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2021-08-07

$EDU 20230120 5.0 CALL(EDU)$aanyone have any thoughts?

2021-08-05

$EDU 20230120 5.0 CALL(EDU)$Well well well

2021-08-05

Oh yeaaaa

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2021-08-01

Sounds great

Here’s your to-do list before the stock market’s next dive<blockquote>这是股市下一次暴跌之前您的待办事项清单</blockquote>

2021-08-01

$EDU 20230120 5.0 CALL(EDU)$oh no!

2021-07-28

$8VIC(8VI.AU)$hhohoho

2021-07-06

Oh maii

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2021-07-01

Great!!!

2021-06-29

Rocketttttt

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2021-06-28

Dipppppp

KKR Dealmakers Pause for Breath After $60 Billion Pandemic Binge<blockquote>KKR交易撮合者在600亿美元的疫情狂欢后暂停喘息</blockquote>

2021-06-27

Ricketttttt

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2021-06-25

Sounds greattt yo

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2021-06-23

Great

抱歉，原内容已删除

2021-06-21

Sweeetzzzz

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2021-06-20

Really?

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2021-06-20

Good to readddd

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2021-06-20

Oh Mai gosh

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2021-06-12

Wettt wettt ah

@小虎活动:在活动现场的虎友，欢迎大家分享你在老虎七周年活动现场的照片，即可获得66-666虎币随机打赏~更有机会赢小虎玩偶，马克杯等周边奖品。【活动时间】2021年6月12日【参与方式】欢迎大家在本帖“留言并转发”参与活动，或者在“老虎七周年嘉年华”主题下发帖，晒出你在现场的活动图，并艾特 @小虎活动 @小虎AV即可参与【活动奖励】凡是按照规则分享活动照片即可获得66-666虎币随机打赏，我们还会随机选出幸运虎友赠予小虎玩偶，或者马克杯等周边奖品（质量越高，点赞越高，互动越高，获奖几率越大）【特别奖励】相信有很多朋友由于各种原因没有办法到达老虎七周年的现场，不要着急，福利来啦！6月12日，社区将为无法来到现场相聚的虎友们同步进行线上直播! 戳我围观直播悄悄地告诉你，本次Open Day直播还会设有抽奖环节，主持人会在15：00、16：00、17：00、17：40 四个时间节点在直播间进行提问，参与抢答问题的虎友将有机会赢得老虎全球限量大礼包！【抽奖规则】：每轮抽奖主持人提问或发出口令后，虎友们需要第一时间在直播间评论区敲出答案获对应口令，工作人员将随机截取3位回答正确的幸运观众，送出老虎7周年全球限量大礼包哦~【奖品发放】中奖名单将当场公布，届时中奖的虎友请主动添加@爱发红包的虎妞微信领取奖品，微信号是tigerbrokers。

2021-06-12

Yea

Opinion: Stock investors now have come to a cliff in the road — and options are limited<blockquote>观点：股票投资者现在已经走到了悬崖边——而且选择有限</blockquote>

2021-06-12

Oh mai

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href=\"https://laohu8.com/S/EDU\">$EDU 20230120 5.0 CALL(EDU)$</a>aanyone have any thoughts?","listText":"<a href=\"https://laohu8.com/S/EDU\">$EDU 20230120 5.0 CALL(EDU)$</a>aanyone have any thoughts?","text":"$EDU 20230120 5.0 CALL(EDU)$aanyone have any 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yeaaaa","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/899858175","repostId":"2157431025","repostType":4,"isVote":1,"tweetType":1,"viewCount":599,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802885762,"gmtCreate":1627751877056,"gmtModify":1631888944123,"author":{"id":"3586428270506916","authorId":"3586428270506916","name":"alvinphang95","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586428270506916","idStr":"3586428270506916"},"themes":[],"htmlText":"Sounds great&nbsp;","listText":"Sounds great&nbsp;","text":"Sounds great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/802885762","repostId":"1127411624","repostType":4,"repost":{"id":"1127411624","kind":"news","pubTimestamp":1627715622,"share":"https://www.laohu8.com/m/news/1127411624?lang=zh_CN&edition=full","pubTime":"2021-07-31 15:13","market":"us","language":"en","title":"Here’s your to-do list before the stock market’s next dive<blockquote>这是股市下一次暴跌之前您的待办事项清单</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1127411624","media":"MarketWatch","summary":"After hibernating for months, the stock-market bears came out of their caves on July 19. That day, t","content":"<p>After hibernating for months, the stock-market bears came out of their caves on July 19. That day, the Dow Jones Industrial AverageDJIA,-0.42%tumbled 725 points or 2.1%. The bears hit a home run — at least for a day.</p><p><blockquote>经过几个月的冬眠，股市空头于7月19日走出了洞穴。当天，道琼斯工业平均指数DJIA下跌725点，跌幅2.1%，-0.42%。熊队打出了一个本垒打——至少一天。</blockquote></p><p> As usual, everyone wanted to know why the market fell, and the analysts had prepared answers, from COVID-19’s Delta variant to the Consumer Price Index to overbought technical indicators.</p><p><blockquote>像往常一样，每个人都想知道市场下跌的原因，分析师们已经准备好了答案，从COVID-19的德尔塔变异毒株到消费者价格指数，再到超买的技术指标。</blockquote></p><p> The truth is that nobody knows. People have multiple reasons for selling, so it’s ridiculous to blame one event. That said, a big contributor to the decline was automatic, computer-generated selling. Once large market participants, especially algos, started selling, there was a mad rush out of the door. No one wanted to be the last one out, so retail traders and institutions sold in a panic, which got more intense as the day went on.</p><p><blockquote>事实是没人知道。人们出售有多种原因，因此将责任归咎于一个事件是荒谬的。也就是说，下降的一个重要原因是计算机生成的自动销售。一旦大型市场参与者，尤其是算法，开始抛售，就会出现疯狂的抛售。没有人想成为最后一个出局的人，因此散户和机构在恐慌中抛售，随着时间的推移，恐慌情绪变得更加强烈。</blockquote></p><p> Technical indicators contributed as well: The weekly relative strength indicator (RSI) has been remarkably accurate in warning of a market reversal. Once RSI goes over 70 and stays there, buyers beware.&nbsp; After the July 26 market close, the RSI of the S&amp;P 500SPX,-0.54%stood at 71.36 on the weekly chart — an extremely overbought reading. Does this mean that the index is going to plunge tomorrow? No one knows. But RSI is giving a clue that the U.S. market is in the danger zone.</p><p><blockquote>技术指标也做出了贡献：每周相对强弱指标（RSI）在警告市场逆转方面非常准确。一旦RSI超过70并保持在那里，买家就要小心了。7月26日收盘后，标准普尔500SPX的RSI，-0.54%在周线图上站在71.36——这是一个极度超买的读数。这是不是意味着指数明天要暴跌了？没人知道。但RSI给出了美国市场处于危险区域的线索。</blockquote></p><p> <b>The bad news bears can’t catch a break</b></p><p><blockquote><b>坏消息空头无法休息</b></blockquote></p><p> Before the bears could say, “I told you so,” the next day, July 20, the 700-plus point Dow selloff was erased by a 550-point Dow rally. The bulls forgot about the selloff and returned to celebrating, and gulping glass after glass of their favorite drink, “bull-ade.” Once again, the storm passed, but this time a little fear creeped into the bulls’ psyche. Before, the only fear was the fear of missing out on the next rally. Now, many investors realize the market can actually go down.</p><p><blockquote>在空头说“我告诉过你”之前，第二天，即7月20日，道琼斯指数700多点的抛售被道琼斯指数550点的反弹抹去了。多头忘记了抛售，重新开始庆祝，一杯又一杯地喝着他们最喜欢的饮料“bull-ade”。风暴又一次过去了，但这一次有点恐惧爬进了公牛的心灵。之前，唯一的恐惧是害怕错过下一次反弹。现在，许多投资者意识到市场实际上可能会下跌。</blockquote></p><p> <b>What to do now</b></p><p><blockquote><b>现在怎么办</b></blockquote></p><p> The next time the market plunges and you’re experiencing a variety of emotions, the following guide might help:</p><p><blockquote>下次市场暴跌并且您正在经历各种情绪时，以下指南可能会有所帮助：</blockquote></p><p> <b>1. If you’re panicked</b>: Don’t do something; sit there. Do not buy, do not sell, just sit tight. In fact, turn off the computer or other devices. Don’t fret over how much paper money you lost that day. Exercise, walk, run, swim, ride a bike. Your goal is to reduce emotions so you can get a good night’s sleep. When the market stabilizes, reevaluate what you own. Do not make any big financial decisions on days like this.</p><p><blockquote><b>1.如果你感到恐慌</b>：不做某事；坐在那里。不买，不卖，坐稳。事实上，关掉电脑或其他设备。不要担心那天你丢了多少纸币。锻炼，散步，跑步，游泳，骑自行车。你的目标是减少情绪，这样你就能睡个好觉。当市场稳定时，重新评估你所拥有的。在这样的日子里，不要做任何重大的财务决定。</blockquote></p><p> <b>2. If you’re afraid</b>: Take it easy. The selloff will end eventually. There is no reason to panic. Again, reevaluate what you own when the market comes to its senses.</p><p><blockquote><b>2.如果你害怕</b>：放轻松。抛售最终会结束。没有理由恐慌。同样，当市场恢复理智时，重新评估你所拥有的东西。</blockquote></p><p> <b>3. If you’re unaffected:</b>Still, check your portfolio to make sure you are properly diversified. While it’s find to not care if the market falls, be sure you are hedged for a worst-case scenario. One day there will be a bear market that will last months or years. Be prepared.</p><p><blockquote><b>3.如果您没有受到影响：</b>不过，请检查您的投资组合以确保您的投资组合适当多元化。虽然人们发现不要关心市场是否下跌，但要确保你为最坏的情况做好了对冲。总有一天会出现持续数月或数年的熊市。做好准备。</blockquote></p><p> <b>What specific actions should you take?</b></p><p><blockquote><b>你应该采取什么具体行动？</b></blockquote></p><p> Now that you’ve taken care of your emotional health, there are other financial decisions you can make. Let’s take a look atsome strategies and tacticsthat may help:</p><p><blockquote>既然你已经照顾好了自己的情绪健康，你还可以做出其他的财务决定。让我们来看看一些可能有帮助的战略和战术：</blockquote></p><p> <ol>  <li>Sell if the stocks or indexes you own fall below their 200-day moving averages. Note: The major indexes such as the Standard &amp; Poor’s 500SPX,-0.54%have not fallen below (and stayed below) their 200-day averages for a decade. When they do eventually, that is a clear sell signal.</li>  <li>Create a long-term investment plan and follow it no matter what happens in the short term.</li>  <li>Dollar-cost average into index funds.</li>  <li>Diversify. This is the key to success in the stock market and in life. If you own only stocks, consider bonds, but talk to a financial professional (not your neighbor) before taking this step.</li>  <li>Buy the big dips. This strategy still works. If you had bought the dip on July 19, you would have cleaned up on July 20. One day this strategy won’t work, but that day hasn’t come yet.</li>  <li>Sell covered-call options. This is still an excellent way to generate extra income. This strategy is also ideal for disposing of unwanted stocks, and getting paid for it.</li> </ol> <b>Plan for the next correction or bear market</b></p><p><blockquote><ol><li>如果您持有的股票或指数跌破200日移动平均线，则卖出。注：标准普尔500SPX,-0.54%等主要指数十年来没有跌破（并保持在低于）200日平均水平。当他们最终这样做时，这是一个明确的卖出信号。</li><li>制定一个长期投资计划，无论短期内发生什么都要遵循它。</li><li>指数基金的平均成本。</li><li>多样化。这是股市和人生成功的关键。如果您只持有股票，请考虑债券，但在采取这一步骤之前请与金融专业人士（而不是您的邻居）交谈。</li><li>逢低买入。这个策略仍然有效。如果你在7月19日逢低买入，你就会在7月20日清理干净。总有一天这种策略行不通了，但那一天还没有到来。</li><li>出售备兑看涨期权期权。这仍然是产生额外收入的绝佳方式。这种策略也非常适合处理不需要的股票并获得报酬。</li></ol><b>为下一次调整或熊市做好计划</b></blockquote></p><p> After a 13-year bull market, the clock is ticking for U.S. stocks. While the bulls scored another victory this time, one day the market won’t reverse direction and will begin a steep correction, or worse yet, a bear market. That’s when you will be glad that you have a plan and an investment script to follow on the worst days.</p><p><blockquote>在经历了13年的牛市之后，美国股市的时间已经不多了。虽然多头这次又取得了胜利，但有一天市场不会逆转方向，将开始急剧调整，或者更糟的是，进入熊市。那时你会很高兴你有一个计划和一个在最糟糕的日子里可以遵循的投资脚本。</blockquote></p><p> Know what you own, sell to the “sleep-well” point and diversify into a variety of financial products including cash and bonds. This way, when the market plunges again, you won’t make knee-jerk emotional decisions or suffer an anxiety attack.</p><p><blockquote>了解您拥有什么，将其出售到“睡眠良好”点，并多元化投资于包括现金和债券在内的各种金融产品。这样，当市场再次暴跌时，你就不会做出下意识的情绪化决定或遭受焦虑发作。</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>Here’s your to-do list before the stock market’s next dive<blockquote>这是股市下一次暴跌之前您的待办事项清单</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHere’s your to-do list before the stock market’s next dive<blockquote>这是股市下一次暴跌之前您的待办事项清单</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-07-31 15:13</span>\n</p>\n</h4>\n</header>\n<article>\n<p>After hibernating for months, the stock-market bears came out of their caves on July 19. That day, the Dow Jones Industrial AverageDJIA,-0.42%tumbled 725 points or 2.1%. The bears hit a home run — at least for a day.</p><p><blockquote>经过几个月的冬眠，股市空头于7月19日走出了洞穴。当天，道琼斯工业平均指数DJIA下跌725点，跌幅2.1%，-0.42%。熊队打出了一个本垒打——至少一天。</blockquote></p><p> As usual, everyone wanted to know why the market fell, and the analysts had prepared answers, from COVID-19’s Delta variant to the Consumer Price Index to overbought technical indicators.</p><p><blockquote>像往常一样，每个人都想知道市场下跌的原因，分析师们已经准备好了答案，从COVID-19的德尔塔变异毒株到消费者价格指数，再到超买的技术指标。</blockquote></p><p> The truth is that nobody knows. People have multiple reasons for selling, so it’s ridiculous to blame one event. That said, a big contributor to the decline was automatic, computer-generated selling. Once large market participants, especially algos, started selling, there was a mad rush out of the door. No one wanted to be the last one out, so retail traders and institutions sold in a panic, which got more intense as the day went on.</p><p><blockquote>事实是没人知道。人们出售有多种原因，因此将责任归咎于一个事件是荒谬的。也就是说，下降的一个重要原因是计算机生成的自动销售。一旦大型市场参与者，尤其是算法，开始抛售，就会出现疯狂的抛售。没有人想成为最后一个出局的人，因此散户和机构在恐慌中抛售，随着时间的推移，恐慌情绪变得更加强烈。</blockquote></p><p> Technical indicators contributed as well: The weekly relative strength indicator (RSI) has been remarkably accurate in warning of a market reversal. Once RSI goes over 70 and stays there, buyers beware.&nbsp; After the July 26 market close, the RSI of the S&amp;P 500SPX,-0.54%stood at 71.36 on the weekly chart — an extremely overbought reading. Does this mean that the index is going to plunge tomorrow? No one knows. But RSI is giving a clue that the U.S. market is in the danger zone.</p><p><blockquote>技术指标也做出了贡献：每周相对强弱指标（RSI）在警告市场逆转方面非常准确。一旦RSI超过70并保持在那里，买家就要小心了。7月26日收盘后，标准普尔500SPX的RSI，-0.54%在周线图上站在71.36——这是一个极度超买的读数。这是不是意味着指数明天要暴跌了？没人知道。但RSI给出了美国市场处于危险区域的线索。</blockquote></p><p> <b>The bad news bears can’t catch a break</b></p><p><blockquote><b>坏消息空头无法休息</b></blockquote></p><p> Before the bears could say, “I told you so,” the next day, July 20, the 700-plus point Dow selloff was erased by a 550-point Dow rally. The bulls forgot about the selloff and returned to celebrating, and gulping glass after glass of their favorite drink, “bull-ade.” Once again, the storm passed, but this time a little fear creeped into the bulls’ psyche. Before, the only fear was the fear of missing out on the next rally. Now, many investors realize the market can actually go down.</p><p><blockquote>在空头说“我告诉过你”之前，第二天，即7月20日，道琼斯指数700多点的抛售被道琼斯指数550点的反弹抹去了。多头忘记了抛售，重新开始庆祝，一杯又一杯地喝着他们最喜欢的饮料“bull-ade”。风暴又一次过去了，但这一次有点恐惧爬进了公牛的心灵。之前，唯一的恐惧是害怕错过下一次反弹。现在，许多投资者意识到市场实际上可能会下跌。</blockquote></p><p> <b>What to do now</b></p><p><blockquote><b>现在怎么办</b></blockquote></p><p> The next time the market plunges and you’re experiencing a variety of emotions, the following guide might help:</p><p><blockquote>下次市场暴跌并且您正在经历各种情绪时，以下指南可能会有所帮助：</blockquote></p><p> <b>1. If you’re panicked</b>: Don’t do something; sit there. Do not buy, do not sell, just sit tight. In fact, turn off the computer or other devices. Don’t fret over how much paper money you lost that day. Exercise, walk, run, swim, ride a bike. Your goal is to reduce emotions so you can get a good night’s sleep. When the market stabilizes, reevaluate what you own. Do not make any big financial decisions on days like this.</p><p><blockquote><b>1.如果你感到恐慌</b>：不做某事；坐在那里。不买，不卖，坐稳。事实上，关掉电脑或其他设备。不要担心那天你丢了多少纸币。锻炼，散步，跑步，游泳，骑自行车。你的目标是减少情绪，这样你就能睡个好觉。当市场稳定时，重新评估你所拥有的。在这样的日子里，不要做任何重大的财务决定。</blockquote></p><p> <b>2. If you’re afraid</b>: Take it easy. The selloff will end eventually. There is no reason to panic. Again, reevaluate what you own when the market comes to its senses.</p><p><blockquote><b>2.如果你害怕</b>：放轻松。抛售最终会结束。没有理由恐慌。同样，当市场恢复理智时，重新评估你所拥有的东西。</blockquote></p><p> <b>3. If you’re unaffected:</b>Still, check your portfolio to make sure you are properly diversified. While it’s find to not care if the market falls, be sure you are hedged for a worst-case scenario. One day there will be a bear market that will last months or years. Be prepared.</p><p><blockquote><b>3.如果您没有受到影响：</b>不过，请检查您的投资组合以确保您的投资组合适当多元化。虽然人们发现不要关心市场是否下跌，但要确保你为最坏的情况做好了对冲。总有一天会出现持续数月或数年的熊市。做好准备。</blockquote></p><p> <b>What specific actions should you take?</b></p><p><blockquote><b>你应该采取什么具体行动？</b></blockquote></p><p> Now that you’ve taken care of your emotional health, there are other financial decisions you can make. Let’s take a look atsome strategies and tacticsthat may help:</p><p><blockquote>既然你已经照顾好了自己的情绪健康，你还可以做出其他的财务决定。让我们来看看一些可能有帮助的战略和战术：</blockquote></p><p> <ol>  <li>Sell if the stocks or indexes you own fall below their 200-day moving averages. Note: The major indexes such as the Standard &amp; Poor’s 500SPX,-0.54%have not fallen below (and stayed below) their 200-day averages for a decade. When they do eventually, that is a clear sell signal.</li>  <li>Create a long-term investment plan and follow it no matter what happens in the short term.</li>  <li>Dollar-cost average into index funds.</li>  <li>Diversify. This is the key to success in the stock market and in life. If you own only stocks, consider bonds, but talk to a financial professional (not your neighbor) before taking this step.</li>  <li>Buy the big dips. This strategy still works. If you had bought the dip on July 19, you would have cleaned up on July 20. One day this strategy won’t work, but that day hasn’t come yet.</li>  <li>Sell covered-call options. This is still an excellent way to generate extra income. This strategy is also ideal for disposing of unwanted stocks, and getting paid for it.</li> </ol> <b>Plan for the next correction or bear market</b></p><p><blockquote><ol><li>如果您持有的股票或指数跌破200日移动平均线，则卖出。注：标准普尔500SPX,-0.54%等主要指数十年来没有跌破（并保持在低于）200日平均水平。当他们最终这样做时，这是一个明确的卖出信号。</li><li>制定一个长期投资计划，无论短期内发生什么都要遵循它。</li><li>指数基金的平均成本。</li><li>多样化。这是股市和人生成功的关键。如果您只持有股票，请考虑债券，但在采取这一步骤之前请与金融专业人士（而不是您的邻居）交谈。</li><li>逢低买入。这个策略仍然有效。如果你在7月19日逢低买入，你就会在7月20日清理干净。总有一天这种策略行不通了，但那一天还没有到来。</li><li>出售备兑看涨期权期权。这仍然是产生额外收入的绝佳方式。这种策略也非常适合处理不需要的股票并获得报酬。</li></ol><b>为下一次调整或熊市做好计划</b></blockquote></p><p> After a 13-year bull market, the clock is ticking for U.S. stocks. While the bulls scored another victory this time, one day the market won’t reverse direction and will begin a steep correction, or worse yet, a bear market. That’s when you will be glad that you have a plan and an investment script to follow on the worst days.</p><p><blockquote>在经历了13年的牛市之后，美国股市的时间已经不多了。虽然多头这次又取得了胜利，但有一天市场不会逆转方向，将开始急剧调整，或者更糟的是，进入熊市。那时你会很高兴你有一个计划和一个在最糟糕的日子里可以遵循的投资脚本。</blockquote></p><p> Know what you own, sell to the “sleep-well” point and diversify into a variety of financial products including cash and bonds. This way, when the market plunges again, you won’t make knee-jerk emotional decisions or suffer an anxiety attack.</p><p><blockquote>了解您拥有什么，将其出售到“睡眠良好”点，并多元化投资于包括现金和债券在内的各种金融产品。这样，当市场再次暴跌时，你就不会做出下意识的情绪化决定或遭受焦虑发作。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/heres-your-to-do-list-before-the-stock-markets-next-dive-11627360870?mod=article_inline\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index","SPY":"标普500ETF"},"source_url":"https://www.marketwatch.com/story/heres-your-to-do-list-before-the-stock-markets-next-dive-11627360870?mod=article_inline","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1127411624","content_text":"After hibernating for months, the stock-market bears came out of their caves on July 19. That day, the Dow Jones Industrial AverageDJIA,-0.42%tumbled 725 points or 2.1%. The bears hit a home run — at least for a day.\nAs usual, everyone wanted to know why the market fell, and the analysts had prepared answers, from COVID-19’s Delta variant to the Consumer Price Index to overbought technical indicators.\nThe truth is that nobody knows. People have multiple reasons for selling, so it’s ridiculous to blame one event. That said, a big contributor to the decline was automatic, computer-generated selling. Once large market participants, especially algos, started selling, there was a mad rush out of the door. No one wanted to be the last one out, so retail traders and institutions sold in a panic, which got more intense as the day went on.\nTechnical indicators contributed as well: The weekly relative strength indicator (RSI) has been remarkably accurate in warning of a market reversal. Once RSI goes over 70 and stays there, buyers beware.  After the July 26 market close, the RSI of the S&P 500SPX,-0.54%stood at 71.36 on the weekly chart — an extremely overbought reading. Does this mean that the index is going to plunge tomorrow? No one knows. But RSI is giving a clue that the U.S. market is in the danger zone.\nThe bad news bears can’t catch a break\nBefore the bears could say, “I told you so,” the next day, July 20, the 700-plus point Dow selloff was erased by a 550-point Dow rally. The bulls forgot about the selloff and returned to celebrating, and gulping glass after glass of their favorite drink, “bull-ade.” Once again, the storm passed, but this time a little fear creeped into the bulls’ psyche. Before, the only fear was the fear of missing out on the next rally. Now, many investors realize the market can actually go down.\nWhat to do now\nThe next time the market plunges and you’re experiencing a variety of emotions, the following guide might help:\n1. If you’re panicked: Don’t do something; sit there. Do not buy, do not sell, just sit tight. In fact, turn off the computer or other devices. Don’t fret over how much paper money you lost that day. Exercise, walk, run, swim, ride a bike. Your goal is to reduce emotions so you can get a good night’s sleep. When the market stabilizes, reevaluate what you own. Do not make any big financial decisions on days like this.\n2. If you’re afraid: Take it easy. The selloff will end eventually. There is no reason to panic. Again, reevaluate what you own when the market comes to its senses.\n3. If you’re unaffected:Still, check your portfolio to make sure you are properly diversified. While it’s find to not care if the market falls, be sure you are hedged for a worst-case scenario. One day there will be a bear market that will last months or years. Be prepared.\nWhat specific actions should you take?\nNow that you’ve taken care of your emotional health, there are other financial decisions you can make. Let’s take a look atsome strategies and tacticsthat may help:\n\nSell if the stocks or indexes you own fall below their 200-day moving averages. Note: The major indexes such as the Standard & Poor’s 500SPX,-0.54%have not fallen below (and stayed below) their 200-day averages for a decade. When they do eventually, that is a clear sell signal.\nCreate a long-term investment plan and follow it no matter what happens in the short term.\nDollar-cost average into index funds.\nDiversify. This is the key to success in the stock market and in life. If you own only stocks, consider bonds, but talk to a financial professional (not your neighbor) before taking this step.\nBuy the big dips. This strategy still works. If you had bought the dip on July 19, you would have cleaned up on July 20. One day this strategy won’t work, but that day hasn’t come yet.\nSell covered-call options. This is still an excellent way to generate extra income. This strategy is also ideal for disposing of unwanted stocks, and getting paid for it.\n\nPlan for the next correction or bear market\nAfter a 13-year bull market, the clock is ticking for U.S. stocks. While the bulls scored another victory this time, one day the market won’t reverse direction and will begin a steep correction, or worse yet, a bear market. That’s when you will be glad that you have a plan and an investment script to follow on the worst days.\nKnow what you own, sell to the “sleep-well” point and diversify into a variety of financial products including cash and bonds. This way, when the market plunges again, you won’t make knee-jerk emotional decisions or suffer an anxiety attack.","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,"SPY":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":325,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802885662,"gmtCreate":1627751816556,"gmtModify":1631888944124,"author":{"id":"3586428270506916","authorId":"3586428270506916","name":"alvinphang95","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586428270506916","idStr":"3586428270506916"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/EDU\">$EDU 20230120 5.0 CALL(EDU)$</a>oh no!","listText":"<a href=\"https://laohu8.com/S/EDU\">$EDU 20230120 5.0 CALL(EDU)$</a>oh no!","text":"$EDU 20230120 5.0 CALL(EDU)$oh no!","images":[{"img":"https://static.tigerbbs.com/7db69d19b6a9d219c456affc71a6dad4","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/802885662","isVote":1,"tweetType":1,"viewCount":554,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":801112739,"gmtCreate":1627487385721,"gmtModify":1631888798289,"author":{"id":"3586428270506916","authorId":"3586428270506916","name":"alvinphang95","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586428270506916","idStr":"3586428270506916"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/8VI.AU\">$8VIC(8VI.AU)$</a>hhohoho","listText":"<a href=\"https://laohu8.com/S/8VI.AU\">$8VIC(8VI.AU)$</a>hhohoho","text":"$8VIC(8VI.AU)$hhohoho","images":[{"img":"https://static.tigerbbs.com/3619fd445c0fd2a60c83d8eeead9565f","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/801112739","isVote":1,"tweetType":1,"viewCount":389,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":157224210,"gmtCreate":1625584620730,"gmtModify":1631888944129,"author":{"id":"3586428270506916","authorId":"3586428270506916","name":"alvinphang95","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586428270506916","idStr":"3586428270506916"},"themes":[],"htmlText":"Oh maii","listText":"Oh maii","text":"Oh 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13:28","market":"us","language":"en","title":"KKR Dealmakers Pause for Breath After $60 Billion Pandemic Binge<blockquote>KKR交易撮合者在600亿美元的疫情狂欢后暂停喘息</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1194817259","media":"Bloomberg","summary":"(Bloomberg) -- A relentless global deal binge totaling nearly $60 billion has KKR & Co.’s leadership","content":"<p>(Bloomberg) -- A relentless global deal binge totaling nearly $60 billion has KKR &amp; Co.’s leadership taking stock -- and a breather.</p><p><blockquote>（彭博社）——总额近600亿美元的无情全球交易热潮让KKR&amp;Co.的领导层进行了盘点，并得到了喘息。</blockquote></p><p> When the pandemic hit, shortly after Philipp Freise and Mattia Caprioli took over new roles in Europe, the buyout house started deploying as much capital as possible while most rivals held back. More than a third of the total was spent in Europe, and KKR started working on a new fund dedicated to the region just a year after closing the last one.</p><p><blockquote>当疫情来袭时，菲利普·弗雷斯(Philipp Freise)和马蒂亚·卡普里奥利(Mattia Caprioli)在欧洲接任新职务后不久，这家收购公司开始部署尽可能多的资本，而大多数竞争对手却犹豫不决。其中超过三分之一的资金用于欧洲，KKR在关闭上一只基金一年后就开始致力于专门针对该地区的新基金。</blockquote></p><p> The breakneck pace of deals took its toll. KKR is now echoing the gentler tone adopted by investment banks like Goldman Sachs Group Inc. after employees balked at the work-till-you-drop culture. The biggest challenge to high performance in the buyout industry is “constant exhaustion,” Freise, 47, said in an interview.</p><p><blockquote>交易的极快速度造成了损失。在员工对“工作到放弃”文化犹豫不决后，KKR现在呼应了高盛集团等投资银行所采取的温和语气。47岁的弗雷斯在接受采访时表示，收购行业高绩效面临的最大挑战是“持续疲惫”。</blockquote></p><p> “As new-generation leaders, our job is to really temper,” said the German dealmaker, who’s co-head of KKR’s European private equity business with Caprioli. “It is almost like conducting an orchestra where the whole thing has gone into ‘Ride of the Valkyries’ -- we have to slow down a little bit to protect the human element from crashing.”</p><p><blockquote>“作为新一代领导者，我们的工作是真正缓和局势，”这位与卡普里奥利共同担任KKR欧洲私募股权业务联席主管的德国交易撮合者表示。“这几乎就像指挥一支管弦乐队，整个事情都进入了《女武神之旅》——我们必须放慢一点速度，以保护人为因素不崩溃。”</blockquote></p><p> The unusually open tone by leaders in the cutthroat buyout industry comes as workplace cultures come under increasing scrutiny and employers seek ways to retain a younger generation of workers. The pandemic served up a brutal cocktail of more deals done over marathon video calls by employees isolated at home. The priority now for Freise and Caprioli is to offer time to recover and make room for a more thoughtful investing approach.</p><p><blockquote>在残酷的收购行业中，领导者们异常开放的语气出现之际，工作场所文化受到越来越多的审查，雇主们正在寻找留住年轻一代员工的方法。疫情提供了一个残酷的鸡尾酒，更多的交易是由隔离在家中的员工通过马拉松视频评级完成的。弗里斯和卡普里奥利现在的首要任务是提供时间恢复，并为更深思熟虑的投资方法腾出空间。</blockquote></p><p> They gave junior staff every Friday off in November and December last year, encouraging them to spend time thinking and reading. The duo have also handed responsibility to their rising stars for emerging trends like medical technology and the future of work.</p><p><blockquote>去年11月和12月，他们让初级员工每周五休息，鼓励他们花时间思考和阅读。两人还将医疗技术和未来工作等新兴趋势的责任交给了他们的后起之秀。</blockquote></p><p> “I don’t think that in the private equity industry 10 years ago people saw it really as their jobs to focus on managing. They thought it was their job to go out and find deals,” Freise said. “The future setup of the private equity industry is to assemble, to retain and manage high-performance teams.”</p><p><blockquote>“我不认为10年前在私募股权行业，人们真的认为专注于管理是他们的工作。他们认为出去寻找交易是他们的工作，”Freise说。“私募股权行业的未来设置是组建、保留和管理高绩效团队。”</blockquote></p><p> Wall Street was set abuzz this year by a leaked presentation from junior Goldman analysts detailing their punishing workload. Banks have responded by raising pay, offering retention bonuses or giving perks from Peloton bikes to Apple gadgets.</p><p><blockquote>今年，高盛初级分析师泄露的一份详细介绍了他们繁重工作量的演示文稿在华尔街引起了轩然大波。银行的回应是提高工资、提供保留奖金或提供从Peloton自行车到苹果小工具的福利。</blockquote></p><p> The issue at buyout firms, like investment banks, is that employees worked around the clock as the pandemic threw up a plethora of deal opportunities. As Covid-19 spread around the globe, KKR decided to not repeat its mistake from the financial crisis, when it stayed largely on the sidelines.</p><p><blockquote>投资银行等收购公司的问题是，随着疫情带来大量交易机会，员工们夜以继日地工作。随着Covid-19在全球蔓延，KKR决定不再重蹈金融危机的覆辙，当时它基本上保持观望。</blockquote></p><p> It became a pivotal moment for KKR in Europe, where it previously hadn’t deployed as much money as in other parts of the world. KKR has announced $19.6 billion of deals in the region since the start of the pandemic, from listed company buyouts to minority investments, according to data compiled by Bloomberg. It’s also snapped up assets from other private equity firms, and sometimes swooped in before rivals had a chance to bid.</p><p><blockquote>这成为KKR在欧洲的关键时刻，此前该公司在欧洲部署的资金不如在世界其他地区多。根据彭博社汇编的数据，自疫情爆发以来，KKR已在该地区宣布了196亿美元的交易，从上市公司收购到少数股权投资。它还从其他私募股权公司手中抢购资产，有时甚至在竞争对手有机会竞购之前就突然介入。</blockquote></p><p> “If anything, we missed some opportunities that if we had more capital available we would have done,” said Caprioli, a 47-year-old Italian who previously worked in mergers and acquisitions at Goldman.</p><p><blockquote>“如果说有什么不同的话，那就是我们错过了一些机会，如果我们有更多可用资本，我们就会抓住这些机会，”曾在高盛从事并购工作的47岁意大利人卡普里奥利说。</blockquote></p><p> Just as virus lockdowns were coming into force in March last year, KKR bought Pennon Group Plc’s waste-management arm for 4.2 billion pounds ($5.8 billion). It also acquired the Wella and Clairol hair-care brands from Coty Inc. in a $4.3 billion transaction.</p><p><blockquote>就在去年3月病毒封锁生效时，KKR以42亿英镑（58亿美元）收购了Pennon Group Plc的废物管理部门。它还以43亿美元的交易从黄凤英公司收购了Wella和Clairol护发品牌。</blockquote></p><p> Later in the year, KKR teamed up with Cinven and Providence Equity Partners to take Masmovil Ibercom SA private in a 3 billion-euro ($3.6 billion) deal and agreed to invest in French hospital chain Elsan alongside Ardian. Market dislocations helped KKR buy some assets for 20% to 30% less than it would pay in a heated auction process, Freise said. The firm reached an agreement this May to buy environmental consultancy ERM Group Inc. for $2.7 billion including debt.</p><p><blockquote>今年晚些时候，KKR与Cinven和Providence Equity Partners合作，以30亿欧元（36亿美元）的价格将Masmovil Ibercom SA私有化，并同意与Ardian一起投资法国连锁医院Elsan。Freise表示，市场混乱帮助KKR以比激烈拍卖过程中支付的价格低20%至30%的价格购买了一些资产。该公司今年5月达成协议，以27亿美元（含债务）收购环境咨询公司ERM Group Inc.。</blockquote></p><p> Caprioli sees more deals on the horizon, with a focus on health care, sustainability, tech and the U.K. Competition for targets is rising, thanks to the record amounts of capital flowing into private equity funds and buoyant debt markets.</p><p><blockquote>卡普里奥利认为更多交易即将到来，重点是医疗保健、可持续发展、科技和英国。由于流入私募股权基金的资金量创历史新高和债务市场活跃，对目标的竞争正在加剧。</blockquote></p><p> Success may require a new approach. Caprioli said he sees this moment as an opportunity to review how KKR recruits, motivates and retain talent. Earlier this year, it hired a former concert pianist as an operating executive in London to work with tech companies in its portfolio.</p><p><blockquote>成功可能需要一种新的方法。卡普里奥利表示，他认为这一时刻是一个回顾KKR如何招募、激励和留住人才的机会。今年早些时候，该公司聘请了一位前音乐会钢琴家担任伦敦的运营主管，与其投资组合中的科技公司合作。</blockquote></p><p> “We need people who go deep in their thinking process,” he said. “Those type of profiles, do you get them out of university, or can you get someone who is streetwise? It’s an interesting challenge.”</p><p><blockquote>“我们需要深入思考过程的人，”他说。“这些类型的个人资料，你能从大学毕业吗，或者你能找到一个街头智慧的人吗？这是一个有趣的挑战。”</blockquote></p><p></p><p> Freise, who previously helped found the failed Venturepark startup incubator in Berlin, couldn’t build financial models when he joined KKR nearly two decades ago as one of its earliest London employees.</p><p><blockquote>Freise曾帮助在柏林创建了失败的Venturepark创业孵化器，近20年前，当他作为KKR最早的伦敦员工之一加入KKR时，他无法建立财务模型。</blockquote></p><p> “A high-performance team these days is very different from 10 years ago,” he said. “We have to be unconventional to ensure diversity of thought.”</p><p><blockquote>“如今的高绩效团队与10年前有很大不同，”他说。“我们必须标新立异，以确保思想的多样性。”</blockquote></p><p></p>","source":"lsy1612507957220","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>KKR Dealmakers Pause for Breath After $60 Billion Pandemic Binge<blockquote>KKR交易撮合者在600亿美元的疫情狂欢后暂停喘息</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\">\nKKR Dealmakers Pause for Breath After $60 Billion Pandemic Binge<blockquote>KKR交易撮合者在600亿美元的疫情狂欢后暂停喘息</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Bloomberg</strong><span class=\"h-time small\">2021-06-28 13:28</span>\n</p>\n</h4>\n</header>\n<article>\n<p>(Bloomberg) -- A relentless global deal binge totaling nearly $60 billion has KKR &amp; Co.’s leadership taking stock -- and a breather.</p><p><blockquote>（彭博社）——总额近600亿美元的无情全球交易热潮让KKR&amp;Co.的领导层进行了盘点，并得到了喘息。</blockquote></p><p> When the pandemic hit, shortly after Philipp Freise and Mattia Caprioli took over new roles in Europe, the buyout house started deploying as much capital as possible while most rivals held back. More than a third of the total was spent in Europe, and KKR started working on a new fund dedicated to the region just a year after closing the last one.</p><p><blockquote>当疫情来袭时，菲利普·弗雷斯(Philipp Freise)和马蒂亚·卡普里奥利(Mattia Caprioli)在欧洲接任新职务后不久，这家收购公司开始部署尽可能多的资本，而大多数竞争对手却犹豫不决。其中超过三分之一的资金用于欧洲，KKR在关闭上一只基金一年后就开始致力于专门针对该地区的新基金。</blockquote></p><p> The breakneck pace of deals took its toll. KKR is now echoing the gentler tone adopted by investment banks like Goldman Sachs Group Inc. after employees balked at the work-till-you-drop culture. The biggest challenge to high performance in the buyout industry is “constant exhaustion,” Freise, 47, said in an interview.</p><p><blockquote>交易的极快速度造成了损失。在员工对“工作到放弃”文化犹豫不决后，KKR现在呼应了高盛集团等投资银行所采取的温和语气。47岁的弗雷斯在接受采访时表示，收购行业高绩效面临的最大挑战是“持续疲惫”。</blockquote></p><p> “As new-generation leaders, our job is to really temper,” said the German dealmaker, who’s co-head of KKR’s European private equity business with Caprioli. “It is almost like conducting an orchestra where the whole thing has gone into ‘Ride of the Valkyries’ -- we have to slow down a little bit to protect the human element from crashing.”</p><p><blockquote>“作为新一代领导者，我们的工作是真正缓和局势，”这位与卡普里奥利共同担任KKR欧洲私募股权业务联席主管的德国交易撮合者表示。“这几乎就像指挥一支管弦乐队，整个事情都进入了《女武神之旅》——我们必须放慢一点速度，以保护人为因素不崩溃。”</blockquote></p><p> The unusually open tone by leaders in the cutthroat buyout industry comes as workplace cultures come under increasing scrutiny and employers seek ways to retain a younger generation of workers. The pandemic served up a brutal cocktail of more deals done over marathon video calls by employees isolated at home. The priority now for Freise and Caprioli is to offer time to recover and make room for a more thoughtful investing approach.</p><p><blockquote>在残酷的收购行业中，领导者们异常开放的语气出现之际，工作场所文化受到越来越多的审查，雇主们正在寻找留住年轻一代员工的方法。疫情提供了一个残酷的鸡尾酒，更多的交易是由隔离在家中的员工通过马拉松视频评级完成的。弗里斯和卡普里奥利现在的首要任务是提供时间恢复，并为更深思熟虑的投资方法腾出空间。</blockquote></p><p> They gave junior staff every Friday off in November and December last year, encouraging them to spend time thinking and reading. The duo have also handed responsibility to their rising stars for emerging trends like medical technology and the future of work.</p><p><blockquote>去年11月和12月，他们让初级员工每周五休息，鼓励他们花时间思考和阅读。两人还将医疗技术和未来工作等新兴趋势的责任交给了他们的后起之秀。</blockquote></p><p> “I don’t think that in the private equity industry 10 years ago people saw it really as their jobs to focus on managing. They thought it was their job to go out and find deals,” Freise said. “The future setup of the private equity industry is to assemble, to retain and manage high-performance teams.”</p><p><blockquote>“我不认为10年前在私募股权行业，人们真的认为专注于管理是他们的工作。他们认为出去寻找交易是他们的工作，”Freise说。“私募股权行业的未来设置是组建、保留和管理高绩效团队。”</blockquote></p><p> Wall Street was set abuzz this year by a leaked presentation from junior Goldman analysts detailing their punishing workload. Banks have responded by raising pay, offering retention bonuses or giving perks from Peloton bikes to Apple gadgets.</p><p><blockquote>今年，高盛初级分析师泄露的一份详细介绍了他们繁重工作量的演示文稿在华尔街引起了轩然大波。银行的回应是提高工资、提供保留奖金或提供从Peloton自行车到苹果小工具的福利。</blockquote></p><p> The issue at buyout firms, like investment banks, is that employees worked around the clock as the pandemic threw up a plethora of deal opportunities. As Covid-19 spread around the globe, KKR decided to not repeat its mistake from the financial crisis, when it stayed largely on the sidelines.</p><p><blockquote>投资银行等收购公司的问题是，随着疫情带来大量交易机会，员工们夜以继日地工作。随着Covid-19在全球蔓延，KKR决定不再重蹈金融危机的覆辙，当时它基本上保持观望。</blockquote></p><p> It became a pivotal moment for KKR in Europe, where it previously hadn’t deployed as much money as in other parts of the world. KKR has announced $19.6 billion of deals in the region since the start of the pandemic, from listed company buyouts to minority investments, according to data compiled by Bloomberg. It’s also snapped up assets from other private equity firms, and sometimes swooped in before rivals had a chance to bid.</p><p><blockquote>这成为KKR在欧洲的关键时刻，此前该公司在欧洲部署的资金不如在世界其他地区多。根据彭博社汇编的数据，自疫情爆发以来，KKR已在该地区宣布了196亿美元的交易，从上市公司收购到少数股权投资。它还从其他私募股权公司手中抢购资产，有时甚至在竞争对手有机会竞购之前就突然介入。</blockquote></p><p> “If anything, we missed some opportunities that if we had more capital available we would have done,” said Caprioli, a 47-year-old Italian who previously worked in mergers and acquisitions at Goldman.</p><p><blockquote>“如果说有什么不同的话，那就是我们错过了一些机会，如果我们有更多可用资本，我们就会抓住这些机会，”曾在高盛从事并购工作的47岁意大利人卡普里奥利说。</blockquote></p><p> Just as virus lockdowns were coming into force in March last year, KKR bought Pennon Group Plc’s waste-management arm for 4.2 billion pounds ($5.8 billion). It also acquired the Wella and Clairol hair-care brands from Coty Inc. in a $4.3 billion transaction.</p><p><blockquote>就在去年3月病毒封锁生效时，KKR以42亿英镑（58亿美元）收购了Pennon Group Plc的废物管理部门。它还以43亿美元的交易从黄凤英公司收购了Wella和Clairol护发品牌。</blockquote></p><p> Later in the year, KKR teamed up with Cinven and Providence Equity Partners to take Masmovil Ibercom SA private in a 3 billion-euro ($3.6 billion) deal and agreed to invest in French hospital chain Elsan alongside Ardian. Market dislocations helped KKR buy some assets for 20% to 30% less than it would pay in a heated auction process, Freise said. The firm reached an agreement this May to buy environmental consultancy ERM Group Inc. for $2.7 billion including debt.</p><p><blockquote>今年晚些时候，KKR与Cinven和Providence Equity Partners合作，以30亿欧元（36亿美元）的价格将Masmovil Ibercom SA私有化，并同意与Ardian一起投资法国连锁医院Elsan。Freise表示，市场混乱帮助KKR以比激烈拍卖过程中支付的价格低20%至30%的价格购买了一些资产。该公司今年5月达成协议，以27亿美元（含债务）收购环境咨询公司ERM Group Inc.。</blockquote></p><p> Caprioli sees more deals on the horizon, with a focus on health care, sustainability, tech and the U.K. Competition for targets is rising, thanks to the record amounts of capital flowing into private equity funds and buoyant debt markets.</p><p><blockquote>卡普里奥利认为更多交易即将到来，重点是医疗保健、可持续发展、科技和英国。由于流入私募股权基金的资金量创历史新高和债务市场活跃，对目标的竞争正在加剧。</blockquote></p><p> Success may require a new approach. Caprioli said he sees this moment as an opportunity to review how KKR recruits, motivates and retain talent. Earlier this year, it hired a former concert pianist as an operating executive in London to work with tech companies in its portfolio.</p><p><blockquote>成功可能需要一种新的方法。卡普里奥利表示，他认为这一时刻是一个回顾KKR如何招募、激励和留住人才的机会。今年早些时候，该公司聘请了一位前音乐会钢琴家担任伦敦的运营主管，与其投资组合中的科技公司合作。</blockquote></p><p> “We need people who go deep in their thinking process,” he said. “Those type of profiles, do you get them out of university, or can you get someone who is streetwise? It’s an interesting challenge.”</p><p><blockquote>“我们需要深入思考过程的人，”他说。“这些类型的个人资料，你能从大学毕业吗，或者你能找到一个街头智慧的人吗？这是一个有趣的挑战。”</blockquote></p><p></p><p> Freise, who previously helped found the failed Venturepark startup incubator in Berlin, couldn’t build financial models when he joined KKR nearly two decades ago as one of its earliest London employees.</p><p><blockquote>Freise曾帮助在柏林创建了失败的Venturepark创业孵化器，近20年前，当他作为KKR最早的伦敦员工之一加入KKR时，他无法建立财务模型。</blockquote></p><p> “A high-performance team these days is very different from 10 years ago,” he said. “We have to be unconventional to ensure diversity of thought.”</p><p><blockquote>“如今的高绩效团队与10年前有很大不同，”他说。“我们必须标新立异，以确保思想的多样性。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/kkr-dealmakers-pause-breath-60-040000439.html\">Bloomberg</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":{"KKR":"KKR & Co L.P."},"source_url":"https://finance.yahoo.com/news/kkr-dealmakers-pause-breath-60-040000439.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1194817259","content_text":"(Bloomberg) -- A relentless global deal binge totaling nearly $60 billion has KKR & Co.’s leadership taking stock -- and a breather.\nWhen the pandemic hit, shortly after Philipp Freise and Mattia Caprioli took over new roles in Europe, the buyout house started deploying as much capital as possible while most rivals held back. More than a third of the total was spent in Europe, and KKR started working on a new fund dedicated to the region just a year after closing the last one.\nThe breakneck pace of deals took its toll. KKR is now echoing the gentler tone adopted by investment banks like Goldman Sachs Group Inc. after employees balked at the work-till-you-drop culture. The biggest challenge to high performance in the buyout industry is “constant exhaustion,” Freise, 47, said in an interview.\n“As new-generation leaders, our job is to really temper,” said the German dealmaker, who’s co-head of KKR’s European private equity business with Caprioli. “It is almost like conducting an orchestra where the whole thing has gone into ‘Ride of the Valkyries’ -- we have to slow down a little bit to protect the human element from crashing.”\nThe unusually open tone by leaders in the cutthroat buyout industry comes as workplace cultures come under increasing scrutiny and employers seek ways to retain a younger generation of workers. The pandemic served up a brutal cocktail of more deals done over marathon video calls by employees isolated at home. The priority now for Freise and Caprioli is to offer time to recover and make room for a more thoughtful investing approach.\nThey gave junior staff every Friday off in November and December last year, encouraging them to spend time thinking and reading. The duo have also handed responsibility to their rising stars for emerging trends like medical technology and the future of work.\n“I don’t think that in the private equity industry 10 years ago people saw it really as their jobs to focus on managing. They thought it was their job to go out and find deals,” Freise said. “The future setup of the private equity industry is to assemble, to retain and manage high-performance teams.”\nWall Street was set abuzz this year by a leaked presentation from junior Goldman analysts detailing their punishing workload. Banks have responded by raising pay, offering retention bonuses or giving perks from Peloton bikes to Apple gadgets.\nThe issue at buyout firms, like investment banks, is that employees worked around the clock as the pandemic threw up a plethora of deal opportunities. As Covid-19 spread around the globe, KKR decided to not repeat its mistake from the financial crisis, when it stayed largely on the sidelines.\nIt became a pivotal moment for KKR in Europe, where it previously hadn’t deployed as much money as in other parts of the world. KKR has announced $19.6 billion of deals in the region since the start of the pandemic, from listed company buyouts to minority investments, according to data compiled by Bloomberg. It’s also snapped up assets from other private equity firms, and sometimes swooped in before rivals had a chance to bid.\n“If anything, we missed some opportunities that if we had more capital available we would have done,” said Caprioli, a 47-year-old Italian who previously worked in mergers and acquisitions at Goldman.\nJust as virus lockdowns were coming into force in March last year, KKR bought Pennon Group Plc’s waste-management arm for 4.2 billion pounds ($5.8 billion). It also acquired the Wella and Clairol hair-care brands from Coty Inc. in a $4.3 billion transaction.\nLater in the year, KKR teamed up with Cinven and Providence Equity Partners to take Masmovil Ibercom SA private in a 3 billion-euro ($3.6 billion) deal and agreed to invest in French hospital chain Elsan alongside Ardian. Market dislocations helped KKR buy some assets for 20% to 30% less than it would pay in a heated auction process, Freise said. The firm reached an agreement this May to buy environmental consultancy ERM Group Inc. for $2.7 billion including debt.\nCaprioli sees more deals on the horizon, with a focus on health care, sustainability, tech and the U.K. Competition for targets is rising, thanks to the record amounts of capital flowing into private equity funds and buoyant debt markets.\nSuccess may require a new approach. Caprioli said he sees this moment as an opportunity to review how KKR recruits, motivates and retain talent. Earlier this year, it hired a former concert pianist as an operating executive in London to work with tech companies in its portfolio.\n“We need people who go deep in their thinking process,” he said. “Those type of profiles, do you get them out of university, or can you get someone who is streetwise? It’s an interesting challenge.”\nFreise, who previously helped found the failed Venturepark startup incubator in Berlin, couldn’t build financial models when he joined KKR nearly two decades ago as one of its earliest London employees.\n“A high-performance team these days is very different from 10 years ago,” he said. “We have to be unconventional to ensure diversity of thought.”","news_type":1,"symbols_score_info":{"KKR":0.9}},"isVote":1,"tweetType":1,"viewCount":370,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":124780361,"gmtCreate":1624792075353,"gmtModify":1631888944139,"author":{"id":"3586428270506916","authorId":"3586428270506916","name":"alvinphang95","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586428270506916","idStr":"3586428270506916"},"themes":[],"htmlText":"Ricketttttt","listText":"Ricketttttt","text":"Ricketttttt","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/124780361","repostId":"1172710941","repostType":4,"isVote":1,"tweetType":1,"viewCount":417,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":126723453,"gmtCreate":1624585372072,"gmtModify":1631891748467,"author":{"id":"3586428270506916","authorId":"3586428270506916","name":"alvinphang95","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586428270506916","idStr":"3586428270506916"},"themes":[],"htmlText":"Sounds 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to readddd","listText":"Good to readddd","text":"Good to readddd","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/164196550","repostId":"1133385197","repostType":4,"isVote":1,"tweetType":1,"viewCount":349,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":164360708,"gmtCreate":1624172301604,"gmtModify":1631891748485,"author":{"id":"3586428270506916","authorId":"3586428270506916","name":"alvinphang95","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586428270506916","idStr":"3586428270506916"},"themes":[],"htmlText":"Oh Mai gosh","listText":"Oh Mai gosh","text":"Oh Mai gosh","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/164360708","repostId":"1126454279","repostType":4,"isVote":1,"tweetType":1,"viewCount":182,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":186694333,"gmtCreate":1623489776322,"gmtModify":1631891748485,"author":{"id":"3586428270506916","authorId":"3586428270506916","name":"alvinphang95","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586428270506916","idStr":"3586428270506916"},"themes":[],"htmlText":"Wettt wettt ah","listText":"Wettt wettt ah","text":"Wettt wettt ah","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/186694333","repostId":"186388851","repostType":1,"repost":{"id":186388851,"gmtCreate":1623473793070,"gmtModify":1631885901828,"author":{"id":"36984908995200","authorId":"36984908995200","name":"小虎活动","avatar":"https://static.tigerbbs.com/9e396d03155923b283948d2dec9191f8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"36984908995200","idStr":"36984908995200"},"themes":[],"title":"分享老虎七周年精彩瞬间，获取随机虎币打赏！","htmlText":"\n \n \n  在活动现场的虎友，欢迎大家分享你在老虎七周年活动现场的照片，即可获得66-666虎币随机打赏~更有机会赢小虎玩偶，马克杯等周边奖品。【活动时间】2021年6月12日【参与方式】欢迎大家在本帖“留言并转发”参与活动，或者在“老虎七周年嘉年华”主题下发帖，晒出你在现场的活动图，并艾特 <a target=\"_blank\" href=\"https://laohu8.com/U/36984908995200\">@小虎活动</a> @小虎AV即可参与【活动奖励】凡是按照规则分享活动照片即可获得66-666虎币随机打赏，我们还会随机选出幸运虎友赠予小虎玩偶，或者马克杯等周边奖品（质量越高，点赞越高，互动越高，获奖几率越大）【特别奖励】相信有很多朋友由于各种原因没有办法到达老虎七周年的现场，不要着急，福利来啦！6月12日，社区将为无法来到现场相聚的虎友们同步进行线上直播! <a href=\"https://laohu8.com/RN?name=RNLive&amp;rndata={&quot;liveId&quot;:&quot;16226253307800&quot;}\" target=\"_blank\">戳我围观直播</a>悄悄地告诉你，本次Open Day直播还会设有抽奖环节，主持人会在15：00、16：00、17：00、17：40&nbsp;四个时间节点在直播间进行提问，参与抢答问题的虎友将有机会赢得老虎全球限量大礼包！【抽奖规则】：每轮抽奖主持人提问或发出口令后，虎友们需要第一时间在直播间评论区敲出答案获对应口令，工作人员将随机截取3位回答正确的幸运观众，送出老虎7周年全球限量大礼包哦~【奖品发放】中奖名单将当场公布，届时中奖的虎友请主动添加@爱发红包的虎妞 微信领取奖品，微信号是tigerbrokers。\n \n","listText":"在活动现场的虎友，欢迎大家分享你在老虎七周年活动现场的照片，即可获得66-666虎币随机打赏~更有机会赢小虎玩偶，马克杯等周边奖品。【活动时间】2021年6月12日【参与方式】欢迎大家在本帖“留言并转发”参与活动，或者在“老虎七周年嘉年华”主题下发帖，晒出你在现场的活动图，并艾特 <a target=\"_blank\" href=\"https://laohu8.com/U/36984908995200\">@小虎活动</a> @小虎AV即可参与【活动奖励】凡是按照规则分享活动照片即可获得66-666虎币随机打赏，我们还会随机选出幸运虎友赠予小虎玩偶，或者马克杯等周边奖品（质量越高，点赞越高，互动越高，获奖几率越大）【特别奖励】相信有很多朋友由于各种原因没有办法到达老虎七周年的现场，不要着急，福利来啦！6月12日，社区将为无法来到现场相聚的虎友们同步进行线上直播! <a href=\"https://laohu8.com/RN?name=RNLive&amp;rndata={&quot;liveId&quot;:&quot;16226253307800&quot;}\" target=\"_blank\">戳我围观直播</a>悄悄地告诉你，本次Open Day直播还会设有抽奖环节，主持人会在15：00、16：00、17：00、17：40&nbsp;四个时间节点在直播间进行提问，参与抢答问题的虎友将有机会赢得老虎全球限量大礼包！【抽奖规则】：每轮抽奖主持人提问或发出口令后，虎友们需要第一时间在直播间评论区敲出答案获对应口令，工作人员将随机截取3位回答正确的幸运观众，送出老虎7周年全球限量大礼包哦~【奖品发放】中奖名单将当场公布，届时中奖的虎友请主动添加@爱发红包的虎妞 微信领取奖品，微信号是tigerbrokers。","text":"在活动现场的虎友，欢迎大家分享你在老虎七周年活动现场的照片，即可获得66-666虎币随机打赏~更有机会赢小虎玩偶，马克杯等周边奖品。【活动时间】2021年6月12日【参与方式】欢迎大家在本帖“留言并转发”参与活动，或者在“老虎七周年嘉年华”主题下发帖，晒出你在现场的活动图，并艾特 @小虎活动 @小虎AV即可参与【活动奖励】凡是按照规则分享活动照片即可获得66-666虎币随机打赏，我们还会随机选出幸运虎友赠予小虎玩偶，或者马克杯等周边奖品（质量越高，点赞越高，互动越高，获奖几率越大）【特别奖励】相信有很多朋友由于各种原因没有办法到达老虎七周年的现场，不要着急，福利来啦！6月12日，社区将为无法来到现场相聚的虎友们同步进行线上直播! 戳我围观直播悄悄地告诉你，本次Open Day直播还会设有抽奖环节，主持人会在15：00、16：00、17：00、17：40 四个时间节点在直播间进行提问，参与抢答问题的虎友将有机会赢得老虎全球限量大礼包！【抽奖规则】：每轮抽奖主持人提问或发出口令后，虎友们需要第一时间在直播间评论区敲出答案获对应口令，工作人员将随机截取3位回答正确的幸运观众，送出老虎7周年全球限量大礼包哦~【奖品发放】中奖名单将当场公布，届时中奖的虎友请主动添加@爱发红包的虎妞 微信领取奖品，微信号是tigerbrokers。","images":[],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/186388851","isVote":1,"tweetType":2,"object":{"id":"937288312ea942aea7d36787b274aa53","tweetId":"186388851","videoUrl":"https://1254107296.vod2.myqcloud.com/27e1f7ecvodtransgzp1254107296/43f117a63701925919089160461/v.f30.mp4","poster":"https://static.tigerbbs.com/cf4274e70584942c828dcdfe5d150800"},"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":222,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":188206477,"gmtCreate":1623439936899,"gmtModify":1631891748488,"author":{"id":"3586428270506916","authorId":"3586428270506916","name":"alvinphang95","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586428270506916","idStr":"3586428270506916"},"themes":[],"htmlText":"Yea","listText":"Yea","text":"Yea","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/188206477","repostId":"1198311684","repostType":4,"repost":{"id":"1198311684","kind":"news","pubTimestamp":1623415805,"share":"https://www.laohu8.com/m/news/1198311684?lang=zh_CN&edition=full","pubTime":"2021-06-11 20:50","market":"us","language":"en","title":"Opinion: Stock investors now have come to a cliff in the road — and options are limited<blockquote>观点：股票投资者现在已经走到了悬崖边——而且选择有限</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1198311684","media":"MarketWatch","summary":"Fundamental things haven’t applied to the U.S. market but that seems about to change.\n\nThe coronavir","content":"<p>  <b>Fundamental things haven’t applied to the U.S. market but that seems about to change.</b>  The coronavirus pandemic has been excellent for investors, but most now realize that the stock market’s extraordinary performance is not based on fundamentals, which ceased to matter some time ago.</p><p><blockquote><b>基本面尚未适用于美国市场，但这种情况似乎即将改变。</b>冠状病毒大流行对投资者来说非常好，但大多数人现在意识到，股市的非凡表现并不是基于基本面，而基本面在一段时间前就不再重要了。</blockquote></p><p> Central banks have been driving asset prices with massive liquidity infusions and zero interest rates. Consumption and corporate earnings are underpinned by large government transfer payments, fiscal stimulus and industry support.</p><p><blockquote>各国央行一直在通过大规模流动性注入和零利率来推动资产价格。消费和企业盈利受到政府巨额转移支付、财政刺激和行业支持的支撑。</blockquote></p><p> Will it last? The consensus is that most assets are overpriced. Prices ultimately are the present value of future cash flows. Authorities have manipulated the discount rate but altering underlying long-term cash flows, which are driven by the real economy, is more difficult. Low volatility, engineered by central banks, also encourages exuberant prices. At some stage, profligate government deficits may be reigned by either winding back spending or increasing taxes. These policies may also drive inflation, requiring tighter monetary policy and higher rates.&nbsp;</p><p><blockquote>它会持续吗？共识是大多数资产定价过高。价格最终是未来现金流的现值。当局操纵了贴现率，但改变由实体经济驱动的潜在长期现金流更加困难。央行设计的低波动性也鼓励了价格的上涨。在某个阶段，挥霍无度的政府赤字可能会通过减少支出或增加税收来控制。这些政策也可能推动通胀，需要收紧货币政策和提高利率。</blockquote></p><p> Currently high stock prices expose investors to the risk of a sudden correction, when the game of musical chairs stops unexpectedly. Given that almost all of the gains have been in price rather than income (dividends, interest, etc.), the vulnerability is exacerbated. The unstable structure of the financial system — high leverage, shadow banks, illiquidity, unresolved linkages, the rise in trend following investors — means that any problem may trigger a major adjustment.</p><p><blockquote>目前的高股价使投资者面临突然调整的风险，当音乐椅的游戏意外停止时。鉴于几乎所有的收益都是价格而不是收入（股息、利息等）。），脆弱性加剧。金融体系的不稳定结构——高杠杆、影子银行、流动性不足、未解决的联系、跟风投资者的上升——意味着任何问题都可能引发重大调整。</blockquote></p><p> Investors’ options are limited. You could believe in the permanency of a “new normal.” Risky asset investments are then justified on the basis that authorities must ensure high- and rising asset prices, primarily as the alternative is too awful to contemplate. This assumes that policy options remain unconstrained indefinitely.</p><p><blockquote>投资者的选择有限。你可以相信“新常态”的持久性。然后，风险资产投资是合理的，因为当局必须确保高且不断上涨的资产价格，主要是因为替代方案太糟糕而无法考虑。这假设策略选项无限期地保持不受约束。</blockquote></p><p> Or investors can rely on momentum, essentially Keynes’ so-called beauty contest theory of investing, which anticipated today’s “meme stocks.” Successful investment requires investors to select the most popular faces among all judges, rather than those they may personally find the most attractive. The difficulty is knowing the judge’s mind and recognizing when to sell before the music stops.</p><p><blockquote>或者投资者可以依靠动量，本质上是凯恩斯所谓的投资选美理论，该理论预测了今天的“模因股票”。成功的投资需要投资者在所有评委中选出最受欢迎的面孔，而不是他们个人可能觉得最有吸引力的面孔。困难在于了解法官的想法，并在音乐停止之前识别何时出售。</blockquote></p><p> Third, investors can park their money in cash. This means accepting exceptionally low returns perhaps for a prolonged period and, worst of all, missing out on further gains.</p><p><blockquote>第三，投资者可以将资金存入现金。这意味着可能会在很长一段时间内接受极低的回报，最糟糕的是，错过进一步的收益。</blockquote></p><p> An alternative is to reposition defensively into assets or businesses with reliable income streams operating in essential industries or selling staples. These traditional “widows and orphans” investments are more difficult to find today. “Safe” government bonds now offer little income but high risk. Stock and property prices are highly correlated, reflecting investor behavior as well as the common reliance on leverage. More liquid and better-quality assets frequently come under selling pressure when leveraged investors need to raise cash. Today, just as a rising tide lifts all boats, a receding surge leaves everyone stranded.</p><p><blockquote>另一种选择是防御性地重新定位于在重要行业运营或销售主食的具有可靠收入流的资产或业务。这些传统的“寡妇和孤儿”投资如今更难找到。“安全”政府债券现在收入很少，但风险很高。股票和房地产价格高度相关，反映了投资者行为以及对杠杆的普遍依赖。当杠杆投资者需要筹集现金时，流动性更强、质量更好的资产经常面临抛售压力。今天，就像涨潮托起所有的船一样，退潮让每个人都被困住了。</blockquote></p><p> Fourth, investors can seek to benefit from higher inflation, switching to stocks that benefit from increasing prices. But the impact on equity prices will depend on whether it is profit inflation (that is, end-product prices rise) or cost inflation, including increases in wages. If it is the latter, then the squeeze on earnings may adversely affect equity valuations. Combined with higher rates, this may adversely affect stocks. Another alternative is inflation-linked securities, such as Treasury inflation-protected securities (TIPS) &nbsp;TIP,+0.52%&nbsp;or commodities.&nbsp;</p><p><blockquote>第四，投资者可以寻求从通胀上升中受益，转向受益于价格上涨的股票。但对股价的影响将取决于是利润通胀（即终端产品价格上涨）还是成本通胀，包括工资上涨。如果是后者，那么盈利的挤压可能会对股票估值产生不利影响。再加上利率上升，这可能会对股票产生不利影响。另一种选择是通胀挂钩证券，例如国债通胀保值证券(TIPS)TIP，+0.52%或大宗商品。</blockquote></p><p> Fifth, investors could go “off-piste,” believing that existing policies are unsustainable and the economic system is irredeemable broken. This favors crypto-currencies, precious metals or collectibles — non-traditional assets whose supply is naturally constrained. The ability of the state to confiscate, tax and regulate, as well as reliance on courts to enforce rights, complicates this quest for freedom.</p><p><blockquote>第五，投资者可能会“偏离轨道”，认为现有政策不可持续，经济体系已无可挽回地崩溃。这有利于加密货币、贵金属或收藏品——供应自然受到限制的非传统资产。国家没收、征税和监管的能力，以及对法院执行权利的依赖，使这种对自由的追求变得复杂。</blockquote></p><p> The ultra-rich and some high-net worth individuals have gone off-grid already by moving into private markets. Concerned about manipulated and gamified markets, they focus now on non-listed real businesses and assets as well as private debt, sacrificing liquidity and transparency for better economics, privacy and control. Unfortunately, these options are limited for ordinary individuals — a different form of inequality.</p><p><blockquote>超级富豪和一些高净值人士已经通过进入私人市场而脱离了电网。由于担心被操纵和游戏化的市场，他们现在专注于非上市的实体企业和资产以及私人债务，为了更好的经济性、隐私和控制而牺牲流动性和透明度。不幸的是，这些选择对普通人来说是有限的——这是一种不同形式的不平等。</blockquote></p><p> Investors therefore face Hobson’s illusory choice, where only one thing is actually offered. They can lose by betting against price rises or that prices keep rising.&nbsp;</p><p><blockquote>因此，投资者面临着霍布森虚幻的选择，实际上只提供一件事。他们可能会因为押注价格上涨或价格持续上涨而失败。</blockquote></p><p></p><p> Policymakers, meanwhile, continue to compound decades of mistakes. They must now keep increasing debt and maintaining low rates in order to keep asset prices high. Government deficits are essential to maintaining economic activity. Kicking the can down the road is the only way to ensure that the day of reckoning is deferred — NIMTO (not in my term of office). This forces investors to go out further on the risk curve to generate returns.&nbsp;</p><p><blockquote>与此同时，政策制定者继续加剧几十年来的错误。他们现在必须继续增加债务并维持低利率，以保持资产价格高位。政府赤字对于维持经济活动至关重要。把罐子踢到路边是确保清算日推迟的唯一方法——NIMTO（不是在我的任期内）。这迫使投资者在风险曲线上走得更远以产生回报。</blockquote></p><p> Perhaps investors nowadays should stick to comedian Will Rogers’s famous investment advice: “Don’t gamble; take all your savings and buy some good stock and hold it till it goes up, then sell it. If it don’t go up, don’t buy it.”</p><p><blockquote>也许现在的投资者应该坚持喜剧演员威尔·罗杰斯的著名投资建议：“不要赌博；拿出你所有的积蓄，买一些好股票，一直持有到它上涨，然后卖掉它。如果它没有上涨，就不要买它。”</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Opinion: Stock investors now have come to a cliff in the road — and options are limited<blockquote>观点：股票投资者现在已经走到了悬崖边——而且选择有限</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nOpinion: Stock investors now have come to a cliff in the road — and options are limited<blockquote>观点：股票投资者现在已经走到了悬崖边——而且选择有限</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-06-11 20:50</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>Fundamental things haven’t applied to the U.S. market but that seems about to change.</b>  The coronavirus pandemic has been excellent for investors, but most now realize that the stock market’s extraordinary performance is not based on fundamentals, which ceased to matter some time ago.</p><p><blockquote><b>基本面尚未适用于美国市场，但这种情况似乎即将改变。</b>冠状病毒大流行对投资者来说非常好，但大多数人现在意识到，股市的非凡表现并不是基于基本面，而基本面在一段时间前就不再重要了。</blockquote></p><p> Central banks have been driving asset prices with massive liquidity infusions and zero interest rates. Consumption and corporate earnings are underpinned by large government transfer payments, fiscal stimulus and industry support.</p><p><blockquote>各国央行一直在通过大规模流动性注入和零利率来推动资产价格。消费和企业盈利受到政府巨额转移支付、财政刺激和行业支持的支撑。</blockquote></p><p> Will it last? The consensus is that most assets are overpriced. Prices ultimately are the present value of future cash flows. Authorities have manipulated the discount rate but altering underlying long-term cash flows, which are driven by the real economy, is more difficult. Low volatility, engineered by central banks, also encourages exuberant prices. At some stage, profligate government deficits may be reigned by either winding back spending or increasing taxes. These policies may also drive inflation, requiring tighter monetary policy and higher rates.&nbsp;</p><p><blockquote>它会持续吗？共识是大多数资产定价过高。价格最终是未来现金流的现值。当局操纵了贴现率，但改变由实体经济驱动的潜在长期现金流更加困难。央行设计的低波动性也鼓励了价格的上涨。在某个阶段，挥霍无度的政府赤字可能会通过减少支出或增加税收来控制。这些政策也可能推动通胀，需要收紧货币政策和提高利率。</blockquote></p><p> Currently high stock prices expose investors to the risk of a sudden correction, when the game of musical chairs stops unexpectedly. Given that almost all of the gains have been in price rather than income (dividends, interest, etc.), the vulnerability is exacerbated. The unstable structure of the financial system — high leverage, shadow banks, illiquidity, unresolved linkages, the rise in trend following investors — means that any problem may trigger a major adjustment.</p><p><blockquote>目前的高股价使投资者面临突然调整的风险，当音乐椅的游戏意外停止时。鉴于几乎所有的收益都是价格而不是收入（股息、利息等）。），脆弱性加剧。金融体系的不稳定结构——高杠杆、影子银行、流动性不足、未解决的联系、跟风投资者的上升——意味着任何问题都可能引发重大调整。</blockquote></p><p> Investors’ options are limited. You could believe in the permanency of a “new normal.” Risky asset investments are then justified on the basis that authorities must ensure high- and rising asset prices, primarily as the alternative is too awful to contemplate. This assumes that policy options remain unconstrained indefinitely.</p><p><blockquote>投资者的选择有限。你可以相信“新常态”的持久性。然后，风险资产投资是合理的，因为当局必须确保高且不断上涨的资产价格，主要是因为替代方案太糟糕而无法考虑。这假设策略选项无限期地保持不受约束。</blockquote></p><p> Or investors can rely on momentum, essentially Keynes’ so-called beauty contest theory of investing, which anticipated today’s “meme stocks.” Successful investment requires investors to select the most popular faces among all judges, rather than those they may personally find the most attractive. The difficulty is knowing the judge’s mind and recognizing when to sell before the music stops.</p><p><blockquote>或者投资者可以依靠动量，本质上是凯恩斯所谓的投资选美理论，该理论预测了今天的“模因股票”。成功的投资需要投资者在所有评委中选出最受欢迎的面孔，而不是他们个人可能觉得最有吸引力的面孔。困难在于了解法官的想法，并在音乐停止之前识别何时出售。</blockquote></p><p> Third, investors can park their money in cash. This means accepting exceptionally low returns perhaps for a prolonged period and, worst of all, missing out on further gains.</p><p><blockquote>第三，投资者可以将资金存入现金。这意味着可能会在很长一段时间内接受极低的回报，最糟糕的是，错过进一步的收益。</blockquote></p><p> An alternative is to reposition defensively into assets or businesses with reliable income streams operating in essential industries or selling staples. These traditional “widows and orphans” investments are more difficult to find today. “Safe” government bonds now offer little income but high risk. Stock and property prices are highly correlated, reflecting investor behavior as well as the common reliance on leverage. More liquid and better-quality assets frequently come under selling pressure when leveraged investors need to raise cash. Today, just as a rising tide lifts all boats, a receding surge leaves everyone stranded.</p><p><blockquote>另一种选择是防御性地重新定位于在重要行业运营或销售主食的具有可靠收入流的资产或业务。这些传统的“寡妇和孤儿”投资如今更难找到。“安全”政府债券现在收入很少，但风险很高。股票和房地产价格高度相关，反映了投资者行为以及对杠杆的普遍依赖。当杠杆投资者需要筹集现金时，流动性更强、质量更好的资产经常面临抛售压力。今天，就像涨潮托起所有的船一样，退潮让每个人都被困住了。</blockquote></p><p> Fourth, investors can seek to benefit from higher inflation, switching to stocks that benefit from increasing prices. But the impact on equity prices will depend on whether it is profit inflation (that is, end-product prices rise) or cost inflation, including increases in wages. If it is the latter, then the squeeze on earnings may adversely affect equity valuations. Combined with higher rates, this may adversely affect stocks. Another alternative is inflation-linked securities, such as Treasury inflation-protected securities (TIPS) &nbsp;TIP,+0.52%&nbsp;or commodities.&nbsp;</p><p><blockquote>第四，投资者可以寻求从通胀上升中受益，转向受益于价格上涨的股票。但对股价的影响将取决于是利润通胀（即终端产品价格上涨）还是成本通胀，包括工资上涨。如果是后者，那么盈利的挤压可能会对股票估值产生不利影响。再加上利率上升，这可能会对股票产生不利影响。另一种选择是通胀挂钩证券，例如国债通胀保值证券(TIPS)TIP，+0.52%或大宗商品。</blockquote></p><p> Fifth, investors could go “off-piste,” believing that existing policies are unsustainable and the economic system is irredeemable broken. This favors crypto-currencies, precious metals or collectibles — non-traditional assets whose supply is naturally constrained. The ability of the state to confiscate, tax and regulate, as well as reliance on courts to enforce rights, complicates this quest for freedom.</p><p><blockquote>第五，投资者可能会“偏离轨道”，认为现有政策不可持续，经济体系已无可挽回地崩溃。这有利于加密货币、贵金属或收藏品——供应自然受到限制的非传统资产。国家没收、征税和监管的能力，以及对法院执行权利的依赖，使这种对自由的追求变得复杂。</blockquote></p><p> The ultra-rich and some high-net worth individuals have gone off-grid already by moving into private markets. Concerned about manipulated and gamified markets, they focus now on non-listed real businesses and assets as well as private debt, sacrificing liquidity and transparency for better economics, privacy and control. Unfortunately, these options are limited for ordinary individuals — a different form of inequality.</p><p><blockquote>超级富豪和一些高净值人士已经通过进入私人市场而脱离了电网。由于担心被操纵和游戏化的市场，他们现在专注于非上市的实体企业和资产以及私人债务，为了更好的经济性、隐私和控制而牺牲流动性和透明度。不幸的是，这些选择对普通人来说是有限的——这是一种不同形式的不平等。</blockquote></p><p> Investors therefore face Hobson’s illusory choice, where only one thing is actually offered. They can lose by betting against price rises or that prices keep rising.&nbsp;</p><p><blockquote>因此，投资者面临着霍布森虚幻的选择，实际上只提供一件事。他们可能会因为押注价格上涨或价格持续上涨而失败。</blockquote></p><p></p><p> Policymakers, meanwhile, continue to compound decades of mistakes. They must now keep increasing debt and maintaining low rates in order to keep asset prices high. Government deficits are essential to maintaining economic activity. Kicking the can down the road is the only way to ensure that the day of reckoning is deferred — NIMTO (not in my term of office). This forces investors to go out further on the risk curve to generate returns.&nbsp;</p><p><blockquote>与此同时，政策制定者继续加剧几十年来的错误。他们现在必须继续增加债务并维持低利率，以保持资产价格高位。政府赤字对于维持经济活动至关重要。把罐子踢到路边是确保清算日推迟的唯一方法——NIMTO（不是在我的任期内）。这迫使投资者在风险曲线上走得更远以产生回报。</blockquote></p><p> Perhaps investors nowadays should stick to comedian Will Rogers’s famous investment advice: “Don’t gamble; take all your savings and buy some good stock and hold it till it goes up, then sell it. If it don’t go up, don’t buy it.”</p><p><blockquote>也许现在的投资者应该坚持喜剧演员威尔·罗杰斯的著名投资建议：“不要赌博；拿出你所有的积蓄，买一些好股票，一直持有到它上涨，然后卖掉它。如果它没有上涨，就不要买它。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/stock-investors-now-have-come-to-a-cliff-in-the-road-and-options-are-limited-11623375733?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":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite","SPY":"标普500ETF"},"source_url":"https://www.marketwatch.com/story/stock-investors-now-have-come-to-a-cliff-in-the-road-and-options-are-limited-11623375733?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1198311684","content_text":"Fundamental things haven’t applied to the U.S. market but that seems about to change.\n\nThe coronavirus pandemic has been excellent for investors, but most now realize that the stock market’s extraordinary performance is not based on fundamentals, which ceased to matter some time ago.\nCentral banks have been driving asset prices with massive liquidity infusions and zero interest rates. Consumption and corporate earnings are underpinned by large government transfer payments, fiscal stimulus and industry support.\nWill it last? The consensus is that most assets are overpriced. Prices ultimately are the present value of future cash flows. Authorities have manipulated the discount rate but altering underlying long-term cash flows, which are driven by the real economy, is more difficult. Low volatility, engineered by central banks, also encourages exuberant prices. At some stage, profligate government deficits may be reigned by either winding back spending or increasing taxes. These policies may also drive inflation, requiring tighter monetary policy and higher rates. \nCurrently high stock prices expose investors to the risk of a sudden correction, when the game of musical chairs stops unexpectedly. Given that almost all of the gains have been in price rather than income (dividends, interest, etc.), the vulnerability is exacerbated. The unstable structure of the financial system — high leverage, shadow banks, illiquidity, unresolved linkages, the rise in trend following investors — means that any problem may trigger a major adjustment.\nInvestors’ options are limited. You could believe in the permanency of a “new normal.” Risky asset investments are then justified on the basis that authorities must ensure high- and rising asset prices, primarily as the alternative is too awful to contemplate. This assumes that policy options remain unconstrained indefinitely.\nOr investors can rely on momentum, essentially Keynes’ so-called beauty contest theory of investing, which anticipated today’s “meme stocks.” Successful investment requires investors to select the most popular faces among all judges, rather than those they may personally find the most attractive. The difficulty is knowing the judge’s mind and recognizing when to sell before the music stops.\nThird, investors can park their money in cash. This means accepting exceptionally low returns perhaps for a prolonged period and, worst of all, missing out on further gains.\nAn alternative is to reposition defensively into assets or businesses with reliable income streams operating in essential industries or selling staples. These traditional “widows and orphans” investments are more difficult to find today. “Safe” government bonds now offer little income but high risk. Stock and property prices are highly correlated, reflecting investor behavior as well as the common reliance on leverage. More liquid and better-quality assets frequently come under selling pressure when leveraged investors need to raise cash. Today, just as a rising tide lifts all boats, a receding surge leaves everyone stranded.\nFourth, investors can seek to benefit from higher inflation, switching to stocks that benefit from increasing prices. But the impact on equity prices will depend on whether it is profit inflation (that is, end-product prices rise) or cost inflation, including increases in wages. If it is the latter, then the squeeze on earnings may adversely affect equity valuations. Combined with higher rates, this may adversely affect stocks. Another alternative is inflation-linked securities, such as Treasury inflation-protected securities (TIPS)  TIP,+0.52% or commodities. \nFifth, investors could go “off-piste,” believing that existing policies are unsustainable and the economic system is irredeemable broken. This favors crypto-currencies, precious metals or collectibles — non-traditional assets whose supply is naturally constrained. The ability of the state to confiscate, tax and regulate, as well as reliance on courts to enforce rights, complicates this quest for freedom.\nThe ultra-rich and some high-net worth individuals have gone off-grid already by moving into private markets. Concerned about manipulated and gamified markets, they focus now on non-listed real businesses and assets as well as private debt, sacrificing liquidity and transparency for better economics, privacy and control. Unfortunately, these options are limited for ordinary individuals — a different form of inequality.\nInvestors therefore face Hobson’s illusory choice, where only one thing is actually offered. They can lose by betting against price rises or that prices keep rising. \nPolicymakers, meanwhile, continue to compound decades of mistakes. They must now keep increasing debt and maintaining low rates in order to keep asset prices high. Government deficits are essential to maintaining economic activity. Kicking the can down the road is the only way to ensure that the day of reckoning is deferred — NIMTO (not in my term of office). This forces investors to go out further on the risk curve to generate returns. \nPerhaps investors nowadays should stick to comedian Will Rogers’s famous investment advice: “Don’t gamble; take all your savings and buy some good stock and hold it till it goes up, then sell it. If it don’t go up, don’t buy it.”","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":257,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":188203444,"gmtCreate":1623439072488,"gmtModify":1631891748495,"author":{"id":"3586428270506916","authorId":"3586428270506916","name":"alvinphang95","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586428270506916","idStr":"3586428270506916"},"themes":[],"htmlText":"Oh mai","listText":"Oh mai","text":"Oh mai","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/188203444","repostId":"1146386859","repostType":4,"isVote":1,"tweetType":1,"viewCount":379,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":157224210,"gmtCreate":1625584620730,"gmtModify":1631888944129,"author":{"id":"3586428270506916","authorId":"3586428270506916","name":"alvinphang95","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586428270506916","authorIdStr":"3586428270506916"},"themes":[],"htmlText":"Oh maii","listText":"Oh maii","text":"Oh maii","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/157224210","repostId":"2149936563","repostType":4,"isVote":1,"tweetType":1,"viewCount":405,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":126723453,"gmtCreate":1624585372072,"gmtModify":1631891748467,"author":{"id":"3586428270506916","authorId":"3586428270506916","name":"alvinphang95","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586428270506916","authorIdStr":"3586428270506916"},"themes":[],"htmlText":"Sounds greattt yo","listText":"Sounds greattt yo","text":"Sounds greattt yo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/126723453","repostId":"2146023477","repostType":4,"isVote":1,"tweetType":1,"viewCount":222,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":167068555,"gmtCreate":1624239785377,"gmtModify":1631891748474,"author":{"id":"3586428270506916","authorId":"3586428270506916","name":"alvinphang95","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586428270506916","authorIdStr":"3586428270506916"},"themes":[],"htmlText":"Sweeetzzzz","listText":"Sweeetzzzz","text":"Sweeetzzzz","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/167068555","repostId":"1154249454","repostType":4,"isVote":1,"tweetType":1,"viewCount":235,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":899856998,"gmtCreate":1628174944214,"gmtModify":1631888944118,"author":{"id":"3586428270506916","authorId":"3586428270506916","name":"alvinphang95","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586428270506916","authorIdStr":"3586428270506916"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/EDU\">$EDU 20230120 5.0 CALL(EDU)$</a>Well well well","listText":"<a href=\"https://laohu8.com/S/EDU\">$EDU 20230120 5.0 CALL(EDU)$</a>Well well well","text":"$EDU 20230120 5.0 CALL(EDU)$Well well well","images":[{"img":"https://static.tigerbbs.com/49705cbfe0c734183b7141aabd5d01c1","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/899856998","isVote":1,"tweetType":1,"viewCount":692,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":899858175,"gmtCreate":1628174909197,"gmtModify":1631888944117,"author":{"id":"3586428270506916","authorId":"3586428270506916","name":"alvinphang95","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586428270506916","authorIdStr":"3586428270506916"},"themes":[],"htmlText":"Oh yeaaaa","listText":"Oh yeaaaa","text":"Oh yeaaaa","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/899858175","repostId":"2157431025","repostType":4,"isVote":1,"tweetType":1,"viewCount":599,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802885762,"gmtCreate":1627751877056,"gmtModify":1631888944123,"author":{"id":"3586428270506916","authorId":"3586428270506916","name":"alvinphang95","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586428270506916","authorIdStr":"3586428270506916"},"themes":[],"htmlText":"Sounds great&nbsp;","listText":"Sounds great&nbsp;","text":"Sounds great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/802885762","repostId":"1127411624","repostType":4,"repost":{"id":"1127411624","kind":"news","pubTimestamp":1627715622,"share":"https://www.laohu8.com/m/news/1127411624?lang=zh_CN&edition=full","pubTime":"2021-07-31 15:13","market":"us","language":"en","title":"Here’s your to-do list before the stock market’s next dive<blockquote>这是股市下一次暴跌之前您的待办事项清单</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1127411624","media":"MarketWatch","summary":"After hibernating for months, the stock-market bears came out of their caves on July 19. That day, t","content":"<p>After hibernating for months, the stock-market bears came out of their caves on July 19. That day, the Dow Jones Industrial AverageDJIA,-0.42%tumbled 725 points or 2.1%. The bears hit a home run — at least for a day.</p><p><blockquote>经过几个月的冬眠，股市空头于7月19日走出了洞穴。当天，道琼斯工业平均指数DJIA下跌725点，跌幅2.1%，-0.42%。熊队打出了一个本垒打——至少一天。</blockquote></p><p> As usual, everyone wanted to know why the market fell, and the analysts had prepared answers, from COVID-19’s Delta variant to the Consumer Price Index to overbought technical indicators.</p><p><blockquote>像往常一样，每个人都想知道市场下跌的原因，分析师们已经准备好了答案，从COVID-19的德尔塔变异毒株到消费者价格指数，再到超买的技术指标。</blockquote></p><p> The truth is that nobody knows. People have multiple reasons for selling, so it’s ridiculous to blame one event. That said, a big contributor to the decline was automatic, computer-generated selling. Once large market participants, especially algos, started selling, there was a mad rush out of the door. No one wanted to be the last one out, so retail traders and institutions sold in a panic, which got more intense as the day went on.</p><p><blockquote>事实是没人知道。人们出售有多种原因，因此将责任归咎于一个事件是荒谬的。也就是说，下降的一个重要原因是计算机生成的自动销售。一旦大型市场参与者，尤其是算法，开始抛售，就会出现疯狂的抛售。没有人想成为最后一个出局的人，因此散户和机构在恐慌中抛售，随着时间的推移，恐慌情绪变得更加强烈。</blockquote></p><p> Technical indicators contributed as well: The weekly relative strength indicator (RSI) has been remarkably accurate in warning of a market reversal. Once RSI goes over 70 and stays there, buyers beware.&nbsp; After the July 26 market close, the RSI of the S&amp;P 500SPX,-0.54%stood at 71.36 on the weekly chart — an extremely overbought reading. Does this mean that the index is going to plunge tomorrow? No one knows. But RSI is giving a clue that the U.S. market is in the danger zone.</p><p><blockquote>技术指标也做出了贡献：每周相对强弱指标（RSI）在警告市场逆转方面非常准确。一旦RSI超过70并保持在那里，买家就要小心了。7月26日收盘后，标准普尔500SPX的RSI，-0.54%在周线图上站在71.36——这是一个极度超买的读数。这是不是意味着指数明天要暴跌了？没人知道。但RSI给出了美国市场处于危险区域的线索。</blockquote></p><p> <b>The bad news bears can’t catch a break</b></p><p><blockquote><b>坏消息空头无法休息</b></blockquote></p><p> Before the bears could say, “I told you so,” the next day, July 20, the 700-plus point Dow selloff was erased by a 550-point Dow rally. The bulls forgot about the selloff and returned to celebrating, and gulping glass after glass of their favorite drink, “bull-ade.” Once again, the storm passed, but this time a little fear creeped into the bulls’ psyche. Before, the only fear was the fear of missing out on the next rally. Now, many investors realize the market can actually go down.</p><p><blockquote>在空头说“我告诉过你”之前，第二天，即7月20日，道琼斯指数700多点的抛售被道琼斯指数550点的反弹抹去了。多头忘记了抛售，重新开始庆祝，一杯又一杯地喝着他们最喜欢的饮料“bull-ade”。风暴又一次过去了，但这一次有点恐惧爬进了公牛的心灵。之前，唯一的恐惧是害怕错过下一次反弹。现在，许多投资者意识到市场实际上可能会下跌。</blockquote></p><p> <b>What to do now</b></p><p><blockquote><b>现在怎么办</b></blockquote></p><p> The next time the market plunges and you’re experiencing a variety of emotions, the following guide might help:</p><p><blockquote>下次市场暴跌并且您正在经历各种情绪时，以下指南可能会有所帮助：</blockquote></p><p> <b>1. If you’re panicked</b>: Don’t do something; sit there. Do not buy, do not sell, just sit tight. In fact, turn off the computer or other devices. Don’t fret over how much paper money you lost that day. Exercise, walk, run, swim, ride a bike. Your goal is to reduce emotions so you can get a good night’s sleep. When the market stabilizes, reevaluate what you own. Do not make any big financial decisions on days like this.</p><p><blockquote><b>1.如果你感到恐慌</b>：不做某事；坐在那里。不买，不卖，坐稳。事实上，关掉电脑或其他设备。不要担心那天你丢了多少纸币。锻炼，散步，跑步，游泳，骑自行车。你的目标是减少情绪，这样你就能睡个好觉。当市场稳定时，重新评估你所拥有的。在这样的日子里，不要做任何重大的财务决定。</blockquote></p><p> <b>2. If you’re afraid</b>: Take it easy. The selloff will end eventually. There is no reason to panic. Again, reevaluate what you own when the market comes to its senses.</p><p><blockquote><b>2.如果你害怕</b>：放轻松。抛售最终会结束。没有理由恐慌。同样，当市场恢复理智时，重新评估你所拥有的东西。</blockquote></p><p> <b>3. If you’re unaffected:</b>Still, check your portfolio to make sure you are properly diversified. While it’s find to not care if the market falls, be sure you are hedged for a worst-case scenario. One day there will be a bear market that will last months or years. Be prepared.</p><p><blockquote><b>3.如果您没有受到影响：</b>不过，请检查您的投资组合以确保您的投资组合适当多元化。虽然人们发现不要关心市场是否下跌，但要确保你为最坏的情况做好了对冲。总有一天会出现持续数月或数年的熊市。做好准备。</blockquote></p><p> <b>What specific actions should you take?</b></p><p><blockquote><b>你应该采取什么具体行动？</b></blockquote></p><p> Now that you’ve taken care of your emotional health, there are other financial decisions you can make. Let’s take a look atsome strategies and tacticsthat may help:</p><p><blockquote>既然你已经照顾好了自己的情绪健康，你还可以做出其他的财务决定。让我们来看看一些可能有帮助的战略和战术：</blockquote></p><p> <ol>  <li>Sell if the stocks or indexes you own fall below their 200-day moving averages. Note: The major indexes such as the Standard &amp; Poor’s 500SPX,-0.54%have not fallen below (and stayed below) their 200-day averages for a decade. When they do eventually, that is a clear sell signal.</li>  <li>Create a long-term investment plan and follow it no matter what happens in the short term.</li>  <li>Dollar-cost average into index funds.</li>  <li>Diversify. This is the key to success in the stock market and in life. If you own only stocks, consider bonds, but talk to a financial professional (not your neighbor) before taking this step.</li>  <li>Buy the big dips. This strategy still works. If you had bought the dip on July 19, you would have cleaned up on July 20. One day this strategy won’t work, but that day hasn’t come yet.</li>  <li>Sell covered-call options. This is still an excellent way to generate extra income. This strategy is also ideal for disposing of unwanted stocks, and getting paid for it.</li> </ol> <b>Plan for the next correction or bear market</b></p><p><blockquote><ol><li>如果您持有的股票或指数跌破200日移动平均线，则卖出。注：标准普尔500SPX,-0.54%等主要指数十年来没有跌破（并保持在低于）200日平均水平。当他们最终这样做时，这是一个明确的卖出信号。</li><li>制定一个长期投资计划，无论短期内发生什么都要遵循它。</li><li>指数基金的平均成本。</li><li>多样化。这是股市和人生成功的关键。如果您只持有股票，请考虑债券，但在采取这一步骤之前请与金融专业人士（而不是您的邻居）交谈。</li><li>逢低买入。这个策略仍然有效。如果你在7月19日逢低买入，你就会在7月20日清理干净。总有一天这种策略行不通了，但那一天还没有到来。</li><li>出售备兑看涨期权期权。这仍然是产生额外收入的绝佳方式。这种策略也非常适合处理不需要的股票并获得报酬。</li></ol><b>为下一次调整或熊市做好计划</b></blockquote></p><p> After a 13-year bull market, the clock is ticking for U.S. stocks. While the bulls scored another victory this time, one day the market won’t reverse direction and will begin a steep correction, or worse yet, a bear market. That’s when you will be glad that you have a plan and an investment script to follow on the worst days.</p><p><blockquote>在经历了13年的牛市之后，美国股市的时间已经不多了。虽然多头这次又取得了胜利，但有一天市场不会逆转方向，将开始急剧调整，或者更糟的是，进入熊市。那时你会很高兴你有一个计划和一个在最糟糕的日子里可以遵循的投资脚本。</blockquote></p><p> Know what you own, sell to the “sleep-well” point and diversify into a variety of financial products including cash and bonds. This way, when the market plunges again, you won’t make knee-jerk emotional decisions or suffer an anxiety attack.</p><p><blockquote>了解您拥有什么，将其出售到“睡眠良好”点，并多元化投资于包括现金和债券在内的各种金融产品。这样，当市场再次暴跌时，你就不会做出下意识的情绪化决定或遭受焦虑发作。</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>Here’s your to-do list before the stock market’s next dive<blockquote>这是股市下一次暴跌之前您的待办事项清单</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHere’s your to-do list before the stock market’s next dive<blockquote>这是股市下一次暴跌之前您的待办事项清单</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-07-31 15:13</span>\n</p>\n</h4>\n</header>\n<article>\n<p>After hibernating for months, the stock-market bears came out of their caves on July 19. That day, the Dow Jones Industrial AverageDJIA,-0.42%tumbled 725 points or 2.1%. The bears hit a home run — at least for a day.</p><p><blockquote>经过几个月的冬眠，股市空头于7月19日走出了洞穴。当天，道琼斯工业平均指数DJIA下跌725点，跌幅2.1%，-0.42%。熊队打出了一个本垒打——至少一天。</blockquote></p><p> As usual, everyone wanted to know why the market fell, and the analysts had prepared answers, from COVID-19’s Delta variant to the Consumer Price Index to overbought technical indicators.</p><p><blockquote>像往常一样，每个人都想知道市场下跌的原因，分析师们已经准备好了答案，从COVID-19的德尔塔变异毒株到消费者价格指数，再到超买的技术指标。</blockquote></p><p> The truth is that nobody knows. People have multiple reasons for selling, so it’s ridiculous to blame one event. That said, a big contributor to the decline was automatic, computer-generated selling. Once large market participants, especially algos, started selling, there was a mad rush out of the door. No one wanted to be the last one out, so retail traders and institutions sold in a panic, which got more intense as the day went on.</p><p><blockquote>事实是没人知道。人们出售有多种原因，因此将责任归咎于一个事件是荒谬的。也就是说，下降的一个重要原因是计算机生成的自动销售。一旦大型市场参与者，尤其是算法，开始抛售，就会出现疯狂的抛售。没有人想成为最后一个出局的人，因此散户和机构在恐慌中抛售，随着时间的推移，恐慌情绪变得更加强烈。</blockquote></p><p> Technical indicators contributed as well: The weekly relative strength indicator (RSI) has been remarkably accurate in warning of a market reversal. Once RSI goes over 70 and stays there, buyers beware.&nbsp; After the July 26 market close, the RSI of the S&amp;P 500SPX,-0.54%stood at 71.36 on the weekly chart — an extremely overbought reading. Does this mean that the index is going to plunge tomorrow? No one knows. But RSI is giving a clue that the U.S. market is in the danger zone.</p><p><blockquote>技术指标也做出了贡献：每周相对强弱指标（RSI）在警告市场逆转方面非常准确。一旦RSI超过70并保持在那里，买家就要小心了。7月26日收盘后，标准普尔500SPX的RSI，-0.54%在周线图上站在71.36——这是一个极度超买的读数。这是不是意味着指数明天要暴跌了？没人知道。但RSI给出了美国市场处于危险区域的线索。</blockquote></p><p> <b>The bad news bears can’t catch a break</b></p><p><blockquote><b>坏消息空头无法休息</b></blockquote></p><p> Before the bears could say, “I told you so,” the next day, July 20, the 700-plus point Dow selloff was erased by a 550-point Dow rally. The bulls forgot about the selloff and returned to celebrating, and gulping glass after glass of their favorite drink, “bull-ade.” Once again, the storm passed, but this time a little fear creeped into the bulls’ psyche. Before, the only fear was the fear of missing out on the next rally. Now, many investors realize the market can actually go down.</p><p><blockquote>在空头说“我告诉过你”之前，第二天，即7月20日，道琼斯指数700多点的抛售被道琼斯指数550点的反弹抹去了。多头忘记了抛售，重新开始庆祝，一杯又一杯地喝着他们最喜欢的饮料“bull-ade”。风暴又一次过去了，但这一次有点恐惧爬进了公牛的心灵。之前，唯一的恐惧是害怕错过下一次反弹。现在，许多投资者意识到市场实际上可能会下跌。</blockquote></p><p> <b>What to do now</b></p><p><blockquote><b>现在怎么办</b></blockquote></p><p> The next time the market plunges and you’re experiencing a variety of emotions, the following guide might help:</p><p><blockquote>下次市场暴跌并且您正在经历各种情绪时，以下指南可能会有所帮助：</blockquote></p><p> <b>1. If you’re panicked</b>: Don’t do something; sit there. Do not buy, do not sell, just sit tight. In fact, turn off the computer or other devices. Don’t fret over how much paper money you lost that day. Exercise, walk, run, swim, ride a bike. Your goal is to reduce emotions so you can get a good night’s sleep. When the market stabilizes, reevaluate what you own. Do not make any big financial decisions on days like this.</p><p><blockquote><b>1.如果你感到恐慌</b>：不做某事；坐在那里。不买，不卖，坐稳。事实上，关掉电脑或其他设备。不要担心那天你丢了多少纸币。锻炼，散步，跑步，游泳，骑自行车。你的目标是减少情绪，这样你就能睡个好觉。当市场稳定时，重新评估你所拥有的。在这样的日子里，不要做任何重大的财务决定。</blockquote></p><p> <b>2. If you’re afraid</b>: Take it easy. The selloff will end eventually. There is no reason to panic. Again, reevaluate what you own when the market comes to its senses.</p><p><blockquote><b>2.如果你害怕</b>：放轻松。抛售最终会结束。没有理由恐慌。同样，当市场恢复理智时，重新评估你所拥有的东西。</blockquote></p><p> <b>3. If you’re unaffected:</b>Still, check your portfolio to make sure you are properly diversified. While it’s find to not care if the market falls, be sure you are hedged for a worst-case scenario. One day there will be a bear market that will last months or years. Be prepared.</p><p><blockquote><b>3.如果您没有受到影响：</b>不过，请检查您的投资组合以确保您的投资组合适当多元化。虽然人们发现不要关心市场是否下跌，但要确保你为最坏的情况做好了对冲。总有一天会出现持续数月或数年的熊市。做好准备。</blockquote></p><p> <b>What specific actions should you take?</b></p><p><blockquote><b>你应该采取什么具体行动？</b></blockquote></p><p> Now that you’ve taken care of your emotional health, there are other financial decisions you can make. Let’s take a look atsome strategies and tacticsthat may help:</p><p><blockquote>既然你已经照顾好了自己的情绪健康，你还可以做出其他的财务决定。让我们来看看一些可能有帮助的战略和战术：</blockquote></p><p> <ol>  <li>Sell if the stocks or indexes you own fall below their 200-day moving averages. Note: The major indexes such as the Standard &amp; Poor’s 500SPX,-0.54%have not fallen below (and stayed below) their 200-day averages for a decade. When they do eventually, that is a clear sell signal.</li>  <li>Create a long-term investment plan and follow it no matter what happens in the short term.</li>  <li>Dollar-cost average into index funds.</li>  <li>Diversify. This is the key to success in the stock market and in life. If you own only stocks, consider bonds, but talk to a financial professional (not your neighbor) before taking this step.</li>  <li>Buy the big dips. This strategy still works. If you had bought the dip on July 19, you would have cleaned up on July 20. One day this strategy won’t work, but that day hasn’t come yet.</li>  <li>Sell covered-call options. This is still an excellent way to generate extra income. This strategy is also ideal for disposing of unwanted stocks, and getting paid for it.</li> </ol> <b>Plan for the next correction or bear market</b></p><p><blockquote><ol><li>如果您持有的股票或指数跌破200日移动平均线，则卖出。注：标准普尔500SPX,-0.54%等主要指数十年来没有跌破（并保持在低于）200日平均水平。当他们最终这样做时，这是一个明确的卖出信号。</li><li>制定一个长期投资计划，无论短期内发生什么都要遵循它。</li><li>指数基金的平均成本。</li><li>多样化。这是股市和人生成功的关键。如果您只持有股票，请考虑债券，但在采取这一步骤之前请与金融专业人士（而不是您的邻居）交谈。</li><li>逢低买入。这个策略仍然有效。如果你在7月19日逢低买入，你就会在7月20日清理干净。总有一天这种策略行不通了，但那一天还没有到来。</li><li>出售备兑看涨期权期权。这仍然是产生额外收入的绝佳方式。这种策略也非常适合处理不需要的股票并获得报酬。</li></ol><b>为下一次调整或熊市做好计划</b></blockquote></p><p> After a 13-year bull market, the clock is ticking for U.S. stocks. While the bulls scored another victory this time, one day the market won’t reverse direction and will begin a steep correction, or worse yet, a bear market. That’s when you will be glad that you have a plan and an investment script to follow on the worst days.</p><p><blockquote>在经历了13年的牛市之后，美国股市的时间已经不多了。虽然多头这次又取得了胜利，但有一天市场不会逆转方向，将开始急剧调整，或者更糟的是，进入熊市。那时你会很高兴你有一个计划和一个在最糟糕的日子里可以遵循的投资脚本。</blockquote></p><p> Know what you own, sell to the “sleep-well” point and diversify into a variety of financial products including cash and bonds. This way, when the market plunges again, you won’t make knee-jerk emotional decisions or suffer an anxiety attack.</p><p><blockquote>了解您拥有什么，将其出售到“睡眠良好”点，并多元化投资于包括现金和债券在内的各种金融产品。这样，当市场再次暴跌时，你就不会做出下意识的情绪化决定或遭受焦虑发作。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/heres-your-to-do-list-before-the-stock-markets-next-dive-11627360870?mod=article_inline\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index","SPY":"标普500ETF"},"source_url":"https://www.marketwatch.com/story/heres-your-to-do-list-before-the-stock-markets-next-dive-11627360870?mod=article_inline","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1127411624","content_text":"After hibernating for months, the stock-market bears came out of their caves on July 19. That day, the Dow Jones Industrial AverageDJIA,-0.42%tumbled 725 points or 2.1%. The bears hit a home run — at least for a day.\nAs usual, everyone wanted to know why the market fell, and the analysts had prepared answers, from COVID-19’s Delta variant to the Consumer Price Index to overbought technical indicators.\nThe truth is that nobody knows. People have multiple reasons for selling, so it’s ridiculous to blame one event. That said, a big contributor to the decline was automatic, computer-generated selling. Once large market participants, especially algos, started selling, there was a mad rush out of the door. No one wanted to be the last one out, so retail traders and institutions sold in a panic, which got more intense as the day went on.\nTechnical indicators contributed as well: The weekly relative strength indicator (RSI) has been remarkably accurate in warning of a market reversal. Once RSI goes over 70 and stays there, buyers beware.  After the July 26 market close, the RSI of the S&P 500SPX,-0.54%stood at 71.36 on the weekly chart — an extremely overbought reading. Does this mean that the index is going to plunge tomorrow? No one knows. But RSI is giving a clue that the U.S. market is in the danger zone.\nThe bad news bears can’t catch a break\nBefore the bears could say, “I told you so,” the next day, July 20, the 700-plus point Dow selloff was erased by a 550-point Dow rally. The bulls forgot about the selloff and returned to celebrating, and gulping glass after glass of their favorite drink, “bull-ade.” Once again, the storm passed, but this time a little fear creeped into the bulls’ psyche. Before, the only fear was the fear of missing out on the next rally. Now, many investors realize the market can actually go down.\nWhat to do now\nThe next time the market plunges and you’re experiencing a variety of emotions, the following guide might help:\n1. If you’re panicked: Don’t do something; sit there. Do not buy, do not sell, just sit tight. In fact, turn off the computer or other devices. Don’t fret over how much paper money you lost that day. Exercise, walk, run, swim, ride a bike. Your goal is to reduce emotions so you can get a good night’s sleep. When the market stabilizes, reevaluate what you own. Do not make any big financial decisions on days like this.\n2. If you’re afraid: Take it easy. The selloff will end eventually. There is no reason to panic. Again, reevaluate what you own when the market comes to its senses.\n3. If you’re unaffected:Still, check your portfolio to make sure you are properly diversified. While it’s find to not care if the market falls, be sure you are hedged for a worst-case scenario. One day there will be a bear market that will last months or years. Be prepared.\nWhat specific actions should you take?\nNow that you’ve taken care of your emotional health, there are other financial decisions you can make. Let’s take a look atsome strategies and tacticsthat may help:\n\nSell if the stocks or indexes you own fall below their 200-day moving averages. Note: The major indexes such as the Standard & Poor’s 500SPX,-0.54%have not fallen below (and stayed below) their 200-day averages for a decade. When they do eventually, that is a clear sell signal.\nCreate a long-term investment plan and follow it no matter what happens in the short term.\nDollar-cost average into index funds.\nDiversify. This is the key to success in the stock market and in life. If you own only stocks, consider bonds, but talk to a financial professional (not your neighbor) before taking this step.\nBuy the big dips. This strategy still works. If you had bought the dip on July 19, you would have cleaned up on July 20. One day this strategy won’t work, but that day hasn’t come yet.\nSell covered-call options. This is still an excellent way to generate extra income. This strategy is also ideal for disposing of unwanted stocks, and getting paid for it.\n\nPlan for the next correction or bear market\nAfter a 13-year bull market, the clock is ticking for U.S. stocks. While the bulls scored another victory this time, one day the market won’t reverse direction and will begin a steep correction, or worse yet, a bear market. That’s when you will be glad that you have a plan and an investment script to follow on the worst days.\nKnow what you own, sell to the “sleep-well” point and diversify into a variety of financial products including cash and bonds. This way, when the market plunges again, you won’t make knee-jerk emotional decisions or suffer an anxiety attack.","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,"SPY":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":325,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127574054,"gmtCreate":1624859712278,"gmtModify":1631888944142,"author":{"id":"3586428270506916","authorId":"3586428270506916","name":"alvinphang95","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586428270506916","authorIdStr":"3586428270506916"},"themes":[],"htmlText":"Dipppppp","listText":"Dipppppp","text":"Dipppppp","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/127574054","repostId":"1194817259","repostType":4,"repost":{"id":"1194817259","kind":"news","pubTimestamp":1624858089,"share":"https://www.laohu8.com/m/news/1194817259?lang=zh_CN&edition=full","pubTime":"2021-06-28 13:28","market":"us","language":"en","title":"KKR Dealmakers Pause for Breath After $60 Billion Pandemic Binge<blockquote>KKR交易撮合者在600亿美元的疫情狂欢后暂停喘息</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1194817259","media":"Bloomberg","summary":"(Bloomberg) -- A relentless global deal binge totaling nearly $60 billion has KKR & Co.’s leadership","content":"<p>(Bloomberg) -- A relentless global deal binge totaling nearly $60 billion has KKR &amp; Co.’s leadership taking stock -- and a breather.</p><p><blockquote>（彭博社）——总额近600亿美元的无情全球交易热潮让KKR&amp;Co.的领导层进行了盘点，并得到了喘息。</blockquote></p><p> When the pandemic hit, shortly after Philipp Freise and Mattia Caprioli took over new roles in Europe, the buyout house started deploying as much capital as possible while most rivals held back. More than a third of the total was spent in Europe, and KKR started working on a new fund dedicated to the region just a year after closing the last one.</p><p><blockquote>当疫情来袭时，菲利普·弗雷斯(Philipp Freise)和马蒂亚·卡普里奥利(Mattia Caprioli)在欧洲接任新职务后不久，这家收购公司开始部署尽可能多的资本，而大多数竞争对手却犹豫不决。其中超过三分之一的资金用于欧洲，KKR在关闭上一只基金一年后就开始致力于专门针对该地区的新基金。</blockquote></p><p> The breakneck pace of deals took its toll. KKR is now echoing the gentler tone adopted by investment banks like Goldman Sachs Group Inc. after employees balked at the work-till-you-drop culture. The biggest challenge to high performance in the buyout industry is “constant exhaustion,” Freise, 47, said in an interview.</p><p><blockquote>交易的极快速度造成了损失。在员工对“工作到放弃”文化犹豫不决后，KKR现在呼应了高盛集团等投资银行所采取的温和语气。47岁的弗雷斯在接受采访时表示，收购行业高绩效面临的最大挑战是“持续疲惫”。</blockquote></p><p> “As new-generation leaders, our job is to really temper,” said the German dealmaker, who’s co-head of KKR’s European private equity business with Caprioli. “It is almost like conducting an orchestra where the whole thing has gone into ‘Ride of the Valkyries’ -- we have to slow down a little bit to protect the human element from crashing.”</p><p><blockquote>“作为新一代领导者，我们的工作是真正缓和局势，”这位与卡普里奥利共同担任KKR欧洲私募股权业务联席主管的德国交易撮合者表示。“这几乎就像指挥一支管弦乐队，整个事情都进入了《女武神之旅》——我们必须放慢一点速度，以保护人为因素不崩溃。”</blockquote></p><p> The unusually open tone by leaders in the cutthroat buyout industry comes as workplace cultures come under increasing scrutiny and employers seek ways to retain a younger generation of workers. The pandemic served up a brutal cocktail of more deals done over marathon video calls by employees isolated at home. The priority now for Freise and Caprioli is to offer time to recover and make room for a more thoughtful investing approach.</p><p><blockquote>在残酷的收购行业中，领导者们异常开放的语气出现之际，工作场所文化受到越来越多的审查，雇主们正在寻找留住年轻一代员工的方法。疫情提供了一个残酷的鸡尾酒，更多的交易是由隔离在家中的员工通过马拉松视频评级完成的。弗里斯和卡普里奥利现在的首要任务是提供时间恢复，并为更深思熟虑的投资方法腾出空间。</blockquote></p><p> They gave junior staff every Friday off in November and December last year, encouraging them to spend time thinking and reading. The duo have also handed responsibility to their rising stars for emerging trends like medical technology and the future of work.</p><p><blockquote>去年11月和12月，他们让初级员工每周五休息，鼓励他们花时间思考和阅读。两人还将医疗技术和未来工作等新兴趋势的责任交给了他们的后起之秀。</blockquote></p><p> “I don’t think that in the private equity industry 10 years ago people saw it really as their jobs to focus on managing. They thought it was their job to go out and find deals,” Freise said. “The future setup of the private equity industry is to assemble, to retain and manage high-performance teams.”</p><p><blockquote>“我不认为10年前在私募股权行业，人们真的认为专注于管理是他们的工作。他们认为出去寻找交易是他们的工作，”Freise说。“私募股权行业的未来设置是组建、保留和管理高绩效团队。”</blockquote></p><p> Wall Street was set abuzz this year by a leaked presentation from junior Goldman analysts detailing their punishing workload. Banks have responded by raising pay, offering retention bonuses or giving perks from Peloton bikes to Apple gadgets.</p><p><blockquote>今年，高盛初级分析师泄露的一份详细介绍了他们繁重工作量的演示文稿在华尔街引起了轩然大波。银行的回应是提高工资、提供保留奖金或提供从Peloton自行车到苹果小工具的福利。</blockquote></p><p> The issue at buyout firms, like investment banks, is that employees worked around the clock as the pandemic threw up a plethora of deal opportunities. As Covid-19 spread around the globe, KKR decided to not repeat its mistake from the financial crisis, when it stayed largely on the sidelines.</p><p><blockquote>投资银行等收购公司的问题是，随着疫情带来大量交易机会，员工们夜以继日地工作。随着Covid-19在全球蔓延，KKR决定不再重蹈金融危机的覆辙，当时它基本上保持观望。</blockquote></p><p> It became a pivotal moment for KKR in Europe, where it previously hadn’t deployed as much money as in other parts of the world. KKR has announced $19.6 billion of deals in the region since the start of the pandemic, from listed company buyouts to minority investments, according to data compiled by Bloomberg. It’s also snapped up assets from other private equity firms, and sometimes swooped in before rivals had a chance to bid.</p><p><blockquote>这成为KKR在欧洲的关键时刻，此前该公司在欧洲部署的资金不如在世界其他地区多。根据彭博社汇编的数据，自疫情爆发以来，KKR已在该地区宣布了196亿美元的交易，从上市公司收购到少数股权投资。它还从其他私募股权公司手中抢购资产，有时甚至在竞争对手有机会竞购之前就突然介入。</blockquote></p><p> “If anything, we missed some opportunities that if we had more capital available we would have done,” said Caprioli, a 47-year-old Italian who previously worked in mergers and acquisitions at Goldman.</p><p><blockquote>“如果说有什么不同的话，那就是我们错过了一些机会，如果我们有更多可用资本，我们就会抓住这些机会，”曾在高盛从事并购工作的47岁意大利人卡普里奥利说。</blockquote></p><p> Just as virus lockdowns were coming into force in March last year, KKR bought Pennon Group Plc’s waste-management arm for 4.2 billion pounds ($5.8 billion). It also acquired the Wella and Clairol hair-care brands from Coty Inc. in a $4.3 billion transaction.</p><p><blockquote>就在去年3月病毒封锁生效时，KKR以42亿英镑（58亿美元）收购了Pennon Group Plc的废物管理部门。它还以43亿美元的交易从黄凤英公司收购了Wella和Clairol护发品牌。</blockquote></p><p> Later in the year, KKR teamed up with Cinven and Providence Equity Partners to take Masmovil Ibercom SA private in a 3 billion-euro ($3.6 billion) deal and agreed to invest in French hospital chain Elsan alongside Ardian. Market dislocations helped KKR buy some assets for 20% to 30% less than it would pay in a heated auction process, Freise said. The firm reached an agreement this May to buy environmental consultancy ERM Group Inc. for $2.7 billion including debt.</p><p><blockquote>今年晚些时候，KKR与Cinven和Providence Equity Partners合作，以30亿欧元（36亿美元）的价格将Masmovil Ibercom SA私有化，并同意与Ardian一起投资法国连锁医院Elsan。Freise表示，市场混乱帮助KKR以比激烈拍卖过程中支付的价格低20%至30%的价格购买了一些资产。该公司今年5月达成协议，以27亿美元（含债务）收购环境咨询公司ERM Group Inc.。</blockquote></p><p> Caprioli sees more deals on the horizon, with a focus on health care, sustainability, tech and the U.K. Competition for targets is rising, thanks to the record amounts of capital flowing into private equity funds and buoyant debt markets.</p><p><blockquote>卡普里奥利认为更多交易即将到来，重点是医疗保健、可持续发展、科技和英国。由于流入私募股权基金的资金量创历史新高和债务市场活跃，对目标的竞争正在加剧。</blockquote></p><p> Success may require a new approach. Caprioli said he sees this moment as an opportunity to review how KKR recruits, motivates and retain talent. Earlier this year, it hired a former concert pianist as an operating executive in London to work with tech companies in its portfolio.</p><p><blockquote>成功可能需要一种新的方法。卡普里奥利表示，他认为这一时刻是一个回顾KKR如何招募、激励和留住人才的机会。今年早些时候，该公司聘请了一位前音乐会钢琴家担任伦敦的运营主管，与其投资组合中的科技公司合作。</blockquote></p><p> “We need people who go deep in their thinking process,” he said. “Those type of profiles, do you get them out of university, or can you get someone who is streetwise? It’s an interesting challenge.”</p><p><blockquote>“我们需要深入思考过程的人，”他说。“这些类型的个人资料，你能从大学毕业吗，或者你能找到一个街头智慧的人吗？这是一个有趣的挑战。”</blockquote></p><p></p><p> Freise, who previously helped found the failed Venturepark startup incubator in Berlin, couldn’t build financial models when he joined KKR nearly two decades ago as one of its earliest London employees.</p><p><blockquote>Freise曾帮助在柏林创建了失败的Venturepark创业孵化器，近20年前，当他作为KKR最早的伦敦员工之一加入KKR时，他无法建立财务模型。</blockquote></p><p> “A high-performance team these days is very different from 10 years ago,” he said. “We have to be unconventional to ensure diversity of thought.”</p><p><blockquote>“如今的高绩效团队与10年前有很大不同，”他说。“我们必须标新立异，以确保思想的多样性。”</blockquote></p><p></p>","source":"lsy1612507957220","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>KKR Dealmakers Pause for Breath After $60 Billion Pandemic Binge<blockquote>KKR交易撮合者在600亿美元的疫情狂欢后暂停喘息</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\">\nKKR Dealmakers Pause for Breath After $60 Billion Pandemic Binge<blockquote>KKR交易撮合者在600亿美元的疫情狂欢后暂停喘息</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Bloomberg</strong><span class=\"h-time small\">2021-06-28 13:28</span>\n</p>\n</h4>\n</header>\n<article>\n<p>(Bloomberg) -- A relentless global deal binge totaling nearly $60 billion has KKR &amp; Co.’s leadership taking stock -- and a breather.</p><p><blockquote>（彭博社）——总额近600亿美元的无情全球交易热潮让KKR&amp;Co.的领导层进行了盘点，并得到了喘息。</blockquote></p><p> When the pandemic hit, shortly after Philipp Freise and Mattia Caprioli took over new roles in Europe, the buyout house started deploying as much capital as possible while most rivals held back. More than a third of the total was spent in Europe, and KKR started working on a new fund dedicated to the region just a year after closing the last one.</p><p><blockquote>当疫情来袭时，菲利普·弗雷斯(Philipp Freise)和马蒂亚·卡普里奥利(Mattia Caprioli)在欧洲接任新职务后不久，这家收购公司开始部署尽可能多的资本，而大多数竞争对手却犹豫不决。其中超过三分之一的资金用于欧洲，KKR在关闭上一只基金一年后就开始致力于专门针对该地区的新基金。</blockquote></p><p> The breakneck pace of deals took its toll. KKR is now echoing the gentler tone adopted by investment banks like Goldman Sachs Group Inc. after employees balked at the work-till-you-drop culture. The biggest challenge to high performance in the buyout industry is “constant exhaustion,” Freise, 47, said in an interview.</p><p><blockquote>交易的极快速度造成了损失。在员工对“工作到放弃”文化犹豫不决后，KKR现在呼应了高盛集团等投资银行所采取的温和语气。47岁的弗雷斯在接受采访时表示，收购行业高绩效面临的最大挑战是“持续疲惫”。</blockquote></p><p> “As new-generation leaders, our job is to really temper,” said the German dealmaker, who’s co-head of KKR’s European private equity business with Caprioli. “It is almost like conducting an orchestra where the whole thing has gone into ‘Ride of the Valkyries’ -- we have to slow down a little bit to protect the human element from crashing.”</p><p><blockquote>“作为新一代领导者，我们的工作是真正缓和局势，”这位与卡普里奥利共同担任KKR欧洲私募股权业务联席主管的德国交易撮合者表示。“这几乎就像指挥一支管弦乐队，整个事情都进入了《女武神之旅》——我们必须放慢一点速度，以保护人为因素不崩溃。”</blockquote></p><p> The unusually open tone by leaders in the cutthroat buyout industry comes as workplace cultures come under increasing scrutiny and employers seek ways to retain a younger generation of workers. The pandemic served up a brutal cocktail of more deals done over marathon video calls by employees isolated at home. The priority now for Freise and Caprioli is to offer time to recover and make room for a more thoughtful investing approach.</p><p><blockquote>在残酷的收购行业中，领导者们异常开放的语气出现之际，工作场所文化受到越来越多的审查，雇主们正在寻找留住年轻一代员工的方法。疫情提供了一个残酷的鸡尾酒，更多的交易是由隔离在家中的员工通过马拉松视频评级完成的。弗里斯和卡普里奥利现在的首要任务是提供时间恢复，并为更深思熟虑的投资方法腾出空间。</blockquote></p><p> They gave junior staff every Friday off in November and December last year, encouraging them to spend time thinking and reading. The duo have also handed responsibility to their rising stars for emerging trends like medical technology and the future of work.</p><p><blockquote>去年11月和12月，他们让初级员工每周五休息，鼓励他们花时间思考和阅读。两人还将医疗技术和未来工作等新兴趋势的责任交给了他们的后起之秀。</blockquote></p><p> “I don’t think that in the private equity industry 10 years ago people saw it really as their jobs to focus on managing. They thought it was their job to go out and find deals,” Freise said. “The future setup of the private equity industry is to assemble, to retain and manage high-performance teams.”</p><p><blockquote>“我不认为10年前在私募股权行业，人们真的认为专注于管理是他们的工作。他们认为出去寻找交易是他们的工作，”Freise说。“私募股权行业的未来设置是组建、保留和管理高绩效团队。”</blockquote></p><p> Wall Street was set abuzz this year by a leaked presentation from junior Goldman analysts detailing their punishing workload. Banks have responded by raising pay, offering retention bonuses or giving perks from Peloton bikes to Apple gadgets.</p><p><blockquote>今年，高盛初级分析师泄露的一份详细介绍了他们繁重工作量的演示文稿在华尔街引起了轩然大波。银行的回应是提高工资、提供保留奖金或提供从Peloton自行车到苹果小工具的福利。</blockquote></p><p> The issue at buyout firms, like investment banks, is that employees worked around the clock as the pandemic threw up a plethora of deal opportunities. As Covid-19 spread around the globe, KKR decided to not repeat its mistake from the financial crisis, when it stayed largely on the sidelines.</p><p><blockquote>投资银行等收购公司的问题是，随着疫情带来大量交易机会，员工们夜以继日地工作。随着Covid-19在全球蔓延，KKR决定不再重蹈金融危机的覆辙，当时它基本上保持观望。</blockquote></p><p> It became a pivotal moment for KKR in Europe, where it previously hadn’t deployed as much money as in other parts of the world. KKR has announced $19.6 billion of deals in the region since the start of the pandemic, from listed company buyouts to minority investments, according to data compiled by Bloomberg. It’s also snapped up assets from other private equity firms, and sometimes swooped in before rivals had a chance to bid.</p><p><blockquote>这成为KKR在欧洲的关键时刻，此前该公司在欧洲部署的资金不如在世界其他地区多。根据彭博社汇编的数据，自疫情爆发以来，KKR已在该地区宣布了196亿美元的交易，从上市公司收购到少数股权投资。它还从其他私募股权公司手中抢购资产，有时甚至在竞争对手有机会竞购之前就突然介入。</blockquote></p><p> “If anything, we missed some opportunities that if we had more capital available we would have done,” said Caprioli, a 47-year-old Italian who previously worked in mergers and acquisitions at Goldman.</p><p><blockquote>“如果说有什么不同的话，那就是我们错过了一些机会，如果我们有更多可用资本，我们就会抓住这些机会，”曾在高盛从事并购工作的47岁意大利人卡普里奥利说。</blockquote></p><p> Just as virus lockdowns were coming into force in March last year, KKR bought Pennon Group Plc’s waste-management arm for 4.2 billion pounds ($5.8 billion). It also acquired the Wella and Clairol hair-care brands from Coty Inc. in a $4.3 billion transaction.</p><p><blockquote>就在去年3月病毒封锁生效时，KKR以42亿英镑（58亿美元）收购了Pennon Group Plc的废物管理部门。它还以43亿美元的交易从黄凤英公司收购了Wella和Clairol护发品牌。</blockquote></p><p> Later in the year, KKR teamed up with Cinven and Providence Equity Partners to take Masmovil Ibercom SA private in a 3 billion-euro ($3.6 billion) deal and agreed to invest in French hospital chain Elsan alongside Ardian. Market dislocations helped KKR buy some assets for 20% to 30% less than it would pay in a heated auction process, Freise said. The firm reached an agreement this May to buy environmental consultancy ERM Group Inc. for $2.7 billion including debt.</p><p><blockquote>今年晚些时候，KKR与Cinven和Providence Equity Partners合作，以30亿欧元（36亿美元）的价格将Masmovil Ibercom SA私有化，并同意与Ardian一起投资法国连锁医院Elsan。Freise表示，市场混乱帮助KKR以比激烈拍卖过程中支付的价格低20%至30%的价格购买了一些资产。该公司今年5月达成协议，以27亿美元（含债务）收购环境咨询公司ERM Group Inc.。</blockquote></p><p> Caprioli sees more deals on the horizon, with a focus on health care, sustainability, tech and the U.K. Competition for targets is rising, thanks to the record amounts of capital flowing into private equity funds and buoyant debt markets.</p><p><blockquote>卡普里奥利认为更多交易即将到来，重点是医疗保健、可持续发展、科技和英国。由于流入私募股权基金的资金量创历史新高和债务市场活跃，对目标的竞争正在加剧。</blockquote></p><p> Success may require a new approach. Caprioli said he sees this moment as an opportunity to review how KKR recruits, motivates and retain talent. Earlier this year, it hired a former concert pianist as an operating executive in London to work with tech companies in its portfolio.</p><p><blockquote>成功可能需要一种新的方法。卡普里奥利表示，他认为这一时刻是一个回顾KKR如何招募、激励和留住人才的机会。今年早些时候，该公司聘请了一位前音乐会钢琴家担任伦敦的运营主管，与其投资组合中的科技公司合作。</blockquote></p><p> “We need people who go deep in their thinking process,” he said. “Those type of profiles, do you get them out of university, or can you get someone who is streetwise? It’s an interesting challenge.”</p><p><blockquote>“我们需要深入思考过程的人，”他说。“这些类型的个人资料，你能从大学毕业吗，或者你能找到一个街头智慧的人吗？这是一个有趣的挑战。”</blockquote></p><p></p><p> Freise, who previously helped found the failed Venturepark startup incubator in Berlin, couldn’t build financial models when he joined KKR nearly two decades ago as one of its earliest London employees.</p><p><blockquote>Freise曾帮助在柏林创建了失败的Venturepark创业孵化器，近20年前，当他作为KKR最早的伦敦员工之一加入KKR时，他无法建立财务模型。</blockquote></p><p> “A high-performance team these days is very different from 10 years ago,” he said. “We have to be unconventional to ensure diversity of thought.”</p><p><blockquote>“如今的高绩效团队与10年前有很大不同，”他说。“我们必须标新立异，以确保思想的多样性。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/kkr-dealmakers-pause-breath-60-040000439.html\">Bloomberg</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":{"KKR":"KKR & Co L.P."},"source_url":"https://finance.yahoo.com/news/kkr-dealmakers-pause-breath-60-040000439.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1194817259","content_text":"(Bloomberg) -- A relentless global deal binge totaling nearly $60 billion has KKR & Co.’s leadership taking stock -- and a breather.\nWhen the pandemic hit, shortly after Philipp Freise and Mattia Caprioli took over new roles in Europe, the buyout house started deploying as much capital as possible while most rivals held back. More than a third of the total was spent in Europe, and KKR started working on a new fund dedicated to the region just a year after closing the last one.\nThe breakneck pace of deals took its toll. KKR is now echoing the gentler tone adopted by investment banks like Goldman Sachs Group Inc. after employees balked at the work-till-you-drop culture. The biggest challenge to high performance in the buyout industry is “constant exhaustion,” Freise, 47, said in an interview.\n“As new-generation leaders, our job is to really temper,” said the German dealmaker, who’s co-head of KKR’s European private equity business with Caprioli. “It is almost like conducting an orchestra where the whole thing has gone into ‘Ride of the Valkyries’ -- we have to slow down a little bit to protect the human element from crashing.”\nThe unusually open tone by leaders in the cutthroat buyout industry comes as workplace cultures come under increasing scrutiny and employers seek ways to retain a younger generation of workers. The pandemic served up a brutal cocktail of more deals done over marathon video calls by employees isolated at home. The priority now for Freise and Caprioli is to offer time to recover and make room for a more thoughtful investing approach.\nThey gave junior staff every Friday off in November and December last year, encouraging them to spend time thinking and reading. The duo have also handed responsibility to their rising stars for emerging trends like medical technology and the future of work.\n“I don’t think that in the private equity industry 10 years ago people saw it really as their jobs to focus on managing. They thought it was their job to go out and find deals,” Freise said. “The future setup of the private equity industry is to assemble, to retain and manage high-performance teams.”\nWall Street was set abuzz this year by a leaked presentation from junior Goldman analysts detailing their punishing workload. Banks have responded by raising pay, offering retention bonuses or giving perks from Peloton bikes to Apple gadgets.\nThe issue at buyout firms, like investment banks, is that employees worked around the clock as the pandemic threw up a plethora of deal opportunities. As Covid-19 spread around the globe, KKR decided to not repeat its mistake from the financial crisis, when it stayed largely on the sidelines.\nIt became a pivotal moment for KKR in Europe, where it previously hadn’t deployed as much money as in other parts of the world. KKR has announced $19.6 billion of deals in the region since the start of the pandemic, from listed company buyouts to minority investments, according to data compiled by Bloomberg. It’s also snapped up assets from other private equity firms, and sometimes swooped in before rivals had a chance to bid.\n“If anything, we missed some opportunities that if we had more capital available we would have done,” said Caprioli, a 47-year-old Italian who previously worked in mergers and acquisitions at Goldman.\nJust as virus lockdowns were coming into force in March last year, KKR bought Pennon Group Plc’s waste-management arm for 4.2 billion pounds ($5.8 billion). It also acquired the Wella and Clairol hair-care brands from Coty Inc. in a $4.3 billion transaction.\nLater in the year, KKR teamed up with Cinven and Providence Equity Partners to take Masmovil Ibercom SA private in a 3 billion-euro ($3.6 billion) deal and agreed to invest in French hospital chain Elsan alongside Ardian. Market dislocations helped KKR buy some assets for 20% to 30% less than it would pay in a heated auction process, Freise said. The firm reached an agreement this May to buy environmental consultancy ERM Group Inc. for $2.7 billion including debt.\nCaprioli sees more deals on the horizon, with a focus on health care, sustainability, tech and the U.K. Competition for targets is rising, thanks to the record amounts of capital flowing into private equity funds and buoyant debt markets.\nSuccess may require a new approach. Caprioli said he sees this moment as an opportunity to review how KKR recruits, motivates and retain talent. Earlier this year, it hired a former concert pianist as an operating executive in London to work with tech companies in its portfolio.\n“We need people who go deep in their thinking process,” he said. “Those type of profiles, do you get them out of university, or can you get someone who is streetwise? It’s an interesting challenge.”\nFreise, who previously helped found the failed Venturepark startup incubator in Berlin, couldn’t build financial models when he joined KKR nearly two decades ago as one of its earliest London employees.\n“A high-performance team these days is very different from 10 years ago,” he said. “We have to be unconventional to ensure diversity of thought.”","news_type":1,"symbols_score_info":{"KKR":0.9}},"isVote":1,"tweetType":1,"viewCount":370,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":124780361,"gmtCreate":1624792075353,"gmtModify":1631888944139,"author":{"id":"3586428270506916","authorId":"3586428270506916","name":"alvinphang95","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586428270506916","authorIdStr":"3586428270506916"},"themes":[],"htmlText":"Ricketttttt","listText":"Ricketttttt","text":"Ricketttttt","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/124780361","repostId":"1172710941","repostType":4,"isVote":1,"tweetType":1,"viewCount":417,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":121364149,"gmtCreate":1624454494781,"gmtModify":1631891748470,"author":{"id":"3586428270506916","authorId":"3586428270506916","name":"alvinphang95","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586428270506916","authorIdStr":"3586428270506916"},"themes":[],"htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/121364149","repostId":"2145283099","repostType":4,"isVote":1,"tweetType":1,"viewCount":238,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":164196550,"gmtCreate":1624177727470,"gmtModify":1631891748481,"author":{"id":"3586428270506916","authorId":"3586428270506916","name":"alvinphang95","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586428270506916","authorIdStr":"3586428270506916"},"themes":[],"htmlText":"Good to readddd","listText":"Good to readddd","text":"Good to readddd","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/164196550","repostId":"1133385197","repostType":4,"isVote":1,"tweetType":1,"viewCount":349,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":801112739,"gmtCreate":1627487385721,"gmtModify":1631888798289,"author":{"id":"3586428270506916","authorId":"3586428270506916","name":"alvinphang95","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586428270506916","authorIdStr":"3586428270506916"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/8VI.AU\">$8VIC(8VI.AU)$</a>hhohoho","listText":"<a href=\"https://laohu8.com/S/8VI.AU\">$8VIC(8VI.AU)$</a>hhohoho","text":"$8VIC(8VI.AU)$hhohoho","images":[{"img":"https://static.tigerbbs.com/3619fd445c0fd2a60c83d8eeead9565f","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/801112739","isVote":1,"tweetType":1,"viewCount":389,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":164195967,"gmtCreate":1624177851159,"gmtModify":1631891748477,"author":{"id":"3586428270506916","authorId":"3586428270506916","name":"alvinphang95","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586428270506916","authorIdStr":"3586428270506916"},"themes":[],"htmlText":"Really?","listText":"Really?","text":"Really?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/164195967","repostId":"1199331995","repostType":4,"isVote":1,"tweetType":1,"viewCount":332,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":186694333,"gmtCreate":1623489776322,"gmtModify":1631891748485,"author":{"id":"3586428270506916","authorId":"3586428270506916","name":"alvinphang95","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586428270506916","authorIdStr":"3586428270506916"},"themes":[],"htmlText":"Wettt wettt ah","listText":"Wettt wettt ah","text":"Wettt wettt ah","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/186694333","repostId":"186388851","repostType":1,"repost":{"id":186388851,"gmtCreate":1623473793070,"gmtModify":1631885901828,"author":{"id":"36984908995200","authorId":"36984908995200","name":"小虎活动","avatar":"https://static.tigerbbs.com/9e396d03155923b283948d2dec9191f8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"36984908995200","authorIdStr":"36984908995200"},"themes":[],"title":"分享老虎七周年精彩瞬间，获取随机虎币打赏！","htmlText":"\n \n \n  在活动现场的虎友，欢迎大家分享你在老虎七周年活动现场的照片，即可获得66-666虎币随机打赏~更有机会赢小虎玩偶，马克杯等周边奖品。【活动时间】2021年6月12日【参与方式】欢迎大家在本帖“留言并转发”参与活动，或者在“老虎七周年嘉年华”主题下发帖，晒出你在现场的活动图，并艾特 <a target=\"_blank\" href=\"https://laohu8.com/U/36984908995200\">@小虎活动</a> @小虎AV即可参与【活动奖励】凡是按照规则分享活动照片即可获得66-666虎币随机打赏，我们还会随机选出幸运虎友赠予小虎玩偶，或者马克杯等周边奖品（质量越高，点赞越高，互动越高，获奖几率越大）【特别奖励】相信有很多朋友由于各种原因没有办法到达老虎七周年的现场，不要着急，福利来啦！6月12日，社区将为无法来到现场相聚的虎友们同步进行线上直播! <a href=\"https://laohu8.com/RN?name=RNLive&amp;rndata={&quot;liveId&quot;:&quot;16226253307800&quot;}\" target=\"_blank\">戳我围观直播</a>悄悄地告诉你，本次Open Day直播还会设有抽奖环节，主持人会在15：00、16：00、17：00、17：40&nbsp;四个时间节点在直播间进行提问，参与抢答问题的虎友将有机会赢得老虎全球限量大礼包！【抽奖规则】：每轮抽奖主持人提问或发出口令后，虎友们需要第一时间在直播间评论区敲出答案获对应口令，工作人员将随机截取3位回答正确的幸运观众，送出老虎7周年全球限量大礼包哦~【奖品发放】中奖名单将当场公布，届时中奖的虎友请主动添加@爱发红包的虎妞 微信领取奖品，微信号是tigerbrokers。\n \n","listText":"在活动现场的虎友，欢迎大家分享你在老虎七周年活动现场的照片，即可获得66-666虎币随机打赏~更有机会赢小虎玩偶，马克杯等周边奖品。【活动时间】2021年6月12日【参与方式】欢迎大家在本帖“留言并转发”参与活动，或者在“老虎七周年嘉年华”主题下发帖，晒出你在现场的活动图，并艾特 <a target=\"_blank\" href=\"https://laohu8.com/U/36984908995200\">@小虎活动</a> @小虎AV即可参与【活动奖励】凡是按照规则分享活动照片即可获得66-666虎币随机打赏，我们还会随机选出幸运虎友赠予小虎玩偶，或者马克杯等周边奖品（质量越高，点赞越高，互动越高，获奖几率越大）【特别奖励】相信有很多朋友由于各种原因没有办法到达老虎七周年的现场，不要着急，福利来啦！6月12日，社区将为无法来到现场相聚的虎友们同步进行线上直播! <a href=\"https://laohu8.com/RN?name=RNLive&amp;rndata={&quot;liveId&quot;:&quot;16226253307800&quot;}\" target=\"_blank\">戳我围观直播</a>悄悄地告诉你，本次Open Day直播还会设有抽奖环节，主持人会在15：00、16：00、17：00、17：40&nbsp;四个时间节点在直播间进行提问，参与抢答问题的虎友将有机会赢得老虎全球限量大礼包！【抽奖规则】：每轮抽奖主持人提问或发出口令后，虎友们需要第一时间在直播间评论区敲出答案获对应口令，工作人员将随机截取3位回答正确的幸运观众，送出老虎7周年全球限量大礼包哦~【奖品发放】中奖名单将当场公布，届时中奖的虎友请主动添加@爱发红包的虎妞 微信领取奖品，微信号是tigerbrokers。","text":"在活动现场的虎友，欢迎大家分享你在老虎七周年活动现场的照片，即可获得66-666虎币随机打赏~更有机会赢小虎玩偶，马克杯等周边奖品。【活动时间】2021年6月12日【参与方式】欢迎大家在本帖“留言并转发”参与活动，或者在“老虎七周年嘉年华”主题下发帖，晒出你在现场的活动图，并艾特 @小虎活动 @小虎AV即可参与【活动奖励】凡是按照规则分享活动照片即可获得66-666虎币随机打赏，我们还会随机选出幸运虎友赠予小虎玩偶，或者马克杯等周边奖品（质量越高，点赞越高，互动越高，获奖几率越大）【特别奖励】相信有很多朋友由于各种原因没有办法到达老虎七周年的现场，不要着急，福利来啦！6月12日，社区将为无法来到现场相聚的虎友们同步进行线上直播! 戳我围观直播悄悄地告诉你，本次Open Day直播还会设有抽奖环节，主持人会在15：00、16：00、17：00、17：40 四个时间节点在直播间进行提问，参与抢答问题的虎友将有机会赢得老虎全球限量大礼包！【抽奖规则】：每轮抽奖主持人提问或发出口令后，虎友们需要第一时间在直播间评论区敲出答案获对应口令，工作人员将随机截取3位回答正确的幸运观众，送出老虎7周年全球限量大礼包哦~【奖品发放】中奖名单将当场公布，届时中奖的虎友请主动添加@爱发红包的虎妞 微信领取奖品，微信号是tigerbrokers。","images":[],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/186388851","isVote":1,"tweetType":2,"object":{"id":"937288312ea942aea7d36787b274aa53","tweetId":"186388851","videoUrl":"https://1254107296.vod2.myqcloud.com/27e1f7ecvodtransgzp1254107296/43f117a63701925919089160461/v.f30.mp4","poster":"https://static.tigerbbs.com/cf4274e70584942c828dcdfe5d150800"},"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":222,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":188206477,"gmtCreate":1623439936899,"gmtModify":1631891748488,"author":{"id":"3586428270506916","authorId":"3586428270506916","name":"alvinphang95","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586428270506916","authorIdStr":"3586428270506916"},"themes":[],"htmlText":"Yea","listText":"Yea","text":"Yea","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/188206477","repostId":"1198311684","repostType":4,"repost":{"id":"1198311684","kind":"news","pubTimestamp":1623415805,"share":"https://www.laohu8.com/m/news/1198311684?lang=zh_CN&edition=full","pubTime":"2021-06-11 20:50","market":"us","language":"en","title":"Opinion: Stock investors now have come to a cliff in the road — and options are limited<blockquote>观点：股票投资者现在已经走到了悬崖边——而且选择有限</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1198311684","media":"MarketWatch","summary":"Fundamental things haven’t applied to the U.S. market but that seems about to change.\n\nThe coronavir","content":"<p>  <b>Fundamental things haven’t applied to the U.S. market but that seems about to change.</b>  The coronavirus pandemic has been excellent for investors, but most now realize that the stock market’s extraordinary performance is not based on fundamentals, which ceased to matter some time ago.</p><p><blockquote><b>基本面尚未适用于美国市场，但这种情况似乎即将改变。</b>冠状病毒大流行对投资者来说非常好，但大多数人现在意识到，股市的非凡表现并不是基于基本面，而基本面在一段时间前就不再重要了。</blockquote></p><p> Central banks have been driving asset prices with massive liquidity infusions and zero interest rates. Consumption and corporate earnings are underpinned by large government transfer payments, fiscal stimulus and industry support.</p><p><blockquote>各国央行一直在通过大规模流动性注入和零利率来推动资产价格。消费和企业盈利受到政府巨额转移支付、财政刺激和行业支持的支撑。</blockquote></p><p> Will it last? The consensus is that most assets are overpriced. Prices ultimately are the present value of future cash flows. Authorities have manipulated the discount rate but altering underlying long-term cash flows, which are driven by the real economy, is more difficult. Low volatility, engineered by central banks, also encourages exuberant prices. At some stage, profligate government deficits may be reigned by either winding back spending or increasing taxes. These policies may also drive inflation, requiring tighter monetary policy and higher rates.&nbsp;</p><p><blockquote>它会持续吗？共识是大多数资产定价过高。价格最终是未来现金流的现值。当局操纵了贴现率，但改变由实体经济驱动的潜在长期现金流更加困难。央行设计的低波动性也鼓励了价格的上涨。在某个阶段，挥霍无度的政府赤字可能会通过减少支出或增加税收来控制。这些政策也可能推动通胀，需要收紧货币政策和提高利率。</blockquote></p><p> Currently high stock prices expose investors to the risk of a sudden correction, when the game of musical chairs stops unexpectedly. Given that almost all of the gains have been in price rather than income (dividends, interest, etc.), the vulnerability is exacerbated. The unstable structure of the financial system — high leverage, shadow banks, illiquidity, unresolved linkages, the rise in trend following investors — means that any problem may trigger a major adjustment.</p><p><blockquote>目前的高股价使投资者面临突然调整的风险，当音乐椅的游戏意外停止时。鉴于几乎所有的收益都是价格而不是收入（股息、利息等）。），脆弱性加剧。金融体系的不稳定结构——高杠杆、影子银行、流动性不足、未解决的联系、跟风投资者的上升——意味着任何问题都可能引发重大调整。</blockquote></p><p> Investors’ options are limited. You could believe in the permanency of a “new normal.” Risky asset investments are then justified on the basis that authorities must ensure high- and rising asset prices, primarily as the alternative is too awful to contemplate. This assumes that policy options remain unconstrained indefinitely.</p><p><blockquote>投资者的选择有限。你可以相信“新常态”的持久性。然后，风险资产投资是合理的，因为当局必须确保高且不断上涨的资产价格，主要是因为替代方案太糟糕而无法考虑。这假设策略选项无限期地保持不受约束。</blockquote></p><p> Or investors can rely on momentum, essentially Keynes’ so-called beauty contest theory of investing, which anticipated today’s “meme stocks.” Successful investment requires investors to select the most popular faces among all judges, rather than those they may personally find the most attractive. The difficulty is knowing the judge’s mind and recognizing when to sell before the music stops.</p><p><blockquote>或者投资者可以依靠动量，本质上是凯恩斯所谓的投资选美理论，该理论预测了今天的“模因股票”。成功的投资需要投资者在所有评委中选出最受欢迎的面孔，而不是他们个人可能觉得最有吸引力的面孔。困难在于了解法官的想法，并在音乐停止之前识别何时出售。</blockquote></p><p> Third, investors can park their money in cash. This means accepting exceptionally low returns perhaps for a prolonged period and, worst of all, missing out on further gains.</p><p><blockquote>第三，投资者可以将资金存入现金。这意味着可能会在很长一段时间内接受极低的回报，最糟糕的是，错过进一步的收益。</blockquote></p><p> An alternative is to reposition defensively into assets or businesses with reliable income streams operating in essential industries or selling staples. These traditional “widows and orphans” investments are more difficult to find today. “Safe” government bonds now offer little income but high risk. Stock and property prices are highly correlated, reflecting investor behavior as well as the common reliance on leverage. More liquid and better-quality assets frequently come under selling pressure when leveraged investors need to raise cash. Today, just as a rising tide lifts all boats, a receding surge leaves everyone stranded.</p><p><blockquote>另一种选择是防御性地重新定位于在重要行业运营或销售主食的具有可靠收入流的资产或业务。这些传统的“寡妇和孤儿”投资如今更难找到。“安全”政府债券现在收入很少，但风险很高。股票和房地产价格高度相关，反映了投资者行为以及对杠杆的普遍依赖。当杠杆投资者需要筹集现金时，流动性更强、质量更好的资产经常面临抛售压力。今天，就像涨潮托起所有的船一样，退潮让每个人都被困住了。</blockquote></p><p> Fourth, investors can seek to benefit from higher inflation, switching to stocks that benefit from increasing prices. But the impact on equity prices will depend on whether it is profit inflation (that is, end-product prices rise) or cost inflation, including increases in wages. If it is the latter, then the squeeze on earnings may adversely affect equity valuations. Combined with higher rates, this may adversely affect stocks. Another alternative is inflation-linked securities, such as Treasury inflation-protected securities (TIPS) &nbsp;TIP,+0.52%&nbsp;or commodities.&nbsp;</p><p><blockquote>第四，投资者可以寻求从通胀上升中受益，转向受益于价格上涨的股票。但对股价的影响将取决于是利润通胀（即终端产品价格上涨）还是成本通胀，包括工资上涨。如果是后者，那么盈利的挤压可能会对股票估值产生不利影响。再加上利率上升，这可能会对股票产生不利影响。另一种选择是通胀挂钩证券，例如国债通胀保值证券(TIPS)TIP，+0.52%或大宗商品。</blockquote></p><p> Fifth, investors could go “off-piste,” believing that existing policies are unsustainable and the economic system is irredeemable broken. This favors crypto-currencies, precious metals or collectibles — non-traditional assets whose supply is naturally constrained. The ability of the state to confiscate, tax and regulate, as well as reliance on courts to enforce rights, complicates this quest for freedom.</p><p><blockquote>第五，投资者可能会“偏离轨道”，认为现有政策不可持续，经济体系已无可挽回地崩溃。这有利于加密货币、贵金属或收藏品——供应自然受到限制的非传统资产。国家没收、征税和监管的能力，以及对法院执行权利的依赖，使这种对自由的追求变得复杂。</blockquote></p><p> The ultra-rich and some high-net worth individuals have gone off-grid already by moving into private markets. Concerned about manipulated and gamified markets, they focus now on non-listed real businesses and assets as well as private debt, sacrificing liquidity and transparency for better economics, privacy and control. Unfortunately, these options are limited for ordinary individuals — a different form of inequality.</p><p><blockquote>超级富豪和一些高净值人士已经通过进入私人市场而脱离了电网。由于担心被操纵和游戏化的市场，他们现在专注于非上市的实体企业和资产以及私人债务，为了更好的经济性、隐私和控制而牺牲流动性和透明度。不幸的是，这些选择对普通人来说是有限的——这是一种不同形式的不平等。</blockquote></p><p> Investors therefore face Hobson’s illusory choice, where only one thing is actually offered. They can lose by betting against price rises or that prices keep rising.&nbsp;</p><p><blockquote>因此，投资者面临着霍布森虚幻的选择，实际上只提供一件事。他们可能会因为押注价格上涨或价格持续上涨而失败。</blockquote></p><p></p><p> Policymakers, meanwhile, continue to compound decades of mistakes. They must now keep increasing debt and maintaining low rates in order to keep asset prices high. Government deficits are essential to maintaining economic activity. Kicking the can down the road is the only way to ensure that the day of reckoning is deferred — NIMTO (not in my term of office). This forces investors to go out further on the risk curve to generate returns.&nbsp;</p><p><blockquote>与此同时，政策制定者继续加剧几十年来的错误。他们现在必须继续增加债务并维持低利率，以保持资产价格高位。政府赤字对于维持经济活动至关重要。把罐子踢到路边是确保清算日推迟的唯一方法——NIMTO（不是在我的任期内）。这迫使投资者在风险曲线上走得更远以产生回报。</blockquote></p><p> Perhaps investors nowadays should stick to comedian Will Rogers’s famous investment advice: “Don’t gamble; take all your savings and buy some good stock and hold it till it goes up, then sell it. If it don’t go up, don’t buy it.”</p><p><blockquote>也许现在的投资者应该坚持喜剧演员威尔·罗杰斯的著名投资建议：“不要赌博；拿出你所有的积蓄，买一些好股票，一直持有到它上涨，然后卖掉它。如果它没有上涨，就不要买它。”</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Opinion: Stock investors now have come to a cliff in the road — and options are limited<blockquote>观点：股票投资者现在已经走到了悬崖边——而且选择有限</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nOpinion: Stock investors now have come to a cliff in the road — and options are limited<blockquote>观点：股票投资者现在已经走到了悬崖边——而且选择有限</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-06-11 20:50</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>Fundamental things haven’t applied to the U.S. market but that seems about to change.</b>  The coronavirus pandemic has been excellent for investors, but most now realize that the stock market’s extraordinary performance is not based on fundamentals, which ceased to matter some time ago.</p><p><blockquote><b>基本面尚未适用于美国市场，但这种情况似乎即将改变。</b>冠状病毒大流行对投资者来说非常好，但大多数人现在意识到，股市的非凡表现并不是基于基本面，而基本面在一段时间前就不再重要了。</blockquote></p><p> Central banks have been driving asset prices with massive liquidity infusions and zero interest rates. Consumption and corporate earnings are underpinned by large government transfer payments, fiscal stimulus and industry support.</p><p><blockquote>各国央行一直在通过大规模流动性注入和零利率来推动资产价格。消费和企业盈利受到政府巨额转移支付、财政刺激和行业支持的支撑。</blockquote></p><p> Will it last? The consensus is that most assets are overpriced. Prices ultimately are the present value of future cash flows. Authorities have manipulated the discount rate but altering underlying long-term cash flows, which are driven by the real economy, is more difficult. Low volatility, engineered by central banks, also encourages exuberant prices. At some stage, profligate government deficits may be reigned by either winding back spending or increasing taxes. These policies may also drive inflation, requiring tighter monetary policy and higher rates.&nbsp;</p><p><blockquote>它会持续吗？共识是大多数资产定价过高。价格最终是未来现金流的现值。当局操纵了贴现率，但改变由实体经济驱动的潜在长期现金流更加困难。央行设计的低波动性也鼓励了价格的上涨。在某个阶段，挥霍无度的政府赤字可能会通过减少支出或增加税收来控制。这些政策也可能推动通胀，需要收紧货币政策和提高利率。</blockquote></p><p> Currently high stock prices expose investors to the risk of a sudden correction, when the game of musical chairs stops unexpectedly. Given that almost all of the gains have been in price rather than income (dividends, interest, etc.), the vulnerability is exacerbated. The unstable structure of the financial system — high leverage, shadow banks, illiquidity, unresolved linkages, the rise in trend following investors — means that any problem may trigger a major adjustment.</p><p><blockquote>目前的高股价使投资者面临突然调整的风险，当音乐椅的游戏意外停止时。鉴于几乎所有的收益都是价格而不是收入（股息、利息等）。），脆弱性加剧。金融体系的不稳定结构——高杠杆、影子银行、流动性不足、未解决的联系、跟风投资者的上升——意味着任何问题都可能引发重大调整。</blockquote></p><p> Investors’ options are limited. You could believe in the permanency of a “new normal.” Risky asset investments are then justified on the basis that authorities must ensure high- and rising asset prices, primarily as the alternative is too awful to contemplate. This assumes that policy options remain unconstrained indefinitely.</p><p><blockquote>投资者的选择有限。你可以相信“新常态”的持久性。然后，风险资产投资是合理的，因为当局必须确保高且不断上涨的资产价格，主要是因为替代方案太糟糕而无法考虑。这假设策略选项无限期地保持不受约束。</blockquote></p><p> Or investors can rely on momentum, essentially Keynes’ so-called beauty contest theory of investing, which anticipated today’s “meme stocks.” Successful investment requires investors to select the most popular faces among all judges, rather than those they may personally find the most attractive. The difficulty is knowing the judge’s mind and recognizing when to sell before the music stops.</p><p><blockquote>或者投资者可以依靠动量，本质上是凯恩斯所谓的投资选美理论，该理论预测了今天的“模因股票”。成功的投资需要投资者在所有评委中选出最受欢迎的面孔，而不是他们个人可能觉得最有吸引力的面孔。困难在于了解法官的想法，并在音乐停止之前识别何时出售。</blockquote></p><p> Third, investors can park their money in cash. This means accepting exceptionally low returns perhaps for a prolonged period and, worst of all, missing out on further gains.</p><p><blockquote>第三，投资者可以将资金存入现金。这意味着可能会在很长一段时间内接受极低的回报，最糟糕的是，错过进一步的收益。</blockquote></p><p> An alternative is to reposition defensively into assets or businesses with reliable income streams operating in essential industries or selling staples. These traditional “widows and orphans” investments are more difficult to find today. “Safe” government bonds now offer little income but high risk. Stock and property prices are highly correlated, reflecting investor behavior as well as the common reliance on leverage. More liquid and better-quality assets frequently come under selling pressure when leveraged investors need to raise cash. Today, just as a rising tide lifts all boats, a receding surge leaves everyone stranded.</p><p><blockquote>另一种选择是防御性地重新定位于在重要行业运营或销售主食的具有可靠收入流的资产或业务。这些传统的“寡妇和孤儿”投资如今更难找到。“安全”政府债券现在收入很少，但风险很高。股票和房地产价格高度相关，反映了投资者行为以及对杠杆的普遍依赖。当杠杆投资者需要筹集现金时，流动性更强、质量更好的资产经常面临抛售压力。今天，就像涨潮托起所有的船一样，退潮让每个人都被困住了。</blockquote></p><p> Fourth, investors can seek to benefit from higher inflation, switching to stocks that benefit from increasing prices. But the impact on equity prices will depend on whether it is profit inflation (that is, end-product prices rise) or cost inflation, including increases in wages. If it is the latter, then the squeeze on earnings may adversely affect equity valuations. Combined with higher rates, this may adversely affect stocks. Another alternative is inflation-linked securities, such as Treasury inflation-protected securities (TIPS) &nbsp;TIP,+0.52%&nbsp;or commodities.&nbsp;</p><p><blockquote>第四，投资者可以寻求从通胀上升中受益，转向受益于价格上涨的股票。但对股价的影响将取决于是利润通胀（即终端产品价格上涨）还是成本通胀，包括工资上涨。如果是后者，那么盈利的挤压可能会对股票估值产生不利影响。再加上利率上升，这可能会对股票产生不利影响。另一种选择是通胀挂钩证券，例如国债通胀保值证券(TIPS)TIP，+0.52%或大宗商品。</blockquote></p><p> Fifth, investors could go “off-piste,” believing that existing policies are unsustainable and the economic system is irredeemable broken. This favors crypto-currencies, precious metals or collectibles — non-traditional assets whose supply is naturally constrained. The ability of the state to confiscate, tax and regulate, as well as reliance on courts to enforce rights, complicates this quest for freedom.</p><p><blockquote>第五，投资者可能会“偏离轨道”，认为现有政策不可持续，经济体系已无可挽回地崩溃。这有利于加密货币、贵金属或收藏品——供应自然受到限制的非传统资产。国家没收、征税和监管的能力，以及对法院执行权利的依赖，使这种对自由的追求变得复杂。</blockquote></p><p> The ultra-rich and some high-net worth individuals have gone off-grid already by moving into private markets. Concerned about manipulated and gamified markets, they focus now on non-listed real businesses and assets as well as private debt, sacrificing liquidity and transparency for better economics, privacy and control. Unfortunately, these options are limited for ordinary individuals — a different form of inequality.</p><p><blockquote>超级富豪和一些高净值人士已经通过进入私人市场而脱离了电网。由于担心被操纵和游戏化的市场，他们现在专注于非上市的实体企业和资产以及私人债务，为了更好的经济性、隐私和控制而牺牲流动性和透明度。不幸的是，这些选择对普通人来说是有限的——这是一种不同形式的不平等。</blockquote></p><p> Investors therefore face Hobson’s illusory choice, where only one thing is actually offered. They can lose by betting against price rises or that prices keep rising.&nbsp;</p><p><blockquote>因此，投资者面临着霍布森虚幻的选择，实际上只提供一件事。他们可能会因为押注价格上涨或价格持续上涨而失败。</blockquote></p><p></p><p> Policymakers, meanwhile, continue to compound decades of mistakes. They must now keep increasing debt and maintaining low rates in order to keep asset prices high. Government deficits are essential to maintaining economic activity. Kicking the can down the road is the only way to ensure that the day of reckoning is deferred — NIMTO (not in my term of office). This forces investors to go out further on the risk curve to generate returns.&nbsp;</p><p><blockquote>与此同时，政策制定者继续加剧几十年来的错误。他们现在必须继续增加债务并维持低利率，以保持资产价格高位。政府赤字对于维持经济活动至关重要。把罐子踢到路边是确保清算日推迟的唯一方法——NIMTO（不是在我的任期内）。这迫使投资者在风险曲线上走得更远以产生回报。</blockquote></p><p> Perhaps investors nowadays should stick to comedian Will Rogers’s famous investment advice: “Don’t gamble; take all your savings and buy some good stock and hold it till it goes up, then sell it. If it don’t go up, don’t buy it.”</p><p><blockquote>也许现在的投资者应该坚持喜剧演员威尔·罗杰斯的著名投资建议：“不要赌博；拿出你所有的积蓄，买一些好股票，一直持有到它上涨，然后卖掉它。如果它没有上涨，就不要买它。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/stock-investors-now-have-come-to-a-cliff-in-the-road-and-options-are-limited-11623375733?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":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite","SPY":"标普500ETF"},"source_url":"https://www.marketwatch.com/story/stock-investors-now-have-come-to-a-cliff-in-the-road-and-options-are-limited-11623375733?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1198311684","content_text":"Fundamental things haven’t applied to the U.S. market but that seems about to change.\n\nThe coronavirus pandemic has been excellent for investors, but most now realize that the stock market’s extraordinary performance is not based on fundamentals, which ceased to matter some time ago.\nCentral banks have been driving asset prices with massive liquidity infusions and zero interest rates. Consumption and corporate earnings are underpinned by large government transfer payments, fiscal stimulus and industry support.\nWill it last? The consensus is that most assets are overpriced. Prices ultimately are the present value of future cash flows. Authorities have manipulated the discount rate but altering underlying long-term cash flows, which are driven by the real economy, is more difficult. Low volatility, engineered by central banks, also encourages exuberant prices. At some stage, profligate government deficits may be reigned by either winding back spending or increasing taxes. These policies may also drive inflation, requiring tighter monetary policy and higher rates. \nCurrently high stock prices expose investors to the risk of a sudden correction, when the game of musical chairs stops unexpectedly. Given that almost all of the gains have been in price rather than income (dividends, interest, etc.), the vulnerability is exacerbated. The unstable structure of the financial system — high leverage, shadow banks, illiquidity, unresolved linkages, the rise in trend following investors — means that any problem may trigger a major adjustment.\nInvestors’ options are limited. You could believe in the permanency of a “new normal.” Risky asset investments are then justified on the basis that authorities must ensure high- and rising asset prices, primarily as the alternative is too awful to contemplate. This assumes that policy options remain unconstrained indefinitely.\nOr investors can rely on momentum, essentially Keynes’ so-called beauty contest theory of investing, which anticipated today’s “meme stocks.” Successful investment requires investors to select the most popular faces among all judges, rather than those they may personally find the most attractive. The difficulty is knowing the judge’s mind and recognizing when to sell before the music stops.\nThird, investors can park their money in cash. This means accepting exceptionally low returns perhaps for a prolonged period and, worst of all, missing out on further gains.\nAn alternative is to reposition defensively into assets or businesses with reliable income streams operating in essential industries or selling staples. These traditional “widows and orphans” investments are more difficult to find today. “Safe” government bonds now offer little income but high risk. Stock and property prices are highly correlated, reflecting investor behavior as well as the common reliance on leverage. More liquid and better-quality assets frequently come under selling pressure when leveraged investors need to raise cash. Today, just as a rising tide lifts all boats, a receding surge leaves everyone stranded.\nFourth, investors can seek to benefit from higher inflation, switching to stocks that benefit from increasing prices. But the impact on equity prices will depend on whether it is profit inflation (that is, end-product prices rise) or cost inflation, including increases in wages. If it is the latter, then the squeeze on earnings may adversely affect equity valuations. Combined with higher rates, this may adversely affect stocks. Another alternative is inflation-linked securities, such as Treasury inflation-protected securities (TIPS)  TIP,+0.52% or commodities. \nFifth, investors could go “off-piste,” believing that existing policies are unsustainable and the economic system is irredeemable broken. This favors crypto-currencies, precious metals or collectibles — non-traditional assets whose supply is naturally constrained. The ability of the state to confiscate, tax and regulate, as well as reliance on courts to enforce rights, complicates this quest for freedom.\nThe ultra-rich and some high-net worth individuals have gone off-grid already by moving into private markets. Concerned about manipulated and gamified markets, they focus now on non-listed real businesses and assets as well as private debt, sacrificing liquidity and transparency for better economics, privacy and control. Unfortunately, these options are limited for ordinary individuals — a different form of inequality.\nInvestors therefore face Hobson’s illusory choice, where only one thing is actually offered. They can lose by betting against price rises or that prices keep rising. \nPolicymakers, meanwhile, continue to compound decades of mistakes. They must now keep increasing debt and maintaining low rates in order to keep asset prices high. Government deficits are essential to maintaining economic activity. Kicking the can down the road is the only way to ensure that the day of reckoning is deferred — NIMTO (not in my term of office). This forces investors to go out further on the risk curve to generate returns. \nPerhaps investors nowadays should stick to comedian Will Rogers’s famous investment advice: “Don’t gamble; take all your savings and buy some good stock and hold it till it goes up, then sell it. If it don’t go up, don’t buy it.”","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":257,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":188203444,"gmtCreate":1623439072488,"gmtModify":1631891748495,"author":{"id":"3586428270506916","authorId":"3586428270506916","name":"alvinphang95","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586428270506916","authorIdStr":"3586428270506916"},"themes":[],"htmlText":"Oh mai","listText":"Oh mai","text":"Oh mai","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/188203444","repostId":"1146386859","repostType":4,"isVote":1,"tweetType":1,"viewCount":379,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":183434412,"gmtCreate":1623340108836,"gmtModify":1631891748497,"author":{"id":"3586428270506916","authorId":"3586428270506916","name":"alvinphang95","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586428270506916","authorIdStr":"3586428270506916"},"themes":[],"htmlText":"Chance ?","listText":"Chance ?","text":"Chance ?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/183434412","repostId":"1109265126","repostType":4,"repost":{"id":"1109265126","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":1623335677,"share":"https://www.laohu8.com/m/news/1109265126?lang=zh_CN&edition=full","pubTime":"2021-06-10 22:34","market":"us","language":"en","title":"Most of meme stocks dropped in morning trading<blockquote>大多数模因股票在早盘交易中下跌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1109265126","media":"Tiger Newspress","summary":"(June 10) Most of meme stocks dropped in morning trading.\nGameStop fell about 10%, Baird says GameSt","content":"<p>(June&nbsp;10)&nbsp;Most of meme stocks dropped in morning trading.</p><p><blockquote>（6月10日）大多数模因股票在早盘交易中下跌。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/7f035fcec2fe0d5b172ba455b6163d8c\" tg-width=\"305\" tg-height=\"404\">GameStop&nbsp;fell&nbsp;about&nbsp;10%,&nbsp;Baird says GameStop's turnaround plan remains a mystery, predicts 90% stock decline.</p><p><blockquote>游戏驿站跌约10%，Baird称游戏驿站扭亏为盈计划仍成谜，预计股价下跌90%。</blockquote></p><p> Clover Health Corp&nbsp;fell&nbsp;nearly&nbsp;9%,&nbsp;Investors should back away fromClover Healthafter Reddit traders helped to cause a shortage in the heavily shorted insurance stock, according to Bank of America.</p><p><blockquote>美国银行表示，在Reddit交易员帮助导致严重做空的保险股短缺后，Clover Health Corp下跌近9%，投资者应该远离Clover Health。</blockquote></p><p> The stock closed at $16.92 per share on Wednesday, up more than 120% in June, and briefly traded above $28. The company, which went public through a special purpose acquisition company deal aided by billionaire Chamath Palihapitiya, has become favorite of social media traders in the past week.</p><p><blockquote>该股周三收于每股16.92美元，6月份涨幅超过120%，并一度突破28美元。该公司在亿万富翁Chamath Palihapitiya的帮助下通过特殊目的收购公司交易上市，在过去一周成为社交媒体交易员的最爱。</blockquote></p><p> Bank of America analyst Kevin Fischbeck downgraded the stock to underperform from neutral, saying in a note to clients on Thursday that the fundamentals couldn’t support the stock price.</p><p><blockquote>美国银行分析师Kevin Fischbeck将该股评级从中性下调至表现不佳，他在周四给客户的一份报告中表示，基本面无法支撑股价。</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>Most of meme stocks dropped in morning trading<blockquote>大多数模因股票在早盘交易中下跌</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\">\nMost of meme stocks dropped in morning trading<blockquote>大多数模因股票在早盘交易中下跌</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\">2021-06-10 22:34</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(June&nbsp;10)&nbsp;Most of meme stocks dropped in morning trading.</p><p><blockquote>（6月10日）大多数模因股票在早盘交易中下跌。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/7f035fcec2fe0d5b172ba455b6163d8c\" tg-width=\"305\" tg-height=\"404\">GameStop&nbsp;fell&nbsp;about&nbsp;10%,&nbsp;Baird says GameStop's turnaround plan remains a mystery, predicts 90% stock decline.</p><p><blockquote>游戏驿站跌约10%，Baird称游戏驿站扭亏为盈计划仍成谜，预计股价下跌90%。</blockquote></p><p> Clover Health Corp&nbsp;fell&nbsp;nearly&nbsp;9%,&nbsp;Investors should back away fromClover Healthafter Reddit traders helped to cause a shortage in the heavily shorted insurance stock, according to Bank of America.</p><p><blockquote>美国银行表示，在Reddit交易员帮助导致严重做空的保险股短缺后，Clover Health Corp下跌近9%，投资者应该远离Clover Health。</blockquote></p><p> The stock closed at $16.92 per share on Wednesday, up more than 120% in June, and briefly traded above $28. The company, which went public through a special purpose acquisition company deal aided by billionaire Chamath Palihapitiya, has become favorite of social media traders in the past week.</p><p><blockquote>该股周三收于每股16.92美元，6月份涨幅超过120%，并一度突破28美元。该公司在亿万富翁Chamath Palihapitiya的帮助下通过特殊目的收购公司交易上市，在过去一周成为社交媒体交易员的最爱。</blockquote></p><p> Bank of America analyst Kevin Fischbeck downgraded the stock to underperform from neutral, saying in a note to clients on Thursday that the fundamentals couldn’t support the stock price.</p><p><blockquote>美国银行分析师Kevin Fischbeck将该股评级从中性下调至表现不佳，他在周四给客户的一份报告中表示，基本面无法支撑股价。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMC":"AMC院线","GME":"游戏驿站","CLOV":"Clover Health Corp"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1109265126","content_text":"(June 10) Most of meme stocks dropped in morning trading.\nGameStop fell about 10%, Baird says GameStop's turnaround plan remains a mystery, predicts 90% stock decline.\nClover Health Corp fell nearly 9%, Investors should back away fromClover Healthafter Reddit traders helped to cause a shortage in the heavily shorted insurance stock, according to Bank of America.\nThe stock closed at $16.92 per share on Wednesday, up more than 120% in June, and briefly traded above $28. The company, which went public through a special purpose acquisition company deal aided by billionaire Chamath Palihapitiya, has become favorite of social media traders in the past week.\nBank of America analyst Kevin Fischbeck downgraded the stock to underperform from neutral, saying in a note to clients on Thursday that the fundamentals couldn’t support the stock price.","news_type":1,"symbols_score_info":{"GME":0.9,"CLOV":0.9,"AMC":0.9,"WISH":0.9}},"isVote":1,"tweetType":1,"viewCount":286,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":183430167,"gmtCreate":1623339526459,"gmtModify":1631892871324,"author":{"id":"3586428270506916","authorId":"3586428270506916","name":"alvinphang95","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586428270506916","authorIdStr":"3586428270506916"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/183430167","repostId":"1157279999","repostType":4,"isVote":1,"tweetType":1,"viewCount":348,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":891386638,"gmtCreate":1628334861724,"gmtModify":1631888944113,"author":{"id":"3586428270506916","authorId":"3586428270506916","name":"alvinphang95","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586428270506916","authorIdStr":"3586428270506916"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/EDU\">$EDU 20230120 5.0 CALL(EDU)$</a>aanyone have any thoughts?","listText":"<a href=\"https://laohu8.com/S/EDU\">$EDU 20230120 5.0 CALL(EDU)$</a>aanyone have any thoughts?","text":"$EDU 20230120 5.0 CALL(EDU)$aanyone have any thoughts?","images":[{"img":"https://static.tigerbbs.com/d8ba933f60f1ecf4620797be66ab2fcd","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/891386638","isVote":1,"tweetType":1,"viewCount":354,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":802885662,"gmtCreate":1627751816556,"gmtModify":1631888944124,"author":{"id":"3586428270506916","authorId":"3586428270506916","name":"alvinphang95","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586428270506916","authorIdStr":"3586428270506916"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/EDU\">$EDU 20230120 5.0 CALL(EDU)$</a>oh no!","listText":"<a href=\"https://laohu8.com/S/EDU\">$EDU 20230120 5.0 CALL(EDU)$</a>oh no!","text":"$EDU 20230120 5.0 CALL(EDU)$oh no!","images":[{"img":"https://static.tigerbbs.com/7db69d19b6a9d219c456affc71a6dad4","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/802885662","isVote":1,"tweetType":1,"viewCount":554,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":151806774,"gmtCreate":1625069663298,"gmtModify":1631888944134,"author":{"id":"3586428270506916","authorId":"3586428270506916","name":"alvinphang95","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586428270506916","authorIdStr":"3586428270506916"},"themes":[],"htmlText":"Great!!!","listText":"Great!!!","text":"Great!!!","images":[{"img":"https://static.tigerbbs.com/085bdf0b324723a8e14f543e34b2da75","width":"750","height":"1238"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/151806774","isVote":1,"tweetType":1,"viewCount":574,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0}],"lives":[]}