled with other shareholders by the fund manager. The manager works to meet the objectives laid out in the prospectus, which will detail the benchmark&nbsp;index&nbsp;the manager's performance should be weighed against and the strategy they'll use to invest.</p><p><blockquote>共同基金是个人投资者获得股票和债券等公开交易证券管理投资组合的一种简单方式。投资者购买共同基金的股票，他们的资金由基金经理与其他股东汇集。管理人努力实现招股说明书中规定的目标，招股说明书将详细说明管理人业绩应根据的基准指数以及他们将用于投资的策略。</blockquote></p><p> <b>Investment strategies</b></p><p><blockquote><b>投资策略</b></blockquote></p><p> Mutual funds are generally considered safer investments than hedge funds. That's because fund managers are limited in their ability to use riskier strategies such as leveraging their holdings, which can increase returns, but it also increases volatility.</p><p><blockquote>共同基金通常被认为是比对冲基金更安全的投资。这是因为基金经理使用风险较高的策略的能力有限，例如利用其持有的资产，这可以增加回报，但也会增加波动性。</blockquote></p><p> Mutual funds buy publicly traded securities based on the manager's criteria. Those criteria could be very specific like buying&nbsp;pharmaceutical stocks&nbsp;the manager thinks are undervalued based on certain metrics, or they could be very general like simply buying every stock in the&nbsp;<b>S&amp;P 500 index</b>. There's a wide range of strategies available to mutual fund investors, and the details are laid out for investors in the prospectus.</p><p><blockquote>共同基金根据经理的标准购买公开交易的证券。这些标准可以非常具体，例如购买经理根据某些指标认为被低估的制药股票，也可以非常笼统，例如简单地购买该领域的每只股票。<b>标普500指数</b>.共同基金投资者可以选择多种策略，招股说明书中为投资者列出了详细信息。</blockquote></p><p> <b>Types of mutual funds</b></p><p><blockquote><b>共同基金的类型</b></blockquote></p><p> There are a few different types of mutual funds investors should be aware of.</p><p><blockquote>投资者应该了解几种不同类型的共同基金。</blockquote></p><p> <ul>  <li><b>Actively managed vs. passive funds.</b>Actively managed mutual funds&nbsp;are characterized by a fund manager who attempts to beat the fund's benchmark index by strategically buying and selling securities. Passive funds, or&nbsp;index funds, merely try to replicate the returns of the benchmark index by modeling a portfolio based on the index. Sometimes, the fund will just buy every security in the index.</li>  <li><b>Open-ended vs. closed-ended funds.</b>Open-ended funds have no limit to the number of shares they can issue. Investors simply buy shares, and the fund manager takes new inflows and allocates them to the appropriate securities. Closed-ended funds have a limited number of shares, so the portfolio manager doesn't have to deal with inflows or outflows. In order to buy or sell shares, you have to find a buyer or seller on the open market.</li>  <li><b>Load vs. no-load funds.</b>Funds with a load pay a commission to the broker who sells the investor the fund. The commission comes out of the investor's funds either at purchase (front-loaded) or at the sale of the mutual fund (back-loaded). No-load funds do not have such a commission.</li> </ul> <b>Who can invest?</b></p><p><blockquote><ul><li><b>主动管理基金与被动基金。</b>主动管理型共同基金的特点是基金经理试图通过战略性地买卖证券来击败基金的基准指数。被动基金或指数基金只是试图通过基于指数的投资组合建模来复制基准指数的回报。有时，该基金会购买指数中的所有证券。</li><li><b>开放式基金与封闭式基金。</b>开放式基金对其可以发行的份额数量没有限制。投资者只需购买股票，基金经理就会吸收新的资金流入并将其分配给适当的证券。封闭式基金的份额数量有限，因此投资组合经理不必处理资金流入或资金流出的问题。为了买卖股票，你必须在公开市场上找到买家或卖家。</li><li><b>负载与无负载资金。</b>有负载的基金向向投资者出售基金的经纪人支付佣金。佣金来自投资者购买（预付）或出售共同基金（后装）时的资金。免佣基金没有这样的佣金。</li></ul><b>谁可以投资？</b></blockquote></p><p> Mutual funds are available to every investor. Some funds may have a minimum investment ranging from $100 to $10,000 or more. More and more funds have no minimum investment these days.</p><p><blockquote>每个投资者都可以使用共同基金。一些基金的最低投资额可能从100美元到10,000美元或更多。如今越来越多的基金没有最低投资额。</blockquote></p><p> <b>How mutual fund fees work</b></p><p><blockquote><b>共同基金费用如何运作</b></blockquote></p><p> Mutual funds charge a management fee, which typically ranges between 1% and 2% of assets under management. Index funds usually have much lower fees. Some broad-based index funds have fees close to&nbsp;0%.</p><p><blockquote>共同基金收取管理费，通常为管理资产的1%至2%。指数基金的费用通常要低得多。一些宽基指数基金的费用接近0%。</blockquote></p><p> Note that the management fee is separate from the fees paid in loaded funds where the broker receives some of the investors' funds as well. The management fee goes directly to the mutual fund company, and it's paid annually.</p><p><blockquote>请注意，管理费与装载基金支付的费用是分开的，在装载基金中，经纪人也会收到投资者的部分资金。管理费直接支付给共同基金公司，每年支付一次。</blockquote></p><p> <b>How are mutual funds regulated?</b></p><p><blockquote><b>共同基金是如何监管的？</b></blockquote></p><p></p><p> Mutual funds must register with the SEC in order to sell shares publicly. The SEC enforces several regulations, including the Securities Act of 1933, which requires mutual funds to provide investors with certain information, including a description of the fund, information about management, and financial statements. The Investment Company Act of 1940 also requires mutual funds to provide details of their financial health and investment policies.</p><p><blockquote>共同基金必须在美国证券交易委员会注册才能公开出售股票。SEC执行多项法规，包括1933年证券法，该法要求共同基金向投资者提供某些信息，包括基金描述、管理信息和财务报表。1940年的《投资公司法》还要求共同基金提供其财务健康和投资政策的详细信息。</blockquote></p><p> <b>What are hedge funds?</b></p><p><blockquote><b>什么是对冲基金？</b></blockquote></p><p> A&nbsp;hedge fund&nbsp;is designed as a way for individual investors to gain access to the investment ideas and strategies of fund managers they believe have an edge on the market. Hedge funds are structured as general partnerships, and investors buy into the investment company directly as limited partners instead of buying publicly offered shares.</p><p><blockquote>对冲基金旨在为个人投资者提供一种获取他们认为在市场上具有优势的基金经理的投资理念和策略的方式。对冲基金的结构为普通合伙企业，投资者作为有限合伙人直接购买投资公司，而不是购买公开发行的股票。</blockquote></p><p> <b>Investment strategies</b></p><p><blockquote><b>投资策略</b></blockquote></p><p> Hedge funds aren't limited in the strategies they can use in order to produce positive and outsized returns for their investors. Hedge funds will use derivatives such as&nbsp;options&nbsp;and&nbsp;margin&nbsp;to gain leverage, and they maysell stocks short.</p><p><blockquote>对冲基金可以使用的策略并不局限于为投资者带来正的巨额回报。对冲基金将使用期权和保证金等衍生品来获得杠杆，并且可能会卖空股票。</blockquote></p><p> Hedge funds are also able to invest in just about any market:cryptocurrency, private real estate, or vintage single malt scotch. These are strategies unavailable in mutual funds due to SEC regulations. They're also much riskier strategies than simply buying publicly traded securities.</p><p><blockquote>对冲基金也可以投资几乎任何市场：加密货币、私人房地产或陈年单一麦芽苏格兰威士忌。由于SEC的规定，这些策略在共同基金中是不可用的。它们也是比简单购买公开交易证券风险更大的策略。</blockquote></p><p> <b>Who can invest?</b></p><p><blockquote><b>谁可以投资？</b></blockquote></p><p> Hedge funds are only able to accept funds from accredited investors. The SEC defines an accredited investor as someone with a liquid net worth (home equity doesn't count) of $1 million or an annual income of $200,000 (or $300,000 with a spouse). The SEC believes that level of wealth makes an investor more sophisticated and better able to withstand the volatility and uncertainty associated with hedge funds.</p><p><blockquote>对冲基金只能接受来自合格投资者的资金。SEC将合格投资者定义为流动净资产（房屋净值不算）为100万美元或年收入为20万美元（或配偶为30万美元）的人。美国证券交易委员会认为，这种财富水平使投资者更加老练，能够更好地承受与对冲基金相关的波动性和不确定性。</blockquote></p><p> Hedge funds often have minimum investments of $1 million or more. They typically limit investment windows, and they can have minimum holding periods. They can also restrict when investors can withdraw. As such, hedge fund investors require a good amount of liquidity outside of their investment in the hedge fund.</p><p><blockquote>对冲基金的最低投资额通常为100万美元或以上。它们通常会限制投资窗口，并且可以有最短持有期。他们还可以限制投资者何时可以退出。因此，对冲基金投资者在对冲基金投资之外还需要大量的流动性。</blockquote></p><p> <b>How hedge fund fees work</b></p><p><blockquote><b>对冲基金费用如何运作</b></blockquote></p><p> Hedge funds charge two types of fees: management fees and performance fees. A management fee is similar to the management fee for a mutual fund. The fund charges anexpense ratio, typically 2%, that's taken out of the assets under management every year.</p><p><blockquote>对冲基金收取两种费用：管理费和绩效费。管理费类似于共同基金的管理费。该基金每年从管理的资产中扣除费用率，通常为2%。</blockquote></p><p> The performance fee, as the name implies, is based on the fund's performance, and it's usually 20% of the gains. So, if the fund increases by 10% one year, the fund takes 20% of the gains (2% of the investment), and the rest stays invested with the fund. If the fund loses money, there's no performance fee, but the investors still have to pay the management fee.</p><p><blockquote>业绩费，顾名思义，是基于基金的业绩，通常是收益的20%。因此，如果基金在一年内增长10%，基金将获得收益的20%（投资的2%），其余部分仍投资于基金。如果基金亏损，没有绩效费，但投资者仍需支付管理费。</blockquote></p><p> The most typical fee structure — a 2% management fee and a 20% performance fee — is known as 2-and-20.</p><p><blockquote>最典型的费用结构——2%的管理费和20%的绩效费——被称为2和20。</blockquote></p><p> <b>How are hedge funds regulated?</b></p><p><blockquote><b>对冲基金是如何监管的？</b></blockquote></p><p> Hedge funds only have to register with the SEC once they reach total assets under management of above $100 million. Beyond that, they must abide by Regulation D of the Securities Act of 1933 and limit their investors to accredited investors. That allows them to remain exempt from most reporting to the SEC and makes investing in a hedge fund much more opaque than investing in a mutual fund.</p><p><blockquote>对冲基金管理的总资产超过1亿美元后，只需向SEC注册。除此之外，他们必须遵守1933年证券法D条例，并将投资者限制为合格投资者。这使得他们可以免于向SEC提交大部分报告，并使投资对冲基金比投资共同基金更加不透明。</blockquote></p><p> <b>Additional considerations</b></p><p><blockquote><b>其他注意事项</b></blockquote></p><p> Hedge funds have shown worsening performance over the past 15 years or so even as the U.S. stock market has been on a tear. In fact, in&nbsp;bull markets, mutual funds may provide better returns than hedge funds net of fees since alternative investment strategies fail to keep up with the stock market.</p><p><blockquote>在过去15年左右的时间里，尽管美国股市一直在上涨，但对冲基金的表现却在恶化。事实上，在牛市中，共同基金可能比对冲基金提供更好的扣除费用的回报，因为另类投资策略无法跟上股市的步伐。</blockquote></p><p> That said, those strategies can be invaluable in&nbsp;bear markets. If the strategies have returns truly uncorrelated with U.S. stocks, they could provide positive returns as the stock market craters. That's when a hedge fund will really live up to its name.</p><p><blockquote>也就是说，这些策略在熊市中可能是无价的。如果这些策略的回报确实与美国股市无关，那么它们可以在股市暴跌时提供正回报。那就是对冲基金真正名副其实的时候。</blockquote></p><p> While hedge funds hold the promise of big returns supported by advanced trading strategies, they can go for long periods without producing the expected results. For patient investors, they could pay off.</p><p><blockquote>虽然对冲基金有望在先进的交易策略的支持下获得巨额回报，但它们可能会长期运作而不会产生预期的结果。对于耐心的投资者来说，他们可以获得回报。</blockquote></p><p> But perhaps the age when hedge funds could outperform the average investor is over. Today's technology makes it easier for retail investors to invest and use their own strategies, whether they're exceedingly simple or super complex. For most investors, a mutual fund will be able to meet all of their investing needs, but they're a bit more boring than hedge funds. But good investing is usually boring.</p><p><blockquote>但也许对冲基金表现优于普通投资者的时代已经结束。今天的技术使散户投资者更容易投资和使用自己的策略，无论它们是极其简单还是超级复杂。对于大多数投资者来说，共同基金将能够满足他们所有的投资需求，但它们比对冲基金更无聊。但好的投资通常是无聊的。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Hedge Funds vs. Mutual Funds: What's Better?<blockquote>对冲基金与共同基金：哪个更好？</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\">\nHedge Funds vs. Mutual Funds: What's Better?<blockquote>对冲基金与共同基金：哪个更好？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-09-08 13:25</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Both hedge funds and mutual funds are investment products offering managed portfolios for investors, but that's about where the similarities end. Hedge funds target high-net-worth individuals and take on more complex and volatile trading strategies in an effort to produce positive returns for clients. Mutual funds are available to any investor, but they're more restricted in what they can trade. The main goal of a mutual fund manager is to outperform a benchmark index.</p><p><blockquote>对冲基金和共同基金都是为投资者提供管理投资组合的投资产品，但相似之处仅此而已。对冲基金瞄准高净值个人，采取更复杂、更不稳定的交易策略，努力为客户带来正回报。任何投资者都可以使用共同基金，但他们可以交易的内容受到更多限制。共同基金经理的主要目标是跑赢基准指数。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/33d3a2c2c02bf198b3b5a4ab76742e49\" tg-width=\"2000\" tg-height=\"1333\" width=\"100%\" height=\"auto\"><span>IMAGE SOURCE: GETTY IMAGES.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：盖蒂图片社。</span></p></blockquote></p><p> <b>Major takeaways</b></p><p><blockquote><b>主要要点</b></blockquote></p><p> <b>Mutual funds:</b></p><p><blockquote><b>共同基金：</b></blockquote></p><p> <ul>  <li>Pool money from all investors with minimum investments as low as $1.</li>  <li>Regulated by the U.S. Securities and Exchange Commission (SEC).</li>  <li>Available for trading every day the&nbsp;stock market&nbsp;is open.</li>  <li>Usually buy and hold securities based on a specified strategy detailed in a prospectus.</li>  <li>Charge a flat fee as a percentage of assets under management.</li> </ul> <b>Hedge funds:</b></p><p><blockquote><ul><li>汇集所有投资者的资金，最低投资额低至1美元。</li><li>受美国证券交易委员会（SEC）监管。</li><li>股票市场每天开放都可以交易。</li><li>通常根据招股说明书中详述的特定策略购买和持有证券。</li><li>按管理资产的百分比收取固定费用。</li></ul><b>对冲基金：</b></blockquote></p><p> <ul>  <li>Pool money from accredited investors with a liquid net worth above $1 million or an annual income exceeding $200,000.</li>  <li>Structured as general partnerships and not heavily regulated by the SEC.</li>  <li>Limited windows to invest and withdraw funds.</li>  <li>Use trading strategies including derivatives, shorting, and buying alternative assets.</li>  <li>Charge fees based on performance as well as assets under management.</li> </ul> <b>What are mutual funds?</b></p><p><blockquote><ul><li>汇集流动净资产超过100万美元或年收入超过20万美元的合格投资者的资金。</li><li>结构为普通合伙企业，不受美国证券交易委员会的严格监管。</li><li>投资和提取资金的窗口有限。</li><li>使用包括衍生品、做空和购买另类资产在内的交易策略。</li><li>根据绩效和管理的资产收取费用。</li></ul><b>什么是共同基金？</b></blockquote></p><p> A&nbsp;mutual fund&nbsp;is an easy way for individual investors to gain access to a managed portfolio of publicly traded securities such as&nbsp;stocks&nbsp;and&nbsp;bonds. Investors buy shares of a mutual fund, and their money gets pooled with other shareholders by the fund manager. The manager works to meet the objectives laid out in the prospectus, which will detail the benchmark&nbsp;index&nbsp;the manager's performance should be weighed against and the strategy they'll use to invest.</p><p><blockquote>共同基金是个人投资者获得股票和债券等公开交易证券管理投资组合的一种简单方式。投资者购买共同基金的股票，他们的资金由基金经理与其他股东汇集。管理人努力实现招股说明书中规定的目标，招股说明书将详细说明管理人业绩应根据的基准指数以及他们将用于投资的策略。</blockquote></p><p> <b>Investment strategies</b></p><p><blockquote><b>投资策略</b></blockquote></p><p> Mutual funds are generally considered safer investments than hedge funds. That's because fund managers are limited in their ability to use riskier strategies such as leveraging their holdings, which can increase returns, but it also increases volatility.</p><p><blockquote>共同基金通常被认为是比对冲基金更安全的投资。这是因为基金经理使用风险较高的策略的能力有限，例如利用其持有的资产，这可以增加回报，但也会增加波动性。</blockquote></p><p> Mutual funds buy publicly traded securities based on the manager's criteria. Those criteria could be very specific like buying&nbsp;pharmaceutical stocks&nbsp;the manager thinks are undervalued based on certain metrics, or they could be very general like simply buying every stock in the&nbsp;<b>S&amp;P 500 index</b>. There's a wide range of strategies available to mutual fund investors, and the details are laid out for investors in the prospectus.</p><p><blockquote>共同基金根据经理的标准购买公开交易的证券。这些标准可以非常具体，例如购买经理根据某些指标认为被低估的制药股票，也可以非常笼统，例如简单地购买该领域的每只股票。<b>标普500指数</b>.共同基金投资者可以选择多种策略，招股说明书中为投资者列出了详细信息。</blockquote></p><p> <b>Types of mutual funds</b></p><p><blockquote><b>共同基金的类型</b></blockquote></p><p> There are a few different types of mutual funds investors should be aware of.</p><p><blockquote>投资者应该了解几种不同类型的共同基金。</blockquote></p><p> <ul>  <li><b>Actively managed vs. passive funds.</b>Actively managed mutual funds&nbsp;are characterized by a fund manager who attempts to beat the fund's benchmark index by strategically buying and selling securities. Passive funds, or&nbsp;index funds, merely try to replicate the returns of the benchmark index by modeling a portfolio based on the index. Sometimes, the fund will just buy every security in the index.</li>  <li><b>Open-ended vs. closed-ended funds.</b>Open-ended funds have no limit to the number of shares they can issue. Investors simply buy shares, and the fund manager takes new inflows and allocates them to the appropriate securities. Closed-ended funds have a limited number of shares, so the portfolio manager doesn't have to deal with inflows or outflows. In order to buy or sell shares, you have to find a buyer or seller on the open market.</li>  <li><b>Load vs. no-load funds.</b>Funds with a load pay a commission to the broker who sells the investor the fund. The commission comes out of the investor's funds either at purchase (front-loaded) or at the sale of the mutual fund (back-loaded). No-load funds do not have such a commission.</li> </ul> <b>Who can invest?</b></p><p><blockquote><ul><li><b>主动管理基金与被动基金。</b>主动管理型共同基金的特点是基金经理试图通过战略性地买卖证券来击败基金的基准指数。被动基金或指数基金只是试图通过基于指数的投资组合建模来复制基准指数的回报。有时，该基金会购买指数中的所有证券。</li><li><b>开放式基金与封闭式基金。</b>开放式基金对其可以发行的份额数量没有限制。投资者只需购买股票，基金经理就会吸收新的资金流入并将其分配给适当的证券。封闭式基金的份额数量有限，因此投资组合经理不必处理资金流入或资金流出的问题。为了买卖股票，你必须在公开市场上找到买家或卖家。</li><li><b>负载与无负载资金。</b>有负载的基金向向投资者出售基金的经纪人支付佣金。佣金来自投资者购买（预付）或出售共同基金（后装）时的资金。免佣基金没有这样的佣金。</li></ul><b>谁可以投资？</b></blockquote></p><p> Mutual funds are available to every investor. Some funds may have a minimum investment ranging from $100 to $10,000 or more. More and more funds have no minimum investment these days.</p><p><blockquote>每个投资者都可以使用共同基金。一些基金的最低投资额可能从100美元到10,000美元或更多。如今越来越多的基金没有最低投资额。</blockquote></p><p> <b>How mutual fund fees work</b></p><p><blockquote><b>共同基金费用如何运作</b></blockquote></p><p> Mutual funds charge a management fee, which typically ranges between 1% and 2% of assets under management. Index funds usually have much lower fees. Some broad-based index funds have fees close to&nbsp;0%.</p><p><blockquote>共同基金收取管理费，通常为管理资产的1%至2%。指数基金的费用通常要低得多。一些宽基指数基金的费用接近0%。</blockquote></p><p> Note that the management fee is separate from the fees paid in loaded funds where the broker receives some of the investors' funds as well. The management fee goes directly to the mutual fund company, and it's paid annually.</p><p><blockquote>请注意，管理费与装载基金支付的费用是分开的，在装载基金中，经纪人也会收到投资者的部分资金。管理费直接支付给共同基金公司，每年支付一次。</blockquote></p><p> <b>How are mutual funds regulated?</b></p><p><blockquote><b>共同基金是如何监管的？</b></blockquote></p><p></p><p> Mutual funds must register with the SEC in order to sell shares publicly. The SEC enforces several regulations, including the Securities Act of 1933, which requires mutual funds to provide investors with certain information, including a description of the fund, information about management, and financial statements. The Investment Company Act of 1940 also requires mutual funds to provide details of their financial health and investment policies.</p><p><blockquote>共同基金必须在美国证券交易委员会注册才能公开出售股票。SEC执行多项法规，包括1933年证券法，该法要求共同基金向投资者提供某些信息，包括基金描述、管理信息和财务报表。1940年的《投资公司法》还要求共同基金提供其财务健康和投资政策的详细信息。</blockquote></p><p> <b>What are hedge funds?</b></p><p><blockquote><b>什么是对冲基金？</b></blockquote></p><p> A&nbsp;hedge fund&nbsp;is designed as a way for individual investors to gain access to the investment ideas and strategies of fund managers they believe have an edge on the market. Hedge funds are structured as general partnerships, and investors buy into the investment company directly as limited partners instead of buying publicly offered shares.</p><p><blockquote>对冲基金旨在为个人投资者提供一种获取他们认为在市场上具有优势的基金经理的投资理念和策略的方式。对冲基金的结构为普通合伙企业，投资者作为有限合伙人直接购买投资公司，而不是购买公开发行的股票。</blockquote></p><p> <b>Investment strategies</b></p><p><blockquote><b>投资策略</b></blockquote></p><p> Hedge funds aren't limited in the strategies they can use in order to produce positive and outsized returns for their investors. Hedge funds will use derivatives such as&nbsp;options&nbsp;and&nbsp;margin&nbsp;to gain leverage, and they maysell stocks short.</p><p><blockquote>对冲基金可以使用的策略并不局限于为投资者带来正的巨额回报。对冲基金将使用期权和保证金等衍生品来获得杠杆，并且可能会卖空股票。</blockquote></p><p> Hedge funds are also able to invest in just about any market:cryptocurrency, private real estate, or vintage single malt scotch. These are strategies unavailable in mutual funds due to SEC regulations. They're also much riskier strategies than simply buying publicly traded securities.</p><p><blockquote>对冲基金也可以投资几乎任何市场：加密货币、私人房地产或陈年单一麦芽苏格兰威士忌。由于SEC的规定，这些策略在共同基金中是不可用的。它们也是比简单购买公开交易证券风险更大的策略。</blockquote></p><p> <b>Who can invest?</b></p><p><blockquote><b>谁可以投资？</b></blockquote></p><p> Hedge funds are only able to accept funds from accredited investors. The SEC defines an accredited investor as someone with a liquid net worth (home equity doesn't count) of $1 million or an annual income of $200,000 (or $300,000 with a spouse). The SEC believes that level of wealth makes an investor more sophisticated and better able to withstand the volatility and uncertainty associated with hedge funds.</p><p><blockquote>对冲基金只能接受来自合格投资者的资金。SEC将合格投资者定义为流动净资产（房屋净值不算）为100万美元或年收入为20万美元（或配偶为30万美元）的人。美国证券交易委员会认为，这种财富水平使投资者更加老练，能够更好地承受与对冲基金相关的波动性和不确定性。</blockquote></p><p> Hedge funds often have minimum investments of $1 million or more. They typically limit investment windows, and they can have minimum holding periods. They can also restrict when investors can withdraw. As such, hedge fund investors require a good amount of liquidity outside of their investment in the hedge fund.</p><p><blockquote>对冲基金的最低投资额通常为100万美元或以上。它们通常会限制投资窗口，并且可以有最短持有期。他们还可以限制投资者何时可以退出。因此，对冲基金投资者在对冲基金投资之外还需要大量的流动性。</blockquote></p><p> <b>How hedge fund fees work</b></p><p><blockquote><b>对冲基金费用如何运作</b></blockquote></p><p> Hedge funds charge two types of fees: management fees and performance fees. A management fee is similar to the management fee for a mutual fund. The fund charges anexpense ratio, typically 2%, that's taken out of the assets under management every year.</p><p><blockquote>对冲基金收取两种费用：管理费和绩效费。管理费类似于共同基金的管理费。该基金每年从管理的资产中扣除费用率，通常为2%。</blockquote></p><p> The performance fee, as the name implies, is based on the fund's performance, and it's usually 20% of the gains. So, if the fund increases by 10% one year, the fund takes 20% of the gains (2% of the investment), and the rest stays invested with the fund. If the fund loses money, there's no performance fee, but the investors still have to pay the management fee.</p><p><blockquote>业绩费，顾名思义，是基于基金的业绩，通常是收益的20%。因此，如果基金在一年内增长10%，基金将获得收益的20%（投资的2%），其余部分仍投资于基金。如果基金亏损，没有绩效费，但投资者仍需支付管理费。</blockquote></p><p> The most typical fee structure — a 2% management fee and a 20% performance fee — is known as 2-and-20.</p><p><blockquote>最典型的费用结构——2%的管理费和20%的绩效费——被称为2和20。</blockquote></p><p> <b>How are hedge funds regulated?</b></p><p><blockquote><b>对冲基金是如何监管的？</b></blockquote></p><p> Hedge funds only have to register with the SEC once they reach total assets under management of above $100 million. Beyond that, they must abide by Regulation D of the Securities Act of 1933 and limit their investors to accredited investors. That allows them to remain exempt from most reporting to the SEC and makes investing in a hedge fund much more opaque than investing in a mutual fund.</p><p><blockquote>对冲基金管理的总资产超过1亿美元后，只需向SEC注册。除此之外，他们必须遵守1933年证券法D条例，并将投资者限制为合格投资者。这使得他们可以免于向SEC提交大部分报告，并使投资对冲基金比投资共同基金更加不透明。</blockquote></p><p> <b>Additional considerations</b></p><p><blockquote><b>其他注意事项</b></blockquote></p><p> Hedge funds have shown worsening performance over the past 15 years or so even as the U.S. stock market has been on a tear. In fact, in&nbsp;bull markets, mutual funds may provide better returns than hedge funds net of fees since alternative investment strategies fail to keep up with the stock market.</p><p><blockquote>在过去15年左右的时间里，尽管美国股市一直在上涨，但对冲基金的表现却在恶化。事实上，在牛市中，共同基金可能比对冲基金提供更好的扣除费用的回报，因为另类投资策略无法跟上股市的步伐。</blockquote></p><p> That said, those strategies can be invaluable in&nbsp;bear markets. If the strategies have returns truly uncorrelated with U.S. stocks, they could provide positive returns as the stock market craters. That's when a hedge fund will really live up to its name.</p><p><blockquote>也就是说，这些策略在熊市中可能是无价的。如果这些策略的回报确实与美国股市无关，那么它们可以在股市暴跌时提供正回报。那就是对冲基金真正名副其实的时候。</blockquote></p><p> While hedge funds hold the promise of big returns supported by advanced trading strategies, they can go for long periods without producing the expected results. For patient investors, they could pay off.</p><p><blockquote>虽然对冲基金有望在先进的交易策略的支持下获得巨额回报，但它们可能会长期运作而不会产生预期的结果。对于耐心的投资者来说，他们可以获得回报。</blockquote></p><p> But perhaps the age when hedge funds could outperform the average investor is over. Today's technology makes it easier for retail investors to invest and use their own strategies, whether they're exceedingly simple or super complex. For most investors, a mutual fund will be able to meet all of their investing needs, but they're a bit more boring than hedge funds. But good investing is usually boring.</p><p><blockquote>但也许对冲基金表现优于普通投资者的时代已经结束。今天的技术使散户投资者更容易投资和使用自己的策略，无论它们是极其简单还是超级复杂。对于大多数投资者来说，共同基金将能够满足他们所有的投资需求，但它们比对冲基金更无聊。但好的投资通常是无聊的。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/how-to-invest/mutual-funds/hedge-fund-vs-mutual-fund/\">Motley Fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://www.fool.com/investing/how-to-invest/mutual-funds/hedge-fund-vs-mutual-fund/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1145502609","content_text":"Both hedge funds and mutual funds are investment products offering managed portfolios for investors, but that's about where the similarities end. Hedge funds target high-net-worth individuals and take on more complex and volatile trading strategies in an effort to produce positive returns for clients. Mutual funds are available to any investor, but they're more restricted in what they can trade. The main goal of a mutual fund manager is to outperform a benchmark index.\nIMAGE SOURCE: GETTY IMAGES.\nMajor takeaways\nMutual funds:\n\nPool money from all investors with minimum investments as low as $1.\nRegulated by the U.S. Securities and Exchange Commission (SEC).\nAvailable for trading every day the stock market is open.\nUsually buy and hold securities based on a specified strategy detailed in a prospectus.\nCharge a flat fee as a percentage of assets under management.\n\nHedge funds:\n\nPool money from accredited investors with a liquid net worth above $1 million or an annual income exceeding $200,000.\nStructured as general partnerships and not heavily regulated by the SEC.\nLimited windows to invest and withdraw funds.\nUse trading strategies including derivatives, shorting, and buying alternative assets.\nCharge fees based on performance as well as assets under management.\n\nWhat are mutual funds?\nA mutual fund is an easy way for individual investors to gain access to a managed portfolio of publicly traded securities such as stocks and bonds. Investors buy shares of a mutual fund, and their money gets pooled with other shareholders by the fund manager. The manager works to meet the objectives laid out in the prospectus, which will detail the benchmark index the manager's performance should be weighed against and the strategy they'll use to invest.\nInvestment strategies\nMutual funds are generally considered safer investments than hedge funds. That's because fund managers are limited in their ability to use riskier strategies such as leveraging their holdings, which can increase returns, but it also increases volatility.\nMutual funds buy publicly traded securities based on the manager's criteria. Those criteria could be very specific like buying pharmaceutical stocks the manager thinks are undervalued based on certain metrics, or they could be very general like simply buying every stock in the S&P 500 index. There's a wide range of strategies available to mutual fund investors, and the details are laid out for investors in the prospectus.\nTypes of mutual funds\nThere are a few different types of mutual funds investors should be aware of.\n\nActively managed vs. passive funds.Actively managed mutual funds are characterized by a fund manager who attempts to beat the fund's benchmark index by strategically buying and selling securities. Passive funds, or index funds, merely try to replicate the returns of the benchmark index by modeling a portfolio based on the index. Sometimes, the fund will just buy every security in the index.\nOpen-ended vs. closed-ended funds.Open-ended funds have no limit to the number of shares they can issue. Investors simply buy shares, and the fund manager takes new inflows and allocates them to the appropriate securities. Closed-ended funds have a limited number of shares, so the portfolio manager doesn't have to deal with inflows or outflows. In order to buy or sell shares, you have to find a buyer or seller on the open market.\nLoad vs. no-load funds.Funds with a load pay a commission to the broker who sells the investor the fund. The commission comes out of the investor's funds either at purchase (front-loaded) or at the sale of the mutual fund (back-loaded). No-load funds do not have such a commission.\n\nWho can invest?\nMutual funds are available to every investor. Some funds may have a minimum investment ranging from $100 to $10,000 or more. More and more funds have no minimum investment these days.\nHow mutual fund fees work\nMutual funds charge a management fee, which typically ranges between 1% and 2% of assets under management. Index funds usually have much lower fees. Some broad-based index funds have fees close to 0%.\nNote that the management fee is separate from the fees paid in loaded funds where the broker receives some of the investors' funds as well. The management fee goes directly to the mutual fund company, and it's paid annually.\nHow are mutual funds regulated?\nMutual funds must register with the SEC in order to sell shares publicly. The SEC enforces several regulations, including the Securities Act of 1933, which requires mutual funds to provide investors with certain information, including a description of the fund, information about management, and financial statements. The Investment Company Act of 1940 also requires mutual funds to provide details of their financial health and investment policies.\nWhat are hedge funds?\nA hedge fund is designed as a way for individual investors to gain access to the investment ideas and strategies of fund managers they believe have an edge on the market. Hedge funds are structured as general partnerships, and investors buy into the investment company directly as limited partners instead of buying publicly offered shares.\nInvestment strategies\nHedge funds aren't limited in the strategies they can use in order to produce positive and outsized returns for their investors. Hedge funds will use derivatives such as options and margin to gain leverage, and they maysell stocks short.\nHedge funds are also able to invest in just about any market:cryptocurrency, private real estate, or vintage single malt scotch. These are strategies unavailable in mutual funds due to SEC regulations. They're also much riskier strategies than simply buying publicly traded securities.\nWho can invest?\nHedge funds are only able to accept funds from accredited investors. The SEC defines an accredited investor as someone with a liquid net worth (home equity doesn't count) of $1 million or an annual income of $200,000 (or $300,000 with a spouse). The SEC believes that level of wealth makes an investor more sophisticated and better able to withstand the volatility and uncertainty associated with hedge funds.\nHedge funds often have minimum investments of $1 million or more. They typically limit investment windows, and they can have minimum holding periods. They can also restrict when investors can withdraw. As such, hedge fund investors require a good amount of liquidity outside of their investment in the hedge fund.\nHow hedge fund fees work\nHedge funds charge two types of fees: management fees and performance fees. A management fee is similar to the management fee for a mutual fund. The fund charges anexpense ratio, typically 2%, that's taken out of the assets under management every year.\nThe performance fee, as the name implies, is based on the fund's performance, and it's usually 20% of the gains. So, if the fund increases by 10% one year, the fund takes 20% of the gains (2% of the investment), and the rest stays invested with the fund. If the fund loses money, there's no performance fee, but the investors still have to pay the management fee.\nThe most typical fee structure — a 2% management fee and a 20% performance fee — is known as 2-and-20.\nHow are hedge funds regulated?\nHedge funds only have to register with the SEC once they reach total assets under management of above $100 million. Beyond that, they must abide by Regulation D of the Securities Act of 1933 and limit their investors to accredited investors. That allows them to remain exempt from most reporting to the SEC and makes investing in a hedge fund much more opaque than investing in a mutual fund.\nAdditional considerations\nHedge funds have shown worsening performance over the past 15 years or so even as the U.S. stock market has been on a tear. In fact, in bull markets, mutual funds may provide better returns than hedge funds net of fees since alternative investment strategies fail to keep up with the stock market.\nThat said, those strategies can be invaluable in bear markets. If the strategies have returns truly uncorrelated with U.S. stocks, they could provide positive returns as the stock market craters. That's when a hedge fund will really live up to its name.\nWhile hedge funds hold the promise of big returns supported by advanced trading strategies, they can go for long periods without producing the expected results. For patient investors, they could pay off.\nBut perhaps the age when hedge funds could outperform the average investor is over. Today's technology makes it easier for retail investors to invest and use their own strategies, whether they're exceedingly simple or super complex. For most investors, a mutual fund will be able to meet all of their investing needs, but they're a bit more boring than hedge funds. But good investing is usually boring.","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":444,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":811548015,"gmtCreate":1630333603437,"gmtModify":1704958675057,"author":{"id":"3576847817239184","authorId":"3576847817239184","name":"Bmaiw102","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576847817239184","idStr":"3576847817239184"},"themes":[],"htmlText":".","listText":".","text":".","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/811548015","repostId":"1175518391","repostType":4,"repost":{"id":"1175518391","kind":"news","pubTimestamp":1630331966,"share":"https://www.laohu8.com/m/news/1175518391?lang=zh_CN&edition=full","pubTime":"2021-08-30 21:59","market":"fut","language":"en","title":"Here's why this billionaire investor predicts cryptocurrencies will 'go to zero'<blockquote>这就是为什么这位亿万富翁投资者预测加密货币将“归零”</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1175518391","media":"Thestreet","summary":"Billionaire investor John Paulson had harsh words for cryptocurrencies Monday, calling digital curre","content":"<p>Billionaire investor John Paulson had harsh words for cryptocurrencies Monday, calling digital currencies \"a limited supply of nothing.\"</p><p><blockquote>亿万富翁投资者约翰·保尔森周一对加密货币发表了严厉的言论，称数字货币“供应有限”。</blockquote></p><p> Paulson,&nbsp;co-founder of Carlyle Group who became famous in 2007 by shorting the US housing market,&nbsp;made the comments to “Bloomberg Wealth with David Rubenstein,\" adding that cryptocurrencies are a bubble that will \"eventually prove to be worthless.”</p><p><blockquote>2007年因做空美国房地产市场而成名的凯雷集团联合创始人保尔森向《大卫·鲁宾斯坦的彭博财富》发表了上述言论，并补充说，加密货币是一个泡沫，“最终将被证明一文不值”。</blockquote></p><p> \"I would describe them as a limited supply of nothing,\" he said. \"There’s no intrinsic value to any of the cryptocurrencies except that there’s a limited amount.\"</p><p><blockquote>“我会把它们描述为供应有限，什么都没有，”他说。“除了数量有限之外，任何加密货币都没有内在价值。”</blockquote></p><p> \"Once the exuberance wears off, or liquidity dries up, they will go to zero,\" he added. \"I wouldn’t recommend anyone invest in cryptocurrencies.\"</p><p><blockquote>“一旦繁荣消退，或者流动性枯竭，它们就会归零，”他补充道。“我不建议任何人投资加密货币。”</blockquote></p><p> Bitcoin was off nearly 1% to $47,818 on Monday, according to CoinDesk, but it sill holding on to a year-to-date gain of 65.5%, while Ethereum was down slightly at $3,179 and Dogecoin was off marginally at 27 cents each.</p><p><blockquote>根据CoinDesk的数据，比特币周一下跌近1%，至47,818美元，但仍保持今年迄今65.5%的涨幅，而以太币小幅下跌至3,179美元，狗狗币小幅下跌27美分。</blockquote></p><p> James Edwards, cryptocurrency specialist at&nbsp;Finder, said \"Bitcoin is taking a back seat right now as the competition between layer-1 protocols like Cardano, Solana and Avalanche heats up.\"</p><p><blockquote>Finder的加密货币专家James Edwards表示，“随着Cardano、Solana和Avalanche等第1层协议之间的竞争加剧，比特币现在正在退居二线。”</blockquote></p><p> \"Bitcoin is likely to hover around psychological resistance at $50,000 until a catalyst event stimulates the next wave of buying,\" he said.</p><p><blockquote>他表示：“比特币可能会在50,000美元的心理阻力附近徘徊，直到催化剂事件刺激下一波买盘。”</blockquote></p><p> Markets are still focused on the public narrative right now, Edwards added, \"so if there is no major news event such as another major tech company adding Bitcoin to their balance sheet, then I wouldn't be surprised to see it retrace as low as $43,000, based on previous market cycles.\"</p><p><blockquote>Edwards补充道，目前市场仍然关注公众叙事，“因此，如果没有重大新闻事件，例如另一家大型科技公司将比特币纳入其资产负债表，那么我不会惊讶地看到其回撤低至43,000美元，基于之前的市场周期。”</blockquote></p><p> In other cryptocurrency news,&nbsp;Citigroup&nbsp;(<b>C</b>) -Get Citigroup Inc. Report&nbsp;said last week it was considering offering bitcoin futures trading for some institutional clients, citing increased demand in the cryptocurrency space.</p><p><blockquote>在其他加密货币新闻中，花旗集团（<b>C</b>)-获取花旗集团报告上周表示，该公司正在考虑为一些机构客户提供比特币期货交易，理由是加密货币领域的需求增加。</blockquote></p><p> Cryptocurrency analysts noted that governments around the world are stepping up their efforts to regulated cryptocurrencies.</p><p><blockquote>加密货币分析师指出，世界各国政府正在加大对加密货币的监管力度。</blockquote></p><p> Winston Ma, a former managing director and head of North America at China Investment Corp., said Canada has been enforcing a tightened regime for cryptocurrency exchanges in recent months.</p><p><blockquote>中国投资公司（China Investment Corp.）前董事总经理兼北美负责人温斯顿·马（Winston Ma）表示，近几个月来，加拿大一直在对加密货币交易所实施更严格的制度。</blockquote></p><p> He noted that the Ontario Securities Commission has barred a pair of trading platforms that offer crypto services from trading the popular stablecoin Tether, according to regulatory documents.</p><p><blockquote>他指出，根据监管文件，安大略省证券委员会已禁止两家提供加密服务的交易平台交易流行的稳定币泰达币。</blockquote></p><p> \"It seems that Canada is joining the US and China, the two largest crypto markets and also the two most powerful regulatory enforcers, in taking regulatory actions against stablecoins like Tether,\" said Ma.,&nbsp;author of \"The Digital War - How China’s Tech Power Shapes the Future of AI, Blockchain and Cyberspace.\"</p><p><blockquote>“加拿大似乎正在加入美国和中国这两个最大的加密货币市场，也是两个最强大的监管执法者的行列，对泰达币等稳定币采取监管行动，”《数字战争——中国的技术力量如何塑造人工智能、区块链和网络空间的未来。”</blockquote></p><p> While the major economies of the world don’t agree on much these days. Ma said \"there’s one issue on which both superpowers see eye to eye: the regulation of 'stablecoins'”.</p><p><blockquote>而如今世界主要经济体在很多问题上并没有达成一致。马云表示，“两个超级大国在一个问题上意见一致：‘稳定币’的监管”。</blockquote></p><p> David Lesperance, managing partner of immigration and tax adviser withLesperance &amp; Associates, said \"those with undisclosed cryptocurrency are facing a cross-roads.\"</p><p><blockquote>Lesperance&amp;Associates移民和税务顾问的管理合伙人David Lesperance说：“那些拥有未披露加密货币的人正面临一个十字路口。”</blockquote></p><p> They can either retain expert counsel to do a tax efficient disclosure to bring themselves in compliance, or \"condemn yourself to playing hide and seek with a tax authority who has unlimited time and resources and is joined globally by other tax authorities who can also out you.\"</p><p><blockquote>他们可以聘请专家顾问来进行税务高效的披露，以使自己合规，或者“谴责自己与拥有无限时间和资源的税务机关玩捉迷藏，并且在全球范围内还有其他税务机关也可以击败你。”</blockquote></p><p> For those who had previously chosen \"Path B\" because they thought they could hide behind \"mixers\",&nbsp;Lesperance said, they should note the case of Larry Dean Harmon.</p><p><blockquote>莱斯佩兰斯说，对于那些以前因为认为可以躲在“混合器”后面而选择“路径B”的人来说，他们应该注意拉里·迪恩·哈蒙的案例。</blockquote></p><p> Harmon,&nbsp;38, of Akron, Ohio,&nbsp;ran a mixer called Helix, which federal investigators said&nbsp;allowed customers for a fee, to send bitcoin to designated recipients in a manner that was designed to conceal the source or owner of the bitcoin</p><p><blockquote>38岁的Harmon来自Akron，他经营着一家名为Helix的混音器，联邦调查人员称，该混音器允许用户付费向指定收件人发送比特币，其目的是隐藏比特币的来源或所有者</blockquote></p><p> \"Harmon pleaded guilty recently&nbsp;conspiracy to launder monetary instruments,\"&nbsp;Lesperance said.&nbsp;\"Facing up to 20 years in prison, it is reasonable to think that his records are a major bargaining chip in his sentencing negotiations.\"</p><p><blockquote>“哈蒙最近承认共谋洗钱，”莱斯佩兰斯说，“面临最高20年的监禁，有理由认为他的记录是他量刑谈判的一个主要筹码。”</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>Here's why this billionaire investor predicts cryptocurrencies will 'go to zero'<blockquote>这就是为什么这位亿万富翁投资者预测加密货币将“归零”</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHere's why this billionaire investor predicts cryptocurrencies will 'go to zero'<blockquote>这就是为什么这位亿万富翁投资者预测加密货币将“归零”</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Thestreet</strong><span class=\"h-time small\">2021-08-30 21:59</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Billionaire investor John Paulson had harsh words for cryptocurrencies Monday, calling digital currencies \"a limited supply of nothing.\"</p><p><blockquote>亿万富翁投资者约翰·保尔森周一对加密货币发表了严厉的言论，称数字货币“供应有限”。</blockquote></p><p> Paulson,&nbsp;co-founder of Carlyle Group who became famous in 2007 by shorting the US housing market,&nbsp;made the comments to “Bloomberg Wealth with David Rubenstein,\" adding that cryptocurrencies are a bubble that will \"eventually prove to be worthless.”</p><p><blockquote>2007年因做空美国房地产市场而成名的凯雷集团联合创始人保尔森向《大卫·鲁宾斯坦的彭博财富》发表了上述言论，并补充说，加密货币是一个泡沫，“最终将被证明一文不值”。</blockquote></p><p> \"I would describe them as a limited supply of nothing,\" he said. \"There’s no intrinsic value to any of the cryptocurrencies except that there’s a limited amount.\"</p><p><blockquote>“我会把它们描述为供应有限，什么都没有，”他说。“除了数量有限之外，任何加密货币都没有内在价值。”</blockquote></p><p> \"Once the exuberance wears off, or liquidity dries up, they will go to zero,\" he added. \"I wouldn’t recommend anyone invest in cryptocurrencies.\"</p><p><blockquote>“一旦繁荣消退，或者流动性枯竭，它们就会归零，”他补充道。“我不建议任何人投资加密货币。”</blockquote></p><p> Bitcoin was off nearly 1% to $47,818 on Monday, according to CoinDesk, but it sill holding on to a year-to-date gain of 65.5%, while Ethereum was down slightly at $3,179 and Dogecoin was off marginally at 27 cents each.</p><p><blockquote>根据CoinDesk的数据，比特币周一下跌近1%，至47,818美元，但仍保持今年迄今65.5%的涨幅，而以太币小幅下跌至3,179美元，狗狗币小幅下跌27美分。</blockquote></p><p> James Edwards, cryptocurrency specialist at&nbsp;Finder, said \"Bitcoin is taking a back seat right now as the competition between layer-1 protocols like Cardano, Solana and Avalanche heats up.\"</p><p><blockquote>Finder的加密货币专家James Edwards表示，“随着Cardano、Solana和Avalanche等第1层协议之间的竞争加剧，比特币现在正在退居二线。”</blockquote></p><p> \"Bitcoin is likely to hover around psychological resistance at $50,000 until a catalyst event stimulates the next wave of buying,\" he said.</p><p><blockquote>他表示：“比特币可能会在50,000美元的心理阻力附近徘徊，直到催化剂事件刺激下一波买盘。”</blockquote></p><p> Markets are still focused on the public narrative right now, Edwards added, \"so if there is no major news event such as another major tech company adding Bitcoin to their balance sheet, then I wouldn't be surprised to see it retrace as low as $43,000, based on previous market cycles.\"</p><p><blockquote>Edwards补充道，目前市场仍然关注公众叙事，“因此，如果没有重大新闻事件，例如另一家大型科技公司将比特币纳入其资产负债表，那么我不会惊讶地看到其回撤低至43,000美元，基于之前的市场周期。”</blockquote></p><p> In other cryptocurrency news,&nbsp;Citigroup&nbsp;(<b>C</b>) -Get Citigroup Inc. Report&nbsp;said last week it was considering offering bitcoin futures trading for some institutional clients, citing increased demand in the cryptocurrency space.</p><p><blockquote>在其他加密货币新闻中，花旗集团（<b>C</b>)-获取花旗集团报告上周表示，该公司正在考虑为一些机构客户提供比特币期货交易，理由是加密货币领域的需求增加。</blockquote></p><p> Cryptocurrency analysts noted that governments around the world are stepping up their efforts to regulated cryptocurrencies.</p><p><blockquote>加密货币分析师指出，世界各国政府正在加大对加密货币的监管力度。</blockquote></p><p> Winston Ma, a former managing director and head of North America at China Investment Corp., said Canada has been enforcing a tightened regime for cryptocurrency exchanges in recent months.</p><p><blockquote>中国投资公司（China Investment Corp.）前董事总经理兼北美负责人温斯顿·马（Winston Ma）表示，近几个月来，加拿大一直在对加密货币交易所实施更严格的制度。</blockquote></p><p> He noted that the Ontario Securities Commission has barred a pair of trading platforms that offer crypto services from trading the popular stablecoin Tether, according to regulatory documents.</p><p><blockquote>他指出，根据监管文件，安大略省证券委员会已禁止两家提供加密服务的交易平台交易流行的稳定币泰达币。</blockquote></p><p> \"It seems that Canada is joining the US and China, the two largest crypto markets and also the two most powerful regulatory enforcers, in taking regulatory actions against stablecoins like Tether,\" said Ma.,&nbsp;author of \"The Digital War - How China’s Tech Power Shapes the Future of AI, Blockchain and Cyberspace.\"</p><p><blockquote>“加拿大似乎正在加入美国和中国这两个最大的加密货币市场，也是两个最强大的监管执法者的行列，对泰达币等稳定币采取监管行动，”《数字战争——中国的技术力量如何塑造人工智能、区块链和网络空间的未来。”</blockquote></p><p> While the major economies of the world don’t agree on much these days. Ma said \"there’s one issue on which both superpowers see eye to eye: the regulation of 'stablecoins'”.</p><p><blockquote>而如今世界主要经济体在很多问题上并没有达成一致。马云表示，“两个超级大国在一个问题上意见一致：‘稳定币’的监管”。</blockquote></p><p> David Lesperance, managing partner of immigration and tax adviser withLesperance &amp; Associates, said \"those with undisclosed cryptocurrency are facing a cross-roads.\"</p><p><blockquote>Lesperance&amp;Associates移民和税务顾问的管理合伙人David Lesperance说：“那些拥有未披露加密货币的人正面临一个十字路口。”</blockquote></p><p> They can either retain expert counsel to do a tax efficient disclosure to bring themselves in compliance, or \"condemn yourself to playing hide and seek with a tax authority who has unlimited time and resources and is joined globally by other tax authorities who can also out you.\"</p><p><blockquote>他们可以聘请专家顾问来进行税务高效的披露，以使自己合规，或者“谴责自己与拥有无限时间和资源的税务机关玩捉迷藏，并且在全球范围内还有其他税务机关也可以击败你。”</blockquote></p><p> For those who had previously chosen \"Path B\" because they thought they could hide behind \"mixers\",&nbsp;Lesperance said, they should note the case of Larry Dean Harmon.</p><p><blockquote>莱斯佩兰斯说，对于那些以前因为认为可以躲在“混合器”后面而选择“路径B”的人来说，他们应该注意拉里·迪恩·哈蒙的案例。</blockquote></p><p> Harmon,&nbsp;38, of Akron, Ohio,&nbsp;ran a mixer called Helix, which federal investigators said&nbsp;allowed customers for a fee, to send bitcoin to designated recipients in a manner that was designed to conceal the source or owner of the bitcoin</p><p><blockquote>38岁的Harmon来自Akron，他经营着一家名为Helix的混音器，联邦调查人员称，该混音器允许用户付费向指定收件人发送比特币，其目的是隐藏比特币的来源或所有者</blockquote></p><p> \"Harmon pleaded guilty recently&nbsp;conspiracy to launder monetary instruments,\"&nbsp;Lesperance said.&nbsp;\"Facing up to 20 years in prison, it is reasonable to think that his records are a major bargaining chip in his sentencing negotiations.\"</p><p><blockquote>“哈蒙最近承认共谋洗钱，”莱斯佩兰斯说，“面临最高20年的监禁，有理由认为他的记录是他量刑谈判的一个主要筹码。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/investing/cryptocurrency-price-check-paulson-calls-crypto-worthless-bubble?puc=yahoo&cm_ven=YAHOO\">Thestreet</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc."},"source_url":"https://www.thestreet.com/investing/cryptocurrency-price-check-paulson-calls-crypto-worthless-bubble?puc=yahoo&cm_ven=YAHOO","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175518391","content_text":"Billionaire investor John Paulson had harsh words for cryptocurrencies Monday, calling digital currencies \"a limited supply of nothing.\"\nPaulson, co-founder of Carlyle Group who became famous in 2007 by shorting the US housing market, made the comments to “Bloomberg Wealth with David Rubenstein,\" adding that cryptocurrencies are a bubble that will \"eventually prove to be worthless.”\n\"I would describe them as a limited supply of nothing,\" he said. \"There’s no intrinsic value to any of the cryptocurrencies except that there’s a limited amount.\"\n\"Once the exuberance wears off, or liquidity dries up, they will go to zero,\" he added. \"I wouldn’t recommend anyone invest in cryptocurrencies.\"\nBitcoin was off nearly 1% to $47,818 on Monday, according to CoinDesk, but it sill holding on to a year-to-date gain of 65.5%, while Ethereum was down slightly at $3,179 and Dogecoin was off marginally at 27 cents each.\nJames Edwards, cryptocurrency specialist at Finder, said \"Bitcoin is taking a back seat right now as the competition between layer-1 protocols like Cardano, Solana and Avalanche heats up.\"\n\"Bitcoin is likely to hover around psychological resistance at $50,000 until a catalyst event stimulates the next wave of buying,\" he said.\nMarkets are still focused on the public narrative right now, Edwards added, \"so if there is no major news event such as another major tech company adding Bitcoin to their balance sheet, then I wouldn't be surprised to see it retrace as low as $43,000, based on previous market cycles.\"\nIn other cryptocurrency news, Citigroup (C) -Get Citigroup Inc. Report said last week it was considering offering bitcoin futures trading for some institutional clients, citing increased demand in the cryptocurrency space.\nCryptocurrency analysts noted that governments around the world are stepping up their efforts to regulated cryptocurrencies.\nWinston Ma, a former managing director and head of North America at China Investment Corp., said Canada has been enforcing a tightened regime for cryptocurrency exchanges in recent months.\nHe noted that the Ontario Securities Commission has barred a pair of trading platforms that offer crypto services from trading the popular stablecoin Tether, according to regulatory documents.\n\"It seems that Canada is joining the US and China, the two largest crypto markets and also the two most powerful regulatory enforcers, in taking regulatory actions against stablecoins like Tether,\" said Ma., author of \"The Digital War - How China’s Tech Power Shapes the Future of AI, Blockchain and Cyberspace.\"\nWhile the major economies of the world don’t agree on much these days. Ma said \"there’s one issue on which both superpowers see eye to eye: the regulation of 'stablecoins'”.\nDavid Lesperance, managing partner of immigration and tax adviser withLesperance & Associates, said \"those with undisclosed cryptocurrency are facing a cross-roads.\"\nThey can either retain expert counsel to do a tax efficient disclosure to bring themselves in compliance, or \"condemn yourself to playing hide and seek with a tax authority who has unlimited time and resources and is joined globally by other tax authorities who can also out you.\"\nFor those who had previously chosen \"Path B\" because they thought they could hide behind \"mixers\", Lesperance said, they should note the case of Larry Dean Harmon.\nHarmon, 38, of Akron, Ohio, ran a mixer called Helix, which federal investigators said allowed customers for a fee, to send bitcoin to designated recipients in a manner that was designed to conceal the source or owner of the bitcoin\n\"Harmon pleaded guilty recently conspiracy to launder monetary instruments,\" Lesperance said. \"Facing up to 20 years in prison, it is reasonable to think that his records are a major bargaining chip in his sentencing negotiations.\"","news_type":1,"symbols_score_info":{"COIN":0.9}},"isVote":1,"tweetType":1,"viewCount":440,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":836331943,"gmtCreate":1629453558482,"gmtModify":1631889151997,"author":{"id":"3576847817239184","authorId":"3576847817239184","name":"Bmaiw102","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576847817239184","idStr":"3576847817239184"},"themes":[],"htmlText":".","listText":".","text":".","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/836331943","repostId":"2160715244","repostType":4,"isVote":1,"tweetType":1,"viewCount":287,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}