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KeenLee

KeenLee

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2021-12-06

Great

Stocks linked to the reopening of the economy gained on Monday<blockquote>与经济重新开放相关的股票周一上涨</blockquote>

2021-11-15

Interesting

Bitcoin Creator Satoshi Nakamoto Could Be Unmasked at Florida Trial<blockquote>比特币创始人中本聪可能会在佛罗里达州审判中被揭露</blockquote>

2021-11-15

GE splitting up is good on the long run as her debt is mounting up. But these are not good for shareholders holding on their stocks.

GE and JNJ Aren't the Only Aging Companies That Could Benefit From a Breakup<blockquote>GE 和 JNJ 并不是唯一可以从分拆中受益的老龄化公司</blockquote>

2021-11-12

$FuelCell(FCEL)$Potential

2021-11-12

experiment failure

2021-11-11

$SINGAPORE POST LIMITED(S08.SI)$Buy

2021-11-10

$OCEANUS GROUP LIMITED(579.SI)$Haha

2021-11-09

$SPDR S&P500 US$(S27.SI)$buy

2021-11-08

$EVERGRANDE(03333)$Making a come back?

2021-11-08

$GLOBALFOUNDRIES Inc.(GFS)$Buy

2021-11-07

2021-11-06

$EVERGRANDE(03333)$Out yet

2021-11-06

$SEMBCORP MARINE LTD(S51.SI)$Great

2021-11-05

$SEMBCORP MARINE LTD(S51.SI)$What todo?

2021-11-05

$FuelCell(FCEL)$Buy

2021-11-05

$GLOBALFOUNDRIES Inc.(GFS)$Buy

2021-11-04

$Intel(INTC)$Wait

2021-11-04

$United Continental(UAL)$Buy

2021-11-03

$HOTEL GRAND CENTRAL LTD(H18.SI)$Watch

2021-11-03

$GLOBALFOUNDRIES Inc.(GFS)$Buy

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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; 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#7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nStocks linked to the reopening of the economy gained on Monday<blockquote>与经济重新开放相关的股票周一上涨</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-12-06 23:26</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Stocks linked to the reopening of the economy gained on Monday.Airlines,Cruise lines&nbsp;and&nbsp;travel booking stocks&nbsp;jumped&nbsp;in morning trading.</p><p><blockquote>与经济重新开放相关的股票周一上涨.航空公司、邮轮公司和旅游预订股在早盘交易中上涨。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/651aa4b1311ccf3c19aeb54b31cfa75d\" tg-width=\"410\" tg-height=\"485\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/f544513dbaea07f8bfb6ef95f4787209\" tg-width=\"416\" tg-height=\"188\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/f38b5565430c470461254d0b06da3752\" tg-width=\"405\" tg-height=\"178\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"RCL":"皇家加勒比邮轮","BA":"波音","ALK":"阿拉斯加航空集团有限公司","JBLU":"捷蓝航空","EXPE":"Expedia","BKNG":"Booking Holdings","DAL":"达美航空","CCL":"嘉年华邮轮","SAVE":"Spirit Airlines","AAL":"美国航空","UAL":"联合大陆航空","NCLH":"挪威邮轮","ABNB":"爱彼迎","LUV":"西南航空"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1189410190","content_text":"Stocks linked to the reopening of the economy gained on Monday.Airlines,Cruise lines and travel booking stocks jumped in morning trading.","news_type":1,"symbols_score_info":{"EXPE":0.9,"ABNB":0.9,"CCL":0.9,"RCL":0.9,"BKNG":0.9,"BA":0.9,"SAVE":0.9,"DAL":0.9,"UAL":0.9,"LUV":0.9,"JBLU":0.9,"AAL":0.9,"NCLH":0.9,"ALK":0.9}},"isVote":1,"tweetType":1,"viewCount":3214,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":873688279,"gmtCreate":1636937988649,"gmtModify":1636937988800,"author":{"id":"3585889404495674","authorId":"3585889404495674","name":"KeenLee","avatar":"https://static.tigerbbs.com/43c0bfe9c8189d73470475a7121102b2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585889404495674","idStr":"3585889404495674"},"themes":[],"title":"","htmlText":"Interesting&nbsp;","listText":"Interesting&nbsp;","text":"Interesting","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/873688279","repostId":"1185900809","repostType":4,"repost":{"id":"1185900809","kind":"news","pubTimestamp":1636934113,"share":"https://www.laohunote.com/m/news/1185900809?lang=zh_CN&edition=full","pubTime":"2021-11-15 07:55","market":"us","language":"en","title":"Bitcoin Creator Satoshi Nakamoto Could Be Unmasked at Florida Trial<blockquote>比特币创始人中本聪可能会在佛罗里达州审判中被揭露</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1185900809","media":"WSJ","summary":"A seemingly run-of-the-mill trial is playing out in Florida: The family of a deceased man is suing h","content":"<p>A seemingly run-of-the-mill trial is playing out in Florida: The family of a deceased man is suing his former business partner over control of their partnership’s assets.</p><p><blockquote>一场看似普通的审判正在佛罗里达州上演： 一名已故男子的家人起诉他的前商业伙伴，要求其控制合伙企业的资产。</blockquote></p><p> In this case, the assets in question are a cache of about one million bitcoins, equivalent to around $64 billion today, belonging to bitcoin’s creator, the pseudonymous Satoshi Nakamoto. The family of the dead man says he and his business partner together were Nakamoto, and thus the family is entitled to half of the fortune.</p><p><blockquote>在这种情况下，涉案资产是一个大约 100 万个比特币的缓存，相当于今天的约 640 亿美元，属于比特币的创造者、化名中本聪。死者的家人说，他和他的商业伙伴是中本，因此这个家庭有权获得一半的财产。</blockquote></p><p> Who Satoshi Nakamoto is has been one of the financial world’s enduring mysteries. Does the name refer to one person? Or several? And why has he or she or they not touched a penny of that fortune?</p><p><blockquote>中本聪是谁一直是金融界长久以来的谜团之一。这个名字是指一个人吗？还是几个？为什么他或她或他们没有碰一分钱？</blockquote></p><p> The answers to those questions are at the center of the Florida dispute and of bitcoin itself. Bitcoin has become a trillion-dollar market, with tens of millions of investors. It has challenged governments trying to regulate it and has been endorsed by some. The technology behind it is seen by some as a way to rewire the global financial system. Yet, who created it and why has remained a mystery.</p><p><blockquote>这些问题的答案是佛罗里达争端和比特币本身的核心。比特币已经成为一个万亿美元的市场，拥有数千万的投资者。它对试图监管它的政府提出了挑战，并得到了一些人的支持。它背后的技术被一些人视为重组全球金融体系的一种方式。然而，谁创造了它以及为什么创造它仍然是一个谜。</blockquote></p><p> And that is all before you get to who controls one of the largest private fortunes in the world.</p><p><blockquote>这都是在你弄清楚谁控制着世界上最大的私人财富之一之前。</blockquote></p><p> That is what a Florida jury will try to tackle. The family of David Kleiman is suing his former business partner, a 51-year-old Australian programmer living in London named Craig Wright. Mr. Wright has been arguing since 2016 that he created bitcoin, a claim dismissed by most in the bitcoin community. Mr. Kleiman’s family argues that the two worked on and mined bitcoin together, entitling Mr. Kleiman’s family to half a million bitcoins.</p><p><blockquote>这就是佛罗里达陪审团试图解决的问题。大卫·克莱曼的家人正在起诉他的前商业伙伴，一位居住在伦敦的51岁澳大利亚程序员克雷格·赖特。赖特自2016年以来一直声称他创建了比特币，这一说法被比特币社区的大多数人驳斥。克莱曼先生的家人辩称，两人一起开发和开采比特币，克莱曼先生的家人有权获得 50 万个比特币。</blockquote></p><p> “We believe the evidence will show there was a partnership to create and mine over one million bitcoin,” said Vel Freedman, a lawyer for the Kleiman family.</p><p><blockquote>“克莱曼家族的律师维尔-弗里德曼（Vel Freedman）说：”我们相信证据将表明，双方建立了合作关系，共同创造和开采了超过一百万个比特币。</blockquote></p><p> The plaintiffs plan to produce evidence showing that the two were involved in bitcoin since its inception and worked together.</p><p><blockquote>原告计划拿出证据，证明两人从比特币一开始就参与其中，并一起工作。</blockquote></p><p> “It is about two friends who had a partnership, and about how one of them tried to take everything for himself after the other died,” said Tibor Nagy, a lawyer who has been observing the trial.</p><p><blockquote>“一直在旁听庭审的律师蒂博尔-纳吉（Tibor Nagy）说：”故事讲述的是两个朋友的合伙关系，以及其中一个朋友在另一个朋友死后如何试图将一切据为己有。</blockquote></p><p> The defense said it has evidence that will show Mr. Wright is the creator of bitcoin and never included Mr. Kleiman. “We believe the court will find there’s nothing to indicate or record that they were in a partnership,” said Andrés Rivero, a lawyer for Mr. Wright.</p><p><blockquote>辩方表示，他们有证据表明赖特是比特币的创造者，从未包括克莱曼。“赖特先生的律师安德烈斯-里韦罗（Andrés Rivero）说：”我们相信法庭会发现没有任何迹象表明或记录他们是合伙关系。</blockquote></p><p> For bitcoiners, there is only one piece of evidence that could conclusively prove the identity of Satoshi Nakamoto: the private key that controls the account where Nakamoto stored the one million bitcoins. Anyone claiming to be Satoshi Nakamoto could show that he or she has them by moving even a fraction of a coin out of it.</p><p><blockquote>对于比特币爱好者来说，只有一项证据可以确凿地证明中本聪的身份：控制中本聪存储100万比特币账户的私钥。任何自称是中本聪的人都可以通过取出哪怕一小部分硬币来证明他或她拥有它们。</blockquote></p><p> The mystery of Satoshi Nakamoto is one of the curiosities of bitcoin. On Oct. 31, 2008, somebody using that name sent a nine-page paper to a group of cryptographers explaining a system of “electronic cash” that allowed people to exchange value without the need for a bank or other party. A few months later, the bitcoin network went live, and Nakamoto collected one million bitcoins in its first year.</p><p><blockquote>中本聪之谜是比特币的好奇心之一。2008 年 10 月 31 日，有人用这个名字向一群密码学家发送了一份九页纸，解释了一种 “电子现金 ”系统，该系统允许人们在不需要银行或其他方的情况下交换价值。几个月后，比特币网络上线，中本聪在第一年就收集了100万个比特币。</blockquote></p><p> It was earlier in 2008 that the family of Mr. Kleiman claims his business partner Mr. Wright asked for Mr. Kleiman’s help in what would become that nine-page paper. They collaborated on the white paper and launched bitcoin together, the suit alleges.</p><p><blockquote>2008 年早些时候，克莱曼先生的家人声称，他的商业伙伴赖特先生曾请求克莱曼先生帮助撰写这份九页纸。诉讼称，他们在白皮书上进行了合作，并一起推出了比特币。</blockquote></p><p> Bitcoin combined encryption, cryptography, distributed computing and game theory. With bitcoin, two people, anywhere in the world with an internet connection, could transact without a middleman in minutes.</p><p><blockquote>比特币结合了加密、密码学、分布式计算和博弈论。有了比特币，两个人，无论在世界任何地方，只要有互联网连接，都可以在几分钟内进行交易，而无需中间人。</blockquote></p><p> For every single one of the more than 650 million bitcoin transactions, all publicly visible on a ledger called the “blockchain,” there are two strings of numbers that control how the digital currency is moved: a public key and a private key. Anybody can send bitcoin to the public key, or the destination address, which is similar to a bank account. Only the person who controls the account will have the private key and essentially own the bitcoin.</p><p><blockquote>超过 6.5 亿笔比特币交易中的每一笔都在一个名为 “区块链 ”的账本上公开可见，其中每一笔交易都有两串数字控制着数字货币的移动方式：公钥和私钥。任何人都可以将比特币发送到公钥或目标地址，类似于银行账户。只有控制帐户的人才会拥有私钥，并且基本上拥有比特币。</blockquote></p><p> In bitcoin’s early days, nobody cared much about Nakamoto’s identity. Bitcoin had no tangible value and only a small group of backers. Nakamoto was active in its development for about two years, writing on message boards and emailing with developers. In December 2010, Nakamoto, who was known to use two email addresses and have one registered website, stopped posting publicly; essentially, Nakamoto disappeared.</p><p><blockquote>在比特币早期，没有人太关心中本聪的身份。比特币没有有形的价值，只有一小群支持者。中本聪在它的开发中活跃了大约两年，在留言板上写作，并与开发人员发送电子邮件。2010年12月，已知使用两个电子邮件地址和一个注册网站的中本聪停止公开发帖；基本上，中本聪消失了。</blockquote></p><p> The universe of people with the technical knowledge to create bitcoin is limited. Most of the prominent names in cryptography have been tagged as Nakamoto. All have denied it, and no evidence has ever linked anyone conclusively to bitcoin’s creation.</p><p><blockquote>拥有创造比特币的技术知识的人是有限的。密码学领域的大多数知名人士都被贴上了中本聪的标签。所有人都否认了这一点，也没有任何证据将任何人与比特币的创造联系起来。</blockquote></p><p></p><p> Meanwhile, in 2011, Mr. Kleiman incorporated a company in Florida called W&amp;K Info Defense Research. His family alleges that it was a partnership and that Mr. Wright later tried to claim outright ownership. The defense says there was in fact no partnership.</p><p><blockquote>与此同时，2011 年，克莱曼先生在佛罗里达州成立了一家名为 W&amp;K Info Defense Research 的公司。他的家人声称这是一个合伙企业，赖特先生后来试图要求完全所有权。辩方称事实上没有合作关系。</blockquote></p><p> Mr. Kleiman died on April 26, 2013.</p><p><blockquote>Kleiman先生于2013年4月26日去世。</blockquote></p><p> The next year, Newsweek reported that a man with the same last name as Satoshi—Dorian Nakamoto—was bitcoin’s creator. He denied the claim, and on a message board, a one-sentence post from an account known to have been used by the real Nakamoto agreed: “I am not Dorian Nakamoto.” If that was a genuine message from bitcoin’s creator, it is the last public correspondence from Nakamoto.</p><p><blockquote>第二年，《新闻周刊》报道称，一个与中本聪同姓的人--中本聪--是比特币的创造者。他否认了这一说法，并在留言板上，一个已知曾被真正的中本聪使用过的账户发布了一句话的帖子，表示同意： “我不是多里安-中本聪”。如果这是比特币创造者的真实信息，那么这是中本聪最后一次公开通信。</blockquote></p><p> In May 2016, Mr. Wright claimed&nbsp;that he was bitcoin’s founder. He met with several early bitcoin pioneers, gave exclusive interviews to three media outlets and filled a website with papers he had written about cryptography and bitcoin.</p><p><blockquote>2016 年 5 月，赖特先生声称自己是比特币的创始人。他会见了几位早期的比特币先驱，接受了三家媒体的独家采访，并在一个网站上发布了他撰写的关于密码学和比特币的论文。</blockquote></p><p> Three days later,facing withering criticism, he dropped the claim. He pulled everything off the website and replaced it with a four-paragraph apology. “I broke,” he wrote. “I do not have the courage. I cannot.” He has since renewed his insistence that he created bitcoin.</p><p><blockquote>三天后，面对严厉的批评，他放弃了索赔。他把网站上的所有内容都删掉了，代之以四段道歉。“他写道：”我破产了。“我没有勇气。我不能。”此后，他再次坚持认为是他创造了比特币。</blockquote></p><p> Whether Mr. Wright or Mr. Kleiman possesses or possessed the knowledge to have created the cryptocurrency is contested.</p><p><blockquote>赖特先生或克莱曼先生是否拥有或曾经拥有创造加密货币的知识存在争议。</blockquote></p><p> Mr. Wright “has been hacking, bamboozling and fooling people, playing the confidence game,” said Arthur van Pelt, a bitcoin investor who has emerged as one of Mr. Wright’s most vocal critics. “There is no genuine, independent, credible proof whatsoever.”</p><p><blockquote>比特币投资者阿瑟-范-佩尔特（Arthur van Pelt）说，赖特先生 “一直在黑客攻击、迷惑和愚弄人们，玩自信游戏”，他已成为赖特先生最直言不讳的批评者之一。“没有任何真实、独立、可信的证据”。</blockquote></p><p> Mr. Kleiman’s computing expertise was known to be extensive. It is possible that Mr. Kleiman created bitcoin, Emin Gun Sirer, founder of Ava Labs, said, but there isn’t enough information to be sure. “It’s an open question,” he said.</p><p><blockquote>众所周知，克莱曼先生的计算机专业知识非常丰富。Ava Labs 的创始人 Emin Gun Sirer 说，克莱曼先生有可能创造了比特币，但目前还没有足够的信息来确定。“他说：”这是一个悬而未决的问题。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Bitcoin Creator Satoshi Nakamoto Could Be Unmasked at Florida Trial<blockquote>比特币创始人中本聪可能会在佛罗里达州审判中被揭露</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBitcoin Creator Satoshi Nakamoto Could Be Unmasked at Florida Trial<blockquote>比特币创始人中本聪可能会在佛罗里达州审判中被揭露</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">WSJ</strong><span class=\"h-time small\">2021-11-15 07:55</span>\n</p>\n</h4>\n</header>\n<article>\n<p>A seemingly run-of-the-mill trial is playing out in Florida: The family of a deceased man is suing his former business partner over control of their partnership’s assets.</p><p><blockquote>一场看似普通的审判正在佛罗里达州上演： 一名已故男子的家人起诉他的前商业伙伴，要求其控制合伙企业的资产。</blockquote></p><p> In this case, the assets in question are a cache of about one million bitcoins, equivalent to around $64 billion today, belonging to bitcoin’s creator, the pseudonymous Satoshi Nakamoto. The family of the dead man says he and his business partner together were Nakamoto, and thus the family is entitled to half of the fortune.</p><p><blockquote>在这种情况下，涉案资产是一个大约 100 万个比特币的缓存，相当于今天的约 640 亿美元，属于比特币的创造者、化名中本聪。死者的家人说，他和他的商业伙伴是中本，因此这个家庭有权获得一半的财产。</blockquote></p><p> Who Satoshi Nakamoto is has been one of the financial world’s enduring mysteries. Does the name refer to one person? Or several? And why has he or she or they not touched a penny of that fortune?</p><p><blockquote>中本聪是谁一直是金融界长久以来的谜团之一。这个名字是指一个人吗？还是几个？为什么他或她或他们没有碰一分钱？</blockquote></p><p> The answers to those questions are at the center of the Florida dispute and of bitcoin itself. Bitcoin has become a trillion-dollar market, with tens of millions of investors. It has challenged governments trying to regulate it and has been endorsed by some. The technology behind it is seen by some as a way to rewire the global financial system. Yet, who created it and why has remained a mystery.</p><p><blockquote>这些问题的答案是佛罗里达争端和比特币本身的核心。比特币已经成为一个万亿美元的市场，拥有数千万的投资者。它对试图监管它的政府提出了挑战，并得到了一些人的支持。它背后的技术被一些人视为重组全球金融体系的一种方式。然而，谁创造了它以及为什么创造它仍然是一个谜。</blockquote></p><p> And that is all before you get to who controls one of the largest private fortunes in the world.</p><p><blockquote>这都是在你弄清楚谁控制着世界上最大的私人财富之一之前。</blockquote></p><p> That is what a Florida jury will try to tackle. The family of David Kleiman is suing his former business partner, a 51-year-old Australian programmer living in London named Craig Wright. Mr. Wright has been arguing since 2016 that he created bitcoin, a claim dismissed by most in the bitcoin community. Mr. Kleiman’s family argues that the two worked on and mined bitcoin together, entitling Mr. Kleiman’s family to half a million bitcoins.</p><p><blockquote>这就是佛罗里达陪审团试图解决的问题。大卫·克莱曼的家人正在起诉他的前商业伙伴，一位居住在伦敦的51岁澳大利亚程序员克雷格·赖特。赖特自2016年以来一直声称他创建了比特币，这一说法被比特币社区的大多数人驳斥。克莱曼先生的家人辩称，两人一起开发和开采比特币，克莱曼先生的家人有权获得 50 万个比特币。</blockquote></p><p> “We believe the evidence will show there was a partnership to create and mine over one million bitcoin,” said Vel Freedman, a lawyer for the Kleiman family.</p><p><blockquote>“克莱曼家族的律师维尔-弗里德曼（Vel Freedman）说：”我们相信证据将表明，双方建立了合作关系，共同创造和开采了超过一百万个比特币。</blockquote></p><p> The plaintiffs plan to produce evidence showing that the two were involved in bitcoin since its inception and worked together.</p><p><blockquote>原告计划拿出证据，证明两人从比特币一开始就参与其中，并一起工作。</blockquote></p><p> “It is about two friends who had a partnership, and about how one of them tried to take everything for himself after the other died,” said Tibor Nagy, a lawyer who has been observing the trial.</p><p><blockquote>“一直在旁听庭审的律师蒂博尔-纳吉（Tibor Nagy）说：”故事讲述的是两个朋友的合伙关系，以及其中一个朋友在另一个朋友死后如何试图将一切据为己有。</blockquote></p><p> The defense said it has evidence that will show Mr. Wright is the creator of bitcoin and never included Mr. Kleiman. “We believe the court will find there’s nothing to indicate or record that they were in a partnership,” said Andrés Rivero, a lawyer for Mr. Wright.</p><p><blockquote>辩方表示，他们有证据表明赖特是比特币的创造者，从未包括克莱曼。“赖特先生的律师安德烈斯-里韦罗（Andrés Rivero）说：”我们相信法庭会发现没有任何迹象表明或记录他们是合伙关系。</blockquote></p><p> For bitcoiners, there is only one piece of evidence that could conclusively prove the identity of Satoshi Nakamoto: the private key that controls the account where Nakamoto stored the one million bitcoins. Anyone claiming to be Satoshi Nakamoto could show that he or she has them by moving even a fraction of a coin out of it.</p><p><blockquote>对于比特币爱好者来说，只有一项证据可以确凿地证明中本聪的身份：控制中本聪存储100万比特币账户的私钥。任何自称是中本聪的人都可以通过取出哪怕一小部分硬币来证明他或她拥有它们。</blockquote></p><p> The mystery of Satoshi Nakamoto is one of the curiosities of bitcoin. On Oct. 31, 2008, somebody using that name sent a nine-page paper to a group of cryptographers explaining a system of “electronic cash” that allowed people to exchange value without the need for a bank or other party. A few months later, the bitcoin network went live, and Nakamoto collected one million bitcoins in its first year.</p><p><blockquote>中本聪之谜是比特币的好奇心之一。2008 年 10 月 31 日，有人用这个名字向一群密码学家发送了一份九页纸，解释了一种 “电子现金 ”系统，该系统允许人们在不需要银行或其他方的情况下交换价值。几个月后，比特币网络上线，中本聪在第一年就收集了100万个比特币。</blockquote></p><p> It was earlier in 2008 that the family of Mr. Kleiman claims his business partner Mr. Wright asked for Mr. Kleiman’s help in what would become that nine-page paper. They collaborated on the white paper and launched bitcoin together, the suit alleges.</p><p><blockquote>2008 年早些时候，克莱曼先生的家人声称，他的商业伙伴赖特先生曾请求克莱曼先生帮助撰写这份九页纸。诉讼称，他们在白皮书上进行了合作，并一起推出了比特币。</blockquote></p><p> Bitcoin combined encryption, cryptography, distributed computing and game theory. With bitcoin, two people, anywhere in the world with an internet connection, could transact without a middleman in minutes.</p><p><blockquote>比特币结合了加密、密码学、分布式计算和博弈论。有了比特币，两个人，无论在世界任何地方，只要有互联网连接，都可以在几分钟内进行交易，而无需中间人。</blockquote></p><p> For every single one of the more than 650 million bitcoin transactions, all publicly visible on a ledger called the “blockchain,” there are two strings of numbers that control how the digital currency is moved: a public key and a private key. Anybody can send bitcoin to the public key, or the destination address, which is similar to a bank account. Only the person who controls the account will have the private key and essentially own the bitcoin.</p><p><blockquote>超过 6.5 亿笔比特币交易中的每一笔都在一个名为 “区块链 ”的账本上公开可见，其中每一笔交易都有两串数字控制着数字货币的移动方式：公钥和私钥。任何人都可以将比特币发送到公钥或目标地址，类似于银行账户。只有控制帐户的人才会拥有私钥，并且基本上拥有比特币。</blockquote></p><p> In bitcoin’s early days, nobody cared much about Nakamoto’s identity. Bitcoin had no tangible value and only a small group of backers. Nakamoto was active in its development for about two years, writing on message boards and emailing with developers. In December 2010, Nakamoto, who was known to use two email addresses and have one registered website, stopped posting publicly; essentially, Nakamoto disappeared.</p><p><blockquote>在比特币早期，没有人太关心中本聪的身份。比特币没有有形的价值，只有一小群支持者。中本聪在它的开发中活跃了大约两年，在留言板上写作，并与开发人员发送电子邮件。2010年12月，已知使用两个电子邮件地址和一个注册网站的中本聪停止公开发帖；基本上，中本聪消失了。</blockquote></p><p> The universe of people with the technical knowledge to create bitcoin is limited. Most of the prominent names in cryptography have been tagged as Nakamoto. All have denied it, and no evidence has ever linked anyone conclusively to bitcoin’s creation.</p><p><blockquote>拥有创造比特币的技术知识的人是有限的。密码学领域的大多数知名人士都被贴上了中本聪的标签。所有人都否认了这一点，也没有任何证据将任何人与比特币的创造联系起来。</blockquote></p><p></p><p> Meanwhile, in 2011, Mr. Kleiman incorporated a company in Florida called W&amp;K Info Defense Research. His family alleges that it was a partnership and that Mr. Wright later tried to claim outright ownership. The defense says there was in fact no partnership.</p><p><blockquote>与此同时，2011 年，克莱曼先生在佛罗里达州成立了一家名为 W&amp;K Info Defense Research 的公司。他的家人声称这是一个合伙企业，赖特先生后来试图要求完全所有权。辩方称事实上没有合作关系。</blockquote></p><p> Mr. Kleiman died on April 26, 2013.</p><p><blockquote>Kleiman先生于2013年4月26日去世。</blockquote></p><p> The next year, Newsweek reported that a man with the same last name as Satoshi—Dorian Nakamoto—was bitcoin’s creator. He denied the claim, and on a message board, a one-sentence post from an account known to have been used by the real Nakamoto agreed: “I am not Dorian Nakamoto.” If that was a genuine message from bitcoin’s creator, it is the last public correspondence from Nakamoto.</p><p><blockquote>第二年，《新闻周刊》报道称，一个与中本聪同姓的人--中本聪--是比特币的创造者。他否认了这一说法，并在留言板上，一个已知曾被真正的中本聪使用过的账户发布了一句话的帖子，表示同意： “我不是多里安-中本聪”。如果这是比特币创造者的真实信息，那么这是中本聪最后一次公开通信。</blockquote></p><p> In May 2016, Mr. Wright claimed&nbsp;that he was bitcoin’s founder. He met with several early bitcoin pioneers, gave exclusive interviews to three media outlets and filled a website with papers he had written about cryptography and bitcoin.</p><p><blockquote>2016 年 5 月，赖特先生声称自己是比特币的创始人。他会见了几位早期的比特币先驱，接受了三家媒体的独家采访，并在一个网站上发布了他撰写的关于密码学和比特币的论文。</blockquote></p><p> Three days later,facing withering criticism, he dropped the claim. He pulled everything off the website and replaced it with a four-paragraph apology. “I broke,” he wrote. “I do not have the courage. I cannot.” He has since renewed his insistence that he created bitcoin.</p><p><blockquote>三天后，面对严厉的批评，他放弃了索赔。他把网站上的所有内容都删掉了，代之以四段道歉。“他写道：”我破产了。“我没有勇气。我不能。”此后，他再次坚持认为是他创造了比特币。</blockquote></p><p> Whether Mr. Wright or Mr. Kleiman possesses or possessed the knowledge to have created the cryptocurrency is contested.</p><p><blockquote>赖特先生或克莱曼先生是否拥有或曾经拥有创造加密货币的知识存在争议。</blockquote></p><p> Mr. Wright “has been hacking, bamboozling and fooling people, playing the confidence game,” said Arthur van Pelt, a bitcoin investor who has emerged as one of Mr. Wright’s most vocal critics. “There is no genuine, independent, credible proof whatsoever.”</p><p><blockquote>比特币投资者阿瑟-范-佩尔特（Arthur van Pelt）说，赖特先生 “一直在黑客攻击、迷惑和愚弄人们，玩自信游戏”，他已成为赖特先生最直言不讳的批评者之一。“没有任何真实、独立、可信的证据”。</blockquote></p><p> Mr. Kleiman’s computing expertise was known to be extensive. It is possible that Mr. Kleiman created bitcoin, Emin Gun Sirer, founder of Ava Labs, said, but there isn’t enough information to be sure. “It’s an open question,” he said.</p><p><blockquote>众所周知，克莱曼先生的计算机专业知识非常丰富。Ava Labs 的创始人 Emin Gun Sirer 说，克莱曼先生有可能创造了比特币，但目前还没有足够的信息来确定。“他说：”这是一个悬而未决的问题。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/bitcoin-creator-satoshi-nakamoto-could-be-unmasked-at-florida-trial-11636808401?mod=markets_lead_pos5\">WSJ</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BITO":"比特币期货ETF-ProShares"},"source_url":"https://www.wsj.com/articles/bitcoin-creator-satoshi-nakamoto-could-be-unmasked-at-florida-trial-11636808401?mod=markets_lead_pos5","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1185900809","content_text":"A seemingly run-of-the-mill trial is playing out in Florida: The family of a deceased man is suing his former business partner over control of their partnership’s assets.\nIn this case, the assets in question are a cache of about one million bitcoins, equivalent to around $64 billion today, belonging to bitcoin’s creator, the pseudonymous Satoshi Nakamoto. The family of the dead man says he and his business partner together were Nakamoto, and thus the family is entitled to half of the fortune.\nWho Satoshi Nakamoto is has been one of the financial world’s enduring mysteries. Does the name refer to one person? Or several? And why has he or she or they not touched a penny of that fortune?\nThe answers to those questions are at the center of the Florida dispute and of bitcoin itself. Bitcoin has become a trillion-dollar market, with tens of millions of investors. It has challenged governments trying to regulate it and has been endorsed by some. The technology behind it is seen by some as a way to rewire the global financial system. Yet, who created it and why has remained a mystery.\nAnd that is all before you get to who controls one of the largest private fortunes in the world.\nThat is what a Florida jury will try to tackle. The family of David Kleiman is suing his former business partner, a 51-year-old Australian programmer living in London named Craig Wright. Mr. Wright has been arguing since 2016 that he created bitcoin, a claim dismissed by most in the bitcoin community. Mr. Kleiman’s family argues that the two worked on and mined bitcoin together, entitling Mr. Kleiman’s family to half a million bitcoins.\n“We believe the evidence will show there was a partnership to create and mine over one million bitcoin,” said Vel Freedman, a lawyer for the Kleiman family.\nThe plaintiffs plan to produce evidence showing that the two were involved in bitcoin since its inception and worked together.\n“It is about two friends who had a partnership, and about how one of them tried to take everything for himself after the other died,” said Tibor Nagy, a lawyer who has been observing the trial.\nThe defense said it has evidence that will show Mr. Wright is the creator of bitcoin and never included Mr. Kleiman. “We believe the court will find there’s nothing to indicate or record that they were in a partnership,” said Andrés Rivero, a lawyer for Mr. Wright.\nFor bitcoiners, there is only one piece of evidence that could conclusively prove the identity of Satoshi Nakamoto: the private key that controls the account where Nakamoto stored the one million bitcoins. Anyone claiming to be Satoshi Nakamoto could show that he or she has them by moving even a fraction of a coin out of it.\nThe mystery of Satoshi Nakamoto is one of the curiosities of bitcoin. On Oct. 31, 2008, somebody using that name sent a nine-page paper to a group of cryptographers explaining a system of “electronic cash” that allowed people to exchange value without the need for a bank or other party. A few months later, the bitcoin network went live, and Nakamoto collected one million bitcoins in its first year.\nIt was earlier in 2008 that the family of Mr. Kleiman claims his business partner Mr. Wright asked for Mr. Kleiman’s help in what would become that nine-page paper. They collaborated on the white paper and launched bitcoin together, the suit alleges.\nBitcoin combined encryption, cryptography, distributed computing and game theory. With bitcoin, two people, anywhere in the world with an internet connection, could transact without a middleman in minutes.\nFor every single one of the more than 650 million bitcoin transactions, all publicly visible on a ledger called the “blockchain,” there are two strings of numbers that control how the digital currency is moved: a public key and a private key. Anybody can send bitcoin to the public key, or the destination address, which is similar to a bank account. Only the person who controls the account will have the private key and essentially own the bitcoin.\nIn bitcoin’s early days, nobody cared much about Nakamoto’s identity. Bitcoin had no tangible value and only a small group of backers. Nakamoto was active in its development for about two years, writing on message boards and emailing with developers. In December 2010, Nakamoto, who was known to use two email addresses and have one registered website, stopped posting publicly; essentially, Nakamoto disappeared.\nThe universe of people with the technical knowledge to create bitcoin is limited. Most of the prominent names in cryptography have been tagged as Nakamoto. All have denied it, and no evidence has ever linked anyone conclusively to bitcoin’s creation.\nMeanwhile, in 2011, Mr. Kleiman incorporated a company in Florida called W&K Info Defense Research. His family alleges that it was a partnership and that Mr. Wright later tried to claim outright ownership. The defense says there was in fact no partnership.\nMr. Kleiman died on April 26, 2013.\nThe next year, Newsweek reported that a man with the same last name as Satoshi—Dorian Nakamoto—was bitcoin’s creator. He denied the claim, and on a message board, a one-sentence post from an account known to have been used by the real Nakamoto agreed: “I am not Dorian Nakamoto.” If that was a genuine message from bitcoin’s creator, it is the last public correspondence from Nakamoto.\nIn May 2016, Mr. Wright claimed that he was bitcoin’s founder. He met with several early bitcoin pioneers, gave exclusive interviews to three media outlets and filled a website with papers he had written about cryptography and bitcoin.\nThree days later,facing withering criticism, he dropped the claim. He pulled everything off the website and replaced it with a four-paragraph apology. “I broke,” he wrote. “I do not have the courage. I cannot.” He has since renewed his insistence that he created bitcoin.\nWhether Mr. Wright or Mr. Kleiman possesses or possessed the knowledge to have created the cryptocurrency is contested.\nMr. Wright “has been hacking, bamboozling and fooling people, playing the confidence game,” said Arthur van Pelt, a bitcoin investor who has emerged as one of Mr. Wright’s most vocal critics. “There is no genuine, independent, credible proof whatsoever.”\nMr. Kleiman’s computing expertise was known to be extensive. It is possible that Mr. Kleiman created bitcoin, Emin Gun Sirer, founder of Ava Labs, said, but there isn’t enough information to be sure. “It’s an open question,” he said.","news_type":1,"symbols_score_info":{"BITO":0.9}},"isVote":1,"tweetType":1,"viewCount":4311,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":873689458,"gmtCreate":1636937633441,"gmtModify":1636937633598,"author":{"id":"3585889404495674","authorId":"3585889404495674","name":"KeenLee","avatar":"https://static.tigerbbs.com/43c0bfe9c8189d73470475a7121102b2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585889404495674","idStr":"3585889404495674"},"themes":[],"title":"","htmlText":"GE splitting up is good on the long run as her debt is mounting up. But these are not good for shareholders holding on their stocks.","listText":"GE splitting up is good on the long run as her debt is mounting up. But these are not good for shareholders holding on their stocks.","text":"GE splitting up is good on the long run as her debt is mounting up. But these are not good for shareholders holding on their stocks.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/873689458","repostId":"1178164317","repostType":4,"repost":{"id":"1178164317","kind":"news","pubTimestamp":1636936020,"share":"https://www.laohunote.com/m/news/1178164317?lang=zh_CN&edition=full","pubTime":"2021-11-15 08:27","market":"us","language":"en","title":"GE and JNJ Aren't the Only Aging Companies That Could Benefit From a Breakup<blockquote>GE 和 JNJ 并不是唯一可以从分拆中受益的老龄化公司</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1178164317","media":"Thestreet","summary":"After years of turmoil and a valiant effort by its latest CEO Larry Culp, General Electric (GE) fina","content":"<p>After years of turmoil and a valiant effort by its latest CEO Larry Culp, General Electric (GE) finally gave up in its efforts to salvage its broad-reaching business as a singular unit.</p><p><blockquote>经过多年的动荡和新任首席执行官拉里·卡尔普的英勇努力，通用电气 (GE) 最终放弃了挽救其作为一个单一部门广泛业务的努力。</blockquote></p><p> The company has consistently spun off numerous assets across the sprawling conglomerate in recent years to lessen its debt load. Perhaps most important was a $20 billion deal to ship its biopharmaceutical business to Danaher (DHR) in 2020. Yet, it appears the moves were not enough to satisfy Culp's ambitious recovery goals for the once-great industrial giant.</p><p><blockquote>近年来，该公司不断剥离庞大企业集团的众多资产，以减轻其债务负担。也许最重要的是 2020 年以 200 亿美元的价格将其生物制药业务出售给丹纳赫 (DHR)。然而，这些举措似乎不足以满足卡尔普为这家曾经伟大的工业巨头制定的雄心勃勃的复苏目标。</blockquote></p><p> \"The world demands-and deserves-we bring our best to solve the biggest challenges in flight, healthcare, and energy,\" Culp said in a statement on Tuesday. \"By creating three industry-leading, global public companies, each can benefit from greater focus, tailored capital allocation, and strategic flexibility to drive long-term growth and value for customers, investors, and employees. We are putting our technology expertise, leadership, and global reach to work to better serve our customers.\"</p><p><blockquote>卡尔普在周二的一份声明中表示：“世界要求——也理应——我们尽最大努力解决航空、医疗保健和能源领域的最大挑战。”“通过创建三家行业领先的全球上市公司，每家公司都可以从更大的关注、量身定制的资本配置和战略灵活性中受益，以推动客户、投资者和员工的长期增长和价值。我们正在利用我们的技术专长、领导力和全球影响力来更好地服务我们的客户。”</blockquote></p><p> Similarly, the lawsuit-besieged Johnson &amp; Johnson (JNJ)announced it would spin off its consumer health division&nbsp;from its higher growth pharmaceutical and medical devices divisions in the coming two years.</p><p><blockquote>同样，陷入诉讼困境的强生公司 (JNJ) 宣布将在未来两年内从其高增长的制药和医疗器械部门中剥离消费者健康部门。</blockquote></p><p> Judging by the&nbsp;jump in GE stock after the announcement&nbsp;and the early jolt to Johnson &amp; Johnson stock after its announcement Friday<u>,</u>the market certainly looks as though it was offering its initial approval for the streamlining of separate companies. Still, a few questions quickly come to mind.</p><p><blockquote>从公告发布后通用电气股价的上涨以及周五公告发布后强生公司股价的早盘震荡来看<u>,</u>市场看起来确实是在为精简独立公司提供初步批准。尽管如此，几个问题还是很快浮现在脑海中。</blockquote></p><p> First, is this indeed a deft move by management in both cases and therefore deserving of the share-price reaction? And if so, are there more companies that could benefit from following the example set by both of these storied companies?</p><p><blockquote>首先，这是否确实是管理层在这两种情况下的巧妙举动，因此值得股价反应？如果是这样，是否有更多的公司可以从这两家传奇公司树立的榜样中受益？</blockquote></p><p> <b>Better After a Breakup?</b></p><p><blockquote><b>分手后更好？</b></blockquote></p><p> The first line of questioning is one of whether or not two or three firms are truly better than one.</p><p><blockquote>第一条问题是两三家公司是否真的比一家好。</blockquote></p><p> On paper, it would certainly appear to be so. As of Thursday's market open, GE touted a valuation of about $119 billion as a total entity. However, when broken into constituent parts, RBC Capital Markets analyst Deane Dray suggested up to a 20% upside for investors. Judging by company metrics and projections, it could well be even higher.</p><p><blockquote>从纸面上看，情况确实如此。截至周四开盘，通用电气作为一个整体的估值约为1190亿美元。然而，当细分为组成部分时，加拿大皇家银行资本市场分析师迪恩·德雷 (Deane Dray) 表示，投资者的上涨空间高达 20%。从公司指标和预测来看，这个数字很可能会更高。</blockquote></p><p> Also, each of the spun-off GE units will be less encumbered by the debt of their former counterparts within the broader company, especially as asset sales in recent years alleviate debt and pension issues. Further, future deals are more likely to reach approval based upon diminished antitrust risk, opening a much wider world of opportunity for investors in the streamlined companies.</p><p><blockquote>此外，每个分拆出来的通用电气部门都将减少受公司内部前同行债务的负担，特别是近年来的资产出售缓解了债务和养老金问题。此外，基于反垄断风险的降低，未来的交易更有可能获得批准，为精简公司的投资者打开了一个更广阔的机会世界。</blockquote></p><p> The logic is very much the same for Johnson &amp; Johnson as its pharmaceutical business breaks free from the burdensome troubles of&nbsp;lawsuits over talcum-powder&nbsp;products as well as low-margin medicines like Tylenol. Separation is seen as a key step toward unlocking innovation.</p><p><blockquote>强生公司的逻辑大致相同，因为其制药业务摆脱了滑石粉产品以及泰诺等低利润药物诉讼的繁重麻烦。分离被视为释放创新的关键一步。</blockquote></p><p> \"For the new Johnson &amp; Johnson, this planned separation underscores our focus on delivering industry-leading biopharmaceutical and medical device innovation and technology with the goal of bringing new solutions to market for patients and healthcare systems, while creating sustainable value for shareholders,\" CEO Alex Gorsky explained in a statement. \"We believe that the New Consumer Health Company would be a global leader across attractive and growing consumer health categories, and a streamlined and targeted corporate structure would provide it with the agility and flexibility to grow its iconic portfolio of brands and innovate new products.\"</p><p><blockquote>“对于新强生公司来说，这一计划中的分离凸显了我们对提供行业领先的生物制药和医疗器械创新和技术的关注，目标是为患者和医疗保健系统带来新的解决方案，同时为股东创造可持续价值，”首席执行官亚历克斯·戈尔斯基在一份声明中解释道。“我们相信，新的消费者健康公司将成为有吸引力和不断增长的消费者健康类别的全球领导者，精简和有针对性的公司结构将为其提供敏捷性和灵活性，以发展其标志性品牌组合并创新新产品。”</blockquote></p><p> To be sure, these targets and optimistic angles assume a rosy trajectory for each of the newly formed firms. As the example of DowDupont (now Dupont (DD) , Dow Inc. (DOW) , and Corteva (CTVA) ) shows, splitting up historic firms with sprawling business is not always a process that progresses precisely to plan.</p><p><blockquote>可以肯定的是，这些目标和乐观的角度假设了每个新成立的公司都有一个乐观的轨迹。正如陶氏杜邦（现为杜邦（DD）、陶氏公司（DOW）和科迪华（CTVA））的例子所示，拆分业务庞大的历史悠久的公司并不总是一个完全按照计划进行的过程。</blockquote></p><p> Since splitting, the two storied industrial companies, once combined into one mega-conglomerate, have not had much success.</p><p><blockquote>自拆分以来，这两家曾经合并为一家大型企业集团的传奇工业公司并没有取得多大成功。</blockquote></p><p> \"New Dow will be well positioned to drive best-in-class financial performance and shareholder returns,\" Dow CEO Jim Fitterling said ahead of the firm's 2019 spinoff to a standalone firm. \"We have a focused playbook of cost and growth drivers, clear and disciplined capital allocation priorities and a strong balance sheet. Our path to shareholder value creation is straightforward and in our control.\"</p><p><blockquote>陶氏化学首席执行官吉姆·菲特林 (Jim Fitterling) 在公司 2019 年分拆为一家独立公司之前表示：“新陶氏化学将处于有利地位，能够推动一流的财务业绩和股东回报。”“我们有一个重点突出的成本和增长驱动因素、清晰且有纪律的资本配置优先事项以及强大的资产负债表。我们为股东创造价值的道路是直接的，并且在我们的控制之中。”</blockquote></p><p> These pronouncements are very much in line with what GE has said of each of its planned new standalone entities. Also, in a move very much reminiscent of GE's quarterly results in recent years, the pronouncement promised much more than what has actually been delivered.</p><p><blockquote>这些声明与通用电气对其计划中的每个新独立实体的说法非常一致。此外，这一举动让人想起通用电气近年来的季度业绩，该声明所承诺的远远多于实际兑现的内容。</blockquote></p><p> Since it's spinoff was official in April 2019, DOW stock has marked a less than 10% gain. Meanwhile, the S&amp;P has risen over 60% over the same period.</p><p><blockquote>自 2019 年 4 月正式分拆以来，道琼斯指数股价涨幅不到 10%。与此同时，标准普尔指数同期上涨超过 60%。</blockquote></p><p> <b>An Example to Follow?</b></p><p><blockquote><b>可以效仿的榜样？</b></blockquote></p><p></p><p> Still, assuming things do go well post-breakup, these moves could serve as a benchmark for other bigger, older, and perhaps bloated companies. At the very least, this is the logic adopted not only by aging and perhaps overcomplicated American conglomerates like GE and Johnson &amp; Johnson, but also the nearly 150-year-old Japanese giant Toshiba (TOSBF) . In short, it looks as though a trend is taking hold.</p><p><blockquote>尽管如此，假设分手后一切进展顺利，这些举措可以作为其他更大、更老、甚至可能臃肿的公司的基准。至少，这不仅是通用电气和强生等老龄化且可能过于复杂的美国企业集团所采用的逻辑，也是拥有近150年历史的日本巨头东芝（TOSBF）所采用的逻辑。简而言之，看起来一种趋势正在形成。</blockquote></p><p> \"Companies that have very diversified portfolios continue to dilute the value to the shareholders,\" David Braun, CEO of M&amp;A advisory firm Capstone Strategic, told Real Money. \"We are in an era where technology and access to capital are different things. A conglomerate is going to have trouble competing.\"</p><p><blockquote>并购咨询公司 Capstone Strategic 首席执行官大卫·布劳恩 (David Braun) 告诉 Real Money：“投资组合非常多元化的公司继续稀释股东的价值。”“我们生活在一个技术和资本获取是两码事的时代。企业集团将很难竞争。”</blockquote></p><p> He suggested that Emerson Electric (EMR) and Berkshire Hathaway (BRK.A) &nbsp; (BRK.B) are two companies that could likely benefit from a similar breakup.</p><p><blockquote>他表示，艾默生电气 (EMR) 和伯克希尔哈撒韦公司 (BRK.A) (BRK.B) 是两家可能从类似分拆中受益的公司。</blockquote></p><p> \"They continue to stockpile excess cash they cannot deploy,\" Braun added, voicing the drawbacks of the behemoth business. \"I'm not sure they benefit from that model any longer.\"</p><p><blockquote>“他们继续储备无法部署的多余现金，”布劳恩补充道，并表达了庞大业务的缺点。“我不确定他们是否还能从这种模式中受益。”</blockquote></p><p> On the former, he is far from the first to suggest such a move. RBC's Deane Dray has actually been calling for such a breakup for a few years, alongside 3M (MMM) and Roper Technologies (ROP) , firms he also believes could benefit from being a bit less bulky.</p><p><blockquote>在前者方面，他远不是第一个建议采取这样的举措的人。加拿大皇家银行 (RBC) 的迪恩·德雷 (Deane Dray) 实际上几年来一直在呼吁这样的拆分，他还呼吁 3M（3M）和 Roper Technologies (ROP)，他认为这两家公司可以从规模小一点中受益。</blockquote></p><p> \"We believe the pendulum is still swinging towards the 'urge to demerge' trend,\" he wrote in a note on Tuesday. \"GE's announcement today could embolden the boards of several other multi-industry companies to move ahead on more aggressive portfolio simplification moves, including Emerson, Roper Technologies and 3M.\"</p><p><blockquote>他在周二的一份报告中写道：“我们认为钟摆仍在朝着‘分离冲动’趋势摆动。”“通用电气今天的公告可能会鼓励其他几家跨行业公司的董事会采取更积极的投资组合简化措施，其中包括艾默生、罗珀技术公司和 3M。”</blockquote></p><p> As far back as 2019, Dray suggested a breakup of Emerson's automation and commercial divisions could be a boon for shareholders. While the stock has been on a roll since the pandemic began, such a breakup has already been intensely considered by management. In early February, Emerson announced it would not pursue a split \"unless a major strategic acquisition catalyst is actioned.\"</p><p><blockquote>早在 2019 年，德雷就表示艾默生自动化和商业部门的拆分可能对股东有利。虽然自疫情开始以来，该股一直在上涨，但管理层已经认真考虑过这样的分拆。二月初，艾默生宣布“除非采取重大战略收购催化剂”，否则不会寻求拆分。</blockquote></p><p> At the least, if such a catalyst is to appear the company is clearly willing to consider such an option.</p><p><blockquote>至少，如果出现这样的催化剂，公司显然愿意考虑这样的选择。</blockquote></p><p> For Berkshire, it is eminently unlikely that any moves come while both Warren Buffett and Charlie Munger helm the conglomerate.&nbsp;But prospects for such a breakup could take many forms considering the business spans industries from insurance to construction to railroads. As such, attempting to size up a form that such a move might take is nearly impossible to forecast.</p><p><blockquote>对于伯克希尔来说，当沃伦·巴菲特和查理·芒格同时掌舵这家企业集团时，任何举措都不太可能发生。但考虑到业务跨越从保险、建筑到铁路等行业，这种分拆的前景可能会有多种形式。因此，试图评估这种举措可能采取的形式几乎是不可能预测的。</blockquote></p><p> Finally, the prospects of a 3M breakup are certainly not out of the question.</p><p><blockquote>最后，3M 分手的前景当然不是不可能的。</blockquote></p><p> Investors in the storied firm are understandably frustrated. Long-term shareholders have seen the stock stagnate over the past five years, marking a basically flat return even after shares were buoyed by demand for PPE and healthcare equipment that the firm manufactured during the pandemic. Looking back on the boost to the shares, many might have been happier with a pure-play option for healthcare and protective equipment rather than a company also weighed down by industrial, transportation, and consumer segments.</p><p><blockquote>这家传奇公司的投资者感到沮丧是可以理解的。长期股东看到该股在过去五年中停滞不前，即使该公司在大流行期间生产的个人防护设备和医疗设备的需求提振了股价，但回报率基本持平。回顾股价的提振，许多人可能更喜欢医疗保健和防护设备的纯粹选择，而不是一家同样受到工业、运输和消费领域拖累的公司。</blockquote></p><p> Toward this end, the company may have already telegraphed its intention to move toward breaking up. In March 2019, the company divided its business into four units. The units, entitled safety &amp; industrial, transportation &amp; electronics, healthcare, and consumer respectively, were created in order to focus the business.</p><p><blockquote>为此，该公司可能已经发出了分拆的意图。于二零一九年三月，本公司将其业务分为四个单位。为了集中业务，创建了分别名为安全与工业、运输与电子、医疗保健和消费者的部门。</blockquote></p><p> \"We are continuing to advance 3M into the future, and today's actions will strengthen our ability to meet the fast-moving needs of our customers,\" 3M CEO Mike Roman said at the time. \"Our new alignment will leverage our business transformation progress, accelerate growth and deliver greater operational efficiencies.\"</p><p><blockquote>3M 首席执行官 Mike Roman 当时表示：“我们正在继续推动 3M 迈向未来，今天的行动将增强我们满足客户快速变化需求的能力。”“我们的新结构调整将利用我们的业务转型进展，加速增长并提高运营效率。”</blockquote></p><p> As operational efficiencies have not materialized to the point of elevating the share price, it is not unreasonable to ask questions as to why separate businesses might further tap into the desired efficiency. In short, the healthcare business might be stronger if it was no longer adhered to a scotch tape and post-it manufacturer and vice versa.</p><p><blockquote>由于运营效率尚未达到推高股价的程度，因此提出为什么独立业务可能会进一步挖掘所需效率的问题并非不合理。简而言之，如果医疗保健行业不再依赖透明胶带和便利贴制造商，反之亦然，它可能会变得更加强大。</blockquote></p><p> In the end, if the pursuit of separate businesses proves successful in each of the current experiments under way, the lesson may be that bigger is not always better. For investors, it might also open a number of pure-play options that provide a better investment than their parent companies do at present.</p><p><blockquote>最终，如果对独立业务的追求在目前正在进行的每一项实验中都被证明是成功的，那么教训可能是，越大越好。对于投资者来说，它还可能提供许多纯粹的游戏选择，提供比他们的母公司目前更好的投资。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>GE and JNJ Aren't the Only Aging Companies That Could Benefit From a Breakup<blockquote>GE 和 JNJ 并不是唯一可以从分拆中受益的老龄化公司</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGE and JNJ Aren't the Only Aging Companies That Could Benefit From a Breakup<blockquote>GE 和 JNJ 并不是唯一可以从分拆中受益的老龄化公司</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Thestreet</strong><span class=\"h-time small\">2021-11-15 08:27</span>\n</p>\n</h4>\n</header>\n<article>\n<p>After years of turmoil and a valiant effort by its latest CEO Larry Culp, General Electric (GE) finally gave up in its efforts to salvage its broad-reaching business as a singular unit.</p><p><blockquote>经过多年的动荡和新任首席执行官拉里·卡尔普的英勇努力，通用电气 (GE) 最终放弃了挽救其作为一个单一部门广泛业务的努力。</blockquote></p><p> The company has consistently spun off numerous assets across the sprawling conglomerate in recent years to lessen its debt load. Perhaps most important was a $20 billion deal to ship its biopharmaceutical business to Danaher (DHR) in 2020. Yet, it appears the moves were not enough to satisfy Culp's ambitious recovery goals for the once-great industrial giant.</p><p><blockquote>近年来，该公司不断剥离庞大企业集团的众多资产，以减轻其债务负担。也许最重要的是 2020 年以 200 亿美元的价格将其生物制药业务出售给丹纳赫 (DHR)。然而，这些举措似乎不足以满足卡尔普为这家曾经伟大的工业巨头制定的雄心勃勃的复苏目标。</blockquote></p><p> \"The world demands-and deserves-we bring our best to solve the biggest challenges in flight, healthcare, and energy,\" Culp said in a statement on Tuesday. \"By creating three industry-leading, global public companies, each can benefit from greater focus, tailored capital allocation, and strategic flexibility to drive long-term growth and value for customers, investors, and employees. We are putting our technology expertise, leadership, and global reach to work to better serve our customers.\"</p><p><blockquote>卡尔普在周二的一份声明中表示：“世界要求——也理应——我们尽最大努力解决航空、医疗保健和能源领域的最大挑战。”“通过创建三家行业领先的全球上市公司，每家公司都可以从更大的关注、量身定制的资本配置和战略灵活性中受益，以推动客户、投资者和员工的长期增长和价值。我们正在利用我们的技术专长、领导力和全球影响力来更好地服务我们的客户。”</blockquote></p><p> Similarly, the lawsuit-besieged Johnson &amp; Johnson (JNJ)announced it would spin off its consumer health division&nbsp;from its higher growth pharmaceutical and medical devices divisions in the coming two years.</p><p><blockquote>同样，陷入诉讼困境的强生公司 (JNJ) 宣布将在未来两年内从其高增长的制药和医疗器械部门中剥离消费者健康部门。</blockquote></p><p> Judging by the&nbsp;jump in GE stock after the announcement&nbsp;and the early jolt to Johnson &amp; Johnson stock after its announcement Friday<u>,</u>the market certainly looks as though it was offering its initial approval for the streamlining of separate companies. Still, a few questions quickly come to mind.</p><p><blockquote>从公告发布后通用电气股价的上涨以及周五公告发布后强生公司股价的早盘震荡来看<u>,</u>市场看起来确实是在为精简独立公司提供初步批准。尽管如此，几个问题还是很快浮现在脑海中。</blockquote></p><p> First, is this indeed a deft move by management in both cases and therefore deserving of the share-price reaction? And if so, are there more companies that could benefit from following the example set by both of these storied companies?</p><p><blockquote>首先，这是否确实是管理层在这两种情况下的巧妙举动，因此值得股价反应？如果是这样，是否有更多的公司可以从这两家传奇公司树立的榜样中受益？</blockquote></p><p> <b>Better After a Breakup?</b></p><p><blockquote><b>分手后更好？</b></blockquote></p><p> The first line of questioning is one of whether or not two or three firms are truly better than one.</p><p><blockquote>第一条问题是两三家公司是否真的比一家好。</blockquote></p><p> On paper, it would certainly appear to be so. As of Thursday's market open, GE touted a valuation of about $119 billion as a total entity. However, when broken into constituent parts, RBC Capital Markets analyst Deane Dray suggested up to a 20% upside for investors. Judging by company metrics and projections, it could well be even higher.</p><p><blockquote>从纸面上看，情况确实如此。截至周四开盘，通用电气作为一个整体的估值约为1190亿美元。然而，当细分为组成部分时，加拿大皇家银行资本市场分析师迪恩·德雷 (Deane Dray) 表示，投资者的上涨空间高达 20%。从公司指标和预测来看，这个数字很可能会更高。</blockquote></p><p> Also, each of the spun-off GE units will be less encumbered by the debt of their former counterparts within the broader company, especially as asset sales in recent years alleviate debt and pension issues. Further, future deals are more likely to reach approval based upon diminished antitrust risk, opening a much wider world of opportunity for investors in the streamlined companies.</p><p><blockquote>此外，每个分拆出来的通用电气部门都将减少受公司内部前同行债务的负担，特别是近年来的资产出售缓解了债务和养老金问题。此外，基于反垄断风险的降低，未来的交易更有可能获得批准，为精简公司的投资者打开了一个更广阔的机会世界。</blockquote></p><p> The logic is very much the same for Johnson &amp; Johnson as its pharmaceutical business breaks free from the burdensome troubles of&nbsp;lawsuits over talcum-powder&nbsp;products as well as low-margin medicines like Tylenol. Separation is seen as a key step toward unlocking innovation.</p><p><blockquote>强生公司的逻辑大致相同，因为其制药业务摆脱了滑石粉产品以及泰诺等低利润药物诉讼的繁重麻烦。分离被视为释放创新的关键一步。</blockquote></p><p> \"For the new Johnson &amp; Johnson, this planned separation underscores our focus on delivering industry-leading biopharmaceutical and medical device innovation and technology with the goal of bringing new solutions to market for patients and healthcare systems, while creating sustainable value for shareholders,\" CEO Alex Gorsky explained in a statement. \"We believe that the New Consumer Health Company would be a global leader across attractive and growing consumer health categories, and a streamlined and targeted corporate structure would provide it with the agility and flexibility to grow its iconic portfolio of brands and innovate new products.\"</p><p><blockquote>“对于新强生公司来说，这一计划中的分离凸显了我们对提供行业领先的生物制药和医疗器械创新和技术的关注，目标是为患者和医疗保健系统带来新的解决方案，同时为股东创造可持续价值，”首席执行官亚历克斯·戈尔斯基在一份声明中解释道。“我们相信，新的消费者健康公司将成为有吸引力和不断增长的消费者健康类别的全球领导者，精简和有针对性的公司结构将为其提供敏捷性和灵活性，以发展其标志性品牌组合并创新新产品。”</blockquote></p><p> To be sure, these targets and optimistic angles assume a rosy trajectory for each of the newly formed firms. As the example of DowDupont (now Dupont (DD) , Dow Inc. (DOW) , and Corteva (CTVA) ) shows, splitting up historic firms with sprawling business is not always a process that progresses precisely to plan.</p><p><blockquote>可以肯定的是，这些目标和乐观的角度假设了每个新成立的公司都有一个乐观的轨迹。正如陶氏杜邦（现为杜邦（DD）、陶氏公司（DOW）和科迪华（CTVA））的例子所示，拆分业务庞大的历史悠久的公司并不总是一个完全按照计划进行的过程。</blockquote></p><p> Since splitting, the two storied industrial companies, once combined into one mega-conglomerate, have not had much success.</p><p><blockquote>自拆分以来，这两家曾经合并为一家大型企业集团的传奇工业公司并没有取得多大成功。</blockquote></p><p> \"New Dow will be well positioned to drive best-in-class financial performance and shareholder returns,\" Dow CEO Jim Fitterling said ahead of the firm's 2019 spinoff to a standalone firm. \"We have a focused playbook of cost and growth drivers, clear and disciplined capital allocation priorities and a strong balance sheet. Our path to shareholder value creation is straightforward and in our control.\"</p><p><blockquote>陶氏化学首席执行官吉姆·菲特林 (Jim Fitterling) 在公司 2019 年分拆为一家独立公司之前表示：“新陶氏化学将处于有利地位，能够推动一流的财务业绩和股东回报。”“我们有一个重点突出的成本和增长驱动因素、清晰且有纪律的资本配置优先事项以及强大的资产负债表。我们为股东创造价值的道路是直接的，并且在我们的控制之中。”</blockquote></p><p> These pronouncements are very much in line with what GE has said of each of its planned new standalone entities. Also, in a move very much reminiscent of GE's quarterly results in recent years, the pronouncement promised much more than what has actually been delivered.</p><p><blockquote>这些声明与通用电气对其计划中的每个新独立实体的说法非常一致。此外，这一举动让人想起通用电气近年来的季度业绩，该声明所承诺的远远多于实际兑现的内容。</blockquote></p><p> Since it's spinoff was official in April 2019, DOW stock has marked a less than 10% gain. Meanwhile, the S&amp;P has risen over 60% over the same period.</p><p><blockquote>自 2019 年 4 月正式分拆以来，道琼斯指数股价涨幅不到 10%。与此同时，标准普尔指数同期上涨超过 60%。</blockquote></p><p> <b>An Example to Follow?</b></p><p><blockquote><b>可以效仿的榜样？</b></blockquote></p><p></p><p> Still, assuming things do go well post-breakup, these moves could serve as a benchmark for other bigger, older, and perhaps bloated companies. At the very least, this is the logic adopted not only by aging and perhaps overcomplicated American conglomerates like GE and Johnson &amp; Johnson, but also the nearly 150-year-old Japanese giant Toshiba (TOSBF) . In short, it looks as though a trend is taking hold.</p><p><blockquote>尽管如此，假设分手后一切进展顺利，这些举措可以作为其他更大、更老、甚至可能臃肿的公司的基准。至少，这不仅是通用电气和强生等老龄化且可能过于复杂的美国企业集团所采用的逻辑，也是拥有近150年历史的日本巨头东芝（TOSBF）所采用的逻辑。简而言之，看起来一种趋势正在形成。</blockquote></p><p> \"Companies that have very diversified portfolios continue to dilute the value to the shareholders,\" David Braun, CEO of M&amp;A advisory firm Capstone Strategic, told Real Money. \"We are in an era where technology and access to capital are different things. A conglomerate is going to have trouble competing.\"</p><p><blockquote>并购咨询公司 Capstone Strategic 首席执行官大卫·布劳恩 (David Braun) 告诉 Real Money：“投资组合非常多元化的公司继续稀释股东的价值。”“我们生活在一个技术和资本获取是两码事的时代。企业集团将很难竞争。”</blockquote></p><p> He suggested that Emerson Electric (EMR) and Berkshire Hathaway (BRK.A) &nbsp; (BRK.B) are two companies that could likely benefit from a similar breakup.</p><p><blockquote>他表示，艾默生电气 (EMR) 和伯克希尔哈撒韦公司 (BRK.A) (BRK.B) 是两家可能从类似分拆中受益的公司。</blockquote></p><p> \"They continue to stockpile excess cash they cannot deploy,\" Braun added, voicing the drawbacks of the behemoth business. \"I'm not sure they benefit from that model any longer.\"</p><p><blockquote>“他们继续储备无法部署的多余现金，”布劳恩补充道，并表达了庞大业务的缺点。“我不确定他们是否还能从这种模式中受益。”</blockquote></p><p> On the former, he is far from the first to suggest such a move. RBC's Deane Dray has actually been calling for such a breakup for a few years, alongside 3M (MMM) and Roper Technologies (ROP) , firms he also believes could benefit from being a bit less bulky.</p><p><blockquote>在前者方面，他远不是第一个建议采取这样的举措的人。加拿大皇家银行 (RBC) 的迪恩·德雷 (Deane Dray) 实际上几年来一直在呼吁这样的拆分，他还呼吁 3M（3M）和 Roper Technologies (ROP)，他认为这两家公司可以从规模小一点中受益。</blockquote></p><p> \"We believe the pendulum is still swinging towards the 'urge to demerge' trend,\" he wrote in a note on Tuesday. \"GE's announcement today could embolden the boards of several other multi-industry companies to move ahead on more aggressive portfolio simplification moves, including Emerson, Roper Technologies and 3M.\"</p><p><blockquote>他在周二的一份报告中写道：“我们认为钟摆仍在朝着‘分离冲动’趋势摆动。”“通用电气今天的公告可能会鼓励其他几家跨行业公司的董事会采取更积极的投资组合简化措施，其中包括艾默生、罗珀技术公司和 3M。”</blockquote></p><p> As far back as 2019, Dray suggested a breakup of Emerson's automation and commercial divisions could be a boon for shareholders. While the stock has been on a roll since the pandemic began, such a breakup has already been intensely considered by management. In early February, Emerson announced it would not pursue a split \"unless a major strategic acquisition catalyst is actioned.\"</p><p><blockquote>早在 2019 年，德雷就表示艾默生自动化和商业部门的拆分可能对股东有利。虽然自疫情开始以来，该股一直在上涨，但管理层已经认真考虑过这样的分拆。二月初，艾默生宣布“除非采取重大战略收购催化剂”，否则不会寻求拆分。</blockquote></p><p> At the least, if such a catalyst is to appear the company is clearly willing to consider such an option.</p><p><blockquote>至少，如果出现这样的催化剂，公司显然愿意考虑这样的选择。</blockquote></p><p> For Berkshire, it is eminently unlikely that any moves come while both Warren Buffett and Charlie Munger helm the conglomerate.&nbsp;But prospects for such a breakup could take many forms considering the business spans industries from insurance to construction to railroads. As such, attempting to size up a form that such a move might take is nearly impossible to forecast.</p><p><blockquote>对于伯克希尔来说，当沃伦·巴菲特和查理·芒格同时掌舵这家企业集团时，任何举措都不太可能发生。但考虑到业务跨越从保险、建筑到铁路等行业，这种分拆的前景可能会有多种形式。因此，试图评估这种举措可能采取的形式几乎是不可能预测的。</blockquote></p><p> Finally, the prospects of a 3M breakup are certainly not out of the question.</p><p><blockquote>最后，3M 分手的前景当然不是不可能的。</blockquote></p><p> Investors in the storied firm are understandably frustrated. Long-term shareholders have seen the stock stagnate over the past five years, marking a basically flat return even after shares were buoyed by demand for PPE and healthcare equipment that the firm manufactured during the pandemic. Looking back on the boost to the shares, many might have been happier with a pure-play option for healthcare and protective equipment rather than a company also weighed down by industrial, transportation, and consumer segments.</p><p><blockquote>这家传奇公司的投资者感到沮丧是可以理解的。长期股东看到该股在过去五年中停滞不前，即使该公司在大流行期间生产的个人防护设备和医疗设备的需求提振了股价，但回报率基本持平。回顾股价的提振，许多人可能更喜欢医疗保健和防护设备的纯粹选择，而不是一家同样受到工业、运输和消费领域拖累的公司。</blockquote></p><p> Toward this end, the company may have already telegraphed its intention to move toward breaking up. In March 2019, the company divided its business into four units. The units, entitled safety &amp; industrial, transportation &amp; electronics, healthcare, and consumer respectively, were created in order to focus the business.</p><p><blockquote>为此，该公司可能已经发出了分拆的意图。于二零一九年三月，本公司将其业务分为四个单位。为了集中业务，创建了分别名为安全与工业、运输与电子、医疗保健和消费者的部门。</blockquote></p><p> \"We are continuing to advance 3M into the future, and today's actions will strengthen our ability to meet the fast-moving needs of our customers,\" 3M CEO Mike Roman said at the time. \"Our new alignment will leverage our business transformation progress, accelerate growth and deliver greater operational efficiencies.\"</p><p><blockquote>3M 首席执行官 Mike Roman 当时表示：“我们正在继续推动 3M 迈向未来，今天的行动将增强我们满足客户快速变化需求的能力。”“我们的新结构调整将利用我们的业务转型进展，加速增长并提高运营效率。”</blockquote></p><p> As operational efficiencies have not materialized to the point of elevating the share price, it is not unreasonable to ask questions as to why separate businesses might further tap into the desired efficiency. In short, the healthcare business might be stronger if it was no longer adhered to a scotch tape and post-it manufacturer and vice versa.</p><p><blockquote>由于运营效率尚未达到推高股价的程度，因此提出为什么独立业务可能会进一步挖掘所需效率的问题并非不合理。简而言之，如果医疗保健行业不再依赖透明胶带和便利贴制造商，反之亦然，它可能会变得更加强大。</blockquote></p><p> In the end, if the pursuit of separate businesses proves successful in each of the current experiments under way, the lesson may be that bigger is not always better. For investors, it might also open a number of pure-play options that provide a better investment than their parent companies do at present.</p><p><blockquote>最终，如果对独立业务的追求在目前正在进行的每一项实验中都被证明是成功的，那么教训可能是，越大越好。对于投资者来说，它还可能提供许多纯粹的游戏选择，提供比他们的母公司目前更好的投资。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://realmoney.thestreet.com/investing/stocks/ge-isn-t-the-only-aging-company-that-could-benefit-from-a-breakup-15830176?puc=yahoo&cm_ven=YAHOO\">Thestreet</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"JNJ":"强生","GE":"GE航空航天"},"source_url":"https://realmoney.thestreet.com/investing/stocks/ge-isn-t-the-only-aging-company-that-could-benefit-from-a-breakup-15830176?puc=yahoo&cm_ven=YAHOO","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178164317","content_text":"After years of turmoil and a valiant effort by its latest CEO Larry Culp, General Electric (GE) finally gave up in its efforts to salvage its broad-reaching business as a singular unit.\nThe company has consistently spun off numerous assets across the sprawling conglomerate in recent years to lessen its debt load. Perhaps most important was a $20 billion deal to ship its biopharmaceutical business to Danaher (DHR) in 2020. Yet, it appears the moves were not enough to satisfy Culp's ambitious recovery goals for the once-great industrial giant.\n\"The world demands-and deserves-we bring our best to solve the biggest challenges in flight, healthcare, and energy,\" Culp said in a statement on Tuesday. \"By creating three industry-leading, global public companies, each can benefit from greater focus, tailored capital allocation, and strategic flexibility to drive long-term growth and value for customers, investors, and employees. We are putting our technology expertise, leadership, and global reach to work to better serve our customers.\"\nSimilarly, the lawsuit-besieged Johnson & Johnson (JNJ)announced it would spin off its consumer health division from its higher growth pharmaceutical and medical devices divisions in the coming two years.\nJudging by the jump in GE stock after the announcement and the early jolt to Johnson & Johnson stock after its announcement Friday,the market certainly looks as though it was offering its initial approval for the streamlining of separate companies. Still, a few questions quickly come to mind.\nFirst, is this indeed a deft move by management in both cases and therefore deserving of the share-price reaction? And if so, are there more companies that could benefit from following the example set by both of these storied companies?\nBetter After a Breakup?\nThe first line of questioning is one of whether or not two or three firms are truly better than one.\nOn paper, it would certainly appear to be so. As of Thursday's market open, GE touted a valuation of about $119 billion as a total entity. However, when broken into constituent parts, RBC Capital Markets analyst Deane Dray suggested up to a 20% upside for investors. Judging by company metrics and projections, it could well be even higher.\nAlso, each of the spun-off GE units will be less encumbered by the debt of their former counterparts within the broader company, especially as asset sales in recent years alleviate debt and pension issues. Further, future deals are more likely to reach approval based upon diminished antitrust risk, opening a much wider world of opportunity for investors in the streamlined companies.\nThe logic is very much the same for Johnson & Johnson as its pharmaceutical business breaks free from the burdensome troubles of lawsuits over talcum-powder products as well as low-margin medicines like Tylenol. Separation is seen as a key step toward unlocking innovation.\n\"For the new Johnson & Johnson, this planned separation underscores our focus on delivering industry-leading biopharmaceutical and medical device innovation and technology with the goal of bringing new solutions to market for patients and healthcare systems, while creating sustainable value for shareholders,\" CEO Alex Gorsky explained in a statement. \"We believe that the New Consumer Health Company would be a global leader across attractive and growing consumer health categories, and a streamlined and targeted corporate structure would provide it with the agility and flexibility to grow its iconic portfolio of brands and innovate new products.\"\nTo be sure, these targets and optimistic angles assume a rosy trajectory for each of the newly formed firms. As the example of DowDupont (now Dupont (DD) , Dow Inc. (DOW) , and Corteva (CTVA) ) shows, splitting up historic firms with sprawling business is not always a process that progresses precisely to plan.\nSince splitting, the two storied industrial companies, once combined into one mega-conglomerate, have not had much success.\n\"New Dow will be well positioned to drive best-in-class financial performance and shareholder returns,\" Dow CEO Jim Fitterling said ahead of the firm's 2019 spinoff to a standalone firm. \"We have a focused playbook of cost and growth drivers, clear and disciplined capital allocation priorities and a strong balance sheet. Our path to shareholder value creation is straightforward and in our control.\"\nThese pronouncements are very much in line with what GE has said of each of its planned new standalone entities. Also, in a move very much reminiscent of GE's quarterly results in recent years, the pronouncement promised much more than what has actually been delivered.\nSince it's spinoff was official in April 2019, DOW stock has marked a less than 10% gain. Meanwhile, the S&P has risen over 60% over the same period.\nAn Example to Follow?\nStill, assuming things do go well post-breakup, these moves could serve as a benchmark for other bigger, older, and perhaps bloated companies. At the very least, this is the logic adopted not only by aging and perhaps overcomplicated American conglomerates like GE and Johnson & Johnson, but also the nearly 150-year-old Japanese giant Toshiba (TOSBF) . In short, it looks as though a trend is taking hold.\n\"Companies that have very diversified portfolios continue to dilute the value to the shareholders,\" David Braun, CEO of M&A advisory firm Capstone Strategic, told Real Money. \"We are in an era where technology and access to capital are different things. A conglomerate is going to have trouble competing.\"\nHe suggested that Emerson Electric (EMR) and Berkshire Hathaway (BRK.A)   (BRK.B) are two companies that could likely benefit from a similar breakup.\n\"They continue to stockpile excess cash they cannot deploy,\" Braun added, voicing the drawbacks of the behemoth business. \"I'm not sure they benefit from that model any longer.\"\nOn the former, he is far from the first to suggest such a move. RBC's Deane Dray has actually been calling for such a breakup for a few years, alongside 3M (MMM) and Roper Technologies (ROP) , firms he also believes could benefit from being a bit less bulky.\n\"We believe the pendulum is still swinging towards the 'urge to demerge' trend,\" he wrote in a note on Tuesday. \"GE's announcement today could embolden the boards of several other multi-industry companies to move ahead on more aggressive portfolio simplification moves, including Emerson, Roper Technologies and 3M.\"\nAs far back as 2019, Dray suggested a breakup of Emerson's automation and commercial divisions could be a boon for shareholders. While the stock has been on a roll since the pandemic began, such a breakup has already been intensely considered by management. In early February, Emerson announced it would not pursue a split \"unless a major strategic acquisition catalyst is actioned.\"\nAt the least, if such a catalyst is to appear the company is clearly willing to consider such an option.\nFor Berkshire, it is eminently unlikely that any moves come while both Warren Buffett and Charlie Munger helm the conglomerate. But prospects for such a breakup could take many forms considering the business spans industries from insurance to construction to railroads. As such, attempting to size up a form that such a move might take is nearly impossible to forecast.\nFinally, the prospects of a 3M breakup are certainly not out of the question.\nInvestors in the storied firm are understandably frustrated. Long-term shareholders have seen the stock stagnate over the past five years, marking a basically flat return even after shares were buoyed by demand for PPE and healthcare equipment that the firm manufactured during the pandemic. Looking back on the boost to the shares, many might have been happier with a pure-play option for healthcare and protective equipment rather than a company also weighed down by industrial, transportation, and consumer segments.\nToward this end, the company may have already telegraphed its intention to move toward breaking up. In March 2019, the company divided its business into four units. The units, entitled safety & industrial, transportation & electronics, healthcare, and consumer respectively, were created in order to focus the business.\n\"We are continuing to advance 3M into the future, and today's actions will strengthen our ability to meet the fast-moving needs of our customers,\" 3M CEO Mike Roman said at the time. \"Our new alignment will leverage our business transformation progress, accelerate growth and deliver greater operational efficiencies.\"\nAs operational efficiencies have not materialized to the point of elevating the share price, it is not unreasonable to ask questions as to why separate businesses might further tap into the desired efficiency. In short, the healthcare business might be stronger if it was no longer adhered to a scotch tape and post-it manufacturer and vice versa.\nIn the end, if the pursuit of separate businesses proves successful in each of the current experiments under way, the lesson may be that bigger is not always better. For investors, it might also open a number of pure-play options that provide a better investment than their parent companies do at present.","news_type":1,"symbols_score_info":{"JNJ":0.9,"GE":0.9}},"isVote":1,"tweetType":1,"viewCount":3288,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":879938563,"gmtCreate":1636675717066,"gmtModify":1636675717415,"author":{"id":"3585889404495674","authorId":"3585889404495674","name":"KeenLee","avatar":"https://static.tigerbbs.com/43c0bfe9c8189d73470475a7121102b2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585889404495674","idStr":"3585889404495674"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/FCEL\">$FuelCell(FCEL)$</a>Potential","listText":"<a href=\"https://laohu8.com/S/FCEL\">$FuelCell(FCEL)$</a>Potential","text":"$FuelCell(FCEL)$Potential","images":[{"img":"https://static.tigerbbs.com/a26cf2acddd3df3fb8f74dc9ad791214","width":"1125","height":"3406"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/879938563","isVote":1,"tweetType":1,"viewCount":2596,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":879938053,"gmtCreate":1636675683981,"gmtModify":1636675684399,"author":{"id":"3585889404495674","authorId":"3585889404495674","name":"KeenLee","avatar":"https://static.tigerbbs.com/43c0bfe9c8189d73470475a7121102b2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585889404495674","idStr":"3585889404495674"},"themes":[],"title":"","htmlText":"&nbsp;experiment failure","listText":"&nbsp;experiment failure","text":"experiment 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LTD(H18.SI)$</a>Watch","text":"$HOTEL GRAND CENTRAL LTD(H18.SI)$Watch","images":[{"img":"https://static.tigerbbs.com/a6b4fb4ff9f6cc7ab3318a1c43393aff","width":"1125","height":"2803"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/841153489","isVote":1,"tweetType":1,"viewCount":1135,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":841186830,"gmtCreate":1635896179757,"gmtModify":1635896179910,"author":{"id":"3585889404495674","authorId":"3585889404495674","name":"KeenLee","avatar":"https://static.tigerbbs.com/43c0bfe9c8189d73470475a7121102b2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585889404495674","idStr":"3585889404495674"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/GFS\">$GLOBALFOUNDRIES Inc.(GFS)$</a>Buy","listText":"<a href=\"https://laohu8.com/S/GFS\">$GLOBALFOUNDRIES Inc.(GFS)$</a>Buy","text":"$GLOBALFOUNDRIES Inc.(GFS)$Buy","images":[{"img":"https://static.tigerbbs.com/1f47b455f9d7529c4914941936e72f07","width":"1125","height":"1761"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/841186830","isVote":1,"tweetType":1,"viewCount":883,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0}],"hots":[{"id":888300443,"gmtCreate":1631428621882,"gmtModify":1631883824148,"author":{"id":"3585889404495674","authorId":"3585889404495674","name":"KeenLee","avatar":"https://static.tigerbbs.com/43c0bfe9c8189d73470475a7121102b2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585889404495674","idStr":"3585889404495674"},"themes":[],"title":"","htmlText":"Apple is an icon - a brand name that will stick with present And future generations. No need to sell if it rises or fall in your portfolios. Sell only if u need the cash. Rise or fall it doesn’t matters&nbsp;","listText":"Apple is an icon - a brand name that will stick with present And future generations. No need to sell if it rises or fall in your portfolios. Sell only if u need the cash. Rise or fall it doesn’t matters&nbsp;","text":"Apple is an icon - a brand name that will stick with present And future generations. No need to sell if it rises or fall in your portfolios. Sell only if u need the cash. Rise or fall it doesn’t matters","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/888300443","repostId":"1101906502","repostType":4,"repost":{"id":"1101906502","kind":"news","pubTimestamp":1631407634,"share":"https://www.laohunote.com/m/news/1101906502?lang=zh_CN&edition=full","pubTime":"2021-09-12 08:47","market":"us","language":"en","title":"Buy or Sell Apple Stock Ahead of iPhone Event?<blockquote>在 iPhone 发布会前买卖苹果股票？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1101906502","media":"TheStreet","summary":"Apple stock was under pressure on Friday, with its iPhone event just days away. Here's how to trade the stock from here.Shares of Apple Report fell $5.10, or 3.31%, to end at $148.97 Friday, as investors digested recent news and prepared for the iPhone event next week.On Sept. 14, the company will hold a virtual event to introduce the new device. Dubbed “California Streaming,” it’s expected that Apple will introduce its new iPhone and Apple Watch.However, Apple remains in the news for other reas","content":"<p>Apple stock was under pressure on Friday, with its iPhone event just days away. Here's how to trade the stock from here.</p><p><blockquote>苹果股价周五承压，距离 iPhone 发布会仅剩几天时间。以下是如何从这里交易股票。</blockquote></p><p> Shares of Apple&nbsp;Report&nbsp;fell $5.10, or 3.31%, to end at $148.97 Friday, as investors digested recent news and prepared for the iPhone event next week.</p><p><blockquote>由于投资者消化近期消息并为下周的 iPhone 发布会做准备，苹果报告股价周五下跌 5.10 美元，跌幅 3.31%，收于 148.97 美元。</blockquote></p><p> On Sept. 14, the company will&nbsp;hold a virtual event to introduce&nbsp;the new device. Dubbed “California Streaming,” it’s expected that Apple will introduce its new iPhone and Apple Watch.</p><p><blockquote>9月14日，该公司将举办一场虚拟活动来介绍这款新设备。被称为 “加州流媒体 ”的苹果预计将推出新款 iPhone 和苹果手表。</blockquote></p><p> However, Apple remains in the news for other reasons, too.</p><p><blockquote>然而，苹果也因为其他原因出现在新闻中。</blockquote></p><p> After hitting new highs earlier this week, the stock declined Friday after news of a court ruling&nbsp;in its case with Epic Games.</p><p><blockquote>在本周早些时候创下新高后，在法院对其与 Epic Games 的案件做出裁决的消息传出后，该股周五下跌。</blockquote></p><p> That’s alongside a report that was published by well-known Morgan Stanley analyst Katy Huberty, who made the case that Apple stock&nbsp;is “compelling” ahead of its upcoming event.</p><p><blockquote>与此同时，摩根士丹利著名分析师凯蒂-休伯蒂（Katy Huberty）发表了一份报告，她认为苹果的股票在即将到来的事件之前 “引人注目”。</blockquote></p><p> Like I said, it’s a lot of information for investors to digest. Let’s take a look at how the charts are setting up.</p><p><blockquote>就像我说的，投资者需要消化大量信息。让我们来看看图表是如何设置的。</blockquote></p><p> <b>Trading Apple Stock</b></p><p><blockquote><b>交易苹果股票</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bd94f6dcfc32af44a4ae542425f3c92f\" tg-width=\"700\" tg-height=\"429\" width=\"100%\" height=\"auto\"><span>Daily chart of Apple stock.</span></p><p><blockquote><p class=\"t-img-caption\"><span>苹果股票日线图。</span></p></blockquote></p><p> Each time Apple has reported earnings this year, it has resulted in a selloff. Unfortunately, those selloffs would come right as the stock was at or near all-time highs. Those events are marked on the chart with blue arrows.</p><p><blockquote>苹果今年每次公布财报，都会导致抛售。不幸的是，这些抛售恰逢该股处于或接近历史高点。这些事件在图表上用蓝色箭头标记。</blockquote></p><p> It was even more frustrating that Apple&nbsp;blew out analysts’ expectations each time, yet the stock sold off anyway.</p><p><blockquote>更令人沮丧的是，苹果每次都超出了分析师的预期，但该股还是遭到了抛售。</blockquote></p><p> However, rather than a massive dip following the most recent report, the stock only pulled back to the $145 area, near the prior high. It also held the 21-day moving average as support.</p><p><blockquote>然而，在最近的报告发布后，该股并没有大幅下跌，而是回落至 145 美元区域，接近之前的高点。它还持有 21 日移动平均线作为支撑。</blockquote></p><p> The stock has since pushed up through $150 and earlier this week, hit new all-time highs.</p><p><blockquote>此后，该股已突破 150 美元，并在本周早些时候创下历史新高。</blockquote></p><p> For now, we’re getting a dip back down to the key $150 area and the 21-day moving average. Aggressive bulls can buy this dip ahead of the company’s event on Tuesday.</p><p><blockquote>目前，我们将回落至关键的 150 美元区域和 21 日移动平均线。在该公司周二活动之前，激进的多头可以买入这一下跌。</blockquote></p><p> If we break Friday’s low, investors may consider stopping out of the trade and buying on a potentially larger dip down to the 50-day moving average or the $145 area.</p><p><blockquote>如果我们突破周五的低点，投资者可能会考虑停止交易，并在可能跌至 50 日移动平均线或 145 美元区域时买入。</blockquote></p><p> Below $145 may put the $138 level and the 200-day moving average in play.</p><p><blockquote>低于 145 美元可能会触及 138 美元水平和 200 天移动平均线。</blockquote></p><p> Should Apple trade up through the all-time high at $157.26, the 161.8% extension is in play up near $160. Above that mark could put the $172 to $175 zone on the table, depending on how investors react to the event.</p><p><blockquote>如果苹果交易突破157.26美元的历史高点，161.8%的延期将在160美元附近发挥作用。高于该关口可能会出现 172 美元至 175 美元的区域，具体取决于投资者对该事件的反应。</blockquote></p><p> For what it’s worth, September is by far Apple’s worst-performing month, up just three of the last 11 years for the month.</p><p><blockquote>值得一提的是，9 月份是苹果迄今为止表现最差的月份，在过去 11 年中，9 月份的表现仅为 3 月份。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Buy or Sell Apple Stock Ahead of iPhone Event?<blockquote>在 iPhone 发布会前买卖苹果股票？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBuy or Sell Apple Stock Ahead of iPhone Event?<blockquote>在 iPhone 发布会前买卖苹果股票？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">TheStreet</strong><span class=\"h-time small\">2021-09-12 08:47</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Apple stock was under pressure on Friday, with its iPhone event just days away. Here's how to trade the stock from here.</p><p><blockquote>苹果股价周五承压，距离 iPhone 发布会仅剩几天时间。以下是如何从这里交易股票。</blockquote></p><p> Shares of Apple&nbsp;Report&nbsp;fell $5.10, or 3.31%, to end at $148.97 Friday, as investors digested recent news and prepared for the iPhone event next week.</p><p><blockquote>由于投资者消化近期消息并为下周的 iPhone 发布会做准备，苹果报告股价周五下跌 5.10 美元，跌幅 3.31%，收于 148.97 美元。</blockquote></p><p> On Sept. 14, the company will&nbsp;hold a virtual event to introduce&nbsp;the new device. Dubbed “California Streaming,” it’s expected that Apple will introduce its new iPhone and Apple Watch.</p><p><blockquote>9月14日，该公司将举办一场虚拟活动来介绍这款新设备。被称为 “加州流媒体 ”的苹果预计将推出新款 iPhone 和苹果手表。</blockquote></p><p> However, Apple remains in the news for other reasons, too.</p><p><blockquote>然而，苹果也因为其他原因出现在新闻中。</blockquote></p><p> After hitting new highs earlier this week, the stock declined Friday after news of a court ruling&nbsp;in its case with Epic Games.</p><p><blockquote>在本周早些时候创下新高后，在法院对其与 Epic Games 的案件做出裁决的消息传出后，该股周五下跌。</blockquote></p><p> That’s alongside a report that was published by well-known Morgan Stanley analyst Katy Huberty, who made the case that Apple stock&nbsp;is “compelling” ahead of its upcoming event.</p><p><blockquote>与此同时，摩根士丹利著名分析师凯蒂-休伯蒂（Katy Huberty）发表了一份报告，她认为苹果的股票在即将到来的事件之前 “引人注目”。</blockquote></p><p> Like I said, it’s a lot of information for investors to digest. Let’s take a look at how the charts are setting up.</p><p><blockquote>就像我说的，投资者需要消化大量信息。让我们来看看图表是如何设置的。</blockquote></p><p> <b>Trading Apple Stock</b></p><p><blockquote><b>交易苹果股票</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bd94f6dcfc32af44a4ae542425f3c92f\" tg-width=\"700\" tg-height=\"429\" width=\"100%\" height=\"auto\"><span>Daily chart of Apple stock.</span></p><p><blockquote><p class=\"t-img-caption\"><span>苹果股票日线图。</span></p></blockquote></p><p> Each time Apple has reported earnings this year, it has resulted in a selloff. Unfortunately, those selloffs would come right as the stock was at or near all-time highs. Those events are marked on the chart with blue arrows.</p><p><blockquote>苹果今年每次公布财报，都会导致抛售。不幸的是，这些抛售恰逢该股处于或接近历史高点。这些事件在图表上用蓝色箭头标记。</blockquote></p><p> It was even more frustrating that Apple&nbsp;blew out analysts’ expectations each time, yet the stock sold off anyway.</p><p><blockquote>更令人沮丧的是，苹果每次都超出了分析师的预期，但该股还是遭到了抛售。</blockquote></p><p> However, rather than a massive dip following the most recent report, the stock only pulled back to the $145 area, near the prior high. It also held the 21-day moving average as support.</p><p><blockquote>然而，在最近的报告发布后，该股并没有大幅下跌，而是回落至 145 美元区域，接近之前的高点。它还持有 21 日移动平均线作为支撑。</blockquote></p><p> The stock has since pushed up through $150 and earlier this week, hit new all-time highs.</p><p><blockquote>此后，该股已突破 150 美元，并在本周早些时候创下历史新高。</blockquote></p><p> For now, we’re getting a dip back down to the key $150 area and the 21-day moving average. Aggressive bulls can buy this dip ahead of the company’s event on Tuesday.</p><p><blockquote>目前，我们将回落至关键的 150 美元区域和 21 日移动平均线。在该公司周二活动之前，激进的多头可以买入这一下跌。</blockquote></p><p> If we break Friday’s low, investors may consider stopping out of the trade and buying on a potentially larger dip down to the 50-day moving average or the $145 area.</p><p><blockquote>如果我们突破周五的低点，投资者可能会考虑停止交易，并在可能跌至 50 日移动平均线或 145 美元区域时买入。</blockquote></p><p> Below $145 may put the $138 level and the 200-day moving average in play.</p><p><blockquote>低于 145 美元可能会触及 138 美元水平和 200 天移动平均线。</blockquote></p><p> Should Apple trade up through the all-time high at $157.26, the 161.8% extension is in play up near $160. Above that mark could put the $172 to $175 zone on the table, depending on how investors react to the event.</p><p><blockquote>如果苹果交易突破157.26美元的历史高点，161.8%的延期将在160美元附近发挥作用。高于该关口可能会出现 172 美元至 175 美元的区域，具体取决于投资者对该事件的反应。</blockquote></p><p> For what it’s worth, September is by far Apple’s worst-performing month, up just three of the last 11 years for the month.</p><p><blockquote>值得一提的是，9 月份是苹果迄今为止表现最差的月份，在过去 11 年中，9 月份的表现仅为 3 月份。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/investing/trading-apple-aapl-stock-ahead-of-iphone13-event\">TheStreet</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.thestreet.com/investing/trading-apple-aapl-stock-ahead-of-iphone13-event","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1101906502","content_text":"Apple stock was under pressure on Friday, with its iPhone event just days away. Here's how to trade the stock from here.\nShares of Apple Report fell $5.10, or 3.31%, to end at $148.97 Friday, as investors digested recent news and prepared for the iPhone event next week.\nOn Sept. 14, the company will hold a virtual event to introduce the new device. Dubbed “California Streaming,” it’s expected that Apple will introduce its new iPhone and Apple Watch.\nHowever, Apple remains in the news for other reasons, too.\nAfter hitting new highs earlier this week, the stock declined Friday after news of a court ruling in its case with Epic Games.\nThat’s alongside a report that was published by well-known Morgan Stanley analyst Katy Huberty, who made the case that Apple stock is “compelling” ahead of its upcoming event.\nLike I said, it’s a lot of information for investors to digest. Let’s take a look at how the charts are setting up.\nTrading Apple Stock\nDaily chart of Apple stock.\nEach time Apple has reported earnings this year, it has resulted in a selloff. Unfortunately, those selloffs would come right as the stock was at or near all-time highs. Those events are marked on the chart with blue arrows.\nIt was even more frustrating that Apple blew out analysts’ expectations each time, yet the stock sold off anyway.\nHowever, rather than a massive dip following the most recent report, the stock only pulled back to the $145 area, near the prior high. It also held the 21-day moving average as support.\nThe stock has since pushed up through $150 and earlier this week, hit new all-time highs.\nFor now, we’re getting a dip back down to the key $150 area and the 21-day moving average. Aggressive bulls can buy this dip ahead of the company’s event on Tuesday.\nIf we break Friday’s low, investors may consider stopping out of the trade and buying on a potentially larger dip down to the 50-day moving average or the $145 area.\nBelow $145 may put the $138 level and the 200-day moving average in play.\nShould Apple trade up through the all-time high at $157.26, the 161.8% extension is in play up near $160. Above that mark could put the $172 to $175 zone on the table, depending on how investors react to the event.\nFor what it’s worth, September is by far Apple’s worst-performing month, up just three of the last 11 years for the month.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":534,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":810581289,"gmtCreate":1629986588841,"gmtModify":1704954211683,"author":{"id":"3585889404495674","authorId":"3585889404495674","name":"KeenLee","avatar":"https://static.tigerbbs.com/43c0bfe9c8189d73470475a7121102b2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585889404495674","idStr":"3585889404495674"},"themes":[],"title":"","htmlText":"Uncertainty ahead are government policies","listText":"Uncertainty ahead are government policies","text":"Uncertainty ahead are government policies","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/810581289","repostId":"1190253508","repostType":4,"isVote":1,"tweetType":1,"viewCount":543,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":606902825,"gmtCreate":1638804697385,"gmtModify":1638804705759,"author":{"id":"3585889404495674","authorId":"3585889404495674","name":"KeenLee","avatar":"https://static.tigerbbs.com/43c0bfe9c8189d73470475a7121102b2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585889404495674","idStr":"3585889404495674"},"themes":[],"title":"","htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/606902825","repostId":"1189410190","repostType":2,"repost":{"id":"1189410190","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1638804387,"share":"https://www.laohunote.com/m/news/1189410190?lang=zh_CN&edition=full","pubTime":"2021-12-06 23:26","market":"us","language":"en","title":"Stocks linked to the reopening of the economy gained on Monday<blockquote>与经济重新开放相关的股票周一上涨</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1189410190","media":"Tiger Newspress","summary":"Stocks linked to the reopening of the economy gained on Monday.Airlines,Cruise lines and travel book","content":"<p>Stocks linked to the reopening of the economy gained on Monday.Airlines,Cruise lines&nbsp;and&nbsp;travel booking stocks&nbsp;jumped&nbsp;in morning trading.</p><p><blockquote>与经济重新开放相关的股票周一上涨.航空公司、邮轮公司和旅游预订股在早盘交易中上涨。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/651aa4b1311ccf3c19aeb54b31cfa75d\" tg-width=\"410\" tg-height=\"485\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/f544513dbaea07f8bfb6ef95f4787209\" tg-width=\"416\" tg-height=\"188\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/f38b5565430c470461254d0b06da3752\" tg-width=\"405\" tg-height=\"178\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Stocks linked to the reopening of the economy gained on Monday<blockquote>与经济重新开放相关的股票周一上涨</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nStocks linked to the reopening of the economy gained on Monday<blockquote>与经济重新开放相关的股票周一上涨</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-12-06 23:26</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Stocks linked to the reopening of the economy gained on Monday.Airlines,Cruise lines&nbsp;and&nbsp;travel booking stocks&nbsp;jumped&nbsp;in morning trading.</p><p><blockquote>与经济重新开放相关的股票周一上涨.航空公司、邮轮公司和旅游预订股在早盘交易中上涨。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/651aa4b1311ccf3c19aeb54b31cfa75d\" tg-width=\"410\" tg-height=\"485\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/f544513dbaea07f8bfb6ef95f4787209\" tg-width=\"416\" tg-height=\"188\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/f38b5565430c470461254d0b06da3752\" tg-width=\"405\" tg-height=\"178\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"RCL":"皇家加勒比邮轮","BA":"波音","ALK":"阿拉斯加航空集团有限公司","JBLU":"捷蓝航空","EXPE":"Expedia","BKNG":"Booking Holdings","DAL":"达美航空","CCL":"嘉年华邮轮","SAVE":"Spirit Airlines","AAL":"美国航空","UAL":"联合大陆航空","NCLH":"挪威邮轮","ABNB":"爱彼迎","LUV":"西南航空"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1189410190","content_text":"Stocks linked to the reopening of the economy gained on Monday.Airlines,Cruise lines and travel booking stocks jumped in morning trading.","news_type":1,"symbols_score_info":{"EXPE":0.9,"ABNB":0.9,"CCL":0.9,"RCL":0.9,"BKNG":0.9,"BA":0.9,"SAVE":0.9,"DAL":0.9,"UAL":0.9,"LUV":0.9,"JBLU":0.9,"AAL":0.9,"NCLH":0.9,"ALK":0.9}},"isVote":1,"tweetType":1,"viewCount":3214,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":815034828,"gmtCreate":1630629314264,"gmtModify":1631891060864,"author":{"id":"3585889404495674","authorId":"3585889404495674","name":"KeenLee","avatar":"https://static.tigerbbs.com/43c0bfe9c8189d73470475a7121102b2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585889404495674","idStr":"3585889404495674"},"themes":[],"title":"","htmlText":"Very true","listText":"Very true","text":"Very true","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/815034828","repostId":"2164821842","repostType":4,"isVote":1,"tweetType":1,"viewCount":507,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":814274312,"gmtCreate":1630834802836,"gmtModify":1631891060852,"author":{"id":"3585889404495674","authorId":"3585889404495674","name":"KeenLee","avatar":"https://static.tigerbbs.com/43c0bfe9c8189d73470475a7121102b2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585889404495674","idStr":"3585889404495674"},"themes":[],"title":"","htmlText":"To buy or not to buy - just dun be to negative - embrace the upward trend and positionyour investment&nbsp;","listText":"To buy or not to buy - just dun be to negative - embrace the upward trend and positionyour investment&nbsp;","text":"To buy or not to buy - just dun be to negative - embrace the upward trend and positionyour investment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/814274312","repostId":"1168498795","repostType":4,"repost":{"id":"1168498795","kind":"news","pubTimestamp":1630655991,"share":"https://www.laohunote.com/m/news/1168498795?lang=zh_CN&edition=full","pubTime":"2021-09-03 15:59","market":"us","language":"en","title":"Speak No Evil of the S&P 500’s Neverending Records<blockquote>不要说标普500永无止境的坏话</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1168498795","media":"The Wall Street Journal","summary":"Investors buying stocks no matter what shouldn’t fool themselves that the future will deliver the ch","content":"<p>  <b>Investors buying stocks no matter what shouldn’t fool themselves that the future will deliver the chunky returns of the past decade.</b>  <img src=\"https://static.tigerbbs.com/6573eb955692f754acc1285622febd53\" tg-width=\"878\" tg-height=\"520\" width=\"100%\" height=\"auto\">The S&amp;P 500 is like the three wise monkeys: See no evil, hear no evil, speak no evil.Whatever happens, it just goes up. The market has gone up almost in a straight line since November despite a troubling list of events that could each have justified at least a 5% correction. Investors are incredibly resilient.</p><p><blockquote><b>无论如何购买股票的投资者都不应该自欺欺人地认为未来会带来过去十年的丰厚回报。</b>标普500就像三只聪明的猴子：不见恶，不闻恶，不言恶。不管发生什么，它只会上升。尽管一系列令人不安的事件都可能导致至少 5% 的调整，但自 11 月以来，市场几乎一直在直线上涨。投资者的弹性令人难以置信。</blockquote></p><p> Some things that didn’t matter:a burst bubble in clean-energy stocks;a sharp rise in Treasury yields(to March);a big fall in Treasury yields(since March); China’s crackdown on moneymaking; the Federal Reserve’sshift toward tapering bond purchases; and the rise of the Delta variant.</p><p><blockquote>有些事情并不重要：清洁能源股票泡沫破裂；美国国债收益率大幅上升（截至3月份）；美国国债收益率大幅下降（自3月份以来）；中国赚钱的打压；美联储转向缩减债券购买规模；以及德尔塔变异毒株的崛起。</blockquote></p><p> On the optimistic side, it is great that the market has been pushed up by a variety of forces, not by wild excess in a single area. We need not worry that the bubble in clean energy will burst and bring down the market, because it has already burst without bringing down the market.</p><p><blockquote>乐观的一面是，市场受到多种力量的推动，而不是单一领域的疯狂过剩，这很好。我们不用担心清洁能源的泡沫会破裂拖垮市场，因为它已经破裂了，没有拖垮市场。</blockquote></p><p> Throughout all this, the stock market has risen steadily,without a 5% fall since shortly before the election last year. Every time part of the market—technology stocks, cheap stocks, smaller stocks, oil stocks, strong-balance-sheet stocks—stops performing, something else steps in to rescue the broader index. The market seems invulnerable to bad news, and that is unusual. On the face of it, it is also scary, suggesting investors are complacent about danger.</p><p><blockquote>在这一切过程中，股市一直在稳步上涨，自去年大选前不久以来没有下跌5%。每当市场的一部分——科技股、廉价股票、小型股票、石油股、资产负债表强劲的股票——停止表现时，就会有其他东西介入来拯救更广泛的指数。市场似乎不会受到坏消息的影响，这是不寻常的。从表面上看，它也很可怕，表明投资者对危险沾沾自喜。</blockquote></p><p> It is far from unprecedented to go a long time without a correction, with 10 episodes since 1963 when the market lasted more than 200 trading days without a 5% drop. But they were different from the recent run. In every other case, the market was far calmer below the surface. This time, major events led to big swings between sectors, size and types of stock, but none disturbed its steady rise.</p><p><blockquote>长时间不回调远非史无前例，自1963年以来，有10次市场持续了200多个交易日而没有下跌5%。但它们与最近的运行不同。在其他情况下，市场表面之下要平静得多。这一次，重大事件导致了板块、规模和股票类型之间的大幅波动，但都没有扰乱其稳步上涨。</blockquote></p><p> Similarly, the stimulus- and vaccine-driven willingness to take risk across every asset class faded from March onward, so we shouldn’t be too concerned about a switch in investor sentiment. Again, it has already happened.</p><p><blockquote>同样，从 3 月份开始，刺激和疫苗驱动的各资产类别的风险意愿都有所减弱，因此我们不必过于担心投资者情绪的转变。再说一次，它已经发生了。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/7d8b995934c7f60fadb5834dd078e232\" tg-width=\"320\" tg-height=\"412\" width=\"100%\" height=\"auto\">Yet,I find it disconcerting that the market seems to go up no matter what. Good news on the economy pushes up stocks sensitive to growth, such as manufacturers and banks. Troubling news on the economy means lower bond yields and so pushes up stocks with profits far in the future (see: Big Tech) whose expansion depends on innovation rather than economic growth, which I understand. That both should push up the wider S&amp;P 500 is what puzzles me.</p><p><blockquote>然而， 我觉得令人不安的是， 市场似乎无论如何都在上涨。经济方面的好消息推高了对增长敏感的股票，例如制造商和银行。令人不安的经济消息意味着债券收益率下降，从而推高了未来很长一段时间内盈利的股票（参见：大型科技公司），这些股票的扩张依赖于创新而不是经济增长，我理解这一点。两者都应该推动更广泛的标普500，这让我感到困惑。</blockquote></p><p> The only explanation I have is the old one: “TINA”—There Is No Alternative to Stocks—because yields on alternatives such as bonds are so low. With more savings going into stocks than is cashed out or soaked up by IPOs, the price has to rise. It isn’t a satisfactory story, but it kind of works.</p><p><blockquote>我唯一的解释还是老一套： “蒂娜”--除了股票别无选择--因为债券等替代品的收益率太低了。由于流入股票的储蓄多于 IPO 套现或吸收的储蓄，价格必须上涨。这不是一个令人满意的故事，但还不错。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/37942e27b25662943d254580733d2954\" tg-width=\"325\" tg-height=\"413\" width=\"100%\" height=\"auto\">In both good and bad times investors want to buy stocks, so the S&amp;P goes up. But<i>which</i>stocks they choose to buy differs between good and bad times. In good times they want risk-on stocks (cheap value, cyclicals, smaller companies, emerging markets). In bad times they want risk-off stocks (growth, defensive firms, larger companies, developed markets and especially the U.S.).</p><p><blockquote>无论顺境还是逆境，投资者都想购买股票，因此标准普尔指数会上涨。但<i>哪个</i>他们选择购买的股票在顺境和逆境之间有所不同。在好的时候，他们想要风险偏好的股票（廉价价值、周期性、小公司、新兴市场）。在困难时期，他们想要规避风险的股票（成长型、防御型公司、大公司、发达市场，尤其是美国）。</blockquote></p><p> The problem with TINA is that the justification for stocks isn’t that they offer good returns in the future, but that they offer better returns than bonds. Bonds offer miserable returns—a guaranteed loss after inflation for 30 years on Treasury inflation-protected securities—so doing better than that isn’t saying much. If lower rewards came with lower risks, that would be fine, but at best the risks are as high as ever, perhaps much higher.</p><p><blockquote>TINA 的问题在于，股票的理由不在于它们在未来能提供良好的回报，而在于它们比债券能提供更好的回报。债券的回报率很低--30 年来，通胀保值国债在通货膨胀后肯定会亏损--因此，比这更好的表现并不能说明什么。如果较低的回报伴随着较低的风险，那很好，但充其量风险还是和以前一样高，也许要高得多。</blockquote></p><p> A simplistic way to quantify how much lower the rewards of stocks are likely to be is to use the earnings yield, the inverse of the forward price/earnings ratio. If companies match analyst profit forecasts, future returns should be about 4%—only slightly higher than was suggested by the measure at the height of the dot-com bubble in 2000. If corporate earnings miss forecasts, future returns could be substantially lower. If valuations fall too, returns are doubly hit, as they were after the dot-com bubble burst, when returns ended up negative for years.</p><p><blockquote>量化股票回报可能降低多少的一个简单方法是使用收益收益率，即远期市盈率的倒数。如果公司符合分析师的利润预测，未来回报率应该在 4% 左右，仅略高于 2000 年互联网泡沫鼎盛时期的指标。如果企业盈利未达预期，未来回报可能会大幅降低。如果估值也下跌，回报率就会受到双重打击，就像互联网泡沫破裂后一样，当时回报率多年来一直为负。</blockquote></p><p></p><p> Quantifying risks is much harder. Inflation risk is higher than before, and so are political (tax and regulation) and geopolitical (trade and supply chain) threats to stocks. The risk that analysts have horribly overestimated earnings or companies are massively overstating earnings is at least as high as usual. Central banks are sure to try to help if stocks plunge, but can’t use the traditional support of rate cuts. Alternative tools such as negative rates and buying a wider range of assets are available, but their risks are less well understood.</p><p><blockquote>量化风险要困难得多。通胀风险比以前更高，政治（税收和监管）和地缘政治（贸易和供应链）对股票的威胁也更高。分析师严重高估盈利或公司大幅高估盈利的风险至少和往常一样高。如果股市暴跌，央行肯定会尽力提供帮助，但不能使用传统的降息支撑。负利率和购买更广泛的资产等替代工具是可用的，但它们的风险不太清楚。</blockquote></p><p> Getting a lower reward for the same or higher risk may still be acceptable, given how expensive the safer alternatives are. But investors buying stocks no matter what shouldn’t fool themselves that the future will deliver the 6.5% or so above inflation of the past century, let alone the 12% above inflation of the past decade.</p><p><blockquote>考虑到更安全的替代品有多昂贵，为相同或更高的风险获得较低的回报可能仍然是可以接受的。但是，无论如何购买股票的投资者都不应该自欺欺人地认为，未来的通胀率将比上个世纪高出 6.5% 左右，更不用说比过去十年高出 12% 了。</blockquote></p><p> The awful choice investors have is to join the monkeys in pretending all is well, or accept the terrible returns of safe assets.</p><p><blockquote>投资者面临的可怕选择是加入猴子的行列，假装一切都很好，或者接受安全资产的可怕回报。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Speak No Evil of the S&P 500’s Neverending Records<blockquote>不要说标普500永无止境的坏话</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSpeak No Evil of the S&P 500’s Neverending Records<blockquote>不要说标普500永无止境的坏话</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Wall Street Journal</strong><span class=\"h-time small\">2021-09-03 15:59</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>Investors buying stocks no matter what shouldn’t fool themselves that the future will deliver the chunky returns of the past decade.</b>  <img src=\"https://static.tigerbbs.com/6573eb955692f754acc1285622febd53\" tg-width=\"878\" tg-height=\"520\" width=\"100%\" height=\"auto\">The S&amp;P 500 is like the three wise monkeys: See no evil, hear no evil, speak no evil.Whatever happens, it just goes up. The market has gone up almost in a straight line since November despite a troubling list of events that could each have justified at least a 5% correction. Investors are incredibly resilient.</p><p><blockquote><b>无论如何购买股票的投资者都不应该自欺欺人地认为未来会带来过去十年的丰厚回报。</b>标普500就像三只聪明的猴子：不见恶，不闻恶，不言恶。不管发生什么，它只会上升。尽管一系列令人不安的事件都可能导致至少 5% 的调整，但自 11 月以来，市场几乎一直在直线上涨。投资者的弹性令人难以置信。</blockquote></p><p> Some things that didn’t matter:a burst bubble in clean-energy stocks;a sharp rise in Treasury yields(to March);a big fall in Treasury yields(since March); China’s crackdown on moneymaking; the Federal Reserve’sshift toward tapering bond purchases; and the rise of the Delta variant.</p><p><blockquote>有些事情并不重要：清洁能源股票泡沫破裂；美国国债收益率大幅上升（截至3月份）；美国国债收益率大幅下降（自3月份以来）；中国赚钱的打压；美联储转向缩减债券购买规模；以及德尔塔变异毒株的崛起。</blockquote></p><p> On the optimistic side, it is great that the market has been pushed up by a variety of forces, not by wild excess in a single area. We need not worry that the bubble in clean energy will burst and bring down the market, because it has already burst without bringing down the market.</p><p><blockquote>乐观的一面是，市场受到多种力量的推动，而不是单一领域的疯狂过剩，这很好。我们不用担心清洁能源的泡沫会破裂拖垮市场，因为它已经破裂了，没有拖垮市场。</blockquote></p><p> Throughout all this, the stock market has risen steadily,without a 5% fall since shortly before the election last year. Every time part of the market—technology stocks, cheap stocks, smaller stocks, oil stocks, strong-balance-sheet stocks—stops performing, something else steps in to rescue the broader index. The market seems invulnerable to bad news, and that is unusual. On the face of it, it is also scary, suggesting investors are complacent about danger.</p><p><blockquote>在这一切过程中，股市一直在稳步上涨，自去年大选前不久以来没有下跌5%。每当市场的一部分——科技股、廉价股票、小型股票、石油股、资产负债表强劲的股票——停止表现时，就会有其他东西介入来拯救更广泛的指数。市场似乎不会受到坏消息的影响，这是不寻常的。从表面上看，它也很可怕，表明投资者对危险沾沾自喜。</blockquote></p><p> It is far from unprecedented to go a long time without a correction, with 10 episodes since 1963 when the market lasted more than 200 trading days without a 5% drop. But they were different from the recent run. In every other case, the market was far calmer below the surface. This time, major events led to big swings between sectors, size and types of stock, but none disturbed its steady rise.</p><p><blockquote>长时间不回调远非史无前例，自1963年以来，有10次市场持续了200多个交易日而没有下跌5%。但它们与最近的运行不同。在其他情况下，市场表面之下要平静得多。这一次，重大事件导致了板块、规模和股票类型之间的大幅波动，但都没有扰乱其稳步上涨。</blockquote></p><p> Similarly, the stimulus- and vaccine-driven willingness to take risk across every asset class faded from March onward, so we shouldn’t be too concerned about a switch in investor sentiment. Again, it has already happened.</p><p><blockquote>同样，从 3 月份开始，刺激和疫苗驱动的各资产类别的风险意愿都有所减弱，因此我们不必过于担心投资者情绪的转变。再说一次，它已经发生了。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/7d8b995934c7f60fadb5834dd078e232\" tg-width=\"320\" tg-height=\"412\" width=\"100%\" height=\"auto\">Yet,I find it disconcerting that the market seems to go up no matter what. Good news on the economy pushes up stocks sensitive to growth, such as manufacturers and banks. Troubling news on the economy means lower bond yields and so pushes up stocks with profits far in the future (see: Big Tech) whose expansion depends on innovation rather than economic growth, which I understand. That both should push up the wider S&amp;P 500 is what puzzles me.</p><p><blockquote>然而， 我觉得令人不安的是， 市场似乎无论如何都在上涨。经济方面的好消息推高了对增长敏感的股票，例如制造商和银行。令人不安的经济消息意味着债券收益率下降，从而推高了未来很长一段时间内盈利的股票（参见：大型科技公司），这些股票的扩张依赖于创新而不是经济增长，我理解这一点。两者都应该推动更广泛的标普500，这让我感到困惑。</blockquote></p><p> The only explanation I have is the old one: “TINA”—There Is No Alternative to Stocks—because yields on alternatives such as bonds are so low. With more savings going into stocks than is cashed out or soaked up by IPOs, the price has to rise. It isn’t a satisfactory story, but it kind of works.</p><p><blockquote>我唯一的解释还是老一套： “蒂娜”--除了股票别无选择--因为债券等替代品的收益率太低了。由于流入股票的储蓄多于 IPO 套现或吸收的储蓄，价格必须上涨。这不是一个令人满意的故事，但还不错。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/37942e27b25662943d254580733d2954\" tg-width=\"325\" tg-height=\"413\" width=\"100%\" height=\"auto\">In both good and bad times investors want to buy stocks, so the S&amp;P goes up. But<i>which</i>stocks they choose to buy differs between good and bad times. In good times they want risk-on stocks (cheap value, cyclicals, smaller companies, emerging markets). In bad times they want risk-off stocks (growth, defensive firms, larger companies, developed markets and especially the U.S.).</p><p><blockquote>无论顺境还是逆境，投资者都想购买股票，因此标准普尔指数会上涨。但<i>哪个</i>他们选择购买的股票在顺境和逆境之间有所不同。在好的时候，他们想要风险偏好的股票（廉价价值、周期性、小公司、新兴市场）。在困难时期，他们想要规避风险的股票（成长型、防御型公司、大公司、发达市场，尤其是美国）。</blockquote></p><p> The problem with TINA is that the justification for stocks isn’t that they offer good returns in the future, but that they offer better returns than bonds. Bonds offer miserable returns—a guaranteed loss after inflation for 30 years on Treasury inflation-protected securities—so doing better than that isn’t saying much. If lower rewards came with lower risks, that would be fine, but at best the risks are as high as ever, perhaps much higher.</p><p><blockquote>TINA 的问题在于，股票的理由不在于它们在未来能提供良好的回报，而在于它们比债券能提供更好的回报。债券的回报率很低--30 年来，通胀保值国债在通货膨胀后肯定会亏损--因此，比这更好的表现并不能说明什么。如果较低的回报伴随着较低的风险，那很好，但充其量风险还是和以前一样高，也许要高得多。</blockquote></p><p> A simplistic way to quantify how much lower the rewards of stocks are likely to be is to use the earnings yield, the inverse of the forward price/earnings ratio. If companies match analyst profit forecasts, future returns should be about 4%—only slightly higher than was suggested by the measure at the height of the dot-com bubble in 2000. If corporate earnings miss forecasts, future returns could be substantially lower. If valuations fall too, returns are doubly hit, as they were after the dot-com bubble burst, when returns ended up negative for years.</p><p><blockquote>量化股票回报可能降低多少的一个简单方法是使用收益收益率，即远期市盈率的倒数。如果公司符合分析师的利润预测，未来回报率应该在 4% 左右，仅略高于 2000 年互联网泡沫鼎盛时期的指标。如果企业盈利未达预期，未来回报可能会大幅降低。如果估值也下跌，回报率就会受到双重打击，就像互联网泡沫破裂后一样，当时回报率多年来一直为负。</blockquote></p><p></p><p> Quantifying risks is much harder. Inflation risk is higher than before, and so are political (tax and regulation) and geopolitical (trade and supply chain) threats to stocks. The risk that analysts have horribly overestimated earnings or companies are massively overstating earnings is at least as high as usual. Central banks are sure to try to help if stocks plunge, but can’t use the traditional support of rate cuts. Alternative tools such as negative rates and buying a wider range of assets are available, but their risks are less well understood.</p><p><blockquote>量化风险要困难得多。通胀风险比以前更高，政治（税收和监管）和地缘政治（贸易和供应链）对股票的威胁也更高。分析师严重高估盈利或公司大幅高估盈利的风险至少和往常一样高。如果股市暴跌，央行肯定会尽力提供帮助，但不能使用传统的降息支撑。负利率和购买更广泛的资产等替代工具是可用的，但它们的风险不太清楚。</blockquote></p><p> Getting a lower reward for the same or higher risk may still be acceptable, given how expensive the safer alternatives are. But investors buying stocks no matter what shouldn’t fool themselves that the future will deliver the 6.5% or so above inflation of the past century, let alone the 12% above inflation of the past decade.</p><p><blockquote>考虑到更安全的替代品有多昂贵，为相同或更高的风险获得较低的回报可能仍然是可以接受的。但是，无论如何购买股票的投资者都不应该自欺欺人地认为，未来的通胀率将比上个世纪高出 6.5% 左右，更不用说比过去十年高出 12% 了。</blockquote></p><p> The awful choice investors have is to join the monkeys in pretending all is well, or accept the terrible returns of safe assets.</p><p><blockquote>投资者面临的可怕选择是加入猴子的行列，假装一切都很好，或者接受安全资产的可怕回报。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/speak-no-evil-of-the-s-p-500s-neverending-records-11630590653?mod=markets_lead_pos5\">The Wall Street Journal</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".SPX":"S&P 500 Index"},"source_url":"https://www.wsj.com/articles/speak-no-evil-of-the-s-p-500s-neverending-records-11630590653?mod=markets_lead_pos5","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1168498795","content_text":"Investors buying stocks no matter what shouldn’t fool themselves that the future will deliver the chunky returns of the past decade.\n\nThe S&P 500 is like the three wise monkeys: See no evil, hear no evil, speak no evil.Whatever happens, it just goes up. The market has gone up almost in a straight line since November despite a troubling list of events that could each have justified at least a 5% correction. Investors are incredibly resilient.\nSome things that didn’t matter:a burst bubble in clean-energy stocks;a sharp rise in Treasury yields(to March);a big fall in Treasury yields(since March); China’s crackdown on moneymaking; the Federal Reserve’sshift toward tapering bond purchases; and the rise of the Delta variant.\nOn the optimistic side, it is great that the market has been pushed up by a variety of forces, not by wild excess in a single area. We need not worry that the bubble in clean energy will burst and bring down the market, because it has already burst without bringing down the market.\nThroughout all this, the stock market has risen steadily,without a 5% fall since shortly before the election last year. Every time part of the market—technology stocks, cheap stocks, smaller stocks, oil stocks, strong-balance-sheet stocks—stops performing, something else steps in to rescue the broader index. The market seems invulnerable to bad news, and that is unusual. On the face of it, it is also scary, suggesting investors are complacent about danger.\nIt is far from unprecedented to go a long time without a correction, with 10 episodes since 1963 when the market lasted more than 200 trading days without a 5% drop. But they were different from the recent run. In every other case, the market was far calmer below the surface. This time, major events led to big swings between sectors, size and types of stock, but none disturbed its steady rise.\nSimilarly, the stimulus- and vaccine-driven willingness to take risk across every asset class faded from March onward, so we shouldn’t be too concerned about a switch in investor sentiment. Again, it has already happened.\nYet,I find it disconcerting that the market seems to go up no matter what. Good news on the economy pushes up stocks sensitive to growth, such as manufacturers and banks. Troubling news on the economy means lower bond yields and so pushes up stocks with profits far in the future (see: Big Tech) whose expansion depends on innovation rather than economic growth, which I understand. That both should push up the wider S&P 500 is what puzzles me.\nThe only explanation I have is the old one: “TINA”—There Is No Alternative to Stocks—because yields on alternatives such as bonds are so low. With more savings going into stocks than is cashed out or soaked up by IPOs, the price has to rise. It isn’t a satisfactory story, but it kind of works.\nIn both good and bad times investors want to buy stocks, so the S&P goes up. Butwhichstocks they choose to buy differs between good and bad times. In good times they want risk-on stocks (cheap value, cyclicals, smaller companies, emerging markets). In bad times they want risk-off stocks (growth, defensive firms, larger companies, developed markets and especially the U.S.).\nThe problem with TINA is that the justification for stocks isn’t that they offer good returns in the future, but that they offer better returns than bonds. Bonds offer miserable returns—a guaranteed loss after inflation for 30 years on Treasury inflation-protected securities—so doing better than that isn’t saying much. If lower rewards came with lower risks, that would be fine, but at best the risks are as high as ever, perhaps much higher.\nA simplistic way to quantify how much lower the rewards of stocks are likely to be is to use the earnings yield, the inverse of the forward price/earnings ratio. If companies match analyst profit forecasts, future returns should be about 4%—only slightly higher than was suggested by the measure at the height of the dot-com bubble in 2000. If corporate earnings miss forecasts, future returns could be substantially lower. If valuations fall too, returns are doubly hit, as they were after the dot-com bubble burst, when returns ended up negative for years.\nQuantifying risks is much harder. Inflation risk is higher than before, and so are political (tax and regulation) and geopolitical (trade and supply chain) threats to stocks. The risk that analysts have horribly overestimated earnings or companies are massively overstating earnings is at least as high as usual. Central banks are sure to try to help if stocks plunge, but can’t use the traditional support of rate cuts. Alternative tools such as negative rates and buying a wider range of assets are available, but their risks are less well understood.\nGetting a lower reward for the same or higher risk may still be acceptable, given how expensive the safer alternatives are. But investors buying stocks no matter what shouldn’t fool themselves that the future will deliver the 6.5% or so above inflation of the past century, let alone the 12% above inflation of the past decade.\nThe awful choice investors have is to join the monkeys in pretending all is well, or accept the terrible returns of safe assets.","news_type":1,"symbols_score_info":{"SPY":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":630,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":873688279,"gmtCreate":1636937988649,"gmtModify":1636937988800,"author":{"id":"3585889404495674","authorId":"3585889404495674","name":"KeenLee","avatar":"https://static.tigerbbs.com/43c0bfe9c8189d73470475a7121102b2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585889404495674","idStr":"3585889404495674"},"themes":[],"title":"","htmlText":"Interesting&nbsp;","listText":"Interesting&nbsp;","text":"Interesting","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/873688279","repostId":"1185900809","repostType":4,"repost":{"id":"1185900809","kind":"news","pubTimestamp":1636934113,"share":"https://www.laohunote.com/m/news/1185900809?lang=zh_CN&edition=full","pubTime":"2021-11-15 07:55","market":"us","language":"en","title":"Bitcoin Creator Satoshi Nakamoto Could Be Unmasked at Florida Trial<blockquote>比特币创始人中本聪可能会在佛罗里达州审判中被揭露</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1185900809","media":"WSJ","summary":"A seemingly run-of-the-mill trial is playing out in Florida: The family of a deceased man is suing h","content":"<p>A seemingly run-of-the-mill trial is playing out in Florida: The family of a deceased man is suing his former business partner over control of their partnership’s assets.</p><p><blockquote>一场看似普通的审判正在佛罗里达州上演： 一名已故男子的家人起诉他的前商业伙伴，要求其控制合伙企业的资产。</blockquote></p><p> In this case, the assets in question are a cache of about one million bitcoins, equivalent to around $64 billion today, belonging to bitcoin’s creator, the pseudonymous Satoshi Nakamoto. The family of the dead man says he and his business partner together were Nakamoto, and thus the family is entitled to half of the fortune.</p><p><blockquote>在这种情况下，涉案资产是一个大约 100 万个比特币的缓存，相当于今天的约 640 亿美元，属于比特币的创造者、化名中本聪。死者的家人说，他和他的商业伙伴是中本，因此这个家庭有权获得一半的财产。</blockquote></p><p> Who Satoshi Nakamoto is has been one of the financial world’s enduring mysteries. Does the name refer to one person? Or several? And why has he or she or they not touched a penny of that fortune?</p><p><blockquote>中本聪是谁一直是金融界长久以来的谜团之一。这个名字是指一个人吗？还是几个？为什么他或她或他们没有碰一分钱？</blockquote></p><p> The answers to those questions are at the center of the Florida dispute and of bitcoin itself. Bitcoin has become a trillion-dollar market, with tens of millions of investors. It has challenged governments trying to regulate it and has been endorsed by some. The technology behind it is seen by some as a way to rewire the global financial system. Yet, who created it and why has remained a mystery.</p><p><blockquote>这些问题的答案是佛罗里达争端和比特币本身的核心。比特币已经成为一个万亿美元的市场，拥有数千万的投资者。它对试图监管它的政府提出了挑战，并得到了一些人的支持。它背后的技术被一些人视为重组全球金融体系的一种方式。然而，谁创造了它以及为什么创造它仍然是一个谜。</blockquote></p><p> And that is all before you get to who controls one of the largest private fortunes in the world.</p><p><blockquote>这都是在你弄清楚谁控制着世界上最大的私人财富之一之前。</blockquote></p><p> That is what a Florida jury will try to tackle. The family of David Kleiman is suing his former business partner, a 51-year-old Australian programmer living in London named Craig Wright. Mr. Wright has been arguing since 2016 that he created bitcoin, a claim dismissed by most in the bitcoin community. Mr. Kleiman’s family argues that the two worked on and mined bitcoin together, entitling Mr. Kleiman’s family to half a million bitcoins.</p><p><blockquote>这就是佛罗里达陪审团试图解决的问题。大卫·克莱曼的家人正在起诉他的前商业伙伴，一位居住在伦敦的51岁澳大利亚程序员克雷格·赖特。赖特自2016年以来一直声称他创建了比特币，这一说法被比特币社区的大多数人驳斥。克莱曼先生的家人辩称，两人一起开发和开采比特币，克莱曼先生的家人有权获得 50 万个比特币。</blockquote></p><p> “We believe the evidence will show there was a partnership to create and mine over one million bitcoin,” said Vel Freedman, a lawyer for the Kleiman family.</p><p><blockquote>“克莱曼家族的律师维尔-弗里德曼（Vel Freedman）说：”我们相信证据将表明，双方建立了合作关系，共同创造和开采了超过一百万个比特币。</blockquote></p><p> The plaintiffs plan to produce evidence showing that the two were involved in bitcoin since its inception and worked together.</p><p><blockquote>原告计划拿出证据，证明两人从比特币一开始就参与其中，并一起工作。</blockquote></p><p> “It is about two friends who had a partnership, and about how one of them tried to take everything for himself after the other died,” said Tibor Nagy, a lawyer who has been observing the trial.</p><p><blockquote>“一直在旁听庭审的律师蒂博尔-纳吉（Tibor Nagy）说：”故事讲述的是两个朋友的合伙关系，以及其中一个朋友在另一个朋友死后如何试图将一切据为己有。</blockquote></p><p> The defense said it has evidence that will show Mr. Wright is the creator of bitcoin and never included Mr. Kleiman. “We believe the court will find there’s nothing to indicate or record that they were in a partnership,” said Andrés Rivero, a lawyer for Mr. Wright.</p><p><blockquote>辩方表示，他们有证据表明赖特是比特币的创造者，从未包括克莱曼。“赖特先生的律师安德烈斯-里韦罗（Andrés Rivero）说：”我们相信法庭会发现没有任何迹象表明或记录他们是合伙关系。</blockquote></p><p> For bitcoiners, there is only one piece of evidence that could conclusively prove the identity of Satoshi Nakamoto: the private key that controls the account where Nakamoto stored the one million bitcoins. Anyone claiming to be Satoshi Nakamoto could show that he or she has them by moving even a fraction of a coin out of it.</p><p><blockquote>对于比特币爱好者来说，只有一项证据可以确凿地证明中本聪的身份：控制中本聪存储100万比特币账户的私钥。任何自称是中本聪的人都可以通过取出哪怕一小部分硬币来证明他或她拥有它们。</blockquote></p><p> The mystery of Satoshi Nakamoto is one of the curiosities of bitcoin. On Oct. 31, 2008, somebody using that name sent a nine-page paper to a group of cryptographers explaining a system of “electronic cash” that allowed people to exchange value without the need for a bank or other party. A few months later, the bitcoin network went live, and Nakamoto collected one million bitcoins in its first year.</p><p><blockquote>中本聪之谜是比特币的好奇心之一。2008 年 10 月 31 日，有人用这个名字向一群密码学家发送了一份九页纸，解释了一种 “电子现金 ”系统，该系统允许人们在不需要银行或其他方的情况下交换价值。几个月后，比特币网络上线，中本聪在第一年就收集了100万个比特币。</blockquote></p><p> It was earlier in 2008 that the family of Mr. Kleiman claims his business partner Mr. Wright asked for Mr. Kleiman’s help in what would become that nine-page paper. They collaborated on the white paper and launched bitcoin together, the suit alleges.</p><p><blockquote>2008 年早些时候，克莱曼先生的家人声称，他的商业伙伴赖特先生曾请求克莱曼先生帮助撰写这份九页纸。诉讼称，他们在白皮书上进行了合作，并一起推出了比特币。</blockquote></p><p> Bitcoin combined encryption, cryptography, distributed computing and game theory. With bitcoin, two people, anywhere in the world with an internet connection, could transact without a middleman in minutes.</p><p><blockquote>比特币结合了加密、密码学、分布式计算和博弈论。有了比特币，两个人，无论在世界任何地方，只要有互联网连接，都可以在几分钟内进行交易，而无需中间人。</blockquote></p><p> For every single one of the more than 650 million bitcoin transactions, all publicly visible on a ledger called the “blockchain,” there are two strings of numbers that control how the digital currency is moved: a public key and a private key. Anybody can send bitcoin to the public key, or the destination address, which is similar to a bank account. Only the person who controls the account will have the private key and essentially own the bitcoin.</p><p><blockquote>超过 6.5 亿笔比特币交易中的每一笔都在一个名为 “区块链 ”的账本上公开可见，其中每一笔交易都有两串数字控制着数字货币的移动方式：公钥和私钥。任何人都可以将比特币发送到公钥或目标地址，类似于银行账户。只有控制帐户的人才会拥有私钥，并且基本上拥有比特币。</blockquote></p><p> In bitcoin’s early days, nobody cared much about Nakamoto’s identity. Bitcoin had no tangible value and only a small group of backers. Nakamoto was active in its development for about two years, writing on message boards and emailing with developers. In December 2010, Nakamoto, who was known to use two email addresses and have one registered website, stopped posting publicly; essentially, Nakamoto disappeared.</p><p><blockquote>在比特币早期，没有人太关心中本聪的身份。比特币没有有形的价值，只有一小群支持者。中本聪在它的开发中活跃了大约两年，在留言板上写作，并与开发人员发送电子邮件。2010年12月，已知使用两个电子邮件地址和一个注册网站的中本聪停止公开发帖；基本上，中本聪消失了。</blockquote></p><p> The universe of people with the technical knowledge to create bitcoin is limited. Most of the prominent names in cryptography have been tagged as Nakamoto. All have denied it, and no evidence has ever linked anyone conclusively to bitcoin’s creation.</p><p><blockquote>拥有创造比特币的技术知识的人是有限的。密码学领域的大多数知名人士都被贴上了中本聪的标签。所有人都否认了这一点，也没有任何证据将任何人与比特币的创造联系起来。</blockquote></p><p></p><p> Meanwhile, in 2011, Mr. Kleiman incorporated a company in Florida called W&amp;K Info Defense Research. His family alleges that it was a partnership and that Mr. Wright later tried to claim outright ownership. The defense says there was in fact no partnership.</p><p><blockquote>与此同时，2011 年，克莱曼先生在佛罗里达州成立了一家名为 W&amp;K Info Defense Research 的公司。他的家人声称这是一个合伙企业，赖特先生后来试图要求完全所有权。辩方称事实上没有合作关系。</blockquote></p><p> Mr. Kleiman died on April 26, 2013.</p><p><blockquote>Kleiman先生于2013年4月26日去世。</blockquote></p><p> The next year, Newsweek reported that a man with the same last name as Satoshi—Dorian Nakamoto—was bitcoin’s creator. He denied the claim, and on a message board, a one-sentence post from an account known to have been used by the real Nakamoto agreed: “I am not Dorian Nakamoto.” If that was a genuine message from bitcoin’s creator, it is the last public correspondence from Nakamoto.</p><p><blockquote>第二年，《新闻周刊》报道称，一个与中本聪同姓的人--中本聪--是比特币的创造者。他否认了这一说法，并在留言板上，一个已知曾被真正的中本聪使用过的账户发布了一句话的帖子，表示同意： “我不是多里安-中本聪”。如果这是比特币创造者的真实信息，那么这是中本聪最后一次公开通信。</blockquote></p><p> In May 2016, Mr. Wright claimed&nbsp;that he was bitcoin’s founder. He met with several early bitcoin pioneers, gave exclusive interviews to three media outlets and filled a website with papers he had written about cryptography and bitcoin.</p><p><blockquote>2016 年 5 月，赖特先生声称自己是比特币的创始人。他会见了几位早期的比特币先驱，接受了三家媒体的独家采访，并在一个网站上发布了他撰写的关于密码学和比特币的论文。</blockquote></p><p> Three days later,facing withering criticism, he dropped the claim. He pulled everything off the website and replaced it with a four-paragraph apology. “I broke,” he wrote. “I do not have the courage. I cannot.” He has since renewed his insistence that he created bitcoin.</p><p><blockquote>三天后，面对严厉的批评，他放弃了索赔。他把网站上的所有内容都删掉了，代之以四段道歉。“他写道：”我破产了。“我没有勇气。我不能。”此后，他再次坚持认为是他创造了比特币。</blockquote></p><p> Whether Mr. Wright or Mr. Kleiman possesses or possessed the knowledge to have created the cryptocurrency is contested.</p><p><blockquote>赖特先生或克莱曼先生是否拥有或曾经拥有创造加密货币的知识存在争议。</blockquote></p><p> Mr. Wright “has been hacking, bamboozling and fooling people, playing the confidence game,” said Arthur van Pelt, a bitcoin investor who has emerged as one of Mr. Wright’s most vocal critics. “There is no genuine, independent, credible proof whatsoever.”</p><p><blockquote>比特币投资者阿瑟-范-佩尔特（Arthur van Pelt）说，赖特先生 “一直在黑客攻击、迷惑和愚弄人们，玩自信游戏”，他已成为赖特先生最直言不讳的批评者之一。“没有任何真实、独立、可信的证据”。</blockquote></p><p> Mr. Kleiman’s computing expertise was known to be extensive. It is possible that Mr. Kleiman created bitcoin, Emin Gun Sirer, founder of Ava Labs, said, but there isn’t enough information to be sure. “It’s an open question,” he said.</p><p><blockquote>众所周知，克莱曼先生的计算机专业知识非常丰富。Ava Labs 的创始人 Emin Gun Sirer 说，克莱曼先生有可能创造了比特币，但目前还没有足够的信息来确定。“他说：”这是一个悬而未决的问题。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Bitcoin Creator Satoshi Nakamoto Could Be Unmasked at Florida Trial<blockquote>比特币创始人中本聪可能会在佛罗里达州审判中被揭露</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBitcoin Creator Satoshi Nakamoto Could Be Unmasked at Florida Trial<blockquote>比特币创始人中本聪可能会在佛罗里达州审判中被揭露</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">WSJ</strong><span class=\"h-time small\">2021-11-15 07:55</span>\n</p>\n</h4>\n</header>\n<article>\n<p>A seemingly run-of-the-mill trial is playing out in Florida: The family of a deceased man is suing his former business partner over control of their partnership’s assets.</p><p><blockquote>一场看似普通的审判正在佛罗里达州上演： 一名已故男子的家人起诉他的前商业伙伴，要求其控制合伙企业的资产。</blockquote></p><p> In this case, the assets in question are a cache of about one million bitcoins, equivalent to around $64 billion today, belonging to bitcoin’s creator, the pseudonymous Satoshi Nakamoto. The family of the dead man says he and his business partner together were Nakamoto, and thus the family is entitled to half of the fortune.</p><p><blockquote>在这种情况下，涉案资产是一个大约 100 万个比特币的缓存，相当于今天的约 640 亿美元，属于比特币的创造者、化名中本聪。死者的家人说，他和他的商业伙伴是中本，因此这个家庭有权获得一半的财产。</blockquote></p><p> Who Satoshi Nakamoto is has been one of the financial world’s enduring mysteries. Does the name refer to one person? Or several? And why has he or she or they not touched a penny of that fortune?</p><p><blockquote>中本聪是谁一直是金融界长久以来的谜团之一。这个名字是指一个人吗？还是几个？为什么他或她或他们没有碰一分钱？</blockquote></p><p> The answers to those questions are at the center of the Florida dispute and of bitcoin itself. Bitcoin has become a trillion-dollar market, with tens of millions of investors. It has challenged governments trying to regulate it and has been endorsed by some. The technology behind it is seen by some as a way to rewire the global financial system. Yet, who created it and why has remained a mystery.</p><p><blockquote>这些问题的答案是佛罗里达争端和比特币本身的核心。比特币已经成为一个万亿美元的市场，拥有数千万的投资者。它对试图监管它的政府提出了挑战，并得到了一些人的支持。它背后的技术被一些人视为重组全球金融体系的一种方式。然而，谁创造了它以及为什么创造它仍然是一个谜。</blockquote></p><p> And that is all before you get to who controls one of the largest private fortunes in the world.</p><p><blockquote>这都是在你弄清楚谁控制着世界上最大的私人财富之一之前。</blockquote></p><p> That is what a Florida jury will try to tackle. The family of David Kleiman is suing his former business partner, a 51-year-old Australian programmer living in London named Craig Wright. Mr. Wright has been arguing since 2016 that he created bitcoin, a claim dismissed by most in the bitcoin community. Mr. Kleiman’s family argues that the two worked on and mined bitcoin together, entitling Mr. Kleiman’s family to half a million bitcoins.</p><p><blockquote>这就是佛罗里达陪审团试图解决的问题。大卫·克莱曼的家人正在起诉他的前商业伙伴，一位居住在伦敦的51岁澳大利亚程序员克雷格·赖特。赖特自2016年以来一直声称他创建了比特币，这一说法被比特币社区的大多数人驳斥。克莱曼先生的家人辩称，两人一起开发和开采比特币，克莱曼先生的家人有权获得 50 万个比特币。</blockquote></p><p> “We believe the evidence will show there was a partnership to create and mine over one million bitcoin,” said Vel Freedman, a lawyer for the Kleiman family.</p><p><blockquote>“克莱曼家族的律师维尔-弗里德曼（Vel Freedman）说：”我们相信证据将表明，双方建立了合作关系，共同创造和开采了超过一百万个比特币。</blockquote></p><p> The plaintiffs plan to produce evidence showing that the two were involved in bitcoin since its inception and worked together.</p><p><blockquote>原告计划拿出证据，证明两人从比特币一开始就参与其中，并一起工作。</blockquote></p><p> “It is about two friends who had a partnership, and about how one of them tried to take everything for himself after the other died,” said Tibor Nagy, a lawyer who has been observing the trial.</p><p><blockquote>“一直在旁听庭审的律师蒂博尔-纳吉（Tibor Nagy）说：”故事讲述的是两个朋友的合伙关系，以及其中一个朋友在另一个朋友死后如何试图将一切据为己有。</blockquote></p><p> The defense said it has evidence that will show Mr. Wright is the creator of bitcoin and never included Mr. Kleiman. “We believe the court will find there’s nothing to indicate or record that they were in a partnership,” said Andrés Rivero, a lawyer for Mr. Wright.</p><p><blockquote>辩方表示，他们有证据表明赖特是比特币的创造者，从未包括克莱曼。“赖特先生的律师安德烈斯-里韦罗（Andrés Rivero）说：”我们相信法庭会发现没有任何迹象表明或记录他们是合伙关系。</blockquote></p><p> For bitcoiners, there is only one piece of evidence that could conclusively prove the identity of Satoshi Nakamoto: the private key that controls the account where Nakamoto stored the one million bitcoins. Anyone claiming to be Satoshi Nakamoto could show that he or she has them by moving even a fraction of a coin out of it.</p><p><blockquote>对于比特币爱好者来说，只有一项证据可以确凿地证明中本聪的身份：控制中本聪存储100万比特币账户的私钥。任何自称是中本聪的人都可以通过取出哪怕一小部分硬币来证明他或她拥有它们。</blockquote></p><p> The mystery of Satoshi Nakamoto is one of the curiosities of bitcoin. On Oct. 31, 2008, somebody using that name sent a nine-page paper to a group of cryptographers explaining a system of “electronic cash” that allowed people to exchange value without the need for a bank or other party. A few months later, the bitcoin network went live, and Nakamoto collected one million bitcoins in its first year.</p><p><blockquote>中本聪之谜是比特币的好奇心之一。2008 年 10 月 31 日，有人用这个名字向一群密码学家发送了一份九页纸，解释了一种 “电子现金 ”系统，该系统允许人们在不需要银行或其他方的情况下交换价值。几个月后，比特币网络上线，中本聪在第一年就收集了100万个比特币。</blockquote></p><p> It was earlier in 2008 that the family of Mr. Kleiman claims his business partner Mr. Wright asked for Mr. Kleiman’s help in what would become that nine-page paper. They collaborated on the white paper and launched bitcoin together, the suit alleges.</p><p><blockquote>2008 年早些时候，克莱曼先生的家人声称，他的商业伙伴赖特先生曾请求克莱曼先生帮助撰写这份九页纸。诉讼称，他们在白皮书上进行了合作，并一起推出了比特币。</blockquote></p><p> Bitcoin combined encryption, cryptography, distributed computing and game theory. With bitcoin, two people, anywhere in the world with an internet connection, could transact without a middleman in minutes.</p><p><blockquote>比特币结合了加密、密码学、分布式计算和博弈论。有了比特币，两个人，无论在世界任何地方，只要有互联网连接，都可以在几分钟内进行交易，而无需中间人。</blockquote></p><p> For every single one of the more than 650 million bitcoin transactions, all publicly visible on a ledger called the “blockchain,” there are two strings of numbers that control how the digital currency is moved: a public key and a private key. Anybody can send bitcoin to the public key, or the destination address, which is similar to a bank account. Only the person who controls the account will have the private key and essentially own the bitcoin.</p><p><blockquote>超过 6.5 亿笔比特币交易中的每一笔都在一个名为 “区块链 ”的账本上公开可见，其中每一笔交易都有两串数字控制着数字货币的移动方式：公钥和私钥。任何人都可以将比特币发送到公钥或目标地址，类似于银行账户。只有控制帐户的人才会拥有私钥，并且基本上拥有比特币。</blockquote></p><p> In bitcoin’s early days, nobody cared much about Nakamoto’s identity. Bitcoin had no tangible value and only a small group of backers. Nakamoto was active in its development for about two years, writing on message boards and emailing with developers. In December 2010, Nakamoto, who was known to use two email addresses and have one registered website, stopped posting publicly; essentially, Nakamoto disappeared.</p><p><blockquote>在比特币早期，没有人太关心中本聪的身份。比特币没有有形的价值，只有一小群支持者。中本聪在它的开发中活跃了大约两年，在留言板上写作，并与开发人员发送电子邮件。2010年12月，已知使用两个电子邮件地址和一个注册网站的中本聪停止公开发帖；基本上，中本聪消失了。</blockquote></p><p> The universe of people with the technical knowledge to create bitcoin is limited. Most of the prominent names in cryptography have been tagged as Nakamoto. All have denied it, and no evidence has ever linked anyone conclusively to bitcoin’s creation.</p><p><blockquote>拥有创造比特币的技术知识的人是有限的。密码学领域的大多数知名人士都被贴上了中本聪的标签。所有人都否认了这一点，也没有任何证据将任何人与比特币的创造联系起来。</blockquote></p><p></p><p> Meanwhile, in 2011, Mr. Kleiman incorporated a company in Florida called W&amp;K Info Defense Research. His family alleges that it was a partnership and that Mr. Wright later tried to claim outright ownership. The defense says there was in fact no partnership.</p><p><blockquote>与此同时，2011 年，克莱曼先生在佛罗里达州成立了一家名为 W&amp;K Info Defense Research 的公司。他的家人声称这是一个合伙企业，赖特先生后来试图要求完全所有权。辩方称事实上没有合作关系。</blockquote></p><p> Mr. Kleiman died on April 26, 2013.</p><p><blockquote>Kleiman先生于2013年4月26日去世。</blockquote></p><p> The next year, Newsweek reported that a man with the same last name as Satoshi—Dorian Nakamoto—was bitcoin’s creator. He denied the claim, and on a message board, a one-sentence post from an account known to have been used by the real Nakamoto agreed: “I am not Dorian Nakamoto.” If that was a genuine message from bitcoin’s creator, it is the last public correspondence from Nakamoto.</p><p><blockquote>第二年，《新闻周刊》报道称，一个与中本聪同姓的人--中本聪--是比特币的创造者。他否认了这一说法，并在留言板上，一个已知曾被真正的中本聪使用过的账户发布了一句话的帖子，表示同意： “我不是多里安-中本聪”。如果这是比特币创造者的真实信息，那么这是中本聪最后一次公开通信。</blockquote></p><p> In May 2016, Mr. Wright claimed&nbsp;that he was bitcoin’s founder. He met with several early bitcoin pioneers, gave exclusive interviews to three media outlets and filled a website with papers he had written about cryptography and bitcoin.</p><p><blockquote>2016 年 5 月，赖特先生声称自己是比特币的创始人。他会见了几位早期的比特币先驱，接受了三家媒体的独家采访，并在一个网站上发布了他撰写的关于密码学和比特币的论文。</blockquote></p><p> Three days later,facing withering criticism, he dropped the claim. He pulled everything off the website and replaced it with a four-paragraph apology. “I broke,” he wrote. “I do not have the courage. I cannot.” He has since renewed his insistence that he created bitcoin.</p><p><blockquote>三天后，面对严厉的批评，他放弃了索赔。他把网站上的所有内容都删掉了，代之以四段道歉。“他写道：”我破产了。“我没有勇气。我不能。”此后，他再次坚持认为是他创造了比特币。</blockquote></p><p> Whether Mr. Wright or Mr. Kleiman possesses or possessed the knowledge to have created the cryptocurrency is contested.</p><p><blockquote>赖特先生或克莱曼先生是否拥有或曾经拥有创造加密货币的知识存在争议。</blockquote></p><p> Mr. Wright “has been hacking, bamboozling and fooling people, playing the confidence game,” said Arthur van Pelt, a bitcoin investor who has emerged as one of Mr. Wright’s most vocal critics. “There is no genuine, independent, credible proof whatsoever.”</p><p><blockquote>比特币投资者阿瑟-范-佩尔特（Arthur van Pelt）说，赖特先生 “一直在黑客攻击、迷惑和愚弄人们，玩自信游戏”，他已成为赖特先生最直言不讳的批评者之一。“没有任何真实、独立、可信的证据”。</blockquote></p><p> Mr. Kleiman’s computing expertise was known to be extensive. It is possible that Mr. Kleiman created bitcoin, Emin Gun Sirer, founder of Ava Labs, said, but there isn’t enough information to be sure. “It’s an open question,” he said.</p><p><blockquote>众所周知，克莱曼先生的计算机专业知识非常丰富。Ava Labs 的创始人 Emin Gun Sirer 说，克莱曼先生有可能创造了比特币，但目前还没有足够的信息来确定。“他说：”这是一个悬而未决的问题。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/bitcoin-creator-satoshi-nakamoto-could-be-unmasked-at-florida-trial-11636808401?mod=markets_lead_pos5\">WSJ</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BITO":"比特币期货ETF-ProShares"},"source_url":"https://www.wsj.com/articles/bitcoin-creator-satoshi-nakamoto-could-be-unmasked-at-florida-trial-11636808401?mod=markets_lead_pos5","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1185900809","content_text":"A seemingly run-of-the-mill trial is playing out in Florida: The family of a deceased man is suing his former business partner over control of their partnership’s assets.\nIn this case, the assets in question are a cache of about one million bitcoins, equivalent to around $64 billion today, belonging to bitcoin’s creator, the pseudonymous Satoshi Nakamoto. The family of the dead man says he and his business partner together were Nakamoto, and thus the family is entitled to half of the fortune.\nWho Satoshi Nakamoto is has been one of the financial world’s enduring mysteries. Does the name refer to one person? Or several? And why has he or she or they not touched a penny of that fortune?\nThe answers to those questions are at the center of the Florida dispute and of bitcoin itself. Bitcoin has become a trillion-dollar market, with tens of millions of investors. It has challenged governments trying to regulate it and has been endorsed by some. The technology behind it is seen by some as a way to rewire the global financial system. Yet, who created it and why has remained a mystery.\nAnd that is all before you get to who controls one of the largest private fortunes in the world.\nThat is what a Florida jury will try to tackle. The family of David Kleiman is suing his former business partner, a 51-year-old Australian programmer living in London named Craig Wright. Mr. Wright has been arguing since 2016 that he created bitcoin, a claim dismissed by most in the bitcoin community. Mr. Kleiman’s family argues that the two worked on and mined bitcoin together, entitling Mr. Kleiman’s family to half a million bitcoins.\n“We believe the evidence will show there was a partnership to create and mine over one million bitcoin,” said Vel Freedman, a lawyer for the Kleiman family.\nThe plaintiffs plan to produce evidence showing that the two were involved in bitcoin since its inception and worked together.\n“It is about two friends who had a partnership, and about how one of them tried to take everything for himself after the other died,” said Tibor Nagy, a lawyer who has been observing the trial.\nThe defense said it has evidence that will show Mr. Wright is the creator of bitcoin and never included Mr. Kleiman. “We believe the court will find there’s nothing to indicate or record that they were in a partnership,” said Andrés Rivero, a lawyer for Mr. Wright.\nFor bitcoiners, there is only one piece of evidence that could conclusively prove the identity of Satoshi Nakamoto: the private key that controls the account where Nakamoto stored the one million bitcoins. Anyone claiming to be Satoshi Nakamoto could show that he or she has them by moving even a fraction of a coin out of it.\nThe mystery of Satoshi Nakamoto is one of the curiosities of bitcoin. On Oct. 31, 2008, somebody using that name sent a nine-page paper to a group of cryptographers explaining a system of “electronic cash” that allowed people to exchange value without the need for a bank or other party. A few months later, the bitcoin network went live, and Nakamoto collected one million bitcoins in its first year.\nIt was earlier in 2008 that the family of Mr. Kleiman claims his business partner Mr. Wright asked for Mr. Kleiman’s help in what would become that nine-page paper. They collaborated on the white paper and launched bitcoin together, the suit alleges.\nBitcoin combined encryption, cryptography, distributed computing and game theory. With bitcoin, two people, anywhere in the world with an internet connection, could transact without a middleman in minutes.\nFor every single one of the more than 650 million bitcoin transactions, all publicly visible on a ledger called the “blockchain,” there are two strings of numbers that control how the digital currency is moved: a public key and a private key. Anybody can send bitcoin to the public key, or the destination address, which is similar to a bank account. Only the person who controls the account will have the private key and essentially own the bitcoin.\nIn bitcoin’s early days, nobody cared much about Nakamoto’s identity. Bitcoin had no tangible value and only a small group of backers. Nakamoto was active in its development for about two years, writing on message boards and emailing with developers. In December 2010, Nakamoto, who was known to use two email addresses and have one registered website, stopped posting publicly; essentially, Nakamoto disappeared.\nThe universe of people with the technical knowledge to create bitcoin is limited. Most of the prominent names in cryptography have been tagged as Nakamoto. All have denied it, and no evidence has ever linked anyone conclusively to bitcoin’s creation.\nMeanwhile, in 2011, Mr. Kleiman incorporated a company in Florida called W&K Info Defense Research. His family alleges that it was a partnership and that Mr. Wright later tried to claim outright ownership. The defense says there was in fact no partnership.\nMr. Kleiman died on April 26, 2013.\nThe next year, Newsweek reported that a man with the same last name as Satoshi—Dorian Nakamoto—was bitcoin’s creator. He denied the claim, and on a message board, a one-sentence post from an account known to have been used by the real Nakamoto agreed: “I am not Dorian Nakamoto.” If that was a genuine message from bitcoin’s creator, it is the last public correspondence from Nakamoto.\nIn May 2016, Mr. Wright claimed that he was bitcoin’s founder. He met with several early bitcoin pioneers, gave exclusive interviews to three media outlets and filled a website with papers he had written about cryptography and bitcoin.\nThree days later,facing withering criticism, he dropped the claim. He pulled everything off the website and replaced it with a four-paragraph apology. “I broke,” he wrote. “I do not have the courage. I cannot.” He has since renewed his insistence that he created bitcoin.\nWhether Mr. Wright or Mr. Kleiman possesses or possessed the knowledge to have created the cryptocurrency is contested.\nMr. Wright “has been hacking, bamboozling and fooling people, playing the confidence game,” said Arthur van Pelt, a bitcoin investor who has emerged as one of Mr. Wright’s most vocal critics. “There is no genuine, independent, credible proof whatsoever.”\nMr. Kleiman’s computing expertise was known to be extensive. It is possible that Mr. Kleiman created bitcoin, Emin Gun Sirer, founder of Ava Labs, said, but there isn’t enough information to be sure. “It’s an open question,” he said.","news_type":1,"symbols_score_info":{"BITO":0.9}},"isVote":1,"tweetType":1,"viewCount":4311,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":873689458,"gmtCreate":1636937633441,"gmtModify":1636937633598,"author":{"id":"3585889404495674","authorId":"3585889404495674","name":"KeenLee","avatar":"https://static.tigerbbs.com/43c0bfe9c8189d73470475a7121102b2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585889404495674","idStr":"3585889404495674"},"themes":[],"title":"","htmlText":"GE splitting up is good on the long run as her debt is mounting up. But these are not good for shareholders holding on their stocks.","listText":"GE splitting up is good on the long run as her debt is mounting up. But these are not good for shareholders holding on their stocks.","text":"GE splitting up is good on the long run as her debt is mounting up. But these are not good for shareholders holding on their stocks.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/873689458","repostId":"1178164317","repostType":4,"repost":{"id":"1178164317","kind":"news","pubTimestamp":1636936020,"share":"https://www.laohunote.com/m/news/1178164317?lang=zh_CN&edition=full","pubTime":"2021-11-15 08:27","market":"us","language":"en","title":"GE and JNJ Aren't the Only Aging Companies That Could Benefit From a Breakup<blockquote>GE 和 JNJ 并不是唯一可以从分拆中受益的老龄化公司</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1178164317","media":"Thestreet","summary":"After years of turmoil and a valiant effort by its latest CEO Larry Culp, General Electric (GE) fina","content":"<p>After years of turmoil and a valiant effort by its latest CEO Larry Culp, General Electric (GE) finally gave up in its efforts to salvage its broad-reaching business as a singular unit.</p><p><blockquote>经过多年的动荡和新任首席执行官拉里·卡尔普的英勇努力，通用电气 (GE) 最终放弃了挽救其作为一个单一部门广泛业务的努力。</blockquote></p><p> The company has consistently spun off numerous assets across the sprawling conglomerate in recent years to lessen its debt load. Perhaps most important was a $20 billion deal to ship its biopharmaceutical business to Danaher (DHR) in 2020. Yet, it appears the moves were not enough to satisfy Culp's ambitious recovery goals for the once-great industrial giant.</p><p><blockquote>近年来，该公司不断剥离庞大企业集团的众多资产，以减轻其债务负担。也许最重要的是 2020 年以 200 亿美元的价格将其生物制药业务出售给丹纳赫 (DHR)。然而，这些举措似乎不足以满足卡尔普为这家曾经伟大的工业巨头制定的雄心勃勃的复苏目标。</blockquote></p><p> \"The world demands-and deserves-we bring our best to solve the biggest challenges in flight, healthcare, and energy,\" Culp said in a statement on Tuesday. \"By creating three industry-leading, global public companies, each can benefit from greater focus, tailored capital allocation, and strategic flexibility to drive long-term growth and value for customers, investors, and employees. We are putting our technology expertise, leadership, and global reach to work to better serve our customers.\"</p><p><blockquote>卡尔普在周二的一份声明中表示：“世界要求——也理应——我们尽最大努力解决航空、医疗保健和能源领域的最大挑战。”“通过创建三家行业领先的全球上市公司，每家公司都可以从更大的关注、量身定制的资本配置和战略灵活性中受益，以推动客户、投资者和员工的长期增长和价值。我们正在利用我们的技术专长、领导力和全球影响力来更好地服务我们的客户。”</blockquote></p><p> Similarly, the lawsuit-besieged Johnson &amp; Johnson (JNJ)announced it would spin off its consumer health division&nbsp;from its higher growth pharmaceutical and medical devices divisions in the coming two years.</p><p><blockquote>同样，陷入诉讼困境的强生公司 (JNJ) 宣布将在未来两年内从其高增长的制药和医疗器械部门中剥离消费者健康部门。</blockquote></p><p> Judging by the&nbsp;jump in GE stock after the announcement&nbsp;and the early jolt to Johnson &amp; Johnson stock after its announcement Friday<u>,</u>the market certainly looks as though it was offering its initial approval for the streamlining of separate companies. Still, a few questions quickly come to mind.</p><p><blockquote>从公告发布后通用电气股价的上涨以及周五公告发布后强生公司股价的早盘震荡来看<u>,</u>市场看起来确实是在为精简独立公司提供初步批准。尽管如此，几个问题还是很快浮现在脑海中。</blockquote></p><p> First, is this indeed a deft move by management in both cases and therefore deserving of the share-price reaction? And if so, are there more companies that could benefit from following the example set by both of these storied companies?</p><p><blockquote>首先，这是否确实是管理层在这两种情况下的巧妙举动，因此值得股价反应？如果是这样，是否有更多的公司可以从这两家传奇公司树立的榜样中受益？</blockquote></p><p> <b>Better After a Breakup?</b></p><p><blockquote><b>分手后更好？</b></blockquote></p><p> The first line of questioning is one of whether or not two or three firms are truly better than one.</p><p><blockquote>第一条问题是两三家公司是否真的比一家好。</blockquote></p><p> On paper, it would certainly appear to be so. As of Thursday's market open, GE touted a valuation of about $119 billion as a total entity. However, when broken into constituent parts, RBC Capital Markets analyst Deane Dray suggested up to a 20% upside for investors. Judging by company metrics and projections, it could well be even higher.</p><p><blockquote>从纸面上看，情况确实如此。截至周四开盘，通用电气作为一个整体的估值约为1190亿美元。然而，当细分为组成部分时，加拿大皇家银行资本市场分析师迪恩·德雷 (Deane Dray) 表示，投资者的上涨空间高达 20%。从公司指标和预测来看，这个数字很可能会更高。</blockquote></p><p> Also, each of the spun-off GE units will be less encumbered by the debt of their former counterparts within the broader company, especially as asset sales in recent years alleviate debt and pension issues. Further, future deals are more likely to reach approval based upon diminished antitrust risk, opening a much wider world of opportunity for investors in the streamlined companies.</p><p><blockquote>此外，每个分拆出来的通用电气部门都将减少受公司内部前同行债务的负担，特别是近年来的资产出售缓解了债务和养老金问题。此外，基于反垄断风险的降低，未来的交易更有可能获得批准，为精简公司的投资者打开了一个更广阔的机会世界。</blockquote></p><p> The logic is very much the same for Johnson &amp; Johnson as its pharmaceutical business breaks free from the burdensome troubles of&nbsp;lawsuits over talcum-powder&nbsp;products as well as low-margin medicines like Tylenol. Separation is seen as a key step toward unlocking innovation.</p><p><blockquote>强生公司的逻辑大致相同，因为其制药业务摆脱了滑石粉产品以及泰诺等低利润药物诉讼的繁重麻烦。分离被视为释放创新的关键一步。</blockquote></p><p> \"For the new Johnson &amp; Johnson, this planned separation underscores our focus on delivering industry-leading biopharmaceutical and medical device innovation and technology with the goal of bringing new solutions to market for patients and healthcare systems, while creating sustainable value for shareholders,\" CEO Alex Gorsky explained in a statement. \"We believe that the New Consumer Health Company would be a global leader across attractive and growing consumer health categories, and a streamlined and targeted corporate structure would provide it with the agility and flexibility to grow its iconic portfolio of brands and innovate new products.\"</p><p><blockquote>“对于新强生公司来说，这一计划中的分离凸显了我们对提供行业领先的生物制药和医疗器械创新和技术的关注，目标是为患者和医疗保健系统带来新的解决方案，同时为股东创造可持续价值，”首席执行官亚历克斯·戈尔斯基在一份声明中解释道。“我们相信，新的消费者健康公司将成为有吸引力和不断增长的消费者健康类别的全球领导者，精简和有针对性的公司结构将为其提供敏捷性和灵活性，以发展其标志性品牌组合并创新新产品。”</blockquote></p><p> To be sure, these targets and optimistic angles assume a rosy trajectory for each of the newly formed firms. As the example of DowDupont (now Dupont (DD) , Dow Inc. (DOW) , and Corteva (CTVA) ) shows, splitting up historic firms with sprawling business is not always a process that progresses precisely to plan.</p><p><blockquote>可以肯定的是，这些目标和乐观的角度假设了每个新成立的公司都有一个乐观的轨迹。正如陶氏杜邦（现为杜邦（DD）、陶氏公司（DOW）和科迪华（CTVA））的例子所示，拆分业务庞大的历史悠久的公司并不总是一个完全按照计划进行的过程。</blockquote></p><p> Since splitting, the two storied industrial companies, once combined into one mega-conglomerate, have not had much success.</p><p><blockquote>自拆分以来，这两家曾经合并为一家大型企业集团的传奇工业公司并没有取得多大成功。</blockquote></p><p> \"New Dow will be well positioned to drive best-in-class financial performance and shareholder returns,\" Dow CEO Jim Fitterling said ahead of the firm's 2019 spinoff to a standalone firm. \"We have a focused playbook of cost and growth drivers, clear and disciplined capital allocation priorities and a strong balance sheet. Our path to shareholder value creation is straightforward and in our control.\"</p><p><blockquote>陶氏化学首席执行官吉姆·菲特林 (Jim Fitterling) 在公司 2019 年分拆为一家独立公司之前表示：“新陶氏化学将处于有利地位，能够推动一流的财务业绩和股东回报。”“我们有一个重点突出的成本和增长驱动因素、清晰且有纪律的资本配置优先事项以及强大的资产负债表。我们为股东创造价值的道路是直接的，并且在我们的控制之中。”</blockquote></p><p> These pronouncements are very much in line with what GE has said of each of its planned new standalone entities. Also, in a move very much reminiscent of GE's quarterly results in recent years, the pronouncement promised much more than what has actually been delivered.</p><p><blockquote>这些声明与通用电气对其计划中的每个新独立实体的说法非常一致。此外，这一举动让人想起通用电气近年来的季度业绩，该声明所承诺的远远多于实际兑现的内容。</blockquote></p><p> Since it's spinoff was official in April 2019, DOW stock has marked a less than 10% gain. Meanwhile, the S&amp;P has risen over 60% over the same period.</p><p><blockquote>自 2019 年 4 月正式分拆以来，道琼斯指数股价涨幅不到 10%。与此同时，标准普尔指数同期上涨超过 60%。</blockquote></p><p> <b>An Example to Follow?</b></p><p><blockquote><b>可以效仿的榜样？</b></blockquote></p><p></p><p> Still, assuming things do go well post-breakup, these moves could serve as a benchmark for other bigger, older, and perhaps bloated companies. At the very least, this is the logic adopted not only by aging and perhaps overcomplicated American conglomerates like GE and Johnson &amp; Johnson, but also the nearly 150-year-old Japanese giant Toshiba (TOSBF) . In short, it looks as though a trend is taking hold.</p><p><blockquote>尽管如此，假设分手后一切进展顺利，这些举措可以作为其他更大、更老、甚至可能臃肿的公司的基准。至少，这不仅是通用电气和强生等老龄化且可能过于复杂的美国企业集团所采用的逻辑，也是拥有近150年历史的日本巨头东芝（TOSBF）所采用的逻辑。简而言之，看起来一种趋势正在形成。</blockquote></p><p> \"Companies that have very diversified portfolios continue to dilute the value to the shareholders,\" David Braun, CEO of M&amp;A advisory firm Capstone Strategic, told Real Money. \"We are in an era where technology and access to capital are different things. A conglomerate is going to have trouble competing.\"</p><p><blockquote>并购咨询公司 Capstone Strategic 首席执行官大卫·布劳恩 (David Braun) 告诉 Real Money：“投资组合非常多元化的公司继续稀释股东的价值。”“我们生活在一个技术和资本获取是两码事的时代。企业集团将很难竞争。”</blockquote></p><p> He suggested that Emerson Electric (EMR) and Berkshire Hathaway (BRK.A) &nbsp; (BRK.B) are two companies that could likely benefit from a similar breakup.</p><p><blockquote>他表示，艾默生电气 (EMR) 和伯克希尔哈撒韦公司 (BRK.A) (BRK.B) 是两家可能从类似分拆中受益的公司。</blockquote></p><p> \"They continue to stockpile excess cash they cannot deploy,\" Braun added, voicing the drawbacks of the behemoth business. \"I'm not sure they benefit from that model any longer.\"</p><p><blockquote>“他们继续储备无法部署的多余现金，”布劳恩补充道，并表达了庞大业务的缺点。“我不确定他们是否还能从这种模式中受益。”</blockquote></p><p> On the former, he is far from the first to suggest such a move. RBC's Deane Dray has actually been calling for such a breakup for a few years, alongside 3M (MMM) and Roper Technologies (ROP) , firms he also believes could benefit from being a bit less bulky.</p><p><blockquote>在前者方面，他远不是第一个建议采取这样的举措的人。加拿大皇家银行 (RBC) 的迪恩·德雷 (Deane Dray) 实际上几年来一直在呼吁这样的拆分，他还呼吁 3M（3M）和 Roper Technologies (ROP)，他认为这两家公司可以从规模小一点中受益。</blockquote></p><p> \"We believe the pendulum is still swinging towards the 'urge to demerge' trend,\" he wrote in a note on Tuesday. \"GE's announcement today could embolden the boards of several other multi-industry companies to move ahead on more aggressive portfolio simplification moves, including Emerson, Roper Technologies and 3M.\"</p><p><blockquote>他在周二的一份报告中写道：“我们认为钟摆仍在朝着‘分离冲动’趋势摆动。”“通用电气今天的公告可能会鼓励其他几家跨行业公司的董事会采取更积极的投资组合简化措施，其中包括艾默生、罗珀技术公司和 3M。”</blockquote></p><p> As far back as 2019, Dray suggested a breakup of Emerson's automation and commercial divisions could be a boon for shareholders. While the stock has been on a roll since the pandemic began, such a breakup has already been intensely considered by management. In early February, Emerson announced it would not pursue a split \"unless a major strategic acquisition catalyst is actioned.\"</p><p><blockquote>早在 2019 年，德雷就表示艾默生自动化和商业部门的拆分可能对股东有利。虽然自疫情开始以来，该股一直在上涨，但管理层已经认真考虑过这样的分拆。二月初，艾默生宣布“除非采取重大战略收购催化剂”，否则不会寻求拆分。</blockquote></p><p> At the least, if such a catalyst is to appear the company is clearly willing to consider such an option.</p><p><blockquote>至少，如果出现这样的催化剂，公司显然愿意考虑这样的选择。</blockquote></p><p> For Berkshire, it is eminently unlikely that any moves come while both Warren Buffett and Charlie Munger helm the conglomerate.&nbsp;But prospects for such a breakup could take many forms considering the business spans industries from insurance to construction to railroads. As such, attempting to size up a form that such a move might take is nearly impossible to forecast.</p><p><blockquote>对于伯克希尔来说，当沃伦·巴菲特和查理·芒格同时掌舵这家企业集团时，任何举措都不太可能发生。但考虑到业务跨越从保险、建筑到铁路等行业，这种分拆的前景可能会有多种形式。因此，试图评估这种举措可能采取的形式几乎是不可能预测的。</blockquote></p><p> Finally, the prospects of a 3M breakup are certainly not out of the question.</p><p><blockquote>最后，3M 分手的前景当然不是不可能的。</blockquote></p><p> Investors in the storied firm are understandably frustrated. Long-term shareholders have seen the stock stagnate over the past five years, marking a basically flat return even after shares were buoyed by demand for PPE and healthcare equipment that the firm manufactured during the pandemic. Looking back on the boost to the shares, many might have been happier with a pure-play option for healthcare and protective equipment rather than a company also weighed down by industrial, transportation, and consumer segments.</p><p><blockquote>这家传奇公司的投资者感到沮丧是可以理解的。长期股东看到该股在过去五年中停滞不前，即使该公司在大流行期间生产的个人防护设备和医疗设备的需求提振了股价，但回报率基本持平。回顾股价的提振，许多人可能更喜欢医疗保健和防护设备的纯粹选择，而不是一家同样受到工业、运输和消费领域拖累的公司。</blockquote></p><p> Toward this end, the company may have already telegraphed its intention to move toward breaking up. In March 2019, the company divided its business into four units. The units, entitled safety &amp; industrial, transportation &amp; electronics, healthcare, and consumer respectively, were created in order to focus the business.</p><p><blockquote>为此，该公司可能已经发出了分拆的意图。于二零一九年三月，本公司将其业务分为四个单位。为了集中业务，创建了分别名为安全与工业、运输与电子、医疗保健和消费者的部门。</blockquote></p><p> \"We are continuing to advance 3M into the future, and today's actions will strengthen our ability to meet the fast-moving needs of our customers,\" 3M CEO Mike Roman said at the time. \"Our new alignment will leverage our business transformation progress, accelerate growth and deliver greater operational efficiencies.\"</p><p><blockquote>3M 首席执行官 Mike Roman 当时表示：“我们正在继续推动 3M 迈向未来，今天的行动将增强我们满足客户快速变化需求的能力。”“我们的新结构调整将利用我们的业务转型进展，加速增长并提高运营效率。”</blockquote></p><p> As operational efficiencies have not materialized to the point of elevating the share price, it is not unreasonable to ask questions as to why separate businesses might further tap into the desired efficiency. In short, the healthcare business might be stronger if it was no longer adhered to a scotch tape and post-it manufacturer and vice versa.</p><p><blockquote>由于运营效率尚未达到推高股价的程度，因此提出为什么独立业务可能会进一步挖掘所需效率的问题并非不合理。简而言之，如果医疗保健行业不再依赖透明胶带和便利贴制造商，反之亦然，它可能会变得更加强大。</blockquote></p><p> In the end, if the pursuit of separate businesses proves successful in each of the current experiments under way, the lesson may be that bigger is not always better. For investors, it might also open a number of pure-play options that provide a better investment than their parent companies do at present.</p><p><blockquote>最终，如果对独立业务的追求在目前正在进行的每一项实验中都被证明是成功的，那么教训可能是，越大越好。对于投资者来说，它还可能提供许多纯粹的游戏选择，提供比他们的母公司目前更好的投资。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>GE and JNJ Aren't the Only Aging Companies That Could Benefit From a Breakup<blockquote>GE 和 JNJ 并不是唯一可以从分拆中受益的老龄化公司</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGE and JNJ Aren't the Only Aging Companies That Could Benefit From a Breakup<blockquote>GE 和 JNJ 并不是唯一可以从分拆中受益的老龄化公司</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Thestreet</strong><span class=\"h-time small\">2021-11-15 08:27</span>\n</p>\n</h4>\n</header>\n<article>\n<p>After years of turmoil and a valiant effort by its latest CEO Larry Culp, General Electric (GE) finally gave up in its efforts to salvage its broad-reaching business as a singular unit.</p><p><blockquote>经过多年的动荡和新任首席执行官拉里·卡尔普的英勇努力，通用电气 (GE) 最终放弃了挽救其作为一个单一部门广泛业务的努力。</blockquote></p><p> The company has consistently spun off numerous assets across the sprawling conglomerate in recent years to lessen its debt load. Perhaps most important was a $20 billion deal to ship its biopharmaceutical business to Danaher (DHR) in 2020. Yet, it appears the moves were not enough to satisfy Culp's ambitious recovery goals for the once-great industrial giant.</p><p><blockquote>近年来，该公司不断剥离庞大企业集团的众多资产，以减轻其债务负担。也许最重要的是 2020 年以 200 亿美元的价格将其生物制药业务出售给丹纳赫 (DHR)。然而，这些举措似乎不足以满足卡尔普为这家曾经伟大的工业巨头制定的雄心勃勃的复苏目标。</blockquote></p><p> \"The world demands-and deserves-we bring our best to solve the biggest challenges in flight, healthcare, and energy,\" Culp said in a statement on Tuesday. \"By creating three industry-leading, global public companies, each can benefit from greater focus, tailored capital allocation, and strategic flexibility to drive long-term growth and value for customers, investors, and employees. We are putting our technology expertise, leadership, and global reach to work to better serve our customers.\"</p><p><blockquote>卡尔普在周二的一份声明中表示：“世界要求——也理应——我们尽最大努力解决航空、医疗保健和能源领域的最大挑战。”“通过创建三家行业领先的全球上市公司，每家公司都可以从更大的关注、量身定制的资本配置和战略灵活性中受益，以推动客户、投资者和员工的长期增长和价值。我们正在利用我们的技术专长、领导力和全球影响力来更好地服务我们的客户。”</blockquote></p><p> Similarly, the lawsuit-besieged Johnson &amp; Johnson (JNJ)announced it would spin off its consumer health division&nbsp;from its higher growth pharmaceutical and medical devices divisions in the coming two years.</p><p><blockquote>同样，陷入诉讼困境的强生公司 (JNJ) 宣布将在未来两年内从其高增长的制药和医疗器械部门中剥离消费者健康部门。</blockquote></p><p> Judging by the&nbsp;jump in GE stock after the announcement&nbsp;and the early jolt to Johnson &amp; Johnson stock after its announcement Friday<u>,</u>the market certainly looks as though it was offering its initial approval for the streamlining of separate companies. Still, a few questions quickly come to mind.</p><p><blockquote>从公告发布后通用电气股价的上涨以及周五公告发布后强生公司股价的早盘震荡来看<u>,</u>市场看起来确实是在为精简独立公司提供初步批准。尽管如此，几个问题还是很快浮现在脑海中。</blockquote></p><p> First, is this indeed a deft move by management in both cases and therefore deserving of the share-price reaction? And if so, are there more companies that could benefit from following the example set by both of these storied companies?</p><p><blockquote>首先，这是否确实是管理层在这两种情况下的巧妙举动，因此值得股价反应？如果是这样，是否有更多的公司可以从这两家传奇公司树立的榜样中受益？</blockquote></p><p> <b>Better After a Breakup?</b></p><p><blockquote><b>分手后更好？</b></blockquote></p><p> The first line of questioning is one of whether or not two or three firms are truly better than one.</p><p><blockquote>第一条问题是两三家公司是否真的比一家好。</blockquote></p><p> On paper, it would certainly appear to be so. As of Thursday's market open, GE touted a valuation of about $119 billion as a total entity. However, when broken into constituent parts, RBC Capital Markets analyst Deane Dray suggested up to a 20% upside for investors. Judging by company metrics and projections, it could well be even higher.</p><p><blockquote>从纸面上看，情况确实如此。截至周四开盘，通用电气作为一个整体的估值约为1190亿美元。然而，当细分为组成部分时，加拿大皇家银行资本市场分析师迪恩·德雷 (Deane Dray) 表示，投资者的上涨空间高达 20%。从公司指标和预测来看，这个数字很可能会更高。</blockquote></p><p> Also, each of the spun-off GE units will be less encumbered by the debt of their former counterparts within the broader company, especially as asset sales in recent years alleviate debt and pension issues. Further, future deals are more likely to reach approval based upon diminished antitrust risk, opening a much wider world of opportunity for investors in the streamlined companies.</p><p><blockquote>此外，每个分拆出来的通用电气部门都将减少受公司内部前同行债务的负担，特别是近年来的资产出售缓解了债务和养老金问题。此外，基于反垄断风险的降低，未来的交易更有可能获得批准，为精简公司的投资者打开了一个更广阔的机会世界。</blockquote></p><p> The logic is very much the same for Johnson &amp; Johnson as its pharmaceutical business breaks free from the burdensome troubles of&nbsp;lawsuits over talcum-powder&nbsp;products as well as low-margin medicines like Tylenol. Separation is seen as a key step toward unlocking innovation.</p><p><blockquote>强生公司的逻辑大致相同，因为其制药业务摆脱了滑石粉产品以及泰诺等低利润药物诉讼的繁重麻烦。分离被视为释放创新的关键一步。</blockquote></p><p> \"For the new Johnson &amp; Johnson, this planned separation underscores our focus on delivering industry-leading biopharmaceutical and medical device innovation and technology with the goal of bringing new solutions to market for patients and healthcare systems, while creating sustainable value for shareholders,\" CEO Alex Gorsky explained in a statement. \"We believe that the New Consumer Health Company would be a global leader across attractive and growing consumer health categories, and a streamlined and targeted corporate structure would provide it with the agility and flexibility to grow its iconic portfolio of brands and innovate new products.\"</p><p><blockquote>“对于新强生公司来说，这一计划中的分离凸显了我们对提供行业领先的生物制药和医疗器械创新和技术的关注，目标是为患者和医疗保健系统带来新的解决方案，同时为股东创造可持续价值，”首席执行官亚历克斯·戈尔斯基在一份声明中解释道。“我们相信，新的消费者健康公司将成为有吸引力和不断增长的消费者健康类别的全球领导者，精简和有针对性的公司结构将为其提供敏捷性和灵活性，以发展其标志性品牌组合并创新新产品。”</blockquote></p><p> To be sure, these targets and optimistic angles assume a rosy trajectory for each of the newly formed firms. As the example of DowDupont (now Dupont (DD) , Dow Inc. (DOW) , and Corteva (CTVA) ) shows, splitting up historic firms with sprawling business is not always a process that progresses precisely to plan.</p><p><blockquote>可以肯定的是，这些目标和乐观的角度假设了每个新成立的公司都有一个乐观的轨迹。正如陶氏杜邦（现为杜邦（DD）、陶氏公司（DOW）和科迪华（CTVA））的例子所示，拆分业务庞大的历史悠久的公司并不总是一个完全按照计划进行的过程。</blockquote></p><p> Since splitting, the two storied industrial companies, once combined into one mega-conglomerate, have not had much success.</p><p><blockquote>自拆分以来，这两家曾经合并为一家大型企业集团的传奇工业公司并没有取得多大成功。</blockquote></p><p> \"New Dow will be well positioned to drive best-in-class financial performance and shareholder returns,\" Dow CEO Jim Fitterling said ahead of the firm's 2019 spinoff to a standalone firm. \"We have a focused playbook of cost and growth drivers, clear and disciplined capital allocation priorities and a strong balance sheet. Our path to shareholder value creation is straightforward and in our control.\"</p><p><blockquote>陶氏化学首席执行官吉姆·菲特林 (Jim Fitterling) 在公司 2019 年分拆为一家独立公司之前表示：“新陶氏化学将处于有利地位，能够推动一流的财务业绩和股东回报。”“我们有一个重点突出的成本和增长驱动因素、清晰且有纪律的资本配置优先事项以及强大的资产负债表。我们为股东创造价值的道路是直接的，并且在我们的控制之中。”</blockquote></p><p> These pronouncements are very much in line with what GE has said of each of its planned new standalone entities. Also, in a move very much reminiscent of GE's quarterly results in recent years, the pronouncement promised much more than what has actually been delivered.</p><p><blockquote>这些声明与通用电气对其计划中的每个新独立实体的说法非常一致。此外，这一举动让人想起通用电气近年来的季度业绩，该声明所承诺的远远多于实际兑现的内容。</blockquote></p><p> Since it's spinoff was official in April 2019, DOW stock has marked a less than 10% gain. Meanwhile, the S&amp;P has risen over 60% over the same period.</p><p><blockquote>自 2019 年 4 月正式分拆以来，道琼斯指数股价涨幅不到 10%。与此同时，标准普尔指数同期上涨超过 60%。</blockquote></p><p> <b>An Example to Follow?</b></p><p><blockquote><b>可以效仿的榜样？</b></blockquote></p><p></p><p> Still, assuming things do go well post-breakup, these moves could serve as a benchmark for other bigger, older, and perhaps bloated companies. At the very least, this is the logic adopted not only by aging and perhaps overcomplicated American conglomerates like GE and Johnson &amp; Johnson, but also the nearly 150-year-old Japanese giant Toshiba (TOSBF) . In short, it looks as though a trend is taking hold.</p><p><blockquote>尽管如此，假设分手后一切进展顺利，这些举措可以作为其他更大、更老、甚至可能臃肿的公司的基准。至少，这不仅是通用电气和强生等老龄化且可能过于复杂的美国企业集团所采用的逻辑，也是拥有近150年历史的日本巨头东芝（TOSBF）所采用的逻辑。简而言之，看起来一种趋势正在形成。</blockquote></p><p> \"Companies that have very diversified portfolios continue to dilute the value to the shareholders,\" David Braun, CEO of M&amp;A advisory firm Capstone Strategic, told Real Money. \"We are in an era where technology and access to capital are different things. A conglomerate is going to have trouble competing.\"</p><p><blockquote>并购咨询公司 Capstone Strategic 首席执行官大卫·布劳恩 (David Braun) 告诉 Real Money：“投资组合非常多元化的公司继续稀释股东的价值。”“我们生活在一个技术和资本获取是两码事的时代。企业集团将很难竞争。”</blockquote></p><p> He suggested that Emerson Electric (EMR) and Berkshire Hathaway (BRK.A) &nbsp; (BRK.B) are two companies that could likely benefit from a similar breakup.</p><p><blockquote>他表示，艾默生电气 (EMR) 和伯克希尔哈撒韦公司 (BRK.A) (BRK.B) 是两家可能从类似分拆中受益的公司。</blockquote></p><p> \"They continue to stockpile excess cash they cannot deploy,\" Braun added, voicing the drawbacks of the behemoth business. \"I'm not sure they benefit from that model any longer.\"</p><p><blockquote>“他们继续储备无法部署的多余现金，”布劳恩补充道，并表达了庞大业务的缺点。“我不确定他们是否还能从这种模式中受益。”</blockquote></p><p> On the former, he is far from the first to suggest such a move. RBC's Deane Dray has actually been calling for such a breakup for a few years, alongside 3M (MMM) and Roper Technologies (ROP) , firms he also believes could benefit from being a bit less bulky.</p><p><blockquote>在前者方面，他远不是第一个建议采取这样的举措的人。加拿大皇家银行 (RBC) 的迪恩·德雷 (Deane Dray) 实际上几年来一直在呼吁这样的拆分，他还呼吁 3M（3M）和 Roper Technologies (ROP)，他认为这两家公司可以从规模小一点中受益。</blockquote></p><p> \"We believe the pendulum is still swinging towards the 'urge to demerge' trend,\" he wrote in a note on Tuesday. \"GE's announcement today could embolden the boards of several other multi-industry companies to move ahead on more aggressive portfolio simplification moves, including Emerson, Roper Technologies and 3M.\"</p><p><blockquote>他在周二的一份报告中写道：“我们认为钟摆仍在朝着‘分离冲动’趋势摆动。”“通用电气今天的公告可能会鼓励其他几家跨行业公司的董事会采取更积极的投资组合简化措施，其中包括艾默生、罗珀技术公司和 3M。”</blockquote></p><p> As far back as 2019, Dray suggested a breakup of Emerson's automation and commercial divisions could be a boon for shareholders. While the stock has been on a roll since the pandemic began, such a breakup has already been intensely considered by management. In early February, Emerson announced it would not pursue a split \"unless a major strategic acquisition catalyst is actioned.\"</p><p><blockquote>早在 2019 年，德雷就表示艾默生自动化和商业部门的拆分可能对股东有利。虽然自疫情开始以来，该股一直在上涨，但管理层已经认真考虑过这样的分拆。二月初，艾默生宣布“除非采取重大战略收购催化剂”，否则不会寻求拆分。</blockquote></p><p> At the least, if such a catalyst is to appear the company is clearly willing to consider such an option.</p><p><blockquote>至少，如果出现这样的催化剂，公司显然愿意考虑这样的选择。</blockquote></p><p> For Berkshire, it is eminently unlikely that any moves come while both Warren Buffett and Charlie Munger helm the conglomerate.&nbsp;But prospects for such a breakup could take many forms considering the business spans industries from insurance to construction to railroads. As such, attempting to size up a form that such a move might take is nearly impossible to forecast.</p><p><blockquote>对于伯克希尔来说，当沃伦·巴菲特和查理·芒格同时掌舵这家企业集团时，任何举措都不太可能发生。但考虑到业务跨越从保险、建筑到铁路等行业，这种分拆的前景可能会有多种形式。因此，试图评估这种举措可能采取的形式几乎是不可能预测的。</blockquote></p><p> Finally, the prospects of a 3M breakup are certainly not out of the question.</p><p><blockquote>最后，3M 分手的前景当然不是不可能的。</blockquote></p><p> Investors in the storied firm are understandably frustrated. Long-term shareholders have seen the stock stagnate over the past five years, marking a basically flat return even after shares were buoyed by demand for PPE and healthcare equipment that the firm manufactured during the pandemic. Looking back on the boost to the shares, many might have been happier with a pure-play option for healthcare and protective equipment rather than a company also weighed down by industrial, transportation, and consumer segments.</p><p><blockquote>这家传奇公司的投资者感到沮丧是可以理解的。长期股东看到该股在过去五年中停滞不前，即使该公司在大流行期间生产的个人防护设备和医疗设备的需求提振了股价，但回报率基本持平。回顾股价的提振，许多人可能更喜欢医疗保健和防护设备的纯粹选择，而不是一家同样受到工业、运输和消费领域拖累的公司。</blockquote></p><p> Toward this end, the company may have already telegraphed its intention to move toward breaking up. In March 2019, the company divided its business into four units. The units, entitled safety &amp; industrial, transportation &amp; electronics, healthcare, and consumer respectively, were created in order to focus the business.</p><p><blockquote>为此，该公司可能已经发出了分拆的意图。于二零一九年三月，本公司将其业务分为四个单位。为了集中业务，创建了分别名为安全与工业、运输与电子、医疗保健和消费者的部门。</blockquote></p><p> \"We are continuing to advance 3M into the future, and today's actions will strengthen our ability to meet the fast-moving needs of our customers,\" 3M CEO Mike Roman said at the time. \"Our new alignment will leverage our business transformation progress, accelerate growth and deliver greater operational efficiencies.\"</p><p><blockquote>3M 首席执行官 Mike Roman 当时表示：“我们正在继续推动 3M 迈向未来，今天的行动将增强我们满足客户快速变化需求的能力。”“我们的新结构调整将利用我们的业务转型进展，加速增长并提高运营效率。”</blockquote></p><p> As operational efficiencies have not materialized to the point of elevating the share price, it is not unreasonable to ask questions as to why separate businesses might further tap into the desired efficiency. In short, the healthcare business might be stronger if it was no longer adhered to a scotch tape and post-it manufacturer and vice versa.</p><p><blockquote>由于运营效率尚未达到推高股价的程度，因此提出为什么独立业务可能会进一步挖掘所需效率的问题并非不合理。简而言之，如果医疗保健行业不再依赖透明胶带和便利贴制造商，反之亦然，它可能会变得更加强大。</blockquote></p><p> In the end, if the pursuit of separate businesses proves successful in each of the current experiments under way, the lesson may be that bigger is not always better. For investors, it might also open a number of pure-play options that provide a better investment than their parent companies do at present.</p><p><blockquote>最终，如果对独立业务的追求在目前正在进行的每一项实验中都被证明是成功的，那么教训可能是，越大越好。对于投资者来说，它还可能提供许多纯粹的游戏选择，提供比他们的母公司目前更好的投资。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://realmoney.thestreet.com/investing/stocks/ge-isn-t-the-only-aging-company-that-could-benefit-from-a-breakup-15830176?puc=yahoo&cm_ven=YAHOO\">Thestreet</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"JNJ":"强生","GE":"GE航空航天"},"source_url":"https://realmoney.thestreet.com/investing/stocks/ge-isn-t-the-only-aging-company-that-could-benefit-from-a-breakup-15830176?puc=yahoo&cm_ven=YAHOO","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178164317","content_text":"After years of turmoil and a valiant effort by its latest CEO Larry Culp, General Electric (GE) finally gave up in its efforts to salvage its broad-reaching business as a singular unit.\nThe company has consistently spun off numerous assets across the sprawling conglomerate in recent years to lessen its debt load. Perhaps most important was a $20 billion deal to ship its biopharmaceutical business to Danaher (DHR) in 2020. Yet, it appears the moves were not enough to satisfy Culp's ambitious recovery goals for the once-great industrial giant.\n\"The world demands-and deserves-we bring our best to solve the biggest challenges in flight, healthcare, and energy,\" Culp said in a statement on Tuesday. \"By creating three industry-leading, global public companies, each can benefit from greater focus, tailored capital allocation, and strategic flexibility to drive long-term growth and value for customers, investors, and employees. We are putting our technology expertise, leadership, and global reach to work to better serve our customers.\"\nSimilarly, the lawsuit-besieged Johnson & Johnson (JNJ)announced it would spin off its consumer health division from its higher growth pharmaceutical and medical devices divisions in the coming two years.\nJudging by the jump in GE stock after the announcement and the early jolt to Johnson & Johnson stock after its announcement Friday,the market certainly looks as though it was offering its initial approval for the streamlining of separate companies. Still, a few questions quickly come to mind.\nFirst, is this indeed a deft move by management in both cases and therefore deserving of the share-price reaction? And if so, are there more companies that could benefit from following the example set by both of these storied companies?\nBetter After a Breakup?\nThe first line of questioning is one of whether or not two or three firms are truly better than one.\nOn paper, it would certainly appear to be so. As of Thursday's market open, GE touted a valuation of about $119 billion as a total entity. However, when broken into constituent parts, RBC Capital Markets analyst Deane Dray suggested up to a 20% upside for investors. Judging by company metrics and projections, it could well be even higher.\nAlso, each of the spun-off GE units will be less encumbered by the debt of their former counterparts within the broader company, especially as asset sales in recent years alleviate debt and pension issues. Further, future deals are more likely to reach approval based upon diminished antitrust risk, opening a much wider world of opportunity for investors in the streamlined companies.\nThe logic is very much the same for Johnson & Johnson as its pharmaceutical business breaks free from the burdensome troubles of lawsuits over talcum-powder products as well as low-margin medicines like Tylenol. Separation is seen as a key step toward unlocking innovation.\n\"For the new Johnson & Johnson, this planned separation underscores our focus on delivering industry-leading biopharmaceutical and medical device innovation and technology with the goal of bringing new solutions to market for patients and healthcare systems, while creating sustainable value for shareholders,\" CEO Alex Gorsky explained in a statement. \"We believe that the New Consumer Health Company would be a global leader across attractive and growing consumer health categories, and a streamlined and targeted corporate structure would provide it with the agility and flexibility to grow its iconic portfolio of brands and innovate new products.\"\nTo be sure, these targets and optimistic angles assume a rosy trajectory for each of the newly formed firms. As the example of DowDupont (now Dupont (DD) , Dow Inc. (DOW) , and Corteva (CTVA) ) shows, splitting up historic firms with sprawling business is not always a process that progresses precisely to plan.\nSince splitting, the two storied industrial companies, once combined into one mega-conglomerate, have not had much success.\n\"New Dow will be well positioned to drive best-in-class financial performance and shareholder returns,\" Dow CEO Jim Fitterling said ahead of the firm's 2019 spinoff to a standalone firm. \"We have a focused playbook of cost and growth drivers, clear and disciplined capital allocation priorities and a strong balance sheet. Our path to shareholder value creation is straightforward and in our control.\"\nThese pronouncements are very much in line with what GE has said of each of its planned new standalone entities. Also, in a move very much reminiscent of GE's quarterly results in recent years, the pronouncement promised much more than what has actually been delivered.\nSince it's spinoff was official in April 2019, DOW stock has marked a less than 10% gain. Meanwhile, the S&P has risen over 60% over the same period.\nAn Example to Follow?\nStill, assuming things do go well post-breakup, these moves could serve as a benchmark for other bigger, older, and perhaps bloated companies. At the very least, this is the logic adopted not only by aging and perhaps overcomplicated American conglomerates like GE and Johnson & Johnson, but also the nearly 150-year-old Japanese giant Toshiba (TOSBF) . In short, it looks as though a trend is taking hold.\n\"Companies that have very diversified portfolios continue to dilute the value to the shareholders,\" David Braun, CEO of M&A advisory firm Capstone Strategic, told Real Money. \"We are in an era where technology and access to capital are different things. A conglomerate is going to have trouble competing.\"\nHe suggested that Emerson Electric (EMR) and Berkshire Hathaway (BRK.A)   (BRK.B) are two companies that could likely benefit from a similar breakup.\n\"They continue to stockpile excess cash they cannot deploy,\" Braun added, voicing the drawbacks of the behemoth business. \"I'm not sure they benefit from that model any longer.\"\nOn the former, he is far from the first to suggest such a move. RBC's Deane Dray has actually been calling for such a breakup for a few years, alongside 3M (MMM) and Roper Technologies (ROP) , firms he also believes could benefit from being a bit less bulky.\n\"We believe the pendulum is still swinging towards the 'urge to demerge' trend,\" he wrote in a note on Tuesday. \"GE's announcement today could embolden the boards of several other multi-industry companies to move ahead on more aggressive portfolio simplification moves, including Emerson, Roper Technologies and 3M.\"\nAs far back as 2019, Dray suggested a breakup of Emerson's automation and commercial divisions could be a boon for shareholders. While the stock has been on a roll since the pandemic began, such a breakup has already been intensely considered by management. In early February, Emerson announced it would not pursue a split \"unless a major strategic acquisition catalyst is actioned.\"\nAt the least, if such a catalyst is to appear the company is clearly willing to consider such an option.\nFor Berkshire, it is eminently unlikely that any moves come while both Warren Buffett and Charlie Munger helm the conglomerate. But prospects for such a breakup could take many forms considering the business spans industries from insurance to construction to railroads. As such, attempting to size up a form that such a move might take is nearly impossible to forecast.\nFinally, the prospects of a 3M breakup are certainly not out of the question.\nInvestors in the storied firm are understandably frustrated. Long-term shareholders have seen the stock stagnate over the past five years, marking a basically flat return even after shares were buoyed by demand for PPE and healthcare equipment that the firm manufactured during the pandemic. Looking back on the boost to the shares, many might have been happier with a pure-play option for healthcare and protective equipment rather than a company also weighed down by industrial, transportation, and consumer segments.\nToward this end, the company may have already telegraphed its intention to move toward breaking up. In March 2019, the company divided its business into four units. The units, entitled safety & industrial, transportation & electronics, healthcare, and consumer respectively, were created in order to focus the business.\n\"We are continuing to advance 3M into the future, and today's actions will strengthen our ability to meet the fast-moving needs of our customers,\" 3M CEO Mike Roman said at the time. \"Our new alignment will leverage our business transformation progress, accelerate growth and deliver greater operational efficiencies.\"\nAs operational efficiencies have not materialized to the point of elevating the share price, it is not unreasonable to ask questions as to why separate businesses might further tap into the desired efficiency. In short, the healthcare business might be stronger if it was no longer adhered to a scotch tape and post-it manufacturer and vice versa.\nIn the end, if the pursuit of separate businesses proves successful in each of the current experiments under way, the lesson may be that bigger is not always better. For investors, it might also open a number of pure-play options that provide a better investment than their parent companies do at present.","news_type":1,"symbols_score_info":{"JNJ":0.9,"GE":0.9}},"isVote":1,"tweetType":1,"viewCount":3288,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":893857289,"gmtCreate":1628257015841,"gmtModify":1633752196404,"author":{"id":"3585889404495674","authorId":"3585889404495674","name":"KeenLee","avatar":"https://static.tigerbbs.com/43c0bfe9c8189d73470475a7121102b2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585889404495674","idStr":"3585889404495674"},"themes":[],"title":"","htmlText":"Long term investment&nbsp;","listText":"Long term investment&nbsp;","text":"Long term investment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/893857289","repostId":"1155656235","repostType":4,"repost":{"id":"1155656235","kind":"news","pubTimestamp":1628227304,"share":"https://www.laohunote.com/m/news/1155656235?lang=zh_CN&edition=full","pubTime":"2021-08-06 13:21","market":"us","language":"en","title":"20 cloud stocks expected to increase sales the most over the next two years<blockquote>预计未来两年销售额增幅最大的 20 只云股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1155656235","media":"MarketWatch","summary":"Cloud ETFs are close to record highs, propelled by a rally in the sector\nAnalysts see stellar sales ","content":"<p>Cloud ETFs are close to record highs, propelled by a rally in the sector</p><p><blockquote>在行业反弹的推动下，云 ETF 接近历史新高</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/78101d8010e186fe4df59b2ef82b5de6\" tg-width=\"700\" tg-height=\"394\" width=\"100%\" height=\"auto\"><span>Analysts see stellar sales growth ahead for companies that provide cloud services. (Getty Images/iStockphoto)</span></p><p><blockquote><p class=\"t-img-caption\"><span>分析师预计提供云服务的公司未来销售额将实现强劲增长。（盖蒂图片社/iStockphoto）</span></p></blockquote></p><p> U.S. investors remain bullish, despite rumblings out of China and the spike in delta variant infections.</p><p><blockquote>尽管来自中国大陆的传言和德尔塔变异毒株感染人数激增，美国投资者仍然看好。</blockquote></p><p> Cloud companies — those at the forefront of the shift in computing power to distributed models over the internet — are expected to grow at a rapid clip over the next several years, and four of the five largest exchange traded funds covering the space are close to hitting record highs.</p><p><blockquote>云公司——那些处于通过互联网将计算能力转变为分布式模型的最前沿的公司——预计将在未来几年快速增长，覆盖该领域的五大交易所交易基金中有四家接近创下历史新高。</blockquote></p><p> Below is a screen of stocks held by those ETFs, showing which are expected to increase their sales the most through 2023. In an industry with many players at relatively early stages, increases in sales, rather than in earnings, might be the best driver of stock prices.</p><p><blockquote>下面是这些 ETF 持有的股票屏幕，显示了预计到 2023 年销售额增幅最大的股票。在一个有许多参与者处于相对早期阶段的行业中，销售额的增长而不是盈利的增长可能是股价的最佳驱动因素。</blockquote></p><p> To begin the screen, we looked at the five largest cloud ETFs:</p><p><blockquote>为了开始屏幕，我们查看了五个最大的云 ETF：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/36209ce827d95e822cad5128be8b146a\" tg-width=\"933\" tg-height=\"664\" width=\"100%\" height=\"auto\"><span>Source: FactSet</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：FactSet</span></p></blockquote></p><p> ETFs might be your best way to take a broad approach for a long-term play on the cloud revolution. If you are interested in any ETF, you should review the fund manager’s website.</p><p><blockquote>ETF 可能是您采取广泛方法长期参与云革命的最佳方式。如果您对任何 ETF 感兴趣，您应该查看基金经理的网站。</blockquote></p><p> Here’s a comparison of total returns through Aug. 4, along with those for the SPDR S&amp;P 500 ETF&nbsp;and the Invesco QQQ Trust&nbsp;(which tracks the Nasdaq-100 Index) for comparison:</p><p><blockquote>以下是截至 8 月 4 日的总回报率对比，以及 SPDR 标普500 ETF 和景顺 QQQ 信托基金（追踪纳斯达克 100 指数）的总回报率对比：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/242f135b3c7cca3cbaae3ee574023c1f\" tg-width=\"942\" tg-height=\"577\" width=\"100%\" height=\"auto\"><span>Source: FactSet</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：FactSet</span></p></blockquote></p><p> The ETFs’ approaches differ. For example, the ARK Next Generation Internet ETF&nbsp;is the only one that is actively managed. The others track an index. It is also the only one that holds shares of Tesla Inc.,which makes up 10.65% of the portfolio, according to information posted by ARK Invest on Aug. 5. Tesla is an electric-vehicle manufacturer, but it can also be considered a cloud company because it distributes software updates over the internet continually, and offers other cloud-based services.</p><p><blockquote>ETF 的方法各不相同。例如，方舟下一代互联网ETF是唯一一只主动管理的。其他人跟踪索引。根据ARK Invest 8月5日发布的信息，它也是唯一一家持有特斯拉公司股票的公司，该公司占该投资组合的10.65%。特斯拉是一家电动汽车制造商，但它也可以被视为一家云公司，因为它不断通过互联网分发软件更新，并提供其他基于云的服务。</blockquote></p><p> Another holding unique to ARKW among the five cloud ETFs is Walt Disney Co.,which is certainly an important cloud player through its Disney+ streaming service, even if the company doesn’t say directly how much of its sales are derived from that rapidly growing segment.</p><p><blockquote>在五只云 ETF 中，ARKW 的另一个独特持股是华特迪士尼公司（Walt Disney Co.），该公司通过其 Disney+ 流媒体服务无疑是一家重要的云公司，尽管该公司没有直接说明其销售额中有多少来自这一快速增长的领域。</blockquote></p><p> As part of its description of ARKW, FactSet says the following:</p><p><blockquote>FactSet 对 ARKW 描述的一部分如下：</blockquote></p><p> <i>“Broadly speaking, the ARKW’s managers appear focused on big buzzwords such as Internet of Things, cloud computing, digital currencies and wearable technology. While the fund’s focus may be appealing for investors with conviction in these new technologies, portfolio implementation is a more difficult task: Most of the companies developing these advancements are huge corporations for which nascent technologies are only a small fraction of total revenues. As such, it’s very difficult to get pure-play access to ARKW’s targeted technologies — so be sure to confirm that the fund’s holdings — not just its thesis — align with your view of the space.”</i></p><p><blockquote><i>“从广义上讲，ARKW 的管理者似乎专注于物联网、云计算、数字货币和可穿戴技术等热门词汇。虽然该基金的重点可能是吸引对这些新技术充满信心的投资者，但投资组合的实施却是一项更加艰巨的任务： 大多数开发这些进步的公司都是大公司，新兴技术只占总收入的一小部分。因此，要获得 ARKW 的目标技术的纯粹权限是非常困难的--因此，一定要确认该基金的持有量--而不仅仅是其论点--与您对该领域的看法相一致。</i></blockquote></p><p> <b>Cloud-stock screen</b></p><p><blockquote><b>云库存屏幕</b></blockquote></p><p> Together, the five cloud ETFs listed above hold 147 stocks. To project sales growth through 2023, we used calendar 2020 sales estimates as a baseline and then looked at consensus estimates among analysts polled by FactSet for the subsequent three years, if available. (The 2020 numbers are estimates, because many companies’ fiscal years don’t match the calendar.)</p><p><blockquote>上面列出的五只云ETF总共持有147只股票。为了预测 2023 年的销售增长，我们使用 2020 年日历销售预测作为基线，然后查看 FactSet 调查的分析师对未来三年的共识预测（如果有）。(2020 年的数字是估计值，因为许多公司的财政年度与日历不符）。</blockquote></p><p> To make sure we had a solid set of estimates, we confined the group to the 126 companies covered by at least five analysts polled by FactSet, for which consensus sales estimates for calendar 2020 through calendar 2023 are available.</p><p><blockquote>为了确保我们有一套可靠的估计，我们将小组范围限制在 FactSet 调查的至少五名分析师所涵盖的 126 家公司，这些公司提供了 2020 年至 2023 年的共识销售估计。</blockquote></p><p> Here are the 20 companies projected to have the highest compound annual growth rates (CAGR) for sales through calendar 2023:</p><p><blockquote>以下是预计到 2023 年销售额复合年增长率 (CAGR) 最高的 20 家公司：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/517a23591cde159fb889ab80abc4bcc6\" tg-width=\"934\" tg-height=\"765\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/6af2cf5b5f9f0ce50f8f023ac7babc7f\" tg-width=\"935\" tg-height=\"717\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b88ebe72e09cb9ce3294269f0a4ae431\" tg-width=\"935\" tg-height=\"403\" width=\"100%\" height=\"auto\"><span>Source: FactSet</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：FactSet</span></p></blockquote></p><p> There are actually 21 stocks listed, including Zillow Group Inc.’s Class A&nbsp;and Class C&nbsp;shares.</p><p><blockquote>实际上有 21 只股票上市，包括 Zillow Group Inc. 的 A 类股票和 C 类股票。</blockquote></p><p> It is interesting to see that the list is dominated by stocks held by ARKW. The fund has a broad definition of cloud companies and is focused also on sales growth.</p><p><blockquote>有趣的是，该名单以 ARKW 持有的股票为主。该基金对云公司有广泛的定义，也关注销售增长。</blockquote></p><p></p><p> Here are current forward price-to-sales ratios based on consensus estimates for the next 12 months, as well as ratios of current market cap to projected 2023 sales and summaries of analysts’ opinions about the stocks.</p><p><blockquote>以下是基于未来 12 个月共识估计的当前远期市销率，以及当前市值与 2023 年预计销售额的比率和分析师对股票的意见摘要。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/19b9c4bf1d8b1abcfa76b7d008a47ad7\" tg-width=\"938\" tg-height=\"805\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/2ff191189c5d7d2f31698843734ca3cc\" tg-width=\"933\" tg-height=\"773\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0e9543489c4d52d3f1a69dfdcf170115\" tg-width=\"930\" tg-height=\"242\" width=\"100%\" height=\"auto\"><span>Source: FactSet</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：FactSet</span></p></blockquote></p><p> In comparison, the forward price-to-sales ratio for SPY is 2.8, with a price/2023 estimated sales ratio of 2.6. For QQQ, the current P/S is 4.7, declining to 4.3 for 2023.</p><p><blockquote>相比之下，SPDR标普500指数ETF的远期市销率为 2.8，2023 年预计市销率为 2.6。QQQ 目前的市盈率为 4.7，2023 年将下降至 4.3。</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>20 cloud stocks expected to increase sales the most over the next two years<blockquote>预计未来两年销售额增幅最大的 20 只云股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n20 cloud stocks expected to increase sales the most over the next two years<blockquote>预计未来两年销售额增幅最大的 20 只云股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-08-06 13:21</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Cloud ETFs are close to record highs, propelled by a rally in the sector</p><p><blockquote>在行业反弹的推动下，云 ETF 接近历史新高</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/78101d8010e186fe4df59b2ef82b5de6\" tg-width=\"700\" tg-height=\"394\" width=\"100%\" height=\"auto\"><span>Analysts see stellar sales growth ahead for companies that provide cloud services. (Getty Images/iStockphoto)</span></p><p><blockquote><p class=\"t-img-caption\"><span>分析师预计提供云服务的公司未来销售额将实现强劲增长。（盖蒂图片社/iStockphoto）</span></p></blockquote></p><p> U.S. investors remain bullish, despite rumblings out of China and the spike in delta variant infections.</p><p><blockquote>尽管来自中国大陆的传言和德尔塔变异毒株感染人数激增，美国投资者仍然看好。</blockquote></p><p> Cloud companies — those at the forefront of the shift in computing power to distributed models over the internet — are expected to grow at a rapid clip over the next several years, and four of the five largest exchange traded funds covering the space are close to hitting record highs.</p><p><blockquote>云公司——那些处于通过互联网将计算能力转变为分布式模型的最前沿的公司——预计将在未来几年快速增长，覆盖该领域的五大交易所交易基金中有四家接近创下历史新高。</blockquote></p><p> Below is a screen of stocks held by those ETFs, showing which are expected to increase their sales the most through 2023. In an industry with many players at relatively early stages, increases in sales, rather than in earnings, might be the best driver of stock prices.</p><p><blockquote>下面是这些 ETF 持有的股票屏幕，显示了预计到 2023 年销售额增幅最大的股票。在一个有许多参与者处于相对早期阶段的行业中，销售额的增长而不是盈利的增长可能是股价的最佳驱动因素。</blockquote></p><p> To begin the screen, we looked at the five largest cloud ETFs:</p><p><blockquote>为了开始屏幕，我们查看了五个最大的云 ETF：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/36209ce827d95e822cad5128be8b146a\" tg-width=\"933\" tg-height=\"664\" width=\"100%\" height=\"auto\"><span>Source: FactSet</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：FactSet</span></p></blockquote></p><p> ETFs might be your best way to take a broad approach for a long-term play on the cloud revolution. If you are interested in any ETF, you should review the fund manager’s website.</p><p><blockquote>ETF 可能是您采取广泛方法长期参与云革命的最佳方式。如果您对任何 ETF 感兴趣，您应该查看基金经理的网站。</blockquote></p><p> Here’s a comparison of total returns through Aug. 4, along with those for the SPDR S&amp;P 500 ETF&nbsp;and the Invesco QQQ Trust&nbsp;(which tracks the Nasdaq-100 Index) for comparison:</p><p><blockquote>以下是截至 8 月 4 日的总回报率对比，以及 SPDR 标普500 ETF 和景顺 QQQ 信托基金（追踪纳斯达克 100 指数）的总回报率对比：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/242f135b3c7cca3cbaae3ee574023c1f\" tg-width=\"942\" tg-height=\"577\" width=\"100%\" height=\"auto\"><span>Source: FactSet</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：FactSet</span></p></blockquote></p><p> The ETFs’ approaches differ. For example, the ARK Next Generation Internet ETF&nbsp;is the only one that is actively managed. The others track an index. It is also the only one that holds shares of Tesla Inc.,which makes up 10.65% of the portfolio, according to information posted by ARK Invest on Aug. 5. Tesla is an electric-vehicle manufacturer, but it can also be considered a cloud company because it distributes software updates over the internet continually, and offers other cloud-based services.</p><p><blockquote>ETF 的方法各不相同。例如，方舟下一代互联网ETF是唯一一只主动管理的。其他人跟踪索引。根据ARK Invest 8月5日发布的信息，它也是唯一一家持有特斯拉公司股票的公司，该公司占该投资组合的10.65%。特斯拉是一家电动汽车制造商，但它也可以被视为一家云公司，因为它不断通过互联网分发软件更新，并提供其他基于云的服务。</blockquote></p><p> Another holding unique to ARKW among the five cloud ETFs is Walt Disney Co.,which is certainly an important cloud player through its Disney+ streaming service, even if the company doesn’t say directly how much of its sales are derived from that rapidly growing segment.</p><p><blockquote>在五只云 ETF 中，ARKW 的另一个独特持股是华特迪士尼公司（Walt Disney Co.），该公司通过其 Disney+ 流媒体服务无疑是一家重要的云公司，尽管该公司没有直接说明其销售额中有多少来自这一快速增长的领域。</blockquote></p><p> As part of its description of ARKW, FactSet says the following:</p><p><blockquote>FactSet 对 ARKW 描述的一部分如下：</blockquote></p><p> <i>“Broadly speaking, the ARKW’s managers appear focused on big buzzwords such as Internet of Things, cloud computing, digital currencies and wearable technology. While the fund’s focus may be appealing for investors with conviction in these new technologies, portfolio implementation is a more difficult task: Most of the companies developing these advancements are huge corporations for which nascent technologies are only a small fraction of total revenues. As such, it’s very difficult to get pure-play access to ARKW’s targeted technologies — so be sure to confirm that the fund’s holdings — not just its thesis — align with your view of the space.”</i></p><p><blockquote><i>“从广义上讲，ARKW 的管理者似乎专注于物联网、云计算、数字货币和可穿戴技术等热门词汇。虽然该基金的重点可能是吸引对这些新技术充满信心的投资者，但投资组合的实施却是一项更加艰巨的任务： 大多数开发这些进步的公司都是大公司，新兴技术只占总收入的一小部分。因此，要获得 ARKW 的目标技术的纯粹权限是非常困难的--因此，一定要确认该基金的持有量--而不仅仅是其论点--与您对该领域的看法相一致。</i></blockquote></p><p> <b>Cloud-stock screen</b></p><p><blockquote><b>云库存屏幕</b></blockquote></p><p> Together, the five cloud ETFs listed above hold 147 stocks. To project sales growth through 2023, we used calendar 2020 sales estimates as a baseline and then looked at consensus estimates among analysts polled by FactSet for the subsequent three years, if available. (The 2020 numbers are estimates, because many companies’ fiscal years don’t match the calendar.)</p><p><blockquote>上面列出的五只云ETF总共持有147只股票。为了预测 2023 年的销售增长，我们使用 2020 年日历销售预测作为基线，然后查看 FactSet 调查的分析师对未来三年的共识预测（如果有）。(2020 年的数字是估计值，因为许多公司的财政年度与日历不符）。</blockquote></p><p> To make sure we had a solid set of estimates, we confined the group to the 126 companies covered by at least five analysts polled by FactSet, for which consensus sales estimates for calendar 2020 through calendar 2023 are available.</p><p><blockquote>为了确保我们有一套可靠的估计，我们将小组范围限制在 FactSet 调查的至少五名分析师所涵盖的 126 家公司，这些公司提供了 2020 年至 2023 年的共识销售估计。</blockquote></p><p> Here are the 20 companies projected to have the highest compound annual growth rates (CAGR) for sales through calendar 2023:</p><p><blockquote>以下是预计到 2023 年销售额复合年增长率 (CAGR) 最高的 20 家公司：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/517a23591cde159fb889ab80abc4bcc6\" tg-width=\"934\" tg-height=\"765\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/6af2cf5b5f9f0ce50f8f023ac7babc7f\" tg-width=\"935\" tg-height=\"717\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b88ebe72e09cb9ce3294269f0a4ae431\" tg-width=\"935\" tg-height=\"403\" width=\"100%\" height=\"auto\"><span>Source: FactSet</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：FactSet</span></p></blockquote></p><p> There are actually 21 stocks listed, including Zillow Group Inc.’s Class A&nbsp;and Class C&nbsp;shares.</p><p><blockquote>实际上有 21 只股票上市，包括 Zillow Group Inc. 的 A 类股票和 C 类股票。</blockquote></p><p> It is interesting to see that the list is dominated by stocks held by ARKW. The fund has a broad definition of cloud companies and is focused also on sales growth.</p><p><blockquote>有趣的是，该名单以 ARKW 持有的股票为主。该基金对云公司有广泛的定义，也关注销售增长。</blockquote></p><p></p><p> Here are current forward price-to-sales ratios based on consensus estimates for the next 12 months, as well as ratios of current market cap to projected 2023 sales and summaries of analysts’ opinions about the stocks.</p><p><blockquote>以下是基于未来 12 个月共识估计的当前远期市销率，以及当前市值与 2023 年预计销售额的比率和分析师对股票的意见摘要。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/19b9c4bf1d8b1abcfa76b7d008a47ad7\" tg-width=\"938\" tg-height=\"805\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/2ff191189c5d7d2f31698843734ca3cc\" tg-width=\"933\" tg-height=\"773\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0e9543489c4d52d3f1a69dfdcf170115\" tg-width=\"930\" tg-height=\"242\" width=\"100%\" height=\"auto\"><span>Source: FactSet</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：FactSet</span></p></blockquote></p><p> In comparison, the forward price-to-sales ratio for SPY is 2.8, with a price/2023 estimated sales ratio of 2.6. For QQQ, the current P/S is 4.7, declining to 4.3 for 2023.</p><p><blockquote>相比之下，SPDR标普500指数ETF的远期市销率为 2.8，2023 年预计市销率为 2.6。QQQ 目前的市盈率为 4.7，2023 年将下降至 4.3。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/20-cloud-stocks-expected-to-increase-sales-the-most-over-the-next-two-years-11628186683?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SNAP":"Snap Inc","CRWD":"CrowdStrike Holdings, Inc.","ADYEY":"Adyen N.V.","TSLA":"特斯拉","COIN":"Coinbase Global, Inc.","KC":"金山云","ROKU":"Roku Inc","SHOP":"Shopify Inc","OKTA":"Okta Inc.","PDD":"拼多多","Z":"Zillow","DKNG":"DraftKings Inc.","VCYT":"Veracyte Inc","TDOC":"Teladoc Health Inc.","MELI":"MercadoLibre","ZG":"Zillow Class A","PINS":"Pinterest, Inc.","SE":"Sea Ltd"},"source_url":"https://www.marketwatch.com/story/20-cloud-stocks-expected-to-increase-sales-the-most-over-the-next-two-years-11628186683?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1155656235","content_text":"Cloud ETFs are close to record highs, propelled by a rally in the sector\nAnalysts see stellar sales growth ahead for companies that provide cloud services. (Getty Images/iStockphoto)\nU.S. investors remain bullish, despite rumblings out of China and the spike in delta variant infections.\nCloud companies — those at the forefront of the shift in computing power to distributed models over the internet — are expected to grow at a rapid clip over the next several years, and four of the five largest exchange traded funds covering the space are close to hitting record highs.\nBelow is a screen of stocks held by those ETFs, showing which are expected to increase their sales the most through 2023. In an industry with many players at relatively early stages, increases in sales, rather than in earnings, might be the best driver of stock prices.\nTo begin the screen, we looked at the five largest cloud ETFs:\nSource: FactSet\nETFs might be your best way to take a broad approach for a long-term play on the cloud revolution. If you are interested in any ETF, you should review the fund manager’s website.\nHere’s a comparison of total returns through Aug. 4, along with those for the SPDR S&P 500 ETF and the Invesco QQQ Trust (which tracks the Nasdaq-100 Index) for comparison:\nSource: FactSet\nThe ETFs’ approaches differ. For example, the ARK Next Generation Internet ETF is the only one that is actively managed. The others track an index. It is also the only one that holds shares of Tesla Inc.,which makes up 10.65% of the portfolio, according to information posted by ARK Invest on Aug. 5. Tesla is an electric-vehicle manufacturer, but it can also be considered a cloud company because it distributes software updates over the internet continually, and offers other cloud-based services.\nAnother holding unique to ARKW among the five cloud ETFs is Walt Disney Co.,which is certainly an important cloud player through its Disney+ streaming service, even if the company doesn’t say directly how much of its sales are derived from that rapidly growing segment.\nAs part of its description of ARKW, FactSet says the following:\n“Broadly speaking, the ARKW’s managers appear focused on big buzzwords such as Internet of Things, cloud computing, digital currencies and wearable technology. While the fund’s focus may be appealing for investors with conviction in these new technologies, portfolio implementation is a more difficult task: Most of the companies developing these advancements are huge corporations for which nascent technologies are only a small fraction of total revenues. As such, it’s very difficult to get pure-play access to ARKW’s targeted technologies — so be sure to confirm that the fund’s holdings — not just its thesis — align with your view of the space.”\nCloud-stock screen\nTogether, the five cloud ETFs listed above hold 147 stocks. To project sales growth through 2023, we used calendar 2020 sales estimates as a baseline and then looked at consensus estimates among analysts polled by FactSet for the subsequent three years, if available. (The 2020 numbers are estimates, because many companies’ fiscal years don’t match the calendar.)\nTo make sure we had a solid set of estimates, we confined the group to the 126 companies covered by at least five analysts polled by FactSet, for which consensus sales estimates for calendar 2020 through calendar 2023 are available.\nHere are the 20 companies projected to have the highest compound annual growth rates (CAGR) for sales through calendar 2023:\n\nSource: FactSet\nThere are actually 21 stocks listed, including Zillow Group Inc.’s Class A and Class C shares.\nIt is interesting to see that the list is dominated by stocks held by ARKW. The fund has a broad definition of cloud companies and is focused also on sales growth.\nHere are current forward price-to-sales ratios based on consensus estimates for the next 12 months, as well as ratios of current market cap to projected 2023 sales and summaries of analysts’ opinions about the stocks.\n\nSource: FactSet\nIn comparison, the forward price-to-sales ratio for SPY is 2.8, with a price/2023 estimated sales ratio of 2.6. 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