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IchiGo
IchiGo
·
2021-07-01
Up up up
EV Stocks surged in Thursday morning trading<blockquote>电动汽车股周四早盘飙升</blockquote>
EV Stocks surged in Thursday morning trading on Due to vehicle delivery.Tesla,Nio,Xpeng Motors and L
EV Stocks surged in Thursday morning trading<blockquote>电动汽车股周四早盘飙升</blockquote>
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IchiGo
IchiGo
·
2021-06-24
[贱笑]
非常抱歉，此主贴已删除
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IchiGo
IchiGo
·
2021-06-22
[惊讶]
One Mad Market & Six Cold Reality-Checks<blockquote>一个疯狂的市场和六个冷酷的现实检验</blockquote>
Fact checking politicos, headlines and central bankers is one thing.Putting their "facts" into conte
One Mad Market & Six Cold Reality-Checks<blockquote>一个疯狂的市场和六个冷酷的现实检验</blockquote>
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IchiGo
IchiGo
·
2021-06-18
What next?
Gold Got Crushed After the Fed’s Big Surprise. Here’s What Could Happen Next.<blockquote>美联储大吃一惊后，金价暴跌。接下来会发生什么。</blockquote>
Duck for cover, gold bulls. That was the message the market seemed to send on Thursday, as the preci
Gold Got Crushed After the Fed’s Big Surprise. Here’s What Could Happen Next.<blockquote>美联储大吃一惊后，金价暴跌。接下来会发生什么。</blockquote>
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IchiGo
IchiGo
·
2021-06-16
Samsung phone
非常抱歉，此主贴已删除
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IchiGo
IchiGo
·
2021-06-15
Costco
My 3 Favorite Stocks Right Now<blockquote>我现在最喜欢的3只股票</blockquote>
These companies make good long-term core holdings. Stock investing starts with picking the right com
My 3 Favorite Stocks Right Now<blockquote>我现在最喜欢的3只股票</blockquote>
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IchiGo
IchiGo
·
2021-06-13
For rich people only
非常抱歉，此主贴已删除
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IchiGo
IchiGo
·
2021-06-12
[得意]
非常抱歉，此主贴已删除
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IchiGo
IchiGo
·
2021-06-12
Nowadays people getting info from internet or social media
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IchiGo
IchiGo
·
2021-06-11
Yeah[得意]
China's Didi reveals U.S. IPO filing, sets stage for blockbuster New York float<blockquote>中国滴滴公布美国IPO文件，为纽约上市奠定基础</blockquote>
(Reuters) -Didi Chuxing, China’s biggest ride-hailing firm, on Thursday made public its filing for a
China's Didi reveals U.S. IPO filing, sets stage for blockbuster New York float<blockquote>中国滴滴公布美国IPO文件，为纽约上市奠定基础</blockquote>
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up up","listText":"Up up up","text":"Up up up","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/158695522","repostId":"1175411154","repostType":4,"repost":{"id":"1175411154","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":1625146583,"share":"https://www.laohu8.com/m/news/1175411154?lang=zh_CN&edition=full","pubTime":"2021-07-01 21:36","market":"us","language":"en","title":"EV Stocks surged in Thursday morning trading<blockquote>电动汽车股周四早盘飙升</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1175411154","media":"Tiger Newspress","summary":"EV Stocks surged in Thursday morning trading on Due to vehicle delivery.Tesla,Nio,Xpeng Motors and L","content":"<p>EV Stocks surged in Thursday morning trading on Due to vehicle delivery.Tesla,Nio,Xpeng Motors and Li Auto climbed between 1% and 6%.</p><p><blockquote>由于车辆交付，电动汽车股在周四早盘交易中飙升。特斯拉、蔚来、小鹏汽车和理想汽车上涨1%至6%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a850dc2f94b465cace256883ee0685a8\" tg-width=\"371\" tg-height=\"309\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> NIO delivered 8,083 vehicles in June 2021, increasing by 116.1% year-over-year;</p><p><blockquote>蔚来2021年6月交付8083辆，同比增长116.1%；</blockquote></p><p> Xpeng delivered 6,565 vehicles in June 2021, a record month with a 617% increase year-over-year;</p><p><blockquote>2021年6月，小鹏汽车交付了6,565辆汽车，创历史新高，同比增长617%；</blockquote></p><p> Wall Street expects Tesla Inc. to report deliveries of roughly 200,000 vehicles in the latest quarter, which would be a milestone for the electric-car makerled by Chief Executive Officer Elon Musk.</p><p><blockquote>华尔街预计特斯拉公司最近一个季度的汽车交付量将达到约20万辆，这对于这家由首席执行官Elon Musk领导的电动汽车制造商来说将是一个里程碑。</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>EV Stocks surged in Thursday morning trading<blockquote>电动汽车股周四早盘飙升</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 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Stocks surged in Thursday morning trading<blockquote>电动汽车股周四早盘飙升</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\">2021-07-01 21:36</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>EV Stocks surged in Thursday morning trading on Due to vehicle delivery.Tesla,Nio,Xpeng Motors and Li Auto climbed between 1% and 6%.</p><p><blockquote>由于车辆交付，电动汽车股在周四早盘交易中飙升。特斯拉、蔚来、小鹏汽车和理想汽车上涨1%至6%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a850dc2f94b465cace256883ee0685a8\" tg-width=\"371\" tg-height=\"309\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> NIO delivered 8,083 vehicles in June 2021, increasing by 116.1% year-over-year;</p><p><blockquote>蔚来2021年6月交付8083辆，同比增长116.1%；</blockquote></p><p> Xpeng delivered 6,565 vehicles in June 2021, a record month with a 617% increase year-over-year;</p><p><blockquote>2021年6月，小鹏汽车交付了6,565辆汽车，创历史新高，同比增长617%；</blockquote></p><p> Wall Street expects Tesla Inc. to report deliveries of roughly 200,000 vehicles in the latest quarter, which would be a milestone for the electric-car makerled by Chief Executive Officer Elon Musk.</p><p><blockquote>华尔街预计特斯拉公司最近一个季度的汽车交付量将达到约20万辆，这对于这家由首席执行官Elon Musk领导的电动汽车制造商来说将是一个里程碑。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"XPEV":"小鹏汽车","NIO":"蔚来","TSLA":"特斯拉","LI":"理想汽车"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175411154","content_text":"EV Stocks surged in Thursday morning trading on Due to vehicle delivery.Tesla,Nio,Xpeng Motors and Li Auto climbed between 1% and 6%.\n\nNIO delivered 8,083 vehicles in June 2021, increasing by 116.1% year-over-year;\nXpeng delivered 6,565 vehicles in June 2021, a record month with a 617% increase year-over-year;\nWall Street expects Tesla Inc. to report deliveries of roughly 200,000 vehicles in the latest quarter, which would be a milestone for the electric-car makerled by Chief Executive Officer Elon Musk.","news_type":1,"symbols_score_info":{"XPEV":0.9,"TSLA":0.9,"NIO":0.9,"LI":0.9}},"isVote":1,"tweetType":1,"viewCount":1602,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":126332421,"gmtCreate":1624544092663,"gmtModify":1631894043637,"author":{"id":"3571108991612603","authorId":"3571108991612603","name":"IchiGo","avatar":"https://static.tigerbbs.com/c7799d84b640de8d882c175fa85737b5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571108991612603","authorIdStr":"3571108991612603"},"themes":[],"htmlText":"[贱笑] ","listText":"[贱笑] ","text":"[贱笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/126332421","repostId":"1155360226","repostType":4,"isVote":1,"tweetType":1,"viewCount":2096,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":129802451,"gmtCreate":1624368115873,"gmtModify":1631894043651,"author":{"id":"3571108991612603","authorId":"3571108991612603","name":"IchiGo","avatar":"https://static.tigerbbs.com/c7799d84b640de8d882c175fa85737b5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571108991612603","authorIdStr":"3571108991612603"},"themes":[],"htmlText":"[惊讶] ","listText":"[惊讶] ","text":"[惊讶]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/129802451","repostId":"1145563175","repostType":4,"repost":{"id":"1145563175","kind":"news","pubTimestamp":1624359605,"share":"https://www.laohu8.com/m/news/1145563175?lang=zh_CN&edition=full","pubTime":"2021-06-22 19:00","market":"us","language":"en","title":"One Mad Market & Six Cold Reality-Checks<blockquote>一个疯狂的市场和六个冷酷的现实检验</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1145563175","media":"zerohedge","summary":"Fact checking politicos, headlines and central bankers is one thing.Putting their \"facts\" into conte","content":"<p>Fact checking politicos, headlines and central bankers is one thing.<b>Putting their \"facts\" into context is another.</b></p><p><blockquote>事实核查政客、头条新闻和央行行长是一回事。<b>将他们的“事实”放在上下文中是另一回事。</b></blockquote></p><p> Toward that end, it’s critical to place so-called “economic growth,” Treasury market growth, stock market growth, GDP growth and, of course, gold price growth into clearer perspective despite an insane global backdrop that is anything but clearly reported.</p><p><blockquote>为此，尽管疯狂的全球背景没有得到明确报道，但将所谓的“经济增长”、国债市场增长、股市增长、GDP增长，当然还有黄金价格增长置于更清晰的视角至关重要。</blockquote></p><p> <b>Context 1: The Rising Growth Headline</b></p><p><blockquote><b>背景1：不断上升的增长标题</b></blockquote></p><p> Recently, Biden’s economic advisor, Jared Bernstein, calmed the masses with yet another headline-making boast that the U.S. is “growing considerably faster” than their trading partners.</p><p><blockquote>最近，拜登的经济顾问贾里德·伯恩斯坦（Jared Bernstein）用另一个头条吹嘘美国比他们的贸易伙伴“增长得快得多”来安抚大众。</blockquote></p><p> Fair enough.</p><p><blockquote>很公平。</blockquote></p><p> But given that the U.S. is running the largest deficits on historical record…</p><p><blockquote>但鉴于美国正面临历史记录中最大的赤字……</blockquote></p><p> <img src=\"https://static.tigerbbs.com/0ac5ed804cb5613af2890f604dac56be\" tg-width=\"575\" tg-height=\"405\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> …such “growth” is not surprising.</p><p><blockquote>……这样的“增长”并不令人意外。</blockquote></p><p> In other words, bragging about growth on the back of extreme deficit spending is like a spoiled kid bragging about a new Porsche secretly purchased with his father’s credit card: It only looks good until the bill arrives and the car vanishes.</p><p><blockquote>换句话说，在极端赤字支出的背景下吹嘘增长，就像一个被宠坏的孩子吹嘘用他父亲的信用卡秘密购买的新保时捷：只有在账单到达、汽车消失之前，它才看起来不错。</blockquote></p><p> In a financial world gone mad, it’s critical to look under the hood of what passes for growth in particular or basic principles of price discovery, debt levels or supply and demand in general.</p><p><blockquote>在一个疯狂的金融世界中，审视所谓的增长或价格发现、债务水平或一般供需的基本原则至关重要。</blockquote></p><p> In short: “Growth” driven by extreme debt is not growth at all–it’s just the headline surface shine on a sports car one can’t afford.</p><p><blockquote>简而言之：由极端债务驱动的“增长”根本不是增长——它只是一辆买不起的跑车的头条表面。</blockquote></p><p> And yet <b>the madness continues</b>…Take the U.S. Treasury market, for example.</p><p><blockquote>然而<b>疯狂还在继续</b>……以美国国债市场为例。</blockquote></p><p> <b>Context 2: The Treasury “Market”?</b></p><p><blockquote><b>背景二：国债“市场”？</b></blockquote></p><p> How can anyone call the U.S. Treasury market a “market” when 56% of the $4.5T of bonds issued since last February have been bought by the Fed itself?</p><p><blockquote>当去年2月以来发行的4.5 T美元债券中有56%被美联储自己购买时，怎么会有人将美国国债市场看涨期权为“市场”呢？</blockquote></p><p> Sounds more like an insider price-fix than a “market,” no?</p><p><blockquote>听起来更像是内部价格操纵，而不是“市场”，不是吗？</blockquote></p><p> Such context gives an entirely new meaning to the idea of “drinking your own Kool-aide” and ought to be a cool reminder that Treasury bonds in general, and bond yields in particular, are zombies masquerading as credit Olympians.</p><p><blockquote>这种背景赋予了“喝自己的库尔助手”的想法全新的含义，并且应该是一个很酷的提醒，即总体而言，国债，尤其是债券收益率，是伪装成信贷奥运选手的僵尸。</blockquote></p><p> The Fed, of course, will pretend that such “support” is as temporary as their “transitory inflation” meme, but most market realists understood long ago that more and crazier bond yield “support” is the only way for national debt bubbles (and IOU’s) to stay zombie-like alive.</p><p><blockquote>当然，美联储会假装这种“支持”就像他们的“暂时性通胀”模因一样是暂时的，但大多数市场现实主义者很久以前就明白，更多、更疯狂的债券收益率“支持”是国债泡沫（和借据）像僵尸一样存活的唯一途径。</blockquote></p><p> In short, the better phrase for Treasury “support,” “accommodation,” or “stimulus” is simply: “Life Support.”</p><p><blockquote>简而言之，财政部的“支持”、“通融”或“刺激”更好的说法就是：“生命支持”。</blockquote></p><p> With central banks like the Fed continuing to create fiat currencies to monetize their unsustainable debt well into the distant future, we can safely foresee a further weakening of the USD and further strengthening of gold prices, mining stocks and key risk assets like tech and industrial stocks.</p><p><blockquote>随着美联储等央行在遥远的未来继续创造法定货币，将其不可持续的债务货币化，我们可以有把握地预见美元将进一步走弱，金价、矿业股以及科技股和工业股等关键风险资产将进一步走强。</blockquote></p><p> <b>Context 3: Deflation is back?</b></p><p><blockquote><b>背景三：通缩又回来了？</b></blockquote></p><p> Hardly.</p><p><blockquote>几乎不。</blockquote></p><p> Last week’s jaw-boning from Powell, Fisher and Bullard had the markets wondering if the Fed will be raising rates in the distant future.</p><p><blockquote>鲍威尔、费舍尔和布拉德上周的令人瞠目结舌的言论让市场怀疑美联储是否会在遥远的未来加息。</blockquote></p><p> The very fact that Powell raised the issue is because the Fed is realizing that inflation is going to be sticky <b>rather than “transitory”</b>and thus they are already pretending to pose as Hawkish.</p><p><blockquote>鲍威尔提出这个问题的事实是因为美联储意识到通胀将是粘性的<b>而不是“暂时性”</b>因此，他们已经在假装鹰派。</blockquote></p><p> But if the Fed raises rates to quell real rather than “transitory” inflation, the markets and Uncle Sam will go into a tantrum. End of story.</p><p><blockquote>但如果美联储加息是为了平息实际通胀而不是“暂时性”通胀，市场和山姆大叔就会大发脾气。故事结束。</blockquote></p><p> As I’ve written elsewhere: Pick your Fed poison—<b>tanking markets or surging inflation.</b>Eventually, we foresee both.</p><p><blockquote>正如我在其他地方写过的：选择你的毒药——<b>市场暴跌或通胀飙升。</b>最终，我们预见到了两者。</blockquote></p><p> Meanwhile, and fully aware that inflation, with some dips, is only going to trend higher, Powell is already using semantics to change the rules mid-game, now saying that rather than “allow” 2% inflation, they’ll settle for an “average” of 2%.</p><p><blockquote>与此同时，鲍威尔充分认识到通胀（有些下降）只会上升，他已经在利用语义学来改变游戏规则，现在他说，他们不会“允许”2%的通胀，而是满足于2%的“平均”。</blockquote></p><p> Translated into honest English, this just means expect more inflation around the corner.</p><p><blockquote>翻译成诚实的英语，这只是意味着预计更多的通货膨胀即将到来。</blockquote></p><p> <b>Context 4: Rising Stock Markets</b></p><p><blockquote><b>背景4：股市上涨</b></blockquote></p><p> Despite reaching nosebleed levels which defy <i>every</i> traditional valuation ceiling, from CAPE ratios and Tobin ratios to book values and FCF data, the headlines remind us that stocks can go even higher—and they can indeed.</p><p><blockquote>尽管达到了流鼻血的程度<i>每一</i>传统的估值上限，从CAPE比率和托宾比率到账面价值和自由现金流数据，头条新闻提醒我们股票可以走得更高——而且确实可以。</blockquote></p><p> But context, as well as history, reminds us that the bigger the bubble the bigger the mean-reverting fall.</p><p><blockquote>但背景和历史提醒我们，泡沫越大，均值回归下降就越大。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/f1586e90684f7b8ae0525c04b1fa4bc7\" tg-width=\"624\" tg-height=\"439\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>No Treasure in Treasuries = Lot’s of Air in Stocks</b></p><p><blockquote><b>国债中没有宝藏=股票中有很多空气</b></blockquote></p><p> Based upon the objective facts above, we now know that the only primary buyers showing up at U.S. Treasury auctions is the Fed itself.</p><p><blockquote>基于上述客观事实，我们现在知道，出现在美国国债拍卖中的唯一主要买家是美联储本身。</blockquote></p><p> This is because the rest of the world (Asia, Europe etc.) doesn’t want them.</p><p><blockquote>这是因为世界其他地方（亚洲、欧洲等。）不想要他们。</blockquote></p><p> The next question is “why”?</p><p><blockquote>下一个问题是“为什么”？</blockquote></p><p> The answer is multiple yet simple.</p><p><blockquote>答案是多重而简单的。</blockquote></p><p> First, and despite the open myth of American Exceptionalism, investors in other countries can actually think, read and count for themselves, which means they’re not simply trusting the Fed—or its IOU’s– blindly.</p><p><blockquote>首先，尽管存在美国例外论的公开神话，但其他国家的投资者实际上可以自己思考、阅读和计算，这意味着他们不仅仅是盲目信任美联储或其借据。</blockquote></p><p></p><p> Stated otherwise, they are not buying the “transitory inflation” or “strong USD” story pouring recently out of the FOMC mouthpieces.</p><p><blockquote>换句话说，他们并不相信最近从FOMC喉舌中涌出的“暂时性通胀”或“强势美元”的故事。</blockquote></p><p> Inflation is not only rising in the U.S., it’s also creeping up elsewhere—even in Japan, but especially in China. This is largely because the U.S. exports its inflation (and debased dollars) offshore via trade and fiscal deficits.</p><p><blockquote>通货膨胀不仅在美国上升，在其他地方也在攀升——甚至在日本，尤其是在中国。这主要是因为美国通过贸易和财政赤字将通货膨胀（和贬值的美元）输出到海外。</blockquote></p><p> Such deliberate inflation exporting by the U.S. places those countries (creditors) that lent money to Uncle Sam into a dilemma: They can either 1) let their currencies inflate alongside the dollar (hardly fun), or 2) try to quell the <i>outflow</i> of exported (debased) US dollars to save their own currencies from further debasement.</p><p><blockquote>美国这种蓄意输出的通胀让那些借钱给山姆大叔的国家（债权人）陷入了两难境地：他们要么1）让本国货币与美元一起通胀（这一点都不好玩），要么2）试图平息<i>流出</i>出口（贬值）美元以避免本国货币进一步贬值。</blockquote></p><p> Option 2, of course, is the better option, which means foreign investors need to buy something more appealing than discredited U.S. Treasuries.</p><p><blockquote>当然，选项2是更好的选择，这意味着外国投资者需要购买比信誉不佳的美国国债更有吸引力的东西。</blockquote></p><p> Sadly, ironically, and yet factually, the only assets better than <i>bogus</i> US Treasuries are <i>bloated</i> U.S. stocks.</p><p><blockquote>可悲的是，讽刺的是，但事实上，唯一比<i>假的</i>美国国债是<i>臃肿的</i>美国。股票。</blockquote></p><p> In short, nosebleed-priced US stocks are still the lesser of the two US evils, and foreigners are therefore buying/seeing stocks as a better hedge against the debased USD than sovereign bonds.</p><p><blockquote>简而言之，价格令人流鼻血的美国股票仍然是美国两害相权取其轻，因此外国人购买/将股票视为比主权债券更好的对冲美元贬值的工具。</blockquote></p><p> Don’t believe me?</p><p><blockquote>不相信我？</blockquote></p><p> See for yourself—the rest of the world is adding lots of air to the U.S. equity bubble:</p><p><blockquote>亲眼看看——世界其他地区正在为美国股市泡沫增添大量空气：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/fc5b73212bd7c3126d6a130e88169139\" tg-width=\"582\" tg-height=\"407\" referrerpolicy=\"no-referrer\">This is <i>contextually</i> troublesome for a number of reasons.</p><p><blockquote>这是<i>上下文</i>麻烦有很多原因。</blockquote></p><p> First, it means the declining US of A has gone from hocking its bonds to the rest of the world to hocking it stocks to the rest of the world (i.e., China…).</p><p><blockquote>首先，这意味着衰落的美国已经从向世界其他地区典当其债券转向向世界其他地区（即中国……）典当其股票。</blockquote></p><p> Longer term, this simply means that via direct stock ownership, foreigners will slowly own more of corporate America than, well America…</p><p><blockquote>从长远来看，这仅仅意味着通过直接持股，外国人将慢慢拥有比美国更多的美国企业……</blockquote></p><p> As for this slow gutting of the once-great America to foreign buyers, don’t blame the data. Blame your Fed and other policy makers (including labor off-shoring CEO’s) for selling-out America and pretending debt can be magically solved with magical (fake) money creation.</p><p><blockquote>至于外国买家对曾经伟大的美国的缓慢侵蚀，不要责怪数据。指责你的美联储和其他政策制定者（包括劳动力离岸首席执行官的）出卖了美国，假装债务可以通过神奇的（假）货币创造神奇地解决。</blockquote></p><p> Of course, the second pesky little problem with stocks rising beyond the pale of sanity, earnings and honest FCF data is a thing called volatility—i.e., market seasickness.</p><p><blockquote>当然，股市上涨超出理智、盈利和诚实的自由现金流数据的第二个讨厌的小问题是一种叫做波动性的东西，即市场晕船。</blockquote></p><p> Nothing goes in a straight line, including the dollar or the market. There will be swings.</p><p><blockquote>没有什么是直线前进的，包括美元或市场。会有秋千。</blockquote></p><p> Right now, the short on the USD is the highest it has been in four years.</p><p><blockquote>目前，美元空头达到四年来的最高水平。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/c420ec0af0df42eabb7a3d248da4db10\" tg-width=\"624\" tg-height=\"507\" referrerpolicy=\"no-referrer\">Yet if, by some chance, the Fed ever attempts to taper or raise rates, all those foreign dollars piling into U.S. stocks (above) create a bubble that always pops, as do the foregoing dollar shorts, which get squeezed.</p><p><blockquote>然而，如果美联储碰巧试图缩减或加息，所有涌入美国股市的外国美元（见上图）就会产生一个泡沫，泡沫总是会破裂，上述美元空头也会受到挤压。</blockquote></p><p> That could cause a massive sell-off in U.S. equity markets as foreigners sell their stocks to buy more dollars.</p><p><blockquote>这可能会导致美国股市大规模抛售，因为外国人抛售股票以购买更多美元。</blockquote></p><p> In short, there’s a lot of different needles pointing at the current equity bubble, and a correction within the next month or so is more than likely.</p><p><blockquote>简而言之，当前的股市泡沫有很多不同的迹象，未来一个月左右很可能会出现回调。</blockquote></p><p> The sharpest of those needles, by the way, is the appallingly comical level of U.S. margin debt (i.e. leverage) <i>not</i> making the headlines yet <i>now</i> making all-time highs.</p><p><blockquote>顺便说一句，这些针中最尖锐的是美国保证金债务（即杠杆）的惊人滑稽水平<i>不</i>尚未成为头条新闻<i>现在</i>创下历史新高。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/021f71bd7e78a1c275a9c9d74691c525\" tg-width=\"624\" tg-height=\"531\" referrerpolicy=\"no-referrer\">As a reminder, whenever margin debt peaks (above), markets tank soon thereafter, as anyone who remembers the dot.com and sub-prime market fiascos of yore can attest.</p><p><blockquote>提醒一下，每当保证金债务达到峰值（上图）时，市场很快就会暴跌，任何记得过去互联网和次贷市场惨败的人都可以证明这一点。</blockquote></p><p> Just saying…</p><p><blockquote>只是说……</blockquote></p><p> <b>Context 5: The Dark Side of “Surging” GDP Growth</b></p><p><blockquote><b>背景五：GDP增长“激增”的阴暗面</b></blockquote></p><p> The World Bank recently made its own headlines projecting 5.6% global GDP growth, the fastest seen in 80 years.</p><p><blockquote>世界银行最近成为头条新闻，预测全球GDP增长5.6%，为80年来最快。</blockquote></p><p> Good stuff, right?</p><p><blockquote>好东西，对吧？</blockquote></p><p> Well, not when placed into <i>context</i>…</p><p><blockquote>嗯，不是放在<i>上下文</i>…</blockquote></p><p> The last time we saw 5.6% global GDP growth was during a <i>global world war</i>.</p><p><blockquote>我们上一次看到全球GDP增长5.6%是在<i>全球世界大战</i>.</blockquote></p><p> Obviously, when the world is in a state of global military rubble, growth of any kind is likely to “surge” from such an historical (and horrific) baseline.</p><p><blockquote>显然，当世界处于全球军事废墟状态时，任何形式的增长都可能从这样一个历史（和可怕的）基线“激增”。</blockquote></p><p> Coming out of World War II, everyone, including the U.S. was in debt. World wars, after all, can do that…</p><p><blockquote>二战结束后，包括美国在内的所有人都负债累累。毕竟世界大战可以做到这一点……</blockquote></p><p> As the victorious and civilization-saving U.S. came out of that war, it made some justifiable sense to de-lever that noble yet extreme debt by printing money, repressing bond yields and stimulating GDP growth.</p><p><blockquote>随着取得胜利并拯救文明的美国从那场战争中走出来，通过印钞、抑制债券收益率和刺激GDP增长来降低这种崇高但极端的债务杠杆是有一定道理的。</blockquote></p><p> What followed was at least a defendable 40-year stretch in which US nominal GDP ran 500-800 bps above US Treasury yields.</p><p><blockquote>接下来的至少是一段可以防御的40年，在这段时间里，美国名义GDP比美国国债收益率高出500-800个基点。</blockquote></p><p> In short, bond-holders got slammed, but the cause, crisis and re-building after defeating the Axis powers justified the sacrifice.</p><p><blockquote>简而言之，债券持有人受到了猛烈抨击，但击败轴心国后的事业、危机和重建证明了牺牲的合理性。</blockquote></p><p> The same, however, can not be said today as bond-holders get crushed yet again in a new-abnormal in which GDP will greatly (and similarly) outpace long-term bond yields.</p><p><blockquote>然而，今天就不一样了，因为债券持有者在一种新的异常中再次受到挤压，在这种异常中，GDP将大大（并且类似地）超过长期债券收益率。</blockquote></p><p></p><p> Needless to say, current policy makers, the very foxes who put the global economic henhouse into the current pile of debt of rubble, like to blame this on COVID rather their bathroom mirrors.</p><p><blockquote>不用说，当前的政策制定者，正是那些将全球经济鸡舍置于当前债务废墟中的狐狸，喜欢将此归咎于COVID，而不是他们的浴室镜子。</blockquote></p><p> Ironically, however, central bankers (as opposed to the <i>Wehrmacht</i>, the Japanese Empire or Italy’s Mussolini) managed to do as much harm to the global economy <i>today</i> (with deficit policies and extend-and-pretend money printers) as Germany’s <i>Blitzkrieg</i> or Hirohito’s Banzai raids did in the 1940’s.</p><p><blockquote>然而，具有讽刺意味的是，中央银行家（相对于<i>德国国防军</i>日本帝国或意大利墨索里尼）成功地对全球经济造成了同样大的伤害<i>当今</i>（有赤字政策和扩大和假装印钞机）作为德国的<i>闪电战</i>或者裕仁在20世纪40年代的万岁袭击。</blockquote></p><p> When it comes to context, can or should we really be comparing a global flu (death toll 3.75M) to a global war (death toll 85 million)?</p><p><blockquote>说到背景，我们真的可以或应该将全球流感（死亡人数375万）与全球战争（死亡人数8500万）相提并论吗？</blockquote></p><p> The policy makers would like <i>you</i> to think so.</p><p><blockquote>政策制定者希望<i>你</i>这么想。</blockquote></p><p> Folks like Mnuchin (last year) or Yellen, Powell and the IMF (this year), are in fact trying to convince themselves and the world that the war against COVID was the real <i>casus belli</i> (reason for a justifiable war) of our current debt distress—equal in scope to World War II in its drastic impact on the financial world.</p><p><blockquote>像姆努钦（去年）或耶伦、鲍威尔和国际货币基金组织（今年）这样的人实际上正试图说服自己和世界，抗击新冠病毒的战争是真实的<i>开战理由</i>（一场正当战争的理由）我们当前的债务困境——就其对金融界的巨大影响而言，其范围相当于第二次世界大战。</blockquote></p><p> But regardless of anyone’s views on the COVID “War” or its questionable policy reactions, comparing its economic impact to that of World War II is an insult to both history and military metaphors.</p><p><blockquote>但无论任何人对COVID“战争”的看法或其可疑的政策反应如何，将其经济影响与二战进行比较都是对历史和军事隐喻的侮辱。</blockquote></p><p> The simple, objective and mathematically-confirmed fact is that the global economy was <i>already</i> in a debt crisis long <i>before</i> the first Corona headline of early 2020.</p><p><blockquote>简单、客观和数学上证实的事实是，全球经济<i>已经</i>长期陷入债务危机<i>以前</i>2020年初的第一个电晕头条。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/173b90a9931417cc655b6129fc7dc38c\" tg-width=\"624\" tg-height=\"466\" referrerpolicy=\"no-referrer\">Today, US debt to GDP is at levels it has not seen since that tragic and Second World War, and it’s projected to go much, much higher.</p><p><blockquote>如今，美国债务占GDP的比例达到了自那场悲惨的第二次世界大战以来的最高水平，而且预计还会高得多。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/54e71ae4475b3449c8833ca918ddbd82\" tg-width=\"624\" tg-height=\"297\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> So, just in case you still think the Fed can and will meaningfully raise rates to fight obvious inflation, as it did in the 1970’s or 1980’s, think again.</p><p><blockquote>因此，如果您仍然认为美联储能够并且将会像20世纪70年代或80年代那样有意义地加息来对抗明显的通胀，请三思。</blockquote></p><p> In the 1970’s and 1980’s US debt/GDP was 30%. Today it’s 130%.</p><p><blockquote>在20世纪70年代和80年代，美国债务/GDP为30%。今天是130%。</blockquote></p><p> Given this self-inflicted (rather than COVID-blamed) reality, the Fed simply can’t afford to raise rates. Period. Full stop.</p><p><blockquote>鉴于这一自我造成的（而不是新冠归咎的）现实，美联储根本无力加息。周期。句号。</blockquote></p><p> But as my colleague, Egon von Greyerz reminds, that by no means suggests that rates can’t and won’t rise.</p><p><blockquote>但正如我的同事埃贡·冯·格雷耶兹(Egon von Greyerz)提醒的那样，这绝不意味着利率不能也不会上升。</blockquote></p><p> The Fed (and other central banks) may be powerful, but they are not divine. In short, there’s a limit to their powers to simply “control” rates with a mouse-click.</p><p><blockquote>美联储（和其他央行）可能很强大，但他们并不神圣。简而言之，他们通过点击鼠标简单地“控制”利率的能力是有限的。</blockquote></p><p> At some point, there’s not enough credible fake money to manage the yield curve—especially on the long end.</p><p><blockquote>在某些时候，没有足够可信的假币来管理收益率曲线——尤其是在长期来看。</blockquote></p><p> As more printed and <b>tanking currencies</b> try to purchase lower yields and rates, eventually the entire experiment fails.</p><p><blockquote>随着更多的印刷和<b>贬值货币</b>试图购买较低的产量和利率，最终整个实验失败。</blockquote></p><p> At that critical point, rates spike, inflation raises its ugly head and the central bankers look for something other than themselves to blame as the rest of the world stares at worthless currencies being replaced by comical central bank digital dollars.</p><p><blockquote>在这个关键时刻，利率飙升，通货膨胀抬头，央行行长们寻找自己以外的东西来指责，而世界其他地区则盯着毫无价值的货币被滑稽的央行数字美元取代。</blockquote></p><p> Wonderful…</p><p><blockquote>精彩…</blockquote></p><p> <b>Context 6: That Barbaric Relic?</b></p><p><blockquote><b>背景6：那个野蛮遗迹？</b></blockquote></p><p> What the foregoing inflation and rate contexts means is that in the years ahead, inflation will run higher and rates will run (be forced/controlled) lower until both rates and inflation spike together.</p><p><blockquote>上述通胀和利率背景意味着，在未来几年，通胀将走高，利率将走低（被迫/控制），直到利率和通胀一起飙升。</blockquote></p><p> This further means that <i>real</i> rates (i.e., those adjusted for inflation) could run as deep as -5% to -10% in the years ahead.</p><p><blockquote>这进一步意味着<i>真的</i>未来几年，利率（即经通胀调整的利率）可能高达-5%至-10%。</blockquote></p><p> Such negative real rate levels could easily surpass those seen in the 70’s and 80’s, which means gold (and silver), both of whom love negative real rates, has nowhere to go but up, up and away in this totally debt-distorted backdrop.</p><p><blockquote>这种负实际利率水平很容易超过70年代和80年代的水平，这意味着黄金（和白银）都喜欢负实际利率，在这种完全债务扭曲的背景下，除了上涨、上涨和离开之外，无处可去。</blockquote></p><p> How’s that for context?</p><p><blockquote>背景怎么样？</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>One Mad Market & Six Cold Reality-Checks<blockquote>一个疯狂的市场和六个冷酷的现实检验</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\">\nOne Mad Market & Six Cold Reality-Checks<blockquote>一个疯狂的市场和六个冷酷的现实检验</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-06-22 19:00</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Fact checking politicos, headlines and central bankers is one thing.<b>Putting their \"facts\" into context is another.</b></p><p><blockquote>事实核查政客、头条新闻和央行行长是一回事。<b>将他们的“事实”放在上下文中是另一回事。</b></blockquote></p><p> Toward that end, it’s critical to place so-called “economic growth,” Treasury market growth, stock market growth, GDP growth and, of course, gold price growth into clearer perspective despite an insane global backdrop that is anything but clearly reported.</p><p><blockquote>为此，尽管疯狂的全球背景没有得到明确报道，但将所谓的“经济增长”、国债市场增长、股市增长、GDP增长，当然还有黄金价格增长置于更清晰的视角至关重要。</blockquote></p><p> <b>Context 1: The Rising Growth Headline</b></p><p><blockquote><b>背景1：不断上升的增长标题</b></blockquote></p><p> Recently, Biden’s economic advisor, Jared Bernstein, calmed the masses with yet another headline-making boast that the U.S. is “growing considerably faster” than their trading partners.</p><p><blockquote>最近，拜登的经济顾问贾里德·伯恩斯坦（Jared Bernstein）用另一个头条吹嘘美国比他们的贸易伙伴“增长得快得多”来安抚大众。</blockquote></p><p> Fair enough.</p><p><blockquote>很公平。</blockquote></p><p> But given that the U.S. is running the largest deficits on historical record…</p><p><blockquote>但鉴于美国正面临历史记录中最大的赤字……</blockquote></p><p> <img src=\"https://static.tigerbbs.com/0ac5ed804cb5613af2890f604dac56be\" tg-width=\"575\" tg-height=\"405\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> …such “growth” is not surprising.</p><p><blockquote>……这样的“增长”并不令人意外。</blockquote></p><p> In other words, bragging about growth on the back of extreme deficit spending is like a spoiled kid bragging about a new Porsche secretly purchased with his father’s credit card: It only looks good until the bill arrives and the car vanishes.</p><p><blockquote>换句话说，在极端赤字支出的背景下吹嘘增长，就像一个被宠坏的孩子吹嘘用他父亲的信用卡秘密购买的新保时捷：只有在账单到达、汽车消失之前，它才看起来不错。</blockquote></p><p> In a financial world gone mad, it’s critical to look under the hood of what passes for growth in particular or basic principles of price discovery, debt levels or supply and demand in general.</p><p><blockquote>在一个疯狂的金融世界中，审视所谓的增长或价格发现、债务水平或一般供需的基本原则至关重要。</blockquote></p><p> In short: “Growth” driven by extreme debt is not growth at all–it’s just the headline surface shine on a sports car one can’t afford.</p><p><blockquote>简而言之：由极端债务驱动的“增长”根本不是增长——它只是一辆买不起的跑车的头条表面。</blockquote></p><p> And yet <b>the madness continues</b>…Take the U.S. Treasury market, for example.</p><p><blockquote>然而<b>疯狂还在继续</b>……以美国国债市场为例。</blockquote></p><p> <b>Context 2: The Treasury “Market”?</b></p><p><blockquote><b>背景二：国债“市场”？</b></blockquote></p><p> How can anyone call the U.S. Treasury market a “market” when 56% of the $4.5T of bonds issued since last February have been bought by the Fed itself?</p><p><blockquote>当去年2月以来发行的4.5 T美元债券中有56%被美联储自己购买时，怎么会有人将美国国债市场看涨期权为“市场”呢？</blockquote></p><p> Sounds more like an insider price-fix than a “market,” no?</p><p><blockquote>听起来更像是内部价格操纵，而不是“市场”，不是吗？</blockquote></p><p> Such context gives an entirely new meaning to the idea of “drinking your own Kool-aide” and ought to be a cool reminder that Treasury bonds in general, and bond yields in particular, are zombies masquerading as credit Olympians.</p><p><blockquote>这种背景赋予了“喝自己的库尔助手”的想法全新的含义，并且应该是一个很酷的提醒，即总体而言，国债，尤其是债券收益率，是伪装成信贷奥运选手的僵尸。</blockquote></p><p> The Fed, of course, will pretend that such “support” is as temporary as their “transitory inflation” meme, but most market realists understood long ago that more and crazier bond yield “support” is the only way for national debt bubbles (and IOU’s) to stay zombie-like alive.</p><p><blockquote>当然，美联储会假装这种“支持”就像他们的“暂时性通胀”模因一样是暂时的，但大多数市场现实主义者很久以前就明白，更多、更疯狂的债券收益率“支持”是国债泡沫（和借据）像僵尸一样存活的唯一途径。</blockquote></p><p> In short, the better phrase for Treasury “support,” “accommodation,” or “stimulus” is simply: “Life Support.”</p><p><blockquote>简而言之，财政部的“支持”、“通融”或“刺激”更好的说法就是：“生命支持”。</blockquote></p><p> With central banks like the Fed continuing to create fiat currencies to monetize their unsustainable debt well into the distant future, we can safely foresee a further weakening of the USD and further strengthening of gold prices, mining stocks and key risk assets like tech and industrial stocks.</p><p><blockquote>随着美联储等央行在遥远的未来继续创造法定货币，将其不可持续的债务货币化，我们可以有把握地预见美元将进一步走弱，金价、矿业股以及科技股和工业股等关键风险资产将进一步走强。</blockquote></p><p> <b>Context 3: Deflation is back?</b></p><p><blockquote><b>背景三：通缩又回来了？</b></blockquote></p><p> Hardly.</p><p><blockquote>几乎不。</blockquote></p><p> Last week’s jaw-boning from Powell, Fisher and Bullard had the markets wondering if the Fed will be raising rates in the distant future.</p><p><blockquote>鲍威尔、费舍尔和布拉德上周的令人瞠目结舌的言论让市场怀疑美联储是否会在遥远的未来加息。</blockquote></p><p> The very fact that Powell raised the issue is because the Fed is realizing that inflation is going to be sticky <b>rather than “transitory”</b>and thus they are already pretending to pose as Hawkish.</p><p><blockquote>鲍威尔提出这个问题的事实是因为美联储意识到通胀将是粘性的<b>而不是“暂时性”</b>因此，他们已经在假装鹰派。</blockquote></p><p> But if the Fed raises rates to quell real rather than “transitory” inflation, the markets and Uncle Sam will go into a tantrum. End of story.</p><p><blockquote>但如果美联储加息是为了平息实际通胀而不是“暂时性”通胀，市场和山姆大叔就会大发脾气。故事结束。</blockquote></p><p> As I’ve written elsewhere: Pick your Fed poison—<b>tanking markets or surging inflation.</b>Eventually, we foresee both.</p><p><blockquote>正如我在其他地方写过的：选择你的毒药——<b>市场暴跌或通胀飙升。</b>最终，我们预见到了两者。</blockquote></p><p> Meanwhile, and fully aware that inflation, with some dips, is only going to trend higher, Powell is already using semantics to change the rules mid-game, now saying that rather than “allow” 2% inflation, they’ll settle for an “average” of 2%.</p><p><blockquote>与此同时，鲍威尔充分认识到通胀（有些下降）只会上升，他已经在利用语义学来改变游戏规则，现在他说，他们不会“允许”2%的通胀，而是满足于2%的“平均”。</blockquote></p><p> Translated into honest English, this just means expect more inflation around the corner.</p><p><blockquote>翻译成诚实的英语，这只是意味着预计更多的通货膨胀即将到来。</blockquote></p><p> <b>Context 4: Rising Stock Markets</b></p><p><blockquote><b>背景4：股市上涨</b></blockquote></p><p> Despite reaching nosebleed levels which defy <i>every</i> traditional valuation ceiling, from CAPE ratios and Tobin ratios to book values and FCF data, the headlines remind us that stocks can go even higher—and they can indeed.</p><p><blockquote>尽管达到了流鼻血的程度<i>每一</i>传统的估值上限，从CAPE比率和托宾比率到账面价值和自由现金流数据，头条新闻提醒我们股票可以走得更高——而且确实可以。</blockquote></p><p> But context, as well as history, reminds us that the bigger the bubble the bigger the mean-reverting fall.</p><p><blockquote>但背景和历史提醒我们，泡沫越大，均值回归下降就越大。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/f1586e90684f7b8ae0525c04b1fa4bc7\" tg-width=\"624\" tg-height=\"439\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>No Treasure in Treasuries = Lot’s of Air in Stocks</b></p><p><blockquote><b>国债中没有宝藏=股票中有很多空气</b></blockquote></p><p> Based upon the objective facts above, we now know that the only primary buyers showing up at U.S. Treasury auctions is the Fed itself.</p><p><blockquote>基于上述客观事实，我们现在知道，出现在美国国债拍卖中的唯一主要买家是美联储本身。</blockquote></p><p> This is because the rest of the world (Asia, Europe etc.) doesn’t want them.</p><p><blockquote>这是因为世界其他地方（亚洲、欧洲等。）不想要他们。</blockquote></p><p> The next question is “why”?</p><p><blockquote>下一个问题是“为什么”？</blockquote></p><p> The answer is multiple yet simple.</p><p><blockquote>答案是多重而简单的。</blockquote></p><p> First, and despite the open myth of American Exceptionalism, investors in other countries can actually think, read and count for themselves, which means they’re not simply trusting the Fed—or its IOU’s– blindly.</p><p><blockquote>首先，尽管存在美国例外论的公开神话，但其他国家的投资者实际上可以自己思考、阅读和计算，这意味着他们不仅仅是盲目信任美联储或其借据。</blockquote></p><p></p><p> Stated otherwise, they are not buying the “transitory inflation” or “strong USD” story pouring recently out of the FOMC mouthpieces.</p><p><blockquote>换句话说，他们并不相信最近从FOMC喉舌中涌出的“暂时性通胀”或“强势美元”的故事。</blockquote></p><p> Inflation is not only rising in the U.S., it’s also creeping up elsewhere—even in Japan, but especially in China. This is largely because the U.S. exports its inflation (and debased dollars) offshore via trade and fiscal deficits.</p><p><blockquote>通货膨胀不仅在美国上升，在其他地方也在攀升——甚至在日本，尤其是在中国。这主要是因为美国通过贸易和财政赤字将通货膨胀（和贬值的美元）输出到海外。</blockquote></p><p> Such deliberate inflation exporting by the U.S. places those countries (creditors) that lent money to Uncle Sam into a dilemma: They can either 1) let their currencies inflate alongside the dollar (hardly fun), or 2) try to quell the <i>outflow</i> of exported (debased) US dollars to save their own currencies from further debasement.</p><p><blockquote>美国这种蓄意输出的通胀让那些借钱给山姆大叔的国家（债权人）陷入了两难境地：他们要么1）让本国货币与美元一起通胀（这一点都不好玩），要么2）试图平息<i>流出</i>出口（贬值）美元以避免本国货币进一步贬值。</blockquote></p><p> Option 2, of course, is the better option, which means foreign investors need to buy something more appealing than discredited U.S. Treasuries.</p><p><blockquote>当然，选项2是更好的选择，这意味着外国投资者需要购买比信誉不佳的美国国债更有吸引力的东西。</blockquote></p><p> Sadly, ironically, and yet factually, the only assets better than <i>bogus</i> US Treasuries are <i>bloated</i> U.S. stocks.</p><p><blockquote>可悲的是，讽刺的是，但事实上，唯一比<i>假的</i>美国国债是<i>臃肿的</i>美国。股票。</blockquote></p><p> In short, nosebleed-priced US stocks are still the lesser of the two US evils, and foreigners are therefore buying/seeing stocks as a better hedge against the debased USD than sovereign bonds.</p><p><blockquote>简而言之，价格令人流鼻血的美国股票仍然是美国两害相权取其轻，因此外国人购买/将股票视为比主权债券更好的对冲美元贬值的工具。</blockquote></p><p> Don’t believe me?</p><p><blockquote>不相信我？</blockquote></p><p> See for yourself—the rest of the world is adding lots of air to the U.S. equity bubble:</p><p><blockquote>亲眼看看——世界其他地区正在为美国股市泡沫增添大量空气：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/fc5b73212bd7c3126d6a130e88169139\" tg-width=\"582\" tg-height=\"407\" referrerpolicy=\"no-referrer\">This is <i>contextually</i> troublesome for a number of reasons.</p><p><blockquote>这是<i>上下文</i>麻烦有很多原因。</blockquote></p><p> First, it means the declining US of A has gone from hocking its bonds to the rest of the world to hocking it stocks to the rest of the world (i.e., China…).</p><p><blockquote>首先，这意味着衰落的美国已经从向世界其他地区典当其债券转向向世界其他地区（即中国……）典当其股票。</blockquote></p><p> Longer term, this simply means that via direct stock ownership, foreigners will slowly own more of corporate America than, well America…</p><p><blockquote>从长远来看，这仅仅意味着通过直接持股，外国人将慢慢拥有比美国更多的美国企业……</blockquote></p><p> As for this slow gutting of the once-great America to foreign buyers, don’t blame the data. Blame your Fed and other policy makers (including labor off-shoring CEO’s) for selling-out America and pretending debt can be magically solved with magical (fake) money creation.</p><p><blockquote>至于外国买家对曾经伟大的美国的缓慢侵蚀，不要责怪数据。指责你的美联储和其他政策制定者（包括劳动力离岸首席执行官的）出卖了美国，假装债务可以通过神奇的（假）货币创造神奇地解决。</blockquote></p><p> Of course, the second pesky little problem with stocks rising beyond the pale of sanity, earnings and honest FCF data is a thing called volatility—i.e., market seasickness.</p><p><blockquote>当然，股市上涨超出理智、盈利和诚实的自由现金流数据的第二个讨厌的小问题是一种叫做波动性的东西，即市场晕船。</blockquote></p><p> Nothing goes in a straight line, including the dollar or the market. There will be swings.</p><p><blockquote>没有什么是直线前进的，包括美元或市场。会有秋千。</blockquote></p><p> Right now, the short on the USD is the highest it has been in four years.</p><p><blockquote>目前，美元空头达到四年来的最高水平。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/c420ec0af0df42eabb7a3d248da4db10\" tg-width=\"624\" tg-height=\"507\" referrerpolicy=\"no-referrer\">Yet if, by some chance, the Fed ever attempts to taper or raise rates, all those foreign dollars piling into U.S. stocks (above) create a bubble that always pops, as do the foregoing dollar shorts, which get squeezed.</p><p><blockquote>然而，如果美联储碰巧试图缩减或加息，所有涌入美国股市的外国美元（见上图）就会产生一个泡沫，泡沫总是会破裂，上述美元空头也会受到挤压。</blockquote></p><p> That could cause a massive sell-off in U.S. equity markets as foreigners sell their stocks to buy more dollars.</p><p><blockquote>这可能会导致美国股市大规模抛售，因为外国人抛售股票以购买更多美元。</blockquote></p><p> In short, there’s a lot of different needles pointing at the current equity bubble, and a correction within the next month or so is more than likely.</p><p><blockquote>简而言之，当前的股市泡沫有很多不同的迹象，未来一个月左右很可能会出现回调。</blockquote></p><p> The sharpest of those needles, by the way, is the appallingly comical level of U.S. margin debt (i.e. leverage) <i>not</i> making the headlines yet <i>now</i> making all-time highs.</p><p><blockquote>顺便说一句，这些针中最尖锐的是美国保证金债务（即杠杆）的惊人滑稽水平<i>不</i>尚未成为头条新闻<i>现在</i>创下历史新高。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/021f71bd7e78a1c275a9c9d74691c525\" tg-width=\"624\" tg-height=\"531\" referrerpolicy=\"no-referrer\">As a reminder, whenever margin debt peaks (above), markets tank soon thereafter, as anyone who remembers the dot.com and sub-prime market fiascos of yore can attest.</p><p><blockquote>提醒一下，每当保证金债务达到峰值（上图）时，市场很快就会暴跌，任何记得过去互联网和次贷市场惨败的人都可以证明这一点。</blockquote></p><p> Just saying…</p><p><blockquote>只是说……</blockquote></p><p> <b>Context 5: The Dark Side of “Surging” GDP Growth</b></p><p><blockquote><b>背景五：GDP增长“激增”的阴暗面</b></blockquote></p><p> The World Bank recently made its own headlines projecting 5.6% global GDP growth, the fastest seen in 80 years.</p><p><blockquote>世界银行最近成为头条新闻，预测全球GDP增长5.6%，为80年来最快。</blockquote></p><p> Good stuff, right?</p><p><blockquote>好东西，对吧？</blockquote></p><p> Well, not when placed into <i>context</i>…</p><p><blockquote>嗯，不是放在<i>上下文</i>…</blockquote></p><p> The last time we saw 5.6% global GDP growth was during a <i>global world war</i>.</p><p><blockquote>我们上一次看到全球GDP增长5.6%是在<i>全球世界大战</i>.</blockquote></p><p> Obviously, when the world is in a state of global military rubble, growth of any kind is likely to “surge” from such an historical (and horrific) baseline.</p><p><blockquote>显然，当世界处于全球军事废墟状态时，任何形式的增长都可能从这样一个历史（和可怕的）基线“激增”。</blockquote></p><p> Coming out of World War II, everyone, including the U.S. was in debt. World wars, after all, can do that…</p><p><blockquote>二战结束后，包括美国在内的所有人都负债累累。毕竟世界大战可以做到这一点……</blockquote></p><p> As the victorious and civilization-saving U.S. came out of that war, it made some justifiable sense to de-lever that noble yet extreme debt by printing money, repressing bond yields and stimulating GDP growth.</p><p><blockquote>随着取得胜利并拯救文明的美国从那场战争中走出来，通过印钞、抑制债券收益率和刺激GDP增长来降低这种崇高但极端的债务杠杆是有一定道理的。</blockquote></p><p> What followed was at least a defendable 40-year stretch in which US nominal GDP ran 500-800 bps above US Treasury yields.</p><p><blockquote>接下来的至少是一段可以防御的40年，在这段时间里，美国名义GDP比美国国债收益率高出500-800个基点。</blockquote></p><p> In short, bond-holders got slammed, but the cause, crisis and re-building after defeating the Axis powers justified the sacrifice.</p><p><blockquote>简而言之，债券持有人受到了猛烈抨击，但击败轴心国后的事业、危机和重建证明了牺牲的合理性。</blockquote></p><p> The same, however, can not be said today as bond-holders get crushed yet again in a new-abnormal in which GDP will greatly (and similarly) outpace long-term bond yields.</p><p><blockquote>然而，今天就不一样了，因为债券持有者在一种新的异常中再次受到挤压，在这种异常中，GDP将大大（并且类似地）超过长期债券收益率。</blockquote></p><p></p><p> Needless to say, current policy makers, the very foxes who put the global economic henhouse into the current pile of debt of rubble, like to blame this on COVID rather their bathroom mirrors.</p><p><blockquote>不用说，当前的政策制定者，正是那些将全球经济鸡舍置于当前债务废墟中的狐狸，喜欢将此归咎于COVID，而不是他们的浴室镜子。</blockquote></p><p> Ironically, however, central bankers (as opposed to the <i>Wehrmacht</i>, the Japanese Empire or Italy’s Mussolini) managed to do as much harm to the global economy <i>today</i> (with deficit policies and extend-and-pretend money printers) as Germany’s <i>Blitzkrieg</i> or Hirohito’s Banzai raids did in the 1940’s.</p><p><blockquote>然而，具有讽刺意味的是，中央银行家（相对于<i>德国国防军</i>日本帝国或意大利墨索里尼）成功地对全球经济造成了同样大的伤害<i>当今</i>（有赤字政策和扩大和假装印钞机）作为德国的<i>闪电战</i>或者裕仁在20世纪40年代的万岁袭击。</blockquote></p><p> When it comes to context, can or should we really be comparing a global flu (death toll 3.75M) to a global war (death toll 85 million)?</p><p><blockquote>说到背景，我们真的可以或应该将全球流感（死亡人数375万）与全球战争（死亡人数8500万）相提并论吗？</blockquote></p><p> The policy makers would like <i>you</i> to think so.</p><p><blockquote>政策制定者希望<i>你</i>这么想。</blockquote></p><p> Folks like Mnuchin (last year) or Yellen, Powell and the IMF (this year), are in fact trying to convince themselves and the world that the war against COVID was the real <i>casus belli</i> (reason for a justifiable war) of our current debt distress—equal in scope to World War II in its drastic impact on the financial world.</p><p><blockquote>像姆努钦（去年）或耶伦、鲍威尔和国际货币基金组织（今年）这样的人实际上正试图说服自己和世界，抗击新冠病毒的战争是真实的<i>开战理由</i>（一场正当战争的理由）我们当前的债务困境——就其对金融界的巨大影响而言，其范围相当于第二次世界大战。</blockquote></p><p> But regardless of anyone’s views on the COVID “War” or its questionable policy reactions, comparing its economic impact to that of World War II is an insult to both history and military metaphors.</p><p><blockquote>但无论任何人对COVID“战争”的看法或其可疑的政策反应如何，将其经济影响与二战进行比较都是对历史和军事隐喻的侮辱。</blockquote></p><p> The simple, objective and mathematically-confirmed fact is that the global economy was <i>already</i> in a debt crisis long <i>before</i> the first Corona headline of early 2020.</p><p><blockquote>简单、客观和数学上证实的事实是，全球经济<i>已经</i>长期陷入债务危机<i>以前</i>2020年初的第一个电晕头条。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/173b90a9931417cc655b6129fc7dc38c\" tg-width=\"624\" tg-height=\"466\" referrerpolicy=\"no-referrer\">Today, US debt to GDP is at levels it has not seen since that tragic and Second World War, and it’s projected to go much, much higher.</p><p><blockquote>如今，美国债务占GDP的比例达到了自那场悲惨的第二次世界大战以来的最高水平，而且预计还会高得多。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/54e71ae4475b3449c8833ca918ddbd82\" tg-width=\"624\" tg-height=\"297\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> So, just in case you still think the Fed can and will meaningfully raise rates to fight obvious inflation, as it did in the 1970’s or 1980’s, think again.</p><p><blockquote>因此，如果您仍然认为美联储能够并且将会像20世纪70年代或80年代那样有意义地加息来对抗明显的通胀，请三思。</blockquote></p><p> In the 1970’s and 1980’s US debt/GDP was 30%. Today it’s 130%.</p><p><blockquote>在20世纪70年代和80年代，美国债务/GDP为30%。今天是130%。</blockquote></p><p> Given this self-inflicted (rather than COVID-blamed) reality, the Fed simply can’t afford to raise rates. Period. Full stop.</p><p><blockquote>鉴于这一自我造成的（而不是新冠归咎的）现实，美联储根本无力加息。周期。句号。</blockquote></p><p> But as my colleague, Egon von Greyerz reminds, that by no means suggests that rates can’t and won’t rise.</p><p><blockquote>但正如我的同事埃贡·冯·格雷耶兹(Egon von Greyerz)提醒的那样，这绝不意味着利率不能也不会上升。</blockquote></p><p> The Fed (and other central banks) may be powerful, but they are not divine. In short, there’s a limit to their powers to simply “control” rates with a mouse-click.</p><p><blockquote>美联储（和其他央行）可能很强大，但他们并不神圣。简而言之，他们通过点击鼠标简单地“控制”利率的能力是有限的。</blockquote></p><p> At some point, there’s not enough credible fake money to manage the yield curve—especially on the long end.</p><p><blockquote>在某些时候，没有足够可信的假币来管理收益率曲线——尤其是在长期来看。</blockquote></p><p> As more printed and <b>tanking currencies</b> try to purchase lower yields and rates, eventually the entire experiment fails.</p><p><blockquote>随着更多的印刷和<b>贬值货币</b>试图购买较低的产量和利率，最终整个实验失败。</blockquote></p><p> At that critical point, rates spike, inflation raises its ugly head and the central bankers look for something other than themselves to blame as the rest of the world stares at worthless currencies being replaced by comical central bank digital dollars.</p><p><blockquote>在这个关键时刻，利率飙升，通货膨胀抬头，央行行长们寻找自己以外的东西来指责，而世界其他地区则盯着毫无价值的货币被滑稽的央行数字美元取代。</blockquote></p><p> Wonderful…</p><p><blockquote>精彩…</blockquote></p><p> <b>Context 6: That Barbaric Relic?</b></p><p><blockquote><b>背景6：那个野蛮遗迹？</b></blockquote></p><p> What the foregoing inflation and rate contexts means is that in the years ahead, inflation will run higher and rates will run (be forced/controlled) lower until both rates and inflation spike together.</p><p><blockquote>上述通胀和利率背景意味着，在未来几年，通胀将走高，利率将走低（被迫/控制），直到利率和通胀一起飙升。</blockquote></p><p> This further means that <i>real</i> rates (i.e., those adjusted for inflation) could run as deep as -5% to -10% in the years ahead.</p><p><blockquote>这进一步意味着<i>真的</i>未来几年，利率（即经通胀调整的利率）可能高达-5%至-10%。</blockquote></p><p> Such negative real rate levels could easily surpass those seen in the 70’s and 80’s, which means gold (and silver), both of whom love negative real rates, has nowhere to go but up, up and away in this totally debt-distorted backdrop.</p><p><blockquote>这种负实际利率水平很容易超过70年代和80年代的水平，这意味着黄金（和白银）都喜欢负实际利率，在这种完全债务扭曲的背景下，除了上涨、上涨和离开之外，无处可去。</blockquote></p><p> How’s that for context?</p><p><blockquote>背景怎么样？</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/one-mad-market-six-cold-reality-checks?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29\">zerohedge</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://www.zerohedge.com/markets/one-mad-market-six-cold-reality-checks?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1145563175","content_text":"Fact checking politicos, headlines and central bankers is one thing.Putting their \"facts\" into context is another.\nToward that end, it’s critical to place so-called “economic growth,” Treasury market growth, stock market growth, GDP growth and, of course, gold price growth into clearer perspective despite an insane global backdrop that is anything but clearly reported.\nContext 1: The Rising Growth Headline\nRecently, Biden’s economic advisor, Jared Bernstein, calmed the masses with yet another headline-making boast that the U.S. is “growing considerably faster” than their trading partners.\nFair enough.\nBut given that the U.S. is running the largest deficits on historical record…\n\n…such “growth” is not surprising.\nIn other words, bragging about growth on the back of extreme deficit spending is like a spoiled kid bragging about a new Porsche secretly purchased with his father’s credit card: It only looks good until the bill arrives and the car vanishes.\nIn a financial world gone mad, it’s critical to look under the hood of what passes for growth in particular or basic principles of price discovery, debt levels or supply and demand in general.\nIn short: “Growth” driven by extreme debt is not growth at all–it’s just the headline surface shine on a sports car one can’t afford.\nAnd yet the madness continues…Take the U.S. Treasury market, for example.\nContext 2: The Treasury “Market”?\nHow can anyone call the U.S. Treasury market a “market” when 56% of the $4.5T of bonds issued since last February have been bought by the Fed itself?\nSounds more like an insider price-fix than a “market,” no?\nSuch context gives an entirely new meaning to the idea of “drinking your own Kool-aide” and ought to be a cool reminder that Treasury bonds in general, and bond yields in particular, are zombies masquerading as credit Olympians.\nThe Fed, of course, will pretend that such “support” is as temporary as their “transitory inflation” meme, but most market realists understood long ago that more and crazier bond yield “support” is the only way for national debt bubbles (and IOU’s) to stay zombie-like alive.\nIn short, the better phrase for Treasury “support,” “accommodation,” or “stimulus” is simply: “Life Support.”\nWith central banks like the Fed continuing to create fiat currencies to monetize their unsustainable debt well into the distant future, we can safely foresee a further weakening of the USD and further strengthening of gold prices, mining stocks and key risk assets like tech and industrial stocks.\nContext 3: Deflation is back?\nHardly.\nLast week’s jaw-boning from Powell, Fisher and Bullard had the markets wondering if the Fed will be raising rates in the distant future.\nThe very fact that Powell raised the issue is because the Fed is realizing that inflation is going to be sticky rather than “transitory”and thus they are already pretending to pose as Hawkish.\nBut if the Fed raises rates to quell real rather than “transitory” inflation, the markets and Uncle Sam will go into a tantrum. End of story.\nAs I’ve written elsewhere: Pick your Fed poison—tanking markets or surging inflation.Eventually, we foresee both.\nMeanwhile, and fully aware that inflation, with some dips, is only going to trend higher, Powell is already using semantics to change the rules mid-game, now saying that rather than “allow” 2% inflation, they’ll settle for an “average” of 2%.\nTranslated into honest English, this just means expect more inflation around the corner.\nContext 4: Rising Stock Markets\nDespite reaching nosebleed levels which defy every traditional valuation ceiling, from CAPE ratios and Tobin ratios to book values and FCF data, the headlines remind us that stocks can go even higher—and they can indeed.\nBut context, as well as history, reminds us that the bigger the bubble the bigger the mean-reverting fall.\n\nNo Treasure in Treasuries = Lot’s of Air in Stocks\nBased upon the objective facts above, we now know that the only primary buyers showing up at U.S. Treasury auctions is the Fed itself.\nThis is because the rest of the world (Asia, Europe etc.) doesn’t want them.\nThe next question is “why”?\nThe answer is multiple yet simple.\nFirst, and despite the open myth of American Exceptionalism, investors in other countries can actually think, read and count for themselves, which means they’re not simply trusting the Fed—or its IOU’s– blindly.\nStated otherwise, they are not buying the “transitory inflation” or “strong USD” story pouring recently out of the FOMC mouthpieces.\nInflation is not only rising in the U.S., it’s also creeping up elsewhere—even in Japan, but especially in China. This is largely because the U.S. exports its inflation (and debased dollars) offshore via trade and fiscal deficits.\nSuch deliberate inflation exporting by the U.S. places those countries (creditors) that lent money to Uncle Sam into a dilemma: They can either 1) let their currencies inflate alongside the dollar (hardly fun), or 2) try to quell the outflow of exported (debased) US dollars to save their own currencies from further debasement.\nOption 2, of course, is the better option, which means foreign investors need to buy something more appealing than discredited U.S. Treasuries.\nSadly, ironically, and yet factually, the only assets better than bogus US Treasuries are bloated U.S. stocks.\nIn short, nosebleed-priced US stocks are still the lesser of the two US evils, and foreigners are therefore buying/seeing stocks as a better hedge against the debased USD than sovereign bonds.\nDon’t believe me?\nSee for yourself—the rest of the world is adding lots of air to the U.S. equity bubble:\nThis is contextually troublesome for a number of reasons.\nFirst, it means the declining US of A has gone from hocking its bonds to the rest of the world to hocking it stocks to the rest of the world (i.e., China…).\nLonger term, this simply means that via direct stock ownership, foreigners will slowly own more of corporate America than, well America…\nAs for this slow gutting of the once-great America to foreign buyers, don’t blame the data. Blame your Fed and other policy makers (including labor off-shoring CEO’s) for selling-out America and pretending debt can be magically solved with magical (fake) money creation.\nOf course, the second pesky little problem with stocks rising beyond the pale of sanity, earnings and honest FCF data is a thing called volatility—i.e., market seasickness.\nNothing goes in a straight line, including the dollar or the market. There will be swings.\nRight now, the short on the USD is the highest it has been in four years.\nYet if, by some chance, the Fed ever attempts to taper or raise rates, all those foreign dollars piling into U.S. stocks (above) create a bubble that always pops, as do the foregoing dollar shorts, which get squeezed.\nThat could cause a massive sell-off in U.S. equity markets as foreigners sell their stocks to buy more dollars.\nIn short, there’s a lot of different needles pointing at the current equity bubble, and a correction within the next month or so is more than likely.\nThe sharpest of those needles, by the way, is the appallingly comical level of U.S. margin debt (i.e. leverage) not making the headlines yet now making all-time highs.\nAs a reminder, whenever margin debt peaks (above), markets tank soon thereafter, as anyone who remembers the dot.com and sub-prime market fiascos of yore can attest.\nJust saying…\nContext 5: The Dark Side of “Surging” GDP Growth\nThe World Bank recently made its own headlines projecting 5.6% global GDP growth, the fastest seen in 80 years.\nGood stuff, right?\nWell, not when placed into context…\nThe last time we saw 5.6% global GDP growth was during a global world war.\nObviously, when the world is in a state of global military rubble, growth of any kind is likely to “surge” from such an historical (and horrific) baseline.\nComing out of World War II, everyone, including the U.S. was in debt. World wars, after all, can do that…\nAs the victorious and civilization-saving U.S. came out of that war, it made some justifiable sense to de-lever that noble yet extreme debt by printing money, repressing bond yields and stimulating GDP growth.\nWhat followed was at least a defendable 40-year stretch in which US nominal GDP ran 500-800 bps above US Treasury yields.\nIn short, bond-holders got slammed, but the cause, crisis and re-building after defeating the Axis powers justified the sacrifice.\nThe same, however, can not be said today as bond-holders get crushed yet again in a new-abnormal in which GDP will greatly (and similarly) outpace long-term bond yields.\nNeedless to say, current policy makers, the very foxes who put the global economic henhouse into the current pile of debt of rubble, like to blame this on COVID rather their bathroom mirrors.\nIronically, however, central bankers (as opposed to the Wehrmacht, the Japanese Empire or Italy’s Mussolini) managed to do as much harm to the global economy today (with deficit policies and extend-and-pretend money printers) as Germany’s Blitzkrieg or Hirohito’s Banzai raids did in the 1940’s.\nWhen it comes to context, can or should we really be comparing a global flu (death toll 3.75M) to a global war (death toll 85 million)?\nThe policy makers would like you to think so.\nFolks like Mnuchin (last year) or Yellen, Powell and the IMF (this year), are in fact trying to convince themselves and the world that the war against COVID was the real casus belli (reason for a justifiable war) of our current debt distress—equal in scope to World War II in its drastic impact on the financial world.\nBut regardless of anyone’s views on the COVID “War” or its questionable policy reactions, comparing its economic impact to that of World War II is an insult to both history and military metaphors.\nThe simple, objective and mathematically-confirmed fact is that the global economy was already in a debt crisis long before the first Corona headline of early 2020.\nToday, US debt to GDP is at levels it has not seen since that tragic and Second World War, and it’s projected to go much, much higher.\n\nSo, just in case you still think the Fed can and will meaningfully raise rates to fight obvious inflation, as it did in the 1970’s or 1980’s, think again.\nIn the 1970’s and 1980’s US debt/GDP was 30%. Today it’s 130%.\nGiven this self-inflicted (rather than COVID-blamed) reality, the Fed simply can’t afford to raise rates. Period. Full stop.\nBut as my colleague, Egon von Greyerz reminds, that by no means suggests that rates can’t and won’t rise.\nThe Fed (and other central banks) may be powerful, but they are not divine. In short, there’s a limit to their powers to simply “control” rates with a mouse-click.\nAt some point, there’s not enough credible fake money to manage the yield curve—especially on the long end.\nAs more printed and tanking currencies try to purchase lower yields and rates, eventually the entire experiment fails.\nAt that critical point, rates spike, inflation raises its ugly head and the central bankers look for something other than themselves to blame as the rest of the world stares at worthless currencies being replaced by comical central bank digital dollars.\nWonderful…\nContext 6: That Barbaric Relic?\nWhat the foregoing inflation and rate contexts means is that in the years ahead, inflation will run higher and rates will run (be forced/controlled) lower until both rates and inflation spike together.\nThis further means that real rates (i.e., those adjusted for inflation) could run as deep as -5% to -10% in the years ahead.\nSuch negative real rate levels could easily surpass those seen in the 70’s and 80’s, which means gold (and silver), both of whom love negative real rates, has nowhere to go but up, up and away in this totally debt-distorted backdrop.\nHow’s that for context?","news_type":1,"symbols_score_info":{"SPY":0.9,".SPX":0.9,".DJI":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":2805,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":168200103,"gmtCreate":1623975259202,"gmtModify":1631894043662,"author":{"id":"3571108991612603","authorId":"3571108991612603","name":"IchiGo","avatar":"https://static.tigerbbs.com/c7799d84b640de8d882c175fa85737b5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571108991612603","authorIdStr":"3571108991612603"},"themes":[],"htmlText":"What next?","listText":"What next?","text":"What next?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/168200103","repostId":"1107055650","repostType":4,"repost":{"id":"1107055650","kind":"news","pubTimestamp":1623975076,"share":"https://www.laohu8.com/m/news/1107055650?lang=zh_CN&edition=full","pubTime":"2021-06-18 08:11","market":"fut","language":"en","title":"Gold Got Crushed After the Fed’s Big Surprise. Here’s What Could Happen Next.<blockquote>美联储大吃一惊后，金价暴跌。接下来会发生什么。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1107055650","media":"Barrons","summary":"Duck for cover, gold bulls.\nThat was the message the market seemed to send on Thursday, as the preci","content":"<p>Duck for cover, gold bulls.</p><p><blockquote>鸭子做掩护，黄金多头。</blockquote></p><p> That was the message the market seemed to send on Thursday, as the precious metal tumbled $85.70, or 4.6%, to $1,773.80 an ounce, following a curveball from the Federal Reserve.</p><p><blockquote>这似乎是周四市场发出的信息，在美联储的曲线球之后，贵金属暴跌85.70美元，即4.6%，至每盎司1,773.80美元。</blockquote></p><p> On a continuous contract basis, gold is trading at levels not seen since the end of April. It was the biggest drop since November 2020.</p><p><blockquote>从连续合约来看，黄金交易价格处于4月底以来的最高水平。这是自2020年11月以来的最大跌幅。</blockquote></p><p> Gold miners also got hit hard. The VanEck Vectors Gold Miners ETF(GDX) fell 5% to $34.93, while the VanEck Vectors Junior Gold Miners ETF(GDXJ) dropped 4.7% to $49.02. The S&P 500 finished the day little changed, while the Dow Jones Industrial Average fell 0.6%, and theNasdaq Compositerose 0.9%.</p><p><blockquote>金矿商也受到重创。VanEck Vectors Gold Miners ETF(GDX)下跌5%至34.93美元，VanEck Vectors Junior Gold Miners ETF(GDXJ)下跌4.7%至49.02美元。标准普尔500指数收盘变化不大，道琼斯工业平均指数下跌0.6%，纳斯达克综合指数上涨0.9%。</blockquote></p><p> While the central bank held policy steady, it also signaled faster and sooner interest rate increases, with its forecast suggesting two increases in 2023. And the Fed increased its inflation forecasts for this year and next.</p><p><blockquote>央行在保持政策稳定的同时，也发出了更快、更早加息的信号，其预测表明2023年将加息两次。美联储上调了今明两年的通胀预期。</blockquote></p><p> Recent data showing surging prices had led many to believe the Fed would at least begin early discussions about reining in some of its ultra-accommodative policy aimed at cushioning the economy from the Covid-19 pandemic. But the outcome was far more hawkish than some expected.</p><p><blockquote>最近显示物价飙升的数据让许多人相信，美联储至少会开始早期讨论控制一些旨在缓冲经济免受Covid-19大流行影响的超宽松政策。但结果远比一些人预期的更加鹰派。</blockquote></p><p> Gold for August delivery settled slightly higher at $1,861.40 on Wednesday, but began to fall in electronic trading after the Fed announcement and kept going. That is as Treasury yields climbed across the board—the yield on the two-year note was hovering the highest level in a year—and the dollar surged.</p><p><blockquote>周三，8月交割的黄金小幅收高，报1,861.40美元，但在美联储宣布这一消息后，电子盘开始下跌，并继续下跌。与此同时，美国国债收益率全面攀升——两年期国债收益率徘徊在一年来的最高水平——美元飙升。</blockquote></p><p> “Higher yields increase the opportunity cost of holding the non-interest-bearing gold, and prospects of a further rise in yields should cap the upside potential in the yellow metal despite the rising inflationary pressures. A sustained positive pressure on yields could send the price of an ounce sustainably below the $1800 level,” said Ipek Ozkardeskaya, senior analyst at Swissquote, in a note to clients.</p><p><blockquote>“较高的收益率增加了持有无息黄金的机会成本，尽管通胀压力不断上升，但收益率进一步上升的前景应该会限制黄金的上行潜力。收益率持续面临的积极压力可能会导致价格上涨Swissquote高级分析师Ipek Ozkardeskaya在给客户的一份报告中表示：“每盎司持续低于1800美元的水平。”</blockquote></p><p> Indeed, gold bulls need to defend that line in the sand, said Edward Moya, senior market analyst at Oanda.</p><p><blockquote>Oanda高级市场分析师Edward Moya表示，事实上，黄金多头需要捍卫这条线。</blockquote></p><p> “The Fed’s hawkish pivot is a major buzzkill for gold bulls that could see some momentum selling over the short-term. Short-term Treasury yields will continue to rise and that should provide some underlying support for the dollar, which will keep commodities vulnerable,” Moya told clients in a note.</p><p><blockquote>“美联储的鹰派转向对黄金多头来说是一个重大打击，他们可能会在短期内看到一些抛售势头。短期国债收益率将继续上升，这应该会为美元提供一些潜在支撑，这将使大宗商品保持脆弱，”莫亚在一份报告中告诉客户。</blockquote></p><p> Silver prices tanked along with gold, with June futures trading down nearly $1.956, or 7%, to $27.75 an ounce. A host of industrial metals prices were also lower on the day, a day after China announced plans to release national reserves of industrial metals to cool soaring commodities prices.</p><p><blockquote>白银价格与黄金一起下跌，6月期货交易下跌近1.956美元，跌幅7%，至每盎司27.75美元。许多工业金属价格当天也走低，此前一天，中国宣布计划释放国家工业金属储备，以冷却飙升的大宗商品价格。</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>Gold Got Crushed After the Fed’s Big Surprise. Here’s What Could Happen Next.<blockquote>美联储大吃一惊后，金价暴跌。接下来会发生什么。</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\">\nGold Got Crushed After the Fed’s Big Surprise. Here’s What Could Happen Next.<blockquote>美联储大吃一惊后，金价暴跌。接下来会发生什么。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-06-18 08:11</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Duck for cover, gold bulls.</p><p><blockquote>鸭子做掩护，黄金多头。</blockquote></p><p> That was the message the market seemed to send on Thursday, as the precious metal tumbled $85.70, or 4.6%, to $1,773.80 an ounce, following a curveball from the Federal Reserve.</p><p><blockquote>这似乎是周四市场发出的信息，在美联储的曲线球之后，贵金属暴跌85.70美元，即4.6%，至每盎司1,773.80美元。</blockquote></p><p> On a continuous contract basis, gold is trading at levels not seen since the end of April. It was the biggest drop since November 2020.</p><p><blockquote>从连续合约来看，黄金交易价格处于4月底以来的最高水平。这是自2020年11月以来的最大跌幅。</blockquote></p><p> Gold miners also got hit hard. The VanEck Vectors Gold Miners ETF(GDX) fell 5% to $34.93, while the VanEck Vectors Junior Gold Miners ETF(GDXJ) dropped 4.7% to $49.02. The S&P 500 finished the day little changed, while the Dow Jones Industrial Average fell 0.6%, and theNasdaq Compositerose 0.9%.</p><p><blockquote>金矿商也受到重创。VanEck Vectors Gold Miners ETF(GDX)下跌5%至34.93美元，VanEck Vectors Junior Gold Miners ETF(GDXJ)下跌4.7%至49.02美元。标准普尔500指数收盘变化不大，道琼斯工业平均指数下跌0.6%，纳斯达克综合指数上涨0.9%。</blockquote></p><p> While the central bank held policy steady, it also signaled faster and sooner interest rate increases, with its forecast suggesting two increases in 2023. And the Fed increased its inflation forecasts for this year and next.</p><p><blockquote>央行在保持政策稳定的同时，也发出了更快、更早加息的信号，其预测表明2023年将加息两次。美联储上调了今明两年的通胀预期。</blockquote></p><p> Recent data showing surging prices had led many to believe the Fed would at least begin early discussions about reining in some of its ultra-accommodative policy aimed at cushioning the economy from the Covid-19 pandemic. But the outcome was far more hawkish than some expected.</p><p><blockquote>最近显示物价飙升的数据让许多人相信，美联储至少会开始早期讨论控制一些旨在缓冲经济免受Covid-19大流行影响的超宽松政策。但结果远比一些人预期的更加鹰派。</blockquote></p><p> Gold for August delivery settled slightly higher at $1,861.40 on Wednesday, but began to fall in electronic trading after the Fed announcement and kept going. That is as Treasury yields climbed across the board—the yield on the two-year note was hovering the highest level in a year—and the dollar surged.</p><p><blockquote>周三，8月交割的黄金小幅收高，报1,861.40美元，但在美联储宣布这一消息后，电子盘开始下跌，并继续下跌。与此同时，美国国债收益率全面攀升——两年期国债收益率徘徊在一年来的最高水平——美元飙升。</blockquote></p><p> “Higher yields increase the opportunity cost of holding the non-interest-bearing gold, and prospects of a further rise in yields should cap the upside potential in the yellow metal despite the rising inflationary pressures. A sustained positive pressure on yields could send the price of an ounce sustainably below the $1800 level,” said Ipek Ozkardeskaya, senior analyst at Swissquote, in a note to clients.</p><p><blockquote>“较高的收益率增加了持有无息黄金的机会成本，尽管通胀压力不断上升，但收益率进一步上升的前景应该会限制黄金的上行潜力。收益率持续面临的积极压力可能会导致价格上涨Swissquote高级分析师Ipek Ozkardeskaya在给客户的一份报告中表示：“每盎司持续低于1800美元的水平。”</blockquote></p><p> Indeed, gold bulls need to defend that line in the sand, said Edward Moya, senior market analyst at Oanda.</p><p><blockquote>Oanda高级市场分析师Edward Moya表示，事实上，黄金多头需要捍卫这条线。</blockquote></p><p> “The Fed’s hawkish pivot is a major buzzkill for gold bulls that could see some momentum selling over the short-term. Short-term Treasury yields will continue to rise and that should provide some underlying support for the dollar, which will keep commodities vulnerable,” Moya told clients in a note.</p><p><blockquote>“美联储的鹰派转向对黄金多头来说是一个重大打击，他们可能会在短期内看到一些抛售势头。短期国债收益率将继续上升，这应该会为美元提供一些潜在支撑，这将使大宗商品保持脆弱，”莫亚在一份报告中告诉客户。</blockquote></p><p> Silver prices tanked along with gold, with June futures trading down nearly $1.956, or 7%, to $27.75 an ounce. A host of industrial metals prices were also lower on the day, a day after China announced plans to release national reserves of industrial metals to cool soaring commodities prices.</p><p><blockquote>白银价格与黄金一起下跌，6月期货交易下跌近1.956美元，跌幅7%，至每盎司27.75美元。许多工业金属价格当天也走低，此前一天，中国宣布计划释放国家工业金属储备，以冷却飙升的大宗商品价格。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/gold-prices-fed-51623923127?mod=hp_LEAD_1\">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":{},"source_url":"https://www.barrons.com/articles/gold-prices-fed-51623923127?mod=hp_LEAD_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1107055650","content_text":"Duck for cover, gold bulls.\nThat was the message the market seemed to send on Thursday, as the precious metal tumbled $85.70, or 4.6%, to $1,773.80 an ounce, following a curveball from the Federal Reserve.\nOn a continuous contract basis, gold is trading at levels not seen since the end of April. It was the biggest drop since November 2020.\nGold miners also got hit hard. The VanEck Vectors Gold Miners ETF(GDX) fell 5% to $34.93, while the VanEck Vectors Junior Gold Miners ETF(GDXJ) dropped 4.7% to $49.02. The S&P 500 finished the day little changed, while the Dow Jones Industrial Average fell 0.6%, and theNasdaq Compositerose 0.9%.\nWhile the central bank held policy steady, it also signaled faster and sooner interest rate increases, with its forecast suggesting two increases in 2023. And the Fed increased its inflation forecasts for this year and next.\nRecent data showing surging prices had led many to believe the Fed would at least begin early discussions about reining in some of its ultra-accommodative policy aimed at cushioning the economy from the Covid-19 pandemic. But the outcome was far more hawkish than some expected.\nGold for August delivery settled slightly higher at $1,861.40 on Wednesday, but began to fall in electronic trading after the Fed announcement and kept going. That is as Treasury yields climbed across the board—the yield on the two-year note was hovering the highest level in a year—and the dollar surged.\n“Higher yields increase the opportunity cost of holding the non-interest-bearing gold, and prospects of a further rise in yields should cap the upside potential in the yellow metal despite the rising inflationary pressures. A sustained positive pressure on yields could send the price of an ounce sustainably below the $1800 level,” said Ipek Ozkardeskaya, senior analyst at Swissquote, in a note to clients.\nIndeed, gold bulls need to defend that line in the sand, said Edward Moya, senior market analyst at Oanda.\n“The Fed’s hawkish pivot is a major buzzkill for gold bulls that could see some momentum selling over the short-term. Short-term Treasury yields will continue to rise and that should provide some underlying support for the dollar, which will keep commodities vulnerable,” Moya told clients in a note.\nSilver prices tanked along with gold, with June futures trading down nearly $1.956, or 7%, to $27.75 an ounce. A host of industrial metals prices were also lower on the day, a day after China announced plans to release national reserves of industrial metals to cool soaring commodities prices.","news_type":1,"symbols_score_info":{"GOLDmain":0.9,"GCmain":0.9}},"isVote":1,"tweetType":1,"viewCount":2655,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":160287034,"gmtCreate":1623799770928,"gmtModify":1631894043676,"author":{"id":"3571108991612603","authorId":"3571108991612603","name":"IchiGo","avatar":"https://static.tigerbbs.com/c7799d84b640de8d882c175fa85737b5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571108991612603","authorIdStr":"3571108991612603"},"themes":[],"htmlText":"Samsung phone","listText":"Samsung phone","text":"Samsung phone","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/160287034","repostId":"2143806765","repostType":4,"isVote":1,"tweetType":1,"viewCount":3006,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":184758667,"gmtCreate":1623726625759,"gmtModify":1631889164117,"author":{"id":"3571108991612603","authorId":"3571108991612603","name":"IchiGo","avatar":"https://static.tigerbbs.com/c7799d84b640de8d882c175fa85737b5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571108991612603","authorIdStr":"3571108991612603"},"themes":[],"htmlText":"Costco","listText":"Costco","text":"Costco","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/184758667","repostId":"1167323938","repostType":4,"repost":{"id":"1167323938","kind":"news","pubTimestamp":1623723810,"share":"https://www.laohu8.com/m/news/1167323938?lang=zh_CN&edition=full","pubTime":"2021-06-15 10:23","market":"us","language":"en","title":"My 3 Favorite Stocks Right Now<blockquote>我现在最喜欢的3只股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1167323938","media":"Motley Fool","summary":"These companies make good long-term core holdings.\nStock investing starts with picking the right com","content":"<p>These companies make good long-term core holdings.</p><p><blockquote>这些公司是很好的长期核心持股。</blockquote></p><p> Stock investing starts with picking the right companies. Remember, finding the nextmeme stockbefore the price takes off and selling at the high point is virtually impossible without a time machine.</p><p><blockquote>股票投资从选择合适的公司开始。请记住，如果没有时间机器，在价格起飞之前找到下一只模因股票并在高点卖出几乎是不可能的。</blockquote></p><p> Instead, I like buying shares in high-quality companies with strong market positions that have competitive advantages that aren't easily duplicated. Granted, this is easier said than done, but these companies fit the description.</p><p><blockquote>相反，我喜欢购买具有强大市场地位、具有不易复制的竞争优势的优质公司的股票。诚然，这说起来容易做起来难，但这些公司符合描述。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/effed739609f2c132bbfba134fe0ff19\" tg-width=\"2000\" tg-height=\"1333\"><span>IMAGE SOURCE: GETTY IMAGES.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：盖蒂图片社。</span></p></blockquote></p><p> <b>1. Amazon</b></p><p><blockquote><b>1.亚马逊</b></blockquote></p><p> <b>Amazon</b> (NASDAQ:AMZN) has become synonymous with e-commerce, but the company is much more than that. It has done this by sticking to its principles, which include focusing on the customer, innovating, and planning for the long term. You can see this through its popular Amazon Prime subscription service, which includes delivery charges, and hardware devices like Alexa and Kindle. There is also its fast-growing, higher-margin Amazon Web Services (AWS) business that provides cloud computing services.</p><p><blockquote><b>亚马逊</b>（纳斯达克：AMZN）已经成为电子商务的代名词，但该公司远不止于此。它通过坚持其原则做到了这一点，包括关注客户、创新和长期规划。你可以通过其广受欢迎的亚马逊Prime订阅服务（包括送货费）以及Alexa和Kindle等硬件设备看到这一点。还有其快速增长、利润更高的亚马逊网络服务（AWS）业务，提供云计算服务。</blockquote></p><p> Its presence is so dominant that Amazon completely changes an industry's dynamics when it decides to enter the fray. That's because it often provides cheap prices and fast delivery -- a compelling proposition. This happened when it pushed further into selling food and apparel, for instance. The company is also moving further into offering prescription drugs.</p><p><blockquote>它的存在如此占主导地位，以至于当亚马逊决定加入竞争时，它完全改变了一个行业的动态。这是因为它通常提供便宜的价格和快速的交货——这是一个令人信服的主张。例如，当它进一步进军食品和服装销售时，就会发生这种情况。该公司还进一步提供处方药。</blockquote></p><p> While its long-term focus means Amazon is willing to forgo short-term profits, the company is hugely profitable. Its operating profit grew from 2016's $4.2 billion to $22.9 billion last year. In the first quarter, the company's profit more than doubled from $4 billion to $8.8 billion.</p><p><blockquote>虽然长期关注意味着亚马逊愿意放弃短期利润，但该公司利润丰厚。其营业利润从2016年的42亿美元增长到去年的229亿美元。第一季度，该公司的利润从40亿美元增长到88亿美元，增长了一倍多。</blockquote></p><p> <b>2. Costco</b></p><p><blockquote><b>2.Costco</b></blockquote></p><p> <b>Costco Wholesale</b> (NASDAQ:COST) has created quite a shopping experience. Known for its wide aisles, bulk items, and free samples, it has built a loyal and growing membership.</p><p><blockquote><b>好市多批发</b>（纳斯达克：COST）创造了相当不错的购物体验。它以其宽阔的过道、散装商品和免费样品而闻名，已经建立了忠诚且不断增长的会员。</blockquote></p><p> Costco's simple formula is hard to replicate: It focuses on high-quality merchandise and services, and sells them at low unit prices. Costco's paid members have grown from 47.6 million in 2016 to 58.1 million last year (the fiscal year ends on June 30). Meanwhile, its retention rate has hovered around 90%.</p><p><blockquote>Costco的简单公式很难复制：它专注于高质量的商品和服务，并以低单价出售。Costco的付费会员从2016年的4760万增长到去年的5810万（财年截至6月30日）。与此同时，其留存率一直徘徊在90%左右。</blockquote></p><p> With a focus on customer needs, it even has a generous return policy to help members have confidence in their purchases.</p><p><blockquote>专注于客户需求，它甚至有慷慨的退货政策，以帮助会员对他们的购买充满信心。</blockquote></p><p> Management also keeps an eye on improving results. It has had positive same-store sales (comps) for many years, including a 9% increase last year after excluding the effects of gasoline price changes and foreign currency exchange translation. Operating income grew from $3.7 billion to $5.4 billion over the last five years.</p><p><blockquote>管理层还关注改善结果。多年来，该公司的同店销售额(COMP)一直保持正增长，其中去年在排除汽油价格变化和外币兑换折算的影响后增长了9%。过去五年营业收入从37亿美元增长到54亿美元。</blockquote></p><p> Recent results also provide encouragement that management continues to execute. Comps increased by 15.2% for the first three quarters of 2021, and operating income grew by more than 26% to $4.4 billion.</p><p><blockquote>最近的结果也鼓励管理层继续执行。2021年前三季度业绩增长15.2%，营业收入增长超过26%，达到44亿美元。</blockquote></p><p> While income investors can find higher yields than Costco's 0.8%, it does have a history of annually raising dividends. This includes increasing May's payment to $0.79 from the previous quarter's $0.70. But better still, the board of directors has declared large special dividends every few years. The most recent was a $10 payment last December.</p><p><blockquote>虽然收益投资者可以找到比Costco 0.8%更高的收益率，但它确实有每年提高股息的历史。这包括将5月份的付款从上一季度的0.70美元增加到0.79美元。但更好的是，董事会每隔几年就会宣布大笔特别股息。最近一次是去年12月支付的10美元。</blockquote></p><p> <b>3. Walmart</b></p><p><blockquote><b>3.沃尔玛</b></blockquote></p><p> <b>Walmart</b> (NYSE:WMT) has built itself into the world's largest retailer, serving more than 240 million customers every week. The company, which opened its first discount store nearly six decades ago, squeezes costs and passes these savings on to the customer. This allows Walmart to offer the lowest prices on its goods, making it difficult for competitors to keep up.</p><p><blockquote><b>沃尔玛</b>（纽约证券交易所代码：WMT）已成为全球最大的零售商，每周为超过2.4亿客户提供服务。该公司在近60年前开设了第一家折扣店，压缩成本并将这些节省下来的成本转嫁给顾客。这使得沃尔玛能够为其商品提供最低的价格，使竞争对手难以跟上。</blockquote></p><p> It isn't sitting still, either. It is keeping pace with online competitors, namely Amazon, by investing in technology to provide a seamless omnichannel experience to its shoppers. This includes launching the subscription service Walmart+, which provides delivery, gasoline discounts, and faster checkout at its stores.</p><p><blockquote>它也没有静止不动。它正在通过投资技术为购物者提供无缝的全渠道体验，与在线竞争对手亚马逊保持同步。这包括推出订阅服务Walmart+，该服务提供送货、汽油折扣和更快的商店结账速度。</blockquote></p><p> Last year, its adjusted revenue rose by 7.7% to $564.2 billion, driving operating income 9.3% higher to $23.4 billion. In the first quarter, revenue growth was about 2%, and management expects a low-single-digit percentage increase for the year. Its guidance calls for flattish operating income.</p><p><blockquote>去年，其调整后收入增长7.7%至5642亿美元，推动营业收入增长9.3%至234亿美元。第一季度收入增长约2%，管理层预计全年将实现低个位数百分比增长。其指导评级营业收入持平。</blockquote></p><p> While this outlook undoubtedly disappointed some investors, I'm not concerned. Management has its eyes on the long-term picture, and it is investing in technology to better serve its customers and remain a dominant retailer.</p><p><blockquote>虽然这一前景无疑让一些投资者感到失望，但我并不担心。管理层着眼于长远，正在投资技术，以更好地服务客户并保持零售商的主导地位。</blockquote></p><p> Walmart also offers a 1.6% yield, and it has also raised its quarterly dividend annually since initiating a payout in 1974. Already aDividend Aristocrat, it will become a Dividend King when the streak hits 50 years.</p><p><blockquote>沃尔玛还提供1.6%的收益率，自1974年开始派息以来，它还每年提高季度股息。它已经是股息贵族，当连胜达到50年时，它将成为股息之王。</blockquote></p><p></p><p> While these are three different companies in various stages, each is a strong addition to your portfolio. Adding them will give you a high-growth stock, a steady grower that tends to pay large dividends every few years, and a dominant retailer that continues to grow and regularly increase payments to shareholders.</p><p><blockquote>虽然这是处于不同阶段的三家不同公司，但每家公司都是您投资组合的有力补充。添加它们将为您提供一只高增长股票、一只往往每隔几年支付大量股息的稳定增长公司，以及一家持续增长并定期增加向股东支付的占主导地位的零售商。</blockquote></p><p> That's a winning combination that should make these core holdings a great addition to your portfolio.</p><p><blockquote>这是一个成功的组合，应该会使这些核心持股成为您投资组合的重要补充。</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>My 3 Favorite Stocks Right Now<blockquote>我现在最喜欢的3只股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMy 3 Favorite Stocks Right Now<blockquote>我现在最喜欢的3只股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-06-15 10:23</span>\n</p>\n</h4>\n</header>\n<article>\n<p>These companies make good long-term core holdings.</p><p><blockquote>这些公司是很好的长期核心持股。</blockquote></p><p> Stock investing starts with picking the right companies. Remember, finding the nextmeme stockbefore the price takes off and selling at the high point is virtually impossible without a time machine.</p><p><blockquote>股票投资从选择合适的公司开始。请记住，如果没有时间机器，在价格起飞之前找到下一只模因股票并在高点卖出几乎是不可能的。</blockquote></p><p> Instead, I like buying shares in high-quality companies with strong market positions that have competitive advantages that aren't easily duplicated. Granted, this is easier said than done, but these companies fit the description.</p><p><blockquote>相反，我喜欢购买具有强大市场地位、具有不易复制的竞争优势的优质公司的股票。诚然，这说起来容易做起来难，但这些公司符合描述。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/effed739609f2c132bbfba134fe0ff19\" tg-width=\"2000\" tg-height=\"1333\"><span>IMAGE SOURCE: GETTY IMAGES.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：盖蒂图片社。</span></p></blockquote></p><p> <b>1. Amazon</b></p><p><blockquote><b>1.亚马逊</b></blockquote></p><p> <b>Amazon</b> (NASDAQ:AMZN) has become synonymous with e-commerce, but the company is much more than that. It has done this by sticking to its principles, which include focusing on the customer, innovating, and planning for the long term. You can see this through its popular Amazon Prime subscription service, which includes delivery charges, and hardware devices like Alexa and Kindle. There is also its fast-growing, higher-margin Amazon Web Services (AWS) business that provides cloud computing services.</p><p><blockquote><b>亚马逊</b>（纳斯达克：AMZN）已经成为电子商务的代名词，但该公司远不止于此。它通过坚持其原则做到了这一点，包括关注客户、创新和长期规划。你可以通过其广受欢迎的亚马逊Prime订阅服务（包括送货费）以及Alexa和Kindle等硬件设备看到这一点。还有其快速增长、利润更高的亚马逊网络服务（AWS）业务，提供云计算服务。</blockquote></p><p> Its presence is so dominant that Amazon completely changes an industry's dynamics when it decides to enter the fray. That's because it often provides cheap prices and fast delivery -- a compelling proposition. This happened when it pushed further into selling food and apparel, for instance. The company is also moving further into offering prescription drugs.</p><p><blockquote>它的存在如此占主导地位，以至于当亚马逊决定加入竞争时，它完全改变了一个行业的动态。这是因为它通常提供便宜的价格和快速的交货——这是一个令人信服的主张。例如，当它进一步进军食品和服装销售时，就会发生这种情况。该公司还进一步提供处方药。</blockquote></p><p> While its long-term focus means Amazon is willing to forgo short-term profits, the company is hugely profitable. Its operating profit grew from 2016's $4.2 billion to $22.9 billion last year. In the first quarter, the company's profit more than doubled from $4 billion to $8.8 billion.</p><p><blockquote>虽然长期关注意味着亚马逊愿意放弃短期利润，但该公司利润丰厚。其营业利润从2016年的42亿美元增长到去年的229亿美元。第一季度，该公司的利润从40亿美元增长到88亿美元，增长了一倍多。</blockquote></p><p> <b>2. Costco</b></p><p><blockquote><b>2.Costco</b></blockquote></p><p> <b>Costco Wholesale</b> (NASDAQ:COST) has created quite a shopping experience. Known for its wide aisles, bulk items, and free samples, it has built a loyal and growing membership.</p><p><blockquote><b>好市多批发</b>（纳斯达克：COST）创造了相当不错的购物体验。它以其宽阔的过道、散装商品和免费样品而闻名，已经建立了忠诚且不断增长的会员。</blockquote></p><p> Costco's simple formula is hard to replicate: It focuses on high-quality merchandise and services, and sells them at low unit prices. Costco's paid members have grown from 47.6 million in 2016 to 58.1 million last year (the fiscal year ends on June 30). Meanwhile, its retention rate has hovered around 90%.</p><p><blockquote>Costco的简单公式很难复制：它专注于高质量的商品和服务，并以低单价出售。Costco的付费会员从2016年的4760万增长到去年的5810万（财年截至6月30日）。与此同时，其留存率一直徘徊在90%左右。</blockquote></p><p> With a focus on customer needs, it even has a generous return policy to help members have confidence in their purchases.</p><p><blockquote>专注于客户需求，它甚至有慷慨的退货政策，以帮助会员对他们的购买充满信心。</blockquote></p><p> Management also keeps an eye on improving results. It has had positive same-store sales (comps) for many years, including a 9% increase last year after excluding the effects of gasoline price changes and foreign currency exchange translation. Operating income grew from $3.7 billion to $5.4 billion over the last five years.</p><p><blockquote>管理层还关注改善结果。多年来，该公司的同店销售额(COMP)一直保持正增长，其中去年在排除汽油价格变化和外币兑换折算的影响后增长了9%。过去五年营业收入从37亿美元增长到54亿美元。</blockquote></p><p> Recent results also provide encouragement that management continues to execute. Comps increased by 15.2% for the first three quarters of 2021, and operating income grew by more than 26% to $4.4 billion.</p><p><blockquote>最近的结果也鼓励管理层继续执行。2021年前三季度业绩增长15.2%，营业收入增长超过26%，达到44亿美元。</blockquote></p><p> While income investors can find higher yields than Costco's 0.8%, it does have a history of annually raising dividends. This includes increasing May's payment to $0.79 from the previous quarter's $0.70. But better still, the board of directors has declared large special dividends every few years. The most recent was a $10 payment last December.</p><p><blockquote>虽然收益投资者可以找到比Costco 0.8%更高的收益率，但它确实有每年提高股息的历史。这包括将5月份的付款从上一季度的0.70美元增加到0.79美元。但更好的是，董事会每隔几年就会宣布大笔特别股息。最近一次是去年12月支付的10美元。</blockquote></p><p> <b>3. Walmart</b></p><p><blockquote><b>3.沃尔玛</b></blockquote></p><p> <b>Walmart</b> (NYSE:WMT) has built itself into the world's largest retailer, serving more than 240 million customers every week. The company, which opened its first discount store nearly six decades ago, squeezes costs and passes these savings on to the customer. This allows Walmart to offer the lowest prices on its goods, making it difficult for competitors to keep up.</p><p><blockquote><b>沃尔玛</b>（纽约证券交易所代码：WMT）已成为全球最大的零售商，每周为超过2.4亿客户提供服务。该公司在近60年前开设了第一家折扣店，压缩成本并将这些节省下来的成本转嫁给顾客。这使得沃尔玛能够为其商品提供最低的价格，使竞争对手难以跟上。</blockquote></p><p> It isn't sitting still, either. It is keeping pace with online competitors, namely Amazon, by investing in technology to provide a seamless omnichannel experience to its shoppers. This includes launching the subscription service Walmart+, which provides delivery, gasoline discounts, and faster checkout at its stores.</p><p><blockquote>它也没有静止不动。它正在通过投资技术为购物者提供无缝的全渠道体验，与在线竞争对手亚马逊保持同步。这包括推出订阅服务Walmart+，该服务提供送货、汽油折扣和更快的商店结账速度。</blockquote></p><p> Last year, its adjusted revenue rose by 7.7% to $564.2 billion, driving operating income 9.3% higher to $23.4 billion. In the first quarter, revenue growth was about 2%, and management expects a low-single-digit percentage increase for the year. Its guidance calls for flattish operating income.</p><p><blockquote>去年，其调整后收入增长7.7%至5642亿美元，推动营业收入增长9.3%至234亿美元。第一季度收入增长约2%，管理层预计全年将实现低个位数百分比增长。其指导评级营业收入持平。</blockquote></p><p> While this outlook undoubtedly disappointed some investors, I'm not concerned. Management has its eyes on the long-term picture, and it is investing in technology to better serve its customers and remain a dominant retailer.</p><p><blockquote>虽然这一前景无疑让一些投资者感到失望，但我并不担心。管理层着眼于长远，正在投资技术，以更好地服务客户并保持零售商的主导地位。</blockquote></p><p> Walmart also offers a 1.6% yield, and it has also raised its quarterly dividend annually since initiating a payout in 1974. Already aDividend Aristocrat, it will become a Dividend King when the streak hits 50 years.</p><p><blockquote>沃尔玛还提供1.6%的收益率，自1974年开始派息以来，它还每年提高季度股息。它已经是股息贵族，当连胜达到50年时，它将成为股息之王。</blockquote></p><p></p><p> While these are three different companies in various stages, each is a strong addition to your portfolio. Adding them will give you a high-growth stock, a steady grower that tends to pay large dividends every few years, and a dominant retailer that continues to grow and regularly increase payments to shareholders.</p><p><blockquote>虽然这是处于不同阶段的三家不同公司，但每家公司都是您投资组合的有力补充。添加它们将为您提供一只高增长股票、一只往往每隔几年支付大量股息的稳定增长公司，以及一家持续增长并定期增加向股东支付的占主导地位的零售商。</blockquote></p><p> That's a winning combination that should make these core holdings a great addition to your portfolio.</p><p><blockquote>这是一个成功的组合，应该会使这些核心持股成为您投资组合的重要补充。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/06/14/my-3-favorite-stocks-right-now/\">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":{"AMZN":"亚马逊","COST":"好市多","WMT":"沃尔玛"},"source_url":"https://www.fool.com/investing/2021/06/14/my-3-favorite-stocks-right-now/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1167323938","content_text":"These companies make good long-term core holdings.\nStock investing starts with picking the right companies. Remember, finding the nextmeme stockbefore the price takes off and selling at the high point is virtually impossible without a time machine.\nInstead, I like buying shares in high-quality companies with strong market positions that have competitive advantages that aren't easily duplicated. Granted, this is easier said than done, but these companies fit the description.\nIMAGE SOURCE: GETTY IMAGES.\n1. Amazon\nAmazon (NASDAQ:AMZN) has become synonymous with e-commerce, but the company is much more than that. It has done this by sticking to its principles, which include focusing on the customer, innovating, and planning for the long term. You can see this through its popular Amazon Prime subscription service, which includes delivery charges, and hardware devices like Alexa and Kindle. There is also its fast-growing, higher-margin Amazon Web Services (AWS) business that provides cloud computing services.\nIts presence is so dominant that Amazon completely changes an industry's dynamics when it decides to enter the fray. That's because it often provides cheap prices and fast delivery -- a compelling proposition. This happened when it pushed further into selling food and apparel, for instance. The company is also moving further into offering prescription drugs.\nWhile its long-term focus means Amazon is willing to forgo short-term profits, the company is hugely profitable. Its operating profit grew from 2016's $4.2 billion to $22.9 billion last year. In the first quarter, the company's profit more than doubled from $4 billion to $8.8 billion.\n2. Costco\nCostco Wholesale (NASDAQ:COST) has created quite a shopping experience. Known for its wide aisles, bulk items, and free samples, it has built a loyal and growing membership.\nCostco's simple formula is hard to replicate: It focuses on high-quality merchandise and services, and sells them at low unit prices. Costco's paid members have grown from 47.6 million in 2016 to 58.1 million last year (the fiscal year ends on June 30). Meanwhile, its retention rate has hovered around 90%.\nWith a focus on customer needs, it even has a generous return policy to help members have confidence in their purchases.\nManagement also keeps an eye on improving results. It has had positive same-store sales (comps) for many years, including a 9% increase last year after excluding the effects of gasoline price changes and foreign currency exchange translation. Operating income grew from $3.7 billion to $5.4 billion over the last five years.\nRecent results also provide encouragement that management continues to execute. Comps increased by 15.2% for the first three quarters of 2021, and operating income grew by more than 26% to $4.4 billion.\nWhile income investors can find higher yields than Costco's 0.8%, it does have a history of annually raising dividends. This includes increasing May's payment to $0.79 from the previous quarter's $0.70. But better still, the board of directors has declared large special dividends every few years. The most recent was a $10 payment last December.\n3. Walmart\nWalmart (NYSE:WMT) has built itself into the world's largest retailer, serving more than 240 million customers every week. The company, which opened its first discount store nearly six decades ago, squeezes costs and passes these savings on to the customer. This allows Walmart to offer the lowest prices on its goods, making it difficult for competitors to keep up.\nIt isn't sitting still, either. It is keeping pace with online competitors, namely Amazon, by investing in technology to provide a seamless omnichannel experience to its shoppers. This includes launching the subscription service Walmart+, which provides delivery, gasoline discounts, and faster checkout at its stores.\nLast year, its adjusted revenue rose by 7.7% to $564.2 billion, driving operating income 9.3% higher to $23.4 billion. In the first quarter, revenue growth was about 2%, and management expects a low-single-digit percentage increase for the year. Its guidance calls for flattish operating income.\nWhile this outlook undoubtedly disappointed some investors, I'm not concerned. Management has its eyes on the long-term picture, and it is investing in technology to better serve its customers and remain a dominant retailer.\nWalmart also offers a 1.6% yield, and it has also raised its quarterly dividend annually since initiating a payout in 1974. Already aDividend Aristocrat, it will become a Dividend King when the streak hits 50 years.\nWhile these are three different companies in various stages, each is a strong addition to your portfolio. Adding them will give you a high-growth stock, a steady grower that tends to pay large dividends every few years, and a dominant retailer that continues to grow and regularly increase payments to shareholders.\nThat's a winning combination that should make these core holdings a great addition to your portfolio.","news_type":1,"symbols_score_info":{"AMZN":0.9,"WMT":0.9,"COST":0.9}},"isVote":1,"tweetType":1,"viewCount":1519,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":182548583,"gmtCreate":1623592515042,"gmtModify":1631894043689,"author":{"id":"3571108991612603","authorId":"3571108991612603","name":"IchiGo","avatar":"https://static.tigerbbs.com/c7799d84b640de8d882c175fa85737b5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571108991612603","authorIdStr":"3571108991612603"},"themes":[],"htmlText":"For rich people only","listText":"For rich people only","text":"For rich people only","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/182548583","repostId":"1191179846","repostType":4,"isVote":1,"tweetType":1,"viewCount":3544,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":188500530,"gmtCreate":1623453043520,"gmtModify":1631894043701,"author":{"id":"3571108991612603","authorId":"3571108991612603","name":"IchiGo","avatar":"https://static.tigerbbs.com/c7799d84b640de8d882c175fa85737b5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571108991612603","authorIdStr":"3571108991612603"},"themes":[],"htmlText":"[得意] ","listText":"[得意] ","text":"[得意]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/188500530","repostId":"2142273201","repostType":4,"isVote":1,"tweetType":1,"viewCount":2738,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":188276445,"gmtCreate":1623452787587,"gmtModify":1631894043716,"author":{"id":"3571108991612603","authorId":"3571108991612603","name":"IchiGo","avatar":"https://static.tigerbbs.com/c7799d84b640de8d882c175fa85737b5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571108991612603","authorIdStr":"3571108991612603"},"themes":[],"htmlText":"Nowadays people getting info from internet or social media","listText":"Nowadays people getting info from internet or social media","text":"Nowadays people getting info from internet or social media","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/188276445","repostId":"1183458691","repostType":4,"isVote":1,"tweetType":1,"viewCount":1639,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":181022637,"gmtCreate":1623368208629,"gmtModify":1631894043725,"author":{"id":"3571108991612603","authorId":"3571108991612603","name":"IchiGo","avatar":"https://static.tigerbbs.com/c7799d84b640de8d882c175fa85737b5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571108991612603","authorIdStr":"3571108991612603"},"themes":[],"htmlText":"Yeah[得意] ","listText":"Yeah[得意] ","text":"Yeah[得意]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/181022637","repostId":"1152704038","repostType":4,"repost":{"id":"1152704038","kind":"news","pubTimestamp":1623367425,"share":"https://www.laohu8.com/m/news/1152704038?lang=zh_CN&edition=full","pubTime":"2021-06-11 07:23","market":"us","language":"en","title":"China's Didi reveals U.S. IPO filing, sets stage for blockbuster New York float<blockquote>中国滴滴公布美国IPO文件，为纽约上市奠定基础</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1152704038","media":"reuters","summary":"(Reuters) -Didi Chuxing, China’s biggest ride-hailing firm, on Thursday made public its filing for a","content":"<p>(Reuters) -Didi Chuxing, China’s biggest ride-hailing firm, on Thursday made public its filing for a U.S. stock market listing, setting the stage for what is expected to be the world’s biggest initial public offering this year.</p><p><blockquote>（路透社）-中国最大的网约车公司滴滴出行周四公开了其在美国股市上市的申请，为预计今年全球最大的首次公开募股奠定了基础。</blockquote></p><p> The company - backed by Asia’s largest technology investment firms, SoftBank, Alibaba and Tencent - did not reveal the size of the offering, but sources familiar with the matter had previously told Reuters that the ride-hailing giant could raise around $10 billion and seek a valuation of close to $100 billion.</p><p><blockquote>该公司由亚洲最大的科技投资公司软银、阿里巴巴-SW和腾讯控股支持，没有透露此次发行的规模，但知情人士此前告诉路透社，这家网约车巨头可能筹集约100亿美元，并寻求接近1000亿美元的估值。</blockquote></p><p> At that valuation, Didi’s stock market flotation would be the biggest Chinese share offering in the United States, since Alibaba raised $25 billion in its blockbuster IPO in 2014.</p><p><blockquote>按照这一估值，滴滴的上市将是自阿里巴巴-SW 2014年通过重磅IPO筹集250亿美元以来在美国最大的中资股票发行。</blockquote></p><p> In its filing on Thursday, Didi revealed slower revenue growth in 2020 due to the impact of the COVID-19 pandemic, which grounded the global ride-hailing industry to a halt as lockdowns were enforced all over the globe.</p><p><blockquote>滴滴在周四提交的文件中透露，由于COVID-19大流行的影响，2020年收入增长放缓，随着全球各地实施封锁，全球网约车行业陷入停滞。</blockquote></p><p> For 2020, Didi reported revenue of 141.7 billion yuan ($22.17 billion), down from 154.8 billion yuan a year earlier. Net loss stood at 10.6 billion yuan in 2020, compared with 9.7 billion yuan a year earlier.</p><p><blockquote>2020年，滴滴公布的营收为1417亿元人民币（221.7亿美元），低于上年同期的1548亿元人民币。2020年净亏损为106亿元，上年同期为97亿元。</blockquote></p><p> However, Didi started 2021 strongly, as businesses reopened in China. Revenue more than doubled to 42.2 billion yuan (US$6.4 billion) for the three months ended March 31 from 20.5 billion yuan a year earlier.</p><p><blockquote>然而，随着中国业务的重新开业，滴滴在2021年开局强劲。截至3月31日的三个月，收入从去年同期的205亿元人民币增长了一倍多，达到422亿元人民币（64亿美元）。</blockquote></p><p> CHINESE IPO GOLD RUSH</p><p><blockquote>中国IPO淘金热</blockquote></p><p> Didi confidentially filed for its IPO in April. A source familiar with the matter on Thursday said Didi was aiming to go public in July.</p><p><blockquote>滴滴于四月份秘密申请IPO。一位知情人士周四表示，滴滴计划于7月上市。</blockquote></p><p> The mega IPO highlights the lucrative business opportunity presented by Asian tech giants for Wall Street’s big investment banks.</p><p><blockquote>此次大型IPO凸显了亚洲科技巨头为华尔街大型投资银行带来的利润丰厚的商机。</blockquote></p><p> Earlier this year, Singapore’s biggest ride-hailing firm, Grab, struck a $40 billion deal with a special purpose acquisition company, backed by investment firm Altimeter, to go public in the United States.</p><p><blockquote>今年早些时候，新加坡最大的网约车公司Grab与一家由投资公司Altimeter支持的特殊目的收购公司达成了400亿美元的交易，在美国上市。</blockquote></p><p> Last year, Chinese companies raised $12 billion from U.S. listings, more than triple the fundraising amount in 2019, according to Refinitiv data. This year, the raise from Chinese floats on U.S. exchanges is expected to comfortably surpass last year’s tally.</p><p><blockquote>根据Refinitiv的数据，去年，中国公司在美国上市融资120亿美元，是2019年融资额的三倍多。今年，中国在美国交易所的流通量预计将轻松超过去年。</blockquote></p><p> Didi, which merged with then main rival Kuaidi in 2015 to create a smartphone-based transport services giant, counts as its core business a mobile app, where users can hail taxis, privately owned cars, car-pool options and even buses in some cities.</p><p><blockquote>滴滴于2015年与当时的主要竞争对手快的合并，创建了一家基于智能手机的交通服务巨头，其核心业务是移动应用程序，用户可以在其中叫出租车、私家车、拼车选项，甚至在一些城市叫公交车。</blockquote></p><p> Didi plans to list American Depositary Shares (ADSs) on either Nasdaq or the New York Stock Exchange under the symbol \"DIDI\", the company said. (bit.ly/2RGjK0s)</p><p><blockquote>滴滴表示，计划在纳斯达克或纽约证券交易所上市美国存托股票（ADS），代码为“DIDI”。(bit.ly/2RGjK0s)</blockquote></p><p> Didi Chief Executive Cheng Wei said last year the firm aims to have 800 million monthly active users globally and complete 100 million orders a day by 2022, including ride-sharing, bike and food delivery orders.</p><p><blockquote>滴滴首席执行官程维去年表示，该公司的目标是到2022年在全球拥有8亿月活跃用户，每天完成1亿个订单，包括拼车、自行车和食品配送订单。</blockquote></p><p> Goldman Sachs, Morgan Stanley and J.P.Morgan are the lead underwriters for the offering.</p><p><blockquote>高盛、摩根士丹利和摩根大通是此次发行的主承销商。</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>China's Didi reveals U.S. IPO filing, sets stage for blockbuster New York float<blockquote>中国滴滴公布美国IPO文件，为纽约上市奠定基础</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\">\nChina's Didi reveals U.S. IPO filing, sets stage for blockbuster New York float<blockquote>中国滴滴公布美国IPO文件，为纽约上市奠定基础</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">reuters</strong><span class=\"h-time small\">2021-06-11 07:23</span>\n</p>\n</h4>\n</header>\n<article>\n<p>(Reuters) -Didi Chuxing, China’s biggest ride-hailing firm, on Thursday made public its filing for a U.S. stock market listing, setting the stage for what is expected to be the world’s biggest initial public offering this year.</p><p><blockquote>（路透社）-中国最大的网约车公司滴滴出行周四公开了其在美国股市上市的申请，为预计今年全球最大的首次公开募股奠定了基础。</blockquote></p><p> The company - backed by Asia’s largest technology investment firms, SoftBank, Alibaba and Tencent - did not reveal the size of the offering, but sources familiar with the matter had previously told Reuters that the ride-hailing giant could raise around $10 billion and seek a valuation of close to $100 billion.</p><p><blockquote>该公司由亚洲最大的科技投资公司软银、阿里巴巴-SW和腾讯控股支持，没有透露此次发行的规模，但知情人士此前告诉路透社，这家网约车巨头可能筹集约100亿美元，并寻求接近1000亿美元的估值。</blockquote></p><p> At that valuation, Didi’s stock market flotation would be the biggest Chinese share offering in the United States, since Alibaba raised $25 billion in its blockbuster IPO in 2014.</p><p><blockquote>按照这一估值，滴滴的上市将是自阿里巴巴-SW 2014年通过重磅IPO筹集250亿美元以来在美国最大的中资股票发行。</blockquote></p><p> In its filing on Thursday, Didi revealed slower revenue growth in 2020 due to the impact of the COVID-19 pandemic, which grounded the global ride-hailing industry to a halt as lockdowns were enforced all over the globe.</p><p><blockquote>滴滴在周四提交的文件中透露，由于COVID-19大流行的影响，2020年收入增长放缓，随着全球各地实施封锁，全球网约车行业陷入停滞。</blockquote></p><p> For 2020, Didi reported revenue of 141.7 billion yuan ($22.17 billion), down from 154.8 billion yuan a year earlier. Net loss stood at 10.6 billion yuan in 2020, compared with 9.7 billion yuan a year earlier.</p><p><blockquote>2020年，滴滴公布的营收为1417亿元人民币（221.7亿美元），低于上年同期的1548亿元人民币。2020年净亏损为106亿元，上年同期为97亿元。</blockquote></p><p> However, Didi started 2021 strongly, as businesses reopened in China. Revenue more than doubled to 42.2 billion yuan (US$6.4 billion) for the three months ended March 31 from 20.5 billion yuan a year earlier.</p><p><blockquote>然而，随着中国业务的重新开业，滴滴在2021年开局强劲。截至3月31日的三个月，收入从去年同期的205亿元人民币增长了一倍多，达到422亿元人民币（64亿美元）。</blockquote></p><p> CHINESE IPO GOLD RUSH</p><p><blockquote>中国IPO淘金热</blockquote></p><p> Didi confidentially filed for its IPO in April. A source familiar with the matter on Thursday said Didi was aiming to go public in July.</p><p><blockquote>滴滴于四月份秘密申请IPO。一位知情人士周四表示，滴滴计划于7月上市。</blockquote></p><p> The mega IPO highlights the lucrative business opportunity presented by Asian tech giants for Wall Street’s big investment banks.</p><p><blockquote>此次大型IPO凸显了亚洲科技巨头为华尔街大型投资银行带来的利润丰厚的商机。</blockquote></p><p> Earlier this year, Singapore’s biggest ride-hailing firm, Grab, struck a $40 billion deal with a special purpose acquisition company, backed by investment firm Altimeter, to go public in the United States.</p><p><blockquote>今年早些时候，新加坡最大的网约车公司Grab与一家由投资公司Altimeter支持的特殊目的收购公司达成了400亿美元的交易，在美国上市。</blockquote></p><p> Last year, Chinese companies raised $12 billion from U.S. listings, more than triple the fundraising amount in 2019, according to Refinitiv data. This year, the raise from Chinese floats on U.S. exchanges is expected to comfortably surpass last year’s tally.</p><p><blockquote>根据Refinitiv的数据，去年，中国公司在美国上市融资120亿美元，是2019年融资额的三倍多。今年，中国在美国交易所的流通量预计将轻松超过去年。</blockquote></p><p> Didi, which merged with then main rival Kuaidi in 2015 to create a smartphone-based transport services giant, counts as its core business a mobile app, where users can hail taxis, privately owned cars, car-pool options and even buses in some cities.</p><p><blockquote>滴滴于2015年与当时的主要竞争对手快的合并，创建了一家基于智能手机的交通服务巨头，其核心业务是移动应用程序，用户可以在其中叫出租车、私家车、拼车选项，甚至在一些城市叫公交车。</blockquote></p><p> Didi plans to list American Depositary Shares (ADSs) on either Nasdaq or the New York Stock Exchange under the symbol \"DIDI\", the company said. (bit.ly/2RGjK0s)</p><p><blockquote>滴滴表示，计划在纳斯达克或纽约证券交易所上市美国存托股票（ADS），代码为“DIDI”。(bit.ly/2RGjK0s)</blockquote></p><p> Didi Chief Executive Cheng Wei said last year the firm aims to have 800 million monthly active users globally and complete 100 million orders a day by 2022, including ride-sharing, bike and food delivery orders.</p><p><blockquote>滴滴首席执行官程维去年表示，该公司的目标是到2022年在全球拥有8亿月活跃用户，每天完成1亿个订单，包括拼车、自行车和食品配送订单。</blockquote></p><p> Goldman Sachs, Morgan Stanley and J.P.Morgan are the lead underwriters for the offering.</p><p><blockquote>高盛、摩根士丹利和摩根大通是此次发行的主承销商。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.reuters.com/article/didi-ipo/update-2-chinas-didi-reveals-u-s-ipo-filing-sets-stage-for-blockbuster-new-york-float-idUSL3N2NS42U\">reuters</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"DIDI":"滴滴(已退市)","UBER":"优步"},"source_url":"https://www.reuters.com/article/didi-ipo/update-2-chinas-didi-reveals-u-s-ipo-filing-sets-stage-for-blockbuster-new-york-float-idUSL3N2NS42U","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1152704038","content_text":"(Reuters) -Didi Chuxing, China’s biggest ride-hailing firm, on Thursday made public its filing for a U.S. stock market listing, setting the stage for what is expected to be the world’s biggest initial public offering this year.\nThe company - backed by Asia’s largest technology investment firms, SoftBank, Alibaba and Tencent - did not reveal the size of the offering, but sources familiar with the matter had previously told Reuters that the ride-hailing giant could raise around $10 billion and seek a valuation of close to $100 billion.\nAt that valuation, Didi’s stock market flotation would be the biggest Chinese share offering in the United States, since Alibaba raised $25 billion in its blockbuster IPO in 2014.\nIn its filing on Thursday, Didi revealed slower revenue growth in 2020 due to the impact of the COVID-19 pandemic, which grounded the global ride-hailing industry to a halt as lockdowns were enforced all over the globe.\nFor 2020, Didi reported revenue of 141.7 billion yuan ($22.17 billion), down from 154.8 billion yuan a year earlier. Net loss stood at 10.6 billion yuan in 2020, compared with 9.7 billion yuan a year earlier.\nHowever, Didi started 2021 strongly, as businesses reopened in China. Revenue more than doubled to 42.2 billion yuan (US$6.4 billion) for the three months ended March 31 from 20.5 billion yuan a year earlier.\nCHINESE IPO GOLD RUSH\nDidi confidentially filed for its IPO in April. A source familiar with the matter on Thursday said Didi was aiming to go public in July.\nThe mega IPO highlights the lucrative business opportunity presented by Asian tech giants for Wall Street’s big investment banks.\nEarlier this year, Singapore’s biggest ride-hailing firm, Grab, struck a $40 billion deal with a special purpose acquisition company, backed by investment firm Altimeter, to go public in the United States.\nLast year, Chinese companies raised $12 billion from U.S. listings, more than triple the fundraising amount in 2019, according to Refinitiv data. This year, the raise from Chinese floats on U.S. exchanges is expected to comfortably surpass last year’s tally.\nDidi, which merged with then main rival Kuaidi in 2015 to create a smartphone-based transport services giant, counts as its core business a mobile app, where users can hail taxis, privately owned cars, car-pool options and even buses in some cities.\nDidi plans to list American Depositary Shares (ADSs) on either Nasdaq or the New York Stock Exchange under the symbol \"DIDI\", the company said. (bit.ly/2RGjK0s)\nDidi Chief Executive Cheng Wei said last year the firm aims to have 800 million monthly active users globally and complete 100 million orders a day by 2022, including ride-sharing, bike and food delivery orders.\nGoldman Sachs, Morgan Stanley and J.P.Morgan are the lead underwriters for the offering.","news_type":1,"symbols_score_info":{"UBER":0.9,"DIDI":0.9}},"isVote":1,"tweetType":1,"viewCount":2017,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"defaultTab":"posts","isTTM":false}