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JudithWAH

JudithWAH

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2021-09-06

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Is the U.S. stock market open on Labor Day?<blockquote>美国股市在劳动节开市吗？</blockquote>

2021-08-28

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2021-03-05

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2021-08-01

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2021-07-29

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2021-06-08

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2021-04-13

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2021-03-26

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2021-03-25

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2021-09-05

Aaa

Beat the market with this quant system that’s very bullish on stocks at record highs<blockquote>利用这个量化系统战胜市场，该系统非常看好创纪录高点的股票</blockquote>

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07:40","market":"us","language":"en","title":"Is the U.S. stock market open on Labor Day?<blockquote>美国股市在劳动节开市吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1126654067","media":"MarketWatch","summary":"It is unofficially summer’s last hurrah for Wall Street investors.\nU.S. financial markets will be cl","content":"<p>It is unofficially summer’s last hurrah for Wall Street investors.</p><p><blockquote>对于华尔街投资者来说，这是非正式的夏季最后一次欢呼。</blockquote></p><p> U.S. financial markets will be closed for Labor Day on Monday, Sept. 6, marking a three-day weekend in the U.S., following what has been a mostly spectacular run for the stock market. The rally came despite concerns about the spread of the delta variant of the coronavirus and unease about the timetable for an eventual rollback of easy-money policies implemented by the Federal Reserve at the onset of the pandemic last year.</p><p><blockquote>美国金融市场将于 9 月 6 日星期一劳动节休市，标志着美国为期三天的周末，此前股市经历了大部分精彩的表现。尽管人们对冠状病毒德尔塔变异毒株的传播感到担忧，并且对美联储在去年疫情爆发时实施的宽松货币政策最终撤销的时间表感到不安，但股市还是出现了上涨。</blockquote></p><p> On Monday, U.S. stock exchanges, including the Intercontinental Exchange Inc.&nbsp;-owned New York Stock Exchange and Nasdaq Inc.,will be closed, so don’t look for any action in individual stocks or indexes including the Dow Jones Industrial Average,&nbsp;S&amp;P 500&nbsp;or Nasdaq Composite indexes.</p><p><blockquote>周一，美国证券交易所，包括洲际交易所（Intercontinental Exchange Inc.）和纳斯达克公司旗下的纽约证券交易所（New York Stock Exchange Inc.）将休市，因此不要关注道琼斯工业平均指数、标普500指数或纳斯达克综合指数等个股或指数的任何波动。</blockquote></p><p> The S&amp;P 500 has already notched 54 record closing highs in 2021 and was looking for its 55th on Friday, while the Nasdaq Composite&nbsp;was on track to book its 35th&nbsp;all-time high of the year. The Dow stood less than a percentage point from its Aug. 16 record, mid-afternoon Friday.</p><p><blockquote>标普500指数在 2021 年已创下 54 个收盘历史新高，并有望在周五创下第 55 个收盘历史新高，而纳斯达克综合指数有望创下今年第 35 个历史新高。周五下午三点左右，道琼斯指数较 8 月 16 日的纪录上涨不到一个百分点。</blockquote></p><p> Sifma, the securities-industry trade group for fixed-income, also has recommended the bond market close on Labor Day, including trading in the 10-year Treasury note,which was&nbsp;yielding around 1.33%&nbsp;after the U.S. August jobs report came in weaker than expected.</p><p><blockquote>固定收益证券行业贸易组织Sifma也建议劳动节债券市场休市，包括交易10年期国债，在美国8月就业报告弱于预期后，10年期国债收益率约为1.33%。</blockquote></p><p> However, the&nbsp;Labor Department’s employment report,which showed that&nbsp;235,000 jobs were created in August, far below expectations for more than 700,000, failed to dull expectations among sovereign debt investors for a near-term announcement of tapering of the Fed’s $120 billion in monthly purchases in Treasurys and mortgage-backed securities.</p><p><blockquote>然而，美国劳工部的就业报告显示，8 月份新增就业岗位 23.5 万个，远低于预期的 70 多万个，但未能降低主权债务投资者对美联储近期宣布缩减每月 1200 亿美元国债和抵押贷款支持证券购买规模的预期。</blockquote></p><p> Trading in most commodity futures, including Nymex crude-oil&nbsp;and Comex gold,on U.S. exchanges will also be halted Monday.</p><p><blockquote>美国交易所大多数商品期货交易，包括 Nymex 原油和 Comex 黄金，也将于周一停止交易。</blockquote></p><p> Is there any significance to the holiday for average investors, besides the time off in the U.S. and the barbecues?</p><p><blockquote>除了在美国度假和烧烤之外，这个假期对普通投资者来说还有什么意义吗？</blockquote></p><p> Probably not.</p><p><blockquote>可能不会。</blockquote></p><p> But the May Memorial Day to September Labor Day period in recent years has proven a bullish stretch one for investors, according to Dow Jones Market Data. The Dow, for example, is up by about 2% over that period and averages a gain of 1.3%, producing a winning record 65% of the time. The Dow is currently enjoying a win streak, over the past six Memorial Day/Labor Day periods, representing the longest win streak since 1989. Last year, the markets gained nearly 15% over that time.</p><p><blockquote>但道琼斯市场数据显示，近年来五月阵亡将士纪念日至九月劳动节期间对投资者来说是一个看涨时期。例如，道琼斯指数在此期间上涨了约 2%，平均上涨 1.3%，65% 的时间都创下了上涨纪录。道琼斯指数目前在过去六个阵亡将士纪念日/劳动节期间取得连胜，这是自1989年以来最长的连胜纪录。去年，市场在此期间上涨了近 15%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f3f0f061a4ddd2ca31c53f8aa68e3cce\" tg-width=\"699\" tg-height=\"564\" width=\"100%\" height=\"auto\"><span>DOW JONES MARKET DATA</span></p><p><blockquote><p class=\"t-img-caption\"><span>道琼斯市场数据</span></p></blockquote></p><p> The S&amp;P 500 is on a similar win streak and is up nearly 8% so far this Memorial Day-Labor Day period. It has risen more than 70% over that period in past years and averages a 1.7% gain. The broad-market index rose 16% during that time in 2020.</p><p><blockquote>标普500也取得了类似的连胜势头，在阵亡将士纪念日-劳动节期间迄今已上涨近 8%。过去几年同期上涨了 70% 以上，平均涨幅为 1.7%。2020 年同期，大盘指数上涨了 16%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0c780a46e32d055feb3e3f5e10fc987f\" tg-width=\"699\" tg-height=\"564\" width=\"100%\" height=\"auto\"><span>DOW JONES MARKET DATA</span></p><p><blockquote><p class=\"t-img-caption\"><span>道琼斯市场数据</span></p></blockquote></p><p> But if there is a bona fide trend in the Labor Day trading it may be this one that MarketWatch’s&nbsp;Steve Goldstein reports, quoting Raymond James strategist Tavis McCourt, who says that in the last two years, there was a big value and cyclical bias in stock markets after the holiday, and in 2018, markets basically collapsed after the summer drew to a close.</p><p><blockquote>但如果说劳动节交易有一个真正的趋势，那可能就是 MarketWatch 的史蒂夫-戈尔茨坦（Steve Goldstein）援引雷蒙德-詹姆斯（Raymond James）策略师塔维斯-麦考特（Tavis McCourt）的话说，在过去两年中，节后股市存在很大的价值和周期性偏差，2018 年，市场在夏季结束后基本上崩溃了。</blockquote></p><p> It is impossible to know if the stock market rally will peter out similarly this time around but there is a growing sense on Wall Street that valuations are too lofty and equity indexes are due for a pullback of at least 5% or better from current heights.</p><p><blockquote>不可能知道这次股市上涨是否会类似地消失，但华尔街越来越认为估值过高，股指将从当前高点回调至少 5% 或更多。</blockquote></p><p> Markets will be back to business as usual on Tuesday and, of course, European bourses, including London’s FTSE 100&nbsp;index and the pan-European Stoxx Europe 600&nbsp;will be open on Monday, as well as Asian markets, the Nikkei 225,Hong Kong’s Hang Seng&nbsp;and the Shanghai Composite Index.</p><p><blockquote>周二市场将恢复正常交易，当然，包括伦敦富时 100 指数和泛欧斯托克欧洲 600 指数在内的欧洲证券交易所将于周一开盘，亚洲市场、日经 225 指数、香港恒生指数和上证综合指数也将开盘。</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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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\">\nIs the U.S. stock market open on Labor Day?<blockquote>美国股市在劳动节开市吗？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-09-06 07:40</span>\n</p>\n</h4>\n</header>\n<article>\n<p>It is unofficially summer’s last hurrah for Wall Street investors.</p><p><blockquote>对于华尔街投资者来说，这是非正式的夏季最后一次欢呼。</blockquote></p><p> U.S. financial markets will be closed for Labor Day on Monday, Sept. 6, marking a three-day weekend in the U.S., following what has been a mostly spectacular run for the stock market. The rally came despite concerns about the spread of the delta variant of the coronavirus and unease about the timetable for an eventual rollback of easy-money policies implemented by the Federal Reserve at the onset of the pandemic last year.</p><p><blockquote>美国金融市场将于 9 月 6 日星期一劳动节休市，标志着美国为期三天的周末，此前股市经历了大部分精彩的表现。尽管人们对冠状病毒德尔塔变异毒株的传播感到担忧，并且对美联储在去年疫情爆发时实施的宽松货币政策最终撤销的时间表感到不安，但股市还是出现了上涨。</blockquote></p><p> On Monday, U.S. stock exchanges, including the Intercontinental Exchange Inc.&nbsp;-owned New York Stock Exchange and Nasdaq Inc.,will be closed, so don’t look for any action in individual stocks or indexes including the Dow Jones Industrial Average,&nbsp;S&amp;P 500&nbsp;or Nasdaq Composite indexes.</p><p><blockquote>周一，美国证券交易所，包括洲际交易所（Intercontinental Exchange Inc.）和纳斯达克公司旗下的纽约证券交易所（New York Stock Exchange Inc.）将休市，因此不要关注道琼斯工业平均指数、标普500指数或纳斯达克综合指数等个股或指数的任何波动。</blockquote></p><p> The S&amp;P 500 has already notched 54 record closing highs in 2021 and was looking for its 55th on Friday, while the Nasdaq Composite&nbsp;was on track to book its 35th&nbsp;all-time high of the year. The Dow stood less than a percentage point from its Aug. 16 record, mid-afternoon Friday.</p><p><blockquote>标普500指数在 2021 年已创下 54 个收盘历史新高，并有望在周五创下第 55 个收盘历史新高，而纳斯达克综合指数有望创下今年第 35 个历史新高。周五下午三点左右，道琼斯指数较 8 月 16 日的纪录上涨不到一个百分点。</blockquote></p><p> Sifma, the securities-industry trade group for fixed-income, also has recommended the bond market close on Labor Day, including trading in the 10-year Treasury note,which was&nbsp;yielding around 1.33%&nbsp;after the U.S. August jobs report came in weaker than expected.</p><p><blockquote>固定收益证券行业贸易组织Sifma也建议劳动节债券市场休市，包括交易10年期国债，在美国8月就业报告弱于预期后，10年期国债收益率约为1.33%。</blockquote></p><p> However, the&nbsp;Labor Department’s employment report,which showed that&nbsp;235,000 jobs were created in August, far below expectations for more than 700,000, failed to dull expectations among sovereign debt investors for a near-term announcement of tapering of the Fed’s $120 billion in monthly purchases in Treasurys and mortgage-backed securities.</p><p><blockquote>然而，美国劳工部的就业报告显示，8 月份新增就业岗位 23.5 万个，远低于预期的 70 多万个，但未能降低主权债务投资者对美联储近期宣布缩减每月 1200 亿美元国债和抵押贷款支持证券购买规模的预期。</blockquote></p><p> Trading in most commodity futures, including Nymex crude-oil&nbsp;and Comex gold,on U.S. exchanges will also be halted Monday.</p><p><blockquote>美国交易所大多数商品期货交易，包括 Nymex 原油和 Comex 黄金，也将于周一停止交易。</blockquote></p><p> Is there any significance to the holiday for average investors, besides the time off in the U.S. and the barbecues?</p><p><blockquote>除了在美国度假和烧烤之外，这个假期对普通投资者来说还有什么意义吗？</blockquote></p><p> Probably not.</p><p><blockquote>可能不会。</blockquote></p><p> But the May Memorial Day to September Labor Day period in recent years has proven a bullish stretch one for investors, according to Dow Jones Market Data. The Dow, for example, is up by about 2% over that period and averages a gain of 1.3%, producing a winning record 65% of the time. The Dow is currently enjoying a win streak, over the past six Memorial Day/Labor Day periods, representing the longest win streak since 1989. Last year, the markets gained nearly 15% over that time.</p><p><blockquote>但道琼斯市场数据显示，近年来五月阵亡将士纪念日至九月劳动节期间对投资者来说是一个看涨时期。例如，道琼斯指数在此期间上涨了约 2%，平均上涨 1.3%，65% 的时间都创下了上涨纪录。道琼斯指数目前在过去六个阵亡将士纪念日/劳动节期间取得连胜，这是自1989年以来最长的连胜纪录。去年，市场在此期间上涨了近 15%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f3f0f061a4ddd2ca31c53f8aa68e3cce\" tg-width=\"699\" tg-height=\"564\" width=\"100%\" height=\"auto\"><span>DOW JONES MARKET DATA</span></p><p><blockquote><p class=\"t-img-caption\"><span>道琼斯市场数据</span></p></blockquote></p><p> The S&amp;P 500 is on a similar win streak and is up nearly 8% so far this Memorial Day-Labor Day period. It has risen more than 70% over that period in past years and averages a 1.7% gain. The broad-market index rose 16% during that time in 2020.</p><p><blockquote>标普500也取得了类似的连胜势头，在阵亡将士纪念日-劳动节期间迄今已上涨近 8%。过去几年同期上涨了 70% 以上，平均涨幅为 1.7%。2020 年同期，大盘指数上涨了 16%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0c780a46e32d055feb3e3f5e10fc987f\" tg-width=\"699\" tg-height=\"564\" width=\"100%\" height=\"auto\"><span>DOW JONES MARKET DATA</span></p><p><blockquote><p class=\"t-img-caption\"><span>道琼斯市场数据</span></p></blockquote></p><p> But if there is a bona fide trend in the Labor Day trading it may be this one that MarketWatch’s&nbsp;Steve Goldstein reports, quoting Raymond James strategist Tavis McCourt, who says that in the last two years, there was a big value and cyclical bias in stock markets after the holiday, and in 2018, markets basically collapsed after the summer drew to a close.</p><p><blockquote>但如果说劳动节交易有一个真正的趋势，那可能就是 MarketWatch 的史蒂夫-戈尔茨坦（Steve Goldstein）援引雷蒙德-詹姆斯（Raymond James）策略师塔维斯-麦考特（Tavis McCourt）的话说，在过去两年中，节后股市存在很大的价值和周期性偏差，2018 年，市场在夏季结束后基本上崩溃了。</blockquote></p><p> It is impossible to know if the stock market rally will peter out similarly this time around but there is a growing sense on Wall Street that valuations are too lofty and equity indexes are due for a pullback of at least 5% or better from current heights.</p><p><blockquote>不可能知道这次股市上涨是否会类似地消失，但华尔街越来越认为估值过高，股指将从当前高点回调至少 5% 或更多。</blockquote></p><p> Markets will be back to business as usual on Tuesday and, of course, European bourses, including London’s FTSE 100&nbsp;index and the pan-European Stoxx Europe 600&nbsp;will be open on Monday, as well as Asian markets, the Nikkei 225,Hong Kong’s Hang Seng&nbsp;and the Shanghai Composite Index.</p><p><blockquote>周二市场将恢复正常交易，当然，包括伦敦富时 100 指数和泛欧斯托克欧洲 600 指数在内的欧洲证券交易所将于周一开盘，亚洲市场、日经 225 指数、香港恒生指数和上证综合指数也将开盘。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/is-the-u-s-stock-market-open-on-labor-day-11630697597?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite","ICE":"洲际交易所",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.marketwatch.com/story/is-the-u-s-stock-market-open-on-labor-day-11630697597?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1126654067","content_text":"It is unofficially summer’s last hurrah for Wall Street investors.\nU.S. financial markets will be closed for Labor Day on Monday, Sept. 6, marking a three-day weekend in the U.S., following what has been a mostly spectacular run for the stock market. The rally came despite concerns about the spread of the delta variant of the coronavirus and unease about the timetable for an eventual rollback of easy-money policies implemented by the Federal Reserve at the onset of the pandemic last year.\nOn Monday, U.S. stock exchanges, including the Intercontinental Exchange Inc. -owned New York Stock Exchange and Nasdaq Inc.,will be closed, so don’t look for any action in individual stocks or indexes including the Dow Jones Industrial Average, S&P 500 or Nasdaq Composite indexes.\nThe S&P 500 has already notched 54 record closing highs in 2021 and was looking for its 55th on Friday, while the Nasdaq Composite was on track to book its 35th all-time high of the year. The Dow stood less than a percentage point from its Aug. 16 record, mid-afternoon Friday.\nSifma, the securities-industry trade group for fixed-income, also has recommended the bond market close on Labor Day, including trading in the 10-year Treasury note,which was yielding around 1.33% after the U.S. August jobs report came in weaker than expected.\nHowever, the Labor Department’s employment report,which showed that 235,000 jobs were created in August, far below expectations for more than 700,000, failed to dull expectations among sovereign debt investors for a near-term announcement of tapering of the Fed’s $120 billion in monthly purchases in Treasurys and mortgage-backed securities.\nTrading in most commodity futures, including Nymex crude-oil and Comex gold,on U.S. exchanges will also be halted Monday.\nIs there any significance to the holiday for average investors, besides the time off in the U.S. and the barbecues?\nProbably not.\nBut the May Memorial Day to September Labor Day period in recent years has proven a bullish stretch one for investors, according to Dow Jones Market Data. The Dow, for example, is up by about 2% over that period and averages a gain of 1.3%, producing a winning record 65% of the time. The Dow is currently enjoying a win streak, over the past six Memorial Day/Labor Day periods, representing the longest win streak since 1989. Last year, the markets gained nearly 15% over that time.\nDOW JONES MARKET DATA\nThe S&P 500 is on a similar win streak and is up nearly 8% so far this Memorial Day-Labor Day period. It has risen more than 70% over that period in past years and averages a 1.7% gain. The broad-market index rose 16% during that time in 2020.\nDOW JONES MARKET DATA\nBut if there is a bona fide trend in the Labor Day trading it may be this one that MarketWatch’s Steve Goldstein reports, quoting Raymond James strategist Tavis McCourt, who says that in the last two years, there was a big value and cyclical bias in stock markets after the holiday, and in 2018, markets basically collapsed after the summer drew to a close.\nIt is impossible to know if the stock market rally will peter out similarly this time around but there is a growing sense on Wall Street that valuations are too lofty and equity indexes are due for a pullback of at least 5% or better from current heights.\nMarkets will be back to business as usual on Tuesday and, of course, European bourses, including London’s FTSE 100 index and the pan-European Stoxx Europe 600 will be open on Monday, as well as Asian markets, the Nikkei 225,Hong Kong’s Hang Seng and the Shanghai Composite Index.","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,"ICE":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":3082,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":814580774,"gmtCreate":1630843961798,"gmtModify":1631890990826,"author":{"id":"3576896315880804","authorId":"3576896315880804","name":"JudithWAH","avatar":"https://static.tigerbbs.com/965fc0cd32d142e7e2c14147086ff3d0","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576896315880804","authorIdStr":"3576896315880804"},"themes":[],"title":"","htmlText":"Aaa","listText":"Aaa","text":"Aaa","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/814580774","repostId":"1157895022","repostType":4,"repost":{"id":"1157895022","kind":"news","pubTimestamp":1630810619,"share":"https://www.laohunote.com/m/news/1157895022?lang=zh_CN&edition=full","pubTime":"2021-09-05 10:56","market":"us","language":"en","title":"Beat the market with this quant system that’s very bullish on stocks at record highs<blockquote>利用这个量化系统战胜市场，该系统非常看好创纪录高点的股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1157895022","media":"MarketWatch","summary":"Vance Howard’s HCM Tactical Growth Fund moves you in and out of the stock market when prudent to do ","content":"<p>  <b>Vance Howard’s HCM Tactical Growth Fund moves you in and out of the stock market when prudent to do so. So far his team of computer scientists’ strategy has paid off.</b>  Imagine you had a money-making machine to harvest gains in the stock market while you sat back to enjoy life.</p><p><blockquote><b>万斯-霍华德（Vance Howard）的 HCM 战术增长基金（Tactical Growwth Fund）会让你在谨慎的情况下进出股市。到目前为止，他的计算机科学家团队的策略已经取得了成效。</b>想象一下，当你坐下来享受生活时，你有一台赚钱机器在股市上收获收益。</blockquote></p><p> That’s everyone’s dream, right? Investor Vance Howard thinks he’s found it.</p><p><blockquote>这是每个人的梦想，对吧？投资者万斯-霍华德认为他找到了答案。</blockquote></p><p> Howard and his small army of computer programmers atHoward Capital Managementin Roswell, Ga., have a quantitative system that posts great returns.</p><p><blockquote>佐治亚州罗斯威尔的霍华德资本管理公司的霍华德和他的一小群计算机程序员。，有一个量化系统，发布巨大的回报。</blockquote></p><p> His HCM Tactical Growth Fund&nbsp;HCMGX,+0.35%beats its Russell 1000&nbsp;benchmark index and large-blend fund category by 8.5-10.4 percentage points annualized over the past five years, according to Morningstar. That is no small feat, and not only because it has to overcome a 2.22% fee. Beating the market is simply not easy. His HCM Dividend Sector PlusHCMQX,-0.05%) and HCM Income PlusHCMLX,+0.30%funds post similar outperformance.</p><p><blockquote>根据晨星公司的数据，他的 HCM 战术增长基金 HCMGX,+0.35% 在过去五年中以年化计算比其罗素 1000 基准指数和大型混合基金类别高出 8.5-10.4 个百分点。这不是一个小壮举，不仅仅是因为它必须克服2.22%的费用。战胜市场根本不容易。他的 HCM 股息板块 PlusHCMQX,-0.05%) 和 HCM 收入 PlusHCMLX,+0.30% 基金表现类似。</blockquote></p><p> There are drawbacks, which I detail below. (Among them: Potentially long stretches of underperformance and regular tax bills.) But first, what can we learn from this winner?</p><p><blockquote>有缺点，我在下面详细介绍。（其中：潜在的长期表现不佳和定期税单。）但首先，我们能从这位赢家身上学到什么？</blockquote></p><p> So-called quants never share all the details of their proprietary systems, but Howard shares a lot, as you’ll see. And this Texas rancher has a lot of good advice based on “horse sense” — not surprising, given his infectious passion for the markets, and his three decades of experience as a pro.</p><p><blockquote>所谓的量化者从不分享他们专有系统的所有细节，但霍华德分享了很多细节，你会看到的。这位德克萨斯州牧场主有很多基于 “马感 ”的好建议--考虑到他对市场有着极具感染力的热情，以及他三十年的职业牧场主经验，这并不奇怪。</blockquote></p><p> Here are five lessons, 12 exchange traded funds (ETFs) and four stocks to consider, from a recent interview with him.</p><p><blockquote>以下是最近对他的采访中的五个教训、12 只交易所交易基金 (ETF) 和 4 只值得考虑的股票。</blockquote></p><p> <b>Lesson #1: Don’t be emotional</b></p><p><blockquote><b>第一课：不要情绪化</b></blockquote></p><p> It’s no surprise so many people do poorly in the market. Evolution has programmed us to fail. For survival, we’ve learned to run from things that frightens us. And crave more of things that are pleasurable — like sweets or fats to store calories ahead of what might be a long stretch without food. But in the market, acting on the emotions of fear and greed invariably make us do the wrong thing at the wrong time. Sell at the bottom, buy at the top.</p><p><blockquote>难怪这么多人在市场上表现不佳。进化注定了我们会失败。为了生存，我们学会了逃避让我们害怕的事情。渴望更多令人愉快的东西——比如甜食或脂肪，以在可能很长一段时间没有食物之前储存卡路里。但在市场上，出于恐惧和贪婪的情绪行事总是会让我们在错误的时间做错误的事情。底部卖出，顶部买入。</blockquote></p><p> Likewise, we’re programmed to believe being with the crowd brings safety. If you’re a zebra on the Savanna, you are more likely to get picked off by a predator if you go it alone. The problem here is being part of a crowd — and crowd psychology — dumb us down to a purely emotional level. This is why people in crowds do terrible things they would never do on their own. It doesn’t matter how smart you are. When you join a crowd, you lose a lot of IQ points. Base emotions take over.</p><p><blockquote>同样，我们也相信与人群在一起会带来安全。如果你是稀树草原上的斑马，那么如果你单独行动，就更有可能被捕食者叼走。这里的问题是成为人群的一部分——以及人群心理——把我们愚蠢到纯粹的情感层面。这就是为什么人群中的人们会做他们自己永远不会做的可怕事情。你有多聪明并不重要。当你加入人群时，你会失去很多智商点。基本情绪占据主导地位。</blockquote></p><p> To do well in the market, you have to counteract these tendencies. “One of the biggest mistakes individual investors and money managers make is getting emotional,” says Howard. “Let your emotions go.”</p><p><blockquote>要想在市场上做好，你必须抵消这些趋势。“霍华德说：”个人投资者和基金经理犯的最大错误之一就是情绪化。“放下你的情绪。”</blockquote></p><p> <b>Lesson #2: Have a system and stick to it</b></p><p><blockquote><b>第二课：建立一个系统并坚持下去</b></blockquote></p><p> To exorcise emotion, have a system. “And don’t second guess it,” says Howard. “This keeps you from letting the pandemic or Afghanistan scare you out of the market.” He calls his system the HCM-BuyLine. It is basically a momentum and trend-following system — which often works well in the markets.</p><p><blockquote>要驱除情绪，要有一个系统。“霍华德说：”不要事后猜测。“这让你不会让大流行病或阿富汗把你吓出市场”。他评级了他的系统HCM-BuyLine。它基本上是一个动量和趋势跟踪系统——在市场上通常效果很好。</blockquote></p><p> The HCM-BuyLine basically works like this. First, rather than use the S&amp;P 500SPX,-0.03%or the Dow Jones Industrial AverageDJIA,-0.21%,Howard blends several stock indices to create his own index. Then he uses a moving average that tells him whether the market is in an uptrend or downtrend.</p><p><blockquote>HCM-BuyLine基本上是这样工作的。首先，霍华德没有使用标准普尔 500SPX（-0.03%）或道琼斯工业平均指数（-0.21%），而是混合了几个股票指数来创建自己的指数。然后他使用移动平均线来告诉他市场是处于上升趋势还是下降趋势。</blockquote></p><p> When the moving average drops 3.5%, he sells 35%. If it drops 6.5%, he sells another 35%. He rarely goes to 100% cash.</p><p><blockquote>当移动平均线下跌3.5%时，他卖出35%。如果下跌 6.5%，他就再卖出 35%。他很少使用100%的现金。</blockquote></p><p> “If the BuyLine is positive, we will stay long no matter what,” he says. “We take all the emotion out of the equation by letting the math decide.”</p><p><blockquote>“他说：”如果买盘是积极的，无论如何我们都会长期持有。“我们让数学来决定，就能把所有的情绪都排除在外”。</blockquote></p><p> Right now, it’s bullish. (More on this below.)</p><p><blockquote>目前，情况看涨。（更多内容见下文。）</blockquote></p><p> Your system also has to tell you when to get back in.</p><p><blockquote>你的系统也必须告诉你什么时候回来。</blockquote></p><p> “That’s where most people screw up,” he says. “They get out of the market, and they don’t know when to get back in.” The HCM-BuyLine gives a buy signal when his custom index trades above its moving average for six consecutive sessions, and then goes on to trade above the high hit during those six days.</p><p><blockquote>“他说：”这就是大多数人搞砸的地方。“他们退出了市场，却不知道什么时候才能重新进来”。当他的自定义指数连续六个交易日交易高于其移动平均线时，HCM-BuyLine 会发出买入信号，然后继续交易高于这六天的高点。</blockquote></p><p> You don’t need a system that calls exact market tops or bottoms. Instead, the BuyLine keeps Howard out of down markets 85% of the time, and in for 85% of the good times.</p><p><blockquote>你不需要一个能准确预测评级市场顶部或底部的系统。相反，买入线让霍华德在 85% 的时间里远离下跌市场，在 85% 的好时机里则保持下跌。</blockquote></p><p> “If we can do that consistently, we have superior returns and a less stressful life,” he says. “Being all in during a bad tape is no fun.”</p><p><blockquote>“他说：”如果我们能坚持不懈地做到这一点，我们就能获得更高的回报，生活压力也会更小。“在糟糕的录音带中全神贯注并不好玩”。</blockquote></p><p> His system is slow to get him out of the market, but quick to get him back in. Not even a 10% correction will necessarily move him out. He’s often buying those pullbacks. Getting back in fast makes sense, because recoveries off bottoms tend to happen fast.</p><p><blockquote>他的系统让他退出市场很慢，但让他回来很快。即使是10%的修正也不一定会让他离开。他经常买入这些回调。快速回归是有意义的，因为底部的复苏往往会很快发生。</blockquote></p><p> “The HCM-BuyLine takes all the emotion out of the process,” says Howard.</p><p><blockquote>“霍华德说：”HCM-BuyLine 消除了整个过程中的所有情绪。</blockquote></p><p> <b>Lesson #3: Don’t fight the tape</b></p><p><blockquote><b>第三课：不要与磁带对抗</b></blockquote></p><p> This concept is one of the core pieces of wisdom from Marty Zweig’s classic book, “Winning on Wall Street.”</p><p><blockquote>这一概念是马蒂-茨威格（Marty Zweig）经典著作《华尔街的胜利》（Winning on Wall Street）的核心智慧之一。</blockquote></p><p></p><p> “You have to stay on the right side of market,” agrees Howard. “If you try to trade long in a bad market, it is painful.”</p><p><blockquote>“霍华德同意道：”你必须站在市场的正确一边。“如果你试图在糟糕的市场中进行多头交易，那将是痛苦的。”</blockquote></p><p> In other words, don’t try to be a hero.</p><p><blockquote>换句话说，不要试图成为英雄。</blockquote></p><p> “Sometimes, not losing money is where you want to be,” he says.</p><p><blockquote>“他说：”有时候，不赔钱才是你想要的。</blockquote></p><p> Likewise, don’t turn cautious just because the market hits new highs — like now. You should love new highs, because it is a sign of market strength that may likely endure.</p><p><blockquote>同样，不要因为市场创下新高--比如现在--就变得谨慎。你应该喜欢新高，因为这是市场力量可能会持续的迹象。</blockquote></p><p> <b>Lesson #4: Keep it simple</b></p><p><blockquote><b>第4课：保持简单</b></blockquote></p><p> As you’ll see below, Howard doesn’t use esoteric instruments such as derivatives, swaps or index options. He doesn’t even trade foreign stocks or currencies. This is refreshing for individual investors, because we have a harder time accessing those tools.</p><p><blockquote>正如您将在下面看到的，霍华德并不使用衍生品、掉期或指数期权等深奥的工具。他甚至不交易外国股票或货币。这对个人投资者来说是令人耳目一新的，因为我们更难获得这些工具。</blockquote></p><p> “You don’t have to trade crazy stuff,” he says. “You can trade plain-vanilla ETFs and beat everybody out there.”</p><p><blockquote>“他说：”你不必交易疯狂的东西。“你可以交易普通的 ETF，击败所有人”。</blockquote></p><p> <b>Lesson #5: How to trade the current market</b></p><p><blockquote><b>第5课：如何交易当前市场</b></blockquote></p><p> First, be long.</p><p><blockquote>首先，做多。</blockquote></p><p> “The HCM-BuyLine is very positive. We are 100% in,” says Howard. “The market is broadening out. It is getting pretty exciting. We do not see it turn around any time soon. We are buying pullbacks.”</p><p><blockquote>“HCM-BuyLine 非常积极。我们百分之百同意，”霍华德说。“市场正在扩大。这变得非常令人兴奋。我们认为市场不会很快好转。我们正在买入回调。”</blockquote></p><p> One bullish signal is all the cash on the sidelines. “If there is any relief in Covid, we may see a big rally. We may end up with a great fall [season].”</p><p><blockquote>一个看涨信号是所有的现金都在观望。“如果科维德有任何缓解，我们可能会看到一场大反弹。我们最终可能会迎来一个伟大的秋季[赛季]。”</blockquote></p><p> Howard uses momentum indicators to select stocks and ETFs, too. For sectors he favors the following.</p><p><blockquote>霍华德还使用动量指标来选择股票和 ETF。对于行业，他倾向于以下几种。</blockquote></p><p> He likes health care, tradable through the iShares US HealthcareIYH,-0.04%and ProShares Ultra Health CareRXL,+0.12%ETFs. He’s turning more bullish on biotech, which he plays via the iShares Biotechnology ETFIBB,-0.11%.</p><p><blockquote>他喜欢医疗保健，可通过 iShares US HealthcareIYH,-0.04% 和 ProShares Ultra Health CareRXL,+0.12% ETF 进行交易。他越来越看好生物技术，他通过 iShares Biotechnology ETFIBB 投资生物技术，-0.11%。</blockquote></p><p> He likes consumer discretionary tradable through the iShares US Consumer ServicesIYC,-0.30%,and airlines via US Global JetsJETS,-1.17%.He also likes tech exposure via the Invesco QQQ TrustQQQ,+0.31%,iShares US TechnologyIYW,+0.50%and&nbsp;iShares SemiconductorSOXX,+0.75%.</p><p><blockquote>他喜欢通过 iShares US Consumer ServicesIYC 交易的非必需消费品， -0.30%， 以及通过 US Global JetsJETS 交易的航空公司， -1.17%.他还喜欢通过 Invesco QQQ TrustQQQ,+0.31%、iShares US TechnologyYYW,+0.50% 和 iShares SemiconductorSOXX,+0.75% 进行科技投资。</blockquote></p><p> He likes small-caps via the Vanguard Small-Cap Growth Index FundVBK,+0.07%.And convertible bonds via SPDR Bloomberg Barclays Convertible SecuritiesCWB,+0.64%and iShares Convertible BondICVT,+0.37%.</p><p><blockquote>他通过 Vanguard Small-Cap Growth Index FundVBK,+0.07% 看好小盘股。以及通过 SPDR Bloomberg Barclays Convertible Securities CWB,+0.64% 和 iShares Convertible BondICVT,+0.37% 看好可转换债券。</blockquote></p><p> As for individual names, he singles out MicrosoftMSFT,-0.00%and AppleAAPL,+0.42%in tech, as well as Amazon.comAMZN,+0.43%and TeslaTSLA,+0.16%.</p><p><blockquote>至于个股，他特别提到了科技股中的微软MSFT（-0.00%）和苹果APL（+0.42%），以及亚马逊.comAMZN（+0.43%）和特斯拉TSLA（+0.16%）。</blockquote></p><p> Also consider Howard’s two ETFs: The HCM Defender 100 IndexQQH,+0.62%and HCM Defender 500 IndexLGH,+1.32%.</p><p><blockquote>还可以考虑霍华德的两只 ETF： HCM Defender 100 IndexQQH,+0.62%，HCM Defender 500 IndexLGH,+1.32%。</blockquote></p><p> He prefers to add to holdings on 1%-3% dips.</p><p><blockquote>他更喜欢在下跌 1%-3% 时增持。</blockquote></p><p> <b>A few drawbacks</b></p><p><blockquote><b>一些缺点</b></blockquote></p><p> His HCM Tactical Growth fund has a history of posting two-year stretches of underperformance of 1.5% to 8.8%, since it was launched in 2015. The fund then came roaring back to net the very positive five-year outperformance cited above. Investing in his system can require patience.</p><p><blockquote>他的 HCM 战术增长基金自 2015 年推出以来，曾连续两年表现不佳，表现在 1.5% 至 8.8% 之间。随后，该基金强势回归，实现了上述非常积极的五年业绩。投资他的系统可能需要耐心。</blockquote></p><p> Every manager, including Warren Buffett, can have a stretch of underperformance, says Howard.</p><p><blockquote>霍华德说，包括沃伦·巴菲特在内的每个经理都可能经历一段时间的表现不佳。</blockquote></p><p> “We are in the odds game,” he says. “Even in the odds game, you can have a bad hand or two thrown at you.”</p><p><blockquote>“他说：”我们正处于胜算之中。“即使在赔率游戏中，你也可能有一两手烂牌。”</blockquote></p><p> Another challenge is the high turnover, which is 140% a year for Tactical Growth. This means Uncle Sam takes a big cut in the good years. So if you buy Howard’s funds, you may want to do so in a tax-protected account.</p><p><blockquote>另一个挑战是高流动率，战术增长每年为140%。这意味着山姆大叔在好年景里得到了很大的削减。因此，如果您购买霍华德的基金，您可能需要在税收保护账户中购买。</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>Beat the market with this quant system that’s very bullish on stocks at record highs<blockquote>利用这个量化系统战胜市场，该系统非常看好创纪录高点的股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBeat the market with this quant system that’s very bullish on stocks at record highs<blockquote>利用这个量化系统战胜市场，该系统非常看好创纪录高点的股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-09-05 10:56</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>Vance Howard’s HCM Tactical Growth Fund moves you in and out of the stock market when prudent to do so. So far his team of computer scientists’ strategy has paid off.</b>  Imagine you had a money-making machine to harvest gains in the stock market while you sat back to enjoy life.</p><p><blockquote><b>万斯-霍华德（Vance Howard）的 HCM 战术增长基金（Tactical Growwth Fund）会让你在谨慎的情况下进出股市。到目前为止，他的计算机科学家团队的策略已经取得了成效。</b>想象一下，当你坐下来享受生活时，你有一台赚钱机器在股市上收获收益。</blockquote></p><p> That’s everyone’s dream, right? Investor Vance Howard thinks he’s found it.</p><p><blockquote>这是每个人的梦想，对吧？投资者万斯-霍华德认为他找到了答案。</blockquote></p><p> Howard and his small army of computer programmers atHoward Capital Managementin Roswell, Ga., have a quantitative system that posts great returns.</p><p><blockquote>佐治亚州罗斯威尔的霍华德资本管理公司的霍华德和他的一小群计算机程序员。，有一个量化系统，发布巨大的回报。</blockquote></p><p> His HCM Tactical Growth Fund&nbsp;HCMGX,+0.35%beats its Russell 1000&nbsp;benchmark index and large-blend fund category by 8.5-10.4 percentage points annualized over the past five years, according to Morningstar. That is no small feat, and not only because it has to overcome a 2.22% fee. Beating the market is simply not easy. His HCM Dividend Sector PlusHCMQX,-0.05%) and HCM Income PlusHCMLX,+0.30%funds post similar outperformance.</p><p><blockquote>根据晨星公司的数据，他的 HCM 战术增长基金 HCMGX,+0.35% 在过去五年中以年化计算比其罗素 1000 基准指数和大型混合基金类别高出 8.5-10.4 个百分点。这不是一个小壮举，不仅仅是因为它必须克服2.22%的费用。战胜市场根本不容易。他的 HCM 股息板块 PlusHCMQX,-0.05%) 和 HCM 收入 PlusHCMLX,+0.30% 基金表现类似。</blockquote></p><p> There are drawbacks, which I detail below. (Among them: Potentially long stretches of underperformance and regular tax bills.) But first, what can we learn from this winner?</p><p><blockquote>有缺点，我在下面详细介绍。（其中：潜在的长期表现不佳和定期税单。）但首先，我们能从这位赢家身上学到什么？</blockquote></p><p> So-called quants never share all the details of their proprietary systems, but Howard shares a lot, as you’ll see. And this Texas rancher has a lot of good advice based on “horse sense” — not surprising, given his infectious passion for the markets, and his three decades of experience as a pro.</p><p><blockquote>所谓的量化者从不分享他们专有系统的所有细节，但霍华德分享了很多细节，你会看到的。这位德克萨斯州牧场主有很多基于 “马感 ”的好建议--考虑到他对市场有着极具感染力的热情，以及他三十年的职业牧场主经验，这并不奇怪。</blockquote></p><p> Here are five lessons, 12 exchange traded funds (ETFs) and four stocks to consider, from a recent interview with him.</p><p><blockquote>以下是最近对他的采访中的五个教训、12 只交易所交易基金 (ETF) 和 4 只值得考虑的股票。</blockquote></p><p> <b>Lesson #1: Don’t be emotional</b></p><p><blockquote><b>第一课：不要情绪化</b></blockquote></p><p> It’s no surprise so many people do poorly in the market. Evolution has programmed us to fail. For survival, we’ve learned to run from things that frightens us. And crave more of things that are pleasurable — like sweets or fats to store calories ahead of what might be a long stretch without food. But in the market, acting on the emotions of fear and greed invariably make us do the wrong thing at the wrong time. Sell at the bottom, buy at the top.</p><p><blockquote>难怪这么多人在市场上表现不佳。进化注定了我们会失败。为了生存，我们学会了逃避让我们害怕的事情。渴望更多令人愉快的东西——比如甜食或脂肪，以在可能很长一段时间没有食物之前储存卡路里。但在市场上，出于恐惧和贪婪的情绪行事总是会让我们在错误的时间做错误的事情。底部卖出，顶部买入。</blockquote></p><p> Likewise, we’re programmed to believe being with the crowd brings safety. If you’re a zebra on the Savanna, you are more likely to get picked off by a predator if you go it alone. The problem here is being part of a crowd — and crowd psychology — dumb us down to a purely emotional level. This is why people in crowds do terrible things they would never do on their own. It doesn’t matter how smart you are. When you join a crowd, you lose a lot of IQ points. Base emotions take over.</p><p><blockquote>同样，我们也相信与人群在一起会带来安全。如果你是稀树草原上的斑马，那么如果你单独行动，就更有可能被捕食者叼走。这里的问题是成为人群的一部分——以及人群心理——把我们愚蠢到纯粹的情感层面。这就是为什么人群中的人们会做他们自己永远不会做的可怕事情。你有多聪明并不重要。当你加入人群时，你会失去很多智商点。基本情绪占据主导地位。</blockquote></p><p> To do well in the market, you have to counteract these tendencies. “One of the biggest mistakes individual investors and money managers make is getting emotional,” says Howard. “Let your emotions go.”</p><p><blockquote>要想在市场上做好，你必须抵消这些趋势。“霍华德说：”个人投资者和基金经理犯的最大错误之一就是情绪化。“放下你的情绪。”</blockquote></p><p> <b>Lesson #2: Have a system and stick to it</b></p><p><blockquote><b>第二课：建立一个系统并坚持下去</b></blockquote></p><p> To exorcise emotion, have a system. “And don’t second guess it,” says Howard. “This keeps you from letting the pandemic or Afghanistan scare you out of the market.” He calls his system the HCM-BuyLine. It is basically a momentum and trend-following system — which often works well in the markets.</p><p><blockquote>要驱除情绪，要有一个系统。“霍华德说：”不要事后猜测。“这让你不会让大流行病或阿富汗把你吓出市场”。他评级了他的系统HCM-BuyLine。它基本上是一个动量和趋势跟踪系统——在市场上通常效果很好。</blockquote></p><p> The HCM-BuyLine basically works like this. First, rather than use the S&amp;P 500SPX,-0.03%or the Dow Jones Industrial AverageDJIA,-0.21%,Howard blends several stock indices to create his own index. Then he uses a moving average that tells him whether the market is in an uptrend or downtrend.</p><p><blockquote>HCM-BuyLine基本上是这样工作的。首先，霍华德没有使用标准普尔 500SPX（-0.03%）或道琼斯工业平均指数（-0.21%），而是混合了几个股票指数来创建自己的指数。然后他使用移动平均线来告诉他市场是处于上升趋势还是下降趋势。</blockquote></p><p> When the moving average drops 3.5%, he sells 35%. If it drops 6.5%, he sells another 35%. He rarely goes to 100% cash.</p><p><blockquote>当移动平均线下跌3.5%时，他卖出35%。如果下跌 6.5%，他就再卖出 35%。他很少使用100%的现金。</blockquote></p><p> “If the BuyLine is positive, we will stay long no matter what,” he says. “We take all the emotion out of the equation by letting the math decide.”</p><p><blockquote>“他说：”如果买盘是积极的，无论如何我们都会长期持有。“我们让数学来决定，就能把所有的情绪都排除在外”。</blockquote></p><p> Right now, it’s bullish. (More on this below.)</p><p><blockquote>目前，情况看涨。（更多内容见下文。）</blockquote></p><p> Your system also has to tell you when to get back in.</p><p><blockquote>你的系统也必须告诉你什么时候回来。</blockquote></p><p> “That’s where most people screw up,” he says. “They get out of the market, and they don’t know when to get back in.” The HCM-BuyLine gives a buy signal when his custom index trades above its moving average for six consecutive sessions, and then goes on to trade above the high hit during those six days.</p><p><blockquote>“他说：”这就是大多数人搞砸的地方。“他们退出了市场，却不知道什么时候才能重新进来”。当他的自定义指数连续六个交易日交易高于其移动平均线时，HCM-BuyLine 会发出买入信号，然后继续交易高于这六天的高点。</blockquote></p><p> You don’t need a system that calls exact market tops or bottoms. Instead, the BuyLine keeps Howard out of down markets 85% of the time, and in for 85% of the good times.</p><p><blockquote>你不需要一个能准确预测评级市场顶部或底部的系统。相反，买入线让霍华德在 85% 的时间里远离下跌市场，在 85% 的好时机里则保持下跌。</blockquote></p><p> “If we can do that consistently, we have superior returns and a less stressful life,” he says. “Being all in during a bad tape is no fun.”</p><p><blockquote>“他说：”如果我们能坚持不懈地做到这一点，我们就能获得更高的回报，生活压力也会更小。“在糟糕的录音带中全神贯注并不好玩”。</blockquote></p><p> His system is slow to get him out of the market, but quick to get him back in. Not even a 10% correction will necessarily move him out. He’s often buying those pullbacks. Getting back in fast makes sense, because recoveries off bottoms tend to happen fast.</p><p><blockquote>他的系统让他退出市场很慢，但让他回来很快。即使是10%的修正也不一定会让他离开。他经常买入这些回调。快速回归是有意义的，因为底部的复苏往往会很快发生。</blockquote></p><p> “The HCM-BuyLine takes all the emotion out of the process,” says Howard.</p><p><blockquote>“霍华德说：”HCM-BuyLine 消除了整个过程中的所有情绪。</blockquote></p><p> <b>Lesson #3: Don’t fight the tape</b></p><p><blockquote><b>第三课：不要与磁带对抗</b></blockquote></p><p> This concept is one of the core pieces of wisdom from Marty Zweig’s classic book, “Winning on Wall Street.”</p><p><blockquote>这一概念是马蒂-茨威格（Marty Zweig）经典著作《华尔街的胜利》（Winning on Wall Street）的核心智慧之一。</blockquote></p><p></p><p> “You have to stay on the right side of market,” agrees Howard. “If you try to trade long in a bad market, it is painful.”</p><p><blockquote>“霍华德同意道：”你必须站在市场的正确一边。“如果你试图在糟糕的市场中进行多头交易，那将是痛苦的。”</blockquote></p><p> In other words, don’t try to be a hero.</p><p><blockquote>换句话说，不要试图成为英雄。</blockquote></p><p> “Sometimes, not losing money is where you want to be,” he says.</p><p><blockquote>“他说：”有时候，不赔钱才是你想要的。</blockquote></p><p> Likewise, don’t turn cautious just because the market hits new highs — like now. You should love new highs, because it is a sign of market strength that may likely endure.</p><p><blockquote>同样，不要因为市场创下新高--比如现在--就变得谨慎。你应该喜欢新高，因为这是市场力量可能会持续的迹象。</blockquote></p><p> <b>Lesson #4: Keep it simple</b></p><p><blockquote><b>第4课：保持简单</b></blockquote></p><p> As you’ll see below, Howard doesn’t use esoteric instruments such as derivatives, swaps or index options. He doesn’t even trade foreign stocks or currencies. This is refreshing for individual investors, because we have a harder time accessing those tools.</p><p><blockquote>正如您将在下面看到的，霍华德并不使用衍生品、掉期或指数期权等深奥的工具。他甚至不交易外国股票或货币。这对个人投资者来说是令人耳目一新的，因为我们更难获得这些工具。</blockquote></p><p> “You don’t have to trade crazy stuff,” he says. “You can trade plain-vanilla ETFs and beat everybody out there.”</p><p><blockquote>“他说：”你不必交易疯狂的东西。“你可以交易普通的 ETF，击败所有人”。</blockquote></p><p> <b>Lesson #5: How to trade the current market</b></p><p><blockquote><b>第5课：如何交易当前市场</b></blockquote></p><p> First, be long.</p><p><blockquote>首先，做多。</blockquote></p><p> “The HCM-BuyLine is very positive. We are 100% in,” says Howard. “The market is broadening out. It is getting pretty exciting. We do not see it turn around any time soon. We are buying pullbacks.”</p><p><blockquote>“HCM-BuyLine 非常积极。我们百分之百同意，”霍华德说。“市场正在扩大。这变得非常令人兴奋。我们认为市场不会很快好转。我们正在买入回调。”</blockquote></p><p> One bullish signal is all the cash on the sidelines. “If there is any relief in Covid, we may see a big rally. We may end up with a great fall [season].”</p><p><blockquote>一个看涨信号是所有的现金都在观望。“如果科维德有任何缓解，我们可能会看到一场大反弹。我们最终可能会迎来一个伟大的秋季[赛季]。”</blockquote></p><p> Howard uses momentum indicators to select stocks and ETFs, too. For sectors he favors the following.</p><p><blockquote>霍华德还使用动量指标来选择股票和 ETF。对于行业，他倾向于以下几种。</blockquote></p><p> He likes health care, tradable through the iShares US HealthcareIYH,-0.04%and ProShares Ultra Health CareRXL,+0.12%ETFs. He’s turning more bullish on biotech, which he plays via the iShares Biotechnology ETFIBB,-0.11%.</p><p><blockquote>他喜欢医疗保健，可通过 iShares US HealthcareIYH,-0.04% 和 ProShares Ultra Health CareRXL,+0.12% ETF 进行交易。他越来越看好生物技术，他通过 iShares Biotechnology ETFIBB 投资生物技术，-0.11%。</blockquote></p><p> He likes consumer discretionary tradable through the iShares US Consumer ServicesIYC,-0.30%,and airlines via US Global JetsJETS,-1.17%.He also likes tech exposure via the Invesco QQQ TrustQQQ,+0.31%,iShares US TechnologyIYW,+0.50%and&nbsp;iShares SemiconductorSOXX,+0.75%.</p><p><blockquote>他喜欢通过 iShares US Consumer ServicesIYC 交易的非必需消费品， -0.30%， 以及通过 US Global JetsJETS 交易的航空公司， -1.17%.他还喜欢通过 Invesco QQQ TrustQQQ,+0.31%、iShares US TechnologyYYW,+0.50% 和 iShares SemiconductorSOXX,+0.75% 进行科技投资。</blockquote></p><p> He likes small-caps via the Vanguard Small-Cap Growth Index FundVBK,+0.07%.And convertible bonds via SPDR Bloomberg Barclays Convertible SecuritiesCWB,+0.64%and iShares Convertible BondICVT,+0.37%.</p><p><blockquote>他通过 Vanguard Small-Cap Growth Index FundVBK,+0.07% 看好小盘股。以及通过 SPDR Bloomberg Barclays Convertible Securities CWB,+0.64% 和 iShares Convertible BondICVT,+0.37% 看好可转换债券。</blockquote></p><p> As for individual names, he singles out MicrosoftMSFT,-0.00%and AppleAAPL,+0.42%in tech, as well as Amazon.comAMZN,+0.43%and TeslaTSLA,+0.16%.</p><p><blockquote>至于个股，他特别提到了科技股中的微软MSFT（-0.00%）和苹果APL（+0.42%），以及亚马逊.comAMZN（+0.43%）和特斯拉TSLA（+0.16%）。</blockquote></p><p> Also consider Howard’s two ETFs: The HCM Defender 100 IndexQQH,+0.62%and HCM Defender 500 IndexLGH,+1.32%.</p><p><blockquote>还可以考虑霍华德的两只 ETF： HCM Defender 100 IndexQQH,+0.62%，HCM Defender 500 IndexLGH,+1.32%。</blockquote></p><p> He prefers to add to holdings on 1%-3% dips.</p><p><blockquote>他更喜欢在下跌 1%-3% 时增持。</blockquote></p><p> <b>A few drawbacks</b></p><p><blockquote><b>一些缺点</b></blockquote></p><p> His HCM Tactical Growth fund has a history of posting two-year stretches of underperformance of 1.5% to 8.8%, since it was launched in 2015. The fund then came roaring back to net the very positive five-year outperformance cited above. Investing in his system can require patience.</p><p><blockquote>他的 HCM 战术增长基金自 2015 年推出以来，曾连续两年表现不佳，表现在 1.5% 至 8.8% 之间。随后，该基金强势回归，实现了上述非常积极的五年业绩。投资他的系统可能需要耐心。</blockquote></p><p> Every manager, including Warren Buffett, can have a stretch of underperformance, says Howard.</p><p><blockquote>霍华德说，包括沃伦·巴菲特在内的每个经理都可能经历一段时间的表现不佳。</blockquote></p><p> “We are in the odds game,” he says. “Even in the odds game, you can have a bad hand or two thrown at you.”</p><p><blockquote>“他说：”我们正处于胜算之中。“即使在赔率游戏中，你也可能有一两手烂牌。”</blockquote></p><p> Another challenge is the high turnover, which is 140% a year for Tactical Growth. This means Uncle Sam takes a big cut in the good years. So if you buy Howard’s funds, you may want to do so in a tax-protected account.</p><p><blockquote>另一个挑战是高流动率，战术增长每年为140%。这意味着山姆大叔在好年景里得到了很大的削减。因此，如果您购买霍华德的基金，您可能需要在税收保护账户中购买。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/beat-the-market-with-this-quant-system-thats-very-bullish-on-stocks-at-record-highs-11630761531?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯","SPY":"标普500ETF",".IXIC":"NASDAQ Composite"},"source_url":"https://www.marketwatch.com/story/beat-the-market-with-this-quant-system-thats-very-bullish-on-stocks-at-record-highs-11630761531?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1157895022","content_text":"Vance Howard’s HCM Tactical Growth Fund moves you in and out of the stock market when prudent to do so. So far his team of computer scientists’ strategy has paid off.\n\nImagine you had a money-making machine to harvest gains in the stock market while you sat back to enjoy life.\nThat’s everyone’s dream, right? Investor Vance Howard thinks he’s found it.\nHoward and his small army of computer programmers atHoward Capital Managementin Roswell, Ga., have a quantitative system that posts great returns.\nHis HCM Tactical Growth Fund HCMGX,+0.35%beats its Russell 1000 benchmark index and large-blend fund category by 8.5-10.4 percentage points annualized over the past five years, according to Morningstar. That is no small feat, and not only because it has to overcome a 2.22% fee. Beating the market is simply not easy. His HCM Dividend Sector PlusHCMQX,-0.05%) and HCM Income PlusHCMLX,+0.30%funds post similar outperformance.\nThere are drawbacks, which I detail below. (Among them: Potentially long stretches of underperformance and regular tax bills.) But first, what can we learn from this winner?\nSo-called quants never share all the details of their proprietary systems, but Howard shares a lot, as you’ll see. And this Texas rancher has a lot of good advice based on “horse sense” — not surprising, given his infectious passion for the markets, and his three decades of experience as a pro.\nHere are five lessons, 12 exchange traded funds (ETFs) and four stocks to consider, from a recent interview with him.\nLesson #1: Don’t be emotional\nIt’s no surprise so many people do poorly in the market. Evolution has programmed us to fail. For survival, we’ve learned to run from things that frightens us. And crave more of things that are pleasurable — like sweets or fats to store calories ahead of what might be a long stretch without food. But in the market, acting on the emotions of fear and greed invariably make us do the wrong thing at the wrong time. Sell at the bottom, buy at the top.\nLikewise, we’re programmed to believe being with the crowd brings safety. If you’re a zebra on the Savanna, you are more likely to get picked off by a predator if you go it alone. The problem here is being part of a crowd — and crowd psychology — dumb us down to a purely emotional level. This is why people in crowds do terrible things they would never do on their own. It doesn’t matter how smart you are. When you join a crowd, you lose a lot of IQ points. Base emotions take over.\nTo do well in the market, you have to counteract these tendencies. “One of the biggest mistakes individual investors and money managers make is getting emotional,” says Howard. “Let your emotions go.”\nLesson #2: Have a system and stick to it\nTo exorcise emotion, have a system. “And don’t second guess it,” says Howard. “This keeps you from letting the pandemic or Afghanistan scare you out of the market.” He calls his system the HCM-BuyLine. It is basically a momentum and trend-following system — which often works well in the markets.\nThe HCM-BuyLine basically works like this. First, rather than use the S&P 500SPX,-0.03%or the Dow Jones Industrial AverageDJIA,-0.21%,Howard blends several stock indices to create his own index. Then he uses a moving average that tells him whether the market is in an uptrend or downtrend.\nWhen the moving average drops 3.5%, he sells 35%. If it drops 6.5%, he sells another 35%. He rarely goes to 100% cash.\n“If the BuyLine is positive, we will stay long no matter what,” he says. “We take all the emotion out of the equation by letting the math decide.”\nRight now, it’s bullish. (More on this below.)\nYour system also has to tell you when to get back in.\n“That’s where most people screw up,” he says. “They get out of the market, and they don’t know when to get back in.” The HCM-BuyLine gives a buy signal when his custom index trades above its moving average for six consecutive sessions, and then goes on to trade above the high hit during those six days.\nYou don’t need a system that calls exact market tops or bottoms. Instead, the BuyLine keeps Howard out of down markets 85% of the time, and in for 85% of the good times.\n“If we can do that consistently, we have superior returns and a less stressful life,” he says. “Being all in during a bad tape is no fun.”\nHis system is slow to get him out of the market, but quick to get him back in. Not even a 10% correction will necessarily move him out. He’s often buying those pullbacks. Getting back in fast makes sense, because recoveries off bottoms tend to happen fast.\n“The HCM-BuyLine takes all the emotion out of the process,” says Howard.\nLesson #3: Don’t fight the tape\nThis concept is one of the core pieces of wisdom from Marty Zweig’s classic book, “Winning on Wall Street.”\n“You have to stay on the right side of market,” agrees Howard. “If you try to trade long in a bad market, it is painful.”\nIn other words, don’t try to be a hero.\n“Sometimes, not losing money is where you want to be,” he says.\nLikewise, don’t turn cautious just because the market hits new highs — like now. You should love new highs, because it is a sign of market strength that may likely endure.\nLesson #4: Keep it simple\nAs you’ll see below, Howard doesn’t use esoteric instruments such as derivatives, swaps or index options. He doesn’t even trade foreign stocks or currencies. This is refreshing for individual investors, because we have a harder time accessing those tools.\n“You don’t have to trade crazy stuff,” he says. “You can trade plain-vanilla ETFs and beat everybody out there.”\nLesson #5: How to trade the current market\nFirst, be long.\n“The HCM-BuyLine is very positive. We are 100% in,” says Howard. “The market is broadening out. It is getting pretty exciting. We do not see it turn around any time soon. We are buying pullbacks.”\nOne bullish signal is all the cash on the sidelines. “If there is any relief in Covid, we may see a big rally. We may end up with a great fall [season].”\nHoward uses momentum indicators to select stocks and ETFs, too. For sectors he favors the following.\nHe likes health care, tradable through the iShares US HealthcareIYH,-0.04%and ProShares Ultra Health CareRXL,+0.12%ETFs. He’s turning more bullish on biotech, which he plays via the iShares Biotechnology ETFIBB,-0.11%.\nHe likes consumer discretionary tradable through the iShares US Consumer ServicesIYC,-0.30%,and airlines via US Global JetsJETS,-1.17%.He also likes tech exposure via the Invesco QQQ TrustQQQ,+0.31%,iShares US TechnologyIYW,+0.50%and iShares SemiconductorSOXX,+0.75%.\nHe likes small-caps via the Vanguard Small-Cap Growth Index FundVBK,+0.07%.And convertible bonds via SPDR Bloomberg Barclays Convertible SecuritiesCWB,+0.64%and iShares Convertible BondICVT,+0.37%.\nAs for individual names, he singles out MicrosoftMSFT,-0.00%and AppleAAPL,+0.42%in tech, as well as Amazon.comAMZN,+0.43%and TeslaTSLA,+0.16%.\nAlso consider Howard’s two ETFs: The HCM Defender 100 IndexQQH,+0.62%and HCM Defender 500 IndexLGH,+1.32%.\nHe prefers to add to holdings on 1%-3% dips.\nA few drawbacks\nHis HCM Tactical Growth fund has a history of posting two-year stretches of underperformance of 1.5% to 8.8%, since it was launched in 2015. The fund then came roaring back to net the very positive five-year outperformance cited above. Investing in his system can require patience.\nEvery manager, including Warren Buffett, can have a stretch of underperformance, says Howard.\n“We are in the odds game,” he says. “Even in the odds game, you can have a bad hand or two thrown at you.”\nAnother challenge is the high turnover, which is 140% a year for Tactical Growth. This means Uncle Sam takes a big cut in the good years. So if you buy Howard’s funds, you may want to do so in a tax-protected account.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,"SPY":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":2883,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":814977475,"gmtCreate":1630755066797,"gmtModify":1631890990833,"author":{"id":"3576896315880804","authorId":"3576896315880804","name":"JudithWAH","avatar":"https://static.tigerbbs.com/965fc0cd32d142e7e2c14147086ff3d0","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576896315880804","authorIdStr":"3576896315880804"},"themes":[],"title":"","htmlText":"A","listText":"A","text":"A","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/814977475","repostId":"1186003479","repostType":4,"isVote":1,"tweetType":1,"viewCount":2318,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":815655798,"gmtCreate":1630677302614,"gmtModify":1631890990834,"author":{"id":"3576896315880804","authorId":"3576896315880804","name":"JudithWAH","avatar":"https://static.tigerbbs.com/965fc0cd32d142e7e2c14147086ff3d0","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576896315880804","authorIdStr":"3576896315880804"},"themes":[],"title":"","htmlText":"Abcd","listText":"Abcd","text":"Abcd","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/815655798","repostId":"1151569309","repostType":4,"repost":{"id":"1151569309","kind":"news","pubTimestamp":1630676828,"share":"https://www.laohunote.com/m/news/1151569309?lang=zh_CN&edition=full","pubTime":"2021-09-03 21:47","market":"us","language":"en","title":"AMZN Is The Only FAAMG Stock Off Its Peak. Buy The Dip?<blockquote>AMZN 是唯一一只处于巅峰状态的 FAAMG 股票。逢低买入？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1151569309","media":"Thestreet","summary":"Within the FAAMG peer group, Amazon stock is the only one off its all-time high. The Amazon Maven di","content":"<p>Within the FAAMG peer group, Amazon stock is the only one off its all-time high. The Amazon Maven discusses the buy-on-dip opportunity.</p><p><blockquote>在 FAAMG 同行群体中，亚马逊股票是唯一一只跌破历史高点的股票。亚马逊专家讨论逢低买入机会。</blockquote></p><p> Something atypical has been happening in the world of Big Tech lately. As of the end of August 2021, which was only a couple of days ago, Amazon stock&nbsp;(<b>AMZN</b>)&nbsp;was the only FAAMG name trading off its peak – defined here as 1% or more from the all-time high price.</p><p><blockquote>最近，大型科技世界发生了一些非典型的事情。截至2021年8月底，也就是几天前，亚马逊股票（<b>亚马逊</b>) 是唯一一个脱离峰值交易的 FAAMG 名称——这里定义为比历史最高价低 1% 或更多。</blockquote></p><p> Could this be a chance for bargain hunters to load up on AMZN? Today, the Amazon Maven talks about the buy-on-dip opportunity in September.</p><p><blockquote>这可能是抄底者买入 AMZN 的机会吗？今天，这位亚马逊专家谈论了九月份的逢低买入机会。</blockquote></p><p> <b>Amazon stock: rare laggard</b></p><p><blockquote><b>亚马逊股票：罕见落后</b></blockquote></p><p> The chart below shows how often the five FAAMG stocks have traded off their all-time highs, in percentage of total trading days, over the past five years. Nearly half the time (42%), all five of them have been at least 1% away from their historical top at once.</p><p><blockquote>下图显示了过去五年中，五只 FAAMG 股票突破历史高点的频率（占总交易日的百分比）。在近一半的时间（42%）中，所有五个都同时距离历史最高点至少有1%的距离。</blockquote></p><p> This makes logical sense to me. Tech stock prices tend to be volatile and often “peel off” from their highs, even though shares have generally headed higher over a longer time horizon.</p><p><blockquote>这对我来说合乎逻辑。科技股的价格往往波动较大，经常会从高点 “剥离 ”，尽管股票在较长时间内普遍走高。</blockquote></p><p> The least common occurrence has been for only one FAAMG stock to be in the hole, while all others hover near peaks. This has happened, on average, only 1 out of every 12 to 13 trading sessions (i.e. one day per two or three weeks). This is exactly what was happening to Amazon stock at the end of August.</p><p><blockquote>最不常见的情况是只有一只 FAAMG 股票处于洞穴中，而所有其他股票都徘徊在峰值附近。平均而言，每 12 到 13 个交易日中只有 1 个交易日发生这种情况（即每两或三周有一天）。这正是 8 月底亚马逊股票的情况。</blockquote></p><p> Once again, this makes intuitive sense. Roughly speaking, FAAMG stocks behave similarly to the macroeconomic and broad market forces. Healthy consumer spending, economic growth, market enthusiasm and low interest rates are all bullish factors across the entire peer group.</p><p><blockquote>再一次，这有直观的意义。粗略地说，FAAMG 股票的表现与宏观经济和大盘力量类似。健康的消费者支出、经济增长、市场热情和低利率都是整个同行群体的利好因素。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1a09638bca8fb5d57bada216196f071c\" tg-width=\"1200\" tg-height=\"686\" referrerpolicy=\"no-referrer\"><span>Figure 2: Number of FAAMG stocks off peak. data from Yahoo Finance</span></p><p><blockquote><p class=\"t-img-caption\"><span>图 2：FAAMG 股票数量偏离峰值。数据来自雅虎财经</span></p></blockquote></p><p> <h3>Buy-the-dip opportunity</h3> In my view, Amazon’s loser status within the peer group (measured in this case by drawdowns) is still reminiscent of the company’sill-received third quarter earnings report. Back in July, the Seattle-based giant burst analysts’ and investors’ bubble, delivering e-commerce revenues that lagged consensus.</p><p><blockquote><h3>逢低买入机会</h3>在我看来，亚马逊在同行群体中的失败者地位（在这种情况下是通过提款来衡量的）仍然让人想起该公司刚刚收到的第三季度财报。早在 7 月份，这家总部位于西雅图的巨头就戳破了分析师和投资者的泡沫，其电子商务收入落后于共识。</blockquote></p><p> Amazon is not out of the doghouse yet. While COVID-19 fears have lingered, fueling some hopes that the digital retail channel will still perform well in the second half of 2021, the global economies should gradually (and hopefully) reopen and return to “a new normal” over the next 12 months. Therefore, e-commerce headwinds in the foreseeable future are certainly not out of question.</p><p><blockquote>亚马逊还没有走出狗窝。虽然对 COVID-19 的担忧挥之不去，引发了一些人对数字零售渠道在 2021 年下半年仍将表现良好的希望，但全球经济应该会在未来 12 个月内逐步（并有希望地）重新开放并回归 “新常态”。因此，在可预见的未来，电子商务的逆风当然不是不可能的。</blockquote></p><p> However,history has shown time and again&nbsp;that buying Amazon stock on pullbacks is a good strategy. While the current drawdown of only 5% to 10% may not seem like much,I believe that reasonable valuation&nbsp;shelp to set up AMZN for higher-than-peer group returns over the next several months.</p><p><blockquote>然而， 历史一次又一次地表明， 在回调时购买亚马逊股票是一个好策略。虽然目前仅 5% 至 10% 的提款似乎并不多，但我相信合理的估值有助于 AMZN 在未来几个月内实现高于同行的集团回报。</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>AMZN Is The Only FAAMG Stock Off Its Peak. Buy The Dip?<blockquote>AMZN 是唯一一只处于巅峰状态的 FAAMG 股票。逢低买入？</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\">\nAMZN Is The Only FAAMG Stock Off Its Peak. Buy The Dip?<blockquote>AMZN 是唯一一只处于巅峰状态的 FAAMG 股票。逢低买入？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Thestreet</strong><span class=\"h-time small\">2021-09-03 21:47</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Within the FAAMG peer group, Amazon stock is the only one off its all-time high. The Amazon Maven discusses the buy-on-dip opportunity.</p><p><blockquote>在 FAAMG 同行群体中，亚马逊股票是唯一一只跌破历史高点的股票。亚马逊专家讨论逢低买入机会。</blockquote></p><p> Something atypical has been happening in the world of Big Tech lately. As of the end of August 2021, which was only a couple of days ago, Amazon stock&nbsp;(<b>AMZN</b>)&nbsp;was the only FAAMG name trading off its peak – defined here as 1% or more from the all-time high price.</p><p><blockquote>最近，大型科技世界发生了一些非典型的事情。截至2021年8月底，也就是几天前，亚马逊股票（<b>亚马逊</b>) 是唯一一个脱离峰值交易的 FAAMG 名称——这里定义为比历史最高价低 1% 或更多。</blockquote></p><p> Could this be a chance for bargain hunters to load up on AMZN? Today, the Amazon Maven talks about the buy-on-dip opportunity in September.</p><p><blockquote>这可能是抄底者买入 AMZN 的机会吗？今天，这位亚马逊专家谈论了九月份的逢低买入机会。</blockquote></p><p> <b>Amazon stock: rare laggard</b></p><p><blockquote><b>亚马逊股票：罕见落后</b></blockquote></p><p> The chart below shows how often the five FAAMG stocks have traded off their all-time highs, in percentage of total trading days, over the past five years. Nearly half the time (42%), all five of them have been at least 1% away from their historical top at once.</p><p><blockquote>下图显示了过去五年中，五只 FAAMG 股票突破历史高点的频率（占总交易日的百分比）。在近一半的时间（42%）中，所有五个都同时距离历史最高点至少有1%的距离。</blockquote></p><p> This makes logical sense to me. Tech stock prices tend to be volatile and often “peel off” from their highs, even though shares have generally headed higher over a longer time horizon.</p><p><blockquote>这对我来说合乎逻辑。科技股的价格往往波动较大，经常会从高点 “剥离 ”，尽管股票在较长时间内普遍走高。</blockquote></p><p> The least common occurrence has been for only one FAAMG stock to be in the hole, while all others hover near peaks. This has happened, on average, only 1 out of every 12 to 13 trading sessions (i.e. one day per two or three weeks). This is exactly what was happening to Amazon stock at the end of August.</p><p><blockquote>最不常见的情况是只有一只 FAAMG 股票处于洞穴中，而所有其他股票都徘徊在峰值附近。平均而言，每 12 到 13 个交易日中只有 1 个交易日发生这种情况（即每两或三周有一天）。这正是 8 月底亚马逊股票的情况。</blockquote></p><p> Once again, this makes intuitive sense. Roughly speaking, FAAMG stocks behave similarly to the macroeconomic and broad market forces. Healthy consumer spending, economic growth, market enthusiasm and low interest rates are all bullish factors across the entire peer group.</p><p><blockquote>再一次，这有直观的意义。粗略地说，FAAMG 股票的表现与宏观经济和大盘力量类似。健康的消费者支出、经济增长、市场热情和低利率都是整个同行群体的利好因素。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1a09638bca8fb5d57bada216196f071c\" tg-width=\"1200\" tg-height=\"686\" referrerpolicy=\"no-referrer\"><span>Figure 2: Number of FAAMG stocks off peak. data from Yahoo Finance</span></p><p><blockquote><p class=\"t-img-caption\"><span>图 2：FAAMG 股票数量偏离峰值。数据来自雅虎财经</span></p></blockquote></p><p> <h3>Buy-the-dip opportunity</h3> In my view, Amazon’s loser status within the peer group (measured in this case by drawdowns) is still reminiscent of the company’sill-received third quarter earnings report. Back in July, the Seattle-based giant burst analysts’ and investors’ bubble, delivering e-commerce revenues that lagged consensus.</p><p><blockquote><h3>逢低买入机会</h3>在我看来，亚马逊在同行群体中的失败者地位（在这种情况下是通过提款来衡量的）仍然让人想起该公司刚刚收到的第三季度财报。早在 7 月份，这家总部位于西雅图的巨头就戳破了分析师和投资者的泡沫，其电子商务收入落后于共识。</blockquote></p><p> Amazon is not out of the doghouse yet. While COVID-19 fears have lingered, fueling some hopes that the digital retail channel will still perform well in the second half of 2021, the global economies should gradually (and hopefully) reopen and return to “a new normal” over the next 12 months. Therefore, e-commerce headwinds in the foreseeable future are certainly not out of question.</p><p><blockquote>亚马逊还没有走出狗窝。虽然对 COVID-19 的担忧挥之不去，引发了一些人对数字零售渠道在 2021 年下半年仍将表现良好的希望，但全球经济应该会在未来 12 个月内逐步（并有希望地）重新开放并回归 “新常态”。因此，在可预见的未来，电子商务的逆风当然不是不可能的。</blockquote></p><p> However,history has shown time and again&nbsp;that buying Amazon stock on pullbacks is a good strategy. While the current drawdown of only 5% to 10% may not seem like much,I believe that reasonable valuation&nbsp;shelp to set up AMZN for higher-than-peer group returns over the next several months.</p><p><blockquote>然而， 历史一次又一次地表明， 在回调时购买亚马逊股票是一个好策略。虽然目前仅 5% 至 10% 的提款似乎并不多，但我相信合理的估值有助于 AMZN 在未来几个月内实现高于同行的集团回报。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/amazon/stock/amzn-is-the-only-faamg-stock-off-its-peak-buy-the-dip\">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":{"AMZN":"亚马逊"},"source_url":"https://www.thestreet.com/amazon/stock/amzn-is-the-only-faamg-stock-off-its-peak-buy-the-dip","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1151569309","content_text":"Within the FAAMG peer group, Amazon stock is the only one off its all-time high. The Amazon Maven discusses the buy-on-dip opportunity.\nSomething atypical has been happening in the world of Big Tech lately. As of the end of August 2021, which was only a couple of days ago, Amazon stock (AMZN) was the only FAAMG name trading off its peak – defined here as 1% or more from the all-time high price.\nCould this be a chance for bargain hunters to load up on AMZN? Today, the Amazon Maven talks about the buy-on-dip opportunity in September.\nAmazon stock: rare laggard\nThe chart below shows how often the five FAAMG stocks have traded off their all-time highs, in percentage of total trading days, over the past five years. Nearly half the time (42%), all five of them have been at least 1% away from their historical top at once.\nThis makes logical sense to me. Tech stock prices tend to be volatile and often “peel off” from their highs, even though shares have generally headed higher over a longer time horizon.\nThe least common occurrence has been for only one FAAMG stock to be in the hole, while all others hover near peaks. This has happened, on average, only 1 out of every 12 to 13 trading sessions (i.e. one day per two or three weeks). This is exactly what was happening to Amazon stock at the end of August.\nOnce again, this makes intuitive sense. Roughly speaking, FAAMG stocks behave similarly to the macroeconomic and broad market forces. Healthy consumer spending, economic growth, market enthusiasm and low interest rates are all bullish factors across the entire peer group.\nFigure 2: Number of FAAMG stocks off peak. data from Yahoo Finance\nBuy-the-dip opportunity\nIn my view, Amazon’s loser status within the peer group (measured in this case by drawdowns) is still reminiscent of the company’sill-received third quarter earnings report. Back in July, the Seattle-based giant burst analysts’ and investors’ bubble, delivering e-commerce revenues that lagged consensus.\nAmazon is not out of the doghouse yet. While COVID-19 fears have lingered, fueling some hopes that the digital retail channel will still perform well in the second half of 2021, the global economies should gradually (and hopefully) reopen and return to “a new normal” over the next 12 months. Therefore, e-commerce headwinds in the foreseeable future are certainly not out of question.\nHowever,history has shown time and again that buying Amazon stock on pullbacks is a good strategy. While the current drawdown of only 5% to 10% may not seem like much,I believe that reasonable valuation shelp to set up AMZN for higher-than-peer group returns over the next several months.","news_type":1,"symbols_score_info":{"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":2445,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":812627026,"gmtCreate":1630585678465,"gmtModify":1631890990837,"author":{"id":"3576896315880804","authorId":"3576896315880804","name":"JudithWAH","avatar":"https://static.tigerbbs.com/965fc0cd32d142e7e2c14147086ff3d0","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576896315880804","authorIdStr":"3576896315880804"},"themes":[],"title":"","htmlText":"Aaa","listText":"Aaa","text":"Aaa","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/812627026","repostId":"2164884217","repostType":4,"repost":{"id":"2164884217","kind":"highlight","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga Earnings","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1630585441,"share":"https://www.laohunote.com/m/news/2164884217?lang=zh_CN&edition=full","pubTime":"2021-09-02 20:24","market":"us","language":"en","title":"Why Five Below Shares Are Falling Today<blockquote>为什么 Five Below 股票今天下跌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2164884217","media":"Benzinga Earnings","summary":"Five Below Inc (NASDAQ: FIVE) is trading lower Thursday after the company announced mixed second-quarter financial results and refrained from providing full-year guidance because of uncertainty. ","content":"<p><b><a href=\"https://laohu8.com/S/FIVE\">Five Below</a> Inc</b> (NASDAQ:FIVE) is trading lower Thursday after the company announced mixed second-quarter financial results and refrained from providing full-year guidance because of uncertainty.</p><p><blockquote><b><a href=\"https://laohu8.com/S/FIVE\">下面五个</a>公司</b>（纳斯达克股票代码：FIVE）周四股价走低，此前该公司公布了好坏参半的第二季度财务业绩，并因不确定性而没有提供全年指引。</blockquote></p><p> Five Below reported quarterly earnings of $1.15 per share, which beat the estimate of $1.11 per share. The company reported quarterly revenue of $646.6 million, which came in below the estimate of $646.93 million.</p><p><blockquote>以下五家公司公布的季度收益为每股 1.15 美元，超出了每股 1.11 美元的预期。该公司公布季度收入为 6.466 亿美元，低于预期的 6.4693 亿美元。</blockquote></p><p> Five Below expects third-quarter earnings to be in a range of 23 cents per share to 30 cents per share versus the estimate of 27 cents per share. The company expects third-quarter revenue to be in a range of $550 million to $565 million versus the estimate of $550.25 million.</p><p><blockquote>Five Below 预计第三季度收益将在每股 23 美分至 30 美分之间，而预期为每股 27 美分。该公司预计第三季度收入将在 5.5 亿美元至 5.65 亿美元之间，而预期为 5.5025 亿美元。</blockquote></p><p> Five Below refrained from providing full-year guidance \"given the uncertainty related to COVID-19, potential future shifts in consumer spending, and ongoing global supply chain disruption.\"</p><p><blockquote>“鉴于与 COVID-19 相关的不确定性、未来消费者支出的潜在变化以及持续的全球供应链中断”，Five Below 没有提供全年指导。</blockquote></p><p> “The third quarter is off to a strong start from a sales perspective. We are innovating across our three key strategic priorities: product, experience and supply chain, where the teams are working diligently to mitigate the impact of global disruptions,\" said&nbsp;<b>Joel Anderson</b>, president and CEO of Five Below.</p><p><blockquote>“从销售角度来看，第三季度开局强劲。我们正在三个关键战略重点领域进行创新：产品、体验和供应链，团队正在努力减轻全球中断的影响，”他说。<b>乔尔·安德森</b>Five Below 的总裁兼首席执行官。</blockquote></p><p> <b>FIVE Price Action: </b>Five Below has traded as high as $237.83 and as low as $108.51 over a 52-week period.</p><p><blockquote><b>五种价格行为：</b>在 52 周内，Five Below 的交易价格最高可达 237.83 美元，最低可达 108.51 美元。</blockquote></p><p> The stock was down 8.29% at $198.15 at time of publication.</p><p><blockquote>截至发稿时，该股下跌 8.29%，至 198.15 美元。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Five Below Shares Are Falling Today<blockquote>为什么 Five Below 股票今天下跌</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\">\nWhy Five Below Shares Are Falling Today<blockquote>为什么 Five Below 股票今天下跌</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga Earnings </p>\n<p class=\"h-time smaller\">2021-09-02 20:24</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p><b><a href=\"https://laohu8.com/S/FIVE\">Five Below</a> Inc</b> (NASDAQ:FIVE) is trading lower Thursday after the company announced mixed second-quarter financial results and refrained from providing full-year guidance because of uncertainty.</p><p><blockquote><b><a href=\"https://laohu8.com/S/FIVE\">下面五个</a>公司</b>（纳斯达克股票代码：FIVE）周四股价走低，此前该公司公布了好坏参半的第二季度财务业绩，并因不确定性而没有提供全年指引。</blockquote></p><p> Five Below reported quarterly earnings of $1.15 per share, which beat the estimate of $1.11 per share. The company reported quarterly revenue of $646.6 million, which came in below the estimate of $646.93 million.</p><p><blockquote>以下五家公司公布的季度收益为每股 1.15 美元，超出了每股 1.11 美元的预期。该公司公布季度收入为 6.466 亿美元，低于预期的 6.4693 亿美元。</blockquote></p><p> Five Below expects third-quarter earnings to be in a range of 23 cents per share to 30 cents per share versus the estimate of 27 cents per share. The company expects third-quarter revenue to be in a range of $550 million to $565 million versus the estimate of $550.25 million.</p><p><blockquote>Five Below 预计第三季度收益将在每股 23 美分至 30 美分之间，而预期为每股 27 美分。该公司预计第三季度收入将在 5.5 亿美元至 5.65 亿美元之间，而预期为 5.5025 亿美元。</blockquote></p><p> Five Below refrained from providing full-year guidance \"given the uncertainty related to COVID-19, potential future shifts in consumer spending, and ongoing global supply chain disruption.\"</p><p><blockquote>“鉴于与 COVID-19 相关的不确定性、未来消费者支出的潜在变化以及持续的全球供应链中断”，Five Below 没有提供全年指导。</blockquote></p><p> “The third quarter is off to a strong start from a sales perspective. We are innovating across our three key strategic priorities: product, experience and supply chain, where the teams are working diligently to mitigate the impact of global disruptions,\" said&nbsp;<b>Joel Anderson</b>, president and CEO of Five Below.</p><p><blockquote>“从销售角度来看，第三季度开局强劲。我们正在三个关键战略重点领域进行创新：产品、体验和供应链，团队正在努力减轻全球中断的影响，”他说。<b>乔尔·安德森</b>Five Below 的总裁兼首席执行官。</blockquote></p><p> <b>FIVE Price Action: </b>Five Below has traded as high as $237.83 and as low as $108.51 over a 52-week period.</p><p><blockquote><b>五种价格行为：</b>在 52 周内，Five Below 的交易价格最高可达 237.83 美元，最低可达 108.51 美元。</blockquote></p><p> The stock was down 8.29% at $198.15 at time of publication.</p><p><blockquote>截至发稿时，该股下跌 8.29%，至 198.15 美元。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"FIVE":"Five Below"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2164884217","content_text":"Five Below Inc (NASDAQ:FIVE) is trading lower Thursday after the company announced mixed second-quarter financial results and refrained from providing full-year guidance because of uncertainty.\nFive Below reported quarterly earnings of $1.15 per share, which beat the estimate of $1.11 per share. The company reported quarterly revenue of $646.6 million, which came in below the estimate of $646.93 million.\nFive Below expects third-quarter earnings to be in a range of 23 cents per share to 30 cents per share versus the estimate of 27 cents per share. The company expects third-quarter revenue to be in a range of $550 million to $565 million versus the estimate of $550.25 million.\nFive Below refrained from providing full-year guidance \"given the uncertainty related to COVID-19, potential future shifts in consumer spending, and ongoing global supply chain disruption.\"\n“The third quarter is off to a strong start from a sales perspective. We are innovating across our three key strategic priorities: product, experience and supply chain, where the teams are working diligently to mitigate the impact of global disruptions,\" said Joel Anderson, president and CEO of Five Below.\nFIVE Price Action: Five Below has traded as high as $237.83 and as low as $108.51 over a 52-week period.\nThe stock was down 8.29% at $198.15 at time of publication.","news_type":1,"symbols_score_info":{"FIVE":0.9}},"isVote":1,"tweetType":1,"viewCount":2356,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":816404339,"gmtCreate":1630510813021,"gmtModify":1631890990839,"author":{"id":"3576896315880804","authorId":"3576896315880804","name":"JudithWAH","avatar":"https://static.tigerbbs.com/965fc0cd32d142e7e2c14147086ff3d0","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576896315880804","authorIdStr":"3576896315880804"},"themes":[],"title":"","htmlText":"A","listText":"A","text":"A","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/816404339","repostId":"1110351476","repostType":4,"repost":{"id":"1110351476","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":1630510441,"share":"https://www.laohunote.com/m/news/1110351476?lang=zh_CN&edition=full","pubTime":"2021-09-01 23:34","market":"us","language":"en","title":"Focus Universal Inc. shares surged nearly 230%<blockquote>分众环球公司股价飙升近230%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1110351476","media":"Tiger Newspress","summary":"Focus Universal Inc. shares surged nearly 230%. The stock started trading on Nasdaq Capital Market y","content":"<p>Focus&nbsp;Universal&nbsp;Inc.&nbsp;shares&nbsp;surged&nbsp;nearly&nbsp;230%. The stock started trading on Nasdaq Capital Market yesterday.</p><p><blockquote>Focus Universal Inc. 股价飙升近 230%。该股昨天开始在纳斯达克资本市场交易。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/20952cc6988ab208c1e782cf45b91b1a\" tg-width=\"878\" tg-height=\"635\" referrerpolicy=\"no-referrer\">Focus Universal Inc. &nbsp;is a provider of patented hardware and software design technologies for Internet of Things (IoT) and 5G. The company has developed four disruptive patented technologies to solve the major problems facing hardware design, hardware production, software design and network communication facing both industries today. These technologies combined have potential to reduce costs, product development timelines and energy usage, while increasing range, speed, efficiency and security.</p><p><blockquote>Focus Universal Inc.是物联网（IoT）和5G专利硬件和软件设计技术的提供商。公司研发了四项颠覆性专利技术，解决了当今两个行业面临的硬件设计、硬件生产、软件设计和网络通信等重大难题。这些技术结合起来有可能降低成本、产品开发时间表和能源使用，同时提高范围、速度、效率和安全性。</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>Focus Universal Inc. shares surged nearly 230%<blockquote>分众环球公司股价飙升近230%</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\">\nFocus Universal Inc. shares surged nearly 230%<blockquote>分众环球公司股价飙升近230%</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\">2021-09-01 23:34</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Focus&nbsp;Universal&nbsp;Inc.&nbsp;shares&nbsp;surged&nbsp;nearly&nbsp;230%. The stock started trading on Nasdaq Capital Market yesterday.</p><p><blockquote>Focus Universal Inc. 股价飙升近 230%。该股昨天开始在纳斯达克资本市场交易。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/20952cc6988ab208c1e782cf45b91b1a\" tg-width=\"878\" tg-height=\"635\" referrerpolicy=\"no-referrer\">Focus Universal Inc. &nbsp;is a provider of patented hardware and software design technologies for Internet of Things (IoT) and 5G. The company has developed four disruptive patented technologies to solve the major problems facing hardware design, hardware production, software design and network communication facing both industries today. These technologies combined have potential to reduce costs, product development timelines and energy usage, while increasing range, speed, efficiency and security.</p><p><blockquote>Focus Universal Inc.是物联网（IoT）和5G专利硬件和软件设计技术的提供商。公司研发了四项颠覆性专利技术，解决了当今两个行业面临的硬件设计、硬件生产、软件设计和网络通信等重大难题。这些技术结合起来有可能降低成本、产品开发时间表和能源使用，同时提高范围、速度、效率和安全性。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"FCUV":"Focus Universal, Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1110351476","content_text":"Focus Universal Inc. shares surged nearly 230%. The stock started trading on Nasdaq Capital Market yesterday.\nFocus Universal Inc.  is a provider of patented hardware and software design technologies for Internet of Things (IoT) and 5G. The company has developed four disruptive patented technologies to solve the major problems facing hardware design, hardware production, software design and network communication facing both industries today. These technologies combined have potential to reduce costs, product development timelines and energy usage, while increasing range, speed, efficiency and security.","news_type":1,"symbols_score_info":{"FCUV":0.9}},"isVote":1,"tweetType":1,"viewCount":2918,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":818873004,"gmtCreate":1630399124408,"gmtModify":1631890990840,"author":{"id":"3576896315880804","authorId":"3576896315880804","name":"JudithWAH","avatar":"https://static.tigerbbs.com/965fc0cd32d142e7e2c14147086ff3d0","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576896315880804","authorIdStr":"3576896315880804"},"themes":[],"title":"","htmlText":"Aaa","listText":"Aaa","text":"Aaa","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/818873004","repostId":"1112236381","repostType":4,"repost":{"id":"1112236381","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":1630398793,"share":"https://www.laohunote.com/m/news/1112236381?lang=zh_CN&edition=full","pubTime":"2021-08-31 16:33","market":"hk","language":"en","title":"NetEase Announces Second Quarter 2021 Unaudited Financial Results<blockquote>网易公布2021年第二季度未经审计财务业绩</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1112236381","media":"Tiger Newspress","summary":"NetEase, Inc. (NASDAQ:NTES and HKEX: 9999, \"NetEase\" or the \"Company\"), one ofChina'sleading interne","content":"<p>NetEase, Inc. (NASDAQ:NTES&nbsp;and HKEX: 9999, \"NetEase\" or the \"Company\"), one ofChina'sleading internet and online game services providers, today announced its unaudited financial results for the second quarter endedJune 30, 2021.</p><p><blockquote>中国领先的互联网和在线游戏服务提供商之一网易公司（纳斯达克股票代码：NTES和港交所股票代码：9999，“网易”或“公司”）今天公布了截至2021年6月30日的第二季度未经审计的财务业绩。</blockquote></p><p> <b>Second Quarter 2021 Financial Highlights</b></p><p><blockquote><b>2021年第二季度财务摘要</b></blockquote></p><p> <ul>  <li>Net revenues wereRMB20.5 billion(US$3.2 billion), an increase of 12.9% compared with the second quarter of 2020.</li>  <ul>   <li>Online game services net revenues wereRMB14.5 billion(US$2.3 billion), an increase of 5.1% compared with the second quarter of 2020.</li>   <li>Youdao net revenues wereRMB1.3 billion(US$200.3 million), an increase of 107.5% compared with the second quarter of 2020.</li>   <li>Innovative businesses and others net revenues wereRMB4.7 billion(US$728.4 million), an increase of 26.0% compared with the second quarter of 2020.</li>  </ul>  <li>Gross profit wasRMB11.2 billion(US$1.7 billion), an increase of 14.3% compared with the second quarter of 2020.</li>  <li>Total operating expenses wereRMB7.4 billion(US$1.2 billion), an increase of 32.2% compared with the second quarter of 2020.</li>  <li>Net income attributable to the Company's shareholders wasRMB3.5&nbsp;billion (US$548.5&nbsp;million). Non-GAAP net income attributable to the Company's shareholders wasRMB4.2 billion(US$654.8&nbsp;million).&nbsp;[1]</li>  <li>Basic net income per share wasUS$0.16(US$0.82per ADS). Non-GAAP basic net income per share wasUS$0.20(US$0.98per ADS).&nbsp;[1]</li> </ul> <b>Second Quarter 2021 and Recent Operational Highlights</b></p><p><blockquote><ul><li>净收入为人民币205亿元（32亿美元），较2020年第二季度增长12.9%。</li><ul><li>网络游戏服务净收入为人民币145亿元（23亿美元），较2020年第二季度增长5.1%。</li><li>有道净收入为 13 亿人民币（2.003 亿美元），较 2020 年第二季度增长 107.5%。</li><li>创新业务及其他净收入为人民币47亿元（7.284亿美元），较2020年第二季度增长26.0%。</li></ul><li>毛利润为人民币112亿元（17亿美元），较2020年第二季度增长14.3%。</li><li>总运营费用为人民币74亿元（12亿美元），较2020年第二季度增长32.2%。</li><li>公司股东应占净利润为人民币35亿元（5.485亿美元）。非美国通用会计准则归属于公司股东的净利润为人民币42亿元（6.548亿美元）。[1]</li><li>每股基本净利润为 0.16 美元（每股美国存托凭证 0.82 美元）。非 GAAP 基本每股净利润为 0.20 美元（每股美国存托凭证 0.98 美元）。[1]</li></ul><b>2021年第二季度及近期运营亮点</b></blockquote></p><p> <ul>  <li>Expanded user base and diversified portfolio with new games including:</li>  <ul>   <li><i>Naraka: Bladepoint</i>, which led the top-sellers chart on Steam following its global launch in August.</li>   <li>Other exciting titles such as&nbsp;<i>Infinite Lagrange</i>,<i>Pokémon Quest</i>,<i>MARVEL Super War</i>and<i>Ace Racer</i>thrilled players.</li>  </ul>  <li>Invigorated players with longstanding flagship titles including the&nbsp;<i>Fantasy Westward Journey</i>and<i>Westward Journey Online</i>series, as well as popular hit games including&nbsp;<i>Life-After</i>,<i>Onmyoji</i>and<i>Onmyoji Arena</i>.</li>  <li>Announced that the mobile game<i>Harry Potter</i><i>: Magic Awakened</i>, co-developed by NetEase and Warner Bros. Interactive Entertainment under the Portkey Games label, will launch on&nbsp;September 9.</li>  <li>Enriched strong game development pipeline with exciting titles including&nbsp;<i>Nightmare Breaker</i>,<i>The Lord of the Rings: Rise to War</i>,<i>Diablo®Immortal™</i>and<i>Ghost World Chronicle.</i></li> </ul> \"Our businesses continued to thrive in the second quarter generating total net revenues ofRMB20.5 billion, growing 12.9% year-over-year,\" said Mr.William Ding, Chief Executive Officer and Director of NetEase. \"Our existing games grew steadily despite a high base last year, and we are excited about our robust pipeline of new titles that builds&nbsp;on our leading game roster. We kicked off our game-release schedule for the second half of the year with several gripping new hits&nbsp;such as&nbsp;<i>Naraka: Bladepoint</i>, capturing wide interest from passionate game players globally. With&nbsp;confirmed plans to release the game&nbsp;<i>Harry Potter</i><i>: Magic Awakened</i>onSeptember 9, we are eager to introduce more amazing titles later this year. In addition, we continue to boost our content ecosystem and bring innovative product additions to&nbsp;<i>NetEase Cloud Music</i>strengthening its highly engaged music-centric community,\" Mr. Ding concluded.</p><p><blockquote><ul><li>通过新游戏扩大用户群和多元化产品组合，包括：</li><ul><li><i>奈良：刀尖</i>8 月份在全球推出后，该产品在 Steam 上的畅销书排行榜上名列前茅。</li><li>其他令人兴奋的标题，例如<i>无限拉格朗日</i>,<i>神奇宝贝任务</i>,<i>漫威超级战争</i>和<i>王牌赛车手</i>激动的玩家。</li></ul><li>用长期的旗舰游戏激励玩家，包括<i>梦幻西游</i>和<i>大话西游在线</i>系列，以及热门热门游戏，包括<i>来世</i>,<i>阴阳师</i>和<i>阴阳师竞技场</i>.</li><li>宣布手机游戏<i>哈利波特</i><i>魔法觉醒</i>由网易和华纳兄弟互动娱乐在Portkey Games标签下共同开发，将于9月9日推出。</li><li>通过令人兴奋的游戏丰富了强大的游戏开发渠道，包括<i>噩梦破坏者</i>,<i>指环王：崛起战争</i>,<i>迪亚布罗®不朽的™</i>和<i>幽灵世界编年史。</i></li></ul>网易首席执行官兼董事丁伟霆先生表示：“我们的业务在第二季度继续蓬勃发展，实现总净收入人民币205亿元，同比增长12.9%。”“尽管去年基数很高，但我们的现有游戏仍在稳步增长，我们对建立在我们领先游戏阵容基础上的强大新游戏渠道感到兴奋。我们以几款引人入胜的新游戏拉开了下半年游戏发布计划的序幕，例如<i>奈良：刀尖</i>吸引了全球热情游戏玩家的广泛兴趣。已确定发行游戏的计划<i>哈利波特</i><i>魔法觉醒</i>9月9日，我们渴望在今年晚些时候推出更多令人惊叹的游戏。此外，我们继续提升我们的内容生态系统，并为<i>网易云音乐</i>加强其高度参与的以音乐为中心的社区，”丁先生总结道。</blockquote></p><p> NetEase&nbsp;shares&nbsp;rose&nbsp;nearly&nbsp;2%&nbsp;in&nbsp;premarket&nbsp;trading.</p><p><blockquote>网易股价在盘前交易中上涨近2%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/ff42c2cdc23bda83344ad265e5ffee7f\" tg-width=\"895\" tg-height=\"618\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>NetEase Announces Second Quarter 2021 Unaudited Financial Results<blockquote>网易公布2021年第二季度未经审计财务业绩</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\">\nNetEase Announces Second Quarter 2021 Unaudited Financial Results<blockquote>网易公布2021年第二季度未经审计财务业绩</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\">2021-08-31 16:33</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>NetEase, Inc. (NASDAQ:NTES&nbsp;and HKEX: 9999, \"NetEase\" or the \"Company\"), one ofChina'sleading internet and online game services providers, today announced its unaudited financial results for the second quarter endedJune 30, 2021.</p><p><blockquote>中国领先的互联网和在线游戏服务提供商之一网易公司（纳斯达克股票代码：NTES和港交所股票代码：9999，“网易”或“公司”）今天公布了截至2021年6月30日的第二季度未经审计的财务业绩。</blockquote></p><p> <b>Second Quarter 2021 Financial Highlights</b></p><p><blockquote><b>2021年第二季度财务摘要</b></blockquote></p><p> <ul>  <li>Net revenues wereRMB20.5 billion(US$3.2 billion), an increase of 12.9% compared with the second quarter of 2020.</li>  <ul>   <li>Online game services net revenues wereRMB14.5 billion(US$2.3 billion), an increase of 5.1% compared with the second quarter of 2020.</li>   <li>Youdao net revenues wereRMB1.3 billion(US$200.3 million), an increase of 107.5% compared with the second quarter of 2020.</li>   <li>Innovative businesses and others net revenues wereRMB4.7 billion(US$728.4 million), an increase of 26.0% compared with the second quarter of 2020.</li>  </ul>  <li>Gross profit wasRMB11.2 billion(US$1.7 billion), an increase of 14.3% compared with the second quarter of 2020.</li>  <li>Total operating expenses wereRMB7.4 billion(US$1.2 billion), an increase of 32.2% compared with the second quarter of 2020.</li>  <li>Net income attributable to the Company's shareholders wasRMB3.5&nbsp;billion (US$548.5&nbsp;million). Non-GAAP net income attributable to the Company's shareholders wasRMB4.2 billion(US$654.8&nbsp;million).&nbsp;[1]</li>  <li>Basic net income per share wasUS$0.16(US$0.82per ADS). Non-GAAP basic net income per share wasUS$0.20(US$0.98per ADS).&nbsp;[1]</li> </ul> <b>Second Quarter 2021 and Recent Operational Highlights</b></p><p><blockquote><ul><li>净收入为人民币205亿元（32亿美元），较2020年第二季度增长12.9%。</li><ul><li>网络游戏服务净收入为人民币145亿元（23亿美元），较2020年第二季度增长5.1%。</li><li>有道净收入为 13 亿人民币（2.003 亿美元），较 2020 年第二季度增长 107.5%。</li><li>创新业务及其他净收入为人民币47亿元（7.284亿美元），较2020年第二季度增长26.0%。</li></ul><li>毛利润为人民币112亿元（17亿美元），较2020年第二季度增长14.3%。</li><li>总运营费用为人民币74亿元（12亿美元），较2020年第二季度增长32.2%。</li><li>公司股东应占净利润为人民币35亿元（5.485亿美元）。非美国通用会计准则归属于公司股东的净利润为人民币42亿元（6.548亿美元）。[1]</li><li>每股基本净利润为 0.16 美元（每股美国存托凭证 0.82 美元）。非 GAAP 基本每股净利润为 0.20 美元（每股美国存托凭证 0.98 美元）。[1]</li></ul><b>2021年第二季度及近期运营亮点</b></blockquote></p><p> <ul>  <li>Expanded user base and diversified portfolio with new games including:</li>  <ul>   <li><i>Naraka: Bladepoint</i>, which led the top-sellers chart on Steam following its global launch in August.</li>   <li>Other exciting titles such as&nbsp;<i>Infinite Lagrange</i>,<i>Pokémon Quest</i>,<i>MARVEL Super War</i>and<i>Ace Racer</i>thrilled players.</li>  </ul>  <li>Invigorated players with longstanding flagship titles including the&nbsp;<i>Fantasy Westward Journey</i>and<i>Westward Journey Online</i>series, as well as popular hit games including&nbsp;<i>Life-After</i>,<i>Onmyoji</i>and<i>Onmyoji Arena</i>.</li>  <li>Announced that the mobile game<i>Harry Potter</i><i>: Magic Awakened</i>, co-developed by NetEase and Warner Bros. Interactive Entertainment under the Portkey Games label, will launch on&nbsp;September 9.</li>  <li>Enriched strong game development pipeline with exciting titles including&nbsp;<i>Nightmare Breaker</i>,<i>The Lord of the Rings: Rise to War</i>,<i>Diablo®Immortal™</i>and<i>Ghost World Chronicle.</i></li> </ul> \"Our businesses continued to thrive in the second quarter generating total net revenues ofRMB20.5 billion, growing 12.9% year-over-year,\" said Mr.William Ding, Chief Executive Officer and Director of NetEase. \"Our existing games grew steadily despite a high base last year, and we are excited about our robust pipeline of new titles that builds&nbsp;on our leading game roster. We kicked off our game-release schedule for the second half of the year with several gripping new hits&nbsp;such as&nbsp;<i>Naraka: Bladepoint</i>, capturing wide interest from passionate game players globally. With&nbsp;confirmed plans to release the game&nbsp;<i>Harry Potter</i><i>: Magic Awakened</i>onSeptember 9, we are eager to introduce more amazing titles later this year. In addition, we continue to boost our content ecosystem and bring innovative product additions to&nbsp;<i>NetEase Cloud Music</i>strengthening its highly engaged music-centric community,\" Mr. Ding concluded.</p><p><blockquote><ul><li>通过新游戏扩大用户群和多元化产品组合，包括：</li><ul><li><i>奈良：刀尖</i>8 月份在全球推出后，该产品在 Steam 上的畅销书排行榜上名列前茅。</li><li>其他令人兴奋的标题，例如<i>无限拉格朗日</i>,<i>神奇宝贝任务</i>,<i>漫威超级战争</i>和<i>王牌赛车手</i>激动的玩家。</li></ul><li>用长期的旗舰游戏激励玩家，包括<i>梦幻西游</i>和<i>大话西游在线</i>系列，以及热门热门游戏，包括<i>来世</i>,<i>阴阳师</i>和<i>阴阳师竞技场</i>.</li><li>宣布手机游戏<i>哈利波特</i><i>魔法觉醒</i>由网易和华纳兄弟互动娱乐在Portkey Games标签下共同开发，将于9月9日推出。</li><li>通过令人兴奋的游戏丰富了强大的游戏开发渠道，包括<i>噩梦破坏者</i>,<i>指环王：崛起战争</i>,<i>迪亚布罗®不朽的™</i>和<i>幽灵世界编年史。</i></li></ul>网易首席执行官兼董事丁伟霆先生表示：“我们的业务在第二季度继续蓬勃发展，实现总净收入人民币205亿元，同比增长12.9%。”“尽管去年基数很高，但我们的现有游戏仍在稳步增长，我们对建立在我们领先游戏阵容基础上的强大新游戏渠道感到兴奋。我们以几款引人入胜的新游戏拉开了下半年游戏发布计划的序幕，例如<i>奈良：刀尖</i>吸引了全球热情游戏玩家的广泛兴趣。已确定发行游戏的计划<i>哈利波特</i><i>魔法觉醒</i>9月9日，我们渴望在今年晚些时候推出更多令人惊叹的游戏。此外，我们继续提升我们的内容生态系统，并为<i>网易云音乐</i>加强其高度参与的以音乐为中心的社区，”丁先生总结道。</blockquote></p><p> NetEase&nbsp;shares&nbsp;rose&nbsp;nearly&nbsp;2%&nbsp;in&nbsp;premarket&nbsp;trading.</p><p><blockquote>网易股价在盘前交易中上涨近2%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/ff42c2cdc23bda83344ad265e5ffee7f\" tg-width=\"895\" tg-height=\"618\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NTES":"网易","09999":"网易-S"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1112236381","content_text":"NetEase, Inc. (NASDAQ:NTES and HKEX: 9999, \"NetEase\" or the \"Company\"), one ofChina'sleading internet and online game services providers, today announced its unaudited financial results for the second quarter endedJune 30, 2021.\nSecond Quarter 2021 Financial Highlights\n\nNet revenues wereRMB20.5 billion(US$3.2 billion), an increase of 12.9% compared with the second quarter of 2020.\n\nOnline game services net revenues wereRMB14.5 billion(US$2.3 billion), an increase of 5.1% compared with the second quarter of 2020.\nYoudao net revenues wereRMB1.3 billion(US$200.3 million), an increase of 107.5% compared with the second quarter of 2020.\nInnovative businesses and others net revenues wereRMB4.7 billion(US$728.4 million), an increase of 26.0% compared with the second quarter of 2020.\n\nGross profit wasRMB11.2 billion(US$1.7 billion), an increase of 14.3% compared with the second quarter of 2020.\nTotal operating expenses wereRMB7.4 billion(US$1.2 billion), an increase of 32.2% compared with the second quarter of 2020.\nNet income attributable to the Company's shareholders wasRMB3.5 billion (US$548.5 million). Non-GAAP net income attributable to the Company's shareholders wasRMB4.2 billion(US$654.8 million). [1]\nBasic net income per share wasUS$0.16(US$0.82per ADS). Non-GAAP basic net income per share wasUS$0.20(US$0.98per ADS). [1]\n\nSecond Quarter 2021 and Recent Operational Highlights\n\nExpanded user base and diversified portfolio with new games including:\n\nNaraka: Bladepoint, which led the top-sellers chart on Steam following its global launch in August.\nOther exciting titles such as Infinite Lagrange,Pokémon Quest,MARVEL Super WarandAce Racerthrilled players.\n\nInvigorated players with longstanding flagship titles including the Fantasy Westward JourneyandWestward Journey Onlineseries, as well as popular hit games including Life-After,OnmyojiandOnmyoji Arena.\nAnnounced that the mobile gameHarry Potter: Magic Awakened, co-developed by NetEase and Warner Bros. Interactive Entertainment under the Portkey Games label, will launch on September 9.\nEnriched strong game development pipeline with exciting titles including Nightmare Breaker,The Lord of the Rings: Rise to War,Diablo®Immortal™andGhost World Chronicle.\n\n\"Our businesses continued to thrive in the second quarter generating total net revenues ofRMB20.5 billion, growing 12.9% year-over-year,\" said Mr.William Ding, Chief Executive Officer and Director of NetEase. \"Our existing games grew steadily despite a high base last year, and we are excited about our robust pipeline of new titles that builds on our leading game roster. We kicked off our game-release schedule for the second half of the year with several gripping new hits such as Naraka: Bladepoint, capturing wide interest from passionate game players globally. With confirmed plans to release the game Harry Potter: Magic AwakenedonSeptember 9, we are eager to introduce more amazing titles later this year. In addition, we continue to boost our content ecosystem and bring innovative product additions to NetEase Cloud Musicstrengthening its highly engaged music-centric community,\" Mr. Ding concluded.\nNetEase shares rose nearly 2% in premarket trading.","news_type":1,"symbols_score_info":{"NTES":0.9,"09999":0.9}},"isVote":1,"tweetType":1,"viewCount":2455,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":811262896,"gmtCreate":1630327713715,"gmtModify":1704958487067,"author":{"id":"3576896315880804","authorId":"3576896315880804","name":"JudithWAH","avatar":"https://static.tigerbbs.com/965fc0cd32d142e7e2c14147086ff3d0","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576896315880804","authorIdStr":"3576896315880804"},"themes":[],"title":"","htmlText":"Tell me your opinion about this news...","listText":"Tell me your opinion about this news...","text":"Tell me your opinion about this news...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/811262896","repostId":"2163776380","repostType":4,"isVote":1,"tweetType":1,"viewCount":3078,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":811262308,"gmtCreate":1630327708504,"gmtModify":1704958486720,"author":{"id":"3576896315880804","authorId":"3576896315880804","name":"JudithWAH","avatar":"https://static.tigerbbs.com/965fc0cd32d142e7e2c14147086ff3d0","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576896315880804","authorIdStr":"3576896315880804"},"themes":[],"title":"","htmlText":"Aaa","listText":"Aaa","text":"Aaa","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/811262308","repostId":"2163776380","repostType":4,"isVote":1,"tweetType":1,"viewCount":2096,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":819481603,"gmtCreate":1630088247702,"gmtModify":1704955829123,"author":{"id":"3576896315880804","authorId":"3576896315880804","name":"JudithWAH","avatar":"https://static.tigerbbs.com/965fc0cd32d142e7e2c14147086ff3d0","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576896315880804","authorIdStr":"3576896315880804"},"themes":[],"title":"","htmlText":"Aaa","listText":"Aaa","text":"Aaa","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/819481603","repostId":"1123342356","repostType":4,"isVote":1,"tweetType":1,"viewCount":2835,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":837113820,"gmtCreate":1629863374960,"gmtModify":1633681849854,"author":{"id":"3576896315880804","authorId":"3576896315880804","name":"JudithWAH","avatar":"https://static.tigerbbs.com/965fc0cd32d142e7e2c14147086ff3d0","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576896315880804","authorIdStr":"3576896315880804"},"themes":[],"title":"","htmlText":"Aaa","listText":"Aaa","text":"Aaa","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/837113820","repostId":"2162087564","repostType":4,"isVote":1,"tweetType":1,"viewCount":788,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":838998624,"gmtCreate":1629362837668,"gmtModify":1633685402927,"author":{"id":"3576896315880804","authorId":"3576896315880804","name":"JudithWAH","avatar":"https://static.tigerbbs.com/965fc0cd32d142e7e2c14147086ff3d0","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576896315880804","authorIdStr":"3576896315880804"},"themes":[],"title":"","htmlText":"Tell me your opinion about this news...","listText":"Tell me your opinion about this news...","text":"Tell me your opinion about this news...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/838998624","repostId":"1118120303","repostType":4,"repost":{"id":"1118120303","kind":"news","pubTimestamp":1629362423,"share":"https://www.laohunote.com/m/news/1118120303?lang=zh_CN&edition=full","pubTime":"2021-08-19 16:40","market":"us","language":"en","title":"How to Hedge Your Stock Portfolio Before Interest Rates Start Rising<blockquote>如何在利率开始上升之前对冲您的股票投资组合</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1118120303","media":"Barron's","summary":"If fairy tales were made into parables about investing, the boy who cried wolf would run a tail-risk","content":"<p>If fairy tales were made into parables about investing, the boy who cried wolf would run a tail-risk fund.</p><p><blockquote>如果把童话故事变成关于投资的寓言，《狼来了的男孩》就会经营一只尾部风险基金。</blockquote></p><p> To protect his stocks, the vigilant boy would perpetually buybearish options contractsin anticipation that stock prices would fall. He would now be very busy, as many ominous events are bounding across the world’s stage.</p><p><blockquote>为了保护自己的股票，这个警惕的男孩会永远购买看跌的期权合约，预期股价会下跌。他现在会非常忙碌，因为许多不祥的事件正在世界舞台上演。</blockquote></p><p> Thefall of Afghanistanis a potentially destabilizing market event, especially ahead of the 20th anniversary of the Sept. 11 terrorist attack on the U.S.</p><p><blockquote>阿富汗人的陨落可能会破坏市场稳定，尤其是在美国遭受 9·11 恐怖袭击 20 周年纪念日之前。</blockquote></p><p> The resurgence of Covid-19, weakening retail sales, China saber-rattling toward Taiwan, China mocking America’s sloppy Afghanistan withdrawal, andsigns of sticky inflationare all reasons for extra vigilance.</p><p><blockquote>Covid-19 的死灰复燃、零售销售疲软、中国对台湾的咄咄逼人、中国嘲笑美国从阿富汗草率撤军，以及粘性通胀的迹象，都值得格外警惕。</blockquote></p><p> But the major event that would most alarm our hero would be the Federal Reserve’smeeting in Jackson Hole, Wyo., at the end of the month. Jerome Powell, the Fed’s chairman, is expected to speak. He is the big, bad wolf of this reimagined story.</p><p><blockquote>但最让我们的英雄感到震惊的重大事件将是本月底在怀俄明州杰克逊霍尔举行的美联储会议。美联储主席杰罗姆-鲍威尔预计将发表讲话。他是这个重新想象的故事中的大灰狼。</blockquote></p><p> Powell’s speech might offer concrete clues about potential changes to monetary policy—which could pummel stocks.</p><p><blockquote>鲍威尔的讲话可能会提供有关货币政策潜在变化的具体线索--这可能会打击股市。</blockquote></p><p> When interest rates are low, as they are now, investors can move far out on the so-called risk curve. It’s cheap to borrow money and thus relatively easy to make money doing something as simple asbuying dividend-paying stocksand as complex as quantitative trading. With rates low enough, even Bitcoin and emerging market debt can be attractive.</p><p><blockquote>当利率较低时，就像现在一样，投资者可以在所谓的风险曲线上走得很远。借钱很便宜，因此赚钱相对容易，简单的事情比如购买派息股票，复杂的事情比如量化交易。如果利率足够低，即使是比特币和新兴市场债务也可能具有吸引力。</blockquote></p><p> Yet this time, even if the boy who cried wolf is wrong, investors need to be aware that many others will be listening to himahead of expected changes to interest rates.</p><p><blockquote>然而这一次，即使狼来了的男孩是错的，投资者也需要意识到，许多其他人将听取希玛黑德关于利率预期变化的预测。</blockquote></p><p> Stock prices are generally dancing around record highs—a phrase used in this column year after year—as historically low interest rates remain the central defining fact of the market.</p><p><blockquote>由于历史低利率仍然是市场的核心决定性事实，股票价格通常在历史高点附近徘徊（本专栏年复一年地使用这个短语）。</blockquote></p><p> But it seems that the more investors talk about corrections, or why corrections won’t happen, the bearish narrative prevails, at least for a bit.</p><p><blockquote>但似乎越多的投资者谈论调整，或者为什么调整不会发生，看跌的说法就越盛行，至少在一段时间内是这样。</blockquote></p><p> Expectations that something will soon happen to easy-money rates are leading to a burst of hedging activity.</p><p><blockquote>宽松货币利率很快就会发生变化的预期导致了对冲活动的爆发。</blockquote></p><p> One major investor has created a bearish position in theSPDR S&amp;P 500exchange-traded fund (ticker: SPY) that would prove profitable if the stock market fell about 4% by Sept. 3. The investor sold 25,000 September $427 put options and bought 25,000 $440 puts, all expiring on Sept. 3, to cover the Fed’s Jackson Hole symposium from Aug. 26 to Aug. 28.</p><p><blockquote>一位主要投资者在 PDR S&amp;P 500 交易所交易基金（股票代码：SPDR标普500指数ETF）中建立了看跌头寸，如果股市在 9 月 3 日之前下跌约 4%，该基金将被证明是有利可图的。该投资者卖出了 2.5 万份 9 月份 427 美元的看跌期权，并买入了 2.5 万份 440 美元的看跌期权，全部将于 9 月 3 日到期，以应对 8 月 26 日至 8 月 28 日举行的美联储杰克逊霍尔研讨会。</blockquote></p><p> This column has rarely offered a suggestion to hedge portfolios. It has almost always seemed better to us to sell puts to anxious investors and use the proceeds to buy upside call options to profit from stock advances.</p><p><blockquote>本专栏很少提供对冲投资组合的建议。在我们看来，向焦虑的投资者出售看跌期权，并用所得款项购买上行看涨期权期权，以从股票预付款中获利，几乎总是更好。</blockquote></p><p> Similarly, we have been hesitant to recommend stock-replacement strategies. Because low interest rates always seemed the key ingredient in the bull market, there was seldom a strategic reason for selling stocks and buying calls.</p><p><blockquote>同样，我们在推荐股票替代策略方面也一直犹豫不决。由于低利率似乎总是牛市的关键因素，因此很少有出售股票和购买评级的战略理由。</blockquote></p><p> But now, using upside calls as stock surrogates does indeed seem attractive for anyone who thinks that rates could rise. The strategy is worth pondering for investors with substantial stock profits.</p><p><blockquote>但现在，对于任何认为利率可能上升的人来说，使用上行评级作为股票替代品确实很有吸引力。该策略值得拥有可观股票利润的投资者深思。</blockquote></p><p> If this resonates, review your stocks. Sell enough shares to realize a profit of, say, 50% to 100% on your initial investment. If you sold 500 shares to lock in gains, for example, buy a corresponding number of upside calls that expire in, say, three months. This will buy you just enough time to see how the stock—and the market—performs.</p><p><blockquote>如果这引起了共鸣，请回顾您的股票。出售足够的股票，以实现初始投资 50% 到 100% 的利润。例如，如果您出售 500 股以锁定收益，则购买相应数量的上行评级，这些评级将在三个月内到期。这将为您赢得足够的时间来了解股票和市场的表现。</blockquote></p><p> The goal is not to be scared of wolves, and to make sure that your appetite for volatility is aligned with your investment timeline.</p><p><blockquote>目标是不要害怕狼，并确保您对波动性的兴趣与您的投资时间表一致。</blockquote></p><p> <i>Steven M. Sears is the president and chief operating officer of Options Solutions, a specialized asset-management firm. Neither he nor the firm has a position in the options or underlying securities mentioned in this column.</i></p><p><blockquote><i>Steven M. Sears 是专业资产管理公司 Options Solutions 的总裁兼首席运营官。他和公司都没有持有本专栏提到的期权或基础证券的头寸。</i></blockquote></p><p></p>","source":"lsy1610680873436","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>How to Hedge Your Stock Portfolio Before Interest Rates Start Rising<blockquote>如何在利率开始上升之前对冲您的股票投资组合</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\">\nHow to Hedge Your Stock Portfolio Before Interest Rates Start Rising<blockquote>如何在利率开始上升之前对冲您的股票投资组合</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barron's</strong><span class=\"h-time small\">2021-08-19 16:40</span>\n</p>\n</h4>\n</header>\n<article>\n<p>If fairy tales were made into parables about investing, the boy who cried wolf would run a tail-risk fund.</p><p><blockquote>如果把童话故事变成关于投资的寓言，《狼来了的男孩》就会经营一只尾部风险基金。</blockquote></p><p> To protect his stocks, the vigilant boy would perpetually buybearish options contractsin anticipation that stock prices would fall. He would now be very busy, as many ominous events are bounding across the world’s stage.</p><p><blockquote>为了保护自己的股票，这个警惕的男孩会永远购买看跌的期权合约，预期股价会下跌。他现在会非常忙碌，因为许多不祥的事件正在世界舞台上演。</blockquote></p><p> Thefall of Afghanistanis a potentially destabilizing market event, especially ahead of the 20th anniversary of the Sept. 11 terrorist attack on the U.S.</p><p><blockquote>阿富汗人的陨落可能会破坏市场稳定，尤其是在美国遭受 9·11 恐怖袭击 20 周年纪念日之前。</blockquote></p><p> The resurgence of Covid-19, weakening retail sales, China saber-rattling toward Taiwan, China mocking America’s sloppy Afghanistan withdrawal, andsigns of sticky inflationare all reasons for extra vigilance.</p><p><blockquote>Covid-19 的死灰复燃、零售销售疲软、中国对台湾的咄咄逼人、中国嘲笑美国从阿富汗草率撤军，以及粘性通胀的迹象，都值得格外警惕。</blockquote></p><p> But the major event that would most alarm our hero would be the Federal Reserve’smeeting in Jackson Hole, Wyo., at the end of the month. Jerome Powell, the Fed’s chairman, is expected to speak. He is the big, bad wolf of this reimagined story.</p><p><blockquote>但最让我们的英雄感到震惊的重大事件将是本月底在怀俄明州杰克逊霍尔举行的美联储会议。美联储主席杰罗姆-鲍威尔预计将发表讲话。他是这个重新想象的故事中的大灰狼。</blockquote></p><p> Powell’s speech might offer concrete clues about potential changes to monetary policy—which could pummel stocks.</p><p><blockquote>鲍威尔的讲话可能会提供有关货币政策潜在变化的具体线索--这可能会打击股市。</blockquote></p><p> When interest rates are low, as they are now, investors can move far out on the so-called risk curve. It’s cheap to borrow money and thus relatively easy to make money doing something as simple asbuying dividend-paying stocksand as complex as quantitative trading. With rates low enough, even Bitcoin and emerging market debt can be attractive.</p><p><blockquote>当利率较低时，就像现在一样，投资者可以在所谓的风险曲线上走得很远。借钱很便宜，因此赚钱相对容易，简单的事情比如购买派息股票，复杂的事情比如量化交易。如果利率足够低，即使是比特币和新兴市场债务也可能具有吸引力。</blockquote></p><p> Yet this time, even if the boy who cried wolf is wrong, investors need to be aware that many others will be listening to himahead of expected changes to interest rates.</p><p><blockquote>然而这一次，即使狼来了的男孩是错的，投资者也需要意识到，许多其他人将听取希玛黑德关于利率预期变化的预测。</blockquote></p><p> Stock prices are generally dancing around record highs—a phrase used in this column year after year—as historically low interest rates remain the central defining fact of the market.</p><p><blockquote>由于历史低利率仍然是市场的核心决定性事实，股票价格通常在历史高点附近徘徊（本专栏年复一年地使用这个短语）。</blockquote></p><p> But it seems that the more investors talk about corrections, or why corrections won’t happen, the bearish narrative prevails, at least for a bit.</p><p><blockquote>但似乎越多的投资者谈论调整，或者为什么调整不会发生，看跌的说法就越盛行，至少在一段时间内是这样。</blockquote></p><p> Expectations that something will soon happen to easy-money rates are leading to a burst of hedging activity.</p><p><blockquote>宽松货币利率很快就会发生变化的预期导致了对冲活动的爆发。</blockquote></p><p> One major investor has created a bearish position in theSPDR S&amp;P 500exchange-traded fund (ticker: SPY) that would prove profitable if the stock market fell about 4% by Sept. 3. The investor sold 25,000 September $427 put options and bought 25,000 $440 puts, all expiring on Sept. 3, to cover the Fed’s Jackson Hole symposium from Aug. 26 to Aug. 28.</p><p><blockquote>一位主要投资者在 PDR S&amp;P 500 交易所交易基金（股票代码：SPDR标普500指数ETF）中建立了看跌头寸，如果股市在 9 月 3 日之前下跌约 4%，该基金将被证明是有利可图的。该投资者卖出了 2.5 万份 9 月份 427 美元的看跌期权，并买入了 2.5 万份 440 美元的看跌期权，全部将于 9 月 3 日到期，以应对 8 月 26 日至 8 月 28 日举行的美联储杰克逊霍尔研讨会。</blockquote></p><p> This column has rarely offered a suggestion to hedge portfolios. It has almost always seemed better to us to sell puts to anxious investors and use the proceeds to buy upside call options to profit from stock advances.</p><p><blockquote>本专栏很少提供对冲投资组合的建议。在我们看来，向焦虑的投资者出售看跌期权，并用所得款项购买上行看涨期权期权，以从股票预付款中获利，几乎总是更好。</blockquote></p><p> Similarly, we have been hesitant to recommend stock-replacement strategies. Because low interest rates always seemed the key ingredient in the bull market, there was seldom a strategic reason for selling stocks and buying calls.</p><p><blockquote>同样，我们在推荐股票替代策略方面也一直犹豫不决。由于低利率似乎总是牛市的关键因素，因此很少有出售股票和购买评级的战略理由。</blockquote></p><p> But now, using upside calls as stock surrogates does indeed seem attractive for anyone who thinks that rates could rise. The strategy is worth pondering for investors with substantial stock profits.</p><p><blockquote>但现在，对于任何认为利率可能上升的人来说，使用上行评级作为股票替代品确实很有吸引力。该策略值得拥有可观股票利润的投资者深思。</blockquote></p><p> If this resonates, review your stocks. Sell enough shares to realize a profit of, say, 50% to 100% on your initial investment. If you sold 500 shares to lock in gains, for example, buy a corresponding number of upside calls that expire in, say, three months. This will buy you just enough time to see how the stock—and the market—performs.</p><p><blockquote>如果这引起了共鸣，请回顾您的股票。出售足够的股票，以实现初始投资 50% 到 100% 的利润。例如，如果您出售 500 股以锁定收益，则购买相应数量的上行评级，这些评级将在三个月内到期。这将为您赢得足够的时间来了解股票和市场的表现。</blockquote></p><p> The goal is not to be scared of wolves, and to make sure that your appetite for volatility is aligned with your investment timeline.</p><p><blockquote>目标是不要害怕狼，并确保您对波动性的兴趣与您的投资时间表一致。</blockquote></p><p> <i>Steven M. Sears is the president and chief operating officer of Options Solutions, a specialized asset-management firm. Neither he nor the firm has a position in the options or underlying securities mentioned in this column.</i></p><p><blockquote><i>Steven M. Sears 是专业资产管理公司 Options Solutions 的总裁兼首席运营官。他和公司都没有持有本专栏提到的期权或基础证券的头寸。</i></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/articles/how-to-hedge-your-stock-portfolio-before-interest-rates-start-rising-51629361806?mod=mw_latestnews\">Barron's</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index","SPY":"标普500ETF"},"source_url":"https://www.marketwatch.com/articles/how-to-hedge-your-stock-portfolio-before-interest-rates-start-rising-51629361806?mod=mw_latestnews","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1118120303","content_text":"If fairy tales were made into parables about investing, the boy who cried wolf would run a tail-risk fund.\nTo protect his stocks, the vigilant boy would perpetually buybearish options contractsin anticipation that stock prices would fall. He would now be very busy, as many ominous events are bounding across the world’s stage.\nThefall of Afghanistanis a potentially destabilizing market event, especially ahead of the 20th anniversary of the Sept. 11 terrorist attack on the U.S.\nThe resurgence of Covid-19, weakening retail sales, China saber-rattling toward Taiwan, China mocking America’s sloppy Afghanistan withdrawal, andsigns of sticky inflationare all reasons for extra vigilance.\nBut the major event that would most alarm our hero would be the Federal Reserve’smeeting in Jackson Hole, Wyo., at the end of the month. Jerome Powell, the Fed’s chairman, is expected to speak. He is the big, bad wolf of this reimagined story.\nPowell’s speech might offer concrete clues about potential changes to monetary policy—which could pummel stocks.\nWhen interest rates are low, as they are now, investors can move far out on the so-called risk curve. It’s cheap to borrow money and thus relatively easy to make money doing something as simple asbuying dividend-paying stocksand as complex as quantitative trading. With rates low enough, even Bitcoin and emerging market debt can be attractive.\nYet this time, even if the boy who cried wolf is wrong, investors need to be aware that many others will be listening to himahead of expected changes to interest rates.\nStock prices are generally dancing around record highs—a phrase used in this column year after year—as historically low interest rates remain the central defining fact of the market.\nBut it seems that the more investors talk about corrections, or why corrections won’t happen, the bearish narrative prevails, at least for a bit.\nExpectations that something will soon happen to easy-money rates are leading to a burst of hedging activity.\nOne major investor has created a bearish position in theSPDR S&P 500exchange-traded fund (ticker: SPY) that would prove profitable if the stock market fell about 4% by Sept. 3. The investor sold 25,000 September $427 put options and bought 25,000 $440 puts, all expiring on Sept. 3, to cover the Fed’s Jackson Hole symposium from Aug. 26 to Aug. 28.\nThis column has rarely offered a suggestion to hedge portfolios. It has almost always seemed better to us to sell puts to anxious investors and use the proceeds to buy upside call options to profit from stock advances.\nSimilarly, we have been hesitant to recommend stock-replacement strategies. Because low interest rates always seemed the key ingredient in the bull market, there was seldom a strategic reason for selling stocks and buying calls.\nBut now, using upside calls as stock surrogates does indeed seem attractive for anyone who thinks that rates could rise. The strategy is worth pondering for investors with substantial stock profits.\nIf this resonates, review your stocks. Sell enough shares to realize a profit of, say, 50% to 100% on your initial investment. If you sold 500 shares to lock in gains, for example, buy a corresponding number of upside calls that expire in, say, three months. This will buy you just enough time to see how the stock—and the market—performs.\nThe goal is not to be scared of wolves, and to make sure that your appetite for volatility is aligned with your investment timeline.\nSteven M. Sears is the president and chief operating officer of Options Solutions, a specialized asset-management firm. Neither he nor the firm has a position in the options or underlying securities mentioned in this 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07:40","market":"us","language":"en","title":"Is the U.S. stock market open on Labor Day?<blockquote>美国股市在劳动节开市吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1126654067","media":"MarketWatch","summary":"It is unofficially summer’s last hurrah for Wall Street investors.\nU.S. financial markets will be cl","content":"<p>It is unofficially summer’s last hurrah for Wall Street investors.</p><p><blockquote>对于华尔街投资者来说，这是非正式的夏季最后一次欢呼。</blockquote></p><p> U.S. financial markets will be closed for Labor Day on Monday, Sept. 6, marking a three-day weekend in the U.S., following what has been a mostly spectacular run for the stock market. The rally came despite concerns about the spread of the delta variant of the coronavirus and unease about the timetable for an eventual rollback of easy-money policies implemented by the Federal Reserve at the onset of the pandemic last year.</p><p><blockquote>美国金融市场将于 9 月 6 日星期一劳动节休市，标志着美国为期三天的周末，此前股市经历了大部分精彩的表现。尽管人们对冠状病毒德尔塔变异毒株的传播感到担忧，并且对美联储在去年疫情爆发时实施的宽松货币政策最终撤销的时间表感到不安，但股市还是出现了上涨。</blockquote></p><p> On Monday, U.S. stock exchanges, including the Intercontinental Exchange Inc.&nbsp;-owned New York Stock Exchange and Nasdaq Inc.,will be closed, so don’t look for any action in individual stocks or indexes including the Dow Jones Industrial Average,&nbsp;S&amp;P 500&nbsp;or Nasdaq Composite indexes.</p><p><blockquote>周一，美国证券交易所，包括洲际交易所（Intercontinental Exchange Inc.）和纳斯达克公司旗下的纽约证券交易所（New York Stock Exchange Inc.）将休市，因此不要关注道琼斯工业平均指数、标普500指数或纳斯达克综合指数等个股或指数的任何波动。</blockquote></p><p> The S&amp;P 500 has already notched 54 record closing highs in 2021 and was looking for its 55th on Friday, while the Nasdaq Composite&nbsp;was on track to book its 35th&nbsp;all-time high of the year. The Dow stood less than a percentage point from its Aug. 16 record, mid-afternoon Friday.</p><p><blockquote>标普500指数在 2021 年已创下 54 个收盘历史新高，并有望在周五创下第 55 个收盘历史新高，而纳斯达克综合指数有望创下今年第 35 个历史新高。周五下午三点左右，道琼斯指数较 8 月 16 日的纪录上涨不到一个百分点。</blockquote></p><p> Sifma, the securities-industry trade group for fixed-income, also has recommended the bond market close on Labor Day, including trading in the 10-year Treasury note,which was&nbsp;yielding around 1.33%&nbsp;after the U.S. August jobs report came in weaker than expected.</p><p><blockquote>固定收益证券行业贸易组织Sifma也建议劳动节债券市场休市，包括交易10年期国债，在美国8月就业报告弱于预期后，10年期国债收益率约为1.33%。</blockquote></p><p> However, the&nbsp;Labor Department’s employment report,which showed that&nbsp;235,000 jobs were created in August, far below expectations for more than 700,000, failed to dull expectations among sovereign debt investors for a near-term announcement of tapering of the Fed’s $120 billion in monthly purchases in Treasurys and mortgage-backed securities.</p><p><blockquote>然而，美国劳工部的就业报告显示，8 月份新增就业岗位 23.5 万个，远低于预期的 70 多万个，但未能降低主权债务投资者对美联储近期宣布缩减每月 1200 亿美元国债和抵押贷款支持证券购买规模的预期。</blockquote></p><p> Trading in most commodity futures, including Nymex crude-oil&nbsp;and Comex gold,on U.S. exchanges will also be halted Monday.</p><p><blockquote>美国交易所大多数商品期货交易，包括 Nymex 原油和 Comex 黄金，也将于周一停止交易。</blockquote></p><p> Is there any significance to the holiday for average investors, besides the time off in the U.S. and the barbecues?</p><p><blockquote>除了在美国度假和烧烤之外，这个假期对普通投资者来说还有什么意义吗？</blockquote></p><p> Probably not.</p><p><blockquote>可能不会。</blockquote></p><p> But the May Memorial Day to September Labor Day period in recent years has proven a bullish stretch one for investors, according to Dow Jones Market Data. The Dow, for example, is up by about 2% over that period and averages a gain of 1.3%, producing a winning record 65% of the time. The Dow is currently enjoying a win streak, over the past six Memorial Day/Labor Day periods, representing the longest win streak since 1989. Last year, the markets gained nearly 15% over that time.</p><p><blockquote>但道琼斯市场数据显示，近年来五月阵亡将士纪念日至九月劳动节期间对投资者来说是一个看涨时期。例如，道琼斯指数在此期间上涨了约 2%，平均上涨 1.3%，65% 的时间都创下了上涨纪录。道琼斯指数目前在过去六个阵亡将士纪念日/劳动节期间取得连胜，这是自1989年以来最长的连胜纪录。去年，市场在此期间上涨了近 15%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f3f0f061a4ddd2ca31c53f8aa68e3cce\" tg-width=\"699\" tg-height=\"564\" width=\"100%\" height=\"auto\"><span>DOW JONES MARKET DATA</span></p><p><blockquote><p class=\"t-img-caption\"><span>道琼斯市场数据</span></p></blockquote></p><p> The S&amp;P 500 is on a similar win streak and is up nearly 8% so far this Memorial Day-Labor Day period. It has risen more than 70% over that period in past years and averages a 1.7% gain. The broad-market index rose 16% during that time in 2020.</p><p><blockquote>标普500也取得了类似的连胜势头，在阵亡将士纪念日-劳动节期间迄今已上涨近 8%。过去几年同期上涨了 70% 以上，平均涨幅为 1.7%。2020 年同期，大盘指数上涨了 16%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0c780a46e32d055feb3e3f5e10fc987f\" tg-width=\"699\" tg-height=\"564\" width=\"100%\" height=\"auto\"><span>DOW JONES MARKET DATA</span></p><p><blockquote><p class=\"t-img-caption\"><span>道琼斯市场数据</span></p></blockquote></p><p> But if there is a bona fide trend in the Labor Day trading it may be this one that MarketWatch’s&nbsp;Steve Goldstein reports, quoting Raymond James strategist Tavis McCourt, who says that in the last two years, there was a big value and cyclical bias in stock markets after the holiday, and in 2018, markets basically collapsed after the summer drew to a close.</p><p><blockquote>但如果说劳动节交易有一个真正的趋势，那可能就是 MarketWatch 的史蒂夫-戈尔茨坦（Steve Goldstein）援引雷蒙德-詹姆斯（Raymond James）策略师塔维斯-麦考特（Tavis McCourt）的话说，在过去两年中，节后股市存在很大的价值和周期性偏差，2018 年，市场在夏季结束后基本上崩溃了。</blockquote></p><p> It is impossible to know if the stock market rally will peter out similarly this time around but there is a growing sense on Wall Street that valuations are too lofty and equity indexes are due for a pullback of at least 5% or better from current heights.</p><p><blockquote>不可能知道这次股市上涨是否会类似地消失，但华尔街越来越认为估值过高，股指将从当前高点回调至少 5% 或更多。</blockquote></p><p> Markets will be back to business as usual on Tuesday and, of course, European bourses, including London’s FTSE 100&nbsp;index and the pan-European Stoxx Europe 600&nbsp;will be open on Monday, as well as Asian markets, the Nikkei 225,Hong Kong’s Hang Seng&nbsp;and the Shanghai Composite Index.</p><p><blockquote>周二市场将恢复正常交易，当然，包括伦敦富时 100 指数和泛欧斯托克欧洲 600 指数在内的欧洲证券交易所将于周一开盘，亚洲市场、日经 225 指数、香港恒生指数和上证综合指数也将开盘。</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>Is the U.S. stock market open on Labor Day?<blockquote>美国股市在劳动节开市吗？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; 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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\">\nIs the U.S. stock market open on Labor Day?<blockquote>美国股市在劳动节开市吗？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-09-06 07:40</span>\n</p>\n</h4>\n</header>\n<article>\n<p>It is unofficially summer’s last hurrah for Wall Street investors.</p><p><blockquote>对于华尔街投资者来说，这是非正式的夏季最后一次欢呼。</blockquote></p><p> U.S. financial markets will be closed for Labor Day on Monday, Sept. 6, marking a three-day weekend in the U.S., following what has been a mostly spectacular run for the stock market. The rally came despite concerns about the spread of the delta variant of the coronavirus and unease about the timetable for an eventual rollback of easy-money policies implemented by the Federal Reserve at the onset of the pandemic last year.</p><p><blockquote>美国金融市场将于 9 月 6 日星期一劳动节休市，标志着美国为期三天的周末，此前股市经历了大部分精彩的表现。尽管人们对冠状病毒德尔塔变异毒株的传播感到担忧，并且对美联储在去年疫情爆发时实施的宽松货币政策最终撤销的时间表感到不安，但股市还是出现了上涨。</blockquote></p><p> On Monday, U.S. stock exchanges, including the Intercontinental Exchange Inc.&nbsp;-owned New York Stock Exchange and Nasdaq Inc.,will be closed, so don’t look for any action in individual stocks or indexes including the Dow Jones Industrial Average,&nbsp;S&amp;P 500&nbsp;or Nasdaq Composite indexes.</p><p><blockquote>周一，美国证券交易所，包括洲际交易所（Intercontinental Exchange Inc.）和纳斯达克公司旗下的纽约证券交易所（New York Stock Exchange Inc.）将休市，因此不要关注道琼斯工业平均指数、标普500指数或纳斯达克综合指数等个股或指数的任何波动。</blockquote></p><p> The S&amp;P 500 has already notched 54 record closing highs in 2021 and was looking for its 55th on Friday, while the Nasdaq Composite&nbsp;was on track to book its 35th&nbsp;all-time high of the year. The Dow stood less than a percentage point from its Aug. 16 record, mid-afternoon Friday.</p><p><blockquote>标普500指数在 2021 年已创下 54 个收盘历史新高，并有望在周五创下第 55 个收盘历史新高，而纳斯达克综合指数有望创下今年第 35 个历史新高。周五下午三点左右，道琼斯指数较 8 月 16 日的纪录上涨不到一个百分点。</blockquote></p><p> Sifma, the securities-industry trade group for fixed-income, also has recommended the bond market close on Labor Day, including trading in the 10-year Treasury note,which was&nbsp;yielding around 1.33%&nbsp;after the U.S. August jobs report came in weaker than expected.</p><p><blockquote>固定收益证券行业贸易组织Sifma也建议劳动节债券市场休市，包括交易10年期国债，在美国8月就业报告弱于预期后，10年期国债收益率约为1.33%。</blockquote></p><p> However, the&nbsp;Labor Department’s employment report,which showed that&nbsp;235,000 jobs were created in August, far below expectations for more than 700,000, failed to dull expectations among sovereign debt investors for a near-term announcement of tapering of the Fed’s $120 billion in monthly purchases in Treasurys and mortgage-backed securities.</p><p><blockquote>然而，美国劳工部的就业报告显示，8 月份新增就业岗位 23.5 万个，远低于预期的 70 多万个，但未能降低主权债务投资者对美联储近期宣布缩减每月 1200 亿美元国债和抵押贷款支持证券购买规模的预期。</blockquote></p><p> Trading in most commodity futures, including Nymex crude-oil&nbsp;and Comex gold,on U.S. exchanges will also be halted Monday.</p><p><blockquote>美国交易所大多数商品期货交易，包括 Nymex 原油和 Comex 黄金，也将于周一停止交易。</blockquote></p><p> Is there any significance to the holiday for average investors, besides the time off in the U.S. and the barbecues?</p><p><blockquote>除了在美国度假和烧烤之外，这个假期对普通投资者来说还有什么意义吗？</blockquote></p><p> Probably not.</p><p><blockquote>可能不会。</blockquote></p><p> But the May Memorial Day to September Labor Day period in recent years has proven a bullish stretch one for investors, according to Dow Jones Market Data. The Dow, for example, is up by about 2% over that period and averages a gain of 1.3%, producing a winning record 65% of the time. The Dow is currently enjoying a win streak, over the past six Memorial Day/Labor Day periods, representing the longest win streak since 1989. Last year, the markets gained nearly 15% over that time.</p><p><blockquote>但道琼斯市场数据显示，近年来五月阵亡将士纪念日至九月劳动节期间对投资者来说是一个看涨时期。例如，道琼斯指数在此期间上涨了约 2%，平均上涨 1.3%，65% 的时间都创下了上涨纪录。道琼斯指数目前在过去六个阵亡将士纪念日/劳动节期间取得连胜，这是自1989年以来最长的连胜纪录。去年，市场在此期间上涨了近 15%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f3f0f061a4ddd2ca31c53f8aa68e3cce\" tg-width=\"699\" tg-height=\"564\" width=\"100%\" height=\"auto\"><span>DOW JONES MARKET DATA</span></p><p><blockquote><p class=\"t-img-caption\"><span>道琼斯市场数据</span></p></blockquote></p><p> The S&amp;P 500 is on a similar win streak and is up nearly 8% so far this Memorial Day-Labor Day period. It has risen more than 70% over that period in past years and averages a 1.7% gain. The broad-market index rose 16% during that time in 2020.</p><p><blockquote>标普500也取得了类似的连胜势头，在阵亡将士纪念日-劳动节期间迄今已上涨近 8%。过去几年同期上涨了 70% 以上，平均涨幅为 1.7%。2020 年同期，大盘指数上涨了 16%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0c780a46e32d055feb3e3f5e10fc987f\" tg-width=\"699\" tg-height=\"564\" width=\"100%\" height=\"auto\"><span>DOW JONES MARKET DATA</span></p><p><blockquote><p class=\"t-img-caption\"><span>道琼斯市场数据</span></p></blockquote></p><p> But if there is a bona fide trend in the Labor Day trading it may be this one that MarketWatch’s&nbsp;Steve Goldstein reports, quoting Raymond James strategist Tavis McCourt, who says that in the last two years, there was a big value and cyclical bias in stock markets after the holiday, and in 2018, markets basically collapsed after the summer drew to a close.</p><p><blockquote>但如果说劳动节交易有一个真正的趋势，那可能就是 MarketWatch 的史蒂夫-戈尔茨坦（Steve Goldstein）援引雷蒙德-詹姆斯（Raymond James）策略师塔维斯-麦考特（Tavis McCourt）的话说，在过去两年中，节后股市存在很大的价值和周期性偏差，2018 年，市场在夏季结束后基本上崩溃了。</blockquote></p><p> It is impossible to know if the stock market rally will peter out similarly this time around but there is a growing sense on Wall Street that valuations are too lofty and equity indexes are due for a pullback of at least 5% or better from current heights.</p><p><blockquote>不可能知道这次股市上涨是否会类似地消失，但华尔街越来越认为估值过高，股指将从当前高点回调至少 5% 或更多。</blockquote></p><p> Markets will be back to business as usual on Tuesday and, of course, European bourses, including London’s FTSE 100&nbsp;index and the pan-European Stoxx Europe 600&nbsp;will be open on Monday, as well as Asian markets, the Nikkei 225,Hong Kong’s Hang Seng&nbsp;and the Shanghai Composite Index.</p><p><blockquote>周二市场将恢复正常交易，当然，包括伦敦富时 100 指数和泛欧斯托克欧洲 600 指数在内的欧洲证券交易所将于周一开盘，亚洲市场、日经 225 指数、香港恒生指数和上证综合指数也将开盘。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/is-the-u-s-stock-market-open-on-labor-day-11630697597?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite","ICE":"洲际交易所",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.marketwatch.com/story/is-the-u-s-stock-market-open-on-labor-day-11630697597?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1126654067","content_text":"It is unofficially summer’s last hurrah for Wall Street investors.\nU.S. financial markets will be closed for Labor Day on Monday, Sept. 6, marking a three-day weekend in the U.S., following what has been a mostly spectacular run for the stock market. The rally came despite concerns about the spread of the delta variant of the coronavirus and unease about the timetable for an eventual rollback of easy-money policies implemented by the Federal Reserve at the onset of the pandemic last year.\nOn Monday, U.S. stock exchanges, including the Intercontinental Exchange Inc. -owned New York Stock Exchange and Nasdaq Inc.,will be closed, so don’t look for any action in individual stocks or indexes including the Dow Jones Industrial Average, S&P 500 or Nasdaq Composite indexes.\nThe S&P 500 has already notched 54 record closing highs in 2021 and was looking for its 55th on Friday, while the Nasdaq Composite was on track to book its 35th all-time high of the year. The Dow stood less than a percentage point from its Aug. 16 record, mid-afternoon Friday.\nSifma, the securities-industry trade group for fixed-income, also has recommended the bond market close on Labor Day, including trading in the 10-year Treasury note,which was yielding around 1.33% after the U.S. August jobs report came in weaker than expected.\nHowever, the Labor Department’s employment report,which showed that 235,000 jobs were created in August, far below expectations for more than 700,000, failed to dull expectations among sovereign debt investors for a near-term announcement of tapering of the Fed’s $120 billion in monthly purchases in Treasurys and mortgage-backed securities.\nTrading in most commodity futures, including Nymex crude-oil and Comex gold,on U.S. exchanges will also be halted Monday.\nIs there any significance to the holiday for average investors, besides the time off in the U.S. and the barbecues?\nProbably not.\nBut the May Memorial Day to September Labor Day period in recent years has proven a bullish stretch one for investors, according to Dow Jones Market Data. The Dow, for example, is up by about 2% over that period and averages a gain of 1.3%, producing a winning record 65% of the time. The Dow is currently enjoying a win streak, over the past six Memorial Day/Labor Day periods, representing the longest win streak since 1989. Last year, the markets gained nearly 15% over that time.\nDOW JONES MARKET DATA\nThe S&P 500 is on a similar win streak and is up nearly 8% so far this Memorial Day-Labor Day period. It has risen more than 70% over that period in past years and averages a 1.7% gain. The broad-market index rose 16% during that time in 2020.\nDOW JONES MARKET DATA\nBut if there is a bona fide trend in the Labor Day trading it may be this one that MarketWatch’s Steve Goldstein reports, quoting Raymond James strategist Tavis McCourt, who says that in the last two years, there was a big value and cyclical bias in stock markets after the holiday, and in 2018, markets basically collapsed after the summer drew to a close.\nIt is impossible to know if the stock market rally will peter out similarly this time around but there is a growing sense on Wall Street that valuations are too lofty and equity indexes are due for a pullback of at least 5% or better from current heights.\nMarkets will be back to business as usual on Tuesday and, of course, European bourses, including London’s FTSE 100 index and the pan-European Stoxx Europe 600 will be open on Monday, as well as Asian markets, the Nikkei 225,Hong Kong’s Hang Seng and the Shanghai Composite 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comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/358165388","repostId":"2122114714","repostType":4,"isVote":1,"tweetType":1,"viewCount":485,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":814580774,"gmtCreate":1630843961798,"gmtModify":1631890990826,"author":{"id":"3576896315880804","authorId":"3576896315880804","name":"JudithWAH","avatar":"https://static.tigerbbs.com/965fc0cd32d142e7e2c14147086ff3d0","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576896315880804","idStr":"3576896315880804"},"themes":[],"title":"","htmlText":"Aaa","listText":"Aaa","text":"Aaa","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/814580774","repostId":"1157895022","repostType":4,"repost":{"id":"1157895022","kind":"news","pubTimestamp":1630810619,"share":"https://www.laohunote.com/m/news/1157895022?lang=zh_CN&edition=full","pubTime":"2021-09-05 10:56","market":"us","language":"en","title":"Beat the market with this quant system that’s very bullish on stocks at record highs<blockquote>利用这个量化系统战胜市场，该系统非常看好创纪录高点的股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1157895022","media":"MarketWatch","summary":"Vance Howard’s HCM Tactical Growth Fund moves you in and out of the stock market when prudent to do ","content":"<p>  <b>Vance Howard’s HCM Tactical Growth Fund moves you in and out of the stock market when prudent to do so. So far his team of computer scientists’ strategy has paid off.</b>  Imagine you had a money-making machine to harvest gains in the stock market while you sat back to enjoy life.</p><p><blockquote><b>万斯-霍华德（Vance Howard）的 HCM 战术增长基金（Tactical Growwth Fund）会让你在谨慎的情况下进出股市。到目前为止，他的计算机科学家团队的策略已经取得了成效。</b>想象一下，当你坐下来享受生活时，你有一台赚钱机器在股市上收获收益。</blockquote></p><p> That’s everyone’s dream, right? Investor Vance Howard thinks he’s found it.</p><p><blockquote>这是每个人的梦想，对吧？投资者万斯-霍华德认为他找到了答案。</blockquote></p><p> Howard and his small army of computer programmers atHoward Capital Managementin Roswell, Ga., have a quantitative system that posts great returns.</p><p><blockquote>佐治亚州罗斯威尔的霍华德资本管理公司的霍华德和他的一小群计算机程序员。，有一个量化系统，发布巨大的回报。</blockquote></p><p> His HCM Tactical Growth Fund&nbsp;HCMGX,+0.35%beats its Russell 1000&nbsp;benchmark index and large-blend fund category by 8.5-10.4 percentage points annualized over the past five years, according to Morningstar. That is no small feat, and not only because it has to overcome a 2.22% fee. Beating the market is simply not easy. His HCM Dividend Sector PlusHCMQX,-0.05%) and HCM Income PlusHCMLX,+0.30%funds post similar outperformance.</p><p><blockquote>根据晨星公司的数据，他的 HCM 战术增长基金 HCMGX,+0.35% 在过去五年中以年化计算比其罗素 1000 基准指数和大型混合基金类别高出 8.5-10.4 个百分点。这不是一个小壮举，不仅仅是因为它必须克服2.22%的费用。战胜市场根本不容易。他的 HCM 股息板块 PlusHCMQX,-0.05%) 和 HCM 收入 PlusHCMLX,+0.30% 基金表现类似。</blockquote></p><p> There are drawbacks, which I detail below. (Among them: Potentially long stretches of underperformance and regular tax bills.) But first, what can we learn from this winner?</p><p><blockquote>有缺点，我在下面详细介绍。（其中：潜在的长期表现不佳和定期税单。）但首先，我们能从这位赢家身上学到什么？</blockquote></p><p> So-called quants never share all the details of their proprietary systems, but Howard shares a lot, as you’ll see. And this Texas rancher has a lot of good advice based on “horse sense” — not surprising, given his infectious passion for the markets, and his three decades of experience as a pro.</p><p><blockquote>所谓的量化者从不分享他们专有系统的所有细节，但霍华德分享了很多细节，你会看到的。这位德克萨斯州牧场主有很多基于 “马感 ”的好建议--考虑到他对市场有着极具感染力的热情，以及他三十年的职业牧场主经验，这并不奇怪。</blockquote></p><p> Here are five lessons, 12 exchange traded funds (ETFs) and four stocks to consider, from a recent interview with him.</p><p><blockquote>以下是最近对他的采访中的五个教训、12 只交易所交易基金 (ETF) 和 4 只值得考虑的股票。</blockquote></p><p> <b>Lesson #1: Don’t be emotional</b></p><p><blockquote><b>第一课：不要情绪化</b></blockquote></p><p> It’s no surprise so many people do poorly in the market. Evolution has programmed us to fail. For survival, we’ve learned to run from things that frightens us. And crave more of things that are pleasurable — like sweets or fats to store calories ahead of what might be a long stretch without food. But in the market, acting on the emotions of fear and greed invariably make us do the wrong thing at the wrong time. Sell at the bottom, buy at the top.</p><p><blockquote>难怪这么多人在市场上表现不佳。进化注定了我们会失败。为了生存，我们学会了逃避让我们害怕的事情。渴望更多令人愉快的东西——比如甜食或脂肪，以在可能很长一段时间没有食物之前储存卡路里。但在市场上，出于恐惧和贪婪的情绪行事总是会让我们在错误的时间做错误的事情。底部卖出，顶部买入。</blockquote></p><p> Likewise, we’re programmed to believe being with the crowd brings safety. If you’re a zebra on the Savanna, you are more likely to get picked off by a predator if you go it alone. The problem here is being part of a crowd — and crowd psychology — dumb us down to a purely emotional level. This is why people in crowds do terrible things they would never do on their own. It doesn’t matter how smart you are. When you join a crowd, you lose a lot of IQ points. Base emotions take over.</p><p><blockquote>同样，我们也相信与人群在一起会带来安全。如果你是稀树草原上的斑马，那么如果你单独行动，就更有可能被捕食者叼走。这里的问题是成为人群的一部分——以及人群心理——把我们愚蠢到纯粹的情感层面。这就是为什么人群中的人们会做他们自己永远不会做的可怕事情。你有多聪明并不重要。当你加入人群时，你会失去很多智商点。基本情绪占据主导地位。</blockquote></p><p> To do well in the market, you have to counteract these tendencies. “One of the biggest mistakes individual investors and money managers make is getting emotional,” says Howard. “Let your emotions go.”</p><p><blockquote>要想在市场上做好，你必须抵消这些趋势。“霍华德说：”个人投资者和基金经理犯的最大错误之一就是情绪化。“放下你的情绪。”</blockquote></p><p> <b>Lesson #2: Have a system and stick to it</b></p><p><blockquote><b>第二课：建立一个系统并坚持下去</b></blockquote></p><p> To exorcise emotion, have a system. “And don’t second guess it,” says Howard. “This keeps you from letting the pandemic or Afghanistan scare you out of the market.” He calls his system the HCM-BuyLine. It is basically a momentum and trend-following system — which often works well in the markets.</p><p><blockquote>要驱除情绪，要有一个系统。“霍华德说：”不要事后猜测。“这让你不会让大流行病或阿富汗把你吓出市场”。他评级了他的系统HCM-BuyLine。它基本上是一个动量和趋势跟踪系统——在市场上通常效果很好。</blockquote></p><p> The HCM-BuyLine basically works like this. First, rather than use the S&amp;P 500SPX,-0.03%or the Dow Jones Industrial AverageDJIA,-0.21%,Howard blends several stock indices to create his own index. Then he uses a moving average that tells him whether the market is in an uptrend or downtrend.</p><p><blockquote>HCM-BuyLine基本上是这样工作的。首先，霍华德没有使用标准普尔 500SPX（-0.03%）或道琼斯工业平均指数（-0.21%），而是混合了几个股票指数来创建自己的指数。然后他使用移动平均线来告诉他市场是处于上升趋势还是下降趋势。</blockquote></p><p> When the moving average drops 3.5%, he sells 35%. If it drops 6.5%, he sells another 35%. He rarely goes to 100% cash.</p><p><blockquote>当移动平均线下跌3.5%时，他卖出35%。如果下跌 6.5%，他就再卖出 35%。他很少使用100%的现金。</blockquote></p><p> “If the BuyLine is positive, we will stay long no matter what,” he says. “We take all the emotion out of the equation by letting the math decide.”</p><p><blockquote>“他说：”如果买盘是积极的，无论如何我们都会长期持有。“我们让数学来决定，就能把所有的情绪都排除在外”。</blockquote></p><p> Right now, it’s bullish. (More on this below.)</p><p><blockquote>目前，情况看涨。（更多内容见下文。）</blockquote></p><p> Your system also has to tell you when to get back in.</p><p><blockquote>你的系统也必须告诉你什么时候回来。</blockquote></p><p> “That’s where most people screw up,” he says. “They get out of the market, and they don’t know when to get back in.” The HCM-BuyLine gives a buy signal when his custom index trades above its moving average for six consecutive sessions, and then goes on to trade above the high hit during those six days.</p><p><blockquote>“他说：”这就是大多数人搞砸的地方。“他们退出了市场，却不知道什么时候才能重新进来”。当他的自定义指数连续六个交易日交易高于其移动平均线时，HCM-BuyLine 会发出买入信号，然后继续交易高于这六天的高点。</blockquote></p><p> You don’t need a system that calls exact market tops or bottoms. Instead, the BuyLine keeps Howard out of down markets 85% of the time, and in for 85% of the good times.</p><p><blockquote>你不需要一个能准确预测评级市场顶部或底部的系统。相反，买入线让霍华德在 85% 的时间里远离下跌市场，在 85% 的好时机里则保持下跌。</blockquote></p><p> “If we can do that consistently, we have superior returns and a less stressful life,” he says. “Being all in during a bad tape is no fun.”</p><p><blockquote>“他说：”如果我们能坚持不懈地做到这一点，我们就能获得更高的回报，生活压力也会更小。“在糟糕的录音带中全神贯注并不好玩”。</blockquote></p><p> His system is slow to get him out of the market, but quick to get him back in. Not even a 10% correction will necessarily move him out. He’s often buying those pullbacks. Getting back in fast makes sense, because recoveries off bottoms tend to happen fast.</p><p><blockquote>他的系统让他退出市场很慢，但让他回来很快。即使是10%的修正也不一定会让他离开。他经常买入这些回调。快速回归是有意义的，因为底部的复苏往往会很快发生。</blockquote></p><p> “The HCM-BuyLine takes all the emotion out of the process,” says Howard.</p><p><blockquote>“霍华德说：”HCM-BuyLine 消除了整个过程中的所有情绪。</blockquote></p><p> <b>Lesson #3: Don’t fight the tape</b></p><p><blockquote><b>第三课：不要与磁带对抗</b></blockquote></p><p> This concept is one of the core pieces of wisdom from Marty Zweig’s classic book, “Winning on Wall Street.”</p><p><blockquote>这一概念是马蒂-茨威格（Marty Zweig）经典著作《华尔街的胜利》（Winning on Wall Street）的核心智慧之一。</blockquote></p><p></p><p> “You have to stay on the right side of market,” agrees Howard. “If you try to trade long in a bad market, it is painful.”</p><p><blockquote>“霍华德同意道：”你必须站在市场的正确一边。“如果你试图在糟糕的市场中进行多头交易，那将是痛苦的。”</blockquote></p><p> In other words, don’t try to be a hero.</p><p><blockquote>换句话说，不要试图成为英雄。</blockquote></p><p> “Sometimes, not losing money is where you want to be,” he says.</p><p><blockquote>“他说：”有时候，不赔钱才是你想要的。</blockquote></p><p> Likewise, don’t turn cautious just because the market hits new highs — like now. You should love new highs, because it is a sign of market strength that may likely endure.</p><p><blockquote>同样，不要因为市场创下新高--比如现在--就变得谨慎。你应该喜欢新高，因为这是市场力量可能会持续的迹象。</blockquote></p><p> <b>Lesson #4: Keep it simple</b></p><p><blockquote><b>第4课：保持简单</b></blockquote></p><p> As you’ll see below, Howard doesn’t use esoteric instruments such as derivatives, swaps or index options. He doesn’t even trade foreign stocks or currencies. This is refreshing for individual investors, because we have a harder time accessing those tools.</p><p><blockquote>正如您将在下面看到的，霍华德并不使用衍生品、掉期或指数期权等深奥的工具。他甚至不交易外国股票或货币。这对个人投资者来说是令人耳目一新的，因为我们更难获得这些工具。</blockquote></p><p> “You don’t have to trade crazy stuff,” he says. “You can trade plain-vanilla ETFs and beat everybody out there.”</p><p><blockquote>“他说：”你不必交易疯狂的东西。“你可以交易普通的 ETF，击败所有人”。</blockquote></p><p> <b>Lesson #5: How to trade the current market</b></p><p><blockquote><b>第5课：如何交易当前市场</b></blockquote></p><p> First, be long.</p><p><blockquote>首先，做多。</blockquote></p><p> “The HCM-BuyLine is very positive. We are 100% in,” says Howard. “The market is broadening out. It is getting pretty exciting. We do not see it turn around any time soon. We are buying pullbacks.”</p><p><blockquote>“HCM-BuyLine 非常积极。我们百分之百同意，”霍华德说。“市场正在扩大。这变得非常令人兴奋。我们认为市场不会很快好转。我们正在买入回调。”</blockquote></p><p> One bullish signal is all the cash on the sidelines. “If there is any relief in Covid, we may see a big rally. We may end up with a great fall [season].”</p><p><blockquote>一个看涨信号是所有的现金都在观望。“如果科维德有任何缓解，我们可能会看到一场大反弹。我们最终可能会迎来一个伟大的秋季[赛季]。”</blockquote></p><p> Howard uses momentum indicators to select stocks and ETFs, too. For sectors he favors the following.</p><p><blockquote>霍华德还使用动量指标来选择股票和 ETF。对于行业，他倾向于以下几种。</blockquote></p><p> He likes health care, tradable through the iShares US HealthcareIYH,-0.04%and ProShares Ultra Health CareRXL,+0.12%ETFs. He’s turning more bullish on biotech, which he plays via the iShares Biotechnology ETFIBB,-0.11%.</p><p><blockquote>他喜欢医疗保健，可通过 iShares US HealthcareIYH,-0.04% 和 ProShares Ultra Health CareRXL,+0.12% ETF 进行交易。他越来越看好生物技术，他通过 iShares Biotechnology ETFIBB 投资生物技术，-0.11%。</blockquote></p><p> He likes consumer discretionary tradable through the iShares US Consumer ServicesIYC,-0.30%,and airlines via US Global JetsJETS,-1.17%.He also likes tech exposure via the Invesco QQQ TrustQQQ,+0.31%,iShares US TechnologyIYW,+0.50%and&nbsp;iShares SemiconductorSOXX,+0.75%.</p><p><blockquote>他喜欢通过 iShares US Consumer ServicesIYC 交易的非必需消费品， -0.30%， 以及通过 US Global JetsJETS 交易的航空公司， -1.17%.他还喜欢通过 Invesco QQQ TrustQQQ,+0.31%、iShares US TechnologyYYW,+0.50% 和 iShares SemiconductorSOXX,+0.75% 进行科技投资。</blockquote></p><p> He likes small-caps via the Vanguard Small-Cap Growth Index FundVBK,+0.07%.And convertible bonds via SPDR Bloomberg Barclays Convertible SecuritiesCWB,+0.64%and iShares Convertible BondICVT,+0.37%.</p><p><blockquote>他通过 Vanguard Small-Cap Growth Index FundVBK,+0.07% 看好小盘股。以及通过 SPDR Bloomberg Barclays Convertible Securities CWB,+0.64% 和 iShares Convertible BondICVT,+0.37% 看好可转换债券。</blockquote></p><p> As for individual names, he singles out MicrosoftMSFT,-0.00%and AppleAAPL,+0.42%in tech, as well as Amazon.comAMZN,+0.43%and TeslaTSLA,+0.16%.</p><p><blockquote>至于个股，他特别提到了科技股中的微软MSFT（-0.00%）和苹果APL（+0.42%），以及亚马逊.comAMZN（+0.43%）和特斯拉TSLA（+0.16%）。</blockquote></p><p> Also consider Howard’s two ETFs: The HCM Defender 100 IndexQQH,+0.62%and HCM Defender 500 IndexLGH,+1.32%.</p><p><blockquote>还可以考虑霍华德的两只 ETF： HCM Defender 100 IndexQQH,+0.62%，HCM Defender 500 IndexLGH,+1.32%。</blockquote></p><p> He prefers to add to holdings on 1%-3% dips.</p><p><blockquote>他更喜欢在下跌 1%-3% 时增持。</blockquote></p><p> <b>A few drawbacks</b></p><p><blockquote><b>一些缺点</b></blockquote></p><p> His HCM Tactical Growth fund has a history of posting two-year stretches of underperformance of 1.5% to 8.8%, since it was launched in 2015. The fund then came roaring back to net the very positive five-year outperformance cited above. Investing in his system can require patience.</p><p><blockquote>他的 HCM 战术增长基金自 2015 年推出以来，曾连续两年表现不佳，表现在 1.5% 至 8.8% 之间。随后，该基金强势回归，实现了上述非常积极的五年业绩。投资他的系统可能需要耐心。</blockquote></p><p> Every manager, including Warren Buffett, can have a stretch of underperformance, says Howard.</p><p><blockquote>霍华德说，包括沃伦·巴菲特在内的每个经理都可能经历一段时间的表现不佳。</blockquote></p><p> “We are in the odds game,” he says. “Even in the odds game, you can have a bad hand or two thrown at you.”</p><p><blockquote>“他说：”我们正处于胜算之中。“即使在赔率游戏中，你也可能有一两手烂牌。”</blockquote></p><p> Another challenge is the high turnover, which is 140% a year for Tactical Growth. This means Uncle Sam takes a big cut in the good years. So if you buy Howard’s funds, you may want to do so in a tax-protected account.</p><p><blockquote>另一个挑战是高流动率，战术增长每年为140%。这意味着山姆大叔在好年景里得到了很大的削减。因此，如果您购买霍华德的基金，您可能需要在税收保护账户中购买。</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>Beat the market with this quant system that’s very bullish on stocks at record highs<blockquote>利用这个量化系统战胜市场，该系统非常看好创纪录高点的股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBeat the market with this quant system that’s very bullish on stocks at record highs<blockquote>利用这个量化系统战胜市场，该系统非常看好创纪录高点的股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-09-05 10:56</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>Vance Howard’s HCM Tactical Growth Fund moves you in and out of the stock market when prudent to do so. So far his team of computer scientists’ strategy has paid off.</b>  Imagine you had a money-making machine to harvest gains in the stock market while you sat back to enjoy life.</p><p><blockquote><b>万斯-霍华德（Vance Howard）的 HCM 战术增长基金（Tactical Growwth Fund）会让你在谨慎的情况下进出股市。到目前为止，他的计算机科学家团队的策略已经取得了成效。</b>想象一下，当你坐下来享受生活时，你有一台赚钱机器在股市上收获收益。</blockquote></p><p> That’s everyone’s dream, right? Investor Vance Howard thinks he’s found it.</p><p><blockquote>这是每个人的梦想，对吧？投资者万斯-霍华德认为他找到了答案。</blockquote></p><p> Howard and his small army of computer programmers atHoward Capital Managementin Roswell, Ga., have a quantitative system that posts great returns.</p><p><blockquote>佐治亚州罗斯威尔的霍华德资本管理公司的霍华德和他的一小群计算机程序员。，有一个量化系统，发布巨大的回报。</blockquote></p><p> His HCM Tactical Growth Fund&nbsp;HCMGX,+0.35%beats its Russell 1000&nbsp;benchmark index and large-blend fund category by 8.5-10.4 percentage points annualized over the past five years, according to Morningstar. That is no small feat, and not only because it has to overcome a 2.22% fee. Beating the market is simply not easy. His HCM Dividend Sector PlusHCMQX,-0.05%) and HCM Income PlusHCMLX,+0.30%funds post similar outperformance.</p><p><blockquote>根据晨星公司的数据，他的 HCM 战术增长基金 HCMGX,+0.35% 在过去五年中以年化计算比其罗素 1000 基准指数和大型混合基金类别高出 8.5-10.4 个百分点。这不是一个小壮举，不仅仅是因为它必须克服2.22%的费用。战胜市场根本不容易。他的 HCM 股息板块 PlusHCMQX,-0.05%) 和 HCM 收入 PlusHCMLX,+0.30% 基金表现类似。</blockquote></p><p> There are drawbacks, which I detail below. (Among them: Potentially long stretches of underperformance and regular tax bills.) But first, what can we learn from this winner?</p><p><blockquote>有缺点，我在下面详细介绍。（其中：潜在的长期表现不佳和定期税单。）但首先，我们能从这位赢家身上学到什么？</blockquote></p><p> So-called quants never share all the details of their proprietary systems, but Howard shares a lot, as you’ll see. And this Texas rancher has a lot of good advice based on “horse sense” — not surprising, given his infectious passion for the markets, and his three decades of experience as a pro.</p><p><blockquote>所谓的量化者从不分享他们专有系统的所有细节，但霍华德分享了很多细节，你会看到的。这位德克萨斯州牧场主有很多基于 “马感 ”的好建议--考虑到他对市场有着极具感染力的热情，以及他三十年的职业牧场主经验，这并不奇怪。</blockquote></p><p> Here are five lessons, 12 exchange traded funds (ETFs) and four stocks to consider, from a recent interview with him.</p><p><blockquote>以下是最近对他的采访中的五个教训、12 只交易所交易基金 (ETF) 和 4 只值得考虑的股票。</blockquote></p><p> <b>Lesson #1: Don’t be emotional</b></p><p><blockquote><b>第一课：不要情绪化</b></blockquote></p><p> It’s no surprise so many people do poorly in the market. Evolution has programmed us to fail. For survival, we’ve learned to run from things that frightens us. And crave more of things that are pleasurable — like sweets or fats to store calories ahead of what might be a long stretch without food. But in the market, acting on the emotions of fear and greed invariably make us do the wrong thing at the wrong time. Sell at the bottom, buy at the top.</p><p><blockquote>难怪这么多人在市场上表现不佳。进化注定了我们会失败。为了生存，我们学会了逃避让我们害怕的事情。渴望更多令人愉快的东西——比如甜食或脂肪，以在可能很长一段时间没有食物之前储存卡路里。但在市场上，出于恐惧和贪婪的情绪行事总是会让我们在错误的时间做错误的事情。底部卖出，顶部买入。</blockquote></p><p> Likewise, we’re programmed to believe being with the crowd brings safety. If you’re a zebra on the Savanna, you are more likely to get picked off by a predator if you go it alone. The problem here is being part of a crowd — and crowd psychology — dumb us down to a purely emotional level. This is why people in crowds do terrible things they would never do on their own. It doesn’t matter how smart you are. When you join a crowd, you lose a lot of IQ points. Base emotions take over.</p><p><blockquote>同样，我们也相信与人群在一起会带来安全。如果你是稀树草原上的斑马，那么如果你单独行动，就更有可能被捕食者叼走。这里的问题是成为人群的一部分——以及人群心理——把我们愚蠢到纯粹的情感层面。这就是为什么人群中的人们会做他们自己永远不会做的可怕事情。你有多聪明并不重要。当你加入人群时，你会失去很多智商点。基本情绪占据主导地位。</blockquote></p><p> To do well in the market, you have to counteract these tendencies. “One of the biggest mistakes individual investors and money managers make is getting emotional,” says Howard. “Let your emotions go.”</p><p><blockquote>要想在市场上做好，你必须抵消这些趋势。“霍华德说：”个人投资者和基金经理犯的最大错误之一就是情绪化。“放下你的情绪。”</blockquote></p><p> <b>Lesson #2: Have a system and stick to it</b></p><p><blockquote><b>第二课：建立一个系统并坚持下去</b></blockquote></p><p> To exorcise emotion, have a system. “And don’t second guess it,” says Howard. “This keeps you from letting the pandemic or Afghanistan scare you out of the market.” He calls his system the HCM-BuyLine. It is basically a momentum and trend-following system — which often works well in the markets.</p><p><blockquote>要驱除情绪，要有一个系统。“霍华德说：”不要事后猜测。“这让你不会让大流行病或阿富汗把你吓出市场”。他评级了他的系统HCM-BuyLine。它基本上是一个动量和趋势跟踪系统——在市场上通常效果很好。</blockquote></p><p> The HCM-BuyLine basically works like this. First, rather than use the S&amp;P 500SPX,-0.03%or the Dow Jones Industrial AverageDJIA,-0.21%,Howard blends several stock indices to create his own index. Then he uses a moving average that tells him whether the market is in an uptrend or downtrend.</p><p><blockquote>HCM-BuyLine基本上是这样工作的。首先，霍华德没有使用标准普尔 500SPX（-0.03%）或道琼斯工业平均指数（-0.21%），而是混合了几个股票指数来创建自己的指数。然后他使用移动平均线来告诉他市场是处于上升趋势还是下降趋势。</blockquote></p><p> When the moving average drops 3.5%, he sells 35%. If it drops 6.5%, he sells another 35%. He rarely goes to 100% cash.</p><p><blockquote>当移动平均线下跌3.5%时，他卖出35%。如果下跌 6.5%，他就再卖出 35%。他很少使用100%的现金。</blockquote></p><p> “If the BuyLine is positive, we will stay long no matter what,” he says. “We take all the emotion out of the equation by letting the math decide.”</p><p><blockquote>“他说：”如果买盘是积极的，无论如何我们都会长期持有。“我们让数学来决定，就能把所有的情绪都排除在外”。</blockquote></p><p> Right now, it’s bullish. (More on this below.)</p><p><blockquote>目前，情况看涨。（更多内容见下文。）</blockquote></p><p> Your system also has to tell you when to get back in.</p><p><blockquote>你的系统也必须告诉你什么时候回来。</blockquote></p><p> “That’s where most people screw up,” he says. “They get out of the market, and they don’t know when to get back in.” The HCM-BuyLine gives a buy signal when his custom index trades above its moving average for six consecutive sessions, and then goes on to trade above the high hit during those six days.</p><p><blockquote>“他说：”这就是大多数人搞砸的地方。“他们退出了市场，却不知道什么时候才能重新进来”。当他的自定义指数连续六个交易日交易高于其移动平均线时，HCM-BuyLine 会发出买入信号，然后继续交易高于这六天的高点。</blockquote></p><p> You don’t need a system that calls exact market tops or bottoms. Instead, the BuyLine keeps Howard out of down markets 85% of the time, and in for 85% of the good times.</p><p><blockquote>你不需要一个能准确预测评级市场顶部或底部的系统。相反，买入线让霍华德在 85% 的时间里远离下跌市场，在 85% 的好时机里则保持下跌。</blockquote></p><p> “If we can do that consistently, we have superior returns and a less stressful life,” he says. “Being all in during a bad tape is no fun.”</p><p><blockquote>“他说：”如果我们能坚持不懈地做到这一点，我们就能获得更高的回报，生活压力也会更小。“在糟糕的录音带中全神贯注并不好玩”。</blockquote></p><p> His system is slow to get him out of the market, but quick to get him back in. Not even a 10% correction will necessarily move him out. He’s often buying those pullbacks. Getting back in fast makes sense, because recoveries off bottoms tend to happen fast.</p><p><blockquote>他的系统让他退出市场很慢，但让他回来很快。即使是10%的修正也不一定会让他离开。他经常买入这些回调。快速回归是有意义的，因为底部的复苏往往会很快发生。</blockquote></p><p> “The HCM-BuyLine takes all the emotion out of the process,” says Howard.</p><p><blockquote>“霍华德说：”HCM-BuyLine 消除了整个过程中的所有情绪。</blockquote></p><p> <b>Lesson #3: Don’t fight the tape</b></p><p><blockquote><b>第三课：不要与磁带对抗</b></blockquote></p><p> This concept is one of the core pieces of wisdom from Marty Zweig’s classic book, “Winning on Wall Street.”</p><p><blockquote>这一概念是马蒂-茨威格（Marty Zweig）经典著作《华尔街的胜利》（Winning on Wall Street）的核心智慧之一。</blockquote></p><p></p><p> “You have to stay on the right side of market,” agrees Howard. “If you try to trade long in a bad market, it is painful.”</p><p><blockquote>“霍华德同意道：”你必须站在市场的正确一边。“如果你试图在糟糕的市场中进行多头交易，那将是痛苦的。”</blockquote></p><p> In other words, don’t try to be a hero.</p><p><blockquote>换句话说，不要试图成为英雄。</blockquote></p><p> “Sometimes, not losing money is where you want to be,” he says.</p><p><blockquote>“他说：”有时候，不赔钱才是你想要的。</blockquote></p><p> Likewise, don’t turn cautious just because the market hits new highs — like now. You should love new highs, because it is a sign of market strength that may likely endure.</p><p><blockquote>同样，不要因为市场创下新高--比如现在--就变得谨慎。你应该喜欢新高，因为这是市场力量可能会持续的迹象。</blockquote></p><p> <b>Lesson #4: Keep it simple</b></p><p><blockquote><b>第4课：保持简单</b></blockquote></p><p> As you’ll see below, Howard doesn’t use esoteric instruments such as derivatives, swaps or index options. He doesn’t even trade foreign stocks or currencies. This is refreshing for individual investors, because we have a harder time accessing those tools.</p><p><blockquote>正如您将在下面看到的，霍华德并不使用衍生品、掉期或指数期权等深奥的工具。他甚至不交易外国股票或货币。这对个人投资者来说是令人耳目一新的，因为我们更难获得这些工具。</blockquote></p><p> “You don’t have to trade crazy stuff,” he says. “You can trade plain-vanilla ETFs and beat everybody out there.”</p><p><blockquote>“他说：”你不必交易疯狂的东西。“你可以交易普通的 ETF，击败所有人”。</blockquote></p><p> <b>Lesson #5: How to trade the current market</b></p><p><blockquote><b>第5课：如何交易当前市场</b></blockquote></p><p> First, be long.</p><p><blockquote>首先，做多。</blockquote></p><p> “The HCM-BuyLine is very positive. We are 100% in,” says Howard. “The market is broadening out. It is getting pretty exciting. We do not see it turn around any time soon. We are buying pullbacks.”</p><p><blockquote>“HCM-BuyLine 非常积极。我们百分之百同意，”霍华德说。“市场正在扩大。这变得非常令人兴奋。我们认为市场不会很快好转。我们正在买入回调。”</blockquote></p><p> One bullish signal is all the cash on the sidelines. “If there is any relief in Covid, we may see a big rally. We may end up with a great fall [season].”</p><p><blockquote>一个看涨信号是所有的现金都在观望。“如果科维德有任何缓解，我们可能会看到一场大反弹。我们最终可能会迎来一个伟大的秋季[赛季]。”</blockquote></p><p> Howard uses momentum indicators to select stocks and ETFs, too. For sectors he favors the following.</p><p><blockquote>霍华德还使用动量指标来选择股票和 ETF。对于行业，他倾向于以下几种。</blockquote></p><p> He likes health care, tradable through the iShares US HealthcareIYH,-0.04%and ProShares Ultra Health CareRXL,+0.12%ETFs. He’s turning more bullish on biotech, which he plays via the iShares Biotechnology ETFIBB,-0.11%.</p><p><blockquote>他喜欢医疗保健，可通过 iShares US HealthcareIYH,-0.04% 和 ProShares Ultra Health CareRXL,+0.12% ETF 进行交易。他越来越看好生物技术，他通过 iShares Biotechnology ETFIBB 投资生物技术，-0.11%。</blockquote></p><p> He likes consumer discretionary tradable through the iShares US Consumer ServicesIYC,-0.30%,and airlines via US Global JetsJETS,-1.17%.He also likes tech exposure via the Invesco QQQ TrustQQQ,+0.31%,iShares US TechnologyIYW,+0.50%and&nbsp;iShares SemiconductorSOXX,+0.75%.</p><p><blockquote>他喜欢通过 iShares US Consumer ServicesIYC 交易的非必需消费品， -0.30%， 以及通过 US Global JetsJETS 交易的航空公司， -1.17%.他还喜欢通过 Invesco QQQ TrustQQQ,+0.31%、iShares US TechnologyYYW,+0.50% 和 iShares SemiconductorSOXX,+0.75% 进行科技投资。</blockquote></p><p> He likes small-caps via the Vanguard Small-Cap Growth Index FundVBK,+0.07%.And convertible bonds via SPDR Bloomberg Barclays Convertible SecuritiesCWB,+0.64%and iShares Convertible BondICVT,+0.37%.</p><p><blockquote>他通过 Vanguard Small-Cap Growth Index FundVBK,+0.07% 看好小盘股。以及通过 SPDR Bloomberg Barclays Convertible Securities CWB,+0.64% 和 iShares Convertible BondICVT,+0.37% 看好可转换债券。</blockquote></p><p> As for individual names, he singles out MicrosoftMSFT,-0.00%and AppleAAPL,+0.42%in tech, as well as Amazon.comAMZN,+0.43%and TeslaTSLA,+0.16%.</p><p><blockquote>至于个股，他特别提到了科技股中的微软MSFT（-0.00%）和苹果APL（+0.42%），以及亚马逊.comAMZN（+0.43%）和特斯拉TSLA（+0.16%）。</blockquote></p><p> Also consider Howard’s two ETFs: The HCM Defender 100 IndexQQH,+0.62%and HCM Defender 500 IndexLGH,+1.32%.</p><p><blockquote>还可以考虑霍华德的两只 ETF： HCM Defender 100 IndexQQH,+0.62%，HCM Defender 500 IndexLGH,+1.32%。</blockquote></p><p> He prefers to add to holdings on 1%-3% dips.</p><p><blockquote>他更喜欢在下跌 1%-3% 时增持。</blockquote></p><p> <b>A few drawbacks</b></p><p><blockquote><b>一些缺点</b></blockquote></p><p> His HCM Tactical Growth fund has a history of posting two-year stretches of underperformance of 1.5% to 8.8%, since it was launched in 2015. The fund then came roaring back to net the very positive five-year outperformance cited above. Investing in his system can require patience.</p><p><blockquote>他的 HCM 战术增长基金自 2015 年推出以来，曾连续两年表现不佳，表现在 1.5% 至 8.8% 之间。随后，该基金强势回归，实现了上述非常积极的五年业绩。投资他的系统可能需要耐心。</blockquote></p><p> Every manager, including Warren Buffett, can have a stretch of underperformance, says Howard.</p><p><blockquote>霍华德说，包括沃伦·巴菲特在内的每个经理都可能经历一段时间的表现不佳。</blockquote></p><p> “We are in the odds game,” he says. “Even in the odds game, you can have a bad hand or two thrown at you.”</p><p><blockquote>“他说：”我们正处于胜算之中。“即使在赔率游戏中，你也可能有一两手烂牌。”</blockquote></p><p> Another challenge is the high turnover, which is 140% a year for Tactical Growth. This means Uncle Sam takes a big cut in the good years. So if you buy Howard’s funds, you may want to do so in a tax-protected account.</p><p><blockquote>另一个挑战是高流动率，战术增长每年为140%。这意味着山姆大叔在好年景里得到了很大的削减。因此，如果您购买霍华德的基金，您可能需要在税收保护账户中购买。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/beat-the-market-with-this-quant-system-thats-very-bullish-on-stocks-at-record-highs-11630761531?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯","SPY":"标普500ETF",".IXIC":"NASDAQ Composite"},"source_url":"https://www.marketwatch.com/story/beat-the-market-with-this-quant-system-thats-very-bullish-on-stocks-at-record-highs-11630761531?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1157895022","content_text":"Vance Howard’s HCM Tactical Growth Fund moves you in and out of the stock market when prudent to do so. So far his team of computer scientists’ strategy has paid off.\n\nImagine you had a money-making machine to harvest gains in the stock market while you sat back to enjoy life.\nThat’s everyone’s dream, right? Investor Vance Howard thinks he’s found it.\nHoward and his small army of computer programmers atHoward Capital Managementin Roswell, Ga., have a quantitative system that posts great returns.\nHis HCM Tactical Growth Fund HCMGX,+0.35%beats its Russell 1000 benchmark index and large-blend fund category by 8.5-10.4 percentage points annualized over the past five years, according to Morningstar. That is no small feat, and not only because it has to overcome a 2.22% fee. Beating the market is simply not easy. His HCM Dividend Sector PlusHCMQX,-0.05%) and HCM Income PlusHCMLX,+0.30%funds post similar outperformance.\nThere are drawbacks, which I detail below. (Among them: Potentially long stretches of underperformance and regular tax bills.) But first, what can we learn from this winner?\nSo-called quants never share all the details of their proprietary systems, but Howard shares a lot, as you’ll see. And this Texas rancher has a lot of good advice based on “horse sense” — not surprising, given his infectious passion for the markets, and his three decades of experience as a pro.\nHere are five lessons, 12 exchange traded funds (ETFs) and four stocks to consider, from a recent interview with him.\nLesson #1: Don’t be emotional\nIt’s no surprise so many people do poorly in the market. Evolution has programmed us to fail. For survival, we’ve learned to run from things that frightens us. And crave more of things that are pleasurable — like sweets or fats to store calories ahead of what might be a long stretch without food. But in the market, acting on the emotions of fear and greed invariably make us do the wrong thing at the wrong time. Sell at the bottom, buy at the top.\nLikewise, we’re programmed to believe being with the crowd brings safety. If you’re a zebra on the Savanna, you are more likely to get picked off by a predator if you go it alone. The problem here is being part of a crowd — and crowd psychology — dumb us down to a purely emotional level. This is why people in crowds do terrible things they would never do on their own. It doesn’t matter how smart you are. When you join a crowd, you lose a lot of IQ points. Base emotions take over.\nTo do well in the market, you have to counteract these tendencies. “One of the biggest mistakes individual investors and money managers make is getting emotional,” says Howard. “Let your emotions go.”\nLesson #2: Have a system and stick to it\nTo exorcise emotion, have a system. “And don’t second guess it,” says Howard. “This keeps you from letting the pandemic or Afghanistan scare you out of the market.” He calls his system the HCM-BuyLine. It is basically a momentum and trend-following system — which often works well in the markets.\nThe HCM-BuyLine basically works like this. First, rather than use the S&P 500SPX,-0.03%or the Dow Jones Industrial AverageDJIA,-0.21%,Howard blends several stock indices to create his own index. Then he uses a moving average that tells him whether the market is in an uptrend or downtrend.\nWhen the moving average drops 3.5%, he sells 35%. If it drops 6.5%, he sells another 35%. He rarely goes to 100% cash.\n“If the BuyLine is positive, we will stay long no matter what,” he says. “We take all the emotion out of the equation by letting the math decide.”\nRight now, it’s bullish. (More on this below.)\nYour system also has to tell you when to get back in.\n“That’s where most people screw up,” he says. “They get out of the market, and they don’t know when to get back in.” The HCM-BuyLine gives a buy signal when his custom index trades above its moving average for six consecutive sessions, and then goes on to trade above the high hit during those six days.\nYou don’t need a system that calls exact market tops or bottoms. Instead, the BuyLine keeps Howard out of down markets 85% of the time, and in for 85% of the good times.\n“If we can do that consistently, we have superior returns and a less stressful life,” he says. “Being all in during a bad tape is no fun.”\nHis system is slow to get him out of the market, but quick to get him back in. Not even a 10% correction will necessarily move him out. He’s often buying those pullbacks. Getting back in fast makes sense, because recoveries off bottoms tend to happen fast.\n“The HCM-BuyLine takes all the emotion out of the process,” says Howard.\nLesson #3: Don’t fight the tape\nThis concept is one of the core pieces of wisdom from Marty Zweig’s classic book, “Winning on Wall Street.”\n“You have to stay on the right side of market,” agrees Howard. “If you try to trade long in a bad market, it is painful.”\nIn other words, don’t try to be a hero.\n“Sometimes, not losing money is where you want to be,” he says.\nLikewise, don’t turn cautious just because the market hits new highs — like now. You should love new highs, because it is a sign of market strength that may likely endure.\nLesson #4: Keep it simple\nAs you’ll see below, Howard doesn’t use esoteric instruments such as derivatives, swaps or index options. He doesn’t even trade foreign stocks or currencies. This is refreshing for individual investors, because we have a harder time accessing those tools.\n“You don’t have to trade crazy stuff,” he says. “You can trade plain-vanilla ETFs and beat everybody out there.”\nLesson #5: How to trade the current market\nFirst, be long.\n“The HCM-BuyLine is very positive. We are 100% in,” says Howard. “The market is broadening out. It is getting pretty exciting. We do not see it turn around any time soon. We are buying pullbacks.”\nOne bullish signal is all the cash on the sidelines. “If there is any relief in Covid, we may see a big rally. We may end up with a great fall [season].”\nHoward uses momentum indicators to select stocks and ETFs, too. For sectors he favors the following.\nHe likes health care, tradable through the iShares US HealthcareIYH,-0.04%and ProShares Ultra Health CareRXL,+0.12%ETFs. He’s turning more bullish on biotech, which he plays via the iShares Biotechnology ETFIBB,-0.11%.\nHe likes consumer discretionary tradable through the iShares US Consumer ServicesIYC,-0.30%,and airlines via US Global JetsJETS,-1.17%.He also likes tech exposure via the Invesco QQQ TrustQQQ,+0.31%,iShares US TechnologyIYW,+0.50%and iShares SemiconductorSOXX,+0.75%.\nHe likes small-caps via the Vanguard Small-Cap Growth Index FundVBK,+0.07%.And convertible bonds via SPDR Bloomberg Barclays Convertible SecuritiesCWB,+0.64%and iShares Convertible BondICVT,+0.37%.\nAs for individual names, he singles out MicrosoftMSFT,-0.00%and AppleAAPL,+0.42%in tech, as well as Amazon.comAMZN,+0.43%and TeslaTSLA,+0.16%.\nAlso consider Howard’s two ETFs: The HCM Defender 100 IndexQQH,+0.62%and HCM Defender 500 IndexLGH,+1.32%.\nHe prefers to add to holdings on 1%-3% dips.\nA few drawbacks\nHis HCM Tactical Growth fund has a history of posting two-year stretches of underperformance of 1.5% to 8.8%, since it was launched in 2015. The fund then came roaring back to net the very positive five-year outperformance cited above. Investing in his system can require patience.\nEvery manager, including Warren Buffett, can have a stretch of underperformance, says Howard.\n“We are in the odds game,” he says. “Even in the odds game, you can have a bad hand or two thrown at you.”\nAnother challenge is the high turnover, which is 140% a year for Tactical Growth. This means Uncle Sam takes a big cut in the good years. So if you buy Howard’s funds, you may want to do so in a tax-protected account.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,"SPY":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":2883,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}