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2021-10-22

Facebook is reporting next week and the privacy issue faced by snap will also affect Facebook. Will Facebook shares fall next week?

Snap nosedives 20% as revenue misses amid iPhone privacy changes<blockquote>iPhone 隐私变化导致收入下滑，Snap股价暴跌 20%</blockquote>

2021-09-06

Be fearful when the market is greedy. Be greedy when the market is fearful.

3 Golden Rules On How To Invest At All-Time Highs<blockquote>如何在历史高点投资的 3 条黄金法则</blockquote>

2021-11-16

Unless the market crashes, it may be difficult to see a big correction for Apple

Sell AAPL? Why This Expert Sees Apple Stock Dipping 12%<blockquote>卖苹果？为什么这位专家认为苹果股价下跌 12%</blockquote>

2021-11-12

Tonight will be important to watch to determine the short term market direction

抱歉，原内容已删除

2021-11-25

The market will probably continue to rise until the rate increase is more or less certain. Watch US inflation as a forward indicator of when a rate rise will happen.

The Market Believes the Fed Will Have to Raise Rates Soon. What It Means for Stocks.<blockquote>市场认为美联储将不得不很快加息。这对股票意味着什么。</blockquote>

2021-10-07

This is a nice list of stocks. With a share price of $175, Apple market cap will be close to 3 trillion, another record.

Here are 10 'high conviction' stocks of companies with strong pricing power and at least 20% upside potential to UBS targets<blockquote>以下是 10 只具有强大定价能力且对瑞银目标至少有 20% 上涨潜力的“高信念”公司股票</blockquote>

2021-10-25

18 million is a pretty small sum. It does not make sense for stock to rise so much. Do trade with care

Remark shares jumped more than 200% in premarket trading<blockquote>Remark 股价在盘前交易中上涨超过 200%</blockquote>

2021-10-20

Pharmaceuticals are complex and impact life. Rushing is not the way to get things out. Once reputation is ruined, it will be difficult to regain the trust of the public

Novavax plunged over 20% in premarket trading<blockquote>Novavax 在盘前交易中暴跌超过 20%</blockquote>

2021-10-17

Short term supply bottlenecks could limit Amazon year end sales.

JPMorgan On Amazon Stock: 29% Upside Potential<blockquote>摩根大通谈亚马逊股票：29% 的上涨潜力</blockquote>

2021-10-05

Since the death of Jobs, we have yet to see another revolutionary product from Apple. Will the Apple car be a revolutionary product or just following on the footsteps of Tesla Motor ?

A decade later, Steve Jobs is still paving Apple’s path to success<blockquote>十年过去了，乔布斯仍在为苹果铺路</blockquote>

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in where value is.","starInvestorSubscribeFlag":false},"baikeInfo":{},"tab":"hot","tweets":[{"id":693988781,"gmtCreate":1639960911414,"gmtModify":1639960911904,"author":{"id":"4093410373855950","authorId":"4093410373855950","name":"Humbly","avatar":"https://static.tigerbbs.com/cebd1eb0173a5ad49e43baaa7c0252d8","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4093410373855950","authorIdStr":"4093410373855950"},"themes":[],"title":"","htmlText":"The postponement of Biden's 1.75 trillion bill will unlikely impact the market tonight","listText":"The postponement of Biden's 1.75 trillion bill will unlikely impact the market tonight","text":"The postponement of Biden's 1.75 trillion bill will unlikely impact the market tonight","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/693988781","repostId":"2192901549","repostType":2,"repost":{"id":"2192901549","kind":"news","pubTimestamp":1639949716,"share":"https://www.laohunote.com/m/news/2192901549?lang=zh_CN&edition=full","pubTime":"2021-12-20 05:35","market":"sh","language":"zh","title":"外媒头条：拜登1.75万亿经济支出计划或被推迟审议","url":"https://stock-news.laohu8.com/highlight/detail?id=2192901549","media":"新浪美股","summary":"曼钦投下反对票后，也意味着拜登这项法案大概率将被迫延至明年1月再审议。曼钦称，照现在这样，他是不会支持拜登2万亿美元经济议程的，并表示民主党人在谈判中并未对立法进行任何实际修改。伦敦市宣布进入“重大事件”紧急状态，以协助医院应对奥密克戎毒株的迅速蔓延。在接下来的几周内，CCI 将审查苹果对这些指控的回应，并可能下令进行更广泛调查。据知情人士透露此次交易的金额为 1 亿美元。","content":"<p><b>全球财经媒体昨夜今晨共同关注的头条新闻主要有：</b></p>\n<blockquote>\n <b>1、曼钦明确表示反对 拜登1.75万亿美元经济支出计划或被推迟审议</b>\n</blockquote>\n<blockquote>\n <b>2、英国疫情失控 当局考虑为酒店业和旅游业提供紧急援助</b>\n</blockquote>\n<blockquote>\n <b>3、<a href=\"https://laohu8.com/S/AAPL\">苹果</a>寻求驳回印度应用市场反垄断案 辩称其应用内收费系统并不过分</b>\n</blockquote>\n<blockquote>\n <b>4、航空业低迷 <a href=\"https://laohu8.com/S/BA\">波音</a>以1亿美元出售其商用飞机总部</b>\n</blockquote>\n<blockquote>\n <b>5、法国央行预计消失很多年的通胀趋势将“复兴”</b>\n</blockquote>\n<blockquote>\n <b>6、欧洲电力价格因寒流或上涨至创纪录水平</b>\n</blockquote>\n<p><img src=\"https://static.tigerbbs.com/a08fbcc8a7aefd75b5ea537e9b38c950\" tg-width=\"720\" tg-height=\"405\" referrerpolicy=\"no-referrer\"></p>\n<p><b>曼钦明确表示反对 拜登1.75万亿美元经济支出计划或被推迟审议</b></p>\n<p>美国民主党参议员曼钦明确表示，反对拜登提出的1.75万亿美元“重建美<a href=\"https://laohu8.com/S/TAL\">好未来</a>法案”。</p>\n<p>由于民主党和共和党目前各自掌握参议院的50个席位，在目前没有任何一名共和党参议员支持的情况下，曼钦这一票将能关系到议案能否获得通过。</p>\n<p>曼钦投下反对票后，也意味着拜登这项法案大概率将被迫延至明年1月再审议。该计划的推迟将产生广泛的影响，甚至会影响到明年的中期选举。</p>\n<p>曼钦称，照现在这样，他是不会支持拜登2万亿美元经济议程的，并表示民主党人在谈判中并未对立法进行任何实际修改。</p>\n<p><img src=\"https://static.tigerbbs.com/448795697a75c4cf3d83f1b764a061e1\" tg-width=\"720\" tg-height=\"540\" referrerpolicy=\"no-referrer\"></p>\n<p><b>英国疫情失控 当局考虑为酒店业和旅游业提供紧急援助</b></p>\n<p>据英国《每日电讯报》报道，英国财政大臣苏纳克正在考虑为酒店业和旅游业提供新的刺激措施，以应对由于政府建议减少社交活动而导致的业务下滑。</p>\n<p>到目前为止，英国是欧洲地区奥密克戎疫情最严重的国家。12月18号，英国当局通报，其奥密克戎确认病例已达24968例，较24小时前增加超1万例。伦敦市宣布进入“重大事件”紧急状态，以协助医院应对奥密克戎毒株的迅速蔓延。</p>\n<p>英格兰首席医疗官克里斯·惠蒂日前也警告，英国正面临“相互叠加的”打击，即德尔塔毒株感染病例保持高位的同时，奥密克戎毒株感染病例迅速增长，未来几周可能会不断出现创纪录的疫情数字。</p>\n<p><img src=\"https://static.tigerbbs.com/664e1aa10f1bc96288f58dec4f3ace44\" tg-width=\"720\" tg-height=\"405\" referrerpolicy=\"no-referrer\"></p>\n<p><b>苹果寻求驳回印度应用市场反垄断案 辩称其应用内收费系统并不过分</b></p>\n<p>苹果公司已要求印度反垄断监管机构驳回一起指控其滥用市场支配力的案件，辩称在<a href=\"https://laohu8.com/S/GOOG\">谷歌</a>占主导地位的印度市场份额太小。</p>\n<p>此前印度竞争委员会 （CCI） 开始审查有关苹果通过强迫应用程序开发人员使用其专有系统并对其应用程序内购买收取高达30%的佣金从而损害公平竞争。</p>\n<p>苹果在向 CCI 提交的文件中否认了这些指控，并强调其在印度的市场份额“微不足道”“在印度市场并不占主导地位”。苹果反驳称，整个智能手机市场——包括 Android 等可授权系统——反而是应该考虑是否存在垄断的市场。</p>\n<p>在接下来的几周内，CCI 将审查苹果对这些指控的回应，并可能下令进行更广泛调查。</p>\n<p><img src=\"https://static.tigerbbs.com/1890ea724d25f0a549efa4cabb3030c8\" tg-width=\"720\" tg-height=\"405\" referrerpolicy=\"no-referrer\"></p>\n<p><b>航空业低迷 波音以1亿美元出售其商用飞机总部</b></p>\n<p>波音公司已完成其位于西雅图郊区的商用飞机总部园区的出售。</p>\n<p>据媒体报道，买方是位于西雅图的私募股权房地产投资公司的子公司 Unico Properties。据知情人士透露此次交易的金额为 1 亿美元。</p>\n<p>Unico 表示，购买该地块是因为它靠近通勤铁路、Southcenter 购物中心和西雅图-塔科马国际机场，可以认为此次交易是作为“以交通为导向的投资”。</p>\n<p>这是波音在新冠肺炎大流行导致的航空业低迷期间为削减成本而进行的一系列房地产撤资中的最新一次。</p>\n<p>除了总部大楼外，该地点还包括另一座大楼，该大楼曾经是波音公司最先进的培训设施和全飞行模拟器的所在地。</p>\n<p><img src=\"https://static.tigerbbs.com/46f214aea7be1a221a68c6c2ddb19d05\" tg-width=\"720\" tg-height=\"399\" referrerpolicy=\"no-referrer\"></p>\n<p><b>法国央行预计消失很多年的通胀趋势将“复兴”</b></p>\n<p>法国经济将以非常接近2%的趋势通胀摆脱新冠疫情，而此前，货币当局在全球金融危机以来的十多年中一直未能实现这个目标。</p>\n<p>根据法国央行的最新预测，随着能源价格飙升的影响明年减弱，2023年和2024年的CPI涨幅将稳定在1.5%左右。扣除能源和食品，这个欧元区第二大经济体那两年的核心通胀率将为1.7%，而疫情爆发前的7年在0.7%左右。</p>\n<p>“2023年和2024年的回归正常状态不是重返2013年至2019年的局面，那时候通胀水平太弱，”法国央行行长Francois Villeroy de Galhau在接受采访时表示。</p>\n<p>“相反，我们可能回到更平衡通胀格局，就像2008年金融危机之前一样，欧元区平均通胀率约为2%。”</p>\n<p><img src=\"https://static.tigerbbs.com/e9ba4001e34e963fecd5c406f92d921a\" tg-width=\"720\" tg-height=\"475\" referrerpolicy=\"no-referrer\"></p>\n<p><b>欧洲电力价格因寒流或上涨至创纪录水平</b></p>\n<p>欧洲每日电价飙升，因为周一气温偏低，这将提振需求，而法国则停止了更多核反应堆。</p>\n<p>天气变冷、风力减弱和核电中断，再加上非常昂贵的天然气价格，西班牙的每日电价跃升至创纪录水平，而法国电价则升至 2009 年罕见的价格高峰以来的最高水平。由于俄罗斯的供应受阻，价格比年初高出七倍，贸易商正准备迎接即将到来的最寒冷冬季的更高价格。</p>\n<p>据数据模型分析推算，周一大部分时间德国的风电输出低于 5000 兆瓦，而 11 月 30 日创下的记录为 47130 兆瓦。目前欧洲大部分地区的低风速将增加对昂贵天然气和煤炭的依赖。</p>\n<p><a href=\"https://laohu8.com/S/0HBA.UK\">法国电力公司</a>周日中午停止了 Chooz-1 核反应堆，直到 1 月 23 日，这是法国四个最大的反应堆因安全问题延长停工期的一部分，这将阻碍一年中最关键月份的可用容量。</p>","source":"sina_symbol","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>外媒头条：拜登1.75万亿经济支出计划或被推迟审议</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\n外媒头条：拜登1.75万亿经济支出计划或被推迟审议\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-12-20 05:35 北京时间&nbsp;&nbsp;&nbsp;<a href=https://cj.sina.cn/article/normal_detail?url=https://finance.sina.com.cn/stock/usstock/c/2021-12-20/doc-ikyamrmz0015518.shtml><strong>新浪美股</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>全球财经媒体昨夜今晨共同关注的头条新闻主要有：\n\n1、曼钦明确表示反对 拜登1.75万亿美元经济支出计划或被推迟审议\n\n\n2、英国疫情失控 当局考虑为酒店业和旅游业提供紧急援助\n\n\n3、苹果寻求驳回印度应用市场反垄断案 辩称其应用内收费系统并不过分\n\n\n4、航空业低迷 波音以1亿美元出售其商用飞机总部\n\n\n5、法国央行预计消失很多年的通胀趋势将“复兴”\n\n\n6、欧洲电力价格因寒流或上涨至创纪录水平...</p>\n\n<a href=\"https://cj.sina.cn/article/normal_detail?url=https://finance.sina.com.cn/stock/usstock/c/2021-12-20/doc-ikyamrmz0015518.shtml\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/448795697a75c4cf3d83f1b764a061e1","relate_stocks":{"BK4532":"文艺复兴科技持仓","BK4505":"高瓴资本持仓","BK4554":"元宇宙及AR概念","BK4507":"流媒体概念","BK4559":"巴菲特持仓",".IXIC":"NASDAQ Composite","BK4527":"明星科技股","BK4553":"喜马拉雅资本持仓","BK4501":"段永平概念","BK4566":"资本集团","BK4533":"AQR资本管理(全球第二大对冲基金)","BK4534":"瑞士信贷持仓","BK4170":"电脑硬件、储存设备及电脑周边","BK4550":"红杉资本持仓",".SPX":"S&P 500 Index","BK4515":"5G概念",".DJI":"道琼斯"},"source_url":"https://cj.sina.cn/article/normal_detail?url=https://finance.sina.com.cn/stock/usstock/c/2021-12-20/doc-ikyamrmz0015518.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2192901549","content_text":"全球财经媒体昨夜今晨共同关注的头条新闻主要有：\n\n1、曼钦明确表示反对 拜登1.75万亿美元经济支出计划或被推迟审议\n\n\n2、英国疫情失控 当局考虑为酒店业和旅游业提供紧急援助\n\n\n3、苹果寻求驳回印度应用市场反垄断案 辩称其应用内收费系统并不过分\n\n\n4、航空业低迷 波音以1亿美元出售其商用飞机总部\n\n\n5、法国央行预计消失很多年的通胀趋势将“复兴”\n\n\n6、欧洲电力价格因寒流或上涨至创纪录水平\n\n\n曼钦明确表示反对 拜登1.75万亿美元经济支出计划或被推迟审议\n美国民主党参议员曼钦明确表示，反对拜登提出的1.75万亿美元“重建美好未来法案”。\n由于民主党和共和党目前各自掌握参议院的50个席位，在目前没有任何一名共和党参议员支持的情况下，曼钦这一票将能关系到议案能否获得通过。\n曼钦投下反对票后，也意味着拜登这项法案大概率将被迫延至明年1月再审议。该计划的推迟将产生广泛的影响，甚至会影响到明年的中期选举。\n曼钦称，照现在这样，他是不会支持拜登2万亿美元经济议程的，并表示民主党人在谈判中并未对立法进行任何实际修改。\n\n英国疫情失控 当局考虑为酒店业和旅游业提供紧急援助\n据英国《每日电讯报》报道，英国财政大臣苏纳克正在考虑为酒店业和旅游业提供新的刺激措施，以应对由于政府建议减少社交活动而导致的业务下滑。\n到目前为止，英国是欧洲地区奥密克戎疫情最严重的国家。12月18号，英国当局通报，其奥密克戎确认病例已达24968例，较24小时前增加超1万例。伦敦市宣布进入“重大事件”紧急状态，以协助医院应对奥密克戎毒株的迅速蔓延。\n英格兰首席医疗官克里斯·惠蒂日前也警告，英国正面临“相互叠加的”打击，即德尔塔毒株感染病例保持高位的同时，奥密克戎毒株感染病例迅速增长，未来几周可能会不断出现创纪录的疫情数字。\n\n苹果寻求驳回印度应用市场反垄断案 辩称其应用内收费系统并不过分\n苹果公司已要求印度反垄断监管机构驳回一起指控其滥用市场支配力的案件，辩称在谷歌占主导地位的印度市场份额太小。\n此前印度竞争委员会 （CCI） 开始审查有关苹果通过强迫应用程序开发人员使用其专有系统并对其应用程序内购买收取高达30%的佣金从而损害公平竞争。\n苹果在向 CCI 提交的文件中否认了这些指控，并强调其在印度的市场份额“微不足道”“在印度市场并不占主导地位”。苹果反驳称，整个智能手机市场——包括 Android 等可授权系统——反而是应该考虑是否存在垄断的市场。\n在接下来的几周内，CCI 将审查苹果对这些指控的回应，并可能下令进行更广泛调查。\n\n航空业低迷 波音以1亿美元出售其商用飞机总部\n波音公司已完成其位于西雅图郊区的商用飞机总部园区的出售。\n据媒体报道，买方是位于西雅图的私募股权房地产投资公司的子公司 Unico Properties。据知情人士透露此次交易的金额为 1 亿美元。\nUnico 表示，购买该地块是因为它靠近通勤铁路、Southcenter 购物中心和西雅图-塔科马国际机场，可以认为此次交易是作为“以交通为导向的投资”。\n这是波音在新冠肺炎大流行导致的航空业低迷期间为削减成本而进行的一系列房地产撤资中的最新一次。\n除了总部大楼外，该地点还包括另一座大楼，该大楼曾经是波音公司最先进的培训设施和全飞行模拟器的所在地。\n\n法国央行预计消失很多年的通胀趋势将“复兴”\n法国经济将以非常接近2%的趋势通胀摆脱新冠疫情，而此前，货币当局在全球金融危机以来的十多年中一直未能实现这个目标。\n根据法国央行的最新预测，随着能源价格飙升的影响明年减弱，2023年和2024年的CPI涨幅将稳定在1.5%左右。扣除能源和食品，这个欧元区第二大经济体那两年的核心通胀率将为1.7%，而疫情爆发前的7年在0.7%左右。\n“2023年和2024年的回归正常状态不是重返2013年至2019年的局面，那时候通胀水平太弱，”法国央行行长Francois Villeroy de Galhau在接受采访时表示。\n“相反，我们可能回到更平衡通胀格局，就像2008年金融危机之前一样，欧元区平均通胀率约为2%。”\n\n欧洲电力价格因寒流或上涨至创纪录水平\n欧洲每日电价飙升，因为周一气温偏低，这将提振需求，而法国则停止了更多核反应堆。\n天气变冷、风力减弱和核电中断，再加上非常昂贵的天然气价格，西班牙的每日电价跃升至创纪录水平，而法国电价则升至 2009 年罕见的价格高峰以来的最高水平。由于俄罗斯的供应受阻，价格比年初高出七倍，贸易商正准备迎接即将到来的最寒冷冬季的更高价格。\n据数据模型分析推算，周一大部分时间德国的风电输出低于 5000 兆瓦，而 11 月 30 日创下的记录为 47130 兆瓦。目前欧洲大部分地区的低风速将增加对昂贵天然气和煤炭的依赖。\n法国电力公司周日中午停止了 Chooz-1 核反应堆，直到 1 月 23 日，这是法国四个最大的反应堆因安全问题延长停工期的一部分，这将阻碍一年中最关键月份的可用容量。","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":4380,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":693989449,"gmtCreate":1639960698259,"gmtModify":1639960698613,"author":{"id":"4093410373855950","authorId":"4093410373855950","name":"Humbly","avatar":"https://static.tigerbbs.com/cebd1eb0173a5ad49e43baaa7c0252d8","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4093410373855950","authorIdStr":"4093410373855950"},"themes":[],"title":"","htmlText":"An IPO to watch to see whether the&nbsp;sentiment towards tech is going to turn.","listText":"An IPO to watch to see whether the&nbsp;sentiment towards tech is going to turn.","text":"An IPO to watch to see whether the sentiment towards tech is going to turn.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/693989449","repostId":"2192901763","repostType":4,"isVote":1,"tweetType":1,"viewCount":3891,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":693917961,"gmtCreate":1639960474074,"gmtModify":1639965499050,"author":{"id":"4093410373855950","authorId":"4093410373855950","name":"Humbly","avatar":"https://static.tigerbbs.com/cebd1eb0173a5ad49e43baaa7c0252d8","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4093410373855950","authorIdStr":"4093410373855950"},"themes":[],"title":"","htmlText":"The AR glasses may entice early adopters. However, vehicle&nbsp;delivery is still the key to share price performance.","listText":"The AR glasses may entice early adopters. However, vehicle&nbsp;delivery is still the key to share price performance.","text":"The AR glasses may entice early adopters. However, vehicle delivery is still the key to share price performance.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/693917961","repostId":"1151315099","repostType":4,"repost":{"id":"1151315099","kind":"news","pubTimestamp":1639956674,"share":"https://www.laohunote.com/m/news/1151315099?lang=zh_CN&edition=full","pubTime":"2021-12-20 07:31","market":"us","language":"en","title":"‘NIO Day’ Featured a New EV and AR Goggles. Will They Be Enough to Boost the Hard Hit Stock?<blockquote>蔚来日展示了新的电动汽车和增强现实护目镜。它们足以提振遭受重创的股票吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1151315099","media":"Barrons","summary":"Chinese electric vehicle maker NIO (ticker: NIO) hosted an event for car buyers—and investors—in Chi","content":"<p>Chinese electric vehicle maker&nbsp;NIO&nbsp;(ticker: NIO) hosted an event for car buyers—and investors—in China on Saturday morning Eastern time. A brand new model, to be delivered in 2022, was announced. And the technology NIO is packing into its cars is something to behold. There are even augmented reality glasses—like something out of an Avengers movie.</p><p><blockquote>中国电动汽车制造商蔚来（股票代码：蔚来）于美国东部时间周六上午在中国为购车者和投资者举办了一场活动。宣布推出将于 2022 年交付的全新车型。蔚来在其汽车中融入的技术值得一看。甚至还有增强现实眼镜——就像复仇者联盟电影里的东西。</blockquote></p><p> The new vehicle is the ET5 midsize sedan. It’s a higher-end model starting at about $50,000. With NIO’s battery as a service subscription, the initial purchase price is about $40,000. NIO will let car buyers pay a monthly fee, essentially, separating the battery purchase from the car purchase.</p><p><blockquote>新车是ET5中型轿车。这是一款高端机型，起价约为 5 万美元。蔚来的电池作为服务订阅，初始购买价格约为 4 万美元。蔚来将让购车者支付月费，本质上是将电池购买与汽车购买分开。</blockquote></p><p> The new sedan comes with roughly 500 horsepower and will go zero to 60 miles an hour in about 4 seconds. It should be able to drive up to 430 miles per charge, a big number although Chinese and U.S. range statistics are reported differently.</p><p><blockquote>这款新轿车的功率约为 500 马力，从零加速到 60 英里/小时大约需要 4 秒。它每次充电应该能够行驶 430 英里，这是一个很大的数字，尽管中国和美国的续航里程统计数据报告不同。</blockquote></p><p> The ET5 is also equipped with advanced safety features including lidar sensors.</p><p><blockquote>ET5还配备了先进的安全功能，包括激光雷达传感器。</blockquote></p><p> Lidar is essentially laser-based radar and most auto makers believe lidar is one of the technologies required to achieve truly self-driving technology. The ET5 also comes equipped with the company’s latest self-driving software. NIO Autonomous Driving or NAD, as the company calls it, will maintain driving speeds and do some steering, but drivers still need to pay attention to the road at all times.</p><p><blockquote>激光雷达本质上是基于激光的雷达，大多数汽车制造商认为激光雷达是实现真正自动驾驶技术所需的技术之一。ET5 还配备了该公司最新的自动驾驶软件。蔚来自动驾驶（NAD），正如该公司评级的那样，将保持驾驶速度并进行一些转向，但驾驶员仍然需要时刻关注道路。</blockquote></p><p> All the software for self-driving—and the software running other car systems—runs on a computer powered by&nbsp;Nvidia&nbsp;(NVDA) chips.</p><p><blockquote>所有自动驾驶软件以及运行其他汽车系统的软件都运行在由 Nvidia (NVDA) 芯片驱动的计算机上。</blockquote></p><p> Then there are the glasses. NIO unveiled augmented reality glasses that are integrated with the car. “The visual experience is as good as a 201-inch screen at 6 meters away,” said NIO founder William Li. The glasses can display vehicle information. Drivers won’t have to look down to check speed. The glasses drew applause from the assembled crowd.</p><p><blockquote>然后是眼镜。蔚来推出了与汽车集成的增强现实眼镜。“蔚来创始人 William Li 说：”视觉体验堪比 6 米外的 201 英寸屏幕。眼镜可以显示车辆信息。司机无需低头检查车速。眼镜引起了聚集在一起的人群的掌声。</blockquote></p><p> NIO plans to deliver the ET5 by September 2022. The company also provided an update about its new ET7 sedan. Deliveries of that model should begin in March 2022. The ET7 was unveiled at the company’s last big event in January 2021.</p><p><blockquote>蔚来计划在 2022 年 9 月之前交付 ET5。该公司还提供了有关其新款 ET7 轿车的最新信息。该型号应于 2022 年 3 月开始交付。ET7 于 2021 年 1 月在该公司的最后一次大型活动上亮相。</blockquote></p><p> NIO stock jumped 6.5% to more than $60 a share the Monday following that January event—and it could use another bump now. NIO stock has fallen 22% over the last month to $30. The&nbsp;S&amp;P 500&nbsp;and&nbsp;Dow Jones Industrial Average&nbsp;are down about 2% and 1% over the same span. NIO’s third-quarter earnings were fine. Earnings and deliveries don’t seem to be what’s troubling investors most.XPeng&nbsp;(XPEV) shares are down 12% over the past month.</p><p><blockquote>继 1 月份事件之后，蔚来股价周一上涨 6.5%，至每股 60 美元以上，现在可能会再次上涨。蔚来股价上个月下跌 22%，至 30 美元。同期，标普500和道琼斯工业平均指数分别下跌了约 2% 和 1%。蔚来第三季度盈利良好。小鹏汽车（XPEV）的股价在过去一个月下跌了 12%。</blockquote></p><p> How the stock reacts to the new model, new technology and proposed delivery dates will say a lot about investor sentiment toward highly valued EV makers and U.S.-listed Chinese stocks in the coming weeks.</p><p><blockquote>该股对新车型、新技术和拟议交付日期的反应将在很大程度上反映投资者未来几周对高估值电动汽车制造商和在美国上市的中国股票的情绪。</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>‘NIO Day’ Featured a New EV and AR Goggles. Will They Be Enough to Boost the Hard Hit Stock?<blockquote>蔚来日展示了新的电动汽车和增强现实护目镜。它们足以提振遭受重创的股票吗？</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\">\n‘NIO Day’ Featured a New EV and AR Goggles. Will They Be Enough to Boost the Hard Hit Stock?<blockquote>蔚来日展示了新的电动汽车和增强现实护目镜。它们足以提振遭受重创的股票吗？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-12-20 07:31</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Chinese electric vehicle maker&nbsp;NIO&nbsp;(ticker: NIO) hosted an event for car buyers—and investors—in China on Saturday morning Eastern time. A brand new model, to be delivered in 2022, was announced. And the technology NIO is packing into its cars is something to behold. There are even augmented reality glasses—like something out of an Avengers movie.</p><p><blockquote>中国电动汽车制造商蔚来（股票代码：蔚来）于美国东部时间周六上午在中国为购车者和投资者举办了一场活动。宣布推出将于 2022 年交付的全新车型。蔚来在其汽车中融入的技术值得一看。甚至还有增强现实眼镜——就像复仇者联盟电影里的东西。</blockquote></p><p> The new vehicle is the ET5 midsize sedan. It’s a higher-end model starting at about $50,000. With NIO’s battery as a service subscription, the initial purchase price is about $40,000. NIO will let car buyers pay a monthly fee, essentially, separating the battery purchase from the car purchase.</p><p><blockquote>新车是ET5中型轿车。这是一款高端机型，起价约为 5 万美元。蔚来的电池作为服务订阅，初始购买价格约为 4 万美元。蔚来将让购车者支付月费，本质上是将电池购买与汽车购买分开。</blockquote></p><p> The new sedan comes with roughly 500 horsepower and will go zero to 60 miles an hour in about 4 seconds. It should be able to drive up to 430 miles per charge, a big number although Chinese and U.S. range statistics are reported differently.</p><p><blockquote>这款新轿车的功率约为 500 马力，从零加速到 60 英里/小时大约需要 4 秒。它每次充电应该能够行驶 430 英里，这是一个很大的数字，尽管中国和美国的续航里程统计数据报告不同。</blockquote></p><p> The ET5 is also equipped with advanced safety features including lidar sensors.</p><p><blockquote>ET5还配备了先进的安全功能，包括激光雷达传感器。</blockquote></p><p> Lidar is essentially laser-based radar and most auto makers believe lidar is one of the technologies required to achieve truly self-driving technology. The ET5 also comes equipped with the company’s latest self-driving software. NIO Autonomous Driving or NAD, as the company calls it, will maintain driving speeds and do some steering, but drivers still need to pay attention to the road at all times.</p><p><blockquote>激光雷达本质上是基于激光的雷达，大多数汽车制造商认为激光雷达是实现真正自动驾驶技术所需的技术之一。ET5 还配备了该公司最新的自动驾驶软件。蔚来自动驾驶（NAD），正如该公司评级的那样，将保持驾驶速度并进行一些转向，但驾驶员仍然需要时刻关注道路。</blockquote></p><p> All the software for self-driving—and the software running other car systems—runs on a computer powered by&nbsp;Nvidia&nbsp;(NVDA) chips.</p><p><blockquote>所有自动驾驶软件以及运行其他汽车系统的软件都运行在由 Nvidia (NVDA) 芯片驱动的计算机上。</blockquote></p><p> Then there are the glasses. NIO unveiled augmented reality glasses that are integrated with the car. “The visual experience is as good as a 201-inch screen at 6 meters away,” said NIO founder William Li. The glasses can display vehicle information. Drivers won’t have to look down to check speed. The glasses drew applause from the assembled crowd.</p><p><blockquote>然后是眼镜。蔚来推出了与汽车集成的增强现实眼镜。“蔚来创始人 William Li 说：”视觉体验堪比 6 米外的 201 英寸屏幕。眼镜可以显示车辆信息。司机无需低头检查车速。眼镜引起了聚集在一起的人群的掌声。</blockquote></p><p> NIO plans to deliver the ET5 by September 2022. The company also provided an update about its new ET7 sedan. Deliveries of that model should begin in March 2022. The ET7 was unveiled at the company’s last big event in January 2021.</p><p><blockquote>蔚来计划在 2022 年 9 月之前交付 ET5。该公司还提供了有关其新款 ET7 轿车的最新信息。该型号应于 2022 年 3 月开始交付。ET7 于 2021 年 1 月在该公司的最后一次大型活动上亮相。</blockquote></p><p> NIO stock jumped 6.5% to more than $60 a share the Monday following that January event—and it could use another bump now. NIO stock has fallen 22% over the last month to $30. The&nbsp;S&amp;P 500&nbsp;and&nbsp;Dow Jones Industrial Average&nbsp;are down about 2% and 1% over the same span. NIO’s third-quarter earnings were fine. Earnings and deliveries don’t seem to be what’s troubling investors most.XPeng&nbsp;(XPEV) shares are down 12% over the past month.</p><p><blockquote>继 1 月份事件之后，蔚来股价周一上涨 6.5%，至每股 60 美元以上，现在可能会再次上涨。蔚来股价上个月下跌 22%，至 30 美元。同期，标普500和道琼斯工业平均指数分别下跌了约 2% 和 1%。蔚来第三季度盈利良好。小鹏汽车（XPEV）的股价在过去一个月下跌了 12%。</blockquote></p><p> How the stock reacts to the new model, new technology and proposed delivery dates will say a lot about investor sentiment toward highly valued EV makers and U.S.-listed Chinese stocks in the coming weeks.</p><p><blockquote>该股对新车型、新技术和拟议交付日期的反应将在很大程度上反映投资者未来几周对高估值电动汽车制造商和在美国上市的中国股票的情绪。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/nio-stock-discussion-51639835281?mod=hp_LATEST\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NIO":"蔚来"},"source_url":"https://www.barrons.com/articles/nio-stock-discussion-51639835281?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1151315099","content_text":"Chinese electric vehicle maker NIO (ticker: NIO) hosted an event for car buyers—and investors—in China on Saturday morning Eastern time. A brand new model, to be delivered in 2022, was announced. And the technology NIO is packing into its cars is something to behold. There are even augmented reality glasses—like something out of an Avengers movie.\nThe new vehicle is the ET5 midsize sedan. It’s a higher-end model starting at about $50,000. With NIO’s battery as a service subscription, the initial purchase price is about $40,000. NIO will let car buyers pay a monthly fee, essentially, separating the battery purchase from the car purchase.\nThe new sedan comes with roughly 500 horsepower and will go zero to 60 miles an hour in about 4 seconds. It should be able to drive up to 430 miles per charge, a big number although Chinese and U.S. range statistics are reported differently.\nThe ET5 is also equipped with advanced safety features including lidar sensors.\nLidar is essentially laser-based radar and most auto makers believe lidar is one of the technologies required to achieve truly self-driving technology. The ET5 also comes equipped with the company’s latest self-driving software. NIO Autonomous Driving or NAD, as the company calls it, will maintain driving speeds and do some steering, but drivers still need to pay attention to the road at all times.\nAll the software for self-driving—and the software running other car systems—runs on a computer powered by Nvidia (NVDA) chips.\nThen there are the glasses. NIO unveiled augmented reality glasses that are integrated with the car. “The visual experience is as good as a 201-inch screen at 6 meters away,” said NIO founder William Li. The glasses can display vehicle information. Drivers won’t have to look down to check speed. The glasses drew applause from the assembled crowd.\nNIO plans to deliver the ET5 by September 2022. The company also provided an update about its new ET7 sedan. Deliveries of that model should begin in March 2022. The ET7 was unveiled at the company’s last big event in January 2021.\nNIO stock jumped 6.5% to more than $60 a share the Monday following that January event—and it could use another bump now. NIO stock has fallen 22% over the last month to $30. The S&P 500 and Dow Jones Industrial Average are down about 2% and 1% over the same span. NIO’s third-quarter earnings were fine. Earnings and deliveries don’t seem to be what’s troubling investors most.XPeng (XPEV) shares are down 12% over the past month.\nHow the stock reacts to the new model, new technology and proposed delivery dates will say a lot about investor sentiment toward highly valued EV makers and U.S.-listed Chinese stocks in the coming weeks.","news_type":1,"symbols_score_info":{"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":4156,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":605868621,"gmtCreate":1639145816777,"gmtModify":1639145817077,"author":{"id":"4093410373855950","authorId":"4093410373855950","name":"Humbly","avatar":"https://static.tigerbbs.com/cebd1eb0173a5ad49e43baaa7c0252d8","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4093410373855950","authorIdStr":"4093410373855950"},"themes":[],"title":"","htmlText":"Since the inflation data is within expectation, the market likely has already rlpriced in","listText":"Since the inflation data is within expectation, the market likely has already rlpriced in","text":"Since the inflation data is within expectation, the market likely has already rlpriced in","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/605868621","repostId":"1190592406","repostType":4,"repost":{"id":"1190592406","kind":"news","pubTimestamp":1639145484,"share":"https://www.laohunote.com/m/news/1190592406?lang=zh_CN&edition=full","pubTime":"2021-12-10 22:11","market":"us","language":"en","title":"The Inflation Data Was as Bad as Expected. What It Means for the Fed—and Biden.<blockquote>通胀数据和预期的一样糟糕。这对美联储和拜登意味着什么。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1190592406","media":"Barrons","summary":"Consumer prices rose 0.8% in November from a month earlier, and the year-over-year rate surged to 6.","content":"<p>Consumer prices rose 0.8% in November from a month earlier, and the year-over-year rate surged to 6.8%, the fastest annual pace since 1982.</p><p><blockquote>11月份消费者价格环比上涨0.8%，同比涨幅飙升至6.8%，为1982年以来最快的年度涨幅。</blockquote></p><p> The data puts inflation at a level widely expected to prompt the Federal Reserve to move more quickly to tighten monetary policy.&nbsp;It could also hamper President Joe Biden’s goal of passing a multitrillion-dollar social spending package through Congress before the end of the year, given key lawmakers’ concerns over rising prices.</p><p><blockquote>这些数据使通胀率达到了人们普遍预期的水平，这将促使美联储更快地收紧货币政策。鉴于主要立法者对物价上涨的担忧，这也可能阻碍乔-拜登总统在年底前在国会通过数万亿美元社会支出一揽子计划的目标。</blockquote></p><p> Economists had expected a 0.7% rise over the month and a 6.7% increase year over year. The November data shows a slight slowdown in the monthly pace of price increases from a 0.9% rate the month before. But the 6.8% year-over-year rise marks a big jump in the annual rate, which was 6.2% in October.</p><p><blockquote>经济学家此前预计当月增长 0.7%，同比增长 6.7%。11月份的数据显示，月度价格涨幅较上月的0.9%略有放缓。但6.8%的同比涨幅标志着年利率的大幅跃升，10月份的年利率为6.2%。</blockquote></p><p> Although the numbers were higher than economists had penciled in, the initial market reaction suggests the rate of price increases weren’t as bad as some investors may have feared. Bond yields dropped initially, though they soon began to bounce back, and stock-index futures jumped immediately after the data landed. Some 20 minutes after the report, futures on the&nbsp;S&amp;P 500&nbsp;were 0.8% higher.</p><p><blockquote>虽然这些数字高于经济学家的预期，但市场的初步反应表明，价格上涨的速度并不像一些投资者担心的那么糟糕。债券收益率最初下降，但很快开始反弹，数据公布后股指期货立即上涨。报告发布约 20 分钟后，标普500期货上涨 0.8%。</blockquote></p><p> The uptick in the inflation rate in November was “the result of broad increases in most component indexes,” the Labor Department said.</p><p><blockquote>劳工部表示，11 月份通胀率的上升是 “大多数组成指数普遍上升的结果”。</blockquote></p><p> That shows that inflation is spreading beyond the handful of key pandemic-affected sectors that saw the most significant increases this summer, and could be more persistent than initially anticipated.Rising prices for gasoline, shelter, food, used cars and trucks, and new cars were some of the largest contributors to the overall headline increase.</p><p><blockquote>这表明通胀正在蔓延到今年夏天增幅最显着的少数受疫情影响的关键行业之外，并且可能比最初预期的更加持久。汽油、住所、食品、二手车和卡车以及新车价格上涨是总体价格上涨的最大因素。</blockquote></p><p> Excluding the more volatile food and energy indexes, the core consumer-price index remained hot. Core CPI rose 0.5% in November from the month before, and the annual rate stands at 4.9%, in line with expectations. The food index rose 6.1% over the year, while the energy index surged 33.3%. Both changes are the largest annual increases in each sector in at least 13 years, the Labor Department said.</p><p><blockquote>剔除波动较大的食品和能源指数，核心消费者价格指数依然火爆。11月份核心CPI环比上涨0.5%，年率为4.9%，符合预期。食品指数全年上涨6.1%，能源指数飙升33.3%。劳工部表示，这两项变化都是至少 13 年来每个行业最大的年度增幅。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Inflation Data Was as Bad as Expected. What It Means for the Fed—and Biden.<blockquote>通胀数据和预期的一样糟糕。这对美联储和拜登意味着什么。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Inflation Data Was as Bad as Expected. What It Means for the Fed—and Biden.<blockquote>通胀数据和预期的一样糟糕。这对美联储和拜登意味着什么。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-12-10 22:11</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Consumer prices rose 0.8% in November from a month earlier, and the year-over-year rate surged to 6.8%, the fastest annual pace since 1982.</p><p><blockquote>11月份消费者价格环比上涨0.8%，同比涨幅飙升至6.8%，为1982年以来最快的年度涨幅。</blockquote></p><p> The data puts inflation at a level widely expected to prompt the Federal Reserve to move more quickly to tighten monetary policy.&nbsp;It could also hamper President Joe Biden’s goal of passing a multitrillion-dollar social spending package through Congress before the end of the year, given key lawmakers’ concerns over rising prices.</p><p><blockquote>这些数据使通胀率达到了人们普遍预期的水平，这将促使美联储更快地收紧货币政策。鉴于主要立法者对物价上涨的担忧，这也可能阻碍乔-拜登总统在年底前在国会通过数万亿美元社会支出一揽子计划的目标。</blockquote></p><p> Economists had expected a 0.7% rise over the month and a 6.7% increase year over year. The November data shows a slight slowdown in the monthly pace of price increases from a 0.9% rate the month before. But the 6.8% year-over-year rise marks a big jump in the annual rate, which was 6.2% in October.</p><p><blockquote>经济学家此前预计当月增长 0.7%，同比增长 6.7%。11月份的数据显示，月度价格涨幅较上月的0.9%略有放缓。但6.8%的同比涨幅标志着年利率的大幅跃升，10月份的年利率为6.2%。</blockquote></p><p> Although the numbers were higher than economists had penciled in, the initial market reaction suggests the rate of price increases weren’t as bad as some investors may have feared. Bond yields dropped initially, though they soon began to bounce back, and stock-index futures jumped immediately after the data landed. Some 20 minutes after the report, futures on the&nbsp;S&amp;P 500&nbsp;were 0.8% higher.</p><p><blockquote>虽然这些数字高于经济学家的预期，但市场的初步反应表明，价格上涨的速度并不像一些投资者担心的那么糟糕。债券收益率最初下降，但很快开始反弹，数据公布后股指期货立即上涨。报告发布约 20 分钟后，标普500期货上涨 0.8%。</blockquote></p><p> The uptick in the inflation rate in November was “the result of broad increases in most component indexes,” the Labor Department said.</p><p><blockquote>劳工部表示，11 月份通胀率的上升是 “大多数组成指数普遍上升的结果”。</blockquote></p><p> That shows that inflation is spreading beyond the handful of key pandemic-affected sectors that saw the most significant increases this summer, and could be more persistent than initially anticipated.Rising prices for gasoline, shelter, food, used cars and trucks, and new cars were some of the largest contributors to the overall headline increase.</p><p><blockquote>这表明通胀正在蔓延到今年夏天增幅最显着的少数受疫情影响的关键行业之外，并且可能比最初预期的更加持久。汽油、住所、食品、二手车和卡车以及新车价格上涨是总体价格上涨的最大因素。</blockquote></p><p> Excluding the more volatile food and energy indexes, the core consumer-price index remained hot. Core CPI rose 0.5% in November from the month before, and the annual rate stands at 4.9%, in line with expectations. The food index rose 6.1% over the year, while the energy index surged 33.3%. Both changes are the largest annual increases in each sector in at least 13 years, the Labor Department said.</p><p><blockquote>剔除波动较大的食品和能源指数，核心消费者价格指数依然火爆。11月份核心CPI环比上涨0.5%，年率为4.9%，符合预期。食品指数全年上涨6.1%，能源指数飙升33.3%。劳工部表示，这两项变化都是至少 13 年来每个行业最大的年度增幅。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/cpi-inflation-report-data-november-51639083602?mod=hp_LATEST\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://www.barrons.com/articles/cpi-inflation-report-data-november-51639083602?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1190592406","content_text":"Consumer prices rose 0.8% in November from a month earlier, and the year-over-year rate surged to 6.8%, the fastest annual pace since 1982.\nThe data puts inflation at a level widely expected to prompt the Federal Reserve to move more quickly to tighten monetary policy. It could also hamper President Joe Biden’s goal of passing a multitrillion-dollar social spending package through Congress before the end of the year, given key lawmakers’ concerns over rising prices.\nEconomists had expected a 0.7% rise over the month and a 6.7% increase year over year. The November data shows a slight slowdown in the monthly pace of price increases from a 0.9% rate the month before. But the 6.8% year-over-year rise marks a big jump in the annual rate, which was 6.2% in October.\nAlthough the numbers were higher than economists had penciled in, the initial market reaction suggests the rate of price increases weren’t as bad as some investors may have feared. Bond yields dropped initially, though they soon began to bounce back, and stock-index futures jumped immediately after the data landed. Some 20 minutes after the report, futures on the S&P 500 were 0.8% higher.\nThe uptick in the inflation rate in November was “the result of broad increases in most component indexes,” the Labor Department said.\nThat shows that inflation is spreading beyond the handful of key pandemic-affected sectors that saw the most significant increases this summer, and could be more persistent than initially anticipated.Rising prices for gasoline, shelter, food, used cars and trucks, and new cars were some of the largest contributors to the overall headline increase.\nExcluding the more volatile food and energy indexes, the core consumer-price index remained hot. Core CPI rose 0.5% in November from the month before, and the annual rate stands at 4.9%, in line with expectations. The food index rose 6.1% over the year, while the energy index surged 33.3%. Both changes are the largest annual increases in each sector in at least 13 years, the Labor Department said.","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":3654,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":606782330,"gmtCreate":1638928261864,"gmtModify":1638928295753,"author":{"id":"4093410373855950","authorId":"4093410373855950","name":"Humbly","avatar":"https://static.tigerbbs.com/cebd1eb0173a5ad49e43baaa7c0252d8","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4093410373855950","authorIdStr":"4093410373855950"},"themes":[],"title":"","htmlText":"Looks like the Santa Claus rally has started early","listText":"Looks like the Santa Claus rally has started early","text":"Looks like the Santa Claus rally has started early","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/606782330","repostId":"2189719656","repostType":4,"isVote":1,"tweetType":1,"viewCount":4627,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":606345634,"gmtCreate":1638838386305,"gmtModify":1638838386591,"author":{"id":"4093410373855950","authorId":"4093410373855950","name":"Humbly","avatar":"https://static.tigerbbs.com/cebd1eb0173a5ad49e43baaa7c0252d8","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4093410373855950","authorIdStr":"4093410373855950"},"themes":[],"title":"","htmlText":"Roblox is another company to consider too","listText":"Roblox is another company to consider too","text":"Roblox is another company to consider too","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/606345634","repostId":"2189517501","repostType":4,"isVote":1,"tweetType":1,"viewCount":4381,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":606342145,"gmtCreate":1638838321307,"gmtModify":1638842621417,"author":{"id":"4093410373855950","authorId":"4093410373855950","name":"Humbly","avatar":"https://static.tigerbbs.com/cebd1eb0173a5ad49e43baaa7c0252d8","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4093410373855950","authorIdStr":"4093410373855950"},"themes":[],"title":"","htmlText":"This will raise some cash for Intel to build chip plants and compete more effectively in the chip sector.","listText":"This will raise some cash for Intel to build chip plants and compete more effectively in the chip sector.","text":"This will raise some cash for Intel to build chip plants and compete more effectively in the chip sector.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/606342145","repostId":"2189681129","repostType":4,"isVote":1,"tweetType":1,"viewCount":4278,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":606012036,"gmtCreate":1638801170481,"gmtModify":1638804290159,"author":{"id":"4093410373855950","authorId":"4093410373855950","name":"Humbly","avatar":"https://static.tigerbbs.com/cebd1eb0173a5ad49e43baaa7c0252d8","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4093410373855950","authorIdStr":"4093410373855950"},"themes":[],"title":"","htmlText":"With rates expected to rise, American banks like WFC is likely a safe bet","listText":"With rates expected to rise, American banks like WFC is likely a safe bet","text":"With rates expected to rise, American banks like WFC is likely a safe bet","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/606012036","repostId":"1191091006","repostType":4,"repost":{"id":"1191091006","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1638796414,"share":"https://www.laohunote.com/m/news/1191091006?lang=zh_CN&edition=full","pubTime":"2021-12-06 21:13","market":"us","language":"en","title":"Toplines Before US Market Open on Monday<blockquote>周一美国市场开盘前的顶线</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1191091006","media":"Tiger Newspress","summary":"The Nasdaq index was set for a lower open on Monday as mega-cap technology firms slipped and shares ","content":"<p>The Nasdaq index was set for a lower open on Monday as mega-cap technology firms slipped and shares of Nvidia led declines among major chipmakers, while Dow futures were supported by a rise in economy-sensitive stocks.</p><p><blockquote>纳斯达克指数周一开盘走低，因大型科技公司下滑，英伟达股价领跌主要芯片制造商，而道琼斯指数期货则受到经济敏感股票上涨的支撑。</blockquote></p><p> At 8:00 a.m. ET, Dow e-minis were up 198 points, or 0.57%, S&amp;P 500 e-minis were up 10.25 points, or 0.23%, and Nasdaq 100 e-minis were down 55.75 points, or 0.35%.</p><p><blockquote>美国东部时间上午 8:00，道琼斯电子迷你指数上涨 198 点，涨幅 0.57%，标普500电子迷你指数上涨 10.25 点，涨幅 0.23%，纳斯达克 100 电子迷你指数下跌 55.75 点，跌幅 0.35%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/1463820447570ba6f65ee49e1b05c085\" tg-width=\"1080\" tg-height=\"384\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Stocks exposed to cryptocurrencies plunged in premarket trading on Monday as Bitcoin’s retreat from the record high it reached last month ballooned to nearly 30%.Marathon Digital,Riot Blockchain,Ebang international,Coinbase,BIT Mining,Canaan and SoS Ltd fell between 4% and 10%.</p><p><blockquote>由于比特币从上个月创下的历史新高回落至近30%，接触加密货币的股票在周一盘前交易中暴跌.Marathon Digital、Riot Blockchain、Ebang international、Coinbase、BIT Mining、Canaan 和 SoS Ltd 的跌幅在 4% 至 10% 之间。</blockquote></p><p> After a mixed jobs report last week, focus will now be on the release of consumer price index and core inflation readings on Friday for clues on the trajectory of the Fed's policy decision at its December meeting.</p><p><blockquote>继上周就业报告喜忧参半之后，现在的焦点将是周五公布的消费者价格指数和核心通胀数据，以获取美联储 12 月会议政策决定轨迹的线索。</blockquote></p><p> <b>Stocks making the biggest moves premarket: </b></p><p><blockquote><b>盘前波动最大的股票：</b></blockquote></p><p> <b>Nvidia(NVDA) </b>– The graphics chip maker’s stock slid 4.3% in the premarket, as it deals with continuing obstacles to its planned takeover of British chipmaker ARM. EU antitrust regulators have halted their investigation of the deal as they await more information, and last week the U.S. FTC sued to block the transaction.</p><p><blockquote><b>英伟达(NVDA)</b>- 这家图形芯片制造商的股价在盘前下跌了 4.3%，原因是该公司计划收购英国芯片制造商 ARM 的持续障碍。欧盟反垄断监管机构已停止对该交易的调查，因为他们正在等待更多信息，上周美国联邦贸易委员会提起诉讼，要求阻止该交易。</blockquote></p><p> <b>Lucid Group(LCID)</b> – The electric vehicle maker’s stock slumped 14.7% in premarket trading after it received a subpoena from the Securities and Exchange Commission. Lucid said the subpoena requested documents related to its SPAC merger deal with Churchill Capital Corp.</p><p><blockquote><b>Lucid集团(LCID)</b>- 在收到美国证券交易委员会的传票后，这家电动汽车制造商的股价在盘前交易中暴跌 14.7%。Lucid 表示，传票要求提供与其与 Churchill Capital Corp 的 SPAC 合并交易相关的文件。</blockquote></p><p> <b>Tesla(</b><b>TSLA</b><b>)</b><b>&nbsp;</b>–&nbsp;Tesla stock dropped nearly 3% in premarket trading&nbsp;after&nbsp;the SEC launched an investigation into the informant's claim that Tesla solar panels were defective.In addition,Tesla&nbsp;recalled 21,599 Model Ys made in China, citing steering knuckle issues.</p><p><blockquote><b>特斯拉（</b><b>特斯拉</b><b>)</b><b> </b>– 在美国证券交易委员会对举报人声称特斯拉太阳能电池板存在缺陷的说法展开调查后，特斯拉股价在盘前交易中下跌近 3%。此外，特斯拉以转向节问题为由召回了21,599辆中国制造的Model Ys。</blockquote></p><p> <b>Alibaba(BABA) </b>– The China-based e-commerce giant saw its shares add 1% in premarket action after it announced a reorganization of its e-commerce teams and named a new chief financial officer.</p><p><blockquote><b>阿里巴巴-SW（巴巴）</b>– 这家总部位于中国的电子商务巨头宣布重组其电子商务团队并任命新的首席财务官后，其股价在盘前上涨了 1%。</blockquote></p><p> <b>CF Acquisition Corp VI(CFVI)</b>&nbsp;–&nbsp;YouTube competitor Rumble&nbsp;would&nbsp;go public via SPAC CF Acquisition VI.CF Acquisition Corp VI stock jumped 23% in premarket trading.</p><p><blockquote><b>CF Acquisition Corp VI(CFVI)</b>– YouTube 竞争对手 Rumble 将通过 SPAC CF Acquisition VI.CF Acquisition Corp VI 股票在盘前交易中上涨 23%。</blockquote></p><p> <b>Digital World Acquisition(DWAC)</b>&nbsp;–&nbsp;Digital World Acquisition stock surged 10% in premarket trading.Trump's social media venture says it has raised $1 bln.</p><p><blockquote><b>数字世界收购(DWAC)</b>– Digital World Acquisition 股票在盘前交易中飙升 10%。特朗普的社交媒体企业表示已筹集 10 亿美元。</blockquote></p><p> <b>Kohl’s(KSS)</b> – The retailer’s stock rallied 4.2% in the premarket following news that activist investor Engine Capital is urging Kohl’s to consider either a sale of the company or a separation of its e-commerce business. Engine Capital has a Kohl’s stake of approximately 1%.</p><p><blockquote><b>科尔(KSS)</b>- 激进投资者 Engine Capital 敦促科尔百货考虑出售公司或剥离电子商务业务的消息传出后，该零售商的股价在盘前上涨了 4.2%。Engine Capital 持有 Kohl 约 1% 的股份。</blockquote></p><p> <b>Electronic Arts(EA)</b> – The video game maker gained 1.9% in premarket trading after Citi upgraded the stock to “buy” from “neutral.” Citi said the recent slide presents a buying opportunity despite concerns over factors like the weakness in EA’s “Battlefield 2042” title.</p><p><blockquote><b>艺电(EA)</b>- 花旗将视频游戏制造商的股票评级从 “中性 ”上调至 “买入 ”后，该视频游戏制造商在盘前交易中上涨了 1.9%。花旗表示，尽管人们对 EA 的《战地 2042》游戏表现疲软等因素感到担忧，但最近的下滑还是提供了一个买入机会。</blockquote></p><p> <b>GCP Applied Technologies(GCP)</b> – The maker of specialty construction chemicals agreed to be acquired by French construction company Saint-Gobain for $32 per share in cash, or about $32 billion. GCP surged 14.4% in premarket trading.</p><p><blockquote><b>GCP应用技术（GCP）</b>– 这家特种建筑化学品制造商同意被法国建筑公司圣戈班以每股 32 美元现金（约合 320 亿美元）收购。GCP在盘前交易中飙升14.4%。</blockquote></p><p> <b>FactSet Research(FDS) </b>– The provider of financial information will join the S&amp;P 500 prior to the market opening on December 20, along with&nbsp;Signature Bank(SBNY) and&nbsp;SolarEdge Technologies(SEDG). They’ll replaceLeggett &amp; Platt(LEG),Hanesbrands(HBI), and&nbsp;Western Union(WU), which will all move to the S&amp;P MidCap 400.</p><p><blockquote><b>事实集研究（FDS）</b>– 金融信息提供商将在 12 月 20 日开盘前与 Signature Bank (SBNY) 和 SolarEdge Technologies (SEDG) 一起加入标普500。它们将取代 Leggett &amp; Platt (LEG)、Hanesbrands (HBI) 和 Western Union (WU)，后者都将进入标准普尔中型股 400 指数。</blockquote></p><p> <b>MicroStrategy(MSTR) </b>– MicroStrategy tumbled 7.6% in the premarket following the weekend slide in the price of bitcoin. The business analytics software company has billions of dollars in bitcoin holdings on its balance sheet.</p><p><blockquote><b>微策略(MSTR)</b>– 周末比特币价格下跌后，MicroStrategy 盘前暴跌 7.6%。这家商业分析软件公司的资产负债表上持有数十亿美元的比特币。</blockquote></p><p> <b>Spirit Airlines(SAVE) </b>– Spirit rose 1.4% in the premarket after Evercore upgraded the airline’s stock to “outperform” from “in-line,” saying the company winds up in a better place each time it goes through a recovery cycle.</p><p><blockquote><b>精神航空（节省）</b>- 在 Evercore 将 Spirit 的股票评级从 “符合 ”上调至 “跑赢大盘”后，Spirit 在盘前上涨了 1.4%，称该公司每次经历复苏周期时都会处于更好的境地。</blockquote></p><p> <b>Wells Fargo(WFC) </b>– The bank was named a “top pick” at Morgan Stanley, which notes that faster interest rate hikes will benefit the banking sector and that the omicron Covid-19 variant will only push recovery out by a quarter or so. Wells Fargo shares added 1.4% in the premarket.</p><p><blockquote><b>富国银行(WFC)</b>- 该银行被摩根士丹利评为 “首选”，摩根士丹利指出，加快加息将有利于银行业，而奥密克戎的 Covid-19 变体只会将复苏推迟一个四分之一左右。富国银行股价盘前上涨 1.4%。</blockquote></p><p> <b>Boston Beer(SAM) </b>– The brewer’s stock added 1.2% in premarket action, following a Cowen upgrade to “market perform” from “underperform”. Cowen notes the slump in the stock price since August, but said it sees signs of stabilization and negative revisions to earnings are now priced into the stock.</p><p><blockquote><b>波士顿啤酒(SAM)</b>- 在 Cowen 将 “表现不佳 ”上调至 “市场表现 ”之后，该酿酒商的股票在盘前上涨了 1.2%。Cowen 指出自 8 月份以来股价暴跌，但表示看到了企稳的迹象，目前已将盈利的负面修正计入该股的价格中。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Toplines Before US Market Open on Monday<blockquote>周一美国市场开盘前的顶线</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nToplines Before US Market Open on Monday<blockquote>周一美国市场开盘前的顶线</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-12-06 21:13</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>The Nasdaq index was set for a lower open on Monday as mega-cap technology firms slipped and shares of Nvidia led declines among major chipmakers, while Dow futures were supported by a rise in economy-sensitive stocks.</p><p><blockquote>纳斯达克指数周一开盘走低，因大型科技公司下滑，英伟达股价领跌主要芯片制造商，而道琼斯指数期货则受到经济敏感股票上涨的支撑。</blockquote></p><p> At 8:00 a.m. ET, Dow e-minis were up 198 points, or 0.57%, S&amp;P 500 e-minis were up 10.25 points, or 0.23%, and Nasdaq 100 e-minis were down 55.75 points, or 0.35%.</p><p><blockquote>美国东部时间上午 8:00，道琼斯电子迷你指数上涨 198 点，涨幅 0.57%，标普500电子迷你指数上涨 10.25 点，涨幅 0.23%，纳斯达克 100 电子迷你指数下跌 55.75 点，跌幅 0.35%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/1463820447570ba6f65ee49e1b05c085\" tg-width=\"1080\" tg-height=\"384\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Stocks exposed to cryptocurrencies plunged in premarket trading on Monday as Bitcoin’s retreat from the record high it reached last month ballooned to nearly 30%.Marathon Digital,Riot Blockchain,Ebang international,Coinbase,BIT Mining,Canaan and SoS Ltd fell between 4% and 10%.</p><p><blockquote>由于比特币从上个月创下的历史新高回落至近30%，接触加密货币的股票在周一盘前交易中暴跌.Marathon Digital、Riot Blockchain、Ebang international、Coinbase、BIT Mining、Canaan 和 SoS Ltd 的跌幅在 4% 至 10% 之间。</blockquote></p><p> After a mixed jobs report last week, focus will now be on the release of consumer price index and core inflation readings on Friday for clues on the trajectory of the Fed's policy decision at its December meeting.</p><p><blockquote>继上周就业报告喜忧参半之后，现在的焦点将是周五公布的消费者价格指数和核心通胀数据，以获取美联储 12 月会议政策决定轨迹的线索。</blockquote></p><p> <b>Stocks making the biggest moves premarket: </b></p><p><blockquote><b>盘前波动最大的股票：</b></blockquote></p><p> <b>Nvidia(NVDA) </b>– The graphics chip maker’s stock slid 4.3% in the premarket, as it deals with continuing obstacles to its planned takeover of British chipmaker ARM. EU antitrust regulators have halted their investigation of the deal as they await more information, and last week the U.S. FTC sued to block the transaction.</p><p><blockquote><b>英伟达(NVDA)</b>- 这家图形芯片制造商的股价在盘前下跌了 4.3%，原因是该公司计划收购英国芯片制造商 ARM 的持续障碍。欧盟反垄断监管机构已停止对该交易的调查，因为他们正在等待更多信息，上周美国联邦贸易委员会提起诉讼，要求阻止该交易。</blockquote></p><p> <b>Lucid Group(LCID)</b> – The electric vehicle maker’s stock slumped 14.7% in premarket trading after it received a subpoena from the Securities and Exchange Commission. Lucid said the subpoena requested documents related to its SPAC merger deal with Churchill Capital Corp.</p><p><blockquote><b>Lucid集团(LCID)</b>- 在收到美国证券交易委员会的传票后，这家电动汽车制造商的股价在盘前交易中暴跌 14.7%。Lucid 表示，传票要求提供与其与 Churchill Capital Corp 的 SPAC 合并交易相关的文件。</blockquote></p><p> <b>Tesla(</b><b>TSLA</b><b>)</b><b>&nbsp;</b>–&nbsp;Tesla stock dropped nearly 3% in premarket trading&nbsp;after&nbsp;the SEC launched an investigation into the informant's claim that Tesla solar panels were defective.In addition,Tesla&nbsp;recalled 21,599 Model Ys made in China, citing steering knuckle issues.</p><p><blockquote><b>特斯拉（</b><b>特斯拉</b><b>)</b><b> </b>– 在美国证券交易委员会对举报人声称特斯拉太阳能电池板存在缺陷的说法展开调查后，特斯拉股价在盘前交易中下跌近 3%。此外，特斯拉以转向节问题为由召回了21,599辆中国制造的Model Ys。</blockquote></p><p> <b>Alibaba(BABA) </b>– The China-based e-commerce giant saw its shares add 1% in premarket action after it announced a reorganization of its e-commerce teams and named a new chief financial officer.</p><p><blockquote><b>阿里巴巴-SW（巴巴）</b>– 这家总部位于中国的电子商务巨头宣布重组其电子商务团队并任命新的首席财务官后，其股价在盘前上涨了 1%。</blockquote></p><p> <b>CF Acquisition Corp VI(CFVI)</b>&nbsp;–&nbsp;YouTube competitor Rumble&nbsp;would&nbsp;go public via SPAC CF Acquisition VI.CF Acquisition Corp VI stock jumped 23% in premarket trading.</p><p><blockquote><b>CF Acquisition Corp VI(CFVI)</b>– YouTube 竞争对手 Rumble 将通过 SPAC CF Acquisition VI.CF Acquisition Corp VI 股票在盘前交易中上涨 23%。</blockquote></p><p> <b>Digital World Acquisition(DWAC)</b>&nbsp;–&nbsp;Digital World Acquisition stock surged 10% in premarket trading.Trump's social media venture says it has raised $1 bln.</p><p><blockquote><b>数字世界收购(DWAC)</b>– Digital World Acquisition 股票在盘前交易中飙升 10%。特朗普的社交媒体企业表示已筹集 10 亿美元。</blockquote></p><p> <b>Kohl’s(KSS)</b> – The retailer’s stock rallied 4.2% in the premarket following news that activist investor Engine Capital is urging Kohl’s to consider either a sale of the company or a separation of its e-commerce business. Engine Capital has a Kohl’s stake of approximately 1%.</p><p><blockquote><b>科尔(KSS)</b>- 激进投资者 Engine Capital 敦促科尔百货考虑出售公司或剥离电子商务业务的消息传出后，该零售商的股价在盘前上涨了 4.2%。Engine Capital 持有 Kohl 约 1% 的股份。</blockquote></p><p> <b>Electronic Arts(EA)</b> – The video game maker gained 1.9% in premarket trading after Citi upgraded the stock to “buy” from “neutral.” Citi said the recent slide presents a buying opportunity despite concerns over factors like the weakness in EA’s “Battlefield 2042” title.</p><p><blockquote><b>艺电(EA)</b>- 花旗将视频游戏制造商的股票评级从 “中性 ”上调至 “买入 ”后，该视频游戏制造商在盘前交易中上涨了 1.9%。花旗表示，尽管人们对 EA 的《战地 2042》游戏表现疲软等因素感到担忧，但最近的下滑还是提供了一个买入机会。</blockquote></p><p> <b>GCP Applied Technologies(GCP)</b> – The maker of specialty construction chemicals agreed to be acquired by French construction company Saint-Gobain for $32 per share in cash, or about $32 billion. GCP surged 14.4% in premarket trading.</p><p><blockquote><b>GCP应用技术（GCP）</b>– 这家特种建筑化学品制造商同意被法国建筑公司圣戈班以每股 32 美元现金（约合 320 亿美元）收购。GCP在盘前交易中飙升14.4%。</blockquote></p><p> <b>FactSet Research(FDS) </b>– The provider of financial information will join the S&amp;P 500 prior to the market opening on December 20, along with&nbsp;Signature Bank(SBNY) and&nbsp;SolarEdge Technologies(SEDG). They’ll replaceLeggett &amp; Platt(LEG),Hanesbrands(HBI), and&nbsp;Western Union(WU), which will all move to the S&amp;P MidCap 400.</p><p><blockquote><b>事实集研究（FDS）</b>– 金融信息提供商将在 12 月 20 日开盘前与 Signature Bank (SBNY) 和 SolarEdge Technologies (SEDG) 一起加入标普500。它们将取代 Leggett &amp; Platt (LEG)、Hanesbrands (HBI) 和 Western Union (WU)，后者都将进入标准普尔中型股 400 指数。</blockquote></p><p> <b>MicroStrategy(MSTR) </b>– MicroStrategy tumbled 7.6% in the premarket following the weekend slide in the price of bitcoin. The business analytics software company has billions of dollars in bitcoin holdings on its balance sheet.</p><p><blockquote><b>微策略(MSTR)</b>– 周末比特币价格下跌后，MicroStrategy 盘前暴跌 7.6%。这家商业分析软件公司的资产负债表上持有数十亿美元的比特币。</blockquote></p><p> <b>Spirit Airlines(SAVE) </b>– Spirit rose 1.4% in the premarket after Evercore upgraded the airline’s stock to “outperform” from “in-line,” saying the company winds up in a better place each time it goes through a recovery cycle.</p><p><blockquote><b>精神航空（节省）</b>- 在 Evercore 将 Spirit 的股票评级从 “符合 ”上调至 “跑赢大盘”后，Spirit 在盘前上涨了 1.4%，称该公司每次经历复苏周期时都会处于更好的境地。</blockquote></p><p> <b>Wells Fargo(WFC) </b>– The bank was named a “top pick” at Morgan Stanley, which notes that faster interest rate hikes will benefit the banking sector and that the omicron Covid-19 variant will only push recovery out by a quarter or so. Wells Fargo shares added 1.4% in the premarket.</p><p><blockquote><b>富国银行(WFC)</b>- 该银行被摩根士丹利评为 “首选”，摩根士丹利指出，加快加息将有利于银行业，而奥密克戎的 Covid-19 变体只会将复苏推迟一个四分之一左右。富国银行股价盘前上涨 1.4%。</blockquote></p><p> <b>Boston Beer(SAM) </b>– The brewer’s stock added 1.2% in premarket action, following a Cowen upgrade to “market perform” from “underperform”. Cowen notes the slump in the stock price since August, but said it sees signs of stabilization and negative revisions to earnings are now priced into the stock.</p><p><blockquote><b>波士顿啤酒(SAM)</b>- 在 Cowen 将 “表现不佳 ”上调至 “市场表现 ”之后，该酿酒商的股票在盘前上涨了 1.2%。Cowen 指出自 8 月份以来股价暴跌，但表示看到了企稳的迹象，目前已将盈利的负面修正计入该股的价格中。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite","LCID":"Lucid Group Inc","WFC":"富国银行","TSLA":"特斯拉",".SPX":"S&P 500 Index","SAVE":"Spirit Airlines","FDS":"辉盛研究系统","SAM":"波斯顿啤酒","KSS":"柯尔百货","BABA":"阿里巴巴",".DJI":"道琼斯","EA":"艺电","MSTR":"Strategy"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1191091006","content_text":"The Nasdaq index was set for a lower open on Monday as mega-cap technology firms slipped and shares of Nvidia led declines among major chipmakers, while Dow futures were supported by a rise in economy-sensitive stocks.\nAt 8:00 a.m. ET, Dow e-minis were up 198 points, or 0.57%, S&P 500 e-minis were up 10.25 points, or 0.23%, and Nasdaq 100 e-minis were down 55.75 points, or 0.35%.\n\nStocks exposed to cryptocurrencies plunged in premarket trading on Monday as Bitcoin’s retreat from the record high it reached last month ballooned to nearly 30%.Marathon Digital,Riot Blockchain,Ebang international,Coinbase,BIT Mining,Canaan and SoS Ltd fell between 4% and 10%.\nAfter a mixed jobs report last week, focus will now be on the release of consumer price index and core inflation readings on Friday for clues on the trajectory of the Fed's policy decision at its December meeting.\nStocks making the biggest moves premarket: \nNvidia(NVDA) – The graphics chip maker’s stock slid 4.3% in the premarket, as it deals with continuing obstacles to its planned takeover of British chipmaker ARM. EU antitrust regulators have halted their investigation of the deal as they await more information, and last week the U.S. FTC sued to block the transaction.\nLucid Group(LCID) – The electric vehicle maker’s stock slumped 14.7% in premarket trading after it received a subpoena from the Securities and Exchange Commission. Lucid said the subpoena requested documents related to its SPAC merger deal with Churchill Capital Corp.\nTesla(TSLA) – Tesla stock dropped nearly 3% in premarket trading after the SEC launched an investigation into the informant's claim that Tesla solar panels were defective.In addition,Tesla recalled 21,599 Model Ys made in China, citing steering knuckle issues.\nAlibaba(BABA) – The China-based e-commerce giant saw its shares add 1% in premarket action after it announced a reorganization of its e-commerce teams and named a new chief financial officer.\nCF Acquisition Corp VI(CFVI) – YouTube competitor Rumble would go public via SPAC CF Acquisition VI.CF Acquisition Corp VI stock jumped 23% in premarket trading.\nDigital World Acquisition(DWAC) – Digital World Acquisition stock surged 10% in premarket trading.Trump's social media venture says it has raised $1 bln.\nKohl’s(KSS) – The retailer’s stock rallied 4.2% in the premarket following news that activist investor Engine Capital is urging Kohl’s to consider either a sale of the company or a separation of its e-commerce business. Engine Capital has a Kohl’s stake of approximately 1%.\nElectronic Arts(EA) – The video game maker gained 1.9% in premarket trading after Citi upgraded the stock to “buy” from “neutral.” Citi said the recent slide presents a buying opportunity despite concerns over factors like the weakness in EA’s “Battlefield 2042” title.\nGCP Applied Technologies(GCP) – The maker of specialty construction chemicals agreed to be acquired by French construction company Saint-Gobain for $32 per share in cash, or about $32 billion. GCP surged 14.4% in premarket trading.\nFactSet Research(FDS) – The provider of financial information will join the S&P 500 prior to the market opening on December 20, along with Signature Bank(SBNY) and SolarEdge Technologies(SEDG). They’ll replaceLeggett & Platt(LEG),Hanesbrands(HBI), and Western Union(WU), which will all move to the S&P MidCap 400.\nMicroStrategy(MSTR) – MicroStrategy tumbled 7.6% in the premarket following the weekend slide in the price of bitcoin. The business analytics software company has billions of dollars in bitcoin holdings on its balance sheet.\nSpirit Airlines(SAVE) – Spirit rose 1.4% in the premarket after Evercore upgraded the airline’s stock to “outperform” from “in-line,” saying the company winds up in a better place each time it goes through a recovery cycle.\nWells Fargo(WFC) – The bank was named a “top pick” at Morgan Stanley, which notes that faster interest rate hikes will benefit the banking sector and that the omicron Covid-19 variant will only push recovery out by a quarter or so. Wells Fargo shares added 1.4% in the premarket.\nBoston Beer(SAM) – The brewer’s stock added 1.2% in premarket action, following a Cowen upgrade to “market perform” from “underperform”. Cowen notes the slump in the stock price since August, but said it sees signs of stabilization and negative revisions to earnings are now priced into the stock.","news_type":1,"symbols_score_info":{"YMmain":0.9,"KSS":0.9,".IXIC":0.9,"DWAC":0.9,"NQmain":0.9,"WFC":0.9,"EA":0.9,"BABA":0.9,".SPX":0.9,"GCP":0.9,"CFVI":0.9,"SAVE":0.9,"ESmain":0.9,".DJI":0.9,"LCID":0.9,"TSLA":0.9,"FDS":0.9,"MSTR":0.9,"SAM":0.9}},"isVote":1,"tweetType":1,"viewCount":5422,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":603371923,"gmtCreate":1638370341847,"gmtModify":1638370342294,"author":{"id":"4093410373855950","authorId":"4093410373855950","name":"Humbly","avatar":"https://static.tigerbbs.com/cebd1eb0173a5ad49e43baaa7c0252d8","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4093410373855950","authorIdStr":"4093410373855950"},"themes":[],"title":"","htmlText":"This may be why Apple shares continue to rise.","listText":"This may be why Apple shares continue to rise.","text":"This may be why Apple shares continue to rise.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/603371923","repostId":"1100878233","repostType":4,"isVote":1,"tweetType":1,"viewCount":3934,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":609287418,"gmtCreate":1638286251534,"gmtModify":1638286251698,"author":{"id":"4093410373855950","authorId":"4093410373855950","name":"Humbly","avatar":"https://static.tigerbbs.com/cebd1eb0173a5ad49e43baaa7c0252d8","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4093410373855950","authorIdStr":"4093410373855950"},"themes":[],"title":"","htmlText":"Digital gold should rise more ?","listText":"Digital gold should rise more ?","text":"Digital gold should rise more ?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/609287418","repostId":"1129131439","repostType":2,"repost":{"id":"1129131439","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1638285839,"share":"https://www.laohunote.com/m/news/1129131439?lang=zh_CN&edition=full","pubTime":"2021-11-30 23:23","market":"us","language":"en","title":"Gold and silver stocks  jumped in morning trading<blockquote>黄金和白银股票在早盘交易中上涨</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1129131439","media":"Tiger Newspress","summary":"Gold and silver stocks jumped in morning trading.","content":"<p>Gold and silver stocks jumped in morning trading.</p><p><blockquote>黄金和白银股票在早盘交易中上涨。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/02c176526990e689ddfc9f7ffa90e282\" tg-width=\"396\" tg-height=\"657\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/fd1aad69af976f6877e0d77ba4618b6e\" tg-width=\"399\" tg-height=\"301\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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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\">\nGold and silver stocks  jumped in morning trading<blockquote>黄金和白银股票在早盘交易中上涨</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-11-30 23:23</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Gold and silver stocks jumped in morning trading.</p><p><blockquote>黄金和白银股票在早盘交易中上涨。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/02c176526990e689ddfc9f7ffa90e282\" tg-width=\"396\" tg-height=\"657\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/fd1aad69af976f6877e0d77ba4618b6e\" tg-width=\"399\" tg-height=\"301\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"KGC":"金罗斯黄金","HL":"赫克拉矿业","CDE":"科尔黛伦矿业","EXK":"Endeavour Silver","USAU":"美国黄金公司","AEM":"伊格尔矿业","AU":"AngloGold Ashanti Ltd ADS","GOLD":"Gold.com","HMY":"哈莫尼黄金","PAAS":"泛美白银","AG":"First Majestic Silver Corporation","NEM":"纽曼矿业","FSM":"Fortuna Silver Mines Inc","GFI":"金田"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129131439","content_text":"Gold and silver stocks jumped in morning trading.","news_type":1,"symbols_score_info":{"AU":0.9,"FSM":0.9,"NEM":0.9,"HMY":0.9,"MAG":0.9,"USAU":0.9,"KGC":0.9,"PAAS":0.9,"EXK":0.9,"GFI":0.9,"HL":0.9,"AG":0.9,"GOLD":0.9,"AEM":0.9,"CDE":0.9}},"isVote":1,"tweetType":1,"viewCount":3423,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":609301665,"gmtCreate":1638236071645,"gmtModify":1638236072060,"author":{"id":"4093410373855950","authorId":"4093410373855950","name":"Humbly","avatar":"https://static.tigerbbs.com/cebd1eb0173a5ad49e43baaa7c0252d8","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4093410373855950","authorIdStr":"4093410373855950"},"themes":[],"title":"","htmlText":"Nasdaq looks particularly strong compared to the Dow.&nbsp; It may be because the new virus strain is expected to slow down the re-opening of the economy, while tech continues to benefit from the low rates","listText":"Nasdaq looks particularly strong compared to the Dow.&nbsp; It may be because the new virus strain is expected to slow down the re-opening of the economy, while tech continues to benefit from the low rates","text":"Nasdaq looks particularly strong compared to the Dow. It may be because the new virus strain is expected to slow down the re-opening of the economy, while tech continues to benefit from the low rates","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/609301665","repostId":"1169895442","repostType":2,"isVote":1,"tweetType":1,"viewCount":1241,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":600590487,"gmtCreate":1638167658376,"gmtModify":1638167658503,"author":{"id":"4093410373855950","authorId":"4093410373855950","name":"Humbly","avatar":"https://static.tigerbbs.com/cebd1eb0173a5ad49e43baaa7c0252d8","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4093410373855950","authorIdStr":"4093410373855950"},"themes":[],"title":"","htmlText":"For the market to rise, volatility and uncertainty have to come down.","listText":"For the market to rise, volatility and uncertainty have to come down.","text":"For the market to rise, volatility and uncertainty have to come down.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/600590487","repostId":"1173149300","repostType":4,"isVote":1,"tweetType":1,"viewCount":1171,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":877069312,"gmtCreate":1637843524492,"gmtModify":1637843524654,"author":{"id":"4093410373855950","authorId":"4093410373855950","name":"Humbly","avatar":"https://static.tigerbbs.com/cebd1eb0173a5ad49e43baaa7c0252d8","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4093410373855950","authorIdStr":"4093410373855950"},"themes":[],"title":"","htmlText":"The market will probably continue to rise until the rate increase is more or less certain. Watch US inflation as a forward indicator of when a rate rise will happen.","listText":"The market will probably continue to rise until the rate increase is more or less certain. Watch US inflation as a forward indicator of when a rate rise will happen.","text":"The market will probably continue to rise until the rate increase is more or less certain. Watch US inflation as a forward indicator of when a rate rise will happen.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/877069312","repostId":"1182200011","repostType":4,"repost":{"id":"1182200011","kind":"news","pubTimestamp":1637831082,"share":"https://www.laohunote.com/m/news/1182200011?lang=zh_CN&edition=full","pubTime":"2021-11-25 17:04","market":"us","language":"en","title":"The Market Believes the Fed Will Have to Raise Rates Soon. What It Means for Stocks.<blockquote>市场认为美联储将不得不很快加息。这对股票意味着什么。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1182200011","media":"Barrons","summary":"Fixed-income markets are signaling that the Federal Reserve will have to increase interest rates soo","content":"<p>Fixed-income markets are signaling that the Federal Reserve will have to increase interest rates sooner than expected, which could put a dent in the stock market.</p><p><blockquote>固定收益市场发出信号，美联储将不得不比预期更早加息，这可能会削弱股市。</blockquote></p><p> The yield on the 2-year Treasury note has gone from 0.5% in early November to 0.64% as of Wednesday. The move suggests that investors expect the Fed to raise interest rates to combat inflation that remains higher than expected because of soaring consumer demand and supply chains that struggling to match demand.</p><p><blockquote>截至周三，2年期国库券收益率已从11月初的0.5%升至0.64%。此举表明，投资者预计美联储将加息以应对通胀，由于消费者需求飙升和供应链难以满足需求，通胀仍高于预期。</blockquote></p><p> Indeed, minutes released Wednesday from the Fed’s meeting earlier this month show that members of the central bank are prepared to increase rates sooner than previously anticipated if inflation remains high.</p><p><blockquote>事实上，周三公布的美联储本月早些时候会议纪要显示，如果通胀居高不下，美联储成员准备比之前预期的更早加息。</blockquote></p><p> That belief is beginning to creep into credit spreads between corporate and government debt. A Bank of America index of investment-grade corporate bonds shows that, in aggregate, the spread over Treasury yields has increased to 0.94% from 0.89% earlier this month as investors have fled corporate bonds in anticipation of rate increases that could slow economic growth and pressure profits.</p><p><blockquote>这种信念开始渗透到企业和政府债务之间的信用利差中。美国银行投资级公司债券指数显示，总体而言，国债收益率利差已从本月早些时候的0.89%升至0.94%，原因是投资者因预期加息可能会减缓经济增长并给利润带来压力而纷纷逃离公司债券。</blockquote></p><p> Consistent with that, credit spreads for investment-grade corporate bonds in more economically sensitive sectors are rising against government debt. Ten-year bonds issues by manufacturing companies in the S&amp;P 500 yield 1.08 percentage points more than the 10-year Treasury note, according to FactSet, an increase from the 0.99 percentage point spread seen at the lowest levels of November. The spread for corporate bonds in the energy sector has risen to 1.41 percentage points from a November low of 1.2.</p><p><blockquote>与此相一致，经济敏感行业的投资级公司债券相对于政府债务的信用利差正在上升。FactSet 的数据显示，标普500制造企业发行的 10 年期债券收益率比 10 年期国债高出 1.08 个百分点，比 11 月份最低水平时的 0.99 个百分点利差有所上升。能源行业公司债券利差已从11月份的低点1.2升至1.41个百分点。</blockquote></p><p> “The market expects one to two [rate] hikes next year and that’s why you’re seeing credit spreads increase,” said John Ham, wealth advisor at New England Investments &amp; Retirement Group, told Barron’s Wednesday.</p><p><blockquote>“新英格兰投资与退休集团（New England Investments &amp; Retirement Group）财富顾问约翰-哈姆（John Ham）周三对《巴伦周刊》说：”市场预计明年将加息一到两次，这就是为什么你会看到信贷利差上升。</blockquote></p><p> Although the major indexes are off their all-time highs, this sentiment hasn’t caused a selloff of more than 5%. The S&amp;P 500, Nasdaq Composite, and Dow Jones Industrial Average are down 0.1%, 1.3%, and 1.7% from their highs.</p><p><blockquote>尽管主要股指已脱离历史高点，但这种情绪并未导致超过 5% 的抛售。标普500、纳斯达克综合指数和道琼斯工业平均指数分别较高点下跌 0.1%、1.3% 和 1.7%。</blockquote></p><p> But the pain could come if credit spreads continue to widen. “Eventually that’s going to creep back into the equity market,” Harvey said.</p><p><blockquote>但如果信贷利差继续扩大，痛苦可能会到来。“哈维说：”最终，这将重新流入股票市场。</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>The Market Believes the Fed Will Have to Raise Rates Soon. What It Means for Stocks.<blockquote>市场认为美联储将不得不很快加息。这对股票意味着什么。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Market Believes the Fed Will Have to Raise Rates Soon. What It Means for Stocks.<blockquote>市场认为美联储将不得不很快加息。这对股票意味着什么。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-11-25 17:04</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Fixed-income markets are signaling that the Federal Reserve will have to increase interest rates sooner than expected, which could put a dent in the stock market.</p><p><blockquote>固定收益市场发出信号，美联储将不得不比预期更早加息，这可能会削弱股市。</blockquote></p><p> The yield on the 2-year Treasury note has gone from 0.5% in early November to 0.64% as of Wednesday. The move suggests that investors expect the Fed to raise interest rates to combat inflation that remains higher than expected because of soaring consumer demand and supply chains that struggling to match demand.</p><p><blockquote>截至周三，2年期国库券收益率已从11月初的0.5%升至0.64%。此举表明，投资者预计美联储将加息以应对通胀，由于消费者需求飙升和供应链难以满足需求，通胀仍高于预期。</blockquote></p><p> Indeed, minutes released Wednesday from the Fed’s meeting earlier this month show that members of the central bank are prepared to increase rates sooner than previously anticipated if inflation remains high.</p><p><blockquote>事实上，周三公布的美联储本月早些时候会议纪要显示，如果通胀居高不下，美联储成员准备比之前预期的更早加息。</blockquote></p><p> That belief is beginning to creep into credit spreads between corporate and government debt. A Bank of America index of investment-grade corporate bonds shows that, in aggregate, the spread over Treasury yields has increased to 0.94% from 0.89% earlier this month as investors have fled corporate bonds in anticipation of rate increases that could slow economic growth and pressure profits.</p><p><blockquote>这种信念开始渗透到企业和政府债务之间的信用利差中。美国银行投资级公司债券指数显示，总体而言，国债收益率利差已从本月早些时候的0.89%升至0.94%，原因是投资者因预期加息可能会减缓经济增长并给利润带来压力而纷纷逃离公司债券。</blockquote></p><p> Consistent with that, credit spreads for investment-grade corporate bonds in more economically sensitive sectors are rising against government debt. Ten-year bonds issues by manufacturing companies in the S&amp;P 500 yield 1.08 percentage points more than the 10-year Treasury note, according to FactSet, an increase from the 0.99 percentage point spread seen at the lowest levels of November. The spread for corporate bonds in the energy sector has risen to 1.41 percentage points from a November low of 1.2.</p><p><blockquote>与此相一致，经济敏感行业的投资级公司债券相对于政府债务的信用利差正在上升。FactSet 的数据显示，标普500制造企业发行的 10 年期债券收益率比 10 年期国债高出 1.08 个百分点，比 11 月份最低水平时的 0.99 个百分点利差有所上升。能源行业公司债券利差已从11月份的低点1.2升至1.41个百分点。</blockquote></p><p> “The market expects one to two [rate] hikes next year and that’s why you’re seeing credit spreads increase,” said John Ham, wealth advisor at New England Investments &amp; Retirement Group, told Barron’s Wednesday.</p><p><blockquote>“新英格兰投资与退休集团（New England Investments &amp; Retirement Group）财富顾问约翰-哈姆（John Ham）周三对《巴伦周刊》说：”市场预计明年将加息一到两次，这就是为什么你会看到信贷利差上升。</blockquote></p><p> Although the major indexes are off their all-time highs, this sentiment hasn’t caused a selloff of more than 5%. The S&amp;P 500, Nasdaq Composite, and Dow Jones Industrial Average are down 0.1%, 1.3%, and 1.7% from their highs.</p><p><blockquote>尽管主要股指已脱离历史高点，但这种情绪并未导致超过 5% 的抛售。标普500、纳斯达克综合指数和道琼斯工业平均指数分别较高点下跌 0.1%、1.3% 和 1.7%。</blockquote></p><p> But the pain could come if credit spreads continue to widen. “Eventually that’s going to creep back into the equity market,” Harvey said.</p><p><blockquote>但如果信贷利差继续扩大，痛苦可能会到来。“哈维说：”最终，这将重新流入股票市场。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/articles/stock-market-fed-rate-increase-51637790713?mod=newsviewer_click_seemore\">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":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://www.marketwatch.com/articles/stock-market-fed-rate-increase-51637790713?mod=newsviewer_click_seemore","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"1182200011","content_text":"Fixed-income markets are signaling that the Federal Reserve will have to increase interest rates sooner than expected, which could put a dent in the stock market.\nThe yield on the 2-year Treasury note has gone from 0.5% in early November to 0.64% as of Wednesday. The move suggests that investors expect the Fed to raise interest rates to combat inflation that remains higher than expected because of soaring consumer demand and supply chains that struggling to match demand.\nIndeed, minutes released Wednesday from the Fed’s meeting earlier this month show that members of the central bank are prepared to increase rates sooner than previously anticipated if inflation remains high.\nThat belief is beginning to creep into credit spreads between corporate and government debt. A Bank of America index of investment-grade corporate bonds shows that, in aggregate, the spread over Treasury yields has increased to 0.94% from 0.89% earlier this month as investors have fled corporate bonds in anticipation of rate increases that could slow economic growth and pressure profits.\nConsistent with that, credit spreads for investment-grade corporate bonds in more economically sensitive sectors are rising against government debt. Ten-year bonds issues by manufacturing companies in the S&P 500 yield 1.08 percentage points more than the 10-year Treasury note, according to FactSet, an increase from the 0.99 percentage point spread seen at the lowest levels of November. The spread for corporate bonds in the energy sector has risen to 1.41 percentage points from a November low of 1.2.\n“The market expects one to two [rate] hikes next year and that’s why you’re seeing credit spreads increase,” said John Ham, wealth advisor at New England Investments & Retirement Group, told Barron’s Wednesday.\nAlthough the major indexes are off their all-time highs, this sentiment hasn’t caused a selloff of more than 5%. The S&P 500, Nasdaq Composite, and Dow Jones Industrial Average are down 0.1%, 1.3%, and 1.7% from their highs.\nBut the pain could come if credit spreads continue to widen. “Eventually that’s going to creep back into the equity market,” Harvey said.","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":1167,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":874362583,"gmtCreate":1637732217129,"gmtModify":1637732298881,"author":{"id":"4093410373855950","authorId":"4093410373855950","name":"Humbly","avatar":"https://static.tigerbbs.com/cebd1eb0173a5ad49e43baaa7c0252d8","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4093410373855950","authorIdStr":"4093410373855950"},"themes":[],"title":"","htmlText":"Catching a falling knife maybe ok for a fund with deep pockets but not for a retail investor with insufficient cash.","listText":"Catching a falling knife maybe ok for a fund with deep pockets but not for a retail investor with insufficient cash.","text":"Catching a falling knife maybe ok for a fund with deep pockets but not for a retail investor with insufficient cash.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/874362583","repostId":"2185337169","repostType":4,"isVote":1,"tweetType":1,"viewCount":1133,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":874368534,"gmtCreate":1637732074140,"gmtModify":1637732140143,"author":{"id":"4093410373855950","authorId":"4093410373855950","name":"Humbly","avatar":"https://static.tigerbbs.com/cebd1eb0173a5ad49e43baaa7c0252d8","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4093410373855950","authorIdStr":"4093410373855950"},"themes":[],"title":"","htmlText":"Unless it is for the purpose of&nbsp;diversication without putting in significant cash,&nbsp;it does not pay to buy a fund or a ETF.","listText":"Unless it is for the purpose of&nbsp;diversication without putting in significant cash,&nbsp;it does not pay to buy a fund or a ETF.","text":"Unless it is for the purpose of diversication without putting in significant cash, it does not pay to buy a fund or a ETF.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/874368534","repostId":"1154925824","repostType":4,"repost":{"id":"1154925824","kind":"news","pubTimestamp":1637731338,"share":"https://www.laohunote.com/m/news/1154925824?lang=zh_CN&edition=full","pubTime":"2021-11-24 13:22","market":"us","language":"en","title":"The World’s Largest Bitcoin Fund Is Troubled. Here’s Why.<blockquote>全球最大的比特币基金陷入困境。原因如下。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1154925824","media":"Barrons","summary":"Bitcoin can’t seem to shake its funk. The world’s largest cryptocurrency was trading at around $57,3","content":"<p>Bitcoin can’t seem to shake its funk. The world’s largest cryptocurrency was trading at around $57,300 on Tuesday, down 1% and hovering well below its all-time highs near $69,000.</p><p><blockquote>比特币似乎无法摆脱它的恐惧。全球最大的加密货币周二交易价格约为 57,300 美元，下跌 1%，远低于近 69,000 美元的历史高点。</blockquote></p><p> Investors in the&nbsp;Grayscale Bitcoin Trust&nbsp;(ticker: GBTC), however, may be faring even worse.</p><p><blockquote>然而，灰度比特币信托基金（股票代码：GBTC）的投资者的情况可能会更糟。</blockquote></p><p> With $37 billion in assets, the Grayscale trust is the world’s largest Bitcoin fund. It towers over every other fund on the market. Its next-closest rival, the&nbsp;ProShares Bitcoin Strategy&nbsp;(BITO) exchange-traded fund, has racked up $1.3 billion in assets since launching in October.</p><p><blockquote>Grayscale trust 拥有 370 亿美元的资产，是世界上最大的比特币基金。它优于市场上所有其他基金。其下一个最接近的竞争对手 ProShares 比特币策略 (BITO) 交易所交易基金自 10 月份推出以来已积累了 13 亿美元的资产。</blockquote></p><p> Investors have flooded into the Grayscale trust because it owns Bitcoin directly, while the ProShares ETF and others gain exposure through futures contracts. The Securities and Exchange Commission hasn’t approved a spot-based Bitcoin ETF, recently rejecting an application from VanEck.</p><p><blockquote>投资者纷纷涌入灰度信托基金，因为它直接拥有比特币，而 ProShares ETF 和其他基金则通过期货合约获得敞口。美国证券交易委员会尚未批准基于现货的比特币 ETF，最近拒绝了 VanEck 的申请。</blockquote></p><p> “An ETF is the most efficient way to resolve any discrepancy between our products’ share price and the NAV,” a Grayscale spokesman says. “Investors want their Bitcoin exposure in the form of a Bitcoin Spot ETF, and, at Grayscale, it’s what we believe they deserve.”</p><p><blockquote>“Grayscale 发言人说：”ETF 是解决我们产品股价与资产净值之间任何差异的最有效方法。“投资者希望以比特币现货 ETF 的形式投资比特币，在 Grayscale，我们认为这是他们应得的。”</blockquote></p><p> Many institutional investors own Bitcoin through the Grayscale trust. Its largest holder is Ark Invest, the fund shop run by Cathie Wood, which has invested $375 million in the trust, including assets held in its&nbsp;Ark Next Generation&nbsp;ETF (ARKW). At least 47 mutual funds and separate accounts own stakes in the trust, according to Morningstar.</p><p><blockquote>许多机构投资者通过灰度信托拥有比特币。其最大持有人是 Cathie Wood 经营的基金公司 Ark Invest，该公司已向该信托投资了 3.75 亿美元，其中包括其 Ark Next Generation ETF (ARKW) 中持有的资产。据晨星公司称，至少有 47 家共同基金和独立账户持有该信托的股份。</blockquote></p><p> But many of those investors would have been better off owning Bitcoin directly, according to a Morningstar report issued Monday.</p><p><blockquote>但根据晨星公司周一发布的一份报告，其中许多投资者最好直接拥有比特币。</blockquote></p><p> Shares of the trust, which trade over the counter, are up 42% this year versus a 95% gain for Bitcoin, through Oct. 29. Over the last year, the shares have gained 220% versus 340% for Bitcoin, according to Morningstar. The gap has widened over time. The Trust is up 648% and 4,048% for the respective three- and five-year periods, versus 876% and 8,427%, respectively, for Bitcoin.</p><p><blockquote>截至 10 月 29 日，该信托基金的场外交易股价今年上涨了 42%，而比特币的股价上涨了 95%。晨星公司的数据显示，去年该公司股价上涨了 220%，而比特币股价上涨了 340%。随着时间的推移，差距越来越大。该信托在三年和五年期间分别增长了 648% 和 4,048%，而比特币则分别增长了 876% 和 8,427%。</blockquote></p><p> Some of the performance gap comes down to the trust’s 2% annual expense ratio. That is well above the roughly 1% fee charged by ETFs and mutual funds that own Bitcoin through futures contracts.</p><p><blockquote>部分业绩差距可归因于信托基金 2% 的年度费用率。这远高于通过期货合约持有比特币的 ETF 和共同基金收取的约 1% 的费用。</blockquote></p><p> The bigger problem is that the&nbsp;Grayscale Bitcoin Trust&nbsp;is structured like a closed-end fund with a fixed number of shares on the market. The shares may trade at a premium or discount to the fund’s underlying net asset value, or NAV, depending on market demand.</p><p><blockquote>更大的问题是，灰度比特币信托的结构就像一个封闭式基金，市场上有固定数量的股票。根据市场需求，股票的交易价格可能会高于基金的标的资产净值（NAV）。</blockquote></p><p> The shares currently trade at a 14% discount. That means investors who buy on the open market are effectively getting $1 of Bitcoin for 86 cents on the dollar.</p><p><blockquote>该股票目前的交易价格为 14%。这意味着在公开市场上购买的投资者实际上可以以 86 美分兑换 1 美元的比特币。</blockquote></p><p> That sounds like a great deal, but the discount to the NAV isn’t likely to narrow soon. And since the fund has traded at steep premiums, investors buying on the open market have overpaid for Bitcoin itself.</p><p><blockquote>这听起来很划算，但资产净值的折扣不太可能很快缩小。由于该基金的交易价格很高，在公开市场上买入的投资者为比特币本身支付了过高的价格。</blockquote></p><p> The fund traded at premiums to its NAV from Nov. 1, 2018, to March 1, 2021, when it flipped from a premium to a discount.</p><p><blockquote>从 2018 年 11 月 1 日到 2021 年 3 月 1 日，该基金的交易价格比其资产净值溢价，之后从溢价转为折价。</blockquote></p><p> An investor who bought the fund on the market on Dec. 22, 2020, when the premium was at its peak, would have gained 64% through October, according to Morningstar. But Bitcoin itself rose 160% over that stretch.</p><p><blockquote>根据晨星公司的数据，2020 年 12 月 22 日溢价达到峰值时，在市场上购买该基金的投资者到 10 月份将上涨 64%。但比特币本身在此期间上涨了 160%。</blockquote></p><p> “Investors that crowded into GBTC, buying at a premium, really got burned,” says Morningstar analyst Bobby Blue.</p><p><blockquote>“晨星公司分析师鲍比-布鲁（Bobby Blue）说：”涌入 GBTC 并溢价买入的投资者真的被烧伤了。</blockquote></p><p> Accredited investors, with at least $1 million of net worth or annual income above $200,000, may have done better. Such investors are eligible to buy the shares directly from Grayscale at the NAV price. Grayscale filed for 35 private placements throughout 2020 and into early 2021, according to Morningstar.</p><p><blockquote>净资产至少100万美元或年收入超过20万美元的合格投资者可能会做得更好。此类投资者有资格以资产净值价格直接从灰度购买股票。据晨星公司称，Grayscale 在 2020 年至 2021 年初申请了 35 笔私募。</blockquote></p><p> When the trust traded at a premium, buying at the NAV could have paid off handsomely, since investors gained access to assets at a discount to their market price.</p><p><blockquote>当该信托以溢价交易时，以资产净值购买可能会获得丰厚的回报，因为投资者可以以低于市场价格的价格获得资产。</blockquote></p><p> Grayscale collected $1.2 billion in assets from accredited or institutional investors in December, 2020, a period when the Trust traded at premiums of 19% to 40%, according to Morningstar.</p><p><blockquote>据晨星公司称，Grayscale 于 2020 年 12 月从合格或机构投资者那里收集了 12 亿美元的资产，在此期间，该信托的交易溢价为 19% 至 40%。</blockquote></p><p> “Those stuck buying on the open market had to do so at a significantly marked-up price,” says Blue. He notes that the premiums spiked from October 2020 to February 2021, as meme stocks surged and Bitcoin’s price soared.</p><p><blockquote>“布鲁说：”那些坚持在公开市场上买入的人不得不以大幅提高的价格买入。他指出，从 2020 年 10 月到 2021 年 2 月，随着备忘录股票激增和比特币价格飙升，保费飙升。</blockquote></p><p> Grayscale filed an application with the SEC in October to convert the Trust to an ETF. But the SEC’s recent rejection of a spot-Bitcoin ETF signals that regulators aren’t yet comfortable with the underlying spot market. SEC Chairman Gary Gensler has indicated that the regulatory path for Bitcoin ETFs goes through the futures market.</p><p><blockquote>Grayscale 于 10 月份向 SEC 提交了将该信托转换为 ETF 的申请。但美国证券交易委员会最近拒绝了现货比特币 ETF，这表明监管机构对基础现货市场还不放心。SEC主席Gary Gensler表示，比特币ETF的监管路径是通过期货市场。</blockquote></p><p> Grayscale parent company Digital Currency Group announced in October that it would buy back up to $1 billion of the trust on the market. DCG said it had already bought back $388 million worth of shares. But that hasn’t moved the needle on the discount, partly because it amounts to about 1% of the fund’s assets.</p><p><blockquote>Grayscale 母公司数字货币集团 (Digital Currency Group) 于 10 月份宣布，将在市场上回购该信托基金高达 10 亿美元。DCG表示，它已经回购了价值3.88亿美元的股票。但这并没有改变折扣，部分原因是折扣约占基金资产的 1%。</blockquote></p><p></p><p> Another reason the discount hasn’t narrowed: more competition for Grayscale. Several Bitcoin futures ETFs are now trading the U.S., all of which have lower fees, along with some spot-based ETFs on the Canadian market.</p><p><blockquote>折扣没有缩小的另一个原因是： 灰度的竞争加剧。几只比特币期货 ETF 目前正在美国进行交易，所有这些交易的费用都较低，加拿大市场上还有一些现货 ETF。</blockquote></p><p> Grayscale has incentives not to convert to an ETF, too. Its 2% expense ratio is generating $740 million in annualized fee income at recent asset levels. ETFs generally charge about half that expense ratio, and Grayscale earns its fee on the NAV, not the underlying share price, which may be lower.</p><p><blockquote>灰度也有不转换为 ETF 的动机。按最近的资产水平计算，其 2% 的费用率产生了 7.4 亿美元的年化费用收入。ETF 通常收取该费用率的一半左右，而 Grayscale 的费用来自资产净值，而不是标的股价，标的股价可能会更低。</blockquote></p><p> Grayscale did not immediately reply to a request for comment.</p><p><blockquote>灰度没有立即回复置评请求。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The World’s Largest Bitcoin Fund Is Troubled. Here’s Why.<blockquote>全球最大的比特币基金陷入困境。原因如下。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe World’s Largest Bitcoin Fund Is Troubled. Here’s Why.<blockquote>全球最大的比特币基金陷入困境。原因如下。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-11-24 13:22</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Bitcoin can’t seem to shake its funk. The world’s largest cryptocurrency was trading at around $57,300 on Tuesday, down 1% and hovering well below its all-time highs near $69,000.</p><p><blockquote>比特币似乎无法摆脱它的恐惧。全球最大的加密货币周二交易价格约为 57,300 美元，下跌 1%，远低于近 69,000 美元的历史高点。</blockquote></p><p> Investors in the&nbsp;Grayscale Bitcoin Trust&nbsp;(ticker: GBTC), however, may be faring even worse.</p><p><blockquote>然而，灰度比特币信托基金（股票代码：GBTC）的投资者的情况可能会更糟。</blockquote></p><p> With $37 billion in assets, the Grayscale trust is the world’s largest Bitcoin fund. It towers over every other fund on the market. Its next-closest rival, the&nbsp;ProShares Bitcoin Strategy&nbsp;(BITO) exchange-traded fund, has racked up $1.3 billion in assets since launching in October.</p><p><blockquote>Grayscale trust 拥有 370 亿美元的资产，是世界上最大的比特币基金。它优于市场上所有其他基金。其下一个最接近的竞争对手 ProShares 比特币策略 (BITO) 交易所交易基金自 10 月份推出以来已积累了 13 亿美元的资产。</blockquote></p><p> Investors have flooded into the Grayscale trust because it owns Bitcoin directly, while the ProShares ETF and others gain exposure through futures contracts. The Securities and Exchange Commission hasn’t approved a spot-based Bitcoin ETF, recently rejecting an application from VanEck.</p><p><blockquote>投资者纷纷涌入灰度信托基金，因为它直接拥有比特币，而 ProShares ETF 和其他基金则通过期货合约获得敞口。美国证券交易委员会尚未批准基于现货的比特币 ETF，最近拒绝了 VanEck 的申请。</blockquote></p><p> “An ETF is the most efficient way to resolve any discrepancy between our products’ share price and the NAV,” a Grayscale spokesman says. “Investors want their Bitcoin exposure in the form of a Bitcoin Spot ETF, and, at Grayscale, it’s what we believe they deserve.”</p><p><blockquote>“Grayscale 发言人说：”ETF 是解决我们产品股价与资产净值之间任何差异的最有效方法。“投资者希望以比特币现货 ETF 的形式投资比特币，在 Grayscale，我们认为这是他们应得的。”</blockquote></p><p> Many institutional investors own Bitcoin through the Grayscale trust. Its largest holder is Ark Invest, the fund shop run by Cathie Wood, which has invested $375 million in the trust, including assets held in its&nbsp;Ark Next Generation&nbsp;ETF (ARKW). At least 47 mutual funds and separate accounts own stakes in the trust, according to Morningstar.</p><p><blockquote>许多机构投资者通过灰度信托拥有比特币。其最大持有人是 Cathie Wood 经营的基金公司 Ark Invest，该公司已向该信托投资了 3.75 亿美元，其中包括其 Ark Next Generation ETF (ARKW) 中持有的资产。据晨星公司称，至少有 47 家共同基金和独立账户持有该信托的股份。</blockquote></p><p> But many of those investors would have been better off owning Bitcoin directly, according to a Morningstar report issued Monday.</p><p><blockquote>但根据晨星公司周一发布的一份报告，其中许多投资者最好直接拥有比特币。</blockquote></p><p> Shares of the trust, which trade over the counter, are up 42% this year versus a 95% gain for Bitcoin, through Oct. 29. Over the last year, the shares have gained 220% versus 340% for Bitcoin, according to Morningstar. The gap has widened over time. The Trust is up 648% and 4,048% for the respective three- and five-year periods, versus 876% and 8,427%, respectively, for Bitcoin.</p><p><blockquote>截至 10 月 29 日，该信托基金的场外交易股价今年上涨了 42%，而比特币的股价上涨了 95%。晨星公司的数据显示，去年该公司股价上涨了 220%，而比特币股价上涨了 340%。随着时间的推移，差距越来越大。该信托在三年和五年期间分别增长了 648% 和 4,048%，而比特币则分别增长了 876% 和 8,427%。</blockquote></p><p> Some of the performance gap comes down to the trust’s 2% annual expense ratio. That is well above the roughly 1% fee charged by ETFs and mutual funds that own Bitcoin through futures contracts.</p><p><blockquote>部分业绩差距可归因于信托基金 2% 的年度费用率。这远高于通过期货合约持有比特币的 ETF 和共同基金收取的约 1% 的费用。</blockquote></p><p> The bigger problem is that the&nbsp;Grayscale Bitcoin Trust&nbsp;is structured like a closed-end fund with a fixed number of shares on the market. The shares may trade at a premium or discount to the fund’s underlying net asset value, or NAV, depending on market demand.</p><p><blockquote>更大的问题是，灰度比特币信托的结构就像一个封闭式基金，市场上有固定数量的股票。根据市场需求，股票的交易价格可能会高于基金的标的资产净值（NAV）。</blockquote></p><p> The shares currently trade at a 14% discount. That means investors who buy on the open market are effectively getting $1 of Bitcoin for 86 cents on the dollar.</p><p><blockquote>该股票目前的交易价格为 14%。这意味着在公开市场上购买的投资者实际上可以以 86 美分兑换 1 美元的比特币。</blockquote></p><p> That sounds like a great deal, but the discount to the NAV isn’t likely to narrow soon. And since the fund has traded at steep premiums, investors buying on the open market have overpaid for Bitcoin itself.</p><p><blockquote>这听起来很划算，但资产净值的折扣不太可能很快缩小。由于该基金的交易价格很高，在公开市场上买入的投资者为比特币本身支付了过高的价格。</blockquote></p><p> The fund traded at premiums to its NAV from Nov. 1, 2018, to March 1, 2021, when it flipped from a premium to a discount.</p><p><blockquote>从 2018 年 11 月 1 日到 2021 年 3 月 1 日，该基金的交易价格比其资产净值溢价，之后从溢价转为折价。</blockquote></p><p> An investor who bought the fund on the market on Dec. 22, 2020, when the premium was at its peak, would have gained 64% through October, according to Morningstar. But Bitcoin itself rose 160% over that stretch.</p><p><blockquote>根据晨星公司的数据，2020 年 12 月 22 日溢价达到峰值时，在市场上购买该基金的投资者到 10 月份将上涨 64%。但比特币本身在此期间上涨了 160%。</blockquote></p><p> “Investors that crowded into GBTC, buying at a premium, really got burned,” says Morningstar analyst Bobby Blue.</p><p><blockquote>“晨星公司分析师鲍比-布鲁（Bobby Blue）说：”涌入 GBTC 并溢价买入的投资者真的被烧伤了。</blockquote></p><p> Accredited investors, with at least $1 million of net worth or annual income above $200,000, may have done better. Such investors are eligible to buy the shares directly from Grayscale at the NAV price. Grayscale filed for 35 private placements throughout 2020 and into early 2021, according to Morningstar.</p><p><blockquote>净资产至少100万美元或年收入超过20万美元的合格投资者可能会做得更好。此类投资者有资格以资产净值价格直接从灰度购买股票。据晨星公司称，Grayscale 在 2020 年至 2021 年初申请了 35 笔私募。</blockquote></p><p> When the trust traded at a premium, buying at the NAV could have paid off handsomely, since investors gained access to assets at a discount to their market price.</p><p><blockquote>当该信托以溢价交易时，以资产净值购买可能会获得丰厚的回报，因为投资者可以以低于市场价格的价格获得资产。</blockquote></p><p> Grayscale collected $1.2 billion in assets from accredited or institutional investors in December, 2020, a period when the Trust traded at premiums of 19% to 40%, according to Morningstar.</p><p><blockquote>据晨星公司称，Grayscale 于 2020 年 12 月从合格或机构投资者那里收集了 12 亿美元的资产，在此期间，该信托的交易溢价为 19% 至 40%。</blockquote></p><p> “Those stuck buying on the open market had to do so at a significantly marked-up price,” says Blue. He notes that the premiums spiked from October 2020 to February 2021, as meme stocks surged and Bitcoin’s price soared.</p><p><blockquote>“布鲁说：”那些坚持在公开市场上买入的人不得不以大幅提高的价格买入。他指出，从 2020 年 10 月到 2021 年 2 月，随着备忘录股票激增和比特币价格飙升，保费飙升。</blockquote></p><p> Grayscale filed an application with the SEC in October to convert the Trust to an ETF. But the SEC’s recent rejection of a spot-Bitcoin ETF signals that regulators aren’t yet comfortable with the underlying spot market. SEC Chairman Gary Gensler has indicated that the regulatory path for Bitcoin ETFs goes through the futures market.</p><p><blockquote>Grayscale 于 10 月份向 SEC 提交了将该信托转换为 ETF 的申请。但美国证券交易委员会最近拒绝了现货比特币 ETF，这表明监管机构对基础现货市场还不放心。SEC主席Gary Gensler表示，比特币ETF的监管路径是通过期货市场。</blockquote></p><p> Grayscale parent company Digital Currency Group announced in October that it would buy back up to $1 billion of the trust on the market. DCG said it had already bought back $388 million worth of shares. But that hasn’t moved the needle on the discount, partly because it amounts to about 1% of the fund’s assets.</p><p><blockquote>Grayscale 母公司数字货币集团 (Digital Currency Group) 于 10 月份宣布，将在市场上回购该信托基金高达 10 亿美元。DCG表示，它已经回购了价值3.88亿美元的股票。但这并没有改变折扣，部分原因是折扣约占基金资产的 1%。</blockquote></p><p></p><p> Another reason the discount hasn’t narrowed: more competition for Grayscale. Several Bitcoin futures ETFs are now trading the U.S., all of which have lower fees, along with some spot-based ETFs on the Canadian market.</p><p><blockquote>折扣没有缩小的另一个原因是： 灰度的竞争加剧。几只比特币期货 ETF 目前正在美国进行交易，所有这些交易的费用都较低，加拿大市场上还有一些现货 ETF。</blockquote></p><p> Grayscale has incentives not to convert to an ETF, too. Its 2% expense ratio is generating $740 million in annualized fee income at recent asset levels. ETFs generally charge about half that expense ratio, and Grayscale earns its fee on the NAV, not the underlying share price, which may be lower.</p><p><blockquote>灰度也有不转换为 ETF 的动机。按最近的资产水平计算，其 2% 的费用率产生了 7.4 亿美元的年化费用收入。ETF 通常收取该费用率的一半左右，而 Grayscale 的费用来自资产净值，而不是标的股价，标的股价可能会更低。</blockquote></p><p> Grayscale did not immediately reply to a request for comment.</p><p><blockquote>灰度没有立即回复置评请求。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/grayscale-bitcoin-trust-fund-etf-price-51637689328?mod=hp_LATEST\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BITO":"比特币期货ETF-ProShares","GBTC":"比特币ETF-Grayscale"},"source_url":"https://www.barrons.com/articles/grayscale-bitcoin-trust-fund-etf-price-51637689328?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154925824","content_text":"Bitcoin can’t seem to shake its funk. The world’s largest cryptocurrency was trading at around $57,300 on Tuesday, down 1% and hovering well below its all-time highs near $69,000.\nInvestors in the Grayscale Bitcoin Trust (ticker: GBTC), however, may be faring even worse.\nWith $37 billion in assets, the Grayscale trust is the world’s largest Bitcoin fund. It towers over every other fund on the market. Its next-closest rival, the ProShares Bitcoin Strategy (BITO) exchange-traded fund, has racked up $1.3 billion in assets since launching in October.\nInvestors have flooded into the Grayscale trust because it owns Bitcoin directly, while the ProShares ETF and others gain exposure through futures contracts. The Securities and Exchange Commission hasn’t approved a spot-based Bitcoin ETF, recently rejecting an application from VanEck.\n“An ETF is the most efficient way to resolve any discrepancy between our products’ share price and the NAV,” a Grayscale spokesman says. “Investors want their Bitcoin exposure in the form of a Bitcoin Spot ETF, and, at Grayscale, it’s what we believe they deserve.”\nMany institutional investors own Bitcoin through the Grayscale trust. Its largest holder is Ark Invest, the fund shop run by Cathie Wood, which has invested $375 million in the trust, including assets held in its Ark Next Generation ETF (ARKW). At least 47 mutual funds and separate accounts own stakes in the trust, according to Morningstar.\nBut many of those investors would have been better off owning Bitcoin directly, according to a Morningstar report issued Monday.\nShares of the trust, which trade over the counter, are up 42% this year versus a 95% gain for Bitcoin, through Oct. 29. Over the last year, the shares have gained 220% versus 340% for Bitcoin, according to Morningstar. The gap has widened over time. The Trust is up 648% and 4,048% for the respective three- and five-year periods, versus 876% and 8,427%, respectively, for Bitcoin.\nSome of the performance gap comes down to the trust’s 2% annual expense ratio. That is well above the roughly 1% fee charged by ETFs and mutual funds that own Bitcoin through futures contracts.\nThe bigger problem is that the Grayscale Bitcoin Trust is structured like a closed-end fund with a fixed number of shares on the market. The shares may trade at a premium or discount to the fund’s underlying net asset value, or NAV, depending on market demand.\nThe shares currently trade at a 14% discount. That means investors who buy on the open market are effectively getting $1 of Bitcoin for 86 cents on the dollar.\nThat sounds like a great deal, but the discount to the NAV isn’t likely to narrow soon. And since the fund has traded at steep premiums, investors buying on the open market have overpaid for Bitcoin itself.\nThe fund traded at premiums to its NAV from Nov. 1, 2018, to March 1, 2021, when it flipped from a premium to a discount.\nAn investor who bought the fund on the market on Dec. 22, 2020, when the premium was at its peak, would have gained 64% through October, according to Morningstar. But Bitcoin itself rose 160% over that stretch.\n“Investors that crowded into GBTC, buying at a premium, really got burned,” says Morningstar analyst Bobby Blue.\nAccredited investors, with at least $1 million of net worth or annual income above $200,000, may have done better. Such investors are eligible to buy the shares directly from Grayscale at the NAV price. Grayscale filed for 35 private placements throughout 2020 and into early 2021, according to Morningstar.\nWhen the trust traded at a premium, buying at the NAV could have paid off handsomely, since investors gained access to assets at a discount to their market price.\nGrayscale collected $1.2 billion in assets from accredited or institutional investors in December, 2020, a period when the Trust traded at premiums of 19% to 40%, according to Morningstar.\n“Those stuck buying on the open market had to do so at a significantly marked-up price,” says Blue. He notes that the premiums spiked from October 2020 to February 2021, as meme stocks surged and Bitcoin’s price soared.\nGrayscale filed an application with the SEC in October to convert the Trust to an ETF. But the SEC’s recent rejection of a spot-Bitcoin ETF signals that regulators aren’t yet comfortable with the underlying spot market. SEC Chairman Gary Gensler has indicated that the regulatory path for Bitcoin ETFs goes through the futures market.\nGrayscale parent company Digital Currency Group announced in October that it would buy back up to $1 billion of the trust on the market. DCG said it had already bought back $388 million worth of shares. But that hasn’t moved the needle on the discount, partly because it amounts to about 1% of the fund’s assets.\nAnother reason the discount hasn’t narrowed: more competition for Grayscale. Several Bitcoin futures ETFs are now trading the U.S., all of which have lower fees, along with some spot-based ETFs on the Canadian market.\nGrayscale has incentives not to convert to an ETF, too. Its 2% expense ratio is generating $740 million in annualized fee income at recent asset levels. ETFs generally charge about half that expense ratio, and Grayscale earns its fee on the NAV, not the underlying share price, which may be lower.\nGrayscale did not immediately reply to a request for comment.","news_type":1,"symbols_score_info":{"BITO":0.9,"GBTC":0.9}},"isVote":1,"tweetType":1,"viewCount":1066,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":875652332,"gmtCreate":1637648198502,"gmtModify":1637648998676,"author":{"id":"4093410373855950","authorId":"4093410373855950","name":"Humbly","avatar":"https://static.tigerbbs.com/cebd1eb0173a5ad49e43baaa7c0252d8","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4093410373855950","authorIdStr":"4093410373855950"},"themes":[],"title":"","htmlText":"software business can scale cheaply but may also face more competition. Key is to devise a strategy to monopolize the market for one' s software products","listText":"software business can scale cheaply but may also face more competition. Key is to devise a strategy to monopolize the market for one' s software products","text":"software business can scale cheaply but may also face more competition. Key is to devise a strategy to monopolize the market for one' s software products","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/875652332","repostId":"1196838355","repostType":4,"isVote":1,"tweetType":1,"viewCount":1138,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":875656148,"gmtCreate":1637648059717,"gmtModify":1637648997041,"author":{"id":"4093410373855950","authorId":"4093410373855950","name":"Humbly","avatar":"https://static.tigerbbs.com/cebd1eb0173a5ad49e43baaa7c0252d8","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4093410373855950","authorIdStr":"4093410373855950"},"themes":[],"title":"","htmlText":"With the re-election of Powell, one uncertainty is removed. The market rises with&nbsp;certainty and becomes volatile when uncertainty increases.","listText":"With the re-election of Powell, one uncertainty is removed. The market rises with&nbsp;certainty and becomes volatile when uncertainty increases.","text":"With the re-election of Powell, one uncertainty is removed. The market rises with certainty and becomes volatile when uncertainty increases.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/875656148","repostId":"1190077312","repostType":4,"isVote":1,"tweetType":1,"viewCount":1379,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":872305015,"gmtCreate":1637413115330,"gmtModify":1637413115484,"author":{"id":"4093410373855950","authorId":"4093410373855950","name":"Humbly","avatar":"https://static.tigerbbs.com/cebd1eb0173a5ad49e43baaa7c0252d8","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4093410373855950","authorIdStr":"4093410373855950"},"themes":[],"title":"","htmlText":"Given the growing&nbsp;competition in the EV industry, building up cash reserves will be important for it to invest in growth.&nbsp;","listText":"Given the growing&nbsp;competition in the EV industry, building up cash reserves will be important for it to invest in growth.&nbsp;","text":"Given the growing competition in the EV industry, building up cash reserves will be important for it to invest in growth.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/872305015","repostId":"2184384295","repostType":4,"isVote":1,"tweetType":1,"viewCount":779,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":872053536,"gmtCreate":1637378724939,"gmtModify":1637378725322,"author":{"id":"4093410373855950","authorId":"4093410373855950","name":"Humbly","avatar":"https://static.tigerbbs.com/cebd1eb0173a5ad49e43baaa7c0252d8","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4093410373855950","authorIdStr":"4093410373855950"},"themes":[],"title":"","htmlText":"For Nasdaq to keep rising, the Dow has to stop falling at some point.&nbsp;","listText":"For Nasdaq to keep rising, the Dow has to stop falling at some point.&nbsp;","text":"For Nasdaq to keep rising, the Dow has to stop falling at some point.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/872053536","repostId":"2184842262","repostType":4,"isVote":1,"tweetType":1,"viewCount":1218,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":878988496,"gmtCreate":1637138390795,"gmtModify":1637138391174,"author":{"id":"4093410373855950","authorId":"4093410373855950","name":"Humbly","avatar":"https://static.tigerbbs.com/cebd1eb0173a5ad49e43baaa7c0252d8","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4093410373855950","authorIdStr":"4093410373855950"},"themes":[],"title":"","htmlText":"May have to miss the award this round as I have just joined Tiger and do not nhave many trades yet","listText":"May have to miss the award this round as I have just joined Tiger and do not nhave many trades yet","text":"May have to miss the award this round as I have just joined Tiger and do not nhave many trades yet","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/878988496","repostId":"871846671","repostType":1,"repost":{"id":871846671,"gmtCreate":1637056018890,"gmtModify":1637911014436,"author":{"id":"36984908995200","authorId":"36984908995200","name":"小虎活动","avatar":"https://static.tigerbbs.com/9e396d03155923b283948d2dec9191f8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"36984908995200","authorIdStr":"36984908995200"},"themes":[],"title":"【年终活动】第四届“金蛋奖”开始啦，2021这只票我赚最多！","htmlText":"时间过得好快啊，又到了举办“金蛋奖”的时刻啦~！ 老规矩，先给大家介绍一下，啥是“金蛋奖”？ 就是： 在本文评论区留言，晒出2021你最得意、赚钱最多那只票！然后抽大奖！ 那么，大家还记得，往届最让我们最赚钱的股票是什么吗？ 来回忆一下吧，往届TOP&nbsp;3： 2018年，<a target=\"_blank\" href=\"https://laohu8.com/S/PDD\">$拼多多(PDD)$</a> 、<a target=\"_blank\" href=\"https://laohu8.com/S/TSLA\">$特斯拉(TSLA)$</a> 、<a target=\"_blank\" href=\"https://laohu8.com/S/AMD\">$AMD(AMD)$</a> ； 2019年，<a target=\"_blank\" href=\"https://laohu8.com/S/03690\">$美团-W(03690)$</a> 、<a target=\"_blank\" href=\"https://laohu8.com/S/PDD\">$拼多多(PDD)$</a> 、<a target=\"_blank\" href=\"https://laohu8.com/S/AAPL\">$苹果(AAPL)$</a> ; 2020年，<a target=\"_blank\" href=\"https://laohu8.com/S/NIO\">$蔚来(NIO)$</a> 、<a target=\"_blank\" href=\"https://laohu8.com/S/UBER\">$优步(UBER)$</a> 、<a target=\"_blank\" href=\"https://laohu8.com/S/TSLA\">$特斯拉(TSLA)$</a> 2021年，？？？ 好啦~接下来大家就快快晒单、留言，参与活动吧！","listText":"时间过得好快啊，又到了举办“金蛋奖”的时刻啦~！ 老规矩，先给大家介绍一下，啥是“金蛋奖”？ 就是： 在本文评论区留言，晒出2021你最得意、赚钱最多那只票！然后抽大奖！ 那么，大家还记得，往届最让我们最赚钱的股票是什么吗？ 来回忆一下吧，往届TOP&nbsp;3： 2018年，<a target=\"_blank\" href=\"https://laohu8.com/S/PDD\">$拼多多(PDD)$</a> 、<a target=\"_blank\" href=\"https://laohu8.com/S/TSLA\">$特斯拉(TSLA)$</a> 、<a target=\"_blank\" href=\"https://laohu8.com/S/AMD\">$AMD(AMD)$</a> ； 2019年，<a target=\"_blank\" href=\"https://laohu8.com/S/03690\">$美团-W(03690)$</a> 、<a target=\"_blank\" href=\"https://laohu8.com/S/PDD\">$拼多多(PDD)$</a> 、<a target=\"_blank\" href=\"https://laohu8.com/S/AAPL\">$苹果(AAPL)$</a> ; 2020年，<a target=\"_blank\" href=\"https://laohu8.com/S/NIO\">$蔚来(NIO)$</a> 、<a target=\"_blank\" href=\"https://laohu8.com/S/UBER\">$优步(UBER)$</a> 、<a target=\"_blank\" href=\"https://laohu8.com/S/TSLA\">$特斯拉(TSLA)$</a> 2021年，？？？ 好啦~接下来大家就快快晒单、留言，参与活动吧！","text":"时间过得好快啊，又到了举办“金蛋奖”的时刻啦~！ 老规矩，先给大家介绍一下，啥是“金蛋奖”？ 就是： 在本文评论区留言，晒出2021你最得意、赚钱最多那只票！然后抽大奖！ 那么，大家还记得，往届最让我们最赚钱的股票是什么吗？ 来回忆一下吧，往届TOP 3： 2018年，$拼多多(PDD)$ 、$特斯拉(TSLA)$ 、$AMD(AMD)$ ； 2019年，$美团-W(03690)$ 、$拼多多(PDD)$ 、$苹果(AAPL)$ ; 2020年，$蔚来(NIO)$ 、$优步(UBER)$ 、$特斯拉(TSLA)$ 2021年，？？？ 好啦~接下来大家就快快晒单、留言，参与活动吧！","images":[{"img":"https://static.tigerbbs.com/7e725853a338746119b3ca2faa4c2bf3","width":"551","height":"404"},{"img":"https://static.tigerbbs.com/a3d465aba898f819d183bed5c413a2ef","width":"1088","height":"754"},{"img":"https://static.tigerbbs.com/b56d1364489aaafc34e363d2b2b842a8","width":"-1","height":"-1"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/871846671","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":4,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1359,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":851839554,"gmtCreate":1634890347322,"gmtModify":1634890347429,"author":{"id":"4093410373855950","authorId":"4093410373855950","name":"Humbly","avatar":"https://static.tigerbbs.com/cebd1eb0173a5ad49e43baaa7c0252d8","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4093410373855950","authorIdStr":"4093410373855950"},"themes":[],"title":"","htmlText":"Facebook is reporting next week and the privacy issue faced by snap will also affect Facebook. Will Facebook shares fall next week?","listText":"Facebook is reporting next week and the privacy issue faced by snap will also affect Facebook. Will Facebook shares fall next week?","text":"Facebook is reporting next week and the privacy issue faced by snap will also affect Facebook. Will Facebook shares fall next week?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":11,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/851839554","repostId":"1120243173","repostType":4,"repost":{"id":"1120243173","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1634889859,"share":"https://www.laohunote.com/m/news/1120243173?lang=zh_CN&edition=full","pubTime":"2021-10-22 16:04","market":"us","language":"en","title":"Snap nosedives 20% as revenue misses amid iPhone privacy changes<blockquote>iPhone 隐私变化导致收入下滑，Snap股价暴跌 20%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1120243173","media":"Tiger Newspress","summary":"(Oct 22) Snap Inc nosedives 20% as revenue misses amid iPhone privacy changes.\n\n\nSnap stock has tank","content":"<p>(Oct 22)&nbsp;<a href=\"https://laohu8.com/S/SNAP\">Snap Inc</a> nosedives 20% as revenue misses amid iPhone privacy changes.</p><p><blockquote>（10月22日）<a href=\"https://laohu8.com/S/SNAP\">Snap公司</a>由于 iPhone 隐私变化导致收入下降，股价暴跌 20%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/44afd824df8cf27baa047a9aeda7c5c2\" tg-width=\"1043\" tg-height=\"565\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <ul>  <li>Snap&nbsp;stock has tanked 20% per-market&nbsp;trading&nbsp;Friday as&nbsp;third-quarter revenue&nbsp;missed analyst expectations, indicating some hit to numbers from the high-profile changes to Apple iPhone privacy.</li>  <li>Revenues rose 58% from last year but landed at $1.07 billion vs. expectations for $1.1 billion.</li>  <li>Operating loss widened, to $180.8 million from a prior-year loss of $167.9 million.</li>  <li>Other income and significantly lower interest expense resulted in a net loss that improved to $72 million. Adjusted EBITDA rose 209%, to $174 million.</li>  <li>In operating metrics, daily active users rose 23% year-over-year, to 306 million. The company pointed to Y/Y growth in DAUs that has been over 20% for four straight quarters.</li>  <li>“We’re now operating at the scale necessary to navigate significant headwinds, including changes to the iOS platform that impact the way advertising is targeted, measured, and optimized, as well as global supply chain issues and labor shortages impacting our partners,\" says CEO Evan Spiegel.</li>  <li>Operating cash flow turned positive, reaching $72 million vs. a year-ago -$55 million; that moved through to free cash flow, up to $52 million from -$70 million a year ago.</li>  <li>Meanwhile fourth-quarter revenue guidance was light as well: for $1.165 billion-$1.205 billion, vs. consensus for $1.36 billion.</li> </ul></p><p><blockquote><ul><li>由于第三季度收入低于分析师预期，Snap股价周五每股交易下跌 20%，这表明苹果 iPhone 隐私政策备受瞩目的变化对数据造成了一定打击。</li><li>收入较去年增长 58%，但达到 10.7 亿美元，而预期为 11 亿美元。</li><li>运营亏损扩大，从上年亏损 1.679 亿美元增至 1.808 亿美元。</li><li>其他收入和大幅降低的利息支出导致净亏损增至 7200 万美元。调整后 EBITDA 增长 209%，达到 1.74 亿美元。</li><li>运营指标方面，日活跃用户同比增长23%，达到3.06亿。该公司指出，DAU 的同比增长已连续四个季度超过 20%。</li><li>“首席执行官埃文-斯皮格尔（Evan Spiegel）说：”我们现在的运营规模足以应对重大逆风，包括影响广告定位、衡量和优化方式的 iOS 平台变化，以及影响我们合作伙伴的全球供应链问题和劳动力短缺。</li><li>经营现金流转正，达到 7200 万美元，而去年同期为 5500 万美元；这导致自由现金流，从一年前的-7000万美元增加到5200万美元。</li><li>与此同时，第四季度收入指引也很低：为 11.65 亿美元至 12.05 亿美元，而市场普遍预期为 13.6 亿美元。</li></ul></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>Snap nosedives 20% as revenue misses amid iPhone privacy changes<blockquote>iPhone 隐私变化导致收入下滑，Snap股价暴跌 20%</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; 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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\">\nSnap nosedives 20% as revenue misses amid iPhone privacy changes<blockquote>iPhone 隐私变化导致收入下滑，Snap股价暴跌 20%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-10-22 16:04</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(Oct 22)&nbsp;<a href=\"https://laohu8.com/S/SNAP\">Snap Inc</a> nosedives 20% as revenue misses amid iPhone privacy changes.</p><p><blockquote>（10月22日）<a href=\"https://laohu8.com/S/SNAP\">Snap公司</a>由于 iPhone 隐私变化导致收入下降，股价暴跌 20%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/44afd824df8cf27baa047a9aeda7c5c2\" tg-width=\"1043\" tg-height=\"565\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <ul>  <li>Snap&nbsp;stock has tanked 20% per-market&nbsp;trading&nbsp;Friday as&nbsp;third-quarter revenue&nbsp;missed analyst expectations, indicating some hit to numbers from the high-profile changes to Apple iPhone privacy.</li>  <li>Revenues rose 58% from last year but landed at $1.07 billion vs. expectations for $1.1 billion.</li>  <li>Operating loss widened, to $180.8 million from a prior-year loss of $167.9 million.</li>  <li>Other income and significantly lower interest expense resulted in a net loss that improved to $72 million. Adjusted EBITDA rose 209%, to $174 million.</li>  <li>In operating metrics, daily active users rose 23% year-over-year, to 306 million. The company pointed to Y/Y growth in DAUs that has been over 20% for four straight quarters.</li>  <li>“We’re now operating at the scale necessary to navigate significant headwinds, including changes to the iOS platform that impact the way advertising is targeted, measured, and optimized, as well as global supply chain issues and labor shortages impacting our partners,\" says CEO Evan Spiegel.</li>  <li>Operating cash flow turned positive, reaching $72 million vs. a year-ago -$55 million; that moved through to free cash flow, up to $52 million from -$70 million a year ago.</li>  <li>Meanwhile fourth-quarter revenue guidance was light as well: for $1.165 billion-$1.205 billion, vs. consensus for $1.36 billion.</li> </ul></p><p><blockquote><ul><li>由于第三季度收入低于分析师预期，Snap股价周五每股交易下跌 20%，这表明苹果 iPhone 隐私政策备受瞩目的变化对数据造成了一定打击。</li><li>收入较去年增长 58%，但达到 10.7 亿美元，而预期为 11 亿美元。</li><li>运营亏损扩大，从上年亏损 1.679 亿美元增至 1.808 亿美元。</li><li>其他收入和大幅降低的利息支出导致净亏损增至 7200 万美元。调整后 EBITDA 增长 209%，达到 1.74 亿美元。</li><li>运营指标方面，日活跃用户同比增长23%，达到3.06亿。该公司指出，DAU 的同比增长已连续四个季度超过 20%。</li><li>“首席执行官埃文-斯皮格尔（Evan Spiegel）说：”我们现在的运营规模足以应对重大逆风，包括影响广告定位、衡量和优化方式的 iOS 平台变化，以及影响我们合作伙伴的全球供应链问题和劳动力短缺。</li><li>经营现金流转正，达到 7200 万美元，而去年同期为 5500 万美元；这导致自由现金流，从一年前的-7000万美元增加到5200万美元。</li><li>与此同时，第四季度收入指引也很低：为 11.65 亿美元至 12.05 亿美元，而市场普遍预期为 13.6 亿美元。</li></ul></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SNAP":"Snap Inc"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1120243173","content_text":"(Oct 22) Snap Inc nosedives 20% as revenue misses amid iPhone privacy changes.\n\n\nSnap stock has tanked 20% per-market trading Friday as third-quarter revenue missed analyst expectations, indicating some hit to numbers from the high-profile changes to Apple iPhone privacy.\nRevenues rose 58% from last year but landed at $1.07 billion vs. expectations for $1.1 billion.\nOperating loss widened, to $180.8 million from a prior-year loss of $167.9 million.\nOther income and significantly lower interest expense resulted in a net loss that improved to $72 million. Adjusted EBITDA rose 209%, to $174 million.\nIn operating metrics, daily active users rose 23% year-over-year, to 306 million. The company pointed to Y/Y growth in DAUs that has been over 20% for four straight quarters.\n“We’re now operating at the scale necessary to navigate significant headwinds, including changes to the iOS platform that impact the way advertising is targeted, measured, and optimized, as well as global supply chain issues and labor shortages impacting our partners,\" says CEO Evan Spiegel.\nOperating cash flow turned positive, reaching $72 million vs. a year-ago -$55 million; that moved through to free cash flow, up to $52 million from -$70 million a year ago.\nMeanwhile fourth-quarter revenue guidance was light as well: for $1.165 billion-$1.205 billion, vs. consensus for $1.36 billion.","news_type":1,"symbols_score_info":{"SNAP":0.9}},"isVote":1,"tweetType":1,"viewCount":884,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":817636328,"gmtCreate":1630938981364,"gmtModify":1631890788770,"author":{"id":"4093410373855950","authorId":"4093410373855950","name":"Humbly","avatar":"https://static.tigerbbs.com/cebd1eb0173a5ad49e43baaa7c0252d8","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4093410373855950","authorIdStr":"4093410373855950"},"themes":[],"title":"","htmlText":"Be fearful when the market is greedy. Be greedy when the market is fearful.","listText":"Be fearful when the market is greedy. Be greedy when the market is fearful.","text":"Be fearful when the market is greedy. Be greedy when the market is fearful.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/817636328","repostId":"1186375251","repostType":4,"repost":{"id":"1186375251","kind":"news","pubTimestamp":1630909435,"share":"https://www.laohunote.com/m/news/1186375251?lang=zh_CN&edition=full","pubTime":"2021-09-06 14:23","market":"us","language":"en","title":"3 Golden Rules On How To Invest At All-Time Highs<blockquote>如何在历史高点投资的 3 条黄金法则</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1186375251","media":"seekingalpha","summary":"Summary\n\nMarkets continue to reach new all-time highs each week and have not seen a notable correcti","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Markets continue to reach new all-time highs each week and have not seen a notable correction in over 200 trading days.</li>  <li>As markets are rallying, many investors are starting to rest on their laurels while investment decisions at all-time highs are actually more important than ever.</li>  <li>What should you be aware of in today's market? Should you sell out at these overvalued prices or can you still generate great returns by buying today?</li>  <li>In this article, I will share my three golden rules on how to invest at all-time highs like today. This information will be very valuable for your future wealth generation in the market.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9f5f0c9f1aacfbc6d8c78d0e84da5fc9\" tg-width=\"1536\" tg-height=\"878\" width=\"100%\" height=\"auto\"><span>phive2015/iStock via Getty Images</span></p><p><blockquote><ul><li>市场每周继续创下历史新高，并且在 200 多个交易日中没有出现明显的调整。</li><li>随着市场反弹，许多投资者开始固步自封，而处于历史高点的投资决策实际上比以往任何时候都更加重要。</li><li>在当今的市场上，你应该注意什么？你应该以这些高估的价格抛售，还是今天买入仍然能获得丰厚的回报？</li><li>在这篇文章中，我将分享我关于如何在今天这样的历史高点进行投资的三条黄金法则。这些信息对你未来在市场上创造财富非常有价值。</li></ul><p class=\"t-img-caption\"><span>phive2015/iStock 来自盖蒂图片社</span></p></blockquote></p><p> The stock market has been on a rampage in 2021. At the end of August, the S&amp;P 500 index (SPY) gained 20.4% year-to-date. Interestingly, the index has been trading in a very tight upward range and has not seen a 5% correction for 208 trading days. While most investors don't see this as an anomaly, it actually is. Both events have only occurred 7 times before in stock market history. We are clearly living in abnormal times.</p><p><blockquote>2021年股市一路狂飙。8月底，标普500指数（SPDR标普500指数ETF）年初至今上涨20.4%。有趣的是，该指数一直在非常狭窄的上涨区间内交易，并且在208个交易日中没有出现5%的修正。虽然大多数投资者并不认为这是一种异常现象，但实际上却是。这两种事件在股市历史上只发生过7次。我们显然生活在一个不正常的时代。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c58ccc72065c84083443d6be7f03482a\" tg-width=\"640\" tg-height=\"322\" width=\"100%\" height=\"auto\"><span>Source: Insider Opportunities with Tradingview</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Tradingview 的内部机会</span></p></blockquote></p><p> Each day it is important to think thoroughly about the investment decisions you make. Above all, all purchases or sales will impact your future wealth accumulation in the market.</p><p><blockquote>每天仔细考虑你所做的投资决策是很重要的。最重要的是，所有的购买或销售都会影响你未来在市场上的财富积累。</blockquote></p><p> However, during extreme rallies like today it is twice as important to reflect on your investment decisions. Ask that to investors who took high risks during the dot-com bubble or panic sold during the Covid-19 crash. That undoubtedly had an immense impact on their long-term returns.</p><p><blockquote>然而，在像今天这样的极端反弹期间，反思你的投资决策更加重要。问问那些在互联网泡沫期间承担高风险或在 Covid-19 崩盘期间恐慌性抛售的投资者。这无疑对他们的长期回报产生了巨大影响。</blockquote></p><p> The importance of investment decisions today for your long-term returns is why I chose to write about my three golden rules on how to invest at all-time highs. How should you approach today's market and what should you be aware of? Should you sell out at these overvalued prices and wait for a correction to take place or can you still generate great returns when buying at these levels? The answers to these one-million-dollar questions will be provided in this article.</p><p><blockquote>今天的投资决策对你的长期回报很重要，这就是为什么我选择写我关于如何在历史高点投资的三条黄金法则。你应该如何对待今天的市场，你应该注意什么？你应该以这些高估的价格卖出并等待调整发生，还是在这些水平买入时仍然能产生丰厚的回报？这篇文章将提供这些百万美元问题的答案。</blockquote></p><p> <b>1. Don't get caught by greediness</b></p><p><blockquote><b>1.不要被贪婪抓住</b></blockquote></p><p> Let's start off with the most important rule. Avoid greediness.</p><p><blockquote>让我们从最重要的规则开始。避免贪婪。</blockquote></p><p> According to JPMorgan, over the past 20 years, the average investor reached an annual return of only 2.9%. As such, they significantly underperformed the general market as the S&amp;P 500 yielded an annual 7.5% return during this time frame.</p><p><blockquote>根据摩根大通的数据，在过去的20年里，投资者的平均年回报率仅为2.9%。因此，它们的表现明显逊于一般市场，因为标普500在此期间的年回报率为 7.5%。</blockquote></p><p> The single most important reason for this retail investor underperformance? Emotional human behavior.</p><p><blockquote>散户投资者表现不佳的最重要原因是什么？情感人类行为。</blockquote></p><p> The average investor is getting influenced heavily by media headlines, stock prices movements and behavior from other investors.</p><p><blockquote>普通投资者受到媒体头条、股价变动和其他投资者行为的严重影响。</blockquote></p><p> Today, we reached an extremely bullish stock market environment. Last earnings season has been one of the greatest in stock market history. The S&amp;P 500 EPS rose by 94.5% YoY and 86.1% of its constituents beat analyst estimates.</p><p><blockquote>今天，我们到达了一个极度看涨的股市环境。上个财报季是股市历史上最伟大的财报季之一。标普500每股收益同比增长 94.5%，86.1% 的成分股超出分析师预期。</blockquote></p><p> As a consequence of this bullish environment, analysts are significantly raising their estimates for the next quarters. They now expect EPS to rise sharply to $217.96 by the end of 2022, which is a significant recovery from the pre-pandemic high of $157.12. Such a recovery looks to be optimistic as it took 7-12 years in the past economic cycles to achieve this:</p><p><blockquote>由于这种看涨环境，分析师正在大幅提高对未来几个季度的预期。他们现在预计，到 2022 年底，每股收益将大幅升至 217.96 美元，较大流行前的高点 157.12 美元大幅回升。这样的复苏看起来很乐观，因为在过去的经济周期中，需要 7-12 年才能实现这一目标：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1accc921d16b11ec13ed94686b9cfe75\" tg-width=\"640\" tg-height=\"465\" width=\"100%\" height=\"auto\"><span>Source: Insider Opportunities based on S&amp;P Global data; adjusted EPS is used</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：基于标准普尔全球数据的内部机会；使用调整后的每股收益</span></p></blockquote></p><p> Will earnings really continue this very strong recovery over the coming quarters or are analysts perhaps getting too greedy with their assumptions?</p><p><blockquote>未来几个季度盈利真的会继续强劲复苏吗？还是分析师的假设太贪婪了？</blockquote></p><p> It wouldn't be the first time if they were too greedy. During the dot-com bubble for example, they were caught by their emotions as well. The '90s was an abnormally strong decade in terms of earnings growth for the S&amp;P 500. As such, analysts totally forgot that downward cycles exist as well. They increased their annual EPS growth guidance to a staggering 15% for the five years following 2000. According to them, this high growth rate justified the record P/E multiples stocks were trading at and many investors got tricked into that story.</p><p><blockquote>如果他们太贪婪，这也不是第一次了。例如，在互联网泡沫期间，他们也被自己的情绪所困扰。就标普500的盈利增长而言，90 年代是异常强劲的十年。因此，分析师完全忘记了下降周期也存在。他们将 2000 年后五年的年度每股收益增长指导提高到惊人的 15%。根据他们的说法，这种高增长率证明了股票交易市盈率创纪录的合理性，许多投资者被骗进了这个故事。</blockquote></p><p> What happened afterwards? The economy didn't boom, it fell into a recession which took 3 years to recover from. Earnings in 2003 were almost 50% lower than what analysts had been predicting in 2000.</p><p><blockquote>后来发生了什么？经济没有繁荣，而是陷入了衰退，花了3年时间才恢复过来。2003 年的收益比分析师 2000 年的预测低了近 50%。</blockquote></p><p></p><p> As markets were priced to analyst expectations instead of taking into account a possible downturn, the S&amp;P 500 crashed and took 7 years to recover.</p><p><blockquote>由于市场定价符合分析师的预期，而不是考虑到可能的经济衰退，标普500崩盘并花了 7 年时间才恢复。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0081f4a9c3ee43b20684f113cb04ef9c\" tg-width=\"640\" tg-height=\"467\" width=\"100%\" height=\"auto\"><span>Source: Insider Opportunities based on S&amp;P Global data and Yardeni; adjusted EPS is used</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：基于S&amp;P全球数据和Yardeni的内部机会；使用调整后的每股收益</span></p></blockquote></p><p> Let's get back to today... The P/E of the S&amp;P 500 currently stands at 25.4x, which is extremely high compared to historical levels. This gets justified by the common belief that earnings will continue rising significantly. As such, the ratio would fall to an acceptable 20.7x by the end of 2022.</p><p><blockquote>让我们回到今天……标普500目前的市盈率为25.4倍，与历史水平相比极高。人们普遍认为盈利将继续大幅增长，这证明了这一点。因此，到 2022 年底，该比率将降至可接受的 20.7 倍。</blockquote></p><p> Now ask yourself how likely it is that earnings growth will continue to grow at higher levels than the historical average over the coming quarters.</p><p><blockquote>现在问问自己，未来几个季度盈利增长继续高于历史平均水平的可能性有多大。</blockquote></p><p> Interest rates are already at 0%. The money printer is running out of paper. Federal debt levels are hitting their ceilings. Pent-up demand and stimuli cheques already led to record-high consumer spending over the past quarters.</p><p><blockquote>利率已经是0%了。印钞机快没纸了。联邦债务水平正在达到上限。被压抑的需求和刺激支票已经导致过去几个季度的消费者支出创历史新高。</blockquote></p><p> Maybe, just maybe, analysts are being too greedy with their assumptions? Maybe the recent economic recovery is unsustainable and set to cool down? Maybe my assumptions (grey line) are much more likely than what the market is predicting (red line)? If so, the market is trading at a fwd 2022 P/E of 23.6x, which is really expensive.</p><p><blockquote>也许，只是也许，分析师对他们的假设太贪婪了？也许最近的经济复苏是不可持续的，将会降温？也许我的假设（灰线）比市场预测（红线）更有可能？如果是这样，市场的 fwd 2022 市盈率为 23.6 倍，这确实很贵。</blockquote></p><p> I'm not sure this will happen, nobody is. But it sure as hell is a probability.</p><p><blockquote>我不确定这会发生，没人会。但这肯定是一种可能性。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f61310c3c851b181ceb1fb3cc8862fdb\" tg-width=\"640\" tg-height=\"465\" width=\"100%\" height=\"auto\"><span>Source: Insider Opportunities based on S&amp;P Global data and Yardeni; adjusted EPS is used</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：基于S&amp;P全球数据和Yardeni的内部机会；使用调整后的每股收益</span></p></blockquote></p><p> This greediness also gets reflected in the charts. As you can see in the chart below, a bull market can be split into four cycles. Strong growth, bear trap, media attention and greed.</p><p><blockquote>这种贪婪也反映在图表中。如下图所示，牛市可以分为四个周期。强劲增长、熊市陷阱、媒体关注和贪婪。</blockquote></p><p> Interestingly, the 2013-2021 bull market is playing out almost identically as the 1994-2000 bull market. At this moment, the Nasdaq Index (QQQ) looks to be ready to start the last extreme greed phase. The media is approaching the recent rally as \"the new normal\" and investors are FOMO buying heavily because stocks \"can only go up\". As such, it is likely that the Nasdaq will rise close to $20,000 in the last months of 2021.</p><p><blockquote>有趣的是，2013-2021年的牛市与1994-2000年的牛市几乎完全相同。此时此刻，纳斯达克指数（QQQ）看起来已经准备好开始最后的极度贪婪阶段。媒体将最近的反弹视为“新常态”，投资者正在大量买入FOMO，因为股票“只能上涨”。因此，纳斯达克可能会在 2021 年最后几个月上涨接近 20,000 美元。</blockquote></p><p> As a long-term investor, it is extremely important to understand these dynamics. You will probably feel the urge to go all-in in risky assets as well. However, getting greedy during this phase could be a major threat for your long term returns as it will likely be followed by a major bear market.</p><p><blockquote>作为长期投资者，了解这些动态极其重要。你可能也会有全力投资风险资产的冲动。然而，在这个阶段变得贪婪可能会对你的长期回报构成重大威胁，因为随后可能会出现一场大熊市。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c783bf0cff4c410846a27c2dc8c180b1\" tg-width=\"640\" tg-height=\"499\" width=\"100%\" height=\"auto\"><span>Source: Insider Opportunities with Tradingview</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Tradingview 的内部机会</span></p></blockquote></p><p> Human behavior makes it extremely challenging to not get distracted by market sentiment. If you can keep an objective view on markets, it will benefit your returns drastically.</p><p><blockquote>人类的行为使得不被市场情绪分散注意力变得极具挑战性。如果你能对市场保持客观的看法，这将极大地有利于你的回报。</blockquote></p><p> 2. Keep investing, there are always opportunities</p><p><blockquote>2.坚持投资，机会总是有的</blockquote></p><p> In short, rule #1 says that your decisions should never be led by emotions and that you should keep focusing on underlying fundamentals. As the market is getting greedy today and valuations reach extreme levels it implies that you should start selling stocks and hold a lot of cash, right?</p><p><blockquote>简而言之，第一条规则说，你的决定永远不应该被情绪所左右，你应该继续关注潜在的基本面。随着今天市场变得越来越贪婪，估值达到极端水平，这意味着你应该开始出售股票并持有大量现金，对吗？</blockquote></p><p> Not really... You know, a wise man once said the following:</p><p><blockquote>不完全是……你知道，一位智者曾经说过这样一句话：</blockquote></p><p>   <b>It's a market of stocks, not a stock market.</b>  I'm not entirely sure who came up with it. But it must be a wise man, for sure.</p><p><blockquote><b>这是股票市场，不是股票市场。</b>我不完全确定是谁想出来的。但肯定是个聪明人。</blockquote></p><p> What does it mean? Look, many retail investors buy/sell stocks based on how the outlook for the general market looks like. If they don't trust the markets, they will be reluctant to invest, no matter what.</p><p><blockquote>这是什么意思？看，许多散户投资者根据整体市场前景买卖股票。如果他们不信任市场，无论如何都会不愿意投资。</blockquote></p><p> That's not a great way of looking at markets. There are almost 4,000 stocks available and there will always be interesting investment opportunities to generate great returns, no matter how the market evolves.</p><p><blockquote>这不是看待市场的好方法。有近4,000只股票可供选择，无论市场如何发展，总会有有趣的投资机会产生丰厚的回报。</blockquote></p><p> In a generally overvalued market it gets increasingly challenging to find undervalued stocks, but certainly not impossible. Ask Warren Buffett. In 2000, the most overvalued stock market in history, his investment vehicle Berkshire Hathaway (BRK.A) (BRK.B) kept buying high-quality, undervalued assets. His dedication paid off with an impressive return of 47% five years after the dot-com peak compared to -39% for the Nasdaq index.</p><p><blockquote>在一个普遍被高估的市场中，找到被低估的股票变得越来越具有挑战性，但肯定不是不可能的。问问沃伦·巴菲特。2000年，历史上被高估最严重的股市，他的投资工具伯克希尔哈撒韦公司（BRK.A）（BRK.B）继续购买优质、被低估的资产。他的奉献得到了回报，在互联网高峰五年后，他获得了令人印象深刻的47%的回报率，而纳斯达克指数的回报率为-39%。</blockquote></p><p> The Russell 2000 (IWM), an index reflecting US small caps, was very attractive during the dot-com bubble as well, trading at a P/E of 16x (vs 24x for large caps) going into 2000. Those who invested in this undervalued asset class during the bubble also generated very solid returns. Those who were able to pick out the greatest small caps were a lot happier than those who got tricked into overhyped tech stocks, I can imagine.</p><p><blockquote>罗素2000指数（IWM）是一个反映美国小盘股的指数，在互联网泡沫期间也非常有吸引力，2000年的市盈率为16倍（大盘股为24倍）。那些在泡沫期间投资这一被低估资产类别的人也产生了非常可观的回报。我可以想象，那些能够挑选出最好的小盘股的人比那些被过度炒作的科技股欺骗的人快乐得多。</blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c713a296e819a255b3be8ac6e504033d\" tg-width=\"635\" tg-height=\"450\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts提供</span></p></blockquote></p><p> So what should you do today? I would suggest re-evaluating all your portfolio holdings. Weigh their valuation compared to earnings 3 years from now, when Covid-19 disruptions (stimuli, pent-up demand, etc.) are gone. Be conservative with your assumptions. If a stock is significantly overvalued compared to those assumptions, don't be greedy and sell out the position.</p><p><blockquote>那么你今天应该做什么呢？我建议重新评估你所有的投资组合。将它们的估值与 3 年后的收益进行权衡，届时 Covid-19 中断（刺激措施、被压抑的需求等）消失。对你的假设要保守。如果一只股票与这些假设相比被严重高估，不要贪婪并卖出头寸。</blockquote></p><p> A great example is Apple Inc. (AAPL), one of the most popular stocks this year. As a consequence of its very strong financials (revenue grew 36.4% last quarter), its P/E ratio more than doubled over the past two years to 30x. It is important to understand that its recent growth primarily accelerated due to unsustainable drivers such as the several rounds of stimuli cheques. Once this fades away, Apple's growth is likely to fall back to single digits (or might even go negative in the short term) and returns would be very weak going forward.</p><p><blockquote>一个很好的例子是苹果公司（AAPL），它是今年最受欢迎的股票之一。由于其非常强劲的财务状况（上季度收入增长 36.4%），其市盈率在过去两年中翻了一番多，达到 30 倍。重要的是要明白，其最近的增长主要是由于不可持续的驱动因素，如几轮刺激支票。一旦这种情况消失，苹果的增长可能会回落到个位数（甚至可能在短期内为负），未来的回报将非常疲软。</blockquote></p><p> Don't keep all that freed up capital in cash, especially in the current inflationary environment. There are still opportunities to re-invest that money. In my opinion, small caps are the most attractive asset class today just like they were in 2000. After its recent underperformance, the Russell 2000 (representing all US small caps) is trading at a P/E of 15.6x today. This is much lower than both the S&amp;P 500 Index and its historical average. There are plenty of small-cap opportunities out there which will generate great returns going forward.</p><p><blockquote>不要把所有释放的资本都保留在现金中，尤其是在当前的通胀环境下。仍然有机会将这笔钱进行再投资。在我看来，小盘股是当今最具吸引力的资产类别，就像 2000 年一样。在最近表现不佳之后，罗素2000指数（代表所有美国小型股）今天的市盈率为15.6倍。这远低于标普500指数及其历史平均水平。有很多小盘股机会，未来将产生丰厚的回报。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2f132a93975b3b7fef86aff21c0b49bb\" tg-width=\"640\" tg-height=\"250\" width=\"100%\" height=\"auto\"><span>Source: Yardeni</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：亚德尼</span></p></blockquote></p><p> <b>3. Adopt a proven investment strategy to pick stocks</b></p><p><blockquote><b>3.采用行之有效的投资策略选股</b></blockquote></p><p> Rule #1 and #2 look very good on paper, but are very hard to execute in reality. When push comes to shove, it's very tough to deny your emotions and to find interesting investment opportunities in an overvalued market.</p><p><blockquote>规则#1和#2在纸面上看起来很好，但在现实中很难执行。当紧要关头时，很难否认自己的情绪，并在估值过高的市场中找到有趣的投资机会。</blockquote></p><p> That's where #3 comes into play: adopt a proven investment strategy.</p><p><blockquote>这就是#3发挥作用的地方：采用行之有效的投资策略。</blockquote></p><p> With the upcoming challenges in the stock market, I believe it has never been as important as today to follow a pre-determined strategy on which you can rely during a highly uncertain market environment. If you use a strategy which worked well in the past, you'll feel great in each market environment.</p><p><blockquote>随着股市即将到来的挑战，我相信在高度不确定的市场环境中，遵循预先确定的策略从未像今天这样重要。如果你使用过去行之有效的策略，你会在每个市场环境中感觉很棒。</blockquote></p><p> There are many strategies that could work for you, as long as you stick to it. We strongly believe that our under-appreciated strategy at Insider Opportunities will be very valuable in the coming years.</p><p><blockquote>只要你坚持下去，有很多策略对你有用。我们坚信，我们在内部机会方面被低估的战略将在未来几年非常有价值。</blockquote></p><p> To find attractive investment opportunities, we follow insider purchases each day. Insiders are the CFOs, CEOs, board members, etc. who know their business better than anyone else in the market. If they see a disconnection between the share price and the business fundamentals, they can purchase shares to generate profits. You can follow the purchases of this so-called \"smart money\" on a daily basis through SEC filings or websites like openinsider.com.</p><p><blockquote>为了寻找有吸引力的投资机会，我们每天都会跟踪内部购买情况。内部人士是首席财务官、首席执行官、董事会成员等。他们比市场上任何人都更了解自己的业务。如果他们看到股价和业务基本面之间脱节，他们可以购买股票来产生利润。您可以通过 SEC 文件或 openinsider.com 等网站每天跟踪这种所谓“聪明资金”的购买情况。</blockquote></p><p> We don't just follow up insider purchases. We created three algorithms based on more than a million of data points over the past decade to pick the greatest ones out of all insider purchases. As such, we stick to a pre-determined plan to only buy stocks that are attractive based on specific fundamentals, called \"golden picks\".</p><p><blockquote>我们不只是跟进内部购买。我们基于过去十年中超过一百万个数据点创建了三个算法，从所有内部购买中挑选出最好的。因此，我们坚持预先确定的计划，只购买基于特定基本面有吸引力的股票，称为“黄金选择”。</blockquote></p><p> It worked tremendously in the past. Our back-test shows that the strategy generated annualized returns of 47.2% over the past decade, tripling the S&amp;P 500 index. Only in 2011 it slightly underperformed the market.</p><p><blockquote>它在过去非常有效。我们的回测显示，该策略在过去十年中产生了 47.2% 的年化回报率，是标普500指数的三倍。仅在2011年，它的表现略低于市场。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f05af9240a87a55641df0a7921ec0380\" tg-width=\"640\" tg-height=\"359\" width=\"100%\" height=\"auto\"><span>Source: Insider Opportunities</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：内幕机会</span></p></blockquote></p><p> We firmly believe that this revolutionary strategy will continue generating wealth for us in the stock market, regardless of how the market performs. Find yourself a strict, proven strategy like ours on which you can rely during the upcoming uncertainties.</p><p><blockquote>我们坚信，无论市场表现如何，这一革命性的策略都将继续在股票市场为我们创造财富。给自己找一个像我们这样严格的、行之有效的策略，在即将到来的不确定性中，你可以依靠它。</blockquote></p><p> <b>Conclusion: Do this at all-time highs</b></p><p><blockquote><b>结论：在历史高点这样做</b></blockquote></p><p> Most stock market investors are resting on their laurels when all-time highs are being reached. Above all, nothing can go wrong in such a bullish market, right?</p><p><blockquote>当创下历史新高时，大多数股市投资者都在固步自封。最重要的是，在这样的牛市里，什么事都不会出错吧？</blockquote></p><p> No, that's not how it works. Markets evolve in cycles and those who don't acknowledge the importance of adapting to these cycles will be struck at weak long-term returns.</p><p><blockquote>不，事情不是这样的。市场在周期中演变，那些不认识到适应这些周期重要性的人将面临疲软的长期回报。</blockquote></p><p> How should you approach today's all-time highs to keep generating wealth going forward? Here are my three golden rules:</p><p><blockquote>你应该如何接近今天的历史高点，以继续创造财富？以下是我的三条黄金法则：</blockquote></p><p></p><p> <ol>  <li><b>Don't get greedy.</b>As a consequence of emotional behavior, you will want to take higher risks when markets are rallying. Never follow these emotions and always keep focused on the fundamentals.</li>  <li><b>Keep being invested.</b>Don't get reluctant to invest in stocks just because markets are getting overvalued. Acknowledge that it's a market of stocks, not a stock market. There are always great opportunities in each market environment. Today, they are mostly available in under-the-radar small caps.</li>  <li><b>Adopt a proven strategy.</b>Investing is not easy, especially when things are starting to move southwards. Adopting a strict, proven investment strategy can make life much easier and improve returns significantly.</li> </ol></p><p><blockquote><ol><li><b>不要贪婪。</b>作为情绪行为的结果，当市场反弹时，你会想要承担更高的风险。永远不要跟随这些情绪，永远关注基本面。</li><li><b>继续投资。</b>不要仅仅因为市场被高估就不愿意投资股票。承认这是一个股票市场，而不是股票市场。每个市场环境中总有巨大的机会。如今，它们大多是低调的小盘股。</li><li><b>采用行之有效的策略。</b>投资并不容易，尤其是当事情开始向南发展的时候。采用严格的、行之有效的投资策略可以让生活变得更加轻松，并显着提高回报。</li></ol></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>3 Golden Rules On How To Invest At All-Time Highs<blockquote>如何在历史高点投资的 3 条黄金法则</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n3 Golden Rules On How To Invest At All-Time Highs<blockquote>如何在历史高点投资的 3 条黄金法则</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-09-06 14:23</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>Markets continue to reach new all-time highs each week and have not seen a notable correction in over 200 trading days.</li>  <li>As markets are rallying, many investors are starting to rest on their laurels while investment decisions at all-time highs are actually more important than ever.</li>  <li>What should you be aware of in today's market? Should you sell out at these overvalued prices or can you still generate great returns by buying today?</li>  <li>In this article, I will share my three golden rules on how to invest at all-time highs like today. This information will be very valuable for your future wealth generation in the market.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9f5f0c9f1aacfbc6d8c78d0e84da5fc9\" tg-width=\"1536\" tg-height=\"878\" width=\"100%\" height=\"auto\"><span>phive2015/iStock via Getty Images</span></p><p><blockquote><ul><li>市场每周继续创下历史新高，并且在 200 多个交易日中没有出现明显的调整。</li><li>随着市场反弹，许多投资者开始固步自封，而处于历史高点的投资决策实际上比以往任何时候都更加重要。</li><li>在当今的市场上，你应该注意什么？你应该以这些高估的价格抛售，还是今天买入仍然能获得丰厚的回报？</li><li>在这篇文章中，我将分享我关于如何在今天这样的历史高点进行投资的三条黄金法则。这些信息对你未来在市场上创造财富非常有价值。</li></ul><p class=\"t-img-caption\"><span>phive2015/iStock 来自盖蒂图片社</span></p></blockquote></p><p> The stock market has been on a rampage in 2021. At the end of August, the S&amp;P 500 index (SPY) gained 20.4% year-to-date. Interestingly, the index has been trading in a very tight upward range and has not seen a 5% correction for 208 trading days. While most investors don't see this as an anomaly, it actually is. Both events have only occurred 7 times before in stock market history. We are clearly living in abnormal times.</p><p><blockquote>2021年股市一路狂飙。8月底，标普500指数（SPDR标普500指数ETF）年初至今上涨20.4%。有趣的是，该指数一直在非常狭窄的上涨区间内交易，并且在208个交易日中没有出现5%的修正。虽然大多数投资者并不认为这是一种异常现象，但实际上却是。这两种事件在股市历史上只发生过7次。我们显然生活在一个不正常的时代。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c58ccc72065c84083443d6be7f03482a\" tg-width=\"640\" tg-height=\"322\" width=\"100%\" height=\"auto\"><span>Source: Insider Opportunities with Tradingview</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Tradingview 的内部机会</span></p></blockquote></p><p> Each day it is important to think thoroughly about the investment decisions you make. Above all, all purchases or sales will impact your future wealth accumulation in the market.</p><p><blockquote>每天仔细考虑你所做的投资决策是很重要的。最重要的是，所有的购买或销售都会影响你未来在市场上的财富积累。</blockquote></p><p> However, during extreme rallies like today it is twice as important to reflect on your investment decisions. Ask that to investors who took high risks during the dot-com bubble or panic sold during the Covid-19 crash. That undoubtedly had an immense impact on their long-term returns.</p><p><blockquote>然而，在像今天这样的极端反弹期间，反思你的投资决策更加重要。问问那些在互联网泡沫期间承担高风险或在 Covid-19 崩盘期间恐慌性抛售的投资者。这无疑对他们的长期回报产生了巨大影响。</blockquote></p><p> The importance of investment decisions today for your long-term returns is why I chose to write about my three golden rules on how to invest at all-time highs. How should you approach today's market and what should you be aware of? Should you sell out at these overvalued prices and wait for a correction to take place or can you still generate great returns when buying at these levels? The answers to these one-million-dollar questions will be provided in this article.</p><p><blockquote>今天的投资决策对你的长期回报很重要，这就是为什么我选择写我关于如何在历史高点投资的三条黄金法则。你应该如何对待今天的市场，你应该注意什么？你应该以这些高估的价格卖出并等待调整发生，还是在这些水平买入时仍然能产生丰厚的回报？这篇文章将提供这些百万美元问题的答案。</blockquote></p><p> <b>1. Don't get caught by greediness</b></p><p><blockquote><b>1.不要被贪婪抓住</b></blockquote></p><p> Let's start off with the most important rule. Avoid greediness.</p><p><blockquote>让我们从最重要的规则开始。避免贪婪。</blockquote></p><p> According to JPMorgan, over the past 20 years, the average investor reached an annual return of only 2.9%. As such, they significantly underperformed the general market as the S&amp;P 500 yielded an annual 7.5% return during this time frame.</p><p><blockquote>根据摩根大通的数据，在过去的20年里，投资者的平均年回报率仅为2.9%。因此，它们的表现明显逊于一般市场，因为标普500在此期间的年回报率为 7.5%。</blockquote></p><p> The single most important reason for this retail investor underperformance? Emotional human behavior.</p><p><blockquote>散户投资者表现不佳的最重要原因是什么？情感人类行为。</blockquote></p><p> The average investor is getting influenced heavily by media headlines, stock prices movements and behavior from other investors.</p><p><blockquote>普通投资者受到媒体头条、股价变动和其他投资者行为的严重影响。</blockquote></p><p> Today, we reached an extremely bullish stock market environment. Last earnings season has been one of the greatest in stock market history. The S&amp;P 500 EPS rose by 94.5% YoY and 86.1% of its constituents beat analyst estimates.</p><p><blockquote>今天，我们到达了一个极度看涨的股市环境。上个财报季是股市历史上最伟大的财报季之一。标普500每股收益同比增长 94.5%，86.1% 的成分股超出分析师预期。</blockquote></p><p> As a consequence of this bullish environment, analysts are significantly raising their estimates for the next quarters. They now expect EPS to rise sharply to $217.96 by the end of 2022, which is a significant recovery from the pre-pandemic high of $157.12. Such a recovery looks to be optimistic as it took 7-12 years in the past economic cycles to achieve this:</p><p><blockquote>由于这种看涨环境，分析师正在大幅提高对未来几个季度的预期。他们现在预计，到 2022 年底，每股收益将大幅升至 217.96 美元，较大流行前的高点 157.12 美元大幅回升。这样的复苏看起来很乐观，因为在过去的经济周期中，需要 7-12 年才能实现这一目标：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1accc921d16b11ec13ed94686b9cfe75\" tg-width=\"640\" tg-height=\"465\" width=\"100%\" height=\"auto\"><span>Source: Insider Opportunities based on S&amp;P Global data; adjusted EPS is used</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：基于标准普尔全球数据的内部机会；使用调整后的每股收益</span></p></blockquote></p><p> Will earnings really continue this very strong recovery over the coming quarters or are analysts perhaps getting too greedy with their assumptions?</p><p><blockquote>未来几个季度盈利真的会继续强劲复苏吗？还是分析师的假设太贪婪了？</blockquote></p><p> It wouldn't be the first time if they were too greedy. During the dot-com bubble for example, they were caught by their emotions as well. The '90s was an abnormally strong decade in terms of earnings growth for the S&amp;P 500. As such, analysts totally forgot that downward cycles exist as well. They increased their annual EPS growth guidance to a staggering 15% for the five years following 2000. According to them, this high growth rate justified the record P/E multiples stocks were trading at and many investors got tricked into that story.</p><p><blockquote>如果他们太贪婪，这也不是第一次了。例如，在互联网泡沫期间，他们也被自己的情绪所困扰。就标普500的盈利增长而言，90 年代是异常强劲的十年。因此，分析师完全忘记了下降周期也存在。他们将 2000 年后五年的年度每股收益增长指导提高到惊人的 15%。根据他们的说法，这种高增长率证明了股票交易市盈率创纪录的合理性，许多投资者被骗进了这个故事。</blockquote></p><p> What happened afterwards? The economy didn't boom, it fell into a recession which took 3 years to recover from. Earnings in 2003 were almost 50% lower than what analysts had been predicting in 2000.</p><p><blockquote>后来发生了什么？经济没有繁荣，而是陷入了衰退，花了3年时间才恢复过来。2003 年的收益比分析师 2000 年的预测低了近 50%。</blockquote></p><p></p><p> As markets were priced to analyst expectations instead of taking into account a possible downturn, the S&amp;P 500 crashed and took 7 years to recover.</p><p><blockquote>由于市场定价符合分析师的预期，而不是考虑到可能的经济衰退，标普500崩盘并花了 7 年时间才恢复。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0081f4a9c3ee43b20684f113cb04ef9c\" tg-width=\"640\" tg-height=\"467\" width=\"100%\" height=\"auto\"><span>Source: Insider Opportunities based on S&amp;P Global data and Yardeni; adjusted EPS is used</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：基于S&amp;P全球数据和Yardeni的内部机会；使用调整后的每股收益</span></p></blockquote></p><p> Let's get back to today... The P/E of the S&amp;P 500 currently stands at 25.4x, which is extremely high compared to historical levels. This gets justified by the common belief that earnings will continue rising significantly. As such, the ratio would fall to an acceptable 20.7x by the end of 2022.</p><p><blockquote>让我们回到今天……标普500目前的市盈率为25.4倍，与历史水平相比极高。人们普遍认为盈利将继续大幅增长，这证明了这一点。因此，到 2022 年底，该比率将降至可接受的 20.7 倍。</blockquote></p><p> Now ask yourself how likely it is that earnings growth will continue to grow at higher levels than the historical average over the coming quarters.</p><p><blockquote>现在问问自己，未来几个季度盈利增长继续高于历史平均水平的可能性有多大。</blockquote></p><p> Interest rates are already at 0%. The money printer is running out of paper. Federal debt levels are hitting their ceilings. Pent-up demand and stimuli cheques already led to record-high consumer spending over the past quarters.</p><p><blockquote>利率已经是0%了。印钞机快没纸了。联邦债务水平正在达到上限。被压抑的需求和刺激支票已经导致过去几个季度的消费者支出创历史新高。</blockquote></p><p> Maybe, just maybe, analysts are being too greedy with their assumptions? Maybe the recent economic recovery is unsustainable and set to cool down? Maybe my assumptions (grey line) are much more likely than what the market is predicting (red line)? If so, the market is trading at a fwd 2022 P/E of 23.6x, which is really expensive.</p><p><blockquote>也许，只是也许，分析师对他们的假设太贪婪了？也许最近的经济复苏是不可持续的，将会降温？也许我的假设（灰线）比市场预测（红线）更有可能？如果是这样，市场的 fwd 2022 市盈率为 23.6 倍，这确实很贵。</blockquote></p><p> I'm not sure this will happen, nobody is. But it sure as hell is a probability.</p><p><blockquote>我不确定这会发生，没人会。但这肯定是一种可能性。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f61310c3c851b181ceb1fb3cc8862fdb\" tg-width=\"640\" tg-height=\"465\" width=\"100%\" height=\"auto\"><span>Source: Insider Opportunities based on S&amp;P Global data and Yardeni; adjusted EPS is used</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：基于S&amp;P全球数据和Yardeni的内部机会；使用调整后的每股收益</span></p></blockquote></p><p> This greediness also gets reflected in the charts. As you can see in the chart below, a bull market can be split into four cycles. Strong growth, bear trap, media attention and greed.</p><p><blockquote>这种贪婪也反映在图表中。如下图所示，牛市可以分为四个周期。强劲增长、熊市陷阱、媒体关注和贪婪。</blockquote></p><p> Interestingly, the 2013-2021 bull market is playing out almost identically as the 1994-2000 bull market. At this moment, the Nasdaq Index (QQQ) looks to be ready to start the last extreme greed phase. The media is approaching the recent rally as \"the new normal\" and investors are FOMO buying heavily because stocks \"can only go up\". As such, it is likely that the Nasdaq will rise close to $20,000 in the last months of 2021.</p><p><blockquote>有趣的是，2013-2021年的牛市与1994-2000年的牛市几乎完全相同。此时此刻，纳斯达克指数（QQQ）看起来已经准备好开始最后的极度贪婪阶段。媒体将最近的反弹视为“新常态”，投资者正在大量买入FOMO，因为股票“只能上涨”。因此，纳斯达克可能会在 2021 年最后几个月上涨接近 20,000 美元。</blockquote></p><p> As a long-term investor, it is extremely important to understand these dynamics. You will probably feel the urge to go all-in in risky assets as well. However, getting greedy during this phase could be a major threat for your long term returns as it will likely be followed by a major bear market.</p><p><blockquote>作为长期投资者，了解这些动态极其重要。你可能也会有全力投资风险资产的冲动。然而，在这个阶段变得贪婪可能会对你的长期回报构成重大威胁，因为随后可能会出现一场大熊市。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c783bf0cff4c410846a27c2dc8c180b1\" tg-width=\"640\" tg-height=\"499\" width=\"100%\" height=\"auto\"><span>Source: Insider Opportunities with Tradingview</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Tradingview 的内部机会</span></p></blockquote></p><p> Human behavior makes it extremely challenging to not get distracted by market sentiment. If you can keep an objective view on markets, it will benefit your returns drastically.</p><p><blockquote>人类的行为使得不被市场情绪分散注意力变得极具挑战性。如果你能对市场保持客观的看法，这将极大地有利于你的回报。</blockquote></p><p> 2. Keep investing, there are always opportunities</p><p><blockquote>2.坚持投资，机会总是有的</blockquote></p><p> In short, rule #1 says that your decisions should never be led by emotions and that you should keep focusing on underlying fundamentals. As the market is getting greedy today and valuations reach extreme levels it implies that you should start selling stocks and hold a lot of cash, right?</p><p><blockquote>简而言之，第一条规则说，你的决定永远不应该被情绪所左右，你应该继续关注潜在的基本面。随着今天市场变得越来越贪婪，估值达到极端水平，这意味着你应该开始出售股票并持有大量现金，对吗？</blockquote></p><p> Not really... You know, a wise man once said the following:</p><p><blockquote>不完全是……你知道，一位智者曾经说过这样一句话：</blockquote></p><p>   <b>It's a market of stocks, not a stock market.</b>  I'm not entirely sure who came up with it. But it must be a wise man, for sure.</p><p><blockquote><b>这是股票市场，不是股票市场。</b>我不完全确定是谁想出来的。但肯定是个聪明人。</blockquote></p><p> What does it mean? Look, many retail investors buy/sell stocks based on how the outlook for the general market looks like. If they don't trust the markets, they will be reluctant to invest, no matter what.</p><p><blockquote>这是什么意思？看，许多散户投资者根据整体市场前景买卖股票。如果他们不信任市场，无论如何都会不愿意投资。</blockquote></p><p> That's not a great way of looking at markets. There are almost 4,000 stocks available and there will always be interesting investment opportunities to generate great returns, no matter how the market evolves.</p><p><blockquote>这不是看待市场的好方法。有近4,000只股票可供选择，无论市场如何发展，总会有有趣的投资机会产生丰厚的回报。</blockquote></p><p> In a generally overvalued market it gets increasingly challenging to find undervalued stocks, but certainly not impossible. Ask Warren Buffett. In 2000, the most overvalued stock market in history, his investment vehicle Berkshire Hathaway (BRK.A) (BRK.B) kept buying high-quality, undervalued assets. His dedication paid off with an impressive return of 47% five years after the dot-com peak compared to -39% for the Nasdaq index.</p><p><blockquote>在一个普遍被高估的市场中，找到被低估的股票变得越来越具有挑战性，但肯定不是不可能的。问问沃伦·巴菲特。2000年，历史上被高估最严重的股市，他的投资工具伯克希尔哈撒韦公司（BRK.A）（BRK.B）继续购买优质、被低估的资产。他的奉献得到了回报，在互联网高峰五年后，他获得了令人印象深刻的47%的回报率，而纳斯达克指数的回报率为-39%。</blockquote></p><p> The Russell 2000 (IWM), an index reflecting US small caps, was very attractive during the dot-com bubble as well, trading at a P/E of 16x (vs 24x for large caps) going into 2000. Those who invested in this undervalued asset class during the bubble also generated very solid returns. Those who were able to pick out the greatest small caps were a lot happier than those who got tricked into overhyped tech stocks, I can imagine.</p><p><blockquote>罗素2000指数（IWM）是一个反映美国小盘股的指数，在互联网泡沫期间也非常有吸引力，2000年的市盈率为16倍（大盘股为24倍）。那些在泡沫期间投资这一被低估资产类别的人也产生了非常可观的回报。我可以想象，那些能够挑选出最好的小盘股的人比那些被过度炒作的科技股欺骗的人快乐得多。</blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c713a296e819a255b3be8ac6e504033d\" tg-width=\"635\" tg-height=\"450\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts提供</span></p></blockquote></p><p> So what should you do today? I would suggest re-evaluating all your portfolio holdings. Weigh their valuation compared to earnings 3 years from now, when Covid-19 disruptions (stimuli, pent-up demand, etc.) are gone. Be conservative with your assumptions. If a stock is significantly overvalued compared to those assumptions, don't be greedy and sell out the position.</p><p><blockquote>那么你今天应该做什么呢？我建议重新评估你所有的投资组合。将它们的估值与 3 年后的收益进行权衡，届时 Covid-19 中断（刺激措施、被压抑的需求等）消失。对你的假设要保守。如果一只股票与这些假设相比被严重高估，不要贪婪并卖出头寸。</blockquote></p><p> A great example is Apple Inc. (AAPL), one of the most popular stocks this year. As a consequence of its very strong financials (revenue grew 36.4% last quarter), its P/E ratio more than doubled over the past two years to 30x. It is important to understand that its recent growth primarily accelerated due to unsustainable drivers such as the several rounds of stimuli cheques. Once this fades away, Apple's growth is likely to fall back to single digits (or might even go negative in the short term) and returns would be very weak going forward.</p><p><blockquote>一个很好的例子是苹果公司（AAPL），它是今年最受欢迎的股票之一。由于其非常强劲的财务状况（上季度收入增长 36.4%），其市盈率在过去两年中翻了一番多，达到 30 倍。重要的是要明白，其最近的增长主要是由于不可持续的驱动因素，如几轮刺激支票。一旦这种情况消失，苹果的增长可能会回落到个位数（甚至可能在短期内为负），未来的回报将非常疲软。</blockquote></p><p> Don't keep all that freed up capital in cash, especially in the current inflationary environment. There are still opportunities to re-invest that money. In my opinion, small caps are the most attractive asset class today just like they were in 2000. After its recent underperformance, the Russell 2000 (representing all US small caps) is trading at a P/E of 15.6x today. This is much lower than both the S&amp;P 500 Index and its historical average. There are plenty of small-cap opportunities out there which will generate great returns going forward.</p><p><blockquote>不要把所有释放的资本都保留在现金中，尤其是在当前的通胀环境下。仍然有机会将这笔钱进行再投资。在我看来，小盘股是当今最具吸引力的资产类别，就像 2000 年一样。在最近表现不佳之后，罗素2000指数（代表所有美国小型股）今天的市盈率为15.6倍。这远低于标普500指数及其历史平均水平。有很多小盘股机会，未来将产生丰厚的回报。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2f132a93975b3b7fef86aff21c0b49bb\" tg-width=\"640\" tg-height=\"250\" width=\"100%\" height=\"auto\"><span>Source: Yardeni</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：亚德尼</span></p></blockquote></p><p> <b>3. Adopt a proven investment strategy to pick stocks</b></p><p><blockquote><b>3.采用行之有效的投资策略选股</b></blockquote></p><p> Rule #1 and #2 look very good on paper, but are very hard to execute in reality. When push comes to shove, it's very tough to deny your emotions and to find interesting investment opportunities in an overvalued market.</p><p><blockquote>规则#1和#2在纸面上看起来很好，但在现实中很难执行。当紧要关头时，很难否认自己的情绪，并在估值过高的市场中找到有趣的投资机会。</blockquote></p><p> That's where #3 comes into play: adopt a proven investment strategy.</p><p><blockquote>这就是#3发挥作用的地方：采用行之有效的投资策略。</blockquote></p><p> With the upcoming challenges in the stock market, I believe it has never been as important as today to follow a pre-determined strategy on which you can rely during a highly uncertain market environment. If you use a strategy which worked well in the past, you'll feel great in each market environment.</p><p><blockquote>随着股市即将到来的挑战，我相信在高度不确定的市场环境中，遵循预先确定的策略从未像今天这样重要。如果你使用过去行之有效的策略，你会在每个市场环境中感觉很棒。</blockquote></p><p> There are many strategies that could work for you, as long as you stick to it. We strongly believe that our under-appreciated strategy at Insider Opportunities will be very valuable in the coming years.</p><p><blockquote>只要你坚持下去，有很多策略对你有用。我们坚信，我们在内部机会方面被低估的战略将在未来几年非常有价值。</blockquote></p><p> To find attractive investment opportunities, we follow insider purchases each day. Insiders are the CFOs, CEOs, board members, etc. who know their business better than anyone else in the market. If they see a disconnection between the share price and the business fundamentals, they can purchase shares to generate profits. You can follow the purchases of this so-called \"smart money\" on a daily basis through SEC filings or websites like openinsider.com.</p><p><blockquote>为了寻找有吸引力的投资机会，我们每天都会跟踪内部购买情况。内部人士是首席财务官、首席执行官、董事会成员等。他们比市场上任何人都更了解自己的业务。如果他们看到股价和业务基本面之间脱节，他们可以购买股票来产生利润。您可以通过 SEC 文件或 openinsider.com 等网站每天跟踪这种所谓“聪明资金”的购买情况。</blockquote></p><p> We don't just follow up insider purchases. We created three algorithms based on more than a million of data points over the past decade to pick the greatest ones out of all insider purchases. As such, we stick to a pre-determined plan to only buy stocks that are attractive based on specific fundamentals, called \"golden picks\".</p><p><blockquote>我们不只是跟进内部购买。我们基于过去十年中超过一百万个数据点创建了三个算法，从所有内部购买中挑选出最好的。因此，我们坚持预先确定的计划，只购买基于特定基本面有吸引力的股票，称为“黄金选择”。</blockquote></p><p> It worked tremendously in the past. Our back-test shows that the strategy generated annualized returns of 47.2% over the past decade, tripling the S&amp;P 500 index. Only in 2011 it slightly underperformed the market.</p><p><blockquote>它在过去非常有效。我们的回测显示，该策略在过去十年中产生了 47.2% 的年化回报率，是标普500指数的三倍。仅在2011年，它的表现略低于市场。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f05af9240a87a55641df0a7921ec0380\" tg-width=\"640\" tg-height=\"359\" width=\"100%\" height=\"auto\"><span>Source: Insider Opportunities</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：内幕机会</span></p></blockquote></p><p> We firmly believe that this revolutionary strategy will continue generating wealth for us in the stock market, regardless of how the market performs. Find yourself a strict, proven strategy like ours on which you can rely during the upcoming uncertainties.</p><p><blockquote>我们坚信，无论市场表现如何，这一革命性的策略都将继续在股票市场为我们创造财富。给自己找一个像我们这样严格的、行之有效的策略，在即将到来的不确定性中，你可以依靠它。</blockquote></p><p> <b>Conclusion: Do this at all-time highs</b></p><p><blockquote><b>结论：在历史高点这样做</b></blockquote></p><p> Most stock market investors are resting on their laurels when all-time highs are being reached. Above all, nothing can go wrong in such a bullish market, right?</p><p><blockquote>当创下历史新高时，大多数股市投资者都在固步自封。最重要的是，在这样的牛市里，什么事都不会出错吧？</blockquote></p><p> No, that's not how it works. Markets evolve in cycles and those who don't acknowledge the importance of adapting to these cycles will be struck at weak long-term returns.</p><p><blockquote>不，事情不是这样的。市场在周期中演变，那些不认识到适应这些周期重要性的人将面临疲软的长期回报。</blockquote></p><p> How should you approach today's all-time highs to keep generating wealth going forward? Here are my three golden rules:</p><p><blockquote>你应该如何接近今天的历史高点，以继续创造财富？以下是我的三条黄金法则：</blockquote></p><p></p><p> <ol>  <li><b>Don't get greedy.</b>As a consequence of emotional behavior, you will want to take higher risks when markets are rallying. Never follow these emotions and always keep focused on the fundamentals.</li>  <li><b>Keep being invested.</b>Don't get reluctant to invest in stocks just because markets are getting overvalued. Acknowledge that it's a market of stocks, not a stock market. There are always great opportunities in each market environment. Today, they are mostly available in under-the-radar small caps.</li>  <li><b>Adopt a proven strategy.</b>Investing is not easy, especially when things are starting to move southwards. Adopting a strict, proven investment strategy can make life much easier and improve returns significantly.</li> </ol></p><p><blockquote><ol><li><b>不要贪婪。</b>作为情绪行为的结果，当市场反弹时，你会想要承担更高的风险。永远不要跟随这些情绪，永远关注基本面。</li><li><b>继续投资。</b>不要仅仅因为市场被高估就不愿意投资股票。承认这是一个股票市场，而不是股票市场。每个市场环境中总有巨大的机会。如今，它们大多是低调的小盘股。</li><li><b>采用行之有效的策略。</b>投资并不容易，尤其是当事情开始向南发展的时候。采用严格的、行之有效的投资策略可以让生活变得更加轻松，并显着提高回报。</li></ol></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4453541-3-golden-rules-on-how-to-invest-at-all-time-highs\">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":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://seekingalpha.com/article/4453541-3-golden-rules-on-how-to-invest-at-all-time-highs","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1186375251","content_text":"Summary\n\nMarkets continue to reach new all-time highs each week and have not seen a notable correction in over 200 trading days.\nAs markets are rallying, many investors are starting to rest on their laurels while investment decisions at all-time highs are actually more important than ever.\nWhat should you be aware of in today's market? Should you sell out at these overvalued prices or can you still generate great returns by buying today?\nIn this article, I will share my three golden rules on how to invest at all-time highs like today. This information will be very valuable for your future wealth generation in the market.\n\nphive2015/iStock via Getty Images\nThe stock market has been on a rampage in 2021. At the end of August, the S&P 500 index (SPY) gained 20.4% year-to-date. Interestingly, the index has been trading in a very tight upward range and has not seen a 5% correction for 208 trading days. While most investors don't see this as an anomaly, it actually is. Both events have only occurred 7 times before in stock market history. We are clearly living in abnormal times.\nSource: Insider Opportunities with Tradingview\nEach day it is important to think thoroughly about the investment decisions you make. Above all, all purchases or sales will impact your future wealth accumulation in the market.\nHowever, during extreme rallies like today it is twice as important to reflect on your investment decisions. Ask that to investors who took high risks during the dot-com bubble or panic sold during the Covid-19 crash. That undoubtedly had an immense impact on their long-term returns.\nThe importance of investment decisions today for your long-term returns is why I chose to write about my three golden rules on how to invest at all-time highs. How should you approach today's market and what should you be aware of? Should you sell out at these overvalued prices and wait for a correction to take place or can you still generate great returns when buying at these levels? The answers to these one-million-dollar questions will be provided in this article.\n1. Don't get caught by greediness\nLet's start off with the most important rule. Avoid greediness.\nAccording to JPMorgan, over the past 20 years, the average investor reached an annual return of only 2.9%. As such, they significantly underperformed the general market as the S&P 500 yielded an annual 7.5% return during this time frame.\nThe single most important reason for this retail investor underperformance? Emotional human behavior.\nThe average investor is getting influenced heavily by media headlines, stock prices movements and behavior from other investors.\nToday, we reached an extremely bullish stock market environment. Last earnings season has been one of the greatest in stock market history. The S&P 500 EPS rose by 94.5% YoY and 86.1% of its constituents beat analyst estimates.\nAs a consequence of this bullish environment, analysts are significantly raising their estimates for the next quarters. They now expect EPS to rise sharply to $217.96 by the end of 2022, which is a significant recovery from the pre-pandemic high of $157.12. Such a recovery looks to be optimistic as it took 7-12 years in the past economic cycles to achieve this:\nSource: Insider Opportunities based on S&P Global data; adjusted EPS is used\nWill earnings really continue this very strong recovery over the coming quarters or are analysts perhaps getting too greedy with their assumptions?\nIt wouldn't be the first time if they were too greedy. During the dot-com bubble for example, they were caught by their emotions as well. The '90s was an abnormally strong decade in terms of earnings growth for the S&P 500. As such, analysts totally forgot that downward cycles exist as well. They increased their annual EPS growth guidance to a staggering 15% for the five years following 2000. According to them, this high growth rate justified the record P/E multiples stocks were trading at and many investors got tricked into that story.\nWhat happened afterwards? The economy didn't boom, it fell into a recession which took 3 years to recover from. Earnings in 2003 were almost 50% lower than what analysts had been predicting in 2000.\nAs markets were priced to analyst expectations instead of taking into account a possible downturn, the S&P 500 crashed and took 7 years to recover.\nSource: Insider Opportunities based on S&P Global data and Yardeni; adjusted EPS is used\nLet's get back to today... The P/E of the S&P 500 currently stands at 25.4x, which is extremely high compared to historical levels. This gets justified by the common belief that earnings will continue rising significantly. As such, the ratio would fall to an acceptable 20.7x by the end of 2022.\nNow ask yourself how likely it is that earnings growth will continue to grow at higher levels than the historical average over the coming quarters.\nInterest rates are already at 0%. The money printer is running out of paper. Federal debt levels are hitting their ceilings. Pent-up demand and stimuli cheques already led to record-high consumer spending over the past quarters.\nMaybe, just maybe, analysts are being too greedy with their assumptions? Maybe the recent economic recovery is unsustainable and set to cool down? Maybe my assumptions (grey line) are much more likely than what the market is predicting (red line)? If so, the market is trading at a fwd 2022 P/E of 23.6x, which is really expensive.\nI'm not sure this will happen, nobody is. But it sure as hell is a probability.\nSource: Insider Opportunities based on S&P Global data and Yardeni; adjusted EPS is used\nThis greediness also gets reflected in the charts. As you can see in the chart below, a bull market can be split into four cycles. Strong growth, bear trap, media attention and greed.\nInterestingly, the 2013-2021 bull market is playing out almost identically as the 1994-2000 bull market. At this moment, the Nasdaq Index (QQQ) looks to be ready to start the last extreme greed phase. The media is approaching the recent rally as \"the new normal\" and investors are FOMO buying heavily because stocks \"can only go up\". As such, it is likely that the Nasdaq will rise close to $20,000 in the last months of 2021.\nAs a long-term investor, it is extremely important to understand these dynamics. You will probably feel the urge to go all-in in risky assets as well. However, getting greedy during this phase could be a major threat for your long term returns as it will likely be followed by a major bear market.\nSource: Insider Opportunities with Tradingview\nHuman behavior makes it extremely challenging to not get distracted by market sentiment. If you can keep an objective view on markets, it will benefit your returns drastically.\n2. Keep investing, there are always opportunities\nIn short, rule #1 says that your decisions should never be led by emotions and that you should keep focusing on underlying fundamentals. As the market is getting greedy today and valuations reach extreme levels it implies that you should start selling stocks and hold a lot of cash, right?\nNot really... You know, a wise man once said the following:\n\nIt's a market of stocks, not a stock market.\n\nI'm not entirely sure who came up with it. But it must be a wise man, for sure.\nWhat does it mean? Look, many retail investors buy/sell stocks based on how the outlook for the general market looks like. If they don't trust the markets, they will be reluctant to invest, no matter what.\nThat's not a great way of looking at markets. There are almost 4,000 stocks available and there will always be interesting investment opportunities to generate great returns, no matter how the market evolves.\nIn a generally overvalued market it gets increasingly challenging to find undervalued stocks, but certainly not impossible. Ask Warren Buffett. In 2000, the most overvalued stock market in history, his investment vehicle Berkshire Hathaway (BRK.A) (BRK.B) kept buying high-quality, undervalued assets. His dedication paid off with an impressive return of 47% five years after the dot-com peak compared to -39% for the Nasdaq index.\nThe Russell 2000 (IWM), an index reflecting US small caps, was very attractive during the dot-com bubble as well, trading at a P/E of 16x (vs 24x for large caps) going into 2000. Those who invested in this undervalued asset class during the bubble also generated very solid returns. Those who were able to pick out the greatest small caps were a lot happier than those who got tricked into overhyped tech stocks, I can imagine.\nData by YCharts\nSo what should you do today? I would suggest re-evaluating all your portfolio holdings. Weigh their valuation compared to earnings 3 years from now, when Covid-19 disruptions (stimuli, pent-up demand, etc.) are gone. Be conservative with your assumptions. If a stock is significantly overvalued compared to those assumptions, don't be greedy and sell out the position.\nA great example is Apple Inc. (AAPL), one of the most popular stocks this year. As a consequence of its very strong financials (revenue grew 36.4% last quarter), its P/E ratio more than doubled over the past two years to 30x. It is important to understand that its recent growth primarily accelerated due to unsustainable drivers such as the several rounds of stimuli cheques. Once this fades away, Apple's growth is likely to fall back to single digits (or might even go negative in the short term) and returns would be very weak going forward.\nDon't keep all that freed up capital in cash, especially in the current inflationary environment. There are still opportunities to re-invest that money. In my opinion, small caps are the most attractive asset class today just like they were in 2000. After its recent underperformance, the Russell 2000 (representing all US small caps) is trading at a P/E of 15.6x today. This is much lower than both the S&P 500 Index and its historical average. There are plenty of small-cap opportunities out there which will generate great returns going forward.\nSource: Yardeni\n3. Adopt a proven investment strategy to pick stocks\nRule #1 and #2 look very good on paper, but are very hard to execute in reality. When push comes to shove, it's very tough to deny your emotions and to find interesting investment opportunities in an overvalued market.\nThat's where #3 comes into play: adopt a proven investment strategy.\nWith the upcoming challenges in the stock market, I believe it has never been as important as today to follow a pre-determined strategy on which you can rely during a highly uncertain market environment. If you use a strategy which worked well in the past, you'll feel great in each market environment.\nThere are many strategies that could work for you, as long as you stick to it. We strongly believe that our under-appreciated strategy at Insider Opportunities will be very valuable in the coming years.\nTo find attractive investment opportunities, we follow insider purchases each day. Insiders are the CFOs, CEOs, board members, etc. who know their business better than anyone else in the market. If they see a disconnection between the share price and the business fundamentals, they can purchase shares to generate profits. You can follow the purchases of this so-called \"smart money\" on a daily basis through SEC filings or websites like openinsider.com.\nWe don't just follow up insider purchases. We created three algorithms based on more than a million of data points over the past decade to pick the greatest ones out of all insider purchases. As such, we stick to a pre-determined plan to only buy stocks that are attractive based on specific fundamentals, called \"golden picks\".\nIt worked tremendously in the past. Our back-test shows that the strategy generated annualized returns of 47.2% over the past decade, tripling the S&P 500 index. Only in 2011 it slightly underperformed the market.\nSource: Insider Opportunities\n\nWe firmly believe that this revolutionary strategy will continue generating wealth for us in the stock market, regardless of how the market performs. Find yourself a strict, proven strategy like ours on which you can rely during the upcoming uncertainties.\nConclusion: Do this at all-time highs\nMost stock market investors are resting on their laurels when all-time highs are being reached. Above all, nothing can go wrong in such a bullish market, right?\nNo, that's not how it works. Markets evolve in cycles and those who don't acknowledge the importance of adapting to these cycles will be struck at weak long-term returns.\nHow should you approach today's all-time highs to keep generating wealth going forward? Here are my three golden rules:\n\nDon't get greedy.As a consequence of emotional behavior, you will want to take higher risks when markets are rallying. Never follow these emotions and always keep focused on the fundamentals.\nKeep being invested.Don't get reluctant to invest in stocks just because markets are getting overvalued. Acknowledge that it's a market of stocks, not a stock market. There are always great opportunities in each market environment. Today, they are mostly available in under-the-radar small caps.\nAdopt a proven strategy.Investing is not easy, especially when things are starting to move southwards. Adopting a strict, proven investment strategy can make life much easier and improve returns significantly.","news_type":1,"symbols_score_info":{".IXIC":0.9,".DJI":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":772,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":871174388,"gmtCreate":1637044344617,"gmtModify":1637044344725,"author":{"id":"4093410373855950","authorId":"4093410373855950","name":"Humbly","avatar":"https://static.tigerbbs.com/cebd1eb0173a5ad49e43baaa7c0252d8","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4093410373855950","authorIdStr":"4093410373855950"},"themes":[],"title":"","htmlText":"Unless the market crashes, it may be difficult to see a big correction for Apple","listText":"Unless the market crashes, it may be difficult to see a big correction for Apple","text":"Unless the market crashes, it may be difficult to see a big correction for Apple","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":11,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/871174388","repostId":"1116429379","repostType":2,"repost":{"id":"1116429379","kind":"news","pubTimestamp":1637033648,"share":"https://www.laohunote.com/m/news/1116429379?lang=zh_CN&edition=full","pubTime":"2021-11-16 11:34","market":"us","language":"en","title":"Sell AAPL? Why This Expert Sees Apple Stock Dipping 12%<blockquote>卖苹果？为什么这位专家认为苹果股价下跌 12%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1116429379","media":"Thestreet","summary":"As Apple stock(AAPL) continues to hover around $150 apiece, one of the few skeptics on Wall Street h","content":"<p>As Apple stock(<b>AAPL</b>)&nbsp;continues to hover around $150 apiece, one of the few skeptics on Wall Street has just published his most updated report. In it, he reinforced the idea that AAPL should be worth only $132, suggesting that shares have 12% of downside risk from here.</p><p><blockquote>作为苹果股票（<b>苹果</b>）继续徘徊在每股 150 美元左右，华尔街为数不多的怀疑论者之一刚刚发布了他的最新报告。在其中，他强化了 AAPL 的价值应仅 132 美元的观点，表明该股从现在起有 12% 的下行风险。</blockquote></p><p> Today, the Apple Maven revisits Bernstein’s Toni Sacconaghi’s mildly bearish case.</p><p><blockquote>今天，这位苹果专家重温了伯恩斯坦的托尼-萨科纳吉（Toni Sacconaghi）的温和看跌案例。</blockquote></p><p> The not-so-bullish case</p><p><blockquote>不那么乐观的情况</blockquote></p><p> Mr. Sacconaghi has been cautious of AAPL since he&nbsp;downgraded&nbsp;the stock to neutral, in February 2018. The timing of his move did not prove to be the best, as Apple shares have climbed a whopping 285% in less than four years against the S&amp;P 500’s 85% gains. However, the analyst has also helped AAPL investors think of the devil’s advocate argument.</p><p><blockquote>自 2018 年 2 月将 AAPL 股票评级下调至中性以来，萨科纳吉先生一直对该股持谨慎态度。事实证明，他此举的时机并不是最佳时机，因为苹果的股价在不到四年的时间里上涨了 285%，而标普500的涨幅为 85%。不过，这位分析师也帮助苹果公司的投资者思考了魔鬼代言人的论点。</blockquote></p><p> In August, I&nbsp;reviewed Bernstein’s thesis&nbsp;in more detail. For the short term, the bank’s research team was concerned that Apple stock had climbed too fast in the first half of the year, ahead of a set of earnings seasons in which Apple would face tough comps.</p><p><blockquote>八月份，我更详细地回顾了伯恩斯坦的论文。从短期来看，该银行的研究团队担心苹果股价在今年上半年攀升过快，而苹果将面临一系列艰难的财报季。</blockquote></p><p> Also, Toni has mentioned valuations as a key risk. While he believes that AAPL should be valued at a higher multiple than the S&amp;P 500, the analyst questions how much is too much. Bernstein’s target P/E of 25 times is one to two turns lower than where the multiple is today.</p><p><blockquote>此外，托尼还提到估值是一个关键风险。虽然他认为苹果公司的估值应该高于标普500，但这位分析师质疑多少才算太多。伯恩斯坦的目标市盈率为 25 倍，比目前的市盈率低一到两倍。</blockquote></p><p> Add App Store to the list</p><p><blockquote>将App Store添加到列表</blockquote></p><p> Now, the analyst has&nbsp;added&nbsp;one item to the list of worries: the App Store. Sacconaghi pointed out that a recent court loss will likely mean that payments will be allowed to be made outside the App Store platform in the US, starting as early as next month.</p><p><blockquote>现在，这位分析师在担忧清单上又增加了一个项目：App Store。萨科纳吉指出，最近的法庭败诉可能意味着最早从下个月开始，将允许在美国 App Store 平台之外进行付款。</blockquote></p><p> Bernstein’s expert has done the math. He estimates that nearly one-third of App Store revenues come from the United States. If the App Store accounts for 6% and 15% of total company sales and op profits, respectively, the payment issue could impact 2% of Apple’s revenues and 5% of op profits per year.</p><p><blockquote>伯恩斯坦的专家已经算了一笔账。他估计，App Store近三分之一的收入来自美国。如果 App Store 分别占公司总销售额和 op 利润的 6% 和 15%，那么支付问题每年可能会影响苹果 2% 的收入和 5% 的 op 利润。</blockquote></p><p> Apple Maven’s take</p><p><blockquote>苹果·马文的观点</blockquote></p><p> Regarding Toni’s earlier concerns, I believe that the risks have decreased substantially since AAPL peaked, in early September. Since then, investors have had time to fully embrace the more challenging late 2021-to-early 2022 period of tough comps and supply chain constraints.As I mentioned not long ago, valuations have de-risked to more reasonable levels.</p><p><blockquote>关于托尼之前的担忧，我认为自 9 月初 AAPL 达到顶峰以来，风险已经大大降低。从那时起，投资者有时间充分接受2021年底至2022年初更具挑战性的艰难竞争和供应链限制时期。正如我不久前提到的，估值已经降低到更合理的水平。</blockquote></p><p> Regarding the App Store, I have slowly&nbsp;shifted from more to less concerned&nbsp;about the financial impact. Morgan Stanley’s Katy Huberty has argued that App Store policy changes could shave a maximum of 1% or 2% of Apple’s EPS, which is not much at all.</p><p><blockquote>关于 App Store，我已经慢慢从更多关注财务影响转变为不太关注。摩根士丹利（Morgan Stanley）的凯蒂-休伯蒂（Katy Huberty）认为，App Store 政策的变化最多可能使苹果的每股收益减少 1% 或 2%，这根本不算什么。</blockquote></p><p> Even Sacconaghi’s estimates of the financial risk only represents the worst-case scenario. In reality, much less than 2% of Apple’s revenues and 5% of op profits will likely end up being cut as a result of the App Store’s payment changes, as many users will continue to choose Apple as their payment platform of choice.</p><p><blockquote>即使是萨科纳吉对金融风险的估计也只代表了最坏的情况。实际上，由于 App Store 的支付方式发生变化，苹果收入的 2% 和运营商利润的 5% 最终可能会被削减，因为许多用户将继续选择苹果作为他们的首选支付平台。</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>Sell AAPL? Why This Expert Sees Apple Stock Dipping 12%<blockquote>卖苹果？为什么这位专家认为苹果股价下跌 12%</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\">\nSell AAPL? Why This Expert Sees Apple Stock Dipping 12%<blockquote>卖苹果？为什么这位专家认为苹果股价下跌 12%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Thestreet</strong><span class=\"h-time small\">2021-11-16 11:34</span>\n</p>\n</h4>\n</header>\n<article>\n<p>As Apple stock(<b>AAPL</b>)&nbsp;continues to hover around $150 apiece, one of the few skeptics on Wall Street has just published his most updated report. In it, he reinforced the idea that AAPL should be worth only $132, suggesting that shares have 12% of downside risk from here.</p><p><blockquote>作为苹果股票（<b>苹果</b>）继续徘徊在每股 150 美元左右，华尔街为数不多的怀疑论者之一刚刚发布了他的最新报告。在其中，他强化了 AAPL 的价值应仅 132 美元的观点，表明该股从现在起有 12% 的下行风险。</blockquote></p><p> Today, the Apple Maven revisits Bernstein’s Toni Sacconaghi’s mildly bearish case.</p><p><blockquote>今天，这位苹果专家重温了伯恩斯坦的托尼-萨科纳吉（Toni Sacconaghi）的温和看跌案例。</blockquote></p><p> The not-so-bullish case</p><p><blockquote>不那么乐观的情况</blockquote></p><p> Mr. Sacconaghi has been cautious of AAPL since he&nbsp;downgraded&nbsp;the stock to neutral, in February 2018. The timing of his move did not prove to be the best, as Apple shares have climbed a whopping 285% in less than four years against the S&amp;P 500’s 85% gains. However, the analyst has also helped AAPL investors think of the devil’s advocate argument.</p><p><blockquote>自 2018 年 2 月将 AAPL 股票评级下调至中性以来，萨科纳吉先生一直对该股持谨慎态度。事实证明，他此举的时机并不是最佳时机，因为苹果的股价在不到四年的时间里上涨了 285%，而标普500的涨幅为 85%。不过，这位分析师也帮助苹果公司的投资者思考了魔鬼代言人的论点。</blockquote></p><p> In August, I&nbsp;reviewed Bernstein’s thesis&nbsp;in more detail. For the short term, the bank’s research team was concerned that Apple stock had climbed too fast in the first half of the year, ahead of a set of earnings seasons in which Apple would face tough comps.</p><p><blockquote>八月份，我更详细地回顾了伯恩斯坦的论文。从短期来看，该银行的研究团队担心苹果股价在今年上半年攀升过快，而苹果将面临一系列艰难的财报季。</blockquote></p><p> Also, Toni has mentioned valuations as a key risk. While he believes that AAPL should be valued at a higher multiple than the S&amp;P 500, the analyst questions how much is too much. Bernstein’s target P/E of 25 times is one to two turns lower than where the multiple is today.</p><p><blockquote>此外，托尼还提到估值是一个关键风险。虽然他认为苹果公司的估值应该高于标普500，但这位分析师质疑多少才算太多。伯恩斯坦的目标市盈率为 25 倍，比目前的市盈率低一到两倍。</blockquote></p><p> Add App Store to the list</p><p><blockquote>将App Store添加到列表</blockquote></p><p> Now, the analyst has&nbsp;added&nbsp;one item to the list of worries: the App Store. Sacconaghi pointed out that a recent court loss will likely mean that payments will be allowed to be made outside the App Store platform in the US, starting as early as next month.</p><p><blockquote>现在，这位分析师在担忧清单上又增加了一个项目：App Store。萨科纳吉指出，最近的法庭败诉可能意味着最早从下个月开始，将允许在美国 App Store 平台之外进行付款。</blockquote></p><p> Bernstein’s expert has done the math. He estimates that nearly one-third of App Store revenues come from the United States. If the App Store accounts for 6% and 15% of total company sales and op profits, respectively, the payment issue could impact 2% of Apple’s revenues and 5% of op profits per year.</p><p><blockquote>伯恩斯坦的专家已经算了一笔账。他估计，App Store近三分之一的收入来自美国。如果 App Store 分别占公司总销售额和 op 利润的 6% 和 15%，那么支付问题每年可能会影响苹果 2% 的收入和 5% 的 op 利润。</blockquote></p><p> Apple Maven’s take</p><p><blockquote>苹果·马文的观点</blockquote></p><p> Regarding Toni’s earlier concerns, I believe that the risks have decreased substantially since AAPL peaked, in early September. Since then, investors have had time to fully embrace the more challenging late 2021-to-early 2022 period of tough comps and supply chain constraints.As I mentioned not long ago, valuations have de-risked to more reasonable levels.</p><p><blockquote>关于托尼之前的担忧，我认为自 9 月初 AAPL 达到顶峰以来，风险已经大大降低。从那时起，投资者有时间充分接受2021年底至2022年初更具挑战性的艰难竞争和供应链限制时期。正如我不久前提到的，估值已经降低到更合理的水平。</blockquote></p><p> Regarding the App Store, I have slowly&nbsp;shifted from more to less concerned&nbsp;about the financial impact. Morgan Stanley’s Katy Huberty has argued that App Store policy changes could shave a maximum of 1% or 2% of Apple’s EPS, which is not much at all.</p><p><blockquote>关于 App Store，我已经慢慢从更多关注财务影响转变为不太关注。摩根士丹利（Morgan Stanley）的凯蒂-休伯蒂（Katy Huberty）认为，App Store 政策的变化最多可能使苹果的每股收益减少 1% 或 2%，这根本不算什么。</blockquote></p><p> Even Sacconaghi’s estimates of the financial risk only represents the worst-case scenario. In reality, much less than 2% of Apple’s revenues and 5% of op profits will likely end up being cut as a result of the App Store’s payment changes, as many users will continue to choose Apple as their payment platform of choice.</p><p><blockquote>即使是萨科纳吉对金融风险的估计也只代表了最坏的情况。实际上，由于 App Store 的支付方式发生变化，苹果收入的 2% 和运营商利润的 5% 最终可能会被削减，因为许多用户将继续选择苹果作为他们的首选支付平台。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/apple/stock/sell-aapl-why-this-expert-sees-apple-stock-dipping-12\">Thestreet</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":{"AAPL":"苹果"},"source_url":"https://www.thestreet.com/apple/stock/sell-aapl-why-this-expert-sees-apple-stock-dipping-12","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1116429379","content_text":"As Apple stock(AAPL) continues to hover around $150 apiece, one of the few skeptics on Wall Street has just published his most updated report. In it, he reinforced the idea that AAPL should be worth only $132, suggesting that shares have 12% of downside risk from here.\nToday, the Apple Maven revisits Bernstein’s Toni Sacconaghi’s mildly bearish case.\nThe not-so-bullish case\nMr. Sacconaghi has been cautious of AAPL since he downgraded the stock to neutral, in February 2018. The timing of his move did not prove to be the best, as Apple shares have climbed a whopping 285% in less than four years against the S&P 500’s 85% gains. However, the analyst has also helped AAPL investors think of the devil’s advocate argument.\nIn August, I reviewed Bernstein’s thesis in more detail. For the short term, the bank’s research team was concerned that Apple stock had climbed too fast in the first half of the year, ahead of a set of earnings seasons in which Apple would face tough comps.\nAlso, Toni has mentioned valuations as a key risk. While he believes that AAPL should be valued at a higher multiple than the S&P 500, the analyst questions how much is too much. Bernstein’s target P/E of 25 times is one to two turns lower than where the multiple is today.\nAdd App Store to the list\nNow, the analyst has added one item to the list of worries: the App Store. Sacconaghi pointed out that a recent court loss will likely mean that payments will be allowed to be made outside the App Store platform in the US, starting as early as next month.\nBernstein’s expert has done the math. He estimates that nearly one-third of App Store revenues come from the United States. If the App Store accounts for 6% and 15% of total company sales and op profits, respectively, the payment issue could impact 2% of Apple’s revenues and 5% of op profits per year.\nApple Maven’s take\nRegarding Toni’s earlier concerns, I believe that the risks have decreased substantially since AAPL peaked, in early September. Since then, investors have had time to fully embrace the more challenging late 2021-to-early 2022 period of tough comps and supply chain constraints.As I mentioned not long ago, valuations have de-risked to more reasonable levels.\nRegarding the App Store, I have slowly shifted from more to less concerned about the financial impact. Morgan Stanley’s Katy Huberty has argued that App Store policy changes could shave a maximum of 1% or 2% of Apple’s EPS, which is not much at all.\nEven Sacconaghi’s estimates of the financial risk only represents the worst-case scenario. In reality, much less than 2% of Apple’s revenues and 5% of op profits will likely end up being cut as a result of the App Store’s payment changes, as many users will continue to choose Apple as their payment platform of choice.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":629,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":879961495,"gmtCreate":1636677142551,"gmtModify":1636677142905,"author":{"id":"4093410373855950","authorId":"4093410373855950","name":"Humbly","avatar":"https://static.tigerbbs.com/cebd1eb0173a5ad49e43baaa7c0252d8","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4093410373855950","authorIdStr":"4093410373855950"},"themes":[],"title":"","htmlText":"Tonight will be important to watch to determine the short term market direction","listText":"Tonight will be important to watch to determine the short term market direction","text":"Tonight will be important to watch to determine the short term market direction","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/879961495","repostId":"1174358718","repostType":4,"isVote":1,"tweetType":1,"viewCount":794,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":877069312,"gmtCreate":1637843524492,"gmtModify":1637843524654,"author":{"id":"4093410373855950","authorId":"4093410373855950","name":"Humbly","avatar":"https://static.tigerbbs.com/cebd1eb0173a5ad49e43baaa7c0252d8","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4093410373855950","authorIdStr":"4093410373855950"},"themes":[],"title":"","htmlText":"The market will probably continue to rise until the rate increase is more or less certain. Watch US inflation as a forward indicator of when a rate rise will happen.","listText":"The market will probably continue to rise until the rate increase is more or less certain. Watch US inflation as a forward indicator of when a rate rise will happen.","text":"The market will probably continue to rise until the rate increase is more or less certain. Watch US inflation as a forward indicator of when a rate rise will happen.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/877069312","repostId":"1182200011","repostType":4,"repost":{"id":"1182200011","kind":"news","pubTimestamp":1637831082,"share":"https://www.laohunote.com/m/news/1182200011?lang=zh_CN&edition=full","pubTime":"2021-11-25 17:04","market":"us","language":"en","title":"The Market Believes the Fed Will Have to Raise Rates Soon. What It Means for Stocks.<blockquote>市场认为美联储将不得不很快加息。这对股票意味着什么。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1182200011","media":"Barrons","summary":"Fixed-income markets are signaling that the Federal Reserve will have to increase interest rates soo","content":"<p>Fixed-income markets are signaling that the Federal Reserve will have to increase interest rates sooner than expected, which could put a dent in the stock market.</p><p><blockquote>固定收益市场发出信号，美联储将不得不比预期更早加息，这可能会削弱股市。</blockquote></p><p> The yield on the 2-year Treasury note has gone from 0.5% in early November to 0.64% as of Wednesday. The move suggests that investors expect the Fed to raise interest rates to combat inflation that remains higher than expected because of soaring consumer demand and supply chains that struggling to match demand.</p><p><blockquote>截至周三，2年期国库券收益率已从11月初的0.5%升至0.64%。此举表明，投资者预计美联储将加息以应对通胀，由于消费者需求飙升和供应链难以满足需求，通胀仍高于预期。</blockquote></p><p> Indeed, minutes released Wednesday from the Fed’s meeting earlier this month show that members of the central bank are prepared to increase rates sooner than previously anticipated if inflation remains high.</p><p><blockquote>事实上，周三公布的美联储本月早些时候会议纪要显示，如果通胀居高不下，美联储成员准备比之前预期的更早加息。</blockquote></p><p> That belief is beginning to creep into credit spreads between corporate and government debt. A Bank of America index of investment-grade corporate bonds shows that, in aggregate, the spread over Treasury yields has increased to 0.94% from 0.89% earlier this month as investors have fled corporate bonds in anticipation of rate increases that could slow economic growth and pressure profits.</p><p><blockquote>这种信念开始渗透到企业和政府债务之间的信用利差中。美国银行投资级公司债券指数显示，总体而言，国债收益率利差已从本月早些时候的0.89%升至0.94%，原因是投资者因预期加息可能会减缓经济增长并给利润带来压力而纷纷逃离公司债券。</blockquote></p><p> Consistent with that, credit spreads for investment-grade corporate bonds in more economically sensitive sectors are rising against government debt. Ten-year bonds issues by manufacturing companies in the S&amp;P 500 yield 1.08 percentage points more than the 10-year Treasury note, according to FactSet, an increase from the 0.99 percentage point spread seen at the lowest levels of November. The spread for corporate bonds in the energy sector has risen to 1.41 percentage points from a November low of 1.2.</p><p><blockquote>与此相一致，经济敏感行业的投资级公司债券相对于政府债务的信用利差正在上升。FactSet 的数据显示，标普500制造企业发行的 10 年期债券收益率比 10 年期国债高出 1.08 个百分点，比 11 月份最低水平时的 0.99 个百分点利差有所上升。能源行业公司债券利差已从11月份的低点1.2升至1.41个百分点。</blockquote></p><p> “The market expects one to two [rate] hikes next year and that’s why you’re seeing credit spreads increase,” said John Ham, wealth advisor at New England Investments &amp; Retirement Group, told Barron’s Wednesday.</p><p><blockquote>“新英格兰投资与退休集团（New England Investments &amp; Retirement Group）财富顾问约翰-哈姆（John Ham）周三对《巴伦周刊》说：”市场预计明年将加息一到两次，这就是为什么你会看到信贷利差上升。</blockquote></p><p> Although the major indexes are off their all-time highs, this sentiment hasn’t caused a selloff of more than 5%. The S&amp;P 500, Nasdaq Composite, and Dow Jones Industrial Average are down 0.1%, 1.3%, and 1.7% from their highs.</p><p><blockquote>尽管主要股指已脱离历史高点，但这种情绪并未导致超过 5% 的抛售。标普500、纳斯达克综合指数和道琼斯工业平均指数分别较高点下跌 0.1%、1.3% 和 1.7%。</blockquote></p><p> But the pain could come if credit spreads continue to widen. “Eventually that’s going to creep back into the equity market,” Harvey said.</p><p><blockquote>但如果信贷利差继续扩大，痛苦可能会到来。“哈维说：”最终，这将重新流入股票市场。</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>The Market Believes the Fed Will Have to Raise Rates Soon. What It Means for Stocks.<blockquote>市场认为美联储将不得不很快加息。这对股票意味着什么。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Market Believes the Fed Will Have to Raise Rates Soon. What It Means for Stocks.<blockquote>市场认为美联储将不得不很快加息。这对股票意味着什么。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-11-25 17:04</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Fixed-income markets are signaling that the Federal Reserve will have to increase interest rates sooner than expected, which could put a dent in the stock market.</p><p><blockquote>固定收益市场发出信号，美联储将不得不比预期更早加息，这可能会削弱股市。</blockquote></p><p> The yield on the 2-year Treasury note has gone from 0.5% in early November to 0.64% as of Wednesday. The move suggests that investors expect the Fed to raise interest rates to combat inflation that remains higher than expected because of soaring consumer demand and supply chains that struggling to match demand.</p><p><blockquote>截至周三，2年期国库券收益率已从11月初的0.5%升至0.64%。此举表明，投资者预计美联储将加息以应对通胀，由于消费者需求飙升和供应链难以满足需求，通胀仍高于预期。</blockquote></p><p> Indeed, minutes released Wednesday from the Fed’s meeting earlier this month show that members of the central bank are prepared to increase rates sooner than previously anticipated if inflation remains high.</p><p><blockquote>事实上，周三公布的美联储本月早些时候会议纪要显示，如果通胀居高不下，美联储成员准备比之前预期的更早加息。</blockquote></p><p> That belief is beginning to creep into credit spreads between corporate and government debt. A Bank of America index of investment-grade corporate bonds shows that, in aggregate, the spread over Treasury yields has increased to 0.94% from 0.89% earlier this month as investors have fled corporate bonds in anticipation of rate increases that could slow economic growth and pressure profits.</p><p><blockquote>这种信念开始渗透到企业和政府债务之间的信用利差中。美国银行投资级公司债券指数显示，总体而言，国债收益率利差已从本月早些时候的0.89%升至0.94%，原因是投资者因预期加息可能会减缓经济增长并给利润带来压力而纷纷逃离公司债券。</blockquote></p><p> Consistent with that, credit spreads for investment-grade corporate bonds in more economically sensitive sectors are rising against government debt. Ten-year bonds issues by manufacturing companies in the S&amp;P 500 yield 1.08 percentage points more than the 10-year Treasury note, according to FactSet, an increase from the 0.99 percentage point spread seen at the lowest levels of November. The spread for corporate bonds in the energy sector has risen to 1.41 percentage points from a November low of 1.2.</p><p><blockquote>与此相一致，经济敏感行业的投资级公司债券相对于政府债务的信用利差正在上升。FactSet 的数据显示，标普500制造企业发行的 10 年期债券收益率比 10 年期国债高出 1.08 个百分点，比 11 月份最低水平时的 0.99 个百分点利差有所上升。能源行业公司债券利差已从11月份的低点1.2升至1.41个百分点。</blockquote></p><p> “The market expects one to two [rate] hikes next year and that’s why you’re seeing credit spreads increase,” said John Ham, wealth advisor at New England Investments &amp; Retirement Group, told Barron’s Wednesday.</p><p><blockquote>“新英格兰投资与退休集团（New England Investments &amp; Retirement Group）财富顾问约翰-哈姆（John Ham）周三对《巴伦周刊》说：”市场预计明年将加息一到两次，这就是为什么你会看到信贷利差上升。</blockquote></p><p> Although the major indexes are off their all-time highs, this sentiment hasn’t caused a selloff of more than 5%. The S&amp;P 500, Nasdaq Composite, and Dow Jones Industrial Average are down 0.1%, 1.3%, and 1.7% from their highs.</p><p><blockquote>尽管主要股指已脱离历史高点，但这种情绪并未导致超过 5% 的抛售。标普500、纳斯达克综合指数和道琼斯工业平均指数分别较高点下跌 0.1%、1.3% 和 1.7%。</blockquote></p><p> But the pain could come if credit spreads continue to widen. “Eventually that’s going to creep back into the equity market,” Harvey said.</p><p><blockquote>但如果信贷利差继续扩大，痛苦可能会到来。“哈维说：”最终，这将重新流入股票市场。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/articles/stock-market-fed-rate-increase-51637790713?mod=newsviewer_click_seemore\">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":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://www.marketwatch.com/articles/stock-market-fed-rate-increase-51637790713?mod=newsviewer_click_seemore","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"1182200011","content_text":"Fixed-income markets are signaling that the Federal Reserve will have to increase interest rates sooner than expected, which could put a dent in the stock market.\nThe yield on the 2-year Treasury note has gone from 0.5% in early November to 0.64% as of Wednesday. The move suggests that investors expect the Fed to raise interest rates to combat inflation that remains higher than expected because of soaring consumer demand and supply chains that struggling to match demand.\nIndeed, minutes released Wednesday from the Fed’s meeting earlier this month show that members of the central bank are prepared to increase rates sooner than previously anticipated if inflation remains high.\nThat belief is beginning to creep into credit spreads between corporate and government debt. A Bank of America index of investment-grade corporate bonds shows that, in aggregate, the spread over Treasury yields has increased to 0.94% from 0.89% earlier this month as investors have fled corporate bonds in anticipation of rate increases that could slow economic growth and pressure profits.\nConsistent with that, credit spreads for investment-grade corporate bonds in more economically sensitive sectors are rising against government debt. Ten-year bonds issues by manufacturing companies in the S&P 500 yield 1.08 percentage points more than the 10-year Treasury note, according to FactSet, an increase from the 0.99 percentage point spread seen at the lowest levels of November. The spread for corporate bonds in the energy sector has risen to 1.41 percentage points from a November low of 1.2.\n“The market expects one to two [rate] hikes next year and that’s why you’re seeing credit spreads increase,” said John Ham, wealth advisor at New England Investments & Retirement Group, told Barron’s Wednesday.\nAlthough the major indexes are off their all-time highs, this sentiment hasn’t caused a selloff of more than 5%. The S&P 500, Nasdaq Composite, and Dow Jones Industrial Average are down 0.1%, 1.3%, and 1.7% from their highs.\nBut the pain could come if credit spreads continue to widen. “Eventually that’s going to creep back into the equity market,” Harvey said.","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":1167,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":823321308,"gmtCreate":1633586578026,"gmtModify":1633586578186,"author":{"id":"4093410373855950","authorId":"4093410373855950","name":"Humbly","avatar":"https://static.tigerbbs.com/cebd1eb0173a5ad49e43baaa7c0252d8","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4093410373855950","authorIdStr":"4093410373855950"},"themes":[],"title":"","htmlText":"This is a nice list of stocks. With a share price of $175, Apple market cap will be close to 3 trillion, another record.&nbsp;","listText":"This is a nice list of stocks. With a share price of $175, Apple market cap will be close to 3 trillion, another record.&nbsp;","text":"This is a nice list of stocks. With a share price of $175, Apple market cap will be close to 3 trillion, another record.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/823321308","repostId":"2173948607","repostType":4,"repost":{"id":"2173948607","kind":"highlight","pubTimestamp":1633570746,"share":"https://www.laohunote.com/m/news/2173948607?lang=zh_CN&edition=full","pubTime":"2021-10-07 09:39","market":"us","language":"en","title":"Here are 10 'high conviction' stocks of companies with strong pricing power and at least 20% upside potential to UBS targets<blockquote>以下是 10 只具有强大定价能力且对瑞银目标至少有 20% 上涨潜力的“高信念”公司股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2173948607","media":"MarketWatch","summary":"UBS expects pricing power to be even more important as shipping, raw materials and wage costs surge. Inflation and supply issues are among the buzziest words on Wall Street as the third-quarter earnings reporting season approaches, with investors waiting to see which companies were the best at managing surging cost pressures and shipping disruptions.UBS strategists believe one of the best ways to deal with these headwinds is for a company to raise prices, but not all companies can do so by enoug","content":"<p>UBS expects pricing power to be even more important as shipping, raw materials and wage costs surge</p><p><blockquote>瑞银预计，随着航运、原材料和工资成本飙升，定价权将变得更加重要</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c9666acc8b6cbedd5fb585565a168bcf\" tg-width=\"700\" tg-height=\"466\" referrerpolicy=\"no-referrer\"><span>Getty Images</span></p><p><blockquote><p class=\"t-img-caption\"><span>盖蒂图片社</span></p></blockquote></p><p> Inflation and supply issues are among the buzziest words on Wall Street as the third-quarter earnings reporting season approaches, with investors waiting to see which companies were the best at managing surging cost pressures and shipping disruptions.</p><p><blockquote>随着第三季度财报季的临近，通胀和供应问题是华尔街最热门的词汇之一，投资者正在等待看哪些公司最擅长应对飙升的成本压力和运输中断。</blockquote></p><p> UBS strategists believe one of the best ways to deal with these headwinds is for a company to raise prices, but not all companies can do so by enough to make a real difference without losing customers.</p><p><blockquote>瑞银策略师认为，应对这些不利因素的最佳方法之一是公司提高价格，但并非所有公司都能在不失去客户的情况下产生真正的影响。</blockquote></p><p> A number of companies in different sectors have already cut forward guidance, given rising costs and supply-chain disruptions, such as FedEx Corp.,Nu Skin Enterprises Inc.&nbsp;and Dollar Tree Inc..</p><p><blockquote>鉴于成本上升和供应链中断，不同行业的许多公司已经下调了指引，如联邦快递公司、如新企业公司和美元树公司..</blockquote></p><p> Third-quarter earnings season kicks off in earnest next week, with aggregate earnings per share of the S&amp;P 500 companies&nbsp;expected to show year-over-year growth in earnings per share of about 27% and in sales of about 15%.</p><p><blockquote>第三季度财报季将于下周正式拉开帷幕，标普500公司的每股总收益预计将同比增长约27%，销售额增长约15%。</blockquote></p><p> “Pricing power should be an even more important theme for relative returns with surging shipping costs, rising raw materials, supply chain issues and accelerating wage growth,” UBS strategists wrote in a note to clients this week.</p><p><blockquote>“瑞银策略师在本周给客户的一份报告中写道：”随着运输成本飙升、原材料价格上涨、供应链问题和工资增长加速，定价权应该成为相对回报的一个更加重要的主题。</blockquote></p><p> So the strategists, led by Keith Parker, asked UBS analysts across 33 industries to identify companies with the strongest relative pricing power. The analysts were also asked to pick out companies that scored in the top third of their respective sectors based on UBS Equity Strategy’s composite score for pricing power, margin momentum and input cost exposure; have “buy” ratings; and have stocks with at least 10% upside potential to their respective price targets.</p><p><blockquote>因此，以基思·帕克为首的策略师要求瑞银33个行业的分析师找出相对定价能力最强的公司。分析师们还被要求根据瑞银股票策略公司（UBS Equity Strategy）对定价权、利润率动量和投入成本敞口的综合评分，选出在各自行业中得分排名前三分之一的公司；给予“买入”评级；并拥有较各自价格目标至少有 10% 上涨潜力的股票。</blockquote></p><p> Here are 10 “high conviction, strong pricing power stocks” on UBS’s list that have at least 20% upside to the analysts’ stock price targets, in alphabetical order:</p><p><blockquote>以下是瑞银名单上的 10 只 “高信念、定价强劲的股票 ”，它们比分析师的目标股价至少有 20% 的上涨空间，按字母顺序排列：</blockquote></p><p> <ul>  <li>Advance Auto Parts Inc.,with a price target of $255, which implies an upside of about 21% to prices in afternoon trading Wednesday. Analyst Michael Lasser said he believes the auto parts company’s (AAP) aftermarket fundamentals are in a strong position, and that a gradual increase in mobility and a return to working in offices should drive further recovery in vehicle miles traveled.</li> </ul> “The auto parts sector traditionally has strong pricing power, with an ability to pass along price increases to customers,” Lasser wrote. “Plus, AAP also have the largest exposure to the commercial segment of the market, which is viewed even more favorably.”</p><p><blockquote><ul><li>Advance Auto Parts Inc.，目标价为 255 美元，这意味着周三下午交易中的价格上涨约 21%。分析师迈克尔-拉瑟（Michael Lasser）说，他认为这家汽车零部件公司（AAP）的售后市场基本面处于强势地位，流动性的逐步提高和办公室工作的回归应该会推动车辆行驶里程的进一步恢复。</li></ul>“拉瑟写道：”汽车零部件行业历来拥有强大的定价权，有能力将价格上涨转嫁给客户。“此外，AAP 在商业市场领域也拥有最大的曝光率，这一点被视为更有利”。</blockquote></p><p> <ul>  <li>Apple Inc.,which has a price target of $175 that implies 24% upside. Analyst David Vogt said the combination of its technological capability, supported by its retention metrics from UBS surveys that indicate high customer satisfaction for Apple products, suggests the PC and smartphone giant’s brand equity should drive adoption in the battery-electric-vehicle (BEV) market.</li> </ul> “End-market demand has been improving year-over-year, leading to elevated ‘wait times’ despite increased product procurement/production,” Vogt wrote. Regarding the BEV market, Vogt said that while Apple isn’t a first mover, “its significant resources should enable the company to be a ‘fast follower,'” similar to when it entered the smartphone market in 2007.</p><p><blockquote><ul><li>苹果公司，其目标价为 175 美元，这意味着 24% 的上涨空间。分析师大卫-沃格特（David Vogt）说，瑞银调查显示客户对苹果产品的满意度很高，这表明这家个人电脑和智能手机巨头的品牌资产应该会推动电池电动汽车（BEV）市场的采用。</li></ul>“沃格特写道：”尽管产品采购/生产有所增加，但终端市场需求逐年改善，导致'等待时间'延长。关于纯电动汽车市场，沃格特说，虽然苹果不是先行者，但 “其丰富的资源应该能使该公司成为一个'快速追随者'”，类似于 2007 年进入智能手机市场时的情况。</blockquote></p><p> <ul>  <li>CME Group Inc.,with a price target of $245 implying 23% upside. Analyst Alex Kramm said the derivatives trading platform benefits from global expansion, innovation, adoption of options and pricing. And he believes regulation could provide a tailwind to growth.</li> </ul> “As primarily a U.S. futures business, CME enjoys the highest barriers of entry in the space,” Kramm wrote.</p><p><blockquote><ul><li>芝商所集团公司，目标价为 245 美元，意味着 23% 的上涨空间。分析师亚历克斯·克拉姆表示，衍生品交易平台受益于全球扩张、创新、期权的采用和定价。他认为监管可以为增长提供推动力。</li></ul>“克拉姆写道：”作为一家主要从事美国期货业务的公司，芝加哥商品交易所在该领域享有最高的准入门槛。</blockquote></p><p> <ul>  <li>Danaher Corp.&nbsp;has a price target of $365, which implies 22% upside. Analyst John Sourbeer believes the medical products and services company (DHR) is “very well positioned” within the life sciences tool and services sector, as COVID testing should hold up much better than peers and the vaccine and therapeutic opportunity appears durable.</li> </ul> “DHR sales engine is able to proactively identify areas of potential pricing pressure and [successfully] navigate customers to high-value product,” Sourbeer wrote.</p><p><blockquote><ul><li>丹纳赫公司的目标价为 365 美元，这意味着 22% 的上涨空间。分析师约翰-苏尔比尔（John Sourbeer）认为，这家医疗产品和服务公司（DHR）在生命科学工具和服务领域 “处于非常有利的地位”，因为 COVID 检测的表现应该比同行好得多，而且疫苗和治疗机会似乎是持久的。</li></ul>“Sourbeer 写道：”DHR 销售引擎能够主动识别潜在定价压力领域，并[成功]引导客户购买高价值产品。</blockquote></p><p></p><p> <ul>  <li>EOG Resources Inc.&nbsp;has a $119 stock price target that suggests 38% upside. Analyst Lloyd Byrne the oil and natural gas exploration company is well positioned to mitigate inflationary pressures expected next year given well costs that are expected to be flat to lower in 2022 because of reduced drilling days, the deployment of “super zipper fracs” and contracts negotiated at lower rates.</li> </ul> “Pricing power in commodity companies is difficult to achieve. Those that can hold margins by best controlling costs, though, are better positioned,” Byrne wrote. “EOG is better positioned than most by being proactive with input and service costs, while excelling in operations.”</p><p><blockquote><ul><li>EOG Resources Inc. 的目标股价为 119 美元，上涨空间为 38%。分析师劳埃德-伯恩（Lloyd Byrne）认为，由于钻井天数减少、部署 “超级拉链压裂 ”以及以较低的费率谈判的合同，预计 2022 年油井成本将持平甚至更低，因此这家石油和天然气勘探公司已做好充分准备，可以缓解明年预期的通胀压力。</li></ul>“大宗商品公司的定价权很难实现。不过，那些能够通过最好地控制成本来保持利润率的公司则处于更有利的地位，”伯恩写道。“与大多数公司相比，EOG 在投入和服务成本方面积极主动，同时在运营方面表现出色”。</blockquote></p><p> <ul>  <li>Extra Space Storage Inc.’s&nbsp;stock price target of $210 implies 24% upside. Analyst Michael Goldsmith said he believes strong underlying demand, in conjunction with decelerating supply growth, support rent growth.</li> </ul> “Strong demand for self storage and elevated occupancy rates, combined with its non-discretionary nature increased pricing power of the operators,” Goldsmith wrote. “Operators are flexing their pricing power to new customers, as well as existing customer rent increases every 9-12 months.”</p><p><blockquote><ul><li>Extra Space Storage Inc. 210 美元的目标股价意味着 24% 的上涨空间。分析师迈克尔·戈德史密斯表示，他认为强劲的潜在需求加上供应增长放缓，将支撑租金增长。</li></ul>“戈德史密斯写道：”对自助仓储的强劲需求和较高的入住率，再加上其非自由支配性质，增加了运营商的定价权。“运营商正在向新客户以及现有客户每 9-12 个月上涨一次租金”。</blockquote></p><p> <ul>  <li>Generac Holdings Inc.&nbsp;has a price target of $500, which implies 23% upside. Analyst Jon Windham believes the power generation equipment maker’s competitive edge lies in its customer acquisition platform, which should enable it to take market share from incumbents SolarEdge Technologies Inc.&nbsp;and Enphase Energy Inc..</li> </ul> “Dominant market share (~80%) and strong demand for home standby power have insulated already high residential product margins,” Windham wrote.</p><p><blockquote><ul><li>Generac Holdings Inc. 的目标价为 500 美元，这意味着 23% 的上涨空间。分析师乔恩-温德姆（Jon Windham）认为，这家发电设备制造商的竞争优势在于其客户获取平台，这将使其能够从现有的 SolarEdge Technologies Inc. 和 Enphase Energy Inc. 手中夺取市场份额。</li></ul>“温德姆写道：”占据主导地位的市场份额（约 80%）和对家庭备用电源的强劲需求使本已很高的住宅产品利润率隔绝开来。</blockquote></p><p> <ul>  <li>Nike Inc.’s&nbsp;price target of $185 implies 24% upside. Analyst Jay Sole said a UBS survey and pricing data reveal that the Nike brand currently is No. 1 in mindshare globally and the sports apparel and accessories company has significant room to reduce promotions.</li> </ul> “We believe the market doesn’t fully appreciate how Nike’s investments in product innovation, supply chain and e-commerce are working in concert to drive unit growth and [average selling price] increases,” Sole wrote.</p><p><blockquote><ul><li>耐克公司 185 美元的目标价意味着 24% 的上涨空间。分析师 Jay Sole 表示，瑞银的调查和定价数据显示，耐克品牌目前在全球心智份额中排名第一，这家运动服装和配饰公司还有很大的减少促销的空间。</li></ul>“索尔写道：”我们认为，市场并没有充分认识到耐克在产品创新、供应链和电子商务方面的投资是如何协同推动销量增长和[平均售价]上涨的。</blockquote></p><p> <ul>  <li>Salesforce.com Inc.&nbsp;has a stock price target of $330 that implies 20% upside potential. Analyst Karl Keirstead said the customer relationship management software company appears to be moving well beyond the previous era of limited operating margin expansion, and committing to boosting annual operating margins.</li> </ul> “Importantly, the drivers behind the improved margin outlook strike us as sustainable, with topline outperformance, a permanent shift towards WFH [work from home] and Zoom-based customer interactions, and renewed expense discipline internally…the three biggest drivers,” Keirstead wrote.</p><p><blockquote><ul><li>Salesforce.com Inc. 的目标股价为 330 美元，这意味着 20% 的上涨潜力。分析师 Karl Keirstead 表示，这家客户关系管理软件公司似乎已经远远超越了之前营业利润率扩张有限的时代，并致力于提高年度营业利润率。</li></ul>“Keirstead 写道：”重要的是，利润率前景改善背后的驱动因素在我们看来是可持续的，包括营收优异、向 WFH（在家工作）和基于 Zoom 的客户互动的永久转变，以及内部更新的费用纪律.这三大驱动因素。</blockquote></p><p> <ul>  <li>Teleflex Inc.’s price target of $480 implies 28% upside. Analyst Matthew Taylor said the medical technology products company makes a number of inexpensive products that fly under the radar, given them the opportunity to increase prices.</li> </ul> Taylor said he believes margins can go “significantly higher” over the long term, given the company’s leverage to both necessary and elective procedures, which should return quickly in a post-pandemic world.</p><p><blockquote><ul><li>Teleflex Inc. 480 美元的目标价意味着 28% 的上涨空间。分析师马修·泰勒 (Matthew Taylor) 表示，这家医疗技术产品公司生产了许多低调的廉价产品，因为它们有机会提高价格。</li></ul>泰勒说，他相信从长远来看，利润率可以 “大幅提高”，因为公司可以利用必要程序和选择性程序，而这些程序在后大流行病时代应该会很快恢复。</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>Here are 10 'high conviction' stocks of companies with strong pricing power and at least 20% upside potential to UBS targets<blockquote>以下是 10 只具有强大定价能力且对瑞银目标至少有 20% 上涨潜力的“高信念”公司股票</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\">\nHere are 10 'high conviction' stocks of companies with strong pricing power and at least 20% upside potential to UBS targets<blockquote>以下是 10 只具有强大定价能力且对瑞银目标至少有 20% 上涨潜力的“高信念”公司股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-10-07 09:39</span>\n</p>\n</h4>\n</header>\n<article>\n<p>UBS expects pricing power to be even more important as shipping, raw materials and wage costs surge</p><p><blockquote>瑞银预计，随着航运、原材料和工资成本飙升，定价权将变得更加重要</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c9666acc8b6cbedd5fb585565a168bcf\" tg-width=\"700\" tg-height=\"466\" referrerpolicy=\"no-referrer\"><span>Getty Images</span></p><p><blockquote><p class=\"t-img-caption\"><span>盖蒂图片社</span></p></blockquote></p><p> Inflation and supply issues are among the buzziest words on Wall Street as the third-quarter earnings reporting season approaches, with investors waiting to see which companies were the best at managing surging cost pressures and shipping disruptions.</p><p><blockquote>随着第三季度财报季的临近，通胀和供应问题是华尔街最热门的词汇之一，投资者正在等待看哪些公司最擅长应对飙升的成本压力和运输中断。</blockquote></p><p> UBS strategists believe one of the best ways to deal with these headwinds is for a company to raise prices, but not all companies can do so by enough to make a real difference without losing customers.</p><p><blockquote>瑞银策略师认为，应对这些不利因素的最佳方法之一是公司提高价格，但并非所有公司都能在不失去客户的情况下产生真正的影响。</blockquote></p><p> A number of companies in different sectors have already cut forward guidance, given rising costs and supply-chain disruptions, such as FedEx Corp.,Nu Skin Enterprises Inc.&nbsp;and Dollar Tree Inc..</p><p><blockquote>鉴于成本上升和供应链中断，不同行业的许多公司已经下调了指引，如联邦快递公司、如新企业公司和美元树公司..</blockquote></p><p> Third-quarter earnings season kicks off in earnest next week, with aggregate earnings per share of the S&amp;P 500 companies&nbsp;expected to show year-over-year growth in earnings per share of about 27% and in sales of about 15%.</p><p><blockquote>第三季度财报季将于下周正式拉开帷幕，标普500公司的每股总收益预计将同比增长约27%，销售额增长约15%。</blockquote></p><p> “Pricing power should be an even more important theme for relative returns with surging shipping costs, rising raw materials, supply chain issues and accelerating wage growth,” UBS strategists wrote in a note to clients this week.</p><p><blockquote>“瑞银策略师在本周给客户的一份报告中写道：”随着运输成本飙升、原材料价格上涨、供应链问题和工资增长加速，定价权应该成为相对回报的一个更加重要的主题。</blockquote></p><p> So the strategists, led by Keith Parker, asked UBS analysts across 33 industries to identify companies with the strongest relative pricing power. The analysts were also asked to pick out companies that scored in the top third of their respective sectors based on UBS Equity Strategy’s composite score for pricing power, margin momentum and input cost exposure; have “buy” ratings; and have stocks with at least 10% upside potential to their respective price targets.</p><p><blockquote>因此，以基思·帕克为首的策略师要求瑞银33个行业的分析师找出相对定价能力最强的公司。分析师们还被要求根据瑞银股票策略公司（UBS Equity Strategy）对定价权、利润率动量和投入成本敞口的综合评分，选出在各自行业中得分排名前三分之一的公司；给予“买入”评级；并拥有较各自价格目标至少有 10% 上涨潜力的股票。</blockquote></p><p> Here are 10 “high conviction, strong pricing power stocks” on UBS’s list that have at least 20% upside to the analysts’ stock price targets, in alphabetical order:</p><p><blockquote>以下是瑞银名单上的 10 只 “高信念、定价强劲的股票 ”，它们比分析师的目标股价至少有 20% 的上涨空间，按字母顺序排列：</blockquote></p><p> <ul>  <li>Advance Auto Parts Inc.,with a price target of $255, which implies an upside of about 21% to prices in afternoon trading Wednesday. Analyst Michael Lasser said he believes the auto parts company’s (AAP) aftermarket fundamentals are in a strong position, and that a gradual increase in mobility and a return to working in offices should drive further recovery in vehicle miles traveled.</li> </ul> “The auto parts sector traditionally has strong pricing power, with an ability to pass along price increases to customers,” Lasser wrote. “Plus, AAP also have the largest exposure to the commercial segment of the market, which is viewed even more favorably.”</p><p><blockquote><ul><li>Advance Auto Parts Inc.，目标价为 255 美元，这意味着周三下午交易中的价格上涨约 21%。分析师迈克尔-拉瑟（Michael Lasser）说，他认为这家汽车零部件公司（AAP）的售后市场基本面处于强势地位，流动性的逐步提高和办公室工作的回归应该会推动车辆行驶里程的进一步恢复。</li></ul>“拉瑟写道：”汽车零部件行业历来拥有强大的定价权，有能力将价格上涨转嫁给客户。“此外，AAP 在商业市场领域也拥有最大的曝光率，这一点被视为更有利”。</blockquote></p><p> <ul>  <li>Apple Inc.,which has a price target of $175 that implies 24% upside. Analyst David Vogt said the combination of its technological capability, supported by its retention metrics from UBS surveys that indicate high customer satisfaction for Apple products, suggests the PC and smartphone giant’s brand equity should drive adoption in the battery-electric-vehicle (BEV) market.</li> </ul> “End-market demand has been improving year-over-year, leading to elevated ‘wait times’ despite increased product procurement/production,” Vogt wrote. Regarding the BEV market, Vogt said that while Apple isn’t a first mover, “its significant resources should enable the company to be a ‘fast follower,'” similar to when it entered the smartphone market in 2007.</p><p><blockquote><ul><li>苹果公司，其目标价为 175 美元，这意味着 24% 的上涨空间。分析师大卫-沃格特（David Vogt）说，瑞银调查显示客户对苹果产品的满意度很高，这表明这家个人电脑和智能手机巨头的品牌资产应该会推动电池电动汽车（BEV）市场的采用。</li></ul>“沃格特写道：”尽管产品采购/生产有所增加，但终端市场需求逐年改善，导致'等待时间'延长。关于纯电动汽车市场，沃格特说，虽然苹果不是先行者，但 “其丰富的资源应该能使该公司成为一个'快速追随者'”，类似于 2007 年进入智能手机市场时的情况。</blockquote></p><p> <ul>  <li>CME Group Inc.,with a price target of $245 implying 23% upside. Analyst Alex Kramm said the derivatives trading platform benefits from global expansion, innovation, adoption of options and pricing. And he believes regulation could provide a tailwind to growth.</li> </ul> “As primarily a U.S. futures business, CME enjoys the highest barriers of entry in the space,” Kramm wrote.</p><p><blockquote><ul><li>芝商所集团公司，目标价为 245 美元，意味着 23% 的上涨空间。分析师亚历克斯·克拉姆表示，衍生品交易平台受益于全球扩张、创新、期权的采用和定价。他认为监管可以为增长提供推动力。</li></ul>“克拉姆写道：”作为一家主要从事美国期货业务的公司，芝加哥商品交易所在该领域享有最高的准入门槛。</blockquote></p><p> <ul>  <li>Danaher Corp.&nbsp;has a price target of $365, which implies 22% upside. Analyst John Sourbeer believes the medical products and services company (DHR) is “very well positioned” within the life sciences tool and services sector, as COVID testing should hold up much better than peers and the vaccine and therapeutic opportunity appears durable.</li> </ul> “DHR sales engine is able to proactively identify areas of potential pricing pressure and [successfully] navigate customers to high-value product,” Sourbeer wrote.</p><p><blockquote><ul><li>丹纳赫公司的目标价为 365 美元，这意味着 22% 的上涨空间。分析师约翰-苏尔比尔（John Sourbeer）认为，这家医疗产品和服务公司（DHR）在生命科学工具和服务领域 “处于非常有利的地位”，因为 COVID 检测的表现应该比同行好得多，而且疫苗和治疗机会似乎是持久的。</li></ul>“Sourbeer 写道：”DHR 销售引擎能够主动识别潜在定价压力领域，并[成功]引导客户购买高价值产品。</blockquote></p><p></p><p> <ul>  <li>EOG Resources Inc.&nbsp;has a $119 stock price target that suggests 38% upside. Analyst Lloyd Byrne the oil and natural gas exploration company is well positioned to mitigate inflationary pressures expected next year given well costs that are expected to be flat to lower in 2022 because of reduced drilling days, the deployment of “super zipper fracs” and contracts negotiated at lower rates.</li> </ul> “Pricing power in commodity companies is difficult to achieve. Those that can hold margins by best controlling costs, though, are better positioned,” Byrne wrote. “EOG is better positioned than most by being proactive with input and service costs, while excelling in operations.”</p><p><blockquote><ul><li>EOG Resources Inc. 的目标股价为 119 美元，上涨空间为 38%。分析师劳埃德-伯恩（Lloyd Byrne）认为，由于钻井天数减少、部署 “超级拉链压裂 ”以及以较低的费率谈判的合同，预计 2022 年油井成本将持平甚至更低，因此这家石油和天然气勘探公司已做好充分准备，可以缓解明年预期的通胀压力。</li></ul>“大宗商品公司的定价权很难实现。不过，那些能够通过最好地控制成本来保持利润率的公司则处于更有利的地位，”伯恩写道。“与大多数公司相比，EOG 在投入和服务成本方面积极主动，同时在运营方面表现出色”。</blockquote></p><p> <ul>  <li>Extra Space Storage Inc.’s&nbsp;stock price target of $210 implies 24% upside. Analyst Michael Goldsmith said he believes strong underlying demand, in conjunction with decelerating supply growth, support rent growth.</li> </ul> “Strong demand for self storage and elevated occupancy rates, combined with its non-discretionary nature increased pricing power of the operators,” Goldsmith wrote. “Operators are flexing their pricing power to new customers, as well as existing customer rent increases every 9-12 months.”</p><p><blockquote><ul><li>Extra Space Storage Inc. 210 美元的目标股价意味着 24% 的上涨空间。分析师迈克尔·戈德史密斯表示，他认为强劲的潜在需求加上供应增长放缓，将支撑租金增长。</li></ul>“戈德史密斯写道：”对自助仓储的强劲需求和较高的入住率，再加上其非自由支配性质，增加了运营商的定价权。“运营商正在向新客户以及现有客户每 9-12 个月上涨一次租金”。</blockquote></p><p> <ul>  <li>Generac Holdings Inc.&nbsp;has a price target of $500, which implies 23% upside. Analyst Jon Windham believes the power generation equipment maker’s competitive edge lies in its customer acquisition platform, which should enable it to take market share from incumbents SolarEdge Technologies Inc.&nbsp;and Enphase Energy Inc..</li> </ul> “Dominant market share (~80%) and strong demand for home standby power have insulated already high residential product margins,” Windham wrote.</p><p><blockquote><ul><li>Generac Holdings Inc. 的目标价为 500 美元，这意味着 23% 的上涨空间。分析师乔恩-温德姆（Jon Windham）认为，这家发电设备制造商的竞争优势在于其客户获取平台，这将使其能够从现有的 SolarEdge Technologies Inc. 和 Enphase Energy Inc. 手中夺取市场份额。</li></ul>“温德姆写道：”占据主导地位的市场份额（约 80%）和对家庭备用电源的强劲需求使本已很高的住宅产品利润率隔绝开来。</blockquote></p><p> <ul>  <li>Nike Inc.’s&nbsp;price target of $185 implies 24% upside. Analyst Jay Sole said a UBS survey and pricing data reveal that the Nike brand currently is No. 1 in mindshare globally and the sports apparel and accessories company has significant room to reduce promotions.</li> </ul> “We believe the market doesn’t fully appreciate how Nike’s investments in product innovation, supply chain and e-commerce are working in concert to drive unit growth and [average selling price] increases,” Sole wrote.</p><p><blockquote><ul><li>耐克公司 185 美元的目标价意味着 24% 的上涨空间。分析师 Jay Sole 表示，瑞银的调查和定价数据显示，耐克品牌目前在全球心智份额中排名第一，这家运动服装和配饰公司还有很大的减少促销的空间。</li></ul>“索尔写道：”我们认为，市场并没有充分认识到耐克在产品创新、供应链和电子商务方面的投资是如何协同推动销量增长和[平均售价]上涨的。</blockquote></p><p> <ul>  <li>Salesforce.com Inc.&nbsp;has a stock price target of $330 that implies 20% upside potential. Analyst Karl Keirstead said the customer relationship management software company appears to be moving well beyond the previous era of limited operating margin expansion, and committing to boosting annual operating margins.</li> </ul> “Importantly, the drivers behind the improved margin outlook strike us as sustainable, with topline outperformance, a permanent shift towards WFH [work from home] and Zoom-based customer interactions, and renewed expense discipline internally…the three biggest drivers,” Keirstead wrote.</p><p><blockquote><ul><li>Salesforce.com Inc. 的目标股价为 330 美元，这意味着 20% 的上涨潜力。分析师 Karl Keirstead 表示，这家客户关系管理软件公司似乎已经远远超越了之前营业利润率扩张有限的时代，并致力于提高年度营业利润率。</li></ul>“Keirstead 写道：”重要的是，利润率前景改善背后的驱动因素在我们看来是可持续的，包括营收优异、向 WFH（在家工作）和基于 Zoom 的客户互动的永久转变，以及内部更新的费用纪律.这三大驱动因素。</blockquote></p><p> <ul>  <li>Teleflex Inc.’s price target of $480 implies 28% upside. Analyst Matthew Taylor said the medical technology products company makes a number of inexpensive products that fly under the radar, given them the opportunity to increase prices.</li> </ul> Taylor said he believes margins can go “significantly higher” over the long term, given the company’s leverage to both necessary and elective procedures, which should return quickly in a post-pandemic world.</p><p><blockquote><ul><li>Teleflex Inc. 480 美元的目标价意味着 28% 的上涨空间。分析师马修·泰勒 (Matthew Taylor) 表示，这家医疗技术产品公司生产了许多低调的廉价产品，因为它们有机会提高价格。</li></ul>泰勒说，他相信从长远来看，利润率可以 “大幅提高”，因为公司可以利用必要程序和选择性程序，而这些程序在后大流行病时代应该会很快恢复。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/here-are-10-high-conviction-stocks-of-companies-with-strong-pricing-power-and-at-least-20-upside-potential-to-ubs-targets-11633547178?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":{"NUS":"如新集团","AEE":"阿曼瑞恩","CRM":"赛富时","SEDG":"SolarEdge Technologies, Inc.","EOG":"依欧格资源","DHR":"丹纳赫","EXR":"Extra Space Storage Inc","KO":"可口可乐","GNRC":"Generac控股","USB":"美国合众银行","DLTR":"美元树公司","AAP":"Advance Auto Parts Inc","CHTR":"特许通讯","NKE":"耐克","CME":"芝加哥商品交易所","SBAC":"SBA通信","ENPH":"Enphase Energy","FDX":"联邦快递","AAPL":"苹果"},"source_url":"https://www.marketwatch.com/story/here-are-10-high-conviction-stocks-of-companies-with-strong-pricing-power-and-at-least-20-upside-potential-to-ubs-targets-11633547178?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2173948607","content_text":"UBS expects pricing power to be even more important as shipping, raw materials and wage costs surge\nGetty Images\nInflation and supply issues are among the buzziest words on Wall Street as the third-quarter earnings reporting season approaches, with investors waiting to see which companies were the best at managing surging cost pressures and shipping disruptions.\nUBS strategists believe one of the best ways to deal with these headwinds is for a company to raise prices, but not all companies can do so by enough to make a real difference without losing customers.\nA number of companies in different sectors have already cut forward guidance, given rising costs and supply-chain disruptions, such as FedEx Corp.,Nu Skin Enterprises Inc. and Dollar Tree Inc..\nThird-quarter earnings season kicks off in earnest next week, with aggregate earnings per share of the S&P 500 companies expected to show year-over-year growth in earnings per share of about 27% and in sales of about 15%.\n“Pricing power should be an even more important theme for relative returns with surging shipping costs, rising raw materials, supply chain issues and accelerating wage growth,” UBS strategists wrote in a note to clients this week.\nSo the strategists, led by Keith Parker, asked UBS analysts across 33 industries to identify companies with the strongest relative pricing power. The analysts were also asked to pick out companies that scored in the top third of their respective sectors based on UBS Equity Strategy’s composite score for pricing power, margin momentum and input cost exposure; have “buy” ratings; and have stocks with at least 10% upside potential to their respective price targets.\nHere are 10 “high conviction, strong pricing power stocks” on UBS’s list that have at least 20% upside to the analysts’ stock price targets, in alphabetical order:\n\nAdvance Auto Parts Inc.,with a price target of $255, which implies an upside of about 21% to prices in afternoon trading Wednesday. Analyst Michael Lasser said he believes the auto parts company’s (AAP) aftermarket fundamentals are in a strong position, and that a gradual increase in mobility and a return to working in offices should drive further recovery in vehicle miles traveled.\n\n“The auto parts sector traditionally has strong pricing power, with an ability to pass along price increases to customers,” Lasser wrote. “Plus, AAP also have the largest exposure to the commercial segment of the market, which is viewed even more favorably.”\n\nApple Inc.,which has a price target of $175 that implies 24% upside. Analyst David Vogt said the combination of its technological capability, supported by its retention metrics from UBS surveys that indicate high customer satisfaction for Apple products, suggests the PC and smartphone giant’s brand equity should drive adoption in the battery-electric-vehicle (BEV) market.\n\n“End-market demand has been improving year-over-year, leading to elevated ‘wait times’ despite increased product procurement/production,” Vogt wrote. Regarding the BEV market, Vogt said that while Apple isn’t a first mover, “its significant resources should enable the company to be a ‘fast follower,'” similar to when it entered the smartphone market in 2007.\n\nCME Group Inc.,with a price target of $245 implying 23% upside. Analyst Alex Kramm said the derivatives trading platform benefits from global expansion, innovation, adoption of options and pricing. And he believes regulation could provide a tailwind to growth.\n\n“As primarily a U.S. futures business, CME enjoys the highest barriers of entry in the space,” Kramm wrote.\n\nDanaher Corp. has a price target of $365, which implies 22% upside. Analyst John Sourbeer believes the medical products and services company (DHR) is “very well positioned” within the life sciences tool and services sector, as COVID testing should hold up much better than peers and the vaccine and therapeutic opportunity appears durable.\n\n“DHR sales engine is able to proactively identify areas of potential pricing pressure and [successfully] navigate customers to high-value product,” Sourbeer wrote.\n\nEOG Resources Inc. has a $119 stock price target that suggests 38% upside. Analyst Lloyd Byrne the oil and natural gas exploration company is well positioned to mitigate inflationary pressures expected next year given well costs that are expected to be flat to lower in 2022 because of reduced drilling days, the deployment of “super zipper fracs” and contracts negotiated at lower rates.\n\n“Pricing power in commodity companies is difficult to achieve. Those that can hold margins by best controlling costs, though, are better positioned,” Byrne wrote. “EOG is better positioned than most by being proactive with input and service costs, while excelling in operations.”\n\nExtra Space Storage Inc.’s stock price target of $210 implies 24% upside. Analyst Michael Goldsmith said he believes strong underlying demand, in conjunction with decelerating supply growth, support rent growth.\n\n“Strong demand for self storage and elevated occupancy rates, combined with its non-discretionary nature increased pricing power of the operators,” Goldsmith wrote. “Operators are flexing their pricing power to new customers, as well as existing customer rent increases every 9-12 months.”\n\nGenerac Holdings Inc. has a price target of $500, which implies 23% upside. Analyst Jon Windham believes the power generation equipment maker’s competitive edge lies in its customer acquisition platform, which should enable it to take market share from incumbents SolarEdge Technologies Inc. and Enphase Energy Inc..\n\n“Dominant market share (~80%) and strong demand for home standby power have insulated already high residential product margins,” Windham wrote.\n\nNike Inc.’s price target of $185 implies 24% upside. Analyst Jay Sole said a UBS survey and pricing data reveal that the Nike brand currently is No. 1 in mindshare globally and the sports apparel and accessories company has significant room to reduce promotions.\n\n“We believe the market doesn’t fully appreciate how Nike’s investments in product innovation, supply chain and e-commerce are working in concert to drive unit growth and [average selling price] increases,” Sole wrote.\n\nSalesforce.com Inc. has a stock price target of $330 that implies 20% upside potential. Analyst Karl Keirstead said the customer relationship management software company appears to be moving well beyond the previous era of limited operating margin expansion, and committing to boosting annual operating margins.\n\n“Importantly, the drivers behind the improved margin outlook strike us as sustainable, with topline outperformance, a permanent shift towards WFH [work from home] and Zoom-based customer interactions, and renewed expense discipline internally…the three biggest drivers,” Keirstead wrote.\n\nTeleflex Inc.’s price target of $480 implies 28% upside. Analyst Matthew Taylor said the medical technology products company makes a number of inexpensive products that fly under the radar, given them the opportunity to increase prices.\n\nTaylor said he believes margins can go “significantly higher” over the long term, given the company’s leverage to both necessary and elective procedures, which should return quickly in a post-pandemic world.","news_type":1,"symbols_score_info":{"FDX":0.9,"CME":0.9,"DHR":0.9,"AAPL":0.9,"EXR":0.9,"NKE":0.9,"DLTR":0.9,"NUS":0.9,"SEDG":0.9,"AEE":0.9,"CRM":0.9,"AAP":0.9,"KO":0.9,"SBAC":0.9,"GNRC":0.9,"USB":0.9,"CHTR":0.9,"EOG":0.9,"ENPH":0.9}},"isVote":1,"tweetType":1,"viewCount":917,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":856388086,"gmtCreate":1635151025590,"gmtModify":1635151312938,"author":{"id":"4093410373855950","authorId":"4093410373855950","name":"Humbly","avatar":"https://static.tigerbbs.com/cebd1eb0173a5ad49e43baaa7c0252d8","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4093410373855950","authorIdStr":"4093410373855950"},"themes":[],"title":"","htmlText":"18 million is a pretty small sum. It does not make sense for stock to rise so much. Do trade with care","listText":"18 million is a pretty small sum. It does not make sense for stock to rise so much. Do trade with care","text":"18 million is a pretty small sum. It does not make sense for stock to rise so much. Do trade with care","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/856388086","repostId":"1155336588","repostType":4,"repost":{"id":"1155336588","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1635150467,"share":"https://www.laohunote.com/m/news/1155336588?lang=zh_CN&edition=full","pubTime":"2021-10-25 16:27","market":"us","language":"en","title":"Remark shares jumped more than 200% in premarket trading<blockquote>Remark 股价在盘前交易中上涨超过 200%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1155336588","media":"Tiger Newspress","summary":"Remark Media shares jumped more than 200% in premarket trading.\nRemark shares rose 138.44% on last F","content":"<p><a href=\"https://laohu8.com/S/MARK\">Remark&nbsp;Media</a>&nbsp;shares&nbsp;jumped&nbsp;more&nbsp;than&nbsp;200%&nbsp;in&nbsp;premarket&nbsp;trading.</p><p><blockquote><a href=\"https://laohu8.com/S/MARK\">备注媒体</a>股价在盘前交易中上涨超过 200%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/cf090c4b056d04278a2acbb10a1847a1\" tg-width=\"882\" tg-height=\"633\" referrerpolicy=\"no-referrer\">Remark shares&nbsp;rose&nbsp;138.44%&nbsp;on&nbsp;last&nbsp;Friday.</p><p><blockquote>Remark股价上周五上涨138.44%。</blockquote></p><p> It’s difficult to pinpoint just why MARK stock shot up so heavily during today’s trading, but we can deduce a few reasons.</p><p><blockquote>很难说清楚马克股票在今天的交易中大幅上涨的原因，但我们可以推断出几个原因。</blockquote></p><p> <a href=\"https://laohu8.com/S/FBNC\">First</a> and foremost, Remark is widely regarded as being a Reddit stock. This means that it has been heavily trending online for the past week or so. The most recent news from the company came on October 12th when it announced the launch of its updated AI platform for Campus Management. The goal with this is to meet the tech needs of its customers in <a href=\"https://laohu8.com/S/CAAS\">China</a>. And, it states that it wishes to install its platform in over 3,000 schools, which could bring in more than $18 million.</p><p><blockquote><a href=\"https://laohu8.com/S/FBNC\">第一</a>最重要的是，Remark 被广泛认为是 Reddit 股票。这意味着它在过去一周左右的时间里一直是网上的热门话题。该公司的最新消息来自10月12日，当时它宣布推出用于校园管理的更新人工智能平台。这样做的目的是满足客户的技术需求<a href=\"https://laohu8.com/S/CAAS\">中国</a>它还表示，它希望在3000多所学校安装其平台，这可能会带来超过1800万美元的收入。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Remark shares jumped more than 200% in premarket trading<blockquote>Remark 股价在盘前交易中上涨超过 200%</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\">\nRemark shares jumped more than 200% in premarket trading<blockquote>Remark 股价在盘前交易中上涨超过 200%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-10-25 16:27</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><a href=\"https://laohu8.com/S/MARK\">Remark&nbsp;Media</a>&nbsp;shares&nbsp;jumped&nbsp;more&nbsp;than&nbsp;200%&nbsp;in&nbsp;premarket&nbsp;trading.</p><p><blockquote><a href=\"https://laohu8.com/S/MARK\">备注媒体</a>股价在盘前交易中上涨超过 200%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/cf090c4b056d04278a2acbb10a1847a1\" tg-width=\"882\" tg-height=\"633\" referrerpolicy=\"no-referrer\">Remark shares&nbsp;rose&nbsp;138.44%&nbsp;on&nbsp;last&nbsp;Friday.</p><p><blockquote>Remark股价上周五上涨138.44%。</blockquote></p><p> It’s difficult to pinpoint just why MARK stock shot up so heavily during today’s trading, but we can deduce a few reasons.</p><p><blockquote>很难说清楚马克股票在今天的交易中大幅上涨的原因，但我们可以推断出几个原因。</blockquote></p><p> <a href=\"https://laohu8.com/S/FBNC\">First</a> and foremost, Remark is widely regarded as being a Reddit stock. This means that it has been heavily trending online for the past week or so. The most recent news from the company came on October 12th when it announced the launch of its updated AI platform for Campus Management. The goal with this is to meet the tech needs of its customers in <a href=\"https://laohu8.com/S/CAAS\">China</a>. And, it states that it wishes to install its platform in over 3,000 schools, which could bring in more than $18 million.</p><p><blockquote><a href=\"https://laohu8.com/S/FBNC\">第一</a>最重要的是，Remark 被广泛认为是 Reddit 股票。这意味着它在过去一周左右的时间里一直是网上的热门话题。该公司的最新消息来自10月12日，当时它宣布推出用于校园管理的更新人工智能平台。这样做的目的是满足客户的技术需求<a href=\"https://laohu8.com/S/CAAS\">中国</a>它还表示，它希望在3000多所学校安装其平台，这可能会带来超过1800万美元的收入。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MARK":"Remark控股"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1155336588","content_text":"Remark Media shares jumped more than 200% in premarket trading.\nRemark shares rose 138.44% on last Friday.\nIt’s difficult to pinpoint just why MARK stock shot up so heavily during today’s trading, but we can deduce a few reasons.\nFirst and foremost, Remark is widely regarded as being a Reddit stock. This means that it has been heavily trending online for the past week or so. The most recent news from the company came on October 12th when it announced the launch of its updated AI platform for Campus Management. The goal with this is to meet the tech needs of its customers in China. And, it states that it wishes to install its platform in over 3,000 schools, which could bring in more than $18 million.","news_type":1,"symbols_score_info":{"MARK":0.9}},"isVote":1,"tweetType":1,"viewCount":866,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":859496975,"gmtCreate":1634719199518,"gmtModify":1634719496710,"author":{"id":"4093410373855950","authorId":"4093410373855950","name":"Humbly","avatar":"https://static.tigerbbs.com/cebd1eb0173a5ad49e43baaa7c0252d8","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4093410373855950","authorIdStr":"4093410373855950"},"themes":[],"title":"","htmlText":"Pharmaceuticals are complex and impact life. Rushing is not the way to get things out. Once reputation is ruined, it will be difficult to regain the trust of the public","listText":"Pharmaceuticals are complex and impact life. Rushing is not the way to get things out. Once reputation is ruined, it will be difficult to regain the trust of the public","text":"Pharmaceuticals are complex and impact life. Rushing is not the way to get things out. Once reputation is ruined, it will be difficult to regain the trust of the public","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/859496975","repostId":"1174375951","repostType":4,"repost":{"id":"1174375951","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1634717661,"share":"https://www.laohunote.com/m/news/1174375951?lang=zh_CN&edition=full","pubTime":"2021-10-20 16:14","market":"us","language":"en","title":"Novavax plunged over 20% in premarket trading<blockquote>Novavax 在盘前交易中暴跌超过 20%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1174375951","media":"Tiger Newspress","summary":"(Oct 20)  Novavax may delay the delivery of 1 billion doses of coronavirus vaccine because of the pr","content":"<p>(Oct 20)&nbsp; <a href=\"https://laohu8.com/S/NVAX\">Novavax</a>&nbsp;may delay the delivery of 1 billion doses of coronavirus vaccine because of the production problems.</p><p><blockquote>（10月20日）<a href=\"https://laohu8.com/S/NVAX\">诺瓦瓦克斯</a>可能因生产问题推迟10亿剂冠状病毒疫苗的交付。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/f3995877f1c786d310a457ababf9ee9e\" tg-width=\"1043\" tg-height=\"564\" referrerpolicy=\"no-referrer\">The world’s vaccine distributor has been counting on U.S. companies to provide more than 2 billion doses to lower and middle-income countries by the end of 2022 — a crucial step in ending the Covid-19 pandemic.</p><p><blockquote>全球疫苗分销商一直指望美国公司在 2022 年底前向中低收入国家提供 20 多亿剂疫苗--这是结束 Covid-19 大流行的关键一步。</blockquote></p><p> But the campaign run by the international consortium known as COVAX, which has already been delayed significantly because of production lags, is now likely to fall short by more than 1 billion doses as a key supplier faces significant hurdles in proving it can manufacture a shot that meets regulators’ quality standards, according to three people with direct knowledge of the company’s problems.</p><p><blockquote>但据三位直接了解该公司问题的人士称，由名为 COVAX 的国际财团开展的活动由于生产滞后而被严重推迟，现在可能会缺少 10 亿剂以上的疫苗，因为一家主要供应商在证明自己能够生产出符合监管机构质量标准的疫苗方面面临重大障碍。</blockquote></p><p> The delay, which was confirmed by three other people familiar with the discussions between Maryland-based Novavax and the Biden administration, represents a major setback in the effort to vaccinate the world in the wake of new, more transmissible variants.</p><p><blockquote>其他三名熟悉马里兰州 Novavax 和拜登政府之间讨论的人士证实了这一延迟，这标志着在新的、更具传播性的变种出现后，为世界接种疫苗的努力遭遇了重大挫折。</blockquote></p><p> The U.S. government invested $1.6 billion in Novavax in 2020 — the most it devoted to any vaccine maker at the time — in hopes that it would offer the world another option for a safe and effective vaccine to help protect against Covid-19. But the company has consistently run into production problems. The methods it used to test the purity of the vaccine have fallen short of regulators’ standards and the company has not been able to prove that it can produce a shot that is consistently up to snuff, according to multiple people familiar with Novavax’s difficulties. All spoke on the condition of anonymity to discuss sensitive company conversations.</p><p><blockquote>美国政府在 2020 年向 Novavax 投资了 16 亿美元，这是当时向疫苗制造商投入的最多的一笔，希望它能为世界提供另一种安全有效疫苗的选择，以帮助预防 Covid-19。但该公司一直遇到生产问题。据多位熟悉 Novavax 困难的人士称，该公司用于测试疫苗纯度的方法没有达到监管机构的标准，而且该公司也未能证明自己能够生产出始终如一的疫苗。所有人都不愿透露姓名，讨论敏感的公司谈话。</blockquote></p><p> Although Novavax recently attested to some of its analytics and testing issues in aquarterly filing with the Securities and Exchange Commission, the company’s issues are more concerning than previously understood, according to two of the people with direct knowledge of the matter.</p><p><blockquote>据两位直接了解此事的人士称，尽管 Novavax 最近在向美国证券交易委员会提交的季度文件中证明了其一些分析和测试问题，但该公司的问题比之前理解的更令人担忧。</blockquote></p><p> The Food and Drug Administration works out purity levels with each manufacturer according to June 2020 guidance for coronavirus vaccines, but it is generally understood that each vaccine batch should reach at least 90 percent. The company has struggled to attain anywhere close to that, <a href=\"https://laohu8.com/S/AONE.U\">one</a> of the people with direct knowledge of the situation said. Another person familiar with the company’s manufacturing process said Novavax has recently shown purity levels hovering around 70 percent. Low purity levels increase the chance that contaminants or unnecessary substances are in the final product, rendering the vaccine less effective or introducing the chance that patients could react to unknown ingredients.</p><p><blockquote>美国食品和药物管理局根据2020年6月的冠状病毒疫苗指南，与每个制造商一起制定纯度水平，但普遍认为每批疫苗应至少达到90%。该公司一直在努力实现接近这一目标，<a href=\"https://laohu8.com/S/AONE.U\">一</a>一位直接了解情况的人士说。另一位熟悉该公司生产工艺的人士说，Novavax 最近的纯度水平徘徊在 70% 左右。低纯度水平增加了最终产品中污染物或不必要物质的机会，降低了疫苗的有效性，或者增加了患者对未知成分产生反应的机会。</blockquote></p><p> COVAX, which recently downgraded its 2021 goal from 2 billion to 1.425 billion doses, has already estimated that it faces a supply shortfall of as many as 1 billion doses in its effort to vaccinate the developing world. If Novavax falters, it could double the deficit through 2022, leaving hundreds of millions of people without immunity against Covid-19 and extending the pandemic.</p><p><blockquote>COVAX 最近将 2021 年目标从 20 亿剂下调至 14.25 亿剂，该公司已经估计，在为发展中国家接种疫苗的过程中，其面临多达 10 亿剂的供应短缺。如果 Novavax 步履蹒跚，到 2022 年，赤字可能会增加一倍，导致数亿人失去对 Covid-19 的免疫力，并延长疫情。</blockquote></p><p> “COVAX continues to be challenged for adequate supply … in that context, Novavax’s manufacturing challenges and delays have been massively disruptive,” said Krishna Udayakumar, director of the <a href=\"https://laohu8.com/S/DRE\">Duke</a> Global Health Innovation Center.</p><p><blockquote>“COVAX 继续面临充足供应的挑战.在这种情况下，Novavax 的制造挑战和延误造成了巨大的破坏性，”COVAX 主任克里希纳-乌达亚库马尔（Krishna Udayakumar）说。<a href=\"https://laohu8.com/S/DRE\">公爵</a>全球健康创新中心。</blockquote></p><p> The global coalition is already behind on hundreds of millions of planned doses this month, having shipped just 371 million of its 700 million dose target for October. It is now also at risk of missing its already downgraded 2021 target.</p><p><blockquote>全球联盟本月已经落后了数亿剂计划剂量，仅运送了 10 月份 7 亿剂目标中的 3.71 亿剂。它现在还面临无法实现已经下调的 2021 年目标的风险。</blockquote></p><p> Between Novavax and other manufacturers’ hurdles, “COVAX has had to scramble to revise its supply strategy significantly in real time,” Udayakumar said. As a result, global health groups are emphasizing more donations to cover immediate needs, he added.</p><p><blockquote>在 Novavax 和其他制造商的障碍之间，“COVAX 不得不争先恐后地实时大幅修改其供应战略，”Udayakumar 说。他补充说，因此，全球卫生组织正在强调更多的捐款来满足眼前的需求。</blockquote></p><p> In a statement, Novavax Senior Vice President of Investor Relations and Corporate Affairs Silvia Taylor told POLITICO that the company’s analytical testing methods have been “validated” — but did not answer questions about whether the FDA had signed off on them. The company still plans on filing an emergency use authorization by the end of the year, Taylor said.</p><p><blockquote>Novavax 投资者关系和企业事务高级副总裁西尔维娅-泰勒（Silvia Taylor）在一份声明中告诉 POLITICO，该公司的分析测试方法已经过 “验证”，但没有回答有关 FDA 是否已签署这些方法的问题。泰勒说，该公司仍计划在今年年底前提交紧急使用授权。</blockquote></p><p> “The vaccine development and regulatory submission processes are highly complex and often require years to advance to the point where we are now. We will fulfill all of our committed doses both in the US and globally,” Taylor said.</p><p><blockquote>“疫苗开发和监管提交过程非常复杂，往往需要数年时间才能达到现在的水平。我们将在美国和全球范围内履行所有承诺的剂量，”泰勒说。</blockquote></p><p> The White House and the Department of Health and Human Services did not respond to multiple requests for comment.</p><p><blockquote>白宫和卫生与公众服务部没有回应多次置评请求。</blockquote></p><p></p><p> But three people familiar with the matter said they are not confident that the company has the resources needed to reproduce a high-quality vaccine on a consistent basis — a benchmark Novavax must meet before that time. Those same people said Novavax could potentially fix its manufacturing issues and reach full licensure by the end of 2022.</p><p><blockquote>但三位知情人士表示，他们不确定该公司是否拥有持续生产高质量疫苗所需的资源——这是 Novavax 在此之前必须达到的基准。这些人士表示，Novavax 有可能解决其制造问题，并在 2022 年底前获得全面许可。</blockquote></p><p> Novavax — which has never produced a vaccine before — declined to answer specific questions about its product’s purity levels and whether it had been successful in addressing its longstanding manufacturing issues.</p><p><blockquote>诺瓦瓦克斯公司（Novavax）以前从未生产过疫苗，它拒绝回答有关其产品纯度水平以及是否成功解决了长期存在的生产问题的具体问题。</blockquote></p><p> Unlike <a href=\"https://laohu8.com/S/PFE\">Pfizer</a> and Moderna, the first manufacturers to launch vaccines using rapidly produced messenger RNA, Novavax is employing the previously used but complicated approach of creating the key ingredient with bug cells. While the process, which involves infecting the cells to produce spike proteins, is familiar to scientists, it is difficult to scale.</p><p><blockquote>不像<a href=\"https://laohu8.com/S/PFE\">辉瑞</a>Moderna是第一家使用快速生产的信使RNA推出疫苗的制造商，Novavax正在采用以前使用但复杂的方法，用昆虫细胞制造关键成分。虽然科学家们熟悉这个过程，包括感染细胞以产生刺突蛋白，但它很难扩大规模。</blockquote></p><p> The revelations about Novavax’s continued manufacturing problems come at a time when only 36 percent of the world is vaccinated and as leaders of developing nations continue to pressure the U.S. to deliver more doses. In Africa alone, only 4.4 percent of the population is vaccinated.</p><p><blockquote>有关 Novavax 持续生产问题的披露正值全球只有 36% 的人接种疫苗之际，发展中国家的领导人继续向美国施压，要求其提供更多疫苗。仅在非洲，只有4.4%的人口接种了疫苗。</blockquote></p><p> That includes some of the continent’s most populous nations, like Nigeria and Uganda, where about 1 percent of citizens are fully vaccinated.</p><p><blockquote>这包括非洲大陆一些人口最多的国家，如尼日利亚和乌干达，这两个国家约有 1% 的公民完全接种了疫苗。</blockquote></p><p> Novavax is just the latest vaccine maker to run into core production problems after promising to serve as a major vaccine contributor to the developing world. In April, Johnson &amp; Johnsonhalted work at a Baltimore facilityrun by contract manufacturer <a href=\"https://laohu8.com/S/EBS\">Emergent BioSolutions</a> after it found that 15 million doses had been accidentally contaminated with ingredients from a separate Covid-19 vaccine.</p><p><blockquote>Novavax 只是最新一家在承诺成为发展中国家主要疫苗贡献者后遇到核心生产问题的疫苗制造商。4 月，强生公司停止了由合同制造商运营的巴尔的摩工厂的工作<a href=\"https://laohu8.com/S/EBS\">新兴生物解决方案</a>在发现 1500 万剂疫苗意外被另一种 Covid-19 疫苗的成分污染后。</blockquote></p><p> J&amp;J’s manufacturing process has been slow to recover, and to date it has produced just a fraction of the 200 million shots it initially pledged to COVAX by the end of the year, according to records kept by UNICEF.</p><p><blockquote>根据联合国儿童基金会保存的记录，强生公司的生产过程恢复缓慢，迄今为止，强生公司仅生产了最初承诺在年底前向 COVAX 提供的 2 亿支疫苗的一小部分。</blockquote></p><p> “Overpromising and underdelivering is the name of the game for these manufacturers,” said Asia Russell, executive director of international advocacy group Health GAP. “And that’s the infrastructure of the global response, which is terrifying.”</p><p><blockquote>“国际倡导组织 Health GAP 的执行董事 Asia Russell 说：”对这些制造商来说，过度承诺和交付不足是游戏的名称。“这就是全球应对措施的基础设施，这太可怕了”。</blockquote></p><p> Unlike Johnson &amp; Johnson, Novavax is a novice in the vaccine world. It has never successfully launched a vaccine, and had struggled financially prior to the pandemic. After a string of drug development failures, it sold its manufacturing facilities in 2019 — a deal that also included parting with 100 employees. In May of that year, Novavax’s stock price dropped as low as 36 cents per share.</p><p><blockquote>与强生公司不同，Novavax 是疫苗领域的新手。它从未成功推出疫苗，并且在疫情之前一直在财务上陷入困境。在经历了一系列药物开发失败后，该公司于 2019 年出售了生产设施，这笔交易还包括裁员 100 名员工。当年 5 月，Novavax 的股价跌至每股 36 美分。</blockquote></p><p> Yet the company’s fortunes shifted as Covid-19 took hold. Amid a scramble early in the pandemic to develop a range of vaccine candidates, the Trump administration awarded Novavax $1.6 billion to aid work on its Covid-19 shot — the largest deal given to any Covid-19 vaccine maker at that time.</p><p><blockquote>然而，随着 Covid-19 的出现，该公司的命运发生了变化。在疫情早期争相开发一系列候选疫苗的过程中，特朗普执政授予 Novavax 16 亿美元，以帮助其 Covid-19 疫苗的研发工作——这是当时授予任何 Covid-19 疫苗制造商的最大一笔交易。</blockquote></p><p> The contract represented a major vote of confidence in Novavax’s capabilities — and a bet that appeared to pay off after late-stage trials showed the vaccine was 90 percent effective against the virus.</p><p><blockquote>这份合同代表了对 Novavax 能力的重大信任票--在后期试验显示疫苗对病毒有 90% 的有效率后，这一赌注似乎得到了回报。</blockquote></p><p> But even then, senior Trump administration officials on Operation Warp Speed — a group tasked with accelerating vaccine development — repeatedly warned the company that it risked running into problems in scaling up manufacturing of the shot, two people with direct knowledge of those discussions said.</p><p><blockquote>但两名直接了解这些讨论的人士表示，即便如此，负责加速疫苗开发的“曲速行动”（Operation Warp Speed）的特朗普执政高级官员也一再警告该公司，在扩大疫苗生产规模方面可能会遇到问题。</blockquote></p><p> In particular, they worried that Novavax would have difficulty ensuring that the vaccine consistently met the FDA’s rigorous quality standards once the vaccine went into mass production — the exact problem that has now stymied the company for months.</p><p><blockquote>他们尤其担心，一旦疫苗投入批量生产，Novavax 将很难确保疫苗始终符合 FDA 的严格质量标准--这正是困扰该公司数月之久的问题。</blockquote></p><p> “They rushed the process,” one of the people with knowledge of the matter said. “It’s hard to make. And they can’t make it.”</p><p><blockquote>“一位知情人士说：”他们加快了进程。“这很难做到。他们也做不到。”</blockquote></p><p> Taylor, the Novavax spokesperson, said in a statement that it has incorporated feedback from regulators and has made “tremendous progress with the scale-up of our commercial manufacturing processes.” The company is still on track to produce 150 million doses a month by the end of the year, she said, and has stockpiled tens of millions of doses ahead of regulatory filings in the U.S. and internationally.</p><p><blockquote>Novavax 发言人泰勒在一份声明中说，该公司已经采纳了监管机构的反馈意见，并 “在扩大商业生产流程方面取得了巨大进展”。她说，到今年年底，该公司仍有望每月生产 1.5 亿剂疫苗，并在美国和国际上提交监管文件之前储备了数千万剂疫苗。</blockquote></p><p> Company executives in recent presentations to investors have struck a similarly optimistic tone, downplaying the manufacturing snags and predicting it will soon be cleared to begin distributing doses. During aSept. 29 investor event, Chief Commercial Officer John Trizzino said the company had “resolved” its problems and was close to submitting a final regulatory application.</p><p><blockquote>公司高管在最近向投资者发表的演讲中也表达了类似的乐观语气，淡化了制造障碍，并预测很快就会获得批准开始分发剂量。在aSept期间。在 29 投资者活动上，首席商务官约翰-特里齐诺（John Trizzino）表示，公司已经 “解决 ”了问题，并即将提交最终的监管申请。</blockquote></p><p> “We’re really moving along with testing our lots now,” added Gregory Glenn, president of Novavax’s research and development, referring to batches of its vaccine. “We think that this is shortly going to come to a close.”</p><p><blockquote>“Novavax 研发总裁格雷戈里-格伦（Gregory Glenn）补充说：”我们现在真的在测试我们的批次疫苗。“我们认为这很快就会结束”。</blockquote></p><p></p><p> U.S. officials working with the company are not as confident, according to three people with knowledge of the matter. Novavax’s manufacturing problems are seen as far more difficult to fix than the sanitary and design concerns that halted production of J&amp;J’s vaccine at the Emergent plant earlier this year, those people said.</p><p><blockquote>据三位知情人士透露，与该公司合作的美国官员并不那么有信心。这些人士说，Novavax 的生产问题被认为比今年早些时候导致强生疫苗在紧急工厂生产的卫生和设计问题更难解决。</blockquote></p><p> And even as the company begins to seek regulatory approval in other countries, there remains doubt in the U.S. that it has solved the fundamental vaccine purity flaws that the people with knowledge said have affected its ability to make doses at plants around the world.</p><p><blockquote>尽管该公司开始寻求其他国家的监管批准，但美国仍然怀疑它是否已经解决了根本的疫苗纯度缺陷，知情人士表示，这些缺陷影响了其在世界各地工厂生产疫苗的能力。</blockquote></p><p> Several vaccine batches have already been discarded, and four people with knowledge of the matter say U.S. officials now no longer expect the company to win FDA sign-off on the vaccine until next year at the earliest.</p><p><blockquote>几批疫苗已经被丢弃，四位知情人士表示，美国官员现在不再指望该公司最早要到明年才能获得 FDA 对该疫苗的批准。</blockquote></p><p> “At some level, I think the efficacy was never going to outweigh the risk associated with the impurity that was in there,” said one of the people with knowledge of the matter. “I’m not surprised this is where we are.”</p><p><blockquote>“一位知情人士说：”在某种程度上，我认为疗效永远不会超过与其中杂质相关的风险。“我对我们的处境并不感到惊讶”。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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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\">\nNovavax plunged over 20% in premarket trading<blockquote>Novavax 在盘前交易中暴跌超过 20%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-10-20 16:14</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(Oct 20)&nbsp; <a href=\"https://laohu8.com/S/NVAX\">Novavax</a>&nbsp;may delay the delivery of 1 billion doses of coronavirus vaccine because of the production problems.</p><p><blockquote>（10月20日）<a href=\"https://laohu8.com/S/NVAX\">诺瓦瓦克斯</a>可能因生产问题推迟10亿剂冠状病毒疫苗的交付。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/f3995877f1c786d310a457ababf9ee9e\" tg-width=\"1043\" tg-height=\"564\" referrerpolicy=\"no-referrer\">The world’s vaccine distributor has been counting on U.S. companies to provide more than 2 billion doses to lower and middle-income countries by the end of 2022 — a crucial step in ending the Covid-19 pandemic.</p><p><blockquote>全球疫苗分销商一直指望美国公司在 2022 年底前向中低收入国家提供 20 多亿剂疫苗--这是结束 Covid-19 大流行的关键一步。</blockquote></p><p> But the campaign run by the international consortium known as COVAX, which has already been delayed significantly because of production lags, is now likely to fall short by more than 1 billion doses as a key supplier faces significant hurdles in proving it can manufacture a shot that meets regulators’ quality standards, according to three people with direct knowledge of the company’s problems.</p><p><blockquote>但据三位直接了解该公司问题的人士称，由名为 COVAX 的国际财团开展的活动由于生产滞后而被严重推迟，现在可能会缺少 10 亿剂以上的疫苗，因为一家主要供应商在证明自己能够生产出符合监管机构质量标准的疫苗方面面临重大障碍。</blockquote></p><p> The delay, which was confirmed by three other people familiar with the discussions between Maryland-based Novavax and the Biden administration, represents a major setback in the effort to vaccinate the world in the wake of new, more transmissible variants.</p><p><blockquote>其他三名熟悉马里兰州 Novavax 和拜登政府之间讨论的人士证实了这一延迟，这标志着在新的、更具传播性的变种出现后，为世界接种疫苗的努力遭遇了重大挫折。</blockquote></p><p> The U.S. government invested $1.6 billion in Novavax in 2020 — the most it devoted to any vaccine maker at the time — in hopes that it would offer the world another option for a safe and effective vaccine to help protect against Covid-19. But the company has consistently run into production problems. The methods it used to test the purity of the vaccine have fallen short of regulators’ standards and the company has not been able to prove that it can produce a shot that is consistently up to snuff, according to multiple people familiar with Novavax’s difficulties. All spoke on the condition of anonymity to discuss sensitive company conversations.</p><p><blockquote>美国政府在 2020 年向 Novavax 投资了 16 亿美元，这是当时向疫苗制造商投入的最多的一笔，希望它能为世界提供另一种安全有效疫苗的选择，以帮助预防 Covid-19。但该公司一直遇到生产问题。据多位熟悉 Novavax 困难的人士称，该公司用于测试疫苗纯度的方法没有达到监管机构的标准，而且该公司也未能证明自己能够生产出始终如一的疫苗。所有人都不愿透露姓名，讨论敏感的公司谈话。</blockquote></p><p> Although Novavax recently attested to some of its analytics and testing issues in aquarterly filing with the Securities and Exchange Commission, the company’s issues are more concerning than previously understood, according to two of the people with direct knowledge of the matter.</p><p><blockquote>据两位直接了解此事的人士称，尽管 Novavax 最近在向美国证券交易委员会提交的季度文件中证明了其一些分析和测试问题，但该公司的问题比之前理解的更令人担忧。</blockquote></p><p> The Food and Drug Administration works out purity levels with each manufacturer according to June 2020 guidance for coronavirus vaccines, but it is generally understood that each vaccine batch should reach at least 90 percent. The company has struggled to attain anywhere close to that, <a href=\"https://laohu8.com/S/AONE.U\">one</a> of the people with direct knowledge of the situation said. Another person familiar with the company’s manufacturing process said Novavax has recently shown purity levels hovering around 70 percent. Low purity levels increase the chance that contaminants or unnecessary substances are in the final product, rendering the vaccine less effective or introducing the chance that patients could react to unknown ingredients.</p><p><blockquote>美国食品和药物管理局根据2020年6月的冠状病毒疫苗指南，与每个制造商一起制定纯度水平，但普遍认为每批疫苗应至少达到90%。该公司一直在努力实现接近这一目标，<a href=\"https://laohu8.com/S/AONE.U\">一</a>一位直接了解情况的人士说。另一位熟悉该公司生产工艺的人士说，Novavax 最近的纯度水平徘徊在 70% 左右。低纯度水平增加了最终产品中污染物或不必要物质的机会，降低了疫苗的有效性，或者增加了患者对未知成分产生反应的机会。</blockquote></p><p> COVAX, which recently downgraded its 2021 goal from 2 billion to 1.425 billion doses, has already estimated that it faces a supply shortfall of as many as 1 billion doses in its effort to vaccinate the developing world. If Novavax falters, it could double the deficit through 2022, leaving hundreds of millions of people without immunity against Covid-19 and extending the pandemic.</p><p><blockquote>COVAX 最近将 2021 年目标从 20 亿剂下调至 14.25 亿剂，该公司已经估计，在为发展中国家接种疫苗的过程中，其面临多达 10 亿剂的供应短缺。如果 Novavax 步履蹒跚，到 2022 年，赤字可能会增加一倍，导致数亿人失去对 Covid-19 的免疫力，并延长疫情。</blockquote></p><p> “COVAX continues to be challenged for adequate supply … in that context, Novavax’s manufacturing challenges and delays have been massively disruptive,” said Krishna Udayakumar, director of the <a href=\"https://laohu8.com/S/DRE\">Duke</a> Global Health Innovation Center.</p><p><blockquote>“COVAX 继续面临充足供应的挑战.在这种情况下，Novavax 的制造挑战和延误造成了巨大的破坏性，”COVAX 主任克里希纳-乌达亚库马尔（Krishna Udayakumar）说。<a href=\"https://laohu8.com/S/DRE\">公爵</a>全球健康创新中心。</blockquote></p><p> The global coalition is already behind on hundreds of millions of planned doses this month, having shipped just 371 million of its 700 million dose target for October. It is now also at risk of missing its already downgraded 2021 target.</p><p><blockquote>全球联盟本月已经落后了数亿剂计划剂量，仅运送了 10 月份 7 亿剂目标中的 3.71 亿剂。它现在还面临无法实现已经下调的 2021 年目标的风险。</blockquote></p><p> Between Novavax and other manufacturers’ hurdles, “COVAX has had to scramble to revise its supply strategy significantly in real time,” Udayakumar said. As a result, global health groups are emphasizing more donations to cover immediate needs, he added.</p><p><blockquote>在 Novavax 和其他制造商的障碍之间，“COVAX 不得不争先恐后地实时大幅修改其供应战略，”Udayakumar 说。他补充说，因此，全球卫生组织正在强调更多的捐款来满足眼前的需求。</blockquote></p><p> In a statement, Novavax Senior Vice President of Investor Relations and Corporate Affairs Silvia Taylor told POLITICO that the company’s analytical testing methods have been “validated” — but did not answer questions about whether the FDA had signed off on them. The company still plans on filing an emergency use authorization by the end of the year, Taylor said.</p><p><blockquote>Novavax 投资者关系和企业事务高级副总裁西尔维娅-泰勒（Silvia Taylor）在一份声明中告诉 POLITICO，该公司的分析测试方法已经过 “验证”，但没有回答有关 FDA 是否已签署这些方法的问题。泰勒说，该公司仍计划在今年年底前提交紧急使用授权。</blockquote></p><p> “The vaccine development and regulatory submission processes are highly complex and often require years to advance to the point where we are now. We will fulfill all of our committed doses both in the US and globally,” Taylor said.</p><p><blockquote>“疫苗开发和监管提交过程非常复杂，往往需要数年时间才能达到现在的水平。我们将在美国和全球范围内履行所有承诺的剂量，”泰勒说。</blockquote></p><p> The White House and the Department of Health and Human Services did not respond to multiple requests for comment.</p><p><blockquote>白宫和卫生与公众服务部没有回应多次置评请求。</blockquote></p><p></p><p> But three people familiar with the matter said they are not confident that the company has the resources needed to reproduce a high-quality vaccine on a consistent basis — a benchmark Novavax must meet before that time. Those same people said Novavax could potentially fix its manufacturing issues and reach full licensure by the end of 2022.</p><p><blockquote>但三位知情人士表示，他们不确定该公司是否拥有持续生产高质量疫苗所需的资源——这是 Novavax 在此之前必须达到的基准。这些人士表示，Novavax 有可能解决其制造问题，并在 2022 年底前获得全面许可。</blockquote></p><p> Novavax — which has never produced a vaccine before — declined to answer specific questions about its product’s purity levels and whether it had been successful in addressing its longstanding manufacturing issues.</p><p><blockquote>诺瓦瓦克斯公司（Novavax）以前从未生产过疫苗，它拒绝回答有关其产品纯度水平以及是否成功解决了长期存在的生产问题的具体问题。</blockquote></p><p> Unlike <a href=\"https://laohu8.com/S/PFE\">Pfizer</a> and Moderna, the first manufacturers to launch vaccines using rapidly produced messenger RNA, Novavax is employing the previously used but complicated approach of creating the key ingredient with bug cells. While the process, which involves infecting the cells to produce spike proteins, is familiar to scientists, it is difficult to scale.</p><p><blockquote>不像<a href=\"https://laohu8.com/S/PFE\">辉瑞</a>Moderna是第一家使用快速生产的信使RNA推出疫苗的制造商，Novavax正在采用以前使用但复杂的方法，用昆虫细胞制造关键成分。虽然科学家们熟悉这个过程，包括感染细胞以产生刺突蛋白，但它很难扩大规模。</blockquote></p><p> The revelations about Novavax’s continued manufacturing problems come at a time when only 36 percent of the world is vaccinated and as leaders of developing nations continue to pressure the U.S. to deliver more doses. In Africa alone, only 4.4 percent of the population is vaccinated.</p><p><blockquote>有关 Novavax 持续生产问题的披露正值全球只有 36% 的人接种疫苗之际，发展中国家的领导人继续向美国施压，要求其提供更多疫苗。仅在非洲，只有4.4%的人口接种了疫苗。</blockquote></p><p> That includes some of the continent’s most populous nations, like Nigeria and Uganda, where about 1 percent of citizens are fully vaccinated.</p><p><blockquote>这包括非洲大陆一些人口最多的国家，如尼日利亚和乌干达，这两个国家约有 1% 的公民完全接种了疫苗。</blockquote></p><p> Novavax is just the latest vaccine maker to run into core production problems after promising to serve as a major vaccine contributor to the developing world. In April, Johnson &amp; Johnsonhalted work at a Baltimore facilityrun by contract manufacturer <a href=\"https://laohu8.com/S/EBS\">Emergent BioSolutions</a> after it found that 15 million doses had been accidentally contaminated with ingredients from a separate Covid-19 vaccine.</p><p><blockquote>Novavax 只是最新一家在承诺成为发展中国家主要疫苗贡献者后遇到核心生产问题的疫苗制造商。4 月，强生公司停止了由合同制造商运营的巴尔的摩工厂的工作<a href=\"https://laohu8.com/S/EBS\">新兴生物解决方案</a>在发现 1500 万剂疫苗意外被另一种 Covid-19 疫苗的成分污染后。</blockquote></p><p> J&amp;J’s manufacturing process has been slow to recover, and to date it has produced just a fraction of the 200 million shots it initially pledged to COVAX by the end of the year, according to records kept by UNICEF.</p><p><blockquote>根据联合国儿童基金会保存的记录，强生公司的生产过程恢复缓慢，迄今为止，强生公司仅生产了最初承诺在年底前向 COVAX 提供的 2 亿支疫苗的一小部分。</blockquote></p><p> “Overpromising and underdelivering is the name of the game for these manufacturers,” said Asia Russell, executive director of international advocacy group Health GAP. “And that’s the infrastructure of the global response, which is terrifying.”</p><p><blockquote>“国际倡导组织 Health GAP 的执行董事 Asia Russell 说：”对这些制造商来说，过度承诺和交付不足是游戏的名称。“这就是全球应对措施的基础设施，这太可怕了”。</blockquote></p><p> Unlike Johnson &amp; Johnson, Novavax is a novice in the vaccine world. It has never successfully launched a vaccine, and had struggled financially prior to the pandemic. After a string of drug development failures, it sold its manufacturing facilities in 2019 — a deal that also included parting with 100 employees. In May of that year, Novavax’s stock price dropped as low as 36 cents per share.</p><p><blockquote>与强生公司不同，Novavax 是疫苗领域的新手。它从未成功推出疫苗，并且在疫情之前一直在财务上陷入困境。在经历了一系列药物开发失败后，该公司于 2019 年出售了生产设施，这笔交易还包括裁员 100 名员工。当年 5 月，Novavax 的股价跌至每股 36 美分。</blockquote></p><p> Yet the company’s fortunes shifted as Covid-19 took hold. Amid a scramble early in the pandemic to develop a range of vaccine candidates, the Trump administration awarded Novavax $1.6 billion to aid work on its Covid-19 shot — the largest deal given to any Covid-19 vaccine maker at that time.</p><p><blockquote>然而，随着 Covid-19 的出现，该公司的命运发生了变化。在疫情早期争相开发一系列候选疫苗的过程中，特朗普执政授予 Novavax 16 亿美元，以帮助其 Covid-19 疫苗的研发工作——这是当时授予任何 Covid-19 疫苗制造商的最大一笔交易。</blockquote></p><p> The contract represented a major vote of confidence in Novavax’s capabilities — and a bet that appeared to pay off after late-stage trials showed the vaccine was 90 percent effective against the virus.</p><p><blockquote>这份合同代表了对 Novavax 能力的重大信任票--在后期试验显示疫苗对病毒有 90% 的有效率后，这一赌注似乎得到了回报。</blockquote></p><p> But even then, senior Trump administration officials on Operation Warp Speed — a group tasked with accelerating vaccine development — repeatedly warned the company that it risked running into problems in scaling up manufacturing of the shot, two people with direct knowledge of those discussions said.</p><p><blockquote>但两名直接了解这些讨论的人士表示，即便如此，负责加速疫苗开发的“曲速行动”（Operation Warp Speed）的特朗普执政高级官员也一再警告该公司，在扩大疫苗生产规模方面可能会遇到问题。</blockquote></p><p> In particular, they worried that Novavax would have difficulty ensuring that the vaccine consistently met the FDA’s rigorous quality standards once the vaccine went into mass production — the exact problem that has now stymied the company for months.</p><p><blockquote>他们尤其担心，一旦疫苗投入批量生产，Novavax 将很难确保疫苗始终符合 FDA 的严格质量标准--这正是困扰该公司数月之久的问题。</blockquote></p><p> “They rushed the process,” one of the people with knowledge of the matter said. “It’s hard to make. And they can’t make it.”</p><p><blockquote>“一位知情人士说：”他们加快了进程。“这很难做到。他们也做不到。”</blockquote></p><p> Taylor, the Novavax spokesperson, said in a statement that it has incorporated feedback from regulators and has made “tremendous progress with the scale-up of our commercial manufacturing processes.” The company is still on track to produce 150 million doses a month by the end of the year, she said, and has stockpiled tens of millions of doses ahead of regulatory filings in the U.S. and internationally.</p><p><blockquote>Novavax 发言人泰勒在一份声明中说，该公司已经采纳了监管机构的反馈意见，并 “在扩大商业生产流程方面取得了巨大进展”。她说，到今年年底，该公司仍有望每月生产 1.5 亿剂疫苗，并在美国和国际上提交监管文件之前储备了数千万剂疫苗。</blockquote></p><p> Company executives in recent presentations to investors have struck a similarly optimistic tone, downplaying the manufacturing snags and predicting it will soon be cleared to begin distributing doses. During aSept. 29 investor event, Chief Commercial Officer John Trizzino said the company had “resolved” its problems and was close to submitting a final regulatory application.</p><p><blockquote>公司高管在最近向投资者发表的演讲中也表达了类似的乐观语气，淡化了制造障碍，并预测很快就会获得批准开始分发剂量。在aSept期间。在 29 投资者活动上，首席商务官约翰-特里齐诺（John Trizzino）表示，公司已经 “解决 ”了问题，并即将提交最终的监管申请。</blockquote></p><p> “We’re really moving along with testing our lots now,” added Gregory Glenn, president of Novavax’s research and development, referring to batches of its vaccine. “We think that this is shortly going to come to a close.”</p><p><blockquote>“Novavax 研发总裁格雷戈里-格伦（Gregory Glenn）补充说：”我们现在真的在测试我们的批次疫苗。“我们认为这很快就会结束”。</blockquote></p><p></p><p> U.S. officials working with the company are not as confident, according to three people with knowledge of the matter. Novavax’s manufacturing problems are seen as far more difficult to fix than the sanitary and design concerns that halted production of J&amp;J’s vaccine at the Emergent plant earlier this year, those people said.</p><p><blockquote>据三位知情人士透露，与该公司合作的美国官员并不那么有信心。这些人士说，Novavax 的生产问题被认为比今年早些时候导致强生疫苗在紧急工厂生产的卫生和设计问题更难解决。</blockquote></p><p> And even as the company begins to seek regulatory approval in other countries, there remains doubt in the U.S. that it has solved the fundamental vaccine purity flaws that the people with knowledge said have affected its ability to make doses at plants around the world.</p><p><blockquote>尽管该公司开始寻求其他国家的监管批准，但美国仍然怀疑它是否已经解决了根本的疫苗纯度缺陷，知情人士表示，这些缺陷影响了其在世界各地工厂生产疫苗的能力。</blockquote></p><p> Several vaccine batches have already been discarded, and four people with knowledge of the matter say U.S. officials now no longer expect the company to win FDA sign-off on the vaccine until next year at the earliest.</p><p><blockquote>几批疫苗已经被丢弃，四位知情人士表示，美国官员现在不再指望该公司最早要到明年才能获得 FDA 对该疫苗的批准。</blockquote></p><p> “At some level, I think the efficacy was never going to outweigh the risk associated with the impurity that was in there,” said one of the people with knowledge of the matter. “I’m not surprised this is where we are.”</p><p><blockquote>“一位知情人士说：”在某种程度上，我认为疗效永远不会超过与其中杂质相关的风险。“我对我们的处境并不感到惊讶”。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NVAX":"诺瓦瓦克斯医药"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1174375951","content_text":"(Oct 20)  Novavax may delay the delivery of 1 billion doses of coronavirus vaccine because of the production problems.\nThe world’s vaccine distributor has been counting on U.S. companies to provide more than 2 billion doses to lower and middle-income countries by the end of 2022 — a crucial step in ending the Covid-19 pandemic.\nBut the campaign run by the international consortium known as COVAX, which has already been delayed significantly because of production lags, is now likely to fall short by more than 1 billion doses as a key supplier faces significant hurdles in proving it can manufacture a shot that meets regulators’ quality standards, according to three people with direct knowledge of the company’s problems.\nThe delay, which was confirmed by three other people familiar with the discussions between Maryland-based Novavax and the Biden administration, represents a major setback in the effort to vaccinate the world in the wake of new, more transmissible variants.\nThe U.S. government invested $1.6 billion in Novavax in 2020 — the most it devoted to any vaccine maker at the time — in hopes that it would offer the world another option for a safe and effective vaccine to help protect against Covid-19. But the company has consistently run into production problems. The methods it used to test the purity of the vaccine have fallen short of regulators’ standards and the company has not been able to prove that it can produce a shot that is consistently up to snuff, according to multiple people familiar with Novavax’s difficulties. All spoke on the condition of anonymity to discuss sensitive company conversations.\nAlthough Novavax recently attested to some of its analytics and testing issues in aquarterly filing with the Securities and Exchange Commission, the company’s issues are more concerning than previously understood, according to two of the people with direct knowledge of the matter.\nThe Food and Drug Administration works out purity levels with each manufacturer according to June 2020 guidance for coronavirus vaccines, but it is generally understood that each vaccine batch should reach at least 90 percent. The company has struggled to attain anywhere close to that, one of the people with direct knowledge of the situation said. Another person familiar with the company’s manufacturing process said Novavax has recently shown purity levels hovering around 70 percent. Low purity levels increase the chance that contaminants or unnecessary substances are in the final product, rendering the vaccine less effective or introducing the chance that patients could react to unknown ingredients.\nCOVAX, which recently downgraded its 2021 goal from 2 billion to 1.425 billion doses, has already estimated that it faces a supply shortfall of as many as 1 billion doses in its effort to vaccinate the developing world. If Novavax falters, it could double the deficit through 2022, leaving hundreds of millions of people without immunity against Covid-19 and extending the pandemic.\n“COVAX continues to be challenged for adequate supply … in that context, Novavax’s manufacturing challenges and delays have been massively disruptive,” said Krishna Udayakumar, director of the Duke Global Health Innovation Center.\nThe global coalition is already behind on hundreds of millions of planned doses this month, having shipped just 371 million of its 700 million dose target for October. It is now also at risk of missing its already downgraded 2021 target.\nBetween Novavax and other manufacturers’ hurdles, “COVAX has had to scramble to revise its supply strategy significantly in real time,” Udayakumar said. As a result, global health groups are emphasizing more donations to cover immediate needs, he added.\nIn a statement, Novavax Senior Vice President of Investor Relations and Corporate Affairs Silvia Taylor told POLITICO that the company’s analytical testing methods have been “validated” — but did not answer questions about whether the FDA had signed off on them. The company still plans on filing an emergency use authorization by the end of the year, Taylor said.\n“The vaccine development and regulatory submission processes are highly complex and often require years to advance to the point where we are now. We will fulfill all of our committed doses both in the US and globally,” Taylor said.\nThe White House and the Department of Health and Human Services did not respond to multiple requests for comment.\nBut three people familiar with the matter said they are not confident that the company has the resources needed to reproduce a high-quality vaccine on a consistent basis — a benchmark Novavax must meet before that time. Those same people said Novavax could potentially fix its manufacturing issues and reach full licensure by the end of 2022.\nNovavax — which has never produced a vaccine before — declined to answer specific questions about its product’s purity levels and whether it had been successful in addressing its longstanding manufacturing issues.\nUnlike Pfizer and Moderna, the first manufacturers to launch vaccines using rapidly produced messenger RNA, Novavax is employing the previously used but complicated approach of creating the key ingredient with bug cells. While the process, which involves infecting the cells to produce spike proteins, is familiar to scientists, it is difficult to scale.\nThe revelations about Novavax’s continued manufacturing problems come at a time when only 36 percent of the world is vaccinated and as leaders of developing nations continue to pressure the U.S. to deliver more doses. In Africa alone, only 4.4 percent of the population is vaccinated.\nThat includes some of the continent’s most populous nations, like Nigeria and Uganda, where about 1 percent of citizens are fully vaccinated.\nNovavax is just the latest vaccine maker to run into core production problems after promising to serve as a major vaccine contributor to the developing world. In April, Johnson & Johnsonhalted work at a Baltimore facilityrun by contract manufacturer Emergent BioSolutions after it found that 15 million doses had been accidentally contaminated with ingredients from a separate Covid-19 vaccine.\nJ&J’s manufacturing process has been slow to recover, and to date it has produced just a fraction of the 200 million shots it initially pledged to COVAX by the end of the year, according to records kept by UNICEF.\n“Overpromising and underdelivering is the name of the game for these manufacturers,” said Asia Russell, executive director of international advocacy group Health GAP. “And that’s the infrastructure of the global response, which is terrifying.”\nUnlike Johnson & Johnson, Novavax is a novice in the vaccine world. It has never successfully launched a vaccine, and had struggled financially prior to the pandemic. After a string of drug development failures, it sold its manufacturing facilities in 2019 — a deal that also included parting with 100 employees. In May of that year, Novavax’s stock price dropped as low as 36 cents per share.\nYet the company’s fortunes shifted as Covid-19 took hold. Amid a scramble early in the pandemic to develop a range of vaccine candidates, the Trump administration awarded Novavax $1.6 billion to aid work on its Covid-19 shot — the largest deal given to any Covid-19 vaccine maker at that time.\nThe contract represented a major vote of confidence in Novavax’s capabilities — and a bet that appeared to pay off after late-stage trials showed the vaccine was 90 percent effective against the virus.\nBut even then, senior Trump administration officials on Operation Warp Speed — a group tasked with accelerating vaccine development — repeatedly warned the company that it risked running into problems in scaling up manufacturing of the shot, two people with direct knowledge of those discussions said.\nIn particular, they worried that Novavax would have difficulty ensuring that the vaccine consistently met the FDA’s rigorous quality standards once the vaccine went into mass production — the exact problem that has now stymied the company for months.\n“They rushed the process,” one of the people with knowledge of the matter said. “It’s hard to make. And they can’t make it.”\nTaylor, the Novavax spokesperson, said in a statement that it has incorporated feedback from regulators and has made “tremendous progress with the scale-up of our commercial manufacturing processes.” The company is still on track to produce 150 million doses a month by the end of the year, she said, and has stockpiled tens of millions of doses ahead of regulatory filings in the U.S. and internationally.\nCompany executives in recent presentations to investors have struck a similarly optimistic tone, downplaying the manufacturing snags and predicting it will soon be cleared to begin distributing doses. During aSept. 29 investor event, Chief Commercial Officer John Trizzino said the company had “resolved” its problems and was close to submitting a final regulatory application.\n“We’re really moving along with testing our lots now,” added Gregory Glenn, president of Novavax’s research and development, referring to batches of its vaccine. “We think that this is shortly going to come to a close.”\nU.S. officials working with the company are not as confident, according to three people with knowledge of the matter. Novavax’s manufacturing problems are seen as far more difficult to fix than the sanitary and design concerns that halted production of J&J’s vaccine at the Emergent plant earlier this year, those people said.\nAnd even as the company begins to seek regulatory approval in other countries, there remains doubt in the U.S. that it has solved the fundamental vaccine purity flaws that the people with knowledge said have affected its ability to make doses at plants around the world.\nSeveral vaccine batches have already been discarded, and four people with knowledge of the matter say U.S. officials now no longer expect the company to win FDA sign-off on the vaccine until next year at the earliest.\n“At some level, I think the efficacy was never going to outweigh the risk associated with the impurity that was in there,” said one of the people with knowledge of the matter. “I’m not surprised this is where we are.”","news_type":1,"symbols_score_info":{"NVAX":0.9}},"isVote":1,"tweetType":1,"viewCount":787,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":827877371,"gmtCreate":1634451597434,"gmtModify":1634451597613,"author":{"id":"4093410373855950","authorId":"4093410373855950","name":"Humbly","avatar":"https://static.tigerbbs.com/cebd1eb0173a5ad49e43baaa7c0252d8","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4093410373855950","authorIdStr":"4093410373855950"},"themes":[],"title":"","htmlText":"Short term supply bottlenecks&nbsp;could limit Amazon year end sales.&nbsp;","listText":"Short term supply bottlenecks&nbsp;could limit Amazon year end sales.&nbsp;","text":"Short term supply bottlenecks could limit Amazon year end sales.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/827877371","repostId":"1132582737","repostType":4,"repost":{"id":"1132582737","kind":"news","pubTimestamp":1634311475,"share":"https://www.laohunote.com/m/news/1132582737?lang=zh_CN&edition=full","pubTime":"2021-10-15 23:24","market":"us","language":"en","title":"JPMorgan On Amazon Stock: 29% Upside Potential<blockquote>摩根大通谈亚马逊股票：29% 的上涨潜力</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1132582737","media":"TheStreet","summary":"Amazon stock has fallen victim of its own success: shares of the e-commerce giant have lagged the S&","content":"<p>Amazon stock has fallen victim of its own success: shares of the e-commerce giant have lagged the S&amp;P 500 since its disappointing Q2 earnings day. But JPMorgan is optimistic and sees upside ahead.</p><p><blockquote>亚马逊股价已成为自身成功的受害者：自令人失望的第二季度财报日以来，这家电子商务巨头的股价一直落后于标普500。但摩根大通持乐观态度，认为未来还有上涨空间。</blockquote></p><p> Since the release of Amazon’s most recent earnings report, investors have watched shares of the cloud and e-commerce giant tank by 11%. Amazon stock&nbsp;underperformed an already weak S&amp;P 500 by three percentage points over the period, leaving some to question: is AMZN still a good investment?</p><p><blockquote>自亚马逊发布最新财报以来，投资者眼睁睁地看着这家云计算和电子商务巨头的股价下跌了 11%。在此期间，亚马逊股票的表现落后于本已疲软的标普500三个百分点，这让一些人质疑：AMZN 仍然是一项不错的投资吗？</blockquote></p><p> According to experts at JPMorgan (JPM), the answer is yes. Today, the Amazon Maven presents the main reasons why five-star&nbsp;rated&nbsp;analyst Doug Anmuth believes that Amazon stock is about to surge, producing an estimated 29% in gains through 2022.</p><p><blockquote>摩根大通（JPM）的专家表示，答案是肯定的。今天，亚马逊专家介绍了五星级分析师 Doug Anmuth 认为亚马逊股价即将飙升的主要原因，预计到 2022 年将上涨 29%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8c8e5f4ca5aa3dba7bef61858521bd17\" tg-width=\"1240\" tg-height=\"827\" width=\"100%\" height=\"auto\"><span>Figure 1: J.P. Morgan offices in Hong Kong.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1：摩根大通在香港的办事处。</span></p></blockquote></p><p> <b>Getting back on track</b></p><p><blockquote><b>重回正轨</b></blockquote></p><p> As the&nbsp;Amazon Maven mentioned&nbsp;recently, the impact of the pandemic on shopping habits led analysts to overestimate Amazon’s revenues for the current year. This is the very first reason why JPMorgan&nbsp;believes&nbsp;that AMZN will get a green light to climb again: “[the stock is heading] closer to the last quarter of difficult COVID-19 comps in the first quarter of 2022\", which should help to reset sentiment.</p><p><blockquote>正如亚马逊专家最近提到的那样，大流行病对购物习惯的影响导致分析师高估了亚马逊本年度的收入。这也是摩根大通认为亚马逊将获得再次攀升的绿灯的第一个原因： “[该股正在]接近2022年第一季度艰难的COVID-19竞争的最后一个季度”，这应该有助于重置市场情绪。</blockquote></p><p> Once 2020 results are left in the rearview mirror, the e-commerce company will face more realistic, non-pandemic-inflated projections. As mentioned by Mr. Anmuth himself, \"further downward revisions to 2022 profit estimates would help lower the bar and potentially create more of a clearing event”.</p><p><blockquote>一旦2020年的业绩成为过去，这家电子商务公司将面临更现实的、非疫情膨胀的预测。正如Anmuth先生本人所提到的，“进一步下调2022年盈利预测将有助于降低门槛，并有可能创造更多的清算事件”。</blockquote></p><p> <b>Holiday upside</b></p><p><blockquote><b>假期好处</b></blockquote></p><p> Another reason why Mr. Anmuth believes Amazon stock will head higher is the beginning of the holiday season. Since the market has been so cautious towards AMZN lately, the stock has been trading at lower multiples than would otherwise be considered reasonable. The holidays, on the other hand, could be the bullish catalyst that investors need to own the stock again.</p><p><blockquote>安穆斯认为亚马逊股价会走高的另一个原因是假日季的开始。由于市场最近对 AMZN 非常谨慎，该股的交易倍数一直低于合理的倍数。另一方面，假期可能是投资者重新持有该股所需的看涨催化剂。</blockquote></p><p> Lastly, there is the potential for an increase in Prime subscription price in 2022. Considering an estimated 150 million US Prime members in 2021, a $20 dollar hike in annual fee would lead to an extra $3 billion heading towards Amazon’s coffers.</p><p><blockquote>最后，2022 年 Prime 订阅价格有可能上涨。考虑到 2021 年美国约有 1.5 亿 Prime 会员，年费上涨 20 美元将为亚马逊带来额外的 30 亿美元收入。</blockquote></p><p> At first glance, the figure may not seem like much, given Amazon’s revenues of $380 billion in 2020. However, keep in mind that nearly all the price increase would flow cleanly into Amazon’s operating income. On a 2020 basis, this would represent growth of nearly 15% in pre-tax profits.</p><p><blockquote>乍一看，考虑到亚马逊 2020 年 3800 亿美元的收入，这个数字似乎并不多。不过，请记住，几乎所有的涨价都将直接流入亚马逊的经营利润。在2020年的基础上，这将代表税前利润增长近15%。</blockquote></p><p> <b>What do other experts say?</b></p><p><blockquote><b>其他专家怎么说？</b></blockquote></p><p> Other reports published recently also support the bullish thesis. Mark Mahaney from Evercore ISI&nbsp;talked&nbsp;to 15 industry experts, including former Amazon employees, during the research firm’s Amazon Day Symposium. The analyst liked what he saw and issued a hefty $4,700 target price.</p><p><blockquote>最近发表的其他报告也支持看涨论点。Evercore ISI 的马克-马哈尼（Mark Mahaney）在亚马逊日研讨会上与 15 位行业专家进行了交谈，其中包括亚马逊前员工。这位分析师喜欢他所看到的，并给出了 4,700 美元的高额目标价。</blockquote></p><p> Wolfe Research’s Deepak Mathivanan, on the other hand,lowered&nbsp;his price target on AMZN modestly to $3,850 from $3,900, despite maintaining an outperform rating. Sitting closer to the consensus price target is Goldman Sachs’ Eric Sheridan, who is bullish and&nbsp;believes&nbsp;that AMZN shares are worth $4,250.</p><p><blockquote>另一方面，沃尔夫研究公司（Wolfe Research）的迪帕克-马蒂瓦南（Deepak Mathivanan）将亚马逊的目标价从3900美元小幅下调至3850美元，尽管维持了跑赢大盘的评级。高盛（Goldman Sachs）的埃里克-谢里丹（Eric Sheridan）看好亚马逊的股价，认为亚马逊的股价值为 4250 美元。</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>JPMorgan On Amazon Stock: 29% Upside Potential<blockquote>摩根大通谈亚马逊股票：29% 的上涨潜力</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\">\nJPMorgan On Amazon Stock: 29% Upside Potential<blockquote>摩根大通谈亚马逊股票：29% 的上涨潜力</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">TheStreet</strong><span class=\"h-time small\">2021-10-15 23:24</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Amazon stock has fallen victim of its own success: shares of the e-commerce giant have lagged the S&amp;P 500 since its disappointing Q2 earnings day. But JPMorgan is optimistic and sees upside ahead.</p><p><blockquote>亚马逊股价已成为自身成功的受害者：自令人失望的第二季度财报日以来，这家电子商务巨头的股价一直落后于标普500。但摩根大通持乐观态度，认为未来还有上涨空间。</blockquote></p><p> Since the release of Amazon’s most recent earnings report, investors have watched shares of the cloud and e-commerce giant tank by 11%. Amazon stock&nbsp;underperformed an already weak S&amp;P 500 by three percentage points over the period, leaving some to question: is AMZN still a good investment?</p><p><blockquote>自亚马逊发布最新财报以来，投资者眼睁睁地看着这家云计算和电子商务巨头的股价下跌了 11%。在此期间，亚马逊股票的表现落后于本已疲软的标普500三个百分点，这让一些人质疑：AMZN 仍然是一项不错的投资吗？</blockquote></p><p> According to experts at JPMorgan (JPM), the answer is yes. Today, the Amazon Maven presents the main reasons why five-star&nbsp;rated&nbsp;analyst Doug Anmuth believes that Amazon stock is about to surge, producing an estimated 29% in gains through 2022.</p><p><blockquote>摩根大通（JPM）的专家表示，答案是肯定的。今天，亚马逊专家介绍了五星级分析师 Doug Anmuth 认为亚马逊股价即将飙升的主要原因，预计到 2022 年将上涨 29%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8c8e5f4ca5aa3dba7bef61858521bd17\" tg-width=\"1240\" tg-height=\"827\" width=\"100%\" height=\"auto\"><span>Figure 1: J.P. Morgan offices in Hong Kong.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1：摩根大通在香港的办事处。</span></p></blockquote></p><p> <b>Getting back on track</b></p><p><blockquote><b>重回正轨</b></blockquote></p><p> As the&nbsp;Amazon Maven mentioned&nbsp;recently, the impact of the pandemic on shopping habits led analysts to overestimate Amazon’s revenues for the current year. This is the very first reason why JPMorgan&nbsp;believes&nbsp;that AMZN will get a green light to climb again: “[the stock is heading] closer to the last quarter of difficult COVID-19 comps in the first quarter of 2022\", which should help to reset sentiment.</p><p><blockquote>正如亚马逊专家最近提到的那样，大流行病对购物习惯的影响导致分析师高估了亚马逊本年度的收入。这也是摩根大通认为亚马逊将获得再次攀升的绿灯的第一个原因： “[该股正在]接近2022年第一季度艰难的COVID-19竞争的最后一个季度”，这应该有助于重置市场情绪。</blockquote></p><p> Once 2020 results are left in the rearview mirror, the e-commerce company will face more realistic, non-pandemic-inflated projections. As mentioned by Mr. Anmuth himself, \"further downward revisions to 2022 profit estimates would help lower the bar and potentially create more of a clearing event”.</p><p><blockquote>一旦2020年的业绩成为过去，这家电子商务公司将面临更现实的、非疫情膨胀的预测。正如Anmuth先生本人所提到的，“进一步下调2022年盈利预测将有助于降低门槛，并有可能创造更多的清算事件”。</blockquote></p><p> <b>Holiday upside</b></p><p><blockquote><b>假期好处</b></blockquote></p><p> Another reason why Mr. Anmuth believes Amazon stock will head higher is the beginning of the holiday season. Since the market has been so cautious towards AMZN lately, the stock has been trading at lower multiples than would otherwise be considered reasonable. The holidays, on the other hand, could be the bullish catalyst that investors need to own the stock again.</p><p><blockquote>安穆斯认为亚马逊股价会走高的另一个原因是假日季的开始。由于市场最近对 AMZN 非常谨慎，该股的交易倍数一直低于合理的倍数。另一方面，假期可能是投资者重新持有该股所需的看涨催化剂。</blockquote></p><p> Lastly, there is the potential for an increase in Prime subscription price in 2022. Considering an estimated 150 million US Prime members in 2021, a $20 dollar hike in annual fee would lead to an extra $3 billion heading towards Amazon’s coffers.</p><p><blockquote>最后，2022 年 Prime 订阅价格有可能上涨。考虑到 2021 年美国约有 1.5 亿 Prime 会员，年费上涨 20 美元将为亚马逊带来额外的 30 亿美元收入。</blockquote></p><p> At first glance, the figure may not seem like much, given Amazon’s revenues of $380 billion in 2020. However, keep in mind that nearly all the price increase would flow cleanly into Amazon’s operating income. On a 2020 basis, this would represent growth of nearly 15% in pre-tax profits.</p><p><blockquote>乍一看，考虑到亚马逊 2020 年 3800 亿美元的收入，这个数字似乎并不多。不过，请记住，几乎所有的涨价都将直接流入亚马逊的经营利润。在2020年的基础上，这将代表税前利润增长近15%。</blockquote></p><p> <b>What do other experts say?</b></p><p><blockquote><b>其他专家怎么说？</b></blockquote></p><p> Other reports published recently also support the bullish thesis. Mark Mahaney from Evercore ISI&nbsp;talked&nbsp;to 15 industry experts, including former Amazon employees, during the research firm’s Amazon Day Symposium. The analyst liked what he saw and issued a hefty $4,700 target price.</p><p><blockquote>最近发表的其他报告也支持看涨论点。Evercore ISI 的马克-马哈尼（Mark Mahaney）在亚马逊日研讨会上与 15 位行业专家进行了交谈，其中包括亚马逊前员工。这位分析师喜欢他所看到的，并给出了 4,700 美元的高额目标价。</blockquote></p><p> Wolfe Research’s Deepak Mathivanan, on the other hand,lowered&nbsp;his price target on AMZN modestly to $3,850 from $3,900, despite maintaining an outperform rating. Sitting closer to the consensus price target is Goldman Sachs’ Eric Sheridan, who is bullish and&nbsp;believes&nbsp;that AMZN shares are worth $4,250.</p><p><blockquote>另一方面，沃尔夫研究公司（Wolfe Research）的迪帕克-马蒂瓦南（Deepak Mathivanan）将亚马逊的目标价从3900美元小幅下调至3850美元，尽管维持了跑赢大盘的评级。高盛（Goldman Sachs）的埃里克-谢里丹（Eric Sheridan）看好亚马逊的股价，认为亚马逊的股价值为 4250 美元。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/amazon/news/jpmorgan-on-amazon-stock-29-upside-potential\">TheStreet</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMZN":"亚马逊"},"source_url":"https://www.thestreet.com/amazon/news/jpmorgan-on-amazon-stock-29-upside-potential","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1132582737","content_text":"Amazon stock has fallen victim of its own success: shares of the e-commerce giant have lagged the S&P 500 since its disappointing Q2 earnings day. But JPMorgan is optimistic and sees upside ahead.\nSince the release of Amazon’s most recent earnings report, investors have watched shares of the cloud and e-commerce giant tank by 11%. Amazon stock underperformed an already weak S&P 500 by three percentage points over the period, leaving some to question: is AMZN still a good investment?\nAccording to experts at JPMorgan (JPM), the answer is yes. Today, the Amazon Maven presents the main reasons why five-star rated analyst Doug Anmuth believes that Amazon stock is about to surge, producing an estimated 29% in gains through 2022.\nFigure 1: J.P. Morgan offices in Hong Kong.\nGetting back on track\nAs the Amazon Maven mentioned recently, the impact of the pandemic on shopping habits led analysts to overestimate Amazon’s revenues for the current year. This is the very first reason why JPMorgan believes that AMZN will get a green light to climb again: “[the stock is heading] closer to the last quarter of difficult COVID-19 comps in the first quarter of 2022\", which should help to reset sentiment.\nOnce 2020 results are left in the rearview mirror, the e-commerce company will face more realistic, non-pandemic-inflated projections. As mentioned by Mr. Anmuth himself, \"further downward revisions to 2022 profit estimates would help lower the bar and potentially create more of a clearing event”.\nHoliday upside\nAnother reason why Mr. Anmuth believes Amazon stock will head higher is the beginning of the holiday season. Since the market has been so cautious towards AMZN lately, the stock has been trading at lower multiples than would otherwise be considered reasonable. The holidays, on the other hand, could be the bullish catalyst that investors need to own the stock again.\nLastly, there is the potential for an increase in Prime subscription price in 2022. Considering an estimated 150 million US Prime members in 2021, a $20 dollar hike in annual fee would lead to an extra $3 billion heading towards Amazon’s coffers.\nAt first glance, the figure may not seem like much, given Amazon’s revenues of $380 billion in 2020. However, keep in mind that nearly all the price increase would flow cleanly into Amazon’s operating income. On a 2020 basis, this would represent growth of nearly 15% in pre-tax profits.\nWhat do other experts say?\nOther reports published recently also support the bullish thesis. Mark Mahaney from Evercore ISI talked to 15 industry experts, including former Amazon employees, during the research firm’s Amazon Day Symposium. The analyst liked what he saw and issued a hefty $4,700 target price.\nWolfe Research’s Deepak Mathivanan, on the other hand,lowered his price target on AMZN modestly to $3,850 from $3,900, despite maintaining an outperform rating. Sitting closer to the consensus price target is Goldman Sachs’ Eric Sheridan, who is bullish and believes that AMZN shares are worth $4,250.","news_type":1,"symbols_score_info":{"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":706,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":829050777,"gmtCreate":1633444680442,"gmtModify":1633444680558,"author":{"id":"4093410373855950","authorId":"4093410373855950","name":"Humbly","avatar":"https://static.tigerbbs.com/cebd1eb0173a5ad49e43baaa7c0252d8","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4093410373855950","authorIdStr":"4093410373855950"},"themes":[],"title":"","htmlText":"Since the death of Jobs, we have yet to see another revolutionary product from Apple.&nbsp; Will the Apple car be a revolutionary product or just following on the footsteps of Tesla Motor ?","listText":"Since the death of Jobs, we have yet to see another revolutionary product from Apple.&nbsp; Will the Apple car be a revolutionary product or just following on the footsteps of Tesla Motor ?","text":"Since the death of Jobs, we have yet to see another revolutionary product from Apple. Will the Apple car be a revolutionary product or just following on the footsteps of Tesla Motor ?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/829050777","repostId":"1116662375","repostType":4,"repost":{"id":"1116662375","kind":"news","pubTimestamp":1633441259,"share":"https://www.laohunote.com/m/news/1116662375?lang=zh_CN&edition=full","pubTime":"2021-10-05 21:40","market":"us","language":"en","title":"A decade later, Steve Jobs is still paving Apple’s path to success<blockquote>十年过去了，乔布斯仍在为苹果铺路</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1116662375","media":"macworld","summary":"Time rolls forward, the past recedes, and it all starts to fade, doesn’t it? Ten years ago, Steve Jo","content":"<p>Time rolls forward, the past recedes, and it all starts to fade, doesn’t it? Ten years ago, Steve Jobs died, and at the time Ipondered how he’d be remembered. In the intervening years, his most notable product–Apple itself–has risen to unimaginable levels of power and influence.</p><p><blockquote>时间向前滚动，过去退去，一切都开始褪色，不是吗？十年前，史蒂夫-乔布斯去世了，当时我不知道人们会如何缅怀他。在这期间的几年里，他最著名的产品——苹果本身——已经上升到了难以想象的权力和影响力水平。</blockquote></p><p> The fact that so much of Apple’s growth has happened since Jobs’s departure hasn’t reduced him at all. It would be relatively easy to argue that the success of Tim Cook’s Apple suggests that, despite everyone’s concern in the late days of 2011, the company actually<i>could</i>go on without Jobs at the helm. But that’s not what anyone thinks. Instead, Jobs is credited for putting Apple on the path that led to it becoming what it is today.</p><p><blockquote>乔布斯离职后，苹果取得了如此大的进步，但这丝毫没有降低他的地位。可以相对容易地说，蒂姆-库克（Tim Cook）的苹果的成功表明，尽管在 2011 年末每个人都感到担忧，但该公司实际上<i>可以</i>继续没有工作掌舵。但并非所有人都这么想。相反，乔布斯被认为是让苹果走上了今天的道路。</blockquote></p><p> The 10 years before</p><p><blockquote>10年前</blockquote></p><p> On October 5, 2001, 10 years before Jobs passed away, Apple is busy digging itself out of an enormous hole. Jobs returned to the company with the purchase of NeXT in late 1996, assumed the reins of power in mid-1997, and four years later his big accomplishment is mostly that Apple hasn’t gone out of business yet. Thanks to the&nbsp;iMac G3, the company had a financial lifeline that has allowed it to renovate the rest of the Mac product line, get an&nbsp;entirely new Mac OSout the door, and begin&nbsp;expanding into retail.</p><p><blockquote>2001年10月5日，也就是乔布斯去世的10年前，苹果正忙于从一个巨大的洞里挖掘自己。1996 年底，乔布斯收购了 NeXT 公司，重返公司，1997 年年中掌权，四年后，他的巨大成就主要是苹果还没有倒闭。多亏了iMac G3，该公司有了一条财务生命线，使其能够翻新Mac产品线的其余部分，推出全新的Mac，并开始向零售业扩张。</blockquote></p><p> This is a very different Apple than the one that most people remember, an&nbsp;invisible era&nbsp;where Jobs was furiously throwing ideas at the wall to see what would stick. (A server! Acube-shaped Power Mac!) This Apple was not afraid of failure. It wasn’t afraid of looking foolish. It was, in fact, completely embracing the fact that it would need to keep trying and be willing to fail in order to find where it might succeed.</p><p><blockquote>这是一个与大多数人记忆中截然不同的苹果，这是一个看不见的时代，乔布斯疯狂地把想法扔到墙上，看看什么会坚持下去。（一个服务器!Acube形状的Power Mac!）这个苹果不怕失败。它不怕显得愚蠢。事实上，它完全接受了这样一个事实，即它需要不断尝试，并愿意失败，以便找到可能成功的地方。</blockquote></p><p> One of those wild ideas ended up saving the company.</p><p><blockquote>其中一个疯狂的想法最终拯救了公司。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/272cbc070a8abecbfeba42331c92a783\" tg-width=\"1200\" tg-height=\"800\" width=\"100%\" height=\"auto\"><span>Apple had been struggling for years. Then the iPod came along to start a string of successes that made the company what it is today.</span></p><p><blockquote><p class=\"t-img-caption\"><span>苹果已经挣扎了很多年。然后iPod出现了，开始了一连串的成功，造就了今天的公司。</span></p></blockquote></p><p> Ten years before Steve Jobs died, he and his team were putting the finishing touches on the new product they’d be introducing a couple of weeks later. It was another weird idea that was still worth trying–a digital music player so compact that you could carry a thousand songs with you in your pocket.</p><p><blockquote>在史蒂夫-乔布斯去世前十年，他和他的团队正在对几周后推出的新产品进行最后的润色。这是另一个仍然值得尝试的奇怪想法——一个如此小巧的数字音乐播放器，你可以在口袋里携带一千首歌曲。</blockquote></p><p> The iMac G3’s sales success might have given Apple a lifeline, but it was the iPod (which has its 20th birthday later this month) that introduced Apple’s brand to countless people who had never,<i>would</i>never consider buying a Mac. And combined with the expanding Apple retail empire–another idea that might have ended in disaster, but didn’t–the iPod turned people on to Apple as a brand, making them consider the Mac as well–and Apple’s fortunes grew.</p><p><blockquote>iMac G3 的销售成功可能给了苹果一条生命线，但正是 iPod（本月晚些时候将迎来 20 岁生日）向无数从未接触过 iPod、<i>将会</i>永远不要考虑买苹果电脑。再加上不断扩大的苹果零售帝国--另一个可能以灾难告终的想法--iPod 让人们开始关注苹果这个品牌，让他们也开始考虑 Mac--苹果的财富也随之增长。</blockquote></p><p> From there, of course, Apple was on the path to build the iPhone and the iPad, constructing the core trio of products that drive the company even today.</p><p><blockquote>当然，从那里开始，苹果走上了制造iPhone和iPad的道路，构建了驱动公司今天的核心三大产品。</blockquote></p><p> The 10 years after</p><p><blockquote>10年后</blockquote></p><p> During Apple’sfinal financial quarter with Jobs as CEO, Apple delivered its best financial quarter ever. The company generated a record $28.6 billion in revenue and a record $7.31 billion in profit. It sold $13.3 billion worth of iPhones, $6 billion worth of iPads, and $5.1 billion worth of Macs.</p><p><blockquote>在乔布斯担任首席执行官的苹果最后一个财季，苹果交出了有史以来最好的财季。该公司创造了创纪录的 286 亿美元收入和创纪录的 73.1 亿美元利润。它售出了价值133亿美元的iPhone、价值60亿美元的iPad和价值51亿美元的Mac电脑。</blockquote></p><p> Ten years after Jobs left Apple,the resultswere a bit better. Revenue was $81.4 billion, 2.8 times more than the decade-ago quarter. Profit was $21.7 billion, nearly three times the decade-ago total. Apple sold $39.5 billion worth of iPhones (up nearly 3 times), $7.3 billion worth of iPads (up 22 percent), and $8.2 billion worth of Macs (up 61 percent).</p><p><blockquote>乔布斯离开苹果十年后，结果稍好一些。收入为 814 亿美元，是十年前季度的 2.8 倍。利润为 217 亿美元，几乎是十年前总额的三倍。苹果售出了价值 395 亿美元的 iPhone（增长近 3 倍）、价值 73 亿美元的 iPad（增长 22%）和价值 82 亿美元的 Mac（增长 61%）。</blockquote></p><p> Under Tim Cook’s stewardship, Apple has tripled what it makes in an average quarter. It has grown two major new sources of revenue in wearable products (such as Apple Watch and AirPods) and services. Does Tim Cook deserve credit for this? Given how so many experts were convinced that Apple would be utterly adrift without Steve Jobs at the helm, I certainly think so.</p><p><blockquote>在蒂姆-库克（Tim Cook）的管理下，苹果平均每个季度的收入增加了两倍。它在可穿戴产品（如苹果手表和AirPods）和服务方面增长了两大新收入来源。蒂姆·库克值得称赞吗？鉴于如此多的专家确信，如果没有乔布斯掌舵，苹果将彻底陷入困境，我当然这么认为。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1ff011b19b561e07a75dc6408fdd7251\" tg-width=\"1200\" tg-height=\"800\" width=\"100%\" height=\"auto\"><span>Apple has experienced tremendous success since Steve Jobs’ death. Tim Cook deserves all the credit, just as Jobs is viewed as the one who set it all up.</span></p><p><blockquote><p class=\"t-img-caption\"><span>乔布斯去世后，苹果取得了巨大的成功。蒂姆·库克应该得到所有的荣誉，就像乔布斯被视为一手策划这一切一样。</span></p></blockquote></p><p> Just as Apple’s modern corporate culture really owes itself to what Jobs established when he returned to the company in the 1990s, Cook himself was chosen by Jobs as his successor. I think it’s fair to say that Jobs probably saw the trajectory Apple was on and trusted Cook to navigate the company through that growth while also continuing to focus on developing new products and iterating on existing ones.</p><p><blockquote>正如苹果的现代企业文化真正归功于乔布斯在 20 世纪 90 年代重返公司时建立的文化一样，库克本人也被乔布斯选为接班人。我认为可以公平地说，乔布斯可能看到了苹果的发展轨迹，并信任库克带领公司实现增长，同时继续专注于开发新产品和迭代现有产品。</blockquote></p><p></p><p> So while Cook deserves credit for steering Apple through these waters, Jobs is rightfully viewed as the person who set it all up. The enormous success of Apple in the decade since Jobs died only adds to his legacy.</p><p><blockquote>因此，虽然库克带领苹果渡过难关值得称赞，但乔布斯理所当然地被视为幕后策划者。乔布斯去世后的十年里，苹果取得了巨大成功，这只会增加他的遗产。</blockquote></p><p> But lest we forget, nothing is forever. Apple TV+, a service that Jobs probably wouldn’t have conceived of himself, recently premiered a series based on Isaac Asimov’s “Foundation” book series. “Foundation” is, fundamentally, about one man’s vision of the future–and how one man’s vision is no match for the sweep of history.</p><p><blockquote>但是我们不要忘记，没有什么是永恒的。乔布斯可能不会想到的苹果电视+服务最近首播了一部根据艾萨克-阿西莫夫（Isaac Asimov）的《基金会》系列丛书改编的电视剧。从根本上说，《基础》讲述的是一个人对未来的愿景--以及一个人的愿景是如何无法与历史的风暴相媲美的。</blockquote></p><p> Time does roll forward, and our perceptions of events continue to shift. Events witnessed in person become old stories retold, subject to the limits of our memories and the imperfection of second-hand storytelling. My daughter was born just after the iPod was announced, but before it shipped. She’s about to turn 20. Where does the time go?</p><p><blockquote>时间确实在前进，我们对事件的看法也在不断变化。亲眼目睹的事件变成了重新讲述的老故事，受制于我们记忆的限制和二手故事的不完美。我的女儿是在iPod发布后不久出生的，但在它发货之前。她马上就要20岁了。时间去哪儿了？</blockquote></p><p> “Those of us who are lucky enough to grow old and rickety (in a way that, cruelly, Steven Paul Jobs was never allowed to) will say that we saw that man stand upon a stage with a giant Apple logo behind him and introduce a new iconic, world-changing product,”I wrote when Jobs died. “In a hundred years, perhaps he will have been reduced to a caricature.” Maybe so. But we should all be so lucky.</p><p><blockquote>“乔布斯去世时，我写道：”我们这些有幸变老变态的人会说，我们看到那个人站在舞台上，身后是巨大的苹果标志，并推出了一款标志性的、改变世界的新产品。“一百年后，或许他会沦为一幅漫画。”也许是这样。但我们都应该很幸运。</blockquote></p><p></p>","source":"lsy1633441374938","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>A decade later, Steve Jobs is still paving Apple’s path to success<blockquote>十年过去了，乔布斯仍在为苹果铺路</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\">\nA decade later, Steve Jobs is still paving Apple’s path to success<blockquote>十年过去了，乔布斯仍在为苹果铺路</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">macworld</strong><span class=\"h-time small\">2021-10-05 21:40</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Time rolls forward, the past recedes, and it all starts to fade, doesn’t it? Ten years ago, Steve Jobs died, and at the time Ipondered how he’d be remembered. In the intervening years, his most notable product–Apple itself–has risen to unimaginable levels of power and influence.</p><p><blockquote>时间向前滚动，过去退去，一切都开始褪色，不是吗？十年前，史蒂夫-乔布斯去世了，当时我不知道人们会如何缅怀他。在这期间的几年里，他最著名的产品——苹果本身——已经上升到了难以想象的权力和影响力水平。</blockquote></p><p> The fact that so much of Apple’s growth has happened since Jobs’s departure hasn’t reduced him at all. It would be relatively easy to argue that the success of Tim Cook’s Apple suggests that, despite everyone’s concern in the late days of 2011, the company actually<i>could</i>go on without Jobs at the helm. But that’s not what anyone thinks. Instead, Jobs is credited for putting Apple on the path that led to it becoming what it is today.</p><p><blockquote>乔布斯离职后，苹果取得了如此大的进步，但这丝毫没有降低他的地位。可以相对容易地说，蒂姆-库克（Tim Cook）的苹果的成功表明，尽管在 2011 年末每个人都感到担忧，但该公司实际上<i>可以</i>继续没有工作掌舵。但并非所有人都这么想。相反，乔布斯被认为是让苹果走上了今天的道路。</blockquote></p><p> The 10 years before</p><p><blockquote>10年前</blockquote></p><p> On October 5, 2001, 10 years before Jobs passed away, Apple is busy digging itself out of an enormous hole. Jobs returned to the company with the purchase of NeXT in late 1996, assumed the reins of power in mid-1997, and four years later his big accomplishment is mostly that Apple hasn’t gone out of business yet. Thanks to the&nbsp;iMac G3, the company had a financial lifeline that has allowed it to renovate the rest of the Mac product line, get an&nbsp;entirely new Mac OSout the door, and begin&nbsp;expanding into retail.</p><p><blockquote>2001年10月5日，也就是乔布斯去世的10年前，苹果正忙于从一个巨大的洞里挖掘自己。1996 年底，乔布斯收购了 NeXT 公司，重返公司，1997 年年中掌权，四年后，他的巨大成就主要是苹果还没有倒闭。多亏了iMac G3，该公司有了一条财务生命线，使其能够翻新Mac产品线的其余部分，推出全新的Mac，并开始向零售业扩张。</blockquote></p><p> This is a very different Apple than the one that most people remember, an&nbsp;invisible era&nbsp;where Jobs was furiously throwing ideas at the wall to see what would stick. (A server! Acube-shaped Power Mac!) This Apple was not afraid of failure. It wasn’t afraid of looking foolish. It was, in fact, completely embracing the fact that it would need to keep trying and be willing to fail in order to find where it might succeed.</p><p><blockquote>这是一个与大多数人记忆中截然不同的苹果，这是一个看不见的时代，乔布斯疯狂地把想法扔到墙上，看看什么会坚持下去。（一个服务器!Acube形状的Power Mac!）这个苹果不怕失败。它不怕显得愚蠢。事实上，它完全接受了这样一个事实，即它需要不断尝试，并愿意失败，以便找到可能成功的地方。</blockquote></p><p> One of those wild ideas ended up saving the company.</p><p><blockquote>其中一个疯狂的想法最终拯救了公司。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/272cbc070a8abecbfeba42331c92a783\" tg-width=\"1200\" tg-height=\"800\" width=\"100%\" height=\"auto\"><span>Apple had been struggling for years. Then the iPod came along to start a string of successes that made the company what it is today.</span></p><p><blockquote><p class=\"t-img-caption\"><span>苹果已经挣扎了很多年。然后iPod出现了，开始了一连串的成功，造就了今天的公司。</span></p></blockquote></p><p> Ten years before Steve Jobs died, he and his team were putting the finishing touches on the new product they’d be introducing a couple of weeks later. It was another weird idea that was still worth trying–a digital music player so compact that you could carry a thousand songs with you in your pocket.</p><p><blockquote>在史蒂夫-乔布斯去世前十年，他和他的团队正在对几周后推出的新产品进行最后的润色。这是另一个仍然值得尝试的奇怪想法——一个如此小巧的数字音乐播放器，你可以在口袋里携带一千首歌曲。</blockquote></p><p> The iMac G3’s sales success might have given Apple a lifeline, but it was the iPod (which has its 20th birthday later this month) that introduced Apple’s brand to countless people who had never,<i>would</i>never consider buying a Mac. And combined with the expanding Apple retail empire–another idea that might have ended in disaster, but didn’t–the iPod turned people on to Apple as a brand, making them consider the Mac as well–and Apple’s fortunes grew.</p><p><blockquote>iMac G3 的销售成功可能给了苹果一条生命线，但正是 iPod（本月晚些时候将迎来 20 岁生日）向无数从未接触过 iPod、<i>将会</i>永远不要考虑买苹果电脑。再加上不断扩大的苹果零售帝国--另一个可能以灾难告终的想法--iPod 让人们开始关注苹果这个品牌，让他们也开始考虑 Mac--苹果的财富也随之增长。</blockquote></p><p> From there, of course, Apple was on the path to build the iPhone and the iPad, constructing the core trio of products that drive the company even today.</p><p><blockquote>当然，从那里开始，苹果走上了制造iPhone和iPad的道路，构建了驱动公司今天的核心三大产品。</blockquote></p><p> The 10 years after</p><p><blockquote>10年后</blockquote></p><p> During Apple’sfinal financial quarter with Jobs as CEO, Apple delivered its best financial quarter ever. The company generated a record $28.6 billion in revenue and a record $7.31 billion in profit. It sold $13.3 billion worth of iPhones, $6 billion worth of iPads, and $5.1 billion worth of Macs.</p><p><blockquote>在乔布斯担任首席执行官的苹果最后一个财季，苹果交出了有史以来最好的财季。该公司创造了创纪录的 286 亿美元收入和创纪录的 73.1 亿美元利润。它售出了价值133亿美元的iPhone、价值60亿美元的iPad和价值51亿美元的Mac电脑。</blockquote></p><p> Ten years after Jobs left Apple,the resultswere a bit better. Revenue was $81.4 billion, 2.8 times more than the decade-ago quarter. Profit was $21.7 billion, nearly three times the decade-ago total. Apple sold $39.5 billion worth of iPhones (up nearly 3 times), $7.3 billion worth of iPads (up 22 percent), and $8.2 billion worth of Macs (up 61 percent).</p><p><blockquote>乔布斯离开苹果十年后，结果稍好一些。收入为 814 亿美元，是十年前季度的 2.8 倍。利润为 217 亿美元，几乎是十年前总额的三倍。苹果售出了价值 395 亿美元的 iPhone（增长近 3 倍）、价值 73 亿美元的 iPad（增长 22%）和价值 82 亿美元的 Mac（增长 61%）。</blockquote></p><p> Under Tim Cook’s stewardship, Apple has tripled what it makes in an average quarter. It has grown two major new sources of revenue in wearable products (such as Apple Watch and AirPods) and services. Does Tim Cook deserve credit for this? Given how so many experts were convinced that Apple would be utterly adrift without Steve Jobs at the helm, I certainly think so.</p><p><blockquote>在蒂姆-库克（Tim Cook）的管理下，苹果平均每个季度的收入增加了两倍。它在可穿戴产品（如苹果手表和AirPods）和服务方面增长了两大新收入来源。蒂姆·库克值得称赞吗？鉴于如此多的专家确信，如果没有乔布斯掌舵，苹果将彻底陷入困境，我当然这么认为。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1ff011b19b561e07a75dc6408fdd7251\" tg-width=\"1200\" tg-height=\"800\" width=\"100%\" height=\"auto\"><span>Apple has experienced tremendous success since Steve Jobs’ death. Tim Cook deserves all the credit, just as Jobs is viewed as the one who set it all up.</span></p><p><blockquote><p class=\"t-img-caption\"><span>乔布斯去世后，苹果取得了巨大的成功。蒂姆·库克应该得到所有的荣誉，就像乔布斯被视为一手策划这一切一样。</span></p></blockquote></p><p> Just as Apple’s modern corporate culture really owes itself to what Jobs established when he returned to the company in the 1990s, Cook himself was chosen by Jobs as his successor. I think it’s fair to say that Jobs probably saw the trajectory Apple was on and trusted Cook to navigate the company through that growth while also continuing to focus on developing new products and iterating on existing ones.</p><p><blockquote>正如苹果的现代企业文化真正归功于乔布斯在 20 世纪 90 年代重返公司时建立的文化一样，库克本人也被乔布斯选为接班人。我认为可以公平地说，乔布斯可能看到了苹果的发展轨迹，并信任库克带领公司实现增长，同时继续专注于开发新产品和迭代现有产品。</blockquote></p><p></p><p> So while Cook deserves credit for steering Apple through these waters, Jobs is rightfully viewed as the person who set it all up. The enormous success of Apple in the decade since Jobs died only adds to his legacy.</p><p><blockquote>因此，虽然库克带领苹果渡过难关值得称赞，但乔布斯理所当然地被视为幕后策划者。乔布斯去世后的十年里，苹果取得了巨大成功，这只会增加他的遗产。</blockquote></p><p> But lest we forget, nothing is forever. Apple TV+, a service that Jobs probably wouldn’t have conceived of himself, recently premiered a series based on Isaac Asimov’s “Foundation” book series. “Foundation” is, fundamentally, about one man’s vision of the future–and how one man’s vision is no match for the sweep of history.</p><p><blockquote>但是我们不要忘记，没有什么是永恒的。乔布斯可能不会想到的苹果电视+服务最近首播了一部根据艾萨克-阿西莫夫（Isaac Asimov）的《基金会》系列丛书改编的电视剧。从根本上说，《基础》讲述的是一个人对未来的愿景--以及一个人的愿景是如何无法与历史的风暴相媲美的。</blockquote></p><p> Time does roll forward, and our perceptions of events continue to shift. Events witnessed in person become old stories retold, subject to the limits of our memories and the imperfection of second-hand storytelling. My daughter was born just after the iPod was announced, but before it shipped. She’s about to turn 20. Where does the time go?</p><p><blockquote>时间确实在前进，我们对事件的看法也在不断变化。亲眼目睹的事件变成了重新讲述的老故事，受制于我们记忆的限制和二手故事的不完美。我的女儿是在iPod发布后不久出生的，但在它发货之前。她马上就要20岁了。时间去哪儿了？</blockquote></p><p> “Those of us who are lucky enough to grow old and rickety (in a way that, cruelly, Steven Paul Jobs was never allowed to) will say that we saw that man stand upon a stage with a giant Apple logo behind him and introduce a new iconic, world-changing product,”I wrote when Jobs died. “In a hundred years, perhaps he will have been reduced to a caricature.” Maybe so. But we should all be so lucky.</p><p><blockquote>“乔布斯去世时，我写道：”我们这些有幸变老变态的人会说，我们看到那个人站在舞台上，身后是巨大的苹果标志，并推出了一款标志性的、改变世界的新产品。“一百年后，或许他会沦为一幅漫画。”也许是这样。但我们都应该很幸运。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.macworld.com/article/540956/steve-jobs-apple-path-to-success.html\">macworld</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":{"AAPL":"苹果"},"source_url":"https://www.macworld.com/article/540956/steve-jobs-apple-path-to-success.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1116662375","content_text":"Time rolls forward, the past recedes, and it all starts to fade, doesn’t it? Ten years ago, Steve Jobs died, and at the time Ipondered how he’d be remembered. In the intervening years, his most notable product–Apple itself–has risen to unimaginable levels of power and influence.\nThe fact that so much of Apple’s growth has happened since Jobs’s departure hasn’t reduced him at all. It would be relatively easy to argue that the success of Tim Cook’s Apple suggests that, despite everyone’s concern in the late days of 2011, the company actuallycouldgo on without Jobs at the helm. But that’s not what anyone thinks. Instead, Jobs is credited for putting Apple on the path that led to it becoming what it is today.\nThe 10 years before\nOn October 5, 2001, 10 years before Jobs passed away, Apple is busy digging itself out of an enormous hole. Jobs returned to the company with the purchase of NeXT in late 1996, assumed the reins of power in mid-1997, and four years later his big accomplishment is mostly that Apple hasn’t gone out of business yet. Thanks to the iMac G3, the company had a financial lifeline that has allowed it to renovate the rest of the Mac product line, get an entirely new Mac OSout the door, and begin expanding into retail.\nThis is a very different Apple than the one that most people remember, an invisible era where Jobs was furiously throwing ideas at the wall to see what would stick. (A server! Acube-shaped Power Mac!) This Apple was not afraid of failure. It wasn’t afraid of looking foolish. It was, in fact, completely embracing the fact that it would need to keep trying and be willing to fail in order to find where it might succeed.\nOne of those wild ideas ended up saving the company.\nApple had been struggling for years. Then the iPod came along to start a string of successes that made the company what it is today.\nTen years before Steve Jobs died, he and his team were putting the finishing touches on the new product they’d be introducing a couple of weeks later. It was another weird idea that was still worth trying–a digital music player so compact that you could carry a thousand songs with you in your pocket.\nThe iMac G3’s sales success might have given Apple a lifeline, but it was the iPod (which has its 20th birthday later this month) that introduced Apple’s brand to countless people who had never,wouldnever consider buying a Mac. And combined with the expanding Apple retail empire–another idea that might have ended in disaster, but didn’t–the iPod turned people on to Apple as a brand, making them consider the Mac as well–and Apple’s fortunes grew.\nFrom there, of course, Apple was on the path to build the iPhone and the iPad, constructing the core trio of products that drive the company even today.\nThe 10 years after\nDuring Apple’sfinal financial quarter with Jobs as CEO, Apple delivered its best financial quarter ever. The company generated a record $28.6 billion in revenue and a record $7.31 billion in profit. It sold $13.3 billion worth of iPhones, $6 billion worth of iPads, and $5.1 billion worth of Macs.\nTen years after Jobs left Apple,the resultswere a bit better. Revenue was $81.4 billion, 2.8 times more than the decade-ago quarter. Profit was $21.7 billion, nearly three times the decade-ago total. Apple sold $39.5 billion worth of iPhones (up nearly 3 times), $7.3 billion worth of iPads (up 22 percent), and $8.2 billion worth of Macs (up 61 percent).\nUnder Tim Cook’s stewardship, Apple has tripled what it makes in an average quarter. It has grown two major new sources of revenue in wearable products (such as Apple Watch and AirPods) and services. Does Tim Cook deserve credit for this? Given how so many experts were convinced that Apple would be utterly adrift without Steve Jobs at the helm, I certainly think so.\nApple has experienced tremendous success since Steve Jobs’ death. Tim Cook deserves all the credit, just as Jobs is viewed as the one who set it all up.\nJust as Apple’s modern corporate culture really owes itself to what Jobs established when he returned to the company in the 1990s, Cook himself was chosen by Jobs as his successor. I think it’s fair to say that Jobs probably saw the trajectory Apple was on and trusted Cook to navigate the company through that growth while also continuing to focus on developing new products and iterating on existing ones.\nSo while Cook deserves credit for steering Apple through these waters, Jobs is rightfully viewed as the person who set it all up. The enormous success of Apple in the decade since Jobs died only adds to his legacy.\nBut lest we forget, nothing is forever. Apple TV+, a service that Jobs probably wouldn’t have conceived of himself, recently premiered a series based on Isaac Asimov’s “Foundation” book series. “Foundation” is, fundamentally, about one man’s vision of the future–and how one man’s vision is no match for the sweep of history.\nTime does roll forward, and our perceptions of events continue to shift. Events witnessed in person become old stories retold, subject to the limits of our memories and the imperfection of second-hand storytelling. My daughter was born just after the iPod was announced, but before it shipped. She’s about to turn 20. Where does the time go?\n“Those of us who are lucky enough to grow old and rickety (in a way that, cruelly, Steven Paul Jobs was never allowed to) will say that we saw that man stand upon a stage with a giant Apple logo behind him and introduce a new iconic, world-changing product,”I wrote when Jobs died. “In a hundred years, perhaps he will have been reduced to a caricature.” Maybe so. But we should all be so lucky.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":1296,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}