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2021-11-14

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@我i168:My SGX stock watchlist

2021-11-14

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2021-11-14

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If inflation is more than transitory, consumer prices and stocks could both keep climbing<blockquote>如果通货膨胀不仅仅是暂时的，消费者价格和股票都可能继续攀升</blockquote>

2021-11-14

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Rivian Soars On IPO, But These 3 EV Stocks Are Better Buys Now<blockquote>Rivian IPO飙升，但这3只电动汽车股票现在更值得购买</blockquote>

2021-11-13

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Palantir: Q3 Beat, Increased FCF, Raises Guidance But Sells Off Creating An Opportunity<blockquote>Palantir：第三季度超出预期，自由现金流增加，提高指引，但抛售创造机会</blockquote>

2021-11-13

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Pfizer Shows Its R&D Is Strong. It’s a Good Sign for the Stock.<blockquote>辉瑞显示出其研发实力雄厚。这对该股来说是个好兆头。</blockquote>

2021-11-10

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EVgo shares jumped more than 27% in morning trading<blockquote>EVgo 股价早盘上涨超过 27%</blockquote>

2021-11-10

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2021-11-10

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BlackRock, Brookfield Are Among Bidders for Aramco Gas Pipelines<blockquote>贝莱德和布鲁克菲尔德是阿美天然气管道的竞标者之一</blockquote>

2021-11-10

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2021-11-10

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Hertz opened around $26.67, or 8.03% below $29 IPO price<blockquote>赫兹开盘价约为 26.67 美元，比 29 美元的 IPO 价格低 8.03%</blockquote>

2021-11-09

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2021-11-09

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2021-11-08

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SolarWinds investors allege board knew about cyber risks<blockquote>SolarWinds 投资者声称董事会了解网络风险</blockquote>

2021-11-08

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US to Opec+: ‘This isn’t the end’ of effort to ease oil prices<blockquote>美国致欧佩克+：这不是缓解油价努力的终点</blockquote>

2021-11-06

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2021-11-06

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2021-11-06

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US IPO Week Ahead: The IPO market quietly revs its engine in an 11 IPO week<blockquote>美国 IPO 周即将到来：IPO 市场在第 11 周悄然加速</blockquote>

2021-11-06

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U.S. Daylight Saving Time Ends on Sunday, Nov.7 2021<blockquote>美国夏令时于 2021 年 11 月 7 日星期日结束</blockquote>

2021-11-06

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SGX stock watchlist","htmlText":"It’s been an exciting week, isn’t it?The star of the week is no doubt&nbsp;<a href=\"https://laohu8.com/S/AWX.SI\">$AEM HOLDINGS LTD(AWX.SI)$</a>...a hugerise after 3Q earnings report, raising 4Q revenue target and&nbsp;pointing to a&nbsp;promising 2022 and beyond. 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More to come for AEM, certainly!My other favourite come-back kid is <a href=\"https://laohu8.com/S/QC7.SI\">$Q &amp; M DENTAL GROUP (S) LIMITED(QC7.SI)$</a>. Good earnings report and company share buyback, double booster jabs,&nbsp;have resumed the up-trend of its share price,&nbsp;after the fall caused by reduced PCR tests. More to come.A couple of counters that have good potential in coming week(s):A) <a href=\"https://laohu8.com/S/MZH.SI\">$Nanofilm</a>","text":"It’s been an exciting week, isn’t it?The star of the week is no doubt $AEM HOLDINGS LTD(AWX.SI)$...a hugerise after 3Q earnings report, raising 4Q revenue target and pointing to a promising 2022 and beyond. In a bigger picture, semicon related counters in US and here all had a good run-up. More to come for AEM, certainly!My other favourite come-back kid is $Q & M DENTAL GROUP (S) LIMITED(QC7.SI)$. Good earnings report and company share buyback, double booster jabs, have resumed the up-trend of its share price, after the fall caused by reduced PCR tests. More to come.A couple of counters that have good potential in coming week(s):A) $Nanofilm","images":[],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/879433497","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":4694,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":873100346,"gmtCreate":1636869586997,"gmtModify":1636869587131,"author":{"id":"4087996122770160","authorId":"4087996122770160","name":"Timevestor","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087996122770160","authorIdStr":"4087996122770160"},"themes":[],"title":"","htmlText":"Please like and comment.&nbsp;","listText":"Please like and comment.&nbsp;","text":"Please like and comment.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/873100346","repostId":"2183048212","repostType":4,"isVote":1,"tweetType":1,"viewCount":3829,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":873100987,"gmtCreate":1636869572102,"gmtModify":1636869572200,"author":{"id":"4087996122770160","authorId":"4087996122770160","name":"Timevestor","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087996122770160","authorIdStr":"4087996122770160"},"themes":[],"title":"","htmlText":"Please like and comment.&nbsp;","listText":"Please like and comment.&nbsp;","text":"Please like and comment.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/873100987","repostId":"2183043548","repostType":4,"repost":{"id":"2183043548","kind":"highlight","pubTimestamp":1636852012,"share":"https://www.laohunote.com/m/news/2183043548?lang=zh_CN&edition=full","pubTime":"2021-11-14 09:06","market":"us","language":"en","title":"If inflation is more than transitory, consumer prices and stocks could both keep climbing<blockquote>如果通货膨胀不仅仅是暂时的，消费者价格和股票都可能继续攀升</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2183043548","media":"MarketWatch","summary":"The stock market is a good inflation hedge\nAgence France-Presse/Getty Images\n\nConventional wisdom sa","content":"<p>The stock market is a good inflation hedge</p><p><blockquote>股票市场是很好的通货膨胀对冲工具</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/cd7f220695081ff57f1ed561e56d2713\" tg-width=\"700\" tg-height=\"390\" width=\"100%\" height=\"auto\"><span>Agence France-Presse/Getty Images</span></p><p><blockquote><p class=\"t-img-caption\"><span>法新社/盖蒂图片社</span></p></blockquote></p><p> Conventional wisdom says that inflation is bad for the stock market. Yet the U.S. stock market this year has remained strong in the face of unexpectedly high inflation.</p><p><blockquote>传统观点认为通货膨胀对股市不利。然而，面对出乎意料的高通胀，美国股市今年仍然保持强劲。</blockquote></p><p> Since mid-May, when it was first reported that the CPI’s 12-month rate of change had spiked, the S&amp;P 500&nbsp;has gained more than 15% and the tech-heavy Nasdaq 100 index&nbsp;is up almost 23%.</p><p><blockquote>自 5 月中旬首次有报道称 CPI 12 个月变化率飙升以来，标普500上涨了 15% 以上，以科技股为主的纳斯达克 100 指数上涨了近 23%。</blockquote></p><p> Does that mean the stock market is living on borrowed time, and will soon succumb to the gravitational pull exerted by higher inflation? Or is the conventional wisdom on this subject just wrong?</p><p><blockquote>这是否意味着股市正在靠借来的时间生活，并将很快屈服于更高通胀施加的引力？或者关于这个问题的传统观点是错误的？</blockquote></p><p> Now is a good time to investigate these questions, since the U.S. government reported this week that the CPI over the latest 12 months has risen at its fastest rate in over 30 years.</p><p><blockquote>现在是调查这些问题的好时机，因为美国政府本周报告称，过去12个月的CPI以30多年来最快的速度上涨。</blockquote></p><p> My analysis of the historical record reveals that the relationship between equities and inflation is far more complex than it initially appears. That’s because there are both plusses and minuses to inflation’s impact, and it’s difficult to predict the net impact of inflation’s various consequences.</p><p><blockquote>我对历史记录的分析表明，股票和通货膨胀之间的关系比最初看起来要复杂得多。这是因为通货膨胀的影响有利有弊，而且很难预测通货膨胀各种后果的净影响。</blockquote></p><p> Consider first inflation’s impact on earnings: Because companies often are able to charge higher prices when inflation heats up — they have “pricing power,” in other words — their earnings do not suffer as much as you might think. In fact, according to data back to 1871 provided by Yale University’s Robert Shiller, the S&amp;P 500’s nominal earnings per share have grown faster, on average, when inflation has been higher.</p><p><blockquote>首先考虑通货膨胀对盈利的影响： 因为当通货膨胀升温时，公司往往能够收取更高的价格--换句话说，他们拥有 “定价权”--所以他们的盈利并没有你想象的那么大。事实上，根据耶鲁大学的 Robert Shiller 提供的 1871 年数据，当通货膨胀率较高时，标普500的名义每股收益平均增长速度更快。</blockquote></p><p> This tendency is why the stock market is a good inflation hedge. Yet investors all too often overlook this valuable tendency, since they focus on nominal earnings growth rates rather than real growth rates. They extrapolate the slower nominal earnings growth rate of a low-inflation period even when inflation heats up. Economists often refer to this mistake as “money illusion” or “inflation illusion.”</p><p><blockquote>这种趋势就是为什么股票市场是一个很好的通胀对冲工具。然而，投资者常常忽视这一有价值的趋势，因为他们关注的是名义盈利增长率，而不是实际增长率。即使通胀升温，他们也推断出低通胀时期较慢的名义收益增长率。经济学家通常将这种错误称为“货币错觉”或“通货膨胀错觉”。</blockquote></p><p> Corporate earnings’ ability to hedge inflation is the good news. The bad news is that inflation causes P/E ratios to decline, since inflation reduces the discounted value of future years’ earnings.</p><p><blockquote>企业盈利对冲通胀的能力是个好消息。坏消息是，通货膨胀会导致市盈率下降，因为通货膨胀会降低未来几年收益的贴现价值。</blockquote></p><p> These two distinct impacts are summarized in the chart below. To construct the chart, I segregated the period since 1871 into two subsets according to the CPI’s trailing 2-year rate of change. Notice that the EPS growth rate has tended to be higher when inflation is higher, but the P/E ratio has tended to be lower.</p><p><blockquote>下图总结了这两种不同的影响。为了绘制这张图表，我根据消费者物价指数过去两年的变化率，将 1871 年以来的时期分为两个子集。请注意，当通货膨胀较高时，每股收益增长率往往较高，但市盈率往往较低。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/370baeb3b581e82486aa533711b4363e\" tg-width=\"700\" tg-height=\"482\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <b>What to watch for — and watch out for</b></p><p><blockquote><b>需要注意什么——以及需要注意什么</b></blockquote></p><p> How do these countervailing factors interact in practice? The answer depends on whether you focus on the near-term or the long-term. Over the near-term — up to a year, or so — inflation historically has been a net negative for stocks. That’s because inflation’s negative impact on the P/E ratio is immediate, while its positive impact on earnings doesn’t kick in for a couple of years. Once your time horizon extends two or three years, these effects on average cancel each other out.</p><p><blockquote>这些抵消因素在实践中如何相互作用？答案取决于你关注的是近期还是长期。在短期内——长达一年左右——历史上，股市的通胀一直是净负的。这是因为通货膨胀对市盈率的负面影响是立竿见影的，而对盈利的积极影响要几年后才会显现。一旦你的时间范围延长两三年，这些影响平均来说会相互抵消。</blockquote></p><p> The investment implication: If inflation proves to be more than transitory and the stock market declines significantly, you might want to treat the selloff as a buying opportunity.</p><p><blockquote>投资含义：如果通货膨胀被证明不仅仅是暂时的，并且股市大幅下跌，您可能需要将抛售视为买入机会。</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>If inflation is more than transitory, consumer prices and stocks could both keep climbing<blockquote>如果通货膨胀不仅仅是暂时的，消费者价格和股票都可能继续攀升</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\">\nIf inflation is more than transitory, consumer prices and stocks could both keep climbing<blockquote>如果通货膨胀不仅仅是暂时的，消费者价格和股票都可能继续攀升</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-11-14 09:06</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The stock market is a good inflation hedge</p><p><blockquote>股票市场是很好的通货膨胀对冲工具</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/cd7f220695081ff57f1ed561e56d2713\" tg-width=\"700\" tg-height=\"390\" width=\"100%\" height=\"auto\"><span>Agence France-Presse/Getty Images</span></p><p><blockquote><p class=\"t-img-caption\"><span>法新社/盖蒂图片社</span></p></blockquote></p><p> Conventional wisdom says that inflation is bad for the stock market. Yet the U.S. stock market this year has remained strong in the face of unexpectedly high inflation.</p><p><blockquote>传统观点认为通货膨胀对股市不利。然而，面对出乎意料的高通胀，美国股市今年仍然保持强劲。</blockquote></p><p> Since mid-May, when it was first reported that the CPI’s 12-month rate of change had spiked, the S&amp;P 500&nbsp;has gained more than 15% and the tech-heavy Nasdaq 100 index&nbsp;is up almost 23%.</p><p><blockquote>自 5 月中旬首次有报道称 CPI 12 个月变化率飙升以来，标普500上涨了 15% 以上，以科技股为主的纳斯达克 100 指数上涨了近 23%。</blockquote></p><p> Does that mean the stock market is living on borrowed time, and will soon succumb to the gravitational pull exerted by higher inflation? Or is the conventional wisdom on this subject just wrong?</p><p><blockquote>这是否意味着股市正在靠借来的时间生活，并将很快屈服于更高通胀施加的引力？或者关于这个问题的传统观点是错误的？</blockquote></p><p> Now is a good time to investigate these questions, since the U.S. government reported this week that the CPI over the latest 12 months has risen at its fastest rate in over 30 years.</p><p><blockquote>现在是调查这些问题的好时机，因为美国政府本周报告称，过去12个月的CPI以30多年来最快的速度上涨。</blockquote></p><p> My analysis of the historical record reveals that the relationship between equities and inflation is far more complex than it initially appears. That’s because there are both plusses and minuses to inflation’s impact, and it’s difficult to predict the net impact of inflation’s various consequences.</p><p><blockquote>我对历史记录的分析表明，股票和通货膨胀之间的关系比最初看起来要复杂得多。这是因为通货膨胀的影响有利有弊，而且很难预测通货膨胀各种后果的净影响。</blockquote></p><p> Consider first inflation’s impact on earnings: Because companies often are able to charge higher prices when inflation heats up — they have “pricing power,” in other words — their earnings do not suffer as much as you might think. In fact, according to data back to 1871 provided by Yale University’s Robert Shiller, the S&amp;P 500’s nominal earnings per share have grown faster, on average, when inflation has been higher.</p><p><blockquote>首先考虑通货膨胀对盈利的影响： 因为当通货膨胀升温时，公司往往能够收取更高的价格--换句话说，他们拥有 “定价权”--所以他们的盈利并没有你想象的那么大。事实上，根据耶鲁大学的 Robert Shiller 提供的 1871 年数据，当通货膨胀率较高时，标普500的名义每股收益平均增长速度更快。</blockquote></p><p> This tendency is why the stock market is a good inflation hedge. Yet investors all too often overlook this valuable tendency, since they focus on nominal earnings growth rates rather than real growth rates. They extrapolate the slower nominal earnings growth rate of a low-inflation period even when inflation heats up. Economists often refer to this mistake as “money illusion” or “inflation illusion.”</p><p><blockquote>这种趋势就是为什么股票市场是一个很好的通胀对冲工具。然而，投资者常常忽视这一有价值的趋势，因为他们关注的是名义盈利增长率，而不是实际增长率。即使通胀升温，他们也推断出低通胀时期较慢的名义收益增长率。经济学家通常将这种错误称为“货币错觉”或“通货膨胀错觉”。</blockquote></p><p> Corporate earnings’ ability to hedge inflation is the good news. The bad news is that inflation causes P/E ratios to decline, since inflation reduces the discounted value of future years’ earnings.</p><p><blockquote>企业盈利对冲通胀的能力是个好消息。坏消息是，通货膨胀会导致市盈率下降，因为通货膨胀会降低未来几年收益的贴现价值。</blockquote></p><p> These two distinct impacts are summarized in the chart below. To construct the chart, I segregated the period since 1871 into two subsets according to the CPI’s trailing 2-year rate of change. Notice that the EPS growth rate has tended to be higher when inflation is higher, but the P/E ratio has tended to be lower.</p><p><blockquote>下图总结了这两种不同的影响。为了绘制这张图表，我根据消费者物价指数过去两年的变化率，将 1871 年以来的时期分为两个子集。请注意，当通货膨胀较高时，每股收益增长率往往较高，但市盈率往往较低。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/370baeb3b581e82486aa533711b4363e\" tg-width=\"700\" tg-height=\"482\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <b>What to watch for — and watch out for</b></p><p><blockquote><b>需要注意什么——以及需要注意什么</b></blockquote></p><p> How do these countervailing factors interact in practice? The answer depends on whether you focus on the near-term or the long-term. Over the near-term — up to a year, or so — inflation historically has been a net negative for stocks. That’s because inflation’s negative impact on the P/E ratio is immediate, while its positive impact on earnings doesn’t kick in for a couple of years. Once your time horizon extends two or three years, these effects on average cancel each other out.</p><p><blockquote>这些抵消因素在实践中如何相互作用？答案取决于你关注的是近期还是长期。在短期内——长达一年左右——历史上，股市的通胀一直是净负的。这是因为通货膨胀对市盈率的负面影响是立竿见影的，而对盈利的积极影响要几年后才会显现。一旦你的时间范围延长两三年，这些影响平均来说会相互抵消。</blockquote></p><p> The investment implication: If inflation proves to be more than transitory and the stock market declines significantly, you might want to treat the selloff as a buying opportunity.</p><p><blockquote>投资含义：如果通货膨胀被证明不仅仅是暂时的，并且股市大幅下跌，您可能需要将抛售视为买入机会。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/inflation-is-boosting-prices-and-stocks-heres-why-that-isnt-a-surprise-11636672378?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NDX":"纳斯达克100指数",".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://www.marketwatch.com/story/inflation-is-boosting-prices-and-stocks-heres-why-that-isnt-a-surprise-11636672378?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2183043548","content_text":"The stock market is a good inflation hedge\nAgence France-Presse/Getty Images\n\nConventional wisdom says that inflation is bad for the stock market. Yet the U.S. stock market this year has remained strong in the face of unexpectedly high inflation.\nSince mid-May, when it was first reported that the CPI’s 12-month rate of change had spiked, the S&P 500 has gained more than 15% and the tech-heavy Nasdaq 100 index is up almost 23%.\nDoes that mean the stock market is living on borrowed time, and will soon succumb to the gravitational pull exerted by higher inflation? Or is the conventional wisdom on this subject just wrong?\nNow is a good time to investigate these questions, since the U.S. government reported this week that the CPI over the latest 12 months has risen at its fastest rate in over 30 years.\nMy analysis of the historical record reveals that the relationship between equities and inflation is far more complex than it initially appears. That’s because there are both plusses and minuses to inflation’s impact, and it’s difficult to predict the net impact of inflation’s various consequences.\nConsider first inflation’s impact on earnings: Because companies often are able to charge higher prices when inflation heats up — they have “pricing power,” in other words — their earnings do not suffer as much as you might think. In fact, according to data back to 1871 provided by Yale University’s Robert Shiller, the S&P 500’s nominal earnings per share have grown faster, on average, when inflation has been higher.\nThis tendency is why the stock market is a good inflation hedge. Yet investors all too often overlook this valuable tendency, since they focus on nominal earnings growth rates rather than real growth rates. They extrapolate the slower nominal earnings growth rate of a low-inflation period even when inflation heats up. Economists often refer to this mistake as “money illusion” or “inflation illusion.”\nCorporate earnings’ ability to hedge inflation is the good news. The bad news is that inflation causes P/E ratios to decline, since inflation reduces the discounted value of future years’ earnings.\nThese two distinct impacts are summarized in the chart below. To construct the chart, I segregated the period since 1871 into two subsets according to the CPI’s trailing 2-year rate of change. Notice that the EPS growth rate has tended to be higher when inflation is higher, but the P/E ratio has tended to be lower.\n\nWhat to watch for — and watch out for\n\nHow do these countervailing factors interact in practice? The answer depends on whether you focus on the near-term or the long-term. Over the near-term — up to a year, or so — inflation historically has been a net negative for stocks. That’s because inflation’s negative impact on the P/E ratio is immediate, while its positive impact on earnings doesn’t kick in for a couple of years. Once your time horizon extends two or three years, these effects on average cancel each other out.\nThe investment implication: If inflation proves to be more than transitory and the stock market declines significantly, you might want to treat the selloff as a buying opportunity.","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,"NDX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":3629,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":873100075,"gmtCreate":1636869553837,"gmtModify":1636869553938,"author":{"id":"4087996122770160","authorId":"4087996122770160","name":"Timevestor","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087996122770160","authorIdStr":"4087996122770160"},"themes":[],"title":"","htmlText":"Please like and comment.&nbsp;","listText":"Please like and comment.&nbsp;","text":"Please like and comment.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/873100075","repostId":"1175907621","repostType":4,"repost":{"id":"1175907621","kind":"news","pubTimestamp":1636853227,"share":"https://www.laohunote.com/m/news/1175907621?lang=zh_CN&edition=full","pubTime":"2021-11-14 09:27","market":"us","language":"en","title":"Rivian Soars On IPO, But These 3 EV Stocks Are Better Buys Now<blockquote>Rivian IPO飙升，但这3只电动汽车股票现在更值得购买</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1175907621","media":"Motley Fool","summary":"Rivian has a bright future as a company, but its stock is priced to perfection. Here are 3 picks that are a better value with more upside potential.","content":"<p><b>Rivian Automotive</b>(NASDAQ:RIVN)has hit the market with a bang, trading more than 30% over its IPO price and now sporting a market cap near $100 billion. This is despite only producing about 15 vehicles per week right now. The company has a bright future, but investors looking for any value in&nbsp;electric vehicle stocks&nbsp;should probably look elsewhere right now.</p><p><blockquote><b>Rivian汽车</b>（纳斯达克股票代码：RIVN）一炮而红，交易价格比 IPO 价格上涨 30% 以上，目前市值接近 1000 亿美元。尽管目前每周仅生产约 15 辆汽车。该公司拥有光明的未来，但寻找电动汽车股票价值的投资者现在可能应该另寻他处。</blockquote></p><p> Three of our Fool.com contributors ,Travis Hoium, Howard Smith, and Daniel Foelber think&nbsp;<b>General Motors</b>(NYSE:GM),<b>ChargePoint Holdings</b>(NYSE:CHPT), and&nbsp;<b>Lucid Group</b>(NASDAQ:LCID)&nbsp;are all better buys than Rivian today.</p><p><blockquote>我们的三位 Fool.com 撰稿人 Travis Hoium、Howard Smith 和 Daniel Foelber 认为<b>通用汽车</b>（纽约证券交易所代码：GM），<b>ChargePoint控股</b>（纽约证券交易所代码：CHPT），以及<b>Lucid集团</b>（纳斯达克股票代码：LCID）今天都比Rivian更值得购买。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/38583e5ca55657c01e76a6eb4bab1782\" tg-width=\"2000\" tg-height=\"1331\" width=\"100%\" height=\"auto\"><span>IMAGE SOURCE: GETTY IMAGES.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：盖蒂图片社。</span></p></blockquote></p><p> <b>The leader in autonomous driving</b></p><p><blockquote><b>自动驾驶领域的领导者</b></blockquote></p><p> <b>Travis Hoium(General Motors):</b>As companies like Rivian get all the headlines in electric vehicles, General Motors is quietly building out the technology and manufacturing capacity totransition entirely to electric vehicles by 2035. That includes 30 EV models that will launch globally by 2025, including cars, trucks, and SUVs.</p><p><blockquote><b>特拉维斯·霍伊姆（通用汽车）：</b>随着Rivian等公司成为电动汽车的头条新闻，通用汽车正在悄悄地建立技术和制造能力，以在 2035 年之前完全过渡到电动汽车。其中包括到 2025 年将在全球推出的 30 款电动汽车车型，包括轿车、卡车和 SUV。</blockquote></p><p> But it isn't GM's EV capacity that makes it a better buy than Rivian, it's the company's majority ownership of Cruise, the autonomous ride-sharing company, that provides the most upside. GM is providing Cruise with design and manufacturing capabilities to build autonomous vehicles like the Cruise Origin (shown above), a self-driving shuttle for ride-sharing developed in a partnership between Cruise, GM, and&nbsp;<b>Honda</b>. Cruise is developing autonomous driving hardware and software that go into Origin and eventually a ride-sharing business. GM is also providing funding to build out Cruise's vehicle infrastructure, which could cost many billions of dollars, starting with a $5 billion line of credit to buy Cruise Origins.</p><p><blockquote>但使其成为比Rivian更好的买家的并不是通用汽车的电动汽车产能，而是该公司对自动驾驶拼车公司 Cruise 的多数股权提供了最大的优势。通用汽车正在为 Cruise 提供设计和制造能力，以制造自动驾驶汽车，例如 Cruise Origin（如上图所示），这是一款由 Cruise、通用汽车和<b>本田</b>. Cruise 正在开发自动驾驶硬件和软件，这些硬件和软件将成为 Origin 并最终成为拼车业务。通用汽车还提供资金来建设 Cruise 的汽车基础设施，这可能需要数十亿美元，首先是提供 50 亿美元的信贷额度来收购 Cruise Origins。</blockquote></p><p> In time, autonomous vehicles could reduce the cost of traveling in cities and even make vehicle ownership obsolete. Cruise is leading the way into this market, and that provides tremendous upside for GM. This may be an old company in the auto industry, but it's making great strategic moves to be a leader in the future of electric and autonomous vehicles.</p><p><blockquote>随着时间的推移，自动驾驶汽车可以降低城市出行的成本，甚至使汽车所有权过时。Cruise 正在引领这一市场，这为通用汽车提供了巨大的优势。这可能是汽车行业的一家老公司，但它正在采取重大战略举措，成为电动和自动驾驶汽车未来的领导者。</blockquote></p><p> <b>Picks and shovels</b></p><p><blockquote><b>镐和铲</b></blockquote></p><p> <b>Howard Smith(ChargePoint Holdings)</b>:Rivian's public debut&nbsp;generated a lot of excitement for good reason. The company has big backers and reportedly a backlog of orders for both fleets and consumer electric vehicles (EVs). But investors have seen plenty of examples where initial excitement causes a spike in valuation that doesn't always last.</p><p><blockquote><b>霍华德·史密斯（ChargePoint Holdings）</b>:Rivian 的公开亮相引起了很多兴奋，这是有充分理由的。该公司拥有庞大的支持者，据报道，车队和消费电动汽车 (EV) 的订单积压。但投资者已经看到很多例子，最初的兴奋导致估值飙升，但并不总是持续。</blockquote></p><p> Another exciting recent event for EV investors was the passage of a federal infrastructure bill that will push $7.5 billion to help build out the charging infrastructure needed for this country to expand EV ownership. ChargePoint Holdings is the leader in that space with more than 118,000 charging ports, including more than 3,700 DC fast chargers. The vast majority of those stations are in the U.S., though the company is also growing its business in Europe where it already has 5,400 charging locations.</p><p><blockquote>对于电动汽车投资者来说，最近另一件令人兴奋的事情是联邦基础设施法案的通过，该法案将提供 75 亿美元来帮助建设该国扩大电动汽车保有量所需的充电基础设施。ChargePoint Holdings 是该领域的领导者，拥有超过 118,000 个充电端口，其中包括超过 3,700 个直流快速充电器。这些充电站绝大多数位于美国，尽管该公司也在发展其在欧洲的业务，在欧洲已经拥有 5,400 个充电站。</blockquote></p><p> Those federal infrastructure funds will be sent to states that will issue grants to the charging network companies, which will make up the country's network. And that should be a big shot in the arm for ChargePoint as the largest operator in the country. Even prior to the realization of that catalyst, ChargePoint was growing its business beyond what it had predicted before its public debut.</p><p><blockquote>这些联邦基础设施资金将被送往各州，各州将向充电网络公司发放拨款，这些公司将构成该国的网络。对于美国最大的运营商 ChargePoint 来说，这应该是一个很大的优势。甚至在实现这一催化剂之前，ChargePoint 的业务增长就超出了其上市前的预测。</blockquote></p><p> The company recorded $146 million in revenue&nbsp;for its full fiscal year 2021 that ended Jan. 31, 2021. In its most recently reported quarter ended July 31, 2021, it raised its revenue guidance for its current fiscal year by 15% to a range of $225 million to $235 million. At the midpoint, that would represent annual revenue growth of 57.5%, even without the added catalyst of federal funds.</p><p><blockquote>该公司在截至2021年1月31日的2021财年录得1.46亿美元的收入。在截至 2021 年 7 月 31 日的最新季度中，该公司将本财年的收入指引上调了 15%，达到 2.25 亿至 2.35 亿美元。到中点，即使没有联邦基金的额外催化剂，年收入增长也将达到 57.5%。</blockquote></p><p> ChargePoint generated its own excitement when it announced it would begin trading publicly last year. The stock is almost 50% off the peak price reached at the end of Dec. 2020 prior to the closing of its merger with the&nbsp;special purpose acquisition company (SPAC)&nbsp;that brought it public. It wouldn't be surprising to see Rivian's stock fluctuate as well. But for Rivian -- and all the other EV makers -- to be successful, there will need to be charging infrastructure in place. That makes ChargePoint a \"picks and shovels\" type of investment for the rapidly growing EV sector. That could make it a better investment today than adding to Rivian's early hype.</p><p><blockquote>当ChargePoint去年宣布将开始公开交易时，它引起了自己的兴奋。该股较 2020 年 12 月底与特殊目的收购公司 (SPAC) 合并完成前达到的峰值价格下降了近 50%。Rivian 的股价也出现波动并不奇怪。但Rivian和所有其他电动汽车制造商要想取得成功，就需要有充电基础设施。这使得 ChargePoint 成为快速增长的电动汽车行业的“挑选和铲子”型投资。这可能会使它成为今天更好的投资，而不是增加 Rivian 早期的炒作。</blockquote></p><p> <b>Lucid is proving it can compete against the best in the business</b></p><p><blockquote><b>Lucid 正在证明它可以与业内最优秀的公司竞争</b></blockquote></p><p></p><p> <b>Daniel Foelber(Lucid Group):</b>Rivian's roughly $120 billion market capitalization is raising eyebrows considering the company is relatively unproven. Similarly, Lucid Motors has received its fair share of criticism for sporting a $65 billion market cap just over a month into the&nbsp;mass production of its Lucid Air Dream Edition luxury sedan.</p><p><blockquote><b>丹尼尔·福尔伯（Lucid集团）：</b>考虑到 Rivian 相对未经证实，其约 1200 亿美元的市值令人惊讶。同样，Lucid Motors 因在量产 Lucid Air Dream Edition 豪华轿车仅一个多月后就展示了 650 亿美元的市值而受到了相当多的批评。</blockquote></p><p> Rivian and Lucid are pricey, and it's hard to say which is the better value now. Rivian has received backing from&nbsp;<b>Amazon</b>&nbsp;and&nbsp;<b>Ford</b>&nbsp;as it targets the higher-end electric lifestyle truck and electric delivery van markets. Similar to&nbsp;<b>Tesla</b>(NASDAQ:TSLA), the company is bypassing the dealership framework of traditional automakers by&nbsp;marketing directly to consumers. Rivian also plans to build its own charging network to make electricity more accessible in remote places where a core part of its outdoor-focused target demographic requires the ability to charge. By comparison,Lucid doesn't feel the need to invest in its own charging network, choosing instead to save money by partnering with the growing list of third-party charging providers.</p><p><blockquote>Rivian和Lucid价格昂贵，现在很难说哪个更划算。Rivian得到了来自<b>亚马逊</b>和<b>福特</b>因为它的目标是高端电动生活卡车和电动送货车市场。类似<b>特斯拉</b>（纳斯达克股票代码：TSLA），该公司通过直接向消费者营销来绕过传统汽车制造商的经销商框架。Rivian还计划建设自己的充电网络，以便在偏远地区更容易获得电力，这些地方以户外为重点的目标人群的核心部分需要充电能力。相比之下，Lucid 认为没有必要投资自己的充电网络，而是选择通过与越来越多的第三方充电提供商合作来节省资金。</blockquote></p><p> Rivian has already faced delivery delays due to the global chip shortage. By comparison, Lucid has quickly built a&nbsp;reputation for delivering on its promises, having hit all of its major 2021 goals on time. Lucid also has an excellent management team and plenty of cash to fund its 2022 operations.</p><p><blockquote>由于全球芯片短缺，Rivian已经面临交付延迟。相比之下，Lucid 很快就因兑现承诺而建立了声誉，按时实现了 2021 年的所有主要目标。Lucid 还拥有优秀的管理团队和充足的现金来资助其 2022 年的运营。</blockquote></p><p> Arguably the best reason&nbsp;why there's never been a better time to buy Lucid stock&nbsp;is that the company has achieved incredible engineering feats that&nbsp;rival Tesla-- the undisputed champ in the EV industry. Packing in more battery cells can help improve performance, but Lucid isn't doing that. Instead, it has built a&nbsp;compact battery pack&nbsp;that sports a battery efficiency of 4.5 miles per kilowatt-hour (mi/kWh) of stored energy, which is higher than the Tesla Model S, Jaguar I-Pace, Porsche Taycan, and other competitors. Lucid management believes that battery efficiency is the key differentiating factor, not just higher horsepower and range. With the Lucid Air Dream Edition and Grand Touring, it has outdone the competition in both efficiency ratings and performance -- albeit for a high price tag.</p><p><blockquote>可以说，现在是购买 Lucid 股票的最佳时机的最佳原因是，该公司取得了令人难以置信的工程成就，可与电动汽车行业无可争议的冠军特斯拉相媲美。包装更多电池有助于提高性能，但 Lucid 并没有这样做。相反，它制造了一个紧凑型电池组，存储能量的电池效率为4.5英里/千瓦时（mi/kWh），高于特斯拉Model S、捷豹I-Pace、保时捷Taycan和其他竞争对手。Lucid管理层认为电池效率是关键的差异化因素，而不仅仅是更高的马力和续航里程。凭借 Lucid Air Dream Edition 和 Grand Touring，它在效率评级和性能方面都超越了竞争对手——尽管价格很高。</blockquote></p><p> Rivian supporters would argue that not only does Rivian have a nice head start in the lifestyle EV pickup truck market, but it's also going to be a relatively insulated market because seasoned automakers like Ford and GM are only challenging the standard pickup truck market (for now). By comparison, Lucid plans to roll out lower prices trims of its sedan that would have to compete against expensive but much more \"affordable\" luxury sedan leaders. In doing so, it plans to lower the horsepower and range of its cars, which would bridge the gap between its advantages and the competition. However, what gives Lucid the edge over Rivian is that it has proven it can go toe-to-toe with the best in the business, hit its targets, and has plans to&nbsp;grow quickly in 2022 and beyond.</p><p><blockquote>Rivian的支持者会认为，Rivian不仅在生活方式电动皮卡市场取得了良好的开端，而且它还将是一个相对孤立的市场，因为福特和通用汽车等经验丰富的汽车制造商只是在挑战标准皮卡市场（目前）。相比之下，Lucid 计划推出价格较低的轿车，以与昂贵但更“实惠”的豪华轿车领导者竞争。这样做，它计划降低汽车的马力和续航里程，这将缩小其优势与竞争对手之间的差距。然而，Lucid 相对于Rivian的优势在于，它已经证明自己可以与业内最优秀的公司正面交锋，实现目标，并计划在 2022 年及以后快速增长。</blockquote></p><p> Given that the growth trajectory is mapped out, Lucid has a clear path toward even greater success. However, investors should be aware that Lucid stock is likely to remain extremely volatile as the company works toward scaling production.</p><p><blockquote>鉴于增长轨迹已经规划好，Lucid 有一条通往更大成功的清晰道路。然而，投资者应该意识到，随着 Lucid 致力于扩大生产规模，该公司的股票可能会保持极度波动。</blockquote></p><p> <b>EVs are here to stay</b></p><p><blockquote><b>电动汽车将继续存在</b></blockquote></p><p> What we all agree on is that electric vehicles are here to stay. They're now competitive with fossil fuel vehicles in range, costs are coming down, and the innovative companies making EVs are enabling autonomy as well. The entire EV space has huge potential; we just think GM, ChargePoint, and Lucid are better buys than Rivian at today's price.</p><p><blockquote>我们都同意电动汽车将继续存在。它们现在在续航里程上可以与化石燃料汽车竞争，成本正在下降，制造电动汽车的创新公司也在实现自主性。整个电动汽车领域潜力巨大；我们只是认为，按照今天的价格，通用汽车、ChargePoint 和 Lucid 比Rivian更值得购买。</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>Rivian Soars On IPO, But These 3 EV Stocks Are Better Buys Now<blockquote>Rivian IPO飙升，但这3只电动汽车股票现在更值得购买</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\">\nRivian Soars On IPO, But These 3 EV Stocks Are Better Buys Now<blockquote>Rivian IPO飙升，但这3只电动汽车股票现在更值得购买</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-11-14 09:27</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Rivian Automotive</b>(NASDAQ:RIVN)has hit the market with a bang, trading more than 30% over its IPO price and now sporting a market cap near $100 billion. This is despite only producing about 15 vehicles per week right now. The company has a bright future, but investors looking for any value in&nbsp;electric vehicle stocks&nbsp;should probably look elsewhere right now.</p><p><blockquote><b>Rivian汽车</b>（纳斯达克股票代码：RIVN）一炮而红，交易价格比 IPO 价格上涨 30% 以上，目前市值接近 1000 亿美元。尽管目前每周仅生产约 15 辆汽车。该公司拥有光明的未来，但寻找电动汽车股票价值的投资者现在可能应该另寻他处。</blockquote></p><p> Three of our Fool.com contributors ,Travis Hoium, Howard Smith, and Daniel Foelber think&nbsp;<b>General Motors</b>(NYSE:GM),<b>ChargePoint Holdings</b>(NYSE:CHPT), and&nbsp;<b>Lucid Group</b>(NASDAQ:LCID)&nbsp;are all better buys than Rivian today.</p><p><blockquote>我们的三位 Fool.com 撰稿人 Travis Hoium、Howard Smith 和 Daniel Foelber 认为<b>通用汽车</b>（纽约证券交易所代码：GM），<b>ChargePoint控股</b>（纽约证券交易所代码：CHPT），以及<b>Lucid集团</b>（纳斯达克股票代码：LCID）今天都比Rivian更值得购买。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/38583e5ca55657c01e76a6eb4bab1782\" tg-width=\"2000\" tg-height=\"1331\" width=\"100%\" height=\"auto\"><span>IMAGE SOURCE: GETTY IMAGES.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：盖蒂图片社。</span></p></blockquote></p><p> <b>The leader in autonomous driving</b></p><p><blockquote><b>自动驾驶领域的领导者</b></blockquote></p><p> <b>Travis Hoium(General Motors):</b>As companies like Rivian get all the headlines in electric vehicles, General Motors is quietly building out the technology and manufacturing capacity totransition entirely to electric vehicles by 2035. That includes 30 EV models that will launch globally by 2025, including cars, trucks, and SUVs.</p><p><blockquote><b>特拉维斯·霍伊姆（通用汽车）：</b>随着Rivian等公司成为电动汽车的头条新闻，通用汽车正在悄悄地建立技术和制造能力，以在 2035 年之前完全过渡到电动汽车。其中包括到 2025 年将在全球推出的 30 款电动汽车车型，包括轿车、卡车和 SUV。</blockquote></p><p> But it isn't GM's EV capacity that makes it a better buy than Rivian, it's the company's majority ownership of Cruise, the autonomous ride-sharing company, that provides the most upside. GM is providing Cruise with design and manufacturing capabilities to build autonomous vehicles like the Cruise Origin (shown above), a self-driving shuttle for ride-sharing developed in a partnership between Cruise, GM, and&nbsp;<b>Honda</b>. Cruise is developing autonomous driving hardware and software that go into Origin and eventually a ride-sharing business. GM is also providing funding to build out Cruise's vehicle infrastructure, which could cost many billions of dollars, starting with a $5 billion line of credit to buy Cruise Origins.</p><p><blockquote>但使其成为比Rivian更好的买家的并不是通用汽车的电动汽车产能，而是该公司对自动驾驶拼车公司 Cruise 的多数股权提供了最大的优势。通用汽车正在为 Cruise 提供设计和制造能力，以制造自动驾驶汽车，例如 Cruise Origin（如上图所示），这是一款由 Cruise、通用汽车和<b>本田</b>. Cruise 正在开发自动驾驶硬件和软件，这些硬件和软件将成为 Origin 并最终成为拼车业务。通用汽车还提供资金来建设 Cruise 的汽车基础设施，这可能需要数十亿美元，首先是提供 50 亿美元的信贷额度来收购 Cruise Origins。</blockquote></p><p> In time, autonomous vehicles could reduce the cost of traveling in cities and even make vehicle ownership obsolete. Cruise is leading the way into this market, and that provides tremendous upside for GM. This may be an old company in the auto industry, but it's making great strategic moves to be a leader in the future of electric and autonomous vehicles.</p><p><blockquote>随着时间的推移，自动驾驶汽车可以降低城市出行的成本，甚至使汽车所有权过时。Cruise 正在引领这一市场，这为通用汽车提供了巨大的优势。这可能是汽车行业的一家老公司，但它正在采取重大战略举措，成为电动和自动驾驶汽车未来的领导者。</blockquote></p><p> <b>Picks and shovels</b></p><p><blockquote><b>镐和铲</b></blockquote></p><p> <b>Howard Smith(ChargePoint Holdings)</b>:Rivian's public debut&nbsp;generated a lot of excitement for good reason. The company has big backers and reportedly a backlog of orders for both fleets and consumer electric vehicles (EVs). But investors have seen plenty of examples where initial excitement causes a spike in valuation that doesn't always last.</p><p><blockquote><b>霍华德·史密斯（ChargePoint Holdings）</b>:Rivian 的公开亮相引起了很多兴奋，这是有充分理由的。该公司拥有庞大的支持者，据报道，车队和消费电动汽车 (EV) 的订单积压。但投资者已经看到很多例子，最初的兴奋导致估值飙升，但并不总是持续。</blockquote></p><p> Another exciting recent event for EV investors was the passage of a federal infrastructure bill that will push $7.5 billion to help build out the charging infrastructure needed for this country to expand EV ownership. ChargePoint Holdings is the leader in that space with more than 118,000 charging ports, including more than 3,700 DC fast chargers. The vast majority of those stations are in the U.S., though the company is also growing its business in Europe where it already has 5,400 charging locations.</p><p><blockquote>对于电动汽车投资者来说，最近另一件令人兴奋的事情是联邦基础设施法案的通过，该法案将提供 75 亿美元来帮助建设该国扩大电动汽车保有量所需的充电基础设施。ChargePoint Holdings 是该领域的领导者，拥有超过 118,000 个充电端口，其中包括超过 3,700 个直流快速充电器。这些充电站绝大多数位于美国，尽管该公司也在发展其在欧洲的业务，在欧洲已经拥有 5,400 个充电站。</blockquote></p><p> Those federal infrastructure funds will be sent to states that will issue grants to the charging network companies, which will make up the country's network. And that should be a big shot in the arm for ChargePoint as the largest operator in the country. Even prior to the realization of that catalyst, ChargePoint was growing its business beyond what it had predicted before its public debut.</p><p><blockquote>这些联邦基础设施资金将被送往各州，各州将向充电网络公司发放拨款，这些公司将构成该国的网络。对于美国最大的运营商 ChargePoint 来说，这应该是一个很大的优势。甚至在实现这一催化剂之前，ChargePoint 的业务增长就超出了其上市前的预测。</blockquote></p><p> The company recorded $146 million in revenue&nbsp;for its full fiscal year 2021 that ended Jan. 31, 2021. In its most recently reported quarter ended July 31, 2021, it raised its revenue guidance for its current fiscal year by 15% to a range of $225 million to $235 million. At the midpoint, that would represent annual revenue growth of 57.5%, even without the added catalyst of federal funds.</p><p><blockquote>该公司在截至2021年1月31日的2021财年录得1.46亿美元的收入。在截至 2021 年 7 月 31 日的最新季度中，该公司将本财年的收入指引上调了 15%，达到 2.25 亿至 2.35 亿美元。到中点，即使没有联邦基金的额外催化剂，年收入增长也将达到 57.5%。</blockquote></p><p> ChargePoint generated its own excitement when it announced it would begin trading publicly last year. The stock is almost 50% off the peak price reached at the end of Dec. 2020 prior to the closing of its merger with the&nbsp;special purpose acquisition company (SPAC)&nbsp;that brought it public. It wouldn't be surprising to see Rivian's stock fluctuate as well. But for Rivian -- and all the other EV makers -- to be successful, there will need to be charging infrastructure in place. That makes ChargePoint a \"picks and shovels\" type of investment for the rapidly growing EV sector. That could make it a better investment today than adding to Rivian's early hype.</p><p><blockquote>当ChargePoint去年宣布将开始公开交易时，它引起了自己的兴奋。该股较 2020 年 12 月底与特殊目的收购公司 (SPAC) 合并完成前达到的峰值价格下降了近 50%。Rivian 的股价也出现波动并不奇怪。但Rivian和所有其他电动汽车制造商要想取得成功，就需要有充电基础设施。这使得 ChargePoint 成为快速增长的电动汽车行业的“挑选和铲子”型投资。这可能会使它成为今天更好的投资，而不是增加 Rivian 早期的炒作。</blockquote></p><p> <b>Lucid is proving it can compete against the best in the business</b></p><p><blockquote><b>Lucid 正在证明它可以与业内最优秀的公司竞争</b></blockquote></p><p></p><p> <b>Daniel Foelber(Lucid Group):</b>Rivian's roughly $120 billion market capitalization is raising eyebrows considering the company is relatively unproven. Similarly, Lucid Motors has received its fair share of criticism for sporting a $65 billion market cap just over a month into the&nbsp;mass production of its Lucid Air Dream Edition luxury sedan.</p><p><blockquote><b>丹尼尔·福尔伯（Lucid集团）：</b>考虑到 Rivian 相对未经证实，其约 1200 亿美元的市值令人惊讶。同样，Lucid Motors 因在量产 Lucid Air Dream Edition 豪华轿车仅一个多月后就展示了 650 亿美元的市值而受到了相当多的批评。</blockquote></p><p> Rivian and Lucid are pricey, and it's hard to say which is the better value now. Rivian has received backing from&nbsp;<b>Amazon</b>&nbsp;and&nbsp;<b>Ford</b>&nbsp;as it targets the higher-end electric lifestyle truck and electric delivery van markets. Similar to&nbsp;<b>Tesla</b>(NASDAQ:TSLA), the company is bypassing the dealership framework of traditional automakers by&nbsp;marketing directly to consumers. Rivian also plans to build its own charging network to make electricity more accessible in remote places where a core part of its outdoor-focused target demographic requires the ability to charge. By comparison,Lucid doesn't feel the need to invest in its own charging network, choosing instead to save money by partnering with the growing list of third-party charging providers.</p><p><blockquote>Rivian和Lucid价格昂贵，现在很难说哪个更划算。Rivian得到了来自<b>亚马逊</b>和<b>福特</b>因为它的目标是高端电动生活卡车和电动送货车市场。类似<b>特斯拉</b>（纳斯达克股票代码：TSLA），该公司通过直接向消费者营销来绕过传统汽车制造商的经销商框架。Rivian还计划建设自己的充电网络，以便在偏远地区更容易获得电力，这些地方以户外为重点的目标人群的核心部分需要充电能力。相比之下，Lucid 认为没有必要投资自己的充电网络，而是选择通过与越来越多的第三方充电提供商合作来节省资金。</blockquote></p><p> Rivian has already faced delivery delays due to the global chip shortage. By comparison, Lucid has quickly built a&nbsp;reputation for delivering on its promises, having hit all of its major 2021 goals on time. Lucid also has an excellent management team and plenty of cash to fund its 2022 operations.</p><p><blockquote>由于全球芯片短缺，Rivian已经面临交付延迟。相比之下，Lucid 很快就因兑现承诺而建立了声誉，按时实现了 2021 年的所有主要目标。Lucid 还拥有优秀的管理团队和充足的现金来资助其 2022 年的运营。</blockquote></p><p> Arguably the best reason&nbsp;why there's never been a better time to buy Lucid stock&nbsp;is that the company has achieved incredible engineering feats that&nbsp;rival Tesla-- the undisputed champ in the EV industry. Packing in more battery cells can help improve performance, but Lucid isn't doing that. Instead, it has built a&nbsp;compact battery pack&nbsp;that sports a battery efficiency of 4.5 miles per kilowatt-hour (mi/kWh) of stored energy, which is higher than the Tesla Model S, Jaguar I-Pace, Porsche Taycan, and other competitors. Lucid management believes that battery efficiency is the key differentiating factor, not just higher horsepower and range. With the Lucid Air Dream Edition and Grand Touring, it has outdone the competition in both efficiency ratings and performance -- albeit for a high price tag.</p><p><blockquote>可以说，现在是购买 Lucid 股票的最佳时机的最佳原因是，该公司取得了令人难以置信的工程成就，可与电动汽车行业无可争议的冠军特斯拉相媲美。包装更多电池有助于提高性能，但 Lucid 并没有这样做。相反，它制造了一个紧凑型电池组，存储能量的电池效率为4.5英里/千瓦时（mi/kWh），高于特斯拉Model S、捷豹I-Pace、保时捷Taycan和其他竞争对手。Lucid管理层认为电池效率是关键的差异化因素，而不仅仅是更高的马力和续航里程。凭借 Lucid Air Dream Edition 和 Grand Touring，它在效率评级和性能方面都超越了竞争对手——尽管价格很高。</blockquote></p><p> Rivian supporters would argue that not only does Rivian have a nice head start in the lifestyle EV pickup truck market, but it's also going to be a relatively insulated market because seasoned automakers like Ford and GM are only challenging the standard pickup truck market (for now). By comparison, Lucid plans to roll out lower prices trims of its sedan that would have to compete against expensive but much more \"affordable\" luxury sedan leaders. In doing so, it plans to lower the horsepower and range of its cars, which would bridge the gap between its advantages and the competition. However, what gives Lucid the edge over Rivian is that it has proven it can go toe-to-toe with the best in the business, hit its targets, and has plans to&nbsp;grow quickly in 2022 and beyond.</p><p><blockquote>Rivian的支持者会认为，Rivian不仅在生活方式电动皮卡市场取得了良好的开端，而且它还将是一个相对孤立的市场，因为福特和通用汽车等经验丰富的汽车制造商只是在挑战标准皮卡市场（目前）。相比之下，Lucid 计划推出价格较低的轿车，以与昂贵但更“实惠”的豪华轿车领导者竞争。这样做，它计划降低汽车的马力和续航里程，这将缩小其优势与竞争对手之间的差距。然而，Lucid 相对于Rivian的优势在于，它已经证明自己可以与业内最优秀的公司正面交锋，实现目标，并计划在 2022 年及以后快速增长。</blockquote></p><p> Given that the growth trajectory is mapped out, Lucid has a clear path toward even greater success. However, investors should be aware that Lucid stock is likely to remain extremely volatile as the company works toward scaling production.</p><p><blockquote>鉴于增长轨迹已经规划好，Lucid 有一条通往更大成功的清晰道路。然而，投资者应该意识到，随着 Lucid 致力于扩大生产规模，该公司的股票可能会保持极度波动。</blockquote></p><p> <b>EVs are here to stay</b></p><p><blockquote><b>电动汽车将继续存在</b></blockquote></p><p> What we all agree on is that electric vehicles are here to stay. They're now competitive with fossil fuel vehicles in range, costs are coming down, and the innovative companies making EVs are enabling autonomy as well. The entire EV space has huge potential; we just think GM, ChargePoint, and Lucid are better buys than Rivian at today's price.</p><p><blockquote>我们都同意电动汽车将继续存在。它们现在在续航里程上可以与化石燃料汽车竞争，成本正在下降，制造电动汽车的创新公司也在实现自主性。整个电动汽车领域潜力巨大；我们只是认为，按照今天的价格，通用汽车、ChargePoint 和 Lucid 比Rivian更值得购买。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/11/13/rivian-soars-on-ipo-but-these-3-stocks/\">Motley Fool</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":{"CHPT":"ChargePoint Holdings Inc.","LCID":"Lucid Group Inc","GM":"通用汽车"},"source_url":"https://www.fool.com/investing/2021/11/13/rivian-soars-on-ipo-but-these-3-stocks/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175907621","content_text":"Rivian Automotive(NASDAQ:RIVN)has hit the market with a bang, trading more than 30% over its IPO price and now sporting a market cap near $100 billion. This is despite only producing about 15 vehicles per week right now. The company has a bright future, but investors looking for any value in electric vehicle stocks should probably look elsewhere right now.\nThree of our Fool.com contributors ,Travis Hoium, Howard Smith, and Daniel Foelber think General Motors(NYSE:GM),ChargePoint Holdings(NYSE:CHPT), and Lucid Group(NASDAQ:LCID) are all better buys than Rivian today.\nIMAGE SOURCE: GETTY IMAGES.\nThe leader in autonomous driving\nTravis Hoium(General Motors):As companies like Rivian get all the headlines in electric vehicles, General Motors is quietly building out the technology and manufacturing capacity totransition entirely to electric vehicles by 2035. That includes 30 EV models that will launch globally by 2025, including cars, trucks, and SUVs.\nBut it isn't GM's EV capacity that makes it a better buy than Rivian, it's the company's majority ownership of Cruise, the autonomous ride-sharing company, that provides the most upside. GM is providing Cruise with design and manufacturing capabilities to build autonomous vehicles like the Cruise Origin (shown above), a self-driving shuttle for ride-sharing developed in a partnership between Cruise, GM, and Honda. Cruise is developing autonomous driving hardware and software that go into Origin and eventually a ride-sharing business. GM is also providing funding to build out Cruise's vehicle infrastructure, which could cost many billions of dollars, starting with a $5 billion line of credit to buy Cruise Origins.\nIn time, autonomous vehicles could reduce the cost of traveling in cities and even make vehicle ownership obsolete. Cruise is leading the way into this market, and that provides tremendous upside for GM. This may be an old company in the auto industry, but it's making great strategic moves to be a leader in the future of electric and autonomous vehicles.\nPicks and shovels\nHoward Smith(ChargePoint Holdings):Rivian's public debut generated a lot of excitement for good reason. The company has big backers and reportedly a backlog of orders for both fleets and consumer electric vehicles (EVs). But investors have seen plenty of examples where initial excitement causes a spike in valuation that doesn't always last.\nAnother exciting recent event for EV investors was the passage of a federal infrastructure bill that will push $7.5 billion to help build out the charging infrastructure needed for this country to expand EV ownership. ChargePoint Holdings is the leader in that space with more than 118,000 charging ports, including more than 3,700 DC fast chargers. The vast majority of those stations are in the U.S., though the company is also growing its business in Europe where it already has 5,400 charging locations.\nThose federal infrastructure funds will be sent to states that will issue grants to the charging network companies, which will make up the country's network. And that should be a big shot in the arm for ChargePoint as the largest operator in the country. Even prior to the realization of that catalyst, ChargePoint was growing its business beyond what it had predicted before its public debut.\nThe company recorded $146 million in revenue for its full fiscal year 2021 that ended Jan. 31, 2021. In its most recently reported quarter ended July 31, 2021, it raised its revenue guidance for its current fiscal year by 15% to a range of $225 million to $235 million. At the midpoint, that would represent annual revenue growth of 57.5%, even without the added catalyst of federal funds.\nChargePoint generated its own excitement when it announced it would begin trading publicly last year. The stock is almost 50% off the peak price reached at the end of Dec. 2020 prior to the closing of its merger with the special purpose acquisition company (SPAC) that brought it public. It wouldn't be surprising to see Rivian's stock fluctuate as well. But for Rivian -- and all the other EV makers -- to be successful, there will need to be charging infrastructure in place. That makes ChargePoint a \"picks and shovels\" type of investment for the rapidly growing EV sector. That could make it a better investment today than adding to Rivian's early hype.\nLucid is proving it can compete against the best in the business\nDaniel Foelber(Lucid Group):Rivian's roughly $120 billion market capitalization is raising eyebrows considering the company is relatively unproven. Similarly, Lucid Motors has received its fair share of criticism for sporting a $65 billion market cap just over a month into the mass production of its Lucid Air Dream Edition luxury sedan.\nRivian and Lucid are pricey, and it's hard to say which is the better value now. Rivian has received backing from Amazon and Ford as it targets the higher-end electric lifestyle truck and electric delivery van markets. Similar to Tesla(NASDAQ:TSLA), the company is bypassing the dealership framework of traditional automakers by marketing directly to consumers. Rivian also plans to build its own charging network to make electricity more accessible in remote places where a core part of its outdoor-focused target demographic requires the ability to charge. By comparison,Lucid doesn't feel the need to invest in its own charging network, choosing instead to save money by partnering with the growing list of third-party charging providers.\nRivian has already faced delivery delays due to the global chip shortage. By comparison, Lucid has quickly built a reputation for delivering on its promises, having hit all of its major 2021 goals on time. Lucid also has an excellent management team and plenty of cash to fund its 2022 operations.\nArguably the best reason why there's never been a better time to buy Lucid stock is that the company has achieved incredible engineering feats that rival Tesla-- the undisputed champ in the EV industry. Packing in more battery cells can help improve performance, but Lucid isn't doing that. Instead, it has built a compact battery pack that sports a battery efficiency of 4.5 miles per kilowatt-hour (mi/kWh) of stored energy, which is higher than the Tesla Model S, Jaguar I-Pace, Porsche Taycan, and other competitors. Lucid management believes that battery efficiency is the key differentiating factor, not just higher horsepower and range. With the Lucid Air Dream Edition and Grand Touring, it has outdone the competition in both efficiency ratings and performance -- albeit for a high price tag.\nRivian supporters would argue that not only does Rivian have a nice head start in the lifestyle EV pickup truck market, but it's also going to be a relatively insulated market because seasoned automakers like Ford and GM are only challenging the standard pickup truck market (for now). By comparison, Lucid plans to roll out lower prices trims of its sedan that would have to compete against expensive but much more \"affordable\" luxury sedan leaders. In doing so, it plans to lower the horsepower and range of its cars, which would bridge the gap between its advantages and the competition. However, what gives Lucid the edge over Rivian is that it has proven it can go toe-to-toe with the best in the business, hit its targets, and has plans to grow quickly in 2022 and beyond.\nGiven that the growth trajectory is mapped out, Lucid has a clear path toward even greater success. However, investors should be aware that Lucid stock is likely to remain extremely volatile as the company works toward scaling production.\nEVs are here to stay\nWhat we all agree on is that electric vehicles are here to stay. They're now competitive with fossil fuel vehicles in range, costs are coming down, and the innovative companies making EVs are enabling autonomy as well. The entire EV space has huge potential; we just think GM, ChargePoint, and Lucid are better buys than Rivian at today's price.","news_type":1,"symbols_score_info":{"LCID":0.9,"CHPT":0.9,"GM":0.9}},"isVote":1,"tweetType":1,"viewCount":3344,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":873073813,"gmtCreate":1636813796478,"gmtModify":1636813796617,"author":{"id":"4087996122770160","authorId":"4087996122770160","name":"Timevestor","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087996122770160","authorIdStr":"4087996122770160"},"themes":[],"title":"","htmlText":"Please like and comment.&nbsp;","listText":"Please like and comment.&nbsp;","text":"Please like and comment.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/873073813","repostId":"1129543601","repostType":4,"repost":{"id":"1129543601","kind":"news","pubTimestamp":1636770982,"share":"https://www.laohunote.com/m/news/1129543601?lang=zh_CN&edition=full","pubTime":"2021-11-13 10:36","market":"us","language":"en","title":"Palantir: Q3 Beat, Increased FCF, Raises Guidance But Sells Off Creating An Opportunity<blockquote>Palantir：第三季度超出预期，自由现金流增加，提高指引，但抛售创造机会</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1129543601","media":"Seeking Alpha","summary":"Summary\n\nPalantir delivered revenue growth QoQ of 36% while generating $119 million in FCF creating ","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Palantir delivered revenue growth QoQ of 36% while generating $119 million in FCF creating a 30% margin.</li>  <li>Palantir's commercial revenue increased 37%, and government revenue grew by 34% YoY in Q3 showing strong forward growth trends.</li>  <li>Palantir closed 54 deals in Q3 2021 with at least $1 million in contract value with 33 valued at $5+ million and 18 at $10+ million.</li>  <li>Palantir increases guidance again and expects 40% revenue growth YoY at $1.527 billion and $400 million in FCF up from the previous guidance increase of $300 million.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3fd5d395baf412802ef5e554f0efa64b\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>Andreas Rentz/Getty Images Entertainment</span></p><p><blockquote><ul><li>Palantir 的收入环比增长 36%，同时产生 1.19 亿美元的自由现金流，利润率为 30%。</li><li>Palantir 第三季度商业收入增长 37%，政府收入同比增长 34%，显示出强劲的前瞻性增长趋势。</li><li>Palantir在2021年第三季度完成了54笔交易，合同价值至少为100万美元，其中33笔价值超过500万美元，18笔价值超过1000万美元。</li><li>Palantir 再次上调指引，预计收入同比增长 40%，达到 15.27 亿美元，自由现金流较之前的 3 亿美元增长 4 亿美元。</li></ul><p class=\"t-img-caption\"><span>安德烈亚斯·伦茨/盖蒂图片社娱乐</span></p></blockquote></p><p> Some investors love to hate Palantir (PLTR), which was nicknamed a black box company in the past, while others absolutely love it because they believe PLTR's software is the future. In my previous article on PLTR, I stated that based on PLTR's current revenue trend, they were setting up to deliver $399.41 million in revenue for Q3 and $423.22 million of revenue in Q4. The consensus number was $386.56 million of revenue in Q3, and PLTR delivered $392.1 million and forecasted $418 million in Q4 2021. The reaction in premarket as the earnings call was being conducted was nothing but a sea of red as PLTR sharply declined, and each time a gap tried to fill, the next leg on the downward spiral started. The news wasn't even digested, yet people decided to either take profits, exit their position or lost faith in PLTR.</p><p><blockquote>一些投资者喜欢讨厌 Palantir (PLTR)，该公司过去被戏称为黑盒公司，而另一些投资者则绝对喜欢它，因为他们相信 PLTR 的软件是未来。在我之前关于 PLTR 的文章中，我表示，根据 PLTR 目前的收入趋势，他们计划在第三季度实现 3.9941 亿美元的收入，在第四季度实现 4.2322 亿美元的收入。第三季度的共识数字是3.8656亿美元的收入，PLTR在2021年第四季度实现了3.921亿美元的收入，预计为4.18亿美元。随着 PLTR 大幅下跌，盘前市场的反应只不过是一片红海，每次试图填补缺口时，螺旋式下降的下一阶段就开始了。这个消息甚至还没有被消化，但人们决定要么获利了结，要么平仓，要么对 PLTR 失去信心。</blockquote></p><p> What wasn't there to like in the earnings release to cause the sell-off that has been hovering in the -9.03% range? PLTR delivered 36% YoY revenue growth, added 34 new customers in Q3, and closed 54 deals worth $1 million or more. PLTR increased their remaining deal value by 50% YoY to $3.6 billion and delivered $101 million in cash from operations (26% margin), and $199 million in free cash flow (30% margin). PLTR also increased guidance for 2021 as they now expect revenue growth of 40% YoY compared to their previous projection of 30% and increased their projection in FCF to $400 million from $300 million. In addition to the numbers, PLTR announced new product platforms and use cases that have tremendous potential to drive revenue and FCF in the future. I believe this sell-off will be short-lived and I am looking at it as a buying opportunity.</p><p><blockquote>财报发布有什么不妥之处导致抛售一直徘徊在-9.03%的范围内？PLTR 收入同比增长 36%，第三季度新增 34 名客户，并完成 54 笔价值 100 万美元或以上的交易。PLTR 的剩余交易价值同比增长 50%，达到 36 亿美元，并交付了 1.01 亿美元的运营现金（利润率为 26%）和 1.99 亿美元的自由现金流（利润率为 30%）。PLTR 还提高了 2021 年的指引，因为他们现在预计收入同比增长 40%，而之前预测为 30%，并将自由现金流的预测从 3 亿美元上调至 4 亿美元。除了这些数字之外，PLTR 还宣布了新的产品平台和用例，这些平台和用例在未来具有推动收入和自由现金流的巨大潜力。我相信这次抛售是短暂的，我将其视为买入机会。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8cfe1dd0e9b2c6a24ce3cb94bcfda56c\" tg-width=\"640\" tg-height=\"341\" width=\"100%\" height=\"auto\"><span>(Source: Seeking Alpha)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：Seeking Alpha）</span></p></blockquote></p><p> <b>Palantir's revenue continues to expand on both the commercial and government side</b></p><p><blockquote><b>Palantir 的商业和政府收入持续增长</b></blockquote></p><p> Quarter after Quarter since PLTR went public, their commercial business has expanded. After five quarters of going public, PLTR's quarterly commercial revenue has increased by $62 million or 55.36%. In Q3 2021, PLTR delivered $174 million in revenue from its commercial operations, which accounted for 44.38% of its $392.1 million quarterly revenue. Over the previous two years, PLTR's Q3 revenue has increased by 85.11% as it grew by 35.11% in Q3 2020 YoY and by another 37.01% YoY in Q3 of 2021. PLTR's commercial remaining deal value increased by 101% YoY from $1.1 billion in Q3 2020 to $2.2 billion in Q3 2021. Commercial customers are inviting PLTR to present their software solutions, and PLTR is winning their business. In Q3 2021, PLTR added 34 net new customers increasing their commercial customer base by 20% QoQ to 203. Over the past year, PLTR has seen its commercial customer base expand by 46.04% as it has grown by 64 clients from 139 to 203. Anyone who still classifies PLTR as a black box is not being accurate as the commercial market is learning about PLTR's software platforms and implementing their solutions to improve their operations.</p><p><blockquote>自PLTR上市以来，他们的商业业务一个又一个季度地扩大。上市五个季度后，PLTR的季度商业收入增加了6200万美元，增幅达55.36%。2021 年第三季度，PLTR 的商业运营收入为 1.74 亿美元，占其季度收入 3.921 亿美元的 44.38%。过去两年，PLTR的第三季度收入增长了85.11%，2020年第三季度同比增长35.11%，2021年第三季度又同比增长37.01%。PLTR 的商业剩余交易价值同比增长 101%，从 2020 年第三季度的 11 亿美元增至 2021 年第三季度的 22 亿美元。商业客户正在邀请PLTR展示他们的软件解决方案，PLTR正在赢得他们的业务。2021 年第三季度，PLTR 净增 34 家新客户，商业客户群环比增长 20%，达到 203 家。过去一年，PLTR 的商业客户群增长了 46.04%，客户数量从 139 家增加到 203 家，增加了 64 家。任何仍然将 PLTR 归类为黑匣子的人都是不准确的，因为商业市场正在了解 PLTR 的软件平台并实施其解决方案以改善运营。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/aa4084630f4e4be30a41c925c5a3fd0a\" tg-width=\"640\" tg-height=\"374\" width=\"100%\" height=\"auto\"><span>(Source: Steven Fiorillo) (Data Source: Palantir)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：Steven Fiorillo）（数据来源：Palantir）</span></p></blockquote></p><p> Since Q1 of 2020, PLTR has increased its quarterly revenue by $163.1 million (71.23%) at an average quarterly growth rate of 9.43% QoQ. In Q3 of 2021, this trend stayed intact as revenue increased by $16.1 million QoQ or 4.28%. While the quarterly revenue growth slowed a bit QoQ compared to 10.26% in Q2 2021, PLTR is projecting its Q4 2021 revenue will be $418 million. PLTR is expecting to deliver another company record and generate $25.9 million (6.61%) in QoQ growth to close out the year.</p><p><blockquote>自2020年Q1以来，PLTR的季度收入增加了1.631亿美元（71.23%），平均季度增长率为9.43%。2021 年第三季度，这一趋势保持不变，收入环比增长 1610 万美元，增幅为 4.28%。虽然与 2021 年第二季度的 10.26% 相比，季度收入增长环比略有放缓，但 PLTR 预计其 2021 年第四季度收入将为 4.18 亿美元。PLTR 预计将创造另一项公司纪录，并在年底实现 2590 万美元 (6.61%) 的环比增长。</blockquote></p><p></p><p> The same growth story applies to their total revenue in the trailing twelve months (TTM) as well. Over the last six quarters, PLTR's TTM revenue has increased by $620.6 million (76.55%) from $810.6 million to $1.43 billion. On average, PLTR's TTM revenue growth has increased by $103.42 million (9.94%) QoQ. In Q1 2020 - Q3 2020, their average QoQ revenue growth was $94.03 million, and this has increased substantially as the past three quarters have all increased by at least $105 million QoQ. In Q3 2021, PLTR increased its TTM revenue to $1.43 billion as it added $106.8 million (8.06%) in QoQ revenue growth. Just like the quarterly metric, PLTR's TTM is expected to grow QoQ by an additional $95.9 million to $1.527 billion compared to $1.51 billion in the consensus estimate. This would place PLTR's annual revenue growth YoY well ahead of their 30% projection as they would finish 2021 having increased its revenue by $434.30 million (39.75%)</p><p><blockquote>同样的增长故事也适用于他们过去12个月的总收入（TTM）。过去六个季度，PLTR 的 TTM 收入增加了 6.206 亿美元（76.55%），从 8.106 亿美元增至 14.3 亿美元。平均而言，PLTR 的 TTM 收入增长环比增长 1.0342 亿美元（9.94%）。在2020年第一季度至2020年第三季度，他们的平均环比收入增长为9403万美元，这一数字大幅增长，因为过去三个季度的环比收入都至少增长了1.05亿美元。2021 年第三季度，PLTR 的 TTM 收入增至 14.3 亿美元，环比收入增长 1.068 亿美元（8.06%）。与季度指标一样，PLTR 的 TTM 预计将环比额外增长 9590 万美元，达到 15.27 亿美元，而市场普遍预期为 15.1 亿美元。这将使 PLTR 的年收入同比增长远远超过 30% 的预测，因为到 2021 年，他们的收入将增加 4.3430 亿美元 (39.75%)</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b0ec6211d7ecb04785f406c7661c9124\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>(Source: Steven Fiorillo) (Data Source: Palantir)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：Steven Fiorillo）（数据来源：Palantir）</span></p></blockquote></p><p> I am shocked PLTR is still in the red. PLTR is a high-growth company that is now FCF positive and expanding its metrics. In the first nine months of 2020, PLTR generated -$285 million in FCF, and at the end of the first nine months of 2021, PLTR has delivered a $605 million swing as it has produced $320 million in FCF YTD. PLTR previously increased their 2021 FCF guidance to $300, and they just increased it again to $400+ million. In the span of three months, PLTR increased its FCF projection by an additional 33.33%. In Q3, PLTR's FCF margin was 30%, and they are projecting $400+ million in FCF for 2021. At the very minimum, this would mean they will tack on an additional $80 million in FCF for 2021. If PLTR delivers $1.527 billion in revenue and $400 million in FCF, its 2021 FCF margin would be 26.2%. PLTR is still projecting 30% annual revenue growth YoY thru 2025, which would place their 2025 revenue at $4.36 billion based on their projection of $1.527 for 2021. At PLTR's current FCF margin, they would generate $1.14 billion in FCF in 2025. Considering PLTR's current trends, if they exceeded their projections and grew at 35% YoY, it would place their 2025 revenue at $5.07 billion. At their current FCF margin, they would then generate $1.33 billion in FCF in 2025.</p><p><blockquote>我很震惊PLTR仍然处于亏损状态。PLTR 是一家高增长公司，目前 FCF 为正，并正在扩大其指标。在 2020 年前 9 个月，PLTR 产生了 2.85 亿美元的自由现金流，在 2021 年前 9 个月末，PLTR 交付了 6.05 亿美元的波动，年初至今已产生 3.2 亿美元的自由现金流。PLTR 此前将 2021 年自由现金流指引提高到 300 美元，现在又将其再次提高到 4 亿多美元。在三个月的时间里，PLTR将其自由现金流预测额外增加了33.33%。第三季度，PLTR 的自由现金流利润率为 30%，他们预计 2021 年自由现金流利润率将超过 4 亿美元。至少，这意味着他们将在 2021 年额外增加 8000 万美元的自由现金流。如果 PLTR 实现 15.27 亿美元的收入和 4 亿美元的自由现金流，其 2021 年自由现金流利润率将为 26.2%。PLTR 仍预计到 2025 年年收入同比增长 30%，基于 2021 年 1527 美元的预测，他们 2025 年收入将达到 43.6 亿美元。按照 PLTR 目前的自由现金流利润率，他们将在 2025 年产生 11.4 亿美元的自由现金流。考虑到 PLTR 目前的趋势，如果他们超出预期并同比增长 35%，那么他们 2025 年收入将达到 50.7 亿美元。按照目前的自由现金流利润率，到 2025 年，他们将产生 13.3 亿美元的自由现金流。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/87cff0d5c5ef70ea6926a1323c77bfe4\" tg-width=\"640\" tg-height=\"306\" width=\"100%\" height=\"auto\"><span>(Source: PLTR)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（资料来源：PLTR）</span></p></blockquote></p><p> PLTR is firing on all cylinders. YoY, their Q3 revenue grew by 36%, they raised guidance on their FCF for a 2nd time from $300 million to $400+ million and have increased their annual revenue growth guidance from 30% to roughly 40%. PLTR is still maintaining its future revenue outlook of 30% annually YoY and is creating some impressive margins. PLTR's commercial revenue grew YoY by 37%, and their government revenue grew by 34% YoY in Q3. PLTR closed at least 54 deals worth at least $1 million during Q3, and 33 of those were at least $5 million in revenue, and 18 were at least $10 million in revenue. PLTR's growth metrics are impressive, and I am expecting them to under promise and over deliver going forward.</p><p><blockquote>PLTR正在全力以赴。同比，他们的第三季度收入增长了 36%，他们第二次将自由现金流的指导从 3 亿美元提高到 4 亿多美元，并将年收入增长指导从 30% 提高到约 40%。PLTR 仍维持其未来同比增长 30% 的收入前景，并创造了一些令人印象深刻的利润率。PLTR 第三季度商业收入同比增长 37%，政府收入同比增长 34%。PLTR 在第三季度完成了至少 54 笔价值至少 100 万美元的交易，其中 33 笔收入至少为 500 万美元，18 笔收入至少为 1000 万美元。PLTR 的增长指标令人印象深刻，我预计他们未来将低于承诺并超额完成。</blockquote></p><p> <b>Palantir is entering two new sectors that are going to be huge, carbon emissions, and crypto</b></p><p><blockquote><b>Palantir 正在进入两个巨大的新领域：碳排放和加密货币</b></blockquote></p><p> In the past, I have written about future opportunities with the government, Amazon(NASDAQ:AMZN), and International Business Machines(NYSE:IBM). On today's earnings call, PLTR introduced significant information surrounding two new products they will be offering for carbon emissions and crypto.</p><p><blockquote>过去，我写过关于政府、亚马逊（纳斯达克股票代码：AMZN）和国际商业机器公司（纽约证券交易所股票代码：IBM）未来机会的文章。在今天的财报看涨期权上，PLTR 介绍了有关他们将为碳排放和加密提供的两种新产品的重要信息。</blockquote></p><p></p><p> There has been a fundamental shift in the USA over climate, and President Biden rejoined the Paris Agreement to reengage in tackling climate change. Part ofthe planis to reach a net-zero emission economy-wide by 2050. Recently President Biden at the United Nations climate summit in Glasgow, Scotland, pledged to work with the European Union and dozens of other nations to reduce overall methane emissions worldwide by 30% by 2030. No matter what your stance on climate is, there are many who believe we need to lower emissions, and many nations are working on a goal. To comply, companies such as&nbsp;Exxon Mobil(NYSE:XOM)&nbsp;are conducting longer-term research on several promising innovations with outside organizations, including direct air capture technology to&nbsp;scrub emissions out of the air&nbsp;and carbonate fuel cells&nbsp;to capture industrial emissions&nbsp;from flue gas streams of power plants or manufacturing facilities. Carbon emissions management is already a booming business, and PLTR is creating a module on Foundry to present a single pane to view revenue, margin, production, and all emissions so companies can manage outcomes more efficiently. Personally, I believe this has enormous potential to drive revenue for PLTR in the future.</p><p><blockquote>美国在气候问题上发生了根本性的转变，拜登总统重新加入了《巴黎协定》，重新参与应对气候变化。到2050年实现整个经济净零排放计划的一部分。最近，拜登总统在苏格兰格拉斯哥举行的联合国气候峰会上承诺，将与欧盟和其他数十个国家合作，到2030年将全球甲烷排放总量减少30%。无论你对气候的立场是什么，都有许多人认为我们需要降低排放，许多国家正在努力实现一个目标。为了遵守规定，埃克森美孚（纽约证券交易所股票代码：XOM）等公司正在与外部组织一起对几项有前途的创新进行长期研究，包括用于清除空气中排放物的直接空气捕获技术和用于捕获工业排放物的碳酸盐燃料电池来自发电厂或制造设施的烟气流。碳排放管理已经是一项蓬勃发展的业务，PLTR 正在 Foundry 上创建一个模块，以显示单个窗格来查看收入、利润率、产量和所有排放，以便公司可以更有效地管理结果。就我个人而言，我相信这对于推动 PLTR 未来的收入具有巨大的潜力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b2386d938e7f452a340dbb130de508f6\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>(Source: Palantir)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：Palantir）</span></p></blockquote></p><p> The second huge prospect that PLTR discussed was Foundry for crypto. It looks like PLTR is leveraging their anti-money laundering and know-your-customer expertise. PLTR has worked with several governments over the years to find compliance issues with the world's largest banks and help those banks respond and strengthen their compliance programs. This makes complete sense, and when you go back to the contracts, PLTR has been awarded from the IRS and SEC (discussed in previous articles). In Q3 alone, PLTR inked 6 contracts with the IRS. If I had to guess, PLTR's software would be utilized by the IRS and the SEC on the government side and adopted on the commercial side by banks and crypto exchanges. Currently, in the past 24 hours,Coinbase(NASDAQ:COIN)&nbsp;is showing that Bitcoin (BTC-USD) has incurred a trading volume of $43.8 billion. I think PLTR will end up driving future revenue from both government and commercial contracts from its Foundry for Crypto.</p><p><blockquote>PLTR讨论的第二个巨大前景是加密铸造。看起来PLTR正在利用他们的反洗钱和了解客户的专业知识。多年来，PLTR 与多个政府合作，发现全球最大银行的合规问题，并帮助这些银行做出回应并加强其合规计划。这是完全有道理的，当你回到合同时，PLTR已经被美国国税局和美国证券交易委员会授予了（在以前的文章中讨论过）。仅在第三季度，PLTR 就与美国国税局签署了 6 份合同。如果让我猜的话，PLTR的软件会被政府方面的国税局和美国证券交易委员会使用，并被银行和加密货币交易所采用。目前，在过去24小时内，比特币基地（纳斯达克股票代码：COIN）显示比特币（BTC-USD）的交易量为438亿美元。我认为 PLTR 最终将推动其加密货币代工厂的政府和商业合同的未来收入。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/53c762e27799c80dbaa9914bb98a6a10\" tg-width=\"624\" tg-height=\"234\" width=\"100%\" height=\"auto\"><span>(Source: Steven Fiorillo) (Data Source: Federal Procurement Database)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（资料来源：Steven Fiorillo）（数据来源：联邦采购数据库）</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/005d57c6c5c926b35eac100fa35c7415\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>(Source: Palantir)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：Palantir）</span></p></blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> PLTR has become another statistic of the market misunderstanding its earnings and selling the news when the news was great. What more does anyone want PLTR to do? This was an excellent quarter with revenue increasing 36% YoY in Q3, FCF came in at $119 million with a 30% margin, and PLTR closed 54 deals worth more than $1 million each. PLTR beats revenue estimates, increases guidance for its full-year revenue than for the 2nd time, increases its FCF guidance. This was a sell the news on all positive factors, which is creating a buying opportunity. I am staying long on PLTR and plan to add to my position if the sell-off continues.</p><p><blockquote>PLTR已经成为市场误解其盈利并在消息大好时抛售消息的又一统计数据。还有人希望PLTR做什么？这是一个出色的季度，第三季度收入同比增长 36%，FCF 达到 1.19 亿美元，利润率为 30%，PLTR 完成了 54 笔交易，每笔交易价值超过 100 万美元。PLTR 超出收入预期，第二次上调全年收入指引，上调自由现金流指引。这是一个关于所有积极因素的卖出消息，这创造了一个买入机会。我将长期持有 PLTR，并计划如果抛售继续的话加仓。</blockquote></p><p> <b>Seeking Alpha Marketplace</b></p><p><blockquote><b>寻求阿尔法市场</b></blockquote></p><p> I will be launching a subscription service called Barbell Capital on the Seeking Alpha Marketplace. Barbell Capital will provide exclusive research, model portfolios, investment tools, Q&amp;A sessions, watchlists, and additional features for its members. I will also have a live portfolio dedicated to generating capital from trading, selling puts and selling covered calls. The profits will be allocated to future capital appreciating investments and investing in dividend investments to generate income while we sleep.</p><p><blockquote>我将在Seeking Alpha市场上推出一项名为Barbell Capital的订阅服务。杠铃资本将为其成员提供独家研究、模型投资组合、投资工具、问答会议、观察列表和附加功能。我还将有一个实时投资组合，专门用于通过交易、出售看跌期权和出售备兑评级来产生资本。利润将被分配到未来的资本增值投资和股息投资中，以便在我们睡觉时产生收入。</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>Palantir: Q3 Beat, Increased FCF, Raises Guidance But Sells Off Creating An Opportunity<blockquote>Palantir：第三季度超出预期，自由现金流增加，提高指引，但抛售创造机会</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; 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}\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\">\nPalantir: Q3 Beat, Increased FCF, Raises Guidance But Sells Off Creating An Opportunity<blockquote>Palantir：第三季度超出预期，自由现金流增加，提高指引，但抛售创造机会</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-11-13 10:36</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Palantir delivered revenue growth QoQ of 36% while generating $119 million in FCF creating a 30% margin.</li>  <li>Palantir's commercial revenue increased 37%, and government revenue grew by 34% YoY in Q3 showing strong forward growth trends.</li>  <li>Palantir closed 54 deals in Q3 2021 with at least $1 million in contract value with 33 valued at $5+ million and 18 at $10+ million.</li>  <li>Palantir increases guidance again and expects 40% revenue growth YoY at $1.527 billion and $400 million in FCF up from the previous guidance increase of $300 million.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3fd5d395baf412802ef5e554f0efa64b\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>Andreas Rentz/Getty Images Entertainment</span></p><p><blockquote><ul><li>Palantir 的收入环比增长 36%，同时产生 1.19 亿美元的自由现金流，利润率为 30%。</li><li>Palantir 第三季度商业收入增长 37%，政府收入同比增长 34%，显示出强劲的前瞻性增长趋势。</li><li>Palantir在2021年第三季度完成了54笔交易，合同价值至少为100万美元，其中33笔价值超过500万美元，18笔价值超过1000万美元。</li><li>Palantir 再次上调指引，预计收入同比增长 40%，达到 15.27 亿美元，自由现金流较之前的 3 亿美元增长 4 亿美元。</li></ul><p class=\"t-img-caption\"><span>安德烈亚斯·伦茨/盖蒂图片社娱乐</span></p></blockquote></p><p> Some investors love to hate Palantir (PLTR), which was nicknamed a black box company in the past, while others absolutely love it because they believe PLTR's software is the future. In my previous article on PLTR, I stated that based on PLTR's current revenue trend, they were setting up to deliver $399.41 million in revenue for Q3 and $423.22 million of revenue in Q4. The consensus number was $386.56 million of revenue in Q3, and PLTR delivered $392.1 million and forecasted $418 million in Q4 2021. The reaction in premarket as the earnings call was being conducted was nothing but a sea of red as PLTR sharply declined, and each time a gap tried to fill, the next leg on the downward spiral started. The news wasn't even digested, yet people decided to either take profits, exit their position or lost faith in PLTR.</p><p><blockquote>一些投资者喜欢讨厌 Palantir (PLTR)，该公司过去被戏称为黑盒公司，而另一些投资者则绝对喜欢它，因为他们相信 PLTR 的软件是未来。在我之前关于 PLTR 的文章中，我表示，根据 PLTR 目前的收入趋势，他们计划在第三季度实现 3.9941 亿美元的收入，在第四季度实现 4.2322 亿美元的收入。第三季度的共识数字是3.8656亿美元的收入，PLTR在2021年第四季度实现了3.921亿美元的收入，预计为4.18亿美元。随着 PLTR 大幅下跌，盘前市场的反应只不过是一片红海，每次试图填补缺口时，螺旋式下降的下一阶段就开始了。这个消息甚至还没有被消化，但人们决定要么获利了结，要么平仓，要么对 PLTR 失去信心。</blockquote></p><p> What wasn't there to like in the earnings release to cause the sell-off that has been hovering in the -9.03% range? PLTR delivered 36% YoY revenue growth, added 34 new customers in Q3, and closed 54 deals worth $1 million or more. PLTR increased their remaining deal value by 50% YoY to $3.6 billion and delivered $101 million in cash from operations (26% margin), and $199 million in free cash flow (30% margin). PLTR also increased guidance for 2021 as they now expect revenue growth of 40% YoY compared to their previous projection of 30% and increased their projection in FCF to $400 million from $300 million. In addition to the numbers, PLTR announced new product platforms and use cases that have tremendous potential to drive revenue and FCF in the future. I believe this sell-off will be short-lived and I am looking at it as a buying opportunity.</p><p><blockquote>财报发布有什么不妥之处导致抛售一直徘徊在-9.03%的范围内？PLTR 收入同比增长 36%，第三季度新增 34 名客户，并完成 54 笔价值 100 万美元或以上的交易。PLTR 的剩余交易价值同比增长 50%，达到 36 亿美元，并交付了 1.01 亿美元的运营现金（利润率为 26%）和 1.99 亿美元的自由现金流（利润率为 30%）。PLTR 还提高了 2021 年的指引，因为他们现在预计收入同比增长 40%，而之前预测为 30%，并将自由现金流的预测从 3 亿美元上调至 4 亿美元。除了这些数字之外，PLTR 还宣布了新的产品平台和用例，这些平台和用例在未来具有推动收入和自由现金流的巨大潜力。我相信这次抛售是短暂的，我将其视为买入机会。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8cfe1dd0e9b2c6a24ce3cb94bcfda56c\" tg-width=\"640\" tg-height=\"341\" width=\"100%\" height=\"auto\"><span>(Source: Seeking Alpha)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：Seeking Alpha）</span></p></blockquote></p><p> <b>Palantir's revenue continues to expand on both the commercial and government side</b></p><p><blockquote><b>Palantir 的商业和政府收入持续增长</b></blockquote></p><p> Quarter after Quarter since PLTR went public, their commercial business has expanded. After five quarters of going public, PLTR's quarterly commercial revenue has increased by $62 million or 55.36%. In Q3 2021, PLTR delivered $174 million in revenue from its commercial operations, which accounted for 44.38% of its $392.1 million quarterly revenue. Over the previous two years, PLTR's Q3 revenue has increased by 85.11% as it grew by 35.11% in Q3 2020 YoY and by another 37.01% YoY in Q3 of 2021. PLTR's commercial remaining deal value increased by 101% YoY from $1.1 billion in Q3 2020 to $2.2 billion in Q3 2021. Commercial customers are inviting PLTR to present their software solutions, and PLTR is winning their business. In Q3 2021, PLTR added 34 net new customers increasing their commercial customer base by 20% QoQ to 203. Over the past year, PLTR has seen its commercial customer base expand by 46.04% as it has grown by 64 clients from 139 to 203. Anyone who still classifies PLTR as a black box is not being accurate as the commercial market is learning about PLTR's software platforms and implementing their solutions to improve their operations.</p><p><blockquote>自PLTR上市以来，他们的商业业务一个又一个季度地扩大。上市五个季度后，PLTR的季度商业收入增加了6200万美元，增幅达55.36%。2021 年第三季度，PLTR 的商业运营收入为 1.74 亿美元，占其季度收入 3.921 亿美元的 44.38%。过去两年，PLTR的第三季度收入增长了85.11%，2020年第三季度同比增长35.11%，2021年第三季度又同比增长37.01%。PLTR 的商业剩余交易价值同比增长 101%，从 2020 年第三季度的 11 亿美元增至 2021 年第三季度的 22 亿美元。商业客户正在邀请PLTR展示他们的软件解决方案，PLTR正在赢得他们的业务。2021 年第三季度，PLTR 净增 34 家新客户，商业客户群环比增长 20%，达到 203 家。过去一年，PLTR 的商业客户群增长了 46.04%，客户数量从 139 家增加到 203 家，增加了 64 家。任何仍然将 PLTR 归类为黑匣子的人都是不准确的，因为商业市场正在了解 PLTR 的软件平台并实施其解决方案以改善运营。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/aa4084630f4e4be30a41c925c5a3fd0a\" tg-width=\"640\" tg-height=\"374\" width=\"100%\" height=\"auto\"><span>(Source: Steven Fiorillo) (Data Source: Palantir)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：Steven Fiorillo）（数据来源：Palantir）</span></p></blockquote></p><p> Since Q1 of 2020, PLTR has increased its quarterly revenue by $163.1 million (71.23%) at an average quarterly growth rate of 9.43% QoQ. In Q3 of 2021, this trend stayed intact as revenue increased by $16.1 million QoQ or 4.28%. While the quarterly revenue growth slowed a bit QoQ compared to 10.26% in Q2 2021, PLTR is projecting its Q4 2021 revenue will be $418 million. PLTR is expecting to deliver another company record and generate $25.9 million (6.61%) in QoQ growth to close out the year.</p><p><blockquote>自2020年Q1以来，PLTR的季度收入增加了1.631亿美元（71.23%），平均季度增长率为9.43%。2021 年第三季度，这一趋势保持不变，收入环比增长 1610 万美元，增幅为 4.28%。虽然与 2021 年第二季度的 10.26% 相比，季度收入增长环比略有放缓，但 PLTR 预计其 2021 年第四季度收入将为 4.18 亿美元。PLTR 预计将创造另一项公司纪录，并在年底实现 2590 万美元 (6.61%) 的环比增长。</blockquote></p><p></p><p> The same growth story applies to their total revenue in the trailing twelve months (TTM) as well. Over the last six quarters, PLTR's TTM revenue has increased by $620.6 million (76.55%) from $810.6 million to $1.43 billion. On average, PLTR's TTM revenue growth has increased by $103.42 million (9.94%) QoQ. In Q1 2020 - Q3 2020, their average QoQ revenue growth was $94.03 million, and this has increased substantially as the past three quarters have all increased by at least $105 million QoQ. In Q3 2021, PLTR increased its TTM revenue to $1.43 billion as it added $106.8 million (8.06%) in QoQ revenue growth. Just like the quarterly metric, PLTR's TTM is expected to grow QoQ by an additional $95.9 million to $1.527 billion compared to $1.51 billion in the consensus estimate. This would place PLTR's annual revenue growth YoY well ahead of their 30% projection as they would finish 2021 having increased its revenue by $434.30 million (39.75%)</p><p><blockquote>同样的增长故事也适用于他们过去12个月的总收入（TTM）。过去六个季度，PLTR 的 TTM 收入增加了 6.206 亿美元（76.55%），从 8.106 亿美元增至 14.3 亿美元。平均而言，PLTR 的 TTM 收入增长环比增长 1.0342 亿美元（9.94%）。在2020年第一季度至2020年第三季度，他们的平均环比收入增长为9403万美元，这一数字大幅增长，因为过去三个季度的环比收入都至少增长了1.05亿美元。2021 年第三季度，PLTR 的 TTM 收入增至 14.3 亿美元，环比收入增长 1.068 亿美元（8.06%）。与季度指标一样，PLTR 的 TTM 预计将环比额外增长 9590 万美元，达到 15.27 亿美元，而市场普遍预期为 15.1 亿美元。这将使 PLTR 的年收入同比增长远远超过 30% 的预测，因为到 2021 年，他们的收入将增加 4.3430 亿美元 (39.75%)</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b0ec6211d7ecb04785f406c7661c9124\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>(Source: Steven Fiorillo) (Data Source: Palantir)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：Steven Fiorillo）（数据来源：Palantir）</span></p></blockquote></p><p> I am shocked PLTR is still in the red. PLTR is a high-growth company that is now FCF positive and expanding its metrics. In the first nine months of 2020, PLTR generated -$285 million in FCF, and at the end of the first nine months of 2021, PLTR has delivered a $605 million swing as it has produced $320 million in FCF YTD. PLTR previously increased their 2021 FCF guidance to $300, and they just increased it again to $400+ million. In the span of three months, PLTR increased its FCF projection by an additional 33.33%. In Q3, PLTR's FCF margin was 30%, and they are projecting $400+ million in FCF for 2021. At the very minimum, this would mean they will tack on an additional $80 million in FCF for 2021. If PLTR delivers $1.527 billion in revenue and $400 million in FCF, its 2021 FCF margin would be 26.2%. PLTR is still projecting 30% annual revenue growth YoY thru 2025, which would place their 2025 revenue at $4.36 billion based on their projection of $1.527 for 2021. At PLTR's current FCF margin, they would generate $1.14 billion in FCF in 2025. Considering PLTR's current trends, if they exceeded their projections and grew at 35% YoY, it would place their 2025 revenue at $5.07 billion. At their current FCF margin, they would then generate $1.33 billion in FCF in 2025.</p><p><blockquote>我很震惊PLTR仍然处于亏损状态。PLTR 是一家高增长公司，目前 FCF 为正，并正在扩大其指标。在 2020 年前 9 个月，PLTR 产生了 2.85 亿美元的自由现金流，在 2021 年前 9 个月末，PLTR 交付了 6.05 亿美元的波动，年初至今已产生 3.2 亿美元的自由现金流。PLTR 此前将 2021 年自由现金流指引提高到 300 美元，现在又将其再次提高到 4 亿多美元。在三个月的时间里，PLTR将其自由现金流预测额外增加了33.33%。第三季度，PLTR 的自由现金流利润率为 30%，他们预计 2021 年自由现金流利润率将超过 4 亿美元。至少，这意味着他们将在 2021 年额外增加 8000 万美元的自由现金流。如果 PLTR 实现 15.27 亿美元的收入和 4 亿美元的自由现金流，其 2021 年自由现金流利润率将为 26.2%。PLTR 仍预计到 2025 年年收入同比增长 30%，基于 2021 年 1527 美元的预测，他们 2025 年收入将达到 43.6 亿美元。按照 PLTR 目前的自由现金流利润率，他们将在 2025 年产生 11.4 亿美元的自由现金流。考虑到 PLTR 目前的趋势，如果他们超出预期并同比增长 35%，那么他们 2025 年收入将达到 50.7 亿美元。按照目前的自由现金流利润率，到 2025 年，他们将产生 13.3 亿美元的自由现金流。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/87cff0d5c5ef70ea6926a1323c77bfe4\" tg-width=\"640\" tg-height=\"306\" width=\"100%\" height=\"auto\"><span>(Source: PLTR)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（资料来源：PLTR）</span></p></blockquote></p><p> PLTR is firing on all cylinders. YoY, their Q3 revenue grew by 36%, they raised guidance on their FCF for a 2nd time from $300 million to $400+ million and have increased their annual revenue growth guidance from 30% to roughly 40%. PLTR is still maintaining its future revenue outlook of 30% annually YoY and is creating some impressive margins. PLTR's commercial revenue grew YoY by 37%, and their government revenue grew by 34% YoY in Q3. PLTR closed at least 54 deals worth at least $1 million during Q3, and 33 of those were at least $5 million in revenue, and 18 were at least $10 million in revenue. PLTR's growth metrics are impressive, and I am expecting them to under promise and over deliver going forward.</p><p><blockquote>PLTR正在全力以赴。同比，他们的第三季度收入增长了 36%，他们第二次将自由现金流的指导从 3 亿美元提高到 4 亿多美元，并将年收入增长指导从 30% 提高到约 40%。PLTR 仍维持其未来同比增长 30% 的收入前景，并创造了一些令人印象深刻的利润率。PLTR 第三季度商业收入同比增长 37%，政府收入同比增长 34%。PLTR 在第三季度完成了至少 54 笔价值至少 100 万美元的交易，其中 33 笔收入至少为 500 万美元，18 笔收入至少为 1000 万美元。PLTR 的增长指标令人印象深刻，我预计他们未来将低于承诺并超额完成。</blockquote></p><p> <b>Palantir is entering two new sectors that are going to be huge, carbon emissions, and crypto</b></p><p><blockquote><b>Palantir 正在进入两个巨大的新领域：碳排放和加密货币</b></blockquote></p><p> In the past, I have written about future opportunities with the government, Amazon(NASDAQ:AMZN), and International Business Machines(NYSE:IBM). On today's earnings call, PLTR introduced significant information surrounding two new products they will be offering for carbon emissions and crypto.</p><p><blockquote>过去，我写过关于政府、亚马逊（纳斯达克股票代码：AMZN）和国际商业机器公司（纽约证券交易所股票代码：IBM）未来机会的文章。在今天的财报看涨期权上，PLTR 介绍了有关他们将为碳排放和加密提供的两种新产品的重要信息。</blockquote></p><p></p><p> There has been a fundamental shift in the USA over climate, and President Biden rejoined the Paris Agreement to reengage in tackling climate change. Part ofthe planis to reach a net-zero emission economy-wide by 2050. Recently President Biden at the United Nations climate summit in Glasgow, Scotland, pledged to work with the European Union and dozens of other nations to reduce overall methane emissions worldwide by 30% by 2030. No matter what your stance on climate is, there are many who believe we need to lower emissions, and many nations are working on a goal. To comply, companies such as&nbsp;Exxon Mobil(NYSE:XOM)&nbsp;are conducting longer-term research on several promising innovations with outside organizations, including direct air capture technology to&nbsp;scrub emissions out of the air&nbsp;and carbonate fuel cells&nbsp;to capture industrial emissions&nbsp;from flue gas streams of power plants or manufacturing facilities. Carbon emissions management is already a booming business, and PLTR is creating a module on Foundry to present a single pane to view revenue, margin, production, and all emissions so companies can manage outcomes more efficiently. Personally, I believe this has enormous potential to drive revenue for PLTR in the future.</p><p><blockquote>美国在气候问题上发生了根本性的转变，拜登总统重新加入了《巴黎协定》，重新参与应对气候变化。到2050年实现整个经济净零排放计划的一部分。最近，拜登总统在苏格兰格拉斯哥举行的联合国气候峰会上承诺，将与欧盟和其他数十个国家合作，到2030年将全球甲烷排放总量减少30%。无论你对气候的立场是什么，都有许多人认为我们需要降低排放，许多国家正在努力实现一个目标。为了遵守规定，埃克森美孚（纽约证券交易所股票代码：XOM）等公司正在与外部组织一起对几项有前途的创新进行长期研究，包括用于清除空气中排放物的直接空气捕获技术和用于捕获工业排放物的碳酸盐燃料电池来自发电厂或制造设施的烟气流。碳排放管理已经是一项蓬勃发展的业务，PLTR 正在 Foundry 上创建一个模块，以显示单个窗格来查看收入、利润率、产量和所有排放，以便公司可以更有效地管理结果。就我个人而言，我相信这对于推动 PLTR 未来的收入具有巨大的潜力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b2386d938e7f452a340dbb130de508f6\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>(Source: Palantir)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：Palantir）</span></p></blockquote></p><p> The second huge prospect that PLTR discussed was Foundry for crypto. It looks like PLTR is leveraging their anti-money laundering and know-your-customer expertise. PLTR has worked with several governments over the years to find compliance issues with the world's largest banks and help those banks respond and strengthen their compliance programs. This makes complete sense, and when you go back to the contracts, PLTR has been awarded from the IRS and SEC (discussed in previous articles). In Q3 alone, PLTR inked 6 contracts with the IRS. If I had to guess, PLTR's software would be utilized by the IRS and the SEC on the government side and adopted on the commercial side by banks and crypto exchanges. Currently, in the past 24 hours,Coinbase(NASDAQ:COIN)&nbsp;is showing that Bitcoin (BTC-USD) has incurred a trading volume of $43.8 billion. I think PLTR will end up driving future revenue from both government and commercial contracts from its Foundry for Crypto.</p><p><blockquote>PLTR讨论的第二个巨大前景是加密铸造。看起来PLTR正在利用他们的反洗钱和了解客户的专业知识。多年来，PLTR 与多个政府合作，发现全球最大银行的合规问题，并帮助这些银行做出回应并加强其合规计划。这是完全有道理的，当你回到合同时，PLTR已经被美国国税局和美国证券交易委员会授予了（在以前的文章中讨论过）。仅在第三季度，PLTR 就与美国国税局签署了 6 份合同。如果让我猜的话，PLTR的软件会被政府方面的国税局和美国证券交易委员会使用，并被银行和加密货币交易所采用。目前，在过去24小时内，比特币基地（纳斯达克股票代码：COIN）显示比特币（BTC-USD）的交易量为438亿美元。我认为 PLTR 最终将推动其加密货币代工厂的政府和商业合同的未来收入。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/53c762e27799c80dbaa9914bb98a6a10\" tg-width=\"624\" tg-height=\"234\" width=\"100%\" height=\"auto\"><span>(Source: Steven Fiorillo) (Data Source: Federal Procurement Database)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（资料来源：Steven Fiorillo）（数据来源：联邦采购数据库）</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/005d57c6c5c926b35eac100fa35c7415\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>(Source: Palantir)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：Palantir）</span></p></blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> PLTR has become another statistic of the market misunderstanding its earnings and selling the news when the news was great. What more does anyone want PLTR to do? This was an excellent quarter with revenue increasing 36% YoY in Q3, FCF came in at $119 million with a 30% margin, and PLTR closed 54 deals worth more than $1 million each. PLTR beats revenue estimates, increases guidance for its full-year revenue than for the 2nd time, increases its FCF guidance. This was a sell the news on all positive factors, which is creating a buying opportunity. I am staying long on PLTR and plan to add to my position if the sell-off continues.</p><p><blockquote>PLTR已经成为市场误解其盈利并在消息大好时抛售消息的又一统计数据。还有人希望PLTR做什么？这是一个出色的季度，第三季度收入同比增长 36%，FCF 达到 1.19 亿美元，利润率为 30%，PLTR 完成了 54 笔交易，每笔交易价值超过 100 万美元。PLTR 超出收入预期，第二次上调全年收入指引，上调自由现金流指引。这是一个关于所有积极因素的卖出消息，这创造了一个买入机会。我将长期持有 PLTR，并计划如果抛售继续的话加仓。</blockquote></p><p> <b>Seeking Alpha Marketplace</b></p><p><blockquote><b>寻求阿尔法市场</b></blockquote></p><p> I will be launching a subscription service called Barbell Capital on the Seeking Alpha Marketplace. Barbell Capital will provide exclusive research, model portfolios, investment tools, Q&amp;A sessions, watchlists, and additional features for its members. I will also have a live portfolio dedicated to generating capital from trading, selling puts and selling covered calls. The profits will be allocated to future capital appreciating investments and investing in dividend investments to generate income while we sleep.</p><p><blockquote>我将在Seeking Alpha市场上推出一项名为Barbell Capital的订阅服务。杠铃资本将为其成员提供独家研究、模型投资组合、投资工具、问答会议、观察列表和附加功能。我还将有一个实时投资组合，专门用于通过交易、出售看跌期权和出售备兑评级来产生资本。利润将被分配到未来的资本增值投资和股息投资中，以便在我们睡觉时产生收入。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4468059-palantir-q3-beat-creating-an-opportunity\">Seeking Alpha</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":{"PLTR":"Palantir Technologies Inc."},"source_url":"https://seekingalpha.com/article/4468059-palantir-q3-beat-creating-an-opportunity","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129543601","content_text":"Summary\n\nPalantir delivered revenue growth QoQ of 36% while generating $119 million in FCF creating a 30% margin.\nPalantir's commercial revenue increased 37%, and government revenue grew by 34% YoY in Q3 showing strong forward growth trends.\nPalantir closed 54 deals in Q3 2021 with at least $1 million in contract value with 33 valued at $5+ million and 18 at $10+ million.\nPalantir increases guidance again and expects 40% revenue growth YoY at $1.527 billion and $400 million in FCF up from the previous guidance increase of $300 million.\n\nAndreas Rentz/Getty Images Entertainment\nSome investors love to hate Palantir (PLTR), which was nicknamed a black box company in the past, while others absolutely love it because they believe PLTR's software is the future. In my previous article on PLTR, I stated that based on PLTR's current revenue trend, they were setting up to deliver $399.41 million in revenue for Q3 and $423.22 million of revenue in Q4. The consensus number was $386.56 million of revenue in Q3, and PLTR delivered $392.1 million and forecasted $418 million in Q4 2021. The reaction in premarket as the earnings call was being conducted was nothing but a sea of red as PLTR sharply declined, and each time a gap tried to fill, the next leg on the downward spiral started. The news wasn't even digested, yet people decided to either take profits, exit their position or lost faith in PLTR.\nWhat wasn't there to like in the earnings release to cause the sell-off that has been hovering in the -9.03% range? PLTR delivered 36% YoY revenue growth, added 34 new customers in Q3, and closed 54 deals worth $1 million or more. PLTR increased their remaining deal value by 50% YoY to $3.6 billion and delivered $101 million in cash from operations (26% margin), and $199 million in free cash flow (30% margin). PLTR also increased guidance for 2021 as they now expect revenue growth of 40% YoY compared to their previous projection of 30% and increased their projection in FCF to $400 million from $300 million. In addition to the numbers, PLTR announced new product platforms and use cases that have tremendous potential to drive revenue and FCF in the future. I believe this sell-off will be short-lived and I am looking at it as a buying opportunity.\n(Source: Seeking Alpha)\nPalantir's revenue continues to expand on both the commercial and government side\nQuarter after Quarter since PLTR went public, their commercial business has expanded. After five quarters of going public, PLTR's quarterly commercial revenue has increased by $62 million or 55.36%. In Q3 2021, PLTR delivered $174 million in revenue from its commercial operations, which accounted for 44.38% of its $392.1 million quarterly revenue. Over the previous two years, PLTR's Q3 revenue has increased by 85.11% as it grew by 35.11% in Q3 2020 YoY and by another 37.01% YoY in Q3 of 2021. PLTR's commercial remaining deal value increased by 101% YoY from $1.1 billion in Q3 2020 to $2.2 billion in Q3 2021. Commercial customers are inviting PLTR to present their software solutions, and PLTR is winning their business. In Q3 2021, PLTR added 34 net new customers increasing their commercial customer base by 20% QoQ to 203. Over the past year, PLTR has seen its commercial customer base expand by 46.04% as it has grown by 64 clients from 139 to 203. Anyone who still classifies PLTR as a black box is not being accurate as the commercial market is learning about PLTR's software platforms and implementing their solutions to improve their operations.\n(Source: Steven Fiorillo) (Data Source: Palantir)\nSince Q1 of 2020, PLTR has increased its quarterly revenue by $163.1 million (71.23%) at an average quarterly growth rate of 9.43% QoQ. In Q3 of 2021, this trend stayed intact as revenue increased by $16.1 million QoQ or 4.28%. While the quarterly revenue growth slowed a bit QoQ compared to 10.26% in Q2 2021, PLTR is projecting its Q4 2021 revenue will be $418 million. PLTR is expecting to deliver another company record and generate $25.9 million (6.61%) in QoQ growth to close out the year.\nThe same growth story applies to their total revenue in the trailing twelve months (TTM) as well. Over the last six quarters, PLTR's TTM revenue has increased by $620.6 million (76.55%) from $810.6 million to $1.43 billion. On average, PLTR's TTM revenue growth has increased by $103.42 million (9.94%) QoQ. In Q1 2020 - Q3 2020, their average QoQ revenue growth was $94.03 million, and this has increased substantially as the past three quarters have all increased by at least $105 million QoQ. In Q3 2021, PLTR increased its TTM revenue to $1.43 billion as it added $106.8 million (8.06%) in QoQ revenue growth. Just like the quarterly metric, PLTR's TTM is expected to grow QoQ by an additional $95.9 million to $1.527 billion compared to $1.51 billion in the consensus estimate. This would place PLTR's annual revenue growth YoY well ahead of their 30% projection as they would finish 2021 having increased its revenue by $434.30 million (39.75%)\n(Source: Steven Fiorillo) (Data Source: Palantir)\nI am shocked PLTR is still in the red. PLTR is a high-growth company that is now FCF positive and expanding its metrics. In the first nine months of 2020, PLTR generated -$285 million in FCF, and at the end of the first nine months of 2021, PLTR has delivered a $605 million swing as it has produced $320 million in FCF YTD. PLTR previously increased their 2021 FCF guidance to $300, and they just increased it again to $400+ million. In the span of three months, PLTR increased its FCF projection by an additional 33.33%. In Q3, PLTR's FCF margin was 30%, and they are projecting $400+ million in FCF for 2021. At the very minimum, this would mean they will tack on an additional $80 million in FCF for 2021. If PLTR delivers $1.527 billion in revenue and $400 million in FCF, its 2021 FCF margin would be 26.2%. PLTR is still projecting 30% annual revenue growth YoY thru 2025, which would place their 2025 revenue at $4.36 billion based on their projection of $1.527 for 2021. At PLTR's current FCF margin, they would generate $1.14 billion in FCF in 2025. Considering PLTR's current trends, if they exceeded their projections and grew at 35% YoY, it would place their 2025 revenue at $5.07 billion. At their current FCF margin, they would then generate $1.33 billion in FCF in 2025.\n(Source: PLTR)\nPLTR is firing on all cylinders. YoY, their Q3 revenue grew by 36%, they raised guidance on their FCF for a 2nd time from $300 million to $400+ million and have increased their annual revenue growth guidance from 30% to roughly 40%. PLTR is still maintaining its future revenue outlook of 30% annually YoY and is creating some impressive margins. PLTR's commercial revenue grew YoY by 37%, and their government revenue grew by 34% YoY in Q3. PLTR closed at least 54 deals worth at least $1 million during Q3, and 33 of those were at least $5 million in revenue, and 18 were at least $10 million in revenue. PLTR's growth metrics are impressive, and I am expecting them to under promise and over deliver going forward.\nPalantir is entering two new sectors that are going to be huge, carbon emissions, and crypto\nIn the past, I have written about future opportunities with the government, Amazon(NASDAQ:AMZN), and International Business Machines(NYSE:IBM). On today's earnings call, PLTR introduced significant information surrounding two new products they will be offering for carbon emissions and crypto.\nThere has been a fundamental shift in the USA over climate, and President Biden rejoined the Paris Agreement to reengage in tackling climate change. Part ofthe planis to reach a net-zero emission economy-wide by 2050. Recently President Biden at the United Nations climate summit in Glasgow, Scotland, pledged to work with the European Union and dozens of other nations to reduce overall methane emissions worldwide by 30% by 2030. No matter what your stance on climate is, there are many who believe we need to lower emissions, and many nations are working on a goal. To comply, companies such as Exxon Mobil(NYSE:XOM) are conducting longer-term research on several promising innovations with outside organizations, including direct air capture technology to scrub emissions out of the air and carbonate fuel cells to capture industrial emissions from flue gas streams of power plants or manufacturing facilities. Carbon emissions management is already a booming business, and PLTR is creating a module on Foundry to present a single pane to view revenue, margin, production, and all emissions so companies can manage outcomes more efficiently. Personally, I believe this has enormous potential to drive revenue for PLTR in the future.\n(Source: Palantir)\nThe second huge prospect that PLTR discussed was Foundry for crypto. It looks like PLTR is leveraging their anti-money laundering and know-your-customer expertise. PLTR has worked with several governments over the years to find compliance issues with the world's largest banks and help those banks respond and strengthen their compliance programs. This makes complete sense, and when you go back to the contracts, PLTR has been awarded from the IRS and SEC (discussed in previous articles). In Q3 alone, PLTR inked 6 contracts with the IRS. If I had to guess, PLTR's software would be utilized by the IRS and the SEC on the government side and adopted on the commercial side by banks and crypto exchanges. Currently, in the past 24 hours,Coinbase(NASDAQ:COIN) is showing that Bitcoin (BTC-USD) has incurred a trading volume of $43.8 billion. I think PLTR will end up driving future revenue from both government and commercial contracts from its Foundry for Crypto.\n(Source: Steven Fiorillo) (Data Source: Federal Procurement Database)\n(Source: Palantir)\nConclusion\nPLTR has become another statistic of the market misunderstanding its earnings and selling the news when the news was great. What more does anyone want PLTR to do? This was an excellent quarter with revenue increasing 36% YoY in Q3, FCF came in at $119 million with a 30% margin, and PLTR closed 54 deals worth more than $1 million each. PLTR beats revenue estimates, increases guidance for its full-year revenue than for the 2nd time, increases its FCF guidance. This was a sell the news on all positive factors, which is creating a buying opportunity. I am staying long on PLTR and plan to add to my position if the sell-off continues.\nSeeking Alpha Marketplace\nI will be launching a subscription service called Barbell Capital on the Seeking Alpha Marketplace. Barbell Capital will provide exclusive research, model portfolios, investment tools, Q&A sessions, watchlists, and additional features for its members. I will also have a live portfolio dedicated to generating capital from trading, selling puts and selling covered calls. The profits will be allocated to future capital appreciating investments and investing in dividend investments to generate income while we sleep.","news_type":1,"symbols_score_info":{"PLTR":0.9}},"isVote":1,"tweetType":1,"viewCount":3689,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":873073370,"gmtCreate":1636813760680,"gmtModify":1636813760775,"author":{"id":"4087996122770160","authorId":"4087996122770160","name":"Timevestor","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087996122770160","authorIdStr":"4087996122770160"},"themes":[],"title":"","htmlText":"Please like and comment.&nbsp;","listText":"Please like and comment.&nbsp;","text":"Please like and comment.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/873073370","repostId":"1102251183","repostType":4,"repost":{"id":"1102251183","kind":"news","pubTimestamp":1636772424,"share":"https://www.laohunote.com/m/news/1102251183?lang=zh_CN&edition=full","pubTime":"2021-11-13 11:00","market":"us","language":"en","title":"Pfizer Shows Its R&D Is Strong. It’s a Good Sign for the Stock.<blockquote>辉瑞显示出其研发实力雄厚。这对该股来说是个好兆头。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1102251183","media":"Barrons","summary":"Pfizer’s chief scientific officer, Mikael Dolsten, sounded giddy when reached via telephone early Mo","content":"<p>Pfizer’s&nbsp;chief scientific officer, Mikael Dolsten, sounded giddy when reached via telephone early Monday morning. It was just days after his company knocked the socks off the market with the news that its Covid-19 antiviral had cut the risk of hospitalization by 89% in high-risk adults.</p><p><blockquote>周一清晨，通过电话联系到辉瑞公司的首席科学官米凯尔-多尔斯滕（Mikael Dolsten）时，他听起来头晕目眩。就在几天前，他的公司宣布其 Covid-19 抗病毒药物已将高危成年人的住院风险降低了 89%，这一消息震惊了市场。</blockquote></p><p> “It can’t be just a random thing, that you’re able to beat this type of world record and get a grand slam at the same time by chance,” Dolsten said, scrambling sports metaphors as he sought to illustrate the magnitude of Pfizer’s twin wins: the development of a stunningly effective Covid-19 vaccine in just 10 months, followed a year later by the development of a similarly stunning Covid-19 antiviral.</p><p><blockquote>“多尔斯滕说：”这不可能是一件偶然的事情，你能够打破这种世界纪录，同时获得大满贯。他在试图说明辉瑞公司双赢的重要性时，用了体育比喻： 仅用了 10 个月就研制出了一种非常有效的 Covid-19 疫苗，一年后又研制出了一种同样令人惊叹的 Covid-19 抗病毒药物。</blockquote></p><p> Two years ago, Pfizer (ticker: PFE) CEO Albert Bourla asked investors to take a big gamble on the research-and-development operation that Dolsten has rebuilt over the course of more than a decade. That bet is looking smarter than ever.</p><p><blockquote>两年前，辉瑞（股票代码：PFE）首席执行官阿尔伯特·布尔拉 (Albert Bourla) 要求投资者在多尔斯滕十多年来重建的研发业务上下大注。这个赌注看起来比以往任何时候都聪明。</blockquote></p><p> Bourla has gotten rid of Pfizer’s off-patent drugs division and the last of its consumer health products, leaving behind a pure-play biopharma company that will live or die on the strength of Dolsten’s science.</p><p><blockquote>Bourla 已经摆脱了辉瑞公司的非专利药物部门及其最后的消费者保健产品，留下了一家纯粹的生物制药公司，该公司将依靠多尔斯滕的科学力量生死存亡。</blockquote></p><p> In a cover story in November 2019, <i>Barron’s</i> argued that Bourla and Dolsten could pull it off.</p><p><blockquote>在 2019 年 11 月的封面故事中，<i>巴伦</i>认为Bourla和Dolsten能成功。</blockquote></p><p> The new antiviral data reaffirms the case for Pfizer that <i>Barron’s</i> made two years ago. Continuing to profit off the pandemic, however, brings new risks, as criticism grows over the global inequity in vaccine distribution. Low-income nations account for less than 1% of the more than seven billion doses administered worldwide. If distribution of Pfizer’s antiviral continues to favor wealthy nations, the company’s stock could ultimately suffer.</p><p><blockquote>新的抗病毒数据再次证实了辉瑞公司的观点：<i>巴伦</i>两年前做的。然而，随着对全球疫苗分配不平等的批评越来越多，继续从疫情中获利会带来新的风险。低收入国家在全球70多亿剂疫苗中所占比例不到1%。如果辉瑞公司抗病毒药物的分销继续有利于富裕国家，该公司的股票最终可能会受到影响。</blockquote></p><p> Pfizer’s shares surged 10.9% the day the data came out, their best daily showing in at least 20 years. Still, with the stock now changing hands at around $50, investors continue to undervalue the company. Investors are pricing Pfizer at 12 times next year’s expected earnings, cheaper than peers like&nbsp;Johnson &amp; Johnson&nbsp;(JNJ) and&nbsp;Eli Lilly&nbsp;(LLY).</p><p><blockquote>数据公布当天，辉瑞公司股价飙升 10.9%，创下至少 20 年来最佳单日表现。尽管如此，随着该股目前在 50 美元左右易手，投资者继续低估该公司的估值。投资者对辉瑞公司的定价是明年预期收益的 12 倍，低于强生公司（JNJ）和礼来公司（LLY）等同行。</blockquote></p><p> The Pfizer discount can be attributed to concerns over the patent cliff the drugmaker faces at the end of the decade. The company stands to lose exclusivity over a handful of drugs that bring in billions in annual revenue.</p><p><blockquote>辉瑞的折扣可归因于对该制药商在本世纪末面临的专利悬崖的担忧。该公司将失去少数几种每年带来数十亿美元收入的药物的独家经营权。</blockquote></p><p> The worries are legitimate, but Pfizer’s scientific coup should give investors confidence that the company’s science can carry it safely over that cliff. It may take time for the market to catch up, but for long-term investors, it’s a promising opportunity.</p><p><blockquote>这种担忧是合理的，但辉瑞公司的科学政变应该让投资者相信，该公司的科学能够安全地渡过悬崖。市场可能需要时间才能迎头赶上，但对于长期投资者来说，这是一个充满希望的机会。</blockquote></p><p> The success of the antiviral is the best illustration yet of Pfizer’s scientific prowess.</p><p><blockquote>抗病毒药物的成功是辉瑞公司科学实力的最好例证。</blockquote></p><p> While Pfizer’s Covid-19 vaccine came out of the labs of the German biotech&nbsp;BioNTech&nbsp;(BNTX), the new Covid-19 antiviral was whipped up by what Dolsten called a “dream team” of scientists at Pfizer’s own labs across the Northeast U.S.</p><p><blockquote>辉瑞公司的 Covid-19 疫苗来自德国生物技术公司 BioNTech (BNTX) 的实验室，而新型 Covid-19 抗病毒药物则是由多尔斯滕所说的辉瑞公司位于美国东北部的实验室科学家 “梦之队 ”研发出来的。</blockquote></p><p> In the earliest days of the pandemic, Pfizer split its efforts between its collaboration with BioNTech on the vaccine and its quest for a Covid-19 pill. The vaccine effort operated on a huge scale; Dolsten called it a “mega team” that spanned the Atlantic.</p><p><blockquote>在大流行的早期，辉瑞公司将精力分散在与 BioNTech 在疫苗方面的合作和对 Covid-19 药丸的追求上。疫苗工作规模巨大；多尔斯滕称之为横跨大西洋的 “巨型团队”。</blockquote></p><p> The antiviral project was a much smaller operation—a group of Pfizer experts operating with resources left over from the vaccine push.</p><p><blockquote>抗病毒项目是一个规模小得多的项目——一组辉瑞专家利用疫苗推广剩余的资源开展工作。</blockquote></p><p> “The small molecule was more like a nimble, laser-focused, high-end team, with rather moderate resources,” Dolsten said.</p><p><blockquote>“多尔斯滕说：”小分子更像是一个灵活、专注于激光的高端团队，资源相当适中。</blockquote></p><p> Dolsten gathered some of Pfizer’s most experienced scientists to work on the antiviral project, including its head of medicine design, Charlotte Allerton. The scientists started with work Pfizer had done years ago on a type of antiviral called a protease inhibitor.</p><p><blockquote>多尔斯滕召集了辉瑞公司一些最有经验的科学家参与抗病毒项目，其中包括辉瑞公司的药物设计主管夏洛特-阿勒顿（Charlotte Allerton）。科学家们从辉瑞公司几年前在一种叫做蛋白酶抑制剂的抗病毒药物上所做的工作开始。</blockquote></p><p> “[Pfizer’s] pharmaceutical R&amp;D is better than people had thought.”</p><p><blockquote>“辉瑞的药物研发比人们想象的要好。”</blockquote></p><p> The protease inhibitors in the Pfizer library, however, had been administered intravenously, and had not worked well when delivered orally. The team had to figure out how to adapt the drugs to oral administration, a substantial undertaking.</p><p><blockquote>然而，辉瑞文库中的蛋白酶抑制剂是静脉注射给药的，口服给药时效果不佳。该团队必须弄清楚如何使药物适应口服给药，这是一项艰巨的任务。</blockquote></p><p> “They had to really create a lot of new chemistry,” Dolsten said. The scientists created 600 compounds to nail down the right drug, a process that might normally take years, and which they accomplished in a matter of months. “Four years turned into four months here,” he said.</p><p><blockquote>“多尔斯滕说：”他们必须真正创造很多新的化学反应。科学家们创造了 600 种化合物来确定合适的药物，这一过程通常可能需要数年时间，但他们在几个月内就完成了。“他说：”四年在这里变成了四个月。</blockquote></p><p> Pfizer started testing the pill in humans in March. It is now running a number of Phase 2/3 trials of the drug, including one for patients who are high risk, one for patients not high risk, and one as a prophylaxis for patients who have been exposed to the virus but aren’t yet sick. In the first readout, the drug looked substantially more effective than the Covid treatment pill from&nbsp;Merck&nbsp;(MRK).</p><p><blockquote>辉瑞公司于三月份开始在人体中测试这种药丸。目前，该公司正在对该药物进行多项 2/3 期试验，包括一项针对高危患者的试验、一项针对非高危患者的试验以及一项针对接触过病毒但尚未患病的患者的预防措施。在第一次读数中，该药物看起来比默克公司 (MRK) 的 Covid 治疗药丸更有效。</blockquote></p><p> “It definitely helps prove the point that [Pfizer’s] pharmaceutical R&amp;D is better than people had thought,” says Louise Chen, an analyst at Cantor Fitzgerald, who has an Overweight rating and a $61 price target on the stock.</p><p><blockquote>“Cantor Fitzgerald 的分析师 Louise Chen 说：”这无疑有助于证明（辉瑞的）药品研发比人们想象的要好。</blockquote></p><p></p><p> Chen says that she doesn’t expect investors to come around to her way of thinking until there is more clarity on the durability of Covid-19 vaccine and pill sales, and the rest of the pipeline gets proved out.</p><p><blockquote>陈说，在 Covid-19 疫苗和药丸销售的耐久性得到更明确以及其余的管道得到证实之前，她预计投资者不会接受她的想法。</blockquote></p><p> “There is not one event that I think will trigger a re-rating of the stock at the next level,” she says. “Until those things play out, I don’t think that it necessarily will.”</p><p><blockquote>“她说：”我认为没有一个事件会引发该股的评级被重新评级到下一个级别。“在这些事情发生之前，我认为不一定会发生。”</blockquote></p><p> That makes a bet on Pfizer a long-term play. In the meantime, the experience of&nbsp;Moderna&nbsp;(MRNA) in recent weeks is highlighting the potential for the vaccine makers to come under scrutiny over unequal distribution of vaccines.</p><p><blockquote>这使得押注辉瑞成为一项长期战略。与此同时，Moderna (MRNA) 最近几周的经历凸显了疫苗制造商因疫苗分配不均而受到审查的可能性。</blockquote></p><p> Biden administration officials have been increasingly frustrated with Moderna, calling on the company to ramp up production so it can offer more doses at not-for-profit prices to low-income countries, with one top official calling on the company to “step up.”</p><p><blockquote>拜登政府官员对 Moderna 公司越来越不满，呼吁该公司提高产量，以便以非营利价格向低收入国家提供更多剂量，一位高级官员呼吁该公司 “加大力度”。</blockquote></p><p> Moderna shares are down more than 40% over the past three months.</p><p><blockquote>Moderna 股价在过去三个月中下跌了 40% 以上。</blockquote></p><p> As the pandemic persists, Pfizer risks eroding the enormous goodwill it earned roughly a year ago when it introduced its Covid-19 vaccine. Earlier this month, Pfizer CEO Bourla blamed low-income countries for unfair vaccine distribution, telling <i>Barron’s</i> that it was their fault for not placing orders. Pfizer has sold a billion vaccine doses to the U.S. at a not-for-profit price to donate to poor countries, and says that a total of at least two billion doses will be delivered to low- and middle-income nations by the end of next year.</p><p><blockquote>随着疫情的持续，辉瑞公司可能会侵蚀大约一年前推出 Covid-19 疫苗时获得的巨大商誉。本月早些时候，辉瑞公司首席执行官布尔拉将疫苗分配不公归咎于低收入国家，并表示<i>巴伦</i>不下单是他们的错。辉瑞公司以非营利价格向美国出售了10亿剂疫苗，用于捐赠给贫困国家，并表示到明年年底将总共至少向中低收入国家交付20亿剂疫苗。</blockquote></p><p> When it comes to antivirals, Pfizer has said only that it will offer tiered pricing for poorer nations, the same approach it has taken with its vaccine.</p><p><blockquote>当谈到抗病毒药物时，辉瑞只表示将为较贫穷的国家提供分层定价，这与它对疫苗采取的方法相同。</blockquote></p><p> That contrasts sharply with Merck’s plan to make its own Covid-19 pill available to poor countries. Merck has signed a deal with a United Nations-backed group that will allow its pill to be licensed globally, with no royalties paid to Merck.</p><p><blockquote>这与默克公司向贫困国家提供自己的 Covid-19 药丸的计划形成了鲜明对比。默克公司已与一个联合国支持的组织签署了一项协议，该协议将允许其药丸在全球获得许可，而默克公司无需支付版税。</blockquote></p><p> Dolsten said that Pfizer is looking into licensing its pill under a similar mechanism as Merck’s. “We will look at those options,” he said. “By no means have we said we would do something different. We just want to make sure whoever will be involved gets the advice and skill to do this.”</p><p><blockquote>多尔斯滕说，辉瑞公司正在考虑按照与默克公司类似的机制对其药片进行许可。“他说：”我们将研究这些方案。“我们绝不是说我们会做一些不同的事情。我们只是想确保无论谁参与其中，都能获得建议和技能。”</blockquote></p><p> Such a step couldn’t come soon enough. Late last month, activists protested outside Bourla’s home, calling on Pfizer to share its vaccine manufacturing technology and to fill orders from low-income countries ahead of those from wealthy countries.</p><p><blockquote>这样的举措来得还不够快。上月底，活动人士在布尔拉家门外举行抗议活动，呼吁辉瑞公司分享其疫苗生产技术，并在富裕国家之前完成低收入国家的订单。</blockquote></p><p> An aggressive plan to share its antiviral would help stave off such criticism, keeping Pfizer in the relative good graces of Washington and allowing its impressive science to continue to drive the stock higher.</p><p><blockquote>分享其抗病毒药物的积极计划将有助于避免此类批评，使辉瑞保持相对良好的华盛顿青睐，并使其令人印象深刻的科学继续推高股价。</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>Pfizer Shows Its R&D Is Strong. It’s a Good Sign for the Stock.<blockquote>辉瑞显示出其研发实力雄厚。这对该股来说是个好兆头。</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\">\nPfizer Shows Its R&D Is Strong. It’s a Good Sign for the Stock.<blockquote>辉瑞显示出其研发实力雄厚。这对该股来说是个好兆头。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-11-13 11:00</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Pfizer’s&nbsp;chief scientific officer, Mikael Dolsten, sounded giddy when reached via telephone early Monday morning. It was just days after his company knocked the socks off the market with the news that its Covid-19 antiviral had cut the risk of hospitalization by 89% in high-risk adults.</p><p><blockquote>周一清晨，通过电话联系到辉瑞公司的首席科学官米凯尔-多尔斯滕（Mikael Dolsten）时，他听起来头晕目眩。就在几天前，他的公司宣布其 Covid-19 抗病毒药物已将高危成年人的住院风险降低了 89%，这一消息震惊了市场。</blockquote></p><p> “It can’t be just a random thing, that you’re able to beat this type of world record and get a grand slam at the same time by chance,” Dolsten said, scrambling sports metaphors as he sought to illustrate the magnitude of Pfizer’s twin wins: the development of a stunningly effective Covid-19 vaccine in just 10 months, followed a year later by the development of a similarly stunning Covid-19 antiviral.</p><p><blockquote>“多尔斯滕说：”这不可能是一件偶然的事情，你能够打破这种世界纪录，同时获得大满贯。他在试图说明辉瑞公司双赢的重要性时，用了体育比喻： 仅用了 10 个月就研制出了一种非常有效的 Covid-19 疫苗，一年后又研制出了一种同样令人惊叹的 Covid-19 抗病毒药物。</blockquote></p><p> Two years ago, Pfizer (ticker: PFE) CEO Albert Bourla asked investors to take a big gamble on the research-and-development operation that Dolsten has rebuilt over the course of more than a decade. That bet is looking smarter than ever.</p><p><blockquote>两年前，辉瑞（股票代码：PFE）首席执行官阿尔伯特·布尔拉 (Albert Bourla) 要求投资者在多尔斯滕十多年来重建的研发业务上下大注。这个赌注看起来比以往任何时候都聪明。</blockquote></p><p> Bourla has gotten rid of Pfizer’s off-patent drugs division and the last of its consumer health products, leaving behind a pure-play biopharma company that will live or die on the strength of Dolsten’s science.</p><p><blockquote>Bourla 已经摆脱了辉瑞公司的非专利药物部门及其最后的消费者保健产品，留下了一家纯粹的生物制药公司，该公司将依靠多尔斯滕的科学力量生死存亡。</blockquote></p><p> In a cover story in November 2019, <i>Barron’s</i> argued that Bourla and Dolsten could pull it off.</p><p><blockquote>在 2019 年 11 月的封面故事中，<i>巴伦</i>认为Bourla和Dolsten能成功。</blockquote></p><p> The new antiviral data reaffirms the case for Pfizer that <i>Barron’s</i> made two years ago. Continuing to profit off the pandemic, however, brings new risks, as criticism grows over the global inequity in vaccine distribution. Low-income nations account for less than 1% of the more than seven billion doses administered worldwide. If distribution of Pfizer’s antiviral continues to favor wealthy nations, the company’s stock could ultimately suffer.</p><p><blockquote>新的抗病毒数据再次证实了辉瑞公司的观点：<i>巴伦</i>两年前做的。然而，随着对全球疫苗分配不平等的批评越来越多，继续从疫情中获利会带来新的风险。低收入国家在全球70多亿剂疫苗中所占比例不到1%。如果辉瑞公司抗病毒药物的分销继续有利于富裕国家，该公司的股票最终可能会受到影响。</blockquote></p><p> Pfizer’s shares surged 10.9% the day the data came out, their best daily showing in at least 20 years. Still, with the stock now changing hands at around $50, investors continue to undervalue the company. Investors are pricing Pfizer at 12 times next year’s expected earnings, cheaper than peers like&nbsp;Johnson &amp; Johnson&nbsp;(JNJ) and&nbsp;Eli Lilly&nbsp;(LLY).</p><p><blockquote>数据公布当天，辉瑞公司股价飙升 10.9%，创下至少 20 年来最佳单日表现。尽管如此，随着该股目前在 50 美元左右易手，投资者继续低估该公司的估值。投资者对辉瑞公司的定价是明年预期收益的 12 倍，低于强生公司（JNJ）和礼来公司（LLY）等同行。</blockquote></p><p> The Pfizer discount can be attributed to concerns over the patent cliff the drugmaker faces at the end of the decade. The company stands to lose exclusivity over a handful of drugs that bring in billions in annual revenue.</p><p><blockquote>辉瑞的折扣可归因于对该制药商在本世纪末面临的专利悬崖的担忧。该公司将失去少数几种每年带来数十亿美元收入的药物的独家经营权。</blockquote></p><p> The worries are legitimate, but Pfizer’s scientific coup should give investors confidence that the company’s science can carry it safely over that cliff. It may take time for the market to catch up, but for long-term investors, it’s a promising opportunity.</p><p><blockquote>这种担忧是合理的，但辉瑞公司的科学政变应该让投资者相信，该公司的科学能够安全地渡过悬崖。市场可能需要时间才能迎头赶上，但对于长期投资者来说，这是一个充满希望的机会。</blockquote></p><p> The success of the antiviral is the best illustration yet of Pfizer’s scientific prowess.</p><p><blockquote>抗病毒药物的成功是辉瑞公司科学实力的最好例证。</blockquote></p><p> While Pfizer’s Covid-19 vaccine came out of the labs of the German biotech&nbsp;BioNTech&nbsp;(BNTX), the new Covid-19 antiviral was whipped up by what Dolsten called a “dream team” of scientists at Pfizer’s own labs across the Northeast U.S.</p><p><blockquote>辉瑞公司的 Covid-19 疫苗来自德国生物技术公司 BioNTech (BNTX) 的实验室，而新型 Covid-19 抗病毒药物则是由多尔斯滕所说的辉瑞公司位于美国东北部的实验室科学家 “梦之队 ”研发出来的。</blockquote></p><p> In the earliest days of the pandemic, Pfizer split its efforts between its collaboration with BioNTech on the vaccine and its quest for a Covid-19 pill. The vaccine effort operated on a huge scale; Dolsten called it a “mega team” that spanned the Atlantic.</p><p><blockquote>在大流行的早期，辉瑞公司将精力分散在与 BioNTech 在疫苗方面的合作和对 Covid-19 药丸的追求上。疫苗工作规模巨大；多尔斯滕称之为横跨大西洋的 “巨型团队”。</blockquote></p><p> The antiviral project was a much smaller operation—a group of Pfizer experts operating with resources left over from the vaccine push.</p><p><blockquote>抗病毒项目是一个规模小得多的项目——一组辉瑞专家利用疫苗推广剩余的资源开展工作。</blockquote></p><p> “The small molecule was more like a nimble, laser-focused, high-end team, with rather moderate resources,” Dolsten said.</p><p><blockquote>“多尔斯滕说：”小分子更像是一个灵活、专注于激光的高端团队，资源相当适中。</blockquote></p><p> Dolsten gathered some of Pfizer’s most experienced scientists to work on the antiviral project, including its head of medicine design, Charlotte Allerton. The scientists started with work Pfizer had done years ago on a type of antiviral called a protease inhibitor.</p><p><blockquote>多尔斯滕召集了辉瑞公司一些最有经验的科学家参与抗病毒项目，其中包括辉瑞公司的药物设计主管夏洛特-阿勒顿（Charlotte Allerton）。科学家们从辉瑞公司几年前在一种叫做蛋白酶抑制剂的抗病毒药物上所做的工作开始。</blockquote></p><p> “[Pfizer’s] pharmaceutical R&amp;D is better than people had thought.”</p><p><blockquote>“辉瑞的药物研发比人们想象的要好。”</blockquote></p><p> The protease inhibitors in the Pfizer library, however, had been administered intravenously, and had not worked well when delivered orally. The team had to figure out how to adapt the drugs to oral administration, a substantial undertaking.</p><p><blockquote>然而，辉瑞文库中的蛋白酶抑制剂是静脉注射给药的，口服给药时效果不佳。该团队必须弄清楚如何使药物适应口服给药，这是一项艰巨的任务。</blockquote></p><p> “They had to really create a lot of new chemistry,” Dolsten said. The scientists created 600 compounds to nail down the right drug, a process that might normally take years, and which they accomplished in a matter of months. “Four years turned into four months here,” he said.</p><p><blockquote>“多尔斯滕说：”他们必须真正创造很多新的化学反应。科学家们创造了 600 种化合物来确定合适的药物，这一过程通常可能需要数年时间，但他们在几个月内就完成了。“他说：”四年在这里变成了四个月。</blockquote></p><p> Pfizer started testing the pill in humans in March. It is now running a number of Phase 2/3 trials of the drug, including one for patients who are high risk, one for patients not high risk, and one as a prophylaxis for patients who have been exposed to the virus but aren’t yet sick. In the first readout, the drug looked substantially more effective than the Covid treatment pill from&nbsp;Merck&nbsp;(MRK).</p><p><blockquote>辉瑞公司于三月份开始在人体中测试这种药丸。目前，该公司正在对该药物进行多项 2/3 期试验，包括一项针对高危患者的试验、一项针对非高危患者的试验以及一项针对接触过病毒但尚未患病的患者的预防措施。在第一次读数中，该药物看起来比默克公司 (MRK) 的 Covid 治疗药丸更有效。</blockquote></p><p> “It definitely helps prove the point that [Pfizer’s] pharmaceutical R&amp;D is better than people had thought,” says Louise Chen, an analyst at Cantor Fitzgerald, who has an Overweight rating and a $61 price target on the stock.</p><p><blockquote>“Cantor Fitzgerald 的分析师 Louise Chen 说：”这无疑有助于证明（辉瑞的）药品研发比人们想象的要好。</blockquote></p><p></p><p> Chen says that she doesn’t expect investors to come around to her way of thinking until there is more clarity on the durability of Covid-19 vaccine and pill sales, and the rest of the pipeline gets proved out.</p><p><blockquote>陈说，在 Covid-19 疫苗和药丸销售的耐久性得到更明确以及其余的管道得到证实之前，她预计投资者不会接受她的想法。</blockquote></p><p> “There is not one event that I think will trigger a re-rating of the stock at the next level,” she says. “Until those things play out, I don’t think that it necessarily will.”</p><p><blockquote>“她说：”我认为没有一个事件会引发该股的评级被重新评级到下一个级别。“在这些事情发生之前，我认为不一定会发生。”</blockquote></p><p> That makes a bet on Pfizer a long-term play. In the meantime, the experience of&nbsp;Moderna&nbsp;(MRNA) in recent weeks is highlighting the potential for the vaccine makers to come under scrutiny over unequal distribution of vaccines.</p><p><blockquote>这使得押注辉瑞成为一项长期战略。与此同时，Moderna (MRNA) 最近几周的经历凸显了疫苗制造商因疫苗分配不均而受到审查的可能性。</blockquote></p><p> Biden administration officials have been increasingly frustrated with Moderna, calling on the company to ramp up production so it can offer more doses at not-for-profit prices to low-income countries, with one top official calling on the company to “step up.”</p><p><blockquote>拜登政府官员对 Moderna 公司越来越不满，呼吁该公司提高产量，以便以非营利价格向低收入国家提供更多剂量，一位高级官员呼吁该公司 “加大力度”。</blockquote></p><p> Moderna shares are down more than 40% over the past three months.</p><p><blockquote>Moderna 股价在过去三个月中下跌了 40% 以上。</blockquote></p><p> As the pandemic persists, Pfizer risks eroding the enormous goodwill it earned roughly a year ago when it introduced its Covid-19 vaccine. Earlier this month, Pfizer CEO Bourla blamed low-income countries for unfair vaccine distribution, telling <i>Barron’s</i> that it was their fault for not placing orders. Pfizer has sold a billion vaccine doses to the U.S. at a not-for-profit price to donate to poor countries, and says that a total of at least two billion doses will be delivered to low- and middle-income nations by the end of next year.</p><p><blockquote>随着疫情的持续，辉瑞公司可能会侵蚀大约一年前推出 Covid-19 疫苗时获得的巨大商誉。本月早些时候，辉瑞公司首席执行官布尔拉将疫苗分配不公归咎于低收入国家，并表示<i>巴伦</i>不下单是他们的错。辉瑞公司以非营利价格向美国出售了10亿剂疫苗，用于捐赠给贫困国家，并表示到明年年底将总共至少向中低收入国家交付20亿剂疫苗。</blockquote></p><p> When it comes to antivirals, Pfizer has said only that it will offer tiered pricing for poorer nations, the same approach it has taken with its vaccine.</p><p><blockquote>当谈到抗病毒药物时，辉瑞只表示将为较贫穷的国家提供分层定价，这与它对疫苗采取的方法相同。</blockquote></p><p> That contrasts sharply with Merck’s plan to make its own Covid-19 pill available to poor countries. Merck has signed a deal with a United Nations-backed group that will allow its pill to be licensed globally, with no royalties paid to Merck.</p><p><blockquote>这与默克公司向贫困国家提供自己的 Covid-19 药丸的计划形成了鲜明对比。默克公司已与一个联合国支持的组织签署了一项协议，该协议将允许其药丸在全球获得许可，而默克公司无需支付版税。</blockquote></p><p> Dolsten said that Pfizer is looking into licensing its pill under a similar mechanism as Merck’s. “We will look at those options,” he said. “By no means have we said we would do something different. We just want to make sure whoever will be involved gets the advice and skill to do this.”</p><p><blockquote>多尔斯滕说，辉瑞公司正在考虑按照与默克公司类似的机制对其药片进行许可。“他说：”我们将研究这些方案。“我们绝不是说我们会做一些不同的事情。我们只是想确保无论谁参与其中，都能获得建议和技能。”</blockquote></p><p> Such a step couldn’t come soon enough. Late last month, activists protested outside Bourla’s home, calling on Pfizer to share its vaccine manufacturing technology and to fill orders from low-income countries ahead of those from wealthy countries.</p><p><blockquote>这样的举措来得还不够快。上月底，活动人士在布尔拉家门外举行抗议活动，呼吁辉瑞公司分享其疫苗生产技术，并在富裕国家之前完成低收入国家的订单。</blockquote></p><p> An aggressive plan to share its antiviral would help stave off such criticism, keeping Pfizer in the relative good graces of Washington and allowing its impressive science to continue to drive the stock higher.</p><p><blockquote>分享其抗病毒药物的积极计划将有助于避免此类批评，使辉瑞保持相对良好的华盛顿青睐，并使其令人印象深刻的科学继续推高股价。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/buy-pfizer-stock-covid-19-51636674652?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":{"PFE":"辉瑞"},"source_url":"https://www.barrons.com/articles/buy-pfizer-stock-covid-19-51636674652?mod=hp_LEAD_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1102251183","content_text":"Pfizer’s chief scientific officer, Mikael Dolsten, sounded giddy when reached via telephone early Monday morning. It was just days after his company knocked the socks off the market with the news that its Covid-19 antiviral had cut the risk of hospitalization by 89% in high-risk adults.\n“It can’t be just a random thing, that you’re able to beat this type of world record and get a grand slam at the same time by chance,” Dolsten said, scrambling sports metaphors as he sought to illustrate the magnitude of Pfizer’s twin wins: the development of a stunningly effective Covid-19 vaccine in just 10 months, followed a year later by the development of a similarly stunning Covid-19 antiviral.\nTwo years ago, Pfizer (ticker: PFE) CEO Albert Bourla asked investors to take a big gamble on the research-and-development operation that Dolsten has rebuilt over the course of more than a decade. That bet is looking smarter than ever.\nBourla has gotten rid of Pfizer’s off-patent drugs division and the last of its consumer health products, leaving behind a pure-play biopharma company that will live or die on the strength of Dolsten’s science.\nIn a cover story in November 2019, Barron’s argued that Bourla and Dolsten could pull it off.\nThe new antiviral data reaffirms the case for Pfizer that Barron’s made two years ago. Continuing to profit off the pandemic, however, brings new risks, as criticism grows over the global inequity in vaccine distribution. Low-income nations account for less than 1% of the more than seven billion doses administered worldwide. If distribution of Pfizer’s antiviral continues to favor wealthy nations, the company’s stock could ultimately suffer.\nPfizer’s shares surged 10.9% the day the data came out, their best daily showing in at least 20 years. Still, with the stock now changing hands at around $50, investors continue to undervalue the company. Investors are pricing Pfizer at 12 times next year’s expected earnings, cheaper than peers like Johnson & Johnson (JNJ) and Eli Lilly (LLY).\nThe Pfizer discount can be attributed to concerns over the patent cliff the drugmaker faces at the end of the decade. The company stands to lose exclusivity over a handful of drugs that bring in billions in annual revenue.\nThe worries are legitimate, but Pfizer’s scientific coup should give investors confidence that the company’s science can carry it safely over that cliff. It may take time for the market to catch up, but for long-term investors, it’s a promising opportunity.\nThe success of the antiviral is the best illustration yet of Pfizer’s scientific prowess.\nWhile Pfizer’s Covid-19 vaccine came out of the labs of the German biotech BioNTech (BNTX), the new Covid-19 antiviral was whipped up by what Dolsten called a “dream team” of scientists at Pfizer’s own labs across the Northeast U.S.\nIn the earliest days of the pandemic, Pfizer split its efforts between its collaboration with BioNTech on the vaccine and its quest for a Covid-19 pill. The vaccine effort operated on a huge scale; Dolsten called it a “mega team” that spanned the Atlantic.\nThe antiviral project was a much smaller operation—a group of Pfizer experts operating with resources left over from the vaccine push.\n“The small molecule was more like a nimble, laser-focused, high-end team, with rather moderate resources,” Dolsten said.\nDolsten gathered some of Pfizer’s most experienced scientists to work on the antiviral project, including its head of medicine design, Charlotte Allerton. The scientists started with work Pfizer had done years ago on a type of antiviral called a protease inhibitor.\n“[Pfizer’s] pharmaceutical R&D is better than people had thought.”\nThe protease inhibitors in the Pfizer library, however, had been administered intravenously, and had not worked well when delivered orally. The team had to figure out how to adapt the drugs to oral administration, a substantial undertaking.\n“They had to really create a lot of new chemistry,” Dolsten said. The scientists created 600 compounds to nail down the right drug, a process that might normally take years, and which they accomplished in a matter of months. “Four years turned into four months here,” he said.\nPfizer started testing the pill in humans in March. It is now running a number of Phase 2/3 trials of the drug, including one for patients who are high risk, one for patients not high risk, and one as a prophylaxis for patients who have been exposed to the virus but aren’t yet sick. In the first readout, the drug looked substantially more effective than the Covid treatment pill from Merck (MRK).\n“It definitely helps prove the point that [Pfizer’s] pharmaceutical R&D is better than people had thought,” says Louise Chen, an analyst at Cantor Fitzgerald, who has an Overweight rating and a $61 price target on the stock.\nChen says that she doesn’t expect investors to come around to her way of thinking until there is more clarity on the durability of Covid-19 vaccine and pill sales, and the rest of the pipeline gets proved out.\n“There is not one event that I think will trigger a re-rating of the stock at the next level,” she says. “Until those things play out, I don’t think that it necessarily will.”\nThat makes a bet on Pfizer a long-term play. In the meantime, the experience of Moderna (MRNA) in recent weeks is highlighting the potential for the vaccine makers to come under scrutiny over unequal distribution of vaccines.\nBiden administration officials have been increasingly frustrated with Moderna, calling on the company to ramp up production so it can offer more doses at not-for-profit prices to low-income countries, with one top official calling on the company to “step up.”\nModerna shares are down more than 40% over the past three months.\nAs the pandemic persists, Pfizer risks eroding the enormous goodwill it earned roughly a year ago when it introduced its Covid-19 vaccine. Earlier this month, Pfizer CEO Bourla blamed low-income countries for unfair vaccine distribution, telling Barron’s that it was their fault for not placing orders. Pfizer has sold a billion vaccine doses to the U.S. at a not-for-profit price to donate to poor countries, and says that a total of at least two billion doses will be delivered to low- and middle-income nations by the end of next year.\nWhen it comes to antivirals, Pfizer has said only that it will offer tiered pricing for poorer nations, the same approach it has taken with its vaccine.\nThat contrasts sharply with Merck’s plan to make its own Covid-19 pill available to poor countries. Merck has signed a deal with a United Nations-backed group that will allow its pill to be licensed globally, with no royalties paid to Merck.\nDolsten said that Pfizer is looking into licensing its pill under a similar mechanism as Merck’s. “We will look at those options,” he said. “By no means have we said we would do something different. We just want to make sure whoever will be involved gets the advice and skill to do this.”\nSuch a step couldn’t come soon enough. Late last month, activists protested outside Bourla’s home, calling on Pfizer to share its vaccine manufacturing technology and to fill orders from low-income countries ahead of those from wealthy countries.\nAn aggressive plan to share its antiviral would help stave off such criticism, keeping Pfizer in the relative good graces of Washington and allowing its impressive science to continue to drive the stock higher.","news_type":1,"symbols_score_info":{"PFE":0.9}},"isVote":1,"tweetType":1,"viewCount":2776,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":847344272,"gmtCreate":1636498198098,"gmtModify":1636498210422,"author":{"id":"4087996122770160","authorId":"4087996122770160","name":"Timevestor","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087996122770160","authorIdStr":"4087996122770160"},"themes":[],"title":"","htmlText":"Please like and comment.&nbsp;","listText":"Please like and comment.&nbsp;","text":"Please like and comment.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/847344272","repostId":"1159319516","repostType":4,"repost":{"id":"1159319516","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":1636468701,"share":"https://www.laohunote.com/m/news/1159319516?lang=zh_CN&edition=full","pubTime":"2021-11-09 22:38","market":"us","language":"en","title":"EVgo shares jumped more than 27% in morning trading<blockquote>EVgo 股价早盘上涨超过 27%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1159319516","media":"Tiger Newspress","summary":"EVgo shares jumped more than 27% in morning trading.\nEVgo Inc., owner and operator of the nation’s l","content":"<p>EVgo shares jumped more than 27% in morning trading.</p><p><blockquote>EVgo 股价在早盘交易中上涨超过 27%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/08958ac7331740c1f981f6a739b0e868\" tg-width=\"881\" tg-height=\"621\" width=\"100%\" height=\"auto\">EVgo Inc., owner and operator of the nation’s largest public fast charging network for electric vehicles (EVs), and General Motors (GM) announced an expansion of their fast charging infrastructure build-out collaboration currently underway across the U.S. EVgo and GM previously announced a tripling of the EVgo network with plans to build 2,750 charging stalls through 2025.</p><p><blockquote>美国最大的电动汽车（EV）公共快速充电网络的所有者和运营商 EVgo Inc. EVgo 和通用汽车（GM）宣布扩大目前正在美国各地进行的快速充电基础设施建设合作。</blockquote></p><p> EVgo Inc. today announced an expansion to its EV charging program for rideshare drivers on Uber’s platform. With nearly <a href=\"https://laohu8.com/S/AONE.U\">one</a> million rideshare vehicles on the road, electrification of rideshare provides a significant opportunity to add high-utilization drivers to EVgo’s network. Featuring new discounts and benefits for all drivers using Uber, this expanded initiative builds upon the existing program's success to ultimately increase access to, and utilization of, EVgo’s network of over 800 public fast chargers -- helping both companies further accelerate the adoption of zero-emission transportation at scale.</p><p><blockquote>EVgo 公司今天宣布扩大其在 Uber 平台上为共享出行司机提供的电动汽车充电计划。几乎<a href=\"https://laohu8.com/S/AONE.U\">一</a>数百万辆共享汽车上路，共享汽车的电气化为 EVgo 的网络增加高利用率司机提供了一个重要的机遇。这项扩大后的计划将为所有使用 Uber 的司机提供新的折扣和优惠，在现有计划取得成功的基础上，最终增加 EVgo 由 800 多个公共快速充电器组成的网络的可及性和利用率，帮助两家公司进一步加快零排放交通的大规模采用。</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>EVgo shares jumped more than 27% in morning trading<blockquote>EVgo 股价早盘上涨超过 27%</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\">\nEVgo shares jumped more than 27% in morning trading<blockquote>EVgo 股价早盘上涨超过 27%</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\">2021-11-09 22:38</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>EVgo shares jumped more than 27% in morning trading.</p><p><blockquote>EVgo 股价在早盘交易中上涨超过 27%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/08958ac7331740c1f981f6a739b0e868\" tg-width=\"881\" tg-height=\"621\" width=\"100%\" height=\"auto\">EVgo Inc., owner and operator of the nation’s largest public fast charging network for electric vehicles (EVs), and General Motors (GM) announced an expansion of their fast charging infrastructure build-out collaboration currently underway across the U.S. EVgo and GM previously announced a tripling of the EVgo network with plans to build 2,750 charging stalls through 2025.</p><p><blockquote>美国最大的电动汽车（EV）公共快速充电网络的所有者和运营商 EVgo Inc. EVgo 和通用汽车（GM）宣布扩大目前正在美国各地进行的快速充电基础设施建设合作。</blockquote></p><p> EVgo Inc. today announced an expansion to its EV charging program for rideshare drivers on Uber’s platform. With nearly <a href=\"https://laohu8.com/S/AONE.U\">one</a> million rideshare vehicles on the road, electrification of rideshare provides a significant opportunity to add high-utilization drivers to EVgo’s network. Featuring new discounts and benefits for all drivers using Uber, this expanded initiative builds upon the existing program's success to ultimately increase access to, and utilization of, EVgo’s network of over 800 public fast chargers -- helping both companies further accelerate the adoption of zero-emission transportation at scale.</p><p><blockquote>EVgo 公司今天宣布扩大其在 Uber 平台上为共享出行司机提供的电动汽车充电计划。几乎<a href=\"https://laohu8.com/S/AONE.U\">一</a>数百万辆共享汽车上路，共享汽车的电气化为 EVgo 的网络增加高利用率司机提供了一个重要的机遇。这项扩大后的计划将为所有使用 Uber 的司机提供新的折扣和优惠，在现有计划取得成功的基础上，最终增加 EVgo 由 800 多个公共快速充电器组成的网络的可及性和利用率，帮助两家公司进一步加快零排放交通的大规模采用。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"EVGO":"EVgo Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1159319516","content_text":"EVgo shares jumped more than 27% in morning trading.\nEVgo Inc., owner and operator of the nation’s largest public fast charging network for electric vehicles (EVs), and General Motors (GM) announced an expansion of their fast charging infrastructure build-out collaboration currently underway across the U.S. EVgo and GM previously announced a tripling of the EVgo network with plans to build 2,750 charging stalls through 2025.\nEVgo Inc. today announced an expansion to its EV charging program for rideshare drivers on Uber’s platform. With nearly one million rideshare vehicles on the road, electrification of rideshare provides a significant opportunity to add high-utilization drivers to EVgo’s network. Featuring new discounts and benefits for all drivers using Uber, this expanded initiative builds upon the existing program's success to ultimately increase access to, and utilization of, EVgo’s network of over 800 public fast chargers -- helping both companies further accelerate the adoption of zero-emission transportation at scale.","news_type":1,"symbols_score_info":{"EVGO":0.9}},"isVote":1,"tweetType":1,"viewCount":3503,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":847344109,"gmtCreate":1636498169858,"gmtModify":1636498170185,"author":{"id":"4087996122770160","authorId":"4087996122770160","name":"Timevestor","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087996122770160","authorIdStr":"4087996122770160"},"themes":[],"title":"","htmlText":"Please like and comment.&nbsp;","listText":"Please like and comment.&nbsp;","text":"Please like and comment.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/847344109","repostId":"1138226136","repostType":4,"isVote":1,"tweetType":1,"viewCount":3167,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":847345718,"gmtCreate":1636498146153,"gmtModify":1636498146466,"author":{"id":"4087996122770160","authorId":"4087996122770160","name":"Timevestor","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087996122770160","authorIdStr":"4087996122770160"},"themes":[],"title":"","htmlText":"Please like and comment.&nbsp;","listText":"Please like and comment.&nbsp;","text":"Please like and comment.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/847345718","repostId":"1182133248","repostType":4,"repost":{"id":"1182133248","kind":"news","pubTimestamp":1636470686,"share":"https://www.laohunote.com/m/news/1182133248?lang=zh_CN&edition=full","pubTime":"2021-11-09 23:11","market":"us","language":"en","title":"BlackRock, Brookfield Are Among Bidders for Aramco Gas Pipelines<blockquote>贝莱德和布鲁克菲尔德是阿美天然气管道的竞标者之一</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1182133248","media":"Bloomberg","summary":"(Bloomberg) -- BlackRock Inc., Brookfield Asset Management Inc. and EIG are among firms that made fi","content":"<p><div> (Bloomberg) -- BlackRock Inc., Brookfield Asset Management Inc. and EIG are among firms that made final bids for a stake in Saudi Aramco’s natural-gas pipeline network that could fetch more than $15 ...</p><p><blockquote><div>(彭博社）--贝莱德公司（BlackRock Inc.）、布鲁克菲尔德资产管理公司（Brookfield Asset Management Inc.</div></blockquote></p><p>  <a href=\"https://finance.yahoo.com/news/blackrock-brookfield-among-bidders-aramco-140159980.html\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://finance.yahoo.com/news/blackrock-brookfield-among-bidders-aramco-140159980.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>BlackRock, Brookfield Are Among Bidders for Aramco Gas Pipelines<blockquote>贝莱德和布鲁克菲尔德是阿美天然气管道的竞标者之一</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\">\nBlackRock, Brookfield Are Among Bidders for Aramco Gas Pipelines<blockquote>贝莱德和布鲁克菲尔德是阿美天然气管道的竞标者之一</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Bloomberg</strong><span class=\"h-time small\">2021-11-09 23:11</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> (Bloomberg) -- BlackRock Inc., Brookfield Asset Management Inc. and EIG are among firms that made final bids for a stake in Saudi Aramco’s natural-gas pipeline network that could fetch more than $15 ...</p><p><blockquote><div>(彭博社）--贝莱德公司（BlackRock Inc.）、布鲁克菲尔德资产管理公司（Brookfield Asset Management Inc.</div></blockquote></p><p>  <a href=\"https://finance.yahoo.com/news/blackrock-brookfield-among-bidders-aramco-140159980.html\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://finance.yahoo.com/news/blackrock-brookfield-among-bidders-aramco-140159980.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/blackrock-brookfield-among-bidders-aramco-140159980.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":{"BLK":"贝莱德","BAM":"布鲁克菲尔德资产管理"},"source_url":"https://finance.yahoo.com/news/blackrock-brookfield-among-bidders-aramco-140159980.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1182133248","content_text":"(Bloomberg) -- BlackRock Inc., Brookfield Asset Management Inc. and EIG are among firms that made final bids for a stake in Saudi Aramco’s natural-gas pipeline network that could fetch more than $15 billion, people familiar with the matter said.\nItalian energy infrastructure operator Snam SpA, China’s state-backed Silk Road Fund Co. and Saudi government-controlled Hassana Investment Co. also made offers, the people said. Bidders are now discussing teaming up to form a consortium, the people said, asking not to be identified discussing confidential information.\nState oil giant Aramco, the world’s biggest energy company, could inform suitors on the outcome of their bids as soon as this month, according to the people.\nRepresentatives for Aramco and Snam declined to comment. Spokespeople for BlackRock, Brookfield, EIG, Hassana and Silk Road didn’t immediately respond to requests for comment.\nWhile Western companies are increasingly focused on investments that support the transition away from fossil fuels, there’s still plenty of interest from them in Middle Eastern oil and gas assets and infrastructure.\nBlackRock Inc. and KKR & Co. put $4 billion into Abu Dhabi’s oil pipelines in 2019. Larry Fink, BlackRock’s chief executive officer, said at a Saudi conference last month that climate goals would take time and that “environmentalists” were partly to blame for this year’s surge in energy prices.\nAramco’s Big Plans\nSnam was part of a consortium that agreed last year to buy a $10.1 billion stake in Abu Dhabi National Oil Co.’s natural gas pipeline network. Europe’s biggest gas pipeline company teamed up with GIP, Brookfield, Singapore sovereign fund GIC Pte, Ontario Teachers’ Pension Plan and South Korea’s NH Investment & Securities Co. for the Adnoc transaction.\nAramco, the world’s largest oil company, is looking for new ways to raise cash to maintain a $75 billion dividend and complete huge investment plans. Over the coming decade, the Saudi firm is developing the multi-billion dollar Jafurah natural-gas field, expanding its oil-production capacity to 13 million barrels a day and investing in hydrogen production.\nA deal involving the gas pipeline could be structured in a similar way to the oil-pipeline transaction, where investors bought a minority stake in a new Aramco subsidiary with leasing rights over the assets, people with knowledge of the matter have said.\nA group of investors led by Washington-based EIG agreed to invest $12.4 billion in Aramco’s oil pipelines in June, in one of the largest infrastructure transactions this year.","news_type":1,"symbols_score_info":{"BAM":0.9,"BLK":0.9}},"isVote":1,"tweetType":1,"viewCount":3719,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":847345336,"gmtCreate":1636498104024,"gmtModify":1636498104398,"author":{"id":"4087996122770160","authorId":"4087996122770160","name":"Timevestor","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087996122770160","authorIdStr":"4087996122770160"},"themes":[],"title":"","htmlText":"Please like and comment.&nbsp;","listText":"Please like and comment.&nbsp;","text":"Please like and comment.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/847345336","repostId":"1127189501","repostType":4,"isVote":1,"tweetType":1,"viewCount":3769,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":847342830,"gmtCreate":1636498056637,"gmtModify":1636498057007,"author":{"id":"4087996122770160","authorId":"4087996122770160","name":"Timevestor","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087996122770160","authorIdStr":"4087996122770160"},"themes":[],"title":"","htmlText":"Please like and comment.&nbsp;","listText":"Please like and comment.&nbsp;","text":"Please like and comment.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/847342830","repostId":"1148060899","repostType":4,"repost":{"id":"1148060899","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":1636478117,"share":"https://www.laohunote.com/m/news/1148060899?lang=zh_CN&edition=full","pubTime":"2021-11-10 01:15","market":"us","language":"en","title":"Hertz opened around $26.67, or 8.03% below $29 IPO price<blockquote>赫兹开盘价约为 26.67 美元，比 29 美元的 IPO 价格低 8.03%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1148060899","media":"Tiger Newspress","summary":"Hertz opened around $26.67, or 8.03% below $29 IPO price.\n\nThe increased demand for car rentals brou","content":"<p>Hertz&nbsp;opened around $26.67, or 8.03% below $29 IPO price.</p><p><blockquote>赫兹开盘价约为 26.67 美元，比 29 美元的 IPO 价格低 8.03%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/8fa4c718ad4c75574a913b719098a58b\" tg-width=\"877\" tg-height=\"607\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> The increased demand for car rentals brought about by pandemic-related vehicle shortages gave Hertz second quarter results and revenue near pre-pandemic levels. Plans for an IPO bubbled to the surface in August despite a net loss of $168 million.</p><p><blockquote>与大流行相关的车辆短缺带来的汽车租赁需求增加，导致赫兹第二季度业绩和收入接近大流行前的水平。尽管净亏损 1.68 亿美元，但 IPO 计划在 8 月份浮出水面。</blockquote></p><p> Headquartered in Estero, Florida, the car rental company posted net income of $21 million on $3.2 billion revenue January through July. During the same period in 2020, Hertz posted a net loss of $1.2 billion on $2.8 billion in revenue, according to media reports.</p><p><blockquote>这家汽车租赁公司总部位于佛罗里达州埃斯特罗，1 月至 7 月净利润为 2100 万美元，收入为 32 亿美元。据媒体报道，2020年同期，赫兹在28亿美元的收入中净亏损12亿美元。</blockquote></p><p> Hertz came out of Chapter 11 bankruptcy following a $6 billion deal that gave 42 percent ownership to Knighthead Capital Management, Certares Opportunities and Apollo Capital Management.</p><p><blockquote>赫兹在一项价值 60 亿美元的交易中摆脱了美国破产法第 11 章的破产，该交易将 42% 的所有权授予了 Knighthead Capital Management、Certares Opportunities 和 Apollo Capital Management。</blockquote></p><p> Overall car shortages have pushed vehicle rental prices to historical highs, something Hertz is benefitting from after a pandemic-era abundance of available inventory. When travel locked down, Hertz was among the many car rental companies paying for overflow parking for unrented vehicles.</p><p><blockquote>整体汽车短缺已将车辆租赁价格推至历史高位，赫兹在大流行时代库存充足后从中受益。当旅行被封锁时，赫兹是许多为未租赁车辆支付溢出停车费的汽车租赁公司之一。</blockquote></p><p> Many shareholders lost fortunes when Hertz filed for bankruptcy, but when the world started reopening as COVID-19 eased, Hertz found itself faced with not having enough cars to meet consumers’ demands. Used cars were selling out everywhere while new vehicle inventories contracted and were not replenished.</p><p><blockquote>当赫兹申请破产时，许多股东损失惨重，但当随着 COVID-19 的缓解，世界开始重新开放时，赫兹发现自己面临着没有足够的汽车来满足消费者需求的问题。二手车到处都在售罄，而新车库存却在萎缩，没有得到补充。</blockquote></p><p> Chip shortages, supply chain snags and a lack of inventory for car buyers brought automobile rental agencies like Hertz a heightened level of demand, according to reports. As a result, Hertz is seeing higher car rental prices and a fatter bottom line.</p><p><blockquote>据报道，芯片短缺、供应链障碍和购车者库存不足给赫兹等汽车租赁机构带来了更高的需求。因此，赫兹看到了更高的汽车租赁价格和更厚的利润。</blockquote></p><p> Car rental prices have dropped 15 percent from the record highs of June, according to the most recent consumer price index, but are still more than 50 percent higher in September of this year than in 2019.</p><p><blockquote>根据最新的消费者价格指数，汽车租赁价格已较 6 月份的历史高点下降了 15%，但今年 9 月仍比 2019 年高出 50% 以上。</blockquote></p><p> The public offering and repurchase plan follow a run-up in the company’s stock after it announced former Ford CEO Mark Fields&nbsp;as its interim CEO&nbsp;and a plan to&nbsp;add 100,000 Tesla cars&nbsp;to its fleet through 2022.</p><p><blockquote>此次公开募股和回购计划是在该公司宣布福特公司前首席执行官马克-菲尔兹（Mark Fields）担任临时首席执行官，并计划到 2022 年在其车队中增加 10 万辆特斯拉汽车后，该公司股价上涨。</blockquote></p><p> It’s unclear the status of Hertz’s deal with Tesla, after CEO Elon Musk last week&nbsp;said no deal had been signed. Hertz has declined to directly comment on the deal, citing its plans remain on track.</p><p><blockquote>赫兹公司首席执行官埃隆-马斯克（Elon Musk）上周表示尚未签署任何协议，目前尚不清楚赫兹与特斯拉的协议状况。赫兹拒绝直接对该交易发表评论，称其计划仍在按计划进行中。</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>Hertz opened around $26.67, or 8.03% below $29 IPO price<blockquote>赫兹开盘价约为 26.67 美元，比 29 美元的 IPO 价格低 8.03%</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\">\nHertz opened around $26.67, or 8.03% below $29 IPO price<blockquote>赫兹开盘价约为 26.67 美元，比 29 美元的 IPO 价格低 8.03%</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\">2021-11-10 01:15</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Hertz&nbsp;opened around $26.67, or 8.03% below $29 IPO price.</p><p><blockquote>赫兹开盘价约为 26.67 美元，比 29 美元的 IPO 价格低 8.03%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/8fa4c718ad4c75574a913b719098a58b\" tg-width=\"877\" tg-height=\"607\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> The increased demand for car rentals brought about by pandemic-related vehicle shortages gave Hertz second quarter results and revenue near pre-pandemic levels. Plans for an IPO bubbled to the surface in August despite a net loss of $168 million.</p><p><blockquote>与大流行相关的车辆短缺带来的汽车租赁需求增加，导致赫兹第二季度业绩和收入接近大流行前的水平。尽管净亏损 1.68 亿美元，但 IPO 计划在 8 月份浮出水面。</blockquote></p><p> Headquartered in Estero, Florida, the car rental company posted net income of $21 million on $3.2 billion revenue January through July. During the same period in 2020, Hertz posted a net loss of $1.2 billion on $2.8 billion in revenue, according to media reports.</p><p><blockquote>这家汽车租赁公司总部位于佛罗里达州埃斯特罗，1 月至 7 月净利润为 2100 万美元，收入为 32 亿美元。据媒体报道，2020年同期，赫兹在28亿美元的收入中净亏损12亿美元。</blockquote></p><p> Hertz came out of Chapter 11 bankruptcy following a $6 billion deal that gave 42 percent ownership to Knighthead Capital Management, Certares Opportunities and Apollo Capital Management.</p><p><blockquote>赫兹在一项价值 60 亿美元的交易中摆脱了美国破产法第 11 章的破产，该交易将 42% 的所有权授予了 Knighthead Capital Management、Certares Opportunities 和 Apollo Capital Management。</blockquote></p><p> Overall car shortages have pushed vehicle rental prices to historical highs, something Hertz is benefitting from after a pandemic-era abundance of available inventory. When travel locked down, Hertz was among the many car rental companies paying for overflow parking for unrented vehicles.</p><p><blockquote>整体汽车短缺已将车辆租赁价格推至历史高位，赫兹在大流行时代库存充足后从中受益。当旅行被封锁时，赫兹是许多为未租赁车辆支付溢出停车费的汽车租赁公司之一。</blockquote></p><p> Many shareholders lost fortunes when Hertz filed for bankruptcy, but when the world started reopening as COVID-19 eased, Hertz found itself faced with not having enough cars to meet consumers’ demands. Used cars were selling out everywhere while new vehicle inventories contracted and were not replenished.</p><p><blockquote>当赫兹申请破产时，许多股东损失惨重，但当随着 COVID-19 的缓解，世界开始重新开放时，赫兹发现自己面临着没有足够的汽车来满足消费者需求的问题。二手车到处都在售罄，而新车库存却在萎缩，没有得到补充。</blockquote></p><p> Chip shortages, supply chain snags and a lack of inventory for car buyers brought automobile rental agencies like Hertz a heightened level of demand, according to reports. As a result, Hertz is seeing higher car rental prices and a fatter bottom line.</p><p><blockquote>据报道，芯片短缺、供应链障碍和购车者库存不足给赫兹等汽车租赁机构带来了更高的需求。因此，赫兹看到了更高的汽车租赁价格和更厚的利润。</blockquote></p><p> Car rental prices have dropped 15 percent from the record highs of June, according to the most recent consumer price index, but are still more than 50 percent higher in September of this year than in 2019.</p><p><blockquote>根据最新的消费者价格指数，汽车租赁价格已较 6 月份的历史高点下降了 15%，但今年 9 月仍比 2019 年高出 50% 以上。</blockquote></p><p> The public offering and repurchase plan follow a run-up in the company’s stock after it announced former Ford CEO Mark Fields&nbsp;as its interim CEO&nbsp;and a plan to&nbsp;add 100,000 Tesla cars&nbsp;to its fleet through 2022.</p><p><blockquote>此次公开募股和回购计划是在该公司宣布福特公司前首席执行官马克-菲尔兹（Mark Fields）担任临时首席执行官，并计划到 2022 年在其车队中增加 10 万辆特斯拉汽车后，该公司股价上涨。</blockquote></p><p> It’s unclear the status of Hertz’s deal with Tesla, after CEO Elon Musk last week&nbsp;said no deal had been signed. Hertz has declined to directly comment on the deal, citing its plans remain on track.</p><p><blockquote>赫兹公司首席执行官埃隆-马斯克（Elon Musk）上周表示尚未签署任何协议，目前尚不清楚赫兹与特斯拉的协议状况。赫兹拒绝直接对该交易发表评论，称其计划仍在按计划进行中。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"HTZ":"赫兹租车"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148060899","content_text":"Hertz opened around $26.67, or 8.03% below $29 IPO price.\n\nThe increased demand for car rentals brought about by pandemic-related vehicle shortages gave Hertz second quarter results and revenue near pre-pandemic levels. Plans for an IPO bubbled to the surface in August despite a net loss of $168 million.\nHeadquartered in Estero, Florida, the car rental company posted net income of $21 million on $3.2 billion revenue January through July. During the same period in 2020, Hertz posted a net loss of $1.2 billion on $2.8 billion in revenue, according to media reports.\nHertz came out of Chapter 11 bankruptcy following a $6 billion deal that gave 42 percent ownership to Knighthead Capital Management, Certares Opportunities and Apollo Capital Management.\nOverall car shortages have pushed vehicle rental prices to historical highs, something Hertz is benefitting from after a pandemic-era abundance of available inventory. When travel locked down, Hertz was among the many car rental companies paying for overflow parking for unrented vehicles.\nMany shareholders lost fortunes when Hertz filed for bankruptcy, but when the world started reopening as COVID-19 eased, Hertz found itself faced with not having enough cars to meet consumers’ demands. Used cars were selling out everywhere while new vehicle inventories contracted and were not replenished.\nChip shortages, supply chain snags and a lack of inventory for car buyers brought automobile rental agencies like Hertz a heightened level of demand, according to reports. As a result, Hertz is seeing higher car rental prices and a fatter bottom line.\nCar rental prices have dropped 15 percent from the record highs of June, according to the most recent consumer price index, but are still more than 50 percent higher in September of this year than in 2019.\nThe public offering and repurchase plan follow a run-up in the company’s stock after it announced former Ford CEO Mark Fields as its interim CEO and a plan to add 100,000 Tesla cars to its fleet through 2022.\nIt’s unclear the status of Hertz’s deal with Tesla, after CEO Elon Musk last week said no deal had been signed. Hertz has declined to directly comment on the deal, citing its plans remain on track.","news_type":1,"symbols_score_info":{"HTZ":0.9}},"isVote":1,"tweetType":1,"viewCount":1339,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":844111092,"gmtCreate":1636410260458,"gmtModify":1636410260803,"author":{"id":"4087996122770160","authorId":"4087996122770160","name":"Timevestor","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087996122770160","authorIdStr":"4087996122770160"},"themes":[],"title":"","htmlText":"Please like and comment.&nbsp;","listText":"Please like and comment.&nbsp;","text":"Please like and comment.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/844111092","repostId":"2182113779","repostType":2,"isVote":1,"tweetType":1,"viewCount":1170,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":844119416,"gmtCreate":1636410171739,"gmtModify":1636410172104,"author":{"id":"4087996122770160","authorId":"4087996122770160","name":"Timevestor","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087996122770160","authorIdStr":"4087996122770160"},"themes":[],"title":"","htmlText":"Please like and comment.&nbsp;","listText":"Please like and comment.&nbsp;","text":"Please like and comment.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/844119416","repostId":"2182749687","repostType":2,"isVote":1,"tweetType":1,"viewCount":1016,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":845140895,"gmtCreate":1636323312584,"gmtModify":1636323312958,"author":{"id":"4087996122770160","authorId":"4087996122770160","name":"Timevestor","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087996122770160","authorIdStr":"4087996122770160"},"themes":[],"title":"","htmlText":"Please like and comment.&nbsp;","listText":"Please like and comment.&nbsp;","text":"Please like and comment.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/845140895","repostId":"2181740934","repostType":4,"repost":{"id":"2181740934","kind":"news","pubTimestamp":1636261200,"share":"https://www.laohunote.com/m/news/2181740934?lang=zh_CN&edition=full","pubTime":"2021-11-07 13:00","market":"us","language":"en","title":"SolarWinds investors allege board knew about cyber risks<blockquote>SolarWinds 投资者声称董事会了解网络风险</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2181740934","media":"The Straits Times","summary":"NEW YORK (REUTERS) - SolarWinds investors have sued the software company's directors, alleging they ","content":"<p><div> NEW YORK (REUTERS) - SolarWinds investors have sued the software company's directors, alleging they knew about and failed to monitor cyber-security risks to the company ahead of a breach that created ...</p><p><blockquote><div>纽约（路透社）-SolarWinds的投资者起诉了这家软件公司的董事，声称他们在导致……</div></blockquote></p><p>  <a href=\"http://www.straitstimes.com/tech/tech-news/solarwinds-investors-allege-board-knew-about-cyber-risks\">网页链接</a>  </div> </p><p><blockquote><a href=\"http://www.straitstimes.com/tech/tech-news/solarwinds-investors-allege-board-knew-about-cyber-risks\">网页连接</a></blockquote></p><p></p>","source":"straits_highlight","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>SolarWinds investors allege board knew about cyber risks<blockquote>SolarWinds 投资者声称董事会了解网络风险</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\">\nSolarWinds investors allege board knew about cyber risks<blockquote>SolarWinds 投资者声称董事会了解网络风险</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Straits Times</strong><span class=\"h-time small\">2021-11-07 13:00</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> NEW YORK (REUTERS) - SolarWinds investors have sued the software company's directors, alleging they knew about and failed to monitor cyber-security risks to the company ahead of a breach that created ...</p><p><blockquote><div>纽约（路透社）-SolarWinds的投资者起诉了这家软件公司的董事，声称他们在导致……</div></blockquote></p><p>  <a href=\"http://www.straitstimes.com/tech/tech-news/solarwinds-investors-allege-board-knew-about-cyber-risks\">网页链接</a>  </div> </p><p><blockquote><a href=\"http://www.straitstimes.com/tech/tech-news/solarwinds-investors-allege-board-knew-about-cyber-risks\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"http://www.straitstimes.com/tech/tech-news/solarwinds-investors-allege-board-knew-about-cyber-risks\">The Straits Times</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":{},"source_url":"http://www.straitstimes.com/tech/tech-news/solarwinds-investors-allege-board-knew-about-cyber-risks","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2181740934","content_text":"NEW YORK (REUTERS) - SolarWinds investors have sued the software company's directors, alleging they knew about and failed to monitor cyber-security risks to the company ahead of a breach that created a vulnerability in thousands of its customers' systems.\nThe lawsuit filed in Delaware on Thursday (Nov 4) appears to be the first based on records shareholders demanded from the company after Reuters reported last December that malicious code inserted into one of the company's software updates left United States government agencies and companies exposed.\nThe lawsuit names a mix of current and former directors as defendants.\nA SolarWinds spokesman said the company does not comment on pending litigation, but noted it is focused on \"deepening\" customer relationships and \"openly discussing our Secure by Design initiatives as we look to set the standard for secure software development\".\nLed by a Missouri pension fund, the investors allege that the board failed to implement procedures to monitor cyber-security risks, such as requiring the company's management to report on those risks regularly.\nThey are seeking damages on behalf of the company and to reform the company's policies on cyber-security oversight.\nThe lawsuit is the latest fallout over the breach of SolarWinds' software, which gave hackers access to the data of thousands of companies and government offices that used its products and which US officials have attributed to Russia.\nSolarWinds has said it is cooperating with investigations into the breach by the US Securities and Exchange Commission, Department of Justice and others. The company has moved to dismiss another shareholder lawsuit seeking damages for a decline in its share price.","news_type":1,"symbols_score_info":{"SWI":0.9}},"isVote":1,"tweetType":1,"viewCount":821,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":845140386,"gmtCreate":1636323292583,"gmtModify":1636323292870,"author":{"id":"4087996122770160","authorId":"4087996122770160","name":"Timevestor","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087996122770160","authorIdStr":"4087996122770160"},"themes":[],"title":"","htmlText":"Please like and comment.&nbsp;","listText":"Please like and comment.&nbsp;","text":"Please like and comment.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/845140386","repostId":"2181409167","repostType":4,"repost":{"id":"2181409167","kind":"news","pubTimestamp":1636262820,"share":"https://www.laohunote.com/m/news/2181409167?lang=zh_CN&edition=full","pubTime":"2021-11-07 13:27","market":"fut","language":"en","title":"US to Opec+: ‘This isn’t the end’ of effort to ease oil prices<blockquote>美国致欧佩克+： 这不是缓解油价努力的终点</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2181409167","media":"BusinessDay","summary":"Biden wants the cartel to pump more oil to bring down prices and keep the post-Covid economic recovery on course","content":"<p><div> The US warned this week that Opec+ is at risk of impairing the world’s economic recovery by failing to put more oil into the global market, signalling that its efforts to ease high crude prices aren’t...</p><p><blockquote><div>美国本周警告说，欧佩克+未能向全球市场投放更多石油，有可能损害世界经济复苏，这表明其缓解原油价格高企的努力不会奏效。</div></blockquote></p><p>  <a href=\"https://www.businesslive.co.za/bt/business-and-economy/2021-11-07-us-to-opec-this-isnt-the-end-of-effort-to-ease-oil-prices/\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.businesslive.co.za/bt/business-and-economy/2021-11-07-us-to-opec-this-isnt-the-end-of-effort-to-ease-oil-prices/\">网页连接</a></blockquote></p><p></p>","source":"businessday_stock","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 to Opec+: ‘This isn’t the end’ of effort to ease oil prices<blockquote>美国致欧佩克+： 这不是缓解油价努力的终点</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 to Opec+: ‘This isn’t the end’ of effort to ease oil prices<blockquote>美国致欧佩克+： 这不是缓解油价努力的终点</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">BusinessDay</strong><span class=\"h-time small\">2021-11-07 13:27</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> The US warned this week that Opec+ is at risk of impairing the world’s economic recovery by failing to put more oil into the global market, signalling that its efforts to ease high crude prices aren’t...</p><p><blockquote><div>美国本周警告说，欧佩克+未能向全球市场投放更多石油，有可能损害世界经济复苏，这表明其缓解原油价格高企的努力不会奏效。</div></blockquote></p><p>  <a href=\"https://www.businesslive.co.za/bt/business-and-economy/2021-11-07-us-to-opec-this-isnt-the-end-of-effort-to-ease-oil-prices/\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.businesslive.co.za/bt/business-and-economy/2021-11-07-us-to-opec-this-isnt-the-end-of-effort-to-ease-oil-prices/\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.businesslive.co.za/bt/business-and-economy/2021-11-07-us-to-opec-this-isnt-the-end-of-effort-to-ease-oil-prices/\">BusinessDay</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":{},"source_url":"https://www.businesslive.co.za/bt/business-and-economy/2021-11-07-us-to-opec-this-isnt-the-end-of-effort-to-ease-oil-prices/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2181409167","content_text":"The US warned this week that Opec+ is at risk of impairing the world’s economic recovery by failing to put more oil into the global market, signalling that its efforts to ease high crude prices aren’t over.Hours after Saudi Arabia and its allies in Opec+ — the 14 members of the Organisation of Petroleum Exporting Countries plus 10 non-members, including Russia — approved a 400,000 barrel-a-day output hike for December, the White House reiterated that it will consider “the full range of tools” to protect the economy.Other major consumers also say the Opec+ decision, at a meeting of the cartel this week, is not enough to sustain the post-Covid economic recovery, with the US asking for as much as double that amount. “They have the capacity and the power now to act and make sure this critical moment of global recovery is not impaired,” White House spokesperson Karine Jean-Pierre said.The US operates in “a competitive free market system”, she said, and Opec+ “is what impacts global oil prices, which is what has an effect on gas [petrol] prices at home”.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":757,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":842605770,"gmtCreate":1636166730238,"gmtModify":1636166730596,"author":{"id":"4087996122770160","authorId":"4087996122770160","name":"Timevestor","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087996122770160","authorIdStr":"4087996122770160"},"themes":[],"title":"","htmlText":"Please like and comment.&nbsp;","listText":"Please like and comment.&nbsp;","text":"Please like and comment.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/842605770","repostId":"2181446977","repostType":4,"isVote":1,"tweetType":1,"viewCount":943,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":842605564,"gmtCreate":1636166715326,"gmtModify":1636166715672,"author":{"id":"4087996122770160","authorId":"4087996122770160","name":"Timevestor","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087996122770160","authorIdStr":"4087996122770160"},"themes":[],"title":"","htmlText":"Please like and comment.&nbsp;","listText":"Please like and comment.&nbsp;","text":"Please like and comment.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/842605564","repostId":"2181744615","repostType":4,"isVote":1,"tweetType":1,"viewCount":722,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":842605671,"gmtCreate":1636166698442,"gmtModify":1636166698779,"author":{"id":"4087996122770160","authorId":"4087996122770160","name":"Timevestor","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087996122770160","authorIdStr":"4087996122770160"},"themes":[],"title":"","htmlText":"Please like and comment.&nbsp;","listText":"Please like and comment.&nbsp;","text":"Please like and comment.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/842605671","repostId":"1176171748","repostType":4,"repost":{"id":"1176171748","kind":"news","pubTimestamp":1636158392,"share":"https://www.laohunote.com/m/news/1176171748?lang=zh_CN&edition=full","pubTime":"2021-11-06 08:26","market":"us","language":"en","title":"US IPO Week Ahead: The IPO market quietly revs its engine in an 11 IPO week<blockquote>美国 IPO 周即将到来：IPO 市场在第 11 周悄然加速</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1176171748","media":"renaissancecap...","summary":"The IPO market is expected to stay busy with 11 IPOs schedule to raise $10.2 billion in the week ahe","content":"<p>The IPO market is expected to stay busy with 11 IPOs schedule to raise $10.2 billion in the week ahead.</p><p><blockquote>IPO市场预计将在未来一周继续繁忙，计划进行11次IPO，以筹集102亿美元。</blockquote></p><p> Electric truck developer&nbsp;<b>Rivian Automotive</b>(RIVN) plans to raise $8.0 billion at a $57.1 billion market cap. This founder-led company is developing and manufacturing a portfolio of electric adventure-ready consumer and commercial SUVs, vans, and pickup trucks. Although the company is in very early stages of commercialization, Rivian began its first deliveries in September of 2021 and has an order of 100,000 EDVs from Amazon through 2025.</p><p><blockquote>电动卡车开发商<b>Rivian汽车</b>(RIVN) 计划以 571 亿美元的市值筹集 80 亿美元。这家由创始人领导的公司正在开发和制造一系列适合冒险的电动消费和商用SUV、货车和皮卡。尽管该公司正处于商业化的早期阶段，但Rivian于 2021 年 9 月开始首次交付，并在 2025 年前从亚马逊订购了 100,000 台 EDV。</blockquote></p><p> OTC-listed&nbsp;<b>Hertz Global Holdings</b>(HTZ) plans to raise $1.0 billion at a $13.9 billion market cap. The company provides vehicle rental services globally primarily through the Hertz, Dollar, and Thrifty brands. Hertz filed for bankruptcy in May of 2020 and emerged this past June. The company is profitable, and revenue growth accelerated to 34% in the 9mo21.</p><p><blockquote>场外上市<b>赫兹全球控股</b>(HTZ) 计划以 139 亿美元的市值筹集 10 亿美元。该公司主要通过 Hertz、Dollar 和 Thrifty 品牌在全球范围内提供汽车租赁服务。赫兹于2020年5月申请破产，并于今年6月出现。该公司实现盈利，2021 年前 9 个月收入增长加速至 34%。</blockquote></p><p> Outsourced IT services provider&nbsp;<b>CI&amp;T</b>(CINT) plans to raise $350 million at a $2.4 billion market cap. This Brazil-based company provides strategy, design, and software engineering services through a network of over 5,000 employees. Growing and profitable, CI&amp;T’s &nbsp;blue-chip customer base includes Johnson &amp; Johnson, Google, and Itaú Unibanco.</p><p><blockquote>外包IT服务供应商<b>CI&amp;T</b>(CINT) 计划以 24 亿美元的市值筹集 3.5 亿美元。这家总部位于巴西的公司通过5000多名员工的网络提供战略、设计和软件工程服务。CI&amp;T 的蓝筹客户群不断增长且盈利，包括强生公司、谷歌和伊塔乌联合银行。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/EXFY\">Expensify</a></b>(EXFY) plans to raise $234 million at a $2.4 billion market cap. Founder-led Expensify provides a mobile-first expense management platform, primarily helping SMBs simplify the expense approval process from initial receipt scan through next-day reimbursement. Addressing a multibillion-dollar opportunity within US SMBs, Expensify saw robust profitability in the 1H21, but its paid member base remains below pre-COVID levels.</p><p><blockquote><b><a href=\"https://laohu8.com/S/EXFY\">昂贵</a></b>(EXFY) 计划以 24 亿美元的市值筹集 2.34 亿美元。Founder领导的Expensify提供了一个移动优先的费用管理平台，主要帮助中小企业简化从初始收据扫描到次日报销的费用审批流程。Expensify 抓住了美国中小企业数十亿美元的机会，在 2021 年上半年实现了强劲的盈利能力，但其付费会员基础仍低于新冠疫情爆发前的水平。</blockquote></p><p> Customer engagement platform&nbsp;<b>Weave Communications</b>(WEAV) plans to raise $133 million at a $1.9 billion market cap. The company provides a customer communication and engagement software platform to SMBs. Fast growing and unprofitable, Weave had more than 21,000 locations under subscription across approximately 20,000 customers in the US and Canada as of 6/30/21.</p><p><blockquote>客户参与平台<b>编织通信</b>(WEAV) 计划以 19 亿美元的市值筹集 1.33 亿美元。该公司为中小企业提供客户沟通和参与软件平台。快速增长且无利可图，截至2021年6月30日，Weave在美国和加拿大的约20,000名客户中拥有超过21,000个订阅位置。</blockquote></p><p> Vaccine biotech&nbsp;<b>Vaxxinity</b>(VAXX) plans to raise $101 million at a $2.1 billion market cap. This Phase 2 biotech is developing vaccines therapies for chronic diseases using synthetic peptides. Vaxxinity’s lead candidate, UB-311, is being developed for the treatment of Alzheimer’s Disease and is scheduled to start a Phase 2b efficacy trial in 2022.</p><p><blockquote>疫苗生物技术<b>疫苗接种</b>(VAXX) 计划以 21 亿美元的市值筹集 1.01 亿美元。这家第二阶段生物技术公司正在开发使用合成肽治疗慢性病的疫苗疗法。Vaxxinity 的主要候选药物 UB-311 正在开发用于治疗阿尔茨海默病，计划于 2022 年开始 2b 期疗效试验。</blockquote></p><p> Online fashion retailer&nbsp;<b>Lulu’s Fashion Lounge Holdings</b>(LVLU) plans to raise $101 million at a $654 million market cap. Lulu’s sells apparel and accessories primarily to Millennial and Gen Z women. While its business took a hit during the pandemic, the company returned to profitability in the 1H21, and revenue growth accelerated to 24%.</p><p><blockquote>在线时装零售商<b>露露时尚休息室控股</b>(LVLU) 计划以 6.54 亿美元的市值筹集 1.01 亿美元。Lulu's 主要面向千禧一代和 Z 世代女性销售服装和配饰。虽然其业务在疫情期间受到打击，但该公司在 2021 年上半年恢复盈利，收入增长加速至 24%。</blockquote></p><p> Storage cloud platform&nbsp;<b>Backblaze</b>(BLZE) plans to raise $100 million at a $644 million market cap. With over 480,000 customers across 175 countries, Backblaze provides a storage cloud platform to store, use, and protect data. The company has delivered solid growth, and it has maintained profitability on an EBITDA basis.</p><p><blockquote>存储云平台<b>回火</b>(BLZE) 计划以 6.44 亿美元的市值筹集 1 亿美元。Backblaze在175个国家拥有超过480,000名客户，提供存储云平台来存储、使用和保护数据。该公司实现了稳健的增长，并在 EBITDA 基础上保持了盈利能力。</blockquote></p><p> Texas bank&nbsp;<b>Third Coast Bank</b>(TCBX) plans to raise $75 million at a $317 million market cap. This commercially-focused bank operates 12 branches, seven of which are in the Greater Houston market. As of 6/30/21, Third Coast Bank had total assets of $2.0 billion, total loans of $1.6 billion, total deposits of $1.8 billion, and total shareholders’ equity of $138 million.</p><p><blockquote>德州银行<b>第三海岸银行</b>（TCBX）计划以3.17亿美元的市值筹集7500万美元。这家专注于商业的银行经营着12家分行，其中7家位于大休斯顿市场。截至 21 年 6 月 30 日，第三海岸银行的总资产为 20 亿美元，贷款总额为 16 亿美元，存款总额为 18 亿美元，股东权益总额为 1.38 亿美元。</blockquote></p><p> Laser communications firm&nbsp;<b>Mynaric</b>(MYNA) plans to raise $70 million at a $356 million market cap. Germany-based Mynaric develops and manufactures laser technologies for aerospace communications networks in government and commercial markets. The company is growing but highly unprofitable, with a -258% LTM gross margin.</p><p><blockquote>激光通信公司<b>米纳里奇</b>（MYNA）计划以3.56亿美元的市值筹集7000万美元。总部位于德国的Mynaric为政府和商业市场的航空航天通信网络开发和制造激光技术。该公司正在增长，但高度无利可图，LTM 毛利率为 -258%。</blockquote></p><p> Turbine system maker&nbsp;<b>FlexEnergy</b>(FLXE) plans to raise $35 million at a $122 million market cap. This technology company designs, manufactures, and sells turbine systems and heat exchangers. FlexEnergy saw revenue shrink in both 2020 and the 1H21.</p><p><blockquote>涡轮系统制造商<b>柔性能量</b>（FLXE）计划以1.22亿美元的市值筹集3500万美元。这家技术公司设计、制造和销售涡轮机系统和热交换器。FlexEnergy 在 2020 年和 2021 年上半年的收入均出现萎缩。</blockquote></p><p></p>","source":"lsy1619493174116","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: The IPO market quietly revs its engine in an 11 IPO week<blockquote>美国 IPO 周即将到来：IPO 市场在第 11 周悄然加速</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: The IPO market quietly revs its engine in an 11 IPO week<blockquote>美国 IPO 周即将到来：IPO 市场在第 11 周悄然加速</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">renaissancecap...</strong><span class=\"h-time small\">2021-11-06 08:26</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The IPO market is expected to stay busy with 11 IPOs schedule to raise $10.2 billion in the week ahead.</p><p><blockquote>IPO市场预计将在未来一周继续繁忙，计划进行11次IPO，以筹集102亿美元。</blockquote></p><p> Electric truck developer&nbsp;<b>Rivian Automotive</b>(RIVN) plans to raise $8.0 billion at a $57.1 billion market cap. This founder-led company is developing and manufacturing a portfolio of electric adventure-ready consumer and commercial SUVs, vans, and pickup trucks. Although the company is in very early stages of commercialization, Rivian began its first deliveries in September of 2021 and has an order of 100,000 EDVs from Amazon through 2025.</p><p><blockquote>电动卡车开发商<b>Rivian汽车</b>(RIVN) 计划以 571 亿美元的市值筹集 80 亿美元。这家由创始人领导的公司正在开发和制造一系列适合冒险的电动消费和商用SUV、货车和皮卡。尽管该公司正处于商业化的早期阶段，但Rivian于 2021 年 9 月开始首次交付，并在 2025 年前从亚马逊订购了 100,000 台 EDV。</blockquote></p><p> OTC-listed&nbsp;<b>Hertz Global Holdings</b>(HTZ) plans to raise $1.0 billion at a $13.9 billion market cap. The company provides vehicle rental services globally primarily through the Hertz, Dollar, and Thrifty brands. Hertz filed for bankruptcy in May of 2020 and emerged this past June. The company is profitable, and revenue growth accelerated to 34% in the 9mo21.</p><p><blockquote>场外上市<b>赫兹全球控股</b>(HTZ) 计划以 139 亿美元的市值筹集 10 亿美元。该公司主要通过 Hertz、Dollar 和 Thrifty 品牌在全球范围内提供汽车租赁服务。赫兹于2020年5月申请破产，并于今年6月出现。该公司实现盈利，2021 年前 9 个月收入增长加速至 34%。</blockquote></p><p> Outsourced IT services provider&nbsp;<b>CI&amp;T</b>(CINT) plans to raise $350 million at a $2.4 billion market cap. This Brazil-based company provides strategy, design, and software engineering services through a network of over 5,000 employees. Growing and profitable, CI&amp;T’s &nbsp;blue-chip customer base includes Johnson &amp; Johnson, Google, and Itaú Unibanco.</p><p><blockquote>外包IT服务供应商<b>CI&amp;T</b>(CINT) 计划以 24 亿美元的市值筹集 3.5 亿美元。这家总部位于巴西的公司通过5000多名员工的网络提供战略、设计和软件工程服务。CI&amp;T 的蓝筹客户群不断增长且盈利，包括强生公司、谷歌和伊塔乌联合银行。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/EXFY\">Expensify</a></b>(EXFY) plans to raise $234 million at a $2.4 billion market cap. Founder-led Expensify provides a mobile-first expense management platform, primarily helping SMBs simplify the expense approval process from initial receipt scan through next-day reimbursement. Addressing a multibillion-dollar opportunity within US SMBs, Expensify saw robust profitability in the 1H21, but its paid member base remains below pre-COVID levels.</p><p><blockquote><b><a href=\"https://laohu8.com/S/EXFY\">昂贵</a></b>(EXFY) 计划以 24 亿美元的市值筹集 2.34 亿美元。Founder领导的Expensify提供了一个移动优先的费用管理平台，主要帮助中小企业简化从初始收据扫描到次日报销的费用审批流程。Expensify 抓住了美国中小企业数十亿美元的机会，在 2021 年上半年实现了强劲的盈利能力，但其付费会员基础仍低于新冠疫情爆发前的水平。</blockquote></p><p> Customer engagement platform&nbsp;<b>Weave Communications</b>(WEAV) plans to raise $133 million at a $1.9 billion market cap. The company provides a customer communication and engagement software platform to SMBs. Fast growing and unprofitable, Weave had more than 21,000 locations under subscription across approximately 20,000 customers in the US and Canada as of 6/30/21.</p><p><blockquote>客户参与平台<b>编织通信</b>(WEAV) 计划以 19 亿美元的市值筹集 1.33 亿美元。该公司为中小企业提供客户沟通和参与软件平台。快速增长且无利可图，截至2021年6月30日，Weave在美国和加拿大的约20,000名客户中拥有超过21,000个订阅位置。</blockquote></p><p> Vaccine biotech&nbsp;<b>Vaxxinity</b>(VAXX) plans to raise $101 million at a $2.1 billion market cap. This Phase 2 biotech is developing vaccines therapies for chronic diseases using synthetic peptides. Vaxxinity’s lead candidate, UB-311, is being developed for the treatment of Alzheimer’s Disease and is scheduled to start a Phase 2b efficacy trial in 2022.</p><p><blockquote>疫苗生物技术<b>疫苗接种</b>(VAXX) 计划以 21 亿美元的市值筹集 1.01 亿美元。这家第二阶段生物技术公司正在开发使用合成肽治疗慢性病的疫苗疗法。Vaxxinity 的主要候选药物 UB-311 正在开发用于治疗阿尔茨海默病，计划于 2022 年开始 2b 期疗效试验。</blockquote></p><p> Online fashion retailer&nbsp;<b>Lulu’s Fashion Lounge Holdings</b>(LVLU) plans to raise $101 million at a $654 million market cap. Lulu’s sells apparel and accessories primarily to Millennial and Gen Z women. While its business took a hit during the pandemic, the company returned to profitability in the 1H21, and revenue growth accelerated to 24%.</p><p><blockquote>在线时装零售商<b>露露时尚休息室控股</b>(LVLU) 计划以 6.54 亿美元的市值筹集 1.01 亿美元。Lulu's 主要面向千禧一代和 Z 世代女性销售服装和配饰。虽然其业务在疫情期间受到打击，但该公司在 2021 年上半年恢复盈利，收入增长加速至 24%。</blockquote></p><p> Storage cloud platform&nbsp;<b>Backblaze</b>(BLZE) plans to raise $100 million at a $644 million market cap. With over 480,000 customers across 175 countries, Backblaze provides a storage cloud platform to store, use, and protect data. The company has delivered solid growth, and it has maintained profitability on an EBITDA basis.</p><p><blockquote>存储云平台<b>回火</b>(BLZE) 计划以 6.44 亿美元的市值筹集 1 亿美元。Backblaze在175个国家拥有超过480,000名客户，提供存储云平台来存储、使用和保护数据。该公司实现了稳健的增长，并在 EBITDA 基础上保持了盈利能力。</blockquote></p><p> Texas bank&nbsp;<b>Third Coast Bank</b>(TCBX) plans to raise $75 million at a $317 million market cap. This commercially-focused bank operates 12 branches, seven of which are in the Greater Houston market. As of 6/30/21, Third Coast Bank had total assets of $2.0 billion, total loans of $1.6 billion, total deposits of $1.8 billion, and total shareholders’ equity of $138 million.</p><p><blockquote>德州银行<b>第三海岸银行</b>（TCBX）计划以3.17亿美元的市值筹集7500万美元。这家专注于商业的银行经营着12家分行，其中7家位于大休斯顿市场。截至 21 年 6 月 30 日，第三海岸银行的总资产为 20 亿美元，贷款总额为 16 亿美元，存款总额为 18 亿美元，股东权益总额为 1.38 亿美元。</blockquote></p><p> Laser communications firm&nbsp;<b>Mynaric</b>(MYNA) plans to raise $70 million at a $356 million market cap. Germany-based Mynaric develops and manufactures laser technologies for aerospace communications networks in government and commercial markets. The company is growing but highly unprofitable, with a -258% LTM gross margin.</p><p><blockquote>激光通信公司<b>米纳里奇</b>（MYNA）计划以3.56亿美元的市值筹集7000万美元。总部位于德国的Mynaric为政府和商业市场的航空航天通信网络开发和制造激光技术。该公司正在增长，但高度无利可图，LTM 毛利率为 -258%。</blockquote></p><p> Turbine system maker&nbsp;<b>FlexEnergy</b>(FLXE) plans to raise $35 million at a $122 million market cap. This technology company designs, manufactures, and sells turbine systems and heat exchangers. FlexEnergy saw revenue shrink in both 2020 and the 1H21.</p><p><blockquote>涡轮系统制造商<b>柔性能量</b>（FLXE）计划以1.22亿美元的市值筹集3500万美元。这家技术公司设计、制造和销售涡轮机系统和热交换器。FlexEnergy 在 2020 年和 2021 年上半年的收入均出现萎缩。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.renaissancecapital.com/IPO-Center/News/88289/US-IPO-Week-Ahead-The-IPO-market-quietly-revs-its-engine-in-an-11-IPO-week\">renaissancecap...</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":{"CINT":"CI&T Inc.","BLZE":"Backblaze, Inc.","TCBX":"Third Coast Bancshares, Inc.","HTZ":"赫兹租车","RIVN":"Rivian Automotive, Inc.","VAXX":"Vaxxinity, Inc.","WEAV":"Weave Communications, Inc","LVLU":"Lulu's Fashion Lounge Holdings, Inc","EXFY":"Expensify"},"source_url":"https://www.renaissancecapital.com/IPO-Center/News/88289/US-IPO-Week-Ahead-The-IPO-market-quietly-revs-its-engine-in-an-11-IPO-week","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1176171748","content_text":"The IPO market is expected to stay busy with 11 IPOs schedule to raise $10.2 billion in the week ahead.\nElectric truck developer Rivian Automotive(RIVN) plans to raise $8.0 billion at a $57.1 billion market cap. This founder-led company is developing and manufacturing a portfolio of electric adventure-ready consumer and commercial SUVs, vans, and pickup trucks. Although the company is in very early stages of commercialization, Rivian began its first deliveries in September of 2021 and has an order of 100,000 EDVs from Amazon through 2025.\nOTC-listed Hertz Global Holdings(HTZ) plans to raise $1.0 billion at a $13.9 billion market cap. The company provides vehicle rental services globally primarily through the Hertz, Dollar, and Thrifty brands. Hertz filed for bankruptcy in May of 2020 and emerged this past June. The company is profitable, and revenue growth accelerated to 34% in the 9mo21.\nOutsourced IT services provider CI&T(CINT) plans to raise $350 million at a $2.4 billion market cap. This Brazil-based company provides strategy, design, and software engineering services through a network of over 5,000 employees. Growing and profitable, CI&T’s  blue-chip customer base includes Johnson & Johnson, Google, and Itaú Unibanco.\nExpensify(EXFY) plans to raise $234 million at a $2.4 billion market cap. Founder-led Expensify provides a mobile-first expense management platform, primarily helping SMBs simplify the expense approval process from initial receipt scan through next-day reimbursement. Addressing a multibillion-dollar opportunity within US SMBs, Expensify saw robust profitability in the 1H21, but its paid member base remains below pre-COVID levels.\nCustomer engagement platform Weave Communications(WEAV) plans to raise $133 million at a $1.9 billion market cap. The company provides a customer communication and engagement software platform to SMBs. Fast growing and unprofitable, Weave had more than 21,000 locations under subscription across approximately 20,000 customers in the US and Canada as of 6/30/21.\nVaccine biotech Vaxxinity(VAXX) plans to raise $101 million at a $2.1 billion market cap. This Phase 2 biotech is developing vaccines therapies for chronic diseases using synthetic peptides. Vaxxinity’s lead candidate, UB-311, is being developed for the treatment of Alzheimer’s Disease and is scheduled to start a Phase 2b efficacy trial in 2022.\nOnline fashion retailer Lulu’s Fashion Lounge Holdings(LVLU) plans to raise $101 million at a $654 million market cap. Lulu’s sells apparel and accessories primarily to Millennial and Gen Z women. While its business took a hit during the pandemic, the company returned to profitability in the 1H21, and revenue growth accelerated to 24%.\nStorage cloud platform Backblaze(BLZE) plans to raise $100 million at a $644 million market cap. With over 480,000 customers across 175 countries, Backblaze provides a storage cloud platform to store, use, and protect data. The company has delivered solid growth, and it has maintained profitability on an EBITDA basis.\nTexas bank Third Coast Bank(TCBX) plans to raise $75 million at a $317 million market cap. This commercially-focused bank operates 12 branches, seven of which are in the Greater Houston market. As of 6/30/21, Third Coast Bank had total assets of $2.0 billion, total loans of $1.6 billion, total deposits of $1.8 billion, and total shareholders’ equity of $138 million.\nLaser communications firm Mynaric(MYNA) plans to raise $70 million at a $356 million market cap. Germany-based Mynaric develops and manufactures laser technologies for aerospace communications networks in government and commercial markets. The company is growing but highly unprofitable, with a -258% LTM gross margin.\nTurbine system maker FlexEnergy(FLXE) plans to raise $35 million at a $122 million market cap. This technology company designs, manufactures, and sells turbine systems and heat exchangers. FlexEnergy saw revenue shrink in both 2020 and the 1H21.","news_type":1,"symbols_score_info":{"RIVN":0.9,"VAXX":0.9,"BLZE":0.9,"WEAV":0.9,"MYNA":0.9,"TCBX":0.9,"LVLU":0.9,"EXFY":0.9,"HTZ":0.9,"CINT":0.9}},"isVote":1,"tweetType":1,"viewCount":958,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":842605855,"gmtCreate":1636166682675,"gmtModify":1636166683000,"author":{"id":"4087996122770160","authorId":"4087996122770160","name":"Timevestor","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087996122770160","authorIdStr":"4087996122770160"},"themes":[],"title":"","htmlText":"Please like and comment.&nbsp;","listText":"Please like and comment.&nbsp;","text":"Please like and comment.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/842605855","repostId":"1136116425","repostType":4,"repost":{"id":"1136116425","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":1636104081,"share":"https://www.laohunote.com/m/news/1136116425?lang=zh_CN&edition=full","pubTime":"2021-11-05 17:21","market":"us","language":"en","title":"U.S. Daylight Saving Time Ends on Sunday, Nov.7 2021<blockquote>美国夏令时于 2021 年 11 月 7 日星期日结束</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1136116425","media":"Tiger Newspress","summary":"Dear Tigers, U.S. Daylight Saving Time Ends on Sunday, Nov.7 2021,at 2:00 a.m.\nAt that time,the regu","content":"<p>Dear Tigers, U.S. Daylight Saving Time Ends on Sunday, Nov.7 2021,at 2:00&nbsp;a.m.</p><p><blockquote>亲爱的老虎们，美国夏令时于2021年11月7日周日凌晨2:00结束。</blockquote></p><p> At that time,the regular trading period of the US stock market will move toward by one hour, which will become 22:30 p.m.to 5:00 a.m（Beijing Time/SGT）. </p><p><blockquote>届时，美国股市的常规交易时段将提前一小时，即北京时间晚上22:30至凌晨5:00。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e441a1a98d5230fc31d6f1652e577bde\" tg-width=\"674\" tg-height=\"365\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>Trading Hours</b></p><p><blockquote><b>交易时间</b></blockquote></p><p> U.S.&nbsp;Eastern Time:9:30 ~ 16:00; Beijing time /SGT :22:30 ~&nbsp;5:00 the next day</p><p><blockquote>美国东部时间：9:30~16:00；北京时间/SGT：22:30~次日5:00</blockquote></p><p> <b>pre-trade</b></p><p><blockquote><b>交易前</b></blockquote></p><p> U.S.&nbsp;Eastern Time:4:00 ~ 9:30;Beijing time/SGT :17:00&nbsp;~&nbsp;22:30</p><p><blockquote>美国东部时间：4:00~9:30；北京时间/SGT：17:00~22:30</blockquote></p><p> <b>post-trade</b></p><p><blockquote><b>交易后</b></blockquote></p><p> U.S.&nbsp;Eastern Time:16：00~20：00;Beijing time/SGT:5:00&nbsp;~&nbsp;9:00</p><p><blockquote>美国东部时间：16:00~20:00；北京时间/SGT：5:00~9:00</blockquote></p><p> (Note: Daylight saving time always begins on the second Sunday in March and ends on the first Sunday in November)</p><p><blockquote>（注：夏令时总是从三月的第二个星期日开始，到十一月的第一个星期日结束）</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>U.S. Daylight Saving Time Ends on Sunday, Nov.7 2021<blockquote>美国夏令时于 2021 年 11 月 7 日星期日结束</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\">\nU.S. Daylight Saving Time Ends on Sunday, Nov.7 2021<blockquote>美国夏令时于 2021 年 11 月 7 日星期日结束</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\">2021-11-05 17:21</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Dear Tigers, U.S. Daylight Saving Time Ends on Sunday, Nov.7 2021,at 2:00&nbsp;a.m.</p><p><blockquote>亲爱的老虎们，美国夏令时于2021年11月7日周日凌晨2:00结束。</blockquote></p><p> At that time,the regular trading period of the US stock market will move toward by one hour, which will become 22:30 p.m.to 5:00 a.m（Beijing Time/SGT）. </p><p><blockquote>届时，美国股市的常规交易时段将提前一小时，即北京时间晚上22:30至凌晨5:00。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e441a1a98d5230fc31d6f1652e577bde\" tg-width=\"674\" tg-height=\"365\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>Trading Hours</b></p><p><blockquote><b>交易时间</b></blockquote></p><p> U.S.&nbsp;Eastern Time:9:30 ~ 16:00; Beijing time /SGT :22:30 ~&nbsp;5:00 the next day</p><p><blockquote>美国东部时间：9:30~16:00；北京时间/SGT：22:30~次日5:00</blockquote></p><p> <b>pre-trade</b></p><p><blockquote><b>交易前</b></blockquote></p><p> U.S.&nbsp;Eastern Time:4:00 ~ 9:30;Beijing time/SGT :17:00&nbsp;~&nbsp;22:30</p><p><blockquote>美国东部时间：4:00~9:30；北京时间/SGT：17:00~22:30</blockquote></p><p> <b>post-trade</b></p><p><blockquote><b>交易后</b></blockquote></p><p> U.S.&nbsp;Eastern Time:16：00~20：00;Beijing time/SGT:5:00&nbsp;~&nbsp;9:00</p><p><blockquote>美国东部时间：16:00~20:00；北京时间/SGT：5:00~9:00</blockquote></p><p> (Note: Daylight saving time always begins on the second Sunday in March and ends on the first Sunday in November)</p><p><blockquote>（注：夏令时总是从三月的第二个星期日开始，到十一月的第一个星期日结束）</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1136116425","content_text":"Dear Tigers, U.S. Daylight Saving Time Ends on Sunday, Nov.7 2021,at 2:00 a.m.\nAt that time,the regular trading period of the US stock market will move toward by one hour, which will become 22:30 p.m.to 5:00 a.m（Beijing Time/SGT）. \n\nTrading Hours\nU.S. Eastern Time:9:30 ~ 16:00; Beijing time /SGT :22:30 ~ 5:00 the next day\npre-trade\nU.S. Eastern Time:4:00 ~ 9:30;Beijing time/SGT :17:00 ~ 22:30\npost-trade\nU.S. Eastern Time:16：00~20：00;Beijing time/SGT:5:00 ~ 9:00\n(Note: Daylight saving time always begins on the second Sunday in March and ends on the first Sunday in November)","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":1091,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":842605366,"gmtCreate":1636166663266,"gmtModify":1636166663542,"author":{"id":"4087996122770160","authorId":"4087996122770160","name":"Timevestor","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087996122770160","authorIdStr":"4087996122770160"},"themes":[],"title":"","htmlText":"Please like and comment.&nbsp;","listText":"Please like and comment.&nbsp;","text":"Please like and comment.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/842605366","repostId":"1173813098","repostType":4,"isVote":1,"tweetType":1,"viewCount":998,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":842605855,"gmtCreate":1636166682675,"gmtModify":1636166683000,"author":{"id":"4087996122770160","authorId":"4087996122770160","name":"Timevestor","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087996122770160","authorIdStr":"4087996122770160"},"themes":[],"title":"","htmlText":"Please like and comment.&nbsp;","listText":"Please like and comment.&nbsp;","text":"Please like and comment.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/842605855","repostId":"1136116425","repostType":4,"repost":{"id":"1136116425","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":1636104081,"share":"https://www.laohunote.com/m/news/1136116425?lang=zh_CN&edition=full","pubTime":"2021-11-05 17:21","market":"us","language":"en","title":"U.S. Daylight Saving Time Ends on Sunday, Nov.7 2021<blockquote>美国夏令时于 2021 年 11 月 7 日星期日结束</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1136116425","media":"Tiger Newspress","summary":"Dear Tigers, U.S. Daylight Saving Time Ends on Sunday, Nov.7 2021,at 2:00 a.m.\nAt that time,the regu","content":"<p>Dear Tigers, U.S. Daylight Saving Time Ends on Sunday, Nov.7 2021,at 2:00&nbsp;a.m.</p><p><blockquote>亲爱的老虎们，美国夏令时于2021年11月7日周日凌晨2:00结束。</blockquote></p><p> At that time,the regular trading period of the US stock market will move toward by one hour, which will become 22:30 p.m.to 5:00 a.m（Beijing Time/SGT）. </p><p><blockquote>届时，美国股市的常规交易时段将提前一小时，即北京时间晚上22:30至凌晨5:00。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e441a1a98d5230fc31d6f1652e577bde\" tg-width=\"674\" tg-height=\"365\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>Trading Hours</b></p><p><blockquote><b>交易时间</b></blockquote></p><p> U.S.&nbsp;Eastern Time:9:30 ~ 16:00; Beijing time /SGT :22:30 ~&nbsp;5:00 the next day</p><p><blockquote>美国东部时间：9:30~16:00；北京时间/SGT：22:30~次日5:00</blockquote></p><p> <b>pre-trade</b></p><p><blockquote><b>交易前</b></blockquote></p><p> U.S.&nbsp;Eastern Time:4:00 ~ 9:30;Beijing time/SGT :17:00&nbsp;~&nbsp;22:30</p><p><blockquote>美国东部时间：4:00~9:30；北京时间/SGT：17:00~22:30</blockquote></p><p> <b>post-trade</b></p><p><blockquote><b>交易后</b></blockquote></p><p> U.S.&nbsp;Eastern Time:16：00~20：00;Beijing time/SGT:5:00&nbsp;~&nbsp;9:00</p><p><blockquote>美国东部时间：16:00~20:00；北京时间/SGT：5:00~9:00</blockquote></p><p> (Note: Daylight saving time always begins on the second Sunday in March and ends on the first Sunday in November)</p><p><blockquote>（注：夏令时总是从三月的第二个星期日开始，到十一月的第一个星期日结束）</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>U.S. Daylight Saving Time Ends on Sunday, Nov.7 2021<blockquote>美国夏令时于 2021 年 11 月 7 日星期日结束</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\">\nU.S. Daylight Saving Time Ends on Sunday, Nov.7 2021<blockquote>美国夏令时于 2021 年 11 月 7 日星期日结束</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\">2021-11-05 17:21</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Dear Tigers, U.S. Daylight Saving Time Ends on Sunday, Nov.7 2021,at 2:00&nbsp;a.m.</p><p><blockquote>亲爱的老虎们，美国夏令时于2021年11月7日周日凌晨2:00结束。</blockquote></p><p> At that time,the regular trading period of the US stock market will move toward by one hour, which will become 22:30 p.m.to 5:00 a.m（Beijing Time/SGT）. </p><p><blockquote>届时，美国股市的常规交易时段将提前一小时，即北京时间晚上22:30至凌晨5:00。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e441a1a98d5230fc31d6f1652e577bde\" tg-width=\"674\" tg-height=\"365\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>Trading Hours</b></p><p><blockquote><b>交易时间</b></blockquote></p><p> U.S.&nbsp;Eastern Time:9:30 ~ 16:00; Beijing time /SGT :22:30 ~&nbsp;5:00 the next day</p><p><blockquote>美国东部时间：9:30~16:00；北京时间/SGT：22:30~次日5:00</blockquote></p><p> <b>pre-trade</b></p><p><blockquote><b>交易前</b></blockquote></p><p> U.S.&nbsp;Eastern Time:4:00 ~ 9:30;Beijing time/SGT :17:00&nbsp;~&nbsp;22:30</p><p><blockquote>美国东部时间：4:00~9:30；北京时间/SGT：17:00~22:30</blockquote></p><p> <b>post-trade</b></p><p><blockquote><b>交易后</b></blockquote></p><p> U.S.&nbsp;Eastern Time:16：00~20：00;Beijing time/SGT:5:00&nbsp;~&nbsp;9:00</p><p><blockquote>美国东部时间：16:00~20:00；北京时间/SGT：5:00~9:00</blockquote></p><p> (Note: Daylight saving time always begins on the second Sunday in March and ends on the first Sunday in November)</p><p><blockquote>（注：夏令时总是从三月的第二个星期日开始，到十一月的第一个星期日结束）</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1136116425","content_text":"Dear Tigers, U.S. Daylight Saving Time Ends on Sunday, Nov.7 2021,at 2:00 a.m.\nAt that time,the regular trading period of the US stock market will move toward by one hour, which will become 22:30 p.m.to 5:00 a.m（Beijing Time/SGT）. \n\nTrading Hours\nU.S. Eastern Time:9:30 ~ 16:00; Beijing time /SGT :22:30 ~ 5:00 the next day\npre-trade\nU.S. Eastern Time:4:00 ~ 9:30;Beijing time/SGT :17:00 ~ 22:30\npost-trade\nU.S. Eastern Time:16：00~20：00;Beijing time/SGT:5:00 ~ 9:00\n(Note: Daylight saving time always begins on the second Sunday in March and ends on the first Sunday in November)","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":1091,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":848613278,"gmtCreate":1635993987034,"gmtModify":1635994174730,"author":{"id":"4087996122770160","authorId":"4087996122770160","name":"Timevestor","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087996122770160","authorIdStr":"4087996122770160"},"themes":[],"title":"","htmlText":"Please like and comment.&nbsp;","listText":"Please like and comment.&nbsp;","text":"Please like and comment.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":11,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/848613278","repostId":"1166645174","repostType":4,"repost":{"id":"1166645174","kind":"news","pubTimestamp":1635993522,"share":"https://www.laohunote.com/m/news/1166645174?lang=zh_CN&edition=full","pubTime":"2021-11-04 10:38","market":"us","language":"en","title":"Why the Fed’s long-awaited taper announcement isn’t rattling the stock market<blockquote>为什么美联储期待已久的缩减规模公告没有扰乱股市</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1166645174","media":"MarketWatch","summary":"Stock-market investors took the Federal Reserve’s decision Wednesday to begin tapering its monthly b","content":"<p>Stock-market investors took the Federal Reserve’s decision Wednesday to begin tapering its monthly bond purchases without a hitch, erasing early losses to see the Dow Jones Industrial Average, +0.29%, S&amp;P 500 index, +0.65% and Nasdaq Composite, +1.04% score a fourth consecutive round of record closes.</p><p><blockquote>股市投资者周三顺利接受了美联储开始缩减每月债券购买规模的决定，道琼斯工业平均指数（+0.29%）、标普500指数（+0.65%）和纳斯达克综合指数（+1.04%）连续第四轮创下收盘纪录。</blockquote></p><p> “This taper was probably the best telegraphed or advertised move in monetary policy history,” said Art Hogan, chief market strategist at B Riley-National, in a phone interview. That’s in contrast to 2013, when the Fed’s signal that it planned to begin scaling back an earlier asset-buying program sparked a messy bond market selloff that sent ripples through other markets.</p><p><blockquote>“B Riley-National 首席市场策略师阿特-霍根（Art Hogan）在接受电话采访时说：”这次缩减规模可能是货币政策历史上最好的电报或广告举措。这与2013年形成鲜明对比，当时美联储发出计划开始缩减早期资产购买计划的信号，引发了一场混乱的债券市场抛售，并在其他市场产生了连锁反应。</blockquote></p><p> The Fed effectively spent months signaling that a tapering would come, a move that appeared to take the sting out of the announcement. Instead, the focus for investors is on a disconnect between the Fed and market participants on the outlook on interest rates.</p><p><blockquote>美联储实际上花了几个月的时间发出缩减规模的信号，此举似乎消除了声明的刺痛。相反，投资者关注的是美联储和市场参与者在利率前景上的脱节。</blockquote></p><p> For his part, Powell gave some pushback to rising market expectations that rates will begin to rise in mid-2022, just after the Fed fully winds down its asset buying program if it sticks to the pace it outlined Wednesday. Powell said the Fed could be “patient” in raising rates. The Fed’s policy statement said officials still expect inflation pressures to prove “transitory,” adding language explaining why.</p><p><blockquote>鲍威尔则对市场不断上升的预期进行了一些反击，即如果美联储坚持周三概述的步伐，利率将在 2022 年中期开始上升，就在美联储完全结束其资产购买计划之后。鲍威尔表示，美联储可能会 “耐心”加息。美联储的政策声明称，官员们仍预计通胀压力将被证明是 “暂时的”，并补充了解释原因的语言。</blockquote></p><p> But Powell also acknowledged that labor market improvements could proceed at a pace fast enough to justify rate increases by the second half of 2022.</p><p><blockquote>但鲍威尔也承认，劳动力市场的改善速度可能会足够快，足以证明到 2022 年下半年加息是合理的。</blockquote></p><p> “Having started to probe whether central banks really can look through elevated pressures, today’s focus was always going to be on how much, if at all, Powell pushed back on market expectations for early and multiple hikes,” said Seema Shah, chief strategist at Principal Global Investors, in a note.</p><p><blockquote>“信安全球投资者公司（Principal Global Investors）首席策略师西玛-沙阿（Seema Shah）在一份报告中说：”在开始探究各国央行是否真的能够应对不断上升的压力之后，今天的焦点始终是鲍威尔在多大程度上（如果有的话）打压了市场对提前加息和多次加息的预期。</blockquote></p><p> “In the event, Powell maintained some flexibility by emphasizing the uncertain path for the economy — essentially sitting on both sides of the wall,” she said.</p><p><blockquote>“她说：”在这种情况下，鲍威尔通过强调经济的不确定道路来保持一定的灵活性--基本上是坐在墙的两边。</blockquote></p><p> For now, stock-market investors aren’t sweating rising expectations for rate increases, which have contributed to a flattening of the Treasury yield curve.</p><p><blockquote>目前，股市投资者并不担心加息预期上升，这导致国债收益率曲线趋平。</blockquote></p><p> That makes sense, said equity analysts at Wells Fargo Securities, in a note.</p><p><blockquote>富国银行证券的股票分析师在一份报告中表示，这是有道理的。</blockquote></p><p> They don’t expect the Fed to be aggressive in hiking rates because today’s inflation pressures are due largely to supply-side bottlenecks and other problems, rather than overly loose monetary policy.</p><p><blockquote>他们预计美联储不会积极加息，因为今天的通胀压力主要是由于供应侧瓶颈和其他问题造成的，而不是过度宽松的货币政策。</blockquote></p><p> “Therefore, addressing inflation will require time, not monetary tools. We believe this is the concept that the market is latching onto, and why the equity market is rallying,” they wrote.</p><p><blockquote>“因此，解决通货膨胀问题需要时间，而不是货币工具。我们认为，这是市场正在抓住的概念，也是股市反弹的原因，”他们写道。</blockquote></p><p> The disconnect between the Fed and markets on rates remained on display. Traders continued to price in some chance of anywhere from one to four rate increases by the end of 2022, according to the CME’s FedWatch tool.</p><p><blockquote>美联储与市场在利率问题上的脱节依然存在。根据芝加哥商品交易所的美联储观察工具，交易员继续估计到 2022 年底加息一到四次的可能性。</blockquote></p><p> That could set the stage for rough sailing over the long term.</p><p><blockquote>从长远来看，这可能会为艰难的航行埋下伏笔。</blockquote></p><p> “I still think we will see the yield curve flatten and the dollar rise, thus tightening financial conditions over time, which will act as a headwind to stocks, said Michael Kramer, founder of Mott Capital Management</p><p><blockquote>“莫特资本管理公司创始人迈克尔-克莱默（Michael Kramer）表示：“我仍然认为，我们将看到收益率曲线趋平，美元升值，从而随着时间的推移收紧金融状况，这将对股市构成阻力。”</blockquote></p><p></p>","source":"market_watch","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 the Fed’s long-awaited taper announcement isn’t rattling the stock market<blockquote>为什么美联储期待已久的缩减规模公告没有扰乱股市</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 the Fed’s long-awaited taper announcement isn’t rattling the stock market<blockquote>为什么美联储期待已久的缩减规模公告没有扰乱股市</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-11-04 10:38</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Stock-market investors took the Federal Reserve’s decision Wednesday to begin tapering its monthly bond purchases without a hitch, erasing early losses to see the Dow Jones Industrial Average, +0.29%, S&amp;P 500 index, +0.65% and Nasdaq Composite, +1.04% score a fourth consecutive round of record closes.</p><p><blockquote>股市投资者周三顺利接受了美联储开始缩减每月债券购买规模的决定，道琼斯工业平均指数（+0.29%）、标普500指数（+0.65%）和纳斯达克综合指数（+1.04%）连续第四轮创下收盘纪录。</blockquote></p><p> “This taper was probably the best telegraphed or advertised move in monetary policy history,” said Art Hogan, chief market strategist at B Riley-National, in a phone interview. That’s in contrast to 2013, when the Fed’s signal that it planned to begin scaling back an earlier asset-buying program sparked a messy bond market selloff that sent ripples through other markets.</p><p><blockquote>“B Riley-National 首席市场策略师阿特-霍根（Art Hogan）在接受电话采访时说：”这次缩减规模可能是货币政策历史上最好的电报或广告举措。这与2013年形成鲜明对比，当时美联储发出计划开始缩减早期资产购买计划的信号，引发了一场混乱的债券市场抛售，并在其他市场产生了连锁反应。</blockquote></p><p> The Fed effectively spent months signaling that a tapering would come, a move that appeared to take the sting out of the announcement. Instead, the focus for investors is on a disconnect between the Fed and market participants on the outlook on interest rates.</p><p><blockquote>美联储实际上花了几个月的时间发出缩减规模的信号，此举似乎消除了声明的刺痛。相反，投资者关注的是美联储和市场参与者在利率前景上的脱节。</blockquote></p><p> For his part, Powell gave some pushback to rising market expectations that rates will begin to rise in mid-2022, just after the Fed fully winds down its asset buying program if it sticks to the pace it outlined Wednesday. Powell said the Fed could be “patient” in raising rates. The Fed’s policy statement said officials still expect inflation pressures to prove “transitory,” adding language explaining why.</p><p><blockquote>鲍威尔则对市场不断上升的预期进行了一些反击，即如果美联储坚持周三概述的步伐，利率将在 2022 年中期开始上升，就在美联储完全结束其资产购买计划之后。鲍威尔表示，美联储可能会 “耐心”加息。美联储的政策声明称，官员们仍预计通胀压力将被证明是 “暂时的”，并补充了解释原因的语言。</blockquote></p><p> But Powell also acknowledged that labor market improvements could proceed at a pace fast enough to justify rate increases by the second half of 2022.</p><p><blockquote>但鲍威尔也承认，劳动力市场的改善速度可能会足够快，足以证明到 2022 年下半年加息是合理的。</blockquote></p><p> “Having started to probe whether central banks really can look through elevated pressures, today’s focus was always going to be on how much, if at all, Powell pushed back on market expectations for early and multiple hikes,” said Seema Shah, chief strategist at Principal Global Investors, in a note.</p><p><blockquote>“信安全球投资者公司（Principal Global Investors）首席策略师西玛-沙阿（Seema Shah）在一份报告中说：”在开始探究各国央行是否真的能够应对不断上升的压力之后，今天的焦点始终是鲍威尔在多大程度上（如果有的话）打压了市场对提前加息和多次加息的预期。</blockquote></p><p> “In the event, Powell maintained some flexibility by emphasizing the uncertain path for the economy — essentially sitting on both sides of the wall,” she said.</p><p><blockquote>“她说：”在这种情况下，鲍威尔通过强调经济的不确定道路来保持一定的灵活性--基本上是坐在墙的两边。</blockquote></p><p> For now, stock-market investors aren’t sweating rising expectations for rate increases, which have contributed to a flattening of the Treasury yield curve.</p><p><blockquote>目前，股市投资者并不担心加息预期上升，这导致国债收益率曲线趋平。</blockquote></p><p> That makes sense, said equity analysts at Wells Fargo Securities, in a note.</p><p><blockquote>富国银行证券的股票分析师在一份报告中表示，这是有道理的。</blockquote></p><p> They don’t expect the Fed to be aggressive in hiking rates because today’s inflation pressures are due largely to supply-side bottlenecks and other problems, rather than overly loose monetary policy.</p><p><blockquote>他们预计美联储不会积极加息，因为今天的通胀压力主要是由于供应侧瓶颈和其他问题造成的，而不是过度宽松的货币政策。</blockquote></p><p> “Therefore, addressing inflation will require time, not monetary tools. We believe this is the concept that the market is latching onto, and why the equity market is rallying,” they wrote.</p><p><blockquote>“因此，解决通货膨胀问题需要时间，而不是货币工具。我们认为，这是市场正在抓住的概念，也是股市反弹的原因，”他们写道。</blockquote></p><p> The disconnect between the Fed and markets on rates remained on display. Traders continued to price in some chance of anywhere from one to four rate increases by the end of 2022, according to the CME’s FedWatch tool.</p><p><blockquote>美联储与市场在利率问题上的脱节依然存在。根据芝加哥商品交易所的美联储观察工具，交易员继续估计到 2022 年底加息一到四次的可能性。</blockquote></p><p> That could set the stage for rough sailing over the long term.</p><p><blockquote>从长远来看，这可能会为艰难的航行埋下伏笔。</blockquote></p><p> “I still think we will see the yield curve flatten and the dollar rise, thus tightening financial conditions over time, which will act as a headwind to stocks, said Michael Kramer, founder of Mott Capital Management</p><p><blockquote>“莫特资本管理公司创始人迈克尔-克莱默（Michael Kramer）表示：“我仍然认为，我们将看到收益率曲线趋平，美元升值，从而随着时间的推移收紧金融状况，这将对股市构成阻力。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/why-the-feds-long-awaited-taper-announcement-isnt-rattling-the-stock-market-11635972130?siteid=yhoof2\">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":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://www.marketwatch.com/story/why-the-feds-long-awaited-taper-announcement-isnt-rattling-the-stock-market-11635972130?siteid=yhoof2","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"1166645174","content_text":"Stock-market investors took the Federal Reserve’s decision Wednesday to begin tapering its monthly bond purchases without a hitch, erasing early losses to see the Dow Jones Industrial Average, +0.29%, S&P 500 index, +0.65% and Nasdaq Composite, +1.04% score a fourth consecutive round of record closes.\n“This taper was probably the best telegraphed or advertised move in monetary policy history,” said Art Hogan, chief market strategist at B Riley-National, in a phone interview. That’s in contrast to 2013, when the Fed’s signal that it planned to begin scaling back an earlier asset-buying program sparked a messy bond market selloff that sent ripples through other markets.\nThe Fed effectively spent months signaling that a tapering would come, a move that appeared to take the sting out of the announcement. Instead, the focus for investors is on a disconnect between the Fed and market participants on the outlook on interest rates.\nFor his part, Powell gave some pushback to rising market expectations that rates will begin to rise in mid-2022, just after the Fed fully winds down its asset buying program if it sticks to the pace it outlined Wednesday. Powell said the Fed could be “patient” in raising rates. The Fed’s policy statement said officials still expect inflation pressures to prove “transitory,” adding language explaining why.\nBut Powell also acknowledged that labor market improvements could proceed at a pace fast enough to justify rate increases by the second half of 2022.\n“Having started to probe whether central banks really can look through elevated pressures, today’s focus was always going to be on how much, if at all, Powell pushed back on market expectations for early and multiple hikes,” said Seema Shah, chief strategist at Principal Global Investors, in a note.\n“In the event, Powell maintained some flexibility by emphasizing the uncertain path for the economy — essentially sitting on both sides of the wall,” she said.\nFor now, stock-market investors aren’t sweating rising expectations for rate increases, which have contributed to a flattening of the Treasury yield curve.\nThat makes sense, said equity analysts at Wells Fargo Securities, in a note.\nThey don’t expect the Fed to be aggressive in hiking rates because today’s inflation pressures are due largely to supply-side bottlenecks and other problems, rather than overly loose monetary policy.\n“Therefore, addressing inflation will require time, not monetary tools. We believe this is the concept that the market is latching onto, and why the equity market is rallying,” they wrote.\nThe disconnect between the Fed and markets on rates remained on display. Traders continued to price in some chance of anywhere from one to four rate increases by the end of 2022, according to the CME’s FedWatch tool.\nThat could set the stage for rough sailing over the long term.\n“I still think we will see the yield curve flatten and the dollar rise, thus tightening financial conditions over time, which will act as a headwind to stocks, said Michael Kramer, founder of Mott Capital Management","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":745,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":821506889,"gmtCreate":1633754757670,"gmtModify":1633754757985,"author":{"id":"4087996122770160","authorId":"4087996122770160","name":"Timevestor","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087996122770160","authorIdStr":"4087996122770160"},"themes":[],"title":"","htmlText":"Please like and comment&nbsp;","listText":"Please like and comment&nbsp;","text":"Please like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/821506889","repostId":"1195802602","repostType":4,"repost":{"id":"1195802602","kind":"news","pubTimestamp":1633749735,"share":"https://www.laohunote.com/m/news/1195802602?lang=zh_CN&edition=full","pubTime":"2021-10-09 11:22","market":"fut","language":"en","title":"What Happens to Bitcoin After All 21 Million Are Mined?<blockquote>2100万被全部开采后，比特币会发生什么？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1195802602","media":"Investopedia","summary":"KEY TAKEAWAYS\n\nThere are only 21 million bitcoins that can be mined in total.\nBitcoin will never rea","content":"<p><b>KEY TAKEAWAYS</b></p><p><blockquote><b>主要要点</b></blockquote></p><p> <ul>  <li>There are only 21 million bitcoins that can be mined in total.</li>  <li>Bitcoin will never reach that cap due to the use of rounding operators in its codebase.</li>  <li>As of Aug, 2021, 18.77 million bitcoins have been mined, which leaves roughly 2.3 million yet to be introduced into circulation.</li>  <li>When Bitcoin reaches its supply cap, block rewards will vanish, and miners will depend on fees from transactions occurring on the cryptocurrency's network for revenue.</li>  <li>Bitcoin's network may evolve from its current unfinished state to becoming a bridge for monetary transactions and trading.</li>  <li>Bitcoin the cryptocurrency will have a defined identity in the financial ecosystem.</li> </ul> One of the chief characteristics of Bitcoin&nbsp;is its limited supply. Other forms of money, including fiat currencies, can be printed at will by central banks—i.e., they have unlimited supply.</p><p><blockquote><ul><li>总共只有2100万个比特币可以开采。</li><li>由于在其代码库中使用了舍入运算符，比特币永远不会达到这个上限。</li><li>截至2021年8月，已经开采了1877万枚比特币，剩下大约230万枚尚未投入流通。</li><li>当比特币达到供应上限时，区块奖励将消失，矿工将依靠加密货币网络上发生的交易费用来获得收入。</li><li>比特币的网络可能会从目前未完成的状态演变为成为货币交易和交易的桥梁。</li><li>比特币加密货币将在金融生态系统中拥有明确的身份。</li></ul>比特币的主要特点之一是供应有限。其他形式的货币，包括法定货币，可以由中央银行随意印刷——也就是说，它们有无限的供应。</blockquote></p><p> Bitcoin inventor Satoshi Nakamoto capped the number of bitcoin at 21 million, meaning there will only ever be 21 million bitcoins in existence. On average, these bitcoins are introduced to the Bitcoin supply at a fixed rate of one block every 10 minutes. In addition, the number of bitcoins released in each of these aforementioned blocks is reduced by 50% every four years. By August 2021, 18.7 million bitcoins were available, leaving roughly 2.3 million to be&nbsp;mined.The supply limitation makes Bitcoin scarce and controls inflation that might arise from an unlimited supply of the&nbsp;cryptocurrency.</p><p><blockquote>比特币发明家中本聪将比特币的数量上限设定为 2100 万个，这意味着比特币的数量将只有 2100 万个。平均而言，这些比特币以每10分钟一个区块的固定速率被引入比特币供应。此外，上述每个区块中释放的比特币数量每四年减少50%。截至 2021 年 8 月，已有 1870 万枚比特币可用，剩下大约 230 万枚有待开采。供应限制使比特币稀缺，并控制了加密货币无限供应可能导致的通货膨胀。</blockquote></p><p> As Bitcoin reaches its capped supply, its economics will alter. The incentives for various members in its ecosystem, such as miners and traders, will change. For example, miners may rely less on&nbsp;block rewards&nbsp;and more on transaction fees to earn revenue and profits for their operations. The cryptocurrency's network will also transform, and its participants will be different from the retail traders that populate its current ecosystem.</p><p><blockquote>随着比特币达到供应上限，其经济将会发生变化。其生态系统中各个成员（如矿工和贸易商）的激励措施将会改变。例如，矿工可能较少依赖区块奖励，而更多地依赖交易费用来赚取运营收入和利润。加密货币的网络也将发生变化，其参与者将不同于当前生态系统中的散户交易者。</blockquote></p><p> However, given the cryptocurrency's relatively undeveloped ecosystem, it is difficult to predict with certainty the effect of Bitcoin reaching its capped supply.</p><p><blockquote>然而，鉴于加密货币相对不发达的生态系统，很难确定地预测比特币达到其供应上限的影响。</blockquote></p><p> <b>Will Bitcoin Ever Reach the 21 Million Cap?</b></p><p><blockquote><b>比特币会达到2100万的上限吗？</b></blockquote></p><p> Before delving into the implications of Bitcoin's 21 million cap, it might be interesting to consider the question of whether it will ever reach that figure. Based on the cryptocurrency's current codebase and mining process, some observers say that Bitcoin may fall just shy of the 21 million figure.</p><p><blockquote>在深入探讨比特币 2100 万上限的含义之前，考虑它是否会达到这个数字的问题可能会很有趣。根据加密货币目前的代码库和挖掘过程，一些观察人士表示，比特币可能会接近 2100 万的数字。</blockquote></p><p> To recap, Bitcoin is \"mined\" by miners who solve cryptographic puzzles to verify and validate a block of transactions occurring in its network. Block rewards, consisting of a set number of bitcoins, are distributed to miners who successfully confirm a transaction block. The rewards are halved every four years.</p><p><blockquote>简而言之，比特币是由矿工“挖掘”的，他们解决密码难题，以验证和验证其网络中发生的一组交易。区块奖励由固定数量的比特币组成，分配给成功确认交易区块的矿工。奖励每四年减半。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2d1d9aa1b5581477bf14edfde0292f21\" tg-width=\"660\" tg-height=\"513\" referrerpolicy=\"no-referrer\"><span>The rate that bitcoin are produced cuts in half about every four years. Investopedia</span></p><p><blockquote><p class=\"t-img-caption\"><span>比特币的生产速度大约每四年减半。投资百科</span></p></blockquote></p><p> When the cryptocurrency was launched, the reward for confirming a block of transactions was 50 bitcoins. In 2012, it was halved to 25 bitcoins, and it went down to 12.5 in 2016. In May 2020, miners stood to earn 6.25 bitcoin for every new block. Block rewards for Bitcoin miners will continue to be halved every four years until the final bitcoin is mined. Current estimates for mining of the final bitcoin put that date somewhere in February 2140.</p><p><blockquote>当加密货币推出时，确认一个交易块的奖励是50个比特币。2012年减半至25个比特币，2016年降至12.5个。2020 年 5 月，每个新区块矿工将获得 6.25 比特币。比特币矿工的区块奖励将继续每四年减半，直到最后一个比特币开采完毕。目前对最终比特币开采的估计将日期定在2140年2月。</blockquote></p><p>   <b>Important:</b>The Bitcoin mining process provides bitcoin rewards to miners, but the reward size decreases periodically to control the circulation of new tokens.  According to Andreas M. Antonopoulos, author of a book about Bitcoin's workings, the 21 million figure is an \"asymptotic cap\" on the number of bitcoin in existence.In simple words, this means that, while it may reach very close to figure, the cryptocurrency will never reach that limit. This is because block rewards and Bitcoin supply are never expressed in exact terms. Bitcoin's code uses bit-shift operators—arithmetic operators used that round decimal points to the closest smallest integer in certain programming languages. Therefore, a total supply of 6.2589 bitcoins will be rounded out to the closest smallest integer, in this case 6.</p><p><blockquote><b>重要的：</b>比特币挖矿过程为矿工提供比特币奖励，但奖励大小会定期减少，以控制新代币的流通。根据一本关于比特币工作原理的书的作者Andreas M. Antonopoulos的说法，2100万这个数字是现有比特币数量的“渐近上限”。简而言之，这意味着，虽然它可能会非常接近数字，但加密货币永远不会达到这个极限。这是因为区块奖励和比特币供应从来没有用精确的术语来表达。比特币的代码使用位移运算符——在某些编程语言中，算术运算符使用四舍五入的小数点到最接近的最小整数。因此，6.2589个比特币的总供应量将四舍五入到最接近的最小整数，在本例中为6。</blockquote></p><p> While it makes calculations easier, the practice leads to losses in&nbsp;satoshis, Bitcoin's constituent units, during each block confirmation. One bitcoin is equal to 100 million satoshis. According to some, the final bitcoin block will be numbered 6,929,999, and the total supply at that time will be 20,999,999.9769 satoshis. Since bitcoin uses a bit-shift operator system,3its algorithm will round off that figure to 20,999,999 and leave the cryptocurrency just shy of its 21 million targeted cap.</p><p><blockquote>虽然这种做法使计算更容易，但在每次区块确认过程中，这种做法会导致比特币的组成单位聪的损失。一个比特币等于一亿聪。根据一些人的说法，最终的比特币区块将被编号为6,929,999，届时的总供应量将是20,999,999.9769聪。由于比特币使用位移运算符系统，3它的算法将把这个数字四舍五入到20,999,999，使加密货币接近其2100万的目标上限。</blockquote></p><p> <b>What Happens When All 21 Million Bitcoin Are Mined?</b></p><p><blockquote><b>当2100万比特币全部被开采时会发生什么？</b></blockquote></p><p></p><p> A consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. No bitcoins will be issued, but transaction blocks will be confirmed, and fees will become the primary source of revenue. Ultimately, Bitcoin's network may function as a&nbsp;closed economy, in which transaction fees are assessed much like taxes are.</p><p><blockquote>比特币没有达到计划上限的一个后果是，它留下了加密货币网络在2140年后长期保持功能的可能性。不会发行比特币，但会确认交易区块，费用将成为主要收入来源。最终，比特币的网络可能会像一个封闭的经济体一样运作，其中交易费用的评估方式与税收非常相似。</blockquote></p><p> Can the rewards be in satoshis instead of actual bitcoin? Such a practice is unlikely and would require a change in the cryptocurrency's protocol to take effect.</p><p><blockquote>奖励可以是聪而不是实际的比特币吗？这种做法不太可能发生，需要改变加密货币的协议才能生效。</blockquote></p><p> That said, it is difficult to predict the effects of Bitcoin almost reaching the overall supply promised by Satoshi Nakamoto. This is partly because Bitcoin's ecosystem is still undeveloped. The cryptocurrency was originally conceptualized as a medium of exchange but it has found more popularity as a store of value—an investing asset—instead. It is possible that Bitcoin's ecosystem and workings might undergo a transformation, similar to the one that has occured in its identity, between now and 2140.</p><p><blockquote>也就是说，很难预测比特币的影响几乎达到中本聪承诺的总体供应量。这部分是因为比特币的生态系统仍然不发达。加密货币最初被认为是一种交换媒介，但它作为一种价值储存手段——一种投资资产——越来越受欢迎。从现在到2140年，比特币的生态系统和运作方式可能会发生转变，类似于其身份发生的转变。</blockquote></p><p> <b>Important:</b>Although there can only ever be a maximum of 21 million bitcoins, because people have lost their private keys or have died without leaving their private key instructions to anybody, the actual amount of available bitcoins in circulation could actually be millions less.</p><p><blockquote><b>重要的：</b>尽管最多只能有2100万个比特币，但因为人们丢失了私钥或去世时没有给任何人留下私钥指令，流通中可用比特币的实际数量实际上可能会少数百万。</blockquote></p><p> For example, there could be a protocol change in the cryptocurrency's&nbsp;blockchain&nbsp;to allow for more than 21 million bitcoin in existence. Remember, Bitcoin is an open source cryptocurrency and can be changed to create&nbsp;hard&nbsp;or&nbsp;soft forks&nbsp;that create new cryptocurrencies or alter its functioning. Some examples of the former are&nbsp;bitcoin cash(BCHUSD),litecoin(LTCUSD), anddogecoin(DOGEUSD), which have made minor modifications to Bitcoin's source code and created new coins that have racked up billions of dollars in market valuations.</p><p><blockquote>例如，加密货币区块链中的协议可能会发生变化，允许超过 2100 万个比特币存在。请记住，比特币是一种开源加密货币，可以更改以创建硬分叉或软分叉，从而创建新的加密货币或改变其功能。前者的一些例子有比特币现金（BCHUSD）、莱特币（LTCUSD）和狗狗币（DOGEUSD），它们对比特币的源代码进行了细微的修改，并创造了新的硬币，这些硬币的市场估值已经达到了数十亿美元。</blockquote></p><p> <b>Effect on Bitcoin Miners</b></p><p><blockquote><b>对比特币矿工的影响</b></blockquote></p><p> Block rewards and transaction fees are the most important sources of revenue for miners—the former more so than the latter in the current setup. High prices for bitcoin enable miners to cover operational costs and sustain business profits because they can sell their rewards stash in cryptocurrency markets.</p><p><blockquote>区块奖励和交易费是矿工最重要的收入来源——在当前设置中，前者比后者更重要。比特币的高价格使矿工能够支付运营成本并维持业务利润，因为他们可以在加密货币市场上出售他们的奖励。</blockquote></p><p> When Bitcoin is close to reaching its limit, the reward amounts may not be enough to cover operational costs at miners, let alone generate profits. If and when the supply limit is reached, Bitcoin rewards are supposed to vanish.</p><p><blockquote>当比特币接近极限时，奖励金额可能不足以支付矿商的运营成本，更不用说产生利润了。如果达到供应限制，比特币奖励应该会消失。</blockquote></p><p> In both instances, transaction fees are expected to pick up the slack. The amount of and mechanism for these fees depends on the state of Bitcoin's network at that point in time—i.e., whether it is being used as a medium of exchange or as a store of value.&nbsp;The former may incur reasonable fees to enable Bitcoin's use in daily transactions, while the latter scenario will have miners conducting fewer and more expensive transactions.</p><p><blockquote>在这两种情况下，交易费预计都会弥补这一不足。这些费用的数额和机制取决于比特币网络在那个时间点的状态，即它是被用作交换媒介还是价值储存。前者可能会产生合理的费用，以使比特币能够在日常交易中使用，而后一种情况将使矿工进行更少和更昂贵的交易。</blockquote></p><p> Another possibility being put forward is that of miners forming cartels amongst themselves. They might control supply to set high transaction fees or a fee amount that guarantees them a minimum in profits.Selfish mining&nbsp;is another possibility. In this form of mining, miners collude amongst themselves to hide new blocks and release orphan blocks that are not confirmed by Bitcoin's network. This practice will delay production of the final block in Bitcoin's network and ensure high rewards for the new blocks when they are finally released into the network.</p><p><blockquote>提出的另一种可能性是矿工之间形成卡特尔。他们可能会控制供应以设定高额交易费或保证最低利润的费用金额。自私采矿是另一种可能性。在这种挖掘形式中，矿工相互勾结，隐藏新区块，并释放未经比特币网络确认的孤儿区块。这种做法将延迟比特币网络中最后一个区块的生产，并确保新区块最终被释放到网络中时获得高回报。</blockquote></p><p> The formation of a Bitcoin miners' cartel is not a far-reaching conclusion. Such groupings already exist in other commodities whose supply is constrained or controlled. For example, oil prices are influenced to a large degree by&nbsp;OPEC's production output. Prices in the diamond industry are also reportedly set by a cartel led by mining giant DeBeers.</p><p><blockquote>比特币矿工卡特尔的形成并不是一个影响深远的结论。这种分组已经存在于供应受到限制或控制的其他商品中。例如，石油价格在很大程度上受到欧佩克产量的影响。据报道，钻石行业的价格也是由矿业巨头DeBeers领导的卡特尔制定的。</blockquote></p><p> <b>Effect on Bitcoin's Network</b></p><p><blockquote><b>对比特币网络的影响</b></blockquote></p><p> The most valuable and useful aspect of Bitcoin is its network.Distributed ledger technology&nbsp;is a technological solution to the time-consuming bookkeeping and accounting that characterizes most financial transactions today.</p><p><blockquote>比特币最有价值和最有用的方面是它的网络。分布式账本技术是当今大多数金融交易的耗时簿记和会计的技术解决方案。</blockquote></p><p> If Bitcoin becomes popular as a medium of exchange in the future, its transaction numbers will surge. Past precedent has shown that there is a significant chance that the network will slow down. This is because Bitcoin's architecture, which relies on a distributed database to hold copies of massive ledgers, sacrifices speed for accuracy and integrity.</p><p><blockquote>如果未来比特币作为一种交易媒介变得流行，其交易数量将激增。过去的先例表明，网络很有可能会变慢。这是因为比特币的架构依赖于分布式数据库来保存海量账本的副本，为了准确性和完整性而牺牲了速度。</blockquote></p><p> In such a scenario, it is likely that Layer 2 technologies, like the Lightning Network, will become responsible for confirming a majority of transactions on its network. Therefore, the cryptocurrency's actual network itself will be used only to settle large batches of transactions.</p><p><blockquote>在这种情况下，第二层技术（如闪电网络）很可能会负责确认其网络上的大部分交易。因此，加密货币的实际网络本身将仅用于结算大批量交易。</blockquote></p><p></p><p> A second possibility is that the number of transactions on Bitcoin's network falls. Such a situation is possible when Bitcoin becomes a&nbsp;reserve asset. Trades involving the cryptocurrency will be few. Retail traders and small trading firms, who dominate its current trading ecosystem, will be eliminated and replaced by large institutional players and established trading firms. They will conduct fewer and more expensive trades that will incur high transaction fees from miners.</p><p><blockquote>第二种可能性是比特币网络上的交易数量下降。当比特币成为储备资产时，这种情况是可能的。涉及加密货币的交易将会很少。主导当前交易生态系统的零售贸易商和小型贸易公司将被淘汰，取而代之的是大型机构参与者和老牌贸易公司。他们将进行更少、更昂贵的交易，这将使矿商产生高昂的交易费用。</blockquote></p><p> <b>Effect on Bitcoin the Cryptocurrency</b></p><p><blockquote><b>加密货币对比特币的影响</b></blockquote></p><p> Bitcoin's inventor Satoshi Nakamoto designed the cryptocurrency to function as a medium of exchange for daily transactions. But its network has high transaction fees and slow processing times. Meanwhile, its scarcity and rising prices have become a magnet for speculative investors. Their bets on the cryptocurrency roulette have led to volatile price swings in the asset class deterring serious investors away from it. Regulators have criticized its ecosystem&nbsp;as a Wild West.</p><p><blockquote>比特币的发明者中本聪设计了这种加密货币，作为日常交易的交换媒介。但其网络交易费用高，处理时间慢。与此同时，它的稀缺性和价格上涨已成为吸引投机投资者的磁石。他们对加密货币轮盘赌的押注导致该资产类别的价格波动剧烈，阻止了认真的投资者远离它。监管机构批评其生态系统是狂野的西部。</blockquote></p><p> By the time that the last bitcoin is mined (or close to being mined), Bitcoin may have a more defined identity that it does currently. Side channels, like the&nbsp;Lightning Network, may have increased its network's transaction processing speed and enabled its use as a medium of exchange. Some countries like El Salvador are betting on such an eventuality and have&nbsp;made the cryptocurrency legal tender.</p><p><blockquote>当最后一个比特币被开采（或接近被开采）时，比特币可能会有一个比现在更明确的身份。侧通道，如闪电网络，可能提高了其网络的交易处理速度，并使其能够用作交换媒介。萨尔瓦多等一些国家正在押注这种可能性，并将加密货币定为法定货币。</blockquote></p><p>   <b>FAST&nbsp;FACT</b>    El Salvador made Bitcoin legal tender on June 9, 2021.It is the first country to do so. The cryptocurrency can be used for any transaction where the business can accept it. The U.S. dollar continues to be El Salvador's primary currency.  In the United States, the latest significant events are the&nbsp;Office of the Comptroller of the Currency&nbsp;(OCC) letter in January 2021 authorizing the use of crypto as a method of payment, PayPal Holdings, Inc.'s (PYPL) introduction of Bitcoin, and Tesla, Inc.'s (TSLA) acceptance of Bitcoin to purchase Tesla cars and solar roofs. Tesla reversed course on accepting Bitcoin in May 2021, citing environmental concerns around the resources required for Bitcoin mining.</p><p><blockquote><b>快速事实</b>萨尔瓦多于2021年6月9日将比特币列为法定货币。这是第一个这样做的国家。加密货币可用于企业可以接受的任何交易。美元仍然是萨尔瓦多的主要货币。在美国，最新的重大事件是货币监理署 (OCC) 于 2021 年 1 月致函授权使用加密货币作为支付方式，PayPal控股公司 (PYPL) 推出比特币，以及特斯拉公司 (TSLA) 接受比特币购买特斯拉汽车和太阳能屋顶。特斯拉于 2021 年 5 月改变了接受比特币的方针，理由是比特币采矿所需资源存在环境问题。</blockquote></p><p> The increasing scarcity in its numbers will also have driven up bitcoin's price and the corresponding valuation of cryptocurrency markets. Regulators tend to move quickly when increasing amounts of capital flows into an asset class, and it is likely that crypto markets and Bitcoin will also have come under the regulatory umbrella. That will be a sign for institutional investors to move into the cryptocurrency's ecosystem and stabilize its price swings with massive liquidity.</p><p><blockquote>其数量的日益稀缺也将推高比特币的价格和加密货币市场的相应估值。当越来越多的资本流入某一资产类别时，监管机构往往会迅速采取行动，加密货币市场和比特币很可能也会受到监管保护。这将是机构投资者进入加密货币生态系统并以巨大流动性稳定其价格波动的一个信号。</blockquote></p><p> <b>The Bottom Line</b></p><p><blockquote><b>底线</b></blockquote></p><p> Bitcoin's 21 million supply cap is meant to control inflation that might, otherwise, result from an unlimited supply. But it has inflated the cryptocurrency's prices by making it a scarce commodity.</p><p><blockquote>比特币 2100 万的供应上限旨在控制通货膨胀，否则，无限供应可能会导致通货膨胀。但它使加密货币成为稀缺商品，从而抬高了加密货币的价格。</blockquote></p><p> When Bitcoin reaches the supply cap, it is likely that miners will shift from block rewards to transaction fees as their main source of revenue. Development of side channels, like the Lightning Network, may result in Bitcoin's blockchain restricting itself to confirmation of large batches of transactions or ones that involve movement of significant numbers of bitcoins from one address on its blockchain to another. Bitcoin's identity—as a store of value and a medium of exchange—will also be more clearly defined than it is currently.</p><p><blockquote>当比特币达到供应上限时，矿商很可能会从区块奖励转向交易费作为其主要收入来源。侧渠道的发展，如闪电网络，可能会导致比特币的区块链将自己限制在确认大批量交易或涉及大量比特币从其区块链上的一个地址移动到另一个地址的交易。比特币的身份——作为价值储存和交换媒介——也将比现在更明确地定义。</blockquote></p><p> But none of these predictions are set in stone. The kinetic pace of developments in Bitcoin's ecosystem means that it is difficult to accurately predict its future. For example, the cryptocurrency's protocol may be changed to accommodate the production of more than 21 million bitcoins. Or, it may fall just shy of reaching 21 million.</p><p><blockquote>但这些预测都不是一成不变的。比特币生态系统发展的动态速度意味着很难准确预测其未来。例如，加密货币的协议可能会被改变，以适应超过2100万个比特币的生产。或者，它可能会接近 2100 万。</blockquote></p><p> <b>Frequently Asked Questions</b></p><p><blockquote><b>常见问题</b></blockquote></p><p> <ul>  <li>What is Bitcoin's total supply?</li> </ul> The total supply of bitcoins is capped at 21 million.</p><p><blockquote><ul><li>比特币的总供应量是多少？</li></ul>比特币的总供应量上限为2100万枚。</blockquote></p><p> <ul>  <li>What will happen to miner fees when Bitcoin's supply limit is reached?</li> </ul> When Bitcoin supply reaches 21 million, miners will rely on transaction fees rather than block rewards, which will have vanished by then, for revenue.</p><p><blockquote><ul><li>当比特币的供应极限达到时，矿工费用会发生什么变化？</li></ul>当比特币供应量达到 2100 万时，矿商将依靠交易费而不是区块奖励来获得收入，区块奖励到那时已经消失了。</blockquote></p><p> <ul>  <li>What will happen to Bitcoin's network when it reaches the supply limit?</li> </ul> When Bitcoin reaches the 21 million supply limit, it is likely that side channels, like the Lightning Network, will do most of the heavy lifting in confirming its transactions. The cryptocurrency's blockchain be responsible for confirming only very large batches of transactions or ones that involve movement of large sums of bitcoin from one address to another.</p><p><blockquote><ul><li>当比特币达到供应极限时，它的网络会发生什么？</li></ul>当比特币达到2100万的供应限制时，很可能像闪电网络这样的侧面渠道将承担确认其交易的大部分繁重工作。加密货币的区块链只负责确认非常大批次的交易，或者涉及大量比特币从一个地址移动到另一个地址的交易。</blockquote></p><p> <ul>  <li>What happens if Bitcoin supply fails to reach the 21 million cap?</li> </ul> One consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. In keeping with Bitcoin's economics, rewards for confirming these blocks will be minimal.</p><p><blockquote><ul><li>如果比特币供应量未能达到 2100 万的上限会发生什么？</li></ul>比特币未能达到计划上限的一个后果是，它留下了加密货币网络在2140年后长期保持功能的可能性。与比特币的经济学保持一致，确认这些区块的回报将是最小的。</blockquote></p><p></p>","source":"lsy1606203311635","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>What Happens to Bitcoin After All 21 Million Are Mined?<blockquote>2100万被全部开采后，比特币会发生什么？</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\">\nWhat Happens to Bitcoin After All 21 Million Are Mined?<blockquote>2100万被全部开采后，比特币会发生什么？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Investopedia</strong><span class=\"h-time small\">2021-10-09 11:22</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>KEY TAKEAWAYS</b></p><p><blockquote><b>主要要点</b></blockquote></p><p> <ul>  <li>There are only 21 million bitcoins that can be mined in total.</li>  <li>Bitcoin will never reach that cap due to the use of rounding operators in its codebase.</li>  <li>As of Aug, 2021, 18.77 million bitcoins have been mined, which leaves roughly 2.3 million yet to be introduced into circulation.</li>  <li>When Bitcoin reaches its supply cap, block rewards will vanish, and miners will depend on fees from transactions occurring on the cryptocurrency's network for revenue.</li>  <li>Bitcoin's network may evolve from its current unfinished state to becoming a bridge for monetary transactions and trading.</li>  <li>Bitcoin the cryptocurrency will have a defined identity in the financial ecosystem.</li> </ul> One of the chief characteristics of Bitcoin&nbsp;is its limited supply. Other forms of money, including fiat currencies, can be printed at will by central banks—i.e., they have unlimited supply.</p><p><blockquote><ul><li>总共只有2100万个比特币可以开采。</li><li>由于在其代码库中使用了舍入运算符，比特币永远不会达到这个上限。</li><li>截至2021年8月，已经开采了1877万枚比特币，剩下大约230万枚尚未投入流通。</li><li>当比特币达到供应上限时，区块奖励将消失，矿工将依靠加密货币网络上发生的交易费用来获得收入。</li><li>比特币的网络可能会从目前未完成的状态演变为成为货币交易和交易的桥梁。</li><li>比特币加密货币将在金融生态系统中拥有明确的身份。</li></ul>比特币的主要特点之一是供应有限。其他形式的货币，包括法定货币，可以由中央银行随意印刷——也就是说，它们有无限的供应。</blockquote></p><p> Bitcoin inventor Satoshi Nakamoto capped the number of bitcoin at 21 million, meaning there will only ever be 21 million bitcoins in existence. On average, these bitcoins are introduced to the Bitcoin supply at a fixed rate of one block every 10 minutes. In addition, the number of bitcoins released in each of these aforementioned blocks is reduced by 50% every four years. By August 2021, 18.7 million bitcoins were available, leaving roughly 2.3 million to be&nbsp;mined.The supply limitation makes Bitcoin scarce and controls inflation that might arise from an unlimited supply of the&nbsp;cryptocurrency.</p><p><blockquote>比特币发明家中本聪将比特币的数量上限设定为 2100 万个，这意味着比特币的数量将只有 2100 万个。平均而言，这些比特币以每10分钟一个区块的固定速率被引入比特币供应。此外，上述每个区块中释放的比特币数量每四年减少50%。截至 2021 年 8 月，已有 1870 万枚比特币可用，剩下大约 230 万枚有待开采。供应限制使比特币稀缺，并控制了加密货币无限供应可能导致的通货膨胀。</blockquote></p><p> As Bitcoin reaches its capped supply, its economics will alter. The incentives for various members in its ecosystem, such as miners and traders, will change. For example, miners may rely less on&nbsp;block rewards&nbsp;and more on transaction fees to earn revenue and profits for their operations. The cryptocurrency's network will also transform, and its participants will be different from the retail traders that populate its current ecosystem.</p><p><blockquote>随着比特币达到供应上限，其经济将会发生变化。其生态系统中各个成员（如矿工和贸易商）的激励措施将会改变。例如，矿工可能较少依赖区块奖励，而更多地依赖交易费用来赚取运营收入和利润。加密货币的网络也将发生变化，其参与者将不同于当前生态系统中的散户交易者。</blockquote></p><p> However, given the cryptocurrency's relatively undeveloped ecosystem, it is difficult to predict with certainty the effect of Bitcoin reaching its capped supply.</p><p><blockquote>然而，鉴于加密货币相对不发达的生态系统，很难确定地预测比特币达到其供应上限的影响。</blockquote></p><p> <b>Will Bitcoin Ever Reach the 21 Million Cap?</b></p><p><blockquote><b>比特币会达到2100万的上限吗？</b></blockquote></p><p> Before delving into the implications of Bitcoin's 21 million cap, it might be interesting to consider the question of whether it will ever reach that figure. Based on the cryptocurrency's current codebase and mining process, some observers say that Bitcoin may fall just shy of the 21 million figure.</p><p><blockquote>在深入探讨比特币 2100 万上限的含义之前，考虑它是否会达到这个数字的问题可能会很有趣。根据加密货币目前的代码库和挖掘过程，一些观察人士表示，比特币可能会接近 2100 万的数字。</blockquote></p><p> To recap, Bitcoin is \"mined\" by miners who solve cryptographic puzzles to verify and validate a block of transactions occurring in its network. Block rewards, consisting of a set number of bitcoins, are distributed to miners who successfully confirm a transaction block. The rewards are halved every four years.</p><p><blockquote>简而言之，比特币是由矿工“挖掘”的，他们解决密码难题，以验证和验证其网络中发生的一组交易。区块奖励由固定数量的比特币组成，分配给成功确认交易区块的矿工。奖励每四年减半。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2d1d9aa1b5581477bf14edfde0292f21\" tg-width=\"660\" tg-height=\"513\" referrerpolicy=\"no-referrer\"><span>The rate that bitcoin are produced cuts in half about every four years. Investopedia</span></p><p><blockquote><p class=\"t-img-caption\"><span>比特币的生产速度大约每四年减半。投资百科</span></p></blockquote></p><p> When the cryptocurrency was launched, the reward for confirming a block of transactions was 50 bitcoins. In 2012, it was halved to 25 bitcoins, and it went down to 12.5 in 2016. In May 2020, miners stood to earn 6.25 bitcoin for every new block. Block rewards for Bitcoin miners will continue to be halved every four years until the final bitcoin is mined. Current estimates for mining of the final bitcoin put that date somewhere in February 2140.</p><p><blockquote>当加密货币推出时，确认一个交易块的奖励是50个比特币。2012年减半至25个比特币，2016年降至12.5个。2020 年 5 月，每个新区块矿工将获得 6.25 比特币。比特币矿工的区块奖励将继续每四年减半，直到最后一个比特币开采完毕。目前对最终比特币开采的估计将日期定在2140年2月。</blockquote></p><p>   <b>Important:</b>The Bitcoin mining process provides bitcoin rewards to miners, but the reward size decreases periodically to control the circulation of new tokens.  According to Andreas M. Antonopoulos, author of a book about Bitcoin's workings, the 21 million figure is an \"asymptotic cap\" on the number of bitcoin in existence.In simple words, this means that, while it may reach very close to figure, the cryptocurrency will never reach that limit. This is because block rewards and Bitcoin supply are never expressed in exact terms. Bitcoin's code uses bit-shift operators—arithmetic operators used that round decimal points to the closest smallest integer in certain programming languages. Therefore, a total supply of 6.2589 bitcoins will be rounded out to the closest smallest integer, in this case 6.</p><p><blockquote><b>重要的：</b>比特币挖矿过程为矿工提供比特币奖励，但奖励大小会定期减少，以控制新代币的流通。根据一本关于比特币工作原理的书的作者Andreas M. Antonopoulos的说法，2100万这个数字是现有比特币数量的“渐近上限”。简而言之，这意味着，虽然它可能会非常接近数字，但加密货币永远不会达到这个极限。这是因为区块奖励和比特币供应从来没有用精确的术语来表达。比特币的代码使用位移运算符——在某些编程语言中，算术运算符使用四舍五入的小数点到最接近的最小整数。因此，6.2589个比特币的总供应量将四舍五入到最接近的最小整数，在本例中为6。</blockquote></p><p> While it makes calculations easier, the practice leads to losses in&nbsp;satoshis, Bitcoin's constituent units, during each block confirmation. One bitcoin is equal to 100 million satoshis. According to some, the final bitcoin block will be numbered 6,929,999, and the total supply at that time will be 20,999,999.9769 satoshis. Since bitcoin uses a bit-shift operator system,3its algorithm will round off that figure to 20,999,999 and leave the cryptocurrency just shy of its 21 million targeted cap.</p><p><blockquote>虽然这种做法使计算更容易，但在每次区块确认过程中，这种做法会导致比特币的组成单位聪的损失。一个比特币等于一亿聪。根据一些人的说法，最终的比特币区块将被编号为6,929,999，届时的总供应量将是20,999,999.9769聪。由于比特币使用位移运算符系统，3它的算法将把这个数字四舍五入到20,999,999，使加密货币接近其2100万的目标上限。</blockquote></p><p> <b>What Happens When All 21 Million Bitcoin Are Mined?</b></p><p><blockquote><b>当2100万比特币全部被开采时会发生什么？</b></blockquote></p><p></p><p> A consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. No bitcoins will be issued, but transaction blocks will be confirmed, and fees will become the primary source of revenue. Ultimately, Bitcoin's network may function as a&nbsp;closed economy, in which transaction fees are assessed much like taxes are.</p><p><blockquote>比特币没有达到计划上限的一个后果是，它留下了加密货币网络在2140年后长期保持功能的可能性。不会发行比特币，但会确认交易区块，费用将成为主要收入来源。最终，比特币的网络可能会像一个封闭的经济体一样运作，其中交易费用的评估方式与税收非常相似。</blockquote></p><p> Can the rewards be in satoshis instead of actual bitcoin? Such a practice is unlikely and would require a change in the cryptocurrency's protocol to take effect.</p><p><blockquote>奖励可以是聪而不是实际的比特币吗？这种做法不太可能发生，需要改变加密货币的协议才能生效。</blockquote></p><p> That said, it is difficult to predict the effects of Bitcoin almost reaching the overall supply promised by Satoshi Nakamoto. This is partly because Bitcoin's ecosystem is still undeveloped. The cryptocurrency was originally conceptualized as a medium of exchange but it has found more popularity as a store of value—an investing asset—instead. It is possible that Bitcoin's ecosystem and workings might undergo a transformation, similar to the one that has occured in its identity, between now and 2140.</p><p><blockquote>也就是说，很难预测比特币的影响几乎达到中本聪承诺的总体供应量。这部分是因为比特币的生态系统仍然不发达。加密货币最初被认为是一种交换媒介，但它作为一种价值储存手段——一种投资资产——越来越受欢迎。从现在到2140年，比特币的生态系统和运作方式可能会发生转变，类似于其身份发生的转变。</blockquote></p><p> <b>Important:</b>Although there can only ever be a maximum of 21 million bitcoins, because people have lost their private keys or have died without leaving their private key instructions to anybody, the actual amount of available bitcoins in circulation could actually be millions less.</p><p><blockquote><b>重要的：</b>尽管最多只能有2100万个比特币，但因为人们丢失了私钥或去世时没有给任何人留下私钥指令，流通中可用比特币的实际数量实际上可能会少数百万。</blockquote></p><p> For example, there could be a protocol change in the cryptocurrency's&nbsp;blockchain&nbsp;to allow for more than 21 million bitcoin in existence. Remember, Bitcoin is an open source cryptocurrency and can be changed to create&nbsp;hard&nbsp;or&nbsp;soft forks&nbsp;that create new cryptocurrencies or alter its functioning. Some examples of the former are&nbsp;bitcoin cash(BCHUSD),litecoin(LTCUSD), anddogecoin(DOGEUSD), which have made minor modifications to Bitcoin's source code and created new coins that have racked up billions of dollars in market valuations.</p><p><blockquote>例如，加密货币区块链中的协议可能会发生变化，允许超过 2100 万个比特币存在。请记住，比特币是一种开源加密货币，可以更改以创建硬分叉或软分叉，从而创建新的加密货币或改变其功能。前者的一些例子有比特币现金（BCHUSD）、莱特币（LTCUSD）和狗狗币（DOGEUSD），它们对比特币的源代码进行了细微的修改，并创造了新的硬币，这些硬币的市场估值已经达到了数十亿美元。</blockquote></p><p> <b>Effect on Bitcoin Miners</b></p><p><blockquote><b>对比特币矿工的影响</b></blockquote></p><p> Block rewards and transaction fees are the most important sources of revenue for miners—the former more so than the latter in the current setup. High prices for bitcoin enable miners to cover operational costs and sustain business profits because they can sell their rewards stash in cryptocurrency markets.</p><p><blockquote>区块奖励和交易费是矿工最重要的收入来源——在当前设置中，前者比后者更重要。比特币的高价格使矿工能够支付运营成本并维持业务利润，因为他们可以在加密货币市场上出售他们的奖励。</blockquote></p><p> When Bitcoin is close to reaching its limit, the reward amounts may not be enough to cover operational costs at miners, let alone generate profits. If and when the supply limit is reached, Bitcoin rewards are supposed to vanish.</p><p><blockquote>当比特币接近极限时，奖励金额可能不足以支付矿商的运营成本，更不用说产生利润了。如果达到供应限制，比特币奖励应该会消失。</blockquote></p><p> In both instances, transaction fees are expected to pick up the slack. The amount of and mechanism for these fees depends on the state of Bitcoin's network at that point in time—i.e., whether it is being used as a medium of exchange or as a store of value.&nbsp;The former may incur reasonable fees to enable Bitcoin's use in daily transactions, while the latter scenario will have miners conducting fewer and more expensive transactions.</p><p><blockquote>在这两种情况下，交易费预计都会弥补这一不足。这些费用的数额和机制取决于比特币网络在那个时间点的状态，即它是被用作交换媒介还是价值储存。前者可能会产生合理的费用，以使比特币能够在日常交易中使用，而后一种情况将使矿工进行更少和更昂贵的交易。</blockquote></p><p> Another possibility being put forward is that of miners forming cartels amongst themselves. They might control supply to set high transaction fees or a fee amount that guarantees them a minimum in profits.Selfish mining&nbsp;is another possibility. In this form of mining, miners collude amongst themselves to hide new blocks and release orphan blocks that are not confirmed by Bitcoin's network. This practice will delay production of the final block in Bitcoin's network and ensure high rewards for the new blocks when they are finally released into the network.</p><p><blockquote>提出的另一种可能性是矿工之间形成卡特尔。他们可能会控制供应以设定高额交易费或保证最低利润的费用金额。自私采矿是另一种可能性。在这种挖掘形式中，矿工相互勾结，隐藏新区块，并释放未经比特币网络确认的孤儿区块。这种做法将延迟比特币网络中最后一个区块的生产，并确保新区块最终被释放到网络中时获得高回报。</blockquote></p><p> The formation of a Bitcoin miners' cartel is not a far-reaching conclusion. Such groupings already exist in other commodities whose supply is constrained or controlled. For example, oil prices are influenced to a large degree by&nbsp;OPEC's production output. Prices in the diamond industry are also reportedly set by a cartel led by mining giant DeBeers.</p><p><blockquote>比特币矿工卡特尔的形成并不是一个影响深远的结论。这种分组已经存在于供应受到限制或控制的其他商品中。例如，石油价格在很大程度上受到欧佩克产量的影响。据报道，钻石行业的价格也是由矿业巨头DeBeers领导的卡特尔制定的。</blockquote></p><p> <b>Effect on Bitcoin's Network</b></p><p><blockquote><b>对比特币网络的影响</b></blockquote></p><p> The most valuable and useful aspect of Bitcoin is its network.Distributed ledger technology&nbsp;is a technological solution to the time-consuming bookkeeping and accounting that characterizes most financial transactions today.</p><p><blockquote>比特币最有价值和最有用的方面是它的网络。分布式账本技术是当今大多数金融交易的耗时簿记和会计的技术解决方案。</blockquote></p><p> If Bitcoin becomes popular as a medium of exchange in the future, its transaction numbers will surge. Past precedent has shown that there is a significant chance that the network will slow down. This is because Bitcoin's architecture, which relies on a distributed database to hold copies of massive ledgers, sacrifices speed for accuracy and integrity.</p><p><blockquote>如果未来比特币作为一种交易媒介变得流行，其交易数量将激增。过去的先例表明，网络很有可能会变慢。这是因为比特币的架构依赖于分布式数据库来保存海量账本的副本，为了准确性和完整性而牺牲了速度。</blockquote></p><p> In such a scenario, it is likely that Layer 2 technologies, like the Lightning Network, will become responsible for confirming a majority of transactions on its network. Therefore, the cryptocurrency's actual network itself will be used only to settle large batches of transactions.</p><p><blockquote>在这种情况下，第二层技术（如闪电网络）很可能会负责确认其网络上的大部分交易。因此，加密货币的实际网络本身将仅用于结算大批量交易。</blockquote></p><p></p><p> A second possibility is that the number of transactions on Bitcoin's network falls. Such a situation is possible when Bitcoin becomes a&nbsp;reserve asset. Trades involving the cryptocurrency will be few. Retail traders and small trading firms, who dominate its current trading ecosystem, will be eliminated and replaced by large institutional players and established trading firms. They will conduct fewer and more expensive trades that will incur high transaction fees from miners.</p><p><blockquote>第二种可能性是比特币网络上的交易数量下降。当比特币成为储备资产时，这种情况是可能的。涉及加密货币的交易将会很少。主导当前交易生态系统的零售贸易商和小型贸易公司将被淘汰，取而代之的是大型机构参与者和老牌贸易公司。他们将进行更少、更昂贵的交易，这将使矿商产生高昂的交易费用。</blockquote></p><p> <b>Effect on Bitcoin the Cryptocurrency</b></p><p><blockquote><b>加密货币对比特币的影响</b></blockquote></p><p> Bitcoin's inventor Satoshi Nakamoto designed the cryptocurrency to function as a medium of exchange for daily transactions. But its network has high transaction fees and slow processing times. Meanwhile, its scarcity and rising prices have become a magnet for speculative investors. Their bets on the cryptocurrency roulette have led to volatile price swings in the asset class deterring serious investors away from it. Regulators have criticized its ecosystem&nbsp;as a Wild West.</p><p><blockquote>比特币的发明者中本聪设计了这种加密货币，作为日常交易的交换媒介。但其网络交易费用高，处理时间慢。与此同时，它的稀缺性和价格上涨已成为吸引投机投资者的磁石。他们对加密货币轮盘赌的押注导致该资产类别的价格波动剧烈，阻止了认真的投资者远离它。监管机构批评其生态系统是狂野的西部。</blockquote></p><p> By the time that the last bitcoin is mined (or close to being mined), Bitcoin may have a more defined identity that it does currently. Side channels, like the&nbsp;Lightning Network, may have increased its network's transaction processing speed and enabled its use as a medium of exchange. Some countries like El Salvador are betting on such an eventuality and have&nbsp;made the cryptocurrency legal tender.</p><p><blockquote>当最后一个比特币被开采（或接近被开采）时，比特币可能会有一个比现在更明确的身份。侧通道，如闪电网络，可能提高了其网络的交易处理速度，并使其能够用作交换媒介。萨尔瓦多等一些国家正在押注这种可能性，并将加密货币定为法定货币。</blockquote></p><p>   <b>FAST&nbsp;FACT</b>    El Salvador made Bitcoin legal tender on June 9, 2021.It is the first country to do so. The cryptocurrency can be used for any transaction where the business can accept it. The U.S. dollar continues to be El Salvador's primary currency.  In the United States, the latest significant events are the&nbsp;Office of the Comptroller of the Currency&nbsp;(OCC) letter in January 2021 authorizing the use of crypto as a method of payment, PayPal Holdings, Inc.'s (PYPL) introduction of Bitcoin, and Tesla, Inc.'s (TSLA) acceptance of Bitcoin to purchase Tesla cars and solar roofs. Tesla reversed course on accepting Bitcoin in May 2021, citing environmental concerns around the resources required for Bitcoin mining.</p><p><blockquote><b>快速事实</b>萨尔瓦多于2021年6月9日将比特币列为法定货币。这是第一个这样做的国家。加密货币可用于企业可以接受的任何交易。美元仍然是萨尔瓦多的主要货币。在美国，最新的重大事件是货币监理署 (OCC) 于 2021 年 1 月致函授权使用加密货币作为支付方式，PayPal控股公司 (PYPL) 推出比特币，以及特斯拉公司 (TSLA) 接受比特币购买特斯拉汽车和太阳能屋顶。特斯拉于 2021 年 5 月改变了接受比特币的方针，理由是比特币采矿所需资源存在环境问题。</blockquote></p><p> The increasing scarcity in its numbers will also have driven up bitcoin's price and the corresponding valuation of cryptocurrency markets. Regulators tend to move quickly when increasing amounts of capital flows into an asset class, and it is likely that crypto markets and Bitcoin will also have come under the regulatory umbrella. That will be a sign for institutional investors to move into the cryptocurrency's ecosystem and stabilize its price swings with massive liquidity.</p><p><blockquote>其数量的日益稀缺也将推高比特币的价格和加密货币市场的相应估值。当越来越多的资本流入某一资产类别时，监管机构往往会迅速采取行动，加密货币市场和比特币很可能也会受到监管保护。这将是机构投资者进入加密货币生态系统并以巨大流动性稳定其价格波动的一个信号。</blockquote></p><p> <b>The Bottom Line</b></p><p><blockquote><b>底线</b></blockquote></p><p> Bitcoin's 21 million supply cap is meant to control inflation that might, otherwise, result from an unlimited supply. But it has inflated the cryptocurrency's prices by making it a scarce commodity.</p><p><blockquote>比特币 2100 万的供应上限旨在控制通货膨胀，否则，无限供应可能会导致通货膨胀。但它使加密货币成为稀缺商品，从而抬高了加密货币的价格。</blockquote></p><p> When Bitcoin reaches the supply cap, it is likely that miners will shift from block rewards to transaction fees as their main source of revenue. Development of side channels, like the Lightning Network, may result in Bitcoin's blockchain restricting itself to confirmation of large batches of transactions or ones that involve movement of significant numbers of bitcoins from one address on its blockchain to another. Bitcoin's identity—as a store of value and a medium of exchange—will also be more clearly defined than it is currently.</p><p><blockquote>当比特币达到供应上限时，矿商很可能会从区块奖励转向交易费作为其主要收入来源。侧渠道的发展，如闪电网络，可能会导致比特币的区块链将自己限制在确认大批量交易或涉及大量比特币从其区块链上的一个地址移动到另一个地址的交易。比特币的身份——作为价值储存和交换媒介——也将比现在更明确地定义。</blockquote></p><p> But none of these predictions are set in stone. The kinetic pace of developments in Bitcoin's ecosystem means that it is difficult to accurately predict its future. For example, the cryptocurrency's protocol may be changed to accommodate the production of more than 21 million bitcoins. Or, it may fall just shy of reaching 21 million.</p><p><blockquote>但这些预测都不是一成不变的。比特币生态系统发展的动态速度意味着很难准确预测其未来。例如，加密货币的协议可能会被改变，以适应超过2100万个比特币的生产。或者，它可能会接近 2100 万。</blockquote></p><p> <b>Frequently Asked Questions</b></p><p><blockquote><b>常见问题</b></blockquote></p><p> <ul>  <li>What is Bitcoin's total supply?</li> </ul> The total supply of bitcoins is capped at 21 million.</p><p><blockquote><ul><li>比特币的总供应量是多少？</li></ul>比特币的总供应量上限为2100万枚。</blockquote></p><p> <ul>  <li>What will happen to miner fees when Bitcoin's supply limit is reached?</li> </ul> When Bitcoin supply reaches 21 million, miners will rely on transaction fees rather than block rewards, which will have vanished by then, for revenue.</p><p><blockquote><ul><li>当比特币的供应极限达到时，矿工费用会发生什么变化？</li></ul>当比特币供应量达到 2100 万时，矿商将依靠交易费而不是区块奖励来获得收入，区块奖励到那时已经消失了。</blockquote></p><p> <ul>  <li>What will happen to Bitcoin's network when it reaches the supply limit?</li> </ul> When Bitcoin reaches the 21 million supply limit, it is likely that side channels, like the Lightning Network, will do most of the heavy lifting in confirming its transactions. The cryptocurrency's blockchain be responsible for confirming only very large batches of transactions or ones that involve movement of large sums of bitcoin from one address to another.</p><p><blockquote><ul><li>当比特币达到供应极限时，它的网络会发生什么？</li></ul>当比特币达到2100万的供应限制时，很可能像闪电网络这样的侧面渠道将承担确认其交易的大部分繁重工作。加密货币的区块链只负责确认非常大批次的交易，或者涉及大量比特币从一个地址移动到另一个地址的交易。</blockquote></p><p> <ul>  <li>What happens if Bitcoin supply fails to reach the 21 million cap?</li> </ul> One consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. In keeping with Bitcoin's economics, rewards for confirming these blocks will be minimal.</p><p><blockquote><ul><li>如果比特币供应量未能达到 2100 万的上限会发生什么？</li></ul>比特币未能达到计划上限的一个后果是，它留下了加密货币网络在2140年后长期保持功能的可能性。与比特币的经济学保持一致，确认这些区块的回报将是最小的。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.investopedia.com/tech/what-happens-bitcoin-after-21-million-mined/?utm_campaign=quote-yahoo&utm_source=yahoo&utm_medium=referral\">Investopedia</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":{"GBTC":"比特币ETF-Grayscale"},"source_url":"https://www.investopedia.com/tech/what-happens-bitcoin-after-21-million-mined/?utm_campaign=quote-yahoo&utm_source=yahoo&utm_medium=referral","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1195802602","content_text":"KEY TAKEAWAYS\n\nThere are only 21 million bitcoins that can be mined in total.\nBitcoin will never reach that cap due to the use of rounding operators in its codebase.\nAs of Aug, 2021, 18.77 million bitcoins have been mined, which leaves roughly 2.3 million yet to be introduced into circulation.\nWhen Bitcoin reaches its supply cap, block rewards will vanish, and miners will depend on fees from transactions occurring on the cryptocurrency's network for revenue.\nBitcoin's network may evolve from its current unfinished state to becoming a bridge for monetary transactions and trading.\nBitcoin the cryptocurrency will have a defined identity in the financial ecosystem.\n\nOne of the chief characteristics of Bitcoin is its limited supply. Other forms of money, including fiat currencies, can be printed at will by central banks—i.e., they have unlimited supply.\nBitcoin inventor Satoshi Nakamoto capped the number of bitcoin at 21 million, meaning there will only ever be 21 million bitcoins in existence. On average, these bitcoins are introduced to the Bitcoin supply at a fixed rate of one block every 10 minutes. In addition, the number of bitcoins released in each of these aforementioned blocks is reduced by 50% every four years. By August 2021, 18.7 million bitcoins were available, leaving roughly 2.3 million to be mined.The supply limitation makes Bitcoin scarce and controls inflation that might arise from an unlimited supply of the cryptocurrency.\nAs Bitcoin reaches its capped supply, its economics will alter. The incentives for various members in its ecosystem, such as miners and traders, will change. For example, miners may rely less on block rewards and more on transaction fees to earn revenue and profits for their operations. The cryptocurrency's network will also transform, and its participants will be different from the retail traders that populate its current ecosystem.\nHowever, given the cryptocurrency's relatively undeveloped ecosystem, it is difficult to predict with certainty the effect of Bitcoin reaching its capped supply.\nWill Bitcoin Ever Reach the 21 Million Cap?\nBefore delving into the implications of Bitcoin's 21 million cap, it might be interesting to consider the question of whether it will ever reach that figure. Based on the cryptocurrency's current codebase and mining process, some observers say that Bitcoin may fall just shy of the 21 million figure.\nTo recap, Bitcoin is \"mined\" by miners who solve cryptographic puzzles to verify and validate a block of transactions occurring in its network. Block rewards, consisting of a set number of bitcoins, are distributed to miners who successfully confirm a transaction block. The rewards are halved every four years.\nThe rate that bitcoin are produced cuts in half about every four years. Investopedia\nWhen the cryptocurrency was launched, the reward for confirming a block of transactions was 50 bitcoins. In 2012, it was halved to 25 bitcoins, and it went down to 12.5 in 2016. In May 2020, miners stood to earn 6.25 bitcoin for every new block. Block rewards for Bitcoin miners will continue to be halved every four years until the final bitcoin is mined. Current estimates for mining of the final bitcoin put that date somewhere in February 2140.\n\nImportant:The Bitcoin mining process provides bitcoin rewards to miners, but the reward size decreases periodically to control the circulation of new tokens.\n\nAccording to Andreas M. Antonopoulos, author of a book about Bitcoin's workings, the 21 million figure is an \"asymptotic cap\" on the number of bitcoin in existence.In simple words, this means that, while it may reach very close to figure, the cryptocurrency will never reach that limit. This is because block rewards and Bitcoin supply are never expressed in exact terms. Bitcoin's code uses bit-shift operators—arithmetic operators used that round decimal points to the closest smallest integer in certain programming languages. Therefore, a total supply of 6.2589 bitcoins will be rounded out to the closest smallest integer, in this case 6.\nWhile it makes calculations easier, the practice leads to losses in satoshis, Bitcoin's constituent units, during each block confirmation. One bitcoin is equal to 100 million satoshis. According to some, the final bitcoin block will be numbered 6,929,999, and the total supply at that time will be 20,999,999.9769 satoshis. Since bitcoin uses a bit-shift operator system,3its algorithm will round off that figure to 20,999,999 and leave the cryptocurrency just shy of its 21 million targeted cap.\nWhat Happens When All 21 Million Bitcoin Are Mined?\nA consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. No bitcoins will be issued, but transaction blocks will be confirmed, and fees will become the primary source of revenue. Ultimately, Bitcoin's network may function as a closed economy, in which transaction fees are assessed much like taxes are.\nCan the rewards be in satoshis instead of actual bitcoin? Such a practice is unlikely and would require a change in the cryptocurrency's protocol to take effect.\nThat said, it is difficult to predict the effects of Bitcoin almost reaching the overall supply promised by Satoshi Nakamoto. This is partly because Bitcoin's ecosystem is still undeveloped. The cryptocurrency was originally conceptualized as a medium of exchange but it has found more popularity as a store of value—an investing asset—instead. It is possible that Bitcoin's ecosystem and workings might undergo a transformation, similar to the one that has occured in its identity, between now and 2140.\nImportant:Although there can only ever be a maximum of 21 million bitcoins, because people have lost their private keys or have died without leaving their private key instructions to anybody, the actual amount of available bitcoins in circulation could actually be millions less.\nFor example, there could be a protocol change in the cryptocurrency's blockchain to allow for more than 21 million bitcoin in existence. Remember, Bitcoin is an open source cryptocurrency and can be changed to create hard or soft forks that create new cryptocurrencies or alter its functioning. Some examples of the former are bitcoin cash(BCHUSD),litecoin(LTCUSD), anddogecoin(DOGEUSD), which have made minor modifications to Bitcoin's source code and created new coins that have racked up billions of dollars in market valuations.\nEffect on Bitcoin Miners\nBlock rewards and transaction fees are the most important sources of revenue for miners—the former more so than the latter in the current setup. High prices for bitcoin enable miners to cover operational costs and sustain business profits because they can sell their rewards stash in cryptocurrency markets.\nWhen Bitcoin is close to reaching its limit, the reward amounts may not be enough to cover operational costs at miners, let alone generate profits. If and when the supply limit is reached, Bitcoin rewards are supposed to vanish.\nIn both instances, transaction fees are expected to pick up the slack. The amount of and mechanism for these fees depends on the state of Bitcoin's network at that point in time—i.e., whether it is being used as a medium of exchange or as a store of value. The former may incur reasonable fees to enable Bitcoin's use in daily transactions, while the latter scenario will have miners conducting fewer and more expensive transactions.\nAnother possibility being put forward is that of miners forming cartels amongst themselves. They might control supply to set high transaction fees or a fee amount that guarantees them a minimum in profits.Selfish mining is another possibility. In this form of mining, miners collude amongst themselves to hide new blocks and release orphan blocks that are not confirmed by Bitcoin's network. This practice will delay production of the final block in Bitcoin's network and ensure high rewards for the new blocks when they are finally released into the network.\nThe formation of a Bitcoin miners' cartel is not a far-reaching conclusion. Such groupings already exist in other commodities whose supply is constrained or controlled. For example, oil prices are influenced to a large degree by OPEC's production output. Prices in the diamond industry are also reportedly set by a cartel led by mining giant DeBeers.\nEffect on Bitcoin's Network\nThe most valuable and useful aspect of Bitcoin is its network.Distributed ledger technology is a technological solution to the time-consuming bookkeeping and accounting that characterizes most financial transactions today.\nIf Bitcoin becomes popular as a medium of exchange in the future, its transaction numbers will surge. Past precedent has shown that there is a significant chance that the network will slow down. This is because Bitcoin's architecture, which relies on a distributed database to hold copies of massive ledgers, sacrifices speed for accuracy and integrity.\nIn such a scenario, it is likely that Layer 2 technologies, like the Lightning Network, will become responsible for confirming a majority of transactions on its network. Therefore, the cryptocurrency's actual network itself will be used only to settle large batches of transactions.\nA second possibility is that the number of transactions on Bitcoin's network falls. Such a situation is possible when Bitcoin becomes a reserve asset. Trades involving the cryptocurrency will be few. Retail traders and small trading firms, who dominate its current trading ecosystem, will be eliminated and replaced by large institutional players and established trading firms. They will conduct fewer and more expensive trades that will incur high transaction fees from miners.\nEffect on Bitcoin the Cryptocurrency\nBitcoin's inventor Satoshi Nakamoto designed the cryptocurrency to function as a medium of exchange for daily transactions. But its network has high transaction fees and slow processing times. Meanwhile, its scarcity and rising prices have become a magnet for speculative investors. Their bets on the cryptocurrency roulette have led to volatile price swings in the asset class deterring serious investors away from it. Regulators have criticized its ecosystem as a Wild West.\nBy the time that the last bitcoin is mined (or close to being mined), Bitcoin may have a more defined identity that it does currently. Side channels, like the Lightning Network, may have increased its network's transaction processing speed and enabled its use as a medium of exchange. Some countries like El Salvador are betting on such an eventuality and have made the cryptocurrency legal tender.\n\nFAST FACT\n\n\n El Salvador made Bitcoin legal tender on June 9, 2021.It is the first country to do so. The cryptocurrency can be used for any transaction where the business can accept it. The U.S. dollar continues to be El Salvador's primary currency.\n\nIn the United States, the latest significant events are the Office of the Comptroller of the Currency (OCC) letter in January 2021 authorizing the use of crypto as a method of payment, PayPal Holdings, Inc.'s (PYPL) introduction of Bitcoin, and Tesla, Inc.'s (TSLA) acceptance of Bitcoin to purchase Tesla cars and solar roofs. Tesla reversed course on accepting Bitcoin in May 2021, citing environmental concerns around the resources required for Bitcoin mining.\nThe increasing scarcity in its numbers will also have driven up bitcoin's price and the corresponding valuation of cryptocurrency markets. Regulators tend to move quickly when increasing amounts of capital flows into an asset class, and it is likely that crypto markets and Bitcoin will also have come under the regulatory umbrella. That will be a sign for institutional investors to move into the cryptocurrency's ecosystem and stabilize its price swings with massive liquidity.\nThe Bottom Line\nBitcoin's 21 million supply cap is meant to control inflation that might, otherwise, result from an unlimited supply. But it has inflated the cryptocurrency's prices by making it a scarce commodity.\nWhen Bitcoin reaches the supply cap, it is likely that miners will shift from block rewards to transaction fees as their main source of revenue. Development of side channels, like the Lightning Network, may result in Bitcoin's blockchain restricting itself to confirmation of large batches of transactions or ones that involve movement of significant numbers of bitcoins from one address on its blockchain to another. Bitcoin's identity—as a store of value and a medium of exchange—will also be more clearly defined than it is currently.\nBut none of these predictions are set in stone. The kinetic pace of developments in Bitcoin's ecosystem means that it is difficult to accurately predict its future. For example, the cryptocurrency's protocol may be changed to accommodate the production of more than 21 million bitcoins. Or, it may fall just shy of reaching 21 million.\nFrequently Asked Questions\n\nWhat is Bitcoin's total supply?\n\nThe total supply of bitcoins is capped at 21 million.\n\nWhat will happen to miner fees when Bitcoin's supply limit is reached?\n\nWhen Bitcoin supply reaches 21 million, miners will rely on transaction fees rather than block rewards, which will have vanished by then, for revenue.\n\nWhat will happen to Bitcoin's network when it reaches the supply limit?\n\nWhen Bitcoin reaches the 21 million supply limit, it is likely that side channels, like the Lightning Network, will do most of the heavy lifting in confirming its transactions. The cryptocurrency's blockchain be responsible for confirming only very large batches of transactions or ones that involve movement of large sums of bitcoin from one address to another.\n\nWhat happens if Bitcoin supply fails to reach the 21 million cap?\n\nOne consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. In keeping with Bitcoin's economics, rewards for confirming these blocks will be minimal.","news_type":1,"symbols_score_info":{"MBTmain":0.9,"BTCmain":0.9,"GBTC":0.9,"XBTmain":0.9}},"isVote":1,"tweetType":1,"viewCount":449,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":171120828,"gmtCreate":1626717441064,"gmtModify":1633924679315,"author":{"id":"4087996122770160","authorId":"4087996122770160","name":"Timevestor","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087996122770160","authorIdStr":"4087996122770160"},"themes":[],"title":"","htmlText":"Please like and comment.&nbsp;","listText":"Please like and comment.&nbsp;","text":"Please like and comment.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/171120828","repostId":"1111084715","repostType":4,"isVote":1,"tweetType":1,"viewCount":802,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":841359768,"gmtCreate":1635891838981,"gmtModify":1635891839076,"author":{"id":"4087996122770160","authorId":"4087996122770160","name":"Timevestor","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087996122770160","authorIdStr":"4087996122770160"},"themes":[],"title":"","htmlText":"Please like and comment.&nbsp;","listText":"Please like and comment.&nbsp;","text":"Please like and comment.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/841359768","repostId":"2180378727","repostType":4,"isVote":1,"tweetType":1,"viewCount":523,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":179205327,"gmtCreate":1626528086269,"gmtModify":1633926040020,"author":{"id":"4087996122770160","authorId":"4087996122770160","name":"Timevestor","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087996122770160","authorIdStr":"4087996122770160"},"themes":[],"title":"","htmlText":"Please like and comment.&nbsp;","listText":"Please like and comment.&nbsp;","text":"Please like and comment.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/179205327","repostId":"2152168594","repostType":4,"isVote":1,"tweetType":1,"viewCount":479,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":890465286,"gmtCreate":1628128910945,"gmtModify":1633753308955,"author":{"id":"4087996122770160","authorId":"4087996122770160","name":"Timevestor","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087996122770160","authorIdStr":"4087996122770160"},"themes":[],"title":"","htmlText":"Please like and comment.&nbsp;","listText":"Please like and comment.&nbsp;","text":"Please like and comment.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/890465286","repostId":"2157483930","repostType":4,"isVote":1,"tweetType":1,"viewCount":1049,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802856377,"gmtCreate":1627768581699,"gmtModify":1633756632389,"author":{"id":"4087996122770160","authorId":"4087996122770160","name":"Timevestor","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087996122770160","authorIdStr":"4087996122770160"},"themes":[],"title":"","htmlText":"Please like and comment&nbsp;","listText":"Please like and comment&nbsp;","text":"Please like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/802856377","repostId":"1147779023","repostType":4,"repost":{"id":"1147779023","kind":"news","pubTimestamp":1627716124,"share":"https://www.laohunote.com/m/news/1147779023?lang=zh_CN&edition=full","pubTime":"2021-07-31 15:22","market":"us","language":"en","title":"You can beat stock market indexes — this fund manager has, and this is how she and her team did it<blockquote>你可以击败股票市场指数——这位基金经理做到了，这就是她和她的团队做到的</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1147779023","media":"MarketWatch","summary":"Five key lessons on outperformance from Prabha Ram at the American Century Focused Dynamic Growth Fu","content":"<p>  <b>Five key lessons on outperformance from Prabha Ram at the American Century Focused Dynamic Growth Fund.</b>  Investing is a tough game. That’s why so many mutual funds lag behind their indices.</p><p><blockquote><b>美国世纪聚焦动态增长基金的Prabha Ram关于优异表现的五个关键教训。</b>投资是一场艰难的游戏。这就是为什么这么多共同基金落后于指数的原因。</blockquote></p><p> So when you find a fund with a great record, it pays to investigate what the fund managers are doing — to learn some lessons.</p><p><blockquote>因此，当你发现一只记录良好的基金时，调查基金经理在做什么是值得的——吸取一些教训。</blockquote></p><p> The American Century Focused Dynamic Growth FundACFSXfits the bill. The $2.8 billion fund beats its Russell 1000 Growth&nbsp;Index by over 6 percentage points annualized over the past three and five years, according toMorningstar. It outperforms its large-growth category by 8.6 percentage points annualized over five years. It has a reasonable 0.65% expense ratio.</p><p><blockquote>美国世纪聚焦动态增长基金CFSX符合要求。据 toMorningstar 称，这只 28 亿美元的基金在过去三年和五年中的年化表现超过了罗素 1000 增长指数 6 个百分点以上。五年来，它的年化表现优于高增长类别 8.6 个百分点。它有一个合理的0.65%的费用率。</blockquote></p><p> The fund is co-managed by Prabha Ram, who I recently caught up with. Raised in India, Ram came to the U.S. as a teaching assistant at the University of Maine, where she earned a master’s degree in computer science. She went on to receive an MBA at the Wharton School at the University of Pennsylvania. Ram and three other portfolio managers have led this fund since 2016.</p><p><blockquote>该基金由 Prabha Ram 共同管理，我最近采访了他。拉姆在印度长大，后来来到美国，在缅因大学担任助教，并获得了计算机科学硕士学位。她随后在宾夕法尼亚大学沃顿商学院获得了工商管理硕士学位。拉姆和其他三位投资组合经理自 2016 年以来一直领导该基金。</blockquote></p><p> Here are the five key takeaways, with examples of specific stocks.</p><p><blockquote>以下是五个关键要点，并附有具体股票的例子。</blockquote></p><p> <b>1. Own companies that can “land and expand” in big markets</b></p><p><blockquote><b>1. 拥有能够在大市场“落地并扩张”的公司</b></blockquote></p><p> Even though we’ve been in the digital age for years, many small companies still do much of their business on paper. Bill.comBILLwants to change that. The company was founded by CEO René Lacerte, who in the late 1990s started the online payroll company PayCycle, which was acquired by Intuit.</p><p><blockquote>尽管我们已经进入数字时代多年，但许多小公司的大部分业务仍然停留在纸面上。Bill.comBill想改变这一点。该公司由首席执行官 René Lacerte 创立，他于 20 世纪 90 年代末创办了在线薪资公司 PayCycle，后来被 Intuit 收购。</blockquote></p><p> Bill.com helps small companies go digital in accounts payable and receivable payments. But that’s just the start. Once inside a company, Bill.com digitizes other areas like cash and expense account management.</p><p><blockquote>Bill.com 帮助小型企业在应付账款和应收账款方面实现数字化。但这仅仅是开始。一旦进入公司，Bill.com 就会将现金和费用账户管理等其他领域数字化。</blockquote></p><p> Bill.com “lands and expands” at clients, but it also uses their business partners to create a network of leads.</p><p><blockquote>Bill.com 在客户身上 “落地并扩张 ”，但它也利用客户的商业伙伴来建立潜在客户网络。</blockquote></p><p> “Every vendor is a network member, even if it is not a Bill.com customer,” says Ram. This network has about 2.5 million members. Bill.com also gets prospects from its partners, including Bank of AmericaBAC,JPMorgan ChaseJPMand American ExpressAXP.Sales grew 45% in the first quarter.</p><p><blockquote>“拉姆说：”每个供应商都是网络成员，即使它不是 Bill.com 的客户。这个网络有大约250万成员。Bill.com 还从其合作伙伴那里获得了潜在客户，包括美国银行 BAC、摩根大通 JPM 和美国运通 XP。第一季度销售额增长了 45%。</blockquote></p><p> Founder-run companies such as this one are worth considering because they often outperform.</p><p><blockquote>像这样的创始人经营的公司值得考虑，因为它们通常跑赢大盘。</blockquote></p><p> <b>2. Seek out innovators</b></p><p><blockquote><b>2. 寻找创新者</b></blockquote></p><p> Ram’s portfolio contains obvious innovators, including TeslaTSLA,Amazon.comAMZNand AlphabetGOOGL,her top three positions. Let’s look beyond technology — to beer.</p><p><blockquote>拉姆的投资组合中包括明显的创新者，包括特斯拉斯拉、亚马逊、Amazon.comAMZNand 和 AlphabetGOOGL，她的前三名。让我们超越技术--啤酒。</blockquote></p><p> Back in the 1980s, Boston Beer founder Jim Koch began taking share from beer giants Anheuser-Busch InBevBUDand HeinekenHEINYby rolling out successful “craft” brews, starting with Samuel Adams. Koch helped invent the craft brew category, essentially taking the country back to pre-Prohibition days when the U.S. had hundreds of regional breweries making more flavorful beers for local tastes.</p><p><blockquote>早在 20 世纪 80 年代，波士顿啤酒创始人吉姆-科赫（Jim Koch）就开始从啤酒巨头百威英博（Anheuser-Busch）和喜力喜力（Heinekenheiny）手中分一杯羹，推出了成功的 “手工 ”啤酒，从塞缪尔-亚当斯（Samuel Adams）开始。科赫帮助发明了精酿啤酒类别，本质上将美国带回了禁酒令前的时代，当时美国有数百家地区啤酒厂为当地口味酿造更美味的啤酒。</blockquote></p><p> Boston Beer stock did very well, but then it stalled during 2015-2017 as beer sales overall went flat. In response, Boston Beer helped put a new category on the map — with its Truly Hard Seltzer brand rolled out in 2106. It remains one of the leading hard seltzers.</p><p><blockquote>波士顿啤酒股票表现非常好，但随后在 2015 年至 2017 年期间由于啤酒销售总体持平而停滞不前。作为回应，波士顿啤酒帮助推出了一个新的类别——其真正的硬苏打水品牌于2106年推出。它仍然是领先的硬苏打水之一。</blockquote></p><p> “We were drawn to the company because of its history of innovation,” says Ram, referring to her fund’s early position from the second quarter of 2016. “The stock was doing poorly because the beer market was flattening, but they were coming up with Truly Hard Seltzer. Truly was more successful than we anticipated. It created a new category.”</p><p><blockquote>“我们之所以被该公司吸引，是因为它的创新历史，”拉姆说，他指的是她的基金从 2016 年第二季度开始的早期仓位。“由于啤酒市场趋于平稳，股票表现不佳，但他们推出了真正的硬苏打水。Truly 比我们预期的要成功。它创造了一个新的品类”。</blockquote></p><p> This penchant for innovation at Boston Beer has helped keep Ram’s fund in the name. Other successful Boston Beer brands include Twisted Tea, Angry Orchard and Dogfish Head.</p><p><blockquote>波士顿啤酒的这种创新倾向帮助拉姆的基金保持了名字。其他成功的波士顿啤酒品牌包括扭曲茶、愤怒果园和狗鱼头。</blockquote></p><p> A key takeaway here is that to find innovative companies, look for the ones led by people who have demonstrated a knack for innovation in the past. Innovative managers tend to keep on innovating. Boston Beer continually tests new seltzers, beers, hard ciders, distilled spirits and other drinks. Shareholders are betting they will come through again.</p><p><blockquote>这里的一个关键要点是，要寻找创新公司，要寻找那些由过去展示过创新技巧的人领导的公司。创新的管理者倾向于不断创新。波士顿啤酒不断测试新的苏打水、啤酒、烈性苹果酒、蒸馏酒和其他饮料。股东们打赌他们会再次渡过难关。</blockquote></p><p> They’ll need the help. Boston Beer shares fell 20% on July 23 because so many competitors entered the hard cider niche. Sales grew 33% but net income fell 1.6% as the company jacked up advertising costs to try to combat the competition. The company slashed estimates for the year on an expected slowdown in sales growth.</p><p><blockquote>他们需要帮助。7 月 23 日，波士顿啤酒股价下跌 20%，因为太多竞争对手进入了烈性苹果酒市场。由于该公司提高广告成本以应对竞争，销售额增长了 33%，但净利润下降了 1.6%。由于预计销售增长放缓，该公司下调了今年的预期。</blockquote></p><p> But don’t count out this innovator yet.</p><p><blockquote>但先别排除这位创新者。</blockquote></p><p> “We recently announced plans to develop new innovative beverages with&nbsp;Beam Suntory&nbsp;that we are planning to launch in early 2022,” Boston Beer’s Koch said. Beam Suntory&nbsp;sells Jim Beam whiskey and other brands of spirits. “We believe these new beverages will further demonstrate our ability to innovate and grow our business as drinker preferences evolve.”</p><p><blockquote>“波士顿啤酒公司的科赫说：”我们最近宣布了与 Beam Suntory 合作开发新型创新饮料的计划，并计划于 2022 年初推出。梁三得利出售吉姆梁威士忌和其他品牌的烈酒。“我们相信，随着饮酒者喜好的演变，这些新饮料将进一步展示我们创新和发展业务的能力。”</blockquote></p><p> <b>3. Look for companies that can create and dominate a niche</b></p><p><blockquote><b>3. 寻找能够创造并主导利基市场的公司</b></blockquote></p><p></p><p> For years as the gig economy emerged, the big credit card companies didn’t really care that much if the local yoga instructor could accept payments with a credit card. SquareSQrecognized this as an opportunity. So it launched its card payment device business in 2009. Since then, it has grown by taking on larger customers, and expanding into new lines of business in financial services such as cash management, debit cards loans and tax filing. Transaction-based revenue grew 27% in the first quarter, and subscription and services revenue soared 88%.</p><p><blockquote>多年来，随着零工经济的出现，大型信用卡公司并不太在意当地的瑜伽教练是否可以接受信用卡付款。Squaresq认为这是一个机会。于是它在2009年推出了卡支付设备业务。从那时起，它通过接受更大的客户，并扩展到现金管理、借记卡贷款和报税等金融服务的新业务领域而发展壮大。第一季度基于交易的收入增长了 27%，订阅和服务收入飙升了 88%。</blockquote></p><p> This is a great example of a company that created a business niche. But it’s also a “land and expand” company because it grows by offering customers new services. Both qualities help companies maintain the competitive advantage Ram likes see in investments.</p><p><blockquote>这是一个很好的例子，说明一家公司创造了一个利基市场。但它也是一家 “土地和扩张 ”的公司，因为它通过为客户提供新服务而发展壮大。这两种品质都有助于公司保持 Ram 喜欢在投资中看到的竞争优势。</blockquote></p><p> <b>4. Buy companies in the early stages of rapid growth</b></p><p><blockquote><b>4、买入处于快速增长初期的公司</b></blockquote></p><p> One way to find these is to identify companies developing products that will transform an entire industry. Ram thinks that is the case with Alnylam PharmaceuticalsALNY.It’s developing novel therapies base on a technique called RNA interference (RNAi). Inside the body, messenger RNA (mRNA) encodes proteins we need, based on signals from RNA. Sometimes mRNA gets the signals crossed, and it encodes flawed proteins. This causes diseases.</p><p><blockquote>找到这些的一个方法是确定开发将改变整个行业的产品的公司。Ram 认为 Alnylam PharmaceuticalsALNY 就是这种情况。它正在开发一种名为 RNA 干扰（RNAi）的新疗法。在体内，信使RNA（mRNA）根据RNA的信号编码我们需要的蛋白质。有时mRNA会交叉信号，编码有缺陷的蛋白质。这会导致疾病。</blockquote></p><p> Alnylam has developed a way to tweak the RNAi pathway to silence the flawed signaling and block the creation of disease-causing proteins. So far, Alnylam has four approved RNAi-based medicines that treat rare hereditary diseases. The company has a dozen other therapies in clinical studies, including six in late-stage development.</p><p><blockquote>Alnylam开发了一种调整RNAi途径的方法，以沉默有缺陷的信号并阻止致病蛋白质的产生。到目前为止，Alnylam已经有四种治疗罕见遗传性疾病的基于RNAi的药物获得批准。该公司还有十几种其他疗法正在进行临床研究，其中六种处于后期开发阶段。</blockquote></p><p> “This is a completely new area of therapeutics,” says Ram. “It is a platform of products that can treat a variety of conditions.”</p><p><blockquote>“拉姆说：”这是一个全新的治疗领域。“这是一个可以治疗多种疾病的产品平台”。</blockquote></p><p> <b>5. Hold stocks for the long term</b></p><p><blockquote><b>5.长期持有股票</b></blockquote></p><p> All of the names above are large positions in Ram’s fund, which tells me that Ram and her team think they have considerably more upside. If you buy any of them, though, remember you have to do so with a multi-year time horizon. That’s what Ram’s fund does. It has a low annual portfolio turnover of 27%. It’s important to have a long-term view, because it is so tough to call short-term moves in the stock market or in stocks, and you need to give companies time to develop.</p><p><blockquote>以上所有名字都是拉姆基金的重仓股，这告诉我拉姆和她的团队认为他们的上涨空间要大得多。不过，如果您购买其中任何一种，请记住您必须在多年的时间范围内购买。拉姆基金就是这么做的。它的年投资组合周转率很低，仅为 27%。重要的是要有长远的眼光，因为很难看涨期权股市或股票的短期走势，你需要给公司发展的时间。</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>You can beat stock market indexes — this fund manager has, and this is how she and her team did it<blockquote>你可以击败股票市场指数——这位基金经理做到了，这就是她和她的团队做到的</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\">\nYou can beat stock market indexes — this fund manager has, and this is how she and her team did it<blockquote>你可以击败股票市场指数——这位基金经理做到了，这就是她和她的团队做到的</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-07-31 15:22</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>Five key lessons on outperformance from Prabha Ram at the American Century Focused Dynamic Growth Fund.</b>  Investing is a tough game. That’s why so many mutual funds lag behind their indices.</p><p><blockquote><b>美国世纪聚焦动态增长基金的Prabha Ram关于优异表现的五个关键教训。</b>投资是一场艰难的游戏。这就是为什么这么多共同基金落后于指数的原因。</blockquote></p><p> So when you find a fund with a great record, it pays to investigate what the fund managers are doing — to learn some lessons.</p><p><blockquote>因此，当你发现一只记录良好的基金时，调查基金经理在做什么是值得的——吸取一些教训。</blockquote></p><p> The American Century Focused Dynamic Growth FundACFSXfits the bill. The $2.8 billion fund beats its Russell 1000 Growth&nbsp;Index by over 6 percentage points annualized over the past three and five years, according toMorningstar. It outperforms its large-growth category by 8.6 percentage points annualized over five years. It has a reasonable 0.65% expense ratio.</p><p><blockquote>美国世纪聚焦动态增长基金CFSX符合要求。据 toMorningstar 称，这只 28 亿美元的基金在过去三年和五年中的年化表现超过了罗素 1000 增长指数 6 个百分点以上。五年来，它的年化表现优于高增长类别 8.6 个百分点。它有一个合理的0.65%的费用率。</blockquote></p><p> The fund is co-managed by Prabha Ram, who I recently caught up with. Raised in India, Ram came to the U.S. as a teaching assistant at the University of Maine, where she earned a master’s degree in computer science. She went on to receive an MBA at the Wharton School at the University of Pennsylvania. Ram and three other portfolio managers have led this fund since 2016.</p><p><blockquote>该基金由 Prabha Ram 共同管理，我最近采访了他。拉姆在印度长大，后来来到美国，在缅因大学担任助教，并获得了计算机科学硕士学位。她随后在宾夕法尼亚大学沃顿商学院获得了工商管理硕士学位。拉姆和其他三位投资组合经理自 2016 年以来一直领导该基金。</blockquote></p><p> Here are the five key takeaways, with examples of specific stocks.</p><p><blockquote>以下是五个关键要点，并附有具体股票的例子。</blockquote></p><p> <b>1. Own companies that can “land and expand” in big markets</b></p><p><blockquote><b>1. 拥有能够在大市场“落地并扩张”的公司</b></blockquote></p><p> Even though we’ve been in the digital age for years, many small companies still do much of their business on paper. Bill.comBILLwants to change that. The company was founded by CEO René Lacerte, who in the late 1990s started the online payroll company PayCycle, which was acquired by Intuit.</p><p><blockquote>尽管我们已经进入数字时代多年，但许多小公司的大部分业务仍然停留在纸面上。Bill.comBill想改变这一点。该公司由首席执行官 René Lacerte 创立，他于 20 世纪 90 年代末创办了在线薪资公司 PayCycle，后来被 Intuit 收购。</blockquote></p><p> Bill.com helps small companies go digital in accounts payable and receivable payments. But that’s just the start. Once inside a company, Bill.com digitizes other areas like cash and expense account management.</p><p><blockquote>Bill.com 帮助小型企业在应付账款和应收账款方面实现数字化。但这仅仅是开始。一旦进入公司，Bill.com 就会将现金和费用账户管理等其他领域数字化。</blockquote></p><p> Bill.com “lands and expands” at clients, but it also uses their business partners to create a network of leads.</p><p><blockquote>Bill.com 在客户身上 “落地并扩张 ”，但它也利用客户的商业伙伴来建立潜在客户网络。</blockquote></p><p> “Every vendor is a network member, even if it is not a Bill.com customer,” says Ram. This network has about 2.5 million members. Bill.com also gets prospects from its partners, including Bank of AmericaBAC,JPMorgan ChaseJPMand American ExpressAXP.Sales grew 45% in the first quarter.</p><p><blockquote>“拉姆说：”每个供应商都是网络成员，即使它不是 Bill.com 的客户。这个网络有大约250万成员。Bill.com 还从其合作伙伴那里获得了潜在客户，包括美国银行 BAC、摩根大通 JPM 和美国运通 XP。第一季度销售额增长了 45%。</blockquote></p><p> Founder-run companies such as this one are worth considering because they often outperform.</p><p><blockquote>像这样的创始人经营的公司值得考虑，因为它们通常跑赢大盘。</blockquote></p><p> <b>2. Seek out innovators</b></p><p><blockquote><b>2. 寻找创新者</b></blockquote></p><p> Ram’s portfolio contains obvious innovators, including TeslaTSLA,Amazon.comAMZNand AlphabetGOOGL,her top three positions. Let’s look beyond technology — to beer.</p><p><blockquote>拉姆的投资组合中包括明显的创新者，包括特斯拉斯拉、亚马逊、Amazon.comAMZNand 和 AlphabetGOOGL，她的前三名。让我们超越技术--啤酒。</blockquote></p><p> Back in the 1980s, Boston Beer founder Jim Koch began taking share from beer giants Anheuser-Busch InBevBUDand HeinekenHEINYby rolling out successful “craft” brews, starting with Samuel Adams. Koch helped invent the craft brew category, essentially taking the country back to pre-Prohibition days when the U.S. had hundreds of regional breweries making more flavorful beers for local tastes.</p><p><blockquote>早在 20 世纪 80 年代，波士顿啤酒创始人吉姆-科赫（Jim Koch）就开始从啤酒巨头百威英博（Anheuser-Busch）和喜力喜力（Heinekenheiny）手中分一杯羹，推出了成功的 “手工 ”啤酒，从塞缪尔-亚当斯（Samuel Adams）开始。科赫帮助发明了精酿啤酒类别，本质上将美国带回了禁酒令前的时代，当时美国有数百家地区啤酒厂为当地口味酿造更美味的啤酒。</blockquote></p><p> Boston Beer stock did very well, but then it stalled during 2015-2017 as beer sales overall went flat. In response, Boston Beer helped put a new category on the map — with its Truly Hard Seltzer brand rolled out in 2106. It remains one of the leading hard seltzers.</p><p><blockquote>波士顿啤酒股票表现非常好，但随后在 2015 年至 2017 年期间由于啤酒销售总体持平而停滞不前。作为回应，波士顿啤酒帮助推出了一个新的类别——其真正的硬苏打水品牌于2106年推出。它仍然是领先的硬苏打水之一。</blockquote></p><p> “We were drawn to the company because of its history of innovation,” says Ram, referring to her fund’s early position from the second quarter of 2016. “The stock was doing poorly because the beer market was flattening, but they were coming up with Truly Hard Seltzer. Truly was more successful than we anticipated. It created a new category.”</p><p><blockquote>“我们之所以被该公司吸引，是因为它的创新历史，”拉姆说，他指的是她的基金从 2016 年第二季度开始的早期仓位。“由于啤酒市场趋于平稳，股票表现不佳，但他们推出了真正的硬苏打水。Truly 比我们预期的要成功。它创造了一个新的品类”。</blockquote></p><p> This penchant for innovation at Boston Beer has helped keep Ram’s fund in the name. Other successful Boston Beer brands include Twisted Tea, Angry Orchard and Dogfish Head.</p><p><blockquote>波士顿啤酒的这种创新倾向帮助拉姆的基金保持了名字。其他成功的波士顿啤酒品牌包括扭曲茶、愤怒果园和狗鱼头。</blockquote></p><p> A key takeaway here is that to find innovative companies, look for the ones led by people who have demonstrated a knack for innovation in the past. Innovative managers tend to keep on innovating. Boston Beer continually tests new seltzers, beers, hard ciders, distilled spirits and other drinks. Shareholders are betting they will come through again.</p><p><blockquote>这里的一个关键要点是，要寻找创新公司，要寻找那些由过去展示过创新技巧的人领导的公司。创新的管理者倾向于不断创新。波士顿啤酒不断测试新的苏打水、啤酒、烈性苹果酒、蒸馏酒和其他饮料。股东们打赌他们会再次渡过难关。</blockquote></p><p> They’ll need the help. Boston Beer shares fell 20% on July 23 because so many competitors entered the hard cider niche. Sales grew 33% but net income fell 1.6% as the company jacked up advertising costs to try to combat the competition. The company slashed estimates for the year on an expected slowdown in sales growth.</p><p><blockquote>他们需要帮助。7 月 23 日，波士顿啤酒股价下跌 20%，因为太多竞争对手进入了烈性苹果酒市场。由于该公司提高广告成本以应对竞争，销售额增长了 33%，但净利润下降了 1.6%。由于预计销售增长放缓，该公司下调了今年的预期。</blockquote></p><p> But don’t count out this innovator yet.</p><p><blockquote>但先别排除这位创新者。</blockquote></p><p> “We recently announced plans to develop new innovative beverages with&nbsp;Beam Suntory&nbsp;that we are planning to launch in early 2022,” Boston Beer’s Koch said. Beam Suntory&nbsp;sells Jim Beam whiskey and other brands of spirits. “We believe these new beverages will further demonstrate our ability to innovate and grow our business as drinker preferences evolve.”</p><p><blockquote>“波士顿啤酒公司的科赫说：”我们最近宣布了与 Beam Suntory 合作开发新型创新饮料的计划，并计划于 2022 年初推出。梁三得利出售吉姆梁威士忌和其他品牌的烈酒。“我们相信，随着饮酒者喜好的演变，这些新饮料将进一步展示我们创新和发展业务的能力。”</blockquote></p><p> <b>3. Look for companies that can create and dominate a niche</b></p><p><blockquote><b>3. 寻找能够创造并主导利基市场的公司</b></blockquote></p><p></p><p> For years as the gig economy emerged, the big credit card companies didn’t really care that much if the local yoga instructor could accept payments with a credit card. SquareSQrecognized this as an opportunity. So it launched its card payment device business in 2009. Since then, it has grown by taking on larger customers, and expanding into new lines of business in financial services such as cash management, debit cards loans and tax filing. Transaction-based revenue grew 27% in the first quarter, and subscription and services revenue soared 88%.</p><p><blockquote>多年来，随着零工经济的出现，大型信用卡公司并不太在意当地的瑜伽教练是否可以接受信用卡付款。Squaresq认为这是一个机会。于是它在2009年推出了卡支付设备业务。从那时起，它通过接受更大的客户，并扩展到现金管理、借记卡贷款和报税等金融服务的新业务领域而发展壮大。第一季度基于交易的收入增长了 27%，订阅和服务收入飙升了 88%。</blockquote></p><p> This is a great example of a company that created a business niche. But it’s also a “land and expand” company because it grows by offering customers new services. Both qualities help companies maintain the competitive advantage Ram likes see in investments.</p><p><blockquote>这是一个很好的例子，说明一家公司创造了一个利基市场。但它也是一家 “土地和扩张 ”的公司，因为它通过为客户提供新服务而发展壮大。这两种品质都有助于公司保持 Ram 喜欢在投资中看到的竞争优势。</blockquote></p><p> <b>4. Buy companies in the early stages of rapid growth</b></p><p><blockquote><b>4、买入处于快速增长初期的公司</b></blockquote></p><p> One way to find these is to identify companies developing products that will transform an entire industry. Ram thinks that is the case with Alnylam PharmaceuticalsALNY.It’s developing novel therapies base on a technique called RNA interference (RNAi). Inside the body, messenger RNA (mRNA) encodes proteins we need, based on signals from RNA. Sometimes mRNA gets the signals crossed, and it encodes flawed proteins. This causes diseases.</p><p><blockquote>找到这些的一个方法是确定开发将改变整个行业的产品的公司。Ram 认为 Alnylam PharmaceuticalsALNY 就是这种情况。它正在开发一种名为 RNA 干扰（RNAi）的新疗法。在体内，信使RNA（mRNA）根据RNA的信号编码我们需要的蛋白质。有时mRNA会交叉信号，编码有缺陷的蛋白质。这会导致疾病。</blockquote></p><p> Alnylam has developed a way to tweak the RNAi pathway to silence the flawed signaling and block the creation of disease-causing proteins. So far, Alnylam has four approved RNAi-based medicines that treat rare hereditary diseases. The company has a dozen other therapies in clinical studies, including six in late-stage development.</p><p><blockquote>Alnylam开发了一种调整RNAi途径的方法，以沉默有缺陷的信号并阻止致病蛋白质的产生。到目前为止，Alnylam已经有四种治疗罕见遗传性疾病的基于RNAi的药物获得批准。该公司还有十几种其他疗法正在进行临床研究，其中六种处于后期开发阶段。</blockquote></p><p> “This is a completely new area of therapeutics,” says Ram. “It is a platform of products that can treat a variety of conditions.”</p><p><blockquote>“拉姆说：”这是一个全新的治疗领域。“这是一个可以治疗多种疾病的产品平台”。</blockquote></p><p> <b>5. Hold stocks for the long term</b></p><p><blockquote><b>5.长期持有股票</b></blockquote></p><p> All of the names above are large positions in Ram’s fund, which tells me that Ram and her team think they have considerably more upside. If you buy any of them, though, remember you have to do so with a multi-year time horizon. That’s what Ram’s fund does. It has a low annual portfolio turnover of 27%. It’s important to have a long-term view, because it is so tough to call short-term moves in the stock market or in stocks, and you need to give companies time to develop.</p><p><blockquote>以上所有名字都是拉姆基金的重仓股，这告诉我拉姆和她的团队认为他们的上涨空间要大得多。不过，如果您购买其中任何一种，请记住您必须在多年的时间范围内购买。拉姆基金就是这么做的。它的年投资组合周转率很低，仅为 27%。重要的是要有长远的眼光，因为很难看涨期权股市或股票的短期走势，你需要给公司发展的时间。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/you-can-beat-stock-market-indexes-this-fund-manager-has-and-this-is-how-she-and-her-team-did-it-11627481445?mod=article_inline\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯","SPY":"标普500ETF"},"source_url":"https://www.marketwatch.com/story/you-can-beat-stock-market-indexes-this-fund-manager-has-and-this-is-how-she-and-her-team-did-it-11627481445?mod=article_inline","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1147779023","content_text":"Five key lessons on outperformance from Prabha Ram at the American Century Focused Dynamic Growth Fund.\n\nInvesting is a tough game. That’s why so many mutual funds lag behind their indices.\nSo when you find a fund with a great record, it pays to investigate what the fund managers are doing — to learn some lessons.\nThe American Century Focused Dynamic Growth FundACFSXfits the bill. The $2.8 billion fund beats its Russell 1000 Growth Index by over 6 percentage points annualized over the past three and five years, according toMorningstar. It outperforms its large-growth category by 8.6 percentage points annualized over five years. It has a reasonable 0.65% expense ratio.\nThe fund is co-managed by Prabha Ram, who I recently caught up with. Raised in India, Ram came to the U.S. as a teaching assistant at the University of Maine, where she earned a master’s degree in computer science. She went on to receive an MBA at the Wharton School at the University of Pennsylvania. Ram and three other portfolio managers have led this fund since 2016.\nHere are the five key takeaways, with examples of specific stocks.\n1. Own companies that can “land and expand” in big markets\nEven though we’ve been in the digital age for years, many small companies still do much of their business on paper. Bill.comBILLwants to change that. The company was founded by CEO René Lacerte, who in the late 1990s started the online payroll company PayCycle, which was acquired by Intuit.\nBill.com helps small companies go digital in accounts payable and receivable payments. But that’s just the start. Once inside a company, Bill.com digitizes other areas like cash and expense account management.\nBill.com “lands and expands” at clients, but it also uses their business partners to create a network of leads.\n“Every vendor is a network member, even if it is not a Bill.com customer,” says Ram. This network has about 2.5 million members. Bill.com also gets prospects from its partners, including Bank of AmericaBAC,JPMorgan ChaseJPMand American ExpressAXP.Sales grew 45% in the first quarter.\nFounder-run companies such as this one are worth considering because they often outperform.\n2. Seek out innovators\nRam’s portfolio contains obvious innovators, including TeslaTSLA,Amazon.comAMZNand AlphabetGOOGL,her top three positions. Let’s look beyond technology — to beer.\nBack in the 1980s, Boston Beer founder Jim Koch began taking share from beer giants Anheuser-Busch InBevBUDand HeinekenHEINYby rolling out successful “craft” brews, starting with Samuel Adams. Koch helped invent the craft brew category, essentially taking the country back to pre-Prohibition days when the U.S. had hundreds of regional breweries making more flavorful beers for local tastes.\nBoston Beer stock did very well, but then it stalled during 2015-2017 as beer sales overall went flat. In response, Boston Beer helped put a new category on the map — with its Truly Hard Seltzer brand rolled out in 2106. It remains one of the leading hard seltzers.\n“We were drawn to the company because of its history of innovation,” says Ram, referring to her fund’s early position from the second quarter of 2016. “The stock was doing poorly because the beer market was flattening, but they were coming up with Truly Hard Seltzer. Truly was more successful than we anticipated. It created a new category.”\nThis penchant for innovation at Boston Beer has helped keep Ram’s fund in the name. Other successful Boston Beer brands include Twisted Tea, Angry Orchard and Dogfish Head.\nA key takeaway here is that to find innovative companies, look for the ones led by people who have demonstrated a knack for innovation in the past. Innovative managers tend to keep on innovating. Boston Beer continually tests new seltzers, beers, hard ciders, distilled spirits and other drinks. Shareholders are betting they will come through again.\nThey’ll need the help. Boston Beer shares fell 20% on July 23 because so many competitors entered the hard cider niche. Sales grew 33% but net income fell 1.6% as the company jacked up advertising costs to try to combat the competition. The company slashed estimates for the year on an expected slowdown in sales growth.\nBut don’t count out this innovator yet.\n“We recently announced plans to develop new innovative beverages with Beam Suntory that we are planning to launch in early 2022,” Boston Beer’s Koch said. Beam Suntory sells Jim Beam whiskey and other brands of spirits. “We believe these new beverages will further demonstrate our ability to innovate and grow our business as drinker preferences evolve.”\n3. Look for companies that can create and dominate a niche\nFor years as the gig economy emerged, the big credit card companies didn’t really care that much if the local yoga instructor could accept payments with a credit card. SquareSQrecognized this as an opportunity. So it launched its card payment device business in 2009. Since then, it has grown by taking on larger customers, and expanding into new lines of business in financial services such as cash management, debit cards loans and tax filing. Transaction-based revenue grew 27% in the first quarter, and subscription and services revenue soared 88%.\nThis is a great example of a company that created a business niche. But it’s also a “land and expand” company because it grows by offering customers new services. Both qualities help companies maintain the competitive advantage Ram likes see in investments.\n4. Buy companies in the early stages of rapid growth\nOne way to find these is to identify companies developing products that will transform an entire industry. Ram thinks that is the case with Alnylam PharmaceuticalsALNY.It’s developing novel therapies base on a technique called RNA interference (RNAi). Inside the body, messenger RNA (mRNA) encodes proteins we need, based on signals from RNA. Sometimes mRNA gets the signals crossed, and it encodes flawed proteins. This causes diseases.\nAlnylam has developed a way to tweak the RNAi pathway to silence the flawed signaling and block the creation of disease-causing proteins. So far, Alnylam has four approved RNAi-based medicines that treat rare hereditary diseases. The company has a dozen other therapies in clinical studies, including six in late-stage development.\n“This is a completely new area of therapeutics,” says Ram. “It is a platform of products that can treat a variety of conditions.”\n5. Hold stocks for the long term\nAll of the names above are large positions in Ram’s fund, which tells me that Ram and her team think they have considerably more upside. If you buy any of them, though, remember you have to do so with a multi-year time horizon. That’s what Ram’s fund does. It has a low annual portfolio turnover of 27%. It’s important to have a long-term view, because it is so tough to call short-term moves in the stock market or in stocks, and you need to give companies time to develop.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":551,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":847344109,"gmtCreate":1636498169858,"gmtModify":1636498170185,"author":{"id":"4087996122770160","authorId":"4087996122770160","name":"Timevestor","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087996122770160","authorIdStr":"4087996122770160"},"themes":[],"title":"","htmlText":"Please like and comment.&nbsp;","listText":"Please like and comment.&nbsp;","text":"Please like and comment.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/847344109","repostId":"1138226136","repostType":4,"isVote":1,"tweetType":1,"viewCount":3167,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":821018947,"gmtCreate":1633672926790,"gmtModify":1633672927086,"author":{"id":"4087996122770160","authorId":"4087996122770160","name":"Timevestor","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087996122770160","authorIdStr":"4087996122770160"},"themes":[],"title":"","htmlText":"Please like and comment&nbsp;","listText":"Please like and comment&nbsp;","text":"Please like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/821018947","repostId":"1138936175","repostType":4,"repost":{"id":"1138936175","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":1633671412,"share":"https://www.laohunote.com/m/news/1138936175?lang=zh_CN&edition=full","pubTime":"2021-10-08 13:36","market":"us","language":"en","title":"TSMC revenue for September was approximately NT$152.69 billion,an increase of 19.7% YOY<blockquote>台积电9月营收约新台币1,526.9亿元，同比增长19.7%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1138936175","media":"Tiger Newspress","summary":"TSMC today announced its net revenue for September 2021: On a consolidated basis, revenue for Septem","content":"<p>TSMC&nbsp;today announced its net revenue for September 2021: On a consolidated basis, revenue for September 2021 was approximately NT$152.69 billion, an increase of 11.1 percent from August 2021 and an increase of 19.7percent from September 2020. Revenue for January through September 2021 totaled NT$1,149.23 billion, an increase of 17.5 percent compared to the same period in 2020.</p><p><blockquote>台积电今天公布2021年9月营收净额：合并计算，2021年9月营收约为新台币1,526.9亿元，较2021年8月增长11.1%，较2020年9月增长19.7%。2021 年 1 月至 9 月营收合计新台币 1,492.3 亿元，较 2020 年同期增长 17.5%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/0e96c974ad4da3a78c740065da212fc0\" tg-width=\"746\" tg-height=\"152\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>TSMC revenue for September was approximately NT$152.69 billion,an increase of 19.7% YOY<blockquote>台积电9月营收约新台币1,526.9亿元，同比增长19.7%</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\">\nTSMC revenue for September was approximately NT$152.69 billion,an increase of 19.7% YOY<blockquote>台积电9月营收约新台币1,526.9亿元，同比增长19.7%</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\">2021-10-08 13:36</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>TSMC&nbsp;today announced its net revenue for September 2021: On a consolidated basis, revenue for September 2021 was approximately NT$152.69 billion, an increase of 11.1 percent from August 2021 and an increase of 19.7percent from September 2020. Revenue for January through September 2021 totaled NT$1,149.23 billion, an increase of 17.5 percent compared to the same period in 2020.</p><p><blockquote>台积电今天公布2021年9月营收净额：合并计算，2021年9月营收约为新台币1,526.9亿元，较2021年8月增长11.1%，较2020年9月增长19.7%。2021 年 1 月至 9 月营收合计新台币 1,492.3 亿元，较 2020 年同期增长 17.5%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/0e96c974ad4da3a78c740065da212fc0\" tg-width=\"746\" tg-height=\"152\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSM":"台积电"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138936175","content_text":"TSMC today announced its net revenue for September 2021: On a consolidated basis, revenue for September 2021 was approximately NT$152.69 billion, an increase of 11.1 percent from August 2021 and an increase of 19.7percent from September 2020. Revenue for January through September 2021 totaled NT$1,149.23 billion, an increase of 17.5 percent compared to the same period in 2020.","news_type":1,"symbols_score_info":{"TSM":0.9}},"isVote":1,"tweetType":1,"viewCount":682,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}