Chanelyap的个人主页 - 老虎社区

Chanelyap

Chanelyap

暂无个人介绍

IP属地：未知

165关注

63粉丝

0主题

0勋章

2021-08-30

Like please

抱歉，原内容已删除

2021-08-13

Like

抱歉，原内容已删除

2021-09-26

Like please thanks

Opinion: Market analysts can’t agree on where stocks are going next. So double-check the data before you buy or sell<blockquote>观点：市场分析师对于股市下一步走势无法达成一致。因此，在买卖之前请仔细检查数据</blockquote>

2021-08-23

Like please

抱歉，原内容已删除

2021-08-11

Like

抱歉，原内容已删除

2021-09-22

Like please thanks

抱歉，原内容已删除

2021-08-22

Like thanks

抱歉，原内容已删除

2021-10-04

Like thanks

US IPO Week Ahead: New issuers work up a sweat in a fitness-led 5 IPO week<blockquote>美国IPO一周即将到来：新发行人在健身主导的5周IPO中大汗淋漓</blockquote>

2021-08-24

Like

抱歉，原内容已删除

2021-08-16

like please

Nvidia, Tencent,Walmart, Target and Other Stocks to Watch This Week<blockquote>英伟达、腾讯控股、沃尔玛、塔吉特等本周值得关注的股票</blockquote>

2021-09-30

Like please thanks

抱歉，原内容已删除

2021-09-20

Like thanks

The One Indicator That Has Wall Street Biting Its Nails<blockquote>让华尔街咬紧牙关的一个指标</blockquote>

2021-10-06

Like please thanks

抱歉，原内容已删除

2021-09-08

Like thanks

抱歉，原内容已删除

2021-08-27

Like thanks

抱歉，原内容已删除

2021-09-14

Like please

抱歉，原内容已删除

2021-09-05

Like

The Three Big Transitions Reshaping Finance<blockquote>重塑金融的三大转型</blockquote>

2021-08-09

Like please

抱歉，原内容已删除

2021-08-07

Like

抱歉，原内容已删除

2021-08-02

Nice and like please

NIO delivered 7,931 vehicles in July 2021, and rose 1% in premarket trading<blockquote>蔚来2021年7月交付7,931辆汽车，盘前交易上涨1%</blockquote>

去老虎APP查看更多动态

{"i18n":{"language":"zh_CN"},"userPageInfo":{"id":"3581317711527033","uuid":"3581317711527033","gmtCreate":1618223688837,"gmtModify":1618290825111,"name":"Chanelyap","pinyin":"chanelyap","introduction":"","introductionEn":null,"signature":"","avatar":"https://static.tigerbbs.com/ead5a4e57e2f9f018e7802a33c0a28f5","hat":null,"hatId":null,"hatName":null,"vip":1,"status":2,"fanSize":63,"headSize":165,"tweetSize":40,"questionSize":0,"limitLevel":999,"accountStatus":4,"level":{"id":1,"name":"萌萌虎","nameTw":"萌萌虎","represent":"呱呱坠地","factor":"评论帖子3次或发布1条主帖（非转发）","iconColor":"3C9E83","bgColor":"A2F1D9"},"themeCounts":0,"badgeCounts":0,"badges":[],"moderator":false,"superModerator":false,"manageSymbols":null,"badgeLevel":null,"boolIsFan":false,"boolIsHead":false,"favoriteSize":0,"symbols":null,"coverImage":null,"realNameVerified":null,"userBadges":[{"badgeId":"e50ce593bb40487ebfb542ca54f6a561-1","templateUuid":"e50ce593bb40487ebfb542ca54f6a561","name":"出道虎友","description":"加入老虎社区500天","bigImgUrl":"https://static.tigerbbs.com/0e4d0ca1da0456dc7894c946d44bf9ab","smallImgUrl":"https://static.tigerbbs.com/0f2f65e8ce4cfaae8db2bea9b127f58b","grayImgUrl":"https://static.tigerbbs.com/c5948a31b6edf154422335b265235809","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2022.08.27","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1001},{"badgeId":"518b5610c3e8410da5cfad115e4b0f5a-1","templateUuid":"518b5610c3e8410da5cfad115e4b0f5a","name":"实盘交易者","description":"完成一笔实盘交易","bigImgUrl":"https://static.tigerbbs.com/2e08a1cc2087a1de93402c2c290fa65b","smallImgUrl":"https://static.tigerbbs.com/4504a6397ce1137932d56e5f4ce27166","grayImgUrl":"https://static.tigerbbs.com/4b22c79415b4cd6e3d8ebc4a0fa32604","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100}],"userBadgeCount":2,"currentWearingBadge":null,"individualDisplayBadges":null,"crmLevel":11,"crmLevelSwitch":0,"location":"未知","starInvestorFollowerNum":0,"starInvestorFlag":false,"starInvestorOrderShareNum":0,"subscribeStarInvestorNum":0,"ror":null,"winRationPercentage":null,"showRor":false,"investmentPhilosophy":null,"starInvestorSubscribeFlag":false},"baikeInfo":{},"tab":"hot","tweets":[{"id":829295794,"gmtCreate":1633509742873,"gmtModify":1633509743834,"author":{"id":"3581317711527033","authorId":"3581317711527033","name":"Chanelyap","avatar":"https://static.tigerbbs.com/ead5a4e57e2f9f018e7802a33c0a28f5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581317711527033","idStr":"3581317711527033"},"themes":[],"htmlText":"Like please thanks","listText":"Like please thanks","text":"Like please thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/829295794","repostId":"1123518290","repostType":4,"isVote":1,"tweetType":1,"viewCount":2528,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":820094772,"gmtCreate":1633321951661,"gmtModify":1633321952761,"author":{"id":"3581317711527033","authorId":"3581317711527033","name":"Chanelyap","avatar":"https://static.tigerbbs.com/ead5a4e57e2f9f018e7802a33c0a28f5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581317711527033","idStr":"3581317711527033"},"themes":[],"htmlText":"Like thanks","listText":"Like thanks","text":"Like thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/820094772","repostId":"1186540865","repostType":4,"repost":{"id":"1186540865","kind":"news","pubTimestamp":1633289898,"share":"https://www.laohu8.com/m/news/1186540865?lang=zh_CN&edition=full","pubTime":"2021-10-04 03:38","market":"us","language":"en","title":"US IPO Week Ahead: New issuers work up a sweat in a fitness-led 5 IPO week<blockquote>美国IPO一周即将到来：新发行人在健身主导的5周IPO中大汗淋漓</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1186540865","media":"Renaissance Capital","summary":"In the first full week of October, five IPOs are slated to raise $1.8 billion, led by two fitness co","content":"<p>In the first full week of October, five IPOs are slated to raise $1.8 billion, led by two fitness companies.</p><p><blockquote>在10月的第一周，由两家健身公司牵头的五起IPO预计将筹集18亿美元。</blockquote></p><p> Fitness chain<b>Life Time Group Holdings</b>(LTH) plans to raise $901 million at a $4.1 billion market cap. Taken private in 2015, Life Time operates more than 150 \"centers\" across 29 US states and one province in Canada, serving nearly 1.4 million individual members as of 7/31/21. While the company was hit hard by the pandemic, operations have since improved dramatically, with revenue quadrupling in the 2Q21.</p><p><blockquote>健身连锁<b>生命时代集团控股</b>(LTH)计划以41亿美元的市值筹集9.01亿美元。Life Time于2015年私有化，在美国29个州和加拿大一个省运营着150多个“中心”，截至2011年7月31日，为近140万个人会员提供服务。尽管该公司受到疫情的严重打击，但此后运营情况显着改善，2021年第二季度的收入翻了两番。</blockquote></p><p> Fitness equipment brand<b>iFIT Health &amp; Fitness</b>(IFIT) plans to raise $600 million at a $6.4 billion market cap. iFIT is the #1 provider of large fitness equipment in the US, selling under brands including iFIT, NordicTrack, ProForm, and Freemotion. Fast growing and unprofitable, the company serves a community of over 6.1 million members and 1.5 million subscribers in over 120 countries.</p><p><blockquote>健身器材品牌<b>iFIT健康与健身</b>(IFIT)计划以64亿美元的市值筹集6亿美元。iFIT是美国排名第一的大型健身器材供应商，销售品牌包括iFIT、NordicTrack、ProForm和Freemotion。该公司发展迅速，但尚未盈利，为120多个国家的超过610万会员和150万订户提供服务。</blockquote></p><p> Proteomics platform<b>IsoPlexis</b>(ISO) plans to raise $125 million at a $648 million market cap. IsoPlexis believes its platform is the first to employ both proteomics and single cell biology to characterize and link cellular function to patient outcomes. Fast growing and highly unprofitable, the company's platform has been adopted by the top 15 global biopharmas and nearly half of the comprehensive cancer centers in the US since its commercial launch in June 2018.</p><p><blockquote>蛋白质组学平台<b>等丛</b>(ISO)计划以6.48亿美元的市值筹集1.25亿美元。IsoPlexis认为其平台是第一个同时采用蛋白质组学和单细胞生物学来表征细胞功能并将其与患者结果联系起来的平台。自2018年6月商业推出以来，该公司的平台增长迅速且利润丰厚，已被全球15大生物制药公司和美国近一半的综合癌症中心采用。</blockquote></p><p> Biotech<b>Theseus Pharmaceuticals</b>(THRX) plans to raise $125 million at a $593 million market cap. Theseus’ lead candidate is a pan-variant inhibitor of all major classes of activating/resistance mutations of the KIT kinase for of gastrointestinal stromal tumors (GIST). The company recently submitted an IND for advanced GIST and plans to initiate a Phase 1/2 trial between late 4Q21 and mid 1Q22.</p><p><blockquote>生物技术<b>忒修斯制药公司</b>(THRX)计划以5.93亿美元的市值筹集1.25亿美元。Theseus的主要候选药物是胃肠道间质瘤(GIST)KIT激酶所有主要激活/耐药突变类别的泛变体抑制剂。该公司最近提交了高级GIST的IND，并计划在2021年第四季度晚期和2022年第一季度中部之间启动1/2期试验。</blockquote></p><p> Drug developer<b>Cingulate</b>(CING) plans to raise $50 million at a $225 million market cap. Its two candidates, CTx-1301 and CTx-1302, are being developed for the treatment of ADHD. The company announced positive results from a Phase 1/2 study of CTx-1301 in October 2020, and plans to initiate Phase 3 trials in the 4Q21 with results expected in late 2022.</p><p><blockquote>药物开发人员<b>扣带</b>(CING)计划以2.25亿美元的市值筹集5000万美元。其两种候选药物CTx-1301和CTx-1302正在开发用于治疗ADHD。该公司于2020年10月宣布了CTX-1301 1/2期研究的积极结果，并计划在2021年第四季度启动3期试验，预计将于2022年底获得结果。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/610fa042e4de459e4597ed8086743234\" tg-width=\"1894\" tg-height=\"912\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>","source":"lsy1603787993745","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>US IPO Week Ahead: New issuers work up a sweat in a fitness-led 5 IPO week<blockquote>美国IPO一周即将到来：新发行人在健身主导的5周IPO中大汗淋漓</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\">\nUS IPO Week Ahead: New issuers work up a sweat in a fitness-led 5 IPO week<blockquote>美国IPO一周即将到来：新发行人在健身主导的5周IPO中大汗淋漓</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Renaissance Capital</strong><span class=\"h-time small\">2021-10-04 03:38</span>\n</p>\n</h4>\n</header>\n<article>\n<p>In the first full week of October, five IPOs are slated to raise $1.8 billion, led by two fitness companies.</p><p><blockquote>在10月的第一周，由两家健身公司牵头的五起IPO预计将筹集18亿美元。</blockquote></p><p> Fitness chain<b>Life Time Group Holdings</b>(LTH) plans to raise $901 million at a $4.1 billion market cap. Taken private in 2015, Life Time operates more than 150 \"centers\" across 29 US states and one province in Canada, serving nearly 1.4 million individual members as of 7/31/21. While the company was hit hard by the pandemic, operations have since improved dramatically, with revenue quadrupling in the 2Q21.</p><p><blockquote>健身连锁<b>生命时代集团控股</b>(LTH)计划以41亿美元的市值筹集9.01亿美元。Life Time于2015年私有化，在美国29个州和加拿大一个省运营着150多个“中心”，截至2011年7月31日，为近140万个人会员提供服务。尽管该公司受到疫情的严重打击，但此后运营情况显着改善，2021年第二季度的收入翻了两番。</blockquote></p><p> Fitness equipment brand<b>iFIT Health &amp; Fitness</b>(IFIT) plans to raise $600 million at a $6.4 billion market cap. iFIT is the #1 provider of large fitness equipment in the US, selling under brands including iFIT, NordicTrack, ProForm, and Freemotion. Fast growing and unprofitable, the company serves a community of over 6.1 million members and 1.5 million subscribers in over 120 countries.</p><p><blockquote>健身器材品牌<b>iFIT健康与健身</b>(IFIT)计划以64亿美元的市值筹集6亿美元。iFIT是美国排名第一的大型健身器材供应商，销售品牌包括iFIT、NordicTrack、ProForm和Freemotion。该公司发展迅速，但尚未盈利，为120多个国家的超过610万会员和150万订户提供服务。</blockquote></p><p> Proteomics platform<b>IsoPlexis</b>(ISO) plans to raise $125 million at a $648 million market cap. IsoPlexis believes its platform is the first to employ both proteomics and single cell biology to characterize and link cellular function to patient outcomes. Fast growing and highly unprofitable, the company's platform has been adopted by the top 15 global biopharmas and nearly half of the comprehensive cancer centers in the US since its commercial launch in June 2018.</p><p><blockquote>蛋白质组学平台<b>等丛</b>(ISO)计划以6.48亿美元的市值筹集1.25亿美元。IsoPlexis认为其平台是第一个同时采用蛋白质组学和单细胞生物学来表征细胞功能并将其与患者结果联系起来的平台。自2018年6月商业推出以来，该公司的平台增长迅速且利润丰厚，已被全球15大生物制药公司和美国近一半的综合癌症中心采用。</blockquote></p><p> Biotech<b>Theseus Pharmaceuticals</b>(THRX) plans to raise $125 million at a $593 million market cap. Theseus’ lead candidate is a pan-variant inhibitor of all major classes of activating/resistance mutations of the KIT kinase for of gastrointestinal stromal tumors (GIST). The company recently submitted an IND for advanced GIST and plans to initiate a Phase 1/2 trial between late 4Q21 and mid 1Q22.</p><p><blockquote>生物技术<b>忒修斯制药公司</b>(THRX)计划以5.93亿美元的市值筹集1.25亿美元。Theseus的主要候选药物是胃肠道间质瘤(GIST)KIT激酶所有主要激活/耐药突变类别的泛变体抑制剂。该公司最近提交了高级GIST的IND，并计划在2021年第四季度晚期和2022年第一季度中部之间启动1/2期试验。</blockquote></p><p> Drug developer<b>Cingulate</b>(CING) plans to raise $50 million at a $225 million market cap. Its two candidates, CTx-1301 and CTx-1302, are being developed for the treatment of ADHD. The company announced positive results from a Phase 1/2 study of CTx-1301 in October 2020, and plans to initiate Phase 3 trials in the 4Q21 with results expected in late 2022.</p><p><blockquote>药物开发人员<b>扣带</b>(CING)计划以2.25亿美元的市值筹集5000万美元。其两种候选药物CTx-1301和CTx-1302正在开发用于治疗ADHD。该公司于2020年10月宣布了CTX-1301 1/2期研究的积极结果，并计划在2021年第四季度启动3期试验，预计将于2022年底获得结果。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/610fa042e4de459e4597ed8086743234\" tg-width=\"1894\" tg-height=\"912\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.renaissancecapital.com/IPO-Center/News/86747/US-IPO-Week-Ahead-New-issuers-work-up-a-sweat-in-a-fitness-led-5-IPO-week\">Renaissance Capital</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":{"CING":"CINGULATE INC.","THRX":"Theseus Pharmaceuticals, Inc.","ISO":"IsoPlexis Corp.","LTH":"Life Time Group Holdings, Inc."},"source_url":"https://www.renaissancecapital.com/IPO-Center/News/86747/US-IPO-Week-Ahead-New-issuers-work-up-a-sweat-in-a-fitness-led-5-IPO-week","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1186540865","content_text":"In the first full week of October, five IPOs are slated to raise $1.8 billion, led by two fitness companies.\nFitness chainLife Time Group Holdings(LTH) plans to raise $901 million at a $4.1 billion market cap. Taken private in 2015, Life Time operates more than 150 \"centers\" across 29 US states and one province in Canada, serving nearly 1.4 million individual members as of 7/31/21. While the company was hit hard by the pandemic, operations have since improved dramatically, with revenue quadrupling in the 2Q21.\nFitness equipment brandiFIT Health & Fitness(IFIT) plans to raise $600 million at a $6.4 billion market cap. iFIT is the #1 provider of large fitness equipment in the US, selling under brands including iFIT, NordicTrack, ProForm, and Freemotion. Fast growing and unprofitable, the company serves a community of over 6.1 million members and 1.5 million subscribers in over 120 countries.\nProteomics platformIsoPlexis(ISO) plans to raise $125 million at a $648 million market cap. IsoPlexis believes its platform is the first to employ both proteomics and single cell biology to characterize and link cellular function to patient outcomes. Fast growing and highly unprofitable, the company's platform has been adopted by the top 15 global biopharmas and nearly half of the comprehensive cancer centers in the US since its commercial launch in June 2018.\nBiotechTheseus Pharmaceuticals(THRX) plans to raise $125 million at a $593 million market cap. Theseus’ lead candidate is a pan-variant inhibitor of all major classes of activating/resistance mutations of the KIT kinase for of gastrointestinal stromal tumors (GIST). The company recently submitted an IND for advanced GIST and plans to initiate a Phase 1/2 trial between late 4Q21 and mid 1Q22.\nDrug developerCingulate(CING) plans to raise $50 million at a $225 million market cap. Its two candidates, CTx-1301 and CTx-1302, are being developed for the treatment of ADHD. The company announced positive results from a Phase 1/2 study of CTx-1301 in October 2020, and plans to initiate Phase 3 trials in the 4Q21 with results expected in late 2022.","news_type":1,"symbols_score_info":{"LTH":0.9,"CING":0.9,"ISO":0.9,"IFIT":0.9,"THRX":0.9}},"isVote":1,"tweetType":1,"viewCount":2127,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":865219862,"gmtCreate":1632985616886,"gmtModify":1632985617860,"author":{"id":"3581317711527033","authorId":"3581317711527033","name":"Chanelyap","avatar":"https://static.tigerbbs.com/ead5a4e57e2f9f018e7802a33c0a28f5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581317711527033","idStr":"3581317711527033"},"themes":[],"htmlText":"Like please thanks","listText":"Like please thanks","text":"Like please thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":11,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/865219862","repostId":"1104172212","repostType":4,"isVote":1,"tweetType":1,"viewCount":2548,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":868507911,"gmtCreate":1632667208933,"gmtModify":1632798693290,"author":{"id":"3581317711527033","authorId":"3581317711527033","name":"Chanelyap","avatar":"https://static.tigerbbs.com/ead5a4e57e2f9f018e7802a33c0a28f5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581317711527033","idStr":"3581317711527033"},"themes":[],"htmlText":"Like please thanks","listText":"Like please thanks","text":"Like please thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/868507911","repostId":"1175726457","repostType":4,"repost":{"id":"1175726457","kind":"news","pubTimestamp":1632626757,"share":"https://www.laohu8.com/m/news/1175726457?lang=zh_CN&edition=full","pubTime":"2021-09-26 11:25","market":"sh","language":"en","title":"Opinion: Market analysts can’t agree on where stocks are going next. So double-check the data before you buy or sell<blockquote>观点：市场分析师对于股市下一步走势无法达成一致。因此，在买卖之前请仔细检查数据</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1175726457","media":"Market Watch","summary":"It’s an urgent question, since the Citigroup Economic Surprise Index (CESI) has been negative for tw","content":"<p>It’s an urgent question, since the <a href=\"https://laohu8.com/S/C\">Citigroup</a> Economic Surprise Index (CESI) has been negative for two months now, following an unbroken positive stretch for more than a year. The CESI measures the extent to which the latest economic news deviates from the Wall Street consensus. The past two months of consistently negative CESI readings therefore mean that the economic news, on balance, has been worse than expected.</p><p><blockquote>这是一个紧迫的问题，因为<a href=\"https://laohu8.com/S/C\">花旗集团</a>经济意外指数（CESI）在连续一年多上涨后，已经连续两个月为负。CESI衡量最新经济消息偏离华尔街共识的程度。因此，过去两个月CESI数据持续为负，这意味着总体而言，经济消息比预期的要糟糕。</blockquote></p><p> Is it good news or bad for stock investors that recent U.S. economic news releases have been significantly worse than expected?</p><p><blockquote>近期美国经济新闻发布明显逊于预期，对股票投资者来说是好消息还是坏消息？</blockquote></p><p> The latest reading from the Citigroup Economic Surprise Index (CESI) is minus 29.2. <a href=\"https://laohu8.com/S/JE\">Just</a> 10 days ago it was even more negative, at minus 61.7. Its average over the last 18 years is 4.6.</p><p><blockquote>花旗集团经济意外指数（CESI）的最新读数为负29.2。<a href=\"https://laohu8.com/S/JE\">刚刚</a>10天前，这个数字甚至更低，为负61.7。过去18年的平均值为4.6。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/dd20c01571a824c8113089a65b814bb3\" tg-width=\"700\" tg-height=\"471\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> There is no consensus among the advisers I monitor about what these latest readings mean. Some believe it’s good news, on the contrarian theory that the worse-than-expected news constitutes a“wall of worry”that the U.S. bull market can climb. Others argue that you can’t sugar-coat worse-than-expected economic news.</p><p><blockquote>我监督的顾问们对这些最新读数的含义没有达成共识。一些人认为这是好消息，反向理论认为，差于预期的消息构成了美国牛市可以攀登的“担忧之墙”。其他人则认为，你不能粉饰比预期更糟糕的经济消息。</blockquote></p><p> To help resolve their disagreement, I analyzed daily CESI data back to 2003. Specifically, I measured its correlation with the S&amp;P 500’sSPX,+0.15%return over the subsequent month-, quarter-, six months, and <a href=\"https://laohu8.com/S/AONE.U\">one</a> year. I came up with nothing that met traditional standards of statistical significance.</p><p><blockquote>为了帮助解决他们的分歧，我分析了2003年以来的每日CESI数据。具体来说，我测量了它与标普500 SPX的相关性，在随后的一个月、一个季度、六个月内+0.15%的回报率，以及<a href=\"https://laohu8.com/S/AONE.U\">一</a>年。我没有发现任何符合传统统计意义标准的东西。</blockquote></p><p> A summary of what I found is plotted in the chart below. Notice that the S&amp;P 500’s average return is virtually the same regardless of whether the CESI is positive or negative, trending upward or downward.</p><p><blockquote>我的发现总结如下图所示。请注意，无论CESI是正还是负、趋势上升还是下降，标普500的平均回报几乎是相同的。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/65016b28c482526ac92a5d6035ba9ed9\" tg-width=\"700\" tg-height=\"471\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> These findings are not a criticism of the CESI itself. Citigroup created the index as a useful tool for foreign exchange traders.Citigroup has saidthat the CESI “is a perfect example of unique proprietary design which has almost no bearing on those who discuss it… It was not meant to be used for stock prices.”</p><p><blockquote>这些发现并不是对CESI本身的批评。花旗集团创建该指数是为了作为外汇交易者的有用工具。花旗集团表示，CESI“是独特专有设计的完美例子，对讨论它的人几乎没有影响……它不应该用于股票价格。”</blockquote></p><p> There’s a broader lesson here for us to learn as well: We need to subject our intuitions to empirical reality checks. That’s especially important when our hunches seem so obviously true — as is the case when it comes to whether the economic news is coming in better or worse than expected. Stock market history is filled with expectations that were guaranteed to happen but which did not.</p><p><blockquote>这里还有一个更广泛的教训需要我们学习：我们需要让我们的直觉接受经验现实的检验。当我们的预感看起来如此明显正确时，这一点尤其重要——就像经济消息是好于预期还是差于预期的情况一样。股市历史充满了必然会发生但却没有发生的预期。</blockquote></p><p> It can be tedious plowing through huge databases to see if a pattern really exists. But it’s worth the effort. Though being statistically rigorous does not guarantee that you will beat the market, you most assuredly will lose to the market if you’re statistically sloppy and inconsistent.</p><p><blockquote>在庞大的数据库中翻阅一个模式是否真的存在可能是一件乏味的事情。但努力是值得的。虽然统计上的严谨并不能保证你会战胜市场，但如果你在统计上草率和不一致，你肯定会输给市场。</blockquote></p><p></p>","source":"lsy1616996754749","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>Opinion: Market analysts can’t agree on where stocks are going next. So double-check the data before you buy or sell<blockquote>观点：市场分析师对于股市下一步走势无法达成一致。因此，在买卖之前请仔细检查数据</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\">\nOpinion: Market analysts can’t agree on where stocks are going next. So double-check the data before you buy or sell<blockquote>观点：市场分析师对于股市下一步走势无法达成一致。因此，在买卖之前请仔细检查数据</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Market Watch</strong><span class=\"h-time small\">2021-09-26 11:25</span>\n</p>\n</h4>\n</header>\n<article>\n<p>It’s an urgent question, since the <a href=\"https://laohu8.com/S/C\">Citigroup</a> Economic Surprise Index (CESI) has been negative for two months now, following an unbroken positive stretch for more than a year. The CESI measures the extent to which the latest economic news deviates from the Wall Street consensus. The past two months of consistently negative CESI readings therefore mean that the economic news, on balance, has been worse than expected.</p><p><blockquote>这是一个紧迫的问题，因为<a href=\"https://laohu8.com/S/C\">花旗集团</a>经济意外指数（CESI）在连续一年多上涨后，已经连续两个月为负。CESI衡量最新经济消息偏离华尔街共识的程度。因此，过去两个月CESI数据持续为负，这意味着总体而言，经济消息比预期的要糟糕。</blockquote></p><p> Is it good news or bad for stock investors that recent U.S. economic news releases have been significantly worse than expected?</p><p><blockquote>近期美国经济新闻发布明显逊于预期，对股票投资者来说是好消息还是坏消息？</blockquote></p><p> The latest reading from the Citigroup Economic Surprise Index (CESI) is minus 29.2. <a href=\"https://laohu8.com/S/JE\">Just</a> 10 days ago it was even more negative, at minus 61.7. Its average over the last 18 years is 4.6.</p><p><blockquote>花旗集团经济意外指数（CESI）的最新读数为负29.2。<a href=\"https://laohu8.com/S/JE\">刚刚</a>10天前，这个数字甚至更低，为负61.7。过去18年的平均值为4.6。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/dd20c01571a824c8113089a65b814bb3\" tg-width=\"700\" tg-height=\"471\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> There is no consensus among the advisers I monitor about what these latest readings mean. Some believe it’s good news, on the contrarian theory that the worse-than-expected news constitutes a“wall of worry”that the U.S. bull market can climb. Others argue that you can’t sugar-coat worse-than-expected economic news.</p><p><blockquote>我监督的顾问们对这些最新读数的含义没有达成共识。一些人认为这是好消息，反向理论认为，差于预期的消息构成了美国牛市可以攀登的“担忧之墙”。其他人则认为，你不能粉饰比预期更糟糕的经济消息。</blockquote></p><p> To help resolve their disagreement, I analyzed daily CESI data back to 2003. Specifically, I measured its correlation with the S&amp;P 500’sSPX,+0.15%return over the subsequent month-, quarter-, six months, and <a href=\"https://laohu8.com/S/AONE.U\">one</a> year. I came up with nothing that met traditional standards of statistical significance.</p><p><blockquote>为了帮助解决他们的分歧，我分析了2003年以来的每日CESI数据。具体来说，我测量了它与标普500 SPX的相关性，在随后的一个月、一个季度、六个月内+0.15%的回报率，以及<a href=\"https://laohu8.com/S/AONE.U\">一</a>年。我没有发现任何符合传统统计意义标准的东西。</blockquote></p><p> A summary of what I found is plotted in the chart below. Notice that the S&amp;P 500’s average return is virtually the same regardless of whether the CESI is positive or negative, trending upward or downward.</p><p><blockquote>我的发现总结如下图所示。请注意，无论CESI是正还是负、趋势上升还是下降，标普500的平均回报几乎是相同的。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/65016b28c482526ac92a5d6035ba9ed9\" tg-width=\"700\" tg-height=\"471\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> These findings are not a criticism of the CESI itself. Citigroup created the index as a useful tool for foreign exchange traders.Citigroup has saidthat the CESI “is a perfect example of unique proprietary design which has almost no bearing on those who discuss it… It was not meant to be used for stock prices.”</p><p><blockquote>这些发现并不是对CESI本身的批评。花旗集团创建该指数是为了作为外汇交易者的有用工具。花旗集团表示，CESI“是独特专有设计的完美例子，对讨论它的人几乎没有影响……它不应该用于股票价格。”</blockquote></p><p> There’s a broader lesson here for us to learn as well: We need to subject our intuitions to empirical reality checks. That’s especially important when our hunches seem so obviously true — as is the case when it comes to whether the economic news is coming in better or worse than expected. Stock market history is filled with expectations that were guaranteed to happen but which did not.</p><p><blockquote>这里还有一个更广泛的教训需要我们学习：我们需要让我们的直觉接受经验现实的检验。当我们的预感看起来如此明显正确时，这一点尤其重要——就像经济消息是好于预期还是差于预期的情况一样。股市历史充满了必然会发生但却没有发生的预期。</blockquote></p><p> It can be tedious plowing through huge databases to see if a pattern really exists. But it’s worth the effort. Though being statistically rigorous does not guarantee that you will beat the market, you most assuredly will lose to the market if you’re statistically sloppy and inconsistent.</p><p><blockquote>在庞大的数据库中翻阅一个模式是否真的存在可能是一件乏味的事情。但努力是值得的。虽然统计上的严谨并不能保证你会战胜市场，但如果你在统计上草率和不一致，你肯定会输给市场。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/market-analysts-cant-agree-on-where-stocks-are-going-next-so-double-check-the-data-before-you-buy-or-sell-11632447577?mod=home-page\">Market Watch</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":{},"source_url":"https://www.marketwatch.com/story/market-analysts-cant-agree-on-where-stocks-are-going-next-so-double-check-the-data-before-you-buy-or-sell-11632447577?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175726457","content_text":"It’s an urgent question, since the Citigroup Economic Surprise Index (CESI) has been negative for two months now, following an unbroken positive stretch for more than a year. The CESI measures the extent to which the latest economic news deviates from the Wall Street consensus. The past two months of consistently negative CESI readings therefore mean that the economic news, on balance, has been worse than expected.\nIs it good news or bad for stock investors that recent U.S. economic news releases have been significantly worse than expected?\nThe latest reading from the Citigroup Economic Surprise Index (CESI) is minus 29.2. Just 10 days ago it was even more negative, at minus 61.7. Its average over the last 18 years is 4.6.\n\nThere is no consensus among the advisers I monitor about what these latest readings mean. Some believe it’s good news, on the contrarian theory that the worse-than-expected news constitutes a“wall of worry”that the U.S. bull market can climb. Others argue that you can’t sugar-coat worse-than-expected economic news.\nTo help resolve their disagreement, I analyzed daily CESI data back to 2003. Specifically, I measured its correlation with the S&P 500’sSPX,+0.15%return over the subsequent month-, quarter-, six months, and one year. I came up with nothing that met traditional standards of statistical significance.\nA summary of what I found is plotted in the chart below. Notice that the S&P 500’s average return is virtually the same regardless of whether the CESI is positive or negative, trending upward or downward.\n\nThese findings are not a criticism of the CESI itself. Citigroup created the index as a useful tool for foreign exchange traders.Citigroup has saidthat the CESI “is a perfect example of unique proprietary design which has almost no bearing on those who discuss it… It was not meant to be used for stock prices.”\nThere’s a broader lesson here for us to learn as well: We need to subject our intuitions to empirical reality checks. That’s especially important when our hunches seem so obviously true — as is the case when it comes to whether the economic news is coming in better or worse than expected. Stock market history is filled with expectations that were guaranteed to happen but which did not.\nIt can be tedious plowing through huge databases to see if a pattern really exists. But it’s worth the effort. Though being statistically rigorous does not guarantee that you will beat the market, you most assuredly will lose to the market if you’re statistically sloppy and inconsistent.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2426,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":869664928,"gmtCreate":1632281913664,"gmtModify":1632801507732,"author":{"id":"3581317711527033","authorId":"3581317711527033","name":"Chanelyap","avatar":"https://static.tigerbbs.com/ead5a4e57e2f9f018e7802a33c0a28f5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581317711527033","idStr":"3581317711527033"},"themes":[],"htmlText":"Like please thanks","listText":"Like please thanks","text":"Like please thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/869664928","repostId":"2169637993","repostType":4,"isVote":1,"tweetType":1,"viewCount":1448,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":860969800,"gmtCreate":1632122657100,"gmtModify":1632802698356,"author":{"id":"3581317711527033","authorId":"3581317711527033","name":"Chanelyap","avatar":"https://static.tigerbbs.com/ead5a4e57e2f9f018e7802a33c0a28f5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581317711527033","idStr":"3581317711527033"},"themes":[],"htmlText":"Like thanks","listText":"Like thanks","text":"Like thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/860969800","repostId":"1196172424","repostType":4,"repost":{"id":"1196172424","kind":"news","pubTimestamp":1632105381,"share":"https://www.laohu8.com/m/news/1196172424?lang=zh_CN&edition=full","pubTime":"2021-09-20 10:36","market":"us","language":"en","title":"The One Indicator That Has Wall Street Biting Its Nails<blockquote>让华尔街咬紧牙关的一个指标</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1196172424","media":"Barrons","summary":"The stock market dropped because there’s something scarier than taxes, tapers, and contagion.","content":"<p>Wall Street has found something scarier than tapering,axes,and contagion. It’s called the 50-day moving average.</p><p><blockquote>华尔街发现了比缩减、斧头和传染病更可怕的东西。它被称为50日移动平均线。</blockquote></p><p> The predictions of impending doom from Wall Street’s talking heads continued this past week. The reasons for a pullback are many: The stock market has rallied for too long and has gone up too smoothly, the Federal Reserve is about to remove the bond buying that has helped prop markets up, taxes are ready to rise, economic data are slowing. None of it really left a mark.</p><p><blockquote>过去一周，华尔街的大佬们继续预测末日即将来临。回调的原因有很多：股市上涨时间太长，上涨太平稳，美联储即将取消帮助支撑市场上涨的债券购买，税收即将上升，经济数据正在放缓。没有一个真正留下痕迹。</blockquote></p><p> But then the&nbsp;S&amp;P 500&nbsp;dropped 0.6%, to 4432.99, over the week, while the&nbsp;Dow Jones Industrial Average&nbsp;fell 0.1%, to 34,584.88, and the&nbsp;Nasdaq Composite&nbsp;slumped 0.5%, to 15,043.97. For the S&amp;P 500, it was the first close since June 18 below its 50-day moving average—a technical measure of the previous 50 days’ closes that often ends up acting as support or resistance and that currently sits at 4436.35. For traders, it was very frightening.</p><p><blockquote>但随后标准普尔500指数本周下跌0.6%，至4432.99点；道琼斯工业平均指数下跌0.1%，至34,584.88点；纳斯达克综合指数下跌0.5%，至15,043.97点。对于标普500来说，这是自6月18日以来首次收盘价低于50日移动平均线——这是前50天收盘价的技术指标，通常最终成为支撑位或阻力位，目前位于4436.35。对于交易者来说，这是非常可怕的。</blockquote></p><p> That the drop also occurred on options expiration day—when options bets expire and are rolled over, typically a volatile day—also makes the moment fraught. Since May, options expiration has been the time for the S&amp;P 500 to make a quick test of its 50-day moving average before a bounce higher. And when I say quick, I mean quick, as it usually took the index a day, maybe two, to rebound.</p><p><blockquote>下跌也发生在期权到期日——期权押注到期并展期，通常是波动较大的一天——也让这一时刻令人担忧。自5月份以来，期权到期一直是标普500在反弹走高之前快速测试50日均线的时候。当我说快速时，我的意思是快速，因为指数通常需要一天，也许两天才能反弹。</blockquote></p><p> “The 50-Day MA discussion has been pounded into our heads with every drawdown,” writes Frank Cappelleri, desk strategist at Instinet. “And while we may be sick of hearing about it, the dip buying around the line has been a real phenomenon.”</p><p><blockquote>Instinet的案头策略师弗兰克·卡佩莱里(Frank Cappelleri)写道：“每次回撤时，我们都会对50日MA的讨论进行猛烈抨击。”“虽然我们可能已经厌倦了听到这个消息，但围绕这条线的逢低买入一直是一个真实的现象。”</blockquote></p><p> This time has a different feel to it. The S&amp;P 500’s sojourn near the 50-day has been longer, notes Jonathan Krinsky, chief market technician at Bay Crest Partners. It’s been sitting near it for about six trading days now, without a big drop or big bounce. “The current set-up looks a bit more like a consolidation on the 50 DMA, as opposed to the prior quick ‘V-shaped’ dips,” Krinsky writes. “What we are saying is that the current way in which we got here feels a bit different than the last four to five times.”</p><p><blockquote>这次有不同的感觉。Bay Crest Partners首席市场技术员Jonathan Krinsky指出，标普500的停留时间接近50天，时间更长。它已经在它附近徘徊了大约六个交易日，没有大幅下跌或大幅反弹。Krinsky写道：“与之前的快速‘V形’下跌相比，当前的格局看起来更像是50日均线的盘整。”“我们要说的是，我们目前到达这里的方式感觉与过去四到五次有点不同。”</blockquote></p><p> Still, Krinsky acknowledges that one close below the 50-day isn’t enough to panic. That’s because the S&amp;P 500 has now gone 218 days without two closes below the average, the second-longest streak since 1990. We won’t know if that streak breaks until the end of trading on Monday.</p><p><blockquote>尽管如此，克林斯基承认，收盘价低于50日线还不足以引起恐慌。这是因为标普500已经有218天没有两次收盘低于平均水平，这是自1990年以来第二长的连续纪录。在周一交易结束之前，我们不会知道这一连胜是否会被打破。</blockquote></p><p> The market has plenty of excuses to break the 50-day, if it’s so inclined. Maybe Evergrande (ticker: 3333.Hong Kong), the troubled Chinese property developer, will prove to be a Lehman moment and bring the world’s markets down with it. Maybe the Fed will surprise everyone and start tapering this coming week. Maybe something is lurking out there like the Baba Yaga of the old fairy tales, and maybe it looks a lot like Keanu Reeves.</p><p><blockquote>如果市场愿意的话，它有很多借口打破50天。也许陷入困境的中国房地产开发商恒大（股票代码：3333.Hong Kong）将成为雷曼时刻，并拖累世界市场。也许美联储会让所有人大吃一惊，并在下周开始缩减规模。也许有什么东西潜伏在那里，就像古老童话中的芭芭雅嘎，也许它看起来很像山谬·里维。</blockquote></p><p> But perhaps all the September weakness and worry are a good thing, setting the market up for its next run. “The ACWI is oversold again, and sentiment is not too optimistic,” writes Ned Davis Research’s Tim Hayes, commenting on the MSCI All-Country World Index. “The market’s resilience in the face of the negative September seasonality could be the preview of a bullish response to seasonal tendencies that turn favorable in the fourth quarter.”</p><p><blockquote>但也许9月份的所有疲软和担忧都是一件好事，为市场的下一轮上涨做好了准备。Ned Davis Research的Tim Hayes在评论MSCI各国世界指数时写道：“ACWI再次超卖，市场情绪也不太乐观。”“市场面对9月份负面季节性的韧性可能是对第四季度转向有利的季节性趋势做出看涨反应的预演。”</blockquote></p><p> We just have to get there first.</p><p><blockquote>我们只需要先到那里。</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>The One Indicator That Has Wall Street Biting Its Nails<blockquote>让华尔街咬紧牙关的一个指标</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\">\nThe One Indicator That Has Wall Street Biting Its Nails<blockquote>让华尔街咬紧牙关的一个指标</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-09-20 10:36</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Wall Street has found something scarier than tapering,axes,and contagion. It’s called the 50-day moving average.</p><p><blockquote>华尔街发现了比缩减、斧头和传染病更可怕的东西。它被称为50日移动平均线。</blockquote></p><p> The predictions of impending doom from Wall Street’s talking heads continued this past week. The reasons for a pullback are many: The stock market has rallied for too long and has gone up too smoothly, the Federal Reserve is about to remove the bond buying that has helped prop markets up, taxes are ready to rise, economic data are slowing. None of it really left a mark.</p><p><blockquote>过去一周，华尔街的大佬们继续预测末日即将来临。回调的原因有很多：股市上涨时间太长，上涨太平稳，美联储即将取消帮助支撑市场上涨的债券购买，税收即将上升，经济数据正在放缓。没有一个真正留下痕迹。</blockquote></p><p> But then the&nbsp;S&amp;P 500&nbsp;dropped 0.6%, to 4432.99, over the week, while the&nbsp;Dow Jones Industrial Average&nbsp;fell 0.1%, to 34,584.88, and the&nbsp;Nasdaq Composite&nbsp;slumped 0.5%, to 15,043.97. For the S&amp;P 500, it was the first close since June 18 below its 50-day moving average—a technical measure of the previous 50 days’ closes that often ends up acting as support or resistance and that currently sits at 4436.35. For traders, it was very frightening.</p><p><blockquote>但随后标准普尔500指数本周下跌0.6%，至4432.99点；道琼斯工业平均指数下跌0.1%，至34,584.88点；纳斯达克综合指数下跌0.5%，至15,043.97点。对于标普500来说，这是自6月18日以来首次收盘价低于50日移动平均线——这是前50天收盘价的技术指标，通常最终成为支撑位或阻力位，目前位于4436.35。对于交易者来说，这是非常可怕的。</blockquote></p><p> That the drop also occurred on options expiration day—when options bets expire and are rolled over, typically a volatile day—also makes the moment fraught. Since May, options expiration has been the time for the S&amp;P 500 to make a quick test of its 50-day moving average before a bounce higher. And when I say quick, I mean quick, as it usually took the index a day, maybe two, to rebound.</p><p><blockquote>下跌也发生在期权到期日——期权押注到期并展期，通常是波动较大的一天——也让这一时刻令人担忧。自5月份以来，期权到期一直是标普500在反弹走高之前快速测试50日均线的时候。当我说快速时，我的意思是快速，因为指数通常需要一天，也许两天才能反弹。</blockquote></p><p> “The 50-Day MA discussion has been pounded into our heads with every drawdown,” writes Frank Cappelleri, desk strategist at Instinet. “And while we may be sick of hearing about it, the dip buying around the line has been a real phenomenon.”</p><p><blockquote>Instinet的案头策略师弗兰克·卡佩莱里(Frank Cappelleri)写道：“每次回撤时，我们都会对50日MA的讨论进行猛烈抨击。”“虽然我们可能已经厌倦了听到这个消息，但围绕这条线的逢低买入一直是一个真实的现象。”</blockquote></p><p> This time has a different feel to it. The S&amp;P 500’s sojourn near the 50-day has been longer, notes Jonathan Krinsky, chief market technician at Bay Crest Partners. It’s been sitting near it for about six trading days now, without a big drop or big bounce. “The current set-up looks a bit more like a consolidation on the 50 DMA, as opposed to the prior quick ‘V-shaped’ dips,” Krinsky writes. “What we are saying is that the current way in which we got here feels a bit different than the last four to five times.”</p><p><blockquote>这次有不同的感觉。Bay Crest Partners首席市场技术员Jonathan Krinsky指出，标普500的停留时间接近50天，时间更长。它已经在它附近徘徊了大约六个交易日，没有大幅下跌或大幅反弹。Krinsky写道：“与之前的快速‘V形’下跌相比，当前的格局看起来更像是50日均线的盘整。”“我们要说的是，我们目前到达这里的方式感觉与过去四到五次有点不同。”</blockquote></p><p> Still, Krinsky acknowledges that one close below the 50-day isn’t enough to panic. That’s because the S&amp;P 500 has now gone 218 days without two closes below the average, the second-longest streak since 1990. We won’t know if that streak breaks until the end of trading on Monday.</p><p><blockquote>尽管如此，克林斯基承认，收盘价低于50日线还不足以引起恐慌。这是因为标普500已经有218天没有两次收盘低于平均水平，这是自1990年以来第二长的连续纪录。在周一交易结束之前，我们不会知道这一连胜是否会被打破。</blockquote></p><p> The market has plenty of excuses to break the 50-day, if it’s so inclined. Maybe Evergrande (ticker: 3333.Hong Kong), the troubled Chinese property developer, will prove to be a Lehman moment and bring the world’s markets down with it. Maybe the Fed will surprise everyone and start tapering this coming week. Maybe something is lurking out there like the Baba Yaga of the old fairy tales, and maybe it looks a lot like Keanu Reeves.</p><p><blockquote>如果市场愿意的话，它有很多借口打破50天。也许陷入困境的中国房地产开发商恒大（股票代码：3333.Hong Kong）将成为雷曼时刻，并拖累世界市场。也许美联储会让所有人大吃一惊，并在下周开始缩减规模。也许有什么东西潜伏在那里，就像古老童话中的芭芭雅嘎，也许它看起来很像山谬·里维。</blockquote></p><p> But perhaps all the September weakness and worry are a good thing, setting the market up for its next run. “The ACWI is oversold again, and sentiment is not too optimistic,” writes Ned Davis Research’s Tim Hayes, commenting on the MSCI All-Country World Index. “The market’s resilience in the face of the negative September seasonality could be the preview of a bullish response to seasonal tendencies that turn favorable in the fourth quarter.”</p><p><blockquote>但也许9月份的所有疲软和担忧都是一件好事，为市场的下一轮上涨做好了准备。Ned Davis Research的Tim Hayes在评论MSCI各国世界指数时写道：“ACWI再次超卖，市场情绪也不太乐观。”“市场面对9月份负面季节性的韧性可能是对第四季度转向有利的季节性趋势做出看涨反应的预演。”</blockquote></p><p> We just have to get there first.</p><p><blockquote>我们只需要先到那里。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/stock-market-falls-because-theres-something-scarier-than-taxes-tapers-and-contagion-51631925838?mod=hp_DAY_7\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://www.barrons.com/articles/stock-market-falls-because-theres-something-scarier-than-taxes-tapers-and-contagion-51631925838?mod=hp_DAY_7","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1196172424","content_text":"Wall Street has found something scarier than tapering,axes,and contagion. It’s called the 50-day moving average.\nThe predictions of impending doom from Wall Street’s talking heads continued this past week. The reasons for a pullback are many: The stock market has rallied for too long and has gone up too smoothly, the Federal Reserve is about to remove the bond buying that has helped prop markets up, taxes are ready to rise, economic data are slowing. None of it really left a mark.\nBut then the S&P 500 dropped 0.6%, to 4432.99, over the week, while the Dow Jones Industrial Average fell 0.1%, to 34,584.88, and the Nasdaq Composite slumped 0.5%, to 15,043.97. For the S&P 500, it was the first close since June 18 below its 50-day moving average—a technical measure of the previous 50 days’ closes that often ends up acting as support or resistance and that currently sits at 4436.35. For traders, it was very frightening.\nThat the drop also occurred on options expiration day—when options bets expire and are rolled over, typically a volatile day—also makes the moment fraught. Since May, options expiration has been the time for the S&P 500 to make a quick test of its 50-day moving average before a bounce higher. And when I say quick, I mean quick, as it usually took the index a day, maybe two, to rebound.\n“The 50-Day MA discussion has been pounded into our heads with every drawdown,” writes Frank Cappelleri, desk strategist at Instinet. “And while we may be sick of hearing about it, the dip buying around the line has been a real phenomenon.”\nThis time has a different feel to it. The S&P 500’s sojourn near the 50-day has been longer, notes Jonathan Krinsky, chief market technician at Bay Crest Partners. It’s been sitting near it for about six trading days now, without a big drop or big bounce. “The current set-up looks a bit more like a consolidation on the 50 DMA, as opposed to the prior quick ‘V-shaped’ dips,” Krinsky writes. “What we are saying is that the current way in which we got here feels a bit different than the last four to five times.”\nStill, Krinsky acknowledges that one close below the 50-day isn’t enough to panic. That’s because the S&P 500 has now gone 218 days without two closes below the average, the second-longest streak since 1990. We won’t know if that streak breaks until the end of trading on Monday.\nThe market has plenty of excuses to break the 50-day, if it’s so inclined. Maybe Evergrande (ticker: 3333.Hong Kong), the troubled Chinese property developer, will prove to be a Lehman moment and bring the world’s markets down with it. Maybe the Fed will surprise everyone and start tapering this coming week. Maybe something is lurking out there like the Baba Yaga of the old fairy tales, and maybe it looks a lot like Keanu Reeves.\nBut perhaps all the September weakness and worry are a good thing, setting the market up for its next run. “The ACWI is oversold again, and sentiment is not too optimistic,” writes Ned Davis Research’s Tim Hayes, commenting on the MSCI All-Country World Index. “The market’s resilience in the face of the negative September seasonality could be the preview of a bullish response to seasonal tendencies that turn favorable in the fourth quarter.”\nWe just have to get there first.","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":1541,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":885198418,"gmtCreate":1631762153934,"gmtModify":1631888310798,"author":{"id":"3581317711527033","authorId":"3581317711527033","name":"Chanelyap","avatar":"https://static.tigerbbs.com/ead5a4e57e2f9f018e7802a33c0a28f5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581317711527033","idStr":"3581317711527033"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/885198418","repostId":"2167185235","repostType":4,"isVote":1,"tweetType":1,"viewCount":1568,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":886214477,"gmtCreate":1631594271499,"gmtModify":1631888310803,"author":{"id":"3581317711527033","authorId":"3581317711527033","name":"Chanelyap","avatar":"https://static.tigerbbs.com/ead5a4e57e2f9f018e7802a33c0a28f5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581317711527033","idStr":"3581317711527033"},"themes":[],"htmlText":"Like please","listText":"Like please","text":"Like please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/886214477","repostId":"2167843475","repostType":4,"isVote":1,"tweetType":1,"viewCount":1682,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":889963203,"gmtCreate":1631104234702,"gmtModify":1631888310807,"author":{"id":"3581317711527033","authorId":"3581317711527033","name":"Chanelyap","avatar":"https://static.tigerbbs.com/ead5a4e57e2f9f018e7802a33c0a28f5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581317711527033","idStr":"3581317711527033"},"themes":[],"htmlText":"Like thanks","listText":"Like thanks","text":"Like thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/889963203","repostId":"1152198957","repostType":4,"isVote":1,"tweetType":1,"viewCount":1994,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":814653190,"gmtCreate":1630815232610,"gmtModify":1631888310810,"author":{"id":"3581317711527033","authorId":"3581317711527033","name":"Chanelyap","avatar":"https://static.tigerbbs.com/ead5a4e57e2f9f018e7802a33c0a28f5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581317711527033","idStr":"3581317711527033"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/814653190","repostId":"1198049168","repostType":4,"repost":{"id":"1198049168","kind":"news","pubTimestamp":1630657800,"share":"https://www.laohu8.com/m/news/1198049168?lang=zh_CN&edition=full","pubTime":"2021-09-03 16:30","market":"us","language":"en","title":"The Three Big Transitions Reshaping Finance<blockquote>重塑金融的三大转型</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1198049168","media":"Barron's","summary":"About the author: Stephen Deane, a chartered financial analyst, is senior director, legislative and ","content":"<p><i>About the author: Stephen Deane, a chartered financial analyst, is senior director, legislative and regulatory outreach, at the CFA Institute. He joined the institute after more than nine years at the U.S. Securities and Exchange Commission.</i></p><p><blockquote><i>作者简介：Stephen Deane，特许金融分析师，CFA协会立法和监管外联高级总监。他在美国证券交易委员会工作了九年多后加入了该研究所。</i></blockquote></p><p> Ever since Covid disrupted our lives, two themes have emerged.&nbsp;First, a feeling that we are living in an antechamber to a new and still-undefined era. And second, a pattern of hybrids, from homes converted into hybrid spaces of living/working/schooling, to expectations of a new office hybrid that will mix virtual and in-person meetings.</p><p><blockquote>自从Covid扰乱了我们的生活，出现了两个主题。首先，一种我们生活在一个新的、仍未定义的时代的前厅的感觉。第二，混合模式，从家庭转变为生活/工作/上学的混合空间，到对混合虚拟和面对面会议的新办公室混合的期望。</blockquote></p><p> But what about the world of finance and securities markets?&nbsp;There, too, we can find patterns of transition and hybrids.&nbsp;Consider three phenomena that began before Covid but have exploded in growth since then:&nbsp;digital assets, Robinhood, and SPACs.</p><p><blockquote>但是金融和证券市场的世界呢？在那里，我们也可以找到过渡和混合的模式。考虑三种现象，它们始于Covid之前，但自那以后增长迅速：数字资产、Robinhood和SPACs。</blockquote></p><p> Start with the rise of cryptocurrencies, digital tokens and other such assets, which remain very much in a transitory stage (like the “Wild West,” SEC Chairman Gary Genslerrecently observed).&nbsp;Even as the crypto asset class has grown to an estimated $1.6 trillion, basic questions remain unanswered.&nbsp;Are digital tokens securities or commodities?&nbsp;Are decentralized finance platforms really securities exchanges?&nbsp;Are data miners and other digital service providers really broker-dealers?&nbsp;Should the SEC permit Bitcoin ETFs?&nbsp;And who should regulate these products, services and entities—the SEC, the CFTC, or banking regulators?</p><p><blockquote>从加密货币、数字代币和其他此类资产的兴起开始，它们在很大程度上仍处于过渡阶段（就像美国证券交易委员会主席加里·詹斯勒最近观察到的“狂野西部”）。即使加密资产类别已经增长到估计的1.6万亿美元，基本问题仍然没有答案。数字代币是证券还是商品？去中心化金融平台真的是证券交易所吗？数据挖掘者和其他数字服务提供商真的是经纪自营商吗？SEC应该允许比特币ETF吗？谁应该监管这些产品、服务和实体——SEC、CFTC还是银行监管机构？</blockquote></p><p> Genslerhas calledon Congress to give the SEC “additional authorities to prevent transactions, products, and platforms from falling between regulatory cracks.” Specifically, he wants “additional plenary authority to write rules for and attach guardrails to crypto trading and lending.”&nbsp;And the U.S. House has passed a bill (H.R. 1602, the Eliminate Barriers to Innovation Act of 2021), which would require the SEC and CFTC to establish a working group on digital assets.</p><p><blockquote>Gensler呼吁国会赋予SEC“额外的权力，以防止交易、产品和平台陷入监管漏洞”。具体来说，他希望“获得额外的全权来为加密货币交易和借贷制定规则并为其设置护栏。”美国众议院已经通过了一项法案（H.R.1602，2021年消除创新障碍法案），要求SEC和CFTC成立一个数字资产工作组。</blockquote></p><p> Some of what passes as crypto innovations pretty clearly seems to be old-fashioned investment products dressed up in digital garb.&nbsp;That would include any stablecoins that function like money market funds and those tokens that fall within the definition of a security. Nonetheless, there is no denying that crypto mixes digital technology with traditional forms of finance in a hybrid of innovation.</p><p><blockquote>一些被称为加密创新的东西显然是披着数字外衣的老式投资产品。这将包括任何功能类似货币市场基金的稳定币，以及那些属于证券定义的代币。尽管如此，不可否认的是，加密货币将数字技术与传统金融形式混合在一起，形成了创新的混合体。</blockquote></p><p> Second, consider Robinhood, which has exploded into view along with Redditor-fueled moonshot trades in meme stocks.&nbsp;Its proclaimedmission“to democratize finance for all” may invite skepticism, but the company can make a strong claim to having attracted a surge of first-time retail investors, representing a younger and more ethnically diverse customer base.&nbsp;Powering that success is Robinhood’s sleek mobile app—and its arsenal of gamification tools to entice and engage customers.&nbsp;But do the nudges and gamification tools cross the line into the realm of investment advice?</p><p><blockquote>其次，考虑一下Robinhood，它与Redditor推动的meme股票登月交易一起出现在人们的视野中。其宣称的“为所有人实现金融民主化”的使命可能会招致怀疑，但该公司可以强有力地声称吸引了大量首次投资的散户投资者，代表了更年轻、种族更多元化的客户群。推动这一成功的是Robinhood时尚的移动应用程序——以及吸引和吸引客户的游戏化工具。但是，轻推和游戏化工具是否跨越了投资建议领域？</blockquote></p><p> “Once individuals become customers, Robinhood relentlessly bombards them with a number of strategies designed to encourage and incentivize continuous and repeated engagement with this application,” the Massachusetts state securities regulator alleges in alawsuitagainst Robinhood.&nbsp;The complaint points to several such techniques, from celebrating customer trades with confetti (a practice Robinhood has since abandoned) to plying customers with lists of most-traded and most-popular securities on its platform.</p><p><blockquote>马萨诸塞州证券监管机构在alawsuitagainst Robinhood中声称：“一旦个人成为客户，Robinhood就会无情地用一系列旨在鼓励和激励持续和重复参与该应用程序的策略轰炸他们。”投诉指出了几种此类技术，从用五彩纸屑庆祝客户交易（Robinhood后来放弃了这种做法）到向客户提供其平台上交易量最大和最受欢迎的证券列表。</blockquote></p><p> Should practices like these be subject to the fiduciary standard of an investment adviser?&nbsp;Or to the new Best Interest standard for broker-dealers?&nbsp;Robinhood hascalledthe regulator elitist and says it isn’t making recommendations. Whatever the outcome of the lawsuit, these gamification techniques make Robinhood appear different in kind from the (boring?) practices of traditional broker-dealers that merely execute customers’ trades.&nbsp;The gamification of mobile trading apps may represent a hybrid between standard broker-dealer practices and full-fledged investment advice.</p><p><blockquote>像这样的做法应该遵守投资顾问的信托标准吗？还是新的经纪自营商最佳利益标准？罗宾汉称监管机构为精英主义者，并表示不会提出建议。无论诉讼结果如何，这些游戏化技术让Robinhood在本质上看起来不同于（无聊？）传统经纪自营商仅执行客户交易的做法。移动交易应用的游戏化可能代表了标准经纪自营商实践和成熟投资建议之间的混合。</blockquote></p><p> Third, consider SPACs, which have been around since 2003 but have exploded in popularity in the Covid era.&nbsp;In a hugely successful marketing campaign, SPACs have presented themselves as a kind of poor man’s private equity.&nbsp;If true, that would make SPACs a hybrid between private investment opportunities and public markets.</p><p><blockquote>第三，考虑一下SPAC，它们自2003年就已经存在，但在Covid时代大受欢迎。在一场非常成功的营销活动中，SPAC将自己描绘成一种穷人的私募股权。如果属实，这将使SPAC成为私人投资机会和公共市场的混合体。</blockquote></p><p> The deSPAC merger—the key event in the life of a SPAC—is also a hybrid.&nbsp;This is when the SPAC merges with a private operating company, allowing the target to become a public company without going through an IPO.&nbsp;Or is the merger itself really an IPO?</p><p><blockquote>deSPAC合并——特殊目的收购公司生命中的关键事件——也是一种混合。这是特殊目的收购公司与一家私人运营公司合并，允许目标公司在不通过IPO的情况下成为一家上市公司。还是合并本身真的是IPO？</blockquote></p><p></p><p> That’s precisely the question raised by John Coates, a Harvard Law professor who has become a top SEC official.&nbsp;In a provocativespeechon April 8, Coates argued that the deSPAC merger is an initial public offering, because it is the first time the private operating company is introduced to the public.&nbsp;One speech, however, does not make SEC policy. And Coates’ theory remains untested in court. Nonetheless, it suggests how the deSPAC merger can be considered a hybrid between traditional forms of IPO and merger transactions.</p><p><blockquote>这正是哈佛大学法学教授约翰·科茨提出的问题，他已经成为美国证券交易委员会的高级官员。在4月8日的一次挑衅性演讲中，科茨认为deSPAC的合并是首次公开募股，因为这是第一次向公众介绍这家私营运营公司。然而，一次演讲并不能制定SEC的政策。科茨的理论尚未在法庭上得到检验。尽管如此，它表明deSPAC合并可以被视为传统形式的IPO和合并交易的混合体。</blockquote></p><p> At a House Financial Services subcommitteehearingon May 24, Michael San Nicolas, Guam’s delegate, asked how a SPAC differed from a closed-end equity (mutual) fund.&nbsp;The question may have seemed arcane at the time, but in retrospect it appears to have foreshadowed a series of blockbuster lawsuits against SPACs.&nbsp;Former SEC Commissioner Robert J. Jackson, Jr. and Yale Law Professor John Morley have joined in alawsuitagainst Bill Ackman’s SPAC,Pershing Square Tontine Holdings Ltd.&nbsp;(ticker: PSTH), which raised $4 billion to become the single largest SPAC, and followed up with suits against two other SPACs,GO Acquisition Corp.and E.Merge Technology.&nbsp;The suits allege that the SPACs are really investment companies, like mutual funds and ETFs, because they invest in securities while searching for a merger partner.</p><p><blockquote>在5月24日的众议院金融服务小组委员会听证会上，关岛代表迈克尔·圣尼古拉斯（Michael San Nicolas）询问特殊目的收购公司与封闭式股票（共同）基金有何不同。这个问题在当时似乎很神秘，但回想起来，它似乎预示着一系列针对特殊目的收购公司的重磅诉讼。前SEC专员小罗伯特·J·杰克逊（Robert J.Jackson Jr.）和耶鲁大学法学教授约翰·莫利（John Morley）加入了对比尔·阿克曼（Bill Ackman）的特殊目的收购公司潘兴广场通廷控股有限公司（Pershing Square Tontine Holdings Ltd.）（股票代码：PSTH）的诉讼，该公司筹集了40亿美元，成为最大的单一特殊目的收购公司，随后又对另外两家特殊目的收购公司GO Acquisition Corp.）和E.Merge Technology）提起的诉讼，该公司筹集了40亿美元，成为最大的单一特殊目的收购公司。诉讼称，特殊目的收购公司实际上是投资公司，就像共同基金和ETF一样，因为它们在寻找合并伙伴的同时投资证券。</blockquote></p><p> “Under the [Investment Company Act of 1940], an Investment Company is an entity whose primary business is investing in securities,” the lawsuit against PSTH argues.&nbsp;“And investing in securities is basically the only thing that PSTH has ever done.”</p><p><blockquote>“根据[1940年投资公司法]，投资公司是主要业务是投资证券的实体，”针对PSTH的诉讼称，“而投资证券基本上是PSTH唯一做过的事情。”</blockquote></p><p> Ackmansaysthe suit against his SPAC is meritless, but warns, “Because the basic issues raised here apply to every SPAC, a successful claim would imply that every SPAC may also be an illegal investment company.”&nbsp;The suit suggests one more way that SPACs could be considered a hybrid—a cross between an investment company (like a mutual fund) and a publicly traded company.</p><p><blockquote>阿克曼表示，针对他的SPAC的诉讼毫无根据，但警告说，“因为这里提出的基本问题适用于每个SPAC，成功的索赔将意味着每个SPAC也可能是非法投资公司。”该诉讼提出了SPAC可以被视为混合体的另一种方式——投资公司（如共同基金）和上市公司之间的混合体。</blockquote></p><p> One wonders how we will look back on these market developments a decade from now.&nbsp;Will SPACs, cryptoassets, and mobile trading apps be seen as hybrids that emerged in the antechamber we are living in now?</p><p><blockquote>人们不禁要问，十年后我们将如何回顾这些市场发展。SPAC、加密资产和移动交易应用会被视为出现在我们现在生活的前厅中的混合体吗？</blockquote></p><p></p>","source":"lsy1610680873436","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Three Big Transitions Reshaping Finance<blockquote>重塑金融的三大转型</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\">\nThe Three Big Transitions Reshaping Finance<blockquote>重塑金融的三大转型</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barron's</strong><span class=\"h-time small\">2021-09-03 16:30</span>\n</p>\n</h4>\n</header>\n<article>\n<p><i>About the author: Stephen Deane, a chartered financial analyst, is senior director, legislative and regulatory outreach, at the CFA Institute. He joined the institute after more than nine years at the U.S. Securities and Exchange Commission.</i></p><p><blockquote><i>作者简介：Stephen Deane，特许金融分析师，CFA协会立法和监管外联高级总监。他在美国证券交易委员会工作了九年多后加入了该研究所。</i></blockquote></p><p> Ever since Covid disrupted our lives, two themes have emerged.&nbsp;First, a feeling that we are living in an antechamber to a new and still-undefined era. And second, a pattern of hybrids, from homes converted into hybrid spaces of living/working/schooling, to expectations of a new office hybrid that will mix virtual and in-person meetings.</p><p><blockquote>自从Covid扰乱了我们的生活，出现了两个主题。首先，一种我们生活在一个新的、仍未定义的时代的前厅的感觉。第二，混合模式，从家庭转变为生活/工作/上学的混合空间，到对混合虚拟和面对面会议的新办公室混合的期望。</blockquote></p><p> But what about the world of finance and securities markets?&nbsp;There, too, we can find patterns of transition and hybrids.&nbsp;Consider three phenomena that began before Covid but have exploded in growth since then:&nbsp;digital assets, Robinhood, and SPACs.</p><p><blockquote>但是金融和证券市场的世界呢？在那里，我们也可以找到过渡和混合的模式。考虑三种现象，它们始于Covid之前，但自那以后增长迅速：数字资产、Robinhood和SPACs。</blockquote></p><p> Start with the rise of cryptocurrencies, digital tokens and other such assets, which remain very much in a transitory stage (like the “Wild West,” SEC Chairman Gary Genslerrecently observed).&nbsp;Even as the crypto asset class has grown to an estimated $1.6 trillion, basic questions remain unanswered.&nbsp;Are digital tokens securities or commodities?&nbsp;Are decentralized finance platforms really securities exchanges?&nbsp;Are data miners and other digital service providers really broker-dealers?&nbsp;Should the SEC permit Bitcoin ETFs?&nbsp;And who should regulate these products, services and entities—the SEC, the CFTC, or banking regulators?</p><p><blockquote>从加密货币、数字代币和其他此类资产的兴起开始，它们在很大程度上仍处于过渡阶段（就像美国证券交易委员会主席加里·詹斯勒最近观察到的“狂野西部”）。即使加密资产类别已经增长到估计的1.6万亿美元，基本问题仍然没有答案。数字代币是证券还是商品？去中心化金融平台真的是证券交易所吗？数据挖掘者和其他数字服务提供商真的是经纪自营商吗？SEC应该允许比特币ETF吗？谁应该监管这些产品、服务和实体——SEC、CFTC还是银行监管机构？</blockquote></p><p> Genslerhas calledon Congress to give the SEC “additional authorities to prevent transactions, products, and platforms from falling between regulatory cracks.” Specifically, he wants “additional plenary authority to write rules for and attach guardrails to crypto trading and lending.”&nbsp;And the U.S. House has passed a bill (H.R. 1602, the Eliminate Barriers to Innovation Act of 2021), which would require the SEC and CFTC to establish a working group on digital assets.</p><p><blockquote>Gensler呼吁国会赋予SEC“额外的权力，以防止交易、产品和平台陷入监管漏洞”。具体来说，他希望“获得额外的全权来为加密货币交易和借贷制定规则并为其设置护栏。”美国众议院已经通过了一项法案（H.R.1602，2021年消除创新障碍法案），要求SEC和CFTC成立一个数字资产工作组。</blockquote></p><p> Some of what passes as crypto innovations pretty clearly seems to be old-fashioned investment products dressed up in digital garb.&nbsp;That would include any stablecoins that function like money market funds and those tokens that fall within the definition of a security. Nonetheless, there is no denying that crypto mixes digital technology with traditional forms of finance in a hybrid of innovation.</p><p><blockquote>一些被称为加密创新的东西显然是披着数字外衣的老式投资产品。这将包括任何功能类似货币市场基金的稳定币，以及那些属于证券定义的代币。尽管如此，不可否认的是，加密货币将数字技术与传统金融形式混合在一起，形成了创新的混合体。</blockquote></p><p> Second, consider Robinhood, which has exploded into view along with Redditor-fueled moonshot trades in meme stocks.&nbsp;Its proclaimedmission“to democratize finance for all” may invite skepticism, but the company can make a strong claim to having attracted a surge of first-time retail investors, representing a younger and more ethnically diverse customer base.&nbsp;Powering that success is Robinhood’s sleek mobile app—and its arsenal of gamification tools to entice and engage customers.&nbsp;But do the nudges and gamification tools cross the line into the realm of investment advice?</p><p><blockquote>其次，考虑一下Robinhood，它与Redditor推动的meme股票登月交易一起出现在人们的视野中。其宣称的“为所有人实现金融民主化”的使命可能会招致怀疑，但该公司可以强有力地声称吸引了大量首次投资的散户投资者，代表了更年轻、种族更多元化的客户群。推动这一成功的是Robinhood时尚的移动应用程序——以及吸引和吸引客户的游戏化工具。但是，轻推和游戏化工具是否跨越了投资建议领域？</blockquote></p><p> “Once individuals become customers, Robinhood relentlessly bombards them with a number of strategies designed to encourage and incentivize continuous and repeated engagement with this application,” the Massachusetts state securities regulator alleges in alawsuitagainst Robinhood.&nbsp;The complaint points to several such techniques, from celebrating customer trades with confetti (a practice Robinhood has since abandoned) to plying customers with lists of most-traded and most-popular securities on its platform.</p><p><blockquote>马萨诸塞州证券监管机构在alawsuitagainst Robinhood中声称：“一旦个人成为客户，Robinhood就会无情地用一系列旨在鼓励和激励持续和重复参与该应用程序的策略轰炸他们。”投诉指出了几种此类技术，从用五彩纸屑庆祝客户交易（Robinhood后来放弃了这种做法）到向客户提供其平台上交易量最大和最受欢迎的证券列表。</blockquote></p><p> Should practices like these be subject to the fiduciary standard of an investment adviser?&nbsp;Or to the new Best Interest standard for broker-dealers?&nbsp;Robinhood hascalledthe regulator elitist and says it isn’t making recommendations. Whatever the outcome of the lawsuit, these gamification techniques make Robinhood appear different in kind from the (boring?) practices of traditional broker-dealers that merely execute customers’ trades.&nbsp;The gamification of mobile trading apps may represent a hybrid between standard broker-dealer practices and full-fledged investment advice.</p><p><blockquote>像这样的做法应该遵守投资顾问的信托标准吗？还是新的经纪自营商最佳利益标准？罗宾汉称监管机构为精英主义者，并表示不会提出建议。无论诉讼结果如何，这些游戏化技术让Robinhood在本质上看起来不同于（无聊？）传统经纪自营商仅执行客户交易的做法。移动交易应用的游戏化可能代表了标准经纪自营商实践和成熟投资建议之间的混合。</blockquote></p><p> Third, consider SPACs, which have been around since 2003 but have exploded in popularity in the Covid era.&nbsp;In a hugely successful marketing campaign, SPACs have presented themselves as a kind of poor man’s private equity.&nbsp;If true, that would make SPACs a hybrid between private investment opportunities and public markets.</p><p><blockquote>第三，考虑一下SPAC，它们自2003年就已经存在，但在Covid时代大受欢迎。在一场非常成功的营销活动中，SPAC将自己描绘成一种穷人的私募股权。如果属实，这将使SPAC成为私人投资机会和公共市场的混合体。</blockquote></p><p> The deSPAC merger—the key event in the life of a SPAC—is also a hybrid.&nbsp;This is when the SPAC merges with a private operating company, allowing the target to become a public company without going through an IPO.&nbsp;Or is the merger itself really an IPO?</p><p><blockquote>deSPAC合并——特殊目的收购公司生命中的关键事件——也是一种混合。这是特殊目的收购公司与一家私人运营公司合并，允许目标公司在不通过IPO的情况下成为一家上市公司。还是合并本身真的是IPO？</blockquote></p><p></p><p> That’s precisely the question raised by John Coates, a Harvard Law professor who has become a top SEC official.&nbsp;In a provocativespeechon April 8, Coates argued that the deSPAC merger is an initial public offering, because it is the first time the private operating company is introduced to the public.&nbsp;One speech, however, does not make SEC policy. And Coates’ theory remains untested in court. Nonetheless, it suggests how the deSPAC merger can be considered a hybrid between traditional forms of IPO and merger transactions.</p><p><blockquote>这正是哈佛大学法学教授约翰·科茨提出的问题，他已经成为美国证券交易委员会的高级官员。在4月8日的一次挑衅性演讲中，科茨认为deSPAC的合并是首次公开募股，因为这是第一次向公众介绍这家私营运营公司。然而，一次演讲并不能制定SEC的政策。科茨的理论尚未在法庭上得到检验。尽管如此，它表明deSPAC合并可以被视为传统形式的IPO和合并交易的混合体。</blockquote></p><p> At a House Financial Services subcommitteehearingon May 24, Michael San Nicolas, Guam’s delegate, asked how a SPAC differed from a closed-end equity (mutual) fund.&nbsp;The question may have seemed arcane at the time, but in retrospect it appears to have foreshadowed a series of blockbuster lawsuits against SPACs.&nbsp;Former SEC Commissioner Robert J. Jackson, Jr. and Yale Law Professor John Morley have joined in alawsuitagainst Bill Ackman’s SPAC,Pershing Square Tontine Holdings Ltd.&nbsp;(ticker: PSTH), which raised $4 billion to become the single largest SPAC, and followed up with suits against two other SPACs,GO Acquisition Corp.and E.Merge Technology.&nbsp;The suits allege that the SPACs are really investment companies, like mutual funds and ETFs, because they invest in securities while searching for a merger partner.</p><p><blockquote>在5月24日的众议院金融服务小组委员会听证会上，关岛代表迈克尔·圣尼古拉斯（Michael San Nicolas）询问特殊目的收购公司与封闭式股票（共同）基金有何不同。这个问题在当时似乎很神秘，但回想起来，它似乎预示着一系列针对特殊目的收购公司的重磅诉讼。前SEC专员小罗伯特·J·杰克逊（Robert J.Jackson Jr.）和耶鲁大学法学教授约翰·莫利（John Morley）加入了对比尔·阿克曼（Bill Ackman）的特殊目的收购公司潘兴广场通廷控股有限公司（Pershing Square Tontine Holdings Ltd.）（股票代码：PSTH）的诉讼，该公司筹集了40亿美元，成为最大的单一特殊目的收购公司，随后又对另外两家特殊目的收购公司GO Acquisition Corp.）和E.Merge Technology）提起的诉讼，该公司筹集了40亿美元，成为最大的单一特殊目的收购公司。诉讼称，特殊目的收购公司实际上是投资公司，就像共同基金和ETF一样，因为它们在寻找合并伙伴的同时投资证券。</blockquote></p><p> “Under the [Investment Company Act of 1940], an Investment Company is an entity whose primary business is investing in securities,” the lawsuit against PSTH argues.&nbsp;“And investing in securities is basically the only thing that PSTH has ever done.”</p><p><blockquote>“根据[1940年投资公司法]，投资公司是主要业务是投资证券的实体，”针对PSTH的诉讼称，“而投资证券基本上是PSTH唯一做过的事情。”</blockquote></p><p> Ackmansaysthe suit against his SPAC is meritless, but warns, “Because the basic issues raised here apply to every SPAC, a successful claim would imply that every SPAC may also be an illegal investment company.”&nbsp;The suit suggests one more way that SPACs could be considered a hybrid—a cross between an investment company (like a mutual fund) and a publicly traded company.</p><p><blockquote>阿克曼表示，针对他的SPAC的诉讼毫无根据，但警告说，“因为这里提出的基本问题适用于每个SPAC，成功的索赔将意味着每个SPAC也可能是非法投资公司。”该诉讼提出了SPAC可以被视为混合体的另一种方式——投资公司（如共同基金）和上市公司之间的混合体。</blockquote></p><p> One wonders how we will look back on these market developments a decade from now.&nbsp;Will SPACs, cryptoassets, and mobile trading apps be seen as hybrids that emerged in the antechamber we are living in now?</p><p><blockquote>人们不禁要问，十年后我们将如何回顾这些市场发展。SPAC、加密资产和移动交易应用会被视为出现在我们现在生活的前厅中的混合体吗？</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/the-three-big-transitions-reshaping-finance-51630526645?mod=hp_COMMENTARY_1\">Barron's</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯","SPY":"标普500ETF",".IXIC":"NASDAQ Composite"},"source_url":"https://www.barrons.com/articles/the-three-big-transitions-reshaping-finance-51630526645?mod=hp_COMMENTARY_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1198049168","content_text":"About the author: Stephen Deane, a chartered financial analyst, is senior director, legislative and regulatory outreach, at the CFA Institute. He joined the institute after more than nine years at the U.S. Securities and Exchange Commission.\nEver since Covid disrupted our lives, two themes have emerged. First, a feeling that we are living in an antechamber to a new and still-undefined era. And second, a pattern of hybrids, from homes converted into hybrid spaces of living/working/schooling, to expectations of a new office hybrid that will mix virtual and in-person meetings.\nBut what about the world of finance and securities markets? There, too, we can find patterns of transition and hybrids. Consider three phenomena that began before Covid but have exploded in growth since then: digital assets, Robinhood, and SPACs.\nStart with the rise of cryptocurrencies, digital tokens and other such assets, which remain very much in a transitory stage (like the “Wild West,” SEC Chairman Gary Genslerrecently observed). Even as the crypto asset class has grown to an estimated $1.6 trillion, basic questions remain unanswered. Are digital tokens securities or commodities? Are decentralized finance platforms really securities exchanges? Are data miners and other digital service providers really broker-dealers? Should the SEC permit Bitcoin ETFs? And who should regulate these products, services and entities—the SEC, the CFTC, or banking regulators?\nGenslerhas calledon Congress to give the SEC “additional authorities to prevent transactions, products, and platforms from falling between regulatory cracks.” Specifically, he wants “additional plenary authority to write rules for and attach guardrails to crypto trading and lending.” And the U.S. House has passed a bill (H.R. 1602, the Eliminate Barriers to Innovation Act of 2021), which would require the SEC and CFTC to establish a working group on digital assets.\nSome of what passes as crypto innovations pretty clearly seems to be old-fashioned investment products dressed up in digital garb. That would include any stablecoins that function like money market funds and those tokens that fall within the definition of a security. Nonetheless, there is no denying that crypto mixes digital technology with traditional forms of finance in a hybrid of innovation.\nSecond, consider Robinhood, which has exploded into view along with Redditor-fueled moonshot trades in meme stocks. Its proclaimedmission“to democratize finance for all” may invite skepticism, but the company can make a strong claim to having attracted a surge of first-time retail investors, representing a younger and more ethnically diverse customer base. Powering that success is Robinhood’s sleek mobile app—and its arsenal of gamification tools to entice and engage customers. But do the nudges and gamification tools cross the line into the realm of investment advice?\n“Once individuals become customers, Robinhood relentlessly bombards them with a number of strategies designed to encourage and incentivize continuous and repeated engagement with this application,” the Massachusetts state securities regulator alleges in alawsuitagainst Robinhood. The complaint points to several such techniques, from celebrating customer trades with confetti (a practice Robinhood has since abandoned) to plying customers with lists of most-traded and most-popular securities on its platform.\nShould practices like these be subject to the fiduciary standard of an investment adviser? Or to the new Best Interest standard for broker-dealers? Robinhood hascalledthe regulator elitist and says it isn’t making recommendations. Whatever the outcome of the lawsuit, these gamification techniques make Robinhood appear different in kind from the (boring?) practices of traditional broker-dealers that merely execute customers’ trades. The gamification of mobile trading apps may represent a hybrid between standard broker-dealer practices and full-fledged investment advice.\nThird, consider SPACs, which have been around since 2003 but have exploded in popularity in the Covid era. In a hugely successful marketing campaign, SPACs have presented themselves as a kind of poor man’s private equity. If true, that would make SPACs a hybrid between private investment opportunities and public markets.\nThe deSPAC merger—the key event in the life of a SPAC—is also a hybrid. This is when the SPAC merges with a private operating company, allowing the target to become a public company without going through an IPO. Or is the merger itself really an IPO?\nThat’s precisely the question raised by John Coates, a Harvard Law professor who has become a top SEC official. In a provocativespeechon April 8, Coates argued that the deSPAC merger is an initial public offering, because it is the first time the private operating company is introduced to the public. One speech, however, does not make SEC policy. And Coates’ theory remains untested in court. Nonetheless, it suggests how the deSPAC merger can be considered a hybrid between traditional forms of IPO and merger transactions.\nAt a House Financial Services subcommitteehearingon May 24, Michael San Nicolas, Guam’s delegate, asked how a SPAC differed from a closed-end equity (mutual) fund. The question may have seemed arcane at the time, but in retrospect it appears to have foreshadowed a series of blockbuster lawsuits against SPACs. Former SEC Commissioner Robert J. Jackson, Jr. and Yale Law Professor John Morley have joined in alawsuitagainst Bill Ackman’s SPAC,Pershing Square Tontine Holdings Ltd. (ticker: PSTH), which raised $4 billion to become the single largest SPAC, and followed up with suits against two other SPACs,GO Acquisition Corp.and E.Merge Technology. The suits allege that the SPACs are really investment companies, like mutual funds and ETFs, because they invest in securities while searching for a merger partner.\n“Under the [Investment Company Act of 1940], an Investment Company is an entity whose primary business is investing in securities,” the lawsuit against PSTH argues. “And investing in securities is basically the only thing that PSTH has ever done.”\nAckmansaysthe suit against his SPAC is meritless, but warns, “Because the basic issues raised here apply to every SPAC, a successful claim would imply that every SPAC may also be an illegal investment company.” The suit suggests one more way that SPACs could be considered a hybrid—a cross between an investment company (like a mutual fund) and a publicly traded company.\nOne wonders how we will look back on these market developments a decade from now. Will SPACs, cryptoassets, and mobile trading apps be seen as hybrids that emerged in the antechamber we are living in now?","news_type":1,"symbols_score_info":{".SPX":0.9,"SPY":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":1714,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":815178489,"gmtCreate":1630661167041,"gmtModify":1631888310816,"author":{"id":"3581317711527033","authorId":"3581317711527033","name":"Chanelyap","avatar":"https://static.tigerbbs.com/ead5a4e57e2f9f018e7802a33c0a28f5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581317711527033","idStr":"3581317711527033"},"themes":[],"htmlText":"Like thanks","listText":"Like thanks","text":"Like thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/815178489","repostId":"1106529157","repostType":4,"isVote":1,"tweetType":1,"viewCount":502,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":816842873,"gmtCreate":1630490265892,"gmtModify":1631888310818,"author":{"id":"3581317711527033","authorId":"3581317711527033","name":"Chanelyap","avatar":"https://static.tigerbbs.com/ead5a4e57e2f9f018e7802a33c0a28f5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581317711527033","idStr":"3581317711527033"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/816842873","repostId":"2164866771","repostType":4,"repost":{"id":"2164866771","kind":"news","pubTimestamp":1630455900,"share":"https://www.laohu8.com/m/news/2164866771?lang=zh_CN&edition=full","pubTime":"2021-09-01 08:25","market":"us","language":"en","title":"Goldman Sachs sees as much as 33% upside in these stocks — peek before they pop<blockquote>高盛认为这些股票的上涨空间高达33%——在它们上涨之前先看看</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2164866771","media":"MoneyWise","summary":"Goldman believes this trio of stocks can take off.\n\nWall Street doesn’t always get it right.\nIn fact","content":"<p><b>Goldman believes this trio of stocks can take off.</b></p><p><blockquote><b>高盛相信这三只股票可以起飞。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/f5542d0a10aab39580d67416addb84d3\" tg-width=\"1800\" tg-height=\"800\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Wall Street doesn’t always get it right.</p><p><blockquote>华尔街并不总是做对的。</blockquote></p><p> In fact, it’s always good practice to take analyst opinions with a golf ball-sized grain of salt. That said, Wall Street firms with solid track records can be a useful source of buy ideas.</p><p><blockquote>事实上，对分析师的意见持高尔夫球大小的保留态度总是一个好做法。也就是说，拥有良好业绩记录的华尔街公司可能是买入想法的有用来源。</blockquote></p><p> Let’s look at three stocks that investment giant Goldman Sachs has recently taken a bullish stance on.</p><p><blockquote>我们来看看投资巨头高盛最近看涨的三只股票。</blockquote></p><p> One of them could very well be your next big money-maker.</p><p><blockquote>他们中的一个很可能是你的下一个大赚钱者。</blockquote></p><p> <b>1. Weber</b></p><p><blockquote><b>1.韦伯</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/f8ea3ad9c7ad11a4c82b90e11915d319\" tg-width=\"1200\" tg-height=\"500\" referrerpolicy=\"no-referrer\">Brett Levin / Flickr</p><p><blockquote>布雷特·莱文/Flickr</blockquote></p><p> Leading off our list is grill maker Weber, which Goldman started coverage on with a Buy rating Monday. Along with the bullish stance, Goldman analyst Kate McShane planted a $22 price target on the shares, representing upside of about 33% from where they sit now.</p><p><blockquote>在我们的名单中名列前茅的是烧烤制造商韦伯，高盛周一开始对该公司给予买入评级。除了看涨立场外，高盛分析师Kate McShane还为该股设定了22美元的目标价，较目前上涨约33%。</blockquote></p><p> With the trend of investing in the home only picking up pace, McShane thinks Weber is a “solid growth story.” The analyst also sees the company benefitting from consumer brand awareness and global growth tailwinds.</p><p><blockquote>随着投资住宅的趋势不断加快，麦克沙恩认为韦伯是一个“稳健的增长故事”。分析师还认为该公司将受益于消费者品牌知名度和全球增长的顺风。</blockquote></p><p> In 2020, the company posted revenue of $1.5 billion with a solid return on invested capital of 14%.</p><p><blockquote>2020年，该公司营收为15亿美元，投资资本回报率为14%。</blockquote></p><p> Weber shares quickly spiked after their IPO earlier this month, but have fallen 17% since the initial run-up, providing a possible opportunity for contrarian traders.</p><p><blockquote>Weber股价在本月早些时候首次公开募股后迅速飙升，但自最初上涨以来已下跌17%，这为逆向交易者提供了可能的机会。</blockquote></p><p> <b>2. <a href=\"https://laohu8.com/S/WDAY\">Workday</a></b></p><p><blockquote><b>2.<a href=\"https://laohu8.com/S/WDAY\">工作日</a></b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/748691e6368293a02ca46db7c07e50b6\" tg-width=\"1200\" tg-height=\"500\" referrerpolicy=\"no-referrer\">Coolcaesar / Wikimedia Commons</p><p><blockquote>酷凯撒/维基共享资源</blockquote></p><p> Next up, we have cloud computing technologist Workday, which Goldman raised its price target on from $300 to $330 per share. In other words, Goldman analyst Kash Rangan sees upside of about 20% from where Workday currently trades.</p><p><blockquote>接下来是云计算技术专家Workday，高盛将其目标股价从每股300美元上调至330美元。换句话说，高盛分析师Kash Rangan认为Workday目前的交易价格还有约20%的上涨空间。</blockquote></p><p> Rangan also reiterated his Buy rating on the stock.</p><p><blockquote>兰根还重申了对该股的买入评级。</blockquote></p><p> In a research note to investors, Rangan wrote that Workday is well-positioned to take market share over the long haul even as the exact timing of its large financial migrations remains unclear.</p><p><blockquote>兰根在给投资者的一份研究报告中写道，Workday处于有利地位，可以长期占领市场份额，尽管其大规模金融迁移的确切时间仍不清楚。</blockquote></p><p> In its Q2 results last week, Workday blew out expectations with revenue growth of 19%. The company also posted non-GAAP earnings of $1.23 a share, well above the average analyst estimate of 78 cents a share.</p><p><blockquote>Workday在上周的第二季度业绩中，收入增长19%，超出预期。该公司还公布了非公认会计准则每股收益1.23美元，远高于分析师平均预期的每股78美分。</blockquote></p><p> Workday shares are up just 13% so far in 2021 versus 21% for the S&amp;P 500.</p><p><blockquote>2021年迄今为止，Workday股价仅上涨13%，而标普500股价上涨21%。</blockquote></p><p> <b>3. <a href=\"https://laohu8.com/S/SNOW\">Snowflake</a></b></p><p><blockquote><b>3.<a href=\"https://laohu8.com/S/SNOW\">雪花</a></b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/644eebc7b4206b78957037f755a44c03\" tg-width=\"1200\" tg-height=\"500\" referrerpolicy=\"no-referrer\">Sundry Photography / Shutterstock</p><p><blockquote>杂项摄影/Shutterstock</blockquote></p><p> Rounding out our list is cloud-based data platform Snowflake, which Goldman’s Rangan lifted his price target on from $300 to $340. Rangan’s projection represents 14% worth of upside for today’s buyers of Snowflake shares.</p><p><blockquote>我们的名单中还有基于云的数据平台Snowflake，高盛的Rangan将其目标价从300美元上调至340美元。Rangan的预测对于今天的Snowflake股票买家来说有14%的上涨空间。</blockquote></p><p> Rangan thinks Snowflake’s native cloud platform is ideally positioned to replace data warehousing services over the long haul due to its scalability and elasticity. Rangan also highlighted the company’s “best in class” net revenue retention rate of 169% in the most recent quarter.</p><p><blockquote>Rangan认为，由于其可扩展性和弹性，Snowflake的原生云平台非常适合长期取代数据仓库服务。Rangan还强调了该公司最近一个季度169%的“同类最佳”净收入保留率。</blockquote></p><p> While Snowflake posted a wider-than-expected loss in Q2, revenue more than doubled from the year-ago period to $272 million.</p><p><blockquote>尽管Snowflake第二季度亏损超出预期，但收入较去年同期增长了一倍多，达到2.72亿美元。</blockquote></p><p> Snowflake shares are up 6% year to date, underperforming the S&amp;P 500 by a wide margin, suggesting that the stock could have plenty of room to run for the rest of 2021.</p><p><blockquote>Snowflake股价今年迄今已上涨6%，表现大幅落后于标普500，这表明该股在2021年剩余时间内可能还有很大的上涨空间。</blockquote></p><p> Go your own way?</p><p><blockquote>走自己的路？</blockquote></p><p> <img src=\"https://static.tigerbbs.com/ffc1d02d5bf11b54fceefed05d81522d\" tg-width=\"1200\" tg-height=\"500\" referrerpolicy=\"no-referrer\">Fotokostic / Shutterstock</p><p><blockquote>光声/Shutterstock</blockquote></p><p> There you have it: three newly upgraded stocks worth checking out.</p><p><blockquote>现在你知道了：三只新升级的股票值得一看。</blockquote></p><p> Even if you don't agree with Goldman on these specific stock picks, your goal as investor should always remain the same: seeking out attractive assets at discounted prices.</p><p><blockquote>即使您不同意高盛在这些特定股票选择上的观点，作为投资者，您的目标也应该始终保持不变：以折扣价寻找有吸引力的资产。</blockquote></p><p> You don't have to limit yourself to the stock market, either.</p><p><blockquote>你也不必局限于股票市场。</blockquote></p><p> One attractive asset that billionaire Bill Gates is partial to is investing in U.S. farmland.</p><p><blockquote>亿万富翁比尔·盖茨偏爱的一项有吸引力的资产是投资美国农田。</blockquote></p><p> In fact, Gates is America's biggest owner of farmland and for good reason: Over the years, agriculture has been shown to offer higher risk-adjusted returns than both stocks and real estate.</p><p><blockquote>事实上，盖茨是美国最大的农田所有者，这是有充分理由的：多年来，农业已被证明比股票和房地产提供更高的风险调整回报。</blockquote></p><p></p>","source":"lsy1621813427262","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>Goldman Sachs sees as much as 33% upside in these stocks — peek before they pop<blockquote>高盛认为这些股票的上涨空间高达33%——在它们上涨之前先看看</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\">\nGoldman Sachs sees as much as 33% upside in these stocks — peek before they pop<blockquote>高盛认为这些股票的上涨空间高达33%——在它们上涨之前先看看</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MoneyWise</strong><span class=\"h-time small\">2021-09-01 08:25</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Goldman believes this trio of stocks can take off.</b></p><p><blockquote><b>高盛相信这三只股票可以起飞。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/f5542d0a10aab39580d67416addb84d3\" tg-width=\"1800\" tg-height=\"800\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Wall Street doesn’t always get it right.</p><p><blockquote>华尔街并不总是做对的。</blockquote></p><p> In fact, it’s always good practice to take analyst opinions with a golf ball-sized grain of salt. That said, Wall Street firms with solid track records can be a useful source of buy ideas.</p><p><blockquote>事实上，对分析师的意见持高尔夫球大小的保留态度总是一个好做法。也就是说，拥有良好业绩记录的华尔街公司可能是买入想法的有用来源。</blockquote></p><p> Let’s look at three stocks that investment giant Goldman Sachs has recently taken a bullish stance on.</p><p><blockquote>我们来看看投资巨头高盛最近看涨的三只股票。</blockquote></p><p> One of them could very well be your next big money-maker.</p><p><blockquote>他们中的一个很可能是你的下一个大赚钱者。</blockquote></p><p> <b>1. Weber</b></p><p><blockquote><b>1.韦伯</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/f8ea3ad9c7ad11a4c82b90e11915d319\" tg-width=\"1200\" tg-height=\"500\" referrerpolicy=\"no-referrer\">Brett Levin / Flickr</p><p><blockquote>布雷特·莱文/Flickr</blockquote></p><p> Leading off our list is grill maker Weber, which Goldman started coverage on with a Buy rating Monday. Along with the bullish stance, Goldman analyst Kate McShane planted a $22 price target on the shares, representing upside of about 33% from where they sit now.</p><p><blockquote>在我们的名单中名列前茅的是烧烤制造商韦伯，高盛周一开始对该公司给予买入评级。除了看涨立场外，高盛分析师Kate McShane还为该股设定了22美元的目标价，较目前上涨约33%。</blockquote></p><p> With the trend of investing in the home only picking up pace, McShane thinks Weber is a “solid growth story.” The analyst also sees the company benefitting from consumer brand awareness and global growth tailwinds.</p><p><blockquote>随着投资住宅的趋势不断加快，麦克沙恩认为韦伯是一个“稳健的增长故事”。分析师还认为该公司将受益于消费者品牌知名度和全球增长的顺风。</blockquote></p><p> In 2020, the company posted revenue of $1.5 billion with a solid return on invested capital of 14%.</p><p><blockquote>2020年，该公司营收为15亿美元，投资资本回报率为14%。</blockquote></p><p> Weber shares quickly spiked after their IPO earlier this month, but have fallen 17% since the initial run-up, providing a possible opportunity for contrarian traders.</p><p><blockquote>Weber股价在本月早些时候首次公开募股后迅速飙升，但自最初上涨以来已下跌17%，这为逆向交易者提供了可能的机会。</blockquote></p><p> <b>2. <a href=\"https://laohu8.com/S/WDAY\">Workday</a></b></p><p><blockquote><b>2.<a href=\"https://laohu8.com/S/WDAY\">工作日</a></b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/748691e6368293a02ca46db7c07e50b6\" tg-width=\"1200\" tg-height=\"500\" referrerpolicy=\"no-referrer\">Coolcaesar / Wikimedia Commons</p><p><blockquote>酷凯撒/维基共享资源</blockquote></p><p> Next up, we have cloud computing technologist Workday, which Goldman raised its price target on from $300 to $330 per share. In other words, Goldman analyst Kash Rangan sees upside of about 20% from where Workday currently trades.</p><p><blockquote>接下来是云计算技术专家Workday，高盛将其目标股价从每股300美元上调至330美元。换句话说，高盛分析师Kash Rangan认为Workday目前的交易价格还有约20%的上涨空间。</blockquote></p><p> Rangan also reiterated his Buy rating on the stock.</p><p><blockquote>兰根还重申了对该股的买入评级。</blockquote></p><p> In a research note to investors, Rangan wrote that Workday is well-positioned to take market share over the long haul even as the exact timing of its large financial migrations remains unclear.</p><p><blockquote>兰根在给投资者的一份研究报告中写道，Workday处于有利地位，可以长期占领市场份额，尽管其大规模金融迁移的确切时间仍不清楚。</blockquote></p><p> In its Q2 results last week, Workday blew out expectations with revenue growth of 19%. The company also posted non-GAAP earnings of $1.23 a share, well above the average analyst estimate of 78 cents a share.</p><p><blockquote>Workday在上周的第二季度业绩中，收入增长19%，超出预期。该公司还公布了非公认会计准则每股收益1.23美元，远高于分析师平均预期的每股78美分。</blockquote></p><p> Workday shares are up just 13% so far in 2021 versus 21% for the S&amp;P 500.</p><p><blockquote>2021年迄今为止，Workday股价仅上涨13%，而标普500股价上涨21%。</blockquote></p><p> <b>3. <a href=\"https://laohu8.com/S/SNOW\">Snowflake</a></b></p><p><blockquote><b>3.<a href=\"https://laohu8.com/S/SNOW\">雪花</a></b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/644eebc7b4206b78957037f755a44c03\" tg-width=\"1200\" tg-height=\"500\" referrerpolicy=\"no-referrer\">Sundry Photography / Shutterstock</p><p><blockquote>杂项摄影/Shutterstock</blockquote></p><p> Rounding out our list is cloud-based data platform Snowflake, which Goldman’s Rangan lifted his price target on from $300 to $340. Rangan’s projection represents 14% worth of upside for today’s buyers of Snowflake shares.</p><p><blockquote>我们的名单中还有基于云的数据平台Snowflake，高盛的Rangan将其目标价从300美元上调至340美元。Rangan的预测对于今天的Snowflake股票买家来说有14%的上涨空间。</blockquote></p><p> Rangan thinks Snowflake’s native cloud platform is ideally positioned to replace data warehousing services over the long haul due to its scalability and elasticity. Rangan also highlighted the company’s “best in class” net revenue retention rate of 169% in the most recent quarter.</p><p><blockquote>Rangan认为，由于其可扩展性和弹性，Snowflake的原生云平台非常适合长期取代数据仓库服务。Rangan还强调了该公司最近一个季度169%的“同类最佳”净收入保留率。</blockquote></p><p> While Snowflake posted a wider-than-expected loss in Q2, revenue more than doubled from the year-ago period to $272 million.</p><p><blockquote>尽管Snowflake第二季度亏损超出预期，但收入较去年同期增长了一倍多，达到2.72亿美元。</blockquote></p><p> Snowflake shares are up 6% year to date, underperforming the S&amp;P 500 by a wide margin, suggesting that the stock could have plenty of room to run for the rest of 2021.</p><p><blockquote>Snowflake股价今年迄今已上涨6%，表现大幅落后于标普500，这表明该股在2021年剩余时间内可能还有很大的上涨空间。</blockquote></p><p> Go your own way?</p><p><blockquote>走自己的路？</blockquote></p><p> <img src=\"https://static.tigerbbs.com/ffc1d02d5bf11b54fceefed05d81522d\" tg-width=\"1200\" tg-height=\"500\" referrerpolicy=\"no-referrer\">Fotokostic / Shutterstock</p><p><blockquote>光声/Shutterstock</blockquote></p><p> There you have it: three newly upgraded stocks worth checking out.</p><p><blockquote>现在你知道了：三只新升级的股票值得一看。</blockquote></p><p> Even if you don't agree with Goldman on these specific stock picks, your goal as investor should always remain the same: seeking out attractive assets at discounted prices.</p><p><blockquote>即使您不同意高盛在这些特定股票选择上的观点，作为投资者，您的目标也应该始终保持不变：以折扣价寻找有吸引力的资产。</blockquote></p><p> You don't have to limit yourself to the stock market, either.</p><p><blockquote>你也不必局限于股票市场。</blockquote></p><p> One attractive asset that billionaire Bill Gates is partial to is investing in U.S. farmland.</p><p><blockquote>亿万富翁比尔·盖茨偏爱的一项有吸引力的资产是投资美国农田。</blockquote></p><p> In fact, Gates is America's biggest owner of farmland and for good reason: Over the years, agriculture has been shown to offer higher risk-adjusted returns than both stocks and real estate.</p><p><blockquote>事实上，盖茨是美国最大的农田所有者，这是有充分理由的：多年来，农业已被证明比股票和房地产提供更高的风险调整回报。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://moneywise.com/investing/stocks/goldman-sachs-sees-as-much-as-33-upside-in-these-stocks-peek-before-they-pop\">MoneyWise</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":{"WEBR":"Weber Inc.","SNOW":"Snowflake","WDAY":"Workday","GS":"高盛"},"source_url":"https://moneywise.com/investing/stocks/goldman-sachs-sees-as-much-as-33-upside-in-these-stocks-peek-before-they-pop","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2164866771","content_text":"Goldman believes this trio of stocks can take off.\n\nWall Street doesn’t always get it right.\nIn fact, it’s always good practice to take analyst opinions with a golf ball-sized grain of salt. That said, Wall Street firms with solid track records can be a useful source of buy ideas.\nLet’s look at three stocks that investment giant Goldman Sachs has recently taken a bullish stance on.\nOne of them could very well be your next big money-maker.\n1. Weber\nBrett Levin / Flickr\nLeading off our list is grill maker Weber, which Goldman started coverage on with a Buy rating Monday. Along with the bullish stance, Goldman analyst Kate McShane planted a $22 price target on the shares, representing upside of about 33% from where they sit now.\nWith the trend of investing in the home only picking up pace, McShane thinks Weber is a “solid growth story.” The analyst also sees the company benefitting from consumer brand awareness and global growth tailwinds.\nIn 2020, the company posted revenue of $1.5 billion with a solid return on invested capital of 14%.\nWeber shares quickly spiked after their IPO earlier this month, but have fallen 17% since the initial run-up, providing a possible opportunity for contrarian traders.\n2. Workday\nCoolcaesar / Wikimedia Commons\nNext up, we have cloud computing technologist Workday, which Goldman raised its price target on from $300 to $330 per share. In other words, Goldman analyst Kash Rangan sees upside of about 20% from where Workday currently trades.\nRangan also reiterated his Buy rating on the stock.\nIn a research note to investors, Rangan wrote that Workday is well-positioned to take market share over the long haul even as the exact timing of its large financial migrations remains unclear.\nIn its Q2 results last week, Workday blew out expectations with revenue growth of 19%. The company also posted non-GAAP earnings of $1.23 a share, well above the average analyst estimate of 78 cents a share.\nWorkday shares are up just 13% so far in 2021 versus 21% for the S&P 500.\n3. Snowflake\nSundry Photography / Shutterstock\nRounding out our list is cloud-based data platform Snowflake, which Goldman’s Rangan lifted his price target on from $300 to $340. Rangan’s projection represents 14% worth of upside for today’s buyers of Snowflake shares.\nRangan thinks Snowflake’s native cloud platform is ideally positioned to replace data warehousing services over the long haul due to its scalability and elasticity. Rangan also highlighted the company’s “best in class” net revenue retention rate of 169% in the most recent quarter.\nWhile Snowflake posted a wider-than-expected loss in Q2, revenue more than doubled from the year-ago period to $272 million.\nSnowflake shares are up 6% year to date, underperforming the S&P 500 by a wide margin, suggesting that the stock could have plenty of room to run for the rest of 2021.\nGo your own way?\nFotokostic / Shutterstock\nThere you have it: three newly upgraded stocks worth checking out.\nEven if you don't agree with Goldman on these specific stock picks, your goal as investor should always remain the same: seeking out attractive assets at discounted prices.\nYou don't have to limit yourself to the stock market, either.\nOne attractive asset that billionaire Bill Gates is partial to is investing in U.S. farmland.\nIn fact, Gates is America's biggest owner of farmland and for good reason: Over the years, agriculture has been shown to offer higher risk-adjusted returns than both stocks and real estate.","news_type":1,"symbols_score_info":{"WEBR":0.9,"WDAY":0.9,"SNOW":0.9,"GS":0.9}},"isVote":1,"tweetType":1,"viewCount":656,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":811160217,"gmtCreate":1630298151739,"gmtModify":1704958030512,"author":{"id":"3581317711527033","authorId":"3581317711527033","name":"Chanelyap","avatar":"https://static.tigerbbs.com/ead5a4e57e2f9f018e7802a33c0a28f5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581317711527033","idStr":"3581317711527033"},"themes":[],"htmlText":"Like please","listText":"Like please","text":"Like please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/811160217","repostId":"1198438768","repostType":4,"isVote":1,"tweetType":1,"viewCount":1004,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":813234792,"gmtCreate":1630204086716,"gmtModify":1704956979960,"author":{"id":"3581317711527033","authorId":"3581317711527033","name":"Chanelyap","avatar":"https://static.tigerbbs.com/ead5a4e57e2f9f018e7802a33c0a28f5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581317711527033","idStr":"3581317711527033"},"themes":[],"htmlText":"Like thanks !","listText":"Like thanks !","text":"Like thanks !","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/813234792","repostId":"1129129956","repostType":4,"repost":{"id":"1129129956","kind":"news","pubTimestamp":1630201285,"share":"https://www.laohu8.com/m/news/1129129956?lang=zh_CN&edition=full","pubTime":"2021-08-29 09:41","market":"us","language":"en","title":"This Unloved Tech Stock Could Make You Rich One Day<blockquote>这只不受欢迎的科技股有一天会让你变得富有</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1129129956","media":"Motley Fool","summary":"The iBuying business is a race to grow larger, and Opendoor is winning.The company is growing at a rate that is two years ahead of what management projected just a year earlier.The market is bearish on virtually all SPACs, making Opendoor a bargain that could eventually bring huge returns.Real estate iBuying company Opendoor Technologieshas been executing at a high level in the three quarters since coming public via a special purpose acquisition company  merger. In a race to disrupt residential ","content":"<p>Key Points</p><p><blockquote>要点</blockquote></p><p> <ul>  <li>The iBuying business is a race to grow larger, and Opendoor is winning.</li>  <li>The company is growing at a rate that is two years ahead of what management projected just a year earlier.</li>  <li>The market is bearish on virtually all SPACs, making Opendoor a bargain that could eventually bring huge returns.</li> </ul> </p><p><blockquote><ul><li>iBuying业务是一场做大的竞赛，Opendoor正在获胜。</li><li>该公司的增长速度比管理层一年前的预测提前了两年。</li><li>市场对几乎所有SPAC都持悲观态度，这使得Opendoor成为最终可能带来巨额回报的便宜货。</li></ul></blockquote></p><p> Real estate iBuying company&nbsp;<b>Opendoor Technologies</b>(NASDAQ:OPEN)has been executing at a high level in the three quarters since coming public via a special purpose acquisition company (SPAC) merger. In a race to disrupt residential real estate, one of the largest markets in the world, Opendoor's long-term potential could bring big returns for patient investors.</p><p><blockquote>房地产iBuying公司<b>开门技术</b>（纳斯达克：OPEN）自通过特殊目的收购公司（SPAC）合并上市以来，三个季度的执行情况一直处于高水平。在颠覆全球最大市场之一住宅房地产的竞赛中，Opendoor的长期潜力可能会为耐心的投资者带来丰厚的回报。</blockquote></p><p> Despite the upside, the market hasn't yet appreciated Opendoor's accomplishments; the stock is down more than 50% from its highs. There are three important clues that Opendoor could be a compelling investment idea for bold investors.</p><p><blockquote>尽管有上行空间，市场尚未欣赏Opendoor的成就；该股较高点下跌超过50%。有三个重要线索表明，对于大胆的投资者来说，Opendoor可能是一个引人注目的投资理念。</blockquote></p><p> <h3>1. Opendoor is winning the iBuying battle</h3> The traditional home-buying process in the United States is slow and handled by multiple parties, including agents, lawyers, inspectors, and bankers. This creates a lot of back and forth paperwork and drags the process out to more than 30 days, on average.</p><p><blockquote><h3>1.Opendoor正在赢得iBuying之战</h3>美国传统的购房流程缓慢，由多方处理，包括代理人、律师、检查员和银行家。这造成了大量来回的文书工作，平均将流程拖到30多天。</blockquote></p><p> Opendoor pioneered the concept of \"iBuying,\" where the buying and selling of a house are digitized, and a company like Opendoor works directly with sellers to provide them with a cash offer and a digital closing process. The company then resells the house on the market. The iBuying process cuts out agents and some of the fees associated with traditional closings, such as agent commissions. Opendoor then resells the house on the market and charges a service fee of up to 5% on the transaction.</p><p><blockquote>Opendoor开创了“iBuying”的概念，即房屋的买卖是数字化的，像Opendoor这样的公司直接与卖家合作，为他们提供现金报价和数字化成交流程。然后公司在市场上转售房子。iBuying流程省去了代理商和一些与传统成交相关的费用，如代理商佣金。然后Opendoor在市场上转售房屋，并收取高达5%的交易服务费。</blockquote></p><p> After seeing Opendoor steadily grow with its iBuying concept, competitors have also begun to offer iBuying services, including&nbsp;<b>Zillow Group</b>&nbsp;and Offerpad. Because of how capital intensive the business is (a lot of money is needed to buy and sell thousands of houses) and how price competitive the housing market is, these companies are racing to get as big as possible. As the companies buy and sell more homes, they have the ability to become more profitable by leveraging outsourced contractors to save money, and its pricing algorithm improves as it sees more transactions.</p><p><blockquote>在看到Opendoor凭借iBuying概念稳步增长后，竞争对手也开始提供iBuying服务，包括<b>Zillow集团</b>和Offerpad。由于该业务的资本密集型程度（买卖数千套房屋需要大量资金）以及房地产市场的价格竞争力，这些公司都在竞相做大。随着公司买卖更多房屋，他们有能力通过利用外包承包商来节省资金来获得更多利润，并且随着交易数量的增加，其定价算法也会改进。</blockquote></p><p> According to iBuyerStats, a website dedicated to tracking the competitors found in iBuying, Opendoor has consistently had the most housing inventory available for sale. It currently has roughly 3,300 houses for sale, 53% more than Zillow and more than four times as many as Offerpad.</p><p><blockquote>根据专门跟踪iBuying竞争对手的网站iBuyerStats的数据，Opendoor一直拥有最多的待售房屋库存。该公司目前约有3,300套待售房屋，比Zillow多53%，是Offerpad的四倍多。</blockquote></p><p> <h3>2. Revenue growth is ahead of schedule</h3> When companies go public viaSPACmerger, they lay out a public presentation of their business, often including long-term growth projections. Opendoor laid out its pre-merger investor presentation about a year ago, in September 2020.</p><p><blockquote><h3>2、营收增速提前</h3>当公司通过SpacMerger上市时，他们会公开介绍自己的业务，通常包括长期增长预测。大约一年前，即2020年9月，Opendoor发布了合并前投资者演示文稿。</blockquote></p><p> Fast forward to the company's recent 2021 Q2 earnings call. CEO and founder Eric Wu said on the earnings call, \"... based on our current progress, our second half revenue run rate is on track to exceed our 2023 target, a full two years ahead of plan.\"</p><p><blockquote>快进到该公司最近的2021年第二季度收益看涨期权。首席执行官兼创始人Eric Wu在财报看涨期权上表示，“……根据我们目前的进展，我们下半年的收入运行率有望超过2023年的目标，比计划提前了整整两年。”</blockquote></p><p> In other words, if Opendoor were to operate for 12 months at the level the business currently is, it would surpass the $9.8 billion in revenue it projected for 2023. This is an underlooked point because if Opendoor is already two years ahead of its original growth curve, where will it be by 2023? Sure, a dip in the housing market or other events could disrupt the company's speed of growth, but Opendoor is showing the world that the business is operating at a high level.</p><p><blockquote>换句话说，如果Opendoor按照目前的业务水平运营12个月，它将超过2023年预计的98亿美元收入。这是一个被忽视的点，因为如果Opendoor已经比其最初的增长曲线提前了两年，那么到2023年它会在哪里？当然，房地产市场下滑或其他事件可能会扰乱公司的增长速度，但Opendoor正在向世界展示该业务正在高水平运营。</blockquote></p><p> <h3>3. SPACs are out of favor with the market... opportunity?</h3> Investors have overlooked this strong performance, focusing instead on the fact that Opendoor joined the public market via SPAC merger. It has hardly mattered what operating results or earnings have looked like for former SPACs; the stock market has been selling off virtually all SPAC-based stocks for several months now.</p><p><blockquote><h3>3、SPAC失宠于市场……机会？</h3>投资者忽略了这一强劲表现，而是关注Opendoor通过SPAC合并加入公开市场的事实。对于前SPAC来说，经营业绩或收益如何并不重要；几个月来，股市几乎一直在抛售所有基于SPAC的股票。</blockquote></p><p> Investors have been spooked by a handful of \"bad apple\" companies turning up fraudulent, and other companies have wildly missed on the projections they made before going public. These instances have burned those involved, and investors have taken a much more cautious attitude toward SPACs as a whole.</p><p><blockquote>投资者对少数“不良苹果”公司的欺诈行为感到震惊，而其他公司也严重未能实现上市前的预测。这些事件伤害了相关人员，投资者对SPAC整体采取了更加谨慎的态度。</blockquote></p><p> But if companies like Opendoor keep blowing away estimates, the market is likely to come around eventually. When it does, the stock price could move aggressively. If we take Eric Wu's comments about revenue and assume that Opendoor does sales of $10 billion in 2022 (in other words, Opendoor stops growing and maintains its current pace over the following year), the stock currently trades at aprice-to-sales(P/S) ratio of just 1.0. That's a bargain-bin valuation.</p><p><blockquote>但如果像Opendoor这样的公司继续超出预期，市场最终可能会好转。当这种情况发生时，股价可能会大幅波动。如果我们采纳Eric Wu对收入的评论，并假设Opendoor在2022年的销售额为100亿美元（换句话说，Opendoor在接下来的一年里停止增长并保持目前的速度），那么该股目前的市销率(P/S)比率仅为1.0。这是一个便宜的估值。</blockquote></p><p> Competitor Zillow Group trades at a P/S ratio of more than 3, reflecting Opendoor's discount as a former SPAC.</p><p><blockquote>竞争对手Zillow Group的市盈率超过3，反映了Opendoor作为前SPAC的折扣。</blockquote></p><p></p><p> <h3>Here's the bottom line</h3> Real estate is a huge market, and it's a complicated industry because of the clash between traditional agents and the \"new kids\" on the block trying to bring technology into homebuying. It's too early to say that Opendoor will become the \"<b>Amazon</b>\" of home buying, but what seems certain is that the company is&nbsp;poised to be a big player&nbsp;in real estate's future if it keeps performing like this.</p><p><blockquote><h3>这是底线</h3>房地产是一个巨大的市场，也是一个复杂的行业，因为传统代理商和试图将技术引入购房的“新人”之间存在冲突。现在说Opendoor将成为“<b>亚马逊</b>“但似乎可以肯定的是，如果该公司继续保持这样的表现，它将成为房地产未来的重要参与者。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>This Unloved Tech Stock Could Make You Rich One Day<blockquote>这只不受欢迎的科技股有一天会让你变得富有</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThis Unloved Tech Stock Could Make You Rich One Day<blockquote>这只不受欢迎的科技股有一天会让你变得富有</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-08-29 09:41</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Key Points</p><p><blockquote>要点</blockquote></p><p> <ul>  <li>The iBuying business is a race to grow larger, and Opendoor is winning.</li>  <li>The company is growing at a rate that is two years ahead of what management projected just a year earlier.</li>  <li>The market is bearish on virtually all SPACs, making Opendoor a bargain that could eventually bring huge returns.</li> </ul> </p><p><blockquote><ul><li>iBuying业务是一场做大的竞赛，Opendoor正在获胜。</li><li>该公司的增长速度比管理层一年前的预测提前了两年。</li><li>市场对几乎所有SPAC都持悲观态度，这使得Opendoor成为最终可能带来巨额回报的便宜货。</li></ul></blockquote></p><p> Real estate iBuying company&nbsp;<b>Opendoor Technologies</b>(NASDAQ:OPEN)has been executing at a high level in the three quarters since coming public via a special purpose acquisition company (SPAC) merger. In a race to disrupt residential real estate, one of the largest markets in the world, Opendoor's long-term potential could bring big returns for patient investors.</p><p><blockquote>房地产iBuying公司<b>开门技术</b>（纳斯达克：OPEN）自通过特殊目的收购公司（SPAC）合并上市以来，三个季度的执行情况一直处于高水平。在颠覆全球最大市场之一住宅房地产的竞赛中，Opendoor的长期潜力可能会为耐心的投资者带来丰厚的回报。</blockquote></p><p> Despite the upside, the market hasn't yet appreciated Opendoor's accomplishments; the stock is down more than 50% from its highs. There are three important clues that Opendoor could be a compelling investment idea for bold investors.</p><p><blockquote>尽管有上行空间，市场尚未欣赏Opendoor的成就；该股较高点下跌超过50%。有三个重要线索表明，对于大胆的投资者来说，Opendoor可能是一个引人注目的投资理念。</blockquote></p><p> <h3>1. Opendoor is winning the iBuying battle</h3> The traditional home-buying process in the United States is slow and handled by multiple parties, including agents, lawyers, inspectors, and bankers. This creates a lot of back and forth paperwork and drags the process out to more than 30 days, on average.</p><p><blockquote><h3>1.Opendoor正在赢得iBuying之战</h3>美国传统的购房流程缓慢，由多方处理，包括代理人、律师、检查员和银行家。这造成了大量来回的文书工作，平均将流程拖到30多天。</blockquote></p><p> Opendoor pioneered the concept of \"iBuying,\" where the buying and selling of a house are digitized, and a company like Opendoor works directly with sellers to provide them with a cash offer and a digital closing process. The company then resells the house on the market. The iBuying process cuts out agents and some of the fees associated with traditional closings, such as agent commissions. Opendoor then resells the house on the market and charges a service fee of up to 5% on the transaction.</p><p><blockquote>Opendoor开创了“iBuying”的概念，即房屋的买卖是数字化的，像Opendoor这样的公司直接与卖家合作，为他们提供现金报价和数字化成交流程。然后公司在市场上转售房子。iBuying流程省去了代理商和一些与传统成交相关的费用，如代理商佣金。然后Opendoor在市场上转售房屋，并收取高达5%的交易服务费。</blockquote></p><p> After seeing Opendoor steadily grow with its iBuying concept, competitors have also begun to offer iBuying services, including&nbsp;<b>Zillow Group</b>&nbsp;and Offerpad. Because of how capital intensive the business is (a lot of money is needed to buy and sell thousands of houses) and how price competitive the housing market is, these companies are racing to get as big as possible. As the companies buy and sell more homes, they have the ability to become more profitable by leveraging outsourced contractors to save money, and its pricing algorithm improves as it sees more transactions.</p><p><blockquote>在看到Opendoor凭借iBuying概念稳步增长后，竞争对手也开始提供iBuying服务，包括<b>Zillow集团</b>和Offerpad。由于该业务的资本密集型程度（买卖数千套房屋需要大量资金）以及房地产市场的价格竞争力，这些公司都在竞相做大。随着公司买卖更多房屋，他们有能力通过利用外包承包商来节省资金来获得更多利润，并且随着交易数量的增加，其定价算法也会改进。</blockquote></p><p> According to iBuyerStats, a website dedicated to tracking the competitors found in iBuying, Opendoor has consistently had the most housing inventory available for sale. It currently has roughly 3,300 houses for sale, 53% more than Zillow and more than four times as many as Offerpad.</p><p><blockquote>根据专门跟踪iBuying竞争对手的网站iBuyerStats的数据，Opendoor一直拥有最多的待售房屋库存。该公司目前约有3,300套待售房屋，比Zillow多53%，是Offerpad的四倍多。</blockquote></p><p> <h3>2. Revenue growth is ahead of schedule</h3> When companies go public viaSPACmerger, they lay out a public presentation of their business, often including long-term growth projections. Opendoor laid out its pre-merger investor presentation about a year ago, in September 2020.</p><p><blockquote><h3>2、营收增速提前</h3>当公司通过SpacMerger上市时，他们会公开介绍自己的业务，通常包括长期增长预测。大约一年前，即2020年9月，Opendoor发布了合并前投资者演示文稿。</blockquote></p><p> Fast forward to the company's recent 2021 Q2 earnings call. CEO and founder Eric Wu said on the earnings call, \"... based on our current progress, our second half revenue run rate is on track to exceed our 2023 target, a full two years ahead of plan.\"</p><p><blockquote>快进到该公司最近的2021年第二季度收益看涨期权。首席执行官兼创始人Eric Wu在财报看涨期权上表示，“……根据我们目前的进展，我们下半年的收入运行率有望超过2023年的目标，比计划提前了整整两年。”</blockquote></p><p> In other words, if Opendoor were to operate for 12 months at the level the business currently is, it would surpass the $9.8 billion in revenue it projected for 2023. This is an underlooked point because if Opendoor is already two years ahead of its original growth curve, where will it be by 2023? Sure, a dip in the housing market or other events could disrupt the company's speed of growth, but Opendoor is showing the world that the business is operating at a high level.</p><p><blockquote>换句话说，如果Opendoor按照目前的业务水平运营12个月，它将超过2023年预计的98亿美元收入。这是一个被忽视的点，因为如果Opendoor已经比其最初的增长曲线提前了两年，那么到2023年它会在哪里？当然，房地产市场下滑或其他事件可能会扰乱公司的增长速度，但Opendoor正在向世界展示该业务正在高水平运营。</blockquote></p><p> <h3>3. SPACs are out of favor with the market... opportunity?</h3> Investors have overlooked this strong performance, focusing instead on the fact that Opendoor joined the public market via SPAC merger. It has hardly mattered what operating results or earnings have looked like for former SPACs; the stock market has been selling off virtually all SPAC-based stocks for several months now.</p><p><blockquote><h3>3、SPAC失宠于市场……机会？</h3>投资者忽略了这一强劲表现，而是关注Opendoor通过SPAC合并加入公开市场的事实。对于前SPAC来说，经营业绩或收益如何并不重要；几个月来，股市几乎一直在抛售所有基于SPAC的股票。</blockquote></p><p> Investors have been spooked by a handful of \"bad apple\" companies turning up fraudulent, and other companies have wildly missed on the projections they made before going public. These instances have burned those involved, and investors have taken a much more cautious attitude toward SPACs as a whole.</p><p><blockquote>投资者对少数“不良苹果”公司的欺诈行为感到震惊，而其他公司也严重未能实现上市前的预测。这些事件伤害了相关人员，投资者对SPAC整体采取了更加谨慎的态度。</blockquote></p><p> But if companies like Opendoor keep blowing away estimates, the market is likely to come around eventually. When it does, the stock price could move aggressively. If we take Eric Wu's comments about revenue and assume that Opendoor does sales of $10 billion in 2022 (in other words, Opendoor stops growing and maintains its current pace over the following year), the stock currently trades at aprice-to-sales(P/S) ratio of just 1.0. That's a bargain-bin valuation.</p><p><blockquote>但如果像Opendoor这样的公司继续超出预期，市场最终可能会好转。当这种情况发生时，股价可能会大幅波动。如果我们采纳Eric Wu对收入的评论，并假设Opendoor在2022年的销售额为100亿美元（换句话说，Opendoor在接下来的一年里停止增长并保持目前的速度），那么该股目前的市销率(P/S)比率仅为1.0。这是一个便宜的估值。</blockquote></p><p> Competitor Zillow Group trades at a P/S ratio of more than 3, reflecting Opendoor's discount as a former SPAC.</p><p><blockquote>竞争对手Zillow Group的市盈率超过3，反映了Opendoor作为前SPAC的折扣。</blockquote></p><p></p><p> <h3>Here's the bottom line</h3> Real estate is a huge market, and it's a complicated industry because of the clash between traditional agents and the \"new kids\" on the block trying to bring technology into homebuying. It's too early to say that Opendoor will become the \"<b>Amazon</b>\" of home buying, but what seems certain is that the company is&nbsp;poised to be a big player&nbsp;in real estate's future if it keeps performing like this.</p><p><blockquote><h3>这是底线</h3>房地产是一个巨大的市场，也是一个复杂的行业，因为传统代理商和试图将技术引入购房的“新人”之间存在冲突。现在说Opendoor将成为“<b>亚马逊</b>“但似乎可以肯定的是，如果该公司继续保持这样的表现，它将成为房地产未来的重要参与者。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/08/28/this-unloved-tech-stock-may-make-you-rich-one-day/\">Motley Fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"OPEN":"Opendoor Technologies Inc"},"source_url":"https://www.fool.com/investing/2021/08/28/this-unloved-tech-stock-may-make-you-rich-one-day/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129129956","content_text":"Key Points\n\nThe iBuying business is a race to grow larger, and Opendoor is winning.\nThe company is growing at a rate that is two years ahead of what management projected just a year earlier.\nThe market is bearish on virtually all SPACs, making Opendoor a bargain that could eventually bring huge returns.\n\n\nReal estate iBuying company Opendoor Technologies(NASDAQ:OPEN)has been executing at a high level in the three quarters since coming public via a special purpose acquisition company (SPAC) merger. In a race to disrupt residential real estate, one of the largest markets in the world, Opendoor's long-term potential could bring big returns for patient investors.\nDespite the upside, the market hasn't yet appreciated Opendoor's accomplishments; the stock is down more than 50% from its highs. There are three important clues that Opendoor could be a compelling investment idea for bold investors.\n1. Opendoor is winning the iBuying battle\nThe traditional home-buying process in the United States is slow and handled by multiple parties, including agents, lawyers, inspectors, and bankers. This creates a lot of back and forth paperwork and drags the process out to more than 30 days, on average.\nOpendoor pioneered the concept of \"iBuying,\" where the buying and selling of a house are digitized, and a company like Opendoor works directly with sellers to provide them with a cash offer and a digital closing process. The company then resells the house on the market. The iBuying process cuts out agents and some of the fees associated with traditional closings, such as agent commissions. Opendoor then resells the house on the market and charges a service fee of up to 5% on the transaction.\nAfter seeing Opendoor steadily grow with its iBuying concept, competitors have also begun to offer iBuying services, including Zillow Group and Offerpad. Because of how capital intensive the business is (a lot of money is needed to buy and sell thousands of houses) and how price competitive the housing market is, these companies are racing to get as big as possible. As the companies buy and sell more homes, they have the ability to become more profitable by leveraging outsourced contractors to save money, and its pricing algorithm improves as it sees more transactions.\nAccording to iBuyerStats, a website dedicated to tracking the competitors found in iBuying, Opendoor has consistently had the most housing inventory available for sale. It currently has roughly 3,300 houses for sale, 53% more than Zillow and more than four times as many as Offerpad.\n2. Revenue growth is ahead of schedule\nWhen companies go public viaSPACmerger, they lay out a public presentation of their business, often including long-term growth projections. Opendoor laid out its pre-merger investor presentation about a year ago, in September 2020.\nFast forward to the company's recent 2021 Q2 earnings call. CEO and founder Eric Wu said on the earnings call, \"... based on our current progress, our second half revenue run rate is on track to exceed our 2023 target, a full two years ahead of plan.\"\nIn other words, if Opendoor were to operate for 12 months at the level the business currently is, it would surpass the $9.8 billion in revenue it projected for 2023. This is an underlooked point because if Opendoor is already two years ahead of its original growth curve, where will it be by 2023? Sure, a dip in the housing market or other events could disrupt the company's speed of growth, but Opendoor is showing the world that the business is operating at a high level.\n3. SPACs are out of favor with the market... opportunity?\nInvestors have overlooked this strong performance, focusing instead on the fact that Opendoor joined the public market via SPAC merger. It has hardly mattered what operating results or earnings have looked like for former SPACs; the stock market has been selling off virtually all SPAC-based stocks for several months now.\nInvestors have been spooked by a handful of \"bad apple\" companies turning up fraudulent, and other companies have wildly missed on the projections they made before going public. These instances have burned those involved, and investors have taken a much more cautious attitude toward SPACs as a whole.\nBut if companies like Opendoor keep blowing away estimates, the market is likely to come around eventually. When it does, the stock price could move aggressively. If we take Eric Wu's comments about revenue and assume that Opendoor does sales of $10 billion in 2022 (in other words, Opendoor stops growing and maintains its current pace over the following year), the stock currently trades at aprice-to-sales(P/S) ratio of just 1.0. That's a bargain-bin valuation.\nCompetitor Zillow Group trades at a P/S ratio of more than 3, reflecting Opendoor's discount as a former SPAC.\nHere's the bottom line\nReal estate is a huge market, and it's a complicated industry because of the clash between traditional agents and the \"new kids\" on the block trying to bring technology into homebuying. It's too early to say that Opendoor will become the \"Amazon\" of home buying, but what seems certain is that the company is poised to be a big player in real estate's future if it keeps performing like this.","news_type":1,"symbols_score_info":{"OPEN":0.9}},"isVote":1,"tweetType":1,"viewCount":834,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":819170062,"gmtCreate":1630049506256,"gmtModify":1704955166598,"author":{"id":"3581317711527033","authorId":"3581317711527033","name":"Chanelyap","avatar":"https://static.tigerbbs.com/ead5a4e57e2f9f018e7802a33c0a28f5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581317711527033","idStr":"3581317711527033"},"themes":[],"htmlText":"Like thanks","listText":"Like thanks","text":"Like thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/819170062","repostId":"2162090400","repostType":4,"isVote":1,"tweetType":1,"viewCount":878,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":834355489,"gmtCreate":1629774153941,"gmtModify":1631888310837,"author":{"id":"3581317711527033","authorId":"3581317711527033","name":"Chanelyap","avatar":"https://static.tigerbbs.com/ead5a4e57e2f9f018e7802a33c0a28f5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581317711527033","idStr":"3581317711527033"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/834355489","repostId":"2161577712","repostType":4,"isVote":1,"tweetType":1,"viewCount":680,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":835118074,"gmtCreate":1629692849998,"gmtModify":1631891598792,"author":{"id":"3581317711527033","authorId":"3581317711527033","name":"Chanelyap","avatar":"https://static.tigerbbs.com/ead5a4e57e2f9f018e7802a33c0a28f5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581317711527033","idStr":"3581317711527033"},"themes":[],"htmlText":"Like please","listText":"Like please","text":"Like please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/835118074","repostId":"2161742695","repostType":4,"isVote":1,"tweetType":1,"viewCount":744,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":832861698,"gmtCreate":1629607280714,"gmtModify":1631891598806,"author":{"id":"3581317711527033","authorId":"3581317711527033","name":"Chanelyap","avatar":"https://static.tigerbbs.com/ead5a4e57e2f9f018e7802a33c0a28f5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581317711527033","idStr":"3581317711527033"},"themes":[],"htmlText":"Like thanks","listText":"Like thanks","text":"Like thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/832861698","repostId":"2161745814","repostType":4,"isVote":1,"tweetType":1,"viewCount":837,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":836999387,"gmtCreate":1629444108849,"gmtModify":1631891598820,"author":{"id":"3581317711527033","authorId":"3581317711527033","name":"Chanelyap","avatar":"https://static.tigerbbs.com/ead5a4e57e2f9f018e7802a33c0a28f5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581317711527033","idStr":"3581317711527033"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/836999387","repostId":"2160848793","repostType":4,"repost":{"id":"2160848793","kind":"highlight","pubTimestamp":1629420499,"share":"https://www.laohu8.com/m/news/2160848793?lang=zh_CN&edition=full","pubTime":"2021-08-20 08:48","market":"us","language":"en","title":"Ark's Cathie Wood says stock market 'couldn't be further away from a bubble.' Here's why.<blockquote>Ark的凯西·伍德(Cathie Wood)表示，股市“离泡沫再远不过了”。原因如下。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2160848793","media":"MarketWatch","summary":"Wood says she's emboldened by bad news\nCathie Wood, chief executive officer and chief investment off","content":"<p>Wood says she's emboldened by bad news</p><p><blockquote>伍德说她被坏消息鼓舞了</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1b1e646cb0a6ddf4ac942ed5c913a4e4\" tg-width=\"700\" tg-height=\"466\" width=\"100%\" height=\"auto\"><span>Cathie Wood, chief executive officer and chief investment officer of ARK Investment Management</span></p><p><blockquote><p class=\"t-img-caption\"><span>Cathie Wood，方舟投资管理公司首席执行官兼首席投资官</span></p></blockquote></p><p> There'a growing sense of unease emanating from equity markets in recent trade, despite, and perhaps because, of the Dow Jones Industrial Average and the S&amp;P 500 index trading near record heights.</p><p><blockquote>尽管道琼斯工业平均指数（Dow Jones Industrial Average）和标普500指数（Bank of America Index）接近历史新高，但在最近的交易中，人们越来越感到不安。</blockquote></p><p> However, star investor Cathie Wood, who runs a suite of popular ETFs in Ark Investment Management, says that there's no reason to fear that the market is becoming too bubblicious.</p><p><blockquote>然而，在Ark Investment Management经营一系列受欢迎的ETF的明星投资者凯西·伍德(Cathie Wood)表示，没有理由担心市场变得过于泡沫。</blockquote></p><p> As the Ark founder puts it: \"I don't think we're in a bubble which is what I think many bears think we are,\" during a Thursday interview with CNBC near midday .</p><p><blockquote>正如方舟创始人在周四中午接受CNBC采访时所说：“我不认为我们处于泡沫之中，我认为许多空头认为我们处于泡沫之中。”</blockquote></p><p> Her comments coming amid intensifying worries about a possible slowdown in economic growth as the delta variant of COVID-19 gathers momentum, creating headwinds for a fuller recovery from the pandemic that has gripped the globe for well over a year.</p><p><blockquote>她发表此番言论之际，人们越来越担心随着COVID-19德尔塔变异毒株势头增强，经济增长可能放缓，这给从席卷全球一年多的大流行中全面复苏带来了阻力。</blockquote></p><p> Investors also have been wringing their hands over the prospects of the Federal Reserve scaling back easy-money policies, notably the monthly purchases of $120 billion in Treasurys and mortage-backed securities, as anxieties grow.</p><p><blockquote>随着焦虑情绪的加剧，投资者也一直在担心美联储缩减宽松货币政策的前景，特别是每月购买1200亿美元的美国国债和抵押贷款支持证券。</blockquote></p><p> Wood's investment funds, highlighted by the flagship Ark Innovation, have been <a href=\"https://laohu8.com/S/AONE.U\">one</a> area that has been cited as possibly overvalued and vulnerable to a dramatic swing lower if the market starts to deflate considerably from its current levels.</p><p><blockquote>伍德的投资基金，以旗舰Ark Innovation为重点，已<a href=\"https://laohu8.com/S/AONE.U\">一</a>该区域被认为可能被高估，如果市场开始从当前水平大幅萎缩，则容易大幅走低。</blockquote></p><p> Ark Innovation ETF is down 5.2% so far this week and has lost 8.6% in the year to date, badly underperforming the broader market and coming after the fund rang up one-year return of 149%, FactSet data show.</p><p><blockquote>FactSet数据显示，Ark Innovation ETF本周迄今已下跌5.2%，今年迄今已下跌8.6%，表现严重逊于大盘，此前该基金的一年回报率达到149%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/5cca916bae90134d64f9ba249031e782\" tg-width=\"949\" tg-height=\"666\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> By comparison , the Dow Jones Industrial Average is down 1.8% this week but up 14% this year, while the technology-laden Nasdaq Composite Index is off 1.9% on the week but has risen over 12.8% so far in 2021, and the broad-market S&amp;P 500 index is off 1.4% in the week to date but boasts a nearly 17.3% gain for 2021.</p><p><blockquote>相比之下，道琼斯工业平均指数本周下跌1.8%，但今年上涨14%，而科技含量较高的纳斯达克综合指数本周下跌1.9%，但2021年迄今已上涨超过12.8%，大盘标普500指数本周迄今下跌1.4%，但2021年上涨近17.3%。</blockquote></p><p> Wood's view on the market, however, is that investors are acting much more sedately and prudently, compared with the euphoria that was characteristic of the late 1990s and early 2000s dot-com boom.</p><p><blockquote>然而，伍德对市场的看法是，与20世纪90年代末和21世纪初互联网繁荣时期特有的兴奋相比，投资者的行为更加冷静和谨慎。</blockquote></p><p> \"In a bubble...and I remember the late '90s...our strategies would have been cheered on,\" she told the business network. \"You remember the leapfrogging of analysts making estimates one higher than the other, price targets one higher than the other,\" she said on \"Tech Check.\"</p><p><blockquote>“在泡沫中……我记得90年代末……我们的战略会受到欢呼，”她告诉商业网。她在“Tech Check”节目中表示：“你还记得分析师的预测一个比另一个高，价格目标一个比另一个高。”</blockquote></p><p> She also noted that negative sentiment in the market as a contra-indication, suggesting that growing pessimism may actually fuel further gains rather than inflating a bubble.</p><p><blockquote>她还指出，市场的负面情绪是一个禁忌症，这表明日益增长的悲观情绪实际上可能会推动进一步上涨，而不是吹大泡沫。</blockquote></p><p> \"I like bad news,\" she said.</p><p><blockquote>“我喜欢坏消息，”她说。</blockquote></p><p> \"When I see such negative sentiment out there, especially when it comes to valuation and longer time horizons, investment time horizons, I actually feel a little more comfortable,\" Wood said.</p><p><blockquote>伍德说：“当我看到这种负面情绪时，尤其是在估值和更长的时间范围、投资时间范围方面，我实际上感觉更舒服一些。”</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Ark's Cathie Wood says stock market 'couldn't be further away from a bubble.' Here's why.<blockquote>Ark的凯西·伍德(Cathie Wood)表示，股市“离泡沫再远不过了”。原因如下。</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\">\nArk's Cathie Wood says stock market 'couldn't be further away from a bubble.' Here's why.<blockquote>Ark的凯西·伍德(Cathie Wood)表示，股市“离泡沫再远不过了”。原因如下。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-08-20 08:48</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Wood says she's emboldened by bad news</p><p><blockquote>伍德说她被坏消息鼓舞了</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1b1e646cb0a6ddf4ac942ed5c913a4e4\" tg-width=\"700\" tg-height=\"466\" width=\"100%\" height=\"auto\"><span>Cathie Wood, chief executive officer and chief investment officer of ARK Investment Management</span></p><p><blockquote><p class=\"t-img-caption\"><span>Cathie Wood，方舟投资管理公司首席执行官兼首席投资官</span></p></blockquote></p><p> There'a growing sense of unease emanating from equity markets in recent trade, despite, and perhaps because, of the Dow Jones Industrial Average and the S&amp;P 500 index trading near record heights.</p><p><blockquote>尽管道琼斯工业平均指数（Dow Jones Industrial Average）和标普500指数（Bank of America Index）接近历史新高，但在最近的交易中，人们越来越感到不安。</blockquote></p><p> However, star investor Cathie Wood, who runs a suite of popular ETFs in Ark Investment Management, says that there's no reason to fear that the market is becoming too bubblicious.</p><p><blockquote>然而，在Ark Investment Management经营一系列受欢迎的ETF的明星投资者凯西·伍德(Cathie Wood)表示，没有理由担心市场变得过于泡沫。</blockquote></p><p> As the Ark founder puts it: \"I don't think we're in a bubble which is what I think many bears think we are,\" during a Thursday interview with CNBC near midday .</p><p><blockquote>正如方舟创始人在周四中午接受CNBC采访时所说：“我不认为我们处于泡沫之中，我认为许多空头认为我们处于泡沫之中。”</blockquote></p><p> Her comments coming amid intensifying worries about a possible slowdown in economic growth as the delta variant of COVID-19 gathers momentum, creating headwinds for a fuller recovery from the pandemic that has gripped the globe for well over a year.</p><p><blockquote>她发表此番言论之际，人们越来越担心随着COVID-19德尔塔变异毒株势头增强，经济增长可能放缓，这给从席卷全球一年多的大流行中全面复苏带来了阻力。</blockquote></p><p> Investors also have been wringing their hands over the prospects of the Federal Reserve scaling back easy-money policies, notably the monthly purchases of $120 billion in Treasurys and mortage-backed securities, as anxieties grow.</p><p><blockquote>随着焦虑情绪的加剧，投资者也一直在担心美联储缩减宽松货币政策的前景，特别是每月购买1200亿美元的美国国债和抵押贷款支持证券。</blockquote></p><p> Wood's investment funds, highlighted by the flagship Ark Innovation, have been <a href=\"https://laohu8.com/S/AONE.U\">one</a> area that has been cited as possibly overvalued and vulnerable to a dramatic swing lower if the market starts to deflate considerably from its current levels.</p><p><blockquote>伍德的投资基金，以旗舰Ark Innovation为重点，已<a href=\"https://laohu8.com/S/AONE.U\">一</a>该区域被认为可能被高估，如果市场开始从当前水平大幅萎缩，则容易大幅走低。</blockquote></p><p> Ark Innovation ETF is down 5.2% so far this week and has lost 8.6% in the year to date, badly underperforming the broader market and coming after the fund rang up one-year return of 149%, FactSet data show.</p><p><blockquote>FactSet数据显示，Ark Innovation ETF本周迄今已下跌5.2%，今年迄今已下跌8.6%，表现严重逊于大盘，此前该基金的一年回报率达到149%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/5cca916bae90134d64f9ba249031e782\" tg-width=\"949\" tg-height=\"666\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> By comparison , the Dow Jones Industrial Average is down 1.8% this week but up 14% this year, while the technology-laden Nasdaq Composite Index is off 1.9% on the week but has risen over 12.8% so far in 2021, and the broad-market S&amp;P 500 index is off 1.4% in the week to date but boasts a nearly 17.3% gain for 2021.</p><p><blockquote>相比之下，道琼斯工业平均指数本周下跌1.8%，但今年上涨14%，而科技含量较高的纳斯达克综合指数本周下跌1.9%，但2021年迄今已上涨超过12.8%，大盘标普500指数本周迄今下跌1.4%，但2021年上涨近17.3%。</blockquote></p><p> Wood's view on the market, however, is that investors are acting much more sedately and prudently, compared with the euphoria that was characteristic of the late 1990s and early 2000s dot-com boom.</p><p><blockquote>然而，伍德对市场的看法是，与20世纪90年代末和21世纪初互联网繁荣时期特有的兴奋相比，投资者的行为更加冷静和谨慎。</blockquote></p><p> \"In a bubble...and I remember the late '90s...our strategies would have been cheered on,\" she told the business network. \"You remember the leapfrogging of analysts making estimates one higher than the other, price targets one higher than the other,\" she said on \"Tech Check.\"</p><p><blockquote>“在泡沫中……我记得90年代末……我们的战略会受到欢呼，”她告诉商业网。她在“Tech Check”节目中表示：“你还记得分析师的预测一个比另一个高，价格目标一个比另一个高。”</blockquote></p><p> She also noted that negative sentiment in the market as a contra-indication, suggesting that growing pessimism may actually fuel further gains rather than inflating a bubble.</p><p><blockquote>她还指出，市场的负面情绪是一个禁忌症，这表明日益增长的悲观情绪实际上可能会推动进一步上涨，而不是吹大泡沫。</blockquote></p><p> \"I like bad news,\" she said.</p><p><blockquote>“我喜欢坏消息，”她说。</blockquote></p><p> \"When I see such negative sentiment out there, especially when it comes to valuation and longer time horizons, investment time horizons, I actually feel a little more comfortable,\" Wood said.</p><p><blockquote>伍德说：“当我看到这种负面情绪时，尤其是在估值和更长的时间范围、投资时间范围方面，我实际上感觉更舒服一些。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/arks-cathie-wood-says-stock-market-couldnt-be-further-away-from-a-bubble-heres-why-11629393761?adobe_mc=MCORGID%3DCB68E4BA55144CAA0A4C98A5%2540AdobeOrg%7CTS%3D1629420103\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯","ARKK":"ARK Innovation ETF"},"source_url":"https://www.marketwatch.com/story/arks-cathie-wood-says-stock-market-couldnt-be-further-away-from-a-bubble-heres-why-11629393761?adobe_mc=MCORGID%3DCB68E4BA55144CAA0A4C98A5%2540AdobeOrg%7CTS%3D1629420103","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2160848793","content_text":"Wood says she's emboldened by bad news\nCathie Wood, chief executive officer and chief investment officer of ARK Investment Management\nThere'a growing sense of unease emanating from equity markets in recent trade, despite, and perhaps because, of the Dow Jones Industrial Average and the S&P 500 index trading near record heights.\nHowever, star investor Cathie Wood, who runs a suite of popular ETFs in Ark Investment Management, says that there's no reason to fear that the market is becoming too bubblicious.\nAs the Ark founder puts it: \"I don't think we're in a bubble which is what I think many bears think we are,\" during a Thursday interview with CNBC near midday .\nHer comments coming amid intensifying worries about a possible slowdown in economic growth as the delta variant of COVID-19 gathers momentum, creating headwinds for a fuller recovery from the pandemic that has gripped the globe for well over a year.\nInvestors also have been wringing their hands over the prospects of the Federal Reserve scaling back easy-money policies, notably the monthly purchases of $120 billion in Treasurys and mortage-backed securities, as anxieties grow.\nWood's investment funds, highlighted by the flagship Ark Innovation, have been one area that has been cited as possibly overvalued and vulnerable to a dramatic swing lower if the market starts to deflate considerably from its current levels.\nArk Innovation ETF is down 5.2% so far this week and has lost 8.6% in the year to date, badly underperforming the broader market and coming after the fund rang up one-year return of 149%, FactSet data show.\n\nBy comparison , the Dow Jones Industrial Average is down 1.8% this week but up 14% this year, while the technology-laden Nasdaq Composite Index is off 1.9% on the week but has risen over 12.8% so far in 2021, and the broad-market S&P 500 index is off 1.4% in the week to date but boasts a nearly 17.3% gain for 2021.\nWood's view on the market, however, is that investors are acting much more sedately and prudently, compared with the euphoria that was characteristic of the late 1990s and early 2000s dot-com boom.\n\"In a bubble...and I remember the late '90s...our strategies would have been cheered on,\" she told the business network. \"You remember the leapfrogging of analysts making estimates one higher than the other, price targets one higher than the other,\" she said on \"Tech Check.\"\nShe also noted that negative sentiment in the market as a contra-indication, suggesting that growing pessimism may actually fuel further gains rather than inflating a bubble.\n\"I like bad news,\" she said.\n\"When I see such negative sentiment out there, especially when it comes to valuation and longer time horizons, investment time horizons, I actually feel a little more comfortable,\" Wood said.","news_type":1,"symbols_score_info":{"ARKK":0.9,"ARKIU":0.9,".DJI":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":605,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":833468566,"gmtCreate":1629256138855,"gmtModify":1631891598839,"author":{"id":"3581317711527033","authorId":"3581317711527033","name":"Chanelyap","avatar":"https://static.tigerbbs.com/ead5a4e57e2f9f018e7802a33c0a28f5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581317711527033","idStr":"3581317711527033"},"themes":[],"htmlText":"Like please thanks","listText":"Like please thanks","text":"Like please thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/833468566","repostId":"2160880977","repostType":4,"isVote":1,"tweetType":1,"viewCount":860,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":811160217,"gmtCreate":1630298151739,"gmtModify":1704958030512,"author":{"id":"3581317711527033","authorId":"3581317711527033","name":"Chanelyap","avatar":"https://static.tigerbbs.com/ead5a4e57e2f9f018e7802a33c0a28f5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581317711527033","idStr":"3581317711527033"},"themes":[],"htmlText":"Like please","listText":"Like please","text":"Like please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/811160217","repostId":"1198438768","repostType":4,"isVote":1,"tweetType":1,"viewCount":1004,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":894653479,"gmtCreate":1628823677891,"gmtModify":1631891598889,"author":{"id":"3581317711527033","authorId":"3581317711527033","name":"Chanelyap","avatar":"https://static.tigerbbs.com/ead5a4e57e2f9f018e7802a33c0a28f5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581317711527033","idStr":"3581317711527033"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":11,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/894653479","repostId":"1180393666","repostType":4,"isVote":1,"tweetType":1,"viewCount":345,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":868507911,"gmtCreate":1632667208933,"gmtModify":1632798693290,"author":{"id":"3581317711527033","authorId":"3581317711527033","name":"Chanelyap","avatar":"https://static.tigerbbs.com/ead5a4e57e2f9f018e7802a33c0a28f5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581317711527033","idStr":"3581317711527033"},"themes":[],"htmlText":"Like please thanks","listText":"Like please thanks","text":"Like please thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/868507911","repostId":"1175726457","repostType":4,"repost":{"id":"1175726457","kind":"news","pubTimestamp":1632626757,"share":"https://www.laohu8.com/m/news/1175726457?lang=zh_CN&edition=full","pubTime":"2021-09-26 11:25","market":"sh","language":"en","title":"Opinion: Market analysts can’t agree on where stocks are going next. So double-check the data before you buy or sell<blockquote>观点：市场分析师对于股市下一步走势无法达成一致。因此，在买卖之前请仔细检查数据</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1175726457","media":"Market Watch","summary":"It’s an urgent question, since the Citigroup Economic Surprise Index (CESI) has been negative for tw","content":"<p>It’s an urgent question, since the <a href=\"https://laohu8.com/S/C\">Citigroup</a> Economic Surprise Index (CESI) has been negative for two months now, following an unbroken positive stretch for more than a year. The CESI measures the extent to which the latest economic news deviates from the Wall Street consensus. The past two months of consistently negative CESI readings therefore mean that the economic news, on balance, has been worse than expected.</p><p><blockquote>这是一个紧迫的问题，因为<a href=\"https://laohu8.com/S/C\">花旗集团</a>经济意外指数（CESI）在连续一年多上涨后，已经连续两个月为负。CESI衡量最新经济消息偏离华尔街共识的程度。因此，过去两个月CESI数据持续为负，这意味着总体而言，经济消息比预期的要糟糕。</blockquote></p><p> Is it good news or bad for stock investors that recent U.S. economic news releases have been significantly worse than expected?</p><p><blockquote>近期美国经济新闻发布明显逊于预期，对股票投资者来说是好消息还是坏消息？</blockquote></p><p> The latest reading from the Citigroup Economic Surprise Index (CESI) is minus 29.2. <a href=\"https://laohu8.com/S/JE\">Just</a> 10 days ago it was even more negative, at minus 61.7. Its average over the last 18 years is 4.6.</p><p><blockquote>花旗集团经济意外指数（CESI）的最新读数为负29.2。<a href=\"https://laohu8.com/S/JE\">刚刚</a>10天前，这个数字甚至更低，为负61.7。过去18年的平均值为4.6。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/dd20c01571a824c8113089a65b814bb3\" tg-width=\"700\" tg-height=\"471\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> There is no consensus among the advisers I monitor about what these latest readings mean. Some believe it’s good news, on the contrarian theory that the worse-than-expected news constitutes a“wall of worry”that the U.S. bull market can climb. Others argue that you can’t sugar-coat worse-than-expected economic news.</p><p><blockquote>我监督的顾问们对这些最新读数的含义没有达成共识。一些人认为这是好消息，反向理论认为，差于预期的消息构成了美国牛市可以攀登的“担忧之墙”。其他人则认为，你不能粉饰比预期更糟糕的经济消息。</blockquote></p><p> To help resolve their disagreement, I analyzed daily CESI data back to 2003. Specifically, I measured its correlation with the S&amp;P 500’sSPX,+0.15%return over the subsequent month-, quarter-, six months, and <a href=\"https://laohu8.com/S/AONE.U\">one</a> year. I came up with nothing that met traditional standards of statistical significance.</p><p><blockquote>为了帮助解决他们的分歧，我分析了2003年以来的每日CESI数据。具体来说，我测量了它与标普500 SPX的相关性，在随后的一个月、一个季度、六个月内+0.15%的回报率，以及<a href=\"https://laohu8.com/S/AONE.U\">一</a>年。我没有发现任何符合传统统计意义标准的东西。</blockquote></p><p> A summary of what I found is plotted in the chart below. Notice that the S&amp;P 500’s average return is virtually the same regardless of whether the CESI is positive or negative, trending upward or downward.</p><p><blockquote>我的发现总结如下图所示。请注意，无论CESI是正还是负、趋势上升还是下降，标普500的平均回报几乎是相同的。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/65016b28c482526ac92a5d6035ba9ed9\" tg-width=\"700\" tg-height=\"471\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> These findings are not a criticism of the CESI itself. Citigroup created the index as a useful tool for foreign exchange traders.Citigroup has saidthat the CESI “is a perfect example of unique proprietary design which has almost no bearing on those who discuss it… It was not meant to be used for stock prices.”</p><p><blockquote>这些发现并不是对CESI本身的批评。花旗集团创建该指数是为了作为外汇交易者的有用工具。花旗集团表示，CESI“是独特专有设计的完美例子，对讨论它的人几乎没有影响……它不应该用于股票价格。”</blockquote></p><p> There’s a broader lesson here for us to learn as well: We need to subject our intuitions to empirical reality checks. That’s especially important when our hunches seem so obviously true — as is the case when it comes to whether the economic news is coming in better or worse than expected. Stock market history is filled with expectations that were guaranteed to happen but which did not.</p><p><blockquote>这里还有一个更广泛的教训需要我们学习：我们需要让我们的直觉接受经验现实的检验。当我们的预感看起来如此明显正确时，这一点尤其重要——就像经济消息是好于预期还是差于预期的情况一样。股市历史充满了必然会发生但却没有发生的预期。</blockquote></p><p> It can be tedious plowing through huge databases to see if a pattern really exists. But it’s worth the effort. Though being statistically rigorous does not guarantee that you will beat the market, you most assuredly will lose to the market if you’re statistically sloppy and inconsistent.</p><p><blockquote>在庞大的数据库中翻阅一个模式是否真的存在可能是一件乏味的事情。但努力是值得的。虽然统计上的严谨并不能保证你会战胜市场，但如果你在统计上草率和不一致，你肯定会输给市场。</blockquote></p><p></p>","source":"lsy1616996754749","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>Opinion: Market analysts can’t agree on where stocks are going next. So double-check the data before you buy or sell<blockquote>观点：市场分析师对于股市下一步走势无法达成一致。因此，在买卖之前请仔细检查数据</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\">\nOpinion: Market analysts can’t agree on where stocks are going next. So double-check the data before you buy or sell<blockquote>观点：市场分析师对于股市下一步走势无法达成一致。因此，在买卖之前请仔细检查数据</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Market Watch</strong><span class=\"h-time small\">2021-09-26 11:25</span>\n</p>\n</h4>\n</header>\n<article>\n<p>It’s an urgent question, since the <a href=\"https://laohu8.com/S/C\">Citigroup</a> Economic Surprise Index (CESI) has been negative for two months now, following an unbroken positive stretch for more than a year. The CESI measures the extent to which the latest economic news deviates from the Wall Street consensus. The past two months of consistently negative CESI readings therefore mean that the economic news, on balance, has been worse than expected.</p><p><blockquote>这是一个紧迫的问题，因为<a href=\"https://laohu8.com/S/C\">花旗集团</a>经济意外指数（CESI）在连续一年多上涨后，已经连续两个月为负。CESI衡量最新经济消息偏离华尔街共识的程度。因此，过去两个月CESI数据持续为负，这意味着总体而言，经济消息比预期的要糟糕。</blockquote></p><p> Is it good news or bad for stock investors that recent U.S. economic news releases have been significantly worse than expected?</p><p><blockquote>近期美国经济新闻发布明显逊于预期，对股票投资者来说是好消息还是坏消息？</blockquote></p><p> The latest reading from the Citigroup Economic Surprise Index (CESI) is minus 29.2. <a href=\"https://laohu8.com/S/JE\">Just</a> 10 days ago it was even more negative, at minus 61.7. Its average over the last 18 years is 4.6.</p><p><blockquote>花旗集团经济意外指数（CESI）的最新读数为负29.2。<a href=\"https://laohu8.com/S/JE\">刚刚</a>10天前，这个数字甚至更低，为负61.7。过去18年的平均值为4.6。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/dd20c01571a824c8113089a65b814bb3\" tg-width=\"700\" tg-height=\"471\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> There is no consensus among the advisers I monitor about what these latest readings mean. Some believe it’s good news, on the contrarian theory that the worse-than-expected news constitutes a“wall of worry”that the U.S. bull market can climb. Others argue that you can’t sugar-coat worse-than-expected economic news.</p><p><blockquote>我监督的顾问们对这些最新读数的含义没有达成共识。一些人认为这是好消息，反向理论认为，差于预期的消息构成了美国牛市可以攀登的“担忧之墙”。其他人则认为，你不能粉饰比预期更糟糕的经济消息。</blockquote></p><p> To help resolve their disagreement, I analyzed daily CESI data back to 2003. Specifically, I measured its correlation with the S&amp;P 500’sSPX,+0.15%return over the subsequent month-, quarter-, six months, and <a href=\"https://laohu8.com/S/AONE.U\">one</a> year. I came up with nothing that met traditional standards of statistical significance.</p><p><blockquote>为了帮助解决他们的分歧，我分析了2003年以来的每日CESI数据。具体来说，我测量了它与标普500 SPX的相关性，在随后的一个月、一个季度、六个月内+0.15%的回报率，以及<a href=\"https://laohu8.com/S/AONE.U\">一</a>年。我没有发现任何符合传统统计意义标准的东西。</blockquote></p><p> A summary of what I found is plotted in the chart below. Notice that the S&amp;P 500’s average return is virtually the same regardless of whether the CESI is positive or negative, trending upward or downward.</p><p><blockquote>我的发现总结如下图所示。请注意，无论CESI是正还是负、趋势上升还是下降，标普500的平均回报几乎是相同的。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/65016b28c482526ac92a5d6035ba9ed9\" tg-width=\"700\" tg-height=\"471\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> These findings are not a criticism of the CESI itself. Citigroup created the index as a useful tool for foreign exchange traders.Citigroup has saidthat the CESI “is a perfect example of unique proprietary design which has almost no bearing on those who discuss it… It was not meant to be used for stock prices.”</p><p><blockquote>这些发现并不是对CESI本身的批评。花旗集团创建该指数是为了作为外汇交易者的有用工具。花旗集团表示，CESI“是独特专有设计的完美例子，对讨论它的人几乎没有影响……它不应该用于股票价格。”</blockquote></p><p> There’s a broader lesson here for us to learn as well: We need to subject our intuitions to empirical reality checks. That’s especially important when our hunches seem so obviously true — as is the case when it comes to whether the economic news is coming in better or worse than expected. Stock market history is filled with expectations that were guaranteed to happen but which did not.</p><p><blockquote>这里还有一个更广泛的教训需要我们学习：我们需要让我们的直觉接受经验现实的检验。当我们的预感看起来如此明显正确时，这一点尤其重要——就像经济消息是好于预期还是差于预期的情况一样。股市历史充满了必然会发生但却没有发生的预期。</blockquote></p><p> It can be tedious plowing through huge databases to see if a pattern really exists. But it’s worth the effort. Though being statistically rigorous does not guarantee that you will beat the market, you most assuredly will lose to the market if you’re statistically sloppy and inconsistent.</p><p><blockquote>在庞大的数据库中翻阅一个模式是否真的存在可能是一件乏味的事情。但努力是值得的。虽然统计上的严谨并不能保证你会战胜市场，但如果你在统计上草率和不一致，你肯定会输给市场。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/market-analysts-cant-agree-on-where-stocks-are-going-next-so-double-check-the-data-before-you-buy-or-sell-11632447577?mod=home-page\">Market Watch</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":{},"source_url":"https://www.marketwatch.com/story/market-analysts-cant-agree-on-where-stocks-are-going-next-so-double-check-the-data-before-you-buy-or-sell-11632447577?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175726457","content_text":"It’s an urgent question, since the Citigroup Economic Surprise Index (CESI) has been negative for two months now, following an unbroken positive stretch for more than a year. The CESI measures the extent to which the latest economic news deviates from the Wall Street consensus. The past two months of consistently negative CESI readings therefore mean that the economic news, on balance, has been worse than expected.\nIs it good news or bad for stock investors that recent U.S. economic news releases have been significantly worse than expected?\nThe latest reading from the Citigroup Economic Surprise Index (CESI) is minus 29.2. Just 10 days ago it was even more negative, at minus 61.7. Its average over the last 18 years is 4.6.\n\nThere is no consensus among the advisers I monitor about what these latest readings mean. Some believe it’s good news, on the contrarian theory that the worse-than-expected news constitutes a“wall of worry”that the U.S. bull market can climb. Others argue that you can’t sugar-coat worse-than-expected economic news.\nTo help resolve their disagreement, I analyzed daily CESI data back to 2003. Specifically, I measured its correlation with the S&P 500’sSPX,+0.15%return over the subsequent month-, quarter-, six months, and one year. I came up with nothing that met traditional standards of statistical significance.\nA summary of what I found is plotted in the chart below. Notice that the S&P 500’s average return is virtually the same regardless of whether the CESI is positive or negative, trending upward or downward.\n\nThese findings are not a criticism of the CESI itself. Citigroup created the index as a useful tool for foreign exchange traders.Citigroup has saidthat the CESI “is a perfect example of unique proprietary design which has almost no bearing on those who discuss it… It was not meant to be used for stock prices.”\nThere’s a broader lesson here for us to learn as well: We need to subject our intuitions to empirical reality checks. That’s especially important when our hunches seem so obviously true — as is the case when it comes to whether the economic news is coming in better or worse than expected. Stock market history is filled with expectations that were guaranteed to happen but which did not.\nIt can be tedious plowing through huge databases to see if a pattern really exists. But it’s worth the effort. Though being statistically rigorous does not guarantee that you will beat the market, you most assuredly will lose to the market if you’re statistically sloppy and inconsistent.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2426,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":835118074,"gmtCreate":1629692849998,"gmtModify":1631891598792,"author":{"id":"3581317711527033","authorId":"3581317711527033","name":"Chanelyap","avatar":"https://static.tigerbbs.com/ead5a4e57e2f9f018e7802a33c0a28f5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581317711527033","idStr":"3581317711527033"},"themes":[],"htmlText":"Like please","listText":"Like please","text":"Like please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/835118074","repostId":"2161742695","repostType":4,"isVote":1,"tweetType":1,"viewCount":744,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":892348659,"gmtCreate":1628640957071,"gmtModify":1631893485811,"author":{"id":"3581317711527033","authorId":"3581317711527033","name":"Chanelyap","avatar":"https://static.tigerbbs.com/ead5a4e57e2f9f018e7802a33c0a28f5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581317711527033","idStr":"3581317711527033"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/892348659","repostId":"1198801747","repostType":4,"isVote":1,"tweetType":1,"viewCount":581,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":869664928,"gmtCreate":1632281913664,"gmtModify":1632801507732,"author":{"id":"3581317711527033","authorId":"3581317711527033","name":"Chanelyap","avatar":"https://static.tigerbbs.com/ead5a4e57e2f9f018e7802a33c0a28f5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581317711527033","idStr":"3581317711527033"},"themes":[],"htmlText":"Like please thanks","listText":"Like please thanks","text":"Like please thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/869664928","repostId":"2169637993","repostType":4,"isVote":1,"tweetType":1,"viewCount":1448,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":832861698,"gmtCreate":1629607280714,"gmtModify":1631891598806,"author":{"id":"3581317711527033","authorId":"3581317711527033","name":"Chanelyap","avatar":"https://static.tigerbbs.com/ead5a4e57e2f9f018e7802a33c0a28f5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581317711527033","idStr":"3581317711527033"},"themes":[],"htmlText":"Like thanks","listText":"Like thanks","text":"Like thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/832861698","repostId":"2161745814","repostType":4,"isVote":1,"tweetType":1,"viewCount":837,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":820094772,"gmtCreate":1633321951661,"gmtModify":1633321952761,"author":{"id":"3581317711527033","authorId":"3581317711527033","name":"Chanelyap","avatar":"https://static.tigerbbs.com/ead5a4e57e2f9f018e7802a33c0a28f5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581317711527033","idStr":"3581317711527033"},"themes":[],"htmlText":"Like thanks","listText":"Like thanks","text":"Like thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/820094772","repostId":"1186540865","repostType":4,"repost":{"id":"1186540865","kind":"news","pubTimestamp":1633289898,"share":"https://www.laohu8.com/m/news/1186540865?lang=zh_CN&edition=full","pubTime":"2021-10-04 03:38","market":"us","language":"en","title":"US IPO Week Ahead: New issuers work up a sweat in a fitness-led 5 IPO week<blockquote>美国IPO一周即将到来：新发行人在健身主导的5周IPO中大汗淋漓</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1186540865","media":"Renaissance Capital","summary":"In the first full week of October, five IPOs are slated to raise $1.8 billion, led by two fitness co","content":"<p>In the first full week of October, five IPOs are slated to raise $1.8 billion, led by two fitness companies.</p><p><blockquote>在10月的第一周，由两家健身公司牵头的五起IPO预计将筹集18亿美元。</blockquote></p><p> Fitness chain<b>Life Time Group Holdings</b>(LTH) plans to raise $901 million at a $4.1 billion market cap. Taken private in 2015, Life Time operates more than 150 \"centers\" across 29 US states and one province in Canada, serving nearly 1.4 million individual members as of 7/31/21. While the company was hit hard by the pandemic, operations have since improved dramatically, with revenue quadrupling in the 2Q21.</p><p><blockquote>健身连锁<b>生命时代集团控股</b>(LTH)计划以41亿美元的市值筹集9.01亿美元。Life Time于2015年私有化，在美国29个州和加拿大一个省运营着150多个“中心”，截至2011年7月31日，为近140万个人会员提供服务。尽管该公司受到疫情的严重打击，但此后运营情况显着改善，2021年第二季度的收入翻了两番。</blockquote></p><p> Fitness equipment brand<b>iFIT Health &amp; Fitness</b>(IFIT) plans to raise $600 million at a $6.4 billion market cap. iFIT is the #1 provider of large fitness equipment in the US, selling under brands including iFIT, NordicTrack, ProForm, and Freemotion. Fast growing and unprofitable, the company serves a community of over 6.1 million members and 1.5 million subscribers in over 120 countries.</p><p><blockquote>健身器材品牌<b>iFIT健康与健身</b>(IFIT)计划以64亿美元的市值筹集6亿美元。iFIT是美国排名第一的大型健身器材供应商，销售品牌包括iFIT、NordicTrack、ProForm和Freemotion。该公司发展迅速，但尚未盈利，为120多个国家的超过610万会员和150万订户提供服务。</blockquote></p><p> Proteomics platform<b>IsoPlexis</b>(ISO) plans to raise $125 million at a $648 million market cap. IsoPlexis believes its platform is the first to employ both proteomics and single cell biology to characterize and link cellular function to patient outcomes. Fast growing and highly unprofitable, the company's platform has been adopted by the top 15 global biopharmas and nearly half of the comprehensive cancer centers in the US since its commercial launch in June 2018.</p><p><blockquote>蛋白质组学平台<b>等丛</b>(ISO)计划以6.48亿美元的市值筹集1.25亿美元。IsoPlexis认为其平台是第一个同时采用蛋白质组学和单细胞生物学来表征细胞功能并将其与患者结果联系起来的平台。自2018年6月商业推出以来，该公司的平台增长迅速且利润丰厚，已被全球15大生物制药公司和美国近一半的综合癌症中心采用。</blockquote></p><p> Biotech<b>Theseus Pharmaceuticals</b>(THRX) plans to raise $125 million at a $593 million market cap. Theseus’ lead candidate is a pan-variant inhibitor of all major classes of activating/resistance mutations of the KIT kinase for of gastrointestinal stromal tumors (GIST). The company recently submitted an IND for advanced GIST and plans to initiate a Phase 1/2 trial between late 4Q21 and mid 1Q22.</p><p><blockquote>生物技术<b>忒修斯制药公司</b>(THRX)计划以5.93亿美元的市值筹集1.25亿美元。Theseus的主要候选药物是胃肠道间质瘤(GIST)KIT激酶所有主要激活/耐药突变类别的泛变体抑制剂。该公司最近提交了高级GIST的IND，并计划在2021年第四季度晚期和2022年第一季度中部之间启动1/2期试验。</blockquote></p><p> Drug developer<b>Cingulate</b>(CING) plans to raise $50 million at a $225 million market cap. Its two candidates, CTx-1301 and CTx-1302, are being developed for the treatment of ADHD. The company announced positive results from a Phase 1/2 study of CTx-1301 in October 2020, and plans to initiate Phase 3 trials in the 4Q21 with results expected in late 2022.</p><p><blockquote>药物开发人员<b>扣带</b>(CING)计划以2.25亿美元的市值筹集5000万美元。其两种候选药物CTx-1301和CTx-1302正在开发用于治疗ADHD。该公司于2020年10月宣布了CTX-1301 1/2期研究的积极结果，并计划在2021年第四季度启动3期试验，预计将于2022年底获得结果。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/610fa042e4de459e4597ed8086743234\" tg-width=\"1894\" tg-height=\"912\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>","source":"lsy1603787993745","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>US IPO Week Ahead: New issuers work up a sweat in a fitness-led 5 IPO week<blockquote>美国IPO一周即将到来：新发行人在健身主导的5周IPO中大汗淋漓</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\">\nUS IPO Week Ahead: New issuers work up a sweat in a fitness-led 5 IPO week<blockquote>美国IPO一周即将到来：新发行人在健身主导的5周IPO中大汗淋漓</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Renaissance Capital</strong><span class=\"h-time small\">2021-10-04 03:38</span>\n</p>\n</h4>\n</header>\n<article>\n<p>In the first full week of October, five IPOs are slated to raise $1.8 billion, led by two fitness companies.</p><p><blockquote>在10月的第一周，由两家健身公司牵头的五起IPO预计将筹集18亿美元。</blockquote></p><p> Fitness chain<b>Life Time Group Holdings</b>(LTH) plans to raise $901 million at a $4.1 billion market cap. Taken private in 2015, Life Time operates more than 150 \"centers\" across 29 US states and one province in Canada, serving nearly 1.4 million individual members as of 7/31/21. While the company was hit hard by the pandemic, operations have since improved dramatically, with revenue quadrupling in the 2Q21.</p><p><blockquote>健身连锁<b>生命时代集团控股</b>(LTH)计划以41亿美元的市值筹集9.01亿美元。Life Time于2015年私有化，在美国29个州和加拿大一个省运营着150多个“中心”，截至2011年7月31日，为近140万个人会员提供服务。尽管该公司受到疫情的严重打击，但此后运营情况显着改善，2021年第二季度的收入翻了两番。</blockquote></p><p> Fitness equipment brand<b>iFIT Health &amp; Fitness</b>(IFIT) plans to raise $600 million at a $6.4 billion market cap. iFIT is the #1 provider of large fitness equipment in the US, selling under brands including iFIT, NordicTrack, ProForm, and Freemotion. Fast growing and unprofitable, the company serves a community of over 6.1 million members and 1.5 million subscribers in over 120 countries.</p><p><blockquote>健身器材品牌<b>iFIT健康与健身</b>(IFIT)计划以64亿美元的市值筹集6亿美元。iFIT是美国排名第一的大型健身器材供应商，销售品牌包括iFIT、NordicTrack、ProForm和Freemotion。该公司发展迅速，但尚未盈利，为120多个国家的超过610万会员和150万订户提供服务。</blockquote></p><p> Proteomics platform<b>IsoPlexis</b>(ISO) plans to raise $125 million at a $648 million market cap. IsoPlexis believes its platform is the first to employ both proteomics and single cell biology to characterize and link cellular function to patient outcomes. Fast growing and highly unprofitable, the company's platform has been adopted by the top 15 global biopharmas and nearly half of the comprehensive cancer centers in the US since its commercial launch in June 2018.</p><p><blockquote>蛋白质组学平台<b>等丛</b>(ISO)计划以6.48亿美元的市值筹集1.25亿美元。IsoPlexis认为其平台是第一个同时采用蛋白质组学和单细胞生物学来表征细胞功能并将其与患者结果联系起来的平台。自2018年6月商业推出以来，该公司的平台增长迅速且利润丰厚，已被全球15大生物制药公司和美国近一半的综合癌症中心采用。</blockquote></p><p> Biotech<b>Theseus Pharmaceuticals</b>(THRX) plans to raise $125 million at a $593 million market cap. Theseus’ lead candidate is a pan-variant inhibitor of all major classes of activating/resistance mutations of the KIT kinase for of gastrointestinal stromal tumors (GIST). The company recently submitted an IND for advanced GIST and plans to initiate a Phase 1/2 trial between late 4Q21 and mid 1Q22.</p><p><blockquote>生物技术<b>忒修斯制药公司</b>(THRX)计划以5.93亿美元的市值筹集1.25亿美元。Theseus的主要候选药物是胃肠道间质瘤(GIST)KIT激酶所有主要激活/耐药突变类别的泛变体抑制剂。该公司最近提交了高级GIST的IND，并计划在2021年第四季度晚期和2022年第一季度中部之间启动1/2期试验。</blockquote></p><p> Drug developer<b>Cingulate</b>(CING) plans to raise $50 million at a $225 million market cap. Its two candidates, CTx-1301 and CTx-1302, are being developed for the treatment of ADHD. The company announced positive results from a Phase 1/2 study of CTx-1301 in October 2020, and plans to initiate Phase 3 trials in the 4Q21 with results expected in late 2022.</p><p><blockquote>药物开发人员<b>扣带</b>(CING)计划以2.25亿美元的市值筹集5000万美元。其两种候选药物CTx-1301和CTx-1302正在开发用于治疗ADHD。该公司于2020年10月宣布了CTX-1301 1/2期研究的积极结果，并计划在2021年第四季度启动3期试验，预计将于2022年底获得结果。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/610fa042e4de459e4597ed8086743234\" tg-width=\"1894\" tg-height=\"912\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.renaissancecapital.com/IPO-Center/News/86747/US-IPO-Week-Ahead-New-issuers-work-up-a-sweat-in-a-fitness-led-5-IPO-week\">Renaissance Capital</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":{"CING":"CINGULATE INC.","THRX":"Theseus Pharmaceuticals, Inc.","ISO":"IsoPlexis Corp.","LTH":"Life Time Group Holdings, Inc."},"source_url":"https://www.renaissancecapital.com/IPO-Center/News/86747/US-IPO-Week-Ahead-New-issuers-work-up-a-sweat-in-a-fitness-led-5-IPO-week","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1186540865","content_text":"In the first full week of October, five IPOs are slated to raise $1.8 billion, led by two fitness companies.\nFitness chainLife Time Group Holdings(LTH) plans to raise $901 million at a $4.1 billion market cap. Taken private in 2015, Life Time operates more than 150 \"centers\" across 29 US states and one province in Canada, serving nearly 1.4 million individual members as of 7/31/21. While the company was hit hard by the pandemic, operations have since improved dramatically, with revenue quadrupling in the 2Q21.\nFitness equipment brandiFIT Health & Fitness(IFIT) plans to raise $600 million at a $6.4 billion market cap. iFIT is the #1 provider of large fitness equipment in the US, selling under brands including iFIT, NordicTrack, ProForm, and Freemotion. Fast growing and unprofitable, the company serves a community of over 6.1 million members and 1.5 million subscribers in over 120 countries.\nProteomics platformIsoPlexis(ISO) plans to raise $125 million at a $648 million market cap. IsoPlexis believes its platform is the first to employ both proteomics and single cell biology to characterize and link cellular function to patient outcomes. Fast growing and highly unprofitable, the company's platform has been adopted by the top 15 global biopharmas and nearly half of the comprehensive cancer centers in the US since its commercial launch in June 2018.\nBiotechTheseus Pharmaceuticals(THRX) plans to raise $125 million at a $593 million market cap. Theseus’ lead candidate is a pan-variant inhibitor of all major classes of activating/resistance mutations of the KIT kinase for of gastrointestinal stromal tumors (GIST). The company recently submitted an IND for advanced GIST and plans to initiate a Phase 1/2 trial between late 4Q21 and mid 1Q22.\nDrug developerCingulate(CING) plans to raise $50 million at a $225 million market cap. Its two candidates, CTx-1301 and CTx-1302, are being developed for the treatment of ADHD. The company announced positive results from a Phase 1/2 study of CTx-1301 in October 2020, and plans to initiate Phase 3 trials in the 4Q21 with results expected in late 2022.","news_type":1,"symbols_score_info":{"LTH":0.9,"CING":0.9,"ISO":0.9,"IFIT":0.9,"THRX":0.9}},"isVote":1,"tweetType":1,"viewCount":2127,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":834355489,"gmtCreate":1629774153941,"gmtModify":1631888310837,"author":{"id":"3581317711527033","authorId":"3581317711527033","name":"Chanelyap","avatar":"https://static.tigerbbs.com/ead5a4e57e2f9f018e7802a33c0a28f5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581317711527033","idStr":"3581317711527033"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/834355489","repostId":"2161577712","repostType":4,"isVote":1,"tweetType":1,"viewCount":680,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":830555170,"gmtCreate":1629083836390,"gmtModify":1631891598886,"author":{"id":"3581317711527033","authorId":"3581317711527033","name":"Chanelyap","avatar":"https://static.tigerbbs.com/ead5a4e57e2f9f018e7802a33c0a28f5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581317711527033","idStr":"3581317711527033"},"themes":[],"htmlText":"like please","listText":"like please","text":"like please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/830555170","repostId":"1129589874","repostType":4,"repost":{"id":"1129589874","kind":"news","pubTimestamp":1629067868,"share":"https://www.laohu8.com/m/news/1129589874?lang=zh_CN&edition=full","pubTime":"2021-08-16 06:51","market":"us","language":"en","title":"Nvidia, Tencent,Walmart, Target and Other Stocks to Watch This Week<blockquote>英伟达、腾讯控股、沃尔玛、塔吉特等本周值得关注的股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1129589874","media":"Barrons","summary":"It’s the late innings of second-quarter earnings season, with retailers ready to step up to the plate. Walmart and Home Depot report on Tuesday, followed by Lowe’s, Target, and TJX on Wednesday. Kohl’s, Macy’s, BJ’s Wholesale, and L Brands are Thursday’s retail highlights, then Foot Locker closes the week on Friday.The Census Bureau’s July retail sales data for July is also out this week, on Tuesday. Economists on average are forecasting a 0.2% seasonally adjusted increase last month, after a 0.","content":"<p>It’s the late innings of second-quarter earnings season, with retailers ready to step up to the plate. Walmart and Home Depot report on Tuesday, followed by Lowe’s, Target, and TJX on Wednesday.&nbsp;Kohl’s, Macy’s, BJ’s Wholesale, and L Brands are Thursday’s retail highlights, then Foot Locker closes the week on Friday.</p><p><blockquote>现在是第二季度财报季的最后几局，零售商已准备好采取行动。沃尔玛和家得宝周二发布报告，劳氏、塔吉特和TJX周三紧随其后。美国柯尔百货公司、梅西百货、BJ批发和L品牌是周四的零售亮点，然后Foot Locker将于周五结束本周。</blockquote></p><p> The Census Bureau’s July retail sales data for July is also out this week, on Tuesday. Economists on average are forecasting a&nbsp;0.2% seasonally adjusted increase last month, after a 0.6% rise in June.</p><p><blockquote>人口普查局7月份零售销售数据也将于本周周二公布。经济学家平均预测，上个月经季节性调整后的增长率为0。</blockquote></p><p> Major non-retail companies releasing results this week include Pandora and&nbsp;Krispy Kreme&nbsp;on Tuesday, followed by a busy Wednesday:Nvidia,Tencent Holdings,CiscoSystems,Analog Devices,and&nbsp;Lumentum Holdings&nbsp;all report.Applied Materials&nbsp;goes on Thursday and Deere closes the week on Friday.</p><p><blockquote>本周发布业绩的主要非零售公司包括周二发布业绩的Pandora和Krispy Kreme，随后是繁忙的周三：Nvidia、腾讯控股控股公司、思科系统公司、Analog Devices和Lumentum Holdings均发布业绩。应用材料公司周四公布业绩，Deere公司本周收盘周五。</blockquote></p><p> Economic data out this week include several housing-market metrics:&nbsp;The National Association of Home Builders’ NAHB/Wells Fargo Housing Market Index for August on Tuesday and the Census Bureau’s new residential construction report for July on Wednesday.</p><p><blockquote>本周公布的经济数据包括几项房地产市场指标：周二公布的全国住宅建筑商协会8月份NAHB/富国银行住房市场指数，以及周三公布的人口普查局7月份新住宅建设报告。</blockquote></p><p> Also on Wednesday, the&nbsp;Federal Reserve’s monetary policy committee releases the minutes from its last meeting in late July. Then, the&nbsp;Conference Board publishes its Leading Economic Index for July on Thursday.</p><p><blockquote>同样在周三，美联储货币政策委员会公布了7月底上次会议的纪要。然后，世界大型企业联合会将于周四公布7月份领先经济指数。</blockquote></p><p> <b>Monday 8/16</b></p><p><blockquote><b>星期一8/16</b></blockquote></p><p> Tencent Music Entertainment Group,Tokyo Electron,and&nbsp;Clear Secure&nbsp;are among the companies holding earnings conference calls.</p><p><blockquote>腾讯控股音乐娱乐集团、Tokyo Electron和Clear Secure等公司在评级举行财报会议。</blockquote></p><p> <b>The Federal Reserve</b>&nbsp;Bank of New York releases its Empire State Manufacturing Survey for August. The consensus estimate is for a 26.5 reading. That compares with a record high of 43.0 in July, when the general business conditions index rose 26 points.</p><p><blockquote><b>美联储</b>纽约银行发布八月份帝国州制造业调查。普遍估计读数为26.5。相比之下，7月份的历史新高为43.0，当时总体商业状况指数上涨了26点。</blockquote></p><p> <b>Tuesday 8/17</b></p><p><blockquote><b>星期二8/17</b></blockquote></p><p> BHP, Walmart, Home Depot,Agilent Technologies,Pandora, and Krispy Kreme are among the companies hosting earnings conference calls.</p><p><blockquote>必和必拓、沃尔玛、家得宝、安捷伦科技、Pandora和Krispy Kreme等公司在评级举办财报会议。</blockquote></p><p> America’s Car-Mart,Jack Henry &amp; Associates,and&nbsp;La-Z-Boy&nbsp;report financial results after the market closes and will hold earnings calls the following morning, Aug. 18.</p><p><blockquote>America's Car-Mart、Jack Henry&amp;Associates和La-Z-Boy在收盘后报告财务业绩，并将于第二天（8月18日）上午举行收益评级。</blockquote></p><p> <b>The Federal Reserve</b>&nbsp;releases capacity utilization in the industrial sector for July. Consensus calls for a 75.7% reading, little changed from June’s 75.4% reading. Industrial production is seen rising 0.5% from June’s 0.4% seasonally adjusted increase.</p><p><blockquote><b>美联储</b>发布7月工业部门产能利用率。评级共识为75.7%，与6月份的75.4%几乎没有变化。工业生产预计将比6月份经季节调整后的0.4%增长0.5%。</blockquote></p><p> <b>The National Association</b>&nbsp;of Home Builders releases its NAHB/Wells Fargo Housing Market Index for August. Economists forecast an 80 reading, the same as in July. The index is down from its all-time high of 90 set in November.</p><p><blockquote><b>全国协会</b>房屋建筑商协会发布了8月份NAHB/富国银行住房市场指数。经济学家预测读数为80，与7月份相同。该指数较11月份创下的历史高点90有所回落。</blockquote></p><p> <b>Federal Reserve Board</b>&nbsp;Chairman Jay Powell will host a virtual town hall with educators and students.</p><p><blockquote><b>联邦储备委员会</b>主席杰伊·鲍威尔将与教育工作者和学生一起主持一个虚拟市政厅。</blockquote></p><p> <b>The Census Bureau reports</b>&nbsp;retail sales data for July. Expectations are for a 0.3% seasonally adjusted month-over-month decrease, following a 0.6% rise in June. Excluding autos, spending is seen rising 0.2%, compared with a 1.3% rise in the previous month.</p><p><blockquote><b>人口普查局报告</b>7月零售销售数据。继6月份上涨0.6%后，预计经季节调整后环比下降0.3%。不包括汽车在内，支出预计将增长0.2%，而上个月为增长1.3%。</blockquote></p><p> <b>Wednesday 8/18</b></p><p><blockquote><b>星期三8/18</b></blockquote></p><p> <b>The Federal Open Market</b>&nbsp;Committee releases the minutes from its late-July monetary-policy meeting.</p><p><blockquote><b>联邦公开市场</b>委员会公布了7月底货币政策会议的纪要。</blockquote></p><p> Cisco Systems, Lowe’s, Target, TJX, Tencent Holdings,Brinker International,Analog Devices,Synopsys,Lumentum Holdings, and Nvidia host earnings conference calls.</p><p><blockquote>思科系统、劳氏、塔吉特、TJX、腾讯控股控股、Brinker International、Analog Devices、Synopsys、Lumentum Holdings和Nvidia在评级举办财报会议。</blockquote></p><p> <b>The Census Bureau’s</b>new residential construction report for July is expected to show the seasonally adjusted annual rate of housing starts at 1.610 million, down from June’s 1.643 million. Housing starts hit a postpandemic peak of 1.73 million in March.</p><p><blockquote><b>人口普查局的</b>7月份新住宅建设报告预计显示，经季节调整后的新屋开工年率为161.0万套，低于6月份的164.3万套。3月份新屋开工量达到173万套的疫情后峰值。</blockquote></p><p> <b>Thursday 8/19</b></p><p><blockquote><b>星期四8/19</b></blockquote></p><p> BJ’s Wholesale,<b>L Brands</b>, Applied Materials,Ross Stores,Estée Lauder,Kohl’s, Macy’s,Performance Food Group,Petco Health and Wellness,and Farfetch host earnings conference calls.</p><p><blockquote>BJ的批发，<b>L品牌</b>、Applied Materials、Ross Stores、雅诗兰黛、Kohl's、Macy's、Performance Food Group、Petco Health and Wellness和Farfetch将在评级举办财报会议。</blockquote></p><p> <b>The Conference Board</b>releases its Leading Economic Index for July. The LEI is expected to increase 0.7% month over month, after gaining 0.7% in June.</p><p><blockquote><b>世界大型企业联合会</b>发布7月份领先经济指数。继6月份上涨0.7%后，LEI预计将环比上涨0.7%。</blockquote></p><p> <b>Friday 8/20</b></p><p><blockquote><b>星期五8/20</b></blockquote></p><p> Deere and Foot Locker host conference calls to discuss financial results.</p><p><blockquote>Deere和Foot Locker在评级主办会议讨论财务业绩。</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>Nvidia, Tencent,Walmart, Target and Other Stocks to Watch This Week<blockquote>英伟达、腾讯控股、沃尔玛、塔吉特等本周值得关注的股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNvidia, Tencent,Walmart, Target and Other Stocks to Watch This Week<blockquote>英伟达、腾讯控股、沃尔玛、塔吉特等本周值得关注的股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-08-16 06:51</span>\n</p>\n</h4>\n</header>\n<article>\n<p>It’s the late innings of second-quarter earnings season, with retailers ready to step up to the plate. Walmart and Home Depot report on Tuesday, followed by Lowe’s, Target, and TJX on Wednesday.&nbsp;Kohl’s, Macy’s, BJ’s Wholesale, and L Brands are Thursday’s retail highlights, then Foot Locker closes the week on Friday.</p><p><blockquote>现在是第二季度财报季的最后几局，零售商已准备好采取行动。沃尔玛和家得宝周二发布报告，劳氏、塔吉特和TJX周三紧随其后。美国柯尔百货公司、梅西百货、BJ批发和L品牌是周四的零售亮点，然后Foot Locker将于周五结束本周。</blockquote></p><p> The Census Bureau’s July retail sales data for July is also out this week, on Tuesday. Economists on average are forecasting a&nbsp;0.2% seasonally adjusted increase last month, after a 0.6% rise in June.</p><p><blockquote>人口普查局7月份零售销售数据也将于本周周二公布。经济学家平均预测，上个月经季节性调整后的增长率为0。</blockquote></p><p> Major non-retail companies releasing results this week include Pandora and&nbsp;Krispy Kreme&nbsp;on Tuesday, followed by a busy Wednesday:Nvidia,Tencent Holdings,CiscoSystems,Analog Devices,and&nbsp;Lumentum Holdings&nbsp;all report.Applied Materials&nbsp;goes on Thursday and Deere closes the week on Friday.</p><p><blockquote>本周发布业绩的主要非零售公司包括周二发布业绩的Pandora和Krispy Kreme，随后是繁忙的周三：Nvidia、腾讯控股控股公司、思科系统公司、Analog Devices和Lumentum Holdings均发布业绩。应用材料公司周四公布业绩，Deere公司本周收盘周五。</blockquote></p><p> Economic data out this week include several housing-market metrics:&nbsp;The National Association of Home Builders’ NAHB/Wells Fargo Housing Market Index for August on Tuesday and the Census Bureau’s new residential construction report for July on Wednesday.</p><p><blockquote>本周公布的经济数据包括几项房地产市场指标：周二公布的全国住宅建筑商协会8月份NAHB/富国银行住房市场指数，以及周三公布的人口普查局7月份新住宅建设报告。</blockquote></p><p> Also on Wednesday, the&nbsp;Federal Reserve’s monetary policy committee releases the minutes from its last meeting in late July. Then, the&nbsp;Conference Board publishes its Leading Economic Index for July on Thursday.</p><p><blockquote>同样在周三，美联储货币政策委员会公布了7月底上次会议的纪要。然后，世界大型企业联合会将于周四公布7月份领先经济指数。</blockquote></p><p> <b>Monday 8/16</b></p><p><blockquote><b>星期一8/16</b></blockquote></p><p> Tencent Music Entertainment Group,Tokyo Electron,and&nbsp;Clear Secure&nbsp;are among the companies holding earnings conference calls.</p><p><blockquote>腾讯控股音乐娱乐集团、Tokyo Electron和Clear Secure等公司在评级举行财报会议。</blockquote></p><p> <b>The Federal Reserve</b>&nbsp;Bank of New York releases its Empire State Manufacturing Survey for August. The consensus estimate is for a 26.5 reading. That compares with a record high of 43.0 in July, when the general business conditions index rose 26 points.</p><p><blockquote><b>美联储</b>纽约银行发布八月份帝国州制造业调查。普遍估计读数为26.5。相比之下，7月份的历史新高为43.0，当时总体商业状况指数上涨了26点。</blockquote></p><p> <b>Tuesday 8/17</b></p><p><blockquote><b>星期二8/17</b></blockquote></p><p> BHP, Walmart, Home Depot,Agilent Technologies,Pandora, and Krispy Kreme are among the companies hosting earnings conference calls.</p><p><blockquote>必和必拓、沃尔玛、家得宝、安捷伦科技、Pandora和Krispy Kreme等公司在评级举办财报会议。</blockquote></p><p> America’s Car-Mart,Jack Henry &amp; Associates,and&nbsp;La-Z-Boy&nbsp;report financial results after the market closes and will hold earnings calls the following morning, Aug. 18.</p><p><blockquote>America's Car-Mart、Jack Henry&amp;Associates和La-Z-Boy在收盘后报告财务业绩，并将于第二天（8月18日）上午举行收益评级。</blockquote></p><p> <b>The Federal Reserve</b>&nbsp;releases capacity utilization in the industrial sector for July. Consensus calls for a 75.7% reading, little changed from June’s 75.4% reading. Industrial production is seen rising 0.5% from June’s 0.4% seasonally adjusted increase.</p><p><blockquote><b>美联储</b>发布7月工业部门产能利用率。评级共识为75.7%，与6月份的75.4%几乎没有变化。工业生产预计将比6月份经季节调整后的0.4%增长0.5%。</blockquote></p><p> <b>The National Association</b>&nbsp;of Home Builders releases its NAHB/Wells Fargo Housing Market Index for August. Economists forecast an 80 reading, the same as in July. The index is down from its all-time high of 90 set in November.</p><p><blockquote><b>全国协会</b>房屋建筑商协会发布了8月份NAHB/富国银行住房市场指数。经济学家预测读数为80，与7月份相同。该指数较11月份创下的历史高点90有所回落。</blockquote></p><p> <b>Federal Reserve Board</b>&nbsp;Chairman Jay Powell will host a virtual town hall with educators and students.</p><p><blockquote><b>联邦储备委员会</b>主席杰伊·鲍威尔将与教育工作者和学生一起主持一个虚拟市政厅。</blockquote></p><p> <b>The Census Bureau reports</b>&nbsp;retail sales data for July. Expectations are for a 0.3% seasonally adjusted month-over-month decrease, following a 0.6% rise in June. Excluding autos, spending is seen rising 0.2%, compared with a 1.3% rise in the previous month.</p><p><blockquote><b>人口普查局报告</b>7月零售销售数据。继6月份上涨0.6%后，预计经季节调整后环比下降0.3%。不包括汽车在内，支出预计将增长0.2%，而上个月为增长1.3%。</blockquote></p><p> <b>Wednesday 8/18</b></p><p><blockquote><b>星期三8/18</b></blockquote></p><p> <b>The Federal Open Market</b>&nbsp;Committee releases the minutes from its late-July monetary-policy meeting.</p><p><blockquote><b>联邦公开市场</b>委员会公布了7月底货币政策会议的纪要。</blockquote></p><p> Cisco Systems, Lowe’s, Target, TJX, Tencent Holdings,Brinker International,Analog Devices,Synopsys,Lumentum Holdings, and Nvidia host earnings conference calls.</p><p><blockquote>思科系统、劳氏、塔吉特、TJX、腾讯控股控股、Brinker International、Analog Devices、Synopsys、Lumentum Holdings和Nvidia在评级举办财报会议。</blockquote></p><p> <b>The Census Bureau’s</b>new residential construction report for July is expected to show the seasonally adjusted annual rate of housing starts at 1.610 million, down from June’s 1.643 million. Housing starts hit a postpandemic peak of 1.73 million in March.</p><p><blockquote><b>人口普查局的</b>7月份新住宅建设报告预计显示，经季节调整后的新屋开工年率为161.0万套，低于6月份的164.3万套。3月份新屋开工量达到173万套的疫情后峰值。</blockquote></p><p> <b>Thursday 8/19</b></p><p><blockquote><b>星期四8/19</b></blockquote></p><p> BJ’s Wholesale,<b>L Brands</b>, Applied Materials,Ross Stores,Estée Lauder,Kohl’s, Macy’s,Performance Food Group,Petco Health and Wellness,and Farfetch host earnings conference calls.</p><p><blockquote>BJ的批发，<b>L品牌</b>、Applied Materials、Ross Stores、雅诗兰黛、Kohl's、Macy's、Performance Food Group、Petco Health and Wellness和Farfetch将在评级举办财报会议。</blockquote></p><p> <b>The Conference Board</b>releases its Leading Economic Index for July. The LEI is expected to increase 0.7% month over month, after gaining 0.7% in June.</p><p><blockquote><b>世界大型企业联合会</b>发布7月份领先经济指数。继6月份上涨0.7%后，LEI预计将环比上涨0.7%。</blockquote></p><p> <b>Friday 8/20</b></p><p><blockquote><b>星期五8/20</b></blockquote></p><p> Deere and Foot Locker host conference calls to discuss financial results.</p><p><blockquote>Deere和Foot Locker在评级主办会议讨论财务业绩。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/stocks-to-watch-this-week-51629054047?mod=hp_LEAD_2\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯","TGT":"塔吉特","WMT":"沃尔玛","TME":"腾讯音乐","NVDA":"英伟达",".IXIC":"NASDAQ Composite"},"source_url":"https://www.barrons.com/articles/stocks-to-watch-this-week-51629054047?mod=hp_LEAD_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129589874","content_text":"It’s the late innings of second-quarter earnings season, with retailers ready to step up to the plate. Walmart and Home Depot report on Tuesday, followed by Lowe’s, Target, and TJX on Wednesday. Kohl’s, Macy’s, BJ’s Wholesale, and L Brands are Thursday’s retail highlights, then Foot Locker closes the week on Friday.\nThe Census Bureau’s July retail sales data for July is also out this week, on Tuesday. Economists on average are forecasting a 0.2% seasonally adjusted increase last month, after a 0.6% rise in June.\nMajor non-retail companies releasing results this week include Pandora and Krispy Kreme on Tuesday, followed by a busy Wednesday:Nvidia,Tencent Holdings,CiscoSystems,Analog Devices,and Lumentum Holdings all report.Applied Materials goes on Thursday and Deere closes the week on Friday.\nEconomic data out this week include several housing-market metrics: The National Association of Home Builders’ NAHB/Wells Fargo Housing Market Index for August on Tuesday and the Census Bureau’s new residential construction report for July on Wednesday.\nAlso on Wednesday, the Federal Reserve’s monetary policy committee releases the minutes from its last meeting in late July. Then, the Conference Board publishes its Leading Economic Index for July on Thursday.\nMonday 8/16\nTencent Music Entertainment Group,Tokyo Electron,and Clear Secure are among the companies holding earnings conference calls.\nThe Federal Reserve Bank of New York releases its Empire State Manufacturing Survey for August. The consensus estimate is for a 26.5 reading. That compares with a record high of 43.0 in July, when the general business conditions index rose 26 points.\nTuesday 8/17\nBHP, Walmart, Home Depot,Agilent Technologies,Pandora, and Krispy Kreme are among the companies hosting earnings conference calls.\nAmerica’s Car-Mart,Jack Henry & Associates,and La-Z-Boy report financial results after the market closes and will hold earnings calls the following morning, Aug. 18.\nThe Federal Reserve releases capacity utilization in the industrial sector for July. Consensus calls for a 75.7% reading, little changed from June’s 75.4% reading. Industrial production is seen rising 0.5% from June’s 0.4% seasonally adjusted increase.\nThe National Association of Home Builders releases its NAHB/Wells Fargo Housing Market Index for August. Economists forecast an 80 reading, the same as in July. The index is down from its all-time high of 90 set in November.\nFederal Reserve Board Chairman Jay Powell will host a virtual town hall with educators and students.\nThe Census Bureau reports retail sales data for July. Expectations are for a 0.3% seasonally adjusted month-over-month decrease, following a 0.6% rise in June. Excluding autos, spending is seen rising 0.2%, compared with a 1.3% rise in the previous month.\nWednesday 8/18\nThe Federal Open Market Committee releases the minutes from its late-July monetary-policy meeting.\nCisco Systems, Lowe’s, Target, TJX, Tencent Holdings,Brinker International,Analog Devices,Synopsys,Lumentum Holdings, and Nvidia host earnings conference calls.\nThe Census Bureau’snew residential construction report for July is expected to show the seasonally adjusted annual rate of housing starts at 1.610 million, down from June’s 1.643 million. Housing starts hit a postpandemic peak of 1.73 million in March.\nThursday 8/19\nBJ’s Wholesale,L Brands, Applied Materials,Ross Stores,Estée Lauder,Kohl’s, Macy’s,Performance Food Group,Petco Health and Wellness,and Farfetch host earnings conference calls.\nThe Conference Boardreleases its Leading Economic Index for July. The LEI is expected to increase 0.7% month over month, after gaining 0.7% in June.\nFriday 8/20\nDeere and Foot Locker host conference calls to discuss financial results.","news_type":1,"symbols_score_info":{"WMT":0.9,"TGT":0.9,"NVDA":0.9,".IXIC":0.9,".DJI":0.9,".SPX":0.9,"TME":0.9}},"isVote":1,"tweetType":1,"viewCount":711,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":865219862,"gmtCreate":1632985616886,"gmtModify":1632985617860,"author":{"id":"3581317711527033","authorId":"3581317711527033","name":"Chanelyap","avatar":"https://static.tigerbbs.com/ead5a4e57e2f9f018e7802a33c0a28f5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581317711527033","idStr":"3581317711527033"},"themes":[],"htmlText":"Like please thanks","listText":"Like please thanks","text":"Like please thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":11,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/865219862","repostId":"1104172212","repostType":4,"isVote":1,"tweetType":1,"viewCount":2548,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":860969800,"gmtCreate":1632122657100,"gmtModify":1632802698356,"author":{"id":"3581317711527033","authorId":"3581317711527033","name":"Chanelyap","avatar":"https://static.tigerbbs.com/ead5a4e57e2f9f018e7802a33c0a28f5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581317711527033","idStr":"3581317711527033"},"themes":[],"htmlText":"Like thanks","listText":"Like thanks","text":"Like thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/860969800","repostId":"1196172424","repostType":4,"repost":{"id":"1196172424","kind":"news","pubTimestamp":1632105381,"share":"https://www.laohu8.com/m/news/1196172424?lang=zh_CN&edition=full","pubTime":"2021-09-20 10:36","market":"us","language":"en","title":"The One Indicator That Has Wall Street Biting Its Nails<blockquote>让华尔街咬紧牙关的一个指标</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1196172424","media":"Barrons","summary":"The stock market dropped because there’s something scarier than taxes, tapers, and contagion.","content":"<p>Wall Street has found something scarier than tapering,axes,and contagion. It’s called the 50-day moving average.</p><p><blockquote>华尔街发现了比缩减、斧头和传染病更可怕的东西。它被称为50日移动平均线。</blockquote></p><p> The predictions of impending doom from Wall Street’s talking heads continued this past week. The reasons for a pullback are many: The stock market has rallied for too long and has gone up too smoothly, the Federal Reserve is about to remove the bond buying that has helped prop markets up, taxes are ready to rise, economic data are slowing. None of it really left a mark.</p><p><blockquote>过去一周，华尔街的大佬们继续预测末日即将来临。回调的原因有很多：股市上涨时间太长，上涨太平稳，美联储即将取消帮助支撑市场上涨的债券购买，税收即将上升，经济数据正在放缓。没有一个真正留下痕迹。</blockquote></p><p> But then the&nbsp;S&amp;P 500&nbsp;dropped 0.6%, to 4432.99, over the week, while the&nbsp;Dow Jones Industrial Average&nbsp;fell 0.1%, to 34,584.88, and the&nbsp;Nasdaq Composite&nbsp;slumped 0.5%, to 15,043.97. For the S&amp;P 500, it was the first close since June 18 below its 50-day moving average—a technical measure of the previous 50 days’ closes that often ends up acting as support or resistance and that currently sits at 4436.35. For traders, it was very frightening.</p><p><blockquote>但随后标准普尔500指数本周下跌0.6%，至4432.99点；道琼斯工业平均指数下跌0.1%，至34,584.88点；纳斯达克综合指数下跌0.5%，至15,043.97点。对于标普500来说，这是自6月18日以来首次收盘价低于50日移动平均线——这是前50天收盘价的技术指标，通常最终成为支撑位或阻力位，目前位于4436.35。对于交易者来说，这是非常可怕的。</blockquote></p><p> That the drop also occurred on options expiration day—when options bets expire and are rolled over, typically a volatile day—also makes the moment fraught. Since May, options expiration has been the time for the S&amp;P 500 to make a quick test of its 50-day moving average before a bounce higher. And when I say quick, I mean quick, as it usually took the index a day, maybe two, to rebound.</p><p><blockquote>下跌也发生在期权到期日——期权押注到期并展期，通常是波动较大的一天——也让这一时刻令人担忧。自5月份以来，期权到期一直是标普500在反弹走高之前快速测试50日均线的时候。当我说快速时，我的意思是快速，因为指数通常需要一天，也许两天才能反弹。</blockquote></p><p> “The 50-Day MA discussion has been pounded into our heads with every drawdown,” writes Frank Cappelleri, desk strategist at Instinet. “And while we may be sick of hearing about it, the dip buying around the line has been a real phenomenon.”</p><p><blockquote>Instinet的案头策略师弗兰克·卡佩莱里(Frank Cappelleri)写道：“每次回撤时，我们都会对50日MA的讨论进行猛烈抨击。”“虽然我们可能已经厌倦了听到这个消息，但围绕这条线的逢低买入一直是一个真实的现象。”</blockquote></p><p> This time has a different feel to it. The S&amp;P 500’s sojourn near the 50-day has been longer, notes Jonathan Krinsky, chief market technician at Bay Crest Partners. It’s been sitting near it for about six trading days now, without a big drop or big bounce. “The current set-up looks a bit more like a consolidation on the 50 DMA, as opposed to the prior quick ‘V-shaped’ dips,” Krinsky writes. “What we are saying is that the current way in which we got here feels a bit different than the last four to five times.”</p><p><blockquote>这次有不同的感觉。Bay Crest Partners首席市场技术员Jonathan Krinsky指出，标普500的停留时间接近50天，时间更长。它已经在它附近徘徊了大约六个交易日，没有大幅下跌或大幅反弹。Krinsky写道：“与之前的快速‘V形’下跌相比，当前的格局看起来更像是50日均线的盘整。”“我们要说的是，我们目前到达这里的方式感觉与过去四到五次有点不同。”</blockquote></p><p> Still, Krinsky acknowledges that one close below the 50-day isn’t enough to panic. That’s because the S&amp;P 500 has now gone 218 days without two closes below the average, the second-longest streak since 1990. We won’t know if that streak breaks until the end of trading on Monday.</p><p><blockquote>尽管如此，克林斯基承认，收盘价低于50日线还不足以引起恐慌。这是因为标普500已经有218天没有两次收盘低于平均水平，这是自1990年以来第二长的连续纪录。在周一交易结束之前，我们不会知道这一连胜是否会被打破。</blockquote></p><p> The market has plenty of excuses to break the 50-day, if it’s so inclined. Maybe Evergrande (ticker: 3333.Hong Kong), the troubled Chinese property developer, will prove to be a Lehman moment and bring the world’s markets down with it. Maybe the Fed will surprise everyone and start tapering this coming week. Maybe something is lurking out there like the Baba Yaga of the old fairy tales, and maybe it looks a lot like Keanu Reeves.</p><p><blockquote>如果市场愿意的话，它有很多借口打破50天。也许陷入困境的中国房地产开发商恒大（股票代码：3333.Hong Kong）将成为雷曼时刻，并拖累世界市场。也许美联储会让所有人大吃一惊，并在下周开始缩减规模。也许有什么东西潜伏在那里，就像古老童话中的芭芭雅嘎，也许它看起来很像山谬·里维。</blockquote></p><p> But perhaps all the September weakness and worry are a good thing, setting the market up for its next run. “The ACWI is oversold again, and sentiment is not too optimistic,” writes Ned Davis Research’s Tim Hayes, commenting on the MSCI All-Country World Index. “The market’s resilience in the face of the negative September seasonality could be the preview of a bullish response to seasonal tendencies that turn favorable in the fourth quarter.”</p><p><blockquote>但也许9月份的所有疲软和担忧都是一件好事，为市场的下一轮上涨做好了准备。Ned Davis Research的Tim Hayes在评论MSCI各国世界指数时写道：“ACWI再次超卖，市场情绪也不太乐观。”“市场面对9月份负面季节性的韧性可能是对第四季度转向有利的季节性趋势做出看涨反应的预演。”</blockquote></p><p> We just have to get there first.</p><p><blockquote>我们只需要先到那里。</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>The One Indicator That Has Wall Street Biting Its Nails<blockquote>让华尔街咬紧牙关的一个指标</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\">\nThe One Indicator That Has Wall Street Biting Its Nails<blockquote>让华尔街咬紧牙关的一个指标</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-09-20 10:36</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Wall Street has found something scarier than tapering,axes,and contagion. It’s called the 50-day moving average.</p><p><blockquote>华尔街发现了比缩减、斧头和传染病更可怕的东西。它被称为50日移动平均线。</blockquote></p><p> The predictions of impending doom from Wall Street’s talking heads continued this past week. The reasons for a pullback are many: The stock market has rallied for too long and has gone up too smoothly, the Federal Reserve is about to remove the bond buying that has helped prop markets up, taxes are ready to rise, economic data are slowing. None of it really left a mark.</p><p><blockquote>过去一周，华尔街的大佬们继续预测末日即将来临。回调的原因有很多：股市上涨时间太长，上涨太平稳，美联储即将取消帮助支撑市场上涨的债券购买，税收即将上升，经济数据正在放缓。没有一个真正留下痕迹。</blockquote></p><p> But then the&nbsp;S&amp;P 500&nbsp;dropped 0.6%, to 4432.99, over the week, while the&nbsp;Dow Jones Industrial Average&nbsp;fell 0.1%, to 34,584.88, and the&nbsp;Nasdaq Composite&nbsp;slumped 0.5%, to 15,043.97. For the S&amp;P 500, it was the first close since June 18 below its 50-day moving average—a technical measure of the previous 50 days’ closes that often ends up acting as support or resistance and that currently sits at 4436.35. For traders, it was very frightening.</p><p><blockquote>但随后标准普尔500指数本周下跌0.6%，至4432.99点；道琼斯工业平均指数下跌0.1%，至34,584.88点；纳斯达克综合指数下跌0.5%，至15,043.97点。对于标普500来说，这是自6月18日以来首次收盘价低于50日移动平均线——这是前50天收盘价的技术指标，通常最终成为支撑位或阻力位，目前位于4436.35。对于交易者来说，这是非常可怕的。</blockquote></p><p> That the drop also occurred on options expiration day—when options bets expire and are rolled over, typically a volatile day—also makes the moment fraught. Since May, options expiration has been the time for the S&amp;P 500 to make a quick test of its 50-day moving average before a bounce higher. And when I say quick, I mean quick, as it usually took the index a day, maybe two, to rebound.</p><p><blockquote>下跌也发生在期权到期日——期权押注到期并展期，通常是波动较大的一天——也让这一时刻令人担忧。自5月份以来，期权到期一直是标普500在反弹走高之前快速测试50日均线的时候。当我说快速时，我的意思是快速，因为指数通常需要一天，也许两天才能反弹。</blockquote></p><p> “The 50-Day MA discussion has been pounded into our heads with every drawdown,” writes Frank Cappelleri, desk strategist at Instinet. “And while we may be sick of hearing about it, the dip buying around the line has been a real phenomenon.”</p><p><blockquote>Instinet的案头策略师弗兰克·卡佩莱里(Frank Cappelleri)写道：“每次回撤时，我们都会对50日MA的讨论进行猛烈抨击。”“虽然我们可能已经厌倦了听到这个消息，但围绕这条线的逢低买入一直是一个真实的现象。”</blockquote></p><p> This time has a different feel to it. The S&amp;P 500’s sojourn near the 50-day has been longer, notes Jonathan Krinsky, chief market technician at Bay Crest Partners. It’s been sitting near it for about six trading days now, without a big drop or big bounce. “The current set-up looks a bit more like a consolidation on the 50 DMA, as opposed to the prior quick ‘V-shaped’ dips,” Krinsky writes. “What we are saying is that the current way in which we got here feels a bit different than the last four to five times.”</p><p><blockquote>这次有不同的感觉。Bay Crest Partners首席市场技术员Jonathan Krinsky指出，标普500的停留时间接近50天，时间更长。它已经在它附近徘徊了大约六个交易日，没有大幅下跌或大幅反弹。Krinsky写道：“与之前的快速‘V形’下跌相比，当前的格局看起来更像是50日均线的盘整。”“我们要说的是，我们目前到达这里的方式感觉与过去四到五次有点不同。”</blockquote></p><p> Still, Krinsky acknowledges that one close below the 50-day isn’t enough to panic. That’s because the S&amp;P 500 has now gone 218 days without two closes below the average, the second-longest streak since 1990. We won’t know if that streak breaks until the end of trading on Monday.</p><p><blockquote>尽管如此，克林斯基承认，收盘价低于50日线还不足以引起恐慌。这是因为标普500已经有218天没有两次收盘低于平均水平，这是自1990年以来第二长的连续纪录。在周一交易结束之前，我们不会知道这一连胜是否会被打破。</blockquote></p><p> The market has plenty of excuses to break the 50-day, if it’s so inclined. Maybe Evergrande (ticker: 3333.Hong Kong), the troubled Chinese property developer, will prove to be a Lehman moment and bring the world’s markets down with it. Maybe the Fed will surprise everyone and start tapering this coming week. Maybe something is lurking out there like the Baba Yaga of the old fairy tales, and maybe it looks a lot like Keanu Reeves.</p><p><blockquote>如果市场愿意的话，它有很多借口打破50天。也许陷入困境的中国房地产开发商恒大（股票代码：3333.Hong Kong）将成为雷曼时刻，并拖累世界市场。也许美联储会让所有人大吃一惊，并在下周开始缩减规模。也许有什么东西潜伏在那里，就像古老童话中的芭芭雅嘎，也许它看起来很像山谬·里维。</blockquote></p><p> But perhaps all the September weakness and worry are a good thing, setting the market up for its next run. “The ACWI is oversold again, and sentiment is not too optimistic,” writes Ned Davis Research’s Tim Hayes, commenting on the MSCI All-Country World Index. “The market’s resilience in the face of the negative September seasonality could be the preview of a bullish response to seasonal tendencies that turn favorable in the fourth quarter.”</p><p><blockquote>但也许9月份的所有疲软和担忧都是一件好事，为市场的下一轮上涨做好了准备。Ned Davis Research的Tim Hayes在评论MSCI各国世界指数时写道：“ACWI再次超卖，市场情绪也不太乐观。”“市场面对9月份负面季节性的韧性可能是对第四季度转向有利的季节性趋势做出看涨反应的预演。”</blockquote></p><p> We just have to get there first.</p><p><blockquote>我们只需要先到那里。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/stock-market-falls-because-theres-something-scarier-than-taxes-tapers-and-contagion-51631925838?mod=hp_DAY_7\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://www.barrons.com/articles/stock-market-falls-because-theres-something-scarier-than-taxes-tapers-and-contagion-51631925838?mod=hp_DAY_7","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1196172424","content_text":"Wall Street has found something scarier than tapering,axes,and contagion. It’s called the 50-day moving average.\nThe predictions of impending doom from Wall Street’s talking heads continued this past week. The reasons for a pullback are many: The stock market has rallied for too long and has gone up too smoothly, the Federal Reserve is about to remove the bond buying that has helped prop markets up, taxes are ready to rise, economic data are slowing. None of it really left a mark.\nBut then the S&P 500 dropped 0.6%, to 4432.99, over the week, while the Dow Jones Industrial Average fell 0.1%, to 34,584.88, and the Nasdaq Composite slumped 0.5%, to 15,043.97. For the S&P 500, it was the first close since June 18 below its 50-day moving average—a technical measure of the previous 50 days’ closes that often ends up acting as support or resistance and that currently sits at 4436.35. For traders, it was very frightening.\nThat the drop also occurred on options expiration day—when options bets expire and are rolled over, typically a volatile day—also makes the moment fraught. Since May, options expiration has been the time for the S&P 500 to make a quick test of its 50-day moving average before a bounce higher. And when I say quick, I mean quick, as it usually took the index a day, maybe two, to rebound.\n“The 50-Day MA discussion has been pounded into our heads with every drawdown,” writes Frank Cappelleri, desk strategist at Instinet. “And while we may be sick of hearing about it, the dip buying around the line has been a real phenomenon.”\nThis time has a different feel to it. The S&P 500’s sojourn near the 50-day has been longer, notes Jonathan Krinsky, chief market technician at Bay Crest Partners. It’s been sitting near it for about six trading days now, without a big drop or big bounce. “The current set-up looks a bit more like a consolidation on the 50 DMA, as opposed to the prior quick ‘V-shaped’ dips,” Krinsky writes. “What we are saying is that the current way in which we got here feels a bit different than the last four to five times.”\nStill, Krinsky acknowledges that one close below the 50-day isn’t enough to panic. That’s because the S&P 500 has now gone 218 days without two closes below the average, the second-longest streak since 1990. We won’t know if that streak breaks until the end of trading on Monday.\nThe market has plenty of excuses to break the 50-day, if it’s so inclined. Maybe Evergrande (ticker: 3333.Hong Kong), the troubled Chinese property developer, will prove to be a Lehman moment and bring the world’s markets down with it. Maybe the Fed will surprise everyone and start tapering this coming week. Maybe something is lurking out there like the Baba Yaga of the old fairy tales, and maybe it looks a lot like Keanu Reeves.\nBut perhaps all the September weakness and worry are a good thing, setting the market up for its next run. “The ACWI is oversold again, and sentiment is not too optimistic,” writes Ned Davis Research’s Tim Hayes, commenting on the MSCI All-Country World Index. “The market’s resilience in the face of the negative September seasonality could be the preview of a bullish response to seasonal tendencies that turn favorable in the fourth quarter.”\nWe just have to get there first.","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":1541,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":829295794,"gmtCreate":1633509742873,"gmtModify":1633509743834,"author":{"id":"3581317711527033","authorId":"3581317711527033","name":"Chanelyap","avatar":"https://static.tigerbbs.com/ead5a4e57e2f9f018e7802a33c0a28f5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581317711527033","idStr":"3581317711527033"},"themes":[],"htmlText":"Like please thanks","listText":"Like please thanks","text":"Like please thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/829295794","repostId":"1123518290","repostType":4,"isVote":1,"tweetType":1,"viewCount":2528,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":889963203,"gmtCreate":1631104234702,"gmtModify":1631888310807,"author":{"id":"3581317711527033","authorId":"3581317711527033","name":"Chanelyap","avatar":"https://static.tigerbbs.com/ead5a4e57e2f9f018e7802a33c0a28f5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581317711527033","idStr":"3581317711527033"},"themes":[],"htmlText":"Like thanks","listText":"Like thanks","text":"Like thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/889963203","repostId":"1152198957","repostType":4,"isVote":1,"tweetType":1,"viewCount":1994,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":819170062,"gmtCreate":1630049506256,"gmtModify":1704955166598,"author":{"id":"3581317711527033","authorId":"3581317711527033","name":"Chanelyap","avatar":"https://static.tigerbbs.com/ead5a4e57e2f9f018e7802a33c0a28f5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581317711527033","idStr":"3581317711527033"},"themes":[],"htmlText":"Like thanks","listText":"Like thanks","text":"Like thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/819170062","repostId":"2162090400","repostType":4,"isVote":1,"tweetType":1,"viewCount":878,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":886214477,"gmtCreate":1631594271499,"gmtModify":1631888310803,"author":{"id":"3581317711527033","authorId":"3581317711527033","name":"Chanelyap","avatar":"https://static.tigerbbs.com/ead5a4e57e2f9f018e7802a33c0a28f5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581317711527033","idStr":"3581317711527033"},"themes":[],"htmlText":"Like please","listText":"Like please","text":"Like please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/886214477","repostId":"2167843475","repostType":4,"isVote":1,"tweetType":1,"viewCount":1682,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":814653190,"gmtCreate":1630815232610,"gmtModify":1631888310810,"author":{"id":"3581317711527033","authorId":"3581317711527033","name":"Chanelyap","avatar":"https://static.tigerbbs.com/ead5a4e57e2f9f018e7802a33c0a28f5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581317711527033","idStr":"3581317711527033"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/814653190","repostId":"1198049168","repostType":4,"repost":{"id":"1198049168","kind":"news","pubTimestamp":1630657800,"share":"https://www.laohu8.com/m/news/1198049168?lang=zh_CN&edition=full","pubTime":"2021-09-03 16:30","market":"us","language":"en","title":"The Three Big Transitions Reshaping Finance<blockquote>重塑金融的三大转型</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1198049168","media":"Barron's","summary":"About the author: Stephen Deane, a chartered financial analyst, is senior director, legislative and ","content":"<p><i>About the author: Stephen Deane, a chartered financial analyst, is senior director, legislative and regulatory outreach, at the CFA Institute. He joined the institute after more than nine years at the U.S. Securities and Exchange Commission.</i></p><p><blockquote><i>作者简介：Stephen Deane，特许金融分析师，CFA协会立法和监管外联高级总监。他在美国证券交易委员会工作了九年多后加入了该研究所。</i></blockquote></p><p> Ever since Covid disrupted our lives, two themes have emerged.&nbsp;First, a feeling that we are living in an antechamber to a new and still-undefined era. And second, a pattern of hybrids, from homes converted into hybrid spaces of living/working/schooling, to expectations of a new office hybrid that will mix virtual and in-person meetings.</p><p><blockquote>自从Covid扰乱了我们的生活，出现了两个主题。首先，一种我们生活在一个新的、仍未定义的时代的前厅的感觉。第二，混合模式，从家庭转变为生活/工作/上学的混合空间，到对混合虚拟和面对面会议的新办公室混合的期望。</blockquote></p><p> But what about the world of finance and securities markets?&nbsp;There, too, we can find patterns of transition and hybrids.&nbsp;Consider three phenomena that began before Covid but have exploded in growth since then:&nbsp;digital assets, Robinhood, and SPACs.</p><p><blockquote>但是金融和证券市场的世界呢？在那里，我们也可以找到过渡和混合的模式。考虑三种现象，它们始于Covid之前，但自那以后增长迅速：数字资产、Robinhood和SPACs。</blockquote></p><p> Start with the rise of cryptocurrencies, digital tokens and other such assets, which remain very much in a transitory stage (like the “Wild West,” SEC Chairman Gary Genslerrecently observed).&nbsp;Even as the crypto asset class has grown to an estimated $1.6 trillion, basic questions remain unanswered.&nbsp;Are digital tokens securities or commodities?&nbsp;Are decentralized finance platforms really securities exchanges?&nbsp;Are data miners and other digital service providers really broker-dealers?&nbsp;Should the SEC permit Bitcoin ETFs?&nbsp;And who should regulate these products, services and entities—the SEC, the CFTC, or banking regulators?</p><p><blockquote>从加密货币、数字代币和其他此类资产的兴起开始，它们在很大程度上仍处于过渡阶段（就像美国证券交易委员会主席加里·詹斯勒最近观察到的“狂野西部”）。即使加密资产类别已经增长到估计的1.6万亿美元，基本问题仍然没有答案。数字代币是证券还是商品？去中心化金融平台真的是证券交易所吗？数据挖掘者和其他数字服务提供商真的是经纪自营商吗？SEC应该允许比特币ETF吗？谁应该监管这些产品、服务和实体——SEC、CFTC还是银行监管机构？</blockquote></p><p> Genslerhas calledon Congress to give the SEC “additional authorities to prevent transactions, products, and platforms from falling between regulatory cracks.” Specifically, he wants “additional plenary authority to write rules for and attach guardrails to crypto trading and lending.”&nbsp;And the U.S. House has passed a bill (H.R. 1602, the Eliminate Barriers to Innovation Act of 2021), which would require the SEC and CFTC to establish a working group on digital assets.</p><p><blockquote>Gensler呼吁国会赋予SEC“额外的权力，以防止交易、产品和平台陷入监管漏洞”。具体来说，他希望“获得额外的全权来为加密货币交易和借贷制定规则并为其设置护栏。”美国众议院已经通过了一项法案（H.R.1602，2021年消除创新障碍法案），要求SEC和CFTC成立一个数字资产工作组。</blockquote></p><p> Some of what passes as crypto innovations pretty clearly seems to be old-fashioned investment products dressed up in digital garb.&nbsp;That would include any stablecoins that function like money market funds and those tokens that fall within the definition of a security. Nonetheless, there is no denying that crypto mixes digital technology with traditional forms of finance in a hybrid of innovation.</p><p><blockquote>一些被称为加密创新的东西显然是披着数字外衣的老式投资产品。这将包括任何功能类似货币市场基金的稳定币，以及那些属于证券定义的代币。尽管如此，不可否认的是，加密货币将数字技术与传统金融形式混合在一起，形成了创新的混合体。</blockquote></p><p> Second, consider Robinhood, which has exploded into view along with Redditor-fueled moonshot trades in meme stocks.&nbsp;Its proclaimedmission“to democratize finance for all” may invite skepticism, but the company can make a strong claim to having attracted a surge of first-time retail investors, representing a younger and more ethnically diverse customer base.&nbsp;Powering that success is Robinhood’s sleek mobile app—and its arsenal of gamification tools to entice and engage customers.&nbsp;But do the nudges and gamification tools cross the line into the realm of investment advice?</p><p><blockquote>其次，考虑一下Robinhood，它与Redditor推动的meme股票登月交易一起出现在人们的视野中。其宣称的“为所有人实现金融民主化”的使命可能会招致怀疑，但该公司可以强有力地声称吸引了大量首次投资的散户投资者，代表了更年轻、种族更多元化的客户群。推动这一成功的是Robinhood时尚的移动应用程序——以及吸引和吸引客户的游戏化工具。但是，轻推和游戏化工具是否跨越了投资建议领域？</blockquote></p><p> “Once individuals become customers, Robinhood relentlessly bombards them with a number of strategies designed to encourage and incentivize continuous and repeated engagement with this application,” the Massachusetts state securities regulator alleges in alawsuitagainst Robinhood.&nbsp;The complaint points to several such techniques, from celebrating customer trades with confetti (a practice Robinhood has since abandoned) to plying customers with lists of most-traded and most-popular securities on its platform.</p><p><blockquote>马萨诸塞州证券监管机构在alawsuitagainst Robinhood中声称：“一旦个人成为客户，Robinhood就会无情地用一系列旨在鼓励和激励持续和重复参与该应用程序的策略轰炸他们。”投诉指出了几种此类技术，从用五彩纸屑庆祝客户交易（Robinhood后来放弃了这种做法）到向客户提供其平台上交易量最大和最受欢迎的证券列表。</blockquote></p><p> Should practices like these be subject to the fiduciary standard of an investment adviser?&nbsp;Or to the new Best Interest standard for broker-dealers?&nbsp;Robinhood hascalledthe regulator elitist and says it isn’t making recommendations. Whatever the outcome of the lawsuit, these gamification techniques make Robinhood appear different in kind from the (boring?) practices of traditional broker-dealers that merely execute customers’ trades.&nbsp;The gamification of mobile trading apps may represent a hybrid between standard broker-dealer practices and full-fledged investment advice.</p><p><blockquote>像这样的做法应该遵守投资顾问的信托标准吗？还是新的经纪自营商最佳利益标准？罗宾汉称监管机构为精英主义者，并表示不会提出建议。无论诉讼结果如何，这些游戏化技术让Robinhood在本质上看起来不同于（无聊？）传统经纪自营商仅执行客户交易的做法。移动交易应用的游戏化可能代表了标准经纪自营商实践和成熟投资建议之间的混合。</blockquote></p><p> Third, consider SPACs, which have been around since 2003 but have exploded in popularity in the Covid era.&nbsp;In a hugely successful marketing campaign, SPACs have presented themselves as a kind of poor man’s private equity.&nbsp;If true, that would make SPACs a hybrid between private investment opportunities and public markets.</p><p><blockquote>第三，考虑一下SPAC，它们自2003年就已经存在，但在Covid时代大受欢迎。在一场非常成功的营销活动中，SPAC将自己描绘成一种穷人的私募股权。如果属实，这将使SPAC成为私人投资机会和公共市场的混合体。</blockquote></p><p> The deSPAC merger—the key event in the life of a SPAC—is also a hybrid.&nbsp;This is when the SPAC merges with a private operating company, allowing the target to become a public company without going through an IPO.&nbsp;Or is the merger itself really an IPO?</p><p><blockquote>deSPAC合并——特殊目的收购公司生命中的关键事件——也是一种混合。这是特殊目的收购公司与一家私人运营公司合并，允许目标公司在不通过IPO的情况下成为一家上市公司。还是合并本身真的是IPO？</blockquote></p><p></p><p> That’s precisely the question raised by John Coates, a Harvard Law professor who has become a top SEC official.&nbsp;In a provocativespeechon April 8, Coates argued that the deSPAC merger is an initial public offering, because it is the first time the private operating company is introduced to the public.&nbsp;One speech, however, does not make SEC policy. And Coates’ theory remains untested in court. Nonetheless, it suggests how the deSPAC merger can be considered a hybrid between traditional forms of IPO and merger transactions.</p><p><blockquote>这正是哈佛大学法学教授约翰·科茨提出的问题，他已经成为美国证券交易委员会的高级官员。在4月8日的一次挑衅性演讲中，科茨认为deSPAC的合并是首次公开募股，因为这是第一次向公众介绍这家私营运营公司。然而，一次演讲并不能制定SEC的政策。科茨的理论尚未在法庭上得到检验。尽管如此，它表明deSPAC合并可以被视为传统形式的IPO和合并交易的混合体。</blockquote></p><p> At a House Financial Services subcommitteehearingon May 24, Michael San Nicolas, Guam’s delegate, asked how a SPAC differed from a closed-end equity (mutual) fund.&nbsp;The question may have seemed arcane at the time, but in retrospect it appears to have foreshadowed a series of blockbuster lawsuits against SPACs.&nbsp;Former SEC Commissioner Robert J. Jackson, Jr. and Yale Law Professor John Morley have joined in alawsuitagainst Bill Ackman’s SPAC,Pershing Square Tontine Holdings Ltd.&nbsp;(ticker: PSTH), which raised $4 billion to become the single largest SPAC, and followed up with suits against two other SPACs,GO Acquisition Corp.and E.Merge Technology.&nbsp;The suits allege that the SPACs are really investment companies, like mutual funds and ETFs, because they invest in securities while searching for a merger partner.</p><p><blockquote>在5月24日的众议院金融服务小组委员会听证会上，关岛代表迈克尔·圣尼古拉斯（Michael San Nicolas）询问特殊目的收购公司与封闭式股票（共同）基金有何不同。这个问题在当时似乎很神秘，但回想起来，它似乎预示着一系列针对特殊目的收购公司的重磅诉讼。前SEC专员小罗伯特·J·杰克逊（Robert J.Jackson Jr.）和耶鲁大学法学教授约翰·莫利（John Morley）加入了对比尔·阿克曼（Bill Ackman）的特殊目的收购公司潘兴广场通廷控股有限公司（Pershing Square Tontine Holdings Ltd.）（股票代码：PSTH）的诉讼，该公司筹集了40亿美元，成为最大的单一特殊目的收购公司，随后又对另外两家特殊目的收购公司GO Acquisition Corp.）和E.Merge Technology）提起的诉讼，该公司筹集了40亿美元，成为最大的单一特殊目的收购公司。诉讼称，特殊目的收购公司实际上是投资公司，就像共同基金和ETF一样，因为它们在寻找合并伙伴的同时投资证券。</blockquote></p><p> “Under the [Investment Company Act of 1940], an Investment Company is an entity whose primary business is investing in securities,” the lawsuit against PSTH argues.&nbsp;“And investing in securities is basically the only thing that PSTH has ever done.”</p><p><blockquote>“根据[1940年投资公司法]，投资公司是主要业务是投资证券的实体，”针对PSTH的诉讼称，“而投资证券基本上是PSTH唯一做过的事情。”</blockquote></p><p> Ackmansaysthe suit against his SPAC is meritless, but warns, “Because the basic issues raised here apply to every SPAC, a successful claim would imply that every SPAC may also be an illegal investment company.”&nbsp;The suit suggests one more way that SPACs could be considered a hybrid—a cross between an investment company (like a mutual fund) and a publicly traded company.</p><p><blockquote>阿克曼表示，针对他的SPAC的诉讼毫无根据，但警告说，“因为这里提出的基本问题适用于每个SPAC，成功的索赔将意味着每个SPAC也可能是非法投资公司。”该诉讼提出了SPAC可以被视为混合体的另一种方式——投资公司（如共同基金）和上市公司之间的混合体。</blockquote></p><p> One wonders how we will look back on these market developments a decade from now.&nbsp;Will SPACs, cryptoassets, and mobile trading apps be seen as hybrids that emerged in the antechamber we are living in now?</p><p><blockquote>人们不禁要问，十年后我们将如何回顾这些市场发展。SPAC、加密资产和移动交易应用会被视为出现在我们现在生活的前厅中的混合体吗？</blockquote></p><p></p>","source":"lsy1610680873436","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Three Big Transitions Reshaping Finance<blockquote>重塑金融的三大转型</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\">\nThe Three Big Transitions Reshaping Finance<blockquote>重塑金融的三大转型</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barron's</strong><span class=\"h-time small\">2021-09-03 16:30</span>\n</p>\n</h4>\n</header>\n<article>\n<p><i>About the author: Stephen Deane, a chartered financial analyst, is senior director, legislative and regulatory outreach, at the CFA Institute. He joined the institute after more than nine years at the U.S. Securities and Exchange Commission.</i></p><p><blockquote><i>作者简介：Stephen Deane，特许金融分析师，CFA协会立法和监管外联高级总监。他在美国证券交易委员会工作了九年多后加入了该研究所。</i></blockquote></p><p> Ever since Covid disrupted our lives, two themes have emerged.&nbsp;First, a feeling that we are living in an antechamber to a new and still-undefined era. And second, a pattern of hybrids, from homes converted into hybrid spaces of living/working/schooling, to expectations of a new office hybrid that will mix virtual and in-person meetings.</p><p><blockquote>自从Covid扰乱了我们的生活，出现了两个主题。首先，一种我们生活在一个新的、仍未定义的时代的前厅的感觉。第二，混合模式，从家庭转变为生活/工作/上学的混合空间，到对混合虚拟和面对面会议的新办公室混合的期望。</blockquote></p><p> But what about the world of finance and securities markets?&nbsp;There, too, we can find patterns of transition and hybrids.&nbsp;Consider three phenomena that began before Covid but have exploded in growth since then:&nbsp;digital assets, Robinhood, and SPACs.</p><p><blockquote>但是金融和证券市场的世界呢？在那里，我们也可以找到过渡和混合的模式。考虑三种现象，它们始于Covid之前，但自那以后增长迅速：数字资产、Robinhood和SPACs。</blockquote></p><p> Start with the rise of cryptocurrencies, digital tokens and other such assets, which remain very much in a transitory stage (like the “Wild West,” SEC Chairman Gary Genslerrecently observed).&nbsp;Even as the crypto asset class has grown to an estimated $1.6 trillion, basic questions remain unanswered.&nbsp;Are digital tokens securities or commodities?&nbsp;Are decentralized finance platforms really securities exchanges?&nbsp;Are data miners and other digital service providers really broker-dealers?&nbsp;Should the SEC permit Bitcoin ETFs?&nbsp;And who should regulate these products, services and entities—the SEC, the CFTC, or banking regulators?</p><p><blockquote>从加密货币、数字代币和其他此类资产的兴起开始，它们在很大程度上仍处于过渡阶段（就像美国证券交易委员会主席加里·詹斯勒最近观察到的“狂野西部”）。即使加密资产类别已经增长到估计的1.6万亿美元，基本问题仍然没有答案。数字代币是证券还是商品？去中心化金融平台真的是证券交易所吗？数据挖掘者和其他数字服务提供商真的是经纪自营商吗？SEC应该允许比特币ETF吗？谁应该监管这些产品、服务和实体——SEC、CFTC还是银行监管机构？</blockquote></p><p> Genslerhas calledon Congress to give the SEC “additional authorities to prevent transactions, products, and platforms from falling between regulatory cracks.” Specifically, he wants “additional plenary authority to write rules for and attach guardrails to crypto trading and lending.”&nbsp;And the U.S. House has passed a bill (H.R. 1602, the Eliminate Barriers to Innovation Act of 2021), which would require the SEC and CFTC to establish a working group on digital assets.</p><p><blockquote>Gensler呼吁国会赋予SEC“额外的权力，以防止交易、产品和平台陷入监管漏洞”。具体来说，他希望“获得额外的全权来为加密货币交易和借贷制定规则并为其设置护栏。”美国众议院已经通过了一项法案（H.R.1602，2021年消除创新障碍法案），要求SEC和CFTC成立一个数字资产工作组。</blockquote></p><p> Some of what passes as crypto innovations pretty clearly seems to be old-fashioned investment products dressed up in digital garb.&nbsp;That would include any stablecoins that function like money market funds and those tokens that fall within the definition of a security. Nonetheless, there is no denying that crypto mixes digital technology with traditional forms of finance in a hybrid of innovation.</p><p><blockquote>一些被称为加密创新的东西显然是披着数字外衣的老式投资产品。这将包括任何功能类似货币市场基金的稳定币，以及那些属于证券定义的代币。尽管如此，不可否认的是，加密货币将数字技术与传统金融形式混合在一起，形成了创新的混合体。</blockquote></p><p> Second, consider Robinhood, which has exploded into view along with Redditor-fueled moonshot trades in meme stocks.&nbsp;Its proclaimedmission“to democratize finance for all” may invite skepticism, but the company can make a strong claim to having attracted a surge of first-time retail investors, representing a younger and more ethnically diverse customer base.&nbsp;Powering that success is Robinhood’s sleek mobile app—and its arsenal of gamification tools to entice and engage customers.&nbsp;But do the nudges and gamification tools cross the line into the realm of investment advice?</p><p><blockquote>其次，考虑一下Robinhood，它与Redditor推动的meme股票登月交易一起出现在人们的视野中。其宣称的“为所有人实现金融民主化”的使命可能会招致怀疑，但该公司可以强有力地声称吸引了大量首次投资的散户投资者，代表了更年轻、种族更多元化的客户群。推动这一成功的是Robinhood时尚的移动应用程序——以及吸引和吸引客户的游戏化工具。但是，轻推和游戏化工具是否跨越了投资建议领域？</blockquote></p><p> “Once individuals become customers, Robinhood relentlessly bombards them with a number of strategies designed to encourage and incentivize continuous and repeated engagement with this application,” the Massachusetts state securities regulator alleges in alawsuitagainst Robinhood.&nbsp;The complaint points to several such techniques, from celebrating customer trades with confetti (a practice Robinhood has since abandoned) to plying customers with lists of most-traded and most-popular securities on its platform.</p><p><blockquote>马萨诸塞州证券监管机构在alawsuitagainst Robinhood中声称：“一旦个人成为客户，Robinhood就会无情地用一系列旨在鼓励和激励持续和重复参与该应用程序的策略轰炸他们。”投诉指出了几种此类技术，从用五彩纸屑庆祝客户交易（Robinhood后来放弃了这种做法）到向客户提供其平台上交易量最大和最受欢迎的证券列表。</blockquote></p><p> Should practices like these be subject to the fiduciary standard of an investment adviser?&nbsp;Or to the new Best Interest standard for broker-dealers?&nbsp;Robinhood hascalledthe regulator elitist and says it isn’t making recommendations. Whatever the outcome of the lawsuit, these gamification techniques make Robinhood appear different in kind from the (boring?) practices of traditional broker-dealers that merely execute customers’ trades.&nbsp;The gamification of mobile trading apps may represent a hybrid between standard broker-dealer practices and full-fledged investment advice.</p><p><blockquote>像这样的做法应该遵守投资顾问的信托标准吗？还是新的经纪自营商最佳利益标准？罗宾汉称监管机构为精英主义者，并表示不会提出建议。无论诉讼结果如何，这些游戏化技术让Robinhood在本质上看起来不同于（无聊？）传统经纪自营商仅执行客户交易的做法。移动交易应用的游戏化可能代表了标准经纪自营商实践和成熟投资建议之间的混合。</blockquote></p><p> Third, consider SPACs, which have been around since 2003 but have exploded in popularity in the Covid era.&nbsp;In a hugely successful marketing campaign, SPACs have presented themselves as a kind of poor man’s private equity.&nbsp;If true, that would make SPACs a hybrid between private investment opportunities and public markets.</p><p><blockquote>第三，考虑一下SPAC，它们自2003年就已经存在，但在Covid时代大受欢迎。在一场非常成功的营销活动中，SPAC将自己描绘成一种穷人的私募股权。如果属实，这将使SPAC成为私人投资机会和公共市场的混合体。</blockquote></p><p> The deSPAC merger—the key event in the life of a SPAC—is also a hybrid.&nbsp;This is when the SPAC merges with a private operating company, allowing the target to become a public company without going through an IPO.&nbsp;Or is the merger itself really an IPO?</p><p><blockquote>deSPAC合并——特殊目的收购公司生命中的关键事件——也是一种混合。这是特殊目的收购公司与一家私人运营公司合并，允许目标公司在不通过IPO的情况下成为一家上市公司。还是合并本身真的是IPO？</blockquote></p><p></p><p> That’s precisely the question raised by John Coates, a Harvard Law professor who has become a top SEC official.&nbsp;In a provocativespeechon April 8, Coates argued that the deSPAC merger is an initial public offering, because it is the first time the private operating company is introduced to the public.&nbsp;One speech, however, does not make SEC policy. And Coates’ theory remains untested in court. Nonetheless, it suggests how the deSPAC merger can be considered a hybrid between traditional forms of IPO and merger transactions.</p><p><blockquote>这正是哈佛大学法学教授约翰·科茨提出的问题，他已经成为美国证券交易委员会的高级官员。在4月8日的一次挑衅性演讲中，科茨认为deSPAC的合并是首次公开募股，因为这是第一次向公众介绍这家私营运营公司。然而，一次演讲并不能制定SEC的政策。科茨的理论尚未在法庭上得到检验。尽管如此，它表明deSPAC合并可以被视为传统形式的IPO和合并交易的混合体。</blockquote></p><p> At a House Financial Services subcommitteehearingon May 24, Michael San Nicolas, Guam’s delegate, asked how a SPAC differed from a closed-end equity (mutual) fund.&nbsp;The question may have seemed arcane at the time, but in retrospect it appears to have foreshadowed a series of blockbuster lawsuits against SPACs.&nbsp;Former SEC Commissioner Robert J. Jackson, Jr. and Yale Law Professor John Morley have joined in alawsuitagainst Bill Ackman’s SPAC,Pershing Square Tontine Holdings Ltd.&nbsp;(ticker: PSTH), which raised $4 billion to become the single largest SPAC, and followed up with suits against two other SPACs,GO Acquisition Corp.and E.Merge Technology.&nbsp;The suits allege that the SPACs are really investment companies, like mutual funds and ETFs, because they invest in securities while searching for a merger partner.</p><p><blockquote>在5月24日的众议院金融服务小组委员会听证会上，关岛代表迈克尔·圣尼古拉斯（Michael San Nicolas）询问特殊目的收购公司与封闭式股票（共同）基金有何不同。这个问题在当时似乎很神秘，但回想起来，它似乎预示着一系列针对特殊目的收购公司的重磅诉讼。前SEC专员小罗伯特·J·杰克逊（Robert J.Jackson Jr.）和耶鲁大学法学教授约翰·莫利（John Morley）加入了对比尔·阿克曼（Bill Ackman）的特殊目的收购公司潘兴广场通廷控股有限公司（Pershing Square Tontine Holdings Ltd.）（股票代码：PSTH）的诉讼，该公司筹集了40亿美元，成为最大的单一特殊目的收购公司，随后又对另外两家特殊目的收购公司GO Acquisition Corp.）和E.Merge Technology）提起的诉讼，该公司筹集了40亿美元，成为最大的单一特殊目的收购公司。诉讼称，特殊目的收购公司实际上是投资公司，就像共同基金和ETF一样，因为它们在寻找合并伙伴的同时投资证券。</blockquote></p><p> “Under the [Investment Company Act of 1940], an Investment Company is an entity whose primary business is investing in securities,” the lawsuit against PSTH argues.&nbsp;“And investing in securities is basically the only thing that PSTH has ever done.”</p><p><blockquote>“根据[1940年投资公司法]，投资公司是主要业务是投资证券的实体，”针对PSTH的诉讼称，“而投资证券基本上是PSTH唯一做过的事情。”</blockquote></p><p> Ackmansaysthe suit against his SPAC is meritless, but warns, “Because the basic issues raised here apply to every SPAC, a successful claim would imply that every SPAC may also be an illegal investment company.”&nbsp;The suit suggests one more way that SPACs could be considered a hybrid—a cross between an investment company (like a mutual fund) and a publicly traded company.</p><p><blockquote>阿克曼表示，针对他的SPAC的诉讼毫无根据，但警告说，“因为这里提出的基本问题适用于每个SPAC，成功的索赔将意味着每个SPAC也可能是非法投资公司。”该诉讼提出了SPAC可以被视为混合体的另一种方式——投资公司（如共同基金）和上市公司之间的混合体。</blockquote></p><p> One wonders how we will look back on these market developments a decade from now.&nbsp;Will SPACs, cryptoassets, and mobile trading apps be seen as hybrids that emerged in the antechamber we are living in now?</p><p><blockquote>人们不禁要问，十年后我们将如何回顾这些市场发展。SPAC、加密资产和移动交易应用会被视为出现在我们现在生活的前厅中的混合体吗？</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/the-three-big-transitions-reshaping-finance-51630526645?mod=hp_COMMENTARY_1\">Barron's</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯","SPY":"标普500ETF",".IXIC":"NASDAQ Composite"},"source_url":"https://www.barrons.com/articles/the-three-big-transitions-reshaping-finance-51630526645?mod=hp_COMMENTARY_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1198049168","content_text":"About the author: Stephen Deane, a chartered financial analyst, is senior director, legislative and regulatory outreach, at the CFA Institute. He joined the institute after more than nine years at the U.S. Securities and Exchange Commission.\nEver since Covid disrupted our lives, two themes have emerged. First, a feeling that we are living in an antechamber to a new and still-undefined era. And second, a pattern of hybrids, from homes converted into hybrid spaces of living/working/schooling, to expectations of a new office hybrid that will mix virtual and in-person meetings.\nBut what about the world of finance and securities markets? There, too, we can find patterns of transition and hybrids. Consider three phenomena that began before Covid but have exploded in growth since then: digital assets, Robinhood, and SPACs.\nStart with the rise of cryptocurrencies, digital tokens and other such assets, which remain very much in a transitory stage (like the “Wild West,” SEC Chairman Gary Genslerrecently observed). Even as the crypto asset class has grown to an estimated $1.6 trillion, basic questions remain unanswered. Are digital tokens securities or commodities? Are decentralized finance platforms really securities exchanges? Are data miners and other digital service providers really broker-dealers? Should the SEC permit Bitcoin ETFs? And who should regulate these products, services and entities—the SEC, the CFTC, or banking regulators?\nGenslerhas calledon Congress to give the SEC “additional authorities to prevent transactions, products, and platforms from falling between regulatory cracks.” Specifically, he wants “additional plenary authority to write rules for and attach guardrails to crypto trading and lending.” And the U.S. House has passed a bill (H.R. 1602, the Eliminate Barriers to Innovation Act of 2021), which would require the SEC and CFTC to establish a working group on digital assets.\nSome of what passes as crypto innovations pretty clearly seems to be old-fashioned investment products dressed up in digital garb. That would include any stablecoins that function like money market funds and those tokens that fall within the definition of a security. Nonetheless, there is no denying that crypto mixes digital technology with traditional forms of finance in a hybrid of innovation.\nSecond, consider Robinhood, which has exploded into view along with Redditor-fueled moonshot trades in meme stocks. Its proclaimedmission“to democratize finance for all” may invite skepticism, but the company can make a strong claim to having attracted a surge of first-time retail investors, representing a younger and more ethnically diverse customer base. Powering that success is Robinhood’s sleek mobile app—and its arsenal of gamification tools to entice and engage customers. But do the nudges and gamification tools cross the line into the realm of investment advice?\n“Once individuals become customers, Robinhood relentlessly bombards them with a number of strategies designed to encourage and incentivize continuous and repeated engagement with this application,” the Massachusetts state securities regulator alleges in alawsuitagainst Robinhood. The complaint points to several such techniques, from celebrating customer trades with confetti (a practice Robinhood has since abandoned) to plying customers with lists of most-traded and most-popular securities on its platform.\nShould practices like these be subject to the fiduciary standard of an investment adviser? Or to the new Best Interest standard for broker-dealers? Robinhood hascalledthe regulator elitist and says it isn’t making recommendations. Whatever the outcome of the lawsuit, these gamification techniques make Robinhood appear different in kind from the (boring?) practices of traditional broker-dealers that merely execute customers’ trades. The gamification of mobile trading apps may represent a hybrid between standard broker-dealer practices and full-fledged investment advice.\nThird, consider SPACs, which have been around since 2003 but have exploded in popularity in the Covid era. In a hugely successful marketing campaign, SPACs have presented themselves as a kind of poor man’s private equity. If true, that would make SPACs a hybrid between private investment opportunities and public markets.\nThe deSPAC merger—the key event in the life of a SPAC—is also a hybrid. This is when the SPAC merges with a private operating company, allowing the target to become a public company without going through an IPO. Or is the merger itself really an IPO?\nThat’s precisely the question raised by John Coates, a Harvard Law professor who has become a top SEC official. In a provocativespeechon April 8, Coates argued that the deSPAC merger is an initial public offering, because it is the first time the private operating company is introduced to the public. One speech, however, does not make SEC policy. And Coates’ theory remains untested in court. Nonetheless, it suggests how the deSPAC merger can be considered a hybrid between traditional forms of IPO and merger transactions.\nAt a House Financial Services subcommitteehearingon May 24, Michael San Nicolas, Guam’s delegate, asked how a SPAC differed from a closed-end equity (mutual) fund. The question may have seemed arcane at the time, but in retrospect it appears to have foreshadowed a series of blockbuster lawsuits against SPACs. Former SEC Commissioner Robert J. Jackson, Jr. and Yale Law Professor John Morley have joined in alawsuitagainst Bill Ackman’s SPAC,Pershing Square Tontine Holdings Ltd. (ticker: PSTH), which raised $4 billion to become the single largest SPAC, and followed up with suits against two other SPACs,GO Acquisition Corp.and E.Merge Technology. The suits allege that the SPACs are really investment companies, like mutual funds and ETFs, because they invest in securities while searching for a merger partner.\n“Under the [Investment Company Act of 1940], an Investment Company is an entity whose primary business is investing in securities,” the lawsuit against PSTH argues. “And investing in securities is basically the only thing that PSTH has ever done.”\nAckmansaysthe suit against his SPAC is meritless, but warns, “Because the basic issues raised here apply to every SPAC, a successful claim would imply that every SPAC may also be an illegal investment company.” The suit suggests one more way that SPACs could be considered a hybrid—a cross between an investment company (like a mutual fund) and a publicly traded company.\nOne wonders how we will look back on these market developments a decade from now. Will SPACs, cryptoassets, and mobile trading apps be seen as hybrids that emerged in the antechamber we are living in now?","news_type":1,"symbols_score_info":{".SPX":0.9,"SPY":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":1714,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":898634289,"gmtCreate":1628491683541,"gmtModify":1631893485817,"author":{"id":"3581317711527033","authorId":"3581317711527033","name":"Chanelyap","avatar":"https://static.tigerbbs.com/ead5a4e57e2f9f018e7802a33c0a28f5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581317711527033","idStr":"3581317711527033"},"themes":[],"htmlText":"Like please","listText":"Like please","text":"Like please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/898634289","repostId":"1184000657","repostType":4,"isVote":1,"tweetType":1,"viewCount":492,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":891912217,"gmtCreate":1628316631139,"gmtModify":1631893485821,"author":{"id":"3581317711527033","authorId":"3581317711527033","name":"Chanelyap","avatar":"https://static.tigerbbs.com/ead5a4e57e2f9f018e7802a33c0a28f5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581317711527033","idStr":"3581317711527033"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/891912217","repostId":"1119792130","repostType":4,"isVote":1,"tweetType":1,"viewCount":279,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":805406505,"gmtCreate":1627895781907,"gmtModify":1631893485826,"author":{"id":"3581317711527033","authorId":"3581317711527033","name":"Chanelyap","avatar":"https://static.tigerbbs.com/ead5a4e57e2f9f018e7802a33c0a28f5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581317711527033","idStr":"3581317711527033"},"themes":[],"htmlText":"Nice and like please","listText":"Nice and like please","text":"Nice and like please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/805406505","repostId":"1193646270","repostType":4,"repost":{"id":"1193646270","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":1627891794,"share":"https://www.laohu8.com/m/news/1193646270?lang=zh_CN&edition=full","pubTime":"2021-08-02 16:09","market":"us","language":"en","title":"NIO delivered 7,931 vehicles in July 2021, and rose 1% in premarket trading<blockquote>蔚来2021年7月交付7,931辆汽车，盘前交易上涨1%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1193646270","media":"Tiger Newspress","summary":" $NIO Inc.$ delivered 7,931 vehicles in July 2021, representing a strong 124.5% year-over-year growth. The deliveries consisted of 1,702 ES8s, the Company’s six-seater or seven-seater flagship premium smart electric SUV, 3,669 ES6s, the Company’s five-seater high-performance premium smart electric SUV, and 2,560 EC6s, the Company’s five-seater premium smart electric coupe SUV. As of July 31, 2021, cumulative deliveries of the ES8, ES6 and EC6 reached 125,528 vehicles.","content":"<p>(August&nbsp;2)&nbsp;<a href=\"https://laohu8.com/S/NIO\">NIO Inc.</a> delivered 7,931 vehicles in July 2021, representing a strong 124.5% year-over-year growth. The deliveries consisted of 1,702 ES8s, the Company’s six-seater or seven-seater flagship premium smart electric SUV, 3,669 ES6s, the Company’s five-seater high-performance premium smart electric SUV, and 2,560 EC6s, the Company’s five-seater premium smart electric coupe SUV. As of July 31, 2021, cumulative deliveries of the ES8, ES6 and EC6 reached 125,528 vehicles.</p><p><blockquote>（8月2日）<a href=\"https://laohu8.com/S/NIO\">蔚来</a>2021年7月交付7,931辆汽车，同比强劲增长124.5%。交付量包括1,702辆ES8（该公司的六座或七座旗舰高级智能电动SUV）、3,669辆ES6（该公司的五座高性能高级智能电动SUV）以及2,560辆EC6（该公司的五座高级智能电动轿跑SUV）。截至2021年7月31日，ES8、ES6和EC6的累计交付量达到125,528辆。</blockquote></p><p> NIO rose about 1% in premarket trading.</p><p><blockquote>蔚来在盘前交易中上涨约1%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/29ee37756815b9785621385b00cfc549\" tg-width=\"629\" tg-height=\"520\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>NIO delivered 7,931 vehicles in July 2021, and rose 1% in premarket trading<blockquote>蔚来2021年7月交付7,931辆汽车，盘前交易上涨1%</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNIO delivered 7,931 vehicles in July 2021, and rose 1% in premarket trading<blockquote>蔚来2021年7月交付7,931辆汽车，盘前交易上涨1%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-08-02 16:09</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(August&nbsp;2)&nbsp;<a href=\"https://laohu8.com/S/NIO\">NIO Inc.</a> delivered 7,931 vehicles in July 2021, representing a strong 124.5% year-over-year growth. The deliveries consisted of 1,702 ES8s, the Company’s six-seater or seven-seater flagship premium smart electric SUV, 3,669 ES6s, the Company’s five-seater high-performance premium smart electric SUV, and 2,560 EC6s, the Company’s five-seater premium smart electric coupe SUV. As of July 31, 2021, cumulative deliveries of the ES8, ES6 and EC6 reached 125,528 vehicles.</p><p><blockquote>（8月2日）<a href=\"https://laohu8.com/S/NIO\">蔚来</a>2021年7月交付7,931辆汽车，同比强劲增长124.5%。交付量包括1,702辆ES8（该公司的六座或七座旗舰高级智能电动SUV）、3,669辆ES6（该公司的五座高性能高级智能电动SUV）以及2,560辆EC6（该公司的五座高级智能电动轿跑SUV）。截至2021年7月31日，ES8、ES6和EC6的累计交付量达到125,528辆。</blockquote></p><p> NIO rose about 1% in premarket trading.</p><p><blockquote>蔚来在盘前交易中上涨约1%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/29ee37756815b9785621385b00cfc549\" tg-width=\"629\" tg-height=\"520\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NIO":"蔚来"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1193646270","content_text":"(August 2) NIO Inc. delivered 7,931 vehicles in July 2021, representing a strong 124.5% year-over-year growth. The deliveries consisted of 1,702 ES8s, the Company’s six-seater or seven-seater flagship premium smart electric SUV, 3,669 ES6s, the Company’s five-seater high-performance premium smart electric SUV, and 2,560 EC6s, the Company’s five-seater premium smart electric coupe SUV. As of July 31, 2021, cumulative deliveries of the ES8, ES6 and EC6 reached 125,528 vehicles.\nNIO rose about 1% in premarket trading.","news_type":1,"symbols_score_info":{"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":620,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}