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- Max1112Max1112
  ·2021-02-24
  Sad
  The days of easy money in the stock market are now over<blockquote>股市轻松赚钱的日子现已结束</blockquote>
  Get ready for a return to normal. Lucid’s SPAC and ARK Invest’s ETFs carry the whiff of the late-199
  The days of easy money in the stock market are now over<blockquote>股市轻松赚钱的日子现已结束</blockquote>
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- Max1112Max1112
  ·2021-02-24
  Nice
  Why Sundial, Aurora Cannabis, Aphria, and Other Marijuana Stocks Plunged Today<blockquote>为什么Sundial、Aurora Cannabis、Aphria和其他大麻股票今天暴跌</blockquote>
  Pot stocks surrendered some of their recent gains amid a broad market sell-off. What happened Cannab
  Why Sundial, Aurora Cannabis, Aphria, and Other Marijuana Stocks Plunged Today<blockquote>为什么Sundial、Aurora Cannabis、Aphria和其他大麻股票今天暴跌</blockquote>
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- Max1112Max1112
  ·2021-02-24
  Nice
  The Bitcoin Bubble Could Be Popping. It’s a Headwind for Some High-Flying Stocks.<blockquote>比特币泡沫可能会破裂。对于一些高速发展的股票来说，这是一个阻力。</blockquote>
  A bear market in Bitcoin may be forming, potentially contributing to the selloff in some highflying
  The Bitcoin Bubble Could Be Popping. It’s a Headwind for Some High-Flying Stocks.<blockquote>比特币泡沫可能会破裂。对于一些高速发展的股票来说，这是一个阻力。</blockquote>
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Lucid’s SPAC and ARK Invest’s ETFs carry the whiff of the late-199","content":"<p>Get ready for a return to normal. Lucid’s SPAC and ARK Invest’s ETFs carry the whiff of the late-1990s technology bubble.</p><p><blockquote>准备好恢复正常吧。Lucid的SPAC和ARK Invest的ETF带有20世纪90年代末科技泡沫的气息。</blockquote></p><p> Ignore stock valuations and companies’ fundamentals at your peril.</p><p><blockquote>忽视股票估值和公司基本面，后果自负。</blockquote></p><p> Churchill Capital Corp. ,a special purpose acquisition company (SPAC) that had been rumored to merge with a Tesla-wannabe, Lucid Motors, finally announced Monday night that it is indeed going to do so. And in a classic Wall Street reaction, the market “sold the news” after long having “bought the rumor.”</p><p><blockquote>Churchill Capital Corp.是一家特殊目的收购公司（SPAC），曾有传言称将与特斯拉的追随者Lucid Motors合并，周一晚上终于宣布确实会这样做。在华尔街的典型反应中，市场在长期“买入谣言”后“卖出消息”。</blockquote></p><p> CCIV was up 500% from when it went public as a blank-check company, and today the stock market has wiped half of what its market value was perceived to be Monday at noon. This is a stock that I had warned about earlier this month as one of the many “Random Number Generators” (RNGs) that should be avoided. People and institutions who had for weeks been buying CCIV at $40, $50, $60 or even $70 per share have suddenly seen a huge wipeout of value.</p><p><blockquote>CCIV较作为空白支票公司上市时上涨了500%，今天股市已经抹去了周一中午预期市值的一半。本月早些时候，我曾警告过这只股票是应避免的众多“随机数生成器”(RNG)之一。几周来一直以每股40美元、50美元、60美元甚至70美元的价格购买CCIV的人和机构突然发现价值大幅缩水。</blockquote></p><p> They’re now, maybe, looking around at their other RNG SPACs and wondering if they should actually look at the valuations.</p><p><blockquote>他们现在可能正在环顾其他RNG SPAC，并想知道是否真的应该看看估值。</blockquote></p><p> Reviewing this week’s ugly stock-market action in a broader context, you might note that Tesla Inc.&nbsp;at $900 — after the company reported a not-so-great quarter that included some questions about gross margin expansion — is looking like it could have been a top-maker itself.</p><p><blockquote>在更广泛的背景下回顾本周丑陋的股市走势，您可能会注意到，特斯拉公司的股价为900美元——此前该公司报告了一个不太好的季度，其中包括一些有关毛利率扩张的问题——看起来可能已经是顶级制造商本身。</blockquote></p><p> Many questionable EV stocks continued to rally for a week or two before getting their comeuppance this week. At least for a day or two. It will be interesting to look back in a month to see what the non-TSLA EV stocks do from here. I expect most to move much lower even than today’s quotes, which are much lower than last week’s quotes.</p><p><blockquote>许多有问题的电动汽车股票在本周受到惩罚之前持续上涨了一两周。至少一两天。一个月后回顾一下非特斯拉电动汽车股票的表现将会很有趣。我预计大多数价格甚至会比今天的报价低得多，今天的报价比上周的报价低得多。</blockquote></p><p> <b>Piling into ARK</b></p><p><blockquote><b>堆积成方舟</b></blockquote></p><p> These days everybody wants to be Cathie Wood from ARK Invest. She was an early bull on Tesla and bitcoinBTCUSD,6.03%and some of the the other themes that long-time followers of mine and I got into even earlier than she did. Her actively managed ETF, ARK Innovation ETF&nbsp;being the most famous, has performed very well, and her commentary has been spot on for a couple years now.</p><p><blockquote>如今，每个人都想成为方舟投资公司的凯西·伍德。她是特斯拉和比特币BTCUSD、6.03%以及我和我的长期追随者甚至比她更早进入的其他一些主题的早期看涨者。她的主动管理型ETF（最著名的ARK Innovation ETF）表现非常好，几年来她的评论一直准确无误。</blockquote></p><p> But I have bad news. Even as I am a fan of Cathie’s and wish her and her investors all the best, I can’t help but think of the story of George Gilder, with whom I’ve become friends in the decades since&nbsp;I wrote this in 2001 for TheStreet.com.&nbsp;(I just realized this article was published just two weeks after 9/11.):</p><p><blockquote>但我有个坏消息。尽管我是Cathie's的粉丝并祝愿她和她的投资者一切顺利，但我还是忍不住想起了乔治·吉尔德(George Gilder)的故事，自从我2001年为TheStreet.com撰写这篇文章以来，我已经和他成为了几十年的朋友。（我刚刚意识到这篇文章是在9/11后两周发表的。）：</blockquote></p><p> <i>“Investors need to heed a few rules when evaluating companies in their portfolio: Cash is king, as cash flow becomes increasingly difficult to judge on an ongoing basis. As such, a simple glance at a company’s balance sheet can tell you a lot about whether it’s worthy of investment. Now that the huge daily run-ups of telco stocks are gone forever, the potential rewards of any business with questionable viability aren’t worth the risk of your capital. Look for real revenue on the books. As tech guru George Gilder and his followers have learned (at least, I hope they have by now), great technology doesn’t translate into a great investment. Companies need sales channels, and they need products for which there are immediate uses. You might be surprised that I didn’t mention profitability in that list. Profitability is naturally important, but even companies like Cisco probably won’t be profitable this quarter and perhaps for several more, as they’ll have to continue aligning capacity, employees and inventory with demand.</i></p><p><blockquote><i>“投资者在评估投资组合中的公司时需要注意一些规则：现金为王，因为现金流变得越来越难以持续判断。因此，简单浏览一下公司的资产负债表就可以告诉你很多关于它是否值得投资。既然电信股票每日大幅上涨的情况已经一去不复返了，任何生存能力值得怀疑的企业的潜在回报都不值得你冒资本风险。寻找账面上的实际收入。正如科技大师乔治·吉尔德和他的追随者所认识到的（至少，我希望他们现在已经认识到了），伟大的技术并不能转化为伟大的投资。公司需要销售渠道，他们需要有直接用途的产品。你可能会惊讶我没有在列表中提到盈利能力。盈利能力自然很重要，但即使是像思科这样的公司也可能无法在本季度甚至更长时间内实现盈利，因为他们必须继续根据需求调整产能、员工和库存。</i></blockquote></p><p> <i>Let me repeat the caveat here: You’ll never see the type of returns, at least in telecom and telecom-tech stocks, that we saw almost daily in the late 1990s. That’s another reason why these tech mutual fund guys, who keep preaching to stay the course, will take forever to get back to even.”</i></p><p><blockquote><i>让我在这里重复一遍警告：你永远不会看到我们在20世纪90年代末几乎每天都能看到的那种回报，至少在电信和电信科技股票中是这样。这就是为什么这些科技共同基金人士不断宣扬坚持到底，却需要很长时间才能恢复平衡的另一个原因。”</i></blockquote></p><p> <b>The hangover</b></p><p><blockquote><b>宿醉</b></blockquote></p><p> Telecom and telecom-tech stocks never again saw the kind of returns they did back in the late 1990s. I think the same can be said of EV stocks and many other of the favorites that Cathie Wood and her crowd of blind followers are these days plowing into as they put their money to work regardless of valuations.</p><p><blockquote>电信和电信科技股再也没有看到20世纪90年代末那样的回报。我认为电动汽车股票以及凯西·伍德（Cathie Wood）和她的一群盲目追随者最近投入的许多其他最爱股票也是如此，因为他们不顾估值而投入资金。</blockquote></p><p> Here’s what George had to say&nbsp;in 2002:</p><p><blockquote>以下是乔治在2002年所说的话：</blockquote></p><p></p><p> <i>“In retrospect, it’s obvious that I should’ve subtly said, ‘Hey, things have gotten out of hand at JDS Uniphase, and it’s not worth what you’d have to pay for it,’” he says. Each month, he thought about providing a warning to his subscribers, and he decided against it every time. He had witnessed firsthand what others had dubbed the “Gilder effect”: the steep spike in a stock after he added that company to his list. It wasn’t unheard of for the price of a stock to jump by more than 50 percent within an hour of a newsletter’s release. If I had said, ‘Hey, this is a top, you should all sell,’ it would’ve been a cataclysmic event,” he says. “I’d think about telling people that they should sell half their holdings, and each time I’d conclude that my subscribers would be enraged. I also wondered what I’d precipitate if I did it.” Fully 50 percent of his readers had signed up for the report at what Gilder now calls the “hysterical peak” of the market. “Half of my subscribers would have been eternally grateful [for a warning], but the other half – the new ones – would’ve been enraged because they had just come in,” he says. “It was quite terrifying. I really didn’t know what to do.” In the end he did nothing. And soon enough, he had an entirely new set of distractions to fret over. “In the past, we’d sell out our investor conferences within two weeks,” Gilder says. “But in 2001, we sent out the same literature and the same invitations, and five or seven people signed up.” He lost the deposits that were placed to reserve hotel space for the gatherings. Newsletter renewal rates plummeted. A huge tax bill came due. By spring 2002, he’d laid off nearly half of his staff. “You can be just fabulously flush one moment, and then the next, you can’t make that last million-dollar payment to your partners, and there’s suddenly a lien on your house,” he says.</i></p><p><blockquote><i>“回想起来，很明显我应该巧妙地说，‘嘿，JDS Uniphase的事情已经失控了，不值得你为此付出代价，’”他说。每个月，他都考虑向他的订户提供警告，但每次他都决定不这样做。他亲眼目睹了其他人所说的“吉尔德效应”：在他将一家公司加入他的名单后，该公司的股票急剧上涨。股票价格在时事通讯发布后一小时内上涨超过50%的情况并非闻所未闻。如果我说，‘嘿，这是一个顶部，你们都应该卖出’，这将是一个灾难性的事件，”他说。“我会考虑告诉人们他们应该卖掉一半的股份，每次我都会得出结论，我的订阅者会被激怒。我也想知道如果我这么做了会导致什么后果。”在吉尔德现在评级的市场“歇斯底里的高峰”，他的读者中有整整50%都报名阅读了这份报告。“我的一半订户会永远感激[警告]，但另一半——新订户——会被激怒，因为他们刚刚进来，”他说。“太可怕了，我真的不知道该怎么办了。”最后他什么也没做。很快，他就有了一系列全新的干扰。“过去，我们的投资者会议会在两周内售罄，”吉尔德说。“但在2001年，我们发出同样的文献，同样的邀请函，就有五七个人报名。”他失去了为聚会预留酒店空间的押金。简讯续订率直线下降。一笔巨额税单到期了。到2002年春天，他已经解雇了近一半的员工。“你可能前一刻还非常富有，下一刻，你就无法向你的合作伙伴支付最后一百万美元，然后你的房子突然就被留置权了，”他说。</i></blockquote></p><p> Many of the best stocks on George’s list at the top in 1999 ended up going down 99% or more. Many went to zero, even as their technologies and ideas carried on and built the internet we all use every day now.</p><p><blockquote>1999年乔治排行榜上名列前茅的许多最佳股票最终下跌了99%或更多。许多人归零，即使他们的技术和想法继续发展，并建立了我们现在每天都在使用的互联网。</blockquote></p><p> CCIV is likely a harbinger of more pain for those who ignore valuations and fundamentals.</p><p><blockquote>对于那些忽视估值和基本面的人来说，CCIV可能预示着更多痛苦。</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 days of easy money in the stock market are now over<blockquote>股市轻松赚钱的日子现已结束</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe days of easy money in the stock market are now over<blockquote>股市轻松赚钱的日子现已结束</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-02-24 17:55</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Get ready for a return to normal. Lucid’s SPAC and ARK Invest’s ETFs carry the whiff of the late-1990s technology bubble.</p><p><blockquote>准备好恢复正常吧。Lucid的SPAC和ARK Invest的ETF带有20世纪90年代末科技泡沫的气息。</blockquote></p><p> Ignore stock valuations and companies’ fundamentals at your peril.</p><p><blockquote>忽视股票估值和公司基本面，后果自负。</blockquote></p><p> Churchill Capital Corp. ,a special purpose acquisition company (SPAC) that had been rumored to merge with a Tesla-wannabe, Lucid Motors, finally announced Monday night that it is indeed going to do so. And in a classic Wall Street reaction, the market “sold the news” after long having “bought the rumor.”</p><p><blockquote>Churchill Capital Corp.是一家特殊目的收购公司（SPAC），曾有传言称将与特斯拉的追随者Lucid Motors合并，周一晚上终于宣布确实会这样做。在华尔街的典型反应中，市场在长期“买入谣言”后“卖出消息”。</blockquote></p><p> CCIV was up 500% from when it went public as a blank-check company, and today the stock market has wiped half of what its market value was perceived to be Monday at noon. This is a stock that I had warned about earlier this month as one of the many “Random Number Generators” (RNGs) that should be avoided. People and institutions who had for weeks been buying CCIV at $40, $50, $60 or even $70 per share have suddenly seen a huge wipeout of value.</p><p><blockquote>CCIV较作为空白支票公司上市时上涨了500%，今天股市已经抹去了周一中午预期市值的一半。本月早些时候，我曾警告过这只股票是应避免的众多“随机数生成器”(RNG)之一。几周来一直以每股40美元、50美元、60美元甚至70美元的价格购买CCIV的人和机构突然发现价值大幅缩水。</blockquote></p><p> They’re now, maybe, looking around at their other RNG SPACs and wondering if they should actually look at the valuations.</p><p><blockquote>他们现在可能正在环顾其他RNG SPAC，并想知道是否真的应该看看估值。</blockquote></p><p> Reviewing this week’s ugly stock-market action in a broader context, you might note that Tesla Inc.&nbsp;at $900 — after the company reported a not-so-great quarter that included some questions about gross margin expansion — is looking like it could have been a top-maker itself.</p><p><blockquote>在更广泛的背景下回顾本周丑陋的股市走势，您可能会注意到，特斯拉公司的股价为900美元——此前该公司报告了一个不太好的季度，其中包括一些有关毛利率扩张的问题——看起来可能已经是顶级制造商本身。</blockquote></p><p> Many questionable EV stocks continued to rally for a week or two before getting their comeuppance this week. At least for a day or two. It will be interesting to look back in a month to see what the non-TSLA EV stocks do from here. I expect most to move much lower even than today’s quotes, which are much lower than last week’s quotes.</p><p><blockquote>许多有问题的电动汽车股票在本周受到惩罚之前持续上涨了一两周。至少一两天。一个月后回顾一下非特斯拉电动汽车股票的表现将会很有趣。我预计大多数价格甚至会比今天的报价低得多，今天的报价比上周的报价低得多。</blockquote></p><p> <b>Piling into ARK</b></p><p><blockquote><b>堆积成方舟</b></blockquote></p><p> These days everybody wants to be Cathie Wood from ARK Invest. She was an early bull on Tesla and bitcoinBTCUSD,6.03%and some of the the other themes that long-time followers of mine and I got into even earlier than she did. Her actively managed ETF, ARK Innovation ETF&nbsp;being the most famous, has performed very well, and her commentary has been spot on for a couple years now.</p><p><blockquote>如今，每个人都想成为方舟投资公司的凯西·伍德。她是特斯拉和比特币BTCUSD、6.03%以及我和我的长期追随者甚至比她更早进入的其他一些主题的早期看涨者。她的主动管理型ETF（最著名的ARK Innovation ETF）表现非常好，几年来她的评论一直准确无误。</blockquote></p><p> But I have bad news. Even as I am a fan of Cathie’s and wish her and her investors all the best, I can’t help but think of the story of George Gilder, with whom I’ve become friends in the decades since&nbsp;I wrote this in 2001 for TheStreet.com.&nbsp;(I just realized this article was published just two weeks after 9/11.):</p><p><blockquote>但我有个坏消息。尽管我是Cathie's的粉丝并祝愿她和她的投资者一切顺利，但我还是忍不住想起了乔治·吉尔德(George Gilder)的故事，自从我2001年为TheStreet.com撰写这篇文章以来，我已经和他成为了几十年的朋友。（我刚刚意识到这篇文章是在9/11后两周发表的。）：</blockquote></p><p> <i>“Investors need to heed a few rules when evaluating companies in their portfolio: Cash is king, as cash flow becomes increasingly difficult to judge on an ongoing basis. As such, a simple glance at a company’s balance sheet can tell you a lot about whether it’s worthy of investment. Now that the huge daily run-ups of telco stocks are gone forever, the potential rewards of any business with questionable viability aren’t worth the risk of your capital. Look for real revenue on the books. As tech guru George Gilder and his followers have learned (at least, I hope they have by now), great technology doesn’t translate into a great investment. Companies need sales channels, and they need products for which there are immediate uses. You might be surprised that I didn’t mention profitability in that list. Profitability is naturally important, but even companies like Cisco probably won’t be profitable this quarter and perhaps for several more, as they’ll have to continue aligning capacity, employees and inventory with demand.</i></p><p><blockquote><i>“投资者在评估投资组合中的公司时需要注意一些规则：现金为王，因为现金流变得越来越难以持续判断。因此，简单浏览一下公司的资产负债表就可以告诉你很多关于它是否值得投资。既然电信股票每日大幅上涨的情况已经一去不复返了，任何生存能力值得怀疑的企业的潜在回报都不值得你冒资本风险。寻找账面上的实际收入。正如科技大师乔治·吉尔德和他的追随者所认识到的（至少，我希望他们现在已经认识到了），伟大的技术并不能转化为伟大的投资。公司需要销售渠道，他们需要有直接用途的产品。你可能会惊讶我没有在列表中提到盈利能力。盈利能力自然很重要，但即使是像思科这样的公司也可能无法在本季度甚至更长时间内实现盈利，因为他们必须继续根据需求调整产能、员工和库存。</i></blockquote></p><p> <i>Let me repeat the caveat here: You’ll never see the type of returns, at least in telecom and telecom-tech stocks, that we saw almost daily in the late 1990s. That’s another reason why these tech mutual fund guys, who keep preaching to stay the course, will take forever to get back to even.”</i></p><p><blockquote><i>让我在这里重复一遍警告：你永远不会看到我们在20世纪90年代末几乎每天都能看到的那种回报，至少在电信和电信科技股票中是这样。这就是为什么这些科技共同基金人士不断宣扬坚持到底，却需要很长时间才能恢复平衡的另一个原因。”</i></blockquote></p><p> <b>The hangover</b></p><p><blockquote><b>宿醉</b></blockquote></p><p> Telecom and telecom-tech stocks never again saw the kind of returns they did back in the late 1990s. I think the same can be said of EV stocks and many other of the favorites that Cathie Wood and her crowd of blind followers are these days plowing into as they put their money to work regardless of valuations.</p><p><blockquote>电信和电信科技股再也没有看到20世纪90年代末那样的回报。我认为电动汽车股票以及凯西·伍德（Cathie Wood）和她的一群盲目追随者最近投入的许多其他最爱股票也是如此，因为他们不顾估值而投入资金。</blockquote></p><p> Here’s what George had to say&nbsp;in 2002:</p><p><blockquote>以下是乔治在2002年所说的话：</blockquote></p><p></p><p> <i>“In retrospect, it’s obvious that I should’ve subtly said, ‘Hey, things have gotten out of hand at JDS Uniphase, and it’s not worth what you’d have to pay for it,’” he says. Each month, he thought about providing a warning to his subscribers, and he decided against it every time. He had witnessed firsthand what others had dubbed the “Gilder effect”: the steep spike in a stock after he added that company to his list. It wasn’t unheard of for the price of a stock to jump by more than 50 percent within an hour of a newsletter’s release. If I had said, ‘Hey, this is a top, you should all sell,’ it would’ve been a cataclysmic event,” he says. “I’d think about telling people that they should sell half their holdings, and each time I’d conclude that my subscribers would be enraged. I also wondered what I’d precipitate if I did it.” Fully 50 percent of his readers had signed up for the report at what Gilder now calls the “hysterical peak” of the market. “Half of my subscribers would have been eternally grateful [for a warning], but the other half – the new ones – would’ve been enraged because they had just come in,” he says. “It was quite terrifying. I really didn’t know what to do.” In the end he did nothing. And soon enough, he had an entirely new set of distractions to fret over. “In the past, we’d sell out our investor conferences within two weeks,” Gilder says. “But in 2001, we sent out the same literature and the same invitations, and five or seven people signed up.” He lost the deposits that were placed to reserve hotel space for the gatherings. Newsletter renewal rates plummeted. A huge tax bill came due. By spring 2002, he’d laid off nearly half of his staff. “You can be just fabulously flush one moment, and then the next, you can’t make that last million-dollar payment to your partners, and there’s suddenly a lien on your house,” he says.</i></p><p><blockquote><i>“回想起来，很明显我应该巧妙地说，‘嘿，JDS Uniphase的事情已经失控了，不值得你为此付出代价，’”他说。每个月，他都考虑向他的订户提供警告，但每次他都决定不这样做。他亲眼目睹了其他人所说的“吉尔德效应”：在他将一家公司加入他的名单后，该公司的股票急剧上涨。股票价格在时事通讯发布后一小时内上涨超过50%的情况并非闻所未闻。如果我说，‘嘿，这是一个顶部，你们都应该卖出’，这将是一个灾难性的事件，”他说。“我会考虑告诉人们他们应该卖掉一半的股份，每次我都会得出结论，我的订阅者会被激怒。我也想知道如果我这么做了会导致什么后果。”在吉尔德现在评级的市场“歇斯底里的高峰”，他的读者中有整整50%都报名阅读了这份报告。“我的一半订户会永远感激[警告]，但另一半——新订户——会被激怒，因为他们刚刚进来，”他说。“太可怕了，我真的不知道该怎么办了。”最后他什么也没做。很快，他就有了一系列全新的干扰。“过去，我们的投资者会议会在两周内售罄，”吉尔德说。“但在2001年，我们发出同样的文献，同样的邀请函，就有五七个人报名。”他失去了为聚会预留酒店空间的押金。简讯续订率直线下降。一笔巨额税单到期了。到2002年春天，他已经解雇了近一半的员工。“你可能前一刻还非常富有，下一刻，你就无法向你的合作伙伴支付最后一百万美元，然后你的房子突然就被留置权了，”他说。</i></blockquote></p><p> Many of the best stocks on George’s list at the top in 1999 ended up going down 99% or more. Many went to zero, even as their technologies and ideas carried on and built the internet we all use every day now.</p><p><blockquote>1999年乔治排行榜上名列前茅的许多最佳股票最终下跌了99%或更多。许多人归零，即使他们的技术和想法继续发展，并建立了我们现在每天都在使用的互联网。</blockquote></p><p> CCIV is likely a harbinger of more pain for those who ignore valuations and fundamentals.</p><p><blockquote>对于那些忽视估值和基本面的人来说，CCIV可能预示着更多痛苦。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/the-days-of-easy-money-in-the-stock-market-are-now-over-11614104263?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":{"ARKK":"ARK Innovation ETF","TSLA":"特斯拉",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://www.marketwatch.com/story/the-days-of-easy-money-in-the-stock-market-are-now-over-11614104263?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"1197533827","content_text":"Get ready for a return to normal. Lucid’s SPAC and ARK Invest’s ETFs carry the whiff of the late-1990s technology bubble.\nIgnore stock valuations and companies’ fundamentals at your peril.\nChurchill Capital Corp. ,a special purpose acquisition company (SPAC) that had been rumored to merge with a Tesla-wannabe, Lucid Motors, finally announced Monday night that it is indeed going to do so. And in a classic Wall Street reaction, the market “sold the news” after long having “bought the rumor.”\nCCIV was up 500% from when it went public as a blank-check company, and today the stock market has wiped half of what its market value was perceived to be Monday at noon. This is a stock that I had warned about earlier this month as one of the many “Random Number Generators” (RNGs) that should be avoided. People and institutions who had for weeks been buying CCIV at $40, $50, $60 or even $70 per share have suddenly seen a huge wipeout of value.\nThey’re now, maybe, looking around at their other RNG SPACs and wondering if they should actually look at the valuations.\nReviewing this week’s ugly stock-market action in a broader context, you might note that Tesla Inc. at $900 — after the company reported a not-so-great quarter that included some questions about gross margin expansion — is looking like it could have been a top-maker itself.\nMany questionable EV stocks continued to rally for a week or two before getting their comeuppance this week. At least for a day or two. It will be interesting to look back in a month to see what the non-TSLA EV stocks do from here. I expect most to move much lower even than today’s quotes, which are much lower than last week’s quotes.\nPiling into ARK\nThese days everybody wants to be Cathie Wood from ARK Invest. She was an early bull on Tesla and bitcoinBTCUSD,6.03%and some of the the other themes that long-time followers of mine and I got into even earlier than she did. Her actively managed ETF, ARK Innovation ETF being the most famous, has performed very well, and her commentary has been spot on for a couple years now.\nBut I have bad news. Even as I am a fan of Cathie’s and wish her and her investors all the best, I can’t help but think of the story of George Gilder, with whom I’ve become friends in the decades since I wrote this in 2001 for TheStreet.com. (I just realized this article was published just two weeks after 9/11.):\n“Investors need to heed a few rules when evaluating companies in their portfolio: Cash is king, as cash flow becomes increasingly difficult to judge on an ongoing basis. As such, a simple glance at a company’s balance sheet can tell you a lot about whether it’s worthy of investment. Now that the huge daily run-ups of telco stocks are gone forever, the potential rewards of any business with questionable viability aren’t worth the risk of your capital. Look for real revenue on the books. As tech guru George Gilder and his followers have learned (at least, I hope they have by now), great technology doesn’t translate into a great investment. Companies need sales channels, and they need products for which there are immediate uses. You might be surprised that I didn’t mention profitability in that list. Profitability is naturally important, but even companies like Cisco probably won’t be profitable this quarter and perhaps for several more, as they’ll have to continue aligning capacity, employees and inventory with demand.\nLet me repeat the caveat here: You’ll never see the type of returns, at least in telecom and telecom-tech stocks, that we saw almost daily in the late 1990s. That’s another reason why these tech mutual fund guys, who keep preaching to stay the course, will take forever to get back to even.”\nThe hangover\nTelecom and telecom-tech stocks never again saw the kind of returns they did back in the late 1990s. I think the same can be said of EV stocks and many other of the favorites that Cathie Wood and her crowd of blind followers are these days plowing into as they put their money to work regardless of valuations.\nHere’s what George had to say in 2002:\n“In retrospect, it’s obvious that I should’ve subtly said, ‘Hey, things have gotten out of hand at JDS Uniphase, and it’s not worth what you’d have to pay for it,’” he says. Each month, he thought about providing a warning to his subscribers, and he decided against it every time. He had witnessed firsthand what others had dubbed the “Gilder effect”: the steep spike in a stock after he added that company to his list. It wasn’t unheard of for the price of a stock to jump by more than 50 percent within an hour of a newsletter’s release. If I had said, ‘Hey, this is a top, you should all sell,’ it would’ve been a cataclysmic event,” he says. “I’d think about telling people that they should sell half their holdings, and each time I’d conclude that my subscribers would be enraged. I also wondered what I’d precipitate if I did it.” Fully 50 percent of his readers had signed up for the report at what Gilder now calls the “hysterical peak” of the market. “Half of my subscribers would have been eternally grateful [for a warning], but the other half – the new ones – would’ve been enraged because they had just come in,” he says. “It was quite terrifying. I really didn’t know what to do.” In the end he did nothing. And soon enough, he had an entirely new set of distractions to fret over. “In the past, we’d sell out our investor conferences within two weeks,” Gilder says. “But in 2001, we sent out the same literature and the same invitations, and five or seven people signed up.” He lost the deposits that were placed to reserve hotel space for the gatherings. Newsletter renewal rates plummeted. A huge tax bill came due. By spring 2002, he’d laid off nearly half of his staff. “You can be just fabulously flush one moment, and then the next, you can’t make that last million-dollar payment to your partners, and there’s suddenly a lien on your house,” he says.\nMany of the best stocks on George’s list at the top in 1999 ended up going down 99% or more. Many went to zero, even as their technologies and ideas carried on and built the internet we all use every day now.\nCCIV is likely a harbinger of more pain for those who ignore valuations and fundamentals.","news_type":1,"symbols_score_info":{".IXIC":0.9,"TSLA":0.9,".DJI":0.9,".SPX":0.9,"ARKK":0.9}},"isVote":1,"tweetType":1,"viewCount":525,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":363626610,"gmtCreate":1614135745130,"gmtModify":1634551037678,"author":{"id":"3569415899411814","authorId":"3569415899411814","name":"Max1112","avatar":"https://static.tigerbbs.com/468cd4ab5f9545051abfced1be8823cb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569415899411814","idStr":"3569415899411814"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/363626610","repostId":"1177982522","repostType":4,"repost":{"id":"1177982522","kind":"news","pubTimestamp":1614135520,"share":"https://www.laohu8.com/m/news/1177982522?lang=zh_CN&edition=full","pubTime":"2021-02-24 10:58","market":"us","language":"en","title":"Why Sundial, Aurora Cannabis, Aphria, and Other Marijuana Stocks Plunged Today<blockquote>为什么Sundial、Aurora Cannabis、Aphria和其他大麻股票今天暴跌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1177982522","media":"Motley Fool","summary":"Pot stocks surrendered some of their recent gains amid a broad market sell-off.\nWhat happened\nCannab","content":"<p>Pot stocks surrendered some of their recent gains amid a broad market sell-off.</p><p><blockquote>在市场普遍抛售的情况下，大麻股回吐了近期的部分涨幅。</blockquote></p><p> <b>What happened</b></p><p><blockquote><b>发生了什么</b></blockquote></p><p> Cannabis stocks plummeted on Tuesday morning before rebounding later in the day. Here's how some of the most popular marijuana stocks fared:</p><p><blockquote>大麻股票周二上午暴跌，随后在当天晚些时候反弹。以下是一些最受欢迎的大麻股票的表现：</blockquote></p><p> <ul>  <li><b>Sundial Growers</b>(NASDAQ:SNDL), down 11.9%</li>  <li><b>Aphria</b>(NASDAQ:APHA), down 6.7%</li>  <li><b>Tilray</b>(NASDAQ:TLRY), down 5.7%</li>  <li><b>Cronos Group</b>(NASDAQ:CRON), down 4.8%</li>  <li><b>Aurora Cannabis</b>(NYSE:ACB), down 4.8%</li>  <li><b>Canopy Growth</b>(NASDAQ:CGC), down 4.6%</li>  <li><b>HEXO</b>&nbsp;(NYSE:HEXO), down 4%</li> </ul> <b>So what</b></p><p><blockquote><ul><li><b>日晷种植者</b>（纳斯达克：SNDL），下跌11.9%</li><li><b>Aphria</b>（纳斯达克：APHA），下跌6.7%</li><li><b>蒂尔雷</b>（纳斯达克：TLRY），下跌5.7%</li><li><b>克罗诺斯集团</b>（纳斯达克：CRON），下跌4.8%</li><li><b>奥罗拉大麻</b>（纽约证券交易所代码：ACB），下跌4.8%</li><li><b>冠层生长</b>（纳斯达克：CGC），下跌4.6%</li><li><b>己糖</b>（纽约证券交易所代码：HEXO），下跌4%</li></ul><b>那又怎样</b></blockquote></p><p> Weed stocks have been popular trades in 2021. The prospect of marijuana&nbsp;legalization&nbsp;in the U.S. has led investors to bid up the prices of many cannabis companies in recent weeks.</p><p><blockquote>杂草股票是2021年的热门交易。美国大麻合法化的前景导致投资者最近几周抬高了许多大麻公司的价格。</blockquote></p><p> Today, however, many traders decided to sell their marijuana stocks and take some profits off the table. There wasn't much in the way of news that appeared to spark the sell-off, other than a general decline in the stock market averages and a relatively steep drop in the prices of many higher-risk stocks.</p><p><blockquote>然而今天，许多交易者决定出售他们的大麻股票，并获利了结。除了股市平均水平普遍下跌以及许多高风险股票价格相对大幅下跌之外，似乎没有太多消息引发抛售。</blockquote></p><p> <b>Now what</b></p><p><blockquote><b>现在怎么办</b></blockquote></p><p> Cannabis stocks can be extremely volatile; that's part of the allure for traders who want to generate quick gains. Volatility cuts both ways, though, and it can be brutal when stocks move violently to the downside.</p><p><blockquote>大麻股票可能极不稳定；这是对想要快速获利的交易者的吸引力的一部分。不过，波动性是双向的，当股市剧烈下跌时，波动可能会很残酷。</blockquote></p><p> Fortunately, Sundial, Aphria, Tilray, Cronos, Aurora, Canopy, and HEXO all recovered most of their losses by the close of trading after being down between 13% to 23% earlier in the day. Perhaps investors began to once again focus on recent progress toward legalization, such as New Jersey's move to permit sales of recreational marijuana in the state.</p><p><blockquote>幸运的是，Sundial、Aphria、Tilray、Cronos、Aurora、Canopy和HEXO在当天早些时候下跌13%至23%后，在收盘时都收复了大部分失地。也许投资者开始再次关注最近合法化的进展，例如新泽西州允许在该州销售娱乐性大麻的举措。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Sundial, Aurora Cannabis, Aphria, and Other Marijuana Stocks Plunged Today<blockquote>为什么Sundial、Aurora Cannabis、Aphria和其他大麻股票今天暴跌</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Sundial, Aurora Cannabis, Aphria, and Other Marijuana Stocks Plunged Today<blockquote>为什么Sundial、Aurora Cannabis、Aphria和其他大麻股票今天暴跌</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-02-24 10:58</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Pot stocks surrendered some of their recent gains amid a broad market sell-off.</p><p><blockquote>在市场普遍抛售的情况下，大麻股回吐了近期的部分涨幅。</blockquote></p><p> <b>What happened</b></p><p><blockquote><b>发生了什么</b></blockquote></p><p> Cannabis stocks plummeted on Tuesday morning before rebounding later in the day. Here's how some of the most popular marijuana stocks fared:</p><p><blockquote>大麻股票周二上午暴跌，随后在当天晚些时候反弹。以下是一些最受欢迎的大麻股票的表现：</blockquote></p><p> <ul>  <li><b>Sundial Growers</b>(NASDAQ:SNDL), down 11.9%</li>  <li><b>Aphria</b>(NASDAQ:APHA), down 6.7%</li>  <li><b>Tilray</b>(NASDAQ:TLRY), down 5.7%</li>  <li><b>Cronos Group</b>(NASDAQ:CRON), down 4.8%</li>  <li><b>Aurora Cannabis</b>(NYSE:ACB), down 4.8%</li>  <li><b>Canopy Growth</b>(NASDAQ:CGC), down 4.6%</li>  <li><b>HEXO</b>&nbsp;(NYSE:HEXO), down 4%</li> </ul> <b>So what</b></p><p><blockquote><ul><li><b>日晷种植者</b>（纳斯达克：SNDL），下跌11.9%</li><li><b>Aphria</b>（纳斯达克：APHA），下跌6.7%</li><li><b>蒂尔雷</b>（纳斯达克：TLRY），下跌5.7%</li><li><b>克罗诺斯集团</b>（纳斯达克：CRON），下跌4.8%</li><li><b>奥罗拉大麻</b>（纽约证券交易所代码：ACB），下跌4.8%</li><li><b>冠层生长</b>（纳斯达克：CGC），下跌4.6%</li><li><b>己糖</b>（纽约证券交易所代码：HEXO），下跌4%</li></ul><b>那又怎样</b></blockquote></p><p> Weed stocks have been popular trades in 2021. The prospect of marijuana&nbsp;legalization&nbsp;in the U.S. has led investors to bid up the prices of many cannabis companies in recent weeks.</p><p><blockquote>杂草股票是2021年的热门交易。美国大麻合法化的前景导致投资者最近几周抬高了许多大麻公司的价格。</blockquote></p><p> Today, however, many traders decided to sell their marijuana stocks and take some profits off the table. There wasn't much in the way of news that appeared to spark the sell-off, other than a general decline in the stock market averages and a relatively steep drop in the prices of many higher-risk stocks.</p><p><blockquote>然而今天，许多交易者决定出售他们的大麻股票，并获利了结。除了股市平均水平普遍下跌以及许多高风险股票价格相对大幅下跌之外，似乎没有太多消息引发抛售。</blockquote></p><p> <b>Now what</b></p><p><blockquote><b>现在怎么办</b></blockquote></p><p> Cannabis stocks can be extremely volatile; that's part of the allure for traders who want to generate quick gains. Volatility cuts both ways, though, and it can be brutal when stocks move violently to the downside.</p><p><blockquote>大麻股票可能极不稳定；这是对想要快速获利的交易者的吸引力的一部分。不过，波动性是双向的，当股市剧烈下跌时，波动可能会很残酷。</blockquote></p><p> Fortunately, Sundial, Aphria, Tilray, Cronos, Aurora, Canopy, and HEXO all recovered most of their losses by the close of trading after being down between 13% to 23% earlier in the day. Perhaps investors began to once again focus on recent progress toward legalization, such as New Jersey's move to permit sales of recreational marijuana in the state.</p><p><blockquote>幸运的是，Sundial、Aphria、Tilray、Cronos、Aurora、Canopy和HEXO在当天早些时候下跌13%至23%后，在收盘时都收复了大部分失地。也许投资者开始再次关注最近合法化的进展，例如新泽西州允许在该州销售娱乐性大麻的举措。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/02/23/why-sundial-aurora-cannabis-aphria-and-other-marij/\">Motley Fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CRON":"Cronos Group Inc.","CGC":"Canopy Growth Corporation","TLRY":"Tilray Inc.","APHA":"Aphria Inc.","MJ":"Amplify Alternative Harvest ETF","SNDL":"SNDL Inc.","ACB":"奥罗拉大麻公司"},"source_url":"https://www.fool.com/investing/2021/02/23/why-sundial-aurora-cannabis-aphria-and-other-marij/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1177982522","content_text":"Pot stocks surrendered some of their recent gains amid a broad market sell-off.\nWhat happened\nCannabis stocks plummeted on Tuesday morning before rebounding later in the day. Here's how some of the most popular marijuana stocks fared:\n\nSundial Growers(NASDAQ:SNDL), down 11.9%\nAphria(NASDAQ:APHA), down 6.7%\nTilray(NASDAQ:TLRY), down 5.7%\nCronos Group(NASDAQ:CRON), down 4.8%\nAurora Cannabis(NYSE:ACB), down 4.8%\nCanopy Growth(NASDAQ:CGC), down 4.6%\nHEXO (NYSE:HEXO), down 4%\n\nSo what\nWeed stocks have been popular trades in 2021. The prospect of marijuana legalization in the U.S. has led investors to bid up the prices of many cannabis companies in recent weeks.\nToday, however, many traders decided to sell their marijuana stocks and take some profits off the table. There wasn't much in the way of news that appeared to spark the sell-off, other than a general decline in the stock market averages and a relatively steep drop in the prices of many higher-risk stocks.\nNow what\nCannabis stocks can be extremely volatile; that's part of the allure for traders who want to generate quick gains. Volatility cuts both ways, though, and it can be brutal when stocks move violently to the downside.\nFortunately, Sundial, Aphria, Tilray, Cronos, Aurora, Canopy, and HEXO all recovered most of their losses by the close of trading after being down between 13% to 23% earlier in the day. Perhaps investors began to once again focus on recent progress toward legalization, such as New Jersey's move to permit sales of recreational marijuana in the state.","news_type":1,"symbols_score_info":{"ACB":0.9,"TLRY":0.9,"APHA":0.9,"CGC":0.9,"MJ":0.9,"HEXO":0.9,"CRON":0.9,"SNDL":0.9}},"isVote":1,"tweetType":1,"viewCount":599,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":363626083,"gmtCreate":1614135678742,"gmtModify":1634551038018,"author":{"id":"3569415899411814","authorId":"3569415899411814","name":"Max1112","avatar":"https://static.tigerbbs.com/468cd4ab5f9545051abfced1be8823cb","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569415899411814","idStr":"3569415899411814"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/363626083","repostId":"1155806524","repostType":4,"repost":{"id":"1155806524","kind":"news","pubTimestamp":1614135098,"share":"https://www.laohu8.com/m/news/1155806524?lang=zh_CN&edition=full","pubTime":"2021-02-24 10:51","market":"us","language":"en","title":"The Bitcoin Bubble Could Be Popping. It’s a Headwind for Some High-Flying Stocks.<blockquote>比特币泡沫可能会破裂。对于一些高速发展的股票来说，这是一个阻力。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1155806524","media":"Barrons","summary":"A bear market in Bitcoin may be forming, potentially contributing to the selloff in some highflying ","content":"<p>A bear market in Bitcoin may be forming, potentially contributing to the selloff&nbsp;in&nbsp;some highflying stocks—if not the broader market.</p><p><blockquote>比特币的熊市可能正在形成，可能会导致一些飙升的股票（如果不是大盘的话）遭到抛售。</blockquote></p><p> Tesla(ticker:Tesla),PayPal Holdings(PYPL), and&nbsp;Square(Square), to name just a few, are trading in tighter correlation to the digital currency. Tesla recentlypurchased$1.5 billion of the digital currency, and said it plans to accept it as payment, fueling a surge in its stock.</p><p><blockquote>特斯拉（股票代码：特斯拉）、PayPal控股（PYPL）和Square（Square）等公司的交易与数字货币的相关性更紧密。特斯拉最近购买了15亿美元的数字货币，并表示计划接受其作为支付方式，推动其股价飙升。</blockquote></p><p> High-growth stocks are under pressure due to fears of rising interest rates and bond yields, which reduce the present value of future cash flows. Tesla and the online payment stocks are also crowded trades, making them vulnerable to a selloff.</p><p><blockquote>由于担心利率和债券收益率上升，降低了未来现金流的现值，高增长股票面临压力。特斯拉和在线支付股票的交易也很拥挤，很容易遭到抛售。</blockquote></p><p> PayPal Holdingsand Square are becoming digital-currency brokers, enabling consumers to buy and store Bitcoin on their apps, aiming to eventually allow people to use it to make purchases.</p><p><blockquote>PayPal控股和Square正在成为数字货币经纪商，使消费者能够在其应用程序上购买和存储比特币，旨在最终允许人们使用它进行购买。</blockquote></p><p> The stocks have been sliding as Bitcoin has been in free fall. The digital currency was recently trading around $47,300, down 10% in the past 24 hours and off 18% from highs around $58,000 on Feb. 21, according to CoinDesk.</p><p><blockquote>随着比特币直线下跌，股市一直在下滑。根据CoinDesk的数据，该数字货币最近的交易价格约为47,300美元，在过去24小时内下跌了10%，较2月21日58,000美元左右的高点下跌了18%。</blockquote></p><p> Falling prices of Bitcoin may be helping to drag down the broaderNasdaq CompositeIndex, which fell 2.5% Monday and was down 2.2% on Tuesday.</p><p><blockquote>比特币价格下跌可能会拖累纳斯达克综合指数，该指数周一下跌2.5%，周二下跌2.2%。</blockquote></p><p> The selloff in Bitcoin may have been overdue after its surge over the past few months, and it may have gotten a nudge from Treasury Secretary Janet Yellen. She labeled Bitcoin an “inefficient” currency and warned that it could be a sign of speculative excesses, in aninterviewpublished by the New York Times on Tuesday.</p><p><blockquote>在过去几个月的飙升之后，比特币的抛售可能已经姗姗来迟，而且可能得到了财政部长耶伦的推动。在《纽约时报》周二发表的采访中，她将比特币称为“低效”货币，并警告称这可能是过度投机的迹象。</blockquote></p><p> Traders appear to be taking Yellen’s comments as a sign that regulators in the Biden administration may erect more regulatory hurdles to crypto, making it tougher for banks and brokerages to offer commercial services in digital currencies.</p><p><blockquote>交易员似乎将耶伦的言论视为拜登政府监管机构可能会对加密货币设置更多监管障碍的迹象，使银行和券商更难以数字货币提供商业服务。</blockquote></p><p> TheNasdaq Compositeand other larger-cap indexes may be more closely tied to Bitcoin as the roster of companies involved in crpyto technology or services expands. It now includes the chip manufacturer&nbsp;Nvidia(NVDA), the internet retailer&nbsp;Overstock.com(OSTK), and banks such as&nbsp;Signature Bank(SBNY). Exchanges and brokerages such as&nbsp;CME Group(CME),Cboe Global Markets(CBOE), and Interactive Brokers (IBKR) are also turning into crypto bets as they expand trading in options and futures contracts related to digital currencies.</p><p><blockquote>随着涉及加密技术或服务的公司名单不断扩大，纳斯达克综合指数和其他大盘指数可能与比特币的联系更加紧密。它现在包括芯片制造商英伟达(NVDA)、互联网零售商Overstock.com(OSTK)以及Signature Bank(SBNY)等银行。芝商所(CME)、芝加哥期权交易所全球市场(CBOE)和盈透证券(IBKR)等交易所和券商也在转向加密货币押注，因为它们扩大了与数字货币相关的期权和期货合约的交易。</blockquote></p><p> Tesla’s push into Bitcoin was a vote of confidence in crypto, but it may also have turned Tesla into a proxy for the currency, fueling an exodus from the stock from investors who wanted a car maker, not a crypto play.</p><p><blockquote>特斯拉进军比特币是对加密货币投下的信任票，但它也可能将特斯拉变成了该货币的代表，促使那些想要汽车制造商而不是加密货币的投资者逃离该股。</blockquote></p><p> “By Musk and Tesla aggressively embracing Bitcoin (from a transactional perspective as well), investors are starting to tie Bitcoin and Tesla at the hip,” wrote Wedbush Securities analyst Dan Ives in a note on Tuesday, referring to Tesla CEO Elon Musk.</p><p><blockquote>Wedbush Securities分析师Dan Ives在周二的一份报告中写道：“通过马斯克和特斯拉积极拥抱比特币（也从交易角度来看），投资者开始将比特币和特斯拉绑在一起。”</blockquote></p><p> Bitcoin’s surge has also done wonders for stocks that were left for dead. Overstock, for instance, surged 850% from $2.50 to $85 over the past year, including a 77% gain this year. The company has built a portfolio of blockchain and crypto-companies&nbsp;under its Medici Ventures division. It now plans to convert that unit into a limited partnership called Pelion Venture Partners Fund.</p><p><blockquote>比特币的飙升也为那些奄奄一息的股票创造了奇迹。例如，Overstock在过去一年中从2.50美元飙升至85美元，飙升了850%，其中今年上涨了77%。该公司在其Medici Ventures部门下建立了区块链和加密公司的投资组合。它现在计划将该部门转变为一家名为Pelion Venture Partners Fund的有限合伙企业。</blockquote></p><p> Overstock was down 10% Tuesday, continuing a slide in the last few days as Bitcoin prices slumped.</p><p><blockquote>周二，Overstock下跌10%，随着比特币价格暴跌，延续了过去几天的下滑趋势。</blockquote></p><p> Bitcoin’s impact is being felt heavily in PayPal and Square. The companies earn transaction fees on cryptocurrencies, and they appear to be increasing customer engagement and revenue per user, compared with customers who aren’t involved in crypto.</p><p><blockquote>PayPal和广场都感受到了比特币的影响。这些公司通过加密货币赚取交易费，与不参与加密货币的客户相比，它们似乎正在增加客户参与度和每用户收入。</blockquote></p><p> Neither firm makes much profit off Bitcoin so far, and transactions involving the currency make minimal contributions to revenue. Wolfe analyst Darrin Peller estimates that Bitcoin contributes less than 1% to PayPal’s revenue, and slightly more to Square’s.</p><p><blockquote>到目前为止，两家公司都没有从比特币中获得太多利润，涉及该货币的交易对收入的贡献也很小。Wolfe分析师Darrin Peller估计，比特币对PayPal收入的贡献不到1%，对Square的贡献略高。</blockquote></p><p> “It’s not a major driver of revenue, but it’s a helpful tool to get customers more engaged,” he says. “As more people are engaged with the apps, they use their digital wallets more frequently, and more money goes into the ecosystem.”</p><p><blockquote>“它不是收入的主要驱动力，但它是让客户更多参与的有用工具，”他说。“随着越来越多的人使用这些应用程序，他们会更频繁地使用数字钱包，更多的钱进入生态系统。”</blockquote></p><p> Indeed, the apps could be conduits for Bitcoin to go mainstream. That, in turn, has fueled excitement about the stocks.</p><p><blockquote>事实上，这些应用程序可能是比特币成为主流的渠道。这反过来又加剧了人们对股票的兴奋。</blockquote></p><p> But they are now falling in tandem with Bitcoin. PayPal stock was down 6% Tuesday to $258 and is off 15% in the past five sessions from record highs around $305.</p><p><blockquote>但他们现在正与比特币并驾齐驱。PayPal股价周二下跌6%，至258美元，过去五个交易日较305美元左右的历史高点下跌15%。</blockquote></p><p> Square, which reports earnings after the close Tuesday, was down 7% to $248, off 9% from its record closing high of $272.75 on Feb. 12.</p><p><blockquote>Square周二收盘后公布财报，股价下跌7%，至248美元，较2月12日创纪录的收盘高点272.75美元下跌9%。</blockquote></p><p> The total value of Bitcoin remains formidable at nearly $1 trillion. The blockchain technology behind it is being embraced at banks and other financial firms.JPMorgan Chase(JPM)Citigroup(C), andWells Fargo(WFC) have all invested in blockchain. The custody bankBank of New York Mellonrecently announced that it would hold, transfer, and issue crypto for asset-management clients.</p><p><blockquote>比特币的总价值仍然惊人，接近1万亿美元。其背后的区块链技术正在被银行和其他金融公司所接受。摩根大通(JPM)、花旗集团(C)和富国银行(WFC)都投资了区块链。托管银行纽约梅隆银行最近宣布将为资产管理客户持有、转让和发行加密货币。</blockquote></p><p></p><p> More banks are eager to offer crypto services, notedBank of Americain a report on Tuesday, but they are waiting for guidance from Washington. It may be a while before investors see any impact on their income statements, however, especially if the Bitcoin bubble is now bursting.</p><p><blockquote>美国银行在周二的一份报告中指出，越来越多的银行渴望提供加密货币服务，但他们正在等待华盛顿的指导。然而，投资者可能需要一段时间才能看到对其损益表的任何影响，特别是如果比特币泡沫现在正在破裂的话。</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 Bitcoin Bubble Could Be Popping. It’s a Headwind for Some High-Flying Stocks.<blockquote>比特币泡沫可能会破裂。对于一些高速发展的股票来说，这是一个阻力。</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\">\nThe Bitcoin Bubble Could Be Popping. It’s a Headwind for Some High-Flying Stocks.<blockquote>比特币泡沫可能会破裂。对于一些高速发展的股票来说，这是一个阻力。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-02-24 10:51</span>\n</p>\n</h4>\n</header>\n<article>\n<p>A bear market in Bitcoin may be forming, potentially contributing to the selloff&nbsp;in&nbsp;some highflying stocks—if not the broader market.</p><p><blockquote>比特币的熊市可能正在形成，可能会导致一些飙升的股票（如果不是大盘的话）遭到抛售。</blockquote></p><p> Tesla(ticker:Tesla),PayPal Holdings(PYPL), and&nbsp;Square(Square), to name just a few, are trading in tighter correlation to the digital currency. Tesla recentlypurchased$1.5 billion of the digital currency, and said it plans to accept it as payment, fueling a surge in its stock.</p><p><blockquote>特斯拉（股票代码：特斯拉）、PayPal控股（PYPL）和Square（Square）等公司的交易与数字货币的相关性更紧密。特斯拉最近购买了15亿美元的数字货币，并表示计划接受其作为支付方式，推动其股价飙升。</blockquote></p><p> High-growth stocks are under pressure due to fears of rising interest rates and bond yields, which reduce the present value of future cash flows. Tesla and the online payment stocks are also crowded trades, making them vulnerable to a selloff.</p><p><blockquote>由于担心利率和债券收益率上升，降低了未来现金流的现值，高增长股票面临压力。特斯拉和在线支付股票的交易也很拥挤，很容易遭到抛售。</blockquote></p><p> PayPal Holdingsand Square are becoming digital-currency brokers, enabling consumers to buy and store Bitcoin on their apps, aiming to eventually allow people to use it to make purchases.</p><p><blockquote>PayPal控股和Square正在成为数字货币经纪商，使消费者能够在其应用程序上购买和存储比特币，旨在最终允许人们使用它进行购买。</blockquote></p><p> The stocks have been sliding as Bitcoin has been in free fall. The digital currency was recently trading around $47,300, down 10% in the past 24 hours and off 18% from highs around $58,000 on Feb. 21, according to CoinDesk.</p><p><blockquote>随着比特币直线下跌，股市一直在下滑。根据CoinDesk的数据，该数字货币最近的交易价格约为47,300美元，在过去24小时内下跌了10%，较2月21日58,000美元左右的高点下跌了18%。</blockquote></p><p> Falling prices of Bitcoin may be helping to drag down the broaderNasdaq CompositeIndex, which fell 2.5% Monday and was down 2.2% on Tuesday.</p><p><blockquote>比特币价格下跌可能会拖累纳斯达克综合指数，该指数周一下跌2.5%，周二下跌2.2%。</blockquote></p><p> The selloff in Bitcoin may have been overdue after its surge over the past few months, and it may have gotten a nudge from Treasury Secretary Janet Yellen. She labeled Bitcoin an “inefficient” currency and warned that it could be a sign of speculative excesses, in aninterviewpublished by the New York Times on Tuesday.</p><p><blockquote>在过去几个月的飙升之后，比特币的抛售可能已经姗姗来迟，而且可能得到了财政部长耶伦的推动。在《纽约时报》周二发表的采访中，她将比特币称为“低效”货币，并警告称这可能是过度投机的迹象。</blockquote></p><p> Traders appear to be taking Yellen’s comments as a sign that regulators in the Biden administration may erect more regulatory hurdles to crypto, making it tougher for banks and brokerages to offer commercial services in digital currencies.</p><p><blockquote>交易员似乎将耶伦的言论视为拜登政府监管机构可能会对加密货币设置更多监管障碍的迹象，使银行和券商更难以数字货币提供商业服务。</blockquote></p><p> TheNasdaq Compositeand other larger-cap indexes may be more closely tied to Bitcoin as the roster of companies involved in crpyto technology or services expands. It now includes the chip manufacturer&nbsp;Nvidia(NVDA), the internet retailer&nbsp;Overstock.com(OSTK), and banks such as&nbsp;Signature Bank(SBNY). Exchanges and brokerages such as&nbsp;CME Group(CME),Cboe Global Markets(CBOE), and Interactive Brokers (IBKR) are also turning into crypto bets as they expand trading in options and futures contracts related to digital currencies.</p><p><blockquote>随着涉及加密技术或服务的公司名单不断扩大，纳斯达克综合指数和其他大盘指数可能与比特币的联系更加紧密。它现在包括芯片制造商英伟达(NVDA)、互联网零售商Overstock.com(OSTK)以及Signature Bank(SBNY)等银行。芝商所(CME)、芝加哥期权交易所全球市场(CBOE)和盈透证券(IBKR)等交易所和券商也在转向加密货币押注，因为它们扩大了与数字货币相关的期权和期货合约的交易。</blockquote></p><p> Tesla’s push into Bitcoin was a vote of confidence in crypto, but it may also have turned Tesla into a proxy for the currency, fueling an exodus from the stock from investors who wanted a car maker, not a crypto play.</p><p><blockquote>特斯拉进军比特币是对加密货币投下的信任票，但它也可能将特斯拉变成了该货币的代表，促使那些想要汽车制造商而不是加密货币的投资者逃离该股。</blockquote></p><p> “By Musk and Tesla aggressively embracing Bitcoin (from a transactional perspective as well), investors are starting to tie Bitcoin and Tesla at the hip,” wrote Wedbush Securities analyst Dan Ives in a note on Tuesday, referring to Tesla CEO Elon Musk.</p><p><blockquote>Wedbush Securities分析师Dan Ives在周二的一份报告中写道：“通过马斯克和特斯拉积极拥抱比特币（也从交易角度来看），投资者开始将比特币和特斯拉绑在一起。”</blockquote></p><p> Bitcoin’s surge has also done wonders for stocks that were left for dead. Overstock, for instance, surged 850% from $2.50 to $85 over the past year, including a 77% gain this year. The company has built a portfolio of blockchain and crypto-companies&nbsp;under its Medici Ventures division. It now plans to convert that unit into a limited partnership called Pelion Venture Partners Fund.</p><p><blockquote>比特币的飙升也为那些奄奄一息的股票创造了奇迹。例如，Overstock在过去一年中从2.50美元飙升至85美元，飙升了850%，其中今年上涨了77%。该公司在其Medici Ventures部门下建立了区块链和加密公司的投资组合。它现在计划将该部门转变为一家名为Pelion Venture Partners Fund的有限合伙企业。</blockquote></p><p> Overstock was down 10% Tuesday, continuing a slide in the last few days as Bitcoin prices slumped.</p><p><blockquote>周二，Overstock下跌10%，随着比特币价格暴跌，延续了过去几天的下滑趋势。</blockquote></p><p> Bitcoin’s impact is being felt heavily in PayPal and Square. The companies earn transaction fees on cryptocurrencies, and they appear to be increasing customer engagement and revenue per user, compared with customers who aren’t involved in crypto.</p><p><blockquote>PayPal和广场都感受到了比特币的影响。这些公司通过加密货币赚取交易费，与不参与加密货币的客户相比，它们似乎正在增加客户参与度和每用户收入。</blockquote></p><p> Neither firm makes much profit off Bitcoin so far, and transactions involving the currency make minimal contributions to revenue. Wolfe analyst Darrin Peller estimates that Bitcoin contributes less than 1% to PayPal’s revenue, and slightly more to Square’s.</p><p><blockquote>到目前为止，两家公司都没有从比特币中获得太多利润，涉及该货币的交易对收入的贡献也很小。Wolfe分析师Darrin Peller估计，比特币对PayPal收入的贡献不到1%，对Square的贡献略高。</blockquote></p><p> “It’s not a major driver of revenue, but it’s a helpful tool to get customers more engaged,” he says. “As more people are engaged with the apps, they use their digital wallets more frequently, and more money goes into the ecosystem.”</p><p><blockquote>“它不是收入的主要驱动力，但它是让客户更多参与的有用工具，”他说。“随着越来越多的人使用这些应用程序，他们会更频繁地使用数字钱包，更多的钱进入生态系统。”</blockquote></p><p> Indeed, the apps could be conduits for Bitcoin to go mainstream. That, in turn, has fueled excitement about the stocks.</p><p><blockquote>事实上，这些应用程序可能是比特币成为主流的渠道。这反过来又加剧了人们对股票的兴奋。</blockquote></p><p> But they are now falling in tandem with Bitcoin. PayPal stock was down 6% Tuesday to $258 and is off 15% in the past five sessions from record highs around $305.</p><p><blockquote>但他们现在正与比特币并驾齐驱。PayPal股价周二下跌6%，至258美元，过去五个交易日较305美元左右的历史高点下跌15%。</blockquote></p><p> Square, which reports earnings after the close Tuesday, was down 7% to $248, off 9% from its record closing high of $272.75 on Feb. 12.</p><p><blockquote>Square周二收盘后公布财报，股价下跌7%，至248美元，较2月12日创纪录的收盘高点272.75美元下跌9%。</blockquote></p><p> The total value of Bitcoin remains formidable at nearly $1 trillion. The blockchain technology behind it is being embraced at banks and other financial firms.JPMorgan Chase(JPM)Citigroup(C), andWells Fargo(WFC) have all invested in blockchain. The custody bankBank of New York Mellonrecently announced that it would hold, transfer, and issue crypto for asset-management clients.</p><p><blockquote>比特币的总价值仍然惊人，接近1万亿美元。其背后的区块链技术正在被银行和其他金融公司所接受。摩根大通(JPM)、花旗集团(C)和富国银行(WFC)都投资了区块链。托管银行纽约梅隆银行最近宣布将为资产管理客户持有、转让和发行加密货币。</blockquote></p><p></p><p> More banks are eager to offer crypto services, notedBank of Americain a report on Tuesday, but they are waiting for guidance from Washington. It may be a while before investors see any impact on their income statements, however, especially if the Bitcoin bubble is now bursting.</p><p><blockquote>美国银行在周二的一份报告中指出，越来越多的银行渴望提供加密货币服务，但他们正在等待华盛顿的指导。然而，投资者可能需要一段时间才能看到对其损益表的任何影响，特别是如果比特币泡沫现在正在破裂的话。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/the-bitcoin-bubble-could-be-popping-its-a-headwind-for-some-high-flying-stocks-51614105457?mod=hp_LEAD_3\">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":{"CME":"芝加哥商品交易所","SBNY":"签字银行","PYPL":"PayPal","CBOE":"芝加哥期权交易所","IBKR":"盈透证券","NVDA":"英伟达","GBTC":"比特币ETF-Grayscale","TSLA":"特斯拉"},"source_url":"https://www.barrons.com/articles/the-bitcoin-bubble-could-be-popping-its-a-headwind-for-some-high-flying-stocks-51614105457?mod=hp_LEAD_3","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1155806524","content_text":"A bear market in Bitcoin may be forming, potentially contributing to the selloff in some highflying stocks—if not the broader market.\nTesla(ticker:Tesla),PayPal Holdings(PYPL), and Square(Square), to name just a few, are trading in tighter correlation to the digital currency. Tesla recentlypurchased$1.5 billion of the digital currency, and said it plans to accept it as payment, fueling a surge in its stock.\nHigh-growth stocks are under pressure due to fears of rising interest rates and bond yields, which reduce the present value of future cash flows. Tesla and the online payment stocks are also crowded trades, making them vulnerable to a selloff.\nPayPal Holdingsand Square are becoming digital-currency brokers, enabling consumers to buy and store Bitcoin on their apps, aiming to eventually allow people to use it to make purchases.\nThe stocks have been sliding as Bitcoin has been in free fall. The digital currency was recently trading around $47,300, down 10% in the past 24 hours and off 18% from highs around $58,000 on Feb. 21, according to CoinDesk.\nFalling prices of Bitcoin may be helping to drag down the broaderNasdaq CompositeIndex, which fell 2.5% Monday and was down 2.2% on Tuesday.\nThe selloff in Bitcoin may have been overdue after its surge over the past few months, and it may have gotten a nudge from Treasury Secretary Janet Yellen. She labeled Bitcoin an “inefficient” currency and warned that it could be a sign of speculative excesses, in aninterviewpublished by the New York Times on Tuesday.\nTraders appear to be taking Yellen’s comments as a sign that regulators in the Biden administration may erect more regulatory hurdles to crypto, making it tougher for banks and brokerages to offer commercial services in digital currencies.\nTheNasdaq Compositeand other larger-cap indexes may be more closely tied to Bitcoin as the roster of companies involved in crpyto technology or services expands. It now includes the chip manufacturer Nvidia(NVDA), the internet retailer Overstock.com(OSTK), and banks such as Signature Bank(SBNY). Exchanges and brokerages such as CME Group(CME),Cboe Global Markets(CBOE), and Interactive Brokers (IBKR) are also turning into crypto bets as they expand trading in options and futures contracts related to digital currencies.\nTesla’s push into Bitcoin was a vote of confidence in crypto, but it may also have turned Tesla into a proxy for the currency, fueling an exodus from the stock from investors who wanted a car maker, not a crypto play.\n“By Musk and Tesla aggressively embracing Bitcoin (from a transactional perspective as well), investors are starting to tie Bitcoin and Tesla at the hip,” wrote Wedbush Securities analyst Dan Ives in a note on Tuesday, referring to Tesla CEO Elon Musk.\nBitcoin’s surge has also done wonders for stocks that were left for dead. Overstock, for instance, surged 850% from $2.50 to $85 over the past year, including a 77% gain this year. The company has built a portfolio of blockchain and crypto-companies under its Medici Ventures division. It now plans to convert that unit into a limited partnership called Pelion Venture Partners Fund.\nOverstock was down 10% Tuesday, continuing a slide in the last few days as Bitcoin prices slumped.\nBitcoin’s impact is being felt heavily in PayPal and Square. The companies earn transaction fees on cryptocurrencies, and they appear to be increasing customer engagement and revenue per user, compared with customers who aren’t involved in crypto.\nNeither firm makes much profit off Bitcoin so far, and transactions involving the currency make minimal contributions to revenue. Wolfe analyst Darrin Peller estimates that Bitcoin contributes less than 1% to PayPal’s revenue, and slightly more to Square’s.\n“It’s not a major driver of revenue, but it’s a helpful tool to get customers more engaged,” he says. “As more people are engaged with the apps, they use their digital wallets more frequently, and more money goes into the ecosystem.”\nIndeed, the apps could be conduits for Bitcoin to go mainstream. That, in turn, has fueled excitement about the stocks.\nBut they are now falling in tandem with Bitcoin. PayPal stock was down 6% Tuesday to $258 and is off 15% in the past five sessions from record highs around $305.\nSquare, which reports earnings after the close Tuesday, was down 7% to $248, off 9% from its record closing high of $272.75 on Feb. 12.\nThe total value of Bitcoin remains formidable at nearly $1 trillion. The blockchain technology behind it is being embraced at banks and other financial firms.JPMorgan Chase(JPM)Citigroup(C), andWells Fargo(WFC) have all invested in blockchain. The custody bankBank of New York Mellonrecently announced that it would hold, transfer, and issue crypto for asset-management clients.\nMore banks are eager to offer crypto services, notedBank of Americain a report on Tuesday, but they are waiting for guidance from Washington. It may be a while before investors see any impact on their income statements, however, especially if the Bitcoin bubble is now bursting.","news_type":1,"symbols_score_info":{"OSTK":0.9,"XBTmain":0.9,"TSLA":0.9,"BTCmain":0.9,"NVDA":0.9,"SBNY":0.9,"GBTC":0.9,"IBKR":0.9,"PYPL":0.9,"SQ":0.9,"CME":0.9,"CBOE":0.9}},"isVote":1,"tweetType":1,"viewCount":962,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":false}