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KwokMeng

KwokMeng

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2021-07-04

Well… all the attention had been shifted to memes stocks. For Alibaba to reach back the peak might take a longer time… if you are a investor, just hold. If you are a gambler, choose another stock.

Can Alibaba Turn Around Its Woes in the Second Half of 2021?<blockquote>阿里巴巴-SW能否在2021年下半年扭转颓势？</blockquote>

2021-07-17

I don’t mind getting some crowdstrike and Nvidia. 😄

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2021-07-14

Time to take a gamble & buy the dip? 😄

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2021-07-11

Wow, nice tickets price…

5 Things to Know About Virgin Galactic and the First Passenger Flight to Space<blockquote>关于维珍银河和首次客运太空飞行需要了解的5件事</blockquote>

2021-09-07

Just trade with caution ⚠️

3 Golden Rules On How To Invest At All-Time Highs<blockquote>如何在历史高点进行投资的3条黄金法则</blockquote>

2021-07-16

Something is coming….🤔

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2021-08-01

Just invest in the amount that you can afford to lose. 😉

Here’s your to-do list before the stock market’s next dive<blockquote>这是股市下一次暴跌之前您的待办事项清单</blockquote>

2021-07-09

Why surprise? Everybody should expect a correction since the S&P had rise so much…

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2021-08-08

Sure. Those who bought Tesla, don’t expect the share price to reach $1200 next week or next month.

Tesla Stock: Headed to $1,200?<blockquote>特斯拉股票：将升至1,200美元？</blockquote>

2021-08-04

Good info.

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2021-07-11

🤔 wait ba….

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2021-07-11

Good overview. Do your own DD before buying. 😄

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2021-09-13

Good for the children if the vaccines are approved.

Toplines Before US Market Open on Monday<blockquote>周一美国市场开盘前的顶线</blockquote>

2021-09-06

Stay invested. 🙈

Speak No Evil of the S&P 500’s Neverending Records<blockquote>不要说标普500永无止境的记录的坏话</blockquote>

2021-07-24

Buy the dip? 🤔

Tencent was ordered to remove the exclusive copyright of online music<blockquote>腾讯控股被命令删除在线音乐的独家版权</blockquote>

2021-07-16

Time to shop for your favourite TECH stocks at a cheaper price. 😉

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2021-07-03

What?!? Big Fund sell, we buy?

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2021-06-28

Expect a green week…😄

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2021-08-27

$Cassava Sciences Inc(SAVA)$Shorted 10 lots from 78.30. Buy back at 68.29.

2021-07-21

Sounds good for AMC.😄 Trade with caution ⚠️

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13:22","market":"fut","language":"en","title":"Bitcoin nears $60,000 as investors eye first U.S. ETFs<blockquote>随着投资者关注第一批美国ETF，比特币接近60,000美元</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1175281678","media":"Reuters","summary":"(Reuters) -Bitcoin hit a six-month high on Friday, approaching the record hit in April, as traders b","content":"<p>(Reuters) -Bitcoin hit a six-month high on Friday, approaching the record hit in April, as traders became increasingly confident that U.S. regulators would approve the launch of an exchange-traded fund based on its futures contracts.</p><p><blockquote>路透比特币周五触及六个月高位，逼近4月触及纪录高位，因交易员对美国监管机构将批准推出基于其期货合约的交易所交易基金越来越有信心。</blockquote></p><p> The world’s biggest cryptocurrency rose nearly 4% to as high as $59,664, its highest since mid-April. It has doubled in value this year and is near April’s record high of $64,895.</p><p><blockquote>全球最大的加密货币上涨近4%，至59,664美元，为4月中旬以来的最高水平。今年它的价值已经翻了一番，接近4月份64,895美元的历史新高。</blockquote></p><p> The U.S. Securities and Exchange Commission (SEC) is poised to allow the first U.S. bitcoin futures ETF to begin trading next week, Bloomberg News reported on Thursday, citing people familiar with the matter.</p><p><blockquote>据彭博新闻社周四援引知情人士报道，美国证券交易委员会(SEC)准备允许首只美国比特币期货ETF于下周开始交易。</blockquote></p><p> Ben Caselin, head of research and strategy at Asia-based cryptocurrency exchange AAX, said bitcoin’s spike above $59,000 wasn’t arbitrary and long-term investors had been accumulating it for a while.</p><p><blockquote>亚洲加密货币交易所AAX的研究和策略主管Ben Caselin表示，比特币飙升至59,000美元以上并不是任意的，长期投资者已经积累了一段时间。</blockquote></p><p> “It is widely expected that Q4 will see significant progress around a bitcoin ETF in the U.S.,” he said.</p><p><blockquote>“人们普遍预计第四季度美国比特币ETF将取得重大进展，”他表示。</blockquote></p><p> Friday’s moves were also spurred by a tweet from the SEC’s investor education office, he said.</p><p><blockquote>他表示，周五的举措也受到了美国证券交易委员会投资者教育办公室一条推文的推动。</blockquote></p><p> \"Before investing in a fund that holds Bitcoin futures contracts, make sure you carefully weigh the potential risks and benefits,\" the SEC tweet&nbsp;here&nbsp;stated.</p><p><blockquote>“在投资持有比特币期货合约的基金之前，请确保仔细权衡潜在的风险和收益，”美国证券交易委员会的推文称。</blockquote></p><p> Cryptocurrency investors have been waiting for news of approval of the country’s first bitcoin ETF, and some of bitcoin’s rally in recent months has been in anticipation of that move and how it could speed up its mainstream adoption and trading.</p><p><blockquote>加密货币投资者一直在等待该国首只比特币ETF获得批准的消息，比特币近几个月的反弹部分是出于对这一举措以及如何加速其主流采用和交易的预期。</blockquote></p><p> Several fund managers, including the VanEck Bitcoin Trust, ProShares, Invesco, Valkyrie and Galaxy Digital Funds have applied to launch bitcoin ETFs in the United States. Cryptocurrency ETFs have been launched this year in Canada and Europe.</p><p><blockquote>包括VanEck比特币信托基金、ProShares、Invesco、Valkyrie和Galaxy Digital Funds在内的多家基金管理公司已申请在美国推出比特币ETF。加密货币ETF今年已在加拿大和欧洲推出。</blockquote></p><p> SEC Chair Gary Gensler has previously said the crypto market involves many tokens which may be unregistered securities and leaves prices open to manipulation and millions of investors vulnerable to risks.</p><p><blockquote>SEC主席Gary Gensler此前曾表示，加密货币市场涉及许多代币，这些代币可能是未注册的证券，使价格容易受到操纵，数百万投资者容易受到风险的影响。</blockquote></p><p> The Bloomberg report said that the proposals by ProShares and Invesco are based on futures contracts and were filed under mutual fund rules that Gensler has said provide “significant investor protections”.</p><p><blockquote>彭博社的报道称，ProShares和Invesco的提议基于期货合约，并根据共同基金规则提交，Gensler称这些规则提供了“重要的投资者保护”。</blockquote></p><p> The SEC did not immediately respond to a request for comment on the Bloomberg report.</p><p><blockquote>SEC没有立即回应对彭博报道置评的请求。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Bitcoin nears $60,000 as investors eye first U.S. ETFs<blockquote>随着投资者关注第一批美国ETF，比特币接近60,000美元</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBitcoin nears $60,000 as investors eye first U.S. ETFs<blockquote>随着投资者关注第一批美国ETF，比特币接近60,000美元</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-10-15 13:22</span>\n</p>\n</h4>\n</header>\n<article>\n<p>(Reuters) -Bitcoin hit a six-month high on Friday, approaching the record hit in April, as traders became increasingly confident that U.S. regulators would approve the launch of an exchange-traded fund based on its futures contracts.</p><p><blockquote>路透比特币周五触及六个月高位，逼近4月触及纪录高位，因交易员对美国监管机构将批准推出基于其期货合约的交易所交易基金越来越有信心。</blockquote></p><p> The world’s biggest cryptocurrency rose nearly 4% to as high as $59,664, its highest since mid-April. It has doubled in value this year and is near April’s record high of $64,895.</p><p><blockquote>全球最大的加密货币上涨近4%，至59,664美元，为4月中旬以来的最高水平。今年它的价值已经翻了一番，接近4月份64,895美元的历史新高。</blockquote></p><p> The U.S. Securities and Exchange Commission (SEC) is poised to allow the first U.S. bitcoin futures ETF to begin trading next week, Bloomberg News reported on Thursday, citing people familiar with the matter.</p><p><blockquote>据彭博新闻社周四援引知情人士报道，美国证券交易委员会(SEC)准备允许首只美国比特币期货ETF于下周开始交易。</blockquote></p><p> Ben Caselin, head of research and strategy at Asia-based cryptocurrency exchange AAX, said bitcoin’s spike above $59,000 wasn’t arbitrary and long-term investors had been accumulating it for a while.</p><p><blockquote>亚洲加密货币交易所AAX的研究和策略主管Ben Caselin表示，比特币飙升至59,000美元以上并不是任意的，长期投资者已经积累了一段时间。</blockquote></p><p> “It is widely expected that Q4 will see significant progress around a bitcoin ETF in the U.S.,” he said.</p><p><blockquote>“人们普遍预计第四季度美国比特币ETF将取得重大进展，”他表示。</blockquote></p><p> Friday’s moves were also spurred by a tweet from the SEC’s investor education office, he said.</p><p><blockquote>他表示，周五的举措也受到了美国证券交易委员会投资者教育办公室一条推文的推动。</blockquote></p><p> \"Before investing in a fund that holds Bitcoin futures contracts, make sure you carefully weigh the potential risks and benefits,\" the SEC tweet&nbsp;here&nbsp;stated.</p><p><blockquote>“在投资持有比特币期货合约的基金之前，请确保仔细权衡潜在的风险和收益，”美国证券交易委员会的推文称。</blockquote></p><p> Cryptocurrency investors have been waiting for news of approval of the country’s first bitcoin ETF, and some of bitcoin’s rally in recent months has been in anticipation of that move and how it could speed up its mainstream adoption and trading.</p><p><blockquote>加密货币投资者一直在等待该国首只比特币ETF获得批准的消息，比特币近几个月的反弹部分是出于对这一举措以及如何加速其主流采用和交易的预期。</blockquote></p><p> Several fund managers, including the VanEck Bitcoin Trust, ProShares, Invesco, Valkyrie and Galaxy Digital Funds have applied to launch bitcoin ETFs in the United States. Cryptocurrency ETFs have been launched this year in Canada and Europe.</p><p><blockquote>包括VanEck比特币信托基金、ProShares、Invesco、Valkyrie和Galaxy Digital Funds在内的多家基金管理公司已申请在美国推出比特币ETF。加密货币ETF今年已在加拿大和欧洲推出。</blockquote></p><p> SEC Chair Gary Gensler has previously said the crypto market involves many tokens which may be unregistered securities and leaves prices open to manipulation and millions of investors vulnerable to risks.</p><p><blockquote>SEC主席Gary Gensler此前曾表示，加密货币市场涉及许多代币，这些代币可能是未注册的证券，使价格容易受到操纵，数百万投资者容易受到风险的影响。</blockquote></p><p> The Bloomberg report said that the proposals by ProShares and Invesco are based on futures contracts and were filed under mutual fund rules that Gensler has said provide “significant investor protections”.</p><p><blockquote>彭博社的报道称，ProShares和Invesco的提议基于期货合约，并根据共同基金规则提交，Gensler称这些规则提供了“重要的投资者保护”。</blockquote></p><p> The SEC did not immediately respond to a request for comment on the Bloomberg report.</p><p><blockquote>SEC没有立即回应对彭博报道置评的请求。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.reuters.com/article/fintech-crypto-etf/update-1-bitcoin-nears-60000-as-investors-eye-first-u-s-etfs-idUSL4N2RB0T4\">Reuters</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc."},"source_url":"https://www.reuters.com/article/fintech-crypto-etf/update-1-bitcoin-nears-60000-as-investors-eye-first-u-s-etfs-idUSL4N2RB0T4","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175281678","content_text":"(Reuters) -Bitcoin hit a six-month high on Friday, approaching the record hit in April, as traders became increasingly confident that U.S. regulators would approve the launch of an exchange-traded fund based on its futures contracts.\nThe world’s biggest cryptocurrency rose nearly 4% to as high as $59,664, its highest since mid-April. It has doubled in value this year and is near April’s record high of $64,895.\nThe U.S. Securities and Exchange Commission (SEC) is poised to allow the first U.S. bitcoin futures ETF to begin trading next week, Bloomberg News reported on Thursday, citing people familiar with the matter.\nBen Caselin, head of research and strategy at Asia-based cryptocurrency exchange AAX, said bitcoin’s spike above $59,000 wasn’t arbitrary and long-term investors had been accumulating it for a while.\n“It is widely expected that Q4 will see significant progress around a bitcoin ETF in the U.S.,” he said.\nFriday’s moves were also spurred by a tweet from the SEC’s investor education office, he said.\n\"Before investing in a fund that holds Bitcoin futures contracts, make sure you carefully weigh the potential risks and benefits,\" the SEC tweet here stated.\nCryptocurrency investors have been waiting for news of approval of the country’s first bitcoin ETF, and some of bitcoin’s rally in recent months has been in anticipation of that move and how it could speed up its mainstream adoption and trading.\nSeveral fund managers, including the VanEck Bitcoin Trust, ProShares, Invesco, Valkyrie and Galaxy Digital Funds have applied to launch bitcoin ETFs in the United States. Cryptocurrency ETFs have been launched this year in Canada and Europe.\nSEC Chair Gary Gensler has previously said the crypto market involves many tokens which may be unregistered securities and leaves prices open to manipulation and millions of investors vulnerable to risks.\nThe Bloomberg report said that the proposals by ProShares and Invesco are based on futures contracts and were filed under mutual fund rules that Gensler has said provide “significant investor protections”.\nThe SEC did not immediately respond to a request for comment on the Bloomberg report.","news_type":1,"symbols_score_info":{"COIN":0.9}},"isVote":1,"tweetType":1,"viewCount":3100,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":823893956,"gmtCreate":1633609378396,"gmtModify":1633609379058,"author":{"id":"3581769182401186","authorId":"3581769182401186","name":"KwokMeng","avatar":"https://static.tigerbbs.com/790a9b3a4d108ba92f4d9a18efdaaf86","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581769182401186","authorIdStr":"3581769182401186"},"themes":[],"htmlText":"Sounds good.","listText":"Sounds good.","text":"Sounds good.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/823893956","repostId":"1100842347","repostType":4,"isVote":1,"tweetType":1,"viewCount":2420,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":882884910,"gmtCreate":1631674599830,"gmtModify":1631889300570,"author":{"id":"3581769182401186","authorId":"3581769182401186","name":"KwokMeng","avatar":"https://static.tigerbbs.com/790a9b3a4d108ba92f4d9a18efdaaf86","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581769182401186","authorIdStr":"3581769182401186"},"themes":[],"htmlText":"Nice 👍&nbsp;","listText":"Nice 👍&nbsp;","text":"Nice 👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/882884910","repostId":"1147706594","repostType":4,"repost":{"id":"1147706594","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":1631639765,"share":"https://www.laohu8.com/m/news/1147706594?lang=zh_CN&edition=full","pubTime":"2021-09-15 01:16","market":"other","language":"en","title":"Apple unveils iPhone 13, new iPads and Apple Watch<blockquote>苹果推出iPhone 13、新款iPad和苹果手表</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1147706594","media":"Tiger Newspress","summary":"Apple CEO Tim Cook moved onto product announcements, starting with a new iPad. The video was recorded in an empty auditorium.Apple’s lowest-cost iPad, simply called iPad, is getting an update with a faster A13 processor and a better, 12 megapixel front-facing camera for better video calls, like on Zoom. It’s got a wider lens to capture more people in a single scene and can have an LTE wireless connection.Apple also announced a new iPad Mini, which has a smaller 8.3-inch screen. It has a redesign","content":"<p>Apple CEO Tim Cook moved onto product announcements, starting with a new iPad. The video was recorded in an empty auditorium.</p><p><blockquote>苹果首席执行官蒂姆·库克开始发布产品，首先是新款iPad。视频是在一个空荡荡的礼堂里录制的。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/26d6a31fbb7ecf29e9d253486d082a5b\" tg-width=\"630\" tg-height=\"354\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Apple’s lowest-cost iPad, simply called iPad, is getting an update with a faster A13 processor and a better, 12 megapixel front-facing camera for better video calls, like on Zoom. It’s got a wider lens to capture more people in a single scene and can have an LTE wireless connection.</p><p><blockquote>苹果成本最低的iPad，简称为iPad，正在进行更新，配备更快的A13处理器和更好的1200万像素前置摄像头，以获得更好的视频评级，如变焦。它有一个更宽的镜头，可以在一个场景中捕捉更多的人，并且可以有LTE无线连接。</blockquote></p><p> It costs $329 with 64GB of storage. That’s more storage but the same starting price as before. It goes on sale next week.</p><p><blockquote>64GB存储空间的价格为329美元。存储空间更大，但起价与以前相同。它下周开始销售。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/2b24dbf81571b194598307fecee1b859\" tg-width=\"2102\" tg-height=\"1160\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Apple also announced a new iPad Mini, which has a smaller 8.3-inch screen. It has a redesign featuring new, flatter design language, like the iPhone 12. It has smaller bezels with no fingerprint sensor on the front and comes in several colors, including purple.</p><p><blockquote>苹果还宣布了一款新的iPad Mini，它的屏幕更小，为8.3英寸。它进行了重新设计，采用了新的、更扁平的设计语言，就像iPhone 12一样。它的边框较小，正面没有指纹传感器，有几种颜色，包括紫色。</blockquote></p><p> The TouchID sensor has been built into the top button, which turns the screen on and off. It uses an USB-C connector, instead of Apple’s proprietary Lightning connector. It can support a 5G wireless connection. It works with Apple’s stylus, the second-generation Pencil.</p><p><blockquote>TouchID传感器内置在顶部按钮中，可以打开和关闭屏幕。它使用USB-C连接器，而不是苹果专有的Lightning连接器。它可以支持5G无线连接。它与苹果的第二代铅笔手写笔配合使用。</blockquote></p><p> It starts at $499 and hits stores next week, Apple said.</p><p><blockquote>苹果说，它的起价为499美元，将于下周上市。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/08d5a621b63de3c432534e2c8818d294\" tg-width=\"2096\" tg-height=\"1200\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>Apple announces new Apple Watch Series 7</b></p><p><blockquote><b>苹果发布新款苹果手表Series 7</b></blockquote></p><p> Apple’s next product reveal will be the Apple Watch models, Cook said. The specs are being announced by Apple COO Jeff Williams.</p><p><blockquote>苹果的下一个产品展示将是苹果手表模型。苹果首席运营官Jeff Williams宣布了这些规格。</blockquote></p><p> The new models are called Apple Watch Series 7 will have a redesign, according to a promotional video shown by Apple. The new models have 20% screen area over last year’s Series 6 models but retains an industrial design with rounded edges. Apple says the screen is more crack-resistant and it charges faster.</p><p><blockquote>根据苹果展示的宣传视频，名为苹果手表系列7的新型号将进行重新设计。新机型的屏幕面积比去年的Series 6机型增加了20%，但保留了圆形边缘的工业设计。苹果表示，屏幕更抗裂，充电速度更快。</blockquote></p><p> Apple has redesigned its software to fit more information on the screen, the company said. It comes several new watch faces.</p><p><blockquote>该公司表示，苹果已经重新设计了其软件，以适应屏幕上的更多信息。它有几个新的表盘。</blockquote></p><p> The entry-level model comes in five colors, including blue, and red. It also comes in aluminum, steel, and titanium cases, all of which have different prices.</p><p><blockquote>入门级型号有五种颜色，包括蓝色和红色。它也有铝、钢和钛外壳，所有这些都有不同的价格。</blockquote></p><p> Previous Apple Watch bands will still work with the new models, Apple said.</p><p><blockquote>苹果说，以前的苹果表带仍将适用于新型号。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/0a7f17f4717a866018f2cea4a1930f81\" tg-width=\"630\" tg-height=\"354\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>Apple announces iPhone 13 with smaller notch and bigger battery</b></p><p><blockquote><b>苹果宣布iPhone 13采用更小的刘海和更大的电池</b></blockquote></p><p> With over 2 million viewers watching on YouTube, Apple CEO Tim Cook announced new iPhone models called iPhone 13.</p><p><blockquote>随着超过200万观众在YouTube上观看，苹果首席执行官蒂姆·库克宣布了名为iPhone 13的新iPhone型号。</blockquote></p><p> The iPhone 13 has a smaller display cutout, or \"notch,\" at the top of the screen.</p><p><blockquote>iPhone 13在屏幕顶部有一个更小的显示切口，或“凹口”。</blockquote></p><p> Otherwise, the new iPhone 13 mostly has the same design as last year with new camera modules arranged diagonally. One camera is a 12-megapixel wide-angle lens, with a big sensor that captures 50% more light, Apple said. The other lens is an ultra-wide lens.</p><p><blockquote>除此之外，新款iPhone 13的设计大多与去年相同，新的摄像头模块对角线排列。苹果说，一个摄像头是1200万像素的广角镜头，带有一个大传感器，可以多捕捉50%的光线。另一个镜头是超广角镜头。</blockquote></p><p> One camera improvement is a new \"cinematic mode\" that can hold focus on a moving subject.</p><p><blockquote>相机的一个改进是一种新的“电影模式”，可以将焦点放在移动的主体上。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/28421818b5ca117bc9c589e78ef8bda1\" tg-width=\"630\" tg-height=\"354\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> It also has a bigger battery and brighter screen, Apple said. It comes in two sizes, 5.4-inch, and 6.1-inches, and five colors.</p><p><blockquote>苹果说，它还拥有更大的电池和更亮的屏幕。它有两种尺寸，5.4英寸和6.1英寸，以及五种颜色。</blockquote></p><p> It has a new Apple-designed chip powering it, which the company is calling A15 Bionic. It has six cores and a specialized portion for running artificial intelligence algorithms.</p><p><blockquote>它有一个苹果设计的新芯片为其提供动力，该公司称之为A15 Bionic。它有六个核心和一个专门用于运行人工智能算法的部分。</blockquote></p><p> Like last year’s model, this year’s iPhones will have 5G connectivity. Apple says it works on carriers in 60 countries.</p><p><blockquote>与去年的型号一样，今年的iPhone将具有5G连接功能。苹果表示，它适用于60个国家的运营商。</blockquote></p><p> The iPhone 13 mini costs $699 and the iPhone 13 costs $799, Apple said, the same prices as last year. Devices now start with 128GB of storage space, an increase over last year.</p><p><blockquote>苹果表示，iPhone 13 mini的售价为699美元，iPhone 13的售价为799美元，与去年的价格相同。设备现在的起始存储空间为128GB，比去年有所增加。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/7f1aaddad155334f27af83cd513064cb\" tg-width=\"630\" tg-height=\"354\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>Apple announces high-end iPhone 13 Pro models with bigger batteries</b></p><p><blockquote><b>苹果宣布配备更大电池的高端iPhone 13 Pro机型</b></blockquote></p><p> Apple announced the iPhone 13 Pro and iPhone 13 Pro Max with longer battery life.</p><p><blockquote>苹果公布了续航更长的iPhone 13 Pro和iPhone 13 Pro Max。</blockquote></p><p> The iPhone 12 Pro should have a 1.5 hour longer battery life and its bigger sibling will have a 2.5 hour longer battery life, Apple said. The iPhone 13 Pro starts at $999 and the Pro Max starts at $1099, the same prices as last year. Apple also has added a larger 1TB storage option.</p><p><blockquote>苹果表示，iPhone 12 Pro的电池续航时间应该会延长1.5小时，而其更大的兄弟机型的电池续航时间会延长2.5小时。iPhone 13 Pro起售价为999美元，Pro Max起售价为1099美元，与去年价格持平。苹果还增加了更大的1TB存储选项。</blockquote></p><p> The new iPhones will go on sale on September 24, Apple said.</p><p><blockquote>苹果表示，新款iPhones将于9月24日上市。</blockquote></p><p> They have the same screen sizes as last year's models, with a 6.1-inch version and a bigger 6.7-inch version. This year's models also come in a \"Sierra Blue\" version.</p><p><blockquote>它们的屏幕尺寸与去年的型号相同，有6.1英寸版本和更大的6.7英寸版本。今年的车型还推出了“Sierra Blue”版本。</blockquote></p><p></p><p> The biggest distinguishing characteristic between iPhone's base models and its Pro models is that they have three rear-facing cameras, including a zoom lens, a wide lens, and an ultra-wide camera, which can focus on objects as close as 2 centimeters away.</p><p><blockquote>iPhone的基础机型和Pro机型最大的区别在于后置三颗摄像头，包括一颗变焦镜头、一颗广角镜头和一颗超广角镜头，可以对近至2厘米外的物体进行对焦。</blockquote></p><p> The iPhone 13 Pro has a display that Apple calls \"Super Retina XDR with ProMotion\" that has twice the refresh rate as previous iPhones. This means that scrolling on an iPhone should look smoother with less lag.</p><p><blockquote>iPhone 13 Pro的显示屏被苹果·评级称为“Super Retina XDR with ProMotion”，刷新率是以前iPhone的两倍。这意味着在iPhone上滚动应该看起来更流畅，延迟更少。</blockquote></p><p> The Pro models have the same chip as the main iPhones, the A15 Bionic, Apple said.</p><p><blockquote>苹果表示，Pro型号拥有与主要iPhone A15 Bionic相同的芯片。</blockquote></p><p> This year's models are still constructed out of stainless steel, Apple marketing chief Greg Jozwiak said.</p><p><blockquote>苹果营销主管Greg Jozwiak表示，今年的车型仍然由不锈钢制成。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/b411f06b12d3389f607254c992313eb5\" tg-width=\"2078\" tg-height=\"1010\" 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>Apple unveils iPhone 13, new iPads and Apple Watch<blockquote>苹果推出iPhone 13、新款iPad和苹果手表</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\">\nApple unveils iPhone 13, new iPads and Apple Watch<blockquote>苹果推出iPhone 13、新款iPad和苹果手表</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-09-15 01:16</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Apple CEO Tim Cook moved onto product announcements, starting with a new iPad. The video was recorded in an empty auditorium.</p><p><blockquote>苹果首席执行官蒂姆·库克开始发布产品，首先是新款iPad。视频是在一个空荡荡的礼堂里录制的。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/26d6a31fbb7ecf29e9d253486d082a5b\" tg-width=\"630\" tg-height=\"354\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Apple’s lowest-cost iPad, simply called iPad, is getting an update with a faster A13 processor and a better, 12 megapixel front-facing camera for better video calls, like on Zoom. It’s got a wider lens to capture more people in a single scene and can have an LTE wireless connection.</p><p><blockquote>苹果成本最低的iPad，简称为iPad，正在进行更新，配备更快的A13处理器和更好的1200万像素前置摄像头，以获得更好的视频评级，如变焦。它有一个更宽的镜头，可以在一个场景中捕捉更多的人，并且可以有LTE无线连接。</blockquote></p><p> It costs $329 with 64GB of storage. That’s more storage but the same starting price as before. It goes on sale next week.</p><p><blockquote>64GB存储空间的价格为329美元。存储空间更大，但起价与以前相同。它下周开始销售。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/2b24dbf81571b194598307fecee1b859\" tg-width=\"2102\" tg-height=\"1160\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Apple also announced a new iPad Mini, which has a smaller 8.3-inch screen. It has a redesign featuring new, flatter design language, like the iPhone 12. It has smaller bezels with no fingerprint sensor on the front and comes in several colors, including purple.</p><p><blockquote>苹果还宣布了一款新的iPad Mini，它的屏幕更小，为8.3英寸。它进行了重新设计，采用了新的、更扁平的设计语言，就像iPhone 12一样。它的边框较小，正面没有指纹传感器，有几种颜色，包括紫色。</blockquote></p><p> The TouchID sensor has been built into the top button, which turns the screen on and off. It uses an USB-C connector, instead of Apple’s proprietary Lightning connector. It can support a 5G wireless connection. It works with Apple’s stylus, the second-generation Pencil.</p><p><blockquote>TouchID传感器内置在顶部按钮中，可以打开和关闭屏幕。它使用USB-C连接器，而不是苹果专有的Lightning连接器。它可以支持5G无线连接。它与苹果的第二代铅笔手写笔配合使用。</blockquote></p><p> It starts at $499 and hits stores next week, Apple said.</p><p><blockquote>苹果说，它的起价为499美元，将于下周上市。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/08d5a621b63de3c432534e2c8818d294\" tg-width=\"2096\" tg-height=\"1200\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>Apple announces new Apple Watch Series 7</b></p><p><blockquote><b>苹果发布新款苹果手表Series 7</b></blockquote></p><p> Apple’s next product reveal will be the Apple Watch models, Cook said. The specs are being announced by Apple COO Jeff Williams.</p><p><blockquote>苹果的下一个产品展示将是苹果手表模型。苹果首席运营官Jeff Williams宣布了这些规格。</blockquote></p><p> The new models are called Apple Watch Series 7 will have a redesign, according to a promotional video shown by Apple. The new models have 20% screen area over last year’s Series 6 models but retains an industrial design with rounded edges. Apple says the screen is more crack-resistant and it charges faster.</p><p><blockquote>根据苹果展示的宣传视频，名为苹果手表系列7的新型号将进行重新设计。新机型的屏幕面积比去年的Series 6机型增加了20%，但保留了圆形边缘的工业设计。苹果表示，屏幕更抗裂，充电速度更快。</blockquote></p><p> Apple has redesigned its software to fit more information on the screen, the company said. It comes several new watch faces.</p><p><blockquote>该公司表示，苹果已经重新设计了其软件，以适应屏幕上的更多信息。它有几个新的表盘。</blockquote></p><p> The entry-level model comes in five colors, including blue, and red. It also comes in aluminum, steel, and titanium cases, all of which have different prices.</p><p><blockquote>入门级型号有五种颜色，包括蓝色和红色。它也有铝、钢和钛外壳，所有这些都有不同的价格。</blockquote></p><p> Previous Apple Watch bands will still work with the new models, Apple said.</p><p><blockquote>苹果说，以前的苹果表带仍将适用于新型号。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/0a7f17f4717a866018f2cea4a1930f81\" tg-width=\"630\" tg-height=\"354\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>Apple announces iPhone 13 with smaller notch and bigger battery</b></p><p><blockquote><b>苹果宣布iPhone 13采用更小的刘海和更大的电池</b></blockquote></p><p> With over 2 million viewers watching on YouTube, Apple CEO Tim Cook announced new iPhone models called iPhone 13.</p><p><blockquote>随着超过200万观众在YouTube上观看，苹果首席执行官蒂姆·库克宣布了名为iPhone 13的新iPhone型号。</blockquote></p><p> The iPhone 13 has a smaller display cutout, or \"notch,\" at the top of the screen.</p><p><blockquote>iPhone 13在屏幕顶部有一个更小的显示切口，或“凹口”。</blockquote></p><p> Otherwise, the new iPhone 13 mostly has the same design as last year with new camera modules arranged diagonally. One camera is a 12-megapixel wide-angle lens, with a big sensor that captures 50% more light, Apple said. The other lens is an ultra-wide lens.</p><p><blockquote>除此之外，新款iPhone 13的设计大多与去年相同，新的摄像头模块对角线排列。苹果说，一个摄像头是1200万像素的广角镜头，带有一个大传感器，可以多捕捉50%的光线。另一个镜头是超广角镜头。</blockquote></p><p> One camera improvement is a new \"cinematic mode\" that can hold focus on a moving subject.</p><p><blockquote>相机的一个改进是一种新的“电影模式”，可以将焦点放在移动的主体上。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/28421818b5ca117bc9c589e78ef8bda1\" tg-width=\"630\" tg-height=\"354\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> It also has a bigger battery and brighter screen, Apple said. It comes in two sizes, 5.4-inch, and 6.1-inches, and five colors.</p><p><blockquote>苹果说，它还拥有更大的电池和更亮的屏幕。它有两种尺寸，5.4英寸和6.1英寸，以及五种颜色。</blockquote></p><p> It has a new Apple-designed chip powering it, which the company is calling A15 Bionic. It has six cores and a specialized portion for running artificial intelligence algorithms.</p><p><blockquote>它有一个苹果设计的新芯片为其提供动力，该公司称之为A15 Bionic。它有六个核心和一个专门用于运行人工智能算法的部分。</blockquote></p><p> Like last year’s model, this year’s iPhones will have 5G connectivity. Apple says it works on carriers in 60 countries.</p><p><blockquote>与去年的型号一样，今年的iPhone将具有5G连接功能。苹果表示，它适用于60个国家的运营商。</blockquote></p><p> The iPhone 13 mini costs $699 and the iPhone 13 costs $799, Apple said, the same prices as last year. Devices now start with 128GB of storage space, an increase over last year.</p><p><blockquote>苹果表示，iPhone 13 mini的售价为699美元，iPhone 13的售价为799美元，与去年的价格相同。设备现在的起始存储空间为128GB，比去年有所增加。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/7f1aaddad155334f27af83cd513064cb\" tg-width=\"630\" tg-height=\"354\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>Apple announces high-end iPhone 13 Pro models with bigger batteries</b></p><p><blockquote><b>苹果宣布配备更大电池的高端iPhone 13 Pro机型</b></blockquote></p><p> Apple announced the iPhone 13 Pro and iPhone 13 Pro Max with longer battery life.</p><p><blockquote>苹果公布了续航更长的iPhone 13 Pro和iPhone 13 Pro Max。</blockquote></p><p> The iPhone 12 Pro should have a 1.5 hour longer battery life and its bigger sibling will have a 2.5 hour longer battery life, Apple said. The iPhone 13 Pro starts at $999 and the Pro Max starts at $1099, the same prices as last year. Apple also has added a larger 1TB storage option.</p><p><blockquote>苹果表示，iPhone 12 Pro的电池续航时间应该会延长1.5小时，而其更大的兄弟机型的电池续航时间会延长2.5小时。iPhone 13 Pro起售价为999美元，Pro Max起售价为1099美元，与去年价格持平。苹果还增加了更大的1TB存储选项。</blockquote></p><p> The new iPhones will go on sale on September 24, Apple said.</p><p><blockquote>苹果表示，新款iPhones将于9月24日上市。</blockquote></p><p> They have the same screen sizes as last year's models, with a 6.1-inch version and a bigger 6.7-inch version. This year's models also come in a \"Sierra Blue\" version.</p><p><blockquote>它们的屏幕尺寸与去年的型号相同，有6.1英寸版本和更大的6.7英寸版本。今年的车型还推出了“Sierra Blue”版本。</blockquote></p><p></p><p> The biggest distinguishing characteristic between iPhone's base models and its Pro models is that they have three rear-facing cameras, including a zoom lens, a wide lens, and an ultra-wide camera, which can focus on objects as close as 2 centimeters away.</p><p><blockquote>iPhone的基础机型和Pro机型最大的区别在于后置三颗摄像头，包括一颗变焦镜头、一颗广角镜头和一颗超广角镜头，可以对近至2厘米外的物体进行对焦。</blockquote></p><p> The iPhone 13 Pro has a display that Apple calls \"Super Retina XDR with ProMotion\" that has twice the refresh rate as previous iPhones. This means that scrolling on an iPhone should look smoother with less lag.</p><p><blockquote>iPhone 13 Pro的显示屏被苹果·评级称为“Super Retina XDR with ProMotion”，刷新率是以前iPhone的两倍。这意味着在iPhone上滚动应该看起来更流畅，延迟更少。</blockquote></p><p> The Pro models have the same chip as the main iPhones, the A15 Bionic, Apple said.</p><p><blockquote>苹果表示，Pro型号拥有与主要iPhone A15 Bionic相同的芯片。</blockquote></p><p> This year's models are still constructed out of stainless steel, Apple marketing chief Greg Jozwiak said.</p><p><blockquote>苹果营销主管Greg Jozwiak表示，今年的车型仍然由不锈钢制成。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/b411f06b12d3389f607254c992313eb5\" tg-width=\"2078\" tg-height=\"1010\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/13f224bb016b853641f590b6753763d1","relate_stocks":{"AAPL":"苹果"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1147706594","content_text":"Apple CEO Tim Cook moved onto product announcements, starting with a new iPad. The video was recorded in an empty auditorium.\n\nApple’s lowest-cost iPad, simply called iPad, is getting an update with a faster A13 processor and a better, 12 megapixel front-facing camera for better video calls, like on Zoom. It’s got a wider lens to capture more people in a single scene and can have an LTE wireless connection.\nIt costs $329 with 64GB of storage. That’s more storage but the same starting price as before. It goes on sale next week.\n\nApple also announced a new iPad Mini, which has a smaller 8.3-inch screen. It has a redesign featuring new, flatter design language, like the iPhone 12. It has smaller bezels with no fingerprint sensor on the front and comes in several colors, including purple.\nThe TouchID sensor has been built into the top button, which turns the screen on and off. It uses an USB-C connector, instead of Apple’s proprietary Lightning connector. It can support a 5G wireless connection. It works with Apple’s stylus, the second-generation Pencil.\nIt starts at $499 and hits stores next week, Apple said.\n\nApple announces new Apple Watch Series 7\nApple’s next product reveal will be the Apple Watch models, Cook said. The specs are being announced by Apple COO Jeff Williams.\nThe new models are called Apple Watch Series 7 will have a redesign, according to a promotional video shown by Apple. The new models have 20% screen area over last year’s Series 6 models but retains an industrial design with rounded edges. Apple says the screen is more crack-resistant and it charges faster.\nApple has redesigned its software to fit more information on the screen, the company said. It comes several new watch faces.\nThe entry-level model comes in five colors, including blue, and red. It also comes in aluminum, steel, and titanium cases, all of which have different prices.\nPrevious Apple Watch bands will still work with the new models, Apple said.\n\nApple announces iPhone 13 with smaller notch and bigger battery\nWith over 2 million viewers watching on YouTube, Apple CEO Tim Cook announced new iPhone models called iPhone 13.\nThe iPhone 13 has a smaller display cutout, or \"notch,\" at the top of the screen.\nOtherwise, the new iPhone 13 mostly has the same design as last year with new camera modules arranged diagonally. One camera is a 12-megapixel wide-angle lens, with a big sensor that captures 50% more light, Apple said. The other lens is an ultra-wide lens.\nOne camera improvement is a new \"cinematic mode\" that can hold focus on a moving subject.\n\nIt also has a bigger battery and brighter screen, Apple said. It comes in two sizes, 5.4-inch, and 6.1-inches, and five colors.\nIt has a new Apple-designed chip powering it, which the company is calling A15 Bionic. It has six cores and a specialized portion for running artificial intelligence algorithms.\nLike last year’s model, this year’s iPhones will have 5G connectivity. Apple says it works on carriers in 60 countries.\nThe iPhone 13 mini costs $699 and the iPhone 13 costs $799, Apple said, the same prices as last year. Devices now start with 128GB of storage space, an increase over last year.\n\nApple announces high-end iPhone 13 Pro models with bigger batteries\nApple announced the iPhone 13 Pro and iPhone 13 Pro Max with longer battery life.\nThe iPhone 12 Pro should have a 1.5 hour longer battery life and its bigger sibling will have a 2.5 hour longer battery life, Apple said. The iPhone 13 Pro starts at $999 and the Pro Max starts at $1099, the same prices as last year. Apple also has added a larger 1TB storage option.\nThe new iPhones will go on sale on September 24, Apple said.\nThey have the same screen sizes as last year's models, with a 6.1-inch version and a bigger 6.7-inch version. This year's models also come in a \"Sierra Blue\" version.\nThe biggest distinguishing characteristic between iPhone's base models and its Pro models is that they have three rear-facing cameras, including a zoom lens, a wide lens, and an ultra-wide camera, which can focus on objects as close as 2 centimeters away.\nThe iPhone 13 Pro has a display that Apple calls \"Super Retina XDR with ProMotion\" that has twice the refresh rate as previous iPhones. This means that scrolling on an iPhone should look smoother with less lag.\nThe Pro models have the same chip as the main iPhones, the A15 Bionic, Apple said.\nThis year's models are still constructed out of stainless steel, Apple marketing chief Greg Jozwiak said.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":1808,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":886016703,"gmtCreate":1631538319702,"gmtModify":1631889300576,"author":{"id":"3581769182401186","authorId":"3581769182401186","name":"KwokMeng","avatar":"https://static.tigerbbs.com/790a9b3a4d108ba92f4d9a18efdaaf86","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581769182401186","authorIdStr":"3581769182401186"},"themes":[],"htmlText":"Good for the children if the vaccines are approved.","listText":"Good for the children if the vaccines are approved.","text":"Good for the children if the vaccines are approved.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/886016703","repostId":"1129341543","repostType":4,"repost":{"id":"1129341543","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":1631534652,"share":"https://www.laohu8.com/m/news/1129341543?lang=zh_CN&edition=full","pubTime":"2021-09-13 20:04","market":"us","language":"en","title":"Toplines Before US Market Open on Monday<blockquote>周一美国市场开盘前的顶线</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1129341543","media":"Tiger Newspress","summary":"U.S. stock index futures rose on Monday after the S&P 500 logged its worst week in more than two mon","content":"<p>U.S. stock index futures rose on Monday after the S&amp;P 500 logged its worst week in more than two months, with investors keeping a close eye on inflation as well as monetary and tax policies.</p><p><blockquote>美国股指期货周一上涨，此前标普500录得两个多月来最糟糕的一周，投资者密切关注通胀以及货币和税收政策。</blockquote></p><p> S&amp;P 500 E-minis were up 23.25 points, or 0.52% at 08:00 am ET. Dow E-minis were up 183 points, or 0.53%, while Nasdaq 100 E-minis were up 75 points, or 0.49%.</p><p><blockquote>截至美国东部时间上午08:00，标普500 e-mini上涨23.25点，即0.52%。道琼斯电子迷你指数上涨183点，涨幅0.53%，纳斯达克100电子迷你指数上涨75点，涨幅0.49%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/2d51dd22d532e1b98f0ecae05c1f7a3e\" tg-width=\"1080\" tg-height=\"416\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Apple Inc rose 0.9% in premarket trading after a mixed court ruling in Epic Games’ antitrust case against the iPhone maker knocked nearly $90 billion off its market value on Friday.</p><p><blockquote>周五，法院对Epic Games针对iPhone制造商的反垄断案做出了好坏参半的裁决，导致苹果公司市值缩水近900亿美元，该公司在盘前交易中上涨0.9%。</blockquote></p><p> <b>Stocks making the biggest moves in the premarket:</b></p><p><blockquote><b>盘前涨幅最大的股票：</b></blockquote></p><p> <b>Virgin Galactic(SPCE)</b> – Virgin Galactic is delaying its first commercial research space mission after a third-party supplier warned of a potential defect in a component of the flight control system. Virgin Galactic shares slid 3.3% in the premarket.</p><p><blockquote><b>维珍银河(SPCE)</b>-在第三方供应商警告飞行控制系统的一个组件存在潜在缺陷后，维珍银河推迟了其首次商业研究太空任务。维珍银河股价盘前下跌3.3%。</blockquote></p><p> <b>Dell Technologies(DELL) </b>– Dell added 1.9% in premarket action after Goldman Sachs added the computer maker’s stock to its “Conviction Buy” list. Goldman cited strong cash flow generation and debt paydown plans, among other factors.</p><p><blockquote><b>戴尔科技(DELL)</b>-高盛将戴尔的股票添加到其“坚定买入”名单后，戴尔在盘前股价上涨1.9%。高盛列举了强劲的现金流生成和债务偿还计划等因素。</blockquote></p><p> <b>TransUnion(TRU)</b> – TransUnion announced a deal to buy closely held information services company Neustar for $3.1 billion in cash. The credit reporting agency expects the deal to close during the fourth quarter.</p><p><blockquote><b>TransUnion(TRU)</b>–TransUnion宣布以31亿美元现金收购少数人持股的信息服务公司Neustar的交易。该信用报告机构预计该交易将在第四季度完成。</blockquote></p><p> <b>Viacom(VIAC) </b>– Viacom is planning a revamp of its Paramount Pictures unit, according to people familiar with the matter who spoke to The Wall Street Journal. The revamp, which would separate the TV and film operations, could be announced as soon as today. Viacom rose 1% in the premarket.</p><p><blockquote><b>维亚康姆(VIAC)</b>-据接受《华尔街日报》采访的知情人士透露，维亚康姆正计划对其派拉蒙影业部门进行重组。这项改革将把电视和电影业务分开，最早可能在今天宣布。维亚康姆盘前上涨1%。</blockquote></p><p> <b>Kansas City Southern(KSU)</b> – Kansas City Southern said&nbsp;the latest takeover bid&nbsp;from&nbsp;Canadian Pacific Railway(CP) is superior to the one it previously agreed to with&nbsp;Canadian National Railway(CNI). Canadian National now has five days to improve its offer, should it choose to do so. Canadian Pacific rallied 0.9% in premarket trading.</p><p><blockquote><b>堪萨斯城南部(KSU)</b>-堪萨斯城南方公司表示，加拿大太平洋铁路公司（CP）的最新收购要约优于此前与加拿大国家铁路公司（CNI）达成的收购要约。如果加拿大国民银行选择这样做，它现在有五天的时间来提高其报价。加拿大太平洋航空在盘前交易中上涨0.9%。</blockquote></p><p> <b>Walt Disney(DIS)</b> – Disney will show the remainder of its 2021 movie releases exclusively in theaters, rather than making them simultaneously available on its Disney+ streaming service. Disney’s “Shang-Chi and the Legend of the 10 Rings” topped the weekend box office once again following its record Labor Day weekend performance, with that movie showing exclusively in theaters.</p><p><blockquote><b>华特迪士尼(DIS)</b>-迪士尼将在影院独家放映2021年上映的剩余电影，而不是在其Disney+流媒体服务上同时播放。迪士尼的《尚气与十环传奇》继劳动节周末创纪录的表现后，再次荣登周末票房榜首，这部电影仅在影院上映。</blockquote></p><p> <b>Alibaba(BABA)</b> – Alibaba fell 1.7% in premarket action.</p><p><blockquote><b>阿里巴巴-SW（父亲）</b>-阿里巴巴-SW盘前下跌1.7%。</blockquote></p><p> <b>Apple(AAPL)</b> – Epic Games will appeal Friday’s ruling that Apple’s app store was not an illegal monopoly. Epic did win a partial victory in the case, with the judge ruling that Apple must allow developers to include external payment links.</p><p><blockquote><b>苹果(AAPL)</b>-Epic Games将对周五的裁决提出上诉，该裁决认为苹果的app store不是非法垄断。Epic在此案中确实取得了部分胜利，法官裁定苹果必须允许开发者包含外部支付链接。</blockquote></p><p> <b>Carlyle Group(CG)</b> – Carlyle is considering a $6 billion sale or initial public offering for packaging company Novolex, according to a Bloomberg report. The private-equity firm bought Novolex for an undisclosed amount in November 2016.</p><p><blockquote><b>凯雷集团(CG)</b>-据彭博社报道，凯雷正在考虑以60亿美元的价格出售或首次公开募股包装公司Novolex。这家私募股权公司于2016年11月收购了Novolex，收购金额未公开。</blockquote></p><p> <b>MGM Resorts(MGM)</b> – MGM rose 1.5% in the premarket after Bernstein upgraded the resort operator’s stock to “outperform” from “market perform,” citing its strong presence in the gaming and sports betting industry as well as moves to divest the company’s real estate portfolio.</p><p><blockquote><b>美高梅度假村(MGM)</b>-米高梅在盘前上涨1.5%，此前伯恩斯坦将这家度假村运营商的股票从“大盘表现”上调至“跑赢大盘”，理由是该公司在博彩和体育博彩行业的强大影响力以及剥离该公司房地产投资组合的举措。</blockquote></p><p> <b>Pfizer(PFE) </b>– Pfizer’s Covid-19 vaccine – developed in conjunction with German partner&nbsp;BioNTech(BNTX) – could be authorized for use in children aged 5-11 as soon as next month, according to two sources familiar with the situation who spoke to Reuters. Pfizer is expected to have enough study data by then to submit an application for emergency use authorization to the Food and Drug Administration. BioNTech added 1.1% in premarket trading.</p><p><blockquote><b>辉瑞(PFE)</b>-据两位知情人士向路透社透露，辉瑞与德国合作伙伴BioNTech(BNTX)联合开发的Covid-19疫苗最早可能于下个月被授权用于5-11岁的儿童。辉瑞预计届时将有足够的研究数据向食品药品监督管理局提交紧急使用授权申请。BioNTech在盘前交易中上涨1.1%。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Toplines Before US Market Open on Monday<blockquote>周一美国市场开盘前的顶线</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\">\nToplines Before US Market Open on Monday<blockquote>周一美国市场开盘前的顶线</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-09-13 20:04</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>U.S. stock index futures rose on Monday after the S&amp;P 500 logged its worst week in more than two months, with investors keeping a close eye on inflation as well as monetary and tax policies.</p><p><blockquote>美国股指期货周一上涨，此前标普500录得两个多月来最糟糕的一周，投资者密切关注通胀以及货币和税收政策。</blockquote></p><p> S&amp;P 500 E-minis were up 23.25 points, or 0.52% at 08:00 am ET. Dow E-minis were up 183 points, or 0.53%, while Nasdaq 100 E-minis were up 75 points, or 0.49%.</p><p><blockquote>截至美国东部时间上午08:00，标普500 e-mini上涨23.25点，即0.52%。道琼斯电子迷你指数上涨183点，涨幅0.53%，纳斯达克100电子迷你指数上涨75点，涨幅0.49%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/2d51dd22d532e1b98f0ecae05c1f7a3e\" tg-width=\"1080\" tg-height=\"416\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Apple Inc rose 0.9% in premarket trading after a mixed court ruling in Epic Games’ antitrust case against the iPhone maker knocked nearly $90 billion off its market value on Friday.</p><p><blockquote>周五，法院对Epic Games针对iPhone制造商的反垄断案做出了好坏参半的裁决，导致苹果公司市值缩水近900亿美元，该公司在盘前交易中上涨0.9%。</blockquote></p><p> <b>Stocks making the biggest moves in the premarket:</b></p><p><blockquote><b>盘前涨幅最大的股票：</b></blockquote></p><p> <b>Virgin Galactic(SPCE)</b> – Virgin Galactic is delaying its first commercial research space mission after a third-party supplier warned of a potential defect in a component of the flight control system. Virgin Galactic shares slid 3.3% in the premarket.</p><p><blockquote><b>维珍银河(SPCE)</b>-在第三方供应商警告飞行控制系统的一个组件存在潜在缺陷后，维珍银河推迟了其首次商业研究太空任务。维珍银河股价盘前下跌3.3%。</blockquote></p><p> <b>Dell Technologies(DELL) </b>– Dell added 1.9% in premarket action after Goldman Sachs added the computer maker’s stock to its “Conviction Buy” list. Goldman cited strong cash flow generation and debt paydown plans, among other factors.</p><p><blockquote><b>戴尔科技(DELL)</b>-高盛将戴尔的股票添加到其“坚定买入”名单后，戴尔在盘前股价上涨1.9%。高盛列举了强劲的现金流生成和债务偿还计划等因素。</blockquote></p><p> <b>TransUnion(TRU)</b> – TransUnion announced a deal to buy closely held information services company Neustar for $3.1 billion in cash. The credit reporting agency expects the deal to close during the fourth quarter.</p><p><blockquote><b>TransUnion(TRU)</b>–TransUnion宣布以31亿美元现金收购少数人持股的信息服务公司Neustar的交易。该信用报告机构预计该交易将在第四季度完成。</blockquote></p><p> <b>Viacom(VIAC) </b>– Viacom is planning a revamp of its Paramount Pictures unit, according to people familiar with the matter who spoke to The Wall Street Journal. The revamp, which would separate the TV and film operations, could be announced as soon as today. Viacom rose 1% in the premarket.</p><p><blockquote><b>维亚康姆(VIAC)</b>-据接受《华尔街日报》采访的知情人士透露，维亚康姆正计划对其派拉蒙影业部门进行重组。这项改革将把电视和电影业务分开，最早可能在今天宣布。维亚康姆盘前上涨1%。</blockquote></p><p> <b>Kansas City Southern(KSU)</b> – Kansas City Southern said&nbsp;the latest takeover bid&nbsp;from&nbsp;Canadian Pacific Railway(CP) is superior to the one it previously agreed to with&nbsp;Canadian National Railway(CNI). Canadian National now has five days to improve its offer, should it choose to do so. Canadian Pacific rallied 0.9% in premarket trading.</p><p><blockquote><b>堪萨斯城南部(KSU)</b>-堪萨斯城南方公司表示，加拿大太平洋铁路公司（CP）的最新收购要约优于此前与加拿大国家铁路公司（CNI）达成的收购要约。如果加拿大国民银行选择这样做，它现在有五天的时间来提高其报价。加拿大太平洋航空在盘前交易中上涨0.9%。</blockquote></p><p> <b>Walt Disney(DIS)</b> – Disney will show the remainder of its 2021 movie releases exclusively in theaters, rather than making them simultaneously available on its Disney+ streaming service. Disney’s “Shang-Chi and the Legend of the 10 Rings” topped the weekend box office once again following its record Labor Day weekend performance, with that movie showing exclusively in theaters.</p><p><blockquote><b>华特迪士尼(DIS)</b>-迪士尼将在影院独家放映2021年上映的剩余电影，而不是在其Disney+流媒体服务上同时播放。迪士尼的《尚气与十环传奇》继劳动节周末创纪录的表现后，再次荣登周末票房榜首，这部电影仅在影院上映。</blockquote></p><p> <b>Alibaba(BABA)</b> – Alibaba fell 1.7% in premarket action.</p><p><blockquote><b>阿里巴巴-SW（父亲）</b>-阿里巴巴-SW盘前下跌1.7%。</blockquote></p><p> <b>Apple(AAPL)</b> – Epic Games will appeal Friday’s ruling that Apple’s app store was not an illegal monopoly. Epic did win a partial victory in the case, with the judge ruling that Apple must allow developers to include external payment links.</p><p><blockquote><b>苹果(AAPL)</b>-Epic Games将对周五的裁决提出上诉，该裁决认为苹果的app store不是非法垄断。Epic在此案中确实取得了部分胜利，法官裁定苹果必须允许开发者包含外部支付链接。</blockquote></p><p> <b>Carlyle Group(CG)</b> – Carlyle is considering a $6 billion sale or initial public offering for packaging company Novolex, according to a Bloomberg report. The private-equity firm bought Novolex for an undisclosed amount in November 2016.</p><p><blockquote><b>凯雷集团(CG)</b>-据彭博社报道，凯雷正在考虑以60亿美元的价格出售或首次公开募股包装公司Novolex。这家私募股权公司于2016年11月收购了Novolex，收购金额未公开。</blockquote></p><p> <b>MGM Resorts(MGM)</b> – MGM rose 1.5% in the premarket after Bernstein upgraded the resort operator’s stock to “outperform” from “market perform,” citing its strong presence in the gaming and sports betting industry as well as moves to divest the company’s real estate portfolio.</p><p><blockquote><b>美高梅度假村(MGM)</b>-米高梅在盘前上涨1.5%，此前伯恩斯坦将这家度假村运营商的股票从“大盘表现”上调至“跑赢大盘”，理由是该公司在博彩和体育博彩行业的强大影响力以及剥离该公司房地产投资组合的举措。</blockquote></p><p> <b>Pfizer(PFE) </b>– Pfizer’s Covid-19 vaccine – developed in conjunction with German partner&nbsp;BioNTech(BNTX) – could be authorized for use in children aged 5-11 as soon as next month, according to two sources familiar with the situation who spoke to Reuters. Pfizer is expected to have enough study data by then to submit an application for emergency use authorization to the Food and Drug Administration. BioNTech added 1.1% in premarket trading.</p><p><blockquote><b>辉瑞(PFE)</b>-据两位知情人士向路透社透露，辉瑞与德国合作伙伴BioNTech(BNTX)联合开发的Covid-19疫苗最早可能于下个月被授权用于5-11岁的儿童。辉瑞预计届时将有足够的研究数据向食品药品监督管理局提交紧急使用授权申请。BioNTech在盘前交易中上涨1.1%。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BABA":"阿里巴巴","SPCE":"维珍银河","DELL":"戴尔","MGM":"美高梅",".SPX":"S&P 500 Index","PFE":"辉瑞","CG":"凯雷",".IXIC":"NASDAQ Composite","TRU":"TransUnion","KSU":"堪萨斯南方铁路","BNTX":"BioNTech SE","DIS":"迪士尼","AAPL":"苹果",".DJI":"道琼斯"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129341543","content_text":"U.S. stock index futures rose on Monday after the S&P 500 logged its worst week in more than two months, with investors keeping a close eye on inflation as well as monetary and tax policies.\nS&P 500 E-minis were up 23.25 points, or 0.52% at 08:00 am ET. Dow E-minis were up 183 points, or 0.53%, while Nasdaq 100 E-minis were up 75 points, or 0.49%.\n\nApple Inc rose 0.9% in premarket trading after a mixed court ruling in Epic Games’ antitrust case against the iPhone maker knocked nearly $90 billion off its market value on Friday.\nStocks making the biggest moves in the premarket:\nVirgin Galactic(SPCE) – Virgin Galactic is delaying its first commercial research space mission after a third-party supplier warned of a potential defect in a component of the flight control system. Virgin Galactic shares slid 3.3% in the premarket.\nDell Technologies(DELL) – Dell added 1.9% in premarket action after Goldman Sachs added the computer maker’s stock to its “Conviction Buy” list. Goldman cited strong cash flow generation and debt paydown plans, among other factors.\nTransUnion(TRU) – TransUnion announced a deal to buy closely held information services company Neustar for $3.1 billion in cash. The credit reporting agency expects the deal to close during the fourth quarter.\nViacom(VIAC) – Viacom is planning a revamp of its Paramount Pictures unit, according to people familiar with the matter who spoke to The Wall Street Journal. The revamp, which would separate the TV and film operations, could be announced as soon as today. Viacom rose 1% in the premarket.\nKansas City Southern(KSU) – Kansas City Southern said the latest takeover bid from Canadian Pacific Railway(CP) is superior to the one it previously agreed to with Canadian National Railway(CNI). Canadian National now has five days to improve its offer, should it choose to do so. Canadian Pacific rallied 0.9% in premarket trading.\nWalt Disney(DIS) – Disney will show the remainder of its 2021 movie releases exclusively in theaters, rather than making them simultaneously available on its Disney+ streaming service. Disney’s “Shang-Chi and the Legend of the 10 Rings” topped the weekend box office once again following its record Labor Day weekend performance, with that movie showing exclusively in theaters.\nAlibaba(BABA) – Alibaba fell 1.7% in premarket action.\nApple(AAPL) – Epic Games will appeal Friday’s ruling that Apple’s app store was not an illegal monopoly. Epic did win a partial victory in the case, with the judge ruling that Apple must allow developers to include external payment links.\nCarlyle Group(CG) – Carlyle is considering a $6 billion sale or initial public offering for packaging company Novolex, according to a Bloomberg report. The private-equity firm bought Novolex for an undisclosed amount in November 2016.\nMGM Resorts(MGM) – MGM rose 1.5% in the premarket after Bernstein upgraded the resort operator’s stock to “outperform” from “market perform,” citing its strong presence in the gaming and sports betting industry as well as moves to divest the company’s real estate portfolio.\nPfizer(PFE) – Pfizer’s Covid-19 vaccine – developed in conjunction with German partner BioNTech(BNTX) – could be authorized for use in children aged 5-11 as soon as next month, according to two sources familiar with the situation who spoke to Reuters. Pfizer is expected to have enough study data by then to submit an application for emergency use authorization to the Food and Drug Administration. BioNTech added 1.1% in premarket trading.","news_type":1,"symbols_score_info":{"BABA":0.9,"ESmain":0.9,".SPX":0.9,".DJI":0.9,"AAPL":0.9,"SPCE":0.9,"BNTX":0.9,"TRU":0.9,"DELL":0.9,"YMmain":0.9,"PFE":0.9,".IXIC":0.9,"CG":0.9,"MGM":0.9,"NQmain":0.9,"KSU":0.9,"VIAC":0.9,"DIS":0.9}},"isVote":1,"tweetType":1,"viewCount":1816,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":817202344,"gmtCreate":1630965262188,"gmtModify":1631883982107,"author":{"id":"3581769182401186","authorId":"3581769182401186","name":"KwokMeng","avatar":"https://static.tigerbbs.com/790a9b3a4d108ba92f4d9a18efdaaf86","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581769182401186","authorIdStr":"3581769182401186"},"themes":[],"htmlText":"Just trade with caution ⚠️&nbsp;","listText":"Just trade with caution ⚠️&nbsp;","text":"Just trade with caution ⚠️","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/817202344","repostId":"1186375251","repostType":4,"repost":{"id":"1186375251","kind":"news","pubTimestamp":1630909435,"share":"https://www.laohu8.com/m/news/1186375251?lang=zh_CN&edition=full","pubTime":"2021-09-06 14:23","market":"us","language":"en","title":"3 Golden Rules On How To Invest At All-Time Highs<blockquote>如何在历史高点进行投资的3条黄金法则</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1186375251","media":"seekingalpha","summary":"Summary\n\nMarkets continue to reach new all-time highs each week and have not seen a notable correcti","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Markets continue to reach new all-time highs each week and have not seen a notable correction in over 200 trading days.</li>  <li>As markets are rallying, many investors are starting to rest on their laurels while investment decisions at all-time highs are actually more important than ever.</li>  <li>What should you be aware of in today's market? Should you sell out at these overvalued prices or can you still generate great returns by buying today?</li>  <li>In this article, I will share my three golden rules on how to invest at all-time highs like today. This information will be very valuable for your future wealth generation in the market.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9f5f0c9f1aacfbc6d8c78d0e84da5fc9\" tg-width=\"1536\" tg-height=\"878\" width=\"100%\" height=\"auto\"><span>phive2015/iStock via Getty Images</span></p><p><blockquote><ul><li>市场每周都在继续创下历史新高，并且在200多个交易日中没有出现明显的回调。</li><li>随着市场反弹，许多投资者开始固步自封，而在历史高点做出投资决策实际上比以往任何时候都更加重要。</li><li>在今天的市场上你应该注意什么？您应该以这些高估的价格卖出，还是今天买入仍然可以获得丰厚的回报？</li><li>在这篇文章中，我将分享我关于如何在像今天这样的历史高点进行投资的三条黄金法则。这些信息对你未来在市场上创造财富非常有价值。</li></ul><p class=\"t-img-caption\"><span>phive2015/iStock来自Getty Images</span></p></blockquote></p><p> The stock market has been on a rampage in 2021. At the end of August, the S&amp;P 500 index (SPY) gained 20.4% year-to-date. Interestingly, the index has been trading in a very tight upward range and has not seen a 5% correction for 208 trading days. While most investors don't see this as an anomaly, it actually is. Both events have only occurred 7 times before in stock market history. We are clearly living in abnormal times.</p><p><blockquote>2021年股市一路狂飙。8月底，标普500指数（SPDR标普500指数ETF）今年迄今上涨20.4%。有趣的是，该指数一直在非常狭窄的上行区间内交易，已经有208个交易日没有出现5%的回调。虽然大多数投资者并不认为这是异常现象，但事实确实如此。这两个事件在股市历史上只发生过7次。我们显然生活在一个非常时期。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c58ccc72065c84083443d6be7f03482a\" tg-width=\"640\" tg-height=\"322\" width=\"100%\" height=\"auto\"><span>Source: Insider Opportunities with Tradingview</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Tradingview的内部机会</span></p></blockquote></p><p> Each day it is important to think thoroughly about the investment decisions you make. Above all, all purchases or sales will impact your future wealth accumulation in the market.</p><p><blockquote>每天彻底思考你所做的投资决策是很重要的。最重要的是，所有的购买或销售都会影响你未来在市场上的财富积累。</blockquote></p><p> However, during extreme rallies like today it is twice as important to reflect on your investment decisions. Ask that to investors who took high risks during the dot-com bubble or panic sold during the Covid-19 crash. That undoubtedly had an immense impact on their long-term returns.</p><p><blockquote>然而，在像今天这样的极端反弹期间，反思你的投资决策是加倍重要的。问问那些在互联网泡沫期间承担高风险或在Covid-19崩盘期间恐慌性抛售的投资者就知道了。这无疑对他们的长期回报产生了巨大影响。</blockquote></p><p> The importance of investment decisions today for your long-term returns is why I chose to write about my three golden rules on how to invest at all-time highs. How should you approach today's market and what should you be aware of? Should you sell out at these overvalued prices and wait for a correction to take place or can you still generate great returns when buying at these levels? The answers to these one-million-dollar questions will be provided in this article.</p><p><blockquote>今天的投资决策对你的长期回报的重要性，这就是为什么我选择写下我关于如何在历史高点投资的三条黄金法则。你应该如何对待今天的市场，你应该注意什么？您应该在这些高估的价格卖出并等待调整发生，还是在这些水平买入时仍然能产生巨大的回报？本文将提供这些价值百万美元的问题的答案。</blockquote></p><p> <b>1. Don't get caught by greediness</b></p><p><blockquote><b>1.不要被贪婪所困</b></blockquote></p><p> Let's start off with the most important rule. Avoid greediness.</p><p><blockquote>让我们从最重要的规则开始。避免贪婪。</blockquote></p><p> According to JPMorgan, over the past 20 years, the average investor reached an annual return of only 2.9%. As such, they significantly underperformed the general market as the S&amp;P 500 yielded an annual 7.5% return during this time frame.</p><p><blockquote>根据摩根大通的数据，在过去的20年里，普通投资者的年回报率仅为2.9%。因此，它们的表现明显落后于大盘，因为标普500在此期间的年回报率为7.5%。</blockquote></p><p> The single most important reason for this retail investor underperformance? Emotional human behavior.</p><p><blockquote>散户投资者表现不佳的最重要原因是什么？情绪化的人类行为。</blockquote></p><p> The average investor is getting influenced heavily by media headlines, stock prices movements and behavior from other investors.</p><p><blockquote>普通投资者受到媒体头条、股价走势和其他投资者行为的严重影响。</blockquote></p><p> Today, we reached an extremely bullish stock market environment. Last earnings season has been one of the greatest in stock market history. The S&amp;P 500 EPS rose by 94.5% YoY and 86.1% of its constituents beat analyst estimates.</p><p><blockquote>今天，我们达到了一个极其看涨的股市环境。上一个财报季是股市历史上最伟大的财报季之一。标普500每股收益同比增长94.5%，86.1%的成分股超出分析师预期。</blockquote></p><p> As a consequence of this bullish environment, analysts are significantly raising their estimates for the next quarters. They now expect EPS to rise sharply to $217.96 by the end of 2022, which is a significant recovery from the pre-pandemic high of $157.12. Such a recovery looks to be optimistic as it took 7-12 years in the past economic cycles to achieve this:</p><p><blockquote>由于这种看涨的环境，分析师大幅上调了对未来几个季度的预期。他们现在预计，到2022年底，每股收益将大幅升至217.96美元，较大流行前157.12美元的高点大幅回升。这样的复苏看起来很乐观，因为在过去的经济周期中花了7-12年才实现这一目标：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1accc921d16b11ec13ed94686b9cfe75\" tg-width=\"640\" tg-height=\"465\" width=\"100%\" height=\"auto\"><span>Source: Insider Opportunities based on S&amp;P Global data; adjusted EPS is used</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：基于标准普尔全球数据的内幕机会；使用调整后的每股收益</span></p></blockquote></p><p> Will earnings really continue this very strong recovery over the coming quarters or are analysts perhaps getting too greedy with their assumptions?</p><p><blockquote>未来几个季度的盈利真的会继续这种非常强劲的复苏吗？还是分析师可能对他们的假设过于贪婪？</blockquote></p><p> It wouldn't be the first time if they were too greedy. During the dot-com bubble for example, they were caught by their emotions as well. The '90s was an abnormally strong decade in terms of earnings growth for the S&amp;P 500. As such, analysts totally forgot that downward cycles exist as well. They increased their annual EPS growth guidance to a staggering 15% for the five years following 2000. According to them, this high growth rate justified the record P/E multiples stocks were trading at and many investors got tricked into that story.</p><p><blockquote>如果他们太贪婪，这也不是第一次了。例如，在互联网泡沫期间，他们也被自己的情绪所困扰。就标普500的盈利增长而言，90年代是异常强劲的十年。因此，分析师完全忘记了下行周期也存在。他们将2000年之后五年的年度每股收益增长指引提高到惊人的15%。根据他们的说法，这种高增长率证明了股票交易市盈率创纪录的倍数是合理的，许多投资者被骗了。</blockquote></p><p> What happened afterwards? The economy didn't boom, it fell into a recession which took 3 years to recover from. Earnings in 2003 were almost 50% lower than what analysts had been predicting in 2000.</p><p><blockquote>之后发生了什么？经济没有繁荣，而是陷入了衰退，花了3年时间才恢复过来。2003年的盈利比分析师2000年的预测低了近50%。</blockquote></p><p></p><p> As markets were priced to analyst expectations instead of taking into account a possible downturn, the S&amp;P 500 crashed and took 7 years to recover.</p><p><blockquote>由于市场定价符合分析师的预期，而不是考虑可能的低迷，标普500崩溃并花了7年时间才恢复。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0081f4a9c3ee43b20684f113cb04ef9c\" tg-width=\"640\" tg-height=\"467\" width=\"100%\" height=\"auto\"><span>Source: Insider Opportunities based on S&amp;P Global data and Yardeni; adjusted EPS is used</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：基于S&amp;P Global数据和Yardeni的内幕机会；使用调整后的每股收益</span></p></blockquote></p><p> Let's get back to today... The P/E of the S&amp;P 500 currently stands at 25.4x, which is extremely high compared to historical levels. This gets justified by the common belief that earnings will continue rising significantly. As such, the ratio would fall to an acceptable 20.7x by the end of 2022.</p><p><blockquote>让我们回到今天...标普500的市盈率目前为25.4倍，与历史水平相比极高。人们普遍认为收入将继续大幅增长，这证明了这一点。因此，到2022年底，该比率将降至可接受的20.7倍。</blockquote></p><p> Now ask yourself how likely it is that earnings growth will continue to grow at higher levels than the historical average over the coming quarters.</p><p><blockquote>现在问问你自己，未来几个季度盈利增长继续高于历史平均水平的可能性有多大。</blockquote></p><p> Interest rates are already at 0%. The money printer is running out of paper. Federal debt levels are hitting their ceilings. Pent-up demand and stimuli cheques already led to record-high consumer spending over the past quarters.</p><p><blockquote>利率已经是0%了。印钞机的纸快用完了。联邦债务水平正在触及上限。过去几个季度，被压抑的需求和刺激支票已经导致消费者支出创历史新高。</blockquote></p><p> Maybe, just maybe, analysts are being too greedy with their assumptions? Maybe the recent economic recovery is unsustainable and set to cool down? Maybe my assumptions (grey line) are much more likely than what the market is predicting (red line)? If so, the market is trading at a fwd 2022 P/E of 23.6x, which is really expensive.</p><p><blockquote>也许，仅仅是也许，分析师对他们的假设过于贪婪？也许最近的经济复苏是不可持续的，并将降温？也许我的假设（灰线）比市场预测的（红线）更有可能？如果是这样的话，市场的2022年预期市盈率为23.6倍，这确实很贵。</blockquote></p><p> I'm not sure this will happen, nobody is. But it sure as hell is a probability.</p><p><blockquote>我不确定这会发生，没人知道。但这肯定是一种可能性。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f61310c3c851b181ceb1fb3cc8862fdb\" tg-width=\"640\" tg-height=\"465\" width=\"100%\" height=\"auto\"><span>Source: Insider Opportunities based on S&amp;P Global data and Yardeni; adjusted EPS is used</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：基于S&amp;P Global数据和Yardeni的内幕机会；使用调整后的每股收益</span></p></blockquote></p><p> This greediness also gets reflected in the charts. As you can see in the chart below, a bull market can be split into four cycles. Strong growth, bear trap, media attention and greed.</p><p><blockquote>这种贪婪也反映在图表中。如下图所示，牛市可以分为四个周期。强劲增长、熊市陷阱、媒体关注和贪婪。</blockquote></p><p> Interestingly, the 2013-2021 bull market is playing out almost identically as the 1994-2000 bull market. At this moment, the Nasdaq Index (QQQ) looks to be ready to start the last extreme greed phase. The media is approaching the recent rally as \"the new normal\" and investors are FOMO buying heavily because stocks \"can only go up\". As such, it is likely that the Nasdaq will rise close to $20,000 in the last months of 2021.</p><p><blockquote>有趣的是，2013-2021年的牛市与1994-2000年的牛市几乎一模一样。此时此刻，纳斯达克指数（QQQ）看起来已经准备好开始最后的极度贪婪阶段。媒体将最近的反弹视为“新常态”，投资者正在FOMO大举买入，因为股市“只能上涨”。因此，纳斯达克可能会在2021年最后几个月升至接近20,000美元。</blockquote></p><p> As a long-term investor, it is extremely important to understand these dynamics. You will probably feel the urge to go all-in in risky assets as well. However, getting greedy during this phase could be a major threat for your long term returns as it will likely be followed by a major bear market.</p><p><blockquote>作为长期投资者，了解这些动态极其重要。你可能也会有全押风险资产的冲动。然而，在此阶段变得贪婪可能会对您的长期回报构成重大威胁，因为接下来可能会出现重大熊市。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c783bf0cff4c410846a27c2dc8c180b1\" tg-width=\"640\" tg-height=\"499\" width=\"100%\" height=\"auto\"><span>Source: Insider Opportunities with Tradingview</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Tradingview的内部机会</span></p></blockquote></p><p> Human behavior makes it extremely challenging to not get distracted by market sentiment. If you can keep an objective view on markets, it will benefit your returns drastically.</p><p><blockquote>人类行为使得不被市场情绪分心变得极具挑战性。如果你能对市场保持客观的看法，这将大大有利于你的回报。</blockquote></p><p> 2. Keep investing, there are always opportunities</p><p><blockquote>2.坚持投资，机会总是有的</blockquote></p><p> In short, rule #1 says that your decisions should never be led by emotions and that you should keep focusing on underlying fundamentals. As the market is getting greedy today and valuations reach extreme levels it implies that you should start selling stocks and hold a lot of cash, right?</p><p><blockquote>简而言之，规则1说，你的决定永远不应该被情绪所引导，你应该继续关注潜在的基本面。随着今天市场变得贪婪，估值达到极端水平，这意味着你应该开始出售股票并持有大量现金，对吗？</blockquote></p><p> Not really... You know, a wise man once said the following:</p><p><blockquote>不是真的...你知道，一位智者曾经说过这样的话：</blockquote></p><p>   <b>It's a market of stocks, not a stock market.</b>  I'm not entirely sure who came up with it. But it must be a wise man, for sure.</p><p><blockquote><b>这是一个股票市场，而不是股票市场。</b>我不完全确定是谁想出来的。但肯定是个聪明人。</blockquote></p><p> What does it mean? Look, many retail investors buy/sell stocks based on how the outlook for the general market looks like. If they don't trust the markets, they will be reluctant to invest, no matter what.</p><p><blockquote>这是什么意思？看，许多散户投资者根据整体市场的前景来买卖股票。如果他们不信任市场，无论如何他们都不愿意投资。</blockquote></p><p> That's not a great way of looking at markets. There are almost 4,000 stocks available and there will always be interesting investment opportunities to generate great returns, no matter how the market evolves.</p><p><blockquote>这不是看待市场的好方法。有近4,000只股票可供选择，无论市场如何发展，总会有有趣的投资机会产生巨大的回报。</blockquote></p><p> In a generally overvalued market it gets increasingly challenging to find undervalued stocks, but certainly not impossible. Ask Warren Buffett. In 2000, the most overvalued stock market in history, his investment vehicle Berkshire Hathaway (BRK.A) (BRK.B) kept buying high-quality, undervalued assets. His dedication paid off with an impressive return of 47% five years after the dot-com peak compared to -39% for the Nasdaq index.</p><p><blockquote>在一个普遍被高估的市场中，找到被低估的股票变得越来越具有挑战性，但肯定不是不可能。问问沃伦·巴菲特。2000年，史上估值最高的股市，他的投资工具伯克希尔哈撒韦公司（BRK.A）（BRK.B）不断买入优质、被低估的资产。他的奉献得到了回报，在互联网泡沫达到顶峰五年后，他获得了令人印象深刻的47%的回报率，而纳斯达克指数的回报率为-39%。</blockquote></p><p> The Russell 2000 (IWM), an index reflecting US small caps, was very attractive during the dot-com bubble as well, trading at a P/E of 16x (vs 24x for large caps) going into 2000. Those who invested in this undervalued asset class during the bubble also generated very solid returns. Those who were able to pick out the greatest small caps were a lot happier than those who got tricked into overhyped tech stocks, I can imagine.</p><p><blockquote>罗素2000(IWM)是一个反映美国小盘股的指数，在互联网泡沫期间也非常有吸引力，2000年的市盈率为16倍（大盘股为24倍）。那些在泡沫期间投资这一被低估的资产类别的人也获得了非常稳健的回报。我可以想象，那些能够挑选出最伟大的小盘股的人比那些被骗进过度炒作的科技股的人要快乐得多。</blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c713a296e819a255b3be8ac6e504033d\" tg-width=\"635\" tg-height=\"450\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> So what should you do today? I would suggest re-evaluating all your portfolio holdings. Weigh their valuation compared to earnings 3 years from now, when Covid-19 disruptions (stimuli, pent-up demand, etc.) are gone. Be conservative with your assumptions. If a stock is significantly overvalued compared to those assumptions, don't be greedy and sell out the position.</p><p><blockquote>那么你今天应该做什么呢？我建议重新评估你所有的投资组合。当Covid-19的干扰（刺激、被压抑的需求等）消失后，将它们的估值与3年后的收益进行权衡。对你的假设要保守。如果一只股票与这些假设相比被严重高估，不要贪婪并卖出头寸。</blockquote></p><p> A great example is Apple Inc. (AAPL), one of the most popular stocks this year. As a consequence of its very strong financials (revenue grew 36.4% last quarter), its P/E ratio more than doubled over the past two years to 30x. It is important to understand that its recent growth primarily accelerated due to unsustainable drivers such as the several rounds of stimuli cheques. Once this fades away, Apple's growth is likely to fall back to single digits (or might even go negative in the short term) and returns would be very weak going forward.</p><p><blockquote>苹果公司（AAPL）就是一个很好的例子，它是今年最受欢迎的股票之一。由于其财务状况非常强劲（上季度收入增长36.4%），其市盈率在过去两年中增长了一倍多，达到30倍。重要的是要明白，它最近的增长主要是由于不可持续的驱动因素，如几轮刺激支票。一旦这种情况消失，苹果的增长可能会回落到个位数（甚至可能在短期内为负），未来的回报将非常疲软。</blockquote></p><p> Don't keep all that freed up capital in cash, especially in the current inflationary environment. There are still opportunities to re-invest that money. In my opinion, small caps are the most attractive asset class today just like they were in 2000. After its recent underperformance, the Russell 2000 (representing all US small caps) is trading at a P/E of 15.6x today. This is much lower than both the S&amp;P 500 Index and its historical average. There are plenty of small-cap opportunities out there which will generate great returns going forward.</p><p><blockquote>不要将所有释放的资本都保留在现金中，尤其是在当前的通胀环境下。仍然有机会将这笔钱进行再投资。在我看来，小盘股是当今最具吸引力的资产类别，就像2000年一样。在最近表现不佳之后，罗素2000指数（代表所有美国小盘股）目前的市盈率为15.6倍。这远低于标普500指数及其历史平均水平。有很多小盘股机会，未来将产生巨大的回报。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2f132a93975b3b7fef86aff21c0b49bb\" tg-width=\"640\" tg-height=\"250\" width=\"100%\" height=\"auto\"><span>Source: Yardeni</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：亚德尼</span></p></blockquote></p><p> <b>3. Adopt a proven investment strategy to pick stocks</b></p><p><blockquote><b>3.采用行之有效的投资策略来挑选股票</b></blockquote></p><p> Rule #1 and #2 look very good on paper, but are very hard to execute in reality. When push comes to shove, it's very tough to deny your emotions and to find interesting investment opportunities in an overvalued market.</p><p><blockquote>规则#1和#2在纸面上看起来很好，但在现实中很难执行。到了紧要关头，很难否认自己的情绪，也很难在估值过高的市场中找到有趣的投资机会。</blockquote></p><p> That's where #3 comes into play: adopt a proven investment strategy.</p><p><blockquote>这就是第三点发挥作用的地方：采用行之有效的投资策略。</blockquote></p><p> With the upcoming challenges in the stock market, I believe it has never been as important as today to follow a pre-determined strategy on which you can rely during a highly uncertain market environment. If you use a strategy which worked well in the past, you'll feel great in each market environment.</p><p><blockquote>随着股市即将面临的挑战，我相信在高度不确定的市场环境中，遵循一个可以依赖的预先确定的策略从未像今天这样重要。如果你使用了一个在过去行之有效的策略，你会在每个市场环境中感觉很好。</blockquote></p><p> There are many strategies that could work for you, as long as you stick to it. We strongly believe that our under-appreciated strategy at Insider Opportunities will be very valuable in the coming years.</p><p><blockquote>只要你坚持，有很多策略对你有用。我们坚信，我们在内部机会方面被低估的策略在未来几年将非常有价值。</blockquote></p><p> To find attractive investment opportunities, we follow insider purchases each day. Insiders are the CFOs, CEOs, board members, etc. who know their business better than anyone else in the market. If they see a disconnection between the share price and the business fundamentals, they can purchase shares to generate profits. You can follow the purchases of this so-called \"smart money\" on a daily basis through SEC filings or websites like openinsider.com.</p><p><blockquote>为了寻找有吸引力的投资机会，我们每天都会跟踪内幕交易。内部人士是首席财务官、首席执行官、董事会成员等。他们比市场上的任何人都更了解自己的业务。如果他们看到股价与业务基本面脱节，他们可以购买股票来产生利润。您可以通过SEC文件或openinsider.com等网站每天跟踪这种所谓“聪明资金”的购买情况。</blockquote></p><p> We don't just follow up insider purchases. We created three algorithms based on more than a million of data points over the past decade to pick the greatest ones out of all insider purchases. As such, we stick to a pre-determined plan to only buy stocks that are attractive based on specific fundamentals, called \"golden picks\".</p><p><blockquote>我们不只是跟进内幕交易。我们根据过去十年的100多万个数据点创建了三种算法，从所有内幕购买中挑选出最好的。因此，我们坚持预先确定的计划，只购买基于特定基本面有吸引力的股票，称为“黄金精选”。</blockquote></p><p> It worked tremendously in the past. Our back-test shows that the strategy generated annualized returns of 47.2% over the past decade, tripling the S&amp;P 500 index. Only in 2011 it slightly underperformed the market.</p><p><blockquote>它在过去非常有效。我们的回溯测试显示，该策略在过去十年中产生了47.2%的年化回报率，是标普500指数的三倍。只有在2011年，它的表现略逊于市场。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f05af9240a87a55641df0a7921ec0380\" tg-width=\"640\" tg-height=\"359\" width=\"100%\" height=\"auto\"><span>Source: Insider Opportunities</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：内部机会</span></p></blockquote></p><p> We firmly believe that this revolutionary strategy will continue generating wealth for us in the stock market, regardless of how the market performs. Find yourself a strict, proven strategy like ours on which you can rely during the upcoming uncertainties.</p><p><blockquote>我们坚信，无论市场表现如何，这一革命性的策略都将继续在股市为我们创造财富。给自己找一个像我们这样严格的、经过验证的策略，在即将到来的不确定性中，你可以依靠它。</blockquote></p><p> <b>Conclusion: Do this at all-time highs</b></p><p><blockquote><b>结论：在历史高点这样做</b></blockquote></p><p> Most stock market investors are resting on their laurels when all-time highs are being reached. Above all, nothing can go wrong in such a bullish market, right?</p><p><blockquote>当达到历史高点时，大多数股市投资者都固步自封。最重要的是，在这样一个牛市中，什么都不会出错，对吧？</blockquote></p><p> No, that's not how it works. Markets evolve in cycles and those who don't acknowledge the importance of adapting to these cycles will be struck at weak long-term returns.</p><p><blockquote>不，事情不是这样的。市场是周期性发展的，那些不认识到适应这些周期重要性的人将会受到长期回报疲软的打击。</blockquote></p><p> How should you approach today's all-time highs to keep generating wealth going forward? Here are my three golden rules:</p><p><blockquote>你应该如何接近今天的历史高点，以继续创造财富？以下是我的三条黄金法则：</blockquote></p><p></p><p> <ol>  <li><b>Don't get greedy.</b>As a consequence of emotional behavior, you will want to take higher risks when markets are rallying. Never follow these emotions and always keep focused on the fundamentals.</li>  <li><b>Keep being invested.</b>Don't get reluctant to invest in stocks just because markets are getting overvalued. Acknowledge that it's a market of stocks, not a stock market. There are always great opportunities in each market environment. Today, they are mostly available in under-the-radar small caps.</li>  <li><b>Adopt a proven strategy.</b>Investing is not easy, especially when things are starting to move southwards. Adopting a strict, proven investment strategy can make life much easier and improve returns significantly.</li> </ol></p><p><blockquote><ol><li><b>不要贪心。</b>由于情绪行为，当市场上涨时，你会想要承担更高的风险。永远不要跟随这些情绪，永远专注于基本面。</li><li><b>继续投资。</b>不要仅仅因为市场被高估就不愿意投资股票。承认这是一个股票市场，而不是股票市场。每个市场环境下总有很大的机会。如今，它们大多出现在不为人知的小盘股中。</li><li><b>采用行之有效的策略。</b>投资并不容易，尤其是当事情开始南移的时候。采用严格的、经过验证的投资策略可以让生活变得更加轻松并显着提高回报。</li></ol></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>3 Golden Rules On How To Invest At All-Time Highs<blockquote>如何在历史高点进行投资的3条黄金法则</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\">\n3 Golden Rules On How To Invest At All-Time Highs<blockquote>如何在历史高点进行投资的3条黄金法则</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-09-06 14:23</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Markets continue to reach new all-time highs each week and have not seen a notable correction in over 200 trading days.</li>  <li>As markets are rallying, many investors are starting to rest on their laurels while investment decisions at all-time highs are actually more important than ever.</li>  <li>What should you be aware of in today's market? Should you sell out at these overvalued prices or can you still generate great returns by buying today?</li>  <li>In this article, I will share my three golden rules on how to invest at all-time highs like today. This information will be very valuable for your future wealth generation in the market.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9f5f0c9f1aacfbc6d8c78d0e84da5fc9\" tg-width=\"1536\" tg-height=\"878\" width=\"100%\" height=\"auto\"><span>phive2015/iStock via Getty Images</span></p><p><blockquote><ul><li>市场每周都在继续创下历史新高，并且在200多个交易日中没有出现明显的回调。</li><li>随着市场反弹，许多投资者开始固步自封，而在历史高点做出投资决策实际上比以往任何时候都更加重要。</li><li>在今天的市场上你应该注意什么？您应该以这些高估的价格卖出，还是今天买入仍然可以获得丰厚的回报？</li><li>在这篇文章中，我将分享我关于如何在像今天这样的历史高点进行投资的三条黄金法则。这些信息对你未来在市场上创造财富非常有价值。</li></ul><p class=\"t-img-caption\"><span>phive2015/iStock来自Getty Images</span></p></blockquote></p><p> The stock market has been on a rampage in 2021. At the end of August, the S&amp;P 500 index (SPY) gained 20.4% year-to-date. Interestingly, the index has been trading in a very tight upward range and has not seen a 5% correction for 208 trading days. While most investors don't see this as an anomaly, it actually is. Both events have only occurred 7 times before in stock market history. We are clearly living in abnormal times.</p><p><blockquote>2021年股市一路狂飙。8月底，标普500指数（SPDR标普500指数ETF）今年迄今上涨20.4%。有趣的是，该指数一直在非常狭窄的上行区间内交易，已经有208个交易日没有出现5%的回调。虽然大多数投资者并不认为这是异常现象，但事实确实如此。这两个事件在股市历史上只发生过7次。我们显然生活在一个非常时期。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c58ccc72065c84083443d6be7f03482a\" tg-width=\"640\" tg-height=\"322\" width=\"100%\" height=\"auto\"><span>Source: Insider Opportunities with Tradingview</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Tradingview的内部机会</span></p></blockquote></p><p> Each day it is important to think thoroughly about the investment decisions you make. Above all, all purchases or sales will impact your future wealth accumulation in the market.</p><p><blockquote>每天彻底思考你所做的投资决策是很重要的。最重要的是，所有的购买或销售都会影响你未来在市场上的财富积累。</blockquote></p><p> However, during extreme rallies like today it is twice as important to reflect on your investment decisions. Ask that to investors who took high risks during the dot-com bubble or panic sold during the Covid-19 crash. That undoubtedly had an immense impact on their long-term returns.</p><p><blockquote>然而，在像今天这样的极端反弹期间，反思你的投资决策是加倍重要的。问问那些在互联网泡沫期间承担高风险或在Covid-19崩盘期间恐慌性抛售的投资者就知道了。这无疑对他们的长期回报产生了巨大影响。</blockquote></p><p> The importance of investment decisions today for your long-term returns is why I chose to write about my three golden rules on how to invest at all-time highs. How should you approach today's market and what should you be aware of? Should you sell out at these overvalued prices and wait for a correction to take place or can you still generate great returns when buying at these levels? The answers to these one-million-dollar questions will be provided in this article.</p><p><blockquote>今天的投资决策对你的长期回报的重要性，这就是为什么我选择写下我关于如何在历史高点投资的三条黄金法则。你应该如何对待今天的市场，你应该注意什么？您应该在这些高估的价格卖出并等待调整发生，还是在这些水平买入时仍然能产生巨大的回报？本文将提供这些价值百万美元的问题的答案。</blockquote></p><p> <b>1. Don't get caught by greediness</b></p><p><blockquote><b>1.不要被贪婪所困</b></blockquote></p><p> Let's start off with the most important rule. Avoid greediness.</p><p><blockquote>让我们从最重要的规则开始。避免贪婪。</blockquote></p><p> According to JPMorgan, over the past 20 years, the average investor reached an annual return of only 2.9%. As such, they significantly underperformed the general market as the S&amp;P 500 yielded an annual 7.5% return during this time frame.</p><p><blockquote>根据摩根大通的数据，在过去的20年里，普通投资者的年回报率仅为2.9%。因此，它们的表现明显落后于大盘，因为标普500在此期间的年回报率为7.5%。</blockquote></p><p> The single most important reason for this retail investor underperformance? Emotional human behavior.</p><p><blockquote>散户投资者表现不佳的最重要原因是什么？情绪化的人类行为。</blockquote></p><p> The average investor is getting influenced heavily by media headlines, stock prices movements and behavior from other investors.</p><p><blockquote>普通投资者受到媒体头条、股价走势和其他投资者行为的严重影响。</blockquote></p><p> Today, we reached an extremely bullish stock market environment. Last earnings season has been one of the greatest in stock market history. The S&amp;P 500 EPS rose by 94.5% YoY and 86.1% of its constituents beat analyst estimates.</p><p><blockquote>今天，我们达到了一个极其看涨的股市环境。上一个财报季是股市历史上最伟大的财报季之一。标普500每股收益同比增长94.5%，86.1%的成分股超出分析师预期。</blockquote></p><p> As a consequence of this bullish environment, analysts are significantly raising their estimates for the next quarters. They now expect EPS to rise sharply to $217.96 by the end of 2022, which is a significant recovery from the pre-pandemic high of $157.12. Such a recovery looks to be optimistic as it took 7-12 years in the past economic cycles to achieve this:</p><p><blockquote>由于这种看涨的环境，分析师大幅上调了对未来几个季度的预期。他们现在预计，到2022年底，每股收益将大幅升至217.96美元，较大流行前157.12美元的高点大幅回升。这样的复苏看起来很乐观，因为在过去的经济周期中花了7-12年才实现这一目标：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1accc921d16b11ec13ed94686b9cfe75\" tg-width=\"640\" tg-height=\"465\" width=\"100%\" height=\"auto\"><span>Source: Insider Opportunities based on S&amp;P Global data; adjusted EPS is used</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：基于标准普尔全球数据的内幕机会；使用调整后的每股收益</span></p></blockquote></p><p> Will earnings really continue this very strong recovery over the coming quarters or are analysts perhaps getting too greedy with their assumptions?</p><p><blockquote>未来几个季度的盈利真的会继续这种非常强劲的复苏吗？还是分析师可能对他们的假设过于贪婪？</blockquote></p><p> It wouldn't be the first time if they were too greedy. During the dot-com bubble for example, they were caught by their emotions as well. The '90s was an abnormally strong decade in terms of earnings growth for the S&amp;P 500. As such, analysts totally forgot that downward cycles exist as well. They increased their annual EPS growth guidance to a staggering 15% for the five years following 2000. According to them, this high growth rate justified the record P/E multiples stocks were trading at and many investors got tricked into that story.</p><p><blockquote>如果他们太贪婪，这也不是第一次了。例如，在互联网泡沫期间，他们也被自己的情绪所困扰。就标普500的盈利增长而言，90年代是异常强劲的十年。因此，分析师完全忘记了下行周期也存在。他们将2000年之后五年的年度每股收益增长指引提高到惊人的15%。根据他们的说法，这种高增长率证明了股票交易市盈率创纪录的倍数是合理的，许多投资者被骗了。</blockquote></p><p> What happened afterwards? The economy didn't boom, it fell into a recession which took 3 years to recover from. Earnings in 2003 were almost 50% lower than what analysts had been predicting in 2000.</p><p><blockquote>之后发生了什么？经济没有繁荣，而是陷入了衰退，花了3年时间才恢复过来。2003年的盈利比分析师2000年的预测低了近50%。</blockquote></p><p></p><p> As markets were priced to analyst expectations instead of taking into account a possible downturn, the S&amp;P 500 crashed and took 7 years to recover.</p><p><blockquote>由于市场定价符合分析师的预期，而不是考虑可能的低迷，标普500崩溃并花了7年时间才恢复。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0081f4a9c3ee43b20684f113cb04ef9c\" tg-width=\"640\" tg-height=\"467\" width=\"100%\" height=\"auto\"><span>Source: Insider Opportunities based on S&amp;P Global data and Yardeni; adjusted EPS is used</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：基于S&amp;P Global数据和Yardeni的内幕机会；使用调整后的每股收益</span></p></blockquote></p><p> Let's get back to today... The P/E of the S&amp;P 500 currently stands at 25.4x, which is extremely high compared to historical levels. This gets justified by the common belief that earnings will continue rising significantly. As such, the ratio would fall to an acceptable 20.7x by the end of 2022.</p><p><blockquote>让我们回到今天...标普500的市盈率目前为25.4倍，与历史水平相比极高。人们普遍认为收入将继续大幅增长，这证明了这一点。因此，到2022年底，该比率将降至可接受的20.7倍。</blockquote></p><p> Now ask yourself how likely it is that earnings growth will continue to grow at higher levels than the historical average over the coming quarters.</p><p><blockquote>现在问问你自己，未来几个季度盈利增长继续高于历史平均水平的可能性有多大。</blockquote></p><p> Interest rates are already at 0%. The money printer is running out of paper. Federal debt levels are hitting their ceilings. Pent-up demand and stimuli cheques already led to record-high consumer spending over the past quarters.</p><p><blockquote>利率已经是0%了。印钞机的纸快用完了。联邦债务水平正在触及上限。过去几个季度，被压抑的需求和刺激支票已经导致消费者支出创历史新高。</blockquote></p><p> Maybe, just maybe, analysts are being too greedy with their assumptions? Maybe the recent economic recovery is unsustainable and set to cool down? Maybe my assumptions (grey line) are much more likely than what the market is predicting (red line)? If so, the market is trading at a fwd 2022 P/E of 23.6x, which is really expensive.</p><p><blockquote>也许，仅仅是也许，分析师对他们的假设过于贪婪？也许最近的经济复苏是不可持续的，并将降温？也许我的假设（灰线）比市场预测的（红线）更有可能？如果是这样的话，市场的2022年预期市盈率为23.6倍，这确实很贵。</blockquote></p><p> I'm not sure this will happen, nobody is. But it sure as hell is a probability.</p><p><blockquote>我不确定这会发生，没人知道。但这肯定是一种可能性。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f61310c3c851b181ceb1fb3cc8862fdb\" tg-width=\"640\" tg-height=\"465\" width=\"100%\" height=\"auto\"><span>Source: Insider Opportunities based on S&amp;P Global data and Yardeni; adjusted EPS is used</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：基于S&amp;P Global数据和Yardeni的内幕机会；使用调整后的每股收益</span></p></blockquote></p><p> This greediness also gets reflected in the charts. As you can see in the chart below, a bull market can be split into four cycles. Strong growth, bear trap, media attention and greed.</p><p><blockquote>这种贪婪也反映在图表中。如下图所示，牛市可以分为四个周期。强劲增长、熊市陷阱、媒体关注和贪婪。</blockquote></p><p> Interestingly, the 2013-2021 bull market is playing out almost identically as the 1994-2000 bull market. At this moment, the Nasdaq Index (QQQ) looks to be ready to start the last extreme greed phase. The media is approaching the recent rally as \"the new normal\" and investors are FOMO buying heavily because stocks \"can only go up\". As such, it is likely that the Nasdaq will rise close to $20,000 in the last months of 2021.</p><p><blockquote>有趣的是，2013-2021年的牛市与1994-2000年的牛市几乎一模一样。此时此刻，纳斯达克指数（QQQ）看起来已经准备好开始最后的极度贪婪阶段。媒体将最近的反弹视为“新常态”，投资者正在FOMO大举买入，因为股市“只能上涨”。因此，纳斯达克可能会在2021年最后几个月升至接近20,000美元。</blockquote></p><p> As a long-term investor, it is extremely important to understand these dynamics. You will probably feel the urge to go all-in in risky assets as well. However, getting greedy during this phase could be a major threat for your long term returns as it will likely be followed by a major bear market.</p><p><blockquote>作为长期投资者，了解这些动态极其重要。你可能也会有全押风险资产的冲动。然而，在此阶段变得贪婪可能会对您的长期回报构成重大威胁，因为接下来可能会出现重大熊市。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c783bf0cff4c410846a27c2dc8c180b1\" tg-width=\"640\" tg-height=\"499\" width=\"100%\" height=\"auto\"><span>Source: Insider Opportunities with Tradingview</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Tradingview的内部机会</span></p></blockquote></p><p> Human behavior makes it extremely challenging to not get distracted by market sentiment. If you can keep an objective view on markets, it will benefit your returns drastically.</p><p><blockquote>人类行为使得不被市场情绪分心变得极具挑战性。如果你能对市场保持客观的看法，这将大大有利于你的回报。</blockquote></p><p> 2. Keep investing, there are always opportunities</p><p><blockquote>2.坚持投资，机会总是有的</blockquote></p><p> In short, rule #1 says that your decisions should never be led by emotions and that you should keep focusing on underlying fundamentals. As the market is getting greedy today and valuations reach extreme levels it implies that you should start selling stocks and hold a lot of cash, right?</p><p><blockquote>简而言之，规则1说，你的决定永远不应该被情绪所引导，你应该继续关注潜在的基本面。随着今天市场变得贪婪，估值达到极端水平，这意味着你应该开始出售股票并持有大量现金，对吗？</blockquote></p><p> Not really... You know, a wise man once said the following:</p><p><blockquote>不是真的...你知道，一位智者曾经说过这样的话：</blockquote></p><p>   <b>It's a market of stocks, not a stock market.</b>  I'm not entirely sure who came up with it. But it must be a wise man, for sure.</p><p><blockquote><b>这是一个股票市场，而不是股票市场。</b>我不完全确定是谁想出来的。但肯定是个聪明人。</blockquote></p><p> What does it mean? Look, many retail investors buy/sell stocks based on how the outlook for the general market looks like. If they don't trust the markets, they will be reluctant to invest, no matter what.</p><p><blockquote>这是什么意思？看，许多散户投资者根据整体市场的前景来买卖股票。如果他们不信任市场，无论如何他们都不愿意投资。</blockquote></p><p> That's not a great way of looking at markets. There are almost 4,000 stocks available and there will always be interesting investment opportunities to generate great returns, no matter how the market evolves.</p><p><blockquote>这不是看待市场的好方法。有近4,000只股票可供选择，无论市场如何发展，总会有有趣的投资机会产生巨大的回报。</blockquote></p><p> In a generally overvalued market it gets increasingly challenging to find undervalued stocks, but certainly not impossible. Ask Warren Buffett. In 2000, the most overvalued stock market in history, his investment vehicle Berkshire Hathaway (BRK.A) (BRK.B) kept buying high-quality, undervalued assets. His dedication paid off with an impressive return of 47% five years after the dot-com peak compared to -39% for the Nasdaq index.</p><p><blockquote>在一个普遍被高估的市场中，找到被低估的股票变得越来越具有挑战性，但肯定不是不可能。问问沃伦·巴菲特。2000年，史上估值最高的股市，他的投资工具伯克希尔哈撒韦公司（BRK.A）（BRK.B）不断买入优质、被低估的资产。他的奉献得到了回报，在互联网泡沫达到顶峰五年后，他获得了令人印象深刻的47%的回报率，而纳斯达克指数的回报率为-39%。</blockquote></p><p> The Russell 2000 (IWM), an index reflecting US small caps, was very attractive during the dot-com bubble as well, trading at a P/E of 16x (vs 24x for large caps) going into 2000. Those who invested in this undervalued asset class during the bubble also generated very solid returns. Those who were able to pick out the greatest small caps were a lot happier than those who got tricked into overhyped tech stocks, I can imagine.</p><p><blockquote>罗素2000(IWM)是一个反映美国小盘股的指数，在互联网泡沫期间也非常有吸引力，2000年的市盈率为16倍（大盘股为24倍）。那些在泡沫期间投资这一被低估的资产类别的人也获得了非常稳健的回报。我可以想象，那些能够挑选出最伟大的小盘股的人比那些被骗进过度炒作的科技股的人要快乐得多。</blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c713a296e819a255b3be8ac6e504033d\" tg-width=\"635\" tg-height=\"450\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> So what should you do today? I would suggest re-evaluating all your portfolio holdings. Weigh their valuation compared to earnings 3 years from now, when Covid-19 disruptions (stimuli, pent-up demand, etc.) are gone. Be conservative with your assumptions. If a stock is significantly overvalued compared to those assumptions, don't be greedy and sell out the position.</p><p><blockquote>那么你今天应该做什么呢？我建议重新评估你所有的投资组合。当Covid-19的干扰（刺激、被压抑的需求等）消失后，将它们的估值与3年后的收益进行权衡。对你的假设要保守。如果一只股票与这些假设相比被严重高估，不要贪婪并卖出头寸。</blockquote></p><p> A great example is Apple Inc. (AAPL), one of the most popular stocks this year. As a consequence of its very strong financials (revenue grew 36.4% last quarter), its P/E ratio more than doubled over the past two years to 30x. It is important to understand that its recent growth primarily accelerated due to unsustainable drivers such as the several rounds of stimuli cheques. Once this fades away, Apple's growth is likely to fall back to single digits (or might even go negative in the short term) and returns would be very weak going forward.</p><p><blockquote>苹果公司（AAPL）就是一个很好的例子，它是今年最受欢迎的股票之一。由于其财务状况非常强劲（上季度收入增长36.4%），其市盈率在过去两年中增长了一倍多，达到30倍。重要的是要明白，它最近的增长主要是由于不可持续的驱动因素，如几轮刺激支票。一旦这种情况消失，苹果的增长可能会回落到个位数（甚至可能在短期内为负），未来的回报将非常疲软。</blockquote></p><p> Don't keep all that freed up capital in cash, especially in the current inflationary environment. There are still opportunities to re-invest that money. In my opinion, small caps are the most attractive asset class today just like they were in 2000. After its recent underperformance, the Russell 2000 (representing all US small caps) is trading at a P/E of 15.6x today. This is much lower than both the S&amp;P 500 Index and its historical average. There are plenty of small-cap opportunities out there which will generate great returns going forward.</p><p><blockquote>不要将所有释放的资本都保留在现金中，尤其是在当前的通胀环境下。仍然有机会将这笔钱进行再投资。在我看来，小盘股是当今最具吸引力的资产类别，就像2000年一样。在最近表现不佳之后，罗素2000指数（代表所有美国小盘股）目前的市盈率为15.6倍。这远低于标普500指数及其历史平均水平。有很多小盘股机会，未来将产生巨大的回报。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2f132a93975b3b7fef86aff21c0b49bb\" tg-width=\"640\" tg-height=\"250\" width=\"100%\" height=\"auto\"><span>Source: Yardeni</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：亚德尼</span></p></blockquote></p><p> <b>3. Adopt a proven investment strategy to pick stocks</b></p><p><blockquote><b>3.采用行之有效的投资策略来挑选股票</b></blockquote></p><p> Rule #1 and #2 look very good on paper, but are very hard to execute in reality. When push comes to shove, it's very tough to deny your emotions and to find interesting investment opportunities in an overvalued market.</p><p><blockquote>规则#1和#2在纸面上看起来很好，但在现实中很难执行。到了紧要关头，很难否认自己的情绪，也很难在估值过高的市场中找到有趣的投资机会。</blockquote></p><p> That's where #3 comes into play: adopt a proven investment strategy.</p><p><blockquote>这就是第三点发挥作用的地方：采用行之有效的投资策略。</blockquote></p><p> With the upcoming challenges in the stock market, I believe it has never been as important as today to follow a pre-determined strategy on which you can rely during a highly uncertain market environment. If you use a strategy which worked well in the past, you'll feel great in each market environment.</p><p><blockquote>随着股市即将面临的挑战，我相信在高度不确定的市场环境中，遵循一个可以依赖的预先确定的策略从未像今天这样重要。如果你使用了一个在过去行之有效的策略，你会在每个市场环境中感觉很好。</blockquote></p><p> There are many strategies that could work for you, as long as you stick to it. We strongly believe that our under-appreciated strategy at Insider Opportunities will be very valuable in the coming years.</p><p><blockquote>只要你坚持，有很多策略对你有用。我们坚信，我们在内部机会方面被低估的策略在未来几年将非常有价值。</blockquote></p><p> To find attractive investment opportunities, we follow insider purchases each day. Insiders are the CFOs, CEOs, board members, etc. who know their business better than anyone else in the market. If they see a disconnection between the share price and the business fundamentals, they can purchase shares to generate profits. You can follow the purchases of this so-called \"smart money\" on a daily basis through SEC filings or websites like openinsider.com.</p><p><blockquote>为了寻找有吸引力的投资机会，我们每天都会跟踪内幕交易。内部人士是首席财务官、首席执行官、董事会成员等。他们比市场上的任何人都更了解自己的业务。如果他们看到股价与业务基本面脱节，他们可以购买股票来产生利润。您可以通过SEC文件或openinsider.com等网站每天跟踪这种所谓“聪明资金”的购买情况。</blockquote></p><p> We don't just follow up insider purchases. We created three algorithms based on more than a million of data points over the past decade to pick the greatest ones out of all insider purchases. As such, we stick to a pre-determined plan to only buy stocks that are attractive based on specific fundamentals, called \"golden picks\".</p><p><blockquote>我们不只是跟进内幕交易。我们根据过去十年的100多万个数据点创建了三种算法，从所有内幕购买中挑选出最好的。因此，我们坚持预先确定的计划，只购买基于特定基本面有吸引力的股票，称为“黄金精选”。</blockquote></p><p> It worked tremendously in the past. Our back-test shows that the strategy generated annualized returns of 47.2% over the past decade, tripling the S&amp;P 500 index. Only in 2011 it slightly underperformed the market.</p><p><blockquote>它在过去非常有效。我们的回溯测试显示，该策略在过去十年中产生了47.2%的年化回报率，是标普500指数的三倍。只有在2011年，它的表现略逊于市场。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f05af9240a87a55641df0a7921ec0380\" tg-width=\"640\" tg-height=\"359\" width=\"100%\" height=\"auto\"><span>Source: Insider Opportunities</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：内部机会</span></p></blockquote></p><p> We firmly believe that this revolutionary strategy will continue generating wealth for us in the stock market, regardless of how the market performs. Find yourself a strict, proven strategy like ours on which you can rely during the upcoming uncertainties.</p><p><blockquote>我们坚信，无论市场表现如何，这一革命性的策略都将继续在股市为我们创造财富。给自己找一个像我们这样严格的、经过验证的策略，在即将到来的不确定性中，你可以依靠它。</blockquote></p><p> <b>Conclusion: Do this at all-time highs</b></p><p><blockquote><b>结论：在历史高点这样做</b></blockquote></p><p> Most stock market investors are resting on their laurels when all-time highs are being reached. Above all, nothing can go wrong in such a bullish market, right?</p><p><blockquote>当达到历史高点时，大多数股市投资者都固步自封。最重要的是，在这样一个牛市中，什么都不会出错，对吧？</blockquote></p><p> No, that's not how it works. Markets evolve in cycles and those who don't acknowledge the importance of adapting to these cycles will be struck at weak long-term returns.</p><p><blockquote>不，事情不是这样的。市场是周期性发展的，那些不认识到适应这些周期重要性的人将会受到长期回报疲软的打击。</blockquote></p><p> How should you approach today's all-time highs to keep generating wealth going forward? Here are my three golden rules:</p><p><blockquote>你应该如何接近今天的历史高点，以继续创造财富？以下是我的三条黄金法则：</blockquote></p><p></p><p> <ol>  <li><b>Don't get greedy.</b>As a consequence of emotional behavior, you will want to take higher risks when markets are rallying. Never follow these emotions and always keep focused on the fundamentals.</li>  <li><b>Keep being invested.</b>Don't get reluctant to invest in stocks just because markets are getting overvalued. Acknowledge that it's a market of stocks, not a stock market. There are always great opportunities in each market environment. Today, they are mostly available in under-the-radar small caps.</li>  <li><b>Adopt a proven strategy.</b>Investing is not easy, especially when things are starting to move southwards. Adopting a strict, proven investment strategy can make life much easier and improve returns significantly.</li> </ol></p><p><blockquote><ol><li><b>不要贪心。</b>由于情绪行为，当市场上涨时，你会想要承担更高的风险。永远不要跟随这些情绪，永远专注于基本面。</li><li><b>继续投资。</b>不要仅仅因为市场被高估就不愿意投资股票。承认这是一个股票市场，而不是股票市场。每个市场环境下总有很大的机会。如今，它们大多出现在不为人知的小盘股中。</li><li><b>采用行之有效的策略。</b>投资并不容易，尤其是当事情开始南移的时候。采用严格的、经过验证的投资策略可以让生活变得更加轻松并显着提高回报。</li></ol></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4453541-3-golden-rules-on-how-to-invest-at-all-time-highs\">seekingalpha</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://seekingalpha.com/article/4453541-3-golden-rules-on-how-to-invest-at-all-time-highs","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1186375251","content_text":"Summary\n\nMarkets continue to reach new all-time highs each week and have not seen a notable correction in over 200 trading days.\nAs markets are rallying, many investors are starting to rest on their laurels while investment decisions at all-time highs are actually more important than ever.\nWhat should you be aware of in today's market? Should you sell out at these overvalued prices or can you still generate great returns by buying today?\nIn this article, I will share my three golden rules on how to invest at all-time highs like today. This information will be very valuable for your future wealth generation in the market.\n\nphive2015/iStock via Getty Images\nThe stock market has been on a rampage in 2021. At the end of August, the S&P 500 index (SPY) gained 20.4% year-to-date. Interestingly, the index has been trading in a very tight upward range and has not seen a 5% correction for 208 trading days. While most investors don't see this as an anomaly, it actually is. Both events have only occurred 7 times before in stock market history. We are clearly living in abnormal times.\nSource: Insider Opportunities with Tradingview\nEach day it is important to think thoroughly about the investment decisions you make. Above all, all purchases or sales will impact your future wealth accumulation in the market.\nHowever, during extreme rallies like today it is twice as important to reflect on your investment decisions. Ask that to investors who took high risks during the dot-com bubble or panic sold during the Covid-19 crash. That undoubtedly had an immense impact on their long-term returns.\nThe importance of investment decisions today for your long-term returns is why I chose to write about my three golden rules on how to invest at all-time highs. How should you approach today's market and what should you be aware of? Should you sell out at these overvalued prices and wait for a correction to take place or can you still generate great returns when buying at these levels? The answers to these one-million-dollar questions will be provided in this article.\n1. Don't get caught by greediness\nLet's start off with the most important rule. Avoid greediness.\nAccording to JPMorgan, over the past 20 years, the average investor reached an annual return of only 2.9%. As such, they significantly underperformed the general market as the S&P 500 yielded an annual 7.5% return during this time frame.\nThe single most important reason for this retail investor underperformance? Emotional human behavior.\nThe average investor is getting influenced heavily by media headlines, stock prices movements and behavior from other investors.\nToday, we reached an extremely bullish stock market environment. Last earnings season has been one of the greatest in stock market history. The S&P 500 EPS rose by 94.5% YoY and 86.1% of its constituents beat analyst estimates.\nAs a consequence of this bullish environment, analysts are significantly raising their estimates for the next quarters. They now expect EPS to rise sharply to $217.96 by the end of 2022, which is a significant recovery from the pre-pandemic high of $157.12. Such a recovery looks to be optimistic as it took 7-12 years in the past economic cycles to achieve this:\nSource: Insider Opportunities based on S&P Global data; adjusted EPS is used\nWill earnings really continue this very strong recovery over the coming quarters or are analysts perhaps getting too greedy with their assumptions?\nIt wouldn't be the first time if they were too greedy. During the dot-com bubble for example, they were caught by their emotions as well. The '90s was an abnormally strong decade in terms of earnings growth for the S&P 500. As such, analysts totally forgot that downward cycles exist as well. They increased their annual EPS growth guidance to a staggering 15% for the five years following 2000. According to them, this high growth rate justified the record P/E multiples stocks were trading at and many investors got tricked into that story.\nWhat happened afterwards? The economy didn't boom, it fell into a recession which took 3 years to recover from. Earnings in 2003 were almost 50% lower than what analysts had been predicting in 2000.\nAs markets were priced to analyst expectations instead of taking into account a possible downturn, the S&P 500 crashed and took 7 years to recover.\nSource: Insider Opportunities based on S&P Global data and Yardeni; adjusted EPS is used\nLet's get back to today... The P/E of the S&P 500 currently stands at 25.4x, which is extremely high compared to historical levels. This gets justified by the common belief that earnings will continue rising significantly. As such, the ratio would fall to an acceptable 20.7x by the end of 2022.\nNow ask yourself how likely it is that earnings growth will continue to grow at higher levels than the historical average over the coming quarters.\nInterest rates are already at 0%. The money printer is running out of paper. Federal debt levels are hitting their ceilings. Pent-up demand and stimuli cheques already led to record-high consumer spending over the past quarters.\nMaybe, just maybe, analysts are being too greedy with their assumptions? Maybe the recent economic recovery is unsustainable and set to cool down? Maybe my assumptions (grey line) are much more likely than what the market is predicting (red line)? If so, the market is trading at a fwd 2022 P/E of 23.6x, which is really expensive.\nI'm not sure this will happen, nobody is. But it sure as hell is a probability.\nSource: Insider Opportunities based on S&P Global data and Yardeni; adjusted EPS is used\nThis greediness also gets reflected in the charts. As you can see in the chart below, a bull market can be split into four cycles. Strong growth, bear trap, media attention and greed.\nInterestingly, the 2013-2021 bull market is playing out almost identically as the 1994-2000 bull market. At this moment, the Nasdaq Index (QQQ) looks to be ready to start the last extreme greed phase. The media is approaching the recent rally as \"the new normal\" and investors are FOMO buying heavily because stocks \"can only go up\". As such, it is likely that the Nasdaq will rise close to $20,000 in the last months of 2021.\nAs a long-term investor, it is extremely important to understand these dynamics. You will probably feel the urge to go all-in in risky assets as well. However, getting greedy during this phase could be a major threat for your long term returns as it will likely be followed by a major bear market.\nSource: Insider Opportunities with Tradingview\nHuman behavior makes it extremely challenging to not get distracted by market sentiment. If you can keep an objective view on markets, it will benefit your returns drastically.\n2. Keep investing, there are always opportunities\nIn short, rule #1 says that your decisions should never be led by emotions and that you should keep focusing on underlying fundamentals. As the market is getting greedy today and valuations reach extreme levels it implies that you should start selling stocks and hold a lot of cash, right?\nNot really... You know, a wise man once said the following:\n\nIt's a market of stocks, not a stock market.\n\nI'm not entirely sure who came up with it. But it must be a wise man, for sure.\nWhat does it mean? Look, many retail investors buy/sell stocks based on how the outlook for the general market looks like. If they don't trust the markets, they will be reluctant to invest, no matter what.\nThat's not a great way of looking at markets. There are almost 4,000 stocks available and there will always be interesting investment opportunities to generate great returns, no matter how the market evolves.\nIn a generally overvalued market it gets increasingly challenging to find undervalued stocks, but certainly not impossible. Ask Warren Buffett. In 2000, the most overvalued stock market in history, his investment vehicle Berkshire Hathaway (BRK.A) (BRK.B) kept buying high-quality, undervalued assets. His dedication paid off with an impressive return of 47% five years after the dot-com peak compared to -39% for the Nasdaq index.\nThe Russell 2000 (IWM), an index reflecting US small caps, was very attractive during the dot-com bubble as well, trading at a P/E of 16x (vs 24x for large caps) going into 2000. Those who invested in this undervalued asset class during the bubble also generated very solid returns. Those who were able to pick out the greatest small caps were a lot happier than those who got tricked into overhyped tech stocks, I can imagine.\nData by YCharts\nSo what should you do today? I would suggest re-evaluating all your portfolio holdings. Weigh their valuation compared to earnings 3 years from now, when Covid-19 disruptions (stimuli, pent-up demand, etc.) are gone. Be conservative with your assumptions. If a stock is significantly overvalued compared to those assumptions, don't be greedy and sell out the position.\nA great example is Apple Inc. (AAPL), one of the most popular stocks this year. As a consequence of its very strong financials (revenue grew 36.4% last quarter), its P/E ratio more than doubled over the past two years to 30x. It is important to understand that its recent growth primarily accelerated due to unsustainable drivers such as the several rounds of stimuli cheques. Once this fades away, Apple's growth is likely to fall back to single digits (or might even go negative in the short term) and returns would be very weak going forward.\nDon't keep all that freed up capital in cash, especially in the current inflationary environment. There are still opportunities to re-invest that money. In my opinion, small caps are the most attractive asset class today just like they were in 2000. After its recent underperformance, the Russell 2000 (representing all US small caps) is trading at a P/E of 15.6x today. This is much lower than both the S&P 500 Index and its historical average. There are plenty of small-cap opportunities out there which will generate great returns going forward.\nSource: Yardeni\n3. Adopt a proven investment strategy to pick stocks\nRule #1 and #2 look very good on paper, but are very hard to execute in reality. When push comes to shove, it's very tough to deny your emotions and to find interesting investment opportunities in an overvalued market.\nThat's where #3 comes into play: adopt a proven investment strategy.\nWith the upcoming challenges in the stock market, I believe it has never been as important as today to follow a pre-determined strategy on which you can rely during a highly uncertain market environment. If you use a strategy which worked well in the past, you'll feel great in each market environment.\nThere are many strategies that could work for you, as long as you stick to it. We strongly believe that our under-appreciated strategy at Insider Opportunities will be very valuable in the coming years.\nTo find attractive investment opportunities, we follow insider purchases each day. Insiders are the CFOs, CEOs, board members, etc. who know their business better than anyone else in the market. If they see a disconnection between the share price and the business fundamentals, they can purchase shares to generate profits. You can follow the purchases of this so-called \"smart money\" on a daily basis through SEC filings or websites like openinsider.com.\nWe don't just follow up insider purchases. We created three algorithms based on more than a million of data points over the past decade to pick the greatest ones out of all insider purchases. As such, we stick to a pre-determined plan to only buy stocks that are attractive based on specific fundamentals, called \"golden picks\".\nIt worked tremendously in the past. Our back-test shows that the strategy generated annualized returns of 47.2% over the past decade, tripling the S&P 500 index. Only in 2011 it slightly underperformed the market.\nSource: Insider Opportunities\n\nWe firmly believe that this revolutionary strategy will continue generating wealth for us in the stock market, regardless of how the market performs. Find yourself a strict, proven strategy like ours on which you can rely during the upcoming uncertainties.\nConclusion: Do this at all-time highs\nMost stock market investors are resting on their laurels when all-time highs are being reached. Above all, nothing can go wrong in such a bullish market, right?\nNo, that's not how it works. Markets evolve in cycles and those who don't acknowledge the importance of adapting to these cycles will be struck at weak long-term returns.\nHow should you approach today's all-time highs to keep generating wealth going forward? Here are my three golden rules:\n\nDon't get greedy.As a consequence of emotional behavior, you will want to take higher risks when markets are rallying. Never follow these emotions and always keep focused on the fundamentals.\nKeep being invested.Don't get reluctant to invest in stocks just because markets are getting overvalued. Acknowledge that it's a market of stocks, not a stock market. There are always great opportunities in each market environment. Today, they are mostly available in under-the-radar small caps.\nAdopt a proven strategy.Investing is not easy, especially when things are starting to move southwards. Adopting a strict, proven investment strategy can make life much easier and improve returns significantly.","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":1568,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":814487709,"gmtCreate":1630867931801,"gmtModify":1631889300578,"author":{"id":"3581769182401186","authorId":"3581769182401186","name":"KwokMeng","avatar":"https://static.tigerbbs.com/790a9b3a4d108ba92f4d9a18efdaaf86","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581769182401186","authorIdStr":"3581769182401186"},"themes":[],"htmlText":"Stay invested. 🙈","listText":"Stay invested. 🙈","text":"Stay invested. 🙈","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/814487709","repostId":"1168498795","repostType":4,"repost":{"id":"1168498795","kind":"news","pubTimestamp":1630655991,"share":"https://www.laohu8.com/m/news/1168498795?lang=zh_CN&edition=full","pubTime":"2021-09-03 15:59","market":"us","language":"en","title":"Speak No Evil of the S&P 500’s Neverending Records<blockquote>不要说标普500永无止境的记录的坏话</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1168498795","media":"The Wall Street Journal","summary":"Investors buying stocks no matter what shouldn’t fool themselves that the future will deliver the ch","content":"<p>  <b>Investors buying stocks no matter what shouldn’t fool themselves that the future will deliver the chunky returns of the past decade.</b>  <img src=\"https://static.tigerbbs.com/6573eb955692f754acc1285622febd53\" tg-width=\"878\" tg-height=\"520\" width=\"100%\" height=\"auto\">The S&amp;P 500 is like the three wise monkeys: See no evil, hear no evil, speak no evil.Whatever happens, it just goes up. The market has gone up almost in a straight line since November despite a troubling list of events that could each have justified at least a 5% correction. Investors are incredibly resilient.</p><p><blockquote><b>无论如何购买股票的投资者都不应该自欺欺人地认为未来将带来过去十年的丰厚回报。</b>标普500就像三只聪明的猴子：不看邪恶，不听邪恶，不说邪恶。无论发生什么，它都会上升。自11月以来，市场几乎直线上涨，尽管发生了一系列令人不安的事件，每个事件都可能证明至少5%的回调是合理的。投资者的韧性令人难以置信。</blockquote></p><p> Some things that didn’t matter:a burst bubble in clean-energy stocks;a sharp rise in Treasury yields(to March);a big fall in Treasury yields(since March); China’s crackdown on moneymaking; the Federal Reserve’sshift toward tapering bond purchases; and the rise of the Delta variant.</p><p><blockquote>一些无关紧要的事情：清洁能源股票泡沫破裂；国债收益率大幅上升（至3月）；美国国债收益率大幅下跌（自3月以来）；我国关于赚钱的打压；美联储转向缩减债券购买；以及德尔塔变异毒株的崛起。</blockquote></p><p> On the optimistic side, it is great that the market has been pushed up by a variety of forces, not by wild excess in a single area. We need not worry that the bubble in clean energy will burst and bring down the market, because it has already burst without bringing down the market.</p><p><blockquote>乐观的一面是，市场被多种力量推高，而不是单一地区的疯狂过剩，这很好。我们不必担心清洁能源的泡沫会破裂，拖垮市场，因为它已经破裂了，没有拖垮市场。</blockquote></p><p> Throughout all this, the stock market has risen steadily,without a 5% fall since shortly before the election last year. Every time part of the market—technology stocks, cheap stocks, smaller stocks, oil stocks, strong-balance-sheet stocks—stops performing, something else steps in to rescue the broader index. The market seems invulnerable to bad news, and that is unusual. On the face of it, it is also scary, suggesting investors are complacent about danger.</p><p><blockquote>纵观这一切，股市稳步上涨，自去年大选前不久以来没有出现过5%的下跌。每当市场的一部分——科技股、廉价股、小型股、石油股、资产负债表强劲的股票——停止表现时，就会有其他东西介入拯救更广泛的指数。市场似乎对坏消息无懈可击，这是不寻常的。从表面上看，这也很可怕，表明投资者对危险沾沾自喜。</blockquote></p><p> It is far from unprecedented to go a long time without a correction, with 10 episodes since 1963 when the market lasted more than 200 trading days without a 5% drop. But they were different from the recent run. In every other case, the market was far calmer below the surface. This time, major events led to big swings between sectors, size and types of stock, but none disturbed its steady rise.</p><p><blockquote>长时间没有回调的情况远非史无前例，自1963年以来，市场持续200多个交易日没有下跌5%以来，已经出现了10次。但它们与最近的运行不同。在其他情况下，市场在表面之下要平静得多。这一次，重大事件导致板块、规模和股票类型之间的大幅波动，但都没有干扰其稳步上涨。</blockquote></p><p> Similarly, the stimulus- and vaccine-driven willingness to take risk across every asset class faded from March onward, so we shouldn’t be too concerned about a switch in investor sentiment. Again, it has already happened.</p><p><blockquote>同样，从3月份开始，刺激和疫苗驱动的所有资产类别的冒险意愿都减弱了，因此我们不应该太担心投资者情绪的转变。再说一次，这已经发生了。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/7d8b995934c7f60fadb5834dd078e232\" tg-width=\"320\" tg-height=\"412\" width=\"100%\" height=\"auto\">Yet,I find it disconcerting that the market seems to go up no matter what. Good news on the economy pushes up stocks sensitive to growth, such as manufacturers and banks. Troubling news on the economy means lower bond yields and so pushes up stocks with profits far in the future (see: Big Tech) whose expansion depends on innovation rather than economic growth, which I understand. That both should push up the wider S&amp;P 500 is what puzzles me.</p><p><blockquote>然而，令我不安的是，无论如何，市场似乎都在上涨。经济方面的好消息推高了对增长敏感的股票，如制造商和银行。令人不安的经济消息意味着债券收益率下降，从而推高未来盈利的股票（见：大型科技公司），这些股票的扩张依赖于创新而不是经济增长，我理解这一点。两者都应该推高更广泛的标普500，这让我感到困惑。</blockquote></p><p> The only explanation I have is the old one: “TINA”—There Is No Alternative to Stocks—because yields on alternatives such as bonds are so low. With more savings going into stocks than is cashed out or soaked up by IPOs, the price has to rise. It isn’t a satisfactory story, but it kind of works.</p><p><blockquote>我唯一的解释是旧的：“蒂娜”——除了股票别无选择——因为债券等替代品的收益率太低了。由于进入股票的储蓄多于套现或被IPO吸收的储蓄，价格必须上涨。这不是一个令人满意的故事，但它有点工作。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/37942e27b25662943d254580733d2954\" tg-width=\"325\" tg-height=\"413\" width=\"100%\" height=\"auto\">In both good and bad times investors want to buy stocks, so the S&amp;P goes up. But<i>which</i>stocks they choose to buy differs between good and bad times. In good times they want risk-on stocks (cheap value, cyclicals, smaller companies, emerging markets). In bad times they want risk-off stocks (growth, defensive firms, larger companies, developed markets and especially the U.S.).</p><p><blockquote>无论顺境还是逆境，投资者都想购买股票，因此标准普尔指数都会上涨。但<i>哪个</i>他们选择购买的股票在顺境和逆境之间有所不同。在繁荣时期，他们想要冒险的股票（便宜的价值、周期性股票、小公司、新兴市场）。在经济不景气时，他们想要避险股票（成长型、防御型公司、大型公司、发达市场，尤其是美国）。</blockquote></p><p> The problem with TINA is that the justification for stocks isn’t that they offer good returns in the future, but that they offer better returns than bonds. Bonds offer miserable returns—a guaranteed loss after inflation for 30 years on Treasury inflation-protected securities—so doing better than that isn’t saying much. If lower rewards came with lower risks, that would be fine, but at best the risks are as high as ever, perhaps much higher.</p><p><blockquote>蒂娜的问题在于，股票的理由不是它们在未来提供良好的回报，而是它们提供比债券更好的回报。债券的回报率很低——通胀保值国债30年通胀后肯定会出现亏损——所以做得更好并不能说明什么。如果较低的回报伴随着较低的风险，那很好，但充其量风险和以往一样高，甚至可能高得多。</blockquote></p><p> A simplistic way to quantify how much lower the rewards of stocks are likely to be is to use the earnings yield, the inverse of the forward price/earnings ratio. If companies match analyst profit forecasts, future returns should be about 4%—only slightly higher than was suggested by the measure at the height of the dot-com bubble in 2000. If corporate earnings miss forecasts, future returns could be substantially lower. If valuations fall too, returns are doubly hit, as they were after the dot-com bubble burst, when returns ended up negative for years.</p><p><blockquote>量化股票回报可能低多少的一个简单方法是使用收益率，即远期市盈率的倒数。如果公司符合分析师的利润预测，未来的回报率应该在4%左右——仅略高于2000年互联网泡沫最严重时的指标。如果企业盈利低于预期，未来的回报可能会大幅降低。如果估值也下跌，回报就会受到双重打击，就像互联网泡沫破裂后那样，当时回报多年来一直为负。</blockquote></p><p></p><p> Quantifying risks is much harder. Inflation risk is higher than before, and so are political (tax and regulation) and geopolitical (trade and supply chain) threats to stocks. The risk that analysts have horribly overestimated earnings or companies are massively overstating earnings is at least as high as usual. Central banks are sure to try to help if stocks plunge, but can’t use the traditional support of rate cuts. Alternative tools such as negative rates and buying a wider range of assets are available, but their risks are less well understood.</p><p><blockquote>量化风险要困难得多。通胀风险比以前更高，对股市的政治（税收和监管）和地缘政治（贸易和供应链）威胁也是如此。分析师严重高估收益或公司大幅夸大收益的风险至少和往常一样高。如果股市暴跌，央行肯定会尽力提供帮助，但不能使用降息的传统支持。负利率和购买更广泛的资产等替代工具是可用的，但其风险却不太为人所知。</blockquote></p><p> Getting a lower reward for the same or higher risk may still be acceptable, given how expensive the safer alternatives are. But investors buying stocks no matter what shouldn’t fool themselves that the future will deliver the 6.5% or so above inflation of the past century, let alone the 12% above inflation of the past decade.</p><p><blockquote>考虑到更安全的替代品的昂贵程度，以相同或更高的风险获得较低的回报可能仍然是可以接受的。但无论如何购买股票的投资者都不应该自欺欺人地认为，未来的通胀率将比上个世纪高出6.5%左右，更不用说比过去十年的通胀率高出12%了。</blockquote></p><p> The awful choice investors have is to join the monkeys in pretending all is well, or accept the terrible returns of safe assets.</p><p><blockquote>投资者面临的可怕选择是加入猴子的行列，假装一切都很好，或者接受安全资产的可怕回报。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Speak No Evil of the S&P 500’s Neverending Records<blockquote>不要说标普500永无止境的记录的坏话</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\">\nSpeak No Evil of the S&P 500’s Neverending Records<blockquote>不要说标普500永无止境的记录的坏话</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Wall Street Journal</strong><span class=\"h-time small\">2021-09-03 15:59</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>Investors buying stocks no matter what shouldn’t fool themselves that the future will deliver the chunky returns of the past decade.</b>  <img src=\"https://static.tigerbbs.com/6573eb955692f754acc1285622febd53\" tg-width=\"878\" tg-height=\"520\" width=\"100%\" height=\"auto\">The S&amp;P 500 is like the three wise monkeys: See no evil, hear no evil, speak no evil.Whatever happens, it just goes up. The market has gone up almost in a straight line since November despite a troubling list of events that could each have justified at least a 5% correction. Investors are incredibly resilient.</p><p><blockquote><b>无论如何购买股票的投资者都不应该自欺欺人地认为未来将带来过去十年的丰厚回报。</b>标普500就像三只聪明的猴子：不看邪恶，不听邪恶，不说邪恶。无论发生什么，它都会上升。自11月以来，市场几乎直线上涨，尽管发生了一系列令人不安的事件，每个事件都可能证明至少5%的回调是合理的。投资者的韧性令人难以置信。</blockquote></p><p> Some things that didn’t matter:a burst bubble in clean-energy stocks;a sharp rise in Treasury yields(to March);a big fall in Treasury yields(since March); China’s crackdown on moneymaking; the Federal Reserve’sshift toward tapering bond purchases; and the rise of the Delta variant.</p><p><blockquote>一些无关紧要的事情：清洁能源股票泡沫破裂；国债收益率大幅上升（至3月）；美国国债收益率大幅下跌（自3月以来）；我国关于赚钱的打压；美联储转向缩减债券购买；以及德尔塔变异毒株的崛起。</blockquote></p><p> On the optimistic side, it is great that the market has been pushed up by a variety of forces, not by wild excess in a single area. We need not worry that the bubble in clean energy will burst and bring down the market, because it has already burst without bringing down the market.</p><p><blockquote>乐观的一面是，市场被多种力量推高，而不是单一地区的疯狂过剩，这很好。我们不必担心清洁能源的泡沫会破裂，拖垮市场，因为它已经破裂了，没有拖垮市场。</blockquote></p><p> Throughout all this, the stock market has risen steadily,without a 5% fall since shortly before the election last year. Every time part of the market—technology stocks, cheap stocks, smaller stocks, oil stocks, strong-balance-sheet stocks—stops performing, something else steps in to rescue the broader index. The market seems invulnerable to bad news, and that is unusual. On the face of it, it is also scary, suggesting investors are complacent about danger.</p><p><blockquote>纵观这一切，股市稳步上涨，自去年大选前不久以来没有出现过5%的下跌。每当市场的一部分——科技股、廉价股、小型股、石油股、资产负债表强劲的股票——停止表现时，就会有其他东西介入拯救更广泛的指数。市场似乎对坏消息无懈可击，这是不寻常的。从表面上看，这也很可怕，表明投资者对危险沾沾自喜。</blockquote></p><p> It is far from unprecedented to go a long time without a correction, with 10 episodes since 1963 when the market lasted more than 200 trading days without a 5% drop. But they were different from the recent run. In every other case, the market was far calmer below the surface. This time, major events led to big swings between sectors, size and types of stock, but none disturbed its steady rise.</p><p><blockquote>长时间没有回调的情况远非史无前例，自1963年以来，市场持续200多个交易日没有下跌5%以来，已经出现了10次。但它们与最近的运行不同。在其他情况下，市场在表面之下要平静得多。这一次，重大事件导致板块、规模和股票类型之间的大幅波动，但都没有干扰其稳步上涨。</blockquote></p><p> Similarly, the stimulus- and vaccine-driven willingness to take risk across every asset class faded from March onward, so we shouldn’t be too concerned about a switch in investor sentiment. Again, it has already happened.</p><p><blockquote>同样，从3月份开始，刺激和疫苗驱动的所有资产类别的冒险意愿都减弱了，因此我们不应该太担心投资者情绪的转变。再说一次，这已经发生了。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/7d8b995934c7f60fadb5834dd078e232\" tg-width=\"320\" tg-height=\"412\" width=\"100%\" height=\"auto\">Yet,I find it disconcerting that the market seems to go up no matter what. Good news on the economy pushes up stocks sensitive to growth, such as manufacturers and banks. Troubling news on the economy means lower bond yields and so pushes up stocks with profits far in the future (see: Big Tech) whose expansion depends on innovation rather than economic growth, which I understand. That both should push up the wider S&amp;P 500 is what puzzles me.</p><p><blockquote>然而，令我不安的是，无论如何，市场似乎都在上涨。经济方面的好消息推高了对增长敏感的股票，如制造商和银行。令人不安的经济消息意味着债券收益率下降，从而推高未来盈利的股票（见：大型科技公司），这些股票的扩张依赖于创新而不是经济增长，我理解这一点。两者都应该推高更广泛的标普500，这让我感到困惑。</blockquote></p><p> The only explanation I have is the old one: “TINA”—There Is No Alternative to Stocks—because yields on alternatives such as bonds are so low. With more savings going into stocks than is cashed out or soaked up by IPOs, the price has to rise. It isn’t a satisfactory story, but it kind of works.</p><p><blockquote>我唯一的解释是旧的：“蒂娜”——除了股票别无选择——因为债券等替代品的收益率太低了。由于进入股票的储蓄多于套现或被IPO吸收的储蓄，价格必须上涨。这不是一个令人满意的故事，但它有点工作。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/37942e27b25662943d254580733d2954\" tg-width=\"325\" tg-height=\"413\" width=\"100%\" height=\"auto\">In both good and bad times investors want to buy stocks, so the S&amp;P goes up. But<i>which</i>stocks they choose to buy differs between good and bad times. In good times they want risk-on stocks (cheap value, cyclicals, smaller companies, emerging markets). In bad times they want risk-off stocks (growth, defensive firms, larger companies, developed markets and especially the U.S.).</p><p><blockquote>无论顺境还是逆境，投资者都想购买股票，因此标准普尔指数都会上涨。但<i>哪个</i>他们选择购买的股票在顺境和逆境之间有所不同。在繁荣时期，他们想要冒险的股票（便宜的价值、周期性股票、小公司、新兴市场）。在经济不景气时，他们想要避险股票（成长型、防御型公司、大型公司、发达市场，尤其是美国）。</blockquote></p><p> The problem with TINA is that the justification for stocks isn’t that they offer good returns in the future, but that they offer better returns than bonds. Bonds offer miserable returns—a guaranteed loss after inflation for 30 years on Treasury inflation-protected securities—so doing better than that isn’t saying much. If lower rewards came with lower risks, that would be fine, but at best the risks are as high as ever, perhaps much higher.</p><p><blockquote>蒂娜的问题在于，股票的理由不是它们在未来提供良好的回报，而是它们提供比债券更好的回报。债券的回报率很低——通胀保值国债30年通胀后肯定会出现亏损——所以做得更好并不能说明什么。如果较低的回报伴随着较低的风险，那很好，但充其量风险和以往一样高，甚至可能高得多。</blockquote></p><p> A simplistic way to quantify how much lower the rewards of stocks are likely to be is to use the earnings yield, the inverse of the forward price/earnings ratio. If companies match analyst profit forecasts, future returns should be about 4%—only slightly higher than was suggested by the measure at the height of the dot-com bubble in 2000. If corporate earnings miss forecasts, future returns could be substantially lower. If valuations fall too, returns are doubly hit, as they were after the dot-com bubble burst, when returns ended up negative for years.</p><p><blockquote>量化股票回报可能低多少的一个简单方法是使用收益率，即远期市盈率的倒数。如果公司符合分析师的利润预测，未来的回报率应该在4%左右——仅略高于2000年互联网泡沫最严重时的指标。如果企业盈利低于预期，未来的回报可能会大幅降低。如果估值也下跌，回报就会受到双重打击，就像互联网泡沫破裂后那样，当时回报多年来一直为负。</blockquote></p><p></p><p> Quantifying risks is much harder. Inflation risk is higher than before, and so are political (tax and regulation) and geopolitical (trade and supply chain) threats to stocks. The risk that analysts have horribly overestimated earnings or companies are massively overstating earnings is at least as high as usual. Central banks are sure to try to help if stocks plunge, but can’t use the traditional support of rate cuts. Alternative tools such as negative rates and buying a wider range of assets are available, but their risks are less well understood.</p><p><blockquote>量化风险要困难得多。通胀风险比以前更高，对股市的政治（税收和监管）和地缘政治（贸易和供应链）威胁也是如此。分析师严重高估收益或公司大幅夸大收益的风险至少和往常一样高。如果股市暴跌，央行肯定会尽力提供帮助，但不能使用降息的传统支持。负利率和购买更广泛的资产等替代工具是可用的，但其风险却不太为人所知。</blockquote></p><p> Getting a lower reward for the same or higher risk may still be acceptable, given how expensive the safer alternatives are. But investors buying stocks no matter what shouldn’t fool themselves that the future will deliver the 6.5% or so above inflation of the past century, let alone the 12% above inflation of the past decade.</p><p><blockquote>考虑到更安全的替代品的昂贵程度，以相同或更高的风险获得较低的回报可能仍然是可以接受的。但无论如何购买股票的投资者都不应该自欺欺人地认为，未来的通胀率将比上个世纪高出6.5%左右，更不用说比过去十年的通胀率高出12%了。</blockquote></p><p> The awful choice investors have is to join the monkeys in pretending all is well, or accept the terrible returns of safe assets.</p><p><blockquote>投资者面临的可怕选择是加入猴子的行列，假装一切都很好，或者接受安全资产的可怕回报。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/speak-no-evil-of-the-s-p-500s-neverending-records-11630590653?mod=markets_lead_pos5\">The Wall Street Journal</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":{"SPY":"标普500ETF",".SPX":"S&P 500 Index"},"source_url":"https://www.wsj.com/articles/speak-no-evil-of-the-s-p-500s-neverending-records-11630590653?mod=markets_lead_pos5","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1168498795","content_text":"Investors buying stocks no matter what shouldn’t fool themselves that the future will deliver the chunky returns of the past decade.\n\nThe S&P 500 is like the three wise monkeys: See no evil, hear no evil, speak no evil.Whatever happens, it just goes up. The market has gone up almost in a straight line since November despite a troubling list of events that could each have justified at least a 5% correction. Investors are incredibly resilient.\nSome things that didn’t matter:a burst bubble in clean-energy stocks;a sharp rise in Treasury yields(to March);a big fall in Treasury yields(since March); China’s crackdown on moneymaking; the Federal Reserve’sshift toward tapering bond purchases; and the rise of the Delta variant.\nOn the optimistic side, it is great that the market has been pushed up by a variety of forces, not by wild excess in a single area. We need not worry that the bubble in clean energy will burst and bring down the market, because it has already burst without bringing down the market.\nThroughout all this, the stock market has risen steadily,without a 5% fall since shortly before the election last year. Every time part of the market—technology stocks, cheap stocks, smaller stocks, oil stocks, strong-balance-sheet stocks—stops performing, something else steps in to rescue the broader index. The market seems invulnerable to bad news, and that is unusual. On the face of it, it is also scary, suggesting investors are complacent about danger.\nIt is far from unprecedented to go a long time without a correction, with 10 episodes since 1963 when the market lasted more than 200 trading days without a 5% drop. But they were different from the recent run. In every other case, the market was far calmer below the surface. This time, major events led to big swings between sectors, size and types of stock, but none disturbed its steady rise.\nSimilarly, the stimulus- and vaccine-driven willingness to take risk across every asset class faded from March onward, so we shouldn’t be too concerned about a switch in investor sentiment. Again, it has already happened.\nYet,I find it disconcerting that the market seems to go up no matter what. Good news on the economy pushes up stocks sensitive to growth, such as manufacturers and banks. Troubling news on the economy means lower bond yields and so pushes up stocks with profits far in the future (see: Big Tech) whose expansion depends on innovation rather than economic growth, which I understand. That both should push up the wider S&P 500 is what puzzles me.\nThe only explanation I have is the old one: “TINA”—There Is No Alternative to Stocks—because yields on alternatives such as bonds are so low. With more savings going into stocks than is cashed out or soaked up by IPOs, the price has to rise. It isn’t a satisfactory story, but it kind of works.\nIn both good and bad times investors want to buy stocks, so the S&P goes up. Butwhichstocks they choose to buy differs between good and bad times. In good times they want risk-on stocks (cheap value, cyclicals, smaller companies, emerging markets). In bad times they want risk-off stocks (growth, defensive firms, larger companies, developed markets and especially the U.S.).\nThe problem with TINA is that the justification for stocks isn’t that they offer good returns in the future, but that they offer better returns than bonds. Bonds offer miserable returns—a guaranteed loss after inflation for 30 years on Treasury inflation-protected securities—so doing better than that isn’t saying much. If lower rewards came with lower risks, that would be fine, but at best the risks are as high as ever, perhaps much higher.\nA simplistic way to quantify how much lower the rewards of stocks are likely to be is to use the earnings yield, the inverse of the forward price/earnings ratio. If companies match analyst profit forecasts, future returns should be about 4%—only slightly higher than was suggested by the measure at the height of the dot-com bubble in 2000. If corporate earnings miss forecasts, future returns could be substantially lower. If valuations fall too, returns are doubly hit, as they were after the dot-com bubble burst, when returns ended up negative for years.\nQuantifying risks is much harder. Inflation risk is higher than before, and so are political (tax and regulation) and geopolitical (trade and supply chain) threats to stocks. The risk that analysts have horribly overestimated earnings or companies are massively overstating earnings is at least as high as usual. Central banks are sure to try to help if stocks plunge, but can’t use the traditional support of rate cuts. Alternative tools such as negative rates and buying a wider range of assets are available, but their risks are less well understood.\nGetting a lower reward for the same or higher risk may still be acceptable, given how expensive the safer alternatives are. But investors buying stocks no matter what shouldn’t fool themselves that the future will deliver the 6.5% or so above inflation of the past century, let alone the 12% above inflation of the past decade.\nThe awful choice investors have is to join the monkeys in pretending all is well, or accept the terrible returns of safe assets.","news_type":1,"symbols_score_info":{".SPX":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":1954,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":819149378,"gmtCreate":1630048654094,"gmtModify":1704955152993,"author":{"id":"3581769182401186","authorId":"3581769182401186","name":"KwokMeng","avatar":"https://static.tigerbbs.com/790a9b3a4d108ba92f4d9a18efdaaf86","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581769182401186","authorIdStr":"3581769182401186"},"themes":[],"htmlText":"Really?","listText":"Really?","text":"Really?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/819149378","repostId":"2162090400","repostType":4,"isVote":1,"tweetType":1,"viewCount":1674,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":810428452,"gmtCreate":1629994046976,"gmtModify":1704954389534,"author":{"id":"3581769182401186","authorId":"3581769182401186","name":"KwokMeng","avatar":"https://static.tigerbbs.com/790a9b3a4d108ba92f4d9a18efdaaf86","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581769182401186","authorIdStr":"3581769182401186"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/SAVA\">$Cassava Sciences Inc(SAVA)$</a>Shorted 10 lots&nbsp;from 78.30. Buy back at 68.29.&nbsp;","listText":"<a href=\"https://laohu8.com/S/SAVA\">$Cassava Sciences Inc(SAVA)$</a>Shorted 10 lots&nbsp;from 78.30. Buy back at 68.29.&nbsp;","text":"$Cassava Sciences Inc(SAVA)$Shorted 10 lots from 78.30. Buy back at 68.29.","images":[{"img":"https://static.tigerbbs.com/51e927f98bf52b9fb3c799774308de8f","width":"828","height":"1434"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/810428452","isVote":1,"tweetType":1,"viewCount":1603,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":830467565,"gmtCreate":1629090995557,"gmtModify":1631883982888,"author":{"id":"3581769182401186","authorId":"3581769182401186","name":"KwokMeng","avatar":"https://static.tigerbbs.com/790a9b3a4d108ba92f4d9a18efdaaf86","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581769182401186","authorIdStr":"3581769182401186"},"themes":[],"htmlText":"There’s always ways to make money in the market. Just trade carefully. Watch for uptrend or downtrend for these stocks instead of avoiding them.🙈","listText":"There’s always ways to make money in the market. Just trade carefully. Watch for uptrend or downtrend for these stocks instead of avoiding them.🙈","text":"There’s always ways to make money in the market. Just trade carefully. Watch for uptrend or downtrend for these stocks instead of avoiding them.🙈","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/830467565","repostId":"1100841503","repostType":4,"isVote":1,"tweetType":1,"viewCount":1914,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":830438376,"gmtCreate":1629088049395,"gmtModify":1631889300587,"author":{"id":"3581769182401186","authorId":"3581769182401186","name":"KwokMeng","avatar":"https://static.tigerbbs.com/790a9b3a4d108ba92f4d9a18efdaaf86","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581769182401186","authorIdStr":"3581769182401186"},"themes":[],"htmlText":"Nice article.","listText":"Nice article.","text":"Nice article.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/830438376","repostId":"2159210869","repostType":4,"isVote":1,"tweetType":1,"viewCount":366,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":891640908,"gmtCreate":1628388352804,"gmtModify":1631889300587,"author":{"id":"3581769182401186","authorId":"3581769182401186","name":"KwokMeng","avatar":"https://static.tigerbbs.com/790a9b3a4d108ba92f4d9a18efdaaf86","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581769182401186","authorIdStr":"3581769182401186"},"themes":[],"htmlText":"Sure. Those&nbsp;who bought Tesla,&nbsp;don’t expect the share price to reach&nbsp;$1200&nbsp;next week or next month.","listText":"Sure. Those&nbsp;who bought Tesla,&nbsp;don’t expect the share price to reach&nbsp;$1200&nbsp;next week or next month.","text":"Sure. Those who bought Tesla, don’t expect the share price to reach $1200 next week or next month.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/891640908","repostId":"1159872041","repostType":4,"repost":{"id":"1159872041","kind":"news","pubTimestamp":1628385224,"share":"https://www.laohu8.com/m/news/1159872041?lang=zh_CN&edition=full","pubTime":"2021-08-08 09:13","market":"us","language":"en","title":"Tesla Stock: Headed to $1,200?<blockquote>特斯拉股票：将升至1,200美元？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1159872041","media":"Motley Fool","summary":"Tesla deliveries more than doubled year over year in Q2.Rising demand for electric vehicles could benefit Tesla.Investors should exercise caution when it comes to analysts' price targets.It's been a wild year for Teslastock. When the year started, shares initially surged more than 20%. But the stock has now given up all of those gains, with a year-to-date return of negative 1%. This means the stock has significantly underperformed the S&P 500's 18% gain this year.In February,Piper Sandler analys","content":"<p><b>Key Points</b></p><p><blockquote><b>要点</b></blockquote></p><p> <ul>  <li>Tesla deliveries more than doubled year over year in Q2.</li>  <li>Rising demand for electric vehicles could benefit Tesla.</li>  <li>Investors should exercise caution when it comes to analysts' price targets.</li> </ul> It's been a wild year for&nbsp;<b>Tesla</b>(NASDAQ:TSLA)stock. When the year started, shares initially surged more than 20%. But the stock has now given up all of those gains, with a year-to-date return of negative 1%. This means the stock has significantly underperformed the&nbsp;<b>S&amp;P 500</b>'s 18% gain this year.</p><p><blockquote><ul><li>特斯拉第二季度的交付量同比增长了一倍多。</li><li>电动汽车需求的增长可能有利于特斯拉。</li><li>投资者在考虑分析师的目标价时应保持谨慎。</li></ul>这是疯狂的一年<b>特斯拉</b>（纳斯达克：TSLA）股票。今年年初，股价最初飙升超过20%。但该股现在已经回吐了所有涨幅，今年迄今的回报率为负1%。这意味着该股的表现明显落后于<b>标普500</b>今年增长了18%。</blockquote></p><p> But one analyst thinks the stock could take off.</p><p><blockquote>但一位分析师认为该股可能会起飞。</blockquote></p><p> <b>\"We still really like this stock.\"</b></p><p><blockquote><b>“我们仍然非常喜欢这只股票。”</b></blockquote></p><p> In February,<b>Piper Sandler</b>&nbsp;analyst Alexander Pottermade a bold call, boosting his 12-month price target for thegrowth stockfrom $515 to $1,200. He said Tesla deliveries could increase from 500,000 vehicles in 2020 to nearly 900,000 this year. Of course, this projection was made before global supply shortages worsened. Nevertheless, Tesla is growing extremely rapidly. The company's second-quarter deliveries more than doubled compared to the year-ago quarter, rising to 201,304.</p><p><blockquote>2月份，<b>派珀·桑德勒</b>分析师Alexander Potter做出了大胆的看涨期权，将这只成长型股票的12个月目标价从515美元上调至1,200美元。他表示，特斯拉的交付量可能会从2020年的50万辆增加到今年的近90万辆。当然，这一预测是在全球供应短缺恶化之前做出的。尽管如此，特斯拉的增长速度极快。该公司第二季度的交付量比去年同期增长了一倍多，达到201,304辆。</blockquote></p><p> Following Tesla's second-quarter earnings release late last month, the analyst reiterated this target, noting that the company looks poised to benefit from market share gains, the monetization of the company's Autopilot software, and \"underappreciated opportunities\" in Tesla's energy business, which includes revenue from battery energy storage and solar energy generation products.</p><p><blockquote>继特斯拉上月底发布第二季度财报后，该分析师重申了这一目标，并指出该公司似乎有望受益于市场份额的增长、该公司自动驾驶软件的货币化以及特斯拉能源业务中“未被充分重视的机会”，其中包括电池储能和太阳能发电产品的收入。</blockquote></p><p> Further, Potter pointed to Tesla's strong second-quarter operating margin of 11%, which he expects will see incremental improvement from Tesla's recently launched Autopilot subscription.</p><p><blockquote>此外，波特指出，特斯拉第二季度营业利润率强劲，为11%，他预计特斯拉最近推出的Autopilot订阅将带来增量改善。</blockquote></p><p> On Aug. 3, Potter once again reiterated an overweight rating on the stock and a $1,200 price target, saying \"We still really like this stock.\" He pointed to growing demand for battery electric vehicles overall.</p><p><blockquote>8月3日，波特再次重申了跑赢大盘对该股的评级和1200美元的目标价，称“我们仍然非常喜欢这只股票”。他指出，总体而言，对纯电动汽车的需求不断增长。</blockquote></p><p> <b>So what gives?</b></p><p><blockquote><b>那么是什么给了？</b></blockquote></p><p> If shares could truly rise to $1,200, why do so many investors seem to think the stock is worth so much less (based on the stock's price of just under $700 at the time of this writing). After all, if $1,200 was generally viewed by investors as a likely outcome for Tesla stock within the next 12 months, shares would be trading significantly higher today.</p><p><blockquote>如果股价真的能涨到1200美元，为什么这么多投资者似乎认为该股的价值如此之低（基于撰写本文时该股的价格略低于700美元）。毕竟，如果投资者普遍认为特斯拉股票在未来12个月内可能达到1,200美元，那么今天的股价将大幅走高。</blockquote></p><p> The issue boils down to the stock's forward-looking valuation. With a price-to-earnings ratio of about 370 at the time of this writing, Tesla shares are largely priced for strong growth for years to come. Since the company's valuation is based largely on profits far into the future, slight variances in views for Tesla's future growth trajectory yield dramatically different assumptions about the stock's intrinsic value today.</p><p><blockquote>问题归结为股票的前瞻性估值。截至撰写本文时，特斯拉股价的市盈率约为370，很大程度上预计未来几年将强劲增长。由于该公司的估值很大程度上基于未来的利润，因此对特斯拉未来增长轨迹的看法略有差异，就会对该股目前的内在价值产生截然不同的假设。</blockquote></p><p> Investors, therefore, shouldn't be quick to buy Tesla stock just because one analyst has a high price target for shares. Still, Potter does notably have some good points about Tesla's strong business momentum. Even Tesla itself reiterated guidance for vehicle deliveries to grow more than 50% this year -- and that guidance was provided during a time that many companies around the world (including Tesla) are negatively impacted by supply chain shortages. Further, Tesla management noted in its second-quarter update that demand for its vehicles was at an all-time high going into Q3.</p><p><blockquote>因此，投资者不应仅仅因为一位分析师的股价目标较高就急于购买特斯拉股票。尽管如此，波特确实对特斯拉强劲的商业势头有一些优点。就连特斯拉本身也重申了今年汽车交付量增长50%以上的指导意见，而这一指导意见是在全球许多公司（包括特斯拉）都受到供应链短缺的负面影响之际提供的。此外，特斯拉管理层在第二季度更新中指出，进入第三季度，对其车辆的需求创历史新高。</blockquote></p><p> While a $1,200 price target for Tesla stock would be difficult to justify, shares may be trading low enough for investors to start a small position in the stock.</p><p><blockquote>虽然特斯拉股票1,200美元的目标价很难证明合理，但该股的交易价格可能足够低，投资者可以在该股建立少量头寸。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla Stock: Headed to $1,200?<blockquote>特斯拉股票：将升至1,200美元？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla Stock: Headed to $1,200?<blockquote>特斯拉股票：将升至1,200美元？</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\">2021-08-08 09:13</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Key Points</b></p><p><blockquote><b>要点</b></blockquote></p><p> <ul>  <li>Tesla deliveries more than doubled year over year in Q2.</li>  <li>Rising demand for electric vehicles could benefit Tesla.</li>  <li>Investors should exercise caution when it comes to analysts' price targets.</li> </ul> It's been a wild year for&nbsp;<b>Tesla</b>(NASDAQ:TSLA)stock. When the year started, shares initially surged more than 20%. But the stock has now given up all of those gains, with a year-to-date return of negative 1%. This means the stock has significantly underperformed the&nbsp;<b>S&amp;P 500</b>'s 18% gain this year.</p><p><blockquote><ul><li>特斯拉第二季度的交付量同比增长了一倍多。</li><li>电动汽车需求的增长可能有利于特斯拉。</li><li>投资者在考虑分析师的目标价时应保持谨慎。</li></ul>这是疯狂的一年<b>特斯拉</b>（纳斯达克：TSLA）股票。今年年初，股价最初飙升超过20%。但该股现在已经回吐了所有涨幅，今年迄今的回报率为负1%。这意味着该股的表现明显落后于<b>标普500</b>今年增长了18%。</blockquote></p><p> But one analyst thinks the stock could take off.</p><p><blockquote>但一位分析师认为该股可能会起飞。</blockquote></p><p> <b>\"We still really like this stock.\"</b></p><p><blockquote><b>“我们仍然非常喜欢这只股票。”</b></blockquote></p><p> In February,<b>Piper Sandler</b>&nbsp;analyst Alexander Pottermade a bold call, boosting his 12-month price target for thegrowth stockfrom $515 to $1,200. He said Tesla deliveries could increase from 500,000 vehicles in 2020 to nearly 900,000 this year. Of course, this projection was made before global supply shortages worsened. Nevertheless, Tesla is growing extremely rapidly. The company's second-quarter deliveries more than doubled compared to the year-ago quarter, rising to 201,304.</p><p><blockquote>2月份，<b>派珀·桑德勒</b>分析师Alexander Potter做出了大胆的看涨期权，将这只成长型股票的12个月目标价从515美元上调至1,200美元。他表示，特斯拉的交付量可能会从2020年的50万辆增加到今年的近90万辆。当然，这一预测是在全球供应短缺恶化之前做出的。尽管如此，特斯拉的增长速度极快。该公司第二季度的交付量比去年同期增长了一倍多，达到201,304辆。</blockquote></p><p> Following Tesla's second-quarter earnings release late last month, the analyst reiterated this target, noting that the company looks poised to benefit from market share gains, the monetization of the company's Autopilot software, and \"underappreciated opportunities\" in Tesla's energy business, which includes revenue from battery energy storage and solar energy generation products.</p><p><blockquote>继特斯拉上月底发布第二季度财报后，该分析师重申了这一目标，并指出该公司似乎有望受益于市场份额的增长、该公司自动驾驶软件的货币化以及特斯拉能源业务中“未被充分重视的机会”，其中包括电池储能和太阳能发电产品的收入。</blockquote></p><p> Further, Potter pointed to Tesla's strong second-quarter operating margin of 11%, which he expects will see incremental improvement from Tesla's recently launched Autopilot subscription.</p><p><blockquote>此外，波特指出，特斯拉第二季度营业利润率强劲，为11%，他预计特斯拉最近推出的Autopilot订阅将带来增量改善。</blockquote></p><p> On Aug. 3, Potter once again reiterated an overweight rating on the stock and a $1,200 price target, saying \"We still really like this stock.\" He pointed to growing demand for battery electric vehicles overall.</p><p><blockquote>8月3日，波特再次重申了跑赢大盘对该股的评级和1200美元的目标价，称“我们仍然非常喜欢这只股票”。他指出，总体而言，对纯电动汽车的需求不断增长。</blockquote></p><p> <b>So what gives?</b></p><p><blockquote><b>那么是什么给了？</b></blockquote></p><p> If shares could truly rise to $1,200, why do so many investors seem to think the stock is worth so much less (based on the stock's price of just under $700 at the time of this writing). After all, if $1,200 was generally viewed by investors as a likely outcome for Tesla stock within the next 12 months, shares would be trading significantly higher today.</p><p><blockquote>如果股价真的能涨到1200美元，为什么这么多投资者似乎认为该股的价值如此之低（基于撰写本文时该股的价格略低于700美元）。毕竟，如果投资者普遍认为特斯拉股票在未来12个月内可能达到1,200美元，那么今天的股价将大幅走高。</blockquote></p><p> The issue boils down to the stock's forward-looking valuation. With a price-to-earnings ratio of about 370 at the time of this writing, Tesla shares are largely priced for strong growth for years to come. Since the company's valuation is based largely on profits far into the future, slight variances in views for Tesla's future growth trajectory yield dramatically different assumptions about the stock's intrinsic value today.</p><p><blockquote>问题归结为股票的前瞻性估值。截至撰写本文时，特斯拉股价的市盈率约为370，很大程度上预计未来几年将强劲增长。由于该公司的估值很大程度上基于未来的利润，因此对特斯拉未来增长轨迹的看法略有差异，就会对该股目前的内在价值产生截然不同的假设。</blockquote></p><p> Investors, therefore, shouldn't be quick to buy Tesla stock just because one analyst has a high price target for shares. Still, Potter does notably have some good points about Tesla's strong business momentum. Even Tesla itself reiterated guidance for vehicle deliveries to grow more than 50% this year -- and that guidance was provided during a time that many companies around the world (including Tesla) are negatively impacted by supply chain shortages. Further, Tesla management noted in its second-quarter update that demand for its vehicles was at an all-time high going into Q3.</p><p><blockquote>因此，投资者不应仅仅因为一位分析师的股价目标较高就急于购买特斯拉股票。尽管如此，波特确实对特斯拉强劲的商业势头有一些优点。就连特斯拉本身也重申了今年汽车交付量增长50%以上的指导意见，而这一指导意见是在全球许多公司（包括特斯拉）都受到供应链短缺的负面影响之际提供的。此外，特斯拉管理层在第二季度更新中指出，进入第三季度，对其车辆的需求创历史新高。</blockquote></p><p> While a $1,200 price target for Tesla stock would be difficult to justify, shares may be trading low enough for investors to start a small position in the stock.</p><p><blockquote>虽然特斯拉股票1,200美元的目标价很难证明合理，但该股的交易价格可能足够低，投资者可以在该股建立少量头寸。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/08/07/tesla-stock-headed-to-1200/\">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":{"TSLA":"特斯拉"},"source_url":"https://www.fool.com/investing/2021/08/07/tesla-stock-headed-to-1200/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1159872041","content_text":"Key Points\n\nTesla deliveries more than doubled year over year in Q2.\nRising demand for electric vehicles could benefit Tesla.\nInvestors should exercise caution when it comes to analysts' price targets.\n\nIt's been a wild year for Tesla(NASDAQ:TSLA)stock. When the year started, shares initially surged more than 20%. But the stock has now given up all of those gains, with a year-to-date return of negative 1%. This means the stock has significantly underperformed the S&P 500's 18% gain this year.\nBut one analyst thinks the stock could take off.\n\"We still really like this stock.\"\nIn February,Piper Sandler analyst Alexander Pottermade a bold call, boosting his 12-month price target for thegrowth stockfrom $515 to $1,200. He said Tesla deliveries could increase from 500,000 vehicles in 2020 to nearly 900,000 this year. Of course, this projection was made before global supply shortages worsened. Nevertheless, Tesla is growing extremely rapidly. The company's second-quarter deliveries more than doubled compared to the year-ago quarter, rising to 201,304.\nFollowing Tesla's second-quarter earnings release late last month, the analyst reiterated this target, noting that the company looks poised to benefit from market share gains, the monetization of the company's Autopilot software, and \"underappreciated opportunities\" in Tesla's energy business, which includes revenue from battery energy storage and solar energy generation products.\nFurther, Potter pointed to Tesla's strong second-quarter operating margin of 11%, which he expects will see incremental improvement from Tesla's recently launched Autopilot subscription.\nOn Aug. 3, Potter once again reiterated an overweight rating on the stock and a $1,200 price target, saying \"We still really like this stock.\" He pointed to growing demand for battery electric vehicles overall.\nSo what gives?\nIf shares could truly rise to $1,200, why do so many investors seem to think the stock is worth so much less (based on the stock's price of just under $700 at the time of this writing). After all, if $1,200 was generally viewed by investors as a likely outcome for Tesla stock within the next 12 months, shares would be trading significantly higher today.\nThe issue boils down to the stock's forward-looking valuation. With a price-to-earnings ratio of about 370 at the time of this writing, Tesla shares are largely priced for strong growth for years to come. Since the company's valuation is based largely on profits far into the future, slight variances in views for Tesla's future growth trajectory yield dramatically different assumptions about the stock's intrinsic value today.\nInvestors, therefore, shouldn't be quick to buy Tesla stock just because one analyst has a high price target for shares. Still, Potter does notably have some good points about Tesla's strong business momentum. Even Tesla itself reiterated guidance for vehicle deliveries to grow more than 50% this year -- and that guidance was provided during a time that many companies around the world (including Tesla) are negatively impacted by supply chain shortages. Further, Tesla management noted in its second-quarter update that demand for its vehicles was at an all-time high going into Q3.\nWhile a $1,200 price target for Tesla stock would be difficult to justify, shares may be trading low enough for investors to start a small position in the stock.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":642,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":890180655,"gmtCreate":1628086747177,"gmtModify":1631889300595,"author":{"id":"3581769182401186","authorId":"3581769182401186","name":"KwokMeng","avatar":"https://static.tigerbbs.com/790a9b3a4d108ba92f4d9a18efdaaf86","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581769182401186","authorIdStr":"3581769182401186"},"themes":[],"htmlText":"Good info.","listText":"Good info.","text":"Good info.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/890180655","repostId":"2156060681","repostType":4,"isVote":1,"tweetType":1,"viewCount":454,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":805982457,"gmtCreate":1627839361979,"gmtModify":1631883986228,"author":{"id":"3581769182401186","authorId":"3581769182401186","name":"KwokMeng","avatar":"https://static.tigerbbs.com/790a9b3a4d108ba92f4d9a18efdaaf86","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581769182401186","authorIdStr":"3581769182401186"},"themes":[],"htmlText":"Up and down&nbsp;in the market. What’s new 🤷‍♂️ ? Just trade caution ⚠️🙈","listText":"Up and down&nbsp;in the market. What’s new 🤷‍♂️ ? Just trade caution ⚠️🙈","text":"Up and down in the market. What’s new 🤷‍♂️ ? Just trade caution ⚠️🙈","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/805982457","repostId":"1142925544","repostType":4,"repost":{"id":"1142925544","kind":"news","pubTimestamp":1627787240,"share":"https://www.laohu8.com/m/news/1142925544?lang=zh_CN&edition=full","pubTime":"2021-08-01 11:07","market":"us","language":"en","title":"Investors, Beware! Stocks Are Entering the Most Dangerous Stretch of the Year<blockquote>投资者当心！股市正在进入今年最危险的时期</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1142925544","media":"Barron's","summary":"“Yes, it’s summer, my time of year,”as the group War sangin that golden oldie “Summer” from the 1970","content":"<p>“Yes, it’s summer, my time of year,”as the group War sangin that golden oldie “Summer” from the 1970s, recalling pleasant times at the beach or by the barbecue. No need to remind anyone back then of droughts, wildfires, or Covid-19 surges that are unfortunate features of the steamy season this year.</p><p><blockquote>“是的，现在是夏天，我一年中的这个时候，”乐队唱着20世纪70年代的金色老歌《夏天》，回忆着在海滩或烧烤时的愉快时光。没有必要提醒当时的任何人干旱、野火或新冠肺炎激增，这些都是今年潮湿季节的不幸特征。</blockquote></p><p> But the coming of August also means entering what historically has been the most treacherous stretch of the year for stocks, according to data going back to 1928 compiled by Bank of America analyst Stephen Suttmeier. He finds that theS&amp;P 500index had a negative return averaging 0.03% in August, September, and October—the worst three-month span of the year for the big-cap benchmark. In fact, they constitute the only three-month period that averages in the red.</p><p><blockquote>但根据美国银行分析师斯蒂芬·萨特迈尔(Stephen Suttmeier)汇编的1928年以来的数据，8月的到来也意味着股市将进入历史上一年中最危险的时期。他发现标准普尔500指数在8月、9月和10月的平均回报率为0.03%，这是大盘股基准今年最糟糕的三个月。事实上，它们构成了唯一平均亏损的三个月期间。</blockquote></p><p> August actually is bracketed by the best and worst months of the year, he adds in a research note. July averages a 1.58% return on the S&amp;P 500, with positive results 59.1% of the time, while September averages a negative 1.03%, ending in the plus column less than half of the time, or 45%.</p><p><blockquote>他在一份研究报告中补充道，八月实际上是一年中最好和最差的月份。7月份标普500的平均回报率为1.58%，其中59.1%的时间为正，而9月份的平均回报率为负1.03%，只有不到一半的时间（即45%）出现在正栏中。</blockquote></p><p> This July did even better than the norm, with the S&amp;P 500 gaining 2.27%. It also was the sixth consecutive up month for the index—the longest positive streak since September 2018, according to Dow Jones’ statistical mavens. During that period, its cumulative advance was 18.34%.</p><p><blockquote>今年7月的表现甚至好于正常水平，标普500上涨了2.27%。根据道琼斯统计专家的数据，这也是该指数连续第六个月上涨，这是自2018年9月以来最长的连续上涨。在此期间，其累计预付款为18.34%。</blockquote></p><p> August’s record is in between, with an average 0.70% S&amp;P 500 return and positive results 58.1% of the time, marking a transition from the “summer rip” to the “fall dip.”</p><p><blockquote>8月份的记录介于两者之间，平均标普500回报率为0.70%，58.1%的时间为积极结果，标志着从“夏季暴跌”到“秋季暴跌”的转变。</blockquote></p><p> Not surprisingly, the laggard returns of the August-October period are accompanied by an uptick in volatility, Suttmeier finds. Based on records going back to 1992, theCboe Volatility Index,or VIX, has often seen spikes during those months, following relatively subdued volatility in the April-July period.</p><p><blockquote>Suttmeier发现，毫不奇怪，8月至10月期间的落后回报伴随着波动性的上升。根据1992年以来的记录，芝加哥期权交易所波动率指数(VIX)在4月至7月期间波动性相对较低后，在这几个月经常出现飙升。</blockquote></p><p> Past isn’t necessarily prologue, but if it is, the timing of the initial public offering byRobinhood Markets(ticker: HOOD) might prove propitious, if the stock market does have its typical seasonal rough patch. The online broker, whose putative mission is to open investing to novices supposedly ignored by established outfits, sold 55 million shares at $38 on Thursday. In the process, it provided a valuable lesson to all those who got in on the IPO: Buy low and sell high.</p><p><blockquote>过去不一定是序幕，但如果是，如果股市确实经历了典型的季节性艰难时期，Robinhood Markets（股票代码：HOOD）首次公开募股的时机可能会被证明是有利的。这家在线经纪商的假定使命是向据称被老牌机构忽视的新手开放投资，周四以38美元的价格出售了5500万股股票。在这个过程中，它为所有参与IPO的人提供了宝贵的一课：低买高卖。</blockquote></p><p> The company evidently fulfilled the latter imperative, selling its shares high, even though they were priced at the low end of the expected $38-$42 range. Their price sank 8.4% on their first day of trading, although they recouped a bit on Friday. By week’s end, buyers of Robinhood’s IPO who held were down 7.5%.</p><p><blockquote>该公司显然满足了后一项要求，高价出售其股票，尽管它们的定价处于预期38美元至42美元范围的低端。尽管周五有所回升，但其价格在首日交易中下跌了8.4%。截至本周末，持有Robinhood IPO的买家数量下降了7.5%。</blockquote></p><p> Among those who sold high were the company’s co-founders, CEO Vladimir Tenev and Chief Creative Officer Baiju Bhatt, who each offloaded 1.25 million shares in the IPO. As my illustrious predecessor, Alan Abelson, liked to observe, there are many good reasons to sell a stock, but expecting it to go up isn’t one of them. That has never been more true, given the ability of rich owners to monetize their assets by borrowing against them cheaply, and without incurring capital-gains taxes.</p><p><blockquote>卖出高价的人包括该公司的联合创始人、首席执行官弗拉基米尔·特涅夫(Vladimir Tenev)和首席创意官白菊·巴特(Baiju Bhatt)，他们在IPO中每人抛售了125万股。正如我杰出的前任艾伦·阿贝尔森（Alan Abelson）喜欢观察的那样，卖出股票有很多很好的理由，但期望它上涨并不是其中之一。考虑到富有的所有者有能力通过廉价借贷将其资产货币化，并且无需缴纳资本利得税，这一点从未像现在这样真实。</blockquote></p><p> To be sure, Tenev and Bhatt still have significant stakes in Robinhood. Asour colleague Avi Salzman reported, these were worth $2.5 billion at the initial offering price, and Tenev and Bhatt retain voting control. The two also could receive awards of shares worth as much as $6.7 billion for Tenev and $4 billion for Bhatt, if the stock hits $300, or nearly the proverbial ten-bagger from here.</p><p><blockquote>可以肯定的是，特涅夫和巴特仍然在罗宾汉拥有大量股份。正如我们的同事Avi Salzman报道的那样，按首次发行价计算，这些股票价值25亿美元，Tenev和Bhatt保留了投票权。如果股价达到300美元，或者接近众所周知的十倍，两人还可以获得Tenev价值高达67亿美元的股票奖励，Bhatt价值40亿美元的股票奖励。</blockquote></p><p> But in a blow against income inequality, the potential billionaire pair took symbolic pay cuts, to $34,248, the average annual wage of American workers. As the comedian Yakov Smirnoff likes to say, “What a country!”</p><p><blockquote>但为了打击收入不平等，这对潜在的亿万富翁夫妇象征性地减薪至34,248美元，这是美国工人的平均年薪。正如喜剧演员雅科夫·斯米尔诺夫喜欢说的：“多好的国家啊！”</blockquote></p><p> How those workers are faring will be a subject of the monthly employment report slated for release this coming Friday.</p><p><blockquote>这些工人的状况将成为定于本周五发布的月度就业报告的主题。</blockquote></p><p> Economists’ forecasts for nonfarm payrolls center around a gain of 900,000. Jefferies economists Aneta Markowska and Thomas Simons estimate that the increase could top the long-anticipated one million mark; they forecast 1.2 million.</p><p><blockquote>经济学家对非农就业人数的预测约为90万人。杰富瑞(Jefferies)经济学家Aneta Markowska和Thomas Simons估计，增幅可能会突破期待已久的100万大关；他们预测有120万。</blockquote></p><p> Markowska and Simons think the expiration of supplemental unemployment benefits in some states will boost the labor supply, although that is a matter of significant debate. (For more on the jobs market, seethis week’s cover story.)</p><p><blockquote>Markowska和Simons认为，一些州补充失业救济金的到期将增加劳动力供应，尽管这是一个有重大争议的问题。（有关就业市场的更多信息，请参阅本周的封面故事。）</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>Investors, Beware! Stocks Are Entering the Most Dangerous Stretch of the Year<blockquote>投资者当心！股市正在进入今年最危险的时期</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\">\nInvestors, Beware! Stocks Are Entering the Most Dangerous Stretch of the Year<blockquote>投资者当心！股市正在进入今年最危险的时期</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barron's</strong><span class=\"h-time small\">2021-08-01 11:07</span>\n</p>\n</h4>\n</header>\n<article>\n<p>“Yes, it’s summer, my time of year,”as the group War sangin that golden oldie “Summer” from the 1970s, recalling pleasant times at the beach or by the barbecue. No need to remind anyone back then of droughts, wildfires, or Covid-19 surges that are unfortunate features of the steamy season this year.</p><p><blockquote>“是的，现在是夏天，我一年中的这个时候，”乐队唱着20世纪70年代的金色老歌《夏天》，回忆着在海滩或烧烤时的愉快时光。没有必要提醒当时的任何人干旱、野火或新冠肺炎激增，这些都是今年潮湿季节的不幸特征。</blockquote></p><p> But the coming of August also means entering what historically has been the most treacherous stretch of the year for stocks, according to data going back to 1928 compiled by Bank of America analyst Stephen Suttmeier. He finds that theS&amp;P 500index had a negative return averaging 0.03% in August, September, and October—the worst three-month span of the year for the big-cap benchmark. In fact, they constitute the only three-month period that averages in the red.</p><p><blockquote>但根据美国银行分析师斯蒂芬·萨特迈尔(Stephen Suttmeier)汇编的1928年以来的数据，8月的到来也意味着股市将进入历史上一年中最危险的时期。他发现标准普尔500指数在8月、9月和10月的平均回报率为0.03%，这是大盘股基准今年最糟糕的三个月。事实上，它们构成了唯一平均亏损的三个月期间。</blockquote></p><p> August actually is bracketed by the best and worst months of the year, he adds in a research note. July averages a 1.58% return on the S&amp;P 500, with positive results 59.1% of the time, while September averages a negative 1.03%, ending in the plus column less than half of the time, or 45%.</p><p><blockquote>他在一份研究报告中补充道，八月实际上是一年中最好和最差的月份。7月份标普500的平均回报率为1.58%，其中59.1%的时间为正，而9月份的平均回报率为负1.03%，只有不到一半的时间（即45%）出现在正栏中。</blockquote></p><p> This July did even better than the norm, with the S&amp;P 500 gaining 2.27%. It also was the sixth consecutive up month for the index—the longest positive streak since September 2018, according to Dow Jones’ statistical mavens. During that period, its cumulative advance was 18.34%.</p><p><blockquote>今年7月的表现甚至好于正常水平，标普500上涨了2.27%。根据道琼斯统计专家的数据，这也是该指数连续第六个月上涨，这是自2018年9月以来最长的连续上涨。在此期间，其累计预付款为18.34%。</blockquote></p><p> August’s record is in between, with an average 0.70% S&amp;P 500 return and positive results 58.1% of the time, marking a transition from the “summer rip” to the “fall dip.”</p><p><blockquote>8月份的记录介于两者之间，平均标普500回报率为0.70%，58.1%的时间为积极结果，标志着从“夏季暴跌”到“秋季暴跌”的转变。</blockquote></p><p> Not surprisingly, the laggard returns of the August-October period are accompanied by an uptick in volatility, Suttmeier finds. Based on records going back to 1992, theCboe Volatility Index,or VIX, has often seen spikes during those months, following relatively subdued volatility in the April-July period.</p><p><blockquote>Suttmeier发现，毫不奇怪，8月至10月期间的落后回报伴随着波动性的上升。根据1992年以来的记录，芝加哥期权交易所波动率指数(VIX)在4月至7月期间波动性相对较低后，在这几个月经常出现飙升。</blockquote></p><p> Past isn’t necessarily prologue, but if it is, the timing of the initial public offering byRobinhood Markets(ticker: HOOD) might prove propitious, if the stock market does have its typical seasonal rough patch. The online broker, whose putative mission is to open investing to novices supposedly ignored by established outfits, sold 55 million shares at $38 on Thursday. In the process, it provided a valuable lesson to all those who got in on the IPO: Buy low and sell high.</p><p><blockquote>过去不一定是序幕，但如果是，如果股市确实经历了典型的季节性艰难时期，Robinhood Markets（股票代码：HOOD）首次公开募股的时机可能会被证明是有利的。这家在线经纪商的假定使命是向据称被老牌机构忽视的新手开放投资，周四以38美元的价格出售了5500万股股票。在这个过程中，它为所有参与IPO的人提供了宝贵的一课：低买高卖。</blockquote></p><p> The company evidently fulfilled the latter imperative, selling its shares high, even though they were priced at the low end of the expected $38-$42 range. Their price sank 8.4% on their first day of trading, although they recouped a bit on Friday. By week’s end, buyers of Robinhood’s IPO who held were down 7.5%.</p><p><blockquote>该公司显然满足了后一项要求，高价出售其股票，尽管它们的定价处于预期38美元至42美元范围的低端。尽管周五有所回升，但其价格在首日交易中下跌了8.4%。截至本周末，持有Robinhood IPO的买家数量下降了7.5%。</blockquote></p><p> Among those who sold high were the company’s co-founders, CEO Vladimir Tenev and Chief Creative Officer Baiju Bhatt, who each offloaded 1.25 million shares in the IPO. As my illustrious predecessor, Alan Abelson, liked to observe, there are many good reasons to sell a stock, but expecting it to go up isn’t one of them. That has never been more true, given the ability of rich owners to monetize their assets by borrowing against them cheaply, and without incurring capital-gains taxes.</p><p><blockquote>卖出高价的人包括该公司的联合创始人、首席执行官弗拉基米尔·特涅夫(Vladimir Tenev)和首席创意官白菊·巴特(Baiju Bhatt)，他们在IPO中每人抛售了125万股。正如我杰出的前任艾伦·阿贝尔森（Alan Abelson）喜欢观察的那样，卖出股票有很多很好的理由，但期望它上涨并不是其中之一。考虑到富有的所有者有能力通过廉价借贷将其资产货币化，并且无需缴纳资本利得税，这一点从未像现在这样真实。</blockquote></p><p> To be sure, Tenev and Bhatt still have significant stakes in Robinhood. Asour colleague Avi Salzman reported, these were worth $2.5 billion at the initial offering price, and Tenev and Bhatt retain voting control. The two also could receive awards of shares worth as much as $6.7 billion for Tenev and $4 billion for Bhatt, if the stock hits $300, or nearly the proverbial ten-bagger from here.</p><p><blockquote>可以肯定的是，特涅夫和巴特仍然在罗宾汉拥有大量股份。正如我们的同事Avi Salzman报道的那样，按首次发行价计算，这些股票价值25亿美元，Tenev和Bhatt保留了投票权。如果股价达到300美元，或者接近众所周知的十倍，两人还可以获得Tenev价值高达67亿美元的股票奖励，Bhatt价值40亿美元的股票奖励。</blockquote></p><p> But in a blow against income inequality, the potential billionaire pair took symbolic pay cuts, to $34,248, the average annual wage of American workers. As the comedian Yakov Smirnoff likes to say, “What a country!”</p><p><blockquote>但为了打击收入不平等，这对潜在的亿万富翁夫妇象征性地减薪至34,248美元，这是美国工人的平均年薪。正如喜剧演员雅科夫·斯米尔诺夫喜欢说的：“多好的国家啊！”</blockquote></p><p> How those workers are faring will be a subject of the monthly employment report slated for release this coming Friday.</p><p><blockquote>这些工人的状况将成为定于本周五发布的月度就业报告的主题。</blockquote></p><p> Economists’ forecasts for nonfarm payrolls center around a gain of 900,000. Jefferies economists Aneta Markowska and Thomas Simons estimate that the increase could top the long-anticipated one million mark; they forecast 1.2 million.</p><p><blockquote>经济学家对非农就业人数的预测约为90万人。杰富瑞(Jefferies)经济学家Aneta Markowska和Thomas Simons估计，增幅可能会突破期待已久的100万大关；他们预测有120万。</blockquote></p><p> Markowska and Simons think the expiration of supplemental unemployment benefits in some states will boost the labor supply, although that is a matter of significant debate. (For more on the jobs market, seethis week’s cover story.)</p><p><blockquote>Markowska和Simons认为，一些州补充失业救济金的到期将增加劳动力供应，尽管这是一个有重大争议的问题。（有关就业市场的更多信息，请参阅本周的封面故事。）</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/stocks-news-robinhood-sp500-51627692215?mod=hp_LATEST\">Barron's</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index","SPY":"标普500ETF",".DJI":"道琼斯"},"source_url":"https://www.barrons.com/articles/stocks-news-robinhood-sp500-51627692215?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1142925544","content_text":"“Yes, it’s summer, my time of year,”as the group War sangin that golden oldie “Summer” from the 1970s, recalling pleasant times at the beach or by the barbecue. No need to remind anyone back then of droughts, wildfires, or Covid-19 surges that are unfortunate features of the steamy season this year.\nBut the coming of August also means entering what historically has been the most treacherous stretch of the year for stocks, according to data going back to 1928 compiled by Bank of America analyst Stephen Suttmeier. He finds that theS&P 500index had a negative return averaging 0.03% in August, September, and October—the worst three-month span of the year for the big-cap benchmark. In fact, they constitute the only three-month period that averages in the red.\nAugust actually is bracketed by the best and worst months of the year, he adds in a research note. July averages a 1.58% return on the S&P 500, with positive results 59.1% of the time, while September averages a negative 1.03%, ending in the plus column less than half of the time, or 45%.\nThis July did even better than the norm, with the S&P 500 gaining 2.27%. It also was the sixth consecutive up month for the index—the longest positive streak since September 2018, according to Dow Jones’ statistical mavens. During that period, its cumulative advance was 18.34%.\nAugust’s record is in between, with an average 0.70% S&P 500 return and positive results 58.1% of the time, marking a transition from the “summer rip” to the “fall dip.”\nNot surprisingly, the laggard returns of the August-October period are accompanied by an uptick in volatility, Suttmeier finds. Based on records going back to 1992, theCboe Volatility Index,or VIX, has often seen spikes during those months, following relatively subdued volatility in the April-July period.\nPast isn’t necessarily prologue, but if it is, the timing of the initial public offering byRobinhood Markets(ticker: HOOD) might prove propitious, if the stock market does have its typical seasonal rough patch. The online broker, whose putative mission is to open investing to novices supposedly ignored by established outfits, sold 55 million shares at $38 on Thursday. In the process, it provided a valuable lesson to all those who got in on the IPO: Buy low and sell high.\nThe company evidently fulfilled the latter imperative, selling its shares high, even though they were priced at the low end of the expected $38-$42 range. Their price sank 8.4% on their first day of trading, although they recouped a bit on Friday. By week’s end, buyers of Robinhood’s IPO who held were down 7.5%.\nAmong those who sold high were the company’s co-founders, CEO Vladimir Tenev and Chief Creative Officer Baiju Bhatt, who each offloaded 1.25 million shares in the IPO. As my illustrious predecessor, Alan Abelson, liked to observe, there are many good reasons to sell a stock, but expecting it to go up isn’t one of them. That has never been more true, given the ability of rich owners to monetize their assets by borrowing against them cheaply, and without incurring capital-gains taxes.\nTo be sure, Tenev and Bhatt still have significant stakes in Robinhood. Asour colleague Avi Salzman reported, these were worth $2.5 billion at the initial offering price, and Tenev and Bhatt retain voting control. The two also could receive awards of shares worth as much as $6.7 billion for Tenev and $4 billion for Bhatt, if the stock hits $300, or nearly the proverbial ten-bagger from here.\nBut in a blow against income inequality, the potential billionaire pair took symbolic pay cuts, to $34,248, the average annual wage of American workers. As the comedian Yakov Smirnoff likes to say, “What a country!”\nHow those workers are faring will be a subject of the monthly employment report slated for release this coming Friday.\nEconomists’ forecasts for nonfarm payrolls center around a gain of 900,000. Jefferies economists Aneta Markowska and Thomas Simons estimate that the increase could top the long-anticipated one million mark; they forecast 1.2 million.\nMarkowska and Simons think the expiration of supplemental unemployment benefits in some states will boost the labor supply, although that is a matter of significant debate. (For more on the jobs market, seethis week’s cover story.)","news_type":1,"symbols_score_info":{"SPY":0.9,".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":546,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802670272,"gmtCreate":1627779714596,"gmtModify":1631883986263,"author":{"id":"3581769182401186","authorId":"3581769182401186","name":"KwokMeng","avatar":"https://static.tigerbbs.com/790a9b3a4d108ba92f4d9a18efdaaf86","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581769182401186","authorIdStr":"3581769182401186"},"themes":[],"htmlText":"Just invest in the amount that you can afford to lose. 😉","listText":"Just invest in the amount that you can afford to lose. 😉","text":"Just invest in the amount that you can afford to lose. 😉","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/802670272","repostId":"1127411624","repostType":4,"repost":{"id":"1127411624","kind":"news","pubTimestamp":1627715622,"share":"https://www.laohu8.com/m/news/1127411624?lang=zh_CN&edition=full","pubTime":"2021-07-31 15:13","market":"us","language":"en","title":"Here’s your to-do list before the stock market’s next dive<blockquote>这是股市下一次暴跌之前您的待办事项清单</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1127411624","media":"MarketWatch","summary":"After hibernating for months, the stock-market bears came out of their caves on July 19. That day, t","content":"<p>After hibernating for months, the stock-market bears came out of their caves on July 19. That day, the Dow Jones Industrial AverageDJIA,-0.42%tumbled 725 points or 2.1%. The bears hit a home run — at least for a day.</p><p><blockquote>经过数月的冬眠，股市空头于7月19日走出洞穴。当天，道琼斯工业平均指数DJIA下跌725点，跌幅2.1%，-0.42%。熊队打出了一个本垒打——至少一天。</blockquote></p><p> As usual, everyone wanted to know why the market fell, and the analysts had prepared answers, from COVID-19’s Delta variant to the Consumer Price Index to overbought technical indicators.</p><p><blockquote>像往常一样，每个人都想知道市场下跌的原因，分析师们已经准备好了答案，从COVID-19的德尔塔变异毒株到消费者价格指数，再到超买的技术指标。</blockquote></p><p> The truth is that nobody knows. People have multiple reasons for selling, so it’s ridiculous to blame one event. That said, a big contributor to the decline was automatic, computer-generated selling. Once large market participants, especially algos, started selling, there was a mad rush out of the door. No one wanted to be the last one out, so retail traders and institutions sold in a panic, which got more intense as the day went on.</p><p><blockquote>事实是没人知道。人们出售有多种原因，因此将责任归咎于一个事件是荒谬的。也就是说，下降的一个重要原因是计算机生成的自动销售。一旦大型市场参与者，尤其是算法，开始抛售，就会疯狂地冲出门外。没有人想成为最后一个出局的人，因此散户和机构在恐慌中抛售，随着时间的推移，恐慌情绪变得更加强烈。</blockquote></p><p> Technical indicators contributed as well: The weekly relative strength indicator (RSI) has been remarkably accurate in warning of a market reversal. Once RSI goes over 70 and stays there, buyers beware.&nbsp; After the July 26 market close, the RSI of the S&amp;P 500SPX,-0.54%stood at 71.36 on the weekly chart — an extremely overbought reading. Does this mean that the index is going to plunge tomorrow? No one knows. But RSI is giving a clue that the U.S. market is in the danger zone.</p><p><blockquote>技术指标也做出了贡献：每周相对强弱指标（RSI）在警告市场逆转方面非常准确。一旦RSI超过70并保持在那里，买家就要小心了。7月26日收盘后，标准普尔500SPX的RSI，-0.54%在周线图上站在71.36——这是一个极度超买的读数。这是不是意味着指数明天要暴跌了？没人知道。但RSI给出了美国市场处于危险区域的线索。</blockquote></p><p> <b>The bad news bears can’t catch a break</b></p><p><blockquote><b>坏消息空头无法休息</b></blockquote></p><p> Before the bears could say, “I told you so,” the next day, July 20, the 700-plus point Dow selloff was erased by a 550-point Dow rally. The bulls forgot about the selloff and returned to celebrating, and gulping glass after glass of their favorite drink, “bull-ade.” Once again, the storm passed, but this time a little fear creeped into the bulls’ psyche. Before, the only fear was the fear of missing out on the next rally. Now, many investors realize the market can actually go down.</p><p><blockquote>在空头说“我告诉过你”之前，第二天，即7月20日，道琼斯指数700多点的抛售被道琼斯指数550点的反弹抹去了。多头忘记了抛售，重新开始庆祝，一杯又一杯地喝着他们最喜欢的饮料“bull-ade”。风暴又一次过去了，但这一次有点恐惧爬进了公牛的心灵。之前，唯一的恐惧是害怕错过下一次反弹。现在，许多投资者意识到市场实际上可能会下跌。</blockquote></p><p> <b>What to do now</b></p><p><blockquote><b>现在怎么办</b></blockquote></p><p> The next time the market plunges and you’re experiencing a variety of emotions, the following guide might help:</p><p><blockquote>下次市场暴跌并且您正在经历各种情绪时，以下指南可能会有所帮助：</blockquote></p><p> <b>1. If you’re panicked</b>: Don’t do something; sit there. Do not buy, do not sell, just sit tight. In fact, turn off the computer or other devices. Don’t fret over how much paper money you lost that day. Exercise, walk, run, swim, ride a bike. Your goal is to reduce emotions so you can get a good night’s sleep. When the market stabilizes, reevaluate what you own. Do not make any big financial decisions on days like this.</p><p><blockquote><b>1.如果你感到恐慌</b>：不做某事；坐在那里。不买，不卖，坐稳。事实上，关掉电脑或其他设备。不要担心那天你丢了多少纸币。锻炼，散步，跑步，游泳，骑自行车。你的目标是减少情绪，这样你就能睡个好觉。当市场稳定时，重新评估你所拥有的。在这样的日子里，不要做任何重大的财务决定。</blockquote></p><p> <b>2. If you’re afraid</b>: Take it easy. The selloff will end eventually. There is no reason to panic. Again, reevaluate what you own when the market comes to its senses.</p><p><blockquote><b>2.如果你害怕</b>：放轻松。抛售最终会结束。没有理由恐慌。同样，当市场恢复理智时，重新评估你所拥有的东西。</blockquote></p><p> <b>3. If you’re unaffected:</b>Still, check your portfolio to make sure you are properly diversified. While it’s find to not care if the market falls, be sure you are hedged for a worst-case scenario. One day there will be a bear market that will last months or years. Be prepared.</p><p><blockquote><b>3.如果您没有受到影响：</b>不过，请检查您的投资组合以确保您的投资组合适当多元化。虽然人们发现不要关心市场是否下跌，但要确保你为最坏的情况做好了对冲。总有一天会出现持续数月或数年的熊市。做好准备。</blockquote></p><p> <b>What specific actions should you take?</b></p><p><blockquote><b>你应该采取什么具体行动？</b></blockquote></p><p> Now that you’ve taken care of your emotional health, there are other financial decisions you can make. Let’s take a look atsome strategies and tacticsthat may help:</p><p><blockquote>既然你已经照顾好了自己的情绪健康，你还可以做出其他的财务决定。让我们来看看一些可能有帮助的战略和战术：</blockquote></p><p> <ol>  <li>Sell if the stocks or indexes you own fall below their 200-day moving averages. Note: The major indexes such as the Standard &amp; Poor’s 500SPX,-0.54%have not fallen below (and stayed below) their 200-day averages for a decade. When they do eventually, that is a clear sell signal.</li>  <li>Create a long-term investment plan and follow it no matter what happens in the short term.</li>  <li>Dollar-cost average into index funds.</li>  <li>Diversify. This is the key to success in the stock market and in life. If you own only stocks, consider bonds, but talk to a financial professional (not your neighbor) before taking this step.</li>  <li>Buy the big dips. This strategy still works. If you had bought the dip on July 19, you would have cleaned up on July 20. One day this strategy won’t work, but that day hasn’t come yet.</li>  <li>Sell covered-call options. This is still an excellent way to generate extra income. This strategy is also ideal for disposing of unwanted stocks, and getting paid for it.</li> </ol> <b>Plan for the next correction or bear market</b></p><p><blockquote><ol><li>如果您持有的股票或指数跌破200日移动平均线，则卖出。注：标准普尔500SPX,-0.54%等主要指数十年来没有跌破（并保持在低于）200日平均水平。当他们最终这样做时，这是一个明确的卖出信号。</li><li>制定一个长期投资计划，无论短期内发生什么都要遵循它。</li><li>指数基金的平均成本。</li><li>多样化。这是股市和人生成功的关键。如果您只持有股票，请考虑债券，但在采取这一步骤之前请与金融专业人士（而不是您的邻居）交谈。</li><li>逢低买入。这个策略仍然有效。如果你在7月19日逢低买入，你就会在7月20日清理干净。总有一天这种策略行不通了，但那一天还没有到来。</li><li>出售备兑看涨期权期权。这仍然是产生额外收入的绝佳方式。这种策略也非常适合处理不需要的股票并获得报酬。</li></ol><b>为下一次调整或熊市做好计划</b></blockquote></p><p> After a 13-year bull market, the clock is ticking for U.S. stocks. While the bulls scored another victory this time, one day the market won’t reverse direction and will begin a steep correction, or worse yet, a bear market. That’s when you will be glad that you have a plan and an investment script to follow on the worst days.</p><p><blockquote>在经历了13年的牛市之后，美国股市的时间已经不多了。虽然多头这次又取得了胜利，但有一天市场不会逆转方向，将开始急剧调整，或者更糟的是，进入熊市。那时你会很高兴你有一个计划和一个在最糟糕的日子里可以遵循的投资脚本。</blockquote></p><p> Know what you own, sell to the “sleep-well” point and diversify into a variety of financial products including cash and bonds. This way, when the market plunges again, you won’t make knee-jerk emotional decisions or suffer an anxiety attack.</p><p><blockquote>了解您拥有什么，将其出售到“睡眠良好”点，并多元化投资于包括现金和债券在内的各种金融产品。这样，当市场再次暴跌时，你就不会做出下意识的情绪化决定或遭受焦虑发作。</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>Here’s your to-do list before the stock market’s next dive<blockquote>这是股市下一次暴跌之前您的待办事项清单</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\">\nHere’s your to-do list before the stock market’s next dive<blockquote>这是股市下一次暴跌之前您的待办事项清单</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-07-31 15:13</span>\n</p>\n</h4>\n</header>\n<article>\n<p>After hibernating for months, the stock-market bears came out of their caves on July 19. That day, the Dow Jones Industrial AverageDJIA,-0.42%tumbled 725 points or 2.1%. The bears hit a home run — at least for a day.</p><p><blockquote>经过数月的冬眠，股市空头于7月19日走出洞穴。当天，道琼斯工业平均指数DJIA下跌725点，跌幅2.1%，-0.42%。熊队打出了一个本垒打——至少一天。</blockquote></p><p> As usual, everyone wanted to know why the market fell, and the analysts had prepared answers, from COVID-19’s Delta variant to the Consumer Price Index to overbought technical indicators.</p><p><blockquote>像往常一样，每个人都想知道市场下跌的原因，分析师们已经准备好了答案，从COVID-19的德尔塔变异毒株到消费者价格指数，再到超买的技术指标。</blockquote></p><p> The truth is that nobody knows. People have multiple reasons for selling, so it’s ridiculous to blame one event. That said, a big contributor to the decline was automatic, computer-generated selling. Once large market participants, especially algos, started selling, there was a mad rush out of the door. No one wanted to be the last one out, so retail traders and institutions sold in a panic, which got more intense as the day went on.</p><p><blockquote>事实是没人知道。人们出售有多种原因，因此将责任归咎于一个事件是荒谬的。也就是说，下降的一个重要原因是计算机生成的自动销售。一旦大型市场参与者，尤其是算法，开始抛售，就会疯狂地冲出门外。没有人想成为最后一个出局的人，因此散户和机构在恐慌中抛售，随着时间的推移，恐慌情绪变得更加强烈。</blockquote></p><p> Technical indicators contributed as well: The weekly relative strength indicator (RSI) has been remarkably accurate in warning of a market reversal. Once RSI goes over 70 and stays there, buyers beware.&nbsp; After the July 26 market close, the RSI of the S&amp;P 500SPX,-0.54%stood at 71.36 on the weekly chart — an extremely overbought reading. Does this mean that the index is going to plunge tomorrow? No one knows. But RSI is giving a clue that the U.S. market is in the danger zone.</p><p><blockquote>技术指标也做出了贡献：每周相对强弱指标（RSI）在警告市场逆转方面非常准确。一旦RSI超过70并保持在那里，买家就要小心了。7月26日收盘后，标准普尔500SPX的RSI，-0.54%在周线图上站在71.36——这是一个极度超买的读数。这是不是意味着指数明天要暴跌了？没人知道。但RSI给出了美国市场处于危险区域的线索。</blockquote></p><p> <b>The bad news bears can’t catch a break</b></p><p><blockquote><b>坏消息空头无法休息</b></blockquote></p><p> Before the bears could say, “I told you so,” the next day, July 20, the 700-plus point Dow selloff was erased by a 550-point Dow rally. The bulls forgot about the selloff and returned to celebrating, and gulping glass after glass of their favorite drink, “bull-ade.” Once again, the storm passed, but this time a little fear creeped into the bulls’ psyche. Before, the only fear was the fear of missing out on the next rally. Now, many investors realize the market can actually go down.</p><p><blockquote>在空头说“我告诉过你”之前，第二天，即7月20日，道琼斯指数700多点的抛售被道琼斯指数550点的反弹抹去了。多头忘记了抛售，重新开始庆祝，一杯又一杯地喝着他们最喜欢的饮料“bull-ade”。风暴又一次过去了，但这一次有点恐惧爬进了公牛的心灵。之前，唯一的恐惧是害怕错过下一次反弹。现在，许多投资者意识到市场实际上可能会下跌。</blockquote></p><p> <b>What to do now</b></p><p><blockquote><b>现在怎么办</b></blockquote></p><p> The next time the market plunges and you’re experiencing a variety of emotions, the following guide might help:</p><p><blockquote>下次市场暴跌并且您正在经历各种情绪时，以下指南可能会有所帮助：</blockquote></p><p> <b>1. If you’re panicked</b>: Don’t do something; sit there. Do not buy, do not sell, just sit tight. In fact, turn off the computer or other devices. Don’t fret over how much paper money you lost that day. Exercise, walk, run, swim, ride a bike. Your goal is to reduce emotions so you can get a good night’s sleep. When the market stabilizes, reevaluate what you own. Do not make any big financial decisions on days like this.</p><p><blockquote><b>1.如果你感到恐慌</b>：不做某事；坐在那里。不买，不卖，坐稳。事实上，关掉电脑或其他设备。不要担心那天你丢了多少纸币。锻炼，散步，跑步，游泳，骑自行车。你的目标是减少情绪，这样你就能睡个好觉。当市场稳定时，重新评估你所拥有的。在这样的日子里，不要做任何重大的财务决定。</blockquote></p><p> <b>2. If you’re afraid</b>: Take it easy. The selloff will end eventually. There is no reason to panic. Again, reevaluate what you own when the market comes to its senses.</p><p><blockquote><b>2.如果你害怕</b>：放轻松。抛售最终会结束。没有理由恐慌。同样，当市场恢复理智时，重新评估你所拥有的东西。</blockquote></p><p> <b>3. If you’re unaffected:</b>Still, check your portfolio to make sure you are properly diversified. While it’s find to not care if the market falls, be sure you are hedged for a worst-case scenario. One day there will be a bear market that will last months or years. Be prepared.</p><p><blockquote><b>3.如果您没有受到影响：</b>不过，请检查您的投资组合以确保您的投资组合适当多元化。虽然人们发现不要关心市场是否下跌，但要确保你为最坏的情况做好了对冲。总有一天会出现持续数月或数年的熊市。做好准备。</blockquote></p><p> <b>What specific actions should you take?</b></p><p><blockquote><b>你应该采取什么具体行动？</b></blockquote></p><p> Now that you’ve taken care of your emotional health, there are other financial decisions you can make. Let’s take a look atsome strategies and tacticsthat may help:</p><p><blockquote>既然你已经照顾好了自己的情绪健康，你还可以做出其他的财务决定。让我们来看看一些可能有帮助的战略和战术：</blockquote></p><p> <ol>  <li>Sell if the stocks or indexes you own fall below their 200-day moving averages. Note: The major indexes such as the Standard &amp; Poor’s 500SPX,-0.54%have not fallen below (and stayed below) their 200-day averages for a decade. When they do eventually, that is a clear sell signal.</li>  <li>Create a long-term investment plan and follow it no matter what happens in the short term.</li>  <li>Dollar-cost average into index funds.</li>  <li>Diversify. This is the key to success in the stock market and in life. If you own only stocks, consider bonds, but talk to a financial professional (not your neighbor) before taking this step.</li>  <li>Buy the big dips. This strategy still works. If you had bought the dip on July 19, you would have cleaned up on July 20. One day this strategy won’t work, but that day hasn’t come yet.</li>  <li>Sell covered-call options. This is still an excellent way to generate extra income. This strategy is also ideal for disposing of unwanted stocks, and getting paid for it.</li> </ol> <b>Plan for the next correction or bear market</b></p><p><blockquote><ol><li>如果您持有的股票或指数跌破200日移动平均线，则卖出。注：标准普尔500SPX,-0.54%等主要指数十年来没有跌破（并保持在低于）200日平均水平。当他们最终这样做时，这是一个明确的卖出信号。</li><li>制定一个长期投资计划，无论短期内发生什么都要遵循它。</li><li>指数基金的平均成本。</li><li>多样化。这是股市和人生成功的关键。如果您只持有股票，请考虑债券，但在采取这一步骤之前请与金融专业人士（而不是您的邻居）交谈。</li><li>逢低买入。这个策略仍然有效。如果你在7月19日逢低买入，你就会在7月20日清理干净。总有一天这种策略行不通了，但那一天还没有到来。</li><li>出售备兑看涨期权期权。这仍然是产生额外收入的绝佳方式。这种策略也非常适合处理不需要的股票并获得报酬。</li></ol><b>为下一次调整或熊市做好计划</b></blockquote></p><p> After a 13-year bull market, the clock is ticking for U.S. stocks. While the bulls scored another victory this time, one day the market won’t reverse direction and will begin a steep correction, or worse yet, a bear market. That’s when you will be glad that you have a plan and an investment script to follow on the worst days.</p><p><blockquote>在经历了13年的牛市之后，美国股市的时间已经不多了。虽然多头这次又取得了胜利，但有一天市场不会逆转方向，将开始急剧调整，或者更糟的是，进入熊市。那时你会很高兴你有一个计划和一个在最糟糕的日子里可以遵循的投资脚本。</blockquote></p><p> Know what you own, sell to the “sleep-well” point and diversify into a variety of financial products including cash and bonds. This way, when the market plunges again, you won’t make knee-jerk emotional decisions or suffer an anxiety attack.</p><p><blockquote>了解您拥有什么，将其出售到“睡眠良好”点，并多元化投资于包括现金和债券在内的各种金融产品。这样，当市场再次暴跌时，你就不会做出下意识的情绪化决定或遭受焦虑发作。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/heres-your-to-do-list-before-the-stock-markets-next-dive-11627360870?mod=article_inline\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯","SPY":"标普500ETF",".SPX":"S&P 500 Index"},"source_url":"https://www.marketwatch.com/story/heres-your-to-do-list-before-the-stock-markets-next-dive-11627360870?mod=article_inline","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1127411624","content_text":"After hibernating for months, the stock-market bears came out of their caves on July 19. That day, the Dow Jones Industrial AverageDJIA,-0.42%tumbled 725 points or 2.1%. The bears hit a home run — at least for a day.\nAs usual, everyone wanted to know why the market fell, and the analysts had prepared answers, from COVID-19’s Delta variant to the Consumer Price Index to overbought technical indicators.\nThe truth is that nobody knows. People have multiple reasons for selling, so it’s ridiculous to blame one event. That said, a big contributor to the decline was automatic, computer-generated selling. Once large market participants, especially algos, started selling, there was a mad rush out of the door. No one wanted to be the last one out, so retail traders and institutions sold in a panic, which got more intense as the day went on.\nTechnical indicators contributed as well: The weekly relative strength indicator (RSI) has been remarkably accurate in warning of a market reversal. Once RSI goes over 70 and stays there, buyers beware.  After the July 26 market close, the RSI of the S&P 500SPX,-0.54%stood at 71.36 on the weekly chart — an extremely overbought reading. Does this mean that the index is going to plunge tomorrow? No one knows. But RSI is giving a clue that the U.S. market is in the danger zone.\nThe bad news bears can’t catch a break\nBefore the bears could say, “I told you so,” the next day, July 20, the 700-plus point Dow selloff was erased by a 550-point Dow rally. The bulls forgot about the selloff and returned to celebrating, and gulping glass after glass of their favorite drink, “bull-ade.” Once again, the storm passed, but this time a little fear creeped into the bulls’ psyche. Before, the only fear was the fear of missing out on the next rally. Now, many investors realize the market can actually go down.\nWhat to do now\nThe next time the market plunges and you’re experiencing a variety of emotions, the following guide might help:\n1. If you’re panicked: Don’t do something; sit there. Do not buy, do not sell, just sit tight. In fact, turn off the computer or other devices. Don’t fret over how much paper money you lost that day. Exercise, walk, run, swim, ride a bike. Your goal is to reduce emotions so you can get a good night’s sleep. When the market stabilizes, reevaluate what you own. Do not make any big financial decisions on days like this.\n2. If you’re afraid: Take it easy. The selloff will end eventually. There is no reason to panic. Again, reevaluate what you own when the market comes to its senses.\n3. If you’re unaffected:Still, check your portfolio to make sure you are properly diversified. While it’s find to not care if the market falls, be sure you are hedged for a worst-case scenario. One day there will be a bear market that will last months or years. Be prepared.\nWhat specific actions should you take?\nNow that you’ve taken care of your emotional health, there are other financial decisions you can make. Let’s take a look atsome strategies and tacticsthat may help:\n\nSell if the stocks or indexes you own fall below their 200-day moving averages. Note: The major indexes such as the Standard & Poor’s 500SPX,-0.54%have not fallen below (and stayed below) their 200-day averages for a decade. When they do eventually, that is a clear sell signal.\nCreate a long-term investment plan and follow it no matter what happens in the short term.\nDollar-cost average into index funds.\nDiversify. This is the key to success in the stock market and in life. If you own only stocks, consider bonds, but talk to a financial professional (not your neighbor) before taking this step.\nBuy the big dips. This strategy still works. If you had bought the dip on July 19, you would have cleaned up on July 20. One day this strategy won’t work, but that day hasn’t come yet.\nSell covered-call options. This is still an excellent way to generate extra income. This strategy is also ideal for disposing of unwanted stocks, and getting paid for it.\n\nPlan for the next correction or bear market\nAfter a 13-year bull market, the clock is ticking for U.S. stocks. While the bulls scored another victory this time, one day the market won’t reverse direction and will begin a steep correction, or worse yet, a bear market. That’s when you will be glad that you have a plan and an investment script to follow on the worst days.\nKnow what you own, sell to the “sleep-well” point and diversify into a variety of financial products including cash and bonds. This way, when the market plunges again, you won’t make knee-jerk emotional decisions or suffer an anxiety attack.","news_type":1,"symbols_score_info":{".IXIC":0.9,"SPY":0.9,".DJI":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":874,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":808043454,"gmtCreate":1627546844778,"gmtModify":1631889300605,"author":{"id":"3581769182401186","authorId":"3581769182401186","name":"KwokMeng","avatar":"https://static.tigerbbs.com/790a9b3a4d108ba92f4d9a18efdaaf86","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581769182401186","authorIdStr":"3581769182401186"},"themes":[],"htmlText":"Nice 👍&nbsp;","listText":"Nice 👍&nbsp;","text":"Nice 👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/808043454","repostId":"1139723875","repostType":4,"repost":{"id":"1139723875","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":1627546480,"share":"https://www.laohu8.com/m/news/1139723875?lang=zh_CN&edition=full","pubTime":"2021-07-29 16:14","market":"us","language":"en","title":"Hot Chinese concept stocks continued to rebound in premarket trading<blockquote>热点中概股盘前持续反弹</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1139723875","media":"Tiger Newspress","summary":"Hot Chinese concept stocks continue to rebound in premarket trading.Alibaba,JD.com,&nbsp;Pinduoduo,Baidu,DiDi&nbsp;Global,Nio,Xpeng Motors and Li Auto&nbsp;climbed between 3% and 5%.","content":"<p>Hot Chinese concept stocks continue to rebound in premarket trading.Alibaba,JD.com,&nbsp;Pinduoduo,Baidu,DiDi&nbsp;Global,Nio,Xpeng Motors and Li Auto&nbsp;climbed between 3% and 5%.</p><p><blockquote>热门中概股盘前交易继续反弹，阿里巴巴、京东、拼多多、百度、滴滴出行、蔚来、小鹏汽车和理想汽车涨幅在3%至5%之间。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/3dc6bb3705cde0480ddf762a452a7177\" tg-width=\"371\" tg-height=\"600\" 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>Hot Chinese concept stocks continued to rebound in premarket trading<blockquote>热点中概股盘前持续反弹</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; 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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\">\nHot Chinese concept stocks continued to rebound in premarket trading<blockquote>热点中概股盘前持续反弹</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\">2021-07-29 16:14</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Hot Chinese concept stocks continue to rebound in premarket trading.Alibaba,JD.com,&nbsp;Pinduoduo,Baidu,DiDi&nbsp;Global,Nio,Xpeng Motors and Li Auto&nbsp;climbed between 3% and 5%.</p><p><blockquote>热门中概股盘前交易继续反弹，阿里巴巴、京东、拼多多、百度、滴滴出行、蔚来、小鹏汽车和理想汽车涨幅在3%至5%之间。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/3dc6bb3705cde0480ddf762a452a7177\" tg-width=\"371\" tg-height=\"600\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BIDU":"百度","LI":"理想汽车","PDD":"拼多多","BABA":"阿里巴巴","NIO":"蔚来","DIDI":"滴滴(已退市)","BILI":"哔哩哔哩","XPEV":"小鹏汽车","JD":"京东"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1139723875","content_text":"Hot Chinese concept stocks continue to rebound in premarket trading.Alibaba,JD.com, Pinduoduo,Baidu,DiDi Global,Nio,Xpeng Motors and Li Auto climbed between 3% and 5%.","news_type":1,"symbols_score_info":{"BIDU":0.9,"LI":0.9,"PDD":0.9,"JD":0.9,"BABA":0.9,"BILI":0.9,"DIDI":0.9,"XPEV":0.9,"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":742,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":803714673,"gmtCreate":1627463669892,"gmtModify":1631889300605,"author":{"id":"3581769182401186","authorId":"3581769182401186","name":"KwokMeng","avatar":"https://static.tigerbbs.com/790a9b3a4d108ba92f4d9a18efdaaf86","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581769182401186","authorIdStr":"3581769182401186"},"themes":[],"htmlText":"Nice read.&nbsp;","listText":"Nice read.&nbsp;","text":"Nice read.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/803714673","repostId":"2154405999","repostType":4,"isVote":1,"tweetType":1,"viewCount":430,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":809799924,"gmtCreate":1627391862568,"gmtModify":1631889300609,"author":{"id":"3581769182401186","authorId":"3581769182401186","name":"KwokMeng","avatar":"https://static.tigerbbs.com/790a9b3a4d108ba92f4d9a18efdaaf86","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581769182401186","authorIdStr":"3581769182401186"},"themes":[],"htmlText":"Going to a roller coaster ride for the market. Trade with caution ⚠️🙈","listText":"Going to a roller coaster ride for the market. Trade with caution ⚠️🙈","text":"Going to a roller coaster ride for the market. Trade with caution ⚠️🙈","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/809799924","repostId":"1156597463","repostType":4,"repost":{"id":"1156597463","kind":"news","pubTimestamp":1627376288,"share":"https://www.laohu8.com/m/news/1156597463?lang=zh_CN&edition=full","pubTime":"2021-07-27 16:58","market":"us","language":"en","title":"The Fed Meeting Kicks Off Today. Inflation Concerns and a Slowing Economy Will Take Center Stage.<blockquote>美联储会议今天开始。通胀担忧和经济放缓将成为焦点。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1156597463","media":"Barrons","summary":"As the Federal Open Market Committee begins its two-day policy meeting Tuesday, it confronts dual si","content":"<p>As the Federal Open Market Committee begins its two-day policy meeting Tuesday, it confronts dual situations that call for diametrically opposite policy reactions. Inflation has risen substantially more than the monetary authorities had expected, which is weighing on consumers and approval ratings for President Joe Biden.</p><p><blockquote>随着联邦公开市场委员会周二开始为期两天的政策会议，它面临着看涨期权截然相反的政策反应的双重情况。通货膨胀的上升大大超过了货币当局的预期，这给消费者和总统乔·拜登的支持率带来了压力。</blockquote></p><p> At the same time, the economy’s growth appears to be decelerating as spending on goods slows from its breakneck pace and the new burst of Covid-19 cases related to the Delta variant deters a recovery of spending on services. In particular, the much-anticipated return to the office by the millions still working at home may be pushed back, at least temporarily and perhaps permanently.</p><p><blockquote>与此同时，由于商品支出从极快的速度放缓，以及与德尔塔变异毒株相关的新爆发的Covid-19病例阻碍了服务支出的复苏，经济增长似乎正在减速。特别是，数百万仍在家工作的人期待已久的重返办公室可能会被推迟，至少是暂时的，也许是永久的。</blockquote></p><p> With the consumer-price index up 5.4% from a year ago, inflation is top of mind for consumers. As a result, 54% of Americans say the economy is in poor shape, according to a&nbsp;new Associated Press-NORC Center for Public Affairs Research poll.</p><p><blockquote>随着消费者价格指数同比上涨5.4%，通货膨胀是消费者最关心的问题。因此，根据美联社-NORC公共事务研究中心的一项新民意调查，54%的美国人表示经济状况不佳。</blockquote></p><p> The Federal Reserve still pins the price rises on transitory factors, to use the buzzword of the moment. Even so, increased costs are having a negative impact. Sales of&nbsp;new single-family homes&nbsp;fell&nbsp;to a 14-month low in June, the third straight monthly drop, as soaring prices for materials and labor hit both supplies and demand. The median price of a new home was 6.1% more expensive from a year ago, to $361,800.</p><p><blockquote>用当下的流行语来说，美联储仍然将价格上涨归咎于暂时性因素。即便如此，成本增加仍会产生负面影响。由于材料和劳动力价格飙升打击了供需，6月份新单户住宅销量跌至14个月低点，连续第三个月下降。新房的中值价格比一年前上涨了6.1%，达到361,800美元。</blockquote></p><p> As this column discussed&nbsp;this past weekend, the Fed is exacerbating home-price inflation with its purchases of $120 billion of securities a month. That consists of $80 billion of Treasuries and $40 billion of mortgage-backed securities. Some would-be home buyers are giving up on the fruitless quest to buy a house as prices soar, the&nbsp;New York Times reported, a spiral made worse by the Fed’s injection of liquidity into the mortgage market.</p><p><blockquote>正如本专栏上周末所讨论的，美联储每月购买1200亿美元的证券，正在加剧房价通胀。其中包括800亿美元的美国国债和400亿美元的抵押贷款支持证券。据《纽约时报》报道，随着房价飙升，一些潜在购房者正在放弃毫无结果的购房追求，美联储向抵押贷款市场注入流动性加剧了这种螺旋式上升。</blockquote></p><p> At the same time, the economy has passed its peak growth and is expected to decelerate significantly from here on to 2022.Goldman Sachs&nbsp;on Monday reduced its GDP forecast, in line with the consensus of economists to 6.6% for the full year of 2021, but to a sharply lower trajectory next year, back to the prepandemic trend rate of just 1.5% to 2%.</p><p><blockquote>与此同时，经济已经过了增长峰值，预计从现在到2022年将大幅减速。高盛周一将2021年全年GDP预期下调至6.6%，与经济学家的共识一致，但明年将大幅下降，回到大流行前仅1.5%至2%的趋势增长率。</blockquote></p><p> That comes as no surprise to David Rosenberg, founder and head of Rosenberg Research,who said recently&nbsp;that the economy looked set to slow dramatically after the burst of consumer spending on durable goods such as automobiles and home appliances and durable goods diminished.</p><p><blockquote>对于罗森博格研究公司创始人兼负责人大卫·罗森博格来说，这并不奇怪，他最近表示，在汽车、家用电器和耐用品等耐用品的消费者支出激增后，经济似乎将大幅放缓。</blockquote></p><p> Goldman’s concern is a handoff from goods to services spending will be delayed or thwarted, especially as a slower return to offices continues to keep a lid on workers’ spending for commuting, work clothes and dry cleaning, and food away from home.</p><p><blockquote>高盛担心，从商品支出到服务支出的转移将被推迟或受阻，特别是因为返回办公室的速度放缓继续限制了工人在通勤、工作服和干洗以及外出食品方面的支出。</blockquote></p><p> Chair Jerome Powell has said all along that Fed policy will depend on the path of the pandemic, which isn’t over, as shown by the upsurge of Covid cases and less than half the population vaccinated, Rosenberg wrote in an email. At the same time, if the FOMC indicates it is moving toward announcing the wind-down of asset purchases, this move to a more accommodative policy could be short-lived, he added.</p><p><blockquote>罗森伯格在一封电子邮件中写道，美联储主席杰罗姆·鲍威尔一直表示，美联储的政策将取决于疫情的发展轨迹，疫情尚未结束，正如新冠病例激增和接种疫苗的人口不到一半所表明的那样。他补充说，与此同时，如果联邦公开市场委员会表示正在宣布逐步减少资产购买，那么这种更宽松政策的举措可能是短暂的。</blockquote></p><p> Rosenberg recalled the Fed shifted to a tightening bias in mid-2008, thinking the worst of the mortgage crisis was over when Bear Stearns was folded into&nbsp;JPMorgan Chase(ticker: JPM) the previous March. Of course, the Fed then had to reverse itself radically by the time the crisis deepened, culminating in the failure of Lehman Brothers and the bailout of&nbsp;American International Group&nbsp;that September.</p><p><blockquote>罗森伯格回忆说，美联储在2008年中期转向紧缩倾向，认为当贝尔斯登于去年3月并入摩根大通（股票代码：JPM）时，抵押贷款危机最严重的时期已经过去。当然，当危机加深时，美联储不得不彻底扭转局面，最终导致雷曼兄弟破产和那年9月对美国国际集团的救助。</blockquote></p><p> Nobody is suggesting the Fed is about to raise its key federal funds interest rate target from its current rock-bottom 0-0.25%, however. But the FOMC faces conflicting forces about continuing its massive liquidity injections that were initiated at the height of the pandemic crisis in March 2020 as the economy is passing from its peak growth phase and inflation is causing consternation on Main Street.</p><p><blockquote>然而，没有人暗示美联储将把关键的联邦基金利率目标从目前的最低水平0-0.25%上调。但FOMC在继续大规模流动性注入方面面临着相互矛盾的力量，这些流动性注入是在2020年3月大流行危机最严重的时候启动的，当时经济正从增长峰值阶段过去，通胀正在引起普通民众的恐慌。</blockquote></p><p> Whatever it decides, Powell will have some explaining to do Wednesday at his post-confab press conference.</p><p><blockquote>无论它做出什么决定，鲍威尔都将在周三的会后新闻发布会上做出一些解释。</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 Fed Meeting Kicks Off Today. Inflation Concerns and a Slowing Economy Will Take Center Stage.<blockquote>美联储会议今天开始。通胀担忧和经济放缓将成为焦点。</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 Fed Meeting Kicks Off Today. Inflation Concerns and a Slowing Economy Will Take Center Stage.<blockquote>美联储会议今天开始。通胀担忧和经济放缓将成为焦点。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-07-27 16:58</span>\n</p>\n</h4>\n</header>\n<article>\n<p>As the Federal Open Market Committee begins its two-day policy meeting Tuesday, it confronts dual situations that call for diametrically opposite policy reactions. Inflation has risen substantially more than the monetary authorities had expected, which is weighing on consumers and approval ratings for President Joe Biden.</p><p><blockquote>随着联邦公开市场委员会周二开始为期两天的政策会议，它面临着看涨期权截然相反的政策反应的双重情况。通货膨胀的上升大大超过了货币当局的预期，这给消费者和总统乔·拜登的支持率带来了压力。</blockquote></p><p> At the same time, the economy’s growth appears to be decelerating as spending on goods slows from its breakneck pace and the new burst of Covid-19 cases related to the Delta variant deters a recovery of spending on services. In particular, the much-anticipated return to the office by the millions still working at home may be pushed back, at least temporarily and perhaps permanently.</p><p><blockquote>与此同时，由于商品支出从极快的速度放缓，以及与德尔塔变异毒株相关的新爆发的Covid-19病例阻碍了服务支出的复苏，经济增长似乎正在减速。特别是，数百万仍在家工作的人期待已久的重返办公室可能会被推迟，至少是暂时的，也许是永久的。</blockquote></p><p> With the consumer-price index up 5.4% from a year ago, inflation is top of mind for consumers. As a result, 54% of Americans say the economy is in poor shape, according to a&nbsp;new Associated Press-NORC Center for Public Affairs Research poll.</p><p><blockquote>随着消费者价格指数同比上涨5.4%，通货膨胀是消费者最关心的问题。因此，根据美联社-NORC公共事务研究中心的一项新民意调查，54%的美国人表示经济状况不佳。</blockquote></p><p> The Federal Reserve still pins the price rises on transitory factors, to use the buzzword of the moment. Even so, increased costs are having a negative impact. Sales of&nbsp;new single-family homes&nbsp;fell&nbsp;to a 14-month low in June, the third straight monthly drop, as soaring prices for materials and labor hit both supplies and demand. The median price of a new home was 6.1% more expensive from a year ago, to $361,800.</p><p><blockquote>用当下的流行语来说，美联储仍然将价格上涨归咎于暂时性因素。即便如此，成本增加仍会产生负面影响。由于材料和劳动力价格飙升打击了供需，6月份新单户住宅销量跌至14个月低点，连续第三个月下降。新房的中值价格比一年前上涨了6.1%，达到361,800美元。</blockquote></p><p> As this column discussed&nbsp;this past weekend, the Fed is exacerbating home-price inflation with its purchases of $120 billion of securities a month. That consists of $80 billion of Treasuries and $40 billion of mortgage-backed securities. Some would-be home buyers are giving up on the fruitless quest to buy a house as prices soar, the&nbsp;New York Times reported, a spiral made worse by the Fed’s injection of liquidity into the mortgage market.</p><p><blockquote>正如本专栏上周末所讨论的，美联储每月购买1200亿美元的证券，正在加剧房价通胀。其中包括800亿美元的美国国债和400亿美元的抵押贷款支持证券。据《纽约时报》报道，随着房价飙升，一些潜在购房者正在放弃毫无结果的购房追求，美联储向抵押贷款市场注入流动性加剧了这种螺旋式上升。</blockquote></p><p> At the same time, the economy has passed its peak growth and is expected to decelerate significantly from here on to 2022.Goldman Sachs&nbsp;on Monday reduced its GDP forecast, in line with the consensus of economists to 6.6% for the full year of 2021, but to a sharply lower trajectory next year, back to the prepandemic trend rate of just 1.5% to 2%.</p><p><blockquote>与此同时，经济已经过了增长峰值，预计从现在到2022年将大幅减速。高盛周一将2021年全年GDP预期下调至6.6%，与经济学家的共识一致，但明年将大幅下降，回到大流行前仅1.5%至2%的趋势增长率。</blockquote></p><p> That comes as no surprise to David Rosenberg, founder and head of Rosenberg Research,who said recently&nbsp;that the economy looked set to slow dramatically after the burst of consumer spending on durable goods such as automobiles and home appliances and durable goods diminished.</p><p><blockquote>对于罗森博格研究公司创始人兼负责人大卫·罗森博格来说，这并不奇怪，他最近表示，在汽车、家用电器和耐用品等耐用品的消费者支出激增后，经济似乎将大幅放缓。</blockquote></p><p> Goldman’s concern is a handoff from goods to services spending will be delayed or thwarted, especially as a slower return to offices continues to keep a lid on workers’ spending for commuting, work clothes and dry cleaning, and food away from home.</p><p><blockquote>高盛担心，从商品支出到服务支出的转移将被推迟或受阻，特别是因为返回办公室的速度放缓继续限制了工人在通勤、工作服和干洗以及外出食品方面的支出。</blockquote></p><p> Chair Jerome Powell has said all along that Fed policy will depend on the path of the pandemic, which isn’t over, as shown by the upsurge of Covid cases and less than half the population vaccinated, Rosenberg wrote in an email. At the same time, if the FOMC indicates it is moving toward announcing the wind-down of asset purchases, this move to a more accommodative policy could be short-lived, he added.</p><p><blockquote>罗森伯格在一封电子邮件中写道，美联储主席杰罗姆·鲍威尔一直表示，美联储的政策将取决于疫情的发展轨迹，疫情尚未结束，正如新冠病例激增和接种疫苗的人口不到一半所表明的那样。他补充说，与此同时，如果联邦公开市场委员会表示正在宣布逐步减少资产购买，那么这种更宽松政策的举措可能是短暂的。</blockquote></p><p> Rosenberg recalled the Fed shifted to a tightening bias in mid-2008, thinking the worst of the mortgage crisis was over when Bear Stearns was folded into&nbsp;JPMorgan Chase(ticker: JPM) the previous March. Of course, the Fed then had to reverse itself radically by the time the crisis deepened, culminating in the failure of Lehman Brothers and the bailout of&nbsp;American International Group&nbsp;that September.</p><p><blockquote>罗森伯格回忆说，美联储在2008年中期转向紧缩倾向，认为当贝尔斯登于去年3月并入摩根大通（股票代码：JPM）时，抵押贷款危机最严重的时期已经过去。当然，当危机加深时，美联储不得不彻底扭转局面，最终导致雷曼兄弟破产和那年9月对美国国际集团的救助。</blockquote></p><p> Nobody is suggesting the Fed is about to raise its key federal funds interest rate target from its current rock-bottom 0-0.25%, however. But the FOMC faces conflicting forces about continuing its massive liquidity injections that were initiated at the height of the pandemic crisis in March 2020 as the economy is passing from its peak growth phase and inflation is causing consternation on Main Street.</p><p><blockquote>然而，没有人暗示美联储将把关键的联邦基金利率目标从目前的最低水平0-0.25%上调。但FOMC在继续大规模流动性注入方面面临着相互矛盾的力量，这些流动性注入是在2020年3月大流行危机最严重的时候启动的，当时经济正从增长峰值阶段过去，通胀正在引起普通民众的恐慌。</blockquote></p><p> Whatever it decides, Powell will have some explaining to do Wednesday at his post-confab press conference.</p><p><blockquote>无论它做出什么决定，鲍威尔都将在周三的会后新闻发布会上做出一些解释。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/federal-reserve-meeting-this-week-51627342935?mod=hp_LATEST\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://www.barrons.com/articles/federal-reserve-meeting-this-week-51627342935?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1156597463","content_text":"As the Federal Open Market Committee begins its two-day policy meeting Tuesday, it confronts dual situations that call for diametrically opposite policy reactions. Inflation has risen substantially more than the monetary authorities had expected, which is weighing on consumers and approval ratings for President Joe Biden.\nAt the same time, the economy’s growth appears to be decelerating as spending on goods slows from its breakneck pace and the new burst of Covid-19 cases related to the Delta variant deters a recovery of spending on services. In particular, the much-anticipated return to the office by the millions still working at home may be pushed back, at least temporarily and perhaps permanently.\nWith the consumer-price index up 5.4% from a year ago, inflation is top of mind for consumers. As a result, 54% of Americans say the economy is in poor shape, according to a new Associated Press-NORC Center for Public Affairs Research poll.\nThe Federal Reserve still pins the price rises on transitory factors, to use the buzzword of the moment. Even so, increased costs are having a negative impact. Sales of new single-family homes fell to a 14-month low in June, the third straight monthly drop, as soaring prices for materials and labor hit both supplies and demand. The median price of a new home was 6.1% more expensive from a year ago, to $361,800.\nAs this column discussed this past weekend, the Fed is exacerbating home-price inflation with its purchases of $120 billion of securities a month. That consists of $80 billion of Treasuries and $40 billion of mortgage-backed securities. Some would-be home buyers are giving up on the fruitless quest to buy a house as prices soar, the New York Times reported, a spiral made worse by the Fed’s injection of liquidity into the mortgage market.\nAt the same time, the economy has passed its peak growth and is expected to decelerate significantly from here on to 2022.Goldman Sachs on Monday reduced its GDP forecast, in line with the consensus of economists to 6.6% for the full year of 2021, but to a sharply lower trajectory next year, back to the prepandemic trend rate of just 1.5% to 2%.\nThat comes as no surprise to David Rosenberg, founder and head of Rosenberg Research,who said recently that the economy looked set to slow dramatically after the burst of consumer spending on durable goods such as automobiles and home appliances and durable goods diminished.\nGoldman’s concern is a handoff from goods to services spending will be delayed or thwarted, especially as a slower return to offices continues to keep a lid on workers’ spending for commuting, work clothes and dry cleaning, and food away from home.\nChair Jerome Powell has said all along that Fed policy will depend on the path of the pandemic, which isn’t over, as shown by the upsurge of Covid cases and less than half the population vaccinated, Rosenberg wrote in an email. At the same time, if the FOMC indicates it is moving toward announcing the wind-down of asset purchases, this move to a more accommodative policy could be short-lived, he added.\nRosenberg recalled the Fed shifted to a tightening bias in mid-2008, thinking the worst of the mortgage crisis was over when Bear Stearns was folded into JPMorgan Chase(ticker: JPM) the previous March. Of course, the Fed then had to reverse itself radically by the time the crisis deepened, culminating in the failure of Lehman Brothers and the bailout of American International Group that September.\nNobody is suggesting the Fed is about to raise its key federal funds interest rate target from its current rock-bottom 0-0.25%, however. But the FOMC faces conflicting forces about continuing its massive liquidity injections that were initiated at the height of the pandemic crisis in March 2020 as the economy is passing from its peak growth phase and inflation is causing consternation on Main Street.\nWhatever it decides, Powell will have some explaining to do Wednesday at his post-confab press conference.","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":533,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":800083372,"gmtCreate":1627265944596,"gmtModify":1631891640027,"author":{"id":"3581769182401186","authorId":"3581769182401186","name":"KwokMeng","avatar":"https://static.tigerbbs.com/790a9b3a4d108ba92f4d9a18efdaaf86","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581769182401186","authorIdStr":"3581769182401186"},"themes":[],"htmlText":"Money not enough to buy…😅","listText":"Money not enough to buy…😅","text":"Money not enough to buy…😅","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/800083372","repostId":"2153878189","repostType":4,"isVote":1,"tweetType":1,"viewCount":823,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":800016965,"gmtCreate":1627265643357,"gmtModify":1631891640027,"author":{"id":"3581769182401186","authorId":"3581769182401186","name":"KwokMeng","avatar":"https://static.tigerbbs.com/790a9b3a4d108ba92f4d9a18efdaaf86","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581769182401186","authorIdStr":"3581769182401186"},"themes":[],"htmlText":"Looking forward for a green week. 😄","listText":"Looking forward for a green week. 😄","text":"Looking forward for a green week. 😄","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/800016965","repostId":"1100772026","repostType":4,"isVote":1,"tweetType":1,"viewCount":441,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":152461001,"gmtCreate":1625328444803,"gmtModify":1633941458361,"author":{"id":"3581769182401186","authorId":"3581769182401186","name":"KwokMeng","avatar":"https://static.tigerbbs.com/790a9b3a4d108ba92f4d9a18efdaaf86","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581769182401186","idStr":"3581769182401186"},"themes":[],"htmlText":"Well… all the attention had been shifted to memes stocks. For Alibaba to reach back the peak might take a longer time… if you are a investor, just hold. If you are a gambler, choose another stock.","listText":"Well… all the attention had been shifted to memes stocks. For Alibaba to reach back the peak might take a longer time… if you are a investor, just hold. If you are a gambler, choose another stock.","text":"Well… all the attention had been shifted to memes stocks. For Alibaba to reach back the peak might take a longer time… if you are a investor, just hold. If you are a gambler, choose another stock.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/152461001","repostId":"1146176335","repostType":4,"repost":{"id":"1146176335","kind":"news","pubTimestamp":1625277627,"share":"https://www.laohu8.com/m/news/1146176335?lang=zh_CN&edition=full","pubTime":"2021-07-03 10:00","market":"us","language":"en","title":"Can Alibaba Turn Around Its Woes in the Second Half of 2021?<blockquote>阿里巴巴-SW能否在2021年下半年扭转颓势？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1146176335","media":"The Street","summary":"Alibaba has been a sore laggard compared with its large- and mega-cap peers. Can that change in the second half of 2021?Alibaba  -Get Report has been a total dog so far this year. Shares were trading well into the fourth quarter of 2020 but then a string of issues pummeled the stock.Regulators disrupted Ant's initial public offering, then dug deeper on Alibaba and dialed up the heat.Investors don’t like regulatory issues as it is but particularly when we’re dealing with Chinese regulators.Howeve","content":"<p>  Alibaba has been a sore laggard compared with its large- and mega-cap peers. Can that change in the second half of 2021?  Alibaba&nbsp;(<b>BABA</b>) -Get Report&nbsp;has been a total dog so far this year. Shares were trading well into the fourth quarter of 2020 but then a string of issues pummeled the stock.</p><p><blockquote>与大型股和超大型股同行相比，阿里巴巴-SW一直严重落后。这种情况会在2021年下半年改变吗？阿里巴巴-SW(<b>巴巴</b>）-今年到目前为止，Get报告一直是一只狗。该股在2020年第四季度一直交易良好，但随后一系列问题重创了该股。</blockquote></p><p> Regulators disrupted Ant's initial public offering, then dug deeper on Alibaba and dialed up the heat.</p><p><blockquote>监管机构扰乱了蚂蚁金服的首次公开募股，然后深入调查了阿里巴巴-SW并加大了力度。</blockquote></p><p> Investors don’t like regulatory issues as it is but particularly when we’re dealing with Chinese regulators.</p><p><blockquote>投资者不喜欢监管问题，尤其是当我们与中国监管机构打交道时。</blockquote></p><p> However, in April, Alibaba paid a smaller-than-expectedbut still record fine, hoping to puts its regulatory issues behind it. Still, the stock hasn’t responded the way bulls were hoping.</p><p><blockquote>然而，四月份，阿里巴巴-SW支付了低于预期但仍创历史新高的罚款，希望将监管问题抛在脑后。尽管如此，该股的反应并没有像多头希望的那样。</blockquote></p><p> All of this comes as the S&amp;P 500 and Nasdaq continue to grind outnew all-time highs.</p><p><blockquote>所有这一切都发生在标普500和纳斯达克继续超越历史新高之际。</blockquote></p><p> It also comes as FAANG stocks continue to trade incredibly well. Alphabet&nbsp;(<b>GOOGL</b>) -Get Reportis the top performerwith a near-40% gain in the first half of the year, while Netflix&nbsp;(<b>NFLX</b>) -Get Report&nbsp;is the worst, with a 2.3% drop.</p><p><blockquote>与此同时，FAANG股票的交易继续非常好。Alphabet(<b>GOOGL</b>)-Get Reportis是表现最好的公司，上半年涨幅接近40%，而Netflix(<b>NFLX</b>）-Get报告最差，下降了2.3%。</blockquote></p><p> Alibaba has a similar first-half performance, down 2.6%. However, it’s doing far worse from the highs, down more than 30%.</p><p><blockquote>阿里巴巴-SW上半年表现类似，下跌2.6%。然而，它的表现比高点差得多，下跌了30%以上。</blockquote></p><p> Can it turn around its woes in the second half and start rallying higher?</p><p><blockquote>它能否在下半年扭转困境并开始反弹？</blockquote></p><p> <img src=\"https://static.tigerbbs.com/9975f383919ff8cfc34fca49a32d8e8f\" tg-width=\"700\" tg-height=\"494\"></p><p><blockquote></blockquote></p><p> Call me a hopeless optimist, but I feel that Alibaba can have a solid second-half performance.</p><p><blockquote>看涨期权我是一个无可救药的乐观主义者，但我觉得阿里巴巴-SW下半场可以有稳定的表现。</blockquote></p><p> The overall market has done too well and so has large-cap tech. The fundamentals of the business are intact and growth is strong. It’s like Amazon&nbsp;(<b>AMZN</b>) -Get Report.Eventually, it will perform better&nbsp;- it’s a question of “when” and not “if.”</p><p><blockquote>整体市场表现太好了，大型科技股也是如此。业务基本面完好，增长强劲。就像亚马逊（<b>AMZN</b>)-获取报告。最终，它会表现得更好——这是一个“何时”而不是“如果”的问题。</blockquote></p><p> Shares continue to hold the $210 to $212 area and have recently cleared downtrend resistance (blue line). That said, there’s plenty of overhead hurdles.</p><p><blockquote>股价继续守住210美元至212美元区域，最近已清除下行阻力（蓝线）。也就是说，还有很多障碍。</blockquote></p><p> Specifically, Alibaba stock is struggling with the 21-week moving average, as well as the 21-month and 10-month moving averages.</p><p><blockquote>具体来说，阿里巴巴-SW股票在21周移动平均线以及21个月和10个月移动平均线上苦苦挣扎。</blockquote></p><p> Let’s be clear: There are not a lot of bullish technical components here. If Alibaba stock could hold the 10-week moving average on this week’s dip, I’d feel better about it.</p><p><blockquote>让我们明确一点：这里没有很多看涨的技术成分。如果阿里巴巴-SW股票能够在本周下跌时守住10周移动平均线，我会感觉更好。</blockquote></p><p> However, as long as it can hold up over the $210 level and really, the 200-week moving average, I feel okay about Alibaba going into the next six months.</p><p><blockquote>然而，只要它能够保持在210美元水平和200周移动平均线以上，我对阿里巴巴-SW进入未来六个月感到满意。</blockquote></p><p> A push over $235 - thus putting it over all of the moving average hurdles mentioned above - could open up a run to $250, then $263. Above $275 and $300 is in play.</p><p><blockquote>突破235美元——从而突破上述所有移动平均线障碍——可能会上涨至250美元，然后是263美元。275美元以上和300美元正在发挥作用。</blockquote></p><p> Keep the risk in mind but this could be a solid second-half rebound play.</p><p><blockquote>请记住风险，但这可能是一场稳固的下半场反弹。</blockquote></p><p></p>","source":"lsy1610613172068","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>Can Alibaba Turn Around Its Woes in the Second Half of 2021?<blockquote>阿里巴巴-SW能否在2021年下半年扭转颓势？</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\">\nCan Alibaba Turn Around Its Woes in the Second Half of 2021?<blockquote>阿里巴巴-SW能否在2021年下半年扭转颓势？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Street</strong><span class=\"h-time small\">2021-07-03 10:00</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  Alibaba has been a sore laggard compared with its large- and mega-cap peers. Can that change in the second half of 2021?  Alibaba&nbsp;(<b>BABA</b>) -Get Report&nbsp;has been a total dog so far this year. Shares were trading well into the fourth quarter of 2020 but then a string of issues pummeled the stock.</p><p><blockquote>与大型股和超大型股同行相比，阿里巴巴-SW一直严重落后。这种情况会在2021年下半年改变吗？阿里巴巴-SW(<b>巴巴</b>）-今年到目前为止，Get报告一直是一只狗。该股在2020年第四季度一直交易良好，但随后一系列问题重创了该股。</blockquote></p><p> Regulators disrupted Ant's initial public offering, then dug deeper on Alibaba and dialed up the heat.</p><p><blockquote>监管机构扰乱了蚂蚁金服的首次公开募股，然后深入调查了阿里巴巴-SW并加大了力度。</blockquote></p><p> Investors don’t like regulatory issues as it is but particularly when we’re dealing with Chinese regulators.</p><p><blockquote>投资者不喜欢监管问题，尤其是当我们与中国监管机构打交道时。</blockquote></p><p> However, in April, Alibaba paid a smaller-than-expectedbut still record fine, hoping to puts its regulatory issues behind it. Still, the stock hasn’t responded the way bulls were hoping.</p><p><blockquote>然而，四月份，阿里巴巴-SW支付了低于预期但仍创历史新高的罚款，希望将监管问题抛在脑后。尽管如此，该股的反应并没有像多头希望的那样。</blockquote></p><p> All of this comes as the S&amp;P 500 and Nasdaq continue to grind outnew all-time highs.</p><p><blockquote>所有这一切都发生在标普500和纳斯达克继续超越历史新高之际。</blockquote></p><p> It also comes as FAANG stocks continue to trade incredibly well. Alphabet&nbsp;(<b>GOOGL</b>) -Get Reportis the top performerwith a near-40% gain in the first half of the year, while Netflix&nbsp;(<b>NFLX</b>) -Get Report&nbsp;is the worst, with a 2.3% drop.</p><p><blockquote>与此同时，FAANG股票的交易继续非常好。Alphabet(<b>GOOGL</b>)-Get Reportis是表现最好的公司，上半年涨幅接近40%，而Netflix(<b>NFLX</b>）-Get报告最差，下降了2.3%。</blockquote></p><p> Alibaba has a similar first-half performance, down 2.6%. However, it’s doing far worse from the highs, down more than 30%.</p><p><blockquote>阿里巴巴-SW上半年表现类似，下跌2.6%。然而，它的表现比高点差得多，下跌了30%以上。</blockquote></p><p> Can it turn around its woes in the second half and start rallying higher?</p><p><blockquote>它能否在下半年扭转困境并开始反弹？</blockquote></p><p> <img src=\"https://static.tigerbbs.com/9975f383919ff8cfc34fca49a32d8e8f\" tg-width=\"700\" tg-height=\"494\"></p><p><blockquote></blockquote></p><p> Call me a hopeless optimist, but I feel that Alibaba can have a solid second-half performance.</p><p><blockquote>看涨期权我是一个无可救药的乐观主义者，但我觉得阿里巴巴-SW下半场可以有稳定的表现。</blockquote></p><p> The overall market has done too well and so has large-cap tech. The fundamentals of the business are intact and growth is strong. It’s like Amazon&nbsp;(<b>AMZN</b>) -Get Report.Eventually, it will perform better&nbsp;- it’s a question of “when” and not “if.”</p><p><blockquote>整体市场表现太好了，大型科技股也是如此。业务基本面完好，增长强劲。就像亚马逊（<b>AMZN</b>)-获取报告。最终，它会表现得更好——这是一个“何时”而不是“如果”的问题。</blockquote></p><p> Shares continue to hold the $210 to $212 area and have recently cleared downtrend resistance (blue line). That said, there’s plenty of overhead hurdles.</p><p><blockquote>股价继续守住210美元至212美元区域，最近已清除下行阻力（蓝线）。也就是说，还有很多障碍。</blockquote></p><p> Specifically, Alibaba stock is struggling with the 21-week moving average, as well as the 21-month and 10-month moving averages.</p><p><blockquote>具体来说，阿里巴巴-SW股票在21周移动平均线以及21个月和10个月移动平均线上苦苦挣扎。</blockquote></p><p> Let’s be clear: There are not a lot of bullish technical components here. If Alibaba stock could hold the 10-week moving average on this week’s dip, I’d feel better about it.</p><p><blockquote>让我们明确一点：这里没有很多看涨的技术成分。如果阿里巴巴-SW股票能够在本周下跌时守住10周移动平均线，我会感觉更好。</blockquote></p><p> However, as long as it can hold up over the $210 level and really, the 200-week moving average, I feel okay about Alibaba going into the next six months.</p><p><blockquote>然而，只要它能够保持在210美元水平和200周移动平均线以上，我对阿里巴巴-SW进入未来六个月感到满意。</blockquote></p><p> A push over $235 - thus putting it over all of the moving average hurdles mentioned above - could open up a run to $250, then $263. Above $275 and $300 is in play.</p><p><blockquote>突破235美元——从而突破上述所有移动平均线障碍——可能会上涨至250美元，然后是263美元。275美元以上和300美元正在发挥作用。</blockquote></p><p> Keep the risk in mind but this could be a solid second-half rebound play.</p><p><blockquote>请记住风险，但这可能是一场稳固的下半场反弹。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/investing/alibaba-baba-stock-second-half-2021-trading?puc=yahoo&cm_ven=YAHOO\">The Street</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":{"09618":"京东集团-SW","BABA":"阿里巴巴"},"source_url":"https://www.thestreet.com/investing/alibaba-baba-stock-second-half-2021-trading?puc=yahoo&cm_ven=YAHOO","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1146176335","content_text":"Alibaba has been a sore laggard compared with its large- and mega-cap peers. Can that change in the second half of 2021?\n\nAlibaba (BABA) -Get Report has been a total dog so far this year. Shares were trading well into the fourth quarter of 2020 but then a string of issues pummeled the stock.\nRegulators disrupted Ant's initial public offering, then dug deeper on Alibaba and dialed up the heat.\nInvestors don’t like regulatory issues as it is but particularly when we’re dealing with Chinese regulators.\nHowever, in April, Alibaba paid a smaller-than-expectedbut still record fine, hoping to puts its regulatory issues behind it. Still, the stock hasn’t responded the way bulls were hoping.\nAll of this comes as the S&P 500 and Nasdaq continue to grind outnew all-time highs.\nIt also comes as FAANG stocks continue to trade incredibly well. Alphabet (GOOGL) -Get Reportis the top performerwith a near-40% gain in the first half of the year, while Netflix (NFLX) -Get Report is the worst, with a 2.3% drop.\nAlibaba has a similar first-half performance, down 2.6%. However, it’s doing far worse from the highs, down more than 30%.\nCan it turn around its woes in the second half and start rallying higher?\n\nCall me a hopeless optimist, but I feel that Alibaba can have a solid second-half performance.\nThe overall market has done too well and so has large-cap tech. The fundamentals of the business are intact and growth is strong. It’s like Amazon (AMZN) -Get Report.Eventually, it will perform better - it’s a question of “when” and not “if.”\nShares continue to hold the $210 to $212 area and have recently cleared downtrend resistance (blue line). That said, there’s plenty of overhead hurdles.\nSpecifically, Alibaba stock is struggling with the 21-week moving average, as well as the 21-month and 10-month moving averages.\nLet’s be clear: There are not a lot of bullish technical components here. If Alibaba stock could hold the 10-week moving average on this week’s dip, I’d feel better about it.\nHowever, as long as it can hold up over the $210 level and really, the 200-week moving average, I feel okay about Alibaba going into the next six months.\nA push over $235 - thus putting it over all of the moving average hurdles mentioned above - could open up a run to $250, then $263. Above $275 and $300 is in play.\nKeep the risk in mind but this could be a solid second-half rebound play.","news_type":1,"symbols_score_info":{"09618":0.9,"BABA":0.9}},"isVote":1,"tweetType":1,"viewCount":453,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":179298975,"gmtCreate":1626529071197,"gmtModify":1631893361375,"author":{"id":"3581769182401186","authorId":"3581769182401186","name":"KwokMeng","avatar":"https://static.tigerbbs.com/790a9b3a4d108ba92f4d9a18efdaaf86","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581769182401186","idStr":"3581769182401186"},"themes":[],"htmlText":"I don’t mind getting some&nbsp;crowdstrike and Nvidia. 😄","listText":"I don’t mind getting some&nbsp;crowdstrike and Nvidia. 😄","text":"I don’t mind getting some crowdstrike and Nvidia. 😄","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/179298975","repostId":"2151350423","repostType":4,"isVote":1,"tweetType":1,"viewCount":346,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":144177256,"gmtCreate":1626273531275,"gmtModify":1631885481622,"author":{"id":"3581769182401186","authorId":"3581769182401186","name":"KwokMeng","avatar":"https://static.tigerbbs.com/790a9b3a4d108ba92f4d9a18efdaaf86","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581769182401186","idStr":"3581769182401186"},"themes":[],"htmlText":"Time to take a gamble &amp; buy the dip? 😄","listText":"Time to take a gamble &amp; buy the dip? 😄","text":"Time to take a gamble & buy the dip? 😄","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":11,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/144177256","repostId":"2151142915","repostType":4,"isVote":1,"tweetType":1,"viewCount":248,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":148148415,"gmtCreate":1625963484637,"gmtModify":1631893361478,"author":{"id":"3581769182401186","authorId":"3581769182401186","name":"KwokMeng","avatar":"https://static.tigerbbs.com/790a9b3a4d108ba92f4d9a18efdaaf86","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581769182401186","idStr":"3581769182401186"},"themes":[],"htmlText":"Wow, nice tickets&nbsp;price…","listText":"Wow, nice tickets&nbsp;price…","text":"Wow, nice tickets price…","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/148148415","repostId":"1159307278","repostType":4,"repost":{"id":"1159307278","kind":"news","pubTimestamp":1625873648,"share":"https://www.laohu8.com/m/news/1159307278?lang=zh_CN&edition=full","pubTime":"2021-07-10 07:34","market":"us","language":"en","title":"5 Things to Know About Virgin Galactic and the First Passenger Flight to Space<blockquote>关于维珍银河和首次客运太空飞行需要了解的5件事</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1159307278","media":"Barrons","summary":"Richard Branson’s planned flight to space on Sunday could be a monumental moment for the fledgling s","content":"<p>Richard Branson’s planned flight to space on Sunday could be a monumental moment for the&nbsp;fledgling space tourism industry.</p><p><blockquote>理查德·布兰森计划于周日飞往太空，这对于刚刚起步的太空旅游业来说可能是一个里程碑式的时刻。</blockquote></p><p> So long as there are no issues or delays, the flight will take the 70-year-old founder of&nbsp;Virgin Galactic(ticker: SPCE), company mission specialists, and pilots, on the first passenger trip to space, beating Jeff Bezos’s Blue Origin passenger flight by more than a week.</p><p><blockquote>只要没有问题或延误，这次飞行将带着70岁的维珍银河（股票代码：SPCE）创始人、公司任务专家和飞行员进行首次客运太空之旅，击败杰夫·贝索斯的蓝色起源客运航班一周多。</blockquote></p><p> Here’s what to watch for Sunday, along with some recent history.</p><p><blockquote>以下是周日值得关注的内容，以及一些最近的历史。</blockquote></p><p> <b>When Will the Virgin Galactic Space Flight Take Off?</b></p><p><blockquote><b>维珍银河太空飞行什么时候起飞？</b></blockquote></p><p> The Virgin Galactic Unity 22 spaceflight is expected to launch from Virgin’s spaceport in New Mexico around 9 a.m. eastern time. The launch can be streamed live on the&nbsp;company’s website&nbsp;and on&nbsp;Barron’s&nbsp;below.</p><p><blockquote>维珍银河Unity 22太空飞行预计将于东部时间上午9点左右从新墨西哥州的维珍航天港发射。此次发布会可以在公司网站和下面的《巴伦周刊》上进行现场直播。</blockquote></p><p> <b>How High Up in Space Will Passenger Go?</b></p><p><blockquote><b>乘客会飞到多高的太空？</b></blockquote></p><p> Galactic’s VSS Unity spacecraft will hit speeds of about Mach 3, or three times the speed of sound, and rise to about 300,000 feet, or 57 miles. That’s about 10 times as high as many commercial flights but still considered the edge of space. The suborbital flight will not pass the so-called Karman line, which is what scientists use to define the boundary of outer space. That line is about 62 miles up.</p><p><blockquote>银河的VSS Unity航天器将达到约3马赫的速度，即音速的三倍，并上升到约30万英尺，即57英里。这大约是许多商业飞行的10倍，但仍然被认为是太空的边缘。亚轨道飞行不会通过所谓的卡门线，这是科学家用来定义外太空边界的。那条线大约在62英里处。</blockquote></p><p> Blue Origin plans to take its passengers past the Karman line on its flight.</p><p><blockquote>蓝色起源计划让乘客在航班上经过卡门线。</blockquote></p><p> <b>How Much Did Passengers Pay for the Trip?</b></p><p><blockquote><b>乘客为这次旅行支付了多少钱？</b></blockquote></p><p> Nothing. While this flight could be another step forward for space tourism, the expected crew members are Galactic employees and Branson. Joining the company’s founder on board will be two pilots; Beth Moses, chief astronaut instructor; Colin Bennett, lead operations engineer; and Sirisha Bandla, vice president of government affairs and research operations.</p><p><blockquote>没有。虽然这次飞行可能是太空旅游向前迈出的又一步，但预计的机组人员是银河员工和布兰森。加入公司创始人的将是两名飞行员；贝丝·摩西，首席宇航员教练；Colin Bennett，首席运营工程师；以及政府事务和研究运营副总裁Sirisha Bandla。</blockquote></p><p> Still, Branson is no stranger to publicity. Canaccord analyst Ken Herbert believes&nbsp;it’s possible&nbsp;that Galactic could surprise viewers by bringing a paying customer on board with Branson. That would generate additional buzz for the company.</p><p><blockquote>尽管如此，布兰森对宣传并不陌生。Canaccord分析师肯·赫伯特(Ken Herbert)认为，银河有可能通过布兰森带来付费客户来给观众带来惊喜。这将为公司带来额外的轰动。</blockquote></p><p> A move like that would best space-tourism competitor Blue Origin in another way. Bezos is expected to take the first paying passenger to space on his flight later this month. That seat was auctioned off for&nbsp;$28 million.</p><p><blockquote>这样的举措将以另一种方式击败太空旅游竞争对手蓝色起源。贝佐斯预计将在本月晚些时候乘坐他的航班将第一位付费乘客送往太空。那个座位以2800万美元的价格被拍卖。</blockquote></p><p> A ticket on a future Virgin Galactic flight will run&nbsp;about $250,000.</p><p><blockquote>未来维珍银河航班的机票价格约为25万美元。</blockquote></p><p> <b>What Does the Flight Mean for Investors?</b></p><p><blockquote><b>外逃对投资者意味着什么？</b></blockquote></p><p> The continuation of flight tests brings Galactic one step closer to full commercialization, which means sales and, hopefully, earnings down the road.</p><p><blockquote>飞行测试的继续使Galactic离完全商业化又近了一步，这意味着未来的销售和盈利。</blockquote></p><p> Once fully operational, each Galactic spaceship is expected to make roughly 36 flights a year. Most Galactic spaceships have about six seats for sale. At full capacity, that’s about $54 million per spaceship a year.</p><p><blockquote>一旦全面投入使用，每艘银河飞船预计每年将进行大约36次飞行。大多数银河飞船都有大约六个座位出售。满负荷运转时，每艘宇宙飞船每年的费用约为5400万美元。</blockquote></p><p> Analysts expect Galactic to do about $3 million in 2021 sales, growing to $51 million in 2022 and $555 million by 2025. Earnings and cash flow are expected to turn positive around 2024.</p><p><blockquote>分析师预计Galactic 2021年的销售额约为300万美元，2022年将增长至5100万美元，到2025年将增长至5.55亿美元。盈利和现金流预计将在2024年左右转正。</blockquote></p><p> The flight and associated news coverage also represent publicity for the company.</p><p><blockquote>该航班和相关新闻报道也代表了公司的宣传。</blockquote></p><p> <b>How Will Virgin Galactic Stock Benefit?</b></p><p><blockquote><b>维珍银河股票将如何受益？</b></blockquote></p><p> A successful test flight is a clear positive for Galactic, but it might not be so for its stock. The news of the flight and the potential benefits are, for the most part, already priced into shares of Virgin Galactic.</p><p><blockquote>成功的试飞对银河来说显然是积极的，但对其股票来说可能并非如此。这次飞行的消息和潜在的好处在很大程度上已经反映在维珍银河的股票中。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a4113576958bcf043e56e1c92578d0cc\" tg-width=\"840\" tg-height=\"470\"></p><p><blockquote></blockquote></p><p> The stock is up roughly 120% year to date and up more than 200% over the past 12 months, giving the start-up a market capitalization of around $11 billion.</p><p><blockquote>该股今年迄今已上涨约120%，过去12个月上涨超过200%，使这家初创公司的市值约为110亿美元。</blockquote></p><p> Investors shouldn’t be disappointed if the stock doesn’t gain on Monday following a successful flight. The ultimate value of the company will be determined down the road.</p><p><blockquote>如果该股在成功飞行后周一没有上涨，投资者不应该感到失望。公司的最终价值将在未来决定。</blockquote></p><p> Analysts loved the stock when it was cheaper. Back in September, all analysts covering Galactic rated shares Buy. Theaverage Buy-ratingratio for&nbsp;S&amp;P 500&nbsp;stocks is about 55%.</p><p><blockquote>分析师喜欢该股便宜的时候。早在9月份，所有研究银河股票的分析师都给予买入评级。标准普尔500指数股票的平均买入评级约为55%。</blockquote></p><p> Shares were $25 in September. Now, only 30% of analysts rate shares Buy as the stock has rocketed north of $50 a share.</p><p><blockquote>9月份股价为25美元。现在，由于该股已飙升至每股50美元以上，只有30%的分析师将该股评级为买入。</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>5 Things to Know About Virgin Galactic and the First Passenger Flight to Space<blockquote>关于维珍银河和首次客运太空飞行需要了解的5件事</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\">\n5 Things to Know About Virgin Galactic and the First Passenger Flight to Space<blockquote>关于维珍银河和首次客运太空飞行需要了解的5件事</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-07-10 07:34</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Richard Branson’s planned flight to space on Sunday could be a monumental moment for the&nbsp;fledgling space tourism industry.</p><p><blockquote>理查德·布兰森计划于周日飞往太空，这对于刚刚起步的太空旅游业来说可能是一个里程碑式的时刻。</blockquote></p><p> So long as there are no issues or delays, the flight will take the 70-year-old founder of&nbsp;Virgin Galactic(ticker: SPCE), company mission specialists, and pilots, on the first passenger trip to space, beating Jeff Bezos’s Blue Origin passenger flight by more than a week.</p><p><blockquote>只要没有问题或延误，这次飞行将带着70岁的维珍银河（股票代码：SPCE）创始人、公司任务专家和飞行员进行首次客运太空之旅，击败杰夫·贝索斯的蓝色起源客运航班一周多。</blockquote></p><p> Here’s what to watch for Sunday, along with some recent history.</p><p><blockquote>以下是周日值得关注的内容，以及一些最近的历史。</blockquote></p><p> <b>When Will the Virgin Galactic Space Flight Take Off?</b></p><p><blockquote><b>维珍银河太空飞行什么时候起飞？</b></blockquote></p><p> The Virgin Galactic Unity 22 spaceflight is expected to launch from Virgin’s spaceport in New Mexico around 9 a.m. eastern time. The launch can be streamed live on the&nbsp;company’s website&nbsp;and on&nbsp;Barron’s&nbsp;below.</p><p><blockquote>维珍银河Unity 22太空飞行预计将于东部时间上午9点左右从新墨西哥州的维珍航天港发射。此次发布会可以在公司网站和下面的《巴伦周刊》上进行现场直播。</blockquote></p><p> <b>How High Up in Space Will Passenger Go?</b></p><p><blockquote><b>乘客会飞到多高的太空？</b></blockquote></p><p> Galactic’s VSS Unity spacecraft will hit speeds of about Mach 3, or three times the speed of sound, and rise to about 300,000 feet, or 57 miles. That’s about 10 times as high as many commercial flights but still considered the edge of space. The suborbital flight will not pass the so-called Karman line, which is what scientists use to define the boundary of outer space. That line is about 62 miles up.</p><p><blockquote>银河的VSS Unity航天器将达到约3马赫的速度，即音速的三倍，并上升到约30万英尺，即57英里。这大约是许多商业飞行的10倍，但仍然被认为是太空的边缘。亚轨道飞行不会通过所谓的卡门线，这是科学家用来定义外太空边界的。那条线大约在62英里处。</blockquote></p><p> Blue Origin plans to take its passengers past the Karman line on its flight.</p><p><blockquote>蓝色起源计划让乘客在航班上经过卡门线。</blockquote></p><p> <b>How Much Did Passengers Pay for the Trip?</b></p><p><blockquote><b>乘客为这次旅行支付了多少钱？</b></blockquote></p><p> Nothing. While this flight could be another step forward for space tourism, the expected crew members are Galactic employees and Branson. Joining the company’s founder on board will be two pilots; Beth Moses, chief astronaut instructor; Colin Bennett, lead operations engineer; and Sirisha Bandla, vice president of government affairs and research operations.</p><p><blockquote>没有。虽然这次飞行可能是太空旅游向前迈出的又一步，但预计的机组人员是银河员工和布兰森。加入公司创始人的将是两名飞行员；贝丝·摩西，首席宇航员教练；Colin Bennett，首席运营工程师；以及政府事务和研究运营副总裁Sirisha Bandla。</blockquote></p><p> Still, Branson is no stranger to publicity. Canaccord analyst Ken Herbert believes&nbsp;it’s possible&nbsp;that Galactic could surprise viewers by bringing a paying customer on board with Branson. That would generate additional buzz for the company.</p><p><blockquote>尽管如此，布兰森对宣传并不陌生。Canaccord分析师肯·赫伯特(Ken Herbert)认为，银河有可能通过布兰森带来付费客户来给观众带来惊喜。这将为公司带来额外的轰动。</blockquote></p><p> A move like that would best space-tourism competitor Blue Origin in another way. Bezos is expected to take the first paying passenger to space on his flight later this month. That seat was auctioned off for&nbsp;$28 million.</p><p><blockquote>这样的举措将以另一种方式击败太空旅游竞争对手蓝色起源。贝佐斯预计将在本月晚些时候乘坐他的航班将第一位付费乘客送往太空。那个座位以2800万美元的价格被拍卖。</blockquote></p><p> A ticket on a future Virgin Galactic flight will run&nbsp;about $250,000.</p><p><blockquote>未来维珍银河航班的机票价格约为25万美元。</blockquote></p><p> <b>What Does the Flight Mean for Investors?</b></p><p><blockquote><b>外逃对投资者意味着什么？</b></blockquote></p><p> The continuation of flight tests brings Galactic one step closer to full commercialization, which means sales and, hopefully, earnings down the road.</p><p><blockquote>飞行测试的继续使Galactic离完全商业化又近了一步，这意味着未来的销售和盈利。</blockquote></p><p> Once fully operational, each Galactic spaceship is expected to make roughly 36 flights a year. Most Galactic spaceships have about six seats for sale. At full capacity, that’s about $54 million per spaceship a year.</p><p><blockquote>一旦全面投入使用，每艘银河飞船预计每年将进行大约36次飞行。大多数银河飞船都有大约六个座位出售。满负荷运转时，每艘宇宙飞船每年的费用约为5400万美元。</blockquote></p><p> Analysts expect Galactic to do about $3 million in 2021 sales, growing to $51 million in 2022 and $555 million by 2025. Earnings and cash flow are expected to turn positive around 2024.</p><p><blockquote>分析师预计Galactic 2021年的销售额约为300万美元，2022年将增长至5100万美元，到2025年将增长至5.55亿美元。盈利和现金流预计将在2024年左右转正。</blockquote></p><p> The flight and associated news coverage also represent publicity for the company.</p><p><blockquote>该航班和相关新闻报道也代表了公司的宣传。</blockquote></p><p> <b>How Will Virgin Galactic Stock Benefit?</b></p><p><blockquote><b>维珍银河股票将如何受益？</b></blockquote></p><p> A successful test flight is a clear positive for Galactic, but it might not be so for its stock. The news of the flight and the potential benefits are, for the most part, already priced into shares of Virgin Galactic.</p><p><blockquote>成功的试飞对银河来说显然是积极的，但对其股票来说可能并非如此。这次飞行的消息和潜在的好处在很大程度上已经反映在维珍银河的股票中。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a4113576958bcf043e56e1c92578d0cc\" tg-width=\"840\" tg-height=\"470\"></p><p><blockquote></blockquote></p><p> The stock is up roughly 120% year to date and up more than 200% over the past 12 months, giving the start-up a market capitalization of around $11 billion.</p><p><blockquote>该股今年迄今已上涨约120%，过去12个月上涨超过200%，使这家初创公司的市值约为110亿美元。</blockquote></p><p> Investors shouldn’t be disappointed if the stock doesn’t gain on Monday following a successful flight. The ultimate value of the company will be determined down the road.</p><p><blockquote>如果该股在成功飞行后周一没有上涨，投资者不应该感到失望。公司的最终价值将在未来决定。</blockquote></p><p> Analysts loved the stock when it was cheaper. Back in September, all analysts covering Galactic rated shares Buy. Theaverage Buy-ratingratio for&nbsp;S&amp;P 500&nbsp;stocks is about 55%.</p><p><blockquote>分析师喜欢该股便宜的时候。早在9月份，所有研究银河股票的分析师都给予买入评级。标准普尔500指数股票的平均买入评级约为55%。</blockquote></p><p> Shares were $25 in September. Now, only 30% of analysts rate shares Buy as the stock has rocketed north of $50 a share.</p><p><blockquote>9月份股价为25美元。现在，由于该股已飙升至每股50美元以上，只有30%的分析师将该股评级为买入。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/virgin-galactic-richard-branson-space-flight-51625848364?mod=hp_LEAD_4\">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":{"SPCE":"维珍银河"},"source_url":"https://www.barrons.com/articles/virgin-galactic-richard-branson-space-flight-51625848364?mod=hp_LEAD_4","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1159307278","content_text":"Richard Branson’s planned flight to space on Sunday could be a monumental moment for the fledgling space tourism industry.\nSo long as there are no issues or delays, the flight will take the 70-year-old founder of Virgin Galactic(ticker: SPCE), company mission specialists, and pilots, on the first passenger trip to space, beating Jeff Bezos’s Blue Origin passenger flight by more than a week.\nHere’s what to watch for Sunday, along with some recent history.\nWhen Will the Virgin Galactic Space Flight Take Off?\nThe Virgin Galactic Unity 22 spaceflight is expected to launch from Virgin’s spaceport in New Mexico around 9 a.m. eastern time. The launch can be streamed live on the company’s website and on Barron’s below.\nHow High Up in Space Will Passenger Go?\nGalactic’s VSS Unity spacecraft will hit speeds of about Mach 3, or three times the speed of sound, and rise to about 300,000 feet, or 57 miles. That’s about 10 times as high as many commercial flights but still considered the edge of space. The suborbital flight will not pass the so-called Karman line, which is what scientists use to define the boundary of outer space. That line is about 62 miles up.\nBlue Origin plans to take its passengers past the Karman line on its flight.\nHow Much Did Passengers Pay for the Trip?\nNothing. While this flight could be another step forward for space tourism, the expected crew members are Galactic employees and Branson. Joining the company’s founder on board will be two pilots; Beth Moses, chief astronaut instructor; Colin Bennett, lead operations engineer; and Sirisha Bandla, vice president of government affairs and research operations.\nStill, Branson is no stranger to publicity. Canaccord analyst Ken Herbert believes it’s possible that Galactic could surprise viewers by bringing a paying customer on board with Branson. That would generate additional buzz for the company.\nA move like that would best space-tourism competitor Blue Origin in another way. Bezos is expected to take the first paying passenger to space on his flight later this month. That seat was auctioned off for $28 million.\nA ticket on a future Virgin Galactic flight will run about $250,000.\nWhat Does the Flight Mean for Investors?\nThe continuation of flight tests brings Galactic one step closer to full commercialization, which means sales and, hopefully, earnings down the road.\nOnce fully operational, each Galactic spaceship is expected to make roughly 36 flights a year. Most Galactic spaceships have about six seats for sale. At full capacity, that’s about $54 million per spaceship a year.\nAnalysts expect Galactic to do about $3 million in 2021 sales, growing to $51 million in 2022 and $555 million by 2025. Earnings and cash flow are expected to turn positive around 2024.\nThe flight and associated news coverage also represent publicity for the company.\nHow Will Virgin Galactic Stock Benefit?\nA successful test flight is a clear positive for Galactic, but it might not be so for its stock. The news of the flight and the potential benefits are, for the most part, already priced into shares of Virgin Galactic.\n\nThe stock is up roughly 120% year to date and up more than 200% over the past 12 months, giving the start-up a market capitalization of around $11 billion.\nInvestors shouldn’t be disappointed if the stock doesn’t gain on Monday following a successful flight. The ultimate value of the company will be determined down the road.\nAnalysts loved the stock when it was cheaper. Back in September, all analysts covering Galactic rated shares Buy. Theaverage Buy-ratingratio for S&P 500 stocks is about 55%.\nShares were $25 in September. Now, only 30% of analysts rate shares Buy as the stock has rocketed north of $50 a share.","news_type":1,"symbols_score_info":{"SPCE":0.9}},"isVote":1,"tweetType":1,"viewCount":388,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":817202344,"gmtCreate":1630965262188,"gmtModify":1631883982107,"author":{"id":"3581769182401186","authorId":"3581769182401186","name":"KwokMeng","avatar":"https://static.tigerbbs.com/790a9b3a4d108ba92f4d9a18efdaaf86","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581769182401186","idStr":"3581769182401186"},"themes":[],"htmlText":"Just trade with caution ⚠️&nbsp;","listText":"Just trade with caution ⚠️&nbsp;","text":"Just trade with caution ⚠️","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/817202344","repostId":"1186375251","repostType":4,"repost":{"id":"1186375251","kind":"news","pubTimestamp":1630909435,"share":"https://www.laohu8.com/m/news/1186375251?lang=zh_CN&edition=full","pubTime":"2021-09-06 14:23","market":"us","language":"en","title":"3 Golden Rules On How To Invest At All-Time Highs<blockquote>如何在历史高点进行投资的3条黄金法则</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1186375251","media":"seekingalpha","summary":"Summary\n\nMarkets continue to reach new all-time highs each week and have not seen a notable correcti","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Markets continue to reach new all-time highs each week and have not seen a notable correction in over 200 trading days.</li>  <li>As markets are rallying, many investors are starting to rest on their laurels while investment decisions at all-time highs are actually more important than ever.</li>  <li>What should you be aware of in today's market? Should you sell out at these overvalued prices or can you still generate great returns by buying today?</li>  <li>In this article, I will share my three golden rules on how to invest at all-time highs like today. This information will be very valuable for your future wealth generation in the market.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9f5f0c9f1aacfbc6d8c78d0e84da5fc9\" tg-width=\"1536\" tg-height=\"878\" width=\"100%\" height=\"auto\"><span>phive2015/iStock via Getty Images</span></p><p><blockquote><ul><li>市场每周都在继续创下历史新高，并且在200多个交易日中没有出现明显的回调。</li><li>随着市场反弹，许多投资者开始固步自封，而在历史高点做出投资决策实际上比以往任何时候都更加重要。</li><li>在今天的市场上你应该注意什么？您应该以这些高估的价格卖出，还是今天买入仍然可以获得丰厚的回报？</li><li>在这篇文章中，我将分享我关于如何在像今天这样的历史高点进行投资的三条黄金法则。这些信息对你未来在市场上创造财富非常有价值。</li></ul><p class=\"t-img-caption\"><span>phive2015/iStock来自Getty Images</span></p></blockquote></p><p> The stock market has been on a rampage in 2021. At the end of August, the S&amp;P 500 index (SPY) gained 20.4% year-to-date. Interestingly, the index has been trading in a very tight upward range and has not seen a 5% correction for 208 trading days. While most investors don't see this as an anomaly, it actually is. Both events have only occurred 7 times before in stock market history. We are clearly living in abnormal times.</p><p><blockquote>2021年股市一路狂飙。8月底，标普500指数（SPDR标普500指数ETF）今年迄今上涨20.4%。有趣的是，该指数一直在非常狭窄的上行区间内交易，已经有208个交易日没有出现5%的回调。虽然大多数投资者并不认为这是异常现象，但事实确实如此。这两个事件在股市历史上只发生过7次。我们显然生活在一个非常时期。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c58ccc72065c84083443d6be7f03482a\" tg-width=\"640\" tg-height=\"322\" width=\"100%\" height=\"auto\"><span>Source: Insider Opportunities with Tradingview</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Tradingview的内部机会</span></p></blockquote></p><p> Each day it is important to think thoroughly about the investment decisions you make. Above all, all purchases or sales will impact your future wealth accumulation in the market.</p><p><blockquote>每天彻底思考你所做的投资决策是很重要的。最重要的是，所有的购买或销售都会影响你未来在市场上的财富积累。</blockquote></p><p> However, during extreme rallies like today it is twice as important to reflect on your investment decisions. Ask that to investors who took high risks during the dot-com bubble or panic sold during the Covid-19 crash. That undoubtedly had an immense impact on their long-term returns.</p><p><blockquote>然而，在像今天这样的极端反弹期间，反思你的投资决策是加倍重要的。问问那些在互联网泡沫期间承担高风险或在Covid-19崩盘期间恐慌性抛售的投资者就知道了。这无疑对他们的长期回报产生了巨大影响。</blockquote></p><p> The importance of investment decisions today for your long-term returns is why I chose to write about my three golden rules on how to invest at all-time highs. How should you approach today's market and what should you be aware of? Should you sell out at these overvalued prices and wait for a correction to take place or can you still generate great returns when buying at these levels? The answers to these one-million-dollar questions will be provided in this article.</p><p><blockquote>今天的投资决策对你的长期回报的重要性，这就是为什么我选择写下我关于如何在历史高点投资的三条黄金法则。你应该如何对待今天的市场，你应该注意什么？您应该在这些高估的价格卖出并等待调整发生，还是在这些水平买入时仍然能产生巨大的回报？本文将提供这些价值百万美元的问题的答案。</blockquote></p><p> <b>1. Don't get caught by greediness</b></p><p><blockquote><b>1.不要被贪婪所困</b></blockquote></p><p> Let's start off with the most important rule. Avoid greediness.</p><p><blockquote>让我们从最重要的规则开始。避免贪婪。</blockquote></p><p> According to JPMorgan, over the past 20 years, the average investor reached an annual return of only 2.9%. As such, they significantly underperformed the general market as the S&amp;P 500 yielded an annual 7.5% return during this time frame.</p><p><blockquote>根据摩根大通的数据，在过去的20年里，普通投资者的年回报率仅为2.9%。因此，它们的表现明显落后于大盘，因为标普500在此期间的年回报率为7.5%。</blockquote></p><p> The single most important reason for this retail investor underperformance? Emotional human behavior.</p><p><blockquote>散户投资者表现不佳的最重要原因是什么？情绪化的人类行为。</blockquote></p><p> The average investor is getting influenced heavily by media headlines, stock prices movements and behavior from other investors.</p><p><blockquote>普通投资者受到媒体头条、股价走势和其他投资者行为的严重影响。</blockquote></p><p> Today, we reached an extremely bullish stock market environment. Last earnings season has been one of the greatest in stock market history. The S&amp;P 500 EPS rose by 94.5% YoY and 86.1% of its constituents beat analyst estimates.</p><p><blockquote>今天，我们达到了一个极其看涨的股市环境。上一个财报季是股市历史上最伟大的财报季之一。标普500每股收益同比增长94.5%，86.1%的成分股超出分析师预期。</blockquote></p><p> As a consequence of this bullish environment, analysts are significantly raising their estimates for the next quarters. They now expect EPS to rise sharply to $217.96 by the end of 2022, which is a significant recovery from the pre-pandemic high of $157.12. Such a recovery looks to be optimistic as it took 7-12 years in the past economic cycles to achieve this:</p><p><blockquote>由于这种看涨的环境，分析师大幅上调了对未来几个季度的预期。他们现在预计，到2022年底，每股收益将大幅升至217.96美元，较大流行前157.12美元的高点大幅回升。这样的复苏看起来很乐观，因为在过去的经济周期中花了7-12年才实现这一目标：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1accc921d16b11ec13ed94686b9cfe75\" tg-width=\"640\" tg-height=\"465\" width=\"100%\" height=\"auto\"><span>Source: Insider Opportunities based on S&amp;P Global data; adjusted EPS is used</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：基于标准普尔全球数据的内幕机会；使用调整后的每股收益</span></p></blockquote></p><p> Will earnings really continue this very strong recovery over the coming quarters or are analysts perhaps getting too greedy with their assumptions?</p><p><blockquote>未来几个季度的盈利真的会继续这种非常强劲的复苏吗？还是分析师可能对他们的假设过于贪婪？</blockquote></p><p> It wouldn't be the first time if they were too greedy. During the dot-com bubble for example, they were caught by their emotions as well. The '90s was an abnormally strong decade in terms of earnings growth for the S&amp;P 500. As such, analysts totally forgot that downward cycles exist as well. They increased their annual EPS growth guidance to a staggering 15% for the five years following 2000. According to them, this high growth rate justified the record P/E multiples stocks were trading at and many investors got tricked into that story.</p><p><blockquote>如果他们太贪婪，这也不是第一次了。例如，在互联网泡沫期间，他们也被自己的情绪所困扰。就标普500的盈利增长而言，90年代是异常强劲的十年。因此，分析师完全忘记了下行周期也存在。他们将2000年之后五年的年度每股收益增长指引提高到惊人的15%。根据他们的说法，这种高增长率证明了股票交易市盈率创纪录的倍数是合理的，许多投资者被骗了。</blockquote></p><p> What happened afterwards? The economy didn't boom, it fell into a recession which took 3 years to recover from. Earnings in 2003 were almost 50% lower than what analysts had been predicting in 2000.</p><p><blockquote>之后发生了什么？经济没有繁荣，而是陷入了衰退，花了3年时间才恢复过来。2003年的盈利比分析师2000年的预测低了近50%。</blockquote></p><p></p><p> As markets were priced to analyst expectations instead of taking into account a possible downturn, the S&amp;P 500 crashed and took 7 years to recover.</p><p><blockquote>由于市场定价符合分析师的预期，而不是考虑可能的低迷，标普500崩溃并花了7年时间才恢复。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0081f4a9c3ee43b20684f113cb04ef9c\" tg-width=\"640\" tg-height=\"467\" width=\"100%\" height=\"auto\"><span>Source: Insider Opportunities based on S&amp;P Global data and Yardeni; adjusted EPS is used</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：基于S&amp;P Global数据和Yardeni的内幕机会；使用调整后的每股收益</span></p></blockquote></p><p> Let's get back to today... The P/E of the S&amp;P 500 currently stands at 25.4x, which is extremely high compared to historical levels. This gets justified by the common belief that earnings will continue rising significantly. As such, the ratio would fall to an acceptable 20.7x by the end of 2022.</p><p><blockquote>让我们回到今天...标普500的市盈率目前为25.4倍，与历史水平相比极高。人们普遍认为收入将继续大幅增长，这证明了这一点。因此，到2022年底，该比率将降至可接受的20.7倍。</blockquote></p><p> Now ask yourself how likely it is that earnings growth will continue to grow at higher levels than the historical average over the coming quarters.</p><p><blockquote>现在问问你自己，未来几个季度盈利增长继续高于历史平均水平的可能性有多大。</blockquote></p><p> Interest rates are already at 0%. The money printer is running out of paper. Federal debt levels are hitting their ceilings. Pent-up demand and stimuli cheques already led to record-high consumer spending over the past quarters.</p><p><blockquote>利率已经是0%了。印钞机的纸快用完了。联邦债务水平正在触及上限。过去几个季度，被压抑的需求和刺激支票已经导致消费者支出创历史新高。</blockquote></p><p> Maybe, just maybe, analysts are being too greedy with their assumptions? Maybe the recent economic recovery is unsustainable and set to cool down? Maybe my assumptions (grey line) are much more likely than what the market is predicting (red line)? If so, the market is trading at a fwd 2022 P/E of 23.6x, which is really expensive.</p><p><blockquote>也许，仅仅是也许，分析师对他们的假设过于贪婪？也许最近的经济复苏是不可持续的，并将降温？也许我的假设（灰线）比市场预测的（红线）更有可能？如果是这样的话，市场的2022年预期市盈率为23.6倍，这确实很贵。</blockquote></p><p> I'm not sure this will happen, nobody is. But it sure as hell is a probability.</p><p><blockquote>我不确定这会发生，没人知道。但这肯定是一种可能性。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f61310c3c851b181ceb1fb3cc8862fdb\" tg-width=\"640\" tg-height=\"465\" width=\"100%\" height=\"auto\"><span>Source: Insider Opportunities based on S&amp;P Global data and Yardeni; adjusted EPS is used</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：基于S&amp;P Global数据和Yardeni的内幕机会；使用调整后的每股收益</span></p></blockquote></p><p> This greediness also gets reflected in the charts. As you can see in the chart below, a bull market can be split into four cycles. Strong growth, bear trap, media attention and greed.</p><p><blockquote>这种贪婪也反映在图表中。如下图所示，牛市可以分为四个周期。强劲增长、熊市陷阱、媒体关注和贪婪。</blockquote></p><p> Interestingly, the 2013-2021 bull market is playing out almost identically as the 1994-2000 bull market. At this moment, the Nasdaq Index (QQQ) looks to be ready to start the last extreme greed phase. The media is approaching the recent rally as \"the new normal\" and investors are FOMO buying heavily because stocks \"can only go up\". As such, it is likely that the Nasdaq will rise close to $20,000 in the last months of 2021.</p><p><blockquote>有趣的是，2013-2021年的牛市与1994-2000年的牛市几乎一模一样。此时此刻，纳斯达克指数（QQQ）看起来已经准备好开始最后的极度贪婪阶段。媒体将最近的反弹视为“新常态”，投资者正在FOMO大举买入，因为股市“只能上涨”。因此，纳斯达克可能会在2021年最后几个月升至接近20,000美元。</blockquote></p><p> As a long-term investor, it is extremely important to understand these dynamics. You will probably feel the urge to go all-in in risky assets as well. However, getting greedy during this phase could be a major threat for your long term returns as it will likely be followed by a major bear market.</p><p><blockquote>作为长期投资者，了解这些动态极其重要。你可能也会有全押风险资产的冲动。然而，在此阶段变得贪婪可能会对您的长期回报构成重大威胁，因为接下来可能会出现重大熊市。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c783bf0cff4c410846a27c2dc8c180b1\" tg-width=\"640\" tg-height=\"499\" width=\"100%\" height=\"auto\"><span>Source: Insider Opportunities with Tradingview</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Tradingview的内部机会</span></p></blockquote></p><p> Human behavior makes it extremely challenging to not get distracted by market sentiment. If you can keep an objective view on markets, it will benefit your returns drastically.</p><p><blockquote>人类行为使得不被市场情绪分心变得极具挑战性。如果你能对市场保持客观的看法，这将大大有利于你的回报。</blockquote></p><p> 2. Keep investing, there are always opportunities</p><p><blockquote>2.坚持投资，机会总是有的</blockquote></p><p> In short, rule #1 says that your decisions should never be led by emotions and that you should keep focusing on underlying fundamentals. As the market is getting greedy today and valuations reach extreme levels it implies that you should start selling stocks and hold a lot of cash, right?</p><p><blockquote>简而言之，规则1说，你的决定永远不应该被情绪所引导，你应该继续关注潜在的基本面。随着今天市场变得贪婪，估值达到极端水平，这意味着你应该开始出售股票并持有大量现金，对吗？</blockquote></p><p> Not really... You know, a wise man once said the following:</p><p><blockquote>不是真的...你知道，一位智者曾经说过这样的话：</blockquote></p><p>   <b>It's a market of stocks, not a stock market.</b>  I'm not entirely sure who came up with it. But it must be a wise man, for sure.</p><p><blockquote><b>这是一个股票市场，而不是股票市场。</b>我不完全确定是谁想出来的。但肯定是个聪明人。</blockquote></p><p> What does it mean? Look, many retail investors buy/sell stocks based on how the outlook for the general market looks like. If they don't trust the markets, they will be reluctant to invest, no matter what.</p><p><blockquote>这是什么意思？看，许多散户投资者根据整体市场的前景来买卖股票。如果他们不信任市场，无论如何他们都不愿意投资。</blockquote></p><p> That's not a great way of looking at markets. There are almost 4,000 stocks available and there will always be interesting investment opportunities to generate great returns, no matter how the market evolves.</p><p><blockquote>这不是看待市场的好方法。有近4,000只股票可供选择，无论市场如何发展，总会有有趣的投资机会产生巨大的回报。</blockquote></p><p> In a generally overvalued market it gets increasingly challenging to find undervalued stocks, but certainly not impossible. Ask Warren Buffett. In 2000, the most overvalued stock market in history, his investment vehicle Berkshire Hathaway (BRK.A) (BRK.B) kept buying high-quality, undervalued assets. His dedication paid off with an impressive return of 47% five years after the dot-com peak compared to -39% for the Nasdaq index.</p><p><blockquote>在一个普遍被高估的市场中，找到被低估的股票变得越来越具有挑战性，但肯定不是不可能。问问沃伦·巴菲特。2000年，史上估值最高的股市，他的投资工具伯克希尔哈撒韦公司（BRK.A）（BRK.B）不断买入优质、被低估的资产。他的奉献得到了回报，在互联网泡沫达到顶峰五年后，他获得了令人印象深刻的47%的回报率，而纳斯达克指数的回报率为-39%。</blockquote></p><p> The Russell 2000 (IWM), an index reflecting US small caps, was very attractive during the dot-com bubble as well, trading at a P/E of 16x (vs 24x for large caps) going into 2000. Those who invested in this undervalued asset class during the bubble also generated very solid returns. Those who were able to pick out the greatest small caps were a lot happier than those who got tricked into overhyped tech stocks, I can imagine.</p><p><blockquote>罗素2000(IWM)是一个反映美国小盘股的指数，在互联网泡沫期间也非常有吸引力，2000年的市盈率为16倍（大盘股为24倍）。那些在泡沫期间投资这一被低估的资产类别的人也获得了非常稳健的回报。我可以想象，那些能够挑选出最伟大的小盘股的人比那些被骗进过度炒作的科技股的人要快乐得多。</blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c713a296e819a255b3be8ac6e504033d\" tg-width=\"635\" tg-height=\"450\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> So what should you do today? I would suggest re-evaluating all your portfolio holdings. Weigh their valuation compared to earnings 3 years from now, when Covid-19 disruptions (stimuli, pent-up demand, etc.) are gone. Be conservative with your assumptions. If a stock is significantly overvalued compared to those assumptions, don't be greedy and sell out the position.</p><p><blockquote>那么你今天应该做什么呢？我建议重新评估你所有的投资组合。当Covid-19的干扰（刺激、被压抑的需求等）消失后，将它们的估值与3年后的收益进行权衡。对你的假设要保守。如果一只股票与这些假设相比被严重高估，不要贪婪并卖出头寸。</blockquote></p><p> A great example is Apple Inc. (AAPL), one of the most popular stocks this year. As a consequence of its very strong financials (revenue grew 36.4% last quarter), its P/E ratio more than doubled over the past two years to 30x. It is important to understand that its recent growth primarily accelerated due to unsustainable drivers such as the several rounds of stimuli cheques. Once this fades away, Apple's growth is likely to fall back to single digits (or might even go negative in the short term) and returns would be very weak going forward.</p><p><blockquote>苹果公司（AAPL）就是一个很好的例子，它是今年最受欢迎的股票之一。由于其财务状况非常强劲（上季度收入增长36.4%），其市盈率在过去两年中增长了一倍多，达到30倍。重要的是要明白，它最近的增长主要是由于不可持续的驱动因素，如几轮刺激支票。一旦这种情况消失，苹果的增长可能会回落到个位数（甚至可能在短期内为负），未来的回报将非常疲软。</blockquote></p><p> Don't keep all that freed up capital in cash, especially in the current inflationary environment. There are still opportunities to re-invest that money. In my opinion, small caps are the most attractive asset class today just like they were in 2000. After its recent underperformance, the Russell 2000 (representing all US small caps) is trading at a P/E of 15.6x today. This is much lower than both the S&amp;P 500 Index and its historical average. There are plenty of small-cap opportunities out there which will generate great returns going forward.</p><p><blockquote>不要将所有释放的资本都保留在现金中，尤其是在当前的通胀环境下。仍然有机会将这笔钱进行再投资。在我看来，小盘股是当今最具吸引力的资产类别，就像2000年一样。在最近表现不佳之后，罗素2000指数（代表所有美国小盘股）目前的市盈率为15.6倍。这远低于标普500指数及其历史平均水平。有很多小盘股机会，未来将产生巨大的回报。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2f132a93975b3b7fef86aff21c0b49bb\" tg-width=\"640\" tg-height=\"250\" width=\"100%\" height=\"auto\"><span>Source: Yardeni</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：亚德尼</span></p></blockquote></p><p> <b>3. Adopt a proven investment strategy to pick stocks</b></p><p><blockquote><b>3.采用行之有效的投资策略来挑选股票</b></blockquote></p><p> Rule #1 and #2 look very good on paper, but are very hard to execute in reality. When push comes to shove, it's very tough to deny your emotions and to find interesting investment opportunities in an overvalued market.</p><p><blockquote>规则#1和#2在纸面上看起来很好，但在现实中很难执行。到了紧要关头，很难否认自己的情绪，也很难在估值过高的市场中找到有趣的投资机会。</blockquote></p><p> That's where #3 comes into play: adopt a proven investment strategy.</p><p><blockquote>这就是第三点发挥作用的地方：采用行之有效的投资策略。</blockquote></p><p> With the upcoming challenges in the stock market, I believe it has never been as important as today to follow a pre-determined strategy on which you can rely during a highly uncertain market environment. If you use a strategy which worked well in the past, you'll feel great in each market environment.</p><p><blockquote>随着股市即将面临的挑战，我相信在高度不确定的市场环境中，遵循一个可以依赖的预先确定的策略从未像今天这样重要。如果你使用了一个在过去行之有效的策略，你会在每个市场环境中感觉很好。</blockquote></p><p> There are many strategies that could work for you, as long as you stick to it. We strongly believe that our under-appreciated strategy at Insider Opportunities will be very valuable in the coming years.</p><p><blockquote>只要你坚持，有很多策略对你有用。我们坚信，我们在内部机会方面被低估的策略在未来几年将非常有价值。</blockquote></p><p> To find attractive investment opportunities, we follow insider purchases each day. Insiders are the CFOs, CEOs, board members, etc. who know their business better than anyone else in the market. If they see a disconnection between the share price and the business fundamentals, they can purchase shares to generate profits. You can follow the purchases of this so-called \"smart money\" on a daily basis through SEC filings or websites like openinsider.com.</p><p><blockquote>为了寻找有吸引力的投资机会，我们每天都会跟踪内幕交易。内部人士是首席财务官、首席执行官、董事会成员等。他们比市场上的任何人都更了解自己的业务。如果他们看到股价与业务基本面脱节，他们可以购买股票来产生利润。您可以通过SEC文件或openinsider.com等网站每天跟踪这种所谓“聪明资金”的购买情况。</blockquote></p><p> We don't just follow up insider purchases. We created three algorithms based on more than a million of data points over the past decade to pick the greatest ones out of all insider purchases. As such, we stick to a pre-determined plan to only buy stocks that are attractive based on specific fundamentals, called \"golden picks\".</p><p><blockquote>我们不只是跟进内幕交易。我们根据过去十年的100多万个数据点创建了三种算法，从所有内幕购买中挑选出最好的。因此，我们坚持预先确定的计划，只购买基于特定基本面有吸引力的股票，称为“黄金精选”。</blockquote></p><p> It worked tremendously in the past. Our back-test shows that the strategy generated annualized returns of 47.2% over the past decade, tripling the S&amp;P 500 index. Only in 2011 it slightly underperformed the market.</p><p><blockquote>它在过去非常有效。我们的回溯测试显示，该策略在过去十年中产生了47.2%的年化回报率，是标普500指数的三倍。只有在2011年，它的表现略逊于市场。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f05af9240a87a55641df0a7921ec0380\" tg-width=\"640\" tg-height=\"359\" width=\"100%\" height=\"auto\"><span>Source: Insider Opportunities</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：内部机会</span></p></blockquote></p><p> We firmly believe that this revolutionary strategy will continue generating wealth for us in the stock market, regardless of how the market performs. Find yourself a strict, proven strategy like ours on which you can rely during the upcoming uncertainties.</p><p><blockquote>我们坚信，无论市场表现如何，这一革命性的策略都将继续在股市为我们创造财富。给自己找一个像我们这样严格的、经过验证的策略，在即将到来的不确定性中，你可以依靠它。</blockquote></p><p> <b>Conclusion: Do this at all-time highs</b></p><p><blockquote><b>结论：在历史高点这样做</b></blockquote></p><p> Most stock market investors are resting on their laurels when all-time highs are being reached. Above all, nothing can go wrong in such a bullish market, right?</p><p><blockquote>当达到历史高点时，大多数股市投资者都固步自封。最重要的是，在这样一个牛市中，什么都不会出错，对吧？</blockquote></p><p> No, that's not how it works. Markets evolve in cycles and those who don't acknowledge the importance of adapting to these cycles will be struck at weak long-term returns.</p><p><blockquote>不，事情不是这样的。市场是周期性发展的，那些不认识到适应这些周期重要性的人将会受到长期回报疲软的打击。</blockquote></p><p> How should you approach today's all-time highs to keep generating wealth going forward? Here are my three golden rules:</p><p><blockquote>你应该如何接近今天的历史高点，以继续创造财富？以下是我的三条黄金法则：</blockquote></p><p></p><p> <ol>  <li><b>Don't get greedy.</b>As a consequence of emotional behavior, you will want to take higher risks when markets are rallying. Never follow these emotions and always keep focused on the fundamentals.</li>  <li><b>Keep being invested.</b>Don't get reluctant to invest in stocks just because markets are getting overvalued. Acknowledge that it's a market of stocks, not a stock market. There are always great opportunities in each market environment. Today, they are mostly available in under-the-radar small caps.</li>  <li><b>Adopt a proven strategy.</b>Investing is not easy, especially when things are starting to move southwards. Adopting a strict, proven investment strategy can make life much easier and improve returns significantly.</li> </ol></p><p><blockquote><ol><li><b>不要贪心。</b>由于情绪行为，当市场上涨时，你会想要承担更高的风险。永远不要跟随这些情绪，永远专注于基本面。</li><li><b>继续投资。</b>不要仅仅因为市场被高估就不愿意投资股票。承认这是一个股票市场，而不是股票市场。每个市场环境下总有很大的机会。如今，它们大多出现在不为人知的小盘股中。</li><li><b>采用行之有效的策略。</b>投资并不容易，尤其是当事情开始南移的时候。采用严格的、经过验证的投资策略可以让生活变得更加轻松并显着提高回报。</li></ol></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>3 Golden Rules On How To Invest At All-Time Highs<blockquote>如何在历史高点进行投资的3条黄金法则</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\">\n3 Golden Rules On How To Invest At All-Time Highs<blockquote>如何在历史高点进行投资的3条黄金法则</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-09-06 14:23</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Markets continue to reach new all-time highs each week and have not seen a notable correction in over 200 trading days.</li>  <li>As markets are rallying, many investors are starting to rest on their laurels while investment decisions at all-time highs are actually more important than ever.</li>  <li>What should you be aware of in today's market? Should you sell out at these overvalued prices or can you still generate great returns by buying today?</li>  <li>In this article, I will share my three golden rules on how to invest at all-time highs like today. This information will be very valuable for your future wealth generation in the market.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9f5f0c9f1aacfbc6d8c78d0e84da5fc9\" tg-width=\"1536\" tg-height=\"878\" width=\"100%\" height=\"auto\"><span>phive2015/iStock via Getty Images</span></p><p><blockquote><ul><li>市场每周都在继续创下历史新高，并且在200多个交易日中没有出现明显的回调。</li><li>随着市场反弹，许多投资者开始固步自封，而在历史高点做出投资决策实际上比以往任何时候都更加重要。</li><li>在今天的市场上你应该注意什么？您应该以这些高估的价格卖出，还是今天买入仍然可以获得丰厚的回报？</li><li>在这篇文章中，我将分享我关于如何在像今天这样的历史高点进行投资的三条黄金法则。这些信息对你未来在市场上创造财富非常有价值。</li></ul><p class=\"t-img-caption\"><span>phive2015/iStock来自Getty Images</span></p></blockquote></p><p> The stock market has been on a rampage in 2021. At the end of August, the S&amp;P 500 index (SPY) gained 20.4% year-to-date. Interestingly, the index has been trading in a very tight upward range and has not seen a 5% correction for 208 trading days. While most investors don't see this as an anomaly, it actually is. Both events have only occurred 7 times before in stock market history. We are clearly living in abnormal times.</p><p><blockquote>2021年股市一路狂飙。8月底，标普500指数（SPDR标普500指数ETF）今年迄今上涨20.4%。有趣的是，该指数一直在非常狭窄的上行区间内交易，已经有208个交易日没有出现5%的回调。虽然大多数投资者并不认为这是异常现象，但事实确实如此。这两个事件在股市历史上只发生过7次。我们显然生活在一个非常时期。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c58ccc72065c84083443d6be7f03482a\" tg-width=\"640\" tg-height=\"322\" width=\"100%\" height=\"auto\"><span>Source: Insider Opportunities with Tradingview</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Tradingview的内部机会</span></p></blockquote></p><p> Each day it is important to think thoroughly about the investment decisions you make. Above all, all purchases or sales will impact your future wealth accumulation in the market.</p><p><blockquote>每天彻底思考你所做的投资决策是很重要的。最重要的是，所有的购买或销售都会影响你未来在市场上的财富积累。</blockquote></p><p> However, during extreme rallies like today it is twice as important to reflect on your investment decisions. Ask that to investors who took high risks during the dot-com bubble or panic sold during the Covid-19 crash. That undoubtedly had an immense impact on their long-term returns.</p><p><blockquote>然而，在像今天这样的极端反弹期间，反思你的投资决策是加倍重要的。问问那些在互联网泡沫期间承担高风险或在Covid-19崩盘期间恐慌性抛售的投资者就知道了。这无疑对他们的长期回报产生了巨大影响。</blockquote></p><p> The importance of investment decisions today for your long-term returns is why I chose to write about my three golden rules on how to invest at all-time highs. How should you approach today's market and what should you be aware of? Should you sell out at these overvalued prices and wait for a correction to take place or can you still generate great returns when buying at these levels? The answers to these one-million-dollar questions will be provided in this article.</p><p><blockquote>今天的投资决策对你的长期回报的重要性，这就是为什么我选择写下我关于如何在历史高点投资的三条黄金法则。你应该如何对待今天的市场，你应该注意什么？您应该在这些高估的价格卖出并等待调整发生，还是在这些水平买入时仍然能产生巨大的回报？本文将提供这些价值百万美元的问题的答案。</blockquote></p><p> <b>1. Don't get caught by greediness</b></p><p><blockquote><b>1.不要被贪婪所困</b></blockquote></p><p> Let's start off with the most important rule. Avoid greediness.</p><p><blockquote>让我们从最重要的规则开始。避免贪婪。</blockquote></p><p> According to JPMorgan, over the past 20 years, the average investor reached an annual return of only 2.9%. As such, they significantly underperformed the general market as the S&amp;P 500 yielded an annual 7.5% return during this time frame.</p><p><blockquote>根据摩根大通的数据，在过去的20年里，普通投资者的年回报率仅为2.9%。因此，它们的表现明显落后于大盘，因为标普500在此期间的年回报率为7.5%。</blockquote></p><p> The single most important reason for this retail investor underperformance? Emotional human behavior.</p><p><blockquote>散户投资者表现不佳的最重要原因是什么？情绪化的人类行为。</blockquote></p><p> The average investor is getting influenced heavily by media headlines, stock prices movements and behavior from other investors.</p><p><blockquote>普通投资者受到媒体头条、股价走势和其他投资者行为的严重影响。</blockquote></p><p> Today, we reached an extremely bullish stock market environment. Last earnings season has been one of the greatest in stock market history. The S&amp;P 500 EPS rose by 94.5% YoY and 86.1% of its constituents beat analyst estimates.</p><p><blockquote>今天，我们达到了一个极其看涨的股市环境。上一个财报季是股市历史上最伟大的财报季之一。标普500每股收益同比增长94.5%，86.1%的成分股超出分析师预期。</blockquote></p><p> As a consequence of this bullish environment, analysts are significantly raising their estimates for the next quarters. They now expect EPS to rise sharply to $217.96 by the end of 2022, which is a significant recovery from the pre-pandemic high of $157.12. Such a recovery looks to be optimistic as it took 7-12 years in the past economic cycles to achieve this:</p><p><blockquote>由于这种看涨的环境，分析师大幅上调了对未来几个季度的预期。他们现在预计，到2022年底，每股收益将大幅升至217.96美元，较大流行前157.12美元的高点大幅回升。这样的复苏看起来很乐观，因为在过去的经济周期中花了7-12年才实现这一目标：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1accc921d16b11ec13ed94686b9cfe75\" tg-width=\"640\" tg-height=\"465\" width=\"100%\" height=\"auto\"><span>Source: Insider Opportunities based on S&amp;P Global data; adjusted EPS is used</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：基于标准普尔全球数据的内幕机会；使用调整后的每股收益</span></p></blockquote></p><p> Will earnings really continue this very strong recovery over the coming quarters or are analysts perhaps getting too greedy with their assumptions?</p><p><blockquote>未来几个季度的盈利真的会继续这种非常强劲的复苏吗？还是分析师可能对他们的假设过于贪婪？</blockquote></p><p> It wouldn't be the first time if they were too greedy. During the dot-com bubble for example, they were caught by their emotions as well. The '90s was an abnormally strong decade in terms of earnings growth for the S&amp;P 500. As such, analysts totally forgot that downward cycles exist as well. They increased their annual EPS growth guidance to a staggering 15% for the five years following 2000. According to them, this high growth rate justified the record P/E multiples stocks were trading at and many investors got tricked into that story.</p><p><blockquote>如果他们太贪婪，这也不是第一次了。例如，在互联网泡沫期间，他们也被自己的情绪所困扰。就标普500的盈利增长而言，90年代是异常强劲的十年。因此，分析师完全忘记了下行周期也存在。他们将2000年之后五年的年度每股收益增长指引提高到惊人的15%。根据他们的说法，这种高增长率证明了股票交易市盈率创纪录的倍数是合理的，许多投资者被骗了。</blockquote></p><p> What happened afterwards? The economy didn't boom, it fell into a recession which took 3 years to recover from. Earnings in 2003 were almost 50% lower than what analysts had been predicting in 2000.</p><p><blockquote>之后发生了什么？经济没有繁荣，而是陷入了衰退，花了3年时间才恢复过来。2003年的盈利比分析师2000年的预测低了近50%。</blockquote></p><p></p><p> As markets were priced to analyst expectations instead of taking into account a possible downturn, the S&amp;P 500 crashed and took 7 years to recover.</p><p><blockquote>由于市场定价符合分析师的预期，而不是考虑可能的低迷，标普500崩溃并花了7年时间才恢复。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0081f4a9c3ee43b20684f113cb04ef9c\" tg-width=\"640\" tg-height=\"467\" width=\"100%\" height=\"auto\"><span>Source: Insider Opportunities based on S&amp;P Global data and Yardeni; adjusted EPS is used</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：基于S&amp;P Global数据和Yardeni的内幕机会；使用调整后的每股收益</span></p></blockquote></p><p> Let's get back to today... The P/E of the S&amp;P 500 currently stands at 25.4x, which is extremely high compared to historical levels. This gets justified by the common belief that earnings will continue rising significantly. As such, the ratio would fall to an acceptable 20.7x by the end of 2022.</p><p><blockquote>让我们回到今天...标普500的市盈率目前为25.4倍，与历史水平相比极高。人们普遍认为收入将继续大幅增长，这证明了这一点。因此，到2022年底，该比率将降至可接受的20.7倍。</blockquote></p><p> Now ask yourself how likely it is that earnings growth will continue to grow at higher levels than the historical average over the coming quarters.</p><p><blockquote>现在问问你自己，未来几个季度盈利增长继续高于历史平均水平的可能性有多大。</blockquote></p><p> Interest rates are already at 0%. The money printer is running out of paper. Federal debt levels are hitting their ceilings. Pent-up demand and stimuli cheques already led to record-high consumer spending over the past quarters.</p><p><blockquote>利率已经是0%了。印钞机的纸快用完了。联邦债务水平正在触及上限。过去几个季度，被压抑的需求和刺激支票已经导致消费者支出创历史新高。</blockquote></p><p> Maybe, just maybe, analysts are being too greedy with their assumptions? Maybe the recent economic recovery is unsustainable and set to cool down? Maybe my assumptions (grey line) are much more likely than what the market is predicting (red line)? If so, the market is trading at a fwd 2022 P/E of 23.6x, which is really expensive.</p><p><blockquote>也许，仅仅是也许，分析师对他们的假设过于贪婪？也许最近的经济复苏是不可持续的，并将降温？也许我的假设（灰线）比市场预测的（红线）更有可能？如果是这样的话，市场的2022年预期市盈率为23.6倍，这确实很贵。</blockquote></p><p> I'm not sure this will happen, nobody is. But it sure as hell is a probability.</p><p><blockquote>我不确定这会发生，没人知道。但这肯定是一种可能性。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f61310c3c851b181ceb1fb3cc8862fdb\" tg-width=\"640\" tg-height=\"465\" width=\"100%\" height=\"auto\"><span>Source: Insider Opportunities based on S&amp;P Global data and Yardeni; adjusted EPS is used</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：基于S&amp;P Global数据和Yardeni的内幕机会；使用调整后的每股收益</span></p></blockquote></p><p> This greediness also gets reflected in the charts. As you can see in the chart below, a bull market can be split into four cycles. Strong growth, bear trap, media attention and greed.</p><p><blockquote>这种贪婪也反映在图表中。如下图所示，牛市可以分为四个周期。强劲增长、熊市陷阱、媒体关注和贪婪。</blockquote></p><p> Interestingly, the 2013-2021 bull market is playing out almost identically as the 1994-2000 bull market. At this moment, the Nasdaq Index (QQQ) looks to be ready to start the last extreme greed phase. The media is approaching the recent rally as \"the new normal\" and investors are FOMO buying heavily because stocks \"can only go up\". As such, it is likely that the Nasdaq will rise close to $20,000 in the last months of 2021.</p><p><blockquote>有趣的是，2013-2021年的牛市与1994-2000年的牛市几乎一模一样。此时此刻，纳斯达克指数（QQQ）看起来已经准备好开始最后的极度贪婪阶段。媒体将最近的反弹视为“新常态”，投资者正在FOMO大举买入，因为股市“只能上涨”。因此，纳斯达克可能会在2021年最后几个月升至接近20,000美元。</blockquote></p><p> As a long-term investor, it is extremely important to understand these dynamics. You will probably feel the urge to go all-in in risky assets as well. However, getting greedy during this phase could be a major threat for your long term returns as it will likely be followed by a major bear market.</p><p><blockquote>作为长期投资者，了解这些动态极其重要。你可能也会有全押风险资产的冲动。然而，在此阶段变得贪婪可能会对您的长期回报构成重大威胁，因为接下来可能会出现重大熊市。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c783bf0cff4c410846a27c2dc8c180b1\" tg-width=\"640\" tg-height=\"499\" width=\"100%\" height=\"auto\"><span>Source: Insider Opportunities with Tradingview</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Tradingview的内部机会</span></p></blockquote></p><p> Human behavior makes it extremely challenging to not get distracted by market sentiment. If you can keep an objective view on markets, it will benefit your returns drastically.</p><p><blockquote>人类行为使得不被市场情绪分心变得极具挑战性。如果你能对市场保持客观的看法，这将大大有利于你的回报。</blockquote></p><p> 2. Keep investing, there are always opportunities</p><p><blockquote>2.坚持投资，机会总是有的</blockquote></p><p> In short, rule #1 says that your decisions should never be led by emotions and that you should keep focusing on underlying fundamentals. As the market is getting greedy today and valuations reach extreme levels it implies that you should start selling stocks and hold a lot of cash, right?</p><p><blockquote>简而言之，规则1说，你的决定永远不应该被情绪所引导，你应该继续关注潜在的基本面。随着今天市场变得贪婪，估值达到极端水平，这意味着你应该开始出售股票并持有大量现金，对吗？</blockquote></p><p> Not really... You know, a wise man once said the following:</p><p><blockquote>不是真的...你知道，一位智者曾经说过这样的话：</blockquote></p><p>   <b>It's a market of stocks, not a stock market.</b>  I'm not entirely sure who came up with it. But it must be a wise man, for sure.</p><p><blockquote><b>这是一个股票市场，而不是股票市场。</b>我不完全确定是谁想出来的。但肯定是个聪明人。</blockquote></p><p> What does it mean? Look, many retail investors buy/sell stocks based on how the outlook for the general market looks like. If they don't trust the markets, they will be reluctant to invest, no matter what.</p><p><blockquote>这是什么意思？看，许多散户投资者根据整体市场的前景来买卖股票。如果他们不信任市场，无论如何他们都不愿意投资。</blockquote></p><p> That's not a great way of looking at markets. There are almost 4,000 stocks available and there will always be interesting investment opportunities to generate great returns, no matter how the market evolves.</p><p><blockquote>这不是看待市场的好方法。有近4,000只股票可供选择，无论市场如何发展，总会有有趣的投资机会产生巨大的回报。</blockquote></p><p> In a generally overvalued market it gets increasingly challenging to find undervalued stocks, but certainly not impossible. Ask Warren Buffett. In 2000, the most overvalued stock market in history, his investment vehicle Berkshire Hathaway (BRK.A) (BRK.B) kept buying high-quality, undervalued assets. His dedication paid off with an impressive return of 47% five years after the dot-com peak compared to -39% for the Nasdaq index.</p><p><blockquote>在一个普遍被高估的市场中，找到被低估的股票变得越来越具有挑战性，但肯定不是不可能。问问沃伦·巴菲特。2000年，史上估值最高的股市，他的投资工具伯克希尔哈撒韦公司（BRK.A）（BRK.B）不断买入优质、被低估的资产。他的奉献得到了回报，在互联网泡沫达到顶峰五年后，他获得了令人印象深刻的47%的回报率，而纳斯达克指数的回报率为-39%。</blockquote></p><p> The Russell 2000 (IWM), an index reflecting US small caps, was very attractive during the dot-com bubble as well, trading at a P/E of 16x (vs 24x for large caps) going into 2000. Those who invested in this undervalued asset class during the bubble also generated very solid returns. Those who were able to pick out the greatest small caps were a lot happier than those who got tricked into overhyped tech stocks, I can imagine.</p><p><blockquote>罗素2000(IWM)是一个反映美国小盘股的指数，在互联网泡沫期间也非常有吸引力，2000年的市盈率为16倍（大盘股为24倍）。那些在泡沫期间投资这一被低估的资产类别的人也获得了非常稳健的回报。我可以想象，那些能够挑选出最伟大的小盘股的人比那些被骗进过度炒作的科技股的人要快乐得多。</blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c713a296e819a255b3be8ac6e504033d\" tg-width=\"635\" tg-height=\"450\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> So what should you do today? I would suggest re-evaluating all your portfolio holdings. Weigh their valuation compared to earnings 3 years from now, when Covid-19 disruptions (stimuli, pent-up demand, etc.) are gone. Be conservative with your assumptions. If a stock is significantly overvalued compared to those assumptions, don't be greedy and sell out the position.</p><p><blockquote>那么你今天应该做什么呢？我建议重新评估你所有的投资组合。当Covid-19的干扰（刺激、被压抑的需求等）消失后，将它们的估值与3年后的收益进行权衡。对你的假设要保守。如果一只股票与这些假设相比被严重高估，不要贪婪并卖出头寸。</blockquote></p><p> A great example is Apple Inc. (AAPL), one of the most popular stocks this year. As a consequence of its very strong financials (revenue grew 36.4% last quarter), its P/E ratio more than doubled over the past two years to 30x. It is important to understand that its recent growth primarily accelerated due to unsustainable drivers such as the several rounds of stimuli cheques. Once this fades away, Apple's growth is likely to fall back to single digits (or might even go negative in the short term) and returns would be very weak going forward.</p><p><blockquote>苹果公司（AAPL）就是一个很好的例子，它是今年最受欢迎的股票之一。由于其财务状况非常强劲（上季度收入增长36.4%），其市盈率在过去两年中增长了一倍多，达到30倍。重要的是要明白，它最近的增长主要是由于不可持续的驱动因素，如几轮刺激支票。一旦这种情况消失，苹果的增长可能会回落到个位数（甚至可能在短期内为负），未来的回报将非常疲软。</blockquote></p><p> Don't keep all that freed up capital in cash, especially in the current inflationary environment. There are still opportunities to re-invest that money. In my opinion, small caps are the most attractive asset class today just like they were in 2000. After its recent underperformance, the Russell 2000 (representing all US small caps) is trading at a P/E of 15.6x today. This is much lower than both the S&amp;P 500 Index and its historical average. There are plenty of small-cap opportunities out there which will generate great returns going forward.</p><p><blockquote>不要将所有释放的资本都保留在现金中，尤其是在当前的通胀环境下。仍然有机会将这笔钱进行再投资。在我看来，小盘股是当今最具吸引力的资产类别，就像2000年一样。在最近表现不佳之后，罗素2000指数（代表所有美国小盘股）目前的市盈率为15.6倍。这远低于标普500指数及其历史平均水平。有很多小盘股机会，未来将产生巨大的回报。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2f132a93975b3b7fef86aff21c0b49bb\" tg-width=\"640\" tg-height=\"250\" width=\"100%\" height=\"auto\"><span>Source: Yardeni</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：亚德尼</span></p></blockquote></p><p> <b>3. Adopt a proven investment strategy to pick stocks</b></p><p><blockquote><b>3.采用行之有效的投资策略来挑选股票</b></blockquote></p><p> Rule #1 and #2 look very good on paper, but are very hard to execute in reality. When push comes to shove, it's very tough to deny your emotions and to find interesting investment opportunities in an overvalued market.</p><p><blockquote>规则#1和#2在纸面上看起来很好，但在现实中很难执行。到了紧要关头，很难否认自己的情绪，也很难在估值过高的市场中找到有趣的投资机会。</blockquote></p><p> That's where #3 comes into play: adopt a proven investment strategy.</p><p><blockquote>这就是第三点发挥作用的地方：采用行之有效的投资策略。</blockquote></p><p> With the upcoming challenges in the stock market, I believe it has never been as important as today to follow a pre-determined strategy on which you can rely during a highly uncertain market environment. If you use a strategy which worked well in the past, you'll feel great in each market environment.</p><p><blockquote>随着股市即将面临的挑战，我相信在高度不确定的市场环境中，遵循一个可以依赖的预先确定的策略从未像今天这样重要。如果你使用了一个在过去行之有效的策略，你会在每个市场环境中感觉很好。</blockquote></p><p> There are many strategies that could work for you, as long as you stick to it. We strongly believe that our under-appreciated strategy at Insider Opportunities will be very valuable in the coming years.</p><p><blockquote>只要你坚持，有很多策略对你有用。我们坚信，我们在内部机会方面被低估的策略在未来几年将非常有价值。</blockquote></p><p> To find attractive investment opportunities, we follow insider purchases each day. Insiders are the CFOs, CEOs, board members, etc. who know their business better than anyone else in the market. If they see a disconnection between the share price and the business fundamentals, they can purchase shares to generate profits. You can follow the purchases of this so-called \"smart money\" on a daily basis through SEC filings or websites like openinsider.com.</p><p><blockquote>为了寻找有吸引力的投资机会，我们每天都会跟踪内幕交易。内部人士是首席财务官、首席执行官、董事会成员等。他们比市场上的任何人都更了解自己的业务。如果他们看到股价与业务基本面脱节，他们可以购买股票来产生利润。您可以通过SEC文件或openinsider.com等网站每天跟踪这种所谓“聪明资金”的购买情况。</blockquote></p><p> We don't just follow up insider purchases. We created three algorithms based on more than a million of data points over the past decade to pick the greatest ones out of all insider purchases. As such, we stick to a pre-determined plan to only buy stocks that are attractive based on specific fundamentals, called \"golden picks\".</p><p><blockquote>我们不只是跟进内幕交易。我们根据过去十年的100多万个数据点创建了三种算法，从所有内幕购买中挑选出最好的。因此，我们坚持预先确定的计划，只购买基于特定基本面有吸引力的股票，称为“黄金精选”。</blockquote></p><p> It worked tremendously in the past. Our back-test shows that the strategy generated annualized returns of 47.2% over the past decade, tripling the S&amp;P 500 index. Only in 2011 it slightly underperformed the market.</p><p><blockquote>它在过去非常有效。我们的回溯测试显示，该策略在过去十年中产生了47.2%的年化回报率，是标普500指数的三倍。只有在2011年，它的表现略逊于市场。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f05af9240a87a55641df0a7921ec0380\" tg-width=\"640\" tg-height=\"359\" width=\"100%\" height=\"auto\"><span>Source: Insider Opportunities</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：内部机会</span></p></blockquote></p><p> We firmly believe that this revolutionary strategy will continue generating wealth for us in the stock market, regardless of how the market performs. Find yourself a strict, proven strategy like ours on which you can rely during the upcoming uncertainties.</p><p><blockquote>我们坚信，无论市场表现如何，这一革命性的策略都将继续在股市为我们创造财富。给自己找一个像我们这样严格的、经过验证的策略，在即将到来的不确定性中，你可以依靠它。</blockquote></p><p> <b>Conclusion: Do this at all-time highs</b></p><p><blockquote><b>结论：在历史高点这样做</b></blockquote></p><p> Most stock market investors are resting on their laurels when all-time highs are being reached. Above all, nothing can go wrong in such a bullish market, right?</p><p><blockquote>当达到历史高点时，大多数股市投资者都固步自封。最重要的是，在这样一个牛市中，什么都不会出错，对吧？</blockquote></p><p> No, that's not how it works. Markets evolve in cycles and those who don't acknowledge the importance of adapting to these cycles will be struck at weak long-term returns.</p><p><blockquote>不，事情不是这样的。市场是周期性发展的，那些不认识到适应这些周期重要性的人将会受到长期回报疲软的打击。</blockquote></p><p> How should you approach today's all-time highs to keep generating wealth going forward? Here are my three golden rules:</p><p><blockquote>你应该如何接近今天的历史高点，以继续创造财富？以下是我的三条黄金法则：</blockquote></p><p></p><p> <ol>  <li><b>Don't get greedy.</b>As a consequence of emotional behavior, you will want to take higher risks when markets are rallying. Never follow these emotions and always keep focused on the fundamentals.</li>  <li><b>Keep being invested.</b>Don't get reluctant to invest in stocks just because markets are getting overvalued. Acknowledge that it's a market of stocks, not a stock market. There are always great opportunities in each market environment. Today, they are mostly available in under-the-radar small caps.</li>  <li><b>Adopt a proven strategy.</b>Investing is not easy, especially when things are starting to move southwards. Adopting a strict, proven investment strategy can make life much easier and improve returns significantly.</li> </ol></p><p><blockquote><ol><li><b>不要贪心。</b>由于情绪行为，当市场上涨时，你会想要承担更高的风险。永远不要跟随这些情绪，永远专注于基本面。</li><li><b>继续投资。</b>不要仅仅因为市场被高估就不愿意投资股票。承认这是一个股票市场，而不是股票市场。每个市场环境下总有很大的机会。如今，它们大多出现在不为人知的小盘股中。</li><li><b>采用行之有效的策略。</b>投资并不容易，尤其是当事情开始南移的时候。采用严格的、经过验证的投资策略可以让生活变得更加轻松并显着提高回报。</li></ol></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4453541-3-golden-rules-on-how-to-invest-at-all-time-highs\">seekingalpha</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://seekingalpha.com/article/4453541-3-golden-rules-on-how-to-invest-at-all-time-highs","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1186375251","content_text":"Summary\n\nMarkets continue to reach new all-time highs each week and have not seen a notable correction in over 200 trading days.\nAs markets are rallying, many investors are starting to rest on their laurels while investment decisions at all-time highs are actually more important than ever.\nWhat should you be aware of in today's market? Should you sell out at these overvalued prices or can you still generate great returns by buying today?\nIn this article, I will share my three golden rules on how to invest at all-time highs like today. This information will be very valuable for your future wealth generation in the market.\n\nphive2015/iStock via Getty Images\nThe stock market has been on a rampage in 2021. At the end of August, the S&P 500 index (SPY) gained 20.4% year-to-date. Interestingly, the index has been trading in a very tight upward range and has not seen a 5% correction for 208 trading days. While most investors don't see this as an anomaly, it actually is. Both events have only occurred 7 times before in stock market history. We are clearly living in abnormal times.\nSource: Insider Opportunities with Tradingview\nEach day it is important to think thoroughly about the investment decisions you make. Above all, all purchases or sales will impact your future wealth accumulation in the market.\nHowever, during extreme rallies like today it is twice as important to reflect on your investment decisions. Ask that to investors who took high risks during the dot-com bubble or panic sold during the Covid-19 crash. That undoubtedly had an immense impact on their long-term returns.\nThe importance of investment decisions today for your long-term returns is why I chose to write about my three golden rules on how to invest at all-time highs. How should you approach today's market and what should you be aware of? Should you sell out at these overvalued prices and wait for a correction to take place or can you still generate great returns when buying at these levels? The answers to these one-million-dollar questions will be provided in this article.\n1. Don't get caught by greediness\nLet's start off with the most important rule. Avoid greediness.\nAccording to JPMorgan, over the past 20 years, the average investor reached an annual return of only 2.9%. As such, they significantly underperformed the general market as the S&P 500 yielded an annual 7.5% return during this time frame.\nThe single most important reason for this retail investor underperformance? Emotional human behavior.\nThe average investor is getting influenced heavily by media headlines, stock prices movements and behavior from other investors.\nToday, we reached an extremely bullish stock market environment. Last earnings season has been one of the greatest in stock market history. The S&P 500 EPS rose by 94.5% YoY and 86.1% of its constituents beat analyst estimates.\nAs a consequence of this bullish environment, analysts are significantly raising their estimates for the next quarters. They now expect EPS to rise sharply to $217.96 by the end of 2022, which is a significant recovery from the pre-pandemic high of $157.12. Such a recovery looks to be optimistic as it took 7-12 years in the past economic cycles to achieve this:\nSource: Insider Opportunities based on S&P Global data; adjusted EPS is used\nWill earnings really continue this very strong recovery over the coming quarters or are analysts perhaps getting too greedy with their assumptions?\nIt wouldn't be the first time if they were too greedy. During the dot-com bubble for example, they were caught by their emotions as well. The '90s was an abnormally strong decade in terms of earnings growth for the S&P 500. As such, analysts totally forgot that downward cycles exist as well. They increased their annual EPS growth guidance to a staggering 15% for the five years following 2000. According to them, this high growth rate justified the record P/E multiples stocks were trading at and many investors got tricked into that story.\nWhat happened afterwards? The economy didn't boom, it fell into a recession which took 3 years to recover from. Earnings in 2003 were almost 50% lower than what analysts had been predicting in 2000.\nAs markets were priced to analyst expectations instead of taking into account a possible downturn, the S&P 500 crashed and took 7 years to recover.\nSource: Insider Opportunities based on S&P Global data and Yardeni; adjusted EPS is used\nLet's get back to today... The P/E of the S&P 500 currently stands at 25.4x, which is extremely high compared to historical levels. This gets justified by the common belief that earnings will continue rising significantly. As such, the ratio would fall to an acceptable 20.7x by the end of 2022.\nNow ask yourself how likely it is that earnings growth will continue to grow at higher levels than the historical average over the coming quarters.\nInterest rates are already at 0%. The money printer is running out of paper. Federal debt levels are hitting their ceilings. Pent-up demand and stimuli cheques already led to record-high consumer spending over the past quarters.\nMaybe, just maybe, analysts are being too greedy with their assumptions? Maybe the recent economic recovery is unsustainable and set to cool down? Maybe my assumptions (grey line) are much more likely than what the market is predicting (red line)? If so, the market is trading at a fwd 2022 P/E of 23.6x, which is really expensive.\nI'm not sure this will happen, nobody is. But it sure as hell is a probability.\nSource: Insider Opportunities based on S&P Global data and Yardeni; adjusted EPS is used\nThis greediness also gets reflected in the charts. As you can see in the chart below, a bull market can be split into four cycles. Strong growth, bear trap, media attention and greed.\nInterestingly, the 2013-2021 bull market is playing out almost identically as the 1994-2000 bull market. At this moment, the Nasdaq Index (QQQ) looks to be ready to start the last extreme greed phase. The media is approaching the recent rally as \"the new normal\" and investors are FOMO buying heavily because stocks \"can only go up\". As such, it is likely that the Nasdaq will rise close to $20,000 in the last months of 2021.\nAs a long-term investor, it is extremely important to understand these dynamics. You will probably feel the urge to go all-in in risky assets as well. However, getting greedy during this phase could be a major threat for your long term returns as it will likely be followed by a major bear market.\nSource: Insider Opportunities with Tradingview\nHuman behavior makes it extremely challenging to not get distracted by market sentiment. If you can keep an objective view on markets, it will benefit your returns drastically.\n2. Keep investing, there are always opportunities\nIn short, rule #1 says that your decisions should never be led by emotions and that you should keep focusing on underlying fundamentals. As the market is getting greedy today and valuations reach extreme levels it implies that you should start selling stocks and hold a lot of cash, right?\nNot really... You know, a wise man once said the following:\n\nIt's a market of stocks, not a stock market.\n\nI'm not entirely sure who came up with it. But it must be a wise man, for sure.\nWhat does it mean? Look, many retail investors buy/sell stocks based on how the outlook for the general market looks like. If they don't trust the markets, they will be reluctant to invest, no matter what.\nThat's not a great way of looking at markets. There are almost 4,000 stocks available and there will always be interesting investment opportunities to generate great returns, no matter how the market evolves.\nIn a generally overvalued market it gets increasingly challenging to find undervalued stocks, but certainly not impossible. Ask Warren Buffett. In 2000, the most overvalued stock market in history, his investment vehicle Berkshire Hathaway (BRK.A) (BRK.B) kept buying high-quality, undervalued assets. His dedication paid off with an impressive return of 47% five years after the dot-com peak compared to -39% for the Nasdaq index.\nThe Russell 2000 (IWM), an index reflecting US small caps, was very attractive during the dot-com bubble as well, trading at a P/E of 16x (vs 24x for large caps) going into 2000. Those who invested in this undervalued asset class during the bubble also generated very solid returns. Those who were able to pick out the greatest small caps were a lot happier than those who got tricked into overhyped tech stocks, I can imagine.\nData by YCharts\nSo what should you do today? I would suggest re-evaluating all your portfolio holdings. Weigh their valuation compared to earnings 3 years from now, when Covid-19 disruptions (stimuli, pent-up demand, etc.) are gone. Be conservative with your assumptions. If a stock is significantly overvalued compared to those assumptions, don't be greedy and sell out the position.\nA great example is Apple Inc. (AAPL), one of the most popular stocks this year. As a consequence of its very strong financials (revenue grew 36.4% last quarter), its P/E ratio more than doubled over the past two years to 30x. It is important to understand that its recent growth primarily accelerated due to unsustainable drivers such as the several rounds of stimuli cheques. Once this fades away, Apple's growth is likely to fall back to single digits (or might even go negative in the short term) and returns would be very weak going forward.\nDon't keep all that freed up capital in cash, especially in the current inflationary environment. There are still opportunities to re-invest that money. In my opinion, small caps are the most attractive asset class today just like they were in 2000. After its recent underperformance, the Russell 2000 (representing all US small caps) is trading at a P/E of 15.6x today. This is much lower than both the S&P 500 Index and its historical average. There are plenty of small-cap opportunities out there which will generate great returns going forward.\nSource: Yardeni\n3. Adopt a proven investment strategy to pick stocks\nRule #1 and #2 look very good on paper, but are very hard to execute in reality. When push comes to shove, it's very tough to deny your emotions and to find interesting investment opportunities in an overvalued market.\nThat's where #3 comes into play: adopt a proven investment strategy.\nWith the upcoming challenges in the stock market, I believe it has never been as important as today to follow a pre-determined strategy on which you can rely during a highly uncertain market environment. If you use a strategy which worked well in the past, you'll feel great in each market environment.\nThere are many strategies that could work for you, as long as you stick to it. We strongly believe that our under-appreciated strategy at Insider Opportunities will be very valuable in the coming years.\nTo find attractive investment opportunities, we follow insider purchases each day. Insiders are the CFOs, CEOs, board members, etc. who know their business better than anyone else in the market. If they see a disconnection between the share price and the business fundamentals, they can purchase shares to generate profits. You can follow the purchases of this so-called \"smart money\" on a daily basis through SEC filings or websites like openinsider.com.\nWe don't just follow up insider purchases. We created three algorithms based on more than a million of data points over the past decade to pick the greatest ones out of all insider purchases. As such, we stick to a pre-determined plan to only buy stocks that are attractive based on specific fundamentals, called \"golden picks\".\nIt worked tremendously in the past. Our back-test shows that the strategy generated annualized returns of 47.2% over the past decade, tripling the S&P 500 index. Only in 2011 it slightly underperformed the market.\nSource: Insider Opportunities\n\nWe firmly believe that this revolutionary strategy will continue generating wealth for us in the stock market, regardless of how the market performs. Find yourself a strict, proven strategy like ours on which you can rely during the upcoming uncertainties.\nConclusion: Do this at all-time highs\nMost stock market investors are resting on their laurels when all-time highs are being reached. Above all, nothing can go wrong in such a bullish market, right?\nNo, that's not how it works. Markets evolve in cycles and those who don't acknowledge the importance of adapting to these cycles will be struck at weak long-term returns.\nHow should you approach today's all-time highs to keep generating wealth going forward? Here are my three golden rules:\n\nDon't get greedy.As a consequence of emotional behavior, you will want to take higher risks when markets are rallying. Never follow these emotions and always keep focused on the fundamentals.\nKeep being invested.Don't get reluctant to invest in stocks just because markets are getting overvalued. Acknowledge that it's a market of stocks, not a stock market. There are always great opportunities in each market environment. Today, they are mostly available in under-the-radar small caps.\nAdopt a proven strategy.Investing is not easy, especially when things are starting to move southwards. Adopting a strict, proven investment strategy can make life much easier and improve returns significantly.","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":1568,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":147528508,"gmtCreate":1626365190704,"gmtModify":1631893361414,"author":{"id":"3581769182401186","authorId":"3581769182401186","name":"KwokMeng","avatar":"https://static.tigerbbs.com/790a9b3a4d108ba92f4d9a18efdaaf86","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581769182401186","idStr":"3581769182401186"},"themes":[],"htmlText":"Something is coming….🤔","listText":"Something is coming….🤔","text":"Something is coming….🤔","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/147528508","repostId":"1109408846","repostType":4,"isVote":1,"tweetType":1,"viewCount":384,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802670272,"gmtCreate":1627779714596,"gmtModify":1631883986263,"author":{"id":"3581769182401186","authorId":"3581769182401186","name":"KwokMeng","avatar":"https://static.tigerbbs.com/790a9b3a4d108ba92f4d9a18efdaaf86","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581769182401186","idStr":"3581769182401186"},"themes":[],"htmlText":"Just invest in the amount that you can afford to lose. 😉","listText":"Just invest in the amount that you can afford to lose. 😉","text":"Just invest in the amount that you can afford to lose. 😉","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/802670272","repostId":"1127411624","repostType":4,"repost":{"id":"1127411624","kind":"news","pubTimestamp":1627715622,"share":"https://www.laohu8.com/m/news/1127411624?lang=zh_CN&edition=full","pubTime":"2021-07-31 15:13","market":"us","language":"en","title":"Here’s your to-do list before the stock market’s next dive<blockquote>这是股市下一次暴跌之前您的待办事项清单</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1127411624","media":"MarketWatch","summary":"After hibernating for months, the stock-market bears came out of their caves on July 19. That day, t","content":"<p>After hibernating for months, the stock-market bears came out of their caves on July 19. That day, the Dow Jones Industrial AverageDJIA,-0.42%tumbled 725 points or 2.1%. The bears hit a home run — at least for a day.</p><p><blockquote>经过数月的冬眠，股市空头于7月19日走出洞穴。当天，道琼斯工业平均指数DJIA下跌725点，跌幅2.1%，-0.42%。熊队打出了一个本垒打——至少一天。</blockquote></p><p> As usual, everyone wanted to know why the market fell, and the analysts had prepared answers, from COVID-19’s Delta variant to the Consumer Price Index to overbought technical indicators.</p><p><blockquote>像往常一样，每个人都想知道市场下跌的原因，分析师们已经准备好了答案，从COVID-19的德尔塔变异毒株到消费者价格指数，再到超买的技术指标。</blockquote></p><p> The truth is that nobody knows. People have multiple reasons for selling, so it’s ridiculous to blame one event. That said, a big contributor to the decline was automatic, computer-generated selling. Once large market participants, especially algos, started selling, there was a mad rush out of the door. No one wanted to be the last one out, so retail traders and institutions sold in a panic, which got more intense as the day went on.</p><p><blockquote>事实是没人知道。人们出售有多种原因，因此将责任归咎于一个事件是荒谬的。也就是说，下降的一个重要原因是计算机生成的自动销售。一旦大型市场参与者，尤其是算法，开始抛售，就会疯狂地冲出门外。没有人想成为最后一个出局的人，因此散户和机构在恐慌中抛售，随着时间的推移，恐慌情绪变得更加强烈。</blockquote></p><p> Technical indicators contributed as well: The weekly relative strength indicator (RSI) has been remarkably accurate in warning of a market reversal. Once RSI goes over 70 and stays there, buyers beware.&nbsp; After the July 26 market close, the RSI of the S&amp;P 500SPX,-0.54%stood at 71.36 on the weekly chart — an extremely overbought reading. Does this mean that the index is going to plunge tomorrow? No one knows. But RSI is giving a clue that the U.S. market is in the danger zone.</p><p><blockquote>技术指标也做出了贡献：每周相对强弱指标（RSI）在警告市场逆转方面非常准确。一旦RSI超过70并保持在那里，买家就要小心了。7月26日收盘后，标准普尔500SPX的RSI，-0.54%在周线图上站在71.36——这是一个极度超买的读数。这是不是意味着指数明天要暴跌了？没人知道。但RSI给出了美国市场处于危险区域的线索。</blockquote></p><p> <b>The bad news bears can’t catch a break</b></p><p><blockquote><b>坏消息空头无法休息</b></blockquote></p><p> Before the bears could say, “I told you so,” the next day, July 20, the 700-plus point Dow selloff was erased by a 550-point Dow rally. The bulls forgot about the selloff and returned to celebrating, and gulping glass after glass of their favorite drink, “bull-ade.” Once again, the storm passed, but this time a little fear creeped into the bulls’ psyche. Before, the only fear was the fear of missing out on the next rally. Now, many investors realize the market can actually go down.</p><p><blockquote>在空头说“我告诉过你”之前，第二天，即7月20日，道琼斯指数700多点的抛售被道琼斯指数550点的反弹抹去了。多头忘记了抛售，重新开始庆祝，一杯又一杯地喝着他们最喜欢的饮料“bull-ade”。风暴又一次过去了，但这一次有点恐惧爬进了公牛的心灵。之前，唯一的恐惧是害怕错过下一次反弹。现在，许多投资者意识到市场实际上可能会下跌。</blockquote></p><p> <b>What to do now</b></p><p><blockquote><b>现在怎么办</b></blockquote></p><p> The next time the market plunges and you’re experiencing a variety of emotions, the following guide might help:</p><p><blockquote>下次市场暴跌并且您正在经历各种情绪时，以下指南可能会有所帮助：</blockquote></p><p> <b>1. If you’re panicked</b>: Don’t do something; sit there. Do not buy, do not sell, just sit tight. In fact, turn off the computer or other devices. Don’t fret over how much paper money you lost that day. Exercise, walk, run, swim, ride a bike. Your goal is to reduce emotions so you can get a good night’s sleep. When the market stabilizes, reevaluate what you own. Do not make any big financial decisions on days like this.</p><p><blockquote><b>1.如果你感到恐慌</b>：不做某事；坐在那里。不买，不卖，坐稳。事实上，关掉电脑或其他设备。不要担心那天你丢了多少纸币。锻炼，散步，跑步，游泳，骑自行车。你的目标是减少情绪，这样你就能睡个好觉。当市场稳定时，重新评估你所拥有的。在这样的日子里，不要做任何重大的财务决定。</blockquote></p><p> <b>2. If you’re afraid</b>: Take it easy. The selloff will end eventually. There is no reason to panic. Again, reevaluate what you own when the market comes to its senses.</p><p><blockquote><b>2.如果你害怕</b>：放轻松。抛售最终会结束。没有理由恐慌。同样，当市场恢复理智时，重新评估你所拥有的东西。</blockquote></p><p> <b>3. If you’re unaffected:</b>Still, check your portfolio to make sure you are properly diversified. While it’s find to not care if the market falls, be sure you are hedged for a worst-case scenario. One day there will be a bear market that will last months or years. Be prepared.</p><p><blockquote><b>3.如果您没有受到影响：</b>不过，请检查您的投资组合以确保您的投资组合适当多元化。虽然人们发现不要关心市场是否下跌，但要确保你为最坏的情况做好了对冲。总有一天会出现持续数月或数年的熊市。做好准备。</blockquote></p><p> <b>What specific actions should you take?</b></p><p><blockquote><b>你应该采取什么具体行动？</b></blockquote></p><p> Now that you’ve taken care of your emotional health, there are other financial decisions you can make. Let’s take a look atsome strategies and tacticsthat may help:</p><p><blockquote>既然你已经照顾好了自己的情绪健康，你还可以做出其他的财务决定。让我们来看看一些可能有帮助的战略和战术：</blockquote></p><p> <ol>  <li>Sell if the stocks or indexes you own fall below their 200-day moving averages. Note: The major indexes such as the Standard &amp; Poor’s 500SPX,-0.54%have not fallen below (and stayed below) their 200-day averages for a decade. When they do eventually, that is a clear sell signal.</li>  <li>Create a long-term investment plan and follow it no matter what happens in the short term.</li>  <li>Dollar-cost average into index funds.</li>  <li>Diversify. This is the key to success in the stock market and in life. If you own only stocks, consider bonds, but talk to a financial professional (not your neighbor) before taking this step.</li>  <li>Buy the big dips. This strategy still works. If you had bought the dip on July 19, you would have cleaned up on July 20. One day this strategy won’t work, but that day hasn’t come yet.</li>  <li>Sell covered-call options. This is still an excellent way to generate extra income. This strategy is also ideal for disposing of unwanted stocks, and getting paid for it.</li> </ol> <b>Plan for the next correction or bear market</b></p><p><blockquote><ol><li>如果您持有的股票或指数跌破200日移动平均线，则卖出。注：标准普尔500SPX,-0.54%等主要指数十年来没有跌破（并保持在低于）200日平均水平。当他们最终这样做时，这是一个明确的卖出信号。</li><li>制定一个长期投资计划，无论短期内发生什么都要遵循它。</li><li>指数基金的平均成本。</li><li>多样化。这是股市和人生成功的关键。如果您只持有股票，请考虑债券，但在采取这一步骤之前请与金融专业人士（而不是您的邻居）交谈。</li><li>逢低买入。这个策略仍然有效。如果你在7月19日逢低买入，你就会在7月20日清理干净。总有一天这种策略行不通了，但那一天还没有到来。</li><li>出售备兑看涨期权期权。这仍然是产生额外收入的绝佳方式。这种策略也非常适合处理不需要的股票并获得报酬。</li></ol><b>为下一次调整或熊市做好计划</b></blockquote></p><p> After a 13-year bull market, the clock is ticking for U.S. stocks. While the bulls scored another victory this time, one day the market won’t reverse direction and will begin a steep correction, or worse yet, a bear market. That’s when you will be glad that you have a plan and an investment script to follow on the worst days.</p><p><blockquote>在经历了13年的牛市之后，美国股市的时间已经不多了。虽然多头这次又取得了胜利，但有一天市场不会逆转方向，将开始急剧调整，或者更糟的是，进入熊市。那时你会很高兴你有一个计划和一个在最糟糕的日子里可以遵循的投资脚本。</blockquote></p><p> Know what you own, sell to the “sleep-well” point and diversify into a variety of financial products including cash and bonds. This way, when the market plunges again, you won’t make knee-jerk emotional decisions or suffer an anxiety attack.</p><p><blockquote>了解您拥有什么，将其出售到“睡眠良好”点，并多元化投资于包括现金和债券在内的各种金融产品。这样，当市场再次暴跌时，你就不会做出下意识的情绪化决定或遭受焦虑发作。</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>Here’s your to-do list before the stock market’s next dive<blockquote>这是股市下一次暴跌之前您的待办事项清单</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\">\nHere’s your to-do list before the stock market’s next dive<blockquote>这是股市下一次暴跌之前您的待办事项清单</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-07-31 15:13</span>\n</p>\n</h4>\n</header>\n<article>\n<p>After hibernating for months, the stock-market bears came out of their caves on July 19. That day, the Dow Jones Industrial AverageDJIA,-0.42%tumbled 725 points or 2.1%. The bears hit a home run — at least for a day.</p><p><blockquote>经过数月的冬眠，股市空头于7月19日走出洞穴。当天，道琼斯工业平均指数DJIA下跌725点，跌幅2.1%，-0.42%。熊队打出了一个本垒打——至少一天。</blockquote></p><p> As usual, everyone wanted to know why the market fell, and the analysts had prepared answers, from COVID-19’s Delta variant to the Consumer Price Index to overbought technical indicators.</p><p><blockquote>像往常一样，每个人都想知道市场下跌的原因，分析师们已经准备好了答案，从COVID-19的德尔塔变异毒株到消费者价格指数，再到超买的技术指标。</blockquote></p><p> The truth is that nobody knows. People have multiple reasons for selling, so it’s ridiculous to blame one event. That said, a big contributor to the decline was automatic, computer-generated selling. Once large market participants, especially algos, started selling, there was a mad rush out of the door. No one wanted to be the last one out, so retail traders and institutions sold in a panic, which got more intense as the day went on.</p><p><blockquote>事实是没人知道。人们出售有多种原因，因此将责任归咎于一个事件是荒谬的。也就是说，下降的一个重要原因是计算机生成的自动销售。一旦大型市场参与者，尤其是算法，开始抛售，就会疯狂地冲出门外。没有人想成为最后一个出局的人，因此散户和机构在恐慌中抛售，随着时间的推移，恐慌情绪变得更加强烈。</blockquote></p><p> Technical indicators contributed as well: The weekly relative strength indicator (RSI) has been remarkably accurate in warning of a market reversal. Once RSI goes over 70 and stays there, buyers beware.&nbsp; After the July 26 market close, the RSI of the S&amp;P 500SPX,-0.54%stood at 71.36 on the weekly chart — an extremely overbought reading. Does this mean that the index is going to plunge tomorrow? No one knows. But RSI is giving a clue that the U.S. market is in the danger zone.</p><p><blockquote>技术指标也做出了贡献：每周相对强弱指标（RSI）在警告市场逆转方面非常准确。一旦RSI超过70并保持在那里，买家就要小心了。7月26日收盘后，标准普尔500SPX的RSI，-0.54%在周线图上站在71.36——这是一个极度超买的读数。这是不是意味着指数明天要暴跌了？没人知道。但RSI给出了美国市场处于危险区域的线索。</blockquote></p><p> <b>The bad news bears can’t catch a break</b></p><p><blockquote><b>坏消息空头无法休息</b></blockquote></p><p> Before the bears could say, “I told you so,” the next day, July 20, the 700-plus point Dow selloff was erased by a 550-point Dow rally. The bulls forgot about the selloff and returned to celebrating, and gulping glass after glass of their favorite drink, “bull-ade.” Once again, the storm passed, but this time a little fear creeped into the bulls’ psyche. Before, the only fear was the fear of missing out on the next rally. Now, many investors realize the market can actually go down.</p><p><blockquote>在空头说“我告诉过你”之前，第二天，即7月20日，道琼斯指数700多点的抛售被道琼斯指数550点的反弹抹去了。多头忘记了抛售，重新开始庆祝，一杯又一杯地喝着他们最喜欢的饮料“bull-ade”。风暴又一次过去了，但这一次有点恐惧爬进了公牛的心灵。之前，唯一的恐惧是害怕错过下一次反弹。现在，许多投资者意识到市场实际上可能会下跌。</blockquote></p><p> <b>What to do now</b></p><p><blockquote><b>现在怎么办</b></blockquote></p><p> The next time the market plunges and you’re experiencing a variety of emotions, the following guide might help:</p><p><blockquote>下次市场暴跌并且您正在经历各种情绪时，以下指南可能会有所帮助：</blockquote></p><p> <b>1. If you’re panicked</b>: Don’t do something; sit there. Do not buy, do not sell, just sit tight. In fact, turn off the computer or other devices. Don’t fret over how much paper money you lost that day. Exercise, walk, run, swim, ride a bike. Your goal is to reduce emotions so you can get a good night’s sleep. When the market stabilizes, reevaluate what you own. Do not make any big financial decisions on days like this.</p><p><blockquote><b>1.如果你感到恐慌</b>：不做某事；坐在那里。不买，不卖，坐稳。事实上，关掉电脑或其他设备。不要担心那天你丢了多少纸币。锻炼，散步，跑步，游泳，骑自行车。你的目标是减少情绪，这样你就能睡个好觉。当市场稳定时，重新评估你所拥有的。在这样的日子里，不要做任何重大的财务决定。</blockquote></p><p> <b>2. If you’re afraid</b>: Take it easy. The selloff will end eventually. There is no reason to panic. Again, reevaluate what you own when the market comes to its senses.</p><p><blockquote><b>2.如果你害怕</b>：放轻松。抛售最终会结束。没有理由恐慌。同样，当市场恢复理智时，重新评估你所拥有的东西。</blockquote></p><p> <b>3. If you’re unaffected:</b>Still, check your portfolio to make sure you are properly diversified. While it’s find to not care if the market falls, be sure you are hedged for a worst-case scenario. One day there will be a bear market that will last months or years. Be prepared.</p><p><blockquote><b>3.如果您没有受到影响：</b>不过，请检查您的投资组合以确保您的投资组合适当多元化。虽然人们发现不要关心市场是否下跌，但要确保你为最坏的情况做好了对冲。总有一天会出现持续数月或数年的熊市。做好准备。</blockquote></p><p> <b>What specific actions should you take?</b></p><p><blockquote><b>你应该采取什么具体行动？</b></blockquote></p><p> Now that you’ve taken care of your emotional health, there are other financial decisions you can make. Let’s take a look atsome strategies and tacticsthat may help:</p><p><blockquote>既然你已经照顾好了自己的情绪健康，你还可以做出其他的财务决定。让我们来看看一些可能有帮助的战略和战术：</blockquote></p><p> <ol>  <li>Sell if the stocks or indexes you own fall below their 200-day moving averages. Note: The major indexes such as the Standard &amp; Poor’s 500SPX,-0.54%have not fallen below (and stayed below) their 200-day averages for a decade. When they do eventually, that is a clear sell signal.</li>  <li>Create a long-term investment plan and follow it no matter what happens in the short term.</li>  <li>Dollar-cost average into index funds.</li>  <li>Diversify. This is the key to success in the stock market and in life. If you own only stocks, consider bonds, but talk to a financial professional (not your neighbor) before taking this step.</li>  <li>Buy the big dips. This strategy still works. If you had bought the dip on July 19, you would have cleaned up on July 20. One day this strategy won’t work, but that day hasn’t come yet.</li>  <li>Sell covered-call options. This is still an excellent way to generate extra income. This strategy is also ideal for disposing of unwanted stocks, and getting paid for it.</li> </ol> <b>Plan for the next correction or bear market</b></p><p><blockquote><ol><li>如果您持有的股票或指数跌破200日移动平均线，则卖出。注：标准普尔500SPX,-0.54%等主要指数十年来没有跌破（并保持在低于）200日平均水平。当他们最终这样做时，这是一个明确的卖出信号。</li><li>制定一个长期投资计划，无论短期内发生什么都要遵循它。</li><li>指数基金的平均成本。</li><li>多样化。这是股市和人生成功的关键。如果您只持有股票，请考虑债券，但在采取这一步骤之前请与金融专业人士（而不是您的邻居）交谈。</li><li>逢低买入。这个策略仍然有效。如果你在7月19日逢低买入，你就会在7月20日清理干净。总有一天这种策略行不通了，但那一天还没有到来。</li><li>出售备兑看涨期权期权。这仍然是产生额外收入的绝佳方式。这种策略也非常适合处理不需要的股票并获得报酬。</li></ol><b>为下一次调整或熊市做好计划</b></blockquote></p><p> After a 13-year bull market, the clock is ticking for U.S. stocks. While the bulls scored another victory this time, one day the market won’t reverse direction and will begin a steep correction, or worse yet, a bear market. That’s when you will be glad that you have a plan and an investment script to follow on the worst days.</p><p><blockquote>在经历了13年的牛市之后，美国股市的时间已经不多了。虽然多头这次又取得了胜利，但有一天市场不会逆转方向，将开始急剧调整，或者更糟的是，进入熊市。那时你会很高兴你有一个计划和一个在最糟糕的日子里可以遵循的投资脚本。</blockquote></p><p> Know what you own, sell to the “sleep-well” point and diversify into a variety of financial products including cash and bonds. This way, when the market plunges again, you won’t make knee-jerk emotional decisions or suffer an anxiety attack.</p><p><blockquote>了解您拥有什么，将其出售到“睡眠良好”点，并多元化投资于包括现金和债券在内的各种金融产品。这样，当市场再次暴跌时，你就不会做出下意识的情绪化决定或遭受焦虑发作。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/heres-your-to-do-list-before-the-stock-markets-next-dive-11627360870?mod=article_inline\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯","SPY":"标普500ETF",".SPX":"S&P 500 Index"},"source_url":"https://www.marketwatch.com/story/heres-your-to-do-list-before-the-stock-markets-next-dive-11627360870?mod=article_inline","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1127411624","content_text":"After hibernating for months, the stock-market bears came out of their caves on July 19. That day, the Dow Jones Industrial AverageDJIA,-0.42%tumbled 725 points or 2.1%. The bears hit a home run — at least for a day.\nAs usual, everyone wanted to know why the market fell, and the analysts had prepared answers, from COVID-19’s Delta variant to the Consumer Price Index to overbought technical indicators.\nThe truth is that nobody knows. People have multiple reasons for selling, so it’s ridiculous to blame one event. That said, a big contributor to the decline was automatic, computer-generated selling. Once large market participants, especially algos, started selling, there was a mad rush out of the door. No one wanted to be the last one out, so retail traders and institutions sold in a panic, which got more intense as the day went on.\nTechnical indicators contributed as well: The weekly relative strength indicator (RSI) has been remarkably accurate in warning of a market reversal. Once RSI goes over 70 and stays there, buyers beware.  After the July 26 market close, the RSI of the S&P 500SPX,-0.54%stood at 71.36 on the weekly chart — an extremely overbought reading. Does this mean that the index is going to plunge tomorrow? No one knows. But RSI is giving a clue that the U.S. market is in the danger zone.\nThe bad news bears can’t catch a break\nBefore the bears could say, “I told you so,” the next day, July 20, the 700-plus point Dow selloff was erased by a 550-point Dow rally. The bulls forgot about the selloff and returned to celebrating, and gulping glass after glass of their favorite drink, “bull-ade.” Once again, the storm passed, but this time a little fear creeped into the bulls’ psyche. Before, the only fear was the fear of missing out on the next rally. Now, many investors realize the market can actually go down.\nWhat to do now\nThe next time the market plunges and you’re experiencing a variety of emotions, the following guide might help:\n1. If you’re panicked: Don’t do something; sit there. Do not buy, do not sell, just sit tight. In fact, turn off the computer or other devices. Don’t fret over how much paper money you lost that day. Exercise, walk, run, swim, ride a bike. Your goal is to reduce emotions so you can get a good night’s sleep. When the market stabilizes, reevaluate what you own. Do not make any big financial decisions on days like this.\n2. If you’re afraid: Take it easy. The selloff will end eventually. There is no reason to panic. Again, reevaluate what you own when the market comes to its senses.\n3. If you’re unaffected:Still, check your portfolio to make sure you are properly diversified. While it’s find to not care if the market falls, be sure you are hedged for a worst-case scenario. One day there will be a bear market that will last months or years. Be prepared.\nWhat specific actions should you take?\nNow that you’ve taken care of your emotional health, there are other financial decisions you can make. Let’s take a look atsome strategies and tacticsthat may help:\n\nSell if the stocks or indexes you own fall below their 200-day moving averages. Note: The major indexes such as the Standard & Poor’s 500SPX,-0.54%have not fallen below (and stayed below) their 200-day averages for a decade. When they do eventually, that is a clear sell signal.\nCreate a long-term investment plan and follow it no matter what happens in the short term.\nDollar-cost average into index funds.\nDiversify. This is the key to success in the stock market and in life. If you own only stocks, consider bonds, but talk to a financial professional (not your neighbor) before taking this step.\nBuy the big dips. This strategy still works. If you had bought the dip on July 19, you would have cleaned up on July 20. One day this strategy won’t work, but that day hasn’t come yet.\nSell covered-call options. This is still an excellent way to generate extra income. This strategy is also ideal for disposing of unwanted stocks, and getting paid for it.\n\nPlan for the next correction or bear market\nAfter a 13-year bull market, the clock is ticking for U.S. stocks. While the bulls scored another victory this time, one day the market won’t reverse direction and will begin a steep correction, or worse yet, a bear market. That’s when you will be glad that you have a plan and an investment script to follow on the worst days.\nKnow what you own, sell to the “sleep-well” point and diversify into a variety of financial products including cash and bonds. This way, when the market plunges again, you won’t make knee-jerk emotional decisions or suffer an anxiety attack.","news_type":1,"symbols_score_info":{".IXIC":0.9,"SPY":0.9,".DJI":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":874,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":143180193,"gmtCreate":1625781100212,"gmtModify":1633937509007,"author":{"id":"3581769182401186","authorId":"3581769182401186","name":"KwokMeng","avatar":"https://static.tigerbbs.com/790a9b3a4d108ba92f4d9a18efdaaf86","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581769182401186","idStr":"3581769182401186"},"themes":[],"htmlText":"Why surprise? Everybody should expect a correction since the S&amp;P had rise so much…","listText":"Why surprise? Everybody should expect a correction since the S&amp;P had rise so much…","text":"Why surprise? Everybody should expect a correction since the S&P had rise so much…","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/143180193","repostId":"1162204971","repostType":4,"isVote":1,"tweetType":1,"viewCount":295,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":891640908,"gmtCreate":1628388352804,"gmtModify":1631889300587,"author":{"id":"3581769182401186","authorId":"3581769182401186","name":"KwokMeng","avatar":"https://static.tigerbbs.com/790a9b3a4d108ba92f4d9a18efdaaf86","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581769182401186","idStr":"3581769182401186"},"themes":[],"htmlText":"Sure. Those&nbsp;who bought Tesla,&nbsp;don’t expect the share price to reach&nbsp;$1200&nbsp;next week or next month.","listText":"Sure. Those&nbsp;who bought Tesla,&nbsp;don’t expect the share price to reach&nbsp;$1200&nbsp;next week or next month.","text":"Sure. Those who bought Tesla, don’t expect the share price to reach $1200 next week or next month.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/891640908","repostId":"1159872041","repostType":4,"repost":{"id":"1159872041","kind":"news","pubTimestamp":1628385224,"share":"https://www.laohu8.com/m/news/1159872041?lang=zh_CN&edition=full","pubTime":"2021-08-08 09:13","market":"us","language":"en","title":"Tesla Stock: Headed to $1,200?<blockquote>特斯拉股票：将升至1,200美元？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1159872041","media":"Motley Fool","summary":"Tesla deliveries more than doubled year over year in Q2.Rising demand for electric vehicles could benefit Tesla.Investors should exercise caution when it comes to analysts' price targets.It's been a wild year for Teslastock. When the year started, shares initially surged more than 20%. But the stock has now given up all of those gains, with a year-to-date return of negative 1%. This means the stock has significantly underperformed the S&P 500's 18% gain this year.In February,Piper Sandler analys","content":"<p><b>Key Points</b></p><p><blockquote><b>要点</b></blockquote></p><p> <ul>  <li>Tesla deliveries more than doubled year over year in Q2.</li>  <li>Rising demand for electric vehicles could benefit Tesla.</li>  <li>Investors should exercise caution when it comes to analysts' price targets.</li> </ul> It's been a wild year for&nbsp;<b>Tesla</b>(NASDAQ:TSLA)stock. When the year started, shares initially surged more than 20%. But the stock has now given up all of those gains, with a year-to-date return of negative 1%. This means the stock has significantly underperformed the&nbsp;<b>S&amp;P 500</b>'s 18% gain this year.</p><p><blockquote><ul><li>特斯拉第二季度的交付量同比增长了一倍多。</li><li>电动汽车需求的增长可能有利于特斯拉。</li><li>投资者在考虑分析师的目标价时应保持谨慎。</li></ul>这是疯狂的一年<b>特斯拉</b>（纳斯达克：TSLA）股票。今年年初，股价最初飙升超过20%。但该股现在已经回吐了所有涨幅，今年迄今的回报率为负1%。这意味着该股的表现明显落后于<b>标普500</b>今年增长了18%。</blockquote></p><p> But one analyst thinks the stock could take off.</p><p><blockquote>但一位分析师认为该股可能会起飞。</blockquote></p><p> <b>\"We still really like this stock.\"</b></p><p><blockquote><b>“我们仍然非常喜欢这只股票。”</b></blockquote></p><p> In February,<b>Piper Sandler</b>&nbsp;analyst Alexander Pottermade a bold call, boosting his 12-month price target for thegrowth stockfrom $515 to $1,200. He said Tesla deliveries could increase from 500,000 vehicles in 2020 to nearly 900,000 this year. Of course, this projection was made before global supply shortages worsened. Nevertheless, Tesla is growing extremely rapidly. The company's second-quarter deliveries more than doubled compared to the year-ago quarter, rising to 201,304.</p><p><blockquote>2月份，<b>派珀·桑德勒</b>分析师Alexander Potter做出了大胆的看涨期权，将这只成长型股票的12个月目标价从515美元上调至1,200美元。他表示，特斯拉的交付量可能会从2020年的50万辆增加到今年的近90万辆。当然，这一预测是在全球供应短缺恶化之前做出的。尽管如此，特斯拉的增长速度极快。该公司第二季度的交付量比去年同期增长了一倍多，达到201,304辆。</blockquote></p><p> Following Tesla's second-quarter earnings release late last month, the analyst reiterated this target, noting that the company looks poised to benefit from market share gains, the monetization of the company's Autopilot software, and \"underappreciated opportunities\" in Tesla's energy business, which includes revenue from battery energy storage and solar energy generation products.</p><p><blockquote>继特斯拉上月底发布第二季度财报后，该分析师重申了这一目标，并指出该公司似乎有望受益于市场份额的增长、该公司自动驾驶软件的货币化以及特斯拉能源业务中“未被充分重视的机会”，其中包括电池储能和太阳能发电产品的收入。</blockquote></p><p> Further, Potter pointed to Tesla's strong second-quarter operating margin of 11%, which he expects will see incremental improvement from Tesla's recently launched Autopilot subscription.</p><p><blockquote>此外，波特指出，特斯拉第二季度营业利润率强劲，为11%，他预计特斯拉最近推出的Autopilot订阅将带来增量改善。</blockquote></p><p> On Aug. 3, Potter once again reiterated an overweight rating on the stock and a $1,200 price target, saying \"We still really like this stock.\" He pointed to growing demand for battery electric vehicles overall.</p><p><blockquote>8月3日，波特再次重申了跑赢大盘对该股的评级和1200美元的目标价，称“我们仍然非常喜欢这只股票”。他指出，总体而言，对纯电动汽车的需求不断增长。</blockquote></p><p> <b>So what gives?</b></p><p><blockquote><b>那么是什么给了？</b></blockquote></p><p> If shares could truly rise to $1,200, why do so many investors seem to think the stock is worth so much less (based on the stock's price of just under $700 at the time of this writing). After all, if $1,200 was generally viewed by investors as a likely outcome for Tesla stock within the next 12 months, shares would be trading significantly higher today.</p><p><blockquote>如果股价真的能涨到1200美元，为什么这么多投资者似乎认为该股的价值如此之低（基于撰写本文时该股的价格略低于700美元）。毕竟，如果投资者普遍认为特斯拉股票在未来12个月内可能达到1,200美元，那么今天的股价将大幅走高。</blockquote></p><p> The issue boils down to the stock's forward-looking valuation. With a price-to-earnings ratio of about 370 at the time of this writing, Tesla shares are largely priced for strong growth for years to come. Since the company's valuation is based largely on profits far into the future, slight variances in views for Tesla's future growth trajectory yield dramatically different assumptions about the stock's intrinsic value today.</p><p><blockquote>问题归结为股票的前瞻性估值。截至撰写本文时，特斯拉股价的市盈率约为370，很大程度上预计未来几年将强劲增长。由于该公司的估值很大程度上基于未来的利润，因此对特斯拉未来增长轨迹的看法略有差异，就会对该股目前的内在价值产生截然不同的假设。</blockquote></p><p> Investors, therefore, shouldn't be quick to buy Tesla stock just because one analyst has a high price target for shares. Still, Potter does notably have some good points about Tesla's strong business momentum. Even Tesla itself reiterated guidance for vehicle deliveries to grow more than 50% this year -- and that guidance was provided during a time that many companies around the world (including Tesla) are negatively impacted by supply chain shortages. Further, Tesla management noted in its second-quarter update that demand for its vehicles was at an all-time high going into Q3.</p><p><blockquote>因此，投资者不应仅仅因为一位分析师的股价目标较高就急于购买特斯拉股票。尽管如此，波特确实对特斯拉强劲的商业势头有一些优点。就连特斯拉本身也重申了今年汽车交付量增长50%以上的指导意见，而这一指导意见是在全球许多公司（包括特斯拉）都受到供应链短缺的负面影响之际提供的。此外，特斯拉管理层在第二季度更新中指出，进入第三季度，对其车辆的需求创历史新高。</blockquote></p><p> While a $1,200 price target for Tesla stock would be difficult to justify, shares may be trading low enough for investors to start a small position in the stock.</p><p><blockquote>虽然特斯拉股票1,200美元的目标价很难证明合理，但该股的交易价格可能足够低，投资者可以在该股建立少量头寸。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla Stock: Headed to $1,200?<blockquote>特斯拉股票：将升至1,200美元？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla Stock: Headed to $1,200?<blockquote>特斯拉股票：将升至1,200美元？</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\">2021-08-08 09:13</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Key Points</b></p><p><blockquote><b>要点</b></blockquote></p><p> <ul>  <li>Tesla deliveries more than doubled year over year in Q2.</li>  <li>Rising demand for electric vehicles could benefit Tesla.</li>  <li>Investors should exercise caution when it comes to analysts' price targets.</li> </ul> It's been a wild year for&nbsp;<b>Tesla</b>(NASDAQ:TSLA)stock. When the year started, shares initially surged more than 20%. But the stock has now given up all of those gains, with a year-to-date return of negative 1%. This means the stock has significantly underperformed the&nbsp;<b>S&amp;P 500</b>'s 18% gain this year.</p><p><blockquote><ul><li>特斯拉第二季度的交付量同比增长了一倍多。</li><li>电动汽车需求的增长可能有利于特斯拉。</li><li>投资者在考虑分析师的目标价时应保持谨慎。</li></ul>这是疯狂的一年<b>特斯拉</b>（纳斯达克：TSLA）股票。今年年初，股价最初飙升超过20%。但该股现在已经回吐了所有涨幅，今年迄今的回报率为负1%。这意味着该股的表现明显落后于<b>标普500</b>今年增长了18%。</blockquote></p><p> But one analyst thinks the stock could take off.</p><p><blockquote>但一位分析师认为该股可能会起飞。</blockquote></p><p> <b>\"We still really like this stock.\"</b></p><p><blockquote><b>“我们仍然非常喜欢这只股票。”</b></blockquote></p><p> In February,<b>Piper Sandler</b>&nbsp;analyst Alexander Pottermade a bold call, boosting his 12-month price target for thegrowth stockfrom $515 to $1,200. He said Tesla deliveries could increase from 500,000 vehicles in 2020 to nearly 900,000 this year. Of course, this projection was made before global supply shortages worsened. Nevertheless, Tesla is growing extremely rapidly. The company's second-quarter deliveries more than doubled compared to the year-ago quarter, rising to 201,304.</p><p><blockquote>2月份，<b>派珀·桑德勒</b>分析师Alexander Potter做出了大胆的看涨期权，将这只成长型股票的12个月目标价从515美元上调至1,200美元。他表示，特斯拉的交付量可能会从2020年的50万辆增加到今年的近90万辆。当然，这一预测是在全球供应短缺恶化之前做出的。尽管如此，特斯拉的增长速度极快。该公司第二季度的交付量比去年同期增长了一倍多，达到201,304辆。</blockquote></p><p> Following Tesla's second-quarter earnings release late last month, the analyst reiterated this target, noting that the company looks poised to benefit from market share gains, the monetization of the company's Autopilot software, and \"underappreciated opportunities\" in Tesla's energy business, which includes revenue from battery energy storage and solar energy generation products.</p><p><blockquote>继特斯拉上月底发布第二季度财报后，该分析师重申了这一目标，并指出该公司似乎有望受益于市场份额的增长、该公司自动驾驶软件的货币化以及特斯拉能源业务中“未被充分重视的机会”，其中包括电池储能和太阳能发电产品的收入。</blockquote></p><p> Further, Potter pointed to Tesla's strong second-quarter operating margin of 11%, which he expects will see incremental improvement from Tesla's recently launched Autopilot subscription.</p><p><blockquote>此外，波特指出，特斯拉第二季度营业利润率强劲，为11%，他预计特斯拉最近推出的Autopilot订阅将带来增量改善。</blockquote></p><p> On Aug. 3, Potter once again reiterated an overweight rating on the stock and a $1,200 price target, saying \"We still really like this stock.\" He pointed to growing demand for battery electric vehicles overall.</p><p><blockquote>8月3日，波特再次重申了跑赢大盘对该股的评级和1200美元的目标价，称“我们仍然非常喜欢这只股票”。他指出，总体而言，对纯电动汽车的需求不断增长。</blockquote></p><p> <b>So what gives?</b></p><p><blockquote><b>那么是什么给了？</b></blockquote></p><p> If shares could truly rise to $1,200, why do so many investors seem to think the stock is worth so much less (based on the stock's price of just under $700 at the time of this writing). After all, if $1,200 was generally viewed by investors as a likely outcome for Tesla stock within the next 12 months, shares would be trading significantly higher today.</p><p><blockquote>如果股价真的能涨到1200美元，为什么这么多投资者似乎认为该股的价值如此之低（基于撰写本文时该股的价格略低于700美元）。毕竟，如果投资者普遍认为特斯拉股票在未来12个月内可能达到1,200美元，那么今天的股价将大幅走高。</blockquote></p><p> The issue boils down to the stock's forward-looking valuation. With a price-to-earnings ratio of about 370 at the time of this writing, Tesla shares are largely priced for strong growth for years to come. Since the company's valuation is based largely on profits far into the future, slight variances in views for Tesla's future growth trajectory yield dramatically different assumptions about the stock's intrinsic value today.</p><p><blockquote>问题归结为股票的前瞻性估值。截至撰写本文时，特斯拉股价的市盈率约为370，很大程度上预计未来几年将强劲增长。由于该公司的估值很大程度上基于未来的利润，因此对特斯拉未来增长轨迹的看法略有差异，就会对该股目前的内在价值产生截然不同的假设。</blockquote></p><p> Investors, therefore, shouldn't be quick to buy Tesla stock just because one analyst has a high price target for shares. Still, Potter does notably have some good points about Tesla's strong business momentum. Even Tesla itself reiterated guidance for vehicle deliveries to grow more than 50% this year -- and that guidance was provided during a time that many companies around the world (including Tesla) are negatively impacted by supply chain shortages. Further, Tesla management noted in its second-quarter update that demand for its vehicles was at an all-time high going into Q3.</p><p><blockquote>因此，投资者不应仅仅因为一位分析师的股价目标较高就急于购买特斯拉股票。尽管如此，波特确实对特斯拉强劲的商业势头有一些优点。就连特斯拉本身也重申了今年汽车交付量增长50%以上的指导意见，而这一指导意见是在全球许多公司（包括特斯拉）都受到供应链短缺的负面影响之际提供的。此外，特斯拉管理层在第二季度更新中指出，进入第三季度，对其车辆的需求创历史新高。</blockquote></p><p> While a $1,200 price target for Tesla stock would be difficult to justify, shares may be trading low enough for investors to start a small position in the stock.</p><p><blockquote>虽然特斯拉股票1,200美元的目标价很难证明合理，但该股的交易价格可能足够低，投资者可以在该股建立少量头寸。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/08/07/tesla-stock-headed-to-1200/\">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":{"TSLA":"特斯拉"},"source_url":"https://www.fool.com/investing/2021/08/07/tesla-stock-headed-to-1200/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1159872041","content_text":"Key Points\n\nTesla deliveries more than doubled year over year in Q2.\nRising demand for electric vehicles could benefit Tesla.\nInvestors should exercise caution when it comes to analysts' price targets.\n\nIt's been a wild year for Tesla(NASDAQ:TSLA)stock. When the year started, shares initially surged more than 20%. But the stock has now given up all of those gains, with a year-to-date return of negative 1%. This means the stock has significantly underperformed the S&P 500's 18% gain this year.\nBut one analyst thinks the stock could take off.\n\"We still really like this stock.\"\nIn February,Piper Sandler analyst Alexander Pottermade a bold call, boosting his 12-month price target for thegrowth stockfrom $515 to $1,200. He said Tesla deliveries could increase from 500,000 vehicles in 2020 to nearly 900,000 this year. Of course, this projection was made before global supply shortages worsened. Nevertheless, Tesla is growing extremely rapidly. The company's second-quarter deliveries more than doubled compared to the year-ago quarter, rising to 201,304.\nFollowing Tesla's second-quarter earnings release late last month, the analyst reiterated this target, noting that the company looks poised to benefit from market share gains, the monetization of the company's Autopilot software, and \"underappreciated opportunities\" in Tesla's energy business, which includes revenue from battery energy storage and solar energy generation products.\nFurther, Potter pointed to Tesla's strong second-quarter operating margin of 11%, which he expects will see incremental improvement from Tesla's recently launched Autopilot subscription.\nOn Aug. 3, Potter once again reiterated an overweight rating on the stock and a $1,200 price target, saying \"We still really like this stock.\" He pointed to growing demand for battery electric vehicles overall.\nSo what gives?\nIf shares could truly rise to $1,200, why do so many investors seem to think the stock is worth so much less (based on the stock's price of just under $700 at the time of this writing). After all, if $1,200 was generally viewed by investors as a likely outcome for Tesla stock within the next 12 months, shares would be trading significantly higher today.\nThe issue boils down to the stock's forward-looking valuation. With a price-to-earnings ratio of about 370 at the time of this writing, Tesla shares are largely priced for strong growth for years to come. Since the company's valuation is based largely on profits far into the future, slight variances in views for Tesla's future growth trajectory yield dramatically different assumptions about the stock's intrinsic value today.\nInvestors, therefore, shouldn't be quick to buy Tesla stock just because one analyst has a high price target for shares. Still, Potter does notably have some good points about Tesla's strong business momentum. Even Tesla itself reiterated guidance for vehicle deliveries to grow more than 50% this year -- and that guidance was provided during a time that many companies around the world (including Tesla) are negatively impacted by supply chain shortages. Further, Tesla management noted in its second-quarter update that demand for its vehicles was at an all-time high going into Q3.\nWhile a $1,200 price target for Tesla stock would be difficult to justify, shares may be trading low enough for investors to start a small position in the stock.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":642,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":890180655,"gmtCreate":1628086747177,"gmtModify":1631889300595,"author":{"id":"3581769182401186","authorId":"3581769182401186","name":"KwokMeng","avatar":"https://static.tigerbbs.com/790a9b3a4d108ba92f4d9a18efdaaf86","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581769182401186","idStr":"3581769182401186"},"themes":[],"htmlText":"Good info.","listText":"Good info.","text":"Good info.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/890180655","repostId":"2156060681","repostType":4,"isVote":1,"tweetType":1,"viewCount":454,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":148634515,"gmtCreate":1625970653137,"gmtModify":1631893361466,"author":{"id":"3581769182401186","authorId":"3581769182401186","name":"KwokMeng","avatar":"https://static.tigerbbs.com/790a9b3a4d108ba92f4d9a18efdaaf86","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581769182401186","idStr":"3581769182401186"},"themes":[],"htmlText":"🤔 wait ba….","listText":"🤔 wait ba….","text":"🤔 wait ba….","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/148634515","repostId":"2150326565","repostType":4,"isVote":1,"tweetType":1,"viewCount":494,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":148143158,"gmtCreate":1625963308174,"gmtModify":1631893361493,"author":{"id":"3581769182401186","authorId":"3581769182401186","name":"KwokMeng","avatar":"https://static.tigerbbs.com/790a9b3a4d108ba92f4d9a18efdaaf86","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581769182401186","idStr":"3581769182401186"},"themes":[],"htmlText":"Good overview. Do your own DD before buying. 😄","listText":"Good overview. Do your own DD before buying. 😄","text":"Good overview. Do your own DD before buying. 😄","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/148143158","repostId":"2150370120","repostType":4,"isVote":1,"tweetType":1,"viewCount":538,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":886016703,"gmtCreate":1631538319702,"gmtModify":1631889300576,"author":{"id":"3581769182401186","authorId":"3581769182401186","name":"KwokMeng","avatar":"https://static.tigerbbs.com/790a9b3a4d108ba92f4d9a18efdaaf86","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581769182401186","idStr":"3581769182401186"},"themes":[],"htmlText":"Good for the children if the vaccines are approved.","listText":"Good for the children if the vaccines are approved.","text":"Good for the children if the vaccines are approved.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/886016703","repostId":"1129341543","repostType":4,"repost":{"id":"1129341543","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":1631534652,"share":"https://www.laohu8.com/m/news/1129341543?lang=zh_CN&edition=full","pubTime":"2021-09-13 20:04","market":"us","language":"en","title":"Toplines Before US Market Open on Monday<blockquote>周一美国市场开盘前的顶线</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1129341543","media":"Tiger Newspress","summary":"U.S. stock index futures rose on Monday after the S&P 500 logged its worst week in more than two mon","content":"<p>U.S. stock index futures rose on Monday after the S&amp;P 500 logged its worst week in more than two months, with investors keeping a close eye on inflation as well as monetary and tax policies.</p><p><blockquote>美国股指期货周一上涨，此前标普500录得两个多月来最糟糕的一周，投资者密切关注通胀以及货币和税收政策。</blockquote></p><p> S&amp;P 500 E-minis were up 23.25 points, or 0.52% at 08:00 am ET. Dow E-minis were up 183 points, or 0.53%, while Nasdaq 100 E-minis were up 75 points, or 0.49%.</p><p><blockquote>截至美国东部时间上午08:00，标普500 e-mini上涨23.25点，即0.52%。道琼斯电子迷你指数上涨183点，涨幅0.53%，纳斯达克100电子迷你指数上涨75点，涨幅0.49%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/2d51dd22d532e1b98f0ecae05c1f7a3e\" tg-width=\"1080\" tg-height=\"416\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Apple Inc rose 0.9% in premarket trading after a mixed court ruling in Epic Games’ antitrust case against the iPhone maker knocked nearly $90 billion off its market value on Friday.</p><p><blockquote>周五，法院对Epic Games针对iPhone制造商的反垄断案做出了好坏参半的裁决，导致苹果公司市值缩水近900亿美元，该公司在盘前交易中上涨0.9%。</blockquote></p><p> <b>Stocks making the biggest moves in the premarket:</b></p><p><blockquote><b>盘前涨幅最大的股票：</b></blockquote></p><p> <b>Virgin Galactic(SPCE)</b> – Virgin Galactic is delaying its first commercial research space mission after a third-party supplier warned of a potential defect in a component of the flight control system. Virgin Galactic shares slid 3.3% in the premarket.</p><p><blockquote><b>维珍银河(SPCE)</b>-在第三方供应商警告飞行控制系统的一个组件存在潜在缺陷后，维珍银河推迟了其首次商业研究太空任务。维珍银河股价盘前下跌3.3%。</blockquote></p><p> <b>Dell Technologies(DELL) </b>– Dell added 1.9% in premarket action after Goldman Sachs added the computer maker’s stock to its “Conviction Buy” list. Goldman cited strong cash flow generation and debt paydown plans, among other factors.</p><p><blockquote><b>戴尔科技(DELL)</b>-高盛将戴尔的股票添加到其“坚定买入”名单后，戴尔在盘前股价上涨1.9%。高盛列举了强劲的现金流生成和债务偿还计划等因素。</blockquote></p><p> <b>TransUnion(TRU)</b> – TransUnion announced a deal to buy closely held information services company Neustar for $3.1 billion in cash. The credit reporting agency expects the deal to close during the fourth quarter.</p><p><blockquote><b>TransUnion(TRU)</b>–TransUnion宣布以31亿美元现金收购少数人持股的信息服务公司Neustar的交易。该信用报告机构预计该交易将在第四季度完成。</blockquote></p><p> <b>Viacom(VIAC) </b>– Viacom is planning a revamp of its Paramount Pictures unit, according to people familiar with the matter who spoke to The Wall Street Journal. The revamp, which would separate the TV and film operations, could be announced as soon as today. Viacom rose 1% in the premarket.</p><p><blockquote><b>维亚康姆(VIAC)</b>-据接受《华尔街日报》采访的知情人士透露，维亚康姆正计划对其派拉蒙影业部门进行重组。这项改革将把电视和电影业务分开，最早可能在今天宣布。维亚康姆盘前上涨1%。</blockquote></p><p> <b>Kansas City Southern(KSU)</b> – Kansas City Southern said&nbsp;the latest takeover bid&nbsp;from&nbsp;Canadian Pacific Railway(CP) is superior to the one it previously agreed to with&nbsp;Canadian National Railway(CNI). Canadian National now has five days to improve its offer, should it choose to do so. Canadian Pacific rallied 0.9% in premarket trading.</p><p><blockquote><b>堪萨斯城南部(KSU)</b>-堪萨斯城南方公司表示，加拿大太平洋铁路公司（CP）的最新收购要约优于此前与加拿大国家铁路公司（CNI）达成的收购要约。如果加拿大国民银行选择这样做，它现在有五天的时间来提高其报价。加拿大太平洋航空在盘前交易中上涨0.9%。</blockquote></p><p> <b>Walt Disney(DIS)</b> – Disney will show the remainder of its 2021 movie releases exclusively in theaters, rather than making them simultaneously available on its Disney+ streaming service. Disney’s “Shang-Chi and the Legend of the 10 Rings” topped the weekend box office once again following its record Labor Day weekend performance, with that movie showing exclusively in theaters.</p><p><blockquote><b>华特迪士尼(DIS)</b>-迪士尼将在影院独家放映2021年上映的剩余电影，而不是在其Disney+流媒体服务上同时播放。迪士尼的《尚气与十环传奇》继劳动节周末创纪录的表现后，再次荣登周末票房榜首，这部电影仅在影院上映。</blockquote></p><p> <b>Alibaba(BABA)</b> – Alibaba fell 1.7% in premarket action.</p><p><blockquote><b>阿里巴巴-SW（父亲）</b>-阿里巴巴-SW盘前下跌1.7%。</blockquote></p><p> <b>Apple(AAPL)</b> – Epic Games will appeal Friday’s ruling that Apple’s app store was not an illegal monopoly. Epic did win a partial victory in the case, with the judge ruling that Apple must allow developers to include external payment links.</p><p><blockquote><b>苹果(AAPL)</b>-Epic Games将对周五的裁决提出上诉，该裁决认为苹果的app store不是非法垄断。Epic在此案中确实取得了部分胜利，法官裁定苹果必须允许开发者包含外部支付链接。</blockquote></p><p> <b>Carlyle Group(CG)</b> – Carlyle is considering a $6 billion sale or initial public offering for packaging company Novolex, according to a Bloomberg report. The private-equity firm bought Novolex for an undisclosed amount in November 2016.</p><p><blockquote><b>凯雷集团(CG)</b>-据彭博社报道，凯雷正在考虑以60亿美元的价格出售或首次公开募股包装公司Novolex。这家私募股权公司于2016年11月收购了Novolex，收购金额未公开。</blockquote></p><p> <b>MGM Resorts(MGM)</b> – MGM rose 1.5% in the premarket after Bernstein upgraded the resort operator’s stock to “outperform” from “market perform,” citing its strong presence in the gaming and sports betting industry as well as moves to divest the company’s real estate portfolio.</p><p><blockquote><b>美高梅度假村(MGM)</b>-米高梅在盘前上涨1.5%，此前伯恩斯坦将这家度假村运营商的股票从“大盘表现”上调至“跑赢大盘”，理由是该公司在博彩和体育博彩行业的强大影响力以及剥离该公司房地产投资组合的举措。</blockquote></p><p> <b>Pfizer(PFE) </b>– Pfizer’s Covid-19 vaccine – developed in conjunction with German partner&nbsp;BioNTech(BNTX) – could be authorized for use in children aged 5-11 as soon as next month, according to two sources familiar with the situation who spoke to Reuters. Pfizer is expected to have enough study data by then to submit an application for emergency use authorization to the Food and Drug Administration. BioNTech added 1.1% in premarket trading.</p><p><blockquote><b>辉瑞(PFE)</b>-据两位知情人士向路透社透露，辉瑞与德国合作伙伴BioNTech(BNTX)联合开发的Covid-19疫苗最早可能于下个月被授权用于5-11岁的儿童。辉瑞预计届时将有足够的研究数据向食品药品监督管理局提交紧急使用授权申请。BioNTech在盘前交易中上涨1.1%。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Toplines Before US Market Open on Monday<blockquote>周一美国市场开盘前的顶线</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\">\nToplines Before US Market Open on Monday<blockquote>周一美国市场开盘前的顶线</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-09-13 20:04</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>U.S. stock index futures rose on Monday after the S&amp;P 500 logged its worst week in more than two months, with investors keeping a close eye on inflation as well as monetary and tax policies.</p><p><blockquote>美国股指期货周一上涨，此前标普500录得两个多月来最糟糕的一周，投资者密切关注通胀以及货币和税收政策。</blockquote></p><p> S&amp;P 500 E-minis were up 23.25 points, or 0.52% at 08:00 am ET. Dow E-minis were up 183 points, or 0.53%, while Nasdaq 100 E-minis were up 75 points, or 0.49%.</p><p><blockquote>截至美国东部时间上午08:00，标普500 e-mini上涨23.25点，即0.52%。道琼斯电子迷你指数上涨183点，涨幅0.53%，纳斯达克100电子迷你指数上涨75点，涨幅0.49%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/2d51dd22d532e1b98f0ecae05c1f7a3e\" tg-width=\"1080\" tg-height=\"416\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Apple Inc rose 0.9% in premarket trading after a mixed court ruling in Epic Games’ antitrust case against the iPhone maker knocked nearly $90 billion off its market value on Friday.</p><p><blockquote>周五，法院对Epic Games针对iPhone制造商的反垄断案做出了好坏参半的裁决，导致苹果公司市值缩水近900亿美元，该公司在盘前交易中上涨0.9%。</blockquote></p><p> <b>Stocks making the biggest moves in the premarket:</b></p><p><blockquote><b>盘前涨幅最大的股票：</b></blockquote></p><p> <b>Virgin Galactic(SPCE)</b> – Virgin Galactic is delaying its first commercial research space mission after a third-party supplier warned of a potential defect in a component of the flight control system. Virgin Galactic shares slid 3.3% in the premarket.</p><p><blockquote><b>维珍银河(SPCE)</b>-在第三方供应商警告飞行控制系统的一个组件存在潜在缺陷后，维珍银河推迟了其首次商业研究太空任务。维珍银河股价盘前下跌3.3%。</blockquote></p><p> <b>Dell Technologies(DELL) </b>– Dell added 1.9% in premarket action after Goldman Sachs added the computer maker’s stock to its “Conviction Buy” list. Goldman cited strong cash flow generation and debt paydown plans, among other factors.</p><p><blockquote><b>戴尔科技(DELL)</b>-高盛将戴尔的股票添加到其“坚定买入”名单后，戴尔在盘前股价上涨1.9%。高盛列举了强劲的现金流生成和债务偿还计划等因素。</blockquote></p><p> <b>TransUnion(TRU)</b> – TransUnion announced a deal to buy closely held information services company Neustar for $3.1 billion in cash. The credit reporting agency expects the deal to close during the fourth quarter.</p><p><blockquote><b>TransUnion(TRU)</b>–TransUnion宣布以31亿美元现金收购少数人持股的信息服务公司Neustar的交易。该信用报告机构预计该交易将在第四季度完成。</blockquote></p><p> <b>Viacom(VIAC) </b>– Viacom is planning a revamp of its Paramount Pictures unit, according to people familiar with the matter who spoke to The Wall Street Journal. The revamp, which would separate the TV and film operations, could be announced as soon as today. Viacom rose 1% in the premarket.</p><p><blockquote><b>维亚康姆(VIAC)</b>-据接受《华尔街日报》采访的知情人士透露，维亚康姆正计划对其派拉蒙影业部门进行重组。这项改革将把电视和电影业务分开，最早可能在今天宣布。维亚康姆盘前上涨1%。</blockquote></p><p> <b>Kansas City Southern(KSU)</b> – Kansas City Southern said&nbsp;the latest takeover bid&nbsp;from&nbsp;Canadian Pacific Railway(CP) is superior to the one it previously agreed to with&nbsp;Canadian National Railway(CNI). Canadian National now has five days to improve its offer, should it choose to do so. Canadian Pacific rallied 0.9% in premarket trading.</p><p><blockquote><b>堪萨斯城南部(KSU)</b>-堪萨斯城南方公司表示，加拿大太平洋铁路公司（CP）的最新收购要约优于此前与加拿大国家铁路公司（CNI）达成的收购要约。如果加拿大国民银行选择这样做，它现在有五天的时间来提高其报价。加拿大太平洋航空在盘前交易中上涨0.9%。</blockquote></p><p> <b>Walt Disney(DIS)</b> – Disney will show the remainder of its 2021 movie releases exclusively in theaters, rather than making them simultaneously available on its Disney+ streaming service. Disney’s “Shang-Chi and the Legend of the 10 Rings” topped the weekend box office once again following its record Labor Day weekend performance, with that movie showing exclusively in theaters.</p><p><blockquote><b>华特迪士尼(DIS)</b>-迪士尼将在影院独家放映2021年上映的剩余电影，而不是在其Disney+流媒体服务上同时播放。迪士尼的《尚气与十环传奇》继劳动节周末创纪录的表现后，再次荣登周末票房榜首，这部电影仅在影院上映。</blockquote></p><p> <b>Alibaba(BABA)</b> – Alibaba fell 1.7% in premarket action.</p><p><blockquote><b>阿里巴巴-SW（父亲）</b>-阿里巴巴-SW盘前下跌1.7%。</blockquote></p><p> <b>Apple(AAPL)</b> – Epic Games will appeal Friday’s ruling that Apple’s app store was not an illegal monopoly. Epic did win a partial victory in the case, with the judge ruling that Apple must allow developers to include external payment links.</p><p><blockquote><b>苹果(AAPL)</b>-Epic Games将对周五的裁决提出上诉，该裁决认为苹果的app store不是非法垄断。Epic在此案中确实取得了部分胜利，法官裁定苹果必须允许开发者包含外部支付链接。</blockquote></p><p> <b>Carlyle Group(CG)</b> – Carlyle is considering a $6 billion sale or initial public offering for packaging company Novolex, according to a Bloomberg report. The private-equity firm bought Novolex for an undisclosed amount in November 2016.</p><p><blockquote><b>凯雷集团(CG)</b>-据彭博社报道，凯雷正在考虑以60亿美元的价格出售或首次公开募股包装公司Novolex。这家私募股权公司于2016年11月收购了Novolex，收购金额未公开。</blockquote></p><p> <b>MGM Resorts(MGM)</b> – MGM rose 1.5% in the premarket after Bernstein upgraded the resort operator’s stock to “outperform” from “market perform,” citing its strong presence in the gaming and sports betting industry as well as moves to divest the company’s real estate portfolio.</p><p><blockquote><b>美高梅度假村(MGM)</b>-米高梅在盘前上涨1.5%，此前伯恩斯坦将这家度假村运营商的股票从“大盘表现”上调至“跑赢大盘”，理由是该公司在博彩和体育博彩行业的强大影响力以及剥离该公司房地产投资组合的举措。</blockquote></p><p> <b>Pfizer(PFE) </b>– Pfizer’s Covid-19 vaccine – developed in conjunction with German partner&nbsp;BioNTech(BNTX) – could be authorized for use in children aged 5-11 as soon as next month, according to two sources familiar with the situation who spoke to Reuters. Pfizer is expected to have enough study data by then to submit an application for emergency use authorization to the Food and Drug Administration. BioNTech added 1.1% in premarket trading.</p><p><blockquote><b>辉瑞(PFE)</b>-据两位知情人士向路透社透露，辉瑞与德国合作伙伴BioNTech(BNTX)联合开发的Covid-19疫苗最早可能于下个月被授权用于5-11岁的儿童。辉瑞预计届时将有足够的研究数据向食品药品监督管理局提交紧急使用授权申请。BioNTech在盘前交易中上涨1.1%。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BABA":"阿里巴巴","SPCE":"维珍银河","DELL":"戴尔","MGM":"美高梅",".SPX":"S&P 500 Index","PFE":"辉瑞","CG":"凯雷",".IXIC":"NASDAQ Composite","TRU":"TransUnion","KSU":"堪萨斯南方铁路","BNTX":"BioNTech SE","DIS":"迪士尼","AAPL":"苹果",".DJI":"道琼斯"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129341543","content_text":"U.S. stock index futures rose on Monday after the S&P 500 logged its worst week in more than two months, with investors keeping a close eye on inflation as well as monetary and tax policies.\nS&P 500 E-minis were up 23.25 points, or 0.52% at 08:00 am ET. Dow E-minis were up 183 points, or 0.53%, while Nasdaq 100 E-minis were up 75 points, or 0.49%.\n\nApple Inc rose 0.9% in premarket trading after a mixed court ruling in Epic Games’ antitrust case against the iPhone maker knocked nearly $90 billion off its market value on Friday.\nStocks making the biggest moves in the premarket:\nVirgin Galactic(SPCE) – Virgin Galactic is delaying its first commercial research space mission after a third-party supplier warned of a potential defect in a component of the flight control system. Virgin Galactic shares slid 3.3% in the premarket.\nDell Technologies(DELL) – Dell added 1.9% in premarket action after Goldman Sachs added the computer maker’s stock to its “Conviction Buy” list. Goldman cited strong cash flow generation and debt paydown plans, among other factors.\nTransUnion(TRU) – TransUnion announced a deal to buy closely held information services company Neustar for $3.1 billion in cash. The credit reporting agency expects the deal to close during the fourth quarter.\nViacom(VIAC) – Viacom is planning a revamp of its Paramount Pictures unit, according to people familiar with the matter who spoke to The Wall Street Journal. The revamp, which would separate the TV and film operations, could be announced as soon as today. Viacom rose 1% in the premarket.\nKansas City Southern(KSU) – Kansas City Southern said the latest takeover bid from Canadian Pacific Railway(CP) is superior to the one it previously agreed to with Canadian National Railway(CNI). Canadian National now has five days to improve its offer, should it choose to do so. Canadian Pacific rallied 0.9% in premarket trading.\nWalt Disney(DIS) – Disney will show the remainder of its 2021 movie releases exclusively in theaters, rather than making them simultaneously available on its Disney+ streaming service. Disney’s “Shang-Chi and the Legend of the 10 Rings” topped the weekend box office once again following its record Labor Day weekend performance, with that movie showing exclusively in theaters.\nAlibaba(BABA) – Alibaba fell 1.7% in premarket action.\nApple(AAPL) – Epic Games will appeal Friday’s ruling that Apple’s app store was not an illegal monopoly. Epic did win a partial victory in the case, with the judge ruling that Apple must allow developers to include external payment links.\nCarlyle Group(CG) – Carlyle is considering a $6 billion sale or initial public offering for packaging company Novolex, according to a Bloomberg report. The private-equity firm bought Novolex for an undisclosed amount in November 2016.\nMGM Resorts(MGM) – MGM rose 1.5% in the premarket after Bernstein upgraded the resort operator’s stock to “outperform” from “market perform,” citing its strong presence in the gaming and sports betting industry as well as moves to divest the company’s real estate portfolio.\nPfizer(PFE) – Pfizer’s Covid-19 vaccine – developed in conjunction with German partner BioNTech(BNTX) – could be authorized for use in children aged 5-11 as soon as next month, according to two sources familiar with the situation who spoke to Reuters. Pfizer is expected to have enough study data by then to submit an application for emergency use authorization to the Food and Drug Administration. BioNTech added 1.1% in premarket trading.","news_type":1,"symbols_score_info":{"BABA":0.9,"ESmain":0.9,".SPX":0.9,".DJI":0.9,"AAPL":0.9,"SPCE":0.9,"BNTX":0.9,"TRU":0.9,"DELL":0.9,"YMmain":0.9,"PFE":0.9,".IXIC":0.9,"CG":0.9,"MGM":0.9,"NQmain":0.9,"KSU":0.9,"VIAC":0.9,"DIS":0.9}},"isVote":1,"tweetType":1,"viewCount":1816,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":814487709,"gmtCreate":1630867931801,"gmtModify":1631889300578,"author":{"id":"3581769182401186","authorId":"3581769182401186","name":"KwokMeng","avatar":"https://static.tigerbbs.com/790a9b3a4d108ba92f4d9a18efdaaf86","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581769182401186","idStr":"3581769182401186"},"themes":[],"htmlText":"Stay invested. 🙈","listText":"Stay invested. 🙈","text":"Stay invested. 🙈","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/814487709","repostId":"1168498795","repostType":4,"repost":{"id":"1168498795","kind":"news","pubTimestamp":1630655991,"share":"https://www.laohu8.com/m/news/1168498795?lang=zh_CN&edition=full","pubTime":"2021-09-03 15:59","market":"us","language":"en","title":"Speak No Evil of the S&P 500’s Neverending Records<blockquote>不要说标普500永无止境的记录的坏话</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1168498795","media":"The Wall Street Journal","summary":"Investors buying stocks no matter what shouldn’t fool themselves that the future will deliver the ch","content":"<p>  <b>Investors buying stocks no matter what shouldn’t fool themselves that the future will deliver the chunky returns of the past decade.</b>  <img src=\"https://static.tigerbbs.com/6573eb955692f754acc1285622febd53\" tg-width=\"878\" tg-height=\"520\" width=\"100%\" height=\"auto\">The S&amp;P 500 is like the three wise monkeys: See no evil, hear no evil, speak no evil.Whatever happens, it just goes up. The market has gone up almost in a straight line since November despite a troubling list of events that could each have justified at least a 5% correction. Investors are incredibly resilient.</p><p><blockquote><b>无论如何购买股票的投资者都不应该自欺欺人地认为未来将带来过去十年的丰厚回报。</b>标普500就像三只聪明的猴子：不看邪恶，不听邪恶，不说邪恶。无论发生什么，它都会上升。自11月以来，市场几乎直线上涨，尽管发生了一系列令人不安的事件，每个事件都可能证明至少5%的回调是合理的。投资者的韧性令人难以置信。</blockquote></p><p> Some things that didn’t matter:a burst bubble in clean-energy stocks;a sharp rise in Treasury yields(to March);a big fall in Treasury yields(since March); China’s crackdown on moneymaking; the Federal Reserve’sshift toward tapering bond purchases; and the rise of the Delta variant.</p><p><blockquote>一些无关紧要的事情：清洁能源股票泡沫破裂；国债收益率大幅上升（至3月）；美国国债收益率大幅下跌（自3月以来）；我国关于赚钱的打压；美联储转向缩减债券购买；以及德尔塔变异毒株的崛起。</blockquote></p><p> On the optimistic side, it is great that the market has been pushed up by a variety of forces, not by wild excess in a single area. We need not worry that the bubble in clean energy will burst and bring down the market, because it has already burst without bringing down the market.</p><p><blockquote>乐观的一面是，市场被多种力量推高，而不是单一地区的疯狂过剩，这很好。我们不必担心清洁能源的泡沫会破裂，拖垮市场，因为它已经破裂了，没有拖垮市场。</blockquote></p><p> Throughout all this, the stock market has risen steadily,without a 5% fall since shortly before the election last year. Every time part of the market—technology stocks, cheap stocks, smaller stocks, oil stocks, strong-balance-sheet stocks—stops performing, something else steps in to rescue the broader index. The market seems invulnerable to bad news, and that is unusual. On the face of it, it is also scary, suggesting investors are complacent about danger.</p><p><blockquote>纵观这一切，股市稳步上涨，自去年大选前不久以来没有出现过5%的下跌。每当市场的一部分——科技股、廉价股、小型股、石油股、资产负债表强劲的股票——停止表现时，就会有其他东西介入拯救更广泛的指数。市场似乎对坏消息无懈可击，这是不寻常的。从表面上看，这也很可怕，表明投资者对危险沾沾自喜。</blockquote></p><p> It is far from unprecedented to go a long time without a correction, with 10 episodes since 1963 when the market lasted more than 200 trading days without a 5% drop. But they were different from the recent run. In every other case, the market was far calmer below the surface. This time, major events led to big swings between sectors, size and types of stock, but none disturbed its steady rise.</p><p><blockquote>长时间没有回调的情况远非史无前例，自1963年以来，市场持续200多个交易日没有下跌5%以来，已经出现了10次。但它们与最近的运行不同。在其他情况下，市场在表面之下要平静得多。这一次，重大事件导致板块、规模和股票类型之间的大幅波动，但都没有干扰其稳步上涨。</blockquote></p><p> Similarly, the stimulus- and vaccine-driven willingness to take risk across every asset class faded from March onward, so we shouldn’t be too concerned about a switch in investor sentiment. Again, it has already happened.</p><p><blockquote>同样，从3月份开始，刺激和疫苗驱动的所有资产类别的冒险意愿都减弱了，因此我们不应该太担心投资者情绪的转变。再说一次，这已经发生了。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/7d8b995934c7f60fadb5834dd078e232\" tg-width=\"320\" tg-height=\"412\" width=\"100%\" height=\"auto\">Yet,I find it disconcerting that the market seems to go up no matter what. Good news on the economy pushes up stocks sensitive to growth, such as manufacturers and banks. Troubling news on the economy means lower bond yields and so pushes up stocks with profits far in the future (see: Big Tech) whose expansion depends on innovation rather than economic growth, which I understand. That both should push up the wider S&amp;P 500 is what puzzles me.</p><p><blockquote>然而，令我不安的是，无论如何，市场似乎都在上涨。经济方面的好消息推高了对增长敏感的股票，如制造商和银行。令人不安的经济消息意味着债券收益率下降，从而推高未来盈利的股票（见：大型科技公司），这些股票的扩张依赖于创新而不是经济增长，我理解这一点。两者都应该推高更广泛的标普500，这让我感到困惑。</blockquote></p><p> The only explanation I have is the old one: “TINA”—There Is No Alternative to Stocks—because yields on alternatives such as bonds are so low. With more savings going into stocks than is cashed out or soaked up by IPOs, the price has to rise. It isn’t a satisfactory story, but it kind of works.</p><p><blockquote>我唯一的解释是旧的：“蒂娜”——除了股票别无选择——因为债券等替代品的收益率太低了。由于进入股票的储蓄多于套现或被IPO吸收的储蓄，价格必须上涨。这不是一个令人满意的故事，但它有点工作。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/37942e27b25662943d254580733d2954\" tg-width=\"325\" tg-height=\"413\" width=\"100%\" height=\"auto\">In both good and bad times investors want to buy stocks, so the S&amp;P goes up. But<i>which</i>stocks they choose to buy differs between good and bad times. In good times they want risk-on stocks (cheap value, cyclicals, smaller companies, emerging markets). In bad times they want risk-off stocks (growth, defensive firms, larger companies, developed markets and especially the U.S.).</p><p><blockquote>无论顺境还是逆境，投资者都想购买股票，因此标准普尔指数都会上涨。但<i>哪个</i>他们选择购买的股票在顺境和逆境之间有所不同。在繁荣时期，他们想要冒险的股票（便宜的价值、周期性股票、小公司、新兴市场）。在经济不景气时，他们想要避险股票（成长型、防御型公司、大型公司、发达市场，尤其是美国）。</blockquote></p><p> The problem with TINA is that the justification for stocks isn’t that they offer good returns in the future, but that they offer better returns than bonds. Bonds offer miserable returns—a guaranteed loss after inflation for 30 years on Treasury inflation-protected securities—so doing better than that isn’t saying much. If lower rewards came with lower risks, that would be fine, but at best the risks are as high as ever, perhaps much higher.</p><p><blockquote>蒂娜的问题在于，股票的理由不是它们在未来提供良好的回报，而是它们提供比债券更好的回报。债券的回报率很低——通胀保值国债30年通胀后肯定会出现亏损——所以做得更好并不能说明什么。如果较低的回报伴随着较低的风险，那很好，但充其量风险和以往一样高，甚至可能高得多。</blockquote></p><p> A simplistic way to quantify how much lower the rewards of stocks are likely to be is to use the earnings yield, the inverse of the forward price/earnings ratio. If companies match analyst profit forecasts, future returns should be about 4%—only slightly higher than was suggested by the measure at the height of the dot-com bubble in 2000. If corporate earnings miss forecasts, future returns could be substantially lower. If valuations fall too, returns are doubly hit, as they were after the dot-com bubble burst, when returns ended up negative for years.</p><p><blockquote>量化股票回报可能低多少的一个简单方法是使用收益率，即远期市盈率的倒数。如果公司符合分析师的利润预测，未来的回报率应该在4%左右——仅略高于2000年互联网泡沫最严重时的指标。如果企业盈利低于预期，未来的回报可能会大幅降低。如果估值也下跌，回报就会受到双重打击，就像互联网泡沫破裂后那样，当时回报多年来一直为负。</blockquote></p><p></p><p> Quantifying risks is much harder. Inflation risk is higher than before, and so are political (tax and regulation) and geopolitical (trade and supply chain) threats to stocks. The risk that analysts have horribly overestimated earnings or companies are massively overstating earnings is at least as high as usual. Central banks are sure to try to help if stocks plunge, but can’t use the traditional support of rate cuts. Alternative tools such as negative rates and buying a wider range of assets are available, but their risks are less well understood.</p><p><blockquote>量化风险要困难得多。通胀风险比以前更高，对股市的政治（税收和监管）和地缘政治（贸易和供应链）威胁也是如此。分析师严重高估收益或公司大幅夸大收益的风险至少和往常一样高。如果股市暴跌，央行肯定会尽力提供帮助，但不能使用降息的传统支持。负利率和购买更广泛的资产等替代工具是可用的，但其风险却不太为人所知。</blockquote></p><p> Getting a lower reward for the same or higher risk may still be acceptable, given how expensive the safer alternatives are. But investors buying stocks no matter what shouldn’t fool themselves that the future will deliver the 6.5% or so above inflation of the past century, let alone the 12% above inflation of the past decade.</p><p><blockquote>考虑到更安全的替代品的昂贵程度，以相同或更高的风险获得较低的回报可能仍然是可以接受的。但无论如何购买股票的投资者都不应该自欺欺人地认为，未来的通胀率将比上个世纪高出6.5%左右，更不用说比过去十年的通胀率高出12%了。</blockquote></p><p> The awful choice investors have is to join the monkeys in pretending all is well, or accept the terrible returns of safe assets.</p><p><blockquote>投资者面临的可怕选择是加入猴子的行列，假装一切都很好，或者接受安全资产的可怕回报。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Speak No Evil of the S&P 500’s Neverending Records<blockquote>不要说标普500永无止境的记录的坏话</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\">\nSpeak No Evil of the S&P 500’s Neverending Records<blockquote>不要说标普500永无止境的记录的坏话</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Wall Street Journal</strong><span class=\"h-time small\">2021-09-03 15:59</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>Investors buying stocks no matter what shouldn’t fool themselves that the future will deliver the chunky returns of the past decade.</b>  <img src=\"https://static.tigerbbs.com/6573eb955692f754acc1285622febd53\" tg-width=\"878\" tg-height=\"520\" width=\"100%\" height=\"auto\">The S&amp;P 500 is like the three wise monkeys: See no evil, hear no evil, speak no evil.Whatever happens, it just goes up. The market has gone up almost in a straight line since November despite a troubling list of events that could each have justified at least a 5% correction. Investors are incredibly resilient.</p><p><blockquote><b>无论如何购买股票的投资者都不应该自欺欺人地认为未来将带来过去十年的丰厚回报。</b>标普500就像三只聪明的猴子：不看邪恶，不听邪恶，不说邪恶。无论发生什么，它都会上升。自11月以来，市场几乎直线上涨，尽管发生了一系列令人不安的事件，每个事件都可能证明至少5%的回调是合理的。投资者的韧性令人难以置信。</blockquote></p><p> Some things that didn’t matter:a burst bubble in clean-energy stocks;a sharp rise in Treasury yields(to March);a big fall in Treasury yields(since March); China’s crackdown on moneymaking; the Federal Reserve’sshift toward tapering bond purchases; and the rise of the Delta variant.</p><p><blockquote>一些无关紧要的事情：清洁能源股票泡沫破裂；国债收益率大幅上升（至3月）；美国国债收益率大幅下跌（自3月以来）；我国关于赚钱的打压；美联储转向缩减债券购买；以及德尔塔变异毒株的崛起。</blockquote></p><p> On the optimistic side, it is great that the market has been pushed up by a variety of forces, not by wild excess in a single area. We need not worry that the bubble in clean energy will burst and bring down the market, because it has already burst without bringing down the market.</p><p><blockquote>乐观的一面是，市场被多种力量推高，而不是单一地区的疯狂过剩，这很好。我们不必担心清洁能源的泡沫会破裂，拖垮市场，因为它已经破裂了，没有拖垮市场。</blockquote></p><p> Throughout all this, the stock market has risen steadily,without a 5% fall since shortly before the election last year. Every time part of the market—technology stocks, cheap stocks, smaller stocks, oil stocks, strong-balance-sheet stocks—stops performing, something else steps in to rescue the broader index. The market seems invulnerable to bad news, and that is unusual. On the face of it, it is also scary, suggesting investors are complacent about danger.</p><p><blockquote>纵观这一切，股市稳步上涨，自去年大选前不久以来没有出现过5%的下跌。每当市场的一部分——科技股、廉价股、小型股、石油股、资产负债表强劲的股票——停止表现时，就会有其他东西介入拯救更广泛的指数。市场似乎对坏消息无懈可击，这是不寻常的。从表面上看，这也很可怕，表明投资者对危险沾沾自喜。</blockquote></p><p> It is far from unprecedented to go a long time without a correction, with 10 episodes since 1963 when the market lasted more than 200 trading days without a 5% drop. But they were different from the recent run. In every other case, the market was far calmer below the surface. This time, major events led to big swings between sectors, size and types of stock, but none disturbed its steady rise.</p><p><blockquote>长时间没有回调的情况远非史无前例，自1963年以来，市场持续200多个交易日没有下跌5%以来，已经出现了10次。但它们与最近的运行不同。在其他情况下，市场在表面之下要平静得多。这一次，重大事件导致板块、规模和股票类型之间的大幅波动，但都没有干扰其稳步上涨。</blockquote></p><p> Similarly, the stimulus- and vaccine-driven willingness to take risk across every asset class faded from March onward, so we shouldn’t be too concerned about a switch in investor sentiment. Again, it has already happened.</p><p><blockquote>同样，从3月份开始，刺激和疫苗驱动的所有资产类别的冒险意愿都减弱了，因此我们不应该太担心投资者情绪的转变。再说一次，这已经发生了。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/7d8b995934c7f60fadb5834dd078e232\" tg-width=\"320\" tg-height=\"412\" width=\"100%\" height=\"auto\">Yet,I find it disconcerting that the market seems to go up no matter what. Good news on the economy pushes up stocks sensitive to growth, such as manufacturers and banks. Troubling news on the economy means lower bond yields and so pushes up stocks with profits far in the future (see: Big Tech) whose expansion depends on innovation rather than economic growth, which I understand. That both should push up the wider S&amp;P 500 is what puzzles me.</p><p><blockquote>然而，令我不安的是，无论如何，市场似乎都在上涨。经济方面的好消息推高了对增长敏感的股票，如制造商和银行。令人不安的经济消息意味着债券收益率下降，从而推高未来盈利的股票（见：大型科技公司），这些股票的扩张依赖于创新而不是经济增长，我理解这一点。两者都应该推高更广泛的标普500，这让我感到困惑。</blockquote></p><p> The only explanation I have is the old one: “TINA”—There Is No Alternative to Stocks—because yields on alternatives such as bonds are so low. With more savings going into stocks than is cashed out or soaked up by IPOs, the price has to rise. It isn’t a satisfactory story, but it kind of works.</p><p><blockquote>我唯一的解释是旧的：“蒂娜”——除了股票别无选择——因为债券等替代品的收益率太低了。由于进入股票的储蓄多于套现或被IPO吸收的储蓄，价格必须上涨。这不是一个令人满意的故事，但它有点工作。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/37942e27b25662943d254580733d2954\" tg-width=\"325\" tg-height=\"413\" width=\"100%\" height=\"auto\">In both good and bad times investors want to buy stocks, so the S&amp;P goes up. But<i>which</i>stocks they choose to buy differs between good and bad times. In good times they want risk-on stocks (cheap value, cyclicals, smaller companies, emerging markets). In bad times they want risk-off stocks (growth, defensive firms, larger companies, developed markets and especially the U.S.).</p><p><blockquote>无论顺境还是逆境，投资者都想购买股票，因此标准普尔指数都会上涨。但<i>哪个</i>他们选择购买的股票在顺境和逆境之间有所不同。在繁荣时期，他们想要冒险的股票（便宜的价值、周期性股票、小公司、新兴市场）。在经济不景气时，他们想要避险股票（成长型、防御型公司、大型公司、发达市场，尤其是美国）。</blockquote></p><p> The problem with TINA is that the justification for stocks isn’t that they offer good returns in the future, but that they offer better returns than bonds. Bonds offer miserable returns—a guaranteed loss after inflation for 30 years on Treasury inflation-protected securities—so doing better than that isn’t saying much. If lower rewards came with lower risks, that would be fine, but at best the risks are as high as ever, perhaps much higher.</p><p><blockquote>蒂娜的问题在于，股票的理由不是它们在未来提供良好的回报，而是它们提供比债券更好的回报。债券的回报率很低——通胀保值国债30年通胀后肯定会出现亏损——所以做得更好并不能说明什么。如果较低的回报伴随着较低的风险，那很好，但充其量风险和以往一样高，甚至可能高得多。</blockquote></p><p> A simplistic way to quantify how much lower the rewards of stocks are likely to be is to use the earnings yield, the inverse of the forward price/earnings ratio. If companies match analyst profit forecasts, future returns should be about 4%—only slightly higher than was suggested by the measure at the height of the dot-com bubble in 2000. If corporate earnings miss forecasts, future returns could be substantially lower. If valuations fall too, returns are doubly hit, as they were after the dot-com bubble burst, when returns ended up negative for years.</p><p><blockquote>量化股票回报可能低多少的一个简单方法是使用收益率，即远期市盈率的倒数。如果公司符合分析师的利润预测，未来的回报率应该在4%左右——仅略高于2000年互联网泡沫最严重时的指标。如果企业盈利低于预期，未来的回报可能会大幅降低。如果估值也下跌，回报就会受到双重打击，就像互联网泡沫破裂后那样，当时回报多年来一直为负。</blockquote></p><p></p><p> Quantifying risks is much harder. Inflation risk is higher than before, and so are political (tax and regulation) and geopolitical (trade and supply chain) threats to stocks. The risk that analysts have horribly overestimated earnings or companies are massively overstating earnings is at least as high as usual. Central banks are sure to try to help if stocks plunge, but can’t use the traditional support of rate cuts. Alternative tools such as negative rates and buying a wider range of assets are available, but their risks are less well understood.</p><p><blockquote>量化风险要困难得多。通胀风险比以前更高，对股市的政治（税收和监管）和地缘政治（贸易和供应链）威胁也是如此。分析师严重高估收益或公司大幅夸大收益的风险至少和往常一样高。如果股市暴跌，央行肯定会尽力提供帮助，但不能使用降息的传统支持。负利率和购买更广泛的资产等替代工具是可用的，但其风险却不太为人所知。</blockquote></p><p> Getting a lower reward for the same or higher risk may still be acceptable, given how expensive the safer alternatives are. But investors buying stocks no matter what shouldn’t fool themselves that the future will deliver the 6.5% or so above inflation of the past century, let alone the 12% above inflation of the past decade.</p><p><blockquote>考虑到更安全的替代品的昂贵程度，以相同或更高的风险获得较低的回报可能仍然是可以接受的。但无论如何购买股票的投资者都不应该自欺欺人地认为，未来的通胀率将比上个世纪高出6.5%左右，更不用说比过去十年的通胀率高出12%了。</blockquote></p><p> The awful choice investors have is to join the monkeys in pretending all is well, or accept the terrible returns of safe assets.</p><p><blockquote>投资者面临的可怕选择是加入猴子的行列，假装一切都很好，或者接受安全资产的可怕回报。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/speak-no-evil-of-the-s-p-500s-neverending-records-11630590653?mod=markets_lead_pos5\">The Wall Street Journal</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":{"SPY":"标普500ETF",".SPX":"S&P 500 Index"},"source_url":"https://www.wsj.com/articles/speak-no-evil-of-the-s-p-500s-neverending-records-11630590653?mod=markets_lead_pos5","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1168498795","content_text":"Investors buying stocks no matter what shouldn’t fool themselves that the future will deliver the chunky returns of the past decade.\n\nThe S&P 500 is like the three wise monkeys: See no evil, hear no evil, speak no evil.Whatever happens, it just goes up. The market has gone up almost in a straight line since November despite a troubling list of events that could each have justified at least a 5% correction. Investors are incredibly resilient.\nSome things that didn’t matter:a burst bubble in clean-energy stocks;a sharp rise in Treasury yields(to March);a big fall in Treasury yields(since March); China’s crackdown on moneymaking; the Federal Reserve’sshift toward tapering bond purchases; and the rise of the Delta variant.\nOn the optimistic side, it is great that the market has been pushed up by a variety of forces, not by wild excess in a single area. We need not worry that the bubble in clean energy will burst and bring down the market, because it has already burst without bringing down the market.\nThroughout all this, the stock market has risen steadily,without a 5% fall since shortly before the election last year. Every time part of the market—technology stocks, cheap stocks, smaller stocks, oil stocks, strong-balance-sheet stocks—stops performing, something else steps in to rescue the broader index. The market seems invulnerable to bad news, and that is unusual. On the face of it, it is also scary, suggesting investors are complacent about danger.\nIt is far from unprecedented to go a long time without a correction, with 10 episodes since 1963 when the market lasted more than 200 trading days without a 5% drop. But they were different from the recent run. In every other case, the market was far calmer below the surface. This time, major events led to big swings between sectors, size and types of stock, but none disturbed its steady rise.\nSimilarly, the stimulus- and vaccine-driven willingness to take risk across every asset class faded from March onward, so we shouldn’t be too concerned about a switch in investor sentiment. Again, it has already happened.\nYet,I find it disconcerting that the market seems to go up no matter what. Good news on the economy pushes up stocks sensitive to growth, such as manufacturers and banks. Troubling news on the economy means lower bond yields and so pushes up stocks with profits far in the future (see: Big Tech) whose expansion depends on innovation rather than economic growth, which I understand. That both should push up the wider S&P 500 is what puzzles me.\nThe only explanation I have is the old one: “TINA”—There Is No Alternative to Stocks—because yields on alternatives such as bonds are so low. With more savings going into stocks than is cashed out or soaked up by IPOs, the price has to rise. It isn’t a satisfactory story, but it kind of works.\nIn both good and bad times investors want to buy stocks, so the S&P goes up. Butwhichstocks they choose to buy differs between good and bad times. In good times they want risk-on stocks (cheap value, cyclicals, smaller companies, emerging markets). In bad times they want risk-off stocks (growth, defensive firms, larger companies, developed markets and especially the U.S.).\nThe problem with TINA is that the justification for stocks isn’t that they offer good returns in the future, but that they offer better returns than bonds. Bonds offer miserable returns—a guaranteed loss after inflation for 30 years on Treasury inflation-protected securities—so doing better than that isn’t saying much. If lower rewards came with lower risks, that would be fine, but at best the risks are as high as ever, perhaps much higher.\nA simplistic way to quantify how much lower the rewards of stocks are likely to be is to use the earnings yield, the inverse of the forward price/earnings ratio. If companies match analyst profit forecasts, future returns should be about 4%—only slightly higher than was suggested by the measure at the height of the dot-com bubble in 2000. If corporate earnings miss forecasts, future returns could be substantially lower. If valuations fall too, returns are doubly hit, as they were after the dot-com bubble burst, when returns ended up negative for years.\nQuantifying risks is much harder. Inflation risk is higher than before, and so are political (tax and regulation) and geopolitical (trade and supply chain) threats to stocks. The risk that analysts have horribly overestimated earnings or companies are massively overstating earnings is at least as high as usual. Central banks are sure to try to help if stocks plunge, but can’t use the traditional support of rate cuts. Alternative tools such as negative rates and buying a wider range of assets are available, but their risks are less well understood.\nGetting a lower reward for the same or higher risk may still be acceptable, given how expensive the safer alternatives are. But investors buying stocks no matter what shouldn’t fool themselves that the future will deliver the 6.5% or so above inflation of the past century, let alone the 12% above inflation of the past decade.\nThe awful choice investors have is to join the monkeys in pretending all is well, or accept the terrible returns of safe assets.","news_type":1,"symbols_score_info":{".SPX":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":1954,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":174686748,"gmtCreate":1627095221884,"gmtModify":1631891640033,"author":{"id":"3581769182401186","authorId":"3581769182401186","name":"KwokMeng","avatar":"https://static.tigerbbs.com/790a9b3a4d108ba92f4d9a18efdaaf86","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581769182401186","idStr":"3581769182401186"},"themes":[],"htmlText":"Buy the dip? 🤔","listText":"Buy the dip? 🤔","text":"Buy the dip? 🤔","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/174686748","repostId":"1151500518","repostType":4,"repost":{"id":"1151500518","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":1627092269,"share":"https://www.laohu8.com/m/news/1151500518?lang=zh_CN&edition=full","pubTime":"2021-07-24 10:04","market":"us","language":"en","title":"Tencent was ordered to remove the exclusive copyright of online music<blockquote>腾讯控股被命令删除在线音乐的独家版权</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1151500518","media":"Tiger Newspress","summary":"The China market supervision administration made an administrative punishment decision according to ","content":"<p>The China market supervision administration made an administrative punishment decision according to law, ordering Tencent and its affiliated companies to take measures to restore the state of market competition, such as canceling the exclusive music copyright within 30 days, stopping the payment of copyright fees such as high prepayment, and not requiring the upstream copyright party to give conditions superior to its competitors without justified reasons. Tencent will report the performance of its obligations to the State Administration of market supervision every year within three years, and the State Administration of market supervision will strictly supervise its implementation according to law.</p><p><blockquote>市场监督管理总局依法作出行政处罚决定，责令腾讯控股及其关联公司采取措施，恢复市场竞争状态，如30日内取消独家音乐版权、停止支付高额预付款等版权费用、无正当理由不得要求上游版权方给予优于竞争对手的条件等。腾讯控股将在三年内每年向国家市场监管总局报告义务履行情况，国家市场监管总局将依法严格监督落实。</blockquote></p><p> This case is the first case in which necessary measures have been taken to restore the state of market competition for the illegal implementation of business concentration since the implementation of China's anti-monopoly law.</p><p><blockquote>本案是我国《反垄断法》实施以来，对违法实施经营者集中行为采取必要措施恢复市场竞争状态的第一起案件。</blockquote></p><p> Tencent responded that the company will seriously abide by the decision, strictly implement the regulatory requirements, operate in accordance with the law, earnestly fulfill its social responsibility and maintain benign competition in the market. Tencent will take full responsibility, formulate rectification measures and plans with Tencent music and other affiliated companies within the specified time limit, and complete them completely in accordance with the requirements of the punishment decision to ensure that the rectification is in place.</p><p><blockquote>腾讯控股回应称，公司将认真遵守《决定》，严格执行监管要求，依法经营，切实履行社会责任，维护市场良性竞争。腾讯控股将负全责，在规定时限内与腾讯控股音乐等关联公司制定整改措施和方案，按照处罚决定书要求全面完成，确保整改到位。</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>Tencent was ordered to remove the exclusive copyright of online music<blockquote>腾讯控股被命令删除在线音乐的独家版权</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\">\nTencent was ordered to remove the exclusive copyright of online music<blockquote>腾讯控股被命令删除在线音乐的独家版权</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\">2021-07-24 10:04</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>The China market supervision administration made an administrative punishment decision according to law, ordering Tencent and its affiliated companies to take measures to restore the state of market competition, such as canceling the exclusive music copyright within 30 days, stopping the payment of copyright fees such as high prepayment, and not requiring the upstream copyright party to give conditions superior to its competitors without justified reasons. Tencent will report the performance of its obligations to the State Administration of market supervision every year within three years, and the State Administration of market supervision will strictly supervise its implementation according to law.</p><p><blockquote>市场监督管理总局依法作出行政处罚决定，责令腾讯控股及其关联公司采取措施，恢复市场竞争状态，如30日内取消独家音乐版权、停止支付高额预付款等版权费用、无正当理由不得要求上游版权方给予优于竞争对手的条件等。腾讯控股将在三年内每年向国家市场监管总局报告义务履行情况，国家市场监管总局将依法严格监督落实。</blockquote></p><p> This case is the first case in which necessary measures have been taken to restore the state of market competition for the illegal implementation of business concentration since the implementation of China's anti-monopoly law.</p><p><blockquote>本案是我国《反垄断法》实施以来，对违法实施经营者集中行为采取必要措施恢复市场竞争状态的第一起案件。</blockquote></p><p> Tencent responded that the company will seriously abide by the decision, strictly implement the regulatory requirements, operate in accordance with the law, earnestly fulfill its social responsibility and maintain benign competition in the market. Tencent will take full responsibility, formulate rectification measures and plans with Tencent music and other affiliated companies within the specified time limit, and complete them completely in accordance with the requirements of the punishment decision to ensure that the rectification is in place.</p><p><blockquote>腾讯控股回应称，公司将认真遵守《决定》，严格执行监管要求，依法经营，切实履行社会责任，维护市场良性竞争。腾讯控股将负全责，在规定时限内与腾讯控股音乐等关联公司制定整改措施和方案，按照处罚决定书要求全面完成，确保整改到位。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"00700":"腾讯控股","TME":"腾讯音乐"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1151500518","content_text":"The China market supervision administration made an administrative punishment decision according to law, ordering Tencent and its affiliated companies to take measures to restore the state of market competition, such as canceling the exclusive music copyright within 30 days, stopping the payment of copyright fees such as high prepayment, and not requiring the upstream copyright party to give conditions superior to its competitors without justified reasons. Tencent will report the performance of its obligations to the State Administration of market supervision every year within three years, and the State Administration of market supervision will strictly supervise its implementation according to law.\nThis case is the first case in which necessary measures have been taken to restore the state of market competition for the illegal implementation of business concentration since the implementation of China's anti-monopoly law.\nTencent responded that the company will seriously abide by the decision, strictly implement the regulatory requirements, operate in accordance with the law, earnestly fulfill its social responsibility and maintain benign competition in the market. Tencent will take full responsibility, formulate rectification measures and plans with Tencent music and other affiliated companies within the specified time limit, and complete them completely in accordance with the requirements of the punishment decision to ensure that the rectification is in place.","news_type":1,"symbols_score_info":{"TME":0.9,"00700":0.9}},"isVote":1,"tweetType":1,"viewCount":395,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":147745903,"gmtCreate":1626393337502,"gmtModify":1631885481481,"author":{"id":"3581769182401186","authorId":"3581769182401186","name":"KwokMeng","avatar":"https://static.tigerbbs.com/790a9b3a4d108ba92f4d9a18efdaaf86","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581769182401186","idStr":"3581769182401186"},"themes":[],"htmlText":"Time to shop&nbsp;for your favourite TECH stocks&nbsp;at a cheaper price. 😉","listText":"Time to shop&nbsp;for your favourite TECH stocks&nbsp;at a cheaper price. 😉","text":"Time to shop for your favourite TECH stocks at a cheaper price. 😉","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/147745903","repostId":"2151573133","repostType":4,"isVote":1,"tweetType":1,"viewCount":327,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":152908451,"gmtCreate":1625248373373,"gmtModify":1633942088242,"author":{"id":"3581769182401186","authorId":"3581769182401186","name":"KwokMeng","avatar":"https://static.tigerbbs.com/790a9b3a4d108ba92f4d9a18efdaaf86","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581769182401186","idStr":"3581769182401186"},"themes":[],"htmlText":"What?!? Big Fund sell, we buy?&nbsp;","listText":"What?!? Big Fund sell, we buy?&nbsp;","text":"What?!? Big Fund sell, we buy?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/152908451","repostId":"2148725958","repostType":4,"isVote":1,"tweetType":1,"viewCount":273,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127190968,"gmtCreate":1624838457854,"gmtModify":1633948256990,"author":{"id":"3581769182401186","authorId":"3581769182401186","name":"KwokMeng","avatar":"https://static.tigerbbs.com/790a9b3a4d108ba92f4d9a18efdaaf86","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581769182401186","idStr":"3581769182401186"},"themes":[],"htmlText":"Expect a green week…😄","listText":"Expect a green week…😄","text":"Expect a green week…😄","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/127190968","repostId":"2146007118","repostType":4,"isVote":1,"tweetType":1,"viewCount":281,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":810428452,"gmtCreate":1629994046976,"gmtModify":1704954389534,"author":{"id":"3581769182401186","authorId":"3581769182401186","name":"KwokMeng","avatar":"https://static.tigerbbs.com/790a9b3a4d108ba92f4d9a18efdaaf86","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581769182401186","idStr":"3581769182401186"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/SAVA\">$Cassava Sciences Inc(SAVA)$</a>Shorted 10 lots&nbsp;from 78.30. Buy back at 68.29.&nbsp;","listText":"<a href=\"https://laohu8.com/S/SAVA\">$Cassava Sciences Inc(SAVA)$</a>Shorted 10 lots&nbsp;from 78.30. Buy back at 68.29.&nbsp;","text":"$Cassava Sciences Inc(SAVA)$Shorted 10 lots from 78.30. Buy back at 68.29.","images":[{"img":"https://static.tigerbbs.com/51e927f98bf52b9fb3c799774308de8f","width":"828","height":"1434"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/810428452","isVote":1,"tweetType":1,"viewCount":1603,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":178822787,"gmtCreate":1626799016549,"gmtModify":1631891640046,"author":{"id":"3581769182401186","authorId":"3581769182401186","name":"KwokMeng","avatar":"https://static.tigerbbs.com/790a9b3a4d108ba92f4d9a18efdaaf86","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581769182401186","idStr":"3581769182401186"},"themes":[],"htmlText":"Sounds good for AMC.😄 Trade with caution ⚠️&nbsp;","listText":"Sounds good for AMC.😄 Trade with caution ⚠️&nbsp;","text":"Sounds good for AMC.😄 Trade with caution ⚠️","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/178822787","repostId":"2152657163","repostType":4,"isVote":1,"tweetType":1,"viewCount":435,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}