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2021-12-14

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EV stocks slid in morning trading, with Tesla falling over 4%,and Li,General motors,Ford falling around 3%<blockquote>电动汽车股早盘下滑，特斯拉跌超4%，Li、通用、福特跌3%左右</blockquote>

2021-11-12

See how next week

Are Rivian Automotive shares cheap or expensive?<blockquote>Rivian汽车公司的股票便宜还是贵？</blockquote>

2021-10-25

Cool

抱歉，原内容已删除

2021-10-25

$Facebook(FB)$Looking forward

2021-10-25

$Facebook(FB)$Time to buy

2021-10-24

$Facebook(FB)$Waiting

2021-10-24

Ok

Consumer Confidence Is Falling. Why That’s Ominous for Stocks.<blockquote>消费者信心正在下降。为什么这对股票来说是不祥之兆。</blockquote>

2021-10-22

$Tesla Motors(TSLA)$Still can buy?

2021-10-22

Still can buy?

Tesla soared nearly 1% and reached an all-time high at 903.32<blockquote>特斯拉大涨近1%创903.32历史新高</blockquote>

2021-10-22

Can buy now?

抱歉，原内容已删除

2021-10-21

$SINGAPORE PRESS HLDGS LTD(T39.SI)$ Just want to give a try

2021-10-21

Ok

Toplines Before US Market Open on Thursday<blockquote>周四美国市场开盘前的营收</blockquote>

2021-10-21

$Tesla Motors(TSLA)$Well

2021-10-18

$Tesla Motors(TSLA)$Expected to reach $1.0k

2021-10-18

$Tesla Motors(TSLA)$Nice

2021-10-18

Ok

抱歉，原内容已删除

2021-10-18

Ok

抱歉，原内容已删除

2021-10-15

Nice

Bitcoin nears $60,000 as investors eye first U.S. ETFs<blockquote>随着投资者关注第一批美国ETF，比特币接近60,000美元</blockquote>

2021-10-15

Well

Tesla Is the World’s Most Valuable Car Stock. Even the Haters Think So.<blockquote>特斯拉是世界上最有价值的汽车股。即使是仇恨者也这么认为。</blockquote>

2021-10-15

Well

Tesla Is the World’s Most Valuable Car Stock. Even the Haters Think So.<blockquote>特斯拉是世界上最有价值的汽车股。即使是仇恨者也这么认为。</blockquote>

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height=\"auto\"></p><p><blockquote>电动汽车股早盘下跌，特斯拉跌超4%，Li、通用、福特跌约3%。</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>EV stocks slid in morning trading, with Tesla falling over 4%,and Li,General motors,Ford falling around 3%<blockquote>电动汽车股早盘下滑，特斯拉跌超4%，Li、通用、福特跌3%左右</blockquote></title>\n<style 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}\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: 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smaller\">2021-12-13 23:18</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>EV stocks slid in morning trading, with Tesla falling over 4%,and Li,General motors,Ford falling around 3%.<img src=\"https://static.tigerbbs.com/339c507942577109dbbbb0437dd2eb2d\" tg-width=\"537\" tg-height=\"197\" width=\"100%\" height=\"auto\"></p><p><blockquote>电动汽车股早盘下跌，特斯拉跌超4%，Li、通用、福特跌约3%。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"F":"福特汽车","LI":"理想汽车","GM":"通用汽车","TSLA":"特斯拉"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1125628300","content_text":"EV stocks slid in morning trading, with Tesla falling over 4%,and Li,General motors,Ford falling around 3%.","news_type":1,"symbols_score_info":{"TSLA":0.9,"F":0.9,"GM":0.9,"LI":0.9}},"isVote":1,"tweetType":1,"viewCount":2627,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":879276744,"gmtCreate":1636731362664,"gmtModify":1636731362858,"author":{"id":"3577997605150210","authorId":"3577997605150210","name":"Suba","avatar":"https://static.tigerbbs.com/053ae4273b989a37e570ad5f7b35a6d6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577997605150210","authorIdStr":"3577997605150210"},"themes":[],"htmlText":"See how next week","listText":"See how next week","text":"See how next week","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/879276744","repostId":"1115192108","repostType":2,"repost":{"id":"1115192108","kind":"news","pubTimestamp":1636696047,"share":"https://www.laohu8.com/m/news/1115192108?lang=zh_CN&edition=full","pubTime":"2021-11-12 13:47","market":"us","language":"en","title":"Are Rivian Automotive shares cheap or expensive?<blockquote>Rivian汽车公司的股票便宜还是贵？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1115192108","media":"The fiscal times","summary":"We have now listed Rivian Automotive share CFDs on ThinkMarkets. To get started trading, all you nee","content":"<p><b>We have now listed Rivian Automotive share CFDs on ThinkMarkets. To get started trading, all you need to do is create an account and select Rivian in your ThinkTrader watchlist.</b></p><p><blockquote><b>我们现在已经在ThinkMarkets上列出了Rivian汽车股票差价合约。要开始交易，您需要做的就是创建一个帐户并在ThinkTrader观察列表中选择Rivian。</b></blockquote></p><p> What’s best about Rivian share CFDs is that they let you take advantage of both rising and falling prices. That means with ThinkMarkets, if you think the price of Rivian Automotive is going to rise, you can go long its CFD, and if you think the price is going to fall, you can go short its CFD.&nbsp;Rivian Share CFDs are available on ThinkMarkets under the stock ticker RIVN.</p><p><blockquote>Rivian股票差价合约最大的好处是，它们可以让你利用价格上涨和下跌的机会。这意味着通过ThinkMarkets，如果您认为Rivian汽车的价格将会上涨，您可以做多其差价合约，如果您认为价格将会下跌，您可以做空其差价合约。ThinkMarkets提供Rivian股票差价合约，股票代码为RIVN。</blockquote></p><p> So let’s take a closer look at Rivian Automotive and what’s behind all the hype?</p><p><blockquote>那么让我们仔细看看Rivian汽车公司以及所有炒作背后的原因是什么？</blockquote></p><p> Highlights</p><p><blockquote>亮点</blockquote></p><p> <ul>  <li>Rivian History</li>  <li>IPO</li>  <li>Opportunity</li>  <li>Risks</li>  <li>Conclusions</li>  <li>Rating &amp; Fair Value Target</li> </ul> HistoryStarted in 2012, Rivian is an American electric vehicle (EV) automaker and automotive technology company created by CEO Robert “RJ” Scaringe. &nbsp;Former CEO of Amazon, Jeff Bezos, called Rivian’s founder, RJ Scaringe, “one of the greatest entrepreneurs”.</p><p><blockquote><ul><li>Rivian历史</li><li>IPO</li><li>机会</li><li>风险</li><li>结论</li><li>评级和公允价值目标</li></ul>历史Rivian成立于2012年，是一家美国电动汽车(EV)汽车制造商和汽车技术公司，由首席执行官Robert“RJ”Scaringe创建。亚马逊前首席执行官杰夫·贝索斯称Rivian创始人RJ·斯卡林格是“最伟大的企业家之一”。</blockquote></p><p> Rivian originally started life as an EV sports car manufacturer (prior to officially rebranding in 2012), but changed tack because management realised they could not add significant value to what was already on offer in that space (i.e., Tesla). Instead, they decided to focus on a glaring hole in the EV market, light trucks and sports utility vehicles (SUVs).</p><p><blockquote>Rivian最初是一家电动跑车制造商（在2012年正式更名之前），但改变了策略，因为管理层意识到他们无法为该领域已有的产品（即特斯拉）增加显着价值。相反，他们决定专注于电动汽车市场的一个明显漏洞，轻型卡车和运动型多用途车（SUV）。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d1a14bbed113802408fbdf076ff4470b\" tg-width=\"699\" tg-height=\"344\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <i><b>The Rivian R1S sports utility vehicle</b></i></p><p><blockquote><i><b>Rivian R1S运动型多功能车</b></i></blockquote></p><p> Today, Rivian has two flagship consumer focussed EVs for sale, the R1T (light truck) and the R1S (SUV). It also has developed what it calls the Electric Delivery Van (\"EDV\"), designed and engineered by Rivian in collaboration with Amazon who has ordered an initial volume of 100,000 vehicles globally.IPORivian's initial public offering (IPO) consisted of 153 million shares of Class A common stock at a public offering price of $78&nbsp;per share, to raise US$11.9 billion. However there are a considerable number of shares already issued in the company, held by early and cornerstone investors. Two cornerstone investors are of particular note, Amazon which owns approximately 22%, and Ford Motor Co. which owns approximately 12% of Rivian shares.</p><p><blockquote>如今，Rivian有两款面向消费者的旗舰电动汽车出售：R1T（轻型卡车）和R1S（SUV）。它还开发了评级电动送货车（“EDV”），由Rivian与亚马逊合作设计和制造，亚马逊已在全球订购了10万辆汽车。IPORivian的首次公开募股（IPO）包括1.53亿股A类普通股，公开发行价为每股78美元，筹集119亿美元。然而，该公司已发行大量股票，由早期投资者和基石投资者持有。两个基石投资者特别值得注意，亚马逊拥有约22%的股份，福特汽车公司拥有约12%的Rivian股份。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/fce0db4623415a5087830868ca8b1392\" tg-width=\"700\" tg-height=\"547\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <i><b>Rivian Automotive (RIVN) price chart</b></i></p><p><blockquote><i><b>Rivian汽车(RIVN)价格图表</b></i></blockquote></p><p> OpportunityRivian aims to address the large, fast-growing, and high-margin EV market. More specifically, it is targeting the niche light truck and SUVs segment which is currently significantly underserviced by existing EV manufacturers, particularly by major rival Tesla.</p><p><blockquote>机遇Rivian旨在解决庞大、快速增长且高利润的电动汽车市场。更具体地说，它的目标是利基轻型卡车和SUV细分市场，目前现有电动汽车制造商（尤其是主要竞争对手特斯拉）对该细分市场的服务严重不足。</blockquote></p><p> In addition to selling vehicles, strategy also includes value-added services such as digitally enabled financing, telematics-based insurance, proactive vehicle service (maintenance and repair), flexible membership and software services, comprehensive charging solutions, and a vehicle resale program. In addition to these services, the company will also offer consumers value adding accessories and applications aimed at improving the usage of Rivian's EVs.</p><p><blockquote>除了销售车辆，该战略还包括增值服务，如数字化融资、基于远程信息处理的保险、主动车辆服务（维护和维修）、灵活的会员和软件服务、全面的充电解决方案和车辆转售计划。除了这些服务外，该公司还将为消费者提供增值配件和应用程序，旨在提高Rivian电动汽车的使用。</blockquote></p><p> In addition to consumer vehicles, also targeting commercial market via Rivian Commercial Vehicle (\"RCV\") platform. The first vehicle to be produced is the EDV, designed and engineered by Rivian in collaboration with Amazon who has ordered an initial volume of 100,000 vehicles globally. This is the largest order of EVs ever for any manufacturer.</p><p><blockquote>除消费汽车外，还通过Rivian商用车（“RCV”）平台瞄准商用市场。生产的第一辆汽车是EDV，由Rivian与亚马逊合作设计和制造，亚马逊已在全球订购了10万辆汽车。这是任何制造商有史以来最大的电动汽车订单。</blockquote></p><p> The company believes that with the cost of EV ownership no longer a significant barrier to purchase, the EV revolution has begun. They note that approximately 90 million light vehicles are sold globally each year, and a significant proportion of these will inevitably transition to EVs. Further, trucks and SUVs comprise over 70% of new vehicle sales in the United States, are the fastest growing segment, and account for most of the profits generated by incumbent automobile manufacturers.</p><p><blockquote>该公司认为，随着电动汽车的拥有成本不再是购买的重大障碍，电动汽车革命已经开始。他们指出，全球每年销售约9000万辆轻型汽车，其中很大一部分将不可避免地过渡到电动汽车。此外，卡车和SUV占美国新车销量的70%以上，是增长最快的细分市场，并占现有汽车制造商产生的大部分利润。</blockquote></p><p> Globally, Rivian's total addressable market is around US$8.3 billion, with just under US$1 billion in the US. Of the US market, they believe the market for consumer EVs is approximately $650 million, and approximately $200 million for commercial EVs.FinancialsFor the years ended December 31, 2019 and 2020, we incurred net losses of $426 million and $1.0 billion, respectively. This is because the company has invested heavily in product development, and preparations for the initial launch of their vehicles which occurred in September 2021.</p><p><blockquote>在全球范围内，Rivian的潜在市场总额约为83亿美元，其中美国的潜在市场略低于10亿美元。在美国市场中，他们认为消费电动汽车市场约为6.5亿美元，商用电动汽车市场约为2亿美元。财务截至2019年12月31日和2020年12月31日，我们分别产生了4.26亿美元和10亿美元的净亏损。这是因为该公司在产品开发以及2021年9月首次推出车辆的准备工作方面投入了大量资金。</blockquote></p><p></p><p> A key positive of the financials for Rivian is that the company has minimal debt. Instead, it has funded the business by ways of a unsecured senior convertible promissory notes (a kind of a hybrid debt-equity instrument that starts as a loan but converts on maturity to stock at a predetermined stock price), and a number of historical preferred stock issues.</p><p><blockquote>Rivian财务状况的一个关键积极因素是该公司的债务很少。相反，它通过无担保高级可转换本票（一种混合债务-股权工具，开始时是贷款，但到期时以预定股价转换为股票）和一些历史债券的方式为业务提供资金。优先股发行。</blockquote></p><p> Funding is the key for Rivian as it anticipates it will spend at least $8 billion through the end of 2023 to support their commercialisation and growth objectives. The company is currently burning around US$300 million in cash per quarter, with approximately US$3.5 billion&nbsp;cash in the bank (proceeds of the IPO included). This gives it a growth runway of approximately 3 years.</p><p><blockquote>资金是Rivian的关键，因为它预计到2023年底将花费至少80亿美元来支持其商业化和增长目标。该公司目前每季度消耗约3亿美元现金，银行现金约为35亿美元（包括IPO收益）。这给了它大约3年的增长跑道。</blockquote></p><p> The company says that cash flows from the sales of its EVs are unlikely to cover its ongoing expenditure for the foreseeable future. As a result, the company expects to make losses for an extended period of time as it continues to invest in its growth. Given the growth runway, and expected expenditures, this implies that the company will likely have to raise capital again in the medium term.</p><p><blockquote>该公司表示，在可预见的未来，电动汽车销售产生的现金流不太可能支付其持续支出。因此，随着该公司继续投资于其增长，预计将在很长一段时间内出现亏损。考虑到增长跑道和预期支出，这意味着该公司可能不得不在中期内再次筹集资金。</blockquote></p><p> As of September 30, 2021, the company had approximately 48,390 R1T and R1S pre-orders in the United States and Canada from customers who each paid a cancellable and fully refundable deposit of $1,000. Current production capacity at their existing plant is 150,000 vehicles p.a.</p><p><blockquote>截至2021年9月30日，该公司在美国和加拿大约有48,390份R1T和R1S预购订单，客户每人支付了1,000美元的可取消和可全额退还的定金。他们现有工厂目前的生产能力为每年150,000辆汽车。</blockquote></p><p> Some analysts believe the company could make revenues of between US$20 billion and US$25 billion by 2025 if it achieves its aim of 350,000 vehicles produced annually. It its margins are similar to Tesla, this could mean approximately US$1.4 billion to US$1.7 billion in net profits. Again to compare, this is roughly what Tesla currently earns in profit per quarter, and Tesla's market capitalisation us just over US$1 trillion.RisksRivian has a limited operating history and has not generated material revenue from sales of its vehicles or other products and services to date. The company's medium term outlook depends largely on its ability to develop, manufacture, market and sell their EVs.</p><p><blockquote>一些分析师认为，如果该公司实现年产35万辆汽车的目标，到2025年该公司的收入可能在200亿至250亿美元之间。如果其利润率与特斯拉相似，这可能意味着净利润约为14亿至17亿美元。再次比较一下，这大致相当于特斯拉目前每季度的利润，而特斯拉的市值刚刚超过1万亿美元。风险Rivian的运营历史有限，尚未通过销售其车辆或其他产品和服务产生实质性收入迄今为止。该公司的中期前景很大程度上取决于其开发、制造、营销和销售电动汽车的能力。</blockquote></p><p> Initial deliveries for the R1T and R1S were and are, respectively, delayed, and the ramp up in production of these vehicles is taking longer than originally expected. This is due largely to the ongoing impacts of the COVID-19 pandemic, particularly on labour availability and supply chain disruptions.</p><p><blockquote>R1T和R1S的初始交付分别被推迟，并且这些车辆的产量增加所需的时间比最初预期的要长。这主要是由于COVID-19大流行的持续影响，特别是对劳动力供应和供应链中断的影响。</blockquote></p><p> Another key issue facing Rivian is the difficulty the company has in accurately estimating the likely demand for their vehicles, and therefore in placing long term orders with suppliers, or to negotiate scaled discounts. This means that the company is likely to face significantly higher costs than an established manufacturer like Tesla.</p><p><blockquote>Rivian面临的另一个关键问题是该公司难以准确估计对其车辆的可能需求，从而难以向供应商下长期订单或协商大规模折扣。这意味着该公司可能面临比特斯拉等老牌制造商高得多的成本。</blockquote></p><p> Also, the company is starting with just two consumer models and one commercial model. This will likely only sustain respective markets' interests for so long. Eventually they will have to upgrade or redesign existing models, and or launch new ones in other segments. In those other segments, for example passenger and sports, they are going to face significantly tougher competition from more advanced offerings by established EV and conventional vehicle manufacturers.</p><p><blockquote>此外，该公司一开始只有两种消费模式和一种商业模式。这可能只会在很长一段时间内维持各自市场的利益。最终，他们将不得不升级或重新设计现有车型，或者在其他细分市场推出新车型。在其他细分市场，例如乘用车和运动车，他们将面临来自老牌电动汽车和传统汽车制造商更先进产品的更加激烈的竞争。</blockquote></p><p> Rivian, by their own public admission (in their prospectus no less!) has limited experience in designing, testing, manufacturing, marketing, and selling EVs. This means that there is a significant execution risk in terms of them delivering on their short term and longer term goals.ConclusionsAt $122.99 closing price on Thursday, Rivian is capitalised at approximately US$100 billion. This is greater than U.S. majors Ford and General Motors, European prestige brand BMW, and twice the size of Japanese manufacturers Honda and Nissan. It's 71% the size of the world's largest car manufacturer by revenue, Volkswagen.</p><p><blockquote>Rivian自己公开承认（在他们的招股说明书中也是如此！）在设计、测试、制造、营销和销售电动汽车方面的经验有限。这意味着他们在实现短期和长期目标方面存在巨大的执行风险。结论Rivian周四收盘价为122.99美元，市值约为1000亿美元。这比美国巨头福特和通用汽车、欧洲知名品牌宝马还要大，也是日本制造商本田和日产的两倍。按收入计算，它的规模是全球最大汽车制造商大众汽车的71%。</blockquote></p><p> Whilst we let those comparisons settle in your mind, let us remind you that Rivian's only revenue so far is the $1,000 deposits it has taken on its presales, and has not yet delivered a single vehicle to customers.</p><p><blockquote>虽然我们让这些比较留在您的脑海中，但让我们提醒您，Rivian迄今为止唯一的收入是它在预售中收取的1,000美元定金，并且尚未向客户交付一辆车。</blockquote></p><p> Rivian is often compared to Tesla, both in terms of a template for what is possible in the disruptive EV space, but also as what is possible in terms of future profitability and potential market capitalisation. We would suggest that the fact both companies produce EVs is where the comparisons should end. Tesla was producing and selling vehicles prior to its IPO, and had very little competition when it started because it was a pioneer in the space. Rivian on the other hand, is entering a highly competitive EV landscape that now consists of all of the major, established producers.</p><p><blockquote>Rivian经常被比作特斯拉，不仅是颠覆性电动汽车领域的模板，也是未来盈利能力和潜在市值的模板。我们认为，两家公司都生产电动汽车这一事实应该结束比较。特斯拉在首次公开募股之前就在生产和销售汽车，刚开始时几乎没有竞争，因为它是该领域的先驱。另一方面，Rivian正在进入一个竞争激烈的电动汽车领域，该领域现在由所有主要的老牌生产商组成。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/9132ca6746200892bfe86ebef29927fd\" tg-width=\"700\" tg-height=\"261\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <i><b>The Rivian R1T light truck</b></i></p><p><blockquote><i><b>Rivian R1T轻型卡车</b></i></blockquote></p><p></p><p> Granted, Rivian is targeting the niche of light trucks and SUVs, which is largely underserviced at the moment. However, this is unlikely to remain so for long as other manufacturers, particularly Tesla, increasingly enter this segment (Tesla is currently selling a 'soft SUV', the Model X, but has plans to release a more adventure-focussed SUV and the Cybertruck in 2023).</p><p><blockquote>诚然，Rivian的目标是轻型卡车和SUV这一利基市场，而目前这一市场的服务基本上不足。然而，随着其他制造商，尤其是特斯拉，越来越多地进入这一细分市场，这种情况不太可能持续太久（特斯拉目前正在销售一款“软SUV”Model X，但计划发布一款更注重冒险的SUV和2023年的Cybertruck）。</blockquote></p><p> The company admits itself that it has \"limited experience, in designing, testing, manufacturing, marketing, and selling EVs\". It is an unproven entity that is trading at an extremely high valuation compared to its established peers. For this reason, we belive the execution risk is extreme<i>at the current valuation</i>(we couldn’t think of a word more extreme than 'extreme'…perhaps 'extremely extreme!?').</p><p><blockquote>该公司承认自己“在设计、测试、制造、营销和销售电动汽车方面的经验有限”。这是一个未经证实的实体，与成熟的同行相比，其交易估值极高。因此，我们认为执行风险极大<i>按当前估值</i>（我们想不出比‘极端’更极端的词了……也许是‘极端极端！？’）.</blockquote></p><p> We define 'execution risk' as the possibility the company does not deliver on its production and sales targets, potential negative impacts from the developing competitive landscape, and favourable consumer adoption of its products.</p><p><blockquote>我们将“执行风险”定义为公司无法实现其生产和销售目标的可能性、不断发展的竞争格局的潜在负面影响以及消费者对其产品的有利采用。</blockquote></p><p> However, on the upside, in the short term, the company's valuation likely depends more on what investors are prepared to pay for its shares rather than on its future profitability. Granted, ordinarily we would expect that these two concepts eventually merge. But in the current market environment, there are a great deal of investors who are only too keen to throw their investment dollars at companies like Rivian that are consistent with their beliefs and tastes.</p><p><blockquote>然而，从好的方面来看，短期内该公司的估值可能更多地取决于投资者准备为其股票支付的费用，而不是其未来的盈利能力。当然，通常我们会期望这两个概念最终会融合。但在当前的市场环境下，有大量投资者热衷于将投资资金投入到像Rivian这样符合他们信仰和品味的公司。</blockquote></p><p> In conclusion, we believe that Rivian shares at their current price are grossly overvalued. However, we note that the EV industry is growing rapidly, and many investors can see and relate to the opportunity that this presents. Perhaps 'extremely extreme' risks are less important than the 'story', and possibly also the fear of missing out on 'the next Tesla'. For this reason, we expect Rivian shares will probably remain overvalued for some time, and therefore cannot rule out further gains in the short term.Rating &amp; Fair Value TargetBased upon our earnings and earnings growth estimates for the company, and please note<i>a great deal of guesswork is inevitably required on our part to form such opinions</i>, we could entertain a valuation of as high as US$62 billion. This would be our top end based upon essentially<i>everything going right</i>for Rivian out to 2025.</p><p><blockquote>总之，我们认为Rivian股票目前的价格被严重高估。然而，我们注意到电动汽车行业正在快速增长，许多投资者可以看到并感受到这带来的机会。也许“极其极端”的风险没有“故事”重要，也可能是对错过“下一个特斯拉”的恐惧。因此，我们预计Rivian股价可能会在一段时间内保持高估，因此不能排除短期内进一步上涨。评级和公允价值目标基于我们对该公司的盈利和盈利增长预测，请注意<i>为了形成这样的意见，我们不可避免地要进行大量的猜测</i>，我们可以接受高达620亿美元的估值。这将是我们的最高端<i>一切顺利</i>Rivian到2025年。</blockquote></p><p> We noted above however execution risk is high, and fair value is likely closer to US$40 billion. These valuations equate to a share price of between $50 to $76 per share. For this reason, we have no choice but to go with a Sell, High Risk rating on Rivian.Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice. ThinkMarkets will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.</p><p><blockquote>然而，我们在上面指出，执行风险很高，公允价值可能接近400亿美元。这些估值相当于每股50至76美元的股价。因此，我们别无选择，只能给予Rivian卖出、高风险评级。本网站包含的任何观点、新闻、研究、分析、价格或其他信息均作为一般市场评论提供，并不构成投资建议。ThinkMarkets对任何损失或损害不承担任何责任，包括但不限于因使用或依赖此类信息而直接或间接导致的任何利润损失。</blockquote></p><p> Rating &amp; Fair Value </p><p><blockquote>评级及公允价值</blockquote></p><p> TargetBased upon our earnings and earnings growth estimates for the company, and please note<i>a great deal of guesswork is inevitably required on our part to form such opinions</i>, we could entertain a valuation of as high as US$62 billion. This would be our top end based upon essentially<i>everything going right</i>for Rivian out to 2025.</p><p><blockquote>目标基于我们对公司的盈利和盈利增长预测，请注意<i>为了形成这样的意见，我们不可避免地要进行大量的猜测</i>，我们可以接受高达620亿美元的估值。这将是我们的最高端<i>一切顺利</i>Rivian到2025年。</blockquote></p><p> We noted above however execution risk is high, and fair value is likely closer to US$40 billion. These valuations equate to a share price of between $50 to $76 per share. For this reason, we have no choice but to go with a Sell, High Risk rating on Rivian.</p><p><blockquote>然而，我们在上面指出，执行风险很高，公允价值可能接近400亿美元。这些估值相当于每股50至76美元的股价。因此，我们别无选择，只能给予Rivian卖出、高风险评级。</blockquote></p><p></p>","source":"lsy1631281755125","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>Are Rivian Automotive shares cheap or expensive?<blockquote>Rivian汽车公司的股票便宜还是贵？</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\">\nAre Rivian Automotive shares cheap or expensive?<blockquote>Rivian汽车公司的股票便宜还是贵？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The fiscal times</strong><span class=\"h-time small\">2021-11-12 13:47</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>We have now listed Rivian Automotive share CFDs on ThinkMarkets. To get started trading, all you need to do is create an account and select Rivian in your ThinkTrader watchlist.</b></p><p><blockquote><b>我们现在已经在ThinkMarkets上列出了Rivian汽车股票差价合约。要开始交易，您需要做的就是创建一个帐户并在ThinkTrader观察列表中选择Rivian。</b></blockquote></p><p> What’s best about Rivian share CFDs is that they let you take advantage of both rising and falling prices. That means with ThinkMarkets, if you think the price of Rivian Automotive is going to rise, you can go long its CFD, and if you think the price is going to fall, you can go short its CFD.&nbsp;Rivian Share CFDs are available on ThinkMarkets under the stock ticker RIVN.</p><p><blockquote>Rivian股票差价合约最大的好处是，它们可以让你利用价格上涨和下跌的机会。这意味着通过ThinkMarkets，如果您认为Rivian汽车的价格将会上涨，您可以做多其差价合约，如果您认为价格将会下跌，您可以做空其差价合约。ThinkMarkets提供Rivian股票差价合约，股票代码为RIVN。</blockquote></p><p> So let’s take a closer look at Rivian Automotive and what’s behind all the hype?</p><p><blockquote>那么让我们仔细看看Rivian汽车公司以及所有炒作背后的原因是什么？</blockquote></p><p> Highlights</p><p><blockquote>亮点</blockquote></p><p> <ul>  <li>Rivian History</li>  <li>IPO</li>  <li>Opportunity</li>  <li>Risks</li>  <li>Conclusions</li>  <li>Rating &amp; Fair Value Target</li> </ul> HistoryStarted in 2012, Rivian is an American electric vehicle (EV) automaker and automotive technology company created by CEO Robert “RJ” Scaringe. &nbsp;Former CEO of Amazon, Jeff Bezos, called Rivian’s founder, RJ Scaringe, “one of the greatest entrepreneurs”.</p><p><blockquote><ul><li>Rivian历史</li><li>IPO</li><li>机会</li><li>风险</li><li>结论</li><li>评级和公允价值目标</li></ul>历史Rivian成立于2012年，是一家美国电动汽车(EV)汽车制造商和汽车技术公司，由首席执行官Robert“RJ”Scaringe创建。亚马逊前首席执行官杰夫·贝索斯称Rivian创始人RJ·斯卡林格是“最伟大的企业家之一”。</blockquote></p><p> Rivian originally started life as an EV sports car manufacturer (prior to officially rebranding in 2012), but changed tack because management realised they could not add significant value to what was already on offer in that space (i.e., Tesla). Instead, they decided to focus on a glaring hole in the EV market, light trucks and sports utility vehicles (SUVs).</p><p><blockquote>Rivian最初是一家电动跑车制造商（在2012年正式更名之前），但改变了策略，因为管理层意识到他们无法为该领域已有的产品（即特斯拉）增加显着价值。相反，他们决定专注于电动汽车市场的一个明显漏洞，轻型卡车和运动型多用途车（SUV）。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d1a14bbed113802408fbdf076ff4470b\" tg-width=\"699\" tg-height=\"344\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <i><b>The Rivian R1S sports utility vehicle</b></i></p><p><blockquote><i><b>Rivian R1S运动型多功能车</b></i></blockquote></p><p> Today, Rivian has two flagship consumer focussed EVs for sale, the R1T (light truck) and the R1S (SUV). It also has developed what it calls the Electric Delivery Van (\"EDV\"), designed and engineered by Rivian in collaboration with Amazon who has ordered an initial volume of 100,000 vehicles globally.IPORivian's initial public offering (IPO) consisted of 153 million shares of Class A common stock at a public offering price of $78&nbsp;per share, to raise US$11.9 billion. However there are a considerable number of shares already issued in the company, held by early and cornerstone investors. Two cornerstone investors are of particular note, Amazon which owns approximately 22%, and Ford Motor Co. which owns approximately 12% of Rivian shares.</p><p><blockquote>如今，Rivian有两款面向消费者的旗舰电动汽车出售：R1T（轻型卡车）和R1S（SUV）。它还开发了评级电动送货车（“EDV”），由Rivian与亚马逊合作设计和制造，亚马逊已在全球订购了10万辆汽车。IPORivian的首次公开募股（IPO）包括1.53亿股A类普通股，公开发行价为每股78美元，筹集119亿美元。然而，该公司已发行大量股票，由早期投资者和基石投资者持有。两个基石投资者特别值得注意，亚马逊拥有约22%的股份，福特汽车公司拥有约12%的Rivian股份。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/fce0db4623415a5087830868ca8b1392\" tg-width=\"700\" tg-height=\"547\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <i><b>Rivian Automotive (RIVN) price chart</b></i></p><p><blockquote><i><b>Rivian汽车(RIVN)价格图表</b></i></blockquote></p><p> OpportunityRivian aims to address the large, fast-growing, and high-margin EV market. More specifically, it is targeting the niche light truck and SUVs segment which is currently significantly underserviced by existing EV manufacturers, particularly by major rival Tesla.</p><p><blockquote>机遇Rivian旨在解决庞大、快速增长且高利润的电动汽车市场。更具体地说，它的目标是利基轻型卡车和SUV细分市场，目前现有电动汽车制造商（尤其是主要竞争对手特斯拉）对该细分市场的服务严重不足。</blockquote></p><p> In addition to selling vehicles, strategy also includes value-added services such as digitally enabled financing, telematics-based insurance, proactive vehicle service (maintenance and repair), flexible membership and software services, comprehensive charging solutions, and a vehicle resale program. In addition to these services, the company will also offer consumers value adding accessories and applications aimed at improving the usage of Rivian's EVs.</p><p><blockquote>除了销售车辆，该战略还包括增值服务，如数字化融资、基于远程信息处理的保险、主动车辆服务（维护和维修）、灵活的会员和软件服务、全面的充电解决方案和车辆转售计划。除了这些服务外，该公司还将为消费者提供增值配件和应用程序，旨在提高Rivian电动汽车的使用。</blockquote></p><p> In addition to consumer vehicles, also targeting commercial market via Rivian Commercial Vehicle (\"RCV\") platform. The first vehicle to be produced is the EDV, designed and engineered by Rivian in collaboration with Amazon who has ordered an initial volume of 100,000 vehicles globally. This is the largest order of EVs ever for any manufacturer.</p><p><blockquote>除消费汽车外，还通过Rivian商用车（“RCV”）平台瞄准商用市场。生产的第一辆汽车是EDV，由Rivian与亚马逊合作设计和制造，亚马逊已在全球订购了10万辆汽车。这是任何制造商有史以来最大的电动汽车订单。</blockquote></p><p> The company believes that with the cost of EV ownership no longer a significant barrier to purchase, the EV revolution has begun. They note that approximately 90 million light vehicles are sold globally each year, and a significant proportion of these will inevitably transition to EVs. Further, trucks and SUVs comprise over 70% of new vehicle sales in the United States, are the fastest growing segment, and account for most of the profits generated by incumbent automobile manufacturers.</p><p><blockquote>该公司认为，随着电动汽车的拥有成本不再是购买的重大障碍，电动汽车革命已经开始。他们指出，全球每年销售约9000万辆轻型汽车，其中很大一部分将不可避免地过渡到电动汽车。此外，卡车和SUV占美国新车销量的70%以上，是增长最快的细分市场，并占现有汽车制造商产生的大部分利润。</blockquote></p><p> Globally, Rivian's total addressable market is around US$8.3 billion, with just under US$1 billion in the US. Of the US market, they believe the market for consumer EVs is approximately $650 million, and approximately $200 million for commercial EVs.FinancialsFor the years ended December 31, 2019 and 2020, we incurred net losses of $426 million and $1.0 billion, respectively. This is because the company has invested heavily in product development, and preparations for the initial launch of their vehicles which occurred in September 2021.</p><p><blockquote>在全球范围内，Rivian的潜在市场总额约为83亿美元，其中美国的潜在市场略低于10亿美元。在美国市场中，他们认为消费电动汽车市场约为6.5亿美元，商用电动汽车市场约为2亿美元。财务截至2019年12月31日和2020年12月31日，我们分别产生了4.26亿美元和10亿美元的净亏损。这是因为该公司在产品开发以及2021年9月首次推出车辆的准备工作方面投入了大量资金。</blockquote></p><p></p><p> A key positive of the financials for Rivian is that the company has minimal debt. Instead, it has funded the business by ways of a unsecured senior convertible promissory notes (a kind of a hybrid debt-equity instrument that starts as a loan but converts on maturity to stock at a predetermined stock price), and a number of historical preferred stock issues.</p><p><blockquote>Rivian财务状况的一个关键积极因素是该公司的债务很少。相反，它通过无担保高级可转换本票（一种混合债务-股权工具，开始时是贷款，但到期时以预定股价转换为股票）和一些历史债券的方式为业务提供资金。优先股发行。</blockquote></p><p> Funding is the key for Rivian as it anticipates it will spend at least $8 billion through the end of 2023 to support their commercialisation and growth objectives. The company is currently burning around US$300 million in cash per quarter, with approximately US$3.5 billion&nbsp;cash in the bank (proceeds of the IPO included). This gives it a growth runway of approximately 3 years.</p><p><blockquote>资金是Rivian的关键，因为它预计到2023年底将花费至少80亿美元来支持其商业化和增长目标。该公司目前每季度消耗约3亿美元现金，银行现金约为35亿美元（包括IPO收益）。这给了它大约3年的增长跑道。</blockquote></p><p> The company says that cash flows from the sales of its EVs are unlikely to cover its ongoing expenditure for the foreseeable future. As a result, the company expects to make losses for an extended period of time as it continues to invest in its growth. Given the growth runway, and expected expenditures, this implies that the company will likely have to raise capital again in the medium term.</p><p><blockquote>该公司表示，在可预见的未来，电动汽车销售产生的现金流不太可能支付其持续支出。因此，随着该公司继续投资于其增长，预计将在很长一段时间内出现亏损。考虑到增长跑道和预期支出，这意味着该公司可能不得不在中期内再次筹集资金。</blockquote></p><p> As of September 30, 2021, the company had approximately 48,390 R1T and R1S pre-orders in the United States and Canada from customers who each paid a cancellable and fully refundable deposit of $1,000. Current production capacity at their existing plant is 150,000 vehicles p.a.</p><p><blockquote>截至2021年9月30日，该公司在美国和加拿大约有48,390份R1T和R1S预购订单，客户每人支付了1,000美元的可取消和可全额退还的定金。他们现有工厂目前的生产能力为每年150,000辆汽车。</blockquote></p><p> Some analysts believe the company could make revenues of between US$20 billion and US$25 billion by 2025 if it achieves its aim of 350,000 vehicles produced annually. It its margins are similar to Tesla, this could mean approximately US$1.4 billion to US$1.7 billion in net profits. Again to compare, this is roughly what Tesla currently earns in profit per quarter, and Tesla's market capitalisation us just over US$1 trillion.RisksRivian has a limited operating history and has not generated material revenue from sales of its vehicles or other products and services to date. The company's medium term outlook depends largely on its ability to develop, manufacture, market and sell their EVs.</p><p><blockquote>一些分析师认为，如果该公司实现年产35万辆汽车的目标，到2025年该公司的收入可能在200亿至250亿美元之间。如果其利润率与特斯拉相似，这可能意味着净利润约为14亿至17亿美元。再次比较一下，这大致相当于特斯拉目前每季度的利润，而特斯拉的市值刚刚超过1万亿美元。风险Rivian的运营历史有限，尚未通过销售其车辆或其他产品和服务产生实质性收入迄今为止。该公司的中期前景很大程度上取决于其开发、制造、营销和销售电动汽车的能力。</blockquote></p><p> Initial deliveries for the R1T and R1S were and are, respectively, delayed, and the ramp up in production of these vehicles is taking longer than originally expected. This is due largely to the ongoing impacts of the COVID-19 pandemic, particularly on labour availability and supply chain disruptions.</p><p><blockquote>R1T和R1S的初始交付分别被推迟，并且这些车辆的产量增加所需的时间比最初预期的要长。这主要是由于COVID-19大流行的持续影响，特别是对劳动力供应和供应链中断的影响。</blockquote></p><p> Another key issue facing Rivian is the difficulty the company has in accurately estimating the likely demand for their vehicles, and therefore in placing long term orders with suppliers, or to negotiate scaled discounts. This means that the company is likely to face significantly higher costs than an established manufacturer like Tesla.</p><p><blockquote>Rivian面临的另一个关键问题是该公司难以准确估计对其车辆的可能需求，从而难以向供应商下长期订单或协商大规模折扣。这意味着该公司可能面临比特斯拉等老牌制造商高得多的成本。</blockquote></p><p> Also, the company is starting with just two consumer models and one commercial model. This will likely only sustain respective markets' interests for so long. Eventually they will have to upgrade or redesign existing models, and or launch new ones in other segments. In those other segments, for example passenger and sports, they are going to face significantly tougher competition from more advanced offerings by established EV and conventional vehicle manufacturers.</p><p><blockquote>此外，该公司一开始只有两种消费模式和一种商业模式。这可能只会在很长一段时间内维持各自市场的利益。最终，他们将不得不升级或重新设计现有车型，或者在其他细分市场推出新车型。在其他细分市场，例如乘用车和运动车，他们将面临来自老牌电动汽车和传统汽车制造商更先进产品的更加激烈的竞争。</blockquote></p><p> Rivian, by their own public admission (in their prospectus no less!) has limited experience in designing, testing, manufacturing, marketing, and selling EVs. This means that there is a significant execution risk in terms of them delivering on their short term and longer term goals.ConclusionsAt $122.99 closing price on Thursday, Rivian is capitalised at approximately US$100 billion. This is greater than U.S. majors Ford and General Motors, European prestige brand BMW, and twice the size of Japanese manufacturers Honda and Nissan. It's 71% the size of the world's largest car manufacturer by revenue, Volkswagen.</p><p><blockquote>Rivian自己公开承认（在他们的招股说明书中也是如此！）在设计、测试、制造、营销和销售电动汽车方面的经验有限。这意味着他们在实现短期和长期目标方面存在巨大的执行风险。结论Rivian周四收盘价为122.99美元，市值约为1000亿美元。这比美国巨头福特和通用汽车、欧洲知名品牌宝马还要大，也是日本制造商本田和日产的两倍。按收入计算，它的规模是全球最大汽车制造商大众汽车的71%。</blockquote></p><p> Whilst we let those comparisons settle in your mind, let us remind you that Rivian's only revenue so far is the $1,000 deposits it has taken on its presales, and has not yet delivered a single vehicle to customers.</p><p><blockquote>虽然我们让这些比较留在您的脑海中，但让我们提醒您，Rivian迄今为止唯一的收入是它在预售中收取的1,000美元定金，并且尚未向客户交付一辆车。</blockquote></p><p> Rivian is often compared to Tesla, both in terms of a template for what is possible in the disruptive EV space, but also as what is possible in terms of future profitability and potential market capitalisation. We would suggest that the fact both companies produce EVs is where the comparisons should end. Tesla was producing and selling vehicles prior to its IPO, and had very little competition when it started because it was a pioneer in the space. Rivian on the other hand, is entering a highly competitive EV landscape that now consists of all of the major, established producers.</p><p><blockquote>Rivian经常被比作特斯拉，不仅是颠覆性电动汽车领域的模板，也是未来盈利能力和潜在市值的模板。我们认为，两家公司都生产电动汽车这一事实应该结束比较。特斯拉在首次公开募股之前就在生产和销售汽车，刚开始时几乎没有竞争，因为它是该领域的先驱。另一方面，Rivian正在进入一个竞争激烈的电动汽车领域，该领域现在由所有主要的老牌生产商组成。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/9132ca6746200892bfe86ebef29927fd\" tg-width=\"700\" tg-height=\"261\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <i><b>The Rivian R1T light truck</b></i></p><p><blockquote><i><b>Rivian R1T轻型卡车</b></i></blockquote></p><p></p><p> Granted, Rivian is targeting the niche of light trucks and SUVs, which is largely underserviced at the moment. However, this is unlikely to remain so for long as other manufacturers, particularly Tesla, increasingly enter this segment (Tesla is currently selling a 'soft SUV', the Model X, but has plans to release a more adventure-focussed SUV and the Cybertruck in 2023).</p><p><blockquote>诚然，Rivian的目标是轻型卡车和SUV这一利基市场，而目前这一市场的服务基本上不足。然而，随着其他制造商，尤其是特斯拉，越来越多地进入这一细分市场，这种情况不太可能持续太久（特斯拉目前正在销售一款“软SUV”Model X，但计划发布一款更注重冒险的SUV和2023年的Cybertruck）。</blockquote></p><p> The company admits itself that it has \"limited experience, in designing, testing, manufacturing, marketing, and selling EVs\". It is an unproven entity that is trading at an extremely high valuation compared to its established peers. For this reason, we belive the execution risk is extreme<i>at the current valuation</i>(we couldn’t think of a word more extreme than 'extreme'…perhaps 'extremely extreme!?').</p><p><blockquote>该公司承认自己“在设计、测试、制造、营销和销售电动汽车方面的经验有限”。这是一个未经证实的实体，与成熟的同行相比，其交易估值极高。因此，我们认为执行风险极大<i>按当前估值</i>（我们想不出比‘极端’更极端的词了……也许是‘极端极端！？’）.</blockquote></p><p> We define 'execution risk' as the possibility the company does not deliver on its production and sales targets, potential negative impacts from the developing competitive landscape, and favourable consumer adoption of its products.</p><p><blockquote>我们将“执行风险”定义为公司无法实现其生产和销售目标的可能性、不断发展的竞争格局的潜在负面影响以及消费者对其产品的有利采用。</blockquote></p><p> However, on the upside, in the short term, the company's valuation likely depends more on what investors are prepared to pay for its shares rather than on its future profitability. Granted, ordinarily we would expect that these two concepts eventually merge. But in the current market environment, there are a great deal of investors who are only too keen to throw their investment dollars at companies like Rivian that are consistent with their beliefs and tastes.</p><p><blockquote>然而，从好的方面来看，短期内该公司的估值可能更多地取决于投资者准备为其股票支付的费用，而不是其未来的盈利能力。当然，通常我们会期望这两个概念最终会融合。但在当前的市场环境下，有大量投资者热衷于将投资资金投入到像Rivian这样符合他们信仰和品味的公司。</blockquote></p><p> In conclusion, we believe that Rivian shares at their current price are grossly overvalued. However, we note that the EV industry is growing rapidly, and many investors can see and relate to the opportunity that this presents. Perhaps 'extremely extreme' risks are less important than the 'story', and possibly also the fear of missing out on 'the next Tesla'. For this reason, we expect Rivian shares will probably remain overvalued for some time, and therefore cannot rule out further gains in the short term.Rating &amp; Fair Value TargetBased upon our earnings and earnings growth estimates for the company, and please note<i>a great deal of guesswork is inevitably required on our part to form such opinions</i>, we could entertain a valuation of as high as US$62 billion. This would be our top end based upon essentially<i>everything going right</i>for Rivian out to 2025.</p><p><blockquote>总之，我们认为Rivian股票目前的价格被严重高估。然而，我们注意到电动汽车行业正在快速增长，许多投资者可以看到并感受到这带来的机会。也许“极其极端”的风险没有“故事”重要，也可能是对错过“下一个特斯拉”的恐惧。因此，我们预计Rivian股价可能会在一段时间内保持高估，因此不能排除短期内进一步上涨。评级和公允价值目标基于我们对该公司的盈利和盈利增长预测，请注意<i>为了形成这样的意见，我们不可避免地要进行大量的猜测</i>，我们可以接受高达620亿美元的估值。这将是我们的最高端<i>一切顺利</i>Rivian到2025年。</blockquote></p><p> We noted above however execution risk is high, and fair value is likely closer to US$40 billion. These valuations equate to a share price of between $50 to $76 per share. For this reason, we have no choice but to go with a Sell, High Risk rating on Rivian.Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice. ThinkMarkets will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.</p><p><blockquote>然而，我们在上面指出，执行风险很高，公允价值可能接近400亿美元。这些估值相当于每股50至76美元的股价。因此，我们别无选择，只能给予Rivian卖出、高风险评级。本网站包含的任何观点、新闻、研究、分析、价格或其他信息均作为一般市场评论提供，并不构成投资建议。ThinkMarkets对任何损失或损害不承担任何责任，包括但不限于因使用或依赖此类信息而直接或间接导致的任何利润损失。</blockquote></p><p> Rating &amp; Fair Value </p><p><blockquote>评级及公允价值</blockquote></p><p> TargetBased upon our earnings and earnings growth estimates for the company, and please note<i>a great deal of guesswork is inevitably required on our part to form such opinions</i>, we could entertain a valuation of as high as US$62 billion. This would be our top end based upon essentially<i>everything going right</i>for Rivian out to 2025.</p><p><blockquote>目标基于我们对公司的盈利和盈利增长预测，请注意<i>为了形成这样的意见，我们不可避免地要进行大量的猜测</i>，我们可以接受高达620亿美元的估值。这将是我们的最高端<i>一切顺利</i>Rivian到2025年。</blockquote></p><p> We noted above however execution risk is high, and fair value is likely closer to US$40 billion. These valuations equate to a share price of between $50 to $76 per share. For this reason, we have no choice but to go with a Sell, High Risk rating on Rivian.</p><p><blockquote>然而，我们在上面指出，执行风险很高，公允价值可能接近400亿美元。这些估值相当于每股50至76美元的股价。因此，我们别无选择，只能给予Rivian卖出、高风险评级。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thinkmarkets.com/au/market-news/november-2021/are-rivian-automotive-shares-cheap-or-expensive/\">The fiscal times</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":{"RIVN":"Rivian Automotive, Inc."},"source_url":"https://www.thinkmarkets.com/au/market-news/november-2021/are-rivian-automotive-shares-cheap-or-expensive/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1115192108","content_text":"We have now listed Rivian Automotive share CFDs on ThinkMarkets. To get started trading, all you need to do is create an account and select Rivian in your ThinkTrader watchlist.\nWhat’s best about Rivian share CFDs is that they let you take advantage of both rising and falling prices. That means with ThinkMarkets, if you think the price of Rivian Automotive is going to rise, you can go long its CFD, and if you think the price is going to fall, you can go short its CFD. Rivian Share CFDs are available on ThinkMarkets under the stock ticker RIVN.\nSo let’s take a closer look at Rivian Automotive and what’s behind all the hype?\nHighlights\n\nRivian History\nIPO\nOpportunity\nRisks\nConclusions\nRating & Fair Value Target\n\nHistoryStarted in 2012, Rivian is an American electric vehicle (EV) automaker and automotive technology company created by CEO Robert “RJ” Scaringe.  Former CEO of Amazon, Jeff Bezos, called Rivian’s founder, RJ Scaringe, “one of the greatest entrepreneurs”.\nRivian originally started life as an EV sports car manufacturer (prior to officially rebranding in 2012), but changed tack because management realised they could not add significant value to what was already on offer in that space (i.e., Tesla). Instead, they decided to focus on a glaring hole in the EV market, light trucks and sports utility vehicles (SUVs).\n\nThe Rivian R1S sports utility vehicle\nToday, Rivian has two flagship consumer focussed EVs for sale, the R1T (light truck) and the R1S (SUV). It also has developed what it calls the Electric Delivery Van (\"EDV\"), designed and engineered by Rivian in collaboration with Amazon who has ordered an initial volume of 100,000 vehicles globally.IPORivian's initial public offering (IPO) consisted of 153 million shares of Class A common stock at a public offering price of $78 per share, to raise US$11.9 billion. However there are a considerable number of shares already issued in the company, held by early and cornerstone investors. Two cornerstone investors are of particular note, Amazon which owns approximately 22%, and Ford Motor Co. which owns approximately 12% of Rivian shares.\n\nRivian Automotive (RIVN) price chart\nOpportunityRivian aims to address the large, fast-growing, and high-margin EV market. More specifically, it is targeting the niche light truck and SUVs segment which is currently significantly underserviced by existing EV manufacturers, particularly by major rival Tesla.\nIn addition to selling vehicles, strategy also includes value-added services such as digitally enabled financing, telematics-based insurance, proactive vehicle service (maintenance and repair), flexible membership and software services, comprehensive charging solutions, and a vehicle resale program. In addition to these services, the company will also offer consumers value adding accessories and applications aimed at improving the usage of Rivian's EVs.\nIn addition to consumer vehicles, also targeting commercial market via Rivian Commercial Vehicle (\"RCV\") platform. The first vehicle to be produced is the EDV, designed and engineered by Rivian in collaboration with Amazon who has ordered an initial volume of 100,000 vehicles globally. This is the largest order of EVs ever for any manufacturer.\nThe company believes that with the cost of EV ownership no longer a significant barrier to purchase, the EV revolution has begun. They note that approximately 90 million light vehicles are sold globally each year, and a significant proportion of these will inevitably transition to EVs. Further, trucks and SUVs comprise over 70% of new vehicle sales in the United States, are the fastest growing segment, and account for most of the profits generated by incumbent automobile manufacturers.\nGlobally, Rivian's total addressable market is around US$8.3 billion, with just under US$1 billion in the US. Of the US market, they believe the market for consumer EVs is approximately $650 million, and approximately $200 million for commercial EVs.FinancialsFor the years ended December 31, 2019 and 2020, we incurred net losses of $426 million and $1.0 billion, respectively. This is because the company has invested heavily in product development, and preparations for the initial launch of their vehicles which occurred in September 2021.\nA key positive of the financials for Rivian is that the company has minimal debt. Instead, it has funded the business by ways of a unsecured senior convertible promissory notes (a kind of a hybrid debt-equity instrument that starts as a loan but converts on maturity to stock at a predetermined stock price), and a number of historical preferred stock issues.\nFunding is the key for Rivian as it anticipates it will spend at least $8 billion through the end of 2023 to support their commercialisation and growth objectives. The company is currently burning around US$300 million in cash per quarter, with approximately US$3.5 billion cash in the bank (proceeds of the IPO included). This gives it a growth runway of approximately 3 years.\nThe company says that cash flows from the sales of its EVs are unlikely to cover its ongoing expenditure for the foreseeable future. As a result, the company expects to make losses for an extended period of time as it continues to invest in its growth. Given the growth runway, and expected expenditures, this implies that the company will likely have to raise capital again in the medium term.\nAs of September 30, 2021, the company had approximately 48,390 R1T and R1S pre-orders in the United States and Canada from customers who each paid a cancellable and fully refundable deposit of $1,000. Current production capacity at their existing plant is 150,000 vehicles p.a.\nSome analysts believe the company could make revenues of between US$20 billion and US$25 billion by 2025 if it achieves its aim of 350,000 vehicles produced annually. It its margins are similar to Tesla, this could mean approximately US$1.4 billion to US$1.7 billion in net profits. Again to compare, this is roughly what Tesla currently earns in profit per quarter, and Tesla's market capitalisation us just over US$1 trillion.RisksRivian has a limited operating history and has not generated material revenue from sales of its vehicles or other products and services to date. The company's medium term outlook depends largely on its ability to develop, manufacture, market and sell their EVs.\nInitial deliveries for the R1T and R1S were and are, respectively, delayed, and the ramp up in production of these vehicles is taking longer than originally expected. This is due largely to the ongoing impacts of the COVID-19 pandemic, particularly on labour availability and supply chain disruptions.\nAnother key issue facing Rivian is the difficulty the company has in accurately estimating the likely demand for their vehicles, and therefore in placing long term orders with suppliers, or to negotiate scaled discounts. This means that the company is likely to face significantly higher costs than an established manufacturer like Tesla.\nAlso, the company is starting with just two consumer models and one commercial model. This will likely only sustain respective markets' interests for so long. Eventually they will have to upgrade or redesign existing models, and or launch new ones in other segments. In those other segments, for example passenger and sports, they are going to face significantly tougher competition from more advanced offerings by established EV and conventional vehicle manufacturers.\nRivian, by their own public admission (in their prospectus no less!) has limited experience in designing, testing, manufacturing, marketing, and selling EVs. This means that there is a significant execution risk in terms of them delivering on their short term and longer term goals.ConclusionsAt $122.99 closing price on Thursday, Rivian is capitalised at approximately US$100 billion. This is greater than U.S. majors Ford and General Motors, European prestige brand BMW, and twice the size of Japanese manufacturers Honda and Nissan. It's 71% the size of the world's largest car manufacturer by revenue, Volkswagen.\nWhilst we let those comparisons settle in your mind, let us remind you that Rivian's only revenue so far is the $1,000 deposits it has taken on its presales, and has not yet delivered a single vehicle to customers.\nRivian is often compared to Tesla, both in terms of a template for what is possible in the disruptive EV space, but also as what is possible in terms of future profitability and potential market capitalisation. We would suggest that the fact both companies produce EVs is where the comparisons should end. Tesla was producing and selling vehicles prior to its IPO, and had very little competition when it started because it was a pioneer in the space. Rivian on the other hand, is entering a highly competitive EV landscape that now consists of all of the major, established producers.\n\nThe Rivian R1T light truck\nGranted, Rivian is targeting the niche of light trucks and SUVs, which is largely underserviced at the moment. However, this is unlikely to remain so for long as other manufacturers, particularly Tesla, increasingly enter this segment (Tesla is currently selling a 'soft SUV', the Model X, but has plans to release a more adventure-focussed SUV and the Cybertruck in 2023).\nThe company admits itself that it has \"limited experience, in designing, testing, manufacturing, marketing, and selling EVs\". It is an unproven entity that is trading at an extremely high valuation compared to its established peers. For this reason, we belive the execution risk is extremeat the current valuation(we couldn’t think of a word more extreme than 'extreme'…perhaps 'extremely extreme!?').\nWe define 'execution risk' as the possibility the company does not deliver on its production and sales targets, potential negative impacts from the developing competitive landscape, and favourable consumer adoption of its products.\nHowever, on the upside, in the short term, the company's valuation likely depends more on what investors are prepared to pay for its shares rather than on its future profitability. Granted, ordinarily we would expect that these two concepts eventually merge. But in the current market environment, there are a great deal of investors who are only too keen to throw their investment dollars at companies like Rivian that are consistent with their beliefs and tastes.\nIn conclusion, we believe that Rivian shares at their current price are grossly overvalued. However, we note that the EV industry is growing rapidly, and many investors can see and relate to the opportunity that this presents. Perhaps 'extremely extreme' risks are less important than the 'story', and possibly also the fear of missing out on 'the next Tesla'. For this reason, we expect Rivian shares will probably remain overvalued for some time, and therefore cannot rule out further gains in the short term.Rating & Fair Value TargetBased upon our earnings and earnings growth estimates for the company, and please notea great deal of guesswork is inevitably required on our part to form such opinions, we could entertain a valuation of as high as US$62 billion. This would be our top end based upon essentiallyeverything going rightfor Rivian out to 2025.\nWe noted above however execution risk is high, and fair value is likely closer to US$40 billion. These valuations equate to a share price of between $50 to $76 per share. For this reason, we have no choice but to go with a Sell, High Risk rating on Rivian.Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice. ThinkMarkets will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.\nRating & Fair Value \nTargetBased upon our earnings and earnings growth estimates for the company, and please notea great deal of guesswork is inevitably required on our part to form such opinions, we could entertain a valuation of as high as US$62 billion. This would be our top end based upon essentiallyeverything going rightfor Rivian out to 2025.\nWe noted above however execution risk is high, and fair value is likely closer to US$40 billion. These valuations equate to a share price of between $50 to $76 per share. For this reason, we have no choice but to go with a Sell, High Risk rating on Rivian.","news_type":1,"symbols_score_info":{"RIVN":0.9}},"isVote":1,"tweetType":1,"viewCount":1937,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":856120783,"gmtCreate":1635162269051,"gmtModify":1635162269677,"author":{"id":"3577997605150210","authorId":"3577997605150210","name":"Suba","avatar":"https://static.tigerbbs.com/053ae4273b989a37e570ad5f7b35a6d6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577997605150210","authorIdStr":"3577997605150210"},"themes":[],"htmlText":"Cool","listText":"Cool","text":"Cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/856120783","repostId":"2178808449","repostType":4,"isVote":1,"tweetType":1,"viewCount":2536,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":856167880,"gmtCreate":1635162167408,"gmtModify":1635162167921,"author":{"id":"3577997605150210","authorId":"3577997605150210","name":"Suba","avatar":"https://static.tigerbbs.com/053ae4273b989a37e570ad5f7b35a6d6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577997605150210","authorIdStr":"3577997605150210"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/FB\">$Facebook(FB)$</a>Looking forward","listText":"<a href=\"https://laohu8.com/S/FB\">$Facebook(FB)$</a>Looking forward","text":"$Facebook(FB)$Looking forward","images":[{"img":"https://static.tigerbbs.com/3e4cfd1d328e7cc7f30e497166921dea","width":"1170","height":"2292"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/856167880","isVote":1,"tweetType":1,"viewCount":2364,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":856167962,"gmtCreate":1635162136845,"gmtModify":1635162137394,"author":{"id":"3577997605150210","authorId":"3577997605150210","name":"Suba","avatar":"https://static.tigerbbs.com/053ae4273b989a37e570ad5f7b35a6d6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577997605150210","authorIdStr":"3577997605150210"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/FB\">$Facebook(FB)$</a>Time to buy","listText":"<a href=\"https://laohu8.com/S/FB\">$Facebook(FB)$</a>Time to buy","text":"$Facebook(FB)$Time to buy","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/856167962","isVote":1,"tweetType":1,"viewCount":2326,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":858828794,"gmtCreate":1635037767545,"gmtModify":1635037768095,"author":{"id":"3577997605150210","authorId":"3577997605150210","name":"Suba","avatar":"https://static.tigerbbs.com/053ae4273b989a37e570ad5f7b35a6d6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577997605150210","authorIdStr":"3577997605150210"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/FB\">$Facebook(FB)$</a>Waiting&nbsp;","listText":"<a href=\"https://laohu8.com/S/FB\">$Facebook(FB)$</a>Waiting&nbsp;","text":"$Facebook(FB)$Waiting","images":[{"img":"https://static.tigerbbs.com/8d90304465ea7e480d47029e634d5cc8","width":"1170","height":"2292"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/858828794","isVote":1,"tweetType":1,"viewCount":2174,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":858821090,"gmtCreate":1635037566383,"gmtModify":1635037566979,"author":{"id":"3577997605150210","authorId":"3577997605150210","name":"Suba","avatar":"https://static.tigerbbs.com/053ae4273b989a37e570ad5f7b35a6d6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577997605150210","authorIdStr":"3577997605150210"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/858821090","repostId":"1197815871","repostType":4,"repost":{"id":"1197815871","kind":"news","pubTimestamp":1635036807,"share":"https://www.laohu8.com/m/news/1197815871?lang=zh_CN&edition=full","pubTime":"2021-10-24 08:53","market":"us","language":"en","title":"Consumer Confidence Is Falling. Why That’s Ominous for Stocks.<blockquote>消费者信心正在下降。为什么这对股票来说是不祥之兆。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1197815871","media":"Barrons","summary":"Consumers are sending worrisome signals that investors aren’t heeding. It’s time to pay attention.\nT","content":"<p>Consumers are sending worrisome signals that investors aren’t heeding. It’s time to pay attention.</p><p><blockquote>消费者发出了令人担忧的信号，但投资者没有注意到。是时候注意了。</blockquote></p><p> The stock market and consumer sentiment usually rise and fall in tandem. Take the past 18 months. Ultraloose global monetary policy, record levels of fiscal stimulus, and rising earnings forecasts have sent stocks to successive highs. The same stimulative forces, plus a pandemic that curtailed social activity, helped U.S. consumers amass more than $2 trillion in savings, even as the labor market tightened and wages climbed. Those stock market gains made consumers feel even more flush, and flush consumers made investors more bullish.</p><p><blockquote>股市和消费者情绪通常同步上涨和下跌。以过去18个月为例。超宽松的全球货币政策、创纪录水平的财政刺激以及不断上升的盈利预期推动股市连创新高。同样的刺激力量，加上限制社会活动的疫情，帮助美国消费者积累了超过2万亿美元的储蓄，尽管劳动力市场收紧、工资攀升。那些股市上涨让消费者感到更加富裕，而富裕的消费者让投资者更加看涨。</blockquote></p><p> Recently, though, the correlation has broken down. Consumers have become far less cheery while the stock market has marched higher, with the S&amp;P 500 index hitting an all-time high on Thursday. As Lisa Shalett, chief investment officer at Morgan Stanley Wealth Management, notes, the University of Michigan Consumer Sentiment index bounced up only slightly in September—to its March 2020 pandemic low—after dropping in August to the worst level since 2012. The Conference Board’s Consumer Confidence Index similarly tumbled.</p><p><blockquote>然而，最近这种相关性已经被打破。尽管股市走高，但消费者却变得不那么乐观，标普500指数周四创下历史新高。正如摩根士丹利财富管理公司首席投资官丽莎·沙莱特(Lisa Shalett)指出的那样，密歇根大学消费者信心指数在8月份跌至2012年以来的最差水平后，9月份仅小幅反弹，跌至2020年3月大流行期间的低点。世界大型企业联合会的消费者信心指数同样暴跌。</blockquote></p><p> The gap between those readings and the change in the stock market remains uncharacteristically wide, Shalett says. The difference between current readings and future expectations is also widening, suggesting that consumers don’t see their concerns as temporary. The confidence gap has persisted even as the latest wave of Covid-19 infections appears to have peaked, meaning there’s more to the story than the virus.</p><p><blockquote>沙莱特表示，这些读数与股市变化之间的差距仍然异常大。当前读数与未来预期之间的差异也在扩大，这表明消费者并不认为他们的担忧是暂时的。尽管最新一波新冠肺炎感染似乎已经达到顶峰，但信心差距仍然存在，这意味着故事不仅仅是病毒。</blockquote></p><p> So, who is right? Shalett leans toward the consumer’s view, and she’s not alone.</p><p><blockquote>那么，谁是对的呢？Shalett倾向于消费者的观点，而且她并不孤单。</blockquote></p><p> In a paper earlier this month, David Blanchflower, an economics professor at Dartmouth College and a former external member of the Bank of England’s monetary-policy committee, and Alex Bryson, a professor of quantitative social science at University College London, wrote about what they call “the economics of walking about.” The idea: that people on the ground possess information about economic trends based on their own experiences and the experiences of those they know, which allows them to assess future economic trends.</p><p><blockquote>在本月早些时候的一篇论文中，Dartmouth College经济学教授、英国央行货币政策委员会前外部成员David Blanchflower和University College London定量社会科学教授Alex Bryson写了他们看涨期权的“四处走动的经济学”。这个想法是：当地的人们根据他们自己的经验和他们认识的人的经验拥有关于经济趋势的信息，这使他们能够评估未来的经济趋势。</blockquote></p><p> Their conclusion: Economic shocks are hard to predict, but qualitative metrics about consumer expectations are predictive of downturns. They show that consumer-expectations indexes from both the University of Michigan and the Conference Board predict downturns up to 18 months in advance in the U.S. They find that all recessions since the 1980s have been predicted by at least 10-point drops in those indexes.</p><p><blockquote>他们的结论是：经济冲击很难预测，但消费者预期的定性指标可以预测经济衰退。他们显示，密歇根大学和世界大型企业联合会的消费者预期指数提前18个月预测美国经济将出现衰退。他们发现，自20世纪80年代以来的所有衰退都是由这些指数至少下降10个百分点来预测的。</blockquote></p><p> The Michigan gauge peaked in June 2021 and fell by 18 points by August, while the Conference Board measure peaked in March 2021 and then fell by 26 points through September 2021, say Blanchflower and Bryson. While they call the economic situation in 2021 “exceptional,” downshifts in consumer expectations in the past six months suggest that the U.S. economy is entering recession now, they say.</p><p><blockquote>Blanchflower和Bryson表示，密歇根州的指标在2021年6月达到峰值，到8月下降了18个百分点，而世界大型企业联合会的指标在2021年3月达到峰值，然后到2021年9月下降了26个百分点。他们表示，虽然他们看涨期权2021年的经济形势“异常”，但过去六个月消费者预期的下调表明美国经济现在正在进入衰退。</blockquote></p><p> “This is a bold call, and not consistent with consensus,” say Blanchflower and Bryson. “However, missing the declines in these variables in 2007, as most policy makers and economists did, proved fatal.”</p><p><blockquote>“这是一个大胆的看涨期权，与共识不一致，”布兰奇弗劳尔和布赖森说。“然而，正如大多数政策制定者和经济学家所做的那样，错过了2007年这些变量的下降，事实证明是致命的。”</blockquote></p><p> The reasons behind souring sentiment are at least as important as the decline itself. Surveys show that inflation is consumers’ top concern, even if the Federal Reserve continues to dismiss building pricing pressures.</p><p><blockquote>情绪恶化背后的原因至少与下跌本身一样重要。调查显示，通胀是消费者最关心的问题，即使美联储继续否认不断增加的定价压力。</blockquote></p><p> Consider retail sales, one series that Wall Street points to as evidence of buoyant consumers. Since March, when the last round of stimulus checks was sent, retail sales are up just 0.4%, while the consumer price index has risen 3.6%, notes Peter Boockvar, chief investment officer at Bleakley Advisory Group. “One can argue that all of the retail sales since March, and then some, is inflation and not volumes,” Boockvar says.</p><p><blockquote>以零售销售为例，华尔街认为这是消费者活跃的证据。Bleakley Advisory Group首席投资官Peter Boockvar指出，自3月份上一轮刺激支票发出以来，零售额仅增长了0.4%，而消费者价格指数则上涨了3.6%。“有人可能会说，自三月份以来的所有零售额以及部分零售额都是通货膨胀，而不是销量，”布克瓦尔说。</blockquote></p><p> Widespread shortages mean there is less to buy, but risk lies in assuming that demand is simply delayed. If consumers grow increasingly wary as they wait for cars, houses, and other items to become available—or affordable—potential consumption may be lost.</p><p><blockquote>普遍的短缺意味着可购买的商品减少，但风险在于假设需求只是被推迟。如果消费者在等待汽车、房子和其他物品变得可用或负担得起时变得越来越谨慎，潜在的消费可能会丧失。</blockquote></p><p> People are also worried about the job market, says University of Michigan economist Richard Curtin, despite ubiquitous help-wanted signs and fast wage growth. Workers may have written off more permanently jobs that became riskier during the pandemic and don’t pay enough to cover costs, as wage gains still haven’t kept pace with consumer price inflation. Many are forging new paths—new-business formation continues to explode—reinforcing the idea that the labor shortage isn’t so temporary.</p><p><blockquote>密歇根大学经济学家理查德·科廷表示，尽管到处都有寻求帮助的迹象，工资也在快速增长，但人们也对就业市场感到担忧。工人们可能已经更永久地取消了在大流行期间风险更大的工作，并且没有支付足够的工资来支付成本，因为工资增长仍然跟不上消费者价格上涨的步伐。许多人正在开辟新的道路——新企业的形成继续爆炸式增长——强化了劳动力短缺不是暂时的观点。</blockquote></p><p> What is the upshot for investors? “If consumer sentiment doesn’t quickly improve, it could be a signal of market weakness that would be sparked by disappointing earnings, weaker spending, and higher savings rates,” says Shalett.</p><p><blockquote>投资者的结局是什么？沙莱特表示：“如果消费者信心没有迅速改善，这可能是市场疲软的信号，而市场疲软将由令人失望的盈利、支出疲软和储蓄率上升引发。”</blockquote></p><p></p><p> There are places where a lasting labor shortage and waning consumer confidence intersect, she says, recommending that investors look for companies that have tapped into more resilient demand and are less dependent on labor. She prefers business-to-business companies over those that sell directly to consumers, and says the best places to stock-pick are in banking, energy, and industrials.</p><p><blockquote>她表示，在一些地方，持久的劳动力短缺和消费者信心减弱交织在一起，建议投资者寻找那些利用了更有弹性的需求且对劳动力依赖较少的公司。她更喜欢企业对企业的公司，而不是那些直接向消费者销售的公司，并表示选股的最佳地点是银行、能源和工业。</blockquote></p><p> Consumers’ current funk could be transitory. But the funk itself, and the reasons for it, send an ominous message that investors shouldn’t ignore.</p><p><blockquote>消费者目前的恐惧可能是暂时的。但这种恐惧本身及其原因发出了投资者不应忽视的不祥信息。</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>Consumer Confidence Is Falling. Why That’s Ominous for Stocks.<blockquote>消费者信心正在下降。为什么这对股票来说是不祥之兆。</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\">\nConsumer Confidence Is Falling. Why That’s Ominous for Stocks.<blockquote>消费者信心正在下降。为什么这对股票来说是不祥之兆。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-10-24 08:53</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Consumers are sending worrisome signals that investors aren’t heeding. It’s time to pay attention.</p><p><blockquote>消费者发出了令人担忧的信号，但投资者没有注意到。是时候注意了。</blockquote></p><p> The stock market and consumer sentiment usually rise and fall in tandem. Take the past 18 months. Ultraloose global monetary policy, record levels of fiscal stimulus, and rising earnings forecasts have sent stocks to successive highs. The same stimulative forces, plus a pandemic that curtailed social activity, helped U.S. consumers amass more than $2 trillion in savings, even as the labor market tightened and wages climbed. Those stock market gains made consumers feel even more flush, and flush consumers made investors more bullish.</p><p><blockquote>股市和消费者情绪通常同步上涨和下跌。以过去18个月为例。超宽松的全球货币政策、创纪录水平的财政刺激以及不断上升的盈利预期推动股市连创新高。同样的刺激力量，加上限制社会活动的疫情，帮助美国消费者积累了超过2万亿美元的储蓄，尽管劳动力市场收紧、工资攀升。那些股市上涨让消费者感到更加富裕，而富裕的消费者让投资者更加看涨。</blockquote></p><p> Recently, though, the correlation has broken down. Consumers have become far less cheery while the stock market has marched higher, with the S&amp;P 500 index hitting an all-time high on Thursday. As Lisa Shalett, chief investment officer at Morgan Stanley Wealth Management, notes, the University of Michigan Consumer Sentiment index bounced up only slightly in September—to its March 2020 pandemic low—after dropping in August to the worst level since 2012. The Conference Board’s Consumer Confidence Index similarly tumbled.</p><p><blockquote>然而，最近这种相关性已经被打破。尽管股市走高，但消费者却变得不那么乐观，标普500指数周四创下历史新高。正如摩根士丹利财富管理公司首席投资官丽莎·沙莱特(Lisa Shalett)指出的那样，密歇根大学消费者信心指数在8月份跌至2012年以来的最差水平后，9月份仅小幅反弹，跌至2020年3月大流行期间的低点。世界大型企业联合会的消费者信心指数同样暴跌。</blockquote></p><p> The gap between those readings and the change in the stock market remains uncharacteristically wide, Shalett says. The difference between current readings and future expectations is also widening, suggesting that consumers don’t see their concerns as temporary. The confidence gap has persisted even as the latest wave of Covid-19 infections appears to have peaked, meaning there’s more to the story than the virus.</p><p><blockquote>沙莱特表示，这些读数与股市变化之间的差距仍然异常大。当前读数与未来预期之间的差异也在扩大，这表明消费者并不认为他们的担忧是暂时的。尽管最新一波新冠肺炎感染似乎已经达到顶峰，但信心差距仍然存在，这意味着故事不仅仅是病毒。</blockquote></p><p> So, who is right? Shalett leans toward the consumer’s view, and she’s not alone.</p><p><blockquote>那么，谁是对的呢？Shalett倾向于消费者的观点，而且她并不孤单。</blockquote></p><p> In a paper earlier this month, David Blanchflower, an economics professor at Dartmouth College and a former external member of the Bank of England’s monetary-policy committee, and Alex Bryson, a professor of quantitative social science at University College London, wrote about what they call “the economics of walking about.” The idea: that people on the ground possess information about economic trends based on their own experiences and the experiences of those they know, which allows them to assess future economic trends.</p><p><blockquote>在本月早些时候的一篇论文中，Dartmouth College经济学教授、英国央行货币政策委员会前外部成员David Blanchflower和University College London定量社会科学教授Alex Bryson写了他们看涨期权的“四处走动的经济学”。这个想法是：当地的人们根据他们自己的经验和他们认识的人的经验拥有关于经济趋势的信息，这使他们能够评估未来的经济趋势。</blockquote></p><p> Their conclusion: Economic shocks are hard to predict, but qualitative metrics about consumer expectations are predictive of downturns. They show that consumer-expectations indexes from both the University of Michigan and the Conference Board predict downturns up to 18 months in advance in the U.S. They find that all recessions since the 1980s have been predicted by at least 10-point drops in those indexes.</p><p><blockquote>他们的结论是：经济冲击很难预测，但消费者预期的定性指标可以预测经济衰退。他们显示，密歇根大学和世界大型企业联合会的消费者预期指数提前18个月预测美国经济将出现衰退。他们发现，自20世纪80年代以来的所有衰退都是由这些指数至少下降10个百分点来预测的。</blockquote></p><p> The Michigan gauge peaked in June 2021 and fell by 18 points by August, while the Conference Board measure peaked in March 2021 and then fell by 26 points through September 2021, say Blanchflower and Bryson. While they call the economic situation in 2021 “exceptional,” downshifts in consumer expectations in the past six months suggest that the U.S. economy is entering recession now, they say.</p><p><blockquote>Blanchflower和Bryson表示，密歇根州的指标在2021年6月达到峰值，到8月下降了18个百分点，而世界大型企业联合会的指标在2021年3月达到峰值，然后到2021年9月下降了26个百分点。他们表示，虽然他们看涨期权2021年的经济形势“异常”，但过去六个月消费者预期的下调表明美国经济现在正在进入衰退。</blockquote></p><p> “This is a bold call, and not consistent with consensus,” say Blanchflower and Bryson. “However, missing the declines in these variables in 2007, as most policy makers and economists did, proved fatal.”</p><p><blockquote>“这是一个大胆的看涨期权，与共识不一致，”布兰奇弗劳尔和布赖森说。“然而，正如大多数政策制定者和经济学家所做的那样，错过了2007年这些变量的下降，事实证明是致命的。”</blockquote></p><p> The reasons behind souring sentiment are at least as important as the decline itself. Surveys show that inflation is consumers’ top concern, even if the Federal Reserve continues to dismiss building pricing pressures.</p><p><blockquote>情绪恶化背后的原因至少与下跌本身一样重要。调查显示，通胀是消费者最关心的问题，即使美联储继续否认不断增加的定价压力。</blockquote></p><p> Consider retail sales, one series that Wall Street points to as evidence of buoyant consumers. Since March, when the last round of stimulus checks was sent, retail sales are up just 0.4%, while the consumer price index has risen 3.6%, notes Peter Boockvar, chief investment officer at Bleakley Advisory Group. “One can argue that all of the retail sales since March, and then some, is inflation and not volumes,” Boockvar says.</p><p><blockquote>以零售销售为例，华尔街认为这是消费者活跃的证据。Bleakley Advisory Group首席投资官Peter Boockvar指出，自3月份上一轮刺激支票发出以来，零售额仅增长了0.4%，而消费者价格指数则上涨了3.6%。“有人可能会说，自三月份以来的所有零售额以及部分零售额都是通货膨胀，而不是销量，”布克瓦尔说。</blockquote></p><p> Widespread shortages mean there is less to buy, but risk lies in assuming that demand is simply delayed. If consumers grow increasingly wary as they wait for cars, houses, and other items to become available—or affordable—potential consumption may be lost.</p><p><blockquote>普遍的短缺意味着可购买的商品减少，但风险在于假设需求只是被推迟。如果消费者在等待汽车、房子和其他物品变得可用或负担得起时变得越来越谨慎，潜在的消费可能会丧失。</blockquote></p><p> People are also worried about the job market, says University of Michigan economist Richard Curtin, despite ubiquitous help-wanted signs and fast wage growth. Workers may have written off more permanently jobs that became riskier during the pandemic and don’t pay enough to cover costs, as wage gains still haven’t kept pace with consumer price inflation. Many are forging new paths—new-business formation continues to explode—reinforcing the idea that the labor shortage isn’t so temporary.</p><p><blockquote>密歇根大学经济学家理查德·科廷表示，尽管到处都有寻求帮助的迹象，工资也在快速增长，但人们也对就业市场感到担忧。工人们可能已经更永久地取消了在大流行期间风险更大的工作，并且没有支付足够的工资来支付成本，因为工资增长仍然跟不上消费者价格上涨的步伐。许多人正在开辟新的道路——新企业的形成继续爆炸式增长——强化了劳动力短缺不是暂时的观点。</blockquote></p><p> What is the upshot for investors? “If consumer sentiment doesn’t quickly improve, it could be a signal of market weakness that would be sparked by disappointing earnings, weaker spending, and higher savings rates,” says Shalett.</p><p><blockquote>投资者的结局是什么？沙莱特表示：“如果消费者信心没有迅速改善，这可能是市场疲软的信号，而市场疲软将由令人失望的盈利、支出疲软和储蓄率上升引发。”</blockquote></p><p></p><p> There are places where a lasting labor shortage and waning consumer confidence intersect, she says, recommending that investors look for companies that have tapped into more resilient demand and are less dependent on labor. She prefers business-to-business companies over those that sell directly to consumers, and says the best places to stock-pick are in banking, energy, and industrials.</p><p><blockquote>她表示，在一些地方，持久的劳动力短缺和消费者信心减弱交织在一起，建议投资者寻找那些利用了更有弹性的需求且对劳动力依赖较少的公司。她更喜欢企业对企业的公司，而不是那些直接向消费者销售的公司，并表示选股的最佳地点是银行、能源和工业。</blockquote></p><p> Consumers’ current funk could be transitory. But the funk itself, and the reasons for it, send an ominous message that investors shouldn’t ignore.</p><p><blockquote>消费者目前的恐惧可能是暂时的。但这种恐惧本身及其原因发出了投资者不应忽视的不祥信息。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/us-economy-stock-market-consumer-confidence-51634943248?mod=hp_LEAD_1\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://www.barrons.com/articles/us-economy-stock-market-consumer-confidence-51634943248?mod=hp_LEAD_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1197815871","content_text":"Consumers are sending worrisome signals that investors aren’t heeding. It’s time to pay attention.\nThe stock market and consumer sentiment usually rise and fall in tandem. Take the past 18 months. Ultraloose global monetary policy, record levels of fiscal stimulus, and rising earnings forecasts have sent stocks to successive highs. The same stimulative forces, plus a pandemic that curtailed social activity, helped U.S. consumers amass more than $2 trillion in savings, even as the labor market tightened and wages climbed. Those stock market gains made consumers feel even more flush, and flush consumers made investors more bullish.\nRecently, though, the correlation has broken down. Consumers have become far less cheery while the stock market has marched higher, with the S&P 500 index hitting an all-time high on Thursday. As Lisa Shalett, chief investment officer at Morgan Stanley Wealth Management, notes, the University of Michigan Consumer Sentiment index bounced up only slightly in September—to its March 2020 pandemic low—after dropping in August to the worst level since 2012. The Conference Board’s Consumer Confidence Index similarly tumbled.\nThe gap between those readings and the change in the stock market remains uncharacteristically wide, Shalett says. The difference between current readings and future expectations is also widening, suggesting that consumers don’t see their concerns as temporary. The confidence gap has persisted even as the latest wave of Covid-19 infections appears to have peaked, meaning there’s more to the story than the virus.\nSo, who is right? Shalett leans toward the consumer’s view, and she’s not alone.\nIn a paper earlier this month, David Blanchflower, an economics professor at Dartmouth College and a former external member of the Bank of England’s monetary-policy committee, and Alex Bryson, a professor of quantitative social science at University College London, wrote about what they call “the economics of walking about.” The idea: that people on the ground possess information about economic trends based on their own experiences and the experiences of those they know, which allows them to assess future economic trends.\nTheir conclusion: Economic shocks are hard to predict, but qualitative metrics about consumer expectations are predictive of downturns. They show that consumer-expectations indexes from both the University of Michigan and the Conference Board predict downturns up to 18 months in advance in the U.S. They find that all recessions since the 1980s have been predicted by at least 10-point drops in those indexes.\nThe Michigan gauge peaked in June 2021 and fell by 18 points by August, while the Conference Board measure peaked in March 2021 and then fell by 26 points through September 2021, say Blanchflower and Bryson. While they call the economic situation in 2021 “exceptional,” downshifts in consumer expectations in the past six months suggest that the U.S. economy is entering recession now, they say.\n“This is a bold call, and not consistent with consensus,” say Blanchflower and Bryson. “However, missing the declines in these variables in 2007, as most policy makers and economists did, proved fatal.”\nThe reasons behind souring sentiment are at least as important as the decline itself. Surveys show that inflation is consumers’ top concern, even if the Federal Reserve continues to dismiss building pricing pressures.\nConsider retail sales, one series that Wall Street points to as evidence of buoyant consumers. Since March, when the last round of stimulus checks was sent, retail sales are up just 0.4%, while the consumer price index has risen 3.6%, notes Peter Boockvar, chief investment officer at Bleakley Advisory Group. “One can argue that all of the retail sales since March, and then some, is inflation and not volumes,” Boockvar says.\nWidespread shortages mean there is less to buy, but risk lies in assuming that demand is simply delayed. If consumers grow increasingly wary as they wait for cars, houses, and other items to become available—or affordable—potential consumption may be lost.\nPeople are also worried about the job market, says University of Michigan economist Richard Curtin, despite ubiquitous help-wanted signs and fast wage growth. Workers may have written off more permanently jobs that became riskier during the pandemic and don’t pay enough to cover costs, as wage gains still haven’t kept pace with consumer price inflation. Many are forging new paths—new-business formation continues to explode—reinforcing the idea that the labor shortage isn’t so temporary.\nWhat is the upshot for investors? “If consumer sentiment doesn’t quickly improve, it could be a signal of market weakness that would be sparked by disappointing earnings, weaker spending, and higher savings rates,” says Shalett.\nThere are places where a lasting labor shortage and waning consumer confidence intersect, she says, recommending that investors look for companies that have tapped into more resilient demand and are less dependent on labor. She prefers business-to-business companies over those that sell directly to consumers, and says the best places to stock-pick are in banking, energy, and industrials.\nConsumers’ current funk could be transitory. But the funk itself, and the reasons for it, send an ominous message that investors shouldn’t ignore.","news_type":1,"symbols_score_info":{".IXIC":0.9,".DJI":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":3205,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":851221127,"gmtCreate":1634911237792,"gmtModify":1634911416134,"author":{"id":"3577997605150210","authorId":"3577997605150210","name":"Suba","avatar":"https://static.tigerbbs.com/053ae4273b989a37e570ad5f7b35a6d6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577997605150210","authorIdStr":"3577997605150210"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TSLA\">$Tesla Motors(TSLA)$</a>Still can buy?","listText":"<a href=\"https://laohu8.com/S/TSLA\">$Tesla Motors(TSLA)$</a>Still can buy?","text":"$Tesla Motors(TSLA)$Still can buy?","images":[{"img":"https://static.tigerbbs.com/e998fa8f124315932b0343a3da3eaf15","width":"1170","height":"2292"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/851221127","isVote":1,"tweetType":1,"viewCount":2854,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":851229852,"gmtCreate":1634911175502,"gmtModify":1634911409396,"author":{"id":"3577997605150210","authorId":"3577997605150210","name":"Suba","avatar":"https://static.tigerbbs.com/053ae4273b989a37e570ad5f7b35a6d6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577997605150210","authorIdStr":"3577997605150210"},"themes":[],"htmlText":"Still can buy?","listText":"Still can buy?","text":"Still can buy?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/851229852","repostId":"1154277407","repostType":4,"repost":{"id":"1154277407","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":1634910256,"share":"https://www.laohu8.com/m/news/1154277407?lang=zh_CN&edition=full","pubTime":"2021-10-22 21:44","market":"us","language":"en","title":"Tesla soared nearly 1% and reached an all-time high at 903.32<blockquote>特斯拉大涨近1%创903.32历史新高</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1154277407","media":"Tiger Newspress","summary":"Tesla soared nearly 1% and reached an all-time high at 903.32.On the morning of October 21st, Tesla","content":"<p>Tesla&nbsp;soared nearly&nbsp;1% and reached an all-time high at&nbsp;903.32.<img src=\"https://static.tigerbbs.com/9efe14c5fd20d7c4f39cc2a21c93b034\" tg-width=\"1039\" tg-height=\"554\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\">On the morning of October 21st, Tesla Motors announced its financial results for the third quarter of 2021.</p><p><blockquote>特斯拉飙升近1%，达到903.32的历史新高。10月21日早间，特斯拉公布2021年第三季度财务业绩。</blockquote></p><p> The financial report shows that Tesla Motors's third-quarter revenue was 13.757 billion US dollars, a year-on-year increase of 57%; The net profit attributable to ordinary shareholders was US $1.618 billion, a year-on-year increase of 389%; Diluted earnings per share was $1.44, compared with $0.27 in the same period last year.</p><p><blockquote>财报显示，特斯拉第三季度营收137.57亿美元，同比增长57%；归属于普通股股东的净利润16.18亿美元，同比增长389%；摊薄后每股收益为1.44美元，上年同期为0.27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>Tesla soared nearly 1% and reached an all-time high at 903.32<blockquote>特斯拉大涨近1%创903.32历史新高</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{ 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{color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla soared nearly 1% and reached an all-time high at 903.32<blockquote>特斯拉大涨近1%创903.32历史新高</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\">2021-10-22 21:44</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Tesla&nbsp;soared nearly&nbsp;1% and reached an all-time high at&nbsp;903.32.<img src=\"https://static.tigerbbs.com/9efe14c5fd20d7c4f39cc2a21c93b034\" tg-width=\"1039\" tg-height=\"554\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\">On the morning of October 21st, Tesla Motors announced its financial results for the third quarter of 2021.</p><p><blockquote>特斯拉飙升近1%，达到903.32的历史新高。10月21日早间，特斯拉公布2021年第三季度财务业绩。</blockquote></p><p> The financial report shows that Tesla Motors's third-quarter revenue was 13.757 billion US dollars, a year-on-year increase of 57%; The net profit attributable to ordinary shareholders was US $1.618 billion, a year-on-year increase of 389%; Diluted earnings per share was $1.44, compared with $0.27 in the same period last year.</p><p><blockquote>财报显示，特斯拉第三季度营收137.57亿美元，同比增长57%；归属于普通股股东的净利润16.18亿美元，同比增长389%；摊薄后每股收益为1.44美元，上年同期为0.27美元。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154277407","content_text":"Tesla soared nearly 1% and reached an all-time high at 903.32.On the morning of October 21st, Tesla Motors announced its financial results for the third quarter of 2021.\nThe financial report shows that Tesla Motors's third-quarter revenue was 13.757 billion US dollars, a year-on-year increase of 57%; The net profit attributable to ordinary shareholders was US $1.618 billion, a year-on-year increase of 389%; Diluted earnings per share was $1.44, compared with $0.27 in the same period last year.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":2339,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":851267644,"gmtCreate":1634911123397,"gmtModify":1634911361149,"author":{"id":"3577997605150210","authorId":"3577997605150210","name":"Suba","avatar":"https://static.tigerbbs.com/053ae4273b989a37e570ad5f7b35a6d6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577997605150210","authorIdStr":"3577997605150210"},"themes":[],"htmlText":"Can buy now?","listText":"Can buy now?","text":"Can buy now?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/851267644","repostId":"1178865851","repostType":4,"isVote":1,"tweetType":1,"viewCount":1962,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":853509362,"gmtCreate":1634821336472,"gmtModify":1634821336910,"author":{"id":"3577997605150210","authorId":"3577997605150210","name":"Suba","avatar":"https://static.tigerbbs.com/053ae4273b989a37e570ad5f7b35a6d6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577997605150210","authorIdStr":"3577997605150210"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/T39.SI\">$SINGAPORE PRESS HLDGS LTD(T39.SI)$</a> Just want to give a try","listText":"<a href=\"https://laohu8.com/S/T39.SI\">$SINGAPORE PRESS HLDGS LTD(T39.SI)$</a> Just want to give a try","text":"$SINGAPORE PRESS HLDGS LTD(T39.SI)$ Just want to give a try","images":[{"img":"https://static.tigerbbs.com/b6de59c660dacd407113a9db9c4dff69","width":"1125","height":"2321"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/853509362","isVote":1,"tweetType":1,"viewCount":482,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":853277355,"gmtCreate":1634821145510,"gmtModify":1634821145987,"author":{"id":"3577997605150210","authorId":"3577997605150210","name":"Suba","avatar":"https://static.tigerbbs.com/053ae4273b989a37e570ad5f7b35a6d6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577997605150210","authorIdStr":"3577997605150210"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/853277355","repostId":"1192205953","repostType":4,"repost":{"id":"1192205953","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":1634818772,"share":"https://www.laohu8.com/m/news/1192205953?lang=zh_CN&edition=full","pubTime":"2021-10-21 20:19","market":"us","language":"en","title":"Toplines Before US Market Open on Thursday<blockquote>周四美国市场开盘前的营收</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1192205953","media":"Tiger Newspress","summary":"Stock futures edged lower Thursday morning, with the major indexes hovering slightly below all-time ","content":"<p>Stock futures edged lower Thursday morning, with the major indexes hovering slightly below all-time highs as a parade of strong earnings results helped buoy equity prices earlier this week.</p><p><blockquote>周四上午，股指期货小幅走低，主要股指略低于历史高点，本周早些时候一系列强劲的盈利结果帮助提振了股价。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/4be1cf44a88f742bce145b6a6868682f\" tg-width=\"286\" tg-height=\"117\" width=\"100%\" height=\"auto\">At 8:00 a.m. ET, Dow e-minis were&nbsp;down&nbsp;108&nbsp;points, or 0.3%, S&amp;P 500 e-minis were&nbsp;down&nbsp;13.75 points, or 0.3%, and Nasdaq 100 e-minis were down&nbsp;61&nbsp;points, or 0.4%.</p><p><blockquote>截至美国东部时间上午8点，道琼斯指数下跌108点，跌幅0.3%，标普500指数下跌13.75点，跌幅0.3%，纳斯达克100指数下跌61点，跌幅0.4%。</blockquote></p><p> IBM&nbsp;slipped 4.7% after it missed market estimates for quarterly revenue as its managed infrastructure business suffered from a decline in orders.</p><p><blockquote>IBM股价下跌4.7%，因其托管基础设施业务订单下降，季度收入低于市场预期。</blockquote></p><p> Tesla fell 1% in premarket trading as it said on Wednesday its upcoming factories and supply-chain headwinds would put pressure on its margins after it beat Wall Street expectations for third-quarter revenue.</p><p><blockquote>特斯拉在盘前交易中下跌1%，该公司周三表示，在第三季度营收超出华尔街预期后，即将到来的工厂和供应链阻力将给其利润率带来压力。</blockquote></p><p> AT&amp;T rose 1% after the telecom operator's quarterly revenue and monthly phone bill paying subscriber additions beat market expectations.</p><p><blockquote>AT&amp;T上涨1%，此前该电信运营商的季度收入和每月电话费支付用户增加超出市场预期。</blockquote></p><p> Dow gained 1.1% after it posted a more than a five-fold jump in third-quarter profit as economic recovery boosted prices for chemicals.</p><p><blockquote>由于经济复苏推高了化学品价格，道琼斯指数第三季度利润增长了五倍多，上涨1.1%。</blockquote></p><p> In currencies,the euro was little changed at $1.1640,the British pound fell 0.1% to $1.3810,the Japanese yen rose 0.3% to 114.02 per dollar.</p><p><blockquote>货币方面，欧元变化不大，报1.1640美元，英镑下跌0.1%，至1.3810美元，日元上涨0.3%，至114.02美元。</blockquote></p><p> In bonds,the yield on 10-year Treasuries was little changed at 1.66%,Germany’s 10-year yield advanced two basis points to -0.11%,Britain’s 10-year yield advanced four basis points to 1.18%.</p><p><blockquote>债券方面，10年期国债收益率变化不大，为1.66%，德国10年期国债收益率上涨2个基点至-0.11%，英国10年期国债收益率上涨4个基点至1.18%。</blockquote></p><p> In commodities,West Texas Intermediate crude fell 0.8% to $82.75 a barrel,Gold futures were little changed.</p><p><blockquote>大宗商品方面，西德克萨斯中质原油下跌0.8%，至每桶82.75美元，黄金期货变化不大。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Toplines Before US Market Open on Thursday<blockquote>周四美国市场开盘前的营收</blockquote></title>\n<style 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#7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nToplines Before US Market Open on Thursday<blockquote>周四美国市场开盘前的营收</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\">2021-10-21 20:19</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Stock futures edged lower Thursday morning, with the major indexes hovering slightly below all-time highs as a parade of strong earnings results helped buoy equity prices earlier this week.</p><p><blockquote>周四上午，股指期货小幅走低，主要股指略低于历史高点，本周早些时候一系列强劲的盈利结果帮助提振了股价。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/4be1cf44a88f742bce145b6a6868682f\" tg-width=\"286\" tg-height=\"117\" width=\"100%\" height=\"auto\">At 8:00 a.m. ET, Dow e-minis were&nbsp;down&nbsp;108&nbsp;points, or 0.3%, S&amp;P 500 e-minis were&nbsp;down&nbsp;13.75 points, or 0.3%, and Nasdaq 100 e-minis were down&nbsp;61&nbsp;points, or 0.4%.</p><p><blockquote>截至美国东部时间上午8点，道琼斯指数下跌108点，跌幅0.3%，标普500指数下跌13.75点，跌幅0.3%，纳斯达克100指数下跌61点，跌幅0.4%。</blockquote></p><p> IBM&nbsp;slipped 4.7% after it missed market estimates for quarterly revenue as its managed infrastructure business suffered from a decline in orders.</p><p><blockquote>IBM股价下跌4.7%，因其托管基础设施业务订单下降，季度收入低于市场预期。</blockquote></p><p> Tesla fell 1% in premarket trading as it said on Wednesday its upcoming factories and supply-chain headwinds would put pressure on its margins after it beat Wall Street expectations for third-quarter revenue.</p><p><blockquote>特斯拉在盘前交易中下跌1%，该公司周三表示，在第三季度营收超出华尔街预期后，即将到来的工厂和供应链阻力将给其利润率带来压力。</blockquote></p><p> AT&amp;T rose 1% after the telecom operator's quarterly revenue and monthly phone bill paying subscriber additions beat market expectations.</p><p><blockquote>AT&amp;T上涨1%，此前该电信运营商的季度收入和每月电话费支付用户增加超出市场预期。</blockquote></p><p> Dow gained 1.1% after it posted a more than a five-fold jump in third-quarter profit as economic recovery boosted prices for chemicals.</p><p><blockquote>由于经济复苏推高了化学品价格，道琼斯指数第三季度利润增长了五倍多，上涨1.1%。</blockquote></p><p> In currencies,the euro was little changed at $1.1640,the British pound fell 0.1% to $1.3810,the Japanese yen rose 0.3% to 114.02 per dollar.</p><p><blockquote>货币方面，欧元变化不大，报1.1640美元，英镑下跌0.1%，至1.3810美元，日元上涨0.3%，至114.02美元。</blockquote></p><p> In bonds,the yield on 10-year Treasuries was little changed at 1.66%,Germany’s 10-year yield advanced two basis points to -0.11%,Britain’s 10-year yield advanced four basis points to 1.18%.</p><p><blockquote>债券方面，10年期国债收益率变化不大，为1.66%，德国10年期国债收益率上涨2个基点至-0.11%，英国10年期国债收益率上涨4个基点至1.18%。</blockquote></p><p> In commodities,West Texas Intermediate crude fell 0.8% to $82.75 a barrel,Gold futures were little changed.</p><p><blockquote>大宗商品方面，西德克萨斯中质原油下跌0.8%，至每桶82.75美元，黄金期货变化不大。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"IBM":"IBM","TSLA":"特斯拉",".DJI":"道琼斯"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1192205953","content_text":"Stock futures edged lower Thursday morning, with the major indexes hovering slightly below all-time highs as a parade of strong earnings results helped buoy equity prices earlier this week.\nAt 8:00 a.m. ET, Dow e-minis were down 108 points, or 0.3%, S&P 500 e-minis were down 13.75 points, or 0.3%, and Nasdaq 100 e-minis were down 61 points, or 0.4%.\nIBM slipped 4.7% after it missed market estimates for quarterly revenue as its managed infrastructure business suffered from a decline in orders.\nTesla fell 1% in premarket trading as it said on Wednesday its upcoming factories and supply-chain headwinds would put pressure on its margins after it beat Wall Street expectations for third-quarter revenue.\nAT&T rose 1% after the telecom operator's quarterly revenue and monthly phone bill paying subscriber additions beat market expectations.\nDow gained 1.1% after it posted a more than a five-fold jump in third-quarter profit as economic recovery boosted prices for chemicals.\nIn currencies,the euro was little changed at $1.1640,the British pound fell 0.1% to $1.3810,the Japanese yen rose 0.3% to 114.02 per dollar.\nIn bonds,the yield on 10-year Treasuries was little changed at 1.66%,Germany’s 10-year yield advanced two basis points to -0.11%,Britain’s 10-year yield advanced four basis points to 1.18%.\nIn commodities,West Texas Intermediate crude fell 0.8% to $82.75 a barrel,Gold futures were little changed.","news_type":1,"symbols_score_info":{"TSLA":0.9,".DJI":0.9,"IBM":0.9}},"isVote":1,"tweetType":1,"viewCount":793,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":853274792,"gmtCreate":1634821111771,"gmtModify":1634821112308,"author":{"id":"3577997605150210","authorId":"3577997605150210","name":"Suba","avatar":"https://static.tigerbbs.com/053ae4273b989a37e570ad5f7b35a6d6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577997605150210","authorIdStr":"3577997605150210"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TSLA\">$Tesla Motors(TSLA)$</a>Well","listText":"<a href=\"https://laohu8.com/S/TSLA\">$Tesla Motors(TSLA)$</a>Well","text":"$Tesla Motors(TSLA)$Well","images":[{"img":"https://static.tigerbbs.com/a404356e6dde42849257d1479d554c4e","width":"1170","height":"2292"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/853274792","isVote":1,"tweetType":1,"viewCount":569,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":850812165,"gmtCreate":1634570443448,"gmtModify":1634570444051,"author":{"id":"3577997605150210","authorId":"3577997605150210","name":"Suba","avatar":"https://static.tigerbbs.com/053ae4273b989a37e570ad5f7b35a6d6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577997605150210","authorIdStr":"3577997605150210"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TSLA\">$Tesla Motors(TSLA)$</a>Expected to reach $1.0k","listText":"<a href=\"https://laohu8.com/S/TSLA\">$Tesla Motors(TSLA)$</a>Expected to reach $1.0k","text":"$Tesla Motors(TSLA)$Expected to reach $1.0k","images":[{"img":"https://static.tigerbbs.com/941adf426ce48c34234e5a5cba350bc0","width":"1125","height":"2872"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/850812165","isVote":1,"tweetType":1,"viewCount":953,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":850800110,"gmtCreate":1634568012957,"gmtModify":1634568248322,"author":{"id":"3577997605150210","authorId":"3577997605150210","name":"Suba","avatar":"https://static.tigerbbs.com/053ae4273b989a37e570ad5f7b35a6d6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577997605150210","authorIdStr":"3577997605150210"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TSLA\">$Tesla Motors(TSLA)$</a>Nice&nbsp;","listText":"<a href=\"https://laohu8.com/S/TSLA\">$Tesla Motors(TSLA)$</a>Nice&nbsp;","text":"$Tesla Motors(TSLA)$Nice","images":[{"img":"https://static.tigerbbs.com/791536a001bd3d163584cb10abffe3d7","width":"1170","height":"2292"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/850800110","isVote":1,"tweetType":1,"viewCount":636,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":850177809,"gmtCreate":1634567948824,"gmtModify":1634568112018,"author":{"id":"3577997605150210","authorId":"3577997605150210","name":"Suba","avatar":"https://static.tigerbbs.com/053ae4273b989a37e570ad5f7b35a6d6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577997605150210","authorIdStr":"3577997605150210"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/850177809","repostId":"1162786410","repostType":4,"isVote":1,"tweetType":1,"viewCount":1025,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":850174236,"gmtCreate":1634567916001,"gmtModify":1634568106742,"author":{"id":"3577997605150210","authorId":"3577997605150210","name":"Suba","avatar":"https://static.tigerbbs.com/053ae4273b989a37e570ad5f7b35a6d6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577997605150210","authorIdStr":"3577997605150210"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/850174236","repostId":"2176121881","repostType":4,"isVote":1,"tweetType":1,"viewCount":853,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":824369607,"gmtCreate":1634280216975,"gmtModify":1634280217103,"author":{"id":"3577997605150210","authorId":"3577997605150210","name":"Suba","avatar":"https://static.tigerbbs.com/053ae4273b989a37e570ad5f7b35a6d6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577997605150210","authorIdStr":"3577997605150210"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/824369607","repostId":"1175281678","repostType":4,"repost":{"id":"1175281678","kind":"news","pubTimestamp":1634275327,"share":"https://www.laohu8.com/m/news/1175281678?lang=zh_CN&edition=full","pubTime":"2021-10-15 13:22","market":"fut","language":"en","title":"Bitcoin nears $60,000 as investors eye first U.S. ETFs<blockquote>随着投资者关注第一批美国ETF，比特币接近60,000美元</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1175281678","media":"Reuters","summary":"(Reuters) -Bitcoin hit a six-month high on Friday, approaching the record hit in April, as traders b","content":"<p>(Reuters) -Bitcoin hit a six-month high on Friday, approaching the record hit in April, as traders became increasingly confident that U.S. regulators would approve the launch of an exchange-traded fund based on its futures contracts.</p><p><blockquote>路透比特币周五触及六个月高位，逼近4月触及纪录高位，因交易员对美国监管机构将批准推出基于其期货合约的交易所交易基金越来越有信心。</blockquote></p><p> The world’s biggest cryptocurrency rose nearly 4% to as high as $59,664, its highest since mid-April. It has doubled in value this year and is near April’s record high of $64,895.</p><p><blockquote>全球最大的加密货币上涨近4%，至59,664美元，为4月中旬以来的最高水平。今年它的价值已经翻了一番，接近4月份64,895美元的历史新高。</blockquote></p><p> The U.S. Securities and Exchange Commission (SEC) is poised to allow the first U.S. bitcoin futures ETF to begin trading next week, Bloomberg News reported on Thursday, citing people familiar with the matter.</p><p><blockquote>据彭博新闻社周四援引知情人士报道，美国证券交易委员会(SEC)准备允许首只美国比特币期货ETF于下周开始交易。</blockquote></p><p> Ben Caselin, head of research and strategy at Asia-based cryptocurrency exchange AAX, said bitcoin’s spike above $59,000 wasn’t arbitrary and long-term investors had been accumulating it for a while.</p><p><blockquote>亚洲加密货币交易所AAX的研究和策略主管Ben Caselin表示，比特币飙升至59,000美元以上并不是任意的，长期投资者已经积累了一段时间。</blockquote></p><p> “It is widely expected that Q4 will see significant progress around a bitcoin ETF in the U.S.,” he said.</p><p><blockquote>“人们普遍预计第四季度美国比特币ETF将取得重大进展，”他表示。</blockquote></p><p> Friday’s moves were also spurred by a tweet from the SEC’s investor education office, he said.</p><p><blockquote>他表示，周五的举措也受到了美国证券交易委员会投资者教育办公室一条推文的推动。</blockquote></p><p> \"Before investing in a fund that holds Bitcoin futures contracts, make sure you carefully weigh the potential risks and benefits,\" the SEC tweet&nbsp;here&nbsp;stated.</p><p><blockquote>“在投资持有比特币期货合约的基金之前，请确保仔细权衡潜在的风险和收益，”美国证券交易委员会的推文称。</blockquote></p><p> Cryptocurrency investors have been waiting for news of approval of the country’s first bitcoin ETF, and some of bitcoin’s rally in recent months has been in anticipation of that move and how it could speed up its mainstream adoption and trading.</p><p><blockquote>加密货币投资者一直在等待该国首只比特币ETF获得批准的消息，比特币近几个月的反弹部分是出于对这一举措以及如何加速其主流采用和交易的预期。</blockquote></p><p> Several fund managers, including the VanEck Bitcoin Trust, ProShares, Invesco, Valkyrie and Galaxy Digital Funds have applied to launch bitcoin ETFs in the United States. Cryptocurrency ETFs have been launched this year in Canada and Europe.</p><p><blockquote>包括VanEck比特币信托基金、ProShares、Invesco、Valkyrie和Galaxy Digital Funds在内的多家基金管理公司已申请在美国推出比特币ETF。加密货币ETF今年已在加拿大和欧洲推出。</blockquote></p><p> SEC Chair Gary Gensler has previously said the crypto market involves many tokens which may be unregistered securities and leaves prices open to manipulation and millions of investors vulnerable to risks.</p><p><blockquote>SEC主席Gary Gensler此前曾表示，加密货币市场涉及许多代币，这些代币可能是未注册的证券，使价格容易受到操纵，数百万投资者容易受到风险的影响。</blockquote></p><p> The Bloomberg report said that the proposals by ProShares and Invesco are based on futures contracts and were filed under mutual fund rules that Gensler has said provide “significant investor protections”.</p><p><blockquote>彭博社的报道称，ProShares和Invesco的提议基于期货合约，并根据共同基金规则提交，Gensler称这些规则提供了“重要的投资者保护”。</blockquote></p><p> The SEC did not immediately respond to a request for comment on the Bloomberg report.</p><p><blockquote>SEC没有立即回应对彭博报道置评的请求。</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>Bitcoin nears $60,000 as investors eye first U.S. ETFs<blockquote>随着投资者关注第一批美国ETF，比特币接近60,000美元</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBitcoin nears $60,000 as investors eye first U.S. ETFs<blockquote>随着投资者关注第一批美国ETF，比特币接近60,000美元</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-10-15 13:22</span>\n</p>\n</h4>\n</header>\n<article>\n<p>(Reuters) -Bitcoin hit a six-month high on Friday, approaching the record hit in April, as traders became increasingly confident that U.S. regulators would approve the launch of an exchange-traded fund based on its futures contracts.</p><p><blockquote>路透比特币周五触及六个月高位，逼近4月触及纪录高位，因交易员对美国监管机构将批准推出基于其期货合约的交易所交易基金越来越有信心。</blockquote></p><p> The world’s biggest cryptocurrency rose nearly 4% to as high as $59,664, its highest since mid-April. It has doubled in value this year and is near April’s record high of $64,895.</p><p><blockquote>全球最大的加密货币上涨近4%，至59,664美元，为4月中旬以来的最高水平。今年它的价值已经翻了一番，接近4月份64,895美元的历史新高。</blockquote></p><p> The U.S. Securities and Exchange Commission (SEC) is poised to allow the first U.S. bitcoin futures ETF to begin trading next week, Bloomberg News reported on Thursday, citing people familiar with the matter.</p><p><blockquote>据彭博新闻社周四援引知情人士报道，美国证券交易委员会(SEC)准备允许首只美国比特币期货ETF于下周开始交易。</blockquote></p><p> Ben Caselin, head of research and strategy at Asia-based cryptocurrency exchange AAX, said bitcoin’s spike above $59,000 wasn’t arbitrary and long-term investors had been accumulating it for a while.</p><p><blockquote>亚洲加密货币交易所AAX的研究和策略主管Ben Caselin表示，比特币飙升至59,000美元以上并不是任意的，长期投资者已经积累了一段时间。</blockquote></p><p> “It is widely expected that Q4 will see significant progress around a bitcoin ETF in the U.S.,” he said.</p><p><blockquote>“人们普遍预计第四季度美国比特币ETF将取得重大进展，”他表示。</blockquote></p><p> Friday’s moves were also spurred by a tweet from the SEC’s investor education office, he said.</p><p><blockquote>他表示，周五的举措也受到了美国证券交易委员会投资者教育办公室一条推文的推动。</blockquote></p><p> \"Before investing in a fund that holds Bitcoin futures contracts, make sure you carefully weigh the potential risks and benefits,\" the SEC tweet&nbsp;here&nbsp;stated.</p><p><blockquote>“在投资持有比特币期货合约的基金之前，请确保仔细权衡潜在的风险和收益，”美国证券交易委员会的推文称。</blockquote></p><p> Cryptocurrency investors have been waiting for news of approval of the country’s first bitcoin ETF, and some of bitcoin’s rally in recent months has been in anticipation of that move and how it could speed up its mainstream adoption and trading.</p><p><blockquote>加密货币投资者一直在等待该国首只比特币ETF获得批准的消息，比特币近几个月的反弹部分是出于对这一举措以及如何加速其主流采用和交易的预期。</blockquote></p><p> Several fund managers, including the VanEck Bitcoin Trust, ProShares, Invesco, Valkyrie and Galaxy Digital Funds have applied to launch bitcoin ETFs in the United States. Cryptocurrency ETFs have been launched this year in Canada and Europe.</p><p><blockquote>包括VanEck比特币信托基金、ProShares、Invesco、Valkyrie和Galaxy Digital Funds在内的多家基金管理公司已申请在美国推出比特币ETF。加密货币ETF今年已在加拿大和欧洲推出。</blockquote></p><p> SEC Chair Gary Gensler has previously said the crypto market involves many tokens which may be unregistered securities and leaves prices open to manipulation and millions of investors vulnerable to risks.</p><p><blockquote>SEC主席Gary Gensler此前曾表示，加密货币市场涉及许多代币，这些代币可能是未注册的证券，使价格容易受到操纵，数百万投资者容易受到风险的影响。</blockquote></p><p> The Bloomberg report said that the proposals by ProShares and Invesco are based on futures contracts and were filed under mutual fund rules that Gensler has said provide “significant investor protections”.</p><p><blockquote>彭博社的报道称，ProShares和Invesco的提议基于期货合约，并根据共同基金规则提交，Gensler称这些规则提供了“重要的投资者保护”。</blockquote></p><p> The SEC did not immediately respond to a request for comment on the Bloomberg report.</p><p><blockquote>SEC没有立即回应对彭博报道置评的请求。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.reuters.com/article/fintech-crypto-etf/update-1-bitcoin-nears-60000-as-investors-eye-first-u-s-etfs-idUSL4N2RB0T4\">Reuters</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc."},"source_url":"https://www.reuters.com/article/fintech-crypto-etf/update-1-bitcoin-nears-60000-as-investors-eye-first-u-s-etfs-idUSL4N2RB0T4","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175281678","content_text":"(Reuters) -Bitcoin hit a six-month high on Friday, approaching the record hit in April, as traders became increasingly confident that U.S. regulators would approve the launch of an exchange-traded fund based on its futures contracts.\nThe world’s biggest cryptocurrency rose nearly 4% to as high as $59,664, its highest since mid-April. It has doubled in value this year and is near April’s record high of $64,895.\nThe U.S. Securities and Exchange Commission (SEC) is poised to allow the first U.S. bitcoin futures ETF to begin trading next week, Bloomberg News reported on Thursday, citing people familiar with the matter.\nBen Caselin, head of research and strategy at Asia-based cryptocurrency exchange AAX, said bitcoin’s spike above $59,000 wasn’t arbitrary and long-term investors had been accumulating it for a while.\n“It is widely expected that Q4 will see significant progress around a bitcoin ETF in the U.S.,” he said.\nFriday’s moves were also spurred by a tweet from the SEC’s investor education office, he said.\n\"Before investing in a fund that holds Bitcoin futures contracts, make sure you carefully weigh the potential risks and benefits,\" the SEC tweet here stated.\nCryptocurrency investors have been waiting for news of approval of the country’s first bitcoin ETF, and some of bitcoin’s rally in recent months has been in anticipation of that move and how it could speed up its mainstream adoption and trading.\nSeveral fund managers, including the VanEck Bitcoin Trust, ProShares, Invesco, Valkyrie and Galaxy Digital Funds have applied to launch bitcoin ETFs in the United States. Cryptocurrency ETFs have been launched this year in Canada and Europe.\nSEC Chair Gary Gensler has previously said the crypto market involves many tokens which may be unregistered securities and leaves prices open to manipulation and millions of investors vulnerable to risks.\nThe Bloomberg report said that the proposals by ProShares and Invesco are based on futures contracts and were filed under mutual fund rules that Gensler has said provide “significant investor protections”.\nThe SEC did not immediately respond to a request for comment on the Bloomberg report.","news_type":1,"symbols_score_info":{"COIN":0.9}},"isVote":1,"tweetType":1,"viewCount":739,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":825415412,"gmtCreate":1634254765047,"gmtModify":1634274402822,"author":{"id":"3577997605150210","authorId":"3577997605150210","name":"Suba","avatar":"https://static.tigerbbs.com/053ae4273b989a37e570ad5f7b35a6d6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577997605150210","authorIdStr":"3577997605150210"},"themes":[],"htmlText":"Well","listText":"Well","text":"Well","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/825415412","repostId":"1128641889","repostType":4,"repost":{"id":"1128641889","kind":"news","pubTimestamp":1634227362,"share":"https://www.laohu8.com/m/news/1128641889?lang=zh_CN&edition=full","pubTime":"2021-10-15 00:02","market":"us","language":"en","title":"Tesla Is the World’s Most Valuable Car Stock. Even the Haters Think So.<blockquote>特斯拉是世界上最有价值的汽车股。即使是仇恨者也这么认为。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1128641889","media":"Barrons","summary":"Tesla is the world’s most valuable car stock. Even the bears admit it.Thursday, Barclays analyst Brian Johnson raised his price target for Tesla  stock to $300 from $230. He still rates shares the equivalent of Sell, though. And Tesla stock closed Thursday at $818.32—nowhere near $300. Still, his price target was bumped to an important level in one respect.At $300, Johnson is saying that Tesla stock is worth about $300 billion.  That’s more than Toyota Motor’s  market capitalization of about $28","content":"<p>Tesla&nbsp;is the world’s most valuable car stock. Even the bears admit it.</p><p><blockquote>特斯拉是世界上最有价值的汽车股。就连空头也承认了。</blockquote></p><p> Thursday, Barclays analyst Brian Johnson raised his price target for Tesla (ticker: TSLA) stock to $300 from $230. He still rates shares the equivalent of Sell, though. And Tesla stock closed Thursday at $818.32—nowhere near $300. Still, his price target was bumped to an important level in one respect.</p><p><blockquote>周四，Barclays分析师Brian Johnson将特斯拉（股票代码：TSLA）股票的目标价从230美元上调至300美元。不过，他对股票的评级仍相当于卖出。特斯拉股价周四收于818.32美元，远未达到300美元。尽管如此，他的价格目标在一个方面被提高到了一个重要水平。</blockquote></p><p> At $300, Johnson is saying that Tesla stock is worth about $300 billion. (Tesla has about 1 billion shares outstanding, making the math easy.) That’s more than&nbsp;Toyota Motor’s&nbsp;(TM) market capitalization of about $287 billion. Another analyst now believes there is no more valuable car company than Tesla.</p><p><blockquote>Johnson表示，特斯拉股票的价格为300美元，价值约为3000亿美元。（特斯拉拥有约10亿股已发行股票，这使得计算变得简单。）这超过了丰田汽车(TM)约2870亿美元的市值。另一位分析师现在认为，没有比特斯拉更有价值的汽车公司了。</blockquote></p><p> Tesla remains a very controversial stock on Wall Street. Analyst price targets—even removing the top and bottom targets to reduce skew—range from $150 to $1,080 a share. The $930 bull-bear spread is more than 100% of the current stock price and two to three times wider than the average spread for large stocks.</p><p><blockquote>特斯拉在华尔街仍然是一只非常有争议的股票。分析师的目标价——甚至取消了最高和最低目标以减少偏差——范围为每股150美元至1,080美元。930美元的牛熊价差是当前股价的100%以上，比大型股票的平均价差宽两到三倍。</blockquote></p><p> The bull-bear spread for&nbsp;Microsoft&nbsp;(MSFT), for instance, is about $100 a share or roughly 33% of the stock’s recent $296.31 price.</p><p><blockquote>例如，微软(MSFT)的牛熊价差约为每股100美元，约为该股近期296.31美元价格的33%。</blockquote></p><p> The Tesla controversy boils down, in large part, to a debate about what Tesla is. Bears believe it is a car company and that competition will erode its margins and slow its growth. Bulls believe Tesla is a platform tech company with many businesses—such as stationary power—along with its core car operations and that Tesla’s lead over automotive peers in things such as autonomous driving and battery management software will enable high growth for a decade while maintaining leading EV market share.</p><p><blockquote>特斯拉的争议在很大程度上可以归结为一场关于特斯拉是什么的辩论。看空者认为它是一家汽车公司，竞争将侵蚀其利润并减缓其增长。看多者认为，特斯拉是一家平台科技公司，拥有许多业务（例如固定电源）及其核心汽车业务，并且特斯拉在自动驾驶和电池管理软件等方面相对于汽车同行的领先地位将实现十年的高增长，同时保持领先的电动汽车市场份额。</blockquote></p><p> Johnson, for his part, is a traditional auto analyst covering more than 20 companies. He appears to fall in the former camp. He rates&nbsp;General Motors&nbsp;(GM) and&nbsp;Ford Motor&nbsp;(F) stock Buy. Those two stocks trade for single-digit price-to-earnings ratios. Tesla trades for roughly 100 times estimated 2022 earnings.</p><p><blockquote>约翰逊是一名传统的汽车分析师，负责20多家公司的业务。他似乎属于前一个阵营。他将通用汽车(GM)和福特汽车(F)股票评级为买入。这两只股票的市盈率为个位数。特斯拉的市盈率约为2022年预期市盈率的100倍。</blockquote></p><p> He raised his price target because, despite believing the company is overvalued, things are looking good going into the third-quarter earnings release due October 20.</p><p><blockquote>他提高了目标价，因为尽管他认为该公司被高估，但在10月20日发布的第三季度财报中，情况看起来不错。</blockquote></p><p> For the third quarter, Wall Street is looking for about $1.50 in per-share earnings from $13.5 billion in sales. The company earned $1.45 in adjusted per-share earnings from $12 billion in sales during the second quarter.</p><p><blockquote>华尔街预计第三季度销售额为135亿美元，每股收益约为1.5美元。该公司第二季度销售额为120亿美元，调整后每股收益为1.45美元。</blockquote></p><p> Tesla stock has been on a strong run, reflecting the good setup into earnings. Shares are up about 21% over the past three months. The&nbsp;S&amp;P 500&nbsp;and&nbsp;Dow Jones Industrial Average&nbsp;are both down slightly over the same span.</p><p><blockquote>特斯拉股价一直表现强劲，反映出盈利状况良好。过去三个月股价上涨了约21%。标准普尔500指数和道琼斯工业平均指数同期均小幅下跌。</blockquote></p><p> Its stock rose 0.4% to $821.75 in premarket trading.</p><p><blockquote>其股价在盘前交易中上涨0.4%至821.75美元。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla Is the World’s Most Valuable Car Stock. Even the Haters Think So.<blockquote>特斯拉是世界上最有价值的汽车股。即使是仇恨者也这么认为。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla Is the World’s Most Valuable Car Stock. Even the Haters Think So.<blockquote>特斯拉是世界上最有价值的汽车股。即使是仇恨者也这么认为。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-10-15 00:02</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Tesla&nbsp;is the world’s most valuable car stock. Even the bears admit it.</p><p><blockquote>特斯拉是世界上最有价值的汽车股。就连空头也承认了。</blockquote></p><p> Thursday, Barclays analyst Brian Johnson raised his price target for Tesla (ticker: TSLA) stock to $300 from $230. He still rates shares the equivalent of Sell, though. And Tesla stock closed Thursday at $818.32—nowhere near $300. Still, his price target was bumped to an important level in one respect.</p><p><blockquote>周四，Barclays分析师Brian Johnson将特斯拉（股票代码：TSLA）股票的目标价从230美元上调至300美元。不过，他对股票的评级仍相当于卖出。特斯拉股价周四收于818.32美元，远未达到300美元。尽管如此，他的价格目标在一个方面被提高到了一个重要水平。</blockquote></p><p> At $300, Johnson is saying that Tesla stock is worth about $300 billion. (Tesla has about 1 billion shares outstanding, making the math easy.) That’s more than&nbsp;Toyota Motor’s&nbsp;(TM) market capitalization of about $287 billion. Another analyst now believes there is no more valuable car company than Tesla.</p><p><blockquote>Johnson表示，特斯拉股票的价格为300美元，价值约为3000亿美元。（特斯拉拥有约10亿股已发行股票，这使得计算变得简单。）这超过了丰田汽车(TM)约2870亿美元的市值。另一位分析师现在认为，没有比特斯拉更有价值的汽车公司了。</blockquote></p><p> Tesla remains a very controversial stock on Wall Street. Analyst price targets—even removing the top and bottom targets to reduce skew—range from $150 to $1,080 a share. The $930 bull-bear spread is more than 100% of the current stock price and two to three times wider than the average spread for large stocks.</p><p><blockquote>特斯拉在华尔街仍然是一只非常有争议的股票。分析师的目标价——甚至取消了最高和最低目标以减少偏差——范围为每股150美元至1,080美元。930美元的牛熊价差是当前股价的100%以上，比大型股票的平均价差宽两到三倍。</blockquote></p><p> The bull-bear spread for&nbsp;Microsoft&nbsp;(MSFT), for instance, is about $100 a share or roughly 33% of the stock’s recent $296.31 price.</p><p><blockquote>例如，微软(MSFT)的牛熊价差约为每股100美元，约为该股近期296.31美元价格的33%。</blockquote></p><p> The Tesla controversy boils down, in large part, to a debate about what Tesla is. Bears believe it is a car company and that competition will erode its margins and slow its growth. Bulls believe Tesla is a platform tech company with many businesses—such as stationary power—along with its core car operations and that Tesla’s lead over automotive peers in things such as autonomous driving and battery management software will enable high growth for a decade while maintaining leading EV market share.</p><p><blockquote>特斯拉的争议在很大程度上可以归结为一场关于特斯拉是什么的辩论。看空者认为它是一家汽车公司，竞争将侵蚀其利润并减缓其增长。看多者认为，特斯拉是一家平台科技公司，拥有许多业务（例如固定电源）及其核心汽车业务，并且特斯拉在自动驾驶和电池管理软件等方面相对于汽车同行的领先地位将实现十年的高增长，同时保持领先的电动汽车市场份额。</blockquote></p><p> Johnson, for his part, is a traditional auto analyst covering more than 20 companies. He appears to fall in the former camp. He rates&nbsp;General Motors&nbsp;(GM) and&nbsp;Ford Motor&nbsp;(F) stock Buy. Those two stocks trade for single-digit price-to-earnings ratios. Tesla trades for roughly 100 times estimated 2022 earnings.</p><p><blockquote>约翰逊是一名传统的汽车分析师，负责20多家公司的业务。他似乎属于前一个阵营。他将通用汽车(GM)和福特汽车(F)股票评级为买入。这两只股票的市盈率为个位数。特斯拉的市盈率约为2022年预期市盈率的100倍。</blockquote></p><p> He raised his price target because, despite believing the company is overvalued, things are looking good going into the third-quarter earnings release due October 20.</p><p><blockquote>他提高了目标价，因为尽管他认为该公司被高估，但在10月20日发布的第三季度财报中，情况看起来不错。</blockquote></p><p> For the third quarter, Wall Street is looking for about $1.50 in per-share earnings from $13.5 billion in sales. The company earned $1.45 in adjusted per-share earnings from $12 billion in sales during the second quarter.</p><p><blockquote>华尔街预计第三季度销售额为135亿美元，每股收益约为1.5美元。该公司第二季度销售额为120亿美元，调整后每股收益为1.45美元。</blockquote></p><p> Tesla stock has been on a strong run, reflecting the good setup into earnings. Shares are up about 21% over the past three months. The&nbsp;S&amp;P 500&nbsp;and&nbsp;Dow Jones Industrial Average&nbsp;are both down slightly over the same span.</p><p><blockquote>特斯拉股价一直表现强劲，反映出盈利状况良好。过去三个月股价上涨了约21%。标准普尔500指数和道琼斯工业平均指数同期均小幅下跌。</blockquote></p><p> Its stock rose 0.4% to $821.75 in premarket trading.</p><p><blockquote>其股价在盘前交易中上涨0.4%至821.75美元。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/tesla-stock-price-51634217724?mod=hp_LATEST\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.barrons.com/articles/tesla-stock-price-51634217724?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1128641889","content_text":"Tesla is the world’s most valuable car stock. Even the bears admit it.\nThursday, Barclays analyst Brian Johnson raised his price target for Tesla (ticker: TSLA) stock to $300 from $230. He still rates shares the equivalent of Sell, though. And Tesla stock closed Thursday at $818.32—nowhere near $300. Still, his price target was bumped to an important level in one respect.\nAt $300, Johnson is saying that Tesla stock is worth about $300 billion. (Tesla has about 1 billion shares outstanding, making the math easy.) That’s more than Toyota Motor’s (TM) market capitalization of about $287 billion. Another analyst now believes there is no more valuable car company than Tesla.\nTesla remains a very controversial stock on Wall Street. Analyst price targets—even removing the top and bottom targets to reduce skew—range from $150 to $1,080 a share. The $930 bull-bear spread is more than 100% of the current stock price and two to three times wider than the average spread for large stocks.\nThe bull-bear spread for Microsoft (MSFT), for instance, is about $100 a share or roughly 33% of the stock’s recent $296.31 price.\nThe Tesla controversy boils down, in large part, to a debate about what Tesla is. Bears believe it is a car company and that competition will erode its margins and slow its growth. Bulls believe Tesla is a platform tech company with many businesses—such as stationary power—along with its core car operations and that Tesla’s lead over automotive peers in things such as autonomous driving and battery management software will enable high growth for a decade while maintaining leading EV market share.\nJohnson, for his part, is a traditional auto analyst covering more than 20 companies. He appears to fall in the former camp. He rates General Motors (GM) and Ford Motor (F) stock Buy. Those two stocks trade for single-digit price-to-earnings ratios. Tesla trades for roughly 100 times estimated 2022 earnings.\nHe raised his price target because, despite believing the company is overvalued, things are looking good going into the third-quarter earnings release due October 20.\nFor the third quarter, Wall Street is looking for about $1.50 in per-share earnings from $13.5 billion in sales. The company earned $1.45 in adjusted per-share earnings from $12 billion in sales during the second quarter.\nTesla stock has been on a strong run, reflecting the good setup into earnings. Shares are up about 21% over the past three months. The S&P 500 and Dow Jones Industrial Average are both down slightly over the same span.\nIts stock rose 0.4% to $821.75 in premarket trading.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":743,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":825415940,"gmtCreate":1634254752831,"gmtModify":1634274405723,"author":{"id":"3577997605150210","authorId":"3577997605150210","name":"Suba","avatar":"https://static.tigerbbs.com/053ae4273b989a37e570ad5f7b35a6d6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577997605150210","authorIdStr":"3577997605150210"},"themes":[],"htmlText":"Well","listText":"Well","text":"Well","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/825415940","repostId":"1128641889","repostType":4,"repost":{"id":"1128641889","kind":"news","pubTimestamp":1634227362,"share":"https://www.laohu8.com/m/news/1128641889?lang=zh_CN&edition=full","pubTime":"2021-10-15 00:02","market":"us","language":"en","title":"Tesla Is the World’s Most Valuable Car Stock. Even the Haters Think So.<blockquote>特斯拉是世界上最有价值的汽车股。即使是仇恨者也这么认为。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1128641889","media":"Barrons","summary":"Tesla is the world’s most valuable car stock. Even the bears admit it.Thursday, Barclays analyst Brian Johnson raised his price target for Tesla  stock to $300 from $230. He still rates shares the equivalent of Sell, though. And Tesla stock closed Thursday at $818.32—nowhere near $300. Still, his price target was bumped to an important level in one respect.At $300, Johnson is saying that Tesla stock is worth about $300 billion.  That’s more than Toyota Motor’s  market capitalization of about $28","content":"<p>Tesla&nbsp;is the world’s most valuable car stock. Even the bears admit it.</p><p><blockquote>特斯拉是世界上最有价值的汽车股。就连空头也承认了。</blockquote></p><p> Thursday, Barclays analyst Brian Johnson raised his price target for Tesla (ticker: TSLA) stock to $300 from $230. He still rates shares the equivalent of Sell, though. And Tesla stock closed Thursday at $818.32—nowhere near $300. Still, his price target was bumped to an important level in one respect.</p><p><blockquote>周四，Barclays分析师Brian Johnson将特斯拉（股票代码：TSLA）股票的目标价从230美元上调至300美元。不过，他对股票的评级仍相当于卖出。特斯拉股价周四收于818.32美元，远未达到300美元。尽管如此，他的价格目标在一个方面被提高到了一个重要水平。</blockquote></p><p> At $300, Johnson is saying that Tesla stock is worth about $300 billion. (Tesla has about 1 billion shares outstanding, making the math easy.) That’s more than&nbsp;Toyota Motor’s&nbsp;(TM) market capitalization of about $287 billion. Another analyst now believes there is no more valuable car company than Tesla.</p><p><blockquote>Johnson表示，特斯拉股票的价格为300美元，价值约为3000亿美元。（特斯拉拥有约10亿股已发行股票，这使得计算变得简单。）这超过了丰田汽车(TM)约2870亿美元的市值。另一位分析师现在认为，没有比特斯拉更有价值的汽车公司了。</blockquote></p><p> Tesla remains a very controversial stock on Wall Street. Analyst price targets—even removing the top and bottom targets to reduce skew—range from $150 to $1,080 a share. The $930 bull-bear spread is more than 100% of the current stock price and two to three times wider than the average spread for large stocks.</p><p><blockquote>特斯拉在华尔街仍然是一只非常有争议的股票。分析师的目标价——甚至取消了最高和最低目标以减少偏差——范围为每股150美元至1,080美元。930美元的牛熊价差是当前股价的100%以上，比大型股票的平均价差宽两到三倍。</blockquote></p><p> The bull-bear spread for&nbsp;Microsoft&nbsp;(MSFT), for instance, is about $100 a share or roughly 33% of the stock’s recent $296.31 price.</p><p><blockquote>例如，微软(MSFT)的牛熊价差约为每股100美元，约为该股近期296.31美元价格的33%。</blockquote></p><p> The Tesla controversy boils down, in large part, to a debate about what Tesla is. Bears believe it is a car company and that competition will erode its margins and slow its growth. Bulls believe Tesla is a platform tech company with many businesses—such as stationary power—along with its core car operations and that Tesla’s lead over automotive peers in things such as autonomous driving and battery management software will enable high growth for a decade while maintaining leading EV market share.</p><p><blockquote>特斯拉的争议在很大程度上可以归结为一场关于特斯拉是什么的辩论。看空者认为它是一家汽车公司，竞争将侵蚀其利润并减缓其增长。看多者认为，特斯拉是一家平台科技公司，拥有许多业务（例如固定电源）及其核心汽车业务，并且特斯拉在自动驾驶和电池管理软件等方面相对于汽车同行的领先地位将实现十年的高增长，同时保持领先的电动汽车市场份额。</blockquote></p><p> Johnson, for his part, is a traditional auto analyst covering more than 20 companies. He appears to fall in the former camp. He rates&nbsp;General Motors&nbsp;(GM) and&nbsp;Ford Motor&nbsp;(F) stock Buy. Those two stocks trade for single-digit price-to-earnings ratios. Tesla trades for roughly 100 times estimated 2022 earnings.</p><p><blockquote>约翰逊是一名传统的汽车分析师，负责20多家公司的业务。他似乎属于前一个阵营。他将通用汽车(GM)和福特汽车(F)股票评级为买入。这两只股票的市盈率为个位数。特斯拉的市盈率约为2022年预期市盈率的100倍。</blockquote></p><p> He raised his price target because, despite believing the company is overvalued, things are looking good going into the third-quarter earnings release due October 20.</p><p><blockquote>他提高了目标价，因为尽管他认为该公司被高估，但在10月20日发布的第三季度财报中，情况看起来不错。</blockquote></p><p> For the third quarter, Wall Street is looking for about $1.50 in per-share earnings from $13.5 billion in sales. The company earned $1.45 in adjusted per-share earnings from $12 billion in sales during the second quarter.</p><p><blockquote>华尔街预计第三季度销售额为135亿美元，每股收益约为1.5美元。该公司第二季度销售额为120亿美元，调整后每股收益为1.45美元。</blockquote></p><p> Tesla stock has been on a strong run, reflecting the good setup into earnings. Shares are up about 21% over the past three months. The&nbsp;S&amp;P 500&nbsp;and&nbsp;Dow Jones Industrial Average&nbsp;are both down slightly over the same span.</p><p><blockquote>特斯拉股价一直表现强劲，反映出盈利状况良好。过去三个月股价上涨了约21%。标准普尔500指数和道琼斯工业平均指数同期均小幅下跌。</blockquote></p><p> Its stock rose 0.4% to $821.75 in premarket trading.</p><p><blockquote>其股价在盘前交易中上涨0.4%至821.75美元。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla Is the World’s Most Valuable Car Stock. Even the Haters Think So.<blockquote>特斯拉是世界上最有价值的汽车股。即使是仇恨者也这么认为。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla Is the World’s Most Valuable Car Stock. Even the Haters Think So.<blockquote>特斯拉是世界上最有价值的汽车股。即使是仇恨者也这么认为。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-10-15 00:02</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Tesla&nbsp;is the world’s most valuable car stock. Even the bears admit it.</p><p><blockquote>特斯拉是世界上最有价值的汽车股。就连空头也承认了。</blockquote></p><p> Thursday, Barclays analyst Brian Johnson raised his price target for Tesla (ticker: TSLA) stock to $300 from $230. He still rates shares the equivalent of Sell, though. And Tesla stock closed Thursday at $818.32—nowhere near $300. Still, his price target was bumped to an important level in one respect.</p><p><blockquote>周四，Barclays分析师Brian Johnson将特斯拉（股票代码：TSLA）股票的目标价从230美元上调至300美元。不过，他对股票的评级仍相当于卖出。特斯拉股价周四收于818.32美元，远未达到300美元。尽管如此，他的价格目标在一个方面被提高到了一个重要水平。</blockquote></p><p> At $300, Johnson is saying that Tesla stock is worth about $300 billion. (Tesla has about 1 billion shares outstanding, making the math easy.) That’s more than&nbsp;Toyota Motor’s&nbsp;(TM) market capitalization of about $287 billion. Another analyst now believes there is no more valuable car company than Tesla.</p><p><blockquote>Johnson表示，特斯拉股票的价格为300美元，价值约为3000亿美元。（特斯拉拥有约10亿股已发行股票，这使得计算变得简单。）这超过了丰田汽车(TM)约2870亿美元的市值。另一位分析师现在认为，没有比特斯拉更有价值的汽车公司了。</blockquote></p><p> Tesla remains a very controversial stock on Wall Street. Analyst price targets—even removing the top and bottom targets to reduce skew—range from $150 to $1,080 a share. The $930 bull-bear spread is more than 100% of the current stock price and two to three times wider than the average spread for large stocks.</p><p><blockquote>特斯拉在华尔街仍然是一只非常有争议的股票。分析师的目标价——甚至取消了最高和最低目标以减少偏差——范围为每股150美元至1,080美元。930美元的牛熊价差是当前股价的100%以上，比大型股票的平均价差宽两到三倍。</blockquote></p><p> The bull-bear spread for&nbsp;Microsoft&nbsp;(MSFT), for instance, is about $100 a share or roughly 33% of the stock’s recent $296.31 price.</p><p><blockquote>例如，微软(MSFT)的牛熊价差约为每股100美元，约为该股近期296.31美元价格的33%。</blockquote></p><p> The Tesla controversy boils down, in large part, to a debate about what Tesla is. Bears believe it is a car company and that competition will erode its margins and slow its growth. Bulls believe Tesla is a platform tech company with many businesses—such as stationary power—along with its core car operations and that Tesla’s lead over automotive peers in things such as autonomous driving and battery management software will enable high growth for a decade while maintaining leading EV market share.</p><p><blockquote>特斯拉的争议在很大程度上可以归结为一场关于特斯拉是什么的辩论。看空者认为它是一家汽车公司，竞争将侵蚀其利润并减缓其增长。看多者认为，特斯拉是一家平台科技公司，拥有许多业务（例如固定电源）及其核心汽车业务，并且特斯拉在自动驾驶和电池管理软件等方面相对于汽车同行的领先地位将实现十年的高增长，同时保持领先的电动汽车市场份额。</blockquote></p><p> Johnson, for his part, is a traditional auto analyst covering more than 20 companies. He appears to fall in the former camp. He rates&nbsp;General Motors&nbsp;(GM) and&nbsp;Ford Motor&nbsp;(F) stock Buy. Those two stocks trade for single-digit price-to-earnings ratios. Tesla trades for roughly 100 times estimated 2022 earnings.</p><p><blockquote>约翰逊是一名传统的汽车分析师，负责20多家公司的业务。他似乎属于前一个阵营。他将通用汽车(GM)和福特汽车(F)股票评级为买入。这两只股票的市盈率为个位数。特斯拉的市盈率约为2022年预期市盈率的100倍。</blockquote></p><p> He raised his price target because, despite believing the company is overvalued, things are looking good going into the third-quarter earnings release due October 20.</p><p><blockquote>他提高了目标价，因为尽管他认为该公司被高估，但在10月20日发布的第三季度财报中，情况看起来不错。</blockquote></p><p> For the third quarter, Wall Street is looking for about $1.50 in per-share earnings from $13.5 billion in sales. The company earned $1.45 in adjusted per-share earnings from $12 billion in sales during the second quarter.</p><p><blockquote>华尔街预计第三季度销售额为135亿美元，每股收益约为1.5美元。该公司第二季度销售额为120亿美元，调整后每股收益为1.45美元。</blockquote></p><p> Tesla stock has been on a strong run, reflecting the good setup into earnings. Shares are up about 21% over the past three months. The&nbsp;S&amp;P 500&nbsp;and&nbsp;Dow Jones Industrial Average&nbsp;are both down slightly over the same span.</p><p><blockquote>特斯拉股价一直表现强劲，反映出盈利状况良好。过去三个月股价上涨了约21%。标准普尔500指数和道琼斯工业平均指数同期均小幅下跌。</blockquote></p><p> Its stock rose 0.4% to $821.75 in premarket trading.</p><p><blockquote>其股价在盘前交易中上涨0.4%至821.75美元。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/tesla-stock-price-51634217724?mod=hp_LATEST\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.barrons.com/articles/tesla-stock-price-51634217724?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1128641889","content_text":"Tesla is the world’s most valuable car stock. Even the bears admit it.\nThursday, Barclays analyst Brian Johnson raised his price target for Tesla (ticker: TSLA) stock to $300 from $230. He still rates shares the equivalent of Sell, though. And Tesla stock closed Thursday at $818.32—nowhere near $300. Still, his price target was bumped to an important level in one respect.\nAt $300, Johnson is saying that Tesla stock is worth about $300 billion. (Tesla has about 1 billion shares outstanding, making the math easy.) That’s more than Toyota Motor’s (TM) market capitalization of about $287 billion. Another analyst now believes there is no more valuable car company than Tesla.\nTesla remains a very controversial stock on Wall Street. Analyst price targets—even removing the top and bottom targets to reduce skew—range from $150 to $1,080 a share. The $930 bull-bear spread is more than 100% of the current stock price and two to three times wider than the average spread for large stocks.\nThe bull-bear spread for Microsoft (MSFT), for instance, is about $100 a share or roughly 33% of the stock’s recent $296.31 price.\nThe Tesla controversy boils down, in large part, to a debate about what Tesla is. Bears believe it is a car company and that competition will erode its margins and slow its growth. Bulls believe Tesla is a platform tech company with many businesses—such as stationary power—along with its core car operations and that Tesla’s lead over automotive peers in things such as autonomous driving and battery management software will enable high growth for a decade while maintaining leading EV market share.\nJohnson, for his part, is a traditional auto analyst covering more than 20 companies. He appears to fall in the former camp. He rates General Motors (GM) and Ford Motor (F) stock Buy. Those two stocks trade for single-digit price-to-earnings ratios. Tesla trades for roughly 100 times estimated 2022 earnings.\nHe raised his price target because, despite believing the company is overvalued, things are looking good going into the third-quarter earnings release due October 20.\nFor the third quarter, Wall Street is looking for about $1.50 in per-share earnings from $13.5 billion in sales. The company earned $1.45 in adjusted per-share earnings from $12 billion in sales during the second quarter.\nTesla stock has been on a strong run, reflecting the good setup into earnings. Shares are up about 21% over the past three months. The S&P 500 and Dow Jones Industrial Average are both down slightly over the same span.\nIts stock rose 0.4% to $821.75 in premarket trading.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":650,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":153631133,"gmtCreate":1625020566422,"gmtModify":1633945747461,"author":{"id":"3577997605150210","authorId":"3577997605150210","name":"Suba","avatar":"https://static.tigerbbs.com/053ae4273b989a37e570ad5f7b35a6d6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577997605150210","idStr":"3577997605150210"},"themes":[],"htmlText":"Well","listText":"Well","text":"Well","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/153631133","repostId":"1122418477","repostType":4,"isVote":1,"tweetType":1,"viewCount":359,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802471491,"gmtCreate":1627800570713,"gmtModify":1633756245529,"author":{"id":"3577997605150210","authorId":"3577997605150210","name":"Suba","avatar":"https://static.tigerbbs.com/053ae4273b989a37e570ad5f7b35a6d6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577997605150210","idStr":"3577997605150210"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/802471491","repostId":"2155001152","repostType":4,"isVote":1,"tweetType":1,"viewCount":418,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":142260306,"gmtCreate":1626153386505,"gmtModify":1633929575976,"author":{"id":"3577997605150210","authorId":"3577997605150210","name":"Suba","avatar":"https://static.tigerbbs.com/053ae4273b989a37e570ad5f7b35a6d6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577997605150210","idStr":"3577997605150210"},"themes":[],"htmlText":"That’s good","listText":"That’s good","text":"That’s good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/142260306","repostId":"1101566017","repostType":4,"isVote":1,"tweetType":1,"viewCount":333,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":851229852,"gmtCreate":1634911175502,"gmtModify":1634911409396,"author":{"id":"3577997605150210","authorId":"3577997605150210","name":"Suba","avatar":"https://static.tigerbbs.com/053ae4273b989a37e570ad5f7b35a6d6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577997605150210","idStr":"3577997605150210"},"themes":[],"htmlText":"Still can buy?","listText":"Still can buy?","text":"Still can buy?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/851229852","repostId":"1154277407","repostType":4,"repost":{"id":"1154277407","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":1634910256,"share":"https://www.laohu8.com/m/news/1154277407?lang=zh_CN&edition=full","pubTime":"2021-10-22 21:44","market":"us","language":"en","title":"Tesla soared nearly 1% and reached an all-time high at 903.32<blockquote>特斯拉大涨近1%创903.32历史新高</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1154277407","media":"Tiger Newspress","summary":"Tesla soared nearly 1% and reached an all-time high at 903.32.On the morning of October 21st, Tesla","content":"<p>Tesla&nbsp;soared nearly&nbsp;1% and reached an all-time high at&nbsp;903.32.<img src=\"https://static.tigerbbs.com/9efe14c5fd20d7c4f39cc2a21c93b034\" tg-width=\"1039\" tg-height=\"554\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\">On the morning of October 21st, Tesla Motors announced its financial results for the third quarter of 2021.</p><p><blockquote>特斯拉飙升近1%，达到903.32的历史新高。10月21日早间，特斯拉公布2021年第三季度财务业绩。</blockquote></p><p> The financial report shows that Tesla Motors's third-quarter revenue was 13.757 billion US dollars, a year-on-year increase of 57%; The net profit attributable to ordinary shareholders was US $1.618 billion, a year-on-year increase of 389%; Diluted earnings per share was $1.44, compared with $0.27 in the same period last year.</p><p><blockquote>财报显示，特斯拉第三季度营收137.57亿美元，同比增长57%；归属于普通股股东的净利润16.18亿美元，同比增长389%；摊薄后每股收益为1.44美元，上年同期为0.27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>Tesla soared nearly 1% and reached an all-time high at 903.32<blockquote>特斯拉大涨近1%创903.32历史新高</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla soared nearly 1% and reached an all-time high at 903.32<blockquote>特斯拉大涨近1%创903.32历史新高</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\">2021-10-22 21:44</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Tesla&nbsp;soared nearly&nbsp;1% and reached an all-time high at&nbsp;903.32.<img src=\"https://static.tigerbbs.com/9efe14c5fd20d7c4f39cc2a21c93b034\" tg-width=\"1039\" tg-height=\"554\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\">On the morning of October 21st, Tesla Motors announced its financial results for the third quarter of 2021.</p><p><blockquote>特斯拉飙升近1%，达到903.32的历史新高。10月21日早间，特斯拉公布2021年第三季度财务业绩。</blockquote></p><p> The financial report shows that Tesla Motors's third-quarter revenue was 13.757 billion US dollars, a year-on-year increase of 57%; The net profit attributable to ordinary shareholders was US $1.618 billion, a year-on-year increase of 389%; Diluted earnings per share was $1.44, compared with $0.27 in the same period last year.</p><p><blockquote>财报显示，特斯拉第三季度营收137.57亿美元，同比增长57%；归属于普通股股东的净利润16.18亿美元，同比增长389%；摊薄后每股收益为1.44美元，上年同期为0.27美元。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154277407","content_text":"Tesla soared nearly 1% and reached an all-time high at 903.32.On the morning of October 21st, Tesla Motors announced its financial results for the third quarter of 2021.\nThe financial report shows that Tesla Motors's third-quarter revenue was 13.757 billion US dollars, a year-on-year increase of 57%; The net profit attributable to ordinary shareholders was US $1.618 billion, a year-on-year increase of 389%; Diluted earnings per share was $1.44, compared with $0.27 in the same period last year.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":2339,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":895162732,"gmtCreate":1628729317826,"gmtModify":1633744794493,"author":{"id":"3577997605150210","authorId":"3577997605150210","name":"Suba","avatar":"https://static.tigerbbs.com/053ae4273b989a37e570ad5f7b35a6d6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577997605150210","idStr":"3577997605150210"},"themes":[],"htmlText":"Buy then","listText":"Buy then","text":"Buy then","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/895162732","repostId":"1146833505","repostType":4,"isVote":1,"tweetType":1,"viewCount":411,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":174443922,"gmtCreate":1627131915166,"gmtModify":1633767738726,"author":{"id":"3577997605150210","authorId":"3577997605150210","name":"Suba","avatar":"https://static.tigerbbs.com/053ae4273b989a37e570ad5f7b35a6d6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577997605150210","idStr":"3577997605150210"},"themes":[],"htmlText":"Wah","listText":"Wah","text":"Wah","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":11,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/174443922","repostId":"1109439356","repostType":4,"isVote":1,"tweetType":1,"viewCount":572,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":143666228,"gmtCreate":1625792200164,"gmtModify":1633937307350,"author":{"id":"3577997605150210","authorId":"3577997605150210","name":"Suba","avatar":"https://static.tigerbbs.com/053ae4273b989a37e570ad5f7b35a6d6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577997605150210","idStr":"3577997605150210"},"themes":[],"htmlText":"Well","listText":"Well","text":"Well","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/143666228","repostId":"1195657546","repostType":4,"isVote":1,"tweetType":1,"viewCount":439,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":818971827,"gmtCreate":1630373296369,"gmtModify":1704959275475,"author":{"id":"3577997605150210","authorId":"3577997605150210","name":"Suba","avatar":"https://static.tigerbbs.com/053ae4273b989a37e570ad5f7b35a6d6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577997605150210","idStr":"3577997605150210"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/818971827","repostId":"2163833181","repostType":4,"isVote":1,"tweetType":1,"viewCount":851,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":813701360,"gmtCreate":1630241359950,"gmtModify":1704957376938,"author":{"id":"3577997605150210","authorId":"3577997605150210","name":"Suba","avatar":"https://static.tigerbbs.com/053ae4273b989a37e570ad5f7b35a6d6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577997605150210","idStr":"3577997605150210"},"themes":[],"htmlText":"Oh nice","listText":"Oh nice","text":"Oh nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/813701360","repostId":"1129129956","repostType":4,"repost":{"id":"1129129956","kind":"news","pubTimestamp":1630201285,"share":"https://www.laohu8.com/m/news/1129129956?lang=zh_CN&edition=full","pubTime":"2021-08-29 09:41","market":"us","language":"en","title":"This Unloved Tech Stock Could Make You Rich One Day<blockquote>这只不受欢迎的科技股有一天会让你变得富有</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1129129956","media":"Motley Fool","summary":"The iBuying business is a race to grow larger, and Opendoor is winning.The company is growing at a rate that is two years ahead of what management projected just a year earlier.The market is bearish on virtually all SPACs, making Opendoor a bargain that could eventually bring huge returns.Real estate iBuying company Opendoor Technologieshas been executing at a high level in the three quarters since coming public via a special purpose acquisition company  merger. In a race to disrupt residential ","content":"<p>Key Points</p><p><blockquote>要点</blockquote></p><p> <ul>  <li>The iBuying business is a race to grow larger, and Opendoor is winning.</li>  <li>The company is growing at a rate that is two years ahead of what management projected just a year earlier.</li>  <li>The market is bearish on virtually all SPACs, making Opendoor a bargain that could eventually bring huge returns.</li> </ul> </p><p><blockquote><ul><li>iBuying业务是一场做大的竞赛，Opendoor正在获胜。</li><li>该公司的增长速度比管理层一年前的预测提前了两年。</li><li>市场对几乎所有SPAC都持悲观态度，这使得Opendoor成为最终可能带来巨额回报的便宜货。</li></ul></blockquote></p><p> Real estate iBuying company&nbsp;<b>Opendoor Technologies</b>(NASDAQ:OPEN)has been executing at a high level in the three quarters since coming public via a special purpose acquisition company (SPAC) merger. In a race to disrupt residential real estate, one of the largest markets in the world, Opendoor's long-term potential could bring big returns for patient investors.</p><p><blockquote>房地产iBuying公司<b>开门技术</b>（纳斯达克：OPEN）自通过特殊目的收购公司（SPAC）合并上市以来，三个季度的执行情况一直处于高水平。在颠覆全球最大市场之一住宅房地产的竞赛中，Opendoor的长期潜力可能会为耐心的投资者带来丰厚的回报。</blockquote></p><p> Despite the upside, the market hasn't yet appreciated Opendoor's accomplishments; the stock is down more than 50% from its highs. There are three important clues that Opendoor could be a compelling investment idea for bold investors.</p><p><blockquote>尽管有上行空间，市场尚未欣赏Opendoor的成就；该股较高点下跌超过50%。有三个重要线索表明，对于大胆的投资者来说，Opendoor可能是一个引人注目的投资理念。</blockquote></p><p> <h3>1. Opendoor is winning the iBuying battle</h3> The traditional home-buying process in the United States is slow and handled by multiple parties, including agents, lawyers, inspectors, and bankers. This creates a lot of back and forth paperwork and drags the process out to more than 30 days, on average.</p><p><blockquote><h3>1.Opendoor正在赢得iBuying之战</h3>美国传统的购房流程缓慢，由多方处理，包括代理人、律师、检查员和银行家。这造成了大量来回的文书工作，平均将流程拖到30多天。</blockquote></p><p> Opendoor pioneered the concept of \"iBuying,\" where the buying and selling of a house are digitized, and a company like Opendoor works directly with sellers to provide them with a cash offer and a digital closing process. The company then resells the house on the market. The iBuying process cuts out agents and some of the fees associated with traditional closings, such as agent commissions. Opendoor then resells the house on the market and charges a service fee of up to 5% on the transaction.</p><p><blockquote>Opendoor开创了“iBuying”的概念，即房屋的买卖是数字化的，像Opendoor这样的公司直接与卖家合作，为他们提供现金报价和数字化成交流程。然后公司在市场上转售房子。iBuying流程省去了代理商和一些与传统成交相关的费用，如代理商佣金。然后Opendoor在市场上转售房屋，并收取高达5%的交易服务费。</blockquote></p><p> After seeing Opendoor steadily grow with its iBuying concept, competitors have also begun to offer iBuying services, including&nbsp;<b>Zillow Group</b>&nbsp;and Offerpad. Because of how capital intensive the business is (a lot of money is needed to buy and sell thousands of houses) and how price competitive the housing market is, these companies are racing to get as big as possible. As the companies buy and sell more homes, they have the ability to become more profitable by leveraging outsourced contractors to save money, and its pricing algorithm improves as it sees more transactions.</p><p><blockquote>在看到Opendoor凭借iBuying概念稳步增长后，竞争对手也开始提供iBuying服务，包括<b>Zillow集团</b>和Offerpad。由于该业务的资本密集型程度（买卖数千套房屋需要大量资金）以及房地产市场的价格竞争力，这些公司都在竞相做大。随着公司买卖更多房屋，他们有能力通过利用外包承包商来节省资金来获得更多利润，并且随着交易数量的增加，其定价算法也会改进。</blockquote></p><p> According to iBuyerStats, a website dedicated to tracking the competitors found in iBuying, Opendoor has consistently had the most housing inventory available for sale. It currently has roughly 3,300 houses for sale, 53% more than Zillow and more than four times as many as Offerpad.</p><p><blockquote>根据专门跟踪iBuying竞争对手的网站iBuyerStats的数据，Opendoor一直拥有最多的待售房屋库存。该公司目前约有3,300套待售房屋，比Zillow多53%，是Offerpad的四倍多。</blockquote></p><p> <h3>2. Revenue growth is ahead of schedule</h3> When companies go public viaSPACmerger, they lay out a public presentation of their business, often including long-term growth projections. Opendoor laid out its pre-merger investor presentation about a year ago, in September 2020.</p><p><blockquote><h3>2、营收增速提前</h3>当公司通过SpacMerger上市时，他们会公开介绍自己的业务，通常包括长期增长预测。大约一年前，即2020年9月，Opendoor发布了合并前投资者演示文稿。</blockquote></p><p> Fast forward to the company's recent 2021 Q2 earnings call. CEO and founder Eric Wu said on the earnings call, \"... based on our current progress, our second half revenue run rate is on track to exceed our 2023 target, a full two years ahead of plan.\"</p><p><blockquote>快进到该公司最近的2021年第二季度收益看涨期权。首席执行官兼创始人Eric Wu在财报看涨期权上表示，“……根据我们目前的进展，我们下半年的收入运行率有望超过2023年的目标，比计划提前了整整两年。”</blockquote></p><p> In other words, if Opendoor were to operate for 12 months at the level the business currently is, it would surpass the $9.8 billion in revenue it projected for 2023. This is an underlooked point because if Opendoor is already two years ahead of its original growth curve, where will it be by 2023? Sure, a dip in the housing market or other events could disrupt the company's speed of growth, but Opendoor is showing the world that the business is operating at a high level.</p><p><blockquote>换句话说，如果Opendoor按照目前的业务水平运营12个月，它将超过2023年预计的98亿美元收入。这是一个被忽视的点，因为如果Opendoor已经比其最初的增长曲线提前了两年，那么到2023年它会在哪里？当然，房地产市场下滑或其他事件可能会扰乱公司的增长速度，但Opendoor正在向世界展示该业务正在高水平运营。</blockquote></p><p> <h3>3. SPACs are out of favor with the market... opportunity?</h3> Investors have overlooked this strong performance, focusing instead on the fact that Opendoor joined the public market via SPAC merger. It has hardly mattered what operating results or earnings have looked like for former SPACs; the stock market has been selling off virtually all SPAC-based stocks for several months now.</p><p><blockquote><h3>3、SPAC失宠于市场……机会？</h3>投资者忽略了这一强劲表现，而是关注Opendoor通过SPAC合并加入公开市场的事实。对于前SPAC来说，经营业绩或收益如何并不重要；几个月来，股市几乎一直在抛售所有基于SPAC的股票。</blockquote></p><p> Investors have been spooked by a handful of \"bad apple\" companies turning up fraudulent, and other companies have wildly missed on the projections they made before going public. These instances have burned those involved, and investors have taken a much more cautious attitude toward SPACs as a whole.</p><p><blockquote>投资者对少数“不良苹果”公司的欺诈行为感到震惊，而其他公司也严重未能实现上市前的预测。这些事件伤害了相关人员，投资者对SPAC整体采取了更加谨慎的态度。</blockquote></p><p> But if companies like Opendoor keep blowing away estimates, the market is likely to come around eventually. When it does, the stock price could move aggressively. If we take Eric Wu's comments about revenue and assume that Opendoor does sales of $10 billion in 2022 (in other words, Opendoor stops growing and maintains its current pace over the following year), the stock currently trades at aprice-to-sales(P/S) ratio of just 1.0. That's a bargain-bin valuation.</p><p><blockquote>但如果像Opendoor这样的公司继续超出预期，市场最终可能会好转。当这种情况发生时，股价可能会大幅波动。如果我们采纳Eric Wu对收入的评论，并假设Opendoor在2022年的销售额为100亿美元（换句话说，Opendoor在接下来的一年里停止增长并保持目前的速度），那么该股目前的市销率(P/S)比率仅为1.0。这是一个便宜的估值。</blockquote></p><p> Competitor Zillow Group trades at a P/S ratio of more than 3, reflecting Opendoor's discount as a former SPAC.</p><p><blockquote>竞争对手Zillow Group的市盈率超过3，反映了Opendoor作为前SPAC的折扣。</blockquote></p><p></p><p> <h3>Here's the bottom line</h3> Real estate is a huge market, and it's a complicated industry because of the clash between traditional agents and the \"new kids\" on the block trying to bring technology into homebuying. It's too early to say that Opendoor will become the \"<b>Amazon</b>\" of home buying, but what seems certain is that the company is&nbsp;poised to be a big player&nbsp;in real estate's future if it keeps performing like this.</p><p><blockquote><h3>这是底线</h3>房地产是一个巨大的市场，也是一个复杂的行业，因为传统代理商和试图将技术引入购房的“新人”之间存在冲突。现在说Opendoor将成为“<b>亚马逊</b>“但似乎可以肯定的是，如果该公司继续保持这样的表现，它将成为房地产未来的重要参与者。</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>This Unloved Tech Stock Could Make You Rich One Day<blockquote>这只不受欢迎的科技股有一天会让你变得富有</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThis Unloved Tech Stock Could Make You Rich One Day<blockquote>这只不受欢迎的科技股有一天会让你变得富有</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-08-29 09:41</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Key Points</p><p><blockquote>要点</blockquote></p><p> <ul>  <li>The iBuying business is a race to grow larger, and Opendoor is winning.</li>  <li>The company is growing at a rate that is two years ahead of what management projected just a year earlier.</li>  <li>The market is bearish on virtually all SPACs, making Opendoor a bargain that could eventually bring huge returns.</li> </ul> </p><p><blockquote><ul><li>iBuying业务是一场做大的竞赛，Opendoor正在获胜。</li><li>该公司的增长速度比管理层一年前的预测提前了两年。</li><li>市场对几乎所有SPAC都持悲观态度，这使得Opendoor成为最终可能带来巨额回报的便宜货。</li></ul></blockquote></p><p> Real estate iBuying company&nbsp;<b>Opendoor Technologies</b>(NASDAQ:OPEN)has been executing at a high level in the three quarters since coming public via a special purpose acquisition company (SPAC) merger. In a race to disrupt residential real estate, one of the largest markets in the world, Opendoor's long-term potential could bring big returns for patient investors.</p><p><blockquote>房地产iBuying公司<b>开门技术</b>（纳斯达克：OPEN）自通过特殊目的收购公司（SPAC）合并上市以来，三个季度的执行情况一直处于高水平。在颠覆全球最大市场之一住宅房地产的竞赛中，Opendoor的长期潜力可能会为耐心的投资者带来丰厚的回报。</blockquote></p><p> Despite the upside, the market hasn't yet appreciated Opendoor's accomplishments; the stock is down more than 50% from its highs. There are three important clues that Opendoor could be a compelling investment idea for bold investors.</p><p><blockquote>尽管有上行空间，市场尚未欣赏Opendoor的成就；该股较高点下跌超过50%。有三个重要线索表明，对于大胆的投资者来说，Opendoor可能是一个引人注目的投资理念。</blockquote></p><p> <h3>1. Opendoor is winning the iBuying battle</h3> The traditional home-buying process in the United States is slow and handled by multiple parties, including agents, lawyers, inspectors, and bankers. This creates a lot of back and forth paperwork and drags the process out to more than 30 days, on average.</p><p><blockquote><h3>1.Opendoor正在赢得iBuying之战</h3>美国传统的购房流程缓慢，由多方处理，包括代理人、律师、检查员和银行家。这造成了大量来回的文书工作，平均将流程拖到30多天。</blockquote></p><p> Opendoor pioneered the concept of \"iBuying,\" where the buying and selling of a house are digitized, and a company like Opendoor works directly with sellers to provide them with a cash offer and a digital closing process. The company then resells the house on the market. The iBuying process cuts out agents and some of the fees associated with traditional closings, such as agent commissions. Opendoor then resells the house on the market and charges a service fee of up to 5% on the transaction.</p><p><blockquote>Opendoor开创了“iBuying”的概念，即房屋的买卖是数字化的，像Opendoor这样的公司直接与卖家合作，为他们提供现金报价和数字化成交流程。然后公司在市场上转售房子。iBuying流程省去了代理商和一些与传统成交相关的费用，如代理商佣金。然后Opendoor在市场上转售房屋，并收取高达5%的交易服务费。</blockquote></p><p> After seeing Opendoor steadily grow with its iBuying concept, competitors have also begun to offer iBuying services, including&nbsp;<b>Zillow Group</b>&nbsp;and Offerpad. Because of how capital intensive the business is (a lot of money is needed to buy and sell thousands of houses) and how price competitive the housing market is, these companies are racing to get as big as possible. As the companies buy and sell more homes, they have the ability to become more profitable by leveraging outsourced contractors to save money, and its pricing algorithm improves as it sees more transactions.</p><p><blockquote>在看到Opendoor凭借iBuying概念稳步增长后，竞争对手也开始提供iBuying服务，包括<b>Zillow集团</b>和Offerpad。由于该业务的资本密集型程度（买卖数千套房屋需要大量资金）以及房地产市场的价格竞争力，这些公司都在竞相做大。随着公司买卖更多房屋，他们有能力通过利用外包承包商来节省资金来获得更多利润，并且随着交易数量的增加，其定价算法也会改进。</blockquote></p><p> According to iBuyerStats, a website dedicated to tracking the competitors found in iBuying, Opendoor has consistently had the most housing inventory available for sale. It currently has roughly 3,300 houses for sale, 53% more than Zillow and more than four times as many as Offerpad.</p><p><blockquote>根据专门跟踪iBuying竞争对手的网站iBuyerStats的数据，Opendoor一直拥有最多的待售房屋库存。该公司目前约有3,300套待售房屋，比Zillow多53%，是Offerpad的四倍多。</blockquote></p><p> <h3>2. Revenue growth is ahead of schedule</h3> When companies go public viaSPACmerger, they lay out a public presentation of their business, often including long-term growth projections. Opendoor laid out its pre-merger investor presentation about a year ago, in September 2020.</p><p><blockquote><h3>2、营收增速提前</h3>当公司通过SpacMerger上市时，他们会公开介绍自己的业务，通常包括长期增长预测。大约一年前，即2020年9月，Opendoor发布了合并前投资者演示文稿。</blockquote></p><p> Fast forward to the company's recent 2021 Q2 earnings call. CEO and founder Eric Wu said on the earnings call, \"... based on our current progress, our second half revenue run rate is on track to exceed our 2023 target, a full two years ahead of plan.\"</p><p><blockquote>快进到该公司最近的2021年第二季度收益看涨期权。首席执行官兼创始人Eric Wu在财报看涨期权上表示，“……根据我们目前的进展，我们下半年的收入运行率有望超过2023年的目标，比计划提前了整整两年。”</blockquote></p><p> In other words, if Opendoor were to operate for 12 months at the level the business currently is, it would surpass the $9.8 billion in revenue it projected for 2023. This is an underlooked point because if Opendoor is already two years ahead of its original growth curve, where will it be by 2023? Sure, a dip in the housing market or other events could disrupt the company's speed of growth, but Opendoor is showing the world that the business is operating at a high level.</p><p><blockquote>换句话说，如果Opendoor按照目前的业务水平运营12个月，它将超过2023年预计的98亿美元收入。这是一个被忽视的点，因为如果Opendoor已经比其最初的增长曲线提前了两年，那么到2023年它会在哪里？当然，房地产市场下滑或其他事件可能会扰乱公司的增长速度，但Opendoor正在向世界展示该业务正在高水平运营。</blockquote></p><p> <h3>3. SPACs are out of favor with the market... opportunity?</h3> Investors have overlooked this strong performance, focusing instead on the fact that Opendoor joined the public market via SPAC merger. It has hardly mattered what operating results or earnings have looked like for former SPACs; the stock market has been selling off virtually all SPAC-based stocks for several months now.</p><p><blockquote><h3>3、SPAC失宠于市场……机会？</h3>投资者忽略了这一强劲表现，而是关注Opendoor通过SPAC合并加入公开市场的事实。对于前SPAC来说，经营业绩或收益如何并不重要；几个月来，股市几乎一直在抛售所有基于SPAC的股票。</blockquote></p><p> Investors have been spooked by a handful of \"bad apple\" companies turning up fraudulent, and other companies have wildly missed on the projections they made before going public. These instances have burned those involved, and investors have taken a much more cautious attitude toward SPACs as a whole.</p><p><blockquote>投资者对少数“不良苹果”公司的欺诈行为感到震惊，而其他公司也严重未能实现上市前的预测。这些事件伤害了相关人员，投资者对SPAC整体采取了更加谨慎的态度。</blockquote></p><p> But if companies like Opendoor keep blowing away estimates, the market is likely to come around eventually. When it does, the stock price could move aggressively. If we take Eric Wu's comments about revenue and assume that Opendoor does sales of $10 billion in 2022 (in other words, Opendoor stops growing and maintains its current pace over the following year), the stock currently trades at aprice-to-sales(P/S) ratio of just 1.0. That's a bargain-bin valuation.</p><p><blockquote>但如果像Opendoor这样的公司继续超出预期，市场最终可能会好转。当这种情况发生时，股价可能会大幅波动。如果我们采纳Eric Wu对收入的评论，并假设Opendoor在2022年的销售额为100亿美元（换句话说，Opendoor在接下来的一年里停止增长并保持目前的速度），那么该股目前的市销率(P/S)比率仅为1.0。这是一个便宜的估值。</blockquote></p><p> Competitor Zillow Group trades at a P/S ratio of more than 3, reflecting Opendoor's discount as a former SPAC.</p><p><blockquote>竞争对手Zillow Group的市盈率超过3，反映了Opendoor作为前SPAC的折扣。</blockquote></p><p></p><p> <h3>Here's the bottom line</h3> Real estate is a huge market, and it's a complicated industry because of the clash between traditional agents and the \"new kids\" on the block trying to bring technology into homebuying. It's too early to say that Opendoor will become the \"<b>Amazon</b>\" of home buying, but what seems certain is that the company is&nbsp;poised to be a big player&nbsp;in real estate's future if it keeps performing like this.</p><p><blockquote><h3>这是底线</h3>房地产是一个巨大的市场，也是一个复杂的行业，因为传统代理商和试图将技术引入购房的“新人”之间存在冲突。现在说Opendoor将成为“<b>亚马逊</b>“但似乎可以肯定的是，如果该公司继续保持这样的表现，它将成为房地产未来的重要参与者。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/08/28/this-unloved-tech-stock-may-make-you-rich-one-day/\">Motley Fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"OPEN":"Opendoor Technologies Inc"},"source_url":"https://www.fool.com/investing/2021/08/28/this-unloved-tech-stock-may-make-you-rich-one-day/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129129956","content_text":"Key Points\n\nThe iBuying business is a race to grow larger, and Opendoor is winning.\nThe company is growing at a rate that is two years ahead of what management projected just a year earlier.\nThe market is bearish on virtually all SPACs, making Opendoor a bargain that could eventually bring huge returns.\n\n\nReal estate iBuying company Opendoor Technologies(NASDAQ:OPEN)has been executing at a high level in the three quarters since coming public via a special purpose acquisition company (SPAC) merger. In a race to disrupt residential real estate, one of the largest markets in the world, Opendoor's long-term potential could bring big returns for patient investors.\nDespite the upside, the market hasn't yet appreciated Opendoor's accomplishments; the stock is down more than 50% from its highs. There are three important clues that Opendoor could be a compelling investment idea for bold investors.\n1. Opendoor is winning the iBuying battle\nThe traditional home-buying process in the United States is slow and handled by multiple parties, including agents, lawyers, inspectors, and bankers. This creates a lot of back and forth paperwork and drags the process out to more than 30 days, on average.\nOpendoor pioneered the concept of \"iBuying,\" where the buying and selling of a house are digitized, and a company like Opendoor works directly with sellers to provide them with a cash offer and a digital closing process. The company then resells the house on the market. The iBuying process cuts out agents and some of the fees associated with traditional closings, such as agent commissions. Opendoor then resells the house on the market and charges a service fee of up to 5% on the transaction.\nAfter seeing Opendoor steadily grow with its iBuying concept, competitors have also begun to offer iBuying services, including Zillow Group and Offerpad. Because of how capital intensive the business is (a lot of money is needed to buy and sell thousands of houses) and how price competitive the housing market is, these companies are racing to get as big as possible. As the companies buy and sell more homes, they have the ability to become more profitable by leveraging outsourced contractors to save money, and its pricing algorithm improves as it sees more transactions.\nAccording to iBuyerStats, a website dedicated to tracking the competitors found in iBuying, Opendoor has consistently had the most housing inventory available for sale. It currently has roughly 3,300 houses for sale, 53% more than Zillow and more than four times as many as Offerpad.\n2. Revenue growth is ahead of schedule\nWhen companies go public viaSPACmerger, they lay out a public presentation of their business, often including long-term growth projections. Opendoor laid out its pre-merger investor presentation about a year ago, in September 2020.\nFast forward to the company's recent 2021 Q2 earnings call. CEO and founder Eric Wu said on the earnings call, \"... based on our current progress, our second half revenue run rate is on track to exceed our 2023 target, a full two years ahead of plan.\"\nIn other words, if Opendoor were to operate for 12 months at the level the business currently is, it would surpass the $9.8 billion in revenue it projected for 2023. This is an underlooked point because if Opendoor is already two years ahead of its original growth curve, where will it be by 2023? Sure, a dip in the housing market or other events could disrupt the company's speed of growth, but Opendoor is showing the world that the business is operating at a high level.\n3. SPACs are out of favor with the market... opportunity?\nInvestors have overlooked this strong performance, focusing instead on the fact that Opendoor joined the public market via SPAC merger. It has hardly mattered what operating results or earnings have looked like for former SPACs; the stock market has been selling off virtually all SPAC-based stocks for several months now.\nInvestors have been spooked by a handful of \"bad apple\" companies turning up fraudulent, and other companies have wildly missed on the projections they made before going public. These instances have burned those involved, and investors have taken a much more cautious attitude toward SPACs as a whole.\nBut if companies like Opendoor keep blowing away estimates, the market is likely to come around eventually. When it does, the stock price could move aggressively. If we take Eric Wu's comments about revenue and assume that Opendoor does sales of $10 billion in 2022 (in other words, Opendoor stops growing and maintains its current pace over the following year), the stock currently trades at aprice-to-sales(P/S) ratio of just 1.0. That's a bargain-bin valuation.\nCompetitor Zillow Group trades at a P/S ratio of more than 3, reflecting Opendoor's discount as a former SPAC.\nHere's the bottom line\nReal estate is a huge market, and it's a complicated industry because of the clash between traditional agents and the \"new kids\" on the block trying to bring technology into homebuying. It's too early to say that Opendoor will become the \"Amazon\" of home buying, but what seems certain is that the company is poised to be a big player in real estate's future if it keeps performing like this.","news_type":1,"symbols_score_info":{"OPEN":0.9}},"isVote":1,"tweetType":1,"viewCount":673,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":828628744,"gmtCreate":1633911575152,"gmtModify":1633911575269,"author":{"id":"3577997605150210","authorId":"3577997605150210","name":"Suba","avatar":"https://static.tigerbbs.com/053ae4273b989a37e570ad5f7b35a6d6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577997605150210","idStr":"3577997605150210"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/828628744","repostId":"2174974374","repostType":4,"isVote":1,"tweetType":1,"viewCount":657,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":866284413,"gmtCreate":1632785345832,"gmtModify":1632797599476,"author":{"id":"3577997605150210","authorId":"3577997605150210","name":"Suba","avatar":"https://static.tigerbbs.com/053ae4273b989a37e570ad5f7b35a6d6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577997605150210","idStr":"3577997605150210"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/866284413","repostId":"2170624172","repostType":4,"isVote":1,"tweetType":1,"viewCount":423,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":881516126,"gmtCreate":1631361540165,"gmtModify":1631890174238,"author":{"id":"3577997605150210","authorId":"3577997605150210","name":"Suba","avatar":"https://static.tigerbbs.com/053ae4273b989a37e570ad5f7b35a6d6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577997605150210","idStr":"3577997605150210"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/881516126","repostId":"1147045390","repostType":4,"repost":{"id":"1147045390","kind":"news","pubTimestamp":1631321547,"share":"https://www.laohu8.com/m/news/1147045390?lang=zh_CN&edition=full","pubTime":"2021-09-11 08:52","market":"us","language":"en","title":"Why Apple’s Risk Is Limited<blockquote>为什么苹果的风险有限</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1147045390","media":"Barrons","summary":"Apple faces real, but limited, risk to its revenue and profits from Friday’s ruling that requires it to allow developers to offer alternative payment methods for purchases made in apps downloaded through the Apple app store.In a case filed by Fortnite publisher Epic Games, U.S. District Judge Yvonne Gonzalez Rogers issued a permanent injunction that requires Apple  to allow developers the option to include links to alternative payment methods in their apps. Apple’s own payment system takes a 30%","content":"<p>Apple faces real, but limited, risk to its revenue and profits from Friday’s ruling that requires it to allow developers to offer alternative payment methods for purchases made in apps downloaded through the Apple app store.</p><p><blockquote>周五的裁决要求苹果允许开发者为通过苹果应用商店下载的应用程序中的购买提供替代支付方式，这给其收入和利润带来了真实但有限的风险。</blockquote></p><p> In a case filed by Fortnite publisher Epic Games, U.S. District Judge Yvonne Gonzalez Rogers issued a permanent injunction that requires Apple (ticker: AAPL) to allow developers the option to include links to alternative payment methods in their apps. Apple’s own payment system takes a 30% cut from large developers.</p><p><blockquote>在堡垒之夜发行商Epic Games提起的案件中，美国地区法官Yvonne Gonzalez Rogers发布了一项永久禁令，要求苹果（股票代码：AAPL）允许开发者选择在其应用程序中包含替代支付方式的链接。苹果自己的支付系统从大型开发商那里收取30%的提成。</blockquote></p><p> Data from the app tracker SensorTower shows that in calendar 2020, Apple had overall revenue from the App Store of $72.3 billion, generating an estimated $21.7 billion in fees, or about 7% of Apple’s overall revenues. That includes $21 billion in spending in the U.S., generating about $6.3 billion in fees, or about 2% of annualized revenues.</p><p><blockquote>应用追踪器SensorTower的数据显示，2020年，苹果从App Store获得的总收入为723亿美元，产生的费用估计为217亿美元，约占苹果总收入的7%。其中包括在美国的210亿美元支出，产生约63亿美元的费用，约占年收入的2%。</blockquote></p><p> SensorTower estimates that mobile-game spending in the App Store in calendar 2020 was $47.6 billion, generating $14.3 billion in fees, or a little under 5% of Apple’s total revenues.</p><p><blockquote>SensorTower估计，2020年App Store中的手机游戏支出为476亿美元，产生143亿美元的费用，略低于苹果总收入的5%。</blockquote></p><p> Gene Munster, managing director of the venture firm Loup Capital and a former sell-side analyst with a long history of tracking Apple, estimated that the App Store accounts for about 14% of the company’s profits. But he sees limited risk from Friday’s ruling.</p><p><blockquote>风险投资公司Loup Capital董事总经理、长期跟踪苹果的前卖方分析师吉恩·蒙斯特(Gene Munster)估计，App Store约占该公司利润的14%。但他认为周五裁决的风险有限。</blockquote></p><p> Munster thinks most app developers will stay inside of the Apple system. He sees “at most” a 2% headwind to overall revenue, and a potential 4% hit to profits.</p><p><blockquote>蒙斯特认为大多数应用程序开发人员将留在苹果系统内。他认为整体收入“最多”会受到2%的阻力，利润可能会受到4%的打击。</blockquote></p><p> “After the first year of these changes, app store growth rates will return to normal,” he said. “Bottom line, it’s at most a one-year headwind and does not change the big picture of where Apple is going over the next 5 years.”</p><p><blockquote>“在这些变化的第一年之后，app store的增长率将恢复正常，”他说。“最重要的是，这最多是一年的逆风，不会改变苹果未来5年的发展方向。”</blockquote></p><p> Evercore ISI analyst Amit Daryanani said in a research note that the ruling is a setback for Apple, but that the eventual impact is likely to be manageable, given Apple has alternative ways to generate revenue from the store, including its growing in-store ad business. And he noted that Apple actually got a win on a bigger issue in the case: The judge rejected Epic’s assertion that the App Store is an illegal monopoly. Daryanani estimated the risk to Apple’s per-share earnings at 2% to 4%.</p><p><blockquote>Evercore ISI分析师Amit Daryanani在一份研究报告中表示，这一裁决对苹果来说是一次挫折，但鉴于苹果有其他方式从商店创收，包括其不断增长的店内广告业务，最终的影响可能是可控的。他指出，苹果实际上在该案中的一个更大问题上取得了胜利：法官驳回了Epic关于App Store是非法垄断的主张。Daryanani估计苹果每股收益面临的风险为2%至4%。</blockquote></p><p> Wedbush analyst Dan Ives told&nbsp;<i>Barron’s</i>&nbsp;he thinks the worst-case scenario is a 3% to 4% hit to revenues, describing the risk as a “rounding error.” While Ives said the Street had expected an across-the-board win for Apple, the mixed decision removes an overhang on the stock and that investors are likely relieved to put the issue to rest.</p><p><blockquote>Wedbush分析师Dan Ives告诉<i>巴伦周刊</i>他认为最坏的情况是收入受到3%至4%的打击，并将这种风险描述为“舍入误差”。虽然Ives表示，华尔街原本预计苹果会全面获胜，但这一喜忧参半的决定消除了该股的悬念，投资者可能会因为解决这个问题而松一口气。</blockquote></p><p> The ruling is more a positive for companies like&nbsp;Spotify Technology&nbsp;and&nbsp;Match Group&nbsp;than it is a negative for Apple, he said. Apple stock fell 3.3% to $148.97&nbsp;on&nbsp;Friday, while Spotify and March gained 0.7% and&nbsp;4.2%, respectively.</p><p><blockquote>他表示，这一裁决对Spotify Technology和Match Group等公司来说更多的是积极的，而不是对苹果的负面影响。苹果股价周五下跌3.3%，至148.97美元，Spotify和March分别上涨0.7%和4.</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>Why Apple’s Risk Is Limited<blockquote>为什么苹果的风险有限</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 Apple’s Risk Is Limited<blockquote>为什么苹果的风险有限</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-09-11 08:52</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Apple faces real, but limited, risk to its revenue and profits from Friday’s ruling that requires it to allow developers to offer alternative payment methods for purchases made in apps downloaded through the Apple app store.</p><p><blockquote>周五的裁决要求苹果允许开发者为通过苹果应用商店下载的应用程序中的购买提供替代支付方式，这给其收入和利润带来了真实但有限的风险。</blockquote></p><p> In a case filed by Fortnite publisher Epic Games, U.S. District Judge Yvonne Gonzalez Rogers issued a permanent injunction that requires Apple (ticker: AAPL) to allow developers the option to include links to alternative payment methods in their apps. Apple’s own payment system takes a 30% cut from large developers.</p><p><blockquote>在堡垒之夜发行商Epic Games提起的案件中，美国地区法官Yvonne Gonzalez Rogers发布了一项永久禁令，要求苹果（股票代码：AAPL）允许开发者选择在其应用程序中包含替代支付方式的链接。苹果自己的支付系统从大型开发商那里收取30%的提成。</blockquote></p><p> Data from the app tracker SensorTower shows that in calendar 2020, Apple had overall revenue from the App Store of $72.3 billion, generating an estimated $21.7 billion in fees, or about 7% of Apple’s overall revenues. That includes $21 billion in spending in the U.S., generating about $6.3 billion in fees, or about 2% of annualized revenues.</p><p><blockquote>应用追踪器SensorTower的数据显示，2020年，苹果从App Store获得的总收入为723亿美元，产生的费用估计为217亿美元，约占苹果总收入的7%。其中包括在美国的210亿美元支出，产生约63亿美元的费用，约占年收入的2%。</blockquote></p><p> SensorTower estimates that mobile-game spending in the App Store in calendar 2020 was $47.6 billion, generating $14.3 billion in fees, or a little under 5% of Apple’s total revenues.</p><p><blockquote>SensorTower估计，2020年App Store中的手机游戏支出为476亿美元，产生143亿美元的费用，略低于苹果总收入的5%。</blockquote></p><p> Gene Munster, managing director of the venture firm Loup Capital and a former sell-side analyst with a long history of tracking Apple, estimated that the App Store accounts for about 14% of the company’s profits. But he sees limited risk from Friday’s ruling.</p><p><blockquote>风险投资公司Loup Capital董事总经理、长期跟踪苹果的前卖方分析师吉恩·蒙斯特(Gene Munster)估计，App Store约占该公司利润的14%。但他认为周五裁决的风险有限。</blockquote></p><p> Munster thinks most app developers will stay inside of the Apple system. He sees “at most” a 2% headwind to overall revenue, and a potential 4% hit to profits.</p><p><blockquote>蒙斯特认为大多数应用程序开发人员将留在苹果系统内。他认为整体收入“最多”会受到2%的阻力，利润可能会受到4%的打击。</blockquote></p><p> “After the first year of these changes, app store growth rates will return to normal,” he said. “Bottom line, it’s at most a one-year headwind and does not change the big picture of where Apple is going over the next 5 years.”</p><p><blockquote>“在这些变化的第一年之后，app store的增长率将恢复正常，”他说。“最重要的是，这最多是一年的逆风，不会改变苹果未来5年的发展方向。”</blockquote></p><p> Evercore ISI analyst Amit Daryanani said in a research note that the ruling is a setback for Apple, but that the eventual impact is likely to be manageable, given Apple has alternative ways to generate revenue from the store, including its growing in-store ad business. And he noted that Apple actually got a win on a bigger issue in the case: The judge rejected Epic’s assertion that the App Store is an illegal monopoly. Daryanani estimated the risk to Apple’s per-share earnings at 2% to 4%.</p><p><blockquote>Evercore ISI分析师Amit Daryanani在一份研究报告中表示，这一裁决对苹果来说是一次挫折，但鉴于苹果有其他方式从商店创收，包括其不断增长的店内广告业务，最终的影响可能是可控的。他指出，苹果实际上在该案中的一个更大问题上取得了胜利：法官驳回了Epic关于App Store是非法垄断的主张。Daryanani估计苹果每股收益面临的风险为2%至4%。</blockquote></p><p> Wedbush analyst Dan Ives told&nbsp;<i>Barron’s</i>&nbsp;he thinks the worst-case scenario is a 3% to 4% hit to revenues, describing the risk as a “rounding error.” While Ives said the Street had expected an across-the-board win for Apple, the mixed decision removes an overhang on the stock and that investors are likely relieved to put the issue to rest.</p><p><blockquote>Wedbush分析师Dan Ives告诉<i>巴伦周刊</i>他认为最坏的情况是收入受到3%至4%的打击，并将这种风险描述为“舍入误差”。虽然Ives表示，华尔街原本预计苹果会全面获胜，但这一喜忧参半的决定消除了该股的悬念，投资者可能会因为解决这个问题而松一口气。</blockquote></p><p> The ruling is more a positive for companies like&nbsp;Spotify Technology&nbsp;and&nbsp;Match Group&nbsp;than it is a negative for Apple, he said. Apple stock fell 3.3% to $148.97&nbsp;on&nbsp;Friday, while Spotify and March gained 0.7% and&nbsp;4.2%, respectively.</p><p><blockquote>他表示，这一裁决对Spotify Technology和Match Group等公司来说更多的是积极的，而不是对苹果的负面影响。苹果股价周五下跌3.3%，至148.97美元，Spotify和March分别上涨0.7%和4.</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/apple-app-store-epic-51631304007?mod=hp_LEAD_1_B_2\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.barrons.com/articles/apple-app-store-epic-51631304007?mod=hp_LEAD_1_B_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1147045390","content_text":"Apple faces real, but limited, risk to its revenue and profits from Friday’s ruling that requires it to allow developers to offer alternative payment methods for purchases made in apps downloaded through the Apple app store.\nIn a case filed by Fortnite publisher Epic Games, U.S. District Judge Yvonne Gonzalez Rogers issued a permanent injunction that requires Apple (ticker: AAPL) to allow developers the option to include links to alternative payment methods in their apps. Apple’s own payment system takes a 30% cut from large developers.\nData from the app tracker SensorTower shows that in calendar 2020, Apple had overall revenue from the App Store of $72.3 billion, generating an estimated $21.7 billion in fees, or about 7% of Apple’s overall revenues. That includes $21 billion in spending in the U.S., generating about $6.3 billion in fees, or about 2% of annualized revenues.\nSensorTower estimates that mobile-game spending in the App Store in calendar 2020 was $47.6 billion, generating $14.3 billion in fees, or a little under 5% of Apple’s total revenues.\nGene Munster, managing director of the venture firm Loup Capital and a former sell-side analyst with a long history of tracking Apple, estimated that the App Store accounts for about 14% of the company’s profits. But he sees limited risk from Friday’s ruling.\nMunster thinks most app developers will stay inside of the Apple system. He sees “at most” a 2% headwind to overall revenue, and a potential 4% hit to profits.\n“After the first year of these changes, app store growth rates will return to normal,” he said. “Bottom line, it’s at most a one-year headwind and does not change the big picture of where Apple is going over the next 5 years.”\nEvercore ISI analyst Amit Daryanani said in a research note that the ruling is a setback for Apple, but that the eventual impact is likely to be manageable, given Apple has alternative ways to generate revenue from the store, including its growing in-store ad business. And he noted that Apple actually got a win on a bigger issue in the case: The judge rejected Epic’s assertion that the App Store is an illegal monopoly. Daryanani estimated the risk to Apple’s per-share earnings at 2% to 4%.\nWedbush analyst Dan Ives told Barron’s he thinks the worst-case scenario is a 3% to 4% hit to revenues, describing the risk as a “rounding error.” While Ives said the Street had expected an across-the-board win for Apple, the mixed decision removes an overhang on the stock and that investors are likely relieved to put the issue to rest.\nThe ruling is more a positive for companies like Spotify Technology and Match Group than it is a negative for Apple, he said. Apple stock fell 3.3% to $148.97 on Friday, while Spotify and March gained 0.7% and 4.2%, respectively.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":392,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":898368542,"gmtCreate":1628474271086,"gmtModify":1633746925808,"author":{"id":"3577997605150210","authorId":"3577997605150210","name":"Suba","avatar":"https://static.tigerbbs.com/053ae4273b989a37e570ad5f7b35a6d6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577997605150210","idStr":"3577997605150210"},"themes":[],"htmlText":"Hmmm","listText":"Hmmm","text":"Hmmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/898368542","repostId":"1136322726","repostType":4,"isVote":1,"tweetType":1,"viewCount":611,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":890486321,"gmtCreate":1628128452263,"gmtModify":1633753318747,"author":{"id":"3577997605150210","authorId":"3577997605150210","name":"Suba","avatar":"https://static.tigerbbs.com/053ae4273b989a37e570ad5f7b35a6d6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577997605150210","idStr":"3577997605150210"},"themes":[],"htmlText":"Ok then","listText":"Ok then","text":"Ok then","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/890486321","repostId":"2157483930","repostType":4,"isVote":1,"tweetType":1,"viewCount":389,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":149682339,"gmtCreate":1625722759921,"gmtModify":1633937997999,"author":{"id":"3577997605150210","authorId":"3577997605150210","name":"Suba","avatar":"https://static.tigerbbs.com/053ae4273b989a37e570ad5f7b35a6d6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577997605150210","idStr":"3577997605150210"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/149682339","repostId":"1176865752","repostType":4,"isVote":1,"tweetType":1,"viewCount":607,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":189652112,"gmtCreate":1623259108436,"gmtModify":1634035223232,"author":{"id":"3577997605150210","authorId":"3577997605150210","name":"Suba","avatar":"https://static.tigerbbs.com/053ae4273b989a37e570ad5f7b35a6d6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577997605150210","idStr":"3577997605150210"},"themes":[],"htmlText":"Crypto","listText":"Crypto","text":"Crypto","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/189652112","repostId":"1188697627","repostType":4,"isVote":1,"tweetType":1,"viewCount":532,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":116095291,"gmtCreate":1622764900513,"gmtModify":1634098310654,"author":{"id":"3577997605150210","authorId":"3577997605150210","name":"Suba","avatar":"https://static.tigerbbs.com/053ae4273b989a37e570ad5f7b35a6d6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577997605150210","idStr":"3577997605150210"},"themes":[],"htmlText":"Well then","listText":"Well then","text":"Well then","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/116095291","repostId":"1165639405","repostType":4,"repost":{"id":"1165639405","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":1622764304,"share":"https://www.laohu8.com/m/news/1165639405?lang=zh_CN&edition=full","pubTime":"2021-06-04 07:51","market":"us","language":"en","title":"Slack tops Q1 expectations, ends quarter with 169,000 total paid customers<blockquote>Slack第一季度超出预期，季末付费客户总数为169,000人</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1165639405","media":"Tiger Newspress","summary":"Slack said that more than half of its revenue now comes from paid customers with greater than $100,0","content":"<p>Slack said that more than half of its revenue now comes from paid customers with greater than $100,000 in annual recurring revenue. Its stock rose less than 1% on the news in extended trading.<img src=\"https://static.tigerbbs.com/892bd634520b48950f4dcbe0af527e59\" tg-width=\"704\" tg-height=\"527\" referrerpolicy=\"no-referrer\">With its$27.7 billion&nbsp;acquisition by Salesforce still ongoing, Slack reported its first quarter financial results for fiscal 2022, beating expectations. The workplace collaboration player said it's seeing significant traction among large customers and that more than half of its revenue now comes from paid customers with greater than $100,000 in annual recurring revenue.<img src=\"https://static.tigerbbs.com/ba615e0afa2ad07fa349779282145817\" tg-width=\"748\" tg-height=\"715\" referrerpolicy=\"no-referrer\">Looking at the numbers, Slackreporteda first-quarter net loss of $27.9 million, or 5 cents per share. On a non-GAAP basis, Slack posted EPS of 8 cents on revenue of $273.4 million, an increase of 36% year-over-year.</p><p><blockquote>Slack表示，现在其一半以上的收入来自年经常性收入超过10万美元的付费客户。受此消息影响，其股价在盘后交易中上涨不到1%。由于Salesforce 277亿美元的收购仍在进行中，Slack公布了2022财年第一季度财务业绩，超出预期。这家工作场所协作公司表示，它在大客户中看到了巨大的吸引力，目前其一半以上的收入来自年经常性收入超过10万美元的付费客户。从数据来看，Slack报告第一季度净亏损为2790万美元，即每股亏损5美分。在非GAAP基础上，Slack公布的每股收益为8美分，营收为2.734亿美元，同比增长36%。</blockquote></p><p>Wall Street was expecting a non-GAAP net loss of a penny per share on revenue of $267.14 million.</p><p><blockquote>华尔街预计非公认会计准则每股净亏损1美分，营收为2.6714亿美元。</blockquote></p><p>Slack said it added 13,000 net new paid customers in Q1, including 102 paid customers that will generate annual recurring revenue greater than $100,000.</p><p><blockquote>Slack表示，第一季度净新增1.3万名付费客户，其中102名付费客户将产生超过10万美元的年度经常性收入。</blockquote></p><p>Slack ended the quarter with 169,000 total paid customers, up 39% year-over-year. It has more than 1,285 paid customers with greater than $100,000 in annual recurring revenue, up 33% year-over-year. It has more than 113 paid customers with greater than $1 million in annual recurring revenue, up 45% year-over-year.<img src=\"https://static.tigerbbs.com/93caf7b416d4843afc53a96870743f2a\" tg-width=\"1200\" tg-height=\"660\" referrerpolicy=\"no-referrer\">Slack said it has over 91,000 paid customers using Slack Connect, up from over 74,000 at the end of last quarter, with more than 950,000 connected endpoints.</p><p><blockquote>Slack本季度末付费客户总数为169,000人，同比增长39%。它拥有超过1,285名付费客户，年经常性收入超过100,000美元，同比增长33%。它拥有超过113名付费客户，年经常性收入超过100万美元，同比增长45%。Slack表示，使用Slack Connect的付费客户超过91,000名，高于上季度末的74,000多名，连接的终端超过950,000个。</blockquote></p><p>\"In Q1 we saw a near-record number of Paid Customer additions, a record number of Paid <a href=\"https://laohu8.com/S/CUBI\">Customers</a> adopting Slack Connect, and approached 1 million active developers on our platform,\" said Slack CEO Stewart Butterfield.</p><p><blockquote>“第一季度，我们看到付费客户数量接近历史新高，付费客户数量也创下历史新高。<a href=\"https://laohu8.com/S/CUBI\">客户</a>Slack首席执行官Stewart Butterfield表示：“采用Slack Connect，并在我们的平台上接触了100万活跃开发者。”</blockquote></p><p>Meanwhile, Slack said its billings were $278.5 million, up 35% year-over-year. Its free cash flow at the end of Q1 was $62.7 million, &nbsp;up from $3.7 million in the first quarter of fiscal 2021.</p><p><blockquote>与此同时，Slack表示其营收为2.785亿美元，同比增长35%。其第一季度末的自由现金流为6270万美元，高于2021财年第一季度的370万美元。</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>Slack tops Q1 expectations, ends quarter with 169,000 total paid customers<blockquote>Slack第一季度超出预期，季末付费客户总数为169,000人</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\">\nSlack tops Q1 expectations, ends quarter with 169,000 total paid customers<blockquote>Slack第一季度超出预期，季末付费客户总数为169,000人</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\">2021-06-04 07:51</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Slack said that more than half of its revenue now comes from paid customers with greater than $100,000 in annual recurring revenue. Its stock rose less than 1% on the news in extended trading.<img src=\"https://static.tigerbbs.com/892bd634520b48950f4dcbe0af527e59\" tg-width=\"704\" tg-height=\"527\" referrerpolicy=\"no-referrer\">With its$27.7 billion&nbsp;acquisition by Salesforce still ongoing, Slack reported its first quarter financial results for fiscal 2022, beating expectations. The workplace collaboration player said it's seeing significant traction among large customers and that more than half of its revenue now comes from paid customers with greater than $100,000 in annual recurring revenue.<img src=\"https://static.tigerbbs.com/ba615e0afa2ad07fa349779282145817\" tg-width=\"748\" tg-height=\"715\" referrerpolicy=\"no-referrer\">Looking at the numbers, Slackreporteda first-quarter net loss of $27.9 million, or 5 cents per share. On a non-GAAP basis, Slack posted EPS of 8 cents on revenue of $273.4 million, an increase of 36% year-over-year.</p><p><blockquote>Slack表示，现在其一半以上的收入来自年经常性收入超过10万美元的付费客户。受此消息影响，其股价在盘后交易中上涨不到1%。由于Salesforce 277亿美元的收购仍在进行中，Slack公布了2022财年第一季度财务业绩，超出预期。这家工作场所协作公司表示，它在大客户中看到了巨大的吸引力，目前其一半以上的收入来自年经常性收入超过10万美元的付费客户。从数据来看，Slack报告第一季度净亏损为2790万美元，即每股亏损5美分。在非GAAP基础上，Slack公布的每股收益为8美分，营收为2.734亿美元，同比增长36%。</blockquote></p><p>Wall Street was expecting a non-GAAP net loss of a penny per share on revenue of $267.14 million.</p><p><blockquote>华尔街预计非公认会计准则每股净亏损1美分，营收为2.6714亿美元。</blockquote></p><p>Slack said it added 13,000 net new paid customers in Q1, including 102 paid customers that will generate annual recurring revenue greater than $100,000.</p><p><blockquote>Slack表示，第一季度净新增1.3万名付费客户，其中102名付费客户将产生超过10万美元的年度经常性收入。</blockquote></p><p>Slack ended the quarter with 169,000 total paid customers, up 39% year-over-year. It has more than 1,285 paid customers with greater than $100,000 in annual recurring revenue, up 33% year-over-year. It has more than 113 paid customers with greater than $1 million in annual recurring revenue, up 45% year-over-year.<img src=\"https://static.tigerbbs.com/93caf7b416d4843afc53a96870743f2a\" tg-width=\"1200\" tg-height=\"660\" referrerpolicy=\"no-referrer\">Slack said it has over 91,000 paid customers using Slack Connect, up from over 74,000 at the end of last quarter, with more than 950,000 connected endpoints.</p><p><blockquote>Slack本季度末付费客户总数为169,000人，同比增长39%。它拥有超过1,285名付费客户，年经常性收入超过100,000美元，同比增长33%。它拥有超过113名付费客户，年经常性收入超过100万美元，同比增长45%。Slack表示，使用Slack Connect的付费客户超过91,000名，高于上季度末的74,000多名，连接的终端超过950,000个。</blockquote></p><p>\"In Q1 we saw a near-record number of Paid Customer additions, a record number of Paid <a href=\"https://laohu8.com/S/CUBI\">Customers</a> adopting Slack Connect, and approached 1 million active developers on our platform,\" said Slack CEO Stewart Butterfield.</p><p><blockquote>“第一季度，我们看到付费客户数量接近历史新高，付费客户数量也创下历史新高。<a href=\"https://laohu8.com/S/CUBI\">客户</a>Slack首席执行官Stewart Butterfield表示：“采用Slack Connect，并在我们的平台上接触了100万活跃开发者。”</blockquote></p><p>Meanwhile, Slack said its billings were $278.5 million, up 35% year-over-year. Its free cash flow at the end of Q1 was $62.7 million, &nbsp;up from $3.7 million in the first quarter of fiscal 2021.</p><p><blockquote>与此同时，Slack表示其营收为2.785亿美元，同比增长35%。其第一季度末的自由现金流为6270万美元，高于2021财年第一季度的370万美元。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1165639405","content_text":"Slack said that more than half of its revenue now comes from paid customers with greater than $100,000 in annual recurring revenue. Its stock rose less than 1% on the news in extended trading.With its$27.7 billion acquisition by Salesforce still ongoing, Slack reported its first quarter financial results for fiscal 2022, beating expectations. The workplace collaboration player said it's seeing significant traction among large customers and that more than half of its revenue now comes from paid customers with greater than $100,000 in annual recurring revenue.Looking at the numbers, Slackreporteda first-quarter net loss of $27.9 million, or 5 cents per share. On a non-GAAP basis, Slack posted EPS of 8 cents on revenue of $273.4 million, an increase of 36% year-over-year.Wall Street was expecting a non-GAAP net loss of a penny per share on revenue of $267.14 million.Slack said it added 13,000 net new paid customers in Q1, including 102 paid customers that will generate annual recurring revenue greater than $100,000.Slack ended the quarter with 169,000 total paid customers, up 39% year-over-year. It has more than 1,285 paid customers with greater than $100,000 in annual recurring revenue, up 33% year-over-year. It has more than 113 paid customers with greater than $1 million in annual recurring revenue, up 45% year-over-year.Slack said it has over 91,000 paid customers using Slack Connect, up from over 74,000 at the end of last quarter, with more than 950,000 connected endpoints.\"In Q1 we saw a near-record number of Paid Customer additions, a record number of Paid Customers adopting Slack Connect, and approached 1 million active developers on our platform,\" said Slack CEO Stewart Butterfield.Meanwhile, Slack said its billings were $278.5 million, up 35% year-over-year. Its free cash flow at the end of Q1 was $62.7 million,  up from $3.7 million in the first quarter of fiscal 2021.","news_type":1,"symbols_score_info":{"WORK":0.9}},"isVote":1,"tweetType":1,"viewCount":697,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":824369607,"gmtCreate":1634280216975,"gmtModify":1634280217103,"author":{"id":"3577997605150210","authorId":"3577997605150210","name":"Suba","avatar":"https://static.tigerbbs.com/053ae4273b989a37e570ad5f7b35a6d6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577997605150210","idStr":"3577997605150210"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/824369607","repostId":"1175281678","repostType":4,"repost":{"id":"1175281678","kind":"news","pubTimestamp":1634275327,"share":"https://www.laohu8.com/m/news/1175281678?lang=zh_CN&edition=full","pubTime":"2021-10-15 13:22","market":"fut","language":"en","title":"Bitcoin nears $60,000 as investors eye first U.S. ETFs<blockquote>随着投资者关注第一批美国ETF，比特币接近60,000美元</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1175281678","media":"Reuters","summary":"(Reuters) -Bitcoin hit a six-month high on Friday, approaching the record hit in April, as traders b","content":"<p>(Reuters) -Bitcoin hit a six-month high on Friday, approaching the record hit in April, as traders became increasingly confident that U.S. regulators would approve the launch of an exchange-traded fund based on its futures contracts.</p><p><blockquote>路透比特币周五触及六个月高位，逼近4月触及纪录高位，因交易员对美国监管机构将批准推出基于其期货合约的交易所交易基金越来越有信心。</blockquote></p><p> The world’s biggest cryptocurrency rose nearly 4% to as high as $59,664, its highest since mid-April. It has doubled in value this year and is near April’s record high of $64,895.</p><p><blockquote>全球最大的加密货币上涨近4%，至59,664美元，为4月中旬以来的最高水平。今年它的价值已经翻了一番，接近4月份64,895美元的历史新高。</blockquote></p><p> The U.S. Securities and Exchange Commission (SEC) is poised to allow the first U.S. bitcoin futures ETF to begin trading next week, Bloomberg News reported on Thursday, citing people familiar with the matter.</p><p><blockquote>据彭博新闻社周四援引知情人士报道，美国证券交易委员会(SEC)准备允许首只美国比特币期货ETF于下周开始交易。</blockquote></p><p> Ben Caselin, head of research and strategy at Asia-based cryptocurrency exchange AAX, said bitcoin’s spike above $59,000 wasn’t arbitrary and long-term investors had been accumulating it for a while.</p><p><blockquote>亚洲加密货币交易所AAX的研究和策略主管Ben Caselin表示，比特币飙升至59,000美元以上并不是任意的，长期投资者已经积累了一段时间。</blockquote></p><p> “It is widely expected that Q4 will see significant progress around a bitcoin ETF in the U.S.,” he said.</p><p><blockquote>“人们普遍预计第四季度美国比特币ETF将取得重大进展，”他表示。</blockquote></p><p> Friday’s moves were also spurred by a tweet from the SEC’s investor education office, he said.</p><p><blockquote>他表示，周五的举措也受到了美国证券交易委员会投资者教育办公室一条推文的推动。</blockquote></p><p> \"Before investing in a fund that holds Bitcoin futures contracts, make sure you carefully weigh the potential risks and benefits,\" the SEC tweet&nbsp;here&nbsp;stated.</p><p><blockquote>“在投资持有比特币期货合约的基金之前，请确保仔细权衡潜在的风险和收益，”美国证券交易委员会的推文称。</blockquote></p><p> Cryptocurrency investors have been waiting for news of approval of the country’s first bitcoin ETF, and some of bitcoin’s rally in recent months has been in anticipation of that move and how it could speed up its mainstream adoption and trading.</p><p><blockquote>加密货币投资者一直在等待该国首只比特币ETF获得批准的消息，比特币近几个月的反弹部分是出于对这一举措以及如何加速其主流采用和交易的预期。</blockquote></p><p> Several fund managers, including the VanEck Bitcoin Trust, ProShares, Invesco, Valkyrie and Galaxy Digital Funds have applied to launch bitcoin ETFs in the United States. Cryptocurrency ETFs have been launched this year in Canada and Europe.</p><p><blockquote>包括VanEck比特币信托基金、ProShares、Invesco、Valkyrie和Galaxy Digital Funds在内的多家基金管理公司已申请在美国推出比特币ETF。加密货币ETF今年已在加拿大和欧洲推出。</blockquote></p><p> SEC Chair Gary Gensler has previously said the crypto market involves many tokens which may be unregistered securities and leaves prices open to manipulation and millions of investors vulnerable to risks.</p><p><blockquote>SEC主席Gary Gensler此前曾表示，加密货币市场涉及许多代币，这些代币可能是未注册的证券，使价格容易受到操纵，数百万投资者容易受到风险的影响。</blockquote></p><p> The Bloomberg report said that the proposals by ProShares and Invesco are based on futures contracts and were filed under mutual fund rules that Gensler has said provide “significant investor protections”.</p><p><blockquote>彭博社的报道称，ProShares和Invesco的提议基于期货合约，并根据共同基金规则提交，Gensler称这些规则提供了“重要的投资者保护”。</blockquote></p><p> The SEC did not immediately respond to a request for comment on the Bloomberg report.</p><p><blockquote>SEC没有立即回应对彭博报道置评的请求。</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>Bitcoin nears $60,000 as investors eye first U.S. ETFs<blockquote>随着投资者关注第一批美国ETF，比特币接近60,000美元</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBitcoin nears $60,000 as investors eye first U.S. ETFs<blockquote>随着投资者关注第一批美国ETF，比特币接近60,000美元</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-10-15 13:22</span>\n</p>\n</h4>\n</header>\n<article>\n<p>(Reuters) -Bitcoin hit a six-month high on Friday, approaching the record hit in April, as traders became increasingly confident that U.S. regulators would approve the launch of an exchange-traded fund based on its futures contracts.</p><p><blockquote>路透比特币周五触及六个月高位，逼近4月触及纪录高位，因交易员对美国监管机构将批准推出基于其期货合约的交易所交易基金越来越有信心。</blockquote></p><p> The world’s biggest cryptocurrency rose nearly 4% to as high as $59,664, its highest since mid-April. It has doubled in value this year and is near April’s record high of $64,895.</p><p><blockquote>全球最大的加密货币上涨近4%，至59,664美元，为4月中旬以来的最高水平。今年它的价值已经翻了一番，接近4月份64,895美元的历史新高。</blockquote></p><p> The U.S. Securities and Exchange Commission (SEC) is poised to allow the first U.S. bitcoin futures ETF to begin trading next week, Bloomberg News reported on Thursday, citing people familiar with the matter.</p><p><blockquote>据彭博新闻社周四援引知情人士报道，美国证券交易委员会(SEC)准备允许首只美国比特币期货ETF于下周开始交易。</blockquote></p><p> Ben Caselin, head of research and strategy at Asia-based cryptocurrency exchange AAX, said bitcoin’s spike above $59,000 wasn’t arbitrary and long-term investors had been accumulating it for a while.</p><p><blockquote>亚洲加密货币交易所AAX的研究和策略主管Ben Caselin表示，比特币飙升至59,000美元以上并不是任意的，长期投资者已经积累了一段时间。</blockquote></p><p> “It is widely expected that Q4 will see significant progress around a bitcoin ETF in the U.S.,” he said.</p><p><blockquote>“人们普遍预计第四季度美国比特币ETF将取得重大进展，”他表示。</blockquote></p><p> Friday’s moves were also spurred by a tweet from the SEC’s investor education office, he said.</p><p><blockquote>他表示，周五的举措也受到了美国证券交易委员会投资者教育办公室一条推文的推动。</blockquote></p><p> \"Before investing in a fund that holds Bitcoin futures contracts, make sure you carefully weigh the potential risks and benefits,\" the SEC tweet&nbsp;here&nbsp;stated.</p><p><blockquote>“在投资持有比特币期货合约的基金之前，请确保仔细权衡潜在的风险和收益，”美国证券交易委员会的推文称。</blockquote></p><p> Cryptocurrency investors have been waiting for news of approval of the country’s first bitcoin ETF, and some of bitcoin’s rally in recent months has been in anticipation of that move and how it could speed up its mainstream adoption and trading.</p><p><blockquote>加密货币投资者一直在等待该国首只比特币ETF获得批准的消息，比特币近几个月的反弹部分是出于对这一举措以及如何加速其主流采用和交易的预期。</blockquote></p><p> Several fund managers, including the VanEck Bitcoin Trust, ProShares, Invesco, Valkyrie and Galaxy Digital Funds have applied to launch bitcoin ETFs in the United States. Cryptocurrency ETFs have been launched this year in Canada and Europe.</p><p><blockquote>包括VanEck比特币信托基金、ProShares、Invesco、Valkyrie和Galaxy Digital Funds在内的多家基金管理公司已申请在美国推出比特币ETF。加密货币ETF今年已在加拿大和欧洲推出。</blockquote></p><p> SEC Chair Gary Gensler has previously said the crypto market involves many tokens which may be unregistered securities and leaves prices open to manipulation and millions of investors vulnerable to risks.</p><p><blockquote>SEC主席Gary Gensler此前曾表示，加密货币市场涉及许多代币，这些代币可能是未注册的证券，使价格容易受到操纵，数百万投资者容易受到风险的影响。</blockquote></p><p> The Bloomberg report said that the proposals by ProShares and Invesco are based on futures contracts and were filed under mutual fund rules that Gensler has said provide “significant investor protections”.</p><p><blockquote>彭博社的报道称，ProShares和Invesco的提议基于期货合约，并根据共同基金规则提交，Gensler称这些规则提供了“重要的投资者保护”。</blockquote></p><p> The SEC did not immediately respond to a request for comment on the Bloomberg report.</p><p><blockquote>SEC没有立即回应对彭博报道置评的请求。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.reuters.com/article/fintech-crypto-etf/update-1-bitcoin-nears-60000-as-investors-eye-first-u-s-etfs-idUSL4N2RB0T4\">Reuters</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc."},"source_url":"https://www.reuters.com/article/fintech-crypto-etf/update-1-bitcoin-nears-60000-as-investors-eye-first-u-s-etfs-idUSL4N2RB0T4","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175281678","content_text":"(Reuters) -Bitcoin hit a six-month high on Friday, approaching the record hit in April, as traders became increasingly confident that U.S. regulators would approve the launch of an exchange-traded fund based on its futures contracts.\nThe world’s biggest cryptocurrency rose nearly 4% to as high as $59,664, its highest since mid-April. It has doubled in value this year and is near April’s record high of $64,895.\nThe U.S. Securities and Exchange Commission (SEC) is poised to allow the first U.S. bitcoin futures ETF to begin trading next week, Bloomberg News reported on Thursday, citing people familiar with the matter.\nBen Caselin, head of research and strategy at Asia-based cryptocurrency exchange AAX, said bitcoin’s spike above $59,000 wasn’t arbitrary and long-term investors had been accumulating it for a while.\n“It is widely expected that Q4 will see significant progress around a bitcoin ETF in the U.S.,” he said.\nFriday’s moves were also spurred by a tweet from the SEC’s investor education office, he said.\n\"Before investing in a fund that holds Bitcoin futures contracts, make sure you carefully weigh the potential risks and benefits,\" the SEC tweet here stated.\nCryptocurrency investors have been waiting for news of approval of the country’s first bitcoin ETF, and some of bitcoin’s rally in recent months has been in anticipation of that move and how it could speed up its mainstream adoption and trading.\nSeveral fund managers, including the VanEck Bitcoin Trust, ProShares, Invesco, Valkyrie and Galaxy Digital Funds have applied to launch bitcoin ETFs in the United States. Cryptocurrency ETFs have been launched this year in Canada and Europe.\nSEC Chair Gary Gensler has previously said the crypto market involves many tokens which may be unregistered securities and leaves prices open to manipulation and millions of investors vulnerable to risks.\nThe Bloomberg report said that the proposals by ProShares and Invesco are based on futures contracts and were filed under mutual fund rules that Gensler has said provide “significant investor protections”.\nThe SEC did not immediately respond to a request for comment on the Bloomberg report.","news_type":1,"symbols_score_info":{"COIN":0.9}},"isVote":1,"tweetType":1,"viewCount":739,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":814644632,"gmtCreate":1630816829626,"gmtModify":1631890174250,"author":{"id":"3577997605150210","authorId":"3577997605150210","name":"Suba","avatar":"https://static.tigerbbs.com/053ae4273b989a37e570ad5f7b35a6d6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577997605150210","idStr":"3577997605150210"},"themes":[],"htmlText":"Well","listText":"Well","text":"Well","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/814644632","repostId":"1157895022","repostType":4,"repost":{"id":"1157895022","kind":"news","pubTimestamp":1630810619,"share":"https://www.laohu8.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>利用这个非常看好历史新高股票的量化系统击败市场</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战术增长基金在谨慎的情况下让您进出股市。到目前为止，他的计算机科学家团队的策略已经得到了回报。</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中收获收益。</blockquote></p><p> That’s everyone’s dream, right? Investor Vance Howard thinks he’s found it.</p><p><blockquote>那是每个人的梦想，对吧？投资者万斯·霍华德认为他已经找到了。</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>霍华德和他的一小队计算机程序员在佐治亚州罗斯威尔的资本管理公司工作。，有一个量化系统，张贴巨大的回报。</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%在过去五年中的年化增长率比罗素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，不仅因为它必须克服2.22%的费用。战胜市场并不容易。他的HCM Dividend Sector PlusHCMQX,-0.05%)和HCM Income PlusHCMLX,+0.30%基金也表现类似。</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，我在下面详述。（其中包括：潜在的长期表现不佳和定期的税单。）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>所谓的量化分析师从不分享他们专有系统的所有细节，但正如你将看到的，霍华德分享了很多。这位德克萨斯州牧场主有很多基于“马的感觉”的好建议——考虑到他对市场富有感染力的热情，以及他三十年的职业经验，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)和四只值得考虑的股票。</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。进化让我们注定要失败。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，以便在长时间没有食物之前储存卡路里。但在市场中，对恐惧和贪婪的情绪采取行动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，我们被设定为相信和人群在一起会带来安全。如果你是稀树草原上的斑马，如果你单干，你更有可能被捕食者吃掉。这里的问题是，成为人群的一部分——以及人群心理——让我们变得愚蠢到纯粹的情感层面。这就是为什么人群中的人会做他们自己永远不会做的可怕的事情。你有多聪明并不重要。当你加入一个人群时，你会失去很多智商点。基本情绪占了上风。</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>要想在市场上做得好，你必须抵制这些倾向。“个人投资者和基金经理犯的最大错误之一就是变得情绪化，”霍华德说。“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：有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>驱除情绪，要有一个系统。“不要怀疑它，”霍华德说。“这可以防止你被大流行或阿富汗吓出市场。”他评级了他的系统HCM-购买线。它基本上是一个动量和趋势跟踪系统——通常在市场上运行良好。</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DJIA（-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100%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>“如果买入线为正，无论如何我们都会长期持有，”他说。“我们通过让数学来决定，将所有情感从等式中剔除。”</blockquote></p><p> Right now, it’s bullish. (More on this below.)</p><p><blockquote>目前，情况看涨。（更多信息见下文。）</blockquote></p><p> Your system also has to tell you when to get back in.</p><p><blockquote>你的系统还必须告诉你什么时候回去。</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>“这就是大多数人搞砸的地方，”他说。“他们退出市场，不知道什么时候才能重新进入。”当他的定制指数连续六个交易日高于其移动平均线时，HCM-买入线会发出买入信号，然后继续高于这六天触及的高点。</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>你不需要一个评级精确市场顶部或底部的系统。相反，买入线让霍华德在85%的时间里远离低迷的市场，在85%的好时光里远离。</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>“如果我们能够始终如一地做到这一点，我们就会获得更高的回报和更少的生活压力，”他说。“在一盘糟糕的磁带中全力以赴一点也不好玩。”</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%的修正也不一定能让他出局。他经常买入那些回调。快速反弹是有意义的，因为从底部恢复往往会很快。</blockquote></p><p> “The HCM-BuyLine takes all the emotion out of the process,” says Howard.</p><p><blockquote>“HCM-BuyLine消除了整个过程中的所有情绪，”霍华德说。</blockquote></p><p> <b>Lesson #3: Don’t fight the tape</b></p><p><blockquote><b>第三课：不要和磁带作对</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·茨威格经典著作《在华尔街获胜》中的核心智慧之一。</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>“你必须站在市场的正确一边，”霍华德表示同意。“如果你试图在糟糕的市场中做多，那是很痛苦的。”</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>“有时候，不赔钱才是你想要的，”他说。</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，不要仅仅因为市场创下新高就变得谨慎——就像现在这样。你应该喜欢新高，因为这是市场力量的标志，可能会持续下去。</blockquote></p><p> <b>Lesson #4: Keep it simple</b></p><p><blockquote><b>第四课：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，霍华德不使用衍生品、掉期或指数期权等深奥工具。他甚至不交易外国股票或货币。这对个人投资者来说令人耳目一新，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>“你不必交易疯狂的东西，”他说。“你可以交易普通的ETF并击败所有人。”</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，做长。</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-购买线非常积极。我们100%参与，”霍华德说。“市场正在扩大。它变得相当令人兴奋。我们认为它不会很快好转。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现金都在观望。“如果新冠疫情有所缓解，我们可能会看到大幅反弹。我们可能会以一个伟大的秋季[季节]结束。”</blockquote></p><p> Howard uses momentum indicators to select stocks and ETFs, too. For sectors he favors the following.</p><p><blockquote>霍华德也使用动量指标来选择股票和ETF。对于行业，他倾向于以下几点。</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。他变得更加看好生物技术，他通过iShares Biotechnology ETFIBB进行投资，-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(-0.30%)进行交易的非必需消费品，以及通过US Global JetsJETS(-1.17%)进行交易的航空公司。他还喜欢通过Invesco QQQ TrustQQQ(+0.31%)、iShares US TechnologyIYW(+0.50%)进行科技投资和iShares半导体SOXX，+0.75%。</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>他喜欢Vanguard Small-Cap Growth Index FundVBK，+0.07%的小盘股。以及SPDR Bloomberg Barclays可转换证券CWB，+0.64%和iShares可转换债券ICVT，+0.37%的可转换债券。</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>至于个人名称，他特别提到了科技股中的微软MSFT(-0.00%)和苹果AAPL(+0.42%)，以及亚马逊MAMZN(+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>另请考虑Howard的两只ETF：HCM Defender 100 IndexQQH，+0.62%和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，涨幅为1.5%至8.8%。随后，该基金卷土重来，实现了上述非常积极的五年优异表现。投资他的系统需要耐心。</blockquote></p><p> Every manager, including Warren Buffett, can have a stretch of underperformance, says Howard.</p><p><blockquote>霍华德说，每个经理人，包括沃伦·巴菲特，都可能有一段时间表现不佳。</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>“我们正处于赔率游戏中，”他说。“即使在赔率游戏中，你也可能会遇到一两手糟糕的牌。”</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140%。这意味着山姆大叔在好年景中会得到很大的提成。因此，如果您购买霍华德的基金，您可能希望在避税账户中购买。</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>利用这个非常看好历史新高股票的量化系统击败市场</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>利用这个非常看好历史新高股票的量化系统击败市场</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战术增长基金在谨慎的情况下让您进出股市。到目前为止，他的计算机科学家团队的策略已经得到了回报。</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中收获收益。</blockquote></p><p> That’s everyone’s dream, right? Investor Vance Howard thinks he’s found it.</p><p><blockquote>那是每个人的梦想，对吧？投资者万斯·霍华德认为他已经找到了。</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>霍华德和他的一小队计算机程序员在佐治亚州罗斯威尔的资本管理公司工作。，有一个量化系统，张贴巨大的回报。</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%在过去五年中的年化增长率比罗素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，不仅因为它必须克服2.22%的费用。战胜市场并不容易。他的HCM Dividend Sector PlusHCMQX,-0.05%)和HCM Income PlusHCMLX,+0.30%基金也表现类似。</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，我在下面详述。（其中包括：潜在的长期表现不佳和定期的税单。）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>所谓的量化分析师从不分享他们专有系统的所有细节，但正如你将看到的，霍华德分享了很多。这位德克萨斯州牧场主有很多基于“马的感觉”的好建议——考虑到他对市场富有感染力的热情，以及他三十年的职业经验，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)和四只值得考虑的股票。</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。进化让我们注定要失败。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，以便在长时间没有食物之前储存卡路里。但在市场中，对恐惧和贪婪的情绪采取行动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，我们被设定为相信和人群在一起会带来安全。如果你是稀树草原上的斑马，如果你单干，你更有可能被捕食者吃掉。这里的问题是，成为人群的一部分——以及人群心理——让我们变得愚蠢到纯粹的情感层面。这就是为什么人群中的人会做他们自己永远不会做的可怕的事情。你有多聪明并不重要。当你加入一个人群时，你会失去很多智商点。基本情绪占了上风。</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>要想在市场上做得好，你必须抵制这些倾向。“个人投资者和基金经理犯的最大错误之一就是变得情绪化，”霍华德说。“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：有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>驱除情绪，要有一个系统。“不要怀疑它，”霍华德说。“这可以防止你被大流行或阿富汗吓出市场。”他评级了他的系统HCM-购买线。它基本上是一个动量和趋势跟踪系统——通常在市场上运行良好。</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DJIA（-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100%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>“如果买入线为正，无论如何我们都会长期持有，”他说。“我们通过让数学来决定，将所有情感从等式中剔除。”</blockquote></p><p> Right now, it’s bullish. (More on this below.)</p><p><blockquote>目前，情况看涨。（更多信息见下文。）</blockquote></p><p> Your system also has to tell you when to get back in.</p><p><blockquote>你的系统还必须告诉你什么时候回去。</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>“这就是大多数人搞砸的地方，”他说。“他们退出市场，不知道什么时候才能重新进入。”当他的定制指数连续六个交易日高于其移动平均线时，HCM-买入线会发出买入信号，然后继续高于这六天触及的高点。</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>你不需要一个评级精确市场顶部或底部的系统。相反，买入线让霍华德在85%的时间里远离低迷的市场，在85%的好时光里远离。</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>“如果我们能够始终如一地做到这一点，我们就会获得更高的回报和更少的生活压力，”他说。“在一盘糟糕的磁带中全力以赴一点也不好玩。”</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%的修正也不一定能让他出局。他经常买入那些回调。快速反弹是有意义的，因为从底部恢复往往会很快。</blockquote></p><p> “The HCM-BuyLine takes all the emotion out of the process,” says Howard.</p><p><blockquote>“HCM-BuyLine消除了整个过程中的所有情绪，”霍华德说。</blockquote></p><p> <b>Lesson #3: Don’t fight the tape</b></p><p><blockquote><b>第三课：不要和磁带作对</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·茨威格经典著作《在华尔街获胜》中的核心智慧之一。</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>“你必须站在市场的正确一边，”霍华德表示同意。“如果你试图在糟糕的市场中做多，那是很痛苦的。”</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>“有时候，不赔钱才是你想要的，”他说。</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，不要仅仅因为市场创下新高就变得谨慎——就像现在这样。你应该喜欢新高，因为这是市场力量的标志，可能会持续下去。</blockquote></p><p> <b>Lesson #4: Keep it simple</b></p><p><blockquote><b>第四课：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，霍华德不使用衍生品、掉期或指数期权等深奥工具。他甚至不交易外国股票或货币。这对个人投资者来说令人耳目一新，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>“你不必交易疯狂的东西，”他说。“你可以交易普通的ETF并击败所有人。”</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，做长。</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-购买线非常积极。我们100%参与，”霍华德说。“市场正在扩大。它变得相当令人兴奋。我们认为它不会很快好转。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现金都在观望。“如果新冠疫情有所缓解，我们可能会看到大幅反弹。我们可能会以一个伟大的秋季[季节]结束。”</blockquote></p><p> Howard uses momentum indicators to select stocks and ETFs, too. For sectors he favors the following.</p><p><blockquote>霍华德也使用动量指标来选择股票和ETF。对于行业，他倾向于以下几点。</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。他变得更加看好生物技术，他通过iShares Biotechnology ETFIBB进行投资，-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(-0.30%)进行交易的非必需消费品，以及通过US Global JetsJETS(-1.17%)进行交易的航空公司。他还喜欢通过Invesco QQQ TrustQQQ(+0.31%)、iShares US TechnologyIYW(+0.50%)进行科技投资和iShares半导体SOXX，+0.75%。</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>他喜欢Vanguard Small-Cap Growth Index FundVBK，+0.07%的小盘股。以及SPDR Bloomberg Barclays可转换证券CWB，+0.64%和iShares可转换债券ICVT，+0.37%的可转换债券。</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>至于个人名称，他特别提到了科技股中的微软MSFT(-0.00%)和苹果AAPL(+0.42%)，以及亚马逊MAMZN(+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>另请考虑Howard的两只ETF：HCM Defender 100 IndexQQH，+0.62%和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，涨幅为1.5%至8.8%。随后，该基金卷土重来，实现了上述非常积极的五年优异表现。投资他的系统需要耐心。</blockquote></p><p> Every manager, including Warren Buffett, can have a stretch of underperformance, says Howard.</p><p><blockquote>霍华德说，每个经理人，包括沃伦·巴菲特，都可能有一段时间表现不佳。</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>“我们正处于赔率游戏中，”他说。“即使在赔率游戏中，你也可能会遇到一两手糟糕的牌。”</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140%。这意味着山姆大叔在好年景中会得到很大的提成。因此，如果您购买霍华德的基金，您可能希望在避税账户中购买。</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",".IXIC":"NASDAQ Composite",".DJI":"道琼斯","SPY":"标普500ETF"},"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":{".SPX":0.9,".IXIC":0.9,".DJI":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":277,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":812165535,"gmtCreate":1630565435927,"gmtModify":1631890174267,"author":{"id":"3577997605150210","authorId":"3577997605150210","name":"Suba","avatar":"https://static.tigerbbs.com/053ae4273b989a37e570ad5f7b35a6d6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577997605150210","idStr":"3577997605150210"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/812165535","repostId":"2164481914","repostType":4,"isVote":1,"tweetType":1,"viewCount":343,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}