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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>比特币创作者中本聪可能在佛州审判中被揭露</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>通用电气和强生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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#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票在早盘交易中上涨。</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":{"CCL":"嘉年华邮轮","NCLH":"挪威邮轮","SAVE":"Spirit Airlines","DAL":"达美航空","UAL":"联合大陆航空","ALK":"阿拉斯加航空集团有限公司","EXPE":"Expedia","JBLU":"捷蓝航空","ABNB":"爱彼迎","RCL":"皇家加勒比邮轮","LUV":"西南航空","AAL":"美国航空","BKNG":"Booking Holdings","BA":"波音"},"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":{"UAL":0.9,"CCL":0.9,"BKNG":0.9,"BA":0.9,"DAL":0.9,"AAL":0.9,"RCL":0.9,"ALK":0.9,"JBLU":0.9,"EXPE":0.9,"ABNB":0.9,"NCLH":0.9,"LUV":0.9,"SAVE":0.9}},"isVote":1,"tweetType":1,"viewCount":2567,"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":[],"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.laohu8.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>比特币创作者中本聪可能在佛州审判中被揭露</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>佛罗里达州正在进行一场看似普通的审判：一名死者的家人正在起诉他的前商业伙伴，要求控制他们合伙企业的资产。</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，有问题的资产是大约100万个比特币的缓存，相当于今天的640亿美元左右，属于比特币的创造者，笔名中本聪。死者的家人说，他和他的商业伙伴一起是中本聪，因此家人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经久不衰的谜团之一。名字指的是一个人吗？还是几个？为什么他或她或他们没有碰那笔财富的一分钱？</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>这些问题的答案是弗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。其背后的技术被一些人视为重新连接全球金融体系的一种方式。然而，谁创造了它，为什么仍然是个谜。</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>这还不是你知道谁控制着世界上最大的私人财富之一。</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>这就是佛罗里达州陪审团将试图解决的问题。大卫·克雷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。赖特先生自2016年以来一直辩称是他创造了比特币，但这一说法遭到了比特币界大多数人的驳斥。克雷曼的家人辩称，两人一起开发和开采比特币，使克雷曼的家人有权获得50万比特币。</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>克雷曼家族的律师维尔·弗里德曼(Vel Freedman)表示：“我们相信证据将表明双方存在合作伙伴关系，共同创造和开采了超过100万枚比特币。”</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>原告计划出示证据，表明两人自比特币成立以来就参与其中，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>“这是关于两个有伙伴关系的朋友，以及其中一个如何在另一个死后试图将一切据为己有，”一直在观察审判的律师蒂博尔·纳吉说。</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，有证据表明赖特是比特币的创造者，但从未包括克雷曼。“我们相信法庭会发现没有任何迹象或记录表明他们是合伙关系，”赖特先生的律师安德烈斯·里韦罗(Andrés Rivero)说。</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>对于比特币创造者来说，只有一个证据可以最终证明中本聪的身份：控制中本聪存储100万比特币的账户的私钥。任何自称是中本聪的人都可以通过从硬币中取出哪怕是一小部分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奇葩之一。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的论文，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进行价值交换。几个月后，比特币网络上线，中本聪在第一年就收集了100万比特币。</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，克雷曼的家人声称，他的商业伙伴赖特在那份9页的文件中寻求克雷曼的帮助。诉讼称，他们在白皮书上进行了合作，并共同推出了比特币。</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，世界上任何有互联网连接的地方的两个人都可以在几分钟内进行交易，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>对于超过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，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的地地址，这类似于银行账户。只有控制账户的人才会拥有私钥，本质上拥有比特币。</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。中本聪积极参与了大约两年的开发，在留言板上写作，并与开发人员发送电子邮件。2010年12月，众所周知使用两个电子邮件地址并拥有一个注册网站的中本聪停止公开发帖；本质上，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，也没有证据表明任何人与比特币的创造有决定性的联系。</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，克雷曼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>克雷曼先生于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》报道说，一个与中本聪同姓的人——多里安·中本聪——是比特币的创造者。他否认了这一说法，在留言板上，一个已知真正的中本聪使用过的账户发了一句话的帖子表示同意：“我不是多里安·中本聪。”如果这是来自比特币的创造者的真实信息，这是中本聪的最后一封公开信件。</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，并在一个网站上发表了他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。他从网站上撤下了所有内容，代之以四段道歉。“我破产了，”他写道。“我没有这个勇气，我不能。”此后，他再次坚称自己创造了比特币。</blockquote></p><p> Whether Mr. Wright or Mr. Kleiman possesses or possessed the knowledge to have created the cryptocurrency is contested.</p><p><blockquote>赖特先生或克雷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(Arthur van Pelt)已成为赖特最直言不讳的批评者之一，他表示，赖特“一直在黑客攻击、欺骗和愚弄人们，玩信心游戏”。“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，克雷曼先生的计算机专业知识非常广泛。Ava实验室创始人Emin Gun Sirer表示，克雷曼先生有可能创造了比特币，但没有足够的信息来确定。“这是一个悬而未决的问题，”他说。</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>比特币创作者中本聪可能在佛州审判中被揭露</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>比特币创作者中本聪可能在佛州审判中被揭露</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>佛罗里达州正在进行一场看似普通的审判：一名死者的家人正在起诉他的前商业伙伴，要求控制他们合伙企业的资产。</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，有问题的资产是大约100万个比特币的缓存，相当于今天的640亿美元左右，属于比特币的创造者，笔名中本聪。死者的家人说，他和他的商业伙伴一起是中本聪，因此家人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经久不衰的谜团之一。名字指的是一个人吗？还是几个？为什么他或她或他们没有碰那笔财富的一分钱？</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>这些问题的答案是弗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。其背后的技术被一些人视为重新连接全球金融体系的一种方式。然而，谁创造了它，为什么仍然是个谜。</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>这还不是你知道谁控制着世界上最大的私人财富之一。</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>这就是佛罗里达州陪审团将试图解决的问题。大卫·克雷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。赖特先生自2016年以来一直辩称是他创造了比特币，但这一说法遭到了比特币界大多数人的驳斥。克雷曼的家人辩称，两人一起开发和开采比特币，使克雷曼的家人有权获得50万比特币。</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>克雷曼家族的律师维尔·弗里德曼(Vel Freedman)表示：“我们相信证据将表明双方存在合作伙伴关系，共同创造和开采了超过100万枚比特币。”</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>原告计划出示证据，表明两人自比特币成立以来就参与其中，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>“这是关于两个有伙伴关系的朋友，以及其中一个如何在另一个死后试图将一切据为己有，”一直在观察审判的律师蒂博尔·纳吉说。</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，有证据表明赖特是比特币的创造者，但从未包括克雷曼。“我们相信法庭会发现没有任何迹象或记录表明他们是合伙关系，”赖特先生的律师安德烈斯·里韦罗(Andrés Rivero)说。</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>对于比特币创造者来说，只有一个证据可以最终证明中本聪的身份：控制中本聪存储100万比特币的账户的私钥。任何自称是中本聪的人都可以通过从硬币中取出哪怕是一小部分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奇葩之一。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的论文，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进行价值交换。几个月后，比特币网络上线，中本聪在第一年就收集了100万比特币。</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，克雷曼的家人声称，他的商业伙伴赖特在那份9页的文件中寻求克雷曼的帮助。诉讼称，他们在白皮书上进行了合作，并共同推出了比特币。</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，世界上任何有互联网连接的地方的两个人都可以在几分钟内进行交易，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>对于超过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，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的地地址，这类似于银行账户。只有控制账户的人才会拥有私钥，本质上拥有比特币。</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。中本聪积极参与了大约两年的开发，在留言板上写作，并与开发人员发送电子邮件。2010年12月，众所周知使用两个电子邮件地址并拥有一个注册网站的中本聪停止公开发帖；本质上，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，也没有证据表明任何人与比特币的创造有决定性的联系。</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，克雷曼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>克雷曼先生于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》报道说，一个与中本聪同姓的人——多里安·中本聪——是比特币的创造者。他否认了这一说法，在留言板上，一个已知真正的中本聪使用过的账户发了一句话的帖子表示同意：“我不是多里安·中本聪。”如果这是来自比特币的创造者的真实信息，这是中本聪的最后一封公开信件。</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，并在一个网站上发表了他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。他从网站上撤下了所有内容，代之以四段道歉。“我破产了，”他写道。“我没有这个勇气，我不能。”此后，他再次坚称自己创造了比特币。</blockquote></p><p> Whether Mr. Wright or Mr. Kleiman possesses or possessed the knowledge to have created the cryptocurrency is contested.</p><p><blockquote>赖特先生或克雷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(Arthur van Pelt)已成为赖特最直言不讳的批评者之一，他表示，赖特“一直在黑客攻击、欺骗和愚弄人们，玩信心游戏”。“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，克雷曼先生的计算机专业知识非常广泛。Ava实验室创始人Emin Gun Sirer表示，克雷曼先生有可能创造了比特币，但没有足够的信息来确定。“这是一个悬而未决的问题，”他说。</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":3297,"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":[],"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.laohu8.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>通用电气和强生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·卡尔普的勇敢努力，通用电气(GE)最终放弃了将其广泛业务作为一个单一部门挽救的努力。</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，该公司不断剥离整个庞大企业集团的大量资产，以减轻债务负担。也许最重要的是2020年将其生物制药业务转移给丹纳赫(DHR)的200亿美元交易。然而，这些举措似乎不足以满足卡尔普对这家曾经伟大的工业巨头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——也应该——我们尽最大努力解决飞行、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业知识、领导力和全球影响力来更好地为我们的客户服务。”</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，饱受诉讼困扰的强生公司（JNJ）宣布将在未来两年内将其消费者健康部门从增长较快的制药和医疗器械部门中剥离出来。</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>从通用电气股票在公告后的上涨以及强生公司股票在周五公告后的早期震荡来看<u>,</u>市场看起来确实对精简独立公司提供了初步批准。尽管如此，几个问题很快浮现在脑海中。</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，在这两种情况下，这确实是管理层的灵巧举措，因此值得股价反应吗？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>第一个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>理论上，情况确实如此。截至周四开盘，通用电气的整体估值约为1190亿美元。然而，当细分为各个组成部分时，加拿大皇家银行资本市场分析师迪恩·德雷(Deane Dray)建议投资者最多有20%的上涨空间。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，每个分拆后的通用电气部门都将减少公司内前同行的债务负担，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，为精简后公司的投资者打开了更广阔的机会世界。</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>强生公司的逻辑非常相似，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的诉讼麻烦。分离被视为开启创新的关键一步。</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>“对于新的强生公司来说，这一计划中的分离强调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将新的解决方案推向市场，同时为股东创造可持续的价值，”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且不断增长的消费者健康类别的全球领导者，精简且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和创新新产品。”</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为每个新成立的公司假设了一个乐观的轨迹。正如陶氏杜邦公司（现为杜邦公司(DD)、陶氏公司(DOW)和Corteva(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)在该公司2019年分拆为独立公司之前表示：“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。”“我们有一个关于成本和增长驱动因素的集中剧本、明确且严格的资本配置优先事项以及强大的资产负债表。我们创造股东价值的道路很简单，并且在我们的控制之下。”</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，这一举动很容易让人想起通用电气近年来的季度业绩，该声明承诺的内容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，道指股价涨幅不到10%。与此同时，标准普尔指数同期上涨了60%以上。</blockquote></p><p> <b>An Example to Follow?</b></p><p><blockquote><b>值得效仿的榜样？</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，假设分手后事情确实进展顺利，这些举措可以作为其他更大、更老、或许臃肿的公司的基准。至少，这不仅是通用电气和强生等老化、或许过于复杂的美国企业集团采用的逻辑，也是拥有近150年历史的日本巨头东芝（TOSBF）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获得资本是不同的时代。企业集团将难以竞争。”</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>“他们继续储存无法部署的多余现金，”布劳恩补充道，并表达了这项庞大业务的缺点。“我不确定他们是否不再从这种模式中受益。”</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>就前者而言，他远不是第一个建议采取这一举措的人。加拿大皇家银行(RBC)的迪恩·德雷(Deane Dray)实际上几年来一直呼吁与3M（3M）和Roper Technologies(ROP)进行这样的分拆，他还认为这些公司可以从规模缩小中受益。</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‘分裂的冲动’趋势摆动。”“通用电气今天的声明可能会鼓励其他几家多行业公司的董事会采取更积极的投资组合简化举措，包括艾默生、罗珀科技和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分拆可能会给股东带来福音。尽管自疫情爆发以来该股一直在上涨，但管理层已经认真考虑过这种分拆。二月初，艾默生宣布“除非采取重大战略收购催化剂”，否则不会寻求分拆。</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，该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，在沃伦·巴菲特和查理·芒格同时执掌该集团的情况下，极不可能有任何举措。但考虑到该业务横跨从保险到建筑再到铁路等多个行业，这种拆分的前景可能有多种形式。因此，试图估计这种举动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分拆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。长期股东发现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保健设备的需求提振了该股，回报率也基本持平。回顾股价的上涨，许多人可能更愿意选择纯粹的医疗保健和防护设备，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，该公司可能已经传达了走向分拆的意图。2019年3月，公司将业务拆分为四个部门。这些部门分别名为安全与工业、运输与电子、医疗保健和消费者，是为了集中业务而创建的。</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走向未来，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提高股价的程度，因此提出为什么独立业务可能会进一步利用所需效率的问题并非没有道理。简而言之，如果医疗保健业务不再依赖透明胶带和便利贴制造商，它可能会更强大，反之亦然。</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当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并不总是越好。对于投资者来说，它还可能提供许多纯粹的选择，提供比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>通用电气和强生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>通用电气和强生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·卡尔普的勇敢努力，通用电气(GE)最终放弃了将其广泛业务作为一个单一部门挽救的努力。</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，该公司不断剥离整个庞大企业集团的大量资产，以减轻债务负担。也许最重要的是2020年将其生物制药业务转移给丹纳赫(DHR)的200亿美元交易。然而，这些举措似乎不足以满足卡尔普对这家曾经伟大的工业巨头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——也应该——我们尽最大努力解决飞行、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业知识、领导力和全球影响力来更好地为我们的客户服务。”</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，饱受诉讼困扰的强生公司（JNJ）宣布将在未来两年内将其消费者健康部门从增长较快的制药和医疗器械部门中剥离出来。</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>从通用电气股票在公告后的上涨以及强生公司股票在周五公告后的早期震荡来看<u>,</u>市场看起来确实对精简独立公司提供了初步批准。尽管如此，几个问题很快浮现在脑海中。</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，在这两种情况下，这确实是管理层的灵巧举措，因此值得股价反应吗？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>第一个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>理论上，情况确实如此。截至周四开盘，通用电气的整体估值约为1190亿美元。然而，当细分为各个组成部分时，加拿大皇家银行资本市场分析师迪恩·德雷(Deane Dray)建议投资者最多有20%的上涨空间。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，每个分拆后的通用电气部门都将减少公司内前同行的债务负担，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，为精简后公司的投资者打开了更广阔的机会世界。</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>强生公司的逻辑非常相似，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的诉讼麻烦。分离被视为开启创新的关键一步。</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>“对于新的强生公司来说，这一计划中的分离强调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将新的解决方案推向市场，同时为股东创造可持续的价值，”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且不断增长的消费者健康类别的全球领导者，精简且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和创新新产品。”</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为每个新成立的公司假设了一个乐观的轨迹。正如陶氏杜邦公司（现为杜邦公司(DD)、陶氏公司(DOW)和Corteva(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)在该公司2019年分拆为独立公司之前表示：“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。”“我们有一个关于成本和增长驱动因素的集中剧本、明确且严格的资本配置优先事项以及强大的资产负债表。我们创造股东价值的道路很简单，并且在我们的控制之下。”</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，这一举动很容易让人想起通用电气近年来的季度业绩，该声明承诺的内容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，道指股价涨幅不到10%。与此同时，标准普尔指数同期上涨了60%以上。</blockquote></p><p> <b>An Example to Follow?</b></p><p><blockquote><b>值得效仿的榜样？</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，假设分手后事情确实进展顺利，这些举措可以作为其他更大、更老、或许臃肿的公司的基准。至少，这不仅是通用电气和强生等老化、或许过于复杂的美国企业集团采用的逻辑，也是拥有近150年历史的日本巨头东芝（TOSBF）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获得资本是不同的时代。企业集团将难以竞争。”</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>“他们继续储存无法部署的多余现金，”布劳恩补充道，并表达了这项庞大业务的缺点。“我不确定他们是否不再从这种模式中受益。”</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>就前者而言，他远不是第一个建议采取这一举措的人。加拿大皇家银行(RBC)的迪恩·德雷(Deane Dray)实际上几年来一直呼吁与3M（3M）和Roper Technologies(ROP)进行这样的分拆，他还认为这些公司可以从规模缩小中受益。</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‘分裂的冲动’趋势摆动。”“通用电气今天的声明可能会鼓励其他几家多行业公司的董事会采取更积极的投资组合简化举措，包括艾默生、罗珀科技和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分拆可能会给股东带来福音。尽管自疫情爆发以来该股一直在上涨，但管理层已经认真考虑过这种分拆。二月初，艾默生宣布“除非采取重大战略收购催化剂”，否则不会寻求分拆。</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，该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，在沃伦·巴菲特和查理·芒格同时执掌该集团的情况下，极不可能有任何举措。但考虑到该业务横跨从保险到建筑再到铁路等多个行业，这种拆分的前景可能有多种形式。因此，试图估计这种举动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分拆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。长期股东发现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保健设备的需求提振了该股，回报率也基本持平。回顾股价的上涨，许多人可能更愿意选择纯粹的医疗保健和防护设备，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，该公司可能已经传达了走向分拆的意图。2019年3月，公司将业务拆分为四个部门。这些部门分别名为安全与工业、运输与电子、医疗保健和消费者，是为了集中业务而创建的。</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走向未来，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提高股价的程度，因此提出为什么独立业务可能会进一步利用所需效率的问题并非没有道理。简而言之，如果医疗保健业务不再依赖透明胶带和便利贴制造商，它可能会更强大，反之亦然。</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当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并不总是越好。对于投资者来说，它还可能提供许多纯粹的选择，提供比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":2462,"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":[],"htmlText":"<a href=\"https://laohu8.com/S/FCEL\">$FuelCell(FCEL)$</a>Potential","listText":"<a 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Inc.(GFS)$</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":648,"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":[],"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.laohu8.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活动之前买入或卖出苹果股票？</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发布会只有几天了。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>苹果报告股价周五下跌5.10美元，跌幅3.31%，收于148.97美元，因投资者消化近期消息并为下周的iPhone发布会做准备。</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”的苹果预计将推出其新的iPhone和苹果手表。</blockquote></p><p> However, Apple remains in the news for other reasons, too.</p><p><blockquote>然而，苹果仍然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，她认为苹果股票在即将举行的活动之前“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，投资者需要消化很多信息。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，都会引发抛售。不幸的是，当该股处于或接近历史高点时，这些抛售就会发生。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，苹果每次都超出分析师的预期，但该股仍遭到抛售。</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，在最新报告发布后，该股并没有大幅下跌，而是仅回落至145美元区域，接近之前的高点。它还持有21日均线作为支撑。</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，该股已升至150美元，并于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，我们正在回落至关键的150美元区域和21日移动平均线。激进的多头可以在该公司周二的活动之前逢低买入。</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，并在可能更大的跌幅跌至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美元可能会影响138美元水平和200日移动平均线。</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>如果苹果股价上涨至157.26美元的历史高点，则161.8%的涨幅将升至160美元附近。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>无论如何，9月份是苹果迄今为止表现最差的一个月，在过去11年中，该月份仅增长了3年。</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活动之前买入或卖出苹果股票？</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活动之前买入或卖出苹果股票？</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发布会只有几天了。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>苹果报告股价周五下跌5.10美元，跌幅3.31%，收于148.97美元，因投资者消化近期消息并为下周的iPhone发布会做准备。</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”的苹果预计将推出其新的iPhone和苹果手表。</blockquote></p><p> However, Apple remains in the news for other reasons, too.</p><p><blockquote>然而，苹果仍然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，她认为苹果股票在即将举行的活动之前“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，投资者需要消化很多信息。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，都会引发抛售。不幸的是，当该股处于或接近历史高点时，这些抛售就会发生。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，苹果每次都超出分析师的预期，但该股仍遭到抛售。</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，在最新报告发布后，该股并没有大幅下跌，而是仅回落至145美元区域，接近之前的高点。它还持有21日均线作为支撑。</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，该股已升至150美元，并于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，我们正在回落至关键的150美元区域和21日移动平均线。激进的多头可以在该公司周二的活动之前逢低买入。</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，并在可能更大的跌幅跌至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美元可能会影响138美元水平和200日移动平均线。</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>如果苹果股价上涨至157.26美元的历史高点，则161.8%的涨幅将升至160美元附近。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>无论如何，9月份是苹果迄今为止表现最差的一个月，在过去11年中，该月份仅增长了3年。</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":354,"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":[],"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":463,"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":[],"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.laohu8.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票在早盘交易中上涨。</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票在早盘交易中上涨。</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":{"CCL":"嘉年华邮轮","NCLH":"挪威邮轮","SAVE":"Spirit Airlines","DAL":"达美航空","UAL":"联合大陆航空","ALK":"阿拉斯加航空集团有限公司","EXPE":"Expedia","JBLU":"捷蓝航空","ABNB":"爱彼迎","RCL":"皇家加勒比邮轮","LUV":"西南航空","AAL":"美国航空","BKNG":"Booking Holdings","BA":"波音"},"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":{"UAL":0.9,"CCL":0.9,"BKNG":0.9,"BA":0.9,"DAL":0.9,"AAL":0.9,"RCL":0.9,"ALK":0.9,"JBLU":0.9,"EXPE":0.9,"ABNB":0.9,"NCLH":0.9,"LUV":0.9,"SAVE":0.9}},"isVote":1,"tweetType":1,"viewCount":2567,"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":[],"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":301,"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":[],"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.laohu8.com/m/news/1168498795?lang=zh_CN&edition=full","pubTime":"2021-09-03 15:59","market":"us","language":"en","title":"Speak No Evil of the S&P 500’s Neverending Records<blockquote>不要说标普500永无止境的记录的坏话</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1168498795","media":"The Wall Street Journal","summary":"Investors buying stocks no matter what shouldn’t fool themselves that the future will deliver the ch","content":"<p>  <b>Investors buying stocks no matter what shouldn’t fool themselves that the future will deliver the chunky returns of the past decade.</b>  <img src=\"https://static.tigerbbs.com/6573eb955692f754acc1285622febd53\" tg-width=\"878\" tg-height=\"520\" width=\"100%\" height=\"auto\">The S&amp;P 500 is like the three wise monkeys: See no evil, hear no evil, speak no evil.Whatever happens, it just goes up. The market has gone up almost in a straight line since November despite a troubling list of events that could each have justified at least a 5% correction. Investors are incredibly resilient.</p><p><blockquote><b>无论如何购买股票的投资者都不应该自欺欺人地认为未来将带来过去十年的丰厚回报。</b>标普500就像三只聪明的猴子：不看邪恶，不听邪恶，不说邪恶。无论发生什么，它都会上升。自11月以来，市场几乎直线上涨，尽管发生了一系列令人不安的事件，每个事件都可能证明至少5%的回调是合理的。投资者的韧性令人难以置信。</blockquote></p><p> Some things that didn’t matter:a burst bubble in clean-energy stocks;a sharp rise in Treasury yields(to March);a big fall in Treasury yields(since March); China’s crackdown on moneymaking; the Federal Reserve’sshift toward tapering bond purchases; and the rise of the Delta variant.</p><p><blockquote>一些无关紧要的事情：清洁能源股票泡沫破裂；国债收益率大幅上升（至3月）；美国国债收益率大幅下跌（自3月以来）；我国关于赚钱的打压；美联储转向缩减债券购买；以及德尔塔变异毒株的崛起。</blockquote></p><p> On the optimistic side, it is great that the market has been pushed up by a variety of forces, not by wild excess in a single area. We need not worry that the bubble in clean energy will burst and bring down the market, because it has already burst without bringing down the market.</p><p><blockquote>乐观的一面是，市场被多种力量推高，而不是单一地区的疯狂过剩，这很好。我们不必担心清洁能源的泡沫会破裂，拖垮市场，因为它已经破裂了，没有拖垮市场。</blockquote></p><p> Throughout all this, the stock market has risen steadily,without a 5% fall since shortly before the election last year. Every time part of the market—technology stocks, cheap stocks, smaller stocks, oil stocks, strong-balance-sheet stocks—stops performing, something else steps in to rescue the broader index. The market seems invulnerable to bad news, and that is unusual. On the face of it, it is also scary, suggesting investors are complacent about danger.</p><p><blockquote>纵观这一切，股市稳步上涨，自去年大选前不久以来没有出现过5%的下跌。每当市场的一部分——科技股、廉价股、小型股、石油股、资产负债表强劲的股票——停止表现时，就会有其他东西介入拯救更广泛的指数。市场似乎对坏消息无懈可击，这是不寻常的。从表面上看，这也很可怕，表明投资者对危险沾沾自喜。</blockquote></p><p> It is far from unprecedented to go a long time without a correction, with 10 episodes since 1963 when the market lasted more than 200 trading days without a 5% drop. But they were different from the recent run. In every other case, the market was far calmer below the surface. This time, major events led to big swings between sectors, size and types of stock, but none disturbed its steady rise.</p><p><blockquote>长时间没有回调的情况远非史无前例，自1963年以来，市场持续200多个交易日没有下跌5%以来，已经出现了10次。但它们与最近的运行不同。在其他情况下，市场在表面之下要平静得多。这一次，重大事件导致板块、规模和股票类型之间的大幅波动，但都没有干扰其稳步上涨。</blockquote></p><p> Similarly, the stimulus- and vaccine-driven willingness to take risk across every asset class faded from March onward, so we shouldn’t be too concerned about a switch in investor sentiment. Again, it has already happened.</p><p><blockquote>同样，从3月份开始，刺激和疫苗驱动的所有资产类别的冒险意愿都减弱了，因此我们不应该太担心投资者情绪的转变。再说一次，这已经发生了。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/7d8b995934c7f60fadb5834dd078e232\" tg-width=\"320\" tg-height=\"412\" width=\"100%\" height=\"auto\">Yet,I find it disconcerting that the market seems to go up no matter what. Good news on the economy pushes up stocks sensitive to growth, such as manufacturers and banks. Troubling news on the economy means lower bond yields and so pushes up stocks with profits far in the future (see: Big Tech) whose expansion depends on innovation rather than economic growth, which I understand. That both should push up the wider S&amp;P 500 is what puzzles me.</p><p><blockquote>然而，令我不安的是，无论如何，市场似乎都在上涨。经济方面的好消息推高了对增长敏感的股票，如制造商和银行。令人不安的经济消息意味着债券收益率下降，从而推高未来盈利的股票（见：大型科技公司），这些股票的扩张依赖于创新而不是经济增长，我理解这一点。两者都应该推高更广泛的标普500，这让我感到困惑。</blockquote></p><p> The only explanation I have is the old one: “TINA”—There Is No Alternative to Stocks—because yields on alternatives such as bonds are so low. With more savings going into stocks than is cashed out or soaked up by IPOs, the price has to rise. It isn’t a satisfactory story, but it kind of works.</p><p><blockquote>我唯一的解释是旧的：“蒂娜”——除了股票别无选择——因为债券等替代品的收益率太低了。由于进入股票的储蓄多于套现或被IPO吸收的储蓄，价格必须上涨。这不是一个令人满意的故事，但它有点工作。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/37942e27b25662943d254580733d2954\" tg-width=\"325\" tg-height=\"413\" width=\"100%\" height=\"auto\">In both good and bad times investors want to buy stocks, so the S&amp;P goes up. But<i>which</i>stocks they choose to buy differs between good and bad times. In good times they want risk-on stocks (cheap value, cyclicals, smaller companies, emerging markets). In bad times they want risk-off stocks (growth, defensive firms, larger companies, developed markets and especially the U.S.).</p><p><blockquote>无论顺境还是逆境，投资者都想购买股票，因此标准普尔指数都会上涨。但<i>哪个</i>他们选择购买的股票在顺境和逆境之间有所不同。在繁荣时期，他们想要冒险的股票（便宜的价值、周期性股票、小公司、新兴市场）。在经济不景气时，他们想要避险股票（成长型、防御型公司、大型公司、发达市场，尤其是美国）。</blockquote></p><p> The problem with TINA is that the justification for stocks isn’t that they offer good returns in the future, but that they offer better returns than bonds. Bonds offer miserable returns—a guaranteed loss after inflation for 30 years on Treasury inflation-protected securities—so doing better than that isn’t saying much. If lower rewards came with lower risks, that would be fine, but at best the risks are as high as ever, perhaps much higher.</p><p><blockquote>蒂娜的问题在于，股票的理由不是它们在未来提供良好的回报，而是它们提供比债券更好的回报。债券的回报率很低——通胀保值国债30年通胀后肯定会出现亏损——所以做得更好并不能说明什么。如果较低的回报伴随着较低的风险，那很好，但充其量风险和以往一样高，甚至可能高得多。</blockquote></p><p> A simplistic way to quantify how much lower the rewards of stocks are likely to be is to use the earnings yield, the inverse of the forward price/earnings ratio. If companies match analyst profit forecasts, future returns should be about 4%—only slightly higher than was suggested by the measure at the height of the dot-com bubble in 2000. If corporate earnings miss forecasts, future returns could be substantially lower. If valuations fall too, returns are doubly hit, as they were after the dot-com bubble burst, when returns ended up negative for years.</p><p><blockquote>量化股票回报可能低多少的一个简单方法是使用收益率，即远期市盈率的倒数。如果公司符合分析师的利润预测，未来的回报率应该在4%左右——仅略高于2000年互联网泡沫最严重时的指标。如果企业盈利低于预期，未来的回报可能会大幅降低。如果估值也下跌，回报就会受到双重打击，就像互联网泡沫破裂后那样，当时回报多年来一直为负。</blockquote></p><p></p><p> Quantifying risks is much harder. Inflation risk is higher than before, and so are political (tax and regulation) and geopolitical (trade and supply chain) threats to stocks. The risk that analysts have horribly overestimated earnings or companies are massively overstating earnings is at least as high as usual. Central banks are sure to try to help if stocks plunge, but can’t use the traditional support of rate cuts. Alternative tools such as negative rates and buying a wider range of assets are available, but their risks are less well understood.</p><p><blockquote>量化风险要困难得多。通胀风险比以前更高，对股市的政治（税收和监管）和地缘政治（贸易和供应链）威胁也是如此。分析师严重高估收益或公司大幅夸大收益的风险至少和往常一样高。如果股市暴跌，央行肯定会尽力提供帮助，但不能使用降息的传统支持。负利率和购买更广泛的资产等替代工具是可用的，但其风险却不太为人所知。</blockquote></p><p> Getting a lower reward for the same or higher risk may still be acceptable, given how expensive the safer alternatives are. But investors buying stocks no matter what shouldn’t fool themselves that the future will deliver the 6.5% or so above inflation of the past century, let alone the 12% above inflation of the past decade.</p><p><blockquote>考虑到更安全的替代品的昂贵程度，以相同或更高的风险获得较低的回报可能仍然是可以接受的。但无论如何购买股票的投资者都不应该自欺欺人地认为，未来的通胀率将比上个世纪高出6.5%左右，更不用说比过去十年的通胀率高出12%了。</blockquote></p><p> The awful choice investors have is to join the monkeys in pretending all is well, or accept the terrible returns of safe assets.</p><p><blockquote>投资者面临的可怕选择是加入猴子的行列，假装一切都很好，或者接受安全资产的可怕回报。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Speak No Evil of the S&P 500’s Neverending Records<blockquote>不要说标普500永无止境的记录的坏话</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSpeak No Evil of the S&P 500’s Neverending Records<blockquote>不要说标普500永无止境的记录的坏话</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Wall Street Journal</strong><span class=\"h-time small\">2021-09-03 15:59</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>Investors buying stocks no matter what shouldn’t fool themselves that the future will deliver the chunky returns of the past decade.</b>  <img src=\"https://static.tigerbbs.com/6573eb955692f754acc1285622febd53\" tg-width=\"878\" tg-height=\"520\" width=\"100%\" height=\"auto\">The S&amp;P 500 is like the three wise monkeys: See no evil, hear no evil, speak no evil.Whatever happens, it just goes up. The market has gone up almost in a straight line since November despite a troubling list of events that could each have justified at least a 5% correction. Investors are incredibly resilient.</p><p><blockquote><b>无论如何购买股票的投资者都不应该自欺欺人地认为未来将带来过去十年的丰厚回报。</b>标普500就像三只聪明的猴子：不看邪恶，不听邪恶，不说邪恶。无论发生什么，它都会上升。自11月以来，市场几乎直线上涨，尽管发生了一系列令人不安的事件，每个事件都可能证明至少5%的回调是合理的。投资者的韧性令人难以置信。</blockquote></p><p> Some things that didn’t matter:a burst bubble in clean-energy stocks;a sharp rise in Treasury yields(to March);a big fall in Treasury yields(since March); China’s crackdown on moneymaking; the Federal Reserve’sshift toward tapering bond purchases; and the rise of the Delta variant.</p><p><blockquote>一些无关紧要的事情：清洁能源股票泡沫破裂；国债收益率大幅上升（至3月）；美国国债收益率大幅下跌（自3月以来）；我国关于赚钱的打压；美联储转向缩减债券购买；以及德尔塔变异毒株的崛起。</blockquote></p><p> On the optimistic side, it is great that the market has been pushed up by a variety of forces, not by wild excess in a single area. We need not worry that the bubble in clean energy will burst and bring down the market, because it has already burst without bringing down the market.</p><p><blockquote>乐观的一面是，市场被多种力量推高，而不是单一地区的疯狂过剩，这很好。我们不必担心清洁能源的泡沫会破裂，拖垮市场，因为它已经破裂了，没有拖垮市场。</blockquote></p><p> Throughout all this, the stock market has risen steadily,without a 5% fall since shortly before the election last year. Every time part of the market—technology stocks, cheap stocks, smaller stocks, oil stocks, strong-balance-sheet stocks—stops performing, something else steps in to rescue the broader index. The market seems invulnerable to bad news, and that is unusual. On the face of it, it is also scary, suggesting investors are complacent about danger.</p><p><blockquote>纵观这一切，股市稳步上涨，自去年大选前不久以来没有出现过5%的下跌。每当市场的一部分——科技股、廉价股、小型股、石油股、资产负债表强劲的股票——停止表现时，就会有其他东西介入拯救更广泛的指数。市场似乎对坏消息无懈可击，这是不寻常的。从表面上看，这也很可怕，表明投资者对危险沾沾自喜。</blockquote></p><p> It is far from unprecedented to go a long time without a correction, with 10 episodes since 1963 when the market lasted more than 200 trading days without a 5% drop. But they were different from the recent run. In every other case, the market was far calmer below the surface. This time, major events led to big swings between sectors, size and types of stock, but none disturbed its steady rise.</p><p><blockquote>长时间没有回调的情况远非史无前例，自1963年以来，市场持续200多个交易日没有下跌5%以来，已经出现了10次。但它们与最近的运行不同。在其他情况下，市场在表面之下要平静得多。这一次，重大事件导致板块、规模和股票类型之间的大幅波动，但都没有干扰其稳步上涨。</blockquote></p><p> Similarly, the stimulus- and vaccine-driven willingness to take risk across every asset class faded from March onward, so we shouldn’t be too concerned about a switch in investor sentiment. Again, it has already happened.</p><p><blockquote>同样，从3月份开始，刺激和疫苗驱动的所有资产类别的冒险意愿都减弱了，因此我们不应该太担心投资者情绪的转变。再说一次，这已经发生了。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/7d8b995934c7f60fadb5834dd078e232\" tg-width=\"320\" tg-height=\"412\" width=\"100%\" height=\"auto\">Yet,I find it disconcerting that the market seems to go up no matter what. Good news on the economy pushes up stocks sensitive to growth, such as manufacturers and banks. Troubling news on the economy means lower bond yields and so pushes up stocks with profits far in the future (see: Big Tech) whose expansion depends on innovation rather than economic growth, which I understand. That both should push up the wider S&amp;P 500 is what puzzles me.</p><p><blockquote>然而，令我不安的是，无论如何，市场似乎都在上涨。经济方面的好消息推高了对增长敏感的股票，如制造商和银行。令人不安的经济消息意味着债券收益率下降，从而推高未来盈利的股票（见：大型科技公司），这些股票的扩张依赖于创新而不是经济增长，我理解这一点。两者都应该推高更广泛的标普500，这让我感到困惑。</blockquote></p><p> The only explanation I have is the old one: “TINA”—There Is No Alternative to Stocks—because yields on alternatives such as bonds are so low. With more savings going into stocks than is cashed out or soaked up by IPOs, the price has to rise. It isn’t a satisfactory story, but it kind of works.</p><p><blockquote>我唯一的解释是旧的：“蒂娜”——除了股票别无选择——因为债券等替代品的收益率太低了。由于进入股票的储蓄多于套现或被IPO吸收的储蓄，价格必须上涨。这不是一个令人满意的故事，但它有点工作。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/37942e27b25662943d254580733d2954\" tg-width=\"325\" tg-height=\"413\" width=\"100%\" height=\"auto\">In both good and bad times investors want to buy stocks, so the S&amp;P goes up. But<i>which</i>stocks they choose to buy differs between good and bad times. In good times they want risk-on stocks (cheap value, cyclicals, smaller companies, emerging markets). In bad times they want risk-off stocks (growth, defensive firms, larger companies, developed markets and especially the U.S.).</p><p><blockquote>无论顺境还是逆境，投资者都想购买股票，因此标准普尔指数都会上涨。但<i>哪个</i>他们选择购买的股票在顺境和逆境之间有所不同。在繁荣时期，他们想要冒险的股票（便宜的价值、周期性股票、小公司、新兴市场）。在经济不景气时，他们想要避险股票（成长型、防御型公司、大型公司、发达市场，尤其是美国）。</blockquote></p><p> The problem with TINA is that the justification for stocks isn’t that they offer good returns in the future, but that they offer better returns than bonds. Bonds offer miserable returns—a guaranteed loss after inflation for 30 years on Treasury inflation-protected securities—so doing better than that isn’t saying much. If lower rewards came with lower risks, that would be fine, but at best the risks are as high as ever, perhaps much higher.</p><p><blockquote>蒂娜的问题在于，股票的理由不是它们在未来提供良好的回报，而是它们提供比债券更好的回报。债券的回报率很低——通胀保值国债30年通胀后肯定会出现亏损——所以做得更好并不能说明什么。如果较低的回报伴随着较低的风险，那很好，但充其量风险和以往一样高，甚至可能高得多。</blockquote></p><p> A simplistic way to quantify how much lower the rewards of stocks are likely to be is to use the earnings yield, the inverse of the forward price/earnings ratio. If companies match analyst profit forecasts, future returns should be about 4%—only slightly higher than was suggested by the measure at the height of the dot-com bubble in 2000. If corporate earnings miss forecasts, future returns could be substantially lower. If valuations fall too, returns are doubly hit, as they were after the dot-com bubble burst, when returns ended up negative for years.</p><p><blockquote>量化股票回报可能低多少的一个简单方法是使用收益率，即远期市盈率的倒数。如果公司符合分析师的利润预测，未来的回报率应该在4%左右——仅略高于2000年互联网泡沫最严重时的指标。如果企业盈利低于预期，未来的回报可能会大幅降低。如果估值也下跌，回报就会受到双重打击，就像互联网泡沫破裂后那样，当时回报多年来一直为负。</blockquote></p><p></p><p> Quantifying risks is much harder. Inflation risk is higher than before, and so are political (tax and regulation) and geopolitical (trade and supply chain) threats to stocks. The risk that analysts have horribly overestimated earnings or companies are massively overstating earnings is at least as high as usual. Central banks are sure to try to help if stocks plunge, but can’t use the traditional support of rate cuts. Alternative tools such as negative rates and buying a wider range of assets are available, but their risks are less well understood.</p><p><blockquote>量化风险要困难得多。通胀风险比以前更高，对股市的政治（税收和监管）和地缘政治（贸易和供应链）威胁也是如此。分析师严重高估收益或公司大幅夸大收益的风险至少和往常一样高。如果股市暴跌，央行肯定会尽力提供帮助，但不能使用降息的传统支持。负利率和购买更广泛的资产等替代工具是可用的，但其风险却不太为人所知。</blockquote></p><p> Getting a lower reward for the same or higher risk may still be acceptable, given how expensive the safer alternatives are. But investors buying stocks no matter what shouldn’t fool themselves that the future will deliver the 6.5% or so above inflation of the past century, let alone the 12% above inflation of the past decade.</p><p><blockquote>考虑到更安全的替代品的昂贵程度，以相同或更高的风险获得较低的回报可能仍然是可以接受的。但无论如何购买股票的投资者都不应该自欺欺人地认为，未来的通胀率将比上个世纪高出6.5%左右，更不用说比过去十年的通胀率高出12%了。</blockquote></p><p> The awful choice investors have is to join the monkeys in pretending all is well, or accept the terrible returns of safe assets.</p><p><blockquote>投资者面临的可怕选择是加入猴子的行列，假装一切都很好，或者接受安全资产的可怕回报。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/speak-no-evil-of-the-s-p-500s-neverending-records-11630590653?mod=markets_lead_pos5\">The Wall Street Journal</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".SPX":"S&P 500 Index"},"source_url":"https://www.wsj.com/articles/speak-no-evil-of-the-s-p-500s-neverending-records-11630590653?mod=markets_lead_pos5","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1168498795","content_text":"Investors buying stocks no matter what shouldn’t fool themselves that the future will deliver the chunky returns of the past decade.\n\nThe S&P 500 is like the three wise monkeys: See no evil, hear no evil, speak no evil.Whatever happens, it just goes up. The market has gone up almost in a straight line since November despite a troubling list of events that could each have justified at least a 5% correction. Investors are incredibly resilient.\nSome things that didn’t matter:a burst bubble in clean-energy stocks;a sharp rise in Treasury yields(to March);a big fall in Treasury yields(since March); China’s crackdown on moneymaking; the Federal Reserve’sshift toward tapering bond purchases; and the rise of the Delta variant.\nOn the optimistic side, it is great that the market has been pushed up by a variety of forces, not by wild excess in a single area. We need not worry that the bubble in clean energy will burst and bring down the market, because it has already burst without bringing down the market.\nThroughout all this, the stock market has risen steadily,without a 5% fall since shortly before the election last year. Every time part of the market—technology stocks, cheap stocks, smaller stocks, oil stocks, strong-balance-sheet stocks—stops performing, something else steps in to rescue the broader index. The market seems invulnerable to bad news, and that is unusual. On the face of it, it is also scary, suggesting investors are complacent about danger.\nIt is far from unprecedented to go a long time without a correction, with 10 episodes since 1963 when the market lasted more than 200 trading days without a 5% drop. But they were different from the recent run. In every other case, the market was far calmer below the surface. This time, major events led to big swings between sectors, size and types of stock, but none disturbed its steady rise.\nSimilarly, the stimulus- and vaccine-driven willingness to take risk across every asset class faded from March onward, so we shouldn’t be too concerned about a switch in investor sentiment. Again, it has already happened.\nYet,I find it disconcerting that the market seems to go up no matter what. Good news on the economy pushes up stocks sensitive to growth, such as manufacturers and banks. Troubling news on the economy means lower bond yields and so pushes up stocks with profits far in the future (see: Big Tech) whose expansion depends on innovation rather than economic growth, which I understand. That both should push up the wider S&P 500 is what puzzles me.\nThe only explanation I have is the old one: “TINA”—There Is No Alternative to Stocks—because yields on alternatives such as bonds are so low. With more savings going into stocks than is cashed out or soaked up by IPOs, the price has to rise. It isn’t a satisfactory story, but it kind of works.\nIn both good and bad times investors want to buy stocks, so the S&P goes up. Butwhichstocks they choose to buy differs between good and bad times. In good times they want risk-on stocks (cheap value, cyclicals, smaller companies, emerging markets). In bad times they want risk-off stocks (growth, defensive firms, larger companies, developed markets and especially the U.S.).\nThe problem with TINA is that the justification for stocks isn’t that they offer good returns in the future, but that they offer better returns than bonds. Bonds offer miserable returns—a guaranteed loss after inflation for 30 years on Treasury inflation-protected securities—so doing better than that isn’t saying much. If lower rewards came with lower risks, that would be fine, but at best the risks are as high as ever, perhaps much higher.\nA simplistic way to quantify how much lower the rewards of stocks are likely to be is to use the earnings yield, the inverse of the forward price/earnings ratio. If companies match analyst profit forecasts, future returns should be about 4%—only slightly higher than was suggested by the measure at the height of the dot-com bubble in 2000. If corporate earnings miss forecasts, future returns could be substantially lower. If valuations fall too, returns are doubly hit, as they were after the dot-com bubble burst, when returns ended up negative for years.\nQuantifying risks is much harder. Inflation risk is higher than before, and so are political (tax and regulation) and geopolitical (trade and supply chain) threats to stocks. The risk that analysts have horribly overestimated earnings or companies are massively overstating earnings is at least as high as usual. Central banks are sure to try to help if stocks plunge, but can’t use the traditional support of rate cuts. Alternative tools such as negative rates and buying a wider range of assets are available, but their risks are less well understood.\nGetting a lower reward for the same or higher risk may still be acceptable, given how expensive the safer alternatives are. But investors buying stocks no matter what shouldn’t fool themselves that the future will deliver the 6.5% or so above inflation of the past century, let alone the 12% above inflation of the past decade.\nThe awful choice investors have is to join the monkeys in pretending all is well, or accept the terrible returns of safe assets.","news_type":1,"symbols_score_info":{".SPX":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":544,"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":[],"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.laohu8.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>比特币创作者中本聪可能在佛州审判中被揭露</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>佛罗里达州正在进行一场看似普通的审判：一名死者的家人正在起诉他的前商业伙伴，要求控制他们合伙企业的资产。</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，有问题的资产是大约100万个比特币的缓存，相当于今天的640亿美元左右，属于比特币的创造者，笔名中本聪。死者的家人说，他和他的商业伙伴一起是中本聪，因此家人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经久不衰的谜团之一。名字指的是一个人吗？还是几个？为什么他或她或他们没有碰那笔财富的一分钱？</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>这些问题的答案是弗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。其背后的技术被一些人视为重新连接全球金融体系的一种方式。然而，谁创造了它，为什么仍然是个谜。</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>这还不是你知道谁控制着世界上最大的私人财富之一。</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>这就是佛罗里达州陪审团将试图解决的问题。大卫·克雷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。赖特先生自2016年以来一直辩称是他创造了比特币，但这一说法遭到了比特币界大多数人的驳斥。克雷曼的家人辩称，两人一起开发和开采比特币，使克雷曼的家人有权获得50万比特币。</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>克雷曼家族的律师维尔·弗里德曼(Vel Freedman)表示：“我们相信证据将表明双方存在合作伙伴关系，共同创造和开采了超过100万枚比特币。”</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>原告计划出示证据，表明两人自比特币成立以来就参与其中，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>“这是关于两个有伙伴关系的朋友，以及其中一个如何在另一个死后试图将一切据为己有，”一直在观察审判的律师蒂博尔·纳吉说。</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，有证据表明赖特是比特币的创造者，但从未包括克雷曼。“我们相信法庭会发现没有任何迹象或记录表明他们是合伙关系，”赖特先生的律师安德烈斯·里韦罗(Andrés Rivero)说。</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>对于比特币创造者来说，只有一个证据可以最终证明中本聪的身份：控制中本聪存储100万比特币的账户的私钥。任何自称是中本聪的人都可以通过从硬币中取出哪怕是一小部分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奇葩之一。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的论文，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进行价值交换。几个月后，比特币网络上线，中本聪在第一年就收集了100万比特币。</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，克雷曼的家人声称，他的商业伙伴赖特在那份9页的文件中寻求克雷曼的帮助。诉讼称，他们在白皮书上进行了合作，并共同推出了比特币。</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，世界上任何有互联网连接的地方的两个人都可以在几分钟内进行交易，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>对于超过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，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的地地址，这类似于银行账户。只有控制账户的人才会拥有私钥，本质上拥有比特币。</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。中本聪积极参与了大约两年的开发，在留言板上写作，并与开发人员发送电子邮件。2010年12月，众所周知使用两个电子邮件地址并拥有一个注册网站的中本聪停止公开发帖；本质上，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，也没有证据表明任何人与比特币的创造有决定性的联系。</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，克雷曼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>克雷曼先生于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》报道说，一个与中本聪同姓的人——多里安·中本聪——是比特币的创造者。他否认了这一说法，在留言板上，一个已知真正的中本聪使用过的账户发了一句话的帖子表示同意：“我不是多里安·中本聪。”如果这是来自比特币的创造者的真实信息，这是中本聪的最后一封公开信件。</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，并在一个网站上发表了他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。他从网站上撤下了所有内容，代之以四段道歉。“我破产了，”他写道。“我没有这个勇气，我不能。”此后，他再次坚称自己创造了比特币。</blockquote></p><p> Whether Mr. Wright or Mr. Kleiman possesses or possessed the knowledge to have created the cryptocurrency is contested.</p><p><blockquote>赖特先生或克雷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(Arthur van Pelt)已成为赖特最直言不讳的批评者之一，他表示，赖特“一直在黑客攻击、欺骗和愚弄人们，玩信心游戏”。“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，克雷曼先生的计算机专业知识非常广泛。Ava实验室创始人Emin Gun Sirer表示，克雷曼先生有可能创造了比特币，但没有足够的信息来确定。“这是一个悬而未决的问题，”他说。</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>比特币创作者中本聪可能在佛州审判中被揭露</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>比特币创作者中本聪可能在佛州审判中被揭露</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>佛罗里达州正在进行一场看似普通的审判：一名死者的家人正在起诉他的前商业伙伴，要求控制他们合伙企业的资产。</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，有问题的资产是大约100万个比特币的缓存，相当于今天的640亿美元左右，属于比特币的创造者，笔名中本聪。死者的家人说，他和他的商业伙伴一起是中本聪，因此家人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经久不衰的谜团之一。名字指的是一个人吗？还是几个？为什么他或她或他们没有碰那笔财富的一分钱？</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>这些问题的答案是弗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。其背后的技术被一些人视为重新连接全球金融体系的一种方式。然而，谁创造了它，为什么仍然是个谜。</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>这还不是你知道谁控制着世界上最大的私人财富之一。</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>这就是佛罗里达州陪审团将试图解决的问题。大卫·克雷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。赖特先生自2016年以来一直辩称是他创造了比特币，但这一说法遭到了比特币界大多数人的驳斥。克雷曼的家人辩称，两人一起开发和开采比特币，使克雷曼的家人有权获得50万比特币。</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>克雷曼家族的律师维尔·弗里德曼(Vel Freedman)表示：“我们相信证据将表明双方存在合作伙伴关系，共同创造和开采了超过100万枚比特币。”</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>原告计划出示证据，表明两人自比特币成立以来就参与其中，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>“这是关于两个有伙伴关系的朋友，以及其中一个如何在另一个死后试图将一切据为己有，”一直在观察审判的律师蒂博尔·纳吉说。</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，有证据表明赖特是比特币的创造者，但从未包括克雷曼。“我们相信法庭会发现没有任何迹象或记录表明他们是合伙关系，”赖特先生的律师安德烈斯·里韦罗(Andrés Rivero)说。</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>对于比特币创造者来说，只有一个证据可以最终证明中本聪的身份：控制中本聪存储100万比特币的账户的私钥。任何自称是中本聪的人都可以通过从硬币中取出哪怕是一小部分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奇葩之一。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的论文，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进行价值交换。几个月后，比特币网络上线，中本聪在第一年就收集了100万比特币。</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，克雷曼的家人声称，他的商业伙伴赖特在那份9页的文件中寻求克雷曼的帮助。诉讼称，他们在白皮书上进行了合作，并共同推出了比特币。</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，世界上任何有互联网连接的地方的两个人都可以在几分钟内进行交易，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>对于超过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，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的地地址，这类似于银行账户。只有控制账户的人才会拥有私钥，本质上拥有比特币。</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。中本聪积极参与了大约两年的开发，在留言板上写作，并与开发人员发送电子邮件。2010年12月，众所周知使用两个电子邮件地址并拥有一个注册网站的中本聪停止公开发帖；本质上，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，也没有证据表明任何人与比特币的创造有决定性的联系。</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，克雷曼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>克雷曼先生于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》报道说，一个与中本聪同姓的人——多里安·中本聪——是比特币的创造者。他否认了这一说法，在留言板上，一个已知真正的中本聪使用过的账户发了一句话的帖子表示同意：“我不是多里安·中本聪。”如果这是来自比特币的创造者的真实信息，这是中本聪的最后一封公开信件。</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，并在一个网站上发表了他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。他从网站上撤下了所有内容，代之以四段道歉。“我破产了，”他写道。“我没有这个勇气，我不能。”此后，他再次坚称自己创造了比特币。</blockquote></p><p> Whether Mr. Wright or Mr. Kleiman possesses or possessed the knowledge to have created the cryptocurrency is contested.</p><p><blockquote>赖特先生或克雷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(Arthur van Pelt)已成为赖特最直言不讳的批评者之一，他表示，赖特“一直在黑客攻击、欺骗和愚弄人们，玩信心游戏”。“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，克雷曼先生的计算机专业知识非常广泛。Ava实验室创始人Emin Gun Sirer表示，克雷曼先生有可能创造了比特币，但没有足够的信息来确定。“这是一个悬而未决的问题，”他说。</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":3297,"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":[],"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.laohu8.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>通用电气和强生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·卡尔普的勇敢努力，通用电气(GE)最终放弃了将其广泛业务作为一个单一部门挽救的努力。</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，该公司不断剥离整个庞大企业集团的大量资产，以减轻债务负担。也许最重要的是2020年将其生物制药业务转移给丹纳赫(DHR)的200亿美元交易。然而，这些举措似乎不足以满足卡尔普对这家曾经伟大的工业巨头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——也应该——我们尽最大努力解决飞行、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业知识、领导力和全球影响力来更好地为我们的客户服务。”</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，饱受诉讼困扰的强生公司（JNJ）宣布将在未来两年内将其消费者健康部门从增长较快的制药和医疗器械部门中剥离出来。</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>从通用电气股票在公告后的上涨以及强生公司股票在周五公告后的早期震荡来看<u>,</u>市场看起来确实对精简独立公司提供了初步批准。尽管如此，几个问题很快浮现在脑海中。</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，在这两种情况下，这确实是管理层的灵巧举措，因此值得股价反应吗？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>第一个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>理论上，情况确实如此。截至周四开盘，通用电气的整体估值约为1190亿美元。然而，当细分为各个组成部分时，加拿大皇家银行资本市场分析师迪恩·德雷(Deane Dray)建议投资者最多有20%的上涨空间。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，每个分拆后的通用电气部门都将减少公司内前同行的债务负担，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，为精简后公司的投资者打开了更广阔的机会世界。</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>强生公司的逻辑非常相似，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的诉讼麻烦。分离被视为开启创新的关键一步。</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>“对于新的强生公司来说，这一计划中的分离强调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将新的解决方案推向市场，同时为股东创造可持续的价值，”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且不断增长的消费者健康类别的全球领导者，精简且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和创新新产品。”</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为每个新成立的公司假设了一个乐观的轨迹。正如陶氏杜邦公司（现为杜邦公司(DD)、陶氏公司(DOW)和Corteva(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)在该公司2019年分拆为独立公司之前表示：“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。”“我们有一个关于成本和增长驱动因素的集中剧本、明确且严格的资本配置优先事项以及强大的资产负债表。我们创造股东价值的道路很简单，并且在我们的控制之下。”</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，这一举动很容易让人想起通用电气近年来的季度业绩，该声明承诺的内容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，道指股价涨幅不到10%。与此同时，标准普尔指数同期上涨了60%以上。</blockquote></p><p> <b>An Example to Follow?</b></p><p><blockquote><b>值得效仿的榜样？</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，假设分手后事情确实进展顺利，这些举措可以作为其他更大、更老、或许臃肿的公司的基准。至少，这不仅是通用电气和强生等老化、或许过于复杂的美国企业集团采用的逻辑，也是拥有近150年历史的日本巨头东芝（TOSBF）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获得资本是不同的时代。企业集团将难以竞争。”</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>“他们继续储存无法部署的多余现金，”布劳恩补充道，并表达了这项庞大业务的缺点。“我不确定他们是否不再从这种模式中受益。”</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>就前者而言，他远不是第一个建议采取这一举措的人。加拿大皇家银行(RBC)的迪恩·德雷(Deane Dray)实际上几年来一直呼吁与3M（3M）和Roper Technologies(ROP)进行这样的分拆，他还认为这些公司可以从规模缩小中受益。</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‘分裂的冲动’趋势摆动。”“通用电气今天的声明可能会鼓励其他几家多行业公司的董事会采取更积极的投资组合简化举措，包括艾默生、罗珀科技和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分拆可能会给股东带来福音。尽管自疫情爆发以来该股一直在上涨，但管理层已经认真考虑过这种分拆。二月初，艾默生宣布“除非采取重大战略收购催化剂”，否则不会寻求分拆。</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，该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，在沃伦·巴菲特和查理·芒格同时执掌该集团的情况下，极不可能有任何举措。但考虑到该业务横跨从保险到建筑再到铁路等多个行业，这种拆分的前景可能有多种形式。因此，试图估计这种举动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分拆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。长期股东发现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保健设备的需求提振了该股，回报率也基本持平。回顾股价的上涨，许多人可能更愿意选择纯粹的医疗保健和防护设备，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，该公司可能已经传达了走向分拆的意图。2019年3月，公司将业务拆分为四个部门。这些部门分别名为安全与工业、运输与电子、医疗保健和消费者，是为了集中业务而创建的。</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走向未来，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提高股价的程度，因此提出为什么独立业务可能会进一步利用所需效率的问题并非没有道理。简而言之，如果医疗保健业务不再依赖透明胶带和便利贴制造商，它可能会更强大，反之亦然。</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当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并不总是越好。对于投资者来说，它还可能提供许多纯粹的选择，提供比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>通用电气和强生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>通用电气和强生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·卡尔普的勇敢努力，通用电气(GE)最终放弃了将其广泛业务作为一个单一部门挽救的努力。</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，该公司不断剥离整个庞大企业集团的大量资产，以减轻债务负担。也许最重要的是2020年将其生物制药业务转移给丹纳赫(DHR)的200亿美元交易。然而，这些举措似乎不足以满足卡尔普对这家曾经伟大的工业巨头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——也应该——我们尽最大努力解决飞行、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业知识、领导力和全球影响力来更好地为我们的客户服务。”</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，饱受诉讼困扰的强生公司（JNJ）宣布将在未来两年内将其消费者健康部门从增长较快的制药和医疗器械部门中剥离出来。</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>从通用电气股票在公告后的上涨以及强生公司股票在周五公告后的早期震荡来看<u>,</u>市场看起来确实对精简独立公司提供了初步批准。尽管如此，几个问题很快浮现在脑海中。</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，在这两种情况下，这确实是管理层的灵巧举措，因此值得股价反应吗？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>第一个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>理论上，情况确实如此。截至周四开盘，通用电气的整体估值约为1190亿美元。然而，当细分为各个组成部分时，加拿大皇家银行资本市场分析师迪恩·德雷(Deane Dray)建议投资者最多有20%的上涨空间。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，每个分拆后的通用电气部门都将减少公司内前同行的债务负担，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，为精简后公司的投资者打开了更广阔的机会世界。</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>强生公司的逻辑非常相似，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的诉讼麻烦。分离被视为开启创新的关键一步。</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>“对于新的强生公司来说，这一计划中的分离强调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将新的解决方案推向市场，同时为股东创造可持续的价值，”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且不断增长的消费者健康类别的全球领导者，精简且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和创新新产品。”</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为每个新成立的公司假设了一个乐观的轨迹。正如陶氏杜邦公司（现为杜邦公司(DD)、陶氏公司(DOW)和Corteva(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)在该公司2019年分拆为独立公司之前表示：“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。”“我们有一个关于成本和增长驱动因素的集中剧本、明确且严格的资本配置优先事项以及强大的资产负债表。我们创造股东价值的道路很简单，并且在我们的控制之下。”</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，这一举动很容易让人想起通用电气近年来的季度业绩，该声明承诺的内容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，道指股价涨幅不到10%。与此同时，标准普尔指数同期上涨了60%以上。</blockquote></p><p> <b>An Example to Follow?</b></p><p><blockquote><b>值得效仿的榜样？</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，假设分手后事情确实进展顺利，这些举措可以作为其他更大、更老、或许臃肿的公司的基准。至少，这不仅是通用电气和强生等老化、或许过于复杂的美国企业集团采用的逻辑，也是拥有近150年历史的日本巨头东芝（TOSBF）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获得资本是不同的时代。企业集团将难以竞争。”</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>“他们继续储存无法部署的多余现金，”布劳恩补充道，并表达了这项庞大业务的缺点。“我不确定他们是否不再从这种模式中受益。”</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>就前者而言，他远不是第一个建议采取这一举措的人。加拿大皇家银行(RBC)的迪恩·德雷(Deane Dray)实际上几年来一直呼吁与3M（3M）和Roper Technologies(ROP)进行这样的分拆，他还认为这些公司可以从规模缩小中受益。</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‘分裂的冲动’趋势摆动。”“通用电气今天的声明可能会鼓励其他几家多行业公司的董事会采取更积极的投资组合简化举措，包括艾默生、罗珀科技和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分拆可能会给股东带来福音。尽管自疫情爆发以来该股一直在上涨，但管理层已经认真考虑过这种分拆。二月初，艾默生宣布“除非采取重大战略收购催化剂”，否则不会寻求分拆。</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，该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，在沃伦·巴菲特和查理·芒格同时执掌该集团的情况下，极不可能有任何举措。但考虑到该业务横跨从保险到建筑再到铁路等多个行业，这种拆分的前景可能有多种形式。因此，试图估计这种举动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分拆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。长期股东发现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保健设备的需求提振了该股，回报率也基本持平。回顾股价的上涨，许多人可能更愿意选择纯粹的医疗保健和防护设备，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，该公司可能已经传达了走向分拆的意图。2019年3月，公司将业务拆分为四个部门。这些部门分别名为安全与工业、运输与电子、医疗保健和消费者，是为了集中业务而创建的。</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走向未来，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提高股价的程度，因此提出为什么独立业务可能会进一步利用所需效率的问题并非没有道理。简而言之，如果医疗保健业务不再依赖透明胶带和便利贴制造商，它可能会更强大，反之亦然。</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当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并不总是越好。对于投资者来说，它还可能提供许多纯粹的选择，提供比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":2462,"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":[],"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.laohu8.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>在该行业反弹的推动下，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将实现强劲的销售增长。（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>尽管来自中国的传言和德尔塔变异毒株感染人数激增，但美国投资者仍然看涨。</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——那些处于计算能力向互联网分布式模式转变前沿的公司——预计将在未来几年快速增长，覆盖该领域的五家最大交易所交易基金中有四家即将创下历史新高。</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力。</blockquote></p><p> To begin the screen, we looked at the five largest cloud ETFs:</p><p><blockquote>首先，我们查看了五只最大的云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日的总回报比较，以及SPDR标普500 ETF和Invesco QQQ Trust（跟踪纳斯达克100指数）的总回报比较：</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的方法不同。例如，方舟下一代互联网ETF是唯一一只主动管理的。其他人跟踪一个指数。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，占投资组合的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独有的另一个持股是华特迪士尼公司，该公司通过其Disney+流媒体服务无疑是一个重要的云参与者，即使该公司没有直接说明其销售额有多少来自该快速增长的部分。</blockquote></p><p> As part of its description of ARKW, FactSet says the following:</p><p><blockquote>作为对ARKW描述的一部分，FactSet表示如下：</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有信心的投资者，但投资组合的实施是一项更加困难的任务：大多数开发这些进步的公司都是大公司，新兴技术仅占总收入的一小部分。因此，很难纯粹接触ARKW的目标技术，因此请务必确认该基金的持股（而不仅仅是其论点）与您对该领域的看法一致。”</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年日历的销售预测作为基线，然后查看FactSet调查的分析师对随后三年的一致预测（如果有）。（2020年的数字是估计值，因为许多公司的财年与日历不符。）</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，我们将该小组限制在FactSet调查的至少5名分析师覆盖的126家公司，这些公司可以获得2020年至2023年的一致销售估计。</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，该榜单以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个月共识预测的当前远期市销率、当前市值与2023年预计销售额的比率以及分析师对这些股票的意见摘要。</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。对于QQQ，目前的市盈率为4.7，2023年将降至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>在该行业反弹的推动下，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将实现强劲的销售增长。（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>尽管来自中国的传言和德尔塔变异毒株感染人数激增，但美国投资者仍然看涨。</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——那些处于计算能力向互联网分布式模式转变前沿的公司——预计将在未来几年快速增长，覆盖该领域的五家最大交易所交易基金中有四家即将创下历史新高。</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力。</blockquote></p><p> To begin the screen, we looked at the five largest cloud ETFs:</p><p><blockquote>首先，我们查看了五只最大的云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日的总回报比较，以及SPDR标普500 ETF和Invesco QQQ Trust（跟踪纳斯达克100指数）的总回报比较：</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的方法不同。例如，方舟下一代互联网ETF是唯一一只主动管理的。其他人跟踪一个指数。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，占投资组合的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独有的另一个持股是华特迪士尼公司，该公司通过其Disney+流媒体服务无疑是一个重要的云参与者，即使该公司没有直接说明其销售额有多少来自该快速增长的部分。</blockquote></p><p> As part of its description of ARKW, FactSet says the following:</p><p><blockquote>作为对ARKW描述的一部分，FactSet表示如下：</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有信心的投资者，但投资组合的实施是一项更加困难的任务：大多数开发这些进步的公司都是大公司，新兴技术仅占总收入的一小部分。因此，很难纯粹接触ARKW的目标技术，因此请务必确认该基金的持股（而不仅仅是其论点）与您对该领域的看法一致。”</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年日历的销售预测作为基线，然后查看FactSet调查的分析师对随后三年的一致预测（如果有）。（2020年的数字是估计值，因为许多公司的财年与日历不符。）</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，我们将该小组限制在FactSet调查的至少5名分析师覆盖的126家公司，这些公司可以获得2020年至2023年的一致销售估计。</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，该榜单以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个月共识预测的当前远期市销率、当前市值与2023年预计销售额的比率以及分析师对这些股票的意见摘要。</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。对于QQQ，目前的市盈率为4.7，2023年将降至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":{"VCYT":"Veracyte Inc","SKLZ":"Skillz Inc","COIN":"Coinbase Global, Inc.","SNAP":"Snap Inc","SE":"Sea Ltd","ADYEY":"Adyen N.V.","TDOC":"Teladoc Health Inc.","DKNG":"DraftKings Inc.","ROKU":"Roku Inc","PINS":"Pinterest, Inc.","OKTA":"Okta Inc.","TSLA":"特斯拉","KC":"金山云","Z":"Zillow","PDD":"拼多多","MELI":"MercadoLibre","CRWD":"CrowdStrike Holdings, Inc.","SHOP":"Shopify Inc","ZG":"Zillow Class A","LC":"LendingClub"},"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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在双管齐下，抑制炒房、房价涨幅过快，已起到了明显的作用。 …… 最后，大家聊一聊： 你认为房价要下跌了吗？ 如果钱够首付的话，你是买房还是炒股？ 精彩留言用户可获得888社区积分噢！ <a href=\"https://laohu8.com/S/03333\">$中国恒大(03333)$</a> <a href=\"https://laohu8.com/S/000002\">$万科A(000002)$</a>","listText":"昨日，深圳公布了月度网签量——跌穿3000套关口。 深房中协最新数据显示： 8月份，深圳二手房网签套数2361套， 同比下降67%，环比下降29%。 深房中协认为： 二手房网签量的持续低迷，表明市场博弈观望氛围依然浓厚， 买家“买涨不买跌”的心态导致市场预期开始发生根本性转变，楼市调控效果已开始显现。  数据来源：深房中协中介标准指数 另一方面，新房成交环比增加九成。 据统计： 2021年8月深圳成交5885套新房住宅，是近7个月以来的月度新高，环比增加94.4%。成交面积636138平方米，环比增加121.3%。 有分析人士指出： 今年下半年以来，北京、上海、广州、深圳四大一线城市多家国有行、股份行及城商行房贷额度趋紧，贷款周期拉长，放款需要排队等待，甚至出现对二手房停贷的现象，银行对资金来源和资质审批也趋严。由此，导致二手房流通性出现大跌。同时，又增加新楼盘供给。 在双管齐下，抑制炒房、房价涨幅过快，已起到了明显的作用。 …… 最后，大家聊一聊： 你认为房价要下跌了吗？ 如果钱够首付的话，你是买房还是炒股？ 精彩留言用户可获得888社区积分噢！ <a href=\"https://laohu8.com/S/03333\">$中国恒大(03333)$</a> <a href=\"https://laohu8.com/S/000002\">$万科A(000002)$</a>","text":"昨日，深圳公布了月度网签量——跌穿3000套关口。 深房中协最新数据显示： 8月份，深圳二手房网签套数2361套， 同比下降67%，环比下降29%。 深房中协认为： 二手房网签量的持续低迷，表明市场博弈观望氛围依然浓厚， 买家“买涨不买跌”的心态导致市场预期开始发生根本性转变，楼市调控效果已开始显现。 数据来源：深房中协中介标准指数 另一方面，新房成交环比增加九成。 据统计： 2021年8月深圳成交5885套新房住宅，是近7个月以来的月度新高，环比增加94.4%。成交面积636138平方米，环比增加121.3%。 有分析人士指出： 今年下半年以来，北京、上海、广州、深圳四大一线城市多家国有行、股份行及城商行房贷额度趋紧，贷款周期拉长，放款需要排队等待，甚至出现对二手房停贷的现象，银行对资金来源和资质审批也趋严。由此，导致二手房流通性出现大跌。同时，又增加新楼盘供给。 在双管齐下，抑制炒房、房价涨幅过快，已起到了明显的作用。 …… 最后，大家聊一聊： 你认为房价要下跌了吗？ 如果钱够首付的话，你是买房还是炒股？ 精彩留言用户可获得888社区积分噢！ $中国恒大(03333)$ 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2020年8月，Epic Games在公司旗下《堡垒之夜》用20%的折扣引导用户使用新渠道支付，规避了“苹果税”。 例如，1000游戏币在App Store中购买需9.99美元，而在新渠道仅需7.99美元：结果，仅过了几小时，《堡垒之夜》就惨遭下架。苹果给出的理由是：开发商Epic 违反了 App Store 上销售商品或服务的条款。 Epic显然是有备而来，刚被苹果下架，就拿出一份长达60页的诉讼，并聘请反垄断专家、著名律师来打这场官司。同时，Epic 还联合12家公司共同成立了“应用程序公平联盟”，共同给苹果施压，仅一个月，这个联盟的成员就增加到了40个。 部分“应用程序公平联盟”成员 02 自打苹果税诞生起，围绕它的争议就没有断过，各大开放者对苹果税的反抗也从没有停止过。 前几年，<a href=\"https://laohu8.com/S/00700\">$腾讯控股(00700)$&lt;</a>","listText":"上周五（9月10日），美国加州地方法院法官就Epic Games对苹果的反垄断诉讼作出裁决： 勒令苹果不得强迫开发商使用应用内支付，并要求苹果允许App开发商将用户引导至第三方支付系统，该法令将于12月生效。 这样的结果，是全球开发者的一次胜利，却是苹果的一次重大挫折，而且这个挫折可能才刚刚开始。 受此影响，苹果盘中闪跌，一日蒸发掉约5432亿元（约843亿美元）： 01 自2008年7月11日上线至今，苹果App Store重塑了“软件+商店”的经营模式，但与安卓不同，只要你使用苹果设备，你在app内消费，那么就会有30%送到苹果那里，所以出现了一些奇怪的现象： 同一款游戏的礼包，苹果机要比安卓机的价格贵一些； 一些内容创作者收到的打赏，从安卓用户那里得到的金额要比苹果用户高很多。 所以，全球开发者对“苹果税”怨声载道，但30%的抽成比例却从未被撼动过。 于是，《堡垒之夜》揭竿而起。 2020年8月，Epic Games在公司旗下《堡垒之夜》用20%的折扣引导用户使用新渠道支付，规避了“苹果税”。 例如，1000游戏币在App Store中购买需9.99美元，而在新渠道仅需7.99美元：结果，仅过了几小时，《堡垒之夜》就惨遭下架。苹果给出的理由是：开发商Epic 违反了 App Store 上销售商品或服务的条款。 Epic显然是有备而来，刚被苹果下架，就拿出一份长达60页的诉讼，并聘请反垄断专家、著名律师来打这场官司。同时，Epic 还联合12家公司共同成立了“应用程序公平联盟”，共同给苹果施压，仅一个月，这个联盟的成员就增加到了40个。 部分“应用程序公平联盟”成员 02 自打苹果税诞生起，围绕它的争议就没有断过，各大开放者对苹果税的反抗也从没有停止过。 前几年，<a href=\"https://laohu8.com/S/00700\">$腾讯控股(00700)$&lt;</a>","text":"上周五（9月10日），美国加州地方法院法官就Epic Games对苹果的反垄断诉讼作出裁决： 勒令苹果不得强迫开发商使用应用内支付，并要求苹果允许App开发商将用户引导至第三方支付系统，该法令将于12月生效。 这样的结果，是全球开发者的一次胜利，却是苹果的一次重大挫折，而且这个挫折可能才刚刚开始。 受此影响，苹果盘中闪跌，一日蒸发掉约5432亿元（约843亿美元）： 01 自2008年7月11日上线至今，苹果App Store重塑了“软件+商店”的经营模式，但与安卓不同，只要你使用苹果设备，你在app内消费，那么就会有30%送到苹果那里，所以出现了一些奇怪的现象： 同一款游戏的礼包，苹果机要比安卓机的价格贵一些； 一些内容创作者收到的打赏，从安卓用户那里得到的金额要比苹果用户高很多。 所以，全球开发者对“苹果税”怨声载道，但30%的抽成比例却从未被撼动过。 于是，《堡垒之夜》揭竿而起。 2020年8月，Epic Games在公司旗下《堡垒之夜》用20%的折扣引导用户使用新渠道支付，规避了“苹果税”。 例如，1000游戏币在App Store中购买需9.99美元，而在新渠道仅需7.99美元：结果，仅过了几小时，《堡垒之夜》就惨遭下架。苹果给出的理由是：开发商Epic 违反了 App Store 上销售商品或服务的条款。 Epic显然是有备而来，刚被苹果下架，就拿出一份长达60页的诉讼，并聘请反垄断专家、著名律师来打这场官司。同时，Epic 还联合12家公司共同成立了“应用程序公平联盟”，共同给苹果施压，仅一个月，这个联盟的成员就增加到了40个。 部分“应用程序公平联盟”成员 02 自打苹果税诞生起，围绕它的争议就没有断过，各大开放者对苹果税的反抗也从没有停止过。 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