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2021-10-20

Thanks

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2021-10-14

Thanks

Buying The Dip Is Dead<blockquote>逢低买入已死</blockquote>

2021-08-23

Nice article. Thanks for sharing.

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2021-11-14

Thanks

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2021-12-09

Thanks

GameStop discloses SEC subpoena on trading activity, posts bigger-than-expected loss<blockquote>游戏驿站披露美国证券交易委员会关于交易活动的传票，亏损超出预期</blockquote>

2021-10-09

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2021-09-28

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2021-11-20

Nice

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2021-11-18

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2021-10-19

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2021-08-18

Nice

3 Stocks I'm Never Selling<blockquote>我永远不会出售的3只股票</blockquote>

2021-11-27

Thanks

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2021-11-12

Nice

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2021-08-22

Go

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2021-08-18

Nice

3 Stocks I'm Never Selling<blockquote>我永远不会出售的3只股票</blockquote>

2021-12-29

Thanks

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2021-12-09

Thanks

Pfizer Says Booster Neutralized Omicron but Variant May Elude Two Doses<blockquote>辉瑞称加强剂中和了奥密克戎病毒，但变种可能无法注射两剂</blockquote>

2021-09-19

😄

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2021-08-23

Good

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2021-10-12

Great

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reports.","content":"<p>Alibaba&nbsp;shares&nbsp;fell&nbsp;3.45%&nbsp;in&nbsp;premarket&nbsp;trading.<img src=\"https://static.tigerbbs.com/2aca7dde9ba9b99094907e05817f461b\" tg-width=\"735\" tg-height=\"593\" width=\"100%\" height=\"auto\">Chinese regulators have suspended an information-sharing partnership with Alibaba Cloud Computing, a subsidiary of e-commerce conglomerate Alibaba Group, over accusations it failed to promptly report and address a cybersecurity vulnerability, according to state-backed media reports.</p><p><blockquote>阿里巴巴-SW股价在盘前交易中下跌3。据官方媒体报道，中国监管机构暂停了与电子商务集团阿里巴巴-SW集团子公司阿里巴巴-SW云计算的信息共享合作伙伴关系，原因是该公司被指控未能及时报告和解决网络安全漏洞。</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>Alibaba shares fell 3.45% in premarket trading<blockquote>阿里巴巴-SW股价在盘前交易中下跌3.45%</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\">\nAlibaba shares fell 3.45% in premarket trading<blockquote>阿里巴巴-SW股价在盘前交易中下跌3.45%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-12-22 17:01</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Alibaba&nbsp;shares&nbsp;fell&nbsp;3.45%&nbsp;in&nbsp;premarket&nbsp;trading.<img src=\"https://static.tigerbbs.com/2aca7dde9ba9b99094907e05817f461b\" tg-width=\"735\" tg-height=\"593\" width=\"100%\" height=\"auto\">Chinese regulators have suspended an information-sharing partnership with Alibaba Cloud Computing, a subsidiary of e-commerce conglomerate Alibaba Group, over accusations it failed to promptly report and address a cybersecurity vulnerability, according to state-backed media reports.</p><p><blockquote>阿里巴巴-SW股价在盘前交易中下跌3。据官方媒体报道，中国监管机构暂停了与电子商务集团阿里巴巴-SW集团子公司阿里巴巴-SW云计算的信息共享合作伙伴关系，原因是该公司被指控未能及时报告和解决网络安全漏洞。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"09988":"阿里巴巴-W","BABA":"阿里巴巴"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148919660","content_text":"Alibaba shares fell 3.45% in premarket trading.Chinese regulators have suspended an information-sharing partnership with Alibaba Cloud Computing, a subsidiary of e-commerce conglomerate Alibaba Group, over accusations it failed to promptly report and address a cybersecurity vulnerability, according to state-backed media reports.","news_type":1,"symbols_score_info":{"BABA":0.9,"09988":0.9}},"isVote":1,"tweetType":1,"viewCount":2599,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":602854542,"gmtCreate":1639009284261,"gmtModify":1639009284390,"author":{"id":"4089861821723520","authorId":"4089861821723520","name":"Huhu88","avatar":"https://static.tigerbbs.com/afaf32d53dd5ce37ce49c567be9cef05","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089861821723520","idStr":"4089861821723520"},"themes":[],"htmlText":"Thanks&nbsp;","listText":"Thanks&nbsp;","text":"Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/602854542","repostId":"1121391317","repostType":4,"repost":{"id":"1121391317","kind":"news","pubTimestamp":1639008812,"share":"https://www.laohu8.com/m/news/1121391317?lang=zh_CN&edition=full","pubTime":"2021-12-09 08:13","market":"us","language":"en","title":"GameStop discloses SEC subpoena on trading activity, posts bigger-than-expected loss<blockquote>游戏驿站披露美国证券交易委员会关于交易活动的传票，亏损超出预期</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1121391317","media":"Reuters","summary":"Dec 8 (Reuters) - Video game retailer GameStop Corp said it was issued a subpoena by the U.S. securi","content":"<p>Dec 8 (Reuters) - Video game retailer GameStop Corp said it was issued a subpoena by the U.S. securities regulator back in August for documents on an investigation into its share trading activity, while reporting a bigger-than-expected quarterly loss.</p><p><blockquote>路透12月8日-视频游戏零售商游戏驿站公司表示，早在8月份就收到了美国证券监管机构的传票，要求其提供有关其股票交易活动调查文件，同时报告季度亏损超出预期。</blockquote></p><p> GameStop was one of the companies whose shares hogged the limelight in this year's meme-stock frenzy, which was led by day traders and fueled by chatter on social media platforms such as Reddit.</p><p><blockquote>游戏驿站是今年迷因股票狂潮中备受瞩目的公司之一，这场狂潮由日内交易者引领，并由Reddit等社交媒体平台上的聊天推动。</blockquote></p><p> \"We are in the process of producing the documents and have been and intend to continue cooperating fully with the SEC Staff regarding this matter,\" GameStop said in a regulatory filing on Wednesday, adding that the inquiry was not expected to have an adverse impact on the company.</p><p><blockquote>游戏驿站在周三的一份监管文件中表示：“我们正在制作文件，并且已经并打算继续就此事与SEC工作人员充分合作。”他补充说，预计调查不会对公司产生不利影响。</blockquote></p><p> GameStop's shares were down 4.4% at $166 in extended trading, after having gained more than nine times so far this year.</p><p><blockquote>游戏驿站股价在盘后交易中下跌4.4%，至166美元，今年迄今已上涨超过9倍。</blockquote></p><p> On an adjusted basis, the company lost $1.39 per share in the third quarter ended Oct. 30, compared with estimates of a loss of $0.52 per share, according to Refinitiv IBES data.</p><p><blockquote>根据Refinitiv IBES的数据，在调整后的基础上，该公司在截至10月30日的第三季度每股亏损1.39美元，而预计每股亏损0.52美元。</blockquote></p><p> GameStop's business model, which was suffering even before the pandemic hit, was further impacted by the COVID-19 lockdowns, with the company shutting down hundreds of brick-and-mortar stores.</p><p><blockquote>游戏驿站的商业模式甚至在大流行爆发之前就已经受到影响，并受到COVID-19封锁的进一步影响，该公司关闭了数百家实体店。</blockquote></p><p> The company has since then tried to take advantage of the pandemic-fueled demand for online shopping by trying to sell its consoles and games online.</p><p><blockquote>此后，该公司试图利用疫情推动的在线购物需求，尝试在线销售其游戏机和游戏。</blockquote></p><p> GameStop's overall revenue rose to $1.30 billion, beating estimates of $1.19 billion.</p><p><blockquote>游戏驿站的整体营收升至13亿美元，超出预期的11.9亿美元。</blockquote></p><p></p>","source":"lsy1612507957220","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>GameStop discloses SEC subpoena on trading activity, posts bigger-than-expected loss<blockquote>游戏驿站披露美国证券交易委员会关于交易活动的传票，亏损超出预期</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\">\nGameStop discloses SEC subpoena on trading activity, posts bigger-than-expected loss<blockquote>游戏驿站披露美国证券交易委员会关于交易活动的传票，亏损超出预期</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-12-09 08:13</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Dec 8 (Reuters) - Video game retailer GameStop Corp said it was issued a subpoena by the U.S. securities regulator back in August for documents on an investigation into its share trading activity, while reporting a bigger-than-expected quarterly loss.</p><p><blockquote>路透12月8日-视频游戏零售商游戏驿站公司表示，早在8月份就收到了美国证券监管机构的传票，要求其提供有关其股票交易活动调查文件，同时报告季度亏损超出预期。</blockquote></p><p> GameStop was one of the companies whose shares hogged the limelight in this year's meme-stock frenzy, which was led by day traders and fueled by chatter on social media platforms such as Reddit.</p><p><blockquote>游戏驿站是今年迷因股票狂潮中备受瞩目的公司之一，这场狂潮由日内交易者引领，并由Reddit等社交媒体平台上的聊天推动。</blockquote></p><p> \"We are in the process of producing the documents and have been and intend to continue cooperating fully with the SEC Staff regarding this matter,\" GameStop said in a regulatory filing on Wednesday, adding that the inquiry was not expected to have an adverse impact on the company.</p><p><blockquote>游戏驿站在周三的一份监管文件中表示：“我们正在制作文件，并且已经并打算继续就此事与SEC工作人员充分合作。”他补充说，预计调查不会对公司产生不利影响。</blockquote></p><p> GameStop's shares were down 4.4% at $166 in extended trading, after having gained more than nine times so far this year.</p><p><blockquote>游戏驿站股价在盘后交易中下跌4.4%，至166美元，今年迄今已上涨超过9倍。</blockquote></p><p> On an adjusted basis, the company lost $1.39 per share in the third quarter ended Oct. 30, compared with estimates of a loss of $0.52 per share, according to Refinitiv IBES data.</p><p><blockquote>根据Refinitiv IBES的数据，在调整后的基础上，该公司在截至10月30日的第三季度每股亏损1.39美元，而预计每股亏损0.52美元。</blockquote></p><p> GameStop's business model, which was suffering even before the pandemic hit, was further impacted by the COVID-19 lockdowns, with the company shutting down hundreds of brick-and-mortar stores.</p><p><blockquote>游戏驿站的商业模式甚至在大流行爆发之前就已经受到影响，并受到COVID-19封锁的进一步影响，该公司关闭了数百家实体店。</blockquote></p><p> The company has since then tried to take advantage of the pandemic-fueled demand for online shopping by trying to sell its consoles and games online.</p><p><blockquote>此后，该公司试图利用疫情推动的在线购物需求，尝试在线销售其游戏机和游戏。</blockquote></p><p> GameStop's overall revenue rose to $1.30 billion, beating estimates of $1.19 billion.</p><p><blockquote>游戏驿站的整体营收升至13亿美元，超出预期的11.9亿美元。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/1-gamestop-beats-quarterly-revenue-212028040.html\">Reuters</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":{"GME":"游戏驿站"},"source_url":"https://finance.yahoo.com/news/1-gamestop-beats-quarterly-revenue-212028040.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1121391317","content_text":"Dec 8 (Reuters) - Video game retailer GameStop Corp said it was issued a subpoena by the U.S. securities regulator back in August for documents on an investigation into its share trading activity, while reporting a bigger-than-expected quarterly loss.\nGameStop was one of the companies whose shares hogged the limelight in this year's meme-stock frenzy, which was led by day traders and fueled by chatter on social media platforms such as Reddit.\n\"We are in the process of producing the documents and have been and intend to continue cooperating fully with the SEC Staff regarding this matter,\" GameStop said in a regulatory filing on Wednesday, adding that the inquiry was not expected to have an adverse impact on the company.\nGameStop's shares were down 4.4% at $166 in extended trading, after having gained more than nine times so far this year.\nOn an adjusted basis, the company lost $1.39 per share in the third quarter ended Oct. 30, compared with estimates of a loss of $0.52 per share, according to Refinitiv IBES data.\nGameStop's business model, which was suffering even before the pandemic hit, was further impacted by the COVID-19 lockdowns, with the company shutting down hundreds of brick-and-mortar stores.\nThe company has since then tried to take advantage of the pandemic-fueled demand for online shopping by trying to sell its consoles and games online.\nGameStop's overall revenue rose to $1.30 billion, beating estimates of $1.19 billion.","news_type":1,"symbols_score_info":{"GME":0.9}},"isVote":1,"tweetType":1,"viewCount":2729,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":602855705,"gmtCreate":1639009249410,"gmtModify":1639009249503,"author":{"id":"4089861821723520","authorId":"4089861821723520","name":"Huhu88","avatar":"https://static.tigerbbs.com/afaf32d53dd5ce37ce49c567be9cef05","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089861821723520","idStr":"4089861821723520"},"themes":[],"htmlText":"Thanks","listText":"Thanks","text":"Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/602855705","repostId":"1141815911","repostType":4,"repost":{"id":"1141815911","kind":"news","pubTimestamp":1639007843,"share":"https://www.laohu8.com/m/news/1141815911?lang=zh_CN&edition=full","pubTime":"2021-12-09 07:57","market":"us","language":"en","title":"Pfizer Says Booster Neutralized Omicron but Variant May Elude Two Doses<blockquote>辉瑞称加强剂中和了奥密克戎病毒，但变种可能无法注射两剂</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1141815911","media":"The Wall Street Journal","summary":"Pfizer Inc. PFE -0.62% and BioNTech SE BNTX -3.55% said that a third dose of their Covid-19 vaccine ","content":"<p>Pfizer Inc. PFE -0.62% and BioNTech SE BNTX -3.55% said that a third dose of their Covid-19 vaccine neutralized the Omicron variant in lab tests but that the two-dose regimen was significantly less effective at blocking the virus.</p><p><blockquote>辉瑞公司PFE-0.62%和BioNTech SE BNTX-3.55%表示，他们的第三剂Covid-19疫苗在实验室测试中中和了奥密克戎变种，但两剂方案在阻断病毒方面的效果明显较差。</blockquote></p><p> A third dose increased antibodies 25-fold compared with two doses against the Omicron variant, the companies said. Still, two doses may prove effective in preventing severe illness from Covid-19, they said, because immune cells are able to recognize 80% of parts of the spike protein that the vaccine targets.</p><p><blockquote>两家公司表示，与针对奥密克戎变种的两剂相比，第三剂使抗体增加了25倍。他们说，尽管如此，两剂疫苗可能会有效预防Covid-19引起的严重疾病，因为免疫细胞能够识别疫苗靶向的刺突蛋白的80%部分。</blockquote></p><p> The results were issued in a press release by the companies, and weren’t peer reviewed and published in a scientific journal.</p><p><blockquote>这些结果是在两家公司的新闻稿中发布的，没有经过同行评审也没有发表在科学期刊上。</blockquote></p><p> The findings from the companies’ early study, and one by scientists in South Africa, suggest that three doses will be needed to produce a similar immune response against Omicron as was provided by just two doses in earlier strains of the virus.</p><p><blockquote>两家公司的早期研究结果以及南非科学家的一项研究结果表明，需要三剂疫苗才能产生与早期病毒株仅两剂疫苗类似的针对奥密克戎病毒的免疫反应。</blockquote></p><p> It also bolsters the case for repeated and periodic boosters to maintain people’s immune defenses against an evolving Covid-19, the companies said.</p><p><blockquote>两家公司表示，这也支持了重复和定期加强剂以维持人们对不断发展的Covid-19的免疫防御的理由。</blockquote></p><p> “This is very positive news that should make everyone even more motivated to get vaccinated” and get a booster, said Pfizer Chief Scientific Officer Mikael Dolsten.</p><p><blockquote>辉瑞首席科学官米凯尔·多尔斯滕(Mikael Dolsten)表示，“这是一个非常积极的消息，应该会让每个人都更有动力接种疫苗”并接种加强剂。</blockquote></p><p> The companies’ current vaccine will provide a strong defense against Omicron, especially if people get a booster shot, Dr. Dolsten said. The three-dose regimen, he added, could provide stopgap protection against Omicron through the winter and until a new vaccine targeted directly at the variant would be ready if needed.</p><p><blockquote>多尔斯滕博士说，两家公司目前的疫苗将为奥密克戎提供强有力的防御，特别是如果人们接受加强注射的话。他补充说，三剂方案可以在整个冬季提供针对奥密克戎病毒的权宜之计，直到需要时直接针对该变种的新疫苗准备就绪。</blockquote></p><p> Pfizer and BioNTech are working on an Omicron-specific vaccine that they hope to have available by March 2022 if the variant becomes widespread by then. Researchers started working on the new vaccine on Thanksgiving Day, Nov. 25, shortly after Omicron was identified.</p><p><blockquote>辉瑞和BioNTech正在研究一种针对奥密克戎病毒的疫苗，如果该变种到那时变得广泛传播，他们希望在2022年3月之前上市。奥密克戎病毒被发现后不久，研究人员于11月25日感恩节开始研究这种新疫苗。</blockquote></p><p> The vaccine trains the immune system to fight the virus by generating immune-system soldiers known as antibodies, which attach to the virus and prevent it from replicating in healthy cells. The vaccine also produces other immune-system fighters called T cells that can kick in after infection to help target and clear the virus, preventing more serious disease.</p><p><blockquote>该疫苗通过产生称为抗体的免疫系统士兵来训练免疫系统对抗病毒，抗体附着在病毒上并阻止其在健康细胞中复制。该疫苗还产生其他称为T细胞的免疫系统战士，可以在感染后发挥作用，帮助靶向和清除病毒，预防更严重的疾病。</blockquote></p><p> Pfizer and BioNTech said that Omicron still appears susceptible to T cells produced by the vaccine.</p><p><blockquote>辉瑞和BioNTech表示，奥密克戎似乎仍然容易受到疫苗产生的T细胞的影响。</blockquote></p><p> Dr. Dolsten estimated there is a greater than 50% chance that Omicron becomes the dominant strain spreading in the U.S. by the spring, though it is too soon to know with certainty, he said.</p><p><blockquote>多尔斯滕博士估计，到春季，奥密克戎病毒成为美国传播的主要毒株的可能性超过50%，但现在确定还为时过早。</blockquote></p><p> The preliminary lab data comes from an analysis of blood samples from vaccinated patients measuring antibodies capable of neutralizing the virus causing Covid-19, including the Omicron variant. Blood samples were collected three weeks after patients received their second dose, or one month after receiving their third dose.</p><p><blockquote>初步实验室数据来自对接种疫苗患者血液样本的分析，测量能够中和导致Covid-19的病毒（包括奥密克戎变种）的抗体。在患者接受第二剂后三周或接受第三剂后一个月采集血样。</blockquote></p><p> The number of antibodies generated by a third booster shot against Omicron is similar to two doses against an older strain of the virus, the companies said.</p><p><blockquote>两家公司表示，针对奥密克戎病毒的第三次加强注射产生的抗体数量与针对旧病毒株的两次注射相似。</blockquote></p><p> “These preliminary data appear to show the Pfizer vaccine does in fact protect against Omicron, and that’s very good news,” said Philip Landrigan, director of Boston College’s Global Public Health and the Global Common Good program.</p><p><blockquote>“这些初步数据似乎表明辉瑞疫苗确实可以预防奥密克戎病毒，这是一个非常好的消息，”Boston College全球公共卫生和全球公益项目主任Philip Landrigan说。</blockquote></p><p> Monica Gandhi, a professor of medicine at the University of California, San Francisco, said the results suggested two doses will protect many people from getting bad cases leading to hospitalization or death.</p><p><blockquote>加州大学旧金山分校医学教授莫妮卡·甘地表示，结果表明，两剂疫苗将保护许多人免受导致住院或死亡的严重病例。</blockquote></p><p> “Two doses are still effective against severe disease, whether people get boosters or not,” said Dr. Gandhi, who is recommending boosters for high-risk patients, including those with HIV. “For people who are at high risk of severe disease, it’s so important to get them boosted, but I don’t think it’s mandatory for young healthy people.”</p><p><blockquote>甘地博士说：“无论人们是否接种加强剂，两剂疫苗对严重疾病仍然有效。”他建议为包括艾滋病毒感染者在内的高危患者接种加强剂。“对于患有严重疾病的高风险人群来说，给他们注射疫苗非常重要，但我认为这对于年轻的健康人来说并不是强制性的。”</blockquote></p><p> The company’s early findings come a day after scientists in South Africa reported findings from early lab tests indicating a 41-fold reduction in the Pfizer-BioNTech vaccine’s neutralization of Omicron than the original version of the virus.</p><p><blockquote>该公司的早期发现发布前一天，南非科学家报告了早期实验室测试的结果，表明辉瑞-BioNTech疫苗对奥密克戎病毒的中和作用比原始版本的病毒降低了41倍。</blockquote></p><p> The researchers, however, found greater antibody responses against Omicron in blood taken from subjects who were fully vaccinated and had previously been infected with Covid-19.</p><p><blockquote>然而，研究人员发现，从完全接种疫苗且之前感染过Covid-19的受试者身上采集的血液中，针对奥密克戎病毒的抗体反应更强。</blockquote></p><p> The companies will continue to work on a variant vaccine despite the promising signs that boosting with the original shot offers good protection against Omicron, said BioNTech Chief Executive Uğur Şahin. That is because they would need to see more data on how their vaccine holds up against the new variant, including real-world effectiveness data, expected in the coming weeks.</p><p><blockquote>BioNTech首席执行官Uğur Ş ahin表示，尽管有令人鼓舞的迹象表明，使用原始疫苗加强注射可以很好地预防奥密克戎病，但两家公司仍将继续研究变异疫苗。这是因为他们需要看到更多关于他们的疫苗如何抵抗新变种的数据，包括预计在未来几周内的真实世界有效性数据。</blockquote></p><p> “Only in combination will we understand the relevance of this data and potential protection against Omicron-mediated disease and severe disease,” he said.</p><p><blockquote>他说：“只有结合起来，我们才能了解这些数据的相关性以及对奥密克戎病介导的疾病和严重疾病的潜在保护作用。”</blockquote></p><p> Real-world data on vaccine effectiveness against Omicron won’t be available for at least six weeks, Dr. Şahin said, because the case numbers need to be higher before this can be measured.</p><p><blockquote>Ş ahin博士说，有关奥密克戎疫苗有效性的真实数据至少在六周内无法获得，因为病例数需要更高才能衡量。</blockquote></p><p></p><p> Meanwhile, the companies are moving forward with manufacturing an Omicron-specific vaccine. The first doses, for experimental use, will be ready in January, BioNTech executives said.</p><p><blockquote>与此同时，两家公司正在推进奥密克戎专用疫苗的生产。BioNTech高管表示，用于实验用途的第一剂疫苗将于1月份准备就绪。</blockquote></p><p> Omicron was first identified by scientists in South Africa last month. Since then the World Health Organization has deemed it a variant of concern. And it has since been detected around the world, including in the U.S.</p><p><blockquote>上个月，科学家首次在南非发现了奥密克戎病毒。从那时起，世界卫生组织就认为这是一个值得关注的变种。此后，包括美国在内的世界各地都发现了这种病毒。</blockquote></p><p> Researchers have been trying to understand how contagious the new strain is, as well as how well it might be able to evade Covid-19 vaccines and whether it causes severe disease. Some preliminary reports suggest the variant is more contagious but might cause milder disease, though researchers say it is too early to know.</p><p><blockquote>研究人员一直在试图了解这种新毒株的传染性如何，以及它逃避Covid-19疫苗的能力如何，以及它是否会导致严重疾病。一些初步报告表明，这种变异更具传染性，但可能会导致较轻的疾病，尽管研究人员表示现在知道还为时过早。</blockquote></p><p> Pfizer and BioNTech said they expect to make four billion vaccine doses next year, even if an Omicron-specific vaccine is required by then.</p><p><blockquote>辉瑞和BioNTech表示，他们预计明年将生产40亿剂疫苗，即使届时需要奥密克戎专用疫苗。</blockquote></p><p> Dr. Dolsten said that regardless of how widespread Omicron becomes, continued booster shots will likely be needed going forward to provide protection against Covid-19. A fourth booster dose is likely to be needed in the spring or fall of 2022, he said.</p><p><blockquote>多尔斯滕博士说，无论奥密克戎病变得多么普遍，未来可能需要持续的加强注射来提供针对新冠肺炎的保护。他说，2022年春季或秋季可能需要第四次加强剂量。</blockquote></p><p> “It’s increasingly clear you need to have a long-term perspective, with continued boosting to have strong durable immunity,” said Dr. Dolsten. “If the landscape looks similar to today, we will likely continue to boost with the current vaccine.”</p><p><blockquote>多尔斯滕博士说：“越来越明显的是，你需要有长远的眼光，持续增强才能拥有强大持久的免疫力。”“如果情况看起来与今天相似，我们可能会继续使用当前的疫苗加强疫苗。”</blockquote></p><p> Pfizer’s shares rose 1% while BioNTech’s American depositary shares fell 0.2% in morning trading.</p><p><blockquote>辉瑞股价上涨1%，而BioNTech美国存托股早盘下跌0.2%。</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>Pfizer Says Booster Neutralized Omicron but Variant May Elude Two Doses<blockquote>辉瑞称加强剂中和了奥密克戎病毒，但变种可能无法注射两剂</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPfizer Says Booster Neutralized Omicron but Variant May Elude Two Doses<blockquote>辉瑞称加强剂中和了奥密克戎病毒，但变种可能无法注射两剂</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Wall Street Journal</strong><span class=\"h-time small\">2021-12-09 07:57</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Pfizer Inc. PFE -0.62% and BioNTech SE BNTX -3.55% said that a third dose of their Covid-19 vaccine neutralized the Omicron variant in lab tests but that the two-dose regimen was significantly less effective at blocking the virus.</p><p><blockquote>辉瑞公司PFE-0.62%和BioNTech SE BNTX-3.55%表示，他们的第三剂Covid-19疫苗在实验室测试中中和了奥密克戎变种，但两剂方案在阻断病毒方面的效果明显较差。</blockquote></p><p> A third dose increased antibodies 25-fold compared with two doses against the Omicron variant, the companies said. Still, two doses may prove effective in preventing severe illness from Covid-19, they said, because immune cells are able to recognize 80% of parts of the spike protein that the vaccine targets.</p><p><blockquote>两家公司表示，与针对奥密克戎变种的两剂相比，第三剂使抗体增加了25倍。他们说，尽管如此，两剂疫苗可能会有效预防Covid-19引起的严重疾病，因为免疫细胞能够识别疫苗靶向的刺突蛋白的80%部分。</blockquote></p><p> The results were issued in a press release by the companies, and weren’t peer reviewed and published in a scientific journal.</p><p><blockquote>这些结果是在两家公司的新闻稿中发布的，没有经过同行评审也没有发表在科学期刊上。</blockquote></p><p> The findings from the companies’ early study, and one by scientists in South Africa, suggest that three doses will be needed to produce a similar immune response against Omicron as was provided by just two doses in earlier strains of the virus.</p><p><blockquote>两家公司的早期研究结果以及南非科学家的一项研究结果表明，需要三剂疫苗才能产生与早期病毒株仅两剂疫苗类似的针对奥密克戎病毒的免疫反应。</blockquote></p><p> It also bolsters the case for repeated and periodic boosters to maintain people’s immune defenses against an evolving Covid-19, the companies said.</p><p><blockquote>两家公司表示，这也支持了重复和定期加强剂以维持人们对不断发展的Covid-19的免疫防御的理由。</blockquote></p><p> “This is very positive news that should make everyone even more motivated to get vaccinated” and get a booster, said Pfizer Chief Scientific Officer Mikael Dolsten.</p><p><blockquote>辉瑞首席科学官米凯尔·多尔斯滕(Mikael Dolsten)表示，“这是一个非常积极的消息，应该会让每个人都更有动力接种疫苗”并接种加强剂。</blockquote></p><p> The companies’ current vaccine will provide a strong defense against Omicron, especially if people get a booster shot, Dr. Dolsten said. The three-dose regimen, he added, could provide stopgap protection against Omicron through the winter and until a new vaccine targeted directly at the variant would be ready if needed.</p><p><blockquote>多尔斯滕博士说，两家公司目前的疫苗将为奥密克戎提供强有力的防御，特别是如果人们接受加强注射的话。他补充说，三剂方案可以在整个冬季提供针对奥密克戎病毒的权宜之计，直到需要时直接针对该变种的新疫苗准备就绪。</blockquote></p><p> Pfizer and BioNTech are working on an Omicron-specific vaccine that they hope to have available by March 2022 if the variant becomes widespread by then. Researchers started working on the new vaccine on Thanksgiving Day, Nov. 25, shortly after Omicron was identified.</p><p><blockquote>辉瑞和BioNTech正在研究一种针对奥密克戎病毒的疫苗，如果该变种到那时变得广泛传播，他们希望在2022年3月之前上市。奥密克戎病毒被发现后不久，研究人员于11月25日感恩节开始研究这种新疫苗。</blockquote></p><p> The vaccine trains the immune system to fight the virus by generating immune-system soldiers known as antibodies, which attach to the virus and prevent it from replicating in healthy cells. The vaccine also produces other immune-system fighters called T cells that can kick in after infection to help target and clear the virus, preventing more serious disease.</p><p><blockquote>该疫苗通过产生称为抗体的免疫系统士兵来训练免疫系统对抗病毒，抗体附着在病毒上并阻止其在健康细胞中复制。该疫苗还产生其他称为T细胞的免疫系统战士，可以在感染后发挥作用，帮助靶向和清除病毒，预防更严重的疾病。</blockquote></p><p> Pfizer and BioNTech said that Omicron still appears susceptible to T cells produced by the vaccine.</p><p><blockquote>辉瑞和BioNTech表示，奥密克戎似乎仍然容易受到疫苗产生的T细胞的影响。</blockquote></p><p> Dr. Dolsten estimated there is a greater than 50% chance that Omicron becomes the dominant strain spreading in the U.S. by the spring, though it is too soon to know with certainty, he said.</p><p><blockquote>多尔斯滕博士估计，到春季，奥密克戎病毒成为美国传播的主要毒株的可能性超过50%，但现在确定还为时过早。</blockquote></p><p> The preliminary lab data comes from an analysis of blood samples from vaccinated patients measuring antibodies capable of neutralizing the virus causing Covid-19, including the Omicron variant. Blood samples were collected three weeks after patients received their second dose, or one month after receiving their third dose.</p><p><blockquote>初步实验室数据来自对接种疫苗患者血液样本的分析，测量能够中和导致Covid-19的病毒（包括奥密克戎变种）的抗体。在患者接受第二剂后三周或接受第三剂后一个月采集血样。</blockquote></p><p> The number of antibodies generated by a third booster shot against Omicron is similar to two doses against an older strain of the virus, the companies said.</p><p><blockquote>两家公司表示，针对奥密克戎病毒的第三次加强注射产生的抗体数量与针对旧病毒株的两次注射相似。</blockquote></p><p> “These preliminary data appear to show the Pfizer vaccine does in fact protect against Omicron, and that’s very good news,” said Philip Landrigan, director of Boston College’s Global Public Health and the Global Common Good program.</p><p><blockquote>“这些初步数据似乎表明辉瑞疫苗确实可以预防奥密克戎病毒，这是一个非常好的消息，”Boston College全球公共卫生和全球公益项目主任Philip Landrigan说。</blockquote></p><p> Monica Gandhi, a professor of medicine at the University of California, San Francisco, said the results suggested two doses will protect many people from getting bad cases leading to hospitalization or death.</p><p><blockquote>加州大学旧金山分校医学教授莫妮卡·甘地表示，结果表明，两剂疫苗将保护许多人免受导致住院或死亡的严重病例。</blockquote></p><p> “Two doses are still effective against severe disease, whether people get boosters or not,” said Dr. Gandhi, who is recommending boosters for high-risk patients, including those with HIV. “For people who are at high risk of severe disease, it’s so important to get them boosted, but I don’t think it’s mandatory for young healthy people.”</p><p><blockquote>甘地博士说：“无论人们是否接种加强剂，两剂疫苗对严重疾病仍然有效。”他建议为包括艾滋病毒感染者在内的高危患者接种加强剂。“对于患有严重疾病的高风险人群来说，给他们注射疫苗非常重要，但我认为这对于年轻的健康人来说并不是强制性的。”</blockquote></p><p> The company’s early findings come a day after scientists in South Africa reported findings from early lab tests indicating a 41-fold reduction in the Pfizer-BioNTech vaccine’s neutralization of Omicron than the original version of the virus.</p><p><blockquote>该公司的早期发现发布前一天，南非科学家报告了早期实验室测试的结果，表明辉瑞-BioNTech疫苗对奥密克戎病毒的中和作用比原始版本的病毒降低了41倍。</blockquote></p><p> The researchers, however, found greater antibody responses against Omicron in blood taken from subjects who were fully vaccinated and had previously been infected with Covid-19.</p><p><blockquote>然而，研究人员发现，从完全接种疫苗且之前感染过Covid-19的受试者身上采集的血液中，针对奥密克戎病毒的抗体反应更强。</blockquote></p><p> The companies will continue to work on a variant vaccine despite the promising signs that boosting with the original shot offers good protection against Omicron, said BioNTech Chief Executive Uğur Şahin. That is because they would need to see more data on how their vaccine holds up against the new variant, including real-world effectiveness data, expected in the coming weeks.</p><p><blockquote>BioNTech首席执行官Uğur Ş ahin表示，尽管有令人鼓舞的迹象表明，使用原始疫苗加强注射可以很好地预防奥密克戎病，但两家公司仍将继续研究变异疫苗。这是因为他们需要看到更多关于他们的疫苗如何抵抗新变种的数据，包括预计在未来几周内的真实世界有效性数据。</blockquote></p><p> “Only in combination will we understand the relevance of this data and potential protection against Omicron-mediated disease and severe disease,” he said.</p><p><blockquote>他说：“只有结合起来，我们才能了解这些数据的相关性以及对奥密克戎病介导的疾病和严重疾病的潜在保护作用。”</blockquote></p><p> Real-world data on vaccine effectiveness against Omicron won’t be available for at least six weeks, Dr. Şahin said, because the case numbers need to be higher before this can be measured.</p><p><blockquote>Ş ahin博士说，有关奥密克戎疫苗有效性的真实数据至少在六周内无法获得，因为病例数需要更高才能衡量。</blockquote></p><p></p><p> Meanwhile, the companies are moving forward with manufacturing an Omicron-specific vaccine. The first doses, for experimental use, will be ready in January, BioNTech executives said.</p><p><blockquote>与此同时，两家公司正在推进奥密克戎专用疫苗的生产。BioNTech高管表示，用于实验用途的第一剂疫苗将于1月份准备就绪。</blockquote></p><p> Omicron was first identified by scientists in South Africa last month. Since then the World Health Organization has deemed it a variant of concern. And it has since been detected around the world, including in the U.S.</p><p><blockquote>上个月，科学家首次在南非发现了奥密克戎病毒。从那时起，世界卫生组织就认为这是一个值得关注的变种。此后，包括美国在内的世界各地都发现了这种病毒。</blockquote></p><p> Researchers have been trying to understand how contagious the new strain is, as well as how well it might be able to evade Covid-19 vaccines and whether it causes severe disease. Some preliminary reports suggest the variant is more contagious but might cause milder disease, though researchers say it is too early to know.</p><p><blockquote>研究人员一直在试图了解这种新毒株的传染性如何，以及它逃避Covid-19疫苗的能力如何，以及它是否会导致严重疾病。一些初步报告表明，这种变异更具传染性，但可能会导致较轻的疾病，尽管研究人员表示现在知道还为时过早。</blockquote></p><p> Pfizer and BioNTech said they expect to make four billion vaccine doses next year, even if an Omicron-specific vaccine is required by then.</p><p><blockquote>辉瑞和BioNTech表示，他们预计明年将生产40亿剂疫苗，即使届时需要奥密克戎专用疫苗。</blockquote></p><p> Dr. Dolsten said that regardless of how widespread Omicron becomes, continued booster shots will likely be needed going forward to provide protection against Covid-19. A fourth booster dose is likely to be needed in the spring or fall of 2022, he said.</p><p><blockquote>多尔斯滕博士说，无论奥密克戎病变得多么普遍，未来可能需要持续的加强注射来提供针对新冠肺炎的保护。他说，2022年春季或秋季可能需要第四次加强剂量。</blockquote></p><p> “It’s increasingly clear you need to have a long-term perspective, with continued boosting to have strong durable immunity,” said Dr. Dolsten. “If the landscape looks similar to today, we will likely continue to boost with the current vaccine.”</p><p><blockquote>多尔斯滕博士说：“越来越明显的是，你需要有长远的眼光，持续增强才能拥有强大持久的免疫力。”“如果情况看起来与今天相似，我们可能会继续使用当前的疫苗加强疫苗。”</blockquote></p><p> Pfizer’s shares rose 1% while BioNTech’s American depositary shares fell 0.2% in morning trading.</p><p><blockquote>辉瑞股价上涨1%，而BioNTech美国存托股早盘下跌0.2%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/pfizer-biontech-covid-19-vaccine-loses-significant-effectiveness-against-omicron-in-early-study-companies-say-11638964121?mod=hp_lead_pos1\">The Wall Street Journal</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PFE":"辉瑞","BNTX":"BioNTech SE"},"source_url":"https://www.wsj.com/articles/pfizer-biontech-covid-19-vaccine-loses-significant-effectiveness-against-omicron-in-early-study-companies-say-11638964121?mod=hp_lead_pos1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1141815911","content_text":"Pfizer Inc. PFE -0.62% and BioNTech SE BNTX -3.55% said that a third dose of their Covid-19 vaccine neutralized the Omicron variant in lab tests but that the two-dose regimen was significantly less effective at blocking the virus.\n\nA third dose increased antibodies 25-fold compared with two doses against the Omicron variant, the companies said. Still, two doses may prove effective in preventing severe illness from Covid-19, they said, because immune cells are able to recognize 80% of parts of the spike protein that the vaccine targets.\n\nThe results were issued in a press release by the companies, and weren’t peer reviewed and published in a scientific journal.\n\nThe findings from the companies’ early study, and one by scientists in South Africa, suggest that three doses will be needed to produce a similar immune response against Omicron as was provided by just two doses in earlier strains of the virus.\n\n\nIt also bolsters the case for repeated and periodic boosters to maintain people’s immune defenses against an evolving Covid-19, the companies said.\n\n“This is very positive news that should make everyone even more motivated to get vaccinated” and get a booster, said Pfizer Chief Scientific Officer Mikael Dolsten.\n\nThe companies’ current vaccine will provide a strong defense against Omicron, especially if people get a booster shot, Dr. Dolsten said. The three-dose regimen, he added, could provide stopgap protection against Omicron through the winter and until a new vaccine targeted directly at the variant would be ready if needed.\n\nPfizer and BioNTech are working on an Omicron-specific vaccine that they hope to have available by March 2022 if the variant becomes widespread by then. Researchers started working on the new vaccine on Thanksgiving Day, Nov. 25, shortly after Omicron was identified.\n\nThe vaccine trains the immune system to fight the virus by generating immune-system soldiers known as antibodies, which attach to the virus and prevent it from replicating in healthy cells. The vaccine also produces other immune-system fighters called T cells that can kick in after infection to help target and clear the virus, preventing more serious disease.\n\nPfizer and BioNTech said that Omicron still appears susceptible to T cells produced by the vaccine.\n\nDr. Dolsten estimated there is a greater than 50% chance that Omicron becomes the dominant strain spreading in the U.S. by the spring, though it is too soon to know with certainty, he said.\n\nThe preliminary lab data comes from an analysis of blood samples from vaccinated patients measuring antibodies capable of neutralizing the virus causing Covid-19, including the Omicron variant. Blood samples were collected three weeks after patients received their second dose, or one month after receiving their third dose.\n\nThe number of antibodies generated by a third booster shot against Omicron is similar to two doses against an older strain of the virus, the companies said.\n\n“These preliminary data appear to show the Pfizer vaccine does in fact protect against Omicron, and that’s very good news,” said Philip Landrigan, director of Boston College’s Global Public Health and the Global Common Good program.\n\n\nMonica Gandhi, a professor of medicine at the University of California, San Francisco, said the results suggested two doses will protect many people from getting bad cases leading to hospitalization or death.\n\n“Two doses are still effective against severe disease, whether people get boosters or not,” said Dr. Gandhi, who is recommending boosters for high-risk patients, including those with HIV. “For people who are at high risk of severe disease, it’s so important to get them boosted, but I don’t think it’s mandatory for young healthy people.”\n\nThe company’s early findings come a day after scientists in South Africa reported findings from early lab tests indicating a 41-fold reduction in the Pfizer-BioNTech vaccine’s neutralization of Omicron than the original version of the virus.\n\n\n\nThe researchers, however, found greater antibody responses against Omicron in blood taken from subjects who were fully vaccinated and had previously been infected with Covid-19.\n\nThe companies will continue to work on a variant vaccine despite the promising signs that boosting with the original shot offers good protection against Omicron, said BioNTech Chief Executive Uğur Şahin. That is because they would need to see more data on how their vaccine holds up against the new variant, including real-world effectiveness data, expected in the coming weeks.\n\n\n“Only in combination will we understand the relevance of this data and potential protection against Omicron-mediated disease and severe disease,” he said.\n\nReal-world data on vaccine effectiveness against Omicron won’t be available for at least six weeks, Dr. Şahin said, because the case numbers need to be higher before this can be measured.\n\nMeanwhile, the companies are moving forward with manufacturing an Omicron-specific vaccine. The first doses, for experimental use, will be ready in January, BioNTech executives said.\n\nOmicron was first identified by scientists in South Africa last month. Since then the World Health Organization has deemed it a variant of concern. And it has since been detected around the world, including in the U.S.\n\nResearchers have been trying to understand how contagious the new strain is, as well as how well it might be able to evade Covid-19 vaccines and whether it causes severe disease. Some preliminary reports suggest the variant is more contagious but might cause milder disease, though researchers say it is too early to know.\n\nPfizer and BioNTech said they expect to make four billion vaccine doses next year, even if an Omicron-specific vaccine is required by then.\n\nDr. Dolsten said that regardless of how widespread Omicron becomes, continued booster shots will likely be needed going forward to provide protection against Covid-19. A fourth booster dose is likely to be needed in the spring or fall of 2022, he said.\n\n“It’s increasingly clear you need to have a long-term perspective, with continued boosting to have strong durable immunity,” said Dr. Dolsten. “If the landscape looks similar to today, we will likely continue to boost with the current vaccine.”\n\nPfizer’s shares rose 1% while BioNTech’s American depositary shares fell 0.2% in morning 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","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/841234433","repostId":"1175618425","repostType":4,"repost":{"id":"1175618425","kind":"news","pubTimestamp":1635910485,"share":"https://www.laohu8.com/m/news/1175618425?lang=zh_CN&edition=full","pubTime":"2021-11-03 11:34","market":"us","language":"en","title":"Real-Rate Reckoning Is Coming for Big Tech, Wells Fargo Warns<blockquote>富国银行警告称，大型科技公司的实际利率计算即将到来</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1175618425","media":"Bloomberg","summary":"(Bloomberg) -- Big Tech stocks may be defying the biggest outbreak of bond volatility since April 20","content":"<p>(Bloomberg) -- Big Tech stocks may be defying the biggest outbreak of bond volatility since April 2020, but a cohort of Wall Street strategists warn that a spike in real interest rates could finally knock them from all-time highs.</p><p><blockquote>（彭博社）——大型科技股可能会顶住2020年4月以来最大的债券波动，但一群华尔街策略师警告称，实际利率飙升最终可能会将它们从历史高点击垮。</blockquote></p><p> With the Federal Reserve likely to announce the paring of pandemic stimulus this week, Wells Fargo Securities is the latest to warn that a “sharp” rise in inflation-adjusted yields is becoming ever-more probable. And that threatens to inflict pain on pricey tech stocks in particular given their tight link with Treasury-market machinations.</p><p><blockquote>随着美联储本周可能宣布削减大流行刺激措施，富国银行证券(Wells Fargo Securities)最新警告称，经通胀调整的收益率“大幅”上升的可能性越来越大。这可能会给昂贵的科技股带来痛苦，特别是考虑到它们与国债市场阴谋的密切联系。</blockquote></p><p> “Our trading call on Tech may be at risk, especially across ‘high-octane’ names,” a team led by Christopher Harvey wrote in a Tuesday note.</p><p><blockquote>Christopher Harvey领导的团队在周二的一份报告中写道：“我们在科技领域的交易看涨期权可能面临风险，尤其是‘高辛烷值’的股票。”</blockquote></p><p> Hand-wringing on Wall Street over the bond-market threat to tech equities is nothing new. The difference this time is that Treasury gyrations are hitting extremes. Market-derived inflation expectations have risen in recent weeks while nominal yields have yet to move as fast -- causing real rates to drop near record lows. That’s juicing tech valuations for now, but a reversal could spark disorderly moves.</p><p><blockquote>华尔街对债券市场对科技股的威胁感到绝望并不是什么新鲜事。这次的不同之处在于，美国国债的波动正达到极端。最近几周，市场衍生的通胀预期有所上升，而名义收益率的变化却没有那么快，导致实际利率跌至历史低点附近。目前，这正在推高科技股的估值，但逆转可能会引发无序走势。</blockquote></p><p> “The Fed’s anticipated taper announcement this week may potentially catalyze a significant directional change in real rates,” the Wells Fargo note said. “We believe the eventual real/break-even reversion will be sharp.”</p><p><blockquote>富国银行的报告称：“美联储本周预期的taper公告可能会催化实际利率发生重大方向性变化。”“我们相信最终的实际/盈亏平衡回归将是急剧的。”</blockquote></p><p> For now, tech stocks are rallying along with seemingly every other equity. The Nasdaq 100, S&amp;P 500, Dow Jones Industrial Average and Russell 2000 all closed at record highs on Tuesday.</p><p><blockquote>目前，科技股似乎与所有其他股票一起上涨。纳斯达克100指数、标普500、道琼斯工业平均指数和罗素2000指数周二均收于历史新高。</blockquote></p><p> When real yields fall to rock bottom, future profits are discounted at lower rates -- pushing up valuations of stocks deemed able to grow their earnings for years to come. That’s why low rates have buoyed what quants call growth stocks, epitomized by tech names riding structural trends like Tesla Inc. or Netflix Inc.</p><p><blockquote>当实际收益率跌至谷底时，未来利润会以较低的利率贴现，从而推高被认为能够在未来几年增加收益的股票的估值。这就是为什么低利率提振了量化看涨期权成长型股票，其中典型的是特斯拉公司或Netflix公司等顺应结构性趋势的科技股。</blockquote></p><p> All that has helped the Nasdaq 100 to outperform this quarter and Wells Fargo’s own basket of “growth at any price” shares jump 13% toward another record.</p><p><blockquote>所有这些都帮助纳斯达克100指数在本季度跑赢大盘，富国银行自己的一篮子“不惜一切代价增长”股票上涨13%，创下另一项纪录。</blockquote></p><p> While tech has dominated in the low-inflation world of the past decade, its recent rally has taken place against the backdrop of growing anxiety over consumer-price growth. As breakeven rates rose, a Societe Generale SA basket of stocks that gain with the cost of living just posted its best month since February.</p><p><blockquote>尽管科技在过去十年的低通胀世界中占据主导地位，但其最近的上涨是在人们对消费者价格增长日益担忧的背景下发生的。随着盈亏平衡利率上升，法国兴业银行(Societe Generale SA)一篮子随生活成本上涨的股票刚刚创下了自2月份以来最好的月份。</blockquote></p><p> Wells Fargo is hardly alone in sounding the alarm on the outlook for Big Tech. The last time the Fed started to withdraw stimulus, real rates began rising sharply just before its balance sheet expanded again. Given how negative those yields are now, “a revaluation may be ahead for long-duration assets like the megacap growth stocks that dominate the major indexes,” Lisa Shalett, chief investment officer at Morgan Stanley Wealth Management warned last week.</p><p><blockquote>富国银行并不是唯一一家对大型科技公司的前景发出警报的银行。上一次美联储开始撤回刺激措施时，就在其资产负债表再次扩张之前，实际利率开始大幅上升。摩根士丹利财富管理公司(Morgan Stanley Wealth Management)首席投资官丽莎·沙利特(Lisa Shalett)上周警告称，鉴于目前这些收益率的负值，“长期资产（例如在主要指数中占据主导地位的大型成长型股票）可能会出现重估”。</blockquote></p><p> Over at UBS Asset Management, strategist Luke Kawa suggests real yields are low despite bets on imminent monetary tightening because traders expect the Fed to reverse course eventually or the economy to tank as a result. At the same time though, he says real rates could also gain to reflect faster growth and inflation. The latter scenario would be good for the pro-cyclical stock exposures but bad for the market’s overall valuations.</p><p><blockquote>瑞银资产管理公司策略师卢克·卡瓦(Luke Kawa)表示，尽管押注货币紧缩即将到来，但实际收益率仍较低，因为交易员预计美联储最终会改变方针，否则经济将因此陷入困境。但与此同时，他表示，实际利率也可能上升，以反映更快的增长和通胀。后一种情况对顺周期股票敞口有利，但对市场整体估值不利。</blockquote></p><p> “If the world is moving into a world of a sustained higher inflation rate and nominal yields suddenly reflect that, then global equity valuations will be reset to a lower level causing a substantial drawdown in equities,” Peter Garnry, head of equity strategy at Saxo Bank, wrote in a Tuesday note.</p><p><blockquote>盛宝股票策略主管Peter Garnry表示：“如果世界正在进入一个通胀率持续上升的世界，而名义收益率突然反映出这一点，那么全球股票估值将重置至较低水平，导致股市大幅下跌。”银行，在周二的一份报告中写道。</blockquote></p><p> To many on Wall Street, tech investing is therefore at the mercy of a macro call. Is the world heading for a period of resilient growth, faster inflation and tighter Fed policy -- or will the business cycle buckle under the pressure of supply-chain bottlenecks and reduced stimulus?</p><p><blockquote>因此，对许多华尔街人士来说，科技投资受到宏观看涨期权的影响。世界是否正在走向一个有弹性的增长、更快的通胀和美联储收紧政策的时期——或者商业周期是否会在供应链瓶颈和刺激减少的压力下崩溃？</blockquote></p><p> That conundrum is everywhere in the bond market. While the shorter-end of the yield curve steepened in anticipation of the Fed move, the longer-end has flattened just as aggressively amid growth fears.</p><p><blockquote>这个难题在债券市场随处可见。尽管由于对美联储举措的预期，收益率曲线的短端变陡，但由于对增长的担忧，长端收益率曲线也同样大幅走平。</blockquote></p><p> Meanwhile, an option-derived gauge of Treasury volatility recently surged to the highest since April 2020, while the S&amp;P 500’s equivalent hovers close to the lowest since before the crash last year. It’s a sign the fixed-income market may be telegraphing worrying omens for stocks.</p><p><blockquote>与此同时，期权衍生的国债波动性指标最近飙升至2020年4月以来的最高水平，而标普500的等值指标徘徊在去年崩盘前以来的最低水平附近。这表明固定收益市场可能正在向股市发出令人担忧的预兆。</blockquote></p><p> “From here we enter the midcycle adjustment, where gains moderate as expectations get recalibrated and policy normalizes,” Shalett at Morgan Stanley Wealth wrote. “Odds of a 10%-15% correction are increasing.”</p><p><blockquote>摩根士丹利财富的沙莱特写道：“从这里开始，我们进入了周期中期调整，随着预期的重新调整和政策正常化，涨幅将放缓。”“10%-15%修正的可能性正在增加。”</blockquote></p><p></p>","source":"lsy1612507957220","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Real-Rate Reckoning Is Coming for Big Tech, Wells Fargo Warns<blockquote>富国银行警告称，大型科技公司的实际利率计算即将到来</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\">\nReal-Rate Reckoning Is Coming for Big Tech, Wells Fargo Warns<blockquote>富国银行警告称，大型科技公司的实际利率计算即将到来</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Bloomberg</strong><span class=\"h-time small\">2021-11-03 11:34</span>\n</p>\n</h4>\n</header>\n<article>\n<p>(Bloomberg) -- Big Tech stocks may be defying the biggest outbreak of bond volatility since April 2020, but a cohort of Wall Street strategists warn that a spike in real interest rates could finally knock them from all-time highs.</p><p><blockquote>（彭博社）——大型科技股可能会顶住2020年4月以来最大的债券波动，但一群华尔街策略师警告称，实际利率飙升最终可能会将它们从历史高点击垮。</blockquote></p><p> With the Federal Reserve likely to announce the paring of pandemic stimulus this week, Wells Fargo Securities is the latest to warn that a “sharp” rise in inflation-adjusted yields is becoming ever-more probable. And that threatens to inflict pain on pricey tech stocks in particular given their tight link with Treasury-market machinations.</p><p><blockquote>随着美联储本周可能宣布削减大流行刺激措施，富国银行证券(Wells Fargo Securities)最新警告称，经通胀调整的收益率“大幅”上升的可能性越来越大。这可能会给昂贵的科技股带来痛苦，特别是考虑到它们与国债市场阴谋的密切联系。</blockquote></p><p> “Our trading call on Tech may be at risk, especially across ‘high-octane’ names,” a team led by Christopher Harvey wrote in a Tuesday note.</p><p><blockquote>Christopher Harvey领导的团队在周二的一份报告中写道：“我们在科技领域的交易看涨期权可能面临风险，尤其是‘高辛烷值’的股票。”</blockquote></p><p> Hand-wringing on Wall Street over the bond-market threat to tech equities is nothing new. The difference this time is that Treasury gyrations are hitting extremes. Market-derived inflation expectations have risen in recent weeks while nominal yields have yet to move as fast -- causing real rates to drop near record lows. That’s juicing tech valuations for now, but a reversal could spark disorderly moves.</p><p><blockquote>华尔街对债券市场对科技股的威胁感到绝望并不是什么新鲜事。这次的不同之处在于，美国国债的波动正达到极端。最近几周，市场衍生的通胀预期有所上升，而名义收益率的变化却没有那么快，导致实际利率跌至历史低点附近。目前，这正在推高科技股的估值，但逆转可能会引发无序走势。</blockquote></p><p> “The Fed’s anticipated taper announcement this week may potentially catalyze a significant directional change in real rates,” the Wells Fargo note said. “We believe the eventual real/break-even reversion will be sharp.”</p><p><blockquote>富国银行的报告称：“美联储本周预期的taper公告可能会催化实际利率发生重大方向性变化。”“我们相信最终的实际/盈亏平衡回归将是急剧的。”</blockquote></p><p> For now, tech stocks are rallying along with seemingly every other equity. The Nasdaq 100, S&amp;P 500, Dow Jones Industrial Average and Russell 2000 all closed at record highs on Tuesday.</p><p><blockquote>目前，科技股似乎与所有其他股票一起上涨。纳斯达克100指数、标普500、道琼斯工业平均指数和罗素2000指数周二均收于历史新高。</blockquote></p><p> When real yields fall to rock bottom, future profits are discounted at lower rates -- pushing up valuations of stocks deemed able to grow their earnings for years to come. That’s why low rates have buoyed what quants call growth stocks, epitomized by tech names riding structural trends like Tesla Inc. or Netflix Inc.</p><p><blockquote>当实际收益率跌至谷底时，未来利润会以较低的利率贴现，从而推高被认为能够在未来几年增加收益的股票的估值。这就是为什么低利率提振了量化看涨期权成长型股票，其中典型的是特斯拉公司或Netflix公司等顺应结构性趋势的科技股。</blockquote></p><p> All that has helped the Nasdaq 100 to outperform this quarter and Wells Fargo’s own basket of “growth at any price” shares jump 13% toward another record.</p><p><blockquote>所有这些都帮助纳斯达克100指数在本季度跑赢大盘，富国银行自己的一篮子“不惜一切代价增长”股票上涨13%，创下另一项纪录。</blockquote></p><p> While tech has dominated in the low-inflation world of the past decade, its recent rally has taken place against the backdrop of growing anxiety over consumer-price growth. As breakeven rates rose, a Societe Generale SA basket of stocks that gain with the cost of living just posted its best month since February.</p><p><blockquote>尽管科技在过去十年的低通胀世界中占据主导地位，但其最近的上涨是在人们对消费者价格增长日益担忧的背景下发生的。随着盈亏平衡利率上升，法国兴业银行(Societe Generale SA)一篮子随生活成本上涨的股票刚刚创下了自2月份以来最好的月份。</blockquote></p><p> Wells Fargo is hardly alone in sounding the alarm on the outlook for Big Tech. The last time the Fed started to withdraw stimulus, real rates began rising sharply just before its balance sheet expanded again. Given how negative those yields are now, “a revaluation may be ahead for long-duration assets like the megacap growth stocks that dominate the major indexes,” Lisa Shalett, chief investment officer at Morgan Stanley Wealth Management warned last week.</p><p><blockquote>富国银行并不是唯一一家对大型科技公司的前景发出警报的银行。上一次美联储开始撤回刺激措施时，就在其资产负债表再次扩张之前，实际利率开始大幅上升。摩根士丹利财富管理公司(Morgan Stanley Wealth Management)首席投资官丽莎·沙利特(Lisa Shalett)上周警告称，鉴于目前这些收益率的负值，“长期资产（例如在主要指数中占据主导地位的大型成长型股票）可能会出现重估”。</blockquote></p><p> Over at UBS Asset Management, strategist Luke Kawa suggests real yields are low despite bets on imminent monetary tightening because traders expect the Fed to reverse course eventually or the economy to tank as a result. At the same time though, he says real rates could also gain to reflect faster growth and inflation. The latter scenario would be good for the pro-cyclical stock exposures but bad for the market’s overall valuations.</p><p><blockquote>瑞银资产管理公司策略师卢克·卡瓦(Luke Kawa)表示，尽管押注货币紧缩即将到来，但实际收益率仍较低，因为交易员预计美联储最终会改变方针，否则经济将因此陷入困境。但与此同时，他表示，实际利率也可能上升，以反映更快的增长和通胀。后一种情况对顺周期股票敞口有利，但对市场整体估值不利。</blockquote></p><p> “If the world is moving into a world of a sustained higher inflation rate and nominal yields suddenly reflect that, then global equity valuations will be reset to a lower level causing a substantial drawdown in equities,” Peter Garnry, head of equity strategy at Saxo Bank, wrote in a Tuesday note.</p><p><blockquote>盛宝股票策略主管Peter Garnry表示：“如果世界正在进入一个通胀率持续上升的世界，而名义收益率突然反映出这一点，那么全球股票估值将重置至较低水平，导致股市大幅下跌。”银行，在周二的一份报告中写道。</blockquote></p><p> To many on Wall Street, tech investing is therefore at the mercy of a macro call. Is the world heading for a period of resilient growth, faster inflation and tighter Fed policy -- or will the business cycle buckle under the pressure of supply-chain bottlenecks and reduced stimulus?</p><p><blockquote>因此，对许多华尔街人士来说，科技投资受到宏观看涨期权的影响。世界是否正在走向一个有弹性的增长、更快的通胀和美联储收紧政策的时期——或者商业周期是否会在供应链瓶颈和刺激减少的压力下崩溃？</blockquote></p><p> That conundrum is everywhere in the bond market. While the shorter-end of the yield curve steepened in anticipation of the Fed move, the longer-end has flattened just as aggressively amid growth fears.</p><p><blockquote>这个难题在债券市场随处可见。尽管由于对美联储举措的预期，收益率曲线的短端变陡，但由于对增长的担忧，长端收益率曲线也同样大幅走平。</blockquote></p><p> Meanwhile, an option-derived gauge of Treasury volatility recently surged to the highest since April 2020, while the S&amp;P 500’s equivalent hovers close to the lowest since before the crash last year. It’s a sign the fixed-income market may be telegraphing worrying omens for stocks.</p><p><blockquote>与此同时，期权衍生的国债波动性指标最近飙升至2020年4月以来的最高水平，而标普500的等值指标徘徊在去年崩盘前以来的最低水平附近。这表明固定收益市场可能正在向股市发出令人担忧的预兆。</blockquote></p><p> “From here we enter the midcycle adjustment, where gains moderate as expectations get recalibrated and policy normalizes,” Shalett at Morgan Stanley Wealth wrote. “Odds of a 10%-15% correction are increasing.”</p><p><blockquote>摩根士丹利财富的沙莱特写道：“从这里开始，我们进入了周期中期调整，随着预期的重新调整和政策正常化，涨幅将放缓。”“10%-15%修正的可能性正在增加。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/real-rate-reckoning-coming-big-141233636.html\">Bloomberg</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"WFC":"富国银行"},"source_url":"https://finance.yahoo.com/news/real-rate-reckoning-coming-big-141233636.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175618425","content_text":"(Bloomberg) -- Big Tech stocks may be defying the biggest outbreak of bond volatility since April 2020, but a cohort of Wall Street strategists warn that a spike in real interest rates could finally knock them from all-time highs.\nWith the Federal Reserve likely to announce the paring of pandemic stimulus this week, Wells Fargo Securities is the latest to warn that a “sharp” rise in inflation-adjusted yields is becoming ever-more probable. And that threatens to inflict pain on pricey tech stocks in particular given their tight link with Treasury-market machinations.\n“Our trading call on Tech may be at risk, especially across ‘high-octane’ names,” a team led by Christopher Harvey wrote in a Tuesday note.\nHand-wringing on Wall Street over the bond-market threat to tech equities is nothing new. The difference this time is that Treasury gyrations are hitting extremes. Market-derived inflation expectations have risen in recent weeks while nominal yields have yet to move as fast -- causing real rates to drop near record lows. That’s juicing tech valuations for now, but a reversal could spark disorderly moves.\n“The Fed’s anticipated taper announcement this week may potentially catalyze a significant directional change in real rates,” the Wells Fargo note said. “We believe the eventual real/break-even reversion will be sharp.”\nFor now, tech stocks are rallying along with seemingly every other equity. The Nasdaq 100, S&P 500, Dow Jones Industrial Average and Russell 2000 all closed at record highs on Tuesday.\nWhen real yields fall to rock bottom, future profits are discounted at lower rates -- pushing up valuations of stocks deemed able to grow their earnings for years to come. That’s why low rates have buoyed what quants call growth stocks, epitomized by tech names riding structural trends like Tesla Inc. or Netflix Inc.\nAll that has helped the Nasdaq 100 to outperform this quarter and Wells Fargo’s own basket of “growth at any price” shares jump 13% toward another record.\nWhile tech has dominated in the low-inflation world of the past decade, its recent rally has taken place against the backdrop of growing anxiety over consumer-price growth. As breakeven rates rose, a Societe Generale SA basket of stocks that gain with the cost of living just posted its best month since February.\nWells Fargo is hardly alone in sounding the alarm on the outlook for Big Tech. The last time the Fed started to withdraw stimulus, real rates began rising sharply just before its balance sheet expanded again. Given how negative those yields are now, “a revaluation may be ahead for long-duration assets like the megacap growth stocks that dominate the major indexes,” Lisa Shalett, chief investment officer at Morgan Stanley Wealth Management warned last week.\nOver at UBS Asset Management, strategist Luke Kawa suggests real yields are low despite bets on imminent monetary tightening because traders expect the Fed to reverse course eventually or the economy to tank as a result. At the same time though, he says real rates could also gain to reflect faster growth and inflation. The latter scenario would be good for the pro-cyclical stock exposures but bad for the market’s overall valuations.\n“If the world is moving into a world of a sustained higher inflation rate and nominal yields suddenly reflect that, then global equity valuations will be reset to a lower level causing a substantial drawdown in equities,” Peter Garnry, head of equity strategy at Saxo Bank, wrote in a Tuesday note.\nTo many on Wall Street, tech investing is therefore at the mercy of a macro call. Is the world heading for a period of resilient growth, faster inflation and tighter Fed policy -- or will the business cycle buckle under the pressure of supply-chain bottlenecks and reduced stimulus?\nThat conundrum is everywhere in the bond market. While the shorter-end of the yield curve steepened in anticipation of the Fed move, the longer-end has flattened just as aggressively amid growth fears.\nMeanwhile, an option-derived gauge of Treasury volatility recently surged to the highest since April 2020, while the S&P 500’s equivalent hovers close to the lowest since before the crash last year. It’s a sign the fixed-income market may be telegraphing worrying omens for stocks.\n“From here we enter the midcycle adjustment, where gains moderate as expectations get recalibrated and policy normalizes,” Shalett at Morgan Stanley Wealth wrote. “Odds of a 10%-15% correction are increasing.”","news_type":1,"symbols_score_info":{"WFC":0.9}},"isVote":1,"tweetType":1,"viewCount":923,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":855039269,"gmtCreate":1635311353954,"gmtModify":1635311354045,"author":{"id":"4089861821723520","authorId":"4089861821723520","name":"Huhu88","avatar":"https://static.tigerbbs.com/afaf32d53dd5ce37ce49c567be9cef05","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089861821723520","idStr":"4089861821723520"},"themes":[],"htmlText":"Thanks","listText":"Thanks","text":"Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/855039269","repostId":"1112323314","repostType":4,"isVote":1,"tweetType":1,"viewCount":945,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":859672111,"gmtCreate":1634695836188,"gmtModify":1634695836351,"author":{"id":"4089861821723520","authorId":"4089861821723520","name":"Huhu88","avatar":"https://static.tigerbbs.com/afaf32d53dd5ce37ce49c567be9cef05","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089861821723520","idStr":"4089861821723520"},"themes":[],"htmlText":"Thanks&nbsp;","listText":"Thanks&nbsp;","text":"Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":12,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/859672111","repostId":"2176710436","repostType":4,"isVote":1,"tweetType":1,"viewCount":915,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":850621891,"gmtCreate":1634597809907,"gmtModify":1634597810080,"author":{"id":"4089861821723520","authorId":"4089861821723520","name":"Huhu88","avatar":"https://static.tigerbbs.com/afaf32d53dd5ce37ce49c567be9cef05","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089861821723520","idStr":"4089861821723520"},"themes":[],"htmlText":"Thanks&nbsp;","listText":"Thanks&nbsp;","text":"Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/850621891","repostId":"2176120817","repostType":4,"isVote":1,"tweetType":1,"viewCount":1099,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":850623212,"gmtCreate":1634597783517,"gmtModify":1634597783675,"author":{"id":"4089861821723520","authorId":"4089861821723520","name":"Huhu88","avatar":"https://static.tigerbbs.com/afaf32d53dd5ce37ce49c567be9cef05","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089861821723520","idStr":"4089861821723520"},"themes":[],"htmlText":"Thanks&nbsp;","listText":"Thanks&nbsp;","text":"Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/850623212","repostId":"827764741","repostType":1,"repost":{"id":827764741,"gmtCreate":1634525028279,"gmtModify":1634525343952,"author":{"id":"3527667596890271","authorId":"3527667596890271","name":"Buy_Sell","avatar":"https://static.tigerbbs.com/a5f0ed79a338c758a22e0b4ea13bf9d2","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3527667596890271","idStr":"3527667596890271"},"themes":[],"title":"🚀【10月18日】看本周关键事件，聊今日交易计划","htmlText":"聊聊今日份的交易想法，包括对于大盘走势后续的看法？看涨/看跌哪只股票、晒晒单等等。 港股市场 10月18日讯，港股三大指数高开，恒指涨0.37%报25425点，国指涨0.3%报8992点，恒生科技指数涨0.44%报6346点。盘面上，铜、铝等有色金属集体高开，<a target=\"_blank\" href=\"https://laohu8.com/S/02899\">$紫金矿业(02899)$</a> 、<a target=\"_blank\" href=\"https://laohu8.com/S/01208\">$五矿资源(01208)$</a> 涨超4%；教育股、燃气股、体育用品股、风电股、零售股集体上涨，中房协维护行业稳定，房地产股、物管股多数高开，<a target=\"_blank\" href=\"https://laohu8.com/S/03301\">$融信中国(03301)$</a> 、<a target=\"_blank\" href=\"https://laohu8.com/S/03900\">$绿城中国(03900)$</a> 、<a target=\"_blank\" href=\"https://laohu8.com/S/01918\">$融创中国(01918)$</a> 均涨1.8%；大型科技股普涨，<a target=\"_blank\" href=\"https://laohu8.com/S/00700\">$腾讯控股(00700)$</a> 、<a target=\"_blank\" href=\"https://laohu8.com/S/JD\">$京东(JD)$</a> 、<a target=\"_blank\" href=\"https://laohu8.com/S/BABA\">$阿里巴巴(BABA)$</a> 小幅高开；生物制药股、中资券商股等走低明显。","listText":"聊聊今日份的交易想法，包括对于大盘走势后续的看法？看涨/看跌哪只股票、晒晒单等等。 港股市场 10月18日讯，港股三大指数高开，恒指涨0.37%报25425点，国指涨0.3%报8992点，恒生科技指数涨0.44%报6346点。盘面上，铜、铝等有色金属集体高开，<a target=\"_blank\" href=\"https://laohu8.com/S/02899\">$紫金矿业(02899)$</a> 、<a target=\"_blank\" href=\"https://laohu8.com/S/01208\">$五矿资源(01208)$</a> 涨超4%；教育股、燃气股、体育用品股、风电股、零售股集体上涨，中房协维护行业稳定，房地产股、物管股多数高开，<a target=\"_blank\" href=\"https://laohu8.com/S/03301\">$融信中国(03301)$</a> 、<a target=\"_blank\" href=\"https://laohu8.com/S/03900\">$绿城中国(03900)$</a> 、<a target=\"_blank\" href=\"https://laohu8.com/S/01918\">$融创中国(01918)$</a> 均涨1.8%；大型科技股普涨，<a target=\"_blank\" href=\"https://laohu8.com/S/00700\">$腾讯控股(00700)$</a> 、<a target=\"_blank\" href=\"https://laohu8.com/S/JD\">$京东(JD)$</a> 、<a target=\"_blank\" href=\"https://laohu8.com/S/BABA\">$阿里巴巴(BABA)$</a> 小幅高开；生物制药股、中资券商股等走低明显。","text":"聊聊今日份的交易想法，包括对于大盘走势后续的看法？看涨/看跌哪只股票、晒晒单等等。 港股市场 10月18日讯，港股三大指数高开，恒指涨0.37%报25425点，国指涨0.3%报8992点，恒生科技指数涨0.44%报6346点。盘面上，铜、铝等有色金属集体高开，$紫金矿业(02899)$ 、$五矿资源(01208)$ 涨超4%；教育股、燃气股、体育用品股、风电股、零售股集体上涨，中房协维护行业稳定，房地产股、物管股多数高开，$融信中国(03301)$ 、$绿城中国(03900)$ 、$融创中国(01918)$ 均涨1.8%；大型科技股普涨，$腾讯控股(00700)$ 、$京东(JD)$ 、$阿里巴巴(BABA)$ 小幅高开；生物制药股、中资券商股等走低明显。","images":[{"img":"https://static.tigerbbs.com/8c224c9889536a14f83eca563ae0bb07","width":"666","height":"284"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/827764741","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"subType":2,"comments":[],"imageCount":2,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":698,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":825900059,"gmtCreate":1634184076749,"gmtModify":1634184076749,"author":{"id":"4089861821723520","authorId":"4089861821723520","name":"Huhu88","avatar":"https://static.tigerbbs.com/afaf32d53dd5ce37ce49c567be9cef05","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089861821723520","idStr":"4089861821723520"},"themes":[],"htmlText":"Thanks","listText":"Thanks","text":"Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/825900059","repostId":"1111412750","repostType":4,"repost":{"id":"1111412750","kind":"news","pubTimestamp":1634182832,"share":"https://www.laohu8.com/m/news/1111412750?lang=zh_CN&edition=full","pubTime":"2021-10-14 11:40","market":"us","language":"en","title":"Buying The Dip Is Dead<blockquote>逢低买入已死</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1111412750","media":"seekingalpha","summary":"Summary\n\nBuying the dip died when the volatility sellers failed to show up.\nThere's a mechanical rea","content":"<p>Summary</p><p><blockquote>总结</blockquote></p><p> <ul>  <li>Buying the dip died when the volatility sellers failed to show up.</li>  <li>There's a mechanical reason why the market has not \"bounced back.\"</li>  <li>That mechanical reason has broken down due to fundamental shifts.</li> </ul> The market has been melting, and that \"buy the dip\" mentality seems to be in trouble. There's an excellent reason for why buying the dip hasn't worked, and probably why it won't work this time around either. All you have to do is look at the VIX and the SKEW indexes to understand why.</p><p><blockquote><ul><li>当波动性卖家未能出现时，逢低买入就死了。</li><li>市场没有“反弹”有一个机械原因。</li><li>由于根本性的转变，这种机械原因已经被打破。</li></ul>市场一直在融化，那种“逢低买入”的心态似乎遇到了麻烦。有一个很好的理由解释为什么逢低买入没有奏效，而且可能这次也不会奏效。你所要做的就是看看VIX和偏斜指数，就能明白为什么。</blockquote></p><p> Falling volatility has been a lynchpin of propping up the market every time it falters since the COVID low. Every time the market sank, the VIX would spike higher. Then, a swarm of traders would come in looking to short volatility, which would send the VIX lower, pushing the S&amp;P 500 higher. However, that component of the market appears to be gone. The VIX has been steadily rising since June, with higher lows. More recently, the VIX hasn't been able to get below 18, and each drop in the S&amp;P 500 has seen lower highs.</p><p><blockquote>自新冠疫情低点以来，波动性下降一直是支撑市场每次出现动摇的关键。每次市场下跌，VIX都会飙升。然后，一群交易者会进来寻求做空波动性，这将导致VIX走低，推高标普500。然而，市场的这一部分似乎已经消失了。VIX自6月以来一直稳步上升，低点较高。最近，VIX未能跌破18，标普500的每次下跌都会出现较低的高点。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/7d40186560f397cc6ebdc4e85ba18725\" tg-width=\"640\" tg-height=\"397\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Additionally, the SKEW index has cratered in recent weeks. It's because traders that have been betting on volatility falling have likely been shorting at-the-money forms of it, and to hedge those positions, they have been buying out-of-money forms. It's why the SKEW index reached record highs in June as the VIX hit its lows.</p><p><blockquote>此外，偏斜指数最近几周有所下降。这是因为一直押注波动性下降的交易者可能一直在做空平价形式的波动性，为了对冲这些头寸，他们一直在买入价外形式的波动性。这就是为什么SKEW指数在6月份创下历史新高，而VIX则触及低点。</blockquote></p><p> The SKEW index wasn't rising into June 2021 because traders were trying to hedge against tail risk or an unforeseen event. The SKEW index was rising as a hedge against short volatility positions.</p><p><blockquote>SKEW指数在2021年6月没有上升，因为交易者试图对冲尾部风险或不可预见的事件。作为对波动性空头头寸的对冲，SKEW指数正在上升。</blockquote></p><p> If volatility sellers do not return to this market, then a big piece of why the market always has been able to bounce back so quickly on every dip will be gone. Buying the dip will simply not work.</p><p><blockquote>如果波动性卖家不重返这个市场，那么为什么市场总是能够在每次下跌时如此迅速地反弹的很大一部分将消失。逢低买入根本行不通。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d92c33e67c289d5c9d1e8d0d6ec74b5d\" tg-width=\"640\" tg-height=\"397\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> But with QE likely on its way out, financial conditions are likely to tighten as a result. It seems that volatility sellers have gone missing for a good reason. If that's the case, the considerable risk in the market isn't going to be the fear of missing out. The substantial risk is a meltdown, not all that&nbsp;dissimilar to that of 2018, which I have noted on several occasions many of the same similarities of today to back then.</p><p><blockquote>但随着量化宽松可能退出，金融状况可能会因此收紧。波动性卖家的消失似乎是有充分理由的。如果是这样的话，市场上相当大的风险就不会是害怕错过了。实质性的风险是崩溃，与2018年没有太大不同，我在几个场合注意到今天与当时有许多相似之处。</blockquote></p><p> The dollar index may be a big piece of that. It has been surging higher, and that the S&amp;P 500 has been trading precisely the opposite to the dollar's move. When the dollar has been strengthening, the S&amp;P 500 has been falling and vice versa. The&nbsp;dollar is telling us that tapering&nbsp;is coming and very soon. The stock market knows what this means too, and it isn't good for stocks.</p><p><blockquote>美元指数可能是其中很大一部分。它一直在飙升，而标普500的交易与美元的走势完全相反。当美元一直走强时，标普500一直在下跌，反之亦然。美元告诉我们，缩减规模即将到来，而且很快就会到来。股市也知道这意味着什么，这对股市不利。</blockquote></p><p> The two-year Treasury rate has also been creeping higher and now stands at more than 35 bps. The two-year most likely needs to rise much more if the Fed is tapering. By the time the QE taper ended in October 2014, the two-year was around 50 to 60 bps. That means the&nbsp;two-year&nbsp;now has further to climb as this process commences potentially as soon as the November FOMC meeting.</p><p><blockquote>两年期国债利率也一直在攀升，目前已超过35个基点。如果美联储缩减规模，两年期国债很可能需要上涨更多。到2014年10月QE缩减结束时，两年期利率约为50至60个基点。这意味着两年期利率现在必须进一步攀升，因为这一过程可能会在11月FOMC会议上开始。</blockquote></p><p> Despite the stronger dollar, the 10-year has been falling, and that's because the market is picking up on what I have been telling you for months. Growth rates here in the US and around the globe have been slowing and are now near stall speed. They have gotten so slow here in the US that the Atlanta Fed GDPNow is now projecting just a 1.3% third quarter growth rate, an enormous drop from the second-quarter reading of 6.7%.</p><p><blockquote>尽管美元走强，但10年期国债一直在下跌，这是因为市场正在接受我几个月来一直告诉你的内容。美国和全球的增长率一直在放缓，现在接近失速速度。美国的增长速度如此缓慢，以至于亚特兰大联储GDPNow目前预计第三季度增长率仅为1.3%，较第二季度的6.7%大幅下降。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/ce210603773584da38e4fbf054f31ba9\" tg-width=\"640\" tg-height=\"480\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> The market knows that a strong dollar in regular times exports inflationary forces aboard in countries that buy commodities, finances debt, or conduct business in dollars. It's a global growth killer. On top of that, rising prices for things like energy are already likely to slow growth, and now with the dollar rising, it makes the problem even more prominent. It is driving the rates on the long-end of the curve lower and flattening the yield curve.</p><p><blockquote>市场知道，在正常时期，强势美元会向购买大宗商品、为债务融资或以美元开展业务的国家输出通胀力量。这是全球增长杀手。最重要的是，能源等价格上涨已经可能会减缓经济增长，现在随着美元升值，这使得问题更加突出。它正在压低曲线长端的利率并使收益率曲线变平。</blockquote></p><p> This time is different from previous pullbacks. This is why this time the pullback is only in its early phases. Earnings estimates have started to come down, and they are likely to come down further because if one thing is crystal clear, GDP growth expectations were way off base, and means that it is highly likely that&nbsp;earnings estimates&nbsp;are way off base, which means earnings growth rates will be heading lower or top of what they have declined.</p><p><blockquote>这次不同于以往的回调。这就是为什么这次回调只是处于早期阶段。盈利预期已经开始下降，而且可能会进一步下降，因为如果有一件事非常清楚，那就是GDP增长预期与基础相差甚远，这意味着盈利预期很可能与基础相差甚远，这意味着盈利增长率将下降或高于下降水平。</blockquote></p><p></p><p> <img src=\"https://static.tigerbbs.com/b784f4142c7b91a6c36b4c8d263db047\" tg-width=\"640\" tg-height=\"480\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> It's just a matter of when the stock market realizes that a Fed tapering event will push the dollar index even higher at the worst possible time resulting in a massive global growth scare. Perhaps the biggest reason why the volatility sellers have left the building.</p><p><blockquote>这只是股市何时意识到美联储缩减规模事件将在最糟糕的时候推高美元指数，从而导致大规模的全球增长恐慌的问题。也许这是波动性卖家离开大楼的最大原因。</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>Buying The Dip Is Dead<blockquote>逢低买入已死</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\">\nBuying The Dip Is Dead<blockquote>逢低买入已死</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-10-14 11:40</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Summary</p><p><blockquote>总结</blockquote></p><p> <ul>  <li>Buying the dip died when the volatility sellers failed to show up.</li>  <li>There's a mechanical reason why the market has not \"bounced back.\"</li>  <li>That mechanical reason has broken down due to fundamental shifts.</li> </ul> The market has been melting, and that \"buy the dip\" mentality seems to be in trouble. There's an excellent reason for why buying the dip hasn't worked, and probably why it won't work this time around either. All you have to do is look at the VIX and the SKEW indexes to understand why.</p><p><blockquote><ul><li>当波动性卖家未能出现时，逢低买入就死了。</li><li>市场没有“反弹”有一个机械原因。</li><li>由于根本性的转变，这种机械原因已经被打破。</li></ul>市场一直在融化，那种“逢低买入”的心态似乎遇到了麻烦。有一个很好的理由解释为什么逢低买入没有奏效，而且可能这次也不会奏效。你所要做的就是看看VIX和偏斜指数，就能明白为什么。</blockquote></p><p> Falling volatility has been a lynchpin of propping up the market every time it falters since the COVID low. Every time the market sank, the VIX would spike higher. Then, a swarm of traders would come in looking to short volatility, which would send the VIX lower, pushing the S&amp;P 500 higher. However, that component of the market appears to be gone. The VIX has been steadily rising since June, with higher lows. More recently, the VIX hasn't been able to get below 18, and each drop in the S&amp;P 500 has seen lower highs.</p><p><blockquote>自新冠疫情低点以来，波动性下降一直是支撑市场每次出现动摇的关键。每次市场下跌，VIX都会飙升。然后，一群交易者会进来寻求做空波动性，这将导致VIX走低，推高标普500。然而，市场的这一部分似乎已经消失了。VIX自6月以来一直稳步上升，低点较高。最近，VIX未能跌破18，标普500的每次下跌都会出现较低的高点。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/7d40186560f397cc6ebdc4e85ba18725\" tg-width=\"640\" tg-height=\"397\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Additionally, the SKEW index has cratered in recent weeks. It's because traders that have been betting on volatility falling have likely been shorting at-the-money forms of it, and to hedge those positions, they have been buying out-of-money forms. It's why the SKEW index reached record highs in June as the VIX hit its lows.</p><p><blockquote>此外，偏斜指数最近几周有所下降。这是因为一直押注波动性下降的交易者可能一直在做空平价形式的波动性，为了对冲这些头寸，他们一直在买入价外形式的波动性。这就是为什么SKEW指数在6月份创下历史新高，而VIX则触及低点。</blockquote></p><p> The SKEW index wasn't rising into June 2021 because traders were trying to hedge against tail risk or an unforeseen event. The SKEW index was rising as a hedge against short volatility positions.</p><p><blockquote>SKEW指数在2021年6月没有上升，因为交易者试图对冲尾部风险或不可预见的事件。作为对波动性空头头寸的对冲，SKEW指数正在上升。</blockquote></p><p> If volatility sellers do not return to this market, then a big piece of why the market always has been able to bounce back so quickly on every dip will be gone. Buying the dip will simply not work.</p><p><blockquote>如果波动性卖家不重返这个市场，那么为什么市场总是能够在每次下跌时如此迅速地反弹的很大一部分将消失。逢低买入根本行不通。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d92c33e67c289d5c9d1e8d0d6ec74b5d\" tg-width=\"640\" tg-height=\"397\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> But with QE likely on its way out, financial conditions are likely to tighten as a result. It seems that volatility sellers have gone missing for a good reason. If that's the case, the considerable risk in the market isn't going to be the fear of missing out. The substantial risk is a meltdown, not all that&nbsp;dissimilar to that of 2018, which I have noted on several occasions many of the same similarities of today to back then.</p><p><blockquote>但随着量化宽松可能退出，金融状况可能会因此收紧。波动性卖家的消失似乎是有充分理由的。如果是这样的话，市场上相当大的风险就不会是害怕错过了。实质性的风险是崩溃，与2018年没有太大不同，我在几个场合注意到今天与当时有许多相似之处。</blockquote></p><p> The dollar index may be a big piece of that. It has been surging higher, and that the S&amp;P 500 has been trading precisely the opposite to the dollar's move. When the dollar has been strengthening, the S&amp;P 500 has been falling and vice versa. The&nbsp;dollar is telling us that tapering&nbsp;is coming and very soon. The stock market knows what this means too, and it isn't good for stocks.</p><p><blockquote>美元指数可能是其中很大一部分。它一直在飙升，而标普500的交易与美元的走势完全相反。当美元一直走强时，标普500一直在下跌，反之亦然。美元告诉我们，缩减规模即将到来，而且很快就会到来。股市也知道这意味着什么，这对股市不利。</blockquote></p><p> The two-year Treasury rate has also been creeping higher and now stands at more than 35 bps. The two-year most likely needs to rise much more if the Fed is tapering. By the time the QE taper ended in October 2014, the two-year was around 50 to 60 bps. That means the&nbsp;two-year&nbsp;now has further to climb as this process commences potentially as soon as the November FOMC meeting.</p><p><blockquote>两年期国债利率也一直在攀升，目前已超过35个基点。如果美联储缩减规模，两年期国债很可能需要上涨更多。到2014年10月QE缩减结束时，两年期利率约为50至60个基点。这意味着两年期利率现在必须进一步攀升，因为这一过程可能会在11月FOMC会议上开始。</blockquote></p><p> Despite the stronger dollar, the 10-year has been falling, and that's because the market is picking up on what I have been telling you for months. Growth rates here in the US and around the globe have been slowing and are now near stall speed. They have gotten so slow here in the US that the Atlanta Fed GDPNow is now projecting just a 1.3% third quarter growth rate, an enormous drop from the second-quarter reading of 6.7%.</p><p><blockquote>尽管美元走强，但10年期国债一直在下跌，这是因为市场正在接受我几个月来一直告诉你的内容。美国和全球的增长率一直在放缓，现在接近失速速度。美国的增长速度如此缓慢，以至于亚特兰大联储GDPNow目前预计第三季度增长率仅为1.3%，较第二季度的6.7%大幅下降。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/ce210603773584da38e4fbf054f31ba9\" tg-width=\"640\" tg-height=\"480\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> The market knows that a strong dollar in regular times exports inflationary forces aboard in countries that buy commodities, finances debt, or conduct business in dollars. It's a global growth killer. On top of that, rising prices for things like energy are already likely to slow growth, and now with the dollar rising, it makes the problem even more prominent. It is driving the rates on the long-end of the curve lower and flattening the yield curve.</p><p><blockquote>市场知道，在正常时期，强势美元会向购买大宗商品、为债务融资或以美元开展业务的国家输出通胀力量。这是全球增长杀手。最重要的是，能源等价格上涨已经可能会减缓经济增长，现在随着美元升值，这使得问题更加突出。它正在压低曲线长端的利率并使收益率曲线变平。</blockquote></p><p> This time is different from previous pullbacks. This is why this time the pullback is only in its early phases. Earnings estimates have started to come down, and they are likely to come down further because if one thing is crystal clear, GDP growth expectations were way off base, and means that it is highly likely that&nbsp;earnings estimates&nbsp;are way off base, which means earnings growth rates will be heading lower or top of what they have declined.</p><p><blockquote>这次不同于以往的回调。这就是为什么这次回调只是处于早期阶段。盈利预期已经开始下降，而且可能会进一步下降，因为如果有一件事非常清楚，那就是GDP增长预期与基础相差甚远，这意味着盈利预期很可能与基础相差甚远，这意味着盈利增长率将下降或高于下降水平。</blockquote></p><p></p><p> <img src=\"https://static.tigerbbs.com/b784f4142c7b91a6c36b4c8d263db047\" tg-width=\"640\" tg-height=\"480\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> It's just a matter of when the stock market realizes that a Fed tapering event will push the dollar index even higher at the worst possible time resulting in a massive global growth scare. Perhaps the biggest reason why the volatility sellers have left the building.</p><p><blockquote>这只是股市何时意识到美联储缩减规模事件将在最糟糕的时候推高美元指数，从而导致大规模的全球增长恐慌的问题。也许这是波动性卖家离开大楼的最大原因。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4459696-buying-the-dip-is-dead\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://seekingalpha.com/article/4459696-buying-the-dip-is-dead","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1111412750","content_text":"Summary\n\nBuying the dip died when the volatility sellers failed to show up.\nThere's a mechanical reason why the market has not \"bounced back.\"\nThat mechanical reason has broken down due to fundamental shifts.\n\nThe market has been melting, and that \"buy the dip\" mentality seems to be in trouble. There's an excellent reason for why buying the dip hasn't worked, and probably why it won't work this time around either. All you have to do is look at the VIX and the SKEW indexes to understand why.\nFalling volatility has been a lynchpin of propping up the market every time it falters since the COVID low. Every time the market sank, the VIX would spike higher. Then, a swarm of traders would come in looking to short volatility, which would send the VIX lower, pushing the S&P 500 higher. However, that component of the market appears to be gone. The VIX has been steadily rising since June, with higher lows. More recently, the VIX hasn't been able to get below 18, and each drop in the S&P 500 has seen lower highs.\n\nAdditionally, the SKEW index has cratered in recent weeks. It's because traders that have been betting on volatility falling have likely been shorting at-the-money forms of it, and to hedge those positions, they have been buying out-of-money forms. It's why the SKEW index reached record highs in June as the VIX hit its lows.\nThe SKEW index wasn't rising into June 2021 because traders were trying to hedge against tail risk or an unforeseen event. The SKEW index was rising as a hedge against short volatility positions.\nIf volatility sellers do not return to this market, then a big piece of why the market always has been able to bounce back so quickly on every dip will be gone. Buying the dip will simply not work.\n\nBut with QE likely on its way out, financial conditions are likely to tighten as a result. It seems that volatility sellers have gone missing for a good reason. If that's the case, the considerable risk in the market isn't going to be the fear of missing out. The substantial risk is a meltdown, not all that dissimilar to that of 2018, which I have noted on several occasions many of the same similarities of today to back then.\nThe dollar index may be a big piece of that. It has been surging higher, and that the S&P 500 has been trading precisely the opposite to the dollar's move. When the dollar has been strengthening, the S&P 500 has been falling and vice versa. The dollar is telling us that tapering is coming and very soon. The stock market knows what this means too, and it isn't good for stocks.\nThe two-year Treasury rate has also been creeping higher and now stands at more than 35 bps. The two-year most likely needs to rise much more if the Fed is tapering. By the time the QE taper ended in October 2014, the two-year was around 50 to 60 bps. That means the two-year now has further to climb as this process commences potentially as soon as the November FOMC meeting.\nDespite the stronger dollar, the 10-year has been falling, and that's because the market is picking up on what I have been telling you for months. Growth rates here in the US and around the globe have been slowing and are now near stall speed. They have gotten so slow here in the US that the Atlanta Fed GDPNow is now projecting just a 1.3% third quarter growth rate, an enormous drop from the second-quarter reading of 6.7%.\n\nThe market knows that a strong dollar in regular times exports inflationary forces aboard in countries that buy commodities, finances debt, or conduct business in dollars. It's a global growth killer. On top of that, rising prices for things like energy are already likely to slow growth, and now with the dollar rising, it makes the problem even more prominent. It is driving the rates on the long-end of the curve lower and flattening the yield curve.\nThis time is different from previous pullbacks. This is why this time the pullback is only in its early phases. Earnings estimates have started to come down, and they are likely to come down further because if one thing is crystal clear, GDP growth expectations were way off base, and means that it is highly likely that earnings estimates are way off base, which means earnings growth rates will be heading lower or top of what they have declined.\n\nIt's just a matter of when the stock market realizes that a Fed tapering event will push the dollar index even higher at the worst possible time resulting in a massive global growth scare. Perhaps the biggest reason why the volatility sellers have left the building.","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":930,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":826316452,"gmtCreate":1633988198336,"gmtModify":1633988198336,"author":{"id":"4089861821723520","authorId":"4089861821723520","name":"Huhu88","avatar":"https://static.tigerbbs.com/afaf32d53dd5ce37ce49c567be9cef05","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089861821723520","idStr":"4089861821723520"},"themes":[],"htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/826316452","repostId":"2174120900","repostType":4,"isVote":1,"tweetType":1,"viewCount":1049,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":821474757,"gmtCreate":1633782704528,"gmtModify":1633782704528,"author":{"id":"4089861821723520","authorId":"4089861821723520","name":"Huhu88","avatar":"https://static.tigerbbs.com/afaf32d53dd5ce37ce49c567be9cef05","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089861821723520","idStr":"4089861821723520"},"themes":[],"htmlText":"Thanks","listText":"Thanks","text":"Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/821474757","repostId":"2174920514","repostType":4,"isVote":1,"tweetType":1,"viewCount":982,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":866651148,"gmtCreate":1632779432684,"gmtModify":1632797978313,"author":{"id":"4089861821723520","authorId":"4089861821723520","name":"Huhu88","avatar":"https://static.tigerbbs.com/afaf32d53dd5ce37ce49c567be9cef05","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089861821723520","idStr":"4089861821723520"},"themes":[],"htmlText":"Thanks","listText":"Thanks","text":"Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/866651148","repostId":"2170622225","repostType":4,"isVote":1,"tweetType":1,"viewCount":774,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":866653788,"gmtCreate":1632779402844,"gmtModify":1632797978807,"author":{"id":"4089861821723520","authorId":"4089861821723520","name":"Huhu88","avatar":"https://static.tigerbbs.com/afaf32d53dd5ce37ce49c567be9cef05","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089861821723520","idStr":"4089861821723520"},"themes":[],"htmlText":"Thanks","listText":"Thanks","text":"Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/866653788","repostId":"1112832451","repostType":4,"repost":{"id":"1112832451","kind":"news","pubTimestamp":1632756701,"share":"https://www.laohu8.com/m/news/1112832451?lang=zh_CN&edition=full","pubTime":"2021-09-27 23:31","market":"us","language":"en","title":"Amazon Stock Falls. Morgan Stanley Cuts Its Price Target.<blockquote>亚马逊股价下跌。摩根士丹利下调目标价。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1112832451","media":"Barrons","summary":"Shares of Amazon.com were lower Monday after analysts at Morgan Stanley cut their price target, sayi","content":"<p>Shares of Amazon.com were lower Monday after analysts at Morgan Stanley cut their price target, saying a&nbsp;push by the online retailer and tech giant to add to its logistics workforce was adding to profit pressures.</p><p><blockquote>摩根士丹利分析师下调目标价后，亚马逊股价周一走低，称这家在线零售商和科技巨头增加物流劳动力的努力加剧了利润压力。</blockquote></p><p> Amazon (ticker: AMZN) fell 1.97% to $3,358.04. Higher bond yields also were hitting the stock Monday, as they were other fast-growing tech shares. The Nasdaq was falling 0.38%.</p><p><blockquote>亚马逊（股票代码：AMZN）下跌1.97%，至3,358.04美元。周一，债券收益率上升也打击了该股，就像其他快速增长的科技股一样。纳斯达克下跌0.38%。</blockquote></p><p> Morgan Stanley analysts cut their price target $4,100&nbsp;from $4,300. They maintained their Overweight rating on the stock.</p><p><blockquote>摩根士丹利分析师将目标价从4,300美元下调至4,100美元。他们维持对该股的跑赢大盘评级。</blockquote></p><p> Analysts surveyed by FactSet also rate the stock at Overweight but with a higher average target price of $4,153.</p><p><blockquote>FactSet调查的分析师也将该股评级为跑赢大盘，但平均目标价较高，为4,153美元。</blockquote></p><p> “We have written in the past to how AMZN’s growing logisticsworkforce is set to enable more e-commerce share gains, faster ship speeds (1-day and same-day) and new business opportunities (like third party logistics) … but the cost of labor is rising,” wrote the analysts, led by Brian Nowak.</p><p><blockquote>“我们过去曾写过AMZN不断增长的物流劳动力将如何实现更多的电子商务份额增长、更快的发货速度（1天和当天）和新的商机（如第三方物流）……但成本劳动力正在上升，”以布莱恩·诺瓦克为首的分析师写道。</blockquote></p><p> The analyst lowered his 2021 and 2002 EBIT estimates on Amazon by 16% and 19%, respectively.</p><p><blockquote>该分析师将亚马逊2021年和2002年息税前利润预期分别下调了16%和19%。</blockquote></p><p> Amazon announced in mid-September that it was hiring more than 125,000 drivers and warehouse workers and will pay them a starting average wage of more than $18 an hour —and up to $22.50 in some places.</p><p><blockquote>亚马逊在9月中旬宣布，它正在招聘超过125,000名司机和仓库工人，并将向他们支付超过每小时18美元的起薪，在某些地方高达22.50美元。</blockquote></p><p> The company has been on a hiring spree. At the beginning of September, the company announced it will fill 40,000 corporate and technology jobs; since the pandemic began in March 2020, Amazon has hired&nbsp;more than 450,000 people in the&nbsp;U.S.</p><p><blockquote>该公司一直在疯狂招聘。9月初，该公司宣布将填补4万个企业和技术职位；自2020年3月疫情开始以来，亚马逊已在美国雇佣了超过45万名员工。</blockquote></p><p> “Near-term estimates are heading lower … but in our view it is also important to remember that rising wages are impacting all businesses (most recently&nbsp;FedEx&nbsp;(FDX) last week) and AMZN competitors,” the analysts said.</p><p><blockquote>分析师表示：“近期预期正在走低……但我们认为，同样重要的是要记住，工资上涨正在影响所有企业（最近一次是上周的联邦快递（FDX））和亚马逊竞争对手。”</blockquote></p><p> <i>Barron’s</i> reported last week how labor-cost inflation looked to be biting into profit margins at shipping giant&nbsp;FedEx.</p><p><blockquote><i>巴伦周刊</i>上周报道了劳动力成本通胀似乎正在侵蚀航运巨头联邦快递的利润率。</blockquote></p><p> “We acknowledge profit misses and slowing revenue may hold back AMZN’s ability to outperform through this investment cycle,” wrote Morgan Stanley. “In our view, AMZN may be tactically range bound until retail revenue can re-accelerate and beat expectations” in the first half of 2022. </p><p><blockquote>摩根士丹利写道：“我们承认利润低于预期和收入放缓可能会阻碍亚马逊在这个投资周期中跑赢大盘的能力。”“我们认为，在2022年上半年零售收入能够重新加速并超出预期之前，亚马逊可能会在战术上保持区间波动”。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Amazon Stock Falls. Morgan Stanley Cuts Its Price Target.<blockquote>亚马逊股价下跌。摩根士丹利下调目标价。</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\">\nAmazon Stock Falls. Morgan Stanley Cuts Its Price Target.<blockquote>亚马逊股价下跌。摩根士丹利下调目标价。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-09-27 23:31</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Shares of Amazon.com were lower Monday after analysts at Morgan Stanley cut their price target, saying a&nbsp;push by the online retailer and tech giant to add to its logistics workforce was adding to profit pressures.</p><p><blockquote>摩根士丹利分析师下调目标价后，亚马逊股价周一走低，称这家在线零售商和科技巨头增加物流劳动力的努力加剧了利润压力。</blockquote></p><p> Amazon (ticker: AMZN) fell 1.97% to $3,358.04. Higher bond yields also were hitting the stock Monday, as they were other fast-growing tech shares. The Nasdaq was falling 0.38%.</p><p><blockquote>亚马逊（股票代码：AMZN）下跌1.97%，至3,358.04美元。周一，债券收益率上升也打击了该股，就像其他快速增长的科技股一样。纳斯达克下跌0.38%。</blockquote></p><p> Morgan Stanley analysts cut their price target $4,100&nbsp;from $4,300. They maintained their Overweight rating on the stock.</p><p><blockquote>摩根士丹利分析师将目标价从4,300美元下调至4,100美元。他们维持对该股的跑赢大盘评级。</blockquote></p><p> Analysts surveyed by FactSet also rate the stock at Overweight but with a higher average target price of $4,153.</p><p><blockquote>FactSet调查的分析师也将该股评级为跑赢大盘，但平均目标价较高，为4,153美元。</blockquote></p><p> “We have written in the past to how AMZN’s growing logisticsworkforce is set to enable more e-commerce share gains, faster ship speeds (1-day and same-day) and new business opportunities (like third party logistics) … but the cost of labor is rising,” wrote the analysts, led by Brian Nowak.</p><p><blockquote>“我们过去曾写过AMZN不断增长的物流劳动力将如何实现更多的电子商务份额增长、更快的发货速度（1天和当天）和新的商机（如第三方物流）……但成本劳动力正在上升，”以布莱恩·诺瓦克为首的分析师写道。</blockquote></p><p> The analyst lowered his 2021 and 2002 EBIT estimates on Amazon by 16% and 19%, respectively.</p><p><blockquote>该分析师将亚马逊2021年和2002年息税前利润预期分别下调了16%和19%。</blockquote></p><p> Amazon announced in mid-September that it was hiring more than 125,000 drivers and warehouse workers and will pay them a starting average wage of more than $18 an hour —and up to $22.50 in some places.</p><p><blockquote>亚马逊在9月中旬宣布，它正在招聘超过125,000名司机和仓库工人，并将向他们支付超过每小时18美元的起薪，在某些地方高达22.50美元。</blockquote></p><p> The company has been on a hiring spree. At the beginning of September, the company announced it will fill 40,000 corporate and technology jobs; since the pandemic began in March 2020, Amazon has hired&nbsp;more than 450,000 people in the&nbsp;U.S.</p><p><blockquote>该公司一直在疯狂招聘。9月初，该公司宣布将填补4万个企业和技术职位；自2020年3月疫情开始以来，亚马逊已在美国雇佣了超过45万名员工。</blockquote></p><p> “Near-term estimates are heading lower … but in our view it is also important to remember that rising wages are impacting all businesses (most recently&nbsp;FedEx&nbsp;(FDX) last week) and AMZN competitors,” the analysts said.</p><p><blockquote>分析师表示：“近期预期正在走低……但我们认为，同样重要的是要记住，工资上涨正在影响所有企业（最近一次是上周的联邦快递（FDX））和亚马逊竞争对手。”</blockquote></p><p> <i>Barron’s</i> reported last week how labor-cost inflation looked to be biting into profit margins at shipping giant&nbsp;FedEx.</p><p><blockquote><i>巴伦周刊</i>上周报道了劳动力成本通胀似乎正在侵蚀航运巨头联邦快递的利润率。</blockquote></p><p> “We acknowledge profit misses and slowing revenue may hold back AMZN’s ability to outperform through this investment cycle,” wrote Morgan Stanley. “In our view, AMZN may be tactically range bound until retail revenue can re-accelerate and beat expectations” in the first half of 2022. </p><p><blockquote>摩根士丹利写道：“我们承认利润低于预期和收入放缓可能会阻碍亚马逊在这个投资周期中跑赢大盘的能力。”“我们认为，在2022年上半年零售收入能够重新加速并超出预期之前，亚马逊可能会在战术上保持区间波动”。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/amazon-amzn-stock-price-target-cut-51632755695?mod=hp_LATEST\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMZN":"亚马逊"},"source_url":"https://www.barrons.com/articles/amazon-amzn-stock-price-target-cut-51632755695?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1112832451","content_text":"Shares of Amazon.com were lower Monday after analysts at Morgan Stanley cut their price target, saying a push by the online retailer and tech giant to add to its logistics workforce was adding to profit pressures.\nAmazon (ticker: AMZN) fell 1.97% to $3,358.04. Higher bond yields also were hitting the stock Monday, as they were other fast-growing tech shares. The Nasdaq was falling 0.38%.\n\nMorgan Stanley analysts cut their price target $4,100 from $4,300. They maintained their Overweight rating on the stock.\nAnalysts surveyed by FactSet also rate the stock at Overweight but with a higher average target price of $4,153.\n“We have written in the past to how AMZN’s growing logisticsworkforce is set to enable more e-commerce share gains, faster ship speeds (1-day and same-day) and new business opportunities (like third party logistics) … but the cost of labor is rising,” wrote the analysts, led by Brian Nowak.\nThe analyst lowered his 2021 and 2002 EBIT estimates on Amazon by 16% and 19%, respectively.\nAmazon announced in mid-September that it was hiring more than 125,000 drivers and warehouse workers and will pay them a starting average wage of more than $18 an hour —and up to $22.50 in some places.\n\nThe company has been on a hiring spree. At the beginning of September, the company announced it will fill 40,000 corporate and technology jobs; since the pandemic began in March 2020, Amazon has hired more than 450,000 people in the U.S.\n“Near-term estimates are heading lower … but in our view it is also important to remember that rising wages are impacting all businesses (most recently FedEx (FDX) last week) and AMZN competitors,” the analysts said.\nBarron’s reported last week how labor-cost inflation looked to be biting into profit margins at shipping giant FedEx.\n\n“We acknowledge profit misses and slowing revenue may hold back AMZN’s ability to outperform through this investment cycle,” wrote Morgan Stanley. “In our view, AMZN may be tactically range bound until retail revenue can re-accelerate and beat expectations” in the first half of 2022.","news_type":1,"symbols_score_info":{"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":1102,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":859672111,"gmtCreate":1634695836188,"gmtModify":1634695836351,"author":{"id":"4089861821723520","authorId":"4089861821723520","name":"Huhu88","avatar":"https://static.tigerbbs.com/afaf32d53dd5ce37ce49c567be9cef05","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089861821723520","authorIdStr":"4089861821723520"},"themes":[],"htmlText":"Thanks&nbsp;","listText":"Thanks&nbsp;","text":"Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":12,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/859672111","repostId":"2176710436","repostType":4,"isVote":1,"tweetType":1,"viewCount":915,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":825900059,"gmtCreate":1634184076749,"gmtModify":1634184076749,"author":{"id":"4089861821723520","authorId":"4089861821723520","name":"Huhu88","avatar":"https://static.tigerbbs.com/afaf32d53dd5ce37ce49c567be9cef05","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089861821723520","authorIdStr":"4089861821723520"},"themes":[],"htmlText":"Thanks","listText":"Thanks","text":"Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/825900059","repostId":"1111412750","repostType":4,"repost":{"id":"1111412750","kind":"news","pubTimestamp":1634182832,"share":"https://www.laohu8.com/m/news/1111412750?lang=zh_CN&edition=full","pubTime":"2021-10-14 11:40","market":"us","language":"en","title":"Buying The Dip Is Dead<blockquote>逢低买入已死</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1111412750","media":"seekingalpha","summary":"Summary\n\nBuying the dip died when the volatility sellers failed to show up.\nThere's a mechanical rea","content":"<p>Summary</p><p><blockquote>总结</blockquote></p><p> <ul>  <li>Buying the dip died when the volatility sellers failed to show up.</li>  <li>There's a mechanical reason why the market has not \"bounced back.\"</li>  <li>That mechanical reason has broken down due to fundamental shifts.</li> </ul> The market has been melting, and that \"buy the dip\" mentality seems to be in trouble. There's an excellent reason for why buying the dip hasn't worked, and probably why it won't work this time around either. All you have to do is look at the VIX and the SKEW indexes to understand why.</p><p><blockquote><ul><li>当波动性卖家未能出现时，逢低买入就死了。</li><li>市场没有“反弹”有一个机械原因。</li><li>由于根本性的转变，这种机械原因已经被打破。</li></ul>市场一直在融化，那种“逢低买入”的心态似乎遇到了麻烦。有一个很好的理由解释为什么逢低买入没有奏效，而且可能这次也不会奏效。你所要做的就是看看VIX和偏斜指数，就能明白为什么。</blockquote></p><p> Falling volatility has been a lynchpin of propping up the market every time it falters since the COVID low. Every time the market sank, the VIX would spike higher. Then, a swarm of traders would come in looking to short volatility, which would send the VIX lower, pushing the S&amp;P 500 higher. However, that component of the market appears to be gone. The VIX has been steadily rising since June, with higher lows. More recently, the VIX hasn't been able to get below 18, and each drop in the S&amp;P 500 has seen lower highs.</p><p><blockquote>自新冠疫情低点以来，波动性下降一直是支撑市场每次出现动摇的关键。每次市场下跌，VIX都会飙升。然后，一群交易者会进来寻求做空波动性，这将导致VIX走低，推高标普500。然而，市场的这一部分似乎已经消失了。VIX自6月以来一直稳步上升，低点较高。最近，VIX未能跌破18，标普500的每次下跌都会出现较低的高点。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/7d40186560f397cc6ebdc4e85ba18725\" tg-width=\"640\" tg-height=\"397\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Additionally, the SKEW index has cratered in recent weeks. It's because traders that have been betting on volatility falling have likely been shorting at-the-money forms of it, and to hedge those positions, they have been buying out-of-money forms. It's why the SKEW index reached record highs in June as the VIX hit its lows.</p><p><blockquote>此外，偏斜指数最近几周有所下降。这是因为一直押注波动性下降的交易者可能一直在做空平价形式的波动性，为了对冲这些头寸，他们一直在买入价外形式的波动性。这就是为什么SKEW指数在6月份创下历史新高，而VIX则触及低点。</blockquote></p><p> The SKEW index wasn't rising into June 2021 because traders were trying to hedge against tail risk or an unforeseen event. The SKEW index was rising as a hedge against short volatility positions.</p><p><blockquote>SKEW指数在2021年6月没有上升，因为交易者试图对冲尾部风险或不可预见的事件。作为对波动性空头头寸的对冲，SKEW指数正在上升。</blockquote></p><p> If volatility sellers do not return to this market, then a big piece of why the market always has been able to bounce back so quickly on every dip will be gone. Buying the dip will simply not work.</p><p><blockquote>如果波动性卖家不重返这个市场，那么为什么市场总是能够在每次下跌时如此迅速地反弹的很大一部分将消失。逢低买入根本行不通。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d92c33e67c289d5c9d1e8d0d6ec74b5d\" tg-width=\"640\" tg-height=\"397\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> But with QE likely on its way out, financial conditions are likely to tighten as a result. It seems that volatility sellers have gone missing for a good reason. If that's the case, the considerable risk in the market isn't going to be the fear of missing out. The substantial risk is a meltdown, not all that&nbsp;dissimilar to that of 2018, which I have noted on several occasions many of the same similarities of today to back then.</p><p><blockquote>但随着量化宽松可能退出，金融状况可能会因此收紧。波动性卖家的消失似乎是有充分理由的。如果是这样的话，市场上相当大的风险就不会是害怕错过了。实质性的风险是崩溃，与2018年没有太大不同，我在几个场合注意到今天与当时有许多相似之处。</blockquote></p><p> The dollar index may be a big piece of that. It has been surging higher, and that the S&amp;P 500 has been trading precisely the opposite to the dollar's move. When the dollar has been strengthening, the S&amp;P 500 has been falling and vice versa. The&nbsp;dollar is telling us that tapering&nbsp;is coming and very soon. The stock market knows what this means too, and it isn't good for stocks.</p><p><blockquote>美元指数可能是其中很大一部分。它一直在飙升，而标普500的交易与美元的走势完全相反。当美元一直走强时，标普500一直在下跌，反之亦然。美元告诉我们，缩减规模即将到来，而且很快就会到来。股市也知道这意味着什么，这对股市不利。</blockquote></p><p> The two-year Treasury rate has also been creeping higher and now stands at more than 35 bps. The two-year most likely needs to rise much more if the Fed is tapering. By the time the QE taper ended in October 2014, the two-year was around 50 to 60 bps. That means the&nbsp;two-year&nbsp;now has further to climb as this process commences potentially as soon as the November FOMC meeting.</p><p><blockquote>两年期国债利率也一直在攀升，目前已超过35个基点。如果美联储缩减规模，两年期国债很可能需要上涨更多。到2014年10月QE缩减结束时，两年期利率约为50至60个基点。这意味着两年期利率现在必须进一步攀升，因为这一过程可能会在11月FOMC会议上开始。</blockquote></p><p> Despite the stronger dollar, the 10-year has been falling, and that's because the market is picking up on what I have been telling you for months. Growth rates here in the US and around the globe have been slowing and are now near stall speed. They have gotten so slow here in the US that the Atlanta Fed GDPNow is now projecting just a 1.3% third quarter growth rate, an enormous drop from the second-quarter reading of 6.7%.</p><p><blockquote>尽管美元走强，但10年期国债一直在下跌，这是因为市场正在接受我几个月来一直告诉你的内容。美国和全球的增长率一直在放缓，现在接近失速速度。美国的增长速度如此缓慢，以至于亚特兰大联储GDPNow目前预计第三季度增长率仅为1.3%，较第二季度的6.7%大幅下降。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/ce210603773584da38e4fbf054f31ba9\" tg-width=\"640\" tg-height=\"480\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> The market knows that a strong dollar in regular times exports inflationary forces aboard in countries that buy commodities, finances debt, or conduct business in dollars. It's a global growth killer. On top of that, rising prices for things like energy are already likely to slow growth, and now with the dollar rising, it makes the problem even more prominent. It is driving the rates on the long-end of the curve lower and flattening the yield curve.</p><p><blockquote>市场知道，在正常时期，强势美元会向购买大宗商品、为债务融资或以美元开展业务的国家输出通胀力量。这是全球增长杀手。最重要的是，能源等价格上涨已经可能会减缓经济增长，现在随着美元升值，这使得问题更加突出。它正在压低曲线长端的利率并使收益率曲线变平。</blockquote></p><p> This time is different from previous pullbacks. This is why this time the pullback is only in its early phases. Earnings estimates have started to come down, and they are likely to come down further because if one thing is crystal clear, GDP growth expectations were way off base, and means that it is highly likely that&nbsp;earnings estimates&nbsp;are way off base, which means earnings growth rates will be heading lower or top of what they have declined.</p><p><blockquote>这次不同于以往的回调。这就是为什么这次回调只是处于早期阶段。盈利预期已经开始下降，而且可能会进一步下降，因为如果有一件事非常清楚，那就是GDP增长预期与基础相差甚远，这意味着盈利预期很可能与基础相差甚远，这意味着盈利增长率将下降或高于下降水平。</blockquote></p><p></p><p> <img src=\"https://static.tigerbbs.com/b784f4142c7b91a6c36b4c8d263db047\" tg-width=\"640\" tg-height=\"480\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> It's just a matter of when the stock market realizes that a Fed tapering event will push the dollar index even higher at the worst possible time resulting in a massive global growth scare. Perhaps the biggest reason why the volatility sellers have left the building.</p><p><blockquote>这只是股市何时意识到美联储缩减规模事件将在最糟糕的时候推高美元指数，从而导致大规模的全球增长恐慌的问题。也许这是波动性卖家离开大楼的最大原因。</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>Buying The Dip Is Dead<blockquote>逢低买入已死</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\">\nBuying The Dip Is Dead<blockquote>逢低买入已死</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-10-14 11:40</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Summary</p><p><blockquote>总结</blockquote></p><p> <ul>  <li>Buying the dip died when the volatility sellers failed to show up.</li>  <li>There's a mechanical reason why the market has not \"bounced back.\"</li>  <li>That mechanical reason has broken down due to fundamental shifts.</li> </ul> The market has been melting, and that \"buy the dip\" mentality seems to be in trouble. There's an excellent reason for why buying the dip hasn't worked, and probably why it won't work this time around either. All you have to do is look at the VIX and the SKEW indexes to understand why.</p><p><blockquote><ul><li>当波动性卖家未能出现时，逢低买入就死了。</li><li>市场没有“反弹”有一个机械原因。</li><li>由于根本性的转变，这种机械原因已经被打破。</li></ul>市场一直在融化，那种“逢低买入”的心态似乎遇到了麻烦。有一个很好的理由解释为什么逢低买入没有奏效，而且可能这次也不会奏效。你所要做的就是看看VIX和偏斜指数，就能明白为什么。</blockquote></p><p> Falling volatility has been a lynchpin of propping up the market every time it falters since the COVID low. Every time the market sank, the VIX would spike higher. Then, a swarm of traders would come in looking to short volatility, which would send the VIX lower, pushing the S&amp;P 500 higher. However, that component of the market appears to be gone. The VIX has been steadily rising since June, with higher lows. More recently, the VIX hasn't been able to get below 18, and each drop in the S&amp;P 500 has seen lower highs.</p><p><blockquote>自新冠疫情低点以来，波动性下降一直是支撑市场每次出现动摇的关键。每次市场下跌，VIX都会飙升。然后，一群交易者会进来寻求做空波动性，这将导致VIX走低，推高标普500。然而，市场的这一部分似乎已经消失了。VIX自6月以来一直稳步上升，低点较高。最近，VIX未能跌破18，标普500的每次下跌都会出现较低的高点。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/7d40186560f397cc6ebdc4e85ba18725\" tg-width=\"640\" tg-height=\"397\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Additionally, the SKEW index has cratered in recent weeks. It's because traders that have been betting on volatility falling have likely been shorting at-the-money forms of it, and to hedge those positions, they have been buying out-of-money forms. It's why the SKEW index reached record highs in June as the VIX hit its lows.</p><p><blockquote>此外，偏斜指数最近几周有所下降。这是因为一直押注波动性下降的交易者可能一直在做空平价形式的波动性，为了对冲这些头寸，他们一直在买入价外形式的波动性。这就是为什么SKEW指数在6月份创下历史新高，而VIX则触及低点。</blockquote></p><p> The SKEW index wasn't rising into June 2021 because traders were trying to hedge against tail risk or an unforeseen event. The SKEW index was rising as a hedge against short volatility positions.</p><p><blockquote>SKEW指数在2021年6月没有上升，因为交易者试图对冲尾部风险或不可预见的事件。作为对波动性空头头寸的对冲，SKEW指数正在上升。</blockquote></p><p> If volatility sellers do not return to this market, then a big piece of why the market always has been able to bounce back so quickly on every dip will be gone. Buying the dip will simply not work.</p><p><blockquote>如果波动性卖家不重返这个市场，那么为什么市场总是能够在每次下跌时如此迅速地反弹的很大一部分将消失。逢低买入根本行不通。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d92c33e67c289d5c9d1e8d0d6ec74b5d\" tg-width=\"640\" tg-height=\"397\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> But with QE likely on its way out, financial conditions are likely to tighten as a result. It seems that volatility sellers have gone missing for a good reason. If that's the case, the considerable risk in the market isn't going to be the fear of missing out. The substantial risk is a meltdown, not all that&nbsp;dissimilar to that of 2018, which I have noted on several occasions many of the same similarities of today to back then.</p><p><blockquote>但随着量化宽松可能退出，金融状况可能会因此收紧。波动性卖家的消失似乎是有充分理由的。如果是这样的话，市场上相当大的风险就不会是害怕错过了。实质性的风险是崩溃，与2018年没有太大不同，我在几个场合注意到今天与当时有许多相似之处。</blockquote></p><p> The dollar index may be a big piece of that. It has been surging higher, and that the S&amp;P 500 has been trading precisely the opposite to the dollar's move. When the dollar has been strengthening, the S&amp;P 500 has been falling and vice versa. The&nbsp;dollar is telling us that tapering&nbsp;is coming and very soon. The stock market knows what this means too, and it isn't good for stocks.</p><p><blockquote>美元指数可能是其中很大一部分。它一直在飙升，而标普500的交易与美元的走势完全相反。当美元一直走强时，标普500一直在下跌，反之亦然。美元告诉我们，缩减规模即将到来，而且很快就会到来。股市也知道这意味着什么，这对股市不利。</blockquote></p><p> The two-year Treasury rate has also been creeping higher and now stands at more than 35 bps. The two-year most likely needs to rise much more if the Fed is tapering. By the time the QE taper ended in October 2014, the two-year was around 50 to 60 bps. That means the&nbsp;two-year&nbsp;now has further to climb as this process commences potentially as soon as the November FOMC meeting.</p><p><blockquote>两年期国债利率也一直在攀升，目前已超过35个基点。如果美联储缩减规模，两年期国债很可能需要上涨更多。到2014年10月QE缩减结束时，两年期利率约为50至60个基点。这意味着两年期利率现在必须进一步攀升，因为这一过程可能会在11月FOMC会议上开始。</blockquote></p><p> Despite the stronger dollar, the 10-year has been falling, and that's because the market is picking up on what I have been telling you for months. Growth rates here in the US and around the globe have been slowing and are now near stall speed. They have gotten so slow here in the US that the Atlanta Fed GDPNow is now projecting just a 1.3% third quarter growth rate, an enormous drop from the second-quarter reading of 6.7%.</p><p><blockquote>尽管美元走强，但10年期国债一直在下跌，这是因为市场正在接受我几个月来一直告诉你的内容。美国和全球的增长率一直在放缓，现在接近失速速度。美国的增长速度如此缓慢，以至于亚特兰大联储GDPNow目前预计第三季度增长率仅为1.3%，较第二季度的6.7%大幅下降。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/ce210603773584da38e4fbf054f31ba9\" tg-width=\"640\" tg-height=\"480\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> The market knows that a strong dollar in regular times exports inflationary forces aboard in countries that buy commodities, finances debt, or conduct business in dollars. It's a global growth killer. On top of that, rising prices for things like energy are already likely to slow growth, and now with the dollar rising, it makes the problem even more prominent. It is driving the rates on the long-end of the curve lower and flattening the yield curve.</p><p><blockquote>市场知道，在正常时期，强势美元会向购买大宗商品、为债务融资或以美元开展业务的国家输出通胀力量。这是全球增长杀手。最重要的是，能源等价格上涨已经可能会减缓经济增长，现在随着美元升值，这使得问题更加突出。它正在压低曲线长端的利率并使收益率曲线变平。</blockquote></p><p> This time is different from previous pullbacks. This is why this time the pullback is only in its early phases. Earnings estimates have started to come down, and they are likely to come down further because if one thing is crystal clear, GDP growth expectations were way off base, and means that it is highly likely that&nbsp;earnings estimates&nbsp;are way off base, which means earnings growth rates will be heading lower or top of what they have declined.</p><p><blockquote>这次不同于以往的回调。这就是为什么这次回调只是处于早期阶段。盈利预期已经开始下降，而且可能会进一步下降，因为如果有一件事非常清楚，那就是GDP增长预期与基础相差甚远，这意味着盈利预期很可能与基础相差甚远，这意味着盈利增长率将下降或高于下降水平。</blockquote></p><p></p><p> <img src=\"https://static.tigerbbs.com/b784f4142c7b91a6c36b4c8d263db047\" tg-width=\"640\" tg-height=\"480\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> It's just a matter of when the stock market realizes that a Fed tapering event will push the dollar index even higher at the worst possible time resulting in a massive global growth scare. Perhaps the biggest reason why the volatility sellers have left the building.</p><p><blockquote>这只是股市何时意识到美联储缩减规模事件将在最糟糕的时候推高美元指数，从而导致大规模的全球增长恐慌的问题。也许这是波动性卖家离开大楼的最大原因。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4459696-buying-the-dip-is-dead\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://seekingalpha.com/article/4459696-buying-the-dip-is-dead","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1111412750","content_text":"Summary\n\nBuying the dip died when the volatility sellers failed to show up.\nThere's a mechanical reason why the market has not \"bounced back.\"\nThat mechanical reason has broken down due to fundamental shifts.\n\nThe market has been melting, and that \"buy the dip\" mentality seems to be in trouble. There's an excellent reason for why buying the dip hasn't worked, and probably why it won't work this time around either. All you have to do is look at the VIX and the SKEW indexes to understand why.\nFalling volatility has been a lynchpin of propping up the market every time it falters since the COVID low. Every time the market sank, the VIX would spike higher. Then, a swarm of traders would come in looking to short volatility, which would send the VIX lower, pushing the S&P 500 higher. However, that component of the market appears to be gone. The VIX has been steadily rising since June, with higher lows. More recently, the VIX hasn't been able to get below 18, and each drop in the S&P 500 has seen lower highs.\n\nAdditionally, the SKEW index has cratered in recent weeks. It's because traders that have been betting on volatility falling have likely been shorting at-the-money forms of it, and to hedge those positions, they have been buying out-of-money forms. It's why the SKEW index reached record highs in June as the VIX hit its lows.\nThe SKEW index wasn't rising into June 2021 because traders were trying to hedge against tail risk or an unforeseen event. The SKEW index was rising as a hedge against short volatility positions.\nIf volatility sellers do not return to this market, then a big piece of why the market always has been able to bounce back so quickly on every dip will be gone. Buying the dip will simply not work.\n\nBut with QE likely on its way out, financial conditions are likely to tighten as a result. It seems that volatility sellers have gone missing for a good reason. If that's the case, the considerable risk in the market isn't going to be the fear of missing out. The substantial risk is a meltdown, not all that dissimilar to that of 2018, which I have noted on several occasions many of the same similarities of today to back then.\nThe dollar index may be a big piece of that. It has been surging higher, and that the S&P 500 has been trading precisely the opposite to the dollar's move. When the dollar has been strengthening, the S&P 500 has been falling and vice versa. The dollar is telling us that tapering is coming and very soon. The stock market knows what this means too, and it isn't good for stocks.\nThe two-year Treasury rate has also been creeping higher and now stands at more than 35 bps. The two-year most likely needs to rise much more if the Fed is tapering. By the time the QE taper ended in October 2014, the two-year was around 50 to 60 bps. That means the two-year now has further to climb as this process commences potentially as soon as the November FOMC meeting.\nDespite the stronger dollar, the 10-year has been falling, and that's because the market is picking up on what I have been telling you for months. Growth rates here in the US and around the globe have been slowing and are now near stall speed. They have gotten so slow here in the US that the Atlanta Fed GDPNow is now projecting just a 1.3% third quarter growth rate, an enormous drop from the second-quarter reading of 6.7%.\n\nThe market knows that a strong dollar in regular times exports inflationary forces aboard in countries that buy commodities, finances debt, or conduct business in dollars. It's a global growth killer. On top of that, rising prices for things like energy are already likely to slow growth, and now with the dollar rising, it makes the problem even more prominent. It is driving the rates on the long-end of the curve lower and flattening the yield curve.\nThis time is different from previous pullbacks. This is why this time the pullback is only in its early phases. Earnings estimates have started to come down, and they are likely to come down further because if one thing is crystal clear, GDP growth expectations were way off base, and means that it is highly likely that earnings estimates are way off base, which means earnings growth rates will be heading lower or top of what they have declined.\n\nIt's just a matter of when the stock market realizes that a Fed tapering event will push the dollar index even higher at the worst possible time resulting in a massive global growth scare. Perhaps the biggest reason why the volatility sellers have left the building.","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":930,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":835154192,"gmtCreate":1629697134816,"gmtModify":1633683100804,"author":{"id":"4089861821723520","authorId":"4089861821723520","name":"Huhu88","avatar":"https://static.tigerbbs.com/afaf32d53dd5ce37ce49c567be9cef05","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089861821723520","authorIdStr":"4089861821723520"},"themes":[],"htmlText":"Nice article. Thanks for sharing.","listText":"Nice article. Thanks for sharing.","text":"Nice article. Thanks for sharing.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/835154192","repostId":"2161272742","repostType":4,"isVote":1,"tweetType":1,"viewCount":421,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":873113422,"gmtCreate":1636879698485,"gmtModify":1636879698541,"author":{"id":"4089861821723520","authorId":"4089861821723520","name":"Huhu88","avatar":"https://static.tigerbbs.com/afaf32d53dd5ce37ce49c567be9cef05","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089861821723520","authorIdStr":"4089861821723520"},"themes":[],"htmlText":"Thanks","listText":"Thanks","text":"Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/873113422","repostId":"1103944030","repostType":4,"isVote":1,"tweetType":1,"viewCount":2998,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":602854542,"gmtCreate":1639009284261,"gmtModify":1639009284390,"author":{"id":"4089861821723520","authorId":"4089861821723520","name":"Huhu88","avatar":"https://static.tigerbbs.com/afaf32d53dd5ce37ce49c567be9cef05","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089861821723520","authorIdStr":"4089861821723520"},"themes":[],"htmlText":"Thanks&nbsp;","listText":"Thanks&nbsp;","text":"Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/602854542","repostId":"1121391317","repostType":4,"repost":{"id":"1121391317","kind":"news","pubTimestamp":1639008812,"share":"https://www.laohu8.com/m/news/1121391317?lang=zh_CN&edition=full","pubTime":"2021-12-09 08:13","market":"us","language":"en","title":"GameStop discloses SEC subpoena on trading activity, posts bigger-than-expected loss<blockquote>游戏驿站披露美国证券交易委员会关于交易活动的传票，亏损超出预期</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1121391317","media":"Reuters","summary":"Dec 8 (Reuters) - Video game retailer GameStop Corp said it was issued a subpoena by the U.S. securi","content":"<p>Dec 8 (Reuters) - Video game retailer GameStop Corp said it was issued a subpoena by the U.S. securities regulator back in August for documents on an investigation into its share trading activity, while reporting a bigger-than-expected quarterly loss.</p><p><blockquote>路透12月8日-视频游戏零售商游戏驿站公司表示，早在8月份就收到了美国证券监管机构的传票，要求其提供有关其股票交易活动调查文件，同时报告季度亏损超出预期。</blockquote></p><p> GameStop was one of the companies whose shares hogged the limelight in this year's meme-stock frenzy, which was led by day traders and fueled by chatter on social media platforms such as Reddit.</p><p><blockquote>游戏驿站是今年迷因股票狂潮中备受瞩目的公司之一，这场狂潮由日内交易者引领，并由Reddit等社交媒体平台上的聊天推动。</blockquote></p><p> \"We are in the process of producing the documents and have been and intend to continue cooperating fully with the SEC Staff regarding this matter,\" GameStop said in a regulatory filing on Wednesday, adding that the inquiry was not expected to have an adverse impact on the company.</p><p><blockquote>游戏驿站在周三的一份监管文件中表示：“我们正在制作文件，并且已经并打算继续就此事与SEC工作人员充分合作。”他补充说，预计调查不会对公司产生不利影响。</blockquote></p><p> GameStop's shares were down 4.4% at $166 in extended trading, after having gained more than nine times so far this year.</p><p><blockquote>游戏驿站股价在盘后交易中下跌4.4%，至166美元，今年迄今已上涨超过9倍。</blockquote></p><p> On an adjusted basis, the company lost $1.39 per share in the third quarter ended Oct. 30, compared with estimates of a loss of $0.52 per share, according to Refinitiv IBES data.</p><p><blockquote>根据Refinitiv IBES的数据，在调整后的基础上，该公司在截至10月30日的第三季度每股亏损1.39美元，而预计每股亏损0.52美元。</blockquote></p><p> GameStop's business model, which was suffering even before the pandemic hit, was further impacted by the COVID-19 lockdowns, with the company shutting down hundreds of brick-and-mortar stores.</p><p><blockquote>游戏驿站的商业模式甚至在大流行爆发之前就已经受到影响，并受到COVID-19封锁的进一步影响，该公司关闭了数百家实体店。</blockquote></p><p> The company has since then tried to take advantage of the pandemic-fueled demand for online shopping by trying to sell its consoles and games online.</p><p><blockquote>此后，该公司试图利用疫情推动的在线购物需求，尝试在线销售其游戏机和游戏。</blockquote></p><p> GameStop's overall revenue rose to $1.30 billion, beating estimates of $1.19 billion.</p><p><blockquote>游戏驿站的整体营收升至13亿美元，超出预期的11.9亿美元。</blockquote></p><p></p>","source":"lsy1612507957220","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>GameStop discloses SEC subpoena on trading activity, posts bigger-than-expected loss<blockquote>游戏驿站披露美国证券交易委员会关于交易活动的传票，亏损超出预期</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\">\nGameStop discloses SEC subpoena on trading activity, posts bigger-than-expected loss<blockquote>游戏驿站披露美国证券交易委员会关于交易活动的传票，亏损超出预期</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-12-09 08:13</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Dec 8 (Reuters) - Video game retailer GameStop Corp said it was issued a subpoena by the U.S. securities regulator back in August for documents on an investigation into its share trading activity, while reporting a bigger-than-expected quarterly loss.</p><p><blockquote>路透12月8日-视频游戏零售商游戏驿站公司表示，早在8月份就收到了美国证券监管机构的传票，要求其提供有关其股票交易活动调查文件，同时报告季度亏损超出预期。</blockquote></p><p> GameStop was one of the companies whose shares hogged the limelight in this year's meme-stock frenzy, which was led by day traders and fueled by chatter on social media platforms such as Reddit.</p><p><blockquote>游戏驿站是今年迷因股票狂潮中备受瞩目的公司之一，这场狂潮由日内交易者引领，并由Reddit等社交媒体平台上的聊天推动。</blockquote></p><p> \"We are in the process of producing the documents and have been and intend to continue cooperating fully with the SEC Staff regarding this matter,\" GameStop said in a regulatory filing on Wednesday, adding that the inquiry was not expected to have an adverse impact on the company.</p><p><blockquote>游戏驿站在周三的一份监管文件中表示：“我们正在制作文件，并且已经并打算继续就此事与SEC工作人员充分合作。”他补充说，预计调查不会对公司产生不利影响。</blockquote></p><p> GameStop's shares were down 4.4% at $166 in extended trading, after having gained more than nine times so far this year.</p><p><blockquote>游戏驿站股价在盘后交易中下跌4.4%，至166美元，今年迄今已上涨超过9倍。</blockquote></p><p> On an adjusted basis, the company lost $1.39 per share in the third quarter ended Oct. 30, compared with estimates of a loss of $0.52 per share, according to Refinitiv IBES data.</p><p><blockquote>根据Refinitiv IBES的数据，在调整后的基础上，该公司在截至10月30日的第三季度每股亏损1.39美元，而预计每股亏损0.52美元。</blockquote></p><p> GameStop's business model, which was suffering even before the pandemic hit, was further impacted by the COVID-19 lockdowns, with the company shutting down hundreds of brick-and-mortar stores.</p><p><blockquote>游戏驿站的商业模式甚至在大流行爆发之前就已经受到影响，并受到COVID-19封锁的进一步影响，该公司关闭了数百家实体店。</blockquote></p><p> The company has since then tried to take advantage of the pandemic-fueled demand for online shopping by trying to sell its consoles and games online.</p><p><blockquote>此后，该公司试图利用疫情推动的在线购物需求，尝试在线销售其游戏机和游戏。</blockquote></p><p> GameStop's overall revenue rose to $1.30 billion, beating estimates of $1.19 billion.</p><p><blockquote>游戏驿站的整体营收升至13亿美元，超出预期的11.9亿美元。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/1-gamestop-beats-quarterly-revenue-212028040.html\">Reuters</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":{"GME":"游戏驿站"},"source_url":"https://finance.yahoo.com/news/1-gamestop-beats-quarterly-revenue-212028040.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1121391317","content_text":"Dec 8 (Reuters) - Video game retailer GameStop Corp said it was issued a subpoena by the U.S. securities regulator back in August for documents on an investigation into its share trading activity, while reporting a bigger-than-expected quarterly loss.\nGameStop was one of the companies whose shares hogged the limelight in this year's meme-stock frenzy, which was led by day traders and fueled by chatter on social media platforms such as Reddit.\n\"We are in the process of producing the documents and have been and intend to continue cooperating fully with the SEC Staff regarding this matter,\" GameStop said in a regulatory filing on Wednesday, adding that the inquiry was not expected to have an adverse impact on the company.\nGameStop's shares were down 4.4% at $166 in extended trading, after having gained more than nine times so far this year.\nOn an adjusted basis, the company lost $1.39 per share in the third quarter ended Oct. 30, compared with estimates of a loss of $0.52 per share, according to Refinitiv IBES data.\nGameStop's business model, which was suffering even before the pandemic hit, was further impacted by the COVID-19 lockdowns, with the company shutting down hundreds of brick-and-mortar stores.\nThe company has since then tried to take advantage of the pandemic-fueled demand for online shopping by trying to sell its consoles and games online.\nGameStop's overall revenue rose to $1.30 billion, beating estimates of $1.19 billion.","news_type":1,"symbols_score_info":{"GME":0.9}},"isVote":1,"tweetType":1,"viewCount":2729,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":821474757,"gmtCreate":1633782704528,"gmtModify":1633782704528,"author":{"id":"4089861821723520","authorId":"4089861821723520","name":"Huhu88","avatar":"https://static.tigerbbs.com/afaf32d53dd5ce37ce49c567be9cef05","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089861821723520","authorIdStr":"4089861821723520"},"themes":[],"htmlText":"Thanks","listText":"Thanks","text":"Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/821474757","repostId":"2174920514","repostType":4,"isVote":1,"tweetType":1,"viewCount":982,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":866653683,"gmtCreate":1632779354342,"gmtModify":1632797979178,"author":{"id":"4089861821723520","authorId":"4089861821723520","name":"Huhu88","avatar":"https://static.tigerbbs.com/afaf32d53dd5ce37ce49c567be9cef05","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089861821723520","authorIdStr":"4089861821723520"},"themes":[],"htmlText":"Thanks","listText":"Thanks","text":"Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/866653683","repostId":"2170624172","repostType":4,"isVote":1,"tweetType":1,"viewCount":583,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":872960715,"gmtCreate":1637395167988,"gmtModify":1637395167988,"author":{"id":"4089861821723520","authorId":"4089861821723520","name":"Huhu88","avatar":"https://static.tigerbbs.com/afaf32d53dd5ce37ce49c567be9cef05","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089861821723520","authorIdStr":"4089861821723520"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/872960715","repostId":"2184384295","repostType":4,"isVote":1,"tweetType":1,"viewCount":3623,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":878598015,"gmtCreate":1637203421451,"gmtModify":1637203421511,"author":{"id":"4089861821723520","authorId":"4089861821723520","name":"Huhu88","avatar":"https://static.tigerbbs.com/afaf32d53dd5ce37ce49c567be9cef05","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089861821723520","authorIdStr":"4089861821723520"},"themes":[],"htmlText":"Thanks","listText":"Thanks","text":"Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/878598015","repostId":"2184547718","repostType":4,"isVote":1,"tweetType":1,"viewCount":2872,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":850621891,"gmtCreate":1634597809907,"gmtModify":1634597810080,"author":{"id":"4089861821723520","authorId":"4089861821723520","name":"Huhu88","avatar":"https://static.tigerbbs.com/afaf32d53dd5ce37ce49c567be9cef05","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089861821723520","authorIdStr":"4089861821723520"},"themes":[],"htmlText":"Thanks&nbsp;","listText":"Thanks&nbsp;","text":"Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/850621891","repostId":"2176120817","repostType":4,"isVote":1,"tweetType":1,"viewCount":1099,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":833748854,"gmtCreate":1629267861178,"gmtModify":1633686086433,"author":{"id":"4089861821723520","authorId":"4089861821723520","name":"Huhu88","avatar":"https://static.tigerbbs.com/afaf32d53dd5ce37ce49c567be9cef05","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089861821723520","authorIdStr":"4089861821723520"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/833748854","repostId":"1114320591","repostType":4,"repost":{"id":"1114320591","kind":"news","pubTimestamp":1629255336,"share":"https://www.laohu8.com/m/news/1114320591?lang=zh_CN&edition=full","pubTime":"2021-08-18 10:55","market":"us","language":"en","title":"3 Stocks I'm Never Selling<blockquote>我永远不会出售的3只股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1114320591","media":"Motley Fool","summary":"The best investors in the world swear by holding high-quality companies for decades on end. These stocks fit that bill.","content":"<p><b>Key Points</b></p><p><blockquote><b>要点</b></blockquote></p><p> <ul>  <li>Time plus patience adds up to wealth-building results in the stock market.</li>  <li>These three business titans are leaders in their fields.</li>  <li>They are also built to last for a very long time.</li> </ul> </p><p><blockquote><ul><li>时间加上耐心，就能在股市中积累财富。</li><li>这三个商业巨头都是各自领域的领导者。</li><li>它们也可以持续很长时间。</li></ul></blockquote></p><p> I'm about to show you my favorite stocks. Sometimes I invest with an eye to strong returns over the next few years. These are the ones that I expect to keep beating the market for the years and decades to come. It will take a lot to pry them out of my portfolio.</p><p><blockquote>我即将向您展示我最喜欢的股票。有时我投资时着眼于未来几年的丰厚回报。我预计这些产品将在未来几年甚至几十年内继续跑赢市场。要把它们从我的投资组合中撬出来需要很大的努力。</blockquote></p><p> Let me show you why I intend to hold&nbsp;<b>Netflix</b>(NASDAQ:NFLX),<b>Alphabet</b>(NASDAQ:GOOG)(NASDAQ:GOOGL), and&nbsp;<b>Walt Disney</b>(NYSE:DIS)for the long haul. These stocks may not be slam-dunk forever holdings for every investor, but you should absolutely take a close look at these top-notch investments.</p><p><blockquote>让我告诉你为什么我打算持有<b>Netflix</b>（纳斯达克：NFLX），<b>Alphabet</b>（纳斯达克：GOOG）（纳斯达克：GOOGL），以及<b>迪斯尼</b>（纽约证券交易所股票代码：DIS）长期来看。这些股票可能不是每个投资者都能永远持有的股票，但你绝对应该仔细看看这些顶级投资。</blockquote></p><p> <b>1. Netflix</b></p><p><blockquote><b>1.奈飞</b></blockquote></p><p> First, you knew Netflix as the sender of red mail-order DVD rentals. The company introduced digital video streams as a free add-on for DVD customers in&nbsp;2007, then separated the streaming business into a separate subscription service in 2011. The Qwikster event was a big marketing mess and could certainly have been handled better, but it was absolutely the right idea in the long run.</p><p><blockquote>首先，你知道网飞是红色邮购DVD租赁的发送者。该公司于2007年将数字视频流作为DVD客户的免费附加服务推出，然后于2011年将流媒体业务分离为单独的订阅服务。Qwikster事件是一个巨大的营销混乱，当然可以处理得更好，但从长远来看，这绝对是正确的想法。</blockquote></p><p> Going all-in on the all-digital streaming service allowed Netflix to roll out its paid subscription plans on a global scale, supplemented by an ambitious focus on original content. The subscriber count has skyrocketed from 26 million in the summer of 2011 to 209 million today. That fantastic trend has worked wonders for the company's top and bottom lines:</p><p><blockquote>全力投入全数字流媒体服务使Netflix能够在全球范围内推出付费订阅计划，并辅以对原创内容的雄心勃勃的关注。用户数量从2011年夏天的2600万飙升至今天的2.09亿。这种奇妙的趋势为公司的营收和利润创造了奇迹：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/646be4c2a73d68810e962c19efe82476\" tg-width=\"720\" tg-height=\"449\" referrerpolicy=\"no-referrer\"><span>NFLX REVENUE (TTM) DATA BY YCHARTS.</span></p><p><blockquote><p class=\"t-img-caption\"><span>YCHARTS提供的NFLX收入(TTM)数据。</span></p></blockquote></p><p> Netflix saw an opportunity to lead the charge into a brand-new market, with low infrastructure costs compared to the DVD-mailing business and buckets of worldwide growth potential. So the DVD business that had come to dominate the video rental sector in America was unceremoniously tossed aside in favor of better ideas.</p><p><blockquote>Netflix看到了引领收费进入一个全新市场的机会，与DVD邮寄业务相比，该市场的基础设施成本较低，并且具有巨大的全球增长潜力。因此，在美国视频租赁行业占据主导地位的DVD业务被毫不客气地抛到了一边，取而代之的是更好的想法。</blockquote></p><p> These days, Netflix is an award-winning content producer with an unmatched distribution network in every market that matters (except forChina, where the company must operate through local partnerships). The stock has delivered a 2,240% return since the Qwikster event, which works out to a compound annual growth rate (CAGR) of 35.8%.</p><p><blockquote>如今，网飞是一家屡获殊荣的内容生产商，在每个重要市场都拥有无与伦比的分销网络（中国除外，该公司必须通过当地合作伙伴运营）。自Qwikster事件以来，该股的回报率为2,240%，复合年增长率(CAGR)为35.8%。</blockquote></p><p> <b>2. Alphabet</b></p><p><blockquote><b>2.Alphabet</b></blockquote></p><p> Alphabet is the parent company of online services giant Google. What started as a student project at Stanford quickly evolved into the world's leading online search tool. Paired with the moneymaking muscle of Google's digital advertising tools, the company generated strong cash flows early on. The cash profits were reinvested in more business ideas. Google eventually built or bought services with matchless market shares in important sectors such as web browsers, online video, email, and smartphone software.</p><p><blockquote>Alphabet是在线服务巨头谷歌的母公司。最初是斯坦福大学的一个学生项目，很快发展成为世界领先的在线搜索工具。再加上谷歌数字广告工具的赚钱能力，该公司在早期就产生了强劲的现金流。现金利润被再投资于更多的商业想法。谷歌最终在网络浏览器、在线视频、电子邮件和智能手机软件等重要领域建立或购买了拥有无与伦比市场份额的服务。</blockquote></p><p> By 2015, co-founders Sergey Brin and Larry Page had concluded that Google's meat-and-potatoes search and advertising businesses eventually had to fade away, overtaken by mobile alternatives and other innovations. So the company made some big changes. Google hired CFO Ruth Porat, a banking executive with decades of experience in large-scale corporate finance. Later the same year, the company changed its name to Alphabet and reorganized itself into a loose conglomerate of different operations.</p><p><blockquote>到2015年，联合创始人谢尔盖·布林（Sergey Brin）和拉里·佩奇（Larry Page）得出结论，谷歌的主要搜索和广告业务最终必须逐渐消失，被移动替代品和其他创新所取代。所以公司做了一些大的改变。谷歌聘请了首席财务官露丝·波拉特(Ruth Porat)，她是一位在大型企业融资方面拥有数十年经验的银行业高管。同年晚些时候，该公司更名为Alphabet，并重组为一个由不同业务组成的松散企业集团。</blockquote></p><p> Google is still the backbone of Alphabet, accounting for 99.6% of the holding company's total sales in 2020. The non-Google operations are still losing money on a regular basis, despite some progress in the fields of self-driving vehicles and fiber-optic internet connections. At the same time, the company is preparing for an uncertain future by developing a plethora of online and offline business projects with massive long-term growth prospects and equally large development risks.</p><p><blockquote>谷歌仍是Alphabet的中坚力量，2020年占控股公司总销售额的99.6%。尽管在自动驾驶汽车和光纤互联网连接领域取得了一些进展，但非谷歌业务仍在定期亏损。与此同时，该公司正在为不确定的未来做准备，开发大量具有巨大长期增长前景和同样大的发展风险的线上和线下业务项目。</blockquote></p><p> If the self-driving cars don't work out in the long run, Alphabet might find a cash machine in medical research or novel wind energy generators. We may never even have heard of the next big winner in Alphabet's sprawling portfolio. If and when Alphabet starts to make serious money from artificial intelligence tools or cancer drugs, most consumers probably won't think of that stuff as a Google business at all.</p><p><blockquote>如果自动驾驶汽车从长远来看行不通，Alphabet可能会在医学研究或新型风能发电机中找到提款机。我们甚至可能从未听说过Alphabet庞大投资组合中的下一个大赢家。如果Alphabet开始从人工智能工具或抗癌药物中赚大钱，大多数消费者可能根本不会认为这些东西是谷歌的业务。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bb97b6814df65240bd8f0b4a0690e77e\" tg-width=\"720\" tg-height=\"449\" referrerpolicy=\"no-referrer\"><span>GOOGL REVENUE (TTM) DATA BY YCHARTS.</span></p><p><blockquote><p class=\"t-img-caption\"><span>YCHARTS提供的GOOGL收入(TTM)数据。</span></p></blockquote></p><p></p><p> Alphabet continues to ride its Google heritage as far as it will go, but there is no shortage of completely unrelated operations that can take over when the browser-based search and advertising business starts to falter. Until then, the traditional search business is booming and Alphabet has rewarded investors with a 912% return in 10 years. That's an annual growth rate of 23.3%.</p><p><blockquote>Alphabet将继续利用其谷歌传统，但当基于浏览器的搜索和广告业务开始动摇时，也不乏完全不相关的业务可以接管。在此之前，传统搜索业务正在蓬勃发展，Alphabet在10年内回报了投资者912%的回报。年增长率为23.3%。</blockquote></p><p> <b>3. Walt Disney</b></p><p><blockquote><b>3.华特迪士尼</b></blockquote></p><p> And then there's the near-centennial entertainment giant. The House of Mouse was founded in 1923 by two cartoon-making brothers with a vision. The company has survived a world war, several terrible recessions, 10 decades of progress in distribution and production technologies, and much more.</p><p><blockquote>然后是近百年的娱乐巨头。老鼠之家是由两个有远见的卡通制作兄弟于1923年创建的。该公司经历了一次世界大战、几次严重的经济衰退、10年来分销和生产技术的进步等等。</blockquote></p><p> The leisure and entertainment conglomerate you see today is a far cry from the original business, which was a pure-play cartoon production studio. Disney World and Disneyland are cultural touchstones. The company is a leading provider of hotel and resort services, including a cruise line. I can't think of another company that has mastered the art of monetizing its intellectual property as effectively as Disney has. And that intellectual property -- characters, fictional worlds, and storylines that most Americans know by heart -- will always be the lifeblood of Disney's business.</p><p><blockquote>你今天看到的休闲和娱乐集团与最初的业务相去甚远，最初的业务是一个纯粹的卡通制作工作室。迪士尼世界和迪士尼乐园是文化的试金石。该公司是酒店和度假村服务的领先提供商，包括邮轮公司。我想不出还有哪家公司能像迪士尼一样有效地掌握知识产权货币化的艺术。知识产权——大多数美国人烂熟于心的角色、虚构世界和故事情节——将永远是迪士尼业务的命脉。</blockquote></p><p> Times are tough right now, as the coronavirus pandemic closed down movie theaters, theme parks, resorts, and cruise ships around the world. So Disney took a good, hard look at the drastic changes in the entertainment industry and decided to put its full weight behind media-streaming platforms.</p><p><blockquote>现在的日子很艰难，因为冠状病毒大流行关闭了世界各地的电影院、主题公园、度假村和游轮。因此，迪士尼认真审视了娱乐业的剧烈变化，并决定全力支持流媒体平台。</blockquote></p><p> The company has been reorganized from the top down to support Disney's streaming platforms. The Disney+, Hulu, Hotstar, and ESPN+ streaming services are poised to challenge Netflix for the global media-streaming market, adding up to 174 million subscribers in the third quarter of 2021. Disney took on some extra debt in the darkest days of the health crisis and will most likely use some of that spare cash to accelerate its streaming operations.</p><p><blockquote>该公司已经自上而下进行了重组，以支持迪士尼的流媒体平台。Disney+、Hulu、Hotstar和ESPN+流媒体服务准备在全球媒体流媒体市场挑战网飞，2021年第三季度用户总数达到1.74亿。迪士尼在健康危机最黑暗的日子里承担了一些额外的债务，并且很可能会使用部分闲钱来加速其流媒体业务。</blockquote></p><p> The coronavirus caught Disney unprepared, but management didn't hesitate to turn on a dime. The whole behemoth is heading in a different direction now, supported by the same treasure trove of storytelling assets that took the company this far. This supremely well-managed company is also beating the market in the long run, with a 439% 10-year gain that works out to a CAGR of 13%.</p><p><blockquote>冠状病毒让迪士尼措手不及，但管理层毫不犹豫地立即采取行动。整个庞然大物现在正朝着不同的方向前进，得到了让公司走到这一步的同样的讲故事资产宝库的支持。从长远来看，这家管理极其良好的公司也跑赢了市场，10年涨幅为439%，复合年增长率为13%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/110cd288830d0e354767349fe36259e6\" tg-width=\"2000\" tg-height=\"1333\" referrerpolicy=\"no-referrer\"><span>IMAGE SOURCE: GETTY IMAGES.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：盖蒂图片社。</span></p></blockquote></p><p> <b>The common denominator</b></p><p><blockquote><b>共同点</b></blockquote></p><p> These three companies are very different, but they still have one all-important quality in common. I'm looking for flexibility in the face of good times and bad. If your company stands ready to make drastic changes to its operating plan when the business environment around it changes, you know you have an organization that will stand the test of time.</p><p><blockquote>这三家公司非常不同，但它们仍然有一个非常重要的共同点。我在寻找面对顺境和逆境的灵活性。如果你的公司准备在周围的商业环境发生变化时对其运营计划进行重大改变，你知道你有一个经得起时间考验的组织。</blockquote></p><p> Lots of&nbsp;time in the market equals wealth-building returns. That's the main lesson you can learn from the writings of Benjamin Graham and the stellar results of his star student, Warren Buffett. Building life-changing wealth does not require a couple of years of fantastic returns. All you need is generally solid gains for several decades.</p><p><blockquote>大量的市场时间等于财富积累的回报。这是你可以从本杰明·格雷厄姆的著作和他的明星学生沃伦·巴菲特的出色成绩中学到的主要教训。积累改变生活的财富并不需要几年的惊人回报。你所需要的只是几十年的稳定收益。</blockquote></p><p> For example, an annual return of 10% -- in line with&nbsp;the long-term market average-- adds up to a 673% profit over 20 years. Beating the Street by a small margin makes a big difference on this long time scale. Boost your average gains to just 11%, and you'll see 806% returns over those 20 years. Larger increases bring even greater total long-haul returns. The three stocks discussed above are set up to do better than that, and their very survival in the long run is just about guaranteed by that willingness to change when market conditions require it.</p><p><blockquote>例如，10%的年回报率（与长期市场平均水平一致）相当于20年内673%的利润。在这个漫长的时间尺度上，以微弱优势击败街道会产生很大的影响。将您的平均收益提高到11%，您将在这20年内看到806%的回报。更大的增长会带来更大的长期总回报。上面讨论的三只股票的表现比这更好，从长远来看，它们的生存几乎是由市场条件需要时做出改变的意愿来保证的。</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>3 Stocks I'm Never Selling<blockquote>我永远不会出售的3只股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n3 Stocks I'm Never Selling<blockquote>我永远不会出售的3只股票</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\">2021-08-18 10:55</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Key Points</b></p><p><blockquote><b>要点</b></blockquote></p><p> <ul>  <li>Time plus patience adds up to wealth-building results in the stock market.</li>  <li>These three business titans are leaders in their fields.</li>  <li>They are also built to last for a very long time.</li> </ul> </p><p><blockquote><ul><li>时间加上耐心，就能在股市中积累财富。</li><li>这三个商业巨头都是各自领域的领导者。</li><li>它们也可以持续很长时间。</li></ul></blockquote></p><p> I'm about to show you my favorite stocks. Sometimes I invest with an eye to strong returns over the next few years. These are the ones that I expect to keep beating the market for the years and decades to come. It will take a lot to pry them out of my portfolio.</p><p><blockquote>我即将向您展示我最喜欢的股票。有时我投资时着眼于未来几年的丰厚回报。我预计这些产品将在未来几年甚至几十年内继续跑赢市场。要把它们从我的投资组合中撬出来需要很大的努力。</blockquote></p><p> Let me show you why I intend to hold&nbsp;<b>Netflix</b>(NASDAQ:NFLX),<b>Alphabet</b>(NASDAQ:GOOG)(NASDAQ:GOOGL), and&nbsp;<b>Walt Disney</b>(NYSE:DIS)for the long haul. These stocks may not be slam-dunk forever holdings for every investor, but you should absolutely take a close look at these top-notch investments.</p><p><blockquote>让我告诉你为什么我打算持有<b>Netflix</b>（纳斯达克：NFLX），<b>Alphabet</b>（纳斯达克：GOOG）（纳斯达克：GOOGL），以及<b>迪斯尼</b>（纽约证券交易所股票代码：DIS）长期来看。这些股票可能不是每个投资者都能永远持有的股票，但你绝对应该仔细看看这些顶级投资。</blockquote></p><p> <b>1. Netflix</b></p><p><blockquote><b>1.奈飞</b></blockquote></p><p> First, you knew Netflix as the sender of red mail-order DVD rentals. The company introduced digital video streams as a free add-on for DVD customers in&nbsp;2007, then separated the streaming business into a separate subscription service in 2011. The Qwikster event was a big marketing mess and could certainly have been handled better, but it was absolutely the right idea in the long run.</p><p><blockquote>首先，你知道网飞是红色邮购DVD租赁的发送者。该公司于2007年将数字视频流作为DVD客户的免费附加服务推出，然后于2011年将流媒体业务分离为单独的订阅服务。Qwikster事件是一个巨大的营销混乱，当然可以处理得更好，但从长远来看，这绝对是正确的想法。</blockquote></p><p> Going all-in on the all-digital streaming service allowed Netflix to roll out its paid subscription plans on a global scale, supplemented by an ambitious focus on original content. The subscriber count has skyrocketed from 26 million in the summer of 2011 to 209 million today. That fantastic trend has worked wonders for the company's top and bottom lines:</p><p><blockquote>全力投入全数字流媒体服务使Netflix能够在全球范围内推出付费订阅计划，并辅以对原创内容的雄心勃勃的关注。用户数量从2011年夏天的2600万飙升至今天的2.09亿。这种奇妙的趋势为公司的营收和利润创造了奇迹：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/646be4c2a73d68810e962c19efe82476\" tg-width=\"720\" tg-height=\"449\" referrerpolicy=\"no-referrer\"><span>NFLX REVENUE (TTM) DATA BY YCHARTS.</span></p><p><blockquote><p class=\"t-img-caption\"><span>YCHARTS提供的NFLX收入(TTM)数据。</span></p></blockquote></p><p> Netflix saw an opportunity to lead the charge into a brand-new market, with low infrastructure costs compared to the DVD-mailing business and buckets of worldwide growth potential. So the DVD business that had come to dominate the video rental sector in America was unceremoniously tossed aside in favor of better ideas.</p><p><blockquote>Netflix看到了引领收费进入一个全新市场的机会，与DVD邮寄业务相比，该市场的基础设施成本较低，并且具有巨大的全球增长潜力。因此，在美国视频租赁行业占据主导地位的DVD业务被毫不客气地抛到了一边，取而代之的是更好的想法。</blockquote></p><p> These days, Netflix is an award-winning content producer with an unmatched distribution network in every market that matters (except forChina, where the company must operate through local partnerships). The stock has delivered a 2,240% return since the Qwikster event, which works out to a compound annual growth rate (CAGR) of 35.8%.</p><p><blockquote>如今，网飞是一家屡获殊荣的内容生产商，在每个重要市场都拥有无与伦比的分销网络（中国除外，该公司必须通过当地合作伙伴运营）。自Qwikster事件以来，该股的回报率为2,240%，复合年增长率(CAGR)为35.8%。</blockquote></p><p> <b>2. Alphabet</b></p><p><blockquote><b>2.Alphabet</b></blockquote></p><p> Alphabet is the parent company of online services giant Google. What started as a student project at Stanford quickly evolved into the world's leading online search tool. Paired with the moneymaking muscle of Google's digital advertising tools, the company generated strong cash flows early on. The cash profits were reinvested in more business ideas. Google eventually built or bought services with matchless market shares in important sectors such as web browsers, online video, email, and smartphone software.</p><p><blockquote>Alphabet是在线服务巨头谷歌的母公司。最初是斯坦福大学的一个学生项目，很快发展成为世界领先的在线搜索工具。再加上谷歌数字广告工具的赚钱能力，该公司在早期就产生了强劲的现金流。现金利润被再投资于更多的商业想法。谷歌最终在网络浏览器、在线视频、电子邮件和智能手机软件等重要领域建立或购买了拥有无与伦比市场份额的服务。</blockquote></p><p> By 2015, co-founders Sergey Brin and Larry Page had concluded that Google's meat-and-potatoes search and advertising businesses eventually had to fade away, overtaken by mobile alternatives and other innovations. So the company made some big changes. Google hired CFO Ruth Porat, a banking executive with decades of experience in large-scale corporate finance. Later the same year, the company changed its name to Alphabet and reorganized itself into a loose conglomerate of different operations.</p><p><blockquote>到2015年，联合创始人谢尔盖·布林（Sergey Brin）和拉里·佩奇（Larry Page）得出结论，谷歌的主要搜索和广告业务最终必须逐渐消失，被移动替代品和其他创新所取代。所以公司做了一些大的改变。谷歌聘请了首席财务官露丝·波拉特(Ruth Porat)，她是一位在大型企业融资方面拥有数十年经验的银行业高管。同年晚些时候，该公司更名为Alphabet，并重组为一个由不同业务组成的松散企业集团。</blockquote></p><p> Google is still the backbone of Alphabet, accounting for 99.6% of the holding company's total sales in 2020. The non-Google operations are still losing money on a regular basis, despite some progress in the fields of self-driving vehicles and fiber-optic internet connections. At the same time, the company is preparing for an uncertain future by developing a plethora of online and offline business projects with massive long-term growth prospects and equally large development risks.</p><p><blockquote>谷歌仍是Alphabet的中坚力量，2020年占控股公司总销售额的99.6%。尽管在自动驾驶汽车和光纤互联网连接领域取得了一些进展，但非谷歌业务仍在定期亏损。与此同时，该公司正在为不确定的未来做准备，开发大量具有巨大长期增长前景和同样大的发展风险的线上和线下业务项目。</blockquote></p><p> If the self-driving cars don't work out in the long run, Alphabet might find a cash machine in medical research or novel wind energy generators. We may never even have heard of the next big winner in Alphabet's sprawling portfolio. If and when Alphabet starts to make serious money from artificial intelligence tools or cancer drugs, most consumers probably won't think of that stuff as a Google business at all.</p><p><blockquote>如果自动驾驶汽车从长远来看行不通，Alphabet可能会在医学研究或新型风能发电机中找到提款机。我们甚至可能从未听说过Alphabet庞大投资组合中的下一个大赢家。如果Alphabet开始从人工智能工具或抗癌药物中赚大钱，大多数消费者可能根本不会认为这些东西是谷歌的业务。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bb97b6814df65240bd8f0b4a0690e77e\" tg-width=\"720\" tg-height=\"449\" referrerpolicy=\"no-referrer\"><span>GOOGL REVENUE (TTM) DATA BY YCHARTS.</span></p><p><blockquote><p class=\"t-img-caption\"><span>YCHARTS提供的GOOGL收入(TTM)数据。</span></p></blockquote></p><p></p><p> Alphabet continues to ride its Google heritage as far as it will go, but there is no shortage of completely unrelated operations that can take over when the browser-based search and advertising business starts to falter. Until then, the traditional search business is booming and Alphabet has rewarded investors with a 912% return in 10 years. That's an annual growth rate of 23.3%.</p><p><blockquote>Alphabet将继续利用其谷歌传统，但当基于浏览器的搜索和广告业务开始动摇时，也不乏完全不相关的业务可以接管。在此之前，传统搜索业务正在蓬勃发展，Alphabet在10年内回报了投资者912%的回报。年增长率为23.3%。</blockquote></p><p> <b>3. Walt Disney</b></p><p><blockquote><b>3.华特迪士尼</b></blockquote></p><p> And then there's the near-centennial entertainment giant. The House of Mouse was founded in 1923 by two cartoon-making brothers with a vision. The company has survived a world war, several terrible recessions, 10 decades of progress in distribution and production technologies, and much more.</p><p><blockquote>然后是近百年的娱乐巨头。老鼠之家是由两个有远见的卡通制作兄弟于1923年创建的。该公司经历了一次世界大战、几次严重的经济衰退、10年来分销和生产技术的进步等等。</blockquote></p><p> The leisure and entertainment conglomerate you see today is a far cry from the original business, which was a pure-play cartoon production studio. Disney World and Disneyland are cultural touchstones. The company is a leading provider of hotel and resort services, including a cruise line. I can't think of another company that has mastered the art of monetizing its intellectual property as effectively as Disney has. And that intellectual property -- characters, fictional worlds, and storylines that most Americans know by heart -- will always be the lifeblood of Disney's business.</p><p><blockquote>你今天看到的休闲和娱乐集团与最初的业务相去甚远，最初的业务是一个纯粹的卡通制作工作室。迪士尼世界和迪士尼乐园是文化的试金石。该公司是酒店和度假村服务的领先提供商，包括邮轮公司。我想不出还有哪家公司能像迪士尼一样有效地掌握知识产权货币化的艺术。知识产权——大多数美国人烂熟于心的角色、虚构世界和故事情节——将永远是迪士尼业务的命脉。</blockquote></p><p> Times are tough right now, as the coronavirus pandemic closed down movie theaters, theme parks, resorts, and cruise ships around the world. So Disney took a good, hard look at the drastic changes in the entertainment industry and decided to put its full weight behind media-streaming platforms.</p><p><blockquote>现在的日子很艰难，因为冠状病毒大流行关闭了世界各地的电影院、主题公园、度假村和游轮。因此，迪士尼认真审视了娱乐业的剧烈变化，并决定全力支持流媒体平台。</blockquote></p><p> The company has been reorganized from the top down to support Disney's streaming platforms. The Disney+, Hulu, Hotstar, and ESPN+ streaming services are poised to challenge Netflix for the global media-streaming market, adding up to 174 million subscribers in the third quarter of 2021. Disney took on some extra debt in the darkest days of the health crisis and will most likely use some of that spare cash to accelerate its streaming operations.</p><p><blockquote>该公司已经自上而下进行了重组，以支持迪士尼的流媒体平台。Disney+、Hulu、Hotstar和ESPN+流媒体服务准备在全球媒体流媒体市场挑战网飞，2021年第三季度用户总数达到1.74亿。迪士尼在健康危机最黑暗的日子里承担了一些额外的债务，并且很可能会使用部分闲钱来加速其流媒体业务。</blockquote></p><p> The coronavirus caught Disney unprepared, but management didn't hesitate to turn on a dime. The whole behemoth is heading in a different direction now, supported by the same treasure trove of storytelling assets that took the company this far. This supremely well-managed company is also beating the market in the long run, with a 439% 10-year gain that works out to a CAGR of 13%.</p><p><blockquote>冠状病毒让迪士尼措手不及，但管理层毫不犹豫地立即采取行动。整个庞然大物现在正朝着不同的方向前进，得到了让公司走到这一步的同样的讲故事资产宝库的支持。从长远来看，这家管理极其良好的公司也跑赢了市场，10年涨幅为439%，复合年增长率为13%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/110cd288830d0e354767349fe36259e6\" tg-width=\"2000\" tg-height=\"1333\" referrerpolicy=\"no-referrer\"><span>IMAGE SOURCE: GETTY IMAGES.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：盖蒂图片社。</span></p></blockquote></p><p> <b>The common denominator</b></p><p><blockquote><b>共同点</b></blockquote></p><p> These three companies are very different, but they still have one all-important quality in common. I'm looking for flexibility in the face of good times and bad. If your company stands ready to make drastic changes to its operating plan when the business environment around it changes, you know you have an organization that will stand the test of time.</p><p><blockquote>这三家公司非常不同，但它们仍然有一个非常重要的共同点。我在寻找面对顺境和逆境的灵活性。如果你的公司准备在周围的商业环境发生变化时对其运营计划进行重大改变，你知道你有一个经得起时间考验的组织。</blockquote></p><p> Lots of&nbsp;time in the market equals wealth-building returns. That's the main lesson you can learn from the writings of Benjamin Graham and the stellar results of his star student, Warren Buffett. Building life-changing wealth does not require a couple of years of fantastic returns. All you need is generally solid gains for several decades.</p><p><blockquote>大量的市场时间等于财富积累的回报。这是你可以从本杰明·格雷厄姆的著作和他的明星学生沃伦·巴菲特的出色成绩中学到的主要教训。积累改变生活的财富并不需要几年的惊人回报。你所需要的只是几十年的稳定收益。</blockquote></p><p> For example, an annual return of 10% -- in line with&nbsp;the long-term market average-- adds up to a 673% profit over 20 years. Beating the Street by a small margin makes a big difference on this long time scale. Boost your average gains to just 11%, and you'll see 806% returns over those 20 years. Larger increases bring even greater total long-haul returns. The three stocks discussed above are set up to do better than that, and their very survival in the long run is just about guaranteed by that willingness to change when market conditions require it.</p><p><blockquote>例如，10%的年回报率（与长期市场平均水平一致）相当于20年内673%的利润。在这个漫长的时间尺度上，以微弱优势击败街道会产生很大的影响。将您的平均收益提高到11%，您将在这20年内看到806%的回报。更大的增长会带来更大的长期总回报。上面讨论的三只股票的表现比这更好，从长远来看，它们的生存几乎是由市场条件需要时做出改变的意愿来保证的。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/08/17/3-stocks-im-never-selling/\">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":{"GOOG":"谷歌","DIS":"迪士尼","NFLX":"奈飞","GOOGL":"谷歌A"},"source_url":"https://www.fool.com/investing/2021/08/17/3-stocks-im-never-selling/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1114320591","content_text":"Key Points\n\nTime plus patience adds up to wealth-building results in the stock market.\nThese three business titans are leaders in their fields.\nThey are also built to last for a very long time.\n\n\nI'm about to show you my favorite stocks. Sometimes I invest with an eye to strong returns over the next few years. These are the ones that I expect to keep beating the market for the years and decades to come. It will take a lot to pry them out of my portfolio.\nLet me show you why I intend to hold Netflix(NASDAQ:NFLX),Alphabet(NASDAQ:GOOG)(NASDAQ:GOOGL), and Walt Disney(NYSE:DIS)for the long haul. These stocks may not be slam-dunk forever holdings for every investor, but you should absolutely take a close look at these top-notch investments.\n1. Netflix\nFirst, you knew Netflix as the sender of red mail-order DVD rentals. The company introduced digital video streams as a free add-on for DVD customers in 2007, then separated the streaming business into a separate subscription service in 2011. The Qwikster event was a big marketing mess and could certainly have been handled better, but it was absolutely the right idea in the long run.\nGoing all-in on the all-digital streaming service allowed Netflix to roll out its paid subscription plans on a global scale, supplemented by an ambitious focus on original content. The subscriber count has skyrocketed from 26 million in the summer of 2011 to 209 million today. That fantastic trend has worked wonders for the company's top and bottom lines:\nNFLX REVENUE (TTM) DATA BY YCHARTS.\nNetflix saw an opportunity to lead the charge into a brand-new market, with low infrastructure costs compared to the DVD-mailing business and buckets of worldwide growth potential. So the DVD business that had come to dominate the video rental sector in America was unceremoniously tossed aside in favor of better ideas.\nThese days, Netflix is an award-winning content producer with an unmatched distribution network in every market that matters (except forChina, where the company must operate through local partnerships). The stock has delivered a 2,240% return since the Qwikster event, which works out to a compound annual growth rate (CAGR) of 35.8%.\n2. Alphabet\nAlphabet is the parent company of online services giant Google. What started as a student project at Stanford quickly evolved into the world's leading online search tool. Paired with the moneymaking muscle of Google's digital advertising tools, the company generated strong cash flows early on. The cash profits were reinvested in more business ideas. Google eventually built or bought services with matchless market shares in important sectors such as web browsers, online video, email, and smartphone software.\nBy 2015, co-founders Sergey Brin and Larry Page had concluded that Google's meat-and-potatoes search and advertising businesses eventually had to fade away, overtaken by mobile alternatives and other innovations. So the company made some big changes. Google hired CFO Ruth Porat, a banking executive with decades of experience in large-scale corporate finance. Later the same year, the company changed its name to Alphabet and reorganized itself into a loose conglomerate of different operations.\nGoogle is still the backbone of Alphabet, accounting for 99.6% of the holding company's total sales in 2020. The non-Google operations are still losing money on a regular basis, despite some progress in the fields of self-driving vehicles and fiber-optic internet connections. At the same time, the company is preparing for an uncertain future by developing a plethora of online and offline business projects with massive long-term growth prospects and equally large development risks.\nIf the self-driving cars don't work out in the long run, Alphabet might find a cash machine in medical research or novel wind energy generators. We may never even have heard of the next big winner in Alphabet's sprawling portfolio. If and when Alphabet starts to make serious money from artificial intelligence tools or cancer drugs, most consumers probably won't think of that stuff as a Google business at all.\nGOOGL REVENUE (TTM) DATA BY YCHARTS.\nAlphabet continues to ride its Google heritage as far as it will go, but there is no shortage of completely unrelated operations that can take over when the browser-based search and advertising business starts to falter. Until then, the traditional search business is booming and Alphabet has rewarded investors with a 912% return in 10 years. That's an annual growth rate of 23.3%.\n3. Walt Disney\nAnd then there's the near-centennial entertainment giant. The House of Mouse was founded in 1923 by two cartoon-making brothers with a vision. The company has survived a world war, several terrible recessions, 10 decades of progress in distribution and production technologies, and much more.\nThe leisure and entertainment conglomerate you see today is a far cry from the original business, which was a pure-play cartoon production studio. Disney World and Disneyland are cultural touchstones. The company is a leading provider of hotel and resort services, including a cruise line. I can't think of another company that has mastered the art of monetizing its intellectual property as effectively as Disney has. And that intellectual property -- characters, fictional worlds, and storylines that most Americans know by heart -- will always be the lifeblood of Disney's business.\nTimes are tough right now, as the coronavirus pandemic closed down movie theaters, theme parks, resorts, and cruise ships around the world. So Disney took a good, hard look at the drastic changes in the entertainment industry and decided to put its full weight behind media-streaming platforms.\nThe company has been reorganized from the top down to support Disney's streaming platforms. The Disney+, Hulu, Hotstar, and ESPN+ streaming services are poised to challenge Netflix for the global media-streaming market, adding up to 174 million subscribers in the third quarter of 2021. Disney took on some extra debt in the darkest days of the health crisis and will most likely use some of that spare cash to accelerate its streaming operations.\nThe coronavirus caught Disney unprepared, but management didn't hesitate to turn on a dime. The whole behemoth is heading in a different direction now, supported by the same treasure trove of storytelling assets that took the company this far. This supremely well-managed company is also beating the market in the long run, with a 439% 10-year gain that works out to a CAGR of 13%.\nIMAGE SOURCE: GETTY IMAGES.\nThe common denominator\nThese three companies are very different, but they still have one all-important quality in common. I'm looking for flexibility in the face of good times and bad. If your company stands ready to make drastic changes to its operating plan when the business environment around it changes, you know you have an organization that will stand the test of time.\nLots of time in the market equals wealth-building returns. That's the main lesson you can learn from the writings of Benjamin Graham and the stellar results of his star student, Warren Buffett. Building life-changing wealth does not require a couple of years of fantastic returns. All you need is generally solid gains for several decades.\nFor example, an annual return of 10% -- in line with the long-term market average-- adds up to a 673% profit over 20 years. Beating the Street by a small margin makes a big difference on this long time scale. Boost your average gains to just 11%, and you'll see 806% returns over those 20 years. Larger increases bring even greater total long-haul returns. The three stocks discussed above are set up to do better than that, and their very survival in the long run is just about guaranteed by that willingness to change when market conditions require it.","news_type":1,"symbols_score_info":{"GOOG":0.9,"NFLX":0.9,"DIS":0.9,"GOOGL":0.9}},"isVote":1,"tweetType":1,"viewCount":514,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":600017316,"gmtCreate":1638006493172,"gmtModify":1638006493273,"author":{"id":"4089861821723520","authorId":"4089861821723520","name":"Huhu88","avatar":"https://static.tigerbbs.com/afaf32d53dd5ce37ce49c567be9cef05","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089861821723520","authorIdStr":"4089861821723520"},"themes":[],"htmlText":"Thanks&nbsp;","listText":"Thanks&nbsp;","text":"Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/600017316","repostId":"2186389343","repostType":4,"isVote":1,"tweetType":1,"viewCount":2174,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":879049921,"gmtCreate":1636673170001,"gmtModify":1636673172310,"author":{"id":"4089861821723520","authorId":"4089861821723520","name":"Huhu88","avatar":"https://static.tigerbbs.com/afaf32d53dd5ce37ce49c567be9cef05","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089861821723520","authorIdStr":"4089861821723520"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/879049921","repostId":"1174358718","repostType":4,"isVote":1,"tweetType":1,"viewCount":2906,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":832291124,"gmtCreate":1629633947368,"gmtModify":1633683656319,"author":{"id":"4089861821723520","authorId":"4089861821723520","name":"Huhu88","avatar":"https://static.tigerbbs.com/afaf32d53dd5ce37ce49c567be9cef05","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089861821723520","authorIdStr":"4089861821723520"},"themes":[],"htmlText":"Go","listText":"Go","text":"Go","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/832291124","repostId":"2161374148","repostType":4,"isVote":1,"tweetType":1,"viewCount":661,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":833741404,"gmtCreate":1629267761408,"gmtModify":1633686086758,"author":{"id":"4089861821723520","authorId":"4089861821723520","name":"Huhu88","avatar":"https://static.tigerbbs.com/afaf32d53dd5ce37ce49c567be9cef05","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089861821723520","authorIdStr":"4089861821723520"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/833741404","repostId":"1114320591","repostType":4,"repost":{"id":"1114320591","kind":"news","pubTimestamp":1629255336,"share":"https://www.laohu8.com/m/news/1114320591?lang=zh_CN&edition=full","pubTime":"2021-08-18 10:55","market":"us","language":"en","title":"3 Stocks I'm Never Selling<blockquote>我永远不会出售的3只股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1114320591","media":"Motley Fool","summary":"The best investors in the world swear by holding high-quality companies for decades on end. These stocks fit that bill.","content":"<p><b>Key Points</b></p><p><blockquote><b>要点</b></blockquote></p><p> <ul>  <li>Time plus patience adds up to wealth-building results in the stock market.</li>  <li>These three business titans are leaders in their fields.</li>  <li>They are also built to last for a very long time.</li> </ul> </p><p><blockquote><ul><li>时间加上耐心，就能在股市中积累财富。</li><li>这三个商业巨头都是各自领域的领导者。</li><li>它们也可以持续很长时间。</li></ul></blockquote></p><p> I'm about to show you my favorite stocks. Sometimes I invest with an eye to strong returns over the next few years. These are the ones that I expect to keep beating the market for the years and decades to come. It will take a lot to pry them out of my portfolio.</p><p><blockquote>我即将向您展示我最喜欢的股票。有时我投资时着眼于未来几年的丰厚回报。我预计这些产品将在未来几年甚至几十年内继续跑赢市场。要把它们从我的投资组合中撬出来需要很大的努力。</blockquote></p><p> Let me show you why I intend to hold&nbsp;<b>Netflix</b>(NASDAQ:NFLX),<b>Alphabet</b>(NASDAQ:GOOG)(NASDAQ:GOOGL), and&nbsp;<b>Walt Disney</b>(NYSE:DIS)for the long haul. These stocks may not be slam-dunk forever holdings for every investor, but you should absolutely take a close look at these top-notch investments.</p><p><blockquote>让我告诉你为什么我打算持有<b>Netflix</b>（纳斯达克：NFLX），<b>Alphabet</b>（纳斯达克：GOOG）（纳斯达克：GOOGL），以及<b>迪斯尼</b>（纽约证券交易所股票代码：DIS）长期来看。这些股票可能不是每个投资者都能永远持有的股票，但你绝对应该仔细看看这些顶级投资。</blockquote></p><p> <b>1. Netflix</b></p><p><blockquote><b>1.奈飞</b></blockquote></p><p> First, you knew Netflix as the sender of red mail-order DVD rentals. The company introduced digital video streams as a free add-on for DVD customers in&nbsp;2007, then separated the streaming business into a separate subscription service in 2011. The Qwikster event was a big marketing mess and could certainly have been handled better, but it was absolutely the right idea in the long run.</p><p><blockquote>首先，你知道网飞是红色邮购DVD租赁的发送者。该公司于2007年将数字视频流作为DVD客户的免费附加服务推出，然后于2011年将流媒体业务分离为单独的订阅服务。Qwikster事件是一个巨大的营销混乱，当然可以处理得更好，但从长远来看，这绝对是正确的想法。</blockquote></p><p> Going all-in on the all-digital streaming service allowed Netflix to roll out its paid subscription plans on a global scale, supplemented by an ambitious focus on original content. The subscriber count has skyrocketed from 26 million in the summer of 2011 to 209 million today. That fantastic trend has worked wonders for the company's top and bottom lines:</p><p><blockquote>全力投入全数字流媒体服务使Netflix能够在全球范围内推出付费订阅计划，并辅以对原创内容的雄心勃勃的关注。用户数量从2011年夏天的2600万飙升至今天的2.09亿。这种奇妙的趋势为公司的营收和利润创造了奇迹：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/646be4c2a73d68810e962c19efe82476\" tg-width=\"720\" tg-height=\"449\" referrerpolicy=\"no-referrer\"><span>NFLX REVENUE (TTM) DATA BY YCHARTS.</span></p><p><blockquote><p class=\"t-img-caption\"><span>YCHARTS提供的NFLX收入(TTM)数据。</span></p></blockquote></p><p> Netflix saw an opportunity to lead the charge into a brand-new market, with low infrastructure costs compared to the DVD-mailing business and buckets of worldwide growth potential. So the DVD business that had come to dominate the video rental sector in America was unceremoniously tossed aside in favor of better ideas.</p><p><blockquote>Netflix看到了引领收费进入一个全新市场的机会，与DVD邮寄业务相比，该市场的基础设施成本较低，并且具有巨大的全球增长潜力。因此，在美国视频租赁行业占据主导地位的DVD业务被毫不客气地抛到了一边，取而代之的是更好的想法。</blockquote></p><p> These days, Netflix is an award-winning content producer with an unmatched distribution network in every market that matters (except forChina, where the company must operate through local partnerships). The stock has delivered a 2,240% return since the Qwikster event, which works out to a compound annual growth rate (CAGR) of 35.8%.</p><p><blockquote>如今，网飞是一家屡获殊荣的内容生产商，在每个重要市场都拥有无与伦比的分销网络（中国除外，该公司必须通过当地合作伙伴运营）。自Qwikster事件以来，该股的回报率为2,240%，复合年增长率(CAGR)为35.8%。</blockquote></p><p> <b>2. Alphabet</b></p><p><blockquote><b>2.Alphabet</b></blockquote></p><p> Alphabet is the parent company of online services giant Google. What started as a student project at Stanford quickly evolved into the world's leading online search tool. Paired with the moneymaking muscle of Google's digital advertising tools, the company generated strong cash flows early on. The cash profits were reinvested in more business ideas. Google eventually built or bought services with matchless market shares in important sectors such as web browsers, online video, email, and smartphone software.</p><p><blockquote>Alphabet是在线服务巨头谷歌的母公司。最初是斯坦福大学的一个学生项目，很快发展成为世界领先的在线搜索工具。再加上谷歌数字广告工具的赚钱能力，该公司在早期就产生了强劲的现金流。现金利润被再投资于更多的商业想法。谷歌最终在网络浏览器、在线视频、电子邮件和智能手机软件等重要领域建立或购买了拥有无与伦比市场份额的服务。</blockquote></p><p> By 2015, co-founders Sergey Brin and Larry Page had concluded that Google's meat-and-potatoes search and advertising businesses eventually had to fade away, overtaken by mobile alternatives and other innovations. So the company made some big changes. Google hired CFO Ruth Porat, a banking executive with decades of experience in large-scale corporate finance. Later the same year, the company changed its name to Alphabet and reorganized itself into a loose conglomerate of different operations.</p><p><blockquote>到2015年，联合创始人谢尔盖·布林（Sergey Brin）和拉里·佩奇（Larry Page）得出结论，谷歌的主要搜索和广告业务最终必须逐渐消失，被移动替代品和其他创新所取代。所以公司做了一些大的改变。谷歌聘请了首席财务官露丝·波拉特(Ruth Porat)，她是一位在大型企业融资方面拥有数十年经验的银行业高管。同年晚些时候，该公司更名为Alphabet，并重组为一个由不同业务组成的松散企业集团。</blockquote></p><p> Google is still the backbone of Alphabet, accounting for 99.6% of the holding company's total sales in 2020. The non-Google operations are still losing money on a regular basis, despite some progress in the fields of self-driving vehicles and fiber-optic internet connections. At the same time, the company is preparing for an uncertain future by developing a plethora of online and offline business projects with massive long-term growth prospects and equally large development risks.</p><p><blockquote>谷歌仍是Alphabet的中坚力量，2020年占控股公司总销售额的99.6%。尽管在自动驾驶汽车和光纤互联网连接领域取得了一些进展，但非谷歌业务仍在定期亏损。与此同时，该公司正在为不确定的未来做准备，开发大量具有巨大长期增长前景和同样大的发展风险的线上和线下业务项目。</blockquote></p><p> If the self-driving cars don't work out in the long run, Alphabet might find a cash machine in medical research or novel wind energy generators. We may never even have heard of the next big winner in Alphabet's sprawling portfolio. If and when Alphabet starts to make serious money from artificial intelligence tools or cancer drugs, most consumers probably won't think of that stuff as a Google business at all.</p><p><blockquote>如果自动驾驶汽车从长远来看行不通，Alphabet可能会在医学研究或新型风能发电机中找到提款机。我们甚至可能从未听说过Alphabet庞大投资组合中的下一个大赢家。如果Alphabet开始从人工智能工具或抗癌药物中赚大钱，大多数消费者可能根本不会认为这些东西是谷歌的业务。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bb97b6814df65240bd8f0b4a0690e77e\" tg-width=\"720\" tg-height=\"449\" referrerpolicy=\"no-referrer\"><span>GOOGL REVENUE (TTM) DATA BY YCHARTS.</span></p><p><blockquote><p class=\"t-img-caption\"><span>YCHARTS提供的GOOGL收入(TTM)数据。</span></p></blockquote></p><p></p><p> Alphabet continues to ride its Google heritage as far as it will go, but there is no shortage of completely unrelated operations that can take over when the browser-based search and advertising business starts to falter. Until then, the traditional search business is booming and Alphabet has rewarded investors with a 912% return in 10 years. That's an annual growth rate of 23.3%.</p><p><blockquote>Alphabet将继续利用其谷歌传统，但当基于浏览器的搜索和广告业务开始动摇时，也不乏完全不相关的业务可以接管。在此之前，传统搜索业务正在蓬勃发展，Alphabet在10年内回报了投资者912%的回报。年增长率为23.3%。</blockquote></p><p> <b>3. Walt Disney</b></p><p><blockquote><b>3.华特迪士尼</b></blockquote></p><p> And then there's the near-centennial entertainment giant. The House of Mouse was founded in 1923 by two cartoon-making brothers with a vision. The company has survived a world war, several terrible recessions, 10 decades of progress in distribution and production technologies, and much more.</p><p><blockquote>然后是近百年的娱乐巨头。老鼠之家是由两个有远见的卡通制作兄弟于1923年创建的。该公司经历了一次世界大战、几次严重的经济衰退、10年来分销和生产技术的进步等等。</blockquote></p><p> The leisure and entertainment conglomerate you see today is a far cry from the original business, which was a pure-play cartoon production studio. Disney World and Disneyland are cultural touchstones. The company is a leading provider of hotel and resort services, including a cruise line. I can't think of another company that has mastered the art of monetizing its intellectual property as effectively as Disney has. And that intellectual property -- characters, fictional worlds, and storylines that most Americans know by heart -- will always be the lifeblood of Disney's business.</p><p><blockquote>你今天看到的休闲和娱乐集团与最初的业务相去甚远，最初的业务是一个纯粹的卡通制作工作室。迪士尼世界和迪士尼乐园是文化的试金石。该公司是酒店和度假村服务的领先提供商，包括邮轮公司。我想不出还有哪家公司能像迪士尼一样有效地掌握知识产权货币化的艺术。知识产权——大多数美国人烂熟于心的角色、虚构世界和故事情节——将永远是迪士尼业务的命脉。</blockquote></p><p> Times are tough right now, as the coronavirus pandemic closed down movie theaters, theme parks, resorts, and cruise ships around the world. So Disney took a good, hard look at the drastic changes in the entertainment industry and decided to put its full weight behind media-streaming platforms.</p><p><blockquote>现在的日子很艰难，因为冠状病毒大流行关闭了世界各地的电影院、主题公园、度假村和游轮。因此，迪士尼认真审视了娱乐业的剧烈变化，并决定全力支持流媒体平台。</blockquote></p><p> The company has been reorganized from the top down to support Disney's streaming platforms. The Disney+, Hulu, Hotstar, and ESPN+ streaming services are poised to challenge Netflix for the global media-streaming market, adding up to 174 million subscribers in the third quarter of 2021. Disney took on some extra debt in the darkest days of the health crisis and will most likely use some of that spare cash to accelerate its streaming operations.</p><p><blockquote>该公司已经自上而下进行了重组，以支持迪士尼的流媒体平台。Disney+、Hulu、Hotstar和ESPN+流媒体服务准备在全球媒体流媒体市场挑战网飞，2021年第三季度用户总数达到1.74亿。迪士尼在健康危机最黑暗的日子里承担了一些额外的债务，并且很可能会使用部分闲钱来加速其流媒体业务。</blockquote></p><p> The coronavirus caught Disney unprepared, but management didn't hesitate to turn on a dime. The whole behemoth is heading in a different direction now, supported by the same treasure trove of storytelling assets that took the company this far. This supremely well-managed company is also beating the market in the long run, with a 439% 10-year gain that works out to a CAGR of 13%.</p><p><blockquote>冠状病毒让迪士尼措手不及，但管理层毫不犹豫地立即采取行动。整个庞然大物现在正朝着不同的方向前进，得到了让公司走到这一步的同样的讲故事资产宝库的支持。从长远来看，这家管理极其良好的公司也跑赢了市场，10年涨幅为439%，复合年增长率为13%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/110cd288830d0e354767349fe36259e6\" tg-width=\"2000\" tg-height=\"1333\" referrerpolicy=\"no-referrer\"><span>IMAGE SOURCE: GETTY IMAGES.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：盖蒂图片社。</span></p></blockquote></p><p> <b>The common denominator</b></p><p><blockquote><b>共同点</b></blockquote></p><p> These three companies are very different, but they still have one all-important quality in common. I'm looking for flexibility in the face of good times and bad. If your company stands ready to make drastic changes to its operating plan when the business environment around it changes, you know you have an organization that will stand the test of time.</p><p><blockquote>这三家公司非常不同，但它们仍然有一个非常重要的共同点。我在寻找面对顺境和逆境的灵活性。如果你的公司准备在周围的商业环境发生变化时对其运营计划进行重大改变，你知道你有一个经得起时间考验的组织。</blockquote></p><p> Lots of&nbsp;time in the market equals wealth-building returns. That's the main lesson you can learn from the writings of Benjamin Graham and the stellar results of his star student, Warren Buffett. Building life-changing wealth does not require a couple of years of fantastic returns. All you need is generally solid gains for several decades.</p><p><blockquote>大量的市场时间等于财富积累的回报。这是你可以从本杰明·格雷厄姆的著作和他的明星学生沃伦·巴菲特的出色成绩中学到的主要教训。积累改变生活的财富并不需要几年的惊人回报。你所需要的只是几十年的稳定收益。</blockquote></p><p> For example, an annual return of 10% -- in line with&nbsp;the long-term market average-- adds up to a 673% profit over 20 years. Beating the Street by a small margin makes a big difference on this long time scale. Boost your average gains to just 11%, and you'll see 806% returns over those 20 years. Larger increases bring even greater total long-haul returns. The three stocks discussed above are set up to do better than that, and their very survival in the long run is just about guaranteed by that willingness to change when market conditions require it.</p><p><blockquote>例如，10%的年回报率（与长期市场平均水平一致）相当于20年内673%的利润。在这个漫长的时间尺度上，以微弱优势击败街道会产生很大的影响。将您的平均收益提高到11%，您将在这20年内看到806%的回报。更大的增长会带来更大的长期总回报。上面讨论的三只股票的表现比这更好，从长远来看，它们的生存几乎是由市场条件需要时做出改变的意愿来保证的。</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>3 Stocks I'm Never Selling<blockquote>我永远不会出售的3只股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n3 Stocks I'm Never Selling<blockquote>我永远不会出售的3只股票</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\">2021-08-18 10:55</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Key Points</b></p><p><blockquote><b>要点</b></blockquote></p><p> <ul>  <li>Time plus patience adds up to wealth-building results in the stock market.</li>  <li>These three business titans are leaders in their fields.</li>  <li>They are also built to last for a very long time.</li> </ul> </p><p><blockquote><ul><li>时间加上耐心，就能在股市中积累财富。</li><li>这三个商业巨头都是各自领域的领导者。</li><li>它们也可以持续很长时间。</li></ul></blockquote></p><p> I'm about to show you my favorite stocks. Sometimes I invest with an eye to strong returns over the next few years. These are the ones that I expect to keep beating the market for the years and decades to come. It will take a lot to pry them out of my portfolio.</p><p><blockquote>我即将向您展示我最喜欢的股票。有时我投资时着眼于未来几年的丰厚回报。我预计这些产品将在未来几年甚至几十年内继续跑赢市场。要把它们从我的投资组合中撬出来需要很大的努力。</blockquote></p><p> Let me show you why I intend to hold&nbsp;<b>Netflix</b>(NASDAQ:NFLX),<b>Alphabet</b>(NASDAQ:GOOG)(NASDAQ:GOOGL), and&nbsp;<b>Walt Disney</b>(NYSE:DIS)for the long haul. These stocks may not be slam-dunk forever holdings for every investor, but you should absolutely take a close look at these top-notch investments.</p><p><blockquote>让我告诉你为什么我打算持有<b>Netflix</b>（纳斯达克：NFLX），<b>Alphabet</b>（纳斯达克：GOOG）（纳斯达克：GOOGL），以及<b>迪斯尼</b>（纽约证券交易所股票代码：DIS）长期来看。这些股票可能不是每个投资者都能永远持有的股票，但你绝对应该仔细看看这些顶级投资。</blockquote></p><p> <b>1. Netflix</b></p><p><blockquote><b>1.奈飞</b></blockquote></p><p> First, you knew Netflix as the sender of red mail-order DVD rentals. The company introduced digital video streams as a free add-on for DVD customers in&nbsp;2007, then separated the streaming business into a separate subscription service in 2011. The Qwikster event was a big marketing mess and could certainly have been handled better, but it was absolutely the right idea in the long run.</p><p><blockquote>首先，你知道网飞是红色邮购DVD租赁的发送者。该公司于2007年将数字视频流作为DVD客户的免费附加服务推出，然后于2011年将流媒体业务分离为单独的订阅服务。Qwikster事件是一个巨大的营销混乱，当然可以处理得更好，但从长远来看，这绝对是正确的想法。</blockquote></p><p> Going all-in on the all-digital streaming service allowed Netflix to roll out its paid subscription plans on a global scale, supplemented by an ambitious focus on original content. The subscriber count has skyrocketed from 26 million in the summer of 2011 to 209 million today. That fantastic trend has worked wonders for the company's top and bottom lines:</p><p><blockquote>全力投入全数字流媒体服务使Netflix能够在全球范围内推出付费订阅计划，并辅以对原创内容的雄心勃勃的关注。用户数量从2011年夏天的2600万飙升至今天的2.09亿。这种奇妙的趋势为公司的营收和利润创造了奇迹：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/646be4c2a73d68810e962c19efe82476\" tg-width=\"720\" tg-height=\"449\" referrerpolicy=\"no-referrer\"><span>NFLX REVENUE (TTM) DATA BY YCHARTS.</span></p><p><blockquote><p class=\"t-img-caption\"><span>YCHARTS提供的NFLX收入(TTM)数据。</span></p></blockquote></p><p> Netflix saw an opportunity to lead the charge into a brand-new market, with low infrastructure costs compared to the DVD-mailing business and buckets of worldwide growth potential. So the DVD business that had come to dominate the video rental sector in America was unceremoniously tossed aside in favor of better ideas.</p><p><blockquote>Netflix看到了引领收费进入一个全新市场的机会，与DVD邮寄业务相比，该市场的基础设施成本较低，并且具有巨大的全球增长潜力。因此，在美国视频租赁行业占据主导地位的DVD业务被毫不客气地抛到了一边，取而代之的是更好的想法。</blockquote></p><p> These days, Netflix is an award-winning content producer with an unmatched distribution network in every market that matters (except forChina, where the company must operate through local partnerships). The stock has delivered a 2,240% return since the Qwikster event, which works out to a compound annual growth rate (CAGR) of 35.8%.</p><p><blockquote>如今，网飞是一家屡获殊荣的内容生产商，在每个重要市场都拥有无与伦比的分销网络（中国除外，该公司必须通过当地合作伙伴运营）。自Qwikster事件以来，该股的回报率为2,240%，复合年增长率(CAGR)为35.8%。</blockquote></p><p> <b>2. Alphabet</b></p><p><blockquote><b>2.Alphabet</b></blockquote></p><p> Alphabet is the parent company of online services giant Google. What started as a student project at Stanford quickly evolved into the world's leading online search tool. Paired with the moneymaking muscle of Google's digital advertising tools, the company generated strong cash flows early on. The cash profits were reinvested in more business ideas. Google eventually built or bought services with matchless market shares in important sectors such as web browsers, online video, email, and smartphone software.</p><p><blockquote>Alphabet是在线服务巨头谷歌的母公司。最初是斯坦福大学的一个学生项目，很快发展成为世界领先的在线搜索工具。再加上谷歌数字广告工具的赚钱能力，该公司在早期就产生了强劲的现金流。现金利润被再投资于更多的商业想法。谷歌最终在网络浏览器、在线视频、电子邮件和智能手机软件等重要领域建立或购买了拥有无与伦比市场份额的服务。</blockquote></p><p> By 2015, co-founders Sergey Brin and Larry Page had concluded that Google's meat-and-potatoes search and advertising businesses eventually had to fade away, overtaken by mobile alternatives and other innovations. So the company made some big changes. Google hired CFO Ruth Porat, a banking executive with decades of experience in large-scale corporate finance. Later the same year, the company changed its name to Alphabet and reorganized itself into a loose conglomerate of different operations.</p><p><blockquote>到2015年，联合创始人谢尔盖·布林（Sergey Brin）和拉里·佩奇（Larry Page）得出结论，谷歌的主要搜索和广告业务最终必须逐渐消失，被移动替代品和其他创新所取代。所以公司做了一些大的改变。谷歌聘请了首席财务官露丝·波拉特(Ruth Porat)，她是一位在大型企业融资方面拥有数十年经验的银行业高管。同年晚些时候，该公司更名为Alphabet，并重组为一个由不同业务组成的松散企业集团。</blockquote></p><p> Google is still the backbone of Alphabet, accounting for 99.6% of the holding company's total sales in 2020. The non-Google operations are still losing money on a regular basis, despite some progress in the fields of self-driving vehicles and fiber-optic internet connections. At the same time, the company is preparing for an uncertain future by developing a plethora of online and offline business projects with massive long-term growth prospects and equally large development risks.</p><p><blockquote>谷歌仍是Alphabet的中坚力量，2020年占控股公司总销售额的99.6%。尽管在自动驾驶汽车和光纤互联网连接领域取得了一些进展，但非谷歌业务仍在定期亏损。与此同时，该公司正在为不确定的未来做准备，开发大量具有巨大长期增长前景和同样大的发展风险的线上和线下业务项目。</blockquote></p><p> If the self-driving cars don't work out in the long run, Alphabet might find a cash machine in medical research or novel wind energy generators. We may never even have heard of the next big winner in Alphabet's sprawling portfolio. If and when Alphabet starts to make serious money from artificial intelligence tools or cancer drugs, most consumers probably won't think of that stuff as a Google business at all.</p><p><blockquote>如果自动驾驶汽车从长远来看行不通，Alphabet可能会在医学研究或新型风能发电机中找到提款机。我们甚至可能从未听说过Alphabet庞大投资组合中的下一个大赢家。如果Alphabet开始从人工智能工具或抗癌药物中赚大钱，大多数消费者可能根本不会认为这些东西是谷歌的业务。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bb97b6814df65240bd8f0b4a0690e77e\" tg-width=\"720\" tg-height=\"449\" referrerpolicy=\"no-referrer\"><span>GOOGL REVENUE (TTM) DATA BY YCHARTS.</span></p><p><blockquote><p class=\"t-img-caption\"><span>YCHARTS提供的GOOGL收入(TTM)数据。</span></p></blockquote></p><p></p><p> Alphabet continues to ride its Google heritage as far as it will go, but there is no shortage of completely unrelated operations that can take over when the browser-based search and advertising business starts to falter. Until then, the traditional search business is booming and Alphabet has rewarded investors with a 912% return in 10 years. That's an annual growth rate of 23.3%.</p><p><blockquote>Alphabet将继续利用其谷歌传统，但当基于浏览器的搜索和广告业务开始动摇时，也不乏完全不相关的业务可以接管。在此之前，传统搜索业务正在蓬勃发展，Alphabet在10年内回报了投资者912%的回报。年增长率为23.3%。</blockquote></p><p> <b>3. Walt Disney</b></p><p><blockquote><b>3.华特迪士尼</b></blockquote></p><p> And then there's the near-centennial entertainment giant. The House of Mouse was founded in 1923 by two cartoon-making brothers with a vision. The company has survived a world war, several terrible recessions, 10 decades of progress in distribution and production technologies, and much more.</p><p><blockquote>然后是近百年的娱乐巨头。老鼠之家是由两个有远见的卡通制作兄弟于1923年创建的。该公司经历了一次世界大战、几次严重的经济衰退、10年来分销和生产技术的进步等等。</blockquote></p><p> The leisure and entertainment conglomerate you see today is a far cry from the original business, which was a pure-play cartoon production studio. Disney World and Disneyland are cultural touchstones. The company is a leading provider of hotel and resort services, including a cruise line. I can't think of another company that has mastered the art of monetizing its intellectual property as effectively as Disney has. And that intellectual property -- characters, fictional worlds, and storylines that most Americans know by heart -- will always be the lifeblood of Disney's business.</p><p><blockquote>你今天看到的休闲和娱乐集团与最初的业务相去甚远，最初的业务是一个纯粹的卡通制作工作室。迪士尼世界和迪士尼乐园是文化的试金石。该公司是酒店和度假村服务的领先提供商，包括邮轮公司。我想不出还有哪家公司能像迪士尼一样有效地掌握知识产权货币化的艺术。知识产权——大多数美国人烂熟于心的角色、虚构世界和故事情节——将永远是迪士尼业务的命脉。</blockquote></p><p> Times are tough right now, as the coronavirus pandemic closed down movie theaters, theme parks, resorts, and cruise ships around the world. So Disney took a good, hard look at the drastic changes in the entertainment industry and decided to put its full weight behind media-streaming platforms.</p><p><blockquote>现在的日子很艰难，因为冠状病毒大流行关闭了世界各地的电影院、主题公园、度假村和游轮。因此，迪士尼认真审视了娱乐业的剧烈变化，并决定全力支持流媒体平台。</blockquote></p><p> The company has been reorganized from the top down to support Disney's streaming platforms. The Disney+, Hulu, Hotstar, and ESPN+ streaming services are poised to challenge Netflix for the global media-streaming market, adding up to 174 million subscribers in the third quarter of 2021. Disney took on some extra debt in the darkest days of the health crisis and will most likely use some of that spare cash to accelerate its streaming operations.</p><p><blockquote>该公司已经自上而下进行了重组，以支持迪士尼的流媒体平台。Disney+、Hulu、Hotstar和ESPN+流媒体服务准备在全球媒体流媒体市场挑战网飞，2021年第三季度用户总数达到1.74亿。迪士尼在健康危机最黑暗的日子里承担了一些额外的债务，并且很可能会使用部分闲钱来加速其流媒体业务。</blockquote></p><p> The coronavirus caught Disney unprepared, but management didn't hesitate to turn on a dime. The whole behemoth is heading in a different direction now, supported by the same treasure trove of storytelling assets that took the company this far. This supremely well-managed company is also beating the market in the long run, with a 439% 10-year gain that works out to a CAGR of 13%.</p><p><blockquote>冠状病毒让迪士尼措手不及，但管理层毫不犹豫地立即采取行动。整个庞然大物现在正朝着不同的方向前进，得到了让公司走到这一步的同样的讲故事资产宝库的支持。从长远来看，这家管理极其良好的公司也跑赢了市场，10年涨幅为439%，复合年增长率为13%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/110cd288830d0e354767349fe36259e6\" tg-width=\"2000\" tg-height=\"1333\" referrerpolicy=\"no-referrer\"><span>IMAGE SOURCE: GETTY IMAGES.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：盖蒂图片社。</span></p></blockquote></p><p> <b>The common denominator</b></p><p><blockquote><b>共同点</b></blockquote></p><p> These three companies are very different, but they still have one all-important quality in common. I'm looking for flexibility in the face of good times and bad. If your company stands ready to make drastic changes to its operating plan when the business environment around it changes, you know you have an organization that will stand the test of time.</p><p><blockquote>这三家公司非常不同，但它们仍然有一个非常重要的共同点。我在寻找面对顺境和逆境的灵活性。如果你的公司准备在周围的商业环境发生变化时对其运营计划进行重大改变，你知道你有一个经得起时间考验的组织。</blockquote></p><p> Lots of&nbsp;time in the market equals wealth-building returns. That's the main lesson you can learn from the writings of Benjamin Graham and the stellar results of his star student, Warren Buffett. Building life-changing wealth does not require a couple of years of fantastic returns. All you need is generally solid gains for several decades.</p><p><blockquote>大量的市场时间等于财富积累的回报。这是你可以从本杰明·格雷厄姆的著作和他的明星学生沃伦·巴菲特的出色成绩中学到的主要教训。积累改变生活的财富并不需要几年的惊人回报。你所需要的只是几十年的稳定收益。</blockquote></p><p> For example, an annual return of 10% -- in line with&nbsp;the long-term market average-- adds up to a 673% profit over 20 years. Beating the Street by a small margin makes a big difference on this long time scale. Boost your average gains to just 11%, and you'll see 806% returns over those 20 years. Larger increases bring even greater total long-haul returns. The three stocks discussed above are set up to do better than that, and their very survival in the long run is just about guaranteed by that willingness to change when market conditions require it.</p><p><blockquote>例如，10%的年回报率（与长期市场平均水平一致）相当于20年内673%的利润。在这个漫长的时间尺度上，以微弱优势击败街道会产生很大的影响。将您的平均收益提高到11%，您将在这20年内看到806%的回报。更大的增长会带来更大的长期总回报。上面讨论的三只股票的表现比这更好，从长远来看，它们的生存几乎是由市场条件需要时做出改变的意愿来保证的。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/08/17/3-stocks-im-never-selling/\">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":{"GOOG":"谷歌","DIS":"迪士尼","NFLX":"奈飞","GOOGL":"谷歌A"},"source_url":"https://www.fool.com/investing/2021/08/17/3-stocks-im-never-selling/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1114320591","content_text":"Key Points\n\nTime plus patience adds up to wealth-building results in the stock market.\nThese three business titans are leaders in their fields.\nThey are also built to last for a very long time.\n\n\nI'm about to show you my favorite stocks. Sometimes I invest with an eye to strong returns over the next few years. These are the ones that I expect to keep beating the market for the years and decades to come. It will take a lot to pry them out of my portfolio.\nLet me show you why I intend to hold Netflix(NASDAQ:NFLX),Alphabet(NASDAQ:GOOG)(NASDAQ:GOOGL), and Walt Disney(NYSE:DIS)for the long haul. These stocks may not be slam-dunk forever holdings for every investor, but you should absolutely take a close look at these top-notch investments.\n1. Netflix\nFirst, you knew Netflix as the sender of red mail-order DVD rentals. The company introduced digital video streams as a free add-on for DVD customers in 2007, then separated the streaming business into a separate subscription service in 2011. The Qwikster event was a big marketing mess and could certainly have been handled better, but it was absolutely the right idea in the long run.\nGoing all-in on the all-digital streaming service allowed Netflix to roll out its paid subscription plans on a global scale, supplemented by an ambitious focus on original content. The subscriber count has skyrocketed from 26 million in the summer of 2011 to 209 million today. That fantastic trend has worked wonders for the company's top and bottom lines:\nNFLX REVENUE (TTM) DATA BY YCHARTS.\nNetflix saw an opportunity to lead the charge into a brand-new market, with low infrastructure costs compared to the DVD-mailing business and buckets of worldwide growth potential. So the DVD business that had come to dominate the video rental sector in America was unceremoniously tossed aside in favor of better ideas.\nThese days, Netflix is an award-winning content producer with an unmatched distribution network in every market that matters (except forChina, where the company must operate through local partnerships). The stock has delivered a 2,240% return since the Qwikster event, which works out to a compound annual growth rate (CAGR) of 35.8%.\n2. Alphabet\nAlphabet is the parent company of online services giant Google. What started as a student project at Stanford quickly evolved into the world's leading online search tool. Paired with the moneymaking muscle of Google's digital advertising tools, the company generated strong cash flows early on. The cash profits were reinvested in more business ideas. Google eventually built or bought services with matchless market shares in important sectors such as web browsers, online video, email, and smartphone software.\nBy 2015, co-founders Sergey Brin and Larry Page had concluded that Google's meat-and-potatoes search and advertising businesses eventually had to fade away, overtaken by mobile alternatives and other innovations. So the company made some big changes. Google hired CFO Ruth Porat, a banking executive with decades of experience in large-scale corporate finance. Later the same year, the company changed its name to Alphabet and reorganized itself into a loose conglomerate of different operations.\nGoogle is still the backbone of Alphabet, accounting for 99.6% of the holding company's total sales in 2020. The non-Google operations are still losing money on a regular basis, despite some progress in the fields of self-driving vehicles and fiber-optic internet connections. At the same time, the company is preparing for an uncertain future by developing a plethora of online and offline business projects with massive long-term growth prospects and equally large development risks.\nIf the self-driving cars don't work out in the long run, Alphabet might find a cash machine in medical research or novel wind energy generators. We may never even have heard of the next big winner in Alphabet's sprawling portfolio. If and when Alphabet starts to make serious money from artificial intelligence tools or cancer drugs, most consumers probably won't think of that stuff as a Google business at all.\nGOOGL REVENUE (TTM) DATA BY YCHARTS.\nAlphabet continues to ride its Google heritage as far as it will go, but there is no shortage of completely unrelated operations that can take over when the browser-based search and advertising business starts to falter. Until then, the traditional search business is booming and Alphabet has rewarded investors with a 912% return in 10 years. That's an annual growth rate of 23.3%.\n3. Walt Disney\nAnd then there's the near-centennial entertainment giant. The House of Mouse was founded in 1923 by two cartoon-making brothers with a vision. The company has survived a world war, several terrible recessions, 10 decades of progress in distribution and production technologies, and much more.\nThe leisure and entertainment conglomerate you see today is a far cry from the original business, which was a pure-play cartoon production studio. Disney World and Disneyland are cultural touchstones. The company is a leading provider of hotel and resort services, including a cruise line. I can't think of another company that has mastered the art of monetizing its intellectual property as effectively as Disney has. And that intellectual property -- characters, fictional worlds, and storylines that most Americans know by heart -- will always be the lifeblood of Disney's business.\nTimes are tough right now, as the coronavirus pandemic closed down movie theaters, theme parks, resorts, and cruise ships around the world. So Disney took a good, hard look at the drastic changes in the entertainment industry and decided to put its full weight behind media-streaming platforms.\nThe company has been reorganized from the top down to support Disney's streaming platforms. The Disney+, Hulu, Hotstar, and ESPN+ streaming services are poised to challenge Netflix for the global media-streaming market, adding up to 174 million subscribers in the third quarter of 2021. Disney took on some extra debt in the darkest days of the health crisis and will most likely use some of that spare cash to accelerate its streaming operations.\nThe coronavirus caught Disney unprepared, but management didn't hesitate to turn on a dime. The whole behemoth is heading in a different direction now, supported by the same treasure trove of storytelling assets that took the company this far. This supremely well-managed company is also beating the market in the long run, with a 439% 10-year gain that works out to a CAGR of 13%.\nIMAGE SOURCE: GETTY IMAGES.\nThe common denominator\nThese three companies are very different, but they still have one all-important quality in common. I'm looking for flexibility in the face of good times and bad. If your company stands ready to make drastic changes to its operating plan when the business environment around it changes, you know you have an organization that will stand the test of time.\nLots of time in the market equals wealth-building returns. That's the main lesson you can learn from the writings of Benjamin Graham and the stellar results of his star student, Warren Buffett. Building life-changing wealth does not require a couple of years of fantastic returns. All you need is generally solid gains for several decades.\nFor example, an annual return of 10% -- in line with the long-term market average-- adds up to a 673% profit over 20 years. Beating the Street by a small margin makes a big difference on this long time scale. Boost your average gains to just 11%, and you'll see 806% returns over those 20 years. Larger increases bring even greater total long-haul returns. The three stocks discussed above are set up to do better than that, and their very survival in the long run is just about guaranteed by that willingness to change when market conditions require it.","news_type":1,"symbols_score_info":{"GOOG":0.9,"NFLX":0.9,"DIS":0.9,"GOOGL":0.9}},"isVote":1,"tweetType":1,"viewCount":419,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":692095907,"gmtCreate":1640788623233,"gmtModify":1640788623355,"author":{"id":"4089861821723520","authorId":"4089861821723520","name":"Huhu88","avatar":"https://static.tigerbbs.com/afaf32d53dd5ce37ce49c567be9cef05","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089861821723520","authorIdStr":"4089861821723520"},"themes":[],"htmlText":"Thanks&nbsp;","listText":"Thanks&nbsp;","text":"Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/692095907","repostId":"2195457957","repostType":4,"isVote":1,"tweetType":1,"viewCount":3425,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":602855705,"gmtCreate":1639009249410,"gmtModify":1639009249503,"author":{"id":"4089861821723520","authorId":"4089861821723520","name":"Huhu88","avatar":"https://static.tigerbbs.com/afaf32d53dd5ce37ce49c567be9cef05","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089861821723520","authorIdStr":"4089861821723520"},"themes":[],"htmlText":"Thanks","listText":"Thanks","text":"Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/602855705","repostId":"1141815911","repostType":4,"repost":{"id":"1141815911","kind":"news","pubTimestamp":1639007843,"share":"https://www.laohu8.com/m/news/1141815911?lang=zh_CN&edition=full","pubTime":"2021-12-09 07:57","market":"us","language":"en","title":"Pfizer Says Booster Neutralized Omicron but Variant May Elude Two Doses<blockquote>辉瑞称加强剂中和了奥密克戎病毒，但变种可能无法注射两剂</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1141815911","media":"The Wall Street Journal","summary":"Pfizer Inc. PFE -0.62% and BioNTech SE BNTX -3.55% said that a third dose of their Covid-19 vaccine ","content":"<p>Pfizer Inc. PFE -0.62% and BioNTech SE BNTX -3.55% said that a third dose of their Covid-19 vaccine neutralized the Omicron variant in lab tests but that the two-dose regimen was significantly less effective at blocking the virus.</p><p><blockquote>辉瑞公司PFE-0.62%和BioNTech SE BNTX-3.55%表示，他们的第三剂Covid-19疫苗在实验室测试中中和了奥密克戎变种，但两剂方案在阻断病毒方面的效果明显较差。</blockquote></p><p> A third dose increased antibodies 25-fold compared with two doses against the Omicron variant, the companies said. Still, two doses may prove effective in preventing severe illness from Covid-19, they said, because immune cells are able to recognize 80% of parts of the spike protein that the vaccine targets.</p><p><blockquote>两家公司表示，与针对奥密克戎变种的两剂相比，第三剂使抗体增加了25倍。他们说，尽管如此，两剂疫苗可能会有效预防Covid-19引起的严重疾病，因为免疫细胞能够识别疫苗靶向的刺突蛋白的80%部分。</blockquote></p><p> The results were issued in a press release by the companies, and weren’t peer reviewed and published in a scientific journal.</p><p><blockquote>这些结果是在两家公司的新闻稿中发布的，没有经过同行评审也没有发表在科学期刊上。</blockquote></p><p> The findings from the companies’ early study, and one by scientists in South Africa, suggest that three doses will be needed to produce a similar immune response against Omicron as was provided by just two doses in earlier strains of the virus.</p><p><blockquote>两家公司的早期研究结果以及南非科学家的一项研究结果表明，需要三剂疫苗才能产生与早期病毒株仅两剂疫苗类似的针对奥密克戎病毒的免疫反应。</blockquote></p><p> It also bolsters the case for repeated and periodic boosters to maintain people’s immune defenses against an evolving Covid-19, the companies said.</p><p><blockquote>两家公司表示，这也支持了重复和定期加强剂以维持人们对不断发展的Covid-19的免疫防御的理由。</blockquote></p><p> “This is very positive news that should make everyone even more motivated to get vaccinated” and get a booster, said Pfizer Chief Scientific Officer Mikael Dolsten.</p><p><blockquote>辉瑞首席科学官米凯尔·多尔斯滕(Mikael Dolsten)表示，“这是一个非常积极的消息，应该会让每个人都更有动力接种疫苗”并接种加强剂。</blockquote></p><p> The companies’ current vaccine will provide a strong defense against Omicron, especially if people get a booster shot, Dr. Dolsten said. The three-dose regimen, he added, could provide stopgap protection against Omicron through the winter and until a new vaccine targeted directly at the variant would be ready if needed.</p><p><blockquote>多尔斯滕博士说，两家公司目前的疫苗将为奥密克戎提供强有力的防御，特别是如果人们接受加强注射的话。他补充说，三剂方案可以在整个冬季提供针对奥密克戎病毒的权宜之计，直到需要时直接针对该变种的新疫苗准备就绪。</blockquote></p><p> Pfizer and BioNTech are working on an Omicron-specific vaccine that they hope to have available by March 2022 if the variant becomes widespread by then. Researchers started working on the new vaccine on Thanksgiving Day, Nov. 25, shortly after Omicron was identified.</p><p><blockquote>辉瑞和BioNTech正在研究一种针对奥密克戎病毒的疫苗，如果该变种到那时变得广泛传播，他们希望在2022年3月之前上市。奥密克戎病毒被发现后不久，研究人员于11月25日感恩节开始研究这种新疫苗。</blockquote></p><p> The vaccine trains the immune system to fight the virus by generating immune-system soldiers known as antibodies, which attach to the virus and prevent it from replicating in healthy cells. The vaccine also produces other immune-system fighters called T cells that can kick in after infection to help target and clear the virus, preventing more serious disease.</p><p><blockquote>该疫苗通过产生称为抗体的免疫系统士兵来训练免疫系统对抗病毒，抗体附着在病毒上并阻止其在健康细胞中复制。该疫苗还产生其他称为T细胞的免疫系统战士，可以在感染后发挥作用，帮助靶向和清除病毒，预防更严重的疾病。</blockquote></p><p> Pfizer and BioNTech said that Omicron still appears susceptible to T cells produced by the vaccine.</p><p><blockquote>辉瑞和BioNTech表示，奥密克戎似乎仍然容易受到疫苗产生的T细胞的影响。</blockquote></p><p> Dr. Dolsten estimated there is a greater than 50% chance that Omicron becomes the dominant strain spreading in the U.S. by the spring, though it is too soon to know with certainty, he said.</p><p><blockquote>多尔斯滕博士估计，到春季，奥密克戎病毒成为美国传播的主要毒株的可能性超过50%，但现在确定还为时过早。</blockquote></p><p> The preliminary lab data comes from an analysis of blood samples from vaccinated patients measuring antibodies capable of neutralizing the virus causing Covid-19, including the Omicron variant. Blood samples were collected three weeks after patients received their second dose, or one month after receiving their third dose.</p><p><blockquote>初步实验室数据来自对接种疫苗患者血液样本的分析，测量能够中和导致Covid-19的病毒（包括奥密克戎变种）的抗体。在患者接受第二剂后三周或接受第三剂后一个月采集血样。</blockquote></p><p> The number of antibodies generated by a third booster shot against Omicron is similar to two doses against an older strain of the virus, the companies said.</p><p><blockquote>两家公司表示，针对奥密克戎病毒的第三次加强注射产生的抗体数量与针对旧病毒株的两次注射相似。</blockquote></p><p> “These preliminary data appear to show the Pfizer vaccine does in fact protect against Omicron, and that’s very good news,” said Philip Landrigan, director of Boston College’s Global Public Health and the Global Common Good program.</p><p><blockquote>“这些初步数据似乎表明辉瑞疫苗确实可以预防奥密克戎病毒，这是一个非常好的消息，”Boston College全球公共卫生和全球公益项目主任Philip Landrigan说。</blockquote></p><p> Monica Gandhi, a professor of medicine at the University of California, San Francisco, said the results suggested two doses will protect many people from getting bad cases leading to hospitalization or death.</p><p><blockquote>加州大学旧金山分校医学教授莫妮卡·甘地表示，结果表明，两剂疫苗将保护许多人免受导致住院或死亡的严重病例。</blockquote></p><p> “Two doses are still effective against severe disease, whether people get boosters or not,” said Dr. Gandhi, who is recommending boosters for high-risk patients, including those with HIV. “For people who are at high risk of severe disease, it’s so important to get them boosted, but I don’t think it’s mandatory for young healthy people.”</p><p><blockquote>甘地博士说：“无论人们是否接种加强剂，两剂疫苗对严重疾病仍然有效。”他建议为包括艾滋病毒感染者在内的高危患者接种加强剂。“对于患有严重疾病的高风险人群来说，给他们注射疫苗非常重要，但我认为这对于年轻的健康人来说并不是强制性的。”</blockquote></p><p> The company’s early findings come a day after scientists in South Africa reported findings from early lab tests indicating a 41-fold reduction in the Pfizer-BioNTech vaccine’s neutralization of Omicron than the original version of the virus.</p><p><blockquote>该公司的早期发现发布前一天，南非科学家报告了早期实验室测试的结果，表明辉瑞-BioNTech疫苗对奥密克戎病毒的中和作用比原始版本的病毒降低了41倍。</blockquote></p><p> The researchers, however, found greater antibody responses against Omicron in blood taken from subjects who were fully vaccinated and had previously been infected with Covid-19.</p><p><blockquote>然而，研究人员发现，从完全接种疫苗且之前感染过Covid-19的受试者身上采集的血液中，针对奥密克戎病毒的抗体反应更强。</blockquote></p><p> The companies will continue to work on a variant vaccine despite the promising signs that boosting with the original shot offers good protection against Omicron, said BioNTech Chief Executive Uğur Şahin. That is because they would need to see more data on how their vaccine holds up against the new variant, including real-world effectiveness data, expected in the coming weeks.</p><p><blockquote>BioNTech首席执行官Uğur Ş ahin表示，尽管有令人鼓舞的迹象表明，使用原始疫苗加强注射可以很好地预防奥密克戎病，但两家公司仍将继续研究变异疫苗。这是因为他们需要看到更多关于他们的疫苗如何抵抗新变种的数据，包括预计在未来几周内的真实世界有效性数据。</blockquote></p><p> “Only in combination will we understand the relevance of this data and potential protection against Omicron-mediated disease and severe disease,” he said.</p><p><blockquote>他说：“只有结合起来，我们才能了解这些数据的相关性以及对奥密克戎病介导的疾病和严重疾病的潜在保护作用。”</blockquote></p><p> Real-world data on vaccine effectiveness against Omicron won’t be available for at least six weeks, Dr. Şahin said, because the case numbers need to be higher before this can be measured.</p><p><blockquote>Ş ahin博士说，有关奥密克戎疫苗有效性的真实数据至少在六周内无法获得，因为病例数需要更高才能衡量。</blockquote></p><p></p><p> Meanwhile, the companies are moving forward with manufacturing an Omicron-specific vaccine. The first doses, for experimental use, will be ready in January, BioNTech executives said.</p><p><blockquote>与此同时，两家公司正在推进奥密克戎专用疫苗的生产。BioNTech高管表示，用于实验用途的第一剂疫苗将于1月份准备就绪。</blockquote></p><p> Omicron was first identified by scientists in South Africa last month. Since then the World Health Organization has deemed it a variant of concern. And it has since been detected around the world, including in the U.S.</p><p><blockquote>上个月，科学家首次在南非发现了奥密克戎病毒。从那时起，世界卫生组织就认为这是一个值得关注的变种。此后，包括美国在内的世界各地都发现了这种病毒。</blockquote></p><p> Researchers have been trying to understand how contagious the new strain is, as well as how well it might be able to evade Covid-19 vaccines and whether it causes severe disease. Some preliminary reports suggest the variant is more contagious but might cause milder disease, though researchers say it is too early to know.</p><p><blockquote>研究人员一直在试图了解这种新毒株的传染性如何，以及它逃避Covid-19疫苗的能力如何，以及它是否会导致严重疾病。一些初步报告表明，这种变异更具传染性，但可能会导致较轻的疾病，尽管研究人员表示现在知道还为时过早。</blockquote></p><p> Pfizer and BioNTech said they expect to make four billion vaccine doses next year, even if an Omicron-specific vaccine is required by then.</p><p><blockquote>辉瑞和BioNTech表示，他们预计明年将生产40亿剂疫苗，即使届时需要奥密克戎专用疫苗。</blockquote></p><p> Dr. Dolsten said that regardless of how widespread Omicron becomes, continued booster shots will likely be needed going forward to provide protection against Covid-19. A fourth booster dose is likely to be needed in the spring or fall of 2022, he said.</p><p><blockquote>多尔斯滕博士说，无论奥密克戎病变得多么普遍，未来可能需要持续的加强注射来提供针对新冠肺炎的保护。他说，2022年春季或秋季可能需要第四次加强剂量。</blockquote></p><p> “It’s increasingly clear you need to have a long-term perspective, with continued boosting to have strong durable immunity,” said Dr. Dolsten. “If the landscape looks similar to today, we will likely continue to boost with the current vaccine.”</p><p><blockquote>多尔斯滕博士说：“越来越明显的是，你需要有长远的眼光，持续增强才能拥有强大持久的免疫力。”“如果情况看起来与今天相似，我们可能会继续使用当前的疫苗加强疫苗。”</blockquote></p><p> Pfizer’s shares rose 1% while BioNTech’s American depositary shares fell 0.2% in morning trading.</p><p><blockquote>辉瑞股价上涨1%，而BioNTech美国存托股早盘下跌0.2%。</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>Pfizer Says Booster Neutralized Omicron but Variant May Elude Two Doses<blockquote>辉瑞称加强剂中和了奥密克戎病毒，但变种可能无法注射两剂</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPfizer Says Booster Neutralized Omicron but Variant May Elude Two Doses<blockquote>辉瑞称加强剂中和了奥密克戎病毒，但变种可能无法注射两剂</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Wall Street Journal</strong><span class=\"h-time small\">2021-12-09 07:57</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Pfizer Inc. PFE -0.62% and BioNTech SE BNTX -3.55% said that a third dose of their Covid-19 vaccine neutralized the Omicron variant in lab tests but that the two-dose regimen was significantly less effective at blocking the virus.</p><p><blockquote>辉瑞公司PFE-0.62%和BioNTech SE BNTX-3.55%表示，他们的第三剂Covid-19疫苗在实验室测试中中和了奥密克戎变种，但两剂方案在阻断病毒方面的效果明显较差。</blockquote></p><p> A third dose increased antibodies 25-fold compared with two doses against the Omicron variant, the companies said. Still, two doses may prove effective in preventing severe illness from Covid-19, they said, because immune cells are able to recognize 80% of parts of the spike protein that the vaccine targets.</p><p><blockquote>两家公司表示，与针对奥密克戎变种的两剂相比，第三剂使抗体增加了25倍。他们说，尽管如此，两剂疫苗可能会有效预防Covid-19引起的严重疾病，因为免疫细胞能够识别疫苗靶向的刺突蛋白的80%部分。</blockquote></p><p> The results were issued in a press release by the companies, and weren’t peer reviewed and published in a scientific journal.</p><p><blockquote>这些结果是在两家公司的新闻稿中发布的，没有经过同行评审也没有发表在科学期刊上。</blockquote></p><p> The findings from the companies’ early study, and one by scientists in South Africa, suggest that three doses will be needed to produce a similar immune response against Omicron as was provided by just two doses in earlier strains of the virus.</p><p><blockquote>两家公司的早期研究结果以及南非科学家的一项研究结果表明，需要三剂疫苗才能产生与早期病毒株仅两剂疫苗类似的针对奥密克戎病毒的免疫反应。</blockquote></p><p> It also bolsters the case for repeated and periodic boosters to maintain people’s immune defenses against an evolving Covid-19, the companies said.</p><p><blockquote>两家公司表示，这也支持了重复和定期加强剂以维持人们对不断发展的Covid-19的免疫防御的理由。</blockquote></p><p> “This is very positive news that should make everyone even more motivated to get vaccinated” and get a booster, said Pfizer Chief Scientific Officer Mikael Dolsten.</p><p><blockquote>辉瑞首席科学官米凯尔·多尔斯滕(Mikael Dolsten)表示，“这是一个非常积极的消息，应该会让每个人都更有动力接种疫苗”并接种加强剂。</blockquote></p><p> The companies’ current vaccine will provide a strong defense against Omicron, especially if people get a booster shot, Dr. Dolsten said. The three-dose regimen, he added, could provide stopgap protection against Omicron through the winter and until a new vaccine targeted directly at the variant would be ready if needed.</p><p><blockquote>多尔斯滕博士说，两家公司目前的疫苗将为奥密克戎提供强有力的防御，特别是如果人们接受加强注射的话。他补充说，三剂方案可以在整个冬季提供针对奥密克戎病毒的权宜之计，直到需要时直接针对该变种的新疫苗准备就绪。</blockquote></p><p> Pfizer and BioNTech are working on an Omicron-specific vaccine that they hope to have available by March 2022 if the variant becomes widespread by then. Researchers started working on the new vaccine on Thanksgiving Day, Nov. 25, shortly after Omicron was identified.</p><p><blockquote>辉瑞和BioNTech正在研究一种针对奥密克戎病毒的疫苗，如果该变种到那时变得广泛传播，他们希望在2022年3月之前上市。奥密克戎病毒被发现后不久，研究人员于11月25日感恩节开始研究这种新疫苗。</blockquote></p><p> The vaccine trains the immune system to fight the virus by generating immune-system soldiers known as antibodies, which attach to the virus and prevent it from replicating in healthy cells. The vaccine also produces other immune-system fighters called T cells that can kick in after infection to help target and clear the virus, preventing more serious disease.</p><p><blockquote>该疫苗通过产生称为抗体的免疫系统士兵来训练免疫系统对抗病毒，抗体附着在病毒上并阻止其在健康细胞中复制。该疫苗还产生其他称为T细胞的免疫系统战士，可以在感染后发挥作用，帮助靶向和清除病毒，预防更严重的疾病。</blockquote></p><p> Pfizer and BioNTech said that Omicron still appears susceptible to T cells produced by the vaccine.</p><p><blockquote>辉瑞和BioNTech表示，奥密克戎似乎仍然容易受到疫苗产生的T细胞的影响。</blockquote></p><p> Dr. Dolsten estimated there is a greater than 50% chance that Omicron becomes the dominant strain spreading in the U.S. by the spring, though it is too soon to know with certainty, he said.</p><p><blockquote>多尔斯滕博士估计，到春季，奥密克戎病毒成为美国传播的主要毒株的可能性超过50%，但现在确定还为时过早。</blockquote></p><p> The preliminary lab data comes from an analysis of blood samples from vaccinated patients measuring antibodies capable of neutralizing the virus causing Covid-19, including the Omicron variant. Blood samples were collected three weeks after patients received their second dose, or one month after receiving their third dose.</p><p><blockquote>初步实验室数据来自对接种疫苗患者血液样本的分析，测量能够中和导致Covid-19的病毒（包括奥密克戎变种）的抗体。在患者接受第二剂后三周或接受第三剂后一个月采集血样。</blockquote></p><p> The number of antibodies generated by a third booster shot against Omicron is similar to two doses against an older strain of the virus, the companies said.</p><p><blockquote>两家公司表示，针对奥密克戎病毒的第三次加强注射产生的抗体数量与针对旧病毒株的两次注射相似。</blockquote></p><p> “These preliminary data appear to show the Pfizer vaccine does in fact protect against Omicron, and that’s very good news,” said Philip Landrigan, director of Boston College’s Global Public Health and the Global Common Good program.</p><p><blockquote>“这些初步数据似乎表明辉瑞疫苗确实可以预防奥密克戎病毒，这是一个非常好的消息，”Boston College全球公共卫生和全球公益项目主任Philip Landrigan说。</blockquote></p><p> Monica Gandhi, a professor of medicine at the University of California, San Francisco, said the results suggested two doses will protect many people from getting bad cases leading to hospitalization or death.</p><p><blockquote>加州大学旧金山分校医学教授莫妮卡·甘地表示，结果表明，两剂疫苗将保护许多人免受导致住院或死亡的严重病例。</blockquote></p><p> “Two doses are still effective against severe disease, whether people get boosters or not,” said Dr. Gandhi, who is recommending boosters for high-risk patients, including those with HIV. “For people who are at high risk of severe disease, it’s so important to get them boosted, but I don’t think it’s mandatory for young healthy people.”</p><p><blockquote>甘地博士说：“无论人们是否接种加强剂，两剂疫苗对严重疾病仍然有效。”他建议为包括艾滋病毒感染者在内的高危患者接种加强剂。“对于患有严重疾病的高风险人群来说，给他们注射疫苗非常重要，但我认为这对于年轻的健康人来说并不是强制性的。”</blockquote></p><p> The company’s early findings come a day after scientists in South Africa reported findings from early lab tests indicating a 41-fold reduction in the Pfizer-BioNTech vaccine’s neutralization of Omicron than the original version of the virus.</p><p><blockquote>该公司的早期发现发布前一天，南非科学家报告了早期实验室测试的结果，表明辉瑞-BioNTech疫苗对奥密克戎病毒的中和作用比原始版本的病毒降低了41倍。</blockquote></p><p> The researchers, however, found greater antibody responses against Omicron in blood taken from subjects who were fully vaccinated and had previously been infected with Covid-19.</p><p><blockquote>然而，研究人员发现，从完全接种疫苗且之前感染过Covid-19的受试者身上采集的血液中，针对奥密克戎病毒的抗体反应更强。</blockquote></p><p> The companies will continue to work on a variant vaccine despite the promising signs that boosting with the original shot offers good protection against Omicron, said BioNTech Chief Executive Uğur Şahin. That is because they would need to see more data on how their vaccine holds up against the new variant, including real-world effectiveness data, expected in the coming weeks.</p><p><blockquote>BioNTech首席执行官Uğur Ş ahin表示，尽管有令人鼓舞的迹象表明，使用原始疫苗加强注射可以很好地预防奥密克戎病，但两家公司仍将继续研究变异疫苗。这是因为他们需要看到更多关于他们的疫苗如何抵抗新变种的数据，包括预计在未来几周内的真实世界有效性数据。</blockquote></p><p> “Only in combination will we understand the relevance of this data and potential protection against Omicron-mediated disease and severe disease,” he said.</p><p><blockquote>他说：“只有结合起来，我们才能了解这些数据的相关性以及对奥密克戎病介导的疾病和严重疾病的潜在保护作用。”</blockquote></p><p> Real-world data on vaccine effectiveness against Omicron won’t be available for at least six weeks, Dr. Şahin said, because the case numbers need to be higher before this can be measured.</p><p><blockquote>Ş ahin博士说，有关奥密克戎疫苗有效性的真实数据至少在六周内无法获得，因为病例数需要更高才能衡量。</blockquote></p><p></p><p> Meanwhile, the companies are moving forward with manufacturing an Omicron-specific vaccine. The first doses, for experimental use, will be ready in January, BioNTech executives said.</p><p><blockquote>与此同时，两家公司正在推进奥密克戎专用疫苗的生产。BioNTech高管表示，用于实验用途的第一剂疫苗将于1月份准备就绪。</blockquote></p><p> Omicron was first identified by scientists in South Africa last month. Since then the World Health Organization has deemed it a variant of concern. And it has since been detected around the world, including in the U.S.</p><p><blockquote>上个月，科学家首次在南非发现了奥密克戎病毒。从那时起，世界卫生组织就认为这是一个值得关注的变种。此后，包括美国在内的世界各地都发现了这种病毒。</blockquote></p><p> Researchers have been trying to understand how contagious the new strain is, as well as how well it might be able to evade Covid-19 vaccines and whether it causes severe disease. Some preliminary reports suggest the variant is more contagious but might cause milder disease, though researchers say it is too early to know.</p><p><blockquote>研究人员一直在试图了解这种新毒株的传染性如何，以及它逃避Covid-19疫苗的能力如何，以及它是否会导致严重疾病。一些初步报告表明，这种变异更具传染性，但可能会导致较轻的疾病，尽管研究人员表示现在知道还为时过早。</blockquote></p><p> Pfizer and BioNTech said they expect to make four billion vaccine doses next year, even if an Omicron-specific vaccine is required by then.</p><p><blockquote>辉瑞和BioNTech表示，他们预计明年将生产40亿剂疫苗，即使届时需要奥密克戎专用疫苗。</blockquote></p><p> Dr. Dolsten said that regardless of how widespread Omicron becomes, continued booster shots will likely be needed going forward to provide protection against Covid-19. A fourth booster dose is likely to be needed in the spring or fall of 2022, he said.</p><p><blockquote>多尔斯滕博士说，无论奥密克戎病变得多么普遍，未来可能需要持续的加强注射来提供针对新冠肺炎的保护。他说，2022年春季或秋季可能需要第四次加强剂量。</blockquote></p><p> “It’s increasingly clear you need to have a long-term perspective, with continued boosting to have strong durable immunity,” said Dr. Dolsten. “If the landscape looks similar to today, we will likely continue to boost with the current vaccine.”</p><p><blockquote>多尔斯滕博士说：“越来越明显的是，你需要有长远的眼光，持续增强才能拥有强大持久的免疫力。”“如果情况看起来与今天相似，我们可能会继续使用当前的疫苗加强疫苗。”</blockquote></p><p> Pfizer’s shares rose 1% while BioNTech’s American depositary shares fell 0.2% in morning trading.</p><p><blockquote>辉瑞股价上涨1%，而BioNTech美国存托股早盘下跌0.2%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/pfizer-biontech-covid-19-vaccine-loses-significant-effectiveness-against-omicron-in-early-study-companies-say-11638964121?mod=hp_lead_pos1\">The Wall Street Journal</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PFE":"辉瑞","BNTX":"BioNTech SE"},"source_url":"https://www.wsj.com/articles/pfizer-biontech-covid-19-vaccine-loses-significant-effectiveness-against-omicron-in-early-study-companies-say-11638964121?mod=hp_lead_pos1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1141815911","content_text":"Pfizer Inc. PFE -0.62% and BioNTech SE BNTX -3.55% said that a third dose of their Covid-19 vaccine neutralized the Omicron variant in lab tests but that the two-dose regimen was significantly less effective at blocking the virus.\n\nA third dose increased antibodies 25-fold compared with two doses against the Omicron variant, the companies said. Still, two doses may prove effective in preventing severe illness from Covid-19, they said, because immune cells are able to recognize 80% of parts of the spike protein that the vaccine targets.\n\nThe results were issued in a press release by the companies, and weren’t peer reviewed and published in a scientific journal.\n\nThe findings from the companies’ early study, and one by scientists in South Africa, suggest that three doses will be needed to produce a similar immune response against Omicron as was provided by just two doses in earlier strains of the virus.\n\n\nIt also bolsters the case for repeated and periodic boosters to maintain people’s immune defenses against an evolving Covid-19, the companies said.\n\n“This is very positive news that should make everyone even more motivated to get vaccinated” and get a booster, said Pfizer Chief Scientific Officer Mikael Dolsten.\n\nThe companies’ current vaccine will provide a strong defense against Omicron, especially if people get a booster shot, Dr. Dolsten said. The three-dose regimen, he added, could provide stopgap protection against Omicron through the winter and until a new vaccine targeted directly at the variant would be ready if needed.\n\nPfizer and BioNTech are working on an Omicron-specific vaccine that they hope to have available by March 2022 if the variant becomes widespread by then. Researchers started working on the new vaccine on Thanksgiving Day, Nov. 25, shortly after Omicron was identified.\n\nThe vaccine trains the immune system to fight the virus by generating immune-system soldiers known as antibodies, which attach to the virus and prevent it from replicating in healthy cells. The vaccine also produces other immune-system fighters called T cells that can kick in after infection to help target and clear the virus, preventing more serious disease.\n\nPfizer and BioNTech said that Omicron still appears susceptible to T cells produced by the vaccine.\n\nDr. Dolsten estimated there is a greater than 50% chance that Omicron becomes the dominant strain spreading in the U.S. by the spring, though it is too soon to know with certainty, he said.\n\nThe preliminary lab data comes from an analysis of blood samples from vaccinated patients measuring antibodies capable of neutralizing the virus causing Covid-19, including the Omicron variant. Blood samples were collected three weeks after patients received their second dose, or one month after receiving their third dose.\n\nThe number of antibodies generated by a third booster shot against Omicron is similar to two doses against an older strain of the virus, the companies said.\n\n“These preliminary data appear to show the Pfizer vaccine does in fact protect against Omicron, and that’s very good news,” said Philip Landrigan, director of Boston College’s Global Public Health and the Global Common Good program.\n\n\nMonica Gandhi, a professor of medicine at the University of California, San Francisco, said the results suggested two doses will protect many people from getting bad cases leading to hospitalization or death.\n\n“Two doses are still effective against severe disease, whether people get boosters or not,” said Dr. Gandhi, who is recommending boosters for high-risk patients, including those with HIV. “For people who are at high risk of severe disease, it’s so important to get them boosted, but I don’t think it’s mandatory for young healthy people.”\n\nThe company’s early findings come a day after scientists in South Africa reported findings from early lab tests indicating a 41-fold reduction in the Pfizer-BioNTech vaccine’s neutralization of Omicron than the original version of the virus.\n\n\n\nThe researchers, however, found greater antibody responses against Omicron in blood taken from subjects who were fully vaccinated and had previously been infected with Covid-19.\n\nThe companies will continue to work on a variant vaccine despite the promising signs that boosting with the original shot offers good protection against Omicron, said BioNTech Chief Executive Uğur Şahin. That is because they would need to see more data on how their vaccine holds up against the new variant, including real-world effectiveness data, expected in the coming weeks.\n\n\n“Only in combination will we understand the relevance of this data and potential protection against Omicron-mediated disease and severe disease,” he said.\n\nReal-world data on vaccine effectiveness against Omicron won’t be available for at least six weeks, Dr. Şahin said, because the case numbers need to be higher before this can be measured.\n\nMeanwhile, the companies are moving forward with manufacturing an Omicron-specific vaccine. The first doses, for experimental use, will be ready in January, BioNTech executives said.\n\nOmicron was first identified by scientists in South Africa last month. Since then the World Health Organization has deemed it a variant of concern. And it has since been detected around the world, including in the U.S.\n\nResearchers have been trying to understand how contagious the new strain is, as well as how well it might be able to evade Covid-19 vaccines and whether it causes severe disease. Some preliminary reports suggest the variant is more contagious but might cause milder disease, though researchers say it is too early to know.\n\nPfizer and BioNTech said they expect to make four billion vaccine doses next year, even if an Omicron-specific vaccine is required by then.\n\nDr. Dolsten said that regardless of how widespread Omicron becomes, continued booster shots will likely be needed going forward to provide protection against Covid-19. A fourth booster dose is likely to be needed in the spring or fall of 2022, he said.\n\n“It’s increasingly clear you need to have a long-term perspective, with continued boosting to have strong durable immunity,” said Dr. Dolsten. “If the landscape looks similar to today, we will likely continue to boost with the current vaccine.”\n\nPfizer’s shares rose 1% while BioNTech’s American depositary shares fell 0.2% in morning trading.","news_type":1,"symbols_score_info":{"BNTX":0.9,"PFE":0.9}},"isVote":1,"tweetType":1,"viewCount":2331,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":887275040,"gmtCreate":1632056596280,"gmtModify":1632803104582,"author":{"id":"4089861821723520","authorId":"4089861821723520","name":"Huhu88","avatar":"https://static.tigerbbs.com/afaf32d53dd5ce37ce49c567be9cef05","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089861821723520","authorIdStr":"4089861821723520"},"themes":[],"htmlText":"😄","listText":"😄","text":"😄","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/887275040","repostId":"1198486138","repostType":4,"isVote":1,"tweetType":1,"viewCount":357,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":835249313,"gmtCreate":1629723916432,"gmtModify":1633682940746,"author":{"id":"4089861821723520","authorId":"4089861821723520","name":"Huhu88","avatar":"https://static.tigerbbs.com/afaf32d53dd5ce37ce49c567be9cef05","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089861821723520","authorIdStr":"4089861821723520"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/835249313","repostId":"2161747692","repostType":4,"isVote":1,"tweetType":1,"viewCount":470,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":826316452,"gmtCreate":1633988198336,"gmtModify":1633988198336,"author":{"id":"4089861821723520","authorId":"4089861821723520","name":"Huhu88","avatar":"https://static.tigerbbs.com/afaf32d53dd5ce37ce49c567be9cef05","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089861821723520","authorIdStr":"4089861821723520"},"themes":[],"htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/826316452","repostId":"2174120900","repostType":4,"isVote":1,"tweetType":1,"viewCount":1049,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}