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JL9000

JL9000

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2021-12-20

Waiting...

抱歉，原内容已删除

2021-06-23

Another bs article pushed by motley fool

抱歉，原内容已删除

2021-06-21

All in an attempt to clear the way for digital yuan

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2021-06-21

Implied downside of 3% and they put this in? Once again, i don't have confidence in foolish articles

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2021-06-21

If tesla were to stop being a gimmicky company and focused on important things...they might have been world-savers

Tesla’s Profitability and the Surprising Thing That Could Threaten It

2021-06-21

They're part of a class that isn't jailable

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2021-06-20

Safety first please...

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2021-06-19

Holiday season...refers to nov onwards isnt it? It's only june-_-

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2021-06-19

Would have liked to try my hands on their software if i could

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2021-06-18

Stop encouraging irresponsible gambling. Numbers analysis are biased and there're incredible number of ways to selectively pick stats to support arguments

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2021-06-17

Whats their long game? Only mining?

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2021-06-17

Hope it does well in future

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2021-06-16

Are they really legit?

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2021-06-12

Maybe a lot of people dont really give a crap what they are called. At least i don't

Investor, Trader, Speculator: Which One Are You?

2021-06-12

Lol

Investor, Trader, Speculator: Which One Are You?

2021-06-12

Go for it

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idStr":"3584486073664277"},"themes":[],"htmlText":"Another bs article pushed by motley fool","listText":"Another bs article pushed by motley fool","text":"Another bs article pushed by motley fool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/123806727","repostId":"2145052095","repostType":4,"isVote":1,"tweetType":1,"viewCount":1110,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":167772212,"gmtCreate":1624286633336,"gmtModify":1634008354885,"author":{"id":"3584486073664277","authorId":"3584486073664277","name":"JL9000","avatar":"https://static.tigerbbs.com/185ff843fc3784f1c1ee8d4306bd37b3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3584486073664277","idStr":"3584486073664277"},"themes":[],"htmlText":"All in an attempt to clear the way for digital yuan","listText":"All in an attempt to clear the way for digital yuan","text":"All in an attempt to clear the way for digital yuan","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/167772212","repostId":"1125790272","repostType":4,"isVote":1,"tweetType":1,"viewCount":1552,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":167779596,"gmtCreate":1624286461815,"gmtModify":1634008358217,"author":{"id":"3584486073664277","authorId":"3584486073664277","name":"JL9000","avatar":"https://static.tigerbbs.com/185ff843fc3784f1c1ee8d4306bd37b3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3584486073664277","idStr":"3584486073664277"},"themes":[],"htmlText":"Implied downside of 3% and they put this in? Once again, i don't have confidence in foolish articles","listText":"Implied downside of 3% and they put this in? Once again, i don't have confidence in foolish articles","text":"Implied downside of 3% and they put this in? Once again, i don't have confidence in foolish articles","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/167779596","repostId":"2145084835","repostType":4,"isVote":1,"tweetType":1,"viewCount":1730,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":167748987,"gmtCreate":1624286219649,"gmtModify":1634008364504,"author":{"id":"3584486073664277","authorId":"3584486073664277","name":"JL9000","avatar":"https://static.tigerbbs.com/185ff843fc3784f1c1ee8d4306bd37b3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3584486073664277","idStr":"3584486073664277"},"themes":[],"htmlText":"If tesla were to stop being a gimmicky company and focused on important things...they might have been world-savers","listText":"If tesla were to stop being a gimmicky company and focused on important things...they might have been world-savers","text":"If tesla were to stop being a gimmicky company and focused on important things...they might have been world-savers","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/167748987","repostId":"1100861051","repostType":4,"repost":{"id":"1100861051","kind":"news","pubTimestamp":1624280482,"share":"https://www.laohu8.com/m/news/1100861051?lang=&edition=full","pubTime":"2021-06-21 21:01","market":"us","language":"en","title":"Tesla’s Profitability and the Surprising Thing That Could Threaten It","url":"https://stock-news.laohu8.com/highlight/detail?id=1100861051","media":"The Street","summary":"Rising competition in the electric vehicle space could not only put a crimp in Tesla’s growth rate, ","content":"<blockquote>\n Rising competition in the electric vehicle space could not only put a crimp in Tesla’s growth rate, but diminish a big source of income as well.\n</blockquote>\n<p>The explosion in electric vehicle (EV) demand has served to vindicate the vision of Tesla’s&nbsp;(<b>TSLA</b>) -Get Report&nbsp;celebrity CEO Elon Musk. Indeed, the surge in demand for EVs has not only vindicated his foresight, but allowed his company to remain a market leader above late-coming competitors.</p>\n<p>However, while the company Musk leads as Technoking is no doubt a market leader, it has not solely cashed in by beating its competitors in terms of sales. Instead, a key to the company's recent turn to profitability has come from taking advantage of government incentives and selling the excess incentives it holds to these very same competitors. And now that many of these competitors are engaging more aggressively in EVs themselves, Tesla may soon find itself without many of these customers and, therefore, without a significant contributor to its profits.</p>\n<p><b>Raking in the Regulatory Credits</b></p>\n<p>The credits that Tesla has handsomely profited from are tradable credits offered by various governments around the world for zero-emission vehicles. The fact that they are tradable is crucial since this allows Tesla to sell the credits to other automakers who might not otherwise comply with emission standards without the use of these credits. The set-up allows Tesla to book the credits as purely additive to its top line, with the automakers buying these credits avoiding hefty fines from regulators.</p>\n<p>Per Tesla’s most recent 10-K filing, the company earned $1.58 billion from the sale of these credits in 2020, up from $594 million in the year prior and $419 million in 2018. The year-over -year jump notwithstanding, the credit sales might appear to be a paltry sum given the company’s $31.5 billion in total revenue in 2020. However, their nature as purely profit, in contrast to capital intensive auto manufacturing, means they have been a pivotal part of Tesla’s push towards profitability.</p>\n<p>Indeed, Tesla’s much-lauded $721 million profit in 2020, the very first profitable full year in its history, was clearly boosted over the top by the surge in regulatory credit sales. Had they remained consistent with the prior periods, the landmark year would have been left short of break-even, keeping up the company's trend of annual losses maintained since its inception.</p>\n<p>The trend has continued into 2021 as the company reported $518 million in revenues from credit salesin the first quarter, which boosted the company once again to a $438-million quarterly profit. While vehicle deliveries consistently catch the headlines, it's clear that the regulatory credits are buoying the automaker into the black.</p>\n<p><b>Competition Cuts Into Cash Flow</b></p>\n<p>The problem with the profit margin may be approaching faster than some have anticipated as well, with the increased entry of traditional automakers like Ford&nbsp;(<b>F</b>) -Get Report, General Motors&nbsp;(<b>GM</b>) -Get Report, and Stellantis STLA into the EV space.</p>\n<p>While much of the focus revolves around these companies’ threat to Tesla’s core auto sales, the popularity of Tesla among its devoted fans might sustain it amidst the hard-charging competition. As such, the trajectory of its sales, while now threatened by competent competition, remains somewhat murky at the moment.</p>\n<p>The question of regulatory credit impact is much more straightforward. If Tesla’s competitors are producing their own electric vehicles and fewer ICE autos, they have no need to spend so substantially on buying credits from Tesla.</p>\n<p>Per a Reuters report, Fiat Chrysler agreed to purchase $2.4 billion worth of emissions credits from Tesla from 2019 through 2021, likely accounting for a lion’s share of the roughly $2.2 billion recorded in total in credits sold in Tesla’s 2019 and 2020 10-K filings. However, after Fiat Chrysler merged with French automaker PSA Group in May to form Stellantis, this reliable revenue stream looks likely to fade.</p>\n<p>\"With the electrical technology that PSA brought to Stellantis, we will autonomously meet carbon dioxide emission regulations as early as this year,\" Stellantis CEO Carlos Tavares told French media after the merger. \"Thus, we will not need to call on European CO2 credits and [Fiat Chrysler] will no longer have to pool with Tesla or anyone.\"</p>\n<p><b>Already Anticipated?</b></p>\n<p>To be sure, the looming threat of regulatory credit sales eroding is by no means a novel development. CFO Zachary Kirkhorn noted in a call with analysts in mid-2020 that “we don’t manage the business with the assumption that regulatory credits will contribute significantly to the future. Eventually this will reduce.”</p>\n<p>Kirkhorn’s focus on the core business, especially in terms of battery technology, rather than the regulatory credit sales, is bolstered by the thoughts of prominent Tesla bulls.</p>\n<p>“We have owned Tesla for a decade and from day one we expected regulatory credits to go to zero within three years,” Jennison Associates analyst Owuraka Koney said. “They are comfortable without these regulatory credits and they make money when you exclude these credits and these non-recurring costs that they face.”</p>\n<p>Koney cited Elon Musk’smassive compensation packagetied to the company's recent stock surges as a key non-recurring cost in this context. Further, Koney argued that the regulatory credit benefits are being unfairly compared to overall profitability, which he sees as an apples-and-oranges comparison. He explained that the more relevant comparison is to Tesla’s operating income, which was $1.99 billion on a GAAP basis in 2020, up over $2 billion from the figure in 2019. The leap suggests strength greater than that simply achieved via the regulatory credit benefit, in his view.</p>\n<p>Mike Dovororany, VP of Automotive &amp; Mobility at market research firm Escalent, seconded the rosier view held by Koney, reiterating that the risk of regulatory credits fading is well understood by savvy investors, and further that the current U.S. administration might actually aid Tesla’s ability to capitalize on regulation.</p>\n<p>“Because credit sales have always been the main driver behind Tesla’s profitability, investors should be well-accustomed to this risk,” he explained. “Also, as the Biden Administration looks to reconsider stricter emissions regulations, the EV credit market could become more important than ever.”</p>\n<p>With the administration now proposing a $174-billion investment in the electric vehicle market aspart of the American Jobs Act, including new tax credits, there is certainly ample reason to be excited. Given Tesla's ability to capitalize on these incentives, it will be worth watching what the final bill entails when it crosses Biden's desk and whether it might mean lead to more big profits for Tesla.</p>","source":"lsy1610613172068","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla’s Profitability and the Surprising Thing That Could Threaten It</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla’s Profitability and the Surprising Thing That Could Threaten It\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-21 21:01 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.thestreet.com/investing/surprising-thing-that-could-threaten-teslas-profitability><strong>The Street</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Rising competition in the electric vehicle space could not only put a crimp in Tesla’s growth rate, but diminish a big source of income as well.\n\nThe explosion in electric vehicle (EV) demand has ...</p>\n\n<a href=\"https://www.thestreet.com/investing/surprising-thing-that-could-threaten-teslas-profitability\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.thestreet.com/investing/surprising-thing-that-could-threaten-teslas-profitability","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1100861051","content_text":"Rising competition in the electric vehicle space could not only put a crimp in Tesla’s growth rate, but diminish a big source of income as well.\n\nThe explosion in electric vehicle (EV) demand has served to vindicate the vision of Tesla’s (TSLA) -Get Report celebrity CEO Elon Musk. Indeed, the surge in demand for EVs has not only vindicated his foresight, but allowed his company to remain a market leader above late-coming competitors.\nHowever, while the company Musk leads as Technoking is no doubt a market leader, it has not solely cashed in by beating its competitors in terms of sales. Instead, a key to the company's recent turn to profitability has come from taking advantage of government incentives and selling the excess incentives it holds to these very same competitors. And now that many of these competitors are engaging more aggressively in EVs themselves, Tesla may soon find itself without many of these customers and, therefore, without a significant contributor to its profits.\nRaking in the Regulatory Credits\nThe credits that Tesla has handsomely profited from are tradable credits offered by various governments around the world for zero-emission vehicles. The fact that they are tradable is crucial since this allows Tesla to sell the credits to other automakers who might not otherwise comply with emission standards without the use of these credits. The set-up allows Tesla to book the credits as purely additive to its top line, with the automakers buying these credits avoiding hefty fines from regulators.\nPer Tesla’s most recent 10-K filing, the company earned $1.58 billion from the sale of these credits in 2020, up from $594 million in the year prior and $419 million in 2018. The year-over -year jump notwithstanding, the credit sales might appear to be a paltry sum given the company’s $31.5 billion in total revenue in 2020. However, their nature as purely profit, in contrast to capital intensive auto manufacturing, means they have been a pivotal part of Tesla’s push towards profitability.\nIndeed, Tesla’s much-lauded $721 million profit in 2020, the very first profitable full year in its history, was clearly boosted over the top by the surge in regulatory credit sales. Had they remained consistent with the prior periods, the landmark year would have been left short of break-even, keeping up the company's trend of annual losses maintained since its inception.\nThe trend has continued into 2021 as the company reported $518 million in revenues from credit salesin the first quarter, which boosted the company once again to a $438-million quarterly profit. While vehicle deliveries consistently catch the headlines, it's clear that the regulatory credits are buoying the automaker into the black.\nCompetition Cuts Into Cash Flow\nThe problem with the profit margin may be approaching faster than some have anticipated as well, with the increased entry of traditional automakers like Ford (F) -Get Report, General Motors (GM) -Get Report, and Stellantis STLA into the EV space.\nWhile much of the focus revolves around these companies’ threat to Tesla’s core auto sales, the popularity of Tesla among its devoted fans might sustain it amidst the hard-charging competition. As such, the trajectory of its sales, while now threatened by competent competition, remains somewhat murky at the moment.\nThe question of regulatory credit impact is much more straightforward. If Tesla’s competitors are producing their own electric vehicles and fewer ICE autos, they have no need to spend so substantially on buying credits from Tesla.\nPer a Reuters report, Fiat Chrysler agreed to purchase $2.4 billion worth of emissions credits from Tesla from 2019 through 2021, likely accounting for a lion’s share of the roughly $2.2 billion recorded in total in credits sold in Tesla’s 2019 and 2020 10-K filings. However, after Fiat Chrysler merged with French automaker PSA Group in May to form Stellantis, this reliable revenue stream looks likely to fade.\n\"With the electrical technology that PSA brought to Stellantis, we will autonomously meet carbon dioxide emission regulations as early as this year,\" Stellantis CEO Carlos Tavares told French media after the merger. \"Thus, we will not need to call on European CO2 credits and [Fiat Chrysler] will no longer have to pool with Tesla or anyone.\"\nAlready Anticipated?\nTo be sure, the looming threat of regulatory credit sales eroding is by no means a novel development. CFO Zachary Kirkhorn noted in a call with analysts in mid-2020 that “we don’t manage the business with the assumption that regulatory credits will contribute significantly to the future. Eventually this will reduce.”\nKirkhorn’s focus on the core business, especially in terms of battery technology, rather than the regulatory credit sales, is bolstered by the thoughts of prominent Tesla bulls.\n“We have owned Tesla for a decade and from day one we expected regulatory credits to go to zero within three years,” Jennison Associates analyst Owuraka Koney said. “They are comfortable without these regulatory credits and they make money when you exclude these credits and these non-recurring costs that they face.”\nKoney cited Elon Musk’smassive compensation packagetied to the company's recent stock surges as a key non-recurring cost in this context. Further, Koney argued that the regulatory credit benefits are being unfairly compared to overall profitability, which he sees as an apples-and-oranges comparison. He explained that the more relevant comparison is to Tesla’s operating income, which was $1.99 billion on a GAAP basis in 2020, up over $2 billion from the figure in 2019. The leap suggests strength greater than that simply achieved via the regulatory credit benefit, in his view.\nMike Dovororany, VP of Automotive & Mobility at market research firm Escalent, seconded the rosier view held by Koney, reiterating that the risk of regulatory credits fading is well understood by savvy investors, and further that the current U.S. administration might actually aid Tesla’s ability to capitalize on regulation.\n“Because credit sales have always been the main driver behind Tesla’s profitability, investors should be well-accustomed to this risk,” he explained. “Also, as the Biden Administration looks to reconsider stricter emissions regulations, the EV credit market could become more important than ever.”\nWith the administration now proposing a $174-billion investment in the electric vehicle market aspart of the American Jobs Act, including new tax credits, there is certainly ample reason to be excited. Given Tesla's ability to capitalize on these incentives, it will be worth watching what the final bill entails when it crosses Biden's desk and whether it might mean lead to more big profits for Tesla.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":907,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":167757344,"gmtCreate":1624285970688,"gmtModify":1634008368147,"author":{"id":"3584486073664277","authorId":"3584486073664277","name":"JL9000","avatar":"https://static.tigerbbs.com/185ff843fc3784f1c1ee8d4306bd37b3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3584486073664277","idStr":"3584486073664277"},"themes":[],"htmlText":"They're part of a class that isn't jailable","listText":"They're part of a class that isn't jailable","text":"They're part of a class that isn't jailable","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/167757344","repostId":"2145033366","repostType":4,"isVote":1,"tweetType":1,"viewCount":1187,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":164668976,"gmtCreate":1624201462495,"gmtModify":1634009541655,"author":{"id":"3584486073664277","authorId":"3584486073664277","name":"JL9000","avatar":"https://static.tigerbbs.com/185ff843fc3784f1c1ee8d4306bd37b3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3584486073664277","idStr":"3584486073664277"},"themes":[],"htmlText":"Safety first please...","listText":"Safety first please...","text":"Safety first please...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/164668976","repostId":"2144086770","repostType":4,"isVote":1,"tweetType":1,"viewCount":725,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":165940814,"gmtCreate":1624089722738,"gmtModify":1634010785083,"author":{"id":"3584486073664277","authorId":"3584486073664277","name":"JL9000","avatar":"https://static.tigerbbs.com/185ff843fc3784f1c1ee8d4306bd37b3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3584486073664277","idStr":"3584486073664277"},"themes":[],"htmlText":"Holiday season...refers to nov onwards isnt it? It's only june-_-","listText":"Holiday season...refers to nov onwards isnt it? It's only june-_-","text":"Holiday season...refers to nov onwards isnt it? It's only june-_-","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/165940814","repostId":"1197466929","repostType":4,"isVote":1,"tweetType":1,"viewCount":1032,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":165954306,"gmtCreate":1624089587505,"gmtModify":1634010786735,"author":{"id":"3584486073664277","authorId":"3584486073664277","name":"JL9000","avatar":"https://static.tigerbbs.com/185ff843fc3784f1c1ee8d4306bd37b3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3584486073664277","idStr":"3584486073664277"},"themes":[],"htmlText":"Would have liked to try my hands on their software if i could","listText":"Would have liked to try my hands on their software if i could","text":"Would have liked to try my hands on their software if i could","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/165954306","repostId":"1192473918","repostType":4,"isVote":1,"tweetType":1,"viewCount":884,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":166068215,"gmtCreate":1623985717637,"gmtModify":1634024617672,"author":{"id":"3584486073664277","authorId":"3584486073664277","name":"JL9000","avatar":"https://static.tigerbbs.com/185ff843fc3784f1c1ee8d4306bd37b3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3584486073664277","idStr":"3584486073664277"},"themes":[],"htmlText":"Stop encouraging irresponsible gambling. Numbers analysis are biased and there're incredible number of ways to selectively pick stats to support arguments","listText":"Stop encouraging irresponsible gambling. Numbers analysis are biased and there're incredible number of ways to selectively pick stats to support arguments","text":"Stop encouraging irresponsible gambling. Numbers analysis are biased and there're incredible number of ways to selectively pick stats to support arguments","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/166068215","repostId":"2144946726","repostType":4,"isVote":1,"tweetType":1,"viewCount":1223,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":161819968,"gmtCreate":1623916881654,"gmtModify":1634025910419,"author":{"id":"3584486073664277","authorId":"3584486073664277","name":"JL9000","avatar":"https://static.tigerbbs.com/185ff843fc3784f1c1ee8d4306bd37b3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3584486073664277","idStr":"3584486073664277"},"themes":[],"htmlText":"Whats their long game? Only mining?","listText":"Whats their long game? Only mining?","text":"Whats their long game? Only mining?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/161819968","repostId":"2144714104","repostType":4,"isVote":1,"tweetType":1,"viewCount":291,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":161835376,"gmtCreate":1623916631395,"gmtModify":1631884324418,"author":{"id":"3584486073664277","authorId":"3584486073664277","name":"JL9000","avatar":"https://static.tigerbbs.com/185ff843fc3784f1c1ee8d4306bd37b3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3584486073664277","idStr":"3584486073664277"},"themes":[],"htmlText":"Hope it does well in future","listText":"Hope it does well in future","text":"Hope it does well in future","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/161835376","repostId":"1193159328","repostType":4,"isVote":1,"tweetType":1,"viewCount":286,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":163017440,"gmtCreate":1623853431880,"gmtModify":1634027032446,"author":{"id":"3584486073664277","authorId":"3584486073664277","name":"JL9000","avatar":"https://static.tigerbbs.com/185ff843fc3784f1c1ee8d4306bd37b3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3584486073664277","idStr":"3584486073664277"},"themes":[],"htmlText":"Are they really legit?","listText":"Are they really legit?","text":"Are they really legit?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/163017440","repostId":"2143912677","repostType":4,"isVote":1,"tweetType":1,"viewCount":313,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":186642047,"gmtCreate":1623496568589,"gmtModify":1634032364567,"author":{"id":"3584486073664277","authorId":"3584486073664277","name":"JL9000","avatar":"https://static.tigerbbs.com/185ff843fc3784f1c1ee8d4306bd37b3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3584486073664277","idStr":"3584486073664277"},"themes":[],"htmlText":"Maybe a lot of people dont really give a crap what they are called. At least i don't","listText":"Maybe a lot of people dont really give a crap what they are called. At least i don't","text":"Maybe a lot of people dont really give a crap what they are called. At least i don't","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/186642047","repostId":"1147474880","repostType":4,"repost":{"id":"1147474880","kind":"news","pubTimestamp":1623470168,"share":"https://www.laohu8.com/m/news/1147474880?lang=&edition=full","pubTime":"2021-06-12 11:56","market":"us","language":"en","title":"Investor, Trader, Speculator: Which One Are You?","url":"https://stock-news.laohu8.com/highlight/detail?id=1147474880","media":"The Wall Street Journal","summary":"Understanding the difference between speculation and investing is essential to avoiding reckless ris","content":"<blockquote>\n Understanding the difference between speculation and investing is essential to avoiding reckless risk.\n</blockquote>\n<p>I’ve had it.</p>\n<p>The Wall Street Journal is wrong, and has remained wrong for decades, about one of the most basic distinctions in finance. And I can’t stand it anymore.</p>\n<p>If you buy a stock purely because it’s gone up a lot, without doing any research on it whatsoever, you are not—as the Journal and its editors bizarrely insist on calling you—an “investor.” If you buy a cryptocurrency because, hey, that sounds like fun, you aren’t an investor either.</p>\n<p>Whenever you buy any financial asset becauseyou have a hunchorjust for kicks, or becausesomebody famous is hyping the heck out of itoreverybody else seems to be buying it too, you aren’t investing.</p>\n<p>You’re definitely a trader: someone who has just bought an asset. And you may bea speculator: someone who thinks other people will pay more for it than you did.</p>\n<p>Of course,some folkswho buy meme stocks likeGameStopCorp.GME5.88%<i>are</i>investors. They read the companies’ financial statements, study the health of the underlying businesses and learn who else is betting on or against the shares. Likewise, many buyers of digital coins have put in the time and effort to understand how cryptocurrency works and how it could reshape finance.</p>\n<p>An investor relies on internal sources of return: earnings, income, growth in the value of assets. A speculator counts on external sources of return: primarilywhether somebody else will pay more, regardless of fundamental value.</p>\n<p>The word investor comes from the Latin “investire,” to dress in or clothe oneself, surround or envelop. You would never wear clothes without knowing what color they are or what material they’re made of. Likewise, you can’t invest in an asset you know nothing about.</p>\n<p>Nevertheless, the Journal and its editors have long called almost everybody who buys just about anything an “investor.” On July 12, 1962, the Journal publisheda letter to the editorfrom Benjamin Graham, author of the classic books “Security Analysis” and “The Intelligent Investor.” That June, complained Graham, the Journal had run an article headlined “Many Small Investors Bet on Further Drops, Sell Odd Lots Short.”</p>\n<p>He wrote: “By what definition of ‘investment’ can one give the name ‘investors’ to small people who make bets on the stock market by selling odd lots short?” (To short an odd lot is to borrow and sell fewer than 100 shares in a wager that a stock will fall—an expensive and risky bet, then and now.)</p>\n<p>“If these people are investors,” asked Graham, “how should one define ‘speculation’ and ‘speculators’? Isn’t it possible that the currentfailure to distinguishbetweeninvestment and speculationmay do grave harm not only to individuals but to the whole financial community—as it did in the late 1920s?”</p>\n<p>Graham wasn’t a snob who thought that the markets should be the exclusive playground of the rich. He wrote “The Intelligent Investor” with the express purpose of helping less-wealthy people participate wisely in the stock market.</p>\n<p>In that book, after which this column is named, Graham said, “Outright speculation is neither illegal, immoral, nor (for most people) fattening to the pocketbook.”</p>\n<p>However, he warned, it creates three dangers: “(1) speculating when you think you are investing; (2) speculating seriously instead of as a pastime, when you lack proper knowledge and skill for it; and (3) risking more money in speculation than you can afford to lose.”</p>\n<p>Most investors speculate a bit every once in a while. Like a lottery ticket or an occasional visit to the racetrack or casino, a little is harmless fun. A lot isn’t.</p>\n<p>If you think you’re investing when you’re speculating, you’ll attribute even momentary success to skill even thoughluck is the likeliest explanation. That can lead you to take reckless risks.</p>\n<p>Take speculating too seriously, and it turns intoan obsessionandan addiction. You become incapable of accepting your losses or focusing on the future more than a few minutes ahead. Next thing you know, you’re throwing even more money onto the bonfire.</p>\n<p>I think calling traders and speculators “investors” shoves many newcomers farther down the slippery slope toward risks they shouldn’t take and losses they can’t afford. I fervently hope the Journal and its editors will finally stop using “investor” as the default term for anyone who makes a trade.</p>\n<p>“ ‘Investor’ has a long history in the English language as a catch-all term denoting people who commit capital with the expectation of a return, no matter how long or short, no matter how many or how few investing columns they read,” WSJ Financial Editor Charles Forelle said in response to my complaints. “Back at least to the mid-19th century, ‘invest’ has even been used to describe a wager on horses—an activity surely no less divorced from fundamental analysis than a purchase of dogecoin.”</p>\n<p>I hear you, Boss, but I still think you’re wrong. There’s no way the Journal would say a recreational gambler is “investing” at the racetrack just because a dictionary says we can.</p>\n<p>Calling novice speculators “investors” is one of the most powerful ways marketers fuel excessive trading.</p>\n<p>Ina recent Instagram post, a former porn star who goes by the name Lana Rhoades posed in—well, mostly in—a bikini, as she held up what appears to be Graham’s “The Intelligent Investor.” According to IMDb.com, she starred in such videos as “Tushy” and “Make Me Meow.”</p>\n<p>In her post, which was “liked” by nearly 1.8 million people, Ms. Rhoades announced that she will be promoting a cryptocurrency calledPAWGcoin.</p>\n<p>The currency’s website says the coin is meant for “those who pay homage to developed posteriors.” (PAWG, I’ve been reliably informed, stands for Phat Ass White Girl.)</p>\n<p>PAWGcoin is up roughly 900% since Ms. Rhoades began promoting it in early June, according to Poocoin.io, a website that tracks such digital currencies.</p>\n<p>Ms. Rhoades, who has tweeted “I also read the WSJ every morning,” couldn’t be reached for comment. PAWGcoin’s website encourages visitors to “invest now.”</p>\n<p>In Ms. Rhoades’s Instagram post, she is holding up an open copy of the “The Intelligent Investor,” whose cover is reversed. She appears to be reading it with her eyes closed.</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>Investor, Trader, Speculator: Which One Are You?</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nInvestor, Trader, Speculator: Which One Are You?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-12 11:56 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.wsj.com/articles/you-cant-invest-without-trading-you-can-trade-without-investing-11623426213?mod=markets_lead_pos5><strong>The Wall Street Journal</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Understanding the difference between speculation and investing is essential to avoiding reckless risk.\n\nI’ve had it.\nThe Wall Street Journal is wrong, and has remained wrong for decades, about one of ...</p>\n\n<a href=\"https://www.wsj.com/articles/you-cant-invest-without-trading-you-can-trade-without-investing-11623426213?mod=markets_lead_pos5\">Web Link</a>\n\n</div>\n\n\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","SPY":"标普500ETF"},"source_url":"https://www.wsj.com/articles/you-cant-invest-without-trading-you-can-trade-without-investing-11623426213?mod=markets_lead_pos5","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1147474880","content_text":"Understanding the difference between speculation and investing is essential to avoiding reckless risk.\n\nI’ve had it.\nThe Wall Street Journal is wrong, and has remained wrong for decades, about one of the most basic distinctions in finance. And I can’t stand it anymore.\nIf you buy a stock purely because it’s gone up a lot, without doing any research on it whatsoever, you are not—as the Journal and its editors bizarrely insist on calling you—an “investor.” If you buy a cryptocurrency because, hey, that sounds like fun, you aren’t an investor either.\nWhenever you buy any financial asset becauseyou have a hunchorjust for kicks, or becausesomebody famous is hyping the heck out of itoreverybody else seems to be buying it too, you aren’t investing.\nYou’re definitely a trader: someone who has just bought an asset. And you may bea speculator: someone who thinks other people will pay more for it than you did.\nOf course,some folkswho buy meme stocks likeGameStopCorp.GME5.88%areinvestors. They read the companies’ financial statements, study the health of the underlying businesses and learn who else is betting on or against the shares. Likewise, many buyers of digital coins have put in the time and effort to understand how cryptocurrency works and how it could reshape finance.\nAn investor relies on internal sources of return: earnings, income, growth in the value of assets. A speculator counts on external sources of return: primarilywhether somebody else will pay more, regardless of fundamental value.\nThe word investor comes from the Latin “investire,” to dress in or clothe oneself, surround or envelop. You would never wear clothes without knowing what color they are or what material they’re made of. Likewise, you can’t invest in an asset you know nothing about.\nNevertheless, the Journal and its editors have long called almost everybody who buys just about anything an “investor.” On July 12, 1962, the Journal publisheda letter to the editorfrom Benjamin Graham, author of the classic books “Security Analysis” and “The Intelligent Investor.” That June, complained Graham, the Journal had run an article headlined “Many Small Investors Bet on Further Drops, Sell Odd Lots Short.”\nHe wrote: “By what definition of ‘investment’ can one give the name ‘investors’ to small people who make bets on the stock market by selling odd lots short?” (To short an odd lot is to borrow and sell fewer than 100 shares in a wager that a stock will fall—an expensive and risky bet, then and now.)\n“If these people are investors,” asked Graham, “how should one define ‘speculation’ and ‘speculators’? Isn’t it possible that the currentfailure to distinguishbetweeninvestment and speculationmay do grave harm not only to individuals but to the whole financial community—as it did in the late 1920s?”\nGraham wasn’t a snob who thought that the markets should be the exclusive playground of the rich. He wrote “The Intelligent Investor” with the express purpose of helping less-wealthy people participate wisely in the stock market.\nIn that book, after which this column is named, Graham said, “Outright speculation is neither illegal, immoral, nor (for most people) fattening to the pocketbook.”\nHowever, he warned, it creates three dangers: “(1) speculating when you think you are investing; (2) speculating seriously instead of as a pastime, when you lack proper knowledge and skill for it; and (3) risking more money in speculation than you can afford to lose.”\nMost investors speculate a bit every once in a while. Like a lottery ticket or an occasional visit to the racetrack or casino, a little is harmless fun. A lot isn’t.\nIf you think you’re investing when you’re speculating, you’ll attribute even momentary success to skill even thoughluck is the likeliest explanation. That can lead you to take reckless risks.\nTake speculating too seriously, and it turns intoan obsessionandan addiction. You become incapable of accepting your losses or focusing on the future more than a few minutes ahead. Next thing you know, you’re throwing even more money onto the bonfire.\nI think calling traders and speculators “investors” shoves many newcomers farther down the slippery slope toward risks they shouldn’t take and losses they can’t afford. I fervently hope the Journal and its editors will finally stop using “investor” as the default term for anyone who makes a trade.\n“ ‘Investor’ has a long history in the English language as a catch-all term denoting people who commit capital with the expectation of a return, no matter how long or short, no matter how many or how few investing columns they read,” WSJ Financial Editor Charles Forelle said in response to my complaints. “Back at least to the mid-19th century, ‘invest’ has even been used to describe a wager on horses—an activity surely no less divorced from fundamental analysis than a purchase of dogecoin.”\nI hear you, Boss, but I still think you’re wrong. There’s no way the Journal would say a recreational gambler is “investing” at the racetrack just because a dictionary says we can.\nCalling novice speculators “investors” is one of the most powerful ways marketers fuel excessive trading.\nIna recent Instagram post, a former porn star who goes by the name Lana Rhoades posed in—well, mostly in—a bikini, as she held up what appears to be Graham’s “The Intelligent Investor.” According to IMDb.com, she starred in such videos as “Tushy” and “Make Me Meow.”\nIn her post, which was “liked” by nearly 1.8 million people, Ms. Rhoades announced that she will be promoting a cryptocurrency calledPAWGcoin.\nThe currency’s website says the coin is meant for “those who pay homage to developed posteriors.” (PAWG, I’ve been reliably informed, stands for Phat Ass White Girl.)\nPAWGcoin is up roughly 900% since Ms. Rhoades began promoting it in early June, according to Poocoin.io, a website that tracks such digital currencies.\nMs. Rhoades, who has tweeted “I also read the WSJ every morning,” couldn’t be reached for comment. PAWGcoin’s website encourages visitors to “invest now.”\nIn Ms. Rhoades’s Instagram post, she is holding up an open copy of the “The Intelligent Investor,” whose cover is reversed. She appears to be reading it with her eyes closed.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":354,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":186816301,"gmtCreate":1623484023603,"gmtModify":1634032487193,"author":{"id":"3584486073664277","authorId":"3584486073664277","name":"JL9000","avatar":"https://static.tigerbbs.com/185ff843fc3784f1c1ee8d4306bd37b3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3584486073664277","idStr":"3584486073664277"},"themes":[],"htmlText":"Lol","listText":"Lol","text":"Lol","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/186816301","repostId":"1147474880","repostType":4,"repost":{"id":"1147474880","kind":"news","pubTimestamp":1623470168,"share":"https://www.laohu8.com/m/news/1147474880?lang=&edition=full","pubTime":"2021-06-12 11:56","market":"us","language":"en","title":"Investor, Trader, Speculator: Which One Are You?","url":"https://stock-news.laohu8.com/highlight/detail?id=1147474880","media":"The Wall Street Journal","summary":"Understanding the difference between speculation and investing is essential to avoiding reckless ris","content":"<blockquote>\n Understanding the difference between speculation and investing is essential to avoiding reckless risk.\n</blockquote>\n<p>I’ve had it.</p>\n<p>The Wall Street Journal is wrong, and has remained wrong for decades, about one of the most basic distinctions in finance. And I can’t stand it anymore.</p>\n<p>If you buy a stock purely because it’s gone up a lot, without doing any research on it whatsoever, you are not—as the Journal and its editors bizarrely insist on calling you—an “investor.” If you buy a cryptocurrency because, hey, that sounds like fun, you aren’t an investor either.</p>\n<p>Whenever you buy any financial asset becauseyou have a hunchorjust for kicks, or becausesomebody famous is hyping the heck out of itoreverybody else seems to be buying it too, you aren’t investing.</p>\n<p>You’re definitely a trader: someone who has just bought an asset. And you may bea speculator: someone who thinks other people will pay more for it than you did.</p>\n<p>Of course,some folkswho buy meme stocks likeGameStopCorp.GME5.88%<i>are</i>investors. They read the companies’ financial statements, study the health of the underlying businesses and learn who else is betting on or against the shares. Likewise, many buyers of digital coins have put in the time and effort to understand how cryptocurrency works and how it could reshape finance.</p>\n<p>An investor relies on internal sources of return: earnings, income, growth in the value of assets. A speculator counts on external sources of return: primarilywhether somebody else will pay more, regardless of fundamental value.</p>\n<p>The word investor comes from the Latin “investire,” to dress in or clothe oneself, surround or envelop. You would never wear clothes without knowing what color they are or what material they’re made of. Likewise, you can’t invest in an asset you know nothing about.</p>\n<p>Nevertheless, the Journal and its editors have long called almost everybody who buys just about anything an “investor.” On July 12, 1962, the Journal publisheda letter to the editorfrom Benjamin Graham, author of the classic books “Security Analysis” and “The Intelligent Investor.” That June, complained Graham, the Journal had run an article headlined “Many Small Investors Bet on Further Drops, Sell Odd Lots Short.”</p>\n<p>He wrote: “By what definition of ‘investment’ can one give the name ‘investors’ to small people who make bets on the stock market by selling odd lots short?” (To short an odd lot is to borrow and sell fewer than 100 shares in a wager that a stock will fall—an expensive and risky bet, then and now.)</p>\n<p>“If these people are investors,” asked Graham, “how should one define ‘speculation’ and ‘speculators’? Isn’t it possible that the currentfailure to distinguishbetweeninvestment and speculationmay do grave harm not only to individuals but to the whole financial community—as it did in the late 1920s?”</p>\n<p>Graham wasn’t a snob who thought that the markets should be the exclusive playground of the rich. He wrote “The Intelligent Investor” with the express purpose of helping less-wealthy people participate wisely in the stock market.</p>\n<p>In that book, after which this column is named, Graham said, “Outright speculation is neither illegal, immoral, nor (for most people) fattening to the pocketbook.”</p>\n<p>However, he warned, it creates three dangers: “(1) speculating when you think you are investing; (2) speculating seriously instead of as a pastime, when you lack proper knowledge and skill for it; and (3) risking more money in speculation than you can afford to lose.”</p>\n<p>Most investors speculate a bit every once in a while. Like a lottery ticket or an occasional visit to the racetrack or casino, a little is harmless fun. A lot isn’t.</p>\n<p>If you think you’re investing when you’re speculating, you’ll attribute even momentary success to skill even thoughluck is the likeliest explanation. That can lead you to take reckless risks.</p>\n<p>Take speculating too seriously, and it turns intoan obsessionandan addiction. You become incapable of accepting your losses or focusing on the future more than a few minutes ahead. Next thing you know, you’re throwing even more money onto the bonfire.</p>\n<p>I think calling traders and speculators “investors” shoves many newcomers farther down the slippery slope toward risks they shouldn’t take and losses they can’t afford. I fervently hope the Journal and its editors will finally stop using “investor” as the default term for anyone who makes a trade.</p>\n<p>“ ‘Investor’ has a long history in the English language as a catch-all term denoting people who commit capital with the expectation of a return, no matter how long or short, no matter how many or how few investing columns they read,” WSJ Financial Editor Charles Forelle said in response to my complaints. “Back at least to the mid-19th century, ‘invest’ has even been used to describe a wager on horses—an activity surely no less divorced from fundamental analysis than a purchase of dogecoin.”</p>\n<p>I hear you, Boss, but I still think you’re wrong. There’s no way the Journal would say a recreational gambler is “investing” at the racetrack just because a dictionary says we can.</p>\n<p>Calling novice speculators “investors” is one of the most powerful ways marketers fuel excessive trading.</p>\n<p>Ina recent Instagram post, a former porn star who goes by the name Lana Rhoades posed in—well, mostly in—a bikini, as she held up what appears to be Graham’s “The Intelligent Investor.” According to IMDb.com, she starred in such videos as “Tushy” and “Make Me Meow.”</p>\n<p>In her post, which was “liked” by nearly 1.8 million people, Ms. Rhoades announced that she will be promoting a cryptocurrency calledPAWGcoin.</p>\n<p>The currency’s website says the coin is meant for “those who pay homage to developed posteriors.” (PAWG, I’ve been reliably informed, stands for Phat Ass White Girl.)</p>\n<p>PAWGcoin is up roughly 900% since Ms. Rhoades began promoting it in early June, according to Poocoin.io, a website that tracks such digital currencies.</p>\n<p>Ms. Rhoades, who has tweeted “I also read the WSJ every morning,” couldn’t be reached for comment. PAWGcoin’s website encourages visitors to “invest now.”</p>\n<p>In Ms. Rhoades’s Instagram post, she is holding up an open copy of the “The Intelligent Investor,” whose cover is reversed. She appears to be reading it with her eyes closed.</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>Investor, Trader, Speculator: Which One Are You?</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nInvestor, Trader, Speculator: Which One Are You?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-12 11:56 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.wsj.com/articles/you-cant-invest-without-trading-you-can-trade-without-investing-11623426213?mod=markets_lead_pos5><strong>The Wall Street Journal</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Understanding the difference between speculation and investing is essential to avoiding reckless risk.\n\nI’ve had it.\nThe Wall Street Journal is wrong, and has remained wrong for decades, about one of ...</p>\n\n<a href=\"https://www.wsj.com/articles/you-cant-invest-without-trading-you-can-trade-without-investing-11623426213?mod=markets_lead_pos5\">Web Link</a>\n\n</div>\n\n\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","SPY":"标普500ETF"},"source_url":"https://www.wsj.com/articles/you-cant-invest-without-trading-you-can-trade-without-investing-11623426213?mod=markets_lead_pos5","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1147474880","content_text":"Understanding the difference between speculation and investing is essential to avoiding reckless risk.\n\nI’ve had it.\nThe Wall Street Journal is wrong, and has remained wrong for decades, about one of the most basic distinctions in finance. And I can’t stand it anymore.\nIf you buy a stock purely because it’s gone up a lot, without doing any research on it whatsoever, you are not—as the Journal and its editors bizarrely insist on calling you—an “investor.” If you buy a cryptocurrency because, hey, that sounds like fun, you aren’t an investor either.\nWhenever you buy any financial asset becauseyou have a hunchorjust for kicks, or becausesomebody famous is hyping the heck out of itoreverybody else seems to be buying it too, you aren’t investing.\nYou’re definitely a trader: someone who has just bought an asset. And you may bea speculator: someone who thinks other people will pay more for it than you did.\nOf course,some folkswho buy meme stocks likeGameStopCorp.GME5.88%areinvestors. They read the companies’ financial statements, study the health of the underlying businesses and learn who else is betting on or against the shares. Likewise, many buyers of digital coins have put in the time and effort to understand how cryptocurrency works and how it could reshape finance.\nAn investor relies on internal sources of return: earnings, income, growth in the value of assets. A speculator counts on external sources of return: primarilywhether somebody else will pay more, regardless of fundamental value.\nThe word investor comes from the Latin “investire,” to dress in or clothe oneself, surround or envelop. You would never wear clothes without knowing what color they are or what material they’re made of. Likewise, you can’t invest in an asset you know nothing about.\nNevertheless, the Journal and its editors have long called almost everybody who buys just about anything an “investor.” On July 12, 1962, the Journal publisheda letter to the editorfrom Benjamin Graham, author of the classic books “Security Analysis” and “The Intelligent Investor.” That June, complained Graham, the Journal had run an article headlined “Many Small Investors Bet on Further Drops, Sell Odd Lots Short.”\nHe wrote: “By what definition of ‘investment’ can one give the name ‘investors’ to small people who make bets on the stock market by selling odd lots short?” (To short an odd lot is to borrow and sell fewer than 100 shares in a wager that a stock will fall—an expensive and risky bet, then and now.)\n“If these people are investors,” asked Graham, “how should one define ‘speculation’ and ‘speculators’? Isn’t it possible that the currentfailure to distinguishbetweeninvestment and speculationmay do grave harm not only to individuals but to the whole financial community—as it did in the late 1920s?”\nGraham wasn’t a snob who thought that the markets should be the exclusive playground of the rich. He wrote “The Intelligent Investor” with the express purpose of helping less-wealthy people participate wisely in the stock market.\nIn that book, after which this column is named, Graham said, “Outright speculation is neither illegal, immoral, nor (for most people) fattening to the pocketbook.”\nHowever, he warned, it creates three dangers: “(1) speculating when you think you are investing; (2) speculating seriously instead of as a pastime, when you lack proper knowledge and skill for it; and (3) risking more money in speculation than you can afford to lose.”\nMost investors speculate a bit every once in a while. Like a lottery ticket or an occasional visit to the racetrack or casino, a little is harmless fun. A lot isn’t.\nIf you think you’re investing when you’re speculating, you’ll attribute even momentary success to skill even thoughluck is the likeliest explanation. That can lead you to take reckless risks.\nTake speculating too seriously, and it turns intoan obsessionandan addiction. You become incapable of accepting your losses or focusing on the future more than a few minutes ahead. Next thing you know, you’re throwing even more money onto the bonfire.\nI think calling traders and speculators “investors” shoves many newcomers farther down the slippery slope toward risks they shouldn’t take and losses they can’t afford. I fervently hope the Journal and its editors will finally stop using “investor” as the default term for anyone who makes a trade.\n“ ‘Investor’ has a long history in the English language as a catch-all term denoting people who commit capital with the expectation of a return, no matter how long or short, no matter how many or how few investing columns they read,” WSJ Financial Editor Charles Forelle said in response to my complaints. “Back at least to the mid-19th century, ‘invest’ has even been used to describe a wager on horses—an activity surely no less divorced from fundamental analysis than a purchase of dogecoin.”\nI hear you, Boss, but I still think you’re wrong. There’s no way the Journal would say a recreational gambler is “investing” at the racetrack just because a dictionary says we can.\nCalling novice speculators “investors” is one of the most powerful ways marketers fuel excessive trading.\nIna recent Instagram post, a former porn star who goes by the name Lana Rhoades posed in—well, mostly in—a bikini, as she held up what appears to be Graham’s “The Intelligent Investor.” According to IMDb.com, she starred in such videos as “Tushy” and “Make Me Meow.”\nIn her post, which was “liked” by nearly 1.8 million people, Ms. Rhoades announced that she will be promoting a cryptocurrency calledPAWGcoin.\nThe currency’s website says the coin is meant for “those who pay homage to developed posteriors.” (PAWG, I’ve been reliably informed, stands for Phat Ass White Girl.)\nPAWGcoin is up roughly 900% since Ms. Rhoades began promoting it in early June, according to Poocoin.io, a website that tracks such digital currencies.\nMs. Rhoades, who has tweeted “I also read the WSJ every morning,” couldn’t be reached for comment. PAWGcoin’s website encourages visitors to “invest now.”\nIn Ms. Rhoades’s Instagram post, she is holding up an open copy of the “The Intelligent Investor,” whose cover is reversed. She appears to be reading it with her eyes closed.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":310,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":186811558,"gmtCreate":1623483924274,"gmtModify":1634032488375,"author":{"id":"3584486073664277","authorId":"3584486073664277","name":"JL9000","avatar":"https://static.tigerbbs.com/185ff843fc3784f1c1ee8d4306bd37b3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3584486073664277","idStr":"3584486073664277"},"themes":[],"htmlText":"Go for it","listText":"Go for it","text":"Go for it","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/186811558","repostId":"1135185071","repostType":2,"isVote":1,"tweetType":1,"viewCount":378,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":161835376,"gmtCreate":1623916631395,"gmtModify":1631884324418,"author":{"id":"3584486073664277","authorId":"3584486073664277","name":"JL9000","avatar":"https://static.tigerbbs.com/185ff843fc3784f1c1ee8d4306bd37b3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584486073664277","authorIdStr":"3584486073664277"},"themes":[],"htmlText":"Hope it does well in future","listText":"Hope it does well in future","text":"Hope it does well in future","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/161835376","repostId":"1193159328","repostType":4,"isVote":1,"tweetType":1,"viewCount":286,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":123806727,"gmtCreate":1624414255369,"gmtModify":1634006455941,"author":{"id":"3584486073664277","authorId":"3584486073664277","name":"JL9000","avatar":"https://static.tigerbbs.com/185ff843fc3784f1c1ee8d4306bd37b3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584486073664277","authorIdStr":"3584486073664277"},"themes":[],"htmlText":"Another bs article pushed by motley fool","listText":"Another bs article pushed by motley fool","text":"Another bs article pushed by motley fool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/123806727","repostId":"2145052095","repostType":4,"isVote":1,"tweetType":1,"viewCount":1110,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":167757344,"gmtCreate":1624285970688,"gmtModify":1634008368147,"author":{"id":"3584486073664277","authorId":"3584486073664277","name":"JL9000","avatar":"https://static.tigerbbs.com/185ff843fc3784f1c1ee8d4306bd37b3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584486073664277","authorIdStr":"3584486073664277"},"themes":[],"htmlText":"They're part of a class that isn't jailable","listText":"They're part of a class that isn't jailable","text":"They're part of a class that isn't jailable","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/167757344","repostId":"2145033366","repostType":4,"isVote":1,"tweetType":1,"viewCount":1187,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":164668976,"gmtCreate":1624201462495,"gmtModify":1634009541655,"author":{"id":"3584486073664277","authorId":"3584486073664277","name":"JL9000","avatar":"https://static.tigerbbs.com/185ff843fc3784f1c1ee8d4306bd37b3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584486073664277","authorIdStr":"3584486073664277"},"themes":[],"htmlText":"Safety first please...","listText":"Safety first please...","text":"Safety first please...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/164668976","repostId":"2144086770","repostType":4,"isVote":1,"tweetType":1,"viewCount":725,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":161819968,"gmtCreate":1623916881654,"gmtModify":1634025910419,"author":{"id":"3584486073664277","authorId":"3584486073664277","name":"JL9000","avatar":"https://static.tigerbbs.com/185ff843fc3784f1c1ee8d4306bd37b3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584486073664277","authorIdStr":"3584486073664277"},"themes":[],"htmlText":"Whats their long game? Only mining?","listText":"Whats their long game? Only mining?","text":"Whats their long game? Only mining?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/161819968","repostId":"2144714104","repostType":4,"isVote":1,"tweetType":1,"viewCount":291,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":167772212,"gmtCreate":1624286633336,"gmtModify":1634008354885,"author":{"id":"3584486073664277","authorId":"3584486073664277","name":"JL9000","avatar":"https://static.tigerbbs.com/185ff843fc3784f1c1ee8d4306bd37b3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584486073664277","authorIdStr":"3584486073664277"},"themes":[],"htmlText":"All in an attempt to clear the way for digital yuan","listText":"All in an attempt to clear the way for digital yuan","text":"All in an attempt to clear the way for digital yuan","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/167772212","repostId":"1125790272","repostType":4,"isVote":1,"tweetType":1,"viewCount":1552,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":167779596,"gmtCreate":1624286461815,"gmtModify":1634008358217,"author":{"id":"3584486073664277","authorId":"3584486073664277","name":"JL9000","avatar":"https://static.tigerbbs.com/185ff843fc3784f1c1ee8d4306bd37b3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584486073664277","authorIdStr":"3584486073664277"},"themes":[],"htmlText":"Implied downside of 3% and they put this in? Once again, i don't have confidence in foolish articles","listText":"Implied downside of 3% and they put this in? Once again, i don't have confidence in foolish articles","text":"Implied downside of 3% and they put this in? Once again, i don't have confidence in foolish articles","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/167779596","repostId":"2145084835","repostType":4,"isVote":1,"tweetType":1,"viewCount":1730,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":167748987,"gmtCreate":1624286219649,"gmtModify":1634008364504,"author":{"id":"3584486073664277","authorId":"3584486073664277","name":"JL9000","avatar":"https://static.tigerbbs.com/185ff843fc3784f1c1ee8d4306bd37b3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584486073664277","authorIdStr":"3584486073664277"},"themes":[],"htmlText":"If tesla were to stop being a gimmicky company and focused on important things...they might have been world-savers","listText":"If tesla were to stop being a gimmicky company and focused on important things...they might have been world-savers","text":"If tesla were to stop being a gimmicky company and focused on important things...they might have been world-savers","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/167748987","repostId":"1100861051","repostType":4,"repost":{"id":"1100861051","kind":"news","pubTimestamp":1624280482,"share":"https://www.laohu8.com/m/news/1100861051?lang=&edition=full","pubTime":"2021-06-21 21:01","market":"us","language":"en","title":"Tesla’s Profitability and the Surprising Thing That Could Threaten It","url":"https://stock-news.laohu8.com/highlight/detail?id=1100861051","media":"The Street","summary":"Rising competition in the electric vehicle space could not only put a crimp in Tesla’s growth rate, ","content":"<blockquote>\n Rising competition in the electric vehicle space could not only put a crimp in Tesla’s growth rate, but diminish a big source of income as well.\n</blockquote>\n<p>The explosion in electric vehicle (EV) demand has served to vindicate the vision of Tesla’s&nbsp;(<b>TSLA</b>) -Get Report&nbsp;celebrity CEO Elon Musk. Indeed, the surge in demand for EVs has not only vindicated his foresight, but allowed his company to remain a market leader above late-coming competitors.</p>\n<p>However, while the company Musk leads as Technoking is no doubt a market leader, it has not solely cashed in by beating its competitors in terms of sales. Instead, a key to the company's recent turn to profitability has come from taking advantage of government incentives and selling the excess incentives it holds to these very same competitors. And now that many of these competitors are engaging more aggressively in EVs themselves, Tesla may soon find itself without many of these customers and, therefore, without a significant contributor to its profits.</p>\n<p><b>Raking in the Regulatory Credits</b></p>\n<p>The credits that Tesla has handsomely profited from are tradable credits offered by various governments around the world for zero-emission vehicles. The fact that they are tradable is crucial since this allows Tesla to sell the credits to other automakers who might not otherwise comply with emission standards without the use of these credits. The set-up allows Tesla to book the credits as purely additive to its top line, with the automakers buying these credits avoiding hefty fines from regulators.</p>\n<p>Per Tesla’s most recent 10-K filing, the company earned $1.58 billion from the sale of these credits in 2020, up from $594 million in the year prior and $419 million in 2018. The year-over -year jump notwithstanding, the credit sales might appear to be a paltry sum given the company’s $31.5 billion in total revenue in 2020. However, their nature as purely profit, in contrast to capital intensive auto manufacturing, means they have been a pivotal part of Tesla’s push towards profitability.</p>\n<p>Indeed, Tesla’s much-lauded $721 million profit in 2020, the very first profitable full year in its history, was clearly boosted over the top by the surge in regulatory credit sales. Had they remained consistent with the prior periods, the landmark year would have been left short of break-even, keeping up the company's trend of annual losses maintained since its inception.</p>\n<p>The trend has continued into 2021 as the company reported $518 million in revenues from credit salesin the first quarter, which boosted the company once again to a $438-million quarterly profit. While vehicle deliveries consistently catch the headlines, it's clear that the regulatory credits are buoying the automaker into the black.</p>\n<p><b>Competition Cuts Into Cash Flow</b></p>\n<p>The problem with the profit margin may be approaching faster than some have anticipated as well, with the increased entry of traditional automakers like Ford&nbsp;(<b>F</b>) -Get Report, General Motors&nbsp;(<b>GM</b>) -Get Report, and Stellantis STLA into the EV space.</p>\n<p>While much of the focus revolves around these companies’ threat to Tesla’s core auto sales, the popularity of Tesla among its devoted fans might sustain it amidst the hard-charging competition. As such, the trajectory of its sales, while now threatened by competent competition, remains somewhat murky at the moment.</p>\n<p>The question of regulatory credit impact is much more straightforward. If Tesla’s competitors are producing their own electric vehicles and fewer ICE autos, they have no need to spend so substantially on buying credits from Tesla.</p>\n<p>Per a Reuters report, Fiat Chrysler agreed to purchase $2.4 billion worth of emissions credits from Tesla from 2019 through 2021, likely accounting for a lion’s share of the roughly $2.2 billion recorded in total in credits sold in Tesla’s 2019 and 2020 10-K filings. However, after Fiat Chrysler merged with French automaker PSA Group in May to form Stellantis, this reliable revenue stream looks likely to fade.</p>\n<p>\"With the electrical technology that PSA brought to Stellantis, we will autonomously meet carbon dioxide emission regulations as early as this year,\" Stellantis CEO Carlos Tavares told French media after the merger. \"Thus, we will not need to call on European CO2 credits and [Fiat Chrysler] will no longer have to pool with Tesla or anyone.\"</p>\n<p><b>Already Anticipated?</b></p>\n<p>To be sure, the looming threat of regulatory credit sales eroding is by no means a novel development. CFO Zachary Kirkhorn noted in a call with analysts in mid-2020 that “we don’t manage the business with the assumption that regulatory credits will contribute significantly to the future. Eventually this will reduce.”</p>\n<p>Kirkhorn’s focus on the core business, especially in terms of battery technology, rather than the regulatory credit sales, is bolstered by the thoughts of prominent Tesla bulls.</p>\n<p>“We have owned Tesla for a decade and from day one we expected regulatory credits to go to zero within three years,” Jennison Associates analyst Owuraka Koney said. “They are comfortable without these regulatory credits and they make money when you exclude these credits and these non-recurring costs that they face.”</p>\n<p>Koney cited Elon Musk’smassive compensation packagetied to the company's recent stock surges as a key non-recurring cost in this context. Further, Koney argued that the regulatory credit benefits are being unfairly compared to overall profitability, which he sees as an apples-and-oranges comparison. He explained that the more relevant comparison is to Tesla’s operating income, which was $1.99 billion on a GAAP basis in 2020, up over $2 billion from the figure in 2019. The leap suggests strength greater than that simply achieved via the regulatory credit benefit, in his view.</p>\n<p>Mike Dovororany, VP of Automotive &amp; Mobility at market research firm Escalent, seconded the rosier view held by Koney, reiterating that the risk of regulatory credits fading is well understood by savvy investors, and further that the current U.S. administration might actually aid Tesla’s ability to capitalize on regulation.</p>\n<p>“Because credit sales have always been the main driver behind Tesla’s profitability, investors should be well-accustomed to this risk,” he explained. “Also, as the Biden Administration looks to reconsider stricter emissions regulations, the EV credit market could become more important than ever.”</p>\n<p>With the administration now proposing a $174-billion investment in the electric vehicle market aspart of the American Jobs Act, including new tax credits, there is certainly ample reason to be excited. Given Tesla's ability to capitalize on these incentives, it will be worth watching what the final bill entails when it crosses Biden's desk and whether it might mean lead to more big profits for Tesla.</p>","source":"lsy1610613172068","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla’s Profitability and the Surprising Thing That Could Threaten It</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla’s Profitability and the Surprising Thing That Could Threaten It\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-21 21:01 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.thestreet.com/investing/surprising-thing-that-could-threaten-teslas-profitability><strong>The Street</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Rising competition in the electric vehicle space could not only put a crimp in Tesla’s growth rate, but diminish a big source of income as well.\n\nThe explosion in electric vehicle (EV) demand has ...</p>\n\n<a href=\"https://www.thestreet.com/investing/surprising-thing-that-could-threaten-teslas-profitability\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.thestreet.com/investing/surprising-thing-that-could-threaten-teslas-profitability","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1100861051","content_text":"Rising competition in the electric vehicle space could not only put a crimp in Tesla’s growth rate, but diminish a big source of income as well.\n\nThe explosion in electric vehicle (EV) demand has served to vindicate the vision of Tesla’s (TSLA) -Get Report celebrity CEO Elon Musk. Indeed, the surge in demand for EVs has not only vindicated his foresight, but allowed his company to remain a market leader above late-coming competitors.\nHowever, while the company Musk leads as Technoking is no doubt a market leader, it has not solely cashed in by beating its competitors in terms of sales. Instead, a key to the company's recent turn to profitability has come from taking advantage of government incentives and selling the excess incentives it holds to these very same competitors. And now that many of these competitors are engaging more aggressively in EVs themselves, Tesla may soon find itself without many of these customers and, therefore, without a significant contributor to its profits.\nRaking in the Regulatory Credits\nThe credits that Tesla has handsomely profited from are tradable credits offered by various governments around the world for zero-emission vehicles. The fact that they are tradable is crucial since this allows Tesla to sell the credits to other automakers who might not otherwise comply with emission standards without the use of these credits. The set-up allows Tesla to book the credits as purely additive to its top line, with the automakers buying these credits avoiding hefty fines from regulators.\nPer Tesla’s most recent 10-K filing, the company earned $1.58 billion from the sale of these credits in 2020, up from $594 million in the year prior and $419 million in 2018. The year-over -year jump notwithstanding, the credit sales might appear to be a paltry sum given the company’s $31.5 billion in total revenue in 2020. However, their nature as purely profit, in contrast to capital intensive auto manufacturing, means they have been a pivotal part of Tesla’s push towards profitability.\nIndeed, Tesla’s much-lauded $721 million profit in 2020, the very first profitable full year in its history, was clearly boosted over the top by the surge in regulatory credit sales. Had they remained consistent with the prior periods, the landmark year would have been left short of break-even, keeping up the company's trend of annual losses maintained since its inception.\nThe trend has continued into 2021 as the company reported $518 million in revenues from credit salesin the first quarter, which boosted the company once again to a $438-million quarterly profit. While vehicle deliveries consistently catch the headlines, it's clear that the regulatory credits are buoying the automaker into the black.\nCompetition Cuts Into Cash Flow\nThe problem with the profit margin may be approaching faster than some have anticipated as well, with the increased entry of traditional automakers like Ford (F) -Get Report, General Motors (GM) -Get Report, and Stellantis STLA into the EV space.\nWhile much of the focus revolves around these companies’ threat to Tesla’s core auto sales, the popularity of Tesla among its devoted fans might sustain it amidst the hard-charging competition. As such, the trajectory of its sales, while now threatened by competent competition, remains somewhat murky at the moment.\nThe question of regulatory credit impact is much more straightforward. If Tesla’s competitors are producing their own electric vehicles and fewer ICE autos, they have no need to spend so substantially on buying credits from Tesla.\nPer a Reuters report, Fiat Chrysler agreed to purchase $2.4 billion worth of emissions credits from Tesla from 2019 through 2021, likely accounting for a lion’s share of the roughly $2.2 billion recorded in total in credits sold in Tesla’s 2019 and 2020 10-K filings. However, after Fiat Chrysler merged with French automaker PSA Group in May to form Stellantis, this reliable revenue stream looks likely to fade.\n\"With the electrical technology that PSA brought to Stellantis, we will autonomously meet carbon dioxide emission regulations as early as this year,\" Stellantis CEO Carlos Tavares told French media after the merger. \"Thus, we will not need to call on European CO2 credits and [Fiat Chrysler] will no longer have to pool with Tesla or anyone.\"\nAlready Anticipated?\nTo be sure, the looming threat of regulatory credit sales eroding is by no means a novel development. CFO Zachary Kirkhorn noted in a call with analysts in mid-2020 that “we don’t manage the business with the assumption that regulatory credits will contribute significantly to the future. Eventually this will reduce.”\nKirkhorn’s focus on the core business, especially in terms of battery technology, rather than the regulatory credit sales, is bolstered by the thoughts of prominent Tesla bulls.\n“We have owned Tesla for a decade and from day one we expected regulatory credits to go to zero within three years,” Jennison Associates analyst Owuraka Koney said. “They are comfortable without these regulatory credits and they make money when you exclude these credits and these non-recurring costs that they face.”\nKoney cited Elon Musk’smassive compensation packagetied to the company's recent stock surges as a key non-recurring cost in this context. Further, Koney argued that the regulatory credit benefits are being unfairly compared to overall profitability, which he sees as an apples-and-oranges comparison. He explained that the more relevant comparison is to Tesla’s operating income, which was $1.99 billion on a GAAP basis in 2020, up over $2 billion from the figure in 2019. The leap suggests strength greater than that simply achieved via the regulatory credit benefit, in his view.\nMike Dovororany, VP of Automotive & Mobility at market research firm Escalent, seconded the rosier view held by Koney, reiterating that the risk of regulatory credits fading is well understood by savvy investors, and further that the current U.S. administration might actually aid Tesla’s ability to capitalize on regulation.\n“Because credit sales have always been the main driver behind Tesla’s profitability, investors should be well-accustomed to this risk,” he explained. “Also, as the Biden Administration looks to reconsider stricter emissions regulations, the EV credit market could become more important than ever.”\nWith the administration now proposing a $174-billion investment in the electric vehicle market aspart of the American Jobs Act, including new tax credits, there is certainly ample reason to be excited. Given Tesla's ability to capitalize on these incentives, it will be worth watching what the final bill entails when it crosses Biden's desk and whether it might mean lead to more big profits for Tesla.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":907,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":165954306,"gmtCreate":1624089587505,"gmtModify":1634010786735,"author":{"id":"3584486073664277","authorId":"3584486073664277","name":"JL9000","avatar":"https://static.tigerbbs.com/185ff843fc3784f1c1ee8d4306bd37b3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584486073664277","authorIdStr":"3584486073664277"},"themes":[],"htmlText":"Would have liked to try my hands on their software if i could","listText":"Would have liked to try my hands on their software if i could","text":"Would have liked to try my hands on their software if i could","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/165954306","repostId":"1192473918","repostType":4,"isVote":1,"tweetType":1,"viewCount":884,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":186811558,"gmtCreate":1623483924274,"gmtModify":1634032488375,"author":{"id":"3584486073664277","authorId":"3584486073664277","name":"JL9000","avatar":"https://static.tigerbbs.com/185ff843fc3784f1c1ee8d4306bd37b3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584486073664277","authorIdStr":"3584486073664277"},"themes":[],"htmlText":"Go for it","listText":"Go for it","text":"Go for it","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/186811558","repostId":"1135185071","repostType":2,"isVote":1,"tweetType":1,"viewCount":378,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":693199605,"gmtCreate":1639981116999,"gmtModify":1639981116999,"author":{"id":"3584486073664277","authorId":"3584486073664277","name":"JL9000","avatar":"https://static.tigerbbs.com/185ff843fc3784f1c1ee8d4306bd37b3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584486073664277","authorIdStr":"3584486073664277"},"themes":[],"htmlText":"Waiting...","listText":"Waiting...","text":"Waiting...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/693199605","repostId":"2190675535","repostType":2,"isVote":1,"tweetType":1,"viewCount":1623,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":165940814,"gmtCreate":1624089722738,"gmtModify":1634010785083,"author":{"id":"3584486073664277","authorId":"3584486073664277","name":"JL9000","avatar":"https://static.tigerbbs.com/185ff843fc3784f1c1ee8d4306bd37b3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584486073664277","authorIdStr":"3584486073664277"},"themes":[],"htmlText":"Holiday season...refers to nov onwards isnt it? It's only june-_-","listText":"Holiday season...refers to nov onwards isnt it? It's only june-_-","text":"Holiday season...refers to nov onwards isnt it? It's only june-_-","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/165940814","repostId":"1197466929","repostType":4,"isVote":1,"tweetType":1,"viewCount":1032,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":166068215,"gmtCreate":1623985717637,"gmtModify":1634024617672,"author":{"id":"3584486073664277","authorId":"3584486073664277","name":"JL9000","avatar":"https://static.tigerbbs.com/185ff843fc3784f1c1ee8d4306bd37b3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584486073664277","authorIdStr":"3584486073664277"},"themes":[],"htmlText":"Stop encouraging irresponsible gambling. Numbers analysis are biased and there're incredible number of ways to selectively pick stats to support arguments","listText":"Stop encouraging irresponsible gambling. Numbers analysis are biased and there're incredible number of ways to selectively pick stats to support arguments","text":"Stop encouraging irresponsible gambling. Numbers analysis are biased and there're incredible number of ways to selectively pick stats to support arguments","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/166068215","repostId":"2144946726","repostType":4,"isVote":1,"tweetType":1,"viewCount":1223,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":163017440,"gmtCreate":1623853431880,"gmtModify":1634027032446,"author":{"id":"3584486073664277","authorId":"3584486073664277","name":"JL9000","avatar":"https://static.tigerbbs.com/185ff843fc3784f1c1ee8d4306bd37b3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584486073664277","authorIdStr":"3584486073664277"},"themes":[],"htmlText":"Are they really legit?","listText":"Are they really legit?","text":"Are they really legit?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/163017440","repostId":"2143912677","repostType":4,"isVote":1,"tweetType":1,"viewCount":313,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":186642047,"gmtCreate":1623496568589,"gmtModify":1634032364567,"author":{"id":"3584486073664277","authorId":"3584486073664277","name":"JL9000","avatar":"https://static.tigerbbs.com/185ff843fc3784f1c1ee8d4306bd37b3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584486073664277","authorIdStr":"3584486073664277"},"themes":[],"htmlText":"Maybe a lot of people dont really give a crap what they are called. At least i don't","listText":"Maybe a lot of people dont really give a crap what they are called. At least i don't","text":"Maybe a lot of people dont really give a crap what they are called. At least i don't","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/186642047","repostId":"1147474880","repostType":4,"repost":{"id":"1147474880","kind":"news","pubTimestamp":1623470168,"share":"https://www.laohu8.com/m/news/1147474880?lang=&edition=full","pubTime":"2021-06-12 11:56","market":"us","language":"en","title":"Investor, Trader, Speculator: Which One Are You?","url":"https://stock-news.laohu8.com/highlight/detail?id=1147474880","media":"The Wall Street Journal","summary":"Understanding the difference between speculation and investing is essential to avoiding reckless ris","content":"<blockquote>\n Understanding the difference between speculation and investing is essential to avoiding reckless risk.\n</blockquote>\n<p>I’ve had it.</p>\n<p>The Wall Street Journal is wrong, and has remained wrong for decades, about one of the most basic distinctions in finance. And I can’t stand it anymore.</p>\n<p>If you buy a stock purely because it’s gone up a lot, without doing any research on it whatsoever, you are not—as the Journal and its editors bizarrely insist on calling you—an “investor.” If you buy a cryptocurrency because, hey, that sounds like fun, you aren’t an investor either.</p>\n<p>Whenever you buy any financial asset becauseyou have a hunchorjust for kicks, or becausesomebody famous is hyping the heck out of itoreverybody else seems to be buying it too, you aren’t investing.</p>\n<p>You’re definitely a trader: someone who has just bought an asset. And you may bea speculator: someone who thinks other people will pay more for it than you did.</p>\n<p>Of course,some folkswho buy meme stocks likeGameStopCorp.GME5.88%<i>are</i>investors. They read the companies’ financial statements, study the health of the underlying businesses and learn who else is betting on or against the shares. Likewise, many buyers of digital coins have put in the time and effort to understand how cryptocurrency works and how it could reshape finance.</p>\n<p>An investor relies on internal sources of return: earnings, income, growth in the value of assets. A speculator counts on external sources of return: primarilywhether somebody else will pay more, regardless of fundamental value.</p>\n<p>The word investor comes from the Latin “investire,” to dress in or clothe oneself, surround or envelop. You would never wear clothes without knowing what color they are or what material they’re made of. Likewise, you can’t invest in an asset you know nothing about.</p>\n<p>Nevertheless, the Journal and its editors have long called almost everybody who buys just about anything an “investor.” On July 12, 1962, the Journal publisheda letter to the editorfrom Benjamin Graham, author of the classic books “Security Analysis” and “The Intelligent Investor.” That June, complained Graham, the Journal had run an article headlined “Many Small Investors Bet on Further Drops, Sell Odd Lots Short.”</p>\n<p>He wrote: “By what definition of ‘investment’ can one give the name ‘investors’ to small people who make bets on the stock market by selling odd lots short?” (To short an odd lot is to borrow and sell fewer than 100 shares in a wager that a stock will fall—an expensive and risky bet, then and now.)</p>\n<p>“If these people are investors,” asked Graham, “how should one define ‘speculation’ and ‘speculators’? Isn’t it possible that the currentfailure to distinguishbetweeninvestment and speculationmay do grave harm not only to individuals but to the whole financial community—as it did in the late 1920s?”</p>\n<p>Graham wasn’t a snob who thought that the markets should be the exclusive playground of the rich. He wrote “The Intelligent Investor” with the express purpose of helping less-wealthy people participate wisely in the stock market.</p>\n<p>In that book, after which this column is named, Graham said, “Outright speculation is neither illegal, immoral, nor (for most people) fattening to the pocketbook.”</p>\n<p>However, he warned, it creates three dangers: “(1) speculating when you think you are investing; (2) speculating seriously instead of as a pastime, when you lack proper knowledge and skill for it; and (3) risking more money in speculation than you can afford to lose.”</p>\n<p>Most investors speculate a bit every once in a while. Like a lottery ticket or an occasional visit to the racetrack or casino, a little is harmless fun. A lot isn’t.</p>\n<p>If you think you’re investing when you’re speculating, you’ll attribute even momentary success to skill even thoughluck is the likeliest explanation. That can lead you to take reckless risks.</p>\n<p>Take speculating too seriously, and it turns intoan obsessionandan addiction. You become incapable of accepting your losses or focusing on the future more than a few minutes ahead. Next thing you know, you’re throwing even more money onto the bonfire.</p>\n<p>I think calling traders and speculators “investors” shoves many newcomers farther down the slippery slope toward risks they shouldn’t take and losses they can’t afford. I fervently hope the Journal and its editors will finally stop using “investor” as the default term for anyone who makes a trade.</p>\n<p>“ ‘Investor’ has a long history in the English language as a catch-all term denoting people who commit capital with the expectation of a return, no matter how long or short, no matter how many or how few investing columns they read,” WSJ Financial Editor Charles Forelle said in response to my complaints. “Back at least to the mid-19th century, ‘invest’ has even been used to describe a wager on horses—an activity surely no less divorced from fundamental analysis than a purchase of dogecoin.”</p>\n<p>I hear you, Boss, but I still think you’re wrong. There’s no way the Journal would say a recreational gambler is “investing” at the racetrack just because a dictionary says we can.</p>\n<p>Calling novice speculators “investors” is one of the most powerful ways marketers fuel excessive trading.</p>\n<p>Ina recent Instagram post, a former porn star who goes by the name Lana Rhoades posed in—well, mostly in—a bikini, as she held up what appears to be Graham’s “The Intelligent Investor.” According to IMDb.com, she starred in such videos as “Tushy” and “Make Me Meow.”</p>\n<p>In her post, which was “liked” by nearly 1.8 million people, Ms. Rhoades announced that she will be promoting a cryptocurrency calledPAWGcoin.</p>\n<p>The currency’s website says the coin is meant for “those who pay homage to developed posteriors.” (PAWG, I’ve been reliably informed, stands for Phat Ass White Girl.)</p>\n<p>PAWGcoin is up roughly 900% since Ms. Rhoades began promoting it in early June, according to Poocoin.io, a website that tracks such digital currencies.</p>\n<p>Ms. Rhoades, who has tweeted “I also read the WSJ every morning,” couldn’t be reached for comment. PAWGcoin’s website encourages visitors to “invest now.”</p>\n<p>In Ms. Rhoades’s Instagram post, she is holding up an open copy of the “The Intelligent Investor,” whose cover is reversed. She appears to be reading it with her eyes closed.</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>Investor, Trader, Speculator: Which One Are You?</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nInvestor, Trader, Speculator: Which One Are You?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-12 11:56 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.wsj.com/articles/you-cant-invest-without-trading-you-can-trade-without-investing-11623426213?mod=markets_lead_pos5><strong>The Wall Street Journal</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Understanding the difference between speculation and investing is essential to avoiding reckless risk.\n\nI’ve had it.\nThe Wall Street Journal is wrong, and has remained wrong for decades, about one of ...</p>\n\n<a href=\"https://www.wsj.com/articles/you-cant-invest-without-trading-you-can-trade-without-investing-11623426213?mod=markets_lead_pos5\">Web Link</a>\n\n</div>\n\n\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","SPY":"标普500ETF"},"source_url":"https://www.wsj.com/articles/you-cant-invest-without-trading-you-can-trade-without-investing-11623426213?mod=markets_lead_pos5","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1147474880","content_text":"Understanding the difference between speculation and investing is essential to avoiding reckless risk.\n\nI’ve had it.\nThe Wall Street Journal is wrong, and has remained wrong for decades, about one of the most basic distinctions in finance. And I can’t stand it anymore.\nIf you buy a stock purely because it’s gone up a lot, without doing any research on it whatsoever, you are not—as the Journal and its editors bizarrely insist on calling you—an “investor.” If you buy a cryptocurrency because, hey, that sounds like fun, you aren’t an investor either.\nWhenever you buy any financial asset becauseyou have a hunchorjust for kicks, or becausesomebody famous is hyping the heck out of itoreverybody else seems to be buying it too, you aren’t investing.\nYou’re definitely a trader: someone who has just bought an asset. And you may bea speculator: someone who thinks other people will pay more for it than you did.\nOf course,some folkswho buy meme stocks likeGameStopCorp.GME5.88%areinvestors. They read the companies’ financial statements, study the health of the underlying businesses and learn who else is betting on or against the shares. Likewise, many buyers of digital coins have put in the time and effort to understand how cryptocurrency works and how it could reshape finance.\nAn investor relies on internal sources of return: earnings, income, growth in the value of assets. A speculator counts on external sources of return: primarilywhether somebody else will pay more, regardless of fundamental value.\nThe word investor comes from the Latin “investire,” to dress in or clothe oneself, surround or envelop. You would never wear clothes without knowing what color they are or what material they’re made of. Likewise, you can’t invest in an asset you know nothing about.\nNevertheless, the Journal and its editors have long called almost everybody who buys just about anything an “investor.” On July 12, 1962, the Journal publisheda letter to the editorfrom Benjamin Graham, author of the classic books “Security Analysis” and “The Intelligent Investor.” That June, complained Graham, the Journal had run an article headlined “Many Small Investors Bet on Further Drops, Sell Odd Lots Short.”\nHe wrote: “By what definition of ‘investment’ can one give the name ‘investors’ to small people who make bets on the stock market by selling odd lots short?” (To short an odd lot is to borrow and sell fewer than 100 shares in a wager that a stock will fall—an expensive and risky bet, then and now.)\n“If these people are investors,” asked Graham, “how should one define ‘speculation’ and ‘speculators’? Isn’t it possible that the currentfailure to distinguishbetweeninvestment and speculationmay do grave harm not only to individuals but to the whole financial community—as it did in the late 1920s?”\nGraham wasn’t a snob who thought that the markets should be the exclusive playground of the rich. He wrote “The Intelligent Investor” with the express purpose of helping less-wealthy people participate wisely in the stock market.\nIn that book, after which this column is named, Graham said, “Outright speculation is neither illegal, immoral, nor (for most people) fattening to the pocketbook.”\nHowever, he warned, it creates three dangers: “(1) speculating when you think you are investing; (2) speculating seriously instead of as a pastime, when you lack proper knowledge and skill for it; and (3) risking more money in speculation than you can afford to lose.”\nMost investors speculate a bit every once in a while. Like a lottery ticket or an occasional visit to the racetrack or casino, a little is harmless fun. A lot isn’t.\nIf you think you’re investing when you’re speculating, you’ll attribute even momentary success to skill even thoughluck is the likeliest explanation. That can lead you to take reckless risks.\nTake speculating too seriously, and it turns intoan obsessionandan addiction. You become incapable of accepting your losses or focusing on the future more than a few minutes ahead. Next thing you know, you’re throwing even more money onto the bonfire.\nI think calling traders and speculators “investors” shoves many newcomers farther down the slippery slope toward risks they shouldn’t take and losses they can’t afford. I fervently hope the Journal and its editors will finally stop using “investor” as the default term for anyone who makes a trade.\n“ ‘Investor’ has a long history in the English language as a catch-all term denoting people who commit capital with the expectation of a return, no matter how long or short, no matter how many or how few investing columns they read,” WSJ Financial Editor Charles Forelle said in response to my complaints. “Back at least to the mid-19th century, ‘invest’ has even been used to describe a wager on horses—an activity surely no less divorced from fundamental analysis than a purchase of dogecoin.”\nI hear you, Boss, but I still think you’re wrong. There’s no way the Journal would say a recreational gambler is “investing” at the racetrack just because a dictionary says we can.\nCalling novice speculators “investors” is one of the most powerful ways marketers fuel excessive trading.\nIna recent Instagram post, a former porn star who goes by the name Lana Rhoades posed in—well, mostly in—a bikini, as she held up what appears to be Graham’s “The Intelligent Investor.” According to IMDb.com, she starred in such videos as “Tushy” and “Make Me Meow.”\nIn her post, which was “liked” by nearly 1.8 million people, Ms. Rhoades announced that she will be promoting a cryptocurrency calledPAWGcoin.\nThe currency’s website says the coin is meant for “those who pay homage to developed posteriors.” (PAWG, I’ve been reliably informed, stands for Phat Ass White Girl.)\nPAWGcoin is up roughly 900% since Ms. Rhoades began promoting it in early June, according to Poocoin.io, a website that tracks such digital currencies.\nMs. Rhoades, who has tweeted “I also read the WSJ every morning,” couldn’t be reached for comment. PAWGcoin’s website encourages visitors to “invest now.”\nIn Ms. Rhoades’s Instagram post, she is holding up an open copy of the “The Intelligent Investor,” whose cover is reversed. She appears to be reading it with her eyes closed.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":354,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":186816301,"gmtCreate":1623484023603,"gmtModify":1634032487193,"author":{"id":"3584486073664277","authorId":"3584486073664277","name":"JL9000","avatar":"https://static.tigerbbs.com/185ff843fc3784f1c1ee8d4306bd37b3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584486073664277","authorIdStr":"3584486073664277"},"themes":[],"htmlText":"Lol","listText":"Lol","text":"Lol","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/186816301","repostId":"1147474880","repostType":4,"repost":{"id":"1147474880","kind":"news","pubTimestamp":1623470168,"share":"https://www.laohu8.com/m/news/1147474880?lang=&edition=full","pubTime":"2021-06-12 11:56","market":"us","language":"en","title":"Investor, Trader, Speculator: Which One Are You?","url":"https://stock-news.laohu8.com/highlight/detail?id=1147474880","media":"The Wall Street Journal","summary":"Understanding the difference between speculation and investing is essential to avoiding reckless ris","content":"<blockquote>\n Understanding the difference between speculation and investing is essential to avoiding reckless risk.\n</blockquote>\n<p>I’ve had it.</p>\n<p>The Wall Street Journal is wrong, and has remained wrong for decades, about one of the most basic distinctions in finance. And I can’t stand it anymore.</p>\n<p>If you buy a stock purely because it’s gone up a lot, without doing any research on it whatsoever, you are not—as the Journal and its editors bizarrely insist on calling you—an “investor.” If you buy a cryptocurrency because, hey, that sounds like fun, you aren’t an investor either.</p>\n<p>Whenever you buy any financial asset becauseyou have a hunchorjust for kicks, or becausesomebody famous is hyping the heck out of itoreverybody else seems to be buying it too, you aren’t investing.</p>\n<p>You’re definitely a trader: someone who has just bought an asset. And you may bea speculator: someone who thinks other people will pay more for it than you did.</p>\n<p>Of course,some folkswho buy meme stocks likeGameStopCorp.GME5.88%<i>are</i>investors. They read the companies’ financial statements, study the health of the underlying businesses and learn who else is betting on or against the shares. Likewise, many buyers of digital coins have put in the time and effort to understand how cryptocurrency works and how it could reshape finance.</p>\n<p>An investor relies on internal sources of return: earnings, income, growth in the value of assets. A speculator counts on external sources of return: primarilywhether somebody else will pay more, regardless of fundamental value.</p>\n<p>The word investor comes from the Latin “investire,” to dress in or clothe oneself, surround or envelop. You would never wear clothes without knowing what color they are or what material they’re made of. Likewise, you can’t invest in an asset you know nothing about.</p>\n<p>Nevertheless, the Journal and its editors have long called almost everybody who buys just about anything an “investor.” On July 12, 1962, the Journal publisheda letter to the editorfrom Benjamin Graham, author of the classic books “Security Analysis” and “The Intelligent Investor.” That June, complained Graham, the Journal had run an article headlined “Many Small Investors Bet on Further Drops, Sell Odd Lots Short.”</p>\n<p>He wrote: “By what definition of ‘investment’ can one give the name ‘investors’ to small people who make bets on the stock market by selling odd lots short?” (To short an odd lot is to borrow and sell fewer than 100 shares in a wager that a stock will fall—an expensive and risky bet, then and now.)</p>\n<p>“If these people are investors,” asked Graham, “how should one define ‘speculation’ and ‘speculators’? Isn’t it possible that the currentfailure to distinguishbetweeninvestment and speculationmay do grave harm not only to individuals but to the whole financial community—as it did in the late 1920s?”</p>\n<p>Graham wasn’t a snob who thought that the markets should be the exclusive playground of the rich. He wrote “The Intelligent Investor” with the express purpose of helping less-wealthy people participate wisely in the stock market.</p>\n<p>In that book, after which this column is named, Graham said, “Outright speculation is neither illegal, immoral, nor (for most people) fattening to the pocketbook.”</p>\n<p>However, he warned, it creates three dangers: “(1) speculating when you think you are investing; (2) speculating seriously instead of as a pastime, when you lack proper knowledge and skill for it; and (3) risking more money in speculation than you can afford to lose.”</p>\n<p>Most investors speculate a bit every once in a while. Like a lottery ticket or an occasional visit to the racetrack or casino, a little is harmless fun. A lot isn’t.</p>\n<p>If you think you’re investing when you’re speculating, you’ll attribute even momentary success to skill even thoughluck is the likeliest explanation. That can lead you to take reckless risks.</p>\n<p>Take speculating too seriously, and it turns intoan obsessionandan addiction. You become incapable of accepting your losses or focusing on the future more than a few minutes ahead. Next thing you know, you’re throwing even more money onto the bonfire.</p>\n<p>I think calling traders and speculators “investors” shoves many newcomers farther down the slippery slope toward risks they shouldn’t take and losses they can’t afford. I fervently hope the Journal and its editors will finally stop using “investor” as the default term for anyone who makes a trade.</p>\n<p>“ ‘Investor’ has a long history in the English language as a catch-all term denoting people who commit capital with the expectation of a return, no matter how long or short, no matter how many or how few investing columns they read,” WSJ Financial Editor Charles Forelle said in response to my complaints. “Back at least to the mid-19th century, ‘invest’ has even been used to describe a wager on horses—an activity surely no less divorced from fundamental analysis than a purchase of dogecoin.”</p>\n<p>I hear you, Boss, but I still think you’re wrong. There’s no way the Journal would say a recreational gambler is “investing” at the racetrack just because a dictionary says we can.</p>\n<p>Calling novice speculators “investors” is one of the most powerful ways marketers fuel excessive trading.</p>\n<p>Ina recent Instagram post, a former porn star who goes by the name Lana Rhoades posed in—well, mostly in—a bikini, as she held up what appears to be Graham’s “The Intelligent Investor.” According to IMDb.com, she starred in such videos as “Tushy” and “Make Me Meow.”</p>\n<p>In her post, which was “liked” by nearly 1.8 million people, Ms. Rhoades announced that she will be promoting a cryptocurrency calledPAWGcoin.</p>\n<p>The currency’s website says the coin is meant for “those who pay homage to developed posteriors.” (PAWG, I’ve been reliably informed, stands for Phat Ass White Girl.)</p>\n<p>PAWGcoin is up roughly 900% since Ms. Rhoades began promoting it in early June, according to Poocoin.io, a website that tracks such digital currencies.</p>\n<p>Ms. Rhoades, who has tweeted “I also read the WSJ every morning,” couldn’t be reached for comment. PAWGcoin’s website encourages visitors to “invest now.”</p>\n<p>In Ms. Rhoades’s Instagram post, she is holding up an open copy of the “The Intelligent Investor,” whose cover is reversed. She appears to be reading it with her eyes closed.</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>Investor, Trader, Speculator: Which One Are You?</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nInvestor, Trader, Speculator: Which One Are You?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-12 11:56 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.wsj.com/articles/you-cant-invest-without-trading-you-can-trade-without-investing-11623426213?mod=markets_lead_pos5><strong>The Wall Street Journal</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Understanding the difference between speculation and investing is essential to avoiding reckless risk.\n\nI’ve had it.\nThe Wall Street Journal is wrong, and has remained wrong for decades, about one of ...</p>\n\n<a href=\"https://www.wsj.com/articles/you-cant-invest-without-trading-you-can-trade-without-investing-11623426213?mod=markets_lead_pos5\">Web Link</a>\n\n</div>\n\n\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","SPY":"标普500ETF"},"source_url":"https://www.wsj.com/articles/you-cant-invest-without-trading-you-can-trade-without-investing-11623426213?mod=markets_lead_pos5","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1147474880","content_text":"Understanding the difference between speculation and investing is essential to avoiding reckless risk.\n\nI’ve had it.\nThe Wall Street Journal is wrong, and has remained wrong for decades, about one of the most basic distinctions in finance. And I can’t stand it anymore.\nIf you buy a stock purely because it’s gone up a lot, without doing any research on it whatsoever, you are not—as the Journal and its editors bizarrely insist on calling you—an “investor.” If you buy a cryptocurrency because, hey, that sounds like fun, you aren’t an investor either.\nWhenever you buy any financial asset becauseyou have a hunchorjust for kicks, or becausesomebody famous is hyping the heck out of itoreverybody else seems to be buying it too, you aren’t investing.\nYou’re definitely a trader: someone who has just bought an asset. And you may bea speculator: someone who thinks other people will pay more for it than you did.\nOf course,some folkswho buy meme stocks likeGameStopCorp.GME5.88%areinvestors. They read the companies’ financial statements, study the health of the underlying businesses and learn who else is betting on or against the shares. Likewise, many buyers of digital coins have put in the time and effort to understand how cryptocurrency works and how it could reshape finance.\nAn investor relies on internal sources of return: earnings, income, growth in the value of assets. A speculator counts on external sources of return: primarilywhether somebody else will pay more, regardless of fundamental value.\nThe word investor comes from the Latin “investire,” to dress in or clothe oneself, surround or envelop. You would never wear clothes without knowing what color they are or what material they’re made of. Likewise, you can’t invest in an asset you know nothing about.\nNevertheless, the Journal and its editors have long called almost everybody who buys just about anything an “investor.” On July 12, 1962, the Journal publisheda letter to the editorfrom Benjamin Graham, author of the classic books “Security Analysis” and “The Intelligent Investor.” That June, complained Graham, the Journal had run an article headlined “Many Small Investors Bet on Further Drops, Sell Odd Lots Short.”\nHe wrote: “By what definition of ‘investment’ can one give the name ‘investors’ to small people who make bets on the stock market by selling odd lots short?” (To short an odd lot is to borrow and sell fewer than 100 shares in a wager that a stock will fall—an expensive and risky bet, then and now.)\n“If these people are investors,” asked Graham, “how should one define ‘speculation’ and ‘speculators’? Isn’t it possible that the currentfailure to distinguishbetweeninvestment and speculationmay do grave harm not only to individuals but to the whole financial community—as it did in the late 1920s?”\nGraham wasn’t a snob who thought that the markets should be the exclusive playground of the rich. He wrote “The Intelligent Investor” with the express purpose of helping less-wealthy people participate wisely in the stock market.\nIn that book, after which this column is named, Graham said, “Outright speculation is neither illegal, immoral, nor (for most people) fattening to the pocketbook.”\nHowever, he warned, it creates three dangers: “(1) speculating when you think you are investing; (2) speculating seriously instead of as a pastime, when you lack proper knowledge and skill for it; and (3) risking more money in speculation than you can afford to lose.”\nMost investors speculate a bit every once in a while. Like a lottery ticket or an occasional visit to the racetrack or casino, a little is harmless fun. A lot isn’t.\nIf you think you’re investing when you’re speculating, you’ll attribute even momentary success to skill even thoughluck is the likeliest explanation. That can lead you to take reckless risks.\nTake speculating too seriously, and it turns intoan obsessionandan addiction. You become incapable of accepting your losses or focusing on the future more than a few minutes ahead. Next thing you know, you’re throwing even more money onto the bonfire.\nI think calling traders and speculators “investors” shoves many newcomers farther down the slippery slope toward risks they shouldn’t take and losses they can’t afford. I fervently hope the Journal and its editors will finally stop using “investor” as the default term for anyone who makes a trade.\n“ ‘Investor’ has a long history in the English language as a catch-all term denoting people who commit capital with the expectation of a return, no matter how long or short, no matter how many or how few investing columns they read,” WSJ Financial Editor Charles Forelle said in response to my complaints. “Back at least to the mid-19th century, ‘invest’ has even been used to describe a wager on horses—an activity surely no less divorced from fundamental analysis than a purchase of dogecoin.”\nI hear you, Boss, but I still think you’re wrong. There’s no way the Journal would say a recreational gambler is “investing” at the racetrack just because a dictionary says we can.\nCalling novice speculators “investors” is one of the most powerful ways marketers fuel excessive trading.\nIna recent Instagram post, a former porn star who goes by the name Lana Rhoades posed in—well, mostly in—a bikini, as she held up what appears to be Graham’s “The Intelligent Investor.” According to IMDb.com, she starred in such videos as “Tushy” and “Make Me Meow.”\nIn her post, which was “liked” by nearly 1.8 million people, Ms. Rhoades announced that she will be promoting a cryptocurrency calledPAWGcoin.\nThe currency’s website says the coin is meant for “those who pay homage to developed posteriors.” (PAWG, I’ve been reliably informed, stands for Phat Ass White Girl.)\nPAWGcoin is up roughly 900% since Ms. Rhoades began promoting it in early June, according to Poocoin.io, a website that tracks such digital currencies.\nMs. Rhoades, who has tweeted “I also read the WSJ every morning,” couldn’t be reached for comment. PAWGcoin’s website encourages visitors to “invest now.”\nIn Ms. Rhoades’s Instagram post, she is holding up an open copy of the “The Intelligent Investor,” whose cover is reversed. She appears to be reading it with her eyes closed.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":310,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}