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2021-03-26
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Small-Cap Stocks Have Gotten Hammered. Why It’s Time to Buy the Dip.<blockquote>小盘股受到重创。为什么是时候逢低买入了。</blockquote>
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Why It’s Time to Buy the Dip.<blockquote>小盘股受到重创。为什么是时候逢低买入了。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1197336093","media":"Barrons","summary":"Small-cap stocks have taken a beating in the past few days, in an abrupt turnaround from their exten","content":"<p>Small-cap stocks have taken a beating in the past few days, in an abrupt turnaround from their extended rally. But this quite possibly is a chance for investors to scoop up small-caps ahead of a longer-term rebound.</p><p><blockquote>过去几天，小盘股遭受重创，从长期涨势中突然逆转。但这很可能是投资者在长期反弹之前买入小盘股的机会。</blockquote></p><p> The Russell 2000 has fallen almost 10% from its 2021 high hit just 10 days ago—putting it on pace to enter correction territory.</p><p><blockquote>罗素2000指数较10天前触及的2021年高点下跌了近10%，有望进入回调区域。</blockquote></p><p> Small-capitalization stocks had been on animpressive run since September, when investors started moving intomore economically-sensitive assetson hopes for an end to the pandemic and the reopening of the U.S. economy—plus trillions of dollars in fiscal stimulus. Economic downturns are a bigger threat to the stability of smaller firms, since they don’t have the same access to capital that larger companies enjoy. And with many small-cap companies focused on the U.S. market, their earnings also tend to be more sensitive tochanges in the domestic economic landscape.</p><p><blockquote>自9月份以来，小盘股一直表现出色，当时投资者出于对疫情结束和美国经济重新开放的希望以及数万亿美元的财政刺激措施的希望，开始转向对经济更加敏感的资产。经济衰退对小公司的稳定构成了更大的威胁，因为它们无法像大公司那样获得资本。由于许多小盘股公司专注于美国市场，它们的盈利往往对国内经济形势的变化更加敏感。</blockquote></p><p> In recent days, investors have been repositioning away from cyclical stocksafter the group’s long winning streak, and small-caps have been no exception. While it is anybody’s guess when this pullback will end, small-cap stocks are looking increasingly attractive to some analysts as a result.</p><p><blockquote>最近几天，在该集团长期上涨后，投资者一直在重新定位周期性股票，小盘股也不例外。虽然谁也不知道这次回调何时会结束，但小盘股对一些分析师来说似乎越来越有吸引力。</blockquote></p><p> “We prefer small-caps for the year as a whole, would ride out any short-term underperformance,” Lori Calvasina, chief U.S. equity strategist of RBC Capital Markets, wrote in a Wednesday note.</p><p><blockquote>加拿大皇家银行资本市场(RBC Capital Markets)首席美国股票策略师洛里·卡尔瓦西纳(Lori Calvasina)在周三的一份报告中写道：“我们全年更看好小盘股，能够度过任何短期表现不佳的时期。”</blockquote></p><p> Currently, the average market value for theRussell 1000index—which consists of large and smaller capitalization stocks—is about $39 billion. That’s 23 times as large as the average market cap on the Russell 2000, according to RBC data. That metric’s historical average, dating back to 2000, is 21 times. The wider gap between the average market cap suggests that small-caps have more outperformance versus large-caps ahead, especially as they ride earnings momentum from a U.S. economic recovery.</p><p><blockquote>目前，罗素1000指数（由大盘股和小盘股组成）的平均市值约为390亿美元。根据加拿大皇家银行的数据，这是罗素2000指数平均市值的23倍。自2000年以来，该指标的历史平均值为21倍。平均市值之间的差距较大表明，小盘股未来的表现优于大盘股，特别是当它们受益于美国经济复苏带来的盈利势头时。</blockquote></p><p> The Russell 2000’s technical indicators also point to strength ahead for smaller names. The index dipped below its 50-day moving average on Tuesday, and it “has seen many of its best rallies start after such an occurrence,” wrote Frank Cappelleri, chief market technician at Instinet in a note.</p><p><blockquote>罗素2000指数的技术指标也表明小型股未来走强。Instinet首席市场技术员Frank Cappelleri在一份报告中写道，该指数周二跌破50日移动均线，“在此类事件发生后，许多最好的反弹开始了”。</blockquote></p><p> Within small-caps, value stocks might be the best subset for buying the dip. Value-oriented companies are typically more mature companies, so their earnings can be more sensitive to changes in the economy than those of fast-growing companies capitalizing on new industry trends.</p><p><blockquote>在小盘股中，价值股可能是逢低买入的最佳子集。价值导向型公司通常是更成熟的公司，因此与利用新行业趋势的快速增长公司相比，它们的盈利对经济变化更敏感。</blockquote></p><p> Oil producerDiamondback Energy(ticker: FANG), which has a market capitalization of $13 billion, is a good example of the opportunity in small-cap value. Its shares have fallen about 15% from the 2021 high hit earlier this month. The stock trades at 9 times forward earnings, a steep discount to the Russell 2000 Value index’s 21.5 times.</p><p><blockquote>石油生产商Diamondback Energy（股票代码：FANG）的市值为130亿美元，是小盘股价值机会的一个很好的例子。其股价较本月早些时候触及的2021年高点下跌了约15%。该股的预期市盈率为9倍，较罗素2000价值指数的21.5倍大幅折扣。</blockquote></p><p> Diamondback stock has been about a third more volatile than the broader market, according to FactSet. That means any gains for larger value names could translate to even more upside to smaller value names like Diamondback. That’s especially true if the price of crude oil can get back to $65 a barrel from the current level of $60. In addition, the company’s earnings are expected to more than double this year, and are forecast to grow almost 30% in 2022, according to FactSet. The stock, however, barely reflects such the earnings momentum ahead: It still trades at less than half the forward earnings multiple it has averaged in the past five years.</p><p><blockquote>FactSet的数据显示，Diamondback股票的波动性比大盘高出约三分之一。这意味着较大价值品牌的任何收益都可能转化为响尾蛇等较小价值品牌的更大上涨空间。如果原油价格能够从目前的每桶60美元回到65美元，情况尤其如此。此外，根据FactSet的数据，该公司今年的盈利预计将增长一倍以上，预计2022年将增长近30%。然而，该股几乎没有反映出未来的盈利势头：其交易价格仍不到过去五年平均预期市盈率的一半。</blockquote></p><p> In order for the broader group of small-cap stocks to regain momentum, however, their valuations have to be tolerable, too. The latest pullback should help with that.</p><p><blockquote>然而，为了让更广泛的小盘股重新获得动力，它们的估值也必须是可以忍受的。最近的回调应该会有所帮助。</blockquote></p><p> In addition, RBC’s Calvasina points out that these stocks already remain “deeply compelling” from a valuation perspective when compared withS&P 500stocks.</p><p><blockquote>此外，加拿大皇家银行(RBC)的卡尔瓦西纳(Calvasina)指出，与标准普尔500指数股票相比，从估值角度来看，这些股票仍然“极具吸引力”。</blockquote></p><p> “That valuation recovery is still in the early innings of a recovery off lows last seen in the tech bubble,” she writes.</p><p><blockquote>她写道：“估值复苏仍处于从上次科技泡沫低点复苏的早期阶段。”</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Small-Cap Stocks Have Gotten Hammered. Why It’s Time to Buy the Dip.<blockquote>小盘股受到重创。为什么是时候逢低买入了。</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\">\nSmall-Cap Stocks Have Gotten Hammered. Why It’s Time to Buy the Dip.<blockquote>小盘股受到重创。为什么是时候逢低买入了。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-03-26 16:28</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Small-cap stocks have taken a beating in the past few days, in an abrupt turnaround from their extended rally. But this quite possibly is a chance for investors to scoop up small-caps ahead of a longer-term rebound.</p><p><blockquote>过去几天，小盘股遭受重创，从长期涨势中突然逆转。但这很可能是投资者在长期反弹之前买入小盘股的机会。</blockquote></p><p> The Russell 2000 has fallen almost 10% from its 2021 high hit just 10 days ago—putting it on pace to enter correction territory.</p><p><blockquote>罗素2000指数较10天前触及的2021年高点下跌了近10%，有望进入回调区域。</blockquote></p><p> Small-capitalization stocks had been on animpressive run since September, when investors started moving intomore economically-sensitive assetson hopes for an end to the pandemic and the reopening of the U.S. economy—plus trillions of dollars in fiscal stimulus. Economic downturns are a bigger threat to the stability of smaller firms, since they don’t have the same access to capital that larger companies enjoy. And with many small-cap companies focused on the U.S. market, their earnings also tend to be more sensitive tochanges in the domestic economic landscape.</p><p><blockquote>自9月份以来，小盘股一直表现出色，当时投资者出于对疫情结束和美国经济重新开放的希望以及数万亿美元的财政刺激措施的希望，开始转向对经济更加敏感的资产。经济衰退对小公司的稳定构成了更大的威胁，因为它们无法像大公司那样获得资本。由于许多小盘股公司专注于美国市场，它们的盈利往往对国内经济形势的变化更加敏感。</blockquote></p><p> In recent days, investors have been repositioning away from cyclical stocksafter the group’s long winning streak, and small-caps have been no exception. While it is anybody’s guess when this pullback will end, small-cap stocks are looking increasingly attractive to some analysts as a result.</p><p><blockquote>最近几天，在该集团长期上涨后，投资者一直在重新定位周期性股票，小盘股也不例外。虽然谁也不知道这次回调何时会结束，但小盘股对一些分析师来说似乎越来越有吸引力。</blockquote></p><p> “We prefer small-caps for the year as a whole, would ride out any short-term underperformance,” Lori Calvasina, chief U.S. equity strategist of RBC Capital Markets, wrote in a Wednesday note.</p><p><blockquote>加拿大皇家银行资本市场(RBC Capital Markets)首席美国股票策略师洛里·卡尔瓦西纳(Lori Calvasina)在周三的一份报告中写道：“我们全年更看好小盘股，能够度过任何短期表现不佳的时期。”</blockquote></p><p> Currently, the average market value for theRussell 1000index—which consists of large and smaller capitalization stocks—is about $39 billion. That’s 23 times as large as the average market cap on the Russell 2000, according to RBC data. That metric’s historical average, dating back to 2000, is 21 times. The wider gap between the average market cap suggests that small-caps have more outperformance versus large-caps ahead, especially as they ride earnings momentum from a U.S. economic recovery.</p><p><blockquote>目前，罗素1000指数（由大盘股和小盘股组成）的平均市值约为390亿美元。根据加拿大皇家银行的数据，这是罗素2000指数平均市值的23倍。自2000年以来，该指标的历史平均值为21倍。平均市值之间的差距较大表明，小盘股未来的表现优于大盘股，特别是当它们受益于美国经济复苏带来的盈利势头时。</blockquote></p><p> The Russell 2000’s technical indicators also point to strength ahead for smaller names. The index dipped below its 50-day moving average on Tuesday, and it “has seen many of its best rallies start after such an occurrence,” wrote Frank Cappelleri, chief market technician at Instinet in a note.</p><p><blockquote>罗素2000指数的技术指标也表明小型股未来走强。Instinet首席市场技术员Frank Cappelleri在一份报告中写道，该指数周二跌破50日移动均线，“在此类事件发生后，许多最好的反弹开始了”。</blockquote></p><p> Within small-caps, value stocks might be the best subset for buying the dip. Value-oriented companies are typically more mature companies, so their earnings can be more sensitive to changes in the economy than those of fast-growing companies capitalizing on new industry trends.</p><p><blockquote>在小盘股中，价值股可能是逢低买入的最佳子集。价值导向型公司通常是更成熟的公司，因此与利用新行业趋势的快速增长公司相比，它们的盈利对经济变化更敏感。</blockquote></p><p> Oil producerDiamondback Energy(ticker: FANG), which has a market capitalization of $13 billion, is a good example of the opportunity in small-cap value. Its shares have fallen about 15% from the 2021 high hit earlier this month. The stock trades at 9 times forward earnings, a steep discount to the Russell 2000 Value index’s 21.5 times.</p><p><blockquote>石油生产商Diamondback Energy（股票代码：FANG）的市值为130亿美元，是小盘股价值机会的一个很好的例子。其股价较本月早些时候触及的2021年高点下跌了约15%。该股的预期市盈率为9倍，较罗素2000价值指数的21.5倍大幅折扣。</blockquote></p><p> Diamondback stock has been about a third more volatile than the broader market, according to FactSet. That means any gains for larger value names could translate to even more upside to smaller value names like Diamondback. That’s especially true if the price of crude oil can get back to $65 a barrel from the current level of $60. In addition, the company’s earnings are expected to more than double this year, and are forecast to grow almost 30% in 2022, according to FactSet. The stock, however, barely reflects such the earnings momentum ahead: It still trades at less than half the forward earnings multiple it has averaged in the past five years.</p><p><blockquote>FactSet的数据显示，Diamondback股票的波动性比大盘高出约三分之一。这意味着较大价值品牌的任何收益都可能转化为响尾蛇等较小价值品牌的更大上涨空间。如果原油价格能够从目前的每桶60美元回到65美元，情况尤其如此。此外，根据FactSet的数据，该公司今年的盈利预计将增长一倍以上，预计2022年将增长近30%。然而，该股几乎没有反映出未来的盈利势头：其交易价格仍不到过去五年平均预期市盈率的一半。</blockquote></p><p> In order for the broader group of small-cap stocks to regain momentum, however, their valuations have to be tolerable, too. The latest pullback should help with that.</p><p><blockquote>然而，为了让更广泛的小盘股重新获得动力，它们的估值也必须是可以忍受的。最近的回调应该会有所帮助。</blockquote></p><p> In addition, RBC’s Calvasina points out that these stocks already remain “deeply compelling” from a valuation perspective when compared withS&P 500stocks.</p><p><blockquote>此外，加拿大皇家银行(RBC)的卡尔瓦西纳(Calvasina)指出，与标准普尔500指数股票相比，从估值角度来看，这些股票仍然“极具吸引力”。</blockquote></p><p> “That valuation recovery is still in the early innings of a recovery off lows last seen in the tech bubble,” she writes.</p><p><blockquote>她写道：“估值复苏仍处于从上次科技泡沫低点复苏的早期阶段。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/small-cap-stocks-correction-russell-2000-51616686761?mod=hp_LEAD_5\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://www.barrons.com/articles/small-cap-stocks-correction-russell-2000-51616686761?mod=hp_LEAD_5","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1197336093","content_text":"Small-cap stocks have taken a beating in the past few days, in an abrupt turnaround from their extended rally. But this quite possibly is a chance for investors to scoop up small-caps ahead of a longer-term rebound.\nThe Russell 2000 has fallen almost 10% from its 2021 high hit just 10 days ago—putting it on pace to enter correction territory.\nSmall-capitalization stocks had been on animpressive run since September, when investors started moving intomore economically-sensitive assetson hopes for an end to the pandemic and the reopening of the U.S. economy—plus trillions of dollars in fiscal stimulus. Economic downturns are a bigger threat to the stability of smaller firms, since they don’t have the same access to capital that larger companies enjoy. And with many small-cap companies focused on the U.S. market, their earnings also tend to be more sensitive tochanges in the domestic economic landscape.\nIn recent days, investors have been repositioning away from cyclical stocksafter the group’s long winning streak, and small-caps have been no exception. While it is anybody’s guess when this pullback will end, small-cap stocks are looking increasingly attractive to some analysts as a result.\n“We prefer small-caps for the year as a whole, would ride out any short-term underperformance,” Lori Calvasina, chief U.S. equity strategist of RBC Capital Markets, wrote in a Wednesday note.\nCurrently, the average market value for theRussell 1000index—which consists of large and smaller capitalization stocks—is about $39 billion. That’s 23 times as large as the average market cap on the Russell 2000, according to RBC data. That metric’s historical average, dating back to 2000, is 21 times. The wider gap between the average market cap suggests that small-caps have more outperformance versus large-caps ahead, especially as they ride earnings momentum from a U.S. economic recovery.\nThe Russell 2000’s technical indicators also point to strength ahead for smaller names. The index dipped below its 50-day moving average on Tuesday, and it “has seen many of its best rallies start after such an occurrence,” wrote Frank Cappelleri, chief market technician at Instinet in a note.\nWithin small-caps, value stocks might be the best subset for buying the dip. Value-oriented companies are typically more mature companies, so their earnings can be more sensitive to changes in the economy than those of fast-growing companies capitalizing on new industry trends.\nOil producerDiamondback Energy(ticker: FANG), which has a market capitalization of $13 billion, is a good example of the opportunity in small-cap value. Its shares have fallen about 15% from the 2021 high hit earlier this month. The stock trades at 9 times forward earnings, a steep discount to the Russell 2000 Value index’s 21.5 times.\nDiamondback stock has been about a third more volatile than the broader market, according to FactSet. That means any gains for larger value names could translate to even more upside to smaller value names like Diamondback. That’s especially true if the price of crude oil can get back to $65 a barrel from the current level of $60. In addition, the company’s earnings are expected to more than double this year, and are forecast to grow almost 30% in 2022, according to FactSet. The stock, however, barely reflects such the earnings momentum ahead: It still trades at less than half the forward earnings multiple it has averaged in the past five years.\nIn order for the broader group of small-cap stocks to regain momentum, however, their valuations have to be tolerable, too. The latest pullback should help with that.\nIn addition, RBC’s Calvasina points out that these stocks already remain “deeply compelling” from a valuation perspective when compared withS&P 500stocks.\n“That valuation recovery is still in the early innings of a recovery off lows last seen in the tech bubble,” she writes.","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":1445,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":356975685,"gmtCreate":1616752826747,"gmtModify":1634524186223,"author":{"id":"3577068071452416","authorId":"3577068071452416","name":"18603017","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577068071452416","idStr":"3577068071452416"},"themes":[],"htmlText":"Like and comment please.","listText":"Like and comment please.","text":"Like and comment please.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/356975685","repostId":"1197336093","repostType":4,"repost":{"id":"1197336093","kind":"news","pubTimestamp":1616747282,"share":"https://www.laohu8.com/m/news/1197336093?lang=zh_CN&edition=full","pubTime":"2021-03-26 16:28","market":"us","language":"en","title":"Small-Cap Stocks Have Gotten Hammered. Why It’s Time to Buy the Dip.<blockquote>小盘股受到重创。为什么是时候逢低买入了。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1197336093","media":"Barrons","summary":"Small-cap stocks have taken a beating in the past few days, in an abrupt turnaround from their exten","content":"<p>Small-cap stocks have taken a beating in the past few days, in an abrupt turnaround from their extended rally. But this quite possibly is a chance for investors to scoop up small-caps ahead of a longer-term rebound.</p><p><blockquote>过去几天，小盘股遭受重创，从长期涨势中突然逆转。但这很可能是投资者在长期反弹之前买入小盘股的机会。</blockquote></p><p> The Russell 2000 has fallen almost 10% from its 2021 high hit just 10 days ago—putting it on pace to enter correction territory.</p><p><blockquote>罗素2000指数较10天前触及的2021年高点下跌了近10%，有望进入回调区域。</blockquote></p><p> Small-capitalization stocks had been on animpressive run since September, when investors started moving intomore economically-sensitive assetson hopes for an end to the pandemic and the reopening of the U.S. economy—plus trillions of dollars in fiscal stimulus. Economic downturns are a bigger threat to the stability of smaller firms, since they don’t have the same access to capital that larger companies enjoy. And with many small-cap companies focused on the U.S. market, their earnings also tend to be more sensitive tochanges in the domestic economic landscape.</p><p><blockquote>自9月份以来，小盘股一直表现出色，当时投资者出于对疫情结束和美国经济重新开放的希望以及数万亿美元的财政刺激措施的希望，开始转向对经济更加敏感的资产。经济衰退对小公司的稳定构成了更大的威胁，因为它们无法像大公司那样获得资本。由于许多小盘股公司专注于美国市场，它们的盈利往往对国内经济形势的变化更加敏感。</blockquote></p><p> In recent days, investors have been repositioning away from cyclical stocksafter the group’s long winning streak, and small-caps have been no exception. While it is anybody’s guess when this pullback will end, small-cap stocks are looking increasingly attractive to some analysts as a result.</p><p><blockquote>最近几天，在该集团长期上涨后，投资者一直在重新定位周期性股票，小盘股也不例外。虽然谁也不知道这次回调何时会结束，但小盘股对一些分析师来说似乎越来越有吸引力。</blockquote></p><p> “We prefer small-caps for the year as a whole, would ride out any short-term underperformance,” Lori Calvasina, chief U.S. equity strategist of RBC Capital Markets, wrote in a Wednesday note.</p><p><blockquote>加拿大皇家银行资本市场(RBC Capital Markets)首席美国股票策略师洛里·卡尔瓦西纳(Lori Calvasina)在周三的一份报告中写道：“我们全年更看好小盘股，能够度过任何短期表现不佳的时期。”</blockquote></p><p> Currently, the average market value for theRussell 1000index—which consists of large and smaller capitalization stocks—is about $39 billion. That’s 23 times as large as the average market cap on the Russell 2000, according to RBC data. That metric’s historical average, dating back to 2000, is 21 times. The wider gap between the average market cap suggests that small-caps have more outperformance versus large-caps ahead, especially as they ride earnings momentum from a U.S. economic recovery.</p><p><blockquote>目前，罗素1000指数（由大盘股和小盘股组成）的平均市值约为390亿美元。根据加拿大皇家银行的数据，这是罗素2000指数平均市值的23倍。自2000年以来，该指标的历史平均值为21倍。平均市值之间的差距较大表明，小盘股未来的表现优于大盘股，特别是当它们受益于美国经济复苏带来的盈利势头时。</blockquote></p><p> The Russell 2000’s technical indicators also point to strength ahead for smaller names. The index dipped below its 50-day moving average on Tuesday, and it “has seen many of its best rallies start after such an occurrence,” wrote Frank Cappelleri, chief market technician at Instinet in a note.</p><p><blockquote>罗素2000指数的技术指标也表明小型股未来走强。Instinet首席市场技术员Frank Cappelleri在一份报告中写道，该指数周二跌破50日移动均线，“在此类事件发生后，许多最好的反弹开始了”。</blockquote></p><p> Within small-caps, value stocks might be the best subset for buying the dip. Value-oriented companies are typically more mature companies, so their earnings can be more sensitive to changes in the economy than those of fast-growing companies capitalizing on new industry trends.</p><p><blockquote>在小盘股中，价值股可能是逢低买入的最佳子集。价值导向型公司通常是更成熟的公司，因此与利用新行业趋势的快速增长公司相比，它们的盈利对经济变化更敏感。</blockquote></p><p> Oil producerDiamondback Energy(ticker: FANG), which has a market capitalization of $13 billion, is a good example of the opportunity in small-cap value. Its shares have fallen about 15% from the 2021 high hit earlier this month. The stock trades at 9 times forward earnings, a steep discount to the Russell 2000 Value index’s 21.5 times.</p><p><blockquote>石油生产商Diamondback Energy（股票代码：FANG）的市值为130亿美元，是小盘股价值机会的一个很好的例子。其股价较本月早些时候触及的2021年高点下跌了约15%。该股的预期市盈率为9倍，较罗素2000价值指数的21.5倍大幅折扣。</blockquote></p><p> Diamondback stock has been about a third more volatile than the broader market, according to FactSet. That means any gains for larger value names could translate to even more upside to smaller value names like Diamondback. That’s especially true if the price of crude oil can get back to $65 a barrel from the current level of $60. In addition, the company’s earnings are expected to more than double this year, and are forecast to grow almost 30% in 2022, according to FactSet. The stock, however, barely reflects such the earnings momentum ahead: It still trades at less than half the forward earnings multiple it has averaged in the past five years.</p><p><blockquote>FactSet的数据显示，Diamondback股票的波动性比大盘高出约三分之一。这意味着较大价值品牌的任何收益都可能转化为响尾蛇等较小价值品牌的更大上涨空间。如果原油价格能够从目前的每桶60美元回到65美元，情况尤其如此。此外，根据FactSet的数据，该公司今年的盈利预计将增长一倍以上，预计2022年将增长近30%。然而，该股几乎没有反映出未来的盈利势头：其交易价格仍不到过去五年平均预期市盈率的一半。</blockquote></p><p> In order for the broader group of small-cap stocks to regain momentum, however, their valuations have to be tolerable, too. The latest pullback should help with that.</p><p><blockquote>然而，为了让更广泛的小盘股重新获得动力，它们的估值也必须是可以忍受的。最近的回调应该会有所帮助。</blockquote></p><p> In addition, RBC’s Calvasina points out that these stocks already remain “deeply compelling” from a valuation perspective when compared withS&P 500stocks.</p><p><blockquote>此外，加拿大皇家银行(RBC)的卡尔瓦西纳(Calvasina)指出，与标准普尔500指数股票相比，从估值角度来看，这些股票仍然“极具吸引力”。</blockquote></p><p> “That valuation recovery is still in the early innings of a recovery off lows last seen in the tech bubble,” she writes.</p><p><blockquote>她写道：“估值复苏仍处于从上次科技泡沫低点复苏的早期阶段。”</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Small-Cap Stocks Have Gotten Hammered. Why It’s Time to Buy the Dip.<blockquote>小盘股受到重创。为什么是时候逢低买入了。</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\">\nSmall-Cap Stocks Have Gotten Hammered. Why It’s Time to Buy the Dip.<blockquote>小盘股受到重创。为什么是时候逢低买入了。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-03-26 16:28</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Small-cap stocks have taken a beating in the past few days, in an abrupt turnaround from their extended rally. But this quite possibly is a chance for investors to scoop up small-caps ahead of a longer-term rebound.</p><p><blockquote>过去几天，小盘股遭受重创，从长期涨势中突然逆转。但这很可能是投资者在长期反弹之前买入小盘股的机会。</blockquote></p><p> The Russell 2000 has fallen almost 10% from its 2021 high hit just 10 days ago—putting it on pace to enter correction territory.</p><p><blockquote>罗素2000指数较10天前触及的2021年高点下跌了近10%，有望进入回调区域。</blockquote></p><p> Small-capitalization stocks had been on animpressive run since September, when investors started moving intomore economically-sensitive assetson hopes for an end to the pandemic and the reopening of the U.S. economy—plus trillions of dollars in fiscal stimulus. Economic downturns are a bigger threat to the stability of smaller firms, since they don’t have the same access to capital that larger companies enjoy. And with many small-cap companies focused on the U.S. market, their earnings also tend to be more sensitive tochanges in the domestic economic landscape.</p><p><blockquote>自9月份以来，小盘股一直表现出色，当时投资者出于对疫情结束和美国经济重新开放的希望以及数万亿美元的财政刺激措施的希望，开始转向对经济更加敏感的资产。经济衰退对小公司的稳定构成了更大的威胁，因为它们无法像大公司那样获得资本。由于许多小盘股公司专注于美国市场，它们的盈利往往对国内经济形势的变化更加敏感。</blockquote></p><p> In recent days, investors have been repositioning away from cyclical stocksafter the group’s long winning streak, and small-caps have been no exception. While it is anybody’s guess when this pullback will end, small-cap stocks are looking increasingly attractive to some analysts as a result.</p><p><blockquote>最近几天，在该集团长期上涨后，投资者一直在重新定位周期性股票，小盘股也不例外。虽然谁也不知道这次回调何时会结束，但小盘股对一些分析师来说似乎越来越有吸引力。</blockquote></p><p> “We prefer small-caps for the year as a whole, would ride out any short-term underperformance,” Lori Calvasina, chief U.S. equity strategist of RBC Capital Markets, wrote in a Wednesday note.</p><p><blockquote>加拿大皇家银行资本市场(RBC Capital Markets)首席美国股票策略师洛里·卡尔瓦西纳(Lori Calvasina)在周三的一份报告中写道：“我们全年更看好小盘股，能够度过任何短期表现不佳的时期。”</blockquote></p><p> Currently, the average market value for theRussell 1000index—which consists of large and smaller capitalization stocks—is about $39 billion. That’s 23 times as large as the average market cap on the Russell 2000, according to RBC data. That metric’s historical average, dating back to 2000, is 21 times. The wider gap between the average market cap suggests that small-caps have more outperformance versus large-caps ahead, especially as they ride earnings momentum from a U.S. economic recovery.</p><p><blockquote>目前，罗素1000指数（由大盘股和小盘股组成）的平均市值约为390亿美元。根据加拿大皇家银行的数据，这是罗素2000指数平均市值的23倍。自2000年以来，该指标的历史平均值为21倍。平均市值之间的差距较大表明，小盘股未来的表现优于大盘股，特别是当它们受益于美国经济复苏带来的盈利势头时。</blockquote></p><p> The Russell 2000’s technical indicators also point to strength ahead for smaller names. The index dipped below its 50-day moving average on Tuesday, and it “has seen many of its best rallies start after such an occurrence,” wrote Frank Cappelleri, chief market technician at Instinet in a note.</p><p><blockquote>罗素2000指数的技术指标也表明小型股未来走强。Instinet首席市场技术员Frank Cappelleri在一份报告中写道，该指数周二跌破50日移动均线，“在此类事件发生后，许多最好的反弹开始了”。</blockquote></p><p> Within small-caps, value stocks might be the best subset for buying the dip. Value-oriented companies are typically more mature companies, so their earnings can be more sensitive to changes in the economy than those of fast-growing companies capitalizing on new industry trends.</p><p><blockquote>在小盘股中，价值股可能是逢低买入的最佳子集。价值导向型公司通常是更成熟的公司，因此与利用新行业趋势的快速增长公司相比，它们的盈利对经济变化更敏感。</blockquote></p><p> Oil producerDiamondback Energy(ticker: FANG), which has a market capitalization of $13 billion, is a good example of the opportunity in small-cap value. Its shares have fallen about 15% from the 2021 high hit earlier this month. The stock trades at 9 times forward earnings, a steep discount to the Russell 2000 Value index’s 21.5 times.</p><p><blockquote>石油生产商Diamondback Energy（股票代码：FANG）的市值为130亿美元，是小盘股价值机会的一个很好的例子。其股价较本月早些时候触及的2021年高点下跌了约15%。该股的预期市盈率为9倍，较罗素2000价值指数的21.5倍大幅折扣。</blockquote></p><p> Diamondback stock has been about a third more volatile than the broader market, according to FactSet. That means any gains for larger value names could translate to even more upside to smaller value names like Diamondback. That’s especially true if the price of crude oil can get back to $65 a barrel from the current level of $60. In addition, the company’s earnings are expected to more than double this year, and are forecast to grow almost 30% in 2022, according to FactSet. The stock, however, barely reflects such the earnings momentum ahead: It still trades at less than half the forward earnings multiple it has averaged in the past five years.</p><p><blockquote>FactSet的数据显示，Diamondback股票的波动性比大盘高出约三分之一。这意味着较大价值品牌的任何收益都可能转化为响尾蛇等较小价值品牌的更大上涨空间。如果原油价格能够从目前的每桶60美元回到65美元，情况尤其如此。此外，根据FactSet的数据，该公司今年的盈利预计将增长一倍以上，预计2022年将增长近30%。然而，该股几乎没有反映出未来的盈利势头：其交易价格仍不到过去五年平均预期市盈率的一半。</blockquote></p><p> In order for the broader group of small-cap stocks to regain momentum, however, their valuations have to be tolerable, too. The latest pullback should help with that.</p><p><blockquote>然而，为了让更广泛的小盘股重新获得动力，它们的估值也必须是可以忍受的。最近的回调应该会有所帮助。</blockquote></p><p> In addition, RBC’s Calvasina points out that these stocks already remain “deeply compelling” from a valuation perspective when compared withS&P 500stocks.</p><p><blockquote>此外，加拿大皇家银行(RBC)的卡尔瓦西纳(Calvasina)指出，与标准普尔500指数股票相比，从估值角度来看，这些股票仍然“极具吸引力”。</blockquote></p><p> “That valuation recovery is still in the early innings of a recovery off lows last seen in the tech bubble,” she writes.</p><p><blockquote>她写道：“估值复苏仍处于从上次科技泡沫低点复苏的早期阶段。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/small-cap-stocks-correction-russell-2000-51616686761?mod=hp_LEAD_5\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://www.barrons.com/articles/small-cap-stocks-correction-russell-2000-51616686761?mod=hp_LEAD_5","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1197336093","content_text":"Small-cap stocks have taken a beating in the past few days, in an abrupt turnaround from their extended rally. But this quite possibly is a chance for investors to scoop up small-caps ahead of a longer-term rebound.\nThe Russell 2000 has fallen almost 10% from its 2021 high hit just 10 days ago—putting it on pace to enter correction territory.\nSmall-capitalization stocks had been on animpressive run since September, when investors started moving intomore economically-sensitive assetson hopes for an end to the pandemic and the reopening of the U.S. economy—plus trillions of dollars in fiscal stimulus. Economic downturns are a bigger threat to the stability of smaller firms, since they don’t have the same access to capital that larger companies enjoy. And with many small-cap companies focused on the U.S. market, their earnings also tend to be more sensitive tochanges in the domestic economic landscape.\nIn recent days, investors have been repositioning away from cyclical stocksafter the group’s long winning streak, and small-caps have been no exception. While it is anybody’s guess when this pullback will end, small-cap stocks are looking increasingly attractive to some analysts as a result.\n“We prefer small-caps for the year as a whole, would ride out any short-term underperformance,” Lori Calvasina, chief U.S. equity strategist of RBC Capital Markets, wrote in a Wednesday note.\nCurrently, the average market value for theRussell 1000index—which consists of large and smaller capitalization stocks—is about $39 billion. That’s 23 times as large as the average market cap on the Russell 2000, according to RBC data. That metric’s historical average, dating back to 2000, is 21 times. The wider gap between the average market cap suggests that small-caps have more outperformance versus large-caps ahead, especially as they ride earnings momentum from a U.S. economic recovery.\nThe Russell 2000’s technical indicators also point to strength ahead for smaller names. The index dipped below its 50-day moving average on Tuesday, and it “has seen many of its best rallies start after such an occurrence,” wrote Frank Cappelleri, chief market technician at Instinet in a note.\nWithin small-caps, value stocks might be the best subset for buying the dip. Value-oriented companies are typically more mature companies, so their earnings can be more sensitive to changes in the economy than those of fast-growing companies capitalizing on new industry trends.\nOil producerDiamondback Energy(ticker: FANG), which has a market capitalization of $13 billion, is a good example of the opportunity in small-cap value. Its shares have fallen about 15% from the 2021 high hit earlier this month. The stock trades at 9 times forward earnings, a steep discount to the Russell 2000 Value index’s 21.5 times.\nDiamondback stock has been about a third more volatile than the broader market, according to FactSet. That means any gains for larger value names could translate to even more upside to smaller value names like Diamondback. That’s especially true if the price of crude oil can get back to $65 a barrel from the current level of $60. In addition, the company’s earnings are expected to more than double this year, and are forecast to grow almost 30% in 2022, according to FactSet. The stock, however, barely reflects such the earnings momentum ahead: It still trades at less than half the forward earnings multiple it has averaged in the past five years.\nIn order for the broader group of small-cap stocks to regain momentum, however, their valuations have to be tolerable, too. The latest pullback should help with that.\nIn addition, RBC’s Calvasina points out that these stocks already remain “deeply compelling” from a valuation perspective when compared withS&P 500stocks.\n“That valuation recovery is still in the early innings of a recovery off lows last seen in the tech bubble,” she writes.","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":1445,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}
