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AllyLeong

AllyLeong

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2021-09-07

Keep going!!

抱歉，原内容已删除

2021-07-14

$Exela Technologies, Inc.(XELA)$Aiyo…don’t panic sell. Potential stock worth a hold!

2021-07-13

$Exela Technologies, Inc.(XELA)$Don’t sell! Don’t sell!! It can still go up!!

2021-07-04

No matter how, I’ll still support Apple where they do things very differently from others.

抱歉，原内容已删除

2021-06-16

Good

抱歉，原内容已删除

2021-06-16

Let’s see

Crypto Die-Hards Built a $90 Billion Wall Street on the Internet<blockquote>加密货币顽固分子在互联网上建立了价值900亿美元的华尔街</blockquote>

2021-06-16

$Alfi Inc.(ALF)$Will it go up or down today?

2021-06-16

I’m waiting

Oracle shares fell more than 4% in pre-market trading,as CEO expects to push more money to cloud efforts<blockquote>甲骨文股价在盘前交易中下跌超过4%，首席执行官预计将向云工作投入更多资金</blockquote>

2021-06-16

Another direction to follow

比亚迪股份：分拆所属子公司至创业板上市

2021-06-14

$Blue Hat Interactive Entertainment Technology(BHAT)$Have to hold this longer term

2021-06-14

$SuperCom(SPCB)$Performance not bad! Keep it up!

2021-06-13

$SuperCom(SPCB)$For long term investment

2021-06-11

Preparing bullets for stock in!

2021-06-07

$ChargePoint Holdings Inc.(CHPT)$Keep going!!

2021-06-07

$XPeng Inc.(XPEV)$加油！

2021-06-05

I have missed the opportunity 😟

AMC Stock Is Up 3,100%. Should You Buy or Sell?<blockquote>AMC股价上涨3,100%。你应该买还是卖？</blockquote>

2021-06-05

New opportunities

抱歉，原内容已删除

2021-06-05

$ChargePoint Holdings Inc.(CHPT)$More to go!!

2021-06-05

$XPeng Inc.(XPEV)$It’s coming up!

2021-06-05

$XPeng Inc.(XPEV)$Finally...

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going!!&nbsp;","listText":"Keep going!!&nbsp;","text":"Keep going!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/880108913","repostId":"1148433063","repostType":4,"isVote":1,"tweetType":1,"viewCount":2455,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":144862298,"gmtCreate":1626275672514,"gmtModify":1631884022690,"author":{"id":"3578565623520596","authorId":"3578565623520596","name":"AllyLeong","avatar":"https://static.tigerbbs.com/f8a5f2b238dc0e683b344a70d1e754e5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578565623520596","idStr":"3578565623520596"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/XELA\">$Exela Technologies, Inc.(XELA)$</a>Aiyo…don’t panic sell. 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Potential stock worth a hold!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":16,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/144862298","isVote":1,"tweetType":1,"viewCount":2561,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":145382902,"gmtCreate":1626190005906,"gmtModify":1631884023799,"author":{"id":"3578565623520596","authorId":"3578565623520596","name":"AllyLeong","avatar":"https://static.tigerbbs.com/f8a5f2b238dc0e683b344a70d1e754e5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578565623520596","idStr":"3578565623520596"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/XELA\">$Exela Technologies, Inc.(XELA)$</a>Don’t sell! Don’t sell!! It can still go up!!","listText":"<a href=\"https://laohu8.com/S/XELA\">$Exela Technologies, Inc.(XELA)$</a>Don’t sell! Don’t sell!! It can still go up!!","text":"$Exela Technologies, Inc.(XELA)$Don’t sell! Don’t sell!! It can still go up!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/145382902","isVote":1,"tweetType":1,"viewCount":2212,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":155384084,"gmtCreate":1625376261348,"gmtModify":1633941096068,"author":{"id":"3578565623520596","authorId":"3578565623520596","name":"AllyLeong","avatar":"https://static.tigerbbs.com/f8a5f2b238dc0e683b344a70d1e754e5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578565623520596","idStr":"3578565623520596"},"themes":[],"htmlText":"No matter how, I’ll still support Apple where they do things very differently from others.&nbsp;","listText":"No matter how, I’ll still support Apple where they do things very differently from others.&nbsp;","text":"No matter how, I’ll still support Apple where they do things very differently from others.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/155384084","repostId":"1110936297","repostType":2,"isVote":1,"tweetType":1,"viewCount":2074,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":169460357,"gmtCreate":1623847660379,"gmtModify":1634027171506,"author":{"id":"3578565623520596","authorId":"3578565623520596","name":"AllyLeong","avatar":"https://static.tigerbbs.com/f8a5f2b238dc0e683b344a70d1e754e5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578565623520596","idStr":"3578565623520596"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/169460357","repostId":"2143198799","repostType":4,"isVote":1,"tweetType":1,"viewCount":2562,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":169487406,"gmtCreate":1623847642105,"gmtModify":1634027171975,"author":{"id":"3578565623520596","authorId":"3578565623520596","name":"AllyLeong","avatar":"https://static.tigerbbs.com/f8a5f2b238dc0e683b344a70d1e754e5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578565623520596","idStr":"3578565623520596"},"themes":[],"htmlText":"Let’s see","listText":"Let’s see","text":"Let’s see","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/169487406","repostId":"1160929405","repostType":4,"repost":{"id":"1160929405","kind":"news","pubTimestamp":1623844146,"share":"https://www.laohu8.com/m/news/1160929405?lang=zh_CN&edition=full","pubTime":"2021-06-16 19:49","market":"us","language":"en","title":"Crypto Die-Hards Built a $90 Billion Wall Street on the Internet<blockquote>加密货币顽固分子在互联网上建立了价值900亿美元的华尔街</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1160929405","media":".bloomberg","summary":"Money manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government","content":"<p>Money manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government bond. Or he can pocket the annual equivalent of a 20% yield for locking money up in one of the wilder corners of the crypto market, known as decentralized finance, or DeFi.</p><p><blockquote>基金经理弗拉基米尔·维什涅夫斯基(Vladimir Vishnevskiy)持有欧洲政府债券可以获得负利率。或者，他可以将资金锁定在加密货币市场的一个更狂野的角落，即去中心化金融（DeFi），从而获得相当于20%的年收益率。</blockquote></p><p> He decided to go for the 20%. “You can’t get those yields in the traditional space,” says the co-founder of Swiss-based St. Gotthard Fund Management, which runs a portfolio designed to squeeze income out of crypto assets. The strategy is so new that even Wall Street pros may have trouble wrapping their heads around it. Take what you might know about Bitcoin—that it’s a digital currency that exists only on an online ledger governed by computer code. Now make it even more mind-bending, and imagine the code isn’t just recording transactions. It’s running lending platforms, insurers and financial markets with little human intermediation. That’sDeFi.</p><p><blockquote>他决定争取20%。“你无法在传统领域获得这些收益率，”总部位于瑞士的圣哥达基金管理公司的联合创始人表示，该公司运营的投资组合旨在从加密资产中榨取收入。这一策略如此新颖，即使是华尔街的专业人士也可能难以理解。就拿你可能知道的比特币来说吧——它是一种数字货币，只存在于由计算机代码管理的在线账本上。现在让它变得更加令人费解，想象代码不仅仅是记录交易。它在几乎没有人工中介的情况下运营借贷平台、保险公司和金融市场。那是DeFi。</blockquote></p><p> Traders like Vishnevskiy can collect yields by committing in the form of crypto tokens the capital that’s needed to make these disembodied and largely unregulated financial institutions run. At the peak last month, investors put in as much as $86 billion into various DeFi programs, compared with just under $1 billion a year ago, DeFi Pulse data show.</p><p><blockquote>像维什涅夫斯基这样的交易者可以通过以加密代币的形式投入运营这些脱离实体且基本上不受监管的金融机构所需的资本来获得收益。DeFi Pulse数据显示，在上个月的高峰期，投资者向各种DeFi项目投入了高达860亿美元，而一年前这一数字略低于10亿美元。</blockquote></p><p> It’s a young, volatile, and hack-prone system. (One of the first decentralized projects, a fund called the DAO, was the victim of aspectacular $55 million theftby someone taking advantage of a flaw in its code to siphon off funds.) And for now, it’s mostly a crypto world built for thecrypto universe. The decentralized lenders are largely taking crypto deposits to make loans to people looking for leverage on crypto bets; the decentralized exchanges are used for trading crypto coins; the decentralized insurers cover crypto hacks.</p><p><blockquote>这是一个年轻、不稳定、容易被黑客攻击的系统。（最早的去中心化项目之一，一个名为DAO的基金，是有人利用其代码中的缺陷窃取资金的惊人的5500万美元的受害者。）目前，它主要是一个为加密宇宙构建的加密世界。分散的贷款机构主要接受加密货币存款，向寻求加密货币押注杠杆的人提供贷款；分散式交易所用于交易加密硬币；分散的保险公司承保加密黑客。</blockquote></p><p> The big yields investors can earn are denominated not in dollars or euros but in often-obscure tokens. Critics of DeFi say some projects can resemble a Ponzi scheme: Early investors depend on others piling into tokens that still have limited real-world utility. If returns are high, it’s largely because of investors’ voracious appetite for more digital assets. And since DeFi projects don’t need to live in any physical location, they’re difficult to regulate, making the space vulnerable to scams and money laundering schemes. Still, DeFi’s advocates think the technology has the power to open up markets and build new kinds of financial products.</p><p><blockquote>投资者可以获得的巨额收益不是以美元或欧元计价，而是以通常不为人知的代币计价。DeFi的批评者表示，一些项目可能类似于庞氏骗局：早期投资者依赖其他人涌入现实世界效用仍然有限的代币。如果回报很高，很大程度上是因为投资者对更多数字资产的贪婪胃口。由于DeFi项目不需要居住在任何物理位置，因此很难监管，这使得该领域容易受到诈骗和洗钱计划的影响。尽管如此，DeFi的倡导者认为该技术有能力打开市场并构建新型金融产品。</blockquote></p><p> To see how a DeFi program works, look atSushiSwap, a decentralized cryptocurrency exchange that started last year. It’s based on the code of another DeFi exchange calledUniswap. Like any exchange—from better-known crypto trading apps such asCoinbaseto stock markets likeNasdaq—SushiSwap depends on liquidity, or the ability to make sure buyers can find the tokens they want and sellers can get a price they think is fair. To do that in a decentralized way, SushiSwap creates liquidity pools that pair any two coins that traders might want to swap—for example, Ethereum, thesecond-most-popular cryptocurrencyand DeFi’s backbone, and the exchange’s own token, Sushi.</p><p><blockquote>要了解DeFi程序是如何工作的，请查看去年推出的去中心化加密货币交易所SushiSwap。它基于另一个名为Uniswap的DeFi交易所的代码。与任何交易所一样——从Coinbase等更知名的加密货币交易应用程序到纳斯达克等股票市场——SushiSwap依赖于流动性，或者确保买家能够找到他们想要的代币、卖家能够获得他们认为公平的价格的能力。为了以去中心化的方式做到这一点，SushiSwap创建了流动性池，将交易者可能想要交换的任何两种硬币配对，例如以太币（第二大最受欢迎的加密货币和DeFi的主干），以及交易所自己的代币Sushi。</blockquote></p><p> Investors like Vishnevskiy buy both tokens and then temporarily lock them into the pool, where they’re available to traders. An algorithm adjusts prices of both tokens to reflect relative changes in demand. The exchange also charges a fee for trading. When Vishnevskiy gets his tokens back, he also gets a portion of the fees generated from transactions made in the pool, as well as free additional Sushi tokens. (The added Sushi tokens can be earned on other trading pairs, not only those involving Sushi.) That, the exchange’s software surmises, amounts to an annualized 20% yield.</p><p><blockquote>像Vishnevskiy这样的投资者购买这两种代币，然后将它们暂时锁定在池中，供交易者使用。算法调整两种代币的价格，以反映需求的相对变化。交易所还收取交易费用。当Vishnevskiy拿回他的代币时，他还会获得一部分在池中进行的交易产生的费用，以及免费的额外寿司代币。（添加的寿司代币可以在其他交易对上赚取，而不仅仅是那些涉及寿司的交易对。）该交易所的软件推测，这相当于年化收益率20%。</blockquote></p><p> Other DeFi protocols may pay yields to people who make their crypto available for someone else to borrow. For example, traders might want to borrowstablecoins—tokens whose value is linked to that of a traditional currency such as the dollar—to buy more Bitcoin on platforms that don’t take traditional currencies.</p><p><blockquote>其他DeFi协议可能会向那些将其加密货币提供给其他人借用的人支付收益。例如，交易者可能想要借用稳定币（其价值与美元等传统货币挂钩的代币），以便在不接受传统货币的平台上购买更多比特币。</blockquote></p><p> If that sounds complicated, it is. Yields in DeFi are mostly projected from recent market trends and could drop quickly. Some investors who call themselves yield farmers are constantly moving their money trying to generate income, but crypto transaction costs called “gas” fees can eat up profits. Moreover, the cryptocurrencies these yields get paid in can fluctuate wildly in value. When Bitcoin slid as much as 10% on one recent day, popular DeFi coins such as Uniswap’s fell almost 20%.</p><p><blockquote>如果这听起来很复杂，那就是。DeFi的收益率主要是根据最近的市场趋势预测的，可能会迅速下降。一些看涨期权农民的投资者不断转移资金试图创收，但被称为“汽油”费的加密交易成本可能会吞噬利润。此外，这些收益支付的加密货币的价值可能会大幅波动。当比特币最近一天下跌10%时，Uniswap等流行的DeFi硬币下跌了近20%。</blockquote></p><p></p><p> Other risks that come with any cryptocurrency still apply:Regulatory scrutinywill probably grow, which might shut down or hamper some projects and blow up the value of associated tokens. Founders of DeFi projects who’ve hoarded the coins created to run them could suddenly cash out, causing prices to drop. SushiSwap’s pseudonymous creator, Chef Nomi, sold tokens worth roughly $13 million in September before reversing course amid community outrage.</p><p><blockquote>任何加密货币带来的其他风险仍然适用：监管审查可能会增加，这可能会关闭或阻碍一些项目，并大幅提升相关代币的价值。DeFi项目的创始人囤积了为运行它们而创建的硬币，可能会突然套现，导致价格下跌。SushiSwap的化名创建者Nomi厨师在9月份出售了价值约1300万美元的代币，然后在社区愤怒中改变了方向。</blockquote></p><p> “You can’t get those yields in the traditional space”</p><p><blockquote>“你无法在传统领域获得这些产量”</blockquote></p><p> The history of crypto is filled with cautionary tales about investments riding a wave of hype and then falling apart. Around 2018, so-called initial coin offerings raised billions of dollars for projects, most of which turned out to be duds. DeFi converts say the difference now is that applications such as exchanges and lenders are generating revenue, even if just from crypto speculation. Uniswap, which announces its user statistics in real time, had trading volume of $813 million in one recent 24-hour period, generating $1.8 million in fees for those staking their tokens in its liquidity pool.</p><p><blockquote>加密货币的历史充满了关于投资乘着炒作浪潮然后分崩离析的警示故事。2018年左右，所谓的首次代币发行为项目筹集了数十亿美元，但其中大部分都是徒劳的。DeFi转换者表示，现在的不同之处在于，交易所和贷方等应用程序正在产生收入，即使只是来自加密货币投机。Uniswap实时公布其用户统计数据，在最近24小时内的交易量为8.13亿美元，为那些在其流动性池中质押代币的人产生了180万美元的费用。</blockquote></p><p> What about the value of the tokens many DeFi projects give out? These coins aren’t exactly equity and don’t always confer any direct claim to profits. Often they give holders voting rights on the future of the project; investors may be hoping that as the protocols they’re associated with grow in popularity, so will the coins. But some DeFi platforms might not be as successful as they seem. Aleksander Kloda, who co-manages a DeFi fund at Nickel Digital Asset Management, says participation may be driven less by the value of a service than by the promise of free tokens. “In the short term, they can really make the picture a lot more difficult to read,” he says. “The logic is not quite correct if the volumes are only there because of the additional motivation the protocol gives you to participate.” As an investor, he tries to identify projects that have built up sustainable volume even without tantalizing yields.</p><p><blockquote>许多DeFi项目发放的代币价值如何？这些硬币并不完全是股权，也不总是赋予任何直接的利润要求。他们通常赋予持有人对项目未来的投票权；投资者可能希望，随着与他们相关的协议越来越受欢迎，硬币也会越来越受欢迎。但是一些DeFi平台可能并不像看起来那么成功。Nickel Digital Asset Management共同管理DeFi基金的Aleksander Kloda表示，参与的驱动力可能不是服务的价值，而是免费代币的承诺。“从短期来看，它们确实会让图片变得更加难以阅读，”他说。“如果数量的存在只是因为协议给了你参与的额外动力，那么逻辑就不太正确。”作为一名投资者，他试图识别那些即使没有诱人的收益率也能积累可持续交易量的项目。</blockquote></p><p> Advocates of DeFi say the idea is still in its infancy, and it could eventually broaden its uses and reach into more traditional areas of finance. Their dream is a financial system run on the internet that doesn’t involve a credit officer at a JPMorgan branch, or a Citadel Securities investing in high-frequency infrastructure tokeep stock trading liquid.</p><p><blockquote>DeFi的倡导者表示，这一想法仍处于起步阶段，最终可能会扩大其用途，进入更传统的金融领域。他们的梦想是建立一个在互联网上运行的金融系统，不涉及摩根大通分行的信贷官员，也不涉及Citadel Securities投资高频基础设施以保持股票交易流动性。</blockquote></p><p> But Elaine Ou, a blockchain engineer at Global Financial Access, argues there’s nothing wrong with DeFi being used only for crypto trading, either. “Look at Vegas and Macau—part of the reason they’re so valuable is that they allow you to do what other jurisdictions have banned,” says Ou, who alsowritesfor Bloomberg Opinion. “It is possible to build an entire industry up around speculation.”</p><p><blockquote>但Global Financial Access的区块链工程师Elaine Ou认为，DeFi仅用于加密货币交易也没有错。“看看拉斯维加斯和澳门——它们如此有价值的部分原因是它们允许你做其他司法管辖区禁止的事情，”欧说，他也是彭博社观点的撰稿人。“围绕投机建立整个行业是可能的。”</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Crypto Die-Hards Built a $90 Billion Wall Street on the Internet<blockquote>加密货币顽固分子在互联网上建立了价值900亿美元的华尔街</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\">\nCrypto Die-Hards Built a $90 Billion Wall Street on the Internet<blockquote>加密货币顽固分子在互联网上建立了价值900亿美元的华尔街</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">.bloomberg</strong><span class=\"h-time small\">2021-06-16 19:49</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Money manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government bond. Or he can pocket the annual equivalent of a 20% yield for locking money up in one of the wilder corners of the crypto market, known as decentralized finance, or DeFi.</p><p><blockquote>基金经理弗拉基米尔·维什涅夫斯基(Vladimir Vishnevskiy)持有欧洲政府债券可以获得负利率。或者，他可以将资金锁定在加密货币市场的一个更狂野的角落，即去中心化金融（DeFi），从而获得相当于20%的年收益率。</blockquote></p><p> He decided to go for the 20%. “You can’t get those yields in the traditional space,” says the co-founder of Swiss-based St. Gotthard Fund Management, which runs a portfolio designed to squeeze income out of crypto assets. The strategy is so new that even Wall Street pros may have trouble wrapping their heads around it. Take what you might know about Bitcoin—that it’s a digital currency that exists only on an online ledger governed by computer code. Now make it even more mind-bending, and imagine the code isn’t just recording transactions. It’s running lending platforms, insurers and financial markets with little human intermediation. That’sDeFi.</p><p><blockquote>他决定争取20%。“你无法在传统领域获得这些收益率，”总部位于瑞士的圣哥达基金管理公司的联合创始人表示，该公司运营的投资组合旨在从加密资产中榨取收入。这一策略如此新颖，即使是华尔街的专业人士也可能难以理解。就拿你可能知道的比特币来说吧——它是一种数字货币，只存在于由计算机代码管理的在线账本上。现在让它变得更加令人费解，想象代码不仅仅是记录交易。它在几乎没有人工中介的情况下运营借贷平台、保险公司和金融市场。那是DeFi。</blockquote></p><p> Traders like Vishnevskiy can collect yields by committing in the form of crypto tokens the capital that’s needed to make these disembodied and largely unregulated financial institutions run. At the peak last month, investors put in as much as $86 billion into various DeFi programs, compared with just under $1 billion a year ago, DeFi Pulse data show.</p><p><blockquote>像维什涅夫斯基这样的交易者可以通过以加密代币的形式投入运营这些脱离实体且基本上不受监管的金融机构所需的资本来获得收益。DeFi Pulse数据显示，在上个月的高峰期，投资者向各种DeFi项目投入了高达860亿美元，而一年前这一数字略低于10亿美元。</blockquote></p><p> It’s a young, volatile, and hack-prone system. (One of the first decentralized projects, a fund called the DAO, was the victim of aspectacular $55 million theftby someone taking advantage of a flaw in its code to siphon off funds.) And for now, it’s mostly a crypto world built for thecrypto universe. The decentralized lenders are largely taking crypto deposits to make loans to people looking for leverage on crypto bets; the decentralized exchanges are used for trading crypto coins; the decentralized insurers cover crypto hacks.</p><p><blockquote>这是一个年轻、不稳定、容易被黑客攻击的系统。（最早的去中心化项目之一，一个名为DAO的基金，是有人利用其代码中的缺陷窃取资金的惊人的5500万美元的受害者。）目前，它主要是一个为加密宇宙构建的加密世界。分散的贷款机构主要接受加密货币存款，向寻求加密货币押注杠杆的人提供贷款；分散式交易所用于交易加密硬币；分散的保险公司承保加密黑客。</blockquote></p><p> The big yields investors can earn are denominated not in dollars or euros but in often-obscure tokens. Critics of DeFi say some projects can resemble a Ponzi scheme: Early investors depend on others piling into tokens that still have limited real-world utility. If returns are high, it’s largely because of investors’ voracious appetite for more digital assets. And since DeFi projects don’t need to live in any physical location, they’re difficult to regulate, making the space vulnerable to scams and money laundering schemes. Still, DeFi’s advocates think the technology has the power to open up markets and build new kinds of financial products.</p><p><blockquote>投资者可以获得的巨额收益不是以美元或欧元计价，而是以通常不为人知的代币计价。DeFi的批评者表示，一些项目可能类似于庞氏骗局：早期投资者依赖其他人涌入现实世界效用仍然有限的代币。如果回报很高，很大程度上是因为投资者对更多数字资产的贪婪胃口。由于DeFi项目不需要居住在任何物理位置，因此很难监管，这使得该领域容易受到诈骗和洗钱计划的影响。尽管如此，DeFi的倡导者认为该技术有能力打开市场并构建新型金融产品。</blockquote></p><p> To see how a DeFi program works, look atSushiSwap, a decentralized cryptocurrency exchange that started last year. It’s based on the code of another DeFi exchange calledUniswap. Like any exchange—from better-known crypto trading apps such asCoinbaseto stock markets likeNasdaq—SushiSwap depends on liquidity, or the ability to make sure buyers can find the tokens they want and sellers can get a price they think is fair. To do that in a decentralized way, SushiSwap creates liquidity pools that pair any two coins that traders might want to swap—for example, Ethereum, thesecond-most-popular cryptocurrencyand DeFi’s backbone, and the exchange’s own token, Sushi.</p><p><blockquote>要了解DeFi程序是如何工作的，请查看去年推出的去中心化加密货币交易所SushiSwap。它基于另一个名为Uniswap的DeFi交易所的代码。与任何交易所一样——从Coinbase等更知名的加密货币交易应用程序到纳斯达克等股票市场——SushiSwap依赖于流动性，或者确保买家能够找到他们想要的代币、卖家能够获得他们认为公平的价格的能力。为了以去中心化的方式做到这一点，SushiSwap创建了流动性池，将交易者可能想要交换的任何两种硬币配对，例如以太币（第二大最受欢迎的加密货币和DeFi的主干），以及交易所自己的代币Sushi。</blockquote></p><p> Investors like Vishnevskiy buy both tokens and then temporarily lock them into the pool, where they’re available to traders. An algorithm adjusts prices of both tokens to reflect relative changes in demand. The exchange also charges a fee for trading. When Vishnevskiy gets his tokens back, he also gets a portion of the fees generated from transactions made in the pool, as well as free additional Sushi tokens. (The added Sushi tokens can be earned on other trading pairs, not only those involving Sushi.) That, the exchange’s software surmises, amounts to an annualized 20% yield.</p><p><blockquote>像Vishnevskiy这样的投资者购买这两种代币，然后将它们暂时锁定在池中，供交易者使用。算法调整两种代币的价格，以反映需求的相对变化。交易所还收取交易费用。当Vishnevskiy拿回他的代币时，他还会获得一部分在池中进行的交易产生的费用，以及免费的额外寿司代币。（添加的寿司代币可以在其他交易对上赚取，而不仅仅是那些涉及寿司的交易对。）该交易所的软件推测，这相当于年化收益率20%。</blockquote></p><p> Other DeFi protocols may pay yields to people who make their crypto available for someone else to borrow. For example, traders might want to borrowstablecoins—tokens whose value is linked to that of a traditional currency such as the dollar—to buy more Bitcoin on platforms that don’t take traditional currencies.</p><p><blockquote>其他DeFi协议可能会向那些将其加密货币提供给其他人借用的人支付收益。例如，交易者可能想要借用稳定币（其价值与美元等传统货币挂钩的代币），以便在不接受传统货币的平台上购买更多比特币。</blockquote></p><p> If that sounds complicated, it is. Yields in DeFi are mostly projected from recent market trends and could drop quickly. Some investors who call themselves yield farmers are constantly moving their money trying to generate income, but crypto transaction costs called “gas” fees can eat up profits. Moreover, the cryptocurrencies these yields get paid in can fluctuate wildly in value. When Bitcoin slid as much as 10% on one recent day, popular DeFi coins such as Uniswap’s fell almost 20%.</p><p><blockquote>如果这听起来很复杂，那就是。DeFi的收益率主要是根据最近的市场趋势预测的，可能会迅速下降。一些看涨期权农民的投资者不断转移资金试图创收，但被称为“汽油”费的加密交易成本可能会吞噬利润。此外，这些收益支付的加密货币的价值可能会大幅波动。当比特币最近一天下跌10%时，Uniswap等流行的DeFi硬币下跌了近20%。</blockquote></p><p></p><p> Other risks that come with any cryptocurrency still apply:Regulatory scrutinywill probably grow, which might shut down or hamper some projects and blow up the value of associated tokens. Founders of DeFi projects who’ve hoarded the coins created to run them could suddenly cash out, causing prices to drop. SushiSwap’s pseudonymous creator, Chef Nomi, sold tokens worth roughly $13 million in September before reversing course amid community outrage.</p><p><blockquote>任何加密货币带来的其他风险仍然适用：监管审查可能会增加，这可能会关闭或阻碍一些项目，并大幅提升相关代币的价值。DeFi项目的创始人囤积了为运行它们而创建的硬币，可能会突然套现，导致价格下跌。SushiSwap的化名创建者Nomi厨师在9月份出售了价值约1300万美元的代币，然后在社区愤怒中改变了方向。</blockquote></p><p> “You can’t get those yields in the traditional space”</p><p><blockquote>“你无法在传统领域获得这些产量”</blockquote></p><p> The history of crypto is filled with cautionary tales about investments riding a wave of hype and then falling apart. Around 2018, so-called initial coin offerings raised billions of dollars for projects, most of which turned out to be duds. DeFi converts say the difference now is that applications such as exchanges and lenders are generating revenue, even if just from crypto speculation. Uniswap, which announces its user statistics in real time, had trading volume of $813 million in one recent 24-hour period, generating $1.8 million in fees for those staking their tokens in its liquidity pool.</p><p><blockquote>加密货币的历史充满了关于投资乘着炒作浪潮然后分崩离析的警示故事。2018年左右，所谓的首次代币发行为项目筹集了数十亿美元，但其中大部分都是徒劳的。DeFi转换者表示，现在的不同之处在于，交易所和贷方等应用程序正在产生收入，即使只是来自加密货币投机。Uniswap实时公布其用户统计数据，在最近24小时内的交易量为8.13亿美元，为那些在其流动性池中质押代币的人产生了180万美元的费用。</blockquote></p><p> What about the value of the tokens many DeFi projects give out? These coins aren’t exactly equity and don’t always confer any direct claim to profits. Often they give holders voting rights on the future of the project; investors may be hoping that as the protocols they’re associated with grow in popularity, so will the coins. But some DeFi platforms might not be as successful as they seem. Aleksander Kloda, who co-manages a DeFi fund at Nickel Digital Asset Management, says participation may be driven less by the value of a service than by the promise of free tokens. “In the short term, they can really make the picture a lot more difficult to read,” he says. “The logic is not quite correct if the volumes are only there because of the additional motivation the protocol gives you to participate.” As an investor, he tries to identify projects that have built up sustainable volume even without tantalizing yields.</p><p><blockquote>许多DeFi项目发放的代币价值如何？这些硬币并不完全是股权，也不总是赋予任何直接的利润要求。他们通常赋予持有人对项目未来的投票权；投资者可能希望，随着与他们相关的协议越来越受欢迎，硬币也会越来越受欢迎。但是一些DeFi平台可能并不像看起来那么成功。Nickel Digital Asset Management共同管理DeFi基金的Aleksander Kloda表示，参与的驱动力可能不是服务的价值，而是免费代币的承诺。“从短期来看，它们确实会让图片变得更加难以阅读，”他说。“如果数量的存在只是因为协议给了你参与的额外动力，那么逻辑就不太正确。”作为一名投资者，他试图识别那些即使没有诱人的收益率也能积累可持续交易量的项目。</blockquote></p><p> Advocates of DeFi say the idea is still in its infancy, and it could eventually broaden its uses and reach into more traditional areas of finance. Their dream is a financial system run on the internet that doesn’t involve a credit officer at a JPMorgan branch, or a Citadel Securities investing in high-frequency infrastructure tokeep stock trading liquid.</p><p><blockquote>DeFi的倡导者表示，这一想法仍处于起步阶段，最终可能会扩大其用途，进入更传统的金融领域。他们的梦想是建立一个在互联网上运行的金融系统，不涉及摩根大通分行的信贷官员，也不涉及Citadel Securities投资高频基础设施以保持股票交易流动性。</blockquote></p><p> But Elaine Ou, a blockchain engineer at Global Financial Access, argues there’s nothing wrong with DeFi being used only for crypto trading, either. “Look at Vegas and Macau—part of the reason they’re so valuable is that they allow you to do what other jurisdictions have banned,” says Ou, who alsowritesfor Bloomberg Opinion. “It is possible to build an entire industry up around speculation.”</p><p><blockquote>但Global Financial Access的区块链工程师Elaine Ou认为，DeFi仅用于加密货币交易也没有错。“看看拉斯维加斯和澳门——它们如此有价值的部分原因是它们允许你做其他司法管辖区禁止的事情，”欧说，他也是彭博社观点的撰稿人。“围绕投机建立整个行业是可能的。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.bloomberg.com/news/articles/2021-06-16/defi-platforms-with-names-like-sushiswap-aim-to-be-nasdaq-for-crypto\">.bloomberg</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":{"GBTC":"比特币ETF-Grayscale"},"source_url":"https://www.bloomberg.com/news/articles/2021-06-16/defi-platforms-with-names-like-sushiswap-aim-to-be-nasdaq-for-crypto","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1160929405","content_text":"Money manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government bond. Or he can pocket the annual equivalent of a 20% yield for locking money up in one of the wilder corners of the crypto market, known as decentralized finance, or DeFi.\nHe decided to go for the 20%. “You can’t get those yields in the traditional space,” says the co-founder of Swiss-based St. Gotthard Fund Management, which runs a portfolio designed to squeeze income out of crypto assets. The strategy is so new that even Wall Street pros may have trouble wrapping their heads around it. Take what you might know about Bitcoin—that it’s a digital currency that exists only on an online ledger governed by computer code. Now make it even more mind-bending, and imagine the code isn’t just recording transactions. It’s running lending platforms, insurers and financial markets with little human intermediation. That’sDeFi.\nTraders like Vishnevskiy can collect yields by committing in the form of crypto tokens the capital that’s needed to make these disembodied and largely unregulated financial institutions run. At the peak last month, investors put in as much as $86 billion into various DeFi programs, compared with just under $1 billion a year ago, DeFi Pulse data show.\nIt’s a young, volatile, and hack-prone system. (One of the first decentralized projects, a fund called the DAO, was the victim of aspectacular $55 million theftby someone taking advantage of a flaw in its code to siphon off funds.) And for now, it’s mostly a crypto world built for thecrypto universe. The decentralized lenders are largely taking crypto deposits to make loans to people looking for leverage on crypto bets; the decentralized exchanges are used for trading crypto coins; the decentralized insurers cover crypto hacks.\nThe big yields investors can earn are denominated not in dollars or euros but in often-obscure tokens. Critics of DeFi say some projects can resemble a Ponzi scheme: Early investors depend on others piling into tokens that still have limited real-world utility. If returns are high, it’s largely because of investors’ voracious appetite for more digital assets. And since DeFi projects don’t need to live in any physical location, they’re difficult to regulate, making the space vulnerable to scams and money laundering schemes. Still, DeFi’s advocates think the technology has the power to open up markets and build new kinds of financial products.\nTo see how a DeFi program works, look atSushiSwap, a decentralized cryptocurrency exchange that started last year. It’s based on the code of another DeFi exchange calledUniswap. Like any exchange—from better-known crypto trading apps such asCoinbaseto stock markets likeNasdaq—SushiSwap depends on liquidity, or the ability to make sure buyers can find the tokens they want and sellers can get a price they think is fair. To do that in a decentralized way, SushiSwap creates liquidity pools that pair any two coins that traders might want to swap—for example, Ethereum, thesecond-most-popular cryptocurrencyand DeFi’s backbone, and the exchange’s own token, Sushi.\nInvestors like Vishnevskiy buy both tokens and then temporarily lock them into the pool, where they’re available to traders. An algorithm adjusts prices of both tokens to reflect relative changes in demand. The exchange also charges a fee for trading. When Vishnevskiy gets his tokens back, he also gets a portion of the fees generated from transactions made in the pool, as well as free additional Sushi tokens. (The added Sushi tokens can be earned on other trading pairs, not only those involving Sushi.) That, the exchange’s software surmises, amounts to an annualized 20% yield.\nOther DeFi protocols may pay yields to people who make their crypto available for someone else to borrow. For example, traders might want to borrowstablecoins—tokens whose value is linked to that of a traditional currency such as the dollar—to buy more Bitcoin on platforms that don’t take traditional currencies.\nIf that sounds complicated, it is. Yields in DeFi are mostly projected from recent market trends and could drop quickly. Some investors who call themselves yield farmers are constantly moving their money trying to generate income, but crypto transaction costs called “gas” fees can eat up profits. Moreover, the cryptocurrencies these yields get paid in can fluctuate wildly in value. When Bitcoin slid as much as 10% on one recent day, popular DeFi coins such as Uniswap’s fell almost 20%.\nOther risks that come with any cryptocurrency still apply:Regulatory scrutinywill probably grow, which might shut down or hamper some projects and blow up the value of associated tokens. Founders of DeFi projects who’ve hoarded the coins created to run them could suddenly cash out, causing prices to drop. SushiSwap’s pseudonymous creator, Chef Nomi, sold tokens worth roughly $13 million in September before reversing course amid community outrage.\n“You can’t get those yields in the traditional space”\nThe history of crypto is filled with cautionary tales about investments riding a wave of hype and then falling apart. Around 2018, so-called initial coin offerings raised billions of dollars for projects, most of which turned out to be duds. DeFi converts say the difference now is that applications such as exchanges and lenders are generating revenue, even if just from crypto speculation. Uniswap, which announces its user statistics in real time, had trading volume of $813 million in one recent 24-hour period, generating $1.8 million in fees for those staking their tokens in its liquidity pool.\nWhat about the value of the tokens many DeFi projects give out? These coins aren’t exactly equity and don’t always confer any direct claim to profits. Often they give holders voting rights on the future of the project; investors may be hoping that as the protocols they’re associated with grow in popularity, so will the coins. But some DeFi platforms might not be as successful as they seem. Aleksander Kloda, who co-manages a DeFi fund at Nickel Digital Asset Management, says participation may be driven less by the value of a service than by the promise of free tokens. “In the short term, they can really make the picture a lot more difficult to read,” he says. “The logic is not quite correct if the volumes are only there because of the additional motivation the protocol gives you to participate.” As an investor, he tries to identify projects that have built up sustainable volume even without tantalizing yields.\nAdvocates of DeFi say the idea is still in its infancy, and it could eventually broaden its uses and reach into more traditional areas of finance. Their dream is a financial system run on the internet that doesn’t involve a credit officer at a JPMorgan branch, or a Citadel Securities investing in high-frequency infrastructure tokeep stock trading liquid.\nBut Elaine Ou, a blockchain engineer at Global Financial Access, argues there’s nothing wrong with DeFi being used only for crypto trading, either. “Look at Vegas and Macau—part of the reason they’re so valuable is that they allow you to do what other jurisdictions have banned,” says Ou, who alsowritesfor Bloomberg Opinion. “It is possible to build an entire industry up around speculation.”","news_type":1,"symbols_score_info":{"GBTC":0.9}},"isVote":1,"tweetType":1,"viewCount":2106,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":169482626,"gmtCreate":1623847514965,"gmtModify":1631888373114,"author":{"id":"3578565623520596","authorId":"3578565623520596","name":"AllyLeong","avatar":"https://static.tigerbbs.com/f8a5f2b238dc0e683b344a70d1e754e5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578565623520596","idStr":"3578565623520596"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/ALF\">$Alfi Inc.(ALF)$</a>Will it go up or down today?","listText":"<a href=\"https://laohu8.com/S/ALF\">$Alfi Inc.(ALF)$</a>Will it go up or down today?","text":"$Alfi Inc.(ALF)$Will it go up or down today?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/169482626","isVote":1,"tweetType":1,"viewCount":2004,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":169488993,"gmtCreate":1623847442612,"gmtModify":1634027176369,"author":{"id":"3578565623520596","authorId":"3578565623520596","name":"AllyLeong","avatar":"https://static.tigerbbs.com/f8a5f2b238dc0e683b344a70d1e754e5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578565623520596","idStr":"3578565623520596"},"themes":[],"htmlText":"I’m waiting","listText":"I’m waiting","text":"I’m waiting","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/169488993","repostId":"1184454883","repostType":4,"repost":{"id":"1184454883","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":1623830812,"share":"https://www.laohu8.com/m/news/1184454883?lang=zh_CN&edition=full","pubTime":"2021-06-16 16:06","market":"us","language":"en","title":"Oracle shares fell more than 4% in pre-market trading,as CEO expects to push more money to cloud efforts<blockquote>甲骨文股价在盘前交易中下跌超过4%，首席执行官预计将向云工作投入更多资金</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1184454883","media":"Tiger Newspress","summary":"Oracle shares fell more than 4% in pre-market trading.\nOracleORCL,-1.19%on Tuesday reported fourth-q","content":"<p>Oracle&nbsp;shares fell&nbsp;more&nbsp;than 4% in pre-market&nbsp;trading.</p><p><blockquote>甲骨文股价在盘前交易中下跌超过4%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/24c21c95265199b1f8a92747158fca89\" tg-width=\"1289\" tg-height=\"625\" referrerpolicy=\"no-referrer\">OracleORCL,-1.19%on Tuesday reported fourth-quarter earnings of $4.03 billion, or $1.37 a share, on sales of $11.23 billion, up from $10.44 billion a year ago. After adjusting for stock-based compensation and other effects, Oracle reported earnings of $1.54 a share, up from $1.20 a share last year. Analysts on average expected adjusted earnings of $1.31 a share on revenue of $11.02 billion.</p><p><blockquote>OracleORCL,-1.19%周二公布第四季度收益为40.3亿美元，即每股1.37美元，销售额为112.3亿美元，高于去年同期的104.4亿美元。在调整股票薪酬和其他影响后，甲骨文公布的每股收益为1.54美元，高于去年的每股1.20美元。分析师平均预期调整后每股收益为1.31美元，营收为110.2亿美元。</blockquote></p><p> For the full fiscal year, Oracle totaled $40.48 billion in sales, up 3.6% from its previous fiscal year. Oracle revenue had declined 1.1% and 0.8% in the past two years, respectively, and sales have declined four times in the past six years overall. The growth rate for the 2021 fiscal year is the second-best for Oracle since the end of the 2012 fiscal year.</p><p><blockquote>甲骨文整个财年的销售额为404.8亿美元，比上一财年增长3.6%。甲骨文的收入在过去两年中分别下降了1.1%和0.8%，销售额在过去六年中总体下降了四次。2021财年的增长率是甲骨文自2012财年结束以来的第二好增长率。</blockquote></p><p> Earnings also increased for the full year, though much of the gains in earnings per share are a result of massive share repurchases. Oracle repurchased $20.9 billion in stock as the COVID-19 pandemic raged in the past 12 months and has now spent more than $76 billion in the past three fiscal years purchasing its own stock.</p><p><blockquote>全年收益也有所增长，尽管每股收益的增长大部分是大规模股票回购的结果。随着过去12个月COVID-19大流行肆虐，甲骨文回购了209亿美元的股票，目前在过去三个财年中已花费超过760亿美元购买自己的股票。</blockquote></p><p> For the new fiscal year, Chief Executive Safra Catz predicted that revenue growth will continue but said Oracle will begin funneling more cash into its cloud business. The software provider expects to push $4 billion into capital expenditures to increase its competition with Amazon.com Inc.&nbsp;,Microsoft Corp.&nbsp;and others.</p><p><blockquote>对于新财年，首席执行官Safra Catz预测收入将继续增长，但表示甲骨文将开始向其云业务投入更多现金。该软件提供商预计将投入40亿美元的资本支出，以加强与亚马逊、微软等公司的竞争。</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>Oracle shares fell more than 4% in pre-market trading,as CEO expects to push more money to cloud efforts<blockquote>甲骨文股价在盘前交易中下跌超过4%，首席执行官预计将向云工作投入更多资金</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\">\nOracle shares fell more than 4% in pre-market trading,as CEO expects to push more money to cloud efforts<blockquote>甲骨文股价在盘前交易中下跌超过4%，首席执行官预计将向云工作投入更多资金</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\">2021-06-16 16:06</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Oracle&nbsp;shares fell&nbsp;more&nbsp;than 4% in pre-market&nbsp;trading.</p><p><blockquote>甲骨文股价在盘前交易中下跌超过4%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/24c21c95265199b1f8a92747158fca89\" tg-width=\"1289\" tg-height=\"625\" referrerpolicy=\"no-referrer\">OracleORCL,-1.19%on Tuesday reported fourth-quarter earnings of $4.03 billion, or $1.37 a share, on sales of $11.23 billion, up from $10.44 billion a year ago. After adjusting for stock-based compensation and other effects, Oracle reported earnings of $1.54 a share, up from $1.20 a share last year. Analysts on average expected adjusted earnings of $1.31 a share on revenue of $11.02 billion.</p><p><blockquote>OracleORCL,-1.19%周二公布第四季度收益为40.3亿美元，即每股1.37美元，销售额为112.3亿美元，高于去年同期的104.4亿美元。在调整股票薪酬和其他影响后，甲骨文公布的每股收益为1.54美元，高于去年的每股1.20美元。分析师平均预期调整后每股收益为1.31美元，营收为110.2亿美元。</blockquote></p><p> For the full fiscal year, Oracle totaled $40.48 billion in sales, up 3.6% from its previous fiscal year. Oracle revenue had declined 1.1% and 0.8% in the past two years, respectively, and sales have declined four times in the past six years overall. The growth rate for the 2021 fiscal year is the second-best for Oracle since the end of the 2012 fiscal year.</p><p><blockquote>甲骨文整个财年的销售额为404.8亿美元，比上一财年增长3.6%。甲骨文的收入在过去两年中分别下降了1.1%和0.8%，销售额在过去六年中总体下降了四次。2021财年的增长率是甲骨文自2012财年结束以来的第二好增长率。</blockquote></p><p> Earnings also increased for the full year, though much of the gains in earnings per share are a result of massive share repurchases. Oracle repurchased $20.9 billion in stock as the COVID-19 pandemic raged in the past 12 months and has now spent more than $76 billion in the past three fiscal years purchasing its own stock.</p><p><blockquote>全年收益也有所增长，尽管每股收益的增长大部分是大规模股票回购的结果。随着过去12个月COVID-19大流行肆虐，甲骨文回购了209亿美元的股票，目前在过去三个财年中已花费超过760亿美元购买自己的股票。</blockquote></p><p> For the new fiscal year, Chief Executive Safra Catz predicted that revenue growth will continue but said Oracle will begin funneling more cash into its cloud business. The software provider expects to push $4 billion into capital expenditures to increase its competition with Amazon.com Inc.&nbsp;,Microsoft Corp.&nbsp;and others.</p><p><blockquote>对于新财年，首席执行官Safra Catz预测收入将继续增长，但表示甲骨文将开始向其云业务投入更多现金。该软件提供商预计将投入40亿美元的资本支出，以加强与亚马逊、微软等公司的竞争。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ORCL":"甲骨文"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1184454883","content_text":"Oracle shares fell more than 4% in pre-market trading.\nOracleORCL,-1.19%on Tuesday reported fourth-quarter earnings of $4.03 billion, or $1.37 a share, on sales of $11.23 billion, up from $10.44 billion a year ago. After adjusting for stock-based compensation and other effects, Oracle reported earnings of $1.54 a share, up from $1.20 a share last year. Analysts on average expected adjusted earnings of $1.31 a share on revenue of $11.02 billion.\nFor the full fiscal year, Oracle totaled $40.48 billion in sales, up 3.6% from its previous fiscal year. Oracle revenue had declined 1.1% and 0.8% in the past two years, respectively, and sales have declined four times in the past six years overall. The growth rate for the 2021 fiscal year is the second-best for Oracle since the end of the 2012 fiscal year.\nEarnings also increased for the full year, though much of the gains in earnings per share are a result of massive share repurchases. Oracle repurchased $20.9 billion in stock as the COVID-19 pandemic raged in the past 12 months and has now spent more than $76 billion in the past three fiscal years purchasing its own stock.\nFor the new fiscal year, Chief Executive Safra Catz predicted that revenue growth will continue but said Oracle will begin funneling more cash into its cloud business. The software provider expects to push $4 billion into capital expenditures to increase its competition with Amazon.com Inc. ,Microsoft Corp. and others.","news_type":1,"symbols_score_info":{"ORCL":0.9}},"isVote":1,"tweetType":1,"viewCount":1885,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":169481383,"gmtCreate":1623847418642,"gmtModify":1634027176712,"author":{"id":"3578565623520596","authorId":"3578565623520596","name":"AllyLeong","avatar":"https://static.tigerbbs.com/f8a5f2b238dc0e683b344a70d1e754e5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578565623520596","idStr":"3578565623520596"},"themes":[],"htmlText":"Another direction to follow","listText":"Another direction to follow","text":"Another direction to follow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/169481383","repostId":"1170999861","repostType":4,"repost":{"id":"1170999861","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1623837638,"share":"https://www.laohu8.com/m/news/1170999861?lang=zh_CN&edition=full","pubTime":"2021-06-16 18:00","market":"sh","language":"zh","title":"比亚迪股份：分拆所属子公司至创业板上市","url":"https://stock-news.laohu8.com/highlight/detail?id=1170999861","media":"老虎资讯综合","summary":"6月16日，比亚迪股份：股东大会表决通过分拆所属子公司比亚迪半导体股份有限公司至创业板上市。\n比亚迪股份有限公司于近日收到公司持股5%以上的股东吕向阳先生函告，获悉其将所持有本公司的部分股份办理质押手","content":"<p>6月16日，<a href=\"https://laohu8.com/S/01211\">比亚迪股份</a>：股东大会表决通过分拆所属子公司<a href=\"https://laohu8.com/S/002594\">比亚迪</a>半导体股份有限公司至创业板上市。</p>\n<p>比亚迪股份有限公司于近日收到公司持股5%以上的股东吕向阳先生函告，获悉其将所持有本公司的部分股份办理质押手续。</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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Keep it up!","listText":"<a href=\"https://laohu8.com/S/SPCB\">$SuperCom(SPCB)$</a>Performance not bad! Keep it up!","text":"$SuperCom(SPCB)$Performance not bad! Keep it up!","images":[{"img":"https://static.tigerbbs.com/bcfd3f5556c609bbf4d875d9dcf0c226","width":"1170","height":"2026"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/184396986","isVote":1,"tweetType":1,"viewCount":464,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":182643029,"gmtCreate":1623571647961,"gmtModify":1631890008478,"author":{"id":"3578565623520596","authorId":"3578565623520596","name":"AllyLeong","avatar":"https://static.tigerbbs.com/f8a5f2b238dc0e683b344a70d1e754e5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578565623520596","idStr":"3578565623520596"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/SPCB\">$SuperCom(SPCB)$</a>For long term investment&nbsp;","listText":"<a href=\"https://laohu8.com/S/SPCB\">$SuperCom(SPCB)$</a>For long term investment&nbsp;","text":"$SuperCom(SPCB)$For long term investment","images":[{"img":"https://static.tigerbbs.com/8c1b955d6a5cc88107a55fd9d7e2f311","width":"1170","height":"2026"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/182643029","isVote":1,"tweetType":1,"viewCount":370,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":188141255,"gmtCreate":1623425729577,"gmtModify":1634033311280,"author":{"id":"3578565623520596","authorId":"3578565623520596","name":"AllyLeong","avatar":"https://static.tigerbbs.com/f8a5f2b238dc0e683b344a70d1e754e5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578565623520596","idStr":"3578565623520596"},"themes":[],"htmlText":"Preparing bullets for stock in!","listText":"Preparing bullets for stock in!","text":"Preparing bullets for stock in!","images":[{"img":"https://static.tigerbbs.com/e6b919a08daca5319001b3f2e30cf17d","width":"1125","height":"3425"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/188141255","isVote":1,"tweetType":1,"viewCount":354,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":114236896,"gmtCreate":1623074923415,"gmtModify":1631885748372,"author":{"id":"3578565623520596","authorId":"3578565623520596","name":"AllyLeong","avatar":"https://static.tigerbbs.com/f8a5f2b238dc0e683b344a70d1e754e5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578565623520596","idStr":"3578565623520596"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/CHPT\">$ChargePoint Holdings Inc.(CHPT)$</a>Keep&nbsp;going!!","listText":"<a href=\"https://laohu8.com/S/CHPT\">$ChargePoint Holdings Inc.(CHPT)$</a>Keep&nbsp;going!!","text":"$ChargePoint Holdings Inc.(CHPT)$Keep going!!","images":[{"img":"https://static.tigerbbs.com/929e529bb65210cc3e2ded72197015e5","width":"1170","height":"2026"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/114236896","isVote":1,"tweetType":1,"viewCount":420,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":114238051,"gmtCreate":1623074884273,"gmtModify":1634037233420,"author":{"id":"3578565623520596","authorId":"3578565623520596","name":"AllyLeong","avatar":"https://static.tigerbbs.com/f8a5f2b238dc0e683b344a70d1e754e5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578565623520596","idStr":"3578565623520596"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/XPEV\">$XPeng Inc.(XPEV)$</a>加油！","listText":"<a href=\"https://laohu8.com/S/XPEV\">$XPeng Inc.(XPEV)$</a>加油！","text":"$XPeng Inc.(XPEV)$加油！","images":[{"img":"https://static.tigerbbs.com/f31b03bf99025f5979bc04a61bf4cddd","width":"1170","height":"2026"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/114238051","isVote":1,"tweetType":1,"viewCount":911,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":112112193,"gmtCreate":1622855473912,"gmtModify":1634097375132,"author":{"id":"3578565623520596","authorId":"3578565623520596","name":"AllyLeong","avatar":"https://static.tigerbbs.com/f8a5f2b238dc0e683b344a70d1e754e5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578565623520596","idStr":"3578565623520596"},"themes":[],"htmlText":"I have missed the opportunity 😟","listText":"I have missed the opportunity 😟","text":"I have missed the opportunity 😟","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/112112193","repostId":"1132937041","repostType":4,"repost":{"id":"1132937041","kind":"news","pubTimestamp":1622853341,"share":"https://www.laohu8.com/m/news/1132937041?lang=zh_CN&edition=full","pubTime":"2021-06-05 08:35","market":"us","language":"en","title":"AMC Stock Is Up 3,100%. Should You Buy or Sell?<blockquote>AMC股价上涨3,100%。你应该买还是卖？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1132937041","media":"Barrons","summary":"Photo illustration by Chris Mihal / Dreamstime.com\nIn a market like this, popcorn can become a Buy s","content":"<p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3d95919779e01e359f19f34476e91d00\" tg-width=\"1260\" tg-height=\"840\"><span>Photo illustration by Chris Mihal / Dreamstime.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>照片插图由Chris Mihal/Dreamstime.com提供</span></p></blockquote></p><p> In a market like this, popcorn can become a Buy signal.</p><p><blockquote>在这样的市场中，爆米花可以成为买入信号。</blockquote></p><p> Shares of AMC Entertainment Holdings jumped more than 95% to an all-time high of $62.55 this past Wednesday after the movie-theater chain announced a new rewards program for shareholders that includes a free large popcorn. The next day, a plan to sell 11.55 million shares (which eventually sold at an average price of $50.85) sent AMC (ticker: AMC) tumbling.</p><p><blockquote>上周三，AMC院线控股公司宣布了一项新的股东奖励计划，其中包括免费的大爆米花，该公司股价上涨了95%以上，达到62.55美元的历史新高。第二天，一项出售1155万股股票的计划（最终以50.85美元的平均价格出售）导致AMC（股票代码：AMC）暴跌。</blockquote></p><p> Even with Thursday’s decline, the stock has soared 297% over the past nine trading sessions, and is up an eye-popping 2,160% for the year.</p><p><blockquote>尽管周四下跌，该股在过去九个交易日中仍飙升了297%，今年以来上涨了令人瞠目结舌的2,160%。</blockquote></p><p> After&nbsp;GameStop(GME) and&nbsp;BlackBerry(BB), there seems to be little stopping the latest hot meme stock,not even a warning from AMC itself: “Under the circumstances, we caution you against investing in our Class A common stock, unless you are prepared to incur the risk of losing all or a substantial portion of your investment,” the company said on Thursday in the filing to sell the shares.</p><p><blockquote>继游戏驿站(GME)和黑莓(BB)之后，似乎没有什么能阻止最新的热门模因股票，甚至AMC本身也没有发出警告：“在这种情况下，我们警告您不要投资我们的A类普通股，除非你准备承担损失全部或大部分投资的风险，”该公司周四在出售股票的文件中表示。</blockquote></p><p> Earlier in the week, AMC sold 8.5 million shares to investment firm Mudrick Capital Management, which sold its stake at a profit that same day,Bloomberg reported. AMC called it a “very smart raising of cash so that we can grow this company.”</p><p><blockquote>据彭博社报道，本周早些时候，AMC向投资公司Mudrick Capital Management出售了850万股股票，该公司当天出售了其股份并获利。AMC称其为“非常明智的现金筹集，以便我们能够发展这家公司。”</blockquote></p><p> More dilution could be coming. The company will ask shareholders to authorize the sale of an additional 25 million shares, starting in 2022, at its annual meeting next month.</p><p><blockquote>更多的稀释可能会到来。该公司将在下个月的年会上要求股东授权从2022年开始额外出售2500万股股票。</blockquote></p><p> Despite the unusual warning and the dilution, some users doubled down on their enthusiasm for the stock in online forums this past week, noting that GameStop experienced similar volatility during its January rise. That just confounds and outrages traditional investors.</p><p><blockquote>尽管出现了不寻常的警告和稀释，一些用户上周在在线论坛上加倍了对该股的热情，并指出游戏驿站在1月份的上涨期间也经历了类似的波动。这只会让传统投资者感到困惑和愤怒。</blockquote></p><p> “The surge in shares of AMC Entertainment is yet another sign of the reckless meme-stock-driven investing landscape that we find ourselves in today,” David Trainer, CEO of investment research firm New Constructs, recently wrote. “Wall Street insiders are preying on the naiveté of retail meme-stock traders. There is no fundamental reason to be buying shares of AMC Entertainment.”</p><p><blockquote>投资研究公司New Constructs首席执行官大卫·特雷纳(David Trainer)最近写道：“AMC院线股价的飙升是我们今天所处的鲁莽模因股票驱动的投资格局的又一个迹象。”“华尔街内部人士正在利用散户模因股票交易员的天真。没有根本理由购买AMC院线股票。”</blockquote></p><p> Trying to identify a fundamental narrative that can justify AMC’s ascent is admittedly difficult. Still, it is an exercise that might provide some insights for investors.</p><p><blockquote>诚然，试图找到一个能够证明AMC崛起合理性的基本叙述是很困难的。尽管如此，这项工作可能会为投资者提供一些见解。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/62d362d944fe5c0a23bee485799d1195\" tg-width=\"956\" tg-height=\"637\"></p><p><blockquote></blockquote></p><p> With the recent share sale, AMC has an enterprise value of about $35 billion, almost six times what it was at the end of 2018, a record-breaking year at the U.S. box office. At that time, the enterprise value for the three largest publicly traded theater operators was about 1.6 times the total domestic box office. (Theater chains typically have a lot of debt, making enterprise value a better measure.)</p><p><blockquote>随着最近的股票出售，AMC的企业价值约为350亿美元，几乎是2018年底的六倍，这是美国票房破纪录的一年。当时，三家最大的公开交易影院运营商的企业价值约为国内总票房的1.6倍。（影院连锁店通常有很多债务，这使得企业价值成为更好的衡量标准。）</blockquote></p><p> AMC’s enterprise value is now about 17 times the dreadful, pandemic-affected domestic box office haul of just $2.1 billion in 2020.</p><p><blockquote>AMC的企业价值目前约为2020年受疫情影响的国内票房收入21亿美元的17倍。</blockquote></p><p> Roughly two-thirds of sales typically come from tickets. The rest comes from soda and, yes, popcorn. The challenge for the industry is whether enough moviegoers return and spend as they did before, after a year of staying home and streaming.</p><p><blockquote>大约三分之二的销售额通常来自门票。其余的来自苏打水，是的，还有爆米花。该行业面临的挑战是，在呆在家里看流媒体一年后，是否有足够多的电影观众像以前一样回来消费。</blockquote></p><p> The business might go through a period of consolidation, as it did earlier this century, when a shift to stadium seating pushed some operators into bankruptcy and mergers. Regal Cinemas, one of the large U.S. theater chains, filed for bankruptcy in 2001. Coming out of bankruptcy, Regal became a cash-generating machine—fewer movie-theater operators helped. And fewer now could usher in another era of higher returns on investment and better cash generation.</p><p><blockquote>该业务可能会经历一段整合期，就像本世纪初那样，当时转向体育场座位迫使一些运营商破产和合并。富豪影院是美国大型连锁影院之一，于2001年申请破产。摆脱破产后，富豪成为了一台现金产生机——更少的电影院运营商提供了帮助。现在更少的人可能会迎来另一个更高投资回报和更好现金生成的时代。</blockquote></p><p> Indeed, the hope is that AMC could be opportunistic in&nbsp;the postpandemic world, perhaps by making acquisitions. The recent gains in the stock have made that hope self-fulfilling, allowing the company to raise new capital—$1.25 billion through stock sales in this quarter alone.</p><p><blockquote>事实上，人们希望AMC能够在大流行后的世界中抓住机会，也许是通过收购。该股最近的上涨使这一希望得以自我实现，使该公司仅在本季度就通过股票销售筹集了12.5亿美元的新资本。</blockquote></p><p> “With our increased liquidity, an increasingly vaccinated population, and the imminent release of blockbuster new movie titles, it is time for AMC to go on the offense again,” CEO Adam Aron said this past Tuesday.</p><p><blockquote>首席执行官亚当·阿伦(Adam Aron)上周二表示：“随着流动性的增加、疫苗接种人口的增加以及大片新电影即将上映，AMC是时候再次进攻了。”</blockquote></p><p> If AMC can boost market share, and if U.S. box office sales return to 2018 levels, the company’s total sales might hit $9 billion—$6 billion from tickets and $3 billion from concessions. Sales in 2018 were $5.5 billion.</p><p><blockquote>如果AMC能够提高市场份额，如果美国票房收入恢复到2018年的水平，该公司的总销售额可能会达到90亿美元——60亿美元的门票收入和30亿美元的特许权收入。2018年销售额为55亿美元。</blockquote></p><p> Then, if profit margins improve with better industry scale, and if AMC’s investment in new theaters can drop as new capacity isn’t really needed, the company might be able to generate $600 million in free cash flow annually. That is about three times the cash-generating potential of prior, prepandemic years.</p><p><blockquote>然后，如果利润率随着行业规模的扩大而提高，并且AMC对新影院的投资因不真正需要新产能而下降，那么该公司每年可能能够产生6亿美元的自由现金流。这大约是大流行前几年现金产生潜力的三倍。</blockquote></p><p></p><p> With $600 million in free cash flow, the stock’s free-cash-flow yield works out to about 2.4%, based on recent prices. That yield makes the stock look expensive, but not completely unreasonable. The&nbsp;S&amp;P 500&nbsp;index trades for about a 3.4% free-cash-flow yield; other consumer-discretionary stocks in the S&amp;P trade at a free-cash-flow yield of about 3.1%.</p><p><blockquote>凭借6亿美元的自由现金流，根据最近的价格，该股的自由现金流收益率约为2.4%。这一收益率使该股票看起来很昂贵，但并非完全不合理。标准普尔500指数的自由现金流收益率约为3.4%；标准普尔其他非必需消费品股票的自由现金流收益率约为3.1%。</blockquote></p><p> While that may offer a faint glimmer of hope for fundamental investors, there are problems with the $600 million free-cash-flow scenario. There are a lot of ifs and mights—and AMC has never generated cash flow like that in the past.</p><p><blockquote>虽然这可能会给基本面投资者带来一线希望，但6亿美元的自由现金流情景存在问题。有很多如果和可能——AMC过去从未产生过这样的现金流。</blockquote></p><p> Consolidation in the industry is also no guarantee of success. AMC’s share of the market might rise, but there are still competitors: Regal Cinemas, now owned by&nbsp;Cineworld Group(CINE.UK), and&nbsp;Cinemark Holdings(CNK).</p><p><blockquote>行业整合也不能保证成功。AMC的市场份额可能会上升，但仍然存在竞争对手：现归Cineworld Group(CINE.UK)所有的Regal Cinemas和Cinemark Holdings(CNK)。</blockquote></p><p> Neither one is trading like AMC: Cineworld stock is up 283% from its 52-week low, but is off 78% from all-time highs, while Cinemark shares are up 183% from their 52-week low, but down 51% from their all-time high. AMC stock, by comparison, is up 2,320% from its 52-week low.</p><p><blockquote>两家公司的交易情况都不如AMC：Cineworld股价较52周低点上涨283%，但较历史高点下跌78%，而Cinemark股价较52周低点上涨183%，但下跌51%从他们的历史高点。相比之下，AMC股价较52周低点上涨2,320%。</blockquote></p><p> And AMC and its peers also have to compete with streaming. Windows for exclusive theater showings are shrinking, and the pandemic has accelerated that.</p><p><blockquote>AMC及其同行也必须与流媒体竞争。独家影院放映的窗口正在缩小，而疫情加速了这一趋势。</blockquote></p><p> Wall Street doesn’t see the potential. Ten analysts cover the stock, and the average price target is $5.25. The highest is $18 a share. Before the pandemic, the average analyst price target was $15. There were fewer shares of AMC at the time. The old target prices implied an enterprise value of roughly $7 billion—a far cry from $35 billion.</p><p><blockquote>华尔街看不到潜力。10名分析师关注该股，平均目标价为5.25美元。最高为每股18美元。在疫情爆发之前，分析师的平均目标价为15美元。当时AMC的股票较少。旧的目标价意味着企业价值约为70亿美元，与350亿美元相去甚远。</blockquote></p><p> Analysts do, however, have positive free cash flow projected for AMC in the future—about $13 million in 2022 and $90 million in 2023.</p><p><blockquote>然而，分析师确实预计AMC未来的自由现金流为正——2022年约为1300万美元，2023年约为9000万美元。</blockquote></p><p> At these levels, the fundamental case for AMC stock is, to put it mildly, a stretch. Yet overvaluation alone is never a good reason to sell a stock short, betting on a price decline. High numbers of shares shorted are typically an element in the meme-fueled rises. These days, the risk of&nbsp;short squeezes&nbsp;has become far larger than the potential gain from the market realizing that a stock is too expensive.</p><p><blockquote>在这些水平上，温和地说，AMC股票的基本情况是一种延伸。然而，仅仅估值过高从来都不是卖空股票、押注价格下跌的好理由。大量股票被做空通常是模因推动的上涨的一个因素。如今，轧空的风险已经远远大于市场意识到股票太贵的潜在收益。</blockquote></p><p> In the end, investing and trading are different skills. Both can make people money. The important thing is not to confuse the two.</p><p><blockquote>归根结底，投资和交易是不同的技能。两者都能让人赚钱。重要的是不要混淆这两者。</blockquote></p><p> AMC investors may understand that. “I think that for most of the retail investors that you see buying quote-unquote meme stocks, it really is to prove a point,” says Natalie Camacho, a 27-year-old writer from California’s San Fernando Valley.</p><p><blockquote>AMC投资者可能明白这一点。来自加利福尼亚州圣费尔南多谷的27岁作家娜塔莉·卡马乔(Natalie Camacho)表示：“我认为，对于大多数购买报价未报价模因股票的散户投资者来说，这确实是为了证明一个观点。”</blockquote></p><p> She says she bought 11 shares of AMC in January for $100 as the meme-stock wave began to build. She expected the company to benefit by the reopening from Covid-19.</p><p><blockquote>她表示，随着模因股票浪潮开始兴起，她在1月份以100美元的价格购买了11股AMC股票。她预计该公司将受益于Covid-19的重新开业。</blockquote></p><p> Camacho says that she had felt as if the world of investing was closed to her, because she didn’t have $10,000 to put into stocks. On social media, the AMC trade has been portrayed as a battle of the little guys against the big Wall Street firms, which appeals to her.</p><p><blockquote>卡马乔说，她觉得投资世界对她关闭了，因为她没有10,000美元可以投资股票。在社交媒体上，AMC的交易被描绘成小人物与华尔街大公司的战斗，这对她很有吸引力。</blockquote></p><p> “What draws me to it is that communal sense, that we’re all in this together,” she says. “There’s a sense that if we pool our money together, we might not be rich, but we’ll have enough to make a difference.”</p><p><blockquote>“吸引我的是那种社区意识，我们都在一起，”她说。“有一种感觉，如果我们把钱集中在一起，我们可能不会富有，但我们将有足够的钱来改变现状。”</blockquote></p><p> Regardless of how it plays out, she is betting with money she can afford to lose. As of Thursday morning, her $100 investment had grown to $460. “Maybe it’s a long-term bad idea, but for now we’re holding,” she says.</p><p><blockquote>不管结果如何，她都在用她输得起的钱下注。截至周四上午，她的100美元投资已增至460美元。“也许从长远来看这是一个坏主意，但目前我们坚持下去，”她说。</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>AMC Stock Is Up 3,100%. Should You Buy or Sell?<blockquote>AMC股价上涨3,100%。你应该买还是卖？</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\">\nAMC Stock Is Up 3,100%. Should You Buy or Sell?<blockquote>AMC股价上涨3,100%。你应该买还是卖？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-06-05 08:35</span>\n</p>\n</h4>\n</header>\n<article>\n<p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3d95919779e01e359f19f34476e91d00\" tg-width=\"1260\" tg-height=\"840\"><span>Photo illustration by Chris Mihal / Dreamstime.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>照片插图由Chris Mihal/Dreamstime.com提供</span></p></blockquote></p><p> In a market like this, popcorn can become a Buy signal.</p><p><blockquote>在这样的市场中，爆米花可以成为买入信号。</blockquote></p><p> Shares of AMC Entertainment Holdings jumped more than 95% to an all-time high of $62.55 this past Wednesday after the movie-theater chain announced a new rewards program for shareholders that includes a free large popcorn. The next day, a plan to sell 11.55 million shares (which eventually sold at an average price of $50.85) sent AMC (ticker: AMC) tumbling.</p><p><blockquote>上周三，AMC院线控股公司宣布了一项新的股东奖励计划，其中包括免费的大爆米花，该公司股价上涨了95%以上，达到62.55美元的历史新高。第二天，一项出售1155万股股票的计划（最终以50.85美元的平均价格出售）导致AMC（股票代码：AMC）暴跌。</blockquote></p><p> Even with Thursday’s decline, the stock has soared 297% over the past nine trading sessions, and is up an eye-popping 2,160% for the year.</p><p><blockquote>尽管周四下跌，该股在过去九个交易日中仍飙升了297%，今年以来上涨了令人瞠目结舌的2,160%。</blockquote></p><p> After&nbsp;GameStop(GME) and&nbsp;BlackBerry(BB), there seems to be little stopping the latest hot meme stock,not even a warning from AMC itself: “Under the circumstances, we caution you against investing in our Class A common stock, unless you are prepared to incur the risk of losing all or a substantial portion of your investment,” the company said on Thursday in the filing to sell the shares.</p><p><blockquote>继游戏驿站(GME)和黑莓(BB)之后，似乎没有什么能阻止最新的热门模因股票，甚至AMC本身也没有发出警告：“在这种情况下，我们警告您不要投资我们的A类普通股，除非你准备承担损失全部或大部分投资的风险，”该公司周四在出售股票的文件中表示。</blockquote></p><p> Earlier in the week, AMC sold 8.5 million shares to investment firm Mudrick Capital Management, which sold its stake at a profit that same day,Bloomberg reported. AMC called it a “very smart raising of cash so that we can grow this company.”</p><p><blockquote>据彭博社报道，本周早些时候，AMC向投资公司Mudrick Capital Management出售了850万股股票，该公司当天出售了其股份并获利。AMC称其为“非常明智的现金筹集，以便我们能够发展这家公司。”</blockquote></p><p> More dilution could be coming. The company will ask shareholders to authorize the sale of an additional 25 million shares, starting in 2022, at its annual meeting next month.</p><p><blockquote>更多的稀释可能会到来。该公司将在下个月的年会上要求股东授权从2022年开始额外出售2500万股股票。</blockquote></p><p> Despite the unusual warning and the dilution, some users doubled down on their enthusiasm for the stock in online forums this past week, noting that GameStop experienced similar volatility during its January rise. That just confounds and outrages traditional investors.</p><p><blockquote>尽管出现了不寻常的警告和稀释，一些用户上周在在线论坛上加倍了对该股的热情，并指出游戏驿站在1月份的上涨期间也经历了类似的波动。这只会让传统投资者感到困惑和愤怒。</blockquote></p><p> “The surge in shares of AMC Entertainment is yet another sign of the reckless meme-stock-driven investing landscape that we find ourselves in today,” David Trainer, CEO of investment research firm New Constructs, recently wrote. “Wall Street insiders are preying on the naiveté of retail meme-stock traders. There is no fundamental reason to be buying shares of AMC Entertainment.”</p><p><blockquote>投资研究公司New Constructs首席执行官大卫·特雷纳(David Trainer)最近写道：“AMC院线股价的飙升是我们今天所处的鲁莽模因股票驱动的投资格局的又一个迹象。”“华尔街内部人士正在利用散户模因股票交易员的天真。没有根本理由购买AMC院线股票。”</blockquote></p><p> Trying to identify a fundamental narrative that can justify AMC’s ascent is admittedly difficult. Still, it is an exercise that might provide some insights for investors.</p><p><blockquote>诚然，试图找到一个能够证明AMC崛起合理性的基本叙述是很困难的。尽管如此，这项工作可能会为投资者提供一些见解。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/62d362d944fe5c0a23bee485799d1195\" tg-width=\"956\" tg-height=\"637\"></p><p><blockquote></blockquote></p><p> With the recent share sale, AMC has an enterprise value of about $35 billion, almost six times what it was at the end of 2018, a record-breaking year at the U.S. box office. At that time, the enterprise value for the three largest publicly traded theater operators was about 1.6 times the total domestic box office. (Theater chains typically have a lot of debt, making enterprise value a better measure.)</p><p><blockquote>随着最近的股票出售，AMC的企业价值约为350亿美元，几乎是2018年底的六倍，这是美国票房破纪录的一年。当时，三家最大的公开交易影院运营商的企业价值约为国内总票房的1.6倍。（影院连锁店通常有很多债务，这使得企业价值成为更好的衡量标准。）</blockquote></p><p> AMC’s enterprise value is now about 17 times the dreadful, pandemic-affected domestic box office haul of just $2.1 billion in 2020.</p><p><blockquote>AMC的企业价值目前约为2020年受疫情影响的国内票房收入21亿美元的17倍。</blockquote></p><p> Roughly two-thirds of sales typically come from tickets. The rest comes from soda and, yes, popcorn. The challenge for the industry is whether enough moviegoers return and spend as they did before, after a year of staying home and streaming.</p><p><blockquote>大约三分之二的销售额通常来自门票。其余的来自苏打水，是的，还有爆米花。该行业面临的挑战是，在呆在家里看流媒体一年后，是否有足够多的电影观众像以前一样回来消费。</blockquote></p><p> The business might go through a period of consolidation, as it did earlier this century, when a shift to stadium seating pushed some operators into bankruptcy and mergers. Regal Cinemas, one of the large U.S. theater chains, filed for bankruptcy in 2001. Coming out of bankruptcy, Regal became a cash-generating machine—fewer movie-theater operators helped. And fewer now could usher in another era of higher returns on investment and better cash generation.</p><p><blockquote>该业务可能会经历一段整合期，就像本世纪初那样，当时转向体育场座位迫使一些运营商破产和合并。富豪影院是美国大型连锁影院之一，于2001年申请破产。摆脱破产后，富豪成为了一台现金产生机——更少的电影院运营商提供了帮助。现在更少的人可能会迎来另一个更高投资回报和更好现金生成的时代。</blockquote></p><p> Indeed, the hope is that AMC could be opportunistic in&nbsp;the postpandemic world, perhaps by making acquisitions. The recent gains in the stock have made that hope self-fulfilling, allowing the company to raise new capital—$1.25 billion through stock sales in this quarter alone.</p><p><blockquote>事实上，人们希望AMC能够在大流行后的世界中抓住机会，也许是通过收购。该股最近的上涨使这一希望得以自我实现，使该公司仅在本季度就通过股票销售筹集了12.5亿美元的新资本。</blockquote></p><p> “With our increased liquidity, an increasingly vaccinated population, and the imminent release of blockbuster new movie titles, it is time for AMC to go on the offense again,” CEO Adam Aron said this past Tuesday.</p><p><blockquote>首席执行官亚当·阿伦(Adam Aron)上周二表示：“随着流动性的增加、疫苗接种人口的增加以及大片新电影即将上映，AMC是时候再次进攻了。”</blockquote></p><p> If AMC can boost market share, and if U.S. box office sales return to 2018 levels, the company’s total sales might hit $9 billion—$6 billion from tickets and $3 billion from concessions. Sales in 2018 were $5.5 billion.</p><p><blockquote>如果AMC能够提高市场份额，如果美国票房收入恢复到2018年的水平，该公司的总销售额可能会达到90亿美元——60亿美元的门票收入和30亿美元的特许权收入。2018年销售额为55亿美元。</blockquote></p><p> Then, if profit margins improve with better industry scale, and if AMC’s investment in new theaters can drop as new capacity isn’t really needed, the company might be able to generate $600 million in free cash flow annually. That is about three times the cash-generating potential of prior, prepandemic years.</p><p><blockquote>然后，如果利润率随着行业规模的扩大而提高，并且AMC对新影院的投资因不真正需要新产能而下降，那么该公司每年可能能够产生6亿美元的自由现金流。这大约是大流行前几年现金产生潜力的三倍。</blockquote></p><p></p><p> With $600 million in free cash flow, the stock’s free-cash-flow yield works out to about 2.4%, based on recent prices. That yield makes the stock look expensive, but not completely unreasonable. The&nbsp;S&amp;P 500&nbsp;index trades for about a 3.4% free-cash-flow yield; other consumer-discretionary stocks in the S&amp;P trade at a free-cash-flow yield of about 3.1%.</p><p><blockquote>凭借6亿美元的自由现金流，根据最近的价格，该股的自由现金流收益率约为2.4%。这一收益率使该股票看起来很昂贵，但并非完全不合理。标准普尔500指数的自由现金流收益率约为3.4%；标准普尔其他非必需消费品股票的自由现金流收益率约为3.1%。</blockquote></p><p> While that may offer a faint glimmer of hope for fundamental investors, there are problems with the $600 million free-cash-flow scenario. There are a lot of ifs and mights—and AMC has never generated cash flow like that in the past.</p><p><blockquote>虽然这可能会给基本面投资者带来一线希望，但6亿美元的自由现金流情景存在问题。有很多如果和可能——AMC过去从未产生过这样的现金流。</blockquote></p><p> Consolidation in the industry is also no guarantee of success. AMC’s share of the market might rise, but there are still competitors: Regal Cinemas, now owned by&nbsp;Cineworld Group(CINE.UK), and&nbsp;Cinemark Holdings(CNK).</p><p><blockquote>行业整合也不能保证成功。AMC的市场份额可能会上升，但仍然存在竞争对手：现归Cineworld Group(CINE.UK)所有的Regal Cinemas和Cinemark Holdings(CNK)。</blockquote></p><p> Neither one is trading like AMC: Cineworld stock is up 283% from its 52-week low, but is off 78% from all-time highs, while Cinemark shares are up 183% from their 52-week low, but down 51% from their all-time high. AMC stock, by comparison, is up 2,320% from its 52-week low.</p><p><blockquote>两家公司的交易情况都不如AMC：Cineworld股价较52周低点上涨283%，但较历史高点下跌78%，而Cinemark股价较52周低点上涨183%，但下跌51%从他们的历史高点。相比之下，AMC股价较52周低点上涨2,320%。</blockquote></p><p> And AMC and its peers also have to compete with streaming. Windows for exclusive theater showings are shrinking, and the pandemic has accelerated that.</p><p><blockquote>AMC及其同行也必须与流媒体竞争。独家影院放映的窗口正在缩小，而疫情加速了这一趋势。</blockquote></p><p> Wall Street doesn’t see the potential. Ten analysts cover the stock, and the average price target is $5.25. The highest is $18 a share. Before the pandemic, the average analyst price target was $15. There were fewer shares of AMC at the time. The old target prices implied an enterprise value of roughly $7 billion—a far cry from $35 billion.</p><p><blockquote>华尔街看不到潜力。10名分析师关注该股，平均目标价为5.25美元。最高为每股18美元。在疫情爆发之前，分析师的平均目标价为15美元。当时AMC的股票较少。旧的目标价意味着企业价值约为70亿美元，与350亿美元相去甚远。</blockquote></p><p> Analysts do, however, have positive free cash flow projected for AMC in the future—about $13 million in 2022 and $90 million in 2023.</p><p><blockquote>然而，分析师确实预计AMC未来的自由现金流为正——2022年约为1300万美元，2023年约为9000万美元。</blockquote></p><p> At these levels, the fundamental case for AMC stock is, to put it mildly, a stretch. Yet overvaluation alone is never a good reason to sell a stock short, betting on a price decline. High numbers of shares shorted are typically an element in the meme-fueled rises. These days, the risk of&nbsp;short squeezes&nbsp;has become far larger than the potential gain from the market realizing that a stock is too expensive.</p><p><blockquote>在这些水平上，温和地说，AMC股票的基本情况是一种延伸。然而，仅仅估值过高从来都不是卖空股票、押注价格下跌的好理由。大量股票被做空通常是模因推动的上涨的一个因素。如今，轧空的风险已经远远大于市场意识到股票太贵的潜在收益。</blockquote></p><p> In the end, investing and trading are different skills. Both can make people money. The important thing is not to confuse the two.</p><p><blockquote>归根结底，投资和交易是不同的技能。两者都能让人赚钱。重要的是不要混淆这两者。</blockquote></p><p> AMC investors may understand that. “I think that for most of the retail investors that you see buying quote-unquote meme stocks, it really is to prove a point,” says Natalie Camacho, a 27-year-old writer from California’s San Fernando Valley.</p><p><blockquote>AMC投资者可能明白这一点。来自加利福尼亚州圣费尔南多谷的27岁作家娜塔莉·卡马乔(Natalie Camacho)表示：“我认为，对于大多数购买报价未报价模因股票的散户投资者来说，这确实是为了证明一个观点。”</blockquote></p><p> She says she bought 11 shares of AMC in January for $100 as the meme-stock wave began to build. She expected the company to benefit by the reopening from Covid-19.</p><p><blockquote>她表示，随着模因股票浪潮开始兴起，她在1月份以100美元的价格购买了11股AMC股票。她预计该公司将受益于Covid-19的重新开业。</blockquote></p><p> Camacho says that she had felt as if the world of investing was closed to her, because she didn’t have $10,000 to put into stocks. On social media, the AMC trade has been portrayed as a battle of the little guys against the big Wall Street firms, which appeals to her.</p><p><blockquote>卡马乔说，她觉得投资世界对她关闭了，因为她没有10,000美元可以投资股票。在社交媒体上，AMC的交易被描绘成小人物与华尔街大公司的战斗，这对她很有吸引力。</blockquote></p><p> “What draws me to it is that communal sense, that we’re all in this together,” she says. “There’s a sense that if we pool our money together, we might not be rich, but we’ll have enough to make a difference.”</p><p><blockquote>“吸引我的是那种社区意识，我们都在一起，”她说。“有一种感觉，如果我们把钱集中在一起，我们可能不会富有，但我们将有足够的钱来改变现状。”</blockquote></p><p> Regardless of how it plays out, she is betting with money she can afford to lose. As of Thursday morning, her $100 investment had grown to $460. “Maybe it’s a long-term bad idea, but for now we’re holding,” she says.</p><p><blockquote>不管结果如何，她都在用她输得起的钱下注。截至周四上午，她的100美元投资已增至460美元。“也许从长远来看这是一个坏主意，但目前我们坚持下去，”她说。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/buy-sell-amc-stock-51622844305?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":{"AMC":"AMC院线"},"source_url":"https://www.barrons.com/articles/buy-sell-amc-stock-51622844305?mod=hp_LEAD_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1132937041","content_text":"Photo illustration by Chris Mihal / Dreamstime.com\nIn a market like this, popcorn can become a Buy signal.\nShares of AMC Entertainment Holdings jumped more than 95% to an all-time high of $62.55 this past Wednesday after the movie-theater chain announced a new rewards program for shareholders that includes a free large popcorn. The next day, a plan to sell 11.55 million shares (which eventually sold at an average price of $50.85) sent AMC (ticker: AMC) tumbling.\nEven with Thursday’s decline, the stock has soared 297% over the past nine trading sessions, and is up an eye-popping 2,160% for the year.\nAfter GameStop(GME) and BlackBerry(BB), there seems to be little stopping the latest hot meme stock,not even a warning from AMC itself: “Under the circumstances, we caution you against investing in our Class A common stock, unless you are prepared to incur the risk of losing all or a substantial portion of your investment,” the company said on Thursday in the filing to sell the shares.\nEarlier in the week, AMC sold 8.5 million shares to investment firm Mudrick Capital Management, which sold its stake at a profit that same day,Bloomberg reported. AMC called it a “very smart raising of cash so that we can grow this company.”\nMore dilution could be coming. The company will ask shareholders to authorize the sale of an additional 25 million shares, starting in 2022, at its annual meeting next month.\nDespite the unusual warning and the dilution, some users doubled down on their enthusiasm for the stock in online forums this past week, noting that GameStop experienced similar volatility during its January rise. That just confounds and outrages traditional investors.\n“The surge in shares of AMC Entertainment is yet another sign of the reckless meme-stock-driven investing landscape that we find ourselves in today,” David Trainer, CEO of investment research firm New Constructs, recently wrote. “Wall Street insiders are preying on the naiveté of retail meme-stock traders. There is no fundamental reason to be buying shares of AMC Entertainment.”\nTrying to identify a fundamental narrative that can justify AMC’s ascent is admittedly difficult. Still, it is an exercise that might provide some insights for investors.\n\nWith the recent share sale, AMC has an enterprise value of about $35 billion, almost six times what it was at the end of 2018, a record-breaking year at the U.S. box office. At that time, the enterprise value for the three largest publicly traded theater operators was about 1.6 times the total domestic box office. (Theater chains typically have a lot of debt, making enterprise value a better measure.)\nAMC’s enterprise value is now about 17 times the dreadful, pandemic-affected domestic box office haul of just $2.1 billion in 2020.\nRoughly two-thirds of sales typically come from tickets. The rest comes from soda and, yes, popcorn. The challenge for the industry is whether enough moviegoers return and spend as they did before, after a year of staying home and streaming.\nThe business might go through a period of consolidation, as it did earlier this century, when a shift to stadium seating pushed some operators into bankruptcy and mergers. Regal Cinemas, one of the large U.S. theater chains, filed for bankruptcy in 2001. Coming out of bankruptcy, Regal became a cash-generating machine—fewer movie-theater operators helped. And fewer now could usher in another era of higher returns on investment and better cash generation.\nIndeed, the hope is that AMC could be opportunistic in the postpandemic world, perhaps by making acquisitions. The recent gains in the stock have made that hope self-fulfilling, allowing the company to raise new capital—$1.25 billion through stock sales in this quarter alone.\n“With our increased liquidity, an increasingly vaccinated population, and the imminent release of blockbuster new movie titles, it is time for AMC to go on the offense again,” CEO Adam Aron said this past Tuesday.\nIf AMC can boost market share, and if U.S. box office sales return to 2018 levels, the company’s total sales might hit $9 billion—$6 billion from tickets and $3 billion from concessions. Sales in 2018 were $5.5 billion.\nThen, if profit margins improve with better industry scale, and if AMC’s investment in new theaters can drop as new capacity isn’t really needed, the company might be able to generate $600 million in free cash flow annually. That is about three times the cash-generating potential of prior, prepandemic years.\nWith $600 million in free cash flow, the stock’s free-cash-flow yield works out to about 2.4%, based on recent prices. That yield makes the stock look expensive, but not completely unreasonable. The S&P 500 index trades for about a 3.4% free-cash-flow yield; other consumer-discretionary stocks in the S&P trade at a free-cash-flow yield of about 3.1%.\nWhile that may offer a faint glimmer of hope for fundamental investors, there are problems with the $600 million free-cash-flow scenario. There are a lot of ifs and mights—and AMC has never generated cash flow like that in the past.\nConsolidation in the industry is also no guarantee of success. AMC’s share of the market might rise, but there are still competitors: Regal Cinemas, now owned by Cineworld Group(CINE.UK), and Cinemark Holdings(CNK).\nNeither one is trading like AMC: Cineworld stock is up 283% from its 52-week low, but is off 78% from all-time highs, while Cinemark shares are up 183% from their 52-week low, but down 51% from their all-time high. AMC stock, by comparison, is up 2,320% from its 52-week low.\nAnd AMC and its peers also have to compete with streaming. Windows for exclusive theater showings are shrinking, and the pandemic has accelerated that.\nWall Street doesn’t see the potential. Ten analysts cover the stock, and the average price target is $5.25. The highest is $18 a share. Before the pandemic, the average analyst price target was $15. There were fewer shares of AMC at the time. The old target prices implied an enterprise value of roughly $7 billion—a far cry from $35 billion.\nAnalysts do, however, have positive free cash flow projected for AMC in the future—about $13 million in 2022 and $90 million in 2023.\nAt these levels, the fundamental case for AMC stock is, to put it mildly, a stretch. Yet overvaluation alone is never a good reason to sell a stock short, betting on a price decline. High numbers of shares shorted are typically an element in the meme-fueled rises. These days, the risk of short squeezes has become far larger than the potential gain from the market realizing that a stock is too expensive.\nIn the end, investing and trading are different skills. Both can make people money. The important thing is not to confuse the two.\nAMC investors may understand that. “I think that for most of the retail investors that you see buying quote-unquote meme stocks, it really is to prove a point,” says Natalie Camacho, a 27-year-old writer from California’s San Fernando Valley.\nShe says she bought 11 shares of AMC in January for $100 as the meme-stock wave began to build. She expected the company to benefit by the reopening from Covid-19.\nCamacho says that she had felt as if the world of investing was closed to her, because she didn’t have $10,000 to put into stocks. On social media, the AMC trade has been portrayed as a battle of the little guys against the big Wall Street firms, which appeals to her.\n“What draws me to it is that communal sense, that we’re all in this together,” she says. “There’s a sense that if we pool our money together, we might not be rich, but we’ll have enough to make a difference.”\nRegardless of how it plays out, she is betting with money she can afford to lose. As of Thursday morning, her $100 investment had grown to $460. “Maybe it’s a long-term bad idea, but for now we’re holding,” she says.","news_type":1,"symbols_score_info":{"AMC":0.9}},"isVote":1,"tweetType":1,"viewCount":554,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":112116271,"gmtCreate":1622855434193,"gmtModify":1631884478858,"author":{"id":"3578565623520596","authorId":"3578565623520596","name":"AllyLeong","avatar":"https://static.tigerbbs.com/f8a5f2b238dc0e683b344a70d1e754e5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578565623520596","idStr":"3578565623520596"},"themes":[],"htmlText":"New opportunities&nbsp;","listText":"New opportunities&nbsp;","text":"New opportunities","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/112116271","repostId":"2140816405","repostType":4,"isVote":1,"tweetType":1,"viewCount":575,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":112113634,"gmtCreate":1622855343528,"gmtModify":1631885748422,"author":{"id":"3578565623520596","authorId":"3578565623520596","name":"AllyLeong","avatar":"https://static.tigerbbs.com/f8a5f2b238dc0e683b344a70d1e754e5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578565623520596","idStr":"3578565623520596"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/CHPT\">$ChargePoint Holdings Inc.(CHPT)$</a>More to go!!","listText":"<a href=\"https://laohu8.com/S/CHPT\">$ChargePoint Holdings Inc.(CHPT)$</a>More to go!!","text":"$ChargePoint Holdings Inc.(CHPT)$More to go!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/112113634","isVote":1,"tweetType":1,"viewCount":379,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":112119681,"gmtCreate":1622855304543,"gmtModify":1634097379066,"author":{"id":"3578565623520596","authorId":"3578565623520596","name":"AllyLeong","avatar":"https://static.tigerbbs.com/f8a5f2b238dc0e683b344a70d1e754e5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578565623520596","idStr":"3578565623520596"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/XPEV\">$XPeng Inc.(XPEV)$</a>It’s coming up!","listText":"<a href=\"https://laohu8.com/S/XPEV\">$XPeng Inc.(XPEV)$</a>It’s coming up!","text":"$XPeng Inc.(XPEV)$It’s coming up!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/112119681","isVote":1,"tweetType":1,"viewCount":872,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":112137508,"gmtCreate":1622855201004,"gmtModify":1634097380150,"author":{"id":"3578565623520596","authorId":"3578565623520596","name":"AllyLeong","avatar":"https://static.tigerbbs.com/f8a5f2b238dc0e683b344a70d1e754e5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578565623520596","idStr":"3578565623520596"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/XPEV\">$XPeng Inc.(XPEV)$</a>Finally...","listText":"<a href=\"https://laohu8.com/S/XPEV\">$XPeng Inc.(XPEV)$</a>Finally...","text":"$XPeng Inc.(XPEV)$Finally...","images":[{"img":"https://static.tigerbbs.com/ea8ff2386b6f3f0a90bbaf50e4b786fb","width":"1170","height":"2026"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/112137508","isVote":1,"tweetType":1,"viewCount":501,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0}],"hots":[{"id":144862298,"gmtCreate":1626275672514,"gmtModify":1631884022690,"author":{"id":"3578565623520596","authorId":"3578565623520596","name":"AllyLeong","avatar":"https://static.tigerbbs.com/f8a5f2b238dc0e683b344a70d1e754e5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578565623520596","idStr":"3578565623520596"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/XELA\">$Exela Technologies, Inc.(XELA)$</a>Aiyo…don’t panic sell. Potential stock worth a hold!","listText":"<a href=\"https://laohu8.com/S/XELA\">$Exela Technologies, Inc.(XELA)$</a>Aiyo…don’t panic sell. Potential stock worth a hold!","text":"$Exela Technologies, Inc.(XELA)$Aiyo…don’t panic sell. Potential stock worth a hold!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":16,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/144862298","isVote":1,"tweetType":1,"viewCount":2561,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":112112193,"gmtCreate":1622855473912,"gmtModify":1634097375132,"author":{"id":"3578565623520596","authorId":"3578565623520596","name":"AllyLeong","avatar":"https://static.tigerbbs.com/f8a5f2b238dc0e683b344a70d1e754e5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578565623520596","idStr":"3578565623520596"},"themes":[],"htmlText":"I have missed the opportunity 😟","listText":"I have missed the opportunity 😟","text":"I have missed the opportunity 😟","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/112112193","repostId":"1132937041","repostType":4,"repost":{"id":"1132937041","kind":"news","pubTimestamp":1622853341,"share":"https://www.laohu8.com/m/news/1132937041?lang=zh_CN&edition=full","pubTime":"2021-06-05 08:35","market":"us","language":"en","title":"AMC Stock Is Up 3,100%. Should You Buy or Sell?<blockquote>AMC股价上涨3,100%。你应该买还是卖？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1132937041","media":"Barrons","summary":"Photo illustration by Chris Mihal / Dreamstime.com\nIn a market like this, popcorn can become a Buy s","content":"<p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3d95919779e01e359f19f34476e91d00\" tg-width=\"1260\" tg-height=\"840\"><span>Photo illustration by Chris Mihal / Dreamstime.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>照片插图由Chris Mihal/Dreamstime.com提供</span></p></blockquote></p><p> In a market like this, popcorn can become a Buy signal.</p><p><blockquote>在这样的市场中，爆米花可以成为买入信号。</blockquote></p><p> Shares of AMC Entertainment Holdings jumped more than 95% to an all-time high of $62.55 this past Wednesday after the movie-theater chain announced a new rewards program for shareholders that includes a free large popcorn. The next day, a plan to sell 11.55 million shares (which eventually sold at an average price of $50.85) sent AMC (ticker: AMC) tumbling.</p><p><blockquote>上周三，AMC院线控股公司宣布了一项新的股东奖励计划，其中包括免费的大爆米花，该公司股价上涨了95%以上，达到62.55美元的历史新高。第二天，一项出售1155万股股票的计划（最终以50.85美元的平均价格出售）导致AMC（股票代码：AMC）暴跌。</blockquote></p><p> Even with Thursday’s decline, the stock has soared 297% over the past nine trading sessions, and is up an eye-popping 2,160% for the year.</p><p><blockquote>尽管周四下跌，该股在过去九个交易日中仍飙升了297%，今年以来上涨了令人瞠目结舌的2,160%。</blockquote></p><p> After&nbsp;GameStop(GME) and&nbsp;BlackBerry(BB), there seems to be little stopping the latest hot meme stock,not even a warning from AMC itself: “Under the circumstances, we caution you against investing in our Class A common stock, unless you are prepared to incur the risk of losing all or a substantial portion of your investment,” the company said on Thursday in the filing to sell the shares.</p><p><blockquote>继游戏驿站(GME)和黑莓(BB)之后，似乎没有什么能阻止最新的热门模因股票，甚至AMC本身也没有发出警告：“在这种情况下，我们警告您不要投资我们的A类普通股，除非你准备承担损失全部或大部分投资的风险，”该公司周四在出售股票的文件中表示。</blockquote></p><p> Earlier in the week, AMC sold 8.5 million shares to investment firm Mudrick Capital Management, which sold its stake at a profit that same day,Bloomberg reported. AMC called it a “very smart raising of cash so that we can grow this company.”</p><p><blockquote>据彭博社报道，本周早些时候，AMC向投资公司Mudrick Capital Management出售了850万股股票，该公司当天出售了其股份并获利。AMC称其为“非常明智的现金筹集，以便我们能够发展这家公司。”</blockquote></p><p> More dilution could be coming. The company will ask shareholders to authorize the sale of an additional 25 million shares, starting in 2022, at its annual meeting next month.</p><p><blockquote>更多的稀释可能会到来。该公司将在下个月的年会上要求股东授权从2022年开始额外出售2500万股股票。</blockquote></p><p> Despite the unusual warning and the dilution, some users doubled down on their enthusiasm for the stock in online forums this past week, noting that GameStop experienced similar volatility during its January rise. That just confounds and outrages traditional investors.</p><p><blockquote>尽管出现了不寻常的警告和稀释，一些用户上周在在线论坛上加倍了对该股的热情，并指出游戏驿站在1月份的上涨期间也经历了类似的波动。这只会让传统投资者感到困惑和愤怒。</blockquote></p><p> “The surge in shares of AMC Entertainment is yet another sign of the reckless meme-stock-driven investing landscape that we find ourselves in today,” David Trainer, CEO of investment research firm New Constructs, recently wrote. “Wall Street insiders are preying on the naiveté of retail meme-stock traders. There is no fundamental reason to be buying shares of AMC Entertainment.”</p><p><blockquote>投资研究公司New Constructs首席执行官大卫·特雷纳(David Trainer)最近写道：“AMC院线股价的飙升是我们今天所处的鲁莽模因股票驱动的投资格局的又一个迹象。”“华尔街内部人士正在利用散户模因股票交易员的天真。没有根本理由购买AMC院线股票。”</blockquote></p><p> Trying to identify a fundamental narrative that can justify AMC’s ascent is admittedly difficult. Still, it is an exercise that might provide some insights for investors.</p><p><blockquote>诚然，试图找到一个能够证明AMC崛起合理性的基本叙述是很困难的。尽管如此，这项工作可能会为投资者提供一些见解。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/62d362d944fe5c0a23bee485799d1195\" tg-width=\"956\" tg-height=\"637\"></p><p><blockquote></blockquote></p><p> With the recent share sale, AMC has an enterprise value of about $35 billion, almost six times what it was at the end of 2018, a record-breaking year at the U.S. box office. At that time, the enterprise value for the three largest publicly traded theater operators was about 1.6 times the total domestic box office. (Theater chains typically have a lot of debt, making enterprise value a better measure.)</p><p><blockquote>随着最近的股票出售，AMC的企业价值约为350亿美元，几乎是2018年底的六倍，这是美国票房破纪录的一年。当时，三家最大的公开交易影院运营商的企业价值约为国内总票房的1.6倍。（影院连锁店通常有很多债务，这使得企业价值成为更好的衡量标准。）</blockquote></p><p> AMC’s enterprise value is now about 17 times the dreadful, pandemic-affected domestic box office haul of just $2.1 billion in 2020.</p><p><blockquote>AMC的企业价值目前约为2020年受疫情影响的国内票房收入21亿美元的17倍。</blockquote></p><p> Roughly two-thirds of sales typically come from tickets. The rest comes from soda and, yes, popcorn. The challenge for the industry is whether enough moviegoers return and spend as they did before, after a year of staying home and streaming.</p><p><blockquote>大约三分之二的销售额通常来自门票。其余的来自苏打水，是的，还有爆米花。该行业面临的挑战是，在呆在家里看流媒体一年后，是否有足够多的电影观众像以前一样回来消费。</blockquote></p><p> The business might go through a period of consolidation, as it did earlier this century, when a shift to stadium seating pushed some operators into bankruptcy and mergers. Regal Cinemas, one of the large U.S. theater chains, filed for bankruptcy in 2001. Coming out of bankruptcy, Regal became a cash-generating machine—fewer movie-theater operators helped. And fewer now could usher in another era of higher returns on investment and better cash generation.</p><p><blockquote>该业务可能会经历一段整合期，就像本世纪初那样，当时转向体育场座位迫使一些运营商破产和合并。富豪影院是美国大型连锁影院之一，于2001年申请破产。摆脱破产后，富豪成为了一台现金产生机——更少的电影院运营商提供了帮助。现在更少的人可能会迎来另一个更高投资回报和更好现金生成的时代。</blockquote></p><p> Indeed, the hope is that AMC could be opportunistic in&nbsp;the postpandemic world, perhaps by making acquisitions. The recent gains in the stock have made that hope self-fulfilling, allowing the company to raise new capital—$1.25 billion through stock sales in this quarter alone.</p><p><blockquote>事实上，人们希望AMC能够在大流行后的世界中抓住机会，也许是通过收购。该股最近的上涨使这一希望得以自我实现，使该公司仅在本季度就通过股票销售筹集了12.5亿美元的新资本。</blockquote></p><p> “With our increased liquidity, an increasingly vaccinated population, and the imminent release of blockbuster new movie titles, it is time for AMC to go on the offense again,” CEO Adam Aron said this past Tuesday.</p><p><blockquote>首席执行官亚当·阿伦(Adam Aron)上周二表示：“随着流动性的增加、疫苗接种人口的增加以及大片新电影即将上映，AMC是时候再次进攻了。”</blockquote></p><p> If AMC can boost market share, and if U.S. box office sales return to 2018 levels, the company’s total sales might hit $9 billion—$6 billion from tickets and $3 billion from concessions. Sales in 2018 were $5.5 billion.</p><p><blockquote>如果AMC能够提高市场份额，如果美国票房收入恢复到2018年的水平，该公司的总销售额可能会达到90亿美元——60亿美元的门票收入和30亿美元的特许权收入。2018年销售额为55亿美元。</blockquote></p><p> Then, if profit margins improve with better industry scale, and if AMC’s investment in new theaters can drop as new capacity isn’t really needed, the company might be able to generate $600 million in free cash flow annually. That is about three times the cash-generating potential of prior, prepandemic years.</p><p><blockquote>然后，如果利润率随着行业规模的扩大而提高，并且AMC对新影院的投资因不真正需要新产能而下降，那么该公司每年可能能够产生6亿美元的自由现金流。这大约是大流行前几年现金产生潜力的三倍。</blockquote></p><p></p><p> With $600 million in free cash flow, the stock’s free-cash-flow yield works out to about 2.4%, based on recent prices. That yield makes the stock look expensive, but not completely unreasonable. The&nbsp;S&amp;P 500&nbsp;index trades for about a 3.4% free-cash-flow yield; other consumer-discretionary stocks in the S&amp;P trade at a free-cash-flow yield of about 3.1%.</p><p><blockquote>凭借6亿美元的自由现金流，根据最近的价格，该股的自由现金流收益率约为2.4%。这一收益率使该股票看起来很昂贵，但并非完全不合理。标准普尔500指数的自由现金流收益率约为3.4%；标准普尔其他非必需消费品股票的自由现金流收益率约为3.1%。</blockquote></p><p> While that may offer a faint glimmer of hope for fundamental investors, there are problems with the $600 million free-cash-flow scenario. There are a lot of ifs and mights—and AMC has never generated cash flow like that in the past.</p><p><blockquote>虽然这可能会给基本面投资者带来一线希望，但6亿美元的自由现金流情景存在问题。有很多如果和可能——AMC过去从未产生过这样的现金流。</blockquote></p><p> Consolidation in the industry is also no guarantee of success. AMC’s share of the market might rise, but there are still competitors: Regal Cinemas, now owned by&nbsp;Cineworld Group(CINE.UK), and&nbsp;Cinemark Holdings(CNK).</p><p><blockquote>行业整合也不能保证成功。AMC的市场份额可能会上升，但仍然存在竞争对手：现归Cineworld Group(CINE.UK)所有的Regal Cinemas和Cinemark Holdings(CNK)。</blockquote></p><p> Neither one is trading like AMC: Cineworld stock is up 283% from its 52-week low, but is off 78% from all-time highs, while Cinemark shares are up 183% from their 52-week low, but down 51% from their all-time high. AMC stock, by comparison, is up 2,320% from its 52-week low.</p><p><blockquote>两家公司的交易情况都不如AMC：Cineworld股价较52周低点上涨283%，但较历史高点下跌78%，而Cinemark股价较52周低点上涨183%，但下跌51%从他们的历史高点。相比之下，AMC股价较52周低点上涨2,320%。</blockquote></p><p> And AMC and its peers also have to compete with streaming. Windows for exclusive theater showings are shrinking, and the pandemic has accelerated that.</p><p><blockquote>AMC及其同行也必须与流媒体竞争。独家影院放映的窗口正在缩小，而疫情加速了这一趋势。</blockquote></p><p> Wall Street doesn’t see the potential. Ten analysts cover the stock, and the average price target is $5.25. The highest is $18 a share. Before the pandemic, the average analyst price target was $15. There were fewer shares of AMC at the time. The old target prices implied an enterprise value of roughly $7 billion—a far cry from $35 billion.</p><p><blockquote>华尔街看不到潜力。10名分析师关注该股，平均目标价为5.25美元。最高为每股18美元。在疫情爆发之前，分析师的平均目标价为15美元。当时AMC的股票较少。旧的目标价意味着企业价值约为70亿美元，与350亿美元相去甚远。</blockquote></p><p> Analysts do, however, have positive free cash flow projected for AMC in the future—about $13 million in 2022 and $90 million in 2023.</p><p><blockquote>然而，分析师确实预计AMC未来的自由现金流为正——2022年约为1300万美元，2023年约为9000万美元。</blockquote></p><p> At these levels, the fundamental case for AMC stock is, to put it mildly, a stretch. Yet overvaluation alone is never a good reason to sell a stock short, betting on a price decline. High numbers of shares shorted are typically an element in the meme-fueled rises. These days, the risk of&nbsp;short squeezes&nbsp;has become far larger than the potential gain from the market realizing that a stock is too expensive.</p><p><blockquote>在这些水平上，温和地说，AMC股票的基本情况是一种延伸。然而，仅仅估值过高从来都不是卖空股票、押注价格下跌的好理由。大量股票被做空通常是模因推动的上涨的一个因素。如今，轧空的风险已经远远大于市场意识到股票太贵的潜在收益。</blockquote></p><p> In the end, investing and trading are different skills. Both can make people money. The important thing is not to confuse the two.</p><p><blockquote>归根结底，投资和交易是不同的技能。两者都能让人赚钱。重要的是不要混淆这两者。</blockquote></p><p> AMC investors may understand that. “I think that for most of the retail investors that you see buying quote-unquote meme stocks, it really is to prove a point,” says Natalie Camacho, a 27-year-old writer from California’s San Fernando Valley.</p><p><blockquote>AMC投资者可能明白这一点。来自加利福尼亚州圣费尔南多谷的27岁作家娜塔莉·卡马乔(Natalie Camacho)表示：“我认为，对于大多数购买报价未报价模因股票的散户投资者来说，这确实是为了证明一个观点。”</blockquote></p><p> She says she bought 11 shares of AMC in January for $100 as the meme-stock wave began to build. She expected the company to benefit by the reopening from Covid-19.</p><p><blockquote>她表示，随着模因股票浪潮开始兴起，她在1月份以100美元的价格购买了11股AMC股票。她预计该公司将受益于Covid-19的重新开业。</blockquote></p><p> Camacho says that she had felt as if the world of investing was closed to her, because she didn’t have $10,000 to put into stocks. On social media, the AMC trade has been portrayed as a battle of the little guys against the big Wall Street firms, which appeals to her.</p><p><blockquote>卡马乔说，她觉得投资世界对她关闭了，因为她没有10,000美元可以投资股票。在社交媒体上，AMC的交易被描绘成小人物与华尔街大公司的战斗，这对她很有吸引力。</blockquote></p><p> “What draws me to it is that communal sense, that we’re all in this together,” she says. “There’s a sense that if we pool our money together, we might not be rich, but we’ll have enough to make a difference.”</p><p><blockquote>“吸引我的是那种社区意识，我们都在一起，”她说。“有一种感觉，如果我们把钱集中在一起，我们可能不会富有，但我们将有足够的钱来改变现状。”</blockquote></p><p> Regardless of how it plays out, she is betting with money she can afford to lose. As of Thursday morning, her $100 investment had grown to $460. “Maybe it’s a long-term bad idea, but for now we’re holding,” she says.</p><p><blockquote>不管结果如何，她都在用她输得起的钱下注。截至周四上午，她的100美元投资已增至460美元。“也许从长远来看这是一个坏主意，但目前我们坚持下去，”她说。</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>AMC Stock Is Up 3,100%. Should You Buy or Sell?<blockquote>AMC股价上涨3,100%。你应该买还是卖？</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\">\nAMC Stock Is Up 3,100%. Should You Buy or Sell?<blockquote>AMC股价上涨3,100%。你应该买还是卖？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-06-05 08:35</span>\n</p>\n</h4>\n</header>\n<article>\n<p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3d95919779e01e359f19f34476e91d00\" tg-width=\"1260\" tg-height=\"840\"><span>Photo illustration by Chris Mihal / Dreamstime.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>照片插图由Chris Mihal/Dreamstime.com提供</span></p></blockquote></p><p> In a market like this, popcorn can become a Buy signal.</p><p><blockquote>在这样的市场中，爆米花可以成为买入信号。</blockquote></p><p> Shares of AMC Entertainment Holdings jumped more than 95% to an all-time high of $62.55 this past Wednesday after the movie-theater chain announced a new rewards program for shareholders that includes a free large popcorn. The next day, a plan to sell 11.55 million shares (which eventually sold at an average price of $50.85) sent AMC (ticker: AMC) tumbling.</p><p><blockquote>上周三，AMC院线控股公司宣布了一项新的股东奖励计划，其中包括免费的大爆米花，该公司股价上涨了95%以上，达到62.55美元的历史新高。第二天，一项出售1155万股股票的计划（最终以50.85美元的平均价格出售）导致AMC（股票代码：AMC）暴跌。</blockquote></p><p> Even with Thursday’s decline, the stock has soared 297% over the past nine trading sessions, and is up an eye-popping 2,160% for the year.</p><p><blockquote>尽管周四下跌，该股在过去九个交易日中仍飙升了297%，今年以来上涨了令人瞠目结舌的2,160%。</blockquote></p><p> After&nbsp;GameStop(GME) and&nbsp;BlackBerry(BB), there seems to be little stopping the latest hot meme stock,not even a warning from AMC itself: “Under the circumstances, we caution you against investing in our Class A common stock, unless you are prepared to incur the risk of losing all or a substantial portion of your investment,” the company said on Thursday in the filing to sell the shares.</p><p><blockquote>继游戏驿站(GME)和黑莓(BB)之后，似乎没有什么能阻止最新的热门模因股票，甚至AMC本身也没有发出警告：“在这种情况下，我们警告您不要投资我们的A类普通股，除非你准备承担损失全部或大部分投资的风险，”该公司周四在出售股票的文件中表示。</blockquote></p><p> Earlier in the week, AMC sold 8.5 million shares to investment firm Mudrick Capital Management, which sold its stake at a profit that same day,Bloomberg reported. AMC called it a “very smart raising of cash so that we can grow this company.”</p><p><blockquote>据彭博社报道，本周早些时候，AMC向投资公司Mudrick Capital Management出售了850万股股票，该公司当天出售了其股份并获利。AMC称其为“非常明智的现金筹集，以便我们能够发展这家公司。”</blockquote></p><p> More dilution could be coming. The company will ask shareholders to authorize the sale of an additional 25 million shares, starting in 2022, at its annual meeting next month.</p><p><blockquote>更多的稀释可能会到来。该公司将在下个月的年会上要求股东授权从2022年开始额外出售2500万股股票。</blockquote></p><p> Despite the unusual warning and the dilution, some users doubled down on their enthusiasm for the stock in online forums this past week, noting that GameStop experienced similar volatility during its January rise. That just confounds and outrages traditional investors.</p><p><blockquote>尽管出现了不寻常的警告和稀释，一些用户上周在在线论坛上加倍了对该股的热情，并指出游戏驿站在1月份的上涨期间也经历了类似的波动。这只会让传统投资者感到困惑和愤怒。</blockquote></p><p> “The surge in shares of AMC Entertainment is yet another sign of the reckless meme-stock-driven investing landscape that we find ourselves in today,” David Trainer, CEO of investment research firm New Constructs, recently wrote. “Wall Street insiders are preying on the naiveté of retail meme-stock traders. There is no fundamental reason to be buying shares of AMC Entertainment.”</p><p><blockquote>投资研究公司New Constructs首席执行官大卫·特雷纳(David Trainer)最近写道：“AMC院线股价的飙升是我们今天所处的鲁莽模因股票驱动的投资格局的又一个迹象。”“华尔街内部人士正在利用散户模因股票交易员的天真。没有根本理由购买AMC院线股票。”</blockquote></p><p> Trying to identify a fundamental narrative that can justify AMC’s ascent is admittedly difficult. Still, it is an exercise that might provide some insights for investors.</p><p><blockquote>诚然，试图找到一个能够证明AMC崛起合理性的基本叙述是很困难的。尽管如此，这项工作可能会为投资者提供一些见解。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/62d362d944fe5c0a23bee485799d1195\" tg-width=\"956\" tg-height=\"637\"></p><p><blockquote></blockquote></p><p> With the recent share sale, AMC has an enterprise value of about $35 billion, almost six times what it was at the end of 2018, a record-breaking year at the U.S. box office. At that time, the enterprise value for the three largest publicly traded theater operators was about 1.6 times the total domestic box office. (Theater chains typically have a lot of debt, making enterprise value a better measure.)</p><p><blockquote>随着最近的股票出售，AMC的企业价值约为350亿美元，几乎是2018年底的六倍，这是美国票房破纪录的一年。当时，三家最大的公开交易影院运营商的企业价值约为国内总票房的1.6倍。（影院连锁店通常有很多债务，这使得企业价值成为更好的衡量标准。）</blockquote></p><p> AMC’s enterprise value is now about 17 times the dreadful, pandemic-affected domestic box office haul of just $2.1 billion in 2020.</p><p><blockquote>AMC的企业价值目前约为2020年受疫情影响的国内票房收入21亿美元的17倍。</blockquote></p><p> Roughly two-thirds of sales typically come from tickets. The rest comes from soda and, yes, popcorn. The challenge for the industry is whether enough moviegoers return and spend as they did before, after a year of staying home and streaming.</p><p><blockquote>大约三分之二的销售额通常来自门票。其余的来自苏打水，是的，还有爆米花。该行业面临的挑战是，在呆在家里看流媒体一年后，是否有足够多的电影观众像以前一样回来消费。</blockquote></p><p> The business might go through a period of consolidation, as it did earlier this century, when a shift to stadium seating pushed some operators into bankruptcy and mergers. Regal Cinemas, one of the large U.S. theater chains, filed for bankruptcy in 2001. Coming out of bankruptcy, Regal became a cash-generating machine—fewer movie-theater operators helped. And fewer now could usher in another era of higher returns on investment and better cash generation.</p><p><blockquote>该业务可能会经历一段整合期，就像本世纪初那样，当时转向体育场座位迫使一些运营商破产和合并。富豪影院是美国大型连锁影院之一，于2001年申请破产。摆脱破产后，富豪成为了一台现金产生机——更少的电影院运营商提供了帮助。现在更少的人可能会迎来另一个更高投资回报和更好现金生成的时代。</blockquote></p><p> Indeed, the hope is that AMC could be opportunistic in&nbsp;the postpandemic world, perhaps by making acquisitions. The recent gains in the stock have made that hope self-fulfilling, allowing the company to raise new capital—$1.25 billion through stock sales in this quarter alone.</p><p><blockquote>事实上，人们希望AMC能够在大流行后的世界中抓住机会，也许是通过收购。该股最近的上涨使这一希望得以自我实现，使该公司仅在本季度就通过股票销售筹集了12.5亿美元的新资本。</blockquote></p><p> “With our increased liquidity, an increasingly vaccinated population, and the imminent release of blockbuster new movie titles, it is time for AMC to go on the offense again,” CEO Adam Aron said this past Tuesday.</p><p><blockquote>首席执行官亚当·阿伦(Adam Aron)上周二表示：“随着流动性的增加、疫苗接种人口的增加以及大片新电影即将上映，AMC是时候再次进攻了。”</blockquote></p><p> If AMC can boost market share, and if U.S. box office sales return to 2018 levels, the company’s total sales might hit $9 billion—$6 billion from tickets and $3 billion from concessions. Sales in 2018 were $5.5 billion.</p><p><blockquote>如果AMC能够提高市场份额，如果美国票房收入恢复到2018年的水平，该公司的总销售额可能会达到90亿美元——60亿美元的门票收入和30亿美元的特许权收入。2018年销售额为55亿美元。</blockquote></p><p> Then, if profit margins improve with better industry scale, and if AMC’s investment in new theaters can drop as new capacity isn’t really needed, the company might be able to generate $600 million in free cash flow annually. That is about three times the cash-generating potential of prior, prepandemic years.</p><p><blockquote>然后，如果利润率随着行业规模的扩大而提高，并且AMC对新影院的投资因不真正需要新产能而下降，那么该公司每年可能能够产生6亿美元的自由现金流。这大约是大流行前几年现金产生潜力的三倍。</blockquote></p><p></p><p> With $600 million in free cash flow, the stock’s free-cash-flow yield works out to about 2.4%, based on recent prices. That yield makes the stock look expensive, but not completely unreasonable. The&nbsp;S&amp;P 500&nbsp;index trades for about a 3.4% free-cash-flow yield; other consumer-discretionary stocks in the S&amp;P trade at a free-cash-flow yield of about 3.1%.</p><p><blockquote>凭借6亿美元的自由现金流，根据最近的价格，该股的自由现金流收益率约为2.4%。这一收益率使该股票看起来很昂贵，但并非完全不合理。标准普尔500指数的自由现金流收益率约为3.4%；标准普尔其他非必需消费品股票的自由现金流收益率约为3.1%。</blockquote></p><p> While that may offer a faint glimmer of hope for fundamental investors, there are problems with the $600 million free-cash-flow scenario. There are a lot of ifs and mights—and AMC has never generated cash flow like that in the past.</p><p><blockquote>虽然这可能会给基本面投资者带来一线希望，但6亿美元的自由现金流情景存在问题。有很多如果和可能——AMC过去从未产生过这样的现金流。</blockquote></p><p> Consolidation in the industry is also no guarantee of success. AMC’s share of the market might rise, but there are still competitors: Regal Cinemas, now owned by&nbsp;Cineworld Group(CINE.UK), and&nbsp;Cinemark Holdings(CNK).</p><p><blockquote>行业整合也不能保证成功。AMC的市场份额可能会上升，但仍然存在竞争对手：现归Cineworld Group(CINE.UK)所有的Regal Cinemas和Cinemark Holdings(CNK)。</blockquote></p><p> Neither one is trading like AMC: Cineworld stock is up 283% from its 52-week low, but is off 78% from all-time highs, while Cinemark shares are up 183% from their 52-week low, but down 51% from their all-time high. AMC stock, by comparison, is up 2,320% from its 52-week low.</p><p><blockquote>两家公司的交易情况都不如AMC：Cineworld股价较52周低点上涨283%，但较历史高点下跌78%，而Cinemark股价较52周低点上涨183%，但下跌51%从他们的历史高点。相比之下，AMC股价较52周低点上涨2,320%。</blockquote></p><p> And AMC and its peers also have to compete with streaming. Windows for exclusive theater showings are shrinking, and the pandemic has accelerated that.</p><p><blockquote>AMC及其同行也必须与流媒体竞争。独家影院放映的窗口正在缩小，而疫情加速了这一趋势。</blockquote></p><p> Wall Street doesn’t see the potential. Ten analysts cover the stock, and the average price target is $5.25. The highest is $18 a share. Before the pandemic, the average analyst price target was $15. There were fewer shares of AMC at the time. The old target prices implied an enterprise value of roughly $7 billion—a far cry from $35 billion.</p><p><blockquote>华尔街看不到潜力。10名分析师关注该股，平均目标价为5.25美元。最高为每股18美元。在疫情爆发之前，分析师的平均目标价为15美元。当时AMC的股票较少。旧的目标价意味着企业价值约为70亿美元，与350亿美元相去甚远。</blockquote></p><p> Analysts do, however, have positive free cash flow projected for AMC in the future—about $13 million in 2022 and $90 million in 2023.</p><p><blockquote>然而，分析师确实预计AMC未来的自由现金流为正——2022年约为1300万美元，2023年约为9000万美元。</blockquote></p><p> At these levels, the fundamental case for AMC stock is, to put it mildly, a stretch. Yet overvaluation alone is never a good reason to sell a stock short, betting on a price decline. High numbers of shares shorted are typically an element in the meme-fueled rises. These days, the risk of&nbsp;short squeezes&nbsp;has become far larger than the potential gain from the market realizing that a stock is too expensive.</p><p><blockquote>在这些水平上，温和地说，AMC股票的基本情况是一种延伸。然而，仅仅估值过高从来都不是卖空股票、押注价格下跌的好理由。大量股票被做空通常是模因推动的上涨的一个因素。如今，轧空的风险已经远远大于市场意识到股票太贵的潜在收益。</blockquote></p><p> In the end, investing and trading are different skills. Both can make people money. The important thing is not to confuse the two.</p><p><blockquote>归根结底，投资和交易是不同的技能。两者都能让人赚钱。重要的是不要混淆这两者。</blockquote></p><p> AMC investors may understand that. “I think that for most of the retail investors that you see buying quote-unquote meme stocks, it really is to prove a point,” says Natalie Camacho, a 27-year-old writer from California’s San Fernando Valley.</p><p><blockquote>AMC投资者可能明白这一点。来自加利福尼亚州圣费尔南多谷的27岁作家娜塔莉·卡马乔(Natalie Camacho)表示：“我认为，对于大多数购买报价未报价模因股票的散户投资者来说，这确实是为了证明一个观点。”</blockquote></p><p> She says she bought 11 shares of AMC in January for $100 as the meme-stock wave began to build. She expected the company to benefit by the reopening from Covid-19.</p><p><blockquote>她表示，随着模因股票浪潮开始兴起，她在1月份以100美元的价格购买了11股AMC股票。她预计该公司将受益于Covid-19的重新开业。</blockquote></p><p> Camacho says that she had felt as if the world of investing was closed to her, because she didn’t have $10,000 to put into stocks. On social media, the AMC trade has been portrayed as a battle of the little guys against the big Wall Street firms, which appeals to her.</p><p><blockquote>卡马乔说，她觉得投资世界对她关闭了，因为她没有10,000美元可以投资股票。在社交媒体上，AMC的交易被描绘成小人物与华尔街大公司的战斗，这对她很有吸引力。</blockquote></p><p> “What draws me to it is that communal sense, that we’re all in this together,” she says. “There’s a sense that if we pool our money together, we might not be rich, but we’ll have enough to make a difference.”</p><p><blockquote>“吸引我的是那种社区意识，我们都在一起，”她说。“有一种感觉，如果我们把钱集中在一起，我们可能不会富有，但我们将有足够的钱来改变现状。”</blockquote></p><p> Regardless of how it plays out, she is betting with money she can afford to lose. As of Thursday morning, her $100 investment had grown to $460. “Maybe it’s a long-term bad idea, but for now we’re holding,” she says.</p><p><blockquote>不管结果如何，她都在用她输得起的钱下注。截至周四上午，她的100美元投资已增至460美元。“也许从长远来看这是一个坏主意，但目前我们坚持下去，”她说。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/buy-sell-amc-stock-51622844305?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":{"AMC":"AMC院线"},"source_url":"https://www.barrons.com/articles/buy-sell-amc-stock-51622844305?mod=hp_LEAD_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1132937041","content_text":"Photo illustration by Chris Mihal / Dreamstime.com\nIn a market like this, popcorn can become a Buy signal.\nShares of AMC Entertainment Holdings jumped more than 95% to an all-time high of $62.55 this past Wednesday after the movie-theater chain announced a new rewards program for shareholders that includes a free large popcorn. The next day, a plan to sell 11.55 million shares (which eventually sold at an average price of $50.85) sent AMC (ticker: AMC) tumbling.\nEven with Thursday’s decline, the stock has soared 297% over the past nine trading sessions, and is up an eye-popping 2,160% for the year.\nAfter GameStop(GME) and BlackBerry(BB), there seems to be little stopping the latest hot meme stock,not even a warning from AMC itself: “Under the circumstances, we caution you against investing in our Class A common stock, unless you are prepared to incur the risk of losing all or a substantial portion of your investment,” the company said on Thursday in the filing to sell the shares.\nEarlier in the week, AMC sold 8.5 million shares to investment firm Mudrick Capital Management, which sold its stake at a profit that same day,Bloomberg reported. AMC called it a “very smart raising of cash so that we can grow this company.”\nMore dilution could be coming. The company will ask shareholders to authorize the sale of an additional 25 million shares, starting in 2022, at its annual meeting next month.\nDespite the unusual warning and the dilution, some users doubled down on their enthusiasm for the stock in online forums this past week, noting that GameStop experienced similar volatility during its January rise. That just confounds and outrages traditional investors.\n“The surge in shares of AMC Entertainment is yet another sign of the reckless meme-stock-driven investing landscape that we find ourselves in today,” David Trainer, CEO of investment research firm New Constructs, recently wrote. “Wall Street insiders are preying on the naiveté of retail meme-stock traders. There is no fundamental reason to be buying shares of AMC Entertainment.”\nTrying to identify a fundamental narrative that can justify AMC’s ascent is admittedly difficult. Still, it is an exercise that might provide some insights for investors.\n\nWith the recent share sale, AMC has an enterprise value of about $35 billion, almost six times what it was at the end of 2018, a record-breaking year at the U.S. box office. At that time, the enterprise value for the three largest publicly traded theater operators was about 1.6 times the total domestic box office. (Theater chains typically have a lot of debt, making enterprise value a better measure.)\nAMC’s enterprise value is now about 17 times the dreadful, pandemic-affected domestic box office haul of just $2.1 billion in 2020.\nRoughly two-thirds of sales typically come from tickets. The rest comes from soda and, yes, popcorn. The challenge for the industry is whether enough moviegoers return and spend as they did before, after a year of staying home and streaming.\nThe business might go through a period of consolidation, as it did earlier this century, when a shift to stadium seating pushed some operators into bankruptcy and mergers. Regal Cinemas, one of the large U.S. theater chains, filed for bankruptcy in 2001. Coming out of bankruptcy, Regal became a cash-generating machine—fewer movie-theater operators helped. And fewer now could usher in another era of higher returns on investment and better cash generation.\nIndeed, the hope is that AMC could be opportunistic in the postpandemic world, perhaps by making acquisitions. The recent gains in the stock have made that hope self-fulfilling, allowing the company to raise new capital—$1.25 billion through stock sales in this quarter alone.\n“With our increased liquidity, an increasingly vaccinated population, and the imminent release of blockbuster new movie titles, it is time for AMC to go on the offense again,” CEO Adam Aron said this past Tuesday.\nIf AMC can boost market share, and if U.S. box office sales return to 2018 levels, the company’s total sales might hit $9 billion—$6 billion from tickets and $3 billion from concessions. Sales in 2018 were $5.5 billion.\nThen, if profit margins improve with better industry scale, and if AMC’s investment in new theaters can drop as new capacity isn’t really needed, the company might be able to generate $600 million in free cash flow annually. That is about three times the cash-generating potential of prior, prepandemic years.\nWith $600 million in free cash flow, the stock’s free-cash-flow yield works out to about 2.4%, based on recent prices. That yield makes the stock look expensive, but not completely unreasonable. The S&P 500 index trades for about a 3.4% free-cash-flow yield; other consumer-discretionary stocks in the S&P trade at a free-cash-flow yield of about 3.1%.\nWhile that may offer a faint glimmer of hope for fundamental investors, there are problems with the $600 million free-cash-flow scenario. There are a lot of ifs and mights—and AMC has never generated cash flow like that in the past.\nConsolidation in the industry is also no guarantee of success. AMC’s share of the market might rise, but there are still competitors: Regal Cinemas, now owned by Cineworld Group(CINE.UK), and Cinemark Holdings(CNK).\nNeither one is trading like AMC: Cineworld stock is up 283% from its 52-week low, but is off 78% from all-time highs, while Cinemark shares are up 183% from their 52-week low, but down 51% from their all-time high. AMC stock, by comparison, is up 2,320% from its 52-week low.\nAnd AMC and its peers also have to compete with streaming. Windows for exclusive theater showings are shrinking, and the pandemic has accelerated that.\nWall Street doesn’t see the potential. Ten analysts cover the stock, and the average price target is $5.25. The highest is $18 a share. Before the pandemic, the average analyst price target was $15. There were fewer shares of AMC at the time. The old target prices implied an enterprise value of roughly $7 billion—a far cry from $35 billion.\nAnalysts do, however, have positive free cash flow projected for AMC in the future—about $13 million in 2022 and $90 million in 2023.\nAt these levels, the fundamental case for AMC stock is, to put it mildly, a stretch. Yet overvaluation alone is never a good reason to sell a stock short, betting on a price decline. High numbers of shares shorted are typically an element in the meme-fueled rises. These days, the risk of short squeezes has become far larger than the potential gain from the market realizing that a stock is too expensive.\nIn the end, investing and trading are different skills. Both can make people money. The important thing is not to confuse the two.\nAMC investors may understand that. “I think that for most of the retail investors that you see buying quote-unquote meme stocks, it really is to prove a point,” says Natalie Camacho, a 27-year-old writer from California’s San Fernando Valley.\nShe says she bought 11 shares of AMC in January for $100 as the meme-stock wave began to build. She expected the company to benefit by the reopening from Covid-19.\nCamacho says that she had felt as if the world of investing was closed to her, because she didn’t have $10,000 to put into stocks. On social media, the AMC trade has been portrayed as a battle of the little guys against the big Wall Street firms, which appeals to her.\n“What draws me to it is that communal sense, that we’re all in this together,” she says. “There’s a sense that if we pool our money together, we might not be rich, but we’ll have enough to make a difference.”\nRegardless of how it plays out, she is betting with money she can afford to lose. As of Thursday morning, her $100 investment had grown to $460. “Maybe it’s a long-term bad idea, but for now we’re holding,” she says.","news_type":1,"symbols_score_info":{"AMC":0.9}},"isVote":1,"tweetType":1,"viewCount":554,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":880108913,"gmtCreate":1631023323432,"gmtModify":1632904525559,"author":{"id":"3578565623520596","authorId":"3578565623520596","name":"AllyLeong","avatar":"https://static.tigerbbs.com/f8a5f2b238dc0e683b344a70d1e754e5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578565623520596","idStr":"3578565623520596"},"themes":[],"htmlText":"Keep going!!&nbsp;","listText":"Keep going!!&nbsp;","text":"Keep going!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/880108913","repostId":"1148433063","repostType":4,"isVote":1,"tweetType":1,"viewCount":2455,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":145382902,"gmtCreate":1626190005906,"gmtModify":1631884023799,"author":{"id":"3578565623520596","authorId":"3578565623520596","name":"AllyLeong","avatar":"https://static.tigerbbs.com/f8a5f2b238dc0e683b344a70d1e754e5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578565623520596","idStr":"3578565623520596"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/XELA\">$Exela Technologies, Inc.(XELA)$</a>Don’t sell! Don’t sell!! It can still go up!!","listText":"<a href=\"https://laohu8.com/S/XELA\">$Exela Technologies, Inc.(XELA)$</a>Don’t sell! Don’t sell!! It can still go up!!","text":"$Exela Technologies, Inc.(XELA)$Don’t sell! Don’t sell!! It can still go up!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/145382902","isVote":1,"tweetType":1,"viewCount":2212,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":155384084,"gmtCreate":1625376261348,"gmtModify":1633941096068,"author":{"id":"3578565623520596","authorId":"3578565623520596","name":"AllyLeong","avatar":"https://static.tigerbbs.com/f8a5f2b238dc0e683b344a70d1e754e5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578565623520596","idStr":"3578565623520596"},"themes":[],"htmlText":"No matter how, I’ll still support Apple where they do things very differently from others.&nbsp;","listText":"No matter how, I’ll still support Apple where they do things very differently from others.&nbsp;","text":"No matter how, I’ll still support Apple where they do things very differently from others.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/155384084","repostId":"1110936297","repostType":2,"isVote":1,"tweetType":1,"viewCount":2074,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":184395427,"gmtCreate":1623683385369,"gmtModify":1631883975208,"author":{"id":"3578565623520596","authorId":"3578565623520596","name":"AllyLeong","avatar":"https://static.tigerbbs.com/f8a5f2b238dc0e683b344a70d1e754e5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578565623520596","idStr":"3578565623520596"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/BHAT\">$Blue Hat Interactive Entertainment Technology(BHAT)$</a>Have to hold this longer term","listText":"<a href=\"https://laohu8.com/S/BHAT\">$Blue Hat Interactive Entertainment Technology(BHAT)$</a>Have to hold this longer term","text":"$Blue Hat Interactive Entertainment Technology(BHAT)$Have to hold this longer term","images":[{"img":"https://static.tigerbbs.com/c0f0d7499fc26519ce5029d4b33e090a","width":"1170","height":"2026"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/184395427","isVote":1,"tweetType":1,"viewCount":2294,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":169460357,"gmtCreate":1623847660379,"gmtModify":1634027171506,"author":{"id":"3578565623520596","authorId":"3578565623520596","name":"AllyLeong","avatar":"https://static.tigerbbs.com/f8a5f2b238dc0e683b344a70d1e754e5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578565623520596","idStr":"3578565623520596"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/169460357","repostId":"2143198799","repostType":4,"isVote":1,"tweetType":1,"viewCount":2562,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":112113634,"gmtCreate":1622855343528,"gmtModify":1631885748422,"author":{"id":"3578565623520596","authorId":"3578565623520596","name":"AllyLeong","avatar":"https://static.tigerbbs.com/f8a5f2b238dc0e683b344a70d1e754e5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578565623520596","idStr":"3578565623520596"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/CHPT\">$ChargePoint Holdings Inc.(CHPT)$</a>More to go!!","listText":"<a href=\"https://laohu8.com/S/CHPT\">$ChargePoint Holdings Inc.(CHPT)$</a>More to go!!","text":"$ChargePoint Holdings Inc.(CHPT)$More to go!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/112113634","isVote":1,"tweetType":1,"viewCount":379,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":169488993,"gmtCreate":1623847442612,"gmtModify":1634027176369,"author":{"id":"3578565623520596","authorId":"3578565623520596","name":"AllyLeong","avatar":"https://static.tigerbbs.com/f8a5f2b238dc0e683b344a70d1e754e5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578565623520596","idStr":"3578565623520596"},"themes":[],"htmlText":"I’m waiting","listText":"I’m waiting","text":"I’m waiting","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/169488993","repostId":"1184454883","repostType":4,"repost":{"id":"1184454883","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":1623830812,"share":"https://www.laohu8.com/m/news/1184454883?lang=zh_CN&edition=full","pubTime":"2021-06-16 16:06","market":"us","language":"en","title":"Oracle shares fell more than 4% in pre-market trading,as CEO expects to push more money to cloud efforts<blockquote>甲骨文股价在盘前交易中下跌超过4%，首席执行官预计将向云工作投入更多资金</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1184454883","media":"Tiger Newspress","summary":"Oracle shares fell more than 4% in pre-market trading.\nOracleORCL,-1.19%on Tuesday reported fourth-q","content":"<p>Oracle&nbsp;shares fell&nbsp;more&nbsp;than 4% in pre-market&nbsp;trading.</p><p><blockquote>甲骨文股价在盘前交易中下跌超过4%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/24c21c95265199b1f8a92747158fca89\" tg-width=\"1289\" tg-height=\"625\" referrerpolicy=\"no-referrer\">OracleORCL,-1.19%on Tuesday reported fourth-quarter earnings of $4.03 billion, or $1.37 a share, on sales of $11.23 billion, up from $10.44 billion a year ago. After adjusting for stock-based compensation and other effects, Oracle reported earnings of $1.54 a share, up from $1.20 a share last year. Analysts on average expected adjusted earnings of $1.31 a share on revenue of $11.02 billion.</p><p><blockquote>OracleORCL,-1.19%周二公布第四季度收益为40.3亿美元，即每股1.37美元，销售额为112.3亿美元，高于去年同期的104.4亿美元。在调整股票薪酬和其他影响后，甲骨文公布的每股收益为1.54美元，高于去年的每股1.20美元。分析师平均预期调整后每股收益为1.31美元，营收为110.2亿美元。</blockquote></p><p> For the full fiscal year, Oracle totaled $40.48 billion in sales, up 3.6% from its previous fiscal year. Oracle revenue had declined 1.1% and 0.8% in the past two years, respectively, and sales have declined four times in the past six years overall. The growth rate for the 2021 fiscal year is the second-best for Oracle since the end of the 2012 fiscal year.</p><p><blockquote>甲骨文整个财年的销售额为404.8亿美元，比上一财年增长3.6%。甲骨文的收入在过去两年中分别下降了1.1%和0.8%，销售额在过去六年中总体下降了四次。2021财年的增长率是甲骨文自2012财年结束以来的第二好增长率。</blockquote></p><p> Earnings also increased for the full year, though much of the gains in earnings per share are a result of massive share repurchases. Oracle repurchased $20.9 billion in stock as the COVID-19 pandemic raged in the past 12 months and has now spent more than $76 billion in the past three fiscal years purchasing its own stock.</p><p><blockquote>全年收益也有所增长，尽管每股收益的增长大部分是大规模股票回购的结果。随着过去12个月COVID-19大流行肆虐，甲骨文回购了209亿美元的股票，目前在过去三个财年中已花费超过760亿美元购买自己的股票。</blockquote></p><p> For the new fiscal year, Chief Executive Safra Catz predicted that revenue growth will continue but said Oracle will begin funneling more cash into its cloud business. The software provider expects to push $4 billion into capital expenditures to increase its competition with Amazon.com Inc.&nbsp;,Microsoft Corp.&nbsp;and others.</p><p><blockquote>对于新财年，首席执行官Safra Catz预测收入将继续增长，但表示甲骨文将开始向其云业务投入更多现金。该软件提供商预计将投入40亿美元的资本支出，以加强与亚马逊、微软等公司的竞争。</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>Oracle shares fell more than 4% in pre-market trading,as CEO expects to push more money to cloud efforts<blockquote>甲骨文股价在盘前交易中下跌超过4%，首席执行官预计将向云工作投入更多资金</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\">\nOracle shares fell more than 4% in pre-market trading,as CEO expects to push more money to cloud efforts<blockquote>甲骨文股价在盘前交易中下跌超过4%，首席执行官预计将向云工作投入更多资金</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\">2021-06-16 16:06</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Oracle&nbsp;shares fell&nbsp;more&nbsp;than 4% in pre-market&nbsp;trading.</p><p><blockquote>甲骨文股价在盘前交易中下跌超过4%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/24c21c95265199b1f8a92747158fca89\" tg-width=\"1289\" tg-height=\"625\" referrerpolicy=\"no-referrer\">OracleORCL,-1.19%on Tuesday reported fourth-quarter earnings of $4.03 billion, or $1.37 a share, on sales of $11.23 billion, up from $10.44 billion a year ago. After adjusting for stock-based compensation and other effects, Oracle reported earnings of $1.54 a share, up from $1.20 a share last year. Analysts on average expected adjusted earnings of $1.31 a share on revenue of $11.02 billion.</p><p><blockquote>OracleORCL,-1.19%周二公布第四季度收益为40.3亿美元，即每股1.37美元，销售额为112.3亿美元，高于去年同期的104.4亿美元。在调整股票薪酬和其他影响后，甲骨文公布的每股收益为1.54美元，高于去年的每股1.20美元。分析师平均预期调整后每股收益为1.31美元，营收为110.2亿美元。</blockquote></p><p> For the full fiscal year, Oracle totaled $40.48 billion in sales, up 3.6% from its previous fiscal year. Oracle revenue had declined 1.1% and 0.8% in the past two years, respectively, and sales have declined four times in the past six years overall. The growth rate for the 2021 fiscal year is the second-best for Oracle since the end of the 2012 fiscal year.</p><p><blockquote>甲骨文整个财年的销售额为404.8亿美元，比上一财年增长3.6%。甲骨文的收入在过去两年中分别下降了1.1%和0.8%，销售额在过去六年中总体下降了四次。2021财年的增长率是甲骨文自2012财年结束以来的第二好增长率。</blockquote></p><p> Earnings also increased for the full year, though much of the gains in earnings per share are a result of massive share repurchases. Oracle repurchased $20.9 billion in stock as the COVID-19 pandemic raged in the past 12 months and has now spent more than $76 billion in the past three fiscal years purchasing its own stock.</p><p><blockquote>全年收益也有所增长，尽管每股收益的增长大部分是大规模股票回购的结果。随着过去12个月COVID-19大流行肆虐，甲骨文回购了209亿美元的股票，目前在过去三个财年中已花费超过760亿美元购买自己的股票。</blockquote></p><p> For the new fiscal year, Chief Executive Safra Catz predicted that revenue growth will continue but said Oracle will begin funneling more cash into its cloud business. The software provider expects to push $4 billion into capital expenditures to increase its competition with Amazon.com Inc.&nbsp;,Microsoft Corp.&nbsp;and others.</p><p><blockquote>对于新财年，首席执行官Safra Catz预测收入将继续增长，但表示甲骨文将开始向其云业务投入更多现金。该软件提供商预计将投入40亿美元的资本支出，以加强与亚马逊、微软等公司的竞争。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ORCL":"甲骨文"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1184454883","content_text":"Oracle shares fell more than 4% in pre-market trading.\nOracleORCL,-1.19%on Tuesday reported fourth-quarter earnings of $4.03 billion, or $1.37 a share, on sales of $11.23 billion, up from $10.44 billion a year ago. After adjusting for stock-based compensation and other effects, Oracle reported earnings of $1.54 a share, up from $1.20 a share last year. Analysts on average expected adjusted earnings of $1.31 a share on revenue of $11.02 billion.\nFor the full fiscal year, Oracle totaled $40.48 billion in sales, up 3.6% from its previous fiscal year. Oracle revenue had declined 1.1% and 0.8% in the past two years, respectively, and sales have declined four times in the past six years overall. The growth rate for the 2021 fiscal year is the second-best for Oracle since the end of the 2012 fiscal year.\nEarnings also increased for the full year, though much of the gains in earnings per share are a result of massive share repurchases. Oracle repurchased $20.9 billion in stock as the COVID-19 pandemic raged in the past 12 months and has now spent more than $76 billion in the past three fiscal years purchasing its own stock.\nFor the new fiscal year, Chief Executive Safra Catz predicted that revenue growth will continue but said Oracle will begin funneling more cash into its cloud business. The software provider expects to push $4 billion into capital expenditures to increase its competition with Amazon.com Inc. ,Microsoft Corp. and others.","news_type":1,"symbols_score_info":{"ORCL":0.9}},"isVote":1,"tweetType":1,"viewCount":1885,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":112119681,"gmtCreate":1622855304543,"gmtModify":1634097379066,"author":{"id":"3578565623520596","authorId":"3578565623520596","name":"AllyLeong","avatar":"https://static.tigerbbs.com/f8a5f2b238dc0e683b344a70d1e754e5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578565623520596","idStr":"3578565623520596"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/XPEV\">$XPeng Inc.(XPEV)$</a>It’s coming up!","listText":"<a href=\"https://laohu8.com/S/XPEV\">$XPeng Inc.(XPEV)$</a>It’s coming up!","text":"$XPeng Inc.(XPEV)$It’s coming up!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/112119681","isVote":1,"tweetType":1,"viewCount":872,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":112137508,"gmtCreate":1622855201004,"gmtModify":1634097380150,"author":{"id":"3578565623520596","authorId":"3578565623520596","name":"AllyLeong","avatar":"https://static.tigerbbs.com/f8a5f2b238dc0e683b344a70d1e754e5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578565623520596","idStr":"3578565623520596"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/XPEV\">$XPeng Inc.(XPEV)$</a>Finally...","listText":"<a href=\"https://laohu8.com/S/XPEV\">$XPeng Inc.(XPEV)$</a>Finally...","text":"$XPeng Inc.(XPEV)$Finally...","images":[{"img":"https://static.tigerbbs.com/ea8ff2386b6f3f0a90bbaf50e4b786fb","width":"1170","height":"2026"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/112137508","isVote":1,"tweetType":1,"viewCount":501,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":109484664,"gmtCreate":1619710227058,"gmtModify":1631886213273,"author":{"id":"3578565623520596","authorId":"3578565623520596","name":"AllyLeong","avatar":"https://static.tigerbbs.com/f8a5f2b238dc0e683b344a70d1e754e5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578565623520596","idStr":"3578565623520596"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/CHPT\">$ChargePoint Holdings Inc.(CHPT)$</a>It slides a bit down again...","listText":"<a href=\"https://laohu8.com/S/CHPT\">$ChargePoint Holdings Inc.(CHPT)$</a>It slides a bit down again...","text":"$ChargePoint Holdings Inc.(CHPT)$It slides a bit down again...","images":[{"img":"https://static.tigerbbs.com/4dd43e081954c3dd30f7ba1bee7670d3","width":"1170","height":"2026"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/109484664","isVote":1,"tweetType":1,"viewCount":541,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":182643029,"gmtCreate":1623571647961,"gmtModify":1631890008478,"author":{"id":"3578565623520596","authorId":"3578565623520596","name":"AllyLeong","avatar":"https://static.tigerbbs.com/f8a5f2b238dc0e683b344a70d1e754e5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578565623520596","idStr":"3578565623520596"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/SPCB\">$SuperCom(SPCB)$</a>For long term investment&nbsp;","listText":"<a href=\"https://laohu8.com/S/SPCB\">$SuperCom(SPCB)$</a>For long term investment&nbsp;","text":"$SuperCom(SPCB)$For long term investment","images":[{"img":"https://static.tigerbbs.com/8c1b955d6a5cc88107a55fd9d7e2f311","width":"1170","height":"2026"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/182643029","isVote":1,"tweetType":1,"viewCount":370,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":134817135,"gmtCreate":1622215526427,"gmtModify":1631885748528,"author":{"id":"3578565623520596","authorId":"3578565623520596","name":"AllyLeong","avatar":"https://static.tigerbbs.com/f8a5f2b238dc0e683b344a70d1e754e5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578565623520596","idStr":"3578565623520596"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/CHPT\">$ChargePoint Holdings Inc.(CHPT)$</a>I think it’sgoing up and up","listText":"<a href=\"https://laohu8.com/S/CHPT\">$ChargePoint Holdings Inc.(CHPT)$</a>I think it’sgoing up and up","text":"$ChargePoint Holdings Inc.(CHPT)$I think it’sgoing up and up","images":[{"img":"https://static.tigerbbs.com/796fa153027119c100b102b72eb40803","width":"1170","height":"2026"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/134817135","isVote":1,"tweetType":1,"viewCount":399,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":169487406,"gmtCreate":1623847642105,"gmtModify":1634027171975,"author":{"id":"3578565623520596","authorId":"3578565623520596","name":"AllyLeong","avatar":"https://static.tigerbbs.com/f8a5f2b238dc0e683b344a70d1e754e5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578565623520596","idStr":"3578565623520596"},"themes":[],"htmlText":"Let’s see","listText":"Let’s see","text":"Let’s see","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/169487406","repostId":"1160929405","repostType":4,"repost":{"id":"1160929405","kind":"news","pubTimestamp":1623844146,"share":"https://www.laohu8.com/m/news/1160929405?lang=zh_CN&edition=full","pubTime":"2021-06-16 19:49","market":"us","language":"en","title":"Crypto Die-Hards Built a $90 Billion Wall Street on the Internet<blockquote>加密货币顽固分子在互联网上建立了价值900亿美元的华尔街</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1160929405","media":".bloomberg","summary":"Money manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government","content":"<p>Money manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government bond. Or he can pocket the annual equivalent of a 20% yield for locking money up in one of the wilder corners of the crypto market, known as decentralized finance, or DeFi.</p><p><blockquote>基金经理弗拉基米尔·维什涅夫斯基(Vladimir Vishnevskiy)持有欧洲政府债券可以获得负利率。或者，他可以将资金锁定在加密货币市场的一个更狂野的角落，即去中心化金融（DeFi），从而获得相当于20%的年收益率。</blockquote></p><p> He decided to go for the 20%. “You can’t get those yields in the traditional space,” says the co-founder of Swiss-based St. Gotthard Fund Management, which runs a portfolio designed to squeeze income out of crypto assets. The strategy is so new that even Wall Street pros may have trouble wrapping their heads around it. Take what you might know about Bitcoin—that it’s a digital currency that exists only on an online ledger governed by computer code. Now make it even more mind-bending, and imagine the code isn’t just recording transactions. It’s running lending platforms, insurers and financial markets with little human intermediation. That’sDeFi.</p><p><blockquote>他决定争取20%。“你无法在传统领域获得这些收益率，”总部位于瑞士的圣哥达基金管理公司的联合创始人表示，该公司运营的投资组合旨在从加密资产中榨取收入。这一策略如此新颖，即使是华尔街的专业人士也可能难以理解。就拿你可能知道的比特币来说吧——它是一种数字货币，只存在于由计算机代码管理的在线账本上。现在让它变得更加令人费解，想象代码不仅仅是记录交易。它在几乎没有人工中介的情况下运营借贷平台、保险公司和金融市场。那是DeFi。</blockquote></p><p> Traders like Vishnevskiy can collect yields by committing in the form of crypto tokens the capital that’s needed to make these disembodied and largely unregulated financial institutions run. At the peak last month, investors put in as much as $86 billion into various DeFi programs, compared with just under $1 billion a year ago, DeFi Pulse data show.</p><p><blockquote>像维什涅夫斯基这样的交易者可以通过以加密代币的形式投入运营这些脱离实体且基本上不受监管的金融机构所需的资本来获得收益。DeFi Pulse数据显示，在上个月的高峰期，投资者向各种DeFi项目投入了高达860亿美元，而一年前这一数字略低于10亿美元。</blockquote></p><p> It’s a young, volatile, and hack-prone system. (One of the first decentralized projects, a fund called the DAO, was the victim of aspectacular $55 million theftby someone taking advantage of a flaw in its code to siphon off funds.) And for now, it’s mostly a crypto world built for thecrypto universe. The decentralized lenders are largely taking crypto deposits to make loans to people looking for leverage on crypto bets; the decentralized exchanges are used for trading crypto coins; the decentralized insurers cover crypto hacks.</p><p><blockquote>这是一个年轻、不稳定、容易被黑客攻击的系统。（最早的去中心化项目之一，一个名为DAO的基金，是有人利用其代码中的缺陷窃取资金的惊人的5500万美元的受害者。）目前，它主要是一个为加密宇宙构建的加密世界。分散的贷款机构主要接受加密货币存款，向寻求加密货币押注杠杆的人提供贷款；分散式交易所用于交易加密硬币；分散的保险公司承保加密黑客。</blockquote></p><p> The big yields investors can earn are denominated not in dollars or euros but in often-obscure tokens. Critics of DeFi say some projects can resemble a Ponzi scheme: Early investors depend on others piling into tokens that still have limited real-world utility. If returns are high, it’s largely because of investors’ voracious appetite for more digital assets. And since DeFi projects don’t need to live in any physical location, they’re difficult to regulate, making the space vulnerable to scams and money laundering schemes. Still, DeFi’s advocates think the technology has the power to open up markets and build new kinds of financial products.</p><p><blockquote>投资者可以获得的巨额收益不是以美元或欧元计价，而是以通常不为人知的代币计价。DeFi的批评者表示，一些项目可能类似于庞氏骗局：早期投资者依赖其他人涌入现实世界效用仍然有限的代币。如果回报很高，很大程度上是因为投资者对更多数字资产的贪婪胃口。由于DeFi项目不需要居住在任何物理位置，因此很难监管，这使得该领域容易受到诈骗和洗钱计划的影响。尽管如此，DeFi的倡导者认为该技术有能力打开市场并构建新型金融产品。</blockquote></p><p> To see how a DeFi program works, look atSushiSwap, a decentralized cryptocurrency exchange that started last year. It’s based on the code of another DeFi exchange calledUniswap. Like any exchange—from better-known crypto trading apps such asCoinbaseto stock markets likeNasdaq—SushiSwap depends on liquidity, or the ability to make sure buyers can find the tokens they want and sellers can get a price they think is fair. To do that in a decentralized way, SushiSwap creates liquidity pools that pair any two coins that traders might want to swap—for example, Ethereum, thesecond-most-popular cryptocurrencyand DeFi’s backbone, and the exchange’s own token, Sushi.</p><p><blockquote>要了解DeFi程序是如何工作的，请查看去年推出的去中心化加密货币交易所SushiSwap。它基于另一个名为Uniswap的DeFi交易所的代码。与任何交易所一样——从Coinbase等更知名的加密货币交易应用程序到纳斯达克等股票市场——SushiSwap依赖于流动性，或者确保买家能够找到他们想要的代币、卖家能够获得他们认为公平的价格的能力。为了以去中心化的方式做到这一点，SushiSwap创建了流动性池，将交易者可能想要交换的任何两种硬币配对，例如以太币（第二大最受欢迎的加密货币和DeFi的主干），以及交易所自己的代币Sushi。</blockquote></p><p> Investors like Vishnevskiy buy both tokens and then temporarily lock them into the pool, where they’re available to traders. An algorithm adjusts prices of both tokens to reflect relative changes in demand. The exchange also charges a fee for trading. When Vishnevskiy gets his tokens back, he also gets a portion of the fees generated from transactions made in the pool, as well as free additional Sushi tokens. (The added Sushi tokens can be earned on other trading pairs, not only those involving Sushi.) That, the exchange’s software surmises, amounts to an annualized 20% yield.</p><p><blockquote>像Vishnevskiy这样的投资者购买这两种代币，然后将它们暂时锁定在池中，供交易者使用。算法调整两种代币的价格，以反映需求的相对变化。交易所还收取交易费用。当Vishnevskiy拿回他的代币时，他还会获得一部分在池中进行的交易产生的费用，以及免费的额外寿司代币。（添加的寿司代币可以在其他交易对上赚取，而不仅仅是那些涉及寿司的交易对。）该交易所的软件推测，这相当于年化收益率20%。</blockquote></p><p> Other DeFi protocols may pay yields to people who make their crypto available for someone else to borrow. For example, traders might want to borrowstablecoins—tokens whose value is linked to that of a traditional currency such as the dollar—to buy more Bitcoin on platforms that don’t take traditional currencies.</p><p><blockquote>其他DeFi协议可能会向那些将其加密货币提供给其他人借用的人支付收益。例如，交易者可能想要借用稳定币（其价值与美元等传统货币挂钩的代币），以便在不接受传统货币的平台上购买更多比特币。</blockquote></p><p> If that sounds complicated, it is. Yields in DeFi are mostly projected from recent market trends and could drop quickly. Some investors who call themselves yield farmers are constantly moving their money trying to generate income, but crypto transaction costs called “gas” fees can eat up profits. Moreover, the cryptocurrencies these yields get paid in can fluctuate wildly in value. When Bitcoin slid as much as 10% on one recent day, popular DeFi coins such as Uniswap’s fell almost 20%.</p><p><blockquote>如果这听起来很复杂，那就是。DeFi的收益率主要是根据最近的市场趋势预测的，可能会迅速下降。一些看涨期权农民的投资者不断转移资金试图创收，但被称为“汽油”费的加密交易成本可能会吞噬利润。此外，这些收益支付的加密货币的价值可能会大幅波动。当比特币最近一天下跌10%时，Uniswap等流行的DeFi硬币下跌了近20%。</blockquote></p><p></p><p> Other risks that come with any cryptocurrency still apply:Regulatory scrutinywill probably grow, which might shut down or hamper some projects and blow up the value of associated tokens. Founders of DeFi projects who’ve hoarded the coins created to run them could suddenly cash out, causing prices to drop. SushiSwap’s pseudonymous creator, Chef Nomi, sold tokens worth roughly $13 million in September before reversing course amid community outrage.</p><p><blockquote>任何加密货币带来的其他风险仍然适用：监管审查可能会增加，这可能会关闭或阻碍一些项目，并大幅提升相关代币的价值。DeFi项目的创始人囤积了为运行它们而创建的硬币，可能会突然套现，导致价格下跌。SushiSwap的化名创建者Nomi厨师在9月份出售了价值约1300万美元的代币，然后在社区愤怒中改变了方向。</blockquote></p><p> “You can’t get those yields in the traditional space”</p><p><blockquote>“你无法在传统领域获得这些产量”</blockquote></p><p> The history of crypto is filled with cautionary tales about investments riding a wave of hype and then falling apart. Around 2018, so-called initial coin offerings raised billions of dollars for projects, most of which turned out to be duds. DeFi converts say the difference now is that applications such as exchanges and lenders are generating revenue, even if just from crypto speculation. Uniswap, which announces its user statistics in real time, had trading volume of $813 million in one recent 24-hour period, generating $1.8 million in fees for those staking their tokens in its liquidity pool.</p><p><blockquote>加密货币的历史充满了关于投资乘着炒作浪潮然后分崩离析的警示故事。2018年左右，所谓的首次代币发行为项目筹集了数十亿美元，但其中大部分都是徒劳的。DeFi转换者表示，现在的不同之处在于，交易所和贷方等应用程序正在产生收入，即使只是来自加密货币投机。Uniswap实时公布其用户统计数据，在最近24小时内的交易量为8.13亿美元，为那些在其流动性池中质押代币的人产生了180万美元的费用。</blockquote></p><p> What about the value of the tokens many DeFi projects give out? These coins aren’t exactly equity and don’t always confer any direct claim to profits. Often they give holders voting rights on the future of the project; investors may be hoping that as the protocols they’re associated with grow in popularity, so will the coins. But some DeFi platforms might not be as successful as they seem. Aleksander Kloda, who co-manages a DeFi fund at Nickel Digital Asset Management, says participation may be driven less by the value of a service than by the promise of free tokens. “In the short term, they can really make the picture a lot more difficult to read,” he says. “The logic is not quite correct if the volumes are only there because of the additional motivation the protocol gives you to participate.” As an investor, he tries to identify projects that have built up sustainable volume even without tantalizing yields.</p><p><blockquote>许多DeFi项目发放的代币价值如何？这些硬币并不完全是股权，也不总是赋予任何直接的利润要求。他们通常赋予持有人对项目未来的投票权；投资者可能希望，随着与他们相关的协议越来越受欢迎，硬币也会越来越受欢迎。但是一些DeFi平台可能并不像看起来那么成功。Nickel Digital Asset Management共同管理DeFi基金的Aleksander Kloda表示，参与的驱动力可能不是服务的价值，而是免费代币的承诺。“从短期来看，它们确实会让图片变得更加难以阅读，”他说。“如果数量的存在只是因为协议给了你参与的额外动力，那么逻辑就不太正确。”作为一名投资者，他试图识别那些即使没有诱人的收益率也能积累可持续交易量的项目。</blockquote></p><p> Advocates of DeFi say the idea is still in its infancy, and it could eventually broaden its uses and reach into more traditional areas of finance. Their dream is a financial system run on the internet that doesn’t involve a credit officer at a JPMorgan branch, or a Citadel Securities investing in high-frequency infrastructure tokeep stock trading liquid.</p><p><blockquote>DeFi的倡导者表示，这一想法仍处于起步阶段，最终可能会扩大其用途，进入更传统的金融领域。他们的梦想是建立一个在互联网上运行的金融系统，不涉及摩根大通分行的信贷官员，也不涉及Citadel Securities投资高频基础设施以保持股票交易流动性。</blockquote></p><p> But Elaine Ou, a blockchain engineer at Global Financial Access, argues there’s nothing wrong with DeFi being used only for crypto trading, either. “Look at Vegas and Macau—part of the reason they’re so valuable is that they allow you to do what other jurisdictions have banned,” says Ou, who alsowritesfor Bloomberg Opinion. “It is possible to build an entire industry up around speculation.”</p><p><blockquote>但Global Financial Access的区块链工程师Elaine Ou认为，DeFi仅用于加密货币交易也没有错。“看看拉斯维加斯和澳门——它们如此有价值的部分原因是它们允许你做其他司法管辖区禁止的事情，”欧说，他也是彭博社观点的撰稿人。“围绕投机建立整个行业是可能的。”</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Crypto Die-Hards Built a $90 Billion Wall Street on the Internet<blockquote>加密货币顽固分子在互联网上建立了价值900亿美元的华尔街</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\">\nCrypto Die-Hards Built a $90 Billion Wall Street on the Internet<blockquote>加密货币顽固分子在互联网上建立了价值900亿美元的华尔街</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">.bloomberg</strong><span class=\"h-time small\">2021-06-16 19:49</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Money manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government bond. Or he can pocket the annual equivalent of a 20% yield for locking money up in one of the wilder corners of the crypto market, known as decentralized finance, or DeFi.</p><p><blockquote>基金经理弗拉基米尔·维什涅夫斯基(Vladimir Vishnevskiy)持有欧洲政府债券可以获得负利率。或者，他可以将资金锁定在加密货币市场的一个更狂野的角落，即去中心化金融（DeFi），从而获得相当于20%的年收益率。</blockquote></p><p> He decided to go for the 20%. “You can’t get those yields in the traditional space,” says the co-founder of Swiss-based St. Gotthard Fund Management, which runs a portfolio designed to squeeze income out of crypto assets. The strategy is so new that even Wall Street pros may have trouble wrapping their heads around it. Take what you might know about Bitcoin—that it’s a digital currency that exists only on an online ledger governed by computer code. Now make it even more mind-bending, and imagine the code isn’t just recording transactions. It’s running lending platforms, insurers and financial markets with little human intermediation. That’sDeFi.</p><p><blockquote>他决定争取20%。“你无法在传统领域获得这些收益率，”总部位于瑞士的圣哥达基金管理公司的联合创始人表示，该公司运营的投资组合旨在从加密资产中榨取收入。这一策略如此新颖，即使是华尔街的专业人士也可能难以理解。就拿你可能知道的比特币来说吧——它是一种数字货币，只存在于由计算机代码管理的在线账本上。现在让它变得更加令人费解，想象代码不仅仅是记录交易。它在几乎没有人工中介的情况下运营借贷平台、保险公司和金融市场。那是DeFi。</blockquote></p><p> Traders like Vishnevskiy can collect yields by committing in the form of crypto tokens the capital that’s needed to make these disembodied and largely unregulated financial institutions run. At the peak last month, investors put in as much as $86 billion into various DeFi programs, compared with just under $1 billion a year ago, DeFi Pulse data show.</p><p><blockquote>像维什涅夫斯基这样的交易者可以通过以加密代币的形式投入运营这些脱离实体且基本上不受监管的金融机构所需的资本来获得收益。DeFi Pulse数据显示，在上个月的高峰期，投资者向各种DeFi项目投入了高达860亿美元，而一年前这一数字略低于10亿美元。</blockquote></p><p> It’s a young, volatile, and hack-prone system. (One of the first decentralized projects, a fund called the DAO, was the victim of aspectacular $55 million theftby someone taking advantage of a flaw in its code to siphon off funds.) And for now, it’s mostly a crypto world built for thecrypto universe. The decentralized lenders are largely taking crypto deposits to make loans to people looking for leverage on crypto bets; the decentralized exchanges are used for trading crypto coins; the decentralized insurers cover crypto hacks.</p><p><blockquote>这是一个年轻、不稳定、容易被黑客攻击的系统。（最早的去中心化项目之一，一个名为DAO的基金，是有人利用其代码中的缺陷窃取资金的惊人的5500万美元的受害者。）目前，它主要是一个为加密宇宙构建的加密世界。分散的贷款机构主要接受加密货币存款，向寻求加密货币押注杠杆的人提供贷款；分散式交易所用于交易加密硬币；分散的保险公司承保加密黑客。</blockquote></p><p> The big yields investors can earn are denominated not in dollars or euros but in often-obscure tokens. Critics of DeFi say some projects can resemble a Ponzi scheme: Early investors depend on others piling into tokens that still have limited real-world utility. If returns are high, it’s largely because of investors’ voracious appetite for more digital assets. And since DeFi projects don’t need to live in any physical location, they’re difficult to regulate, making the space vulnerable to scams and money laundering schemes. Still, DeFi’s advocates think the technology has the power to open up markets and build new kinds of financial products.</p><p><blockquote>投资者可以获得的巨额收益不是以美元或欧元计价，而是以通常不为人知的代币计价。DeFi的批评者表示，一些项目可能类似于庞氏骗局：早期投资者依赖其他人涌入现实世界效用仍然有限的代币。如果回报很高，很大程度上是因为投资者对更多数字资产的贪婪胃口。由于DeFi项目不需要居住在任何物理位置，因此很难监管，这使得该领域容易受到诈骗和洗钱计划的影响。尽管如此，DeFi的倡导者认为该技术有能力打开市场并构建新型金融产品。</blockquote></p><p> To see how a DeFi program works, look atSushiSwap, a decentralized cryptocurrency exchange that started last year. It’s based on the code of another DeFi exchange calledUniswap. Like any exchange—from better-known crypto trading apps such asCoinbaseto stock markets likeNasdaq—SushiSwap depends on liquidity, or the ability to make sure buyers can find the tokens they want and sellers can get a price they think is fair. To do that in a decentralized way, SushiSwap creates liquidity pools that pair any two coins that traders might want to swap—for example, Ethereum, thesecond-most-popular cryptocurrencyand DeFi’s backbone, and the exchange’s own token, Sushi.</p><p><blockquote>要了解DeFi程序是如何工作的，请查看去年推出的去中心化加密货币交易所SushiSwap。它基于另一个名为Uniswap的DeFi交易所的代码。与任何交易所一样——从Coinbase等更知名的加密货币交易应用程序到纳斯达克等股票市场——SushiSwap依赖于流动性，或者确保买家能够找到他们想要的代币、卖家能够获得他们认为公平的价格的能力。为了以去中心化的方式做到这一点，SushiSwap创建了流动性池，将交易者可能想要交换的任何两种硬币配对，例如以太币（第二大最受欢迎的加密货币和DeFi的主干），以及交易所自己的代币Sushi。</blockquote></p><p> Investors like Vishnevskiy buy both tokens and then temporarily lock them into the pool, where they’re available to traders. An algorithm adjusts prices of both tokens to reflect relative changes in demand. The exchange also charges a fee for trading. When Vishnevskiy gets his tokens back, he also gets a portion of the fees generated from transactions made in the pool, as well as free additional Sushi tokens. (The added Sushi tokens can be earned on other trading pairs, not only those involving Sushi.) That, the exchange’s software surmises, amounts to an annualized 20% yield.</p><p><blockquote>像Vishnevskiy这样的投资者购买这两种代币，然后将它们暂时锁定在池中，供交易者使用。算法调整两种代币的价格，以反映需求的相对变化。交易所还收取交易费用。当Vishnevskiy拿回他的代币时，他还会获得一部分在池中进行的交易产生的费用，以及免费的额外寿司代币。（添加的寿司代币可以在其他交易对上赚取，而不仅仅是那些涉及寿司的交易对。）该交易所的软件推测，这相当于年化收益率20%。</blockquote></p><p> Other DeFi protocols may pay yields to people who make their crypto available for someone else to borrow. For example, traders might want to borrowstablecoins—tokens whose value is linked to that of a traditional currency such as the dollar—to buy more Bitcoin on platforms that don’t take traditional currencies.</p><p><blockquote>其他DeFi协议可能会向那些将其加密货币提供给其他人借用的人支付收益。例如，交易者可能想要借用稳定币（其价值与美元等传统货币挂钩的代币），以便在不接受传统货币的平台上购买更多比特币。</blockquote></p><p> If that sounds complicated, it is. Yields in DeFi are mostly projected from recent market trends and could drop quickly. Some investors who call themselves yield farmers are constantly moving their money trying to generate income, but crypto transaction costs called “gas” fees can eat up profits. Moreover, the cryptocurrencies these yields get paid in can fluctuate wildly in value. When Bitcoin slid as much as 10% on one recent day, popular DeFi coins such as Uniswap’s fell almost 20%.</p><p><blockquote>如果这听起来很复杂，那就是。DeFi的收益率主要是根据最近的市场趋势预测的，可能会迅速下降。一些看涨期权农民的投资者不断转移资金试图创收，但被称为“汽油”费的加密交易成本可能会吞噬利润。此外，这些收益支付的加密货币的价值可能会大幅波动。当比特币最近一天下跌10%时，Uniswap等流行的DeFi硬币下跌了近20%。</blockquote></p><p></p><p> Other risks that come with any cryptocurrency still apply:Regulatory scrutinywill probably grow, which might shut down or hamper some projects and blow up the value of associated tokens. Founders of DeFi projects who’ve hoarded the coins created to run them could suddenly cash out, causing prices to drop. SushiSwap’s pseudonymous creator, Chef Nomi, sold tokens worth roughly $13 million in September before reversing course amid community outrage.</p><p><blockquote>任何加密货币带来的其他风险仍然适用：监管审查可能会增加，这可能会关闭或阻碍一些项目，并大幅提升相关代币的价值。DeFi项目的创始人囤积了为运行它们而创建的硬币，可能会突然套现，导致价格下跌。SushiSwap的化名创建者Nomi厨师在9月份出售了价值约1300万美元的代币，然后在社区愤怒中改变了方向。</blockquote></p><p> “You can’t get those yields in the traditional space”</p><p><blockquote>“你无法在传统领域获得这些产量”</blockquote></p><p> The history of crypto is filled with cautionary tales about investments riding a wave of hype and then falling apart. Around 2018, so-called initial coin offerings raised billions of dollars for projects, most of which turned out to be duds. DeFi converts say the difference now is that applications such as exchanges and lenders are generating revenue, even if just from crypto speculation. Uniswap, which announces its user statistics in real time, had trading volume of $813 million in one recent 24-hour period, generating $1.8 million in fees for those staking their tokens in its liquidity pool.</p><p><blockquote>加密货币的历史充满了关于投资乘着炒作浪潮然后分崩离析的警示故事。2018年左右，所谓的首次代币发行为项目筹集了数十亿美元，但其中大部分都是徒劳的。DeFi转换者表示，现在的不同之处在于，交易所和贷方等应用程序正在产生收入，即使只是来自加密货币投机。Uniswap实时公布其用户统计数据，在最近24小时内的交易量为8.13亿美元，为那些在其流动性池中质押代币的人产生了180万美元的费用。</blockquote></p><p> What about the value of the tokens many DeFi projects give out? These coins aren’t exactly equity and don’t always confer any direct claim to profits. Often they give holders voting rights on the future of the project; investors may be hoping that as the protocols they’re associated with grow in popularity, so will the coins. But some DeFi platforms might not be as successful as they seem. Aleksander Kloda, who co-manages a DeFi fund at Nickel Digital Asset Management, says participation may be driven less by the value of a service than by the promise of free tokens. “In the short term, they can really make the picture a lot more difficult to read,” he says. “The logic is not quite correct if the volumes are only there because of the additional motivation the protocol gives you to participate.” As an investor, he tries to identify projects that have built up sustainable volume even without tantalizing yields.</p><p><blockquote>许多DeFi项目发放的代币价值如何？这些硬币并不完全是股权，也不总是赋予任何直接的利润要求。他们通常赋予持有人对项目未来的投票权；投资者可能希望，随着与他们相关的协议越来越受欢迎，硬币也会越来越受欢迎。但是一些DeFi平台可能并不像看起来那么成功。Nickel Digital Asset Management共同管理DeFi基金的Aleksander Kloda表示，参与的驱动力可能不是服务的价值，而是免费代币的承诺。“从短期来看，它们确实会让图片变得更加难以阅读，”他说。“如果数量的存在只是因为协议给了你参与的额外动力，那么逻辑就不太正确。”作为一名投资者，他试图识别那些即使没有诱人的收益率也能积累可持续交易量的项目。</blockquote></p><p> Advocates of DeFi say the idea is still in its infancy, and it could eventually broaden its uses and reach into more traditional areas of finance. Their dream is a financial system run on the internet that doesn’t involve a credit officer at a JPMorgan branch, or a Citadel Securities investing in high-frequency infrastructure tokeep stock trading liquid.</p><p><blockquote>DeFi的倡导者表示，这一想法仍处于起步阶段，最终可能会扩大其用途，进入更传统的金融领域。他们的梦想是建立一个在互联网上运行的金融系统，不涉及摩根大通分行的信贷官员，也不涉及Citadel Securities投资高频基础设施以保持股票交易流动性。</blockquote></p><p> But Elaine Ou, a blockchain engineer at Global Financial Access, argues there’s nothing wrong with DeFi being used only for crypto trading, either. “Look at Vegas and Macau—part of the reason they’re so valuable is that they allow you to do what other jurisdictions have banned,” says Ou, who alsowritesfor Bloomberg Opinion. “It is possible to build an entire industry up around speculation.”</p><p><blockquote>但Global Financial Access的区块链工程师Elaine Ou认为，DeFi仅用于加密货币交易也没有错。“看看拉斯维加斯和澳门——它们如此有价值的部分原因是它们允许你做其他司法管辖区禁止的事情，”欧说，他也是彭博社观点的撰稿人。“围绕投机建立整个行业是可能的。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.bloomberg.com/news/articles/2021-06-16/defi-platforms-with-names-like-sushiswap-aim-to-be-nasdaq-for-crypto\">.bloomberg</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":{"GBTC":"比特币ETF-Grayscale"},"source_url":"https://www.bloomberg.com/news/articles/2021-06-16/defi-platforms-with-names-like-sushiswap-aim-to-be-nasdaq-for-crypto","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1160929405","content_text":"Money manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government bond. Or he can pocket the annual equivalent of a 20% yield for locking money up in one of the wilder corners of the crypto market, known as decentralized finance, or DeFi.\nHe decided to go for the 20%. “You can’t get those yields in the traditional space,” says the co-founder of Swiss-based St. Gotthard Fund Management, which runs a portfolio designed to squeeze income out of crypto assets. The strategy is so new that even Wall Street pros may have trouble wrapping their heads around it. Take what you might know about Bitcoin—that it’s a digital currency that exists only on an online ledger governed by computer code. Now make it even more mind-bending, and imagine the code isn’t just recording transactions. It’s running lending platforms, insurers and financial markets with little human intermediation. That’sDeFi.\nTraders like Vishnevskiy can collect yields by committing in the form of crypto tokens the capital that’s needed to make these disembodied and largely unregulated financial institutions run. At the peak last month, investors put in as much as $86 billion into various DeFi programs, compared with just under $1 billion a year ago, DeFi Pulse data show.\nIt’s a young, volatile, and hack-prone system. (One of the first decentralized projects, a fund called the DAO, was the victim of aspectacular $55 million theftby someone taking advantage of a flaw in its code to siphon off funds.) And for now, it’s mostly a crypto world built for thecrypto universe. The decentralized lenders are largely taking crypto deposits to make loans to people looking for leverage on crypto bets; the decentralized exchanges are used for trading crypto coins; the decentralized insurers cover crypto hacks.\nThe big yields investors can earn are denominated not in dollars or euros but in often-obscure tokens. Critics of DeFi say some projects can resemble a Ponzi scheme: Early investors depend on others piling into tokens that still have limited real-world utility. If returns are high, it’s largely because of investors’ voracious appetite for more digital assets. And since DeFi projects don’t need to live in any physical location, they’re difficult to regulate, making the space vulnerable to scams and money laundering schemes. Still, DeFi’s advocates think the technology has the power to open up markets and build new kinds of financial products.\nTo see how a DeFi program works, look atSushiSwap, a decentralized cryptocurrency exchange that started last year. It’s based on the code of another DeFi exchange calledUniswap. Like any exchange—from better-known crypto trading apps such asCoinbaseto stock markets likeNasdaq—SushiSwap depends on liquidity, or the ability to make sure buyers can find the tokens they want and sellers can get a price they think is fair. To do that in a decentralized way, SushiSwap creates liquidity pools that pair any two coins that traders might want to swap—for example, Ethereum, thesecond-most-popular cryptocurrencyand DeFi’s backbone, and the exchange’s own token, Sushi.\nInvestors like Vishnevskiy buy both tokens and then temporarily lock them into the pool, where they’re available to traders. An algorithm adjusts prices of both tokens to reflect relative changes in demand. The exchange also charges a fee for trading. When Vishnevskiy gets his tokens back, he also gets a portion of the fees generated from transactions made in the pool, as well as free additional Sushi tokens. (The added Sushi tokens can be earned on other trading pairs, not only those involving Sushi.) That, the exchange’s software surmises, amounts to an annualized 20% yield.\nOther DeFi protocols may pay yields to people who make their crypto available for someone else to borrow. For example, traders might want to borrowstablecoins—tokens whose value is linked to that of a traditional currency such as the dollar—to buy more Bitcoin on platforms that don’t take traditional currencies.\nIf that sounds complicated, it is. Yields in DeFi are mostly projected from recent market trends and could drop quickly. Some investors who call themselves yield farmers are constantly moving their money trying to generate income, but crypto transaction costs called “gas” fees can eat up profits. Moreover, the cryptocurrencies these yields get paid in can fluctuate wildly in value. When Bitcoin slid as much as 10% on one recent day, popular DeFi coins such as Uniswap’s fell almost 20%.\nOther risks that come with any cryptocurrency still apply:Regulatory scrutinywill probably grow, which might shut down or hamper some projects and blow up the value of associated tokens. Founders of DeFi projects who’ve hoarded the coins created to run them could suddenly cash out, causing prices to drop. SushiSwap’s pseudonymous creator, Chef Nomi, sold tokens worth roughly $13 million in September before reversing course amid community outrage.\n“You can’t get those yields in the traditional space”\nThe history of crypto is filled with cautionary tales about investments riding a wave of hype and then falling apart. Around 2018, so-called initial coin offerings raised billions of dollars for projects, most of which turned out to be duds. DeFi converts say the difference now is that applications such as exchanges and lenders are generating revenue, even if just from crypto speculation. Uniswap, which announces its user statistics in real time, had trading volume of $813 million in one recent 24-hour period, generating $1.8 million in fees for those staking their tokens in its liquidity pool.\nWhat about the value of the tokens many DeFi projects give out? These coins aren’t exactly equity and don’t always confer any direct claim to profits. Often they give holders voting rights on the future of the project; investors may be hoping that as the protocols they’re associated with grow in popularity, so will the coins. But some DeFi platforms might not be as successful as they seem. Aleksander Kloda, who co-manages a DeFi fund at Nickel Digital Asset Management, says participation may be driven less by the value of a service than by the promise of free tokens. “In the short term, they can really make the picture a lot more difficult to read,” he says. “The logic is not quite correct if the volumes are only there because of the additional motivation the protocol gives you to participate.” As an investor, he tries to identify projects that have built up sustainable volume even without tantalizing yields.\nAdvocates of DeFi say the idea is still in its infancy, and it could eventually broaden its uses and reach into more traditional areas of finance. Their dream is a financial system run on the internet that doesn’t involve a credit officer at a JPMorgan branch, or a Citadel Securities investing in high-frequency infrastructure tokeep stock trading liquid.\nBut Elaine Ou, a blockchain engineer at Global Financial Access, argues there’s nothing wrong with DeFi being used only for crypto trading, either. “Look at Vegas and Macau—part of the reason they’re so valuable is that they allow you to do what other jurisdictions have banned,” says Ou, who alsowritesfor Bloomberg Opinion. “It is possible to build an entire industry up around speculation.”","news_type":1,"symbols_score_info":{"GBTC":0.9}},"isVote":1,"tweetType":1,"viewCount":2106,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":169482626,"gmtCreate":1623847514965,"gmtModify":1631888373114,"author":{"id":"3578565623520596","authorId":"3578565623520596","name":"AllyLeong","avatar":"https://static.tigerbbs.com/f8a5f2b238dc0e683b344a70d1e754e5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578565623520596","idStr":"3578565623520596"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/ALF\">$Alfi Inc.(ALF)$</a>Will it go up or down today?","listText":"<a href=\"https://laohu8.com/S/ALF\">$Alfi Inc.(ALF)$</a>Will it go up or down today?","text":"$Alfi Inc.(ALF)$Will it go up or down today?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/169482626","isVote":1,"tweetType":1,"viewCount":2004,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":169481383,"gmtCreate":1623847418642,"gmtModify":1634027176712,"author":{"id":"3578565623520596","authorId":"3578565623520596","name":"AllyLeong","avatar":"https://static.tigerbbs.com/f8a5f2b238dc0e683b344a70d1e754e5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578565623520596","idStr":"3578565623520596"},"themes":[],"htmlText":"Another direction to follow","listText":"Another direction to follow","text":"Another direction to follow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/169481383","repostId":"1170999861","repostType":4,"repost":{"id":"1170999861","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1623837638,"share":"https://www.laohu8.com/m/news/1170999861?lang=zh_CN&edition=full","pubTime":"2021-06-16 18:00","market":"sh","language":"zh","title":"比亚迪股份：分拆所属子公司至创业板上市","url":"https://stock-news.laohu8.com/highlight/detail?id=1170999861","media":"老虎资讯综合","summary":"6月16日，比亚迪股份：股东大会表决通过分拆所属子公司比亚迪半导体股份有限公司至创业板上市。\n比亚迪股份有限公司于近日收到公司持股5%以上的股东吕向阳先生函告，获悉其将所持有本公司的部分股份办理质押手","content":"<p>6月16日，<a href=\"https://laohu8.com/S/01211\">比亚迪股份</a>：股东大会表决通过分拆所属子公司<a href=\"https://laohu8.com/S/002594\">比亚迪</a>半导体股份有限公司至创业板上市。</p>\n<p>比亚迪股份有限公司于近日收到公司持股5%以上的股东吕向阳先生函告，获悉其将所持有本公司的部分股份办理质押手续。</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>比亚迪股份：分拆所属子公司至创业板上市</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; 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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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\n比亚迪股份：分拆所属子公司至创业板上市\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\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\">老虎资讯综合 </p>\n<p class=\"h-time\">2021-06-16 18:00</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>6月16日，<a href=\"https://laohu8.com/S/01211\">比亚迪股份</a>：股东大会表决通过分拆所属子公司<a href=\"https://laohu8.com/S/002594\">比亚迪</a>半导体股份有限公司至创业板上市。</p>\n<p>比亚迪股份有限公司于近日收到公司持股5%以上的股东吕向阳先生函告，获悉其将所持有本公司的部分股份办理质押手续。</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/45e5e005a453a59287c71f4cbf428610","relate_stocks":{"159915":"创业板","399006":"创业板指","01211":"比亚迪股份","000001.SH":"上证指数"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170999861","content_text":"6月16日，比亚迪股份：股东大会表决通过分拆所属子公司比亚迪半导体股份有限公司至创业板上市。\n比亚迪股份有限公司于近日收到公司持股5%以上的股东吕向阳先生函告，获悉其将所持有本公司的部分股份办理质押手续。","news_type":1,"symbols_score_info":{"159915":0.9,"399006":0.9,"000001.SH":0.9,"01211":0.9}},"isVote":1,"tweetType":1,"viewCount":1754,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":184396986,"gmtCreate":1623683305845,"gmtModify":1631890008472,"author":{"id":"3578565623520596","authorId":"3578565623520596","name":"AllyLeong","avatar":"https://static.tigerbbs.com/f8a5f2b238dc0e683b344a70d1e754e5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578565623520596","idStr":"3578565623520596"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/SPCB\">$SuperCom(SPCB)$</a>Performance not bad! Keep it up!","listText":"<a href=\"https://laohu8.com/S/SPCB\">$SuperCom(SPCB)$</a>Performance not bad! Keep it up!","text":"$SuperCom(SPCB)$Performance not bad! 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