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Huifoong

Huifoong

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2021-07-11

Yes 👍

US IPO Week Ahead: Real estate, post-pandemic plays and more in an 9 IPO week<blockquote>美国 IPO 周即将到来：房地产、大流行后的戏剧等 IPO 周第 9 周</blockquote>

2021-07-08

Seeing red??

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2021-07-04

[Happy]

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2021-07-04

Yes

Why high-quality, trustworthy companies have beaten the S&P 500 by 30%-50%<blockquote>为什么高质量、值得信赖的公司击败标普500 30%-50%</blockquote>

2021-07-03

Ok

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2021-07-03

Good

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2021-07-02

Oh

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2021-07-01

👍

抱歉，原内容已删除

2021-07-01

👍

The S&P 500 Notches Its Second-Best First Half Since the Dot-Com Bubble. What Comes Next.<blockquote>标普500创下了自互联网泡沫以来第二好的上半年。接下来会发生什么。</blockquote>

2021-06-30

Great news

抱歉，原内容已删除

2021-06-30

Will crash

Housing Prices Are Going Up. Must They Crash?<blockquote>房价在上涨。他们一定要坠毁吗？</blockquote>

2021-06-28

Great

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2021-06-28

Great

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2021-06-28

Oh no

The Hong Kong Stock Exchange will resume trading at 1:30 p.m., as the rainstorm signal changes.<blockquote>随着暴雨信号的变化，香港联交所将于下午1点30分恢复交易。</blockquote>

2021-06-24

Noted

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2021-06-24

Omg

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2021-06-23

Yes

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2021-06-23

Yes

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2021-06-23

Wow

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2021-06-23

👍

Krispy Kreme Seeks $640 Million in IPO as Sales Move Online<blockquote>随着销售转移到线上，Krispy Kreme 寻求 6.4 亿美元 IPO</blockquote>

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👍&nbsp;","listText":"Yes 👍&nbsp;","text":"Yes 👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/148291900","repostId":"1195812364","repostType":4,"repost":{"id":"1195812364","kind":"news","pubTimestamp":1625875523,"share":"https://www.laohunote.com/m/news/1195812364?lang=zh_CN&edition=full","pubTime":"2021-07-10 08:05","market":"us","language":"en","title":"US IPO Week Ahead: Real estate, post-pandemic plays and more in an 9 IPO week<blockquote>美国 IPO 周即将到来：房地产、大流行后的戏剧等 IPO 周第 9 周</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1195812364","media":"Renaissance Capital","summary":"Italian drug container supplier Stevanato Group plans to raise $900 million at a $6.8 billion market cap. Controlled by its founding family, the profitable company supplies glass vials, syringes, and other medical-grade containers to more than 700 customers, including 41 of the top 50 pharmaceutical companies.Shopping center REIT Phillips Edison & Company plans to raise $502 million at a $3.7 billion market cap. This REIT owns equity interests in 300 shopping centers across the US, focusing on l","content":"<p>After a slow holiday week, nine IPOs are scheduled to raise over $3 billion in the week ahead.</p><p><blockquote>在度过了缓慢的假期周之后，未来一周将有 9 笔 IPO 筹集超过 30 亿美元。</blockquote></p><p> Italian drug container supplier&nbsp;<b>Stevanato Group</b>(STVN) plans to raise $900 million at a $6.8 billion market cap. Controlled by its founding family, the profitable company supplies glass vials, syringes, and other medical-grade containers to more than 700 customers, including 41 of the top 50 pharmaceutical companies.</p><p><blockquote>意大利药品容器供应商<b>斯特瓦纳托集团</b>(STVN) 计划以 68 亿美元的市值筹集 9 亿美元。这家盈利的公司由其创始家族控制，为 700 多家客户提供玻璃小瓶、注射器和其他医疗级容器，其中包括 41 家排名前 50 的制药公司。</blockquote></p><p> Shopping center REIT&nbsp;<b>Phillips Edison &amp; Company</b>(PECO) plans to raise $502 million at a $3.7 billion market cap. This REIT owns equity interests in 300 shopping centers across the US, focusing on locations that are anchored by grocers like Kroger and Public. It targets a 3.5% annualized yield at the midpoint.</p><p><blockquote>购物中心产业信讬基金<b>菲利普斯爱迪生公司</b>(PECO) 计划以 37 亿美元的市值筹集 5.02 亿美元。该房地产投资信托基金拥有美国 300 家购物中心的股权，专注于 Kroger 和 Public 等杂货商经营的地点。它的目标是中点年化收益率为 3.5%。</blockquote></p><p> Known for its member-only luxury hotel brand Soho House,<b>Membership Collective Group</b>(MCG) plans to raise $450 at a $3.2 billion market cap. The company boasts a large and loyal member base, though it has no track record of profitability and saw revenue fall by almost half in the 1Q21.</p><p><blockquote>以会员专属豪华酒店品牌Soho House而闻名，<b>会员资格集体组</b>(MCG) 计划以 32 亿美元的市值筹集 450 美元。该公司拥有庞大而忠诚的会员基础，尽管它没有盈利记录，并且在2021年第一季度的收入下降了近一半。</blockquote></p><p> Mark Wahlberg-backed fitness franchise&nbsp;<b>F45 Training</b>(FXLV) plans to raise $325 million at a $1.5 billion market cap. Specializing in 45-minute workouts, F45 has over 1,500 studios worldwide. The company managed a 37% EBITDA in the trailing 12 months, though the company’s expected post-pandemic growth has yet to show through in the numbers.</p><p><blockquote>马克·沃尔伯格支持的健身特许经营权<b>F45训练</b>(FXLV) 计划以 15 亿美元的市值筹集 3.25 亿美元。F45专注于45分钟的锻炼，在全球拥有1500多个工作室。该公司在过去 12 个月中实现了 37% 的 EBITDA，尽管该公司预期的大流行后增长尚未在数据中体现出来。</blockquote></p><p> Mortgage software provider&nbsp;<b>Blend Labs</b>(BLND) plans to raise $340 million at a $4.5 billion market cap. Blend Labs provides a digital platform to financial services firms that improves the consumer experience when applying for mortgages and loans. Despite doubling revenue in 2020, the core software business is highly unprofitable due to R&amp;D and S&amp;M spend.</p><p><blockquote>抵押软件提供商<b>混合实验室</b>(BLND) 计划以 45 亿美元的市值筹集 3.4 亿美元。Blend Labs为金融服务公司提供了一个数字平台，改善了消费者申请抵押贷款和贷款时的体验。尽管2020年收入翻了一番，但由于R&amp;D和S&amp;M支出，核心软件业务高度无利可图。</blockquote></p><p> <b>Bridge Investment Group</b>(BRDG) plans to raise $300 million at a $1.8 billion market cap. This investment manager specializes in real estate equity and debt across multiple sectors. As of 3/31/2021, Bridge Investment Group has approximately $26 billion of AUM with more than 6,500 individual investors across 25 investment vehicles.</p><p><blockquote><b>桥梁投资集团</b>(BRDG) 计划以 18 亿美元的市值筹集 3 亿美元。这位投资经理专门从事多个行业的房地产股权和债务。截至2021年3月31日，Bridge Investment Group拥有约260亿美元的资产管理规模，拥有25种投资工具的6,500多名个人投资者。</blockquote></p><p> Ocular medical device provider&nbsp;<b>Sight Sciences</b>(SGHT) plans to raise $150 million at a $1 billion market cap. The company develops and sells medical and surgical devices that present new treatment options for eye diseases. The highly unprofitable company showed signs of re-accelerating growth in the 1Q21 (+32%) after the pandemic delayed elective procedures in 2020.</p><p><blockquote>眼科医疗器械供应商<b>视觉科学</b>(SGHT) 计划以 10 亿美元的市值筹集 1.5 亿美元。该公司开发和销售医疗和外科设备，为眼部疾病提供新的治疗选择。在疫情推迟了2020年的选择性程序后，这家高度无利可图的公司在2021年第一季度显示出重新加速增长的迹象（+32%）。</blockquote></p><p> Pregnancy diagnostics company&nbsp;<b>Sera Prognostics</b>(SERA) plans to raise $75 million at a $564 million market cap. The company uses its proteomics and bioinformatics platform to develop biomarker tests aimed at improving pregnancy outcomes. Sera Prognostics’ sole commercial product, the PreTRM test, predicts the risk of a premature delivery, though it has yet to generate meaningful revenue.</p><p><blockquote>妊娠诊断公司<b>血清预后</b>（SERA）计划以5.64亿美元的市值筹集7500万美元。该公司利用其蛋白质组学和生物信息学平台开发生物标志物测试，旨在改善妊娠结局。Sera Prognostics 的唯一商业产品 PreTRM 测试可以预测早产的风险，但尚未产生有意义的收入。</blockquote></p><p> A hold-over from last week, early-stage kidney disease biotech&nbsp;<b>Unicycive Therapeutics</b>(UNCY) plans to raise $25 million at a $79 million market cap.</p><p><blockquote>上周的延迟，早期肾病生物技术<b>Unicycive 疗法</b>(UNCY) 计划以 7900 万美元的市值筹集 2500 万美元。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/ad3dc9b07583a28aad047e44802c899e\" tg-width=\"942\" tg-height=\"732\"></p><p><blockquote></blockquote></p><p> <b>IPO Market Snapshot</b></p><p><blockquote><b>IPO市场快照</b></blockquote></p><p> The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 7/8/21, the Renaissance IPO Index was down 0.8% year-to-date, while the S&amp;P 500 was up 15.0%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snowflake (SNOW) and Palantir Technologies (PLTR). The Renaissance International IPO Index was down 5.2% year-to-date, while the ACWX was up 7.3%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Smoore International and EQT Partners.</p><p><blockquote>文艺复兴IPO指数是新上市公司的市值加权篮子。截至21年7月8日，文艺复兴IPO指数年初至今下跌0.8%，而标普500上涨15.0%。Renaissance Capital 的 IPO ETF（纽约证券交易所股票代码：IPO）追踪该指数，持有量最大的 ETF 包括 Snowflake (SNOW) 和 Palantir Technologies (PLTR)。Renaissance International IPO 指数今年迄今下跌 5.2%，而 ACWX 指数上涨 7.3%。Renaissance Capital 的国际 IPO ETF（纽约证券交易所股票代码：IPOS）追踪该指数，持有的 ETF 包括 Smoore International 和 EQT Partners。</blockquote></p><p></p>","source":"lsy1603787993745","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>US IPO Week Ahead: Real estate, post-pandemic plays and more in an 9 IPO week<blockquote>美国 IPO 周即将到来：房地产、大流行后的戏剧等 IPO 周第 9 周</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\">\nUS IPO Week Ahead: Real estate, post-pandemic plays and more in an 9 IPO week<blockquote>美国 IPO 周即将到来：房地产、大流行后的戏剧等 IPO 周第 9 周</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Renaissance Capital</strong><span class=\"h-time small\">2021-07-10 08:05</span>\n</p>\n</h4>\n</header>\n<article>\n<p>After a slow holiday week, nine IPOs are scheduled to raise over $3 billion in the week ahead.</p><p><blockquote>在度过了缓慢的假期周之后，未来一周将有 9 笔 IPO 筹集超过 30 亿美元。</blockquote></p><p> Italian drug container supplier&nbsp;<b>Stevanato Group</b>(STVN) plans to raise $900 million at a $6.8 billion market cap. Controlled by its founding family, the profitable company supplies glass vials, syringes, and other medical-grade containers to more than 700 customers, including 41 of the top 50 pharmaceutical companies.</p><p><blockquote>意大利药品容器供应商<b>斯特瓦纳托集团</b>(STVN) 计划以 68 亿美元的市值筹集 9 亿美元。这家盈利的公司由其创始家族控制，为 700 多家客户提供玻璃小瓶、注射器和其他医疗级容器，其中包括 41 家排名前 50 的制药公司。</blockquote></p><p> Shopping center REIT&nbsp;<b>Phillips Edison &amp; Company</b>(PECO) plans to raise $502 million at a $3.7 billion market cap. This REIT owns equity interests in 300 shopping centers across the US, focusing on locations that are anchored by grocers like Kroger and Public. It targets a 3.5% annualized yield at the midpoint.</p><p><blockquote>购物中心产业信讬基金<b>菲利普斯爱迪生公司</b>(PECO) 计划以 37 亿美元的市值筹集 5.02 亿美元。该房地产投资信托基金拥有美国 300 家购物中心的股权，专注于 Kroger 和 Public 等杂货商经营的地点。它的目标是中点年化收益率为 3.5%。</blockquote></p><p> Known for its member-only luxury hotel brand Soho House,<b>Membership Collective Group</b>(MCG) plans to raise $450 at a $3.2 billion market cap. The company boasts a large and loyal member base, though it has no track record of profitability and saw revenue fall by almost half in the 1Q21.</p><p><blockquote>以会员专属豪华酒店品牌Soho House而闻名，<b>会员资格集体组</b>(MCG) 计划以 32 亿美元的市值筹集 450 美元。该公司拥有庞大而忠诚的会员基础，尽管它没有盈利记录，并且在2021年第一季度的收入下降了近一半。</blockquote></p><p> Mark Wahlberg-backed fitness franchise&nbsp;<b>F45 Training</b>(FXLV) plans to raise $325 million at a $1.5 billion market cap. Specializing in 45-minute workouts, F45 has over 1,500 studios worldwide. The company managed a 37% EBITDA in the trailing 12 months, though the company’s expected post-pandemic growth has yet to show through in the numbers.</p><p><blockquote>马克·沃尔伯格支持的健身特许经营权<b>F45训练</b>(FXLV) 计划以 15 亿美元的市值筹集 3.25 亿美元。F45专注于45分钟的锻炼，在全球拥有1500多个工作室。该公司在过去 12 个月中实现了 37% 的 EBITDA，尽管该公司预期的大流行后增长尚未在数据中体现出来。</blockquote></p><p> Mortgage software provider&nbsp;<b>Blend Labs</b>(BLND) plans to raise $340 million at a $4.5 billion market cap. Blend Labs provides a digital platform to financial services firms that improves the consumer experience when applying for mortgages and loans. Despite doubling revenue in 2020, the core software business is highly unprofitable due to R&amp;D and S&amp;M spend.</p><p><blockquote>抵押软件提供商<b>混合实验室</b>(BLND) 计划以 45 亿美元的市值筹集 3.4 亿美元。Blend Labs为金融服务公司提供了一个数字平台，改善了消费者申请抵押贷款和贷款时的体验。尽管2020年收入翻了一番，但由于R&amp;D和S&amp;M支出，核心软件业务高度无利可图。</blockquote></p><p> <b>Bridge Investment Group</b>(BRDG) plans to raise $300 million at a $1.8 billion market cap. This investment manager specializes in real estate equity and debt across multiple sectors. As of 3/31/2021, Bridge Investment Group has approximately $26 billion of AUM with more than 6,500 individual investors across 25 investment vehicles.</p><p><blockquote><b>桥梁投资集团</b>(BRDG) 计划以 18 亿美元的市值筹集 3 亿美元。这位投资经理专门从事多个行业的房地产股权和债务。截至2021年3月31日，Bridge Investment Group拥有约260亿美元的资产管理规模，拥有25种投资工具的6,500多名个人投资者。</blockquote></p><p> Ocular medical device provider&nbsp;<b>Sight Sciences</b>(SGHT) plans to raise $150 million at a $1 billion market cap. The company develops and sells medical and surgical devices that present new treatment options for eye diseases. The highly unprofitable company showed signs of re-accelerating growth in the 1Q21 (+32%) after the pandemic delayed elective procedures in 2020.</p><p><blockquote>眼科医疗器械供应商<b>视觉科学</b>(SGHT) 计划以 10 亿美元的市值筹集 1.5 亿美元。该公司开发和销售医疗和外科设备，为眼部疾病提供新的治疗选择。在疫情推迟了2020年的选择性程序后，这家高度无利可图的公司在2021年第一季度显示出重新加速增长的迹象（+32%）。</blockquote></p><p> Pregnancy diagnostics company&nbsp;<b>Sera Prognostics</b>(SERA) plans to raise $75 million at a $564 million market cap. The company uses its proteomics and bioinformatics platform to develop biomarker tests aimed at improving pregnancy outcomes. Sera Prognostics’ sole commercial product, the PreTRM test, predicts the risk of a premature delivery, though it has yet to generate meaningful revenue.</p><p><blockquote>妊娠诊断公司<b>血清预后</b>（SERA）计划以5.64亿美元的市值筹集7500万美元。该公司利用其蛋白质组学和生物信息学平台开发生物标志物测试，旨在改善妊娠结局。Sera Prognostics 的唯一商业产品 PreTRM 测试可以预测早产的风险，但尚未产生有意义的收入。</blockquote></p><p> A hold-over from last week, early-stage kidney disease biotech&nbsp;<b>Unicycive Therapeutics</b>(UNCY) plans to raise $25 million at a $79 million market cap.</p><p><blockquote>上周的延迟，早期肾病生物技术<b>Unicycive 疗法</b>(UNCY) 计划以 7900 万美元的市值筹集 2500 万美元。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/ad3dc9b07583a28aad047e44802c899e\" tg-width=\"942\" tg-height=\"732\"></p><p><blockquote></blockquote></p><p> <b>IPO Market Snapshot</b></p><p><blockquote><b>IPO市场快照</b></blockquote></p><p> The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 7/8/21, the Renaissance IPO Index was down 0.8% year-to-date, while the S&amp;P 500 was up 15.0%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snowflake (SNOW) and Palantir Technologies (PLTR). The Renaissance International IPO Index was down 5.2% year-to-date, while the ACWX was up 7.3%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Smoore International and EQT Partners.</p><p><blockquote>文艺复兴IPO指数是新上市公司的市值加权篮子。截至21年7月8日，文艺复兴IPO指数年初至今下跌0.8%，而标普500上涨15.0%。Renaissance Capital 的 IPO ETF（纽约证券交易所股票代码：IPO）追踪该指数，持有量最大的 ETF 包括 Snowflake (SNOW) 和 Palantir Technologies (PLTR)。Renaissance International IPO 指数今年迄今下跌 5.2%，而 ACWX 指数上涨 7.3%。Renaissance Capital 的国际 IPO ETF（纽约证券交易所股票代码：IPOS）追踪该指数，持有的 ETF 包括 Smoore International 和 EQT Partners。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.renaissancecapital.com/IPO-Center/News/83879/US-IPO-Week-Ahead-Real-estate-post-pandemic-plays-and-more-in-an-9-IPO-week\">Renaissance Capital</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":{"STVN":"Stevanato Group S.p.A.","SGHT":"Sight Sciences, Inc.",".IXIC":"NASDAQ Composite","PECO":"Phillips Edison & Company, Inc.","FXLV":"F45 Training Holdings Inc.","BRDG":"Bridge Investment Group Holdings Inc.",".SPX":"S&P 500 Index","SERA":"Sera Prognostics, Inc.",".DJI":"道琼斯","BLND":"Blend Labs, Inc."},"source_url":"https://www.renaissancecapital.com/IPO-Center/News/83879/US-IPO-Week-Ahead-Real-estate-post-pandemic-plays-and-more-in-an-9-IPO-week","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1195812364","content_text":"After a slow holiday week, nine IPOs are scheduled to raise over $3 billion in the week ahead.\nItalian drug container supplier Stevanato Group(STVN) plans to raise $900 million at a $6.8 billion market cap. Controlled by its founding family, the profitable company supplies glass vials, syringes, and other medical-grade containers to more than 700 customers, including 41 of the top 50 pharmaceutical companies.\nShopping center REIT Phillips Edison & Company(PECO) plans to raise $502 million at a $3.7 billion market cap. This REIT owns equity interests in 300 shopping centers across the US, focusing on locations that are anchored by grocers like Kroger and Public. It targets a 3.5% annualized yield at the midpoint.\nKnown for its member-only luxury hotel brand Soho House,Membership Collective Group(MCG) plans to raise $450 at a $3.2 billion market cap. The company boasts a large and loyal member base, though it has no track record of profitability and saw revenue fall by almost half in the 1Q21.\nMark Wahlberg-backed fitness franchise F45 Training(FXLV) plans to raise $325 million at a $1.5 billion market cap. Specializing in 45-minute workouts, F45 has over 1,500 studios worldwide. The company managed a 37% EBITDA in the trailing 12 months, though the company’s expected post-pandemic growth has yet to show through in the numbers.\nMortgage software provider Blend Labs(BLND) plans to raise $340 million at a $4.5 billion market cap. Blend Labs provides a digital platform to financial services firms that improves the consumer experience when applying for mortgages and loans. Despite doubling revenue in 2020, the core software business is highly unprofitable due to R&D and S&M spend.\nBridge Investment Group(BRDG) plans to raise $300 million at a $1.8 billion market cap. This investment manager specializes in real estate equity and debt across multiple sectors. As of 3/31/2021, Bridge Investment Group has approximately $26 billion of AUM with more than 6,500 individual investors across 25 investment vehicles.\nOcular medical device provider Sight Sciences(SGHT) plans to raise $150 million at a $1 billion market cap. The company develops and sells medical and surgical devices that present new treatment options for eye diseases. The highly unprofitable company showed signs of re-accelerating growth in the 1Q21 (+32%) after the pandemic delayed elective procedures in 2020.\nPregnancy diagnostics company Sera Prognostics(SERA) plans to raise $75 million at a $564 million market cap. The company uses its proteomics and bioinformatics platform to develop biomarker tests aimed at improving pregnancy outcomes. Sera Prognostics’ sole commercial product, the PreTRM test, predicts the risk of a premature delivery, though it has yet to generate meaningful revenue.\nA hold-over from last week, early-stage kidney disease biotech Unicycive Therapeutics(UNCY) plans to raise $25 million at a $79 million market cap.\n\nIPO Market Snapshot\nThe Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 7/8/21, the Renaissance IPO Index was down 0.8% year-to-date, while the S&P 500 was up 15.0%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snowflake (SNOW) and Palantir Technologies (PLTR). The Renaissance International IPO Index was down 5.2% year-to-date, while the ACWX was up 7.3%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Smoore International and EQT Partners.","news_type":1,"symbols_score_info":{"SGHT":0.9,"MCG":0.9,".DJI":0.9,".IXIC":0.9,"PECO":0.9,"BLND":0.9,"STVN":0.9,".SPX":0.9,"SERA":0.9,"BRDG":0.9,"FXLV":0.9}},"isVote":1,"tweetType":1,"viewCount":3356,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":149313482,"gmtCreate":1625704725046,"gmtModify":1631888674485,"author":{"id":"4087423083581260","authorId":"4087423083581260","name":"Huifoong","avatar":"https://static.tigerbbs.com/1ee01f7d4133e27e8cdf4bbfad11ec56","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087423083581260","authorIdStr":"4087423083581260"},"themes":[],"title":"","htmlText":"Seeing red??&nbsp;","listText":"Seeing red??&nbsp;","text":"Seeing red??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/149313482","repostId":"1124277162","repostType":4,"isVote":1,"tweetType":1,"viewCount":3668,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":155959518,"gmtCreate":1625370895434,"gmtModify":1633941163300,"author":{"id":"4087423083581260","authorId":"4087423083581260","name":"Huifoong","avatar":"https://static.tigerbbs.com/1ee01f7d4133e27e8cdf4bbfad11ec56","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087423083581260","authorIdStr":"4087423083581260"},"themes":[],"title":"","htmlText":"[Happy]&nbsp;","listText":"[Happy]&nbsp;","text":"[Happy]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/155959518","repostId":"1170195217","repostType":4,"isVote":1,"tweetType":1,"viewCount":3443,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":155950010,"gmtCreate":1625370796430,"gmtModify":1633941164694,"author":{"id":"4087423083581260","authorId":"4087423083581260","name":"Huifoong","avatar":"https://static.tigerbbs.com/1ee01f7d4133e27e8cdf4bbfad11ec56","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087423083581260","authorIdStr":"4087423083581260"},"themes":[],"title":"","htmlText":"Yes","listText":"Yes","text":"Yes","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/155950010","repostId":"1109375790","repostType":4,"repost":{"id":"1109375790","kind":"news","pubTimestamp":1625370494,"share":"https://www.laohunote.com/m/news/1109375790?lang=zh_CN&edition=full","pubTime":"2021-07-04 11:48","market":"us","language":"en","title":"Why high-quality, trustworthy companies have beaten the S&P 500 by 30%-50%<blockquote>为什么高质量、值得信赖的公司击败标普500 30%-50%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1109375790","media":"MarketWatch","summary":"More predictable businesses tend to be more profitable stock investments.Trust is one of the most valuable assets a company can cultivate.  Within an organization, trust percolates into culture. Outside an organization, it translates into loyalty.  Quality shareholders  who value long-term trust among all stakeholders — employees, customers and shareholders — maintain this viewpoint in their investment practice.TheTrust Across America initiative has identified the most trustworthy U.S. public co","content":"<p>  <b>More predictable businesses tend to be more profitable stock investments.</b>  Trust is one of the most valuable assets a company can cultivate.&nbsp; Within an organization, trust percolates into culture.&nbsp;Outside an organization, it translates into loyalty.&nbsp; Quality shareholders (QS) who value long-term trust among all stakeholders — employees, customers and shareholders —&nbsp;maintain this&nbsp;viewpoint in their investment practice.</p><p><blockquote><b>更可预测的业务往往是更有利可图的股票投资。</b>信任是公司可以培养的最有价值的资产之一。在组织内部，信任渗透到文化中。在组织之外，它转化为忠诚。重视所有利益相关者（员工、客户和股东）之间长期信任的优质股东（QS）在他们的投资实践中坚持这一观点。</blockquote></p><p> TheTrust Across America(TAA) initiative has identified the most&nbsp;trustworthy&nbsp;U.S. public&nbsp;companies using objective&nbsp;and quantitative&nbsp;indicators including accounting&nbsp;conservativeness&nbsp;and financial stability, as well as a secondary screen of more subjective criteria such as employee reviews and news reports.</p><p><blockquote>全美信任（TAA）倡议已经确定了最值得信赖的美国。上市公司使用客观和定量指标，包括会计保守性和财务稳定性，以及员工评论和新闻报道等更主观标准的次要筛选。</blockquote></p><p> Companies regarded as trustworthy also tend to rate highly in rankings of shareholder quality produced by the&nbsp;Quality Shareholders Initiative&nbsp;(QSI), which I run, as well as the proprietary database of&nbsp;EQX, which I use to cross-check the QSI data.</p><p><blockquote>被认为值得信赖的公司在我运营的质量股东倡议 (QSI) 以及我用来交叉检查 QSI 数据的 EQX 专有数据库产生的股东质量排名中也往往评价很高。</blockquote></p><p> TAA’s assessment of the S&amp;P 500SPX,+0.75%in 2020 identified 51 companies, of which 49&nbsp;are also included in the QSI rankings. Comparing the two, more than one-fourth of the top TAA companies are in the top decile of the QSI; two-thirds are in the top quarter, and all but two (92%) are in the top half.</p><p><blockquote>TAA 对 2020 年标准普尔 500SPX 指数+0.75% 的评估确定了 51 家公司，其中 49 家公司也被纳入了 QSI 排名。两者相比，超过四分之一的顶级TAA公司位于QSI的前十分之一；三分之二的人处于前四分之一，除了两人（92%）之外，其余人都处于前五分之一。</blockquote></p><p> Notably, both the TAA top 10 and the QSI Top 25 outperformed the S&amp;P 500 by 30% and 50%, respectively, in recent five-year periods. Here’s a sampling of companies scoring high on both trust and quality:</p><p><blockquote>值得注意的是，在过去五年中，TAA 前 10 名和 QSI 前 25 名的表现分别优于标普500 30% 和 50%。以下是一些在信任度和质量方面得分都很高的公司：</blockquote></p><p> Texas InstrumentsTXN,+0.72%makes most of its revenue selling computer chips and is among the world’s largest manufacturers of semiconductors. Founded by a group of electrical engineers in 1951, the company boasts a culture of intelligent innovation. Its business is protected by four protective “moats” including: manufacturing and technology skill thanks to its employees; a broad portfolio of processing chips to meet a wide range of customer needs; the reach of its market channels thanks to both, and its diversity and longevity.</p><p><blockquote>德州仪器STXN,+0.72% 的大部分收入来自销售计算机芯片，是全球最大的半导体制造商之一。该公司由一群电气工程师于1951年创立，拥有智能创新的文化。其业务受到四条保护 “护城河 ”的保护，其中包括：员工的制造和技术技能；广泛的处理芯片组合，以满足广泛的客户需求；其市场渠道的覆盖范围得益于这两者，以及其多样性和寿命。</blockquote></p><p> For investors, this adds up to a winning recipe, particularly when combined with Texas Instruments’s capital management strategy, which is to maximize the company’s long-term growth in free cash-flow per share and to&nbsp;allocate such capital in accordance with the QS playbook&nbsp;that prioritizes wise reinvestment, disciplined acquisitions, low-priced share buybacks and shareholder dividends. Some of the company’s notable QSs include: Alliance Bernstein, Bessemer Group, Capital World Investors, State Farm Mutual, and T. Rowe Price Group.</p><p><blockquote>对于投资者来说，这是一个成功的秘诀，尤其是与德州仪器的资本管理战略相结合，即最大限度地提高公司每股自由现金流的长期增长，并根据 QS 的策略来分配此类资本，该策略优先考虑明智的再投资、有纪律的收购、低价股票回购和股东分红。该公司的一些著名 QS 包括： Alliance Bernstein、Bessemer Group、Capital World Investors、State Farm Mutual 和 T. Rowe Price Group。</blockquote></p><p> Another stock on this list, EcolabECL,+0.77%,is a global leader in water treatment. Founded in 1923 as the Economics Laboratory, its long-term outlook shows in the longevity of senior leadership: the company has had just seven CEOs in almost 100 years of existence.</p><p><blockquote>该名单上的另一只股票 EcolabECL,+0.77%，是水处理领域的全球领导者。该公司成立于 1923 年，当时名为经济实验室，其长期前景体现在高级领导层的长寿之中：该公司在近 100 年的历史中只有 7 位首席执行官。</blockquote></p><p> Those CEOs inculcated a culture of customer care, a relentless focus on helping customers solve problems and meet goals. A learning organization, such a performance culture permeates the business from production to sales, as employees commit to the long-term goal of being indispensable to customers. Management rewards that employee conviction with long-term incentives and a high degree of autonomy.&nbsp;Ecolab’s QSs include: Cantillon Capital, Clearbridge Investments, Franklin Resources, and the Gates Foundation.</p><p><blockquote>这些首席执行官灌输了一种客户服务文化，一种不懈地帮助客户解决问题和实现目标的文化。作为一个学习型组织，这种绩效文化渗透到从生产到销售的业务中，因为员工致力于成为客户不可或缺的长期目标。管理层以长期激励和高度自主权来奖励员工的信念。艺康的 QSs 包括： Cantillon Capital、Clearbridge Investments、Franklin Resources 和盖茨基金会。</blockquote></p><p> Finally, consider Ball CorporationBLL,-0.68%,the world’s largest manufacturer of recyclable containers.&nbsp; Founded in the late 1800s by two brother-entrepreneurs who foresaw that the Mason jar patent was about to expire and built a glassblowing facility to manufacture such jars.</p><p><blockquote>最后，以全球最大的可回收容器制造商 Ball CorporationBLL（-0.68%）为例。该公司由两兄弟企业家创立于 19 世纪末，他们预见到梅森罐专利即将到期，于是建造了一家玻璃吹制厂来生产这种罐子。</blockquote></p><p> Ball remains characterized by a culture of family, innovation and natural-resources conscientiousness. For instance, Ball foresaw the ecological and commercial need to pivot away from PET and glass containers, both costly to recycle and posing environmental damage, and towards eco-friendly and profitable aluminum. The company adopts economic value added (EVA) to assure every dollar is well-spent, long-term employee incentive compensation to reward long-term sustainable growth, and a spirit of entrepreneurial freedom. QSs include: Chilton Investment Co.; T. Rowe Price; Wellington&nbsp;Management Group and&nbsp;Winslow Capital Management.</p><p><blockquote>鲍尔仍然以家庭文化、创新和自然资源意识为特征。例如，鲍尔预见到生态和商业需要摆脱 PET 和玻璃容器（回收成本高昂且会造成环境破坏），转向环保且有利可图的铝。公司采用经济增加值（EVA）来确保每一分钱都物有所值，长期的员工激励薪酬来奖励长期的可持续增长，以及企业家自由的精神。QSs包括：奇尔顿投资公司；T.罗·普莱斯；惠灵顿管理集团和温斯洛资本管理公司。</blockquote></p><p> While some investors focus solely on the bottom line and others only on signals of corporate virtue, QSs are holistic, considering the inherent relationship between trust and long-term value. Nebulous as the notion of trust in corporate culture might seem, it’s a profitable as well as ethical value to probe.</p><p><blockquote>虽然一些投资者只关注底线，而另一些投资者只关注企业美德的信号，但考虑到信任和长期价值之间的内在关系，QSs是整体的。尽管企业文化中的信任概念看似模糊，但它既有利润价值，也有道德价值。</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>Why high-quality, trustworthy companies have beaten the S&P 500 by 30%-50%<blockquote>为什么高质量、值得信赖的公司击败标普500 30%-50%</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\">\nWhy high-quality, trustworthy companies have beaten the S&P 500 by 30%-50%<blockquote>为什么高质量、值得信赖的公司击败标普500 30%-50%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-07-04 11:48</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>More predictable businesses tend to be more profitable stock investments.</b>  Trust is one of the most valuable assets a company can cultivate.&nbsp; Within an organization, trust percolates into culture.&nbsp;Outside an organization, it translates into loyalty.&nbsp; Quality shareholders (QS) who value long-term trust among all stakeholders — employees, customers and shareholders —&nbsp;maintain this&nbsp;viewpoint in their investment practice.</p><p><blockquote><b>更可预测的业务往往是更有利可图的股票投资。</b>信任是公司可以培养的最有价值的资产之一。在组织内部，信任渗透到文化中。在组织之外，它转化为忠诚。重视所有利益相关者（员工、客户和股东）之间长期信任的优质股东（QS）在他们的投资实践中坚持这一观点。</blockquote></p><p> TheTrust Across America(TAA) initiative has identified the most&nbsp;trustworthy&nbsp;U.S. public&nbsp;companies using objective&nbsp;and quantitative&nbsp;indicators including accounting&nbsp;conservativeness&nbsp;and financial stability, as well as a secondary screen of more subjective criteria such as employee reviews and news reports.</p><p><blockquote>全美信任（TAA）倡议已经确定了最值得信赖的美国。上市公司使用客观和定量指标，包括会计保守性和财务稳定性，以及员工评论和新闻报道等更主观标准的次要筛选。</blockquote></p><p> Companies regarded as trustworthy also tend to rate highly in rankings of shareholder quality produced by the&nbsp;Quality Shareholders Initiative&nbsp;(QSI), which I run, as well as the proprietary database of&nbsp;EQX, which I use to cross-check the QSI data.</p><p><blockquote>被认为值得信赖的公司在我运营的质量股东倡议 (QSI) 以及我用来交叉检查 QSI 数据的 EQX 专有数据库产生的股东质量排名中也往往评价很高。</blockquote></p><p> TAA’s assessment of the S&amp;P 500SPX,+0.75%in 2020 identified 51 companies, of which 49&nbsp;are also included in the QSI rankings. Comparing the two, more than one-fourth of the top TAA companies are in the top decile of the QSI; two-thirds are in the top quarter, and all but two (92%) are in the top half.</p><p><blockquote>TAA 对 2020 年标准普尔 500SPX 指数+0.75% 的评估确定了 51 家公司，其中 49 家公司也被纳入了 QSI 排名。两者相比，超过四分之一的顶级TAA公司位于QSI的前十分之一；三分之二的人处于前四分之一，除了两人（92%）之外，其余人都处于前五分之一。</blockquote></p><p> Notably, both the TAA top 10 and the QSI Top 25 outperformed the S&amp;P 500 by 30% and 50%, respectively, in recent five-year periods. Here’s a sampling of companies scoring high on both trust and quality:</p><p><blockquote>值得注意的是，在过去五年中，TAA 前 10 名和 QSI 前 25 名的表现分别优于标普500 30% 和 50%。以下是一些在信任度和质量方面得分都很高的公司：</blockquote></p><p> Texas InstrumentsTXN,+0.72%makes most of its revenue selling computer chips and is among the world’s largest manufacturers of semiconductors. Founded by a group of electrical engineers in 1951, the company boasts a culture of intelligent innovation. Its business is protected by four protective “moats” including: manufacturing and technology skill thanks to its employees; a broad portfolio of processing chips to meet a wide range of customer needs; the reach of its market channels thanks to both, and its diversity and longevity.</p><p><blockquote>德州仪器STXN,+0.72% 的大部分收入来自销售计算机芯片，是全球最大的半导体制造商之一。该公司由一群电气工程师于1951年创立，拥有智能创新的文化。其业务受到四条保护 “护城河 ”的保护，其中包括：员工的制造和技术技能；广泛的处理芯片组合，以满足广泛的客户需求；其市场渠道的覆盖范围得益于这两者，以及其多样性和寿命。</blockquote></p><p> For investors, this adds up to a winning recipe, particularly when combined with Texas Instruments’s capital management strategy, which is to maximize the company’s long-term growth in free cash-flow per share and to&nbsp;allocate such capital in accordance with the QS playbook&nbsp;that prioritizes wise reinvestment, disciplined acquisitions, low-priced share buybacks and shareholder dividends. Some of the company’s notable QSs include: Alliance Bernstein, Bessemer Group, Capital World Investors, State Farm Mutual, and T. Rowe Price Group.</p><p><blockquote>对于投资者来说，这是一个成功的秘诀，尤其是与德州仪器的资本管理战略相结合，即最大限度地提高公司每股自由现金流的长期增长，并根据 QS 的策略来分配此类资本，该策略优先考虑明智的再投资、有纪律的收购、低价股票回购和股东分红。该公司的一些著名 QS 包括： Alliance Bernstein、Bessemer Group、Capital World Investors、State Farm Mutual 和 T. Rowe Price Group。</blockquote></p><p> Another stock on this list, EcolabECL,+0.77%,is a global leader in water treatment. Founded in 1923 as the Economics Laboratory, its long-term outlook shows in the longevity of senior leadership: the company has had just seven CEOs in almost 100 years of existence.</p><p><blockquote>该名单上的另一只股票 EcolabECL,+0.77%，是水处理领域的全球领导者。该公司成立于 1923 年，当时名为经济实验室，其长期前景体现在高级领导层的长寿之中：该公司在近 100 年的历史中只有 7 位首席执行官。</blockquote></p><p> Those CEOs inculcated a culture of customer care, a relentless focus on helping customers solve problems and meet goals. A learning organization, such a performance culture permeates the business from production to sales, as employees commit to the long-term goal of being indispensable to customers. Management rewards that employee conviction with long-term incentives and a high degree of autonomy.&nbsp;Ecolab’s QSs include: Cantillon Capital, Clearbridge Investments, Franklin Resources, and the Gates Foundation.</p><p><blockquote>这些首席执行官灌输了一种客户服务文化，一种不懈地帮助客户解决问题和实现目标的文化。作为一个学习型组织，这种绩效文化渗透到从生产到销售的业务中，因为员工致力于成为客户不可或缺的长期目标。管理层以长期激励和高度自主权来奖励员工的信念。艺康的 QSs 包括： Cantillon Capital、Clearbridge Investments、Franklin Resources 和盖茨基金会。</blockquote></p><p> Finally, consider Ball CorporationBLL,-0.68%,the world’s largest manufacturer of recyclable containers.&nbsp; Founded in the late 1800s by two brother-entrepreneurs who foresaw that the Mason jar patent was about to expire and built a glassblowing facility to manufacture such jars.</p><p><blockquote>最后，以全球最大的可回收容器制造商 Ball CorporationBLL（-0.68%）为例。该公司由两兄弟企业家创立于 19 世纪末，他们预见到梅森罐专利即将到期，于是建造了一家玻璃吹制厂来生产这种罐子。</blockquote></p><p> Ball remains characterized by a culture of family, innovation and natural-resources conscientiousness. For instance, Ball foresaw the ecological and commercial need to pivot away from PET and glass containers, both costly to recycle and posing environmental damage, and towards eco-friendly and profitable aluminum. The company adopts economic value added (EVA) to assure every dollar is well-spent, long-term employee incentive compensation to reward long-term sustainable growth, and a spirit of entrepreneurial freedom. QSs include: Chilton Investment Co.; T. Rowe Price; Wellington&nbsp;Management Group and&nbsp;Winslow Capital Management.</p><p><blockquote>鲍尔仍然以家庭文化、创新和自然资源意识为特征。例如，鲍尔预见到生态和商业需要摆脱 PET 和玻璃容器（回收成本高昂且会造成环境破坏），转向环保且有利可图的铝。公司采用经济增加值（EVA）来确保每一分钱都物有所值，长期的员工激励薪酬来奖励长期的可持续增长，以及企业家自由的精神。QSs包括：奇尔顿投资公司；T.罗·普莱斯；惠灵顿管理集团和温斯洛资本管理公司。</blockquote></p><p> While some investors focus solely on the bottom line and others only on signals of corporate virtue, QSs are holistic, considering the inherent relationship between trust and long-term value. Nebulous as the notion of trust in corporate culture might seem, it’s a profitable as well as ethical value to probe.</p><p><blockquote>虽然一些投资者只关注底线，而另一些投资者只关注企业美德的信号，但考虑到信任和长期价值之间的内在关系，QSs是整体的。尽管企业文化中的信任概念看似模糊，但它既有利润价值，也有道德价值。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/why-high-quality-trustworthy-companies-have-beaten-the-s-p-500-by-30-50-11625020379?mod=mw_latestnews\">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":{"SPY":"标普500ETF",".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://www.marketwatch.com/story/why-high-quality-trustworthy-companies-have-beaten-the-s-p-500-by-30-50-11625020379?mod=mw_latestnews","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1109375790","content_text":"More predictable businesses tend to be more profitable stock investments.\n\nTrust is one of the most valuable assets a company can cultivate.  Within an organization, trust percolates into culture. Outside an organization, it translates into loyalty.  Quality shareholders (QS) who value long-term trust among all stakeholders — employees, customers and shareholders — maintain this viewpoint in their investment practice.\nTheTrust Across America(TAA) initiative has identified the most trustworthy U.S. public companies using objective and quantitative indicators including accounting conservativeness and financial stability, as well as a secondary screen of more subjective criteria such as employee reviews and news reports.\nCompanies regarded as trustworthy also tend to rate highly in rankings of shareholder quality produced by the Quality Shareholders Initiative (QSI), which I run, as well as the proprietary database of EQX, which I use to cross-check the QSI data.\nTAA’s assessment of the S&P 500SPX,+0.75%in 2020 identified 51 companies, of which 49 are also included in the QSI rankings. Comparing the two, more than one-fourth of the top TAA companies are in the top decile of the QSI; two-thirds are in the top quarter, and all but two (92%) are in the top half.\nNotably, both the TAA top 10 and the QSI Top 25 outperformed the S&P 500 by 30% and 50%, respectively, in recent five-year periods. Here’s a sampling of companies scoring high on both trust and quality:\nTexas InstrumentsTXN,+0.72%makes most of its revenue selling computer chips and is among the world’s largest manufacturers of semiconductors. Founded by a group of electrical engineers in 1951, the company boasts a culture of intelligent innovation. Its business is protected by four protective “moats” including: manufacturing and technology skill thanks to its employees; a broad portfolio of processing chips to meet a wide range of customer needs; the reach of its market channels thanks to both, and its diversity and longevity.\nFor investors, this adds up to a winning recipe, particularly when combined with Texas Instruments’s capital management strategy, which is to maximize the company’s long-term growth in free cash-flow per share and to allocate such capital in accordance with the QS playbook that prioritizes wise reinvestment, disciplined acquisitions, low-priced share buybacks and shareholder dividends. Some of the company’s notable QSs include: Alliance Bernstein, Bessemer Group, Capital World Investors, State Farm Mutual, and T. Rowe Price Group.\nAnother stock on this list, EcolabECL,+0.77%,is a global leader in water treatment. Founded in 1923 as the Economics Laboratory, its long-term outlook shows in the longevity of senior leadership: the company has had just seven CEOs in almost 100 years of existence.\nThose CEOs inculcated a culture of customer care, a relentless focus on helping customers solve problems and meet goals. A learning organization, such a performance culture permeates the business from production to sales, as employees commit to the long-term goal of being indispensable to customers. Management rewards that employee conviction with long-term incentives and a high degree of autonomy. Ecolab’s QSs include: Cantillon Capital, Clearbridge Investments, Franklin Resources, and the Gates Foundation.\nFinally, consider Ball CorporationBLL,-0.68%,the world’s largest manufacturer of recyclable containers.  Founded in the late 1800s by two brother-entrepreneurs who foresaw that the Mason jar patent was about to expire and built a glassblowing facility to manufacture such jars.\nBall remains characterized by a culture of family, innovation and natural-resources conscientiousness. For instance, Ball foresaw the ecological and commercial need to pivot away from PET and glass containers, both costly to recycle and posing environmental damage, and towards eco-friendly and profitable aluminum. The company adopts economic value added (EVA) to assure every dollar is well-spent, long-term employee incentive compensation to reward long-term sustainable growth, and a spirit of entrepreneurial freedom. QSs include: Chilton Investment Co.; T. Rowe Price; Wellington Management Group and Winslow Capital Management.\nWhile some investors focus solely on the bottom line and others only on signals of corporate virtue, QSs are holistic, considering the inherent relationship between trust and long-term value. Nebulous as the notion of trust in corporate culture might seem, it’s a profitable as well as ethical value to probe.","news_type":1,"symbols_score_info":{".DJI":0.9,"SPY":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":2407,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":152371854,"gmtCreate":1625273227678,"gmtModify":1633941930765,"author":{"id":"4087423083581260","authorId":"4087423083581260","name":"Huifoong","avatar":"https://static.tigerbbs.com/1ee01f7d4133e27e8cdf4bbfad11ec56","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087423083581260","authorIdStr":"4087423083581260"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/152371854","repostId":"2148870441","repostType":4,"isVote":1,"tweetType":1,"viewCount":3915,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":152352927,"gmtCreate":1625272349169,"gmtModify":1633941948273,"author":{"id":"4087423083581260","authorId":"4087423083581260","name":"Huifoong","avatar":"https://static.tigerbbs.com/1ee01f7d4133e27e8cdf4bbfad11ec56","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087423083581260","authorIdStr":"4087423083581260"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/152352927","repostId":"1165340887","repostType":4,"isVote":1,"tweetType":1,"viewCount":3999,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":156134870,"gmtCreate":1625201180090,"gmtModify":1633942587823,"author":{"id":"4087423083581260","authorId":"4087423083581260","name":"Huifoong","avatar":"https://static.tigerbbs.com/1ee01f7d4133e27e8cdf4bbfad11ec56","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087423083581260","authorIdStr":"4087423083581260"},"themes":[],"title":"","htmlText":"Oh","listText":"Oh","text":"Oh","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/156134870","repostId":"2148878630","repostType":4,"isVote":1,"tweetType":1,"viewCount":3986,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":158163801,"gmtCreate":1625137619303,"gmtModify":1633944402167,"author":{"id":"4087423083581260","authorId":"4087423083581260","name":"Huifoong","avatar":"https://static.tigerbbs.com/1ee01f7d4133e27e8cdf4bbfad11ec56","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087423083581260","authorIdStr":"4087423083581260"},"themes":[],"title":"","htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/158163801","repostId":"1185089711","repostType":4,"isVote":1,"tweetType":1,"viewCount":2745,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":158160021,"gmtCreate":1625137440663,"gmtModify":1633944403859,"author":{"id":"4087423083581260","authorId":"4087423083581260","name":"Huifoong","avatar":"https://static.tigerbbs.com/1ee01f7d4133e27e8cdf4bbfad11ec56","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087423083581260","authorIdStr":"4087423083581260"},"themes":[],"title":"","htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/158160021","repostId":"1106223449","repostType":4,"repost":{"id":"1106223449","kind":"news","pubTimestamp":1625122086,"share":"https://www.laohunote.com/m/news/1106223449?lang=zh_CN&edition=full","pubTime":"2021-07-01 14:48","market":"us","language":"en","title":"The S&P 500 Notches Its Second-Best First Half Since the Dot-Com Bubble. What Comes Next.<blockquote>标普500创下了自互联网泡沫以来第二好的上半年。接下来会发生什么。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1106223449","media":"Barrons","summary":"Since 1979, the S&P 500 has gained 10% or more 14 times during the first half of the year.\nThe S&P 5","content":"<p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d70d0323609e9ce596a9a90e475422d1\" tg-width=\"1260\" tg-height=\"840\"><span>Since 1979, the S&amp;P 500 has gained 10% or more 14 times during the first half of the year.</span></p><p><blockquote><p class=\"t-img-caption\"><span>自1979年以来，标普500在上半年上涨了14次10%或以上。</span></p></blockquote></p><p> The S&amp;P 500 closed its second-best first half since the dot-com bubble. Don’t be surprised if the stock market keeps on rising.</p><p><blockquote>标普500结束了自互联网泡沫以来第二好的上半年。如果股市持续上涨，请不要感到惊讶。</blockquote></p><p> With June coming to an end, the S&amp;P 500 finished the first half of 2021 with a gain of 14.4%. Since 1998, only 2019’s 17.4% first-half surge has been larger.</p><p><blockquote>随着6月份即将结束，标普500 2021年上半年上涨14.4%。自1998年以来，只有2019年上半年17.4%的增幅更大。</blockquote></p><p> The market got a boost from Covid-19 vaccinations, which have helped the U.S. economy reopen, while trillions of dollars of fiscal stimulus have helped shore up demand. The gains continued even as concerns about inflation have increased speculation that the Federal Reserve would be forced to take steps to slow the economy.</p><p><blockquote>新冠肺炎疫苗接种提振了市场，帮助美国经济重新开放，而数万亿美元的财政刺激措施则帮助支撑了需求。尽管对通胀的担忧加剧了人们对美联储将被迫采取措施减缓经济的猜测，但涨幅仍在继续。</blockquote></p><p> The combination of big gains and a more hawkish Fed have raised concerns that the market has become too complacent. If inflation continues to run hot for long enough, the central bank could be forced to act more quickly than the market expects—and&nbsp;cause stocks to tumble. Others worry that&nbsp;U.S. economic growth could slow faster than investors anticipate, causing a pullback in the process.</p><p><blockquote>大幅上涨和更加鹰派的美联储相结合，引发了人们对市场变得过于自满的担忧。如果通胀持续足够长的时间，央行可能会被迫比市场预期更快地采取行动，并导致股市暴跌。其他人担心美国。经济增长可能比投资者预期的放缓得更快，导致这一过程出现回调。</blockquote></p><p> For those who take that view, there is no better time to back away from the stock market than the present. History suggests otherwise.</p><p><blockquote>对于持这种观点的人来说，没有比现在更好的退出股市的时机了。历史表明并非如此。</blockquote></p><p> Since 1979, the S&amp;P 500 has gained 10% or more 14 times during the first half of the year, and the index has gone on to average a 6.3% gain over the second half of the year. What’s more, the index finished the second half of the year higher In 11 of those instances, or 79% of the time.</p><p><blockquote>自1979年以来，标普500上半年有14次上涨10%或以上，下半年该指数平均上涨6.3%。更重要的是，该指数在下半年收盘时有 11 个，即 79%。</blockquote></p><p> Even the losses, when they occurred, weren’t all that bad. The S&amp;P 500 dropped 1.9% in the second half of 1983 and 3.5% during the last six months of 1986.</p><p><blockquote>即使是损失发生时，也并没有那么糟糕。标普500在1983年下半年下降了1.9%，在1986年最后六个月下降了3.5%。</blockquote></p><p> The one exception was the last six months of 1987 when the index fell 19% during the second half of the year. That period included Black Monday, when the S&amp;P 500 dropped 20% in one day, still a record loss. While selling linked to so-called&nbsp;portfolio insurance&nbsp;was ultimately blamed for the size and speed of the loss, the second half of 1987 was&nbsp;a period of rising bond yields and high stock-market valuations, just like the first half of 2021.</p><p><blockquote>唯一的例外是1987年的最后六个月，该指数在该年下半年下跌了19%。那段时间包括黑色星期一，标普500一天之内下跌了20%，仍然是创纪录的跌幅。虽然与所谓的投资组合保险相关的抛售最终被归咎于损失的规模和速度，但1987年下半年是债券收益率上升和股市估值高的时期，就像2021年上半年一样。</blockquote></p><p> Still, the market has been acting like it wants to go higher, not lower. Pullbacks, a normal event in the midst of bull runs, have been mild in 2021, with the largest drops being less than 4%. “What the [S&amp;P 500] has done throughout 2021 is pick itself up when and where it has needed to, maintaining an uptrend all along,” writes Frank&nbsp;Cappelleri, chief market technician at Instinet.</p><p><blockquote>尽管如此，市场一直表现得好像想要走高，而不是走低。回调是牛市中的正常事件，2021 年的回调幅度较小，最大跌幅不到 4%。“Instinet 首席市场技术员 Frank Cappelleri 写道：”[标普500]在整个 2021 年所做的就是在需要的时间和地点重新振作起来，始终保持上升趋势。</blockquote></p><p> That 6.3% average second-half rise would push the S&amp;P 500’s full-year gain to around 23%. That would represent a “textbook [market] recovery” from a recession, says Fundstrat’s Tom Lee.</p><p><blockquote>下半年平均涨幅为 6.3%，这将使标普500全年涨幅达到 23% 左右。Fundstrat 的汤姆-李（Tom Lee）说，这将代表着经济衰退中的 “教科书式[市场]复苏”。</blockquote></p><p> For now, at least, the path of least resistance is higher.</p><p><blockquote>至少目前来看，阻力最小的路径更高。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/3cb229b2e05d59b9c126d464a7d771bb\" tg-width=\"958\" tg-height=\"647\"></p><p><blockquote></blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The S&P 500 Notches Its Second-Best First Half Since the Dot-Com Bubble. What Comes Next.<blockquote>标普500创下了自互联网泡沫以来第二好的上半年。接下来会发生什么。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe S&P 500 Notches Its Second-Best First Half Since the Dot-Com Bubble. What Comes Next.<blockquote>标普500创下了自互联网泡沫以来第二好的上半年。接下来会发生什么。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-07-01 14:48</span>\n</p>\n</h4>\n</header>\n<article>\n<p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d70d0323609e9ce596a9a90e475422d1\" tg-width=\"1260\" tg-height=\"840\"><span>Since 1979, the S&amp;P 500 has gained 10% or more 14 times during the first half of the year.</span></p><p><blockquote><p class=\"t-img-caption\"><span>自1979年以来，标普500在上半年上涨了14次10%或以上。</span></p></blockquote></p><p> The S&amp;P 500 closed its second-best first half since the dot-com bubble. Don’t be surprised if the stock market keeps on rising.</p><p><blockquote>标普500结束了自互联网泡沫以来第二好的上半年。如果股市持续上涨，请不要感到惊讶。</blockquote></p><p> With June coming to an end, the S&amp;P 500 finished the first half of 2021 with a gain of 14.4%. Since 1998, only 2019’s 17.4% first-half surge has been larger.</p><p><blockquote>随着6月份即将结束，标普500 2021年上半年上涨14.4%。自1998年以来，只有2019年上半年17.4%的增幅更大。</blockquote></p><p> The market got a boost from Covid-19 vaccinations, which have helped the U.S. economy reopen, while trillions of dollars of fiscal stimulus have helped shore up demand. The gains continued even as concerns about inflation have increased speculation that the Federal Reserve would be forced to take steps to slow the economy.</p><p><blockquote>新冠肺炎疫苗接种提振了市场，帮助美国经济重新开放，而数万亿美元的财政刺激措施则帮助支撑了需求。尽管对通胀的担忧加剧了人们对美联储将被迫采取措施减缓经济的猜测，但涨幅仍在继续。</blockquote></p><p> The combination of big gains and a more hawkish Fed have raised concerns that the market has become too complacent. If inflation continues to run hot for long enough, the central bank could be forced to act more quickly than the market expects—and&nbsp;cause stocks to tumble. Others worry that&nbsp;U.S. economic growth could slow faster than investors anticipate, causing a pullback in the process.</p><p><blockquote>大幅上涨和更加鹰派的美联储相结合，引发了人们对市场变得过于自满的担忧。如果通胀持续足够长的时间，央行可能会被迫比市场预期更快地采取行动，并导致股市暴跌。其他人担心美国。经济增长可能比投资者预期的放缓得更快，导致这一过程出现回调。</blockquote></p><p> For those who take that view, there is no better time to back away from the stock market than the present. History suggests otherwise.</p><p><blockquote>对于持这种观点的人来说，没有比现在更好的退出股市的时机了。历史表明并非如此。</blockquote></p><p> Since 1979, the S&amp;P 500 has gained 10% or more 14 times during the first half of the year, and the index has gone on to average a 6.3% gain over the second half of the year. What’s more, the index finished the second half of the year higher In 11 of those instances, or 79% of the time.</p><p><blockquote>自1979年以来，标普500上半年有14次上涨10%或以上，下半年该指数平均上涨6.3%。更重要的是，该指数在下半年收盘时有 11 个，即 79%。</blockquote></p><p> Even the losses, when they occurred, weren’t all that bad. The S&amp;P 500 dropped 1.9% in the second half of 1983 and 3.5% during the last six months of 1986.</p><p><blockquote>即使是损失发生时，也并没有那么糟糕。标普500在1983年下半年下降了1.9%，在1986年最后六个月下降了3.5%。</blockquote></p><p> The one exception was the last six months of 1987 when the index fell 19% during the second half of the year. That period included Black Monday, when the S&amp;P 500 dropped 20% in one day, still a record loss. While selling linked to so-called&nbsp;portfolio insurance&nbsp;was ultimately blamed for the size and speed of the loss, the second half of 1987 was&nbsp;a period of rising bond yields and high stock-market valuations, just like the first half of 2021.</p><p><blockquote>唯一的例外是1987年的最后六个月，该指数在该年下半年下跌了19%。那段时间包括黑色星期一，标普500一天之内下跌了20%，仍然是创纪录的跌幅。虽然与所谓的投资组合保险相关的抛售最终被归咎于损失的规模和速度，但1987年下半年是债券收益率上升和股市估值高的时期，就像2021年上半年一样。</blockquote></p><p> Still, the market has been acting like it wants to go higher, not lower. Pullbacks, a normal event in the midst of bull runs, have been mild in 2021, with the largest drops being less than 4%. “What the [S&amp;P 500] has done throughout 2021 is pick itself up when and where it has needed to, maintaining an uptrend all along,” writes Frank&nbsp;Cappelleri, chief market technician at Instinet.</p><p><blockquote>尽管如此，市场一直表现得好像想要走高，而不是走低。回调是牛市中的正常事件，2021 年的回调幅度较小，最大跌幅不到 4%。“Instinet 首席市场技术员 Frank Cappelleri 写道：”[标普500]在整个 2021 年所做的就是在需要的时间和地点重新振作起来，始终保持上升趋势。</blockquote></p><p> That 6.3% average second-half rise would push the S&amp;P 500’s full-year gain to around 23%. That would represent a “textbook [market] recovery” from a recession, says Fundstrat’s Tom Lee.</p><p><blockquote>下半年平均涨幅为 6.3%，这将使标普500全年涨幅达到 23% 左右。Fundstrat 的汤姆-李（Tom Lee）说，这将代表着经济衰退中的 “教科书式[市场]复苏”。</blockquote></p><p> For now, at least, the path of least resistance is higher.</p><p><blockquote>至少目前来看，阻力最小的路径更高。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/3cb229b2e05d59b9c126d464a7d771bb\" tg-width=\"958\" tg-height=\"647\"></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/stock-market-futures-crash-gains-51625071996?mod=hp_LEAD_1\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.barrons.com/articles/stock-market-futures-crash-gains-51625071996?mod=hp_LEAD_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106223449","content_text":"Since 1979, the S&P 500 has gained 10% or more 14 times during the first half of the year.\nThe S&P 500 closed its second-best first half since the dot-com bubble. Don’t be surprised if the stock market keeps on rising.\nWith June coming to an end, the S&P 500 finished the first half of 2021 with a gain of 14.4%. Since 1998, only 2019’s 17.4% first-half surge has been larger.\nThe market got a boost from Covid-19 vaccinations, which have helped the U.S. economy reopen, while trillions of dollars of fiscal stimulus have helped shore up demand. The gains continued even as concerns about inflation have increased speculation that the Federal Reserve would be forced to take steps to slow the economy.\nThe combination of big gains and a more hawkish Fed have raised concerns that the market has become too complacent. If inflation continues to run hot for long enough, the central bank could be forced to act more quickly than the market expects—and cause stocks to tumble. Others worry that U.S. economic growth could slow faster than investors anticipate, causing a pullback in the process.\nFor those who take that view, there is no better time to back away from the stock market than the present. History suggests otherwise.\nSince 1979, the S&P 500 has gained 10% or more 14 times during the first half of the year, and the index has gone on to average a 6.3% gain over the second half of the year. What’s more, the index finished the second half of the year higher In 11 of those instances, or 79% of the time.\nEven the losses, when they occurred, weren’t all that bad. The S&P 500 dropped 1.9% in the second half of 1983 and 3.5% during the last six months of 1986.\nThe one exception was the last six months of 1987 when the index fell 19% during the second half of the year. That period included Black Monday, when the S&P 500 dropped 20% in one day, still a record loss. While selling linked to so-called portfolio insurance was ultimately blamed for the size and speed of the loss, the second half of 1987 was a period of rising bond yields and high stock-market valuations, just like the first half of 2021.\nStill, the market has been acting like it wants to go higher, not lower. Pullbacks, a normal event in the midst of bull runs, have been mild in 2021, with the largest drops being less than 4%. “What the [S&P 500] has done throughout 2021 is pick itself up when and where it has needed to, maintaining an uptrend all along,” writes Frank Cappelleri, chief market technician at Instinet.\nThat 6.3% average second-half rise would push the S&P 500’s full-year gain to around 23%. That would represent a “textbook [market] recovery” from a recession, says Fundstrat’s Tom Lee.\nFor now, at least, the path of least resistance is higher.","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":2591,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":153600361,"gmtCreate":1625019578453,"gmtModify":1633945765146,"author":{"id":"4087423083581260","authorId":"4087423083581260","name":"Huifoong","avatar":"https://static.tigerbbs.com/1ee01f7d4133e27e8cdf4bbfad11ec56","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087423083581260","authorIdStr":"4087423083581260"},"themes":[],"title":"","htmlText":"Great news","listText":"Great news","text":"Great news","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/153600361","repostId":"1124855646","repostType":4,"isVote":1,"tweetType":1,"viewCount":2707,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":153872405,"gmtCreate":1625019450507,"gmtModify":1633945767008,"author":{"id":"4087423083581260","authorId":"4087423083581260","name":"Huifoong","avatar":"https://static.tigerbbs.com/1ee01f7d4133e27e8cdf4bbfad11ec56","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087423083581260","authorIdStr":"4087423083581260"},"themes":[],"title":"","htmlText":"Will crash","listText":"Will crash","text":"Will crash","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/153872405","repostId":"1187567340","repostType":4,"repost":{"id":"1187567340","kind":"news","pubTimestamp":1625017360,"share":"https://www.laohunote.com/m/news/1187567340?lang=zh_CN&edition=full","pubTime":"2021-06-30 09:42","market":"us","language":"en","title":"Housing Prices Are Going Up. Must They Crash?<blockquote>房价在上涨。他们一定要坠毁吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1187567340","media":"Barrons","summary":"There are many reports of homebuyers getting into bidding wars and many cities where home prices hav","content":"<p>There are&nbsp;many&nbsp;reports&nbsp;of homebuyers getting into bidding wars and many cities where home prices have&nbsp;appreciated&nbsp;by well more than 10% over the past year. This naturally leads to a concern about market volatility: Must what goes up comedown? Are werepeatingthe excesses of the early 2000s, when housing prices surged before the market crashed?</p><p><blockquote>有许多报道称购房者陷入竞购战，许多城市的房价在过去一年中上涨了 10% 以上。这自然会引发对市场波动的担忧：上涨的东西一定会下跌吗？我们是否正在重蹈21世纪初房价在市场崩溃前飙升的过度行为？</blockquote></p><p> Some&nbsp;analysts&nbsp;argue that this time, it’s even less likely that prices will fall.Inventoriesof new homes for sale are very low, and lending standards are much tighter than in 2005. This is true. In fact, the ground is even firmer than it seems.</p><p><blockquote>一些分析师认为，这一次，房价下跌的可能性更小。待售新房库存非常低，贷款标准也比2005年严格得多。这是真的。事实上，地面比看起来还要坚实。</blockquote></p><p> New home inventories were very high before the Great Recession. Today, they are closer to the level that has been common for decades. The portion of&nbsp;inventory&nbsp;built and ready for move-in is especially low because of supply chain interruptions combined with a sudden boost of demand during the coronavirus pandemic. We shouldn’t worry much about a crash when buyers are eagerly snapping up the available homes.</p><p><blockquote>在大衰退之前，新房库存非常高。今天，它们更接近几十年来常见的水平。由于供应链中断加上冠状病毒大流行期间需求的突然增加，已建立并准备入住的库存部分特别低。当买家急于抢购现有房屋时，我们不应该太担心房屋崩盘。</blockquote></p><p> Yet there’s another reason to believe a housing crash is unlikely: Even the high level of inventory in 2005 wasn’t nearly as speculative as most people think. Understanding why will help us interpret today’s market.</p><p><blockquote>然而，还有另一个理由认为房地产崩盘的可能性不大： 即使是 2005 年的高库存水平，也远没有大多数人想象的那么具有投机性。了解原因将有助于我们解读当今的市场。</blockquote></p><p> In&nbsp;2005, homes were being built because sales were high, and sales were high in parts of the country where demand was strong. Builders were conservatively scaling their inventories with rising sales. The same is true today.</p><p><blockquote>2005年，房屋正在建造，因为销售很高，在该国需求旺盛的部分地区销售也很高。随着销售额的增长，建筑商保守地扩大库存规模。今天也是如此。</blockquote></p><p> Frequently, analysts&nbsp;cite&nbsp;the sharp rise in months of inventory—the number of months it will take to sell the current supply of homes being constructed for sale, at the current sales rate—as evidence of overzealous building during the last boom. But timing is key here. Decades of experience tell a clear story: Months of inventory is mostly a function of sales rather than builder speculation. When sales are strong, homes are turning over, and months of inventory tend to stay low. When sales quickly decline, builders tend to be left with unexpectedly high inventory.</p><p><blockquote>分析师经常引用库存月数的急剧上升——按目前的销售速度出售当前待售房屋供应量所需的月数——作为上次繁荣期间过度热情建筑的证据。但是时机是关键。几十年的经验告诉我们一个清晰的故事：几个月的库存主要是销售的功能，而不是建筑商的投机。当销售强劲时，房屋正在周转，几个月的库存往往会保持在较低水平。当销售额迅速下降时，建筑商往往会面临意想不到的高库存。</blockquote></p><p> From the late 1990s all the way up to the peak of new home sales in mid-2005,inventory&nbsp;was at historic lows, with about four months’ worth remaining. Of course, builders were creating more inventory to match growing sales, but it was barely enough to keep up with demand, so the number held fairly constant. Then, as economic growth started to slow, a deep drop in sales coincided with a sharp rise in months of inventory.</p><p><blockquote>从 20 世纪 90 年代末一直到 2005 年中期新房销售高峰，库存一直处于历史低位，只剩下大约四个月的价值。当然，建筑商正在创造更多的库存来匹配不断增长的销售，但这几乎不足以满足需求，因此数量保持相当稳定。然后，随着经济增长开始放缓，销售额的大幅下降与几个月来库存的急剧上升同时发生。</blockquote></p><p> Today, there are also about four months of inventory, and sales are around the same level as they were in the late 1990s. So, while it’s easy to look at on-the-ground activity and conclude that low inventory could cause bidding wars among buyers, we need to remember that buyers are really driving inventory more than the other way around. In other words, builders decide to create new homes when demand is high from buyers. If demand suddenly dries up, builders can’t suddenly make the inventory of homes under construction disappear.</p><p><blockquote>如今，还有大约四个月的库存，销售额与 20 世纪 90 年代末的水平大致相同。因此，虽然我们很容易从现场活动中得出低库存可能会导致买家之间的竞价战的结论，但我们需要记住，买家实际上是在推动库存，而不是相反。换句话说，当买家需求高时，建筑商决定建造新房。如果需求突然枯竭，建筑商不能让在建房屋的库存突然消失。</blockquote></p><p> Demand for new homes is something over which federal policy&nbsp;makers actually have some control. The Federal Reserve and other federal regulators should aim to avoid sharp declines in sales. The Fed can do this by raising or lowering interest rates, changing the money supply, and targeting changes in prices and nominal economic activity. Federal regulators can make sure that stable lending conditions are maintained, or not.One reasonthe Great Recession was so bad was that Federal Reserve officials and other federal regulators, generally responding to public sentiment, washed their hands of the horrendous collapse in sales and left homebuilders and sellers out to dry.</p><p><blockquote>联邦政策制定者实际上可以控制对新房的需求。美联储和其他联邦监管机构应致力于避免销售额急剧下降。美联储可以通过提高或降低利率、改变货币供应量以及瞄准价格和名义经济活动的变化来做到这一点。联邦监管机构可以确保保持稳定的贷款条件，也可以不保持稳定。大衰退如此严重的一个原因是，美联储官员和其他联邦监管机构通常会对公众情绪做出反应，对可怕的销售崩溃置之不理，让房屋建筑商和销售商自生自灭。</blockquote></p><p> But even in that worst-case scenario, the 2000s market was much more resilient than it seemed. In July 2005, when buyers backed off and months of inventory started to surge, the median U.S. home price was $198,000, according toZillow. In July 2008, when months of inventory was near its peak, it was still at $199,000.</p><p><blockquote>但即使在最坏的情况下，2000 年代的市场也比看起来更有弹性。据 toZillow 称，2005 年 7 月，当买家退出，几个月的库存开始激增时，美国房价中值为 198,000 美元。2008 年 7 月，当几个月的库存接近峰值时，库存仍处于 19.9 万美元。</blockquote></p><p> At the&nbsp;June 2006&nbsp;Federal Reserve meeting, Ben Bernanke said, “It is a good thing that housing is cooling. If we could wave a magic wand and reinstate 2005, we wouldn’t want to do that.” It’s notable that Jerome Powell, who today holds Bernanke’s former position as Fed chair, isn’t openly pining for a “cooler” housing market.</p><p><blockquote>在 2006 年 6 月的美联储会议上，本-伯南克说：“房地产降温是件好事。如果我们能挥舞魔杖，恢复 2005 年，我们就不想这么做了。”值得注意的是，如今接替伯南克担任美联储主席的杰罗姆-鲍威尔（Jerome Powell）并没有公开渴望 “降温 ”的房地产市场。</blockquote></p><p> There is a common belief that before the Great Recession, homebuyers were taken in by themyththat home prices never go down, and they became complacent. Those buyers turned out to be wrong. Yet, even when a concerted effort to kill housing markets succeeded, we had to beat them into submission for three full years before prices relented. Home prices can go down, but we have to work very hard, together, for a long time, to make them fall.</p><p><blockquote>人们普遍认为，在大衰退之前，购房者被房价永远不会下跌的神话所迷惑，他们变得自满。那些买家被证明是错的。然而，即使在扼杀房地产市场的共同努力取得成功时，我们也不得不让它们屈服整整三年，房价才有所缓和。房价可能会下跌，但我们必须非常努力地工作，一起工作很长时间，才能让房价下跌。</blockquote></p><p></p><p> If you are a buyer in a hot market where home prices are 30% higher than they were a year ago, you’re getting a 30% worse deal than you could have had back then. Nothing can be done about that. That said, the main things to be concerned with are the factors federal policymakers are in control of. There is little reason to expect housing demand to collapse. If it does, it will require communal intention—federal monetary and credit policies meant to create or accept a sharp drop in demand. And even if federal officials intend for housing construction to collapse, history suggests that a market contraction would push new sales down deeply for an extended period of time before prices relent.</p><p><blockquote>如果你是一个热门市场的买家，房价比一年前高出 30%，那么你得到的交易将比当时差 30%。对此无能为力。也就是说，主要关注的是联邦政策制定者可以控制的因素。几乎没有理由预期住房需求会崩溃。如果发生这种情况，它将需要公共意图——联邦货币和信贷政策旨在创造或接受需求的急剧下降。即使联邦官员希望住房建设崩溃，历史表明，在价格回落之前，市场萎缩将在很长一段时间内推动新销售大幅下降。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Housing Prices Are Going Up. Must They Crash?<blockquote>房价在上涨。他们一定要坠毁吗？</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\">\nHousing Prices Are Going Up. Must They Crash?<blockquote>房价在上涨。他们一定要坠毁吗？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-06-30 09:42</span>\n</p>\n</h4>\n</header>\n<article>\n<p>There are&nbsp;many&nbsp;reports&nbsp;of homebuyers getting into bidding wars and many cities where home prices have&nbsp;appreciated&nbsp;by well more than 10% over the past year. This naturally leads to a concern about market volatility: Must what goes up comedown? Are werepeatingthe excesses of the early 2000s, when housing prices surged before the market crashed?</p><p><blockquote>有许多报道称购房者陷入竞购战，许多城市的房价在过去一年中上涨了 10% 以上。这自然会引发对市场波动的担忧：上涨的东西一定会下跌吗？我们是否正在重蹈21世纪初房价在市场崩溃前飙升的过度行为？</blockquote></p><p> Some&nbsp;analysts&nbsp;argue that this time, it’s even less likely that prices will fall.Inventoriesof new homes for sale are very low, and lending standards are much tighter than in 2005. This is true. In fact, the ground is even firmer than it seems.</p><p><blockquote>一些分析师认为，这一次，房价下跌的可能性更小。待售新房库存非常低，贷款标准也比2005年严格得多。这是真的。事实上，地面比看起来还要坚实。</blockquote></p><p> New home inventories were very high before the Great Recession. Today, they are closer to the level that has been common for decades. The portion of&nbsp;inventory&nbsp;built and ready for move-in is especially low because of supply chain interruptions combined with a sudden boost of demand during the coronavirus pandemic. We shouldn’t worry much about a crash when buyers are eagerly snapping up the available homes.</p><p><blockquote>在大衰退之前，新房库存非常高。今天，它们更接近几十年来常见的水平。由于供应链中断加上冠状病毒大流行期间需求的突然增加，已建立并准备入住的库存部分特别低。当买家急于抢购现有房屋时，我们不应该太担心房屋崩盘。</blockquote></p><p> Yet there’s another reason to believe a housing crash is unlikely: Even the high level of inventory in 2005 wasn’t nearly as speculative as most people think. Understanding why will help us interpret today’s market.</p><p><blockquote>然而，还有另一个理由认为房地产崩盘的可能性不大： 即使是 2005 年的高库存水平，也远没有大多数人想象的那么具有投机性。了解原因将有助于我们解读当今的市场。</blockquote></p><p> In&nbsp;2005, homes were being built because sales were high, and sales were high in parts of the country where demand was strong. Builders were conservatively scaling their inventories with rising sales. The same is true today.</p><p><blockquote>2005年，房屋正在建造，因为销售很高，在该国需求旺盛的部分地区销售也很高。随着销售额的增长，建筑商保守地扩大库存规模。今天也是如此。</blockquote></p><p> Frequently, analysts&nbsp;cite&nbsp;the sharp rise in months of inventory—the number of months it will take to sell the current supply of homes being constructed for sale, at the current sales rate—as evidence of overzealous building during the last boom. But timing is key here. Decades of experience tell a clear story: Months of inventory is mostly a function of sales rather than builder speculation. When sales are strong, homes are turning over, and months of inventory tend to stay low. When sales quickly decline, builders tend to be left with unexpectedly high inventory.</p><p><blockquote>分析师经常引用库存月数的急剧上升——按目前的销售速度出售当前待售房屋供应量所需的月数——作为上次繁荣期间过度热情建筑的证据。但是时机是关键。几十年的经验告诉我们一个清晰的故事：几个月的库存主要是销售的功能，而不是建筑商的投机。当销售强劲时，房屋正在周转，几个月的库存往往会保持在较低水平。当销售额迅速下降时，建筑商往往会面临意想不到的高库存。</blockquote></p><p> From the late 1990s all the way up to the peak of new home sales in mid-2005,inventory&nbsp;was at historic lows, with about four months’ worth remaining. Of course, builders were creating more inventory to match growing sales, but it was barely enough to keep up with demand, so the number held fairly constant. Then, as economic growth started to slow, a deep drop in sales coincided with a sharp rise in months of inventory.</p><p><blockquote>从 20 世纪 90 年代末一直到 2005 年中期新房销售高峰，库存一直处于历史低位，只剩下大约四个月的价值。当然，建筑商正在创造更多的库存来匹配不断增长的销售，但这几乎不足以满足需求，因此数量保持相当稳定。然后，随着经济增长开始放缓，销售额的大幅下降与几个月来库存的急剧上升同时发生。</blockquote></p><p> Today, there are also about four months of inventory, and sales are around the same level as they were in the late 1990s. So, while it’s easy to look at on-the-ground activity and conclude that low inventory could cause bidding wars among buyers, we need to remember that buyers are really driving inventory more than the other way around. In other words, builders decide to create new homes when demand is high from buyers. If demand suddenly dries up, builders can’t suddenly make the inventory of homes under construction disappear.</p><p><blockquote>如今，还有大约四个月的库存，销售额与 20 世纪 90 年代末的水平大致相同。因此，虽然我们很容易从现场活动中得出低库存可能会导致买家之间的竞价战的结论，但我们需要记住，买家实际上是在推动库存，而不是相反。换句话说，当买家需求高时，建筑商决定建造新房。如果需求突然枯竭，建筑商不能让在建房屋的库存突然消失。</blockquote></p><p> Demand for new homes is something over which federal policy&nbsp;makers actually have some control. The Federal Reserve and other federal regulators should aim to avoid sharp declines in sales. The Fed can do this by raising or lowering interest rates, changing the money supply, and targeting changes in prices and nominal economic activity. Federal regulators can make sure that stable lending conditions are maintained, or not.One reasonthe Great Recession was so bad was that Federal Reserve officials and other federal regulators, generally responding to public sentiment, washed their hands of the horrendous collapse in sales and left homebuilders and sellers out to dry.</p><p><blockquote>联邦政策制定者实际上可以控制对新房的需求。美联储和其他联邦监管机构应致力于避免销售额急剧下降。美联储可以通过提高或降低利率、改变货币供应量以及瞄准价格和名义经济活动的变化来做到这一点。联邦监管机构可以确保保持稳定的贷款条件，也可以不保持稳定。大衰退如此严重的一个原因是，美联储官员和其他联邦监管机构通常会对公众情绪做出反应，对可怕的销售崩溃置之不理，让房屋建筑商和销售商自生自灭。</blockquote></p><p> But even in that worst-case scenario, the 2000s market was much more resilient than it seemed. In July 2005, when buyers backed off and months of inventory started to surge, the median U.S. home price was $198,000, according toZillow. In July 2008, when months of inventory was near its peak, it was still at $199,000.</p><p><blockquote>但即使在最坏的情况下，2000 年代的市场也比看起来更有弹性。据 toZillow 称，2005 年 7 月，当买家退出，几个月的库存开始激增时，美国房价中值为 198,000 美元。2008 年 7 月，当几个月的库存接近峰值时，库存仍处于 19.9 万美元。</blockquote></p><p> At the&nbsp;June 2006&nbsp;Federal Reserve meeting, Ben Bernanke said, “It is a good thing that housing is cooling. If we could wave a magic wand and reinstate 2005, we wouldn’t want to do that.” It’s notable that Jerome Powell, who today holds Bernanke’s former position as Fed chair, isn’t openly pining for a “cooler” housing market.</p><p><blockquote>在 2006 年 6 月的美联储会议上，本-伯南克说：“房地产降温是件好事。如果我们能挥舞魔杖，恢复 2005 年，我们就不想这么做了。”值得注意的是，如今接替伯南克担任美联储主席的杰罗姆-鲍威尔（Jerome Powell）并没有公开渴望 “降温 ”的房地产市场。</blockquote></p><p> There is a common belief that before the Great Recession, homebuyers were taken in by themyththat home prices never go down, and they became complacent. Those buyers turned out to be wrong. Yet, even when a concerted effort to kill housing markets succeeded, we had to beat them into submission for three full years before prices relented. Home prices can go down, but we have to work very hard, together, for a long time, to make them fall.</p><p><blockquote>人们普遍认为，在大衰退之前，购房者被房价永远不会下跌的神话所迷惑，他们变得自满。那些买家被证明是错的。然而，即使在扼杀房地产市场的共同努力取得成功时，我们也不得不让它们屈服整整三年，房价才有所缓和。房价可能会下跌，但我们必须非常努力地工作，一起工作很长时间，才能让房价下跌。</blockquote></p><p></p><p> If you are a buyer in a hot market where home prices are 30% higher than they were a year ago, you’re getting a 30% worse deal than you could have had back then. Nothing can be done about that. That said, the main things to be concerned with are the factors federal policymakers are in control of. There is little reason to expect housing demand to collapse. If it does, it will require communal intention—federal monetary and credit policies meant to create or accept a sharp drop in demand. And even if federal officials intend for housing construction to collapse, history suggests that a market contraction would push new sales down deeply for an extended period of time before prices relent.</p><p><blockquote>如果你是一个热门市场的买家，房价比一年前高出 30%，那么你得到的交易将比当时差 30%。对此无能为力。也就是说，主要关注的是联邦政策制定者可以控制的因素。几乎没有理由预期住房需求会崩溃。如果发生这种情况，它将需要公共意图——联邦货币和信贷政策旨在创造或接受需求的急剧下降。即使联邦官员希望住房建设崩溃，历史表明，在价格回落之前，市场萎缩将在很长一段时间内推动新销售大幅下降。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/housing-prices-market-crash-51624912461?siteid=yhoof2\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index"},"source_url":"https://www.barrons.com/articles/housing-prices-market-crash-51624912461?siteid=yhoof2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1187567340","content_text":"There are many reports of homebuyers getting into bidding wars and many cities where home prices have appreciated by well more than 10% over the past year. This naturally leads to a concern about market volatility: Must what goes up comedown? Are werepeatingthe excesses of the early 2000s, when housing prices surged before the market crashed?\nSome analysts argue that this time, it’s even less likely that prices will fall.Inventoriesof new homes for sale are very low, and lending standards are much tighter than in 2005. This is true. In fact, the ground is even firmer than it seems.\nNew home inventories were very high before the Great Recession. Today, they are closer to the level that has been common for decades. The portion of inventory built and ready for move-in is especially low because of supply chain interruptions combined with a sudden boost of demand during the coronavirus pandemic. We shouldn’t worry much about a crash when buyers are eagerly snapping up the available homes.\nYet there’s another reason to believe a housing crash is unlikely: Even the high level of inventory in 2005 wasn’t nearly as speculative as most people think. Understanding why will help us interpret today’s market.\nIn 2005, homes were being built because sales were high, and sales were high in parts of the country where demand was strong. Builders were conservatively scaling their inventories with rising sales. The same is true today.\nFrequently, analysts cite the sharp rise in months of inventory—the number of months it will take to sell the current supply of homes being constructed for sale, at the current sales rate—as evidence of overzealous building during the last boom. But timing is key here. Decades of experience tell a clear story: Months of inventory is mostly a function of sales rather than builder speculation. When sales are strong, homes are turning over, and months of inventory tend to stay low. When sales quickly decline, builders tend to be left with unexpectedly high inventory.\nFrom the late 1990s all the way up to the peak of new home sales in mid-2005,inventory was at historic lows, with about four months’ worth remaining. Of course, builders were creating more inventory to match growing sales, but it was barely enough to keep up with demand, so the number held fairly constant. Then, as economic growth started to slow, a deep drop in sales coincided with a sharp rise in months of inventory.\nToday, there are also about four months of inventory, and sales are around the same level as they were in the late 1990s. So, while it’s easy to look at on-the-ground activity and conclude that low inventory could cause bidding wars among buyers, we need to remember that buyers are really driving inventory more than the other way around. In other words, builders decide to create new homes when demand is high from buyers. If demand suddenly dries up, builders can’t suddenly make the inventory of homes under construction disappear.\nDemand for new homes is something over which federal policy makers actually have some control. The Federal Reserve and other federal regulators should aim to avoid sharp declines in sales. The Fed can do this by raising or lowering interest rates, changing the money supply, and targeting changes in prices and nominal economic activity. Federal regulators can make sure that stable lending conditions are maintained, or not.One reasonthe Great Recession was so bad was that Federal Reserve officials and other federal regulators, generally responding to public sentiment, washed their hands of the horrendous collapse in sales and left homebuilders and sellers out to dry.\nBut even in that worst-case scenario, the 2000s market was much more resilient than it seemed. In July 2005, when buyers backed off and months of inventory started to surge, the median U.S. home price was $198,000, according toZillow. In July 2008, when months of inventory was near its peak, it was still at $199,000.\nAt the June 2006 Federal Reserve meeting, Ben Bernanke said, “It is a good thing that housing is cooling. If we could wave a magic wand and reinstate 2005, we wouldn’t want to do that.” It’s notable that Jerome Powell, who today holds Bernanke’s former position as Fed chair, isn’t openly pining for a “cooler” housing market.\nThere is a common belief that before the Great Recession, homebuyers were taken in by themyththat home prices never go down, and they became complacent. Those buyers turned out to be wrong. Yet, even when a concerted effort to kill housing markets succeeded, we had to beat them into submission for three full years before prices relented. Home prices can go down, but we have to work very hard, together, for a long time, to make them fall.\nIf you are a buyer in a hot market where home prices are 30% higher than they were a year ago, you’re getting a 30% worse deal than you could have had back then. Nothing can be done about that. That said, the main things to be concerned with are the factors federal policymakers are in control of. There is little reason to expect housing demand to collapse. If it does, it will require communal intention—federal monetary and credit policies meant to create or accept a sharp drop in demand. And even if federal officials intend for housing construction to collapse, history suggests that a market contraction would push new sales down deeply for an extended period of time before prices relent.","news_type":1,"symbols_score_info":{".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":1032,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127275722,"gmtCreate":1624853955166,"gmtModify":1633947916876,"author":{"id":"4087423083581260","authorId":"4087423083581260","name":"Huifoong","avatar":"https://static.tigerbbs.com/1ee01f7d4133e27e8cdf4bbfad11ec56","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087423083581260","authorIdStr":"4087423083581260"},"themes":[],"title":"","htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/127275722","repostId":"1131605721","repostType":4,"isVote":1,"tweetType":1,"viewCount":1365,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127272806,"gmtCreate":1624853904105,"gmtModify":1633947918237,"author":{"id":"4087423083581260","authorId":"4087423083581260","name":"Huifoong","avatar":"https://static.tigerbbs.com/1ee01f7d4133e27e8cdf4bbfad11ec56","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087423083581260","authorIdStr":"4087423083581260"},"themes":[],"title":"","htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/127272806","repostId":"2146270883","repostType":4,"isVote":1,"tweetType":1,"viewCount":903,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127278322,"gmtCreate":1624853822466,"gmtModify":1633947920104,"author":{"id":"4087423083581260","authorId":"4087423083581260","name":"Huifoong","avatar":"https://static.tigerbbs.com/1ee01f7d4133e27e8cdf4bbfad11ec56","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087423083581260","authorIdStr":"4087423083581260"},"themes":[],"title":"","htmlText":"Oh no","listText":"Oh no","text":"Oh no","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/127278322","repostId":"1161283536","repostType":4,"repost":{"id":"1161283536","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":1624850034,"share":"https://www.laohunote.com/m/news/1161283536?lang=zh_CN&edition=full","pubTime":"2021-06-28 11:13","market":"hk","language":"en","title":"The Hong Kong Stock Exchange will resume trading at 1:30 p.m., as the rainstorm signal changes.<blockquote>随着暴雨信号的变化，香港联交所将于下午1点30分恢复交易。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1161283536","media":"Tiger Newspress","summary":"Hong Kong stocks will resume trading Monday afternoon, after the city’s weather observatory lowered ","content":"<p>Hong Kong stocks will resume trading Monday afternoon, after the city’s weather observatory lowered its rainstorm warning that had earlier prompted the cancellation of the morning session.</p><p><blockquote>香港股市将于周一下午恢复交易，此前香港气象台降低了早些时候导致早盘交易取消的暴雨警告。</blockquote></p><p> The Hong Kong Observatory lowered the rainstorm warning to red from black shortly after 11 a.m. local time, meaning stock trading will begin at 1:30 p.m. in accordance with Hong Kong Exchanges and Clearing Ltd.’s rules. The bourse operator had earlier canceled morning trading of bothsecuritiesand derivatives markets, including Stock Connect due to the black rain warning.</p><p><blockquote>当地时间上午 11 点过后不久，香港天文台将暴雨警告从黑色降至红色，这意味着根据香港交易及结算所有限公司的规定，股票交易将于下午 1:30 开始。由于黑雨警告，交易所运营商早些时候取消了证券和衍生品市场的早盘交易，包括Stock Connect。</blockquote></p><p> Earlier the city’s education bureau suspended classes across Hong Kong due to the severe weather conditions. The government will resume vaccination after lowering the rainstorm warning.</p><p><blockquote>早些时候，由于恶劣的天气条件，该市教育局在全港停课。政府将在降低暴雨警告后恢复疫苗接种。</blockquote></p><p> Morning trading in the city was lastcanceledin October last year, when tropical storm Nangka prompted authorities to shutter businesses and close schools. Average dailyturnoverin Hong Kong this year stands at around HK$188 billion ($24.2 billion), according to data compiled by Bloomberg.</p><p><blockquote>该市上一次取消早盘交易是在去年 10 月，当时热带风暴浪卡促使当局关闭企业和学校。根据彭博社汇编的数据，今年香港的日均营业额约为 1,880 亿港元（242 亿美元）。</blockquote></p><p> When the market reopens in the afternoon, “there will still be plenty of time to digest weekend news and A-share movements,” said Steven Leung, executive director of UoB Kay Hian (Hong Kong) Ltd. “Markets have been relatively stable in both Hong Kong and A shares lately.”</p><p><blockquote>大华继显（香港）有限公司执行董事Steven Leung表示：”下午市场重新开盘时，“仍有充足时间消化周末新闻和A股走势。“近期香港和A股市场都相对稳定”。</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>The Hong Kong Stock Exchange will resume trading at 1:30 p.m., as the rainstorm signal changes.<blockquote>随着暴雨信号的变化，香港联交所将于下午1点30分恢复交易。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Hong Kong Stock Exchange will resume trading at 1:30 p.m., as the rainstorm signal changes.<blockquote>随着暴雨信号的变化，香港联交所将于下午1点30分恢复交易。</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\">2021-06-28 11:13</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Hong Kong stocks will resume trading Monday afternoon, after the city’s weather observatory lowered its rainstorm warning that had earlier prompted the cancellation of the morning session.</p><p><blockquote>香港股市将于周一下午恢复交易，此前香港气象台降低了早些时候导致早盘交易取消的暴雨警告。</blockquote></p><p> The Hong Kong Observatory lowered the rainstorm warning to red from black shortly after 11 a.m. local time, meaning stock trading will begin at 1:30 p.m. in accordance with Hong Kong Exchanges and Clearing Ltd.’s rules. The bourse operator had earlier canceled morning trading of bothsecuritiesand derivatives markets, including Stock Connect due to the black rain warning.</p><p><blockquote>当地时间上午 11 点过后不久，香港天文台将暴雨警告从黑色降至红色，这意味着根据香港交易及结算所有限公司的规定，股票交易将于下午 1:30 开始。由于黑雨警告，交易所运营商早些时候取消了证券和衍生品市场的早盘交易，包括Stock Connect。</blockquote></p><p> Earlier the city’s education bureau suspended classes across Hong Kong due to the severe weather conditions. The government will resume vaccination after lowering the rainstorm warning.</p><p><blockquote>早些时候，由于恶劣的天气条件，该市教育局在全港停课。政府将在降低暴雨警告后恢复疫苗接种。</blockquote></p><p> Morning trading in the city was lastcanceledin October last year, when tropical storm Nangka prompted authorities to shutter businesses and close schools. Average dailyturnoverin Hong Kong this year stands at around HK$188 billion ($24.2 billion), according to data compiled by Bloomberg.</p><p><blockquote>该市上一次取消早盘交易是在去年 10 月，当时热带风暴浪卡促使当局关闭企业和学校。根据彭博社汇编的数据，今年香港的日均营业额约为 1,880 亿港元（242 亿美元）。</blockquote></p><p> When the market reopens in the afternoon, “there will still be plenty of time to digest weekend news and A-share movements,” said Steven Leung, executive director of UoB Kay Hian (Hong Kong) Ltd. “Markets have been relatively stable in both Hong Kong and A shares lately.”</p><p><blockquote>大华继显（香港）有限公司执行董事Steven Leung表示：”下午市场重新开盘时，“仍有充足时间消化周末新闻和A股走势。“近期香港和A股市场都相对稳定”。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"HSI":"恒生指数"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1161283536","content_text":"Hong Kong stocks will resume trading Monday afternoon, after the city’s weather observatory lowered its rainstorm warning that had earlier prompted the cancellation of the morning session.\nThe Hong Kong Observatory lowered the rainstorm warning to red from black shortly after 11 a.m. local time, meaning stock trading will begin at 1:30 p.m. in accordance with Hong Kong Exchanges and Clearing Ltd.’s rules. The bourse operator had earlier canceled morning trading of bothsecuritiesand derivatives markets, including Stock Connect due to the black rain warning.\nEarlier the city’s education bureau suspended classes across Hong Kong due to the severe weather conditions. The government will resume vaccination after lowering the rainstorm warning.\nMorning trading in the city was lastcanceledin October last year, when tropical storm Nangka prompted authorities to shutter businesses and close schools. Average dailyturnoverin Hong Kong this year stands at around HK$188 billion ($24.2 billion), according to data compiled by Bloomberg.\nWhen the market reopens in the afternoon, “there will still be plenty of time to digest weekend news and A-share movements,” said Steven Leung, executive director of UoB Kay Hian (Hong Kong) Ltd. “Markets have been relatively stable in both Hong Kong and A shares lately.”","news_type":1,"symbols_score_info":{"HSI":0.9}},"isVote":1,"tweetType":1,"viewCount":823,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":128572882,"gmtCreate":1624525804946,"gmtModify":1634004873867,"author":{"id":"4087423083581260","authorId":"4087423083581260","name":"Huifoong","avatar":"https://static.tigerbbs.com/1ee01f7d4133e27e8cdf4bbfad11ec56","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087423083581260","authorIdStr":"4087423083581260"},"themes":[],"title":"","htmlText":"Noted","listText":"Noted","text":"Noted","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/128572882","repostId":"2145301320","repostType":4,"isVote":1,"tweetType":1,"viewCount":960,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":128542480,"gmtCreate":1624525372340,"gmtModify":1634004878544,"author":{"id":"4087423083581260","authorId":"4087423083581260","name":"Huifoong","avatar":"https://static.tigerbbs.com/1ee01f7d4133e27e8cdf4bbfad11ec56","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087423083581260","authorIdStr":"4087423083581260"},"themes":[],"title":"","htmlText":"Omg","listText":"Omg","text":"Omg","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/128542480","repostId":"1163532273","repostType":4,"isVote":1,"tweetType":1,"viewCount":1050,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":123854790,"gmtCreate":1624417515510,"gmtModify":1634006400726,"author":{"id":"4087423083581260","authorId":"4087423083581260","name":"Huifoong","avatar":"https://static.tigerbbs.com/1ee01f7d4133e27e8cdf4bbfad11ec56","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087423083581260","authorIdStr":"4087423083581260"},"themes":[],"title":"","htmlText":"Yes&nbsp;","listText":"Yes&nbsp;","text":"Yes","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/123854790","repostId":"2145520610","repostType":4,"isVote":1,"tweetType":1,"viewCount":818,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":123854699,"gmtCreate":1624417501811,"gmtModify":1634006401093,"author":{"id":"4087423083581260","authorId":"4087423083581260","name":"Huifoong","avatar":"https://static.tigerbbs.com/1ee01f7d4133e27e8cdf4bbfad11ec56","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087423083581260","authorIdStr":"4087423083581260"},"themes":[],"title":"","htmlText":"Yes","listText":"Yes","text":"Yes","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/123854699","repostId":"2145520610","repostType":4,"isVote":1,"tweetType":1,"viewCount":1080,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":123866128,"gmtCreate":1624416299364,"gmtModify":1634006416594,"author":{"id":"4087423083581260","authorId":"4087423083581260","name":"Huifoong","avatar":"https://static.tigerbbs.com/1ee01f7d4133e27e8cdf4bbfad11ec56","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087423083581260","authorIdStr":"4087423083581260"},"themes":[],"title":"","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/123866128","repostId":"1139503540","repostType":4,"isVote":1,"tweetType":1,"viewCount":1035,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":123869077,"gmtCreate":1624416117299,"gmtModify":1634006419757,"author":{"id":"4087423083581260","authorId":"4087423083581260","name":"Huifoong","avatar":"https://static.tigerbbs.com/1ee01f7d4133e27e8cdf4bbfad11ec56","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087423083581260","authorIdStr":"4087423083581260"},"themes":[],"title":"","htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/123869077","repostId":"1126010678","repostType":4,"repost":{"id":"1126010678","kind":"news","pubTimestamp":1624412603,"share":"https://www.laohunote.com/m/news/1126010678?lang=zh_CN&edition=full","pubTime":"2021-06-23 09:43","market":"us","language":"en","title":"Krispy Kreme Seeks $640 Million in IPO as Sales Move Online<blockquote>随着销售转移到线上，Krispy Kreme 寻求 6.4 亿美元 IPO</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1126010678","media":"Bloomberg","summary":"(Bloomberg) -- Krispy Kreme Inc., the doughnut chain owned by JAB Holdings BV, is seeking to raise a","content":"<p><div> (Bloomberg) -- Krispy Kreme Inc., the doughnut chain owned by JAB Holdings BV, is seeking to raise as much as $640 million in an initial public offering. The company said in a filing Tuesday that it ...</p><p><blockquote><div>（彭博社）——JAB Holdings BV 旗下的甜甜圈连锁店 Krispy Kreme Inc. 正寻求在首次公开募股中筹集高达 6.4 亿美元的资金。该公司在周二的一份文件中表示……</div></blockquote></p><p>  <a href=\"https://finance.yahoo.com/news/krispy-kreme-sets-price-range-154753866.html\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://finance.yahoo.com/news/krispy-kreme-sets-price-range-154753866.html\">网页连接</a></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>Krispy Kreme Seeks $640 Million in IPO as Sales Move Online<blockquote>随着销售转移到线上，Krispy Kreme 寻求 6.4 亿美元 IPO</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\">\nKrispy Kreme Seeks $640 Million in IPO as Sales Move Online<blockquote>随着销售转移到线上，Krispy Kreme 寻求 6.4 亿美元 IPO</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Bloomberg</strong><span class=\"h-time small\">2021-06-23 09:43</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> (Bloomberg) -- Krispy Kreme Inc., the doughnut chain owned by JAB Holdings BV, is seeking to raise as much as $640 million in an initial public offering. The company said in a filing Tuesday that it ...</p><p><blockquote><div>（彭博社）——JAB Holdings BV 旗下的甜甜圈连锁店 Krispy Kreme Inc. 正寻求在首次公开募股中筹集高达 6.4 亿美元的资金。该公司在周二的一份文件中表示……</div></blockquote></p><p>  <a href=\"https://finance.yahoo.com/news/krispy-kreme-sets-price-range-154753866.html\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://finance.yahoo.com/news/krispy-kreme-sets-price-range-154753866.html\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/krispy-kreme-sets-price-range-154753866.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":{"DNUT":"Krispy Kreme, Inc."},"source_url":"https://finance.yahoo.com/news/krispy-kreme-sets-price-range-154753866.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1126010678","content_text":"(Bloomberg) -- Krispy Kreme Inc., the doughnut chain owned by JAB Holdings BV, is seeking to raise as much as $640 million in an initial public offering.\nThe company said in a filing Tuesday that it plans to sell almost 27 million shares for $21 to $24 apiece. At the top end of the range, Krispy Kreme would have a market value of $3.86 billion based on the outstanding shares listed in the filing with the U.S. Securities and Exchange Commission.\nAmid photos of doughnuts dripping with sugary glaze and dotted with sprinkles, the company declares in the filing that its purpose is “to touch and enhance lives through the joy of Krispy Kreme.”\nSince its acquisition by Luxembourg-based conglomerate JAB in 2016, Krispy Kreme has expanded its online presence. Its e-commerce business now accounts for close to a fifth of sales in the U.S., fueled by its Insomnia Cookies delivery concept.\nNet revenue for the Charlotte, North Carolina-based chain rose 23% to $322 million in the quarter ended April 4, according to the filing. Its net loss for the quarter shrunk from $11 million in 2020 to $378,000 this year.\nKrispy Kreme plans to use proceeds from the IPO to pay down debt and buy back shares from certain executives, as well as for general corporate purposes, according to the filing. JAB will continue to own almost 78% of the company’s shares after the IPO.\nThe offering is being led by JPMorgan Chase & Co., Morgan Stanley, Bank of America Corp. and Citigroup Inc. The company plans to list on the Nasdaq Global Select Market under the symbol DNUT.","news_type":1,"symbols_score_info":{"DNUT":0.9}},"isVote":1,"tweetType":1,"viewCount":702,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":155959518,"gmtCreate":1625370895434,"gmtModify":1633941163300,"author":{"id":"4087423083581260","authorId":"4087423083581260","name":"Huifoong","avatar":"https://static.tigerbbs.com/1ee01f7d4133e27e8cdf4bbfad11ec56","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087423083581260","idStr":"4087423083581260"},"themes":[],"title":"","htmlText":"[Happy]&nbsp;","listText":"[Happy]&nbsp;","text":"[Happy]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/155959518","repostId":"1170195217","repostType":4,"isVote":1,"tweetType":1,"viewCount":3443,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":155950010,"gmtCreate":1625370796430,"gmtModify":1633941164694,"author":{"id":"4087423083581260","authorId":"4087423083581260","name":"Huifoong","avatar":"https://static.tigerbbs.com/1ee01f7d4133e27e8cdf4bbfad11ec56","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087423083581260","idStr":"4087423083581260"},"themes":[],"title":"","htmlText":"Yes","listText":"Yes","text":"Yes","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/155950010","repostId":"1109375790","repostType":4,"repost":{"id":"1109375790","kind":"news","pubTimestamp":1625370494,"share":"https://www.laohunote.com/m/news/1109375790?lang=zh_CN&edition=full","pubTime":"2021-07-04 11:48","market":"us","language":"en","title":"Why high-quality, trustworthy companies have beaten the S&P 500 by 30%-50%<blockquote>为什么高质量、值得信赖的公司击败标普500 30%-50%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1109375790","media":"MarketWatch","summary":"More predictable businesses tend to be more profitable stock investments.Trust is one of the most valuable assets a company can cultivate.  Within an organization, trust percolates into culture. Outside an organization, it translates into loyalty.  Quality shareholders  who value long-term trust among all stakeholders — employees, customers and shareholders — maintain this viewpoint in their investment practice.TheTrust Across America initiative has identified the most trustworthy U.S. public co","content":"<p>  <b>More predictable businesses tend to be more profitable stock investments.</b>  Trust is one of the most valuable assets a company can cultivate.&nbsp; Within an organization, trust percolates into culture.&nbsp;Outside an organization, it translates into loyalty.&nbsp; Quality shareholders (QS) who value long-term trust among all stakeholders — employees, customers and shareholders —&nbsp;maintain this&nbsp;viewpoint in their investment practice.</p><p><blockquote><b>更可预测的业务往往是更有利可图的股票投资。</b>信任是公司可以培养的最有价值的资产之一。在组织内部，信任渗透到文化中。在组织之外，它转化为忠诚。重视所有利益相关者（员工、客户和股东）之间长期信任的优质股东（QS）在他们的投资实践中坚持这一观点。</blockquote></p><p> TheTrust Across America(TAA) initiative has identified the most&nbsp;trustworthy&nbsp;U.S. public&nbsp;companies using objective&nbsp;and quantitative&nbsp;indicators including accounting&nbsp;conservativeness&nbsp;and financial stability, as well as a secondary screen of more subjective criteria such as employee reviews and news reports.</p><p><blockquote>全美信任（TAA）倡议已经确定了最值得信赖的美国。上市公司使用客观和定量指标，包括会计保守性和财务稳定性，以及员工评论和新闻报道等更主观标准的次要筛选。</blockquote></p><p> Companies regarded as trustworthy also tend to rate highly in rankings of shareholder quality produced by the&nbsp;Quality Shareholders Initiative&nbsp;(QSI), which I run, as well as the proprietary database of&nbsp;EQX, which I use to cross-check the QSI data.</p><p><blockquote>被认为值得信赖的公司在我运营的质量股东倡议 (QSI) 以及我用来交叉检查 QSI 数据的 EQX 专有数据库产生的股东质量排名中也往往评价很高。</blockquote></p><p> TAA’s assessment of the S&amp;P 500SPX,+0.75%in 2020 identified 51 companies, of which 49&nbsp;are also included in the QSI rankings. Comparing the two, more than one-fourth of the top TAA companies are in the top decile of the QSI; two-thirds are in the top quarter, and all but two (92%) are in the top half.</p><p><blockquote>TAA 对 2020 年标准普尔 500SPX 指数+0.75% 的评估确定了 51 家公司，其中 49 家公司也被纳入了 QSI 排名。两者相比，超过四分之一的顶级TAA公司位于QSI的前十分之一；三分之二的人处于前四分之一，除了两人（92%）之外，其余人都处于前五分之一。</blockquote></p><p> Notably, both the TAA top 10 and the QSI Top 25 outperformed the S&amp;P 500 by 30% and 50%, respectively, in recent five-year periods. Here’s a sampling of companies scoring high on both trust and quality:</p><p><blockquote>值得注意的是，在过去五年中，TAA 前 10 名和 QSI 前 25 名的表现分别优于标普500 30% 和 50%。以下是一些在信任度和质量方面得分都很高的公司：</blockquote></p><p> Texas InstrumentsTXN,+0.72%makes most of its revenue selling computer chips and is among the world’s largest manufacturers of semiconductors. Founded by a group of electrical engineers in 1951, the company boasts a culture of intelligent innovation. Its business is protected by four protective “moats” including: manufacturing and technology skill thanks to its employees; a broad portfolio of processing chips to meet a wide range of customer needs; the reach of its market channels thanks to both, and its diversity and longevity.</p><p><blockquote>德州仪器STXN,+0.72% 的大部分收入来自销售计算机芯片，是全球最大的半导体制造商之一。该公司由一群电气工程师于1951年创立，拥有智能创新的文化。其业务受到四条保护 “护城河 ”的保护，其中包括：员工的制造和技术技能；广泛的处理芯片组合，以满足广泛的客户需求；其市场渠道的覆盖范围得益于这两者，以及其多样性和寿命。</blockquote></p><p> For investors, this adds up to a winning recipe, particularly when combined with Texas Instruments’s capital management strategy, which is to maximize the company’s long-term growth in free cash-flow per share and to&nbsp;allocate such capital in accordance with the QS playbook&nbsp;that prioritizes wise reinvestment, disciplined acquisitions, low-priced share buybacks and shareholder dividends. Some of the company’s notable QSs include: Alliance Bernstein, Bessemer Group, Capital World Investors, State Farm Mutual, and T. Rowe Price Group.</p><p><blockquote>对于投资者来说，这是一个成功的秘诀，尤其是与德州仪器的资本管理战略相结合，即最大限度地提高公司每股自由现金流的长期增长，并根据 QS 的策略来分配此类资本，该策略优先考虑明智的再投资、有纪律的收购、低价股票回购和股东分红。该公司的一些著名 QS 包括： Alliance Bernstein、Bessemer Group、Capital World Investors、State Farm Mutual 和 T. Rowe Price Group。</blockquote></p><p> Another stock on this list, EcolabECL,+0.77%,is a global leader in water treatment. Founded in 1923 as the Economics Laboratory, its long-term outlook shows in the longevity of senior leadership: the company has had just seven CEOs in almost 100 years of existence.</p><p><blockquote>该名单上的另一只股票 EcolabECL,+0.77%，是水处理领域的全球领导者。该公司成立于 1923 年，当时名为经济实验室，其长期前景体现在高级领导层的长寿之中：该公司在近 100 年的历史中只有 7 位首席执行官。</blockquote></p><p> Those CEOs inculcated a culture of customer care, a relentless focus on helping customers solve problems and meet goals. A learning organization, such a performance culture permeates the business from production to sales, as employees commit to the long-term goal of being indispensable to customers. Management rewards that employee conviction with long-term incentives and a high degree of autonomy.&nbsp;Ecolab’s QSs include: Cantillon Capital, Clearbridge Investments, Franklin Resources, and the Gates Foundation.</p><p><blockquote>这些首席执行官灌输了一种客户服务文化，一种不懈地帮助客户解决问题和实现目标的文化。作为一个学习型组织，这种绩效文化渗透到从生产到销售的业务中，因为员工致力于成为客户不可或缺的长期目标。管理层以长期激励和高度自主权来奖励员工的信念。艺康的 QSs 包括： Cantillon Capital、Clearbridge Investments、Franklin Resources 和盖茨基金会。</blockquote></p><p> Finally, consider Ball CorporationBLL,-0.68%,the world’s largest manufacturer of recyclable containers.&nbsp; Founded in the late 1800s by two brother-entrepreneurs who foresaw that the Mason jar patent was about to expire and built a glassblowing facility to manufacture such jars.</p><p><blockquote>最后，以全球最大的可回收容器制造商 Ball CorporationBLL（-0.68%）为例。该公司由两兄弟企业家创立于 19 世纪末，他们预见到梅森罐专利即将到期，于是建造了一家玻璃吹制厂来生产这种罐子。</blockquote></p><p> Ball remains characterized by a culture of family, innovation and natural-resources conscientiousness. For instance, Ball foresaw the ecological and commercial need to pivot away from PET and glass containers, both costly to recycle and posing environmental damage, and towards eco-friendly and profitable aluminum. The company adopts economic value added (EVA) to assure every dollar is well-spent, long-term employee incentive compensation to reward long-term sustainable growth, and a spirit of entrepreneurial freedom. QSs include: Chilton Investment Co.; T. Rowe Price; Wellington&nbsp;Management Group and&nbsp;Winslow Capital Management.</p><p><blockquote>鲍尔仍然以家庭文化、创新和自然资源意识为特征。例如，鲍尔预见到生态和商业需要摆脱 PET 和玻璃容器（回收成本高昂且会造成环境破坏），转向环保且有利可图的铝。公司采用经济增加值（EVA）来确保每一分钱都物有所值，长期的员工激励薪酬来奖励长期的可持续增长，以及企业家自由的精神。QSs包括：奇尔顿投资公司；T.罗·普莱斯；惠灵顿管理集团和温斯洛资本管理公司。</blockquote></p><p> While some investors focus solely on the bottom line and others only on signals of corporate virtue, QSs are holistic, considering the inherent relationship between trust and long-term value. Nebulous as the notion of trust in corporate culture might seem, it’s a profitable as well as ethical value to probe.</p><p><blockquote>虽然一些投资者只关注底线，而另一些投资者只关注企业美德的信号，但考虑到信任和长期价值之间的内在关系，QSs是整体的。尽管企业文化中的信任概念看似模糊，但它既有利润价值，也有道德价值。</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>Why high-quality, trustworthy companies have beaten the S&P 500 by 30%-50%<blockquote>为什么高质量、值得信赖的公司击败标普500 30%-50%</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\">\nWhy high-quality, trustworthy companies have beaten the S&P 500 by 30%-50%<blockquote>为什么高质量、值得信赖的公司击败标普500 30%-50%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-07-04 11:48</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>More predictable businesses tend to be more profitable stock investments.</b>  Trust is one of the most valuable assets a company can cultivate.&nbsp; Within an organization, trust percolates into culture.&nbsp;Outside an organization, it translates into loyalty.&nbsp; Quality shareholders (QS) who value long-term trust among all stakeholders — employees, customers and shareholders —&nbsp;maintain this&nbsp;viewpoint in their investment practice.</p><p><blockquote><b>更可预测的业务往往是更有利可图的股票投资。</b>信任是公司可以培养的最有价值的资产之一。在组织内部，信任渗透到文化中。在组织之外，它转化为忠诚。重视所有利益相关者（员工、客户和股东）之间长期信任的优质股东（QS）在他们的投资实践中坚持这一观点。</blockquote></p><p> TheTrust Across America(TAA) initiative has identified the most&nbsp;trustworthy&nbsp;U.S. public&nbsp;companies using objective&nbsp;and quantitative&nbsp;indicators including accounting&nbsp;conservativeness&nbsp;and financial stability, as well as a secondary screen of more subjective criteria such as employee reviews and news reports.</p><p><blockquote>全美信任（TAA）倡议已经确定了最值得信赖的美国。上市公司使用客观和定量指标，包括会计保守性和财务稳定性，以及员工评论和新闻报道等更主观标准的次要筛选。</blockquote></p><p> Companies regarded as trustworthy also tend to rate highly in rankings of shareholder quality produced by the&nbsp;Quality Shareholders Initiative&nbsp;(QSI), which I run, as well as the proprietary database of&nbsp;EQX, which I use to cross-check the QSI data.</p><p><blockquote>被认为值得信赖的公司在我运营的质量股东倡议 (QSI) 以及我用来交叉检查 QSI 数据的 EQX 专有数据库产生的股东质量排名中也往往评价很高。</blockquote></p><p> TAA’s assessment of the S&amp;P 500SPX,+0.75%in 2020 identified 51 companies, of which 49&nbsp;are also included in the QSI rankings. Comparing the two, more than one-fourth of the top TAA companies are in the top decile of the QSI; two-thirds are in the top quarter, and all but two (92%) are in the top half.</p><p><blockquote>TAA 对 2020 年标准普尔 500SPX 指数+0.75% 的评估确定了 51 家公司，其中 49 家公司也被纳入了 QSI 排名。两者相比，超过四分之一的顶级TAA公司位于QSI的前十分之一；三分之二的人处于前四分之一，除了两人（92%）之外，其余人都处于前五分之一。</blockquote></p><p> Notably, both the TAA top 10 and the QSI Top 25 outperformed the S&amp;P 500 by 30% and 50%, respectively, in recent five-year periods. Here’s a sampling of companies scoring high on both trust and quality:</p><p><blockquote>值得注意的是，在过去五年中，TAA 前 10 名和 QSI 前 25 名的表现分别优于标普500 30% 和 50%。以下是一些在信任度和质量方面得分都很高的公司：</blockquote></p><p> Texas InstrumentsTXN,+0.72%makes most of its revenue selling computer chips and is among the world’s largest manufacturers of semiconductors. Founded by a group of electrical engineers in 1951, the company boasts a culture of intelligent innovation. Its business is protected by four protective “moats” including: manufacturing and technology skill thanks to its employees; a broad portfolio of processing chips to meet a wide range of customer needs; the reach of its market channels thanks to both, and its diversity and longevity.</p><p><blockquote>德州仪器STXN,+0.72% 的大部分收入来自销售计算机芯片，是全球最大的半导体制造商之一。该公司由一群电气工程师于1951年创立，拥有智能创新的文化。其业务受到四条保护 “护城河 ”的保护，其中包括：员工的制造和技术技能；广泛的处理芯片组合，以满足广泛的客户需求；其市场渠道的覆盖范围得益于这两者，以及其多样性和寿命。</blockquote></p><p> For investors, this adds up to a winning recipe, particularly when combined with Texas Instruments’s capital management strategy, which is to maximize the company’s long-term growth in free cash-flow per share and to&nbsp;allocate such capital in accordance with the QS playbook&nbsp;that prioritizes wise reinvestment, disciplined acquisitions, low-priced share buybacks and shareholder dividends. Some of the company’s notable QSs include: Alliance Bernstein, Bessemer Group, Capital World Investors, State Farm Mutual, and T. Rowe Price Group.</p><p><blockquote>对于投资者来说，这是一个成功的秘诀，尤其是与德州仪器的资本管理战略相结合，即最大限度地提高公司每股自由现金流的长期增长，并根据 QS 的策略来分配此类资本，该策略优先考虑明智的再投资、有纪律的收购、低价股票回购和股东分红。该公司的一些著名 QS 包括： Alliance Bernstein、Bessemer Group、Capital World Investors、State Farm Mutual 和 T. Rowe Price Group。</blockquote></p><p> Another stock on this list, EcolabECL,+0.77%,is a global leader in water treatment. Founded in 1923 as the Economics Laboratory, its long-term outlook shows in the longevity of senior leadership: the company has had just seven CEOs in almost 100 years of existence.</p><p><blockquote>该名单上的另一只股票 EcolabECL,+0.77%，是水处理领域的全球领导者。该公司成立于 1923 年，当时名为经济实验室，其长期前景体现在高级领导层的长寿之中：该公司在近 100 年的历史中只有 7 位首席执行官。</blockquote></p><p> Those CEOs inculcated a culture of customer care, a relentless focus on helping customers solve problems and meet goals. A learning organization, such a performance culture permeates the business from production to sales, as employees commit to the long-term goal of being indispensable to customers. Management rewards that employee conviction with long-term incentives and a high degree of autonomy.&nbsp;Ecolab’s QSs include: Cantillon Capital, Clearbridge Investments, Franklin Resources, and the Gates Foundation.</p><p><blockquote>这些首席执行官灌输了一种客户服务文化，一种不懈地帮助客户解决问题和实现目标的文化。作为一个学习型组织，这种绩效文化渗透到从生产到销售的业务中，因为员工致力于成为客户不可或缺的长期目标。管理层以长期激励和高度自主权来奖励员工的信念。艺康的 QSs 包括： Cantillon Capital、Clearbridge Investments、Franklin Resources 和盖茨基金会。</blockquote></p><p> Finally, consider Ball CorporationBLL,-0.68%,the world’s largest manufacturer of recyclable containers.&nbsp; Founded in the late 1800s by two brother-entrepreneurs who foresaw that the Mason jar patent was about to expire and built a glassblowing facility to manufacture such jars.</p><p><blockquote>最后，以全球最大的可回收容器制造商 Ball CorporationBLL（-0.68%）为例。该公司由两兄弟企业家创立于 19 世纪末，他们预见到梅森罐专利即将到期，于是建造了一家玻璃吹制厂来生产这种罐子。</blockquote></p><p> Ball remains characterized by a culture of family, innovation and natural-resources conscientiousness. For instance, Ball foresaw the ecological and commercial need to pivot away from PET and glass containers, both costly to recycle and posing environmental damage, and towards eco-friendly and profitable aluminum. The company adopts economic value added (EVA) to assure every dollar is well-spent, long-term employee incentive compensation to reward long-term sustainable growth, and a spirit of entrepreneurial freedom. QSs include: Chilton Investment Co.; T. Rowe Price; Wellington&nbsp;Management Group and&nbsp;Winslow Capital Management.</p><p><blockquote>鲍尔仍然以家庭文化、创新和自然资源意识为特征。例如，鲍尔预见到生态和商业需要摆脱 PET 和玻璃容器（回收成本高昂且会造成环境破坏），转向环保且有利可图的铝。公司采用经济增加值（EVA）来确保每一分钱都物有所值，长期的员工激励薪酬来奖励长期的可持续增长，以及企业家自由的精神。QSs包括：奇尔顿投资公司；T.罗·普莱斯；惠灵顿管理集团和温斯洛资本管理公司。</blockquote></p><p> While some investors focus solely on the bottom line and others only on signals of corporate virtue, QSs are holistic, considering the inherent relationship between trust and long-term value. Nebulous as the notion of trust in corporate culture might seem, it’s a profitable as well as ethical value to probe.</p><p><blockquote>虽然一些投资者只关注底线，而另一些投资者只关注企业美德的信号，但考虑到信任和长期价值之间的内在关系，QSs是整体的。尽管企业文化中的信任概念看似模糊，但它既有利润价值，也有道德价值。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/why-high-quality-trustworthy-companies-have-beaten-the-s-p-500-by-30-50-11625020379?mod=mw_latestnews\">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":{"SPY":"标普500ETF",".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://www.marketwatch.com/story/why-high-quality-trustworthy-companies-have-beaten-the-s-p-500-by-30-50-11625020379?mod=mw_latestnews","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1109375790","content_text":"More predictable businesses tend to be more profitable stock investments.\n\nTrust is one of the most valuable assets a company can cultivate.  Within an organization, trust percolates into culture. Outside an organization, it translates into loyalty.  Quality shareholders (QS) who value long-term trust among all stakeholders — employees, customers and shareholders — maintain this viewpoint in their investment practice.\nTheTrust Across America(TAA) initiative has identified the most trustworthy U.S. public companies using objective and quantitative indicators including accounting conservativeness and financial stability, as well as a secondary screen of more subjective criteria such as employee reviews and news reports.\nCompanies regarded as trustworthy also tend to rate highly in rankings of shareholder quality produced by the Quality Shareholders Initiative (QSI), which I run, as well as the proprietary database of EQX, which I use to cross-check the QSI data.\nTAA’s assessment of the S&P 500SPX,+0.75%in 2020 identified 51 companies, of which 49 are also included in the QSI rankings. Comparing the two, more than one-fourth of the top TAA companies are in the top decile of the QSI; two-thirds are in the top quarter, and all but two (92%) are in the top half.\nNotably, both the TAA top 10 and the QSI Top 25 outperformed the S&P 500 by 30% and 50%, respectively, in recent five-year periods. Here’s a sampling of companies scoring high on both trust and quality:\nTexas InstrumentsTXN,+0.72%makes most of its revenue selling computer chips and is among the world’s largest manufacturers of semiconductors. Founded by a group of electrical engineers in 1951, the company boasts a culture of intelligent innovation. Its business is protected by four protective “moats” including: manufacturing and technology skill thanks to its employees; a broad portfolio of processing chips to meet a wide range of customer needs; the reach of its market channels thanks to both, and its diversity and longevity.\nFor investors, this adds up to a winning recipe, particularly when combined with Texas Instruments’s capital management strategy, which is to maximize the company’s long-term growth in free cash-flow per share and to allocate such capital in accordance with the QS playbook that prioritizes wise reinvestment, disciplined acquisitions, low-priced share buybacks and shareholder dividends. Some of the company’s notable QSs include: Alliance Bernstein, Bessemer Group, Capital World Investors, State Farm Mutual, and T. Rowe Price Group.\nAnother stock on this list, EcolabECL,+0.77%,is a global leader in water treatment. Founded in 1923 as the Economics Laboratory, its long-term outlook shows in the longevity of senior leadership: the company has had just seven CEOs in almost 100 years of existence.\nThose CEOs inculcated a culture of customer care, a relentless focus on helping customers solve problems and meet goals. A learning organization, such a performance culture permeates the business from production to sales, as employees commit to the long-term goal of being indispensable to customers. Management rewards that employee conviction with long-term incentives and a high degree of autonomy. Ecolab’s QSs include: Cantillon Capital, Clearbridge Investments, Franklin Resources, and the Gates Foundation.\nFinally, consider Ball CorporationBLL,-0.68%,the world’s largest manufacturer of recyclable containers.  Founded in the late 1800s by two brother-entrepreneurs who foresaw that the Mason jar patent was about to expire and built a glassblowing facility to manufacture such jars.\nBall remains characterized by a culture of family, innovation and natural-resources conscientiousness. For instance, Ball foresaw the ecological and commercial need to pivot away from PET and glass containers, both costly to recycle and posing environmental damage, and towards eco-friendly and profitable aluminum. The company adopts economic value added (EVA) to assure every dollar is well-spent, long-term employee incentive compensation to reward long-term sustainable growth, and a spirit of entrepreneurial freedom. QSs include: Chilton Investment Co.; T. Rowe Price; Wellington Management Group and Winslow Capital Management.\nWhile some investors focus solely on the bottom line and others only on signals of corporate virtue, QSs are holistic, considering the inherent relationship between trust and long-term value. Nebulous as the notion of trust in corporate culture might seem, it’s a profitable as well as ethical value to probe.","news_type":1,"symbols_score_info":{".DJI":0.9,"SPY":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":2407,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":153872405,"gmtCreate":1625019450507,"gmtModify":1633945767008,"author":{"id":"4087423083581260","authorId":"4087423083581260","name":"Huifoong","avatar":"https://static.tigerbbs.com/1ee01f7d4133e27e8cdf4bbfad11ec56","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087423083581260","idStr":"4087423083581260"},"themes":[],"title":"","htmlText":"Will crash","listText":"Will crash","text":"Will crash","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/153872405","repostId":"1187567340","repostType":4,"repost":{"id":"1187567340","kind":"news","pubTimestamp":1625017360,"share":"https://www.laohunote.com/m/news/1187567340?lang=zh_CN&edition=full","pubTime":"2021-06-30 09:42","market":"us","language":"en","title":"Housing Prices Are Going Up. Must They Crash?<blockquote>房价在上涨。他们一定要坠毁吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1187567340","media":"Barrons","summary":"There are many reports of homebuyers getting into bidding wars and many cities where home prices hav","content":"<p>There are&nbsp;many&nbsp;reports&nbsp;of homebuyers getting into bidding wars and many cities where home prices have&nbsp;appreciated&nbsp;by well more than 10% over the past year. This naturally leads to a concern about market volatility: Must what goes up comedown? Are werepeatingthe excesses of the early 2000s, when housing prices surged before the market crashed?</p><p><blockquote>有许多报道称购房者陷入竞购战，许多城市的房价在过去一年中上涨了 10% 以上。这自然会引发对市场波动的担忧：上涨的东西一定会下跌吗？我们是否正在重蹈21世纪初房价在市场崩溃前飙升的过度行为？</blockquote></p><p> Some&nbsp;analysts&nbsp;argue that this time, it’s even less likely that prices will fall.Inventoriesof new homes for sale are very low, and lending standards are much tighter than in 2005. This is true. In fact, the ground is even firmer than it seems.</p><p><blockquote>一些分析师认为，这一次，房价下跌的可能性更小。待售新房库存非常低，贷款标准也比2005年严格得多。这是真的。事实上，地面比看起来还要坚实。</blockquote></p><p> New home inventories were very high before the Great Recession. Today, they are closer to the level that has been common for decades. The portion of&nbsp;inventory&nbsp;built and ready for move-in is especially low because of supply chain interruptions combined with a sudden boost of demand during the coronavirus pandemic. We shouldn’t worry much about a crash when buyers are eagerly snapping up the available homes.</p><p><blockquote>在大衰退之前，新房库存非常高。今天，它们更接近几十年来常见的水平。由于供应链中断加上冠状病毒大流行期间需求的突然增加，已建立并准备入住的库存部分特别低。当买家急于抢购现有房屋时，我们不应该太担心房屋崩盘。</blockquote></p><p> Yet there’s another reason to believe a housing crash is unlikely: Even the high level of inventory in 2005 wasn’t nearly as speculative as most people think. Understanding why will help us interpret today’s market.</p><p><blockquote>然而，还有另一个理由认为房地产崩盘的可能性不大： 即使是 2005 年的高库存水平，也远没有大多数人想象的那么具有投机性。了解原因将有助于我们解读当今的市场。</blockquote></p><p> In&nbsp;2005, homes were being built because sales were high, and sales were high in parts of the country where demand was strong. Builders were conservatively scaling their inventories with rising sales. The same is true today.</p><p><blockquote>2005年，房屋正在建造，因为销售很高，在该国需求旺盛的部分地区销售也很高。随着销售额的增长，建筑商保守地扩大库存规模。今天也是如此。</blockquote></p><p> Frequently, analysts&nbsp;cite&nbsp;the sharp rise in months of inventory—the number of months it will take to sell the current supply of homes being constructed for sale, at the current sales rate—as evidence of overzealous building during the last boom. But timing is key here. Decades of experience tell a clear story: Months of inventory is mostly a function of sales rather than builder speculation. When sales are strong, homes are turning over, and months of inventory tend to stay low. When sales quickly decline, builders tend to be left with unexpectedly high inventory.</p><p><blockquote>分析师经常引用库存月数的急剧上升——按目前的销售速度出售当前待售房屋供应量所需的月数——作为上次繁荣期间过度热情建筑的证据。但是时机是关键。几十年的经验告诉我们一个清晰的故事：几个月的库存主要是销售的功能，而不是建筑商的投机。当销售强劲时，房屋正在周转，几个月的库存往往会保持在较低水平。当销售额迅速下降时，建筑商往往会面临意想不到的高库存。</blockquote></p><p> From the late 1990s all the way up to the peak of new home sales in mid-2005,inventory&nbsp;was at historic lows, with about four months’ worth remaining. Of course, builders were creating more inventory to match growing sales, but it was barely enough to keep up with demand, so the number held fairly constant. Then, as economic growth started to slow, a deep drop in sales coincided with a sharp rise in months of inventory.</p><p><blockquote>从 20 世纪 90 年代末一直到 2005 年中期新房销售高峰，库存一直处于历史低位，只剩下大约四个月的价值。当然，建筑商正在创造更多的库存来匹配不断增长的销售，但这几乎不足以满足需求，因此数量保持相当稳定。然后，随着经济增长开始放缓，销售额的大幅下降与几个月来库存的急剧上升同时发生。</blockquote></p><p> Today, there are also about four months of inventory, and sales are around the same level as they were in the late 1990s. So, while it’s easy to look at on-the-ground activity and conclude that low inventory could cause bidding wars among buyers, we need to remember that buyers are really driving inventory more than the other way around. In other words, builders decide to create new homes when demand is high from buyers. If demand suddenly dries up, builders can’t suddenly make the inventory of homes under construction disappear.</p><p><blockquote>如今，还有大约四个月的库存，销售额与 20 世纪 90 年代末的水平大致相同。因此，虽然我们很容易从现场活动中得出低库存可能会导致买家之间的竞价战的结论，但我们需要记住，买家实际上是在推动库存，而不是相反。换句话说，当买家需求高时，建筑商决定建造新房。如果需求突然枯竭，建筑商不能让在建房屋的库存突然消失。</blockquote></p><p> Demand for new homes is something over which federal policy&nbsp;makers actually have some control. The Federal Reserve and other federal regulators should aim to avoid sharp declines in sales. The Fed can do this by raising or lowering interest rates, changing the money supply, and targeting changes in prices and nominal economic activity. Federal regulators can make sure that stable lending conditions are maintained, or not.One reasonthe Great Recession was so bad was that Federal Reserve officials and other federal regulators, generally responding to public sentiment, washed their hands of the horrendous collapse in sales and left homebuilders and sellers out to dry.</p><p><blockquote>联邦政策制定者实际上可以控制对新房的需求。美联储和其他联邦监管机构应致力于避免销售额急剧下降。美联储可以通过提高或降低利率、改变货币供应量以及瞄准价格和名义经济活动的变化来做到这一点。联邦监管机构可以确保保持稳定的贷款条件，也可以不保持稳定。大衰退如此严重的一个原因是，美联储官员和其他联邦监管机构通常会对公众情绪做出反应，对可怕的销售崩溃置之不理，让房屋建筑商和销售商自生自灭。</blockquote></p><p> But even in that worst-case scenario, the 2000s market was much more resilient than it seemed. In July 2005, when buyers backed off and months of inventory started to surge, the median U.S. home price was $198,000, according toZillow. In July 2008, when months of inventory was near its peak, it was still at $199,000.</p><p><blockquote>但即使在最坏的情况下，2000 年代的市场也比看起来更有弹性。据 toZillow 称，2005 年 7 月，当买家退出，几个月的库存开始激增时，美国房价中值为 198,000 美元。2008 年 7 月，当几个月的库存接近峰值时，库存仍处于 19.9 万美元。</blockquote></p><p> At the&nbsp;June 2006&nbsp;Federal Reserve meeting, Ben Bernanke said, “It is a good thing that housing is cooling. If we could wave a magic wand and reinstate 2005, we wouldn’t want to do that.” It’s notable that Jerome Powell, who today holds Bernanke’s former position as Fed chair, isn’t openly pining for a “cooler” housing market.</p><p><blockquote>在 2006 年 6 月的美联储会议上，本-伯南克说：“房地产降温是件好事。如果我们能挥舞魔杖，恢复 2005 年，我们就不想这么做了。”值得注意的是，如今接替伯南克担任美联储主席的杰罗姆-鲍威尔（Jerome Powell）并没有公开渴望 “降温 ”的房地产市场。</blockquote></p><p> There is a common belief that before the Great Recession, homebuyers were taken in by themyththat home prices never go down, and they became complacent. Those buyers turned out to be wrong. Yet, even when a concerted effort to kill housing markets succeeded, we had to beat them into submission for three full years before prices relented. Home prices can go down, but we have to work very hard, together, for a long time, to make them fall.</p><p><blockquote>人们普遍认为，在大衰退之前，购房者被房价永远不会下跌的神话所迷惑，他们变得自满。那些买家被证明是错的。然而，即使在扼杀房地产市场的共同努力取得成功时，我们也不得不让它们屈服整整三年，房价才有所缓和。房价可能会下跌，但我们必须非常努力地工作，一起工作很长时间，才能让房价下跌。</blockquote></p><p></p><p> If you are a buyer in a hot market where home prices are 30% higher than they were a year ago, you’re getting a 30% worse deal than you could have had back then. Nothing can be done about that. That said, the main things to be concerned with are the factors federal policymakers are in control of. There is little reason to expect housing demand to collapse. If it does, it will require communal intention—federal monetary and credit policies meant to create or accept a sharp drop in demand. And even if federal officials intend for housing construction to collapse, history suggests that a market contraction would push new sales down deeply for an extended period of time before prices relent.</p><p><blockquote>如果你是一个热门市场的买家，房价比一年前高出 30%，那么你得到的交易将比当时差 30%。对此无能为力。也就是说，主要关注的是联邦政策制定者可以控制的因素。几乎没有理由预期住房需求会崩溃。如果发生这种情况，它将需要公共意图——联邦货币和信贷政策旨在创造或接受需求的急剧下降。即使联邦官员希望住房建设崩溃，历史表明，在价格回落之前，市场萎缩将在很长一段时间内推动新销售大幅下降。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Housing Prices Are Going Up. Must They Crash?<blockquote>房价在上涨。他们一定要坠毁吗？</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\">\nHousing Prices Are Going Up. Must They Crash?<blockquote>房价在上涨。他们一定要坠毁吗？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-06-30 09:42</span>\n</p>\n</h4>\n</header>\n<article>\n<p>There are&nbsp;many&nbsp;reports&nbsp;of homebuyers getting into bidding wars and many cities where home prices have&nbsp;appreciated&nbsp;by well more than 10% over the past year. This naturally leads to a concern about market volatility: Must what goes up comedown? Are werepeatingthe excesses of the early 2000s, when housing prices surged before the market crashed?</p><p><blockquote>有许多报道称购房者陷入竞购战，许多城市的房价在过去一年中上涨了 10% 以上。这自然会引发对市场波动的担忧：上涨的东西一定会下跌吗？我们是否正在重蹈21世纪初房价在市场崩溃前飙升的过度行为？</blockquote></p><p> Some&nbsp;analysts&nbsp;argue that this time, it’s even less likely that prices will fall.Inventoriesof new homes for sale are very low, and lending standards are much tighter than in 2005. This is true. In fact, the ground is even firmer than it seems.</p><p><blockquote>一些分析师认为，这一次，房价下跌的可能性更小。待售新房库存非常低，贷款标准也比2005年严格得多。这是真的。事实上，地面比看起来还要坚实。</blockquote></p><p> New home inventories were very high before the Great Recession. Today, they are closer to the level that has been common for decades. The portion of&nbsp;inventory&nbsp;built and ready for move-in is especially low because of supply chain interruptions combined with a sudden boost of demand during the coronavirus pandemic. We shouldn’t worry much about a crash when buyers are eagerly snapping up the available homes.</p><p><blockquote>在大衰退之前，新房库存非常高。今天，它们更接近几十年来常见的水平。由于供应链中断加上冠状病毒大流行期间需求的突然增加，已建立并准备入住的库存部分特别低。当买家急于抢购现有房屋时，我们不应该太担心房屋崩盘。</blockquote></p><p> Yet there’s another reason to believe a housing crash is unlikely: Even the high level of inventory in 2005 wasn’t nearly as speculative as most people think. Understanding why will help us interpret today’s market.</p><p><blockquote>然而，还有另一个理由认为房地产崩盘的可能性不大： 即使是 2005 年的高库存水平，也远没有大多数人想象的那么具有投机性。了解原因将有助于我们解读当今的市场。</blockquote></p><p> In&nbsp;2005, homes were being built because sales were high, and sales were high in parts of the country where demand was strong. Builders were conservatively scaling their inventories with rising sales. The same is true today.</p><p><blockquote>2005年，房屋正在建造，因为销售很高，在该国需求旺盛的部分地区销售也很高。随着销售额的增长，建筑商保守地扩大库存规模。今天也是如此。</blockquote></p><p> Frequently, analysts&nbsp;cite&nbsp;the sharp rise in months of inventory—the number of months it will take to sell the current supply of homes being constructed for sale, at the current sales rate—as evidence of overzealous building during the last boom. But timing is key here. Decades of experience tell a clear story: Months of inventory is mostly a function of sales rather than builder speculation. When sales are strong, homes are turning over, and months of inventory tend to stay low. When sales quickly decline, builders tend to be left with unexpectedly high inventory.</p><p><blockquote>分析师经常引用库存月数的急剧上升——按目前的销售速度出售当前待售房屋供应量所需的月数——作为上次繁荣期间过度热情建筑的证据。但是时机是关键。几十年的经验告诉我们一个清晰的故事：几个月的库存主要是销售的功能，而不是建筑商的投机。当销售强劲时，房屋正在周转，几个月的库存往往会保持在较低水平。当销售额迅速下降时，建筑商往往会面临意想不到的高库存。</blockquote></p><p> From the late 1990s all the way up to the peak of new home sales in mid-2005,inventory&nbsp;was at historic lows, with about four months’ worth remaining. Of course, builders were creating more inventory to match growing sales, but it was barely enough to keep up with demand, so the number held fairly constant. Then, as economic growth started to slow, a deep drop in sales coincided with a sharp rise in months of inventory.</p><p><blockquote>从 20 世纪 90 年代末一直到 2005 年中期新房销售高峰，库存一直处于历史低位，只剩下大约四个月的价值。当然，建筑商正在创造更多的库存来匹配不断增长的销售，但这几乎不足以满足需求，因此数量保持相当稳定。然后，随着经济增长开始放缓，销售额的大幅下降与几个月来库存的急剧上升同时发生。</blockquote></p><p> Today, there are also about four months of inventory, and sales are around the same level as they were in the late 1990s. So, while it’s easy to look at on-the-ground activity and conclude that low inventory could cause bidding wars among buyers, we need to remember that buyers are really driving inventory more than the other way around. In other words, builders decide to create new homes when demand is high from buyers. If demand suddenly dries up, builders can’t suddenly make the inventory of homes under construction disappear.</p><p><blockquote>如今，还有大约四个月的库存，销售额与 20 世纪 90 年代末的水平大致相同。因此，虽然我们很容易从现场活动中得出低库存可能会导致买家之间的竞价战的结论，但我们需要记住，买家实际上是在推动库存，而不是相反。换句话说，当买家需求高时，建筑商决定建造新房。如果需求突然枯竭，建筑商不能让在建房屋的库存突然消失。</blockquote></p><p> Demand for new homes is something over which federal policy&nbsp;makers actually have some control. The Federal Reserve and other federal regulators should aim to avoid sharp declines in sales. The Fed can do this by raising or lowering interest rates, changing the money supply, and targeting changes in prices and nominal economic activity. Federal regulators can make sure that stable lending conditions are maintained, or not.One reasonthe Great Recession was so bad was that Federal Reserve officials and other federal regulators, generally responding to public sentiment, washed their hands of the horrendous collapse in sales and left homebuilders and sellers out to dry.</p><p><blockquote>联邦政策制定者实际上可以控制对新房的需求。美联储和其他联邦监管机构应致力于避免销售额急剧下降。美联储可以通过提高或降低利率、改变货币供应量以及瞄准价格和名义经济活动的变化来做到这一点。联邦监管机构可以确保保持稳定的贷款条件，也可以不保持稳定。大衰退如此严重的一个原因是，美联储官员和其他联邦监管机构通常会对公众情绪做出反应，对可怕的销售崩溃置之不理，让房屋建筑商和销售商自生自灭。</blockquote></p><p> But even in that worst-case scenario, the 2000s market was much more resilient than it seemed. In July 2005, when buyers backed off and months of inventory started to surge, the median U.S. home price was $198,000, according toZillow. In July 2008, when months of inventory was near its peak, it was still at $199,000.</p><p><blockquote>但即使在最坏的情况下，2000 年代的市场也比看起来更有弹性。据 toZillow 称，2005 年 7 月，当买家退出，几个月的库存开始激增时，美国房价中值为 198,000 美元。2008 年 7 月，当几个月的库存接近峰值时，库存仍处于 19.9 万美元。</blockquote></p><p> At the&nbsp;June 2006&nbsp;Federal Reserve meeting, Ben Bernanke said, “It is a good thing that housing is cooling. If we could wave a magic wand and reinstate 2005, we wouldn’t want to do that.” It’s notable that Jerome Powell, who today holds Bernanke’s former position as Fed chair, isn’t openly pining for a “cooler” housing market.</p><p><blockquote>在 2006 年 6 月的美联储会议上，本-伯南克说：“房地产降温是件好事。如果我们能挥舞魔杖，恢复 2005 年，我们就不想这么做了。”值得注意的是，如今接替伯南克担任美联储主席的杰罗姆-鲍威尔（Jerome Powell）并没有公开渴望 “降温 ”的房地产市场。</blockquote></p><p> There is a common belief that before the Great Recession, homebuyers were taken in by themyththat home prices never go down, and they became complacent. Those buyers turned out to be wrong. Yet, even when a concerted effort to kill housing markets succeeded, we had to beat them into submission for three full years before prices relented. Home prices can go down, but we have to work very hard, together, for a long time, to make them fall.</p><p><blockquote>人们普遍认为，在大衰退之前，购房者被房价永远不会下跌的神话所迷惑，他们变得自满。那些买家被证明是错的。然而，即使在扼杀房地产市场的共同努力取得成功时，我们也不得不让它们屈服整整三年，房价才有所缓和。房价可能会下跌，但我们必须非常努力地工作，一起工作很长时间，才能让房价下跌。</blockquote></p><p></p><p> If you are a buyer in a hot market where home prices are 30% higher than they were a year ago, you’re getting a 30% worse deal than you could have had back then. Nothing can be done about that. That said, the main things to be concerned with are the factors federal policymakers are in control of. There is little reason to expect housing demand to collapse. If it does, it will require communal intention—federal monetary and credit policies meant to create or accept a sharp drop in demand. And even if federal officials intend for housing construction to collapse, history suggests that a market contraction would push new sales down deeply for an extended period of time before prices relent.</p><p><blockquote>如果你是一个热门市场的买家，房价比一年前高出 30%，那么你得到的交易将比当时差 30%。对此无能为力。也就是说，主要关注的是联邦政策制定者可以控制的因素。几乎没有理由预期住房需求会崩溃。如果发生这种情况，它将需要公共意图——联邦货币和信贷政策旨在创造或接受需求的急剧下降。即使联邦官员希望住房建设崩溃，历史表明，在价格回落之前，市场萎缩将在很长一段时间内推动新销售大幅下降。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/housing-prices-market-crash-51624912461?siteid=yhoof2\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index"},"source_url":"https://www.barrons.com/articles/housing-prices-market-crash-51624912461?siteid=yhoof2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1187567340","content_text":"There are many reports of homebuyers getting into bidding wars and many cities where home prices have appreciated by well more than 10% over the past year. This naturally leads to a concern about market volatility: Must what goes up comedown? Are werepeatingthe excesses of the early 2000s, when housing prices surged before the market crashed?\nSome analysts argue that this time, it’s even less likely that prices will fall.Inventoriesof new homes for sale are very low, and lending standards are much tighter than in 2005. This is true. In fact, the ground is even firmer than it seems.\nNew home inventories were very high before the Great Recession. Today, they are closer to the level that has been common for decades. The portion of inventory built and ready for move-in is especially low because of supply chain interruptions combined with a sudden boost of demand during the coronavirus pandemic. We shouldn’t worry much about a crash when buyers are eagerly snapping up the available homes.\nYet there’s another reason to believe a housing crash is unlikely: Even the high level of inventory in 2005 wasn’t nearly as speculative as most people think. Understanding why will help us interpret today’s market.\nIn 2005, homes were being built because sales were high, and sales were high in parts of the country where demand was strong. Builders were conservatively scaling their inventories with rising sales. The same is true today.\nFrequently, analysts cite the sharp rise in months of inventory—the number of months it will take to sell the current supply of homes being constructed for sale, at the current sales rate—as evidence of overzealous building during the last boom. But timing is key here. Decades of experience tell a clear story: Months of inventory is mostly a function of sales rather than builder speculation. When sales are strong, homes are turning over, and months of inventory tend to stay low. When sales quickly decline, builders tend to be left with unexpectedly high inventory.\nFrom the late 1990s all the way up to the peak of new home sales in mid-2005,inventory was at historic lows, with about four months’ worth remaining. Of course, builders were creating more inventory to match growing sales, but it was barely enough to keep up with demand, so the number held fairly constant. Then, as economic growth started to slow, a deep drop in sales coincided with a sharp rise in months of inventory.\nToday, there are also about four months of inventory, and sales are around the same level as they were in the late 1990s. So, while it’s easy to look at on-the-ground activity and conclude that low inventory could cause bidding wars among buyers, we need to remember that buyers are really driving inventory more than the other way around. In other words, builders decide to create new homes when demand is high from buyers. If demand suddenly dries up, builders can’t suddenly make the inventory of homes under construction disappear.\nDemand for new homes is something over which federal policy makers actually have some control. The Federal Reserve and other federal regulators should aim to avoid sharp declines in sales. The Fed can do this by raising or lowering interest rates, changing the money supply, and targeting changes in prices and nominal economic activity. Federal regulators can make sure that stable lending conditions are maintained, or not.One reasonthe Great Recession was so bad was that Federal Reserve officials and other federal regulators, generally responding to public sentiment, washed their hands of the horrendous collapse in sales and left homebuilders and sellers out to dry.\nBut even in that worst-case scenario, the 2000s market was much more resilient than it seemed. In July 2005, when buyers backed off and months of inventory started to surge, the median U.S. home price was $198,000, according toZillow. In July 2008, when months of inventory was near its peak, it was still at $199,000.\nAt the June 2006 Federal Reserve meeting, Ben Bernanke said, “It is a good thing that housing is cooling. If we could wave a magic wand and reinstate 2005, we wouldn’t want to do that.” It’s notable that Jerome Powell, who today holds Bernanke’s former position as Fed chair, isn’t openly pining for a “cooler” housing market.\nThere is a common belief that before the Great Recession, homebuyers were taken in by themyththat home prices never go down, and they became complacent. Those buyers turned out to be wrong. Yet, even when a concerted effort to kill housing markets succeeded, we had to beat them into submission for three full years before prices relented. Home prices can go down, but we have to work very hard, together, for a long time, to make them fall.\nIf you are a buyer in a hot market where home prices are 30% higher than they were a year ago, you’re getting a 30% worse deal than you could have had back then. Nothing can be done about that. That said, the main things to be concerned with are the factors federal policymakers are in control of. There is little reason to expect housing demand to collapse. If it does, it will require communal intention—federal monetary and credit policies meant to create or accept a sharp drop in demand. And even if federal officials intend for housing construction to collapse, history suggests that a market contraction would push new sales down deeply for an extended period of time before prices relent.","news_type":1,"symbols_score_info":{".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":1032,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":128542480,"gmtCreate":1624525372340,"gmtModify":1634004878544,"author":{"id":"4087423083581260","authorId":"4087423083581260","name":"Huifoong","avatar":"https://static.tigerbbs.com/1ee01f7d4133e27e8cdf4bbfad11ec56","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087423083581260","idStr":"4087423083581260"},"themes":[],"title":"","htmlText":"Omg","listText":"Omg","text":"Omg","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/128542480","repostId":"1163532273","repostType":4,"isVote":1,"tweetType":1,"viewCount":1050,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":148291900,"gmtCreate":1625976124900,"gmtModify":1633931172617,"author":{"id":"4087423083581260","authorId":"4087423083581260","name":"Huifoong","avatar":"https://static.tigerbbs.com/1ee01f7d4133e27e8cdf4bbfad11ec56","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087423083581260","idStr":"4087423083581260"},"themes":[],"title":"","htmlText":"Yes 👍&nbsp;","listText":"Yes 👍&nbsp;","text":"Yes 👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/148291900","repostId":"1195812364","repostType":4,"repost":{"id":"1195812364","kind":"news","pubTimestamp":1625875523,"share":"https://www.laohunote.com/m/news/1195812364?lang=zh_CN&edition=full","pubTime":"2021-07-10 08:05","market":"us","language":"en","title":"US IPO Week Ahead: Real estate, post-pandemic plays and more in an 9 IPO week<blockquote>美国 IPO 周即将到来：房地产、大流行后的戏剧等 IPO 周第 9 周</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1195812364","media":"Renaissance Capital","summary":"Italian drug container supplier Stevanato Group plans to raise $900 million at a $6.8 billion market cap. Controlled by its founding family, the profitable company supplies glass vials, syringes, and other medical-grade containers to more than 700 customers, including 41 of the top 50 pharmaceutical companies.Shopping center REIT Phillips Edison & Company plans to raise $502 million at a $3.7 billion market cap. This REIT owns equity interests in 300 shopping centers across the US, focusing on l","content":"<p>After a slow holiday week, nine IPOs are scheduled to raise over $3 billion in the week ahead.</p><p><blockquote>在度过了缓慢的假期周之后，未来一周将有 9 笔 IPO 筹集超过 30 亿美元。</blockquote></p><p> Italian drug container supplier&nbsp;<b>Stevanato Group</b>(STVN) plans to raise $900 million at a $6.8 billion market cap. Controlled by its founding family, the profitable company supplies glass vials, syringes, and other medical-grade containers to more than 700 customers, including 41 of the top 50 pharmaceutical companies.</p><p><blockquote>意大利药品容器供应商<b>斯特瓦纳托集团</b>(STVN) 计划以 68 亿美元的市值筹集 9 亿美元。这家盈利的公司由其创始家族控制，为 700 多家客户提供玻璃小瓶、注射器和其他医疗级容器，其中包括 41 家排名前 50 的制药公司。</blockquote></p><p> Shopping center REIT&nbsp;<b>Phillips Edison &amp; Company</b>(PECO) plans to raise $502 million at a $3.7 billion market cap. This REIT owns equity interests in 300 shopping centers across the US, focusing on locations that are anchored by grocers like Kroger and Public. It targets a 3.5% annualized yield at the midpoint.</p><p><blockquote>购物中心产业信讬基金<b>菲利普斯爱迪生公司</b>(PECO) 计划以 37 亿美元的市值筹集 5.02 亿美元。该房地产投资信托基金拥有美国 300 家购物中心的股权，专注于 Kroger 和 Public 等杂货商经营的地点。它的目标是中点年化收益率为 3.5%。</blockquote></p><p> Known for its member-only luxury hotel brand Soho House,<b>Membership Collective Group</b>(MCG) plans to raise $450 at a $3.2 billion market cap. The company boasts a large and loyal member base, though it has no track record of profitability and saw revenue fall by almost half in the 1Q21.</p><p><blockquote>以会员专属豪华酒店品牌Soho House而闻名，<b>会员资格集体组</b>(MCG) 计划以 32 亿美元的市值筹集 450 美元。该公司拥有庞大而忠诚的会员基础，尽管它没有盈利记录，并且在2021年第一季度的收入下降了近一半。</blockquote></p><p> Mark Wahlberg-backed fitness franchise&nbsp;<b>F45 Training</b>(FXLV) plans to raise $325 million at a $1.5 billion market cap. Specializing in 45-minute workouts, F45 has over 1,500 studios worldwide. The company managed a 37% EBITDA in the trailing 12 months, though the company’s expected post-pandemic growth has yet to show through in the numbers.</p><p><blockquote>马克·沃尔伯格支持的健身特许经营权<b>F45训练</b>(FXLV) 计划以 15 亿美元的市值筹集 3.25 亿美元。F45专注于45分钟的锻炼，在全球拥有1500多个工作室。该公司在过去 12 个月中实现了 37% 的 EBITDA，尽管该公司预期的大流行后增长尚未在数据中体现出来。</blockquote></p><p> Mortgage software provider&nbsp;<b>Blend Labs</b>(BLND) plans to raise $340 million at a $4.5 billion market cap. Blend Labs provides a digital platform to financial services firms that improves the consumer experience when applying for mortgages and loans. Despite doubling revenue in 2020, the core software business is highly unprofitable due to R&amp;D and S&amp;M spend.</p><p><blockquote>抵押软件提供商<b>混合实验室</b>(BLND) 计划以 45 亿美元的市值筹集 3.4 亿美元。Blend Labs为金融服务公司提供了一个数字平台，改善了消费者申请抵押贷款和贷款时的体验。尽管2020年收入翻了一番，但由于R&amp;D和S&amp;M支出，核心软件业务高度无利可图。</blockquote></p><p> <b>Bridge Investment Group</b>(BRDG) plans to raise $300 million at a $1.8 billion market cap. This investment manager specializes in real estate equity and debt across multiple sectors. As of 3/31/2021, Bridge Investment Group has approximately $26 billion of AUM with more than 6,500 individual investors across 25 investment vehicles.</p><p><blockquote><b>桥梁投资集团</b>(BRDG) 计划以 18 亿美元的市值筹集 3 亿美元。这位投资经理专门从事多个行业的房地产股权和债务。截至2021年3月31日，Bridge Investment Group拥有约260亿美元的资产管理规模，拥有25种投资工具的6,500多名个人投资者。</blockquote></p><p> Ocular medical device provider&nbsp;<b>Sight Sciences</b>(SGHT) plans to raise $150 million at a $1 billion market cap. The company develops and sells medical and surgical devices that present new treatment options for eye diseases. The highly unprofitable company showed signs of re-accelerating growth in the 1Q21 (+32%) after the pandemic delayed elective procedures in 2020.</p><p><blockquote>眼科医疗器械供应商<b>视觉科学</b>(SGHT) 计划以 10 亿美元的市值筹集 1.5 亿美元。该公司开发和销售医疗和外科设备，为眼部疾病提供新的治疗选择。在疫情推迟了2020年的选择性程序后，这家高度无利可图的公司在2021年第一季度显示出重新加速增长的迹象（+32%）。</blockquote></p><p> Pregnancy diagnostics company&nbsp;<b>Sera Prognostics</b>(SERA) plans to raise $75 million at a $564 million market cap. The company uses its proteomics and bioinformatics platform to develop biomarker tests aimed at improving pregnancy outcomes. Sera Prognostics’ sole commercial product, the PreTRM test, predicts the risk of a premature delivery, though it has yet to generate meaningful revenue.</p><p><blockquote>妊娠诊断公司<b>血清预后</b>（SERA）计划以5.64亿美元的市值筹集7500万美元。该公司利用其蛋白质组学和生物信息学平台开发生物标志物测试，旨在改善妊娠结局。Sera Prognostics 的唯一商业产品 PreTRM 测试可以预测早产的风险，但尚未产生有意义的收入。</blockquote></p><p> A hold-over from last week, early-stage kidney disease biotech&nbsp;<b>Unicycive Therapeutics</b>(UNCY) plans to raise $25 million at a $79 million market cap.</p><p><blockquote>上周的延迟，早期肾病生物技术<b>Unicycive 疗法</b>(UNCY) 计划以 7900 万美元的市值筹集 2500 万美元。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/ad3dc9b07583a28aad047e44802c899e\" tg-width=\"942\" tg-height=\"732\"></p><p><blockquote></blockquote></p><p> <b>IPO Market Snapshot</b></p><p><blockquote><b>IPO市场快照</b></blockquote></p><p> The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 7/8/21, the Renaissance IPO Index was down 0.8% year-to-date, while the S&amp;P 500 was up 15.0%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snowflake (SNOW) and Palantir Technologies (PLTR). The Renaissance International IPO Index was down 5.2% year-to-date, while the ACWX was up 7.3%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Smoore International and EQT Partners.</p><p><blockquote>文艺复兴IPO指数是新上市公司的市值加权篮子。截至21年7月8日，文艺复兴IPO指数年初至今下跌0.8%，而标普500上涨15.0%。Renaissance Capital 的 IPO ETF（纽约证券交易所股票代码：IPO）追踪该指数，持有量最大的 ETF 包括 Snowflake (SNOW) 和 Palantir Technologies (PLTR)。Renaissance International IPO 指数今年迄今下跌 5.2%，而 ACWX 指数上涨 7.3%。Renaissance Capital 的国际 IPO ETF（纽约证券交易所股票代码：IPOS）追踪该指数，持有的 ETF 包括 Smoore International 和 EQT Partners。</blockquote></p><p></p>","source":"lsy1603787993745","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>US IPO Week Ahead: Real estate, post-pandemic plays and more in an 9 IPO week<blockquote>美国 IPO 周即将到来：房地产、大流行后的戏剧等 IPO 周第 9 周</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\">\nUS IPO Week Ahead: Real estate, post-pandemic plays and more in an 9 IPO week<blockquote>美国 IPO 周即将到来：房地产、大流行后的戏剧等 IPO 周第 9 周</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Renaissance Capital</strong><span class=\"h-time small\">2021-07-10 08:05</span>\n</p>\n</h4>\n</header>\n<article>\n<p>After a slow holiday week, nine IPOs are scheduled to raise over $3 billion in the week ahead.</p><p><blockquote>在度过了缓慢的假期周之后，未来一周将有 9 笔 IPO 筹集超过 30 亿美元。</blockquote></p><p> Italian drug container supplier&nbsp;<b>Stevanato Group</b>(STVN) plans to raise $900 million at a $6.8 billion market cap. Controlled by its founding family, the profitable company supplies glass vials, syringes, and other medical-grade containers to more than 700 customers, including 41 of the top 50 pharmaceutical companies.</p><p><blockquote>意大利药品容器供应商<b>斯特瓦纳托集团</b>(STVN) 计划以 68 亿美元的市值筹集 9 亿美元。这家盈利的公司由其创始家族控制，为 700 多家客户提供玻璃小瓶、注射器和其他医疗级容器，其中包括 41 家排名前 50 的制药公司。</blockquote></p><p> Shopping center REIT&nbsp;<b>Phillips Edison &amp; Company</b>(PECO) plans to raise $502 million at a $3.7 billion market cap. This REIT owns equity interests in 300 shopping centers across the US, focusing on locations that are anchored by grocers like Kroger and Public. It targets a 3.5% annualized yield at the midpoint.</p><p><blockquote>购物中心产业信讬基金<b>菲利普斯爱迪生公司</b>(PECO) 计划以 37 亿美元的市值筹集 5.02 亿美元。该房地产投资信托基金拥有美国 300 家购物中心的股权，专注于 Kroger 和 Public 等杂货商经营的地点。它的目标是中点年化收益率为 3.5%。</blockquote></p><p> Known for its member-only luxury hotel brand Soho House,<b>Membership Collective Group</b>(MCG) plans to raise $450 at a $3.2 billion market cap. The company boasts a large and loyal member base, though it has no track record of profitability and saw revenue fall by almost half in the 1Q21.</p><p><blockquote>以会员专属豪华酒店品牌Soho House而闻名，<b>会员资格集体组</b>(MCG) 计划以 32 亿美元的市值筹集 450 美元。该公司拥有庞大而忠诚的会员基础，尽管它没有盈利记录，并且在2021年第一季度的收入下降了近一半。</blockquote></p><p> Mark Wahlberg-backed fitness franchise&nbsp;<b>F45 Training</b>(FXLV) plans to raise $325 million at a $1.5 billion market cap. Specializing in 45-minute workouts, F45 has over 1,500 studios worldwide. The company managed a 37% EBITDA in the trailing 12 months, though the company’s expected post-pandemic growth has yet to show through in the numbers.</p><p><blockquote>马克·沃尔伯格支持的健身特许经营权<b>F45训练</b>(FXLV) 计划以 15 亿美元的市值筹集 3.25 亿美元。F45专注于45分钟的锻炼，在全球拥有1500多个工作室。该公司在过去 12 个月中实现了 37% 的 EBITDA，尽管该公司预期的大流行后增长尚未在数据中体现出来。</blockquote></p><p> Mortgage software provider&nbsp;<b>Blend Labs</b>(BLND) plans to raise $340 million at a $4.5 billion market cap. Blend Labs provides a digital platform to financial services firms that improves the consumer experience when applying for mortgages and loans. Despite doubling revenue in 2020, the core software business is highly unprofitable due to R&amp;D and S&amp;M spend.</p><p><blockquote>抵押软件提供商<b>混合实验室</b>(BLND) 计划以 45 亿美元的市值筹集 3.4 亿美元。Blend Labs为金融服务公司提供了一个数字平台，改善了消费者申请抵押贷款和贷款时的体验。尽管2020年收入翻了一番，但由于R&amp;D和S&amp;M支出，核心软件业务高度无利可图。</blockquote></p><p> <b>Bridge Investment Group</b>(BRDG) plans to raise $300 million at a $1.8 billion market cap. This investment manager specializes in real estate equity and debt across multiple sectors. As of 3/31/2021, Bridge Investment Group has approximately $26 billion of AUM with more than 6,500 individual investors across 25 investment vehicles.</p><p><blockquote><b>桥梁投资集团</b>(BRDG) 计划以 18 亿美元的市值筹集 3 亿美元。这位投资经理专门从事多个行业的房地产股权和债务。截至2021年3月31日，Bridge Investment Group拥有约260亿美元的资产管理规模，拥有25种投资工具的6,500多名个人投资者。</blockquote></p><p> Ocular medical device provider&nbsp;<b>Sight Sciences</b>(SGHT) plans to raise $150 million at a $1 billion market cap. The company develops and sells medical and surgical devices that present new treatment options for eye diseases. The highly unprofitable company showed signs of re-accelerating growth in the 1Q21 (+32%) after the pandemic delayed elective procedures in 2020.</p><p><blockquote>眼科医疗器械供应商<b>视觉科学</b>(SGHT) 计划以 10 亿美元的市值筹集 1.5 亿美元。该公司开发和销售医疗和外科设备，为眼部疾病提供新的治疗选择。在疫情推迟了2020年的选择性程序后，这家高度无利可图的公司在2021年第一季度显示出重新加速增长的迹象（+32%）。</blockquote></p><p> Pregnancy diagnostics company&nbsp;<b>Sera Prognostics</b>(SERA) plans to raise $75 million at a $564 million market cap. The company uses its proteomics and bioinformatics platform to develop biomarker tests aimed at improving pregnancy outcomes. Sera Prognostics’ sole commercial product, the PreTRM test, predicts the risk of a premature delivery, though it has yet to generate meaningful revenue.</p><p><blockquote>妊娠诊断公司<b>血清预后</b>（SERA）计划以5.64亿美元的市值筹集7500万美元。该公司利用其蛋白质组学和生物信息学平台开发生物标志物测试，旨在改善妊娠结局。Sera Prognostics 的唯一商业产品 PreTRM 测试可以预测早产的风险，但尚未产生有意义的收入。</blockquote></p><p> A hold-over from last week, early-stage kidney disease biotech&nbsp;<b>Unicycive Therapeutics</b>(UNCY) plans to raise $25 million at a $79 million market cap.</p><p><blockquote>上周的延迟，早期肾病生物技术<b>Unicycive 疗法</b>(UNCY) 计划以 7900 万美元的市值筹集 2500 万美元。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/ad3dc9b07583a28aad047e44802c899e\" tg-width=\"942\" tg-height=\"732\"></p><p><blockquote></blockquote></p><p> <b>IPO Market Snapshot</b></p><p><blockquote><b>IPO市场快照</b></blockquote></p><p> The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 7/8/21, the Renaissance IPO Index was down 0.8% year-to-date, while the S&amp;P 500 was up 15.0%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snowflake (SNOW) and Palantir Technologies (PLTR). The Renaissance International IPO Index was down 5.2% year-to-date, while the ACWX was up 7.3%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Smoore International and EQT Partners.</p><p><blockquote>文艺复兴IPO指数是新上市公司的市值加权篮子。截至21年7月8日，文艺复兴IPO指数年初至今下跌0.8%，而标普500上涨15.0%。Renaissance Capital 的 IPO ETF（纽约证券交易所股票代码：IPO）追踪该指数，持有量最大的 ETF 包括 Snowflake (SNOW) 和 Palantir Technologies (PLTR)。Renaissance International IPO 指数今年迄今下跌 5.2%，而 ACWX 指数上涨 7.3%。Renaissance Capital 的国际 IPO ETF（纽约证券交易所股票代码：IPOS）追踪该指数，持有的 ETF 包括 Smoore International 和 EQT Partners。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.renaissancecapital.com/IPO-Center/News/83879/US-IPO-Week-Ahead-Real-estate-post-pandemic-plays-and-more-in-an-9-IPO-week\">Renaissance Capital</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":{"STVN":"Stevanato Group S.p.A.","SGHT":"Sight Sciences, Inc.",".IXIC":"NASDAQ Composite","PECO":"Phillips Edison & Company, Inc.","FXLV":"F45 Training Holdings Inc.","BRDG":"Bridge Investment Group Holdings Inc.",".SPX":"S&P 500 Index","SERA":"Sera Prognostics, Inc.",".DJI":"道琼斯","BLND":"Blend Labs, Inc."},"source_url":"https://www.renaissancecapital.com/IPO-Center/News/83879/US-IPO-Week-Ahead-Real-estate-post-pandemic-plays-and-more-in-an-9-IPO-week","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1195812364","content_text":"After a slow holiday week, nine IPOs are scheduled to raise over $3 billion in the week ahead.\nItalian drug container supplier Stevanato Group(STVN) plans to raise $900 million at a $6.8 billion market cap. Controlled by its founding family, the profitable company supplies glass vials, syringes, and other medical-grade containers to more than 700 customers, including 41 of the top 50 pharmaceutical companies.\nShopping center REIT Phillips Edison & Company(PECO) plans to raise $502 million at a $3.7 billion market cap. This REIT owns equity interests in 300 shopping centers across the US, focusing on locations that are anchored by grocers like Kroger and Public. It targets a 3.5% annualized yield at the midpoint.\nKnown for its member-only luxury hotel brand Soho House,Membership Collective Group(MCG) plans to raise $450 at a $3.2 billion market cap. The company boasts a large and loyal member base, though it has no track record of profitability and saw revenue fall by almost half in the 1Q21.\nMark Wahlberg-backed fitness franchise F45 Training(FXLV) plans to raise $325 million at a $1.5 billion market cap. Specializing in 45-minute workouts, F45 has over 1,500 studios worldwide. The company managed a 37% EBITDA in the trailing 12 months, though the company’s expected post-pandemic growth has yet to show through in the numbers.\nMortgage software provider Blend Labs(BLND) plans to raise $340 million at a $4.5 billion market cap. Blend Labs provides a digital platform to financial services firms that improves the consumer experience when applying for mortgages and loans. Despite doubling revenue in 2020, the core software business is highly unprofitable due to R&D and S&M spend.\nBridge Investment Group(BRDG) plans to raise $300 million at a $1.8 billion market cap. This investment manager specializes in real estate equity and debt across multiple sectors. As of 3/31/2021, Bridge Investment Group has approximately $26 billion of AUM with more than 6,500 individual investors across 25 investment vehicles.\nOcular medical device provider Sight Sciences(SGHT) plans to raise $150 million at a $1 billion market cap. The company develops and sells medical and surgical devices that present new treatment options for eye diseases. The highly unprofitable company showed signs of re-accelerating growth in the 1Q21 (+32%) after the pandemic delayed elective procedures in 2020.\nPregnancy diagnostics company Sera Prognostics(SERA) plans to raise $75 million at a $564 million market cap. The company uses its proteomics and bioinformatics platform to develop biomarker tests aimed at improving pregnancy outcomes. Sera Prognostics’ sole commercial product, the PreTRM test, predicts the risk of a premature delivery, though it has yet to generate meaningful revenue.\nA hold-over from last week, early-stage kidney disease biotech Unicycive Therapeutics(UNCY) plans to raise $25 million at a $79 million market cap.\n\nIPO Market Snapshot\nThe Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 7/8/21, the Renaissance IPO Index was down 0.8% year-to-date, while the S&P 500 was up 15.0%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snowflake (SNOW) and Palantir Technologies (PLTR). The Renaissance International IPO Index was down 5.2% year-to-date, while the ACWX was up 7.3%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Smoore International and EQT Partners.","news_type":1,"symbols_score_info":{"SGHT":0.9,"MCG":0.9,".DJI":0.9,".IXIC":0.9,"PECO":0.9,"BLND":0.9,"STVN":0.9,".SPX":0.9,"SERA":0.9,"BRDG":0.9,"FXLV":0.9}},"isVote":1,"tweetType":1,"viewCount":3356,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":152352927,"gmtCreate":1625272349169,"gmtModify":1633941948273,"author":{"id":"4087423083581260","authorId":"4087423083581260","name":"Huifoong","avatar":"https://static.tigerbbs.com/1ee01f7d4133e27e8cdf4bbfad11ec56","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087423083581260","idStr":"4087423083581260"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/152352927","repostId":"1165340887","repostType":4,"isVote":1,"tweetType":1,"viewCount":3999,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":153600361,"gmtCreate":1625019578453,"gmtModify":1633945765146,"author":{"id":"4087423083581260","authorId":"4087423083581260","name":"Huifoong","avatar":"https://static.tigerbbs.com/1ee01f7d4133e27e8cdf4bbfad11ec56","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087423083581260","idStr":"4087423083581260"},"themes":[],"title":"","htmlText":"Great news","listText":"Great news","text":"Great news","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/153600361","repostId":"1124855646","repostType":4,"isVote":1,"tweetType":1,"viewCount":2707,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":152371854,"gmtCreate":1625273227678,"gmtModify":1633941930765,"author":{"id":"4087423083581260","authorId":"4087423083581260","name":"Huifoong","avatar":"https://static.tigerbbs.com/1ee01f7d4133e27e8cdf4bbfad11ec56","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087423083581260","idStr":"4087423083581260"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/152371854","repostId":"2148870441","repostType":4,"isVote":1,"tweetType":1,"viewCount":3915,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":128572882,"gmtCreate":1624525804946,"gmtModify":1634004873867,"author":{"id":"4087423083581260","authorId":"4087423083581260","name":"Huifoong","avatar":"https://static.tigerbbs.com/1ee01f7d4133e27e8cdf4bbfad11ec56","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087423083581260","idStr":"4087423083581260"},"themes":[],"title":"","htmlText":"Noted","listText":"Noted","text":"Noted","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/128572882","repostId":"2145301320","repostType":4,"isVote":1,"tweetType":1,"viewCount":960,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":158163801,"gmtCreate":1625137619303,"gmtModify":1633944402167,"author":{"id":"4087423083581260","authorId":"4087423083581260","name":"Huifoong","avatar":"https://static.tigerbbs.com/1ee01f7d4133e27e8cdf4bbfad11ec56","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087423083581260","idStr":"4087423083581260"},"themes":[],"title":"","htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/158163801","repostId":"1185089711","repostType":4,"isVote":1,"tweetType":1,"viewCount":2745,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}