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2021-08-20

Very good analysis and breakdown

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2021-08-12

Ok

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2021-08-08

👍🏻

20 cloud stocks expected to increase sales the most over the next two years<blockquote>预计未来两年销售额增幅最大的 20 只云股票</blockquote>

2021-07-29

Nice!

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2021-07-28

...

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2021-07-24

Good read

Entering The Worst Seasonal Period Of The Year, And 10 Other Reasons Why Goldman Braces For An August Correction<blockquote>进入一年中最糟糕的季节性时期，以及高盛准备 8 月份调整的其他 10 个原因</blockquote>

2021-07-23

😭😭😭

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2021-07-14

Thanks

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2021-07-13

Great read!

The bull market in stocks may last up to five years — here are six reasons why<blockquote>股市牛市可能会持续长达五年——以下是六个原因</blockquote>

2021-07-11

Like

The Meme Stock Trade Is Far From Over. What Investors Need to Know.<blockquote>模因股票交易远未结束。投资者需要了解的内容。</blockquote>

2021-07-10

Great opinion piece

The bull market in stocks may last up to five years — here are six reasons why<blockquote>股市牛市可能会持续长达五年——以下是六个原因</blockquote>

2021-07-10

Nice

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2021-06-29

To the moon

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good analysis and breakdown","listText":"Very good analysis and breakdown","text":"Very good analysis and breakdown","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/836176763","repostId":"1113659023","repostType":4,"isVote":1,"tweetType":1,"viewCount":3026,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":895460676,"gmtCreate":1628766306995,"gmtModify":1631891284878,"author":{"id":"3582793651916821","authorId":"3582793651916821","name":"FrazerEr","avatar":"https://static.tigerbbs.com/9d5dff0eee122679c6bcd7532e992980","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582793651916821","authorIdStr":"3582793651916821"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/895460676","repostId":"2158936289","repostType":4,"isVote":1,"tweetType":1,"viewCount":3820,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":891586616,"gmtCreate":1628400057535,"gmtModify":1631891284876,"author":{"id":"3582793651916821","authorId":"3582793651916821","name":"FrazerEr","avatar":"https://static.tigerbbs.com/9d5dff0eee122679c6bcd7532e992980","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582793651916821","authorIdStr":"3582793651916821"},"themes":[],"title":"","htmlText":"👍🏻","listText":"👍🏻","text":"👍🏻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/891586616","repostId":"1155656235","repostType":4,"repost":{"id":"1155656235","kind":"news","pubTimestamp":1628227304,"share":"https://www.laohunote.com/m/news/1155656235?lang=zh_CN&edition=full","pubTime":"2021-08-06 13:21","market":"us","language":"en","title":"20 cloud stocks expected to increase sales the most over the next two years<blockquote>预计未来两年销售额增幅最大的 20 只云股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1155656235","media":"MarketWatch","summary":"Cloud ETFs are close to record highs, propelled by a rally in the sector\nAnalysts see stellar sales ","content":"<p>Cloud ETFs are close to record highs, propelled by a rally in the sector</p><p><blockquote>在行业反弹的推动下，云 ETF 接近历史新高</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/78101d8010e186fe4df59b2ef82b5de6\" tg-width=\"700\" tg-height=\"394\" width=\"100%\" height=\"auto\"><span>Analysts see stellar sales growth ahead for companies that provide cloud services. (Getty Images/iStockphoto)</span></p><p><blockquote><p class=\"t-img-caption\"><span>分析师预计提供云服务的公司未来销售额将实现强劲增长。（盖蒂图片社/iStockphoto）</span></p></blockquote></p><p> U.S. investors remain bullish, despite rumblings out of China and the spike in delta variant infections.</p><p><blockquote>尽管来自中国大陆的传言和德尔塔变异毒株感染人数激增，美国投资者仍然看好。</blockquote></p><p> Cloud companies — those at the forefront of the shift in computing power to distributed models over the internet — are expected to grow at a rapid clip over the next several years, and four of the five largest exchange traded funds covering the space are close to hitting record highs.</p><p><blockquote>云公司——那些处于通过互联网将计算能力转变为分布式模型的最前沿的公司——预计将在未来几年快速增长，覆盖该领域的五大交易所交易基金中有四家接近创下历史新高。</blockquote></p><p> Below is a screen of stocks held by those ETFs, showing which are expected to increase their sales the most through 2023. In an industry with many players at relatively early stages, increases in sales, rather than in earnings, might be the best driver of stock prices.</p><p><blockquote>下面是这些 ETF 持有的股票屏幕，显示了预计到 2023 年销售额增幅最大的股票。在一个有许多参与者处于相对早期阶段的行业中，销售额的增长而不是盈利的增长可能是股价的最佳驱动因素。</blockquote></p><p> To begin the screen, we looked at the five largest cloud ETFs:</p><p><blockquote>为了开始屏幕，我们查看了五个最大的云 ETF：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/36209ce827d95e822cad5128be8b146a\" tg-width=\"933\" tg-height=\"664\" width=\"100%\" height=\"auto\"><span>Source: FactSet</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：FactSet</span></p></blockquote></p><p> ETFs might be your best way to take a broad approach for a long-term play on the cloud revolution. If you are interested in any ETF, you should review the fund manager’s website.</p><p><blockquote>ETF 可能是您采取广泛方法长期参与云革命的最佳方式。如果您对任何 ETF 感兴趣，您应该查看基金经理的网站。</blockquote></p><p> Here’s a comparison of total returns through Aug. 4, along with those for the SPDR S&amp;P 500 ETF&nbsp;and the Invesco QQQ Trust&nbsp;(which tracks the Nasdaq-100 Index) for comparison:</p><p><blockquote>以下是截至 8 月 4 日的总回报率对比，以及 SPDR 标普500 ETF 和景顺 QQQ 信托基金（追踪纳斯达克 100 指数）的总回报率对比：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/242f135b3c7cca3cbaae3ee574023c1f\" tg-width=\"942\" tg-height=\"577\" width=\"100%\" height=\"auto\"><span>Source: FactSet</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：FactSet</span></p></blockquote></p><p> The ETFs’ approaches differ. For example, the ARK Next Generation Internet ETF&nbsp;is the only one that is actively managed. The others track an index. It is also the only one that holds shares of Tesla Inc.,which makes up 10.65% of the portfolio, according to information posted by ARK Invest on Aug. 5. Tesla is an electric-vehicle manufacturer, but it can also be considered a cloud company because it distributes software updates over the internet continually, and offers other cloud-based services.</p><p><blockquote>ETF 的方法各不相同。例如，方舟下一代互联网ETF是唯一一只主动管理的。其他人跟踪索引。根据ARK Invest 8月5日发布的信息，它也是唯一一家持有特斯拉公司股票的公司，该公司占该投资组合的10.65%。特斯拉是一家电动汽车制造商，但它也可以被视为一家云公司，因为它不断通过互联网分发软件更新，并提供其他基于云的服务。</blockquote></p><p> Another holding unique to ARKW among the five cloud ETFs is Walt Disney Co.,which is certainly an important cloud player through its Disney+ streaming service, even if the company doesn’t say directly how much of its sales are derived from that rapidly growing segment.</p><p><blockquote>在五只云 ETF 中，ARKW 的另一个独特持股是华特迪士尼公司（Walt Disney Co.），该公司通过其 Disney+ 流媒体服务无疑是一家重要的云公司，尽管该公司没有直接说明其销售额中有多少来自这一快速增长的领域。</blockquote></p><p> As part of its description of ARKW, FactSet says the following:</p><p><blockquote>FactSet 对 ARKW 描述的一部分如下：</blockquote></p><p> <i>“Broadly speaking, the ARKW’s managers appear focused on big buzzwords such as Internet of Things, cloud computing, digital currencies and wearable technology. While the fund’s focus may be appealing for investors with conviction in these new technologies, portfolio implementation is a more difficult task: Most of the companies developing these advancements are huge corporations for which nascent technologies are only a small fraction of total revenues. As such, it’s very difficult to get pure-play access to ARKW’s targeted technologies — so be sure to confirm that the fund’s holdings — not just its thesis — align with your view of the space.”</i></p><p><blockquote><i>“从广义上讲，ARKW 的管理者似乎专注于物联网、云计算、数字货币和可穿戴技术等热门词汇。虽然该基金的重点可能是吸引对这些新技术充满信心的投资者，但投资组合的实施却是一项更加艰巨的任务： 大多数开发这些进步的公司都是大公司，新兴技术只占总收入的一小部分。因此，要获得 ARKW 的目标技术的纯粹权限是非常困难的--因此，一定要确认该基金的持有量--而不仅仅是其论点--与您对该领域的看法相一致。</i></blockquote></p><p> <b>Cloud-stock screen</b></p><p><blockquote><b>云库存屏幕</b></blockquote></p><p> Together, the five cloud ETFs listed above hold 147 stocks. To project sales growth through 2023, we used calendar 2020 sales estimates as a baseline and then looked at consensus estimates among analysts polled by FactSet for the subsequent three years, if available. (The 2020 numbers are estimates, because many companies’ fiscal years don’t match the calendar.)</p><p><blockquote>上面列出的五只云ETF总共持有147只股票。为了预测 2023 年的销售增长，我们使用 2020 年日历销售预测作为基线，然后查看 FactSet 调查的分析师对未来三年的共识预测（如果有）。(2020 年的数字是估计值，因为许多公司的财政年度与日历不符）。</blockquote></p><p> To make sure we had a solid set of estimates, we confined the group to the 126 companies covered by at least five analysts polled by FactSet, for which consensus sales estimates for calendar 2020 through calendar 2023 are available.</p><p><blockquote>为了确保我们有一套可靠的估计，我们将小组范围限制在 FactSet 调查的至少五名分析师所涵盖的 126 家公司，这些公司提供了 2020 年至 2023 年的共识销售估计。</blockquote></p><p> Here are the 20 companies projected to have the highest compound annual growth rates (CAGR) for sales through calendar 2023:</p><p><blockquote>以下是预计到 2023 年销售额复合年增长率 (CAGR) 最高的 20 家公司：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/517a23591cde159fb889ab80abc4bcc6\" tg-width=\"934\" tg-height=\"765\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/6af2cf5b5f9f0ce50f8f023ac7babc7f\" tg-width=\"935\" tg-height=\"717\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b88ebe72e09cb9ce3294269f0a4ae431\" tg-width=\"935\" tg-height=\"403\" width=\"100%\" height=\"auto\"><span>Source: FactSet</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：FactSet</span></p></blockquote></p><p> There are actually 21 stocks listed, including Zillow Group Inc.’s Class A&nbsp;and Class C&nbsp;shares.</p><p><blockquote>实际上有 21 只股票上市，包括 Zillow Group Inc. 的 A 类股票和 C 类股票。</blockquote></p><p> It is interesting to see that the list is dominated by stocks held by ARKW. The fund has a broad definition of cloud companies and is focused also on sales growth.</p><p><blockquote>有趣的是，该名单以 ARKW 持有的股票为主。该基金对云公司有广泛的定义，也关注销售增长。</blockquote></p><p></p><p> Here are current forward price-to-sales ratios based on consensus estimates for the next 12 months, as well as ratios of current market cap to projected 2023 sales and summaries of analysts’ opinions about the stocks.</p><p><blockquote>以下是基于未来 12 个月共识估计的当前远期市销率，以及当前市值与 2023 年预计销售额的比率和分析师对股票的意见摘要。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/19b9c4bf1d8b1abcfa76b7d008a47ad7\" tg-width=\"938\" tg-height=\"805\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/2ff191189c5d7d2f31698843734ca3cc\" tg-width=\"933\" tg-height=\"773\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0e9543489c4d52d3f1a69dfdcf170115\" tg-width=\"930\" tg-height=\"242\" width=\"100%\" height=\"auto\"><span>Source: FactSet</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：FactSet</span></p></blockquote></p><p> In comparison, the forward price-to-sales ratio for SPY is 2.8, with a price/2023 estimated sales ratio of 2.6. For QQQ, the current P/S is 4.7, declining to 4.3 for 2023.</p><p><blockquote>相比之下，SPDR标普500指数ETF的远期市销率为 2.8，2023 年预计市销率为 2.6。QQQ 目前的市盈率为 4.7，2023 年将下降至 4.3。</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>20 cloud stocks expected to increase sales the most over the next two years<blockquote>预计未来两年销售额增幅最大的 20 只云股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n20 cloud stocks expected to increase sales the most over the next two years<blockquote>预计未来两年销售额增幅最大的 20 只云股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-08-06 13:21</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Cloud ETFs are close to record highs, propelled by a rally in the sector</p><p><blockquote>在行业反弹的推动下，云 ETF 接近历史新高</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/78101d8010e186fe4df59b2ef82b5de6\" tg-width=\"700\" tg-height=\"394\" width=\"100%\" height=\"auto\"><span>Analysts see stellar sales growth ahead for companies that provide cloud services. (Getty Images/iStockphoto)</span></p><p><blockquote><p class=\"t-img-caption\"><span>分析师预计提供云服务的公司未来销售额将实现强劲增长。（盖蒂图片社/iStockphoto）</span></p></blockquote></p><p> U.S. investors remain bullish, despite rumblings out of China and the spike in delta variant infections.</p><p><blockquote>尽管来自中国大陆的传言和德尔塔变异毒株感染人数激增，美国投资者仍然看好。</blockquote></p><p> Cloud companies — those at the forefront of the shift in computing power to distributed models over the internet — are expected to grow at a rapid clip over the next several years, and four of the five largest exchange traded funds covering the space are close to hitting record highs.</p><p><blockquote>云公司——那些处于通过互联网将计算能力转变为分布式模型的最前沿的公司——预计将在未来几年快速增长，覆盖该领域的五大交易所交易基金中有四家接近创下历史新高。</blockquote></p><p> Below is a screen of stocks held by those ETFs, showing which are expected to increase their sales the most through 2023. In an industry with many players at relatively early stages, increases in sales, rather than in earnings, might be the best driver of stock prices.</p><p><blockquote>下面是这些 ETF 持有的股票屏幕，显示了预计到 2023 年销售额增幅最大的股票。在一个有许多参与者处于相对早期阶段的行业中，销售额的增长而不是盈利的增长可能是股价的最佳驱动因素。</blockquote></p><p> To begin the screen, we looked at the five largest cloud ETFs:</p><p><blockquote>为了开始屏幕，我们查看了五个最大的云 ETF：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/36209ce827d95e822cad5128be8b146a\" tg-width=\"933\" tg-height=\"664\" width=\"100%\" height=\"auto\"><span>Source: FactSet</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：FactSet</span></p></blockquote></p><p> ETFs might be your best way to take a broad approach for a long-term play on the cloud revolution. If you are interested in any ETF, you should review the fund manager’s website.</p><p><blockquote>ETF 可能是您采取广泛方法长期参与云革命的最佳方式。如果您对任何 ETF 感兴趣，您应该查看基金经理的网站。</blockquote></p><p> Here’s a comparison of total returns through Aug. 4, along with those for the SPDR S&amp;P 500 ETF&nbsp;and the Invesco QQQ Trust&nbsp;(which tracks the Nasdaq-100 Index) for comparison:</p><p><blockquote>以下是截至 8 月 4 日的总回报率对比，以及 SPDR 标普500 ETF 和景顺 QQQ 信托基金（追踪纳斯达克 100 指数）的总回报率对比：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/242f135b3c7cca3cbaae3ee574023c1f\" tg-width=\"942\" tg-height=\"577\" width=\"100%\" height=\"auto\"><span>Source: FactSet</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：FactSet</span></p></blockquote></p><p> The ETFs’ approaches differ. For example, the ARK Next Generation Internet ETF&nbsp;is the only one that is actively managed. The others track an index. It is also the only one that holds shares of Tesla Inc.,which makes up 10.65% of the portfolio, according to information posted by ARK Invest on Aug. 5. Tesla is an electric-vehicle manufacturer, but it can also be considered a cloud company because it distributes software updates over the internet continually, and offers other cloud-based services.</p><p><blockquote>ETF 的方法各不相同。例如，方舟下一代互联网ETF是唯一一只主动管理的。其他人跟踪索引。根据ARK Invest 8月5日发布的信息，它也是唯一一家持有特斯拉公司股票的公司，该公司占该投资组合的10.65%。特斯拉是一家电动汽车制造商，但它也可以被视为一家云公司，因为它不断通过互联网分发软件更新，并提供其他基于云的服务。</blockquote></p><p> Another holding unique to ARKW among the five cloud ETFs is Walt Disney Co.,which is certainly an important cloud player through its Disney+ streaming service, even if the company doesn’t say directly how much of its sales are derived from that rapidly growing segment.</p><p><blockquote>在五只云 ETF 中，ARKW 的另一个独特持股是华特迪士尼公司（Walt Disney Co.），该公司通过其 Disney+ 流媒体服务无疑是一家重要的云公司，尽管该公司没有直接说明其销售额中有多少来自这一快速增长的领域。</blockquote></p><p> As part of its description of ARKW, FactSet says the following:</p><p><blockquote>FactSet 对 ARKW 描述的一部分如下：</blockquote></p><p> <i>“Broadly speaking, the ARKW’s managers appear focused on big buzzwords such as Internet of Things, cloud computing, digital currencies and wearable technology. While the fund’s focus may be appealing for investors with conviction in these new technologies, portfolio implementation is a more difficult task: Most of the companies developing these advancements are huge corporations for which nascent technologies are only a small fraction of total revenues. As such, it’s very difficult to get pure-play access to ARKW’s targeted technologies — so be sure to confirm that the fund’s holdings — not just its thesis — align with your view of the space.”</i></p><p><blockquote><i>“从广义上讲，ARKW 的管理者似乎专注于物联网、云计算、数字货币和可穿戴技术等热门词汇。虽然该基金的重点可能是吸引对这些新技术充满信心的投资者，但投资组合的实施却是一项更加艰巨的任务： 大多数开发这些进步的公司都是大公司，新兴技术只占总收入的一小部分。因此，要获得 ARKW 的目标技术的纯粹权限是非常困难的--因此，一定要确认该基金的持有量--而不仅仅是其论点--与您对该领域的看法相一致。</i></blockquote></p><p> <b>Cloud-stock screen</b></p><p><blockquote><b>云库存屏幕</b></blockquote></p><p> Together, the five cloud ETFs listed above hold 147 stocks. To project sales growth through 2023, we used calendar 2020 sales estimates as a baseline and then looked at consensus estimates among analysts polled by FactSet for the subsequent three years, if available. (The 2020 numbers are estimates, because many companies’ fiscal years don’t match the calendar.)</p><p><blockquote>上面列出的五只云ETF总共持有147只股票。为了预测 2023 年的销售增长，我们使用 2020 年日历销售预测作为基线，然后查看 FactSet 调查的分析师对未来三年的共识预测（如果有）。(2020 年的数字是估计值，因为许多公司的财政年度与日历不符）。</blockquote></p><p> To make sure we had a solid set of estimates, we confined the group to the 126 companies covered by at least five analysts polled by FactSet, for which consensus sales estimates for calendar 2020 through calendar 2023 are available.</p><p><blockquote>为了确保我们有一套可靠的估计，我们将小组范围限制在 FactSet 调查的至少五名分析师所涵盖的 126 家公司，这些公司提供了 2020 年至 2023 年的共识销售估计。</blockquote></p><p> Here are the 20 companies projected to have the highest compound annual growth rates (CAGR) for sales through calendar 2023:</p><p><blockquote>以下是预计到 2023 年销售额复合年增长率 (CAGR) 最高的 20 家公司：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/517a23591cde159fb889ab80abc4bcc6\" tg-width=\"934\" tg-height=\"765\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/6af2cf5b5f9f0ce50f8f023ac7babc7f\" tg-width=\"935\" tg-height=\"717\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b88ebe72e09cb9ce3294269f0a4ae431\" tg-width=\"935\" tg-height=\"403\" width=\"100%\" height=\"auto\"><span>Source: FactSet</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：FactSet</span></p></blockquote></p><p> There are actually 21 stocks listed, including Zillow Group Inc.’s Class A&nbsp;and Class C&nbsp;shares.</p><p><blockquote>实际上有 21 只股票上市，包括 Zillow Group Inc. 的 A 类股票和 C 类股票。</blockquote></p><p> It is interesting to see that the list is dominated by stocks held by ARKW. The fund has a broad definition of cloud companies and is focused also on sales growth.</p><p><blockquote>有趣的是，该名单以 ARKW 持有的股票为主。该基金对云公司有广泛的定义，也关注销售增长。</blockquote></p><p></p><p> Here are current forward price-to-sales ratios based on consensus estimates for the next 12 months, as well as ratios of current market cap to projected 2023 sales and summaries of analysts’ opinions about the stocks.</p><p><blockquote>以下是基于未来 12 个月共识估计的当前远期市销率，以及当前市值与 2023 年预计销售额的比率和分析师对股票的意见摘要。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/19b9c4bf1d8b1abcfa76b7d008a47ad7\" tg-width=\"938\" tg-height=\"805\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/2ff191189c5d7d2f31698843734ca3cc\" tg-width=\"933\" tg-height=\"773\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0e9543489c4d52d3f1a69dfdcf170115\" tg-width=\"930\" tg-height=\"242\" width=\"100%\" height=\"auto\"><span>Source: FactSet</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：FactSet</span></p></blockquote></p><p> In comparison, the forward price-to-sales ratio for SPY is 2.8, with a price/2023 estimated sales ratio of 2.6. For QQQ, the current P/S is 4.7, declining to 4.3 for 2023.</p><p><blockquote>相比之下，SPDR标普500指数ETF的远期市销率为 2.8，2023 年预计市销率为 2.6。QQQ 目前的市盈率为 4.7，2023 年将下降至 4.3。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/20-cloud-stocks-expected-to-increase-sales-the-most-over-the-next-two-years-11628186683?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SNAP":"Snap Inc","CRWD":"CrowdStrike Holdings, Inc.","ADYEY":"Adyen N.V.","TSLA":"特斯拉","COIN":"Coinbase Global, Inc.","KC":"金山云","ROKU":"Roku Inc","SHOP":"Shopify Inc","OKTA":"Okta Inc.","PDD":"拼多多","Z":"Zillow","DKNG":"DraftKings Inc.","VCYT":"Veracyte Inc","TDOC":"Teladoc Health Inc.","MELI":"MercadoLibre","ZG":"Zillow Class A","PINS":"Pinterest, Inc.","SE":"Sea Ltd"},"source_url":"https://www.marketwatch.com/story/20-cloud-stocks-expected-to-increase-sales-the-most-over-the-next-two-years-11628186683?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1155656235","content_text":"Cloud ETFs are close to record highs, propelled by a rally in the sector\nAnalysts see stellar sales growth ahead for companies that provide cloud services. (Getty Images/iStockphoto)\nU.S. investors remain bullish, despite rumblings out of China and the spike in delta variant infections.\nCloud companies — those at the forefront of the shift in computing power to distributed models over the internet — are expected to grow at a rapid clip over the next several years, and four of the five largest exchange traded funds covering the space are close to hitting record highs.\nBelow is a screen of stocks held by those ETFs, showing which are expected to increase their sales the most through 2023. In an industry with many players at relatively early stages, increases in sales, rather than in earnings, might be the best driver of stock prices.\nTo begin the screen, we looked at the five largest cloud ETFs:\nSource: FactSet\nETFs might be your best way to take a broad approach for a long-term play on the cloud revolution. If you are interested in any ETF, you should review the fund manager’s website.\nHere’s a comparison of total returns through Aug. 4, along with those for the SPDR S&P 500 ETF and the Invesco QQQ Trust (which tracks the Nasdaq-100 Index) for comparison:\nSource: FactSet\nThe ETFs’ approaches differ. For example, the ARK Next Generation Internet ETF is the only one that is actively managed. The others track an index. It is also the only one that holds shares of Tesla Inc.,which makes up 10.65% of the portfolio, according to information posted by ARK Invest on Aug. 5. Tesla is an electric-vehicle manufacturer, but it can also be considered a cloud company because it distributes software updates over the internet continually, and offers other cloud-based services.\nAnother holding unique to ARKW among the five cloud ETFs is Walt Disney Co.,which is certainly an important cloud player through its Disney+ streaming service, even if the company doesn’t say directly how much of its sales are derived from that rapidly growing segment.\nAs part of its description of ARKW, FactSet says the following:\n“Broadly speaking, the ARKW’s managers appear focused on big buzzwords such as Internet of Things, cloud computing, digital currencies and wearable technology. While the fund’s focus may be appealing for investors with conviction in these new technologies, portfolio implementation is a more difficult task: Most of the companies developing these advancements are huge corporations for which nascent technologies are only a small fraction of total revenues. As such, it’s very difficult to get pure-play access to ARKW’s targeted technologies — so be sure to confirm that the fund’s holdings — not just its thesis — align with your view of the space.”\nCloud-stock screen\nTogether, the five cloud ETFs listed above hold 147 stocks. To project sales growth through 2023, we used calendar 2020 sales estimates as a baseline and then looked at consensus estimates among analysts polled by FactSet for the subsequent three years, if available. (The 2020 numbers are estimates, because many companies’ fiscal years don’t match the calendar.)\nTo make sure we had a solid set of estimates, we confined the group to the 126 companies covered by at least five analysts polled by FactSet, for which consensus sales estimates for calendar 2020 through calendar 2023 are available.\nHere are the 20 companies projected to have the highest compound annual growth rates (CAGR) for sales through calendar 2023:\n\nSource: FactSet\nThere are actually 21 stocks listed, including Zillow Group Inc.’s Class A and Class C shares.\nIt is interesting to see that the list is dominated by stocks held by ARKW. The fund has a broad definition of cloud companies and is focused also on sales growth.\nHere are current forward price-to-sales ratios based on consensus estimates for the next 12 months, as well as ratios of current market cap to projected 2023 sales and summaries of analysts’ opinions about the stocks.\n\nSource: FactSet\nIn comparison, the forward price-to-sales ratio for SPY is 2.8, with a price/2023 estimated sales ratio of 2.6. For QQQ, the current P/S is 4.7, declining to 4.3 for 2023.","news_type":1,"symbols_score_info":{"PDD":0.9,"CRWD":0.9,"ROKU":0.9,"SKLZ":0.9,"LC":0.9,"PINS":0.9,"SQ":0.9,"KC":0.9,"VCYT":0.9,"TDOC":0.9,"SHOP":0.9,"ADYEY":0.9,"TSLA":0.9,"MELI":0.9,"SE":0.9,"OKTA":0.9,"DKNG":0.9,"ZG":0.9,"COIN":0.9,"Z":0.9,"SNAP":0.9}},"isVote":1,"tweetType":1,"viewCount":3395,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":808179816,"gmtCreate":1627566894935,"gmtModify":1631891284885,"author":{"id":"3582793651916821","authorId":"3582793651916821","name":"FrazerEr","avatar":"https://static.tigerbbs.com/9d5dff0eee122679c6bcd7532e992980","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582793651916821","authorIdStr":"3582793651916821"},"themes":[],"title":"","htmlText":"Nice!&nbsp;","listText":"Nice!&nbsp;","text":"Nice!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/808179816","repostId":"2154099201","repostType":4,"isVote":1,"tweetType":1,"viewCount":3044,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":803312267,"gmtCreate":1627416472559,"gmtModify":1631891284885,"author":{"id":"3582793651916821","authorId":"3582793651916821","name":"FrazerEr","avatar":"https://static.tigerbbs.com/9d5dff0eee122679c6bcd7532e992980","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582793651916821","authorIdStr":"3582793651916821"},"themes":[],"title":"","htmlText":"...","listText":"...","text":"...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/803312267","repostId":"1151272378","repostType":4,"isVote":1,"tweetType":1,"viewCount":2570,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":174519436,"gmtCreate":1627109938425,"gmtModify":1631891284888,"author":{"id":"3582793651916821","authorId":"3582793651916821","name":"FrazerEr","avatar":"https://static.tigerbbs.com/9d5dff0eee122679c6bcd7532e992980","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582793651916821","authorIdStr":"3582793651916821"},"themes":[],"title":"","htmlText":"Good read","listText":"Good read","text":"Good read","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/174519436","repostId":"1192458370","repostType":4,"repost":{"id":"1192458370","kind":"news","pubTimestamp":1626938362,"share":"https://www.laohunote.com/m/news/1192458370?lang=zh_CN&edition=full","pubTime":"2021-07-22 15:19","market":"us","language":"en","title":"Entering The Worst Seasonal Period Of The Year, And 10 Other Reasons Why Goldman Braces For An August Correction<blockquote>进入一年中最糟糕的季节性时期，以及高盛准备 8 月份调整的其他 10 个原因</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1192458370","media":"zerohedge","summary":"In a stark reversal to its bullish sentiment at the start of the month, when the bank first noted - ","content":"<p>In a stark reversal to its bullish sentiment at the start of the month, when the bank first noted - correctly - that the S&amp;P was entering itsbest 2-week seasonal period of the yearwhich it did between July 1 and 15 when it posted a series of new all time highs (before dumping on the 16th and the 19th)...</p><p><blockquote>与本月初的看涨情绪形成鲜明对比，当时该行首次正确地指出，标准普尔指数正在进入今年最好的两周季节性时期，7月1日至15日期间创下了一系列历史新高（16日和19日抛售之前）...</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e7dc88222112e4655f492c56509f9d64\" tg-width=\"1280\" tg-height=\"467\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> ... followed by a lengthy rationalization why \"the shorts will have to cover\", Goldman has been turning surprisingly bearish in recent days, and two days after Goldman flow trader John Flood urged Goldman clients \"not to buy this dip\" on Monday (spoiler alert: they did) his trading desk colleague Scott Rubner has published a report previewing why he anticipates a correction in the coming days and continuing through the Jackson Hole symposium at the end of August.</p><p><blockquote>...在对“空头将不得不回补”的原因进行了冗长的合理化解释之后，高盛最近几天出人意料地变得悲观，两天前，高盛流量交易员约翰·弗洛德周一敦促高盛客户“不要买入这个低点”（剧透警告：他们确实买入了）他的交易台同事斯科特·鲁布纳 (Scott Rubner) 发布了一份报告，预览了为什么他预计未来几天会出现调整，并将持续到 8 月底的杰克逊霍尔研讨会。</blockquote></p><p> His note, from which we excerpt below, contains the key arguments behind Goldman's August \"correction\" thesis, including tactical flow of funds, an acceleration of sellers, and feedback from the GS equity trading floor.</p><p><blockquote>他的笔记（我们在下面摘录）包含了高盛 8 月份“修正”论点背后的关键论点，包括资金的战术流动、卖家的加速以及来自 GS 股票交易大厅的反馈。</blockquote></p><p> So without further ado, here is Rubner, who lays out his \"<b><i>11 point checklist for an August correction\"</i></b>, starting by noting that \"<i>the #1 question that has hit my inbox/IB in the past 48 hours. What happens to the equity market when there is an outflow and buy demand slows?</i>\" As we read below, the most appropriate answer is \"nothing good.\"</p><p><blockquote>事不宜迟，这里是鲁布纳，他展示了他的“<b><i>八月更正的 11 点清单”</i></b>首先注意到“<i>在过去的48小时里，我的收件箱/IB收到的头号问题。当资金流出且购买需求放缓时，股市会发生什么？</i>正如我们在下面读到的，最合适的答案是“没什么好的”。</blockquote></p><p>   <i>11 point Checklist - Consensus client feedback for a quick equity risk reduction into potentially lower buy demand into Jackson hole. The consensus feedback seems to be calling for a -5% correction, which really gets to -4%. This is a recap of the talking points about to hit your inbox this week. I think this morning’s rally gets faded as buy tickets are completed early in the day.</i>   <i><b>“Selling rallies” is the new dynamic vs. buying dips.</b></i>  <u><b>1. Weak Seasonals</b></u>- Since 1928, we just exited the best two-week period of the year. Friday’s option expiry ended the best seasonal period of the year.<b>August seasonals are not market friendly and trend lower all of August, for the 4th worst two-week seasonal period of the year</b>. Today you are here and Jackson hole is the low point of this chart. Since 1950, there have been 19 times in 72 years that the S&amp;P is up at least &gt;10% through the first half of the year. The median return for August specifically, following a strong 1H is typically down -51bps, before rallying higher.</p><p><blockquote><i>11点清单-一致的客户反馈，以快速降低股票风险，从而降低杰克逊霍尔的潜在购买需求。一致的反馈似乎要求进行-5%的修正，实际上达到了-4%。这是本周即将到达你收件箱的谈话要点的回顾。我认为，随着当天早些时候购票的完成，今天上午的集会逐渐消退。</i><i><b>“卖出反弹 ”是与买入下跌的新动态。</b></i><u><b>1. 弱季节性</b></u>- 自 1928 年以来，我们刚刚度过了一年中最好的两周时期。周五的期权到期结束了一年中最好的季节性时期。<b>8 月份的季节性季节对市场不利，整个 8 月份都呈下降趋势，这是今年第四个最糟糕的两周季节性季节</b>.今天你在这里，杰克逊霍尔是这张图表的最低点。自 1950 年以来，72 年来，标准普尔指数上半年涨幅至少超过 10% 的情况有 19 次。具体来说，8 月份的中值回报率在强劲的 1 小时后通常会下降 -51 个基点，然后反弹走高。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/f41d55d3d45aecb40b0f24e53de17363\" tg-width=\"694\" tg-height=\"499\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <u><b>2. Largest outflows of the year</b></u>- Investors allocate capital into the market in July and we have seen these record inflows. This is the biggest dynamic in the equity market this year period. Inflows continue at a record pace, annualizing at $1.2 trillion inflows for 2021. 401k inflows predominately flowed in S&amp;P and NDX rather than ROW.</p><p><blockquote><u><b>2. 本年度最大资金流出</b></u>- 投资者在 7 月份向市场配置资金，我们看到了这些创纪录的资金流入。这是今年以来股市最大的动态。资金流入继续以创纪录的速度进行，2021年的年流入将达到1.2万亿美元。401k资金主要流入S&amp;P和NDX，而不是ROW。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/9d67c2e0a1590d44ff3be03c2c86c88e\" tg-width=\"645\" tg-height=\"368\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/a58d02645303f22b7e53b58698e11f56\" tg-width=\"508\" tg-height=\"338\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <u><b>3. Reversal of flows predicted for August</b></u>- Equity inflows are not common in August. Over the last 30 years,<b>August typically sees the largest outflows of the year</b>. -15bps of AUM typically leaves stock market funds in August, on ~22 Trillion, we model -$33B worth of equities for sale.</p><p><blockquote><u><b>3. 8 月份流量预测逆转</b></u>- 8月份股票流入并不常见。在过去30年里，<b>八月份通常是一年中最大的资金外流</b>. -15bps AUM 通常会离开股票市场基金 在 8 月份，在约 22 万亿美元的情况下，我们建模了价值 -33B 美元的待售股票。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/3308ac184f4fde82ba6c27fbcfbdd86f\" tg-width=\"579\" tg-height=\"340\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/005f51048f49a72597db950884245e8c\" tg-width=\"563\" tg-height=\"351\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b><u>4. Outflows cont.</u></b>To be clear, -$33B is not a significant $ figure when adjusted for market cap, however more important is that it’s not an inflow. The index level has remained at ATHs given inflows bid up the largest and biggest market cap index weights. On Monday we saw a large MOC imbalance for sale, this was unusual.</p><p><blockquote><b><u>4. 外流继续。</u></b>需要明确的是，-330亿美元在调整市值后并不是一个重要的数字，但更重要的是它不是资金流入。鉴于资金流入推高了最大和最大的市值指数权重，该指数水平仍保持在 ATHs。周一，我们看到一个大的MOC不平衡出售，这是不寻常的。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d98939cb6e06e80bc643fdca6801fb0a\" tg-width=\"268\" tg-height=\"474\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <u><b>5. Passive flows drive largest marketcaps</b></u>- Passive ETFs logged the best full year of inflows on record, in just the first half of the year. (+500b). I watch the tape every day register large MOC imbalances to buy at 3:50pm EST,<b>but what if this dynamic fades.</b>Remember $1 inflow into SPY flows $.23 cents into top 5 companies and $1 inflow into QQQ flows $.41 cents into top 5. If inflows flip to outflows you will no longer see broad index dynamic.<b>Then investors need to decide which sector becomes the funding source for outflows.</b></p><p><blockquote><u><b>5. 被动流量推动最大市值</b></u>- 被动 ETF 仅在今年上半年就创下了有记录以来最好的全年流入量。(+500b)。我每天都看磁带，记录大的MOC不平衡在美国东部时间下午3:50买入，<b>但是如果这种动力消失了呢？</b>请记住，流入SPDR标普500指数ETF的 1 美元相当于流入前 5 家公司的 0.23 美元，流入 QQQ 的 1 美元相当于流入前 5 家公司的 0.41 美元。如果流入变为流出，您将不再看到广泛的指数动态。<b>然后，投资者需要决定哪个行业成为资金外流的资金来源。</b></blockquote></p><p></p><p> Just how important has this been for the S&amp;P 500? Important!</p><p><blockquote>这对标普500有多重要？重要的！</blockquote></p><p> <ul>  <li>Global Equity: 1-year: +$600B passive (IN) vs. $0.0B active (OUT) = &gt;$600B.</li>  <li>Global Equity: 5-year: +$2.30T passive (IN) vs. -$1.90T active (OUT) = &gt;$4.2T</li>  <li>Global Equity: 10-year: +$4T passive (IN) vs. -$3.0T active (OUT) = &gt;$7.0T</li>  <li>Current Global Equity Active AUM of $10.099T exceeds &gt; Current Global Equity Passive AUM $7.225 T.</li> </ul> <img src=\"https://static.tigerbbs.com/72aadadcd243a659f1e3cc9fc8f75c1b\" tg-width=\"666\" tg-height=\"375\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/5419e040f7d023061743d473ffef59d1\" tg-width=\"666\" tg-height=\"375\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/4fff3382eec0b783b12411fb653c6718\" tg-width=\"663\" tg-height=\"377\" referrerpolicy=\"no-referrer\"></p><p><blockquote><ul><li>全球权益：1年期：+$600B被动（入）vs$0.0B主动（出）=&gt;$600B。</li><li>全球股票：5 年期：+$2.30T 被动 (IN) vs. -$1.90T 主动 (OUT) = &gt;$4.2T</li><li>全球股权：10 年期：+4T 美元被动 (IN) vs. -3.0T 美元主动 (OUT) = &gt;7.0T 美元</li><li>当前全球股票主动资产管理规模为 10.099 吨，超过 &gt; 当前全球股票被动资产管理规模为 7.225 吨。</li></ul></blockquote></p><p> <i>Side note: ETFs represented 36% of the notional executed volumes, last levels since in March/April 2020. (YTD average) = 24%. Did you see the massive volumes in SQQQ Monday (3x short QQQ)?</i></p><p><blockquote><i>旁注：ETF 占名义执行量的 36%，为 2020 年 3 月/4 月以来的最后水平。（年初至今平均值）= 24%。你看到SQQQ周一的巨量成交量了吗（3倍空头QQQ）？</i></blockquote></p><p> <u><b>6. Single Stock Calls</b></u>- This is set up is very similar to July and August 2020 blow-off top as a result of call option trading. Reminder, S&amp;P sold off -392bps in September 2020 after call option volumes started to fade.</p><p><blockquote><u><b>6、单股评级</b></u>- 由于看涨期权期权交易，这与 2020 年 7 月和 8 月的峰值非常相似。提醒一下，在看涨期权期权交易量开始消退后，标准普尔在 2020 年 9 月抛售了 -392bps。</blockquote></p><p> <ul>  <li>Option notional has averaged an all-time record of +$550B per day in July. The top 3 traded stocks (AAPL, AMZN, and TSLA) make up $300B of daily volumes. Breadth in both options and stocks is low.</li>  <li>\"Of 4000 Tradeable Single Stock options, the top 3 names make up 56% of the daily avg notional traded. Adding in the next 7, that ratio jumps to 72%.\"</li>  <li>\"Said another way the top 10 underliers trade 3x more notional on an average day than the bottom 3990”</li>  <li>This is an important dynamic to monitor.</li> </ul> <img src=\"https://static.tigerbbs.com/be539bca2d8b556e65d32bbe28f2abb4\" tg-width=\"676\" tg-height=\"441\" referrerpolicy=\"no-referrer\"></p><p><blockquote><ul><li>Option notional 7 月份的日均交易额创下历史新高，达到每天 550B 美元。交易量排名前 3 的股票（AAPL、AMZN 和 TSLA）的日交易量为 300B 美元。期权和股票的广度都很低。</li><li>“在 4000 个可交易的单一股票期权中，排名前 3 的股票期权占每日平均名义交易量的 56%。加上接下来的 7 个，这一比例跃升至 72%。”</li><li>“换句话说，前 10 只基础股票的平均交易量是底部 3990 点的 3 倍。”</li><li>这是一个需要监控的重要动态。</li></ul></blockquote></p><p> <u><b>7. Call Options cont.</b></u>- Retail has pivoted from trading weekly call options on GME and AMC - only $6B combined notional per day to the stay-at-home playbook. The names with the highest daily option trading are also the largest index weights. In addition to ETF flows, the retail call option buying frenzy also takes the street short weekly gamma on single names. 75% of single stock options traded today have an expiry of two weeks or less.<b>Said another way, given GS YOLO risk sentiment basket has rolled over, does AAPL need to catch down next (or at least not see YOLO flows).</b></p><p><blockquote><u><b>7. 看涨期权期权续。</b></u>- 零售业已从每周在 GME 和 AMC 上交易看涨期权期权（每天名义交易总额仅为 60 亿美元）转向居家办公。每日期权交易量最高的名称也是最大的指数权重。除了 ETF 流动之外，零售看涨期权期权购买狂潮还占据了单个名称的每周 gamma。今天交易的单一股票期权中有 75% 的到期时间为两周或更短。<b>换句话说，鉴于 GS YOLO 风险情绪篮子已经翻转，AAPL 是否需要接下来追赶（或者至少看不到 YOLO 流量）。</b></blockquote></p><p> $181bln/day AMZN</p><p><blockquote>1810亿美元/天 AMZN</blockquote></p><p> $ 82bln/day TSLA</p><p><blockquote>820亿美元/天 TSLA</blockquote></p><p> $ 36bln/day AAPL</p><p><blockquote>360亿美元/天 AAPL</blockquote></p><p> --------------</p><p><blockquote>--------------</blockquote></p><p> <b>TOTAL TSLA/AMZN/AAPL: $299bln/day&nbsp; ------- What happens if call volume in mega cap tech declines?</b></p><p><blockquote><b>TSLA/AMZN/AAPL 总额：2990 亿美元/天 ----如果大型科技股的看涨期权交易量下降会发生什么？</b></blockquote></p><p> <ul>  <li>$ 26bln/day NVDA</li>  <li>$ 14bln/day GOOGL</li>  <li>$ 11bln/day FB</li>  <li>$ 10bln/day MSFT</li>  <li>$&nbsp; 8bln/day SHOP</li>  <li>$&nbsp; 8bln/day GOOG</li>  <li>$&nbsp; 8bln/day NFLX</li>  <li>$&nbsp; 7bln/day BABA</li> </ul> --------------</p><p><blockquote><ul><li>260亿美元/天NVDA</li><li>140亿美元/天GOOGL</li><li>110亿美元/天FB</li><li>100亿美元/天MSFT</li><li>每天80亿美元的商店</li><li>80亿美元/天谷歌</li><li>80亿美元/天NFLX</li><li>70亿美元/天爸爸</li></ul>--------------</blockquote></p><p> <b>TOTAL GOOG/GOOGL/MSFT/FB/NFLX/NVDA/SHOP/BABA: $90bln/day</b></p><p><blockquote><b>GOOG/GOOGL/MSFT/FB/NFLX/NVDA/SHOP/BABA总计：900亿美元/天</b></blockquote></p><p> <ul>  <li>$&nbsp; 4bln/day AMC</li>  <li>$&nbsp; 2bln/day GME</li> </ul> --------------</p><p><blockquote><ul><li>40亿美元/天AMC</li><li>20亿美元/天GME</li></ul>--------------</blockquote></p><p> <b>TOTAL AMC/GME: $6bln/day&nbsp; ------- No Mo’ Yolo? See chart below.</b></p><p><blockquote><b>AMC/GME 总额：60 亿美元/天 - 没有 Mo' Yolo？见下图。</b></blockquote></p><p> All other underlyings: $141bln/day</p><p><blockquote>所有其他基础资产：1410 亿美元/天</blockquote></p><p> <u><i><b>Total single stock option market:</b></i></u></p><p><blockquote><u><i><b>单一股票期权市场总量：</b></i></u></blockquote></p><p> <ul>  <li>$299bln/day TSLA/AMZN/AAPL</li>  <li>$ 90bln/day GOOG/GOOGL/MSFT/FB/NFLX/NVDA/SHOP/BABA</li>  <li>$&nbsp; 6bln/day AMC/GME</li>  <li>$141bln/day All other underlyings</li> </ul> --------------------</p><p><blockquote><ul><li>2990 亿美元/天 TSLA/AMZN/AAPL</li><li>900亿美元/天 谷歌/GOOGL/微软/脸书/NFLX/NVDA/商店/巴巴</li><li>60亿美元/天AMC/GME</li><li>1410 亿美元/天所有其他基础资产</li></ul>--------------------</blockquote></p><p> <b>$537bln/day Total</b></p><p><blockquote><b>5370亿美元/天总计</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/1f5678ad5b66dd918c2cbb51263c9df0\" tg-width=\"650\" tg-height=\"450\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b><u>8. Option Gamma Unwinds</u></b>- Option Expiry just rolled off -85% of the market long gamma. The market now has the ability to move more freely and trade less long gamma. Everyday last week the market would rally into the bell as dealers re-hedge their gamma (buying the dips). I get worried about summer end-of-day liquidity without gamma hedging and passive demand. I think there will be also a “institutional” demand to buy hedges into Jackson Hole fulling removing the long gamma taking the street short to hedge downside. We have seen more puts and put spreads on the desk this week than any week of 2021.</p><p><blockquote><b><u>8. 选项伽马展开</u></b>- 期权到期刚刚滚出市场多头伽马的 -85%。市场现在有能力更自由地移动，交易更少的长伽马。上周，随着交易商重新对冲他们的伽马（逢低买入），市场每天都会反弹到收盘。我开始担心没有伽马对冲和被动需求的夏季日终流动性。我认为，还将有 “机构 ”需求购买对冲杰克逊霍尔的套期保值，消除长期伽马做空以对冲下行空间。本周我们看到的看跌期权和看跌期权价差比 2021 年的任何一周都多。</blockquote></p><p> <ul>  <li>Wednesday (7/14) SPX gamma = +$4,625B</li>  <li>Thursday (7/15) SPX gamma = +$3,620B</li>  <li>Friday (7/16) SPX gamma = +$3,136B</li>  <li>Monday (7/19) SPX gamma = +$2,698B</li>  <li>Tuesday (7/20) SPX Gamma = +$713B.</li> </ul> <b>the Long S&amp;P 500 gamma has been reduced by -85% in the past 5 days taking dealers less long gamma.</b>This dynamic changes market behavior and we are seeing little demand to systematically overwrite from here even despite the move higher in vols. This is new.</p><p><blockquote><ul><li>星期三 (7/14) SPX gamma = +$4,625B</li><li>星期四 (7/15) SPX gamma = +$3,620B</li><li>星期五 (7/16) SPX gamma = +$3,136B</li><li>星期一 (7/19) SPX gamma = +$2,698B</li><li>星期二（7月20日）SPX伽马=+$713B。</li></ul><b>在过去的5天里，长标普500伽马减少了-85%，减少了经销商的长伽马。</b>这种动态改变了市场行为，尽管交易量有所上升，但我们几乎没有看到从这里系统地重写的需求。这是新的。</blockquote></p><p></p><p> <img src=\"https://static.tigerbbs.com/b78215d53696f99f4c746f296ae2d225\" tg-width=\"797\" tg-height=\"598\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <u><b>9. Systematic</b></u>- Non-economic is already near the max exposure and have little scope to add further from here. No threshold levels have triggered so far, but it is important to note the lack of ability to add from here, which asymmetrically skews the downside.</p><p><blockquote><u><b>9.系统性</b></u>- 非经济型已经接近最大敞口，从这里开始几乎没有进一步增加的空间。到目前为止，还没有触发阈值水平，但重要的是要注意缺乏从这里添加的能力，这不对称地扭曲了下行趋势。</blockquote></p><p> <ul>  <li><b>CTA</b>- 90% percentile on 1-year rank, 84% percentile on 3-yr rank.</li>  <li><b>GS models</b>-$9B of equities for sale over the next week. CTA’s are sellers in an up tape, down tape, down big tape. That’s not common. Check out big asymmetry to the downside over the next 1 month.</li>  <li><b>GS short term CTA ES1 Flip Level</b>= $4,257.90. We tripped this circuit breaker yesterday, but are higher this am. I expect GS sell expectations to increase.</li> </ul> <img src=\"https://static.tigerbbs.com/3efe5f0b54f671b5c1b366ff5514cf5c\" tg-width=\"751\" tg-height=\"323\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/232a48ec7525cb179f6cd8bc285b7e55\" tg-width=\"499\" tg-height=\"300\" referrerpolicy=\"no-referrer\"></p><p><blockquote><ul><li><b>CTA</b>- 1 年军衔为 90%，3 年军衔为 84%。</li><li><b>GS模型</b>-下周将出售 90 亿美元的股票。CTA 的销售员是上带、下带、下带。这并不常见。在接下来的一个月里，看看巨大的不对称性。</li><li><b>GS 短期 CTA ES1 翻转水平</b>=$4,257.90.我们昨天跳闸了这个断路器，但今天早上更高了。我预计 GS 的销售预期将会增加。</li></ul></blockquote></p><p> <b>b) Vol Control - 86% percentile on 1-year rank, 75% percentile on 3-yr rank. FYI. SPX Put/Call Ratio hit a fresh 1 year high yesterday.</b></p><p><blockquote><b>b)体积控制-1年等级86%百分位数，3年等级75%百分位数。仅供参考。SPX看跌期权/看涨期权比率昨天创下一年新高。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/a5553785fd8a0a66e717f5579ba6ee91\" tg-width=\"500\" tg-height=\"300\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>c) Risk Parity - 100% percentile on 1-year rank, 53% percentile on 3-yr rank.</b></p><p><blockquote><b>c) 风险平价 - 1 年等级为 100% 百分位，3 年等级为 53% 百分位。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/9be4d94aa1cd38dad335c1424d3be626\" tg-width=\"500\" tg-height=\"300\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>d) Total Systematic - 92% percentile on 1-year rank, 80% percentile on 3-yr rank. This is important. This non-emotional demand is at the max and will be sellers lower.</b></p><p><blockquote><b>d)总系统性-1年排名的92%百分位数，3年排名的80%百分位数。这很重要。这种非情绪化的需求达到了最大值，会降低卖家的价格。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/4068fa4e9a8c6c06f77627c9ee6e07b8\" tg-width=\"500\" tg-height=\"300\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <u><b>10. Liquidity</b></u>- The unofficial Rubner out of office outlook (OOO) reply meter. My note last week has week had the largest out of office kickbacks to the tune of “see you in a few weeks” or “gone fishing”. The upcoming calendar into Jackson Hole is important.</p><p><blockquote><u><b>10. 流动资金</b></u>- 非官方的 Rubner out of office outlook (OOO) 回复计数器。我上周的笔记显示，week 在 “几周后见 ”或 “去钓鱼 ”的曲调下获得了最大的回扣。即将到来的杰克逊霍尔日历很重要。</blockquote></p><p> <ol>  <li>next few weeks, extended vacation schedule first time in 12 months, etc, moved forward because Jackson hole.</li>  <li>Jackson Hole, August 26 (Thursday) - August 28 (Saturday) – Friday is the likely the key calendar, but potentially Saturday will be important. This moves hedges to the following week.</li>  <li>Labor Day, September 6 (Monday exchange holiday) - late this year</li>  <li>approximate First day of Children’s school, September 7 (Tuesday)</li>  <li>Liquidity = August Summer – ZZZZ. Top book liquidity declined SUBSTANTIALLY into the sell off yesterday.</li> </ol> *** despite being ranked 10 in the checklist. This is really chart #1. Liquidity dried up substantially yesterday on the screens. This chart peaked at $36M last Monday to $10.810M yesterday. This is a drop of $25M $ or ~70% in on screws liquidity in 1 week.</p><p><blockquote><ol><li>接下来的几周，12个月来第一次延长假期日程等，因为杰克逊霍尔而提前。</li><li>杰克逊霍尔，8月26日（星期四）-8月28日（星期六）-周五可能是关键的日历，但周六可能会很重要。这将对冲移动到下周。</li><li>劳动节，9 月 6 日（星期一交换假期） - 今年晚些时候</li><li>大约是9月7日（星期二）儿童开学第一天</li><li>流动性=八月夏季–ZZZZ。在昨天的抛售中，顶级账簿流动性大幅下降。</li></ol>***尽管在清单中排名第10。这真的是图表#1。昨天屏幕上的流动性大幅枯竭。该图表上周一达到 3600 万美元的峰值，昨天达到 1081 万美元。这意味着螺丝流动性在一周内下降了2500万美元，即约70%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/60db9087f28d7496be38eafbc0fa755e\" tg-width=\"650\" tg-height=\"450\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <u><b>11. Buybacks</b></u>: Buybacks are here, but so is equity issuance, which neutralizes the buyback impulse. As corporates meet corporates. From Sales and trading colleague, John Flood in his most recent trading note.</p><p><blockquote><u><b>11. 回购</b></u>：回购来了，但股票发行也来了，中和了回购冲动。当公司遇到公司时。来自销售和交易同事约翰·弗拉德在他最近的交易笔记中。</blockquote></p><p> <i>“It has been a paper party and this paper is getting harder to place. Last week we priced 11 registered deals in the U.S. ($3b notional) and this week already working on another 18 ($10b). This is especially noteworthy while in the depths of July.“</i></p><p><blockquote><i>“这一直是一场纸上谈兵的聚会，而且这篇论文越来越难发表。上周，我们对美国的 11 笔注册交易进行了定价（名义上 30 亿美元），本周已经在处理另外 18 笔交易（名义上 100 亿美元）。这一点在 7 月下旬尤其值得注意”。</i></blockquote></p><p> <ul>  <li>Last week there was $6.2 billion in equity issuance, compared with the July weekly average of $3.4 billion since 2000.</li>  <li>Last week there were 27 equity deals brought to market, compared with the July average of 15 deals per week since 2000.</li> </ul> <img src=\"https://static.tigerbbs.com/b680be938f506ba528c382fdb7d805ba\" tg-width=\"897\" tg-height=\"606\" referrerpolicy=\"no-referrer\"></p><p><blockquote><ul><li>上周股票发行量为 62 亿美元，而 2000 年以来 7 月份的平均周发行量为 34 亿美元。</li><li>上周有 27 笔股票交易推向市场，而自 2000 年以来，7 月份平均每周有 15 笔交易。</li></ul></blockquote></p><p> <i><b>Bottom Line:</b></i><i>Keep Tactical Flow of Funds Checklist on your radar for August. The technical market structure dynamics changes substantially during August</i><i><b>. I think there will be a dip (-5%) and it is meant to be bought heading late into Jackson Hole.</b></i><i>The consensus is calling for a larger equity market correction, I do not see it given the amount of capital in the system. I change my tone if we trigger key levels to the downside as sellers are lower. If August outflows actually happen, I think tech underperforms cyclical value reopen given high concentration and largest passive impact.</i><i><b>Once we see the first outflow in August, this will be the macro trigger for a tactical short</b></i><i>. Stay tuned and keep an eye on liquidity.</i></p><p><blockquote><i><b>底线：</b></i><i>将八月份的战术资金流清单留在你的雷达上。8月份技术市场结构动态发生重大变化</i><i><b>.我认为会有一个下跌（-5%），这意味着在进入杰克逊霍尔后期买入。</b></i><i>共识是呼吁进行更大规模的股票市场调整，考虑到系统中的资本数量，我看不到这一点。如果我们触发关键水平下行，因为卖家较低，我会改变我的语气。如果 8 月份资金流出确实发生，我认为鉴于高度集中和最大的被动影响，科技股的表现不如周期性价值重新开放。</i><i><b>一旦我们看到 8 月份的首次资金流出，这将是战术性做空的宏观触发因素</b></i><i>.保持关注，密切关注流动性。</i></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>Entering The Worst Seasonal Period Of The Year, And 10 Other Reasons Why Goldman Braces For An August Correction<blockquote>进入一年中最糟糕的季节性时期，以及高盛准备 8 月份调整的其他 10 个原因</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\">\nEntering The Worst Seasonal Period Of The Year, And 10 Other Reasons Why Goldman Braces For An August Correction<blockquote>进入一年中最糟糕的季节性时期，以及高盛准备 8 月份调整的其他 10 个原因</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-07-22 15:19</span>\n</p>\n</h4>\n</header>\n<article>\n<p>In a stark reversal to its bullish sentiment at the start of the month, when the bank first noted - correctly - that the S&amp;P was entering itsbest 2-week seasonal period of the yearwhich it did between July 1 and 15 when it posted a series of new all time highs (before dumping on the 16th and the 19th)...</p><p><blockquote>与本月初的看涨情绪形成鲜明对比，当时该行首次正确地指出，标准普尔指数正在进入今年最好的两周季节性时期，7月1日至15日期间创下了一系列历史新高（16日和19日抛售之前）...</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e7dc88222112e4655f492c56509f9d64\" tg-width=\"1280\" tg-height=\"467\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> ... followed by a lengthy rationalization why \"the shorts will have to cover\", Goldman has been turning surprisingly bearish in recent days, and two days after Goldman flow trader John Flood urged Goldman clients \"not to buy this dip\" on Monday (spoiler alert: they did) his trading desk colleague Scott Rubner has published a report previewing why he anticipates a correction in the coming days and continuing through the Jackson Hole symposium at the end of August.</p><p><blockquote>...在对“空头将不得不回补”的原因进行了冗长的合理化解释之后，高盛最近几天出人意料地变得悲观，两天前，高盛流量交易员约翰·弗洛德周一敦促高盛客户“不要买入这个低点”（剧透警告：他们确实买入了）他的交易台同事斯科特·鲁布纳 (Scott Rubner) 发布了一份报告，预览了为什么他预计未来几天会出现调整，并将持续到 8 月底的杰克逊霍尔研讨会。</blockquote></p><p> His note, from which we excerpt below, contains the key arguments behind Goldman's August \"correction\" thesis, including tactical flow of funds, an acceleration of sellers, and feedback from the GS equity trading floor.</p><p><blockquote>他的笔记（我们在下面摘录）包含了高盛 8 月份“修正”论点背后的关键论点，包括资金的战术流动、卖家的加速以及来自 GS 股票交易大厅的反馈。</blockquote></p><p> So without further ado, here is Rubner, who lays out his \"<b><i>11 point checklist for an August correction\"</i></b>, starting by noting that \"<i>the #1 question that has hit my inbox/IB in the past 48 hours. What happens to the equity market when there is an outflow and buy demand slows?</i>\" As we read below, the most appropriate answer is \"nothing good.\"</p><p><blockquote>事不宜迟，这里是鲁布纳，他展示了他的“<b><i>八月更正的 11 点清单”</i></b>首先注意到“<i>在过去的48小时里，我的收件箱/IB收到的头号问题。当资金流出且购买需求放缓时，股市会发生什么？</i>正如我们在下面读到的，最合适的答案是“没什么好的”。</blockquote></p><p>   <i>11 point Checklist - Consensus client feedback for a quick equity risk reduction into potentially lower buy demand into Jackson hole. The consensus feedback seems to be calling for a -5% correction, which really gets to -4%. This is a recap of the talking points about to hit your inbox this week. I think this morning’s rally gets faded as buy tickets are completed early in the day.</i>   <i><b>“Selling rallies” is the new dynamic vs. buying dips.</b></i>  <u><b>1. Weak Seasonals</b></u>- Since 1928, we just exited the best two-week period of the year. Friday’s option expiry ended the best seasonal period of the year.<b>August seasonals are not market friendly and trend lower all of August, for the 4th worst two-week seasonal period of the year</b>. Today you are here and Jackson hole is the low point of this chart. Since 1950, there have been 19 times in 72 years that the S&amp;P is up at least &gt;10% through the first half of the year. The median return for August specifically, following a strong 1H is typically down -51bps, before rallying higher.</p><p><blockquote><i>11点清单-一致的客户反馈，以快速降低股票风险，从而降低杰克逊霍尔的潜在购买需求。一致的反馈似乎要求进行-5%的修正，实际上达到了-4%。这是本周即将到达你收件箱的谈话要点的回顾。我认为，随着当天早些时候购票的完成，今天上午的集会逐渐消退。</i><i><b>“卖出反弹 ”是与买入下跌的新动态。</b></i><u><b>1. 弱季节性</b></u>- 自 1928 年以来，我们刚刚度过了一年中最好的两周时期。周五的期权到期结束了一年中最好的季节性时期。<b>8 月份的季节性季节对市场不利，整个 8 月份都呈下降趋势，这是今年第四个最糟糕的两周季节性季节</b>.今天你在这里，杰克逊霍尔是这张图表的最低点。自 1950 年以来，72 年来，标准普尔指数上半年涨幅至少超过 10% 的情况有 19 次。具体来说，8 月份的中值回报率在强劲的 1 小时后通常会下降 -51 个基点，然后反弹走高。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/f41d55d3d45aecb40b0f24e53de17363\" tg-width=\"694\" tg-height=\"499\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <u><b>2. Largest outflows of the year</b></u>- Investors allocate capital into the market in July and we have seen these record inflows. This is the biggest dynamic in the equity market this year period. Inflows continue at a record pace, annualizing at $1.2 trillion inflows for 2021. 401k inflows predominately flowed in S&amp;P and NDX rather than ROW.</p><p><blockquote><u><b>2. 本年度最大资金流出</b></u>- 投资者在 7 月份向市场配置资金，我们看到了这些创纪录的资金流入。这是今年以来股市最大的动态。资金流入继续以创纪录的速度进行，2021年的年流入将达到1.2万亿美元。401k资金主要流入S&amp;P和NDX，而不是ROW。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/9d67c2e0a1590d44ff3be03c2c86c88e\" tg-width=\"645\" tg-height=\"368\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/a58d02645303f22b7e53b58698e11f56\" tg-width=\"508\" tg-height=\"338\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <u><b>3. Reversal of flows predicted for August</b></u>- Equity inflows are not common in August. Over the last 30 years,<b>August typically sees the largest outflows of the year</b>. -15bps of AUM typically leaves stock market funds in August, on ~22 Trillion, we model -$33B worth of equities for sale.</p><p><blockquote><u><b>3. 8 月份流量预测逆转</b></u>- 8月份股票流入并不常见。在过去30年里，<b>八月份通常是一年中最大的资金外流</b>. -15bps AUM 通常会离开股票市场基金 在 8 月份，在约 22 万亿美元的情况下，我们建模了价值 -33B 美元的待售股票。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/3308ac184f4fde82ba6c27fbcfbdd86f\" tg-width=\"579\" tg-height=\"340\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/005f51048f49a72597db950884245e8c\" tg-width=\"563\" tg-height=\"351\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b><u>4. Outflows cont.</u></b>To be clear, -$33B is not a significant $ figure when adjusted for market cap, however more important is that it’s not an inflow. The index level has remained at ATHs given inflows bid up the largest and biggest market cap index weights. On Monday we saw a large MOC imbalance for sale, this was unusual.</p><p><blockquote><b><u>4. 外流继续。</u></b>需要明确的是，-330亿美元在调整市值后并不是一个重要的数字，但更重要的是它不是资金流入。鉴于资金流入推高了最大和最大的市值指数权重，该指数水平仍保持在 ATHs。周一，我们看到一个大的MOC不平衡出售，这是不寻常的。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d98939cb6e06e80bc643fdca6801fb0a\" tg-width=\"268\" tg-height=\"474\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <u><b>5. Passive flows drive largest marketcaps</b></u>- Passive ETFs logged the best full year of inflows on record, in just the first half of the year. (+500b). I watch the tape every day register large MOC imbalances to buy at 3:50pm EST,<b>but what if this dynamic fades.</b>Remember $1 inflow into SPY flows $.23 cents into top 5 companies and $1 inflow into QQQ flows $.41 cents into top 5. If inflows flip to outflows you will no longer see broad index dynamic.<b>Then investors need to decide which sector becomes the funding source for outflows.</b></p><p><blockquote><u><b>5. 被动流量推动最大市值</b></u>- 被动 ETF 仅在今年上半年就创下了有记录以来最好的全年流入量。(+500b)。我每天都看磁带，记录大的MOC不平衡在美国东部时间下午3:50买入，<b>但是如果这种动力消失了呢？</b>请记住，流入SPDR标普500指数ETF的 1 美元相当于流入前 5 家公司的 0.23 美元，流入 QQQ 的 1 美元相当于流入前 5 家公司的 0.41 美元。如果流入变为流出，您将不再看到广泛的指数动态。<b>然后，投资者需要决定哪个行业成为资金外流的资金来源。</b></blockquote></p><p></p><p> Just how important has this been for the S&amp;P 500? Important!</p><p><blockquote>这对标普500有多重要？重要的！</blockquote></p><p> <ul>  <li>Global Equity: 1-year: +$600B passive (IN) vs. $0.0B active (OUT) = &gt;$600B.</li>  <li>Global Equity: 5-year: +$2.30T passive (IN) vs. -$1.90T active (OUT) = &gt;$4.2T</li>  <li>Global Equity: 10-year: +$4T passive (IN) vs. -$3.0T active (OUT) = &gt;$7.0T</li>  <li>Current Global Equity Active AUM of $10.099T exceeds &gt; Current Global Equity Passive AUM $7.225 T.</li> </ul> <img src=\"https://static.tigerbbs.com/72aadadcd243a659f1e3cc9fc8f75c1b\" tg-width=\"666\" tg-height=\"375\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/5419e040f7d023061743d473ffef59d1\" tg-width=\"666\" tg-height=\"375\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/4fff3382eec0b783b12411fb653c6718\" tg-width=\"663\" tg-height=\"377\" referrerpolicy=\"no-referrer\"></p><p><blockquote><ul><li>全球权益：1年期：+$600B被动（入）vs$0.0B主动（出）=&gt;$600B。</li><li>全球股票：5 年期：+$2.30T 被动 (IN) vs. -$1.90T 主动 (OUT) = &gt;$4.2T</li><li>全球股权：10 年期：+4T 美元被动 (IN) vs. -3.0T 美元主动 (OUT) = &gt;7.0T 美元</li><li>当前全球股票主动资产管理规模为 10.099 吨，超过 &gt; 当前全球股票被动资产管理规模为 7.225 吨。</li></ul></blockquote></p><p> <i>Side note: ETFs represented 36% of the notional executed volumes, last levels since in March/April 2020. (YTD average) = 24%. Did you see the massive volumes in SQQQ Monday (3x short QQQ)?</i></p><p><blockquote><i>旁注：ETF 占名义执行量的 36%，为 2020 年 3 月/4 月以来的最后水平。（年初至今平均值）= 24%。你看到SQQQ周一的巨量成交量了吗（3倍空头QQQ）？</i></blockquote></p><p> <u><b>6. Single Stock Calls</b></u>- This is set up is very similar to July and August 2020 blow-off top as a result of call option trading. Reminder, S&amp;P sold off -392bps in September 2020 after call option volumes started to fade.</p><p><blockquote><u><b>6、单股评级</b></u>- 由于看涨期权期权交易，这与 2020 年 7 月和 8 月的峰值非常相似。提醒一下，在看涨期权期权交易量开始消退后，标准普尔在 2020 年 9 月抛售了 -392bps。</blockquote></p><p> <ul>  <li>Option notional has averaged an all-time record of +$550B per day in July. The top 3 traded stocks (AAPL, AMZN, and TSLA) make up $300B of daily volumes. Breadth in both options and stocks is low.</li>  <li>\"Of 4000 Tradeable Single Stock options, the top 3 names make up 56% of the daily avg notional traded. Adding in the next 7, that ratio jumps to 72%.\"</li>  <li>\"Said another way the top 10 underliers trade 3x more notional on an average day than the bottom 3990”</li>  <li>This is an important dynamic to monitor.</li> </ul> <img src=\"https://static.tigerbbs.com/be539bca2d8b556e65d32bbe28f2abb4\" tg-width=\"676\" tg-height=\"441\" referrerpolicy=\"no-referrer\"></p><p><blockquote><ul><li>Option notional 7 月份的日均交易额创下历史新高，达到每天 550B 美元。交易量排名前 3 的股票（AAPL、AMZN 和 TSLA）的日交易量为 300B 美元。期权和股票的广度都很低。</li><li>“在 4000 个可交易的单一股票期权中，排名前 3 的股票期权占每日平均名义交易量的 56%。加上接下来的 7 个，这一比例跃升至 72%。”</li><li>“换句话说，前 10 只基础股票的平均交易量是底部 3990 点的 3 倍。”</li><li>这是一个需要监控的重要动态。</li></ul></blockquote></p><p> <u><b>7. Call Options cont.</b></u>- Retail has pivoted from trading weekly call options on GME and AMC - only $6B combined notional per day to the stay-at-home playbook. The names with the highest daily option trading are also the largest index weights. In addition to ETF flows, the retail call option buying frenzy also takes the street short weekly gamma on single names. 75% of single stock options traded today have an expiry of two weeks or less.<b>Said another way, given GS YOLO risk sentiment basket has rolled over, does AAPL need to catch down next (or at least not see YOLO flows).</b></p><p><blockquote><u><b>7. 看涨期权期权续。</b></u>- 零售业已从每周在 GME 和 AMC 上交易看涨期权期权（每天名义交易总额仅为 60 亿美元）转向居家办公。每日期权交易量最高的名称也是最大的指数权重。除了 ETF 流动之外，零售看涨期权期权购买狂潮还占据了单个名称的每周 gamma。今天交易的单一股票期权中有 75% 的到期时间为两周或更短。<b>换句话说，鉴于 GS YOLO 风险情绪篮子已经翻转，AAPL 是否需要接下来追赶（或者至少看不到 YOLO 流量）。</b></blockquote></p><p> $181bln/day AMZN</p><p><blockquote>1810亿美元/天 AMZN</blockquote></p><p> $ 82bln/day TSLA</p><p><blockquote>820亿美元/天 TSLA</blockquote></p><p> $ 36bln/day AAPL</p><p><blockquote>360亿美元/天 AAPL</blockquote></p><p> --------------</p><p><blockquote>--------------</blockquote></p><p> <b>TOTAL TSLA/AMZN/AAPL: $299bln/day&nbsp; ------- What happens if call volume in mega cap tech declines?</b></p><p><blockquote><b>TSLA/AMZN/AAPL 总额：2990 亿美元/天 ----如果大型科技股的看涨期权交易量下降会发生什么？</b></blockquote></p><p> <ul>  <li>$ 26bln/day NVDA</li>  <li>$ 14bln/day GOOGL</li>  <li>$ 11bln/day FB</li>  <li>$ 10bln/day MSFT</li>  <li>$&nbsp; 8bln/day SHOP</li>  <li>$&nbsp; 8bln/day GOOG</li>  <li>$&nbsp; 8bln/day NFLX</li>  <li>$&nbsp; 7bln/day BABA</li> </ul> --------------</p><p><blockquote><ul><li>260亿美元/天NVDA</li><li>140亿美元/天GOOGL</li><li>110亿美元/天FB</li><li>100亿美元/天MSFT</li><li>每天80亿美元的商店</li><li>80亿美元/天谷歌</li><li>80亿美元/天NFLX</li><li>70亿美元/天爸爸</li></ul>--------------</blockquote></p><p> <b>TOTAL GOOG/GOOGL/MSFT/FB/NFLX/NVDA/SHOP/BABA: $90bln/day</b></p><p><blockquote><b>GOOG/GOOGL/MSFT/FB/NFLX/NVDA/SHOP/BABA总计：900亿美元/天</b></blockquote></p><p> <ul>  <li>$&nbsp; 4bln/day AMC</li>  <li>$&nbsp; 2bln/day GME</li> </ul> --------------</p><p><blockquote><ul><li>40亿美元/天AMC</li><li>20亿美元/天GME</li></ul>--------------</blockquote></p><p> <b>TOTAL AMC/GME: $6bln/day&nbsp; ------- No Mo’ Yolo? See chart below.</b></p><p><blockquote><b>AMC/GME 总额：60 亿美元/天 - 没有 Mo' Yolo？见下图。</b></blockquote></p><p> All other underlyings: $141bln/day</p><p><blockquote>所有其他基础资产：1410 亿美元/天</blockquote></p><p> <u><i><b>Total single stock option market:</b></i></u></p><p><blockquote><u><i><b>单一股票期权市场总量：</b></i></u></blockquote></p><p> <ul>  <li>$299bln/day TSLA/AMZN/AAPL</li>  <li>$ 90bln/day GOOG/GOOGL/MSFT/FB/NFLX/NVDA/SHOP/BABA</li>  <li>$&nbsp; 6bln/day AMC/GME</li>  <li>$141bln/day All other underlyings</li> </ul> --------------------</p><p><blockquote><ul><li>2990 亿美元/天 TSLA/AMZN/AAPL</li><li>900亿美元/天 谷歌/GOOGL/微软/脸书/NFLX/NVDA/商店/巴巴</li><li>60亿美元/天AMC/GME</li><li>1410 亿美元/天所有其他基础资产</li></ul>--------------------</blockquote></p><p> <b>$537bln/day Total</b></p><p><blockquote><b>5370亿美元/天总计</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/1f5678ad5b66dd918c2cbb51263c9df0\" tg-width=\"650\" tg-height=\"450\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b><u>8. Option Gamma Unwinds</u></b>- Option Expiry just rolled off -85% of the market long gamma. The market now has the ability to move more freely and trade less long gamma. Everyday last week the market would rally into the bell as dealers re-hedge their gamma (buying the dips). I get worried about summer end-of-day liquidity without gamma hedging and passive demand. I think there will be also a “institutional” demand to buy hedges into Jackson Hole fulling removing the long gamma taking the street short to hedge downside. We have seen more puts and put spreads on the desk this week than any week of 2021.</p><p><blockquote><b><u>8. 选项伽马展开</u></b>- 期权到期刚刚滚出市场多头伽马的 -85%。市场现在有能力更自由地移动，交易更少的长伽马。上周，随着交易商重新对冲他们的伽马（逢低买入），市场每天都会反弹到收盘。我开始担心没有伽马对冲和被动需求的夏季日终流动性。我认为，还将有 “机构 ”需求购买对冲杰克逊霍尔的套期保值，消除长期伽马做空以对冲下行空间。本周我们看到的看跌期权和看跌期权价差比 2021 年的任何一周都多。</blockquote></p><p> <ul>  <li>Wednesday (7/14) SPX gamma = +$4,625B</li>  <li>Thursday (7/15) SPX gamma = +$3,620B</li>  <li>Friday (7/16) SPX gamma = +$3,136B</li>  <li>Monday (7/19) SPX gamma = +$2,698B</li>  <li>Tuesday (7/20) SPX Gamma = +$713B.</li> </ul> <b>the Long S&amp;P 500 gamma has been reduced by -85% in the past 5 days taking dealers less long gamma.</b>This dynamic changes market behavior and we are seeing little demand to systematically overwrite from here even despite the move higher in vols. This is new.</p><p><blockquote><ul><li>星期三 (7/14) SPX gamma = +$4,625B</li><li>星期四 (7/15) SPX gamma = +$3,620B</li><li>星期五 (7/16) SPX gamma = +$3,136B</li><li>星期一 (7/19) SPX gamma = +$2,698B</li><li>星期二（7月20日）SPX伽马=+$713B。</li></ul><b>在过去的5天里，长标普500伽马减少了-85%，减少了经销商的长伽马。</b>这种动态改变了市场行为，尽管交易量有所上升，但我们几乎没有看到从这里系统地重写的需求。这是新的。</blockquote></p><p></p><p> <img src=\"https://static.tigerbbs.com/b78215d53696f99f4c746f296ae2d225\" tg-width=\"797\" tg-height=\"598\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <u><b>9. Systematic</b></u>- Non-economic is already near the max exposure and have little scope to add further from here. No threshold levels have triggered so far, but it is important to note the lack of ability to add from here, which asymmetrically skews the downside.</p><p><blockquote><u><b>9.系统性</b></u>- 非经济型已经接近最大敞口，从这里开始几乎没有进一步增加的空间。到目前为止，还没有触发阈值水平，但重要的是要注意缺乏从这里添加的能力，这不对称地扭曲了下行趋势。</blockquote></p><p> <ul>  <li><b>CTA</b>- 90% percentile on 1-year rank, 84% percentile on 3-yr rank.</li>  <li><b>GS models</b>-$9B of equities for sale over the next week. CTA’s are sellers in an up tape, down tape, down big tape. That’s not common. Check out big asymmetry to the downside over the next 1 month.</li>  <li><b>GS short term CTA ES1 Flip Level</b>= $4,257.90. We tripped this circuit breaker yesterday, but are higher this am. I expect GS sell expectations to increase.</li> </ul> <img src=\"https://static.tigerbbs.com/3efe5f0b54f671b5c1b366ff5514cf5c\" tg-width=\"751\" tg-height=\"323\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/232a48ec7525cb179f6cd8bc285b7e55\" tg-width=\"499\" tg-height=\"300\" referrerpolicy=\"no-referrer\"></p><p><blockquote><ul><li><b>CTA</b>- 1 年军衔为 90%，3 年军衔为 84%。</li><li><b>GS模型</b>-下周将出售 90 亿美元的股票。CTA 的销售员是上带、下带、下带。这并不常见。在接下来的一个月里，看看巨大的不对称性。</li><li><b>GS 短期 CTA ES1 翻转水平</b>=$4,257.90.我们昨天跳闸了这个断路器，但今天早上更高了。我预计 GS 的销售预期将会增加。</li></ul></blockquote></p><p> <b>b) Vol Control - 86% percentile on 1-year rank, 75% percentile on 3-yr rank. FYI. SPX Put/Call Ratio hit a fresh 1 year high yesterday.</b></p><p><blockquote><b>b)体积控制-1年等级86%百分位数，3年等级75%百分位数。仅供参考。SPX看跌期权/看涨期权比率昨天创下一年新高。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/a5553785fd8a0a66e717f5579ba6ee91\" tg-width=\"500\" tg-height=\"300\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>c) Risk Parity - 100% percentile on 1-year rank, 53% percentile on 3-yr rank.</b></p><p><blockquote><b>c) 风险平价 - 1 年等级为 100% 百分位，3 年等级为 53% 百分位。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/9be4d94aa1cd38dad335c1424d3be626\" tg-width=\"500\" tg-height=\"300\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>d) Total Systematic - 92% percentile on 1-year rank, 80% percentile on 3-yr rank. This is important. This non-emotional demand is at the max and will be sellers lower.</b></p><p><blockquote><b>d)总系统性-1年排名的92%百分位数，3年排名的80%百分位数。这很重要。这种非情绪化的需求达到了最大值，会降低卖家的价格。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/4068fa4e9a8c6c06f77627c9ee6e07b8\" tg-width=\"500\" tg-height=\"300\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <u><b>10. Liquidity</b></u>- The unofficial Rubner out of office outlook (OOO) reply meter. My note last week has week had the largest out of office kickbacks to the tune of “see you in a few weeks” or “gone fishing”. The upcoming calendar into Jackson Hole is important.</p><p><blockquote><u><b>10. 流动资金</b></u>- 非官方的 Rubner out of office outlook (OOO) 回复计数器。我上周的笔记显示，week 在 “几周后见 ”或 “去钓鱼 ”的曲调下获得了最大的回扣。即将到来的杰克逊霍尔日历很重要。</blockquote></p><p> <ol>  <li>next few weeks, extended vacation schedule first time in 12 months, etc, moved forward because Jackson hole.</li>  <li>Jackson Hole, August 26 (Thursday) - August 28 (Saturday) – Friday is the likely the key calendar, but potentially Saturday will be important. This moves hedges to the following week.</li>  <li>Labor Day, September 6 (Monday exchange holiday) - late this year</li>  <li>approximate First day of Children’s school, September 7 (Tuesday)</li>  <li>Liquidity = August Summer – ZZZZ. Top book liquidity declined SUBSTANTIALLY into the sell off yesterday.</li> </ol> *** despite being ranked 10 in the checklist. This is really chart #1. Liquidity dried up substantially yesterday on the screens. This chart peaked at $36M last Monday to $10.810M yesterday. This is a drop of $25M $ or ~70% in on screws liquidity in 1 week.</p><p><blockquote><ol><li>接下来的几周，12个月来第一次延长假期日程等，因为杰克逊霍尔而提前。</li><li>杰克逊霍尔，8月26日（星期四）-8月28日（星期六）-周五可能是关键的日历，但周六可能会很重要。这将对冲移动到下周。</li><li>劳动节，9 月 6 日（星期一交换假期） - 今年晚些时候</li><li>大约是9月7日（星期二）儿童开学第一天</li><li>流动性=八月夏季–ZZZZ。在昨天的抛售中，顶级账簿流动性大幅下降。</li></ol>***尽管在清单中排名第10。这真的是图表#1。昨天屏幕上的流动性大幅枯竭。该图表上周一达到 3600 万美元的峰值，昨天达到 1081 万美元。这意味着螺丝流动性在一周内下降了2500万美元，即约70%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/60db9087f28d7496be38eafbc0fa755e\" tg-width=\"650\" tg-height=\"450\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <u><b>11. Buybacks</b></u>: Buybacks are here, but so is equity issuance, which neutralizes the buyback impulse. As corporates meet corporates. From Sales and trading colleague, John Flood in his most recent trading note.</p><p><blockquote><u><b>11. 回购</b></u>：回购来了，但股票发行也来了，中和了回购冲动。当公司遇到公司时。来自销售和交易同事约翰·弗拉德在他最近的交易笔记中。</blockquote></p><p> <i>“It has been a paper party and this paper is getting harder to place. Last week we priced 11 registered deals in the U.S. ($3b notional) and this week already working on another 18 ($10b). This is especially noteworthy while in the depths of July.“</i></p><p><blockquote><i>“这一直是一场纸上谈兵的聚会，而且这篇论文越来越难发表。上周，我们对美国的 11 笔注册交易进行了定价（名义上 30 亿美元），本周已经在处理另外 18 笔交易（名义上 100 亿美元）。这一点在 7 月下旬尤其值得注意”。</i></blockquote></p><p> <ul>  <li>Last week there was $6.2 billion in equity issuance, compared with the July weekly average of $3.4 billion since 2000.</li>  <li>Last week there were 27 equity deals brought to market, compared with the July average of 15 deals per week since 2000.</li> </ul> <img src=\"https://static.tigerbbs.com/b680be938f506ba528c382fdb7d805ba\" tg-width=\"897\" tg-height=\"606\" referrerpolicy=\"no-referrer\"></p><p><blockquote><ul><li>上周股票发行量为 62 亿美元，而 2000 年以来 7 月份的平均周发行量为 34 亿美元。</li><li>上周有 27 笔股票交易推向市场，而自 2000 年以来，7 月份平均每周有 15 笔交易。</li></ul></blockquote></p><p> <i><b>Bottom Line:</b></i><i>Keep Tactical Flow of Funds Checklist on your radar for August. The technical market structure dynamics changes substantially during August</i><i><b>. I think there will be a dip (-5%) and it is meant to be bought heading late into Jackson Hole.</b></i><i>The consensus is calling for a larger equity market correction, I do not see it given the amount of capital in the system. I change my tone if we trigger key levels to the downside as sellers are lower. If August outflows actually happen, I think tech underperforms cyclical value reopen given high concentration and largest passive impact.</i><i><b>Once we see the first outflow in August, this will be the macro trigger for a tactical short</b></i><i>. Stay tuned and keep an eye on liquidity.</i></p><p><blockquote><i><b>底线：</b></i><i>将八月份的战术资金流清单留在你的雷达上。8月份技术市场结构动态发生重大变化</i><i><b>.我认为会有一个下跌（-5%），这意味着在进入杰克逊霍尔后期买入。</b></i><i>共识是呼吁进行更大规模的股票市场调整，考虑到系统中的资本数量，我看不到这一点。如果我们触发关键水平下行，因为卖家较低，我会改变我的语气。如果 8 月份资金流出确实发生，我认为鉴于高度集中和最大的被动影响，科技股的表现不如周期性价值重新开放。</i><i><b>一旦我们看到 8 月份的首次资金流出，这将是战术性做空的宏观触发因素</b></i><i>.保持关注，密切关注流动性。</i></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/entering-worst-seasonal-period-year-and-10-other-reasons-why-goldman-braces-august\">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":{".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.zerohedge.com/markets/entering-worst-seasonal-period-year-and-10-other-reasons-why-goldman-braces-august","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1192458370","content_text":"In a stark reversal to its bullish sentiment at the start of the month, when the bank first noted - correctly - that the S&P was entering itsbest 2-week seasonal period of the yearwhich it did between July 1 and 15 when it posted a series of new all time highs (before dumping on the 16th and the 19th)...\n\n... followed by a lengthy rationalization why \"the shorts will have to cover\", Goldman has been turning surprisingly bearish in recent days, and two days after Goldman flow trader John Flood urged Goldman clients \"not to buy this dip\" on Monday (spoiler alert: they did) his trading desk colleague Scott Rubner has published a report previewing why he anticipates a correction in the coming days and continuing through the Jackson Hole symposium at the end of August.\nHis note, from which we excerpt below, contains the key arguments behind Goldman's August \"correction\" thesis, including tactical flow of funds, an acceleration of sellers, and feedback from the GS equity trading floor.\nSo without further ado, here is Rubner, who lays out his \"11 point checklist for an August correction\", starting by noting that \"the #1 question that has hit my inbox/IB in the past 48 hours. What happens to the equity market when there is an outflow and buy demand slows?\" As we read below, the most appropriate answer is \"nothing good.\"\n\n11 point Checklist - Consensus client feedback for a quick equity risk reduction into potentially lower buy demand into Jackson hole. The consensus feedback seems to be calling for a -5% correction, which really gets to -4%. This is a recap of the talking points about to hit your inbox this week. I think this morning’s rally gets faded as buy tickets are completed early in the day.\n“Selling rallies” is the new dynamic vs. buying dips.\n\n1. Weak Seasonals- Since 1928, we just exited the best two-week period of the year. Friday’s option expiry ended the best seasonal period of the year.August seasonals are not market friendly and trend lower all of August, for the 4th worst two-week seasonal period of the year. Today you are here and Jackson hole is the low point of this chart. Since 1950, there have been 19 times in 72 years that the S&P is up at least >10% through the first half of the year. The median return for August specifically, following a strong 1H is typically down -51bps, before rallying higher.\n\n2. Largest outflows of the year- Investors allocate capital into the market in July and we have seen these record inflows. This is the biggest dynamic in the equity market this year period. Inflows continue at a record pace, annualizing at $1.2 trillion inflows for 2021. 401k inflows predominately flowed in S&P and NDX rather than ROW.\n\n3. Reversal of flows predicted for August- Equity inflows are not common in August. Over the last 30 years,August typically sees the largest outflows of the year. -15bps of AUM typically leaves stock market funds in August, on ~22 Trillion, we model -$33B worth of equities for sale.\n\n4. Outflows cont.To be clear, -$33B is not a significant $ figure when adjusted for market cap, however more important is that it’s not an inflow. The index level has remained at ATHs given inflows bid up the largest and biggest market cap index weights. On Monday we saw a large MOC imbalance for sale, this was unusual.\n\n5. Passive flows drive largest marketcaps- Passive ETFs logged the best full year of inflows on record, in just the first half of the year. (+500b). I watch the tape every day register large MOC imbalances to buy at 3:50pm EST,but what if this dynamic fades.Remember $1 inflow into SPY flows $.23 cents into top 5 companies and $1 inflow into QQQ flows $.41 cents into top 5. If inflows flip to outflows you will no longer see broad index dynamic.Then investors need to decide which sector becomes the funding source for outflows.\nJust how important has this been for the S&P 500? Important!\n\nGlobal Equity: 1-year: +$600B passive (IN) vs. $0.0B active (OUT) = >$600B.\nGlobal Equity: 5-year: +$2.30T passive (IN) vs. -$1.90T active (OUT) = >$4.2T\nGlobal Equity: 10-year: +$4T passive (IN) vs. -$3.0T active (OUT) = >$7.0T\nCurrent Global Equity Active AUM of $10.099T exceeds > Current Global Equity Passive AUM $7.225 T.\n\n\nSide note: ETFs represented 36% of the notional executed volumes, last levels since in March/April 2020. (YTD average) = 24%. Did you see the massive volumes in SQQQ Monday (3x short QQQ)?\n6. Single Stock Calls- This is set up is very similar to July and August 2020 blow-off top as a result of call option trading. Reminder, S&P sold off -392bps in September 2020 after call option volumes started to fade.\n\nOption notional has averaged an all-time record of +$550B per day in July. The top 3 traded stocks (AAPL, AMZN, and TSLA) make up $300B of daily volumes. Breadth in both options and stocks is low.\n\"Of 4000 Tradeable Single Stock options, the top 3 names make up 56% of the daily avg notional traded. Adding in the next 7, that ratio jumps to 72%.\"\n\"Said another way the top 10 underliers trade 3x more notional on an average day than the bottom 3990”\nThis is an important dynamic to monitor.\n\n\n7. Call Options cont.- Retail has pivoted from trading weekly call options on GME and AMC - only $6B combined notional per day to the stay-at-home playbook. The names with the highest daily option trading are also the largest index weights. In addition to ETF flows, the retail call option buying frenzy also takes the street short weekly gamma on single names. 75% of single stock options traded today have an expiry of two weeks or less.Said another way, given GS YOLO risk sentiment basket has rolled over, does AAPL need to catch down next (or at least not see YOLO flows).\n$181bln/day AMZN\n$ 82bln/day TSLA\n$ 36bln/day AAPL\n--------------\nTOTAL TSLA/AMZN/AAPL: $299bln/day  ------- What happens if call volume in mega cap tech declines?\n\n$ 26bln/day NVDA\n$ 14bln/day GOOGL\n$ 11bln/day FB\n$ 10bln/day MSFT\n$  8bln/day SHOP\n$  8bln/day GOOG\n$  8bln/day NFLX\n$  7bln/day BABA\n\n--------------\nTOTAL GOOG/GOOGL/MSFT/FB/NFLX/NVDA/SHOP/BABA: $90bln/day\n\n$  4bln/day AMC\n$  2bln/day GME\n\n--------------\nTOTAL AMC/GME: $6bln/day  ------- No Mo’ Yolo? See chart below.\nAll other underlyings: $141bln/day\nTotal single stock option market:\n\n$299bln/day TSLA/AMZN/AAPL\n$ 90bln/day GOOG/GOOGL/MSFT/FB/NFLX/NVDA/SHOP/BABA\n$  6bln/day AMC/GME\n$141bln/day All other underlyings\n\n--------------------\n$537bln/day Total\n\n8. Option Gamma Unwinds- Option Expiry just rolled off -85% of the market long gamma. The market now has the ability to move more freely and trade less long gamma. Everyday last week the market would rally into the bell as dealers re-hedge their gamma (buying the dips). I get worried about summer end-of-day liquidity without gamma hedging and passive demand. I think there will be also a “institutional” demand to buy hedges into Jackson Hole fulling removing the long gamma taking the street short to hedge downside. We have seen more puts and put spreads on the desk this week than any week of 2021.\n\nWednesday (7/14) SPX gamma = +$4,625B\nThursday (7/15) SPX gamma = +$3,620B\nFriday (7/16) SPX gamma = +$3,136B\nMonday (7/19) SPX gamma = +$2,698B\nTuesday (7/20) SPX Gamma = +$713B.\n\nthe Long S&P 500 gamma has been reduced by -85% in the past 5 days taking dealers less long gamma.This dynamic changes market behavior and we are seeing little demand to systematically overwrite from here even despite the move higher in vols. This is new.\n\n9. Systematic- Non-economic is already near the max exposure and have little scope to add further from here. No threshold levels have triggered so far, but it is important to note the lack of ability to add from here, which asymmetrically skews the downside.\n\nCTA- 90% percentile on 1-year rank, 84% percentile on 3-yr rank.\nGS models-$9B of equities for sale over the next week. CTA’s are sellers in an up tape, down tape, down big tape. That’s not common. Check out big asymmetry to the downside over the next 1 month.\nGS short term CTA ES1 Flip Level= $4,257.90. We tripped this circuit breaker yesterday, but are higher this am. I expect GS sell expectations to increase.\n\n\nb) Vol Control - 86% percentile on 1-year rank, 75% percentile on 3-yr rank. FYI. SPX Put/Call Ratio hit a fresh 1 year high yesterday.\n\nc) Risk Parity - 100% percentile on 1-year rank, 53% percentile on 3-yr rank.\n\nd) Total Systematic - 92% percentile on 1-year rank, 80% percentile on 3-yr rank. This is important. This non-emotional demand is at the max and will be sellers lower.\n\n10. Liquidity- The unofficial Rubner out of office outlook (OOO) reply meter. My note last week has week had the largest out of office kickbacks to the tune of “see you in a few weeks” or “gone fishing”. The upcoming calendar into Jackson Hole is important.\n\nnext few weeks, extended vacation schedule first time in 12 months, etc, moved forward because Jackson hole.\nJackson Hole, August 26 (Thursday) - August 28 (Saturday) – Friday is the likely the key calendar, but potentially Saturday will be important. This moves hedges to the following week.\nLabor Day, September 6 (Monday exchange holiday) - late this year\napproximate First day of Children’s school, September 7 (Tuesday)\nLiquidity = August Summer – ZZZZ. Top book liquidity declined SUBSTANTIALLY into the sell off yesterday.\n\n*** despite being ranked 10 in the checklist. This is really chart #1. Liquidity dried up substantially yesterday on the screens. This chart peaked at $36M last Monday to $10.810M yesterday. This is a drop of $25M $ or ~70% in on screws liquidity in 1 week.\n\n11. Buybacks: Buybacks are here, but so is equity issuance, which neutralizes the buyback impulse. As corporates meet corporates. From Sales and trading colleague, John Flood in his most recent trading note.\n“It has been a paper party and this paper is getting harder to place. Last week we priced 11 registered deals in the U.S. ($3b notional) and this week already working on another 18 ($10b). This is especially noteworthy while in the depths of July.“\n\nLast week there was $6.2 billion in equity issuance, compared with the July weekly average of $3.4 billion since 2000.\nLast week there were 27 equity deals brought to market, compared with the July average of 15 deals per week since 2000.\n\n\nBottom Line:Keep Tactical Flow of Funds Checklist on your radar for August. The technical market structure dynamics changes substantially during August. I think there will be a dip (-5%) and it is meant to be bought heading late into Jackson Hole.The consensus is calling for a larger equity market correction, I do not see it given the amount of capital in the system. I change my tone if we trigger key levels to the downside as sellers are lower. If August outflows actually happen, I think tech underperforms cyclical value reopen given high concentration and largest passive impact.Once we see the first outflow in August, this will be the macro trigger for a tactical short. Stay tuned and keep an eye on liquidity.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,"SPY":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":2720,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":175613341,"gmtCreate":1627028208983,"gmtModify":1631891284892,"author":{"id":"3582793651916821","authorId":"3582793651916821","name":"FrazerEr","avatar":"https://static.tigerbbs.com/9d5dff0eee122679c6bcd7532e992980","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582793651916821","authorIdStr":"3582793651916821"},"themes":[],"title":"","htmlText":"😭😭😭","listText":"😭😭😭","text":"😭😭😭","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/175613341","repostId":"1112567098","repostType":4,"isVote":1,"tweetType":1,"viewCount":2947,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":144186180,"gmtCreate":1626271761940,"gmtModify":1631891284895,"author":{"id":"3582793651916821","authorId":"3582793651916821","name":"FrazerEr","avatar":"https://static.tigerbbs.com/9d5dff0eee122679c6bcd7532e992980","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582793651916821","authorIdStr":"3582793651916821"},"themes":[],"title":"","htmlText":"Thanks","listText":"Thanks","text":"Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/144186180","repostId":"1144812338","repostType":4,"isVote":1,"tweetType":1,"viewCount":2235,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":145067959,"gmtCreate":1626183793271,"gmtModify":1631891284894,"author":{"id":"3582793651916821","authorId":"3582793651916821","name":"FrazerEr","avatar":"https://static.tigerbbs.com/9d5dff0eee122679c6bcd7532e992980","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582793651916821","authorIdStr":"3582793651916821"},"themes":[],"title":"","htmlText":"Great read!&nbsp;","listText":"Great read!&nbsp;","text":"Great read!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/145067959","repostId":"1185154176","repostType":4,"repost":{"id":"1185154176","kind":"news","pubTimestamp":1625886925,"share":"https://www.laohunote.com/m/news/1185154176?lang=zh_CN&edition=full","pubTime":"2021-07-10 11:15","market":"us","language":"en","title":"The bull market in stocks may last up to five years — here are six reasons why<blockquote>股市牛市可能会持续长达五年——以下是六个原因</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1185154176","media":"marketwatch","summary":"The economy is booming, earnings are rising, and the Federal Reserve is giving unprecedented support. When the stock market sells off, as it did Thursday, the right move was to buy your favorite stocks. Friday’s market action proved that.We are still only in the early stages of what is going to be a three- to five-year bull market in stocks, for these six reasons.Behind the scenes, consumers have massive unspent savings because they hunkered down for the pandemic. The personal savings rate hit n","content":"<p>The economy is booming, earnings are rising, and the Federal Reserve is giving unprecedented support</p><p><blockquote>经济正在蓬勃发展，收入正在上升，美联储正在提供前所未有的支持</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/16f57eb7b0f75afb2f46b6d61281db87\" tg-width=\"1260\" tg-height=\"839\"><span>(Photo by Jorge Guerrero/AFP via Getty Images)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（照片由豪尔赫·格雷罗/法新社通过盖蒂图片社提供）</span></p></blockquote></p><p> When the stock market sells off, as it did Thursday, the right move was to buy your favorite stocks. Friday’s market action proved that.</p><p><blockquote>当股市抛售时，就像周四一样，正确的做法是购买你最喜欢的股票。周五的市场走势证明了这一点。</blockquote></p><p> It’s true that there could be a correction, given the already sizable 17% gain in the S&amp;P 500 Index&nbsp;this year. But you should buy then, too.</p><p><blockquote>鉴于标普500指数今年已经上涨了 17%，确实可能会出现调整。但你也应该买。</blockquote></p><p> Here’s why.</p><p><blockquote>原因如下。</blockquote></p><p> We are still only in the early stages of what is going to be a three- to five-year bull market in stocks, for these six reasons.</p><p><blockquote>由于以下六个原因，我们仍处于三到五年股市牛市的早期阶段。</blockquote></p><p> <b>1. There’s tremendous pent-up demand</b></p><p><blockquote><b>1. 存在巨大的被压抑的需求</b></blockquote></p><p> Everyone is looking to the Federal Reserve for cues about stimulus. They are overlooking private-sector forces that will push stocks higher. To sum up, there’s huge pent-up private-sector demand that will help propel U.S. GDP growth to 8% this year and 3.5%-4.5% for years after that. The pent-up demand comes from the following sources, points out Jim Paulsen, chief strategist and economist at the Leuthold Group.</p><p><blockquote>每个人都在向美联储寻求有关刺激的线索。他们忽视了将推高股市的私营部门力量。综上所述，私营部门被压抑的巨大需求将有助于推动美国今年的 GDP 增长率达到 8%，之后几年将达到 3.5%-4.5%。Leuthold 集团首席策略师兼经济学家吉姆·保尔森 (Jim Paulsen) 指出，被压抑的需求来自以下来源。</blockquote></p><p> First, there’s been a surge in household formation, as millennials hit the family years. This helps explain the big uptick in home demand. Once you buy a house, you have to fill it up with stuff. More consumer demand on the way.</p><p><blockquote>首先，随着千禧一代进入家庭年龄，家庭组建激增。这有助于解释国内需求的大幅增长。一旦你买了房子，你就得把它装满东西。更多的消费者需求即将到来。</blockquote></p><p> Behind the scenes, consumers have massive unspent savings because they hunkered down for the pandemic. The personal savings rate hit nearly 16% of GDP, compared to a post war average of 6.5%. The prior high was 10% in 1970s.</p><p><blockquote>在幕后，消费者有大量未动用的储蓄，因为他们为疫情蹲下身子。个人储蓄率达到GDP的近16%，而战后平均水平为6.5%。之前的高点是20世纪70年代的10%。</blockquote></p><p> Relatedly, household balance sheets improved remarkably. Debt-to-income ratios are the lowest since the 1990s. Consumers will continue to tap more bank loans and credit card capacity, as their confidence increases because employment and the economy remain strong.</p><p><blockquote>与此相关的是，家庭资产负债表明显改善。债务收入比是20世纪90年代以来的最低水平。随着就业和经济保持强劲，消费者的信心增强，他们将继续利用更多的银行贷款和信用卡容量。</blockquote></p><p> Next, there will be plenty more newly employed people once the extra unemployment benefits expire in September. This means consumer confidence will improve, which invariably boosts economic growth. The labor participation rate has room to improve, leaving spare employment capacity before we hit the full employment that can cap economic growth.</p><p><blockquote>接下来，一旦额外的失业救济金在9月份到期，将会有更多的新就业人口。这意味着消费者信心将会改善，这无疑会促进经济增长。劳动力参与率还有提高的空间，在我们实现充分就业之前留下多余的就业能力，从而限制经济增长。</blockquote></p><p> Now let’s look at the pent-up demand in businesses.</p><p><blockquote>现在让我们来看看企业中被压抑的需求。</blockquote></p><p> You know all the shortages of stuff you keep running into or hearing about? Here’s why this is happening. To prepare for a prolonged epidemic, businesses cut inventories to the bone. It was the biggest inventory liquidation ever. But now, companies have to build back inventories. The ongoing inventory rebuild will be huge.</p><p><blockquote>你知道你经常遇到或听到的所有东西的短缺吗？这就是为什么会发生这种情况。为了应对长期的流行病，企业大幅削减库存。这是有史以来最大的库存清算。但现在，公司不得不重建库存。正在进行的库存重建将是巨大的。</blockquote></p><p> Companies also cut capacity, which they are building out again. Capital goods spending surged to record highs in the past year, advancing almost 23%, after being essentially flat for most of the prior two decades. This creates sustained growth, and it tells us a lot about business confidence.</p><p><blockquote>公司还削减了产能，并正在再次扩大产能。资本货物支出在过去二十年的大部分时间里基本持平后，去年飙升至历史新高，增长了近 23%。这创造了持续增长，并告诉我们很多关于商业信心的信息。</blockquote></p><p> <b>The bottom line</b>: We will see 7%-8% GDP growth this year, followed by 4%-4.5% next year and above average growth after that, supporting a sustained bull market in stocks. Expect the normal corrections along the way.</p><p><blockquote><b>底线</b>今年GDP将增长7%-8%，明年将增长4%-4.5%，之后将高于平均水平，支撑股市持续牛市。期待一路上的正常修正。</blockquote></p><p> <b>2. An under-appreciated earnings boom lies ahead</b></p><p><blockquote><b>2. 被低估的盈利繁荣即将到来</b></blockquote></p><p> The economic rebound has happened so quickly, analysts can’t keep up. Wall Street analysts project $190 a share in S&amp;P 500 earnings this year. But that is woefully low given the expected 7%-8% GDP growth and massive stimulus that has yet to kick in. Stimulus normally takes six to eight months to take effect, and a lot of the recent dollops happened inside that window.</p><p><blockquote>经济反弹发生得太快了，分析师们都跟不上了。华尔街分析师预计标普500今年每股收益为 190 美元。但考虑到预期的7%-8%的GDP增长和尚未生效的大规模刺激措施，这一数字低得可怜。刺激措施通常需要六到八个月才能生效，而最近的许多波动都发生在这个时间窗内。</blockquote></p><p> Paulsen expects 2021 S&amp;P 500 earnings will be more like $220 instead of the consensus estimate of $190.</p><p><blockquote>保尔森预计 2021 年标普500盈利将更接近 220 美元，而不是普遍预期的 190 美元。</blockquote></p><p> “Analysts are still under-appreciating how much profits have improved and how much they will improve,” says Paulsen. “We had dramatic overreaction from policy officials. They addressed the collapse, but created a massive improvement in fundamentals. This is still playing out in terms of the recovery in profits.”</p><p><blockquote>“保尔森说：”分析师仍然低估了利润已经提高了多少，以及利润将提高多少。“我们的政策官员反应过度。他们解决了崩盘问题，但基本面却有了巨大的改善。就利润复苏而言，这种情况仍在上演”。</blockquote></p><p> Plus, more fiscal stimulus is probably on the way, in the form of infrastructure spending.</p><p><blockquote>此外，更多的财政刺激可能即将以基础设施支出的形式出台。</blockquote></p><p> <b>3. There’s a new Fed in town</b></p><p><blockquote><b>3. 镇上有了新的美联储</b></blockquote></p><p> For much of the past three decades, the Fed has been quick to tighten its policy to ward off inflation. The central bank killed off growth in the process. That’s one reason why the past 20 years posted the slowest growth in the post-war era. Now, though, the Fed is much more accommodative and this may likely persist because inflation will remain sluggish (more on this, below).</p><p><blockquote>在过去三十年的大部分时间里，美联储一直在迅速收紧政策以抵御通货膨胀。在这个过程中，央行扼杀了增长。这也是过去 20 年是战后增长最慢的原因之一。然而，现在美联储更加宽松，这种情况可能会持续下去，因为通胀将保持低迷（更多内容见下文）。</blockquote></p><p></p><p> Here’s a simple gauge to measure this. Take GDP growth and subtract the yield on 10-year TreasuriesTMUBMUSD10Y,1.359%.This gauge was negative for much of 1980-2010, when the Fed kept growth cool to contain inflation. Now, though, Fed policy is helping to keep 10-year yields well below GDP growth, which allows the economy to run hot. This was the state of affairs during 1950-1965, which some analysts call “the golden age of capitalism” because of the glide path in growth.</p><p><blockquote>这里有一个简单的量规来衡量这一点。以 GDP 增长为例，减去 10 年期国债收益率 ESTMUBMUSD10Y，1.359%。该指标在 1980 年至 2010 年的大部分时间里都是负值，当时美联储保持增长冷静以遏制通胀。然而现在，美联储的政策正在帮助将 10 年期国债收益率保持在远低于 GDP 增长率的水平，这使得经济过热。这就是 1950-1965 年期间的情况，一些分析家称看涨期权为 “资本主义的黄金时代”，因为它在增长过程中出现了滑坡。</blockquote></p><p> <b>4. Inflation won’t kill the bull</b></p><p><blockquote><b>4. 通货膨胀不会杀死牛市</b></blockquote></p><p> Inflation may rise near term because the economy is so hot. But medium term, the inflation slayers will win out. Here’s a roundup. The population is aging, and older people spend less. The boom in business capital spending will continue to boost productivity at companies. This allows them to avoid passing along rising costs to customers. Global trade and competition have not gone away. This puts downward pressure on prices since goods can be made more cheaply in many foreign countries. Ongoing technological advances continually put downward pressure on tech products.</p><p><blockquote>由于经济如此火爆，通货膨胀在短期内可能会上升。但从中期来看，通胀杀手将获胜。以下是综述。人口老龄化，老年人消费减少。商业资本支出的激增将继续提高公司的生产力。这使他们能够避免将不断上涨的成本转嫁给客户。全球贸易和竞争并没有消失。这给价格带来了下行压力，因为在许多外国可以更便宜地生产商品。持续的技术进步不断给科技产品带来下行压力。</blockquote></p><p> <b>5. Valuations will improve</b></p><p><blockquote><b>5.估值将改善</b></blockquote></p><p> We’re now at the phase in the economic rebound where the following dynamic typically plays out. Stocks trade sideways for months, mostly because of worries about inflation and rising bond yields. All the while, the economy and earnings continue to grow, bringing down stock valuations. This dynamic played out at about this point in prior economic rebounds during 1983-84, 1993-94, 2004-05 and 2009-10. In short, we will see a big surge in earnings while the stock market marks time, or even corrects.</p><p><blockquote>我们现在正处于经济反弹阶段，通常会出现以下动态。几个月来，股市一直横盘整理，主要是因为对通货膨胀和债券收益率上升的担忧。与此同时，经济和盈利持续增长，降低了股票估值。这种动态在1983-84年、1993-94年、2004-05年和2009-10年的经济反弹中大约在这一点上表现出来。简而言之，当股市标记时间，甚至回调时，我们将看到盈利大幅飙升。</blockquote></p><p> This will reset stock valuations lower, removing one of the chief concerns among investors — high valuations. If S&amp;P 500 earnings hit $220 by the end of the year and the index is at 4,000 to 4,100 points because of a correction, stocks will be at an 18-19 price earnings ratio — below the average since 1990.</p><p><blockquote>这将使股票估值降低，消除投资者的主要担忧之一——高估值。如果标普500的盈利在今年年底达到 220 美元，并且该指数因调整而处于 4,000 至 4,100 点，那么股票的市盈率将为 18-19，低于 1990 年以来的平均水平。</blockquote></p><p> True to form, the Dow Jones Industrial AverageDJIA,+1.30%and the Russell 2000&nbsp;small-cap index have traded sideways for two to four months. The S&amp;P 500 and Nasdaq&nbsp;recently broke out of trading ranges, but a bigger pullback would send them back into sideways action mode.</p><p><blockquote>一如既往，道琼斯工业平均指数 (DJIA) 和罗素 2000 小型股指数已经横盘整理了两到四个月。标普500和纳斯达克最近突破了交易区间，但更大的回调将使它们回到横盘整理模式。</blockquote></p><p> <b>6. Sentiment isn’t extreme</b></p><p><blockquote><b>6. 情绪并不极端</b></blockquote></p><p> As a contrarian, I look for excessive sentiment as a sign that it’s time to raise some cash. We don’t see that yet. A simple gauge to follow is the Investors Intelligence Bull/Bear ratio. It recently came in at 3.92. That’s near the warning path, which for me starts at 4. On the other hand, mutual fund cash was recently at $4.6 trillion, near historical highs. This represents caution among investors.</p><p><blockquote>作为一个逆向投资者，我认为过度的情绪是时候筹集一些现金了。我们还没看到。一个简单的衡量标准是投资者情报牛熊比率。它最近的价格是3.92。那是在警告路径附近，对我来说，警告路径是从 4 点开始的。另一方面，共同基金现金最近达到 4.6 万亿美元，接近历史高位。这代表了投资者的谨慎。</blockquote></p><p> <b>Three themes to follow</b></p><p><blockquote><b>遵循的三个主题</b></blockquote></p><p> If we are in store for a sustained economic recovery and a multi-year bull market in stocks, it will pay to follow these three themes.</p><p><blockquote>如果我们即将迎来经济持续复苏和股市多年牛市，那么遵循这三个主题将是值得的。</blockquote></p><p> <b>Favor cyclicals.</b>Stay with economically sensitive businesses and add to your holdings in them on pullbacks. This means cyclical companies in areas like financials, materials, industrials and consumer discretionary businesses.</p><p><blockquote><b>青睐周期性产品。</b>持有对经济敏感的业务，并在回调时增持这些业务。这意味着金融、材料、工业和非必需消费品业务等领域的周期性公司。</blockquote></p><p> <b>Avoid defensives.</b>If you want yield, go with stocks that pay a dividend but also have capital appreciation potential — not steady growth companies selling stuff like consumer staples. On this theme, in my stock letter Brush Up on Stocks (the link is in bio, below) I’ve recently suggested or reiterated Home Depot&nbsp;in retail, B. Riley Financial,a markets and investment banking name, and Regional Management&nbsp;in consumer finance.</p><p><blockquote><b>避免防御。</b>如果你想要收益率，那就选择支付股息但也有资本增值潜力的股票——而不是销售必需品等商品的稳定增长公司。关于这个主题，在我的股票信中（链接在下面的简介中），我最近建议或重申了家得宝（Home Depot）在零售业、B. Riley Financial（一家市场和投资银行公司）以及消费金融领域的区域管理。</blockquote></p><p> <b>Favor emerging markets.</b>Their growth tends to be higher during expansions. Just be careful with China. It has an aging population. Limited workforce growth may constrain economic growth. Another challenge is that ongoing U.S.-China tensions and the related threat of persistent tariffs and trade barriers have global companies relocating supply chains elsewhere.</p><p><blockquote><b>青睐新兴市场。</b>在扩张期间，它们的增长往往会更高。小心中国。它的人口老龄化。有限的劳动力增长可能会限制经济增长。另一个挑战是，持续的中美紧张局势以及持续关税和贸易壁垒的相关威胁迫使全球公司将供应链转移到其他地方。</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>The bull market in stocks may last up to five years — here are six reasons why<blockquote>股市牛市可能会持续长达五年——以下是六个原因</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe bull market in stocks may last up to five years — here are six reasons why<blockquote>股市牛市可能会持续长达五年——以下是六个原因</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">marketwatch</strong><span class=\"h-time small\">2021-07-10 11:15</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The economy is booming, earnings are rising, and the Federal Reserve is giving unprecedented support</p><p><blockquote>经济正在蓬勃发展，收入正在上升，美联储正在提供前所未有的支持</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/16f57eb7b0f75afb2f46b6d61281db87\" tg-width=\"1260\" tg-height=\"839\"><span>(Photo by Jorge Guerrero/AFP via Getty Images)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（照片由豪尔赫·格雷罗/法新社通过盖蒂图片社提供）</span></p></blockquote></p><p> When the stock market sells off, as it did Thursday, the right move was to buy your favorite stocks. Friday’s market action proved that.</p><p><blockquote>当股市抛售时，就像周四一样，正确的做法是购买你最喜欢的股票。周五的市场走势证明了这一点。</blockquote></p><p> It’s true that there could be a correction, given the already sizable 17% gain in the S&amp;P 500 Index&nbsp;this year. But you should buy then, too.</p><p><blockquote>鉴于标普500指数今年已经上涨了 17%，确实可能会出现调整。但你也应该买。</blockquote></p><p> Here’s why.</p><p><blockquote>原因如下。</blockquote></p><p> We are still only in the early stages of what is going to be a three- to five-year bull market in stocks, for these six reasons.</p><p><blockquote>由于以下六个原因，我们仍处于三到五年股市牛市的早期阶段。</blockquote></p><p> <b>1. There’s tremendous pent-up demand</b></p><p><blockquote><b>1. 存在巨大的被压抑的需求</b></blockquote></p><p> Everyone is looking to the Federal Reserve for cues about stimulus. They are overlooking private-sector forces that will push stocks higher. To sum up, there’s huge pent-up private-sector demand that will help propel U.S. GDP growth to 8% this year and 3.5%-4.5% for years after that. The pent-up demand comes from the following sources, points out Jim Paulsen, chief strategist and economist at the Leuthold Group.</p><p><blockquote>每个人都在向美联储寻求有关刺激的线索。他们忽视了将推高股市的私营部门力量。综上所述，私营部门被压抑的巨大需求将有助于推动美国今年的 GDP 增长率达到 8%，之后几年将达到 3.5%-4.5%。Leuthold 集团首席策略师兼经济学家吉姆·保尔森 (Jim Paulsen) 指出，被压抑的需求来自以下来源。</blockquote></p><p> First, there’s been a surge in household formation, as millennials hit the family years. This helps explain the big uptick in home demand. Once you buy a house, you have to fill it up with stuff. More consumer demand on the way.</p><p><blockquote>首先，随着千禧一代进入家庭年龄，家庭组建激增。这有助于解释国内需求的大幅增长。一旦你买了房子，你就得把它装满东西。更多的消费者需求即将到来。</blockquote></p><p> Behind the scenes, consumers have massive unspent savings because they hunkered down for the pandemic. The personal savings rate hit nearly 16% of GDP, compared to a post war average of 6.5%. The prior high was 10% in 1970s.</p><p><blockquote>在幕后，消费者有大量未动用的储蓄，因为他们为疫情蹲下身子。个人储蓄率达到GDP的近16%，而战后平均水平为6.5%。之前的高点是20世纪70年代的10%。</blockquote></p><p> Relatedly, household balance sheets improved remarkably. Debt-to-income ratios are the lowest since the 1990s. Consumers will continue to tap more bank loans and credit card capacity, as their confidence increases because employment and the economy remain strong.</p><p><blockquote>与此相关的是，家庭资产负债表明显改善。债务收入比是20世纪90年代以来的最低水平。随着就业和经济保持强劲，消费者的信心增强，他们将继续利用更多的银行贷款和信用卡容量。</blockquote></p><p> Next, there will be plenty more newly employed people once the extra unemployment benefits expire in September. This means consumer confidence will improve, which invariably boosts economic growth. The labor participation rate has room to improve, leaving spare employment capacity before we hit the full employment that can cap economic growth.</p><p><blockquote>接下来，一旦额外的失业救济金在9月份到期，将会有更多的新就业人口。这意味着消费者信心将会改善，这无疑会促进经济增长。劳动力参与率还有提高的空间，在我们实现充分就业之前留下多余的就业能力，从而限制经济增长。</blockquote></p><p> Now let’s look at the pent-up demand in businesses.</p><p><blockquote>现在让我们来看看企业中被压抑的需求。</blockquote></p><p> You know all the shortages of stuff you keep running into or hearing about? Here’s why this is happening. To prepare for a prolonged epidemic, businesses cut inventories to the bone. It was the biggest inventory liquidation ever. But now, companies have to build back inventories. The ongoing inventory rebuild will be huge.</p><p><blockquote>你知道你经常遇到或听到的所有东西的短缺吗？这就是为什么会发生这种情况。为了应对长期的流行病，企业大幅削减库存。这是有史以来最大的库存清算。但现在，公司不得不重建库存。正在进行的库存重建将是巨大的。</blockquote></p><p> Companies also cut capacity, which they are building out again. Capital goods spending surged to record highs in the past year, advancing almost 23%, after being essentially flat for most of the prior two decades. This creates sustained growth, and it tells us a lot about business confidence.</p><p><blockquote>公司还削减了产能，并正在再次扩大产能。资本货物支出在过去二十年的大部分时间里基本持平后，去年飙升至历史新高，增长了近 23%。这创造了持续增长，并告诉我们很多关于商业信心的信息。</blockquote></p><p> <b>The bottom line</b>: We will see 7%-8% GDP growth this year, followed by 4%-4.5% next year and above average growth after that, supporting a sustained bull market in stocks. Expect the normal corrections along the way.</p><p><blockquote><b>底线</b>今年GDP将增长7%-8%，明年将增长4%-4.5%，之后将高于平均水平，支撑股市持续牛市。期待一路上的正常修正。</blockquote></p><p> <b>2. An under-appreciated earnings boom lies ahead</b></p><p><blockquote><b>2. 被低估的盈利繁荣即将到来</b></blockquote></p><p> The economic rebound has happened so quickly, analysts can’t keep up. Wall Street analysts project $190 a share in S&amp;P 500 earnings this year. But that is woefully low given the expected 7%-8% GDP growth and massive stimulus that has yet to kick in. Stimulus normally takes six to eight months to take effect, and a lot of the recent dollops happened inside that window.</p><p><blockquote>经济反弹发生得太快了，分析师们都跟不上了。华尔街分析师预计标普500今年每股收益为 190 美元。但考虑到预期的7%-8%的GDP增长和尚未生效的大规模刺激措施，这一数字低得可怜。刺激措施通常需要六到八个月才能生效，而最近的许多波动都发生在这个时间窗内。</blockquote></p><p> Paulsen expects 2021 S&amp;P 500 earnings will be more like $220 instead of the consensus estimate of $190.</p><p><blockquote>保尔森预计 2021 年标普500盈利将更接近 220 美元，而不是普遍预期的 190 美元。</blockquote></p><p> “Analysts are still under-appreciating how much profits have improved and how much they will improve,” says Paulsen. “We had dramatic overreaction from policy officials. They addressed the collapse, but created a massive improvement in fundamentals. This is still playing out in terms of the recovery in profits.”</p><p><blockquote>“保尔森说：”分析师仍然低估了利润已经提高了多少，以及利润将提高多少。“我们的政策官员反应过度。他们解决了崩盘问题，但基本面却有了巨大的改善。就利润复苏而言，这种情况仍在上演”。</blockquote></p><p> Plus, more fiscal stimulus is probably on the way, in the form of infrastructure spending.</p><p><blockquote>此外，更多的财政刺激可能即将以基础设施支出的形式出台。</blockquote></p><p> <b>3. There’s a new Fed in town</b></p><p><blockquote><b>3. 镇上有了新的美联储</b></blockquote></p><p> For much of the past three decades, the Fed has been quick to tighten its policy to ward off inflation. The central bank killed off growth in the process. That’s one reason why the past 20 years posted the slowest growth in the post-war era. Now, though, the Fed is much more accommodative and this may likely persist because inflation will remain sluggish (more on this, below).</p><p><blockquote>在过去三十年的大部分时间里，美联储一直在迅速收紧政策以抵御通货膨胀。在这个过程中，央行扼杀了增长。这也是过去 20 年是战后增长最慢的原因之一。然而，现在美联储更加宽松，这种情况可能会持续下去，因为通胀将保持低迷（更多内容见下文）。</blockquote></p><p></p><p> Here’s a simple gauge to measure this. Take GDP growth and subtract the yield on 10-year TreasuriesTMUBMUSD10Y,1.359%.This gauge was negative for much of 1980-2010, when the Fed kept growth cool to contain inflation. Now, though, Fed policy is helping to keep 10-year yields well below GDP growth, which allows the economy to run hot. This was the state of affairs during 1950-1965, which some analysts call “the golden age of capitalism” because of the glide path in growth.</p><p><blockquote>这里有一个简单的量规来衡量这一点。以 GDP 增长为例，减去 10 年期国债收益率 ESTMUBMUSD10Y，1.359%。该指标在 1980 年至 2010 年的大部分时间里都是负值，当时美联储保持增长冷静以遏制通胀。然而现在，美联储的政策正在帮助将 10 年期国债收益率保持在远低于 GDP 增长率的水平，这使得经济过热。这就是 1950-1965 年期间的情况，一些分析家称看涨期权为 “资本主义的黄金时代”，因为它在增长过程中出现了滑坡。</blockquote></p><p> <b>4. Inflation won’t kill the bull</b></p><p><blockquote><b>4. 通货膨胀不会杀死牛市</b></blockquote></p><p> Inflation may rise near term because the economy is so hot. But medium term, the inflation slayers will win out. Here’s a roundup. The population is aging, and older people spend less. The boom in business capital spending will continue to boost productivity at companies. This allows them to avoid passing along rising costs to customers. Global trade and competition have not gone away. This puts downward pressure on prices since goods can be made more cheaply in many foreign countries. Ongoing technological advances continually put downward pressure on tech products.</p><p><blockquote>由于经济如此火爆，通货膨胀在短期内可能会上升。但从中期来看，通胀杀手将获胜。以下是综述。人口老龄化，老年人消费减少。商业资本支出的激增将继续提高公司的生产力。这使他们能够避免将不断上涨的成本转嫁给客户。全球贸易和竞争并没有消失。这给价格带来了下行压力，因为在许多外国可以更便宜地生产商品。持续的技术进步不断给科技产品带来下行压力。</blockquote></p><p> <b>5. Valuations will improve</b></p><p><blockquote><b>5.估值将改善</b></blockquote></p><p> We’re now at the phase in the economic rebound where the following dynamic typically plays out. Stocks trade sideways for months, mostly because of worries about inflation and rising bond yields. All the while, the economy and earnings continue to grow, bringing down stock valuations. This dynamic played out at about this point in prior economic rebounds during 1983-84, 1993-94, 2004-05 and 2009-10. In short, we will see a big surge in earnings while the stock market marks time, or even corrects.</p><p><blockquote>我们现在正处于经济反弹阶段，通常会出现以下动态。几个月来，股市一直横盘整理，主要是因为对通货膨胀和债券收益率上升的担忧。与此同时，经济和盈利持续增长，降低了股票估值。这种动态在1983-84年、1993-94年、2004-05年和2009-10年的经济反弹中大约在这一点上表现出来。简而言之，当股市标记时间，甚至回调时，我们将看到盈利大幅飙升。</blockquote></p><p> This will reset stock valuations lower, removing one of the chief concerns among investors — high valuations. If S&amp;P 500 earnings hit $220 by the end of the year and the index is at 4,000 to 4,100 points because of a correction, stocks will be at an 18-19 price earnings ratio — below the average since 1990.</p><p><blockquote>这将使股票估值降低，消除投资者的主要担忧之一——高估值。如果标普500的盈利在今年年底达到 220 美元，并且该指数因调整而处于 4,000 至 4,100 点，那么股票的市盈率将为 18-19，低于 1990 年以来的平均水平。</blockquote></p><p> True to form, the Dow Jones Industrial AverageDJIA,+1.30%and the Russell 2000&nbsp;small-cap index have traded sideways for two to four months. The S&amp;P 500 and Nasdaq&nbsp;recently broke out of trading ranges, but a bigger pullback would send them back into sideways action mode.</p><p><blockquote>一如既往，道琼斯工业平均指数 (DJIA) 和罗素 2000 小型股指数已经横盘整理了两到四个月。标普500和纳斯达克最近突破了交易区间，但更大的回调将使它们回到横盘整理模式。</blockquote></p><p> <b>6. Sentiment isn’t extreme</b></p><p><blockquote><b>6. 情绪并不极端</b></blockquote></p><p> As a contrarian, I look for excessive sentiment as a sign that it’s time to raise some cash. We don’t see that yet. A simple gauge to follow is the Investors Intelligence Bull/Bear ratio. It recently came in at 3.92. That’s near the warning path, which for me starts at 4. On the other hand, mutual fund cash was recently at $4.6 trillion, near historical highs. This represents caution among investors.</p><p><blockquote>作为一个逆向投资者，我认为过度的情绪是时候筹集一些现金了。我们还没看到。一个简单的衡量标准是投资者情报牛熊比率。它最近的价格是3.92。那是在警告路径附近，对我来说，警告路径是从 4 点开始的。另一方面，共同基金现金最近达到 4.6 万亿美元，接近历史高位。这代表了投资者的谨慎。</blockquote></p><p> <b>Three themes to follow</b></p><p><blockquote><b>遵循的三个主题</b></blockquote></p><p> If we are in store for a sustained economic recovery and a multi-year bull market in stocks, it will pay to follow these three themes.</p><p><blockquote>如果我们即将迎来经济持续复苏和股市多年牛市，那么遵循这三个主题将是值得的。</blockquote></p><p> <b>Favor cyclicals.</b>Stay with economically sensitive businesses and add to your holdings in them on pullbacks. This means cyclical companies in areas like financials, materials, industrials and consumer discretionary businesses.</p><p><blockquote><b>青睐周期性产品。</b>持有对经济敏感的业务，并在回调时增持这些业务。这意味着金融、材料、工业和非必需消费品业务等领域的周期性公司。</blockquote></p><p> <b>Avoid defensives.</b>If you want yield, go with stocks that pay a dividend but also have capital appreciation potential — not steady growth companies selling stuff like consumer staples. On this theme, in my stock letter Brush Up on Stocks (the link is in bio, below) I’ve recently suggested or reiterated Home Depot&nbsp;in retail, B. Riley Financial,a markets and investment banking name, and Regional Management&nbsp;in consumer finance.</p><p><blockquote><b>避免防御。</b>如果你想要收益率，那就选择支付股息但也有资本增值潜力的股票——而不是销售必需品等商品的稳定增长公司。关于这个主题，在我的股票信中（链接在下面的简介中），我最近建议或重申了家得宝（Home Depot）在零售业、B. Riley Financial（一家市场和投资银行公司）以及消费金融领域的区域管理。</blockquote></p><p> <b>Favor emerging markets.</b>Their growth tends to be higher during expansions. Just be careful with China. It has an aging population. Limited workforce growth may constrain economic growth. Another challenge is that ongoing U.S.-China tensions and the related threat of persistent tariffs and trade barriers have global companies relocating supply chains elsewhere.</p><p><blockquote><b>青睐新兴市场。</b>在扩张期间，它们的增长往往会更高。小心中国。它的人口老龄化。有限的劳动力增长可能会限制经济增长。另一个挑战是，持续的中美紧张局势以及持续关税和贸易壁垒的相关威胁迫使全球公司将供应链转移到其他地方。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/the-bull-market-in-stocks-may-last-up-to-five-years-here-are-six-reasons-why-11625842781?mod=home-page\">marketwatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://www.marketwatch.com/story/the-bull-market-in-stocks-may-last-up-to-five-years-here-are-six-reasons-why-11625842781?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1185154176","content_text":"The economy is booming, earnings are rising, and the Federal Reserve is giving unprecedented support\n(Photo by Jorge Guerrero/AFP via Getty Images)\nWhen the stock market sells off, as it did Thursday, the right move was to buy your favorite stocks. Friday’s market action proved that.\nIt’s true that there could be a correction, given the already sizable 17% gain in the S&P 500 Index this year. But you should buy then, too.\nHere’s why.\nWe are still only in the early stages of what is going to be a three- to five-year bull market in stocks, for these six reasons.\n1. There’s tremendous pent-up demand\nEveryone is looking to the Federal Reserve for cues about stimulus. They are overlooking private-sector forces that will push stocks higher. To sum up, there’s huge pent-up private-sector demand that will help propel U.S. GDP growth to 8% this year and 3.5%-4.5% for years after that. The pent-up demand comes from the following sources, points out Jim Paulsen, chief strategist and economist at the Leuthold Group.\nFirst, there’s been a surge in household formation, as millennials hit the family years. This helps explain the big uptick in home demand. Once you buy a house, you have to fill it up with stuff. More consumer demand on the way.\nBehind the scenes, consumers have massive unspent savings because they hunkered down for the pandemic. The personal savings rate hit nearly 16% of GDP, compared to a post war average of 6.5%. The prior high was 10% in 1970s.\nRelatedly, household balance sheets improved remarkably. Debt-to-income ratios are the lowest since the 1990s. Consumers will continue to tap more bank loans and credit card capacity, as their confidence increases because employment and the economy remain strong.\nNext, there will be plenty more newly employed people once the extra unemployment benefits expire in September. This means consumer confidence will improve, which invariably boosts economic growth. The labor participation rate has room to improve, leaving spare employment capacity before we hit the full employment that can cap economic growth.\nNow let’s look at the pent-up demand in businesses.\nYou know all the shortages of stuff you keep running into or hearing about? Here’s why this is happening. To prepare for a prolonged epidemic, businesses cut inventories to the bone. It was the biggest inventory liquidation ever. But now, companies have to build back inventories. The ongoing inventory rebuild will be huge.\nCompanies also cut capacity, which they are building out again. Capital goods spending surged to record highs in the past year, advancing almost 23%, after being essentially flat for most of the prior two decades. This creates sustained growth, and it tells us a lot about business confidence.\nThe bottom line: We will see 7%-8% GDP growth this year, followed by 4%-4.5% next year and above average growth after that, supporting a sustained bull market in stocks. Expect the normal corrections along the way.\n2. An under-appreciated earnings boom lies ahead\nThe economic rebound has happened so quickly, analysts can’t keep up. Wall Street analysts project $190 a share in S&P 500 earnings this year. But that is woefully low given the expected 7%-8% GDP growth and massive stimulus that has yet to kick in. Stimulus normally takes six to eight months to take effect, and a lot of the recent dollops happened inside that window.\nPaulsen expects 2021 S&P 500 earnings will be more like $220 instead of the consensus estimate of $190.\n“Analysts are still under-appreciating how much profits have improved and how much they will improve,” says Paulsen. “We had dramatic overreaction from policy officials. They addressed the collapse, but created a massive improvement in fundamentals. This is still playing out in terms of the recovery in profits.”\nPlus, more fiscal stimulus is probably on the way, in the form of infrastructure spending.\n3. There’s a new Fed in town\nFor much of the past three decades, the Fed has been quick to tighten its policy to ward off inflation. The central bank killed off growth in the process. That’s one reason why the past 20 years posted the slowest growth in the post-war era. Now, though, the Fed is much more accommodative and this may likely persist because inflation will remain sluggish (more on this, below).\nHere’s a simple gauge to measure this. Take GDP growth and subtract the yield on 10-year TreasuriesTMUBMUSD10Y,1.359%.This gauge was negative for much of 1980-2010, when the Fed kept growth cool to contain inflation. Now, though, Fed policy is helping to keep 10-year yields well below GDP growth, which allows the economy to run hot. This was the state of affairs during 1950-1965, which some analysts call “the golden age of capitalism” because of the glide path in growth.\n4. Inflation won’t kill the bull\nInflation may rise near term because the economy is so hot. But medium term, the inflation slayers will win out. Here’s a roundup. The population is aging, and older people spend less. The boom in business capital spending will continue to boost productivity at companies. This allows them to avoid passing along rising costs to customers. Global trade and competition have not gone away. This puts downward pressure on prices since goods can be made more cheaply in many foreign countries. Ongoing technological advances continually put downward pressure on tech products.\n5. Valuations will improve\nWe’re now at the phase in the economic rebound where the following dynamic typically plays out. Stocks trade sideways for months, mostly because of worries about inflation and rising bond yields. All the while, the economy and earnings continue to grow, bringing down stock valuations. This dynamic played out at about this point in prior economic rebounds during 1983-84, 1993-94, 2004-05 and 2009-10. In short, we will see a big surge in earnings while the stock market marks time, or even corrects.\nThis will reset stock valuations lower, removing one of the chief concerns among investors — high valuations. If S&P 500 earnings hit $220 by the end of the year and the index is at 4,000 to 4,100 points because of a correction, stocks will be at an 18-19 price earnings ratio — below the average since 1990.\nTrue to form, the Dow Jones Industrial AverageDJIA,+1.30%and the Russell 2000 small-cap index have traded sideways for two to four months. The S&P 500 and Nasdaq recently broke out of trading ranges, but a bigger pullback would send them back into sideways action mode.\n6. Sentiment isn’t extreme\nAs a contrarian, I look for excessive sentiment as a sign that it’s time to raise some cash. We don’t see that yet. A simple gauge to follow is the Investors Intelligence Bull/Bear ratio. It recently came in at 3.92. That’s near the warning path, which for me starts at 4. On the other hand, mutual fund cash was recently at $4.6 trillion, near historical highs. This represents caution among investors.\nThree themes to follow\nIf we are in store for a sustained economic recovery and a multi-year bull market in stocks, it will pay to follow these three themes.\nFavor cyclicals.Stay with economically sensitive businesses and add to your holdings in them on pullbacks. This means cyclical companies in areas like financials, materials, industrials and consumer discretionary businesses.\nAvoid defensives.If you want yield, go with stocks that pay a dividend but also have capital appreciation potential — not steady growth companies selling stuff like consumer staples. On this theme, in my stock letter Brush Up on Stocks (the link is in bio, below) I’ve recently suggested or reiterated Home Depot in retail, B. Riley Financial,a markets and investment banking name, and Regional Management in consumer finance.\nFavor emerging markets.Their growth tends to be higher during expansions. Just be careful with China. It has an aging population. Limited workforce growth may constrain economic growth. Another challenge is that ongoing U.S.-China tensions and the related threat of persistent tariffs and trade barriers have global companies relocating supply chains elsewhere.","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":3725,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":148277824,"gmtCreate":1625983688168,"gmtModify":1631891284903,"author":{"id":"3582793651916821","authorId":"3582793651916821","name":"FrazerEr","avatar":"https://static.tigerbbs.com/9d5dff0eee122679c6bcd7532e992980","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582793651916821","authorIdStr":"3582793651916821"},"themes":[],"title":"","htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/148277824","repostId":"1112201050","repostType":4,"repost":{"id":"1112201050","kind":"news","pubTimestamp":1625966101,"share":"https://www.laohunote.com/m/news/1112201050?lang=zh_CN&edition=full","pubTime":"2021-07-11 09:15","market":"us","language":"en","title":"The Meme Stock Trade Is Far From Over. What Investors Need to Know.<blockquote>模因股票交易远未结束。投资者需要了解的内容。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1112201050","media":"Barrons","summary":"It seemed to be only a matter of time.\nWhen GameStop (ticker: GME), BlackBerry (BB), and even the de","content":"<p>It seemed to be only a matter of time.</p><p><blockquote>这似乎只是时间问题。</blockquote></p><p> When GameStop (ticker: GME), BlackBerry (BB), and even the desiccated carcass of Blockbuster suddenly sprang to life in January, the clock was already ticking for when they would crash again. Would it be hours, days, or weeks?</p><p><blockquote>当游戏驿站（股票代码：GME）、黑莓（BB），甚至百视达的干涸尸体在一月份突然复活时，它们何时会再次坠毁的时间已经在流逝。会是几个小时、几天还是几周？</blockquote></p><p> It has now been half a year, and the core “meme stocks” are still trading at levels considered outrageous by people who have studied them for years. New names like&nbsp;Clover Health Investments(CLOV) and&nbsp;Newegg Commerce(NEGG) have recently popped up on message boards, and their stocks have popped, too.</p><p><blockquote>现在已经过去半年了，核心 “备忘录股票 ”的交易价格仍然处于研究这些股票多年的人认为离谱的水平。Clover Health Investments (CLOV) 和 Newegg Commerce (NEGG) 等新名称最近出现在留言板上，它们的股票也随之上涨。</blockquote></p><p> The collective efforts of millions of retail traders—long derided as “the dumb money”—have successfully held stocks aloft and forced naysayers to capitulate.</p><p><blockquote>数百万散户交易员--长期以来被嘲笑为 “哑巴钱 ”--的集体努力成功地让股市飙升，并迫使反对者投降。</blockquote></p><p> That is true even as the companies they are betting on have shown scant signs of transforming their businesses, or turning profits that might justify their valuations. BlackBerry burned cash in its latest quarter and warned that its key cybersecurity division would hit the low end of its revenue guidance; the stock dipped on the news but has still more than doubled in the past year.</p><p><blockquote>尽管他们押注的公司几乎没有表现出业务转型的迹象，也没有表现出足以证明其估值的利润，但情况确实如此。黑莓在最近一个季度烧钱，并警告称其关键的网络安全部门将达到收入指导的低端；消息传出后，该股下跌，但在过去一年中仍上涨了一倍多。</blockquote></p><p> While trading volume at the big brokers has come down slightly from its February peak, it remains two to three times as high as it was before the pandemic. And a startling amount of that activity is occurring in stocks favored by retail traders. The average daily value of shares traded in&nbsp;AMC Entertainment Holdings(AMC), for example, reached $13.1 billion in June, more than&nbsp;Apple’s(AAPL) $9.5 billion and Amazon.com’s (AMZN) $10.3 billion.</p><p><blockquote>虽然大型经纪商的交易量较 2 月份的峰值略有下降，但仍高于疫情爆发前的两到三倍。数量惊人的这种活动发生在散户交易者青睐的股票中。例如，AMC院线控股公司（AMC）6 月份的日均交易额达到 131 亿美元，超过了苹果（AAPL）的 95 亿美元和亚马逊（AMZN）的 103 亿美元。</blockquote></p><p> Even as the coronavirus fades in the U.S., most new traders say they are committed to the hobby they learned during lockdown—58% of day traders in a Betterment survey said they are planning to trade even more in the future, and only 12% plan to trade less. Amateur pandemic bakers have stopped kneading sourdough loaves; traders are only getting hungrier.</p><p><blockquote>即使冠状病毒在美国消退，大多数新交易者表示，他们仍然致力于他们在封锁期间学到的爱好——在一项Betterment调查中，58%的日内交易者表示，他们计划在未来进行更多的交易，只有12%的人计划减少交易。业余疫情面包师已经停止揉捏酸面团面包；交易者只会变得越来越饥饿。</blockquote></p><p> A sustained bear market would spoil such an appetite, as it did when the dot-com bubble burst. For now, dips are reasons to hold or buy.</p><p><blockquote>持续的熊市会破坏这种食欲，就像互联网泡沫破裂时一样。目前，下跌是持有或买入的理由。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/25a79e71371c165f9a3a5085931fc487\" tg-width=\"979\" tg-height=\"649\"></p><p><blockquote></blockquote></p><p> “I’ve seen that the ‘buy the dip’ sentiment hasn’t relented for a moment,” wrote Brandon Luczek, an electronics technician for the U.S. Navy who trades with friends online, in an email to&nbsp;Barron’s.</p><p><blockquote>“美国海军电子技术员布兰登-卢切克（Brandon Luczek）在给《巴伦周刊》的一封电子邮件中写道：”我看到'逢低买入'的情绪一刻也没有减弱。</blockquote></p><p> The meme stock surge has been propelled by a rise in trading by retail investors. In 2020, online brokers signed clients at a record pace, with more than 10 million people opening new accounts. That record will almost certainly be broken in 2021. Brokers had already added more than 10 million accounts less than halfway into the year, some of the top firms have disclosed.</p><p><blockquote>迷因股票飙升是由散户投资者交易的增加推动的。2020年，在线经纪商以创纪录的速度签约客户，超过1000万人开设了新账户。这一记录几乎肯定会在2021年被打破。一些顶级公司透露，在今年不到一半的时间里，经纪商已经增加了超过 1000 万个账户。</blockquote></p><p> Meme stocks are both the cart and the horse of this phenomenon. Their sudden price spikes are driven by new investors, and then that action drives even more new people to invest. Millions of people downloaded investing apps in late January and early February just to be a part of the fun. A recent&nbsp;Charles Schwab(SCHW) survey found that 15% of all current traders began investing after 2020.</p><p><blockquote>模因股票既是这种现象的推车，也是马。他们的价格突然飙升是由新投资者推动的，然后这一行动推动更多的新人投资。数百万人在 1 月底和 2 月初下载了投资应用程序，只是为了享受乐趣。嘉信理财（SCHW）最近的一项调查发现，15%的现有交易者在2020年后开始投资。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/167386c6881a258922ad62caaf7a05f4\" tg-width=\"971\" tg-height=\"644\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/8e29e3041b91070252ab9063d1a11fa2\" tg-width=\"975\" tg-height=\"642\"><img src=\"https://static.tigerbbs.com/f9cc1c0bd6368721c0eca87e25719f16\" tg-width=\"964\" tg-height=\"641\"></p><p><blockquote></blockquote></p><p> The most prominent player in the surge is Robinhood, which said it had added 5.5 million funded accounts in the first quarter alone. But it isn’t alone. Fidelity, for instance, announced that it had attracted 1.6 million new customers under the age of 35 in the first quarter, 223% more than a year before.</p><p><blockquote>激增中最突出的参与者是 Robinhood，该公司表示仅在第一季度就增加了 550 万个资金账户。但它并不孤单。例如，富达宣布，第一季度吸引了 160 万 35 岁以下的新客户，比去年同期增长了 223%。</blockquote></p><p> Under pressure from Robinhood’s zero-commission model, all of the major brokers cut commissions to zero in 2019. That opened the floodgates to a new group of customers—one that may not have as much spare cash to trade but is more active and diverse than its predecessors. And the brokers are cashing in. Fidelity is hoping to attract investors before they even have driver’s licenses, allowing children as young as 13 to open trading accounts. Robinhood is riding the momentum to an initial public offering that analysts expect to value it at more than 10 times its revenue.</p><p><blockquote>在 Robinhood 零佣金模式的压力下，所有主要经纪商都在 2019 年将佣金降至零。这为新客户群体打开了闸门——他们可能没有那么多闲置现金进行交易，但比前辈更加活跃和多样化。经纪人正在套现。富达希望在投资者获得驾照之前就吸引他们，允许年仅 13 岁的儿童开设交易账户。Robinhood 正在乘势而上进行首次公开募股，分析师预计其估值将超过其收入的 10 倍。</blockquote></p><p> These new customers act differently than their older peers. For years, there was a “big gravitation toward ETFs,” says Chris Larkin, head of trading at E*Trade, which is now owned by Morgan Stanley (MS). But picking single stocks is clearly “the big story of 2021.”</p><p><blockquote>这些新客户的行为与他们的老同行不同。E*Trade 交易主管克里斯-拉金（Chris Larkin）说，多年来，“ETF 一直备受青睐”，E*Trade 现归摩根士丹利（MS）所有。但挑选个股显然是 “2021 年的大新闻”。</blockquote></p><p> To be sure, equity exchange-traded funds are still doing well, as investors around the world bet on the pandemic recovery and avoid weak bond yields.</p><p><blockquote>可以肯定的是，随着世界各地的投资者押注疫情复苏并避免疲软的债券收益率，股票交易所交易基金仍然表现良好。</blockquote></p><p></p><p> But ETFs don’t light up the message boards like stocks do. Not that it has been a one-way ride for the top names. GameStop did dip in February, and Wall Street enjoyed a moment of schadenfreude. It didn’t last.</p><p><blockquote>但 ETF 不像股票那样点亮留言板。这并不是说顶级公司的单行道。游戏驿站二月份确实下跌，华尔街享受了幸灾乐祸的时刻。它并没有持续多久。</blockquote></p><p> “Like cicadas, meme traders returned in a wild blaze of activity after being seemingly underground for several months,” wrote Steve Sosnick, chief strategist at Interactive Brokers. Sosnick believes that the meme stocks tend to trade inversely to cryptocurrencies, because their fans rotate from one to the other as the momentum shifts.</p><p><blockquote>“盈透证券（Interactive Brokers）首席策略师史蒂夫-索斯尼克（Steve Sosnick）写道：”就像蝉一样，备忘录交易者在表面上隐匿了几个月后又重新活跃起来。索斯尼克认为，模因股票的交易往往与加密货币相反，因为随着势头的变化，它们的粉丝会从一种货币转向另一种货币。</blockquote></p><p> “I don’t think it’s strictly a coincidence that meme stocks roared back to life after a significant correction in Bitcoin and other cryptocurrencies,” he wrote.</p><p><blockquote>“他写道：”我不认为，在比特币和其他加密货币大幅回调后，备忘录股票卷土重来完全是巧合。</blockquote></p><p> Sosnick considers meme stocks a “sector unto themselves,” one that he segregates on his computer monitor away from other stock tickers.</p><p><blockquote>索斯尼克认为备忘录股票是一个 “独立的板块”，他在电脑显示器上将其与其他股票代码分开。</blockquote></p><p> Indeed, Wall Street’s reaction to the meme stock revolution has been to isolate the parts of the market that the pros deem irrational. Most short sellers won’t touch the stocks, and analysts are dropping coverage.</p><p><blockquote>事实上，华尔街对备忘录股票革命的反应一直是孤立专业人士认为不理性的市场部分。大多数卖空者不会碰这些股票，分析师也在放弃报道。</blockquote></p><p> But Wall Street can’t swat the retail army away like cicadas, or count on them disappearing for the next 17 years. Stock trading has permanently shifted. This year, retail activity accounts for 24% of equity volume, up from 15% in 2019. Adherents to the new creed are not passive observers willing to let Wall Street manage the markets.</p><p><blockquote>但华尔街不能像蝉一样把零售大军赶走，也不能指望它们在未来 17 年内消失。股票交易已经发生了永久性的变化。今年，零售活动占股本量的 24%，高于 2019 年的 15%。新信条的追随者不是愿意让华尔街管理市场的被动观察者。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/710e642d3b685b74f8c9dcaf46ef3e0b\" tg-width=\"968\" tg-height=\"643\"></p><p><blockquote></blockquote></p><p> “What this really reflects is a reversal of the trends that we saw toward less and less engagement with individual companies,” says Joshua Mitts, a professor at Columbia Law School specializing in securities markets. “Technology is bringing the average investor closer to the companies in which he or she invests, and that’s just taking on new and unpredictable forms.”</p><p><blockquote>“哥伦比亚法学院（Columbia Law School）专门研究证券市场的教授约书亚-米茨（Joshua Mitts）说：”这实际上反映了我们所看到的趋势的逆转，即与个别公司的接触越来越少。“技术正在拉近普通投资者与他或她所投资的公司的距离，而这只是以新的、不可预测的形式出现。”</blockquote></p><p> The swings you get can definitely make you feel some sort of way.</p><p><blockquote>你得到的秋千肯定会让你有某种感觉。</blockquote></p><p> — Matt Kohrs, 26, who streams stock analysis daily on YouTube</p><p><blockquote>— Matt Kohrs，26 岁，每天在 YouTube 上直播股票分析</blockquote></p><p> It is now changing the lives of those who got in early and are still riding the names higher.</p><p><blockquote>它现在正在改变那些早早加入的人的生活，并且仍然在更高的名字上。</blockquote></p><p> Take Matt Kohrs, who had invested in AMC Entertainment early. He quit his job as a programmer in New York in February, moved to Philadelphia, and started streaming&nbsp;stock analysis on YouTube&nbsp;for seven hours a day.</p><p><blockquote>以马特·科尔斯为例，他很早就投资了AMC院线。今年2月，他辞去了纽约程序员的工作，搬到了费城，并开始在YouTube上每天7个小时直播股票分析。</blockquote></p><p> With 350,000 YouTube followers, it’s paying the bills. With his earnings from ads and from the stock, Kohrs says he can pull down roughly the same salary he made before. But he also knows that relying on earnings from stocks like this is nothing like a 9-to-5 job.</p><p><blockquote>YouTube 拥有 35 万粉丝，它正在支付账单。科尔斯说，凭借广告和股票的收入，他可以拿到与以前大致相同的工资。但他也知道，像这样依赖股票收益与朝九晚五的工作完全不同。</blockquote></p><p> “The swings you get can definitely make you feel some sort of way,” he says.</p><p><blockquote>“他说：”你得到的秋千肯定会让你有某种感觉。</blockquote></p><p> Companies are starting to react more aggressively, too. They are either embracing their new owners or paying meme-ologists to understand the emoji-filled language of the new Wall Street so they can ward them off or appease them.</p><p><blockquote>公司也开始做出更积极的反应。他们要么拥抱他们的新主人，要么付钱给迷因学家来理解新华尔街充满表情符号的语言，这样他们就可以阻止他们或安抚他们。</blockquote></p><p> AMC even canceled a proposed equity raise this past week because the company apparently didn’t like the vibes it was getting from the Reddit crowd. AMC has already quintupled its share count over the past year. CEO Adam Aron tweeted that he had seen “many yes, many no” reactions to his proposal to issue 25 million more shares, so it will be canceled instead of being presented for a vote at AMC’s annual meeting later this month. The company did not respond to a question on how it had polled shareholders.</p><p><blockquote>AMC 甚至在上周取消了一项拟议的股权融资，因为该公司显然不喜欢 Reddit 人群的反响。过去一年，AMC 的股票数量已经增加了五倍。首席执行官亚当-阿伦（Adam Aron）在推特上表示，他看到了 “许多人赞成，许多人反对 ”对他增发 2500 万股股票的提议的反应，因此该提议将被取消，而不是在本月晚些时候的 AMC 年会上进行表决。该公司没有回答有关如何调查股东的问题。</blockquote></p><p> Forget the boardroom. Corporate policy is now being determined in the chat room.</p><p><blockquote>忘了会议室吧。公司政策现在正在聊天室里决定。</blockquote></p><p> Big investors are spending more time tracking social-media discussions about stocks. Bank of America found in a survey this year that about 25% of institutions had already been tracking social-media sentiment, but that about 40% are interested in using it going forward.</p><p><blockquote>大投资者正在花费更多时间跟踪社交媒体上有关股票的讨论。美国银行在今年的一项调查中发现，大约25%的机构已经在跟踪社交媒体情绪，但大约40%的机构有兴趣在未来使用它。</blockquote></p><p> In the past few months, Bank of America, Morgan Stanley, and J.P. Morgan have all produced reports on how to trade around the retail action, coming to somewhat different conclusions.</p><p><blockquote>在过去的几个月里，美国银行、摩根士丹利和摩根大通都发布了关于如何围绕零售行动进行交易的报告，得出了有些不同的结论。</blockquote></p><p> There can be “alpha in the signal,” as Morgan Stanley put it, but it can take some intense number-crunching to get there. Not all message-board chatter leads to sustained price gains, of course, and retail order flow cannot easily be separated from institutional flow without substantial data analysis. For investors with the tools to pinpoint which stocks retail investors are buying and which they are selling, J.P. Morgan suggests going long on the 20% of stocks with the most buying interest and short on the top 20% in selling interest.</p><p><blockquote>正如摩根士丹利所说，信号中可能存在 “阿尔法”，但要实现这一目标可能需要一些紧张的数字运算。当然，并不是所有的留言板聊天都会导致价格持续上涨，如果没有大量的数据分析，零售订单流很难与机构流分开。对于拥有工具来确定散户投资者正在购买哪些股票和正在出售哪些股票的投资者来说，摩根大通建议做多买入兴趣最高的 20% 的股票，做空卖出兴趣最高的 20% 的股票。</blockquote></p><p> For now, many of the institutions buying data on social-media sentiment appear to be trying to reduce their risks, as opposed to scouting new opportunities, according to Boris Spiwak of alternative data firm Thinknum, which offers products that track social-media sentiment. “They see it as almost like an insurance policy, to limit their downside risks,” he says.</p><p><blockquote>提供跟踪社交媒体情绪产品的另类数据公司Thinknum的鲍里斯·斯皮瓦克(Boris Spiwak)表示，目前，许多购买社交媒体情绪数据的机构似乎都在试图降低风险，而不是寻找新的机会。“他说：”他们认为这几乎就像一份保险，以限制他们的下行风险。</blockquote></p><p></p><p> For retail traders, the method isn’t always scientific. The action is sustained by a community ethos. And the force behind it is as much emotional and moral as financial.</p><p><blockquote>对于零售商来说，这种方法并不总是科学的。这一行动是由社区精神支撑的。其背后的力量既是情感上的，也是道德上的，也是经济上的。</blockquote></p><p> New investors say they are motivated by a desire to prove themselves and punish the old guard as much as by profits. They learn from one another about the market, sometimes amplifying or debunking conspiracy theories about Wall Street. Some link the meme-stock movement to continued mistrust of big financial institutions stemming from the 2008 financial crisis.</p><p><blockquote>新投资者表示，他们的动机是希望证明自己，并像利润一样惩罚保守派。他们互相学习市场，有时会放大或揭穿关于华尔街的阴谋论。一些人将模因股票运动与2008年金融危机引发的对大型金融机构的持续不信任联系起来。</blockquote></p><p> “Wall Street brought our economy to its knees, and no one ever got in trouble for it,” says the 26-year-old Kohrs. “So, I think they view this as not only can we make money, but we can also make these hedge funds on Wall Street pay.”</p><p><blockquote>“26 岁的科尔斯说：”华尔街让我们的经济陷入困境，但没有人因此惹上麻烦。“所以，我认为他们认为我们不仅可以赚钱，还可以让华尔街的这些对冲基金付钱。”</blockquote></p><p> Claire Hirschberg is a 28-year-old union organizer who bought about $50 worth of GameStop stock on Robinhood in January after hearing about it from friends. She liked the idea, but what really got her excited about it was the reaction of her father, a longtime money manager. “He was so mad I had bought GameStop and was refusing to sell,” she says, laughing. “And that just makes me want to hold it forever.”</p><p><blockquote>克莱尔·赫希伯格 (Claire Hirschberg) 是一名 28 岁的工会组织者，她在 1 月份从朋友那里听说 Robinhood 上购买了价值约 50 美元的游戏驿站股票。她喜欢这个想法，但真正让她兴奋的是她父亲的反应，他是一名长期的资金经理。“她笑着说：”他很生气我买了游戏驿站，还不肯卖。“这让我想永远拿着它。”</blockquote></p><p> Just like old Wall Street has rituals and codes, the new one does, too. A new investment banking employee learns quickly that you don’t wear a Ferragamo tie until after you make associate. You never leave the office until the managing director does, and you don’t complain about the hours. And the bad guys are the regulators and Sen. Elizabeth Warren, and not in that order.</p><p><blockquote>就像老华尔街有仪式和准则一样，新华尔街也有。一位新的投资银行员工很快就会知道，在你成为合伙人之前，你不会打菲拉格慕领带。在总经理离开之前，你从不离开办公室，你也不会抱怨工作时间。坏人是监管者和参议员伊丽莎白·沃伦，而且不是按顺序。</blockquote></p><p> The new trading desk—the apps that millions of retail traders now use and the message boards where they congregate—have unspoken rules, too. Publicly acknowledging financial losses is a valiant act, evidence of internal fortitude and belief in the group. You don’t take yourself seriously and you don’t police language. You are part of an army of “apes” or “retards.” You hold through the crashes, even if it means you might lose everything. And the bad guys are the short sellers, the market makers, and the Wall Street elites, in that order.</p><p><blockquote>新的交易台——数百万散户交易者现在使用的应用程序和他们聚集的留言板——也有潜规则。公开承认财务损失是一种勇敢的行为，是内部坚韧和对本集团信念的证明。你不把自己当回事，也不规范语言。你是 “猿类 ”或 “弱智 ”大军的一员。你坚持住，即使这意味着你可能会失去一切。坏人依次是卖空者、做市商和华尔街精英。</blockquote></p><p> The group action is not just for moral support. The trading strategy depends on people keeping up the buying pressure to force a short squeeze or to buy bullish options that trigger what’s known as a gamma squeeze.</p><p><blockquote>集体行动不仅仅是为了精神支持。交易策略取决于人们保持买入压力，迫使做空，或买入看涨期权，从而引发所谓的伽马挤压。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/75d79c78a14cc8f297e17397cc54bdb5\" tg-width=\"1260\" tg-height=\"840\"><span>Keith Gill became the face of the Reddit army of retail traders pushing shares of GameStop higher when he appeared virtually before a House Financial Services Committee hearing in February.</span></p><p><blockquote><p class=\"t-img-caption\"><span>基思·吉尔 (Keith Gill) 在二月份众议院金融服务委员会听证会上虚拟露面，成为 Reddit 散户交易员大军推高游戏驿站股价的代言人。</span></p></blockquote></p><p> Many short sellers say they won’t touch these stocks anymore. But clearly, others aren’t taking that advice and are giving the meme movement oxygen by repeatedly betting against the stocks. AMC’s short interest was at 17% of the stock’s float in mid-June, down from 28% in January, but not by much.</p><p><blockquote>许多卖空者表示，他们不会再碰这些股票了。但显然，其他人并没有采纳这一建议，而是通过反复做空股票来给备忘录运动注入氧气。6 月中旬，AMC 的空头权益占该股流通量的 17%，低于 1 月份的 28%，但降幅不大。</blockquote></p><p> As the price rises, the shorts can’t help themselves. They start “drooling, with flames coming out of their ears,” says Michael Pachter, a Wedbush Securities analyst who has covered GameStop for years. “What’s kind of shocked me is the definition of insanity, which is doing the same thing over and over and over again and hoping for a different outcome each time, and the shorts keep coming back,” he says. “And [GameStop bull] Keith Gill and his Reddit raiders keep squeezing them, and it keeps working.”</p><p><blockquote>随着价格上涨，空头们也控制不住自己。多年来一直关注游戏驿站的韦德布什证券分析师迈克尔-帕切特（Michael Pachter）说，他们开始 “流口水，耳朵里冒出火焰”。“他说：”让我感到震惊的是精神错乱的定义，就是一遍又一遍地做同样的事情，每次都希望有不同的结果，而空头却不断出现。“[游戏驿站公牛]基思-吉尔（Keith Gill）和他的 Reddit raiders 一直在挤压他们，而且一直在起作用。”</blockquote></p><p> To beat the short sellers, the Reddit crowd needs to hold together, but the community has been showing cracks at times. The two meme stocks with the most determined fan bases—GameStop and AMC—still have enormous armies of core believers who do not seem easily swayed. But other names seem to have more-fickle backers. Several stocks caught up in the meme madness have come crashing down to earth.Bed Bath &amp; Beyond(BBBY) spiked twice—in late January and early June—but now trades only slightly above its mid-January levels. People who bought during the upswings have lost money.</p><p><blockquote>为了击败卖空者，Reddit 人群需要团结起来，但该社区有时会出现裂缝。拥有最坚定粉丝群的两只模因股票——游戏驿站和 AMC——仍然拥有庞大的核心信徒大军，他们似乎不容易动摇。但其他名字似乎有更善变的支持者。几只陷入迷因疯狂的股票已经崩溃。 Bed Bath &amp; Beyond (BBBY) 在 1 月底和 6 月初两次飙升，但现在的交易价格仅略高于 1 月中旬的水平。在上涨期间买入的人已经赔钱了。</blockquote></p><p> Distrust has spread, and some traders worry that wallstreetbets— the original Reddit message board that inspired the GameStop frenzy—has grown so fast that it has lost its original spirit, and potentially grown vulnerable to manipulation. Some have moved to other message boards, like r/superstonk, in hopes of reclaiming the old community’s flavor.</p><p><blockquote>不信任已经蔓延，一些交易员担心 wallstreetbets——激发游戏驿站狂热的最初 Reddit 留言板——发展如此之快，以至于它已经失去了最初的精神，并可能变得容易受到操纵。有些人搬到了其他留言板，如 r/superstonk，希望能重现老社区的风味。</blockquote></p><p> Travis Rehl, the founder of social-media tracking company Hype Equity, says that he tries to separate possible manipulators from more organic investor sentiment. Hype Equity is usually hired by public-relations firms representing companies that are being talked about online, he says. Now, he sees a growing trend of stocks that suddenly come up on message boards, receive positive chatter, and then disappear.</p><p><blockquote>社交媒体跟踪公司 Hype Equity 的创始人特拉维斯·雷尔 (Travis Rehl) 表示，他试图将可能的操纵者与更有机的投资者情绪区分开来。他说，炒作股权通常由代表网上谈论的公司的公关公司雇佣。现在，他看到了一种不断增长的趋势，即股票突然出现在留言板上，收到积极的聊天，然后消失。</blockquote></p><p></p><p> “It’s called into question what is a true discussion versus what is something that somebody just wants to pump,” he says. The moderators of wallstreetbets forbid market manipulation on the platform, and Rehl say they appear to work hard to police misinformation. The moderators did not respond to a request from&nbsp;Barron’s&nbsp;for comment.</p><p><blockquote>“他说：”这让人怀疑什么是真正的讨论，什么是某人只想炒作的东西。wallstreetbets 的版主禁止在该平台上操纵市场，Rehl 表示，他们似乎正在努力遏制错误信息。主持人没有回应《巴伦周刊》的置评请求。</blockquote></p><p> “If you can create enough buzz to get a stock that goes up 10%, 20%, even 50% in a short period of time, there’s a tremendous incentive to do that,” Sosnick says.</p><p><blockquote>“索斯尼克说：”如果你能制造足够的轰动效应，让一只股票在短时间内上涨 10%、20%，甚至 50%，那么你就有巨大的动力去做这件事。</blockquote></p><p> The Securities and Exchange Commission is watching for funny business on the message boards. SEC Chairman Gary Gensler and some members of Congress have discussed changing market rules with the intention of adding transparency protecting retail traders—although changes could also anger the retail crowd if they slow down trading or make it more expensive.</p><p><blockquote>美国证券交易委员会正在关注留言板上的有趣交易。美国证券交易委员会主席加里·詹斯勒（Gary Gensler）和一些国会议员讨论了改变市场规则，目的是增加保护散户交易者的透明度——尽管如果这些变化减缓交易速度或使交易成本更高，也可能激怒零售人群。</blockquote></p><p> Regulations aren’t the only thing that could deflate this trend. Dan Egan, vice president of behavioral finance and investing at fintech Betterment, thinks the momentum may run out of steam in September. Even “apes” have responsibilities. “Kids start going back to schools; parents are free to go to work again,” he says. “That’s the next time there’s going to be some oxygen pulled out of the room.”</p><p><blockquote>监管并不是唯一能遏制这一趋势的因素。fintech Betterment 行为金融和投资副总裁丹·伊根 (Dan Egan) 认为，这种势头可能会在 9 月份耗尽。即使是 “猿猴 ”也有责任。“他说：”孩子们开始重返校园；家长们也可以自由地再次上班了。“那是下一次从房间里抽出氧气的时候了。”</blockquote></p><p> Traditional investors may be tempted to write off the entire phenomenon as temporary madness inspired by lockdowns and free government money. But that would be a mistake. If zero-commission brokerages and fun with GameStop broke down barriers for millions of new investors to open accounts, it’s almost certainly a good thing, as long as most people bet with money they don’t need immediately. Many new retail traders say they are teaching themselves how to trade, and have begun to diversify their holdings.</p><p><blockquote>传统投资者可能会倾向于将整个现象视为由封锁和免费政府资金引发的暂时疯狂。但那将是一个错误。如果零佣金经纪和游戏驿站乐趣打破了数百万新投资者开户的障碍，那么只要大多数人用他们并不立即需要的钱下注，这几乎肯定是一件好事。许多新零售商表示，他们正在自学如何交易，并开始分散持股。</blockquote></p><p> In one form or another, this is the future client base of Wall Street.</p><p><blockquote>无论如何，这是华尔街未来的客户群。</blockquote></p><p> Arizona State University professor Hendrik Bessembinder published groundbreaking&nbsp;research&nbsp;in 2018 that found that “a randomly selected stock in a randomly selected month is more likely to lose money than make money.” In short, picking single stocks and holding a concentrated portfolio tends to be a losing strategy.</p><p><blockquote>亚利桑那州立大学教授亨德里克-贝森宾德（Hendrik Bessembinder）在2018年发表了一项开创性的研究，发现“在随机选择的月份随机选择的股票，亏损的可能性大于赚钱的可能性”。简而言之，挑选单只股票并持有集中投资组合往往是一种失败的策略。</blockquote></p><p> Even so, he’s encouraged by the new wave of trading. “I welcome the increase in retail trading, the idea of the stock market being a place with wide participation,” Bessembinder says. “Economists can’t tell people they shouldn’t get some fun.”</p><p><blockquote>即便如此，他还是对新一波交易感到鼓舞。“贝森宾德说：”我欢迎零售交易的增加，欢迎股票市场成为一个广泛参与的地方。“经济学家不能告诉人们他们不应该找点乐子”。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Meme Stock Trade Is Far From Over. What Investors Need to Know.<blockquote>模因股票交易远未结束。投资者需要了解的内容。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Meme Stock Trade Is Far From Over. What Investors Need to Know.<blockquote>模因股票交易远未结束。投资者需要了解的内容。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-07-11 09:15</span>\n</p>\n</h4>\n</header>\n<article>\n<p>It seemed to be only a matter of time.</p><p><blockquote>这似乎只是时间问题。</blockquote></p><p> When GameStop (ticker: GME), BlackBerry (BB), and even the desiccated carcass of Blockbuster suddenly sprang to life in January, the clock was already ticking for when they would crash again. Would it be hours, days, or weeks?</p><p><blockquote>当游戏驿站（股票代码：GME）、黑莓（BB），甚至百视达的干涸尸体在一月份突然复活时，它们何时会再次坠毁的时间已经在流逝。会是几个小时、几天还是几周？</blockquote></p><p> It has now been half a year, and the core “meme stocks” are still trading at levels considered outrageous by people who have studied them for years. New names like&nbsp;Clover Health Investments(CLOV) and&nbsp;Newegg Commerce(NEGG) have recently popped up on message boards, and their stocks have popped, too.</p><p><blockquote>现在已经过去半年了，核心 “备忘录股票 ”的交易价格仍然处于研究这些股票多年的人认为离谱的水平。Clover Health Investments (CLOV) 和 Newegg Commerce (NEGG) 等新名称最近出现在留言板上，它们的股票也随之上涨。</blockquote></p><p> The collective efforts of millions of retail traders—long derided as “the dumb money”—have successfully held stocks aloft and forced naysayers to capitulate.</p><p><blockquote>数百万散户交易员--长期以来被嘲笑为 “哑巴钱 ”--的集体努力成功地让股市飙升，并迫使反对者投降。</blockquote></p><p> That is true even as the companies they are betting on have shown scant signs of transforming their businesses, or turning profits that might justify their valuations. BlackBerry burned cash in its latest quarter and warned that its key cybersecurity division would hit the low end of its revenue guidance; the stock dipped on the news but has still more than doubled in the past year.</p><p><blockquote>尽管他们押注的公司几乎没有表现出业务转型的迹象，也没有表现出足以证明其估值的利润，但情况确实如此。黑莓在最近一个季度烧钱，并警告称其关键的网络安全部门将达到收入指导的低端；消息传出后，该股下跌，但在过去一年中仍上涨了一倍多。</blockquote></p><p> While trading volume at the big brokers has come down slightly from its February peak, it remains two to three times as high as it was before the pandemic. And a startling amount of that activity is occurring in stocks favored by retail traders. The average daily value of shares traded in&nbsp;AMC Entertainment Holdings(AMC), for example, reached $13.1 billion in June, more than&nbsp;Apple’s(AAPL) $9.5 billion and Amazon.com’s (AMZN) $10.3 billion.</p><p><blockquote>虽然大型经纪商的交易量较 2 月份的峰值略有下降，但仍高于疫情爆发前的两到三倍。数量惊人的这种活动发生在散户交易者青睐的股票中。例如，AMC院线控股公司（AMC）6 月份的日均交易额达到 131 亿美元，超过了苹果（AAPL）的 95 亿美元和亚马逊（AMZN）的 103 亿美元。</blockquote></p><p> Even as the coronavirus fades in the U.S., most new traders say they are committed to the hobby they learned during lockdown—58% of day traders in a Betterment survey said they are planning to trade even more in the future, and only 12% plan to trade less. Amateur pandemic bakers have stopped kneading sourdough loaves; traders are only getting hungrier.</p><p><blockquote>即使冠状病毒在美国消退，大多数新交易者表示，他们仍然致力于他们在封锁期间学到的爱好——在一项Betterment调查中，58%的日内交易者表示，他们计划在未来进行更多的交易，只有12%的人计划减少交易。业余疫情面包师已经停止揉捏酸面团面包；交易者只会变得越来越饥饿。</blockquote></p><p> A sustained bear market would spoil such an appetite, as it did when the dot-com bubble burst. For now, dips are reasons to hold or buy.</p><p><blockquote>持续的熊市会破坏这种食欲，就像互联网泡沫破裂时一样。目前，下跌是持有或买入的理由。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/25a79e71371c165f9a3a5085931fc487\" tg-width=\"979\" tg-height=\"649\"></p><p><blockquote></blockquote></p><p> “I’ve seen that the ‘buy the dip’ sentiment hasn’t relented for a moment,” wrote Brandon Luczek, an electronics technician for the U.S. Navy who trades with friends online, in an email to&nbsp;Barron’s.</p><p><blockquote>“美国海军电子技术员布兰登-卢切克（Brandon Luczek）在给《巴伦周刊》的一封电子邮件中写道：”我看到'逢低买入'的情绪一刻也没有减弱。</blockquote></p><p> The meme stock surge has been propelled by a rise in trading by retail investors. In 2020, online brokers signed clients at a record pace, with more than 10 million people opening new accounts. That record will almost certainly be broken in 2021. Brokers had already added more than 10 million accounts less than halfway into the year, some of the top firms have disclosed.</p><p><blockquote>迷因股票飙升是由散户投资者交易的增加推动的。2020年，在线经纪商以创纪录的速度签约客户，超过1000万人开设了新账户。这一记录几乎肯定会在2021年被打破。一些顶级公司透露，在今年不到一半的时间里，经纪商已经增加了超过 1000 万个账户。</blockquote></p><p> Meme stocks are both the cart and the horse of this phenomenon. Their sudden price spikes are driven by new investors, and then that action drives even more new people to invest. Millions of people downloaded investing apps in late January and early February just to be a part of the fun. A recent&nbsp;Charles Schwab(SCHW) survey found that 15% of all current traders began investing after 2020.</p><p><blockquote>模因股票既是这种现象的推车，也是马。他们的价格突然飙升是由新投资者推动的，然后这一行动推动更多的新人投资。数百万人在 1 月底和 2 月初下载了投资应用程序，只是为了享受乐趣。嘉信理财（SCHW）最近的一项调查发现，15%的现有交易者在2020年后开始投资。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/167386c6881a258922ad62caaf7a05f4\" tg-width=\"971\" tg-height=\"644\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/8e29e3041b91070252ab9063d1a11fa2\" tg-width=\"975\" tg-height=\"642\"><img src=\"https://static.tigerbbs.com/f9cc1c0bd6368721c0eca87e25719f16\" tg-width=\"964\" tg-height=\"641\"></p><p><blockquote></blockquote></p><p> The most prominent player in the surge is Robinhood, which said it had added 5.5 million funded accounts in the first quarter alone. But it isn’t alone. Fidelity, for instance, announced that it had attracted 1.6 million new customers under the age of 35 in the first quarter, 223% more than a year before.</p><p><blockquote>激增中最突出的参与者是 Robinhood，该公司表示仅在第一季度就增加了 550 万个资金账户。但它并不孤单。例如，富达宣布，第一季度吸引了 160 万 35 岁以下的新客户，比去年同期增长了 223%。</blockquote></p><p> Under pressure from Robinhood’s zero-commission model, all of the major brokers cut commissions to zero in 2019. That opened the floodgates to a new group of customers—one that may not have as much spare cash to trade but is more active and diverse than its predecessors. And the brokers are cashing in. Fidelity is hoping to attract investors before they even have driver’s licenses, allowing children as young as 13 to open trading accounts. Robinhood is riding the momentum to an initial public offering that analysts expect to value it at more than 10 times its revenue.</p><p><blockquote>在 Robinhood 零佣金模式的压力下，所有主要经纪商都在 2019 年将佣金降至零。这为新客户群体打开了闸门——他们可能没有那么多闲置现金进行交易，但比前辈更加活跃和多样化。经纪人正在套现。富达希望在投资者获得驾照之前就吸引他们，允许年仅 13 岁的儿童开设交易账户。Robinhood 正在乘势而上进行首次公开募股，分析师预计其估值将超过其收入的 10 倍。</blockquote></p><p> These new customers act differently than their older peers. For years, there was a “big gravitation toward ETFs,” says Chris Larkin, head of trading at E*Trade, which is now owned by Morgan Stanley (MS). But picking single stocks is clearly “the big story of 2021.”</p><p><blockquote>这些新客户的行为与他们的老同行不同。E*Trade 交易主管克里斯-拉金（Chris Larkin）说，多年来，“ETF 一直备受青睐”，E*Trade 现归摩根士丹利（MS）所有。但挑选个股显然是 “2021 年的大新闻”。</blockquote></p><p> To be sure, equity exchange-traded funds are still doing well, as investors around the world bet on the pandemic recovery and avoid weak bond yields.</p><p><blockquote>可以肯定的是，随着世界各地的投资者押注疫情复苏并避免疲软的债券收益率，股票交易所交易基金仍然表现良好。</blockquote></p><p></p><p> But ETFs don’t light up the message boards like stocks do. Not that it has been a one-way ride for the top names. GameStop did dip in February, and Wall Street enjoyed a moment of schadenfreude. It didn’t last.</p><p><blockquote>但 ETF 不像股票那样点亮留言板。这并不是说顶级公司的单行道。游戏驿站二月份确实下跌，华尔街享受了幸灾乐祸的时刻。它并没有持续多久。</blockquote></p><p> “Like cicadas, meme traders returned in a wild blaze of activity after being seemingly underground for several months,” wrote Steve Sosnick, chief strategist at Interactive Brokers. Sosnick believes that the meme stocks tend to trade inversely to cryptocurrencies, because their fans rotate from one to the other as the momentum shifts.</p><p><blockquote>“盈透证券（Interactive Brokers）首席策略师史蒂夫-索斯尼克（Steve Sosnick）写道：”就像蝉一样，备忘录交易者在表面上隐匿了几个月后又重新活跃起来。索斯尼克认为，模因股票的交易往往与加密货币相反，因为随着势头的变化，它们的粉丝会从一种货币转向另一种货币。</blockquote></p><p> “I don’t think it’s strictly a coincidence that meme stocks roared back to life after a significant correction in Bitcoin and other cryptocurrencies,” he wrote.</p><p><blockquote>“他写道：”我不认为，在比特币和其他加密货币大幅回调后，备忘录股票卷土重来完全是巧合。</blockquote></p><p> Sosnick considers meme stocks a “sector unto themselves,” one that he segregates on his computer monitor away from other stock tickers.</p><p><blockquote>索斯尼克认为备忘录股票是一个 “独立的板块”，他在电脑显示器上将其与其他股票代码分开。</blockquote></p><p> Indeed, Wall Street’s reaction to the meme stock revolution has been to isolate the parts of the market that the pros deem irrational. Most short sellers won’t touch the stocks, and analysts are dropping coverage.</p><p><blockquote>事实上，华尔街对备忘录股票革命的反应一直是孤立专业人士认为不理性的市场部分。大多数卖空者不会碰这些股票，分析师也在放弃报道。</blockquote></p><p> But Wall Street can’t swat the retail army away like cicadas, or count on them disappearing for the next 17 years. Stock trading has permanently shifted. This year, retail activity accounts for 24% of equity volume, up from 15% in 2019. Adherents to the new creed are not passive observers willing to let Wall Street manage the markets.</p><p><blockquote>但华尔街不能像蝉一样把零售大军赶走，也不能指望它们在未来 17 年内消失。股票交易已经发生了永久性的变化。今年，零售活动占股本量的 24%，高于 2019 年的 15%。新信条的追随者不是愿意让华尔街管理市场的被动观察者。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/710e642d3b685b74f8c9dcaf46ef3e0b\" tg-width=\"968\" tg-height=\"643\"></p><p><blockquote></blockquote></p><p> “What this really reflects is a reversal of the trends that we saw toward less and less engagement with individual companies,” says Joshua Mitts, a professor at Columbia Law School specializing in securities markets. “Technology is bringing the average investor closer to the companies in which he or she invests, and that’s just taking on new and unpredictable forms.”</p><p><blockquote>“哥伦比亚法学院（Columbia Law School）专门研究证券市场的教授约书亚-米茨（Joshua Mitts）说：”这实际上反映了我们所看到的趋势的逆转，即与个别公司的接触越来越少。“技术正在拉近普通投资者与他或她所投资的公司的距离，而这只是以新的、不可预测的形式出现。”</blockquote></p><p> The swings you get can definitely make you feel some sort of way.</p><p><blockquote>你得到的秋千肯定会让你有某种感觉。</blockquote></p><p> — Matt Kohrs, 26, who streams stock analysis daily on YouTube</p><p><blockquote>— Matt Kohrs，26 岁，每天在 YouTube 上直播股票分析</blockquote></p><p> It is now changing the lives of those who got in early and are still riding the names higher.</p><p><blockquote>它现在正在改变那些早早加入的人的生活，并且仍然在更高的名字上。</blockquote></p><p> Take Matt Kohrs, who had invested in AMC Entertainment early. He quit his job as a programmer in New York in February, moved to Philadelphia, and started streaming&nbsp;stock analysis on YouTube&nbsp;for seven hours a day.</p><p><blockquote>以马特·科尔斯为例，他很早就投资了AMC院线。今年2月，他辞去了纽约程序员的工作，搬到了费城，并开始在YouTube上每天7个小时直播股票分析。</blockquote></p><p> With 350,000 YouTube followers, it’s paying the bills. With his earnings from ads and from the stock, Kohrs says he can pull down roughly the same salary he made before. But he also knows that relying on earnings from stocks like this is nothing like a 9-to-5 job.</p><p><blockquote>YouTube 拥有 35 万粉丝，它正在支付账单。科尔斯说，凭借广告和股票的收入，他可以拿到与以前大致相同的工资。但他也知道，像这样依赖股票收益与朝九晚五的工作完全不同。</blockquote></p><p> “The swings you get can definitely make you feel some sort of way,” he says.</p><p><blockquote>“他说：”你得到的秋千肯定会让你有某种感觉。</blockquote></p><p> Companies are starting to react more aggressively, too. They are either embracing their new owners or paying meme-ologists to understand the emoji-filled language of the new Wall Street so they can ward them off or appease them.</p><p><blockquote>公司也开始做出更积极的反应。他们要么拥抱他们的新主人，要么付钱给迷因学家来理解新华尔街充满表情符号的语言，这样他们就可以阻止他们或安抚他们。</blockquote></p><p> AMC even canceled a proposed equity raise this past week because the company apparently didn’t like the vibes it was getting from the Reddit crowd. AMC has already quintupled its share count over the past year. CEO Adam Aron tweeted that he had seen “many yes, many no” reactions to his proposal to issue 25 million more shares, so it will be canceled instead of being presented for a vote at AMC’s annual meeting later this month. The company did not respond to a question on how it had polled shareholders.</p><p><blockquote>AMC 甚至在上周取消了一项拟议的股权融资，因为该公司显然不喜欢 Reddit 人群的反响。过去一年，AMC 的股票数量已经增加了五倍。首席执行官亚当-阿伦（Adam Aron）在推特上表示，他看到了 “许多人赞成，许多人反对 ”对他增发 2500 万股股票的提议的反应，因此该提议将被取消，而不是在本月晚些时候的 AMC 年会上进行表决。该公司没有回答有关如何调查股东的问题。</blockquote></p><p> Forget the boardroom. Corporate policy is now being determined in the chat room.</p><p><blockquote>忘了会议室吧。公司政策现在正在聊天室里决定。</blockquote></p><p> Big investors are spending more time tracking social-media discussions about stocks. Bank of America found in a survey this year that about 25% of institutions had already been tracking social-media sentiment, but that about 40% are interested in using it going forward.</p><p><blockquote>大投资者正在花费更多时间跟踪社交媒体上有关股票的讨论。美国银行在今年的一项调查中发现，大约25%的机构已经在跟踪社交媒体情绪，但大约40%的机构有兴趣在未来使用它。</blockquote></p><p> In the past few months, Bank of America, Morgan Stanley, and J.P. Morgan have all produced reports on how to trade around the retail action, coming to somewhat different conclusions.</p><p><blockquote>在过去的几个月里，美国银行、摩根士丹利和摩根大通都发布了关于如何围绕零售行动进行交易的报告，得出了有些不同的结论。</blockquote></p><p> There can be “alpha in the signal,” as Morgan Stanley put it, but it can take some intense number-crunching to get there. Not all message-board chatter leads to sustained price gains, of course, and retail order flow cannot easily be separated from institutional flow without substantial data analysis. For investors with the tools to pinpoint which stocks retail investors are buying and which they are selling, J.P. Morgan suggests going long on the 20% of stocks with the most buying interest and short on the top 20% in selling interest.</p><p><blockquote>正如摩根士丹利所说，信号中可能存在 “阿尔法”，但要实现这一目标可能需要一些紧张的数字运算。当然，并不是所有的留言板聊天都会导致价格持续上涨，如果没有大量的数据分析，零售订单流很难与机构流分开。对于拥有工具来确定散户投资者正在购买哪些股票和正在出售哪些股票的投资者来说，摩根大通建议做多买入兴趣最高的 20% 的股票，做空卖出兴趣最高的 20% 的股票。</blockquote></p><p> For now, many of the institutions buying data on social-media sentiment appear to be trying to reduce their risks, as opposed to scouting new opportunities, according to Boris Spiwak of alternative data firm Thinknum, which offers products that track social-media sentiment. “They see it as almost like an insurance policy, to limit their downside risks,” he says.</p><p><blockquote>提供跟踪社交媒体情绪产品的另类数据公司Thinknum的鲍里斯·斯皮瓦克(Boris Spiwak)表示，目前，许多购买社交媒体情绪数据的机构似乎都在试图降低风险，而不是寻找新的机会。“他说：”他们认为这几乎就像一份保险，以限制他们的下行风险。</blockquote></p><p></p><p> For retail traders, the method isn’t always scientific. The action is sustained by a community ethos. And the force behind it is as much emotional and moral as financial.</p><p><blockquote>对于零售商来说，这种方法并不总是科学的。这一行动是由社区精神支撑的。其背后的力量既是情感上的，也是道德上的，也是经济上的。</blockquote></p><p> New investors say they are motivated by a desire to prove themselves and punish the old guard as much as by profits. They learn from one another about the market, sometimes amplifying or debunking conspiracy theories about Wall Street. Some link the meme-stock movement to continued mistrust of big financial institutions stemming from the 2008 financial crisis.</p><p><blockquote>新投资者表示，他们的动机是希望证明自己，并像利润一样惩罚保守派。他们互相学习市场，有时会放大或揭穿关于华尔街的阴谋论。一些人将模因股票运动与2008年金融危机引发的对大型金融机构的持续不信任联系起来。</blockquote></p><p> “Wall Street brought our economy to its knees, and no one ever got in trouble for it,” says the 26-year-old Kohrs. “So, I think they view this as not only can we make money, but we can also make these hedge funds on Wall Street pay.”</p><p><blockquote>“26 岁的科尔斯说：”华尔街让我们的经济陷入困境，但没有人因此惹上麻烦。“所以，我认为他们认为我们不仅可以赚钱，还可以让华尔街的这些对冲基金付钱。”</blockquote></p><p> Claire Hirschberg is a 28-year-old union organizer who bought about $50 worth of GameStop stock on Robinhood in January after hearing about it from friends. She liked the idea, but what really got her excited about it was the reaction of her father, a longtime money manager. “He was so mad I had bought GameStop and was refusing to sell,” she says, laughing. “And that just makes me want to hold it forever.”</p><p><blockquote>克莱尔·赫希伯格 (Claire Hirschberg) 是一名 28 岁的工会组织者，她在 1 月份从朋友那里听说 Robinhood 上购买了价值约 50 美元的游戏驿站股票。她喜欢这个想法，但真正让她兴奋的是她父亲的反应，他是一名长期的资金经理。“她笑着说：”他很生气我买了游戏驿站，还不肯卖。“这让我想永远拿着它。”</blockquote></p><p> Just like old Wall Street has rituals and codes, the new one does, too. A new investment banking employee learns quickly that you don’t wear a Ferragamo tie until after you make associate. You never leave the office until the managing director does, and you don’t complain about the hours. And the bad guys are the regulators and Sen. Elizabeth Warren, and not in that order.</p><p><blockquote>就像老华尔街有仪式和准则一样，新华尔街也有。一位新的投资银行员工很快就会知道，在你成为合伙人之前，你不会打菲拉格慕领带。在总经理离开之前，你从不离开办公室，你也不会抱怨工作时间。坏人是监管者和参议员伊丽莎白·沃伦，而且不是按顺序。</blockquote></p><p> The new trading desk—the apps that millions of retail traders now use and the message boards where they congregate—have unspoken rules, too. Publicly acknowledging financial losses is a valiant act, evidence of internal fortitude and belief in the group. You don’t take yourself seriously and you don’t police language. You are part of an army of “apes” or “retards.” You hold through the crashes, even if it means you might lose everything. And the bad guys are the short sellers, the market makers, and the Wall Street elites, in that order.</p><p><blockquote>新的交易台——数百万散户交易者现在使用的应用程序和他们聚集的留言板——也有潜规则。公开承认财务损失是一种勇敢的行为，是内部坚韧和对本集团信念的证明。你不把自己当回事，也不规范语言。你是 “猿类 ”或 “弱智 ”大军的一员。你坚持住，即使这意味着你可能会失去一切。坏人依次是卖空者、做市商和华尔街精英。</blockquote></p><p> The group action is not just for moral support. The trading strategy depends on people keeping up the buying pressure to force a short squeeze or to buy bullish options that trigger what’s known as a gamma squeeze.</p><p><blockquote>集体行动不仅仅是为了精神支持。交易策略取决于人们保持买入压力，迫使做空，或买入看涨期权，从而引发所谓的伽马挤压。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/75d79c78a14cc8f297e17397cc54bdb5\" tg-width=\"1260\" tg-height=\"840\"><span>Keith Gill became the face of the Reddit army of retail traders pushing shares of GameStop higher when he appeared virtually before a House Financial Services Committee hearing in February.</span></p><p><blockquote><p class=\"t-img-caption\"><span>基思·吉尔 (Keith Gill) 在二月份众议院金融服务委员会听证会上虚拟露面，成为 Reddit 散户交易员大军推高游戏驿站股价的代言人。</span></p></blockquote></p><p> Many short sellers say they won’t touch these stocks anymore. But clearly, others aren’t taking that advice and are giving the meme movement oxygen by repeatedly betting against the stocks. AMC’s short interest was at 17% of the stock’s float in mid-June, down from 28% in January, but not by much.</p><p><blockquote>许多卖空者表示，他们不会再碰这些股票了。但显然，其他人并没有采纳这一建议，而是通过反复做空股票来给备忘录运动注入氧气。6 月中旬，AMC 的空头权益占该股流通量的 17%，低于 1 月份的 28%，但降幅不大。</blockquote></p><p> As the price rises, the shorts can’t help themselves. They start “drooling, with flames coming out of their ears,” says Michael Pachter, a Wedbush Securities analyst who has covered GameStop for years. “What’s kind of shocked me is the definition of insanity, which is doing the same thing over and over and over again and hoping for a different outcome each time, and the shorts keep coming back,” he says. “And [GameStop bull] Keith Gill and his Reddit raiders keep squeezing them, and it keeps working.”</p><p><blockquote>随着价格上涨，空头们也控制不住自己。多年来一直关注游戏驿站的韦德布什证券分析师迈克尔-帕切特（Michael Pachter）说，他们开始 “流口水，耳朵里冒出火焰”。“他说：”让我感到震惊的是精神错乱的定义，就是一遍又一遍地做同样的事情，每次都希望有不同的结果，而空头却不断出现。“[游戏驿站公牛]基思-吉尔（Keith Gill）和他的 Reddit raiders 一直在挤压他们，而且一直在起作用。”</blockquote></p><p> To beat the short sellers, the Reddit crowd needs to hold together, but the community has been showing cracks at times. The two meme stocks with the most determined fan bases—GameStop and AMC—still have enormous armies of core believers who do not seem easily swayed. But other names seem to have more-fickle backers. Several stocks caught up in the meme madness have come crashing down to earth.Bed Bath &amp; Beyond(BBBY) spiked twice—in late January and early June—but now trades only slightly above its mid-January levels. People who bought during the upswings have lost money.</p><p><blockquote>为了击败卖空者，Reddit 人群需要团结起来，但该社区有时会出现裂缝。拥有最坚定粉丝群的两只模因股票——游戏驿站和 AMC——仍然拥有庞大的核心信徒大军，他们似乎不容易动摇。但其他名字似乎有更善变的支持者。几只陷入迷因疯狂的股票已经崩溃。 Bed Bath &amp; Beyond (BBBY) 在 1 月底和 6 月初两次飙升，但现在的交易价格仅略高于 1 月中旬的水平。在上涨期间买入的人已经赔钱了。</blockquote></p><p> Distrust has spread, and some traders worry that wallstreetbets— the original Reddit message board that inspired the GameStop frenzy—has grown so fast that it has lost its original spirit, and potentially grown vulnerable to manipulation. Some have moved to other message boards, like r/superstonk, in hopes of reclaiming the old community’s flavor.</p><p><blockquote>不信任已经蔓延，一些交易员担心 wallstreetbets——激发游戏驿站狂热的最初 Reddit 留言板——发展如此之快，以至于它已经失去了最初的精神，并可能变得容易受到操纵。有些人搬到了其他留言板，如 r/superstonk，希望能重现老社区的风味。</blockquote></p><p> Travis Rehl, the founder of social-media tracking company Hype Equity, says that he tries to separate possible manipulators from more organic investor sentiment. Hype Equity is usually hired by public-relations firms representing companies that are being talked about online, he says. Now, he sees a growing trend of stocks that suddenly come up on message boards, receive positive chatter, and then disappear.</p><p><blockquote>社交媒体跟踪公司 Hype Equity 的创始人特拉维斯·雷尔 (Travis Rehl) 表示，他试图将可能的操纵者与更有机的投资者情绪区分开来。他说，炒作股权通常由代表网上谈论的公司的公关公司雇佣。现在，他看到了一种不断增长的趋势，即股票突然出现在留言板上，收到积极的聊天，然后消失。</blockquote></p><p></p><p> “It’s called into question what is a true discussion versus what is something that somebody just wants to pump,” he says. The moderators of wallstreetbets forbid market manipulation on the platform, and Rehl say they appear to work hard to police misinformation. The moderators did not respond to a request from&nbsp;Barron’s&nbsp;for comment.</p><p><blockquote>“他说：”这让人怀疑什么是真正的讨论，什么是某人只想炒作的东西。wallstreetbets 的版主禁止在该平台上操纵市场，Rehl 表示，他们似乎正在努力遏制错误信息。主持人没有回应《巴伦周刊》的置评请求。</blockquote></p><p> “If you can create enough buzz to get a stock that goes up 10%, 20%, even 50% in a short period of time, there’s a tremendous incentive to do that,” Sosnick says.</p><p><blockquote>“索斯尼克说：”如果你能制造足够的轰动效应，让一只股票在短时间内上涨 10%、20%，甚至 50%，那么你就有巨大的动力去做这件事。</blockquote></p><p> The Securities and Exchange Commission is watching for funny business on the message boards. SEC Chairman Gary Gensler and some members of Congress have discussed changing market rules with the intention of adding transparency protecting retail traders—although changes could also anger the retail crowd if they slow down trading or make it more expensive.</p><p><blockquote>美国证券交易委员会正在关注留言板上的有趣交易。美国证券交易委员会主席加里·詹斯勒（Gary Gensler）和一些国会议员讨论了改变市场规则，目的是增加保护散户交易者的透明度——尽管如果这些变化减缓交易速度或使交易成本更高，也可能激怒零售人群。</blockquote></p><p> Regulations aren’t the only thing that could deflate this trend. Dan Egan, vice president of behavioral finance and investing at fintech Betterment, thinks the momentum may run out of steam in September. Even “apes” have responsibilities. “Kids start going back to schools; parents are free to go to work again,” he says. “That’s the next time there’s going to be some oxygen pulled out of the room.”</p><p><blockquote>监管并不是唯一能遏制这一趋势的因素。fintech Betterment 行为金融和投资副总裁丹·伊根 (Dan Egan) 认为，这种势头可能会在 9 月份耗尽。即使是 “猿猴 ”也有责任。“他说：”孩子们开始重返校园；家长们也可以自由地再次上班了。“那是下一次从房间里抽出氧气的时候了。”</blockquote></p><p> Traditional investors may be tempted to write off the entire phenomenon as temporary madness inspired by lockdowns and free government money. But that would be a mistake. If zero-commission brokerages and fun with GameStop broke down barriers for millions of new investors to open accounts, it’s almost certainly a good thing, as long as most people bet with money they don’t need immediately. Many new retail traders say they are teaching themselves how to trade, and have begun to diversify their holdings.</p><p><blockquote>传统投资者可能会倾向于将整个现象视为由封锁和免费政府资金引发的暂时疯狂。但那将是一个错误。如果零佣金经纪和游戏驿站乐趣打破了数百万新投资者开户的障碍，那么只要大多数人用他们并不立即需要的钱下注，这几乎肯定是一件好事。许多新零售商表示，他们正在自学如何交易，并开始分散持股。</blockquote></p><p> In one form or another, this is the future client base of Wall Street.</p><p><blockquote>无论如何，这是华尔街未来的客户群。</blockquote></p><p> Arizona State University professor Hendrik Bessembinder published groundbreaking&nbsp;research&nbsp;in 2018 that found that “a randomly selected stock in a randomly selected month is more likely to lose money than make money.” In short, picking single stocks and holding a concentrated portfolio tends to be a losing strategy.</p><p><blockquote>亚利桑那州立大学教授亨德里克-贝森宾德（Hendrik Bessembinder）在2018年发表了一项开创性的研究，发现“在随机选择的月份随机选择的股票，亏损的可能性大于赚钱的可能性”。简而言之，挑选单只股票并持有集中投资组合往往是一种失败的策略。</blockquote></p><p> Even so, he’s encouraged by the new wave of trading. “I welcome the increase in retail trading, the idea of the stock market being a place with wide participation,” Bessembinder says. “Economists can’t tell people they shouldn’t get some fun.”</p><p><blockquote>即便如此，他还是对新一波交易感到鼓舞。“贝森宾德说：”我欢迎零售交易的增加，欢迎股票市场成为一个广泛参与的地方。“经济学家不能告诉人们他们不应该找点乐子”。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/the-meme-stock-trade-is-far-from-over-what-investors-need-to-know-51625875247?mod=hp_HERO\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"WKHS":"Workhorse Group, Inc.","CARV":"卡弗储蓄","CLOV":"Clover Health Corp","AMC":"AMC院线","BBBY":"Bed Bath & Beyond, Inc.","NEGG":"Newegg Comm Inc.","GME":"游戏驿站","BB":"黑莓","SCHW":"嘉信理财"},"source_url":"https://www.barrons.com/articles/the-meme-stock-trade-is-far-from-over-what-investors-need-to-know-51625875247?mod=hp_HERO","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1112201050","content_text":"It seemed to be only a matter of time.\nWhen GameStop (ticker: GME), BlackBerry (BB), and even the desiccated carcass of Blockbuster suddenly sprang to life in January, the clock was already ticking for when they would crash again. Would it be hours, days, or weeks?\nIt has now been half a year, and the core “meme stocks” are still trading at levels considered outrageous by people who have studied them for years. New names like Clover Health Investments(CLOV) and Newegg Commerce(NEGG) have recently popped up on message boards, and their stocks have popped, too.\nThe collective efforts of millions of retail traders—long derided as “the dumb money”—have successfully held stocks aloft and forced naysayers to capitulate.\nThat is true even as the companies they are betting on have shown scant signs of transforming their businesses, or turning profits that might justify their valuations. BlackBerry burned cash in its latest quarter and warned that its key cybersecurity division would hit the low end of its revenue guidance; the stock dipped on the news but has still more than doubled in the past year.\nWhile trading volume at the big brokers has come down slightly from its February peak, it remains two to three times as high as it was before the pandemic. And a startling amount of that activity is occurring in stocks favored by retail traders. The average daily value of shares traded in AMC Entertainment Holdings(AMC), for example, reached $13.1 billion in June, more than Apple’s(AAPL) $9.5 billion and Amazon.com’s (AMZN) $10.3 billion.\nEven as the coronavirus fades in the U.S., most new traders say they are committed to the hobby they learned during lockdown—58% of day traders in a Betterment survey said they are planning to trade even more in the future, and only 12% plan to trade less. Amateur pandemic bakers have stopped kneading sourdough loaves; traders are only getting hungrier.\nA sustained bear market would spoil such an appetite, as it did when the dot-com bubble burst. For now, dips are reasons to hold or buy.\n\n“I’ve seen that the ‘buy the dip’ sentiment hasn’t relented for a moment,” wrote Brandon Luczek, an electronics technician for the U.S. Navy who trades with friends online, in an email to Barron’s.\nThe meme stock surge has been propelled by a rise in trading by retail investors. In 2020, online brokers signed clients at a record pace, with more than 10 million people opening new accounts. That record will almost certainly be broken in 2021. Brokers had already added more than 10 million accounts less than halfway into the year, some of the top firms have disclosed.\nMeme stocks are both the cart and the horse of this phenomenon. Their sudden price spikes are driven by new investors, and then that action drives even more new people to invest. Millions of people downloaded investing apps in late January and early February just to be a part of the fun. A recent Charles Schwab(SCHW) survey found that 15% of all current traders began investing after 2020.\n\nThe most prominent player in the surge is Robinhood, which said it had added 5.5 million funded accounts in the first quarter alone. But it isn’t alone. Fidelity, for instance, announced that it had attracted 1.6 million new customers under the age of 35 in the first quarter, 223% more than a year before.\nUnder pressure from Robinhood’s zero-commission model, all of the major brokers cut commissions to zero in 2019. That opened the floodgates to a new group of customers—one that may not have as much spare cash to trade but is more active and diverse than its predecessors. And the brokers are cashing in. Fidelity is hoping to attract investors before they even have driver’s licenses, allowing children as young as 13 to open trading accounts. Robinhood is riding the momentum to an initial public offering that analysts expect to value it at more than 10 times its revenue.\nThese new customers act differently than their older peers. For years, there was a “big gravitation toward ETFs,” says Chris Larkin, head of trading at E*Trade, which is now owned by Morgan Stanley (MS). But picking single stocks is clearly “the big story of 2021.”\nTo be sure, equity exchange-traded funds are still doing well, as investors around the world bet on the pandemic recovery and avoid weak bond yields.\nBut ETFs don’t light up the message boards like stocks do. Not that it has been a one-way ride for the top names. GameStop did dip in February, and Wall Street enjoyed a moment of schadenfreude. It didn’t last.\n“Like cicadas, meme traders returned in a wild blaze of activity after being seemingly underground for several months,” wrote Steve Sosnick, chief strategist at Interactive Brokers. Sosnick believes that the meme stocks tend to trade inversely to cryptocurrencies, because their fans rotate from one to the other as the momentum shifts.\n“I don’t think it’s strictly a coincidence that meme stocks roared back to life after a significant correction in Bitcoin and other cryptocurrencies,” he wrote.\nSosnick considers meme stocks a “sector unto themselves,” one that he segregates on his computer monitor away from other stock tickers.\nIndeed, Wall Street’s reaction to the meme stock revolution has been to isolate the parts of the market that the pros deem irrational. Most short sellers won’t touch the stocks, and analysts are dropping coverage.\nBut Wall Street can’t swat the retail army away like cicadas, or count on them disappearing for the next 17 years. Stock trading has permanently shifted. This year, retail activity accounts for 24% of equity volume, up from 15% in 2019. Adherents to the new creed are not passive observers willing to let Wall Street manage the markets.\n\n“What this really reflects is a reversal of the trends that we saw toward less and less engagement with individual companies,” says Joshua Mitts, a professor at Columbia Law School specializing in securities markets. “Technology is bringing the average investor closer to the companies in which he or she invests, and that’s just taking on new and unpredictable forms.”\nThe swings you get can definitely make you feel some sort of way.\n— Matt Kohrs, 26, who streams stock analysis daily on YouTube\nIt is now changing the lives of those who got in early and are still riding the names higher.\nTake Matt Kohrs, who had invested in AMC Entertainment early. He quit his job as a programmer in New York in February, moved to Philadelphia, and started streaming stock analysis on YouTube for seven hours a day.\nWith 350,000 YouTube followers, it’s paying the bills. With his earnings from ads and from the stock, Kohrs says he can pull down roughly the same salary he made before. But he also knows that relying on earnings from stocks like this is nothing like a 9-to-5 job.\n“The swings you get can definitely make you feel some sort of way,” he says.\nCompanies are starting to react more aggressively, too. They are either embracing their new owners or paying meme-ologists to understand the emoji-filled language of the new Wall Street so they can ward them off or appease them.\nAMC even canceled a proposed equity raise this past week because the company apparently didn’t like the vibes it was getting from the Reddit crowd. AMC has already quintupled its share count over the past year. CEO Adam Aron tweeted that he had seen “many yes, many no” reactions to his proposal to issue 25 million more shares, so it will be canceled instead of being presented for a vote at AMC’s annual meeting later this month. The company did not respond to a question on how it had polled shareholders.\nForget the boardroom. Corporate policy is now being determined in the chat room.\nBig investors are spending more time tracking social-media discussions about stocks. Bank of America found in a survey this year that about 25% of institutions had already been tracking social-media sentiment, but that about 40% are interested in using it going forward.\nIn the past few months, Bank of America, Morgan Stanley, and J.P. Morgan have all produced reports on how to trade around the retail action, coming to somewhat different conclusions.\nThere can be “alpha in the signal,” as Morgan Stanley put it, but it can take some intense number-crunching to get there. Not all message-board chatter leads to sustained price gains, of course, and retail order flow cannot easily be separated from institutional flow without substantial data analysis. For investors with the tools to pinpoint which stocks retail investors are buying and which they are selling, J.P. Morgan suggests going long on the 20% of stocks with the most buying interest and short on the top 20% in selling interest.\nFor now, many of the institutions buying data on social-media sentiment appear to be trying to reduce their risks, as opposed to scouting new opportunities, according to Boris Spiwak of alternative data firm Thinknum, which offers products that track social-media sentiment. “They see it as almost like an insurance policy, to limit their downside risks,” he says.\nFor retail traders, the method isn’t always scientific. The action is sustained by a community ethos. And the force behind it is as much emotional and moral as financial.\nNew investors say they are motivated by a desire to prove themselves and punish the old guard as much as by profits. They learn from one another about the market, sometimes amplifying or debunking conspiracy theories about Wall Street. Some link the meme-stock movement to continued mistrust of big financial institutions stemming from the 2008 financial crisis.\n“Wall Street brought our economy to its knees, and no one ever got in trouble for it,” says the 26-year-old Kohrs. “So, I think they view this as not only can we make money, but we can also make these hedge funds on Wall Street pay.”\nClaire Hirschberg is a 28-year-old union organizer who bought about $50 worth of GameStop stock on Robinhood in January after hearing about it from friends. She liked the idea, but what really got her excited about it was the reaction of her father, a longtime money manager. “He was so mad I had bought GameStop and was refusing to sell,” she says, laughing. “And that just makes me want to hold it forever.”\nJust like old Wall Street has rituals and codes, the new one does, too. A new investment banking employee learns quickly that you don’t wear a Ferragamo tie until after you make associate. You never leave the office until the managing director does, and you don’t complain about the hours. And the bad guys are the regulators and Sen. Elizabeth Warren, and not in that order.\nThe new trading desk—the apps that millions of retail traders now use and the message boards where they congregate—have unspoken rules, too. Publicly acknowledging financial losses is a valiant act, evidence of internal fortitude and belief in the group. You don’t take yourself seriously and you don’t police language. You are part of an army of “apes” or “retards.” You hold through the crashes, even if it means you might lose everything. And the bad guys are the short sellers, the market makers, and the Wall Street elites, in that order.\nThe group action is not just for moral support. The trading strategy depends on people keeping up the buying pressure to force a short squeeze or to buy bullish options that trigger what’s known as a gamma squeeze.\nKeith Gill became the face of the Reddit army of retail traders pushing shares of GameStop higher when he appeared virtually before a House Financial Services Committee hearing in February.\nMany short sellers say they won’t touch these stocks anymore. But clearly, others aren’t taking that advice and are giving the meme movement oxygen by repeatedly betting against the stocks. AMC’s short interest was at 17% of the stock’s float in mid-June, down from 28% in January, but not by much.\nAs the price rises, the shorts can’t help themselves. They start “drooling, with flames coming out of their ears,” says Michael Pachter, a Wedbush Securities analyst who has covered GameStop for years. “What’s kind of shocked me is the definition of insanity, which is doing the same thing over and over and over again and hoping for a different outcome each time, and the shorts keep coming back,” he says. “And [GameStop bull] Keith Gill and his Reddit raiders keep squeezing them, and it keeps working.”\nTo beat the short sellers, the Reddit crowd needs to hold together, but the community has been showing cracks at times. The two meme stocks with the most determined fan bases—GameStop and AMC—still have enormous armies of core believers who do not seem easily swayed. But other names seem to have more-fickle backers. Several stocks caught up in the meme madness have come crashing down to earth.Bed Bath & Beyond(BBBY) spiked twice—in late January and early June—but now trades only slightly above its mid-January levels. People who bought during the upswings have lost money.\nDistrust has spread, and some traders worry that wallstreetbets— the original Reddit message board that inspired the GameStop frenzy—has grown so fast that it has lost its original spirit, and potentially grown vulnerable to manipulation. Some have moved to other message boards, like r/superstonk, in hopes of reclaiming the old community’s flavor.\nTravis Rehl, the founder of social-media tracking company Hype Equity, says that he tries to separate possible manipulators from more organic investor sentiment. Hype Equity is usually hired by public-relations firms representing companies that are being talked about online, he says. Now, he sees a growing trend of stocks that suddenly come up on message boards, receive positive chatter, and then disappear.\n“It’s called into question what is a true discussion versus what is something that somebody just wants to pump,” he says. The moderators of wallstreetbets forbid market manipulation on the platform, and Rehl say they appear to work hard to police misinformation. The moderators did not respond to a request from Barron’s for comment.\n“If you can create enough buzz to get a stock that goes up 10%, 20%, even 50% in a short period of time, there’s a tremendous incentive to do that,” Sosnick says.\nThe Securities and Exchange Commission is watching for funny business on the message boards. SEC Chairman Gary Gensler and some members of Congress have discussed changing market rules with the intention of adding transparency protecting retail traders—although changes could also anger the retail crowd if they slow down trading or make it more expensive.\nRegulations aren’t the only thing that could deflate this trend. Dan Egan, vice president of behavioral finance and investing at fintech Betterment, thinks the momentum may run out of steam in September. Even “apes” have responsibilities. “Kids start going back to schools; parents are free to go to work again,” he says. “That’s the next time there’s going to be some oxygen pulled out of the room.”\nTraditional investors may be tempted to write off the entire phenomenon as temporary madness inspired by lockdowns and free government money. But that would be a mistake. If zero-commission brokerages and fun with GameStop broke down barriers for millions of new investors to open accounts, it’s almost certainly a good thing, as long as most people bet with money they don’t need immediately. Many new retail traders say they are teaching themselves how to trade, and have begun to diversify their holdings.\nIn one form or another, this is the future client base of Wall Street.\nArizona State University professor Hendrik Bessembinder published groundbreaking research in 2018 that found that “a randomly selected stock in a randomly selected month is more likely to lose money than make money.” In short, picking single stocks and holding a concentrated portfolio tends to be a losing strategy.\nEven so, he’s encouraged by the new wave of trading. “I welcome the increase in retail trading, the idea of the stock market being a place with wide participation,” Bessembinder says. “Economists can’t tell people they shouldn’t get some fun.”","news_type":1,"symbols_score_info":{"MRIN":0.9,"AMC":0.9,"CARV":0.9,"BBBY":0.9,"WKHS":0.9,"CLOV":0.9,"BB":0.9,"NEGG":0.9,"GME":0.9,"SCHW":0.9}},"isVote":1,"tweetType":1,"viewCount":3390,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":148992413,"gmtCreate":1625911057532,"gmtModify":1633936154277,"author":{"id":"3582793651916821","authorId":"3582793651916821","name":"FrazerEr","avatar":"https://static.tigerbbs.com/9d5dff0eee122679c6bcd7532e992980","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582793651916821","authorIdStr":"3582793651916821"},"themes":[],"title":"","htmlText":"Great opinion piece","listText":"Great opinion piece","text":"Great opinion piece","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/148992413","repostId":"1185154176","repostType":4,"repost":{"id":"1185154176","kind":"news","pubTimestamp":1625886925,"share":"https://www.laohunote.com/m/news/1185154176?lang=zh_CN&edition=full","pubTime":"2021-07-10 11:15","market":"us","language":"en","title":"The bull market in stocks may last up to five years — here are six reasons why<blockquote>股市牛市可能会持续长达五年——以下是六个原因</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1185154176","media":"marketwatch","summary":"The economy is booming, earnings are rising, and the Federal Reserve is giving unprecedented support. When the stock market sells off, as it did Thursday, the right move was to buy your favorite stocks. Friday’s market action proved that.We are still only in the early stages of what is going to be a three- to five-year bull market in stocks, for these six reasons.Behind the scenes, consumers have massive unspent savings because they hunkered down for the pandemic. The personal savings rate hit n","content":"<p>The economy is booming, earnings are rising, and the Federal Reserve is giving unprecedented support</p><p><blockquote>经济正在蓬勃发展，收入正在上升，美联储正在提供前所未有的支持</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/16f57eb7b0f75afb2f46b6d61281db87\" tg-width=\"1260\" tg-height=\"839\"><span>(Photo by Jorge Guerrero/AFP via Getty Images)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（照片由豪尔赫·格雷罗/法新社通过盖蒂图片社提供）</span></p></blockquote></p><p> When the stock market sells off, as it did Thursday, the right move was to buy your favorite stocks. Friday’s market action proved that.</p><p><blockquote>当股市抛售时，就像周四一样，正确的做法是购买你最喜欢的股票。周五的市场走势证明了这一点。</blockquote></p><p> It’s true that there could be a correction, given the already sizable 17% gain in the S&amp;P 500 Index&nbsp;this year. But you should buy then, too.</p><p><blockquote>鉴于标普500指数今年已经上涨了 17%，确实可能会出现调整。但你也应该买。</blockquote></p><p> Here’s why.</p><p><blockquote>原因如下。</blockquote></p><p> We are still only in the early stages of what is going to be a three- to five-year bull market in stocks, for these six reasons.</p><p><blockquote>由于以下六个原因，我们仍处于三到五年股市牛市的早期阶段。</blockquote></p><p> <b>1. There’s tremendous pent-up demand</b></p><p><blockquote><b>1. 存在巨大的被压抑的需求</b></blockquote></p><p> Everyone is looking to the Federal Reserve for cues about stimulus. They are overlooking private-sector forces that will push stocks higher. To sum up, there’s huge pent-up private-sector demand that will help propel U.S. GDP growth to 8% this year and 3.5%-4.5% for years after that. The pent-up demand comes from the following sources, points out Jim Paulsen, chief strategist and economist at the Leuthold Group.</p><p><blockquote>每个人都在向美联储寻求有关刺激的线索。他们忽视了将推高股市的私营部门力量。综上所述，私营部门被压抑的巨大需求将有助于推动美国今年的 GDP 增长率达到 8%，之后几年将达到 3.5%-4.5%。Leuthold 集团首席策略师兼经济学家吉姆·保尔森 (Jim Paulsen) 指出，被压抑的需求来自以下来源。</blockquote></p><p> First, there’s been a surge in household formation, as millennials hit the family years. This helps explain the big uptick in home demand. Once you buy a house, you have to fill it up with stuff. More consumer demand on the way.</p><p><blockquote>首先，随着千禧一代进入家庭年龄，家庭组建激增。这有助于解释国内需求的大幅增长。一旦你买了房子，你就得把它装满东西。更多的消费者需求即将到来。</blockquote></p><p> Behind the scenes, consumers have massive unspent savings because they hunkered down for the pandemic. The personal savings rate hit nearly 16% of GDP, compared to a post war average of 6.5%. The prior high was 10% in 1970s.</p><p><blockquote>在幕后，消费者有大量未动用的储蓄，因为他们为疫情蹲下身子。个人储蓄率达到GDP的近16%，而战后平均水平为6.5%。之前的高点是20世纪70年代的10%。</blockquote></p><p> Relatedly, household balance sheets improved remarkably. Debt-to-income ratios are the lowest since the 1990s. Consumers will continue to tap more bank loans and credit card capacity, as their confidence increases because employment and the economy remain strong.</p><p><blockquote>与此相关的是，家庭资产负债表明显改善。债务收入比是20世纪90年代以来的最低水平。随着就业和经济保持强劲，消费者的信心增强，他们将继续利用更多的银行贷款和信用卡容量。</blockquote></p><p> Next, there will be plenty more newly employed people once the extra unemployment benefits expire in September. This means consumer confidence will improve, which invariably boosts economic growth. The labor participation rate has room to improve, leaving spare employment capacity before we hit the full employment that can cap economic growth.</p><p><blockquote>接下来，一旦额外的失业救济金在9月份到期，将会有更多的新就业人口。这意味着消费者信心将会改善，这无疑会促进经济增长。劳动力参与率还有提高的空间，在我们实现充分就业之前留下多余的就业能力，从而限制经济增长。</blockquote></p><p> Now let’s look at the pent-up demand in businesses.</p><p><blockquote>现在让我们来看看企业中被压抑的需求。</blockquote></p><p> You know all the shortages of stuff you keep running into or hearing about? Here’s why this is happening. To prepare for a prolonged epidemic, businesses cut inventories to the bone. It was the biggest inventory liquidation ever. But now, companies have to build back inventories. The ongoing inventory rebuild will be huge.</p><p><blockquote>你知道你经常遇到或听到的所有东西的短缺吗？这就是为什么会发生这种情况。为了应对长期的流行病，企业大幅削减库存。这是有史以来最大的库存清算。但现在，公司不得不重建库存。正在进行的库存重建将是巨大的。</blockquote></p><p> Companies also cut capacity, which they are building out again. Capital goods spending surged to record highs in the past year, advancing almost 23%, after being essentially flat for most of the prior two decades. This creates sustained growth, and it tells us a lot about business confidence.</p><p><blockquote>公司还削减了产能，并正在再次扩大产能。资本货物支出在过去二十年的大部分时间里基本持平后，去年飙升至历史新高，增长了近 23%。这创造了持续增长，并告诉我们很多关于商业信心的信息。</blockquote></p><p> <b>The bottom line</b>: We will see 7%-8% GDP growth this year, followed by 4%-4.5% next year and above average growth after that, supporting a sustained bull market in stocks. Expect the normal corrections along the way.</p><p><blockquote><b>底线</b>今年GDP将增长7%-8%，明年将增长4%-4.5%，之后将高于平均水平，支撑股市持续牛市。期待一路上的正常修正。</blockquote></p><p> <b>2. An under-appreciated earnings boom lies ahead</b></p><p><blockquote><b>2. 被低估的盈利繁荣即将到来</b></blockquote></p><p> The economic rebound has happened so quickly, analysts can’t keep up. Wall Street analysts project $190 a share in S&amp;P 500 earnings this year. But that is woefully low given the expected 7%-8% GDP growth and massive stimulus that has yet to kick in. Stimulus normally takes six to eight months to take effect, and a lot of the recent dollops happened inside that window.</p><p><blockquote>经济反弹发生得太快了，分析师们都跟不上了。华尔街分析师预计标普500今年每股收益为 190 美元。但考虑到预期的7%-8%的GDP增长和尚未生效的大规模刺激措施，这一数字低得可怜。刺激措施通常需要六到八个月才能生效，而最近的许多波动都发生在这个时间窗内。</blockquote></p><p> Paulsen expects 2021 S&amp;P 500 earnings will be more like $220 instead of the consensus estimate of $190.</p><p><blockquote>保尔森预计 2021 年标普500盈利将更接近 220 美元，而不是普遍预期的 190 美元。</blockquote></p><p> “Analysts are still under-appreciating how much profits have improved and how much they will improve,” says Paulsen. “We had dramatic overreaction from policy officials. They addressed the collapse, but created a massive improvement in fundamentals. This is still playing out in terms of the recovery in profits.”</p><p><blockquote>“保尔森说：”分析师仍然低估了利润已经提高了多少，以及利润将提高多少。“我们的政策官员反应过度。他们解决了崩盘问题，但基本面却有了巨大的改善。就利润复苏而言，这种情况仍在上演”。</blockquote></p><p> Plus, more fiscal stimulus is probably on the way, in the form of infrastructure spending.</p><p><blockquote>此外，更多的财政刺激可能即将以基础设施支出的形式出台。</blockquote></p><p> <b>3. There’s a new Fed in town</b></p><p><blockquote><b>3. 镇上有了新的美联储</b></blockquote></p><p> For much of the past three decades, the Fed has been quick to tighten its policy to ward off inflation. The central bank killed off growth in the process. That’s one reason why the past 20 years posted the slowest growth in the post-war era. Now, though, the Fed is much more accommodative and this may likely persist because inflation will remain sluggish (more on this, below).</p><p><blockquote>在过去三十年的大部分时间里，美联储一直在迅速收紧政策以抵御通货膨胀。在这个过程中，央行扼杀了增长。这也是过去 20 年是战后增长最慢的原因之一。然而，现在美联储更加宽松，这种情况可能会持续下去，因为通胀将保持低迷（更多内容见下文）。</blockquote></p><p></p><p> Here’s a simple gauge to measure this. Take GDP growth and subtract the yield on 10-year TreasuriesTMUBMUSD10Y,1.359%.This gauge was negative for much of 1980-2010, when the Fed kept growth cool to contain inflation. Now, though, Fed policy is helping to keep 10-year yields well below GDP growth, which allows the economy to run hot. This was the state of affairs during 1950-1965, which some analysts call “the golden age of capitalism” because of the glide path in growth.</p><p><blockquote>这里有一个简单的量规来衡量这一点。以 GDP 增长为例，减去 10 年期国债收益率 ESTMUBMUSD10Y，1.359%。该指标在 1980 年至 2010 年的大部分时间里都是负值，当时美联储保持增长冷静以遏制通胀。然而现在，美联储的政策正在帮助将 10 年期国债收益率保持在远低于 GDP 增长率的水平，这使得经济过热。这就是 1950-1965 年期间的情况，一些分析家称看涨期权为 “资本主义的黄金时代”，因为它在增长过程中出现了滑坡。</blockquote></p><p> <b>4. Inflation won’t kill the bull</b></p><p><blockquote><b>4. 通货膨胀不会杀死牛市</b></blockquote></p><p> Inflation may rise near term because the economy is so hot. But medium term, the inflation slayers will win out. Here’s a roundup. The population is aging, and older people spend less. The boom in business capital spending will continue to boost productivity at companies. This allows them to avoid passing along rising costs to customers. Global trade and competition have not gone away. This puts downward pressure on prices since goods can be made more cheaply in many foreign countries. Ongoing technological advances continually put downward pressure on tech products.</p><p><blockquote>由于经济如此火爆，通货膨胀在短期内可能会上升。但从中期来看，通胀杀手将获胜。以下是综述。人口老龄化，老年人消费减少。商业资本支出的激增将继续提高公司的生产力。这使他们能够避免将不断上涨的成本转嫁给客户。全球贸易和竞争并没有消失。这给价格带来了下行压力，因为在许多外国可以更便宜地生产商品。持续的技术进步不断给科技产品带来下行压力。</blockquote></p><p> <b>5. Valuations will improve</b></p><p><blockquote><b>5.估值将改善</b></blockquote></p><p> We’re now at the phase in the economic rebound where the following dynamic typically plays out. Stocks trade sideways for months, mostly because of worries about inflation and rising bond yields. All the while, the economy and earnings continue to grow, bringing down stock valuations. This dynamic played out at about this point in prior economic rebounds during 1983-84, 1993-94, 2004-05 and 2009-10. In short, we will see a big surge in earnings while the stock market marks time, or even corrects.</p><p><blockquote>我们现在正处于经济反弹阶段，通常会出现以下动态。几个月来，股市一直横盘整理，主要是因为对通货膨胀和债券收益率上升的担忧。与此同时，经济和盈利持续增长，降低了股票估值。这种动态在1983-84年、1993-94年、2004-05年和2009-10年的经济反弹中大约在这一点上表现出来。简而言之，当股市标记时间，甚至回调时，我们将看到盈利大幅飙升。</blockquote></p><p> This will reset stock valuations lower, removing one of the chief concerns among investors — high valuations. If S&amp;P 500 earnings hit $220 by the end of the year and the index is at 4,000 to 4,100 points because of a correction, stocks will be at an 18-19 price earnings ratio — below the average since 1990.</p><p><blockquote>这将使股票估值降低，消除投资者的主要担忧之一——高估值。如果标普500的盈利在今年年底达到 220 美元，并且该指数因调整而处于 4,000 至 4,100 点，那么股票的市盈率将为 18-19，低于 1990 年以来的平均水平。</blockquote></p><p> True to form, the Dow Jones Industrial AverageDJIA,+1.30%and the Russell 2000&nbsp;small-cap index have traded sideways for two to four months. The S&amp;P 500 and Nasdaq&nbsp;recently broke out of trading ranges, but a bigger pullback would send them back into sideways action mode.</p><p><blockquote>一如既往，道琼斯工业平均指数 (DJIA) 和罗素 2000 小型股指数已经横盘整理了两到四个月。标普500和纳斯达克最近突破了交易区间，但更大的回调将使它们回到横盘整理模式。</blockquote></p><p> <b>6. Sentiment isn’t extreme</b></p><p><blockquote><b>6. 情绪并不极端</b></blockquote></p><p> As a contrarian, I look for excessive sentiment as a sign that it’s time to raise some cash. We don’t see that yet. A simple gauge to follow is the Investors Intelligence Bull/Bear ratio. It recently came in at 3.92. That’s near the warning path, which for me starts at 4. On the other hand, mutual fund cash was recently at $4.6 trillion, near historical highs. This represents caution among investors.</p><p><blockquote>作为一个逆向投资者，我认为过度的情绪是时候筹集一些现金了。我们还没看到。一个简单的衡量标准是投资者情报牛熊比率。它最近的价格是3.92。那是在警告路径附近，对我来说，警告路径是从 4 点开始的。另一方面，共同基金现金最近达到 4.6 万亿美元，接近历史高位。这代表了投资者的谨慎。</blockquote></p><p> <b>Three themes to follow</b></p><p><blockquote><b>遵循的三个主题</b></blockquote></p><p> If we are in store for a sustained economic recovery and a multi-year bull market in stocks, it will pay to follow these three themes.</p><p><blockquote>如果我们即将迎来经济持续复苏和股市多年牛市，那么遵循这三个主题将是值得的。</blockquote></p><p> <b>Favor cyclicals.</b>Stay with economically sensitive businesses and add to your holdings in them on pullbacks. This means cyclical companies in areas like financials, materials, industrials and consumer discretionary businesses.</p><p><blockquote><b>青睐周期性产品。</b>持有对经济敏感的业务，并在回调时增持这些业务。这意味着金融、材料、工业和非必需消费品业务等领域的周期性公司。</blockquote></p><p> <b>Avoid defensives.</b>If you want yield, go with stocks that pay a dividend but also have capital appreciation potential — not steady growth companies selling stuff like consumer staples. On this theme, in my stock letter Brush Up on Stocks (the link is in bio, below) I’ve recently suggested or reiterated Home Depot&nbsp;in retail, B. Riley Financial,a markets and investment banking name, and Regional Management&nbsp;in consumer finance.</p><p><blockquote><b>避免防御。</b>如果你想要收益率，那就选择支付股息但也有资本增值潜力的股票——而不是销售必需品等商品的稳定增长公司。关于这个主题，在我的股票信中（链接在下面的简介中），我最近建议或重申了家得宝（Home Depot）在零售业、B. Riley Financial（一家市场和投资银行公司）以及消费金融领域的区域管理。</blockquote></p><p> <b>Favor emerging markets.</b>Their growth tends to be higher during expansions. Just be careful with China. It has an aging population. Limited workforce growth may constrain economic growth. Another challenge is that ongoing U.S.-China tensions and the related threat of persistent tariffs and trade barriers have global companies relocating supply chains elsewhere.</p><p><blockquote><b>青睐新兴市场。</b>在扩张期间，它们的增长往往会更高。小心中国。它的人口老龄化。有限的劳动力增长可能会限制经济增长。另一个挑战是，持续的中美紧张局势以及持续关税和贸易壁垒的相关威胁迫使全球公司将供应链转移到其他地方。</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>The bull market in stocks may last up to five years — here are six reasons why<blockquote>股市牛市可能会持续长达五年——以下是六个原因</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe bull market in stocks may last up to five years — here are six reasons why<blockquote>股市牛市可能会持续长达五年——以下是六个原因</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">marketwatch</strong><span class=\"h-time small\">2021-07-10 11:15</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The economy is booming, earnings are rising, and the Federal Reserve is giving unprecedented support</p><p><blockquote>经济正在蓬勃发展，收入正在上升，美联储正在提供前所未有的支持</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/16f57eb7b0f75afb2f46b6d61281db87\" tg-width=\"1260\" tg-height=\"839\"><span>(Photo by Jorge Guerrero/AFP via Getty Images)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（照片由豪尔赫·格雷罗/法新社通过盖蒂图片社提供）</span></p></blockquote></p><p> When the stock market sells off, as it did Thursday, the right move was to buy your favorite stocks. Friday’s market action proved that.</p><p><blockquote>当股市抛售时，就像周四一样，正确的做法是购买你最喜欢的股票。周五的市场走势证明了这一点。</blockquote></p><p> It’s true that there could be a correction, given the already sizable 17% gain in the S&amp;P 500 Index&nbsp;this year. But you should buy then, too.</p><p><blockquote>鉴于标普500指数今年已经上涨了 17%，确实可能会出现调整。但你也应该买。</blockquote></p><p> Here’s why.</p><p><blockquote>原因如下。</blockquote></p><p> We are still only in the early stages of what is going to be a three- to five-year bull market in stocks, for these six reasons.</p><p><blockquote>由于以下六个原因，我们仍处于三到五年股市牛市的早期阶段。</blockquote></p><p> <b>1. There’s tremendous pent-up demand</b></p><p><blockquote><b>1. 存在巨大的被压抑的需求</b></blockquote></p><p> Everyone is looking to the Federal Reserve for cues about stimulus. They are overlooking private-sector forces that will push stocks higher. To sum up, there’s huge pent-up private-sector demand that will help propel U.S. GDP growth to 8% this year and 3.5%-4.5% for years after that. The pent-up demand comes from the following sources, points out Jim Paulsen, chief strategist and economist at the Leuthold Group.</p><p><blockquote>每个人都在向美联储寻求有关刺激的线索。他们忽视了将推高股市的私营部门力量。综上所述，私营部门被压抑的巨大需求将有助于推动美国今年的 GDP 增长率达到 8%，之后几年将达到 3.5%-4.5%。Leuthold 集团首席策略师兼经济学家吉姆·保尔森 (Jim Paulsen) 指出，被压抑的需求来自以下来源。</blockquote></p><p> First, there’s been a surge in household formation, as millennials hit the family years. This helps explain the big uptick in home demand. Once you buy a house, you have to fill it up with stuff. More consumer demand on the way.</p><p><blockquote>首先，随着千禧一代进入家庭年龄，家庭组建激增。这有助于解释国内需求的大幅增长。一旦你买了房子，你就得把它装满东西。更多的消费者需求即将到来。</blockquote></p><p> Behind the scenes, consumers have massive unspent savings because they hunkered down for the pandemic. The personal savings rate hit nearly 16% of GDP, compared to a post war average of 6.5%. The prior high was 10% in 1970s.</p><p><blockquote>在幕后，消费者有大量未动用的储蓄，因为他们为疫情蹲下身子。个人储蓄率达到GDP的近16%，而战后平均水平为6.5%。之前的高点是20世纪70年代的10%。</blockquote></p><p> Relatedly, household balance sheets improved remarkably. Debt-to-income ratios are the lowest since the 1990s. Consumers will continue to tap more bank loans and credit card capacity, as their confidence increases because employment and the economy remain strong.</p><p><blockquote>与此相关的是，家庭资产负债表明显改善。债务收入比是20世纪90年代以来的最低水平。随着就业和经济保持强劲，消费者的信心增强，他们将继续利用更多的银行贷款和信用卡容量。</blockquote></p><p> Next, there will be plenty more newly employed people once the extra unemployment benefits expire in September. This means consumer confidence will improve, which invariably boosts economic growth. The labor participation rate has room to improve, leaving spare employment capacity before we hit the full employment that can cap economic growth.</p><p><blockquote>接下来，一旦额外的失业救济金在9月份到期，将会有更多的新就业人口。这意味着消费者信心将会改善，这无疑会促进经济增长。劳动力参与率还有提高的空间，在我们实现充分就业之前留下多余的就业能力，从而限制经济增长。</blockquote></p><p> Now let’s look at the pent-up demand in businesses.</p><p><blockquote>现在让我们来看看企业中被压抑的需求。</blockquote></p><p> You know all the shortages of stuff you keep running into or hearing about? Here’s why this is happening. To prepare for a prolonged epidemic, businesses cut inventories to the bone. It was the biggest inventory liquidation ever. But now, companies have to build back inventories. The ongoing inventory rebuild will be huge.</p><p><blockquote>你知道你经常遇到或听到的所有东西的短缺吗？这就是为什么会发生这种情况。为了应对长期的流行病，企业大幅削减库存。这是有史以来最大的库存清算。但现在，公司不得不重建库存。正在进行的库存重建将是巨大的。</blockquote></p><p> Companies also cut capacity, which they are building out again. Capital goods spending surged to record highs in the past year, advancing almost 23%, after being essentially flat for most of the prior two decades. This creates sustained growth, and it tells us a lot about business confidence.</p><p><blockquote>公司还削减了产能，并正在再次扩大产能。资本货物支出在过去二十年的大部分时间里基本持平后，去年飙升至历史新高，增长了近 23%。这创造了持续增长，并告诉我们很多关于商业信心的信息。</blockquote></p><p> <b>The bottom line</b>: We will see 7%-8% GDP growth this year, followed by 4%-4.5% next year and above average growth after that, supporting a sustained bull market in stocks. Expect the normal corrections along the way.</p><p><blockquote><b>底线</b>今年GDP将增长7%-8%，明年将增长4%-4.5%，之后将高于平均水平，支撑股市持续牛市。期待一路上的正常修正。</blockquote></p><p> <b>2. An under-appreciated earnings boom lies ahead</b></p><p><blockquote><b>2. 被低估的盈利繁荣即将到来</b></blockquote></p><p> The economic rebound has happened so quickly, analysts can’t keep up. Wall Street analysts project $190 a share in S&amp;P 500 earnings this year. But that is woefully low given the expected 7%-8% GDP growth and massive stimulus that has yet to kick in. Stimulus normally takes six to eight months to take effect, and a lot of the recent dollops happened inside that window.</p><p><blockquote>经济反弹发生得太快了，分析师们都跟不上了。华尔街分析师预计标普500今年每股收益为 190 美元。但考虑到预期的7%-8%的GDP增长和尚未生效的大规模刺激措施，这一数字低得可怜。刺激措施通常需要六到八个月才能生效，而最近的许多波动都发生在这个时间窗内。</blockquote></p><p> Paulsen expects 2021 S&amp;P 500 earnings will be more like $220 instead of the consensus estimate of $190.</p><p><blockquote>保尔森预计 2021 年标普500盈利将更接近 220 美元，而不是普遍预期的 190 美元。</blockquote></p><p> “Analysts are still under-appreciating how much profits have improved and how much they will improve,” says Paulsen. “We had dramatic overreaction from policy officials. They addressed the collapse, but created a massive improvement in fundamentals. This is still playing out in terms of the recovery in profits.”</p><p><blockquote>“保尔森说：”分析师仍然低估了利润已经提高了多少，以及利润将提高多少。“我们的政策官员反应过度。他们解决了崩盘问题，但基本面却有了巨大的改善。就利润复苏而言，这种情况仍在上演”。</blockquote></p><p> Plus, more fiscal stimulus is probably on the way, in the form of infrastructure spending.</p><p><blockquote>此外，更多的财政刺激可能即将以基础设施支出的形式出台。</blockquote></p><p> <b>3. There’s a new Fed in town</b></p><p><blockquote><b>3. 镇上有了新的美联储</b></blockquote></p><p> For much of the past three decades, the Fed has been quick to tighten its policy to ward off inflation. The central bank killed off growth in the process. That’s one reason why the past 20 years posted the slowest growth in the post-war era. Now, though, the Fed is much more accommodative and this may likely persist because inflation will remain sluggish (more on this, below).</p><p><blockquote>在过去三十年的大部分时间里，美联储一直在迅速收紧政策以抵御通货膨胀。在这个过程中，央行扼杀了增长。这也是过去 20 年是战后增长最慢的原因之一。然而，现在美联储更加宽松，这种情况可能会持续下去，因为通胀将保持低迷（更多内容见下文）。</blockquote></p><p></p><p> Here’s a simple gauge to measure this. Take GDP growth and subtract the yield on 10-year TreasuriesTMUBMUSD10Y,1.359%.This gauge was negative for much of 1980-2010, when the Fed kept growth cool to contain inflation. Now, though, Fed policy is helping to keep 10-year yields well below GDP growth, which allows the economy to run hot. This was the state of affairs during 1950-1965, which some analysts call “the golden age of capitalism” because of the glide path in growth.</p><p><blockquote>这里有一个简单的量规来衡量这一点。以 GDP 增长为例，减去 10 年期国债收益率 ESTMUBMUSD10Y，1.359%。该指标在 1980 年至 2010 年的大部分时间里都是负值，当时美联储保持增长冷静以遏制通胀。然而现在，美联储的政策正在帮助将 10 年期国债收益率保持在远低于 GDP 增长率的水平，这使得经济过热。这就是 1950-1965 年期间的情况，一些分析家称看涨期权为 “资本主义的黄金时代”，因为它在增长过程中出现了滑坡。</blockquote></p><p> <b>4. Inflation won’t kill the bull</b></p><p><blockquote><b>4. 通货膨胀不会杀死牛市</b></blockquote></p><p> Inflation may rise near term because the economy is so hot. But medium term, the inflation slayers will win out. Here’s a roundup. The population is aging, and older people spend less. The boom in business capital spending will continue to boost productivity at companies. This allows them to avoid passing along rising costs to customers. Global trade and competition have not gone away. This puts downward pressure on prices since goods can be made more cheaply in many foreign countries. Ongoing technological advances continually put downward pressure on tech products.</p><p><blockquote>由于经济如此火爆，通货膨胀在短期内可能会上升。但从中期来看，通胀杀手将获胜。以下是综述。人口老龄化，老年人消费减少。商业资本支出的激增将继续提高公司的生产力。这使他们能够避免将不断上涨的成本转嫁给客户。全球贸易和竞争并没有消失。这给价格带来了下行压力，因为在许多外国可以更便宜地生产商品。持续的技术进步不断给科技产品带来下行压力。</blockquote></p><p> <b>5. Valuations will improve</b></p><p><blockquote><b>5.估值将改善</b></blockquote></p><p> We’re now at the phase in the economic rebound where the following dynamic typically plays out. Stocks trade sideways for months, mostly because of worries about inflation and rising bond yields. All the while, the economy and earnings continue to grow, bringing down stock valuations. This dynamic played out at about this point in prior economic rebounds during 1983-84, 1993-94, 2004-05 and 2009-10. In short, we will see a big surge in earnings while the stock market marks time, or even corrects.</p><p><blockquote>我们现在正处于经济反弹阶段，通常会出现以下动态。几个月来，股市一直横盘整理，主要是因为对通货膨胀和债券收益率上升的担忧。与此同时，经济和盈利持续增长，降低了股票估值。这种动态在1983-84年、1993-94年、2004-05年和2009-10年的经济反弹中大约在这一点上表现出来。简而言之，当股市标记时间，甚至回调时，我们将看到盈利大幅飙升。</blockquote></p><p> This will reset stock valuations lower, removing one of the chief concerns among investors — high valuations. If S&amp;P 500 earnings hit $220 by the end of the year and the index is at 4,000 to 4,100 points because of a correction, stocks will be at an 18-19 price earnings ratio — below the average since 1990.</p><p><blockquote>这将使股票估值降低，消除投资者的主要担忧之一——高估值。如果标普500的盈利在今年年底达到 220 美元，并且该指数因调整而处于 4,000 至 4,100 点，那么股票的市盈率将为 18-19，低于 1990 年以来的平均水平。</blockquote></p><p> True to form, the Dow Jones Industrial AverageDJIA,+1.30%and the Russell 2000&nbsp;small-cap index have traded sideways for two to four months. The S&amp;P 500 and Nasdaq&nbsp;recently broke out of trading ranges, but a bigger pullback would send them back into sideways action mode.</p><p><blockquote>一如既往，道琼斯工业平均指数 (DJIA) 和罗素 2000 小型股指数已经横盘整理了两到四个月。标普500和纳斯达克最近突破了交易区间，但更大的回调将使它们回到横盘整理模式。</blockquote></p><p> <b>6. Sentiment isn’t extreme</b></p><p><blockquote><b>6. 情绪并不极端</b></blockquote></p><p> As a contrarian, I look for excessive sentiment as a sign that it’s time to raise some cash. We don’t see that yet. A simple gauge to follow is the Investors Intelligence Bull/Bear ratio. It recently came in at 3.92. That’s near the warning path, which for me starts at 4. On the other hand, mutual fund cash was recently at $4.6 trillion, near historical highs. This represents caution among investors.</p><p><blockquote>作为一个逆向投资者，我认为过度的情绪是时候筹集一些现金了。我们还没看到。一个简单的衡量标准是投资者情报牛熊比率。它最近的价格是3.92。那是在警告路径附近，对我来说，警告路径是从 4 点开始的。另一方面，共同基金现金最近达到 4.6 万亿美元，接近历史高位。这代表了投资者的谨慎。</blockquote></p><p> <b>Three themes to follow</b></p><p><blockquote><b>遵循的三个主题</b></blockquote></p><p> If we are in store for a sustained economic recovery and a multi-year bull market in stocks, it will pay to follow these three themes.</p><p><blockquote>如果我们即将迎来经济持续复苏和股市多年牛市，那么遵循这三个主题将是值得的。</blockquote></p><p> <b>Favor cyclicals.</b>Stay with economically sensitive businesses and add to your holdings in them on pullbacks. This means cyclical companies in areas like financials, materials, industrials and consumer discretionary businesses.</p><p><blockquote><b>青睐周期性产品。</b>持有对经济敏感的业务，并在回调时增持这些业务。这意味着金融、材料、工业和非必需消费品业务等领域的周期性公司。</blockquote></p><p> <b>Avoid defensives.</b>If you want yield, go with stocks that pay a dividend but also have capital appreciation potential — not steady growth companies selling stuff like consumer staples. On this theme, in my stock letter Brush Up on Stocks (the link is in bio, below) I’ve recently suggested or reiterated Home Depot&nbsp;in retail, B. Riley Financial,a markets and investment banking name, and Regional Management&nbsp;in consumer finance.</p><p><blockquote><b>避免防御。</b>如果你想要收益率，那就选择支付股息但也有资本增值潜力的股票——而不是销售必需品等商品的稳定增长公司。关于这个主题，在我的股票信中（链接在下面的简介中），我最近建议或重申了家得宝（Home Depot）在零售业、B. Riley Financial（一家市场和投资银行公司）以及消费金融领域的区域管理。</blockquote></p><p> <b>Favor emerging markets.</b>Their growth tends to be higher during expansions. Just be careful with China. It has an aging population. Limited workforce growth may constrain economic growth. Another challenge is that ongoing U.S.-China tensions and the related threat of persistent tariffs and trade barriers have global companies relocating supply chains elsewhere.</p><p><blockquote><b>青睐新兴市场。</b>在扩张期间，它们的增长往往会更高。小心中国。它的人口老龄化。有限的劳动力增长可能会限制经济增长。另一个挑战是，持续的中美紧张局势以及持续关税和贸易壁垒的相关威胁迫使全球公司将供应链转移到其他地方。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/the-bull-market-in-stocks-may-last-up-to-five-years-here-are-six-reasons-why-11625842781?mod=home-page\">marketwatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://www.marketwatch.com/story/the-bull-market-in-stocks-may-last-up-to-five-years-here-are-six-reasons-why-11625842781?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1185154176","content_text":"The economy is booming, earnings are rising, and the Federal Reserve is giving unprecedented support\n(Photo by Jorge Guerrero/AFP via Getty Images)\nWhen the stock market sells off, as it did Thursday, the right move was to buy your favorite stocks. Friday’s market action proved that.\nIt’s true that there could be a correction, given the already sizable 17% gain in the S&P 500 Index this year. But you should buy then, too.\nHere’s why.\nWe are still only in the early stages of what is going to be a three- to five-year bull market in stocks, for these six reasons.\n1. There’s tremendous pent-up demand\nEveryone is looking to the Federal Reserve for cues about stimulus. They are overlooking private-sector forces that will push stocks higher. To sum up, there’s huge pent-up private-sector demand that will help propel U.S. GDP growth to 8% this year and 3.5%-4.5% for years after that. The pent-up demand comes from the following sources, points out Jim Paulsen, chief strategist and economist at the Leuthold Group.\nFirst, there’s been a surge in household formation, as millennials hit the family years. This helps explain the big uptick in home demand. Once you buy a house, you have to fill it up with stuff. More consumer demand on the way.\nBehind the scenes, consumers have massive unspent savings because they hunkered down for the pandemic. The personal savings rate hit nearly 16% of GDP, compared to a post war average of 6.5%. The prior high was 10% in 1970s.\nRelatedly, household balance sheets improved remarkably. Debt-to-income ratios are the lowest since the 1990s. Consumers will continue to tap more bank loans and credit card capacity, as their confidence increases because employment and the economy remain strong.\nNext, there will be plenty more newly employed people once the extra unemployment benefits expire in September. This means consumer confidence will improve, which invariably boosts economic growth. The labor participation rate has room to improve, leaving spare employment capacity before we hit the full employment that can cap economic growth.\nNow let’s look at the pent-up demand in businesses.\nYou know all the shortages of stuff you keep running into or hearing about? Here’s why this is happening. To prepare for a prolonged epidemic, businesses cut inventories to the bone. It was the biggest inventory liquidation ever. But now, companies have to build back inventories. The ongoing inventory rebuild will be huge.\nCompanies also cut capacity, which they are building out again. Capital goods spending surged to record highs in the past year, advancing almost 23%, after being essentially flat for most of the prior two decades. This creates sustained growth, and it tells us a lot about business confidence.\nThe bottom line: We will see 7%-8% GDP growth this year, followed by 4%-4.5% next year and above average growth after that, supporting a sustained bull market in stocks. Expect the normal corrections along the way.\n2. An under-appreciated earnings boom lies ahead\nThe economic rebound has happened so quickly, analysts can’t keep up. Wall Street analysts project $190 a share in S&P 500 earnings this year. But that is woefully low given the expected 7%-8% GDP growth and massive stimulus that has yet to kick in. Stimulus normally takes six to eight months to take effect, and a lot of the recent dollops happened inside that window.\nPaulsen expects 2021 S&P 500 earnings will be more like $220 instead of the consensus estimate of $190.\n“Analysts are still under-appreciating how much profits have improved and how much they will improve,” says Paulsen. “We had dramatic overreaction from policy officials. They addressed the collapse, but created a massive improvement in fundamentals. This is still playing out in terms of the recovery in profits.”\nPlus, more fiscal stimulus is probably on the way, in the form of infrastructure spending.\n3. There’s a new Fed in town\nFor much of the past three decades, the Fed has been quick to tighten its policy to ward off inflation. The central bank killed off growth in the process. That’s one reason why the past 20 years posted the slowest growth in the post-war era. Now, though, the Fed is much more accommodative and this may likely persist because inflation will remain sluggish (more on this, below).\nHere’s a simple gauge to measure this. Take GDP growth and subtract the yield on 10-year TreasuriesTMUBMUSD10Y,1.359%.This gauge was negative for much of 1980-2010, when the Fed kept growth cool to contain inflation. Now, though, Fed policy is helping to keep 10-year yields well below GDP growth, which allows the economy to run hot. This was the state of affairs during 1950-1965, which some analysts call “the golden age of capitalism” because of the glide path in growth.\n4. Inflation won’t kill the bull\nInflation may rise near term because the economy is so hot. But medium term, the inflation slayers will win out. Here’s a roundup. The population is aging, and older people spend less. The boom in business capital spending will continue to boost productivity at companies. This allows them to avoid passing along rising costs to customers. Global trade and competition have not gone away. This puts downward pressure on prices since goods can be made more cheaply in many foreign countries. Ongoing technological advances continually put downward pressure on tech products.\n5. Valuations will improve\nWe’re now at the phase in the economic rebound where the following dynamic typically plays out. Stocks trade sideways for months, mostly because of worries about inflation and rising bond yields. All the while, the economy and earnings continue to grow, bringing down stock valuations. This dynamic played out at about this point in prior economic rebounds during 1983-84, 1993-94, 2004-05 and 2009-10. In short, we will see a big surge in earnings while the stock market marks time, or even corrects.\nThis will reset stock valuations lower, removing one of the chief concerns among investors — high valuations. If S&P 500 earnings hit $220 by the end of the year and the index is at 4,000 to 4,100 points because of a correction, stocks will be at an 18-19 price earnings ratio — below the average since 1990.\nTrue to form, the Dow Jones Industrial AverageDJIA,+1.30%and the Russell 2000 small-cap index have traded sideways for two to four months. The S&P 500 and Nasdaq recently broke out of trading ranges, but a bigger pullback would send them back into sideways action mode.\n6. Sentiment isn’t extreme\nAs a contrarian, I look for excessive sentiment as a sign that it’s time to raise some cash. We don’t see that yet. A simple gauge to follow is the Investors Intelligence Bull/Bear ratio. It recently came in at 3.92. That’s near the warning path, which for me starts at 4. On the other hand, mutual fund cash was recently at $4.6 trillion, near historical highs. This represents caution among investors.\nThree themes to follow\nIf we are in store for a sustained economic recovery and a multi-year bull market in stocks, it will pay to follow these three themes.\nFavor cyclicals.Stay with economically sensitive businesses and add to your holdings in them on pullbacks. This means cyclical companies in areas like financials, materials, industrials and consumer discretionary businesses.\nAvoid defensives.If you want yield, go with stocks that pay a dividend but also have capital appreciation potential — not steady growth companies selling stuff like consumer staples. On this theme, in my stock letter Brush Up on Stocks (the link is in bio, below) I’ve recently suggested or reiterated Home Depot in retail, B. Riley Financial,a markets and investment banking name, and Regional Management in consumer finance.\nFavor emerging markets.Their growth tends to be higher during expansions. Just be careful with China. It has an aging population. Limited workforce growth may constrain economic growth. Another challenge is that ongoing U.S.-China tensions and the related threat of persistent tariffs and trade barriers have global companies relocating supply chains elsewhere.","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":1253,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":148996681,"gmtCreate":1625910903843,"gmtModify":1633936155490,"author":{"id":"3582793651916821","authorId":"3582793651916821","name":"FrazerEr","avatar":"https://static.tigerbbs.com/9d5dff0eee122679c6bcd7532e992980","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582793651916821","authorIdStr":"3582793651916821"},"themes":[],"title":"","htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/148996681","repostId":"2150370120","repostType":4,"isVote":1,"tweetType":1,"viewCount":1013,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":159253797,"gmtCreate":1624971790919,"gmtModify":1633946389632,"author":{"id":"3582793651916821","authorId":"3582793651916821","name":"FrazerEr","avatar":"https://static.tigerbbs.com/9d5dff0eee122679c6bcd7532e992980","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582793651916821","authorIdStr":"3582793651916821"},"themes":[],"title":"","htmlText":"To the moon","listText":"To the moon","text":"To the moon","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/159253797","repostId":"2146200677","repostType":4,"isVote":1,"tweetType":1,"viewCount":951,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":148277824,"gmtCreate":1625983688168,"gmtModify":1631891284903,"author":{"id":"3582793651916821","authorId":"3582793651916821","name":"FrazerEr","avatar":"https://static.tigerbbs.com/9d5dff0eee122679c6bcd7532e992980","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582793651916821","idStr":"3582793651916821"},"themes":[],"title":"","htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/148277824","repostId":"1112201050","repostType":4,"repost":{"id":"1112201050","kind":"news","pubTimestamp":1625966101,"share":"https://www.laohunote.com/m/news/1112201050?lang=zh_CN&edition=full","pubTime":"2021-07-11 09:15","market":"us","language":"en","title":"The Meme Stock Trade Is Far From Over. What Investors Need to Know.<blockquote>模因股票交易远未结束。投资者需要了解的内容。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1112201050","media":"Barrons","summary":"It seemed to be only a matter of time.\nWhen GameStop (ticker: GME), BlackBerry (BB), and even the de","content":"<p>It seemed to be only a matter of time.</p><p><blockquote>这似乎只是时间问题。</blockquote></p><p> When GameStop (ticker: GME), BlackBerry (BB), and even the desiccated carcass of Blockbuster suddenly sprang to life in January, the clock was already ticking for when they would crash again. Would it be hours, days, or weeks?</p><p><blockquote>当游戏驿站（股票代码：GME）、黑莓（BB），甚至百视达的干涸尸体在一月份突然复活时，它们何时会再次坠毁的时间已经在流逝。会是几个小时、几天还是几周？</blockquote></p><p> It has now been half a year, and the core “meme stocks” are still trading at levels considered outrageous by people who have studied them for years. New names like&nbsp;Clover Health Investments(CLOV) and&nbsp;Newegg Commerce(NEGG) have recently popped up on message boards, and their stocks have popped, too.</p><p><blockquote>现在已经过去半年了，核心 “备忘录股票 ”的交易价格仍然处于研究这些股票多年的人认为离谱的水平。Clover Health Investments (CLOV) 和 Newegg Commerce (NEGG) 等新名称最近出现在留言板上，它们的股票也随之上涨。</blockquote></p><p> The collective efforts of millions of retail traders—long derided as “the dumb money”—have successfully held stocks aloft and forced naysayers to capitulate.</p><p><blockquote>数百万散户交易员--长期以来被嘲笑为 “哑巴钱 ”--的集体努力成功地让股市飙升，并迫使反对者投降。</blockquote></p><p> That is true even as the companies they are betting on have shown scant signs of transforming their businesses, or turning profits that might justify their valuations. BlackBerry burned cash in its latest quarter and warned that its key cybersecurity division would hit the low end of its revenue guidance; the stock dipped on the news but has still more than doubled in the past year.</p><p><blockquote>尽管他们押注的公司几乎没有表现出业务转型的迹象，也没有表现出足以证明其估值的利润，但情况确实如此。黑莓在最近一个季度烧钱，并警告称其关键的网络安全部门将达到收入指导的低端；消息传出后，该股下跌，但在过去一年中仍上涨了一倍多。</blockquote></p><p> While trading volume at the big brokers has come down slightly from its February peak, it remains two to three times as high as it was before the pandemic. And a startling amount of that activity is occurring in stocks favored by retail traders. The average daily value of shares traded in&nbsp;AMC Entertainment Holdings(AMC), for example, reached $13.1 billion in June, more than&nbsp;Apple’s(AAPL) $9.5 billion and Amazon.com’s (AMZN) $10.3 billion.</p><p><blockquote>虽然大型经纪商的交易量较 2 月份的峰值略有下降，但仍高于疫情爆发前的两到三倍。数量惊人的这种活动发生在散户交易者青睐的股票中。例如，AMC院线控股公司（AMC）6 月份的日均交易额达到 131 亿美元，超过了苹果（AAPL）的 95 亿美元和亚马逊（AMZN）的 103 亿美元。</blockquote></p><p> Even as the coronavirus fades in the U.S., most new traders say they are committed to the hobby they learned during lockdown—58% of day traders in a Betterment survey said they are planning to trade even more in the future, and only 12% plan to trade less. Amateur pandemic bakers have stopped kneading sourdough loaves; traders are only getting hungrier.</p><p><blockquote>即使冠状病毒在美国消退，大多数新交易者表示，他们仍然致力于他们在封锁期间学到的爱好——在一项Betterment调查中，58%的日内交易者表示，他们计划在未来进行更多的交易，只有12%的人计划减少交易。业余疫情面包师已经停止揉捏酸面团面包；交易者只会变得越来越饥饿。</blockquote></p><p> A sustained bear market would spoil such an appetite, as it did when the dot-com bubble burst. For now, dips are reasons to hold or buy.</p><p><blockquote>持续的熊市会破坏这种食欲，就像互联网泡沫破裂时一样。目前，下跌是持有或买入的理由。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/25a79e71371c165f9a3a5085931fc487\" tg-width=\"979\" tg-height=\"649\"></p><p><blockquote></blockquote></p><p> “I’ve seen that the ‘buy the dip’ sentiment hasn’t relented for a moment,” wrote Brandon Luczek, an electronics technician for the U.S. Navy who trades with friends online, in an email to&nbsp;Barron’s.</p><p><blockquote>“美国海军电子技术员布兰登-卢切克（Brandon Luczek）在给《巴伦周刊》的一封电子邮件中写道：”我看到'逢低买入'的情绪一刻也没有减弱。</blockquote></p><p> The meme stock surge has been propelled by a rise in trading by retail investors. In 2020, online brokers signed clients at a record pace, with more than 10 million people opening new accounts. That record will almost certainly be broken in 2021. Brokers had already added more than 10 million accounts less than halfway into the year, some of the top firms have disclosed.</p><p><blockquote>迷因股票飙升是由散户投资者交易的增加推动的。2020年，在线经纪商以创纪录的速度签约客户，超过1000万人开设了新账户。这一记录几乎肯定会在2021年被打破。一些顶级公司透露，在今年不到一半的时间里，经纪商已经增加了超过 1000 万个账户。</blockquote></p><p> Meme stocks are both the cart and the horse of this phenomenon. Their sudden price spikes are driven by new investors, and then that action drives even more new people to invest. Millions of people downloaded investing apps in late January and early February just to be a part of the fun. A recent&nbsp;Charles Schwab(SCHW) survey found that 15% of all current traders began investing after 2020.</p><p><blockquote>模因股票既是这种现象的推车，也是马。他们的价格突然飙升是由新投资者推动的，然后这一行动推动更多的新人投资。数百万人在 1 月底和 2 月初下载了投资应用程序，只是为了享受乐趣。嘉信理财（SCHW）最近的一项调查发现，15%的现有交易者在2020年后开始投资。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/167386c6881a258922ad62caaf7a05f4\" tg-width=\"971\" tg-height=\"644\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/8e29e3041b91070252ab9063d1a11fa2\" tg-width=\"975\" tg-height=\"642\"><img src=\"https://static.tigerbbs.com/f9cc1c0bd6368721c0eca87e25719f16\" tg-width=\"964\" tg-height=\"641\"></p><p><blockquote></blockquote></p><p> The most prominent player in the surge is Robinhood, which said it had added 5.5 million funded accounts in the first quarter alone. But it isn’t alone. Fidelity, for instance, announced that it had attracted 1.6 million new customers under the age of 35 in the first quarter, 223% more than a year before.</p><p><blockquote>激增中最突出的参与者是 Robinhood，该公司表示仅在第一季度就增加了 550 万个资金账户。但它并不孤单。例如，富达宣布，第一季度吸引了 160 万 35 岁以下的新客户，比去年同期增长了 223%。</blockquote></p><p> Under pressure from Robinhood’s zero-commission model, all of the major brokers cut commissions to zero in 2019. That opened the floodgates to a new group of customers—one that may not have as much spare cash to trade but is more active and diverse than its predecessors. And the brokers are cashing in. Fidelity is hoping to attract investors before they even have driver’s licenses, allowing children as young as 13 to open trading accounts. Robinhood is riding the momentum to an initial public offering that analysts expect to value it at more than 10 times its revenue.</p><p><blockquote>在 Robinhood 零佣金模式的压力下，所有主要经纪商都在 2019 年将佣金降至零。这为新客户群体打开了闸门——他们可能没有那么多闲置现金进行交易，但比前辈更加活跃和多样化。经纪人正在套现。富达希望在投资者获得驾照之前就吸引他们，允许年仅 13 岁的儿童开设交易账户。Robinhood 正在乘势而上进行首次公开募股，分析师预计其估值将超过其收入的 10 倍。</blockquote></p><p> These new customers act differently than their older peers. For years, there was a “big gravitation toward ETFs,” says Chris Larkin, head of trading at E*Trade, which is now owned by Morgan Stanley (MS). But picking single stocks is clearly “the big story of 2021.”</p><p><blockquote>这些新客户的行为与他们的老同行不同。E*Trade 交易主管克里斯-拉金（Chris Larkin）说，多年来，“ETF 一直备受青睐”，E*Trade 现归摩根士丹利（MS）所有。但挑选个股显然是 “2021 年的大新闻”。</blockquote></p><p> To be sure, equity exchange-traded funds are still doing well, as investors around the world bet on the pandemic recovery and avoid weak bond yields.</p><p><blockquote>可以肯定的是，随着世界各地的投资者押注疫情复苏并避免疲软的债券收益率，股票交易所交易基金仍然表现良好。</blockquote></p><p></p><p> But ETFs don’t light up the message boards like stocks do. Not that it has been a one-way ride for the top names. GameStop did dip in February, and Wall Street enjoyed a moment of schadenfreude. It didn’t last.</p><p><blockquote>但 ETF 不像股票那样点亮留言板。这并不是说顶级公司的单行道。游戏驿站二月份确实下跌，华尔街享受了幸灾乐祸的时刻。它并没有持续多久。</blockquote></p><p> “Like cicadas, meme traders returned in a wild blaze of activity after being seemingly underground for several months,” wrote Steve Sosnick, chief strategist at Interactive Brokers. Sosnick believes that the meme stocks tend to trade inversely to cryptocurrencies, because their fans rotate from one to the other as the momentum shifts.</p><p><blockquote>“盈透证券（Interactive Brokers）首席策略师史蒂夫-索斯尼克（Steve Sosnick）写道：”就像蝉一样，备忘录交易者在表面上隐匿了几个月后又重新活跃起来。索斯尼克认为，模因股票的交易往往与加密货币相反，因为随着势头的变化，它们的粉丝会从一种货币转向另一种货币。</blockquote></p><p> “I don’t think it’s strictly a coincidence that meme stocks roared back to life after a significant correction in Bitcoin and other cryptocurrencies,” he wrote.</p><p><blockquote>“他写道：”我不认为，在比特币和其他加密货币大幅回调后，备忘录股票卷土重来完全是巧合。</blockquote></p><p> Sosnick considers meme stocks a “sector unto themselves,” one that he segregates on his computer monitor away from other stock tickers.</p><p><blockquote>索斯尼克认为备忘录股票是一个 “独立的板块”，他在电脑显示器上将其与其他股票代码分开。</blockquote></p><p> Indeed, Wall Street’s reaction to the meme stock revolution has been to isolate the parts of the market that the pros deem irrational. Most short sellers won’t touch the stocks, and analysts are dropping coverage.</p><p><blockquote>事实上，华尔街对备忘录股票革命的反应一直是孤立专业人士认为不理性的市场部分。大多数卖空者不会碰这些股票，分析师也在放弃报道。</blockquote></p><p> But Wall Street can’t swat the retail army away like cicadas, or count on them disappearing for the next 17 years. Stock trading has permanently shifted. This year, retail activity accounts for 24% of equity volume, up from 15% in 2019. Adherents to the new creed are not passive observers willing to let Wall Street manage the markets.</p><p><blockquote>但华尔街不能像蝉一样把零售大军赶走，也不能指望它们在未来 17 年内消失。股票交易已经发生了永久性的变化。今年，零售活动占股本量的 24%，高于 2019 年的 15%。新信条的追随者不是愿意让华尔街管理市场的被动观察者。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/710e642d3b685b74f8c9dcaf46ef3e0b\" tg-width=\"968\" tg-height=\"643\"></p><p><blockquote></blockquote></p><p> “What this really reflects is a reversal of the trends that we saw toward less and less engagement with individual companies,” says Joshua Mitts, a professor at Columbia Law School specializing in securities markets. “Technology is bringing the average investor closer to the companies in which he or she invests, and that’s just taking on new and unpredictable forms.”</p><p><blockquote>“哥伦比亚法学院（Columbia Law School）专门研究证券市场的教授约书亚-米茨（Joshua Mitts）说：”这实际上反映了我们所看到的趋势的逆转，即与个别公司的接触越来越少。“技术正在拉近普通投资者与他或她所投资的公司的距离，而这只是以新的、不可预测的形式出现。”</blockquote></p><p> The swings you get can definitely make you feel some sort of way.</p><p><blockquote>你得到的秋千肯定会让你有某种感觉。</blockquote></p><p> — Matt Kohrs, 26, who streams stock analysis daily on YouTube</p><p><blockquote>— Matt Kohrs，26 岁，每天在 YouTube 上直播股票分析</blockquote></p><p> It is now changing the lives of those who got in early and are still riding the names higher.</p><p><blockquote>它现在正在改变那些早早加入的人的生活，并且仍然在更高的名字上。</blockquote></p><p> Take Matt Kohrs, who had invested in AMC Entertainment early. He quit his job as a programmer in New York in February, moved to Philadelphia, and started streaming&nbsp;stock analysis on YouTube&nbsp;for seven hours a day.</p><p><blockquote>以马特·科尔斯为例，他很早就投资了AMC院线。今年2月，他辞去了纽约程序员的工作，搬到了费城，并开始在YouTube上每天7个小时直播股票分析。</blockquote></p><p> With 350,000 YouTube followers, it’s paying the bills. With his earnings from ads and from the stock, Kohrs says he can pull down roughly the same salary he made before. But he also knows that relying on earnings from stocks like this is nothing like a 9-to-5 job.</p><p><blockquote>YouTube 拥有 35 万粉丝，它正在支付账单。科尔斯说，凭借广告和股票的收入，他可以拿到与以前大致相同的工资。但他也知道，像这样依赖股票收益与朝九晚五的工作完全不同。</blockquote></p><p> “The swings you get can definitely make you feel some sort of way,” he says.</p><p><blockquote>“他说：”你得到的秋千肯定会让你有某种感觉。</blockquote></p><p> Companies are starting to react more aggressively, too. They are either embracing their new owners or paying meme-ologists to understand the emoji-filled language of the new Wall Street so they can ward them off or appease them.</p><p><blockquote>公司也开始做出更积极的反应。他们要么拥抱他们的新主人，要么付钱给迷因学家来理解新华尔街充满表情符号的语言，这样他们就可以阻止他们或安抚他们。</blockquote></p><p> AMC even canceled a proposed equity raise this past week because the company apparently didn’t like the vibes it was getting from the Reddit crowd. AMC has already quintupled its share count over the past year. CEO Adam Aron tweeted that he had seen “many yes, many no” reactions to his proposal to issue 25 million more shares, so it will be canceled instead of being presented for a vote at AMC’s annual meeting later this month. The company did not respond to a question on how it had polled shareholders.</p><p><blockquote>AMC 甚至在上周取消了一项拟议的股权融资，因为该公司显然不喜欢 Reddit 人群的反响。过去一年，AMC 的股票数量已经增加了五倍。首席执行官亚当-阿伦（Adam Aron）在推特上表示，他看到了 “许多人赞成，许多人反对 ”对他增发 2500 万股股票的提议的反应，因此该提议将被取消，而不是在本月晚些时候的 AMC 年会上进行表决。该公司没有回答有关如何调查股东的问题。</blockquote></p><p> Forget the boardroom. Corporate policy is now being determined in the chat room.</p><p><blockquote>忘了会议室吧。公司政策现在正在聊天室里决定。</blockquote></p><p> Big investors are spending more time tracking social-media discussions about stocks. Bank of America found in a survey this year that about 25% of institutions had already been tracking social-media sentiment, but that about 40% are interested in using it going forward.</p><p><blockquote>大投资者正在花费更多时间跟踪社交媒体上有关股票的讨论。美国银行在今年的一项调查中发现，大约25%的机构已经在跟踪社交媒体情绪，但大约40%的机构有兴趣在未来使用它。</blockquote></p><p> In the past few months, Bank of America, Morgan Stanley, and J.P. Morgan have all produced reports on how to trade around the retail action, coming to somewhat different conclusions.</p><p><blockquote>在过去的几个月里，美国银行、摩根士丹利和摩根大通都发布了关于如何围绕零售行动进行交易的报告，得出了有些不同的结论。</blockquote></p><p> There can be “alpha in the signal,” as Morgan Stanley put it, but it can take some intense number-crunching to get there. Not all message-board chatter leads to sustained price gains, of course, and retail order flow cannot easily be separated from institutional flow without substantial data analysis. For investors with the tools to pinpoint which stocks retail investors are buying and which they are selling, J.P. Morgan suggests going long on the 20% of stocks with the most buying interest and short on the top 20% in selling interest.</p><p><blockquote>正如摩根士丹利所说，信号中可能存在 “阿尔法”，但要实现这一目标可能需要一些紧张的数字运算。当然，并不是所有的留言板聊天都会导致价格持续上涨，如果没有大量的数据分析，零售订单流很难与机构流分开。对于拥有工具来确定散户投资者正在购买哪些股票和正在出售哪些股票的投资者来说，摩根大通建议做多买入兴趣最高的 20% 的股票，做空卖出兴趣最高的 20% 的股票。</blockquote></p><p> For now, many of the institutions buying data on social-media sentiment appear to be trying to reduce their risks, as opposed to scouting new opportunities, according to Boris Spiwak of alternative data firm Thinknum, which offers products that track social-media sentiment. “They see it as almost like an insurance policy, to limit their downside risks,” he says.</p><p><blockquote>提供跟踪社交媒体情绪产品的另类数据公司Thinknum的鲍里斯·斯皮瓦克(Boris Spiwak)表示，目前，许多购买社交媒体情绪数据的机构似乎都在试图降低风险，而不是寻找新的机会。“他说：”他们认为这几乎就像一份保险，以限制他们的下行风险。</blockquote></p><p></p><p> For retail traders, the method isn’t always scientific. The action is sustained by a community ethos. And the force behind it is as much emotional and moral as financial.</p><p><blockquote>对于零售商来说，这种方法并不总是科学的。这一行动是由社区精神支撑的。其背后的力量既是情感上的，也是道德上的，也是经济上的。</blockquote></p><p> New investors say they are motivated by a desire to prove themselves and punish the old guard as much as by profits. They learn from one another about the market, sometimes amplifying or debunking conspiracy theories about Wall Street. Some link the meme-stock movement to continued mistrust of big financial institutions stemming from the 2008 financial crisis.</p><p><blockquote>新投资者表示，他们的动机是希望证明自己，并像利润一样惩罚保守派。他们互相学习市场，有时会放大或揭穿关于华尔街的阴谋论。一些人将模因股票运动与2008年金融危机引发的对大型金融机构的持续不信任联系起来。</blockquote></p><p> “Wall Street brought our economy to its knees, and no one ever got in trouble for it,” says the 26-year-old Kohrs. “So, I think they view this as not only can we make money, but we can also make these hedge funds on Wall Street pay.”</p><p><blockquote>“26 岁的科尔斯说：”华尔街让我们的经济陷入困境，但没有人因此惹上麻烦。“所以，我认为他们认为我们不仅可以赚钱，还可以让华尔街的这些对冲基金付钱。”</blockquote></p><p> Claire Hirschberg is a 28-year-old union organizer who bought about $50 worth of GameStop stock on Robinhood in January after hearing about it from friends. She liked the idea, but what really got her excited about it was the reaction of her father, a longtime money manager. “He was so mad I had bought GameStop and was refusing to sell,” she says, laughing. “And that just makes me want to hold it forever.”</p><p><blockquote>克莱尔·赫希伯格 (Claire Hirschberg) 是一名 28 岁的工会组织者，她在 1 月份从朋友那里听说 Robinhood 上购买了价值约 50 美元的游戏驿站股票。她喜欢这个想法，但真正让她兴奋的是她父亲的反应，他是一名长期的资金经理。“她笑着说：”他很生气我买了游戏驿站，还不肯卖。“这让我想永远拿着它。”</blockquote></p><p> Just like old Wall Street has rituals and codes, the new one does, too. A new investment banking employee learns quickly that you don’t wear a Ferragamo tie until after you make associate. You never leave the office until the managing director does, and you don’t complain about the hours. And the bad guys are the regulators and Sen. Elizabeth Warren, and not in that order.</p><p><blockquote>就像老华尔街有仪式和准则一样，新华尔街也有。一位新的投资银行员工很快就会知道，在你成为合伙人之前，你不会打菲拉格慕领带。在总经理离开之前，你从不离开办公室，你也不会抱怨工作时间。坏人是监管者和参议员伊丽莎白·沃伦，而且不是按顺序。</blockquote></p><p> The new trading desk—the apps that millions of retail traders now use and the message boards where they congregate—have unspoken rules, too. Publicly acknowledging financial losses is a valiant act, evidence of internal fortitude and belief in the group. You don’t take yourself seriously and you don’t police language. You are part of an army of “apes” or “retards.” You hold through the crashes, even if it means you might lose everything. And the bad guys are the short sellers, the market makers, and the Wall Street elites, in that order.</p><p><blockquote>新的交易台——数百万散户交易者现在使用的应用程序和他们聚集的留言板——也有潜规则。公开承认财务损失是一种勇敢的行为，是内部坚韧和对本集团信念的证明。你不把自己当回事，也不规范语言。你是 “猿类 ”或 “弱智 ”大军的一员。你坚持住，即使这意味着你可能会失去一切。坏人依次是卖空者、做市商和华尔街精英。</blockquote></p><p> The group action is not just for moral support. The trading strategy depends on people keeping up the buying pressure to force a short squeeze or to buy bullish options that trigger what’s known as a gamma squeeze.</p><p><blockquote>集体行动不仅仅是为了精神支持。交易策略取决于人们保持买入压力，迫使做空，或买入看涨期权，从而引发所谓的伽马挤压。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/75d79c78a14cc8f297e17397cc54bdb5\" tg-width=\"1260\" tg-height=\"840\"><span>Keith Gill became the face of the Reddit army of retail traders pushing shares of GameStop higher when he appeared virtually before a House Financial Services Committee hearing in February.</span></p><p><blockquote><p class=\"t-img-caption\"><span>基思·吉尔 (Keith Gill) 在二月份众议院金融服务委员会听证会上虚拟露面，成为 Reddit 散户交易员大军推高游戏驿站股价的代言人。</span></p></blockquote></p><p> Many short sellers say they won’t touch these stocks anymore. But clearly, others aren’t taking that advice and are giving the meme movement oxygen by repeatedly betting against the stocks. AMC’s short interest was at 17% of the stock’s float in mid-June, down from 28% in January, but not by much.</p><p><blockquote>许多卖空者表示，他们不会再碰这些股票了。但显然，其他人并没有采纳这一建议，而是通过反复做空股票来给备忘录运动注入氧气。6 月中旬，AMC 的空头权益占该股流通量的 17%，低于 1 月份的 28%，但降幅不大。</blockquote></p><p> As the price rises, the shorts can’t help themselves. They start “drooling, with flames coming out of their ears,” says Michael Pachter, a Wedbush Securities analyst who has covered GameStop for years. “What’s kind of shocked me is the definition of insanity, which is doing the same thing over and over and over again and hoping for a different outcome each time, and the shorts keep coming back,” he says. “And [GameStop bull] Keith Gill and his Reddit raiders keep squeezing them, and it keeps working.”</p><p><blockquote>随着价格上涨，空头们也控制不住自己。多年来一直关注游戏驿站的韦德布什证券分析师迈克尔-帕切特（Michael Pachter）说，他们开始 “流口水，耳朵里冒出火焰”。“他说：”让我感到震惊的是精神错乱的定义，就是一遍又一遍地做同样的事情，每次都希望有不同的结果，而空头却不断出现。“[游戏驿站公牛]基思-吉尔（Keith Gill）和他的 Reddit raiders 一直在挤压他们，而且一直在起作用。”</blockquote></p><p> To beat the short sellers, the Reddit crowd needs to hold together, but the community has been showing cracks at times. The two meme stocks with the most determined fan bases—GameStop and AMC—still have enormous armies of core believers who do not seem easily swayed. But other names seem to have more-fickle backers. Several stocks caught up in the meme madness have come crashing down to earth.Bed Bath &amp; Beyond(BBBY) spiked twice—in late January and early June—but now trades only slightly above its mid-January levels. People who bought during the upswings have lost money.</p><p><blockquote>为了击败卖空者，Reddit 人群需要团结起来，但该社区有时会出现裂缝。拥有最坚定粉丝群的两只模因股票——游戏驿站和 AMC——仍然拥有庞大的核心信徒大军，他们似乎不容易动摇。但其他名字似乎有更善变的支持者。几只陷入迷因疯狂的股票已经崩溃。 Bed Bath &amp; Beyond (BBBY) 在 1 月底和 6 月初两次飙升，但现在的交易价格仅略高于 1 月中旬的水平。在上涨期间买入的人已经赔钱了。</blockquote></p><p> Distrust has spread, and some traders worry that wallstreetbets— the original Reddit message board that inspired the GameStop frenzy—has grown so fast that it has lost its original spirit, and potentially grown vulnerable to manipulation. Some have moved to other message boards, like r/superstonk, in hopes of reclaiming the old community’s flavor.</p><p><blockquote>不信任已经蔓延，一些交易员担心 wallstreetbets——激发游戏驿站狂热的最初 Reddit 留言板——发展如此之快，以至于它已经失去了最初的精神，并可能变得容易受到操纵。有些人搬到了其他留言板，如 r/superstonk，希望能重现老社区的风味。</blockquote></p><p> Travis Rehl, the founder of social-media tracking company Hype Equity, says that he tries to separate possible manipulators from more organic investor sentiment. Hype Equity is usually hired by public-relations firms representing companies that are being talked about online, he says. Now, he sees a growing trend of stocks that suddenly come up on message boards, receive positive chatter, and then disappear.</p><p><blockquote>社交媒体跟踪公司 Hype Equity 的创始人特拉维斯·雷尔 (Travis Rehl) 表示，他试图将可能的操纵者与更有机的投资者情绪区分开来。他说，炒作股权通常由代表网上谈论的公司的公关公司雇佣。现在，他看到了一种不断增长的趋势，即股票突然出现在留言板上，收到积极的聊天，然后消失。</blockquote></p><p></p><p> “It’s called into question what is a true discussion versus what is something that somebody just wants to pump,” he says. The moderators of wallstreetbets forbid market manipulation on the platform, and Rehl say they appear to work hard to police misinformation. The moderators did not respond to a request from&nbsp;Barron’s&nbsp;for comment.</p><p><blockquote>“他说：”这让人怀疑什么是真正的讨论，什么是某人只想炒作的东西。wallstreetbets 的版主禁止在该平台上操纵市场，Rehl 表示，他们似乎正在努力遏制错误信息。主持人没有回应《巴伦周刊》的置评请求。</blockquote></p><p> “If you can create enough buzz to get a stock that goes up 10%, 20%, even 50% in a short period of time, there’s a tremendous incentive to do that,” Sosnick says.</p><p><blockquote>“索斯尼克说：”如果你能制造足够的轰动效应，让一只股票在短时间内上涨 10%、20%，甚至 50%，那么你就有巨大的动力去做这件事。</blockquote></p><p> The Securities and Exchange Commission is watching for funny business on the message boards. SEC Chairman Gary Gensler and some members of Congress have discussed changing market rules with the intention of adding transparency protecting retail traders—although changes could also anger the retail crowd if they slow down trading or make it more expensive.</p><p><blockquote>美国证券交易委员会正在关注留言板上的有趣交易。美国证券交易委员会主席加里·詹斯勒（Gary Gensler）和一些国会议员讨论了改变市场规则，目的是增加保护散户交易者的透明度——尽管如果这些变化减缓交易速度或使交易成本更高，也可能激怒零售人群。</blockquote></p><p> Regulations aren’t the only thing that could deflate this trend. Dan Egan, vice president of behavioral finance and investing at fintech Betterment, thinks the momentum may run out of steam in September. Even “apes” have responsibilities. “Kids start going back to schools; parents are free to go to work again,” he says. “That’s the next time there’s going to be some oxygen pulled out of the room.”</p><p><blockquote>监管并不是唯一能遏制这一趋势的因素。fintech Betterment 行为金融和投资副总裁丹·伊根 (Dan Egan) 认为，这种势头可能会在 9 月份耗尽。即使是 “猿猴 ”也有责任。“他说：”孩子们开始重返校园；家长们也可以自由地再次上班了。“那是下一次从房间里抽出氧气的时候了。”</blockquote></p><p> Traditional investors may be tempted to write off the entire phenomenon as temporary madness inspired by lockdowns and free government money. But that would be a mistake. If zero-commission brokerages and fun with GameStop broke down barriers for millions of new investors to open accounts, it’s almost certainly a good thing, as long as most people bet with money they don’t need immediately. Many new retail traders say they are teaching themselves how to trade, and have begun to diversify their holdings.</p><p><blockquote>传统投资者可能会倾向于将整个现象视为由封锁和免费政府资金引发的暂时疯狂。但那将是一个错误。如果零佣金经纪和游戏驿站乐趣打破了数百万新投资者开户的障碍，那么只要大多数人用他们并不立即需要的钱下注，这几乎肯定是一件好事。许多新零售商表示，他们正在自学如何交易，并开始分散持股。</blockquote></p><p> In one form or another, this is the future client base of Wall Street.</p><p><blockquote>无论如何，这是华尔街未来的客户群。</blockquote></p><p> Arizona State University professor Hendrik Bessembinder published groundbreaking&nbsp;research&nbsp;in 2018 that found that “a randomly selected stock in a randomly selected month is more likely to lose money than make money.” In short, picking single stocks and holding a concentrated portfolio tends to be a losing strategy.</p><p><blockquote>亚利桑那州立大学教授亨德里克-贝森宾德（Hendrik Bessembinder）在2018年发表了一项开创性的研究，发现“在随机选择的月份随机选择的股票，亏损的可能性大于赚钱的可能性”。简而言之，挑选单只股票并持有集中投资组合往往是一种失败的策略。</blockquote></p><p> Even so, he’s encouraged by the new wave of trading. “I welcome the increase in retail trading, the idea of the stock market being a place with wide participation,” Bessembinder says. “Economists can’t tell people they shouldn’t get some fun.”</p><p><blockquote>即便如此，他还是对新一波交易感到鼓舞。“贝森宾德说：”我欢迎零售交易的增加，欢迎股票市场成为一个广泛参与的地方。“经济学家不能告诉人们他们不应该找点乐子”。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Meme Stock Trade Is Far From Over. What Investors Need to Know.<blockquote>模因股票交易远未结束。投资者需要了解的内容。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Meme Stock Trade Is Far From Over. What Investors Need to Know.<blockquote>模因股票交易远未结束。投资者需要了解的内容。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-07-11 09:15</span>\n</p>\n</h4>\n</header>\n<article>\n<p>It seemed to be only a matter of time.</p><p><blockquote>这似乎只是时间问题。</blockquote></p><p> When GameStop (ticker: GME), BlackBerry (BB), and even the desiccated carcass of Blockbuster suddenly sprang to life in January, the clock was already ticking for when they would crash again. Would it be hours, days, or weeks?</p><p><blockquote>当游戏驿站（股票代码：GME）、黑莓（BB），甚至百视达的干涸尸体在一月份突然复活时，它们何时会再次坠毁的时间已经在流逝。会是几个小时、几天还是几周？</blockquote></p><p> It has now been half a year, and the core “meme stocks” are still trading at levels considered outrageous by people who have studied them for years. New names like&nbsp;Clover Health Investments(CLOV) and&nbsp;Newegg Commerce(NEGG) have recently popped up on message boards, and their stocks have popped, too.</p><p><blockquote>现在已经过去半年了，核心 “备忘录股票 ”的交易价格仍然处于研究这些股票多年的人认为离谱的水平。Clover Health Investments (CLOV) 和 Newegg Commerce (NEGG) 等新名称最近出现在留言板上，它们的股票也随之上涨。</blockquote></p><p> The collective efforts of millions of retail traders—long derided as “the dumb money”—have successfully held stocks aloft and forced naysayers to capitulate.</p><p><blockquote>数百万散户交易员--长期以来被嘲笑为 “哑巴钱 ”--的集体努力成功地让股市飙升，并迫使反对者投降。</blockquote></p><p> That is true even as the companies they are betting on have shown scant signs of transforming their businesses, or turning profits that might justify their valuations. BlackBerry burned cash in its latest quarter and warned that its key cybersecurity division would hit the low end of its revenue guidance; the stock dipped on the news but has still more than doubled in the past year.</p><p><blockquote>尽管他们押注的公司几乎没有表现出业务转型的迹象，也没有表现出足以证明其估值的利润，但情况确实如此。黑莓在最近一个季度烧钱，并警告称其关键的网络安全部门将达到收入指导的低端；消息传出后，该股下跌，但在过去一年中仍上涨了一倍多。</blockquote></p><p> While trading volume at the big brokers has come down slightly from its February peak, it remains two to three times as high as it was before the pandemic. And a startling amount of that activity is occurring in stocks favored by retail traders. The average daily value of shares traded in&nbsp;AMC Entertainment Holdings(AMC), for example, reached $13.1 billion in June, more than&nbsp;Apple’s(AAPL) $9.5 billion and Amazon.com’s (AMZN) $10.3 billion.</p><p><blockquote>虽然大型经纪商的交易量较 2 月份的峰值略有下降，但仍高于疫情爆发前的两到三倍。数量惊人的这种活动发生在散户交易者青睐的股票中。例如，AMC院线控股公司（AMC）6 月份的日均交易额达到 131 亿美元，超过了苹果（AAPL）的 95 亿美元和亚马逊（AMZN）的 103 亿美元。</blockquote></p><p> Even as the coronavirus fades in the U.S., most new traders say they are committed to the hobby they learned during lockdown—58% of day traders in a Betterment survey said they are planning to trade even more in the future, and only 12% plan to trade less. Amateur pandemic bakers have stopped kneading sourdough loaves; traders are only getting hungrier.</p><p><blockquote>即使冠状病毒在美国消退，大多数新交易者表示，他们仍然致力于他们在封锁期间学到的爱好——在一项Betterment调查中，58%的日内交易者表示，他们计划在未来进行更多的交易，只有12%的人计划减少交易。业余疫情面包师已经停止揉捏酸面团面包；交易者只会变得越来越饥饿。</blockquote></p><p> A sustained bear market would spoil such an appetite, as it did when the dot-com bubble burst. For now, dips are reasons to hold or buy.</p><p><blockquote>持续的熊市会破坏这种食欲，就像互联网泡沫破裂时一样。目前，下跌是持有或买入的理由。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/25a79e71371c165f9a3a5085931fc487\" tg-width=\"979\" tg-height=\"649\"></p><p><blockquote></blockquote></p><p> “I’ve seen that the ‘buy the dip’ sentiment hasn’t relented for a moment,” wrote Brandon Luczek, an electronics technician for the U.S. Navy who trades with friends online, in an email to&nbsp;Barron’s.</p><p><blockquote>“美国海军电子技术员布兰登-卢切克（Brandon Luczek）在给《巴伦周刊》的一封电子邮件中写道：”我看到'逢低买入'的情绪一刻也没有减弱。</blockquote></p><p> The meme stock surge has been propelled by a rise in trading by retail investors. In 2020, online brokers signed clients at a record pace, with more than 10 million people opening new accounts. That record will almost certainly be broken in 2021. Brokers had already added more than 10 million accounts less than halfway into the year, some of the top firms have disclosed.</p><p><blockquote>迷因股票飙升是由散户投资者交易的增加推动的。2020年，在线经纪商以创纪录的速度签约客户，超过1000万人开设了新账户。这一记录几乎肯定会在2021年被打破。一些顶级公司透露，在今年不到一半的时间里，经纪商已经增加了超过 1000 万个账户。</blockquote></p><p> Meme stocks are both the cart and the horse of this phenomenon. Their sudden price spikes are driven by new investors, and then that action drives even more new people to invest. Millions of people downloaded investing apps in late January and early February just to be a part of the fun. A recent&nbsp;Charles Schwab(SCHW) survey found that 15% of all current traders began investing after 2020.</p><p><blockquote>模因股票既是这种现象的推车，也是马。他们的价格突然飙升是由新投资者推动的，然后这一行动推动更多的新人投资。数百万人在 1 月底和 2 月初下载了投资应用程序，只是为了享受乐趣。嘉信理财（SCHW）最近的一项调查发现，15%的现有交易者在2020年后开始投资。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/167386c6881a258922ad62caaf7a05f4\" tg-width=\"971\" tg-height=\"644\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/8e29e3041b91070252ab9063d1a11fa2\" tg-width=\"975\" tg-height=\"642\"><img src=\"https://static.tigerbbs.com/f9cc1c0bd6368721c0eca87e25719f16\" tg-width=\"964\" tg-height=\"641\"></p><p><blockquote></blockquote></p><p> The most prominent player in the surge is Robinhood, which said it had added 5.5 million funded accounts in the first quarter alone. But it isn’t alone. Fidelity, for instance, announced that it had attracted 1.6 million new customers under the age of 35 in the first quarter, 223% more than a year before.</p><p><blockquote>激增中最突出的参与者是 Robinhood，该公司表示仅在第一季度就增加了 550 万个资金账户。但它并不孤单。例如，富达宣布，第一季度吸引了 160 万 35 岁以下的新客户，比去年同期增长了 223%。</blockquote></p><p> Under pressure from Robinhood’s zero-commission model, all of the major brokers cut commissions to zero in 2019. That opened the floodgates to a new group of customers—one that may not have as much spare cash to trade but is more active and diverse than its predecessors. And the brokers are cashing in. Fidelity is hoping to attract investors before they even have driver’s licenses, allowing children as young as 13 to open trading accounts. Robinhood is riding the momentum to an initial public offering that analysts expect to value it at more than 10 times its revenue.</p><p><blockquote>在 Robinhood 零佣金模式的压力下，所有主要经纪商都在 2019 年将佣金降至零。这为新客户群体打开了闸门——他们可能没有那么多闲置现金进行交易，但比前辈更加活跃和多样化。经纪人正在套现。富达希望在投资者获得驾照之前就吸引他们，允许年仅 13 岁的儿童开设交易账户。Robinhood 正在乘势而上进行首次公开募股，分析师预计其估值将超过其收入的 10 倍。</blockquote></p><p> These new customers act differently than their older peers. For years, there was a “big gravitation toward ETFs,” says Chris Larkin, head of trading at E*Trade, which is now owned by Morgan Stanley (MS). But picking single stocks is clearly “the big story of 2021.”</p><p><blockquote>这些新客户的行为与他们的老同行不同。E*Trade 交易主管克里斯-拉金（Chris Larkin）说，多年来，“ETF 一直备受青睐”，E*Trade 现归摩根士丹利（MS）所有。但挑选个股显然是 “2021 年的大新闻”。</blockquote></p><p> To be sure, equity exchange-traded funds are still doing well, as investors around the world bet on the pandemic recovery and avoid weak bond yields.</p><p><blockquote>可以肯定的是，随着世界各地的投资者押注疫情复苏并避免疲软的债券收益率，股票交易所交易基金仍然表现良好。</blockquote></p><p></p><p> But ETFs don’t light up the message boards like stocks do. Not that it has been a one-way ride for the top names. GameStop did dip in February, and Wall Street enjoyed a moment of schadenfreude. It didn’t last.</p><p><blockquote>但 ETF 不像股票那样点亮留言板。这并不是说顶级公司的单行道。游戏驿站二月份确实下跌，华尔街享受了幸灾乐祸的时刻。它并没有持续多久。</blockquote></p><p> “Like cicadas, meme traders returned in a wild blaze of activity after being seemingly underground for several months,” wrote Steve Sosnick, chief strategist at Interactive Brokers. Sosnick believes that the meme stocks tend to trade inversely to cryptocurrencies, because their fans rotate from one to the other as the momentum shifts.</p><p><blockquote>“盈透证券（Interactive Brokers）首席策略师史蒂夫-索斯尼克（Steve Sosnick）写道：”就像蝉一样，备忘录交易者在表面上隐匿了几个月后又重新活跃起来。索斯尼克认为，模因股票的交易往往与加密货币相反，因为随着势头的变化，它们的粉丝会从一种货币转向另一种货币。</blockquote></p><p> “I don’t think it’s strictly a coincidence that meme stocks roared back to life after a significant correction in Bitcoin and other cryptocurrencies,” he wrote.</p><p><blockquote>“他写道：”我不认为，在比特币和其他加密货币大幅回调后，备忘录股票卷土重来完全是巧合。</blockquote></p><p> Sosnick considers meme stocks a “sector unto themselves,” one that he segregates on his computer monitor away from other stock tickers.</p><p><blockquote>索斯尼克认为备忘录股票是一个 “独立的板块”，他在电脑显示器上将其与其他股票代码分开。</blockquote></p><p> Indeed, Wall Street’s reaction to the meme stock revolution has been to isolate the parts of the market that the pros deem irrational. Most short sellers won’t touch the stocks, and analysts are dropping coverage.</p><p><blockquote>事实上，华尔街对备忘录股票革命的反应一直是孤立专业人士认为不理性的市场部分。大多数卖空者不会碰这些股票，分析师也在放弃报道。</blockquote></p><p> But Wall Street can’t swat the retail army away like cicadas, or count on them disappearing for the next 17 years. Stock trading has permanently shifted. This year, retail activity accounts for 24% of equity volume, up from 15% in 2019. Adherents to the new creed are not passive observers willing to let Wall Street manage the markets.</p><p><blockquote>但华尔街不能像蝉一样把零售大军赶走，也不能指望它们在未来 17 年内消失。股票交易已经发生了永久性的变化。今年，零售活动占股本量的 24%，高于 2019 年的 15%。新信条的追随者不是愿意让华尔街管理市场的被动观察者。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/710e642d3b685b74f8c9dcaf46ef3e0b\" tg-width=\"968\" tg-height=\"643\"></p><p><blockquote></blockquote></p><p> “What this really reflects is a reversal of the trends that we saw toward less and less engagement with individual companies,” says Joshua Mitts, a professor at Columbia Law School specializing in securities markets. “Technology is bringing the average investor closer to the companies in which he or she invests, and that’s just taking on new and unpredictable forms.”</p><p><blockquote>“哥伦比亚法学院（Columbia Law School）专门研究证券市场的教授约书亚-米茨（Joshua Mitts）说：”这实际上反映了我们所看到的趋势的逆转，即与个别公司的接触越来越少。“技术正在拉近普通投资者与他或她所投资的公司的距离，而这只是以新的、不可预测的形式出现。”</blockquote></p><p> The swings you get can definitely make you feel some sort of way.</p><p><blockquote>你得到的秋千肯定会让你有某种感觉。</blockquote></p><p> — Matt Kohrs, 26, who streams stock analysis daily on YouTube</p><p><blockquote>— Matt Kohrs，26 岁，每天在 YouTube 上直播股票分析</blockquote></p><p> It is now changing the lives of those who got in early and are still riding the names higher.</p><p><blockquote>它现在正在改变那些早早加入的人的生活，并且仍然在更高的名字上。</blockquote></p><p> Take Matt Kohrs, who had invested in AMC Entertainment early. He quit his job as a programmer in New York in February, moved to Philadelphia, and started streaming&nbsp;stock analysis on YouTube&nbsp;for seven hours a day.</p><p><blockquote>以马特·科尔斯为例，他很早就投资了AMC院线。今年2月，他辞去了纽约程序员的工作，搬到了费城，并开始在YouTube上每天7个小时直播股票分析。</blockquote></p><p> With 350,000 YouTube followers, it’s paying the bills. With his earnings from ads and from the stock, Kohrs says he can pull down roughly the same salary he made before. But he also knows that relying on earnings from stocks like this is nothing like a 9-to-5 job.</p><p><blockquote>YouTube 拥有 35 万粉丝，它正在支付账单。科尔斯说，凭借广告和股票的收入，他可以拿到与以前大致相同的工资。但他也知道，像这样依赖股票收益与朝九晚五的工作完全不同。</blockquote></p><p> “The swings you get can definitely make you feel some sort of way,” he says.</p><p><blockquote>“他说：”你得到的秋千肯定会让你有某种感觉。</blockquote></p><p> Companies are starting to react more aggressively, too. They are either embracing their new owners or paying meme-ologists to understand the emoji-filled language of the new Wall Street so they can ward them off or appease them.</p><p><blockquote>公司也开始做出更积极的反应。他们要么拥抱他们的新主人，要么付钱给迷因学家来理解新华尔街充满表情符号的语言，这样他们就可以阻止他们或安抚他们。</blockquote></p><p> AMC even canceled a proposed equity raise this past week because the company apparently didn’t like the vibes it was getting from the Reddit crowd. AMC has already quintupled its share count over the past year. CEO Adam Aron tweeted that he had seen “many yes, many no” reactions to his proposal to issue 25 million more shares, so it will be canceled instead of being presented for a vote at AMC’s annual meeting later this month. The company did not respond to a question on how it had polled shareholders.</p><p><blockquote>AMC 甚至在上周取消了一项拟议的股权融资，因为该公司显然不喜欢 Reddit 人群的反响。过去一年，AMC 的股票数量已经增加了五倍。首席执行官亚当-阿伦（Adam Aron）在推特上表示，他看到了 “许多人赞成，许多人反对 ”对他增发 2500 万股股票的提议的反应，因此该提议将被取消，而不是在本月晚些时候的 AMC 年会上进行表决。该公司没有回答有关如何调查股东的问题。</blockquote></p><p> Forget the boardroom. Corporate policy is now being determined in the chat room.</p><p><blockquote>忘了会议室吧。公司政策现在正在聊天室里决定。</blockquote></p><p> Big investors are spending more time tracking social-media discussions about stocks. Bank of America found in a survey this year that about 25% of institutions had already been tracking social-media sentiment, but that about 40% are interested in using it going forward.</p><p><blockquote>大投资者正在花费更多时间跟踪社交媒体上有关股票的讨论。美国银行在今年的一项调查中发现，大约25%的机构已经在跟踪社交媒体情绪，但大约40%的机构有兴趣在未来使用它。</blockquote></p><p> In the past few months, Bank of America, Morgan Stanley, and J.P. Morgan have all produced reports on how to trade around the retail action, coming to somewhat different conclusions.</p><p><blockquote>在过去的几个月里，美国银行、摩根士丹利和摩根大通都发布了关于如何围绕零售行动进行交易的报告，得出了有些不同的结论。</blockquote></p><p> There can be “alpha in the signal,” as Morgan Stanley put it, but it can take some intense number-crunching to get there. Not all message-board chatter leads to sustained price gains, of course, and retail order flow cannot easily be separated from institutional flow without substantial data analysis. For investors with the tools to pinpoint which stocks retail investors are buying and which they are selling, J.P. Morgan suggests going long on the 20% of stocks with the most buying interest and short on the top 20% in selling interest.</p><p><blockquote>正如摩根士丹利所说，信号中可能存在 “阿尔法”，但要实现这一目标可能需要一些紧张的数字运算。当然，并不是所有的留言板聊天都会导致价格持续上涨，如果没有大量的数据分析，零售订单流很难与机构流分开。对于拥有工具来确定散户投资者正在购买哪些股票和正在出售哪些股票的投资者来说，摩根大通建议做多买入兴趣最高的 20% 的股票，做空卖出兴趣最高的 20% 的股票。</blockquote></p><p> For now, many of the institutions buying data on social-media sentiment appear to be trying to reduce their risks, as opposed to scouting new opportunities, according to Boris Spiwak of alternative data firm Thinknum, which offers products that track social-media sentiment. “They see it as almost like an insurance policy, to limit their downside risks,” he says.</p><p><blockquote>提供跟踪社交媒体情绪产品的另类数据公司Thinknum的鲍里斯·斯皮瓦克(Boris Spiwak)表示，目前，许多购买社交媒体情绪数据的机构似乎都在试图降低风险，而不是寻找新的机会。“他说：”他们认为这几乎就像一份保险，以限制他们的下行风险。</blockquote></p><p></p><p> For retail traders, the method isn’t always scientific. The action is sustained by a community ethos. And the force behind it is as much emotional and moral as financial.</p><p><blockquote>对于零售商来说，这种方法并不总是科学的。这一行动是由社区精神支撑的。其背后的力量既是情感上的，也是道德上的，也是经济上的。</blockquote></p><p> New investors say they are motivated by a desire to prove themselves and punish the old guard as much as by profits. They learn from one another about the market, sometimes amplifying or debunking conspiracy theories about Wall Street. Some link the meme-stock movement to continued mistrust of big financial institutions stemming from the 2008 financial crisis.</p><p><blockquote>新投资者表示，他们的动机是希望证明自己，并像利润一样惩罚保守派。他们互相学习市场，有时会放大或揭穿关于华尔街的阴谋论。一些人将模因股票运动与2008年金融危机引发的对大型金融机构的持续不信任联系起来。</blockquote></p><p> “Wall Street brought our economy to its knees, and no one ever got in trouble for it,” says the 26-year-old Kohrs. “So, I think they view this as not only can we make money, but we can also make these hedge funds on Wall Street pay.”</p><p><blockquote>“26 岁的科尔斯说：”华尔街让我们的经济陷入困境，但没有人因此惹上麻烦。“所以，我认为他们认为我们不仅可以赚钱，还可以让华尔街的这些对冲基金付钱。”</blockquote></p><p> Claire Hirschberg is a 28-year-old union organizer who bought about $50 worth of GameStop stock on Robinhood in January after hearing about it from friends. She liked the idea, but what really got her excited about it was the reaction of her father, a longtime money manager. “He was so mad I had bought GameStop and was refusing to sell,” she says, laughing. “And that just makes me want to hold it forever.”</p><p><blockquote>克莱尔·赫希伯格 (Claire Hirschberg) 是一名 28 岁的工会组织者，她在 1 月份从朋友那里听说 Robinhood 上购买了价值约 50 美元的游戏驿站股票。她喜欢这个想法，但真正让她兴奋的是她父亲的反应，他是一名长期的资金经理。“她笑着说：”他很生气我买了游戏驿站，还不肯卖。“这让我想永远拿着它。”</blockquote></p><p> Just like old Wall Street has rituals and codes, the new one does, too. A new investment banking employee learns quickly that you don’t wear a Ferragamo tie until after you make associate. You never leave the office until the managing director does, and you don’t complain about the hours. And the bad guys are the regulators and Sen. Elizabeth Warren, and not in that order.</p><p><blockquote>就像老华尔街有仪式和准则一样，新华尔街也有。一位新的投资银行员工很快就会知道，在你成为合伙人之前，你不会打菲拉格慕领带。在总经理离开之前，你从不离开办公室，你也不会抱怨工作时间。坏人是监管者和参议员伊丽莎白·沃伦，而且不是按顺序。</blockquote></p><p> The new trading desk—the apps that millions of retail traders now use and the message boards where they congregate—have unspoken rules, too. Publicly acknowledging financial losses is a valiant act, evidence of internal fortitude and belief in the group. You don’t take yourself seriously and you don’t police language. You are part of an army of “apes” or “retards.” You hold through the crashes, even if it means you might lose everything. And the bad guys are the short sellers, the market makers, and the Wall Street elites, in that order.</p><p><blockquote>新的交易台——数百万散户交易者现在使用的应用程序和他们聚集的留言板——也有潜规则。公开承认财务损失是一种勇敢的行为，是内部坚韧和对本集团信念的证明。你不把自己当回事，也不规范语言。你是 “猿类 ”或 “弱智 ”大军的一员。你坚持住，即使这意味着你可能会失去一切。坏人依次是卖空者、做市商和华尔街精英。</blockquote></p><p> The group action is not just for moral support. The trading strategy depends on people keeping up the buying pressure to force a short squeeze or to buy bullish options that trigger what’s known as a gamma squeeze.</p><p><blockquote>集体行动不仅仅是为了精神支持。交易策略取决于人们保持买入压力，迫使做空，或买入看涨期权，从而引发所谓的伽马挤压。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/75d79c78a14cc8f297e17397cc54bdb5\" tg-width=\"1260\" tg-height=\"840\"><span>Keith Gill became the face of the Reddit army of retail traders pushing shares of GameStop higher when he appeared virtually before a House Financial Services Committee hearing in February.</span></p><p><blockquote><p class=\"t-img-caption\"><span>基思·吉尔 (Keith Gill) 在二月份众议院金融服务委员会听证会上虚拟露面，成为 Reddit 散户交易员大军推高游戏驿站股价的代言人。</span></p></blockquote></p><p> Many short sellers say they won’t touch these stocks anymore. But clearly, others aren’t taking that advice and are giving the meme movement oxygen by repeatedly betting against the stocks. AMC’s short interest was at 17% of the stock’s float in mid-June, down from 28% in January, but not by much.</p><p><blockquote>许多卖空者表示，他们不会再碰这些股票了。但显然，其他人并没有采纳这一建议，而是通过反复做空股票来给备忘录运动注入氧气。6 月中旬，AMC 的空头权益占该股流通量的 17%，低于 1 月份的 28%，但降幅不大。</blockquote></p><p> As the price rises, the shorts can’t help themselves. They start “drooling, with flames coming out of their ears,” says Michael Pachter, a Wedbush Securities analyst who has covered GameStop for years. “What’s kind of shocked me is the definition of insanity, which is doing the same thing over and over and over again and hoping for a different outcome each time, and the shorts keep coming back,” he says. “And [GameStop bull] Keith Gill and his Reddit raiders keep squeezing them, and it keeps working.”</p><p><blockquote>随着价格上涨，空头们也控制不住自己。多年来一直关注游戏驿站的韦德布什证券分析师迈克尔-帕切特（Michael Pachter）说，他们开始 “流口水，耳朵里冒出火焰”。“他说：”让我感到震惊的是精神错乱的定义，就是一遍又一遍地做同样的事情，每次都希望有不同的结果，而空头却不断出现。“[游戏驿站公牛]基思-吉尔（Keith Gill）和他的 Reddit raiders 一直在挤压他们，而且一直在起作用。”</blockquote></p><p> To beat the short sellers, the Reddit crowd needs to hold together, but the community has been showing cracks at times. The two meme stocks with the most determined fan bases—GameStop and AMC—still have enormous armies of core believers who do not seem easily swayed. But other names seem to have more-fickle backers. Several stocks caught up in the meme madness have come crashing down to earth.Bed Bath &amp; Beyond(BBBY) spiked twice—in late January and early June—but now trades only slightly above its mid-January levels. People who bought during the upswings have lost money.</p><p><blockquote>为了击败卖空者，Reddit 人群需要团结起来，但该社区有时会出现裂缝。拥有最坚定粉丝群的两只模因股票——游戏驿站和 AMC——仍然拥有庞大的核心信徒大军，他们似乎不容易动摇。但其他名字似乎有更善变的支持者。几只陷入迷因疯狂的股票已经崩溃。 Bed Bath &amp; Beyond (BBBY) 在 1 月底和 6 月初两次飙升，但现在的交易价格仅略高于 1 月中旬的水平。在上涨期间买入的人已经赔钱了。</blockquote></p><p> Distrust has spread, and some traders worry that wallstreetbets— the original Reddit message board that inspired the GameStop frenzy—has grown so fast that it has lost its original spirit, and potentially grown vulnerable to manipulation. Some have moved to other message boards, like r/superstonk, in hopes of reclaiming the old community’s flavor.</p><p><blockquote>不信任已经蔓延，一些交易员担心 wallstreetbets——激发游戏驿站狂热的最初 Reddit 留言板——发展如此之快，以至于它已经失去了最初的精神，并可能变得容易受到操纵。有些人搬到了其他留言板，如 r/superstonk，希望能重现老社区的风味。</blockquote></p><p> Travis Rehl, the founder of social-media tracking company Hype Equity, says that he tries to separate possible manipulators from more organic investor sentiment. Hype Equity is usually hired by public-relations firms representing companies that are being talked about online, he says. Now, he sees a growing trend of stocks that suddenly come up on message boards, receive positive chatter, and then disappear.</p><p><blockquote>社交媒体跟踪公司 Hype Equity 的创始人特拉维斯·雷尔 (Travis Rehl) 表示，他试图将可能的操纵者与更有机的投资者情绪区分开来。他说，炒作股权通常由代表网上谈论的公司的公关公司雇佣。现在，他看到了一种不断增长的趋势，即股票突然出现在留言板上，收到积极的聊天，然后消失。</blockquote></p><p></p><p> “It’s called into question what is a true discussion versus what is something that somebody just wants to pump,” he says. The moderators of wallstreetbets forbid market manipulation on the platform, and Rehl say they appear to work hard to police misinformation. The moderators did not respond to a request from&nbsp;Barron’s&nbsp;for comment.</p><p><blockquote>“他说：”这让人怀疑什么是真正的讨论，什么是某人只想炒作的东西。wallstreetbets 的版主禁止在该平台上操纵市场，Rehl 表示，他们似乎正在努力遏制错误信息。主持人没有回应《巴伦周刊》的置评请求。</blockquote></p><p> “If you can create enough buzz to get a stock that goes up 10%, 20%, even 50% in a short period of time, there’s a tremendous incentive to do that,” Sosnick says.</p><p><blockquote>“索斯尼克说：”如果你能制造足够的轰动效应，让一只股票在短时间内上涨 10%、20%，甚至 50%，那么你就有巨大的动力去做这件事。</blockquote></p><p> The Securities and Exchange Commission is watching for funny business on the message boards. SEC Chairman Gary Gensler and some members of Congress have discussed changing market rules with the intention of adding transparency protecting retail traders—although changes could also anger the retail crowd if they slow down trading or make it more expensive.</p><p><blockquote>美国证券交易委员会正在关注留言板上的有趣交易。美国证券交易委员会主席加里·詹斯勒（Gary Gensler）和一些国会议员讨论了改变市场规则，目的是增加保护散户交易者的透明度——尽管如果这些变化减缓交易速度或使交易成本更高，也可能激怒零售人群。</blockquote></p><p> Regulations aren’t the only thing that could deflate this trend. Dan Egan, vice president of behavioral finance and investing at fintech Betterment, thinks the momentum may run out of steam in September. Even “apes” have responsibilities. “Kids start going back to schools; parents are free to go to work again,” he says. “That’s the next time there’s going to be some oxygen pulled out of the room.”</p><p><blockquote>监管并不是唯一能遏制这一趋势的因素。fintech Betterment 行为金融和投资副总裁丹·伊根 (Dan Egan) 认为，这种势头可能会在 9 月份耗尽。即使是 “猿猴 ”也有责任。“他说：”孩子们开始重返校园；家长们也可以自由地再次上班了。“那是下一次从房间里抽出氧气的时候了。”</blockquote></p><p> Traditional investors may be tempted to write off the entire phenomenon as temporary madness inspired by lockdowns and free government money. But that would be a mistake. If zero-commission brokerages and fun with GameStop broke down barriers for millions of new investors to open accounts, it’s almost certainly a good thing, as long as most people bet with money they don’t need immediately. Many new retail traders say they are teaching themselves how to trade, and have begun to diversify their holdings.</p><p><blockquote>传统投资者可能会倾向于将整个现象视为由封锁和免费政府资金引发的暂时疯狂。但那将是一个错误。如果零佣金经纪和游戏驿站乐趣打破了数百万新投资者开户的障碍，那么只要大多数人用他们并不立即需要的钱下注，这几乎肯定是一件好事。许多新零售商表示，他们正在自学如何交易，并开始分散持股。</blockquote></p><p> In one form or another, this is the future client base of Wall Street.</p><p><blockquote>无论如何，这是华尔街未来的客户群。</blockquote></p><p> Arizona State University professor Hendrik Bessembinder published groundbreaking&nbsp;research&nbsp;in 2018 that found that “a randomly selected stock in a randomly selected month is more likely to lose money than make money.” In short, picking single stocks and holding a concentrated portfolio tends to be a losing strategy.</p><p><blockquote>亚利桑那州立大学教授亨德里克-贝森宾德（Hendrik Bessembinder）在2018年发表了一项开创性的研究，发现“在随机选择的月份随机选择的股票，亏损的可能性大于赚钱的可能性”。简而言之，挑选单只股票并持有集中投资组合往往是一种失败的策略。</blockquote></p><p> Even so, he’s encouraged by the new wave of trading. “I welcome the increase in retail trading, the idea of the stock market being a place with wide participation,” Bessembinder says. “Economists can’t tell people they shouldn’t get some fun.”</p><p><blockquote>即便如此，他还是对新一波交易感到鼓舞。“贝森宾德说：”我欢迎零售交易的增加，欢迎股票市场成为一个广泛参与的地方。“经济学家不能告诉人们他们不应该找点乐子”。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/the-meme-stock-trade-is-far-from-over-what-investors-need-to-know-51625875247?mod=hp_HERO\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"WKHS":"Workhorse Group, Inc.","CARV":"卡弗储蓄","CLOV":"Clover Health Corp","AMC":"AMC院线","BBBY":"Bed Bath & Beyond, Inc.","NEGG":"Newegg Comm Inc.","GME":"游戏驿站","BB":"黑莓","SCHW":"嘉信理财"},"source_url":"https://www.barrons.com/articles/the-meme-stock-trade-is-far-from-over-what-investors-need-to-know-51625875247?mod=hp_HERO","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1112201050","content_text":"It seemed to be only a matter of time.\nWhen GameStop (ticker: GME), BlackBerry (BB), and even the desiccated carcass of Blockbuster suddenly sprang to life in January, the clock was already ticking for when they would crash again. Would it be hours, days, or weeks?\nIt has now been half a year, and the core “meme stocks” are still trading at levels considered outrageous by people who have studied them for years. New names like Clover Health Investments(CLOV) and Newegg Commerce(NEGG) have recently popped up on message boards, and their stocks have popped, too.\nThe collective efforts of millions of retail traders—long derided as “the dumb money”—have successfully held stocks aloft and forced naysayers to capitulate.\nThat is true even as the companies they are betting on have shown scant signs of transforming their businesses, or turning profits that might justify their valuations. BlackBerry burned cash in its latest quarter and warned that its key cybersecurity division would hit the low end of its revenue guidance; the stock dipped on the news but has still more than doubled in the past year.\nWhile trading volume at the big brokers has come down slightly from its February peak, it remains two to three times as high as it was before the pandemic. And a startling amount of that activity is occurring in stocks favored by retail traders. The average daily value of shares traded in AMC Entertainment Holdings(AMC), for example, reached $13.1 billion in June, more than Apple’s(AAPL) $9.5 billion and Amazon.com’s (AMZN) $10.3 billion.\nEven as the coronavirus fades in the U.S., most new traders say they are committed to the hobby they learned during lockdown—58% of day traders in a Betterment survey said they are planning to trade even more in the future, and only 12% plan to trade less. Amateur pandemic bakers have stopped kneading sourdough loaves; traders are only getting hungrier.\nA sustained bear market would spoil such an appetite, as it did when the dot-com bubble burst. For now, dips are reasons to hold or buy.\n\n“I’ve seen that the ‘buy the dip’ sentiment hasn’t relented for a moment,” wrote Brandon Luczek, an electronics technician for the U.S. Navy who trades with friends online, in an email to Barron’s.\nThe meme stock surge has been propelled by a rise in trading by retail investors. In 2020, online brokers signed clients at a record pace, with more than 10 million people opening new accounts. That record will almost certainly be broken in 2021. Brokers had already added more than 10 million accounts less than halfway into the year, some of the top firms have disclosed.\nMeme stocks are both the cart and the horse of this phenomenon. Their sudden price spikes are driven by new investors, and then that action drives even more new people to invest. Millions of people downloaded investing apps in late January and early February just to be a part of the fun. A recent Charles Schwab(SCHW) survey found that 15% of all current traders began investing after 2020.\n\nThe most prominent player in the surge is Robinhood, which said it had added 5.5 million funded accounts in the first quarter alone. But it isn’t alone. Fidelity, for instance, announced that it had attracted 1.6 million new customers under the age of 35 in the first quarter, 223% more than a year before.\nUnder pressure from Robinhood’s zero-commission model, all of the major brokers cut commissions to zero in 2019. That opened the floodgates to a new group of customers—one that may not have as much spare cash to trade but is more active and diverse than its predecessors. And the brokers are cashing in. Fidelity is hoping to attract investors before they even have driver’s licenses, allowing children as young as 13 to open trading accounts. Robinhood is riding the momentum to an initial public offering that analysts expect to value it at more than 10 times its revenue.\nThese new customers act differently than their older peers. For years, there was a “big gravitation toward ETFs,” says Chris Larkin, head of trading at E*Trade, which is now owned by Morgan Stanley (MS). But picking single stocks is clearly “the big story of 2021.”\nTo be sure, equity exchange-traded funds are still doing well, as investors around the world bet on the pandemic recovery and avoid weak bond yields.\nBut ETFs don’t light up the message boards like stocks do. Not that it has been a one-way ride for the top names. GameStop did dip in February, and Wall Street enjoyed a moment of schadenfreude. It didn’t last.\n“Like cicadas, meme traders returned in a wild blaze of activity after being seemingly underground for several months,” wrote Steve Sosnick, chief strategist at Interactive Brokers. Sosnick believes that the meme stocks tend to trade inversely to cryptocurrencies, because their fans rotate from one to the other as the momentum shifts.\n“I don’t think it’s strictly a coincidence that meme stocks roared back to life after a significant correction in Bitcoin and other cryptocurrencies,” he wrote.\nSosnick considers meme stocks a “sector unto themselves,” one that he segregates on his computer monitor away from other stock tickers.\nIndeed, Wall Street’s reaction to the meme stock revolution has been to isolate the parts of the market that the pros deem irrational. Most short sellers won’t touch the stocks, and analysts are dropping coverage.\nBut Wall Street can’t swat the retail army away like cicadas, or count on them disappearing for the next 17 years. Stock trading has permanently shifted. This year, retail activity accounts for 24% of equity volume, up from 15% in 2019. Adherents to the new creed are not passive observers willing to let Wall Street manage the markets.\n\n“What this really reflects is a reversal of the trends that we saw toward less and less engagement with individual companies,” says Joshua Mitts, a professor at Columbia Law School specializing in securities markets. “Technology is bringing the average investor closer to the companies in which he or she invests, and that’s just taking on new and unpredictable forms.”\nThe swings you get can definitely make you feel some sort of way.\n— Matt Kohrs, 26, who streams stock analysis daily on YouTube\nIt is now changing the lives of those who got in early and are still riding the names higher.\nTake Matt Kohrs, who had invested in AMC Entertainment early. He quit his job as a programmer in New York in February, moved to Philadelphia, and started streaming stock analysis on YouTube for seven hours a day.\nWith 350,000 YouTube followers, it’s paying the bills. With his earnings from ads and from the stock, Kohrs says he can pull down roughly the same salary he made before. But he also knows that relying on earnings from stocks like this is nothing like a 9-to-5 job.\n“The swings you get can definitely make you feel some sort of way,” he says.\nCompanies are starting to react more aggressively, too. They are either embracing their new owners or paying meme-ologists to understand the emoji-filled language of the new Wall Street so they can ward them off or appease them.\nAMC even canceled a proposed equity raise this past week because the company apparently didn’t like the vibes it was getting from the Reddit crowd. AMC has already quintupled its share count over the past year. CEO Adam Aron tweeted that he had seen “many yes, many no” reactions to his proposal to issue 25 million more shares, so it will be canceled instead of being presented for a vote at AMC’s annual meeting later this month. The company did not respond to a question on how it had polled shareholders.\nForget the boardroom. Corporate policy is now being determined in the chat room.\nBig investors are spending more time tracking social-media discussions about stocks. Bank of America found in a survey this year that about 25% of institutions had already been tracking social-media sentiment, but that about 40% are interested in using it going forward.\nIn the past few months, Bank of America, Morgan Stanley, and J.P. Morgan have all produced reports on how to trade around the retail action, coming to somewhat different conclusions.\nThere can be “alpha in the signal,” as Morgan Stanley put it, but it can take some intense number-crunching to get there. Not all message-board chatter leads to sustained price gains, of course, and retail order flow cannot easily be separated from institutional flow without substantial data analysis. For investors with the tools to pinpoint which stocks retail investors are buying and which they are selling, J.P. Morgan suggests going long on the 20% of stocks with the most buying interest and short on the top 20% in selling interest.\nFor now, many of the institutions buying data on social-media sentiment appear to be trying to reduce their risks, as opposed to scouting new opportunities, according to Boris Spiwak of alternative data firm Thinknum, which offers products that track social-media sentiment. “They see it as almost like an insurance policy, to limit their downside risks,” he says.\nFor retail traders, the method isn’t always scientific. The action is sustained by a community ethos. And the force behind it is as much emotional and moral as financial.\nNew investors say they are motivated by a desire to prove themselves and punish the old guard as much as by profits. They learn from one another about the market, sometimes amplifying or debunking conspiracy theories about Wall Street. Some link the meme-stock movement to continued mistrust of big financial institutions stemming from the 2008 financial crisis.\n“Wall Street brought our economy to its knees, and no one ever got in trouble for it,” says the 26-year-old Kohrs. “So, I think they view this as not only can we make money, but we can also make these hedge funds on Wall Street pay.”\nClaire Hirschberg is a 28-year-old union organizer who bought about $50 worth of GameStop stock on Robinhood in January after hearing about it from friends. She liked the idea, but what really got her excited about it was the reaction of her father, a longtime money manager. “He was so mad I had bought GameStop and was refusing to sell,” she says, laughing. “And that just makes me want to hold it forever.”\nJust like old Wall Street has rituals and codes, the new one does, too. A new investment banking employee learns quickly that you don’t wear a Ferragamo tie until after you make associate. You never leave the office until the managing director does, and you don’t complain about the hours. And the bad guys are the regulators and Sen. Elizabeth Warren, and not in that order.\nThe new trading desk—the apps that millions of retail traders now use and the message boards where they congregate—have unspoken rules, too. Publicly acknowledging financial losses is a valiant act, evidence of internal fortitude and belief in the group. You don’t take yourself seriously and you don’t police language. You are part of an army of “apes” or “retards.” You hold through the crashes, even if it means you might lose everything. And the bad guys are the short sellers, the market makers, and the Wall Street elites, in that order.\nThe group action is not just for moral support. The trading strategy depends on people keeping up the buying pressure to force a short squeeze or to buy bullish options that trigger what’s known as a gamma squeeze.\nKeith Gill became the face of the Reddit army of retail traders pushing shares of GameStop higher when he appeared virtually before a House Financial Services Committee hearing in February.\nMany short sellers say they won’t touch these stocks anymore. But clearly, others aren’t taking that advice and are giving the meme movement oxygen by repeatedly betting against the stocks. AMC’s short interest was at 17% of the stock’s float in mid-June, down from 28% in January, but not by much.\nAs the price rises, the shorts can’t help themselves. They start “drooling, with flames coming out of their ears,” says Michael Pachter, a Wedbush Securities analyst who has covered GameStop for years. “What’s kind of shocked me is the definition of insanity, which is doing the same thing over and over and over again and hoping for a different outcome each time, and the shorts keep coming back,” he says. “And [GameStop bull] Keith Gill and his Reddit raiders keep squeezing them, and it keeps working.”\nTo beat the short sellers, the Reddit crowd needs to hold together, but the community has been showing cracks at times. The two meme stocks with the most determined fan bases—GameStop and AMC—still have enormous armies of core believers who do not seem easily swayed. But other names seem to have more-fickle backers. Several stocks caught up in the meme madness have come crashing down to earth.Bed Bath & Beyond(BBBY) spiked twice—in late January and early June—but now trades only slightly above its mid-January levels. People who bought during the upswings have lost money.\nDistrust has spread, and some traders worry that wallstreetbets— the original Reddit message board that inspired the GameStop frenzy—has grown so fast that it has lost its original spirit, and potentially grown vulnerable to manipulation. Some have moved to other message boards, like r/superstonk, in hopes of reclaiming the old community’s flavor.\nTravis Rehl, the founder of social-media tracking company Hype Equity, says that he tries to separate possible manipulators from more organic investor sentiment. Hype Equity is usually hired by public-relations firms representing companies that are being talked about online, he says. Now, he sees a growing trend of stocks that suddenly come up on message boards, receive positive chatter, and then disappear.\n“It’s called into question what is a true discussion versus what is something that somebody just wants to pump,” he says. The moderators of wallstreetbets forbid market manipulation on the platform, and Rehl say they appear to work hard to police misinformation. The moderators did not respond to a request from Barron’s for comment.\n“If you can create enough buzz to get a stock that goes up 10%, 20%, even 50% in a short period of time, there’s a tremendous incentive to do that,” Sosnick says.\nThe Securities and Exchange Commission is watching for funny business on the message boards. SEC Chairman Gary Gensler and some members of Congress have discussed changing market rules with the intention of adding transparency protecting retail traders—although changes could also anger the retail crowd if they slow down trading or make it more expensive.\nRegulations aren’t the only thing that could deflate this trend. Dan Egan, vice president of behavioral finance and investing at fintech Betterment, thinks the momentum may run out of steam in September. Even “apes” have responsibilities. “Kids start going back to schools; parents are free to go to work again,” he says. “That’s the next time there’s going to be some oxygen pulled out of the room.”\nTraditional investors may be tempted to write off the entire phenomenon as temporary madness inspired by lockdowns and free government money. But that would be a mistake. If zero-commission brokerages and fun with GameStop broke down barriers for millions of new investors to open accounts, it’s almost certainly a good thing, as long as most people bet with money they don’t need immediately. Many new retail traders say they are teaching themselves how to trade, and have begun to diversify their holdings.\nIn one form or another, this is the future client base of Wall Street.\nArizona State University professor Hendrik Bessembinder published groundbreaking research in 2018 that found that “a randomly selected stock in a randomly selected month is more likely to lose money than make money.” In short, picking single stocks and holding a concentrated portfolio tends to be a losing strategy.\nEven so, he’s encouraged by the new wave of trading. “I welcome the increase in retail trading, the idea of the stock market being a place with wide participation,” Bessembinder says. “Economists can’t tell people they shouldn’t get some fun.”","news_type":1,"symbols_score_info":{"MRIN":0.9,"AMC":0.9,"CARV":0.9,"BBBY":0.9,"WKHS":0.9,"CLOV":0.9,"BB":0.9,"NEGG":0.9,"GME":0.9,"SCHW":0.9}},"isVote":1,"tweetType":1,"viewCount":3390,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":895460676,"gmtCreate":1628766306995,"gmtModify":1631891284878,"author":{"id":"3582793651916821","authorId":"3582793651916821","name":"FrazerEr","avatar":"https://static.tigerbbs.com/9d5dff0eee122679c6bcd7532e992980","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582793651916821","idStr":"3582793651916821"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/895460676","repostId":"2158936289","repostType":4,"isVote":1,"tweetType":1,"viewCount":3820,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":148996681,"gmtCreate":1625910903843,"gmtModify":1633936155490,"author":{"id":"3582793651916821","authorId":"3582793651916821","name":"FrazerEr","avatar":"https://static.tigerbbs.com/9d5dff0eee122679c6bcd7532e992980","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582793651916821","idStr":"3582793651916821"},"themes":[],"title":"","htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/148996681","repostId":"2150370120","repostType":4,"isVote":1,"tweetType":1,"viewCount":1013,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":148992413,"gmtCreate":1625911057532,"gmtModify":1633936154277,"author":{"id":"3582793651916821","authorId":"3582793651916821","name":"FrazerEr","avatar":"https://static.tigerbbs.com/9d5dff0eee122679c6bcd7532e992980","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582793651916821","idStr":"3582793651916821"},"themes":[],"title":"","htmlText":"Great opinion piece","listText":"Great opinion piece","text":"Great opinion piece","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/148992413","repostId":"1185154176","repostType":4,"repost":{"id":"1185154176","kind":"news","pubTimestamp":1625886925,"share":"https://www.laohunote.com/m/news/1185154176?lang=zh_CN&edition=full","pubTime":"2021-07-10 11:15","market":"us","language":"en","title":"The bull market in stocks may last up to five years — here are six reasons why<blockquote>股市牛市可能会持续长达五年——以下是六个原因</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1185154176","media":"marketwatch","summary":"The economy is booming, earnings are rising, and the Federal Reserve is giving unprecedented support. When the stock market sells off, as it did Thursday, the right move was to buy your favorite stocks. Friday’s market action proved that.We are still only in the early stages of what is going to be a three- to five-year bull market in stocks, for these six reasons.Behind the scenes, consumers have massive unspent savings because they hunkered down for the pandemic. The personal savings rate hit n","content":"<p>The economy is booming, earnings are rising, and the Federal Reserve is giving unprecedented support</p><p><blockquote>经济正在蓬勃发展，收入正在上升，美联储正在提供前所未有的支持</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/16f57eb7b0f75afb2f46b6d61281db87\" tg-width=\"1260\" tg-height=\"839\"><span>(Photo by Jorge Guerrero/AFP via Getty Images)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（照片由豪尔赫·格雷罗/法新社通过盖蒂图片社提供）</span></p></blockquote></p><p> When the stock market sells off, as it did Thursday, the right move was to buy your favorite stocks. Friday’s market action proved that.</p><p><blockquote>当股市抛售时，就像周四一样，正确的做法是购买你最喜欢的股票。周五的市场走势证明了这一点。</blockquote></p><p> It’s true that there could be a correction, given the already sizable 17% gain in the S&amp;P 500 Index&nbsp;this year. But you should buy then, too.</p><p><blockquote>鉴于标普500指数今年已经上涨了 17%，确实可能会出现调整。但你也应该买。</blockquote></p><p> Here’s why.</p><p><blockquote>原因如下。</blockquote></p><p> We are still only in the early stages of what is going to be a three- to five-year bull market in stocks, for these six reasons.</p><p><blockquote>由于以下六个原因，我们仍处于三到五年股市牛市的早期阶段。</blockquote></p><p> <b>1. There’s tremendous pent-up demand</b></p><p><blockquote><b>1. 存在巨大的被压抑的需求</b></blockquote></p><p> Everyone is looking to the Federal Reserve for cues about stimulus. They are overlooking private-sector forces that will push stocks higher. To sum up, there’s huge pent-up private-sector demand that will help propel U.S. GDP growth to 8% this year and 3.5%-4.5% for years after that. The pent-up demand comes from the following sources, points out Jim Paulsen, chief strategist and economist at the Leuthold Group.</p><p><blockquote>每个人都在向美联储寻求有关刺激的线索。他们忽视了将推高股市的私营部门力量。综上所述，私营部门被压抑的巨大需求将有助于推动美国今年的 GDP 增长率达到 8%，之后几年将达到 3.5%-4.5%。Leuthold 集团首席策略师兼经济学家吉姆·保尔森 (Jim Paulsen) 指出，被压抑的需求来自以下来源。</blockquote></p><p> First, there’s been a surge in household formation, as millennials hit the family years. This helps explain the big uptick in home demand. Once you buy a house, you have to fill it up with stuff. More consumer demand on the way.</p><p><blockquote>首先，随着千禧一代进入家庭年龄，家庭组建激增。这有助于解释国内需求的大幅增长。一旦你买了房子，你就得把它装满东西。更多的消费者需求即将到来。</blockquote></p><p> Behind the scenes, consumers have massive unspent savings because they hunkered down for the pandemic. The personal savings rate hit nearly 16% of GDP, compared to a post war average of 6.5%. The prior high was 10% in 1970s.</p><p><blockquote>在幕后，消费者有大量未动用的储蓄，因为他们为疫情蹲下身子。个人储蓄率达到GDP的近16%，而战后平均水平为6.5%。之前的高点是20世纪70年代的10%。</blockquote></p><p> Relatedly, household balance sheets improved remarkably. Debt-to-income ratios are the lowest since the 1990s. Consumers will continue to tap more bank loans and credit card capacity, as their confidence increases because employment and the economy remain strong.</p><p><blockquote>与此相关的是，家庭资产负债表明显改善。债务收入比是20世纪90年代以来的最低水平。随着就业和经济保持强劲，消费者的信心增强，他们将继续利用更多的银行贷款和信用卡容量。</blockquote></p><p> Next, there will be plenty more newly employed people once the extra unemployment benefits expire in September. This means consumer confidence will improve, which invariably boosts economic growth. The labor participation rate has room to improve, leaving spare employment capacity before we hit the full employment that can cap economic growth.</p><p><blockquote>接下来，一旦额外的失业救济金在9月份到期，将会有更多的新就业人口。这意味着消费者信心将会改善，这无疑会促进经济增长。劳动力参与率还有提高的空间，在我们实现充分就业之前留下多余的就业能力，从而限制经济增长。</blockquote></p><p> Now let’s look at the pent-up demand in businesses.</p><p><blockquote>现在让我们来看看企业中被压抑的需求。</blockquote></p><p> You know all the shortages of stuff you keep running into or hearing about? Here’s why this is happening. To prepare for a prolonged epidemic, businesses cut inventories to the bone. It was the biggest inventory liquidation ever. But now, companies have to build back inventories. The ongoing inventory rebuild will be huge.</p><p><blockquote>你知道你经常遇到或听到的所有东西的短缺吗？这就是为什么会发生这种情况。为了应对长期的流行病，企业大幅削减库存。这是有史以来最大的库存清算。但现在，公司不得不重建库存。正在进行的库存重建将是巨大的。</blockquote></p><p> Companies also cut capacity, which they are building out again. Capital goods spending surged to record highs in the past year, advancing almost 23%, after being essentially flat for most of the prior two decades. This creates sustained growth, and it tells us a lot about business confidence.</p><p><blockquote>公司还削减了产能，并正在再次扩大产能。资本货物支出在过去二十年的大部分时间里基本持平后，去年飙升至历史新高，增长了近 23%。这创造了持续增长，并告诉我们很多关于商业信心的信息。</blockquote></p><p> <b>The bottom line</b>: We will see 7%-8% GDP growth this year, followed by 4%-4.5% next year and above average growth after that, supporting a sustained bull market in stocks. Expect the normal corrections along the way.</p><p><blockquote><b>底线</b>今年GDP将增长7%-8%，明年将增长4%-4.5%，之后将高于平均水平，支撑股市持续牛市。期待一路上的正常修正。</blockquote></p><p> <b>2. An under-appreciated earnings boom lies ahead</b></p><p><blockquote><b>2. 被低估的盈利繁荣即将到来</b></blockquote></p><p> The economic rebound has happened so quickly, analysts can’t keep up. Wall Street analysts project $190 a share in S&amp;P 500 earnings this year. But that is woefully low given the expected 7%-8% GDP growth and massive stimulus that has yet to kick in. Stimulus normally takes six to eight months to take effect, and a lot of the recent dollops happened inside that window.</p><p><blockquote>经济反弹发生得太快了，分析师们都跟不上了。华尔街分析师预计标普500今年每股收益为 190 美元。但考虑到预期的7%-8%的GDP增长和尚未生效的大规模刺激措施，这一数字低得可怜。刺激措施通常需要六到八个月才能生效，而最近的许多波动都发生在这个时间窗内。</blockquote></p><p> Paulsen expects 2021 S&amp;P 500 earnings will be more like $220 instead of the consensus estimate of $190.</p><p><blockquote>保尔森预计 2021 年标普500盈利将更接近 220 美元，而不是普遍预期的 190 美元。</blockquote></p><p> “Analysts are still under-appreciating how much profits have improved and how much they will improve,” says Paulsen. “We had dramatic overreaction from policy officials. They addressed the collapse, but created a massive improvement in fundamentals. This is still playing out in terms of the recovery in profits.”</p><p><blockquote>“保尔森说：”分析师仍然低估了利润已经提高了多少，以及利润将提高多少。“我们的政策官员反应过度。他们解决了崩盘问题，但基本面却有了巨大的改善。就利润复苏而言，这种情况仍在上演”。</blockquote></p><p> Plus, more fiscal stimulus is probably on the way, in the form of infrastructure spending.</p><p><blockquote>此外，更多的财政刺激可能即将以基础设施支出的形式出台。</blockquote></p><p> <b>3. There’s a new Fed in town</b></p><p><blockquote><b>3. 镇上有了新的美联储</b></blockquote></p><p> For much of the past three decades, the Fed has been quick to tighten its policy to ward off inflation. The central bank killed off growth in the process. That’s one reason why the past 20 years posted the slowest growth in the post-war era. Now, though, the Fed is much more accommodative and this may likely persist because inflation will remain sluggish (more on this, below).</p><p><blockquote>在过去三十年的大部分时间里，美联储一直在迅速收紧政策以抵御通货膨胀。在这个过程中，央行扼杀了增长。这也是过去 20 年是战后增长最慢的原因之一。然而，现在美联储更加宽松，这种情况可能会持续下去，因为通胀将保持低迷（更多内容见下文）。</blockquote></p><p></p><p> Here’s a simple gauge to measure this. Take GDP growth and subtract the yield on 10-year TreasuriesTMUBMUSD10Y,1.359%.This gauge was negative for much of 1980-2010, when the Fed kept growth cool to contain inflation. Now, though, Fed policy is helping to keep 10-year yields well below GDP growth, which allows the economy to run hot. This was the state of affairs during 1950-1965, which some analysts call “the golden age of capitalism” because of the glide path in growth.</p><p><blockquote>这里有一个简单的量规来衡量这一点。以 GDP 增长为例，减去 10 年期国债收益率 ESTMUBMUSD10Y，1.359%。该指标在 1980 年至 2010 年的大部分时间里都是负值，当时美联储保持增长冷静以遏制通胀。然而现在，美联储的政策正在帮助将 10 年期国债收益率保持在远低于 GDP 增长率的水平，这使得经济过热。这就是 1950-1965 年期间的情况，一些分析家称看涨期权为 “资本主义的黄金时代”，因为它在增长过程中出现了滑坡。</blockquote></p><p> <b>4. Inflation won’t kill the bull</b></p><p><blockquote><b>4. 通货膨胀不会杀死牛市</b></blockquote></p><p> Inflation may rise near term because the economy is so hot. But medium term, the inflation slayers will win out. Here’s a roundup. The population is aging, and older people spend less. The boom in business capital spending will continue to boost productivity at companies. This allows them to avoid passing along rising costs to customers. Global trade and competition have not gone away. This puts downward pressure on prices since goods can be made more cheaply in many foreign countries. Ongoing technological advances continually put downward pressure on tech products.</p><p><blockquote>由于经济如此火爆，通货膨胀在短期内可能会上升。但从中期来看，通胀杀手将获胜。以下是综述。人口老龄化，老年人消费减少。商业资本支出的激增将继续提高公司的生产力。这使他们能够避免将不断上涨的成本转嫁给客户。全球贸易和竞争并没有消失。这给价格带来了下行压力，因为在许多外国可以更便宜地生产商品。持续的技术进步不断给科技产品带来下行压力。</blockquote></p><p> <b>5. Valuations will improve</b></p><p><blockquote><b>5.估值将改善</b></blockquote></p><p> We’re now at the phase in the economic rebound where the following dynamic typically plays out. Stocks trade sideways for months, mostly because of worries about inflation and rising bond yields. All the while, the economy and earnings continue to grow, bringing down stock valuations. This dynamic played out at about this point in prior economic rebounds during 1983-84, 1993-94, 2004-05 and 2009-10. In short, we will see a big surge in earnings while the stock market marks time, or even corrects.</p><p><blockquote>我们现在正处于经济反弹阶段，通常会出现以下动态。几个月来，股市一直横盘整理，主要是因为对通货膨胀和债券收益率上升的担忧。与此同时，经济和盈利持续增长，降低了股票估值。这种动态在1983-84年、1993-94年、2004-05年和2009-10年的经济反弹中大约在这一点上表现出来。简而言之，当股市标记时间，甚至回调时，我们将看到盈利大幅飙升。</blockquote></p><p> This will reset stock valuations lower, removing one of the chief concerns among investors — high valuations. If S&amp;P 500 earnings hit $220 by the end of the year and the index is at 4,000 to 4,100 points because of a correction, stocks will be at an 18-19 price earnings ratio — below the average since 1990.</p><p><blockquote>这将使股票估值降低，消除投资者的主要担忧之一——高估值。如果标普500的盈利在今年年底达到 220 美元，并且该指数因调整而处于 4,000 至 4,100 点，那么股票的市盈率将为 18-19，低于 1990 年以来的平均水平。</blockquote></p><p> True to form, the Dow Jones Industrial AverageDJIA,+1.30%and the Russell 2000&nbsp;small-cap index have traded sideways for two to four months. The S&amp;P 500 and Nasdaq&nbsp;recently broke out of trading ranges, but a bigger pullback would send them back into sideways action mode.</p><p><blockquote>一如既往，道琼斯工业平均指数 (DJIA) 和罗素 2000 小型股指数已经横盘整理了两到四个月。标普500和纳斯达克最近突破了交易区间，但更大的回调将使它们回到横盘整理模式。</blockquote></p><p> <b>6. Sentiment isn’t extreme</b></p><p><blockquote><b>6. 情绪并不极端</b></blockquote></p><p> As a contrarian, I look for excessive sentiment as a sign that it’s time to raise some cash. We don’t see that yet. A simple gauge to follow is the Investors Intelligence Bull/Bear ratio. It recently came in at 3.92. That’s near the warning path, which for me starts at 4. On the other hand, mutual fund cash was recently at $4.6 trillion, near historical highs. This represents caution among investors.</p><p><blockquote>作为一个逆向投资者，我认为过度的情绪是时候筹集一些现金了。我们还没看到。一个简单的衡量标准是投资者情报牛熊比率。它最近的价格是3.92。那是在警告路径附近，对我来说，警告路径是从 4 点开始的。另一方面，共同基金现金最近达到 4.6 万亿美元，接近历史高位。这代表了投资者的谨慎。</blockquote></p><p> <b>Three themes to follow</b></p><p><blockquote><b>遵循的三个主题</b></blockquote></p><p> If we are in store for a sustained economic recovery and a multi-year bull market in stocks, it will pay to follow these three themes.</p><p><blockquote>如果我们即将迎来经济持续复苏和股市多年牛市，那么遵循这三个主题将是值得的。</blockquote></p><p> <b>Favor cyclicals.</b>Stay with economically sensitive businesses and add to your holdings in them on pullbacks. This means cyclical companies in areas like financials, materials, industrials and consumer discretionary businesses.</p><p><blockquote><b>青睐周期性产品。</b>持有对经济敏感的业务，并在回调时增持这些业务。这意味着金融、材料、工业和非必需消费品业务等领域的周期性公司。</blockquote></p><p> <b>Avoid defensives.</b>If you want yield, go with stocks that pay a dividend but also have capital appreciation potential — not steady growth companies selling stuff like consumer staples. On this theme, in my stock letter Brush Up on Stocks (the link is in bio, below) I’ve recently suggested or reiterated Home Depot&nbsp;in retail, B. Riley Financial,a markets and investment banking name, and Regional Management&nbsp;in consumer finance.</p><p><blockquote><b>避免防御。</b>如果你想要收益率，那就选择支付股息但也有资本增值潜力的股票——而不是销售必需品等商品的稳定增长公司。关于这个主题，在我的股票信中（链接在下面的简介中），我最近建议或重申了家得宝（Home Depot）在零售业、B. Riley Financial（一家市场和投资银行公司）以及消费金融领域的区域管理。</blockquote></p><p> <b>Favor emerging markets.</b>Their growth tends to be higher during expansions. Just be careful with China. It has an aging population. Limited workforce growth may constrain economic growth. Another challenge is that ongoing U.S.-China tensions and the related threat of persistent tariffs and trade barriers have global companies relocating supply chains elsewhere.</p><p><blockquote><b>青睐新兴市场。</b>在扩张期间，它们的增长往往会更高。小心中国。它的人口老龄化。有限的劳动力增长可能会限制经济增长。另一个挑战是，持续的中美紧张局势以及持续关税和贸易壁垒的相关威胁迫使全球公司将供应链转移到其他地方。</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>The bull market in stocks may last up to five years — here are six reasons why<blockquote>股市牛市可能会持续长达五年——以下是六个原因</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe bull market in stocks may last up to five years — here are six reasons why<blockquote>股市牛市可能会持续长达五年——以下是六个原因</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">marketwatch</strong><span class=\"h-time small\">2021-07-10 11:15</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The economy is booming, earnings are rising, and the Federal Reserve is giving unprecedented support</p><p><blockquote>经济正在蓬勃发展，收入正在上升，美联储正在提供前所未有的支持</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/16f57eb7b0f75afb2f46b6d61281db87\" tg-width=\"1260\" tg-height=\"839\"><span>(Photo by Jorge Guerrero/AFP via Getty Images)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（照片由豪尔赫·格雷罗/法新社通过盖蒂图片社提供）</span></p></blockquote></p><p> When the stock market sells off, as it did Thursday, the right move was to buy your favorite stocks. Friday’s market action proved that.</p><p><blockquote>当股市抛售时，就像周四一样，正确的做法是购买你最喜欢的股票。周五的市场走势证明了这一点。</blockquote></p><p> It’s true that there could be a correction, given the already sizable 17% gain in the S&amp;P 500 Index&nbsp;this year. But you should buy then, too.</p><p><blockquote>鉴于标普500指数今年已经上涨了 17%，确实可能会出现调整。但你也应该买。</blockquote></p><p> Here’s why.</p><p><blockquote>原因如下。</blockquote></p><p> We are still only in the early stages of what is going to be a three- to five-year bull market in stocks, for these six reasons.</p><p><blockquote>由于以下六个原因，我们仍处于三到五年股市牛市的早期阶段。</blockquote></p><p> <b>1. There’s tremendous pent-up demand</b></p><p><blockquote><b>1. 存在巨大的被压抑的需求</b></blockquote></p><p> Everyone is looking to the Federal Reserve for cues about stimulus. They are overlooking private-sector forces that will push stocks higher. To sum up, there’s huge pent-up private-sector demand that will help propel U.S. GDP growth to 8% this year and 3.5%-4.5% for years after that. The pent-up demand comes from the following sources, points out Jim Paulsen, chief strategist and economist at the Leuthold Group.</p><p><blockquote>每个人都在向美联储寻求有关刺激的线索。他们忽视了将推高股市的私营部门力量。综上所述，私营部门被压抑的巨大需求将有助于推动美国今年的 GDP 增长率达到 8%，之后几年将达到 3.5%-4.5%。Leuthold 集团首席策略师兼经济学家吉姆·保尔森 (Jim Paulsen) 指出，被压抑的需求来自以下来源。</blockquote></p><p> First, there’s been a surge in household formation, as millennials hit the family years. This helps explain the big uptick in home demand. Once you buy a house, you have to fill it up with stuff. More consumer demand on the way.</p><p><blockquote>首先，随着千禧一代进入家庭年龄，家庭组建激增。这有助于解释国内需求的大幅增长。一旦你买了房子，你就得把它装满东西。更多的消费者需求即将到来。</blockquote></p><p> Behind the scenes, consumers have massive unspent savings because they hunkered down for the pandemic. The personal savings rate hit nearly 16% of GDP, compared to a post war average of 6.5%. The prior high was 10% in 1970s.</p><p><blockquote>在幕后，消费者有大量未动用的储蓄，因为他们为疫情蹲下身子。个人储蓄率达到GDP的近16%，而战后平均水平为6.5%。之前的高点是20世纪70年代的10%。</blockquote></p><p> Relatedly, household balance sheets improved remarkably. Debt-to-income ratios are the lowest since the 1990s. Consumers will continue to tap more bank loans and credit card capacity, as their confidence increases because employment and the economy remain strong.</p><p><blockquote>与此相关的是，家庭资产负债表明显改善。债务收入比是20世纪90年代以来的最低水平。随着就业和经济保持强劲，消费者的信心增强，他们将继续利用更多的银行贷款和信用卡容量。</blockquote></p><p> Next, there will be plenty more newly employed people once the extra unemployment benefits expire in September. This means consumer confidence will improve, which invariably boosts economic growth. The labor participation rate has room to improve, leaving spare employment capacity before we hit the full employment that can cap economic growth.</p><p><blockquote>接下来，一旦额外的失业救济金在9月份到期，将会有更多的新就业人口。这意味着消费者信心将会改善，这无疑会促进经济增长。劳动力参与率还有提高的空间，在我们实现充分就业之前留下多余的就业能力，从而限制经济增长。</blockquote></p><p> Now let’s look at the pent-up demand in businesses.</p><p><blockquote>现在让我们来看看企业中被压抑的需求。</blockquote></p><p> You know all the shortages of stuff you keep running into or hearing about? Here’s why this is happening. To prepare for a prolonged epidemic, businesses cut inventories to the bone. It was the biggest inventory liquidation ever. But now, companies have to build back inventories. The ongoing inventory rebuild will be huge.</p><p><blockquote>你知道你经常遇到或听到的所有东西的短缺吗？这就是为什么会发生这种情况。为了应对长期的流行病，企业大幅削减库存。这是有史以来最大的库存清算。但现在，公司不得不重建库存。正在进行的库存重建将是巨大的。</blockquote></p><p> Companies also cut capacity, which they are building out again. Capital goods spending surged to record highs in the past year, advancing almost 23%, after being essentially flat for most of the prior two decades. This creates sustained growth, and it tells us a lot about business confidence.</p><p><blockquote>公司还削减了产能，并正在再次扩大产能。资本货物支出在过去二十年的大部分时间里基本持平后，去年飙升至历史新高，增长了近 23%。这创造了持续增长，并告诉我们很多关于商业信心的信息。</blockquote></p><p> <b>The bottom line</b>: We will see 7%-8% GDP growth this year, followed by 4%-4.5% next year and above average growth after that, supporting a sustained bull market in stocks. Expect the normal corrections along the way.</p><p><blockquote><b>底线</b>今年GDP将增长7%-8%，明年将增长4%-4.5%，之后将高于平均水平，支撑股市持续牛市。期待一路上的正常修正。</blockquote></p><p> <b>2. An under-appreciated earnings boom lies ahead</b></p><p><blockquote><b>2. 被低估的盈利繁荣即将到来</b></blockquote></p><p> The economic rebound has happened so quickly, analysts can’t keep up. Wall Street analysts project $190 a share in S&amp;P 500 earnings this year. But that is woefully low given the expected 7%-8% GDP growth and massive stimulus that has yet to kick in. Stimulus normally takes six to eight months to take effect, and a lot of the recent dollops happened inside that window.</p><p><blockquote>经济反弹发生得太快了，分析师们都跟不上了。华尔街分析师预计标普500今年每股收益为 190 美元。但考虑到预期的7%-8%的GDP增长和尚未生效的大规模刺激措施，这一数字低得可怜。刺激措施通常需要六到八个月才能生效，而最近的许多波动都发生在这个时间窗内。</blockquote></p><p> Paulsen expects 2021 S&amp;P 500 earnings will be more like $220 instead of the consensus estimate of $190.</p><p><blockquote>保尔森预计 2021 年标普500盈利将更接近 220 美元，而不是普遍预期的 190 美元。</blockquote></p><p> “Analysts are still under-appreciating how much profits have improved and how much they will improve,” says Paulsen. “We had dramatic overreaction from policy officials. They addressed the collapse, but created a massive improvement in fundamentals. This is still playing out in terms of the recovery in profits.”</p><p><blockquote>“保尔森说：”分析师仍然低估了利润已经提高了多少，以及利润将提高多少。“我们的政策官员反应过度。他们解决了崩盘问题，但基本面却有了巨大的改善。就利润复苏而言，这种情况仍在上演”。</blockquote></p><p> Plus, more fiscal stimulus is probably on the way, in the form of infrastructure spending.</p><p><blockquote>此外，更多的财政刺激可能即将以基础设施支出的形式出台。</blockquote></p><p> <b>3. There’s a new Fed in town</b></p><p><blockquote><b>3. 镇上有了新的美联储</b></blockquote></p><p> For much of the past three decades, the Fed has been quick to tighten its policy to ward off inflation. The central bank killed off growth in the process. That’s one reason why the past 20 years posted the slowest growth in the post-war era. Now, though, the Fed is much more accommodative and this may likely persist because inflation will remain sluggish (more on this, below).</p><p><blockquote>在过去三十年的大部分时间里，美联储一直在迅速收紧政策以抵御通货膨胀。在这个过程中，央行扼杀了增长。这也是过去 20 年是战后增长最慢的原因之一。然而，现在美联储更加宽松，这种情况可能会持续下去，因为通胀将保持低迷（更多内容见下文）。</blockquote></p><p></p><p> Here’s a simple gauge to measure this. Take GDP growth and subtract the yield on 10-year TreasuriesTMUBMUSD10Y,1.359%.This gauge was negative for much of 1980-2010, when the Fed kept growth cool to contain inflation. Now, though, Fed policy is helping to keep 10-year yields well below GDP growth, which allows the economy to run hot. This was the state of affairs during 1950-1965, which some analysts call “the golden age of capitalism” because of the glide path in growth.</p><p><blockquote>这里有一个简单的量规来衡量这一点。以 GDP 增长为例，减去 10 年期国债收益率 ESTMUBMUSD10Y，1.359%。该指标在 1980 年至 2010 年的大部分时间里都是负值，当时美联储保持增长冷静以遏制通胀。然而现在，美联储的政策正在帮助将 10 年期国债收益率保持在远低于 GDP 增长率的水平，这使得经济过热。这就是 1950-1965 年期间的情况，一些分析家称看涨期权为 “资本主义的黄金时代”，因为它在增长过程中出现了滑坡。</blockquote></p><p> <b>4. Inflation won’t kill the bull</b></p><p><blockquote><b>4. 通货膨胀不会杀死牛市</b></blockquote></p><p> Inflation may rise near term because the economy is so hot. But medium term, the inflation slayers will win out. Here’s a roundup. The population is aging, and older people spend less. The boom in business capital spending will continue to boost productivity at companies. This allows them to avoid passing along rising costs to customers. Global trade and competition have not gone away. This puts downward pressure on prices since goods can be made more cheaply in many foreign countries. Ongoing technological advances continually put downward pressure on tech products.</p><p><blockquote>由于经济如此火爆，通货膨胀在短期内可能会上升。但从中期来看，通胀杀手将获胜。以下是综述。人口老龄化，老年人消费减少。商业资本支出的激增将继续提高公司的生产力。这使他们能够避免将不断上涨的成本转嫁给客户。全球贸易和竞争并没有消失。这给价格带来了下行压力，因为在许多外国可以更便宜地生产商品。持续的技术进步不断给科技产品带来下行压力。</blockquote></p><p> <b>5. Valuations will improve</b></p><p><blockquote><b>5.估值将改善</b></blockquote></p><p> We’re now at the phase in the economic rebound where the following dynamic typically plays out. Stocks trade sideways for months, mostly because of worries about inflation and rising bond yields. All the while, the economy and earnings continue to grow, bringing down stock valuations. This dynamic played out at about this point in prior economic rebounds during 1983-84, 1993-94, 2004-05 and 2009-10. In short, we will see a big surge in earnings while the stock market marks time, or even corrects.</p><p><blockquote>我们现在正处于经济反弹阶段，通常会出现以下动态。几个月来，股市一直横盘整理，主要是因为对通货膨胀和债券收益率上升的担忧。与此同时，经济和盈利持续增长，降低了股票估值。这种动态在1983-84年、1993-94年、2004-05年和2009-10年的经济反弹中大约在这一点上表现出来。简而言之，当股市标记时间，甚至回调时，我们将看到盈利大幅飙升。</blockquote></p><p> This will reset stock valuations lower, removing one of the chief concerns among investors — high valuations. If S&amp;P 500 earnings hit $220 by the end of the year and the index is at 4,000 to 4,100 points because of a correction, stocks will be at an 18-19 price earnings ratio — below the average since 1990.</p><p><blockquote>这将使股票估值降低，消除投资者的主要担忧之一——高估值。如果标普500的盈利在今年年底达到 220 美元，并且该指数因调整而处于 4,000 至 4,100 点，那么股票的市盈率将为 18-19，低于 1990 年以来的平均水平。</blockquote></p><p> True to form, the Dow Jones Industrial AverageDJIA,+1.30%and the Russell 2000&nbsp;small-cap index have traded sideways for two to four months. The S&amp;P 500 and Nasdaq&nbsp;recently broke out of trading ranges, but a bigger pullback would send them back into sideways action mode.</p><p><blockquote>一如既往，道琼斯工业平均指数 (DJIA) 和罗素 2000 小型股指数已经横盘整理了两到四个月。标普500和纳斯达克最近突破了交易区间，但更大的回调将使它们回到横盘整理模式。</blockquote></p><p> <b>6. Sentiment isn’t extreme</b></p><p><blockquote><b>6. 情绪并不极端</b></blockquote></p><p> As a contrarian, I look for excessive sentiment as a sign that it’s time to raise some cash. We don’t see that yet. A simple gauge to follow is the Investors Intelligence Bull/Bear ratio. It recently came in at 3.92. That’s near the warning path, which for me starts at 4. On the other hand, mutual fund cash was recently at $4.6 trillion, near historical highs. This represents caution among investors.</p><p><blockquote>作为一个逆向投资者，我认为过度的情绪是时候筹集一些现金了。我们还没看到。一个简单的衡量标准是投资者情报牛熊比率。它最近的价格是3.92。那是在警告路径附近，对我来说，警告路径是从 4 点开始的。另一方面，共同基金现金最近达到 4.6 万亿美元，接近历史高位。这代表了投资者的谨慎。</blockquote></p><p> <b>Three themes to follow</b></p><p><blockquote><b>遵循的三个主题</b></blockquote></p><p> If we are in store for a sustained economic recovery and a multi-year bull market in stocks, it will pay to follow these three themes.</p><p><blockquote>如果我们即将迎来经济持续复苏和股市多年牛市，那么遵循这三个主题将是值得的。</blockquote></p><p> <b>Favor cyclicals.</b>Stay with economically sensitive businesses and add to your holdings in them on pullbacks. This means cyclical companies in areas like financials, materials, industrials and consumer discretionary businesses.</p><p><blockquote><b>青睐周期性产品。</b>持有对经济敏感的业务，并在回调时增持这些业务。这意味着金融、材料、工业和非必需消费品业务等领域的周期性公司。</blockquote></p><p> <b>Avoid defensives.</b>If you want yield, go with stocks that pay a dividend but also have capital appreciation potential — not steady growth companies selling stuff like consumer staples. On this theme, in my stock letter Brush Up on Stocks (the link is in bio, below) I’ve recently suggested or reiterated Home Depot&nbsp;in retail, B. Riley Financial,a markets and investment banking name, and Regional Management&nbsp;in consumer finance.</p><p><blockquote><b>避免防御。</b>如果你想要收益率，那就选择支付股息但也有资本增值潜力的股票——而不是销售必需品等商品的稳定增长公司。关于这个主题，在我的股票信中（链接在下面的简介中），我最近建议或重申了家得宝（Home Depot）在零售业、B. Riley Financial（一家市场和投资银行公司）以及消费金融领域的区域管理。</blockquote></p><p> <b>Favor emerging markets.</b>Their growth tends to be higher during expansions. Just be careful with China. It has an aging population. Limited workforce growth may constrain economic growth. Another challenge is that ongoing U.S.-China tensions and the related threat of persistent tariffs and trade barriers have global companies relocating supply chains elsewhere.</p><p><blockquote><b>青睐新兴市场。</b>在扩张期间，它们的增长往往会更高。小心中国。它的人口老龄化。有限的劳动力增长可能会限制经济增长。另一个挑战是，持续的中美紧张局势以及持续关税和贸易壁垒的相关威胁迫使全球公司将供应链转移到其他地方。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/the-bull-market-in-stocks-may-last-up-to-five-years-here-are-six-reasons-why-11625842781?mod=home-page\">marketwatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://www.marketwatch.com/story/the-bull-market-in-stocks-may-last-up-to-five-years-here-are-six-reasons-why-11625842781?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1185154176","content_text":"The economy is booming, earnings are rising, and the Federal Reserve is giving unprecedented support\n(Photo by Jorge Guerrero/AFP via Getty Images)\nWhen the stock market sells off, as it did Thursday, the right move was to buy your favorite stocks. Friday’s market action proved that.\nIt’s true that there could be a correction, given the already sizable 17% gain in the S&P 500 Index this year. But you should buy then, too.\nHere’s why.\nWe are still only in the early stages of what is going to be a three- to five-year bull market in stocks, for these six reasons.\n1. There’s tremendous pent-up demand\nEveryone is looking to the Federal Reserve for cues about stimulus. They are overlooking private-sector forces that will push stocks higher. To sum up, there’s huge pent-up private-sector demand that will help propel U.S. GDP growth to 8% this year and 3.5%-4.5% for years after that. The pent-up demand comes from the following sources, points out Jim Paulsen, chief strategist and economist at the Leuthold Group.\nFirst, there’s been a surge in household formation, as millennials hit the family years. This helps explain the big uptick in home demand. Once you buy a house, you have to fill it up with stuff. More consumer demand on the way.\nBehind the scenes, consumers have massive unspent savings because they hunkered down for the pandemic. The personal savings rate hit nearly 16% of GDP, compared to a post war average of 6.5%. The prior high was 10% in 1970s.\nRelatedly, household balance sheets improved remarkably. Debt-to-income ratios are the lowest since the 1990s. Consumers will continue to tap more bank loans and credit card capacity, as their confidence increases because employment and the economy remain strong.\nNext, there will be plenty more newly employed people once the extra unemployment benefits expire in September. This means consumer confidence will improve, which invariably boosts economic growth. The labor participation rate has room to improve, leaving spare employment capacity before we hit the full employment that can cap economic growth.\nNow let’s look at the pent-up demand in businesses.\nYou know all the shortages of stuff you keep running into or hearing about? Here’s why this is happening. To prepare for a prolonged epidemic, businesses cut inventories to the bone. It was the biggest inventory liquidation ever. But now, companies have to build back inventories. The ongoing inventory rebuild will be huge.\nCompanies also cut capacity, which they are building out again. Capital goods spending surged to record highs in the past year, advancing almost 23%, after being essentially flat for most of the prior two decades. This creates sustained growth, and it tells us a lot about business confidence.\nThe bottom line: We will see 7%-8% GDP growth this year, followed by 4%-4.5% next year and above average growth after that, supporting a sustained bull market in stocks. Expect the normal corrections along the way.\n2. An under-appreciated earnings boom lies ahead\nThe economic rebound has happened so quickly, analysts can’t keep up. Wall Street analysts project $190 a share in S&P 500 earnings this year. But that is woefully low given the expected 7%-8% GDP growth and massive stimulus that has yet to kick in. Stimulus normally takes six to eight months to take effect, and a lot of the recent dollops happened inside that window.\nPaulsen expects 2021 S&P 500 earnings will be more like $220 instead of the consensus estimate of $190.\n“Analysts are still under-appreciating how much profits have improved and how much they will improve,” says Paulsen. “We had dramatic overreaction from policy officials. They addressed the collapse, but created a massive improvement in fundamentals. This is still playing out in terms of the recovery in profits.”\nPlus, more fiscal stimulus is probably on the way, in the form of infrastructure spending.\n3. There’s a new Fed in town\nFor much of the past three decades, the Fed has been quick to tighten its policy to ward off inflation. The central bank killed off growth in the process. That’s one reason why the past 20 years posted the slowest growth in the post-war era. Now, though, the Fed is much more accommodative and this may likely persist because inflation will remain sluggish (more on this, below).\nHere’s a simple gauge to measure this. Take GDP growth and subtract the yield on 10-year TreasuriesTMUBMUSD10Y,1.359%.This gauge was negative for much of 1980-2010, when the Fed kept growth cool to contain inflation. Now, though, Fed policy is helping to keep 10-year yields well below GDP growth, which allows the economy to run hot. This was the state of affairs during 1950-1965, which some analysts call “the golden age of capitalism” because of the glide path in growth.\n4. Inflation won’t kill the bull\nInflation may rise near term because the economy is so hot. But medium term, the inflation slayers will win out. Here’s a roundup. The population is aging, and older people spend less. The boom in business capital spending will continue to boost productivity at companies. This allows them to avoid passing along rising costs to customers. Global trade and competition have not gone away. This puts downward pressure on prices since goods can be made more cheaply in many foreign countries. Ongoing technological advances continually put downward pressure on tech products.\n5. Valuations will improve\nWe’re now at the phase in the economic rebound where the following dynamic typically plays out. Stocks trade sideways for months, mostly because of worries about inflation and rising bond yields. All the while, the economy and earnings continue to grow, bringing down stock valuations. This dynamic played out at about this point in prior economic rebounds during 1983-84, 1993-94, 2004-05 and 2009-10. In short, we will see a big surge in earnings while the stock market marks time, or even corrects.\nThis will reset stock valuations lower, removing one of the chief concerns among investors — high valuations. If S&P 500 earnings hit $220 by the end of the year and the index is at 4,000 to 4,100 points because of a correction, stocks will be at an 18-19 price earnings ratio — below the average since 1990.\nTrue to form, the Dow Jones Industrial AverageDJIA,+1.30%and the Russell 2000 small-cap index have traded sideways for two to four months. The S&P 500 and Nasdaq recently broke out of trading ranges, but a bigger pullback would send them back into sideways action mode.\n6. Sentiment isn’t extreme\nAs a contrarian, I look for excessive sentiment as a sign that it’s time to raise some cash. We don’t see that yet. A simple gauge to follow is the Investors Intelligence Bull/Bear ratio. It recently came in at 3.92. That’s near the warning path, which for me starts at 4. On the other hand, mutual fund cash was recently at $4.6 trillion, near historical highs. This represents caution among investors.\nThree themes to follow\nIf we are in store for a sustained economic recovery and a multi-year bull market in stocks, it will pay to follow these three themes.\nFavor cyclicals.Stay with economically sensitive businesses and add to your holdings in them on pullbacks. This means cyclical companies in areas like financials, materials, industrials and consumer discretionary businesses.\nAvoid defensives.If you want yield, go with stocks that pay a dividend but also have capital appreciation potential — not steady growth companies selling stuff like consumer staples. On this theme, in my stock letter Brush Up on Stocks (the link is in bio, below) I’ve recently suggested or reiterated Home Depot in retail, B. Riley Financial,a markets and investment banking name, and Regional Management in consumer finance.\nFavor emerging markets.Their growth tends to be higher during expansions. Just be careful with China. It has an aging population. Limited workforce growth may constrain economic growth. Another challenge is that ongoing U.S.-China tensions and the related threat of persistent tariffs and trade barriers have global companies relocating supply chains elsewhere.","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":1253,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":891586616,"gmtCreate":1628400057535,"gmtModify":1631891284876,"author":{"id":"3582793651916821","authorId":"3582793651916821","name":"FrazerEr","avatar":"https://static.tigerbbs.com/9d5dff0eee122679c6bcd7532e992980","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582793651916821","idStr":"3582793651916821"},"themes":[],"title":"","htmlText":"👍🏻","listText":"👍🏻","text":"👍🏻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/891586616","repostId":"1155656235","repostType":4,"repost":{"id":"1155656235","kind":"news","pubTimestamp":1628227304,"share":"https://www.laohunote.com/m/news/1155656235?lang=zh_CN&edition=full","pubTime":"2021-08-06 13:21","market":"us","language":"en","title":"20 cloud stocks expected to increase sales the most over the next two years<blockquote>预计未来两年销售额增幅最大的 20 只云股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1155656235","media":"MarketWatch","summary":"Cloud ETFs are close to record highs, propelled by a rally in the sector\nAnalysts see stellar sales ","content":"<p>Cloud ETFs are close to record highs, propelled by a rally in the sector</p><p><blockquote>在行业反弹的推动下，云 ETF 接近历史新高</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/78101d8010e186fe4df59b2ef82b5de6\" tg-width=\"700\" tg-height=\"394\" width=\"100%\" height=\"auto\"><span>Analysts see stellar sales growth ahead for companies that provide cloud services. (Getty Images/iStockphoto)</span></p><p><blockquote><p class=\"t-img-caption\"><span>分析师预计提供云服务的公司未来销售额将实现强劲增长。（盖蒂图片社/iStockphoto）</span></p></blockquote></p><p> U.S. investors remain bullish, despite rumblings out of China and the spike in delta variant infections.</p><p><blockquote>尽管来自中国大陆的传言和德尔塔变异毒株感染人数激增，美国投资者仍然看好。</blockquote></p><p> Cloud companies — those at the forefront of the shift in computing power to distributed models over the internet — are expected to grow at a rapid clip over the next several years, and four of the five largest exchange traded funds covering the space are close to hitting record highs.</p><p><blockquote>云公司——那些处于通过互联网将计算能力转变为分布式模型的最前沿的公司——预计将在未来几年快速增长，覆盖该领域的五大交易所交易基金中有四家接近创下历史新高。</blockquote></p><p> Below is a screen of stocks held by those ETFs, showing which are expected to increase their sales the most through 2023. In an industry with many players at relatively early stages, increases in sales, rather than in earnings, might be the best driver of stock prices.</p><p><blockquote>下面是这些 ETF 持有的股票屏幕，显示了预计到 2023 年销售额增幅最大的股票。在一个有许多参与者处于相对早期阶段的行业中，销售额的增长而不是盈利的增长可能是股价的最佳驱动因素。</blockquote></p><p> To begin the screen, we looked at the five largest cloud ETFs:</p><p><blockquote>为了开始屏幕，我们查看了五个最大的云 ETF：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/36209ce827d95e822cad5128be8b146a\" tg-width=\"933\" tg-height=\"664\" width=\"100%\" height=\"auto\"><span>Source: FactSet</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：FactSet</span></p></blockquote></p><p> ETFs might be your best way to take a broad approach for a long-term play on the cloud revolution. If you are interested in any ETF, you should review the fund manager’s website.</p><p><blockquote>ETF 可能是您采取广泛方法长期参与云革命的最佳方式。如果您对任何 ETF 感兴趣，您应该查看基金经理的网站。</blockquote></p><p> Here’s a comparison of total returns through Aug. 4, along with those for the SPDR S&amp;P 500 ETF&nbsp;and the Invesco QQQ Trust&nbsp;(which tracks the Nasdaq-100 Index) for comparison:</p><p><blockquote>以下是截至 8 月 4 日的总回报率对比，以及 SPDR 标普500 ETF 和景顺 QQQ 信托基金（追踪纳斯达克 100 指数）的总回报率对比：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/242f135b3c7cca3cbaae3ee574023c1f\" tg-width=\"942\" tg-height=\"577\" width=\"100%\" height=\"auto\"><span>Source: FactSet</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：FactSet</span></p></blockquote></p><p> The ETFs’ approaches differ. For example, the ARK Next Generation Internet ETF&nbsp;is the only one that is actively managed. The others track an index. It is also the only one that holds shares of Tesla Inc.,which makes up 10.65% of the portfolio, according to information posted by ARK Invest on Aug. 5. Tesla is an electric-vehicle manufacturer, but it can also be considered a cloud company because it distributes software updates over the internet continually, and offers other cloud-based services.</p><p><blockquote>ETF 的方法各不相同。例如，方舟下一代互联网ETF是唯一一只主动管理的。其他人跟踪索引。根据ARK Invest 8月5日发布的信息，它也是唯一一家持有特斯拉公司股票的公司，该公司占该投资组合的10.65%。特斯拉是一家电动汽车制造商，但它也可以被视为一家云公司，因为它不断通过互联网分发软件更新，并提供其他基于云的服务。</blockquote></p><p> Another holding unique to ARKW among the five cloud ETFs is Walt Disney Co.,which is certainly an important cloud player through its Disney+ streaming service, even if the company doesn’t say directly how much of its sales are derived from that rapidly growing segment.</p><p><blockquote>在五只云 ETF 中，ARKW 的另一个独特持股是华特迪士尼公司（Walt Disney Co.），该公司通过其 Disney+ 流媒体服务无疑是一家重要的云公司，尽管该公司没有直接说明其销售额中有多少来自这一快速增长的领域。</blockquote></p><p> As part of its description of ARKW, FactSet says the following:</p><p><blockquote>FactSet 对 ARKW 描述的一部分如下：</blockquote></p><p> <i>“Broadly speaking, the ARKW’s managers appear focused on big buzzwords such as Internet of Things, cloud computing, digital currencies and wearable technology. While the fund’s focus may be appealing for investors with conviction in these new technologies, portfolio implementation is a more difficult task: Most of the companies developing these advancements are huge corporations for which nascent technologies are only a small fraction of total revenues. As such, it’s very difficult to get pure-play access to ARKW’s targeted technologies — so be sure to confirm that the fund’s holdings — not just its thesis — align with your view of the space.”</i></p><p><blockquote><i>“从广义上讲，ARKW 的管理者似乎专注于物联网、云计算、数字货币和可穿戴技术等热门词汇。虽然该基金的重点可能是吸引对这些新技术充满信心的投资者，但投资组合的实施却是一项更加艰巨的任务： 大多数开发这些进步的公司都是大公司，新兴技术只占总收入的一小部分。因此，要获得 ARKW 的目标技术的纯粹权限是非常困难的--因此，一定要确认该基金的持有量--而不仅仅是其论点--与您对该领域的看法相一致。</i></blockquote></p><p> <b>Cloud-stock screen</b></p><p><blockquote><b>云库存屏幕</b></blockquote></p><p> Together, the five cloud ETFs listed above hold 147 stocks. To project sales growth through 2023, we used calendar 2020 sales estimates as a baseline and then looked at consensus estimates among analysts polled by FactSet for the subsequent three years, if available. (The 2020 numbers are estimates, because many companies’ fiscal years don’t match the calendar.)</p><p><blockquote>上面列出的五只云ETF总共持有147只股票。为了预测 2023 年的销售增长，我们使用 2020 年日历销售预测作为基线，然后查看 FactSet 调查的分析师对未来三年的共识预测（如果有）。(2020 年的数字是估计值，因为许多公司的财政年度与日历不符）。</blockquote></p><p> To make sure we had a solid set of estimates, we confined the group to the 126 companies covered by at least five analysts polled by FactSet, for which consensus sales estimates for calendar 2020 through calendar 2023 are available.</p><p><blockquote>为了确保我们有一套可靠的估计，我们将小组范围限制在 FactSet 调查的至少五名分析师所涵盖的 126 家公司，这些公司提供了 2020 年至 2023 年的共识销售估计。</blockquote></p><p> Here are the 20 companies projected to have the highest compound annual growth rates (CAGR) for sales through calendar 2023:</p><p><blockquote>以下是预计到 2023 年销售额复合年增长率 (CAGR) 最高的 20 家公司：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/517a23591cde159fb889ab80abc4bcc6\" tg-width=\"934\" tg-height=\"765\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/6af2cf5b5f9f0ce50f8f023ac7babc7f\" tg-width=\"935\" tg-height=\"717\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b88ebe72e09cb9ce3294269f0a4ae431\" tg-width=\"935\" tg-height=\"403\" width=\"100%\" height=\"auto\"><span>Source: FactSet</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：FactSet</span></p></blockquote></p><p> There are actually 21 stocks listed, including Zillow Group Inc.’s Class A&nbsp;and Class C&nbsp;shares.</p><p><blockquote>实际上有 21 只股票上市，包括 Zillow Group Inc. 的 A 类股票和 C 类股票。</blockquote></p><p> It is interesting to see that the list is dominated by stocks held by ARKW. The fund has a broad definition of cloud companies and is focused also on sales growth.</p><p><blockquote>有趣的是，该名单以 ARKW 持有的股票为主。该基金对云公司有广泛的定义，也关注销售增长。</blockquote></p><p></p><p> Here are current forward price-to-sales ratios based on consensus estimates for the next 12 months, as well as ratios of current market cap to projected 2023 sales and summaries of analysts’ opinions about the stocks.</p><p><blockquote>以下是基于未来 12 个月共识估计的当前远期市销率，以及当前市值与 2023 年预计销售额的比率和分析师对股票的意见摘要。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/19b9c4bf1d8b1abcfa76b7d008a47ad7\" tg-width=\"938\" tg-height=\"805\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/2ff191189c5d7d2f31698843734ca3cc\" tg-width=\"933\" tg-height=\"773\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0e9543489c4d52d3f1a69dfdcf170115\" tg-width=\"930\" tg-height=\"242\" width=\"100%\" height=\"auto\"><span>Source: FactSet</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：FactSet</span></p></blockquote></p><p> In comparison, the forward price-to-sales ratio for SPY is 2.8, with a price/2023 estimated sales ratio of 2.6. For QQQ, the current P/S is 4.7, declining to 4.3 for 2023.</p><p><blockquote>相比之下，SPDR标普500指数ETF的远期市销率为 2.8，2023 年预计市销率为 2.6。QQQ 目前的市盈率为 4.7，2023 年将下降至 4.3。</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>20 cloud stocks expected to increase sales the most over the next two years<blockquote>预计未来两年销售额增幅最大的 20 只云股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n20 cloud stocks expected to increase sales the most over the next two years<blockquote>预计未来两年销售额增幅最大的 20 只云股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-08-06 13:21</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Cloud ETFs are close to record highs, propelled by a rally in the sector</p><p><blockquote>在行业反弹的推动下，云 ETF 接近历史新高</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/78101d8010e186fe4df59b2ef82b5de6\" tg-width=\"700\" tg-height=\"394\" width=\"100%\" height=\"auto\"><span>Analysts see stellar sales growth ahead for companies that provide cloud services. (Getty Images/iStockphoto)</span></p><p><blockquote><p class=\"t-img-caption\"><span>分析师预计提供云服务的公司未来销售额将实现强劲增长。（盖蒂图片社/iStockphoto）</span></p></blockquote></p><p> U.S. investors remain bullish, despite rumblings out of China and the spike in delta variant infections.</p><p><blockquote>尽管来自中国大陆的传言和德尔塔变异毒株感染人数激增，美国投资者仍然看好。</blockquote></p><p> Cloud companies — those at the forefront of the shift in computing power to distributed models over the internet — are expected to grow at a rapid clip over the next several years, and four of the five largest exchange traded funds covering the space are close to hitting record highs.</p><p><blockquote>云公司——那些处于通过互联网将计算能力转变为分布式模型的最前沿的公司——预计将在未来几年快速增长，覆盖该领域的五大交易所交易基金中有四家接近创下历史新高。</blockquote></p><p> Below is a screen of stocks held by those ETFs, showing which are expected to increase their sales the most through 2023. In an industry with many players at relatively early stages, increases in sales, rather than in earnings, might be the best driver of stock prices.</p><p><blockquote>下面是这些 ETF 持有的股票屏幕，显示了预计到 2023 年销售额增幅最大的股票。在一个有许多参与者处于相对早期阶段的行业中，销售额的增长而不是盈利的增长可能是股价的最佳驱动因素。</blockquote></p><p> To begin the screen, we looked at the five largest cloud ETFs:</p><p><blockquote>为了开始屏幕，我们查看了五个最大的云 ETF：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/36209ce827d95e822cad5128be8b146a\" tg-width=\"933\" tg-height=\"664\" width=\"100%\" height=\"auto\"><span>Source: FactSet</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：FactSet</span></p></blockquote></p><p> ETFs might be your best way to take a broad approach for a long-term play on the cloud revolution. If you are interested in any ETF, you should review the fund manager’s website.</p><p><blockquote>ETF 可能是您采取广泛方法长期参与云革命的最佳方式。如果您对任何 ETF 感兴趣，您应该查看基金经理的网站。</blockquote></p><p> Here’s a comparison of total returns through Aug. 4, along with those for the SPDR S&amp;P 500 ETF&nbsp;and the Invesco QQQ Trust&nbsp;(which tracks the Nasdaq-100 Index) for comparison:</p><p><blockquote>以下是截至 8 月 4 日的总回报率对比，以及 SPDR 标普500 ETF 和景顺 QQQ 信托基金（追踪纳斯达克 100 指数）的总回报率对比：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/242f135b3c7cca3cbaae3ee574023c1f\" tg-width=\"942\" tg-height=\"577\" width=\"100%\" height=\"auto\"><span>Source: FactSet</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：FactSet</span></p></blockquote></p><p> The ETFs’ approaches differ. For example, the ARK Next Generation Internet ETF&nbsp;is the only one that is actively managed. The others track an index. It is also the only one that holds shares of Tesla Inc.,which makes up 10.65% of the portfolio, according to information posted by ARK Invest on Aug. 5. Tesla is an electric-vehicle manufacturer, but it can also be considered a cloud company because it distributes software updates over the internet continually, and offers other cloud-based services.</p><p><blockquote>ETF 的方法各不相同。例如，方舟下一代互联网ETF是唯一一只主动管理的。其他人跟踪索引。根据ARK Invest 8月5日发布的信息，它也是唯一一家持有特斯拉公司股票的公司，该公司占该投资组合的10.65%。特斯拉是一家电动汽车制造商，但它也可以被视为一家云公司，因为它不断通过互联网分发软件更新，并提供其他基于云的服务。</blockquote></p><p> Another holding unique to ARKW among the five cloud ETFs is Walt Disney Co.,which is certainly an important cloud player through its Disney+ streaming service, even if the company doesn’t say directly how much of its sales are derived from that rapidly growing segment.</p><p><blockquote>在五只云 ETF 中，ARKW 的另一个独特持股是华特迪士尼公司（Walt Disney Co.），该公司通过其 Disney+ 流媒体服务无疑是一家重要的云公司，尽管该公司没有直接说明其销售额中有多少来自这一快速增长的领域。</blockquote></p><p> As part of its description of ARKW, FactSet says the following:</p><p><blockquote>FactSet 对 ARKW 描述的一部分如下：</blockquote></p><p> <i>“Broadly speaking, the ARKW’s managers appear focused on big buzzwords such as Internet of Things, cloud computing, digital currencies and wearable technology. While the fund’s focus may be appealing for investors with conviction in these new technologies, portfolio implementation is a more difficult task: Most of the companies developing these advancements are huge corporations for which nascent technologies are only a small fraction of total revenues. As such, it’s very difficult to get pure-play access to ARKW’s targeted technologies — so be sure to confirm that the fund’s holdings — not just its thesis — align with your view of the space.”</i></p><p><blockquote><i>“从广义上讲，ARKW 的管理者似乎专注于物联网、云计算、数字货币和可穿戴技术等热门词汇。虽然该基金的重点可能是吸引对这些新技术充满信心的投资者，但投资组合的实施却是一项更加艰巨的任务： 大多数开发这些进步的公司都是大公司，新兴技术只占总收入的一小部分。因此，要获得 ARKW 的目标技术的纯粹权限是非常困难的--因此，一定要确认该基金的持有量--而不仅仅是其论点--与您对该领域的看法相一致。</i></blockquote></p><p> <b>Cloud-stock screen</b></p><p><blockquote><b>云库存屏幕</b></blockquote></p><p> Together, the five cloud ETFs listed above hold 147 stocks. To project sales growth through 2023, we used calendar 2020 sales estimates as a baseline and then looked at consensus estimates among analysts polled by FactSet for the subsequent three years, if available. (The 2020 numbers are estimates, because many companies’ fiscal years don’t match the calendar.)</p><p><blockquote>上面列出的五只云ETF总共持有147只股票。为了预测 2023 年的销售增长，我们使用 2020 年日历销售预测作为基线，然后查看 FactSet 调查的分析师对未来三年的共识预测（如果有）。(2020 年的数字是估计值，因为许多公司的财政年度与日历不符）。</blockquote></p><p> To make sure we had a solid set of estimates, we confined the group to the 126 companies covered by at least five analysts polled by FactSet, for which consensus sales estimates for calendar 2020 through calendar 2023 are available.</p><p><blockquote>为了确保我们有一套可靠的估计，我们将小组范围限制在 FactSet 调查的至少五名分析师所涵盖的 126 家公司，这些公司提供了 2020 年至 2023 年的共识销售估计。</blockquote></p><p> Here are the 20 companies projected to have the highest compound annual growth rates (CAGR) for sales through calendar 2023:</p><p><blockquote>以下是预计到 2023 年销售额复合年增长率 (CAGR) 最高的 20 家公司：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/517a23591cde159fb889ab80abc4bcc6\" tg-width=\"934\" tg-height=\"765\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/6af2cf5b5f9f0ce50f8f023ac7babc7f\" tg-width=\"935\" tg-height=\"717\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b88ebe72e09cb9ce3294269f0a4ae431\" tg-width=\"935\" tg-height=\"403\" width=\"100%\" height=\"auto\"><span>Source: FactSet</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：FactSet</span></p></blockquote></p><p> There are actually 21 stocks listed, including Zillow Group Inc.’s Class A&nbsp;and Class C&nbsp;shares.</p><p><blockquote>实际上有 21 只股票上市，包括 Zillow Group Inc. 的 A 类股票和 C 类股票。</blockquote></p><p> It is interesting to see that the list is dominated by stocks held by ARKW. The fund has a broad definition of cloud companies and is focused also on sales growth.</p><p><blockquote>有趣的是，该名单以 ARKW 持有的股票为主。该基金对云公司有广泛的定义，也关注销售增长。</blockquote></p><p></p><p> Here are current forward price-to-sales ratios based on consensus estimates for the next 12 months, as well as ratios of current market cap to projected 2023 sales and summaries of analysts’ opinions about the stocks.</p><p><blockquote>以下是基于未来 12 个月共识估计的当前远期市销率，以及当前市值与 2023 年预计销售额的比率和分析师对股票的意见摘要。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/19b9c4bf1d8b1abcfa76b7d008a47ad7\" tg-width=\"938\" tg-height=\"805\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/2ff191189c5d7d2f31698843734ca3cc\" tg-width=\"933\" tg-height=\"773\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0e9543489c4d52d3f1a69dfdcf170115\" tg-width=\"930\" tg-height=\"242\" width=\"100%\" height=\"auto\"><span>Source: FactSet</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：FactSet</span></p></blockquote></p><p> In comparison, the forward price-to-sales ratio for SPY is 2.8, with a price/2023 estimated sales ratio of 2.6. For QQQ, the current P/S is 4.7, declining to 4.3 for 2023.</p><p><blockquote>相比之下，SPDR标普500指数ETF的远期市销率为 2.8，2023 年预计市销率为 2.6。QQQ 目前的市盈率为 4.7，2023 年将下降至 4.3。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/20-cloud-stocks-expected-to-increase-sales-the-most-over-the-next-two-years-11628186683?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SNAP":"Snap Inc","CRWD":"CrowdStrike Holdings, Inc.","ADYEY":"Adyen N.V.","TSLA":"特斯拉","COIN":"Coinbase Global, Inc.","KC":"金山云","ROKU":"Roku Inc","SHOP":"Shopify Inc","OKTA":"Okta Inc.","PDD":"拼多多","Z":"Zillow","DKNG":"DraftKings Inc.","VCYT":"Veracyte Inc","TDOC":"Teladoc Health Inc.","MELI":"MercadoLibre","ZG":"Zillow Class A","PINS":"Pinterest, Inc.","SE":"Sea Ltd"},"source_url":"https://www.marketwatch.com/story/20-cloud-stocks-expected-to-increase-sales-the-most-over-the-next-two-years-11628186683?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1155656235","content_text":"Cloud ETFs are close to record highs, propelled by a rally in the sector\nAnalysts see stellar sales growth ahead for companies that provide cloud services. (Getty Images/iStockphoto)\nU.S. investors remain bullish, despite rumblings out of China and the spike in delta variant infections.\nCloud companies — those at the forefront of the shift in computing power to distributed models over the internet — are expected to grow at a rapid clip over the next several years, and four of the five largest exchange traded funds covering the space are close to hitting record highs.\nBelow is a screen of stocks held by those ETFs, showing which are expected to increase their sales the most through 2023. In an industry with many players at relatively early stages, increases in sales, rather than in earnings, might be the best driver of stock prices.\nTo begin the screen, we looked at the five largest cloud ETFs:\nSource: FactSet\nETFs might be your best way to take a broad approach for a long-term play on the cloud revolution. If you are interested in any ETF, you should review the fund manager’s website.\nHere’s a comparison of total returns through Aug. 4, along with those for the SPDR S&P 500 ETF and the Invesco QQQ Trust (which tracks the Nasdaq-100 Index) for comparison:\nSource: FactSet\nThe ETFs’ approaches differ. For example, the ARK Next Generation Internet ETF is the only one that is actively managed. The others track an index. It is also the only one that holds shares of Tesla Inc.,which makes up 10.65% of the portfolio, according to information posted by ARK Invest on Aug. 5. Tesla is an electric-vehicle manufacturer, but it can also be considered a cloud company because it distributes software updates over the internet continually, and offers other cloud-based services.\nAnother holding unique to ARKW among the five cloud ETFs is Walt Disney Co.,which is certainly an important cloud player through its Disney+ streaming service, even if the company doesn’t say directly how much of its sales are derived from that rapidly growing segment.\nAs part of its description of ARKW, FactSet says the following:\n“Broadly speaking, the ARKW’s managers appear focused on big buzzwords such as Internet of Things, cloud computing, digital currencies and wearable technology. While the fund’s focus may be appealing for investors with conviction in these new technologies, portfolio implementation is a more difficult task: Most of the companies developing these advancements are huge corporations for which nascent technologies are only a small fraction of total revenues. As such, it’s very difficult to get pure-play access to ARKW’s targeted technologies — so be sure to confirm that the fund’s holdings — not just its thesis — align with your view of the space.”\nCloud-stock screen\nTogether, the five cloud ETFs listed above hold 147 stocks. To project sales growth through 2023, we used calendar 2020 sales estimates as a baseline and then looked at consensus estimates among analysts polled by FactSet for the subsequent three years, if available. (The 2020 numbers are estimates, because many companies’ fiscal years don’t match the calendar.)\nTo make sure we had a solid set of estimates, we confined the group to the 126 companies covered by at least five analysts polled by FactSet, for which consensus sales estimates for calendar 2020 through calendar 2023 are available.\nHere are the 20 companies projected to have the highest compound annual growth rates (CAGR) for sales through calendar 2023:\n\nSource: FactSet\nThere are actually 21 stocks listed, including Zillow Group Inc.’s Class A and Class C shares.\nIt is interesting to see that the list is dominated by stocks held by ARKW. The fund has a broad definition of cloud companies and is focused also on sales growth.\nHere are current forward price-to-sales ratios based on consensus estimates for the next 12 months, as well as ratios of current market cap to projected 2023 sales and summaries of analysts’ opinions about the stocks.\n\nSource: FactSet\nIn comparison, the forward price-to-sales ratio for SPY is 2.8, with a price/2023 estimated sales ratio of 2.6. For QQQ, the current P/S is 4.7, declining to 4.3 for 2023.","news_type":1,"symbols_score_info":{"PDD":0.9,"CRWD":0.9,"ROKU":0.9,"SKLZ":0.9,"LC":0.9,"PINS":0.9,"SQ":0.9,"KC":0.9,"VCYT":0.9,"TDOC":0.9,"SHOP":0.9,"ADYEY":0.9,"TSLA":0.9,"MELI":0.9,"SE":0.9,"OKTA":0.9,"DKNG":0.9,"ZG":0.9,"COIN":0.9,"Z":0.9,"SNAP":0.9}},"isVote":1,"tweetType":1,"viewCount":3395,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":808179816,"gmtCreate":1627566894935,"gmtModify":1631891284885,"author":{"id":"3582793651916821","authorId":"3582793651916821","name":"FrazerEr","avatar":"https://static.tigerbbs.com/9d5dff0eee122679c6bcd7532e992980","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582793651916821","idStr":"3582793651916821"},"themes":[],"title":"","htmlText":"Nice!&nbsp;","listText":"Nice!&nbsp;","text":"Nice!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/808179816","repostId":"2154099201","repostType":4,"isVote":1,"tweetType":1,"viewCount":3044,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":836176763,"gmtCreate":1629467766752,"gmtModify":1631891284872,"author":{"id":"3582793651916821","authorId":"3582793651916821","name":"FrazerEr","avatar":"https://static.tigerbbs.com/9d5dff0eee122679c6bcd7532e992980","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582793651916821","idStr":"3582793651916821"},"themes":[],"title":"","htmlText":"Very good analysis and breakdown","listText":"Very good analysis and breakdown","text":"Very good analysis and breakdown","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/836176763","repostId":"1113659023","repostType":4,"isVote":1,"tweetType":1,"viewCount":3026,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":174519436,"gmtCreate":1627109938425,"gmtModify":1631891284888,"author":{"id":"3582793651916821","authorId":"3582793651916821","name":"FrazerEr","avatar":"https://static.tigerbbs.com/9d5dff0eee122679c6bcd7532e992980","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582793651916821","idStr":"3582793651916821"},"themes":[],"title":"","htmlText":"Good read","listText":"Good read","text":"Good read","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/174519436","repostId":"1192458370","repostType":4,"repost":{"id":"1192458370","kind":"news","pubTimestamp":1626938362,"share":"https://www.laohunote.com/m/news/1192458370?lang=zh_CN&edition=full","pubTime":"2021-07-22 15:19","market":"us","language":"en","title":"Entering The Worst Seasonal Period Of The Year, And 10 Other Reasons Why Goldman Braces For An August Correction<blockquote>进入一年中最糟糕的季节性时期，以及高盛准备 8 月份调整的其他 10 个原因</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1192458370","media":"zerohedge","summary":"In a stark reversal to its bullish sentiment at the start of the month, when the bank first noted - ","content":"<p>In a stark reversal to its bullish sentiment at the start of the month, when the bank first noted - correctly - that the S&amp;P was entering itsbest 2-week seasonal period of the yearwhich it did between July 1 and 15 when it posted a series of new all time highs (before dumping on the 16th and the 19th)...</p><p><blockquote>与本月初的看涨情绪形成鲜明对比，当时该行首次正确地指出，标准普尔指数正在进入今年最好的两周季节性时期，7月1日至15日期间创下了一系列历史新高（16日和19日抛售之前）...</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e7dc88222112e4655f492c56509f9d64\" tg-width=\"1280\" tg-height=\"467\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> ... followed by a lengthy rationalization why \"the shorts will have to cover\", Goldman has been turning surprisingly bearish in recent days, and two days after Goldman flow trader John Flood urged Goldman clients \"not to buy this dip\" on Monday (spoiler alert: they did) his trading desk colleague Scott Rubner has published a report previewing why he anticipates a correction in the coming days and continuing through the Jackson Hole symposium at the end of August.</p><p><blockquote>...在对“空头将不得不回补”的原因进行了冗长的合理化解释之后，高盛最近几天出人意料地变得悲观，两天前，高盛流量交易员约翰·弗洛德周一敦促高盛客户“不要买入这个低点”（剧透警告：他们确实买入了）他的交易台同事斯科特·鲁布纳 (Scott Rubner) 发布了一份报告，预览了为什么他预计未来几天会出现调整，并将持续到 8 月底的杰克逊霍尔研讨会。</blockquote></p><p> His note, from which we excerpt below, contains the key arguments behind Goldman's August \"correction\" thesis, including tactical flow of funds, an acceleration of sellers, and feedback from the GS equity trading floor.</p><p><blockquote>他的笔记（我们在下面摘录）包含了高盛 8 月份“修正”论点背后的关键论点，包括资金的战术流动、卖家的加速以及来自 GS 股票交易大厅的反馈。</blockquote></p><p> So without further ado, here is Rubner, who lays out his \"<b><i>11 point checklist for an August correction\"</i></b>, starting by noting that \"<i>the #1 question that has hit my inbox/IB in the past 48 hours. What happens to the equity market when there is an outflow and buy demand slows?</i>\" As we read below, the most appropriate answer is \"nothing good.\"</p><p><blockquote>事不宜迟，这里是鲁布纳，他展示了他的“<b><i>八月更正的 11 点清单”</i></b>首先注意到“<i>在过去的48小时里，我的收件箱/IB收到的头号问题。当资金流出且购买需求放缓时，股市会发生什么？</i>正如我们在下面读到的，最合适的答案是“没什么好的”。</blockquote></p><p>   <i>11 point Checklist - Consensus client feedback for a quick equity risk reduction into potentially lower buy demand into Jackson hole. The consensus feedback seems to be calling for a -5% correction, which really gets to -4%. This is a recap of the talking points about to hit your inbox this week. I think this morning’s rally gets faded as buy tickets are completed early in the day.</i>   <i><b>“Selling rallies” is the new dynamic vs. buying dips.</b></i>  <u><b>1. Weak Seasonals</b></u>- Since 1928, we just exited the best two-week period of the year. Friday’s option expiry ended the best seasonal period of the year.<b>August seasonals are not market friendly and trend lower all of August, for the 4th worst two-week seasonal period of the year</b>. Today you are here and Jackson hole is the low point of this chart. Since 1950, there have been 19 times in 72 years that the S&amp;P is up at least &gt;10% through the first half of the year. The median return for August specifically, following a strong 1H is typically down -51bps, before rallying higher.</p><p><blockquote><i>11点清单-一致的客户反馈，以快速降低股票风险，从而降低杰克逊霍尔的潜在购买需求。一致的反馈似乎要求进行-5%的修正，实际上达到了-4%。这是本周即将到达你收件箱的谈话要点的回顾。我认为，随着当天早些时候购票的完成，今天上午的集会逐渐消退。</i><i><b>“卖出反弹 ”是与买入下跌的新动态。</b></i><u><b>1. 弱季节性</b></u>- 自 1928 年以来，我们刚刚度过了一年中最好的两周时期。周五的期权到期结束了一年中最好的季节性时期。<b>8 月份的季节性季节对市场不利，整个 8 月份都呈下降趋势，这是今年第四个最糟糕的两周季节性季节</b>.今天你在这里，杰克逊霍尔是这张图表的最低点。自 1950 年以来，72 年来，标准普尔指数上半年涨幅至少超过 10% 的情况有 19 次。具体来说，8 月份的中值回报率在强劲的 1 小时后通常会下降 -51 个基点，然后反弹走高。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/f41d55d3d45aecb40b0f24e53de17363\" tg-width=\"694\" tg-height=\"499\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <u><b>2. Largest outflows of the year</b></u>- Investors allocate capital into the market in July and we have seen these record inflows. This is the biggest dynamic in the equity market this year period. Inflows continue at a record pace, annualizing at $1.2 trillion inflows for 2021. 401k inflows predominately flowed in S&amp;P and NDX rather than ROW.</p><p><blockquote><u><b>2. 本年度最大资金流出</b></u>- 投资者在 7 月份向市场配置资金，我们看到了这些创纪录的资金流入。这是今年以来股市最大的动态。资金流入继续以创纪录的速度进行，2021年的年流入将达到1.2万亿美元。401k资金主要流入S&amp;P和NDX，而不是ROW。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/9d67c2e0a1590d44ff3be03c2c86c88e\" tg-width=\"645\" tg-height=\"368\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/a58d02645303f22b7e53b58698e11f56\" tg-width=\"508\" tg-height=\"338\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <u><b>3. Reversal of flows predicted for August</b></u>- Equity inflows are not common in August. Over the last 30 years,<b>August typically sees the largest outflows of the year</b>. -15bps of AUM typically leaves stock market funds in August, on ~22 Trillion, we model -$33B worth of equities for sale.</p><p><blockquote><u><b>3. 8 月份流量预测逆转</b></u>- 8月份股票流入并不常见。在过去30年里，<b>八月份通常是一年中最大的资金外流</b>. -15bps AUM 通常会离开股票市场基金 在 8 月份，在约 22 万亿美元的情况下，我们建模了价值 -33B 美元的待售股票。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/3308ac184f4fde82ba6c27fbcfbdd86f\" tg-width=\"579\" tg-height=\"340\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/005f51048f49a72597db950884245e8c\" tg-width=\"563\" tg-height=\"351\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b><u>4. Outflows cont.</u></b>To be clear, -$33B is not a significant $ figure when adjusted for market cap, however more important is that it’s not an inflow. The index level has remained at ATHs given inflows bid up the largest and biggest market cap index weights. On Monday we saw a large MOC imbalance for sale, this was unusual.</p><p><blockquote><b><u>4. 外流继续。</u></b>需要明确的是，-330亿美元在调整市值后并不是一个重要的数字，但更重要的是它不是资金流入。鉴于资金流入推高了最大和最大的市值指数权重，该指数水平仍保持在 ATHs。周一，我们看到一个大的MOC不平衡出售，这是不寻常的。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d98939cb6e06e80bc643fdca6801fb0a\" tg-width=\"268\" tg-height=\"474\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <u><b>5. Passive flows drive largest marketcaps</b></u>- Passive ETFs logged the best full year of inflows on record, in just the first half of the year. (+500b). I watch the tape every day register large MOC imbalances to buy at 3:50pm EST,<b>but what if this dynamic fades.</b>Remember $1 inflow into SPY flows $.23 cents into top 5 companies and $1 inflow into QQQ flows $.41 cents into top 5. If inflows flip to outflows you will no longer see broad index dynamic.<b>Then investors need to decide which sector becomes the funding source for outflows.</b></p><p><blockquote><u><b>5. 被动流量推动最大市值</b></u>- 被动 ETF 仅在今年上半年就创下了有记录以来最好的全年流入量。(+500b)。我每天都看磁带，记录大的MOC不平衡在美国东部时间下午3:50买入，<b>但是如果这种动力消失了呢？</b>请记住，流入SPDR标普500指数ETF的 1 美元相当于流入前 5 家公司的 0.23 美元，流入 QQQ 的 1 美元相当于流入前 5 家公司的 0.41 美元。如果流入变为流出，您将不再看到广泛的指数动态。<b>然后，投资者需要决定哪个行业成为资金外流的资金来源。</b></blockquote></p><p></p><p> Just how important has this been for the S&amp;P 500? Important!</p><p><blockquote>这对标普500有多重要？重要的！</blockquote></p><p> <ul>  <li>Global Equity: 1-year: +$600B passive (IN) vs. $0.0B active (OUT) = &gt;$600B.</li>  <li>Global Equity: 5-year: +$2.30T passive (IN) vs. -$1.90T active (OUT) = &gt;$4.2T</li>  <li>Global Equity: 10-year: +$4T passive (IN) vs. -$3.0T active (OUT) = &gt;$7.0T</li>  <li>Current Global Equity Active AUM of $10.099T exceeds &gt; Current Global Equity Passive AUM $7.225 T.</li> </ul> <img src=\"https://static.tigerbbs.com/72aadadcd243a659f1e3cc9fc8f75c1b\" tg-width=\"666\" tg-height=\"375\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/5419e040f7d023061743d473ffef59d1\" tg-width=\"666\" tg-height=\"375\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/4fff3382eec0b783b12411fb653c6718\" tg-width=\"663\" tg-height=\"377\" referrerpolicy=\"no-referrer\"></p><p><blockquote><ul><li>全球权益：1年期：+$600B被动（入）vs$0.0B主动（出）=&gt;$600B。</li><li>全球股票：5 年期：+$2.30T 被动 (IN) vs. -$1.90T 主动 (OUT) = &gt;$4.2T</li><li>全球股权：10 年期：+4T 美元被动 (IN) vs. -3.0T 美元主动 (OUT) = &gt;7.0T 美元</li><li>当前全球股票主动资产管理规模为 10.099 吨，超过 &gt; 当前全球股票被动资产管理规模为 7.225 吨。</li></ul></blockquote></p><p> <i>Side note: ETFs represented 36% of the notional executed volumes, last levels since in March/April 2020. (YTD average) = 24%. Did you see the massive volumes in SQQQ Monday (3x short QQQ)?</i></p><p><blockquote><i>旁注：ETF 占名义执行量的 36%，为 2020 年 3 月/4 月以来的最后水平。（年初至今平均值）= 24%。你看到SQQQ周一的巨量成交量了吗（3倍空头QQQ）？</i></blockquote></p><p> <u><b>6. Single Stock Calls</b></u>- This is set up is very similar to July and August 2020 blow-off top as a result of call option trading. Reminder, S&amp;P sold off -392bps in September 2020 after call option volumes started to fade.</p><p><blockquote><u><b>6、单股评级</b></u>- 由于看涨期权期权交易，这与 2020 年 7 月和 8 月的峰值非常相似。提醒一下，在看涨期权期权交易量开始消退后，标准普尔在 2020 年 9 月抛售了 -392bps。</blockquote></p><p> <ul>  <li>Option notional has averaged an all-time record of +$550B per day in July. The top 3 traded stocks (AAPL, AMZN, and TSLA) make up $300B of daily volumes. Breadth in both options and stocks is low.</li>  <li>\"Of 4000 Tradeable Single Stock options, the top 3 names make up 56% of the daily avg notional traded. Adding in the next 7, that ratio jumps to 72%.\"</li>  <li>\"Said another way the top 10 underliers trade 3x more notional on an average day than the bottom 3990”</li>  <li>This is an important dynamic to monitor.</li> </ul> <img src=\"https://static.tigerbbs.com/be539bca2d8b556e65d32bbe28f2abb4\" tg-width=\"676\" tg-height=\"441\" referrerpolicy=\"no-referrer\"></p><p><blockquote><ul><li>Option notional 7 月份的日均交易额创下历史新高，达到每天 550B 美元。交易量排名前 3 的股票（AAPL、AMZN 和 TSLA）的日交易量为 300B 美元。期权和股票的广度都很低。</li><li>“在 4000 个可交易的单一股票期权中，排名前 3 的股票期权占每日平均名义交易量的 56%。加上接下来的 7 个，这一比例跃升至 72%。”</li><li>“换句话说，前 10 只基础股票的平均交易量是底部 3990 点的 3 倍。”</li><li>这是一个需要监控的重要动态。</li></ul></blockquote></p><p> <u><b>7. Call Options cont.</b></u>- Retail has pivoted from trading weekly call options on GME and AMC - only $6B combined notional per day to the stay-at-home playbook. The names with the highest daily option trading are also the largest index weights. In addition to ETF flows, the retail call option buying frenzy also takes the street short weekly gamma on single names. 75% of single stock options traded today have an expiry of two weeks or less.<b>Said another way, given GS YOLO risk sentiment basket has rolled over, does AAPL need to catch down next (or at least not see YOLO flows).</b></p><p><blockquote><u><b>7. 看涨期权期权续。</b></u>- 零售业已从每周在 GME 和 AMC 上交易看涨期权期权（每天名义交易总额仅为 60 亿美元）转向居家办公。每日期权交易量最高的名称也是最大的指数权重。除了 ETF 流动之外，零售看涨期权期权购买狂潮还占据了单个名称的每周 gamma。今天交易的单一股票期权中有 75% 的到期时间为两周或更短。<b>换句话说，鉴于 GS YOLO 风险情绪篮子已经翻转，AAPL 是否需要接下来追赶（或者至少看不到 YOLO 流量）。</b></blockquote></p><p> $181bln/day AMZN</p><p><blockquote>1810亿美元/天 AMZN</blockquote></p><p> $ 82bln/day TSLA</p><p><blockquote>820亿美元/天 TSLA</blockquote></p><p> $ 36bln/day AAPL</p><p><blockquote>360亿美元/天 AAPL</blockquote></p><p> --------------</p><p><blockquote>--------------</blockquote></p><p> <b>TOTAL TSLA/AMZN/AAPL: $299bln/day&nbsp; ------- What happens if call volume in mega cap tech declines?</b></p><p><blockquote><b>TSLA/AMZN/AAPL 总额：2990 亿美元/天 ----如果大型科技股的看涨期权交易量下降会发生什么？</b></blockquote></p><p> <ul>  <li>$ 26bln/day NVDA</li>  <li>$ 14bln/day GOOGL</li>  <li>$ 11bln/day FB</li>  <li>$ 10bln/day MSFT</li>  <li>$&nbsp; 8bln/day SHOP</li>  <li>$&nbsp; 8bln/day GOOG</li>  <li>$&nbsp; 8bln/day NFLX</li>  <li>$&nbsp; 7bln/day BABA</li> </ul> --------------</p><p><blockquote><ul><li>260亿美元/天NVDA</li><li>140亿美元/天GOOGL</li><li>110亿美元/天FB</li><li>100亿美元/天MSFT</li><li>每天80亿美元的商店</li><li>80亿美元/天谷歌</li><li>80亿美元/天NFLX</li><li>70亿美元/天爸爸</li></ul>--------------</blockquote></p><p> <b>TOTAL GOOG/GOOGL/MSFT/FB/NFLX/NVDA/SHOP/BABA: $90bln/day</b></p><p><blockquote><b>GOOG/GOOGL/MSFT/FB/NFLX/NVDA/SHOP/BABA总计：900亿美元/天</b></blockquote></p><p> <ul>  <li>$&nbsp; 4bln/day AMC</li>  <li>$&nbsp; 2bln/day GME</li> </ul> --------------</p><p><blockquote><ul><li>40亿美元/天AMC</li><li>20亿美元/天GME</li></ul>--------------</blockquote></p><p> <b>TOTAL AMC/GME: $6bln/day&nbsp; ------- No Mo’ Yolo? See chart below.</b></p><p><blockquote><b>AMC/GME 总额：60 亿美元/天 - 没有 Mo' Yolo？见下图。</b></blockquote></p><p> All other underlyings: $141bln/day</p><p><blockquote>所有其他基础资产：1410 亿美元/天</blockquote></p><p> <u><i><b>Total single stock option market:</b></i></u></p><p><blockquote><u><i><b>单一股票期权市场总量：</b></i></u></blockquote></p><p> <ul>  <li>$299bln/day TSLA/AMZN/AAPL</li>  <li>$ 90bln/day GOOG/GOOGL/MSFT/FB/NFLX/NVDA/SHOP/BABA</li>  <li>$&nbsp; 6bln/day AMC/GME</li>  <li>$141bln/day All other underlyings</li> </ul> --------------------</p><p><blockquote><ul><li>2990 亿美元/天 TSLA/AMZN/AAPL</li><li>900亿美元/天 谷歌/GOOGL/微软/脸书/NFLX/NVDA/商店/巴巴</li><li>60亿美元/天AMC/GME</li><li>1410 亿美元/天所有其他基础资产</li></ul>--------------------</blockquote></p><p> <b>$537bln/day Total</b></p><p><blockquote><b>5370亿美元/天总计</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/1f5678ad5b66dd918c2cbb51263c9df0\" tg-width=\"650\" tg-height=\"450\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b><u>8. Option Gamma Unwinds</u></b>- Option Expiry just rolled off -85% of the market long gamma. The market now has the ability to move more freely and trade less long gamma. Everyday last week the market would rally into the bell as dealers re-hedge their gamma (buying the dips). I get worried about summer end-of-day liquidity without gamma hedging and passive demand. I think there will be also a “institutional” demand to buy hedges into Jackson Hole fulling removing the long gamma taking the street short to hedge downside. We have seen more puts and put spreads on the desk this week than any week of 2021.</p><p><blockquote><b><u>8. 选项伽马展开</u></b>- 期权到期刚刚滚出市场多头伽马的 -85%。市场现在有能力更自由地移动，交易更少的长伽马。上周，随着交易商重新对冲他们的伽马（逢低买入），市场每天都会反弹到收盘。我开始担心没有伽马对冲和被动需求的夏季日终流动性。我认为，还将有 “机构 ”需求购买对冲杰克逊霍尔的套期保值，消除长期伽马做空以对冲下行空间。本周我们看到的看跌期权和看跌期权价差比 2021 年的任何一周都多。</blockquote></p><p> <ul>  <li>Wednesday (7/14) SPX gamma = +$4,625B</li>  <li>Thursday (7/15) SPX gamma = +$3,620B</li>  <li>Friday (7/16) SPX gamma = +$3,136B</li>  <li>Monday (7/19) SPX gamma = +$2,698B</li>  <li>Tuesday (7/20) SPX Gamma = +$713B.</li> </ul> <b>the Long S&amp;P 500 gamma has been reduced by -85% in the past 5 days taking dealers less long gamma.</b>This dynamic changes market behavior and we are seeing little demand to systematically overwrite from here even despite the move higher in vols. This is new.</p><p><blockquote><ul><li>星期三 (7/14) SPX gamma = +$4,625B</li><li>星期四 (7/15) SPX gamma = +$3,620B</li><li>星期五 (7/16) SPX gamma = +$3,136B</li><li>星期一 (7/19) SPX gamma = +$2,698B</li><li>星期二（7月20日）SPX伽马=+$713B。</li></ul><b>在过去的5天里，长标普500伽马减少了-85%，减少了经销商的长伽马。</b>这种动态改变了市场行为，尽管交易量有所上升，但我们几乎没有看到从这里系统地重写的需求。这是新的。</blockquote></p><p></p><p> <img src=\"https://static.tigerbbs.com/b78215d53696f99f4c746f296ae2d225\" tg-width=\"797\" tg-height=\"598\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <u><b>9. Systematic</b></u>- Non-economic is already near the max exposure and have little scope to add further from here. No threshold levels have triggered so far, but it is important to note the lack of ability to add from here, which asymmetrically skews the downside.</p><p><blockquote><u><b>9.系统性</b></u>- 非经济型已经接近最大敞口，从这里开始几乎没有进一步增加的空间。到目前为止，还没有触发阈值水平，但重要的是要注意缺乏从这里添加的能力，这不对称地扭曲了下行趋势。</blockquote></p><p> <ul>  <li><b>CTA</b>- 90% percentile on 1-year rank, 84% percentile on 3-yr rank.</li>  <li><b>GS models</b>-$9B of equities for sale over the next week. CTA’s are sellers in an up tape, down tape, down big tape. That’s not common. Check out big asymmetry to the downside over the next 1 month.</li>  <li><b>GS short term CTA ES1 Flip Level</b>= $4,257.90. We tripped this circuit breaker yesterday, but are higher this am. I expect GS sell expectations to increase.</li> </ul> <img src=\"https://static.tigerbbs.com/3efe5f0b54f671b5c1b366ff5514cf5c\" tg-width=\"751\" tg-height=\"323\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/232a48ec7525cb179f6cd8bc285b7e55\" tg-width=\"499\" tg-height=\"300\" referrerpolicy=\"no-referrer\"></p><p><blockquote><ul><li><b>CTA</b>- 1 年军衔为 90%，3 年军衔为 84%。</li><li><b>GS模型</b>-下周将出售 90 亿美元的股票。CTA 的销售员是上带、下带、下带。这并不常见。在接下来的一个月里，看看巨大的不对称性。</li><li><b>GS 短期 CTA ES1 翻转水平</b>=$4,257.90.我们昨天跳闸了这个断路器，但今天早上更高了。我预计 GS 的销售预期将会增加。</li></ul></blockquote></p><p> <b>b) Vol Control - 86% percentile on 1-year rank, 75% percentile on 3-yr rank. FYI. SPX Put/Call Ratio hit a fresh 1 year high yesterday.</b></p><p><blockquote><b>b)体积控制-1年等级86%百分位数，3年等级75%百分位数。仅供参考。SPX看跌期权/看涨期权比率昨天创下一年新高。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/a5553785fd8a0a66e717f5579ba6ee91\" tg-width=\"500\" tg-height=\"300\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>c) Risk Parity - 100% percentile on 1-year rank, 53% percentile on 3-yr rank.</b></p><p><blockquote><b>c) 风险平价 - 1 年等级为 100% 百分位，3 年等级为 53% 百分位。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/9be4d94aa1cd38dad335c1424d3be626\" tg-width=\"500\" tg-height=\"300\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>d) Total Systematic - 92% percentile on 1-year rank, 80% percentile on 3-yr rank. This is important. This non-emotional demand is at the max and will be sellers lower.</b></p><p><blockquote><b>d)总系统性-1年排名的92%百分位数，3年排名的80%百分位数。这很重要。这种非情绪化的需求达到了最大值，会降低卖家的价格。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/4068fa4e9a8c6c06f77627c9ee6e07b8\" tg-width=\"500\" tg-height=\"300\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <u><b>10. Liquidity</b></u>- The unofficial Rubner out of office outlook (OOO) reply meter. My note last week has week had the largest out of office kickbacks to the tune of “see you in a few weeks” or “gone fishing”. The upcoming calendar into Jackson Hole is important.</p><p><blockquote><u><b>10. 流动资金</b></u>- 非官方的 Rubner out of office outlook (OOO) 回复计数器。我上周的笔记显示，week 在 “几周后见 ”或 “去钓鱼 ”的曲调下获得了最大的回扣。即将到来的杰克逊霍尔日历很重要。</blockquote></p><p> <ol>  <li>next few weeks, extended vacation schedule first time in 12 months, etc, moved forward because Jackson hole.</li>  <li>Jackson Hole, August 26 (Thursday) - August 28 (Saturday) – Friday is the likely the key calendar, but potentially Saturday will be important. This moves hedges to the following week.</li>  <li>Labor Day, September 6 (Monday exchange holiday) - late this year</li>  <li>approximate First day of Children’s school, September 7 (Tuesday)</li>  <li>Liquidity = August Summer – ZZZZ. Top book liquidity declined SUBSTANTIALLY into the sell off yesterday.</li> </ol> *** despite being ranked 10 in the checklist. This is really chart #1. Liquidity dried up substantially yesterday on the screens. This chart peaked at $36M last Monday to $10.810M yesterday. This is a drop of $25M $ or ~70% in on screws liquidity in 1 week.</p><p><blockquote><ol><li>接下来的几周，12个月来第一次延长假期日程等，因为杰克逊霍尔而提前。</li><li>杰克逊霍尔，8月26日（星期四）-8月28日（星期六）-周五可能是关键的日历，但周六可能会很重要。这将对冲移动到下周。</li><li>劳动节，9 月 6 日（星期一交换假期） - 今年晚些时候</li><li>大约是9月7日（星期二）儿童开学第一天</li><li>流动性=八月夏季–ZZZZ。在昨天的抛售中，顶级账簿流动性大幅下降。</li></ol>***尽管在清单中排名第10。这真的是图表#1。昨天屏幕上的流动性大幅枯竭。该图表上周一达到 3600 万美元的峰值，昨天达到 1081 万美元。这意味着螺丝流动性在一周内下降了2500万美元，即约70%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/60db9087f28d7496be38eafbc0fa755e\" tg-width=\"650\" tg-height=\"450\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <u><b>11. Buybacks</b></u>: Buybacks are here, but so is equity issuance, which neutralizes the buyback impulse. As corporates meet corporates. From Sales and trading colleague, John Flood in his most recent trading note.</p><p><blockquote><u><b>11. 回购</b></u>：回购来了，但股票发行也来了，中和了回购冲动。当公司遇到公司时。来自销售和交易同事约翰·弗拉德在他最近的交易笔记中。</blockquote></p><p> <i>“It has been a paper party and this paper is getting harder to place. Last week we priced 11 registered deals in the U.S. ($3b notional) and this week already working on another 18 ($10b). This is especially noteworthy while in the depths of July.“</i></p><p><blockquote><i>“这一直是一场纸上谈兵的聚会，而且这篇论文越来越难发表。上周，我们对美国的 11 笔注册交易进行了定价（名义上 30 亿美元），本周已经在处理另外 18 笔交易（名义上 100 亿美元）。这一点在 7 月下旬尤其值得注意”。</i></blockquote></p><p> <ul>  <li>Last week there was $6.2 billion in equity issuance, compared with the July weekly average of $3.4 billion since 2000.</li>  <li>Last week there were 27 equity deals brought to market, compared with the July average of 15 deals per week since 2000.</li> </ul> <img src=\"https://static.tigerbbs.com/b680be938f506ba528c382fdb7d805ba\" tg-width=\"897\" tg-height=\"606\" referrerpolicy=\"no-referrer\"></p><p><blockquote><ul><li>上周股票发行量为 62 亿美元，而 2000 年以来 7 月份的平均周发行量为 34 亿美元。</li><li>上周有 27 笔股票交易推向市场，而自 2000 年以来，7 月份平均每周有 15 笔交易。</li></ul></blockquote></p><p> <i><b>Bottom Line:</b></i><i>Keep Tactical Flow of Funds Checklist on your radar for August. The technical market structure dynamics changes substantially during August</i><i><b>. I think there will be a dip (-5%) and it is meant to be bought heading late into Jackson Hole.</b></i><i>The consensus is calling for a larger equity market correction, I do not see it given the amount of capital in the system. I change my tone if we trigger key levels to the downside as sellers are lower. If August outflows actually happen, I think tech underperforms cyclical value reopen given high concentration and largest passive impact.</i><i><b>Once we see the first outflow in August, this will be the macro trigger for a tactical short</b></i><i>. Stay tuned and keep an eye on liquidity.</i></p><p><blockquote><i><b>底线：</b></i><i>将八月份的战术资金流清单留在你的雷达上。8月份技术市场结构动态发生重大变化</i><i><b>.我认为会有一个下跌（-5%），这意味着在进入杰克逊霍尔后期买入。</b></i><i>共识是呼吁进行更大规模的股票市场调整，考虑到系统中的资本数量，我看不到这一点。如果我们触发关键水平下行，因为卖家较低，我会改变我的语气。如果 8 月份资金流出确实发生，我认为鉴于高度集中和最大的被动影响，科技股的表现不如周期性价值重新开放。</i><i><b>一旦我们看到 8 月份的首次资金流出，这将是战术性做空的宏观触发因素</b></i><i>.保持关注，密切关注流动性。</i></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>Entering The Worst Seasonal Period Of The Year, And 10 Other Reasons Why Goldman Braces For An August Correction<blockquote>进入一年中最糟糕的季节性时期，以及高盛准备 8 月份调整的其他 10 个原因</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; 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}\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\">\nEntering The Worst Seasonal Period Of The Year, And 10 Other Reasons Why Goldman Braces For An August Correction<blockquote>进入一年中最糟糕的季节性时期，以及高盛准备 8 月份调整的其他 10 个原因</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-07-22 15:19</span>\n</p>\n</h4>\n</header>\n<article>\n<p>In a stark reversal to its bullish sentiment at the start of the month, when the bank first noted - correctly - that the S&amp;P was entering itsbest 2-week seasonal period of the yearwhich it did between July 1 and 15 when it posted a series of new all time highs (before dumping on the 16th and the 19th)...</p><p><blockquote>与本月初的看涨情绪形成鲜明对比，当时该行首次正确地指出，标准普尔指数正在进入今年最好的两周季节性时期，7月1日至15日期间创下了一系列历史新高（16日和19日抛售之前）...</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e7dc88222112e4655f492c56509f9d64\" tg-width=\"1280\" tg-height=\"467\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> ... followed by a lengthy rationalization why \"the shorts will have to cover\", Goldman has been turning surprisingly bearish in recent days, and two days after Goldman flow trader John Flood urged Goldman clients \"not to buy this dip\" on Monday (spoiler alert: they did) his trading desk colleague Scott Rubner has published a report previewing why he anticipates a correction in the coming days and continuing through the Jackson Hole symposium at the end of August.</p><p><blockquote>...在对“空头将不得不回补”的原因进行了冗长的合理化解释之后，高盛最近几天出人意料地变得悲观，两天前，高盛流量交易员约翰·弗洛德周一敦促高盛客户“不要买入这个低点”（剧透警告：他们确实买入了）他的交易台同事斯科特·鲁布纳 (Scott Rubner) 发布了一份报告，预览了为什么他预计未来几天会出现调整，并将持续到 8 月底的杰克逊霍尔研讨会。</blockquote></p><p> His note, from which we excerpt below, contains the key arguments behind Goldman's August \"correction\" thesis, including tactical flow of funds, an acceleration of sellers, and feedback from the GS equity trading floor.</p><p><blockquote>他的笔记（我们在下面摘录）包含了高盛 8 月份“修正”论点背后的关键论点，包括资金的战术流动、卖家的加速以及来自 GS 股票交易大厅的反馈。</blockquote></p><p> So without further ado, here is Rubner, who lays out his \"<b><i>11 point checklist for an August correction\"</i></b>, starting by noting that \"<i>the #1 question that has hit my inbox/IB in the past 48 hours. What happens to the equity market when there is an outflow and buy demand slows?</i>\" As we read below, the most appropriate answer is \"nothing good.\"</p><p><blockquote>事不宜迟，这里是鲁布纳，他展示了他的“<b><i>八月更正的 11 点清单”</i></b>首先注意到“<i>在过去的48小时里，我的收件箱/IB收到的头号问题。当资金流出且购买需求放缓时，股市会发生什么？</i>正如我们在下面读到的，最合适的答案是“没什么好的”。</blockquote></p><p>   <i>11 point Checklist - Consensus client feedback for a quick equity risk reduction into potentially lower buy demand into Jackson hole. The consensus feedback seems to be calling for a -5% correction, which really gets to -4%. This is a recap of the talking points about to hit your inbox this week. I think this morning’s rally gets faded as buy tickets are completed early in the day.</i>   <i><b>“Selling rallies” is the new dynamic vs. buying dips.</b></i>  <u><b>1. Weak Seasonals</b></u>- Since 1928, we just exited the best two-week period of the year. Friday’s option expiry ended the best seasonal period of the year.<b>August seasonals are not market friendly and trend lower all of August, for the 4th worst two-week seasonal period of the year</b>. Today you are here and Jackson hole is the low point of this chart. Since 1950, there have been 19 times in 72 years that the S&amp;P is up at least &gt;10% through the first half of the year. The median return for August specifically, following a strong 1H is typically down -51bps, before rallying higher.</p><p><blockquote><i>11点清单-一致的客户反馈，以快速降低股票风险，从而降低杰克逊霍尔的潜在购买需求。一致的反馈似乎要求进行-5%的修正，实际上达到了-4%。这是本周即将到达你收件箱的谈话要点的回顾。我认为，随着当天早些时候购票的完成，今天上午的集会逐渐消退。</i><i><b>“卖出反弹 ”是与买入下跌的新动态。</b></i><u><b>1. 弱季节性</b></u>- 自 1928 年以来，我们刚刚度过了一年中最好的两周时期。周五的期权到期结束了一年中最好的季节性时期。<b>8 月份的季节性季节对市场不利，整个 8 月份都呈下降趋势，这是今年第四个最糟糕的两周季节性季节</b>.今天你在这里，杰克逊霍尔是这张图表的最低点。自 1950 年以来，72 年来，标准普尔指数上半年涨幅至少超过 10% 的情况有 19 次。具体来说，8 月份的中值回报率在强劲的 1 小时后通常会下降 -51 个基点，然后反弹走高。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/f41d55d3d45aecb40b0f24e53de17363\" tg-width=\"694\" tg-height=\"499\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <u><b>2. Largest outflows of the year</b></u>- Investors allocate capital into the market in July and we have seen these record inflows. This is the biggest dynamic in the equity market this year period. Inflows continue at a record pace, annualizing at $1.2 trillion inflows for 2021. 401k inflows predominately flowed in S&amp;P and NDX rather than ROW.</p><p><blockquote><u><b>2. 本年度最大资金流出</b></u>- 投资者在 7 月份向市场配置资金，我们看到了这些创纪录的资金流入。这是今年以来股市最大的动态。资金流入继续以创纪录的速度进行，2021年的年流入将达到1.2万亿美元。401k资金主要流入S&amp;P和NDX，而不是ROW。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/9d67c2e0a1590d44ff3be03c2c86c88e\" tg-width=\"645\" tg-height=\"368\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/a58d02645303f22b7e53b58698e11f56\" tg-width=\"508\" tg-height=\"338\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <u><b>3. Reversal of flows predicted for August</b></u>- Equity inflows are not common in August. Over the last 30 years,<b>August typically sees the largest outflows of the year</b>. -15bps of AUM typically leaves stock market funds in August, on ~22 Trillion, we model -$33B worth of equities for sale.</p><p><blockquote><u><b>3. 8 月份流量预测逆转</b></u>- 8月份股票流入并不常见。在过去30年里，<b>八月份通常是一年中最大的资金外流</b>. -15bps AUM 通常会离开股票市场基金 在 8 月份，在约 22 万亿美元的情况下，我们建模了价值 -33B 美元的待售股票。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/3308ac184f4fde82ba6c27fbcfbdd86f\" tg-width=\"579\" tg-height=\"340\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/005f51048f49a72597db950884245e8c\" tg-width=\"563\" tg-height=\"351\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b><u>4. Outflows cont.</u></b>To be clear, -$33B is not a significant $ figure when adjusted for market cap, however more important is that it’s not an inflow. The index level has remained at ATHs given inflows bid up the largest and biggest market cap index weights. On Monday we saw a large MOC imbalance for sale, this was unusual.</p><p><blockquote><b><u>4. 外流继续。</u></b>需要明确的是，-330亿美元在调整市值后并不是一个重要的数字，但更重要的是它不是资金流入。鉴于资金流入推高了最大和最大的市值指数权重，该指数水平仍保持在 ATHs。周一，我们看到一个大的MOC不平衡出售，这是不寻常的。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d98939cb6e06e80bc643fdca6801fb0a\" tg-width=\"268\" tg-height=\"474\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <u><b>5. Passive flows drive largest marketcaps</b></u>- Passive ETFs logged the best full year of inflows on record, in just the first half of the year. (+500b). I watch the tape every day register large MOC imbalances to buy at 3:50pm EST,<b>but what if this dynamic fades.</b>Remember $1 inflow into SPY flows $.23 cents into top 5 companies and $1 inflow into QQQ flows $.41 cents into top 5. If inflows flip to outflows you will no longer see broad index dynamic.<b>Then investors need to decide which sector becomes the funding source for outflows.</b></p><p><blockquote><u><b>5. 被动流量推动最大市值</b></u>- 被动 ETF 仅在今年上半年就创下了有记录以来最好的全年流入量。(+500b)。我每天都看磁带，记录大的MOC不平衡在美国东部时间下午3:50买入，<b>但是如果这种动力消失了呢？</b>请记住，流入SPDR标普500指数ETF的 1 美元相当于流入前 5 家公司的 0.23 美元，流入 QQQ 的 1 美元相当于流入前 5 家公司的 0.41 美元。如果流入变为流出，您将不再看到广泛的指数动态。<b>然后，投资者需要决定哪个行业成为资金外流的资金来源。</b></blockquote></p><p></p><p> Just how important has this been for the S&amp;P 500? Important!</p><p><blockquote>这对标普500有多重要？重要的！</blockquote></p><p> <ul>  <li>Global Equity: 1-year: +$600B passive (IN) vs. $0.0B active (OUT) = &gt;$600B.</li>  <li>Global Equity: 5-year: +$2.30T passive (IN) vs. -$1.90T active (OUT) = &gt;$4.2T</li>  <li>Global Equity: 10-year: +$4T passive (IN) vs. -$3.0T active (OUT) = &gt;$7.0T</li>  <li>Current Global Equity Active AUM of $10.099T exceeds &gt; Current Global Equity Passive AUM $7.225 T.</li> </ul> <img src=\"https://static.tigerbbs.com/72aadadcd243a659f1e3cc9fc8f75c1b\" tg-width=\"666\" tg-height=\"375\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/5419e040f7d023061743d473ffef59d1\" tg-width=\"666\" tg-height=\"375\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/4fff3382eec0b783b12411fb653c6718\" tg-width=\"663\" tg-height=\"377\" referrerpolicy=\"no-referrer\"></p><p><blockquote><ul><li>全球权益：1年期：+$600B被动（入）vs$0.0B主动（出）=&gt;$600B。</li><li>全球股票：5 年期：+$2.30T 被动 (IN) vs. -$1.90T 主动 (OUT) = &gt;$4.2T</li><li>全球股权：10 年期：+4T 美元被动 (IN) vs. -3.0T 美元主动 (OUT) = &gt;7.0T 美元</li><li>当前全球股票主动资产管理规模为 10.099 吨，超过 &gt; 当前全球股票被动资产管理规模为 7.225 吨。</li></ul></blockquote></p><p> <i>Side note: ETFs represented 36% of the notional executed volumes, last levels since in March/April 2020. (YTD average) = 24%. Did you see the massive volumes in SQQQ Monday (3x short QQQ)?</i></p><p><blockquote><i>旁注：ETF 占名义执行量的 36%，为 2020 年 3 月/4 月以来的最后水平。（年初至今平均值）= 24%。你看到SQQQ周一的巨量成交量了吗（3倍空头QQQ）？</i></blockquote></p><p> <u><b>6. Single Stock Calls</b></u>- This is set up is very similar to July and August 2020 blow-off top as a result of call option trading. Reminder, S&amp;P sold off -392bps in September 2020 after call option volumes started to fade.</p><p><blockquote><u><b>6、单股评级</b></u>- 由于看涨期权期权交易，这与 2020 年 7 月和 8 月的峰值非常相似。提醒一下，在看涨期权期权交易量开始消退后，标准普尔在 2020 年 9 月抛售了 -392bps。</blockquote></p><p> <ul>  <li>Option notional has averaged an all-time record of +$550B per day in July. The top 3 traded stocks (AAPL, AMZN, and TSLA) make up $300B of daily volumes. Breadth in both options and stocks is low.</li>  <li>\"Of 4000 Tradeable Single Stock options, the top 3 names make up 56% of the daily avg notional traded. Adding in the next 7, that ratio jumps to 72%.\"</li>  <li>\"Said another way the top 10 underliers trade 3x more notional on an average day than the bottom 3990”</li>  <li>This is an important dynamic to monitor.</li> </ul> <img src=\"https://static.tigerbbs.com/be539bca2d8b556e65d32bbe28f2abb4\" tg-width=\"676\" tg-height=\"441\" referrerpolicy=\"no-referrer\"></p><p><blockquote><ul><li>Option notional 7 月份的日均交易额创下历史新高，达到每天 550B 美元。交易量排名前 3 的股票（AAPL、AMZN 和 TSLA）的日交易量为 300B 美元。期权和股票的广度都很低。</li><li>“在 4000 个可交易的单一股票期权中，排名前 3 的股票期权占每日平均名义交易量的 56%。加上接下来的 7 个，这一比例跃升至 72%。”</li><li>“换句话说，前 10 只基础股票的平均交易量是底部 3990 点的 3 倍。”</li><li>这是一个需要监控的重要动态。</li></ul></blockquote></p><p> <u><b>7. Call Options cont.</b></u>- Retail has pivoted from trading weekly call options on GME and AMC - only $6B combined notional per day to the stay-at-home playbook. The names with the highest daily option trading are also the largest index weights. In addition to ETF flows, the retail call option buying frenzy also takes the street short weekly gamma on single names. 75% of single stock options traded today have an expiry of two weeks or less.<b>Said another way, given GS YOLO risk sentiment basket has rolled over, does AAPL need to catch down next (or at least not see YOLO flows).</b></p><p><blockquote><u><b>7. 看涨期权期权续。</b></u>- 零售业已从每周在 GME 和 AMC 上交易看涨期权期权（每天名义交易总额仅为 60 亿美元）转向居家办公。每日期权交易量最高的名称也是最大的指数权重。除了 ETF 流动之外，零售看涨期权期权购买狂潮还占据了单个名称的每周 gamma。今天交易的单一股票期权中有 75% 的到期时间为两周或更短。<b>换句话说，鉴于 GS YOLO 风险情绪篮子已经翻转，AAPL 是否需要接下来追赶（或者至少看不到 YOLO 流量）。</b></blockquote></p><p> $181bln/day AMZN</p><p><blockquote>1810亿美元/天 AMZN</blockquote></p><p> $ 82bln/day TSLA</p><p><blockquote>820亿美元/天 TSLA</blockquote></p><p> $ 36bln/day AAPL</p><p><blockquote>360亿美元/天 AAPL</blockquote></p><p> --------------</p><p><blockquote>--------------</blockquote></p><p> <b>TOTAL TSLA/AMZN/AAPL: $299bln/day&nbsp; ------- What happens if call volume in mega cap tech declines?</b></p><p><blockquote><b>TSLA/AMZN/AAPL 总额：2990 亿美元/天 ----如果大型科技股的看涨期权交易量下降会发生什么？</b></blockquote></p><p> <ul>  <li>$ 26bln/day NVDA</li>  <li>$ 14bln/day GOOGL</li>  <li>$ 11bln/day FB</li>  <li>$ 10bln/day MSFT</li>  <li>$&nbsp; 8bln/day SHOP</li>  <li>$&nbsp; 8bln/day GOOG</li>  <li>$&nbsp; 8bln/day NFLX</li>  <li>$&nbsp; 7bln/day BABA</li> </ul> --------------</p><p><blockquote><ul><li>260亿美元/天NVDA</li><li>140亿美元/天GOOGL</li><li>110亿美元/天FB</li><li>100亿美元/天MSFT</li><li>每天80亿美元的商店</li><li>80亿美元/天谷歌</li><li>80亿美元/天NFLX</li><li>70亿美元/天爸爸</li></ul>--------------</blockquote></p><p> <b>TOTAL GOOG/GOOGL/MSFT/FB/NFLX/NVDA/SHOP/BABA: $90bln/day</b></p><p><blockquote><b>GOOG/GOOGL/MSFT/FB/NFLX/NVDA/SHOP/BABA总计：900亿美元/天</b></blockquote></p><p> <ul>  <li>$&nbsp; 4bln/day AMC</li>  <li>$&nbsp; 2bln/day GME</li> </ul> --------------</p><p><blockquote><ul><li>40亿美元/天AMC</li><li>20亿美元/天GME</li></ul>--------------</blockquote></p><p> <b>TOTAL AMC/GME: $6bln/day&nbsp; ------- No Mo’ Yolo? See chart below.</b></p><p><blockquote><b>AMC/GME 总额：60 亿美元/天 - 没有 Mo' Yolo？见下图。</b></blockquote></p><p> All other underlyings: $141bln/day</p><p><blockquote>所有其他基础资产：1410 亿美元/天</blockquote></p><p> <u><i><b>Total single stock option market:</b></i></u></p><p><blockquote><u><i><b>单一股票期权市场总量：</b></i></u></blockquote></p><p> <ul>  <li>$299bln/day TSLA/AMZN/AAPL</li>  <li>$ 90bln/day GOOG/GOOGL/MSFT/FB/NFLX/NVDA/SHOP/BABA</li>  <li>$&nbsp; 6bln/day AMC/GME</li>  <li>$141bln/day All other underlyings</li> </ul> --------------------</p><p><blockquote><ul><li>2990 亿美元/天 TSLA/AMZN/AAPL</li><li>900亿美元/天 谷歌/GOOGL/微软/脸书/NFLX/NVDA/商店/巴巴</li><li>60亿美元/天AMC/GME</li><li>1410 亿美元/天所有其他基础资产</li></ul>--------------------</blockquote></p><p> <b>$537bln/day Total</b></p><p><blockquote><b>5370亿美元/天总计</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/1f5678ad5b66dd918c2cbb51263c9df0\" tg-width=\"650\" tg-height=\"450\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b><u>8. Option Gamma Unwinds</u></b>- Option Expiry just rolled off -85% of the market long gamma. The market now has the ability to move more freely and trade less long gamma. Everyday last week the market would rally into the bell as dealers re-hedge their gamma (buying the dips). I get worried about summer end-of-day liquidity without gamma hedging and passive demand. I think there will be also a “institutional” demand to buy hedges into Jackson Hole fulling removing the long gamma taking the street short to hedge downside. We have seen more puts and put spreads on the desk this week than any week of 2021.</p><p><blockquote><b><u>8. 选项伽马展开</u></b>- 期权到期刚刚滚出市场多头伽马的 -85%。市场现在有能力更自由地移动，交易更少的长伽马。上周，随着交易商重新对冲他们的伽马（逢低买入），市场每天都会反弹到收盘。我开始担心没有伽马对冲和被动需求的夏季日终流动性。我认为，还将有 “机构 ”需求购买对冲杰克逊霍尔的套期保值，消除长期伽马做空以对冲下行空间。本周我们看到的看跌期权和看跌期权价差比 2021 年的任何一周都多。</blockquote></p><p> <ul>  <li>Wednesday (7/14) SPX gamma = +$4,625B</li>  <li>Thursday (7/15) SPX gamma = +$3,620B</li>  <li>Friday (7/16) SPX gamma = +$3,136B</li>  <li>Monday (7/19) SPX gamma = +$2,698B</li>  <li>Tuesday (7/20) SPX Gamma = +$713B.</li> </ul> <b>the Long S&amp;P 500 gamma has been reduced by -85% in the past 5 days taking dealers less long gamma.</b>This dynamic changes market behavior and we are seeing little demand to systematically overwrite from here even despite the move higher in vols. This is new.</p><p><blockquote><ul><li>星期三 (7/14) SPX gamma = +$4,625B</li><li>星期四 (7/15) SPX gamma = +$3,620B</li><li>星期五 (7/16) SPX gamma = +$3,136B</li><li>星期一 (7/19) SPX gamma = +$2,698B</li><li>星期二（7月20日）SPX伽马=+$713B。</li></ul><b>在过去的5天里，长标普500伽马减少了-85%，减少了经销商的长伽马。</b>这种动态改变了市场行为，尽管交易量有所上升，但我们几乎没有看到从这里系统地重写的需求。这是新的。</blockquote></p><p></p><p> <img src=\"https://static.tigerbbs.com/b78215d53696f99f4c746f296ae2d225\" tg-width=\"797\" tg-height=\"598\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <u><b>9. Systematic</b></u>- Non-economic is already near the max exposure and have little scope to add further from here. No threshold levels have triggered so far, but it is important to note the lack of ability to add from here, which asymmetrically skews the downside.</p><p><blockquote><u><b>9.系统性</b></u>- 非经济型已经接近最大敞口，从这里开始几乎没有进一步增加的空间。到目前为止，还没有触发阈值水平，但重要的是要注意缺乏从这里添加的能力，这不对称地扭曲了下行趋势。</blockquote></p><p> <ul>  <li><b>CTA</b>- 90% percentile on 1-year rank, 84% percentile on 3-yr rank.</li>  <li><b>GS models</b>-$9B of equities for sale over the next week. CTA’s are sellers in an up tape, down tape, down big tape. That’s not common. Check out big asymmetry to the downside over the next 1 month.</li>  <li><b>GS short term CTA ES1 Flip Level</b>= $4,257.90. We tripped this circuit breaker yesterday, but are higher this am. I expect GS sell expectations to increase.</li> </ul> <img src=\"https://static.tigerbbs.com/3efe5f0b54f671b5c1b366ff5514cf5c\" tg-width=\"751\" tg-height=\"323\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/232a48ec7525cb179f6cd8bc285b7e55\" tg-width=\"499\" tg-height=\"300\" referrerpolicy=\"no-referrer\"></p><p><blockquote><ul><li><b>CTA</b>- 1 年军衔为 90%，3 年军衔为 84%。</li><li><b>GS模型</b>-下周将出售 90 亿美元的股票。CTA 的销售员是上带、下带、下带。这并不常见。在接下来的一个月里，看看巨大的不对称性。</li><li><b>GS 短期 CTA ES1 翻转水平</b>=$4,257.90.我们昨天跳闸了这个断路器，但今天早上更高了。我预计 GS 的销售预期将会增加。</li></ul></blockquote></p><p> <b>b) Vol Control - 86% percentile on 1-year rank, 75% percentile on 3-yr rank. FYI. SPX Put/Call Ratio hit a fresh 1 year high yesterday.</b></p><p><blockquote><b>b)体积控制-1年等级86%百分位数，3年等级75%百分位数。仅供参考。SPX看跌期权/看涨期权比率昨天创下一年新高。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/a5553785fd8a0a66e717f5579ba6ee91\" tg-width=\"500\" tg-height=\"300\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>c) Risk Parity - 100% percentile on 1-year rank, 53% percentile on 3-yr rank.</b></p><p><blockquote><b>c) 风险平价 - 1 年等级为 100% 百分位，3 年等级为 53% 百分位。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/9be4d94aa1cd38dad335c1424d3be626\" tg-width=\"500\" tg-height=\"300\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>d) Total Systematic - 92% percentile on 1-year rank, 80% percentile on 3-yr rank. This is important. This non-emotional demand is at the max and will be sellers lower.</b></p><p><blockquote><b>d)总系统性-1年排名的92%百分位数，3年排名的80%百分位数。这很重要。这种非情绪化的需求达到了最大值，会降低卖家的价格。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/4068fa4e9a8c6c06f77627c9ee6e07b8\" tg-width=\"500\" tg-height=\"300\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <u><b>10. Liquidity</b></u>- The unofficial Rubner out of office outlook (OOO) reply meter. My note last week has week had the largest out of office kickbacks to the tune of “see you in a few weeks” or “gone fishing”. The upcoming calendar into Jackson Hole is important.</p><p><blockquote><u><b>10. 流动资金</b></u>- 非官方的 Rubner out of office outlook (OOO) 回复计数器。我上周的笔记显示，week 在 “几周后见 ”或 “去钓鱼 ”的曲调下获得了最大的回扣。即将到来的杰克逊霍尔日历很重要。</blockquote></p><p> <ol>  <li>next few weeks, extended vacation schedule first time in 12 months, etc, moved forward because Jackson hole.</li>  <li>Jackson Hole, August 26 (Thursday) - August 28 (Saturday) – Friday is the likely the key calendar, but potentially Saturday will be important. This moves hedges to the following week.</li>  <li>Labor Day, September 6 (Monday exchange holiday) - late this year</li>  <li>approximate First day of Children’s school, September 7 (Tuesday)</li>  <li>Liquidity = August Summer – ZZZZ. Top book liquidity declined SUBSTANTIALLY into the sell off yesterday.</li> </ol> *** despite being ranked 10 in the checklist. This is really chart #1. Liquidity dried up substantially yesterday on the screens. This chart peaked at $36M last Monday to $10.810M yesterday. This is a drop of $25M $ or ~70% in on screws liquidity in 1 week.</p><p><blockquote><ol><li>接下来的几周，12个月来第一次延长假期日程等，因为杰克逊霍尔而提前。</li><li>杰克逊霍尔，8月26日（星期四）-8月28日（星期六）-周五可能是关键的日历，但周六可能会很重要。这将对冲移动到下周。</li><li>劳动节，9 月 6 日（星期一交换假期） - 今年晚些时候</li><li>大约是9月7日（星期二）儿童开学第一天</li><li>流动性=八月夏季–ZZZZ。在昨天的抛售中，顶级账簿流动性大幅下降。</li></ol>***尽管在清单中排名第10。这真的是图表#1。昨天屏幕上的流动性大幅枯竭。该图表上周一达到 3600 万美元的峰值，昨天达到 1081 万美元。这意味着螺丝流动性在一周内下降了2500万美元，即约70%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/60db9087f28d7496be38eafbc0fa755e\" tg-width=\"650\" tg-height=\"450\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <u><b>11. Buybacks</b></u>: Buybacks are here, but so is equity issuance, which neutralizes the buyback impulse. As corporates meet corporates. From Sales and trading colleague, John Flood in his most recent trading note.</p><p><blockquote><u><b>11. 回购</b></u>：回购来了，但股票发行也来了，中和了回购冲动。当公司遇到公司时。来自销售和交易同事约翰·弗拉德在他最近的交易笔记中。</blockquote></p><p> <i>“It has been a paper party and this paper is getting harder to place. Last week we priced 11 registered deals in the U.S. ($3b notional) and this week already working on another 18 ($10b). This is especially noteworthy while in the depths of July.“</i></p><p><blockquote><i>“这一直是一场纸上谈兵的聚会，而且这篇论文越来越难发表。上周，我们对美国的 11 笔注册交易进行了定价（名义上 30 亿美元），本周已经在处理另外 18 笔交易（名义上 100 亿美元）。这一点在 7 月下旬尤其值得注意”。</i></blockquote></p><p> <ul>  <li>Last week there was $6.2 billion in equity issuance, compared with the July weekly average of $3.4 billion since 2000.</li>  <li>Last week there were 27 equity deals brought to market, compared with the July average of 15 deals per week since 2000.</li> </ul> <img src=\"https://static.tigerbbs.com/b680be938f506ba528c382fdb7d805ba\" tg-width=\"897\" tg-height=\"606\" referrerpolicy=\"no-referrer\"></p><p><blockquote><ul><li>上周股票发行量为 62 亿美元，而 2000 年以来 7 月份的平均周发行量为 34 亿美元。</li><li>上周有 27 笔股票交易推向市场，而自 2000 年以来，7 月份平均每周有 15 笔交易。</li></ul></blockquote></p><p> <i><b>Bottom Line:</b></i><i>Keep Tactical Flow of Funds Checklist on your radar for August. The technical market structure dynamics changes substantially during August</i><i><b>. I think there will be a dip (-5%) and it is meant to be bought heading late into Jackson Hole.</b></i><i>The consensus is calling for a larger equity market correction, I do not see it given the amount of capital in the system. I change my tone if we trigger key levels to the downside as sellers are lower. If August outflows actually happen, I think tech underperforms cyclical value reopen given high concentration and largest passive impact.</i><i><b>Once we see the first outflow in August, this will be the macro trigger for a tactical short</b></i><i>. Stay tuned and keep an eye on liquidity.</i></p><p><blockquote><i><b>底线：</b></i><i>将八月份的战术资金流清单留在你的雷达上。8月份技术市场结构动态发生重大变化</i><i><b>.我认为会有一个下跌（-5%），这意味着在进入杰克逊霍尔后期买入。</b></i><i>共识是呼吁进行更大规模的股票市场调整，考虑到系统中的资本数量，我看不到这一点。如果我们触发关键水平下行，因为卖家较低，我会改变我的语气。如果 8 月份资金流出确实发生，我认为鉴于高度集中和最大的被动影响，科技股的表现不如周期性价值重新开放。</i><i><b>一旦我们看到 8 月份的首次资金流出，这将是战术性做空的宏观触发因素</b></i><i>.保持关注，密切关注流动性。</i></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/entering-worst-seasonal-period-year-and-10-other-reasons-why-goldman-braces-august\">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":{".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.zerohedge.com/markets/entering-worst-seasonal-period-year-and-10-other-reasons-why-goldman-braces-august","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1192458370","content_text":"In a stark reversal to its bullish sentiment at the start of the month, when the bank first noted - correctly - that the S&P was entering itsbest 2-week seasonal period of the yearwhich it did between July 1 and 15 when it posted a series of new all time highs (before dumping on the 16th and the 19th)...\n\n... followed by a lengthy rationalization why \"the shorts will have to cover\", Goldman has been turning surprisingly bearish in recent days, and two days after Goldman flow trader John Flood urged Goldman clients \"not to buy this dip\" on Monday (spoiler alert: they did) his trading desk colleague Scott Rubner has published a report previewing why he anticipates a correction in the coming days and continuing through the Jackson Hole symposium at the end of August.\nHis note, from which we excerpt below, contains the key arguments behind Goldman's August \"correction\" thesis, including tactical flow of funds, an acceleration of sellers, and feedback from the GS equity trading floor.\nSo without further ado, here is Rubner, who lays out his \"11 point checklist for an August correction\", starting by noting that \"the #1 question that has hit my inbox/IB in the past 48 hours. What happens to the equity market when there is an outflow and buy demand slows?\" As we read below, the most appropriate answer is \"nothing good.\"\n\n11 point Checklist - Consensus client feedback for a quick equity risk reduction into potentially lower buy demand into Jackson hole. The consensus feedback seems to be calling for a -5% correction, which really gets to -4%. This is a recap of the talking points about to hit your inbox this week. I think this morning’s rally gets faded as buy tickets are completed early in the day.\n“Selling rallies” is the new dynamic vs. buying dips.\n\n1. Weak Seasonals- Since 1928, we just exited the best two-week period of the year. Friday’s option expiry ended the best seasonal period of the year.August seasonals are not market friendly and trend lower all of August, for the 4th worst two-week seasonal period of the year. Today you are here and Jackson hole is the low point of this chart. Since 1950, there have been 19 times in 72 years that the S&P is up at least >10% through the first half of the year. The median return for August specifically, following a strong 1H is typically down -51bps, before rallying higher.\n\n2. Largest outflows of the year- Investors allocate capital into the market in July and we have seen these record inflows. This is the biggest dynamic in the equity market this year period. Inflows continue at a record pace, annualizing at $1.2 trillion inflows for 2021. 401k inflows predominately flowed in S&P and NDX rather than ROW.\n\n3. Reversal of flows predicted for August- Equity inflows are not common in August. Over the last 30 years,August typically sees the largest outflows of the year. -15bps of AUM typically leaves stock market funds in August, on ~22 Trillion, we model -$33B worth of equities for sale.\n\n4. Outflows cont.To be clear, -$33B is not a significant $ figure when adjusted for market cap, however more important is that it’s not an inflow. The index level has remained at ATHs given inflows bid up the largest and biggest market cap index weights. On Monday we saw a large MOC imbalance for sale, this was unusual.\n\n5. Passive flows drive largest marketcaps- Passive ETFs logged the best full year of inflows on record, in just the first half of the year. (+500b). I watch the tape every day register large MOC imbalances to buy at 3:50pm EST,but what if this dynamic fades.Remember $1 inflow into SPY flows $.23 cents into top 5 companies and $1 inflow into QQQ flows $.41 cents into top 5. If inflows flip to outflows you will no longer see broad index dynamic.Then investors need to decide which sector becomes the funding source for outflows.\nJust how important has this been for the S&P 500? Important!\n\nGlobal Equity: 1-year: +$600B passive (IN) vs. $0.0B active (OUT) = >$600B.\nGlobal Equity: 5-year: +$2.30T passive (IN) vs. -$1.90T active (OUT) = >$4.2T\nGlobal Equity: 10-year: +$4T passive (IN) vs. -$3.0T active (OUT) = >$7.0T\nCurrent Global Equity Active AUM of $10.099T exceeds > Current Global Equity Passive AUM $7.225 T.\n\n\nSide note: ETFs represented 36% of the notional executed volumes, last levels since in March/April 2020. (YTD average) = 24%. Did you see the massive volumes in SQQQ Monday (3x short QQQ)?\n6. Single Stock Calls- This is set up is very similar to July and August 2020 blow-off top as a result of call option trading. Reminder, S&P sold off -392bps in September 2020 after call option volumes started to fade.\n\nOption notional has averaged an all-time record of +$550B per day in July. The top 3 traded stocks (AAPL, AMZN, and TSLA) make up $300B of daily volumes. Breadth in both options and stocks is low.\n\"Of 4000 Tradeable Single Stock options, the top 3 names make up 56% of the daily avg notional traded. Adding in the next 7, that ratio jumps to 72%.\"\n\"Said another way the top 10 underliers trade 3x more notional on an average day than the bottom 3990”\nThis is an important dynamic to monitor.\n\n\n7. Call Options cont.- Retail has pivoted from trading weekly call options on GME and AMC - only $6B combined notional per day to the stay-at-home playbook. The names with the highest daily option trading are also the largest index weights. In addition to ETF flows, the retail call option buying frenzy also takes the street short weekly gamma on single names. 75% of single stock options traded today have an expiry of two weeks or less.Said another way, given GS YOLO risk sentiment basket has rolled over, does AAPL need to catch down next (or at least not see YOLO flows).\n$181bln/day AMZN\n$ 82bln/day TSLA\n$ 36bln/day AAPL\n--------------\nTOTAL TSLA/AMZN/AAPL: $299bln/day  ------- What happens if call volume in mega cap tech declines?\n\n$ 26bln/day NVDA\n$ 14bln/day GOOGL\n$ 11bln/day FB\n$ 10bln/day MSFT\n$  8bln/day SHOP\n$  8bln/day GOOG\n$  8bln/day NFLX\n$  7bln/day BABA\n\n--------------\nTOTAL GOOG/GOOGL/MSFT/FB/NFLX/NVDA/SHOP/BABA: $90bln/day\n\n$  4bln/day AMC\n$  2bln/day GME\n\n--------------\nTOTAL AMC/GME: $6bln/day  ------- No Mo’ Yolo? See chart below.\nAll other underlyings: $141bln/day\nTotal single stock option market:\n\n$299bln/day TSLA/AMZN/AAPL\n$ 90bln/day GOOG/GOOGL/MSFT/FB/NFLX/NVDA/SHOP/BABA\n$  6bln/day AMC/GME\n$141bln/day All other underlyings\n\n--------------------\n$537bln/day Total\n\n8. Option Gamma Unwinds- Option Expiry just rolled off -85% of the market long gamma. The market now has the ability to move more freely and trade less long gamma. Everyday last week the market would rally into the bell as dealers re-hedge their gamma (buying the dips). I get worried about summer end-of-day liquidity without gamma hedging and passive demand. I think there will be also a “institutional” demand to buy hedges into Jackson Hole fulling removing the long gamma taking the street short to hedge downside. We have seen more puts and put spreads on the desk this week than any week of 2021.\n\nWednesday (7/14) SPX gamma = +$4,625B\nThursday (7/15) SPX gamma = +$3,620B\nFriday (7/16) SPX gamma = +$3,136B\nMonday (7/19) SPX gamma = +$2,698B\nTuesday (7/20) SPX Gamma = +$713B.\n\nthe Long S&P 500 gamma has been reduced by -85% in the past 5 days taking dealers less long gamma.This dynamic changes market behavior and we are seeing little demand to systematically overwrite from here even despite the move higher in vols. This is new.\n\n9. Systematic- Non-economic is already near the max exposure and have little scope to add further from here. No threshold levels have triggered so far, but it is important to note the lack of ability to add from here, which asymmetrically skews the downside.\n\nCTA- 90% percentile on 1-year rank, 84% percentile on 3-yr rank.\nGS models-$9B of equities for sale over the next week. CTA’s are sellers in an up tape, down tape, down big tape. That’s not common. Check out big asymmetry to the downside over the next 1 month.\nGS short term CTA ES1 Flip Level= $4,257.90. We tripped this circuit breaker yesterday, but are higher this am. I expect GS sell expectations to increase.\n\n\nb) Vol Control - 86% percentile on 1-year rank, 75% percentile on 3-yr rank. FYI. SPX Put/Call Ratio hit a fresh 1 year high yesterday.\n\nc) Risk Parity - 100% percentile on 1-year rank, 53% percentile on 3-yr rank.\n\nd) Total Systematic - 92% percentile on 1-year rank, 80% percentile on 3-yr rank. This is important. This non-emotional demand is at the max and will be sellers lower.\n\n10. Liquidity- The unofficial Rubner out of office outlook (OOO) reply meter. My note last week has week had the largest out of office kickbacks to the tune of “see you in a few weeks” or “gone fishing”. The upcoming calendar into Jackson Hole is important.\n\nnext few weeks, extended vacation schedule first time in 12 months, etc, moved forward because Jackson hole.\nJackson Hole, August 26 (Thursday) - August 28 (Saturday) – Friday is the likely the key calendar, but potentially Saturday will be important. This moves hedges to the following week.\nLabor Day, September 6 (Monday exchange holiday) - late this year\napproximate First day of Children’s school, September 7 (Tuesday)\nLiquidity = August Summer – ZZZZ. Top book liquidity declined SUBSTANTIALLY into the sell off yesterday.\n\n*** despite being ranked 10 in the checklist. This is really chart #1. Liquidity dried up substantially yesterday on the screens. This chart peaked at $36M last Monday to $10.810M yesterday. This is a drop of $25M $ or ~70% in on screws liquidity in 1 week.\n\n11. Buybacks: Buybacks are here, but so is equity issuance, which neutralizes the buyback impulse. As corporates meet corporates. From Sales and trading colleague, John Flood in his most recent trading note.\n“It has been a paper party and this paper is getting harder to place. Last week we priced 11 registered deals in the U.S. ($3b notional) and this week already working on another 18 ($10b). This is especially noteworthy while in the depths of July.“\n\nLast week there was $6.2 billion in equity issuance, compared with the July weekly average of $3.4 billion since 2000.\nLast week there were 27 equity deals brought to market, compared with the July average of 15 deals per week since 2000.\n\n\nBottom Line:Keep Tactical Flow of Funds Checklist on your radar for August. The technical market structure dynamics changes substantially during August. I think there will be a dip (-5%) and it is meant to be bought heading late into Jackson Hole.The consensus is calling for a larger equity market correction, I do not see it given the amount of capital in the system. I change my tone if we trigger key levels to the downside as sellers are lower. If August outflows actually happen, I think tech underperforms cyclical value reopen given high concentration and largest passive impact.Once we see the first outflow in August, this will be the macro trigger for a tactical short. Stay tuned and keep an eye on liquidity.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,"SPY":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":2720,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":175613341,"gmtCreate":1627028208983,"gmtModify":1631891284892,"author":{"id":"3582793651916821","authorId":"3582793651916821","name":"FrazerEr","avatar":"https://static.tigerbbs.com/9d5dff0eee122679c6bcd7532e992980","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582793651916821","idStr":"3582793651916821"},"themes":[],"title":"","htmlText":"😭😭😭","listText":"😭😭😭","text":"😭😭😭","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/175613341","repostId":"1112567098","repostType":4,"isVote":1,"tweetType":1,"viewCount":2947,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":803312267,"gmtCreate":1627416472559,"gmtModify":1631891284885,"author":{"id":"3582793651916821","authorId":"3582793651916821","name":"FrazerEr","avatar":"https://static.tigerbbs.com/9d5dff0eee122679c6bcd7532e992980","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582793651916821","idStr":"3582793651916821"},"themes":[],"title":"","htmlText":"...","listText":"...","text":"...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/803312267","repostId":"1151272378","repostType":4,"isVote":1,"tweetType":1,"viewCount":2570,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}