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2021-10-22

$MAPLETREE INDUSTRIAL TRUST(ME8U.SI)$share share

2021-10-21

$MAPLETREE INDUSTRIAL TRUST(ME8U.SI)$share stock

2021-10-20

$MAPLETREE INDUSTRIAL TRUST(ME8U.SI)$share stock

2021-10-18

$MAPLETREE INDUSTRIAL TRUST(ME8U.SI)$share stock

2021-10-16

$KEPPEL DC REIT(AJBU.SI)$share stock

2021-10-15

$MAPLETREE INDUSTRIAL TRUST(ME8U.SI)$share stock

2021-10-14

$KEPPEL DC REIT(AJBU.SI)$share stock

2021-10-13

$KEPPEL DC REIT(AJBU.SI)$share stock

2021-10-12

$KEPPEL DC REIT(AJBU.SI)$share stock

2021-10-11

$MAPLETREE INDUSTRIAL TRUST(ME8U.SI)$share stock

2021-10-08

$KEPPEL DC REIT(AJBU.SI)$share stock

2021-10-08

Good

Tesla moves headquarters from California to Texas<blockquote>特斯拉将总部从加州迁至德克萨斯</blockquote>

2021-10-06

$KEPPEL DC REIT(AJBU.SI)$share stock

2021-10-04

go go go

@PYEO:$MAPLETREE INDUSTRIAL TRUST(ME8U.SI)$share stock

2021-10-04

$MAPLETREE INDUSTRIAL TRUST(ME8U.SI)$share stock

2021-10-02

$MAPLETREE INDUSTRIAL TRUST(ME8U.SI)$share stock

2021-09-30

$KEPPEL DC REIT(AJBU.SI)$share stock

2021-09-29

ok ok

Why AMD Stock Sank 6% Tuesday<blockquote>为什么AMD股价周二下跌6%</blockquote>

2021-09-29

good good

@PYEO:$CWT INT'L(00521)$share stock

2021-09-29

$CWT INT'L(00521)$share stock

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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":1633646165,"share":"https://www.laohu8.com/m/news/1139177986?lang=zh_CN&edition=full","pubTime":"2021-10-08 06:36","market":"us","language":"en","title":"Tesla moves headquarters from California to Texas<blockquote>特斯拉将总部从加州迁至德克萨斯</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1139177986","media":"Tiger Newspress","summary":"Tesla is moving its headquarters from Palo Alto, California, to Austin, Texas, CEO Elon Musk announc","content":"<p>Tesla&nbsp;is moving its headquarters from Palo Alto, California, to Austin, Texas, CEO Elon Musk announced at the company's shareholder meeting on Thursday.</p><p><blockquote>特斯拉首席执行官Elon Musk周四在公司股东大会上宣布，将把总部从加州Palo Alto迁至德克萨斯Austin。</blockquote></p><p> The meeting took place at Tesla's vehicle assembly plant&nbsp;under construction&nbsp;outside of Austin on a property that borders the Colorado River, near the city's airport.</p><p><blockquote>会议在奥斯汀郊外正在建设的特斯拉汽车装配厂举行，该工厂毗邻科罗拉多河，靠近该市机场。</blockquote></p><p> However, the company plans to increase production in its California plant regardless of the headquarters move.</p><p><blockquote>然而，无论总部搬迁如何，该公司都计划提高加州工厂的产量。</blockquote></p><p> \"To be clear we will be continuing to expand our activities in California,\" Musk said. \"Our intention is to increase output from Fremont and Giga Nevada by 50%. If you go to our Fremont factory it's jammed.\"</p><p><blockquote>“需要明确的是，我们将继续扩大在加州的活动，”马斯克说。“我们的目的是将弗里蒙特和Giga Nevada的产量增加50%。如果你去我们的弗里蒙特工厂，那里就会堵塞。”</blockquote></p><p> But, he added, \"It's tough for people to afford houses, and people have to come in from far away....There's a limit to how big you can scale in the Bay Area.\"</p><p><blockquote>但是，他补充说，“人们很难买得起房子，人们不得不从很远的地方进来....在湾区，你的规模是有限的。”</blockquote></p><p> Regarding the plant underway in Austin, he noted that it would take some time to reach full production even after it's completed.</p><p><blockquote>关于奥斯汀正在建设的工厂，他指出，即使建成后，也需要一段时间才能达到全面生产。</blockquote></p><p> Musk’s growing dissatisfaction with California has been apparent for some time. In April 2020, on a&nbsp;Tesla earnings call, Musk lashed out at California government officials calling their temporary Covid-related health orders “fascist” in an expletive-laced rant.</p><p><blockquote>一段时间以来，马斯克对加州日益增长的不满已经很明显。2020年4月，在特斯拉财报看涨期权上，马斯克猛烈抨击加州政府官员，称他们与新冠病毒相关的临时健康命令是“法西斯”。</blockquote></p><p> Later, Musk&nbsp;personally relocated&nbsp;to the Austin area from Los Angeles, where he had lived for two decades.</p><p><blockquote>后来，马斯克亲自从居住了二十年的洛杉矶搬到了奥斯汀地区。</blockquote></p><p> Doing so enabled Musk, who is also CEO of aerospace company SpaceX, to reduce his personal tax burden and be closer to a SpaceX launch site in Boca Chica, Texas.</p><p><blockquote>这样做使兼任航空航天公司SpaceX首席执行官的马斯克减轻了个人税务负担，并离SpaceX位于德克萨斯州博卡奇卡的发射场更近。</blockquote></p><p> California levies some of the highest personal income taxes in the country on its wealthy residents, but Texas has no personal income tax.</p><p><blockquote>加州对其富裕居民征收全国最高的个人所得税，但德克萨斯州没有个人所得税。</blockquote></p><p> Tesla is not the first company to its headquarters out of California to Texas. Oracle and Hewlett Packard are among the tech giants who decided to make that move last year, for example.</p><p><blockquote>特斯拉并不是第一家将总部从加州搬到德克萨斯的公司。例如，甲骨文和惠普是去年决定采取这一举措的科技巨头之一。</blockquote></p><p> Texas has been actively recruiting companies via its Texas Economic Development Act offering tax breaks to put new facilities in the state. Austin, with a top tech university and cultural events like South by Southwest, is a draw for tech employers.</p><p><blockquote>德克萨斯州一直在通过其《德克萨斯州经济发展法案》积极招募公司，该法案提供税收减免，以便在该州建设新设施。奥斯汀拥有一所顶尖的科技大学和西南偏南等文化活动，对科技雇主很有吸引力。</blockquote></p><p> Tesla has generally garnered a huge amount of support from the state of California since it was founded there in 2003. It has enjoyed grant funding, tax breaks, incentives and favorable policies from the likes of the California Air Resources Board, California Energy Commission and&nbsp;California Alternative Energy and Advanced Transportation Financing Authority, among others.</p><p><blockquote>自2003年在加州成立以来，特斯拉总体上获得了加州的大力支持。它享受了加州空气资源委员会、加州能源委员会和加州替代能源和先进交通融资管理局等机构的拨款、税收减免、激励措施和优惠政策。</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>Tesla moves headquarters from California to Texas<blockquote>特斯拉将总部从加州迁至德克萨斯</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\">\nTesla moves headquarters from California to Texas<blockquote>特斯拉将总部从加州迁至德克萨斯</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 06:36</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Tesla&nbsp;is moving its headquarters from Palo Alto, California, to Austin, Texas, CEO Elon Musk announced at the company's shareholder meeting on Thursday.</p><p><blockquote>特斯拉首席执行官Elon Musk周四在公司股东大会上宣布，将把总部从加州Palo Alto迁至德克萨斯Austin。</blockquote></p><p> The meeting took place at Tesla's vehicle assembly plant&nbsp;under construction&nbsp;outside of Austin on a property that borders the Colorado River, near the city's airport.</p><p><blockquote>会议在奥斯汀郊外正在建设的特斯拉汽车装配厂举行，该工厂毗邻科罗拉多河，靠近该市机场。</blockquote></p><p> However, the company plans to increase production in its California plant regardless of the headquarters move.</p><p><blockquote>然而，无论总部搬迁如何，该公司都计划提高加州工厂的产量。</blockquote></p><p> \"To be clear we will be continuing to expand our activities in California,\" Musk said. \"Our intention is to increase output from Fremont and Giga Nevada by 50%. If you go to our Fremont factory it's jammed.\"</p><p><blockquote>“需要明确的是，我们将继续扩大在加州的活动，”马斯克说。“我们的目的是将弗里蒙特和Giga Nevada的产量增加50%。如果你去我们的弗里蒙特工厂，那里就会堵塞。”</blockquote></p><p> But, he added, \"It's tough for people to afford houses, and people have to come in from far away....There's a limit to how big you can scale in the Bay Area.\"</p><p><blockquote>但是，他补充说，“人们很难买得起房子，人们不得不从很远的地方进来....在湾区，你的规模是有限的。”</blockquote></p><p> Regarding the plant underway in Austin, he noted that it would take some time to reach full production even after it's completed.</p><p><blockquote>关于奥斯汀正在建设的工厂，他指出，即使建成后，也需要一段时间才能达到全面生产。</blockquote></p><p> Musk’s growing dissatisfaction with California has been apparent for some time. In April 2020, on a&nbsp;Tesla earnings call, Musk lashed out at California government officials calling their temporary Covid-related health orders “fascist” in an expletive-laced rant.</p><p><blockquote>一段时间以来，马斯克对加州日益增长的不满已经很明显。2020年4月，在特斯拉财报看涨期权上，马斯克猛烈抨击加州政府官员，称他们与新冠病毒相关的临时健康命令是“法西斯”。</blockquote></p><p> Later, Musk&nbsp;personally relocated&nbsp;to the Austin area from Los Angeles, where he had lived for two decades.</p><p><blockquote>后来，马斯克亲自从居住了二十年的洛杉矶搬到了奥斯汀地区。</blockquote></p><p> Doing so enabled Musk, who is also CEO of aerospace company SpaceX, to reduce his personal tax burden and be closer to a SpaceX launch site in Boca Chica, Texas.</p><p><blockquote>这样做使兼任航空航天公司SpaceX首席执行官的马斯克减轻了个人税务负担，并离SpaceX位于德克萨斯州博卡奇卡的发射场更近。</blockquote></p><p> California levies some of the highest personal income taxes in the country on its wealthy residents, but Texas has no personal income tax.</p><p><blockquote>加州对其富裕居民征收全国最高的个人所得税，但德克萨斯州没有个人所得税。</blockquote></p><p> Tesla is not the first company to its headquarters out of California to Texas. Oracle and Hewlett Packard are among the tech giants who decided to make that move last year, for example.</p><p><blockquote>特斯拉并不是第一家将总部从加州搬到德克萨斯的公司。例如，甲骨文和惠普是去年决定采取这一举措的科技巨头之一。</blockquote></p><p> Texas has been actively recruiting companies via its Texas Economic Development Act offering tax breaks to put new facilities in the state. Austin, with a top tech university and cultural events like South by Southwest, is a draw for tech employers.</p><p><blockquote>德克萨斯州一直在通过其《德克萨斯州经济发展法案》积极招募公司，该法案提供税收减免，以便在该州建设新设施。奥斯汀拥有一所顶尖的科技大学和西南偏南等文化活动，对科技雇主很有吸引力。</blockquote></p><p> Tesla has generally garnered a huge amount of support from the state of California since it was founded there in 2003. It has enjoyed grant funding, tax breaks, incentives and favorable policies from the likes of the California Air Resources Board, California Energy Commission and&nbsp;California Alternative Energy and Advanced Transportation Financing Authority, among others.</p><p><blockquote>自2003年在加州成立以来，特斯拉总体上获得了加州的大力支持。它享受了加州空气资源委员会、加州能源委员会和加州替代能源和先进交通融资管理局等机构的拨款、税收减免、激励措施和优惠政策。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1139177986","content_text":"Tesla is moving its headquarters from Palo Alto, California, to Austin, Texas, CEO Elon Musk announced at the company's shareholder meeting on Thursday.\nThe meeting took place at Tesla's vehicle assembly plant under construction outside of Austin on a property that borders the Colorado River, near the city's airport.\nHowever, the company plans to increase production in its California plant regardless of the headquarters move.\n\"To be clear we will be continuing to expand our activities in California,\" Musk said. \"Our intention is to increase output from Fremont and Giga Nevada by 50%. If you go to our Fremont factory it's jammed.\"\nBut, he added, \"It's tough for people to afford houses, and people have to come in from far away....There's a limit to how big you can scale in the Bay Area.\"\nRegarding the plant underway in Austin, he noted that it would take some time to reach full production even after it's completed.\nMusk’s growing dissatisfaction with California has been apparent for some time. In April 2020, on a Tesla earnings call, Musk lashed out at California government officials calling their temporary Covid-related health orders “fascist” in an expletive-laced rant.\nLater, Musk personally relocated to the Austin area from Los Angeles, where he had lived for two decades.\nDoing so enabled Musk, who is also CEO of aerospace company SpaceX, to reduce his personal tax burden and be closer to a SpaceX launch site in Boca Chica, Texas.\nCalifornia levies some of the highest personal income taxes in the country on its wealthy residents, but Texas has no personal income tax.\nTesla is not the first company to its headquarters out of California to Texas. Oracle and Hewlett Packard are among the tech giants who decided to make that move last year, for example.\nTexas has been actively recruiting companies via its Texas Economic Development Act offering tax breaks to put new facilities in the state. Austin, with a top tech university and cultural events like South by Southwest, is a draw for tech employers.\nTesla has generally garnered a huge amount of support from the state of California since it was founded there in 2003. It has enjoyed grant funding, tax breaks, incentives and favorable policies from the likes of the California Air Resources Board, California Energy Commission and California Alternative Energy and Advanced Transportation Financing Authority, among others.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":1583,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":829112761,"gmtCreate":1633480210982,"gmtModify":1633480230094,"author":{"id":"4088415017171770","authorId":"4088415017171770","name":"PYEO","avatar":"https://static.tigerbbs.com/ffd529f4a692f5731760183a63c10858","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088415017171770","authorIdStr":"4088415017171770"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/AJBU.SI\">$KEPPEL DC REIT(AJBU.SI)$</a>share stock","listText":"<a href=\"https://laohu8.com/S/AJBU.SI\">$KEPPEL DC REIT(AJBU.SI)$</a>share stock","text":"$KEPPEL 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stock","images":[{"img":"https://static.tigerbbs.com/5bddd82869f1128c6d75e881e0e70773","width":"1125","height":"2539"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/867548164","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1087,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":867548164,"gmtCreate":1633304238342,"gmtModify":1633304238622,"author":{"id":"4088415017171770","authorId":"4088415017171770","name":"PYEO","avatar":"https://static.tigerbbs.com/ffd529f4a692f5731760183a63c10858","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088415017171770","authorIdStr":"4088415017171770"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/ME8U.SI\">$MAPLETREE INDUSTRIAL TRUST(ME8U.SI)$</a>share 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TRUST(ME8U.SI)$</a>share stock","listText":"<a href=\"https://laohu8.com/S/ME8U.SI\">$MAPLETREE INDUSTRIAL TRUST(ME8U.SI)$</a>share stock","text":"$MAPLETREE INDUSTRIAL TRUST(ME8U.SI)$share stock","images":[{"img":"https://static.tigerbbs.com/bb4976cd6d4edb44a6c744aebb797323","width":"1125","height":"2539"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/864540186","isVote":1,"tweetType":1,"viewCount":838,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":865353967,"gmtCreate":1632956845641,"gmtModify":1632957022951,"author":{"id":"4088415017171770","authorId":"4088415017171770","name":"PYEO","avatar":"https://static.tigerbbs.com/ffd529f4a692f5731760183a63c10858","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088415017171770","authorIdStr":"4088415017171770"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/AJBU.SI\">$KEPPEL DC REIT(AJBU.SI)$</a>share stock","listText":"<a href=\"https://laohu8.com/S/AJBU.SI\">$KEPPEL DC REIT(AJBU.SI)$</a>share stock","text":"$KEPPEL DC REIT(AJBU.SI)$share stock","images":[{"img":"https://static.tigerbbs.com/dbd369cf74251bff9b636708eb04cc61","width":"1125","height":"2539"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/865353967","isVote":1,"tweetType":1,"viewCount":574,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":862694084,"gmtCreate":1632874111415,"gmtModify":1632874111534,"author":{"id":"4088415017171770","authorId":"4088415017171770","name":"PYEO","avatar":"https://static.tigerbbs.com/ffd529f4a692f5731760183a63c10858","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088415017171770","authorIdStr":"4088415017171770"},"themes":[],"htmlText":"ok ok","listText":"ok ok","text":"ok ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/862694084","repostId":"1116220987","repostType":4,"repost":{"id":"1116220987","kind":"news","pubTimestamp":1632873526,"share":"https://www.laohu8.com/m/news/1116220987?lang=zh_CN&edition=full","pubTime":"2021-09-29 07:58","market":"us","language":"en","title":"Why AMD Stock Sank 6% Tuesday<blockquote>为什么AMD股价周二下跌6%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1116220987","media":"Motley Fool","summary":"AMD CEO predicts \"less severe\" chip shortage in less than a year.\n\nWhat happened\nThe duration of the","content":"<p>  <b><a href=\"https://laohu8.com/S/AMD\">AMD</a> CEO predicts \"less severe\" chip shortage in less than a year.</b>  <b>What happened</b></p><p><blockquote><b><a href=\"https://laohu8.com/S/AMD\">AMD</a>首席执行官预测不到一年的芯片短缺将“不那么严重”。</b><b>发生了什么</b></blockquote></p><p> The duration of the&nbsp;global semiconductor shortagejust keeps getting shorter -- and with it, investor confidence insemiconductor stockslike<b><a href=\"https://laohu8.com/S/AEIS\">Advanced</a> Micro Devices</b>(NASDAQ:AMD), which closed down 6.1% Tuesday.</p><p><blockquote>全球半导体短缺的持续时间越来越短，随之而来的是投资者对半导体股票的信心<b><a href=\"https://laohu8.com/S/AEIS\">先进的</a>微型器件</b>（纳斯达克：AMD）周二收盘下跌6.1%。</blockquote></p><p> Granted, a whole lot of stocks closed down today (the entireS&amp;P 500lost 2% on average), as rising interest rates spookedgrowth investors. But in the case of AMD, there seems to be a separate factor at work.</p><p><blockquote>诚然，由于利率上升吓坏了成长型投资者，今天很多股票收盘下跌（整个标准普尔500指数平均下跌2%）。但就AMD而言，似乎有一个单独的因素在起作用。</blockquote></p><p> <b>So what</b></p><p><blockquote><b>那又怎样</b></blockquote></p><p> If you recall, market researcher International Data Corporation (IDC) predicted last week that the dearth of semiconductors, which has hamstrung markets for everything from PCs to automobiles over the past year, will begin easing later this year. Then, \"the industry will see normalization and balance by the middle of 2022, with a potential for overcapacity in 2023 as larger scale capacity expansions begin to come on line toward the end of 2022.\"</p><p><blockquote>如果你还记得的话，市场研究公司国际数据公司（IDC）上周预测，半导体短缺将在今年晚些时候开始缓解，半导体短缺在过去一年中阻碍了从个人电脑到汽车等各种产品的市场。然后，“到2022年中期，该行业将实现正常化和平衡，随着2022年底开始大规模产能扩张，2023年可能出现产能过剩。”</blockquote></p><p> Tesla CEO Elon Musk, too, has expressed the opinion that the semiconductor shortage will be \"short term I think.\" And on Tuesday, AMD CEO Lisa Su rounded out the list, confirming that both IDC and Musk are most likely correct.</p><p><blockquote>特斯拉首席执行官Elon Musk也表示，半导体短缺“我认为是短期的”。周二，AMD首席执行官苏姿丰补充了这份名单，确认IDC和马斯克很可能都是正确的。</blockquote></p><p> Speaking at the Code Conference in Beverly Hills, California, reports CNBC, Su pointed to a number of new semiconductor manufacturing plants coming online over the next few months as evidence that, while supplies will remain \"likely tight\" through the first half of next year, the chip shortage may end sooner than some investors expect.</p><p><blockquote>据CNBC报道，苏在加利福尼亚州贝弗利山举行的Code会议上发表讲话时指出，未来几个月将有一些新的半导体制造厂投产，这证明尽管明年上半年供应“可能会紧张”，芯片短缺可能会比一些投资者预期的更早结束。</blockquote></p><p> <b>Now what</b></p><p><blockquote><b>现在怎么办</b></blockquote></p><p> What does that mean for the future? Chip companies began investing in infrastructure to make more chips \"perhaps a year ago,\" says Su. Now, \"it might take, you know, 18 to 24 months to put on a new plant.\" But for a plant started a year ago, that means that there's only six to 12 months left to go before that plant starts churning out chips.</p><p><blockquote>这对未来意味着什么？苏说，芯片公司“可能一年前”就开始投资基础设施以生产更多芯片。现在，“你知道，安装新工厂可能需要18到24个月的时间。”但对于一年前开工的工厂来说，这意味着距离该工厂开始生产芯片只剩下6到12个月的时间。</blockquote></p><p> This implies that by somewhere between the second quarter of 2022, and at the latest, the fourth quarter of 2022, chip supply should begin reaching the level necessary to fulfill even surging chip demand. That's good news for consumers -- good news, too, for automotive and other companies that have been starved for chips of late. As 2022 rolls over into 2023, however, and the potential for overcapacity begins to loom, it could be bad news for profits at AMD and its peers.</p><p><blockquote>这意味着，到2022年第二季度，最迟2022年第四季度，芯片供应应该会开始达到满足激增的芯片需求所需的水平。这对消费者来说是个好消息，对汽车和其他最近急需芯片的公司来说也是个好消息。然而，随着2022年进入2023年，产能过剩的可能性开始显现，这对AMD及其同行的利润来说可能是个坏消息。</blockquote></p><p> But such is the risk of investing incyclical industries.</p><p><blockquote>但这就是投资周期性行业的风险。</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>Why AMD Stock Sank 6% Tuesday<blockquote>为什么AMD股价周二下跌6%</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 AMD Stock Sank 6% Tuesday<blockquote>为什么AMD股价周二下跌6%</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\">2021-09-29 07:58</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b><a href=\"https://laohu8.com/S/AMD\">AMD</a> CEO predicts \"less severe\" chip shortage in less than a year.</b>  <b>What happened</b></p><p><blockquote><b><a href=\"https://laohu8.com/S/AMD\">AMD</a>首席执行官预测不到一年的芯片短缺将“不那么严重”。</b><b>发生了什么</b></blockquote></p><p> The duration of the&nbsp;global semiconductor shortagejust keeps getting shorter -- and with it, investor confidence insemiconductor stockslike<b><a href=\"https://laohu8.com/S/AEIS\">Advanced</a> Micro Devices</b>(NASDAQ:AMD), which closed down 6.1% Tuesday.</p><p><blockquote>全球半导体短缺的持续时间越来越短，随之而来的是投资者对半导体股票的信心<b><a href=\"https://laohu8.com/S/AEIS\">先进的</a>微型器件</b>（纳斯达克：AMD）周二收盘下跌6.1%。</blockquote></p><p> Granted, a whole lot of stocks closed down today (the entireS&amp;P 500lost 2% on average), as rising interest rates spookedgrowth investors. But in the case of AMD, there seems to be a separate factor at work.</p><p><blockquote>诚然，由于利率上升吓坏了成长型投资者，今天很多股票收盘下跌（整个标准普尔500指数平均下跌2%）。但就AMD而言，似乎有一个单独的因素在起作用。</blockquote></p><p> <b>So what</b></p><p><blockquote><b>那又怎样</b></blockquote></p><p> If you recall, market researcher International Data Corporation (IDC) predicted last week that the dearth of semiconductors, which has hamstrung markets for everything from PCs to automobiles over the past year, will begin easing later this year. Then, \"the industry will see normalization and balance by the middle of 2022, with a potential for overcapacity in 2023 as larger scale capacity expansions begin to come on line toward the end of 2022.\"</p><p><blockquote>如果你还记得的话，市场研究公司国际数据公司（IDC）上周预测，半导体短缺将在今年晚些时候开始缓解，半导体短缺在过去一年中阻碍了从个人电脑到汽车等各种产品的市场。然后，“到2022年中期，该行业将实现正常化和平衡，随着2022年底开始大规模产能扩张，2023年可能出现产能过剩。”</blockquote></p><p> Tesla CEO Elon Musk, too, has expressed the opinion that the semiconductor shortage will be \"short term I think.\" And on Tuesday, AMD CEO Lisa Su rounded out the list, confirming that both IDC and Musk are most likely correct.</p><p><blockquote>特斯拉首席执行官Elon Musk也表示，半导体短缺“我认为是短期的”。周二，AMD首席执行官苏姿丰补充了这份名单，确认IDC和马斯克很可能都是正确的。</blockquote></p><p> Speaking at the Code Conference in Beverly Hills, California, reports CNBC, Su pointed to a number of new semiconductor manufacturing plants coming online over the next few months as evidence that, while supplies will remain \"likely tight\" through the first half of next year, the chip shortage may end sooner than some investors expect.</p><p><blockquote>据CNBC报道，苏在加利福尼亚州贝弗利山举行的Code会议上发表讲话时指出，未来几个月将有一些新的半导体制造厂投产，这证明尽管明年上半年供应“可能会紧张”，芯片短缺可能会比一些投资者预期的更早结束。</blockquote></p><p> <b>Now what</b></p><p><blockquote><b>现在怎么办</b></blockquote></p><p> What does that mean for the future? Chip companies began investing in infrastructure to make more chips \"perhaps a year ago,\" says Su. Now, \"it might take, you know, 18 to 24 months to put on a new plant.\" But for a plant started a year ago, that means that there's only six to 12 months left to go before that plant starts churning out chips.</p><p><blockquote>这对未来意味着什么？苏说，芯片公司“可能一年前”就开始投资基础设施以生产更多芯片。现在，“你知道，安装新工厂可能需要18到24个月的时间。”但对于一年前开工的工厂来说，这意味着距离该工厂开始生产芯片只剩下6到12个月的时间。</blockquote></p><p> This implies that by somewhere between the second quarter of 2022, and at the latest, the fourth quarter of 2022, chip supply should begin reaching the level necessary to fulfill even surging chip demand. That's good news for consumers -- good news, too, for automotive and other companies that have been starved for chips of late. As 2022 rolls over into 2023, however, and the potential for overcapacity begins to loom, it could be bad news for profits at AMD and its peers.</p><p><blockquote>这意味着，到2022年第二季度，最迟2022年第四季度，芯片供应应该会开始达到满足激增的芯片需求所需的水平。这对消费者来说是个好消息，对汽车和其他最近急需芯片的公司来说也是个好消息。然而，随着2022年进入2023年，产能过剩的可能性开始显现，这对AMD及其同行的利润来说可能是个坏消息。</blockquote></p><p> But such is the risk of investing incyclical industries.</p><p><blockquote>但这就是投资周期性行业的风险。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/09/28/why-amd-stock-sank-6-today/\">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":{"AMD":"美国超微公司"},"source_url":"https://www.fool.com/investing/2021/09/28/why-amd-stock-sank-6-today/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1116220987","content_text":"AMD CEO predicts \"less severe\" chip shortage in less than a year.\n\nWhat happened\nThe duration of the global semiconductor shortagejust keeps getting shorter -- and with it, investor confidence insemiconductor stockslikeAdvanced Micro Devices(NASDAQ:AMD), which closed down 6.1% Tuesday.\nGranted, a whole lot of stocks closed down today (the entireS&P 500lost 2% on average), as rising interest rates spookedgrowth investors. But in the case of AMD, there seems to be a separate factor at work.\nSo what\nIf you recall, market researcher International Data Corporation (IDC) predicted last week that the dearth of semiconductors, which has hamstrung markets for everything from PCs to automobiles over the past year, will begin easing later this year. Then, \"the industry will see normalization and balance by the middle of 2022, with a potential for overcapacity in 2023 as larger scale capacity expansions begin to come on line toward the end of 2022.\"\nTesla CEO Elon Musk, too, has expressed the opinion that the semiconductor shortage will be \"short term I think.\" And on Tuesday, AMD CEO Lisa Su rounded out the list, confirming that both IDC and Musk are most likely correct.\nSpeaking at the Code Conference in Beverly Hills, California, reports CNBC, Su pointed to a number of new semiconductor manufacturing plants coming online over the next few months as evidence that, while supplies will remain \"likely tight\" through the first half of next year, the chip shortage may end sooner than some investors expect.\nNow what\nWhat does that mean for the future? Chip companies began investing in infrastructure to make more chips \"perhaps a year ago,\" says Su. Now, \"it might take, you know, 18 to 24 months to put on a new plant.\" But for a plant started a year ago, that means that there's only six to 12 months left to go before that plant starts churning out chips.\nThis implies that by somewhere between the second quarter of 2022, and at the latest, the fourth quarter of 2022, chip supply should begin reaching the level necessary to fulfill even surging chip demand. That's good news for consumers -- good news, too, for automotive and other companies that have been starved for chips of late. As 2022 rolls over into 2023, however, and the potential for overcapacity begins to loom, it could be bad news for profits at AMD and its peers.\nBut such is the risk of investing incyclical industries.","news_type":1,"symbols_score_info":{"AMD":0.9}},"isVote":1,"tweetType":1,"viewCount":1428,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":862692133,"gmtCreate":1632874007579,"gmtModify":1632874007702,"author":{"id":"4088415017171770","authorId":"4088415017171770","name":"PYEO","avatar":"https://static.tigerbbs.com/ffd529f4a692f5731760183a63c10858","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088415017171770","authorIdStr":"4088415017171770"},"themes":[],"htmlText":"good good","listText":"good good","text":"good 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like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/889853613","repostId":"1180788041","repostType":4,"repost":{"id":"1180788041","kind":"news","pubTimestamp":1631062558,"share":"https://www.laohu8.com/m/news/1180788041?lang=zh_CN&edition=full","pubTime":"2021-09-08 08:55","market":"us","language":"en","title":"Wall Street's hottest investor is betting big on a handful of stocks. Critics say she's playing with fire<blockquote>华尔街最炙手可热的投资者正在少数股票上下大赌注。批评者说她在玩火</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1180788041","media":"CNN Business","summary":"New York  - At a time when many investors are content to follow the crowd and buy top techs like Apple, Amazon and Microsoft, Cathie Wood is looking for the next big innovators in buzzy fields like robotics, fintech and space exploration.It's a high-flying, high-risk, high-reward tier of investing. And it's put Wood's fans on a white-knuckle ride in 2021.Last year, Wood's strategy paid huge dividends for investors in her flagship Ark Innovation exchange-traded fund. It surged nearly 150% in 2020","content":"<p><b>New York (CNN Business)&nbsp;-&nbsp;</b>At a time when many investors are content to follow the crowd and buy top techs like Apple, Amazon and Microsoft, Cathie Wood is looking for the next big innovators in buzzy fields like robotics, fintech and space exploration.</p><p><blockquote><b>纽约（CNN商业）——</b>当许多投资者满足于随大流并购买苹果、亚马逊和微软等顶级科技公司时，凯西·伍德正在机器人、金融科技和太空探索等热门领域寻找下一个大创新者。</blockquote></p><p> It's a high-flying, high-risk, high-reward tier of investing. And it's put Wood's fans on a white-knuckle ride in 2021.</p><p><blockquote>这是一个雄心勃勃、高风险、高回报的投资层次。这让伍德的粉丝们在2021年感到紧张。</blockquote></p><p> Last year, Wood's strategy paid huge dividends for investors in her flagship&nbsp;Ark Innovation(ARKK)&nbsp;exchange-traded fund. It surged nearly 150% in 2020 and helped turn her into a Wall Street superstar — sort of the Warren Buffett of momentum investing.</p><p><blockquote>去年，伍德的策略为其旗舰方舟创新（ARKK）交易所交易基金的投资者带来了巨额股息。2020年股价飙升近150%，帮助她成为华尔街巨星——有点像动量投资界的沃伦·巴菲特。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/120f0d157792edd784c8787a1c05e955\" tg-width=\"1100\" tg-height=\"619\" width=\"100%\" height=\"auto\"><span>Cathie Wood, CEO of Ark Investment Management, has become the face of the growth stock movement on Wall Street.</span></p><p><blockquote><p class=\"t-img-caption\"><span>方舟投资管理公司首席执行官凯西·伍德(Cathie Wood)已成为华尔街成长股运动的代言人。</span></p></blockquote></p><p> But this year hasn't been nearly as kind to Wood as the last. The Innovation ETF was down 2.5% through late August, despite a red-hot market for tech with the Nasdaq up more than 18% so far in 2021.</p><p><blockquote>但是今年对伍德来说并不像去年那么好。尽管科技市场炙手可热，2021年迄今为止纳斯达克上涨了18%以上，但截至8月底，创新ETF仍下跌了2.5%。</blockquote></p><p> Wood wasn't available to comment for this story, but she doubled down in&nbsp;an interview with CNBC&nbsp;in August. She's not worried that the Ark strategy of looking for new tech leaders will end badly, and she maintains that this current rally will not be a repeat of the epic 2000 dot-com implosion.</p><p><blockquote>伍德无法对此事发表评论，但她在8月份接受CNBC采访时加倍了评论。她并不担心寻找新科技领导者的方舟战略会以糟糕的结局告终，她坚持认为当前的反弹不会重演2000年史诗般的互联网内爆。</blockquote></p><p> \"I don't think we're in a bubble, which is what I think many bears think we are,\" Wood told CNBC. \"We have nothing like that right now. In fact, you see a lot of IPOs or SPACs coming out and falling to Earth. We couldn't be further away from a bubble.\"</p><p><blockquote>伍德对CNBC表示：“我不认为我们处于泡沫之中，我认为许多空头认为我们处于泡沫之中。”“我们现在没有这样的东西。事实上，你会看到很多IPO或SPAC上市，然后落地。我们离泡沫已经不远了。”</blockquote></p><p> <b>How Wood developed her strategy</b></p><p><blockquote><b>伍德如何制定她的战略</b></blockquote></p><p> Wood speaks from experience. She's no millennial or Gen Z investor for whom the 2000 tech implosion is merely a war story told by older traders. The 65-year-old Wood lived through the last major tech crash, as well as the infamous Black Monday of 1987.</p><p><blockquote>伍德凭经验说话。她不是千禧一代或Z世代投资者，对他们来说，2000年的科技内爆只是年长交易者讲述的战争故事。65岁的伍德经历了上一次重大科技崩盘，以及1987年臭名昭著的黑色星期一。</blockquote></p><p> She worked for Prudential-owned money manager Jennison Associates for 18 years in the 1980s and 1990s and then spent a dozen years at AllianceBernstein before leaving in 2013.</p><p><blockquote>20世纪80年代和90年代，她在保诚旗下的基金管理公司Jennison Associates工作了18年，然后在联博工作了十几年，然后于2013年离职。</blockquote></p><p> But then, AllianceBernstein passed on her idea to launch a suite of actively managed exchange-traded funds. So she struck out on her own and started Ark in 2014.</p><p><blockquote>但随后，联博传递了她的想法，推出了一套主动管理型交易所交易基金。因此，她独自一人，在2014年创办了Ark。</blockquote></p><p> \"I have been watching disruptive innovation for my entire career — why don't I help my own sector along?\" she&nbsp;told Forbes&nbsp;in a 2014 interview.</p><p><blockquote>“在我的整个职业生涯中，我一直在关注颠覆性创新——为什么我不帮助自己的行业呢？”她在2014年的一次采访中告诉《福布斯》。</blockquote></p><p> That focus on disruption means Wood ties her ETF's fortunes to visionary but mercurial leaders.</p><p><blockquote>这种对颠覆性的关注意味着伍德将她的ETF的命运与富有远见但善变的领导者联系在一起。</blockquote></p><p> In the most prominent example, Wood remains an unabashed fan of&nbsp;Tesla(TSLA)&nbsp;and CEO Elon Musk. The EV maker is the top stock, by far, in Ark's Innovation ETF, accounting for more than 10% of the fund's holdings. It's also the biggest position in Ark's&nbsp;Autonomous Technology &amp; Robotics(ARKQ)&nbsp;and&nbsp;Next Generation Internet(ARKW)&nbsp;ETFs.</p><p><blockquote>最突出的例子是，伍德仍然是特斯拉(TSLA)和首席执行官Elon Musk的毫不掩饰的粉丝。迄今为止，这家电动汽车制造商是Ark创新ETF中排名第一的股票，占该基金持股的10%以上。它也是Ark自主技术与机器人(ARKQ)和下一代互联网(ARKW)ETF中最大的头寸。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/425dc1ea59eb1c068eaba7a392e6c04d\" tg-width=\"1100\" tg-height=\"619\" width=\"100%\" height=\"auto\"><span>Wood is a vocal fan of Tesla, which is a top holding in several of Ark's funds.</span></p><p><blockquote><p class=\"t-img-caption\"><span>伍德是特斯拉的忠实粉丝，该公司是Ark旗下多只基金的重仓股。</span></p></blockquote></p><p> Wood is also OK with companies like Tesla issuing more stock to raise money to fund futuristic projects like autonomous vehicles. Some investors are wary of that strategy because the new shares lower the value of existing investors' holdings, but she thinks that's a short-sighted argument, particularly from Tesla bears.</p><p><blockquote>伍德也同意特斯拉等公司发行更多股票来筹集资金，为自动驾驶汽车等未来项目提供资金。一些投资者对这一策略持谨慎态度，因为新股会降低现有投资者持股的价值，但她认为这是一种短视的观点，尤其是来自特斯拉空头的观点。</blockquote></p><p> \"We're not afraid of dilution ... if we think they're doing it for the right reason,\" she told CNBC. \"We wanted them to scale as quickly as possible because we think if we're right on autonomous ...Tesla could get the lion's share of that market, certainly in the United States.\"</p><p><blockquote>“我们不怕稀释……如果我们认为他们这样做是出于正确的原因，”她告诉CNBC。“我们希望他们尽快扩大规模，因为我们认为如果我们在自动驾驶方面是正确的……特斯拉可以获得该市场的最大份额，当然是在美国。”</blockquote></p><p> Ark's big investment in Tesla is a bet on Musk continuing to innovate beyond the business of electric cars, Wood explained in an&nbsp;interview with Bloomberg Radio&nbsp;in August. She raved about Tesla's plans to&nbsp;build a humanoid robot, for example.</p><p><blockquote>伍德在8月份接受彭博电台采访时解释说，方舟对特斯拉的巨额投资是押注马斯克在电动汽车业务之外继续创新。例如，她对特斯拉制造人形机器人的计划赞不绝口。</blockquote></p><p> \"Every passing day, especially the more we learn about their AI expertise and how they're really driving the space ... we believe they have the pole position,\" she said, noting that Ark analysts were \"blown away\" by Musk's presentation.</p><p><blockquote>“日复一日，尤其是我们对他们的人工智能专业知识以及他们如何真正推动该领域的了解越多……我们相信他们拥有领先地位，”她说，并指出方舟分析师被马斯克的演讲“震惊”了。</blockquote></p><p> <b>Growth at all costs</b></p><p><blockquote><b>不惜一切代价实现增长</b></blockquote></p><p> Wood recognizes her growth-at-all-costs way of investing is not for everyone.</p><p><blockquote>伍德认识到，她不惜一切代价实现增长的投资方式并不适合所有人。</blockquote></p><p> Tesla has lagged the broader market this year. Shares of&nbsp;Teladoc(TDOC), a telehealth company that is the second-largest holding in the Ark Innovation ETF and was a big winner at the start of the pandemic, are down more than 25% in 2021.</p><p><blockquote>特斯拉今年表现落后于大盘。Teladoc(TDOC)是一家远程医疗公司，是Ark Innovation ETF的第二大持股，也是疫情爆发之初的大赢家，其股价在2021年下跌了25%以上。</blockquote></p><p> \"We've seen higher-valuation stocks hit hard this year. But the growth for these innovative companies will still be treated well over time,\" Wood said&nbsp;during a webcast&nbsp;hosted by Cboe Global Markets in March.</p><p><blockquote>“我们看到估值较高的股票今年遭受重创。但随着时间的推移，这些创新型公司的增长仍将受到良好对待，”伍德在3月份由芝加哥期权交易所全球市场主办的网络直播中表示。</blockquote></p><p></p><p> Wood added that she thinks investors also should put a small percentage of their money in bitcoin, another risky bet. And she stressed that investors have to overlook the inevitable short-term bumps that come with any asset. It's essential to maintain longer-term convictions and invest for future growth, Wood believes.</p><p><blockquote>伍德补充说，她认为投资者还应该将一小部分资金投入比特币，这是另一个高风险的赌注。她强调，投资者必须忽视任何资产不可避免的短期波动。伍德认为，保持长期信念并为未来增长进行投资至关重要。</blockquote></p><p> \"A lot of companies catering to short-term investors who wanted profits now [have] invested more in stock buybacks and dividends over innovation,\" she said. \"That puts them in harm's way.\"</p><p><blockquote>“许多迎合想要利润的短期投资者的公司现在在股票回购和股息上的投资超过了创新，”她说。“这让他们处于危险之中。”</blockquote></p><p> A colleague describes Wood's go-big-or-go-home approach as a model for the new way of investing. Too many fund managers are afraid to look far into the future when judging a company's merits, instead focusing myopically on the prior and next quarterly earnings reports.</p><p><blockquote>一位同事将伍德的“要么做大，要么回家”方法描述为新投资方式的典范。太多的基金经理在判断一家公司的优点时不敢展望未来，而是短视地关注上一季度和下一季度的收益报告。</blockquote></p><p> \"Cathie has been focusing on Tesla for a long time. She looks at it not just as an automobile manufacturer. You can't compare it to traditional car companies,\"&nbsp;Ark Invest's Ren Leggi, who works closely with Wood on investment decisions as the company's client portfolio manager, told&nbsp;CNN Business in March.</p><p><blockquote>Ark Invest的Ren Leggi在3月份告诉CNN Business：“Cathie长期以来一直关注特斯拉。她不仅仅将其视为一家汽车制造商。你不能将其与传统汽车公司相提并论。”他作为该公司的客户投资组合经理，在投资决策上与伍德密切合作。</blockquote></p><p> <b>Wood's critics</b></p><p><blockquote><b>伍德的批评者</b></blockquote></p><p> But a growing chorus of skeptics think Wood's funds could eventually collapse. Michael Burry, one of the super-bearish investors made famous in \"The Big Short,\" recently established a short position on the Ark Innovation ETF — essentially betting that it will fall sharply.</p><p><blockquote>但越来越多的怀疑者认为伍德的基金最终可能会崩溃。迈克尔·伯里(Michael Burry)是因《大空头》而闻名的超级看跌投资者之一，他最近在Ark Innovation ETF上建立了空头头寸——本质上是押注该基金将大幅下跌。</blockquote></p><p> Some tech stock veterans also wonder if Wood is just an investing flavor of the month, comparing her to once-popular portfolio managers like Kevin Landis of Firsthand Funds, Alberto Vilar of Amerindo and Garrett Van Wagoner, who ran a popular emerging-growth fund in the late 1990s.</p><p><blockquote>一些科技股资深人士还想知道伍德是否只是本月的投资风云人物，将她与Firsthand Funds的凯文·兰迪斯(Kevin Landis)、Amerindo的阿尔贝托·维拉尔(Alberto Vilar)和在20世纪90年代末运营着一只受欢迎的新兴增长基金的加勒特·范·瓦格纳(Garrett Van Wagoner)等曾经受欢迎的投资组合经理进行了比较。</blockquote></p><p> Many of those tech funds imploded following the 2000 bubble. The<i>Wall Street Journal</i>wrote a catch-up piece about Van Wagoner and other late 1990s tech gurus in 2010&nbsp;with the headline \"From Fame, Fortune to Flamed-Out Stars. Post-Bust Fates of Tech-Fund Mavens.\"</p><p><blockquote>许多科技基金在2000年泡沫之后崩溃了。The<i>华尔街日报</i>2010年，他写了一篇关于范·瓦格纳和其他20世纪90年代末科技大师的后续文章，标题是“从名声、财富到燃烧的明星。科技基金专家的破产后命运。”</blockquote></p><p> Is Wood destined for similar ignominy?</p><p><blockquote>伍德注定会遭受类似的耻辱吗？</blockquote></p><p> Rivals take issue with Wood making such big bets on only a handful of stocks. The Ark Innovation ETF, for example, has nearly half its assets concentrated in its top 10 holdings. Beyond Tesla, that fund also owns sizable stakes in&nbsp;Roku(ROKU),Coinbase,Zoom(ZM)&nbsp;and&nbsp;Square(SQ).</p><p><blockquote>竞争对手对伍德只在少数股票上下如此大的赌注提出异议。例如，Ark Innovation ETF近一半的资产集中在其前10名持股中。除了特斯拉之外，该基金还拥有Roku（Roku）、Coinbase、Zoom（ZM）和Square（SQ）的大量股份。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c02cbbe0138a0aaa5b930521275ad26e\" tg-width=\"1100\" tg-height=\"619\" width=\"100%\" height=\"auto\"><span>Roku is another example of a high-risk/high-reward stock that Wood loves.</span></p><p><blockquote><p class=\"t-img-caption\"><span>Roku是伍德喜欢的高风险/高回报股票的另一个例子。</span></p></blockquote></p><p> \"Our investment approach is similar to Ark in that we are focusing on tech. But we're different in that we avoid concentration,\"Jeremie Capron, head of research at ROBO Global, told CNN Business in March.</p><p><blockquote>ROBO Global研究主管Jeremie Capron 3月份对CNN Business表示：“我们的投资方式与Ark类似，因为我们专注于科技。但我们的不同之处在于我们避免集中。”</blockquote></p><p> The top 10 holdings in theROBO Global Robotics and Automation Index(ROBO)ETF&nbsp;account for less than 20% of the fund's total assets, and the fund owns about 80 stocks. Ark funds typically own shares in only about 30 to 50 companies.</p><p><blockquote>theROBO全球机器人与自动化指数（ROBO）ETF的前10大持股占该基金总资产的比例不到20%，该基金拥有约80只股票。方舟基金通常只拥有大约30到50家公司的股票。</blockquote></p><p> For the time being, Wood is having the last laugh.</p><p><blockquote>目前，伍德笑到了最后。</blockquote></p><p> Yes, her fund's returns may be volatile year-to-year — the Ark Innovation ETF fell nearly 25% in 2018 before rebounding 30% in 2019 — but it has tended to smooth out. The five-year average annualized return for the Ark Innovation ETF through mid-2021 was 48.6%, compared to 17.7% for the S&amp;P 500.</p><p><blockquote>是的，她的基金的回报可能逐年波动——Ark Innovation ETF在2018年下跌了近25%，然后在2019年反弹了30%——但它已经趋于平稳。截至2021年中期，Ark Innovation ETF的五年平均年化回报率为48.6%，而标普500为17.7%。</blockquote></p><p> As long as that long-term trend continues, Ark acolytes may forgive a down year every now and then as Wood continues to swing for the fences.</p><p><blockquote>只要这种长期趋势持续下去，方舟的追随者可能会时不时地原谅低迷的一年，因为伍德继续摇摆。</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>Wall Street's hottest investor is betting big on a handful of stocks. Critics say she's playing with fire<blockquote>华尔街最炙手可热的投资者正在少数股票上下大赌注。批评者说她在玩火</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\">\nWall Street's hottest investor is betting big on a handful of stocks. Critics say she's playing with fire<blockquote>华尔街最炙手可热的投资者正在少数股票上下大赌注。批评者说她在玩火</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">CNN Business</strong><span class=\"h-time small\">2021-09-08 08:55</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>New York (CNN Business)&nbsp;-&nbsp;</b>At a time when many investors are content to follow the crowd and buy top techs like Apple, Amazon and Microsoft, Cathie Wood is looking for the next big innovators in buzzy fields like robotics, fintech and space exploration.</p><p><blockquote><b>纽约（CNN商业）——</b>当许多投资者满足于随大流并购买苹果、亚马逊和微软等顶级科技公司时，凯西·伍德正在机器人、金融科技和太空探索等热门领域寻找下一个大创新者。</blockquote></p><p> It's a high-flying, high-risk, high-reward tier of investing. And it's put Wood's fans on a white-knuckle ride in 2021.</p><p><blockquote>这是一个雄心勃勃、高风险、高回报的投资层次。这让伍德的粉丝们在2021年感到紧张。</blockquote></p><p> Last year, Wood's strategy paid huge dividends for investors in her flagship&nbsp;Ark Innovation(ARKK)&nbsp;exchange-traded fund. It surged nearly 150% in 2020 and helped turn her into a Wall Street superstar — sort of the Warren Buffett of momentum investing.</p><p><blockquote>去年，伍德的策略为其旗舰方舟创新（ARKK）交易所交易基金的投资者带来了巨额股息。2020年股价飙升近150%，帮助她成为华尔街巨星——有点像动量投资界的沃伦·巴菲特。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/120f0d157792edd784c8787a1c05e955\" tg-width=\"1100\" tg-height=\"619\" width=\"100%\" height=\"auto\"><span>Cathie Wood, CEO of Ark Investment Management, has become the face of the growth stock movement on Wall Street.</span></p><p><blockquote><p class=\"t-img-caption\"><span>方舟投资管理公司首席执行官凯西·伍德(Cathie Wood)已成为华尔街成长股运动的代言人。</span></p></blockquote></p><p> But this year hasn't been nearly as kind to Wood as the last. The Innovation ETF was down 2.5% through late August, despite a red-hot market for tech with the Nasdaq up more than 18% so far in 2021.</p><p><blockquote>但是今年对伍德来说并不像去年那么好。尽管科技市场炙手可热，2021年迄今为止纳斯达克上涨了18%以上，但截至8月底，创新ETF仍下跌了2.5%。</blockquote></p><p> Wood wasn't available to comment for this story, but she doubled down in&nbsp;an interview with CNBC&nbsp;in August. She's not worried that the Ark strategy of looking for new tech leaders will end badly, and she maintains that this current rally will not be a repeat of the epic 2000 dot-com implosion.</p><p><blockquote>伍德无法对此事发表评论，但她在8月份接受CNBC采访时加倍了评论。她并不担心寻找新科技领导者的方舟战略会以糟糕的结局告终，她坚持认为当前的反弹不会重演2000年史诗般的互联网内爆。</blockquote></p><p> \"I don't think we're in a bubble, which is what I think many bears think we are,\" Wood told CNBC. \"We have nothing like that right now. In fact, you see a lot of IPOs or SPACs coming out and falling to Earth. We couldn't be further away from a bubble.\"</p><p><blockquote>伍德对CNBC表示：“我不认为我们处于泡沫之中，我认为许多空头认为我们处于泡沫之中。”“我们现在没有这样的东西。事实上，你会看到很多IPO或SPAC上市，然后落地。我们离泡沫已经不远了。”</blockquote></p><p> <b>How Wood developed her strategy</b></p><p><blockquote><b>伍德如何制定她的战略</b></blockquote></p><p> Wood speaks from experience. She's no millennial or Gen Z investor for whom the 2000 tech implosion is merely a war story told by older traders. The 65-year-old Wood lived through the last major tech crash, as well as the infamous Black Monday of 1987.</p><p><blockquote>伍德凭经验说话。她不是千禧一代或Z世代投资者，对他们来说，2000年的科技内爆只是年长交易者讲述的战争故事。65岁的伍德经历了上一次重大科技崩盘，以及1987年臭名昭著的黑色星期一。</blockquote></p><p> She worked for Prudential-owned money manager Jennison Associates for 18 years in the 1980s and 1990s and then spent a dozen years at AllianceBernstein before leaving in 2013.</p><p><blockquote>20世纪80年代和90年代，她在保诚旗下的基金管理公司Jennison Associates工作了18年，然后在联博工作了十几年，然后于2013年离职。</blockquote></p><p> But then, AllianceBernstein passed on her idea to launch a suite of actively managed exchange-traded funds. So she struck out on her own and started Ark in 2014.</p><p><blockquote>但随后，联博传递了她的想法，推出了一套主动管理型交易所交易基金。因此，她独自一人，在2014年创办了Ark。</blockquote></p><p> \"I have been watching disruptive innovation for my entire career — why don't I help my own sector along?\" she&nbsp;told Forbes&nbsp;in a 2014 interview.</p><p><blockquote>“在我的整个职业生涯中，我一直在关注颠覆性创新——为什么我不帮助自己的行业呢？”她在2014年的一次采访中告诉《福布斯》。</blockquote></p><p> That focus on disruption means Wood ties her ETF's fortunes to visionary but mercurial leaders.</p><p><blockquote>这种对颠覆性的关注意味着伍德将她的ETF的命运与富有远见但善变的领导者联系在一起。</blockquote></p><p> In the most prominent example, Wood remains an unabashed fan of&nbsp;Tesla(TSLA)&nbsp;and CEO Elon Musk. The EV maker is the top stock, by far, in Ark's Innovation ETF, accounting for more than 10% of the fund's holdings. It's also the biggest position in Ark's&nbsp;Autonomous Technology &amp; Robotics(ARKQ)&nbsp;and&nbsp;Next Generation Internet(ARKW)&nbsp;ETFs.</p><p><blockquote>最突出的例子是，伍德仍然是特斯拉(TSLA)和首席执行官Elon Musk的毫不掩饰的粉丝。迄今为止，这家电动汽车制造商是Ark创新ETF中排名第一的股票，占该基金持股的10%以上。它也是Ark自主技术与机器人(ARKQ)和下一代互联网(ARKW)ETF中最大的头寸。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/425dc1ea59eb1c068eaba7a392e6c04d\" tg-width=\"1100\" tg-height=\"619\" width=\"100%\" height=\"auto\"><span>Wood is a vocal fan of Tesla, which is a top holding in several of Ark's funds.</span></p><p><blockquote><p class=\"t-img-caption\"><span>伍德是特斯拉的忠实粉丝，该公司是Ark旗下多只基金的重仓股。</span></p></blockquote></p><p> Wood is also OK with companies like Tesla issuing more stock to raise money to fund futuristic projects like autonomous vehicles. Some investors are wary of that strategy because the new shares lower the value of existing investors' holdings, but she thinks that's a short-sighted argument, particularly from Tesla bears.</p><p><blockquote>伍德也同意特斯拉等公司发行更多股票来筹集资金，为自动驾驶汽车等未来项目提供资金。一些投资者对这一策略持谨慎态度，因为新股会降低现有投资者持股的价值，但她认为这是一种短视的观点，尤其是来自特斯拉空头的观点。</blockquote></p><p> \"We're not afraid of dilution ... if we think they're doing it for the right reason,\" she told CNBC. \"We wanted them to scale as quickly as possible because we think if we're right on autonomous ...Tesla could get the lion's share of that market, certainly in the United States.\"</p><p><blockquote>“我们不怕稀释……如果我们认为他们这样做是出于正确的原因，”她告诉CNBC。“我们希望他们尽快扩大规模，因为我们认为如果我们在自动驾驶方面是正确的……特斯拉可以获得该市场的最大份额，当然是在美国。”</blockquote></p><p> Ark's big investment in Tesla is a bet on Musk continuing to innovate beyond the business of electric cars, Wood explained in an&nbsp;interview with Bloomberg Radio&nbsp;in August. She raved about Tesla's plans to&nbsp;build a humanoid robot, for example.</p><p><blockquote>伍德在8月份接受彭博电台采访时解释说，方舟对特斯拉的巨额投资是押注马斯克在电动汽车业务之外继续创新。例如，她对特斯拉制造人形机器人的计划赞不绝口。</blockquote></p><p> \"Every passing day, especially the more we learn about their AI expertise and how they're really driving the space ... we believe they have the pole position,\" she said, noting that Ark analysts were \"blown away\" by Musk's presentation.</p><p><blockquote>“日复一日，尤其是我们对他们的人工智能专业知识以及他们如何真正推动该领域的了解越多……我们相信他们拥有领先地位，”她说，并指出方舟分析师被马斯克的演讲“震惊”了。</blockquote></p><p> <b>Growth at all costs</b></p><p><blockquote><b>不惜一切代价实现增长</b></blockquote></p><p> Wood recognizes her growth-at-all-costs way of investing is not for everyone.</p><p><blockquote>伍德认识到，她不惜一切代价实现增长的投资方式并不适合所有人。</blockquote></p><p> Tesla has lagged the broader market this year. Shares of&nbsp;Teladoc(TDOC), a telehealth company that is the second-largest holding in the Ark Innovation ETF and was a big winner at the start of the pandemic, are down more than 25% in 2021.</p><p><blockquote>特斯拉今年表现落后于大盘。Teladoc(TDOC)是一家远程医疗公司，是Ark Innovation ETF的第二大持股，也是疫情爆发之初的大赢家，其股价在2021年下跌了25%以上。</blockquote></p><p> \"We've seen higher-valuation stocks hit hard this year. But the growth for these innovative companies will still be treated well over time,\" Wood said&nbsp;during a webcast&nbsp;hosted by Cboe Global Markets in March.</p><p><blockquote>“我们看到估值较高的股票今年遭受重创。但随着时间的推移，这些创新型公司的增长仍将受到良好对待，”伍德在3月份由芝加哥期权交易所全球市场主办的网络直播中表示。</blockquote></p><p></p><p> Wood added that she thinks investors also should put a small percentage of their money in bitcoin, another risky bet. And she stressed that investors have to overlook the inevitable short-term bumps that come with any asset. It's essential to maintain longer-term convictions and invest for future growth, Wood believes.</p><p><blockquote>伍德补充说，她认为投资者还应该将一小部分资金投入比特币，这是另一个高风险的赌注。她强调，投资者必须忽视任何资产不可避免的短期波动。伍德认为，保持长期信念并为未来增长进行投资至关重要。</blockquote></p><p> \"A lot of companies catering to short-term investors who wanted profits now [have] invested more in stock buybacks and dividends over innovation,\" she said. \"That puts them in harm's way.\"</p><p><blockquote>“许多迎合想要利润的短期投资者的公司现在在股票回购和股息上的投资超过了创新，”她说。“这让他们处于危险之中。”</blockquote></p><p> A colleague describes Wood's go-big-or-go-home approach as a model for the new way of investing. Too many fund managers are afraid to look far into the future when judging a company's merits, instead focusing myopically on the prior and next quarterly earnings reports.</p><p><blockquote>一位同事将伍德的“要么做大，要么回家”方法描述为新投资方式的典范。太多的基金经理在判断一家公司的优点时不敢展望未来，而是短视地关注上一季度和下一季度的收益报告。</blockquote></p><p> \"Cathie has been focusing on Tesla for a long time. She looks at it not just as an automobile manufacturer. You can't compare it to traditional car companies,\"&nbsp;Ark Invest's Ren Leggi, who works closely with Wood on investment decisions as the company's client portfolio manager, told&nbsp;CNN Business in March.</p><p><blockquote>Ark Invest的Ren Leggi在3月份告诉CNN Business：“Cathie长期以来一直关注特斯拉。她不仅仅将其视为一家汽车制造商。你不能将其与传统汽车公司相提并论。”他作为该公司的客户投资组合经理，在投资决策上与伍德密切合作。</blockquote></p><p> <b>Wood's critics</b></p><p><blockquote><b>伍德的批评者</b></blockquote></p><p> But a growing chorus of skeptics think Wood's funds could eventually collapse. Michael Burry, one of the super-bearish investors made famous in \"The Big Short,\" recently established a short position on the Ark Innovation ETF — essentially betting that it will fall sharply.</p><p><blockquote>但越来越多的怀疑者认为伍德的基金最终可能会崩溃。迈克尔·伯里(Michael Burry)是因《大空头》而闻名的超级看跌投资者之一，他最近在Ark Innovation ETF上建立了空头头寸——本质上是押注该基金将大幅下跌。</blockquote></p><p> Some tech stock veterans also wonder if Wood is just an investing flavor of the month, comparing her to once-popular portfolio managers like Kevin Landis of Firsthand Funds, Alberto Vilar of Amerindo and Garrett Van Wagoner, who ran a popular emerging-growth fund in the late 1990s.</p><p><blockquote>一些科技股资深人士还想知道伍德是否只是本月的投资风云人物，将她与Firsthand Funds的凯文·兰迪斯(Kevin Landis)、Amerindo的阿尔贝托·维拉尔(Alberto Vilar)和在20世纪90年代末运营着一只受欢迎的新兴增长基金的加勒特·范·瓦格纳(Garrett Van Wagoner)等曾经受欢迎的投资组合经理进行了比较。</blockquote></p><p> Many of those tech funds imploded following the 2000 bubble. The<i>Wall Street Journal</i>wrote a catch-up piece about Van Wagoner and other late 1990s tech gurus in 2010&nbsp;with the headline \"From Fame, Fortune to Flamed-Out Stars. Post-Bust Fates of Tech-Fund Mavens.\"</p><p><blockquote>许多科技基金在2000年泡沫之后崩溃了。The<i>华尔街日报</i>2010年，他写了一篇关于范·瓦格纳和其他20世纪90年代末科技大师的后续文章，标题是“从名声、财富到燃烧的明星。科技基金专家的破产后命运。”</blockquote></p><p> Is Wood destined for similar ignominy?</p><p><blockquote>伍德注定会遭受类似的耻辱吗？</blockquote></p><p> Rivals take issue with Wood making such big bets on only a handful of stocks. The Ark Innovation ETF, for example, has nearly half its assets concentrated in its top 10 holdings. Beyond Tesla, that fund also owns sizable stakes in&nbsp;Roku(ROKU),Coinbase,Zoom(ZM)&nbsp;and&nbsp;Square(SQ).</p><p><blockquote>竞争对手对伍德只在少数股票上下如此大的赌注提出异议。例如，Ark Innovation ETF近一半的资产集中在其前10名持股中。除了特斯拉之外，该基金还拥有Roku（Roku）、Coinbase、Zoom（ZM）和Square（SQ）的大量股份。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c02cbbe0138a0aaa5b930521275ad26e\" tg-width=\"1100\" tg-height=\"619\" width=\"100%\" height=\"auto\"><span>Roku is another example of a high-risk/high-reward stock that Wood loves.</span></p><p><blockquote><p class=\"t-img-caption\"><span>Roku是伍德喜欢的高风险/高回报股票的另一个例子。</span></p></blockquote></p><p> \"Our investment approach is similar to Ark in that we are focusing on tech. But we're different in that we avoid concentration,\"Jeremie Capron, head of research at ROBO Global, told CNN Business in March.</p><p><blockquote>ROBO Global研究主管Jeremie Capron 3月份对CNN Business表示：“我们的投资方式与Ark类似，因为我们专注于科技。但我们的不同之处在于我们避免集中。”</blockquote></p><p> The top 10 holdings in theROBO Global Robotics and Automation Index(ROBO)ETF&nbsp;account for less than 20% of the fund's total assets, and the fund owns about 80 stocks. Ark funds typically own shares in only about 30 to 50 companies.</p><p><blockquote>theROBO全球机器人与自动化指数（ROBO）ETF的前10大持股占该基金总资产的比例不到20%，该基金拥有约80只股票。方舟基金通常只拥有大约30到50家公司的股票。</blockquote></p><p> For the time being, Wood is having the last laugh.</p><p><blockquote>目前，伍德笑到了最后。</blockquote></p><p> Yes, her fund's returns may be volatile year-to-year — the Ark Innovation ETF fell nearly 25% in 2018 before rebounding 30% in 2019 — but it has tended to smooth out. The five-year average annualized return for the Ark Innovation ETF through mid-2021 was 48.6%, compared to 17.7% for the S&amp;P 500.</p><p><blockquote>是的，她的基金的回报可能逐年波动——Ark Innovation ETF在2018年下跌了近25%，然后在2019年反弹了30%——但它已经趋于平稳。截至2021年中期，Ark Innovation ETF的五年平均年化回报率为48.6%，而标普500为17.7%。</blockquote></p><p> As long as that long-term trend continues, Ark acolytes may forgive a down year every now and then as Wood continues to swing for the fences.</p><p><blockquote>只要这种长期趋势持续下去，方舟的追随者可能会时不时地原谅低迷的一年，因为伍德继续摇摆。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://edition.cnn.com/2021/09/07/investing/cathie-wood-risk-takers/index.html\">CNN Business</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":{"ARKK":"ARK Innovation ETF","ARKW":"ARK Next Generation Internet ETF","ARKF":"ARK Fintech Innovation ETF","ARKG":"ARK Genomic Revolution ETF","TSLA":"特斯拉"},"source_url":"https://edition.cnn.com/2021/09/07/investing/cathie-wood-risk-takers/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1180788041","content_text":"New York (CNN Business) - At a time when many investors are content to follow the crowd and buy top techs like Apple, Amazon and Microsoft, Cathie Wood is looking for the next big innovators in buzzy fields like robotics, fintech and space exploration.\nIt's a high-flying, high-risk, high-reward tier of investing. And it's put Wood's fans on a white-knuckle ride in 2021.\nLast year, Wood's strategy paid huge dividends for investors in her flagship Ark Innovation(ARKK) exchange-traded fund. It surged nearly 150% in 2020 and helped turn her into a Wall Street superstar — sort of the Warren Buffett of momentum investing.\nCathie Wood, CEO of Ark Investment Management, has become the face of the growth stock movement on Wall Street.\nBut this year hasn't been nearly as kind to Wood as the last. The Innovation ETF was down 2.5% through late August, despite a red-hot market for tech with the Nasdaq up more than 18% so far in 2021.\nWood wasn't available to comment for this story, but she doubled down in an interview with CNBC in August. She's not worried that the Ark strategy of looking for new tech leaders will end badly, and she maintains that this current rally will not be a repeat of the epic 2000 dot-com implosion.\n\"I don't think we're in a bubble, which is what I think many bears think we are,\" Wood told CNBC. \"We have nothing like that right now. In fact, you see a lot of IPOs or SPACs coming out and falling to Earth. We couldn't be further away from a bubble.\"\nHow Wood developed her strategy\nWood speaks from experience. She's no millennial or Gen Z investor for whom the 2000 tech implosion is merely a war story told by older traders. The 65-year-old Wood lived through the last major tech crash, as well as the infamous Black Monday of 1987.\nShe worked for Prudential-owned money manager Jennison Associates for 18 years in the 1980s and 1990s and then spent a dozen years at AllianceBernstein before leaving in 2013.\nBut then, AllianceBernstein passed on her idea to launch a suite of actively managed exchange-traded funds. So she struck out on her own and started Ark in 2014.\n\"I have been watching disruptive innovation for my entire career — why don't I help my own sector along?\" she told Forbes in a 2014 interview.\nThat focus on disruption means Wood ties her ETF's fortunes to visionary but mercurial leaders.\nIn the most prominent example, Wood remains an unabashed fan of Tesla(TSLA) and CEO Elon Musk. The EV maker is the top stock, by far, in Ark's Innovation ETF, accounting for more than 10% of the fund's holdings. It's also the biggest position in Ark's Autonomous Technology & Robotics(ARKQ) and Next Generation Internet(ARKW) ETFs.\nWood is a vocal fan of Tesla, which is a top holding in several of Ark's funds.\nWood is also OK with companies like Tesla issuing more stock to raise money to fund futuristic projects like autonomous vehicles. Some investors are wary of that strategy because the new shares lower the value of existing investors' holdings, but she thinks that's a short-sighted argument, particularly from Tesla bears.\n\"We're not afraid of dilution ... if we think they're doing it for the right reason,\" she told CNBC. \"We wanted them to scale as quickly as possible because we think if we're right on autonomous ...Tesla could get the lion's share of that market, certainly in the United States.\"\nArk's big investment in Tesla is a bet on Musk continuing to innovate beyond the business of electric cars, Wood explained in an interview with Bloomberg Radio in August. She raved about Tesla's plans to build a humanoid robot, for example.\n\"Every passing day, especially the more we learn about their AI expertise and how they're really driving the space ... we believe they have the pole position,\" she said, noting that Ark analysts were \"blown away\" by Musk's presentation.\nGrowth at all costs\nWood recognizes her growth-at-all-costs way of investing is not for everyone.\nTesla has lagged the broader market this year. Shares of Teladoc(TDOC), a telehealth company that is the second-largest holding in the Ark Innovation ETF and was a big winner at the start of the pandemic, are down more than 25% in 2021.\n\"We've seen higher-valuation stocks hit hard this year. But the growth for these innovative companies will still be treated well over time,\" Wood said during a webcast hosted by Cboe Global Markets in March.\nWood added that she thinks investors also should put a small percentage of their money in bitcoin, another risky bet. And she stressed that investors have to overlook the inevitable short-term bumps that come with any asset. It's essential to maintain longer-term convictions and invest for future growth, Wood believes.\n\"A lot of companies catering to short-term investors who wanted profits now [have] invested more in stock buybacks and dividends over innovation,\" she said. \"That puts them in harm's way.\"\nA colleague describes Wood's go-big-or-go-home approach as a model for the new way of investing. Too many fund managers are afraid to look far into the future when judging a company's merits, instead focusing myopically on the prior and next quarterly earnings reports.\n\"Cathie has been focusing on Tesla for a long time. She looks at it not just as an automobile manufacturer. You can't compare it to traditional car companies,\" Ark Invest's Ren Leggi, who works closely with Wood on investment decisions as the company's client portfolio manager, told CNN Business in March.\nWood's critics\nBut a growing chorus of skeptics think Wood's funds could eventually collapse. Michael Burry, one of the super-bearish investors made famous in \"The Big Short,\" recently established a short position on the Ark Innovation ETF — essentially betting that it will fall sharply.\nSome tech stock veterans also wonder if Wood is just an investing flavor of the month, comparing her to once-popular portfolio managers like Kevin Landis of Firsthand Funds, Alberto Vilar of Amerindo and Garrett Van Wagoner, who ran a popular emerging-growth fund in the late 1990s.\nMany of those tech funds imploded following the 2000 bubble. TheWall Street Journalwrote a catch-up piece about Van Wagoner and other late 1990s tech gurus in 2010 with the headline \"From Fame, Fortune to Flamed-Out Stars. Post-Bust Fates of Tech-Fund Mavens.\"\nIs Wood destined for similar ignominy?\nRivals take issue with Wood making such big bets on only a handful of stocks. The Ark Innovation ETF, for example, has nearly half its assets concentrated in its top 10 holdings. Beyond Tesla, that fund also owns sizable stakes in Roku(ROKU),Coinbase,Zoom(ZM) and Square(SQ).\nRoku is another example of a high-risk/high-reward stock that Wood loves.\n\"Our investment approach is similar to Ark in that we are focusing on tech. But we're different in that we avoid concentration,\"Jeremie Capron, head of research at ROBO Global, told CNN Business in March.\nThe top 10 holdings in theROBO Global Robotics and Automation Index(ROBO)ETF account for less than 20% of the fund's total assets, and the fund owns about 80 stocks. Ark funds typically own shares in only about 30 to 50 companies.\nFor the time being, Wood is having the last laugh.\nYes, her fund's returns may be volatile year-to-year — the Ark Innovation ETF fell nearly 25% in 2018 before rebounding 30% in 2019 — but it has tended to smooth out. The five-year average annualized return for the Ark Innovation ETF through mid-2021 was 48.6%, compared to 17.7% for the S&P 500.\nAs long as that long-term trend continues, Ark acolytes may forgive a down year every now and then as Wood continues to swing for the fences.","news_type":1,"symbols_score_info":{"TSLA":0.9,"ARKG":0.9,"ARKW":0.9,"ARKK":0.9,"ARKF":0.9}},"isVote":1,"tweetType":1,"viewCount":406,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":864540186,"gmtCreate":1633134395662,"gmtModify":1633134395997,"author":{"id":"4088415017171770","authorId":"4088415017171770","name":"PYEO","avatar":"https://static.tigerbbs.com/ffd529f4a692f5731760183a63c10858","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088415017171770","authorIdStr":"4088415017171770"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/ME8U.SI\">$MAPLETREE INDUSTRIAL TRUST(ME8U.SI)$</a>share stock","listText":"<a href=\"https://laohu8.com/S/ME8U.SI\">$MAPLETREE INDUSTRIAL TRUST(ME8U.SI)$</a>share stock","text":"$MAPLETREE INDUSTRIAL TRUST(ME8U.SI)$share stock","images":[{"img":"https://static.tigerbbs.com/bb4976cd6d4edb44a6c744aebb797323","width":"1125","height":"2539"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/864540186","isVote":1,"tweetType":1,"viewCount":838,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":883164867,"gmtCreate":1631228082059,"gmtModify":1631893366548,"author":{"id":"4088415017171770","authorId":"4088415017171770","name":"PYEO","avatar":"https://static.tigerbbs.com/ffd529f4a692f5731760183a63c10858","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088415017171770","authorIdStr":"4088415017171770"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/883164867","repostId":"1150166367","repostType":4,"repost":{"id":"1150166367","kind":"news","pubTimestamp":1631166698,"share":"https://www.laohu8.com/m/news/1150166367?lang=zh_CN&edition=full","pubTime":"2021-09-09 13:51","market":"us","language":"en","title":"Day Trading: Rules, Risks, & Strategies<blockquote>日内交易：规则、风险和策略</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1150166367","media":"Seeking Alpha","summary":"Thanks to the advent of online trading houses, it's far easier now to get in the game of day trading","content":"<p>Thanks to the advent of online trading houses, it's far easier now to get in the game of day trading. Before the Internet, only people working for large financial institutions, brokerages, or physical trading houses, could take part in the stock market in such an active fashion. Today, markets and transactions are accessible to almost anyone.</p><p><blockquote>由于在线交易公司的出现，现在进入日内交易游戏要容易得多。在互联网出现之前，只有在大型金融机构、经纪公司或实体交易公司工作的人才能以如此活跃的方式参与股票市场。今天，几乎任何人都可以进入市场和交易。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/648c1300983659c803b16b3d0a0f74ec\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>MoMo Productions/DigitalVision via Getty Images</span></p><p><blockquote><p class=\"t-img-caption\"><span>MoMo Productions/DigitalVision来自Getty Images</span></p></blockquote></p><p> <b>What Da</b><b>y Tr</b><b>ading Is</b></p><p><blockquote><b>什么达</b><b>和Tr</b><b>阿丁是</b></blockquote></p><p> At base, day trading consists of frequently buying, selling and short-selling equities in a short period of time, usually reversing out of several positions within the same trading session. The aim is to earn a profit on each trade, sometimes even small profits, and watch those gains compound. The practice can be risky, but also highly lucrative.</p><p><blockquote>基本上，日内交易包括在短时间内频繁买入、卖出和卖空股票，通常在同一交易时段内反转出多个头寸。目标是从每笔交易中赚取利润，有时甚至是小额利润，并观察这些收益的复合。这种做法可能有风险，但也非常有利可图。</blockquote></p><p> Day trading may sound enticing for those looking to make a swift profit, but it can be extremely challenging to make a formidable career out of the practice. In fact, a study published by the University of California, Davis, in 2010 revealed that only 1% of day traders consistently make a living from that practice.</p><p><blockquote>对于那些希望快速获利的人来说，日内交易听起来可能很诱人，但要从这种做法中获得令人敬畏的职业生涯可能极具挑战性。事实上，加州大学戴维斯分校2010年发表的一项研究显示，只有1%的日内交易者持续以此为生。</blockquote></p><p> But for the few who can succeed in the high-stakes world of day trading, it likely will consume most to all of their time. It is very much a full-time job.</p><p><blockquote>但对于少数能够在高风险的日内交易世界中取得成功的人来说，这可能会消耗他们所有人的大部分时间。这在很大程度上是一份全职工作。</blockquote></p><p> <b>How Day Trading Works</b></p><p><blockquote><b>日内交易如何运作</b></blockquote></p><p> At its core, day trading is all about stock market volatility; day traders look for stocks that are on the move. Whether it’s positive or negative news which alters a stock’s trajectory, economic reports, corporate earnings, or simply a change in market mood, day traders cash in on rapid change. They enter and exit positions very quickly. Day traders must monitor positions closely, and often make quick, high-stakes decisions. There's no going to the pub for an afternoon drink hoping the positions they've taken will turn out.</p><p><blockquote>日内交易的核心是股市波动；日内交易者寻找正在波动的股票。无论是改变股票轨迹的正面或负面消息、经济报告、公司收益，还是仅仅是市场情绪的变化，日内交易者都可以从快速变化中获利。他们进入和退出头寸非常快。日内交易者必须密切监控头寸，并经常做出快速、高风险的决策。没有人会去酒吧喝一杯，希望他们所采取的立场会被证明是正确的。</blockquote></p><p> Something to note, opportunities are not limited to betting that an investment security will rise in price; traders can also profit by betting on downward price movements. Liquidity is also very important to day traders, even more so than other investors. Since day traders need to be able to move in and out of positions with ease, they need to look out for equities which are highly liquid.</p><p><blockquote>需要注意的是，机会不仅限于押注投资证券价格会上涨；交易者也可以通过押注价格下跌来获利。流动性对日内交易者也非常重要，甚至比其他投资者更重要。由于日内交易者需要能够轻松地进出头寸，他们需要寻找流动性高的股票。</blockquote></p><p>   <i>Key Takeaway: Day trading is very much about stock market volatility; day traders look for stocks making moves over short time spans.</i>  Most day trading strategies offer a lot of flexibility, allowing day traders to keep their positions open from a few minutes to a few hours. The amount of time that the position is open depends on how the trade is doing and whether the day trader can seize a profit at that time.</p><p><blockquote><i>要点：日内交易在很大程度上与股市波动有关；日内交易者寻找在短时间内波动的股票。</i>大多数日内交易策略都提供了很大的灵活性，允许日内交易者在几分钟到几个小时内保持头寸开放。头寸开仓的时间长短取决于交易的进行情况以及日内交易者当时是否能获利。</blockquote></p><p> Day traders can consider a variety of markets such as futures, equities, currencies, and options. And they can have access to all the exchanges via a direct access broker. It’s one of the fastest and most affordable ways to engage in day trading.</p><p><blockquote>日内交易者可以考虑各种市场，例如期货、股票、货币和期权。他们可以通过直接访问代理访问所有交易所。这是从事日内交易最快、最实惠的方式之一。</blockquote></p><p> <b>Methods of the Day Trader</b></p><p><blockquote><b>日内交易者的方法</b></blockquote></p><p> There are various types of day trading, each suited for different styles. They can range from short-term trading, where stocks are held for a few seconds or minutes, to more long-term positions where stocks are held throughout the trading day.</p><p><blockquote>日内交易有多种类型，每种都适合不同的风格。它们的范围可以从短期交易（股票持有几秒钟或几分钟）到更长期的头寸（股票在整个交易日持有）。</blockquote></p><p> Day trader strategies include:</p><p><blockquote>日内交易者策略包括：</blockquote></p><p> <ul>  <li><b>Scalping:</b>This method seeks to make many small profits on small price changes throughout the day.</p><p><blockquote><ul><li><b>倒票：</b>这种方法试图在一天中的小价格变化中赚取许多小利润。</li></ul></blockquote></p><p></li>  <li><b>Range trading:</b>This method mostly relies on support and resistance levels to make decisions. (<i>Support and resistance levels are concepts which assist traders to fully comprehend and act in the markets. Support refers to a price level where a downtrend is interrupted due to rising demand for an asset. Resistance refers to a level where an uptrend reverses a sell-off</i>.)</p><p><blockquote><li><b>区间交易：</b>这种方法大多依靠支撑位和阻力位来做出决策。（<i>支撑位和阻力位是帮助交易者充分理解市场并在市场中采取行动的概念。支撑是指由于对资产的需求上升而导致下降趋势中断的价格水平。阻力是指上升趋势逆转抛售的水平</i>.)</li></blockquote></p><p></li>  <li><b>News-based trading:</b>Here, day traders take advantage of volatility surrounding news events.</p><p><blockquote><li><b>基于新闻的交易：</b>在这里，日内交易者利用围绕新闻事件的波动性。</li></blockquote></p><p></li>  <li><b>High-frequency trading ((HFT)):</b>This method utilizes algorithms to exploit small or short-term market inefficiencies.</p><p><blockquote><li><b>高频交易((HFT))：</b>这种方法利用算法来利用小的或短期的市场低效率。</li></blockquote></p><p></li> </ul> <b>Swing Trading vs. Trend Trading vs. Buy and Hold</b></p><p><blockquote><b>波段交易与趋势交易。买入并持有</b></blockquote></p><p> While a day trader closes out his positions at the end of each trading day, a swing trader can hold her positions for days to even weeks before selling. In&nbsp;swing trading, since there is more time for an equity’s price to increase, there is also more opportunity to profit. With the right selling strategy, swing trading can be much less risky than day trading.</p><p><blockquote>日内交易者在每个交易日结束时平仓，而波段交易者可以在卖出前持有头寸几天甚至几周。在波段交易中，由于股票价格有更多时间上涨，因此也有更多获利机会。有了正确的卖出策略，波段交易的风险比日内交易小得多。</blockquote></p><p> By contrast, trend trading involves using a stock’s past price movements to make predictions on its future trajectory. Since trend traders operate on a longer timeline, they can also gauge broader economic trends and business cycles to determine when to buy and sell a stock. This strategy isn’t usually applied by day traders or swing traders.</p><p><blockquote>相比之下，趋势交易涉及利用股票过去的价格变动来预测其未来轨迹。由于趋势交易者的操作时间更长，他们还可以衡量更广泛的经济趋势和商业周期，以确定何时买卖股票。日内交易者或波段交易者通常不采用这种策略。</blockquote></p><p></p><p> Meanwhile, buy-and-hold is often hailed as one of the best strategies available to investors. Under this approach, investors buy an asset and hold it for a few years or even decades, if they wish to, no matter what bumps occur along the way. The aim of this highly passive investing style is to ride out short-term market instability and losses in order to maximize returns over the long term. This is the basis for most long-term investing programs like 401(k)s and IRAs.</p><p><blockquote>与此同时，买入并持有通常被誉为投资者可用的最佳策略之一。在这种方法下，投资者购买一项资产并持有几年甚至几十年，如果他们愿意的话，无论一路上会发生什么坎坷。这种高度被动的投资风格的目的是度过短期市场不稳定和损失，以实现长期回报最大化。这是401(k)和IRA等大多数长期投资计划的基础。</blockquote></p><p> <b>Buying on Margin</b></p><p><blockquote><b>保证金买入</b></blockquote></p><p> Day traders often use borrowed money to make trades, a method called “buying on margin.” With a margin account, a trader can use the securities they already own as leverage to borrow up to 50% of the value of the security they’re going to buy. Buying on margin can help day traders increase their profits substantially — far more than what they could have made using their own money. But the practice doesn’t come without risks. Leverage magnifies one's losses when trades don't work out, resulting in costly&nbsp;margin calls.</p><p><blockquote>日内交易者经常使用借来的钱进行交易，这种方法称为“保证金买入”。通过保证金账户，交易者可以使用他们已经拥有的证券作为杠杆，借入他们将要购买的证券价值的最多50%。保证金买入可以帮助日内交易者大幅增加利润——远远超过他们用自己的钱赚的利润。但这种做法并非没有风险。当交易失败时，杠杆会放大一个人的损失，导致代价高昂的保证金评级。</blockquote></p><p> <b>Day Trading Rules and Risks</b></p><p><blockquote><b>日内交易规则及风险</b></blockquote></p><p> While day trading is neither illegal nor unethical, it can be extremely risky. In fact, the Securities and Exchange Commission&nbsp;warns on its website&nbsp;that the practice can result in substantial financial losses in a very short time.</p><p><blockquote>虽然日内交易既不违法也不不道德，但风险极大。事实上，美国证券交易委员会在其网站上警告说，这种做法可能会在很短的时间内导致巨大的经济损失。</blockquote></p><p> While conventional investing involves the careful analysis of stocks to determine whether an investment is wise, day traders use state-of-the-art technology and technical analysis to spot intraday trends. The risks to investors can be so grave that the Financial Industry Regulatory Authority has rules in place to monitor this fast-moving practice.</p><p><blockquote>虽然传统投资涉及仔细分析股票以确定投资是否明智，但日内交易者使用最先进的技术和技术分析来发现日内趋势。投资者面临的风险可能非常严重，以至于金融业监管局制定了规则来监控这种快速发展的做法。</blockquote></p><p>   <i>Key Takeaway: Day trading is neither illegal nor unethical, but it can be extraordinarily risky. The SEC warns that it can result in substantial financial losses in a very short time.</i>  In addition to the SEC, FINRA also provides oversight of day traders and enforces certain rules and limitations. For instance, it specifies that a \"pattern day trader\" must maintain at minimum $25,000 in equity on any day that they day trade. (A non-pattern day trader is only required to maintain $2,000). Furthermore, the required minimum equity must be in the account before any day-trading begins. And if the account slips below $25,000, day trading is not permitted until it is restored.</p><p><blockquote><i>要点：日内交易既不违法也不不道德，但风险极高。美国证券交易委员会警告说，这可能会在很短的时间内导致巨大的财务损失。</i>除了SEC之外，FINRA还对日内交易者进行监督并执行某些规则和限制。例如，它规定“模式日内交易者”必须在日内交易的任何一天保持至少25,000美元的股本。（非模式日内交易者只需维持2000美元）。此外，在任何日间交易开始之前，账户中必须有所需的最低股本。如果账户跌破25,000美元，则在恢复之前不允许日内交易。</blockquote></p><p> A day trader may trade up to four times the account's maintenance margin excess as of end of business of the previous day. If a day trader exceeds that limit, however, the brokerage firm will issue a day-trading margin call. The day trader will then have, at most, five business days to deposit funds to meet that call. The brokerage firm can also charge a commission for these transactions.</p><p><blockquote>截至前一天营业结束，日内交易者最多可以进行四倍于账户维持保证金超额的交易。然而，如果日内交易者超过该限额，经纪公司将发行日内交易保证金看涨期权。日内交易者最多有五个工作日的时间存入资金以满足看涨期权。经纪公司也可以对这些交易收取佣金。</blockquote></p><p> <b>Does Cryptocurrency Trading Count as Day Trading?</b></p><p><blockquote><b>加密货币交易算日内交易吗？</b></blockquote></p><p> Another way to get involved in day trading is via cryptocurrencies. But since they aren’t regulated by the SEC or FINRA, at least at this point, investors won’t have to worry about day trading limits.</p><p><blockquote>参与日内交易的另一种方式是通过加密货币。但由于它们不受SEC或FINRA的监管，至少在这一点上，投资者不必担心日内交易限制。</blockquote></p><p> <b>Day Trading Taxes</b></p><p><blockquote><b>日间交易税</b></blockquote></p><p> Day trading doesn’t qualify for favorable tax treatment. Successful day traders are expected to pay income taxes just like traditional investors in the stock market. In very rare cases, day traders can apply for special day trader tax treatment with the IRS. To qualify for that status, the IRS looks for the following criteria: 1) Profit seeking must derive from daily market movements in securities' prices, not from dividends or longer-term capital appreciation. 2) Market activity must be high. 3) The investor must be trading with both continuity and regularity.</p><p><blockquote>日内交易没有资格享受优惠税收待遇。成功的日内交易者应该像股票市场的传统投资者一样缴纳所得税。在极少数情况下，日内交易者可以向国税局申请特殊的日内交易者税收待遇。为了获得该地位，美国国税局寻求以下标准：1)利润追求必须来自证券价格的每日市场变动，而不是来自股息或长期资本增值。2）市场活跃度要高。3)投资者的交易必须具有连续性和规律性。</blockquote></p><p> But for those who aren’t eligible, the following rules apply:</p><p><blockquote>但对于那些不符合资格的人，适用以下规则：</blockquote></p><p> <ul>  <li>Day traders are required to pay taxes on investment gains in the year they sell.</p><p><blockquote><ul><li>日内交易者需要在出售当年为投资收益纳税。</li></ul></blockquote></p><p></li>  <li>Day traders may offset gains against losses, but the gains they offset cannot total more than their losses.</p><p><blockquote><li>日内交易者可以用收益抵消损失，但他们抵消的收益总额不能超过他们的损失。</li></blockquote></p><p></li>  <li>If positions are held for a year or less, ordinary income taxes apply to any gains.</p><p><blockquote><li>如果头寸持有一年或更短时间，普通所得税适用于任何收益。</li></blockquote></p><p></li> </ul> <b>Is Day Trading for Everyone?</b></p><p><blockquote><b>日内交易适合所有人吗？</b></blockquote></p><p> For a new investor just starting to get into the markets, day trading likely isn’t suitable. Most day traders bring with them substantial training and knowledge about the markets. And with just one bad trade, large amounts of money can be lost very quickly.</p><p><blockquote>对于刚刚开始进入市场的新投资者来说，日内交易可能不合适。大多数日内交易者都带来了大量的市场培训和知识。只要一次糟糕的交易，大量的钱就会很快损失。</blockquote></p><p>   <i>Tip: Day trading isn't usually advised for newer investors. Most day traders possess substantial training and knowledge about the markets.</i>  Unlike brokers who trade other people’s money, day traders are putting their own assets on the line. That’s precisely why regulatory bodies warn investors of the pitfalls associated with this type of trading.</p><p><blockquote><i>提示：通常不建议新投资者进行日内交易。大多数日内交易者都接受过大量的市场培训和知识。</i>与交易他人资金的经纪人不同，日内交易者将自己的资产置于危险之中。这正是监管机构警告投资者此类交易存在陷阱的原因。</blockquote></p><p> Many professional money managers even shy away from the practice of day trading. They argue that the benefits don’t warrant the risks. But for all the perils, there seem to be some people who can make a great deal of money.</p><p><blockquote>许多专业基金经理甚至回避日内交易的做法。他们认为好处不值得冒险。但是尽管有这些危险，似乎还是有一些人能赚很多钱。</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>Day Trading: Rules, Risks, & Strategies<blockquote>日内交易：规则、风险和策略</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\">\nDay Trading: Rules, Risks, & Strategies<blockquote>日内交易：规则、风险和策略</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\">2021-09-09 13:51</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Thanks to the advent of online trading houses, it's far easier now to get in the game of day trading. Before the Internet, only people working for large financial institutions, brokerages, or physical trading houses, could take part in the stock market in such an active fashion. Today, markets and transactions are accessible to almost anyone.</p><p><blockquote>由于在线交易公司的出现，现在进入日内交易游戏要容易得多。在互联网出现之前，只有在大型金融机构、经纪公司或实体交易公司工作的人才能以如此活跃的方式参与股票市场。今天，几乎任何人都可以进入市场和交易。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/648c1300983659c803b16b3d0a0f74ec\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>MoMo Productions/DigitalVision via Getty Images</span></p><p><blockquote><p class=\"t-img-caption\"><span>MoMo Productions/DigitalVision来自Getty Images</span></p></blockquote></p><p> <b>What Da</b><b>y Tr</b><b>ading Is</b></p><p><blockquote><b>什么达</b><b>和Tr</b><b>阿丁是</b></blockquote></p><p> At base, day trading consists of frequently buying, selling and short-selling equities in a short period of time, usually reversing out of several positions within the same trading session. The aim is to earn a profit on each trade, sometimes even small profits, and watch those gains compound. The practice can be risky, but also highly lucrative.</p><p><blockquote>基本上，日内交易包括在短时间内频繁买入、卖出和卖空股票，通常在同一交易时段内反转出多个头寸。目标是从每笔交易中赚取利润，有时甚至是小额利润，并观察这些收益的复合。这种做法可能有风险，但也非常有利可图。</blockquote></p><p> Day trading may sound enticing for those looking to make a swift profit, but it can be extremely challenging to make a formidable career out of the practice. In fact, a study published by the University of California, Davis, in 2010 revealed that only 1% of day traders consistently make a living from that practice.</p><p><blockquote>对于那些希望快速获利的人来说，日内交易听起来可能很诱人，但要从这种做法中获得令人敬畏的职业生涯可能极具挑战性。事实上，加州大学戴维斯分校2010年发表的一项研究显示，只有1%的日内交易者持续以此为生。</blockquote></p><p> But for the few who can succeed in the high-stakes world of day trading, it likely will consume most to all of their time. It is very much a full-time job.</p><p><blockquote>但对于少数能够在高风险的日内交易世界中取得成功的人来说，这可能会消耗他们所有人的大部分时间。这在很大程度上是一份全职工作。</blockquote></p><p> <b>How Day Trading Works</b></p><p><blockquote><b>日内交易如何运作</b></blockquote></p><p> At its core, day trading is all about stock market volatility; day traders look for stocks that are on the move. Whether it’s positive or negative news which alters a stock’s trajectory, economic reports, corporate earnings, or simply a change in market mood, day traders cash in on rapid change. They enter and exit positions very quickly. Day traders must monitor positions closely, and often make quick, high-stakes decisions. There's no going to the pub for an afternoon drink hoping the positions they've taken will turn out.</p><p><blockquote>日内交易的核心是股市波动；日内交易者寻找正在波动的股票。无论是改变股票轨迹的正面或负面消息、经济报告、公司收益，还是仅仅是市场情绪的变化，日内交易者都可以从快速变化中获利。他们进入和退出头寸非常快。日内交易者必须密切监控头寸，并经常做出快速、高风险的决策。没有人会去酒吧喝一杯，希望他们所采取的立场会被证明是正确的。</blockquote></p><p> Something to note, opportunities are not limited to betting that an investment security will rise in price; traders can also profit by betting on downward price movements. Liquidity is also very important to day traders, even more so than other investors. Since day traders need to be able to move in and out of positions with ease, they need to look out for equities which are highly liquid.</p><p><blockquote>需要注意的是，机会不仅限于押注投资证券价格会上涨；交易者也可以通过押注价格下跌来获利。流动性对日内交易者也非常重要，甚至比其他投资者更重要。由于日内交易者需要能够轻松地进出头寸，他们需要寻找流动性高的股票。</blockquote></p><p>   <i>Key Takeaway: Day trading is very much about stock market volatility; day traders look for stocks making moves over short time spans.</i>  Most day trading strategies offer a lot of flexibility, allowing day traders to keep their positions open from a few minutes to a few hours. The amount of time that the position is open depends on how the trade is doing and whether the day trader can seize a profit at that time.</p><p><blockquote><i>要点：日内交易在很大程度上与股市波动有关；日内交易者寻找在短时间内波动的股票。</i>大多数日内交易策略都提供了很大的灵活性，允许日内交易者在几分钟到几个小时内保持头寸开放。头寸开仓的时间长短取决于交易的进行情况以及日内交易者当时是否能获利。</blockquote></p><p> Day traders can consider a variety of markets such as futures, equities, currencies, and options. And they can have access to all the exchanges via a direct access broker. It’s one of the fastest and most affordable ways to engage in day trading.</p><p><blockquote>日内交易者可以考虑各种市场，例如期货、股票、货币和期权。他们可以通过直接访问代理访问所有交易所。这是从事日内交易最快、最实惠的方式之一。</blockquote></p><p> <b>Methods of the Day Trader</b></p><p><blockquote><b>日内交易者的方法</b></blockquote></p><p> There are various types of day trading, each suited for different styles. They can range from short-term trading, where stocks are held for a few seconds or minutes, to more long-term positions where stocks are held throughout the trading day.</p><p><blockquote>日内交易有多种类型，每种都适合不同的风格。它们的范围可以从短期交易（股票持有几秒钟或几分钟）到更长期的头寸（股票在整个交易日持有）。</blockquote></p><p> Day trader strategies include:</p><p><blockquote>日内交易者策略包括：</blockquote></p><p> <ul>  <li><b>Scalping:</b>This method seeks to make many small profits on small price changes throughout the day.</p><p><blockquote><ul><li><b>倒票：</b>这种方法试图在一天中的小价格变化中赚取许多小利润。</li></ul></blockquote></p><p></li>  <li><b>Range trading:</b>This method mostly relies on support and resistance levels to make decisions. (<i>Support and resistance levels are concepts which assist traders to fully comprehend and act in the markets. Support refers to a price level where a downtrend is interrupted due to rising demand for an asset. Resistance refers to a level where an uptrend reverses a sell-off</i>.)</p><p><blockquote><li><b>区间交易：</b>这种方法大多依靠支撑位和阻力位来做出决策。（<i>支撑位和阻力位是帮助交易者充分理解市场并在市场中采取行动的概念。支撑是指由于对资产的需求上升而导致下降趋势中断的价格水平。阻力是指上升趋势逆转抛售的水平</i>.)</li></blockquote></p><p></li>  <li><b>News-based trading:</b>Here, day traders take advantage of volatility surrounding news events.</p><p><blockquote><li><b>基于新闻的交易：</b>在这里，日内交易者利用围绕新闻事件的波动性。</li></blockquote></p><p></li>  <li><b>High-frequency trading ((HFT)):</b>This method utilizes algorithms to exploit small or short-term market inefficiencies.</p><p><blockquote><li><b>高频交易((HFT))：</b>这种方法利用算法来利用小的或短期的市场低效率。</li></blockquote></p><p></li> </ul> <b>Swing Trading vs. Trend Trading vs. Buy and Hold</b></p><p><blockquote><b>波段交易与趋势交易。买入并持有</b></blockquote></p><p> While a day trader closes out his positions at the end of each trading day, a swing trader can hold her positions for days to even weeks before selling. In&nbsp;swing trading, since there is more time for an equity’s price to increase, there is also more opportunity to profit. With the right selling strategy, swing trading can be much less risky than day trading.</p><p><blockquote>日内交易者在每个交易日结束时平仓，而波段交易者可以在卖出前持有头寸几天甚至几周。在波段交易中，由于股票价格有更多时间上涨，因此也有更多获利机会。有了正确的卖出策略，波段交易的风险比日内交易小得多。</blockquote></p><p> By contrast, trend trading involves using a stock’s past price movements to make predictions on its future trajectory. Since trend traders operate on a longer timeline, they can also gauge broader economic trends and business cycles to determine when to buy and sell a stock. This strategy isn’t usually applied by day traders or swing traders.</p><p><blockquote>相比之下，趋势交易涉及利用股票过去的价格变动来预测其未来轨迹。由于趋势交易者的操作时间更长，他们还可以衡量更广泛的经济趋势和商业周期，以确定何时买卖股票。日内交易者或波段交易者通常不采用这种策略。</blockquote></p><p></p><p> Meanwhile, buy-and-hold is often hailed as one of the best strategies available to investors. Under this approach, investors buy an asset and hold it for a few years or even decades, if they wish to, no matter what bumps occur along the way. The aim of this highly passive investing style is to ride out short-term market instability and losses in order to maximize returns over the long term. This is the basis for most long-term investing programs like 401(k)s and IRAs.</p><p><blockquote>与此同时，买入并持有通常被誉为投资者可用的最佳策略之一。在这种方法下，投资者购买一项资产并持有几年甚至几十年，如果他们愿意的话，无论一路上会发生什么坎坷。这种高度被动的投资风格的目的是度过短期市场不稳定和损失，以实现长期回报最大化。这是401(k)和IRA等大多数长期投资计划的基础。</blockquote></p><p> <b>Buying on Margin</b></p><p><blockquote><b>保证金买入</b></blockquote></p><p> Day traders often use borrowed money to make trades, a method called “buying on margin.” With a margin account, a trader can use the securities they already own as leverage to borrow up to 50% of the value of the security they’re going to buy. Buying on margin can help day traders increase their profits substantially — far more than what they could have made using their own money. But the practice doesn’t come without risks. Leverage magnifies one's losses when trades don't work out, resulting in costly&nbsp;margin calls.</p><p><blockquote>日内交易者经常使用借来的钱进行交易，这种方法称为“保证金买入”。通过保证金账户，交易者可以使用他们已经拥有的证券作为杠杆，借入他们将要购买的证券价值的最多50%。保证金买入可以帮助日内交易者大幅增加利润——远远超过他们用自己的钱赚的利润。但这种做法并非没有风险。当交易失败时，杠杆会放大一个人的损失，导致代价高昂的保证金评级。</blockquote></p><p> <b>Day Trading Rules and Risks</b></p><p><blockquote><b>日内交易规则及风险</b></blockquote></p><p> While day trading is neither illegal nor unethical, it can be extremely risky. In fact, the Securities and Exchange Commission&nbsp;warns on its website&nbsp;that the practice can result in substantial financial losses in a very short time.</p><p><blockquote>虽然日内交易既不违法也不不道德，但风险极大。事实上，美国证券交易委员会在其网站上警告说，这种做法可能会在很短的时间内导致巨大的经济损失。</blockquote></p><p> While conventional investing involves the careful analysis of stocks to determine whether an investment is wise, day traders use state-of-the-art technology and technical analysis to spot intraday trends. The risks to investors can be so grave that the Financial Industry Regulatory Authority has rules in place to monitor this fast-moving practice.</p><p><blockquote>虽然传统投资涉及仔细分析股票以确定投资是否明智，但日内交易者使用最先进的技术和技术分析来发现日内趋势。投资者面临的风险可能非常严重，以至于金融业监管局制定了规则来监控这种快速发展的做法。</blockquote></p><p>   <i>Key Takeaway: Day trading is neither illegal nor unethical, but it can be extraordinarily risky. The SEC warns that it can result in substantial financial losses in a very short time.</i>  In addition to the SEC, FINRA also provides oversight of day traders and enforces certain rules and limitations. For instance, it specifies that a \"pattern day trader\" must maintain at minimum $25,000 in equity on any day that they day trade. (A non-pattern day trader is only required to maintain $2,000). Furthermore, the required minimum equity must be in the account before any day-trading begins. And if the account slips below $25,000, day trading is not permitted until it is restored.</p><p><blockquote><i>要点：日内交易既不违法也不不道德，但风险极高。美国证券交易委员会警告说，这可能会在很短的时间内导致巨大的财务损失。</i>除了SEC之外，FINRA还对日内交易者进行监督并执行某些规则和限制。例如，它规定“模式日内交易者”必须在日内交易的任何一天保持至少25,000美元的股本。（非模式日内交易者只需维持2000美元）。此外，在任何日间交易开始之前，账户中必须有所需的最低股本。如果账户跌破25,000美元，则在恢复之前不允许日内交易。</blockquote></p><p> A day trader may trade up to four times the account's maintenance margin excess as of end of business of the previous day. If a day trader exceeds that limit, however, the brokerage firm will issue a day-trading margin call. The day trader will then have, at most, five business days to deposit funds to meet that call. The brokerage firm can also charge a commission for these transactions.</p><p><blockquote>截至前一天营业结束，日内交易者最多可以进行四倍于账户维持保证金超额的交易。然而，如果日内交易者超过该限额，经纪公司将发行日内交易保证金看涨期权。日内交易者最多有五个工作日的时间存入资金以满足看涨期权。经纪公司也可以对这些交易收取佣金。</blockquote></p><p> <b>Does Cryptocurrency Trading Count as Day Trading?</b></p><p><blockquote><b>加密货币交易算日内交易吗？</b></blockquote></p><p> Another way to get involved in day trading is via cryptocurrencies. But since they aren’t regulated by the SEC or FINRA, at least at this point, investors won’t have to worry about day trading limits.</p><p><blockquote>参与日内交易的另一种方式是通过加密货币。但由于它们不受SEC或FINRA的监管，至少在这一点上，投资者不必担心日内交易限制。</blockquote></p><p> <b>Day Trading Taxes</b></p><p><blockquote><b>日间交易税</b></blockquote></p><p> Day trading doesn’t qualify for favorable tax treatment. Successful day traders are expected to pay income taxes just like traditional investors in the stock market. In very rare cases, day traders can apply for special day trader tax treatment with the IRS. To qualify for that status, the IRS looks for the following criteria: 1) Profit seeking must derive from daily market movements in securities' prices, not from dividends or longer-term capital appreciation. 2) Market activity must be high. 3) The investor must be trading with both continuity and regularity.</p><p><blockquote>日内交易没有资格享受优惠税收待遇。成功的日内交易者应该像股票市场的传统投资者一样缴纳所得税。在极少数情况下，日内交易者可以向国税局申请特殊的日内交易者税收待遇。为了获得该地位，美国国税局寻求以下标准：1)利润追求必须来自证券价格的每日市场变动，而不是来自股息或长期资本增值。2）市场活跃度要高。3)投资者的交易必须具有连续性和规律性。</blockquote></p><p> But for those who aren’t eligible, the following rules apply:</p><p><blockquote>但对于那些不符合资格的人，适用以下规则：</blockquote></p><p> <ul>  <li>Day traders are required to pay taxes on investment gains in the year they sell.</p><p><blockquote><ul><li>日内交易者需要在出售当年为投资收益纳税。</li></ul></blockquote></p><p></li>  <li>Day traders may offset gains against losses, but the gains they offset cannot total more than their losses.</p><p><blockquote><li>日内交易者可以用收益抵消损失，但他们抵消的收益总额不能超过他们的损失。</li></blockquote></p><p></li>  <li>If positions are held for a year or less, ordinary income taxes apply to any gains.</p><p><blockquote><li>如果头寸持有一年或更短时间，普通所得税适用于任何收益。</li></blockquote></p><p></li> </ul> <b>Is Day Trading for Everyone?</b></p><p><blockquote><b>日内交易适合所有人吗？</b></blockquote></p><p> For a new investor just starting to get into the markets, day trading likely isn’t suitable. Most day traders bring with them substantial training and knowledge about the markets. And with just one bad trade, large amounts of money can be lost very quickly.</p><p><blockquote>对于刚刚开始进入市场的新投资者来说，日内交易可能不合适。大多数日内交易者都带来了大量的市场培训和知识。只要一次糟糕的交易，大量的钱就会很快损失。</blockquote></p><p>   <i>Tip: Day trading isn't usually advised for newer investors. Most day traders possess substantial training and knowledge about the markets.</i>  Unlike brokers who trade other people’s money, day traders are putting their own assets on the line. That’s precisely why regulatory bodies warn investors of the pitfalls associated with this type of trading.</p><p><blockquote><i>提示：通常不建议新投资者进行日内交易。大多数日内交易者都接受过大量的市场培训和知识。</i>与交易他人资金的经纪人不同，日内交易者将自己的资产置于危险之中。这正是监管机构警告投资者此类交易存在陷阱的原因。</blockquote></p><p> Many professional money managers even shy away from the practice of day trading. They argue that the benefits don’t warrant the risks. But for all the perils, there seem to be some people who can make a great deal of money.</p><p><blockquote>许多专业基金经理甚至回避日内交易的做法。他们认为好处不值得冒险。但是尽管有这些危险，似乎还是有一些人能赚很多钱。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4453955-what-is-day-trading\">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":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://seekingalpha.com/article/4453955-what-is-day-trading","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1150166367","content_text":"Thanks to the advent of online trading houses, it's far easier now to get in the game of day trading. Before the Internet, only people working for large financial institutions, brokerages, or physical trading houses, could take part in the stock market in such an active fashion. Today, markets and transactions are accessible to almost anyone.\nMoMo Productions/DigitalVision via Getty Images\nWhat Day Trading Is\nAt base, day trading consists of frequently buying, selling and short-selling equities in a short period of time, usually reversing out of several positions within the same trading session. The aim is to earn a profit on each trade, sometimes even small profits, and watch those gains compound. The practice can be risky, but also highly lucrative.\nDay trading may sound enticing for those looking to make a swift profit, but it can be extremely challenging to make a formidable career out of the practice. In fact, a study published by the University of California, Davis, in 2010 revealed that only 1% of day traders consistently make a living from that practice.\nBut for the few who can succeed in the high-stakes world of day trading, it likely will consume most to all of their time. It is very much a full-time job.\nHow Day Trading Works\nAt its core, day trading is all about stock market volatility; day traders look for stocks that are on the move. Whether it’s positive or negative news which alters a stock’s trajectory, economic reports, corporate earnings, or simply a change in market mood, day traders cash in on rapid change. They enter and exit positions very quickly. Day traders must monitor positions closely, and often make quick, high-stakes decisions. There's no going to the pub for an afternoon drink hoping the positions they've taken will turn out.\nSomething to note, opportunities are not limited to betting that an investment security will rise in price; traders can also profit by betting on downward price movements. Liquidity is also very important to day traders, even more so than other investors. Since day traders need to be able to move in and out of positions with ease, they need to look out for equities which are highly liquid.\n\nKey Takeaway: Day trading is very much about stock market volatility; day traders look for stocks making moves over short time spans.\n\nMost day trading strategies offer a lot of flexibility, allowing day traders to keep their positions open from a few minutes to a few hours. The amount of time that the position is open depends on how the trade is doing and whether the day trader can seize a profit at that time.\nDay traders can consider a variety of markets such as futures, equities, currencies, and options. And they can have access to all the exchanges via a direct access broker. It’s one of the fastest and most affordable ways to engage in day trading.\nMethods of the Day Trader\nThere are various types of day trading, each suited for different styles. They can range from short-term trading, where stocks are held for a few seconds or minutes, to more long-term positions where stocks are held throughout the trading day.\nDay trader strategies include:\n\nScalping:This method seeks to make many small profits on small price changes throughout the day.\nRange trading:This method mostly relies on support and resistance levels to make decisions. (Support and resistance levels are concepts which assist traders to fully comprehend and act in the markets. Support refers to a price level where a downtrend is interrupted due to rising demand for an asset. Resistance refers to a level where an uptrend reverses a sell-off.)\nNews-based trading:Here, day traders take advantage of volatility surrounding news events.\nHigh-frequency trading ((HFT)):This method utilizes algorithms to exploit small or short-term market inefficiencies.\n\nSwing Trading vs. Trend Trading vs. Buy and Hold\nWhile a day trader closes out his positions at the end of each trading day, a swing trader can hold her positions for days to even weeks before selling. In swing trading, since there is more time for an equity’s price to increase, there is also more opportunity to profit. With the right selling strategy, swing trading can be much less risky than day trading.\nBy contrast, trend trading involves using a stock’s past price movements to make predictions on its future trajectory. Since trend traders operate on a longer timeline, they can also gauge broader economic trends and business cycles to determine when to buy and sell a stock. This strategy isn’t usually applied by day traders or swing traders.\nMeanwhile, buy-and-hold is often hailed as one of the best strategies available to investors. Under this approach, investors buy an asset and hold it for a few years or even decades, if they wish to, no matter what bumps occur along the way. The aim of this highly passive investing style is to ride out short-term market instability and losses in order to maximize returns over the long term. This is the basis for most long-term investing programs like 401(k)s and IRAs.\nBuying on Margin\nDay traders often use borrowed money to make trades, a method called “buying on margin.” With a margin account, a trader can use the securities they already own as leverage to borrow up to 50% of the value of the security they’re going to buy. Buying on margin can help day traders increase their profits substantially — far more than what they could have made using their own money. But the practice doesn’t come without risks. Leverage magnifies one's losses when trades don't work out, resulting in costly margin calls.\nDay Trading Rules and Risks\nWhile day trading is neither illegal nor unethical, it can be extremely risky. In fact, the Securities and Exchange Commission warns on its website that the practice can result in substantial financial losses in a very short time.\nWhile conventional investing involves the careful analysis of stocks to determine whether an investment is wise, day traders use state-of-the-art technology and technical analysis to spot intraday trends. The risks to investors can be so grave that the Financial Industry Regulatory Authority has rules in place to monitor this fast-moving practice.\n\nKey Takeaway: Day trading is neither illegal nor unethical, but it can be extraordinarily risky. The SEC warns that it can result in substantial financial losses in a very short time.\n\nIn addition to the SEC, FINRA also provides oversight of day traders and enforces certain rules and limitations. For instance, it specifies that a \"pattern day trader\" must maintain at minimum $25,000 in equity on any day that they day trade. (A non-pattern day trader is only required to maintain $2,000). Furthermore, the required minimum equity must be in the account before any day-trading begins. And if the account slips below $25,000, day trading is not permitted until it is restored.\nA day trader may trade up to four times the account's maintenance margin excess as of end of business of the previous day. If a day trader exceeds that limit, however, the brokerage firm will issue a day-trading margin call. The day trader will then have, at most, five business days to deposit funds to meet that call. The brokerage firm can also charge a commission for these transactions.\nDoes Cryptocurrency Trading Count as Day Trading?\nAnother way to get involved in day trading is via cryptocurrencies. But since they aren’t regulated by the SEC or FINRA, at least at this point, investors won’t have to worry about day trading limits.\nDay Trading Taxes\nDay trading doesn’t qualify for favorable tax treatment. Successful day traders are expected to pay income taxes just like traditional investors in the stock market. In very rare cases, day traders can apply for special day trader tax treatment with the IRS. To qualify for that status, the IRS looks for the following criteria: 1) Profit seeking must derive from daily market movements in securities' prices, not from dividends or longer-term capital appreciation. 2) Market activity must be high. 3) The investor must be trading with both continuity and regularity.\nBut for those who aren’t eligible, the following rules apply:\n\nDay traders are required to pay taxes on investment gains in the year they sell.\nDay traders may offset gains against losses, but the gains they offset cannot total more than their losses.\nIf positions are held for a year or less, ordinary income taxes apply to any gains.\n\nIs Day Trading for Everyone?\nFor a new investor just starting to get into the markets, day trading likely isn’t suitable. Most day traders bring with them substantial training and knowledge about the markets. And with just one bad trade, large amounts of money can be lost very quickly.\n\nTip: Day trading isn't usually advised for newer investors. Most day traders possess substantial training and knowledge about the markets.\n\nUnlike brokers who trade other people’s money, day traders are putting their own assets on the line. That’s precisely why regulatory bodies warn investors of the pitfalls associated with this type of trading.\nMany professional money managers even shy away from the practice of day trading. They argue that the benefits don’t warrant the risks. But for all the perils, there seem to be some people who can make a great deal of money.","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":321,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":178672883,"gmtCreate":1626821566242,"gmtModify":1633770804392,"author":{"id":"4088415017171770","authorId":"4088415017171770","name":"PYEO","avatar":"https://static.tigerbbs.com/ffd529f4a692f5731760183a63c10858","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088415017171770","authorIdStr":"4088415017171770"},"themes":[],"htmlText":"Please like, thank you.","listText":"Please like, thank you.","text":"Please like, thank you.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/178672883","repostId":"1109861258","repostType":4,"repost":{"id":"1109861258","kind":"news","pubTimestamp":1626793354,"share":"https://www.laohu8.com/m/news/1109861258?lang=zh_CN&edition=full","pubTime":"2021-07-20 23:02","market":"us","language":"en","title":"Behind The Plunge In Yields: This Is A Growth Story, Not A Rethink Of Inflation<blockquote>收益率暴跌背后：这是一个增长故事，而不是对通胀的重新思考</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1109861258","media":"zerohedge","summary":"In a notable turn of events, the overnight session saw an initial attempt at a modest reversal in th","content":"<p>In a notable turn of events, the overnight session saw an initial attempt at a modest reversal in the recent Treasury rally only to be met with further buying interest. The net result was a tick lower in 10-year yields that brought the benchmark to levels not seen since mid-February.</p><p><blockquote>值得注意的是，隔夜交易中，近期国债涨势出现小幅逆转的初步尝试，但却遭到了进一步的买盘兴趣。最终结果是10年期国债收益率小幅下跌，使该基准利率达到2月中旬以来的最高水平。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/48f958db8d2903a76ff6541648b287fc\" tg-width=\"1223\" tg-height=\"687\" width=\"100%\" height=\"auto\">With the next technical target sill 5 bps away, we’ll be watching the interplay between risk assets and US rates as the delta-inspired repricing continues. We’re cognizant that the severity of the recent move has led to stretched momentum measures, implying incremental gains will be more difficult to achieve. This isn’t to suggest the floor for rates is evident at the moment, rather that it should be anticipated that the pace of the rally will slow.<b>There has been plenty of chatter surrounding the possibility 10- year yields dip below 1.0%; an eventuality that would be a short-lived endeavor, but not one that’s off the table.</b>More immediately however, will be gauging the extent to which rising case counts can carry yields even lower from here.</p><p><blockquote>距离下一个技术目标还有5个基点，随着delta引发的重新定价继续，我们将关注风险资产与美国利率之间的相互作用。我们认识到，最近走势的严重性导致动量措施捉襟见肘，这意味着增量收益将更加难以实现。这并不是说目前利率的底部很明显，而是应该预计反弹的步伐将会放缓。<b>围绕10年期国债收益率跌破1.0%的可能性有很多讨论；这将是一个短暂的努力，但不是不可能的。</b>然而，更直接的是衡量病例数的增加在多大程度上会导致收益率进一步下降。</blockquote></p><p> <b>It would be an oversimplification to conclude this move is entirely a function of the economic risks posed by the reinstatement of covid-19 restrictions. In fact, we’ll argue the rally has been exaggerated by the Fed’s most recent efforts to be less dovish.</b>Policymakers are in the pre-meeting radio period of radio silence; which eliminates the potential for any official commentary on the Fed’s take on the renewed pandemic risks. Moreover,<b>it leaves investors operating under the assumption that 1) tapering is still on track, 2) rate hikes as early as next year could come to fruition, and 3) the Fed’s ‘will act if not transitory’ stance on inflation remains value</b>. While these surely still hold true to some extent, the implied commitment may be waning given investors’ response to the recent covid developments.</p><p><blockquote><b>如果断定此举完全是恢复新冠肺炎限制所带来的经济风险，那就过于简单化了。事实上，我们认为美联储最近不那么鸽派的努力夸大了涨势。</b>政策制定者正处于会前无线电静默期；这消除了对美联储应对新一轮大流行风险的任何官方评论的可能性。而且，<b>它让投资者在以下假设下进行操作：1）缩减仍在正轨上，2）最早明年加息可能实现，以及3）美联储对通胀的“如果不是暂时的，也会采取行动”的立场仍然有效</b>.虽然这些在某种程度上肯定仍然成立，但鉴于投资者对最近新冠疫情发展的反应，隐含的承诺可能正在减弱。</blockquote></p><p> Headlines this morning conclude ‘markets no longer worried about inflation’; a notion, which is ostensibly consistent with the price action in US rates, misses the mark.<b>10-year breakevens are still at 225 bp and a distance away from the mid-June lows.</b>In addition, rising supply-driven inflation that functions as a tax on consumption as opposed to a reflection of a healthy real economy creates downside risks for the recovery. When combined with concerns that H1 will represent the peak of the rebound, it follows intuitively that the market has moved on to trading the next stage in the cycle – i.e. recalibrating growth expectations in reflecting the new norm; one in which herd immunity will prove elusive and variant risks (delta and others) become an ongoing concern.<b>A quick glance at real yields near -100 bp reinforces the read that this is a growth story, not a collective rethink of reflation.</b></p><p><blockquote>今天早上的头条新闻得出的结论是“市场不再担心通货膨胀”；一个表面上与美国利率价格走势一致的概念没有抓住要点。<b>10年期盈亏平衡点仍为225个基点，距离6月中旬的低点还有一段距离。</b>此外，供应驱动的通胀上升，其作用是对消费征税，而不是反映健康的实体经济，给复苏带来了下行风险。当结合对H1将代表反弹峰值的担忧时，直观地得出市场已经转向周期的下一阶段交易——即重新调整增长预期以反映新常态；在这种情况下，群体免疫将被证明是难以捉摸的，变异风险（德尔塔和其他）将成为一个持续的问题。<b>快速浏览一下接近-100个基点的实际收益率，就会强化这样的解读：这是一个增长故事，而不是对通货再膨胀的集体反思。</b></blockquote></p><p> There is yet another nuance of the price action that merits highlighting. Specifically, the move thus far has questionably been a flattening event as 10s and 30s outperform. The front end of the curve has benefited to a lesser extent as monetary policy expectations have remained in place.<b>This morning however, we’re starting to see the 5-year sector lead the rally. In the event we’re seeing the transition from a longer-term growth story to further pricing out Fed tightening, this could ultimately serve to moderate the gains in 10s and 30s.</b>This isn’t to suggest that less room for the FOMC to eventually normalize policy rates is a compelling reason to sell duration in the face of a resurgence of the pandemic. Instead, confidence that monetary policymakers won’t be so eager to respond to pockets of reflation given the renewed headwinds facing the global recovery</p><p><blockquote>价格走势还有另一个细微差别值得强调。具体来说，到目前为止，由于10岁和30岁的表现优于大盘，这一走势值得怀疑。由于货币政策预期仍在，曲线前端受益程度较小。<b>然而，今天早上，我们开始看到5年期板块领涨。如果我们看到从长期增长故事过渡到进一步定价美联储紧缩政策，这最终可能会减缓10年和30年的涨幅。</b>这并不是说，面对疫情卷土重来，联邦公开市场委员会最终使政策利率正常化的空间较小是卖出久期的令人信服的理由。相反，鉴于全球复苏面临新的阻力，人们相信货币政策制定者不会如此急于应对部分再通胀</blockquote></p><p> We’ll be tracking this particular evolution in the nature of the bullish repricing if, for no other reason,<b>it will be instrumental in gauging what to anticipate in response to next week’s FOMC meeting and Powell’s press conference.</b>Note that in light of the +8.1% consensus estimate for next week’s release of Q2 real GDP, there is little question that a strong rebound in H1 is priced in and investors have shifted toward trading the next stage in the recovery that contains far greater uncertainties.</p><p><blockquote>如果没有其他原因，我们将跟踪看涨重新定价性质的这种特殊演变，<b>这将有助于衡量下周FOMC会议和鲍威尔新闻发布会的预期。</b>请注意，鉴于对下周发布的Q2实际GDP的普遍预期为+8.1%，毫无疑问，H1的强劲反弹已被消化，投资者已转向交易包含更大不确定性的复苏的下一阶段。</blockquote></p><p> If the move in real yields is any indication there is growing angst on the rebound; 10-year real rates reached their lowest level since early January and within striking distance of the cycle low at -112.4 bp.</p><p><blockquote>如果实际收益率的变动表明人们对反弹的担忧越来越大；10年期实际利率达到1月初以来的最低水平，距离周期低点-112.4个基点不远。</blockquote></p><p></p><p> <img src=\"https://static.tigerbbs.com/add9a9864bc513a7f99d365620818f07\" tg-width=\"1223\" tg-height=\"687\" width=\"100%\" height=\"auto\">The decline in reals is made all the more noteworthy given the proximity to Thursday’s $16 bn new issue 10-year TIPS auction. Current valuations demonstrate not only increasing worry on the spread of the delta variant domestically, but perhaps more consequentially, overseas. Whereas there was once a time when the US rates landscape was solely dictated by the domestic fundamentals, the globalization of the economy and markets now leave Treasury yields a function of the global backdrop. This helps account for the impressive round of bullishness and durability of the bid for USTs even as the data has generally continued to perform well. We’re reminded of the time tested adage that resistance hardly holds on the third attempt, and will monitor the -112 bp line in the sand in 10-year real yields over the balance of the week.</p><p><blockquote>鉴于周四即将举行160亿美元的新发行10年期TIPS拍卖，雷亚尔的下跌变得更加值得注意。目前的估值不仅表明人们对德尔塔变异毒株在国内蔓延的担忧日益加剧，而且或许更重要的是，在海外蔓延。曾经有一段时间，美国利率格局完全由国内基本面决定，而经济和市场的全球化现在使美国国债收益率成为全球背景的函数。这有助于解释对UST的一轮令人印象深刻的看涨和持久性，尽管数据总体上继续表现良好。我们想起了久经考验的格言：第三次尝试阻力几乎不成立，并将在本周剩余时间内监测10年期实际收益率的-112个基点线。</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>Behind The Plunge In Yields: This Is A Growth Story, Not A Rethink Of Inflation<blockquote>收益率暴跌背后：这是一个增长故事，而不是对通胀的重新思考</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\">\nBehind The Plunge In Yields: This Is A Growth Story, Not A Rethink Of Inflation<blockquote>收益率暴跌背后：这是一个增长故事，而不是对通胀的重新思考</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-07-20 23:02</span>\n</p>\n</h4>\n</header>\n<article>\n<p>In a notable turn of events, the overnight session saw an initial attempt at a modest reversal in the recent Treasury rally only to be met with further buying interest. The net result was a tick lower in 10-year yields that brought the benchmark to levels not seen since mid-February.</p><p><blockquote>值得注意的是，隔夜交易中，近期国债涨势出现小幅逆转的初步尝试，但却遭到了进一步的买盘兴趣。最终结果是10年期国债收益率小幅下跌，使该基准利率达到2月中旬以来的最高水平。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/48f958db8d2903a76ff6541648b287fc\" tg-width=\"1223\" tg-height=\"687\" width=\"100%\" height=\"auto\">With the next technical target sill 5 bps away, we’ll be watching the interplay between risk assets and US rates as the delta-inspired repricing continues. We’re cognizant that the severity of the recent move has led to stretched momentum measures, implying incremental gains will be more difficult to achieve. This isn’t to suggest the floor for rates is evident at the moment, rather that it should be anticipated that the pace of the rally will slow.<b>There has been plenty of chatter surrounding the possibility 10- year yields dip below 1.0%; an eventuality that would be a short-lived endeavor, but not one that’s off the table.</b>More immediately however, will be gauging the extent to which rising case counts can carry yields even lower from here.</p><p><blockquote>距离下一个技术目标还有5个基点，随着delta引发的重新定价继续，我们将关注风险资产与美国利率之间的相互作用。我们认识到，最近走势的严重性导致动量措施捉襟见肘，这意味着增量收益将更加难以实现。这并不是说目前利率的底部很明显，而是应该预计反弹的步伐将会放缓。<b>围绕10年期国债收益率跌破1.0%的可能性有很多讨论；这将是一个短暂的努力，但不是不可能的。</b>然而，更直接的是衡量病例数的增加在多大程度上会导致收益率进一步下降。</blockquote></p><p> <b>It would be an oversimplification to conclude this move is entirely a function of the economic risks posed by the reinstatement of covid-19 restrictions. In fact, we’ll argue the rally has been exaggerated by the Fed’s most recent efforts to be less dovish.</b>Policymakers are in the pre-meeting radio period of radio silence; which eliminates the potential for any official commentary on the Fed’s take on the renewed pandemic risks. Moreover,<b>it leaves investors operating under the assumption that 1) tapering is still on track, 2) rate hikes as early as next year could come to fruition, and 3) the Fed’s ‘will act if not transitory’ stance on inflation remains value</b>. While these surely still hold true to some extent, the implied commitment may be waning given investors’ response to the recent covid developments.</p><p><blockquote><b>如果断定此举完全是恢复新冠肺炎限制所带来的经济风险，那就过于简单化了。事实上，我们认为美联储最近不那么鸽派的努力夸大了涨势。</b>政策制定者正处于会前无线电静默期；这消除了对美联储应对新一轮大流行风险的任何官方评论的可能性。而且，<b>它让投资者在以下假设下进行操作：1）缩减仍在正轨上，2）最早明年加息可能实现，以及3）美联储对通胀的“如果不是暂时的，也会采取行动”的立场仍然有效</b>.虽然这些在某种程度上肯定仍然成立，但鉴于投资者对最近新冠疫情发展的反应，隐含的承诺可能正在减弱。</blockquote></p><p> Headlines this morning conclude ‘markets no longer worried about inflation’; a notion, which is ostensibly consistent with the price action in US rates, misses the mark.<b>10-year breakevens are still at 225 bp and a distance away from the mid-June lows.</b>In addition, rising supply-driven inflation that functions as a tax on consumption as opposed to a reflection of a healthy real economy creates downside risks for the recovery. When combined with concerns that H1 will represent the peak of the rebound, it follows intuitively that the market has moved on to trading the next stage in the cycle – i.e. recalibrating growth expectations in reflecting the new norm; one in which herd immunity will prove elusive and variant risks (delta and others) become an ongoing concern.<b>A quick glance at real yields near -100 bp reinforces the read that this is a growth story, not a collective rethink of reflation.</b></p><p><blockquote>今天早上的头条新闻得出的结论是“市场不再担心通货膨胀”；一个表面上与美国利率价格走势一致的概念没有抓住要点。<b>10年期盈亏平衡点仍为225个基点，距离6月中旬的低点还有一段距离。</b>此外，供应驱动的通胀上升，其作用是对消费征税，而不是反映健康的实体经济，给复苏带来了下行风险。当结合对H1将代表反弹峰值的担忧时，直观地得出市场已经转向周期的下一阶段交易——即重新调整增长预期以反映新常态；在这种情况下，群体免疫将被证明是难以捉摸的，变异风险（德尔塔和其他）将成为一个持续的问题。<b>快速浏览一下接近-100个基点的实际收益率，就会强化这样的解读：这是一个增长故事，而不是对通货再膨胀的集体反思。</b></blockquote></p><p> There is yet another nuance of the price action that merits highlighting. Specifically, the move thus far has questionably been a flattening event as 10s and 30s outperform. The front end of the curve has benefited to a lesser extent as monetary policy expectations have remained in place.<b>This morning however, we’re starting to see the 5-year sector lead the rally. In the event we’re seeing the transition from a longer-term growth story to further pricing out Fed tightening, this could ultimately serve to moderate the gains in 10s and 30s.</b>This isn’t to suggest that less room for the FOMC to eventually normalize policy rates is a compelling reason to sell duration in the face of a resurgence of the pandemic. Instead, confidence that monetary policymakers won’t be so eager to respond to pockets of reflation given the renewed headwinds facing the global recovery</p><p><blockquote>价格走势还有另一个细微差别值得强调。具体来说，到目前为止，由于10岁和30岁的表现优于大盘，这一走势值得怀疑。由于货币政策预期仍在，曲线前端受益程度较小。<b>然而，今天早上，我们开始看到5年期板块领涨。如果我们看到从长期增长故事过渡到进一步定价美联储紧缩政策，这最终可能会减缓10年和30年的涨幅。</b>这并不是说，面对疫情卷土重来，联邦公开市场委员会最终使政策利率正常化的空间较小是卖出久期的令人信服的理由。相反，鉴于全球复苏面临新的阻力，人们相信货币政策制定者不会如此急于应对部分再通胀</blockquote></p><p> We’ll be tracking this particular evolution in the nature of the bullish repricing if, for no other reason,<b>it will be instrumental in gauging what to anticipate in response to next week’s FOMC meeting and Powell’s press conference.</b>Note that in light of the +8.1% consensus estimate for next week’s release of Q2 real GDP, there is little question that a strong rebound in H1 is priced in and investors have shifted toward trading the next stage in the recovery that contains far greater uncertainties.</p><p><blockquote>如果没有其他原因，我们将跟踪看涨重新定价性质的这种特殊演变，<b>这将有助于衡量下周FOMC会议和鲍威尔新闻发布会的预期。</b>请注意，鉴于对下周发布的Q2实际GDP的普遍预期为+8.1%，毫无疑问，H1的强劲反弹已被消化，投资者已转向交易包含更大不确定性的复苏的下一阶段。</blockquote></p><p> If the move in real yields is any indication there is growing angst on the rebound; 10-year real rates reached their lowest level since early January and within striking distance of the cycle low at -112.4 bp.</p><p><blockquote>如果实际收益率的变动表明人们对反弹的担忧越来越大；10年期实际利率达到1月初以来的最低水平，距离周期低点-112.4个基点不远。</blockquote></p><p></p><p> <img src=\"https://static.tigerbbs.com/add9a9864bc513a7f99d365620818f07\" tg-width=\"1223\" tg-height=\"687\" width=\"100%\" height=\"auto\">The decline in reals is made all the more noteworthy given the proximity to Thursday’s $16 bn new issue 10-year TIPS auction. Current valuations demonstrate not only increasing worry on the spread of the delta variant domestically, but perhaps more consequentially, overseas. Whereas there was once a time when the US rates landscape was solely dictated by the domestic fundamentals, the globalization of the economy and markets now leave Treasury yields a function of the global backdrop. This helps account for the impressive round of bullishness and durability of the bid for USTs even as the data has generally continued to perform well. We’re reminded of the time tested adage that resistance hardly holds on the third attempt, and will monitor the -112 bp line in the sand in 10-year real yields over the balance of the week.</p><p><blockquote>鉴于周四即将举行160亿美元的新发行10年期TIPS拍卖，雷亚尔的下跌变得更加值得注意。目前的估值不仅表明人们对德尔塔变异毒株在国内蔓延的担忧日益加剧，而且或许更重要的是，在海外蔓延。曾经有一段时间，美国利率格局完全由国内基本面决定，而经济和市场的全球化现在使美国国债收益率成为全球背景的函数。这有助于解释对UST的一轮令人印象深刻的看涨和持久性，尽管数据总体上继续表现良好。我们想起了久经考验的格言：第三次尝试阻力几乎不成立，并将在本周剩余时间内监测10年期实际收益率的-112个基点线。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/behind-plunge-yields-growth-story-not-rethink-inflation?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29\">zerohedge</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index","SPY":"标普500ETF",".DJI":"道琼斯"},"source_url":"https://www.zerohedge.com/markets/behind-plunge-yields-growth-story-not-rethink-inflation?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1109861258","content_text":"In a notable turn of events, the overnight session saw an initial attempt at a modest reversal in the recent Treasury rally only to be met with further buying interest. The net result was a tick lower in 10-year yields that brought the benchmark to levels not seen since mid-February.\nWith the next technical target sill 5 bps away, we’ll be watching the interplay between risk assets and US rates as the delta-inspired repricing continues. We’re cognizant that the severity of the recent move has led to stretched momentum measures, implying incremental gains will be more difficult to achieve. This isn’t to suggest the floor for rates is evident at the moment, rather that it should be anticipated that the pace of the rally will slow.There has been plenty of chatter surrounding the possibility 10- year yields dip below 1.0%; an eventuality that would be a short-lived endeavor, but not one that’s off the table.More immediately however, will be gauging the extent to which rising case counts can carry yields even lower from here.\nIt would be an oversimplification to conclude this move is entirely a function of the economic risks posed by the reinstatement of covid-19 restrictions. In fact, we’ll argue the rally has been exaggerated by the Fed’s most recent efforts to be less dovish.Policymakers are in the pre-meeting radio period of radio silence; which eliminates the potential for any official commentary on the Fed’s take on the renewed pandemic risks. Moreover,it leaves investors operating under the assumption that 1) tapering is still on track, 2) rate hikes as early as next year could come to fruition, and 3) the Fed’s ‘will act if not transitory’ stance on inflation remains value. While these surely still hold true to some extent, the implied commitment may be waning given investors’ response to the recent covid developments.\nHeadlines this morning conclude ‘markets no longer worried about inflation’; a notion, which is ostensibly consistent with the price action in US rates, misses the mark.10-year breakevens are still at 225 bp and a distance away from the mid-June lows.In addition, rising supply-driven inflation that functions as a tax on consumption as opposed to a reflection of a healthy real economy creates downside risks for the recovery. When combined with concerns that H1 will represent the peak of the rebound, it follows intuitively that the market has moved on to trading the next stage in the cycle – i.e. recalibrating growth expectations in reflecting the new norm; one in which herd immunity will prove elusive and variant risks (delta and others) become an ongoing concern.A quick glance at real yields near -100 bp reinforces the read that this is a growth story, not a collective rethink of reflation.\nThere is yet another nuance of the price action that merits highlighting. Specifically, the move thus far has questionably been a flattening event as 10s and 30s outperform. The front end of the curve has benefited to a lesser extent as monetary policy expectations have remained in place.This morning however, we’re starting to see the 5-year sector lead the rally. In the event we’re seeing the transition from a longer-term growth story to further pricing out Fed tightening, this could ultimately serve to moderate the gains in 10s and 30s.This isn’t to suggest that less room for the FOMC to eventually normalize policy rates is a compelling reason to sell duration in the face of a resurgence of the pandemic. Instead, confidence that monetary policymakers won’t be so eager to respond to pockets of reflation given the renewed headwinds facing the global recovery\nWe’ll be tracking this particular evolution in the nature of the bullish repricing if, for no other reason,it will be instrumental in gauging what to anticipate in response to next week’s FOMC meeting and Powell’s press conference.Note that in light of the +8.1% consensus estimate for next week’s release of Q2 real GDP, there is little question that a strong rebound in H1 is priced in and investors have shifted toward trading the next stage in the recovery that contains far greater uncertainties.\nIf the move in real yields is any indication there is growing angst on the rebound; 10-year real rates reached their lowest level since early January and within striking distance of the cycle low at -112.4 bp.\nThe decline in reals is made all the more noteworthy given the proximity to Thursday’s $16 bn new issue 10-year TIPS auction. Current valuations demonstrate not only increasing worry on the spread of the delta variant domestically, but perhaps more consequentially, overseas. Whereas there was once a time when the US rates landscape was solely dictated by the domestic fundamentals, the globalization of the economy and markets now leave Treasury yields a function of the global backdrop. This helps account for the impressive round of bullishness and durability of the bid for USTs even as the data has generally continued to perform well. We’re reminded of the time tested adage that resistance hardly holds on the third attempt, and will monitor the -112 bp line in the sand in 10-year real yields over the balance of the week.","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":530,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":868102327,"gmtCreate":1632616955369,"gmtModify":1632652414456,"author":{"id":"4088415017171770","authorId":"4088415017171770","name":"PYEO","avatar":"https://static.tigerbbs.com/ffd529f4a692f5731760183a63c10858","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088415017171770","authorIdStr":"4088415017171770"},"themes":[],"htmlText":"Like please.","listText":"Like please.","text":"Like please.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/868102327","repostId":"2169615117","repostType":4,"isVote":1,"tweetType":1,"viewCount":539,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}