Cloivette的个人主页 - 老虎社区

Cloivette

Cloivette

暂无个人介绍

IP属地：未知

127关注

12粉丝

0主题

0勋章

2021-09-25

Like pls

抱歉，原内容已删除

2021-09-29

Like

Technically Speaking: Is The Market "Melting-Up?"<blockquote>从技术上讲：市场正在“融化”吗？</blockquote>

2021-08-18

Great offers for Warren Buffett

What Will It Take to Get Warren Buffett to Buy Stocks?<blockquote>怎样才能让沃伦·巴菲特购买股票？</blockquote>

2021-09-30

Like

抱歉，原内容已删除

2021-09-23

Pls like

抱歉，原内容已删除

2021-09-08

Like pls

5 Stock Ideas From an Investor Who Predicted Tesla Would Rise to $1,000<blockquote>一位预测特斯拉将上涨至 1,000 美元的投资者的 5 个股票想法</blockquote>

2021-10-07

Like

抱歉，原内容已删除

2021-10-02

Like

抱歉，原内容已删除

2021-09-22

liKe pls

抱歉，原内容已删除

2021-09-10

Like pls

抱歉，原内容已删除

去老虎APP查看更多动态

{"i18n":{"language":"zh_CN"},"userPageInfo":{"id":"4091018116118440","uuid":"4091018116118440","gmtCreate":1627919733538,"gmtModify":1628226086167,"name":"Cloivette","pinyin":"cloivette","introduction":"","introductionEn":null,"signature":"","avatar":"https://static.tigerbbs.com/ad2a0efb1d679fbe4fa2f053d2e03abb","hat":null,"hatId":null,"hatName":null,"vip":1,"status":2,"fanSize":12,"headSize":127,"tweetSize":51,"questionSize":0,"limitLevel":999,"accountStatus":4,"level":{"id":1,"name":"萌萌虎","nameTw":"萌萌虎","represent":"呱呱坠地","factor":"评论帖子3次或发布1条主帖（非转发）","iconColor":"3C9E83","bgColor":"A2F1D9"},"themeCounts":0,"badgeCounts":0,"badges":[],"moderator":false,"superModerator":false,"manageSymbols":null,"badgeLevel":null,"boolIsFan":false,"boolIsHead":false,"favoriteSize":0,"symbols":null,"coverImage":null,"realNameVerified":null,"userBadges":[{"badgeId":"e50ce593bb40487ebfb542ca54f6a561-3","templateUuid":"e50ce593bb40487ebfb542ca54f6a561","name":"偶像虎友","description":"加入老虎社区1500天","bigImgUrl":"https://static.tigerbbs.com/8b40ae7da5bf081a1c84df14bf9e6367","smallImgUrl":"https://static.tigerbbs.com/f160eceddd7c284a8e1136557615cfad","grayImgUrl":"https://static.tigerbbs.com/11792805c468334a9b31c39f95a41c6a","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2026.04.22","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1001,"isScarce":0,"effectConfig":null,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0},{"badgeId":"518b5610c3e8410da5cfad115e4b0f5a-1","templateUuid":"518b5610c3e8410da5cfad115e4b0f5a","name":"实盘交易者","description":"完成一笔实盘交易","bigImgUrl":"https://static.tigerbbs.com/2e08a1cc2087a1de93402c2c290fa65b","smallImgUrl":"https://static.tigerbbs.com/4504a6397ce1137932d56e5f4ce27166","grayImgUrl":"https://static.tigerbbs.com/4b22c79415b4cd6e3d8ebc4a0fa32604","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100,"isScarce":0,"effectConfig":null,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0},{"badgeId":"35ec162348d5460f88c959321e554969-2","templateUuid":"35ec162348d5460f88c959321e554969","name":"宗师交易员","description":"证券或期货账户累计交易次数达到100次","bigImgUrl":"https://static.tigerbbs.com/ad22cfbe2d05aa393b18e9226e4b0307","smallImgUrl":"https://static.tigerbbs.com/36702e6ff3ffe46acafee66cc85273ca","grayImgUrl":"https://static.tigerbbs.com/d52eb88fa385cf5abe2616ed63781765","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":"80.25%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100,"isScarce":0,"effectConfig":null,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0}],"userBadgeCount":3,"currentWearingBadge":null,"individualDisplayBadges":null,"crmLevel":11,"crmLevelSwitch":0,"location":"未知","starInvestorFollowerNum":0,"starInvestorFlag":false,"starInvestorOrderShareNum":0,"subscribeStarInvestorNum":0,"ror":null,"winRationPercentage":null,"showRor":false,"investmentPhilosophy":null,"starInvestorSubscribeFlag":false},"baikeInfo":{},"tab":"hot","tweets":[{"id":828565733,"gmtCreate":1633925862719,"gmtModify":1633925862813,"author":{"id":"4091018116118440","authorId":"4091018116118440","name":"Cloivette","avatar":"https://static.tigerbbs.com/ad2a0efb1d679fbe4fa2f053d2e03abb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4091018116118440","authorIdStr":"4091018116118440"},"themes":[],"title":"","htmlText":"Lol","listText":"Lol","text":"Lol","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/828565733","repostId":"2174971913","repostType":4,"isVote":1,"tweetType":1,"viewCount":3009,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":828330504,"gmtCreate":1633841306782,"gmtModify":1633841306902,"author":{"id":"4091018116118440","authorId":"4091018116118440","name":"Cloivette","avatar":"https://static.tigerbbs.com/ad2a0efb1d679fbe4fa2f053d2e03abb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4091018116118440","authorIdStr":"4091018116118440"},"themes":[],"title":"","htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/828330504","repostId":"2174920514","repostType":4,"isVote":1,"tweetType":1,"viewCount":5336,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":823952656,"gmtCreate":1633574331008,"gmtModify":1633574331289,"author":{"id":"4091018116118440","authorId":"4091018116118440","name":"Cloivette","avatar":"https://static.tigerbbs.com/ad2a0efb1d679fbe4fa2f053d2e03abb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4091018116118440","authorIdStr":"4091018116118440"},"themes":[],"title":"","htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/823952656","repostId":"2173948202","repostType":4,"isVote":1,"tweetType":1,"viewCount":3706,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":864787050,"gmtCreate":1633149171471,"gmtModify":1633149171766,"author":{"id":"4091018116118440","authorId":"4091018116118440","name":"Cloivette","avatar":"https://static.tigerbbs.com/ad2a0efb1d679fbe4fa2f053d2e03abb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4091018116118440","authorIdStr":"4091018116118440"},"themes":[],"title":"","htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/864787050","repostId":"2172631966","repostType":4,"isVote":1,"tweetType":1,"viewCount":3599,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":864960766,"gmtCreate":1633049560942,"gmtModify":1633049561187,"author":{"id":"4091018116118440","authorId":"4091018116118440","name":"Cloivette","avatar":"https://static.tigerbbs.com/ad2a0efb1d679fbe4fa2f053d2e03abb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4091018116118440","authorIdStr":"4091018116118440"},"themes":[],"title":"","htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/864960766","repostId":"1124647688","repostType":4,"repost":{"id":"1124647688","kind":"news","pubTimestamp":1633048079,"share":"https://www.laohunote.com/m/news/1124647688?lang=zh_CN&edition=full","pubTime":"2021-10-01 08:27","market":"us","language":"en","title":"Professor who called Dow 20,000 says he’s nervous about trends in inflation that could spark a stock-market correction<blockquote>道琼斯指数为 20,000 点的教授表示，他对可能引发股市调整的通胀趋势感到紧张</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1124647688","media":"MarketWatch","summary":"Jeremy Siegel, professor of finance at the University of Pennsylvania’s Wharton School of Business, ","content":"<p>Jeremy Siegel, professor of finance at the University of Pennsylvania’s Wharton School of Business, on Wednesday said that a fresh surge in inflation is making him nervous and warned that accelerating pricing pressures could compel the Federal Reserve to raise interest rates at a faster clip than currently anticipated, which could deliver a correction to equity benchmarks.</p><p><blockquote>宾夕法尼亚大学沃顿商学院金融学教授杰里米-西格尔（Jeremy Siegel）周三表示，通胀的新一轮飙升让他感到紧张，并警告说，加速的定价压力可能会迫使美联储以比目前预期更快的速度加息，这可能会对股市基准进行调整。</blockquote></p><p> The Wharton professorcredited with calling Dow 20,000&nbsp;in 2015 told CNBC during a Wednesday interview that he is “nervous about the trends I see in inflation currently.”</p><p><blockquote>这位沃顿商学院教授在 2015 年将道琼斯指数预测为 20,000 点，他在周三接受 CNBC 采访时表示，他 “对我目前看到的通胀趋势感到紧张”。</blockquote></p><p> The academic’s comments came as Federal Reserve Chairman Jerome Powell on Wednesday said a bout of high U.S. inflation could be prolonged into early next year because parts and material shortages might be getting worse.</p><p><blockquote>这位学者发表上述言论之际，美联储主席杰罗姆-鲍威尔（Jerome Powell）周三表示，美国一轮高通胀可能会持续到明年初，因为零部件和材料短缺可能会变得更糟。</blockquote></p><p> Parts of the financial market are undergoing big price surges, including natural-gas futuresNG00,+1.81%,whichsurged 11% on Monday,reaching levels not seen since 2014 amid tight U.S. supplies and strengthening demand across the globe.</p><p><blockquote>部分金融市场正在经历大幅价格飙升，包括天然气期货NG00,+1.81%，周一飙升11%，在美国供应紧张和全球需求走强的情况下，达到2014年以来的最高水平。</blockquote></p><p> <b>Read:</b>Inflation in the U.S. is running at the highest level in 30 years</p><p><blockquote><b>阅读：</b>美国通货膨胀率处于30年来的最高水平</blockquote></p><p> <b>Also:</b>Fed’s Williams predicts the high rate of inflation will cool to 2% in 2022</p><p><blockquote><b>所以：</b>美联储威廉姆斯预测2022年高通胀率将降至2%</blockquote></p><p> “It’s frustrating to see the supply-chain problems not getting better, in fact they are probably getting worse,” Powell said during a virtual forum with other central bank leaders, including those from the European Central Bank. “It’s very difficult to say how big the effects will be in the meantime and how long they will last.”</p><p><blockquote>“鲍威尔在与包括欧洲央行在内的其他央行领导人举行的虚拟论坛上说：”看到供应链问题没有好转，事实上它们可能正在恶化，这令人沮丧。“在此期间，很难说影响会有多大，会持续多久。”</blockquote></p><p> The rate of inflation in the U.S., using the Fed’s preferred personal-consumption expenditures price index, rose at a 4.2% pace in the 12 months ended in July. That is the fastest increase in 30 years. Inflation is running even hotter based on the better-known consumer-price index, a measure of the average prices paid by consumers for a common basket of goods and services that serves as a barometer of economic health.</p><p><blockquote>使用美联储首选个人消费支出价格指数，美国通货膨胀率在截至 7 月份的 12 个月中以 4.2% 的速度上涨。这是30年来最快的增长。根据更广为人知的消费者价格指数，通货膨胀甚至更高，该指数衡量消费者为一篮子普通商品和服务支付的平均价格，是经济健康状况的晴雨表。</blockquote></p><p> Powell and others at the Fed have contended for months that the surge in inflation was “transitory.”</p><p><blockquote>鲍威尔和美联储的其他人几个月来一直认为通胀飙升是 “暂时的”。</blockquote></p><p> However, that view is starting to shift and investors are starting to factor in more persistent inflation than previously thought,analysts say.</p><p><blockquote>然而，分析师表示，这种观点正在开始转变，投资者开始考虑比之前想象的更持久的通胀。</blockquote></p><p> Siegel said the anticipated timeline that the Fed will start tapering in November and end it the middle of 2022, with an eye toward starting to raise interest rates sometime next year, is a fair timetable, but he but fears that the surge in inflation could hasten moves, which would drive yields higher and stocks lower.</p><p><blockquote>西格尔表示，预计美联储将于 11 月开始缩减规模，并于 2022 年中期结束缩减规模，并着眼于明年某个时候开始加息，这是一个公平的时间表，但他担心通胀飙升可能会加速行动，这将推高收益率，降低股市。</blockquote></p><p> On Wednesday, the S&amp;P 500 indexSPX,-1.19%ended higher but was still down 3.9% from its Sept. 2 record close, and the Dow Jones Industrial AverageDJIA,-1.59%was off 3.5% from its Aug. 16 record high, following marginal gains on the session. The technology-laden Nasdaq Composite IndexCOMP,-0.44%is down 5.6% from its Sept. 7 closing peak after finishing lower on Wednesday.</p><p><blockquote>周三，标普500指数SPX,-1.19%收高，但仍较9月2日创纪录收盘价下跌3.9%，道琼斯工业平均指数JIA,-1.59%较8月16日创纪录高点下跌3.5%，盘中小幅上涨。科技股充足的纳斯达克综合指数COMP,-0.44%在周三收低后，较9月7日收盘峰值下跌5.6%。</blockquote></p><p> A correction in an asset is usually defined by market technicians as a fall of at least 10%, but no more than 20%, from a recent peak.</p><p><blockquote>市场技术人员通常将资产调整定义为较近期峰值下跌至少 10%，但不超过 20%。</blockquote></p><p> Meanwhile, the benchmark 10-year Treasury noteTMUBMUSD10Y,1.504%,used to price everything from car loans to mortgages, yielded 1.54%, up from 1.534% on Tuesday. The note is up nearly 10 basis points so far this quarter and up 23.7 basis points in September alone, according data compiled by Dow Jones Market Data.</p><p><blockquote>与此同时，基准 10 年期国债 TETMUBMUSD10Y（1.504%）的收益率为 1.54%，高于周二的 1.534%，该收益率为 1.54%。根据道琼斯市场数据汇编的数据，本季度迄今为止，该票据已上涨近 10 个基点，仅 9 月份就上涨了 23.7 个基点。</blockquote></p><p></p>","source":"market_watch","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Professor who called Dow 20,000 says he’s nervous about trends in inflation that could spark a stock-market correction<blockquote>道琼斯指数为 20,000 点的教授表示，他对可能引发股市调整的通胀趋势感到紧张</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\">\nProfessor who called Dow 20,000 says he’s nervous about trends in inflation that could spark a stock-market correction<blockquote>道琼斯指数为 20,000 点的教授表示，他对可能引发股市调整的通胀趋势感到紧张</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-10-01 08:27</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Jeremy Siegel, professor of finance at the University of Pennsylvania’s Wharton School of Business, on Wednesday said that a fresh surge in inflation is making him nervous and warned that accelerating pricing pressures could compel the Federal Reserve to raise interest rates at a faster clip than currently anticipated, which could deliver a correction to equity benchmarks.</p><p><blockquote>宾夕法尼亚大学沃顿商学院金融学教授杰里米-西格尔（Jeremy Siegel）周三表示，通胀的新一轮飙升让他感到紧张，并警告说，加速的定价压力可能会迫使美联储以比目前预期更快的速度加息，这可能会对股市基准进行调整。</blockquote></p><p> The Wharton professorcredited with calling Dow 20,000&nbsp;in 2015 told CNBC during a Wednesday interview that he is “nervous about the trends I see in inflation currently.”</p><p><blockquote>这位沃顿商学院教授在 2015 年将道琼斯指数预测为 20,000 点，他在周三接受 CNBC 采访时表示，他 “对我目前看到的通胀趋势感到紧张”。</blockquote></p><p> The academic’s comments came as Federal Reserve Chairman Jerome Powell on Wednesday said a bout of high U.S. inflation could be prolonged into early next year because parts and material shortages might be getting worse.</p><p><blockquote>这位学者发表上述言论之际，美联储主席杰罗姆-鲍威尔（Jerome Powell）周三表示，美国一轮高通胀可能会持续到明年初，因为零部件和材料短缺可能会变得更糟。</blockquote></p><p> Parts of the financial market are undergoing big price surges, including natural-gas futuresNG00,+1.81%,whichsurged 11% on Monday,reaching levels not seen since 2014 amid tight U.S. supplies and strengthening demand across the globe.</p><p><blockquote>部分金融市场正在经历大幅价格飙升，包括天然气期货NG00,+1.81%，周一飙升11%，在美国供应紧张和全球需求走强的情况下，达到2014年以来的最高水平。</blockquote></p><p> <b>Read:</b>Inflation in the U.S. is running at the highest level in 30 years</p><p><blockquote><b>阅读：</b>美国通货膨胀率处于30年来的最高水平</blockquote></p><p> <b>Also:</b>Fed’s Williams predicts the high rate of inflation will cool to 2% in 2022</p><p><blockquote><b>所以：</b>美联储威廉姆斯预测2022年高通胀率将降至2%</blockquote></p><p> “It’s frustrating to see the supply-chain problems not getting better, in fact they are probably getting worse,” Powell said during a virtual forum with other central bank leaders, including those from the European Central Bank. “It’s very difficult to say how big the effects will be in the meantime and how long they will last.”</p><p><blockquote>“鲍威尔在与包括欧洲央行在内的其他央行领导人举行的虚拟论坛上说：”看到供应链问题没有好转，事实上它们可能正在恶化，这令人沮丧。“在此期间，很难说影响会有多大，会持续多久。”</blockquote></p><p> The rate of inflation in the U.S., using the Fed’s preferred personal-consumption expenditures price index, rose at a 4.2% pace in the 12 months ended in July. That is the fastest increase in 30 years. Inflation is running even hotter based on the better-known consumer-price index, a measure of the average prices paid by consumers for a common basket of goods and services that serves as a barometer of economic health.</p><p><blockquote>使用美联储首选个人消费支出价格指数，美国通货膨胀率在截至 7 月份的 12 个月中以 4.2% 的速度上涨。这是30年来最快的增长。根据更广为人知的消费者价格指数，通货膨胀甚至更高，该指数衡量消费者为一篮子普通商品和服务支付的平均价格，是经济健康状况的晴雨表。</blockquote></p><p> Powell and others at the Fed have contended for months that the surge in inflation was “transitory.”</p><p><blockquote>鲍威尔和美联储的其他人几个月来一直认为通胀飙升是 “暂时的”。</blockquote></p><p> However, that view is starting to shift and investors are starting to factor in more persistent inflation than previously thought,analysts say.</p><p><blockquote>然而，分析师表示，这种观点正在开始转变，投资者开始考虑比之前想象的更持久的通胀。</blockquote></p><p> Siegel said the anticipated timeline that the Fed will start tapering in November and end it the middle of 2022, with an eye toward starting to raise interest rates sometime next year, is a fair timetable, but he but fears that the surge in inflation could hasten moves, which would drive yields higher and stocks lower.</p><p><blockquote>西格尔表示，预计美联储将于 11 月开始缩减规模，并于 2022 年中期结束缩减规模，并着眼于明年某个时候开始加息，这是一个公平的时间表，但他担心通胀飙升可能会加速行动，这将推高收益率，降低股市。</blockquote></p><p> On Wednesday, the S&amp;P 500 indexSPX,-1.19%ended higher but was still down 3.9% from its Sept. 2 record close, and the Dow Jones Industrial AverageDJIA,-1.59%was off 3.5% from its Aug. 16 record high, following marginal gains on the session. The technology-laden Nasdaq Composite IndexCOMP,-0.44%is down 5.6% from its Sept. 7 closing peak after finishing lower on Wednesday.</p><p><blockquote>周三，标普500指数SPX,-1.19%收高，但仍较9月2日创纪录收盘价下跌3.9%，道琼斯工业平均指数JIA,-1.59%较8月16日创纪录高点下跌3.5%，盘中小幅上涨。科技股充足的纳斯达克综合指数COMP,-0.44%在周三收低后，较9月7日收盘峰值下跌5.6%。</blockquote></p><p> A correction in an asset is usually defined by market technicians as a fall of at least 10%, but no more than 20%, from a recent peak.</p><p><blockquote>市场技术人员通常将资产调整定义为较近期峰值下跌至少 10%，但不超过 20%。</blockquote></p><p> Meanwhile, the benchmark 10-year Treasury noteTMUBMUSD10Y,1.504%,used to price everything from car loans to mortgages, yielded 1.54%, up from 1.534% on Tuesday. The note is up nearly 10 basis points so far this quarter and up 23.7 basis points in September alone, according data compiled by Dow Jones Market Data.</p><p><blockquote>与此同时，基准 10 年期国债 TETMUBMUSD10Y（1.504%）的收益率为 1.54%，高于周二的 1.534%，该收益率为 1.54%。根据道琼斯市场数据汇编的数据，本季度迄今为止，该票据已上涨近 10 个基点，仅 9 月份就上涨了 23.7 个基点。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/professor-who-called-dow-20-000-says-hes-nervous-about-trends-in-inflation-that-could-spark-a-stock-market-correction-11632949212?siteid=yhoof2\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.marketwatch.com/story/professor-who-called-dow-20-000-says-hes-nervous-about-trends-in-inflation-that-could-spark-a-stock-market-correction-11632949212?siteid=yhoof2","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"1124647688","content_text":"Jeremy Siegel, professor of finance at the University of Pennsylvania’s Wharton School of Business, on Wednesday said that a fresh surge in inflation is making him nervous and warned that accelerating pricing pressures could compel the Federal Reserve to raise interest rates at a faster clip than currently anticipated, which could deliver a correction to equity benchmarks.\nThe Wharton professorcredited with calling Dow 20,000 in 2015 told CNBC during a Wednesday interview that he is “nervous about the trends I see in inflation currently.”\nThe academic’s comments came as Federal Reserve Chairman Jerome Powell on Wednesday said a bout of high U.S. inflation could be prolonged into early next year because parts and material shortages might be getting worse.\nParts of the financial market are undergoing big price surges, including natural-gas futuresNG00,+1.81%,whichsurged 11% on Monday,reaching levels not seen since 2014 amid tight U.S. supplies and strengthening demand across the globe.\nRead:Inflation in the U.S. is running at the highest level in 30 years\nAlso:Fed’s Williams predicts the high rate of inflation will cool to 2% in 2022\n“It’s frustrating to see the supply-chain problems not getting better, in fact they are probably getting worse,” Powell said during a virtual forum with other central bank leaders, including those from the European Central Bank. “It’s very difficult to say how big the effects will be in the meantime and how long they will last.”\nThe rate of inflation in the U.S., using the Fed’s preferred personal-consumption expenditures price index, rose at a 4.2% pace in the 12 months ended in July. That is the fastest increase in 30 years. Inflation is running even hotter based on the better-known consumer-price index, a measure of the average prices paid by consumers for a common basket of goods and services that serves as a barometer of economic health.\nPowell and others at the Fed have contended for months that the surge in inflation was “transitory.”\nHowever, that view is starting to shift and investors are starting to factor in more persistent inflation than previously thought,analysts say.\nSiegel said the anticipated timeline that the Fed will start tapering in November and end it the middle of 2022, with an eye toward starting to raise interest rates sometime next year, is a fair timetable, but he but fears that the surge in inflation could hasten moves, which would drive yields higher and stocks lower.\nOn Wednesday, the S&P 500 indexSPX,-1.19%ended higher but was still down 3.9% from its Sept. 2 record close, and the Dow Jones Industrial AverageDJIA,-1.59%was off 3.5% from its Aug. 16 record high, following marginal gains on the session. The technology-laden Nasdaq Composite IndexCOMP,-0.44%is down 5.6% from its Sept. 7 closing peak after finishing lower on Wednesday.\nA correction in an asset is usually defined by market technicians as a fall of at least 10%, but no more than 20%, from a recent peak.\nMeanwhile, the benchmark 10-year Treasury noteTMUBMUSD10Y,1.504%,used to price everything from car loans to mortgages, yielded 1.54%, up from 1.534% on Tuesday. The note is up nearly 10 basis points so far this quarter and up 23.7 basis points in September alone, according data compiled by Dow Jones Market Data.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2892,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":865853344,"gmtCreate":1632969162515,"gmtModify":1632969180982,"author":{"id":"4091018116118440","authorId":"4091018116118440","name":"Cloivette","avatar":"https://static.tigerbbs.com/ad2a0efb1d679fbe4fa2f053d2e03abb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4091018116118440","authorIdStr":"4091018116118440"},"themes":[],"title":"","htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/865853344","repostId":"1104172212","repostType":4,"isVote":1,"tweetType":1,"viewCount":2870,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":862401770,"gmtCreate":1632897583110,"gmtModify":1632897583378,"author":{"id":"4091018116118440","authorId":"4091018116118440","name":"Cloivette","avatar":"https://static.tigerbbs.com/ad2a0efb1d679fbe4fa2f053d2e03abb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4091018116118440","authorIdStr":"4091018116118440"},"themes":[],"title":"","htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/862401770","repostId":"1198528044","repostType":4,"repost":{"id":"1198528044","kind":"news","pubTimestamp":1632882697,"share":"https://www.laohunote.com/m/news/1198528044?lang=zh_CN&edition=full","pubTime":"2021-09-29 10:31","market":"us","language":"en","title":"Technically Speaking: Is The Market \"Melting-Up?\"<blockquote>从技术上讲：市场正在“融化”吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1198528044","media":"seekingalpha","summary":"Summary\n\nGiven the Fed’s ongoing balance sheet operations, investors fully believe they have protect","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Given the Fed’s ongoing balance sheet operations, investors fully believe they have protection from a decline.</li>  <li>As is always the case, the investing public believes future earnings will justify higher prices during a melt-up. It just never works out that way.</li>  <li>While it is essential to take advantage of the melt-up while it lasts, just don’t become overly complacent “this time is different”.</li> </ul> Is the<i>“market melting-up?”</i>Such was the question I received from my colleague at<i>Cut The Crap Investing.</i>It is an excellent question given the relentless increase in what investors believe is a<i>“no risk”</i>market.</p><p><blockquote><ul><li>鉴于美联储正在进行的资产负债表操作，投资者完全相信他们可以免受下跌的影响。</li><li>一如既往，投资公众相信未来的收益将证明熔化期间价格上涨是合理的。只是从来没有那样的结果。</li><li>虽然在融化过程中利用融化的机会至关重要，但不要过于自满 “这次不同了”。</li></ul>是<i>“市场融化？”</i>这是我从同事那里得到的问题<i>减少垃圾投资。</i>这是一个很好的问题，因为投资者认为<i>“无风险”</i>市场。</blockquote></p><p> Of course, we need a definition of precisely what constitutes a melt-up.</p><p><blockquote>当然，我们需要一个定义，准确地定义什么是熔化。</blockquote></p><p>   <i>“A melt-up is a sustained and often unexpected improvement in the investment performance of an asset or asset class, driven partly</i>  <i><b>by a stampede of investors who don’t want to miss out on its rise,</b></i>  <i>rather than by fundamental improvements in the economy.“</i>–  <i>Investopedia</i>  Currently, there is sufficient evidence to support the idea of an exuberant market.<b><i>As noted previously:</i></b></p><p><blockquote><i>“融化是指资产或资产类别的投资业绩持续且往往出乎意料的改善，部分原因是</i><i><b>不想错过其上涨机会的投资者蜂拥而至、</b></i><i>而不是经济的根本性改善。”</i>–<i>投资百科</i>目前，有足够的证据支持市场繁荣的观点。<b><i>如前所述：</i></b></blockquote></p><p>   <i>“Near peaks of market cycles, investors become swept up by the underlying exuberance. That exuberance breeds the “rationalization” that “this time is different.” So how do you know the market is exuberant currently? Via Sentiment Trader:”</i>    <i>‘This type of market activity is an indication that markets have returned their ‘enthusiasm’ stage. Such is characterized by:’</i>  <ul>  <li><b><i>High optimism</i></b></li>  <li><b><i>Easy credit (too easy, with loose terms)</i></b></li>  <li><b><i>A rush of initial and secondary offerings</i></b></li>  <li><b><i>Risky stocks outperforming</i></b></li>  <li><b><i>Stretched valuations</i></b></li> </ul> <img src=\"https://static.tigerbbs.com/ff8de3a84084162ca86b415584bbf793\" tg-width=\"731\" tg-height=\"468\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote><i>“在市场周期的顶峰附近，投资者会被潜在的繁荣所吸引。这种繁荣滋生了 “合理化”，即 “这次不同 ”。那么，你如何知道目前的市场是否繁荣呢？通过情绪交易者：”</i><i>这种市场活动表明市场已经回到了'热情'阶段。其特点是：'</i><ul><li><b><i>高度乐观</i></b></li><li><b><i>轻松信贷（太容易，条款宽松）</i></b></li><li><b><i>首次和二次发行的热潮</i></b></li><li><b><i>高风险股票跑赢大盘</i></b></li><li><b><i>拉伸估值</i></b></li></ul></blockquote></p><p> However, while one would expect individuals to exhibit caution in such an environment, the opposite is true. Given the Fed’s ongoing balance sheet operations, investors fully believe they have protection from a decline.</p><p><blockquote>然而，虽然人们会期望个人在这样的环境中表现出谨慎，但事实恰恰相反。鉴于美联储正在进行的资产负债表操作，投资者完全相信他们可以免受下跌的影响。</blockquote></p><p> <b>A Visualization Of A Market Melting-Up</b></p><p><blockquote><b>市场融化的可视化</b></blockquote></p><p> It is often easier to visualize something rather than explain it.<b>Since 1900, only two previous market periods qualify as a melt-up: 1920-1929 and 1995-2000.</b>The chart below shows both periods in terms of price.</p><p><blockquote>想象一些事情往往比解释它更容易。<b>自 1900 年以来，只有两个之前的市场时期符合融化的条件：1920-1929 年和 1995-2000 年。</b>下图显示了这两个时期的价格。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a218c7efe2ebd874d05c9ff7dd564436\" tg-width=\"797\" tg-height=\"437\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/9f193c9c32d55747bf7ff511c2f9fd53\" tg-width=\"793\" tg-height=\"439\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> However, the melt-up is also visually represented by the incredibly sharp rise in valuations. Such is essential because earnings are not rising at a fast enough clip to support higher prices.<b>As is always the case, the investing public believes future earnings will justify higher prices during a melt-up. It just never works out that way.</b></p><p><blockquote>然而，估值的大幅上涨也直观地体现了这种融化。这一点至关重要，因为盈利增长速度不足以支撑价格上涨。<b>一如既往，投资公众相信未来的收益将证明熔化期间价格上涨是合理的。只是从来没有那样的结果。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/c69e418d5a19d6fd03b305ab111e3be3\" tg-width=\"794\" tg-height=\"440\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/af03d3bbd071b8edfdf3a19e2c7b0bcd\" tg-width=\"796\" tg-height=\"437\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> We can compare those two previous periods with the current advance from the March 2020 lows. Again, we see a very similar sharp advance in price combined with a surge in valuations. As expected, investors are currently hoping that future earnings will rise sharply enough to justify current prices. However, the justification for paying high prices is the Federal Reserve’s ongoing balance sheet expansion.</p><p><blockquote>我们可以将前两个时期与当前较 2020 年 3 月低点的进步进行比较。同样，我们看到价格也出现了非常相似的大幅上涨，同时估值也飙升。正如预期的那样，投资者目前希望未来的盈利能够大幅增长，以证明当前的价格是合理的。然而，付出高价的理由是美联储持续的资产负债表扩张。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/f3562aea27b24ad4921d0f5cd497e072\" tg-width=\"804\" tg-height=\"444\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> The following chart looks that the price advance and valuation measures a little differently. It shows the current deviation from the long-term exponential growth trend. Not surprisingly, during a market<i>“melt-up,”</i>there is a rapid deviation from the growth trend matching the acceleration in valuations.</p><p><blockquote>下图显示，价格上涨和估值的衡量标准略有不同。它显示了当前与长期指数增长趋势的偏差。毫不奇怪，在市场期间<i>“融化，”</i>与估值加速相匹配的增长趋势迅速偏离。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/1419cf4b2afdcdc0f61e0cad862f498d\" tg-width=\"836\" tg-height=\"460\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> The problem with market<i>“melt-ups”</i>is not the melt-up itself but what always follows.</p><p><blockquote>市场问题<i>“融化”</i>不是熔化本身，而是随之而来的东西。</blockquote></p><p> <b>Melting-Up Leads To Melting-Down</b></p><p><blockquote><b>熔化导致熔化</b></blockquote></p><p> A market melting-up is exciting while it lasts. During melt-ups, investors begin to rationalize why<i>“this time is different.”</i>They start taking on excess leverage to try and capitalize on the rapid advance in prices, and fundamentals take a back seat to price momentum.</p><p><blockquote>市场融化持续下去是令人兴奋的。在融化过程中，投资者开始合理化原因<i>“这次不一样。”</i>他们开始过度使用杠杆，试图利用价格的快速上涨，而基本面则让位于价格动能。</blockquote></p><p></p><p> Market melt-ups are all about<i>“psychology.”</i><b>Historically, whatever has been the catalyst to spark the disregard of risk is readily witnessed in the corresponding surge in price and valuations.</b>The chart below shows the long-term deviations in relative strength, deviations, and valuations. The previous<i>‘melt-up”</i>periods should be easy to spot when compared with the advance currently.</p><p><blockquote>市场融化是关于<i>心理学。</i><b>从历史上看，无论什么催化剂引发了人们对风险的漠视，价格和估值的相应飙升都很容易见证。</b>下图显示了相对强度、偏差和估值的长期偏差。以前的<i>“融化”</i>与目前的进步相比，时期应该很容易发现。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/bc04cb25c0199dd17475a551a5dd7ec1\" tg-width=\"869\" tg-height=\"1024\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Given that current extensions match only a few rare periods in history, a couple of points should be readily apparent.</p><p><blockquote>鉴于当前的扩展只与历史上几个罕见的时期相匹配，有几点应该是显而易见的。</blockquote></p><p> <ol>  <li><b><i>Melt-ups can longer than logic would predict.</i></b></li>  <li><b><i>The prevailing psychology is always “this time is different.”</i></b></li>  <li><b><i>Valuations are dismissed in exchange for measures of momentum and forward expectations.</i></b></li>  <li><b><i>Investors take on excess leverage and risk in order to participate in a seemingly “can’t lose” market.</i></b></li>  <li><b><i>Lastly, and inevitably, “melt-ups” end and always in the worst possible outcomes.</i></b></li> </ol> It is essential to recognize the markets are in a<i>“melt-up,</i>” and the duration of that event is unknowable. Therefore, investors need a strategy to participate in the advance and mitigate the damage from the eventual<i>“melting-down.”</i></p><p><blockquote><ol><li><b><i>融化的时间可能比逻辑预测的要长。</i></b></li><li><b><i>流行的心理总是 “这次不一样”。</i></b></li><li><b><i>估值被放弃，以换取势头和前瞻性预期的衡量标准。</i></b></li><li><b><i>投资者为了参与一个看似 “输不起 ”的市场，承担了过多的杠杆和风险。</i></b></li><li><b><i>最后，也是不可避免的，“融化 ”以最坏的结果告终。</i></b></li></ol>必须认识到市场处于<i>“融化，</i>“事件的持续时间不得而知。因此，投资者需要一个策略来参与预先，并减轻最终的损失<i>“融化。”</i></blockquote></p><p> <b>Surviving The Melt-Up</b></p><p><blockquote><b>在融化中幸存下来</b></blockquote></p><p> <b>As noted, none of this means the next</b><b><i>“bear market”</i></b><b>is lurking.</b>Given that a market melting-up is a function of psychology, they can last longer and go further than logic would predict. What is required to “<i>end”</i>a melt-up is an unanticipated exogenous event that changes psychology from bullish to bearish. Such is when the stampede for the exits occurs, and prices decline very quickly.</p><p><blockquote><b>如前所述，这些都不意味着下一个</b><b><i>“熊市”</i></b><b>正在潜伏。</b>鉴于市场融化是心理的一个功能，它们可能会持续更长时间，比逻辑预测的更远。需要什么 “<i>结束”</i>融化是一种意想不到的外部事件，它会将心理从看涨转变为看跌。这就是退出潮发生的时候，价格会迅速下跌。</blockquote></p><p> As such, investors need a set of guidelines to participate in the market advance. But, of course, the hard part is keeping those gains when corrections inevitably occur.</p><p><blockquote>因此，投资者需要一套指导方针来参与市场发展。但是，当然，困难的部分是当调整不可避免地发生时保持这些收益。</blockquote></p><p> As portfolio managers for our clients, such is precisely the approach we must take. Accordingly, I have provided a general overview of the process that we employ.</p><p><blockquote>作为客户的投资组合经理，这正是我们必须采取的方法。因此，我概述了我们采用的流程。</blockquote></p><p> <ol>  <li><i><b>Tighten up stop-loss levels</b></i><i>to current support levels for each position.(Provides identifiable exit points when the market reverses.)</i></li>  <li><i><b>Hedge portfolios</b></i><i>against major market declines.(Non-correlated assets, short-market positions, index put options)</i></li>  <li><i><b>Take profits</b></i><i>in positions that have been big winners(Rebalancing overbought or extended positions to capture gains but continue to participate in the advance.)</i></li>  <li><i><b>Sell laggards</b></i><i>and losers</i>.<i>(If something isn’t working in a market melt-up, it most likely won’t work during a broad decline. Better to eliminate the risk early.)</i></li>  <li><i><b>Raise cash</b></i><i>and rebalance portfolios to target weightings.(Rebalancing risk on a regular basis keeps hidden risks somewhat mitigated.)</i></li> </ol> <b>Notice, nothing in there says,</b><b><i>“sell everything and go to cash.”</i></b></p><p><blockquote><ol><li><i><b>收紧止损水平</b></i><i>每个头寸的当前支撑位。（在市场反转时提供可识别的退出点。）</i></li><li><i><b>对冲投资组合</b></i><i>抵御市场大幅下跌。（不相关资产、空头市场头寸、指数看跌期权）</i></li><li><i><b>获利</b></i><i>在已经成为大赢家的头寸中（重新平衡超买或扩展头寸以获取收益，但继续参与上涨。）</i></li><li><i><b>卖出落后者</b></i><i>和失败者</i>.<i>(如果某种方法在市场融化时不起作用，那么在普遍下跌时很可能也不起作用。最好尽早消除风险）。</i></li><li><i><b>筹集现金</b></i><i>并根据目标权重重新平衡投资组合。（定期重新平衡风险可以在一定程度上减轻隐藏风险。）</i></li></ol><b>注意，里面没写，</b><b><i>“卖掉所有东西，变现。”</i></b></blockquote></p><p> There will be a time to raise significant levels of cash. A good portfolio management strategy will automatically ensure that<i>“stop-loss”</i>levels get triggered, exposure decreases, and cash levels rise when the selling begins.</p><p><blockquote>将会有一段时间大幅筹集现金。良好的投资组合管理策略将自动确保<i>“止损”</i>当销售开始时，水平被触发，风险敞口减少，现金水平上升。</blockquote></p><p> While it is essential to take advantage of the melt-up while it lasts, just don’t become overly complacent<i>“this time is different.”</i></p><p><blockquote>虽然在融化过程中利用融化的机会至关重要，但不要过于自满<i>“这次不一样。”</i></blockquote></p><p> It likely isn’t.</p><p><blockquote>很可能不是。</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>Technically Speaking: Is The Market \"Melting-Up?\"<blockquote>从技术上讲：市场正在“融化”吗？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTechnically Speaking: Is The Market \"Melting-Up?\"<blockquote>从技术上讲：市场正在“融化”吗？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-09-29 10:31</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Given the Fed’s ongoing balance sheet operations, investors fully believe they have protection from a decline.</li>  <li>As is always the case, the investing public believes future earnings will justify higher prices during a melt-up. It just never works out that way.</li>  <li>While it is essential to take advantage of the melt-up while it lasts, just don’t become overly complacent “this time is different”.</li> </ul> Is the<i>“market melting-up?”</i>Such was the question I received from my colleague at<i>Cut The Crap Investing.</i>It is an excellent question given the relentless increase in what investors believe is a<i>“no risk”</i>market.</p><p><blockquote><ul><li>鉴于美联储正在进行的资产负债表操作，投资者完全相信他们可以免受下跌的影响。</li><li>一如既往，投资公众相信未来的收益将证明熔化期间价格上涨是合理的。只是从来没有那样的结果。</li><li>虽然在融化过程中利用融化的机会至关重要，但不要过于自满 “这次不同了”。</li></ul>是<i>“市场融化？”</i>这是我从同事那里得到的问题<i>减少垃圾投资。</i>这是一个很好的问题，因为投资者认为<i>“无风险”</i>市场。</blockquote></p><p> Of course, we need a definition of precisely what constitutes a melt-up.</p><p><blockquote>当然，我们需要一个定义，准确地定义什么是熔化。</blockquote></p><p>   <i>“A melt-up is a sustained and often unexpected improvement in the investment performance of an asset or asset class, driven partly</i>  <i><b>by a stampede of investors who don’t want to miss out on its rise,</b></i>  <i>rather than by fundamental improvements in the economy.“</i>–  <i>Investopedia</i>  Currently, there is sufficient evidence to support the idea of an exuberant market.<b><i>As noted previously:</i></b></p><p><blockquote><i>“融化是指资产或资产类别的投资业绩持续且往往出乎意料的改善，部分原因是</i><i><b>不想错过其上涨机会的投资者蜂拥而至、</b></i><i>而不是经济的根本性改善。”</i>–<i>投资百科</i>目前，有足够的证据支持市场繁荣的观点。<b><i>如前所述：</i></b></blockquote></p><p>   <i>“Near peaks of market cycles, investors become swept up by the underlying exuberance. That exuberance breeds the “rationalization” that “this time is different.” So how do you know the market is exuberant currently? Via Sentiment Trader:”</i>    <i>‘This type of market activity is an indication that markets have returned their ‘enthusiasm’ stage. Such is characterized by:’</i>  <ul>  <li><b><i>High optimism</i></b></li>  <li><b><i>Easy credit (too easy, with loose terms)</i></b></li>  <li><b><i>A rush of initial and secondary offerings</i></b></li>  <li><b><i>Risky stocks outperforming</i></b></li>  <li><b><i>Stretched valuations</i></b></li> </ul> <img src=\"https://static.tigerbbs.com/ff8de3a84084162ca86b415584bbf793\" tg-width=\"731\" tg-height=\"468\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote><i>“在市场周期的顶峰附近，投资者会被潜在的繁荣所吸引。这种繁荣滋生了 “合理化”，即 “这次不同 ”。那么，你如何知道目前的市场是否繁荣呢？通过情绪交易者：”</i><i>这种市场活动表明市场已经回到了'热情'阶段。其特点是：'</i><ul><li><b><i>高度乐观</i></b></li><li><b><i>轻松信贷（太容易，条款宽松）</i></b></li><li><b><i>首次和二次发行的热潮</i></b></li><li><b><i>高风险股票跑赢大盘</i></b></li><li><b><i>拉伸估值</i></b></li></ul></blockquote></p><p> However, while one would expect individuals to exhibit caution in such an environment, the opposite is true. Given the Fed’s ongoing balance sheet operations, investors fully believe they have protection from a decline.</p><p><blockquote>然而，虽然人们会期望个人在这样的环境中表现出谨慎，但事实恰恰相反。鉴于美联储正在进行的资产负债表操作，投资者完全相信他们可以免受下跌的影响。</blockquote></p><p> <b>A Visualization Of A Market Melting-Up</b></p><p><blockquote><b>市场融化的可视化</b></blockquote></p><p> It is often easier to visualize something rather than explain it.<b>Since 1900, only two previous market periods qualify as a melt-up: 1920-1929 and 1995-2000.</b>The chart below shows both periods in terms of price.</p><p><blockquote>想象一些事情往往比解释它更容易。<b>自 1900 年以来，只有两个之前的市场时期符合融化的条件：1920-1929 年和 1995-2000 年。</b>下图显示了这两个时期的价格。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a218c7efe2ebd874d05c9ff7dd564436\" tg-width=\"797\" tg-height=\"437\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/9f193c9c32d55747bf7ff511c2f9fd53\" tg-width=\"793\" tg-height=\"439\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> However, the melt-up is also visually represented by the incredibly sharp rise in valuations. Such is essential because earnings are not rising at a fast enough clip to support higher prices.<b>As is always the case, the investing public believes future earnings will justify higher prices during a melt-up. It just never works out that way.</b></p><p><blockquote>然而，估值的大幅上涨也直观地体现了这种融化。这一点至关重要，因为盈利增长速度不足以支撑价格上涨。<b>一如既往，投资公众相信未来的收益将证明熔化期间价格上涨是合理的。只是从来没有那样的结果。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/c69e418d5a19d6fd03b305ab111e3be3\" tg-width=\"794\" tg-height=\"440\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/af03d3bbd071b8edfdf3a19e2c7b0bcd\" tg-width=\"796\" tg-height=\"437\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> We can compare those two previous periods with the current advance from the March 2020 lows. Again, we see a very similar sharp advance in price combined with a surge in valuations. As expected, investors are currently hoping that future earnings will rise sharply enough to justify current prices. However, the justification for paying high prices is the Federal Reserve’s ongoing balance sheet expansion.</p><p><blockquote>我们可以将前两个时期与当前较 2020 年 3 月低点的进步进行比较。同样，我们看到价格也出现了非常相似的大幅上涨，同时估值也飙升。正如预期的那样，投资者目前希望未来的盈利能够大幅增长，以证明当前的价格是合理的。然而，付出高价的理由是美联储持续的资产负债表扩张。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/f3562aea27b24ad4921d0f5cd497e072\" tg-width=\"804\" tg-height=\"444\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> The following chart looks that the price advance and valuation measures a little differently. It shows the current deviation from the long-term exponential growth trend. Not surprisingly, during a market<i>“melt-up,”</i>there is a rapid deviation from the growth trend matching the acceleration in valuations.</p><p><blockquote>下图显示，价格上涨和估值的衡量标准略有不同。它显示了当前与长期指数增长趋势的偏差。毫不奇怪，在市场期间<i>“融化，”</i>与估值加速相匹配的增长趋势迅速偏离。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/1419cf4b2afdcdc0f61e0cad862f498d\" tg-width=\"836\" tg-height=\"460\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> The problem with market<i>“melt-ups”</i>is not the melt-up itself but what always follows.</p><p><blockquote>市场问题<i>“融化”</i>不是熔化本身，而是随之而来的东西。</blockquote></p><p> <b>Melting-Up Leads To Melting-Down</b></p><p><blockquote><b>熔化导致熔化</b></blockquote></p><p> A market melting-up is exciting while it lasts. During melt-ups, investors begin to rationalize why<i>“this time is different.”</i>They start taking on excess leverage to try and capitalize on the rapid advance in prices, and fundamentals take a back seat to price momentum.</p><p><blockquote>市场融化持续下去是令人兴奋的。在融化过程中，投资者开始合理化原因<i>“这次不一样。”</i>他们开始过度使用杠杆，试图利用价格的快速上涨，而基本面则让位于价格动能。</blockquote></p><p></p><p> Market melt-ups are all about<i>“psychology.”</i><b>Historically, whatever has been the catalyst to spark the disregard of risk is readily witnessed in the corresponding surge in price and valuations.</b>The chart below shows the long-term deviations in relative strength, deviations, and valuations. The previous<i>‘melt-up”</i>periods should be easy to spot when compared with the advance currently.</p><p><blockquote>市场融化是关于<i>心理学。</i><b>从历史上看，无论什么催化剂引发了人们对风险的漠视，价格和估值的相应飙升都很容易见证。</b>下图显示了相对强度、偏差和估值的长期偏差。以前的<i>“融化”</i>与目前的进步相比，时期应该很容易发现。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/bc04cb25c0199dd17475a551a5dd7ec1\" tg-width=\"869\" tg-height=\"1024\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Given that current extensions match only a few rare periods in history, a couple of points should be readily apparent.</p><p><blockquote>鉴于当前的扩展只与历史上几个罕见的时期相匹配，有几点应该是显而易见的。</blockquote></p><p> <ol>  <li><b><i>Melt-ups can longer than logic would predict.</i></b></li>  <li><b><i>The prevailing psychology is always “this time is different.”</i></b></li>  <li><b><i>Valuations are dismissed in exchange for measures of momentum and forward expectations.</i></b></li>  <li><b><i>Investors take on excess leverage and risk in order to participate in a seemingly “can’t lose” market.</i></b></li>  <li><b><i>Lastly, and inevitably, “melt-ups” end and always in the worst possible outcomes.</i></b></li> </ol> It is essential to recognize the markets are in a<i>“melt-up,</i>” and the duration of that event is unknowable. Therefore, investors need a strategy to participate in the advance and mitigate the damage from the eventual<i>“melting-down.”</i></p><p><blockquote><ol><li><b><i>融化的时间可能比逻辑预测的要长。</i></b></li><li><b><i>流行的心理总是 “这次不一样”。</i></b></li><li><b><i>估值被放弃，以换取势头和前瞻性预期的衡量标准。</i></b></li><li><b><i>投资者为了参与一个看似 “输不起 ”的市场，承担了过多的杠杆和风险。</i></b></li><li><b><i>最后，也是不可避免的，“融化 ”以最坏的结果告终。</i></b></li></ol>必须认识到市场处于<i>“融化，</i>“事件的持续时间不得而知。因此，投资者需要一个策略来参与预先，并减轻最终的损失<i>“融化。”</i></blockquote></p><p> <b>Surviving The Melt-Up</b></p><p><blockquote><b>在融化中幸存下来</b></blockquote></p><p> <b>As noted, none of this means the next</b><b><i>“bear market”</i></b><b>is lurking.</b>Given that a market melting-up is a function of psychology, they can last longer and go further than logic would predict. What is required to “<i>end”</i>a melt-up is an unanticipated exogenous event that changes psychology from bullish to bearish. Such is when the stampede for the exits occurs, and prices decline very quickly.</p><p><blockquote><b>如前所述，这些都不意味着下一个</b><b><i>“熊市”</i></b><b>正在潜伏。</b>鉴于市场融化是心理的一个功能，它们可能会持续更长时间，比逻辑预测的更远。需要什么 “<i>结束”</i>融化是一种意想不到的外部事件，它会将心理从看涨转变为看跌。这就是退出潮发生的时候，价格会迅速下跌。</blockquote></p><p> As such, investors need a set of guidelines to participate in the market advance. But, of course, the hard part is keeping those gains when corrections inevitably occur.</p><p><blockquote>因此，投资者需要一套指导方针来参与市场发展。但是，当然，困难的部分是当调整不可避免地发生时保持这些收益。</blockquote></p><p> As portfolio managers for our clients, such is precisely the approach we must take. Accordingly, I have provided a general overview of the process that we employ.</p><p><blockquote>作为客户的投资组合经理，这正是我们必须采取的方法。因此，我概述了我们采用的流程。</blockquote></p><p> <ol>  <li><i><b>Tighten up stop-loss levels</b></i><i>to current support levels for each position.(Provides identifiable exit points when the market reverses.)</i></li>  <li><i><b>Hedge portfolios</b></i><i>against major market declines.(Non-correlated assets, short-market positions, index put options)</i></li>  <li><i><b>Take profits</b></i><i>in positions that have been big winners(Rebalancing overbought or extended positions to capture gains but continue to participate in the advance.)</i></li>  <li><i><b>Sell laggards</b></i><i>and losers</i>.<i>(If something isn’t working in a market melt-up, it most likely won’t work during a broad decline. Better to eliminate the risk early.)</i></li>  <li><i><b>Raise cash</b></i><i>and rebalance portfolios to target weightings.(Rebalancing risk on a regular basis keeps hidden risks somewhat mitigated.)</i></li> </ol> <b>Notice, nothing in there says,</b><b><i>“sell everything and go to cash.”</i></b></p><p><blockquote><ol><li><i><b>收紧止损水平</b></i><i>每个头寸的当前支撑位。（在市场反转时提供可识别的退出点。）</i></li><li><i><b>对冲投资组合</b></i><i>抵御市场大幅下跌。（不相关资产、空头市场头寸、指数看跌期权）</i></li><li><i><b>获利</b></i><i>在已经成为大赢家的头寸中（重新平衡超买或扩展头寸以获取收益，但继续参与上涨。）</i></li><li><i><b>卖出落后者</b></i><i>和失败者</i>.<i>(如果某种方法在市场融化时不起作用，那么在普遍下跌时很可能也不起作用。最好尽早消除风险）。</i></li><li><i><b>筹集现金</b></i><i>并根据目标权重重新平衡投资组合。（定期重新平衡风险可以在一定程度上减轻隐藏风险。）</i></li></ol><b>注意，里面没写，</b><b><i>“卖掉所有东西，变现。”</i></b></blockquote></p><p> There will be a time to raise significant levels of cash. A good portfolio management strategy will automatically ensure that<i>“stop-loss”</i>levels get triggered, exposure decreases, and cash levels rise when the selling begins.</p><p><blockquote>将会有一段时间大幅筹集现金。良好的投资组合管理策略将自动确保<i>“止损”</i>当销售开始时，水平被触发，风险敞口减少，现金水平上升。</blockquote></p><p> While it is essential to take advantage of the melt-up while it lasts, just don’t become overly complacent<i>“this time is different.”</i></p><p><blockquote>虽然在融化过程中利用融化的机会至关重要，但不要过于自满<i>“这次不一样。”</i></blockquote></p><p> It likely isn’t.</p><p><blockquote>很可能不是。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4457469-technically-speaking-is-the-market-melting-up\">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":{".SPX":"S&P 500 Index","SPY":"标普500ETF",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://seekingalpha.com/article/4457469-technically-speaking-is-the-market-melting-up","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1198528044","content_text":"Summary\n\nGiven the Fed’s ongoing balance sheet operations, investors fully believe they have protection from a decline.\nAs is always the case, the investing public believes future earnings will justify higher prices during a melt-up. It just never works out that way.\nWhile it is essential to take advantage of the melt-up while it lasts, just don’t become overly complacent “this time is different”.\n\nIs the“market melting-up?”Such was the question I received from my colleague atCut The Crap Investing.It is an excellent question given the relentless increase in what investors believe is a“no risk”market.\nOf course, we need a definition of precisely what constitutes a melt-up.\n\n“A melt-up is a sustained and often unexpected improvement in the investment performance of an asset or asset class, driven partly\nby a stampede of investors who don’t want to miss out on its rise,\nrather than by fundamental improvements in the economy.“–\n Investopedia\n\nCurrently, there is sufficient evidence to support the idea of an exuberant market.As noted previously:\n\n“Near peaks of market cycles, investors become swept up by the underlying exuberance. That exuberance breeds the “rationalization” that “this time is different.” So how do you know the market is exuberant currently? Via Sentiment Trader:”\n\n\n‘This type of market activity is an indication that markets have returned their ‘enthusiasm’ stage. Such is characterized by:’\n\n\nHigh optimism\nEasy credit (too easy, with loose terms)\nA rush of initial and secondary offerings\nRisky stocks outperforming\nStretched valuations\n\n\nHowever, while one would expect individuals to exhibit caution in such an environment, the opposite is true. Given the Fed’s ongoing balance sheet operations, investors fully believe they have protection from a decline.\nA Visualization Of A Market Melting-Up\nIt is often easier to visualize something rather than explain it.Since 1900, only two previous market periods qualify as a melt-up: 1920-1929 and 1995-2000.The chart below shows both periods in terms of price.\n\nHowever, the melt-up is also visually represented by the incredibly sharp rise in valuations. Such is essential because earnings are not rising at a fast enough clip to support higher prices.As is always the case, the investing public believes future earnings will justify higher prices during a melt-up. It just never works out that way.\n\nWe can compare those two previous periods with the current advance from the March 2020 lows. Again, we see a very similar sharp advance in price combined with a surge in valuations. As expected, investors are currently hoping that future earnings will rise sharply enough to justify current prices. However, the justification for paying high prices is the Federal Reserve’s ongoing balance sheet expansion.\n\nThe following chart looks that the price advance and valuation measures a little differently. It shows the current deviation from the long-term exponential growth trend. Not surprisingly, during a market“melt-up,”there is a rapid deviation from the growth trend matching the acceleration in valuations.\n\nThe problem with market“melt-ups”is not the melt-up itself but what always follows.\nMelting-Up Leads To Melting-Down\nA market melting-up is exciting while it lasts. During melt-ups, investors begin to rationalize why“this time is different.”They start taking on excess leverage to try and capitalize on the rapid advance in prices, and fundamentals take a back seat to price momentum.\nMarket melt-ups are all about“psychology.”Historically, whatever has been the catalyst to spark the disregard of risk is readily witnessed in the corresponding surge in price and valuations.The chart below shows the long-term deviations in relative strength, deviations, and valuations. The previous‘melt-up”periods should be easy to spot when compared with the advance currently.\n\nGiven that current extensions match only a few rare periods in history, a couple of points should be readily apparent.\n\nMelt-ups can longer than logic would predict.\nThe prevailing psychology is always “this time is different.”\nValuations are dismissed in exchange for measures of momentum and forward expectations.\nInvestors take on excess leverage and risk in order to participate in a seemingly “can’t lose” market.\nLastly, and inevitably, “melt-ups” end and always in the worst possible outcomes.\n\nIt is essential to recognize the markets are in a“melt-up,” and the duration of that event is unknowable. Therefore, investors need a strategy to participate in the advance and mitigate the damage from the eventual“melting-down.”\nSurviving The Melt-Up\nAs noted, none of this means the next“bear market”is lurking.Given that a market melting-up is a function of psychology, they can last longer and go further than logic would predict. What is required to “end”a melt-up is an unanticipated exogenous event that changes psychology from bullish to bearish. Such is when the stampede for the exits occurs, and prices decline very quickly.\nAs such, investors need a set of guidelines to participate in the market advance. But, of course, the hard part is keeping those gains when corrections inevitably occur.\nAs portfolio managers for our clients, such is precisely the approach we must take. Accordingly, I have provided a general overview of the process that we employ.\n\nTighten up stop-loss levelsto current support levels for each position.(Provides identifiable exit points when the market reverses.)\nHedge portfoliosagainst major market declines.(Non-correlated assets, short-market positions, index put options)\nTake profitsin positions that have been big winners(Rebalancing overbought or extended positions to capture gains but continue to participate in the advance.)\nSell laggardsand losers.(If something isn’t working in a market melt-up, it most likely won’t work during a broad decline. Better to eliminate the risk early.)\nRaise cashand rebalance portfolios to target weightings.(Rebalancing risk on a regular basis keeps hidden risks somewhat mitigated.)\n\nNotice, nothing in there says,“sell everything and go to cash.”\nThere will be a time to raise significant levels of cash. A good portfolio management strategy will automatically ensure that“stop-loss”levels get triggered, exposure decreases, and cash levels rise when the selling begins.\nWhile it is essential to take advantage of the melt-up while it lasts, just don’t become overly complacent“this time is different.”\nIt likely isn’t.","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,".DJI":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":4385,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":866575434,"gmtCreate":1632793837628,"gmtModify":1632797573004,"author":{"id":"4091018116118440","authorId":"4091018116118440","name":"Cloivette","avatar":"https://static.tigerbbs.com/ad2a0efb1d679fbe4fa2f053d2e03abb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4091018116118440","authorIdStr":"4091018116118440"},"themes":[],"title":"","htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/866575434","repostId":"1143975586","repostType":4,"isVote":1,"tweetType":1,"viewCount":3862,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":866963061,"gmtCreate":1632724140953,"gmtModify":1632798287479,"author":{"id":"4091018116118440","authorId":"4091018116118440","name":"Cloivette","avatar":"https://static.tigerbbs.com/ad2a0efb1d679fbe4fa2f053d2e03abb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4091018116118440","authorIdStr":"4091018116118440"},"themes":[],"title":"","htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/866963061","repostId":"2170488786","repostType":4,"repost":{"id":"2170488786","kind":"news","pubTimestamp":1632685409,"share":"https://www.laohunote.com/m/news/2170488786?lang=zh_CN&edition=full","pubTime":"2021-09-27 03:43","market":"other","language":"en","title":"Debt ceiling debates in Congress, consumer confidence: What to know this week<blockquote>国会债务上限辩论、消费者信心：本周需要了解什么</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2170488786","media":"Yahoo Finance","summary":"Investors this week are set to closely monitor developments in Washington, D.C., as lawmakers race t","content":"<p><div> Investors this week are set to closely monitor developments in Washington, D.C., as lawmakers race to pass legislation to avoid a government shutdown by the end of the month and debate raising the ...</p><p><blockquote><div>投资者本周将密切关注华盛顿特区的事态发展，因为立法者们竞相通过立法，以避免政府在本月底关门，并就提高……</div></blockquote></p><p>  <a href=\"https://finance.yahoo.com/news/debt-ceiling-debates-in-congress-consumer-confidence-what-to-know-this-week-194329712.html\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://finance.yahoo.com/news/debt-ceiling-debates-in-congress-consumer-confidence-what-to-know-this-week-194329712.html\">网页连接</a></blockquote></p><p></p>","source":"yahoofinance_au","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>Debt ceiling debates in Congress, consumer confidence: What to know this week<blockquote>国会债务上限辩论、消费者信心：本周需要了解什么</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDebt ceiling debates in Congress, consumer confidence: What to know this week<blockquote>国会债务上限辩论、消费者信心：本周需要了解什么</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Yahoo Finance</strong><span class=\"h-time small\">2021-09-27 03:43</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> Investors this week are set to closely monitor developments in Washington, D.C., as lawmakers race to pass legislation to avoid a government shutdown by the end of the month and debate raising the ...</p><p><blockquote><div>投资者本周将密切关注华盛顿特区的事态发展，因为立法者们竞相通过立法，以避免政府在本月底关门，并就提高……</div></blockquote></p><p>  <a href=\"https://finance.yahoo.com/news/debt-ceiling-debates-in-congress-consumer-confidence-what-to-know-this-week-194329712.html\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://finance.yahoo.com/news/debt-ceiling-debates-in-congress-consumer-confidence-what-to-know-this-week-194329712.html\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/debt-ceiling-debates-in-congress-consumer-confidence-what-to-know-this-week-194329712.html\">Yahoo Finance</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":"https://static.tigerbbs.com/e7e749e88d2580d292ffc6ae18d03b65","relate_stocks":{"SPY.AU":"SPDR® S&P 500® ETF Trust"},"source_url":"https://finance.yahoo.com/news/debt-ceiling-debates-in-congress-consumer-confidence-what-to-know-this-week-194329712.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2170488786","content_text":"Investors this week are set to closely monitor developments in Washington, D.C., as lawmakers race to pass legislation to avoid a government shutdown by the end of the month and debate raising the debt ceiling. Elsewhere, economic data on consumer confidence is also due for release.\nThe Senate is expected to vote Monday on a procedural motion over the legislation passed by the House of Representatives last week. That bill included a plan to temporarily fund the government through early December, and came alongside a measure to raise the government debt ceiling through December 2022.\nThe latter point has been an area of contention for Senate Republicans, who are only narrowly outnumbered by Democratic lawmakers in both chambers and who have threatened to block the bill in its current form.\nSenate Republicans including Minority Leader Mitch McConnell have suggested that Democratic lawmakers should use the budget reconciliation process to raise the debt ceiling without Republican support. McConnell has, however, supported a short-term government funding bill that excludes a debt ceiling suspension.\n\"If they [the Democrats] want to tax, borrow and spend historic sums of money without our input, they’ll have to raise the debt limit without our help. This is the reality,” McConnell said on the Senate floor last week.\nDemocratic lawmakers, for their part, have called for the move to raise the debt limit be bipartisan to prevent the government from defaulting on its obligations. The Treasury Department has warned that the U.S. could default on its debts as soon as October in absence of congressional action.\n\"The U.S. has always paid its bills on time, but the overwhelming consensus among economists and Treasury officials of both parties is that failing to raise the debt limit would produce widespread economic catastrophe,\" Treasury Secretary Janet Yellen wrote in an op-ed in the Wall Street Journal last week.\nFederal Reserve Chair Jerome Powell also warned of the consequences of a failure to raise the debt ceiling during his post-FOMC meeting press conference last week.\n\"It's just very important that the debt ceiling be raised in a timely fashion so that the United States can pay its bills when and as they come due. That's a critically important thing,\" he said. \"The failure to do that is something that could result in severe reactions, severe damage to the economy and to the financial markets ... no one should assume that the Fed or anyone else can protect the markets or the economy in the event of a failure.\"\nA dead Elm tree is removed on the West Front of the Capitol in Washington, Friday, Sept. 10, 2021. (AP Photo/J. Scott Applewhite)ASSOCIATED PRESS\nAmid the standoff, the Office of Management and Budget began warning federal agencies last week to prepare for a potential government shutdown. The reminder served as a standard warning one week out from Congress's deadline to reach an agreement to at least temporarily continue funding the government.\nThough leaders of both political parties have agreed that a continuing resolution to avoid the shutdown at the end of the month is needed, the ongoing tension over raising the debt limit has served as a potential roadblock in this effort.\n\"We still expect Congress to avert a partial government shutdown at the start of October. Republicans won’t vote for the current continuing resolution being touted by the Democratic leadership, which also includes a new debt ceiling suspension,\" wrote Paul Ashworth, chief North America economist for Capital Economics, in a note Friday. \"But we expect a Plan B to emerge next week with the latter stripped out, which Republicans will support.\"\n\"The bigger issue is that there doesn’t appear to be an easy path to raising the debt ceiling by mid-October, which is when estimates suggest the Treasury’s will exhaust the 'extraordinary measures it is currently using to keep the lights on,\" he added.\nInvestors have also grown jittery as the debates wore on, with stocks posting their worst day since May last week amid a confluence of concerns that also included debt concerns with China Evergrande.\nMany strategists, however, have suggested market participants need not be overly concerned about the impacts of a potential government shutdown.\n\"Historically, we've seen that government shutdowns tend to be short-lived,\" Jordan Jackson, JPMorgan Asset Management global market strategist, told Yahoo Finance Live on Friday. \"We also know that for those non-essential federal employees, they do get furlough pay as well.\"\n\"If it lasts more than 30 days, it's certainly going to have a bigger impact on the economy. But generally speaking, these shutdowns tend to be short-lived and markets — while they may correct in the short-term — they do sort of continue to grind higher,\" he added. \"I think it's certainly a risk in terms of a short-term mini correction there. But again, with all the liquidity out there, I think any sort of blip in the markets will be short-lived.\"\nHistorical equity performance during and immediately following a government shutdown has also tended to point to a muted market impact.\n\"In the 14 government shutdowns since 1980, the S&P 500 generated median returns of -0.1% on the dates of budget authority expiration, 0.1% during the shutdown periods, and 0.3% on the dates of resolution,\" David Kostin, Goldman Sachs chief equity strategist, wrote in a note published on Sept. 21.\n\"One notable exception was the most recent federal shutdown in December 2018, when the S&P 500 fell 2% on the spending authority expiration date,\" he added. \"However, this decline was likely driven primarily by investor concerns about Fed tightening.\"\nKostin also noted that the typical government shutdown since 1980 has only lasted three days before ultimately being resolved. More recent shutdowns have lasted several times longer, however, with the duration of the four most recent federal shutdowns averaging 18 days, Kostin said.\nConsumer confidence\nOn the economic data front, one of the most closely watched new pieces of data will be on consumer confidence.\nThe Conference Board is set to release its September consumer confidence index Tuesday morning. Economists expect the index to tick up only slightly compared to August, with consumers' views on the coronavirus and rising prices stabilizing near the lowest level since February.\nSpecifically, consensus economists are looking for the index to rise to 115.0 in September after dropping to 113.8 in August. During the last monthly report, consumers' assessments of current business and labor market conditions both eased, and expectations for the next six months out also deteriorated.\n\"Consumer confidence fell to a six-month low in August, due to concerns around the Delta variant and inflation,\" wrote Bank of America economist Michelle Meyer in a note on Friday. \"We think these concerns largely remained in September.\"\nAt the time, Lynn Franco, senior director of economic indicators at the Conference Board, said it was still \"too soon to conclude\" whether decline in consumer confidence would \"result in consumers significantly curtailing their spending in the months ahead.\"\nThe latest spending data has also been equivocal. The Commerce Department's latest report showed retail sales rose 0.7% in August after declining in July. However, the categories posting the biggest declines were areas like e-commerce shops and grocery stores, suggesting consumer behavior was shifting back toward stay-in-place trends and away from in-person events like restaurant dining amid the latest wave of the coronavirus.\nEconomic calendar\n\nMonday: Durable goods orders, August preliminary (0.6% expected, -0.1% in July); Durable goods excluding transportation, August preliminary (0.5% expected, 0.8% in July); Non-defense capital goods orders excluding aircraft, August preliminary (0.3% expected, 0.1% in July); Non-defense capital goods orders excluding aircraft, August preliminary (0.9% in July); Dallas Fed Manufacturing Activity Index, September (11.0 expected, 9.0 in July)\nTuesday: Advance goods trade balance, August (-$87.0 billion expected, -$86.4 billion in July); Wholesale inventories, month-over-month, August preliminary (0.6% in July); Retail inventories, month-over-month, August (0.4% in July); FHFA House Price Index, month-over-month, July (1.5% expected, 1.6% in July); S&P CoreLogic Case-Shiller 20-City Composite Index, month-over-month, July (1.62% expected, 1.77% in June); S&P CoreLogic Case-Shiller 20-City Composite Index, month-over-month, July (20.1% expected, 19.08% in June); Conference Board Consumer Confidence Index, September (114.2 expected, 113.8 in August); Richmond Fed Manufacturing Index, September (9 in August)\nWednesday: MBA Mortgage Applications, week ended September 24 (4.9% during prior month); Pending home sales, month-over-month, August (1.0% expected, -1.8% in July)\nThursday: Initial jobless claims, week ended September 25 (320,000 expected, 351,000 during prior week); Continuing claims, week ended September 18 (2.845 million during prior week); GDP annualized, quarter-over-quarter, second-quarter third estimate (6.7% expected, 6.6% in prior estimate); Personal consumption, second-quarter third estimate (11.9% in prior estimate); Core personal consumption expenditures, second quarter third estimate (6.1% in prior estimate); MNI Chicago PMI, September (65.0 expected, 66.8 in August)\nFriday: Personal income, August (0.2% expected, 1.1% in July); Personal spending, August (0.7% expected, 0.3% in July); Personal consumption expenditures core deflator, month-over-over, August (0.2% expected, 0.3% in July); Personal consumption expenditures core deflator, year-over-year, August (3.6% expected, 3.6% in July); Markit manufacturing PMI, September final (60.5 in prior estimate); Construction spending, month-over-month, August (0.3% expected, 0.3% in July); University of Michigan sentiment, September final (71.0 expected, 71.0 in prior print); ISM Manufacturing, September (59.5 expected, 59.9 in August)\n\nEarnings calendar\n\nMonday: Aurora Cannabis (ACB) after market close\nTuesday: Micron Technology (MU) after market close.\nWednesday: No notable reports scheduled for release\nThursday: CarMax (KMX), Bed Bath & Beyond (BBBY) before market open; Jefferies (JEF) after market close\nFriday: No notable reports scheduled for releas","news_type":1,"symbols_score_info":{"SPY.AU":0.9}},"isVote":1,"tweetType":1,"viewCount":4091,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":868016058,"gmtCreate":1632549985274,"gmtModify":1632658449863,"author":{"id":"4091018116118440","authorId":"4091018116118440","name":"Cloivette","avatar":"https://static.tigerbbs.com/ad2a0efb1d679fbe4fa2f053d2e03abb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4091018116118440","authorIdStr":"4091018116118440"},"themes":[],"title":"","htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":12,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/868016058","repostId":"2170619785","repostType":4,"isVote":1,"tweetType":1,"viewCount":3451,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":863127990,"gmtCreate":1632366456210,"gmtModify":1632800873171,"author":{"id":"4091018116118440","authorId":"4091018116118440","name":"Cloivette","avatar":"https://static.tigerbbs.com/ad2a0efb1d679fbe4fa2f053d2e03abb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4091018116118440","authorIdStr":"4091018116118440"},"themes":[],"title":"","htmlText":"Pls like","listText":"Pls like","text":"Pls like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/863127990","repostId":"2169650271","repostType":4,"isVote":1,"tweetType":1,"viewCount":955,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":869265513,"gmtCreate":1632294604132,"gmtModify":1632801435903,"author":{"id":"4091018116118440","authorId":"4091018116118440","name":"Cloivette","avatar":"https://static.tigerbbs.com/ad2a0efb1d679fbe4fa2f053d2e03abb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4091018116118440","authorIdStr":"4091018116118440"},"themes":[],"title":"","htmlText":"liKe pls","listText":"liKe pls","text":"liKe pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/869265513","repostId":"2169324976","repostType":4,"isVote":1,"tweetType":1,"viewCount":1067,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":860038885,"gmtCreate":1632105738947,"gmtModify":1632802803727,"author":{"id":"4091018116118440","authorId":"4091018116118440","name":"Cloivette","avatar":"https://static.tigerbbs.com/ad2a0efb1d679fbe4fa2f053d2e03abb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4091018116118440","authorIdStr":"4091018116118440"},"themes":[],"title":"","htmlText":"Pls like","listText":"Pls like","text":"Pls like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/860038885","repostId":"1194891884","repostType":4,"repost":{"id":"1194891884","kind":"news","pubTimestamp":1632091615,"share":"https://www.laohunote.com/m/news/1194891884?lang=zh_CN&edition=full","pubTime":"2021-09-20 06:46","market":"us","language":"en","title":"Nike, Costco, FedEx, Salesforce, and Other Stocks for Investors to Watch This Week<blockquote>耐克、好市多、联邦快递、Salesforce 和其他投资者本周值得关注的股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1194891884","media":"Barrons","summary":"The main event this week will be the Federal Reserve’s September policy meeting. Investors will also","content":"<p>The main event this week will be the Federal Reserve’s September policy meeting. Investors will also be watching for several corporate earnings releases, investor days, and the latest economic data.</p><p><blockquote>本周的重头戏将是美联储 9 月份的政策会议。投资者还将关注多项企业财报发布、投资者日和最新经济数据。</blockquote></p><p> Lennar reports quarterly earnings on Monday, followed by results from Adobe, AutoZone, and FedEx on Tuesday. General Mills goes on Wednesday, then Nike, Accenture, Costco Wholesale, and Darden Restaurants report&nbsp;on Thursday. Investor days this week include&nbsp;Biogen on Tuesday,&nbsp;Weyerhaeuser on Wednesday, and&nbsp;Salesforce.com on Thursday.</p><p><blockquote>Lennar 将于周一公布季度收益，随后 Adobe、AutoZone 和 FedEx 将于周二公布业绩。通用磨坊周三发布报告，耐克、埃森哲、好市多批发和达顿餐厅周四发布报告。本周的投资者日包括周二的百健、周三的惠好和周四的 Salesforce.com。</blockquote></p><p> The Federal Reserve’s monetary policy committee meets on Tuesday and Wednesday this week. The central bank is unlikely&nbsp;to change its target interest rate range, but could give an update on its plans to begin reducing its monthly asset purchases. Wednesday afternoon’s&nbsp;press conference with Fed chair Jerome Powell will be closely&nbsp;watched.</p><p><blockquote>美联储货币政策委员会将于本周二和周三召开会议。央行不太可能改变其目标利率区间，但可能会更新其开始减少每月资产购买的计划。周三下午美联储主席杰罗姆-鲍威尔（Jerome Powell）的新闻发布会将受到密切关注。</blockquote></p><p> Economic data out this week include the Conference Board’s Leading Economic Index for August on Thursday. There will also be several updates on the U.S. housing market including the National Association of Home Builders’ Housing Market Index for September on Monday, the Census Bureau’s new residential construction data for August on Tuesday, and the National Association of Realtors’&nbsp;existing-home sales for August on Wednesday.</p><p><blockquote>本周公布的经济数据包括世界大型企业联合会周四公布的 8 月份领先经济指数。美国房地产市场还将发布多项最新消息，包括周一公布的全国房屋建筑商协会（National Association of Home Builders）9 月份住房市场指数、周二公布的人口普查局（Census Bureau）8 月份新住宅建设数据以及周三公布的全国房地产经纪人协会（National Association of Realtors）8 月份成屋销售数据。</blockquote></p><p> <b>Monday 9/20</b></p><p><blockquote><b>9/20星期一</b></blockquote></p><p> Lennar reports third-quarter fiscal-2021 results.</p><p><blockquote>Lennar 报告 2021 财年第三季度业绩。</blockquote></p><p> Merck presents data on its portfolio of cancer drugs, in conjunction with the European Society for Medical Oncology’s 2021 Congress.</p><p><blockquote>默克公司在欧洲肿瘤医学学会 2021 年大会上展示了其癌症药物组合的数据。</blockquote></p><p> <b>The National Association</b>&nbsp;of Home Builders releases its Housing Market Index for September. Economists forecast a 73 reading, two points below August’s figure, which was the lowest in more than a year.</p><p><blockquote><b>全国协会</b>Home Builders 发布 9 月份房地产市场指数。经济学家预测读数为 73，比 8 月份的数字低 2 个百分点，8 月份是一年多来的最低值。</blockquote></p><p> <b>Tuesday 9/21</b></p><p><blockquote><b>9月21日星期二</b></blockquote></p><p> Adobe, AutoZone, and FedEx release earnings.</p><p><blockquote>Adobe、AutoZone 和联邦快递发布财报。</blockquote></p><p> Biogen hosts an investor day to discuss its pipeline of neuroscience therapeutics.</p><p><blockquote>百健举办投资者日活动，讨论其神经科学疗法管道。</blockquote></p><p> <b>The Census Bureau</b>&nbsp;reports on new residential construction for August. Consensus estimate is for a seasonally adjusted annual rate of 1.55 million housing starts, 1% higher than the July level. Housing starts are down from their post–financial crisis peak of 1.725 million, reached in March of this year.</p><p><blockquote><b>人口普查局</b>8月份新住宅建设报告。普遍估计，经季节性调整后的新屋开工年率为 155 万套，比 7 月份的水平高出 1%。新屋开工率低于今年 3 月达到的金融危机后峰值 172.5 万套。</blockquote></p><p> <b>Wednesday 9/22</b></p><p><blockquote><b>9月22日星期三</b></blockquote></p><p> <b>The FOMC announces</b>&nbsp;its monetary-policy decision. The Federal Reserve is likely to keep the federal-funds rate unchanged at near zero, but might signal that it will pare its asset purchases later this year.</p><p><blockquote><b>联邦公开市场委员会宣布</b>其货币政策决定。美联储可能会将联邦基金利率维持在接近于零的水平不变，但可能会暗示将在今年晚些时候削减资产购买。</blockquote></p><p> General Mills reports first-quarter fiscal-2022 results.</p><p><blockquote>通用磨坊公布 2022 财年第一季度业绩。</blockquote></p><p> Boston Scientific,Weyerhaeuser, and&nbsp;Yum China Holdings&nbsp;host their 2021 investor days.</p><p><blockquote>波士顿科学、惠好和百胜中国控股公司举办 2021 年投资者日。</blockquote></p><p> <b>TheBank of Japan</b>&nbsp;announces its monetary-policy decision. The BOJ is widely expected to keep its key short-term interest rate unchanged at minus 0.1%, as Tokyo and other regions remain in a state of emergency through the end of September due to the Covid-19 Delta variant.</p><p><blockquote><b>日本银行</b>宣布货币政策决定。人们普遍预计日本央行将维持其关键短期利率在负0.1%不变，因为由于新冠肺炎德尔塔变异毒株，东京都和其他地区在9月底前仍处于紧急状态。</blockquote></p><p> <b>The National Association</b>&nbsp;of Realtors reports existing-home sales for August. Expectations are for a seasonally adjusted annual rate of 578,000 homes sold, down 3.5%&nbsp;from July’s 599,000.</p><p><blockquote><b>全国协会</b>房地产经纪人报告8月份的现房销售情况。经季节性调整后，预计全年售出房屋57.8万套，比7月份的59.9万套下降3.5%。</blockquote></p><p> <b>Thursday 9/23</b></p><p><blockquote><b>9月23日星期四</b></blockquote></p><p> Accenture, Costco Wholesale, Darden Restaurants, and Nike hold conference calls to discuss their quarterly results.</p><p><blockquote>埃森哲、好市多批发、达顿餐厅和耐克公司在评级举行会议，讨论他们的季度业绩。</blockquote></p><p> Salesforce.com holds its 2021 investor day. CEO Marc Benioff and Slack CEO Stewart Butterfield will be among the participants. Salesforce completed its $28 billion acquisition of Slack this summer.</p><p><blockquote>Salesforce.com 举办 2021 年投资者日。首席执行官马克·贝尼奥夫和Slack首席执行官斯图尔特·巴特菲尔德将出席。Salesforce 今年夏天完成了对 Slack 的 280 亿美元收购。</blockquote></p><p> <b>The Conference Board</b>&nbsp;releases its Leading Economic Index for August. Economists forecast a 0.5% month-over-month rise, after a 0.9% increase in July. The Conference Board currently projects 6% gross-domestic-product growth for 2021, and 4% for 2022.</p><p><blockquote><b>会议委员会</b>发布8月份领先经济指数。经济学家预测，继 7 月份上涨 0.9% 之后，环比上涨 0.5%。世界大型企业联合会目前预计 2021 年国内生产总值增长 6%，2022 年增长 4%。</blockquote></p><p> <b>Friday 9/24</b></p><p><blockquote><b>9月24日星期五</b></blockquote></p><p> Kansas City Southernhosts a special shareholder meeting to vote on a proposed merger withCanadian Pacific Railway.</p><p><blockquote>堪萨斯城南方公司召开特别股东大会，就与加拿大太平洋铁路公司的合并提案进行投票。</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>Nike, Costco, FedEx, Salesforce, and Other Stocks for Investors to Watch This Week<blockquote>耐克、好市多、联邦快递、Salesforce 和其他投资者本周值得关注的股票</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\">\nNike, Costco, FedEx, Salesforce, and Other Stocks for Investors to Watch This Week<blockquote>耐克、好市多、联邦快递、Salesforce 和其他投资者本周值得关注的股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-09-20 06:46</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The main event this week will be the Federal Reserve’s September policy meeting. Investors will also be watching for several corporate earnings releases, investor days, and the latest economic data.</p><p><blockquote>本周的重头戏将是美联储 9 月份的政策会议。投资者还将关注多项企业财报发布、投资者日和最新经济数据。</blockquote></p><p> Lennar reports quarterly earnings on Monday, followed by results from Adobe, AutoZone, and FedEx on Tuesday. General Mills goes on Wednesday, then Nike, Accenture, Costco Wholesale, and Darden Restaurants report&nbsp;on Thursday. Investor days this week include&nbsp;Biogen on Tuesday,&nbsp;Weyerhaeuser on Wednesday, and&nbsp;Salesforce.com on Thursday.</p><p><blockquote>Lennar 将于周一公布季度收益，随后 Adobe、AutoZone 和 FedEx 将于周二公布业绩。通用磨坊周三发布报告，耐克、埃森哲、好市多批发和达顿餐厅周四发布报告。本周的投资者日包括周二的百健、周三的惠好和周四的 Salesforce.com。</blockquote></p><p> The Federal Reserve’s monetary policy committee meets on Tuesday and Wednesday this week. The central bank is unlikely&nbsp;to change its target interest rate range, but could give an update on its plans to begin reducing its monthly asset purchases. Wednesday afternoon’s&nbsp;press conference with Fed chair Jerome Powell will be closely&nbsp;watched.</p><p><blockquote>美联储货币政策委员会将于本周二和周三召开会议。央行不太可能改变其目标利率区间，但可能会更新其开始减少每月资产购买的计划。周三下午美联储主席杰罗姆-鲍威尔（Jerome Powell）的新闻发布会将受到密切关注。</blockquote></p><p> Economic data out this week include the Conference Board’s Leading Economic Index for August on Thursday. There will also be several updates on the U.S. housing market including the National Association of Home Builders’ Housing Market Index for September on Monday, the Census Bureau’s new residential construction data for August on Tuesday, and the National Association of Realtors’&nbsp;existing-home sales for August on Wednesday.</p><p><blockquote>本周公布的经济数据包括世界大型企业联合会周四公布的 8 月份领先经济指数。美国房地产市场还将发布多项最新消息，包括周一公布的全国房屋建筑商协会（National Association of Home Builders）9 月份住房市场指数、周二公布的人口普查局（Census Bureau）8 月份新住宅建设数据以及周三公布的全国房地产经纪人协会（National Association of Realtors）8 月份成屋销售数据。</blockquote></p><p> <b>Monday 9/20</b></p><p><blockquote><b>9/20星期一</b></blockquote></p><p> Lennar reports third-quarter fiscal-2021 results.</p><p><blockquote>Lennar 报告 2021 财年第三季度业绩。</blockquote></p><p> Merck presents data on its portfolio of cancer drugs, in conjunction with the European Society for Medical Oncology’s 2021 Congress.</p><p><blockquote>默克公司在欧洲肿瘤医学学会 2021 年大会上展示了其癌症药物组合的数据。</blockquote></p><p> <b>The National Association</b>&nbsp;of Home Builders releases its Housing Market Index for September. Economists forecast a 73 reading, two points below August’s figure, which was the lowest in more than a year.</p><p><blockquote><b>全国协会</b>Home Builders 发布 9 月份房地产市场指数。经济学家预测读数为 73，比 8 月份的数字低 2 个百分点，8 月份是一年多来的最低值。</blockquote></p><p> <b>Tuesday 9/21</b></p><p><blockquote><b>9月21日星期二</b></blockquote></p><p> Adobe, AutoZone, and FedEx release earnings.</p><p><blockquote>Adobe、AutoZone 和联邦快递发布财报。</blockquote></p><p> Biogen hosts an investor day to discuss its pipeline of neuroscience therapeutics.</p><p><blockquote>百健举办投资者日活动，讨论其神经科学疗法管道。</blockquote></p><p> <b>The Census Bureau</b>&nbsp;reports on new residential construction for August. Consensus estimate is for a seasonally adjusted annual rate of 1.55 million housing starts, 1% higher than the July level. Housing starts are down from their post–financial crisis peak of 1.725 million, reached in March of this year.</p><p><blockquote><b>人口普查局</b>8月份新住宅建设报告。普遍估计，经季节性调整后的新屋开工年率为 155 万套，比 7 月份的水平高出 1%。新屋开工率低于今年 3 月达到的金融危机后峰值 172.5 万套。</blockquote></p><p> <b>Wednesday 9/22</b></p><p><blockquote><b>9月22日星期三</b></blockquote></p><p> <b>The FOMC announces</b>&nbsp;its monetary-policy decision. The Federal Reserve is likely to keep the federal-funds rate unchanged at near zero, but might signal that it will pare its asset purchases later this year.</p><p><blockquote><b>联邦公开市场委员会宣布</b>其货币政策决定。美联储可能会将联邦基金利率维持在接近于零的水平不变，但可能会暗示将在今年晚些时候削减资产购买。</blockquote></p><p> General Mills reports first-quarter fiscal-2022 results.</p><p><blockquote>通用磨坊公布 2022 财年第一季度业绩。</blockquote></p><p> Boston Scientific,Weyerhaeuser, and&nbsp;Yum China Holdings&nbsp;host their 2021 investor days.</p><p><blockquote>波士顿科学、惠好和百胜中国控股公司举办 2021 年投资者日。</blockquote></p><p> <b>TheBank of Japan</b>&nbsp;announces its monetary-policy decision. The BOJ is widely expected to keep its key short-term interest rate unchanged at minus 0.1%, as Tokyo and other regions remain in a state of emergency through the end of September due to the Covid-19 Delta variant.</p><p><blockquote><b>日本银行</b>宣布货币政策决定。人们普遍预计日本央行将维持其关键短期利率在负0.1%不变，因为由于新冠肺炎德尔塔变异毒株，东京都和其他地区在9月底前仍处于紧急状态。</blockquote></p><p> <b>The National Association</b>&nbsp;of Realtors reports existing-home sales for August. Expectations are for a seasonally adjusted annual rate of 578,000 homes sold, down 3.5%&nbsp;from July’s 599,000.</p><p><blockquote><b>全国协会</b>房地产经纪人报告8月份的现房销售情况。经季节性调整后，预计全年售出房屋57.8万套，比7月份的59.9万套下降3.5%。</blockquote></p><p> <b>Thursday 9/23</b></p><p><blockquote><b>9月23日星期四</b></blockquote></p><p> Accenture, Costco Wholesale, Darden Restaurants, and Nike hold conference calls to discuss their quarterly results.</p><p><blockquote>埃森哲、好市多批发、达顿餐厅和耐克公司在评级举行会议，讨论他们的季度业绩。</blockquote></p><p> Salesforce.com holds its 2021 investor day. CEO Marc Benioff and Slack CEO Stewart Butterfield will be among the participants. Salesforce completed its $28 billion acquisition of Slack this summer.</p><p><blockquote>Salesforce.com 举办 2021 年投资者日。首席执行官马克·贝尼奥夫和Slack首席执行官斯图尔特·巴特菲尔德将出席。Salesforce 今年夏天完成了对 Slack 的 280 亿美元收购。</blockquote></p><p> <b>The Conference Board</b>&nbsp;releases its Leading Economic Index for August. Economists forecast a 0.5% month-over-month rise, after a 0.9% increase in July. The Conference Board currently projects 6% gross-domestic-product growth for 2021, and 4% for 2022.</p><p><blockquote><b>会议委员会</b>发布8月份领先经济指数。经济学家预测，继 7 月份上涨 0.9% 之后，环比上涨 0.5%。世界大型企业联合会目前预计 2021 年国内生产总值增长 6%，2022 年增长 4%。</blockquote></p><p> <b>Friday 9/24</b></p><p><blockquote><b>9月24日星期五</b></blockquote></p><p> Kansas City Southernhosts a special shareholder meeting to vote on a proposed merger withCanadian Pacific Railway.</p><p><blockquote>堪萨斯城南方公司召开特别股东大会，就与加拿大太平洋铁路公司的合并提案进行投票。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/nike-costco-fedex-salesforce-and-other-stocks-for-investors-to-watch-this-week-51632078208?mod=hp_LEAD_2\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index","FDX":"联邦快递",".DJI":"道琼斯","CRM":"赛富时","ADBE":"Adobe","COST":"好市多",".IXIC":"NASDAQ Composite","NKE":"耐克"},"source_url":"https://www.barrons.com/articles/nike-costco-fedex-salesforce-and-other-stocks-for-investors-to-watch-this-week-51632078208?mod=hp_LEAD_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1194891884","content_text":"The main event this week will be the Federal Reserve’s September policy meeting. Investors will also be watching for several corporate earnings releases, investor days, and the latest economic data.\nLennar reports quarterly earnings on Monday, followed by results from Adobe, AutoZone, and FedEx on Tuesday. General Mills goes on Wednesday, then Nike, Accenture, Costco Wholesale, and Darden Restaurants report on Thursday. Investor days this week include Biogen on Tuesday, Weyerhaeuser on Wednesday, and Salesforce.com on Thursday.\nThe Federal Reserve’s monetary policy committee meets on Tuesday and Wednesday this week. The central bank is unlikely to change its target interest rate range, but could give an update on its plans to begin reducing its monthly asset purchases. Wednesday afternoon’s press conference with Fed chair Jerome Powell will be closely watched.\nEconomic data out this week include the Conference Board’s Leading Economic Index for August on Thursday. There will also be several updates on the U.S. housing market including the National Association of Home Builders’ Housing Market Index for September on Monday, the Census Bureau’s new residential construction data for August on Tuesday, and the National Association of Realtors’ existing-home sales for August on Wednesday.\nMonday 9/20\nLennar reports third-quarter fiscal-2021 results.\nMerck presents data on its portfolio of cancer drugs, in conjunction with the European Society for Medical Oncology’s 2021 Congress.\nThe National Association of Home Builders releases its Housing Market Index for September. Economists forecast a 73 reading, two points below August’s figure, which was the lowest in more than a year.\nTuesday 9/21\nAdobe, AutoZone, and FedEx release earnings.\nBiogen hosts an investor day to discuss its pipeline of neuroscience therapeutics.\nThe Census Bureau reports on new residential construction for August. Consensus estimate is for a seasonally adjusted annual rate of 1.55 million housing starts, 1% higher than the July level. Housing starts are down from their post–financial crisis peak of 1.725 million, reached in March of this year.\nWednesday 9/22\nThe FOMC announces its monetary-policy decision. The Federal Reserve is likely to keep the federal-funds rate unchanged at near zero, but might signal that it will pare its asset purchases later this year.\nGeneral Mills reports first-quarter fiscal-2022 results.\nBoston Scientific,Weyerhaeuser, and Yum China Holdings host their 2021 investor days.\nTheBank of Japan announces its monetary-policy decision. The BOJ is widely expected to keep its key short-term interest rate unchanged at minus 0.1%, as Tokyo and other regions remain in a state of emergency through the end of September due to the Covid-19 Delta variant.\nThe National Association of Realtors reports existing-home sales for August. Expectations are for a seasonally adjusted annual rate of 578,000 homes sold, down 3.5% from July’s 599,000.\nThursday 9/23\nAccenture, Costco Wholesale, Darden Restaurants, and Nike hold conference calls to discuss their quarterly results.\nSalesforce.com holds its 2021 investor day. CEO Marc Benioff and Slack CEO Stewart Butterfield will be among the participants. Salesforce completed its $28 billion acquisition of Slack this summer.\nThe Conference Board releases its Leading Economic Index for August. Economists forecast a 0.5% month-over-month rise, after a 0.9% increase in July. The Conference Board currently projects 6% gross-domestic-product growth for 2021, and 4% for 2022.\nFriday 9/24\nKansas City Southernhosts a special shareholder meeting to vote on a proposed merger withCanadian Pacific Railway.","news_type":1,"symbols_score_info":{".IXIC":0.9,"CRM":0.9,"NKE":0.9,"COST":0.9,"FDX":0.9,"ADBE":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":697,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":887293906,"gmtCreate":1632038806105,"gmtModify":1632803174409,"author":{"id":"4091018116118440","authorId":"4091018116118440","name":"Cloivette","avatar":"https://static.tigerbbs.com/ad2a0efb1d679fbe4fa2f053d2e03abb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4091018116118440","authorIdStr":"4091018116118440"},"themes":[],"title":"","htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/887293906","repostId":"1198486138","repostType":4,"isVote":1,"tweetType":1,"viewCount":1178,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":884796032,"gmtCreate":1631931586526,"gmtModify":1632805259409,"author":{"id":"4091018116118440","authorId":"4091018116118440","name":"Cloivette","avatar":"https://static.tigerbbs.com/ad2a0efb1d679fbe4fa2f053d2e03abb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4091018116118440","authorIdStr":"4091018116118440"},"themes":[],"title":"","htmlText":"Pls like","listText":"Pls like","text":"Pls like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/884796032","repostId":"2168716185","repostType":4,"isVote":1,"tweetType":1,"viewCount":1120,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":885720903,"gmtCreate":1631835582402,"gmtModify":1631890072407,"author":{"id":"4091018116118440","authorId":"4091018116118440","name":"Cloivette","avatar":"https://static.tigerbbs.com/ad2a0efb1d679fbe4fa2f053d2e03abb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4091018116118440","authorIdStr":"4091018116118440"},"themes":[],"title":"","htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/885720903","repostId":"1105376345","repostType":4,"repost":{"id":"1105376345","kind":"news","pubTimestamp":1631833833,"share":"https://www.laohunote.com/m/news/1105376345?lang=zh_CN&edition=full","pubTime":"2021-09-17 07:10","market":"us","language":"en","title":"S&P ends modestly lower as rising Treasury yields offset robust retail data<blockquote>由于国债收益率上升抵消了强劲的零售数据，标准普尔收盘小幅走低</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1105376345","media":"Reuters","summary":"NEW YORK (Reuters) - The S&P 500 ended slightly down on Thursday, paring losses in late trading afte","content":"<p>NEW YORK (Reuters) - The S&amp;P 500 ended slightly down on Thursday, paring losses in late trading after unexpectedly strong retail sales data underscored the strength of the U.S. economic recovery.</p><p><blockquote>路透纽约5月28日 - 标普500周四小幅收低，在意外强劲的零售销售数据凸显美国经济复苏的强劲势头后，尾盘收窄跌幅。</blockquote></p><p> The three major indexes spent much of the day in negative territory as rising U.S. Treasury yields pressured market-leading tech stocks, and the rising dollar weighed on exporters.</p><p><blockquote>由于美国国债收益率上升给市场领先的科技股带来压力，以及美元升值给出口商带来压力，三大股指当天大部分时间都处于负值区域。</blockquote></p><p> Amazon.com Inc, buoyed by solid online sales in the Commerce Department’s report, helped push the Nasdaq into positive territory.</p><p><blockquote>亚马逊公司在商务部报告中稳健的在线销售提振下，帮助纳斯达克进入正值。</blockquote></p><p> “Looking at today, clearly we had positive news from retail sales and it looks as if the massive slowdown in the economy is not materializing as a lot of people expected,” said Ryan Detrick, senior market strategist at LPL Financial in Charlotte, North Carolina.</p><p><blockquote>“北卡罗来纳州夏洛特市 LPL Financial 高级市场策略师 Ryan Detrick 说：”从今天的情况来看，我们显然收到了零售销售方面的积极消息，而且经济的大幅放缓似乎并没有像许多人预期的那样实现。</blockquote></p><p> “It’s a nice reminder that the economy is still taking two steps forward for each step back even amid the COVID concerns,” Detrick added.</p><p><blockquote>“德特里克补充说：”这很好地提醒我们，即使在 COVID 担忧的情况下，经济仍在每后退一步前进两步。</blockquote></p><p> Economically sensitive transports and microchips were among the outperformers.</p><p><blockquote>对经济敏感的运输和微芯片表现优异。</blockquote></p><p> Data released before the opening bell showed an unexpected bump in retail sales as shoppers weathered Hurricane Ida and the COVID Delta variant, evidence of resilience in the consumer, who contributes about 70% to U.S. economic growth.</p><p><blockquote>开盘前公布的数据显示，随着购物者经受住了飓风艾达和新冠病毒德尔塔变异毒株的考验，零售额意外增长，这证明了消费者的韧性，消费者对美国经济增长的贡献约为70%。</blockquote></p><p> “Once again, it shows the U.S. consumer continues to spend and continues to help this economy grow,” Detrick said.</p><p><blockquote>“德特里克说：”这再次表明美国消费者继续消费，并继续帮助经济增长。</blockquote></p><p> The Dow Jones Industrial Average fell 63.07 points, or 0.18%, to 34,751.32; the S&amp;P 500 lost 6.95 points, or 0.16%, at 4,473.75; and the Nasdaq Composite added 20.40 points, or 0.13%, at 15,181.92.</p><p><blockquote>道琼斯工业平均指数下跌63.07点，跌幅0.18%，至34,751.32点；标普500下跌 6.95 点，跌幅 0.16%，报 4,473.75 点；纳斯达克综合指数上涨 20.40 点，即 0.13%，至 15,181.92 点。</blockquote></p><p> Eight of the 11 major sectors in the S&amp;P 500 ended lower, with materials suffering the largest percentage drop.</p><p><blockquote>标普500 11个主要板块中有8个板块收盘走低，其中材料板块跌幅最大。</blockquote></p><p> The consumer discretionary spending sector posted the biggest gain, with Amazon.com doing the heavy lifting.</p><p><blockquote>非必需消费品支出行业涨幅最大，其中亚马逊承担了重任。</blockquote></p><p> Apparel company Gap Inc gained 1.6%. Online marketplace Etsy Inc and luxury accessory company Tapestry Inc rose 3.1% and 1.9%, respectively.</p><p><blockquote>服装公司 Gap Inc 上涨 1.6%。在线市场 Etsy Inc 和奢侈配饰公司 Tapestry Inc 分别上涨 3.1% 和 1.9%。</blockquote></p><p> Ford Motor Co rose 1.4% after it announced plans to boost production of its F-150 electric pickup model.</p><p><blockquote>福特汽车公司宣布计划提高 F-150 电动皮卡车型的产量，股价上涨 1.4%。</blockquote></p><p> Declining issues outnumbered advancing ones on the NYSE by a 1.27-to-1 ratio; on Nasdaq, a 1.06-to-1 ratio favored advancers.</p><p><blockquote>纽约证券交易所下跌发行量与上涨发行量的比例为 1.27 比 1；在纳斯达克，1.06比1的比率有利于进步人士。</blockquote></p><p> The S&amp;P 500 posted nine new 52-week highs and one new low; the Nasdaq Composite recorded 82 new highs and 94 new lows.</p><p><blockquote>标普500创下9个52周新高和一个新低；纳斯达克综合指数创下82个新高和94个新低。</blockquote></p><p> Volume on U.S. exchanges was 9.37 billion shares, compared with the 9.44 billion average over the last 20 trading days.</p><p><blockquote>美国交易所的成交量为 93.7 亿股，而过去 20 个交易日的平均成交量为 94.4 亿股。</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>S&P ends modestly lower as rising Treasury yields offset robust retail data<blockquote>由于国债收益率上升抵消了强劲的零售数据，标准普尔收盘小幅走低</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\">\nS&P ends modestly lower as rising Treasury yields offset robust retail data<blockquote>由于国债收益率上升抵消了强劲的零售数据，标准普尔收盘小幅走低</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-09-17 07:10</span>\n</p>\n</h4>\n</header>\n<article>\n<p>NEW YORK (Reuters) - The S&amp;P 500 ended slightly down on Thursday, paring losses in late trading after unexpectedly strong retail sales data underscored the strength of the U.S. economic recovery.</p><p><blockquote>路透纽约5月28日 - 标普500周四小幅收低，在意外强劲的零售销售数据凸显美国经济复苏的强劲势头后，尾盘收窄跌幅。</blockquote></p><p> The three major indexes spent much of the day in negative territory as rising U.S. Treasury yields pressured market-leading tech stocks, and the rising dollar weighed on exporters.</p><p><blockquote>由于美国国债收益率上升给市场领先的科技股带来压力，以及美元升值给出口商带来压力，三大股指当天大部分时间都处于负值区域。</blockquote></p><p> Amazon.com Inc, buoyed by solid online sales in the Commerce Department’s report, helped push the Nasdaq into positive territory.</p><p><blockquote>亚马逊公司在商务部报告中稳健的在线销售提振下，帮助纳斯达克进入正值。</blockquote></p><p> “Looking at today, clearly we had positive news from retail sales and it looks as if the massive slowdown in the economy is not materializing as a lot of people expected,” said Ryan Detrick, senior market strategist at LPL Financial in Charlotte, North Carolina.</p><p><blockquote>“北卡罗来纳州夏洛特市 LPL Financial 高级市场策略师 Ryan Detrick 说：”从今天的情况来看，我们显然收到了零售销售方面的积极消息，而且经济的大幅放缓似乎并没有像许多人预期的那样实现。</blockquote></p><p> “It’s a nice reminder that the economy is still taking two steps forward for each step back even amid the COVID concerns,” Detrick added.</p><p><blockquote>“德特里克补充说：”这很好地提醒我们，即使在 COVID 担忧的情况下，经济仍在每后退一步前进两步。</blockquote></p><p> Economically sensitive transports and microchips were among the outperformers.</p><p><blockquote>对经济敏感的运输和微芯片表现优异。</blockquote></p><p> Data released before the opening bell showed an unexpected bump in retail sales as shoppers weathered Hurricane Ida and the COVID Delta variant, evidence of resilience in the consumer, who contributes about 70% to U.S. economic growth.</p><p><blockquote>开盘前公布的数据显示，随着购物者经受住了飓风艾达和新冠病毒德尔塔变异毒株的考验，零售额意外增长，这证明了消费者的韧性，消费者对美国经济增长的贡献约为70%。</blockquote></p><p> “Once again, it shows the U.S. consumer continues to spend and continues to help this economy grow,” Detrick said.</p><p><blockquote>“德特里克说：”这再次表明美国消费者继续消费，并继续帮助经济增长。</blockquote></p><p> The Dow Jones Industrial Average fell 63.07 points, or 0.18%, to 34,751.32; the S&amp;P 500 lost 6.95 points, or 0.16%, at 4,473.75; and the Nasdaq Composite added 20.40 points, or 0.13%, at 15,181.92.</p><p><blockquote>道琼斯工业平均指数下跌63.07点，跌幅0.18%，至34,751.32点；标普500下跌 6.95 点，跌幅 0.16%，报 4,473.75 点；纳斯达克综合指数上涨 20.40 点，即 0.13%，至 15,181.92 点。</blockquote></p><p> Eight of the 11 major sectors in the S&amp;P 500 ended lower, with materials suffering the largest percentage drop.</p><p><blockquote>标普500 11个主要板块中有8个板块收盘走低，其中材料板块跌幅最大。</blockquote></p><p> The consumer discretionary spending sector posted the biggest gain, with Amazon.com doing the heavy lifting.</p><p><blockquote>非必需消费品支出行业涨幅最大，其中亚马逊承担了重任。</blockquote></p><p> Apparel company Gap Inc gained 1.6%. Online marketplace Etsy Inc and luxury accessory company Tapestry Inc rose 3.1% and 1.9%, respectively.</p><p><blockquote>服装公司 Gap Inc 上涨 1.6%。在线市场 Etsy Inc 和奢侈配饰公司 Tapestry Inc 分别上涨 3.1% 和 1.9%。</blockquote></p><p> Ford Motor Co rose 1.4% after it announced plans to boost production of its F-150 electric pickup model.</p><p><blockquote>福特汽车公司宣布计划提高 F-150 电动皮卡车型的产量，股价上涨 1.4%。</blockquote></p><p> Declining issues outnumbered advancing ones on the NYSE by a 1.27-to-1 ratio; on Nasdaq, a 1.06-to-1 ratio favored advancers.</p><p><blockquote>纽约证券交易所下跌发行量与上涨发行量的比例为 1.27 比 1；在纳斯达克，1.06比1的比率有利于进步人士。</blockquote></p><p> The S&amp;P 500 posted nine new 52-week highs and one new low; the Nasdaq Composite recorded 82 new highs and 94 new lows.</p><p><blockquote>标普500创下9个52周新高和一个新低；纳斯达克综合指数创下82个新高和94个新低。</blockquote></p><p> Volume on U.S. exchanges was 9.37 billion shares, compared with the 9.44 billion average over the last 20 trading days.</p><p><blockquote>美国交易所的成交量为 93.7 亿股，而过去 20 个交易日的平均成交量为 94.4 亿股。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.reuters.com/article/usa-stocks/us-stocks-sp-ends-modestly-lower-as-rising-treasury-yields-offset-robust-retail-data-idUSL1N2QI2MB\">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":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://www.reuters.com/article/usa-stocks/us-stocks-sp-ends-modestly-lower-as-rising-treasury-yields-offset-robust-retail-data-idUSL1N2QI2MB","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1105376345","content_text":"NEW YORK (Reuters) - The S&P 500 ended slightly down on Thursday, paring losses in late trading after unexpectedly strong retail sales data underscored the strength of the U.S. economic recovery.\nThe three major indexes spent much of the day in negative territory as rising U.S. Treasury yields pressured market-leading tech stocks, and the rising dollar weighed on exporters.\nAmazon.com Inc, buoyed by solid online sales in the Commerce Department’s report, helped push the Nasdaq into positive territory.\n“Looking at today, clearly we had positive news from retail sales and it looks as if the massive slowdown in the economy is not materializing as a lot of people expected,” said Ryan Detrick, senior market strategist at LPL Financial in Charlotte, North Carolina.\n“It’s a nice reminder that the economy is still taking two steps forward for each step back even amid the COVID concerns,” Detrick added.\nEconomically sensitive transports and microchips were among the outperformers.\nData released before the opening bell showed an unexpected bump in retail sales as shoppers weathered Hurricane Ida and the COVID Delta variant, evidence of resilience in the consumer, who contributes about 70% to U.S. economic growth.\n“Once again, it shows the U.S. consumer continues to spend and continues to help this economy grow,” Detrick said.\nThe Dow Jones Industrial Average fell 63.07 points, or 0.18%, to 34,751.32; the S&P 500 lost 6.95 points, or 0.16%, at 4,473.75; and the Nasdaq Composite added 20.40 points, or 0.13%, at 15,181.92.\nEight of the 11 major sectors in the S&P 500 ended lower, with materials suffering the largest percentage drop.\nThe consumer discretionary spending sector posted the biggest gain, with Amazon.com doing the heavy lifting.\nApparel company Gap Inc gained 1.6%. Online marketplace Etsy Inc and luxury accessory company Tapestry Inc rose 3.1% and 1.9%, respectively.\nFord Motor Co rose 1.4% after it announced plans to boost production of its F-150 electric pickup model.\nDeclining issues outnumbered advancing ones on the NYSE by a 1.27-to-1 ratio; on Nasdaq, a 1.06-to-1 ratio favored advancers.\nThe S&P 500 posted nine new 52-week highs and one new low; the Nasdaq Composite recorded 82 new highs and 94 new lows.\nVolume on U.S. exchanges was 9.37 billion shares, compared with the 9.44 billion average over the last 20 trading days.","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":861,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":885058324,"gmtCreate":1631747723868,"gmtModify":1631890072409,"author":{"id":"4091018116118440","authorId":"4091018116118440","name":"Cloivette","avatar":"https://static.tigerbbs.com/ad2a0efb1d679fbe4fa2f053d2e03abb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4091018116118440","authorIdStr":"4091018116118440"},"themes":[],"title":"","htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/885058324","repostId":"2167592712","repostType":4,"isVote":1,"tweetType":1,"viewCount":971,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":882824372,"gmtCreate":1631676557296,"gmtModify":1631890072412,"author":{"id":"4091018116118440","authorId":"4091018116118440","name":"Cloivette","avatar":"https://static.tigerbbs.com/ad2a0efb1d679fbe4fa2f053d2e03abb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4091018116118440","authorIdStr":"4091018116118440"},"themes":[],"title":"","htmlText":"Like pls thank you","listText":"Like pls thank you","text":"Like pls thank you","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/882824372","repostId":"1148341685","repostType":4,"repost":{"id":"1148341685","kind":"news","pubTimestamp":1631660884,"share":"https://www.laohunote.com/m/news/1148341685?lang=zh_CN&edition=full","pubTime":"2021-09-15 07:08","market":"us","language":"en","title":"U.S. stocks close lower on worries over recovery, corporate tax hikes<blockquote>由于对经济复苏和企业增税的担忧，美国股市收盘走低</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1148341685","media":"Reuters","summary":"NEW YORK (Reuters) - Wall Street lost ground on Tuesday as economic uncertainties and the increasing","content":"<p>NEW YORK (Reuters) - Wall Street lost ground on Tuesday as economic uncertainties and the increasing likelihood of a corporate tax rate hike dampened investor sentiment and prompted a broad sell-off despite signs of easing inflation.</p><p><blockquote>纽约（路透社） - 尽管有通胀放缓的迹象，但经济不确定性和企业税率上调的可能性不断增加抑制了投资者情绪，并引发了广泛的抛售，华尔街周二下跌。</blockquote></p><p> Optimism faded throughout the session, reversing an initial rally following the Labor Department’s consumer price index report. All three major U.S. stock indexes ended in negative territory in a reminder that September is a historically rough month for stocks.</p><p><blockquote>乐观情绪在整个交易日逐渐消退，扭转了劳工部发布消费者价格指数报告后最初的反弹势头。美国三大股指均以负值收盘，这提醒人们，9 月份是股市历史上最艰难的一个月。</blockquote></p><p> So far this month the S&amp;P 500 is down nearly 1.8% even as the benchmark index has gained over 18% since the beginning of the year.</p><p><blockquote>本月到目前为止，标普500下跌了近1.8%，尽管基准指数自年初以来已上涨超过18%。</blockquote></p><p> “There is a possibility that the market is simply ready to go through an overdue correction,” said Sam Stovall, chief investment strategist at CFRA Research in New York. “From a seasonality perspective, September tends to be the window dressing period for fund managers.”</p><p><blockquote>“纽约 CFRA Research 首席投资策略师 Sam Stovall 说：”市场有可能只是准备好经历一场迟来的调整。“从季节性来看，9月份往往是基金经理的窗口期。”</blockquote></p><p> The advent of the highly contagious Delta COVID variant has driven an increase in bearish sentiment regarding the recovery from the global health crisis, and many now expect a substantial correction in stock markets by the end of the year.</p><p><blockquote>高度传染性的Delta COVID变种的出现推动了对全球健康危机复苏的看跌情绪的增加，许多人现在预计股市将在今年年底前大幅调整。</blockquote></p><p> “We’re still in a corrective mode that people have been calling for months,” said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago. “Economic data points have been missing estimates, and that has coincided with the rise in the Delta variant.”</p><p><blockquote>“芝加哥 Kingsview Asset Management 的投资组合经理保罗-诺尔特（Paul Nolte）说：”我们仍处于人们几个月来一直呼吁的纠正模式。“经济数据点一直低于预期，而这恰逢德尔塔变异毒株的上升”。</blockquote></p><p> The CPI report delivered a lower-than-consensus August reading, a deceleration that supports Federal Reserve Chairman Jerome Powell’s assertion that spiking inflation is transitory and calms market fears that the central bank will begin tightening monetary policy sooner than expected.</p><p><blockquote>CPI报告公布的8月份数据低于共识，这一放缓支持了美联储主席杰罗姆-鲍威尔（Jerome Powell）的断言，即通胀飙升是暂时的，并平息了市场对央行将比预期更早开始收紧货币政策的担忧。</blockquote></p><p> U.S. Treasury yields dropped on the data, which pressured financial stocks, and investor favor pivoted back to growth at the expense of value. [US/]</p><p><blockquote>数据显示，美国国债收益率下降，给金融股带来压力，投资者的青睐以牺牲价值为代价重新转向增长。[美国/]</blockquote></p><p> The long expected corporate tax hikes, to 26.5% from 21% if Democrats prevail, are coming nearer to fruition with U.S. President Joe Biden’s $3.5 trillion budget package inching closer to passage.</p><p><blockquote>随着美国总统乔-拜登（Joe Biden）的 3.5 万亿美元预算方案逐渐接近通过，人们期待已久的企业税上调幅度将从 21% 提高到 26.5%。</blockquote></p><p> The Dow Jones Industrial Average fell 292.06 points, or 0.84%, to 34,577.57; the S&amp;P 500 lost 25.68 points, or 0.57%, at 4,443.05; and the Nasdaq Composite dropped 67.82 points, or 0.45%, to 15,037.76.</p><p><blockquote>道琼斯工业平均指数下跌292.06点，跌幅0.84%，报34,577.57点；标普500下跌25.68点，跌幅0.57%，报4,443.05点；纳斯达克综合指数下跌 67.82 点，跌幅 0.45%，至 15,037.76 点。</blockquote></p><p> All 11 major sectors in the S&amp;P 500 ended the session red, with energy and financials suffering the largest percentage drops.</p><p><blockquote>标普500 11个主要板块全部收红，其中能源和金融板块跌幅最大。</blockquote></p><p> Apple Inc unveiled its iPhone 13 and added new features to its iPad and Apple Watch gadgets in its biggest product launch event of the year as the company faces increased scrutiny in the courts over its business practices. Its shares closed down 1.0% and were the heaviest drag on the S&amp;P 500 and the Nasdaq.</p><p><blockquote>苹果公司在今年最大的产品发布会上推出了 iPhone 13，并为其 iPad 和苹果手表设备添加了新功能，因为该公司面临着法院对其商业行为日益严格的审查。其股价收盘下跌 1.0%，是标普500和纳斯达克最大的拖累。</blockquote></p><p> Intuit Inc gained 1.9% following the TurboTax maker’s announcement that it would acquire digital marketing company Mailchimp for $12 billion.</p><p><blockquote>Intuit Inc 上涨了 1.9%，此前这家涡轮税制造商宣布将以 120 亿美元收购数字营销公司 Mailchimp。</blockquote></p><p> CureVac slid 8.0% after the German biotechnology company canceled manufacturing deals for its experimental COVID-19 vaccine.</p><p><blockquote>德国生物技术公司 CureVac 取消其实验性 COVID-19 疫苗的生产交易后，股价下跌 8.0%。</blockquote></p><p> Declining issues outnumbered advancing ones on the NYSE by a 2.25-to-1 ratio; on Nasdaq, a 2.40-to-1 ratio favored decliners.</p><p><blockquote>纽约证券交易所下跌发行量与上涨发行量的比例为 2.25 比 1；在纳斯达克，2.40 比 1 的比率有利于下跌者。</blockquote></p><p> The S&amp;P 500 posted two new 52-week highs and two new lows; the Nasdaq Composite recorded 50 new highs and 107 new lows.</p><p><blockquote>标普500创下两个52周新高和两个新低；纳斯达克综合指数创下50个新高和107个新低。</blockquote></p><p> Volume on U.S. exchanges was 10.07 billion shares, compared with the 9.38 billion average over the last 20 trading days.</p><p><blockquote>美国交易所的成交量为 100.7 亿股，而过去 20 个交易日的平均成交量为 93.8 亿股。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>U.S. stocks close lower on worries over recovery, corporate tax hikes<blockquote>由于对经济复苏和企业增税的担忧，美国股市收盘走低</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nU.S. stocks close lower on worries over recovery, corporate tax hikes<blockquote>由于对经济复苏和企业增税的担忧，美国股市收盘走低</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-09-15 07:08</span>\n</p>\n</h4>\n</header>\n<article>\n<p>NEW YORK (Reuters) - Wall Street lost ground on Tuesday as economic uncertainties and the increasing likelihood of a corporate tax rate hike dampened investor sentiment and prompted a broad sell-off despite signs of easing inflation.</p><p><blockquote>纽约（路透社） - 尽管有通胀放缓的迹象，但经济不确定性和企业税率上调的可能性不断增加抑制了投资者情绪，并引发了广泛的抛售，华尔街周二下跌。</blockquote></p><p> Optimism faded throughout the session, reversing an initial rally following the Labor Department’s consumer price index report. All three major U.S. stock indexes ended in negative territory in a reminder that September is a historically rough month for stocks.</p><p><blockquote>乐观情绪在整个交易日逐渐消退，扭转了劳工部发布消费者价格指数报告后最初的反弹势头。美国三大股指均以负值收盘，这提醒人们，9 月份是股市历史上最艰难的一个月。</blockquote></p><p> So far this month the S&amp;P 500 is down nearly 1.8% even as the benchmark index has gained over 18% since the beginning of the year.</p><p><blockquote>本月到目前为止，标普500下跌了近1.8%，尽管基准指数自年初以来已上涨超过18%。</blockquote></p><p> “There is a possibility that the market is simply ready to go through an overdue correction,” said Sam Stovall, chief investment strategist at CFRA Research in New York. “From a seasonality perspective, September tends to be the window dressing period for fund managers.”</p><p><blockquote>“纽约 CFRA Research 首席投资策略师 Sam Stovall 说：”市场有可能只是准备好经历一场迟来的调整。“从季节性来看，9月份往往是基金经理的窗口期。”</blockquote></p><p> The advent of the highly contagious Delta COVID variant has driven an increase in bearish sentiment regarding the recovery from the global health crisis, and many now expect a substantial correction in stock markets by the end of the year.</p><p><blockquote>高度传染性的Delta COVID变种的出现推动了对全球健康危机复苏的看跌情绪的增加，许多人现在预计股市将在今年年底前大幅调整。</blockquote></p><p> “We’re still in a corrective mode that people have been calling for months,” said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago. “Economic data points have been missing estimates, and that has coincided with the rise in the Delta variant.”</p><p><blockquote>“芝加哥 Kingsview Asset Management 的投资组合经理保罗-诺尔特（Paul Nolte）说：”我们仍处于人们几个月来一直呼吁的纠正模式。“经济数据点一直低于预期，而这恰逢德尔塔变异毒株的上升”。</blockquote></p><p> The CPI report delivered a lower-than-consensus August reading, a deceleration that supports Federal Reserve Chairman Jerome Powell’s assertion that spiking inflation is transitory and calms market fears that the central bank will begin tightening monetary policy sooner than expected.</p><p><blockquote>CPI报告公布的8月份数据低于共识，这一放缓支持了美联储主席杰罗姆-鲍威尔（Jerome Powell）的断言，即通胀飙升是暂时的，并平息了市场对央行将比预期更早开始收紧货币政策的担忧。</blockquote></p><p> U.S. Treasury yields dropped on the data, which pressured financial stocks, and investor favor pivoted back to growth at the expense of value. [US/]</p><p><blockquote>数据显示，美国国债收益率下降，给金融股带来压力，投资者的青睐以牺牲价值为代价重新转向增长。[美国/]</blockquote></p><p> The long expected corporate tax hikes, to 26.5% from 21% if Democrats prevail, are coming nearer to fruition with U.S. President Joe Biden’s $3.5 trillion budget package inching closer to passage.</p><p><blockquote>随着美国总统乔-拜登（Joe Biden）的 3.5 万亿美元预算方案逐渐接近通过，人们期待已久的企业税上调幅度将从 21% 提高到 26.5%。</blockquote></p><p> The Dow Jones Industrial Average fell 292.06 points, or 0.84%, to 34,577.57; the S&amp;P 500 lost 25.68 points, or 0.57%, at 4,443.05; and the Nasdaq Composite dropped 67.82 points, or 0.45%, to 15,037.76.</p><p><blockquote>道琼斯工业平均指数下跌292.06点，跌幅0.84%，报34,577.57点；标普500下跌25.68点，跌幅0.57%，报4,443.05点；纳斯达克综合指数下跌 67.82 点，跌幅 0.45%，至 15,037.76 点。</blockquote></p><p> All 11 major sectors in the S&amp;P 500 ended the session red, with energy and financials suffering the largest percentage drops.</p><p><blockquote>标普500 11个主要板块全部收红，其中能源和金融板块跌幅最大。</blockquote></p><p> Apple Inc unveiled its iPhone 13 and added new features to its iPad and Apple Watch gadgets in its biggest product launch event of the year as the company faces increased scrutiny in the courts over its business practices. Its shares closed down 1.0% and were the heaviest drag on the S&amp;P 500 and the Nasdaq.</p><p><blockquote>苹果公司在今年最大的产品发布会上推出了 iPhone 13，并为其 iPad 和苹果手表设备添加了新功能，因为该公司面临着法院对其商业行为日益严格的审查。其股价收盘下跌 1.0%，是标普500和纳斯达克最大的拖累。</blockquote></p><p> Intuit Inc gained 1.9% following the TurboTax maker’s announcement that it would acquire digital marketing company Mailchimp for $12 billion.</p><p><blockquote>Intuit Inc 上涨了 1.9%，此前这家涡轮税制造商宣布将以 120 亿美元收购数字营销公司 Mailchimp。</blockquote></p><p> CureVac slid 8.0% after the German biotechnology company canceled manufacturing deals for its experimental COVID-19 vaccine.</p><p><blockquote>德国生物技术公司 CureVac 取消其实验性 COVID-19 疫苗的生产交易后，股价下跌 8.0%。</blockquote></p><p> Declining issues outnumbered advancing ones on the NYSE by a 2.25-to-1 ratio; on Nasdaq, a 2.40-to-1 ratio favored decliners.</p><p><blockquote>纽约证券交易所下跌发行量与上涨发行量的比例为 2.25 比 1；在纳斯达克，2.40 比 1 的比率有利于下跌者。</blockquote></p><p> The S&amp;P 500 posted two new 52-week highs and two new lows; the Nasdaq Composite recorded 50 new highs and 107 new lows.</p><p><blockquote>标普500创下两个52周新高和两个新低；纳斯达克综合指数创下50个新高和107个新低。</blockquote></p><p> Volume on U.S. exchanges was 10.07 billion shares, compared with the 9.38 billion average over the last 20 trading days.</p><p><blockquote>美国交易所的成交量为 100.7 亿股，而过去 20 个交易日的平均成交量为 93.8 亿股。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.reuters.com/article/usa-stocks/u-s-stocks-close-lower-on-worries-over-recovery-corporate-tax-hikes-idUSKBN2GA0W9\">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":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.reuters.com/article/usa-stocks/u-s-stocks-close-lower-on-worries-over-recovery-corporate-tax-hikes-idUSKBN2GA0W9","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148341685","content_text":"NEW YORK (Reuters) - Wall Street lost ground on Tuesday as economic uncertainties and the increasing likelihood of a corporate tax rate hike dampened investor sentiment and prompted a broad sell-off despite signs of easing inflation.\nOptimism faded throughout the session, reversing an initial rally following the Labor Department’s consumer price index report. All three major U.S. stock indexes ended in negative territory in a reminder that September is a historically rough month for stocks.\nSo far this month the S&P 500 is down nearly 1.8% even as the benchmark index has gained over 18% since the beginning of the year.\n“There is a possibility that the market is simply ready to go through an overdue correction,” said Sam Stovall, chief investment strategist at CFRA Research in New York. “From a seasonality perspective, September tends to be the window dressing period for fund managers.”\nThe advent of the highly contagious Delta COVID variant has driven an increase in bearish sentiment regarding the recovery from the global health crisis, and many now expect a substantial correction in stock markets by the end of the year.\n“We’re still in a corrective mode that people have been calling for months,” said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago. “Economic data points have been missing estimates, and that has coincided with the rise in the Delta variant.”\nThe CPI report delivered a lower-than-consensus August reading, a deceleration that supports Federal Reserve Chairman Jerome Powell’s assertion that spiking inflation is transitory and calms market fears that the central bank will begin tightening monetary policy sooner than expected.\nU.S. Treasury yields dropped on the data, which pressured financial stocks, and investor favor pivoted back to growth at the expense of value. [US/]\nThe long expected corporate tax hikes, to 26.5% from 21% if Democrats prevail, are coming nearer to fruition with U.S. President Joe Biden’s $3.5 trillion budget package inching closer to passage.\nThe Dow Jones Industrial Average fell 292.06 points, or 0.84%, to 34,577.57; the S&P 500 lost 25.68 points, or 0.57%, at 4,443.05; and the Nasdaq Composite dropped 67.82 points, or 0.45%, to 15,037.76.\nAll 11 major sectors in the S&P 500 ended the session red, with energy and financials suffering the largest percentage drops.\nApple Inc unveiled its iPhone 13 and added new features to its iPad and Apple Watch gadgets in its biggest product launch event of the year as the company faces increased scrutiny in the courts over its business practices. Its shares closed down 1.0% and were the heaviest drag on the S&P 500 and the Nasdaq.\nIntuit Inc gained 1.9% following the TurboTax maker’s announcement that it would acquire digital marketing company Mailchimp for $12 billion.\nCureVac slid 8.0% after the German biotechnology company canceled manufacturing deals for its experimental COVID-19 vaccine.\nDeclining issues outnumbered advancing ones on the NYSE by a 2.25-to-1 ratio; on Nasdaq, a 2.40-to-1 ratio favored decliners.\nThe S&P 500 posted two new 52-week highs and two new lows; the Nasdaq Composite recorded 50 new highs and 107 new lows.\nVolume on U.S. exchanges was 10.07 billion shares, compared with the 9.38 billion average over the last 20 trading days.","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":711,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":886512890,"gmtCreate":1631604675110,"gmtModify":1631890072417,"author":{"id":"4091018116118440","authorId":"4091018116118440","name":"Cloivette","avatar":"https://static.tigerbbs.com/ad2a0efb1d679fbe4fa2f053d2e03abb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4091018116118440","authorIdStr":"4091018116118440"},"themes":[],"title":"","htmlText":"Pls like","listText":"Pls like","text":"Pls like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/886512890","repostId":"2167433580","repostType":4,"repost":{"id":"2167433580","kind":"highlight","pubTimestamp":1631602991,"share":"https://www.laohunote.com/m/news/2167433580?lang=zh_CN&edition=full","pubTime":"2021-09-14 15:03","market":"us","language":"en","title":"Brace for 'choppy' market after Wall Street analysts trim S&P 500 earnings estimates for third quarter<blockquote>华尔街分析师下调标普500第三季度盈利预期后，为“动荡”的市场做好准备</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2167433580","media":"MarketWatch","summary":"'It's a good idea to lighten up on equity exposure,' says DataTrek co-founder\nIs the U.S. stock mark","content":"<p>'It's a good idea to lighten up on equity exposure,' says DataTrek co-founder</p><p><blockquote>DataTrek 联合创始人表示：“减轻股票风险是个好主意。”</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/117649c67a585b760bd34e6cfde46ef3\" tg-width=\"700\" tg-height=\"466\" referrerpolicy=\"no-referrer\"><span>Is the U.S. stock market heading for a correction in 2021?</span></p><p><blockquote><p class=\"t-img-caption\"><span>2021年美国股市会走向回调吗？</span></p></blockquote></p><p> Another crack may be emerging in the U.S. stock market.</p><p><blockquote>美国股市可能正在出现另一个裂缝。</blockquote></p><p> \"We don't want to make too much of this (yet), but Wall Street analysts actually cut their Q3 2021 earnings estimates for the S&amp;P 500 last week,\" DataTrek co-founder Nicholas Colas wrote in a note Monday. \"This, along with slowing economic growth, will make for further volatility.\"</p><p><blockquote>DataTrek 联合创始人 Nicholas Colas 在周一的一份报告中写道：“我们（还）不想对此做太多，但华尔街分析师实际上上周下调了标普500 2021 年第三季度的盈利预期。”“这一点，再加上经济增长放缓，将导致进一步的波动。”</blockquote></p><p> Last week's slightly revised earnings expectations for the third quarter were due to adjustments made by analysts in the industrials and materials sectors, according to the note. Considering current valuations of the S&amp;P 500, DataTrek said U.S. stocks need the \"tailwind of rising earnings expectations\" as well as companies beating estimates.</p><p><blockquote>报告称，上周小幅修正第三季度盈利预期是由于工业和材料行业分析师做出的调整。考虑到标普500目前的估值，DataTrek表示，美国股市需要“盈利预期上升的推动力”以及超出预期的公司。</blockquote></p><p> \"It's a good idea to lighten up on equity exposure,\" Colas said in the note. \"The near term is shaping up to be choppy.\"</p><p><blockquote>科拉斯在报告中表示：“减轻股票风险是个好主意。”“近期形势将不稳定。”</blockquote></p><p> The S&amp;P 500 rose about 0.2% on&nbsp;Monday, trading near its all-time peak of 4536.95 on Sep. 2, after sliding 1.7% last week amid concerns the delta variant of the coronavirus may be slowing the economic recovery.</p><p><blockquote>标普500周一上涨约 0.2%，接近 9 月 2 日的历史峰值 4536.95 点，上周因担心冠状病毒的 delta 变种可能会减缓经济复苏而下跌 1.7%。</blockquote></p><p> The materials sector of the S&amp;P 500 was down 0.1% in Monday afternoon trading, while the industrials sector was up 0.1%, according to FactSet data, at last check.</p><p><blockquote>FactSet 数据显示，周一下午交易中，标普500材料板块下跌 0.1%，而工业板块上涨 0.1%。</blockquote></p><p> The S&amp;P 500 is valued at 20.3x earnings estimates for 2022, according to the DataTrek note.</p><p><blockquote>根据 DataTrek 报告，该标普500 2022 年的估值是预期盈利的 20.3 倍。</blockquote></p><p> At the end of last week, Wall Street analysts estimated in aggregate that third-quarter earnings per share for the S&amp;P 500 will be $49.23, or $0.07 per share lower than forecast the prior week, Colas wrote, citing FactSet data. \"As much as analysts have been persistently too conservative with their estimates since Q2 2020, seeing them cut numbers (however slightly) is still worrisome.\"</p><p><blockquote>Colas 援引 FactSet 数据写道，上周末，华尔街分析师总体估计标普500第三季度每股收益为 49.23 美元，比前一周的预测低 0.07 美元。“尽管自 2020 年第二季度以来，分析师的预测一直过于保守，但看到他们削减数据（无论幅度多么小）仍然令人担忧。”</blockquote></p><p> RBC Capital Markets has lifted its S&amp;P 500 price target this year to 4,500, from 4,325, saying in a report Monday that its earnings-per-share forecast for the index has been revised higher to $200. The bank also raised its 2022 EPS forecast to $222 while introducing a price target of 4,900 for next year.</p><p><blockquote>加拿大皇家银行资本市场 (RBC Capital Markets) 已将今年标普500股价目标从 4,325 点上调至 4,500 点，并在周一的一份报告中表示，其对该指数的每股收益预测已上调至 200 美元。该银行还将 2022 年每股收益预测上调至 222 美元，同时提出明年 4,900 美元的目标价。</blockquote></p><p> But \"<a href=\"https://laohu8.com/S/AONE.U\">one</a> key risk that we are monitoring for the stock market -- and our call -- is the possibility that S&amp;P 500 EPS growth will turn negative in early 2022,\" RBC analysts led by Lori Calvasina, head of U.S. equity strategy, said in the report. \"While we are not worried about an economic recession,\" the strategists said they're watching for \"the possibility that EPS growth for the S&amp;P 500 may be weaker than the stock market can tolerate in early 2022.\"</p><p><blockquote>但是“<a href=\"https://laohu8.com/S/AONE.U\">一</a>以美国股票策略主管洛里·卡尔瓦西纳 (Lori Calvasina) 为首的加拿大皇家银行分析师在报告中表示：“我们正在监控的股市和看涨期权的主要风险是标普500每股收益增长可能在 2022 年初转为负值。”策略师们表示，“虽然我们并不担心经济衰退，”他们正在关注 “标普500每股收益增长可能弱于 2022 年初股市所能承受的可能性”。</blockquote></p><p> Wall Street banks have delivered recent warnings of a looming correction for the U.S. stock market amid concern over stretched valuations. RBC also sees risk of a pullback by year-end, but views it as \"a buying opportunity,\" according to its report.</p><p><blockquote>由于对估值过高的担忧，华尔街银行最近发出警告，称美国股市即将出现调整。加拿大皇家银行 (RBC) 的报告还认为年底存在回调风险，但将其视为“买入机会”。</blockquote></p><p> DataTrek expressed \"confidence\" that the S&amp;P 500 could this year push above its recent record high, despite expected volatility. While third-quarter earnings expectations have \"stagnated,\" U.S. large-cap stocks should still have enough \"earnings power\" to beat consensus estimates, according to the firm's note.</p><p><blockquote>DataTrek 表示“有信心”，尽管预计会出现波动，但标普500今年可能会突破近期历史新高。该公司的报告称，尽管第三季度盈利预期“停滞不前”，但美国大盘股仍应具有足够的“盈利能力”来超出市场普遍预期。</blockquote></p><p> \"That won't necessarily help current market sentiment,\" Colas said. \"We expect September to be volatile.\"</p><p><blockquote>“这不一定有助于当前的市场情绪，”科拉斯说。“我们预计九月份将出现波动。”</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Brace for 'choppy' market after Wall Street analysts trim S&P 500 earnings estimates for third quarter<blockquote>华尔街分析师下调标普500第三季度盈利预期后，为“动荡”的市场做好准备</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\">\nBrace for 'choppy' market after Wall Street analysts trim S&P 500 earnings estimates for third quarter<blockquote>华尔街分析师下调标普500第三季度盈利预期后，为“动荡”的市场做好准备</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-09-14 15:03</span>\n</p>\n</h4>\n</header>\n<article>\n<p>'It's a good idea to lighten up on equity exposure,' says DataTrek co-founder</p><p><blockquote>DataTrek 联合创始人表示：“减轻股票风险是个好主意。”</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/117649c67a585b760bd34e6cfde46ef3\" tg-width=\"700\" tg-height=\"466\" referrerpolicy=\"no-referrer\"><span>Is the U.S. stock market heading for a correction in 2021?</span></p><p><blockquote><p class=\"t-img-caption\"><span>2021年美国股市会走向回调吗？</span></p></blockquote></p><p> Another crack may be emerging in the U.S. stock market.</p><p><blockquote>美国股市可能正在出现另一个裂缝。</blockquote></p><p> \"We don't want to make too much of this (yet), but Wall Street analysts actually cut their Q3 2021 earnings estimates for the S&amp;P 500 last week,\" DataTrek co-founder Nicholas Colas wrote in a note Monday. \"This, along with slowing economic growth, will make for further volatility.\"</p><p><blockquote>DataTrek 联合创始人 Nicholas Colas 在周一的一份报告中写道：“我们（还）不想对此做太多，但华尔街分析师实际上上周下调了标普500 2021 年第三季度的盈利预期。”“这一点，再加上经济增长放缓，将导致进一步的波动。”</blockquote></p><p> Last week's slightly revised earnings expectations for the third quarter were due to adjustments made by analysts in the industrials and materials sectors, according to the note. Considering current valuations of the S&amp;P 500, DataTrek said U.S. stocks need the \"tailwind of rising earnings expectations\" as well as companies beating estimates.</p><p><blockquote>报告称，上周小幅修正第三季度盈利预期是由于工业和材料行业分析师做出的调整。考虑到标普500目前的估值，DataTrek表示，美国股市需要“盈利预期上升的推动力”以及超出预期的公司。</blockquote></p><p> \"It's a good idea to lighten up on equity exposure,\" Colas said in the note. \"The near term is shaping up to be choppy.\"</p><p><blockquote>科拉斯在报告中表示：“减轻股票风险是个好主意。”“近期形势将不稳定。”</blockquote></p><p> The S&amp;P 500 rose about 0.2% on&nbsp;Monday, trading near its all-time peak of 4536.95 on Sep. 2, after sliding 1.7% last week amid concerns the delta variant of the coronavirus may be slowing the economic recovery.</p><p><blockquote>标普500周一上涨约 0.2%，接近 9 月 2 日的历史峰值 4536.95 点，上周因担心冠状病毒的 delta 变种可能会减缓经济复苏而下跌 1.7%。</blockquote></p><p> The materials sector of the S&amp;P 500 was down 0.1% in Monday afternoon trading, while the industrials sector was up 0.1%, according to FactSet data, at last check.</p><p><blockquote>FactSet 数据显示，周一下午交易中，标普500材料板块下跌 0.1%，而工业板块上涨 0.1%。</blockquote></p><p> The S&amp;P 500 is valued at 20.3x earnings estimates for 2022, according to the DataTrek note.</p><p><blockquote>根据 DataTrek 报告，该标普500 2022 年的估值是预期盈利的 20.3 倍。</blockquote></p><p> At the end of last week, Wall Street analysts estimated in aggregate that third-quarter earnings per share for the S&amp;P 500 will be $49.23, or $0.07 per share lower than forecast the prior week, Colas wrote, citing FactSet data. \"As much as analysts have been persistently too conservative with their estimates since Q2 2020, seeing them cut numbers (however slightly) is still worrisome.\"</p><p><blockquote>Colas 援引 FactSet 数据写道，上周末，华尔街分析师总体估计标普500第三季度每股收益为 49.23 美元，比前一周的预测低 0.07 美元。“尽管自 2020 年第二季度以来，分析师的预测一直过于保守，但看到他们削减数据（无论幅度多么小）仍然令人担忧。”</blockquote></p><p> RBC Capital Markets has lifted its S&amp;P 500 price target this year to 4,500, from 4,325, saying in a report Monday that its earnings-per-share forecast for the index has been revised higher to $200. The bank also raised its 2022 EPS forecast to $222 while introducing a price target of 4,900 for next year.</p><p><blockquote>加拿大皇家银行资本市场 (RBC Capital Markets) 已将今年标普500股价目标从 4,325 点上调至 4,500 点，并在周一的一份报告中表示，其对该指数的每股收益预测已上调至 200 美元。该银行还将 2022 年每股收益预测上调至 222 美元，同时提出明年 4,900 美元的目标价。</blockquote></p><p> But \"<a href=\"https://laohu8.com/S/AONE.U\">one</a> key risk that we are monitoring for the stock market -- and our call -- is the possibility that S&amp;P 500 EPS growth will turn negative in early 2022,\" RBC analysts led by Lori Calvasina, head of U.S. equity strategy, said in the report. \"While we are not worried about an economic recession,\" the strategists said they're watching for \"the possibility that EPS growth for the S&amp;P 500 may be weaker than the stock market can tolerate in early 2022.\"</p><p><blockquote>但是“<a href=\"https://laohu8.com/S/AONE.U\">一</a>以美国股票策略主管洛里·卡尔瓦西纳 (Lori Calvasina) 为首的加拿大皇家银行分析师在报告中表示：“我们正在监控的股市和看涨期权的主要风险是标普500每股收益增长可能在 2022 年初转为负值。”策略师们表示，“虽然我们并不担心经济衰退，”他们正在关注 “标普500每股收益增长可能弱于 2022 年初股市所能承受的可能性”。</blockquote></p><p> Wall Street banks have delivered recent warnings of a looming correction for the U.S. stock market amid concern over stretched valuations. RBC also sees risk of a pullback by year-end, but views it as \"a buying opportunity,\" according to its report.</p><p><blockquote>由于对估值过高的担忧，华尔街银行最近发出警告，称美国股市即将出现调整。加拿大皇家银行 (RBC) 的报告还认为年底存在回调风险，但将其视为“买入机会”。</blockquote></p><p> DataTrek expressed \"confidence\" that the S&amp;P 500 could this year push above its recent record high, despite expected volatility. While third-quarter earnings expectations have \"stagnated,\" U.S. large-cap stocks should still have enough \"earnings power\" to beat consensus estimates, according to the firm's note.</p><p><blockquote>DataTrek 表示“有信心”，尽管预计会出现波动，但标普500今年可能会突破近期历史新高。该公司的报告称，尽管第三季度盈利预期“停滞不前”，但美国大盘股仍应具有足够的“盈利能力”来超出市场普遍预期。</blockquote></p><p> \"That won't necessarily help current market sentiment,\" Colas said. \"We expect September to be volatile.\"</p><p><blockquote>“这不一定有助于当前的市场情绪，”科拉斯说。“我们预计九月份将出现波动。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/brace-for-choppy-market-after-wall-street-analysts-trim-s-p-500-earnings-estimates-for-third-quarter-11631562992?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://www.marketwatch.com/story/brace-for-choppy-market-after-wall-street-analysts-trim-s-p-500-earnings-estimates-for-third-quarter-11631562992?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2167433580","content_text":"'It's a good idea to lighten up on equity exposure,' says DataTrek co-founder\nIs the U.S. stock market heading for a correction in 2021?\nAnother crack may be emerging in the U.S. stock market.\n\"We don't want to make too much of this (yet), but Wall Street analysts actually cut their Q3 2021 earnings estimates for the S&P 500 last week,\" DataTrek co-founder Nicholas Colas wrote in a note Monday. \"This, along with slowing economic growth, will make for further volatility.\"\nLast week's slightly revised earnings expectations for the third quarter were due to adjustments made by analysts in the industrials and materials sectors, according to the note. Considering current valuations of the S&P 500, DataTrek said U.S. stocks need the \"tailwind of rising earnings expectations\" as well as companies beating estimates.\n\"It's a good idea to lighten up on equity exposure,\" Colas said in the note. \"The near term is shaping up to be choppy.\"\nThe S&P 500 rose about 0.2% on Monday, trading near its all-time peak of 4536.95 on Sep. 2, after sliding 1.7% last week amid concerns the delta variant of the coronavirus may be slowing the economic recovery.\nThe materials sector of the S&P 500 was down 0.1% in Monday afternoon trading, while the industrials sector was up 0.1%, according to FactSet data, at last check.\nThe S&P 500 is valued at 20.3x earnings estimates for 2022, according to the DataTrek note.\nAt the end of last week, Wall Street analysts estimated in aggregate that third-quarter earnings per share for the S&P 500 will be $49.23, or $0.07 per share lower than forecast the prior week, Colas wrote, citing FactSet data. \"As much as analysts have been persistently too conservative with their estimates since Q2 2020, seeing them cut numbers (however slightly) is still worrisome.\"\nRBC Capital Markets has lifted its S&P 500 price target this year to 4,500, from 4,325, saying in a report Monday that its earnings-per-share forecast for the index has been revised higher to $200. The bank also raised its 2022 EPS forecast to $222 while introducing a price target of 4,900 for next year.\nBut \"one key risk that we are monitoring for the stock market -- and our call -- is the possibility that S&P 500 EPS growth will turn negative in early 2022,\" RBC analysts led by Lori Calvasina, head of U.S. equity strategy, said in the report. \"While we are not worried about an economic recession,\" the strategists said they're watching for \"the possibility that EPS growth for the S&P 500 may be weaker than the stock market can tolerate in early 2022.\"\nWall Street banks have delivered recent warnings of a looming correction for the U.S. stock market amid concern over stretched valuations. RBC also sees risk of a pullback by year-end, but views it as \"a buying opportunity,\" according to its report.\nDataTrek expressed \"confidence\" that the S&P 500 could this year push above its recent record high, despite expected volatility. While third-quarter earnings expectations have \"stagnated,\" U.S. large-cap stocks should still have enough \"earnings power\" to beat consensus estimates, according to the firm's note.\n\"That won't necessarily help current market sentiment,\" Colas said. \"We expect September to be volatile.\"","news_type":1,"symbols_score_info":{"SPY":0.9,".IXIC":0.9,".DJI":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":774,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":888084900,"gmtCreate":1631413795200,"gmtModify":1631890072417,"author":{"id":"4091018116118440","authorId":"4091018116118440","name":"Cloivette","avatar":"https://static.tigerbbs.com/ad2a0efb1d679fbe4fa2f053d2e03abb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4091018116118440","authorIdStr":"4091018116118440"},"themes":[],"title":"","htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/888084900","repostId":"1189654544","repostType":4,"repost":{"id":"1189654544","kind":"news","pubTimestamp":1631406130,"share":"https://www.laohunote.com/m/news/1189654544?lang=zh_CN&edition=full","pubTime":"2021-09-12 08:22","market":"us","language":"en","title":"US IPO Week Ahead: The Fall IPO market kicks off with a 10 IPO week<blockquote>美国 IPO 周即将到来：秋季 IPO 市场以第 10 周 IPO 拉开帷幕</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1189654544","media":"Renaissance Capital","summary":"After a wave of launches in the short holiday week, 10 IPOs are scheduled to raise over $3 billion i","content":"<p>After a wave of launches in the short holiday week, 10 IPOs are scheduled to raise over $3 billion in the week ahead.</p><p><blockquote>在短暂的假期周经历了一波上市浪潮后，未来一周将有 10 起 IPO 计划筹集超过 30 亿美元。</blockquote></p><p> Tech consultancy&nbsp;<b>Thoughtworks</b>(TWKS) plans to raise $700 million at a $6.3 billion market cap. This agile software developer provides premium, end-to-end digital strategy, design, and engineering services to more than 300 enterprise customers. The company grew revenue at a 14% CAGR from 2017 to 2020, and expanded margins in 2020 and the 1H21.</p><p><blockquote>技术咨询<b>思想作品</b>(TWKS) 计划以 63 亿美元的市值筹集 7 亿美元。这家敏捷软件开发商为300多家企业客户提供优质的端到端数字战略、设计和工程服务。从2017年到2020年，该公司的收入以14%的CAGR增长，并在2020年和2021年上半年扩大了利润率。</blockquote></p><p> Swiss running shoe brand&nbsp;<b>On Holding</b>(ONON) plans to raise $591 million at a $5.9 billion market cap. On is a global provider of premium athletic footwear, apparel, and accessories that are designed using sustainable materials and its proprietary technology. The company has demonstrated growth and profitability, though it faces significant competition from other well-known sportswear brands.</p><p><blockquote>瑞士跑鞋品牌<b>关于持有</b>(ONON) 计划以 59 亿美元的市值筹集 5.91 亿美元。On是一家使用可持续材料及其专有技术设计的优质运动鞋、服装和配件的全球供应商。该公司已表现出增长和盈利能力，尽管它面临来自其他知名运动服装品牌的激烈竞争。</blockquote></p><p> After ending talks to go public via SPAC,<b>Sportradar Group</b>(SRAD) plans to raise $504 million at a $7.9 billion market cap. Covering over 750,000 events annually across 83 sports, this Swiss company provides software, data, and content to sports leagues, betting operators, and media companies. Sportradar is profitable, and growth accelerated in the 1H21 as live sports resumed.</p><p><blockquote>在结束通过特殊目的收购公司上市的谈判后，<b>体育雷达集团</b>(SRAD) 计划以 79 亿美元的市值筹集 5.04 亿美元。这家瑞士公司每年报道83个体育项目的750,000多场赛事，为体育联盟、博彩运营商和媒体公司提供软件、数据和内容。Sportradar 实现了盈利，随着体育直播的恢复，2021 年上半年增长加速。</blockquote></p><p> Drive-thru coffee chain&nbsp;<b>Dutch Bros</b>(BROS) plans to raise $400 million at a $3.3 billion market cap. This Oregon-based company has a chain of 471 drive-thru coffee shops in the Western US, and it has been able to maintain a track record of same-store sales growth as it has expanded to new states. Insiders received pre-IPO dividends and will sell shares back to the company.</p><p><blockquote>得来速咖啡连锁店<b>荷兰兄弟</b>(BROS) 计划以 33 亿美元的市值筹集 4 亿美元。这家总部位于俄勒冈州的公司在美国西部拥有471家得来速咖啡店连锁店，随着向新州扩张，它能够保持同店销售增长的记录。内部人士收到了IPO前股息，并将把股票卖回给公司。</blockquote></p><p> Healthcare intelligence platform&nbsp;<b>Definitive Healthcare</b>(DH) plans to raise $350 million at a $3.3 billion market cap. This company provides a healthcare commercial intelligence and analytics platform, helping its customers to analyze, navigate, and sell into the complex healthcare ecosystem. Unprofitable with strong growth, Definitive Healthcare will be leveraged post-IPO.</p><p><blockquote>医疗智能平台<b>终极医疗保健</b>（卫生署）计划以33亿元的市值筹集3.5亿元。该公司提供医疗保健商业智能和分析平台，帮助其客户分析、导航和销售到复杂的医疗保健生态系统。由于增长强劲，Definitive Healthcare 未盈利，IPO 后将受到杠杆作用。</blockquote></p><p> Identity management platform&nbsp;<b>ForgeRock</b>(FORG) plans to raise $248 million at a $2.1 billion market cap. The company provides identity and access management software, with a platform to provision, authenticate, and govern all types of digital identities. Unprofitable with high sales and marketing expenses, ForgeRock is a leading next-gen provider in the multi-billion-dollar identity and access market.</p><p><blockquote>身份管理平台<b>伪岩</b>(FORG) 计划以 21 亿美元的市值筹集 2.48 亿美元。该公司提供身份和访问管理软件，以及一个提供、认证和管理所有类型数字身份的平台。由于销售和营销费用高昂，ForgeRock 无利可图，是价值数十亿美元的身份和访问市场中领先的下一代提供商。</blockquote></p><p> Immunology biotech&nbsp;<b>DICE Therapeutics</b>(DICE) plans to raise $160 million at a $550 million market cap. This biotech is developing oral small molecule therapies to treat chronic diseases in immunology and other therapeutic areas. DICE plans to initiate a Phase 1 trial of its lead candidate S011806, an oral antagonist with a variety of immunology indications.</p><p><blockquote>免疫生物技术<b>骰子治疗</b>(DICE) 计划以 5.5 亿美元的市值筹集 1.6 亿美元。这家生物技术公司正在开发口服小分子疗法，以治疗免疫学和其他治疗领域的慢性疾病。DICE计划启动其主要候选药物S011806的1期试验，这是一种具有多种免疫学适应症的口服拮抗剂。</blockquote></p><p> Surgical robotics developer&nbsp;<b>PROCEPT BioRobotics</b>(PRCT) plans to raise $127 million at a $1.1 billion market cap. This commercial-stage company develops surgical robotic systems for minimally-invasive urologic surgery with an initial focus on treating benign prostatic hyperplasia. PROCEPT BioRobotics is highly unprofitable and saw revenue increase more than sixfold in the 1H21.</p><p><blockquote>手术机器人开发商<b>生物机器人方案</b>(PRCT) 计划以 11 亿美元的市值筹集 1.27 亿美元。这家商业阶段的公司开发用于微创泌尿外科手术的手术机器人系统，最初重点是治疗良性前列腺增生。PROCEPT BioRobotics 严重无利可图，2021 年上半年收入增长了六倍多。</blockquote></p><p> Oncology biotech&nbsp;<b>Tyra Biosciences</b>(TYRA) plans to raise $101 million at a $584 million market cap. This preclinical biotech is developing FGFR kinase inhibitors for cancer, specifically solid tumors. Tyra’s lead candidate is initially focused on bladder cancer, and the company expects to submit an IND for it in mid-2022.</p><p><blockquote>肿瘤生物技术<b>泰拉生物科学</b>(TYRA) 计划以 5.84 亿美元的市值筹集 1.01 亿美元。这家临床前生物技术公司正在开发用于癌症，特别是实体瘤的 FGFR 激酶抑制剂。Tyra 的主要候选药物最初专注于膀胱癌，该公司预计将在 2022 年年中提交该药物的 IND。</blockquote></p><p> Micro-cap gas delivery service&nbsp;<b>EzFill Holdings</b>(EZFL) plans to raise $25 million at a $104 million market cap. This mobile-fueling company provides an on-demand fuel delivery service in Florida via mobile app. Highly unprofitable with explosive growth, EzFill states that it is the dominant player in the South Florida market.</p><p><blockquote>微型气体输送服务<b>埃兹菲尔控股</b>（EZFL）计划以1.04亿美元的市值筹集2500万美元。这家移动加油公司通过移动应用程序在佛罗里达州提供按需加油服务。EzFill 表示，它是南佛罗里达市场的主导者，但由于增长迅速，利润极高，因此它是南佛罗里达市场的主导者。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/718698ff98644c4026f32efe91d076c6\" tg-width=\"1128\" tg-height=\"684\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/97fe13300d9e4cf61effc59b9706776a\" tg-width=\"1129\" tg-height=\"247\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>IPO Market Snapshot</b></p><p><blockquote><b>IPO市场快照</b></blockquote></p><p> The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 9/9/21, the Renaissance IPO Index was up 7.7% year-to-date, while the S&amp;P 500 was up 19.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snowflake (SNOW) and Palantir Technologies (PLTR). The Renaissance International IPO Index was down 11.0% year-to-date, while the ACWX was up 10.0%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Smoore International and EQT Partners.</p><p><blockquote>文艺复兴IPO指数是新上市公司的市值加权篮子。截至21年9月9日，文艺复兴IPO指数年初至今上涨7.7%，而标普500上涨19.6%。Renaissance Capital 的 IPO ETF（纽约证券交易所股票代码：IPO）追踪该指数，持有量最大的 ETF 包括 Snowflake (SNOW) 和 Palantir Technologies (PLTR)。Renaissance International IPO 指数今年迄今下跌 11.0%，而 ACWX 指数上涨 10.0%。Renaissance Capital 的国际 IPO ETF（纽约证券交易所股票代码：IPOS）追踪该指数，持有的 ETF 包括 Smoore International 和 EQT Partners。</blockquote></p><p></p>","source":"lsy1603787993745","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>US IPO Week Ahead: The Fall IPO market kicks off with a 10 IPO week<blockquote>美国 IPO 周即将到来：秋季 IPO 市场以第 10 周 IPO 拉开帷幕</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nUS IPO Week Ahead: The Fall IPO market kicks off with a 10 IPO week<blockquote>美国 IPO 周即将到来：秋季 IPO 市场以第 10 周 IPO 拉开帷幕</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Renaissance Capital</strong><span class=\"h-time small\">2021-09-12 08:22</span>\n</p>\n</h4>\n</header>\n<article>\n<p>After a wave of launches in the short holiday week, 10 IPOs are scheduled to raise over $3 billion in the week ahead.</p><p><blockquote>在短暂的假期周经历了一波上市浪潮后，未来一周将有 10 起 IPO 计划筹集超过 30 亿美元。</blockquote></p><p> Tech consultancy&nbsp;<b>Thoughtworks</b>(TWKS) plans to raise $700 million at a $6.3 billion market cap. This agile software developer provides premium, end-to-end digital strategy, design, and engineering services to more than 300 enterprise customers. The company grew revenue at a 14% CAGR from 2017 to 2020, and expanded margins in 2020 and the 1H21.</p><p><blockquote>技术咨询<b>思想作品</b>(TWKS) 计划以 63 亿美元的市值筹集 7 亿美元。这家敏捷软件开发商为300多家企业客户提供优质的端到端数字战略、设计和工程服务。从2017年到2020年，该公司的收入以14%的CAGR增长，并在2020年和2021年上半年扩大了利润率。</blockquote></p><p> Swiss running shoe brand&nbsp;<b>On Holding</b>(ONON) plans to raise $591 million at a $5.9 billion market cap. On is a global provider of premium athletic footwear, apparel, and accessories that are designed using sustainable materials and its proprietary technology. The company has demonstrated growth and profitability, though it faces significant competition from other well-known sportswear brands.</p><p><blockquote>瑞士跑鞋品牌<b>关于持有</b>(ONON) 计划以 59 亿美元的市值筹集 5.91 亿美元。On是一家使用可持续材料及其专有技术设计的优质运动鞋、服装和配件的全球供应商。该公司已表现出增长和盈利能力，尽管它面临来自其他知名运动服装品牌的激烈竞争。</blockquote></p><p> After ending talks to go public via SPAC,<b>Sportradar Group</b>(SRAD) plans to raise $504 million at a $7.9 billion market cap. Covering over 750,000 events annually across 83 sports, this Swiss company provides software, data, and content to sports leagues, betting operators, and media companies. Sportradar is profitable, and growth accelerated in the 1H21 as live sports resumed.</p><p><blockquote>在结束通过特殊目的收购公司上市的谈判后，<b>体育雷达集团</b>(SRAD) 计划以 79 亿美元的市值筹集 5.04 亿美元。这家瑞士公司每年报道83个体育项目的750,000多场赛事，为体育联盟、博彩运营商和媒体公司提供软件、数据和内容。Sportradar 实现了盈利，随着体育直播的恢复，2021 年上半年增长加速。</blockquote></p><p> Drive-thru coffee chain&nbsp;<b>Dutch Bros</b>(BROS) plans to raise $400 million at a $3.3 billion market cap. This Oregon-based company has a chain of 471 drive-thru coffee shops in the Western US, and it has been able to maintain a track record of same-store sales growth as it has expanded to new states. Insiders received pre-IPO dividends and will sell shares back to the company.</p><p><blockquote>得来速咖啡连锁店<b>荷兰兄弟</b>(BROS) 计划以 33 亿美元的市值筹集 4 亿美元。这家总部位于俄勒冈州的公司在美国西部拥有471家得来速咖啡店连锁店，随着向新州扩张，它能够保持同店销售增长的记录。内部人士收到了IPO前股息，并将把股票卖回给公司。</blockquote></p><p> Healthcare intelligence platform&nbsp;<b>Definitive Healthcare</b>(DH) plans to raise $350 million at a $3.3 billion market cap. This company provides a healthcare commercial intelligence and analytics platform, helping its customers to analyze, navigate, and sell into the complex healthcare ecosystem. Unprofitable with strong growth, Definitive Healthcare will be leveraged post-IPO.</p><p><blockquote>医疗智能平台<b>终极医疗保健</b>（卫生署）计划以33亿元的市值筹集3.5亿元。该公司提供医疗保健商业智能和分析平台，帮助其客户分析、导航和销售到复杂的医疗保健生态系统。由于增长强劲，Definitive Healthcare 未盈利，IPO 后将受到杠杆作用。</blockquote></p><p> Identity management platform&nbsp;<b>ForgeRock</b>(FORG) plans to raise $248 million at a $2.1 billion market cap. The company provides identity and access management software, with a platform to provision, authenticate, and govern all types of digital identities. Unprofitable with high sales and marketing expenses, ForgeRock is a leading next-gen provider in the multi-billion-dollar identity and access market.</p><p><blockquote>身份管理平台<b>伪岩</b>(FORG) 计划以 21 亿美元的市值筹集 2.48 亿美元。该公司提供身份和访问管理软件，以及一个提供、认证和管理所有类型数字身份的平台。由于销售和营销费用高昂，ForgeRock 无利可图，是价值数十亿美元的身份和访问市场中领先的下一代提供商。</blockquote></p><p> Immunology biotech&nbsp;<b>DICE Therapeutics</b>(DICE) plans to raise $160 million at a $550 million market cap. This biotech is developing oral small molecule therapies to treat chronic diseases in immunology and other therapeutic areas. DICE plans to initiate a Phase 1 trial of its lead candidate S011806, an oral antagonist with a variety of immunology indications.</p><p><blockquote>免疫生物技术<b>骰子治疗</b>(DICE) 计划以 5.5 亿美元的市值筹集 1.6 亿美元。这家生物技术公司正在开发口服小分子疗法，以治疗免疫学和其他治疗领域的慢性疾病。DICE计划启动其主要候选药物S011806的1期试验，这是一种具有多种免疫学适应症的口服拮抗剂。</blockquote></p><p> Surgical robotics developer&nbsp;<b>PROCEPT BioRobotics</b>(PRCT) plans to raise $127 million at a $1.1 billion market cap. This commercial-stage company develops surgical robotic systems for minimally-invasive urologic surgery with an initial focus on treating benign prostatic hyperplasia. PROCEPT BioRobotics is highly unprofitable and saw revenue increase more than sixfold in the 1H21.</p><p><blockquote>手术机器人开发商<b>生物机器人方案</b>(PRCT) 计划以 11 亿美元的市值筹集 1.27 亿美元。这家商业阶段的公司开发用于微创泌尿外科手术的手术机器人系统，最初重点是治疗良性前列腺增生。PROCEPT BioRobotics 严重无利可图，2021 年上半年收入增长了六倍多。</blockquote></p><p> Oncology biotech&nbsp;<b>Tyra Biosciences</b>(TYRA) plans to raise $101 million at a $584 million market cap. This preclinical biotech is developing FGFR kinase inhibitors for cancer, specifically solid tumors. Tyra’s lead candidate is initially focused on bladder cancer, and the company expects to submit an IND for it in mid-2022.</p><p><blockquote>肿瘤生物技术<b>泰拉生物科学</b>(TYRA) 计划以 5.84 亿美元的市值筹集 1.01 亿美元。这家临床前生物技术公司正在开发用于癌症，特别是实体瘤的 FGFR 激酶抑制剂。Tyra 的主要候选药物最初专注于膀胱癌，该公司预计将在 2022 年年中提交该药物的 IND。</blockquote></p><p> Micro-cap gas delivery service&nbsp;<b>EzFill Holdings</b>(EZFL) plans to raise $25 million at a $104 million market cap. This mobile-fueling company provides an on-demand fuel delivery service in Florida via mobile app. Highly unprofitable with explosive growth, EzFill states that it is the dominant player in the South Florida market.</p><p><blockquote>微型气体输送服务<b>埃兹菲尔控股</b>（EZFL）计划以1.04亿美元的市值筹集2500万美元。这家移动加油公司通过移动应用程序在佛罗里达州提供按需加油服务。EzFill 表示，它是南佛罗里达市场的主导者，但由于增长迅速，利润极高，因此它是南佛罗里达市场的主导者。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/718698ff98644c4026f32efe91d076c6\" tg-width=\"1128\" tg-height=\"684\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/97fe13300d9e4cf61effc59b9706776a\" tg-width=\"1129\" tg-height=\"247\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>IPO Market Snapshot</b></p><p><blockquote><b>IPO市场快照</b></blockquote></p><p> The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 9/9/21, the Renaissance IPO Index was up 7.7% year-to-date, while the S&amp;P 500 was up 19.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snowflake (SNOW) and Palantir Technologies (PLTR). The Renaissance International IPO Index was down 11.0% year-to-date, while the ACWX was up 10.0%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Smoore International and EQT Partners.</p><p><blockquote>文艺复兴IPO指数是新上市公司的市值加权篮子。截至21年9月9日，文艺复兴IPO指数年初至今上涨7.7%，而标普500上涨19.6%。Renaissance Capital 的 IPO ETF（纽约证券交易所股票代码：IPO）追踪该指数，持有量最大的 ETF 包括 Snowflake (SNOW) 和 Palantir Technologies (PLTR)。Renaissance International IPO 指数今年迄今下跌 11.0%，而 ACWX 指数上涨 10.0%。Renaissance Capital 的国际 IPO ETF（纽约证券交易所股票代码：IPOS）追踪该指数，持有的 ETF 包括 Smoore International 和 EQT Partners。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.renaissancecapital.com/IPO-Center/News/85972/US-IPO-Week-Ahead-The-Fall-IPO-market-kicks-off-with-a-10-IPO-week\">Renaissance Capital</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BROS":"Dutch Bros Inc.","PRCT":"PROCEPT BioRobotics","DH":"Definitive Healthcare Corp.",".IXIC":"NASDAQ Composite","TYRA":"Tyra Biosciences, Inc.","ONON":"On Holding AG",".SPX":"S&P 500 Index","SRAD":"Sportradar Group AG",".DJI":"道琼斯"},"source_url":"https://www.renaissancecapital.com/IPO-Center/News/85972/US-IPO-Week-Ahead-The-Fall-IPO-market-kicks-off-with-a-10-IPO-week","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1189654544","content_text":"After a wave of launches in the short holiday week, 10 IPOs are scheduled to raise over $3 billion in the week ahead.\nTech consultancy Thoughtworks(TWKS) plans to raise $700 million at a $6.3 billion market cap. This agile software developer provides premium, end-to-end digital strategy, design, and engineering services to more than 300 enterprise customers. The company grew revenue at a 14% CAGR from 2017 to 2020, and expanded margins in 2020 and the 1H21.\nSwiss running shoe brand On Holding(ONON) plans to raise $591 million at a $5.9 billion market cap. On is a global provider of premium athletic footwear, apparel, and accessories that are designed using sustainable materials and its proprietary technology. The company has demonstrated growth and profitability, though it faces significant competition from other well-known sportswear brands.\nAfter ending talks to go public via SPAC,Sportradar Group(SRAD) plans to raise $504 million at a $7.9 billion market cap. Covering over 750,000 events annually across 83 sports, this Swiss company provides software, data, and content to sports leagues, betting operators, and media companies. Sportradar is profitable, and growth accelerated in the 1H21 as live sports resumed.\nDrive-thru coffee chain Dutch Bros(BROS) plans to raise $400 million at a $3.3 billion market cap. This Oregon-based company has a chain of 471 drive-thru coffee shops in the Western US, and it has been able to maintain a track record of same-store sales growth as it has expanded to new states. Insiders received pre-IPO dividends and will sell shares back to the company.\nHealthcare intelligence platform Definitive Healthcare(DH) plans to raise $350 million at a $3.3 billion market cap. This company provides a healthcare commercial intelligence and analytics platform, helping its customers to analyze, navigate, and sell into the complex healthcare ecosystem. Unprofitable with strong growth, Definitive Healthcare will be leveraged post-IPO.\nIdentity management platform ForgeRock(FORG) plans to raise $248 million at a $2.1 billion market cap. The company provides identity and access management software, with a platform to provision, authenticate, and govern all types of digital identities. Unprofitable with high sales and marketing expenses, ForgeRock is a leading next-gen provider in the multi-billion-dollar identity and access market.\nImmunology biotech DICE Therapeutics(DICE) plans to raise $160 million at a $550 million market cap. This biotech is developing oral small molecule therapies to treat chronic diseases in immunology and other therapeutic areas. DICE plans to initiate a Phase 1 trial of its lead candidate S011806, an oral antagonist with a variety of immunology indications.\nSurgical robotics developer PROCEPT BioRobotics(PRCT) plans to raise $127 million at a $1.1 billion market cap. This commercial-stage company develops surgical robotic systems for minimally-invasive urologic surgery with an initial focus on treating benign prostatic hyperplasia. PROCEPT BioRobotics is highly unprofitable and saw revenue increase more than sixfold in the 1H21.\nOncology biotech Tyra Biosciences(TYRA) plans to raise $101 million at a $584 million market cap. This preclinical biotech is developing FGFR kinase inhibitors for cancer, specifically solid tumors. Tyra’s lead candidate is initially focused on bladder cancer, and the company expects to submit an IND for it in mid-2022.\nMicro-cap gas delivery service EzFill Holdings(EZFL) plans to raise $25 million at a $104 million market cap. This mobile-fueling company provides an on-demand fuel delivery service in Florida via mobile app. Highly unprofitable with explosive growth, EzFill states that it is the dominant player in the South Florida market.\n\nIPO Market Snapshot\nThe Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 9/9/21, the Renaissance IPO Index was up 7.7% year-to-date, while the S&P 500 was up 19.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snowflake (SNOW) and Palantir Technologies (PLTR). The Renaissance International IPO Index was down 11.0% year-to-date, while the ACWX was up 10.0%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Smoore International and EQT Partners.","news_type":1,"symbols_score_info":{"PRCT":0.9,"SRAD":0.9,"TYRA":0.9,".DJI":0.9,"EZFL":0.9,"DICE":0.9,"FORG":0.9,"TWKS":0.9,"BROS":0.9,"DH":0.9,"ONON":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":880,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":868016058,"gmtCreate":1632549985274,"gmtModify":1632658449863,"author":{"id":"4091018116118440","authorId":"4091018116118440","name":"Cloivette","avatar":"https://static.tigerbbs.com/ad2a0efb1d679fbe4fa2f053d2e03abb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4091018116118440","idStr":"4091018116118440"},"themes":[],"title":"","htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":12,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/868016058","repostId":"2170619785","repostType":4,"isVote":1,"tweetType":1,"viewCount":3451,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":862401770,"gmtCreate":1632897583110,"gmtModify":1632897583378,"author":{"id":"4091018116118440","authorId":"4091018116118440","name":"Cloivette","avatar":"https://static.tigerbbs.com/ad2a0efb1d679fbe4fa2f053d2e03abb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4091018116118440","idStr":"4091018116118440"},"themes":[],"title":"","htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/862401770","repostId":"1198528044","repostType":4,"repost":{"id":"1198528044","kind":"news","pubTimestamp":1632882697,"share":"https://www.laohunote.com/m/news/1198528044?lang=zh_CN&edition=full","pubTime":"2021-09-29 10:31","market":"us","language":"en","title":"Technically Speaking: Is The Market \"Melting-Up?\"<blockquote>从技术上讲：市场正在“融化”吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1198528044","media":"seekingalpha","summary":"Summary\n\nGiven the Fed’s ongoing balance sheet operations, investors fully believe they have protect","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Given the Fed’s ongoing balance sheet operations, investors fully believe they have protection from a decline.</li>  <li>As is always the case, the investing public believes future earnings will justify higher prices during a melt-up. It just never works out that way.</li>  <li>While it is essential to take advantage of the melt-up while it lasts, just don’t become overly complacent “this time is different”.</li> </ul> Is the<i>“market melting-up?”</i>Such was the question I received from my colleague at<i>Cut The Crap Investing.</i>It is an excellent question given the relentless increase in what investors believe is a<i>“no risk”</i>market.</p><p><blockquote><ul><li>鉴于美联储正在进行的资产负债表操作，投资者完全相信他们可以免受下跌的影响。</li><li>一如既往，投资公众相信未来的收益将证明熔化期间价格上涨是合理的。只是从来没有那样的结果。</li><li>虽然在融化过程中利用融化的机会至关重要，但不要过于自满 “这次不同了”。</li></ul>是<i>“市场融化？”</i>这是我从同事那里得到的问题<i>减少垃圾投资。</i>这是一个很好的问题，因为投资者认为<i>“无风险”</i>市场。</blockquote></p><p> Of course, we need a definition of precisely what constitutes a melt-up.</p><p><blockquote>当然，我们需要一个定义，准确地定义什么是熔化。</blockquote></p><p>   <i>“A melt-up is a sustained and often unexpected improvement in the investment performance of an asset or asset class, driven partly</i>  <i><b>by a stampede of investors who don’t want to miss out on its rise,</b></i>  <i>rather than by fundamental improvements in the economy.“</i>–  <i>Investopedia</i>  Currently, there is sufficient evidence to support the idea of an exuberant market.<b><i>As noted previously:</i></b></p><p><blockquote><i>“融化是指资产或资产类别的投资业绩持续且往往出乎意料的改善，部分原因是</i><i><b>不想错过其上涨机会的投资者蜂拥而至、</b></i><i>而不是经济的根本性改善。”</i>–<i>投资百科</i>目前，有足够的证据支持市场繁荣的观点。<b><i>如前所述：</i></b></blockquote></p><p>   <i>“Near peaks of market cycles, investors become swept up by the underlying exuberance. That exuberance breeds the “rationalization” that “this time is different.” So how do you know the market is exuberant currently? Via Sentiment Trader:”</i>    <i>‘This type of market activity is an indication that markets have returned their ‘enthusiasm’ stage. Such is characterized by:’</i>  <ul>  <li><b><i>High optimism</i></b></li>  <li><b><i>Easy credit (too easy, with loose terms)</i></b></li>  <li><b><i>A rush of initial and secondary offerings</i></b></li>  <li><b><i>Risky stocks outperforming</i></b></li>  <li><b><i>Stretched valuations</i></b></li> </ul> <img src=\"https://static.tigerbbs.com/ff8de3a84084162ca86b415584bbf793\" tg-width=\"731\" tg-height=\"468\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote><i>“在市场周期的顶峰附近，投资者会被潜在的繁荣所吸引。这种繁荣滋生了 “合理化”，即 “这次不同 ”。那么，你如何知道目前的市场是否繁荣呢？通过情绪交易者：”</i><i>这种市场活动表明市场已经回到了'热情'阶段。其特点是：'</i><ul><li><b><i>高度乐观</i></b></li><li><b><i>轻松信贷（太容易，条款宽松）</i></b></li><li><b><i>首次和二次发行的热潮</i></b></li><li><b><i>高风险股票跑赢大盘</i></b></li><li><b><i>拉伸估值</i></b></li></ul></blockquote></p><p> However, while one would expect individuals to exhibit caution in such an environment, the opposite is true. Given the Fed’s ongoing balance sheet operations, investors fully believe they have protection from a decline.</p><p><blockquote>然而，虽然人们会期望个人在这样的环境中表现出谨慎，但事实恰恰相反。鉴于美联储正在进行的资产负债表操作，投资者完全相信他们可以免受下跌的影响。</blockquote></p><p> <b>A Visualization Of A Market Melting-Up</b></p><p><blockquote><b>市场融化的可视化</b></blockquote></p><p> It is often easier to visualize something rather than explain it.<b>Since 1900, only two previous market periods qualify as a melt-up: 1920-1929 and 1995-2000.</b>The chart below shows both periods in terms of price.</p><p><blockquote>想象一些事情往往比解释它更容易。<b>自 1900 年以来，只有两个之前的市场时期符合融化的条件：1920-1929 年和 1995-2000 年。</b>下图显示了这两个时期的价格。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a218c7efe2ebd874d05c9ff7dd564436\" tg-width=\"797\" tg-height=\"437\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/9f193c9c32d55747bf7ff511c2f9fd53\" tg-width=\"793\" tg-height=\"439\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> However, the melt-up is also visually represented by the incredibly sharp rise in valuations. Such is essential because earnings are not rising at a fast enough clip to support higher prices.<b>As is always the case, the investing public believes future earnings will justify higher prices during a melt-up. It just never works out that way.</b></p><p><blockquote>然而，估值的大幅上涨也直观地体现了这种融化。这一点至关重要，因为盈利增长速度不足以支撑价格上涨。<b>一如既往，投资公众相信未来的收益将证明熔化期间价格上涨是合理的。只是从来没有那样的结果。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/c69e418d5a19d6fd03b305ab111e3be3\" tg-width=\"794\" tg-height=\"440\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/af03d3bbd071b8edfdf3a19e2c7b0bcd\" tg-width=\"796\" tg-height=\"437\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> We can compare those two previous periods with the current advance from the March 2020 lows. Again, we see a very similar sharp advance in price combined with a surge in valuations. As expected, investors are currently hoping that future earnings will rise sharply enough to justify current prices. However, the justification for paying high prices is the Federal Reserve’s ongoing balance sheet expansion.</p><p><blockquote>我们可以将前两个时期与当前较 2020 年 3 月低点的进步进行比较。同样，我们看到价格也出现了非常相似的大幅上涨，同时估值也飙升。正如预期的那样，投资者目前希望未来的盈利能够大幅增长，以证明当前的价格是合理的。然而，付出高价的理由是美联储持续的资产负债表扩张。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/f3562aea27b24ad4921d0f5cd497e072\" tg-width=\"804\" tg-height=\"444\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> The following chart looks that the price advance and valuation measures a little differently. It shows the current deviation from the long-term exponential growth trend. Not surprisingly, during a market<i>“melt-up,”</i>there is a rapid deviation from the growth trend matching the acceleration in valuations.</p><p><blockquote>下图显示，价格上涨和估值的衡量标准略有不同。它显示了当前与长期指数增长趋势的偏差。毫不奇怪，在市场期间<i>“融化，”</i>与估值加速相匹配的增长趋势迅速偏离。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/1419cf4b2afdcdc0f61e0cad862f498d\" tg-width=\"836\" tg-height=\"460\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> The problem with market<i>“melt-ups”</i>is not the melt-up itself but what always follows.</p><p><blockquote>市场问题<i>“融化”</i>不是熔化本身，而是随之而来的东西。</blockquote></p><p> <b>Melting-Up Leads To Melting-Down</b></p><p><blockquote><b>熔化导致熔化</b></blockquote></p><p> A market melting-up is exciting while it lasts. During melt-ups, investors begin to rationalize why<i>“this time is different.”</i>They start taking on excess leverage to try and capitalize on the rapid advance in prices, and fundamentals take a back seat to price momentum.</p><p><blockquote>市场融化持续下去是令人兴奋的。在融化过程中，投资者开始合理化原因<i>“这次不一样。”</i>他们开始过度使用杠杆，试图利用价格的快速上涨，而基本面则让位于价格动能。</blockquote></p><p></p><p> Market melt-ups are all about<i>“psychology.”</i><b>Historically, whatever has been the catalyst to spark the disregard of risk is readily witnessed in the corresponding surge in price and valuations.</b>The chart below shows the long-term deviations in relative strength, deviations, and valuations. The previous<i>‘melt-up”</i>periods should be easy to spot when compared with the advance currently.</p><p><blockquote>市场融化是关于<i>心理学。</i><b>从历史上看，无论什么催化剂引发了人们对风险的漠视，价格和估值的相应飙升都很容易见证。</b>下图显示了相对强度、偏差和估值的长期偏差。以前的<i>“融化”</i>与目前的进步相比，时期应该很容易发现。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/bc04cb25c0199dd17475a551a5dd7ec1\" tg-width=\"869\" tg-height=\"1024\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Given that current extensions match only a few rare periods in history, a couple of points should be readily apparent.</p><p><blockquote>鉴于当前的扩展只与历史上几个罕见的时期相匹配，有几点应该是显而易见的。</blockquote></p><p> <ol>  <li><b><i>Melt-ups can longer than logic would predict.</i></b></li>  <li><b><i>The prevailing psychology is always “this time is different.”</i></b></li>  <li><b><i>Valuations are dismissed in exchange for measures of momentum and forward expectations.</i></b></li>  <li><b><i>Investors take on excess leverage and risk in order to participate in a seemingly “can’t lose” market.</i></b></li>  <li><b><i>Lastly, and inevitably, “melt-ups” end and always in the worst possible outcomes.</i></b></li> </ol> It is essential to recognize the markets are in a<i>“melt-up,</i>” and the duration of that event is unknowable. Therefore, investors need a strategy to participate in the advance and mitigate the damage from the eventual<i>“melting-down.”</i></p><p><blockquote><ol><li><b><i>融化的时间可能比逻辑预测的要长。</i></b></li><li><b><i>流行的心理总是 “这次不一样”。</i></b></li><li><b><i>估值被放弃，以换取势头和前瞻性预期的衡量标准。</i></b></li><li><b><i>投资者为了参与一个看似 “输不起 ”的市场，承担了过多的杠杆和风险。</i></b></li><li><b><i>最后，也是不可避免的，“融化 ”以最坏的结果告终。</i></b></li></ol>必须认识到市场处于<i>“融化，</i>“事件的持续时间不得而知。因此，投资者需要一个策略来参与预先，并减轻最终的损失<i>“融化。”</i></blockquote></p><p> <b>Surviving The Melt-Up</b></p><p><blockquote><b>在融化中幸存下来</b></blockquote></p><p> <b>As noted, none of this means the next</b><b><i>“bear market”</i></b><b>is lurking.</b>Given that a market melting-up is a function of psychology, they can last longer and go further than logic would predict. What is required to “<i>end”</i>a melt-up is an unanticipated exogenous event that changes psychology from bullish to bearish. Such is when the stampede for the exits occurs, and prices decline very quickly.</p><p><blockquote><b>如前所述，这些都不意味着下一个</b><b><i>“熊市”</i></b><b>正在潜伏。</b>鉴于市场融化是心理的一个功能，它们可能会持续更长时间，比逻辑预测的更远。需要什么 “<i>结束”</i>融化是一种意想不到的外部事件，它会将心理从看涨转变为看跌。这就是退出潮发生的时候，价格会迅速下跌。</blockquote></p><p> As such, investors need a set of guidelines to participate in the market advance. But, of course, the hard part is keeping those gains when corrections inevitably occur.</p><p><blockquote>因此，投资者需要一套指导方针来参与市场发展。但是，当然，困难的部分是当调整不可避免地发生时保持这些收益。</blockquote></p><p> As portfolio managers for our clients, such is precisely the approach we must take. Accordingly, I have provided a general overview of the process that we employ.</p><p><blockquote>作为客户的投资组合经理，这正是我们必须采取的方法。因此，我概述了我们采用的流程。</blockquote></p><p> <ol>  <li><i><b>Tighten up stop-loss levels</b></i><i>to current support levels for each position.(Provides identifiable exit points when the market reverses.)</i></li>  <li><i><b>Hedge portfolios</b></i><i>against major market declines.(Non-correlated assets, short-market positions, index put options)</i></li>  <li><i><b>Take profits</b></i><i>in positions that have been big winners(Rebalancing overbought or extended positions to capture gains but continue to participate in the advance.)</i></li>  <li><i><b>Sell laggards</b></i><i>and losers</i>.<i>(If something isn’t working in a market melt-up, it most likely won’t work during a broad decline. Better to eliminate the risk early.)</i></li>  <li><i><b>Raise cash</b></i><i>and rebalance portfolios to target weightings.(Rebalancing risk on a regular basis keeps hidden risks somewhat mitigated.)</i></li> </ol> <b>Notice, nothing in there says,</b><b><i>“sell everything and go to cash.”</i></b></p><p><blockquote><ol><li><i><b>收紧止损水平</b></i><i>每个头寸的当前支撑位。（在市场反转时提供可识别的退出点。）</i></li><li><i><b>对冲投资组合</b></i><i>抵御市场大幅下跌。（不相关资产、空头市场头寸、指数看跌期权）</i></li><li><i><b>获利</b></i><i>在已经成为大赢家的头寸中（重新平衡超买或扩展头寸以获取收益，但继续参与上涨。）</i></li><li><i><b>卖出落后者</b></i><i>和失败者</i>.<i>(如果某种方法在市场融化时不起作用，那么在普遍下跌时很可能也不起作用。最好尽早消除风险）。</i></li><li><i><b>筹集现金</b></i><i>并根据目标权重重新平衡投资组合。（定期重新平衡风险可以在一定程度上减轻隐藏风险。）</i></li></ol><b>注意，里面没写，</b><b><i>“卖掉所有东西，变现。”</i></b></blockquote></p><p> There will be a time to raise significant levels of cash. A good portfolio management strategy will automatically ensure that<i>“stop-loss”</i>levels get triggered, exposure decreases, and cash levels rise when the selling begins.</p><p><blockquote>将会有一段时间大幅筹集现金。良好的投资组合管理策略将自动确保<i>“止损”</i>当销售开始时，水平被触发，风险敞口减少，现金水平上升。</blockquote></p><p> While it is essential to take advantage of the melt-up while it lasts, just don’t become overly complacent<i>“this time is different.”</i></p><p><blockquote>虽然在融化过程中利用融化的机会至关重要，但不要过于自满<i>“这次不一样。”</i></blockquote></p><p> It likely isn’t.</p><p><blockquote>很可能不是。</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>Technically Speaking: Is The Market \"Melting-Up?\"<blockquote>从技术上讲：市场正在“融化”吗？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTechnically Speaking: Is The Market \"Melting-Up?\"<blockquote>从技术上讲：市场正在“融化”吗？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-09-29 10:31</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Given the Fed’s ongoing balance sheet operations, investors fully believe they have protection from a decline.</li>  <li>As is always the case, the investing public believes future earnings will justify higher prices during a melt-up. It just never works out that way.</li>  <li>While it is essential to take advantage of the melt-up while it lasts, just don’t become overly complacent “this time is different”.</li> </ul> Is the<i>“market melting-up?”</i>Such was the question I received from my colleague at<i>Cut The Crap Investing.</i>It is an excellent question given the relentless increase in what investors believe is a<i>“no risk”</i>market.</p><p><blockquote><ul><li>鉴于美联储正在进行的资产负债表操作，投资者完全相信他们可以免受下跌的影响。</li><li>一如既往，投资公众相信未来的收益将证明熔化期间价格上涨是合理的。只是从来没有那样的结果。</li><li>虽然在融化过程中利用融化的机会至关重要，但不要过于自满 “这次不同了”。</li></ul>是<i>“市场融化？”</i>这是我从同事那里得到的问题<i>减少垃圾投资。</i>这是一个很好的问题，因为投资者认为<i>“无风险”</i>市场。</blockquote></p><p> Of course, we need a definition of precisely what constitutes a melt-up.</p><p><blockquote>当然，我们需要一个定义，准确地定义什么是熔化。</blockquote></p><p>   <i>“A melt-up is a sustained and often unexpected improvement in the investment performance of an asset or asset class, driven partly</i>  <i><b>by a stampede of investors who don’t want to miss out on its rise,</b></i>  <i>rather than by fundamental improvements in the economy.“</i>–  <i>Investopedia</i>  Currently, there is sufficient evidence to support the idea of an exuberant market.<b><i>As noted previously:</i></b></p><p><blockquote><i>“融化是指资产或资产类别的投资业绩持续且往往出乎意料的改善，部分原因是</i><i><b>不想错过其上涨机会的投资者蜂拥而至、</b></i><i>而不是经济的根本性改善。”</i>–<i>投资百科</i>目前，有足够的证据支持市场繁荣的观点。<b><i>如前所述：</i></b></blockquote></p><p>   <i>“Near peaks of market cycles, investors become swept up by the underlying exuberance. That exuberance breeds the “rationalization” that “this time is different.” So how do you know the market is exuberant currently? Via Sentiment Trader:”</i>    <i>‘This type of market activity is an indication that markets have returned their ‘enthusiasm’ stage. Such is characterized by:’</i>  <ul>  <li><b><i>High optimism</i></b></li>  <li><b><i>Easy credit (too easy, with loose terms)</i></b></li>  <li><b><i>A rush of initial and secondary offerings</i></b></li>  <li><b><i>Risky stocks outperforming</i></b></li>  <li><b><i>Stretched valuations</i></b></li> </ul> <img src=\"https://static.tigerbbs.com/ff8de3a84084162ca86b415584bbf793\" tg-width=\"731\" tg-height=\"468\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote><i>“在市场周期的顶峰附近，投资者会被潜在的繁荣所吸引。这种繁荣滋生了 “合理化”，即 “这次不同 ”。那么，你如何知道目前的市场是否繁荣呢？通过情绪交易者：”</i><i>这种市场活动表明市场已经回到了'热情'阶段。其特点是：'</i><ul><li><b><i>高度乐观</i></b></li><li><b><i>轻松信贷（太容易，条款宽松）</i></b></li><li><b><i>首次和二次发行的热潮</i></b></li><li><b><i>高风险股票跑赢大盘</i></b></li><li><b><i>拉伸估值</i></b></li></ul></blockquote></p><p> However, while one would expect individuals to exhibit caution in such an environment, the opposite is true. Given the Fed’s ongoing balance sheet operations, investors fully believe they have protection from a decline.</p><p><blockquote>然而，虽然人们会期望个人在这样的环境中表现出谨慎，但事实恰恰相反。鉴于美联储正在进行的资产负债表操作，投资者完全相信他们可以免受下跌的影响。</blockquote></p><p> <b>A Visualization Of A Market Melting-Up</b></p><p><blockquote><b>市场融化的可视化</b></blockquote></p><p> It is often easier to visualize something rather than explain it.<b>Since 1900, only two previous market periods qualify as a melt-up: 1920-1929 and 1995-2000.</b>The chart below shows both periods in terms of price.</p><p><blockquote>想象一些事情往往比解释它更容易。<b>自 1900 年以来，只有两个之前的市场时期符合融化的条件：1920-1929 年和 1995-2000 年。</b>下图显示了这两个时期的价格。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a218c7efe2ebd874d05c9ff7dd564436\" tg-width=\"797\" tg-height=\"437\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/9f193c9c32d55747bf7ff511c2f9fd53\" tg-width=\"793\" tg-height=\"439\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> However, the melt-up is also visually represented by the incredibly sharp rise in valuations. Such is essential because earnings are not rising at a fast enough clip to support higher prices.<b>As is always the case, the investing public believes future earnings will justify higher prices during a melt-up. It just never works out that way.</b></p><p><blockquote>然而，估值的大幅上涨也直观地体现了这种融化。这一点至关重要，因为盈利增长速度不足以支撑价格上涨。<b>一如既往，投资公众相信未来的收益将证明熔化期间价格上涨是合理的。只是从来没有那样的结果。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/c69e418d5a19d6fd03b305ab111e3be3\" tg-width=\"794\" tg-height=\"440\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/af03d3bbd071b8edfdf3a19e2c7b0bcd\" tg-width=\"796\" tg-height=\"437\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> We can compare those two previous periods with the current advance from the March 2020 lows. Again, we see a very similar sharp advance in price combined with a surge in valuations. As expected, investors are currently hoping that future earnings will rise sharply enough to justify current prices. However, the justification for paying high prices is the Federal Reserve’s ongoing balance sheet expansion.</p><p><blockquote>我们可以将前两个时期与当前较 2020 年 3 月低点的进步进行比较。同样，我们看到价格也出现了非常相似的大幅上涨，同时估值也飙升。正如预期的那样，投资者目前希望未来的盈利能够大幅增长，以证明当前的价格是合理的。然而，付出高价的理由是美联储持续的资产负债表扩张。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/f3562aea27b24ad4921d0f5cd497e072\" tg-width=\"804\" tg-height=\"444\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> The following chart looks that the price advance and valuation measures a little differently. It shows the current deviation from the long-term exponential growth trend. Not surprisingly, during a market<i>“melt-up,”</i>there is a rapid deviation from the growth trend matching the acceleration in valuations.</p><p><blockquote>下图显示，价格上涨和估值的衡量标准略有不同。它显示了当前与长期指数增长趋势的偏差。毫不奇怪，在市场期间<i>“融化，”</i>与估值加速相匹配的增长趋势迅速偏离。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/1419cf4b2afdcdc0f61e0cad862f498d\" tg-width=\"836\" tg-height=\"460\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> The problem with market<i>“melt-ups”</i>is not the melt-up itself but what always follows.</p><p><blockquote>市场问题<i>“融化”</i>不是熔化本身，而是随之而来的东西。</blockquote></p><p> <b>Melting-Up Leads To Melting-Down</b></p><p><blockquote><b>熔化导致熔化</b></blockquote></p><p> A market melting-up is exciting while it lasts. During melt-ups, investors begin to rationalize why<i>“this time is different.”</i>They start taking on excess leverage to try and capitalize on the rapid advance in prices, and fundamentals take a back seat to price momentum.</p><p><blockquote>市场融化持续下去是令人兴奋的。在融化过程中，投资者开始合理化原因<i>“这次不一样。”</i>他们开始过度使用杠杆，试图利用价格的快速上涨，而基本面则让位于价格动能。</blockquote></p><p></p><p> Market melt-ups are all about<i>“psychology.”</i><b>Historically, whatever has been the catalyst to spark the disregard of risk is readily witnessed in the corresponding surge in price and valuations.</b>The chart below shows the long-term deviations in relative strength, deviations, and valuations. The previous<i>‘melt-up”</i>periods should be easy to spot when compared with the advance currently.</p><p><blockquote>市场融化是关于<i>心理学。</i><b>从历史上看，无论什么催化剂引发了人们对风险的漠视，价格和估值的相应飙升都很容易见证。</b>下图显示了相对强度、偏差和估值的长期偏差。以前的<i>“融化”</i>与目前的进步相比，时期应该很容易发现。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/bc04cb25c0199dd17475a551a5dd7ec1\" tg-width=\"869\" tg-height=\"1024\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Given that current extensions match only a few rare periods in history, a couple of points should be readily apparent.</p><p><blockquote>鉴于当前的扩展只与历史上几个罕见的时期相匹配，有几点应该是显而易见的。</blockquote></p><p> <ol>  <li><b><i>Melt-ups can longer than logic would predict.</i></b></li>  <li><b><i>The prevailing psychology is always “this time is different.”</i></b></li>  <li><b><i>Valuations are dismissed in exchange for measures of momentum and forward expectations.</i></b></li>  <li><b><i>Investors take on excess leverage and risk in order to participate in a seemingly “can’t lose” market.</i></b></li>  <li><b><i>Lastly, and inevitably, “melt-ups” end and always in the worst possible outcomes.</i></b></li> </ol> It is essential to recognize the markets are in a<i>“melt-up,</i>” and the duration of that event is unknowable. Therefore, investors need a strategy to participate in the advance and mitigate the damage from the eventual<i>“melting-down.”</i></p><p><blockquote><ol><li><b><i>融化的时间可能比逻辑预测的要长。</i></b></li><li><b><i>流行的心理总是 “这次不一样”。</i></b></li><li><b><i>估值被放弃，以换取势头和前瞻性预期的衡量标准。</i></b></li><li><b><i>投资者为了参与一个看似 “输不起 ”的市场，承担了过多的杠杆和风险。</i></b></li><li><b><i>最后，也是不可避免的，“融化 ”以最坏的结果告终。</i></b></li></ol>必须认识到市场处于<i>“融化，</i>“事件的持续时间不得而知。因此，投资者需要一个策略来参与预先，并减轻最终的损失<i>“融化。”</i></blockquote></p><p> <b>Surviving The Melt-Up</b></p><p><blockquote><b>在融化中幸存下来</b></blockquote></p><p> <b>As noted, none of this means the next</b><b><i>“bear market”</i></b><b>is lurking.</b>Given that a market melting-up is a function of psychology, they can last longer and go further than logic would predict. What is required to “<i>end”</i>a melt-up is an unanticipated exogenous event that changes psychology from bullish to bearish. Such is when the stampede for the exits occurs, and prices decline very quickly.</p><p><blockquote><b>如前所述，这些都不意味着下一个</b><b><i>“熊市”</i></b><b>正在潜伏。</b>鉴于市场融化是心理的一个功能，它们可能会持续更长时间，比逻辑预测的更远。需要什么 “<i>结束”</i>融化是一种意想不到的外部事件，它会将心理从看涨转变为看跌。这就是退出潮发生的时候，价格会迅速下跌。</blockquote></p><p> As such, investors need a set of guidelines to participate in the market advance. But, of course, the hard part is keeping those gains when corrections inevitably occur.</p><p><blockquote>因此，投资者需要一套指导方针来参与市场发展。但是，当然，困难的部分是当调整不可避免地发生时保持这些收益。</blockquote></p><p> As portfolio managers for our clients, such is precisely the approach we must take. Accordingly, I have provided a general overview of the process that we employ.</p><p><blockquote>作为客户的投资组合经理，这正是我们必须采取的方法。因此，我概述了我们采用的流程。</blockquote></p><p> <ol>  <li><i><b>Tighten up stop-loss levels</b></i><i>to current support levels for each position.(Provides identifiable exit points when the market reverses.)</i></li>  <li><i><b>Hedge portfolios</b></i><i>against major market declines.(Non-correlated assets, short-market positions, index put options)</i></li>  <li><i><b>Take profits</b></i><i>in positions that have been big winners(Rebalancing overbought or extended positions to capture gains but continue to participate in the advance.)</i></li>  <li><i><b>Sell laggards</b></i><i>and losers</i>.<i>(If something isn’t working in a market melt-up, it most likely won’t work during a broad decline. Better to eliminate the risk early.)</i></li>  <li><i><b>Raise cash</b></i><i>and rebalance portfolios to target weightings.(Rebalancing risk on a regular basis keeps hidden risks somewhat mitigated.)</i></li> </ol> <b>Notice, nothing in there says,</b><b><i>“sell everything and go to cash.”</i></b></p><p><blockquote><ol><li><i><b>收紧止损水平</b></i><i>每个头寸的当前支撑位。（在市场反转时提供可识别的退出点。）</i></li><li><i><b>对冲投资组合</b></i><i>抵御市场大幅下跌。（不相关资产、空头市场头寸、指数看跌期权）</i></li><li><i><b>获利</b></i><i>在已经成为大赢家的头寸中（重新平衡超买或扩展头寸以获取收益，但继续参与上涨。）</i></li><li><i><b>卖出落后者</b></i><i>和失败者</i>.<i>(如果某种方法在市场融化时不起作用，那么在普遍下跌时很可能也不起作用。最好尽早消除风险）。</i></li><li><i><b>筹集现金</b></i><i>并根据目标权重重新平衡投资组合。（定期重新平衡风险可以在一定程度上减轻隐藏风险。）</i></li></ol><b>注意，里面没写，</b><b><i>“卖掉所有东西，变现。”</i></b></blockquote></p><p> There will be a time to raise significant levels of cash. A good portfolio management strategy will automatically ensure that<i>“stop-loss”</i>levels get triggered, exposure decreases, and cash levels rise when the selling begins.</p><p><blockquote>将会有一段时间大幅筹集现金。良好的投资组合管理策略将自动确保<i>“止损”</i>当销售开始时，水平被触发，风险敞口减少，现金水平上升。</blockquote></p><p> While it is essential to take advantage of the melt-up while it lasts, just don’t become overly complacent<i>“this time is different.”</i></p><p><blockquote>虽然在融化过程中利用融化的机会至关重要，但不要过于自满<i>“这次不一样。”</i></blockquote></p><p> It likely isn’t.</p><p><blockquote>很可能不是。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4457469-technically-speaking-is-the-market-melting-up\">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":{".SPX":"S&P 500 Index","SPY":"标普500ETF",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://seekingalpha.com/article/4457469-technically-speaking-is-the-market-melting-up","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1198528044","content_text":"Summary\n\nGiven the Fed’s ongoing balance sheet operations, investors fully believe they have protection from a decline.\nAs is always the case, the investing public believes future earnings will justify higher prices during a melt-up. It just never works out that way.\nWhile it is essential to take advantage of the melt-up while it lasts, just don’t become overly complacent “this time is different”.\n\nIs the“market melting-up?”Such was the question I received from my colleague atCut The Crap Investing.It is an excellent question given the relentless increase in what investors believe is a“no risk”market.\nOf course, we need a definition of precisely what constitutes a melt-up.\n\n“A melt-up is a sustained and often unexpected improvement in the investment performance of an asset or asset class, driven partly\nby a stampede of investors who don’t want to miss out on its rise,\nrather than by fundamental improvements in the economy.“–\n Investopedia\n\nCurrently, there is sufficient evidence to support the idea of an exuberant market.As noted previously:\n\n“Near peaks of market cycles, investors become swept up by the underlying exuberance. That exuberance breeds the “rationalization” that “this time is different.” So how do you know the market is exuberant currently? Via Sentiment Trader:”\n\n\n‘This type of market activity is an indication that markets have returned their ‘enthusiasm’ stage. Such is characterized by:’\n\n\nHigh optimism\nEasy credit (too easy, with loose terms)\nA rush of initial and secondary offerings\nRisky stocks outperforming\nStretched valuations\n\n\nHowever, while one would expect individuals to exhibit caution in such an environment, the opposite is true. Given the Fed’s ongoing balance sheet operations, investors fully believe they have protection from a decline.\nA Visualization Of A Market Melting-Up\nIt is often easier to visualize something rather than explain it.Since 1900, only two previous market periods qualify as a melt-up: 1920-1929 and 1995-2000.The chart below shows both periods in terms of price.\n\nHowever, the melt-up is also visually represented by the incredibly sharp rise in valuations. Such is essential because earnings are not rising at a fast enough clip to support higher prices.As is always the case, the investing public believes future earnings will justify higher prices during a melt-up. It just never works out that way.\n\nWe can compare those two previous periods with the current advance from the March 2020 lows. Again, we see a very similar sharp advance in price combined with a surge in valuations. As expected, investors are currently hoping that future earnings will rise sharply enough to justify current prices. However, the justification for paying high prices is the Federal Reserve’s ongoing balance sheet expansion.\n\nThe following chart looks that the price advance and valuation measures a little differently. It shows the current deviation from the long-term exponential growth trend. Not surprisingly, during a market“melt-up,”there is a rapid deviation from the growth trend matching the acceleration in valuations.\n\nThe problem with market“melt-ups”is not the melt-up itself but what always follows.\nMelting-Up Leads To Melting-Down\nA market melting-up is exciting while it lasts. During melt-ups, investors begin to rationalize why“this time is different.”They start taking on excess leverage to try and capitalize on the rapid advance in prices, and fundamentals take a back seat to price momentum.\nMarket melt-ups are all about“psychology.”Historically, whatever has been the catalyst to spark the disregard of risk is readily witnessed in the corresponding surge in price and valuations.The chart below shows the long-term deviations in relative strength, deviations, and valuations. The previous‘melt-up”periods should be easy to spot when compared with the advance currently.\n\nGiven that current extensions match only a few rare periods in history, a couple of points should be readily apparent.\n\nMelt-ups can longer than logic would predict.\nThe prevailing psychology is always “this time is different.”\nValuations are dismissed in exchange for measures of momentum and forward expectations.\nInvestors take on excess leverage and risk in order to participate in a seemingly “can’t lose” market.\nLastly, and inevitably, “melt-ups” end and always in the worst possible outcomes.\n\nIt is essential to recognize the markets are in a“melt-up,” and the duration of that event is unknowable. Therefore, investors need a strategy to participate in the advance and mitigate the damage from the eventual“melting-down.”\nSurviving The Melt-Up\nAs noted, none of this means the next“bear market”is lurking.Given that a market melting-up is a function of psychology, they can last longer and go further than logic would predict. What is required to “end”a melt-up is an unanticipated exogenous event that changes psychology from bullish to bearish. Such is when the stampede for the exits occurs, and prices decline very quickly.\nAs such, investors need a set of guidelines to participate in the market advance. But, of course, the hard part is keeping those gains when corrections inevitably occur.\nAs portfolio managers for our clients, such is precisely the approach we must take. Accordingly, I have provided a general overview of the process that we employ.\n\nTighten up stop-loss levelsto current support levels for each position.(Provides identifiable exit points when the market reverses.)\nHedge portfoliosagainst major market declines.(Non-correlated assets, short-market positions, index put options)\nTake profitsin positions that have been big winners(Rebalancing overbought or extended positions to capture gains but continue to participate in the advance.)\nSell laggardsand losers.(If something isn’t working in a market melt-up, it most likely won’t work during a broad decline. Better to eliminate the risk early.)\nRaise cashand rebalance portfolios to target weightings.(Rebalancing risk on a regular basis keeps hidden risks somewhat mitigated.)\n\nNotice, nothing in there says,“sell everything and go to cash.”\nThere will be a time to raise significant levels of cash. A good portfolio management strategy will automatically ensure that“stop-loss”levels get triggered, exposure decreases, and cash levels rise when the selling begins.\nWhile it is essential to take advantage of the melt-up while it lasts, just don’t become overly complacent“this time is different.”\nIt likely isn’t.","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,".DJI":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":4385,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":833510020,"gmtCreate":1629249315660,"gmtModify":1631883815160,"author":{"id":"4091018116118440","authorId":"4091018116118440","name":"Cloivette","avatar":"https://static.tigerbbs.com/ad2a0efb1d679fbe4fa2f053d2e03abb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4091018116118440","idStr":"4091018116118440"},"themes":[],"title":"","htmlText":"Great offers for Warren Buffett","listText":"Great offers for Warren Buffett","text":"Great offers for Warren Buffett","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/833510020","repostId":"1116780100","repostType":4,"repost":{"id":"1116780100","kind":"news","pubTimestamp":1629248489,"share":"https://www.laohunote.com/m/news/1116780100?lang=zh_CN&edition=full","pubTime":"2021-08-18 09:01","market":"us","language":"en","title":"What Will It Take to Get Warren Buffett to Buy Stocks?<blockquote>怎样才能让沃伦·巴菲特购买股票？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1116780100","media":"Barrons","summary":"It may take a major selloff in the stock market to get Warren Buffett to make any major equity purch","content":"<p>It may take a major selloff in the stock market to get Warren Buffett to make any major equity purchases.</p><p><blockquote>沃伦·巴菲特可能需要股市大幅抛售才能进行任何重大股票购买。</blockquote></p><p> But even that might not be enough to get Buffett to scoop up stocks given his inactivity in the spring of 2020 during the sharp Covid-related selloff when the S&amp;P 500 index bottomed at half its current level.</p><p><blockquote>但即便如此，也可能不足以让巴菲特买入股票，因为他在 2020 年春季与新冠病毒相关的大幅抛售期间无所作为，当时标普500指数跌至当前水平的一半。</blockquote></p><p> Buffett, the longtime CEO of&nbsp;Berkshire Hathaway(ticker BRK.A and BRK.B), apparently doesn’t see a lot of value in stocks—and hasn’t for several quarters—and would rather buy something he knows and likes, Berkshire stock.</p><p><blockquote>巴菲特是伯克希尔-哈撒韦公司（股票代码：BRK.A 和 BRK.B）的长期首席执行官，他显然并不认为股票有多大价值--而且已经有几个季度没有看到--他宁愿购买他熟悉和喜欢的东西--伯克希尔股票。</blockquote></p><p> Berkshire’s&nbsp;regulatory filing&nbsp;Monday detailing its $300 billion-plus of equity holdings as of June 30 showed no notable changes. The company&nbsp;pared stakes in three drugmakers—AbbVie(ABBV),Bristol Myers Squibb(BMY), and&nbsp;Merck(MRK)—while reducing its holding in General Motors (GM) by seven million shares to 60 million shares now worth more than $3 billion.</p><p><blockquote>伯克希尔周一提交的监管文件详细列出了其截至 6 月 30 日持有的 3000 多亿美元股权，文件显示没有明显变化。该公司减持了艾伯维 (ABBV)、百时美施贵宝 (BMY) 和默克 (MRK) 三家制药商的股份，同时将通用汽车 (GM) 的持股减少了 700 万股，至 6000 万股，目前价值超过 30 亿美元。</blockquote></p><p> Berkshire added to its stake in&nbsp;Kroger(KR), now holding almost $3 billion of the grocer. It made no changes to its largest holdings,Apple(AAPL) now at around $134 billion and&nbsp;Bank of America(BAC) at $41 billion.</p><p><blockquote>伯克希尔增持了克罗格（KR）的股份，目前持有这家杂货商近 30 亿美元的股份。它没有改变其最大的持股，苹果公司 (AAPL) 目前约为 1,340 亿美元，美国银行 (BAC) 为 410 亿美元。</blockquote></p><p> Buffett’s inactivity hasn’t hurt Berkshire’s stock this year. The class A shares were up 0.1%, to $435,695 in early trading Tuesday, while the class B shares were unchanged, at $289.45. Both share classes are up about 25% this year, ahead of the&nbsp;S&amp;P 500&nbsp;index’s total return of about 20%. Investors are excited about Berkshire’s&nbsp;exposure to a strengthening U.S. economy.</p><p><blockquote>巴菲特的不作为并没有损害伯克希尔今年的股价。周二早盘交易中，A类股上涨0.1%，至435,695美元，而B类股持平，至289.45美元。这两类股票今年都上涨了约 25%，领先于标普500指数约 20% 的总回报率。投资者对伯克希尔哈撒韦公司在美国经济走强中的投资感到兴奋。</blockquote></p><p> Berkshire showed a new holding in&nbsp;Organon(OGN) of about 1.5 million shares in the second quarter, but that was likely the result of Merck’s spinoff of the drug outfit in the spring rather than an open-market purchase. Merck holders got one share of Organon for every 10 Merck shares.<i>Barron’s</i>&nbsp;has been bullish on the prospects for Organon, noting its relatively inexpensive valuation.</p><p><blockquote>伯克希尔在第二季度新增了约 150 万股 Organon（OGN）股票，但这很可能是默克公司在春季分拆该制药公司的结果，而不是公开市场收购的结果。默克股东每持有 10 股默克股票，即可获得 1 股 Organon。<i>巴伦</i>一直看好 Organon 的前景，并指出其估值相对便宜。</blockquote></p><p> During the second quarter, Berkshire was a net seller of about $1 billion of stocks according to&nbsp;its 10-Q filing, making this the fourth out of the past five quarters when the company was a net seller of stocks. Edward Jones analyst James Shanahan calculates that Berkshire was a net seller of $13.6 billion of stocks since early 2019.</p><p><blockquote>根据其 10-Q 文件，第二季度，伯克希尔哈撒韦公司净卖出了约 10 亿美元的股票，这是该公司过去五个季度中第四个净卖出股票。Edward Jones 分析师詹姆斯·沙纳汉 (James Shanahan) 计算出，自 2019 年初以来，伯克希尔哈撒韦公司净卖出了 136 亿美元的股票。</blockquote></p><p> Buffett also isn’t showing a lot of patience with some of the newer equity holdings, which has surprised some Berkshire watchers who recall that his oft-stated favorite holding period is forever.</p><p><blockquote>巴菲特对一些新持有的股票也没有表现出太多的耐心，这让一些伯克希尔的观察人士感到惊讶，他们回忆说，他经常说最喜欢的持股期是永远。</blockquote></p><p> The company accumulated roughly $2 billion stakes in AbbVie, Bristol Myers, and Merck during 2020 and sold them down in the second quarter. The Merck holding has been cut for two consecutive quarters and is down to 9.2 million shares from 28.7 million at year-end, a decline of about two thirds.</p><p><blockquote>该公司在 2020 年积累了艾伯维、百时美和默克公司约 20 亿美元的股份，并在第二季度出售了这些股份。默克公司的持股已连续两个季度被削减，从年底的2870万股降至920万股，降幅约为三分之二。</blockquote></p><p> Berkshire slightly reduced its holding in&nbsp;Chevron&nbsp;in the second quarter, to 23.1 million shares, a decline of about 600,000 shares, after cutting it roughly in half in&nbsp;the first quarter. The Chevron stake is now worth about $2.4 billion.</p><p><blockquote>伯克希尔在第二季度小幅减持雪佛龙，至2310万股，减少约60万股，此前伯克希尔在第一季度将其持股约减半。雪佛龙股份目前价值约24亿美元。</blockquote></p><p> It is notable that Buffett made use of&nbsp;a confidential filing&nbsp;with the Securities and Exchange Commission to accumulate the Chevron stake in 2020 only to cut it in half this year.</p><p><blockquote>值得注意的是，巴菲特利用向美国证券交易委员会提交的机密文件，在 2020 年积累了雪佛龙的股份，但今年却将其减半。</blockquote></p><p> Buffett’s investment moves since the start of 2020 have been underwhelming, including the sale of four airline stocks near the market bottom in April 2020.</p><p><blockquote>巴菲特自 2020 年初以来的投资举动并不令人印象深刻，包括在 2020 年 4 月市场底部附近抛售四只航空公司股票。</blockquote></p><p> He eliminated once sizable holdings in&nbsp;JPMorgan Chase(JPM) and&nbsp;Goldman Sachs Group(GS) last year at significantly below current prices and has virtually eliminated a formerly large stake in&nbsp;Wells Fargo(WFC) at considerably below its current price. Buffett probably has left well over $10 billion on the table with those financial-stock sales.</p><p><blockquote>去年，他以远低于当前价格的价格出售了摩根大通 (JPM) 和高盛集团 (GS) 的大量股份，并且实际上以远低于当前价格的价格出售了富国银行 (WFC) 之前的大量股份。巴菲特可能通过这些金融股销售留下了超过 100 亿美元的资金。</blockquote></p><p> Berkshire has also been quiet with acquisitions for several years. The last major deal was&nbsp;the $30 billion-plus purchase of Precision Castpartsin 2016.</p><p><blockquote>伯克希尔几年来也对收购保持沉默。最后一笔重大交易是 2016 年斥资 300 多亿美元收购精密铸件。</blockquote></p><p> Buffett said at Berkshire’s&nbsp;annual meeting in May&nbsp;that he was ready to invest. Berkshire is sitting on about $144 billion in cash and equivalents, mostly Treasury bills.</p><p><blockquote>巴菲特在 5 月份的伯克希尔年会上表示，他已准备好进行投资。伯克希尔拥有约 1,440 亿美元的现金及等价物，其中大部分是国库券。</blockquote></p><p> “But we’ve got more than we –we’ve got probably $70 billion or $80 billion, something like that maybe, that we’d love to put to work,” Buffett told shareholders. “But that’s 10% of our assets, roughly. And we probably won’t — we won’t get a chance to do it under these conditions, but conditions change very, very, very rapidly sometimes in markets.”</p><p><blockquote>“巴菲特对股东们说：”但我们拥有的不仅仅是我们--我们可能有 700 亿美元或 800 亿美元，也许是这样的，我们很乐意将其付诸实践。“但这大约占我们资产的 10%。在这种情况下，我们可能不会--我们没有机会这样做，但有时市场的情况变化非常、非常、非常快。”</blockquote></p><p> For the time being, Buffett seems content to plow Berkshire’s operating earnings, now running at more than $25 billion annually after taxes, into buybacks and keep a big cash pile in the event that markets turn and opportunities arise.</p><p><blockquote>目前，巴菲特似乎满足于将伯克希尔公司目前每年税后超过 250 亿美元的营业利润用于回购，并在市场好转和机会出现时保留大量现金。</blockquote></p><p> Berkshire has bought back about $6 billion of stock in each of the past two quarters or about 1% of the shares outstanding in each period.</p><p><blockquote>伯克希尔在过去两个季度中每个季度都回购了约 60 亿美元的股票，约占每个时期流通股的 1%。</blockquote></p><p></p><p> With Buffett turning 91 later this month, it’s an open question about whether he will get that big an opportunity while at the helm of the company he has led since 1965.</p><p><blockquote>巴菲特将于本月晚些时候年满 91 岁，他在执掌这家自 1965 年以来一直领导的公司期间是否会获得如此大的机会仍是一个悬而未决的问题。</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>What Will It Take to Get Warren Buffett to Buy Stocks?<blockquote>怎样才能让沃伦·巴菲特购买股票？</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\">\nWhat Will It Take to Get Warren Buffett to Buy Stocks?<blockquote>怎样才能让沃伦·巴菲特购买股票？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-08-18 09:01</span>\n</p>\n</h4>\n</header>\n<article>\n<p>It may take a major selloff in the stock market to get Warren Buffett to make any major equity purchases.</p><p><blockquote>沃伦·巴菲特可能需要股市大幅抛售才能进行任何重大股票购买。</blockquote></p><p> But even that might not be enough to get Buffett to scoop up stocks given his inactivity in the spring of 2020 during the sharp Covid-related selloff when the S&amp;P 500 index bottomed at half its current level.</p><p><blockquote>但即便如此，也可能不足以让巴菲特买入股票，因为他在 2020 年春季与新冠病毒相关的大幅抛售期间无所作为，当时标普500指数跌至当前水平的一半。</blockquote></p><p> Buffett, the longtime CEO of&nbsp;Berkshire Hathaway(ticker BRK.A and BRK.B), apparently doesn’t see a lot of value in stocks—and hasn’t for several quarters—and would rather buy something he knows and likes, Berkshire stock.</p><p><blockquote>巴菲特是伯克希尔-哈撒韦公司（股票代码：BRK.A 和 BRK.B）的长期首席执行官，他显然并不认为股票有多大价值--而且已经有几个季度没有看到--他宁愿购买他熟悉和喜欢的东西--伯克希尔股票。</blockquote></p><p> Berkshire’s&nbsp;regulatory filing&nbsp;Monday detailing its $300 billion-plus of equity holdings as of June 30 showed no notable changes. The company&nbsp;pared stakes in three drugmakers—AbbVie(ABBV),Bristol Myers Squibb(BMY), and&nbsp;Merck(MRK)—while reducing its holding in General Motors (GM) by seven million shares to 60 million shares now worth more than $3 billion.</p><p><blockquote>伯克希尔周一提交的监管文件详细列出了其截至 6 月 30 日持有的 3000 多亿美元股权，文件显示没有明显变化。该公司减持了艾伯维 (ABBV)、百时美施贵宝 (BMY) 和默克 (MRK) 三家制药商的股份，同时将通用汽车 (GM) 的持股减少了 700 万股，至 6000 万股，目前价值超过 30 亿美元。</blockquote></p><p> Berkshire added to its stake in&nbsp;Kroger(KR), now holding almost $3 billion of the grocer. It made no changes to its largest holdings,Apple(AAPL) now at around $134 billion and&nbsp;Bank of America(BAC) at $41 billion.</p><p><blockquote>伯克希尔增持了克罗格（KR）的股份，目前持有这家杂货商近 30 亿美元的股份。它没有改变其最大的持股，苹果公司 (AAPL) 目前约为 1,340 亿美元，美国银行 (BAC) 为 410 亿美元。</blockquote></p><p> Buffett’s inactivity hasn’t hurt Berkshire’s stock this year. The class A shares were up 0.1%, to $435,695 in early trading Tuesday, while the class B shares were unchanged, at $289.45. Both share classes are up about 25% this year, ahead of the&nbsp;S&amp;P 500&nbsp;index’s total return of about 20%. Investors are excited about Berkshire’s&nbsp;exposure to a strengthening U.S. economy.</p><p><blockquote>巴菲特的不作为并没有损害伯克希尔今年的股价。周二早盘交易中，A类股上涨0.1%，至435,695美元，而B类股持平，至289.45美元。这两类股票今年都上涨了约 25%，领先于标普500指数约 20% 的总回报率。投资者对伯克希尔哈撒韦公司在美国经济走强中的投资感到兴奋。</blockquote></p><p> Berkshire showed a new holding in&nbsp;Organon(OGN) of about 1.5 million shares in the second quarter, but that was likely the result of Merck’s spinoff of the drug outfit in the spring rather than an open-market purchase. Merck holders got one share of Organon for every 10 Merck shares.<i>Barron’s</i>&nbsp;has been bullish on the prospects for Organon, noting its relatively inexpensive valuation.</p><p><blockquote>伯克希尔在第二季度新增了约 150 万股 Organon（OGN）股票，但这很可能是默克公司在春季分拆该制药公司的结果，而不是公开市场收购的结果。默克股东每持有 10 股默克股票，即可获得 1 股 Organon。<i>巴伦</i>一直看好 Organon 的前景，并指出其估值相对便宜。</blockquote></p><p> During the second quarter, Berkshire was a net seller of about $1 billion of stocks according to&nbsp;its 10-Q filing, making this the fourth out of the past five quarters when the company was a net seller of stocks. Edward Jones analyst James Shanahan calculates that Berkshire was a net seller of $13.6 billion of stocks since early 2019.</p><p><blockquote>根据其 10-Q 文件，第二季度，伯克希尔哈撒韦公司净卖出了约 10 亿美元的股票，这是该公司过去五个季度中第四个净卖出股票。Edward Jones 分析师詹姆斯·沙纳汉 (James Shanahan) 计算出，自 2019 年初以来，伯克希尔哈撒韦公司净卖出了 136 亿美元的股票。</blockquote></p><p> Buffett also isn’t showing a lot of patience with some of the newer equity holdings, which has surprised some Berkshire watchers who recall that his oft-stated favorite holding period is forever.</p><p><blockquote>巴菲特对一些新持有的股票也没有表现出太多的耐心，这让一些伯克希尔的观察人士感到惊讶，他们回忆说，他经常说最喜欢的持股期是永远。</blockquote></p><p> The company accumulated roughly $2 billion stakes in AbbVie, Bristol Myers, and Merck during 2020 and sold them down in the second quarter. The Merck holding has been cut for two consecutive quarters and is down to 9.2 million shares from 28.7 million at year-end, a decline of about two thirds.</p><p><blockquote>该公司在 2020 年积累了艾伯维、百时美和默克公司约 20 亿美元的股份，并在第二季度出售了这些股份。默克公司的持股已连续两个季度被削减，从年底的2870万股降至920万股，降幅约为三分之二。</blockquote></p><p> Berkshire slightly reduced its holding in&nbsp;Chevron&nbsp;in the second quarter, to 23.1 million shares, a decline of about 600,000 shares, after cutting it roughly in half in&nbsp;the first quarter. The Chevron stake is now worth about $2.4 billion.</p><p><blockquote>伯克希尔在第二季度小幅减持雪佛龙，至2310万股，减少约60万股，此前伯克希尔在第一季度将其持股约减半。雪佛龙股份目前价值约24亿美元。</blockquote></p><p> It is notable that Buffett made use of&nbsp;a confidential filing&nbsp;with the Securities and Exchange Commission to accumulate the Chevron stake in 2020 only to cut it in half this year.</p><p><blockquote>值得注意的是，巴菲特利用向美国证券交易委员会提交的机密文件，在 2020 年积累了雪佛龙的股份，但今年却将其减半。</blockquote></p><p> Buffett’s investment moves since the start of 2020 have been underwhelming, including the sale of four airline stocks near the market bottom in April 2020.</p><p><blockquote>巴菲特自 2020 年初以来的投资举动并不令人印象深刻，包括在 2020 年 4 月市场底部附近抛售四只航空公司股票。</blockquote></p><p> He eliminated once sizable holdings in&nbsp;JPMorgan Chase(JPM) and&nbsp;Goldman Sachs Group(GS) last year at significantly below current prices and has virtually eliminated a formerly large stake in&nbsp;Wells Fargo(WFC) at considerably below its current price. Buffett probably has left well over $10 billion on the table with those financial-stock sales.</p><p><blockquote>去年，他以远低于当前价格的价格出售了摩根大通 (JPM) 和高盛集团 (GS) 的大量股份，并且实际上以远低于当前价格的价格出售了富国银行 (WFC) 之前的大量股份。巴菲特可能通过这些金融股销售留下了超过 100 亿美元的资金。</blockquote></p><p> Berkshire has also been quiet with acquisitions for several years. The last major deal was&nbsp;the $30 billion-plus purchase of Precision Castpartsin 2016.</p><p><blockquote>伯克希尔几年来也对收购保持沉默。最后一笔重大交易是 2016 年斥资 300 多亿美元收购精密铸件。</blockquote></p><p> Buffett said at Berkshire’s&nbsp;annual meeting in May&nbsp;that he was ready to invest. Berkshire is sitting on about $144 billion in cash and equivalents, mostly Treasury bills.</p><p><blockquote>巴菲特在 5 月份的伯克希尔年会上表示，他已准备好进行投资。伯克希尔拥有约 1,440 亿美元的现金及等价物，其中大部分是国库券。</blockquote></p><p> “But we’ve got more than we –we’ve got probably $70 billion or $80 billion, something like that maybe, that we’d love to put to work,” Buffett told shareholders. “But that’s 10% of our assets, roughly. And we probably won’t — we won’t get a chance to do it under these conditions, but conditions change very, very, very rapidly sometimes in markets.”</p><p><blockquote>“巴菲特对股东们说：”但我们拥有的不仅仅是我们--我们可能有 700 亿美元或 800 亿美元，也许是这样的，我们很乐意将其付诸实践。“但这大约占我们资产的 10%。在这种情况下，我们可能不会--我们没有机会这样做，但有时市场的情况变化非常、非常、非常快。”</blockquote></p><p> For the time being, Buffett seems content to plow Berkshire’s operating earnings, now running at more than $25 billion annually after taxes, into buybacks and keep a big cash pile in the event that markets turn and opportunities arise.</p><p><blockquote>目前，巴菲特似乎满足于将伯克希尔公司目前每年税后超过 250 亿美元的营业利润用于回购，并在市场好转和机会出现时保留大量现金。</blockquote></p><p> Berkshire has bought back about $6 billion of stock in each of the past two quarters or about 1% of the shares outstanding in each period.</p><p><blockquote>伯克希尔在过去两个季度中每个季度都回购了约 60 亿美元的股票，约占每个时期流通股的 1%。</blockquote></p><p></p><p> With Buffett turning 91 later this month, it’s an open question about whether he will get that big an opportunity while at the helm of the company he has led since 1965.</p><p><blockquote>巴菲特将于本月晚些时候年满 91 岁，他在执掌这家自 1965 年以来一直领导的公司期间是否会获得如此大的机会仍是一个悬而未决的问题。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/warren-buffett-stocks-51629213020?mod=hp_LEAD_1_B_3&tesla=y\">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":{"BRK.B":"伯克希尔B","BRK.A":"伯克希尔"},"source_url":"https://www.barrons.com/articles/warren-buffett-stocks-51629213020?mod=hp_LEAD_1_B_3&tesla=y","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1116780100","content_text":"It may take a major selloff in the stock market to get Warren Buffett to make any major equity purchases.\nBut even that might not be enough to get Buffett to scoop up stocks given his inactivity in the spring of 2020 during the sharp Covid-related selloff when the S&P 500 index bottomed at half its current level.\nBuffett, the longtime CEO of Berkshire Hathaway(ticker BRK.A and BRK.B), apparently doesn’t see a lot of value in stocks—and hasn’t for several quarters—and would rather buy something he knows and likes, Berkshire stock.\nBerkshire’s regulatory filing Monday detailing its $300 billion-plus of equity holdings as of June 30 showed no notable changes. The company pared stakes in three drugmakers—AbbVie(ABBV),Bristol Myers Squibb(BMY), and Merck(MRK)—while reducing its holding in General Motors (GM) by seven million shares to 60 million shares now worth more than $3 billion.\nBerkshire added to its stake in Kroger(KR), now holding almost $3 billion of the grocer. It made no changes to its largest holdings,Apple(AAPL) now at around $134 billion and Bank of America(BAC) at $41 billion.\nBuffett’s inactivity hasn’t hurt Berkshire’s stock this year. The class A shares were up 0.1%, to $435,695 in early trading Tuesday, while the class B shares were unchanged, at $289.45. Both share classes are up about 25% this year, ahead of the S&P 500 index’s total return of about 20%. Investors are excited about Berkshire’s exposure to a strengthening U.S. economy.\nBerkshire showed a new holding in Organon(OGN) of about 1.5 million shares in the second quarter, but that was likely the result of Merck’s spinoff of the drug outfit in the spring rather than an open-market purchase. Merck holders got one share of Organon for every 10 Merck shares.Barron’s has been bullish on the prospects for Organon, noting its relatively inexpensive valuation.\nDuring the second quarter, Berkshire was a net seller of about $1 billion of stocks according to its 10-Q filing, making this the fourth out of the past five quarters when the company was a net seller of stocks. Edward Jones analyst James Shanahan calculates that Berkshire was a net seller of $13.6 billion of stocks since early 2019.\nBuffett also isn’t showing a lot of patience with some of the newer equity holdings, which has surprised some Berkshire watchers who recall that his oft-stated favorite holding period is forever.\nThe company accumulated roughly $2 billion stakes in AbbVie, Bristol Myers, and Merck during 2020 and sold them down in the second quarter. The Merck holding has been cut for two consecutive quarters and is down to 9.2 million shares from 28.7 million at year-end, a decline of about two thirds.\nBerkshire slightly reduced its holding in Chevron in the second quarter, to 23.1 million shares, a decline of about 600,000 shares, after cutting it roughly in half in the first quarter. The Chevron stake is now worth about $2.4 billion.\nIt is notable that Buffett made use of a confidential filing with the Securities and Exchange Commission to accumulate the Chevron stake in 2020 only to cut it in half this year.\nBuffett’s investment moves since the start of 2020 have been underwhelming, including the sale of four airline stocks near the market bottom in April 2020.\nHe eliminated once sizable holdings in JPMorgan Chase(JPM) and Goldman Sachs Group(GS) last year at significantly below current prices and has virtually eliminated a formerly large stake in Wells Fargo(WFC) at considerably below its current price. Buffett probably has left well over $10 billion on the table with those financial-stock sales.\nBerkshire has also been quiet with acquisitions for several years. The last major deal was the $30 billion-plus purchase of Precision Castpartsin 2016.\nBuffett said at Berkshire’s annual meeting in May that he was ready to invest. Berkshire is sitting on about $144 billion in cash and equivalents, mostly Treasury bills.\n“But we’ve got more than we –we’ve got probably $70 billion or $80 billion, something like that maybe, that we’d love to put to work,” Buffett told shareholders. “But that’s 10% of our assets, roughly. And we probably won’t — we won’t get a chance to do it under these conditions, but conditions change very, very, very rapidly sometimes in markets.”\nFor the time being, Buffett seems content to plow Berkshire’s operating earnings, now running at more than $25 billion annually after taxes, into buybacks and keep a big cash pile in the event that markets turn and opportunities arise.\nBerkshire has bought back about $6 billion of stock in each of the past two quarters or about 1% of the shares outstanding in each period.\nWith Buffett turning 91 later this month, it’s an open question about whether he will get that big an opportunity while at the helm of the company he has led since 1965.","news_type":1,"symbols_score_info":{"BRK.B":0.9,"BRK.A":0.9}},"isVote":1,"tweetType":1,"viewCount":681,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":865853344,"gmtCreate":1632969162515,"gmtModify":1632969180982,"author":{"id":"4091018116118440","authorId":"4091018116118440","name":"Cloivette","avatar":"https://static.tigerbbs.com/ad2a0efb1d679fbe4fa2f053d2e03abb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4091018116118440","idStr":"4091018116118440"},"themes":[],"title":"","htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/865853344","repostId":"1104172212","repostType":4,"isVote":1,"tweetType":1,"viewCount":2870,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":863127990,"gmtCreate":1632366456210,"gmtModify":1632800873171,"author":{"id":"4091018116118440","authorId":"4091018116118440","name":"Cloivette","avatar":"https://static.tigerbbs.com/ad2a0efb1d679fbe4fa2f053d2e03abb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4091018116118440","idStr":"4091018116118440"},"themes":[],"title":"","htmlText":"Pls like","listText":"Pls like","text":"Pls like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/863127990","repostId":"2169650271","repostType":4,"isVote":1,"tweetType":1,"viewCount":955,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":889028410,"gmtCreate":1631093806630,"gmtModify":1631890072433,"author":{"id":"4091018116118440","authorId":"4091018116118440","name":"Cloivette","avatar":"https://static.tigerbbs.com/ad2a0efb1d679fbe4fa2f053d2e03abb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4091018116118440","idStr":"4091018116118440"},"themes":[],"title":"","htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/889028410","repostId":"1175171654","repostType":4,"repost":{"id":"1175171654","kind":"news","pubTimestamp":1631093315,"share":"https://www.laohunote.com/m/news/1175171654?lang=zh_CN&edition=full","pubTime":"2021-09-08 17:28","market":"us","language":"en","title":"5 Stock Ideas From an Investor Who Predicted Tesla Would Rise to $1,000<blockquote>一位预测特斯拉将上涨至 1,000 美元的投资者的 5 个股票想法</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1175171654","media":"Barron's","summary":"Investors listen to what Gary Black has to say about Tesla. But the investing veteran is more than j","content":"<p><a href=\"https://laohu8.com/S/ISBC\">Investors</a> listen to what Gary Black has to say about Tesla. But the investing veteran is more than just a <a href=\"https://laohu8.com/S/AONE.U\">one</a>-trick, or one-stock, pony.</p><p><blockquote><a href=\"https://laohu8.com/S/ISBC\">投资者</a>听听Gary Black对特斯拉的看法。但这位投资老手不仅仅是<a href=\"https://laohu8.com/S/AONE.U\">一</a>-诡计，或者说单股，小马。</blockquote></p><p> He has other picks for growth investors as well as a new actively managed ETF: The Future Fund (ticker: FFND), designed to capitalized on 10 megatrends he sees changing the world.</p><p><blockquote>他还为成长型投资者提供了其他选择，以及一只新的主动管理型 ETF：未来基金（股票代码：FFND），旨在利用他认为正在改变世界的 10 个大趋势。</blockquote></p><p> That fund is only a couple of weeks old. Black has been at the investing game for about 30 years, starting as a research analyst at Bernstein in 1992.</p><p><blockquote>该基金才成立几周。布莱克从事投资已有约 30 年的历史，于 1992 年在伯恩斯坦担任研究分析师。</blockquote></p><p> After Bernstein, Black moved to the buy-side with stints at <a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a> Asset Management, Janus and Aegon, among others. After a brief respite following Aegon, Black jumped into the world of actively managed ETFs.</p><p><blockquote>伯恩斯坦之后，布莱克转向买方，在<a href=\"https://laohu8.com/S/GS\">高盛</a>资产管理公司、骏利和伊耿等。在 Aegon 之后短暂休息后，Black 进入了主动管理 ETF 的世界。</blockquote></p><p> He sat down with Barron’s to talk about his new fund, his approach to investing and some of the stocks he’s invested in. An edited version of the conversation follows.</p><p><blockquote>他接受了《巴伦周刊》的采访，谈论了他的新基金、他的投资方式以及他投资的一些股票。接下来是对话的编辑版本。</blockquote></p><p> <b>Barron’s: </b>We probably have to start with Tesla (TSLA). How do you value Tesla stock?</p><p><blockquote><b>巴伦周刊：</b>我们可能必须从特斯拉 (TSLA) 开始。您如何估值特斯拉股票？</blockquote></p><p> <b>Black:</b> I take where I think global [car sales are] going to be in about five years, and I take the EV adoption–it will get to 25% by 2025. This is the big investment controversy on Tesla: As competitors enter the market, can it keep its roughly 25% EV share? If it can, I get about $32 or so of earnings in 2025. And if I even put a 50 multiple on it, which is pretty low given projected 55% average annual earnings growth. I get a $1,600 price. And that’s worth about $1,100 today.</p><p><blockquote><b>黑色：</b>我认为全球[汽车销量]将在大约五年内达到何种水平，我认为电动汽车的采用——到 2025 年将达到 25%。这就是特斯拉的巨大投资争议：随着竞争对手进入市场，它能否保持其大约 25% 的电动汽车份额？如果可以的话，2025 年我的收入将达到 32 美元左右。即使我把它放在 50 倍上，考虑到预计平均年收入增长 55%，这个数字也相当低。我得到1600美元的价格。这相当于今天的 1100 美元。</blockquote></p><p> <b>Market share is the big controversy? What about self-driving cars?</b></p><p><blockquote><b>市场份额是大争议吗？自动驾驶汽车呢？</b></blockquote></p><p> Stop saying Tesla has valuation equal to $1,000 a share because of the EV business. And then another $1,000 because of robotaxis.</p><p><blockquote>不要再说特斯拉的估值相当于每股 1,000 美元是因为电动汽车业务。然后因为机器人出租车又赚了1000美元。</blockquote></p><p> <b>Tesla robotaxis like Waymo won’t be a thing?</b></p><p><blockquote><b>像 Waymo 这样的特斯拉机器人出租车不会成为一件事吗？</b></blockquote></p><p> I think you’re going to have commercial robotaxi. And you’re going to have consumer robotaxi.</p><p><blockquote>我认为你会有商用机器人出租车。你将拥有消费者机器人出租车。</blockquote></p><p> Tesla has a head start, but competitors, especially those from <a href=\"https://laohu8.com/S/CAAS\">China</a>, are offering more expensive systems with vision, lidar, radar and HD mapping allowing them to close the gap. Everyone will get there eventually–which Elon has said. Tesla’s features will still let Tesla sell more Teslas.</p><p><blockquote>特斯拉领先，但竞争对手，尤其是来自<a href=\"https://laohu8.com/S/CAAS\">中国</a>提供更昂贵的系统，包括视觉、激光雷达、雷达和高清测绘，使他们能够缩小差距。每个人最终都会到达那里——埃隆说过。特斯拉的功能仍将让特斯拉卖出更多的特斯拉。</blockquote></p><p> <b>Why did you start the Future Fund ETF?</b></p><p><blockquote><b>你为什么要创办未来基金ETF？</b></blockquote></p><p> Secular growth [is] its cornerstone. We’re looking to capitalize on 10 secular megatrends that are changing the world.</p><p><blockquote>长期增长是其基石。我们希望利用正在改变世界的 10 个长期大趋势。</blockquote></p><p> <b>What are they?</b></p><p><blockquote><b>它们是什么？</b></blockquote></p><p> They are: [1] 24/7 information and entertainment, [2] social networking, [3] mobility–working from anywhere–[4] e-commerce, [5] fintech innovation, [6] big data and security, [7] people living longer, [8] lifestyle betterment, [9] automation and [10] sustainability. Those are the 10.</p><p><blockquote>它们是：[1]24/7信息和娱乐，[2]社交网络，[3]移动性-在任何地方工作-[4]电子商务，[5]金融科技创新，[6]大数据和安全，[7]人们寿命更长，[8]生活方式改善，[9]自动化和[10]可持续性。那是10个。</blockquote></p><p> And so what we try to do is find companies that [have] the megatrends as tailwinds. No. 1, we’re looking for high growth, 20% revenue growth. We’re looking for unlevered brands, meaning, brands that are very successful in, say, one segment, and they bring them into other segments, or brands that are successful in one geography, and can go global.</p><p><blockquote>因此，我们试图做的是寻找那些拥有大趋势作为推动力的公司。第一，我们寻求高增长，20%的收入增长。我们正在寻找未杠杆化的品牌，也就是说，在某个细分市场非常成功，并将其带入其他细分市场的品牌，或者在一个地区取得成功并能走向全球的品牌。</blockquote></p><p> No. 2, we’re looking for investment controversy. We’re looking for something where there is a fight, and where investors don’t agree. And that’s what creates opportunity.</p><p><blockquote>第二，我们在寻找投资争议。我们正在寻找一个存在争议、投资者不同意的地方。这就是创造机会的原因。</blockquote></p><p> <b>What’s your research process like?</b></p><p><blockquote><b>你的研究过程是什么样的？</b></blockquote></p><p> We go out, and I talk. We talk to a lot of competitors. When I was an analyst, I used to do focus groups. For 2,000 bucks, you could get 10 people in a room, and ask them why they don’t like about Beyond Meat [BYND] versus Impossible [Foods]. We can usually find information that gives me a research edge to answer the controversy.</p><p><blockquote>我们出去，我谈谈。我们与许多竞争对手交谈。当我还是分析师的时候，我经常做焦点小组。花 2000 美元，你可以让 10 个人挤在一个房间里，然后问他们为什么不喜欢Beyond Meat [BYND] 和不可能 [Foods]。我们通常可以找到给我回答争议的研究优势的信息。</blockquote></p><p> <b>And how do you build your portfolio?</b></p><p><blockquote><b>你如何建立你的投资组合？</b></blockquote></p><p> We want a portfolio that’s high conviction, meaning no more than about 40 names. The top 10 names are about 40% of the portfolio. So that’s high conviction to me.</p><p><blockquote>我们希望作品集具有高度的说服力，即不超过 40 个名字。前10名的名字约占投资组合的40%。所以这对我来说是一种崇高的信念。</blockquote></p><p> We think we have very strong buy and sell discipline. When we put something in the portfolio, we want it to have at least 2:1 risk-adjusted upside versus downside.</p><p><blockquote>我们认为我们有非常强的买卖纪律。当我们将某样东西放入投资组合时，我们希望它至少有2:1的风险调整后的上行与下行。</blockquote></p><p> <b>What else do you like, besides Tesla?</b></p><p><blockquote><b>除了特斯拉，你还喜欢什么？</b></blockquote></p><p> We have Google [parent <a href=\"https://laohu8.com/S/GOOG\">Alphabet</a> ], which is changing the world. Google is a mega cap stock just like Tesla is. But we think You Tube is 24/7 information and entertainment. YouTube is way undervalued. They’re still monetizing [search]. It has good 15% to 20% revenue growth. At 22 times projected earnings, it’s still [an attractive] price to us.</p><p><blockquote>我们有Google[父<a href=\"https://laohu8.com/S/GOOG\">Alphabet</a>]，这正在改变世界。谷歌和特斯拉一样，都是大盘股。但是我们认为你管是24/7的信息和娱乐。YouTube被严重低估了。他们仍在将[搜索]货币化。它有15%到20%的良好收入增长。按预期市盈率的 22 倍计算，这对我们来说仍然是一个[有吸引力的]价格。</blockquote></p><p> Another name we have is <a href=\"https://laohu8.com/S/CMG\">Chipotle Mexican Grill</a> [CMG]. It fits with this megatrend of eating healthy, staying fit. We call it lifestyle betterment. Their product innovation has been superb–they launched these rolled quesadillas, which are going to have monster 15% same-store sales comps for them in the third quarter. It’s a great stock for us. Not cheap. But it has high growth.</p><p><blockquote>我们的另一个名字是<a href=\"https://laohu8.com/S/CMG\">墨西哥墨西哥烧烤</a>[CMG]。它符合健康饮食、保持健康的大趋势。我们看涨期权it生活方式的改善。他们的产品创新非常出色——他们推出了这些卷玉米饼，这将在第三季度获得15%的同店销售优惠。这对我们来说是一只很棒的股票。不便宜。但它有高增长。</blockquote></p><p> <b>How about a couple more?</b></p><p><blockquote><b>再来几个怎么样？</b></blockquote></p><p></p><p> One of the names that’s controversial we own is Tencent [TCEHY]. It’s one of the largest Internet companies in the world. It has 1.2 billion WeChat users. We believe that Chinese regulatory fears are overdone. Tencent is now trading at about 25 times next year’s earnings. We view it as having probably 20% revenue growth for at least the next few years.</p><p><blockquote>我们拥有的有争议的名字之一是腾讯控股 [TCEHY]。它是世界上最大的互联网公司之一。拥有12亿微信用户。我们认为，中国监管方面的担忧被夸大了。腾讯控股目前的市盈率约为明年市盈率的 25 倍。我们预计至少在未来几年内收入可能会增长 20%。</blockquote></p><p> <a href=\"https://laohu8.com/S/GNRC\">Generac</a> [GNRC] is another one. We’ll call it a climate change stock. Because climate change is happening, you have a lot of wildfires. You have a lot of weather patterns that aren’t normal. And in new homes today, one of the most common features that people are putting is a generator.</p><p><blockquote><a href=\"https://laohu8.com/S/GNRC\">通用</a>[GNRC]是另一个。我们将把它看涨期权为气候变化股票。因为气候变化正在发生，你有很多野火。你有很多不正常的天气模式。在今天的新家中，人们最常见的功能之一是发电机。</blockquote></p><p> <b>Can Generac sales be disrupted by battery storage in homes?</b></p><p><blockquote><b>家庭电池存储会扰乱Generac的销售吗？</b></blockquote></p><p> Battery and solar powered walls and roofs are still expensive–$40,000. A Generac system starts at $2,000.</p><p><blockquote>电池和太阳能供电的墙壁和屋顶仍然很贵——4万美元。Generac 系统起价 2,000 美元。</blockquote></p><p> <b>One more?</b></p><p><blockquote><b>再来一个？</b></blockquote></p><p> Snap [SNAP] is another name. If you have kids, Snap is one of the [apps] everybody’s using. The ARPU [or average revenue per user] is $13 annually, up about 30% over a year ago. Active users will be up about 20% this year. Do you use Tik Tok?</p><p><blockquote>SNAP【SNAP】是另一个名字。如果你有孩子，Snap是每个人都在使用的[应用程序]之一。ARPU（或每用户平均收入）为每年13美元，比一年前增长约30%。今年活跃用户将增长20%左右。你用抖音吗？</blockquote></p><p> <b>No.</b></p><p><blockquote><b>没有。</b></blockquote></p><p> The biggest risk to Snap is something else comes along that the 18 to 25-year-old crowd wants to use that’s better. And Tik Tok is a disrupter to Snap. But I have kids in this age group, three of them, and they all use Snap.</p><p><blockquote>Snap面临的最大风险是，18 至 25 岁的人群希望使用的其他东西会更好。抖音是Snap的颠覆者。但是我有这个年龄段的孩子，他们三个，他们都使用Snap。</blockquote></p><p> The monetization has just begun. The global expansion has just begun. I think you have got at least three or four years of [growth].</p><p><blockquote>货币化才刚刚开始。全球扩张才刚刚开始。我认为你至少有三四年的【成长】。</blockquote></p><p> Thanks, Gary.</p><p><blockquote>谢谢，加里。</blockquote></p><p></p>","source":"lsy1610680873436","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>5 Stock Ideas From an Investor Who Predicted Tesla Would Rise to $1,000<blockquote>一位预测特斯拉将上涨至 1,000 美元的投资者的 5 个股票想法</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\">\n5 Stock Ideas From an Investor Who Predicted Tesla Would Rise to $1,000<blockquote>一位预测特斯拉将上涨至 1,000 美元的投资者的 5 个股票想法</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barron's</strong><span class=\"h-time small\">2021-09-08 17:28</span>\n</p>\n</h4>\n</header>\n<article>\n<p><a href=\"https://laohu8.com/S/ISBC\">Investors</a> listen to what Gary Black has to say about Tesla. But the investing veteran is more than just a <a href=\"https://laohu8.com/S/AONE.U\">one</a>-trick, or one-stock, pony.</p><p><blockquote><a href=\"https://laohu8.com/S/ISBC\">投资者</a>听听Gary Black对特斯拉的看法。但这位投资老手不仅仅是<a href=\"https://laohu8.com/S/AONE.U\">一</a>-诡计，或者说单股，小马。</blockquote></p><p> He has other picks for growth investors as well as a new actively managed ETF: The Future Fund (ticker: FFND), designed to capitalized on 10 megatrends he sees changing the world.</p><p><blockquote>他还为成长型投资者提供了其他选择，以及一只新的主动管理型 ETF：未来基金（股票代码：FFND），旨在利用他认为正在改变世界的 10 个大趋势。</blockquote></p><p> That fund is only a couple of weeks old. Black has been at the investing game for about 30 years, starting as a research analyst at Bernstein in 1992.</p><p><blockquote>该基金才成立几周。布莱克从事投资已有约 30 年的历史，于 1992 年在伯恩斯坦担任研究分析师。</blockquote></p><p> After Bernstein, Black moved to the buy-side with stints at <a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a> Asset Management, Janus and Aegon, among others. After a brief respite following Aegon, Black jumped into the world of actively managed ETFs.</p><p><blockquote>伯恩斯坦之后，布莱克转向买方，在<a href=\"https://laohu8.com/S/GS\">高盛</a>资产管理公司、骏利和伊耿等。在 Aegon 之后短暂休息后，Black 进入了主动管理 ETF 的世界。</blockquote></p><p> He sat down with Barron’s to talk about his new fund, his approach to investing and some of the stocks he’s invested in. An edited version of the conversation follows.</p><p><blockquote>他接受了《巴伦周刊》的采访，谈论了他的新基金、他的投资方式以及他投资的一些股票。接下来是对话的编辑版本。</blockquote></p><p> <b>Barron’s: </b>We probably have to start with Tesla (TSLA). How do you value Tesla stock?</p><p><blockquote><b>巴伦周刊：</b>我们可能必须从特斯拉 (TSLA) 开始。您如何估值特斯拉股票？</blockquote></p><p> <b>Black:</b> I take where I think global [car sales are] going to be in about five years, and I take the EV adoption–it will get to 25% by 2025. This is the big investment controversy on Tesla: As competitors enter the market, can it keep its roughly 25% EV share? If it can, I get about $32 or so of earnings in 2025. And if I even put a 50 multiple on it, which is pretty low given projected 55% average annual earnings growth. I get a $1,600 price. And that’s worth about $1,100 today.</p><p><blockquote><b>黑色：</b>我认为全球[汽车销量]将在大约五年内达到何种水平，我认为电动汽车的采用——到 2025 年将达到 25%。这就是特斯拉的巨大投资争议：随着竞争对手进入市场，它能否保持其大约 25% 的电动汽车份额？如果可以的话，2025 年我的收入将达到 32 美元左右。即使我把它放在 50 倍上，考虑到预计平均年收入增长 55%，这个数字也相当低。我得到1600美元的价格。这相当于今天的 1100 美元。</blockquote></p><p> <b>Market share is the big controversy? What about self-driving cars?</b></p><p><blockquote><b>市场份额是大争议吗？自动驾驶汽车呢？</b></blockquote></p><p> Stop saying Tesla has valuation equal to $1,000 a share because of the EV business. And then another $1,000 because of robotaxis.</p><p><blockquote>不要再说特斯拉的估值相当于每股 1,000 美元是因为电动汽车业务。然后因为机器人出租车又赚了1000美元。</blockquote></p><p> <b>Tesla robotaxis like Waymo won’t be a thing?</b></p><p><blockquote><b>像 Waymo 这样的特斯拉机器人出租车不会成为一件事吗？</b></blockquote></p><p> I think you’re going to have commercial robotaxi. And you’re going to have consumer robotaxi.</p><p><blockquote>我认为你会有商用机器人出租车。你将拥有消费者机器人出租车。</blockquote></p><p> Tesla has a head start, but competitors, especially those from <a href=\"https://laohu8.com/S/CAAS\">China</a>, are offering more expensive systems with vision, lidar, radar and HD mapping allowing them to close the gap. Everyone will get there eventually–which Elon has said. Tesla’s features will still let Tesla sell more Teslas.</p><p><blockquote>特斯拉领先，但竞争对手，尤其是来自<a href=\"https://laohu8.com/S/CAAS\">中国</a>提供更昂贵的系统，包括视觉、激光雷达、雷达和高清测绘，使他们能够缩小差距。每个人最终都会到达那里——埃隆说过。特斯拉的功能仍将让特斯拉卖出更多的特斯拉。</blockquote></p><p> <b>Why did you start the Future Fund ETF?</b></p><p><blockquote><b>你为什么要创办未来基金ETF？</b></blockquote></p><p> Secular growth [is] its cornerstone. We’re looking to capitalize on 10 secular megatrends that are changing the world.</p><p><blockquote>长期增长是其基石。我们希望利用正在改变世界的 10 个长期大趋势。</blockquote></p><p> <b>What are they?</b></p><p><blockquote><b>它们是什么？</b></blockquote></p><p> They are: [1] 24/7 information and entertainment, [2] social networking, [3] mobility–working from anywhere–[4] e-commerce, [5] fintech innovation, [6] big data and security, [7] people living longer, [8] lifestyle betterment, [9] automation and [10] sustainability. Those are the 10.</p><p><blockquote>它们是：[1]24/7信息和娱乐，[2]社交网络，[3]移动性-在任何地方工作-[4]电子商务，[5]金融科技创新，[6]大数据和安全，[7]人们寿命更长，[8]生活方式改善，[9]自动化和[10]可持续性。那是10个。</blockquote></p><p> And so what we try to do is find companies that [have] the megatrends as tailwinds. No. 1, we’re looking for high growth, 20% revenue growth. We’re looking for unlevered brands, meaning, brands that are very successful in, say, one segment, and they bring them into other segments, or brands that are successful in one geography, and can go global.</p><p><blockquote>因此，我们试图做的是寻找那些拥有大趋势作为推动力的公司。第一，我们寻求高增长，20%的收入增长。我们正在寻找未杠杆化的品牌，也就是说，在某个细分市场非常成功，并将其带入其他细分市场的品牌，或者在一个地区取得成功并能走向全球的品牌。</blockquote></p><p> No. 2, we’re looking for investment controversy. We’re looking for something where there is a fight, and where investors don’t agree. And that’s what creates opportunity.</p><p><blockquote>第二，我们在寻找投资争议。我们正在寻找一个存在争议、投资者不同意的地方。这就是创造机会的原因。</blockquote></p><p> <b>What’s your research process like?</b></p><p><blockquote><b>你的研究过程是什么样的？</b></blockquote></p><p> We go out, and I talk. We talk to a lot of competitors. When I was an analyst, I used to do focus groups. For 2,000 bucks, you could get 10 people in a room, and ask them why they don’t like about Beyond Meat [BYND] versus Impossible [Foods]. We can usually find information that gives me a research edge to answer the controversy.</p><p><blockquote>我们出去，我谈谈。我们与许多竞争对手交谈。当我还是分析师的时候，我经常做焦点小组。花 2000 美元，你可以让 10 个人挤在一个房间里，然后问他们为什么不喜欢Beyond Meat [BYND] 和不可能 [Foods]。我们通常可以找到给我回答争议的研究优势的信息。</blockquote></p><p> <b>And how do you build your portfolio?</b></p><p><blockquote><b>你如何建立你的投资组合？</b></blockquote></p><p> We want a portfolio that’s high conviction, meaning no more than about 40 names. The top 10 names are about 40% of the portfolio. So that’s high conviction to me.</p><p><blockquote>我们希望作品集具有高度的说服力，即不超过 40 个名字。前10名的名字约占投资组合的40%。所以这对我来说是一种崇高的信念。</blockquote></p><p> We think we have very strong buy and sell discipline. When we put something in the portfolio, we want it to have at least 2:1 risk-adjusted upside versus downside.</p><p><blockquote>我们认为我们有非常强的买卖纪律。当我们将某样东西放入投资组合时，我们希望它至少有2:1的风险调整后的上行与下行。</blockquote></p><p> <b>What else do you like, besides Tesla?</b></p><p><blockquote><b>除了特斯拉，你还喜欢什么？</b></blockquote></p><p> We have Google [parent <a href=\"https://laohu8.com/S/GOOG\">Alphabet</a> ], which is changing the world. Google is a mega cap stock just like Tesla is. But we think You Tube is 24/7 information and entertainment. YouTube is way undervalued. They’re still monetizing [search]. It has good 15% to 20% revenue growth. At 22 times projected earnings, it’s still [an attractive] price to us.</p><p><blockquote>我们有Google[父<a href=\"https://laohu8.com/S/GOOG\">Alphabet</a>]，这正在改变世界。谷歌和特斯拉一样，都是大盘股。但是我们认为你管是24/7的信息和娱乐。YouTube被严重低估了。他们仍在将[搜索]货币化。它有15%到20%的良好收入增长。按预期市盈率的 22 倍计算，这对我们来说仍然是一个[有吸引力的]价格。</blockquote></p><p> Another name we have is <a href=\"https://laohu8.com/S/CMG\">Chipotle Mexican Grill</a> [CMG]. It fits with this megatrend of eating healthy, staying fit. We call it lifestyle betterment. Their product innovation has been superb–they launched these rolled quesadillas, which are going to have monster 15% same-store sales comps for them in the third quarter. It’s a great stock for us. Not cheap. But it has high growth.</p><p><blockquote>我们的另一个名字是<a href=\"https://laohu8.com/S/CMG\">墨西哥墨西哥烧烤</a>[CMG]。它符合健康饮食、保持健康的大趋势。我们看涨期权it生活方式的改善。他们的产品创新非常出色——他们推出了这些卷玉米饼，这将在第三季度获得15%的同店销售优惠。这对我们来说是一只很棒的股票。不便宜。但它有高增长。</blockquote></p><p> <b>How about a couple more?</b></p><p><blockquote><b>再来几个怎么样？</b></blockquote></p><p></p><p> One of the names that’s controversial we own is Tencent [TCEHY]. It’s one of the largest Internet companies in the world. It has 1.2 billion WeChat users. We believe that Chinese regulatory fears are overdone. Tencent is now trading at about 25 times next year’s earnings. We view it as having probably 20% revenue growth for at least the next few years.</p><p><blockquote>我们拥有的有争议的名字之一是腾讯控股 [TCEHY]。它是世界上最大的互联网公司之一。拥有12亿微信用户。我们认为，中国监管方面的担忧被夸大了。腾讯控股目前的市盈率约为明年市盈率的 25 倍。我们预计至少在未来几年内收入可能会增长 20%。</blockquote></p><p> <a href=\"https://laohu8.com/S/GNRC\">Generac</a> [GNRC] is another one. We’ll call it a climate change stock. Because climate change is happening, you have a lot of wildfires. You have a lot of weather patterns that aren’t normal. And in new homes today, one of the most common features that people are putting is a generator.</p><p><blockquote><a href=\"https://laohu8.com/S/GNRC\">通用</a>[GNRC]是另一个。我们将把它看涨期权为气候变化股票。因为气候变化正在发生，你有很多野火。你有很多不正常的天气模式。在今天的新家中，人们最常见的功能之一是发电机。</blockquote></p><p> <b>Can Generac sales be disrupted by battery storage in homes?</b></p><p><blockquote><b>家庭电池存储会扰乱Generac的销售吗？</b></blockquote></p><p> Battery and solar powered walls and roofs are still expensive–$40,000. A Generac system starts at $2,000.</p><p><blockquote>电池和太阳能供电的墙壁和屋顶仍然很贵——4万美元。Generac 系统起价 2,000 美元。</blockquote></p><p> <b>One more?</b></p><p><blockquote><b>再来一个？</b></blockquote></p><p> Snap [SNAP] is another name. If you have kids, Snap is one of the [apps] everybody’s using. The ARPU [or average revenue per user] is $13 annually, up about 30% over a year ago. Active users will be up about 20% this year. Do you use Tik Tok?</p><p><blockquote>SNAP【SNAP】是另一个名字。如果你有孩子，Snap是每个人都在使用的[应用程序]之一。ARPU（或每用户平均收入）为每年13美元，比一年前增长约30%。今年活跃用户将增长20%左右。你用抖音吗？</blockquote></p><p> <b>No.</b></p><p><blockquote><b>没有。</b></blockquote></p><p> The biggest risk to Snap is something else comes along that the 18 to 25-year-old crowd wants to use that’s better. And Tik Tok is a disrupter to Snap. But I have kids in this age group, three of them, and they all use Snap.</p><p><blockquote>Snap面临的最大风险是，18 至 25 岁的人群希望使用的其他东西会更好。抖音是Snap的颠覆者。但是我有这个年龄段的孩子，他们三个，他们都使用Snap。</blockquote></p><p> The monetization has just begun. The global expansion has just begun. I think you have got at least three or four years of [growth].</p><p><blockquote>货币化才刚刚开始。全球扩张才刚刚开始。我认为你至少有三四年的【成长】。</blockquote></p><p> Thanks, Gary.</p><p><blockquote>谢谢，加里。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/stock-ideas-gary-black-tesla-51631058814?mod=hp_LATEST\">Barron's</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":{"TSLA":"特斯拉","GNRC":"Generac控股","TCEHY":"腾讯控股ADR","FFND":"One Global ETF","SNAP":"Snap Inc"},"source_url":"https://www.barrons.com/articles/stock-ideas-gary-black-tesla-51631058814?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175171654","content_text":"Investors listen to what Gary Black has to say about Tesla. But the investing veteran is more than just a one-trick, or one-stock, pony.\nHe has other picks for growth investors as well as a new actively managed ETF: The Future Fund (ticker: FFND), designed to capitalized on 10 megatrends he sees changing the world.\nThat fund is only a couple of weeks old. Black has been at the investing game for about 30 years, starting as a research analyst at Bernstein in 1992.\nAfter Bernstein, Black moved to the buy-side with stints at Goldman Sachs Asset Management, Janus and Aegon, among others. After a brief respite following Aegon, Black jumped into the world of actively managed ETFs.\nHe sat down with Barron’s to talk about his new fund, his approach to investing and some of the stocks he’s invested in. An edited version of the conversation follows.\nBarron’s: We probably have to start with Tesla (TSLA). How do you value Tesla stock?\nBlack: I take where I think global [car sales are] going to be in about five years, and I take the EV adoption–it will get to 25% by 2025. This is the big investment controversy on Tesla: As competitors enter the market, can it keep its roughly 25% EV share? If it can, I get about $32 or so of earnings in 2025. And if I even put a 50 multiple on it, which is pretty low given projected 55% average annual earnings growth. I get a $1,600 price. And that’s worth about $1,100 today.\nMarket share is the big controversy? What about self-driving cars?\nStop saying Tesla has valuation equal to $1,000 a share because of the EV business. And then another $1,000 because of robotaxis.\nTesla robotaxis like Waymo won’t be a thing?\nI think you’re going to have commercial robotaxi. And you’re going to have consumer robotaxi.\nTesla has a head start, but competitors, especially those from China, are offering more expensive systems with vision, lidar, radar and HD mapping allowing them to close the gap. Everyone will get there eventually–which Elon has said. Tesla’s features will still let Tesla sell more Teslas.\nWhy did you start the Future Fund ETF?\nSecular growth [is] its cornerstone. We’re looking to capitalize on 10 secular megatrends that are changing the world.\nWhat are they?\nThey are: [1] 24/7 information and entertainment, [2] social networking, [3] mobility–working from anywhere–[4] e-commerce, [5] fintech innovation, [6] big data and security, [7] people living longer, [8] lifestyle betterment, [9] automation and [10] sustainability. Those are the 10.\nAnd so what we try to do is find companies that [have] the megatrends as tailwinds. No. 1, we’re looking for high growth, 20% revenue growth. We’re looking for unlevered brands, meaning, brands that are very successful in, say, one segment, and they bring them into other segments, or brands that are successful in one geography, and can go global.\nNo. 2, we’re looking for investment controversy. We’re looking for something where there is a fight, and where investors don’t agree. And that’s what creates opportunity.\nWhat’s your research process like?\nWe go out, and I talk. We talk to a lot of competitors. When I was an analyst, I used to do focus groups. For 2,000 bucks, you could get 10 people in a room, and ask them why they don’t like about Beyond Meat [BYND] versus Impossible [Foods]. We can usually find information that gives me a research edge to answer the controversy.\nAnd how do you build your portfolio?\nWe want a portfolio that’s high conviction, meaning no more than about 40 names. The top 10 names are about 40% of the portfolio. So that’s high conviction to me.\nWe think we have very strong buy and sell discipline. When we put something in the portfolio, we want it to have at least 2:1 risk-adjusted upside versus downside.\nWhat else do you like, besides Tesla?\nWe have Google [parent Alphabet ], which is changing the world. Google is a mega cap stock just like Tesla is. But we think You Tube is 24/7 information and entertainment. YouTube is way undervalued. They’re still monetizing [search]. It has good 15% to 20% revenue growth. At 22 times projected earnings, it’s still [an attractive] price to us.\nAnother name we have is Chipotle Mexican Grill [CMG]. It fits with this megatrend of eating healthy, staying fit. We call it lifestyle betterment. Their product innovation has been superb–they launched these rolled quesadillas, which are going to have monster 15% same-store sales comps for them in the third quarter. It’s a great stock for us. Not cheap. But it has high growth.\nHow about a couple more?\nOne of the names that’s controversial we own is Tencent [TCEHY]. It’s one of the largest Internet companies in the world. It has 1.2 billion WeChat users. We believe that Chinese regulatory fears are overdone. Tencent is now trading at about 25 times next year’s earnings. We view it as having probably 20% revenue growth for at least the next few years.\nGenerac [GNRC] is another one. We’ll call it a climate change stock. Because climate change is happening, you have a lot of wildfires. You have a lot of weather patterns that aren’t normal. And in new homes today, one of the most common features that people are putting is a generator.\nCan Generac sales be disrupted by battery storage in homes?\nBattery and solar powered walls and roofs are still expensive–$40,000. A Generac system starts at $2,000.\nOne more?\nSnap [SNAP] is another name. If you have kids, Snap is one of the [apps] everybody’s using. The ARPU [or average revenue per user] is $13 annually, up about 30% over a year ago. Active users will be up about 20% this year. Do you use Tik Tok?\nNo.\nThe biggest risk to Snap is something else comes along that the 18 to 25-year-old crowd wants to use that’s better. And Tik Tok is a disrupter to Snap. But I have kids in this age group, three of them, and they all use Snap.\nThe monetization has just begun. The global expansion has just begun. I think you have got at least three or four years of [growth].\nThanks, Gary.","news_type":1,"symbols_score_info":{"GNRC":0.9,"FFND":0.9,"SNAP":0.9,"TCEHY":0.9,"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":693,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":823952656,"gmtCreate":1633574331008,"gmtModify":1633574331289,"author":{"id":"4091018116118440","authorId":"4091018116118440","name":"Cloivette","avatar":"https://static.tigerbbs.com/ad2a0efb1d679fbe4fa2f053d2e03abb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4091018116118440","idStr":"4091018116118440"},"themes":[],"title":"","htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/823952656","repostId":"2173948202","repostType":4,"isVote":1,"tweetType":1,"viewCount":3706,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":864787050,"gmtCreate":1633149171471,"gmtModify":1633149171766,"author":{"id":"4091018116118440","authorId":"4091018116118440","name":"Cloivette","avatar":"https://static.tigerbbs.com/ad2a0efb1d679fbe4fa2f053d2e03abb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4091018116118440","idStr":"4091018116118440"},"themes":[],"title":"","htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/864787050","repostId":"2172631966","repostType":4,"isVote":1,"tweetType":1,"viewCount":3599,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":869265513,"gmtCreate":1632294604132,"gmtModify":1632801435903,"author":{"id":"4091018116118440","authorId":"4091018116118440","name":"Cloivette","avatar":"https://static.tigerbbs.com/ad2a0efb1d679fbe4fa2f053d2e03abb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4091018116118440","idStr":"4091018116118440"},"themes":[],"title":"","htmlText":"liKe pls","listText":"liKe pls","text":"liKe pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/869265513","repostId":"2169324976","repostType":4,"isVote":1,"tweetType":1,"viewCount":1067,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":883146002,"gmtCreate":1631229946006,"gmtModify":1631890072419,"author":{"id":"4091018116118440","authorId":"4091018116118440","name":"Cloivette","avatar":"https://static.tigerbbs.com/ad2a0efb1d679fbe4fa2f053d2e03abb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4091018116118440","idStr":"4091018116118440"},"themes":[],"title":"","htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/883146002","repostId":"2166426123","repostType":4,"isVote":1,"tweetType":1,"viewCount":553,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}