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2021-06-07

Ok

"We Took Out The June 2007 Highs": Morgan Stanley's Sell Signal Just Hit An All Time High<blockquote>“我们打破了2007年6月的高点”：摩根士丹利的卖出信号刚刚创下历史新高</blockquote>

2021-06-06

Hmm

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2021-06-04

Wow

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2021-06-02

Wow

Robinhood Adds 3 Directors, Boosting Board Ahead of IPO<blockquote>Robinhood增加3名董事，在IPO前增强董事会实力</blockquote>

2021-06-01

Wow

Here Are the 11 Best Performing IPOs of the Year<blockquote>以下是今年表现最好的11家IPO</blockquote>

2021-05-31

Ooo

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2021-05-30

Oo

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2021-05-29

Wow

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2021-05-27

Oo

Opinion: These cool, high-quality stocks are just right for this overheated, overvalued market<blockquote>观点：这些酷炫、优质的股票正适合这个过热、估值过高的市场</blockquote>

2021-05-25

Lnc

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2021-05-24

Like

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2021-05-23

Oo

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2021-05-22

Oo

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2021-05-10

Comment thanksss

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2021-05-01

Wa

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which is rapidly emerging as the most bearish on Wall Street - \"<b>earnings revisions will not be able to offset that de-rating, leaving the overall market vulnerable to a 10-15 % correction over the next 6 months.\"</b></p><p><blockquote>过去几个月，摩根士丹利的基本面分析师对股市的悲观情绪越来越悲观，本周早些时候，首席股票策略师迈克尔·威尔逊(Michael Wilson)表示，市场上过于乐观，而盈利正在缓慢上升，远期市盈率太高，并且将会下滑，“评级将下调约75%，市盈率将下降约15%。”因此，在威尔逊看来——这正迅速成为华尔街最悲观的人——”<b>盈利修正将无法抵消评级下调的影响，导致整体市场在未来6个月内容易出现10-15%的调整。”</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/f72ac2b1254473a56a44d443d5b0af2e\" tg-width=\"500\" tg-height=\"298\" referrerpolicy=\"no-referrer\">It now appears that Morgan Stanley's fundamental bearishness has spilled over into the bank's technical analyst team and as the bank's chief Euro equity Strategist Matthew Garman writes,<b>for only the fifth time in over 30 years, each of Morgan Stanley's five market timing indicators are giving a sell signal at the same time.</b></p><p><blockquote>现在看来，摩根士丹利的基本面看跌情绪已经蔓延到该行的技术分析师团队，正如该行首席欧元股票策略师马修·加曼所写，<b>30多年来，摩根士丹利的五个市场时机指标中的每一个都同时发出卖出信号，这是第五次。</b></blockquote></p><p> Not only that, but the bank's Combined Market Timing Indicator - which has been in sell territory since March - just hit a new all time high of 1.19, surpassing the previous record high seen in June-2007, right around the time of the first great quant crash and before the market collapsed.</p><p><blockquote>不仅如此，该银行的综合市场时机指标（自3月份以来一直处于卖出区域）刚刚创下1.19的历史新高，超过了2007年6月创下的历史新高，当时正值第一次大规模量化崩盘和市场崩溃之前。</blockquote></p><p> According to Garman, the only time equities have risen after a \"Full House\" Sell Signal was in Feb 17, shortly after the Shanghai Accord kicked in to prevent a global recession. The other previous occasions where there was a \"Full House\" Sell Signal were Mar-90, May-92, Jun-07. According to MS,<b>\"in the 6M post the initial Full House Sell Signal, MSCI Europe has fallen on average 6%</b>.\"</p><p><blockquote>加曼表示，股市唯一一次在“满座”卖出信号后上涨是在2月17日，即防止全球经济衰退的上海协议生效后不久。之前出现“满座”卖出信号的其他场合是1990年3月、1992年5月、2007年6月。根据MS的说法，<b>“在最初的满仓抛售信号后的600万美元中，MSCI欧洲平均下跌了6%。”</b>.\"</blockquote></p><p> <img src=\"https://static.tigerbbs.com/840d972b24ae257679bd7334982d19d8\" tg-width=\"1130\" tg-height=\"415\" referrerpolicy=\"no-referrer\">So with every in house risk indicator screaming sell, does that mean that Morgan Stanley will have the balls to tell its clients to sell? Why of course not, because in this market where stuff like the AMC, GameStop and Bed Bath squeezes force analysts to admit they no longer have any idea what's going on...</p><p><blockquote>那么，随着每一个内部风险指标都尖叫着卖出，这是否意味着摩根士丹利将有胆量告诉其客户卖出？为什么当然不是，因为在这个市场上，像AMC、游戏驿站和Bed Bath这样的东西挤压迫使分析师承认他们不再知道发生了什么……</blockquote></p><p> <img src=\"https://static.tigerbbs.com/79e9d638925af010cddcb25105f8a4b0\" tg-width=\"500\" tg-height=\"471\" referrerpolicy=\"no-referrer\">... Morgan Stanley is keeping the hope and assuming that the current period will be similar to 2017 - the only other time when a massive sell signal did not result in a market plunge.</p><p><blockquote>...摩根士丹利仍然抱有希望，并假设当前时期将与2017年类似——这是唯一一次大规模卖出信号没有导致市场暴跌。</blockquote></p><p>   <i>Back in 2017, we remained constructive despite the signal given i) strong EPS growth, ii) an early cycle environment, iii) EU inflows, iv) low sentiment and v) a rise in M&amp;A. Sentiment metrics may look more elevated than in 2017, but many of those factors remain in place today. While we see a trickier risk-reward for equities globally, we maintain our view that there is a compelling case for Europe to outperform global peers.</i>  Yet even Morgan Stanley is forced to admit that while Defensives may just scrape by after a record sell signal, cyclicals are about to be hammered. The next chart shows the relative performance of Cyclicals versus Defensives after a Full House Sell Signal on. As MS notes, \"perhaps unsurprisingly, given the poor performance at the market level, Cyclicals have struggled. In the 6M post the four initial Full House Sell Signals, Cyclicals have underperformed Defensives on average 12%, and this drops to -15% looking at any day</p><p><blockquote><i>早在2017年，尽管发出了i)每股收益强劲增长、ii)早期周期环境、iii)欧盟资金流入、iv)情绪低迷以及v)并购增加的信号，但我们仍然保持建设性态度。情绪指标可能看起来比2017年更高，但其中许多因素今天仍然存在。尽管我们认为全球股市的风险回报更加棘手，但我们仍然认为欧洲有令人信服的理由跑赢全球同行。</i>然而，就连摩根士丹利也被迫承认，虽然防御性股票在创纪录的卖出信号后可能只是勉强度日，但周期性股票即将受到重创。下图显示了满仓卖出信号后周期性股票与防御性股票的相对表现。正如微软指出的，“考虑到市场层面的糟糕表现，周期类股一直在苦苦挣扎，这也许并不奇怪。在最初四次抛售信号发出后的600万个交易日里，周期类股的表现平均落后于防御性股12%，而这一比例在任何一天都会降至-15%</blockquote></p><p> when the MTIs have all said sell at the same time.\"</p><p><blockquote>当MTI都同时表示卖出时。”</blockquote></p><p> This was true even in 2017 when equity markets rose: \"we previously cited similarities with the 2017 Full House Sell Signal as reasons to not get overly cautious on equity markets in aggregate at this moment in time. After the February-2017 Full House Sell Signal, MSCI Europe continued to rise pretty consistently through the rest of the year. However, despite strong performance from the market in aggregate, the performance of Cyclicals versus Defensives was much poorer. Between February and June 2017 Cyclicals underperformed Defensives by 6%.\"</p><p><blockquote>即使在2017年股市上涨时也是如此：“我们之前引用了与2017年全面抛售信号的相似之处，作为目前不要对整体股市过于谨慎的理由。在2017年2月的全面抛售信号之后，摩根士丹利资本国际欧洲指数在今年剩余时间里继续持续上涨。然而，尽管市场整体表现强劲，但周期性股票相对于防御性股票的表现要差得多。2017年2月至6月期间，周期性股票的表现落后防御性股票6%。”</blockquote></p><p> <img src=\"https://static.tigerbbs.com/8dcf00cdefd33fef071981aa4a5547a7\" tg-width=\"1084\" tg-height=\"387\" referrerpolicy=\"no-referrer\">It's not just the bank's sell signal that is prompting concerns about the future returns of cyclicals: Borrowing a page from our own warnings (see \"China's Credit Impulse Just Turned Negative, Unleashing Global Deflationary Shockwave\"), Morgan Stanley looks at \"a number of China data points which are giving warning signs\" first and foremost the collapse in China's credit impulse, to wit:</p><p><blockquote>引发人们对周期性股票未来回报担忧的不仅仅是央行的卖出信号：借用我们自己的警告（参见“中国的信贷冲动刚刚转为负面，释放全球通缩冲击波”），摩根士丹利着眼于“一些中国数据点发出警告信号”，首先是中国信贷冲动的崩溃，即：</blockquote></p><p></p><p> While credit tightening has been front-loaded in 1H21, as outlined here, our economists remain constructive on China's growth recovery. Having said that, a number of Chinese data points do suggest the Cyclical bounce looks overextended.<b>China's credit impulse has just turned negative, and historically this has provided a lead indicator for the year-on-year performance of European Cyclicals (Exhibit 5).</b>Similarly, the relative performance of Cyclicals versus Defensives has closely tracked moves in Chinese 10Y bond yields, which are now at their lowest levels since September 2020, standing in sharp contrast to the performance of Cyclicals.</p><p><blockquote>尽管信贷紧缩已在2021年上半年提前实施，但我们的经济学家对中国的增长复苏仍持建设性态度。话虽如此，一些中国数据确实表明周期性反弹看起来过度。<b>中国的信贷冲动刚刚转负，从历史上看，这为欧洲周期类股的同比表现提供了领先指标（图表5）。</b>同样，周期性股票与防御性股票的相对表现密切跟踪中国10年期债券收益率的走势，目前中国10年期债券收益率处于2020年9月以来的最低水平，与周期性股票的表现形成鲜明对比。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/c85032415626480364933f91dda387bf\" tg-width=\"1065\" tg-height=\"409\"></p><p><blockquote></blockquote></p><p> Putting it all together, readers have to ask themselves if what is coming will be an analog of the one and only episode on history when the market did not plunge after all Morgan Stanley market timing indicators hit a sell (and were at an all time high), or will this case be similar to Mar-90, May-92, Jun-07 when the outcome was anything but a happy ending.</p><p><blockquote>综上所述，读者不得不问自己，即将到来的事件是否会类似于历史上唯一一次在摩根士丹利所有市场时机指标都达到卖出（并处于历史高位）后市场没有暴跌的事件，或者这种情况会类似于1990年3月、1992年5月、2007年6月，结果绝不是一个幸福的结局。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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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\">\n\"We Took Out The June 2007 Highs\": Morgan Stanley's Sell Signal Just Hit An All Time High<blockquote>“我们打破了2007年6月的高点”：摩根士丹利的卖出信号刚刚创下历史新高</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-06-07 17:52</span>\n</p>\n</h4>\n</header>\n<article>\n<p>For the past several months, Morgan Stanley's fundamental analysts have been turning increasingly bearish on stocks, with the pessimistic sentimentplateauing earlier this weekwhen chief equity strategist Michael Wilson said that there is far too much optimism in the market, and that while earnings are slowly rising, forward PE multiples are far too high and are set to slide, with \"the de-rating about 75% to go or an approximate 15% decline in P/Es from here.\" As a result, in Wilson's view - which is rapidly emerging as the most bearish on Wall Street - \"<b>earnings revisions will not be able to offset that de-rating, leaving the overall market vulnerable to a 10-15 % correction over the next 6 months.\"</b></p><p><blockquote>过去几个月，摩根士丹利的基本面分析师对股市的悲观情绪越来越悲观，本周早些时候，首席股票策略师迈克尔·威尔逊(Michael Wilson)表示，市场上过于乐观，而盈利正在缓慢上升，远期市盈率太高，并且将会下滑，“评级将下调约75%，市盈率将下降约15%。”因此，在威尔逊看来——这正迅速成为华尔街最悲观的人——”<b>盈利修正将无法抵消评级下调的影响，导致整体市场在未来6个月内容易出现10-15%的调整。”</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/f72ac2b1254473a56a44d443d5b0af2e\" tg-width=\"500\" tg-height=\"298\" referrerpolicy=\"no-referrer\">It now appears that Morgan Stanley's fundamental bearishness has spilled over into the bank's technical analyst team and as the bank's chief Euro equity Strategist Matthew Garman writes,<b>for only the fifth time in over 30 years, each of Morgan Stanley's five market timing indicators are giving a sell signal at the same time.</b></p><p><blockquote>现在看来，摩根士丹利的基本面看跌情绪已经蔓延到该行的技术分析师团队，正如该行首席欧元股票策略师马修·加曼所写，<b>30多年来，摩根士丹利的五个市场时机指标中的每一个都同时发出卖出信号，这是第五次。</b></blockquote></p><p> Not only that, but the bank's Combined Market Timing Indicator - which has been in sell territory since March - just hit a new all time high of 1.19, surpassing the previous record high seen in June-2007, right around the time of the first great quant crash and before the market collapsed.</p><p><blockquote>不仅如此，该银行的综合市场时机指标（自3月份以来一直处于卖出区域）刚刚创下1.19的历史新高，超过了2007年6月创下的历史新高，当时正值第一次大规模量化崩盘和市场崩溃之前。</blockquote></p><p> According to Garman, the only time equities have risen after a \"Full House\" Sell Signal was in Feb 17, shortly after the Shanghai Accord kicked in to prevent a global recession. The other previous occasions where there was a \"Full House\" Sell Signal were Mar-90, May-92, Jun-07. According to MS,<b>\"in the 6M post the initial Full House Sell Signal, MSCI Europe has fallen on average 6%</b>.\"</p><p><blockquote>加曼表示，股市唯一一次在“满座”卖出信号后上涨是在2月17日，即防止全球经济衰退的上海协议生效后不久。之前出现“满座”卖出信号的其他场合是1990年3月、1992年5月、2007年6月。根据MS的说法，<b>“在最初的满仓抛售信号后的600万美元中，MSCI欧洲平均下跌了6%。”</b>.\"</blockquote></p><p> <img src=\"https://static.tigerbbs.com/840d972b24ae257679bd7334982d19d8\" tg-width=\"1130\" tg-height=\"415\" referrerpolicy=\"no-referrer\">So with every in house risk indicator screaming sell, does that mean that Morgan Stanley will have the balls to tell its clients to sell? Why of course not, because in this market where stuff like the AMC, GameStop and Bed Bath squeezes force analysts to admit they no longer have any idea what's going on...</p><p><blockquote>那么，随着每一个内部风险指标都尖叫着卖出，这是否意味着摩根士丹利将有胆量告诉其客户卖出？为什么当然不是，因为在这个市场上，像AMC、游戏驿站和Bed Bath这样的东西挤压迫使分析师承认他们不再知道发生了什么……</blockquote></p><p> <img src=\"https://static.tigerbbs.com/79e9d638925af010cddcb25105f8a4b0\" tg-width=\"500\" tg-height=\"471\" referrerpolicy=\"no-referrer\">... Morgan Stanley is keeping the hope and assuming that the current period will be similar to 2017 - the only other time when a massive sell signal did not result in a market plunge.</p><p><blockquote>...摩根士丹利仍然抱有希望，并假设当前时期将与2017年类似——这是唯一一次大规模卖出信号没有导致市场暴跌。</blockquote></p><p>   <i>Back in 2017, we remained constructive despite the signal given i) strong EPS growth, ii) an early cycle environment, iii) EU inflows, iv) low sentiment and v) a rise in M&amp;A. Sentiment metrics may look more elevated than in 2017, but many of those factors remain in place today. While we see a trickier risk-reward for equities globally, we maintain our view that there is a compelling case for Europe to outperform global peers.</i>  Yet even Morgan Stanley is forced to admit that while Defensives may just scrape by after a record sell signal, cyclicals are about to be hammered. The next chart shows the relative performance of Cyclicals versus Defensives after a Full House Sell Signal on. As MS notes, \"perhaps unsurprisingly, given the poor performance at the market level, Cyclicals have struggled. In the 6M post the four initial Full House Sell Signals, Cyclicals have underperformed Defensives on average 12%, and this drops to -15% looking at any day</p><p><blockquote><i>早在2017年，尽管发出了i)每股收益强劲增长、ii)早期周期环境、iii)欧盟资金流入、iv)情绪低迷以及v)并购增加的信号，但我们仍然保持建设性态度。情绪指标可能看起来比2017年更高，但其中许多因素今天仍然存在。尽管我们认为全球股市的风险回报更加棘手，但我们仍然认为欧洲有令人信服的理由跑赢全球同行。</i>然而，就连摩根士丹利也被迫承认，虽然防御性股票在创纪录的卖出信号后可能只是勉强度日，但周期性股票即将受到重创。下图显示了满仓卖出信号后周期性股票与防御性股票的相对表现。正如微软指出的，“考虑到市场层面的糟糕表现，周期类股一直在苦苦挣扎，这也许并不奇怪。在最初四次抛售信号发出后的600万个交易日里，周期类股的表现平均落后于防御性股12%，而这一比例在任何一天都会降至-15%</blockquote></p><p> when the MTIs have all said sell at the same time.\"</p><p><blockquote>当MTI都同时表示卖出时。”</blockquote></p><p> This was true even in 2017 when equity markets rose: \"we previously cited similarities with the 2017 Full House Sell Signal as reasons to not get overly cautious on equity markets in aggregate at this moment in time. After the February-2017 Full House Sell Signal, MSCI Europe continued to rise pretty consistently through the rest of the year. However, despite strong performance from the market in aggregate, the performance of Cyclicals versus Defensives was much poorer. Between February and June 2017 Cyclicals underperformed Defensives by 6%.\"</p><p><blockquote>即使在2017年股市上涨时也是如此：“我们之前引用了与2017年全面抛售信号的相似之处，作为目前不要对整体股市过于谨慎的理由。在2017年2月的全面抛售信号之后，摩根士丹利资本国际欧洲指数在今年剩余时间里继续持续上涨。然而，尽管市场整体表现强劲，但周期性股票相对于防御性股票的表现要差得多。2017年2月至6月期间，周期性股票的表现落后防御性股票6%。”</blockquote></p><p> <img src=\"https://static.tigerbbs.com/8dcf00cdefd33fef071981aa4a5547a7\" tg-width=\"1084\" tg-height=\"387\" referrerpolicy=\"no-referrer\">It's not just the bank's sell signal that is prompting concerns about the future returns of cyclicals: Borrowing a page from our own warnings (see \"China's Credit Impulse Just Turned Negative, Unleashing Global Deflationary Shockwave\"), Morgan Stanley looks at \"a number of China data points which are giving warning signs\" first and foremost the collapse in China's credit impulse, to wit:</p><p><blockquote>引发人们对周期性股票未来回报担忧的不仅仅是央行的卖出信号：借用我们自己的警告（参见“中国的信贷冲动刚刚转为负面，释放全球通缩冲击波”），摩根士丹利着眼于“一些中国数据点发出警告信号”，首先是中国信贷冲动的崩溃，即：</blockquote></p><p></p><p> While credit tightening has been front-loaded in 1H21, as outlined here, our economists remain constructive on China's growth recovery. Having said that, a number of Chinese data points do suggest the Cyclical bounce looks overextended.<b>China's credit impulse has just turned negative, and historically this has provided a lead indicator for the year-on-year performance of European Cyclicals (Exhibit 5).</b>Similarly, the relative performance of Cyclicals versus Defensives has closely tracked moves in Chinese 10Y bond yields, which are now at their lowest levels since September 2020, standing in sharp contrast to the performance of Cyclicals.</p><p><blockquote>尽管信贷紧缩已在2021年上半年提前实施，但我们的经济学家对中国的增长复苏仍持建设性态度。话虽如此，一些中国数据确实表明周期性反弹看起来过度。<b>中国的信贷冲动刚刚转负，从历史上看，这为欧洲周期类股的同比表现提供了领先指标（图表5）。</b>同样，周期性股票与防御性股票的相对表现密切跟踪中国10年期债券收益率的走势，目前中国10年期债券收益率处于2020年9月以来的最低水平，与周期性股票的表现形成鲜明对比。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/c85032415626480364933f91dda387bf\" tg-width=\"1065\" tg-height=\"409\"></p><p><blockquote></blockquote></p><p> Putting it all together, readers have to ask themselves if what is coming will be an analog of the one and only episode on history when the market did not plunge after all Morgan Stanley market timing indicators hit a sell (and were at an all time high), or will this case be similar to Mar-90, May-92, Jun-07 when the outcome was anything but a happy ending.</p><p><blockquote>综上所述，读者不得不问自己，即将到来的事件是否会类似于历史上唯一一次在摩根士丹利所有市场时机指标都达到卖出（并处于历史高位）后市场没有暴跌的事件，或者这种情况会类似于1990年3月、1992年5月、2007年6月，结果绝不是一个幸福的结局。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/we-took-out-june-2007-highs-morgan-stanleys-sell-signal-just-hit-all-time-high\">zerohedge</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯","SPY":"标普500ETF"},"source_url":"https://www.zerohedge.com/markets/we-took-out-june-2007-highs-morgan-stanleys-sell-signal-just-hit-all-time-high","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1194257742","content_text":"For the past several months, Morgan Stanley's fundamental analysts have been turning increasingly bearish on stocks, with the pessimistic sentimentplateauing earlier this weekwhen chief equity strategist Michael Wilson said that there is far too much optimism in the market, and that while earnings are slowly rising, forward PE multiples are far too high and are set to slide, with \"the de-rating about 75% to go or an approximate 15% decline in P/Es from here.\" As a result, in Wilson's view - which is rapidly emerging as the most bearish on Wall Street - \"earnings revisions will not be able to offset that de-rating, leaving the overall market vulnerable to a 10-15 % correction over the next 6 months.\"\nIt now appears that Morgan Stanley's fundamental bearishness has spilled over into the bank's technical analyst team and as the bank's chief Euro equity Strategist Matthew Garman writes,for only the fifth time in over 30 years, each of Morgan Stanley's five market timing indicators are giving a sell signal at the same time.\nNot only that, but the bank's Combined Market Timing Indicator - which has been in sell territory since March - just hit a new all time high of 1.19, surpassing the previous record high seen in June-2007, right around the time of the first great quant crash and before the market collapsed.\nAccording to Garman, the only time equities have risen after a \"Full House\" Sell Signal was in Feb 17, shortly after the Shanghai Accord kicked in to prevent a global recession. The other previous occasions where there was a \"Full House\" Sell Signal were Mar-90, May-92, Jun-07. According to MS,\"in the 6M post the initial Full House Sell Signal, MSCI Europe has fallen on average 6%.\"\nSo with every in house risk indicator screaming sell, does that mean that Morgan Stanley will have the balls to tell its clients to sell? Why of course not, because in this market where stuff like the AMC, GameStop and Bed Bath squeezes force analysts to admit they no longer have any idea what's going on...\n... Morgan Stanley is keeping the hope and assuming that the current period will be similar to 2017 - the only other time when a massive sell signal did not result in a market plunge.\n\nBack in 2017, we remained constructive despite the signal given i) strong EPS growth, ii) an early cycle environment, iii) EU inflows, iv) low sentiment and v) a rise in M&A. Sentiment metrics may look more elevated than in 2017, but many of those factors remain in place today. While we see a trickier risk-reward for equities globally, we maintain our view that there is a compelling case for Europe to outperform global peers.\n\nYet even Morgan Stanley is forced to admit that while Defensives may just scrape by after a record sell signal, cyclicals are about to be hammered. The next chart shows the relative performance of Cyclicals versus Defensives after a Full House Sell Signal on. As MS notes, \"perhaps unsurprisingly, given the poor performance at the market level, Cyclicals have struggled. In the 6M post the four initial Full House Sell Signals, Cyclicals have underperformed Defensives on average 12%, and this drops to -15% looking at any day\nwhen the MTIs have all said sell at the same time.\"\nThis was true even in 2017 when equity markets rose: \"we previously cited similarities with the 2017 Full House Sell Signal as reasons to not get overly cautious on equity markets in aggregate at this moment in time. After the February-2017 Full House Sell Signal, MSCI Europe continued to rise pretty consistently through the rest of the year. However, despite strong performance from the market in aggregate, the performance of Cyclicals versus Defensives was much poorer. Between February and June 2017 Cyclicals underperformed Defensives by 6%.\"\nIt's not just the bank's sell signal that is prompting concerns about the future returns of cyclicals: Borrowing a page from our own warnings (see \"China's Credit Impulse Just Turned Negative, Unleashing Global Deflationary Shockwave\"), Morgan Stanley looks at \"a number of China data points which are giving warning signs\" first and foremost the collapse in China's credit impulse, to wit:\nWhile credit tightening has been front-loaded in 1H21, as outlined here, our economists remain constructive on China's growth recovery. Having said that, a number of Chinese data points do suggest the Cyclical bounce looks overextended.China's credit impulse has just turned negative, and historically this has provided a lead indicator for the year-on-year performance of European Cyclicals (Exhibit 5).Similarly, the relative performance of Cyclicals versus Defensives has closely tracked moves in Chinese 10Y bond yields, which are now at their lowest levels since September 2020, standing in sharp contrast to the performance of Cyclicals.\n\nPutting it all together, readers have to ask themselves if what is coming will be an analog of the one and only episode on history when the market did not plunge after all Morgan Stanley market timing indicators hit a sell (and were at an all time high), or will this case be similar to Mar-90, May-92, Jun-07 when the outcome was anything but a happy ending.","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,"SPY":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":1938,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":115169754,"gmtCreate":1622959557178,"gmtModify":1634096556867,"author":{"id":"3581817202947175","authorId":"3581817202947175","name":"priswong","avatar":"https://static.tigerbbs.com/1c6662d0fbf1d14d728f78d18e375a47","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581817202947175","idStr":"3581817202947175"},"themes":[],"htmlText":"Hmm","listText":"Hmm","text":"Hmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/115169754","repostId":"1102972710","repostType":4,"isVote":1,"tweetType":1,"viewCount":1488,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":116958887,"gmtCreate":1622771076449,"gmtModify":1634098181507,"author":{"id":"3581817202947175","authorId":"3581817202947175","name":"priswong","avatar":"https://static.tigerbbs.com/1c6662d0fbf1d14d728f78d18e375a47","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581817202947175","idStr":"3581817202947175"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/116958887","repostId":"1110094207","repostType":4,"isVote":1,"tweetType":1,"viewCount":1392,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":113805570,"gmtCreate":1622600962990,"gmtModify":1634100038118,"author":{"id":"3581817202947175","authorId":"3581817202947175","name":"priswong","avatar":"https://static.tigerbbs.com/1c6662d0fbf1d14d728f78d18e375a47","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581817202947175","idStr":"3581817202947175"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/113805570","repostId":"1188302386","repostType":4,"repost":{"id":"1188302386","kind":"news","pubTimestamp":1622598317,"share":"https://www.laohu8.com/m/news/1188302386?lang=zh_CN&edition=full","pubTime":"2021-06-02 09:45","market":"hk","language":"en","title":"Robinhood Adds 3 Directors, Boosting Board Ahead of IPO<blockquote>Robinhood增加3名董事，在IPO前增强董事会实力</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1188302386","media":"Barron's","summary":"Robinhood, on the cusp of going public, is now adding board members who can make the case that the u","content":"<p>Robinhood, on the cusp of going public, is now adding board members who can make the case that the upstart broker is ready to take a central place in the investment universe.</p><p><blockquote>即将上市的Robinhood现在正在增加董事会成员，他们可以证明这家新贵经纪商已准备好在投资领域占据核心地位。</blockquote></p><p> The zero-commission investment app announced on Tuesday that it was adding three independent board members. Jon Rubinstein, a senior advisor at asset management firm PDT Partners who is a former <a href=\"https://laohu8.com/S/AAPL\">Apple</a> executive and the lead independent director at<a href=\"https://laohu8.com/S/AMZN\">Amazon.com</a>(ticker: AMZN), adds mainstream tech experience. Paula Loop, a partner at PwC, has experience in governance, accounting, and Securities and Exchange Commission compliance. And Robert Zoellick, a fellow at Harvard University, is a former president of the World Bank and U.S. Trade Representative. That brings Robinhood’s board to seven members, two of whom are co-founders Vlad Tenev and Baiju Bhatt. The company declined to make any directors available for interviews.</p><p><blockquote>这款零佣金投资应用程序周二宣布，将增加三名独立董事会成员。Jon Rubinstein，资产管理公司PDT Partners的高级顾问，曾任<a href=\"https://laohu8.com/S/AAPL\">苹果</a>执行董事兼首席独立董事<a href=\"https://laohu8.com/S/AMZN\">亚马逊</a>（股票代码：AMZN），增加主流技术体验。普华永道合伙人Paula Loop在治理、会计和证券交易委员会合规方面拥有丰富的经验。哈佛大学研究员罗伯特·佐利克是世界银行前行长和美国贸易代表。这使得Robinhood的董事会成员达到了七名，其中两名是联合创始人Vlad Tenev和Baiju Bhatt。该公司拒绝让任何董事接受采访。</blockquote></p><p> After disrupting the traditional brokerage industry, Robinhood is expected to go public as soon as this month. Itconfidentially filed paperswith the SEC in March. Some analysts think the company could fetch a valuation of $40 billion. Adding directors with strong reputations will likely help Robinhood’s case, although those directors are now tying their reputations to a company that has attracted considerable negative attention as well.</p><p><blockquote>在颠覆传统券商行业后，Robinhood预计最快将于本月上市。它于三月份向SEC秘密提交了文件。一些分析师认为该公司的估值可能达到400亿美元。增加声誉良好的董事可能会有助于罗宾汉的案件，尽管这些董事现在将自己的声誉与一家也引起了相当大的负面关注的公司联系在一起。</blockquote></p><p> Robinhood has walked a fine line over the past year, portraying itself to customers as a threat to the establishment. The founders have said they were inspired by the Occupy Wall Street movement to fight the power of big banks and brokers. At the same time, the company has sold itself to regulators as a responsible operator ready to take an even bigger role in the country’s financial infrastructure.</p><p><blockquote>罗宾汉在过去的一年里一直走得很好，向客户描绘自己是对企业的威胁。创始人表示，他们受到占领华尔街运动的启发，旨在对抗大银行和经纪商的权力。与此同时，该公司已向监管机构推销自己是一家负责任的运营商，准备在该国的金融基础设施中发挥更大的作用。</blockquote></p><p> Since the start of the pandemic, Robinhood has had to answer for a variety of irregularities, includingtrading outages last March, anda ban on purchases of certain stocksat the height of the<a href=\"https://laohu8.com/S/GME\">GameStop</a>(GME) frenzy in January. Massachusetts’ top securities regulator hassued the companyon allegations that it encourages risky trading for its own profit, a charge the company denies. Robinhood’s challenge will be to maintain its rebellious reputation, while also convincing regulators and customers that it is a responsible steward of their money.</p><p><blockquote>自疫情爆发以来，Robinhood不得不对各种违规行为负责，包括去年3月的交易中断、以及在疫情最严重时禁止购买某些股票。<a href=\"https://laohu8.com/S/GME\">游戏驿站</a>(GME)一月份的狂热。马萨诸塞州最高证券监管机构驳斥了该公司鼓励高风险交易以获取自身利润的指控，但该公司否认了这一指控。Robinhood面临的挑战将是维持其叛逆的声誉，同时让监管机构和客户相信它是他们资金的负责任的管理者。</blockquote></p><p> The next few weeks will determine how well it can make its pitch on Wall Street.</p><p><blockquote>接下来的几周将决定它在华尔街的表现如何。</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>Robinhood Adds 3 Directors, Boosting Board Ahead of IPO<blockquote>Robinhood增加3名董事，在IPO前增强董事会实力</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\">\nRobinhood Adds 3 Directors, Boosting Board Ahead of IPO<blockquote>Robinhood增加3名董事，在IPO前增强董事会实力</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\">2021-06-02 09:45</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Robinhood, on the cusp of going public, is now adding board members who can make the case that the upstart broker is ready to take a central place in the investment universe.</p><p><blockquote>即将上市的Robinhood现在正在增加董事会成员，他们可以证明这家新贵经纪商已准备好在投资领域占据核心地位。</blockquote></p><p> The zero-commission investment app announced on Tuesday that it was adding three independent board members. Jon Rubinstein, a senior advisor at asset management firm PDT Partners who is a former <a href=\"https://laohu8.com/S/AAPL\">Apple</a> executive and the lead independent director at<a href=\"https://laohu8.com/S/AMZN\">Amazon.com</a>(ticker: AMZN), adds mainstream tech experience. Paula Loop, a partner at PwC, has experience in governance, accounting, and Securities and Exchange Commission compliance. And Robert Zoellick, a fellow at Harvard University, is a former president of the World Bank and U.S. Trade Representative. That brings Robinhood’s board to seven members, two of whom are co-founders Vlad Tenev and Baiju Bhatt. The company declined to make any directors available for interviews.</p><p><blockquote>这款零佣金投资应用程序周二宣布，将增加三名独立董事会成员。Jon Rubinstein，资产管理公司PDT Partners的高级顾问，曾任<a href=\"https://laohu8.com/S/AAPL\">苹果</a>执行董事兼首席独立董事<a href=\"https://laohu8.com/S/AMZN\">亚马逊</a>（股票代码：AMZN），增加主流技术体验。普华永道合伙人Paula Loop在治理、会计和证券交易委员会合规方面拥有丰富的经验。哈佛大学研究员罗伯特·佐利克是世界银行前行长和美国贸易代表。这使得Robinhood的董事会成员达到了七名，其中两名是联合创始人Vlad Tenev和Baiju Bhatt。该公司拒绝让任何董事接受采访。</blockquote></p><p> After disrupting the traditional brokerage industry, Robinhood is expected to go public as soon as this month. Itconfidentially filed paperswith the SEC in March. Some analysts think the company could fetch a valuation of $40 billion. Adding directors with strong reputations will likely help Robinhood’s case, although those directors are now tying their reputations to a company that has attracted considerable negative attention as well.</p><p><blockquote>在颠覆传统券商行业后，Robinhood预计最快将于本月上市。它于三月份向SEC秘密提交了文件。一些分析师认为该公司的估值可能达到400亿美元。增加声誉良好的董事可能会有助于罗宾汉的案件，尽管这些董事现在将自己的声誉与一家也引起了相当大的负面关注的公司联系在一起。</blockquote></p><p> Robinhood has walked a fine line over the past year, portraying itself to customers as a threat to the establishment. The founders have said they were inspired by the Occupy Wall Street movement to fight the power of big banks and brokers. At the same time, the company has sold itself to regulators as a responsible operator ready to take an even bigger role in the country’s financial infrastructure.</p><p><blockquote>罗宾汉在过去的一年里一直走得很好，向客户描绘自己是对企业的威胁。创始人表示，他们受到占领华尔街运动的启发，旨在对抗大银行和经纪商的权力。与此同时，该公司已向监管机构推销自己是一家负责任的运营商，准备在该国的金融基础设施中发挥更大的作用。</blockquote></p><p> Since the start of the pandemic, Robinhood has had to answer for a variety of irregularities, includingtrading outages last March, anda ban on purchases of certain stocksat the height of the<a href=\"https://laohu8.com/S/GME\">GameStop</a>(GME) frenzy in January. Massachusetts’ top securities regulator hassued the companyon allegations that it encourages risky trading for its own profit, a charge the company denies. Robinhood’s challenge will be to maintain its rebellious reputation, while also convincing regulators and customers that it is a responsible steward of their money.</p><p><blockquote>自疫情爆发以来，Robinhood不得不对各种违规行为负责，包括去年3月的交易中断、以及在疫情最严重时禁止购买某些股票。<a href=\"https://laohu8.com/S/GME\">游戏驿站</a>(GME)一月份的狂热。马萨诸塞州最高证券监管机构驳斥了该公司鼓励高风险交易以获取自身利润的指控，但该公司否认了这一指控。Robinhood面临的挑战将是维持其叛逆的声誉，同时让监管机构和客户相信它是他们资金的负责任的管理者。</blockquote></p><p> The next few weeks will determine how well it can make its pitch on Wall Street.</p><p><blockquote>接下来的几周将决定它在华尔街的表现如何。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/robinhood-adds-3-directors-boosting-board-ahead-of-ipo-51622574302?mod=hp_LEAD_2\">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":{},"source_url":"https://www.barrons.com/articles/robinhood-adds-3-directors-boosting-board-ahead-of-ipo-51622574302?mod=hp_LEAD_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188302386","content_text":"Robinhood, on the cusp of going public, is now adding board members who can make the case that the upstart broker is ready to take a central place in the investment universe.\nThe zero-commission investment app announced on Tuesday that it was adding three independent board members. Jon Rubinstein, a senior advisor at asset management firm PDT Partners who is a former Apple executive and the lead independent director atAmazon.com(ticker: AMZN), adds mainstream tech experience. Paula Loop, a partner at PwC, has experience in governance, accounting, and Securities and Exchange Commission compliance. And Robert Zoellick, a fellow at Harvard University, is a former president of the World Bank and U.S. Trade Representative. That brings Robinhood’s board to seven members, two of whom are co-founders Vlad Tenev and Baiju Bhatt. The company declined to make any directors available for interviews.\nAfter disrupting the traditional brokerage industry, Robinhood is expected to go public as soon as this month. Itconfidentially filed paperswith the SEC in March. Some analysts think the company could fetch a valuation of $40 billion. Adding directors with strong reputations will likely help Robinhood’s case, although those directors are now tying their reputations to a company that has attracted considerable negative attention as well.\nRobinhood has walked a fine line over the past year, portraying itself to customers as a threat to the establishment. The founders have said they were inspired by the Occupy Wall Street movement to fight the power of big banks and brokers. At the same time, the company has sold itself to regulators as a responsible operator ready to take an even bigger role in the country’s financial infrastructure.\nSince the start of the pandemic, Robinhood has had to answer for a variety of irregularities, includingtrading outages last March, anda ban on purchases of certain stocksat the height of theGameStop(GME) frenzy in January. Massachusetts’ top securities regulator hassued the companyon allegations that it encourages risky trading for its own profit, a charge the company denies. Robinhood’s challenge will be to maintain its rebellious reputation, while also convincing regulators and customers that it is a responsible steward of their money.\nThe next few weeks will determine how well it can make its pitch on Wall Street.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1647,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":119112024,"gmtCreate":1622526473668,"gmtModify":1634100797230,"author":{"id":"3581817202947175","authorId":"3581817202947175","name":"priswong","avatar":"https://static.tigerbbs.com/1c6662d0fbf1d14d728f78d18e375a47","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581817202947175","idStr":"3581817202947175"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/119112024","repostId":"1105273964","repostType":4,"repost":{"id":"1105273964","kind":"news","pubTimestamp":1622511256,"share":"https://www.laohu8.com/m/news/1105273964?lang=zh_CN&edition=full","pubTime":"2021-06-01 09:34","market":"hk","language":"en","title":"Here Are the 11 Best Performing IPOs of the Year<blockquote>以下是今年表现最好的11家IPO</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1105273964","media":"Barron's","summary":"The market for initial public offerings has recently delivered some great first-day gains for investors who were able to get shares before the companies went public.That left us with 11 names. First up:CureVac, which was the screen’s best-performing IPO and had a total return of 596.75%. CureVac specializes in the messenger RNA, or mRNA, technology that is the basis of several leading Covid-19 vaccine programs. The German biotech company went public inAugust at $16 a shareand soared 249% in its ","content":"<p>The market for initial public offerings has recently delivered some great first-day gains for investors who were able to get shares before the companies went public.</p><p><blockquote>首次公开募股市场最近为那些能够在公司上市前获得股票的投资者带来了一些巨大的首日收益。</blockquote></p><p>But not everyone receives these types of opportunities. Most retail investors have to wait until companies start publicly trading to buy stock.<i>Barron’s</i>looked at businesses that have gone public in the past 12 months to find some strong performers.</p><p><blockquote>但并不是每个人都能得到这些类型的机会。大多数散户投资者必须等到公司开始公开交易才能购买股票。<i>巴伦周刊</i>研究了过去12个月内上市的企业，发现了一些表现强劲的企业。</blockquote></p><p>First, we searched for companies that listed via a traditional initial public offering: This meant we filtered out businesses that merged withspecial purpose acquisition companies, or SPACs. Then, we searched for companies that went public on either the New York Stock Exchange or the Nasdaq. We also focused on entities that had at least a $1 billion market capitalization. We narrowed our search to companies with the highesttotal returns from their stock offering prices..</p><p><blockquote>首先，我们搜索通过传统首次公开募股上市的公司：这意味着我们过滤掉了与特殊目的收购公司（SPAC）合并的企业。然后，我们搜索了在纽约证券交易所或纳斯达克上市的公司。我们还关注市值至少为10亿美元的实体。我们将搜索范围缩小到股票发行价总回报最高的公司。</blockquote></p><p>That left us with 11 names. First up:CureVac(ticker: CVAC), which was the screen’s best-performing IPO and had a total return of 596.75%. CureVac specializes in the messenger RNA, or mRNA, technology that is the basis of several leading Covid-19 vaccine programs. The German biotech company went public inAugust at $16 a shareand soared 249% in its first day, with the stock closing at $55.90. In January, CureVacstruck a deal with Bayerto accelerate the development and supply of its Covid-19 vaccine candidate. The company’s mRNA-based Covid-19 vaccine is now in clinical trials, and Phase2b/3 data is expected this summer. Since its IPO, the stock has nearly doubled, closingFriday at $111.48 .</p><p><blockquote>我们只剩下11个名字了。首先是CureVac（股票代码：CVAC），这是银幕上表现最好的IPO，总回报率为596.75%。CureVac专注于信使RNA或mRNA技术，该技术是几个领先的新冠肺炎疫苗项目的基础。这家德国生物技术公司于8月份以每股16美元的价格上市，首日飙升249%，收于55.90美元。一月份，CureVac与Bayerto达成协议，加速其Covid-19候选疫苗的开发和供应。该公司基于mRNA的新冠疫苗目前正在进行临床试验，预计今年夏天将获得2b/3期数据。自首次公开募股以来，该股几乎翻了一番，周五收于111.48美元。</blockquote></p><p>Strong performances need not be dictated by success on the first day of trading. Four of the companies that made our list were busted deals—meaning that their shares fell below their IPO prices on the first day of trading.</p><p><blockquote>强劲的表现不一定取决于第一天交易的成功。上榜的公司中有四家交易失败，这意味着它们的股价在交易首日就跌破了IPO价格。</blockquote></p><p>Case in point:ZIM Integrated Shipping(ZIM). The asset-light shipping company went public in January with a $15 offering price,but closed that day at $11.50. Yet by May 19, ZIM’s stockhad gained 295%after itreported first-quarter earnings of $589.6 million, or $5.35 a share. The companyalso declared a special cash dividend of $2 a share. ZIM is the second-best-performing IPO in the past 12 months, based on a total return of 209.33%, according to FactSet. It closed on Friday at $46.40.</p><p><blockquote>典型的例子：以星综合航运(ZIM)。这家轻资产航运公司于1月份上市，发行价为15美元，但当天收盘价为11.50美元。然而，到5月19日，以星公布第一季度盈利5.896亿美元（即每股5.35美元）后，其股价已上涨295%。该公司还宣布派发每股2美元的特别现金股息。FactSet的数据显示，以星是过去12个月中表现第二好的IPO，总回报率为209.33%。周五收于46.40美元。</blockquote></p><p>Another example isAcademy Sports &amp; Outdoors(ASO): The companywent public in Octoberwith a $13 offering price, with the stock closing at $12.99 during its first day of public trading<b>.</b>Academy was profitable when it went public, a rarity in the IPO market. InMarch, the company reported that its net incomesoared 416%, to $91.5 million, or 97 cents a share, for its fourth fiscal quarter ended Jan. 30. Its shares have nearly tripled since the IPO, and were trading at $36.53 on Friday. Academy Sports ranks third with a total return from the offering price of 181%, FactSet said.</p><p><blockquote>另一个例子是Academy Sports&amp;Outdoors(ASO)：该公司于10月份上市，发行价为13美元，公开交易首日收盘价为12.99美元<b>.</b>Academy上市时实现盈利，这在IPO市场上是罕见的。今年3月，该公司报告称，截至1月30日的第四财季净利润飙升416%，达到9150万美元，即每股97美分。自IPO以来，其股价已上涨近两倍，周五交易价格为36.53美元。FactSet表示，Academy Sports排名第三，发行价总回报率为181%。</blockquote></p><p>Strong GainersThese companies all went public in the last year and produced high total returns compared to their IPO prices.<img src=\"https://static.tigerbbs.com/9dedc209ede147958c015d3a586bb587\" tg-width=\"630\" tg-height=\"606\">Rounding out this category areCorsair Gaming(CRSR), a California companythat makes performance gear for gamers, and the Dubai-basedYalla Group(YALA), whichmakes a voice-chat app usedin the Middle East and North Africa called Yalla. Both stocks have rebounded strongly after less-than-stellar September IPOs.</p><p><blockquote>强劲上涨者这些公司均于去年上市，与IPO价格相比，总回报率较高。这一类别的还有Corsair Gaming(CRSR)，一家为游戏玩家生产高性能装备的加州公司，以及总部位于迪拜的Yalla Group(YALA)，该公司生产一款在中东和北非使用的名为Yalla的语音聊天应用程序。在9月份IPO表现不佳后，这两只股票均强劲反弹。</blockquote></p><p>Some companies that made our list soared during their debuts, but have since seen their shares retreat. Still, these companies are producing gains.</p><p><blockquote>一些上榜公司在首次亮相时股价飙升，但此后股价出现回落。尽管如此，这些公司仍在产生收益。</blockquote></p><p>ConsiderBigCommerce(BIGC), which provides a cloud e-commerce platform that is used by such customers as SkullCandy, Savannah Bee Co, and the Cleveland Cavaliers.BigCommerce&nbsp;went public in Augustwith a $24 offering price—and the stock soared 201% that day,closing at $72.27. Since the IPO, the shares have fallen nearly 25%, amid a broader technology selloff.</p><p><blockquote>考虑一下BigCommerce（BIGC），它提供了一个云电子商务平台，被SkullCandy、Savannah Bee Co和Cleveland Cavaliers等客户使用。BigCommerce于8月上市，发行价为24美元，当天股价飙升201%，收于72.27美元。自IPO以来，由于更广泛的科技股抛售，该股股价已下跌近25%。</blockquote></p><p>The company, however, has reported some positive developments, like a deal in February that wouldgive BigCommerce customersthe ability to sell directly on Walmart Marketplace. It also reported better-than-expected fourth-quarter results. BigCommerce has produced a total return of nearly 127%, according to FactSet.</p><p><blockquote>然而，该公司报告了一些积极的进展，例如2月份的一项交易，该交易将使BigCommerce客户能够直接在沃尔玛市场上销售。它还公布了好于预期的第四季度业绩。根据FactSet的数据，BigCommerce的总回报率接近127%。</blockquote></p><p>Other companies have seen their shares jump since going public.Dream Finders Homes (DFH), which designs, builds, and sells homes in high-growth markets, was already profitable when it made its trading debut in January at $13 a share. Shares soared 61%, $20.95 on its first day.Prices for houses in Marchgrew at the fastest rate since 2005, which has helped real estate stocks. Dream Finders stock has gained nearly 52% since its IPO, trading Friday at $31.77. Dream Finders notched a total return from offering price of 144.38%.</p><p><blockquote>其他公司的股价自上市以来也出现了上涨。Dream Finders Homes(DFH)在高增长市场设计、建造和销售房屋，在1月份以每股13美元的价格首次上市时已经实现盈利。首日股价飙升61%，至20.95美元。3月份房价以2005年以来最快的速度增长，这对房地产股有所帮助。Dream Finders股价自IPO以来已上涨近52%，周五交易价格为31.77美元。Dream Finders的总发行价回报率为144.38%。</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>Here Are the 11 Best Performing IPOs of the Year<blockquote>以下是今年表现最好的11家IPO</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 Are the 11 Best Performing IPOs of the Year<blockquote>以下是今年表现最好的11家IPO</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\">2021-06-01 09:34</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The market for initial public offerings has recently delivered some great first-day gains for investors who were able to get shares before the companies went public.</p><p><blockquote>首次公开募股市场最近为那些能够在公司上市前获得股票的投资者带来了一些巨大的首日收益。</blockquote></p><p>But not everyone receives these types of opportunities. Most retail investors have to wait until companies start publicly trading to buy stock.<i>Barron’s</i>looked at businesses that have gone public in the past 12 months to find some strong performers.</p><p><blockquote>但并不是每个人都能得到这些类型的机会。大多数散户投资者必须等到公司开始公开交易才能购买股票。<i>巴伦周刊</i>研究了过去12个月内上市的企业，发现了一些表现强劲的企业。</blockquote></p><p>First, we searched for companies that listed via a traditional initial public offering: This meant we filtered out businesses that merged withspecial purpose acquisition companies, or SPACs. Then, we searched for companies that went public on either the New York Stock Exchange or the Nasdaq. We also focused on entities that had at least a $1 billion market capitalization. We narrowed our search to companies with the highesttotal returns from their stock offering prices..</p><p><blockquote>首先，我们搜索通过传统首次公开募股上市的公司：这意味着我们过滤掉了与特殊目的收购公司（SPAC）合并的企业。然后，我们搜索了在纽约证券交易所或纳斯达克上市的公司。我们还关注市值至少为10亿美元的实体。我们将搜索范围缩小到股票发行价总回报最高的公司。</blockquote></p><p>That left us with 11 names. First up:CureVac(ticker: CVAC), which was the screen’s best-performing IPO and had a total return of 596.75%. CureVac specializes in the messenger RNA, or mRNA, technology that is the basis of several leading Covid-19 vaccine programs. The German biotech company went public inAugust at $16 a shareand soared 249% in its first day, with the stock closing at $55.90. In January, CureVacstruck a deal with Bayerto accelerate the development and supply of its Covid-19 vaccine candidate. The company’s mRNA-based Covid-19 vaccine is now in clinical trials, and Phase2b/3 data is expected this summer. Since its IPO, the stock has nearly doubled, closingFriday at $111.48 .</p><p><blockquote>我们只剩下11个名字了。首先是CureVac（股票代码：CVAC），这是银幕上表现最好的IPO，总回报率为596.75%。CureVac专注于信使RNA或mRNA技术，该技术是几个领先的新冠肺炎疫苗项目的基础。这家德国生物技术公司于8月份以每股16美元的价格上市，首日飙升249%，收于55.90美元。一月份，CureVac与Bayerto达成协议，加速其Covid-19候选疫苗的开发和供应。该公司基于mRNA的新冠疫苗目前正在进行临床试验，预计今年夏天将获得2b/3期数据。自首次公开募股以来，该股几乎翻了一番，周五收于111.48美元。</blockquote></p><p>Strong performances need not be dictated by success on the first day of trading. Four of the companies that made our list were busted deals—meaning that their shares fell below their IPO prices on the first day of trading.</p><p><blockquote>强劲的表现不一定取决于第一天交易的成功。上榜的公司中有四家交易失败，这意味着它们的股价在交易首日就跌破了IPO价格。</blockquote></p><p>Case in point:ZIM Integrated Shipping(ZIM). The asset-light shipping company went public in January with a $15 offering price,but closed that day at $11.50. Yet by May 19, ZIM’s stockhad gained 295%after itreported first-quarter earnings of $589.6 million, or $5.35 a share. The companyalso declared a special cash dividend of $2 a share. ZIM is the second-best-performing IPO in the past 12 months, based on a total return of 209.33%, according to FactSet. It closed on Friday at $46.40.</p><p><blockquote>典型的例子：以星综合航运(ZIM)。这家轻资产航运公司于1月份上市，发行价为15美元，但当天收盘价为11.50美元。然而，到5月19日，以星公布第一季度盈利5.896亿美元（即每股5.35美元）后，其股价已上涨295%。该公司还宣布派发每股2美元的特别现金股息。FactSet的数据显示，以星是过去12个月中表现第二好的IPO，总回报率为209.33%。周五收于46.40美元。</blockquote></p><p>Another example isAcademy Sports &amp; Outdoors(ASO): The companywent public in Octoberwith a $13 offering price, with the stock closing at $12.99 during its first day of public trading<b>.</b>Academy was profitable when it went public, a rarity in the IPO market. InMarch, the company reported that its net incomesoared 416%, to $91.5 million, or 97 cents a share, for its fourth fiscal quarter ended Jan. 30. Its shares have nearly tripled since the IPO, and were trading at $36.53 on Friday. Academy Sports ranks third with a total return from the offering price of 181%, FactSet said.</p><p><blockquote>另一个例子是Academy Sports&amp;Outdoors(ASO)：该公司于10月份上市，发行价为13美元，公开交易首日收盘价为12.99美元<b>.</b>Academy上市时实现盈利，这在IPO市场上是罕见的。今年3月，该公司报告称，截至1月30日的第四财季净利润飙升416%，达到9150万美元，即每股97美分。自IPO以来，其股价已上涨近两倍，周五交易价格为36.53美元。FactSet表示，Academy Sports排名第三，发行价总回报率为181%。</blockquote></p><p>Strong GainersThese companies all went public in the last year and produced high total returns compared to their IPO prices.<img src=\"https://static.tigerbbs.com/9dedc209ede147958c015d3a586bb587\" tg-width=\"630\" tg-height=\"606\">Rounding out this category areCorsair Gaming(CRSR), a California companythat makes performance gear for gamers, and the Dubai-basedYalla Group(YALA), whichmakes a voice-chat app usedin the Middle East and North Africa called Yalla. Both stocks have rebounded strongly after less-than-stellar September IPOs.</p><p><blockquote>强劲上涨者这些公司均于去年上市，与IPO价格相比，总回报率较高。这一类别的还有Corsair Gaming(CRSR)，一家为游戏玩家生产高性能装备的加州公司，以及总部位于迪拜的Yalla Group(YALA)，该公司生产一款在中东和北非使用的名为Yalla的语音聊天应用程序。在9月份IPO表现不佳后，这两只股票均强劲反弹。</blockquote></p><p>Some companies that made our list soared during their debuts, but have since seen their shares retreat. Still, these companies are producing gains.</p><p><blockquote>一些上榜公司在首次亮相时股价飙升，但此后股价出现回落。尽管如此，这些公司仍在产生收益。</blockquote></p><p>ConsiderBigCommerce(BIGC), which provides a cloud e-commerce platform that is used by such customers as SkullCandy, Savannah Bee Co, and the Cleveland Cavaliers.BigCommerce&nbsp;went public in Augustwith a $24 offering price—and the stock soared 201% that day,closing at $72.27. Since the IPO, the shares have fallen nearly 25%, amid a broader technology selloff.</p><p><blockquote>考虑一下BigCommerce（BIGC），它提供了一个云电子商务平台，被SkullCandy、Savannah Bee Co和Cleveland Cavaliers等客户使用。BigCommerce于8月上市，发行价为24美元，当天股价飙升201%，收于72.27美元。自IPO以来，由于更广泛的科技股抛售，该股股价已下跌近25%。</blockquote></p><p>The company, however, has reported some positive developments, like a deal in February that wouldgive BigCommerce customersthe ability to sell directly on Walmart Marketplace. It also reported better-than-expected fourth-quarter results. BigCommerce has produced a total return of nearly 127%, according to FactSet.</p><p><blockquote>然而，该公司报告了一些积极的进展，例如2月份的一项交易，该交易将使BigCommerce客户能够直接在沃尔玛市场上销售。它还公布了好于预期的第四季度业绩。根据FactSet的数据，BigCommerce的总回报率接近127%。</blockquote></p><p>Other companies have seen their shares jump since going public.Dream Finders Homes (DFH), which designs, builds, and sells homes in high-growth markets, was already profitable when it made its trading debut in January at $13 a share. Shares soared 61%, $20.95 on its first day.Prices for houses in Marchgrew at the fastest rate since 2005, which has helped real estate stocks. Dream Finders stock has gained nearly 52% since its IPO, trading Friday at $31.77. Dream Finders notched a total return from offering price of 144.38%.</p><p><blockquote>其他公司的股价自上市以来也出现了上涨。Dream Finders Homes(DFH)在高增长市场设计、建造和销售房屋，在1月份以每股13美元的价格首次上市时已经实现盈利。首日股价飙升61%，至20.95美元。3月份房价以2005年以来最快的速度增长，这对房地产股有所帮助。Dream Finders股价自IPO以来已上涨近52%，周五交易价格为31.77美元。Dream Finders的总发行价回报率为144.38%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/here-are-the-11-best-performing-ipos-of-the-year-51622472529?mod=hp_DAY_0\">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":{},"source_url":"https://www.barrons.com/articles/here-are-the-11-best-performing-ipos-of-the-year-51622472529?mod=hp_DAY_0","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1105273964","content_text":"The market for initial public offerings has recently delivered some great first-day gains for investors who were able to get shares before the companies went public.But not everyone receives these types of opportunities. Most retail investors have to wait until companies start publicly trading to buy stock.Barron’slooked at businesses that have gone public in the past 12 months to find some strong performers.First, we searched for companies that listed via a traditional initial public offering: This meant we filtered out businesses that merged withspecial purpose acquisition companies, or SPACs. Then, we searched for companies that went public on either the New York Stock Exchange or the Nasdaq. We also focused on entities that had at least a $1 billion market capitalization. We narrowed our search to companies with the highesttotal returns from their stock offering prices..That left us with 11 names. First up:CureVac(ticker: CVAC), which was the screen’s best-performing IPO and had a total return of 596.75%. CureVac specializes in the messenger RNA, or mRNA, technology that is the basis of several leading Covid-19 vaccine programs. The German biotech company went public inAugust at $16 a shareand soared 249% in its first day, with the stock closing at $55.90. In January, CureVacstruck a deal with Bayerto accelerate the development and supply of its Covid-19 vaccine candidate. The company’s mRNA-based Covid-19 vaccine is now in clinical trials, and Phase2b/3 data is expected this summer. Since its IPO, the stock has nearly doubled, closingFriday at $111.48 .Strong performances need not be dictated by success on the first day of trading. Four of the companies that made our list were busted deals—meaning that their shares fell below their IPO prices on the first day of trading.Case in point:ZIM Integrated Shipping(ZIM). The asset-light shipping company went public in January with a $15 offering price,but closed that day at $11.50. Yet by May 19, ZIM’s stockhad gained 295%after itreported first-quarter earnings of $589.6 million, or $5.35 a share. The companyalso declared a special cash dividend of $2 a share. ZIM is the second-best-performing IPO in the past 12 months, based on a total return of 209.33%, according to FactSet. It closed on Friday at $46.40.Another example isAcademy Sports & Outdoors(ASO): The companywent public in Octoberwith a $13 offering price, with the stock closing at $12.99 during its first day of public trading.Academy was profitable when it went public, a rarity in the IPO market. InMarch, the company reported that its net incomesoared 416%, to $91.5 million, or 97 cents a share, for its fourth fiscal quarter ended Jan. 30. Its shares have nearly tripled since the IPO, and were trading at $36.53 on Friday. Academy Sports ranks third with a total return from the offering price of 181%, FactSet said.Strong GainersThese companies all went public in the last year and produced high total returns compared to their IPO prices.Rounding out this category areCorsair Gaming(CRSR), a California companythat makes performance gear for gamers, and the Dubai-basedYalla Group(YALA), whichmakes a voice-chat app usedin the Middle East and North Africa called Yalla. Both stocks have rebounded strongly after less-than-stellar September IPOs.Some companies that made our list soared during their debuts, but have since seen their shares retreat. Still, these companies are producing gains.ConsiderBigCommerce(BIGC), which provides a cloud e-commerce platform that is used by such customers as SkullCandy, Savannah Bee Co, and the Cleveland Cavaliers.BigCommerce went public in Augustwith a $24 offering price—and the stock soared 201% that day,closing at $72.27. Since the IPO, the shares have fallen nearly 25%, amid a broader technology selloff.The company, however, has reported some positive developments, like a deal in February that wouldgive BigCommerce customersthe ability to sell directly on Walmart Marketplace. It also reported better-than-expected fourth-quarter results. BigCommerce has produced a total return of nearly 127%, according to FactSet.Other companies have seen their shares jump since going public.Dream Finders Homes (DFH), which designs, builds, and sells homes in high-growth markets, was already profitable when it made its trading debut in January at $13 a share. Shares soared 61%, $20.95 on its first day.Prices for houses in Marchgrew at the fastest rate since 2005, which has helped real estate stocks. Dream Finders stock has gained nearly 52% since its IPO, trading Friday at $31.77. Dream Finders notched a total return from offering price of 144.38%.","news_type":1,"symbols_score_info":{"BOTB.UK":0.9}},"isVote":1,"tweetType":1,"viewCount":1804,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":110805166,"gmtCreate":1622435620155,"gmtModify":1634101483775,"author":{"id":"3581817202947175","authorId":"3581817202947175","name":"priswong","avatar":"https://static.tigerbbs.com/1c6662d0fbf1d14d728f78d18e375a47","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581817202947175","idStr":"3581817202947175"},"themes":[],"htmlText":"Ooo","listText":"Ooo","text":"Ooo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/110805166","repostId":"2139487733","repostType":4,"isVote":1,"tweetType":1,"viewCount":1570,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":137735309,"gmtCreate":1622389345301,"gmtModify":1634101875427,"author":{"id":"3581817202947175","authorId":"3581817202947175","name":"priswong","avatar":"https://static.tigerbbs.com/1c6662d0fbf1d14d728f78d18e375a47","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581817202947175","idStr":"3581817202947175"},"themes":[],"htmlText":"Oo","listText":"Oo","text":"Oo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/137735309","repostId":"2138107131","repostType":4,"isVote":1,"tweetType":1,"viewCount":1477,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":137970181,"gmtCreate":1622292004043,"gmtModify":1634102486086,"author":{"id":"3581817202947175","authorId":"3581817202947175","name":"priswong","avatar":"https://static.tigerbbs.com/1c6662d0fbf1d14d728f78d18e375a47","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581817202947175","idStr":"3581817202947175"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/137970181","repostId":"2138948877","repostType":4,"isVote":1,"tweetType":1,"viewCount":1627,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":132283629,"gmtCreate":1622091529161,"gmtModify":1634183908138,"author":{"id":"3581817202947175","authorId":"3581817202947175","name":"priswong","avatar":"https://static.tigerbbs.com/1c6662d0fbf1d14d728f78d18e375a47","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581817202947175","idStr":"3581817202947175"},"themes":[],"htmlText":"Oo","listText":"Oo","text":"Oo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/132283629","repostId":"1193634953","repostType":4,"repost":{"id":"1193634953","kind":"news","pubTimestamp":1622087134,"share":"https://www.laohu8.com/m/news/1193634953?lang=zh_CN&edition=full","pubTime":"2021-05-27 11:45","market":"us","language":"en","title":"Opinion: These cool, high-quality stocks are just right for this overheated, overvalued market<blockquote>观点：这些酷炫、优质的股票正适合这个过热、估值过高的市场</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1193634953","media":"MarketWatch","summary":"Well-managed companies boast strong cash flow, a stable shareholder base, and are under most investo","content":"<p><b>Well-managed companies boast strong cash flow, a stable shareholder base, and are under most investors’ radar.</b>Overheated markets make it increasingly difficult to identify attractively priced investments. But with hordes of buyers plunking capital onmeme stocks and cryptocurrencies,quality shareholders (aka buy-and-hold stock pickers) continue to see opportunities for the long term.</p><p><blockquote><b>管理良好的公司拥有强劲的现金流、稳定的股东基础，并且受到大多数投资者的关注。</b>过热的市场使得寻找价格有吸引力的投资变得越来越困难。但随着大批买家将资金投入meme股票和加密货币，优质股东（又名买入并持有选股者）继续看到长期机会。</blockquote></p><p>Take&nbsp;Boyar Value Group. Since 1975, it has provided insightful research on a range of businesses. The father and son team of Mark and Jonathan Boyar also eat their own cooking, being quality shareholders (QSs) themselves as operators of the Boyar Value FundBOYAX,+0.48%.</p><p><blockquote>以博雅价值集团为例。自1975年以来，它提供了对一系列业务的深刻研究。马克·博亚尔(Mark Boyar)和乔纳森·博亚尔(Jonathan Boyar)父子团队也吃自己做饭，作为博亚尔价值基金BOYAX(+0.48%)的运营商，他们本身就是优质股东(QSs)。</blockquote></p><p>The Boyars have been prescient: shortly after the coronavirus pandemic hit and took down the U.S. stock market, they&nbsp;released a special report&nbsp;detailing 19 companies whose shares they recommended amid the selloff.&nbsp; One year later, a portfolio of those stocks was up 78%, besting the S&amp;P 500SPX,+0.19%by 27 percentage points.</p><p><blockquote>博亚尔夫妇很有先见之明：在冠状病毒疫情袭击并拖累美国股市后不久，他们发布了一份特别报告，详细介绍了他们在抛售中推荐的19家公司的股票。一年后，这些股票的投资组合上涨了78%，比标准普尔500SPX指数+0.19%高出27个百分点。</blockquote></p><p>Boyar Value Group produces the&nbsp;“Forgotten Forty,” a year-end report on 40 stocks they view as overlooked. &nbsp;Barron’s highlighted seven&nbsp;of the picks earlier this year — a diverse mix that included Bank of AmericaBAC,+0.07%,Liberty Braves GroupBATRA,+1.26%,and SyscoSYY,-0.52%.This year’s Forgotten Forty&nbsp;has gained 17% since late December versus 12% for the S&amp;P 500.</p><p><blockquote>Boyar Value Group制作了《被遗忘的四十只股票》，这是一份关于他们认为被忽视的40只股票的年终报告。《巴伦周刊》重点介绍了今年早些时候的七只精选股票，其中包括美国银行BAC(+0.07%)、Liberty Braves GroupBATRA(+1.26%)和SyscoSYY(-0.52%)。自12月底以来，今年被遗忘的四十只股票已上涨17%而标普500为12%。</blockquote></p><p>Boyar’s&nbsp;Forgotten Forty&nbsp;is an excellent filter for stock pickers as they narrow their hunt. One way to tailor picks is to cross-check these 40 companies with those of companies that score high for&nbsp;attracting QSs.</p><p><blockquote>博亚尔的《被遗忘的四十》对于选股者来说是一个很好的过滤器，因为他们缩小了搜索范围。定制选择的一种方法是将这40家公司与在吸引QSs方面得分高的公司进行交叉检查。</blockquote></p><p>Many investors mimic the portfolio of uber-QS Warren Buffett of Berkshire HathawayBRK.A,+0.12%BRK.B,+0.05%,for instance. Other QSs can be identified using such resources as Martijn Cremmers’&nbsp;active share rankings, proprietary data analytics of&nbsp;EQX, or research of my&nbsp;ownQuality Shareholders Initiative&nbsp;(QSI) — all useful tools to construct a&nbsp;high-performing portfolio.</p><p><blockquote>例如，许多投资者模仿伯克希尔哈撒韦公司BRK.A，+0.12%BRK.B，+0.05%的uber-QS沃伦·巴菲特的投资组合。其他QS可以使用Martijn Cremmers的活跃股票排名、EQX的专有数据分析或My OwnQuality股东倡议(QSI)的研究等资源来识别——所有这些都是构建高性能投资组合的有用工具。</blockquote></p><p>Combining the&nbsp;Forgotten Forty&nbsp;with such data, below are three stock ideas to consider as part of a larger portfolio. (Of course, this is not investing advice or a recommendation to buy — just a few suggestions to consider.)</p><p><blockquote>将《被遗忘的四十》与此类数据相结合，以下是可以作为更大投资组合的一部分考虑的三种股票想法。（当然，这不是投资建议或购买建议——只是一些需要考虑的建议。）</blockquote></p><p><b>UniFirst Corporation</b></p><p><blockquote><b>UniFirst公司</b></blockquote></p><p>UniFirst Corp.UNF,+2.13%,founded by the Croatti family in a Boston barn in 1936, is a uniform rental company currently employing more than 14,000 in 260 facilities in North America and Europe and generating nearly $2 billion in annual revenue. It is number three in an oligopolistic industry — along with AramarkARMK,+0.27%and CintasCTAS,-0.37%,the trio commands 70% of the market — which enables rational industry pricing.</p><p><blockquote>UniFirst Corp.UNF，+2.13%，由Croatti家族于1936年在波士顿的一个谷仓创立，是一家制服租赁公司，目前在北美和欧洲的260个工厂拥有超过14,000名员工，年收入近20亿美元。它在寡头垄断行业中排名第三，与AramarkARMK（+0.27%）和CintasCTAS（-0.37%）一起，这三家公司占据了70%的市场份额，这使得行业定价合理。</blockquote></p><p>UniFirst’s core laundry business runs on multiyear contracts, creating recurring revenue. Customer retention rates are high and employee tenures are long, and the company carries no debt.&nbsp; Along with a strong cash position, the U.S. economic reopening ahead bodes well, particularly with UniFirst’s large customer base in the energy sector. Boyar’s valuation: $263 per share, well-above recent levels.</p><p><blockquote>UniFirst的核心洗衣业务签订多年合同，创造经常性收入。客户保留率高，员工任期长，公司没有债务。除了强劲的现金状况外，美国经济未来的重新开放也是一个好兆头，特别是考虑到UniFirst在能源领域的庞大客户群。Boyar的估值：每股263美元，远高于近期水平。</blockquote></p><p>Members of the Croatti family are major shareholders, with 20% of the economic interest and 71% of the voting power, under a dual-class capital structure.&nbsp;Despite how some governance gurus roundly condemn dual class structures, QSI data indicates that&nbsp;QSs examine the practice&nbsp;on a case-by-case basis.</p><p><blockquote>在双重资本结构下，克罗蒂家族成员是主要股东，拥有20%的经济利益和71%的投票权。尽管一些治理大师严厉谴责双重阶级结构，但QSI的数据表明，QSs会逐案审查这种做法。</blockquote></p><p>UniFirst is a magnet for QSs, increasingly so in recent years as the company has enhanced its capital allocation rationality through share buybacks and dividends. In terms of concentration levels and holding periods, the company’s shareholders treat it far better than they treat their other investees, EQX data indicates.&nbsp; A sampling of UniFirst’s QSs: Aurora Investment Counsel, Copeland Capital Management, Hunter Perkins Capital Management, London Company of Virginia and River Road Asset Management.</p><p><blockquote>UniFirst对QSs来说是一块磁铁，近年来，随着该公司通过股票回购和股息增强其资本配置的合理性，这种情况越来越明显。EQX数据显示，就集中度和持有期而言，该公司股东对待该公司的态度远好于对待其他被投资方。UniFirst的QSs样本：Aurora Investment Counsel、Copeland Capital Management、Hunter Perkins Capital Management、London Company of Virginia和River Road Asset Management。</blockquote></p><p><b>Comcast Corporation</b></p><p><blockquote><b>康卡斯特公司</b></blockquote></p><p>ComcastCMCSA,+2.06%,a cable industry pioneer founded by Ralph Roberts in 1963, is a global communications powerhouse with diverse investments in related sectors, especially in technology. The business, with annual revenues exceeding $100 billion, proved resilient during the pandemic, with durable strengths in both broadband and streaming, and an expected bounce from reopening of its theme parks.</p><p><blockquote>ComcastCMCSA，+2.06%，是拉尔夫·罗伯茨(Ralph Roberts)于1963年创立的有线电视行业先驱，是一家全球通信巨头，在相关领域（尤其是技术领域）拥有多元化投资。该业务的年收入超过1000亿美元，在疫情期间证明了其弹性，在宽带和流媒体方面具有持久的优势，并且预计主题公园重新开放后将出现反弹。</blockquote></p><p>Communications businesses such as Comcast’s combine highly valuable intangible assets with little need for reinvestment in tangible assets—particularly appealing during inflationary periods. Boyar’s valuation: $76 per share, comfortably above market.</p><p><blockquote>康卡斯特等通信业务将高价值的无形资产与几乎不需要对有形资产进行再投资相结合——在通货膨胀时期尤其有吸引力。Boyar的估值：每股76美元，远高于市场。</blockquote></p><p></p><p>Comcast is another magnet for QSs, and another dual class company, in which Brian Roberts holds 1% of the economic interest along with 34% of the voting power. Among QSs owning Comcast shares: Eagle Capital, First Pacific Advisors, Rothschild &amp; Co. and Southeastern Asset Management. Note also: Nelson Peltz’s Trian Fund accumulated a large stake, about 0.4%, in several transactions during 2020.</p><p><blockquote>康卡斯特是QSs的另一个磁石，也是另一家双重公司，布莱恩·罗伯茨(Brian Roberts)拥有1%的经济利益和34%的投票权。持有康卡斯特股票的QSs包括Eagle Capital、First Pacific Advisors、Rothschild&amp;Co.和Southeastern Asset Management。另请注意：Nelson Peltz的Trian基金在2020年的几笔交易中积累了大量股份，约为0.4%。</blockquote></p><p><b>Bank of New York Mellon</b></p><p><blockquote><b>纽约梅隆银行</b></blockquote></p><p>Bank of New York MellonBK,+0.86%is the world’s largest custodian bank and asset servicing company, with $2 trillion in assets under management and close to $40 trillion in assets under custody. The company is a blend of two storied institutions: Bank of New York has roots back to Alexander Hamilton and Aaron Burr in 1784, while Mellon traces to the bank Andrew Mellon began in 1869.</p><p><blockquote>纽约梅隆银行BK,+0.86%是全球最大的托管银行和资产服务公司，管理资产达2万亿美元，托管资产接近40万亿美元。该公司融合了两家传奇机构：纽约银行的历史可以追溯到1784年的亚历山大·汉密尔顿和亚伦·伯尔，而梅隆银行的历史可以追溯到1869年的安德鲁·梅隆银行。</blockquote></p><p>Today, with annual revenues reaching $16 billion, the firm is distinguished for achieving outsized cost savings from a high-tech digitized platform. It is using artificial intelligence and machine learning to automate many functions, from financial calculations to client inquiries. BNY Mellon’s scale in the custodian business positions it well to win the trillion-dollar accounts of the world’s largest asset managers.</p><p><blockquote>如今，该公司的年收入达到160亿美元，因通过高科技数字化平台实现了巨大的成本节约而闻名。它正在使用人工智能和机器学习来自动化许多功能，从财务计算到客户查询。纽约梅隆银行在托管业务方面的规模使其能够很好地赢得全球最大资产管理公司的万亿美元账户。</blockquote></p><p>Boyar’s valuation for BNY Mellon is a conservative $50 per share, suggesting there’s still some upside. BNY Mellon enjoys one of the highest-quality shareholder bases in the US, according to EQX and QSI research. Prominent QSs include: Berkshire Hathaway, Davis Selected Advisers, Dodge &amp; Cox, Lountzis Asset Management and Tweedy Browne.</p><p><blockquote>Boyar对纽约梅隆银行的估值保守为每股50美元，这表明仍有一些上涨空间。根据EQX和QSI research的数据，纽约梅隆银行拥有美国最优质的股东基础之一。著名的QSs包括：伯克希尔哈撒韦公司、戴维斯精选顾问公司、道奇考克斯公司、Lountzis资产管理公司和Tweedy Browne。</blockquote></p><p>Three picks do not a portfolio make, of course. So consider these other interesting ideas from the Boyar&nbsp;Forgotten Forty&nbsp;that also boast high-quality shareholder followings: Walt DisneyDIS,+0.17%,IAC/InterActiveCorp.IAC,+3.19%and MerckMRK,-0.35%.</p><p><blockquote>当然，三个选择并不构成一个投资组合。因此，考虑一下Boyar Forgotten Forty的其他有趣想法，它们也拥有高质量的股东追随者：Walt DisneyDIS，+0.17%，IAC/InterActiveCorp.IAC，+3.19%和MerckMRK，-0.35%。</blockquote></p><p>In a volatile market like now, all of these companies offer a substantial measure of stability.&nbsp; For veteran investors and newcomers alike, keep in mind that it is foolish to follow the herd, and wise to heed the thoughtful.</p><p><blockquote>在像现在这样动荡的市场中，所有这些公司都提供了相当大的稳定性。对于资深投资者和新手来说，请记住，随大流是愚蠢的，听从有思想的人是明智的。</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>Opinion: These cool, high-quality stocks are just right for this overheated, overvalued market<blockquote>观点：这些酷炫、优质的股票正适合这个过热、估值过高的市场</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nOpinion: These cool, high-quality stocks are just right for this overheated, overvalued market<blockquote>观点：这些酷炫、优质的股票正适合这个过热、估值过高的市场</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-05-27 11:45</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Well-managed companies boast strong cash flow, a stable shareholder base, and are under most investors’ radar.</b>Overheated markets make it increasingly difficult to identify attractively priced investments. But with hordes of buyers plunking capital onmeme stocks and cryptocurrencies,quality shareholders (aka buy-and-hold stock pickers) continue to see opportunities for the long term.</p><p><blockquote><b>管理良好的公司拥有强劲的现金流、稳定的股东基础，并且受到大多数投资者的关注。</b>过热的市场使得寻找价格有吸引力的投资变得越来越困难。但随着大批买家将资金投入meme股票和加密货币，优质股东（又名买入并持有选股者）继续看到长期机会。</blockquote></p><p>Take&nbsp;Boyar Value Group. Since 1975, it has provided insightful research on a range of businesses. The father and son team of Mark and Jonathan Boyar also eat their own cooking, being quality shareholders (QSs) themselves as operators of the Boyar Value FundBOYAX,+0.48%.</p><p><blockquote>以博雅价值集团为例。自1975年以来，它提供了对一系列业务的深刻研究。马克·博亚尔(Mark Boyar)和乔纳森·博亚尔(Jonathan Boyar)父子团队也吃自己做饭，作为博亚尔价值基金BOYAX(+0.48%)的运营商，他们本身就是优质股东(QSs)。</blockquote></p><p>The Boyars have been prescient: shortly after the coronavirus pandemic hit and took down the U.S. stock market, they&nbsp;released a special report&nbsp;detailing 19 companies whose shares they recommended amid the selloff.&nbsp; One year later, a portfolio of those stocks was up 78%, besting the S&amp;P 500SPX,+0.19%by 27 percentage points.</p><p><blockquote>博亚尔夫妇很有先见之明：在冠状病毒疫情袭击并拖累美国股市后不久，他们发布了一份特别报告，详细介绍了他们在抛售中推荐的19家公司的股票。一年后，这些股票的投资组合上涨了78%，比标准普尔500SPX指数+0.19%高出27个百分点。</blockquote></p><p>Boyar Value Group produces the&nbsp;“Forgotten Forty,” a year-end report on 40 stocks they view as overlooked. &nbsp;Barron’s highlighted seven&nbsp;of the picks earlier this year — a diverse mix that included Bank of AmericaBAC,+0.07%,Liberty Braves GroupBATRA,+1.26%,and SyscoSYY,-0.52%.This year’s Forgotten Forty&nbsp;has gained 17% since late December versus 12% for the S&amp;P 500.</p><p><blockquote>Boyar Value Group制作了《被遗忘的四十只股票》，这是一份关于他们认为被忽视的40只股票的年终报告。《巴伦周刊》重点介绍了今年早些时候的七只精选股票，其中包括美国银行BAC(+0.07%)、Liberty Braves GroupBATRA(+1.26%)和SyscoSYY(-0.52%)。自12月底以来，今年被遗忘的四十只股票已上涨17%而标普500为12%。</blockquote></p><p>Boyar’s&nbsp;Forgotten Forty&nbsp;is an excellent filter for stock pickers as they narrow their hunt. One way to tailor picks is to cross-check these 40 companies with those of companies that score high for&nbsp;attracting QSs.</p><p><blockquote>博亚尔的《被遗忘的四十》对于选股者来说是一个很好的过滤器，因为他们缩小了搜索范围。定制选择的一种方法是将这40家公司与在吸引QSs方面得分高的公司进行交叉检查。</blockquote></p><p>Many investors mimic the portfolio of uber-QS Warren Buffett of Berkshire HathawayBRK.A,+0.12%BRK.B,+0.05%,for instance. Other QSs can be identified using such resources as Martijn Cremmers’&nbsp;active share rankings, proprietary data analytics of&nbsp;EQX, or research of my&nbsp;ownQuality Shareholders Initiative&nbsp;(QSI) — all useful tools to construct a&nbsp;high-performing portfolio.</p><p><blockquote>例如，许多投资者模仿伯克希尔哈撒韦公司BRK.A，+0.12%BRK.B，+0.05%的uber-QS沃伦·巴菲特的投资组合。其他QS可以使用Martijn Cremmers的活跃股票排名、EQX的专有数据分析或My OwnQuality股东倡议(QSI)的研究等资源来识别——所有这些都是构建高性能投资组合的有用工具。</blockquote></p><p>Combining the&nbsp;Forgotten Forty&nbsp;with such data, below are three stock ideas to consider as part of a larger portfolio. (Of course, this is not investing advice or a recommendation to buy — just a few suggestions to consider.)</p><p><blockquote>将《被遗忘的四十》与此类数据相结合，以下是可以作为更大投资组合的一部分考虑的三种股票想法。（当然，这不是投资建议或购买建议——只是一些需要考虑的建议。）</blockquote></p><p><b>UniFirst Corporation</b></p><p><blockquote><b>UniFirst公司</b></blockquote></p><p>UniFirst Corp.UNF,+2.13%,founded by the Croatti family in a Boston barn in 1936, is a uniform rental company currently employing more than 14,000 in 260 facilities in North America and Europe and generating nearly $2 billion in annual revenue. It is number three in an oligopolistic industry — along with AramarkARMK,+0.27%and CintasCTAS,-0.37%,the trio commands 70% of the market — which enables rational industry pricing.</p><p><blockquote>UniFirst Corp.UNF，+2.13%，由Croatti家族于1936年在波士顿的一个谷仓创立，是一家制服租赁公司，目前在北美和欧洲的260个工厂拥有超过14,000名员工，年收入近20亿美元。它在寡头垄断行业中排名第三，与AramarkARMK（+0.27%）和CintasCTAS（-0.37%）一起，这三家公司占据了70%的市场份额，这使得行业定价合理。</blockquote></p><p>UniFirst’s core laundry business runs on multiyear contracts, creating recurring revenue. Customer retention rates are high and employee tenures are long, and the company carries no debt.&nbsp; Along with a strong cash position, the U.S. economic reopening ahead bodes well, particularly with UniFirst’s large customer base in the energy sector. Boyar’s valuation: $263 per share, well-above recent levels.</p><p><blockquote>UniFirst的核心洗衣业务签订多年合同，创造经常性收入。客户保留率高，员工任期长，公司没有债务。除了强劲的现金状况外，美国经济未来的重新开放也是一个好兆头，特别是考虑到UniFirst在能源领域的庞大客户群。Boyar的估值：每股263美元，远高于近期水平。</blockquote></p><p>Members of the Croatti family are major shareholders, with 20% of the economic interest and 71% of the voting power, under a dual-class capital structure.&nbsp;Despite how some governance gurus roundly condemn dual class structures, QSI data indicates that&nbsp;QSs examine the practice&nbsp;on a case-by-case basis.</p><p><blockquote>在双重资本结构下，克罗蒂家族成员是主要股东，拥有20%的经济利益和71%的投票权。尽管一些治理大师严厉谴责双重阶级结构，但QSI的数据表明，QSs会逐案审查这种做法。</blockquote></p><p>UniFirst is a magnet for QSs, increasingly so in recent years as the company has enhanced its capital allocation rationality through share buybacks and dividends. In terms of concentration levels and holding periods, the company’s shareholders treat it far better than they treat their other investees, EQX data indicates.&nbsp; A sampling of UniFirst’s QSs: Aurora Investment Counsel, Copeland Capital Management, Hunter Perkins Capital Management, London Company of Virginia and River Road Asset Management.</p><p><blockquote>UniFirst对QSs来说是一块磁铁，近年来，随着该公司通过股票回购和股息增强其资本配置的合理性，这种情况越来越明显。EQX数据显示，就集中度和持有期而言，该公司股东对待该公司的态度远好于对待其他被投资方。UniFirst的QSs样本：Aurora Investment Counsel、Copeland Capital Management、Hunter Perkins Capital Management、London Company of Virginia和River Road Asset Management。</blockquote></p><p><b>Comcast Corporation</b></p><p><blockquote><b>康卡斯特公司</b></blockquote></p><p>ComcastCMCSA,+2.06%,a cable industry pioneer founded by Ralph Roberts in 1963, is a global communications powerhouse with diverse investments in related sectors, especially in technology. The business, with annual revenues exceeding $100 billion, proved resilient during the pandemic, with durable strengths in both broadband and streaming, and an expected bounce from reopening of its theme parks.</p><p><blockquote>ComcastCMCSA，+2.06%，是拉尔夫·罗伯茨(Ralph Roberts)于1963年创立的有线电视行业先驱，是一家全球通信巨头，在相关领域（尤其是技术领域）拥有多元化投资。该业务的年收入超过1000亿美元，在疫情期间证明了其弹性，在宽带和流媒体方面具有持久的优势，并且预计主题公园重新开放后将出现反弹。</blockquote></p><p>Communications businesses such as Comcast’s combine highly valuable intangible assets with little need for reinvestment in tangible assets—particularly appealing during inflationary periods. Boyar’s valuation: $76 per share, comfortably above market.</p><p><blockquote>康卡斯特等通信业务将高价值的无形资产与几乎不需要对有形资产进行再投资相结合——在通货膨胀时期尤其有吸引力。Boyar的估值：每股76美元，远高于市场。</blockquote></p><p></p><p>Comcast is another magnet for QSs, and another dual class company, in which Brian Roberts holds 1% of the economic interest along with 34% of the voting power. Among QSs owning Comcast shares: Eagle Capital, First Pacific Advisors, Rothschild &amp; Co. and Southeastern Asset Management. Note also: Nelson Peltz’s Trian Fund accumulated a large stake, about 0.4%, in several transactions during 2020.</p><p><blockquote>康卡斯特是QSs的另一个磁石，也是另一家双重公司，布莱恩·罗伯茨(Brian Roberts)拥有1%的经济利益和34%的投票权。持有康卡斯特股票的QSs包括Eagle Capital、First Pacific Advisors、Rothschild&amp;Co.和Southeastern Asset Management。另请注意：Nelson Peltz的Trian基金在2020年的几笔交易中积累了大量股份，约为0.4%。</blockquote></p><p><b>Bank of New York Mellon</b></p><p><blockquote><b>纽约梅隆银行</b></blockquote></p><p>Bank of New York MellonBK,+0.86%is the world’s largest custodian bank and asset servicing company, with $2 trillion in assets under management and close to $40 trillion in assets under custody. The company is a blend of two storied institutions: Bank of New York has roots back to Alexander Hamilton and Aaron Burr in 1784, while Mellon traces to the bank Andrew Mellon began in 1869.</p><p><blockquote>纽约梅隆银行BK,+0.86%是全球最大的托管银行和资产服务公司，管理资产达2万亿美元，托管资产接近40万亿美元。该公司融合了两家传奇机构：纽约银行的历史可以追溯到1784年的亚历山大·汉密尔顿和亚伦·伯尔，而梅隆银行的历史可以追溯到1869年的安德鲁·梅隆银行。</blockquote></p><p>Today, with annual revenues reaching $16 billion, the firm is distinguished for achieving outsized cost savings from a high-tech digitized platform. It is using artificial intelligence and machine learning to automate many functions, from financial calculations to client inquiries. BNY Mellon’s scale in the custodian business positions it well to win the trillion-dollar accounts of the world’s largest asset managers.</p><p><blockquote>如今，该公司的年收入达到160亿美元，因通过高科技数字化平台实现了巨大的成本节约而闻名。它正在使用人工智能和机器学习来自动化许多功能，从财务计算到客户查询。纽约梅隆银行在托管业务方面的规模使其能够很好地赢得全球最大资产管理公司的万亿美元账户。</blockquote></p><p>Boyar’s valuation for BNY Mellon is a conservative $50 per share, suggesting there’s still some upside. BNY Mellon enjoys one of the highest-quality shareholder bases in the US, according to EQX and QSI research. Prominent QSs include: Berkshire Hathaway, Davis Selected Advisers, Dodge &amp; Cox, Lountzis Asset Management and Tweedy Browne.</p><p><blockquote>Boyar对纽约梅隆银行的估值保守为每股50美元，这表明仍有一些上涨空间。根据EQX和QSI research的数据，纽约梅隆银行拥有美国最优质的股东基础之一。著名的QSs包括：伯克希尔哈撒韦公司、戴维斯精选顾问公司、道奇考克斯公司、Lountzis资产管理公司和Tweedy Browne。</blockquote></p><p>Three picks do not a portfolio make, of course. So consider these other interesting ideas from the Boyar&nbsp;Forgotten Forty&nbsp;that also boast high-quality shareholder followings: Walt DisneyDIS,+0.17%,IAC/InterActiveCorp.IAC,+3.19%and MerckMRK,-0.35%.</p><p><blockquote>当然，三个选择并不构成一个投资组合。因此，考虑一下Boyar Forgotten Forty的其他有趣想法，它们也拥有高质量的股东追随者：Walt DisneyDIS，+0.17%，IAC/InterActiveCorp.IAC，+3.19%和MerckMRK，-0.35%。</blockquote></p><p>In a volatile market like now, all of these companies offer a substantial measure of stability.&nbsp; For veteran investors and newcomers alike, keep in mind that it is foolish to follow the herd, and wise to heed the thoughtful.</p><p><blockquote>在像现在这样动荡的市场中，所有这些公司都提供了相当大的稳定性。对于资深投资者和新手来说，请记住，随大流是愚蠢的，听从有思想的人是明智的。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/these-cool-high-quality-stocks-are-just-right-for-this-overheated-overvalued-market-11621994657\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯","SPY":"标普500ETF",".IXIC":"NASDAQ Composite"},"source_url":"https://www.marketwatch.com/story/these-cool-high-quality-stocks-are-just-right-for-this-overheated-overvalued-market-11621994657","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1193634953","content_text":"Well-managed companies boast strong cash flow, a stable shareholder base, and are under most investors’ radar.Overheated markets make it increasingly difficult to identify attractively priced investments. But with hordes of buyers plunking capital onmeme stocks and cryptocurrencies,quality shareholders (aka buy-and-hold stock pickers) continue to see opportunities for the long term.Take Boyar Value Group. Since 1975, it has provided insightful research on a range of businesses. The father and son team of Mark and Jonathan Boyar also eat their own cooking, being quality shareholders (QSs) themselves as operators of the Boyar Value FundBOYAX,+0.48%.The Boyars have been prescient: shortly after the coronavirus pandemic hit and took down the U.S. stock market, they released a special report detailing 19 companies whose shares they recommended amid the selloff.  One year later, a portfolio of those stocks was up 78%, besting the S&P 500SPX,+0.19%by 27 percentage points.Boyar Value Group produces the “Forgotten Forty,” a year-end report on 40 stocks they view as overlooked.  Barron’s highlighted seven of the picks earlier this year — a diverse mix that included Bank of AmericaBAC,+0.07%,Liberty Braves GroupBATRA,+1.26%,and SyscoSYY,-0.52%.This year’s Forgotten Forty has gained 17% since late December versus 12% for the S&P 500.Boyar’s Forgotten Forty is an excellent filter for stock pickers as they narrow their hunt. One way to tailor picks is to cross-check these 40 companies with those of companies that score high for attracting QSs.Many investors mimic the portfolio of uber-QS Warren Buffett of Berkshire HathawayBRK.A,+0.12%BRK.B,+0.05%,for instance. Other QSs can be identified using such resources as Martijn Cremmers’ active share rankings, proprietary data analytics of EQX, or research of my ownQuality Shareholders Initiative (QSI) — all useful tools to construct a high-performing portfolio.Combining the Forgotten Forty with such data, below are three stock ideas to consider as part of a larger portfolio. (Of course, this is not investing advice or a recommendation to buy — just a few suggestions to consider.)UniFirst CorporationUniFirst Corp.UNF,+2.13%,founded by the Croatti family in a Boston barn in 1936, is a uniform rental company currently employing more than 14,000 in 260 facilities in North America and Europe and generating nearly $2 billion in annual revenue. It is number three in an oligopolistic industry — along with AramarkARMK,+0.27%and CintasCTAS,-0.37%,the trio commands 70% of the market — which enables rational industry pricing.UniFirst’s core laundry business runs on multiyear contracts, creating recurring revenue. Customer retention rates are high and employee tenures are long, and the company carries no debt.  Along with a strong cash position, the U.S. economic reopening ahead bodes well, particularly with UniFirst’s large customer base in the energy sector. Boyar’s valuation: $263 per share, well-above recent levels.Members of the Croatti family are major shareholders, with 20% of the economic interest and 71% of the voting power, under a dual-class capital structure. Despite how some governance gurus roundly condemn dual class structures, QSI data indicates that QSs examine the practice on a case-by-case basis.UniFirst is a magnet for QSs, increasingly so in recent years as the company has enhanced its capital allocation rationality through share buybacks and dividends. In terms of concentration levels and holding periods, the company’s shareholders treat it far better than they treat their other investees, EQX data indicates.  A sampling of UniFirst’s QSs: Aurora Investment Counsel, Copeland Capital Management, Hunter Perkins Capital Management, London Company of Virginia and River Road Asset Management.Comcast CorporationComcastCMCSA,+2.06%,a cable industry pioneer founded by Ralph Roberts in 1963, is a global communications powerhouse with diverse investments in related sectors, especially in technology. The business, with annual revenues exceeding $100 billion, proved resilient during the pandemic, with durable strengths in both broadband and streaming, and an expected bounce from reopening of its theme parks.Communications businesses such as Comcast’s combine highly valuable intangible assets with little need for reinvestment in tangible assets—particularly appealing during inflationary periods. Boyar’s valuation: $76 per share, comfortably above market.Comcast is another magnet for QSs, and another dual class company, in which Brian Roberts holds 1% of the economic interest along with 34% of the voting power. Among QSs owning Comcast shares: Eagle Capital, First Pacific Advisors, Rothschild & Co. and Southeastern Asset Management. Note also: Nelson Peltz’s Trian Fund accumulated a large stake, about 0.4%, in several transactions during 2020.Bank of New York MellonBank of New York MellonBK,+0.86%is the world’s largest custodian bank and asset servicing company, with $2 trillion in assets under management and close to $40 trillion in assets under custody. The company is a blend of two storied institutions: Bank of New York has roots back to Alexander Hamilton and Aaron Burr in 1784, while Mellon traces to the bank Andrew Mellon began in 1869.Today, with annual revenues reaching $16 billion, the firm is distinguished for achieving outsized cost savings from a high-tech digitized platform. It is using artificial intelligence and machine learning to automate many functions, from financial calculations to client inquiries. BNY Mellon’s scale in the custodian business positions it well to win the trillion-dollar accounts of the world’s largest asset managers.Boyar’s valuation for BNY Mellon is a conservative $50 per share, suggesting there’s still some upside. BNY Mellon enjoys one of the highest-quality shareholder bases in the US, according to EQX and QSI research. Prominent QSs include: Berkshire Hathaway, Davis Selected Advisers, Dodge & Cox, Lountzis Asset Management and Tweedy Browne.Three picks do not a portfolio make, of course. So consider these other interesting ideas from the Boyar Forgotten Forty that also boast high-quality shareholder followings: Walt DisneyDIS,+0.17%,IAC/InterActiveCorp.IAC,+3.19%and MerckMRK,-0.35%.In a volatile market like now, all of these companies offer a substantial measure of stability.  For veteran investors and newcomers alike, keep in mind that it is foolish to follow the herd, and wise to heed the 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09:34","market":"hk","language":"en","title":"Here Are the 11 Best Performing IPOs of the Year<blockquote>以下是今年表现最好的11家IPO</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1105273964","media":"Barron's","summary":"The market for initial public offerings has recently delivered some great first-day gains for investors who were able to get shares before the companies went public.That left us with 11 names. First up:CureVac, which was the screen’s best-performing IPO and had a total return of 596.75%. CureVac specializes in the messenger RNA, or mRNA, technology that is the basis of several leading Covid-19 vaccine programs. The German biotech company went public inAugust at $16 a shareand soared 249% in its ","content":"<p>The market for initial public offerings has recently delivered some great first-day gains for investors who were able to get shares before the companies went public.</p><p><blockquote>首次公开募股市场最近为那些能够在公司上市前获得股票的投资者带来了一些巨大的首日收益。</blockquote></p><p>But not everyone receives these types of opportunities. Most retail investors have to wait until companies start publicly trading to buy stock.<i>Barron’s</i>looked at businesses that have gone public in the past 12 months to find some strong performers.</p><p><blockquote>但并不是每个人都能得到这些类型的机会。大多数散户投资者必须等到公司开始公开交易才能购买股票。<i>巴伦周刊</i>研究了过去12个月内上市的企业，发现了一些表现强劲的企业。</blockquote></p><p>First, we searched for companies that listed via a traditional initial public offering: This meant we filtered out businesses that merged withspecial purpose acquisition companies, or SPACs. Then, we searched for companies that went public on either the New York Stock Exchange or the Nasdaq. We also focused on entities that had at least a $1 billion market capitalization. We narrowed our search to companies with the highesttotal returns from their stock offering prices..</p><p><blockquote>首先，我们搜索通过传统首次公开募股上市的公司：这意味着我们过滤掉了与特殊目的收购公司（SPAC）合并的企业。然后，我们搜索了在纽约证券交易所或纳斯达克上市的公司。我们还关注市值至少为10亿美元的实体。我们将搜索范围缩小到股票发行价总回报最高的公司。</blockquote></p><p>That left us with 11 names. First up:CureVac(ticker: CVAC), which was the screen’s best-performing IPO and had a total return of 596.75%. CureVac specializes in the messenger RNA, or mRNA, technology that is the basis of several leading Covid-19 vaccine programs. The German biotech company went public inAugust at $16 a shareand soared 249% in its first day, with the stock closing at $55.90. In January, CureVacstruck a deal with Bayerto accelerate the development and supply of its Covid-19 vaccine candidate. The company’s mRNA-based Covid-19 vaccine is now in clinical trials, and Phase2b/3 data is expected this summer. Since its IPO, the stock has nearly doubled, closingFriday at $111.48 .</p><p><blockquote>我们只剩下11个名字了。首先是CureVac（股票代码：CVAC），这是银幕上表现最好的IPO，总回报率为596.75%。CureVac专注于信使RNA或mRNA技术，该技术是几个领先的新冠肺炎疫苗项目的基础。这家德国生物技术公司于8月份以每股16美元的价格上市，首日飙升249%，收于55.90美元。一月份，CureVac与Bayerto达成协议，加速其Covid-19候选疫苗的开发和供应。该公司基于mRNA的新冠疫苗目前正在进行临床试验，预计今年夏天将获得2b/3期数据。自首次公开募股以来，该股几乎翻了一番，周五收于111.48美元。</blockquote></p><p>Strong performances need not be dictated by success on the first day of trading. Four of the companies that made our list were busted deals—meaning that their shares fell below their IPO prices on the first day of trading.</p><p><blockquote>强劲的表现不一定取决于第一天交易的成功。上榜的公司中有四家交易失败，这意味着它们的股价在交易首日就跌破了IPO价格。</blockquote></p><p>Case in point:ZIM Integrated Shipping(ZIM). The asset-light shipping company went public in January with a $15 offering price,but closed that day at $11.50. Yet by May 19, ZIM’s stockhad gained 295%after itreported first-quarter earnings of $589.6 million, or $5.35 a share. The companyalso declared a special cash dividend of $2 a share. ZIM is the second-best-performing IPO in the past 12 months, based on a total return of 209.33%, according to FactSet. It closed on Friday at $46.40.</p><p><blockquote>典型的例子：以星综合航运(ZIM)。这家轻资产航运公司于1月份上市，发行价为15美元，但当天收盘价为11.50美元。然而，到5月19日，以星公布第一季度盈利5.896亿美元（即每股5.35美元）后，其股价已上涨295%。该公司还宣布派发每股2美元的特别现金股息。FactSet的数据显示，以星是过去12个月中表现第二好的IPO，总回报率为209.33%。周五收于46.40美元。</blockquote></p><p>Another example isAcademy Sports &amp; Outdoors(ASO): The companywent public in Octoberwith a $13 offering price, with the stock closing at $12.99 during its first day of public trading<b>.</b>Academy was profitable when it went public, a rarity in the IPO market. InMarch, the company reported that its net incomesoared 416%, to $91.5 million, or 97 cents a share, for its fourth fiscal quarter ended Jan. 30. Its shares have nearly tripled since the IPO, and were trading at $36.53 on Friday. Academy Sports ranks third with a total return from the offering price of 181%, FactSet said.</p><p><blockquote>另一个例子是Academy Sports&amp;Outdoors(ASO)：该公司于10月份上市，发行价为13美元，公开交易首日收盘价为12.99美元<b>.</b>Academy上市时实现盈利，这在IPO市场上是罕见的。今年3月，该公司报告称，截至1月30日的第四财季净利润飙升416%，达到9150万美元，即每股97美分。自IPO以来，其股价已上涨近两倍，周五交易价格为36.53美元。FactSet表示，Academy Sports排名第三，发行价总回报率为181%。</blockquote></p><p>Strong GainersThese companies all went public in the last year and produced high total returns compared to their IPO prices.<img src=\"https://static.tigerbbs.com/9dedc209ede147958c015d3a586bb587\" tg-width=\"630\" tg-height=\"606\">Rounding out this category areCorsair Gaming(CRSR), a California companythat makes performance gear for gamers, and the Dubai-basedYalla Group(YALA), whichmakes a voice-chat app usedin the Middle East and North Africa called Yalla. Both stocks have rebounded strongly after less-than-stellar September IPOs.</p><p><blockquote>强劲上涨者这些公司均于去年上市，与IPO价格相比，总回报率较高。这一类别的还有Corsair Gaming(CRSR)，一家为游戏玩家生产高性能装备的加州公司，以及总部位于迪拜的Yalla Group(YALA)，该公司生产一款在中东和北非使用的名为Yalla的语音聊天应用程序。在9月份IPO表现不佳后，这两只股票均强劲反弹。</blockquote></p><p>Some companies that made our list soared during their debuts, but have since seen their shares retreat. Still, these companies are producing gains.</p><p><blockquote>一些上榜公司在首次亮相时股价飙升，但此后股价出现回落。尽管如此，这些公司仍在产生收益。</blockquote></p><p>ConsiderBigCommerce(BIGC), which provides a cloud e-commerce platform that is used by such customers as SkullCandy, Savannah Bee Co, and the Cleveland Cavaliers.BigCommerce&nbsp;went public in Augustwith a $24 offering price—and the stock soared 201% that day,closing at $72.27. Since the IPO, the shares have fallen nearly 25%, amid a broader technology selloff.</p><p><blockquote>考虑一下BigCommerce（BIGC），它提供了一个云电子商务平台，被SkullCandy、Savannah Bee Co和Cleveland Cavaliers等客户使用。BigCommerce于8月上市，发行价为24美元，当天股价飙升201%，收于72.27美元。自IPO以来，由于更广泛的科技股抛售，该股股价已下跌近25%。</blockquote></p><p>The company, however, has reported some positive developments, like a deal in February that wouldgive BigCommerce customersthe ability to sell directly on Walmart Marketplace. It also reported better-than-expected fourth-quarter results. BigCommerce has produced a total return of nearly 127%, according to FactSet.</p><p><blockquote>然而，该公司报告了一些积极的进展，例如2月份的一项交易，该交易将使BigCommerce客户能够直接在沃尔玛市场上销售。它还公布了好于预期的第四季度业绩。根据FactSet的数据，BigCommerce的总回报率接近127%。</blockquote></p><p>Other companies have seen their shares jump since going public.Dream Finders Homes (DFH), which designs, builds, and sells homes in high-growth markets, was already profitable when it made its trading debut in January at $13 a share. Shares soared 61%, $20.95 on its first day.Prices for houses in Marchgrew at the fastest rate since 2005, which has helped real estate stocks. Dream Finders stock has gained nearly 52% since its IPO, trading Friday at $31.77. Dream Finders notched a total return from offering price of 144.38%.</p><p><blockquote>其他公司的股价自上市以来也出现了上涨。Dream Finders Homes(DFH)在高增长市场设计、建造和销售房屋，在1月份以每股13美元的价格首次上市时已经实现盈利。首日股价飙升61%，至20.95美元。3月份房价以2005年以来最快的速度增长，这对房地产股有所帮助。Dream Finders股价自IPO以来已上涨近52%，周五交易价格为31.77美元。Dream Finders的总发行价回报率为144.38%。</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>Here Are the 11 Best Performing IPOs of the Year<blockquote>以下是今年表现最好的11家IPO</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 Are the 11 Best Performing IPOs of the Year<blockquote>以下是今年表现最好的11家IPO</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\">2021-06-01 09:34</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The market for initial public offerings has recently delivered some great first-day gains for investors who were able to get shares before the companies went public.</p><p><blockquote>首次公开募股市场最近为那些能够在公司上市前获得股票的投资者带来了一些巨大的首日收益。</blockquote></p><p>But not everyone receives these types of opportunities. Most retail investors have to wait until companies start publicly trading to buy stock.<i>Barron’s</i>looked at businesses that have gone public in the past 12 months to find some strong performers.</p><p><blockquote>但并不是每个人都能得到这些类型的机会。大多数散户投资者必须等到公司开始公开交易才能购买股票。<i>巴伦周刊</i>研究了过去12个月内上市的企业，发现了一些表现强劲的企业。</blockquote></p><p>First, we searched for companies that listed via a traditional initial public offering: This meant we filtered out businesses that merged withspecial purpose acquisition companies, or SPACs. Then, we searched for companies that went public on either the New York Stock Exchange or the Nasdaq. We also focused on entities that had at least a $1 billion market capitalization. We narrowed our search to companies with the highesttotal returns from their stock offering prices..</p><p><blockquote>首先，我们搜索通过传统首次公开募股上市的公司：这意味着我们过滤掉了与特殊目的收购公司（SPAC）合并的企业。然后，我们搜索了在纽约证券交易所或纳斯达克上市的公司。我们还关注市值至少为10亿美元的实体。我们将搜索范围缩小到股票发行价总回报最高的公司。</blockquote></p><p>That left us with 11 names. First up:CureVac(ticker: CVAC), which was the screen’s best-performing IPO and had a total return of 596.75%. CureVac specializes in the messenger RNA, or mRNA, technology that is the basis of several leading Covid-19 vaccine programs. The German biotech company went public inAugust at $16 a shareand soared 249% in its first day, with the stock closing at $55.90. In January, CureVacstruck a deal with Bayerto accelerate the development and supply of its Covid-19 vaccine candidate. The company’s mRNA-based Covid-19 vaccine is now in clinical trials, and Phase2b/3 data is expected this summer. Since its IPO, the stock has nearly doubled, closingFriday at $111.48 .</p><p><blockquote>我们只剩下11个名字了。首先是CureVac（股票代码：CVAC），这是银幕上表现最好的IPO，总回报率为596.75%。CureVac专注于信使RNA或mRNA技术，该技术是几个领先的新冠肺炎疫苗项目的基础。这家德国生物技术公司于8月份以每股16美元的价格上市，首日飙升249%，收于55.90美元。一月份，CureVac与Bayerto达成协议，加速其Covid-19候选疫苗的开发和供应。该公司基于mRNA的新冠疫苗目前正在进行临床试验，预计今年夏天将获得2b/3期数据。自首次公开募股以来，该股几乎翻了一番，周五收于111.48美元。</blockquote></p><p>Strong performances need not be dictated by success on the first day of trading. Four of the companies that made our list were busted deals—meaning that their shares fell below their IPO prices on the first day of trading.</p><p><blockquote>强劲的表现不一定取决于第一天交易的成功。上榜的公司中有四家交易失败，这意味着它们的股价在交易首日就跌破了IPO价格。</blockquote></p><p>Case in point:ZIM Integrated Shipping(ZIM). The asset-light shipping company went public in January with a $15 offering price,but closed that day at $11.50. Yet by May 19, ZIM’s stockhad gained 295%after itreported first-quarter earnings of $589.6 million, or $5.35 a share. The companyalso declared a special cash dividend of $2 a share. ZIM is the second-best-performing IPO in the past 12 months, based on a total return of 209.33%, according to FactSet. It closed on Friday at $46.40.</p><p><blockquote>典型的例子：以星综合航运(ZIM)。这家轻资产航运公司于1月份上市，发行价为15美元，但当天收盘价为11.50美元。然而，到5月19日，以星公布第一季度盈利5.896亿美元（即每股5.35美元）后，其股价已上涨295%。该公司还宣布派发每股2美元的特别现金股息。FactSet的数据显示，以星是过去12个月中表现第二好的IPO，总回报率为209.33%。周五收于46.40美元。</blockquote></p><p>Another example isAcademy Sports &amp; Outdoors(ASO): The companywent public in Octoberwith a $13 offering price, with the stock closing at $12.99 during its first day of public trading<b>.</b>Academy was profitable when it went public, a rarity in the IPO market. InMarch, the company reported that its net incomesoared 416%, to $91.5 million, or 97 cents a share, for its fourth fiscal quarter ended Jan. 30. Its shares have nearly tripled since the IPO, and were trading at $36.53 on Friday. Academy Sports ranks third with a total return from the offering price of 181%, FactSet said.</p><p><blockquote>另一个例子是Academy Sports&amp;Outdoors(ASO)：该公司于10月份上市，发行价为13美元，公开交易首日收盘价为12.99美元<b>.</b>Academy上市时实现盈利，这在IPO市场上是罕见的。今年3月，该公司报告称，截至1月30日的第四财季净利润飙升416%，达到9150万美元，即每股97美分。自IPO以来，其股价已上涨近两倍，周五交易价格为36.53美元。FactSet表示，Academy Sports排名第三，发行价总回报率为181%。</blockquote></p><p>Strong GainersThese companies all went public in the last year and produced high total returns compared to their IPO prices.<img src=\"https://static.tigerbbs.com/9dedc209ede147958c015d3a586bb587\" tg-width=\"630\" tg-height=\"606\">Rounding out this category areCorsair Gaming(CRSR), a California companythat makes performance gear for gamers, and the Dubai-basedYalla Group(YALA), whichmakes a voice-chat app usedin the Middle East and North Africa called Yalla. Both stocks have rebounded strongly after less-than-stellar September IPOs.</p><p><blockquote>强劲上涨者这些公司均于去年上市，与IPO价格相比，总回报率较高。这一类别的还有Corsair Gaming(CRSR)，一家为游戏玩家生产高性能装备的加州公司，以及总部位于迪拜的Yalla Group(YALA)，该公司生产一款在中东和北非使用的名为Yalla的语音聊天应用程序。在9月份IPO表现不佳后，这两只股票均强劲反弹。</blockquote></p><p>Some companies that made our list soared during their debuts, but have since seen their shares retreat. Still, these companies are producing gains.</p><p><blockquote>一些上榜公司在首次亮相时股价飙升，但此后股价出现回落。尽管如此，这些公司仍在产生收益。</blockquote></p><p>ConsiderBigCommerce(BIGC), which provides a cloud e-commerce platform that is used by such customers as SkullCandy, Savannah Bee Co, and the Cleveland Cavaliers.BigCommerce&nbsp;went public in Augustwith a $24 offering price—and the stock soared 201% that day,closing at $72.27. Since the IPO, the shares have fallen nearly 25%, amid a broader technology selloff.</p><p><blockquote>考虑一下BigCommerce（BIGC），它提供了一个云电子商务平台，被SkullCandy、Savannah Bee Co和Cleveland Cavaliers等客户使用。BigCommerce于8月上市，发行价为24美元，当天股价飙升201%，收于72.27美元。自IPO以来，由于更广泛的科技股抛售，该股股价已下跌近25%。</blockquote></p><p>The company, however, has reported some positive developments, like a deal in February that wouldgive BigCommerce customersthe ability to sell directly on Walmart Marketplace. It also reported better-than-expected fourth-quarter results. BigCommerce has produced a total return of nearly 127%, according to FactSet.</p><p><blockquote>然而，该公司报告了一些积极的进展，例如2月份的一项交易，该交易将使BigCommerce客户能够直接在沃尔玛市场上销售。它还公布了好于预期的第四季度业绩。根据FactSet的数据，BigCommerce的总回报率接近127%。</blockquote></p><p>Other companies have seen their shares jump since going public.Dream Finders Homes (DFH), which designs, builds, and sells homes in high-growth markets, was already profitable when it made its trading debut in January at $13 a share. Shares soared 61%, $20.95 on its first day.Prices for houses in Marchgrew at the fastest rate since 2005, which has helped real estate stocks. Dream Finders stock has gained nearly 52% since its IPO, trading Friday at $31.77. Dream Finders notched a total return from offering price of 144.38%.</p><p><blockquote>其他公司的股价自上市以来也出现了上涨。Dream Finders Homes(DFH)在高增长市场设计、建造和销售房屋，在1月份以每股13美元的价格首次上市时已经实现盈利。首日股价飙升61%，至20.95美元。3月份房价以2005年以来最快的速度增长，这对房地产股有所帮助。Dream Finders股价自IPO以来已上涨近52%，周五交易价格为31.77美元。Dream Finders的总发行价回报率为144.38%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/here-are-the-11-best-performing-ipos-of-the-year-51622472529?mod=hp_DAY_0\">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":{},"source_url":"https://www.barrons.com/articles/here-are-the-11-best-performing-ipos-of-the-year-51622472529?mod=hp_DAY_0","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1105273964","content_text":"The market for initial public offerings has recently delivered some great first-day gains for investors who were able to get shares before the companies went public.But not everyone receives these types of opportunities. Most retail investors have to wait until companies start publicly trading to buy stock.Barron’slooked at businesses that have gone public in the past 12 months to find some strong performers.First, we searched for companies that listed via a traditional initial public offering: This meant we filtered out businesses that merged withspecial purpose acquisition companies, or SPACs. Then, we searched for companies that went public on either the New York Stock Exchange or the Nasdaq. We also focused on entities that had at least a $1 billion market capitalization. We narrowed our search to companies with the highesttotal returns from their stock offering prices..That left us with 11 names. First up:CureVac(ticker: CVAC), which was the screen’s best-performing IPO and had a total return of 596.75%. CureVac specializes in the messenger RNA, or mRNA, technology that is the basis of several leading Covid-19 vaccine programs. The German biotech company went public inAugust at $16 a shareand soared 249% in its first day, with the stock closing at $55.90. In January, CureVacstruck a deal with Bayerto accelerate the development and supply of its Covid-19 vaccine candidate. The company’s mRNA-based Covid-19 vaccine is now in clinical trials, and Phase2b/3 data is expected this summer. Since its IPO, the stock has nearly doubled, closingFriday at $111.48 .Strong performances need not be dictated by success on the first day of trading. Four of the companies that made our list were busted deals—meaning that their shares fell below their IPO prices on the first day of trading.Case in point:ZIM Integrated Shipping(ZIM). The asset-light shipping company went public in January with a $15 offering price,but closed that day at $11.50. Yet by May 19, ZIM’s stockhad gained 295%after itreported first-quarter earnings of $589.6 million, or $5.35 a share. The companyalso declared a special cash dividend of $2 a share. ZIM is the second-best-performing IPO in the past 12 months, based on a total return of 209.33%, according to FactSet. It closed on Friday at $46.40.Another example isAcademy Sports & Outdoors(ASO): The companywent public in Octoberwith a $13 offering price, with the stock closing at $12.99 during its first day of public trading.Academy was profitable when it went public, a rarity in the IPO market. InMarch, the company reported that its net incomesoared 416%, to $91.5 million, or 97 cents a share, for its fourth fiscal quarter ended Jan. 30. Its shares have nearly tripled since the IPO, and were trading at $36.53 on Friday. Academy Sports ranks third with a total return from the offering price of 181%, FactSet said.Strong GainersThese companies all went public in the last year and produced high total returns compared to their IPO prices.Rounding out this category areCorsair Gaming(CRSR), a California companythat makes performance gear for gamers, and the Dubai-basedYalla Group(YALA), whichmakes a voice-chat app usedin the Middle East and North Africa called Yalla. Both stocks have rebounded strongly after less-than-stellar September IPOs.Some companies that made our list soared during their debuts, but have since seen their shares retreat. Still, these companies are producing gains.ConsiderBigCommerce(BIGC), which provides a cloud e-commerce platform that is used by such customers as SkullCandy, Savannah Bee Co, and the Cleveland Cavaliers.BigCommerce went public in Augustwith a $24 offering price—and the stock soared 201% that day,closing at $72.27. Since the IPO, the shares have fallen nearly 25%, amid a broader technology selloff.The company, however, has reported some positive developments, like a deal in February that wouldgive BigCommerce customersthe ability to sell directly on Walmart Marketplace. It also reported better-than-expected fourth-quarter results. BigCommerce has produced a total return of nearly 127%, according to FactSet.Other companies have seen their shares jump since going public.Dream Finders Homes (DFH), which designs, builds, and sells homes in high-growth markets, was already profitable when it made its trading debut in January at $13 a share. Shares soared 61%, $20.95 on its first day.Prices for houses in Marchgrew at the fastest rate since 2005, which has helped real estate stocks. Dream Finders stock has gained nearly 52% since its IPO, trading Friday at $31.77. Dream Finders notched a total return from offering price of 144.38%.","news_type":1,"symbols_score_info":{"BOTB.UK":0.9}},"isVote":1,"tweetType":1,"viewCount":1804,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":114141886,"gmtCreate":1623060373445,"gmtModify":1634037393370,"author":{"id":"3581817202947175","authorId":"3581817202947175","name":"priswong","avatar":"https://static.tigerbbs.com/1c6662d0fbf1d14d728f78d18e375a47","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581817202947175","authorIdStr":"3581817202947175"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/114141886","repostId":"1194257742","repostType":4,"repost":{"id":"1194257742","kind":"news","pubTimestamp":1623059574,"share":"https://www.laohu8.com/m/news/1194257742?lang=zh_CN&edition=full","pubTime":"2021-06-07 17:52","market":"us","language":"en","title":"\"We Took Out The June 2007 Highs\": Morgan Stanley's Sell Signal Just Hit An All Time High<blockquote>“我们打破了2007年6月的高点”：摩根士丹利的卖出信号刚刚创下历史新高</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1194257742","media":"zerohedge","summary":"For the past several months, Morgan Stanley's fundamental analysts have been turning increasingly be","content":"<p>For the past several months, Morgan Stanley's fundamental analysts have been turning increasingly bearish on stocks, with the pessimistic sentimentplateauing earlier this weekwhen chief equity strategist Michael Wilson said that there is far too much optimism in the market, and that while earnings are slowly rising, forward PE multiples are far too high and are set to slide, with \"the de-rating about 75% to go or an approximate 15% decline in P/Es from here.\" As a result, in Wilson's view - which is rapidly emerging as the most bearish on Wall Street - \"<b>earnings revisions will not be able to offset that de-rating, leaving the overall market vulnerable to a 10-15 % correction over the next 6 months.\"</b></p><p><blockquote>过去几个月，摩根士丹利的基本面分析师对股市的悲观情绪越来越悲观，本周早些时候，首席股票策略师迈克尔·威尔逊(Michael Wilson)表示，市场上过于乐观，而盈利正在缓慢上升，远期市盈率太高，并且将会下滑，“评级将下调约75%，市盈率将下降约15%。”因此，在威尔逊看来——这正迅速成为华尔街最悲观的人——”<b>盈利修正将无法抵消评级下调的影响，导致整体市场在未来6个月内容易出现10-15%的调整。”</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/f72ac2b1254473a56a44d443d5b0af2e\" tg-width=\"500\" tg-height=\"298\" referrerpolicy=\"no-referrer\">It now appears that Morgan Stanley's fundamental bearishness has spilled over into the bank's technical analyst team and as the bank's chief Euro equity Strategist Matthew Garman writes,<b>for only the fifth time in over 30 years, each of Morgan Stanley's five market timing indicators are giving a sell signal at the same time.</b></p><p><blockquote>现在看来，摩根士丹利的基本面看跌情绪已经蔓延到该行的技术分析师团队，正如该行首席欧元股票策略师马修·加曼所写，<b>30多年来，摩根士丹利的五个市场时机指标中的每一个都同时发出卖出信号，这是第五次。</b></blockquote></p><p> Not only that, but the bank's Combined Market Timing Indicator - which has been in sell territory since March - just hit a new all time high of 1.19, surpassing the previous record high seen in June-2007, right around the time of the first great quant crash and before the market collapsed.</p><p><blockquote>不仅如此，该银行的综合市场时机指标（自3月份以来一直处于卖出区域）刚刚创下1.19的历史新高，超过了2007年6月创下的历史新高，当时正值第一次大规模量化崩盘和市场崩溃之前。</blockquote></p><p> According to Garman, the only time equities have risen after a \"Full House\" Sell Signal was in Feb 17, shortly after the Shanghai Accord kicked in to prevent a global recession. The other previous occasions where there was a \"Full House\" Sell Signal were Mar-90, May-92, Jun-07. According to MS,<b>\"in the 6M post the initial Full House Sell Signal, MSCI Europe has fallen on average 6%</b>.\"</p><p><blockquote>加曼表示，股市唯一一次在“满座”卖出信号后上涨是在2月17日，即防止全球经济衰退的上海协议生效后不久。之前出现“满座”卖出信号的其他场合是1990年3月、1992年5月、2007年6月。根据MS的说法，<b>“在最初的满仓抛售信号后的600万美元中，MSCI欧洲平均下跌了6%。”</b>.\"</blockquote></p><p> <img src=\"https://static.tigerbbs.com/840d972b24ae257679bd7334982d19d8\" tg-width=\"1130\" tg-height=\"415\" referrerpolicy=\"no-referrer\">So with every in house risk indicator screaming sell, does that mean that Morgan Stanley will have the balls to tell its clients to sell? Why of course not, because in this market where stuff like the AMC, GameStop and Bed Bath squeezes force analysts to admit they no longer have any idea what's going on...</p><p><blockquote>那么，随着每一个内部风险指标都尖叫着卖出，这是否意味着摩根士丹利将有胆量告诉其客户卖出？为什么当然不是，因为在这个市场上，像AMC、游戏驿站和Bed Bath这样的东西挤压迫使分析师承认他们不再知道发生了什么……</blockquote></p><p> <img src=\"https://static.tigerbbs.com/79e9d638925af010cddcb25105f8a4b0\" tg-width=\"500\" tg-height=\"471\" referrerpolicy=\"no-referrer\">... Morgan Stanley is keeping the hope and assuming that the current period will be similar to 2017 - the only other time when a massive sell signal did not result in a market plunge.</p><p><blockquote>...摩根士丹利仍然抱有希望，并假设当前时期将与2017年类似——这是唯一一次大规模卖出信号没有导致市场暴跌。</blockquote></p><p>   <i>Back in 2017, we remained constructive despite the signal given i) strong EPS growth, ii) an early cycle environment, iii) EU inflows, iv) low sentiment and v) a rise in M&amp;A. Sentiment metrics may look more elevated than in 2017, but many of those factors remain in place today. While we see a trickier risk-reward for equities globally, we maintain our view that there is a compelling case for Europe to outperform global peers.</i>  Yet even Morgan Stanley is forced to admit that while Defensives may just scrape by after a record sell signal, cyclicals are about to be hammered. The next chart shows the relative performance of Cyclicals versus Defensives after a Full House Sell Signal on. As MS notes, \"perhaps unsurprisingly, given the poor performance at the market level, Cyclicals have struggled. In the 6M post the four initial Full House Sell Signals, Cyclicals have underperformed Defensives on average 12%, and this drops to -15% looking at any day</p><p><blockquote><i>早在2017年，尽管发出了i)每股收益强劲增长、ii)早期周期环境、iii)欧盟资金流入、iv)情绪低迷以及v)并购增加的信号，但我们仍然保持建设性态度。情绪指标可能看起来比2017年更高，但其中许多因素今天仍然存在。尽管我们认为全球股市的风险回报更加棘手，但我们仍然认为欧洲有令人信服的理由跑赢全球同行。</i>然而，就连摩根士丹利也被迫承认，虽然防御性股票在创纪录的卖出信号后可能只是勉强度日，但周期性股票即将受到重创。下图显示了满仓卖出信号后周期性股票与防御性股票的相对表现。正如微软指出的，“考虑到市场层面的糟糕表现，周期类股一直在苦苦挣扎，这也许并不奇怪。在最初四次抛售信号发出后的600万个交易日里，周期类股的表现平均落后于防御性股12%，而这一比例在任何一天都会降至-15%</blockquote></p><p> when the MTIs have all said sell at the same time.\"</p><p><blockquote>当MTI都同时表示卖出时。”</blockquote></p><p> This was true even in 2017 when equity markets rose: \"we previously cited similarities with the 2017 Full House Sell Signal as reasons to not get overly cautious on equity markets in aggregate at this moment in time. After the February-2017 Full House Sell Signal, MSCI Europe continued to rise pretty consistently through the rest of the year. However, despite strong performance from the market in aggregate, the performance of Cyclicals versus Defensives was much poorer. Between February and June 2017 Cyclicals underperformed Defensives by 6%.\"</p><p><blockquote>即使在2017年股市上涨时也是如此：“我们之前引用了与2017年全面抛售信号的相似之处，作为目前不要对整体股市过于谨慎的理由。在2017年2月的全面抛售信号之后，摩根士丹利资本国际欧洲指数在今年剩余时间里继续持续上涨。然而，尽管市场整体表现强劲，但周期性股票相对于防御性股票的表现要差得多。2017年2月至6月期间，周期性股票的表现落后防御性股票6%。”</blockquote></p><p> <img src=\"https://static.tigerbbs.com/8dcf00cdefd33fef071981aa4a5547a7\" tg-width=\"1084\" tg-height=\"387\" referrerpolicy=\"no-referrer\">It's not just the bank's sell signal that is prompting concerns about the future returns of cyclicals: Borrowing a page from our own warnings (see \"China's Credit Impulse Just Turned Negative, Unleashing Global Deflationary Shockwave\"), Morgan Stanley looks at \"a number of China data points which are giving warning signs\" first and foremost the collapse in China's credit impulse, to wit:</p><p><blockquote>引发人们对周期性股票未来回报担忧的不仅仅是央行的卖出信号：借用我们自己的警告（参见“中国的信贷冲动刚刚转为负面，释放全球通缩冲击波”），摩根士丹利着眼于“一些中国数据点发出警告信号”，首先是中国信贷冲动的崩溃，即：</blockquote></p><p></p><p> While credit tightening has been front-loaded in 1H21, as outlined here, our economists remain constructive on China's growth recovery. Having said that, a number of Chinese data points do suggest the Cyclical bounce looks overextended.<b>China's credit impulse has just turned negative, and historically this has provided a lead indicator for the year-on-year performance of European Cyclicals (Exhibit 5).</b>Similarly, the relative performance of Cyclicals versus Defensives has closely tracked moves in Chinese 10Y bond yields, which are now at their lowest levels since September 2020, standing in sharp contrast to the performance of Cyclicals.</p><p><blockquote>尽管信贷紧缩已在2021年上半年提前实施，但我们的经济学家对中国的增长复苏仍持建设性态度。话虽如此，一些中国数据确实表明周期性反弹看起来过度。<b>中国的信贷冲动刚刚转负，从历史上看，这为欧洲周期类股的同比表现提供了领先指标（图表5）。</b>同样，周期性股票与防御性股票的相对表现密切跟踪中国10年期债券收益率的走势，目前中国10年期债券收益率处于2020年9月以来的最低水平，与周期性股票的表现形成鲜明对比。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/c85032415626480364933f91dda387bf\" tg-width=\"1065\" tg-height=\"409\"></p><p><blockquote></blockquote></p><p> Putting it all together, readers have to ask themselves if what is coming will be an analog of the one and only episode on history when the market did not plunge after all Morgan Stanley market timing indicators hit a sell (and were at an all time high), or will this case be similar to Mar-90, May-92, Jun-07 when the outcome was anything but a happy ending.</p><p><blockquote>综上所述，读者不得不问自己，即将到来的事件是否会类似于历史上唯一一次在摩根士丹利所有市场时机指标都达到卖出（并处于历史高位）后市场没有暴跌的事件，或者这种情况会类似于1990年3月、1992年5月、2007年6月，结果绝不是一个幸福的结局。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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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\">\n\"We Took Out The June 2007 Highs\": Morgan Stanley's Sell Signal Just Hit An All Time High<blockquote>“我们打破了2007年6月的高点”：摩根士丹利的卖出信号刚刚创下历史新高</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-06-07 17:52</span>\n</p>\n</h4>\n</header>\n<article>\n<p>For the past several months, Morgan Stanley's fundamental analysts have been turning increasingly bearish on stocks, with the pessimistic sentimentplateauing earlier this weekwhen chief equity strategist Michael Wilson said that there is far too much optimism in the market, and that while earnings are slowly rising, forward PE multiples are far too high and are set to slide, with \"the de-rating about 75% to go or an approximate 15% decline in P/Es from here.\" As a result, in Wilson's view - which is rapidly emerging as the most bearish on Wall Street - \"<b>earnings revisions will not be able to offset that de-rating, leaving the overall market vulnerable to a 10-15 % correction over the next 6 months.\"</b></p><p><blockquote>过去几个月，摩根士丹利的基本面分析师对股市的悲观情绪越来越悲观，本周早些时候，首席股票策略师迈克尔·威尔逊(Michael Wilson)表示，市场上过于乐观，而盈利正在缓慢上升，远期市盈率太高，并且将会下滑，“评级将下调约75%，市盈率将下降约15%。”因此，在威尔逊看来——这正迅速成为华尔街最悲观的人——”<b>盈利修正将无法抵消评级下调的影响，导致整体市场在未来6个月内容易出现10-15%的调整。”</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/f72ac2b1254473a56a44d443d5b0af2e\" tg-width=\"500\" tg-height=\"298\" referrerpolicy=\"no-referrer\">It now appears that Morgan Stanley's fundamental bearishness has spilled over into the bank's technical analyst team and as the bank's chief Euro equity Strategist Matthew Garman writes,<b>for only the fifth time in over 30 years, each of Morgan Stanley's five market timing indicators are giving a sell signal at the same time.</b></p><p><blockquote>现在看来，摩根士丹利的基本面看跌情绪已经蔓延到该行的技术分析师团队，正如该行首席欧元股票策略师马修·加曼所写，<b>30多年来，摩根士丹利的五个市场时机指标中的每一个都同时发出卖出信号，这是第五次。</b></blockquote></p><p> Not only that, but the bank's Combined Market Timing Indicator - which has been in sell territory since March - just hit a new all time high of 1.19, surpassing the previous record high seen in June-2007, right around the time of the first great quant crash and before the market collapsed.</p><p><blockquote>不仅如此，该银行的综合市场时机指标（自3月份以来一直处于卖出区域）刚刚创下1.19的历史新高，超过了2007年6月创下的历史新高，当时正值第一次大规模量化崩盘和市场崩溃之前。</blockquote></p><p> According to Garman, the only time equities have risen after a \"Full House\" Sell Signal was in Feb 17, shortly after the Shanghai Accord kicked in to prevent a global recession. The other previous occasions where there was a \"Full House\" Sell Signal were Mar-90, May-92, Jun-07. According to MS,<b>\"in the 6M post the initial Full House Sell Signal, MSCI Europe has fallen on average 6%</b>.\"</p><p><blockquote>加曼表示，股市唯一一次在“满座”卖出信号后上涨是在2月17日，即防止全球经济衰退的上海协议生效后不久。之前出现“满座”卖出信号的其他场合是1990年3月、1992年5月、2007年6月。根据MS的说法，<b>“在最初的满仓抛售信号后的600万美元中，MSCI欧洲平均下跌了6%。”</b>.\"</blockquote></p><p> <img src=\"https://static.tigerbbs.com/840d972b24ae257679bd7334982d19d8\" tg-width=\"1130\" tg-height=\"415\" referrerpolicy=\"no-referrer\">So with every in house risk indicator screaming sell, does that mean that Morgan Stanley will have the balls to tell its clients to sell? Why of course not, because in this market where stuff like the AMC, GameStop and Bed Bath squeezes force analysts to admit they no longer have any idea what's going on...</p><p><blockquote>那么，随着每一个内部风险指标都尖叫着卖出，这是否意味着摩根士丹利将有胆量告诉其客户卖出？为什么当然不是，因为在这个市场上，像AMC、游戏驿站和Bed Bath这样的东西挤压迫使分析师承认他们不再知道发生了什么……</blockquote></p><p> <img src=\"https://static.tigerbbs.com/79e9d638925af010cddcb25105f8a4b0\" tg-width=\"500\" tg-height=\"471\" referrerpolicy=\"no-referrer\">... Morgan Stanley is keeping the hope and assuming that the current period will be similar to 2017 - the only other time when a massive sell signal did not result in a market plunge.</p><p><blockquote>...摩根士丹利仍然抱有希望，并假设当前时期将与2017年类似——这是唯一一次大规模卖出信号没有导致市场暴跌。</blockquote></p><p>   <i>Back in 2017, we remained constructive despite the signal given i) strong EPS growth, ii) an early cycle environment, iii) EU inflows, iv) low sentiment and v) a rise in M&amp;A. Sentiment metrics may look more elevated than in 2017, but many of those factors remain in place today. While we see a trickier risk-reward for equities globally, we maintain our view that there is a compelling case for Europe to outperform global peers.</i>  Yet even Morgan Stanley is forced to admit that while Defensives may just scrape by after a record sell signal, cyclicals are about to be hammered. The next chart shows the relative performance of Cyclicals versus Defensives after a Full House Sell Signal on. As MS notes, \"perhaps unsurprisingly, given the poor performance at the market level, Cyclicals have struggled. In the 6M post the four initial Full House Sell Signals, Cyclicals have underperformed Defensives on average 12%, and this drops to -15% looking at any day</p><p><blockquote><i>早在2017年，尽管发出了i)每股收益强劲增长、ii)早期周期环境、iii)欧盟资金流入、iv)情绪低迷以及v)并购增加的信号，但我们仍然保持建设性态度。情绪指标可能看起来比2017年更高，但其中许多因素今天仍然存在。尽管我们认为全球股市的风险回报更加棘手，但我们仍然认为欧洲有令人信服的理由跑赢全球同行。</i>然而，就连摩根士丹利也被迫承认，虽然防御性股票在创纪录的卖出信号后可能只是勉强度日，但周期性股票即将受到重创。下图显示了满仓卖出信号后周期性股票与防御性股票的相对表现。正如微软指出的，“考虑到市场层面的糟糕表现，周期类股一直在苦苦挣扎，这也许并不奇怪。在最初四次抛售信号发出后的600万个交易日里，周期类股的表现平均落后于防御性股12%，而这一比例在任何一天都会降至-15%</blockquote></p><p> when the MTIs have all said sell at the same time.\"</p><p><blockquote>当MTI都同时表示卖出时。”</blockquote></p><p> This was true even in 2017 when equity markets rose: \"we previously cited similarities with the 2017 Full House Sell Signal as reasons to not get overly cautious on equity markets in aggregate at this moment in time. After the February-2017 Full House Sell Signal, MSCI Europe continued to rise pretty consistently through the rest of the year. However, despite strong performance from the market in aggregate, the performance of Cyclicals versus Defensives was much poorer. Between February and June 2017 Cyclicals underperformed Defensives by 6%.\"</p><p><blockquote>即使在2017年股市上涨时也是如此：“我们之前引用了与2017年全面抛售信号的相似之处，作为目前不要对整体股市过于谨慎的理由。在2017年2月的全面抛售信号之后，摩根士丹利资本国际欧洲指数在今年剩余时间里继续持续上涨。然而，尽管市场整体表现强劲，但周期性股票相对于防御性股票的表现要差得多。2017年2月至6月期间，周期性股票的表现落后防御性股票6%。”</blockquote></p><p> <img src=\"https://static.tigerbbs.com/8dcf00cdefd33fef071981aa4a5547a7\" tg-width=\"1084\" tg-height=\"387\" referrerpolicy=\"no-referrer\">It's not just the bank's sell signal that is prompting concerns about the future returns of cyclicals: Borrowing a page from our own warnings (see \"China's Credit Impulse Just Turned Negative, Unleashing Global Deflationary Shockwave\"), Morgan Stanley looks at \"a number of China data points which are giving warning signs\" first and foremost the collapse in China's credit impulse, to wit:</p><p><blockquote>引发人们对周期性股票未来回报担忧的不仅仅是央行的卖出信号：借用我们自己的警告（参见“中国的信贷冲动刚刚转为负面，释放全球通缩冲击波”），摩根士丹利着眼于“一些中国数据点发出警告信号”，首先是中国信贷冲动的崩溃，即：</blockquote></p><p></p><p> While credit tightening has been front-loaded in 1H21, as outlined here, our economists remain constructive on China's growth recovery. Having said that, a number of Chinese data points do suggest the Cyclical bounce looks overextended.<b>China's credit impulse has just turned negative, and historically this has provided a lead indicator for the year-on-year performance of European Cyclicals (Exhibit 5).</b>Similarly, the relative performance of Cyclicals versus Defensives has closely tracked moves in Chinese 10Y bond yields, which are now at their lowest levels since September 2020, standing in sharp contrast to the performance of Cyclicals.</p><p><blockquote>尽管信贷紧缩已在2021年上半年提前实施，但我们的经济学家对中国的增长复苏仍持建设性态度。话虽如此，一些中国数据确实表明周期性反弹看起来过度。<b>中国的信贷冲动刚刚转负，从历史上看，这为欧洲周期类股的同比表现提供了领先指标（图表5）。</b>同样，周期性股票与防御性股票的相对表现密切跟踪中国10年期债券收益率的走势，目前中国10年期债券收益率处于2020年9月以来的最低水平，与周期性股票的表现形成鲜明对比。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/c85032415626480364933f91dda387bf\" tg-width=\"1065\" tg-height=\"409\"></p><p><blockquote></blockquote></p><p> Putting it all together, readers have to ask themselves if what is coming will be an analog of the one and only episode on history when the market did not plunge after all Morgan Stanley market timing indicators hit a sell (and were at an all time high), or will this case be similar to Mar-90, May-92, Jun-07 when the outcome was anything but a happy ending.</p><p><blockquote>综上所述，读者不得不问自己，即将到来的事件是否会类似于历史上唯一一次在摩根士丹利所有市场时机指标都达到卖出（并处于历史高位）后市场没有暴跌的事件，或者这种情况会类似于1990年3月、1992年5月、2007年6月，结果绝不是一个幸福的结局。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/we-took-out-june-2007-highs-morgan-stanleys-sell-signal-just-hit-all-time-high\">zerohedge</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯","SPY":"标普500ETF"},"source_url":"https://www.zerohedge.com/markets/we-took-out-june-2007-highs-morgan-stanleys-sell-signal-just-hit-all-time-high","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1194257742","content_text":"For the past several months, Morgan Stanley's fundamental analysts have been turning increasingly bearish on stocks, with the pessimistic sentimentplateauing earlier this weekwhen chief equity strategist Michael Wilson said that there is far too much optimism in the market, and that while earnings are slowly rising, forward PE multiples are far too high and are set to slide, with \"the de-rating about 75% to go or an approximate 15% decline in P/Es from here.\" As a result, in Wilson's view - which is rapidly emerging as the most bearish on Wall Street - \"earnings revisions will not be able to offset that de-rating, leaving the overall market vulnerable to a 10-15 % correction over the next 6 months.\"\nIt now appears that Morgan Stanley's fundamental bearishness has spilled over into the bank's technical analyst team and as the bank's chief Euro equity Strategist Matthew Garman writes,for only the fifth time in over 30 years, each of Morgan Stanley's five market timing indicators are giving a sell signal at the same time.\nNot only that, but the bank's Combined Market Timing Indicator - which has been in sell territory since March - just hit a new all time high of 1.19, surpassing the previous record high seen in June-2007, right around the time of the first great quant crash and before the market collapsed.\nAccording to Garman, the only time equities have risen after a \"Full House\" Sell Signal was in Feb 17, shortly after the Shanghai Accord kicked in to prevent a global recession. The other previous occasions where there was a \"Full House\" Sell Signal were Mar-90, May-92, Jun-07. According to MS,\"in the 6M post the initial Full House Sell Signal, MSCI Europe has fallen on average 6%.\"\nSo with every in house risk indicator screaming sell, does that mean that Morgan Stanley will have the balls to tell its clients to sell? Why of course not, because in this market where stuff like the AMC, GameStop and Bed Bath squeezes force analysts to admit they no longer have any idea what's going on...\n... Morgan Stanley is keeping the hope and assuming that the current period will be similar to 2017 - the only other time when a massive sell signal did not result in a market plunge.\n\nBack in 2017, we remained constructive despite the signal given i) strong EPS growth, ii) an early cycle environment, iii) EU inflows, iv) low sentiment and v) a rise in M&A. Sentiment metrics may look more elevated than in 2017, but many of those factors remain in place today. While we see a trickier risk-reward for equities globally, we maintain our view that there is a compelling case for Europe to outperform global peers.\n\nYet even Morgan Stanley is forced to admit that while Defensives may just scrape by after a record sell signal, cyclicals are about to be hammered. The next chart shows the relative performance of Cyclicals versus Defensives after a Full House Sell Signal on. As MS notes, \"perhaps unsurprisingly, given the poor performance at the market level, Cyclicals have struggled. In the 6M post the four initial Full House Sell Signals, Cyclicals have underperformed Defensives on average 12%, and this drops to -15% looking at any day\nwhen the MTIs have all said sell at the same time.\"\nThis was true even in 2017 when equity markets rose: \"we previously cited similarities with the 2017 Full House Sell Signal as reasons to not get overly cautious on equity markets in aggregate at this moment in time. After the February-2017 Full House Sell Signal, MSCI Europe continued to rise pretty consistently through the rest of the year. However, despite strong performance from the market in aggregate, the performance of Cyclicals versus Defensives was much poorer. Between February and June 2017 Cyclicals underperformed Defensives by 6%.\"\nIt's not just the bank's sell signal that is prompting concerns about the future returns of cyclicals: Borrowing a page from our own warnings (see \"China's Credit Impulse Just Turned Negative, Unleashing Global Deflationary Shockwave\"), Morgan Stanley looks at \"a number of China data points which are giving warning signs\" first and foremost the collapse in China's credit impulse, to wit:\nWhile credit tightening has been front-loaded in 1H21, as outlined here, our economists remain constructive on China's growth recovery. Having said that, a number of Chinese data points do suggest the Cyclical bounce looks overextended.China's credit impulse has just turned negative, and historically this has provided a lead indicator for the year-on-year performance of European Cyclicals (Exhibit 5).Similarly, the relative performance of Cyclicals versus Defensives has closely tracked moves in Chinese 10Y bond yields, which are now at their lowest levels since September 2020, standing in sharp contrast to the performance of Cyclicals.\n\nPutting it all together, readers have to ask themselves if what is coming will be an analog of the one and only episode on history when the market did not plunge after all Morgan Stanley market timing indicators hit a sell (and were at an all time high), or will this case be similar to Mar-90, May-92, Jun-07 when the outcome was anything but a happy ending.","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,"SPY":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":1938,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":113805570,"gmtCreate":1622600962990,"gmtModify":1634100038118,"author":{"id":"3581817202947175","authorId":"3581817202947175","name":"priswong","avatar":"https://static.tigerbbs.com/1c6662d0fbf1d14d728f78d18e375a47","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581817202947175","authorIdStr":"3581817202947175"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/113805570","repostId":"1188302386","repostType":4,"repost":{"id":"1188302386","kind":"news","pubTimestamp":1622598317,"share":"https://www.laohu8.com/m/news/1188302386?lang=zh_CN&edition=full","pubTime":"2021-06-02 09:45","market":"hk","language":"en","title":"Robinhood Adds 3 Directors, Boosting Board Ahead of IPO<blockquote>Robinhood增加3名董事，在IPO前增强董事会实力</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1188302386","media":"Barron's","summary":"Robinhood, on the cusp of going public, is now adding board members who can make the case that the u","content":"<p>Robinhood, on the cusp of going public, is now adding board members who can make the case that the upstart broker is ready to take a central place in the investment universe.</p><p><blockquote>即将上市的Robinhood现在正在增加董事会成员，他们可以证明这家新贵经纪商已准备好在投资领域占据核心地位。</blockquote></p><p> The zero-commission investment app announced on Tuesday that it was adding three independent board members. Jon Rubinstein, a senior advisor at asset management firm PDT Partners who is a former <a href=\"https://laohu8.com/S/AAPL\">Apple</a> executive and the lead independent director at<a href=\"https://laohu8.com/S/AMZN\">Amazon.com</a>(ticker: AMZN), adds mainstream tech experience. Paula Loop, a partner at PwC, has experience in governance, accounting, and Securities and Exchange Commission compliance. And Robert Zoellick, a fellow at Harvard University, is a former president of the World Bank and U.S. Trade Representative. That brings Robinhood’s board to seven members, two of whom are co-founders Vlad Tenev and Baiju Bhatt. The company declined to make any directors available for interviews.</p><p><blockquote>这款零佣金投资应用程序周二宣布，将增加三名独立董事会成员。Jon Rubinstein，资产管理公司PDT Partners的高级顾问，曾任<a href=\"https://laohu8.com/S/AAPL\">苹果</a>执行董事兼首席独立董事<a href=\"https://laohu8.com/S/AMZN\">亚马逊</a>（股票代码：AMZN），增加主流技术体验。普华永道合伙人Paula Loop在治理、会计和证券交易委员会合规方面拥有丰富的经验。哈佛大学研究员罗伯特·佐利克是世界银行前行长和美国贸易代表。这使得Robinhood的董事会成员达到了七名，其中两名是联合创始人Vlad Tenev和Baiju Bhatt。该公司拒绝让任何董事接受采访。</blockquote></p><p> After disrupting the traditional brokerage industry, Robinhood is expected to go public as soon as this month. Itconfidentially filed paperswith the SEC in March. Some analysts think the company could fetch a valuation of $40 billion. Adding directors with strong reputations will likely help Robinhood’s case, although those directors are now tying their reputations to a company that has attracted considerable negative attention as well.</p><p><blockquote>在颠覆传统券商行业后，Robinhood预计最快将于本月上市。它于三月份向SEC秘密提交了文件。一些分析师认为该公司的估值可能达到400亿美元。增加声誉良好的董事可能会有助于罗宾汉的案件，尽管这些董事现在将自己的声誉与一家也引起了相当大的负面关注的公司联系在一起。</blockquote></p><p> Robinhood has walked a fine line over the past year, portraying itself to customers as a threat to the establishment. The founders have said they were inspired by the Occupy Wall Street movement to fight the power of big banks and brokers. At the same time, the company has sold itself to regulators as a responsible operator ready to take an even bigger role in the country’s financial infrastructure.</p><p><blockquote>罗宾汉在过去的一年里一直走得很好，向客户描绘自己是对企业的威胁。创始人表示，他们受到占领华尔街运动的启发，旨在对抗大银行和经纪商的权力。与此同时，该公司已向监管机构推销自己是一家负责任的运营商，准备在该国的金融基础设施中发挥更大的作用。</blockquote></p><p> Since the start of the pandemic, Robinhood has had to answer for a variety of irregularities, includingtrading outages last March, anda ban on purchases of certain stocksat the height of the<a href=\"https://laohu8.com/S/GME\">GameStop</a>(GME) frenzy in January. Massachusetts’ top securities regulator hassued the companyon allegations that it encourages risky trading for its own profit, a charge the company denies. Robinhood’s challenge will be to maintain its rebellious reputation, while also convincing regulators and customers that it is a responsible steward of their money.</p><p><blockquote>自疫情爆发以来，Robinhood不得不对各种违规行为负责，包括去年3月的交易中断、以及在疫情最严重时禁止购买某些股票。<a href=\"https://laohu8.com/S/GME\">游戏驿站</a>(GME)一月份的狂热。马萨诸塞州最高证券监管机构驳斥了该公司鼓励高风险交易以获取自身利润的指控，但该公司否认了这一指控。Robinhood面临的挑战将是维持其叛逆的声誉，同时让监管机构和客户相信它是他们资金的负责任的管理者。</blockquote></p><p> The next few weeks will determine how well it can make its pitch on Wall Street.</p><p><blockquote>接下来的几周将决定它在华尔街的表现如何。</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>Robinhood Adds 3 Directors, Boosting Board Ahead of IPO<blockquote>Robinhood增加3名董事，在IPO前增强董事会实力</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\">\nRobinhood Adds 3 Directors, Boosting Board Ahead of IPO<blockquote>Robinhood增加3名董事，在IPO前增强董事会实力</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\">2021-06-02 09:45</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Robinhood, on the cusp of going public, is now adding board members who can make the case that the upstart broker is ready to take a central place in the investment universe.</p><p><blockquote>即将上市的Robinhood现在正在增加董事会成员，他们可以证明这家新贵经纪商已准备好在投资领域占据核心地位。</blockquote></p><p> The zero-commission investment app announced on Tuesday that it was adding three independent board members. Jon Rubinstein, a senior advisor at asset management firm PDT Partners who is a former <a href=\"https://laohu8.com/S/AAPL\">Apple</a> executive and the lead independent director at<a href=\"https://laohu8.com/S/AMZN\">Amazon.com</a>(ticker: AMZN), adds mainstream tech experience. Paula Loop, a partner at PwC, has experience in governance, accounting, and Securities and Exchange Commission compliance. And Robert Zoellick, a fellow at Harvard University, is a former president of the World Bank and U.S. Trade Representative. That brings Robinhood’s board to seven members, two of whom are co-founders Vlad Tenev and Baiju Bhatt. The company declined to make any directors available for interviews.</p><p><blockquote>这款零佣金投资应用程序周二宣布，将增加三名独立董事会成员。Jon Rubinstein，资产管理公司PDT Partners的高级顾问，曾任<a href=\"https://laohu8.com/S/AAPL\">苹果</a>执行董事兼首席独立董事<a href=\"https://laohu8.com/S/AMZN\">亚马逊</a>（股票代码：AMZN），增加主流技术体验。普华永道合伙人Paula Loop在治理、会计和证券交易委员会合规方面拥有丰富的经验。哈佛大学研究员罗伯特·佐利克是世界银行前行长和美国贸易代表。这使得Robinhood的董事会成员达到了七名，其中两名是联合创始人Vlad Tenev和Baiju Bhatt。该公司拒绝让任何董事接受采访。</blockquote></p><p> After disrupting the traditional brokerage industry, Robinhood is expected to go public as soon as this month. Itconfidentially filed paperswith the SEC in March. Some analysts think the company could fetch a valuation of $40 billion. Adding directors with strong reputations will likely help Robinhood’s case, although those directors are now tying their reputations to a company that has attracted considerable negative attention as well.</p><p><blockquote>在颠覆传统券商行业后，Robinhood预计最快将于本月上市。它于三月份向SEC秘密提交了文件。一些分析师认为该公司的估值可能达到400亿美元。增加声誉良好的董事可能会有助于罗宾汉的案件，尽管这些董事现在将自己的声誉与一家也引起了相当大的负面关注的公司联系在一起。</blockquote></p><p> Robinhood has walked a fine line over the past year, portraying itself to customers as a threat to the establishment. The founders have said they were inspired by the Occupy Wall Street movement to fight the power of big banks and brokers. At the same time, the company has sold itself to regulators as a responsible operator ready to take an even bigger role in the country’s financial infrastructure.</p><p><blockquote>罗宾汉在过去的一年里一直走得很好，向客户描绘自己是对企业的威胁。创始人表示，他们受到占领华尔街运动的启发，旨在对抗大银行和经纪商的权力。与此同时，该公司已向监管机构推销自己是一家负责任的运营商，准备在该国的金融基础设施中发挥更大的作用。</blockquote></p><p> Since the start of the pandemic, Robinhood has had to answer for a variety of irregularities, includingtrading outages last March, anda ban on purchases of certain stocksat the height of the<a href=\"https://laohu8.com/S/GME\">GameStop</a>(GME) frenzy in January. Massachusetts’ top securities regulator hassued the companyon allegations that it encourages risky trading for its own profit, a charge the company denies. Robinhood’s challenge will be to maintain its rebellious reputation, while also convincing regulators and customers that it is a responsible steward of their money.</p><p><blockquote>自疫情爆发以来，Robinhood不得不对各种违规行为负责，包括去年3月的交易中断、以及在疫情最严重时禁止购买某些股票。<a href=\"https://laohu8.com/S/GME\">游戏驿站</a>(GME)一月份的狂热。马萨诸塞州最高证券监管机构驳斥了该公司鼓励高风险交易以获取自身利润的指控，但该公司否认了这一指控。Robinhood面临的挑战将是维持其叛逆的声誉，同时让监管机构和客户相信它是他们资金的负责任的管理者。</blockquote></p><p> The next few weeks will determine how well it can make its pitch on Wall Street.</p><p><blockquote>接下来的几周将决定它在华尔街的表现如何。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/robinhood-adds-3-directors-boosting-board-ahead-of-ipo-51622574302?mod=hp_LEAD_2\">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":{},"source_url":"https://www.barrons.com/articles/robinhood-adds-3-directors-boosting-board-ahead-of-ipo-51622574302?mod=hp_LEAD_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188302386","content_text":"Robinhood, on the cusp of going public, is now adding board members who can make the case that the upstart broker is ready to take a central place in the investment universe.\nThe zero-commission investment app announced on Tuesday that it was adding three independent board members. Jon Rubinstein, a senior advisor at asset management firm PDT Partners who is a former Apple executive and the lead independent director atAmazon.com(ticker: AMZN), adds mainstream tech experience. Paula Loop, a partner at PwC, has experience in governance, accounting, and Securities and Exchange Commission compliance. And Robert Zoellick, a fellow at Harvard University, is a former president of the World Bank and U.S. Trade Representative. That brings Robinhood’s board to seven members, two of whom are co-founders Vlad Tenev and Baiju Bhatt. The company declined to make any directors available for interviews.\nAfter disrupting the traditional brokerage industry, Robinhood is expected to go public as soon as this month. Itconfidentially filed paperswith the SEC in March. Some analysts think the company could fetch a valuation of $40 billion. Adding directors with strong reputations will likely help Robinhood’s case, although those directors are now tying their reputations to a company that has attracted considerable negative attention as well.\nRobinhood has walked a fine line over the past year, portraying itself to customers as a threat to the establishment. The founders have said they were inspired by the Occupy Wall Street movement to fight the power of big banks and brokers. At the same time, the company has sold itself to regulators as a responsible operator ready to take an even bigger role in the country’s financial infrastructure.\nSince the start of the pandemic, Robinhood has had to answer for a variety of irregularities, includingtrading outages last March, anda ban on purchases of certain stocksat the height of theGameStop(GME) frenzy in January. Massachusetts’ top securities regulator hassued the companyon allegations that it encourages risky trading for its own profit, a charge the company denies. Robinhood’s challenge will be to maintain its rebellious reputation, while also convincing regulators and customers that it is a responsible steward of their money.\nThe next few weeks will determine how well it can make its pitch on Wall Street.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1647,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":133235322,"gmtCreate":1621751299966,"gmtModify":1634186772566,"author":{"id":"3581817202947175","authorId":"3581817202947175","name":"priswong","avatar":"https://static.tigerbbs.com/1c6662d0fbf1d14d728f78d18e375a47","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581817202947175","authorIdStr":"3581817202947175"},"themes":[],"htmlText":"Oo","listText":"Oo","text":"Oo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/133235322","repostId":"2137906121","repostType":4,"isVote":1,"tweetType":1,"viewCount":695,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":131160238,"gmtCreate":1621836383424,"gmtModify":1634186199715,"author":{"id":"3581817202947175","authorId":"3581817202947175","name":"priswong","avatar":"https://static.tigerbbs.com/1c6662d0fbf1d14d728f78d18e375a47","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581817202947175","authorIdStr":"3581817202947175"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/131160238","repostId":"1185350425","repostType":4,"repost":{"id":"1185350425","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1621835821,"share":"https://www.laohu8.com/m/news/1185350425?lang=zh_CN&edition=full","pubTime":"2021-05-24 13:57","market":"us","language":"en","title":"Why Cathie Wood Is Bullish On Iovance Biotherapeutics (IOVA)<blockquote>为什么Cathie Wood看好Iovance Biotherapeutics(IOVA)</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1185350425","media":"Benzinga","summary":"Cathie Wood-led Ark Investment Management is betting that despite recent setbacks Iovance Biotherape","content":"<p>Cathie Wood-led Ark Investment Management is betting that despite recent setbacks&nbsp;<b>Iovance Biotherapeutics Inc</b>&nbsp;IOVA 3.73%&nbsp;will benefit from its compelling tumor-infiltrating lymphocyte (TIL) immunotherapy.</p><p><blockquote>凯西·伍德(Cathie Wood)领导的方舟投资管理公司押注，尽管最近遭遇挫折<b>Iovance生物治疗公司</b>IOVA 3.73%将受益于其引人注目的肿瘤浸润淋巴细胞(TIL)免疫疗法。</blockquote></p><p><b>What Happened:</b>&nbsp;IOVA shares have declined 32% since Tuesday after the California-based&nbsp;biotech startup&nbsp;delayedits Biologics License Application (BLA) until the first half of 2022 because of FDA feedback on its potency tests.</p><p><blockquote><b>发生了什么：</b>由于FDA对其效力测试的反馈，这家总部位于加州的生物技术初创公司将生物制剂许可申请(BLA)推迟到2022年上半年，自周二以来，IOVA股价已下跌32%。</blockquote></p><p>The delay in the program is attributed to the FDA’s second request for additional data regarding potency assays, which are a series of tests that prove the company can consistently manufacture the product in question.</p><p><blockquote>该计划的延迟归因于FDA第二次要求提供有关效力测定的额外数据，效力测定是一系列证明该公司能够持续生产相关产品的测试。</blockquote></p><p>Soon after, IOVA announced CEO Maria Fardis is leaving the company after five years in the role and that General Counsel Frederick Vogt would be stepping in as interim CEO.&nbsp;Shares fell 39% on Wednesday after the announcement.</p><p><blockquote>不久之后，IOVA宣布首席执行官Maria Fardis在担任该职位五年后将离开公司，总法律顾问Frederick Vogt将接任临时首席执行官。消息公布后，周三股价下跌39%。</blockquote></p><p>The New York-based investment firm started piling up shares in the company last week and holds 18.26 million IOVA shares, worth about $450.64 million, according to Ark’s data as of Friday’s trade.</p><p><blockquote>根据Ark截至周五交易的数据，这家总部位于纽约的投资公司上周开始增持该公司股票，持有1826万股IOVA股票，价值约4.5064亿美元。</blockquote></p><p>The&nbsp;<b>Ark Genomic Revolution</b>&nbsp;ETF (BATS:ARKG) and the<b>Ark Innovation ETF</b>&nbsp;ARKK 0.75%&nbsp;carry the stake in IOVA.</p><p><blockquote>The<b>方舟基因组革命</b>ETF（BATS：ARKG）和<b>方舟创新ETF</b>ARKK持有IOVA 0.75%的股份。</blockquote></p><p>“We believe that Iovance’s TILs will continue to be the most compelling therapy for solid tumors in the market and that Iovance has the most robust TIL data set,” the Cathie Wood-led firm said in a note to investors.</p><p><blockquote>这家由Cathie Wood领导的公司在给投资者的一份报告中表示：“我们相信Iovance的TIL将继续成为市场上最引人注目的实体瘤疗法，并且Iovance拥有最强大的TIL数据集。”</blockquote></p><p>“Furthermore, in our view, Iovance is trail-blazing the FDA regulatory process and likely will get FDA approval for its TIL therapy to treat melanoma, a very difficult-to-treat disease with high unmet need.”</p><p><blockquote>“此外，在我们看来，Iovance正在开创FDA监管流程的先河，其TIL疗法可能会获得FDA批准，用于治疗黑色素瘤，这是一种非常难以治疗的疾病，且需求未得到满足。”</blockquote></p><p><b>Price Action:</b>&nbsp;IOVA shares closed 3.73% lower at $18.05 on Friday.</p><p><blockquote><b>价格走势：</b>IOVA股价周五收盘下跌3.73%，至18.05美元。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Cathie Wood Is Bullish On Iovance Biotherapeutics (IOVA)<blockquote>为什么Cathie Wood看好Iovance Biotherapeutics(IOVA)</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Cathie Wood Is Bullish On Iovance Biotherapeutics (IOVA)<blockquote>为什么Cathie Wood看好Iovance Biotherapeutics(IOVA)</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga </p>\n<p class=\"h-time smaller\">2021-05-24 13:57</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p>Cathie Wood-led Ark Investment Management is betting that despite recent setbacks&nbsp;<b>Iovance Biotherapeutics Inc</b>&nbsp;IOVA 3.73%&nbsp;will benefit from its compelling tumor-infiltrating lymphocyte (TIL) immunotherapy.</p><p><blockquote>凯西·伍德(Cathie Wood)领导的方舟投资管理公司押注，尽管最近遭遇挫折<b>Iovance生物治疗公司</b>IOVA 3.73%将受益于其引人注目的肿瘤浸润淋巴细胞(TIL)免疫疗法。</blockquote></p><p><b>What Happened:</b>&nbsp;IOVA shares have declined 32% since Tuesday after the California-based&nbsp;biotech startup&nbsp;delayedits Biologics License Application (BLA) until the first half of 2022 because of FDA feedback on its potency tests.</p><p><blockquote><b>发生了什么：</b>由于FDA对其效力测试的反馈，这家总部位于加州的生物技术初创公司将生物制剂许可申请(BLA)推迟到2022年上半年，自周二以来，IOVA股价已下跌32%。</blockquote></p><p>The delay in the program is attributed to the FDA’s second request for additional data regarding potency assays, which are a series of tests that prove the company can consistently manufacture the product in question.</p><p><blockquote>该计划的延迟归因于FDA第二次要求提供有关效力测定的额外数据，效力测定是一系列证明该公司能够持续生产相关产品的测试。</blockquote></p><p>Soon after, IOVA announced CEO Maria Fardis is leaving the company after five years in the role and that General Counsel Frederick Vogt would be stepping in as interim CEO.&nbsp;Shares fell 39% on Wednesday after the announcement.</p><p><blockquote>不久之后，IOVA宣布首席执行官Maria Fardis在担任该职位五年后将离开公司，总法律顾问Frederick Vogt将接任临时首席执行官。消息公布后，周三股价下跌39%。</blockquote></p><p>The New York-based investment firm started piling up shares in the company last week and holds 18.26 million IOVA shares, worth about $450.64 million, according to Ark’s data as of Friday’s trade.</p><p><blockquote>根据Ark截至周五交易的数据，这家总部位于纽约的投资公司上周开始增持该公司股票，持有1826万股IOVA股票，价值约4.5064亿美元。</blockquote></p><p>The&nbsp;<b>Ark Genomic Revolution</b>&nbsp;ETF (BATS:ARKG) and the<b>Ark Innovation ETF</b>&nbsp;ARKK 0.75%&nbsp;carry the stake in IOVA.</p><p><blockquote>The<b>方舟基因组革命</b>ETF（BATS：ARKG）和<b>方舟创新ETF</b>ARKK持有IOVA 0.75%的股份。</blockquote></p><p>“We believe that Iovance’s TILs will continue to be the most compelling therapy for solid tumors in the market and that Iovance has the most robust TIL data set,” the Cathie Wood-led firm said in a note to investors.</p><p><blockquote>这家由Cathie Wood领导的公司在给投资者的一份报告中表示：“我们相信Iovance的TIL将继续成为市场上最引人注目的实体瘤疗法，并且Iovance拥有最强大的TIL数据集。”</blockquote></p><p>“Furthermore, in our view, Iovance is trail-blazing the FDA regulatory process and likely will get FDA approval for its TIL therapy to treat melanoma, a very difficult-to-treat disease with high unmet need.”</p><p><blockquote>“此外，在我们看来，Iovance正在开创FDA监管流程的先河，其TIL疗法可能会获得FDA批准，用于治疗黑色素瘤，这是一种非常难以治疗的疾病，且需求未得到满足。”</blockquote></p><p><b>Price Action:</b>&nbsp;IOVA shares closed 3.73% lower at $18.05 on Friday.</p><p><blockquote><b>价格走势：</b>IOVA股价周五收盘下跌3.73%，至18.05美元。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ARKK":"ARK Innovation ETF","ARKG":"ARK Genomic Revolution ETF","IOVA":"Iovance Biotherapeutics, Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1185350425","content_text":"Cathie Wood-led Ark Investment Management is betting that despite recent setbacks Iovance Biotherapeutics Inc IOVA 3.73% will benefit from its compelling tumor-infiltrating lymphocyte (TIL) immunotherapy.What Happened: IOVA shares have declined 32% since Tuesday after the California-based biotech startup delayedits Biologics License Application (BLA) until the first half of 2022 because of FDA feedback on its potency tests.The delay in the program is attributed to the FDA’s second request for additional data regarding potency assays, which are a series of tests that prove the company can consistently manufacture the product in question.Soon after, IOVA announced CEO Maria Fardis is leaving the company after five years in the role and that General Counsel Frederick Vogt would be stepping in as interim CEO. Shares fell 39% on Wednesday after the announcement.The New York-based investment firm started piling up shares in the company last week and holds 18.26 million IOVA shares, worth about $450.64 million, according to Ark’s data as of Friday’s trade.The Ark Genomic Revolution ETF (BATS:ARKG) and theArk Innovation ETF ARKK 0.75% carry the stake in IOVA.“We believe that Iovance’s TILs will continue to be the most compelling therapy for solid tumors in the market and that Iovance has the most robust TIL data set,” the Cathie Wood-led firm said in a note to investors.“Furthermore, in our view, Iovance is trail-blazing the FDA regulatory process and likely will get FDA approval for its TIL therapy to treat melanoma, a very difficult-to-treat disease with high unmet need.”Price Action: IOVA shares closed 3.73% lower at $18.05 on Friday.","news_type":1,"symbols_score_info":{"ARKG":0.9,"IOVA":0.9,"ARKK":0.9}},"isVote":1,"tweetType":1,"viewCount":717,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":199900130,"gmtCreate":1620659563220,"gmtModify":1634197321105,"author":{"id":"3581817202947175","authorId":"3581817202947175","name":"priswong","avatar":"https://static.tigerbbs.com/1c6662d0fbf1d14d728f78d18e375a47","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581817202947175","authorIdStr":"3581817202947175"},"themes":[],"htmlText":"Comment thanksss","listText":"Comment thanksss","text":"Comment 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11:45","market":"us","language":"en","title":"Opinion: These cool, high-quality stocks are just right for this overheated, overvalued market<blockquote>观点：这些酷炫、优质的股票正适合这个过热、估值过高的市场</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1193634953","media":"MarketWatch","summary":"Well-managed companies boast strong cash flow, a stable shareholder base, and are under most investo","content":"<p><b>Well-managed companies boast strong cash flow, a stable shareholder base, and are under most investors’ radar.</b>Overheated markets make it increasingly difficult to identify attractively priced investments. But with hordes of buyers plunking capital onmeme stocks and cryptocurrencies,quality shareholders (aka buy-and-hold stock pickers) continue to see opportunities for the long term.</p><p><blockquote><b>管理良好的公司拥有强劲的现金流、稳定的股东基础，并且受到大多数投资者的关注。</b>过热的市场使得寻找价格有吸引力的投资变得越来越困难。但随着大批买家将资金投入meme股票和加密货币，优质股东（又名买入并持有选股者）继续看到长期机会。</blockquote></p><p>Take&nbsp;Boyar Value Group. Since 1975, it has provided insightful research on a range of businesses. The father and son team of Mark and Jonathan Boyar also eat their own cooking, being quality shareholders (QSs) themselves as operators of the Boyar Value FundBOYAX,+0.48%.</p><p><blockquote>以博雅价值集团为例。自1975年以来，它提供了对一系列业务的深刻研究。马克·博亚尔(Mark Boyar)和乔纳森·博亚尔(Jonathan Boyar)父子团队也吃自己做饭，作为博亚尔价值基金BOYAX(+0.48%)的运营商，他们本身就是优质股东(QSs)。</blockquote></p><p>The Boyars have been prescient: shortly after the coronavirus pandemic hit and took down the U.S. stock market, they&nbsp;released a special report&nbsp;detailing 19 companies whose shares they recommended amid the selloff.&nbsp; One year later, a portfolio of those stocks was up 78%, besting the S&amp;P 500SPX,+0.19%by 27 percentage points.</p><p><blockquote>博亚尔夫妇很有先见之明：在冠状病毒疫情袭击并拖累美国股市后不久，他们发布了一份特别报告，详细介绍了他们在抛售中推荐的19家公司的股票。一年后，这些股票的投资组合上涨了78%，比标准普尔500SPX指数+0.19%高出27个百分点。</blockquote></p><p>Boyar Value Group produces the&nbsp;“Forgotten Forty,” a year-end report on 40 stocks they view as overlooked. &nbsp;Barron’s highlighted seven&nbsp;of the picks earlier this year — a diverse mix that included Bank of AmericaBAC,+0.07%,Liberty Braves GroupBATRA,+1.26%,and SyscoSYY,-0.52%.This year’s Forgotten Forty&nbsp;has gained 17% since late December versus 12% for the S&amp;P 500.</p><p><blockquote>Boyar Value Group制作了《被遗忘的四十只股票》，这是一份关于他们认为被忽视的40只股票的年终报告。《巴伦周刊》重点介绍了今年早些时候的七只精选股票，其中包括美国银行BAC(+0.07%)、Liberty Braves GroupBATRA(+1.26%)和SyscoSYY(-0.52%)。自12月底以来，今年被遗忘的四十只股票已上涨17%而标普500为12%。</blockquote></p><p>Boyar’s&nbsp;Forgotten Forty&nbsp;is an excellent filter for stock pickers as they narrow their hunt. One way to tailor picks is to cross-check these 40 companies with those of companies that score high for&nbsp;attracting QSs.</p><p><blockquote>博亚尔的《被遗忘的四十》对于选股者来说是一个很好的过滤器，因为他们缩小了搜索范围。定制选择的一种方法是将这40家公司与在吸引QSs方面得分高的公司进行交叉检查。</blockquote></p><p>Many investors mimic the portfolio of uber-QS Warren Buffett of Berkshire HathawayBRK.A,+0.12%BRK.B,+0.05%,for instance. Other QSs can be identified using such resources as Martijn Cremmers’&nbsp;active share rankings, proprietary data analytics of&nbsp;EQX, or research of my&nbsp;ownQuality Shareholders Initiative&nbsp;(QSI) — all useful tools to construct a&nbsp;high-performing portfolio.</p><p><blockquote>例如，许多投资者模仿伯克希尔哈撒韦公司BRK.A，+0.12%BRK.B，+0.05%的uber-QS沃伦·巴菲特的投资组合。其他QS可以使用Martijn Cremmers的活跃股票排名、EQX的专有数据分析或My OwnQuality股东倡议(QSI)的研究等资源来识别——所有这些都是构建高性能投资组合的有用工具。</blockquote></p><p>Combining the&nbsp;Forgotten Forty&nbsp;with such data, below are three stock ideas to consider as part of a larger portfolio. (Of course, this is not investing advice or a recommendation to buy — just a few suggestions to consider.)</p><p><blockquote>将《被遗忘的四十》与此类数据相结合，以下是可以作为更大投资组合的一部分考虑的三种股票想法。（当然，这不是投资建议或购买建议——只是一些需要考虑的建议。）</blockquote></p><p><b>UniFirst Corporation</b></p><p><blockquote><b>UniFirst公司</b></blockquote></p><p>UniFirst Corp.UNF,+2.13%,founded by the Croatti family in a Boston barn in 1936, is a uniform rental company currently employing more than 14,000 in 260 facilities in North America and Europe and generating nearly $2 billion in annual revenue. It is number three in an oligopolistic industry — along with AramarkARMK,+0.27%and CintasCTAS,-0.37%,the trio commands 70% of the market — which enables rational industry pricing.</p><p><blockquote>UniFirst Corp.UNF，+2.13%，由Croatti家族于1936年在波士顿的一个谷仓创立，是一家制服租赁公司，目前在北美和欧洲的260个工厂拥有超过14,000名员工，年收入近20亿美元。它在寡头垄断行业中排名第三，与AramarkARMK（+0.27%）和CintasCTAS（-0.37%）一起，这三家公司占据了70%的市场份额，这使得行业定价合理。</blockquote></p><p>UniFirst’s core laundry business runs on multiyear contracts, creating recurring revenue. Customer retention rates are high and employee tenures are long, and the company carries no debt.&nbsp; Along with a strong cash position, the U.S. economic reopening ahead bodes well, particularly with UniFirst’s large customer base in the energy sector. Boyar’s valuation: $263 per share, well-above recent levels.</p><p><blockquote>UniFirst的核心洗衣业务签订多年合同，创造经常性收入。客户保留率高，员工任期长，公司没有债务。除了强劲的现金状况外，美国经济未来的重新开放也是一个好兆头，特别是考虑到UniFirst在能源领域的庞大客户群。Boyar的估值：每股263美元，远高于近期水平。</blockquote></p><p>Members of the Croatti family are major shareholders, with 20% of the economic interest and 71% of the voting power, under a dual-class capital structure.&nbsp;Despite how some governance gurus roundly condemn dual class structures, QSI data indicates that&nbsp;QSs examine the practice&nbsp;on a case-by-case basis.</p><p><blockquote>在双重资本结构下，克罗蒂家族成员是主要股东，拥有20%的经济利益和71%的投票权。尽管一些治理大师严厉谴责双重阶级结构，但QSI的数据表明，QSs会逐案审查这种做法。</blockquote></p><p>UniFirst is a magnet for QSs, increasingly so in recent years as the company has enhanced its capital allocation rationality through share buybacks and dividends. In terms of concentration levels and holding periods, the company’s shareholders treat it far better than they treat their other investees, EQX data indicates.&nbsp; A sampling of UniFirst’s QSs: Aurora Investment Counsel, Copeland Capital Management, Hunter Perkins Capital Management, London Company of Virginia and River Road Asset Management.</p><p><blockquote>UniFirst对QSs来说是一块磁铁，近年来，随着该公司通过股票回购和股息增强其资本配置的合理性，这种情况越来越明显。EQX数据显示，就集中度和持有期而言，该公司股东对待该公司的态度远好于对待其他被投资方。UniFirst的QSs样本：Aurora Investment Counsel、Copeland Capital Management、Hunter Perkins Capital Management、London Company of Virginia和River Road Asset Management。</blockquote></p><p><b>Comcast Corporation</b></p><p><blockquote><b>康卡斯特公司</b></blockquote></p><p>ComcastCMCSA,+2.06%,a cable industry pioneer founded by Ralph Roberts in 1963, is a global communications powerhouse with diverse investments in related sectors, especially in technology. The business, with annual revenues exceeding $100 billion, proved resilient during the pandemic, with durable strengths in both broadband and streaming, and an expected bounce from reopening of its theme parks.</p><p><blockquote>ComcastCMCSA，+2.06%，是拉尔夫·罗伯茨(Ralph Roberts)于1963年创立的有线电视行业先驱，是一家全球通信巨头，在相关领域（尤其是技术领域）拥有多元化投资。该业务的年收入超过1000亿美元，在疫情期间证明了其弹性，在宽带和流媒体方面具有持久的优势，并且预计主题公园重新开放后将出现反弹。</blockquote></p><p>Communications businesses such as Comcast’s combine highly valuable intangible assets with little need for reinvestment in tangible assets—particularly appealing during inflationary periods. Boyar’s valuation: $76 per share, comfortably above market.</p><p><blockquote>康卡斯特等通信业务将高价值的无形资产与几乎不需要对有形资产进行再投资相结合——在通货膨胀时期尤其有吸引力。Boyar的估值：每股76美元，远高于市场。</blockquote></p><p></p><p>Comcast is another magnet for QSs, and another dual class company, in which Brian Roberts holds 1% of the economic interest along with 34% of the voting power. Among QSs owning Comcast shares: Eagle Capital, First Pacific Advisors, Rothschild &amp; Co. and Southeastern Asset Management. Note also: Nelson Peltz’s Trian Fund accumulated a large stake, about 0.4%, in several transactions during 2020.</p><p><blockquote>康卡斯特是QSs的另一个磁石，也是另一家双重公司，布莱恩·罗伯茨(Brian Roberts)拥有1%的经济利益和34%的投票权。持有康卡斯特股票的QSs包括Eagle Capital、First Pacific Advisors、Rothschild&amp;Co.和Southeastern Asset Management。另请注意：Nelson Peltz的Trian基金在2020年的几笔交易中积累了大量股份，约为0.4%。</blockquote></p><p><b>Bank of New York Mellon</b></p><p><blockquote><b>纽约梅隆银行</b></blockquote></p><p>Bank of New York MellonBK,+0.86%is the world’s largest custodian bank and asset servicing company, with $2 trillion in assets under management and close to $40 trillion in assets under custody. The company is a blend of two storied institutions: Bank of New York has roots back to Alexander Hamilton and Aaron Burr in 1784, while Mellon traces to the bank Andrew Mellon began in 1869.</p><p><blockquote>纽约梅隆银行BK,+0.86%是全球最大的托管银行和资产服务公司，管理资产达2万亿美元，托管资产接近40万亿美元。该公司融合了两家传奇机构：纽约银行的历史可以追溯到1784年的亚历山大·汉密尔顿和亚伦·伯尔，而梅隆银行的历史可以追溯到1869年的安德鲁·梅隆银行。</blockquote></p><p>Today, with annual revenues reaching $16 billion, the firm is distinguished for achieving outsized cost savings from a high-tech digitized platform. It is using artificial intelligence and machine learning to automate many functions, from financial calculations to client inquiries. BNY Mellon’s scale in the custodian business positions it well to win the trillion-dollar accounts of the world’s largest asset managers.</p><p><blockquote>如今，该公司的年收入达到160亿美元，因通过高科技数字化平台实现了巨大的成本节约而闻名。它正在使用人工智能和机器学习来自动化许多功能，从财务计算到客户查询。纽约梅隆银行在托管业务方面的规模使其能够很好地赢得全球最大资产管理公司的万亿美元账户。</blockquote></p><p>Boyar’s valuation for BNY Mellon is a conservative $50 per share, suggesting there’s still some upside. BNY Mellon enjoys one of the highest-quality shareholder bases in the US, according to EQX and QSI research. Prominent QSs include: Berkshire Hathaway, Davis Selected Advisers, Dodge &amp; Cox, Lountzis Asset Management and Tweedy Browne.</p><p><blockquote>Boyar对纽约梅隆银行的估值保守为每股50美元，这表明仍有一些上涨空间。根据EQX和QSI research的数据，纽约梅隆银行拥有美国最优质的股东基础之一。著名的QSs包括：伯克希尔哈撒韦公司、戴维斯精选顾问公司、道奇考克斯公司、Lountzis资产管理公司和Tweedy Browne。</blockquote></p><p>Three picks do not a portfolio make, of course. So consider these other interesting ideas from the Boyar&nbsp;Forgotten Forty&nbsp;that also boast high-quality shareholder followings: Walt DisneyDIS,+0.17%,IAC/InterActiveCorp.IAC,+3.19%and MerckMRK,-0.35%.</p><p><blockquote>当然，三个选择并不构成一个投资组合。因此，考虑一下Boyar Forgotten Forty的其他有趣想法，它们也拥有高质量的股东追随者：Walt DisneyDIS，+0.17%，IAC/InterActiveCorp.IAC，+3.19%和MerckMRK，-0.35%。</blockquote></p><p>In a volatile market like now, all of these companies offer a substantial measure of stability.&nbsp; For veteran investors and newcomers alike, keep in mind that it is foolish to follow the herd, and wise to heed the thoughtful.</p><p><blockquote>在像现在这样动荡的市场中，所有这些公司都提供了相当大的稳定性。对于资深投资者和新手来说，请记住，随大流是愚蠢的，听从有思想的人是明智的。</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>Opinion: These cool, high-quality stocks are just right for this overheated, overvalued market<blockquote>观点：这些酷炫、优质的股票正适合这个过热、估值过高的市场</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nOpinion: These cool, high-quality stocks are just right for this overheated, overvalued market<blockquote>观点：这些酷炫、优质的股票正适合这个过热、估值过高的市场</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-05-27 11:45</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Well-managed companies boast strong cash flow, a stable shareholder base, and are under most investors’ radar.</b>Overheated markets make it increasingly difficult to identify attractively priced investments. But with hordes of buyers plunking capital onmeme stocks and cryptocurrencies,quality shareholders (aka buy-and-hold stock pickers) continue to see opportunities for the long term.</p><p><blockquote><b>管理良好的公司拥有强劲的现金流、稳定的股东基础，并且受到大多数投资者的关注。</b>过热的市场使得寻找价格有吸引力的投资变得越来越困难。但随着大批买家将资金投入meme股票和加密货币，优质股东（又名买入并持有选股者）继续看到长期机会。</blockquote></p><p>Take&nbsp;Boyar Value Group. Since 1975, it has provided insightful research on a range of businesses. The father and son team of Mark and Jonathan Boyar also eat their own cooking, being quality shareholders (QSs) themselves as operators of the Boyar Value FundBOYAX,+0.48%.</p><p><blockquote>以博雅价值集团为例。自1975年以来，它提供了对一系列业务的深刻研究。马克·博亚尔(Mark Boyar)和乔纳森·博亚尔(Jonathan Boyar)父子团队也吃自己做饭，作为博亚尔价值基金BOYAX(+0.48%)的运营商，他们本身就是优质股东(QSs)。</blockquote></p><p>The Boyars have been prescient: shortly after the coronavirus pandemic hit and took down the U.S. stock market, they&nbsp;released a special report&nbsp;detailing 19 companies whose shares they recommended amid the selloff.&nbsp; One year later, a portfolio of those stocks was up 78%, besting the S&amp;P 500SPX,+0.19%by 27 percentage points.</p><p><blockquote>博亚尔夫妇很有先见之明：在冠状病毒疫情袭击并拖累美国股市后不久，他们发布了一份特别报告，详细介绍了他们在抛售中推荐的19家公司的股票。一年后，这些股票的投资组合上涨了78%，比标准普尔500SPX指数+0.19%高出27个百分点。</blockquote></p><p>Boyar Value Group produces the&nbsp;“Forgotten Forty,” a year-end report on 40 stocks they view as overlooked. &nbsp;Barron’s highlighted seven&nbsp;of the picks earlier this year — a diverse mix that included Bank of AmericaBAC,+0.07%,Liberty Braves GroupBATRA,+1.26%,and SyscoSYY,-0.52%.This year’s Forgotten Forty&nbsp;has gained 17% since late December versus 12% for the S&amp;P 500.</p><p><blockquote>Boyar Value Group制作了《被遗忘的四十只股票》，这是一份关于他们认为被忽视的40只股票的年终报告。《巴伦周刊》重点介绍了今年早些时候的七只精选股票，其中包括美国银行BAC(+0.07%)、Liberty Braves GroupBATRA(+1.26%)和SyscoSYY(-0.52%)。自12月底以来，今年被遗忘的四十只股票已上涨17%而标普500为12%。</blockquote></p><p>Boyar’s&nbsp;Forgotten Forty&nbsp;is an excellent filter for stock pickers as they narrow their hunt. One way to tailor picks is to cross-check these 40 companies with those of companies that score high for&nbsp;attracting QSs.</p><p><blockquote>博亚尔的《被遗忘的四十》对于选股者来说是一个很好的过滤器，因为他们缩小了搜索范围。定制选择的一种方法是将这40家公司与在吸引QSs方面得分高的公司进行交叉检查。</blockquote></p><p>Many investors mimic the portfolio of uber-QS Warren Buffett of Berkshire HathawayBRK.A,+0.12%BRK.B,+0.05%,for instance. Other QSs can be identified using such resources as Martijn Cremmers’&nbsp;active share rankings, proprietary data analytics of&nbsp;EQX, or research of my&nbsp;ownQuality Shareholders Initiative&nbsp;(QSI) — all useful tools to construct a&nbsp;high-performing portfolio.</p><p><blockquote>例如，许多投资者模仿伯克希尔哈撒韦公司BRK.A，+0.12%BRK.B，+0.05%的uber-QS沃伦·巴菲特的投资组合。其他QS可以使用Martijn Cremmers的活跃股票排名、EQX的专有数据分析或My OwnQuality股东倡议(QSI)的研究等资源来识别——所有这些都是构建高性能投资组合的有用工具。</blockquote></p><p>Combining the&nbsp;Forgotten Forty&nbsp;with such data, below are three stock ideas to consider as part of a larger portfolio. (Of course, this is not investing advice or a recommendation to buy — just a few suggestions to consider.)</p><p><blockquote>将《被遗忘的四十》与此类数据相结合，以下是可以作为更大投资组合的一部分考虑的三种股票想法。（当然，这不是投资建议或购买建议——只是一些需要考虑的建议。）</blockquote></p><p><b>UniFirst Corporation</b></p><p><blockquote><b>UniFirst公司</b></blockquote></p><p>UniFirst Corp.UNF,+2.13%,founded by the Croatti family in a Boston barn in 1936, is a uniform rental company currently employing more than 14,000 in 260 facilities in North America and Europe and generating nearly $2 billion in annual revenue. It is number three in an oligopolistic industry — along with AramarkARMK,+0.27%and CintasCTAS,-0.37%,the trio commands 70% of the market — which enables rational industry pricing.</p><p><blockquote>UniFirst Corp.UNF，+2.13%，由Croatti家族于1936年在波士顿的一个谷仓创立，是一家制服租赁公司，目前在北美和欧洲的260个工厂拥有超过14,000名员工，年收入近20亿美元。它在寡头垄断行业中排名第三，与AramarkARMK（+0.27%）和CintasCTAS（-0.37%）一起，这三家公司占据了70%的市场份额，这使得行业定价合理。</blockquote></p><p>UniFirst’s core laundry business runs on multiyear contracts, creating recurring revenue. Customer retention rates are high and employee tenures are long, and the company carries no debt.&nbsp; Along with a strong cash position, the U.S. economic reopening ahead bodes well, particularly with UniFirst’s large customer base in the energy sector. Boyar’s valuation: $263 per share, well-above recent levels.</p><p><blockquote>UniFirst的核心洗衣业务签订多年合同，创造经常性收入。客户保留率高，员工任期长，公司没有债务。除了强劲的现金状况外，美国经济未来的重新开放也是一个好兆头，特别是考虑到UniFirst在能源领域的庞大客户群。Boyar的估值：每股263美元，远高于近期水平。</blockquote></p><p>Members of the Croatti family are major shareholders, with 20% of the economic interest and 71% of the voting power, under a dual-class capital structure.&nbsp;Despite how some governance gurus roundly condemn dual class structures, QSI data indicates that&nbsp;QSs examine the practice&nbsp;on a case-by-case basis.</p><p><blockquote>在双重资本结构下，克罗蒂家族成员是主要股东，拥有20%的经济利益和71%的投票权。尽管一些治理大师严厉谴责双重阶级结构，但QSI的数据表明，QSs会逐案审查这种做法。</blockquote></p><p>UniFirst is a magnet for QSs, increasingly so in recent years as the company has enhanced its capital allocation rationality through share buybacks and dividends. In terms of concentration levels and holding periods, the company’s shareholders treat it far better than they treat their other investees, EQX data indicates.&nbsp; A sampling of UniFirst’s QSs: Aurora Investment Counsel, Copeland Capital Management, Hunter Perkins Capital Management, London Company of Virginia and River Road Asset Management.</p><p><blockquote>UniFirst对QSs来说是一块磁铁，近年来，随着该公司通过股票回购和股息增强其资本配置的合理性，这种情况越来越明显。EQX数据显示，就集中度和持有期而言，该公司股东对待该公司的态度远好于对待其他被投资方。UniFirst的QSs样本：Aurora Investment Counsel、Copeland Capital Management、Hunter Perkins Capital Management、London Company of Virginia和River Road Asset Management。</blockquote></p><p><b>Comcast Corporation</b></p><p><blockquote><b>康卡斯特公司</b></blockquote></p><p>ComcastCMCSA,+2.06%,a cable industry pioneer founded by Ralph Roberts in 1963, is a global communications powerhouse with diverse investments in related sectors, especially in technology. The business, with annual revenues exceeding $100 billion, proved resilient during the pandemic, with durable strengths in both broadband and streaming, and an expected bounce from reopening of its theme parks.</p><p><blockquote>ComcastCMCSA，+2.06%，是拉尔夫·罗伯茨(Ralph Roberts)于1963年创立的有线电视行业先驱，是一家全球通信巨头，在相关领域（尤其是技术领域）拥有多元化投资。该业务的年收入超过1000亿美元，在疫情期间证明了其弹性，在宽带和流媒体方面具有持久的优势，并且预计主题公园重新开放后将出现反弹。</blockquote></p><p>Communications businesses such as Comcast’s combine highly valuable intangible assets with little need for reinvestment in tangible assets—particularly appealing during inflationary periods. Boyar’s valuation: $76 per share, comfortably above market.</p><p><blockquote>康卡斯特等通信业务将高价值的无形资产与几乎不需要对有形资产进行再投资相结合——在通货膨胀时期尤其有吸引力。Boyar的估值：每股76美元，远高于市场。</blockquote></p><p></p><p>Comcast is another magnet for QSs, and another dual class company, in which Brian Roberts holds 1% of the economic interest along with 34% of the voting power. Among QSs owning Comcast shares: Eagle Capital, First Pacific Advisors, Rothschild &amp; Co. and Southeastern Asset Management. Note also: Nelson Peltz’s Trian Fund accumulated a large stake, about 0.4%, in several transactions during 2020.</p><p><blockquote>康卡斯特是QSs的另一个磁石，也是另一家双重公司，布莱恩·罗伯茨(Brian Roberts)拥有1%的经济利益和34%的投票权。持有康卡斯特股票的QSs包括Eagle Capital、First Pacific Advisors、Rothschild&amp;Co.和Southeastern Asset Management。另请注意：Nelson Peltz的Trian基金在2020年的几笔交易中积累了大量股份，约为0.4%。</blockquote></p><p><b>Bank of New York Mellon</b></p><p><blockquote><b>纽约梅隆银行</b></blockquote></p><p>Bank of New York MellonBK,+0.86%is the world’s largest custodian bank and asset servicing company, with $2 trillion in assets under management and close to $40 trillion in assets under custody. The company is a blend of two storied institutions: Bank of New York has roots back to Alexander Hamilton and Aaron Burr in 1784, while Mellon traces to the bank Andrew Mellon began in 1869.</p><p><blockquote>纽约梅隆银行BK,+0.86%是全球最大的托管银行和资产服务公司，管理资产达2万亿美元，托管资产接近40万亿美元。该公司融合了两家传奇机构：纽约银行的历史可以追溯到1784年的亚历山大·汉密尔顿和亚伦·伯尔，而梅隆银行的历史可以追溯到1869年的安德鲁·梅隆银行。</blockquote></p><p>Today, with annual revenues reaching $16 billion, the firm is distinguished for achieving outsized cost savings from a high-tech digitized platform. It is using artificial intelligence and machine learning to automate many functions, from financial calculations to client inquiries. BNY Mellon’s scale in the custodian business positions it well to win the trillion-dollar accounts of the world’s largest asset managers.</p><p><blockquote>如今，该公司的年收入达到160亿美元，因通过高科技数字化平台实现了巨大的成本节约而闻名。它正在使用人工智能和机器学习来自动化许多功能，从财务计算到客户查询。纽约梅隆银行在托管业务方面的规模使其能够很好地赢得全球最大资产管理公司的万亿美元账户。</blockquote></p><p>Boyar’s valuation for BNY Mellon is a conservative $50 per share, suggesting there’s still some upside. BNY Mellon enjoys one of the highest-quality shareholder bases in the US, according to EQX and QSI research. Prominent QSs include: Berkshire Hathaway, Davis Selected Advisers, Dodge &amp; Cox, Lountzis Asset Management and Tweedy Browne.</p><p><blockquote>Boyar对纽约梅隆银行的估值保守为每股50美元，这表明仍有一些上涨空间。根据EQX和QSI research的数据，纽约梅隆银行拥有美国最优质的股东基础之一。著名的QSs包括：伯克希尔哈撒韦公司、戴维斯精选顾问公司、道奇考克斯公司、Lountzis资产管理公司和Tweedy Browne。</blockquote></p><p>Three picks do not a portfolio make, of course. So consider these other interesting ideas from the Boyar&nbsp;Forgotten Forty&nbsp;that also boast high-quality shareholder followings: Walt DisneyDIS,+0.17%,IAC/InterActiveCorp.IAC,+3.19%and MerckMRK,-0.35%.</p><p><blockquote>当然，三个选择并不构成一个投资组合。因此，考虑一下Boyar Forgotten Forty的其他有趣想法，它们也拥有高质量的股东追随者：Walt DisneyDIS，+0.17%，IAC/InterActiveCorp.IAC，+3.19%和MerckMRK，-0.35%。</blockquote></p><p>In a volatile market like now, all of these companies offer a substantial measure of stability.&nbsp; For veteran investors and newcomers alike, keep in mind that it is foolish to follow the herd, and wise to heed the thoughtful.</p><p><blockquote>在像现在这样动荡的市场中，所有这些公司都提供了相当大的稳定性。对于资深投资者和新手来说，请记住，随大流是愚蠢的，听从有思想的人是明智的。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/these-cool-high-quality-stocks-are-just-right-for-this-overheated-overvalued-market-11621994657\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯","SPY":"标普500ETF",".IXIC":"NASDAQ Composite"},"source_url":"https://www.marketwatch.com/story/these-cool-high-quality-stocks-are-just-right-for-this-overheated-overvalued-market-11621994657","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1193634953","content_text":"Well-managed companies boast strong cash flow, a stable shareholder base, and are under most investors’ radar.Overheated markets make it increasingly difficult to identify attractively priced investments. But with hordes of buyers plunking capital onmeme stocks and cryptocurrencies,quality shareholders (aka buy-and-hold stock pickers) continue to see opportunities for the long term.Take Boyar Value Group. Since 1975, it has provided insightful research on a range of businesses. The father and son team of Mark and Jonathan Boyar also eat their own cooking, being quality shareholders (QSs) themselves as operators of the Boyar Value FundBOYAX,+0.48%.The Boyars have been prescient: shortly after the coronavirus pandemic hit and took down the U.S. stock market, they released a special report detailing 19 companies whose shares they recommended amid the selloff.  One year later, a portfolio of those stocks was up 78%, besting the S&P 500SPX,+0.19%by 27 percentage points.Boyar Value Group produces the “Forgotten Forty,” a year-end report on 40 stocks they view as overlooked.  Barron’s highlighted seven of the picks earlier this year — a diverse mix that included Bank of AmericaBAC,+0.07%,Liberty Braves GroupBATRA,+1.26%,and SyscoSYY,-0.52%.This year’s Forgotten Forty has gained 17% since late December versus 12% for the S&P 500.Boyar’s Forgotten Forty is an excellent filter for stock pickers as they narrow their hunt. One way to tailor picks is to cross-check these 40 companies with those of companies that score high for attracting QSs.Many investors mimic the portfolio of uber-QS Warren Buffett of Berkshire HathawayBRK.A,+0.12%BRK.B,+0.05%,for instance. Other QSs can be identified using such resources as Martijn Cremmers’ active share rankings, proprietary data analytics of EQX, or research of my ownQuality Shareholders Initiative (QSI) — all useful tools to construct a high-performing portfolio.Combining the Forgotten Forty with such data, below are three stock ideas to consider as part of a larger portfolio. (Of course, this is not investing advice or a recommendation to buy — just a few suggestions to consider.)UniFirst CorporationUniFirst Corp.UNF,+2.13%,founded by the Croatti family in a Boston barn in 1936, is a uniform rental company currently employing more than 14,000 in 260 facilities in North America and Europe and generating nearly $2 billion in annual revenue. It is number three in an oligopolistic industry — along with AramarkARMK,+0.27%and CintasCTAS,-0.37%,the trio commands 70% of the market — which enables rational industry pricing.UniFirst’s core laundry business runs on multiyear contracts, creating recurring revenue. Customer retention rates are high and employee tenures are long, and the company carries no debt.  Along with a strong cash position, the U.S. economic reopening ahead bodes well, particularly with UniFirst’s large customer base in the energy sector. Boyar’s valuation: $263 per share, well-above recent levels.Members of the Croatti family are major shareholders, with 20% of the economic interest and 71% of the voting power, under a dual-class capital structure. Despite how some governance gurus roundly condemn dual class structures, QSI data indicates that QSs examine the practice on a case-by-case basis.UniFirst is a magnet for QSs, increasingly so in recent years as the company has enhanced its capital allocation rationality through share buybacks and dividends. In terms of concentration levels and holding periods, the company’s shareholders treat it far better than they treat their other investees, EQX data indicates.  A sampling of UniFirst’s QSs: Aurora Investment Counsel, Copeland Capital Management, Hunter Perkins Capital Management, London Company of Virginia and River Road Asset Management.Comcast CorporationComcastCMCSA,+2.06%,a cable industry pioneer founded by Ralph Roberts in 1963, is a global communications powerhouse with diverse investments in related sectors, especially in technology. The business, with annual revenues exceeding $100 billion, proved resilient during the pandemic, with durable strengths in both broadband and streaming, and an expected bounce from reopening of its theme parks.Communications businesses such as Comcast’s combine highly valuable intangible assets with little need for reinvestment in tangible assets—particularly appealing during inflationary periods. Boyar’s valuation: $76 per share, comfortably above market.Comcast is another magnet for QSs, and another dual class company, in which Brian Roberts holds 1% of the economic interest along with 34% of the voting power. Among QSs owning Comcast shares: Eagle Capital, First Pacific Advisors, Rothschild & Co. and Southeastern Asset Management. Note also: Nelson Peltz’s Trian Fund accumulated a large stake, about 0.4%, in several transactions during 2020.Bank of New York MellonBank of New York MellonBK,+0.86%is the world’s largest custodian bank and asset servicing company, with $2 trillion in assets under management and close to $40 trillion in assets under custody. The company is a blend of two storied institutions: Bank of New York has roots back to Alexander Hamilton and Aaron Burr in 1784, while Mellon traces to the bank Andrew Mellon began in 1869.Today, with annual revenues reaching $16 billion, the firm is distinguished for achieving outsized cost savings from a high-tech digitized platform. It is using artificial intelligence and machine learning to automate many functions, from financial calculations to client inquiries. BNY Mellon’s scale in the custodian business positions it well to win the trillion-dollar accounts of the world’s largest asset managers.Boyar’s valuation for BNY Mellon is a conservative $50 per share, suggesting there’s still some upside. BNY Mellon enjoys one of the highest-quality shareholder bases in the US, according to EQX and QSI research. Prominent QSs include: Berkshire Hathaway, Davis Selected Advisers, Dodge & Cox, Lountzis Asset Management and Tweedy Browne.Three picks do not a portfolio make, of course. So consider these other interesting ideas from the Boyar Forgotten Forty that also boast high-quality shareholder followings: Walt DisneyDIS,+0.17%,IAC/InterActiveCorp.IAC,+3.19%and MerckMRK,-0.35%.In a volatile market like now, all of these companies offer a substantial measure of stability.  For veteran investors and newcomers alike, keep in mind that it is foolish to follow the herd, and wise to heed the thoughtful.","news_type":1,"symbols_score_info":{".DJI":0.9,"SPY":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":1692,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":115169754,"gmtCreate":1622959557178,"gmtModify":1634096556867,"author":{"id":"3581817202947175","authorId":"3581817202947175","name":"priswong","avatar":"https://static.tigerbbs.com/1c6662d0fbf1d14d728f78d18e375a47","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581817202947175","authorIdStr":"3581817202947175"},"themes":[],"htmlText":"Hmm","listText":"Hmm","text":"Hmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/115169754","repostId":"1102972710","repostType":4,"isVote":1,"tweetType":1,"viewCount":1488,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":137735309,"gmtCreate":1622389345301,"gmtModify":1634101875427,"author":{"id":"3581817202947175","authorId":"3581817202947175","name":"priswong","avatar":"https://static.tigerbbs.com/1c6662d0fbf1d14d728f78d18e375a47","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581817202947175","authorIdStr":"3581817202947175"},"themes":[],"htmlText":"Oo","listText":"Oo","text":"Oo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/137735309","repostId":"2138107131","repostType":4,"isVote":1,"tweetType":1,"viewCount":1477,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}